N-CSRS 1 d189088dncsrs.htm BLACKROCK ENERGY & RESOURCES TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-21656

Name of Fund: |  | BlackRock Energy and Resources Trust (BGR)

Fund Address: |  | 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2021

Date of reporting period: 06/30/2021

Item 1 – | Report to Stockholders

(a) The Report to Shareholders is attached herewith.

|  | JUNE 30, 2021

|  | 2021 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, 2021

|  | 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 |  | $ | 0.153140 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.071860 |  |  | $ | 0.225000 |  |  |  | 68 | % |  |  | — | % |  |  | — | % |  |  | 32 | % |  |  | 100 | %
CII |  |  | 0.029888 |  |  |  | — |  |  |  | 0.495112 |  |  |  | — |  |  |  | 0.525000 |  |  |  | 6 |  |  |  | — |  |  |  | 94 |  |  |  | — |  |  |  | 100 |
BDJ |  |  | 0.229141 |  |  |  | — |  |  |  | 0.070859 |  |  |  | — |  |  |  | 0.300000 |  |  |  | 76 |  |  |  | — |  |  |  | 24 |  |  |  | — |  |  |  | 100 |
BOE |  |  | 0.117999 |  |  |  | 0.017791 |  |  |  | 0.242210 |  |  |  | — |  |  |  | 0.378000 |  |  |  | 31 |  |  |  | 5 |  |  |  | 64 |  |  |  | — |  |  |  | 100 |
BGY |  |  | 0.101324 |  |  |  | — |  |  |  | 0.101476 |  |  |  | — |  |  |  | 0.202800 |  |  |  | 50 |  |  |  | — |  |  |  | 50 |  |  |  | — |  |  |  | 100 |
BME |  |  | 0.005112 |  |  |  | 0.042915 |  |  |  | 1.151973 |  |  |  | — |  |  |  | 1.200000 |  |  |  | — |  |  |  | 4 |  |  |  | 96 |  |  |  | — |  |  |  | 100 |
BMEZ |  |  | — |  |  |  | 0.780000 |  |  |  | — |  |  |  | — |  |  |  | 0.780000 |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | — |  |  |  | 100 |
BIGZ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.100000 |  |  |  | 0.100000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 100 |
BCX |  |  | 0.116959 |  |  |  | — |  |  |  | — |  |  |  | 0.123041 |  |  |  | 0.240000 |  |  |  | 49 |  |  |  | — |  |  |  | — |  |  |  | 51 |  |  |  | 100 |
BST |  |  | — |  |  |  | 0.064543 |  |  |  | 1.213457 |  |  |  | — |  |  |  | 1.278000 |  |  |  | — |  |  |  | 5 |  |  |  | 95 |  |  |  | — |  |  |  | 100 |
BSTZ |  |  | — |  |  |  | 0.508730 |  |  |  | 0.405270 |  |  |  | — |  |  |  | 0.914000 |  |  |  | — |  |  |  | 56 |  |  |  | 44 |  |  |  | — |  |  |  | 100 |
BUI |  |  | 0.219802 |  |  |  | — |  |  |  | 0.150526 |  |  |  | 0.355672 |  |  |  | 0.726000 |  |  |  | 30 |  |  |  | — |  |  |  | 21 |  |  |  | 49 |  |  |  | 100 |

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

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

Section 19(b) Disclosure

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

Exchange Symbol |  | Amount Per Common Share |
BGR |  | $ | 0.0375 |
CII |  |  | 0.0875 |
BDJ |  |  | 0.0500 |
BOE |  |  | 0.0630 |
BGY |  |  | 0.0338 |
BME |  |  | 0.2000 |
BMEZ |  |  | 0.1450 |
BIGZ |  |  | 0.1000 |
BCX |  |  | 0.0400 |
BST |  |  | 0.2260 |
BSTZ |  |  | 0.1710 |
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.

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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, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, recovering much of the output lost at the beginning of the pandemic.

Equity prices rose with the broader economy, as investors became increasingly optimistic about the economic outlook. Stocks rose through the summer of 2020, fed by strong fiscal and monetary support and positive economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. Late in the period the Fed elaborated on their expected timeline, raising the likelihood of slower bond purchasing and the possibility of higher rates in 2023.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long-term. U.S. small-caps and European equities are likely to benefit from the continuing vaccine-led restart. We are underweight long-term on credit, but inflation-protected U.S. Treasuries, Asian fixed income, and Chinese government bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of June 30, 2021
|  | 6-Month |  | 12-Month
U.S. large cap equities (S&P 500® Index) |  | 15.25% |  | 40.79%
U.S. small cap equities (Russell 2000® Index) |  | 17.54 |  | 62.03
International equities (MSCI Europe, Australasia, Far East Index) |  | 8.83 |  | 32.35
Emerging market equities (MSCI Emerging Markets Index) |  | 7.45 |  | 40.90
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |  | 0.02 |  | 0.09
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |  | (4.10) |  | (5.89)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index) |  | (1.60) |  | (0.33)
Tax-exempt municipal bonds (S&P Municipal Bond Index) |  | 1.24 |  | 4.20
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |  | 3.61 |  | 15.34
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 |  |  | 42 |
Statements of Assets and Liabilities |  |  | 138 |
Statements of Operations |  |  | 141 |
Statements of Changes in Net Assets |  |  | 144 |
Statements of Cash Flows |  |  | 150 |
Financial Highlights |  |  | 153 |
Notes to Financial Statements |  |  | 165 |
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |  |  | 178 |
Disclosure of Investment Advisory Agreement |  |  | 183 |
Additional Information |  |  | 186 |
Glossary of Terms Used in this Report |  |  | 189 |

|  | 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.

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Trust Summary as of June 30, 2021 |  | 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, 2021 ($9.81)(a) |  | 4.59%
Current Monthly Distribution per Common Share(b) |  | $0.0375
Current Annualized Distribution per Common Share(b) |  | $0.4500

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance 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

|  | 06/30/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 9.81 |  |  | $ | 7.10 |  |  |  | 38.17 | % |  | $ | 10.37 |  |  | $ | 7.02 |
Net Asset Value |  |  | 10.19 |  |  |  | 8.17 |  |  |  | 24.72 |  |  |  | 10.54 |  |  |  | 8.17 |

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

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

Trust Summary as of June 30, 2021 (continued) |  | BlackRock Energy and Resources Trust (BGR)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BGR(a)(b) |  |  | 41.66 | % |  |  | 27.87 | %
MSCI World Energy Call Overwrite Index(c) |  |  | N/A |  |  |  | 30.85 |

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

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

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

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

Energy stocks delivered strong returns in the past six months. The uptrend began in November 2020, prior to the beginning of the reporting period, when the release of a vaccine for the coronavirus provided a path to a re-opening of the global economy. Oil prices rallied on expectations of improving demand, leading to an impressive gain for the energy sector.

While the Trust produced a robust absolute return for the period, from an allocation standpoint, an underweight position in the integrated sub-sector detracted from performance. On the other hand, an overweight in the exploration and production (“E&P”) sub-sector contributed positively. Stock selection in the refining and marketing category was an additional contributor.

Among individual holdings, a position in the Brazilian state-owned integrated oil producer Petroleo Brasileiro SA, was the largest detractor from performance. The stock declined following an unexpected change in the company’s chief executive officer, which the market saw as the first step in deeper government influence in its longer-term strategy. An underweight in Exxon Mobil Corp., a large index component that outpaced its sector peers on the strength of improving earnings, also detracted.

An overweight position in the Canadian oil and gas producer Tourmaline Oil Corp. was a top contributor. The company announced the purchase of privately owned Black Swan Energy, a move that was well received by investors. An overweight in the exploration and production company Arc Resources, Ltd., which reported strong results, also contributed to returns. A zero weighting in the Finland-based refiner Neste oyj—which lagged after reporting weaker-than-expected guidance—was a further positive.

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

Describe recent portfolio activity.

The Trust selectively added to exploration & production companies, based on its view that global oil demand was steadily recovering. The Trust also rotated exposure in the integrated oil industry in an effort to capitalize on differences in relative performance. The investment adviser remains biased toward higher-quality oil producers, which it expects can benefit from continued strength in oil prices.

Describe portfolio positioning at period end.

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

At period end, the Trust was overweight in the exploration & production industry. This positioning reflects the investment adviser’s tilt toward higher-quality producers. On the other hand, the Trust was underweight in distribution and oil services industries. The investment adviser believes many parts of the oil services sub-sector may continue to face headwinds due to the overcapacity built in the last upcycle.

As of June 30, 2021, the Trust had in place an option overwriting program whereby 34.4% 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 3% out of the money) with an average time until expiration of 52 days.

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

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Trust Summary as of June 30, 2021 (continued) |  | BlackRock Energy and Resources Trust (BGR)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Chevron Corp. |  |  | 13 | %
Royal Dutch Shell PLC |  |  | 11 |
TotalEnergies SE |  |  | 8 |
ConocoPhillips |  |  | 7 |
Exxon Mobil Corp. |  |  | 7 |
Canadian Natural Resources Ltd. |  |  | 4 |
Suncor Energy, Inc. |  |  | 4 |
Pioneer Natural Resources Co. |  |  | 4 |
Hess Corp. |  |  | 4 |
Valero Energy Corp. |  |  | 3 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | 06/30/21 |  |  | 12/31/20 |
Oil, Gas & Consumable Fuels |  |  | 97 | % |  |  | 96 | %
Energy Equipment & Services |  |  | 2 |  |  |  | 4 |
Food Products |  |  | 1 |  |  |  | — |

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

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

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

Trust Summary as of June 30, 2021 |  | 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, 2021 ($20.59)(a) |  | 5.10%
Current Monthly Distribution per Common Share(b) |  | $ 0.0875
Current Annualized Distribution per Common Share(b) |  | $ 1.0500

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

| (b) | The monthly distribution per Common Share, declared on July 1, 2021, was increased to $0.0930 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 20.59 |  |  | $ | 17.40 |  |  |  | 18.33 | % |  | $ | 20.84 |  |  | $ | 17.14 |
Net Asset Value |  |  | 21.44 |  |  |  | 19.12 |  |  |  | 12.13 |  |  |  | 21.58 |  |  |  | 18.93 |

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

10 |  | 2 0 2 1 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, 2021 (continued) |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
CII(a)(b) |  |  | 21.54 | % |  |  | 15.17 | %
MSCI USA Call Overwrite Index(c) |  |  | N/A |  |  |  | 13.18 |

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

| (b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. (c) MSCI USA Call Overwrite Index incorporates an option overlay component on the MSCI USA Index with a 55% overwrite level. |

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

The largest contributor to the Trust’s performance was a combination of stock selection and an overweight allocation to the communication services sector. Most notably, stock selection and an overweight allocation to the interactive media & services industry proved beneficial. Stock selection and an underweight allocation to the entertainment industry and an underweight position in diversified telecommunication services companies also boosted performance in the sector. In financials, stock selection and an overweight allocation to the consumer finance industry boosted the Trust’s return. Other notable contributors during the period included stock selection in health care and an underweight allocation to the utilities sector.

The largest detractor from returns came from the Trust’s investment decisions in the consumer discretionary sector. Notably, stock selection in the multiline retail industry proved costly, as did stock selection and an overweight allocation to internet & direct marketing retail companies. Within materials, the Trust’s decision not to invest in the metals & mining industry weighed on from results. Other detractors at the industry level included stock selection within the information technology (“IT”) sector in IT services, as well as personal products companies within consumer staples.

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

As of June 30, 2021, the Trust had an options overwriting program in place whereby approximately 47% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 2.8% out of the money) with an average time until expiration of 51 days.

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

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

Trust Summary as of June 30, 2021 (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. |  |  | 7 | %
Alphabet, Inc. |  |  | 6 |
Amazon.com, Inc. |  |  | 6 |
Apple, Inc. |  |  | 4 |
Facebook, Inc. |  |  | 4 |
Visa, Inc. |  |  | 3 |
UnitedHealth Group, Inc. |  |  | 3 |
Applied Materials, Inc. |  |  | 3 |
Comcast Corp. |  |  | 3 |
Berkshire Hathaway, Inc. |  |  | 2 |

SECTOR ALLOCATION

Sector(a)(b) |  | 06/30/21 |  |  | 12/31/20 |
Information Technology |  |  | 27 | % |  |  | 29 | %
Consumer Discretionary. |  |  | 16 |  |  |  | 14 |
Communication Services |  |  | 15 |  |  |  | 14 |
Financials |  |  | 12 |  |  |  | 12 |
Health Care |  |  | 11 |  |  |  | 11 |
Industrials |  |  | 7 |  |  |  | 8 |
Materials |  |  | 4 |  |  |  | 3 |
Energy |  |  | 4 |  |  |  | 3 |
Consumer Staples |  |  | 3 |  |  |  | 5 |
Real Estate |  |  | 1 |  |  |  | 1 |

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

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

12 |  | 2 0 2 1 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, 2021 |  | 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, 2021 ($10.13)(a) |  | 5.92%
Current Monthly Distribution per Common Share(b) |  | $0.0500
Current Annualized Distribution per Common Share(b) |  | $0.6000

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

|  | 06/30/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 10.13 |  |  | $ | 8.47 |  |  |  | 19.60 | % |  | $ | 10.68 |  |  | $ | 8.22 |
Net Asset Value |  |  | 10.44 |  |  |  | 9.35 |  |  |  | 11.66 |  |  |  | 10.75 |  |  |  | 9.17 |

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

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

Trust Summary as of June 30, 2021 (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BDJ(a)(b) |  |  | 23.41 | % |  |  | 15.22 | %
MSCI USA Value Call Overwrite Index(c) |  |  | N/A |  |  |  | 15.09 |

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

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

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

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

The largest contributor to the Trust’s performance was a combination of stock selection and an overweight allocation to financials. In particular, stock selection and overweight allocations to the banks and capital markets industries proved beneficial, as did stock selection in insurance. In energy, stock selection and an overweight allocation to the oil & gas refining & marketing sub-industry boosted the Trust’s return, as did an overweight position in companies engaged in the oil & gas storage & transportation and exploration & production businesses. Other modest contributors during the period included underweight allocations to the utilities and communication services sectors.

The largest detractor from returns came from the Trust’s stock selection in the information technology (“IT”) sector. Notably, stock selection decisions in the IT services and software industries weighed on performance, as did stock selection among technology hardware, storage & peripherals companies. In industrials, an underweight allocation to building products companies and investment decisions in the aerospace & defense, electrical equipment, and machinery industries all detracted from performance. Other detractors included the Trust’s lack of investment in the real estate sector, which was based on the view that valuations were unattractive, as well as stock selection among companies in the consumer discretionary sector.

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

As of June 30, 2021, the Trust had an options overwriting program in place whereby approximately 50% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 2.3% out of the money) with an average time until expiration of 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.

14 |  | 2 0 2 1 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, 2021 (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Wells Fargo & Co. |  |  | 4 | %
Citigroup, Inc. |  |  | 4 |
Anthem, Inc. |  |  | 3 |
American International Group, Inc. |  |  | 3 |
Bank of America Corp. |  |  | 3 |
Cisco Systems, Inc. |  |  | 3 |
Verizon Communications, Inc. |  |  | 2 |
Morgan Stanley |  |  | 2 |
General Motors Co. |  |  | 2 |
Comcast Corp. |  |  | 2 |

SECTOR ALLOCATION

Sector(a)(b) |  | 06/30/21 |  |  | 12/31/20 |
Financials |  |  | 28 | % |  |  | 28 | %
Health Care |  |  | 19 |  |  |  | 18 |
Information Technology |  |  | 11 |  |  |  | 13 |
Industrials |  |  | 8 |  |  |  | 7 |
Consumer Discretionary |  |  | 7 |  |  |  | 5 |
Energy |  |  | 7 |  |  |  | 7 |
Consumer Staples |  |  | 7 |  |  |  | 9 |
Communication Services |  |  | 6 |  |  |  | 7 |
Utilities |  |  | 5 |  |  |  | 4 |
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 |  | 15

Trust Summary as of June 30, 2021 |  | 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, 2021 ($12.55)(a) |  | 6.02%
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

|  | 06/30/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 12.55 |  |  | $ | 10.91 |  |  |  | 15.03 | % |  | $ | 12.82 |  |  | $ | 10.66 |
Net Asset Value |  |  | 13.28 |  |  |  | 12.28 |  |  |  | 8.14 |  |  |  | 13.49 |  |  |  | 12.02 |

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

16 |  | 2 0 2 1 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, 2021 (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BOE(a)(b) |  |  | 18.78 | % |  |  | 11.67 | %
MSCI ACWI Call Overwrite Index(c) |  |  | N/A |  |  |  | 11.92 |

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

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

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

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

Stock selection within the consumer discretionary sector was the largest contributor to the Trust’s performance, particularly within the textiles & apparel industry. Other contributors included the Trust’s underweight allocation to the utilities sector and stock selection within utilities and information technology (“IT”). At the individual stock level, financial software company Intuit Inc. was a top contributor, as the stock gained upward momentum during and after the U.S. tax reporting season. Regional bank Citizens Financial Group, Inc. also contributed as interested rates rose in the U.S., which boosted the bank’s net interest margin. Drug maker AstraZeneca PLC was also additive.

The largest detractor from performance came from the Trust’s overweight allocation to, and stock selection within, the consumer staples sector, most notably within the food products industry. Other detractors included an underweight position to energy and stock selection among financials. At the individual stock level, the Trust’s position in baby formula producer China Feihe Ltd. was the most substantial detractor amid concerns of the negative business impact of a potential drop in birth rates. Reckitt Benckiser Group PLC also detracted, as its health and nutrition divisions experienced declines in sales. The Trust’s position in Unilever NV also weighed on relative performance.

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

Describe recent portfolio activity.

During the period, the Trust added exposure to the financial sector, most notably within the capital markets industry. Exposure to the consumer discretionary sector also increased, especially within textiles, apparel & luxury goods. Conversely, the Trust reduced exposure to industrials, particularly within the aerospace & defense industry, and consumer staples, largely within tobacco.

Describe portfolio positioning at period end.

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

As of June 30, 2021, the Trust had an options overwriting program in place whereby approximately 45% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 2.3% out of the money) with an average time until expiration of 49 days.

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

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

Trust Summary as of June 30, 2021 (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Microsoft Corp. |  |  | 4 | %
Sanofi |  |  | 4 |
Reckitt Benckiser Group PLC |  |  | 4 |
RELX PLC |  |  | 3 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 3 |
Intercontinental Exchange, Inc. |  |  | 3 |
TELUS Corp. |  |  | 3 |
UnitedHealth Group, Inc. |  |  | 3 |
Fidelity National Information Services, Inc. |  |  | 3 |
Bristol-Myers Squibb Co. |  |  | 3 |

GEOGRAPHIC ALLOCATION

Country/Geographic Region |  | 06/30/21 |  |  | 12/31/20 |
United States |  |  | 52 | % |  |  | 56 | %
United Kingdom |  |  | 20 |  |  |  | 18 |
France |  |  | 10 |  |  |  | 4 |
Taiwan |  |  | 3 |  |  |  | 2 |
Canada |  |  | 3 |  |  |  | 3 |
China |  |  | 3 |  |  |  | — |
Denmark |  |  | 2 |  |  |  | 1 |
Spain |  |  | 2 |  |  |  | 2 |
Netherlands |  |  | 1 |  |  |  | 2 |
Singapore |  |  | 1 |  |  |  | 3 |
Mexico |  |  | 1 |  |  |  | — |
Ireland |  |  | 1 |  |  |  | 1 |
Australia |  |  | 1 |  |  |  | 2 |
India |  |  | — |  |  |  | — | (b)
Germany |  |  | — |  |  |  | 1 |
Switzerland |  |  | — |  |  |  | 4 |
Finland |  |  | — |  |  |  | 1 |

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

(b) Rounds to less than 1% of total investments.

18 |  | 2 0 2 1 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, 2021 |  | 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, 2021 ($6.55)(a) |  | 6.19%
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. 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

|  | 06/30/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 6.55 |  |  | $ | 5.87 |  |  |  | 11.58 | % |  | $ | 6.70 |  |  | $ | 5.75 |
Net Asset Value |  |  | 6.84 |  |  |  | 6.49 |  |  |  | 5.39 |  |  |  | 7.02 |  |  |  | 6.36 |

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

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

Trust Summary as of June 30, 2021 (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BGY(a)(b) |  |  | 15.26 | % |  |  | 8.87 | %
MSCI ACWI ex USA Call Overwrite Index(c) |  |  | N/A |  |  |  | 9.49 |

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

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

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

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

From a sector perspective, the Trust’s exposure to the consumer discretionary, health care, and industrials sectors contributed the most to performance. The Trust’s underweight allocation to Japanese equities was the most significant contributor at the regional level. Among individual securities, luxury goods specialist LVMH Moet Hennessy SE, drug manufacturer AstraZeneca PLC, and beer, wine, and spirits producer Diageo PLC contributed the most to relative returns.

By contrast, the largest detractors from performance at the sector level resulted from the Trust’s exposure to financials, consumer staples, and materials. The Trust’s positions in North American-listed companies had the greatest negative impact on performance at the regional level. Among individual positions, the most significant detractors included baby formula producer China Feihe Ltd., consumer products giant Unilever NV, and health technology company Koninklijke Philips NV.

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

Describe recent portfolio activity.

During the period, the Trust increased its exposure to the consumer discretionary, financials, and utilities sectors. The Trust reduced exposure to health care, industrials, and materials. At the regional level, the Trust increased exposure to emerging market-listed companies, while reducing exposure to Europe ex-U.K.-listed companies

Describe portfolio positioning at period end.

At period end, the Trust had overweight allocations to consumer staples, health care, and industrials. It was underweight materials, financials, and consumer discretionary stocks.

As of June 30, 2021, the Trust had an option overwriting program in place whereby 42% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 2.0% out of the money) with an average time until expiration of 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.

20 |  | 2 0 2 1 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, 2021 (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Sanofi |  |  | 5 | %
Reckitt Benckiser Group PLC |  |  | 5 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 5 |
RELX PLC |  |  | 5 |
Ferguson PLC |  |  | 5 |
Diageo PLC |  |  | 5 |
TELUS Corp. |  |  | 5 |
AstraZeneca PLC |  |  | 4 |
Unilever PLC |  |  | 4 |
Prudential PLC |  |  | 4 |

GEOGRAPHIC ALLOCATION

Country/Geographic Region |  | 06/30/21 |  |  | 12/31/20 |
United Kingdom |  |  | 35 | % |  |  | 35 | %
France |  |  | 17 |  |  |  | 9 |
United States |  |  | 10 |  |  |  | 4 |
China |  |  | 6 |  |  |  | 1 |
Spain |  |  | 5 |  |  |  | 6 |
Taiwan |  |  | 5 |  |  |  | 4 |
Canada |  |  | 4 |  |  |  | 5 |
Singapore |  |  | 4 |  |  |  | 5 |
Denmark |  |  | 4 |  |  |  | 3 |
India |  |  | 3 |  |  |  | 2 |
Netherlands |  |  | 3 |  |  |  | 6 |
Mexico |  |  | 2 |  |  |  | — |
Australia |  |  | 2 |  |  |  | 5 |
Germany |  |  | — |  |  |  | 3 |
Switzerland |  |  | — |  |  |  | 9 |
Finland |  |  | — |  |  |  | 3 |

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

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

Trust Summary as of June 30, 2021 |  | 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, 2021 ($48.50)(a) |  | 4.95%
Current Monthly Distribution per Common Share(b) |  | $0.2000
Current Annualized Distribution per Common Share(b) |  | $2.4000

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

|  | 06/30/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Market Price |  |  | $ 48.50 |  |  |  | $ 47.59 |  |  |  | 1.91 | % |  |  | $ 50.54 |  |  |  | $ 44.15 |
Net Asset Value |  |  | 47.73 |  |  |  | 45.66 |  |  |  | 4.53 |  |  |  | 47.87 |  |  |  | 43.57 |

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

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Trust Summary as of June 30, 2021 (continued) |  | BlackRock Health Sciences Trust (BME)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BME(a)(b) |  |  | 4.60 | % |  |  | 7.29 | %
MSCI USA IMI Health Care Call Overwrite Index(c) |  |  | N/A |  |  |  | 10.67 |

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

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

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

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

Weakness in the biotechnology and health care providers & services sub-sectors was the primary cause of the Trust’s underperformance during the six-month period.

Among individual positions, an underweight in the biotechnology stock Moderna, Inc. was the largest detractor. The company received emergency use approval for its COVID-19 vaccine in the United States, United Kingdom and Europe, boosting its stock price. An overweight position in the biotechnology firm Seagen, Inc. also detracted. The company, which specializes in antibody drug conjugate treatments for cancer, experienced favorable clinical development that led to strong price appreciation in 2020. However, the stock lost ground in the first half of 2021 amid the broader rotation away from faster-growing companies.

On the positive side, stock selection in the pharmaceuticals sub-sector contributed to performance.

A private investment in the biotechnology company Acumen Pharmaceuticals, Inc., which underwent a successful initial public offering, was the largest contributor. An overweight position in the contract research and development company Wuxi AppTec Co., Ltd., which reported strong growth, was also helped results. An underweight in Merck & Co., Inc.—which suspended its COVID-19 vaccine development—was an additional contributor of note.

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

Describe recent portfolio activity.

The Trust slightly reduced its weightings in the health care providers & services and medical devices & supplies sub-sectors, and it increased its allocations to biotechnology and pharmaceuticals.

Describe portfolio positioning at period end.

The investment adviser continued to monitor policy developments in the United States. Health care measures introduced by the Biden Administration have been limited in scope so far. While drug price reform is still a concern, it appears unlikely to have a significant long-term impact on the sector.

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

The Trust was overweight in the medical devices sector in anticipation of a recovery as economic conditions return to normal. Within the sector, the investment adviser was focused on companies pursuing minimally invasive surgical technologies on the belief they can improve patient outcomes and replace old standards of care. The Trust was also overweight in the biotechnology sub-sector, and it was underweight in pharmaceuticals and health care providers & services.

As of June 30, 2021, the Trust had an options overwriting program in place whereby 38% of the underlying equities were overwritten with call options. These options were typically written at prices above the prevailing market prices (estimated to be 4.9% out of the money) with an average time until expiration of 51 days.

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

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

Trust Summary as of June 30, 2021 (continued) |  | BlackRock Health Sciences Trust (BME)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
UnitedHealth Group, Inc. |  |  | 6 | %
Abbott Laboratories |  |  | 5 |
Eli Lilly & Co. |  |  | 4 |
Thermo Fisher Scientific, Inc. |  |  | 4 |
Johnson & Johnson |  |  | 4 |
Medtronic PLC |  |  | 3 |
Pfizer, Inc. |  |  | 3 |
Humana, Inc. |  |  | 3 |
Intuitive Surgical, Inc. |  |  | 3 |
Amgen, Inc. |  |  | 3 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | 06/30/21 |  |  | 12/31/20 |
Health Care Equipment & Supplies |  |  | 27 | % |  |  | 30 | %
Biotechnology |  |  | 21 |  |  |  | 19 |
Health Care Providers & Services |  |  | 21 |  |  |  | 21 |
Pharmaceuticals |  |  | 20 |  |  |  | 19 |
Life Sciences Tools & Services |  |  | 10 |  |  |  | 9 |
Health Care Technology |  |  | 1 |  |  |  | 1 |
Diversified Financial Services |  |  | — |  |  |  | 1 |
Other* |  |  | — | (c) |  |  | — | (c)

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

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

(c) | Rounds to less than 1% of total investments.

* | Includes one or more investment categories that individually represents less than 1% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

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Trust Summary as of June 30, 2021 |  | 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, 2021 ($28.92)(a) |  | 6.02%
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

|  |  | 06/30/21 |  |  |  | 12/31/20 |  |  |  | Change |  |  |  | High |  |  |  | Low |
Market Price |  |  | $ 28.92 |  |  |  | $ 28.65 |  |  |  | 0.94 | % |  |  | $ 30.94 |  |  |  | $ 25.10 |
Net Asset Value |  |  | 30.43 |  |  |  | 30.73 |  |  |  | (0.98) |  |  |  | 32.95 |  |  |  | 27.50 |

Market Price and Net Asset Value History Since Inception

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

Trust Summary as of June 30, 2021 (continued) |  | BlackRock Health Sciences Trust II (BMEZ)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BMEZ(a)(b) |  |  | 3.78 | % |  |  | 1.79 | %
MSCI ACWI 25% Call Overwrite Index(c) |  |  | N/A |  |  |  | 12.21 |

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

| (b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. (c) MSCI ACWI 25% Call Overwrite Index incorporates an option overlay component on the MSCI ACWI Index with a 25% overwrite level. |

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

The Trust focused on innovative, small- and mid-sized health care companies. The listed benchmark, which incorporates all sectors of the market and emphasizes large-cap stocks, is therefore used for reference purposes only.

At the sub-sector level, stock selection in the biotechnology and health care providers & services sub-sectors detracted from performance.

Among individual positions, the biotechnology firms Mersana Therapeutics, Inc. and Seagen, Inc. were the largest detractors. Both companies specialize in antibody drug conjugate treatments for cancer, and they experienced favorable clinical development that led to strong price appreciation in 2020. However, the stocks lost ground in the first quarter of 2021 amid the broader rotation away from faster-growing companies. A position in Sigilon Therapeutics, Inc., a biotechnology company focusing on rare chronic diseases, also detracted from results.

Positive stock selection within the pharmaceuticals and medical devices & supplies sub-sectors contributed to Trust performance.

A private investment in biotech company Design Therapeutics, Inc. was the largest contributor. The U.S.-based firm, which develops novel, small-molecule therapeutic candidates called gene targeted chimeras, went public during the period. Another private investment in a biotechnology company, Acumen Pharmaceuticals, Inc., also had a successful initial public offering and made a strong contribution to performance. The contract research organization PPD, Inc., which was acquired at a premium, was another key contributor.

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

Describe recent portfolio activity.

The investment adviser continued to deploy capital in both public and private markets across the next-generation health science universe.

The Trust’s weighting in the biotechnology industry decreased during the period, while its allocation to health care providers & services increased. Its weightings in medical devices & supplies and pharmaceuticals remained the same.

More broadly speaking, the Trust reduced its weighting in companies with clinical development setbacks or competitive concerns. It added positions in innovative therapeutic companies with strong clinical pipelines, as well as innovative health care providers & services companies.

Describe portfolio positioning at period end.

The Trust held 35% of its assets in medical devices & supplies, 38% in biotechnology, 18% in health care providers & services, and 6% in the pharmaceuticals industry. These allocations were the result of bottom-up stock selection and not a top-down view.

The Trust held 25 private investments, comprising 7.5% of total assets for a total commitment of approximately $258 million. In addition, the Trust held approximately 2.5% of its assets in private investments of public equity, for additional private exposure across 10 different special purpose acquisition company entities.

As of June 30, 2021, the Trust had in place an option overwriting program whereby 22% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 8.1% out of the money) with an average time until expiration of 53 days.

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

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Trust Summary as of June 30, 2021 (continued) |  | BlackRock Health Sciences Trust II (BMEZ)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Genmab A/S |  |  | 3 | %
Seagen, Inc. |  |  | 3 |
Oak Street Health, Inc. |  |  | 2 |
Wuxi Biologics Cayman, Inc. |  |  | 2 |
Intuitive Surgical, Inc. |  |  | 2 |
WuXi AppTec Co. Ltd. |  |  | 2 |
Straumann Holding AG |  |  | 2 |
Teleflex, Inc. |  |  | 2 |
Amedisys, Inc. |  |  | 2 |
Alcon, Inc. |  |  | 2 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | 06/30/21 |  |  | 12/31/20 |
Biotechnology |  |  | 40 | % |  |  | 42 | %
Health Care Equipment & Supplies |  |  | 25 |  |  |  | 24 |
Health Care Providers & Services |  |  | 15 |  |  |  | 13 |
Life Sciences Tools & Services |  |  | 10 |  |  |  | 10 |
Pharmaceuticals |  |  | 5 |  |  |  | 6 |
Health Care Technology |  |  | 2 |  |  |  | 2 |
Diversified Financial Services |  |  | 1 |  |  |  | 2 |
Health Care Services |  |  | 1 |  |  |  | — |
Internet & Direct Marketing Retail |  |  | 1 |  |  |  | 1 |
Other* |  |  | — |  |  |  | — | (c)

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

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

(c) | Rounds to less than 1% of total investments.

* | Includes one or more investment categories that individually represents less than 1% 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, 2021 |  | 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, 2021 ($20.31)(a) |  | 5.91%
Current Monthly Distribution per Common Share(b) |  | $0.1000
Current Annualized Distribution per Common Share(b) |  | $1.2000

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance 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. |

Net Asset Value Per Share Summary

|  |  | 06/30/21 |  |  |  | 03/29/21 | (a) |  |  | Change |  |  |  | High |  |  |  | Low |
Market Price |  |  | $ 20.31 |  |  |  | $ 20.00 |  |  |  | 1.55 | % |  |  | $ 23.05 |  |  |  | $ 18.61 |
Net Asset Value |  |  | 19.77 |  |  |  | 20.00 |  |  |  | (1.15) |  |  |  | 21.01 |  |  |  | 17.09 |

| (a) | Commencement of operations. |

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Trust Summary as of June 30, 2021 (continued) |  | BlackRock Innovation and Growth Trust (BIGZ)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Axon Enterprise, Inc. |  |  | 3 | %
Amyris, Inc. |  |  | 3 |
Phreesia, Inc. |  |  | 3 |
Vroom Inc. |  |  | 3 |
Avalara, Inc. |  |  | 3 |
Entegris, Inc. |  |  | 3 |
10X Genomics, Inc. |  |  | 3 |
Lightspeed POS, Inc. |  |  | 3 |
Bio-Techne Corp. |  |  | 3 |
Freshpet, Inc. |  |  | 3 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | 06/30/21 |
Software |  |  | 17 | %
Semiconductors & Semiconductor Equipment |  |  | 9 |
Life Sciences Tools & Services |  |  | 8 |
Health Care Equipment & Supplies |  |  | 7 |
Health Care Technology |  |  | 7 |
IT Services |  |  | 6 |
Aerospace & Defense |  |  | 5 |
Specialty Retail |  |  | 4 |
Hotels, Restaurants & Leisure |  |  | 4 |
Diversified Consumer Services |  |  | 4 |
Food Products |  |  | 4 |
Biotechnology |  |  | 3 |
Chemicals |  |  | 3 |
Auto Components |  |  | 2 |
Electronic Equipment, Instruments & Components |  |  | 2 |
Entertainment |  |  | 2 |
Electrical Equipment |  |  | 2 |
Building Products |  |  | 2 |
Personal Products |  |  | 2 |
Machinery |  |  | 2 |
Beverages |  |  | 1 |
Equity Real Estate Investment Trusts (REITs) |  |  | 1 |
Capital Markets |  |  | 1 |
Road & Rail |  |  | 1 |
Health Care Providers & Services |  |  | 1 |

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

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

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

Trust Summary as of June 30, 2021 |  | 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, 2021 ($9.42)(a) |  | 5.10%
Current Monthly Distribution per Common Share(b) |  | $0.0400
Current Annualized Distribution per Common Share(b) |  | $0.4800

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance 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

|  |  | 06/30/21 |  |  |  | 12/31/20 |  |  |  | Change |  |  |  | High |  |  |  | Low |
Market Price |  |  | $ 9.42 |  |  |  | $ 7.41 |  |  |  | 27.13 | % |  |  | $ 10.22 |  |  |  | $ 7.33 |
Net Asset Value |  |  | 9.90 |  |  |  | 8.45 |  |  |  | 17.16 |  |  |  | 10.39 |  |  |  | 8.38 |

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

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Trust Summary as of June 30, 2021 (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BCX(a)(b) |  |  | 30.44 | % |  |  | 20.22 | %
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index(c) |  |  | N/A |  |  |  | 22.00 |

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

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

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

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

Natural resource equities delivered strong returns in the first half of 2021. The gradual re-opening of the world economy led to accelerated growth, fueling robust end-market demand across the commodities complex and boosting shares of the related companies.

Security selection in the mining sector contributed to relative performance, while allocation within the energy sector moderately detracted.

At the individual stock level, an off-benchmark position in the Brazilian state-owned integrated oil producer Petroleo Brasileiro SA was the largest detractor from relative performance. The stock declined following an unexpected change in the company’s chief executive officer, which the market saw as the first step in deeper government influence in its longer-term strategy. An underweight position in Nucor Corp., which benefited from higher steel prices, also detracted.

An overweight position in the mining company Vale SA was a leading contributor due to rising iron ore prices and the company’s announcement of a stock buyback program. An overweight position in ConocoPhillips also contributed to relative performance, as rising oil prices were a tailwind for large, integrated energy companies. A zero weighting in the Finland-based refiner Neste Oyj—which lagged after reporting weaker-than-expected guidance—was a further positive.

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

Describe recent portfolio activity.

During the first half of 2021, the investment adviser increased the Fund’s weighting in energy based on its positive outlook for oil prices. The investment adviser funded this addition by reducing the portfolio’s weighting in the mining and agriculture sub-sectors.

Describe portfolio positioning at period end.

The Trust was overweight in the energy sector. The investment adviser believed vaccine developments provided a path to recovery for global oil demand. At the same time, non-OPEC production was likely to move into structural decline.

The Trust was underweight in mining, but the investment adviser believed mined commodity demand was likely to be supported by fiscal stimulus and increased infrastructure spending in 2021 and, in the longer term, by the transition to a lower-carbon world economy. The portfolio was also underweight in agriculture. However, expected improvements in crop prices should benefit upstream agriculture companies. In addition, the investment adviser continued to see structural growth opportunities in the nutrition industry.

As of June 30, 2021, the Trust had an options overwriting program in place whereby 32.4% of the underlying equities were overwritten with call options. These options were typically written at prices above prevailing market prices (estimated to be 4% out of the money) with an average time until expiration of 49 days.

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

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

Trust Summary as of June 30, 2021 (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Vale SA |  |  | 7 | %
TotalEnergies SE |  |  | 6 |
Chevron Corp. |  |  | 5 |
Royal Dutch Shell PLC |  |  | 5 |
Anglo American PLC |  |  | 5 |
CF Industries Holdings, Inc. |  |  | 4 |
Nutrien Ltd. |  |  | 4 |
Canadian Natural Resources Ltd. |  |  | 3 |
Glencore PLC |  |  | 3 |
ConocoPhillips |  |  | 3 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | 06/30/21 |  |  | 12/31/20 |
Oil, Gas & Consumable Fuels |  |  | 41 | % |  |  | 34 | %
Metals & Mining |  |  | 30 |  |  |  | 35 |
Chemicals |  |  | 13 |  |  |  | 14 |
Food Products |  |  | 6 |  |  |  | 5 |
Containers & Packaging |  |  | 6 |  |  |  | 7 |
Electronic Equipment, Instruments & Components |  |  | 2 |  |  |  | 2 |
Machinery |  |  | 2 |  |  |  | 1 |
Paper & Forest Products |  |  | — | (c) |  |  | — |
Energy Equipment & Services |  |  | — |  |  |  | 1 |
Specialty Retail |  |  | — |  |  |  | 1 |

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

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

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

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Trust Summary as of June 30, 2021 |  | 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, 2021 ($59.59)(a) |  | 4.55%
Current Monthly Distribution per Common Share(b) |  | $0.2260
Current Annualized Distribution per Common Share(b) |  | $2.7120

| (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

|  | 06/30/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 59.59 |  |  | $ | 53.30 |  |  |  | 11.80 | % |  | $ | 61.37 |  |  | $ | 49.49 |
Net Asset Value |  |  | 55.94 |  |  |  | 51.94 | (a) |  |  | 7.70 |  |  |  | 57.77 |  |  |  | 49.07 |

| (a) | 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. |

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

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

Trust Summary as of June 30, 2021 (continued) |  | BlackRock Science and Technology Trust (BST)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BST(a)(b) |  |  | 14.46 | % |  |  | 10.26 | %
MSCI ACWI IT Call Overwrite Index(c) |  |  | N/A |  |  |  | 9.63 |

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

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

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

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

Stock selection within the internet sub-sector was the largest contributor to the Trust’s performance. Among individual stocks, the Trust’s position in privately held fintech company Klarna contributed the most to relative returns following a fundraising round that significantly increased its valuation. Elsewhere, an overweight position in South Korean super-app company Kakao Corp. was also among the largest contributors. Kakao’s core business continued to grow strongly, benefiting from surging demand for advertising as economies reopened. Kakao also announced plans to spin off several businesses, including financial services affiliates Kakao Bank and Kakao Pay.

The largest detractor from performance was the Trust’s security selection in the software sub-sector. Among individual positions, the Trust’s out-of-benchmark position in artificial intelligence company C3.AI, Inc. was the most significant detractor, as the market rotation from growth to value had a substantial negative impact on its stock. Lastly, an underweight position in Microsoft Corp. also weighed on returns, as the software giant benefited from strong growth in its Azure cloud-computing business due to sharply increased spending on digital transformation.

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

Describe recent portfolio activity.

During the period, the Trust increased its exposure to semiconductors and decreased its exposure to software companies. From a regional perspective, the Trust’s allocation to Asia decreased, while its allocation to the United States increased.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sub-sector exposures were in internet, software and semiconductors. The Trust’s software exposure focused on companies offering enterprise software solutions, cloud computing services and software as a service. The Trust was underweight in the hardware sub-sector, due to there being more innovative opportunities elsewhere.

As of June 30, 2021, the Trust had an options overwriting program in place whereby 28% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 5.8% out of the money) with an average time until expiration of 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.

34 |  | 2 0 2 1 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, 2021 (continued) |  | BlackRock Science and Technology Trust (BST)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Apple, Inc. |  |  | 4 | %
Microsoft Corp. |  |  | 4 |
Kakao Corp. |  |  | 3 |
Alphabet, Inc. |  |  | 3 |
Amazon.com, Inc. |  |  | 2 |
Klarna Holdings AB |  |  | 3 |
PayPal Holdings, Inc. |  |  | 2 |
Marvell Technology, Inc. |  |  | 2 |
Mastercard, Inc. |  |  | 2 |
ASML Holding NV |  |  | 2 |

SECTOR ALLOCATION

Sector(a)(b) |  | 06/30/21 |  |  | 12/31/20 |
Software |  |  | 23 | % |  |  | 27 | %
IT Services |  |  | 20 |  |  |  | 19 |
Semiconductors & Semiconductor Equipment |  |  | 19 |  |  |  | 15 |
Interactive Media & Services |  |  | 12 |  |  |  | 10 |
Internet & Direct Marketing Retail |  |  | 5 |  |  |  | 10 |
Technology Hardware, Storage & Peripherals |  |  | 4 |  |  |  | 4 |
Entertainment |  |  | 3 |  |  |  | 3 |
Banks |  |  | 3 |  |  |  | 1 |
Road & Rail |  |  | 3 |  |  |  | 2 |
Automobiles |  |  | 2 |  |  |  | 3 |
Electronic Equipment, Instruments & Components |  |  | 1 |  |  |  | 1 |
Diversified Consumer Services |  |  | 1 |  |  |  | 2 |
Specialty Retail |  |  | 1 |  |  |  | — |
Diversified Financial Services |  |  | 1 |  |  |  | 1 |
Professional Services |  |  | 1 |  |  |  | — | (c)
Auto Components |  |  | 1 |  |  |  | — |
Health Care Technology |  |  | — |  |  |  | 1 |
Diversified Telecommunication Services |  |  | — |  |  |  | 1 |
Other* |  |  | — | (c) |  |  | — | (c)

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

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

(c) | Rounds to less than 1% of total investments.

* | Includes one or more investment categories that individually represents less than 1% 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 |  | 35

Trust Summary as of June 30, 2021 |  | 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, 2021 ($41.71)(a) |  | 4.92%
Current Monthly Distribution per Common Share(b) |  | $0.1710
Current Annualized Distribution per Common Share(b) |  | $2.0520

| (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

|  | 06/30/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 41.71 |  |  | $ | 36.38 |  |  |  | 14.65 | % |  | $ | 41.77 |  |  | $ | 32.10 |
Net Asset Value |  |  | 42.97 |  |  |  | 38.72 |  |  |  | 10.98 |  |  |  | 44.16 |  |  |  | 35.93 |

Market Price and Net Asset Value History Since Inception

The Trust commenced operations on June 27, 2019.

36 |  | 2 0 2 1 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, 2021 (continued) |  | BlackRock Science and Technology Trust II (BSTZ)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BSTZ(a)(b) |  |  | 17.42 | % |  |  | 13.65 | %
MSCI ACWI 25% Call Overwrite Index(c) |  |  | N/A |  |  |  | 12.21 |

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

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

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

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

Stock selection within the services sub-sector was the largest contributor to the Trust’s performance. Among individual stocks, the Trust’s position in privately held fintech company Klarna contributed the most to relative returns following a fundraising round that significantly increased its valuation. Elsewhere, an overweight position in South Korean super-app company Kakao Corp. was also among the largest contributors. Kakao’s core business continued to grow strongly, benefiting from surging demand for advertising as economies reopened. Kakao also announced plans to spin off several businesses, including financial services affiliates Kakao Bank and Kakao Pay.

The largest detractor from returns was the Trust’s security selection in the software sub-sector. Among individual positions, the Trust’s out-of-benchmark position in artificial intelligence company C3.AI, Inc. was the most significant detractor, as the market rotation from growth to value had a substantial negative impact on its stock. Lastly, the Trust’s position in commercial electric vehicle manufacturer Arrival Ltd. also weighed on performance, as the company’s stock came under pressure during the market rotation as well.

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

Describe recent portfolio activity.

During the period, the Trust deployed capital to companies that are likely to experience increased demand in the current economic environment, as well as companies seeing long-term secular demand strength. These include companies benefiting from social distancing and the migration toward greater levels of remote work in areas such as cloud computing, digital transformation, and gaming.

The Trust continued to explore new opportunities and managed exposure to private assets, given the current allocation to private equity. During the period, the Trust participated in several follow-on funding rounds, adding to existing investments in quantum computing specialist, PsiQuantum, artificial intelligence systems and analytics platform provider SambaNova Systems, Inc., and end-to-end machine-learning platform company Snorkel AI Inc.

Describe portfolio positioning at period end.

At period end, the Trust held 34% of assets in software, 20% in internet, 19% in semiconductors, 16% in services, 5% in hardware, 4% in new industries, and 3% in content & infrastructure. These industry exposures were the result of bottom-up stock selection.

As of June 30, 2021, the Trust had an options overwriting program in place whereby 23% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 7.2% out of the money) with an average time until expiration of 50 days.

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

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

Trust Summary as of June 30, 2021 (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 |  |  | 4 | %
Kakao Corp. |  |  | 3 |
Marvell Technology, Inc. |  |  | 2 |
Square, Inc. |  |  | 2 |
Snap, Inc. |  |  | 2 |
Twilio, Inc. |  |  | 2 |
Locaweb Servicos de Internet SA |  |  | 2 |
Tesla, Inc. |  |  | 2 |
Lasertec Corp. |  |  | 2 |
SambaNova Systems, Inc. |  |  | 2 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | 06/30/21 |  |  | 12/31/20 |
Software |  |  | 28 | % |  |  | 30 | %
IT Services |  |  | 18 |  |  |  | 19 |
Semiconductors & Semiconductor Equipment |  |  | 18 |  |  |  | 15 |
Interactive Media & Services |  |  | 9 |  |  |  | 7 |
Internet & Direct Marketing Retail |  |  | 5 |  |  |  | 7 |
Entertainment |  |  | 4 |  |  |  | 3 |
Banks |  |  | 4 |  |  |  | 2 |
Automobiles |  |  | 3 |  |  |  | 6 |
Electronic Equipment, Instruments & Components |  |  | 2 |  |  |  | 2 |
Road & Rail |  |  | 2 |  |  |  | 1 |
Diversified Consumer Services |  |  | 2 |  |  |  | 2 |
Specialty Retail |  |  | 1 |  |  |  | 1 |
Food Products |  |  | 1 |  |  |  | 1 |
Multi-line Retail |  |  | 1 |  |  |  | 1 |
Diversified Telecommunication Services |  |  | 1 |  |  |  | 1 |
Communications Equipment |  |  | 1 |  |  |  | — |
Capital Markets |  |  | — |  |  |  | 1 |
Health Care Technology |  |  | — |  |  |  | 1 |
Other* |  |  | — | (c) |  |  | — | (c)

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

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

(c) | Rounds to less than 1% of total investments.

* | Includes one or more investment categories that individually represents less than 1% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.

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Trust Summary as of June 30, 2021 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Investment Objective

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

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

Trust Information

Symbol on New York Stock Exchange |  | BUI
Initial Offering Date |  | November 25, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2021 ($25.75)(a) |  | 5.64%
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

|  | 06/30/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 25.75 |  |  | $ | 25.04 |  |  |  | 2.84 | % |  | $ | 27.27 |  |  | $ | 24.00 |
Net Asset Value |  |  | 24.87 |  |  |  | 23.80 |  |  |  | 4.50 |  |  |  | 25.39 |  |  |  | 23.05 |

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

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

Trust Summary as of June 30, 2021 (continued) |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2021 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BUI(a)(b) |  |  | 5.89 | % |  |  | 7.60 | %
MSCI World Select Energy, Utilities and Industry Call Overwrite Index(c) |  |  | N/A |  |  |  | 6.61 |

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

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

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

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

Past performance is not an indication of future results.

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

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

What factors influenced performance?

The largest contributor to returns was the Trust’s position in wind-power specialist China Longyuan Power Group Corp., which benefited from greater clarity regarding how renewable energy would be priced under China’s on-grid tariff policy. Positive contributors also included the Trust’s holdings in the building and industrial efficiency area, which are expected to benefit from stronger demand as economies reopen. Individual holdings following this theme included energy-efficient heating, ventilation, and air conditioning specialist Trane Technologies PLC, which reported strong results in the first quarter of 2021 and boosted future earnings guidance on improving market demand. Johnson Controls International PLC also reported business results above expectations, with stronger sales in Asia driving relative performance.

The largest detractor from returns came from the Trust’s clean power utility holdings. Other perceived bond proxy stocks also detracted from results, due largely to the rise in yields on U.S. Treasury securities. Among individual stock positions, Iberdrola SA, RWE AG and EDP SA notably weighed on performance.

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

Describe recent portfolio activity.

During the period, the Trust reduced solar exposure following strong share price performance in 2020. The Trust also reduced exposure to electric battery (“EV”) battery manufacturers and select automotive technology names following a period of strong stock performance. By contrast, the Trust added to positions in select EV supply chain companies.

Describe portfolio positioning at period end.

At period end, the utilities sector accounted for approximately 49% of the Trust’s assets. The Trust had approximately 30% and 9% 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, 2021, the Trust had an options overwriting program in place whereby approximately 33.5% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 2.7% out of the money) with an average time until expiration of 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.

40 |  | 2 0 2 1 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, 2021 (continued) |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
NextEra Energy, Inc. |  |  | 7 | %
Enel SpA |  |  | 5 |
Iberdrola SA |  |  | 4 |
Johnson Controls International PLC |  |  | 3 |
RWE AG |  |  | 3 |
Vestas Wind Systems A/S |  |  | 3 |
Waste Management, Inc. |  |  | 3 |
Trane Technologies PLC |  |  | 3 |
Atlas Copco AB |  |  | 3 |
Vinci SA |  |  | 3 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | 06/30/21 |  |  | 12/31/20 |
Electric Utilities |  |  | 29 | % |  |  | 33 | %
Multi-Utilities |  |  | 13 |  |  |  | 14 |
Electrical Equipment |  |  | 9 |  |  |  | 7 |
Building Products |  |  | 9 |  |  |  | 7 |
Oil, Gas & Consumable Fuels |  |  | 9 |  |  |  | 8 |
Independent Power and Renewable Electricity Producers |  |  | 7 |  |  |  | 8 |
Commercial Services & Supplies |  |  | 5 |  |  |  | 4 |
Chemicals |  |  | 5 |  |  |  | 5 |
Semiconductors & Semiconductor Equipment |  |  | 4 |  |  |  | 5 |
Construction & Engineering |  |  | 4 |  |  |  | 4 |
Machinery |  |  | 3 |  |  |  | 2 |
Electronic Equipment, Instruments & Components |  |  | 3 |  |  |  | 3 |

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

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

T R U S T S U M M A R Y |  | 41

Schedule of Investments (unaudited) June 30, 2021 |  | BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Energy Equipment & Services — 1.9% |
Baker Hughes Co.(a) |  |  | 242,022 |  |  | $ | 5,535,043 |
Food Products — 0.8% |  |  |  |
Darling Ingredients, Inc.(a)(b) |  |  | 37,850 |  |  |  | 2,554,875 |
Oil, Gas & Consumable Fuels — 97.5% |  |  |  |
Aker BP ASA |  |  | 139,271 |  |  |  | 4,439,015 |
ARC Resources Ltd. |  |  | 441,700 |  |  |  | 3,759,225 |
BP PLC |  |  | 1,597,200 |  |  |  | 7,004,345 |
Cairn Energy PLC |  |  | 947,199 |  |  |  | 1,913,244 |
Canadian Natural Resources Ltd. |  |  | 359,124 |  |  |  | 13,036,931 |
Cenovus Energy, Inc. |  |  | 452,200 |  |  |  | 4,326,470 |
Chevron Corp.(a)(c) |  |  | 370,673 |  |  |  | 38,824,290 |
CNOOC Ltd. |  |  | 2,680,000 |  |  |  | 3,040,282 |
ConocoPhillips(a) |  |  | 350,687 |  |  |  | 21,356,876 |
Devon Energy Corp.(a) |  |  | 265,100 |  |  |  | 7,738,269 |
EOG Resources, Inc.(a) |  |  | 35,734 |  |  |  | 2,981,645 |
Equinor ASA |  |  | 340,950 |  |  |  | 7,217,401 |
Exxon Mobil Corp.(a)(c) |  |  | 338,464 |  |  |  | 21,350,309 |
Hess Corp. |  |  | 119,400 |  |  |  | 10,426,008 |
Kinder Morgan, Inc.(a) |  |  | 418,414 |  |  |  | 7,627,687 |
Kosmos Energy Ltd.(b) |  |  | 857,817 |  |  |  | 2,968,047 |
LUKOIL PJSC, ADR |  |  | 36,891 |  |  |  | 3,423,941 |
Marathon Petroleum Corp.(a) |  |  | 165,300 |  |  |  | 9,987,426 |
Oil Search Ltd. |  |  | 864,463 |  |  |  | 2,469,680 |
Pioneer Natural Resources Co. |  |  | 71,689 |  |  |  | 11,650,896 |
Royal Dutch Shell PLC, Class B, ADR(a) |  |  | 805,775 |  |  |  | 31,288,243 |
Santos Ltd. |  |  | 856,180 |  |  |  | 4,547,613 |
Suncor Energy, Inc. |  |  | 494,355 |  |  |  | 11,840,432 |
TC Energy Corp. |  |  | 188,267 |  |  |  | 9,316,149 |
TotalEnergies SE |  |  | 526,867 |  |  |  | 23,868,018 |

Security |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Tourmaline Oil Corp. |  |  | 136,800 |  |  | $ | 3,909,990 |
Valero Energy Corp.(a) |  |  | 131,974 |  |  |  | 10,304,530 |
Williams Cos., Inc.(a) |  |  | 318,201 |  |  |  | 8,448,237 |
|  |  |  |  |  |  | 289,065,199 |
Total Long-Term Investments — 100.2% (Cost: $243,962,247) |  |  |  | 297,155,117 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.0% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(d)(e) |  |  | 2,837,978 |  |  |  | 2,837,978 |
Total Short-Term Securities — 1.0% (Cost: $2,837,978) |  |  |  | 2,837,978 |
Total Investments Before Options Written — 101.2% (Cost: $246,800,225) |  |  |  | 299,993,095 |
Options Written — (1.0)% (Premiums Received: $(3,240,569)) |  |  |  | (2,803,335 | )
Total Investments, Net of Options Written — 100.2% (Cost: $243,559,656) |  |  |  | 297,189,760 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  | (684,308 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 296,505,452 |

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

(b) | Non-income producing security.

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

(d) | Affiliate of the Trust.

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

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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 3,418,486 |  |  | $ | — |  |  | $ | (580,508 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 2,837,978 |  |  |  | 2,837,978 |  |  | $ | 245 |  |  | $ | — |

| (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 |  |  | Amount Notional (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chevron Corp. |  |  | 281 |  |  |  | 07/02/21 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 2,943 |  |  | $ | (984 | )
Devon Energy Corp. |  |  | 278 |  |  |  | 07/02/21 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 811 |  |  |  | (48,650 | )
EOG Resources, Inc. |  |  | 108 |  |  |  | 07/02/21 |  |  | USD |  |  | 83.50 |  |  | USD |  |  | 901 |  |  |  | (15,336 | )
Marathon Petroleum Corp. |  |  | 160 |  |  |  | 07/02/21 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 967 |  |  |  | (5,440 | )
Valero Energy Corp. |  |  | 182 |  |  |  | 07/02/21 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,421 |  |  |  | (6,279 | )

42 |  | 2 0 2 1 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, 2021 |  | BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Amount Notional (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ConocoPhillips |  |  | 65 |  |  |  | 07/09/21 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 396 |  |  | $ | (20,637 | )
Kinder Morgan, Inc. |  |  | 634 |  |  |  | 07/09/21 |  |  | USD |  |  | 18.50 |  |  | USD |  |  | 1,156 |  |  |  | (7,291 | )
Marathon Petroleum Corp. |  |  | 159 |  |  |  | 07/09/21 |  |  | USD |  |  | 61.01 |  |  | USD |  |  | 961 |  |  |  | (15,633 | )
Suncor Energy, Inc. |  |  | 169 |  |  |  | 07/09/21 |  |  | CAD |  |  | 31.00 |  |  | CAD |  |  | 502 |  |  |  | (2,454 | )
Tourmaline Oil Corp. |  |  | 358 |  |  |  | 07/09/21 |  |  | CAD |  |  | 33.00 |  |  | CAD |  |  | 1,268 |  |  |  | (75,522 | )
ARC Resources Ltd. |  |  | 440 |  |  |  | 07/16/21 |  |  | CAD |  |  | 10.00 |  |  | CAD |  |  | 464 |  |  |  | (25,202 | )
ARC Resources Ltd. |  |  | 266 |  |  |  | 07/16/21 |  |  | CAD |  |  | 10.50 |  |  | CAD |  |  | 281 |  |  |  | (8,369 | )
Baker Hughes Co. |  |  | 439 |  |  |  | 07/16/21 |  |  | USD |  |  | 26.00 |  |  | USD |  |  | 1,004 |  |  |  | (3,293 | )
Chevron Corp. |  |  | 359 |  |  |  | 07/16/21 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 3,760 |  |  |  | (16,873 | )
ConocoPhillips |  |  | 132 |  |  |  | 07/16/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 804 |  |  |  | (26,466 | )
Darling Ingredients, Inc. |  |  | 65 |  |  |  | 07/16/21 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 439 |  |  |  | (2,600 | )
Devon Energy Corp. |  |  | 496 |  |  |  | 07/16/21 |  |  | USD |  |  | 31.00 |  |  | USD |  |  | 1,448 |  |  |  | (26,288 | )
Exxon Mobil Corp. |  |  | 877 |  |  |  | 07/16/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 5,532 |  |  |  | (304,757 | )
Kinder Morgan, Inc. |  |  | 409 |  |  |  | 07/16/21 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 746 |  |  |  | (3,477 | )
Marathon Petroleum Corp. |  |  | 60 |  |  |  | 07/16/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 363 |  |  |  | (10,380 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 515 |  |  |  | 07/16/21 |  |  | USD |  |  | 37.50 |  |  | USD |  |  | 2,000 |  |  |  | (105,575 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 426 |  |  |  | 07/16/21 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,654 |  |  |  | (19,170 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 148 |  |  |  | 07/16/21 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 575 |  |  |  | (1,850 | )
Suncor Energy, Inc. |  |  | 1,076 |  |  |  | 07/16/21 |  |  | CAD |  |  | 29.00 |  |  | CAD |  |  | 3,195 |  |  |  | (105,899 | )
TC Energy Corp. |  |  | 468 |  |  |  | 07/16/21 |  |  | CAD |  |  | 62.00 |  |  | CAD |  |  | 2,871 |  |  |  | (18,122 | )
Tourmaline Oil Corp. |  |  | 280 |  |  |  | 07/16/21 |  |  | CAD |  |  | 30.00 |  |  | CAD |  |  | 992 |  |  |  | (124,798 | )
Valero Energy Corp. |  |  | 67 |  |  |  | 07/16/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 523 |  |  |  | (2,814 | )
Chevron Corp. |  |  | 290 |  |  |  | 07/23/21 |  |  | USD |  |  | 112.00 |  |  | USD |  |  | 3,037 |  |  |  | (14,065 | )
ConocoPhillips |  |  | 748 |  |  |  | 07/23/21 |  |  | USD |  |  | 60.40 |  |  | USD |  |  | 4,555 |  |  |  | (178,866 | )
Exxon Mobil Corp. |  |  | 224 |  |  |  | 07/23/21 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 1,413 |  |  |  | (27,664 | )
Marathon Petroleum Corp. |  |  | 195 |  |  |  | 07/23/21 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 1,178 |  |  |  | (18,622 | )
Valero Energy Corp. |  |  | 252 |  |  |  | 07/23/21 |  |  | USD |  |  | 83.50 |  |  | USD |  |  | 1,968 |  |  |  | (24,822 | )
Williams Cos., Inc. |  |  | 852 |  |  |  | 07/23/21 |  |  | USD |  |  | 28.50 |  |  | USD |  |  | 2,262 |  |  |  | (8,520 | )
Devon Energy Corp. |  |  | 360 |  |  |  | 07/30/21 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 1,051 |  |  |  | (47,340 | )
EOG Resources, Inc. |  |  | 30 |  |  |  | 07/30/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 250 |  |  |  | (9,270 | )
Kinder Morgan, Inc. |  |  | 273 |  |  |  | 07/30/21 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 498 |  |  |  | (5,460 | )
Marathon Petroleum Corp. |  |  | 54 |  |  |  | 07/30/21 |  |  | USD |  |  | 63.50 |  |  | USD |  |  | 326 |  |  |  | (5,238 | )
ConocoPhillips |  |  | 164 |  |  |  | 08/06/21 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 999 |  |  |  | (28,290 | )
Kinder Morgan, Inc. |  |  | 273 |  |  |  | 08/06/21 |  |  | USD |  |  | 18.50 |  |  | USD |  |  | 498 |  |  |  | (11,876 | )
ARC Resources Ltd. |  |  | 940 |  |  |  | 08/20/21 |  |  | CAD |  |  | 9.50 |  |  | CAD |  |  | 992 |  |  |  | (104,647 | )
ARC Resources Ltd. |  |  | 266 |  |  |  | 08/20/21 |  |  | CAD |  |  | 10.50 |  |  | CAD |  |  | 281 |  |  |  | (15,879 | )
Baker Hughes Co. |  |  | 480 |  |  |  | 08/20/21 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 1,098 |  |  |  | (43,200 | )
Canadian Natural Resources Ltd. |  |  | 627 |  |  |  | 08/20/21 |  |  | CAD |  |  | 47.00 |  |  | CAD |  |  | 2,822 |  |  |  | (69,296 | )
Canadian Natural Resources Ltd. |  |  | 170 |  |  |  | 08/20/21 |  |  | CAD |  |  | 45.00 |  |  | CAD |  |  | 765 |  |  |  | (30,171 | )
Cenovus Energy, Inc. |  |  | 831 |  |  |  | 08/20/21 |  |  | CAD |  |  | 13.00 |  |  | CAD |  |  | 986 |  |  |  | (28,491 | )
Cenovus Energy, Inc. |  |  | 831 |  |  |  | 08/20/21 |  |  | CAD |  |  | 13.50 |  |  | CAD |  |  | 986 |  |  |  | (21,452 | )
Chevron Corp. |  |  | 474 |  |  |  | 08/20/21 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 4,965 |  |  |  | (96,222 | )
ConocoPhillips |  |  | 108 |  |  |  | 08/20/21 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 658 |  |  |  | (15,876 | )
ConocoPhillips |  |  | 115 |  |  |  | 08/20/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 700 |  |  |  | (38,525 | )
Darling Ingredients, Inc. |  |  | 48 |  |  |  | 08/20/21 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 324 |  |  |  | (15,600 | )
Exxon Mobil Corp. |  |  | 185 |  |  |  | 08/20/21 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 1,167 |  |  |  | (51,892 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 426 |  |  |  | 08/20/21 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,654 |  |  |  | (52,185 | )
Suncor Energy, Inc. |  |  | 484 |  |  |  | 08/20/21 |  |  | CAD |  |  | 31.00 |  |  | CAD |  |  | 1,437 |  |  |  | (43,145 | )
Suncor Energy, Inc. |  |  | 169 |  |  |  | 08/20/21 |  |  | CAD |  |  | 32.00 |  |  | CAD |  |  | 502 |  |  |  | (10,702 | )
TC Energy Corp. |  |  | 247 |  |  |  | 08/20/21 |  |  | CAD |  |  | 64.00 |  |  | CAD |  |  | 1,515 |  |  |  | (11,955 | )
Williams Cos., Inc. |  |  | 357 |  |  |  | 08/20/21 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 948 |  |  |  | (26,775 | )
Canadian Natural Resources Ltd. |  |  | 615 |  |  |  | 09/17/21 |  |  | CAD |  |  | 46.00 |  |  | CAD |  |  | 2,768 |  |  |  | (111,133 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 515 |  |  |  | 09/17/21 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 2,000 |  |  |  | (78,537 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,249,875 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  |  | Notional Amount (000) |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aker BP ASA |  | UBS AG |  |  | 21,600 |  |  | 07/07/21 |  |  | NOK |  |  |  | 250.60 |  |  | NOK |  | 5,928 |  | $ | (59,821 | )

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, 2021 |  | BlackRock Energy and Resources Trust (BGR)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equinor ASA |  | Credit Suisse International |  |  | 70,000 |  |  |  | 07/07/21 |  |  |  | NOK |  |  |  | 183.44 |  |  |  | NOK |  |  |  | 12,758 |  |  | $ | (18,093 | )
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 114,000 |  |  |  | 07/08/21 |  |  |  | GBP |  |  |  | 3.20 |  |  |  | GBP |  |  |  | 361 |  |  |  | (7,318 | )
LUKOIL PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 7,000 |  |  |  | 07/08/21 |  |  |  | USD |  |  |  | 81.31 |  |  |  | USD |  |  |  | 650 |  |  |  | (78,632 | )
Santos Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 46,600 |  |  |  | 07/08/21 |  |  |  | AUD |  |  |  | 7.04 |  |  |  | AUD |  |  |  | 330 |  |  |  | (6,443 | )
TotalEnergies SE |  | Goldman Sachs International |  |  | 43,500 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 39.62 |  |  |  | EUR |  |  |  | 1,662 |  |  |  | (6,928 | )
BP PLC |  | UBS AG |  |  | 560,000 |  |  |  | 07/14/21 |  |  |  | GBP |  |  |  | 3.34 |  |  |  | GBP |  |  |  | 1,775 |  |  |  | (17,025 | )
Equinor ASA |  | Credit Suisse International |  |  | 29,400 |  |  |  | 07/15/21 |  |  |  | NOK |  |  |  | 193.35 |  |  |  | NOK |  |  |  | 5,359 |  |  |  | (2,130 | )
Santos Ltd. |  | UBS AG |  |  | 253,000 |  |  |  | 07/15/21 |  |  |  | AUD |  |  |  | 7.44 |  |  |  | AUD |  |  |  | 1,792 |  |  |  | (15,733 | )
Oil Search Ltd. |  | UBS AG |  |  | 109,400 |  |  |  | 07/20/21 |  |  |  | AUD |  |  |  | 3.74 |  |  |  | AUD |  |  |  | 417 |  |  |  | (13,884 | )
Royal Dutch Shell PLC, Class B, ADR |  | Barclays Bank PLC |  |  | 103,100 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 38.45 |  |  |  | USD |  |  |  | 4,003 |  |  |  | (195,953 | )
Equinor ASA |  | HSBC Bank PLC |  |  | 28,600 |  |  |  | 07/29/21 |  |  |  | NOK |  |  |  | 193.02 |  |  |  | NOK |  |  |  | 5,213 |  |  |  | (5,250 | )
TotalEnergies SE |  | Goldman Sachs International |  |  | 54,600 |  |  |  | 07/29/21 |  |  |  | EUR |  |  |  | 41.73 |  |  |  | EUR |  |  |  | 2,086 |  |  |  | (9,412 | )
Aker BP ASA |  | Goldman Sachs International |  |  | 31,400 |  |  |  | 08/04/21 |  |  |  | NOK |  |  |  | 286.13 |  |  |  | NOK |  |  |  | 8,617 |  |  |  | (19,975 | )
Oil Search Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 219,000 |  |  |  | 08/05/21 |  |  |  | AUD |  |  |  | 3.92 |  |  |  | AUD |  |  |  | 834 |  |  |  | (19,355 | )
LUKOIL PJSC, ADR |  | Goldman Sachs International |  |  | 7,000 |  |  |  | 08/10/21 |  |  |  | USD |  |  |  | 94.01 |  |  |  | USD |  |  |  | 650 |  |  |  | (10,044 | )
TotalEnergies SE |  | Goldman Sachs International |  |  | 72,900 |  |  |  | 08/11/21 |  |  |  | EUR |  |  |  | 40.66 |  |  |  | EUR |  |  |  | 2,785 |  |  |  | (30,143 | )
TotalEnergies SE |  | Credit Suisse International |  |  | 29,200 |  |  |  | 08/18/21 |  |  |  | EUR |  |  |  | 38.74 |  |  |  | EUR |  |  |  | 1,116 |  |  |  | (37,321 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (553,460 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 1,128,649 |  |  | $ | (691,415 | ) |  | $ | (2,803,335) |

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 |  | $ | — |  |  | $ | — |  |  | $ | 2,803,335 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,803,335 |

For the six months ended June 30, 2021, 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) |  | $ | — |  |  | $ | — |  |  | $ | (25,247 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25,247 | )
Options written |  |  | — |  |  |  | — |  |  |  | (7,788,133 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,788,133 | )
|  | $ | — |  |  | $ | — |  |  | $ | (7,813,380 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (7,813,380 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 270,941 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 270,941 |

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

44 |  | 2 0 2 1 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, 2021 |  | BlackRock Energy and Resources Trust (BGR)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 2,484,265 |

| (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 |  | $ | — |  |  | $ | 2,803,335 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 2,803,335 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (2,249,875 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 553,460 |

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 |  | $ | 195,953 |  |  | $ | — |  |  | $ | (195,953 | ) |  | $ | — |  |  | $ | — |
Credit Suisse International |  |  | 57,544 |  |  |  | — |  |  |  | (57,544 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 76,502 |  |  |  | — |  |  |  | (76,502 | ) |  |  | — |  |  |  | — |
HSBC Bank PLC |  |  | 5,250 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,250 |
JPMorgan Chase Bank N.A. |  |  | 6,443 |  |  |  | — |  |  |  | (6,443 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 105,305 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 105,305 |
UBS AG |  |  | 106,463 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 106,463 |
|  | $ | 553,460 |  |  | $ | — |  |  | $ | (336,442 | ) |  | $ | — |  |  | $ | 217,018 |

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

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Trust’s 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 |  | $ | 5,535,043 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,535,043 |
Food Products |  |  | 2,554,875 |  |  |  | — |  |  |  | — |  |  |  | 2,554,875 |
Oil, Gas & Consumable Fuels |  |  | 231,141,660 |  |  |  | 57,923,539 |  |  |  | — |  |  |  | 289,065,199 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 2,837,978 |  |  |  | — |  |  |  | — |  |  |  | 2,837,978 |
|  | $ | 242,069,556 |  |  | $ | 57,923,539 |  |  | $ | — |  |  | $ | 299,993,095 |

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, 2021 |  | BlackRock Energy and Resources Trust (BGR)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (2,055,376 | ) |  | $ | (747,959 | ) |  | $ | — |  |  | $ | (2,803,335 | )

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

See notes to financial statements.

46 |  | 2 0 2 1 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, 2021 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |
Aerospace & Defense — 1.3% |  |  |  |  |  |
BAE Systems PLC, ADR |  |  | 419,110 |  |  | $ | 12,267,350 |
Air Freight & Logistics — 1.1% |  |  |  |  |  |
C.H. Robinson Worldwide, Inc. |  |  | 108,961 |  |  |  | 10,206,377 |
Automobiles — 2.4% |  |  |  |  |  |
General Motors Co.(a) |  |  | 378,241 |  |  |  | 22,380,520 |
Banks — 3.5% |  |  |  |  |  |
Bank of America Corp.(b) |  |  | 361,233 |  |  |  | 14,893,637 |
JPMorgan Chase & Co. |  |  | 118,371 |  |  |  | 18,411,425 |
|  |  |  |  |  |  | 33,305,062 |
Beverages — 1.2% |  |  |  |  |  |
Coca-Cola Co. |  |  | 206,726 |  |  |  | 11,185,944 |
Capital Markets — 3.2% |  |  |  |  |  |
Intercontinental Exchange, Inc. |  |  | 91,727 |  |  |  | 10,887,995 |
Morgan Stanley |  |  | 210,531 |  |  |  | 19,303,587 |
|  |  |  |  |  |  | 30,191,582 |
Chemicals — 3.2% |  |  |  |  |  |
Axalta Coating Systems Ltd.(a) |  |  | 315,885 |  |  |  | 9,631,334 |
Corteva, Inc. |  |  | 470,538 |  |  |  | 20,868,360 |
|  |  |  |  |  |  | 30,499,694 |
Communications Equipment — 3.2% |  |  |  |  |  |
Ciena Corp.(a) |  |  | 173,442 |  |  |  | 9,867,115 |
Cisco Systems, Inc. |  |  | 391,381 |  |  |  | 20,743,193 |
|  |  |  |  |  |  | 30,610,308 |
Construction & Engineering — 1.2% |  |  |  |  |  |
Quanta Services, Inc. |  |  | 122,628 |  |  |  | 11,106,418 |
Consumer Finance — 2.7% |  |  |  |  |  |
Ally Financial, Inc. |  |  | 257,986 |  |  |  | 12,858,022 |
Capital One Financial Corp. |  |  | 80,000 |  |  |  | 12,375,200 |
|  |  |  |  |  |  | 25,233,222 |
Containers & Packaging — 0.3% |  |  |  |  |  |
Sealed Air Corp. |  |  | 48,730 |  |  |  | 2,887,252 |
Diversified Financial Services — 2.5% |  |  |  |  |  |
Berkshire Hathaway, Inc., Class B(a) |  |  | 83,518 |  |  |  | 23,211,323 |
Electronic Equipment, Instruments & Components — 0.8% |  |  |  |  |  |
CDW Corp. |  |  | 42,014 |  |  |  | 7,337,745 |
Entertainment — 0.9% |  |  |  |  |  |
World Wrestling Entertainment, Inc., Class A |  |  | 148,554 |  |  |  | 8,599,791 |
Health Care Equipment & Supplies — 1.0% |
Koninklijke Philips NV, NY Shares. |  |  | 184,969 |  |  |  | 9,192,959 |
Health Care Providers & Services — 6.5% |  |  |  |  |  |
Anthem, Inc. |  |  | 33,475 |  |  |  | 12,780,755 |
Humana, Inc. |  |  | 14,998 |  |  |  | 6,639,915 |
Laboratory Corp. of America Holdings(a) |  |  | 61,085 |  |  |  | 16,850,297 |
UnitedHealth Group, Inc. |  |  | 63,513 |  |  |  | 25,433,146 |
|  |  |  |  |  |  | 61,704,113 |
Health Care Technology — 0.6% |  |  |  |  |  |
Veeva Systems, Inc., Class A(a) |  |  | 19,276 |  |  |  | 5,993,872 |
Hotels, Restaurants & Leisure — 0.8% |  |  |  |  |  |
Las Vegas Sands Corp.(a) |  |  | 143,088 |  |  |  | 7,539,307 |

Security |  | Shares |  |  | Value |
Insurance — 0.6% |  |  |  |  |  |
Fidelity National Financial, Inc. |  |  | 123,857 |  |  | $ | 5,382,825 |
Interactive Media & Services(a) — 9.6% |  |  |  |  |  |
Alphabet, Inc., Class A(b) |  |  | 24,129 |  |  |  | 58,917,951 |
Facebook, Inc., Class A |  |  | 90,639 |  |  |  | 31,516,087 |
|  |  |  |  |  |  | 90,434,038 |
Internet & Direct Marketing Retail(a) — 6.5% |  |  |  |  |  |
Alibaba Group Holding Ltd., ADR |  |  | 41,183 |  |  |  | 9,339,481 |
Amazon.com, Inc. |  |  | 15,274 |  |  |  | 52,545,003 |
|  |  |  |  |  |  | 61,884,484 |
IT Services — 6.0% |  |  |  |  |  |
Fidelity National Information Services, Inc. |  |  | 92,641 |  |  |  | 13,124,450 |
FleetCor Technologies, Inc.(a) |  |  | 52,432 |  |  |  | 13,425,738 |
Visa, Inc., Class A(b) |  |  | 130,830 |  |  |  | 30,590,671 |
|  |  |  |  |  |  | 57,140,859 |
Machinery — 2.0% |  |  |  |  |  |
Fortive Corp. |  |  | 140,563 |  |  |  | 9,802,864 |
Otis Worldwide Corp. |  |  | 115,577 |  |  |  | 9,450,731 |
|  |  |  |  |  |  | 19,253,595 |
Media — 3.5% |  |  |  |  |  |
Comcast Corp., Class A |  |  | 427,482 |  |  |  | 24,375,024 |
Fox Corp., Class A |  |  | 240,348 |  |  |  | 8,924,121 |
|  |  |  |  |  |  | 33,299,145 |
Multi-line Retail — 2.9% |  |  |  |  |  |
Dollar General Corp. |  |  | 54,488 |  |  |  | 11,790,658 |
Dollar Tree, Inc.(a) |  |  | 158,802 |  |  |  | 15,800,799 |
|  |  |  |  |  |  | 27,591,457 |
Oil, Gas & Consumable Fuels — 3.5% |  |  |  |  |  |
BP PLC, ADR |  |  | 224,139 |  |  |  | 5,921,753 |
ConocoPhillips |  |  | 273,568 |  |  |  | 16,660,291 |
EQT Corp.(a) |  |  | 476,047 |  |  |  | 10,596,806 |
|  |  |  |  |  |  | 33,178,850 |
Personal Products — 1.4% |  |  |  |  |  |
Unilever PLC, ADR |  |  | 229,338 |  |  |  | 13,416,273 |
Pharmaceuticals — 2.8% |  |  |  |  |  |
Novo Nordisk A/S, ADR |  |  | 91,523 |  |  |  | 7,666,882 |
Sanofi, ADR |  |  | 348,302 |  |  |  | 18,341,583 |
|  |  |  |  |  |  | 26,008,465 |
Professional Services — 0.4% |  |  |  |  |  |
Robert Half International, Inc. |  |  | 38,970 |  |  |  | 3,467,161 |
Real Estate Management & Development — 1.2% |
CBRE Group, Inc., Class A(a) |  |  | 137,284 |  |  |  | 11,769,357 |
Road & Rail — 1.4% |  |  |  |  |  |
Norfolk Southern Corp. |  |  | 49,110 |  |  |  | 13,034,285 |
Semiconductors & Semiconductor Equipment — 4.7% |  |  |  |  |  |
Applied Materials, Inc. |  |  | 175,230 |  |  |  | 24,952,752 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 165,870 |  |  |  | 19,930,939 |
|  |  |  |  |  |  | 44,883,691 |
Software — 7.9% |  |  |  |  |  |
CDK Global, Inc. |  |  | 271,354 |  |  |  | 13,483,580 |
Microsoft Corp.(b) |  |  | 225,821 |  |  |  | 61,174,909 |
|  |  |  |  |  |  | 74,658,489 |
Specialty Retail — 3.3% |  |  |  |  |  |
Lowe’s Cos., Inc. |  |  | 39,697 |  |  |  | 7,700,027 |

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) (continued) June 30, 2021 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Specialty Retail (continued) |  |  |  |  |  |
O’Reilly Automotive, Inc.(a) |  |  | 18,969 |  |  | $ | 10,740,438 |
Ross Stores, Inc. |  |  | 104,558 |  |  |  | 12,965,192 |
|  |  |  |  |  |  | 31,405,657 |
Technology Hardware, Storage & Peripherals — 4.4% |
Apple, Inc.(b) |  |  | 303,518 |  |  |  | 41,569,825 |
Wireless Telecommunication Services — 1.4% |
Vodafone Group PLC, ADR |  |  | 776,328 |  |  |  | 13,298,499 |
Total Long-Term Investments — 99.9% (Cost: $563,386,172) |  |  |  |  |  |  | 945,129,794 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.4% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(c)(d) |  |  | 12,748,208 |  |  |  | 12,748,208 |
Total Short-Term Securities — 1.4% (Cost: $12,748,208) |  |  |  |  |  |  | 12,748,208 |
Total Investments Before Options Written — 101.3% (Cost: $576,134,380) |  |  |  | 957,878,002 |
Options Written — (1.3)% (Premiums Received: $(11,084,600)) |  |  |  |  |  |  | (11,763,153 | )
Total Investments, Net of Options Written — 100.0% (Cost: $565,049,780) |  |  |  | 946,114,849 |
Other Assets Less Liabilities — 0.0% |  |  |  |  |  |  | 43,048 |
Net Assets — 100.0% |  |  |  |  |  | $ | 946,157,897 |

(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 11,614,004 |  |  | $ | 1,134,204 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,748,208 |  |  |  | 12,748,208 |  |  | $ | 1,133 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alphabet, Inc., Class A |  |  | 46 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 2,280.00 |  |  |  | USD |  |  |  | 11,232 |  |  | $ | (747,730 | )
Amazon.com, Inc. |  |  | 8 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 3,350.00 |  |  |  | USD |  |  |  | 2,752 |  |  |  | (75,760 | )
Berkshire Hathaway, Inc., Class B |  |  | 199 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 292.50 |  |  |  | USD |  |  |  | 5,531 |  |  |  | (1,194 | )
BP PLC, ADR |  |  | 178 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 27.00 |  |  |  | USD |  |  |  | 470 |  |  |  | (1,513 | )
Ciena Corp. |  |  | 118 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 56.00 |  |  |  | USD |  |  |  | 671 |  |  |  | (10,089 | )
Ciena Corp. |  |  | 118 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 57.00 |  |  |  | USD |  |  |  | 671 |  |  |  | (4,071 | )
Cisco Systems, Inc. |  |  | 94 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 498 |  |  |  | (470 | )
Comcast Corp., Class A |  |  | 367 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 2,093 |  |  |  | (6,423 | )

48 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comcast Corp., Class A |  |  | 220 |  |  |  | 07/02/21 |  |  | USD |  |  | 57.00 |  |  | USD |  |  | 1,254 |  |  | $ | (8,800 | )
JPMorgan Chase & Co. |  |  | 83 |  |  |  | 07/02/21 |  |  | USD |  |  | 167.50 |  |  | USD |  |  | 1,291 |  |  |  | (249 | )
Morgan Stanley |  |  | 637 |  |  |  | 07/02/21 |  |  | USD |  |  | 91.00 |  |  | USD |  |  | 5,841 |  |  |  | (71,662 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 14 |  |  |  | 07/02/21 |  |  | USD |  |  | 119.00 |  |  | USD |  |  | 168 |  |  |  | (2,226 | )
Alphabet, Inc., Class A |  |  | 40 |  |  |  | 07/09/21 |  |  | USD |  |  | 2,400.00 |  |  | USD |  |  | 9,767 |  |  |  | (206,400 | )
Anthem, Inc. |  |  | 69 |  |  |  | 07/09/21 |  |  | USD |  |  | 400.00 |  |  | USD |  |  | 2,634 |  |  |  | (2,760 | )
Apple, Inc. |  |  | 205 |  |  |  | 07/09/21 |  |  | USD |  |  | 129.00 |  |  | USD |  |  | 2,808 |  |  |  | (162,462 | )
Bank of America Corp. |  |  | 410 |  |  |  | 07/09/21 |  |  | USD |  |  | 43.50 |  |  | USD |  |  | 1,690 |  |  |  | (2,255 | )
Berkshire Hathaway, Inc., Class B |  |  | 165 |  |  |  | 07/09/21 |  |  | USD |  |  | 292.50 |  |  | USD |  |  | 4,586 |  |  |  | (3,713 | )
BP PLC, ADR |  |  | 289 |  |  |  | 07/09/21 |  |  | USD |  |  | 28.50 |  |  | USD |  |  | 764 |  |  |  | (1,445 | )
Cisco Systems, Inc. |  |  | 523 |  |  |  | 07/09/21 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 2,772 |  |  |  | (5,230 | )
Cisco Systems, Inc. |  |  | 371 |  |  |  | 07/09/21 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 1,966 |  |  |  | (12,985 | )
Coca-Cola Co. |  |  | 215 |  |  |  | 07/09/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,163 |  |  |  | (2,688 | )
Comcast Corp., Class A |  |  | 30 |  |  |  | 07/09/21 |  |  | USD |  |  | 58.50 |  |  | USD |  |  | 171 |  |  |  | (795 | )
ConocoPhillips |  |  | 65 |  |  |  | 07/09/21 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 396 |  |  |  | (20,638 | )
Dollar General Corp. |  |  | 23 |  |  |  | 07/09/21 |  |  | USD |  |  | 207.50 |  |  | USD |  |  | 498 |  |  |  | (20,815 | )
Fox Corp., Class A |  |  | 175 |  |  |  | 07/09/21 |  |  | USD |  |  | 38.50 |  |  | USD |  |  | 650 |  |  |  | (3,500 | )
General Motors Co. |  |  | 183 |  |  |  | 07/09/21 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,083 |  |  |  | (1,098 | )
Humana, Inc. |  |  | 26 |  |  |  | 07/09/21 |  |  | USD |  |  | 437.50 |  |  | USD |  |  | 1,151 |  |  |  | (21,580 | )
JPMorgan Chase & Co. |  |  | 196 |  |  |  | 07/09/21 |  |  | USD |  |  | 165.91 |  |  | USD |  |  | 3,049 |  |  |  | (1,089 | )
Microsoft Corp. |  |  | 256 |  |  |  | 07/09/21 |  |  | USD |  |  | 252.50 |  |  | USD |  |  | 6,935 |  |  |  | (476,160 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 198 |  |  |  | 07/09/21 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,379 |  |  |  | (37,125 | )
Visa, Inc., Class A |  |  | 97 |  |  |  | 07/09/21 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 2,268 |  |  |  | (18,915 | )
Vodafone Group PLC, ADR |  |  | 861 |  |  |  | 07/09/21 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 1,475 |  |  |  | (1,722 | )
Alibaba Group Holding Ltd., ADR |  |  | 100 |  |  |  | 07/16/21 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 2,268 |  |  |  | (64,750 | )
Ally Financial, Inc. |  |  | 440 |  |  |  | 07/16/21 |  |  | USD |  |  | 48.50 |  |  | USD |  |  | 2,193 |  |  |  | (87,379 | )
Amazon.com, Inc. |  |  | 1 |  |  |  | 07/16/21 |  |  | USD |  |  | 3,450.00 |  |  | USD |  |  | 344 |  |  |  | (5,075 | )
Apple, Inc. |  |  | 289 |  |  |  | 07/16/21 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 3,958 |  |  |  | (93,202 | )
Applied Materials, Inc. |  |  | 120 |  |  |  | 07/16/21 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,709 |  |  |  | (61,200 | )
Axalta Coating Systems Ltd. |  |  | 453 |  |  |  | 07/16/21 |  |  | USD |  |  | 33.00 |  |  | USD |  |  | 1,381 |  |  |  | (4,530 | )
Bank of America Corp. |  |  | 430 |  |  |  | 07/16/21 |  |  | USD |  |  | 42.00 |  |  | USD |  |  | 1,773 |  |  |  | (26,445 | )
C.H. Robinson Worldwide, Inc. |  |  | 207 |  |  |  | 07/16/21 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 1,939 |  |  |  | (2,070 | )
Capital One Financial Corp. |  |  | 138 |  |  |  | 07/16/21 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 2,135 |  |  |  | (19,872 | )
CBRE Group, Inc., Class A |  |  | 453 |  |  |  | 07/16/21 |  |  | USD |  |  | 88.56 |  |  | USD |  |  | 3,884 |  |  |  | (25,495 | )
CDK Global, Inc. |  |  | 452 |  |  |  | 07/16/21 |  |  | USD |  |  | 54.95 |  |  | USD |  |  | 2,246 |  |  |  | (48 | )
CDW Corp. |  |  | 73 |  |  |  | 07/16/21 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 1,275 |  |  |  | (44,165 | )
Ciena Corp. |  |  | 235 |  |  |  | 07/16/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,337 |  |  |  | (39,362 | )
Cisco Systems, Inc. |  |  | 183 |  |  |  | 07/16/21 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 970 |  |  |  | (13,817 | )
Cisco Systems, Inc. |  |  | 94 |  |  |  | 07/16/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 498 |  |  |  | (611 | )
ConocoPhillips |  |  | 61 |  |  |  | 07/16/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 371 |  |  |  | (12,231 | )
Corteva, Inc. |  |  | 1,173 |  |  |  | 07/16/21 |  |  | USD |  |  | 46.19 |  |  | USD |  |  | 5,202 |  |  |  | (25,425 | )
Dollar General Corp. |  |  | 152 |  |  |  | 07/16/21 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 3,289 |  |  |  | (107,920 | )
Dollar Tree, Inc. |  |  | 373 |  |  |  | 07/16/21 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 3,711 |  |  |  | (11,563 | )
EQT Corp. |  |  | 686 |  |  |  | 07/16/21 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 1,527 |  |  |  | (20,580 | )
Facebook, Inc., Class A |  |  | 289 |  |  |  | 07/16/21 |  |  | USD |  |  | 315.00 |  |  | USD |  |  | 10,049 |  |  |  | (971,762 | )
Fidelity National Financial, Inc. |  |  | 131 |  |  |  | 07/16/21 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 569 |  |  |  | (1,965 | )
Fidelity National Information Services, Inc. |  |  | 22 |  |  |  | 07/16/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 312 |  |  |  | (110 | )
FleetCor Technologies, Inc. |  |  | 43 |  |  |  | 07/16/21 |  |  | USD |  |  | 280.50 |  |  | USD |  |  | 1,101 |  |  |  | (859 | )
Fortive Corp. |  |  | 389 |  |  |  | 07/16/21 |  |  | USD |  |  | 72.00 |  |  | USD |  |  | 2,713 |  |  |  | (22,695 | )
General Motors Co. |  |  | 57 |  |  |  | 07/16/21 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 337 |  |  |  | (2,166 | )
Intercontinental Exchange, Inc. |  |  | 343 |  |  |  | 07/16/21 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 4,071 |  |  |  | (142,345 | )
JPMorgan Chase & Co. |  |  | 166 |  |  |  | 07/16/21 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 2,582 |  |  |  | (3,237 | )
Laboratory Corp. of America Holdings |  |  | 194 |  |  |  | 07/16/21 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 5,351 |  |  |  | (171,690 | )
Laboratory Corp. of America Holdings |  |  | 19 |  |  |  | 07/16/21 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 524 |  |  |  | (7,125 | )
Las Vegas Sands Corp. |  |  | 195 |  |  |  | 07/16/21 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,027 |  |  |  | (2,535 | )
Lowe’s Cos., Inc. |  |  | 139 |  |  |  | 07/16/21 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 2,696 |  |  |  | (12,997 | )
Microsoft Corp. |  |  | 271 |  |  |  | 07/16/21 |  |  | USD |  |  | 255.00 |  |  | USD |  |  | 7,341 |  |  |  | (440,375 | )
Norfolk Southern Corp. |  |  | 90 |  |  |  | 07/16/21 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 2,389 |  |  |  | (3,600 | )
Novo Nordisk A/S, ADR |  |  | 281 |  |  |  | 07/16/21 |  |  | USD |  |  | 80.90 |  |  | USD |  |  | 2,354 |  |  |  | (92,936 | )
O’Reilly Automotive, Inc. |  |  | 68 |  |  |  | 07/16/21 |  |  | USD |  |  | 560.00 |  |  | USD |  |  | 3,850 |  |  |  | (82,280 | )
Quanta Services, Inc. |  |  | 189 |  |  |  | 07/16/21 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 1,712 |  |  |  | (8,978 | )
Robert Half International, Inc. |  |  | 216 |  |  |  | 07/16/21 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,922 |  |  |  | (22,680 | )

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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ross Stores, Inc. |  |  | 50 |  |  |  | 07/16/21 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 620 |  |  | $ | (2,250 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 125 |  |  |  | 07/16/21 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,502 |  |  |  | (38,438 | )
Unilever PLC, ADR |  |  | 183 |  |  |  | 07/16/21 |  |  | USD |  |  | 61.21 |  |  | USD |  |  | 1,071 |  |  |  | (1,722 | )
Veeva Systems, Inc., Class A |  |  | 61 |  |  |  | 07/16/21 |  |  | USD |  |  | 268.00 |  |  | USD |  |  | 1,897 |  |  |  | (262,296 | )
Visa, Inc., Class A |  |  | 59 |  |  |  | 07/16/21 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 1,380 |  |  |  | (17,700 | )
Vodafone Group PLC, ADR |  |  | 663 |  |  |  | 07/16/21 |  |  | USD |  |  | 18.66 |  |  | USD |  |  | 1,136 |  |  |  | (741 | )
Vodafone Group PLC, ADR |  |  | 862 |  |  |  | 07/16/21 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 1,477 |  |  |  | (2,155 | )
World Wrestling Entertainment, Inc., Class A |  |  | 220 |  |  |  | 07/16/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,274 |  |  |  | (72,600 | )
Amazon.com, Inc. |  |  | 4 |  |  |  | 07/23/21 |  |  | USD |  |  | 3,300.00 |  |  | USD |  |  | 1,376 |  |  |  | (66,800 | )
Amazon.com, Inc. |  |  | 14 |  |  |  | 07/23/21 |  |  | USD |  |  | 3,450.00 |  |  | USD |  |  | 4,816 |  |  |  | (94,500 | )
Apple, Inc. |  |  | 292 |  |  |  | 07/23/21 |  |  | USD |  |  | 128.00 |  |  | USD |  |  | 3,999 |  |  |  | (271,560 | )
Applied Materials, Inc. |  |  | 175 |  |  |  | 07/23/21 |  |  | USD |  |  | 146.00 |  |  | USD |  |  | 2,492 |  |  |  | (56,000 | )
BP PLC, ADR |  |  | 61 |  |  |  | 07/23/21 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 161 |  |  |  | (2,257 | )
Cisco Systems, Inc. |  |  | 196 |  |  |  | 07/23/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,039 |  |  |  | (2,646 | )
Coca-Cola Co. |  |  | 366 |  |  |  | 07/23/21 |  |  | USD |  |  | 55.50 |  |  | USD |  |  | 1,980 |  |  |  | (14,640 | )
Comcast Corp., Class A |  |  | 439 |  |  |  | 07/23/21 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 2,503 |  |  |  | (35,120 | )
ConocoPhillips |  |  | 520 |  |  |  | 07/23/21 |  |  | USD |  |  | 60.40 |  |  | USD |  |  | 3,167 |  |  |  | (124,346 | )
Dollar General Corp. |  |  | 15 |  |  |  | 07/23/21 |  |  | USD |  |  | 212.50 |  |  | USD |  |  | 325 |  |  |  | (8,700 | )
Facebook, Inc., Class A |  |  | 76 |  |  |  | 07/23/21 |  |  | USD |  |  | 337.50 |  |  | USD |  |  | 2,643 |  |  |  | (113,620 | )
Fox Corp., Class A |  |  | 245 |  |  |  | 07/23/21 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 910 |  |  |  | (14,088 | )
General Motors Co. |  |  | 4 |  |  |  | 07/23/21 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 24 |  |  |  | (146 | )
Lowe’s Cos., Inc. |  |  | 56 |  |  |  | 07/23/21 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 1,086 |  |  |  | (17,304 | )
Microsoft Corp. |  |  | 251 |  |  |  | 07/23/21 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 6,800 |  |  |  | (158,757 | )
Morgan Stanley |  |  | 32 |  |  |  | 07/23/21 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 293 |  |  |  | (4,240 | )
Norfolk Southern Corp. |  |  | 103 |  |  |  | 07/23/21 |  |  | USD |  |  | 282.50 |  |  | USD |  |  | 2,734 |  |  |  | (5,665 | )
Ross Stores, Inc. |  |  | 315 |  |  |  | 07/23/21 |  |  | USD |  |  | 121.00 |  |  | USD |  |  | 3,906 |  |  |  | (151,200 | )
Vodafone Group PLC, ADR |  |  | 862 |  |  |  | 07/23/21 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 1,477 |  |  |  | (3,017 | )
CDK Global, Inc. |  |  | 289 |  |  |  | 07/28/21 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 1,436 |  |  |  | (2,137 | )
Veeva Systems, Inc., Class A |  |  | 60 |  |  |  | 07/28/21 |  |  | USD |  |  | 300.00 |  |  | USD |  |  | 1,866 |  |  |  | (93,348 | )
Anthem, Inc. |  |  | 48 |  |  |  | 07/30/21 |  |  | USD |  |  | 392.50 |  |  | USD |  |  | 1,833 |  |  |  | (27,360 | )
Applied Materials, Inc. |  |  | 447 |  |  |  | 07/30/21 |  |  | USD |  |  | 144.00 |  |  | USD |  |  | 6,365 |  |  |  | (210,090 | )
Bank of America Corp. |  |  | 90 |  |  |  | 07/30/21 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 371 |  |  |  | (5,130 | )
Bank of America Corp. |  |  | 272 |  |  |  | 07/30/21 |  |  | USD |  |  | 41.50 |  |  | USD |  |  | 1,121 |  |  |  | (30,600 | )
BP PLC, ADR |  |  | 533 |  |  |  | 07/30/21 |  |  | USD |  |  | 28.00 |  |  | USD |  |  | 1,408 |  |  |  | (19,188 | )
Ciena Corp. |  |  | 136 |  |  |  | 07/30/21 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 774 |  |  |  | (16,252 | )
Cisco Systems, Inc. |  |  | 659 |  |  |  | 07/30/21 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 3,493 |  |  |  | (29,985 | )
Coca-Cola Co. |  |  | 624 |  |  |  | 07/30/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 3,376 |  |  |  | (41,184 | )
ConocoPhillips |  |  | 134 |  |  |  | 07/30/21 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 816 |  |  |  | (14,472 | )
ConocoPhillips |  |  | 134 |  |  |  | 07/30/21 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 816 |  |  |  | (23,986 | )
Dollar Tree, Inc. |  |  | 373 |  |  |  | 07/30/21 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 3,711 |  |  |  | (29,094 | )
General Motors Co. |  |  | 306 |  |  |  | 07/30/21 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 1,811 |  |  |  | (21,726 | )
JPMorgan Chase & Co. |  |  | 117 |  |  |  | 07/30/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,820 |  |  |  | (45,922 | )
Lowe’s Cos., Inc. |  |  | 102 |  |  |  | 07/30/21 |  |  | USD |  |  | 197.50 |  |  | USD |  |  | 1,978 |  |  |  | (25,602 | )
Microsoft Corp. |  |  | 261 |  |  |  | 07/30/21 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 7,070 |  |  |  | (262,305 | )
UnitedHealth Group, Inc. |  |  | 151 |  |  |  | 07/30/21 |  |  | USD |  |  | 412.50 |  |  | USD |  |  | 6,047 |  |  |  | (73,235 | )
Visa, Inc., Class A |  |  | 20 |  |  |  | 07/30/21 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 468 |  |  |  | (6,500 | )
Vodafone Group PLC, ADR |  |  | 642 |  |  |  | 07/30/21 |  |  | USD |  |  | 18.50 |  |  | USD |  |  | 1,100 |  |  |  | (5,457 | )
Alibaba Group Holding Ltd., ADR |  |  | 159 |  |  |  | 08/06/21 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 3,606 |  |  |  | (119,250 | )
Alphabet, Inc., Class A |  |  | 25 |  |  |  | 08/06/21 |  |  | USD |  |  | 2,450.00 |  |  | USD |  |  | 6,104 |  |  |  | (186,125 | )
Apple, Inc. |  |  | 341 |  |  |  | 08/06/21 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 4,670 |  |  |  | (94,798 | )
Bank of America Corp. |  |  | 846 |  |  |  | 08/06/21 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 3,488 |  |  |  | (57,951 | )
Capital One Financial Corp. |  |  | 246 |  |  |  | 08/06/21 |  |  | USD |  |  | 162.50 |  |  | USD |  |  | 3,805 |  |  |  | (72,693 | )
Cisco Systems, Inc. |  |  | 182 |  |  |  | 08/06/21 |  |  | USD |  |  | 53.50 |  |  | USD |  |  | 965 |  |  |  | (14,651 | )
Coca-Cola Co. |  |  | 97 |  |  |  | 08/06/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 525 |  |  |  | (7,372 | )
ConocoPhillips |  |  | 93 |  |  |  | 08/06/21 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 566 |  |  |  | (16,043 | )
Dollar Tree, Inc. |  |  | 79 |  |  |  | 08/06/21 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 786 |  |  |  | (21,251 | )
Facebook, Inc., Class A |  |  | 129 |  |  |  | 08/06/21 |  |  | USD |  |  | 362.50 |  |  | USD |  |  | 4,485 |  |  |  | (107,715 | )
General Motors Co. |  |  | 387 |  |  |  | 08/06/21 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 2,290 |  |  |  | (44,311 | )
Microsoft Corp. |  |  | 122 |  |  |  | 08/06/21 |  |  | USD |  |  | 277.50 |  |  | USD |  |  | 3,305 |  |  |  | (50,630 | )
Morgan Stanley |  |  | 341 |  |  |  | 08/06/21 |  |  | USD |  |  | 91.00 |  |  | USD |  |  | 3,127 |  |  |  | (116,792 | )
Sealed Air Corp. |  |  | 153 |  |  |  | 08/06/21 |  |  | USD |  |  | 60.01 |  |  | USD |  |  | 907 |  |  |  | (25,273 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 243 |  |  |  | 08/06/21 |  |  | USD |  |  | 122.00 |  |  | USD |  |  | 2,920 |  |  |  | (85,050 | )

50 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UnitedHealth Group, Inc. |  |  | 71 |  |  |  | 08/06/21 |  |  | USD |  |  | 405.00 |  |  | USD |  |  | 2,843 |  |  | $ | (63,722 | )
Vodafone Group PLC, ADR |  |  | 1,000 |  |  |  | 08/06/21 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 1,713 |  |  |  | (35,000 | )
Koninklijke Philips NV, NY Shares |  |  | 414 |  |  |  | 08/16/21 |  |  | USD |  |  | 55.50 |  |  | USD |  |  | 2,058 |  |  |  | (9,759 | )
Ally Financial, Inc. |  |  | 464 |  |  |  | 08/20/21 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 2,313 |  |  |  | (37,293 | )
Alphabet, Inc., Class A |  |  | 41 |  |  |  | 08/20/21 |  |  | USD |  |  | 2,440.00 |  |  | USD |  |  | 10,011 |  |  |  | (377,200 | )
Apple, Inc. |  |  | 785 |  |  |  | 08/20/21 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 10,751 |  |  |  | (457,262 | )
Bank of America Corp. |  |  | 227 |  |  |  | 08/20/21 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 936 |  |  |  | (20,317 | )
BP PLC, ADR |  |  | 351 |  |  |  | 08/20/21 |  |  | USD |  |  | 29.00 |  |  | USD |  |  | 927 |  |  |  | (13,338 | )
C.H. Robinson Worldwide, Inc. |  |  | 174 |  |  |  | 08/20/21 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,630 |  |  |  | (19,140 | )
CBRE Group, Inc., Class A |  |  | 411 |  |  |  | 08/20/21 |  |  | USD |  |  | 89.00 |  |  | USD |  |  | 3,524 |  |  |  | (83,269 | )
CDK Global, Inc. |  |  | 208 |  |  |  | 08/20/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,034 |  |  |  | (12,480 | )
CDW Corp. |  |  | 74 |  |  |  | 08/20/21 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 1,292 |  |  |  | (66,970 | )
Cisco Systems, Inc. |  |  | 163 |  |  |  | 08/20/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 864 |  |  |  | (14,018 | )
Comcast Corp., Class A |  |  | 440 |  |  |  | 08/20/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,509 |  |  |  | (33,220 | )
ConocoPhillips |  |  | 358 |  |  |  | 08/20/21 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,180 |  |  |  | (52,626 | )
ConocoPhillips |  |  | 358 |  |  |  | 08/20/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,180 |  |  |  | (119,930 | )
Dollar Tree, Inc. |  |  | 175 |  |  |  | 08/20/21 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,741 |  |  |  | (2,625 | )
EQT Corp. |  |  | 980 |  |  |  | 08/20/21 |  |  | USD |  |  | 23.31 |  |  | USD |  |  | 2,181 |  |  |  | (108,566 | )
Fidelity National Financial, Inc. |  |  | 649 |  |  |  | 08/20/21 |  |  | USD |  |  | 47.42 |  |  | USD |  |  | 2,821 |  |  |  | (18,614 | )
Fidelity National Information Services, Inc. |  |  | 216 |  |  |  | 08/20/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 3,060 |  |  |  | (15,120 | )
FleetCor Technologies, Inc. |  |  | 44 |  |  |  | 08/20/21 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 1,127 |  |  |  | (9,570 | )
Fortive Corp. |  |  | 496 |  |  |  | 08/20/21 |  |  | USD |  |  | 72.88 |  |  | USD |  |  | 3,459 |  |  |  | (65,396 | )
General Motors Co. |  |  | 387 |  |  |  | 08/20/21 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 2,290 |  |  |  | (62,500 | )
Intercontinental Exchange, Inc. |  |  | 234 |  |  |  | 08/20/21 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,778 |  |  |  | (132,210 | )
Las Vegas Sands Corp. |  |  | 62 |  |  |  | 08/20/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 327 |  |  |  | (6,262 | )
Microsoft Corp. |  |  | 261 |  |  |  | 08/20/21 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 7,070 |  |  |  | (396,067 | )
Norfolk Southern Corp. |  |  | 116 |  |  |  | 08/20/21 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 3,079 |  |  |  | (74,240 | )
Novo Nordisk A/S, ADR |  |  | 295 |  |  |  | 08/20/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 2,471 |  |  |  | (57,525 | )
O’Reilly Automotive, Inc. |  |  | 62 |  |  |  | 08/20/21 |  |  | USD |  |  | 560.00 |  |  | USD |  |  | 3,511 |  |  |  | (141,670 | )
Otis Worldwide Corp. |  |  | 573 |  |  |  | 08/20/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 4,685 |  |  |  | (85,950 | )
Quanta Services, Inc. |  |  | 583 |  |  |  | 08/20/21 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 5,280 |  |  |  | (137,005 | )
Robert Half International, Inc. |  |  | 164 |  |  |  | 08/20/21 |  |  | USD |  |  | 92.49 |  |  | USD |  |  | 1,459 |  |  |  | (34,300 | )
Sanofi, ADR |  |  | 943 |  |  |  | 08/20/21 |  |  | USD |  |  | 53.28 |  |  | USD |  |  | 4,966 |  |  |  | (111,286 | )
Sealed Air Corp. |  |  | 153 |  |  |  | 08/20/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 907 |  |  |  | (30,600 | )
Unilever PLC, ADR |  |  | 530 |  |  |  | 08/20/21 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 3,101 |  |  |  | (13,250 | )
Visa, Inc., Class A |  |  | 59 |  |  |  | 08/20/21 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 1,380 |  |  |  | (39,677 | )
World Wrestling Entertainment, Inc., Class A |  |  | 300 |  |  |  | 08/20/21 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,737 |  |  |  | (57,750 | )
Otis Worldwide Corp. |  |  | 155 |  |  |  | 09/17/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 1,267 |  |  |  | (30,613 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (11,181,963) |

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Koninklijke Philips NV, NY Shares |  | Barclays Bank PLC |  |  | 38,500 |  |  |  | 07/06/21 |  |  |  | USD |  |  |  | 57.61 |  |  |  | USD |  |  |  | 1,913 |  |  | $ | — |
BAE Systems PLC, ADR |  | Bank of America N.A. |  |  | 27,200 |  |  |  | 07/07/21 |  |  |  | USD |  |  |  | 29.95 |  |  |  | USD |  |  |  | 796 |  |  |  | (3,085 | )
BAE Systems PLC, ADR |  | Citibank N.A. |  |  | 27,200 |  |  |  | 07/13/21 |  |  |  | USD |  |  |  | 30.55 |  |  |  | USD |  |  |  | 796 |  |  |  | (2,516 | )
Koninklijke Philips NV, NY Shares |  | Barclays Bank PLC |  |  | 36,600 |  |  |  | 07/13/21 |  |  |  | USD |  |  |  | 60.70 |  |  |  | USD |  |  |  | 1,819 |  |  |  | — |
BAE Systems PLC, ADR |  | Citibank N.A. |  |  | 26,200 |  |  |  | 07/20/21 |  |  |  | USD |  |  |  | 30.65 |  |  |  | USD |  |  |  | 767 |  |  |  | (3,833 | )
BAE Systems PLC, ADR |  | Citibank N.A. |  |  | 26,200 |  |  |  | 07/27/21 |  |  |  | USD |  |  |  | 30.65 |  |  |  | USD |  |  |  | 767 |  |  |  | (5,499 | )
Axalta Coating Systems Ltd. |  | Citibank N.A. |  |  | 65,100 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 32.25 |  |  |  | USD |  |  |  | 1,985 |  |  |  | (15,877 | )
Unilever PLC, ADR |  | Credit Suisse International |  |  | 8,900 |  |  |  | 07/29/21 |  |  |  | USD |  |  |  | 59.90 |  |  |  | USD |  |  |  | 521 |  |  |  | (4,148 | )
Applied Materials, Inc. |  | Morgan Stanley & Co. LLC |  |  | 44,600 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 6,351 |  |  |  | (337,845 | )
Facebook, Inc., Class A |  | Morgan Stanley & Co. LLC |  |  | 7,700 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 355.00 |  |  |  | USD |  |  |  | 2,677 |  |  |  | (85,855 | )
Sanofi, ADR |  | Barclays Bank PLC |  |  | 27,600 |  |  |  | 08/09/21 |  |  |  | USD |  |  |  | 53.00 |  |  |  | USD |  |  |  | 1,453 |  |  |  | (30,562 | )
BAE Systems PLC, ADR |  | Citibank N.A. |  |  | 38,100 |  |  |  | 08/11/21 |  |  |  | USD |  |  |  | 30.50 |  |  |  | USD |  |  |  | 1,115 |  |  |  | (14,077 | )
Corteva, Inc. |  | Barclays Bank PLC |  |  | 39,800 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 45.02 |  |  |  | USD |  |  |  | 1,765 |  |  |  | (48,813 | )
Ally Financial, Inc. |  | Citibank N.A. |  |  | 34,000 |  |  |  | 09/07/21 |  |  |  | USD |  |  |  | 55.26 |  |  |  | USD |  |  |  | 1,695 |  |  |  | (29,080 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (581,190 | )

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, 2021 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

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 |  |  | $ | 3,199,816 |  |  | $ | (3,878,369 | ) |  | $ | (11,763,153) |

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 |  | $ | — |  |  | $ | — |  |  | $ | 11,763,153 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,763,153 |

For the six months ended June 30, 2021, 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 |  | $ | — |  |  | $ | — |  |  | $ | (15,068,271 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (15,068,271 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (153,841 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (153,841 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written. |  | $ | 12,321,347 |

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 |  | $ | — |  |  | $ | 11,763,153 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 11,763,153 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (11,181,963 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 581,190 |

52 |  | 2 0 2 1 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, 2021 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under 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. |  | $ | 3,085 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,085 |
Barclays Bank PLC |  |  | 79,375 |  |  |  | — |  |  |  | — |  |  |  | (79,375 | ) |  |  | — |
Citibank N.A. |  |  | 70,882 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 70,882 |
Credit Suisse International |  |  | 4,148 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,148 |
Morgan Stanley & Co. LLC |  |  | 423,700 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 423,700 |
|  | $ | 581,190 |  |  | $ | — |  |  | $ | — |  |  | $ | (79,375 | ) |  | $ | 501,815 |

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

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Trust’s 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 |  | $ | 945,129,794 |  |  | $ | — |  |  | $ | — |  |  | $ | 945,129,794 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 12,748,208 |  |  |  | — |  |  |  | — |  |  |  | 12,748,208 |
|  | $ | 957,878,002 |  |  | $ | — |  |  | $ | — |  |  | $ | 957,878,002 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (9,947,691 | ) |  | $ | (1,815,462 | ) |  | $ | — |  |  | $ | (11,763,153 | )

| (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 |  | 53

Schedule of Investments (unaudited) June 30, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |
Aerospace & Defense — 3.2% |
BAE Systems PLC |  |  | 5,386,436 |  |  | $ | 38,922,480 |
Huntington Ingalls Industries, Inc.(a) |  |  | 53,934 |  |  |  | 11,366,591 |
Raytheon Technologies Corp.(a) |  |  | 135,790 |  |  |  | 11,584,245 |
|  |  |  |  |  |  | 61,873,316 |
Auto Components — 0.7% |
Lear Corp.(a) |  |  | 74,027 |  |  |  | 12,975,453 |
Automobiles — 2.2% |  |  |  |  |  |
General Motors Co.(a)(b) |  |  | 713,775 |  |  |  | 42,234,067 |
Banks — 11.5% |  |  |  |  |  |
Bank of America Corp.(a) |  |  | 1,258,512 |  |  |  | 51,888,450 |
Citigroup, Inc.(a)(c) |  |  | 963,102 |  |  |  | 68,139,466 |
First Citizens BancShares, Inc., Class A |  |  | 6,193 |  |  |  | 5,157,159 |
JPMorgan Chase & Co.(a)(c) |  |  | 170,826 |  |  |  | 26,570,276 |
Wells Fargo & Co.(a)(c) |  |  | 1,585,647 |  |  |  | 71,813,953 |
|  |  |  |  |  |  | 223,569,304 |
Beverages(a) — 2.0% |
Coca-Cola Co. |  |  | 327,169 |  |  |  | 17,703,114 |
Constellation Brands, Inc., Class A |  |  | 89,256 |  |  |  | 20,876,086 |
|  |  |  |  |  |  | 38,579,200 |
Capital Markets — 6.0% |
Apollo Global Management, Inc. |  |  | 159,648 |  |  |  | 9,930,105 |
Blackstone Group, Inc.(a) |  |  | 24,290 |  |  |  | 2,359,531 |
Charles Schwab Corp.(a) |  |  | 395,944 |  |  |  | 28,828,683 |
Intercontinental Exchange, Inc.(a) |  |  | 50,280 |  |  |  | 5,968,236 |
Morgan Stanley(a) |  |  | 487,468 |  |  |  | 44,695,941 |
Raymond James Financial, Inc.(a) |  |  | 190,727 |  |  |  | 24,775,437 |
|  |  |  |  |  |  | 116,557,933 |
Chemicals(a) — 1.5% |
Corteva, Inc. |  |  | 205,111 |  |  |  | 9,096,673 |
DuPont de Nemours, Inc. |  |  | 78,275 |  |  |  | 6,059,268 |
PPG Industries, Inc. |  |  | 83,693 |  |  |  | 14,208,560 |
|  |  |  |  |  |  | 29,364,501 |
Communications Equipment(a) — 3.2% |
Cisco Systems, Inc. |  |  | 962,947 |  |  |  | 51,036,191 |
Motorola Solutions, Inc. |  |  | 52,915 |  |  |  | 11,474,618 |
|  |  |  |  |  |  | 62,510,809 |
Consumer Finance(a) — 1.5% |
American Express Co. |  |  | 79,951 |  |  |  | 13,210,303 |
Capital One Financial Corp. |  |  | 100,478 |  |  |  | 15,542,942 |
|  |  |  |  |  |  | 28,753,245 |
Containers & Packaging — 0.5% |
Sealed Air Corp.(a) |  |  | 171,134 |  |  |  | 10,139,689 |
Diversified Financial Services(a) — 1.0% |
Berkshire Hathaway, Inc., Class B(b) |  |  | 15,288 |  |  |  | 4,248,841 |
Equitable Holdings, Inc. |  |  | 517,620 |  |  |  | 15,761,529 |
|  |  |  |  |  |  | 20,010,370 |
Diversified Telecommunication Services — 2.4% |
Verizon Communications, Inc.(a)(c) |  |  | 831,146 |  |  |  | 46,569,110 |
Electric Utilities(a) — 1.8% |
American Electric Power Co., Inc. |  |  | 73,086 |  |  |  | 6,182,345 |
Edison International |  |  | 255,905 |  |  |  | 14,796,427 |

Security |  | Shares |  |  | Value |
Electric Utilities (continued) |  |  |  |  |  |
Exelon Corp. |  |  | 202,073 |  |  | $ | 8,953,855 |
Southern Co. |  |  | 91,620 |  |  |  | 5,543,926 |
|  |  |  |  |  |  | 35,476,553 |
Food Products — 1.1% |
Danone SA |  |  | 309,692 |  |  |  | 21,788,350 |
Health Care Equipment & Supplies — 5.2% |
Alcon, Inc. |  |  | 168,135 |  |  |  | 11,792,569 |
Koninklijke Philips NV |  |  | 557,253 |  |  |  | 27,658,784 |
Medtronic PLC(a) |  |  | 288,750 |  |  |  | 35,842,538 |
Zimmer Biomet Holdings, Inc.(a) |  |  | 155,694 |  |  |  | 25,038,709 |
|  |  |  |  |  |  | 100,332,600 |
Health Care Providers & Services(a) — 7.4% |
Anthem, Inc.(c) |  |  | 150,532 |  |  |  | 57,473,118 |
Cigna Corp. |  |  | 78,585 |  |  |  | 18,630,146 |
CVS Health Corp. |  |  | 295,924 |  |  |  | 24,691,898 |
Humana, Inc. |  |  | 36,205 |  |  |  | 16,028,678 |
McKesson Corp. |  |  | 52,847 |  |  |  | 10,106,460 |
UnitedHealth Group, Inc. |  |  | 42,646 |  |  |  | 17,077,164 |
|  |  |  |  |  |  | 144,007,464 |
Household Durables — 1.2% |
Newell Brands, Inc.(a) |  |  | 452,299 |  |  |  | 12,424,654 |
Panasonic Corp. |  |  | 863,400 |  |  |  | 9,941,631 |
|  |  |  |  |  |  | 22,366,285 |
Industrial Conglomerates — 2.9% |
General Electric Co.(a) |  |  | 2,496,516 |  |  |  | 33,603,105 |
Siemens AG, Registered Shares |  |  | 147,459 |  |  |  | 23,413,345 |
|  |  |  |  |  |  | 57,016,450 |
Insurance — 7.0% |
Allstate Corp.(a) |  |  | 104,026 |  |  |  | 13,569,152 |
American International Group, Inc.(a) |  |  | 1,192,859 |  |  |  | 56,780,088 |
Arthur J. Gallagher & Co.(a) |  |  | 155,349 |  |  |  | 21,761,288 |
Fidelity National Financial, Inc.(a) |  |  | 388,882 |  |  |  | 16,900,812 |
First American Financial Corp. |  |  | 51,777 |  |  |  | 3,228,296 |
MetLife, Inc.(a) |  |  | 403,436 |  |  |  | 24,145,645 |
|  |  |  |  |  |  | 136,385,281 |
IT Services(a) — 3.5% |
Cognizant Technology Solutions Corp., Class A |  |  | 371,067 |  |  |  | 25,700,100 |
Fidelity National Information Services, Inc. |  |  | 151,670 |  |  |  | 21,487,089 |
Visa, Inc., Class A |  |  | 91,685 |  |  |  | 21,437,787 |
|  |  |  |  |  |  | 68,624,976 |
Machinery — 0.4% |
Komatsu Ltd. |  |  | 351,100 |  |  |  | 8,697,996 |
Media(a) — 3.5% |
Comcast Corp., Class A |  |  | 729,313 |  |  |  | 41,585,427 |
Fox Corp., Class A |  |  | 714,955 |  |  |  | 26,546,279 |
|  |  |  |  |  |  | 68,131,706 |
Multi-line Retail — 0.9% |
Dollar General Corp.(a) |  |  | 76,421 |  |  |  | 16,536,740 |
Multi-Utilities — 2.7% |
Ameren Corp.(a) |  |  | 141,462 |  |  |  | 11,322,619 |
CenterPoint Energy, Inc. |  |  | 207,760 |  |  |  | 5,094,275 |
NiSource, Inc.(a) |  |  | 445,849 |  |  |  | 10,923,301 |
Public Service Enterprise Group, Inc.(a) |  |  | 411,287 |  |  |  | 24,570,285 |
|  |  |  |  |  |  | 51,910,480 |

54 |  | 2 0 2 1 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, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels — 6.9% |
BP PLC |  |  | 7,833,652 |  |  | $ | 34,353,620 |
ConocoPhillips(a) |  |  | 470,532 |  |  |  | 28,655,399 |
Enterprise Products Partners LP(a) |  |  | 1,536,284 |  |  |  | 37,070,533 |
Equinor ASA |  |  | 525,949 |  |  |  | 11,133,553 |
Marathon Petroleum Corp.(a) |  |  | 394,028 |  |  |  | 23,807,172 |
|  |  |  |  |  |  | 135,020,277 |
Personal Products — 2.1% |
Unilever PLC, ADR(a) |  |  | 684,756 |  |  |  | 40,058,226 |
Pharmaceuticals — 5.7% |  |  |  |  |  |
AstraZeneca PLC |  |  | 327,708 |  |  |  | 39,372,191 |
Bayer AG, Registered Shares |  |  | 514,687 |  |  |  | 31,290,495 |
Sanofi |  |  | 387,557 |  |  |  | 40,717,737 |
|  |  |  |  |  |  | 111,380,423 |
Professional Services — 0.6% |
Leidos Holdings, Inc.(a) |  |  | 106,936 |  |  |  | 10,811,230 |
Road & Rail — 0.9% |
Union Pacific Corp.(a) |  |  | 79,217 |  |  |  | 17,422,195 |
Software(a) — 3.4% |
CDK Global, Inc. |  |  | 215,220 |  |  |  | 10,694,282 |
Microsoft Corp.(c) |  |  | 72,937 |  |  |  | 19,758,633 |
Open Text Corp. |  |  | 230,141 |  |  |  | 11,691,163 |
SS&C Technologies Holdings, Inc. |  |  | 343,714 |  |  |  | 24,768,031 |
|  |  |  |  |  |  | 66,912,109 |
Specialty Retail(a) — 2.4% |
Lowe’s Cos., Inc. |  |  | 72,554 |  |  |  | 14,073,299 |
Ross Stores, Inc. |  |  | 266,110 |  |  |  | 32,997,640 |
|  |  |  |  |  |  | 47,070,939 |
Technology Hardware, Storage & Peripherals — 0.7% |
Samsung Electronics Co. Ltd., Registered Shares, GDR |  |  | 7,501 |  |  |  | 13,379,291 |
Tobacco — 1.5% |
Altria Group, Inc.(a) |  |  | 224,383 |  |  |  | 10,698,581 |
British American Tobacco PLC |  |  | 451,005 |  |  |  | 17,510,518 |
|  |  |  |  |  |  | 28,209,099 |
Wireless Telecommunication Services — 0.2% |
Rogers Communications, Inc., Class B |  |  | 66,628 |  |  |  | 3,542,098 |
Total Common Stocks — 97.7% (Cost: $1,352,313,173) |  |  |  | 1,898,217,765 |

Security |  | Shares |  |  | Value |
Preferred Securities |
Preferred Stocks — 0.3% |
Household Products — 0.3% |
Henkel AG & Co. KGaA, Preference Shares |  |  | 59,585 |  |  | $ | 6,293,006 |
Total Preferred Securities — 0.3% (Cost: $5,026,537) |  |  |  |  |  |  | 6,293,006 |
Total Long-Term Investments — 98.0% (Cost: $1,357,339,710) |  |  |  | 1,904,510,771 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 2.5% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(d)(e) |  |  | 48,566,704 |  |  |  | 48,566,704 |
Total Short-Term Securities — 2.5% (Cost: $48,566,704) |  |  |  | 48,566,704 |
Total Investments Before Options Written — 100.5% (Cost: $1,405,906,414) |  |  |  | 1,953,077,475 |
Options Written — (0.7)% (Premiums Received: $(22,612,707)) |  |  |  | (13,785,732 | )
Total Investments, Net of Options Written — 99.8% (Cost: $1,383,293,707) |  |  |  | 1,939,291,743 |
Other Assets Less Liabilities — 0.2% |  |  |  | 3,463,091 |
Net Assets — 100.0% |  |  | $ | 1,942,754,834 |

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

(b) | Non-income producing security.

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

(d) | Affiliate of the Trust.

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

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 |  | 55

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six-months ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 12,016,637 |  |  | $ | 36,550,067 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 48,566,704 |  |  |  | 48,566,704 |  |  | $ | 1,352 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series(b) |  |  | — |  |  |  | 0 | (a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,054 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 48,566,704 |  |  |  |  |  |  | $ | 5,406 |  |  | $ | — |

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American International Group, Inc. |  |  | 943 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 51.00 |  |  |  | USD |  |  |  | 4,489 |  |  | $ | (943 | )
Anthem, Inc. |  |  | 159 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 397.50 |  |  |  | USD |  |  |  | 6,071 |  |  |  | (5,565 | )
Charles Schwab Corp. |  |  | 386 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 74.50 |  |  |  | USD |  |  |  | 2,810 |  |  |  | (3,474 | )
Cigna Corp. |  |  | 85 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 2,015 |  |  |  | (850 | )
Cisco Systems, Inc. |  |  | 327 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 1,733 |  |  |  | (1,635 | )
Cognizant Technology Solutions Corp., Class A |  |  | 153 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 71.50 |  |  |  | USD |  |  |  | 1,060 |  |  |  | (1,530 | )
Comcast Corp., Class A |  |  | 661 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 3,769 |  |  |  | (11,568 | )
Comcast Corp., Class A |  |  | 163 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 57.00 |  |  |  | USD |  |  |  | 929 |  |  |  | (6,520 | )
Constellation Brands, Inc., Class A |  |  | 90 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,105 |  |  |  | (2,250 | )
CVS Health Corp. |  |  | 208 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 86.50 |  |  |  | USD |  |  |  | 1,736 |  |  |  | (1,144 | )
DuPont de Nemours, Inc. |  |  | 62 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 87.00 |  |  |  | USD |  |  |  | 480 |  |  |  | (1,860 | )
Fox Corp., Class A |  |  | 605 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 38.50 |  |  |  | USD |  |  |  | 2,246 |  |  |  | (3,025 | )
General Motors Co. |  |  | 301 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,781 |  |  |  | (6,020 | )
Humana, Inc. |  |  | 33 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 450.00 |  |  |  | USD |  |  |  | 1,461 |  |  |  | (1,980 | )
JPMorgan Chase & Co. |  |  | 279 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 167.50 |  |  |  | USD |  |  |  | 4,340 |  |  |  | (837 | )
Marathon Petroleum Corp. |  |  | 555 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 3,353 |  |  |  | (18,870 | )
Morgan Stanley |  |  | 1,040 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 91.00 |  |  |  | USD |  |  |  | 9,536 |  |  |  | (117,000 | )
Wells Fargo & Co. |  |  | 1,169 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 48.00 |  |  |  | USD |  |  |  | 5,294 |  |  |  | (2,923 | )
SS&C Technologies Holdings, Inc. |  |  | 687 |  |  |  | 07/07/21 |  |  |  | USD |  |  |  | 74.75 |  |  |  | USD |  |  |  | 4,951 |  |  |  | (21,551 | )
American International Group, Inc. |  |  | 1,345 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 53.00 |  |  |  | USD |  |  |  | 6,402 |  |  |  | (44,385 | )
Anthem, Inc. |  |  | 159 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 400.00 |  |  |  | USD |  |  |  | 6,071 |  |  |  | (6,360 | )
Bank of America Corp. |  |  | 1,876 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 43.50 |  |  |  | USD |  |  |  | 7,735 |  |  |  | (10,318 | )
Berkshire Hathaway, Inc., Class B |  |  | 152 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 292.50 |  |  |  | USD |  |  |  | 4,224 |  |  |  | (3,420 | )
Capital One Financial Corp. |  |  | 106 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 157.50 |  |  |  | USD |  |  |  | 1,640 |  |  |  | (13,939 | )
Charles Schwab Corp. |  |  | 448 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 71.50 |  |  |  | USD |  |  |  | 3,262 |  |  |  | (85,344 | )
Charles Schwab Corp. |  |  | 447 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 72.00 |  |  |  | USD |  |  |  | 3,255 |  |  |  | (72,637 | )
Citigroup, Inc. |  |  | 377 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 80.50 |  |  |  | USD |  |  |  | 2,667 |  |  |  | (754 | )
Coca-Cola Co. |  |  | 201 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,088 |  |  |  | (2,513 | )
Cognizant Technology Solutions Corp., Class A |  |  | 256 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 1,773 |  |  |  | (7,680 | )
Comcast Corp., Class A |  |  | 949 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 58.50 |  |  |  | USD |  |  |  | 5,411 |  |  |  | (25,149 | )
ConocoPhillips |  |  | 501 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 58.00 |  |  |  | USD |  |  |  | 3,051 |  |  |  | (159,067 | )
Constellation Brands, Inc., Class A |  |  | 209 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 242.50 |  |  |  | USD |  |  |  | 4,888 |  |  |  | (12,018 | )
Dollar General Corp. |  |  | 153 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 207.50 |  |  |  | USD |  |  |  | 3,311 |  |  |  | (138,465 | )
Enterprise Products Partners LP |  |  | 3,018 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 24.00 |  |  |  | USD |  |  |  | 7,282 |  |  |  | (108,648 | )
Fox Corp., Class A |  |  | 1,186 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 38.50 |  |  |  | USD |  |  |  | 4,404 |  |  |  | (23,720 | )
General Electric Co. |  |  | 1,082 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 14.50 |  |  |  | USD |  |  |  | 1,456 |  |  |  | (4,328 | )
General Motors Co. |  |  | 470 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,781 |  |  |  | (2,820 | )
JPMorgan Chase & Co. |  |  | 257 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 165.91 |  |  |  | USD |  |  |  | 3,997 |  |  |  | (1,428 | )
Lowe’s Cos., Inc. |  |  | 155 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 3,007 |  |  |  | (26,118 | )
Marathon Petroleum Corp. |  |  | 555 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 61.01 |  |  |  | USD |  |  |  | 3,353 |  |  |  | (54,569 | )

56 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
McKesson Corp. |  |  | 53 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 197.50 |  |  |  | USD |  |  |  | 1,014 |  |  | $ | (3,710 | )
Medtronic PLC |  |  | 226 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 2,805 |  |  |  | (2,599 | )
Microsoft Corp. |  |  | 102 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 252.50 |  |  |  | USD |  |  |  | 2,763 |  |  |  | (189,720 | )
Ross Stores, Inc. |  |  | 465 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 123.00 |  |  |  | USD |  |  |  | 5,766 |  |  |  | (111,600 | )
Union Pacific Corp. |  |  | 242 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 5,322 |  |  |  | (2,420 | )
UnitedHealth Group, Inc. |  |  | 78 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 405.00 |  |  |  | USD |  |  |  | 3,123 |  |  |  | (19,110 | )
Visa, Inc., Class A |  |  | 165 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 3,858 |  |  |  | (32,175 | )
Wells Fargo & Co. |  |  | 1,731 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 7,840 |  |  |  | (38,082 | )
Allstate Corp. |  |  | 305 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 3,978 |  |  |  | (2,288 | )
Altria Group, Inc. |  |  | 637 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 3,037 |  |  |  | (8,918 | )
Ameren Corp. |  |  | 265 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,121 |  |  |  | (3,975 | )
American Electric Power Co., Inc. |  |  | 401 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 3,392 |  |  |  | (35,087 | )
American Express Co. |  |  | 174 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 2,875 |  |  |  | (50,373 | )
American International Group, Inc. |  |  | 908 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 4,322 |  |  |  | (6,356 | )
Anthem, Inc. |  |  | 129 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 4,925 |  |  |  | (29,992 | )
Arthur J. Gallagher & Co. |  |  | 575 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 8,055 |  |  |  | (15,813 | )
Bank of America Corp. |  |  | 1,362 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 5,616 |  |  |  | (83,763 | )
Capital One Financial Corp. |  |  | 225 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 3,481 |  |  |  | (32,400 | )
CDK Global, Inc. |  |  | 479 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 54.95 |  |  |  | USD |  |  |  | 2,380 |  |  |  | (51 | )
Cisco Systems, Inc. |  |  | 634 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 3,360 |  |  |  | (47,867 | )
Cisco Systems, Inc. |  |  | 327 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,733 |  |  |  | (2,126 | )
Citigroup, Inc. |  |  | 320 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 2,264 |  |  |  | (5,920 | )
Cognizant Technology Solutions Corp., Class A |  |  | 600 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 4,156 |  |  |  | (15,000 | )
Comcast Corp., Class A |  |  | 737 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 4,202 |  |  |  | (42,746 | )
ConocoPhillips |  |  | 608 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 3,703 |  |  |  | (121,904 | )
Corteva, Inc. |  |  | 43 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 46.19 |  |  |  | USD |  |  |  | 191 |  |  |  | (932 | )
CVS Health Corp. |  |  | 853 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 87.75 |  |  |  | USD |  |  |  | 7,117 |  |  |  | (89,362 | )
Dollar General Corp. |  |  | 125 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 2,705 |  |  |  | (88,750 | )
Edison International |  |  | 678 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 3,920 |  |  |  | (5,085 | )
Enterprise Products Partners LP |  |  | 1,272 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 23.75 |  |  |  | USD |  |  |  | 3,069 |  |  |  | (84,486 | )
Equitable Holdings, Inc. |  |  | 980 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 2,984 |  |  |  | (9,800 | )
Exelon Corp. |  |  | 341 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 1,511 |  |  |  | (3,410 | )
Fidelity National Financial, Inc. |  |  | 1,091 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 4,741 |  |  |  | (16,365 | )
Fidelity National Information Services, Inc. |  |  | 338 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 4,788 |  |  |  | (1,690 | )
General Electric Co. |  |  | 2,462 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 14.00 |  |  |  | USD |  |  |  | 3,314 |  |  |  | (38,161 | )
General Motors Co. |  |  | 1,044 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 6,177 |  |  |  | (39,672 | )
JPMorgan Chase & Co. |  |  | 174 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 2,706 |  |  |  | (3,393 | )
Lear Corp. |  |  | 243 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 4,259 |  |  |  | (11,543 | )
Lowe’s Cos., Inc. |  |  | 39 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 756 |  |  |  | (3,647 | )
Marathon Petroleum Corp. |  |  | 721 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 4,356 |  |  |  | (124,733 | )
McKesson Corp. |  |  | 76 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 1,453 |  |  |  | (6,460 | )
Medtronic PLC |  |  | 766 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 9,508 |  |  |  | (16,469 | )
MetLife, Inc. |  |  | 368 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,202 |  |  |  | (2,208 | )
Microsoft Corp. |  |  | 55 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 1,490 |  |  |  | (89,375 | )
Morgan Stanley |  |  | 505 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 4,630 |  |  |  | (51,510 | )
Motorola Solutions, Inc. |  |  | 300 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 6,506 |  |  |  | (45,000 | )
Newell Brands, Inc. |  |  | 971 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 29.40 |  |  |  | USD |  |  |  | 2,667 |  |  |  | (15,552 | )
NiSource, Inc. |  |  | 1,497 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 3,668 |  |  |  | (14,970 | )
Open Text Corp. |  |  | 669 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 47.25 |  |  |  | USD |  |  |  | 3,399 |  |  |  | (237,851 | )
Public Service Enterprise Group, Inc. |  |  | 1,284 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 62.25 |  |  |  | USD |  |  |  | 7,671 |  |  |  | (13,777 | )
Raymond James Financial, Inc. |  |  | 500 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 6,495 |  |  |  | (26,250 | )
Raytheon Technologies Corp. |  |  | 181 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,544 |  |  |  | (2,987 | )
Ross Stores, Inc. |  |  | 419 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 5,196 |  |  |  | (18,855 | )
SS&C Technologies Holdings, Inc. |  |  | 839 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 6,046 |  |  |  | (60,827 | )
Unilever PLC, ADR |  |  | 918 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 61.21 |  |  |  | USD |  |  |  | 5,370 |  |  |  | (8,637 | )
Union Pacific Corp. |  |  | 117 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 2,573 |  |  |  | (3,510 | )
UnitedHealth Group, Inc. |  |  | 41 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 410.00 |  |  |  | USD |  |  |  | 1,642 |  |  |  | (15,068 | )
Verizon Communications, Inc. |  |  | 641 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 3,592 |  |  |  | (4,808 | )
Visa, Inc., Class A |  |  | 163 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 3,811 |  |  |  | (48,900 | )
Wells Fargo & Co. |  |  | 1,173 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 47.50 |  |  |  | USD |  |  |  | 5,313 |  |  |  | (58,063 | )
Zimmer Biomet Holdings, Inc. |  |  | 642 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 10,325 |  |  |  | (22,470 | )
American International Group, Inc. |  |  | 623 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 52.00 |  |  |  | USD |  |  |  | 2,965 |  |  |  | (7,476 | )

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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charles Schwab Corp. |  |  | 896 |  |  |  | 07/23/21 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 6,524 |  |  | $ | (201,152 | )
Cigna Corp. |  |  | 22 |  |  |  | 07/23/21 |  |  | USD |  |  | 252.50 |  |  | USD |  |  | 522 |  |  |  | (1,925 | )
Cigna Corp. |  |  | 94 |  |  |  | 07/23/21 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 2,228 |  |  |  | (18,565 | )
Cisco Systems, Inc. |  |  | 717 |  |  |  | 07/23/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 3,800 |  |  |  | (9,680 | )
Citigroup, Inc. |  |  | 1,504 |  |  |  | 07/23/21 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 10,641 |  |  |  | (24,064 | )
Coca-Cola Co. |  |  | 46 |  |  |  | 07/23/21 |  |  | USD |  |  | 55.50 |  |  | USD |  |  | 249 |  |  |  | (1,840 | )
Comcast Corp., Class A |  |  | 850 |  |  |  | 07/23/21 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 4,847 |  |  |  | (68,000 | )
ConocoPhillips |  |  | 337 |  |  |  | 07/23/21 |  |  | USD |  |  | 60.40 |  |  | USD |  |  | 2,052 |  |  |  | (80,585 | )
Constellation Brands, Inc., Class A |  |  | 197 |  |  |  | 07/23/21 |  |  | USD |  |  | 247.50 |  |  | USD |  |  | 4,608 |  |  |  | (18,223 | )
CVS Health Corp. |  |  | 277 |  |  |  | 07/23/21 |  |  | USD |  |  | 87.00 |  |  | USD |  |  | 2,311 |  |  |  | (10,803 | )
Dollar General Corp. |  |  | 145 |  |  |  | 07/23/21 |  |  | USD |  |  | 212.50 |  |  | USD |  |  | 3,138 |  |  |  | (84,100 | )
DuPont de Nemours, Inc. |  |  | 238 |  |  |  | 07/23/21 |  |  | USD |  |  | 84.00 |  |  | USD |  |  | 1,842 |  |  |  | (5,236 | )
Enterprise Products Partners LP |  |  | 2,401 |  |  |  | 07/23/21 |  |  | USD |  |  | 25.50 |  |  | USD |  |  | 5,794 |  |  |  | (20,409 | )
Fox Corp., Class A |  |  | 1,187 |  |  |  | 07/23/21 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 4,407 |  |  |  | (68,252 | )
General Motors Co. |  |  | 274 |  |  |  | 07/23/21 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 1,621 |  |  |  | (10,001 | )
Humana, Inc. |  |  | 46 |  |  |  | 07/23/21 |  |  | USD |  |  | 447.50 |  |  | USD |  |  | 2,037 |  |  |  | (31,740 | )
Lowe’s Cos., Inc. |  |  | 161 |  |  |  | 07/23/21 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 3,123 |  |  |  | (49,749 | )
Marathon Petroleum Corp. |  |  | 336 |  |  |  | 07/23/21 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 2,030 |  |  |  | (32,088 | )
McKesson Corp. |  |  | 82 |  |  |  | 07/23/21 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 1,568 |  |  |  | (14,555 | )
MetLife, Inc. |  |  | 407 |  |  |  | 07/23/21 |  |  | USD |  |  | 64.50 |  |  | USD |  |  | 2,436 |  |  |  | (6,512 | )
Microsoft Corp. |  |  | 53 |  |  |  | 07/23/21 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 1,436 |  |  |  | (33,522 | )
Morgan Stanley |  |  | 505 |  |  |  | 07/23/21 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 4,630 |  |  |  | (66,912 | )
Raytheon Technologies Corp. |  |  | 145 |  |  |  | 07/23/21 |  |  | USD |  |  | 91.00 |  |  | USD |  |  | 1,237 |  |  |  | (3,698 | )
Raytheon Technologies Corp. |  |  | 91 |  |  |  | 07/23/21 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 776 |  |  |  | (3,868 | )
Ross Stores, Inc. |  |  | 573 |  |  |  | 07/23/21 |  |  | USD |  |  | 121.00 |  |  | USD |  |  | 7,105 |  |  |  | (275,040 | )
Verizon Communications, Inc. |  |  | 1,154 |  |  |  | 07/23/21 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 6,466 |  |  |  | (17,310 | )
Visa, Inc., Class A |  |  | 35 |  |  |  | 07/23/21 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 818 |  |  |  | (15,838 | )
Wells Fargo & Co. |  |  | 730 |  |  |  | 07/23/21 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 3,306 |  |  |  | (58,035 | )
CDK Global, Inc. |  |  | 231 |  |  |  | 07/28/21 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 1,148 |  |  |  | (1,708 | )
Altria Group, Inc. |  |  | 1,209 |  |  |  | 07/30/21 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 5,765 |  |  |  | (85,234 | )
American Express Co. |  |  | 165 |  |  |  | 07/30/21 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,726 |  |  |  | (77,962 | )
American International Group, Inc. |  |  | 1,241 |  |  |  | 07/30/21 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 5,907 |  |  |  | (60,188 | )
Anthem, Inc. |  |  | 156 |  |  |  | 07/30/21 |  |  | USD |  |  | 392.50 |  |  | USD |  |  | 5,956 |  |  |  | (88,920 | )
Bank of America Corp. |  |  | 512 |  |  |  | 07/30/21 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 2,111 |  |  |  | (29,184 | )
Bank of America Corp. |  |  | 1,197 |  |  |  | 07/30/21 |  |  | USD |  |  | 41.50 |  |  | USD |  |  | 4,935 |  |  |  | (134,662 | )
Cigna Corp. |  |  | 113 |  |  |  | 07/30/21 |  |  | USD |  |  | 237.50 |  |  | USD |  |  | 2,679 |  |  |  | (61,020 | )
Cisco Systems, Inc. |  |  | 639 |  |  |  | 07/30/21 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 3,387 |  |  |  | (29,075 | )
Citigroup, Inc. |  |  | 308 |  |  |  | 07/30/21 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 2,179 |  |  |  | (46,354 | )
Coca-Cola Co. |  |  | 1,036 |  |  |  | 07/30/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 5,606 |  |  |  | (68,376 | )
Cognizant Technology Solutions Corp., Class A |  |  | 431 |  |  |  | 07/30/21 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 2,985 |  |  |  | (31,247 | )
Comcast Corp., Class A |  |  | 368 |  |  |  | 07/30/21 |  |  | USD |  |  | 58.50 |  |  | USD |  |  | 2,098 |  |  |  | (34,040 | )
ConocoPhillips |  |  | 83 |  |  |  | 07/30/21 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 505 |  |  |  | (14,857 | )
CVS Health Corp. |  |  | 198 |  |  |  | 07/30/21 |  |  | USD |  |  | 86.50 |  |  | USD |  |  | 1,652 |  |  |  | (13,761 | )
DuPont de Nemours, Inc. |  |  | 208 |  |  |  | 07/30/21 |  |  | USD |  |  | 79.00 |  |  | USD |  |  | 1,610 |  |  |  | (29,328 | )
General Electric Co. |  |  | 3,513 |  |  |  | 07/30/21 |  |  | USD |  |  | 14.50 |  |  | USD |  |  | 4,728 |  |  |  | (87,825 | )
General Motors Co. |  |  | 1,408 |  |  |  | 07/30/21 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 8,331 |  |  |  | (99,968 | )
Humana, Inc. |  |  | 120 |  |  |  | 07/30/21 |  |  | USD |  |  | 435.00 |  |  | USD |  |  | 5,313 |  |  |  | (217,800 | )
JPMorgan Chase & Co. |  |  | 229 |  |  |  | 07/30/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 3,562 |  |  |  | (89,882 | )
Lowe’s Cos., Inc. |  |  | 44 |  |  |  | 07/30/21 |  |  | USD |  |  | 197.50 |  |  | USD |  |  | 853 |  |  |  | (11,044 | )
Medtronic PLC |  |  | 251 |  |  |  | 07/30/21 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 3,116 |  |  |  | (32,755 | )
MetLife, Inc. |  |  | 722 |  |  |  | 07/30/21 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 4,321 |  |  |  | (63,536 | )
Microsoft Corp. |  |  | 82 |  |  |  | 07/30/21 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 2,221 |  |  |  | (82,410 | )
PPG Industries, Inc. |  |  | 305 |  |  |  | 07/30/21 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 5,178 |  |  |  | (79,300 | )
Union Pacific Corp. |  |  | 76 |  |  |  | 07/30/21 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 1,671 |  |  |  | (23,408 | )
Verizon Communications, Inc. |  |  | 712 |  |  |  | 07/30/21 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 3,989 |  |  |  | (14,596 | )
Wells Fargo & Co. |  |  | 1,802 |  |  |  | 07/30/21 |  |  | USD |  |  | 46.50 |  |  | USD |  |  | 8,161 |  |  |  | (207,230 | )
American Express Co. |  |  | 100 |  |  |  | 08/06/21 |  |  | USD |  |  | 167.50 |  |  | USD |  |  | 1,652 |  |  |  | (40,750 | )
American International Group, Inc. |  |  | 945 |  |  |  | 08/06/21 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 4,498 |  |  |  | (74,182 | )
Bank of America Corp. |  |  | 445 |  |  |  | 08/06/21 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 1,835 |  |  |  | (30,482 | )
Capital One Financial Corp. |  |  | 227 |  |  |  | 08/06/21 |  |  | USD |  |  | 162.50 |  |  | USD |  |  | 3,511 |  |  |  | (67,078 | )
Cisco Systems, Inc. |  |  | 634 |  |  |  | 08/06/21 |  |  | USD |  |  | 53.50 |  |  | USD |  |  | 3,360 |  |  |  | (51,037 | )
Citigroup, Inc. |  |  | 490 |  |  |  | 08/06/21 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 3,467 |  |  |  | (45,325 | )

58 |  | 2 0 2 1 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, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Coca-Cola Co. |  |  | 516 |  |  |  | 08/06/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 2,792 |  |  | $ | (39,216 | )
Cognizant Technology Solutions Corp., Class A |  |  | 600 |  |  |  | 08/06/21 |  |  | USD |  |  | 73.50 |  |  | USD |  |  | 4,156 |  |  |  | (51,000 | )
ConocoPhillips |  |  | 858 |  |  |  | 08/06/21 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 5,225 |  |  |  | (148,005 | )
Enterprise Products Partners LP |  |  | 1,135 |  |  |  | 08/06/21 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 2,739 |  |  |  | (72,640 | )
General Electric Co. |  |  | 1,803 |  |  |  | 08/06/21 |  |  | USD |  |  | 13.50 |  |  | USD |  |  | 2,427 |  |  |  | (114,490 | )
General Motors Co. |  |  | 215 |  |  |  | 08/06/21 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 1,272 |  |  |  | (24,618 | )
Medtronic PLC |  |  | 246 |  |  |  | 08/06/21 |  |  | USD |  |  | 124.00 |  |  | USD |  |  | 3,054 |  |  |  | (70,233 | )
Microsoft Corp. |  |  | 27 |  |  |  | 08/06/21 |  |  | USD |  |  | 277.50 |  |  | USD |  |  | 731 |  |  |  | (11,205 | )
Morgan Stanley |  |  | 637 |  |  |  | 08/06/21 |  |  | USD |  |  | 91.00 |  |  | USD |  |  | 5,841 |  |  |  | (218,172 | )
PPG Industries, Inc. |  |  | 240 |  |  |  | 08/06/21 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 4,074 |  |  |  | (49,800 | )
Raytheon Technologies Corp. |  |  | 91 |  |  |  | 08/06/21 |  |  | USD |  |  | 86.00 |  |  | USD |  |  | 776 |  |  |  | (20,157 | )
Sealed Air Corp. |  |  | 485 |  |  |  | 08/06/21 |  |  | USD |  |  | 60.01 |  |  | USD |  |  | 2,874 |  |  |  | (80,114 | )
Southern Co. |  |  | 503 |  |  |  | 08/06/21 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 3,044 |  |  |  | (38,982 | )
UnitedHealth Group, Inc. |  |  | 115 |  |  |  | 08/06/21 |  |  | USD |  |  | 405.00 |  |  | USD |  |  | 4,605 |  |  |  | (103,212 | )
Verizon Communications, Inc. |  |  | 1,198 |  |  |  | 08/06/21 |  |  | USD |  |  | 56.00 |  |  | USD |  |  | 6,712 |  |  |  | (91,647 | )
Edison International |  |  | 729 |  |  |  | 08/13/21 |  |  | USD |  |  | 59.00 |  |  | USD |  |  | 4,215 |  |  |  | (45,477 | )
Allstate Corp. |  |  | 267 |  |  |  | 08/20/21 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 3,483 |  |  |  | (126,825 | )
Ameren Corp. |  |  | 513 |  |  |  | 08/20/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 4,106 |  |  |  | (26,933 | )
American International Group, Inc. |  |  | 555 |  |  |  | 08/20/21 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 2,642 |  |  |  | (26,085 | )
Arthur J. Gallagher & Co. |  |  | 428 |  |  |  | 08/20/21 |  |  | USD |  |  | 147.25 |  |  | USD |  |  | 5,995 |  |  |  | (44,128 | )
Bank of America Corp. |  |  | 1,529 |  |  |  | 08/20/21 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 6,304 |  |  |  | (136,845 | )
CDK Global, Inc. |  |  | 477 |  |  |  | 08/20/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 2,370 |  |  |  | (28,620 | )
Cisco Systems, Inc. |  |  | 573 |  |  |  | 08/20/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 3,037 |  |  |  | (49,278 | )
Citigroup, Inc. |  |  | 853 |  |  |  | 08/20/21 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 6,035 |  |  |  | (172,732 | )
Comcast Corp., Class A |  |  | 283 |  |  |  | 08/20/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,614 |  |  |  | (21,367 | )
ConocoPhillips |  |  | 86 |  |  |  | 08/20/21 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 524 |  |  |  | (12,642 | )
ConocoPhillips |  |  | 114 |  |  |  | 08/20/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 694 |  |  |  | (38,190 | )
CVS Health Corp. |  |  | 99 |  |  |  | 08/20/21 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 826 |  |  |  | (6,881 | )
Enterprise Products Partners LP |  |  | 623 |  |  |  | 08/20/21 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 1,503 |  |  |  | (23,363 | )
Equitable Holdings, Inc. |  |  | 1,090 |  |  |  | 08/20/21 |  |  | USD |  |  | 31.84 |  |  | USD |  |  | 3,319 |  |  |  | (75,408 | )
Exelon Corp. |  |  | 340 |  |  |  | 08/20/21 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,507 |  |  |  | (11,900 | )
Exelon Corp. |  |  | 430 |  |  |  | 08/20/21 |  |  | USD |  |  | 47.25 |  |  | USD |  |  | 1,905 |  |  |  | (16,657 | )
Fidelity National Financial, Inc. |  |  | 1,047 |  |  |  | 08/20/21 |  |  | USD |  |  | 47.42 |  |  | USD |  |  | 4,550 |  |  |  | (30,029 | )
Fidelity National Information Services, Inc. |  |  | 207 |  |  |  | 08/20/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 2,933 |  |  |  | (14,490 | )
Fidelity National Information Services, Inc. |  |  | 181 |  |  |  | 08/20/21 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 2,564 |  |  |  | (55,657 | )
Fox Corp., Class A |  |  | 962 |  |  |  | 08/20/21 |  |  | USD |  |  | 41.00 |  |  | USD |  |  | 3,572 |  |  |  | (127,465 | )
General Electric Co. |  |  | 4,870 |  |  |  | 08/20/21 |  |  | USD |  |  | 14.00 |  |  | USD |  |  | 6,555 |  |  |  | (253,240 | )
General Motors Co. |  |  | 215 |  |  |  | 08/20/21 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 1,272 |  |  |  | (34,722 | )
Huntington Ingalls Industries, Inc. |  |  | 299 |  |  |  | 08/20/21 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 6,301 |  |  |  | (140,530 | )
Intercontinental Exchange, Inc. |  |  | 276 |  |  |  | 08/20/21 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 3,276 |  |  |  | (155,940 | )
Lear Corp. |  |  | 164 |  |  |  | 08/20/21 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 2,875 |  |  |  | (73,800 | )
Leidos Holdings, Inc. |  |  | 211 |  |  |  | 08/20/21 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 2,133 |  |  |  | (17,935 | )
Medtronic PLC |  |  | 99 |  |  |  | 08/20/21 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,229 |  |  |  | (11,187 | )
MetLife, Inc. |  |  | 722 |  |  |  | 08/20/21 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 4,321 |  |  |  | (82,669 | )
Microsoft Corp. |  |  | 82 |  |  |  | 08/20/21 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 2,221 |  |  |  | (124,435 | )
Newell Brands, Inc. |  |  | 1,516 |  |  |  | 08/20/21 |  |  | USD |  |  | 27.69 |  |  | USD |  |  | 4,164 |  |  |  | (185,768 | )
NiSource, Inc. |  |  | 955 |  |  |  | 08/20/21 |  |  | USD |  |  | 26.00 |  |  | USD |  |  | 2,340 |  |  |  | (19,100 | )
Open Text Corp. |  |  | 598 |  |  |  | 08/20/21 |  |  | USD |  |  | 50.75 |  |  | USD |  |  | 3,038 |  |  |  | (65,893 | )
Public Service Enterprise Group, Inc. |  |  | 978 |  |  |  | 08/20/21 |  |  | USD |  |  | 61.28 |  |  | USD |  |  | 5,843 |  |  |  | (95,427 | )
Raymond James Financial, Inc. |  |  | 548 |  |  |  | 08/20/21 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 7,119 |  |  |  | (142,480 | )
Raytheon Technologies Corp. |  |  | 238 |  |  |  | 08/20/21 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,030 |  |  |  | (27,370 | )
Sealed Air Corp. |  |  | 485 |  |  |  | 08/20/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,874 |  |  |  | (97,000 | )
SS&C Technologies Holdings, Inc. |  |  | 364 |  |  |  | 08/20/21 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,623 |  |  |  | (59,150 | )
Unilever PLC, ADR |  |  | 1,463 |  |  |  | 08/20/21 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 8,559 |  |  |  | (36,575 | )
Verizon Communications, Inc. |  |  | 294 |  |  |  | 08/20/21 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 1,647 |  |  |  | (13,524 | )
Visa, Inc., Class A |  |  | 141 |  |  |  | 08/20/21 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 3,297 |  |  |  | (94,822 | )
Fidelity National Information Services, Inc. |  |  | 108 |  |  |  | 09/17/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,530 |  |  |  | (22,140 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (10,543,668 | )

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, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AstraZeneca PLC |  | UBS AG |  |  | 132,900 |  |  |  | 07/07/21 |  |  |  | GBP |  |  |  | 82.62 |  |  |  | GBP |  |  |  | 11,540 |  |  | $ | (778,478 | )
BAE Systems PLC |  | Credit Suisse International |  |  | 571,000 |  |  |  | 07/07/21 |  |  |  | GBP |  |  |  | 5.33 |  |  |  | GBP |  |  |  | 2,981 |  |  |  | (15,644 | )
Danone S.A. |  | Barclays Bank PLC |  |  | 28,700 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 59.62 |  |  |  | EUR |  |  |  | 1,704 |  |  |  | (14,903 | )
Equinor ASA |  | Credit Suisse International |  |  | 470,917 |  |  |  | 07/07/21 |  |  |  | NOK |  |  |  | 183.44 |  |  |  | NOK |  |  |  | 85,792 |  |  |  | (121,719 | )
Sanofi |  | Barclays Bank PLC |  |  | 94,300 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 88.17 |  |  |  | EUR |  |  |  | 8,332 |  |  |  | (117,069 | )
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 400,000 |  |  |  | 07/08/21 |  |  |  | GBP |  |  |  | 3.20 |  |  |  | GBP |  |  |  | 1,260 |  |  |  | (25,675 | )
First American Financial Corp. |  | Credit Suisse International |  |  | 28,700 |  |  |  | 07/12/21 |  |  |  | USD |  |  |  | 67.41 |  |  |  | USD |  |  |  | 1,789 |  |  |  | (1,385 | )
Alcon AG |  | Credit Suisse International |  |  | 56,200 |  |  |  | 07/14/21 |  |  |  | CHF |  |  |  | 63.97 |  |  |  | CHF |  |  |  | 3,641 |  |  |  | (87,266 | )
Bayer AG, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 68,000 |  |  |  | 07/14/21 |  |  |  | EUR |  |  |  | 53.57 |  |  |  | EUR |  |  |  | 3,482 |  |  |  | (16,630 | )
BAE Systems PLC |  | UBS AG |  |  | 506,000 |  |  |  | 07/15/21 |  |  |  | GBP |  |  |  | 5.35 |  |  |  | GBP |  |  |  | 2,641 |  |  |  | (26,422 | )
Koninklijke Philips Electronics NV |  | Morgan Stanley & Co. International PLC |  |  | 208,600 |  |  |  | 07/15/21 |  |  |  | EUR |  |  |  | 46.61 |  |  |  | EUR |  |  |  | 8,717 |  |  |  | (1,174 | )
Alcon AG |  | Credit Suisse International |  |  | 37,200 |  |  |  | 07/20/21 |  |  |  | CHF |  |  |  | 64.99 |  |  |  | CHF |  |  |  | 2,410 |  |  |  | (41,885 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 506,000 |  |  |  | 07/20/21 |  |  |  | GBP |  |  |  | 5.34 |  |  |  | GBP |  |  |  | 2,641 |  |  |  | (37,890 | )
Bayer AG, Registered Shares |  | Goldman Sachs International |  |  | 76,000 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 52.88 |  |  |  | EUR |  |  |  | 3,892 |  |  |  | (43,160 | )
BP PLC |  | Credit Suisse International |  |  | 1,100,000 |  |  |  | 07/20/21 |  |  |  | GBP |  |  |  | 3.24 |  |  |  | GBP |  |  |  | 3,465 |  |  |  | (81,244 | )
Sanofi |  | UBS AG |  |  | 97,200 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 88.43 |  |  |  | EUR |  |  |  | 8,589 |  |  |  | (152,489 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 2,500 |  |  |  | 07/27/21 |  |  |  | GBP |  |  |  | 81.73 |  |  |  | GBP |  |  |  | 217 |  |  |  | (18,570 | )
Samsung Electronics Co. Ltd., Registered Shares, GDR |  | Credit Suisse International |  |  | 4,200 |  |  |  | 07/27/21 |  |  |  | USD |  |  |  | 1,888.25 |  |  |  | USD |  |  |  | 7,491 |  |  |  | (28,832 | )
British American Tobacco PLC |  | Goldman Sachs International |  |  | 27,600 |  |  |  | 07/29/21 |  |  |  | GBP |  |  |  | 29.02 |  |  |  | GBP |  |  |  | 773 |  |  |  | (4,906 | )
Unilever PLC, ADR |  | Credit Suisse International |  |  | 138,500 |  |  |  | 07/29/21 |  |  |  | USD |  |  |  | 59.89 |  |  |  | USD |  |  |  | 8,102 |  |  |  | (64,542 | )
Leidos Holdings, Inc. |  | Goldman Sachs International |  |  | 24,200 |  |  |  | 08/02/21 |  |  |  | USD |  |  |  | 102.88 |  |  |  | USD |  |  |  | 2,447 |  |  |  | (50,622 | )
Zimmer Biomet Holdings, Inc. |  | Barclays Bank PLC |  |  | 22,300 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 161.28 |  |  |  | USD |  |  |  | 3,586 |  |  |  | (107,497 | )
BP PLC |  | Goldman Sachs International |  |  | 1,633,400 |  |  |  | 08/04/21 |  |  |  | GBP |  |  |  | 3.31 |  |  |  | GBP |  |  |  | 5,145 |  |  |  | (128,343 | )
Sanofi |  | Morgan Stanley & Co. International PLC |  |  | 23,900 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 89.05 |  |  |  | EUR |  |  |  | 2,112 |  |  |  | (45,241 | )
Siemens AG, Registered Shares |  | Goldman Sachs International |  |  | 81,200 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 139.88 |  |  |  | EUR |  |  |  | 10,850 |  |  |  | (145,583 | )
Danone S.A. |  | Goldman Sachs International |  |  | 66,500 |  |  |  | 08/05/21 |  |  |  | EUR |  |  |  | 57.94 |  |  |  | EUR |  |  |  | 3,948 |  |  |  | (169,394 | )
Panasonic Corp. |  | Morgan Stanley & Co. International PLC |  |  | 237,000 |  |  |  | 08/05/21 |  |  |  | JPY |  |  |  | 1,334.09 |  |  |  | JPY |  |  |  | 304,664 |  |  |  | (53,242 | )
Leidos Holdings, Inc. |  | Goldman Sachs International |  |  | 24,200 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 102.88 |  |  |  | USD |  |  |  | 2,447 |  |  |  | (54,706 | )
British American Tobacco PLC |  | Credit Suisse International |  |  | 220,400 |  |  |  | 08/10/21 |  |  |  | GBP |  |  |  | 27.98 |  |  |  | GBP |  |  |  | 6,171 |  |  |  | (164,641 | )
Komatsu Ltd. |  | Goldman Sachs International |  |  | 193,000 |  |  |  | 08/10/21 |  |  |  | JPY |  |  |  | 2,977.02 |  |  |  | JPY |  |  |  | 532,777 |  |  |  | (43,279 | )
Koninklijke Philips Electronics NV |  | Morgan Stanley & Co. International PLC |  |  | 97,900 |  |  |  | 08/10/21 |  |  |  | EUR |  |  |  | 42.66 |  |  |  | EUR |  |  |  | 4,091 |  |  |  | (96,002 | )
Panasonic Corp. |  | Morgan Stanley & Co. International PLC |  |  | 237,000 |  |  |  | 08/11/21 |  |  |  | JPY |  |  |  | 1,334.09 |  |  |  | JPY |  |  |  | 304,664 |  |  |  | (60,291 | )
BAE Systems PLC |  | Credit Suisse International |  |  | 571,600 |  |  |  | 08/12/21 |  |  |  | GBP |  |  |  | 5.31 |  |  |  | GBP |  |  |  | 2,984 |  |  |  | (75,907 | )
Bayer AG, Registered Shares |  | Credit Suisse International |  |  | 61,900 |  |  |  | 08/12/21 |  |  |  | EUR |  |  |  | 53.08 |  |  |  | EUR |  |  |  | 3,170 |  |  |  | (74,646 | )
Danone S.A. |  | Credit Suisse International |  |  | 28,700 |  |  |  | 08/12/21 |  |  |  | EUR |  |  |  | 60.33 |  |  |  | EUR |  |  |  | 1,704 |  |  |  | (34,279 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 44,800 |  |  |  | 08/18/21 |  |  |  | GBP |  |  |  | 88.32 |  |  |  | GBP |  |  |  | 3,890 |  |  |  | (100,295 | )
Corteva, Inc. |  | Barclays Bank PLC |  |  | 129,000 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 45.02 |  |  |  | USD |  |  |  | 5,721 |  |  |  | (158,213 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,242,064 | )

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 |  |  | $ | 11,386,765 |  |  | $ | (2,559,790 | ) |  | $ | (13,785,732 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 13,785,732 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,785,732 |

60 |  | 2 0 2 1 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, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

For the six months ended June 30, 2021, 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 |  | $ | — |  |  | $ | — |  |  | $ | (62,390,351 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (62,390,351 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 18,576,411 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18,576,411 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 22,047,465 |

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 13,785,732 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 13,785,732 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (10,543,668 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 3,242,064 |

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 |
Barclays Bank PLC |  | $ | 397,682 |  |  | $ | — |  |  | $ | (397,682 | ) |  | $ | — |  |  | $ | — |
Credit Suisse International |  |  | 791,990 |  |  |  | — |  |  |  | (791,990 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 796,748 |  |  |  | — |  |  |  | (796,748 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 298,255 |  |  |  | — |  |  |  | (298,255 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 957,389 |  |  |  | — |  |  |  | (957,389 | ) |  |  | — |  |  |  | — |
|  | $ | 3,242,064 |  |  | $ | — |  |  | $ | (3,242,064 | ) |  | $ | — |  |  | $ | — |

| (a) | Excess of collateral pledged to 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 |  | $ | 22,950,836 |  |  | $ | 38,922,480 |  |  | $ | — |  |  | $ | 61,873,316 |
Auto Components |  |  | 12,975,453 |  |  |  | — |  |  |  | — |  |  |  | 12,975,453 |
Automobiles |  |  | 42,234,067 |  |  |  | — |  |  |  | — |  |  |  | 42,234,067 |

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, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Common Stocks (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banks |  | $ | 223,569,304 |  |  | $ | — |  |  | $ | — |  |  | $ | 223,569,304 |
Beverages |  |  | 38,579,200 |  |  |  | — |  |  |  | — |  |  |  | 38,579,200 |
Capital Markets |  |  | 116,557,933 |  |  |  | — |  |  |  | — |  |  |  | 116,557,933 |
Chemicals |  |  | 29,364,501 |  |  |  | — |  |  |  | — |  |  |  | 29,364,501 |
Communications Equipment |  |  | 62,510,809 |  |  |  | — |  |  |  | — |  |  |  | 62,510,809 |
Consumer Finance |  |  | 28,753,245 |  |  |  | — |  |  |  | — |  |  |  | 28,753,245 |
Containers & Packaging |  |  | 10,139,689 |  |  |  | — |  |  |  | — |  |  |  | 10,139,689 |
Diversified Financial Services |  |  | 20,010,370 |  |  |  | — |  |  |  | — |  |  |  | 20,010,370 |
Diversified Telecommunication Services |  |  | 46,569,110 |  |  |  | — |  |  |  | — |  |  |  | 46,569,110 |
Electric Utilities |  |  | 35,476,553 |  |  |  | — |  |  |  | — |  |  |  | 35,476,553 |
Food Products |  |  | — |  |  |  | 21,788,350 |  |  |  | — |  |  |  | 21,788,350 |
Health Care Equipment & Supplies |  |  | 60,881,247 |  |  |  | 39,451,353 |  |  |  | — |  |  |  | 100,332,600 |
Health Care Providers & Services |  |  | 144,007,464 |  |  |  | — |  |  |  | — |  |  |  | 144,007,464 |
Household Durables |  |  | 12,424,654 |  |  |  | 9,941,631 |  |  |  | — |  |  |  | 22,366,285 |
Industrial Conglomerates |  |  | 33,603,105 |  |  |  | 23,413,345 |  |  |  | — |  |  |  | 57,016,450 |
Insurance |  |  | 136,385,281 |  |  |  | — |  |  |  | — |  |  |  | 136,385,281 |
IT Services |  |  | 68,624,976 |  |  |  | — |  |  |  | — |  |  |  | 68,624,976 |
Machinery |  |  | — |  |  |  | 8,697,996 |  |  |  | — |  |  |  | 8,697,996 |
Media |  |  | 68,131,706 |  |  |  | — |  |  |  | — |  |  |  | 68,131,706 |
Multi-line Retail |  |  | 16,536,740 |  |  |  | — |  |  |  | — |  |  |  | 16,536,740 |
Multi-Utilities |  |  | 51,910,480 |  |  |  | — |  |  |  | — |  |  |  | 51,910,480 |
Oil, Gas & Consumable Fuels |  |  | 89,533,104 |  |  |  | 45,487,173 |  |  |  | — |  |  |  | 135,020,277 |
Personal Products |  |  | 40,058,226 |  |  |  | — |  |  |  | — |  |  |  | 40,058,226 |
Pharmaceuticals |  |  | — |  |  |  | 111,380,423 |  |  |  | — |  |  |  | 111,380,423 |
Professional Services |  |  | 10,811,230 |  |  |  | — |  |  |  | — |  |  |  | 10,811,230 |
Road & Rail |  |  | 17,422,195 |  |  |  | — |  |  |  | — |  |  |  | 17,422,195 |
Software |  |  | 66,912,109 |  |  |  | — |  |  |  | — |  |  |  | 66,912,109 |
Specialty Retail |  |  | 47,070,939 |  |  |  | — |  |  |  | — |  |  |  | 47,070,939 |
Technology Hardware, Storage & Peripherals |  |  | — |  |  |  | 13,379,291 |  |  |  | — |  |  |  | 13,379,291 |
Tobacco |  |  | 10,698,581 |  |  |  | 17,510,518 |  |  |  | — |  |  |  | 28,209,099 |
Wireless Telecommunication Services |  |  | 3,542,098 |  |  |  | — |  |  |  | — |  |  |  | 3,542,098 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | 6,293,006 |  |  |  | — |  |  |  | 6,293,006 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 48,566,704 |  |  |  | — |  |  |  | — |  |  |  | 48,566,704 |
|  | $ | 1,616,811,909 |  |  | $ | 336,265,566 |  |  | $ | — |  |  | $ | 1,953,077,475 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (9,294,278 | ) |  | $ | (4,491,454 | ) |  | $ | — |  |  | $ | (13,785,732 | )

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

See notes to financial statements.

62 |  | 2 0 2 1 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, 2021 |  | BlackRock Enhanced Global Dividend Trust (BOE) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Australia — 0.8% |  |  |  |  |  |
Ansell Ltd. |  |  | 204,149 |  |  | $ | 6,659,424 |
Ensogo Ltd.(a)(b) |  |  | 418,198 |  |  |  | 3 |
|  |  |  |  |  |  | 6,659,427 |
Canada — 3.0% |  |  |  |  |  |
TELUS Corp. |  |  | 1,123,115 |  |  |  | 25,187,639 |
China — 2.7% |  |  |  |  |  |
China Feihe Ltd.(c) |  |  | 6,927,000 |  |  |  | 14,934,767 |
Enn Energy Holdings Ltd. |  |  | 440,200 |  |  |  | 8,366,322 |
|  |  |  |  |  |  | 23,301,089 |
Denmark — 1.9% |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  | 194,490 |  |  |  | 16,280,487 |
France — 9.7% |  |  |  |  |  |
EssilorLuxottica SA |  |  | 98,185 |  |  |  | 18,138,031 |
LVMH Moet Hennessy Louis Vuitton SE |  |  | 22,601 |  |  |  | 17,779,230 |
Sanofi |  |  | 310,447 |  |  |  | 32,616,362 |
Schneider Electric SE |  |  | 86,866 |  |  |  | 13,693,951 |
|  |  |  |  |  |  | 82,227,574 |
India — 0.1% |  |  |  |  |  |
Jasper Infotech Private Ltd., Series I, (Acquired 05/07/14, Cost: $2,637,143)(a)(d) |  |  | 3,540 |  |  |  | 596,065 |
Ireland — 1.0% |  |  |  |  |  |
Medtronic PLC(e) |  |  | 69,323 |  |  |  | 8,605,064 |
Mexico — 1.0% |  |  |  |  |  |
Wal-Mart de Mexico SAB de CV |  |  | 2,711,755 |  |  |  | 8,851,906 |
Netherlands — 1.2% |  |  |  |  |  |
Koninklijke Philips NV |  |  | 212,109 |  |  |  | 10,527,852 |
Singapore — 1.1% |  |  |  |  |  |
DBS Group Holdings Ltd. |  |  | 404,868 |  |  |  | 9,007,220 |
Spain — 1.6% |  |  |  |  |  |
Amadeus IT Group SA(b) |  |  | 187,496 |  |  |  | 13,217,832 |
Taiwan — 3.3% |  |  |  |  |  |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 1,303,000 |  |  |  | 28,064,051 |
United Kingdom — 20.3% |  |  |  |  |  |
AstraZeneca PLC |  |  | 185,779 |  |  |  | 22,320,256 |
BAE Systems PLC |  |  | 1,181,873 |  |  |  | 8,540,235 |
Diageo PLC |  |  | 436,211 |  |  |  | 20,906,932 |
Ferguson PLC |  |  | 154,647 |  |  |  | 21,515,598 |
Prudential PLC |  |  | 988,163 |  |  |  | 18,800,560 |
Reckitt Benckiser Group PLC |  |  | 339,584 |  |  |  | 30,002,298 |
RELX PLC |  |  | 1,094,255 |  |  |  | 29,183,055 |
Unilever PLC |  |  | 365,139 |  |  |  | 21,336,365 |
|  |  |  |  |  |  | 172,605,299 |
United States(e) — 52.0% |  |  |  |  |  |
AbbVie, Inc. |  |  | 199,709 |  |  |  | 22,495,222 |
American Tower Corp. |  |  | 63,487 |  |  |  | 17,150,378 |
Assurant, Inc. |  |  | 114,506 |  |  |  | 17,883,547 |
Bristol-Myers Squibb Co. |  |  | 361,261 |  |  |  | 24,139,460 |

Security |  | Shares |  |  | Value |
United States (continued) |  |  |  |  |  |
Citizens Financial Group, Inc. |  |  | 433,858 |  |  | $ | 19,901,066 |
Comcast Corp., Class A |  |  | 310,461 |  |  |  | 17,702,486 |
Estee Lauder Cos., Inc., Class A |  |  | 54,454 |  |  |  | 17,320,728 |
Fidelity National Information Services, Inc. |  |  | 175,153 |  |  |  | 24,813,925 |
Hasbro, Inc. |  |  | 169,569 |  |  |  | 16,027,662 |
Intercontinental Exchange, Inc. |  |  | 228,372 |  |  |  | 27,107,756 |
Intuit, Inc. |  |  | 35,568 |  |  |  | 17,434,367 |
Lockheed Martin Corp. |  |  | 35,426 |  |  |  | 13,403,427 |
M&T Bank Corp. |  |  | 111,794 |  |  |  | 16,244,786 |
Microsoft Corp. |  |  | 121,800 |  |  |  | 32,995,620 |
Otis Worldwide Corp. |  |  | 175,604 |  |  |  | 14,359,139 |
Paychex, Inc. |  |  | 68,032 |  |  |  | 7,299,834 |
Philip Morris International, Inc. |  |  | 139,042 |  |  |  | 13,780,453 |
Progressive Corp. |  |  | 121,762 |  |  |  | 11,958,246 |
Raytheon Technologies Corp. |  |  | 159,777 |  |  |  | 13,630,576 |
Synchrony Financial |  |  | 282,180 |  |  |  | 13,691,374 |
TE Connectivity Ltd. |  |  | 81,313 |  |  |  | 10,994,331 |
Texas Instruments, Inc. |  |  | 123,300 |  |  |  | 23,710,590 |
UnitedHealth Group, Inc. |  |  | 62,598 |  |  |  | 25,066,743 |
Visa, Inc., Class A |  |  | 99,254 |  |  |  | 23,207,570 |
|  |  |  |  |  |  | 442,319,286 |
Total Long-Term Investments — 99.7% (Cost: $700,161,001) |  |  |  | 847,450,791 |
Short-Term Securities |
Money Market Funds — 0.6% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(f)(g) |  |  | 5,226,715 |  |  |  | 5,226,715 |
Total Short-Term Securities — 0.6% (Cost: $5,226,715) |  |  |  | 5,226,715 |
Total Investments Before Options Written — 100.3% (Cost: $705,387,716) |  |  |  | 852,677,506 |
Options Written — (1.0)% |  |  |  |  |  |  |  |
(Premiums Received: $(7,350,560)) |  |  |  | (8,541,611 | )
Total Investments, Net of Options Written — 99.3% (Cost: $698,037,156) |  |  |  | 844,135,895 |
Other Assets Less Liabilities — 0.7% |  |  |  | 5,833,652 |
Net Assets — 100.0% |  |  | $ | 849,969,547 |

(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) | 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) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $596,065, representing 0.1% of its net assets as of period end, and an original cost of $2,637,143.

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

(f) | Affiliate of the Trust.

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

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | 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, 2021 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | — |  |  | $ | 5,226,715 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,226,715 |  |  |  | 5,226,715 |  |  | $ | 604 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comcast Corp., Class A |  |  | 171 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 57.00 |  |  |  | USD |  |  |  | 975 |  |  | $ | (6,840 | )
Comcast Corp., Class A |  |  | 516 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 58.50 |  |  |  | USD |  |  |  | 2,942 |  |  |  | (13,674 | )
Hasbro, Inc. |  |  | 187 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 98.00 |  |  |  | USD |  |  |  | 1,768 |  |  |  | (9,350 | )
Microsoft Corp. |  |  | 172 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 252.50 |  |  |  | USD |  |  |  | 4,659 |  |  |  | (319,920 | )
Synchrony Financial |  |  | 655 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 51.00 |  |  |  | USD |  |  |  | 3,178 |  |  |  | (31,112 | )
Texas Instruments, Inc. |  |  | 36 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 692 |  |  |  | (13,590 | )
UnitedHealth Group, Inc. |  |  | 85 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 405.00 |  |  |  | USD |  |  |  | 3,404 |  |  |  | (20,825 | )
Visa, Inc., Class A |  |  | 65 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 1,520 |  |  |  | (12,675 | )
Assurant, Inc. |  |  | 274 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 4,279 |  |  |  | (29,455 | )
Bristol-Myers Squibb Co. |  |  | 236 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 1,577 |  |  |  | (10,266 | )
Citizens Financial Group, Inc. |  |  | 134 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 615 |  |  |  | (1,005 | )
Citizens Financial Group, Inc. |  |  | 424 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 47.50 |  |  |  | USD |  |  |  | 1,945 |  |  |  | (20,140 | )
Comcast Corp., Class A |  |  | 133 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 758 |  |  |  | (7,714 | )
Estee Lauder Cos., Inc., Class A |  |  | 123 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 3,912 |  |  |  | (233,085 | )
Fidelity National Information Services, Inc. |  |  | 250 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 3,542 |  |  |  | (1,250 | )
Hasbro, Inc. |  |  | 166 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 97.50 |  |  |  | USD |  |  |  | 1,569 |  |  |  | (10,375 | )
Intercontinental Exchange, Inc. |  |  | 637 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 7,561 |  |  |  | (264,355 | )
Intuit, Inc. |  |  | 6 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 440.00 |  |  |  | USD |  |  |  | 294 |  |  |  | (30,540 | )
Lockheed Martin Corp. |  |  | 86 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 395.00 |  |  |  | USD |  |  |  | 3,254 |  |  |  | (5,375 | )
M&T Bank Corp. |  |  | 140 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 2,034 |  |  |  | (21,000 | )
Medtronic PLC |  |  | 70 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 869 |  |  |  | (1,505 | )
Microsoft Corp. |  |  | 200 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 5,418 |  |  |  | (325,000 | )
Paychex, Inc. |  |  | 374 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 4,013 |  |  |  | (112,200 | )
Progressive Corp. |  |  | 290 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 2,848 |  |  |  | (31,175 | )
Raytheon Technologies Corp. |  |  | 277 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 2,363 |  |  |  | (4,571 | )
TE Connectivity Ltd. |  |  | 85 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 1,149 |  |  |  | (1,700 | )
TE Connectivity Ltd. |  |  | 140 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 1,893 |  |  |  | (9,450 | )
Texas Instruments, Inc. |  |  | 332 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 6,384 |  |  |  | (151,890 | )
UnitedHealth Group, Inc. |  |  | 24 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 410.00 |  |  |  | USD |  |  |  | 961 |  |  |  | (8,820 | )
Visa, Inc., Class A |  |  | 32 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 748 |  |  |  | (9,600 | )
AbbVie, Inc. |  |  | 266 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 118.00 |  |  |  | USD |  |  |  | 2,996 |  |  |  | (7,714 | )
American Tower Corp. |  |  | 183 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 4,944 |  |  |  | (91,500 | )
Bristol-Myers Squibb Co. |  |  | 309 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 67.00 |  |  |  | USD |  |  |  | 2,065 |  |  |  | (24,566 | )
Comcast Corp., Class A |  |  | 170 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 969 |  |  |  | (13,600 | )
Hasbro, Inc. |  |  | 187 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 98.50 |  |  |  | USD |  |  |  | 1,768 |  |  |  | (17,765 | )
Microsoft Corp. |  |  | 55 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 1,490 |  |  |  | (34,787 | )
Raytheon Technologies Corp. |  |  | 110 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 938 |  |  |  | (4,675 | )
Synchrony Financial |  |  | 614 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 50.50 |  |  |  | USD |  |  |  | 2,979 |  |  |  | (53,725 | )
Visa, Inc., Class A |  |  | 136 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 3,180 |  |  |  | (61,540 | )
American Tower Corp. |  |  | 183 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 4,944 |  |  |  | (108,885 | )
Bristol-Myers Squibb Co. |  |  | 259 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 67.00 |  |  |  | USD |  |  |  | 1,731 |  |  |  | (32,245 | )
Comcast Corp., Class A |  |  | 66 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 58.50 |  |  |  | USD |  |  |  | 376 |  |  |  | (6,105 | )
Intuit, Inc. |  |  | 200 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 477.50 |  |  |  | USD |  |  |  | 9,803 |  |  |  | (399,000 | )
Medtronic PLC |  |  | 142 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 127.00 |  |  |  | USD |  |  |  | 1,763 |  |  |  | (18,531 | )
Microsoft Corp. |  |  | 43 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 265.00 |  |  |  | USD |  |  |  | 1,165 |  |  |  | (43,215 | )

64 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philip Morris International, Inc. |  |  | 312 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 101.00 |  |  |  | USD |  |  |  | 3,092 |  |  | $ | (46,800 | )
Texas Instruments, Inc. |  |  | 165 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 3,173 |  |  |  | (70,950 | )
UnitedHealth Group, Inc. |  |  | 110 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 412.50 |  |  |  | USD |  |  |  | 4,405 |  |  |  | (53,350 | )
Visa, Inc., Class A |  |  | 81 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 1,894 |  |  |  | (26,325 | )
Assurant, Inc. |  |  | 355 |  |  |  | 08/02/21 |  |  |  | USD |  |  |  | 160.01 |  |  |  | USD |  |  |  | 5,544 |  |  |  | (72,071 | )
AbbVie, Inc. |  |  | 432 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 114.00 |  |  |  | USD |  |  |  | 4,866 |  |  |  | (81,864 | )
Bristol-Myers Squibb Co. |  |  | 275 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 67.00 |  |  |  | USD |  |  |  | 1,838 |  |  |  | (38,912 | )
Bristol-Myers Squibb Co. |  |  | 154 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 68.00 |  |  |  | USD |  |  |  | 1,029 |  |  |  | (15,939 | )
Lockheed Martin Corp. |  |  | 73 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 2,762 |  |  |  | (29,565 | )
Microsoft Corp. |  |  | 35 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 277.50 |  |  |  | USD |  |  |  | 948 |  |  |  | (14,525 | )
Raytheon Technologies Corp. |  |  | 111 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 86.00 |  |  |  | USD |  |  |  | 947 |  |  |  | (24,587 | )
UnitedHealth Group, Inc. |  |  | 62 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 405.00 |  |  |  | USD |  |  |  | 2,483 |  |  |  | (55,645 | )
Estee Lauder Cos., Inc., Class A |  |  | 122 |  |  |  | 08/13/21 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 3,881 |  |  |  | (165,912 | )
Bristol-Myers Squibb Co. |  |  | 391 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 2,613 |  |  |  | (55,913 | )
Citizens Financial Group, Inc. |  |  | 424 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,945 |  |  |  | (26,500 | )
Comcast Corp., Class A |  |  | 341 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,944 |  |  |  | (25,746 | )
Intercontinental Exchange, Inc. |  |  | 73 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 867 |  |  |  | (20,075 | )
Intercontinental Exchange, Inc. |  |  | 317 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 3,763 |  |  |  | (179,105 | )
M&T Bank Corp. |  |  | 363 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 5,275 |  |  |  | (88,935 | )
Medtronic PLC |  |  | 169 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 2,098 |  |  |  | (19,097 | )
Microsoft Corp. |  |  | 43 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 1,165 |  |  |  | (65,252 | )
Otis Worldwide Corp. |  |  | 617 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 5,045 |  |  |  | (92,550 | )
Philip Morris International, Inc. |  |  | 312 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 3,092 |  |  |  | (76,596 | )
Progressive Corp. |  |  | 259 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 97.50 |  |  |  | USD |  |  |  | 2,544 |  |  |  | (90,650 | )
Raytheon Technologies Corp. |  |  | 220 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,877 |  |  |  | (25,300 | )
TE Connectivity Ltd. |  |  | 140 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 1,893 |  |  |  | (38,150 | )
TELUS Corp. |  |  | 2,323 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 28.00 |  |  |  | CAD |  |  |  | 6,458 |  |  |  | (74,023 | )
Texas Instruments, Inc. |  |  | 145 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 2,788 |  |  |  | (50,387 | )
Visa, Inc., Class A |  |  | 33 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 772 |  |  |  | (22,193 | )
Fidelity National Information Services, Inc. |  |  | 377 |  |  |  | 09/17/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 5,341 |  |  |  | (77,285 | )
Otis Worldwide Corp. |  |  | 348 |  |  |  | 09/17/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,846 |  |  |  | (68,730 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,429,242 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AstraZeneca PLC |  | UBS AG |  |  | 10,600 |  |  |  | 07/07/21 |  |  |  | GBP |  |  |  | 82.62 |  |  |  | GBP |  |  |  | 920 |  |  | $ | (62,091 | )
LVMH Moet Hennessy Louis Vuitton SE |  | Barclays Bank PLC |  |  | 10,200 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 661.37 |  |  |  | EUR |  |  |  | 6,745 |  |  |  | (99,326 | )
TELUS Corp. |  | Credit Suisse International |  |  | 78,400 |  |  |  | 07/07/21 |  |  |  | CAD |  |  |  | 26.52 |  |  |  | CAD |  |  |  | 2,180 |  |  |  | (81,178 | )
Reckitt Benckiser Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 51,000 |  |  |  | 07/08/21 |  |  |  | GBP |  |  |  | 65.56 |  |  |  | GBP |  |  |  | 3,262 |  |  |  | (8,734 | )
Relx PLC |  | UBS AG |  |  | 96,700 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 22.02 |  |  |  | EUR |  |  |  | 2,174 |  |  |  | (62,421 | )
Schneider Electric SE |  | Morgan Stanley & Co. International PLC |  |  | 32,300 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 131.89 |  |  |  | EUR |  |  |  | 4,286 |  |  |  | (83,041 | )
Citizens Financial Group, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 97,000 |  |  |  | 07/12/21 |  |  |  | USD |  |  |  | 47.50 |  |  |  | USD |  |  |  | 4,449 |  |  |  | (41,942 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 97,500 |  |  |  | 07/13/21 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  |  | 2,711 |  |  |  | (141,898 | )
China Feihe Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 640,000 |  |  |  | 07/14/21 |  |  |  | HKD |  |  |  | 22.46 |  |  |  | HKD |  |  |  | 10,726 |  |  |  | (2 | )
Diageo PLC |  | Credit Suisse International |  |  | 95,000 |  |  |  | 07/14/21 |  |  |  | GBP |  |  |  | 35.05 |  |  |  | GBP |  |  |  | 3,288 |  |  |  | (42,931 | )
Enn Energy Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 121,000 |  |  |  | 07/14/21 |  |  |  | HKD |  |  |  | 146.22 |  |  |  | HKD |  |  |  | 17,884 |  |  |  | (65,901 | )
Novo Nordisk A/S, Class B |  | UBS AG |  |  | 26,200 |  |  |  | 07/14/21 |  |  |  | DKK |  |  |  | 496.74 |  |  |  | DKK |  |  |  | 13,765 |  |  |  | (124,702 | )
Reckitt Benckiser Group PLC |  | Barclays Bank PLC |  |  | 43,700 |  |  |  | 07/14/21 |  |  |  | GBP |  |  |  | 65.21 |  |  |  | GBP |  |  |  | 2,795 |  |  |  | (19,457 | )
Relx PLC |  | Barclays Bank PLC |  |  | 100,000 |  |  |  | 07/14/21 |  |  |  | EUR |  |  |  | 21.72 |  |  |  | EUR |  |  |  | 2,248 |  |  |  | (98,571 | )
Unilever PLC |  | Credit Suisse International |  |  | 53,700 |  |  |  | 07/14/21 |  |  |  | GBP |  |  |  | 43.54 |  |  |  | GBP |  |  |  | 2,272 |  |  |  | (4,972 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 610,000 |  |  |  | 07/14/21 |  |  |  | MXN |  |  |  | 65.19 |  |  |  | MXN |  |  |  | 39,693 |  |  |  | (57,282 | )
Ansell Ltd. |  | UBS AG |  |  | 16,000 |  |  |  | 07/15/21 |  |  |  | AUD |  |  |  | 40.95 |  |  |  | AUD |  |  |  | 696 |  |  |  | (32,347 | )
BAE Systems PLC |  | UBS AG |  |  | 163,400 |  |  |  | 07/15/21 |  |  |  | GBP |  |  |  | 5.35 |  |  |  | GBP |  |  |  | 853 |  |  |  | (8,532 | )
DBS Group Holdings Ltd. |  | UBS AG |  |  | 48,000 |  |  |  | 07/15/21 |  |  |  | SGD |  |  |  | 30.07 |  |  |  | SGD |  |  |  | 1,431 |  |  |  | (11,107 | )
Ferguson PLC |  | Morgan Stanley & Co. International PLC |  |  | 29,700 |  |  |  | 07/15/21 |  |  |  | GBP |  |  |  | 98.05 |  |  |  | GBP |  |  |  | 2,985 |  |  |  | (127,187 | )
Koninklijke Philips Electronics NV |  | Morgan Stanley & Co. International PLC |  |  | 30,300 |  |  |  | 07/15/21 |  |  |  | EUR |  |  |  | 46.62 |  |  |  | EUR |  |  |  | 1,266 |  |  |  | (170 | )
Amadeus IT Group SA |  | UBS AG |  |  | 9,849 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 65.57 |  |  |  | EUR |  |  |  | 584 |  |  |  | (2,340 | )
Ansell Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 19,200 |  |  |  | 07/20/21 |  |  |  | AUD |  |  |  | 39.17 |  |  |  | AUD |  |  |  | 835 |  |  |  | (62,845 | )

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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BAE Systems PLC |  | Goldman Sachs International |  |  | 163,400 |  |  |  | 07/20/21 |  |  |  | GBP |  |  |  | 5.34 |  |  |  | GBP |  |  |  | 853 |  |  | $ | (12,236 | )
China Feihe Ltd. |  | Goldman Sachs International |  |  | 640,000 |  |  |  | 07/20/21 |  |  |  | HKD |  |  |  | 20.29 |  |  |  | HKD |  |  |  | 10,726 |  |  |  | (1,160 | )
Enn Energy Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 121,000 |  |  |  | 07/20/21 |  |  |  | HKD |  |  |  | 146.98 |  |  |  | HKD |  |  |  | 17,884 |  |  |  | (69,684 | )
EssilorLuxottica SA |  | Credit Suisse International |  |  | 22,100 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 148.51 |  |  |  | EUR |  |  |  | 3,440 |  |  |  | (219,690 | )
Novo Nordisk A/S, Class B |  | Credit Suisse International |  |  | 61,300 |  |  |  | 07/20/21 |  |  |  | DKK |  |  |  | 496.00 |  |  |  | DKK |  |  |  | 32,207 |  |  |  | (304,673 | )
Sanofi |  | UBS AG |  |  | 62,200 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 88.44 |  |  |  | EUR |  |  |  | 5,496 |  |  |  | (97,580 | )
Schneider Electric SE |  | UBS AG |  |  | 6,200 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 133.32 |  |  |  | EUR |  |  |  | 823 |  |  |  | (17,428 | )
Unilever PLC |  | Credit Suisse International |  |  | 44,400 |  |  |  | 07/20/21 |  |  |  | GBP |  |  |  | 43.15 |  |  |  | GBP |  |  |  | 1,878 |  |  |  | (11,951 | )
Ansell Ltd. |  | UBS AG |  |  | 40,600 |  |  |  | 07/27/21 |  |  |  | AUD |  |  |  | 41.16 |  |  |  | AUD |  |  |  | 1,767 |  |  |  | (81,509 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 73,100 |  |  |  | 07/27/21 |  |  |  | GBP |  |  |  | 81.73 |  |  |  | GBP |  |  |  | 6,347 |  |  |  | (542,995 | )
DBS Group Holdings Ltd. |  | Goldman Sachs International |  |  | 134,200 |  |  |  | 07/27/21 |  |  |  | SGD |  |  |  | 30.63 |  |  |  | SGD |  |  |  | 4,001 |  |  |  | (21,750 | )
Relx PLC |  | UBS AG |  |  | 79,700 |  |  |  | 07/27/21 |  |  |  | EUR |  |  |  | 22.19 |  |  |  | EUR |  |  |  | 1,792 |  |  |  | (53,919 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 97,200 |  |  |  | 07/27/21 |  |  |  | CAD |  |  |  | 27.10 |  |  |  | CAD |  |  |  | 2,702 |  |  |  | (67,815 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 610,000 |  |  |  | 07/27/21 |  |  |  | MXN |  |  |  | 65.19 |  |  |  | MXN |  |  |  | 39,693 |  |  |  | (80,984 | )
Diageo PLC |  | Goldman Sachs International |  |  | 45,500 |  |  |  | 07/29/21 |  |  |  | GBP |  |  |  | 35.83 |  |  |  | GBP |  |  |  | 1,575 |  |  |  | (18,824 | )
Koninklijke Philips Electronics NV |  | Credit Suisse International |  |  | 71,000 |  |  |  | 07/29/21 |  |  |  | EUR |  |  |  | 45.91 |  |  |  | EUR |  |  |  | 2,967 |  |  |  | (7,358 | )
Amadeus IT Group SA |  | JPMorgan Chase Bank N.A. |  |  | 55,800 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 65.42 |  |  |  | EUR |  |  |  | 3,310 |  |  |  | (24,737 | )
Ansell Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 22,100 |  |  |  | 08/04/21 |  |  |  | AUD |  |  |  | 40.85 |  |  |  | AUD |  |  |  | 962 |  |  |  | (50,208 | )
EssilorLuxottica SA |  | JPMorgan Chase Bank N.A. |  |  | 22,000 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 151.52 |  |  |  | EUR |  |  |  | 3,424 |  |  |  | (165,138 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 91,800 |  |  |  | 08/04/21 |  |  |  | GBP |  |  |  | 14.67 |  |  |  | GBP |  |  |  | 1,261 |  |  |  | (13,595 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 60,400 |  |  |  | 08/04/21 |  |  |  | GBP |  |  |  | 14.70 |  |  |  | GBP |  |  |  | 830 |  |  |  | (5,573 | )
Reckitt Benckiser Group PLC |  | JPMorgan Chase Bank N.A. |  |  | 58,100 |  |  |  | 08/04/21 |  |  |  | GBP |  |  |  | 65.80 |  |  |  | GBP |  |  |  | 3,717 |  |  |  | (51,291 | )
Relx PLC |  | JPMorgan Chase Bank N.A. |  |  | 91,000 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 22.97 |  |  |  | EUR |  |  |  | 2,046 |  |  |  | (24,138 | )
Sanofi |  | Morgan Stanley & Co. International PLC |  |  | 46,500 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 89.05 |  |  |  | EUR |  |  |  | 4,109 |  |  |  | (88,021 | )
China Feihe Ltd. |  | Goldman Sachs International |  |  | 1,142,000 |  |  |  | 08/05/21 |  |  |  | HKD |  |  |  | 18.13 |  |  |  | HKD |  |  |  | 19,140 |  |  |  | (50,567 | )
Hasbro, Inc. |  | Credit Suisse Securities (USA) LLC |  |  | 22,300 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 94.50 |  |  |  | USD |  |  |  | 2,108 |  |  |  | (78,050 | )
Unilever PLC |  | Credit Suisse International |  |  | 29,700 |  |  |  | 08/10/21 |  |  |  | GBP |  |  |  | 42.29 |  |  |  | GBP |  |  |  | 1,256 |  |  |  | (31,958 | )
Ansell Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 14,300 |  |  |  | 08/11/21 |  |  |  | AUD |  |  |  | 42.92 |  |  |  | AUD |  |  |  | 622 |  |  |  | (18,453 | )
Diageo PLC |  | Goldman Sachs International |  |  | 74,400 |  |  |  | 08/11/21 |  |  |  | GBP |  |  |  | 35.41 |  |  |  | GBP |  |  |  | 2,575 |  |  |  | (63,655 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 91,800 |  |  |  | 08/11/21 |  |  |  | GBP |  |  |  | 14.67 |  |  |  | GBP |  |  |  | 1,261 |  |  |  | (17,090 | )
Relx PLC |  | Morgan Stanley & Co. International PLC |  |  | 91,000 |  |  |  | 08/11/21 |  |  |  | EUR |  |  |  | 22.97 |  |  |  | EUR |  |  |  | 2,046 |  |  |  | (28,408 | )
BAE Systems PLC |  | Credit Suisse International |  |  | 205,100 |  |  |  | 08/12/21 |  |  |  | GBP |  |  |  | 5.31 |  |  |  | GBP |  |  |  | 1,071 |  |  |  | (27,237 | )
China Feihe Ltd. |  | UBS AG |  |  | 695,000 |  |  |  | 08/12/21 |  |  |  | HKD |  |  |  | 18.39 |  |  |  | HKD |  |  |  | 11,648 |  |  |  | (29,475 | )
Ferguson PLC |  | UBS AG |  |  | 24,500 |  |  |  | 08/12/21 |  |  |  | GBP |  |  |  | 102.92 |  |  |  | GBP |  |  |  | 2,462 |  |  |  | (37,679 | )
Novo Nordisk A/S, Class B |  | Morgan Stanley & Co. International PLC |  |  | 19,400 |  |  |  | 08/12/21 |  |  |  | DKK |  |  |  | 531.21 |  |  |  | DKK |  |  |  | 10,193 |  |  |  | (34,402 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | UBS AG |  |  | 456,000 |  |  |  | 08/12/21 |  |  |  | USD |  |  |  | 606.90 |  |  |  | USD |  |  |  | 271,320 |  |  |  | (303,336 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 18,400 |  |  |  | 08/18/21 |  |  |  | GBP |  |  |  | 88.32 |  |  |  | GBP |  |  |  | 1,598 |  |  |  | (41,193 | )
Ferguson PLC |  | Morgan Stanley & Co. International PLC |  |  | 15,300 |  |  |  | 08/18/21 |  |  |  | GBP |  |  |  | 102.18 |  |  |  | GBP |  |  |  | 1,538 |  |  |  | (39,261 | )
Prudential PLC |  | UBS AG |  |  | 101,900 |  |  |  | 08/18/21 |  |  |  | GBP |  |  |  | 14.59 |  |  |  | GBP |  |  |  | 1,400 |  |  |  | (27,936 | )
Relx PLC |  | Morgan Stanley & Co. International PLC |  |  | 34,000 |  |  |  | 08/18/21 |  |  |  | EUR |  |  |  | 22.93 |  |  |  | EUR |  |  |  | 764 |  |  |  | (12,435 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,112,369 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 1,969,521 |  |  | $ | (3,160,572 | ) |  | $ | (8,541,611) |

66 |  | 2 0 2 1 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, 2021 |  | BlackRock Enhanced Global Dividend Trust (BOE)

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 |  | $ | — |  |  | $ | — |  |  | $ | 8,541,611 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,541,611 |

For the six months ended June 30, 2021, 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 |  | $ | — |  |  | $ | — |  |  | $ | (7,271,190 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (7,271,190 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (1,024,212 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,024,212 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 8,838,128 |

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 |  | $ | — |  |  | $ | 8,541,611 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 8,541,611 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (4,429,242 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 4,112,369 |

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 |  | $ | 217,354 |  |  | $ | — |  |  | $ | (217,354 | ) |  | $ | — |  |  | $ | — |
Citibank N.A. |  |  | 138,266 |  |  |  | — |  |  |  | — |  |  |  | (138,266 | ) |  |  | — |
Credit Suisse International |  |  | 731,948 |  |  |  | — |  |  |  | — |  |  |  | (260,000 | ) |  |  | 471,948 |
Credit Suisse Securities (USA) LLC |  |  | 78,050 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 78,050 |
Goldman Sachs International |  |  | 962,093 |  |  |  | — |  |  |  | (942,093 | ) |  |  | (20,000 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 524,131 |  |  |  | — |  |  |  | (524,131 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 508,125 |  |  |  | — |  |  |  | (508,125 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 952,402 |  |  |  | — |  |  |  | (879,534 | ) |  |  | (72,868 | ) |  |  | — |
|  | $ | 4,112,369 |  |  | $ | — |  |  | $ | (3,071,237 | ) |  | $ | (491,134 | ) |  | $ | 549,998 |

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

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

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australia |  | $ | — |  |  | $ | 6,659,424 |  |  | $ | 3 |  |  | $ | 6,659,427 |
Canada |  |  | 25,187,639 |  |  |  | — |  |  |  | — |  |  |  | 25,187,639 |
China |  |  | — |  |  |  | 23,301,089 |  |  |  | — |  |  |  | 23,301,089 |
Denmark |  |  | — |  |  |  | 16,280,487 |  |  |  | — |  |  |  | 16,280,487 |
France |  |  | — |  |  |  | 82,227,574 |  |  |  | — |  |  |  | 82,227,574 |
India |  |  | — |  |  |  | — |  |  |  | 596,065 |  |  |  | 596,065 |
Ireland |  |  | 8,605,064 |  |  |  | — |  |  |  | — |  |  |  | 8,605,064 |
Mexico |  |  | 8,851,906 |  |  |  | — |  |  |  | — |  |  |  | 8,851,906 |
Netherlands |  |  | — |  |  |  | 10,527,852 |  |  |  | — |  |  |  | 10,527,852 |
Singapore |  |  | — |  |  |  | 9,007,220 |  |  |  | — |  |  |  | 9,007,220 |
Spain |  |  | — |  |  |  | 13,217,832 |  |  |  | — |  |  |  | 13,217,832 |
Taiwan |  |  | — |  |  |  | 28,064,051 |  |  |  | — |  |  |  | 28,064,051 |
United Kingdom |  |  | — |  |  |  | 172,605,299 |  |  |  | — |  |  |  | 172,605,299 |
United States |  |  | 442,319,286 |  |  |  | — |  |  |  | — |  |  |  | 442,319,286 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 5,226,715 |  |  |  | — |  |  |  | — |  |  |  | 5,226,715 |
|  | $ | 490,190,610 |  |  | $ | 361,890,828 |  |  | $ | 596,068 |  |  | $ | 852,677,506 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (4,191,259 | ) |  | $ | (4,350,352 | ) |  | $ | — |  |  | $ | (8,541,611 | )

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

See notes to financial statements.

68 |  | 2 0 2 1 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, 2021 |  | BlackRock Enhanced International Dividend Trust (BGY) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Australia — 2.1% |  |  |  |  |  |
Ansell Ltd. |  |  | 455,152 |  |  | $ | 14,847,245 |
Canada — 4.5% |  |  |  |  |  |
TELUS Corp. |  |  | 1,412,703 |  |  |  | 31,682,110 |
China — 5.2% |  |  |  |  |  |
China Feihe Ltd.(a) |  |  | 10,214,000 |  |  |  | 22,021,613 |
Enn Energy Holdings Ltd. |  |  | 792,700 |  |  |  | 15,065,841 |
|  |  |  |  |  |  | 37,087,454 |
Denmark — 3.6% |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  | 310,268 |  |  |  | 25,972,103 |
France — 17.3% |  |  |  |  |  |
Air Liquide SA |  |  | 61,686 |  |  |  | 10,816,638 |
EssilorLuxottica SA |  |  | 155,966 |  |  |  | 28,812,102 |
LVMH Moet Hennessy Louis Vuitton SE |  |  | 30,632 |  |  |  | 24,096,870 |
Sanofi |  |  | 346,582 |  |  |  | 36,412,798 |
Schneider Electric SE |  |  | 149,011 |  |  |  | 23,490,771 |
|  |  |  |  |  |  | 123,629,179 |
India — 3.3% |  |  |  |  |  |
HDFC Bank Ltd. |  |  | 1,113,144 |  |  |  | 22,483,116 |
Jasper Infotech Private Ltd., Series I, (Acquired 05/07/14, Cost: $3,948,600)(b)(c) |  |  | 5,300 |  |  |  | 892,414 |
|  |  |  |  |  |  | 23,375,530 |
Mexico — 2.4% |  |  |  |  |  |
Wal-Mart de Mexico SAB de CV |  |  | 5,117,558 |  |  |  | 16,705,102 |
Netherlands — 2.6% |  |  |  |  |  |
Koninklijke Philips NV(d) |  |  | 379,536 |  |  |  | 18,837,950 |
Singapore — 4.3% |  |  |  |  |  |
DBS Group Holdings Ltd. |  |  | 633,200 |  |  |  | 14,086,990 |
United Overseas Bank Ltd. |  |  | 849,800 |  |  |  | 16,364,935 |
|  |  |  |  |  |  | 30,451,925 |
Spain — 5.2% |  |  |  |  |  |
Amadeus IT Group SA(d) |  |  | 315,811 |  |  |  | 22,263,604 |
Bankinter SA |  |  | 2,971,923 |  |  |  | 14,951,876 |
|  |  |  |  |  |  | 37,215,480 |
Taiwan — 5.0% |  |  |  |  |  |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 1,668,000 |  |  |  | 35,925,431 |
United Kingdom — 34.5% |  |  |  |  |  |
AstraZeneca PLC |  |  | 250,844 |  |  |  | 30,137,433 |
BAE Systems PLC |  |  | 2,834,604 |  |  |  | 20,482,898 |
Diageo PLC |  |  | 666,193 |  |  |  | 31,929,620 |
Ferguson PLC |  |  | 236,520 |  |  |  | 32,906,357 |
Prudential PLC |  |  | 1,552,742 |  |  |  | 29,542,109 |
Reckitt Benckiser Group PLC |  |  | 410,312 |  |  |  | 36,251,127 |
RELX PLC |  |  | 1,301,982 |  |  |  | 34,722,997 |
Unilever PLC |  |  | 515,592 |  |  |  | 30,127,867 |
|  |  |  |  |  |  | 246,100,408 |

Security |  | Shares |  |  | Value |
United States(e) — 9.1% |  |  |  |  |  |
Estee Lauder Cos., Inc., Class A |  |  | 83,761 |  |  | $ | 26,642,699 |
Otis Worldwide Corp. |  |  | 206,671 |  |  |  | 16,899,488 |
Visa, Inc., Class A |  |  | 92,155 |  |  |  | 21,547,682 |
|  |  |  |  |  |  | 65,089,869 |
Total Common Stocks — 99.1% (Cost: $573,564,419) |  |  |  |  | 706,919,786 |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 0.3% |  |  |  |  |  |
China — 0.3% |  |  |  |  |  |
Xiaoju Kuaizhi, Inc., Series A-17, (Acquired 07/28/15, Cost: $1,053,166)(c) |  |  | 38,400 |  |  |  | 2,063,309 |
Total Preferred Securities — 0.3% (Cost: $1,053,166) |  |  | 2,063,309 |
Total Long-Term Investments — 99.4% (Cost: $574,617,585) |  |  | 708,983,095 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.4% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(f)(g) |  |  | 3,006,927 |  |  |  | 3,006,927 |
Total Short-Term Securities — 0.4% (Cost: $3,006,927) |  |  | 3,006,927 |
Total Investments Before Options Written — 99.8% (Cost: $577,624,512) |  |  | 711,990,022 |
Options Written — (1.0)% (Premiums Received: $(5,591,310)) |  |  | (7,406,017) |
Total Investments, Net of Options Written — 98.8% (Cost: $572,033,202) |  |  | 704,584,005 |
Other Assets Less Liabilities — 1.2% |  |  |  | 8,438,777 |
Net Assets — 100.0% |  |  | $ | 713,022,782 |

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

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

(c) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $3,848,137, representing 0.4% of its net assets as of period end, and an original cost of $8,950,366.

(d) | Non-income producing security.

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

(f) | Affiliate of the Trust.

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

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Enhanced International Dividend Trust (BGY)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six-months ended June 30, 2021 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 287,381 |  |  | $ | 2,719,546 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,006,927 |  |  |  | 3,006,927 |  |  | $ | 604 |  |  | $ | — |

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Visa, Inc., Class A |  |  | 72 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 1,684 |  |  | $ | (14,040 | )
Estee Lauder Cos., Inc., Class A |  |  | 196 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 6,234 |  |  |  | (371,420 | )
Otis Worldwide Corp. |  |  | 206 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,684 |  |  |  | (48,410 | )
Visa, Inc., Class A |  |  | 32 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 748 |  |  |  | (9,600 | )
Visa, Inc., Class A |  |  | 69 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 1,613 |  |  |  | (31,223 | )
Visa, Inc., Class A |  |  | 97 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,268 |  |  |  | (31,525 | )
Estee Lauder Cos., Inc., Class A |  |  | 180 |  |  |  | 08/13/21 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 5,725 |  |  |  | (244,788 | )
Otis Worldwide Corp. |  |  | 270 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,208 |  |  |  | (40,500 | )
TELUS Corp. |  |  | 2,622 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 28.00 |  |  |  | CAD |  |  |  | 7,289 |  |  |  | (83,550 | )
Visa, Inc., Class A |  |  | 52 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 1,216 |  |  |  | (34,970 | )
Otis Worldwide Corp. |  |  | 10 |  |  |  | 09/17/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 82 |  |  |  | (1,975 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (912,001 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AstraZeneca PLC |  | UBS AG |  |  | 500 |  |  |  | 07/07/21 |  |  |  | GBP |  |  |  | 82.62 |  |  |  | GBP |  |  |  | 3 |  |  | $ | (2,929 | )
BAE Systems PLC |  | Credit Suisse International |  |  | 364,000 |  |  |  | 07/07/21 |  |  |  | GBP |  |  |  | 5.33 |  |  |  | GBP |  |  |  | 1,901 |  |  |  | (9,973 | )
LVMH Moet Hennessy Louis Vuitton SE |  | Barclays Bank PLC |  |  | 14,900 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 661.37 |  |  |  | EUR |  |  |  | 9,885 |  |  |  | (145,094 | )
TELUS Corp. |  | Credit Suisse International |  |  | 153,600 |  |  |  | 07/07/21 |  |  |  | CAD |  |  |  | 26.52 |  |  |  | CAD |  |  |  | 4,270 |  |  |  | (159,043 | )
Reckitt Benckiser Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 78,000 |  |  |  | 07/08/21 |  |  |  | GBP |  |  |  | 65.56 |  |  |  | GBP |  |  |  | 4,982 |  |  |  | (13,358 | )
Relx PLC |  | UBS AG |  |  | 2,400 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 22.02 |  |  |  | EUR |  |  |  | 54 |  |  |  | (1,549 | )
Schneider Electric SE |  | Morgan Stanley & Co. International PLC |  |  | 71,700 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 131.90 |  |  |  | EUR |  |  |  | 9,532 |  |  |  | (184,335 | )
United Overseas Bank Ltd. |  | Goldman Sachs International |  |  | 75,500 |  |  |  | 07/08/21 |  |  |  | SGD |  |  |  | 25.93 |  |  |  | SGD |  |  |  | 1,955 |  |  |  | (12,522 | )
Otis Worldwide Corp. |  | Barclays Bank PLC |  |  | 65,000 |  |  |  | 07/13/21 |  |  |  | USD |  |  |  | 77.25 |  |  |  | USD |  |  |  | 5,315 |  |  |  | (306,734 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 127,100 |  |  |  | 07/13/21 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  |  | 3,533 |  |  |  | (184,977 | )
Air Liquide SA |  | UBS AG |  |  | 13,800 |  |  |  | 07/14/21 |  |  |  | EUR |  |  |  | 141.36 |  |  |  | EUR |  |  |  | 2,041 |  |  |  | (109,092 | )
Bankinter SA |  | UBS AG |  |  | 502,350 |  |  |  | 07/14/21 |  |  |  | EUR |  |  |  | 4.78 |  |  |  | EUR |  |  |  | 2,131 |  |  |  | (336 | )
China Feihe Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 1,434,000 |  |  |  | 07/14/21 |  |  |  | HKD |  |  |  | 22.46 |  |  |  | HKD |  |  |  | 24,005 |  |  |  | (4 | )
Diageo PLC |  | Credit Suisse International |  |  | 131,400 |  |  |  | 07/14/21 |  |  |  | GBP |  |  |  | 35.05 |  |  |  | GBP |  |  |  | 686 |  |  |  | (59,380 | )
Enn Energy Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 202,500 |  |  |  | 07/14/21 |  |  |  | HKD |  |  |  | 146.22 |  |  |  | HKD |  |  |  | 29,882 |  |  |  | (110,288 | )
Novo Nordisk A/S, Class B |  | UBS AG |  |  | 77,800 |  |  |  | 07/14/21 |  |  |  | DKK |  |  |  | 496.74 |  |  |  | DKK |  |  |  | 40,842 |  |  |  | (370,300 | )
Reckitt Benckiser Group PLC |  | Barclays Bank PLC |  |  | 52,400 |  |  |  | 07/14/21 |  |  |  | GBP |  |  |  | 65.21 |  |  |  | GBP |  |  |  | 3,347 |  |  |  | (23,330 | )
Relx PLC |  | Barclays Bank PLC |  |  | 105,600 |  |  |  | 07/14/21 |  |  |  | EUR |  |  |  | 21.72 |  |  |  | EUR |  |  |  | 2,375 |  |  |  | (104,091 | )
Unilever PLC |  | Credit Suisse International |  |  | 54,600 |  |  |  | 07/14/21 |  |  |  | GBP |  |  |  | 43.54 |  |  |  | GBP |  |  |  | 2,306 |  |  |  | (5,055 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 1,030,000 |  |  |  | 07/14/21 |  |  |  | MXN |  |  |  | 65.19 |  |  |  | MXN |  |  |  | 67,022 |  |  |  | (96,722 | )
Ansell Ltd. |  | UBS AG |  |  | 2,600 |  |  |  | 07/15/21 |  |  |  | AUD |  |  |  | 40.95 |  |  |  | AUD |  |  |  | 113 |  |  |  | (5,256 | )
BAE Systems PLC |  | UBS AG |  |  | 355,400 |  |  |  | 07/15/21 |  |  |  | GBP |  |  |  | 5.35 |  |  |  | GBP |  |  |  | 1,857 |  |  |  | (18,558 | )
DBS Group Holdings Ltd. |  | UBS AG |  |  | 38,400 |  |  |  | 07/15/21 |  |  |  | SGD |  |  |  | 30.07 |  |  |  | SGD |  |  |  | 1,149 |  |  |  | (8,886 | )
Ferguson PLC |  | Morgan Stanley & Co. International PLC |  |  | 38,300 |  |  |  | 07/15/21 |  |  |  | GBP |  |  |  | 98.05 |  |  |  | GBP |  |  |  | 3,852 |  |  |  | (164,016 | )
Koninklijke Philips Electronics NV |  | Morgan Stanley & Co. International PLC |  |  | 90,400 |  |  |  | 07/15/21 |  |  |  | EUR |  |  |  | 46.62 |  |  |  | EUR |  |  |  | 3,784 |  |  |  | (509 | )
United Overseas Bank Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 73,400 |  |  |  | 07/19/21 |  |  |  | SGD |  |  |  | 26.93 |  |  |  | SGD |  |  |  | 1,901 |  |  |  | (2,444 | )

70 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Air Liquide SA |  | Credit Suisse International |  |  | 13,900 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 142.57 |  |  |  | EUR |  |  |  | 2,056 |  |  | $ | (96,918 | )
Amadeus IT Group SA |  | UBS AG |  |  | 39,031 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 65.57 |  |  |  | EUR |  |  |  | 2,321 |  |  |  | (9,273 | )
Ansell Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 121,700 |  |  |  | 07/20/21 |  |  |  | AUD |  |  |  | 39.17 |  |  |  | AUD |  |  |  | 5,294 |  |  |  | (398,348 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 355,400 |  |  |  | 07/20/21 |  |  |  | GBP |  |  |  | 5.34 |  |  |  | GBP |  |  |  | 1,857 |  |  |  | (26,613 | )
China Feihe Ltd. |  | Goldman Sachs International |  |  | 1,076,000 |  |  |  | 07/20/21 |  |  |  | HKD |  |  |  | 20.29 |  |  |  | HKD |  |  |  | 18,012 |  |  |  | (1,950 | )
Enn Energy Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 154,300 |  |  |  | 07/20/21 |  |  |  | HKD |  |  |  | 146.98 |  |  |  | HKD |  |  |  | 22,769 |  |  |  | (88,862 | )
EssilorLuxottica SA |  | Credit Suisse International |  |  | 37,800 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 148.52 |  |  |  | EUR |  |  |  | 5,889 |  |  |  | (375,760 | )
Novo Nordisk A/S, Class B |  | Credit Suisse International |  |  | 13,500 |  |  |  | 07/20/21 |  |  |  | DKK |  |  |  | 496.00 |  |  |  | DKK |  |  |  | 7,087 |  |  |  | (67,098 | )
Sanofi |  | UBS AG |  |  | 81,500 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 88.44 |  |  |  | EUR |  |  |  | 7,221 |  |  |  | (127,858 | )
Unilever PLC |  | Credit Suisse International |  |  | 30,300 |  |  |  | 07/20/21 |  |  |  | GBP |  |  |  | 43.15 |  |  |  | GBP |  |  |  | 1,280 |  |  |  | (8,156 | )
Ansell Ltd. |  | UBS AG |  |  | 75,400 |  |  |  | 07/27/21 |  |  |  | AUD |  |  |  | 41.16 |  |  |  | AUD |  |  |  | 3,280 |  |  |  | (151,375 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 112,400 |  |  |  | 07/27/21 |  |  |  | GBP |  |  |  | 81.73 |  |  |  | GBP |  |  |  | 9,762 |  |  |  | (834,918 | )
Bankinter SA |  | UBS AG |  |  | 502,350 |  |  |  | 07/27/21 |  |  |  | EUR |  |  |  | 4.78 |  |  |  | EUR |  |  |  | 2,131 |  |  |  | (2,951 | )
DBS Group Holdings Ltd. |  | Goldman Sachs International |  |  | 246,600 |  |  |  | 07/27/21 |  |  |  | SGD |  |  |  | 30.63 |  |  |  | SGD |  |  |  | 7,377 |  |  |  | (39,968 | )
Relx PLC |  | UBS AG |  |  | 128,700 |  |  |  | 07/27/21 |  |  |  | EUR |  |  |  | 22.19 |  |  |  | EUR |  |  |  | 2,895 |  |  |  | (87,068 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | UBS AG |  |  | 122,000 |  |  |  | 07/27/21 |  |  |  | USD |  |  |  | 609.95 |  |  |  | USD |  |  |  | 73,213 |  |  |  | (53,948 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 126,800 |  |  |  | 07/27/21 |  |  |  | CAD |  |  |  | 27.10 |  |  |  | CAD |  |  |  | 3,525 |  |  |  | (88,466 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 1,030,000 |  |  |  | 07/27/21 |  |  |  | MXN |  |  |  | 65.19 |  |  |  | MXN |  |  |  | 67,022 |  |  |  | (136,743 | )
Diageo PLC |  | Goldman Sachs International |  |  | 168,400 |  |  |  | 07/29/21 |  |  |  | GBP |  |  |  | 35.83 |  |  |  | GBP |  |  |  | 5,828 |  |  |  | (69,671 | )
Koninklijke Philips Electronics NV |  | Credit Suisse International |  |  | 78,000 |  |  |  | 07/29/21 |  |  |  | EUR |  |  |  | 45.91 |  |  |  | EUR |  |  |  | 3,265 |  |  |  | (8,084 | )
Ansell Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 10,900 |  |  |  | 08/04/21 |  |  |  | AUD |  |  |  | 40.85 |  |  |  | AUD |  |  |  | 474 |  |  |  | (24,763 | )
EssilorLuxottica SA |  | JPMorgan Chase Bank N.A. |  |  | 37,700 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 151.52 |  |  |  | EUR |  |  |  | 5,873 |  |  |  | (282,986 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 169,200 |  |  |  | 08/04/21 |  |  |  | GBP |  |  |  | 14.67 |  |  |  | GBP |  |  |  | 2,327 |  |  |  | (25,057 | )
Reckitt Benckiser Group PLC |  | JPMorgan Chase Bank N.A. |  |  | 45,400 |  |  |  | 08/04/21 |  |  |  | GBP |  |  |  | 65.80 |  |  |  | GBP |  |  |  | 2,900 |  |  |  | (40,079 | )
Relx PLC |  | JPMorgan Chase Bank N.A. |  |  | 107,000 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 22.97 |  |  |  | EUR |  |  |  | 2,407 |  |  |  | (28,382 | )
Sanofi |  | Morgan Stanley & Co. International PLC |  |  | 39,900 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 89.05 |  |  |  | EUR |  |  |  | 3,535 |  |  |  | (75,528 | )
United Overseas Bank Ltd. |  | Goldman Sachs International |  |  | 233,600 |  |  |  | 08/04/21 |  |  |  | SGD |  |  |  | 25.74 |  |  |  | SGD |  |  |  | 6,049 |  |  |  | (93,052 | )
Amadeus IT Group SA |  | UBS AG |  |  | 71,600 |  |  |  | 08/05/21 |  |  |  | EUR |  |  |  | 65.78 |  |  |  | EUR |  |  |  | 4,257 |  |  |  | (35,887 | )
China Feihe Ltd. |  | Goldman Sachs International |  |  | 1,465,000 |  |  |  | 08/05/21 |  |  |  | HKD |  |  |  | 18.13 |  |  |  | HKD |  |  |  | 24,524 |  |  |  | (64,870 | )
Air Liquide SA |  | Morgan Stanley & Co. International PLC |  |  | 6,200 |  |  |  | 08/10/21 |  |  |  | EUR |  |  |  | 149.38 |  |  |  | EUR |  |  |  | 917 |  |  |  | (17,040 | )
Koninklijke Philips Electronics NV |  | Morgan Stanley & Co. International PLC |  |  | 2,400 |  |  |  | 08/10/21 |  |  |  | EUR |  |  |  | 42.66 |  |  |  | EUR |  |  |  | 100 |  |  |  | (2,353 | )
Unilever PLC |  | Credit Suisse International |  |  | 95,600 |  |  |  | 08/10/21 |  |  |  | GBP |  |  |  | 42.29 |  |  |  | GBP |  |  |  | 4,038 |  |  |  | (102,870 | )
Ansell Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 39,700 |  |  |  | 08/11/21 |  |  |  | AUD |  |  |  | 42.92 |  |  |  | AUD |  |  |  | 1,727 |  |  |  | (51,229 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 169,200 |  |  |  | 08/11/21 |  |  |  | GBP |  |  |  | 14.67 |  |  |  | GBP |  |  |  | 2,327 |  |  |  | (31,499 | )
Relx PLC |  | Morgan Stanley & Co. International PLC |  |  | 107,000 |  |  |  | 08/11/21 |  |  |  | EUR |  |  |  | 22.97 |  |  |  | EUR |  |  |  | 2,407 |  |  |  | (33,402 | )
BAE Systems PLC |  | Credit Suisse International |  |  | 200,800 |  |  |  | 08/12/21 |  |  |  | GBP |  |  |  | 5.31 |  |  |  | GBP |  |  |  | 1,049 |  |  |  | (26,666 | )
China Feihe Ltd. |  | UBS AG |  |  | 621,000 |  |  |  | 08/12/21 |  |  |  | HKD |  |  |  | 18.39 |  |  |  | HKD |  |  |  | 10,396 |  |  |  | (26,336 | )
Ferguson PLC |  | UBS AG |  |  | 44,500 |  |  |  | 08/12/21 |  |  |  | GBP |  |  |  | 102.92 |  |  |  | GBP |  |  |  | 4,476 |  |  |  | (68,438 | )
Novo Nordisk A/S, Class B |  | Credit Suisse International |  |  | 48,400 |  |  |  | 08/12/21 |  |  |  | DKK |  |  |  | 527.02 |  |  |  | DKK |  |  |  | 25,408 |  |  |  | (121,140 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | UBS AG |  |  | 461,000 |  |  |  | 08/12/21 |  |  |  | USD |  |  |  | 606.90 |  |  |  | USD |  |  |  | 276,648 |  |  |  | (306,662 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 25,000 |  |  |  | 08/18/21 |  |  |  | GBP |  |  |  | 88.32 |  |  |  | GBP |  |  |  | 2,171 |  |  |  | (55,968 | )
Enn Energy Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 79,100 |  |  |  | 08/18/21 |  |  |  | HKD |  |  |  | 152.03 |  |  |  | HKD |  |  |  | 11,672 |  |  |  | (40,799 | )
Ferguson PLC |  | Morgan Stanley & Co. International PLC |  |  | 23,600 |  |  |  | 08/18/21 |  |  |  | GBP |  |  |  | 102.18 |  |  |  | GBP |  |  |  | 2,374 |  |  |  | (60,560 | )
Prudential PLC |  | UBS AG |  |  | 205,100 |  |  |  | 08/18/21 |  |  |  | GBP |  |  |  | 14.59 |  |  |  | GBP |  |  |  | 2,821 |  |  |  | (56,229 | )
Relx PLC |  | Morgan Stanley & Co. International PLC |  |  | 135,100 |  |  |  | 08/18/21 |  |  |  | EUR |  |  |  | 22.93 |  |  |  | EUR |  |  |  | 3,039 |  |  |  | (49,412 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,494,016 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 1,443,712 |  |  | $ | (3,258,418 | ) |  | $ | (7,406,017 | )

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, 2021 |  | BlackRock Enhanced International Dividend Trust (BGY)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 7,406,017 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,406,017 |

For the six months ended June 30, 2021, 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 |  | $ | — |  |  | $ | — |  |  | $ | (7,980,801 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (7,980,801 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (1,130,084 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,130,084 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average notional value of swaption contracts written |  | $ | 7,774,924 |

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 7,406,017 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 7,406,017 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (912,001 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 6,494,016 |

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 |  | $ | 579,249 |  |  | $ | — |  |  | $ | — |  |  | $ | (579,249 | ) |  | $ | — |
Citibank N.A. |  |  | 233,465 |  |  |  | — |  |  |  | — |  |  |  | (178,000 | ) |  |  | 55,465 |
Credit Suisse International |  |  | 1,040,143 |  |  |  | — |  |  |  | (1,040,143 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,472,975 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,472,975 |
JPMorgan Chase Bank N.A. |  |  | 1,043,421 |  |  |  | — |  |  |  | (1,043,421 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 681,832 |  |  |  | — |  |  |  | (360,832 | ) |  |  | (321,000 | ) |  |  | — |
UBS AG |  |  | 1,442,931 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,442,931 |
|  | $ | 6,494,016 |  |  | $ | — |  |  | $ | (2,444,396 | ) |  | $ | (1,078,249 | ) |  | $ | 2,971,371 |

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

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

72 |  | 2 0 2 1 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, 2021 |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australia |  | $ | — |  |  | $ | 14,847,245 |  |  | $ | — |  |  | $ | 14,847,245 |
Canada |  |  | 31,682,110 |  |  |  | — |  |  |  | — |  |  |  | 31,682,110 |
China |  |  | — |  |  |  | 37,087,454 |  |  |  | — |  |  |  | 37,087,454 |
Denmark |  |  | — |  |  |  | 25,972,103 |  |  |  | — |  |  |  | 25,972,103 |
France |  |  | — |  |  |  | 123,629,179 |  |  |  | — |  |  |  | 123,629,179 |
India |  |  | — |  |  |  | 22,483,116 |  |  |  | 892,414 |  |  |  | 23,375,530 |
Mexico |  |  | 16,705,102 |  |  |  | — |  |  |  | — |  |  |  | 16,705,102 |
Netherlands |  |  | — |  |  |  | 18,837,950 |  |  |  | — |  |  |  | 18,837,950 |
Singapore |  |  | — |  |  |  | 30,451,925 |  |  |  | — |  |  |  | 30,451,925 |
Spain |  |  | — |  |  |  | 37,215,480 |  |  |  | — |  |  |  | 37,215,480 |
Taiwan |  |  | — |  |  |  | 35,925,431 |  |  |  | — |  |  |  | 35,925,431 |
United Kingdom |  |  | — |  |  |  | 246,100,408 |  |  |  | — |  |  |  | 246,100,408 |
United States |  |  | 65,089,869 |  |  |  | — |  |  |  | — |  |  |  | 65,089,869 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | 2,063,309 |  |  |  | — |  |  |  | 2,063,309 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 3,006,927 |  |  |  | — |  |  |  | — |  |  |  | 3,006,927 |
|  | $ | 116,484,008 |  |  | $ | 594,613,600 |  |  | $ | 892,414 |  |  | $ | 711,990,022 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (667,213 | ) |  | $ | (6,738,804 | ) |  | $ | — |  |  | $ | (7,406,017 | )

| (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 |  | 73

Schedule of Investments (unaudited) June 30, 2021 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Biotechnology — 20.7% |  |  |  |  |  |
AbbVie, Inc. |  |  | 49,530 |  |  | $ | 5,579,059 |
Acceleron Pharma, Inc.(a)(b) |  |  | 38,325 |  |  |  | 4,809,404 |
Acerta Pharma BV, Series B, (Acquired 05/06/15, Cost: $986,402)(c)(d) |  |  | 17,146,440 |  |  |  | 2,415,419 |
Acumen Pharmaceuticals, Inc., (Acquired 11/20/20, Cost: $580,000)(d) |  |  | 152,651 |  |  |  | 2,289,765 |
Agios Pharmaceuticals, Inc.(a)(b) |  |  | 21,625 |  |  |  | 1,191,754 |
Allakos, Inc.(a)(b) |  |  | 22,275 |  |  |  | 1,901,617 |
Allogene Therapeutics, Inc.(a)(b) |  |  | 30,786 |  |  |  | 802,899 |
Alnylam Pharmaceuticals, Inc.(a)(b) |  |  | 34,003 |  |  |  | 5,764,189 |
Ambrx Biopharma, Inc., (Acquired 06/22/21, Cost: $500,001)(d) |  |  | 303,869 |  |  |  | 811,128 |
Amgen, Inc.(a) |  |  | 62,397 |  |  |  | 15,209,269 |
Annexon, Inc., (Acquired 06/26/20, Cost: $190,006)(d) |  |  | 15,164 |  |  |  | 341,342 |
Apellis Pharmaceuticals, Inc.(a)(b) |  |  | 15,300 |  |  |  | 966,960 |
Arcutis Biotherapeutics, Inc.(a)(b) |  |  | 42,854 |  |  |  | 1,169,486 |
Arena Pharmaceuticals, Inc.(a)(b) |  |  | 14,984 |  |  |  | 1,021,909 |
Argenx SE, ADR(a)(b) |  |  | 4,800 |  |  |  | 1,445,136 |
Biogen, Inc.(b) |  |  | 25,065 |  |  |  | 8,679,257 |
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b) |  |  | 7,120 |  |  |  | 691,210 |
BioMarin Pharmaceutical, Inc.(a)(b) |  |  | 14,814 |  |  |  | 1,236,080 |
Blueprint Medicines Corp.(a)(b) |  |  | 9,623 |  |  |  | 846,439 |
Bridgebio Pharma, Inc.(a)(b) |  |  | 13,427 |  |  |  | 818,510 |
Cerevel Therapeutics Holdings, Inc.(b) |  |  | 12,589 |  |  |  | 322,530 |
Connect Biopharma Holdings Ltd.(b)(e) |  |  | 12,117 |  |  |  | 236,645 |
Connect Biopharma Holdings Ltd., (Acquired 12/01/20, Cost: $250,023)(d) |  |  | 22,809 |  |  |  | 435,932 |
Cytokinetics, Inc.(a)(b) |  |  | 16,280 |  |  |  | 322,181 |
Decibel Therapeutics, Inc.(b) |  |  | 25,174 |  |  |  | 216,496 |
Decibel Therapeutics, Inc., (Acquired 11/02/20, Cost: $198,658)(d) |  |  | 21,710 |  |  |  | 184,528 |
Design Therapeutics, Inc.(b) |  |  | 13,967 |  |  |  | 277,804 |
Dicerna Pharmaceuticals, Inc.(a)(b) |  |  | 14,790 |  |  |  | 551,963 |
Enanta Pharmaceuticals, Inc.(b) |  |  | 5,480 |  |  |  | 241,175 |
Everest Medicines Ltd.(b)(f) |  |  | 30,500 |  |  |  | 303,191 |
Exact Sciences Corp.(a)(b) |  |  | 14,000 |  |  |  | 1,740,340 |
Forma Therapeutics Holdings, Inc.(b) |  |  | 11,947 |  |  |  | 297,361 |
Genmab A/S(b) |  |  | 14,763 |  |  |  | 6,049,028 |
Genmab A/S, ADR(a)(b) |  |  | 51,161 |  |  |  | 2,088,904 |
Gilead Sciences, Inc.(a) |  |  | 206,984 |  |  |  | 14,252,918 |
Global Blood Therapeutics, Inc.(a)(b) |  |  | 25,084 |  |  |  | 878,442 |
Horizon Therapeutics PLC(a)(b) |  |  | 19,295 |  |  |  | 1,806,784 |
Ideaya Biosciences, Inc.(b) |  |  | 15,835 |  |  |  | 332,377 |
Immunocore Holdings PLC, ADR(b) |  |  | 9,668 |  |  |  | 377,535 |
Incyte Corp.(b) |  |  | 23,637 |  |  |  | 1,988,581 |
Kronos Bio, Inc., (Acquired 10/09/20, Cost: $260,000), 8/20/2020(d) |  |  | 16,099 |  |  |  | 385,571 |
Krystal Biotech, Inc.(a)(b) |  |  | 3,730 |  |  |  | 253,640 |
Mersana Therapeutics, Inc.(b) |  |  | 57,220 |  |  |  | 777,048 |
Mirati Therapeutics, Inc.(a)(b) |  |  | 14,516 |  |  |  | 2,344,769 |
Monte Rosa Therapeutics, Inc.(b) |  |  | 28,575 |  |  |  | 648,652 |
Natera, Inc.(b) |  |  | 13,740 |  |  |  | 1,559,902 |
Neurocrine Biosciences, Inc.(b) |  |  | 18,372 |  |  |  | 1,787,963 |
Prothena Corp. PLC(a)(b) |  |  | 21,064 |  |  |  | 1,082,900 |
PTC Therapeutics, Inc.(b) |  |  | 4,745 |  |  |  | 200,571 |
Rapt Therapeutics, Inc.(a)(b) |  |  | 8,660 |  |  |  | 275,301 |
Regeneron Pharmaceuticals, Inc.(b) |  |  | 11,420 |  |  |  | 6,378,527 |
Relay Therapeutics, Inc.(b) |  |  | 10,918 |  |  |  | 399,490 |
Remegen Co. Ltd., Class H(b)(f) |  |  | 54,500 |  |  |  | 831,226 |

Security |  | Shares |  |  | Value |
Biotechnology (continued) |  |  |  |  |  |
Sarepta Therapeutics, Inc.(a)(b) |  |  | 8,718 |  |  | $ | 677,737 |
Seagen, Inc.(a)(b) |  |  | 65,708 |  |  |  | 10,373,979 |
Seres Therapeutics, Inc.(b) |  |  | 11,900 |  |  |  | 283,815 |
Sigilon Therapeutics, Inc.(b) |  |  | 19,555 |  |  |  | 209,825 |
Talaris Therapeutics, Inc.(b) |  |  | 23,939 |  |  |  | 351,664 |
Taysha Gene Therapies, Inc.(b) |  |  | 30,936 |  |  |  | 655,843 |
TCR2 Therapeutics, Inc.(a)(b) |  |  | 10,160 |  |  |  | 166,726 |
Translate Bio, Inc.(a)(b) |  |  | 15,460 |  |  |  | 425,768 |
Vertex Pharmaceuticals, Inc.(a)(b) |  |  | 21,723 |  |  |  | 4,380,008 |
|  |  |  |  |  |  | 125,346,472 |
Diversified Financial Services(b) — 0.3% |
BCTG Acquisition Corp. |  |  | 8,720 |  |  |  | 99,147 |
Health Assurance Acquisition Corp., Class A |  |  | 90,235 |  |  |  | 903,252 |
Health Sciences Acquisitions Corp. |  |  | 13,696 |  |  |  | 139,699 |
Helix Acquisition Corp., Class A |  |  | 11,715 |  |  |  | 121,016 |
MedTech Acquisition Corp., Class A |  |  | 42,753 |  |  |  | 417,269 |
Therapeutics Acquisition Corp., Class A |  |  | 27,000 |  |  |  | 277,560 |
|  |  |  |  |  |  | 1,957,943 |
Health Care Equipment & Supplies — 27.0% |
Abbott Laboratories(a) |  |  | 267,322 |  |  |  | 30,990,639 |
ABIOMED, Inc.(b) |  |  | 10,709 |  |  |  | 3,342,386 |
Alcon, Inc.(a) |  |  | 103,355 |  |  |  | 7,261,722 |
Baxter International, Inc.(a) |  |  | 36,592 |  |  |  | 2,945,656 |
Becton Dickinson and Co.(a) |  |  | 12,471 |  |  |  | 3,032,823 |
Boston Scientific Corp.(a)(b) |  |  | 327,442 |  |  |  | 14,001,420 |
Butterfly Network, Inc.(a)(b)(e) |  |  | 35,345 |  |  |  | 511,796 |
DENTSPLY SIRONA, Inc.(a) |  |  | 52,685 |  |  |  | 3,332,853 |
Edwards Lifesciences Corp.(a)(b) |  |  | 103,085 |  |  |  | 10,676,513 |
Intuitive Surgical, Inc.(a)(b) |  |  | 16,663 |  |  |  | 15,323,961 |
Kangji Medical Holdings Ltd.(e) |  |  | 264,936 |  |  |  | 440,339 |
Masimo Corp.(a)(b) |  |  | 22,110 |  |  |  | 5,360,570 |
Medtronic PLC(a) |  |  | 168,996 |  |  |  | 20,977,474 |
Nevro Corp.(a)(b) |  |  | 13,928 |  |  |  | 2,309,123 |
Novocure Ltd.(a)(b) |  |  | 8,970 |  |  |  | 1,989,725 |
ResMed, Inc.(a) |  |  | 28,437 |  |  |  | 7,010,289 |
Straumann Holding AG, Registered Shares |  |  | 1,690 |  |  |  | 2,695,624 |
Stryker Corp.(a) |  |  | 51,491 |  |  |  | 13,373,757 |
Teleflex, Inc.(a) |  |  | 19,140 |  |  |  | 7,690,261 |
Zimmer Biomet Holdings, Inc.(a) |  |  | 63,022 |  |  |  | 10,135,198 |
|  |  |  |  |  |  | 163,402,129 |
Health Care Providers & Services — 20.4% |
Agiliti, Inc.(b) |  |  | 75,106 |  |  |  | 1,642,568 |
Agilon Health, Inc.(a)(b) |  |  | 41,052 |  |  |  | 1,665,480 |
Alignment Healthcare, Inc.(a)(b) |  |  | 50,071 |  |  |  | 1,170,159 |
Amedisys, Inc.(a)(b) |  |  | 19,757 |  |  |  | 4,839,082 |
AmerisourceBergen Corp.(a) |  |  | 14,280 |  |  |  | 1,634,917 |
Anthem, Inc.(a) |  |  | 30,827 |  |  |  | 11,769,749 |
Cano Health, Inc., (Acquired 06/03/21, Cost: $1,485,000)(d) |  |  | 148,500 |  |  |  | 1,780,379 |
Cardinal Health, Inc.(a) |  |  | 81,660 |  |  |  | 4,661,970 |
CareMax, Inc., (Acquired 06/08/21, Cost: $257,350)(d) |  |  | 25,735 |  |  |  | 322,944 |
CareMax, Inc.(b) |  |  | 21,007 |  |  |  | 270,990 |
Centene Corp.(a)(b) |  |  | 99,507 |  |  |  | 7,257,046 |
Cigna Corp.(a) |  |  | 59,034 |  |  |  | 13,995,190 |
Encompass Health Corp.(a) |  |  | 40,167 |  |  |  | 3,134,231 |
Guardant Health, Inc.(b) |  |  | 7,365 |  |  |  | 914,659 |
Henry Schein, Inc.(a)(b) |  |  | 41,035 |  |  |  | 3,044,387 |
Humana, Inc.(a) |  |  | 35,650 |  |  |  | 15,782,968 |
Innovage Holding Corp.(b) |  |  | 13,434 |  |  |  | 286,279 |
LHC Group, Inc.(a)(b) |  |  | 20,224 |  |  |  | 4,050,058 |

74 |  | 2 0 2 1 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, 2021 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Health Care Providers & Services (continued) |
LifeStance Health Group, Inc.(b) |  |  | 73,455 |  |  | $ | 2,046,456 |
McKesson Corp.(a) |  |  | 6,180 |  |  |  | 1,181,863 |
Oak Street Health, Inc.(a)(b) |  |  | 54,700 |  |  |  | 3,203,779 |
Privia Health Group, Inc.(b) |  |  | 23,774 |  |  |  | 1,054,852 |
UnitedHealth Group, Inc.(a) |  |  | 94,809 |  |  |  | 37,965,316 |
|  |  |  |  |  |  | 123,675,322 |
Health Care Technology — 0.6% |
Teladoc Health, Inc.(a)(b) |  |  | 21,980 |  |  |  | 3,655,054 |
Internet & Direct Marketing Retail — 0.4% |
JD Health International, Inc.(b)(f) |  |  | 163,250 |  |  |  | 2,331,701 |
Life Sciences Tools & Services — 9.5% |
Agilent Technologies, Inc.(a) |  |  | 13,960 |  |  |  | 2,063,428 |
Avantor, Inc.(a)(b) |  |  | 111,649 |  |  |  | 3,964,656 |
Illumina, Inc.(a)(b) |  |  | 14,027 |  |  |  | 6,637,717 |
IQVIA Holdings, Inc.(a)(b) |  |  | 31,163 |  |  |  | 7,551,418 |
Nautilus Biotechnology, Inc.(b) |  |  | 16,560 |  |  |  | 167,256 |
Thermo Fisher Scientific, Inc.(a)(g) |  |  | 53,083 |  |  |  | 26,778,781 |
WuXi AppTec Co. Ltd., Class H(f) |  |  | 232,542 |  |  |  | 5,427,894 |
Wuxi Biologics Cayman, Inc.(b)(f) |  |  | 280,500 |  |  |  | 5,136,034 |
|  |  |  |  |  |  | 57,727,184 |
Pharmaceuticals — 19.8% |  |  |  |  |  |
Bristol-Myers Squibb Co.(a) |  |  | 157,283 |  |  |  | 10,509,650 |
Eisai Co. Ltd. |  |  | 16,500 |  |  |  | 1,621,574 |
Elanco Animal Health, Inc.(b) |  |  | 65,535 |  |  |  | 2,273,409 |
Eli Lilly & Co.(a) |  |  | 117,763 |  |  |  | 27,028,964 |
Hansoh Pharmaceutical Group Co. Ltd.(f) |  |  | 882,438 |  |  |  | 3,855,934 |
Hua Medicine(b)(f) |  |  | 735,105 |  |  |  | 443,406 |
Johnson & Johnson |  |  | 151,324 |  |  |  | 24,929,116 |
Merck & Co., Inc.(a) |  |  | 73,837 |  |  |  | 5,742,304 |
Nektar Therapeutics(a)(b) |  |  | 24,513 |  |  |  | 420,643 |
Pfizer, Inc.(a) |  |  | 508,101 |  |  |  | 19,897,235 |
Roche Holding AG |  |  | 7,972 |  |  |  | 3,004,151 |
Sanofi |  |  | 68,800 |  |  |  | 7,228,305 |
Sanofi, ADR |  |  | 54,625 |  |  |  | 2,876,553 |
Zoetis, Inc.(a) |  |  | 54,489 |  |  |  | 10,154,570 |
|  |  |  |  |  |  | 119,985,814 |
Total Common Stocks — 98.7% (Cost: $354,850,749) |  |  |  | 598,081,619 |
|  | Benefical Interest (000) |  |  |  |
Other Interests(h) |
Pharmaceuticals — 0.1% |  |  |  |  |  |
Afferent Pharmaceuticals, Inc.(c) |  | $ | 190 |  |  |  | 273,830 |
Total Other Interests — 0.1% (Cost: $ — ) |  |  |  | 273,830 |

Security |  | Shares |  |  | Value |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 0.6%(c)(d) |
Biotechnology — 0.2% |  |  |  |  |  |
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002) |  |  | 44,167 |  |  | $ | 251,752 |
Affinvax, Inc., Series C, (Acquired 01/06/21, Cost: $199,992) |  |  | 6,331 |  |  |  | 199,992 |
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $149,465) |  |  | 126,665 |  |  |  | 163,398 |
Imago Biosciences, Inc., (Acquired 11/12/20, Cost: $235,002) |  |  | 194,570 |  |  |  | 235,430 |
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $156,340) |  |  | 64,074 |  |  |  | 156,341 |
|  |  |  |  |  |  | 1,006,913 |
Health Care Equipment & Supplies — 0.3% |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999) |  |  | 101,741 |  |  |  | 595,999 |
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001) |  |  | 367,395 |  |  |  | 1,070,001 |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759) |  |  | 4,243,029 |  |  |  | 516,371 |
|  |  |  |  |  |  | 2,182,371 |
Pharmaceuticals — 0.1% |  |  |  |  |  |
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000) |  |  | 30,616 |  |  |  | 560,000 |
Total Preferred Stocks — 0.6% |  |  |  | 3,749,284 |
Total Preferred Securities — 0.6% (Cost: $3,747,560) |  |  |  | 3,749,284 |
Warrants |  |  |  |  |  |  |  |
Biotechnology — 0.0% |  |  |  |  |  |
Cerevel Therapeutics Holdings, Inc. (Expires 10/27/2025)(b) |  |  | 4,196 |  |  |  | 59,835 |
Diversified Financial Services(b) — 0.0% |
Health Assurance Acquisition Corp. (Expires 11/12/2025) |  |  | 22,558 |  |  |  | 40,379 |
MedTech Acquisition Corp. (Expires 12/18/2025) |  |  | 14,251 |  |  |  | 14,147 |
|  |  |  |  |  |  | 54,526 |
Health Care Equipment & Supplies — 0.0% |
Butterfly Network, Inc. (Expires 05/27/2025)(b) |  |  | 11,781 |  |  |  | 56,902 |
Health Care Providers & Services — 0.0% |
CareMax, Inc. (Expires 06/08/2026)(b) |  |  | 4,201 |  |  |  | 19,829 |
Pharmaceuticals — 0.0% |  |  |  |  |  |
Nuvation Bio, Inc. (Expires 07/07/2027)(b) |  |  | 4,050 |  |  |  | 10,530 |
Total Warrants — 0.0% (Cost: $134,776) |  |  |  | 201,622 |
Total Long-Term Investments — 99.4% (Cost: $358,733,085) |  |  |  | 602,306,355 |

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Short-Term Securities |
Money Market Funds — 1.7% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(i)(j) |  |  | 9,977,621 |  |  | $ | 9,977,621 |
SL Liquidity Series, LLC, Money Market Series, 0.13%(i)(j)(k) |  |  | 431,108 |  |  |  | 431,237 |
Total Short-Term Securities — 1.7% (Cost: $10,408,858) |  |  |  | 10,408,858 |
Total Investments Before Options Written — 101.1% (Cost: $369,141,943) |  |  |  | 612,715,213 |
Options Written — (1.0)% (Premiums Received: $(5,172,885)) |  |  |  | (6,019,812 | )
Total Investments, Net of Options Written — 100.1% (Cost: $363,969,058) |  |  |  | 606,695,401 |
Liabilities in Excess of Other Assets — (0.1)% |  |  |  | (561,466 | )
Net Assets — 100.0% |  |  | $ | 606,133,935 |

(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 $12,716,292, representing 2.1% of its net assets as of period end, and an original cost of $8,455,000.

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

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

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

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

(i) | Affiliate of the Trust.

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

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

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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 13,774,637 |  |  | $ | — |  |  | $ | (3,797,016 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 9,977,621 |  |  |  | 9,977,621 |  |  | $ | 1,036 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 102,701 |  |  |  | 328,545 | (a) |  |  | — |  |  |  | (9 | ) |  |  | — |  |  |  | 431,237 |  |  |  | 431,108 |  |  |  | 6,520 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (9 | ) |  | $ | — |  |  | $ | 10,408,858 |  |  |  |  |  |  | $ | 7,556 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Abbott Laboratories |  |  | 219 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 119.00 |  |  |  | USD |  |  |  | 2,539 |  |  | $ | (3,285 | )
Amgen, Inc. |  |  | 59 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 252.50 |  |  |  | USD |  |  |  | 1,438 |  |  |  | (620 | )
Anthem, Inc. |  |  | 52 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 397.50 |  |  |  | USD |  |  |  | 1,985 |  |  |  | (1,820 | )
Centene Corp. |  |  | 72 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 525 |  |  |  | (10,980 | )
Cigna Corp. |  |  | 32 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 759 |  |  |  | (320 | )
Humana, Inc. |  |  | 43 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 450.00 |  |  |  | USD |  |  |  | 1,904 |  |  |  | (2,580 | )
Intuitive Surgical, Inc. |  |  | 9 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 815.00 |  |  |  | USD |  |  |  | 828 |  |  |  | (94,500 | )
Nektar Therapeutics |  |  | 93 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 19.00 |  |  |  | USD |  |  |  | 160 |  |  |  | (1,395 | )
Sarepta Therapeutics, Inc. |  |  | 4 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 84.00 |  |  |  | USD |  |  |  | 31 |  |  |  | (30 | )
AmerisourceBergen Corp. |  |  | 27 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 119.00 |  |  |  | USD |  |  |  | 309 |  |  |  | (1,553 | )
Baxter International, Inc. |  |  | 150 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 84.50 |  |  |  | USD |  |  |  | 1,208 |  |  |  | (15,000 | )
Cigna Corp. |  |  | 38 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 262.50 |  |  |  | USD |  |  |  | 901 |  |  |  | (3,420 | )
Edwards Lifesciences Corp. |  |  | 245 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 95.50 |  |  |  | USD |  |  |  | 2,537 |  |  |  | (197,225 | )
Eli Lilly & Co. |  |  | 45 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 1,033 |  |  |  | (110,250 | )

76 |  | 2 0 2 1 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, 2021 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exact Sciences Corp. |  |  | 17 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 211 |  |  | $ | (9,775 | )
Humana, Inc. |  |  | 16 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 437.50 |  |  |  | USD |  |  |  | 708 |  |  |  | (13,280 | )
Intuitive Surgical, Inc. |  |  | 9 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 885.00 |  |  |  | USD |  |  |  | 828 |  |  |  | (35,055 | )
McKesson Corp. |  |  | 12 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 197.50 |  |  |  | USD |  |  |  | 229 |  |  |  | (840 | )
Medtronic PLC |  |  | 116 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 1,440 |  |  |  | (1,334 | )
Pfizer, Inc. |  |  | 415 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,625 |  |  |  | (4,565 | )
Teladoc Health, Inc. |  |  | 39 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 649 |  |  |  | (19,792 | )
UnitedHealth Group, Inc. |  |  | 70 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 405.00 |  |  |  | USD |  |  |  | 2,803 |  |  |  | (17,150 | )
Vertex Pharmaceuticals, Inc. |  |  | 82 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 217.50 |  |  |  | USD |  |  |  | 1,653 |  |  |  | (11,890 | )
ABIOMED, Inc. |  |  | 40 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 1,248 |  |  |  | (38,400 | )
Agilon Health, Inc. |  |  | 77 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 312 |  |  |  | (45,815 | )
Agios Pharmaceuticals, Inc. |  |  | 46 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 254 |  |  |  | (1,380 | )
Alignment Healthcare, Inc. |  |  | 89 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 208 |  |  |  | (4,450 | )
Allakos, Inc. |  |  | 42 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 359 |  |  |  | (21,000 | )
Allogene Therapeutics, Inc. |  |  | 116 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 303 |  |  |  | (3,770 | )
Alnylam Pharmaceuticals, Inc. |  |  | 57 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 966 |  |  |  | (124,260 | )
Amedisys, Inc. |  |  | 3 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 73 |  |  |  | (330 | )
Amgen, Inc. |  |  | 54 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 1,316 |  |  |  | (6,345 | )
Anthem, Inc. |  |  | 51 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 1,947 |  |  |  | (11,857 | )
Apellis Pharmaceuticals, Inc. |  |  | 41 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 259 |  |  |  | (35,875 | )
Arcutis Biotherapeutics, Inc. |  |  | 43 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 117 |  |  |  | (2,043 | )
Arena Pharmaceuticals, Inc. |  |  | 56 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 382 |  |  |  | (23,380 | )
Argenx SE, ADR |  |  | 12 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 361 |  |  |  | (20,760 | )
Avantor, Inc. |  |  | 180 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 32.50 |  |  |  | USD |  |  |  | 639 |  |  |  | (56,700 | )
Becton Dickinson and Co. |  |  | 49 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 1,192 |  |  |  | (5,390 | )
Biohaven Pharmaceutical Holding Co. Ltd. |  |  | 3 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 29 |  |  |  | (1,860 | )
BioMarin Pharmaceutical, Inc. |  |  | 56 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 467 |  |  |  | (6,720 | )
Blueprint Medicines Corp. |  |  | 36 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 317 |  |  |  | (2,880 | )
Boston Scientific Corp. |  |  | 137 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 586 |  |  |  | (9,179 | )
Boston Scientific Corp. |  |  | 137 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 586 |  |  |  | (5,001 | )
Bristol-Myers Squibb Co. |  |  | 102 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 682 |  |  |  | (4,437 | )
Butterfly Network, Inc. |  |  | 69 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 15.00 |  |  |  | USD |  |  |  | 100 |  |  |  | (3,968 | )
Centene Corp. |  |  | 103 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 751 |  |  |  | (6,438 | )
Cytokinetics, Inc. |  |  | 29 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 28.00 |  |  |  | USD |  |  |  | 57 |  |  |  | (4,350 | )
DENTSPLY SIRONA, Inc. |  |  | 85 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 538 |  |  |  | (3,400 | )
Dicerna Pharmaceuticals, Inc. |  |  | 27 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 101 |  |  |  | (20,520 | )
Elanco Animal Health, Inc. |  |  | 249 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 37.00 |  |  |  | USD |  |  |  | 864 |  |  |  | (4,358 | )
Enanta Pharmaceuticals, Inc. |  |  | 20 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 88 |  |  |  | (1,100 | )
Encompass Health Corp. |  |  | 72 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 562 |  |  |  | (1,800 | )
Encompass Health Corp. |  |  | 80 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 624 |  |  |  | (2,400 | )
Exact Sciences Corp. |  |  | 11 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 137 |  |  |  | (2,530 | )
Genmab A/S |  |  | 63 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 257 |  |  |  | (15,750 | )
Gilead Sciences, Inc. |  |  | 179 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 1,233 |  |  |  | (2,417 | )
Global Blood Therapeutics, Inc. |  |  | 52 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 182 |  |  |  | (1,430 | )
Global Blood Therapeutics, Inc. |  |  | 13 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 46 |  |  |  | (98 | )
Henry Schein, Inc. |  |  | 155 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 1,150 |  |  |  | (26,350 | )
Horizon Pharma PLC |  |  | 73 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 684 |  |  |  | (8,213 | )
Intuitive Surgical, Inc. |  |  | 19 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 870.00 |  |  |  | USD |  |  |  | 1,747 |  |  |  | (102,980 | )
IQVIA Holdings, Inc. |  |  | 75 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 1,817 |  |  |  | (9,375 | )
Krystal Biotech, Inc. |  |  | 14 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 95 |  |  |  | (3,325 | )
LHC Group, Inc. |  |  | 29 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 581 |  |  |  | (4,133 | )
Masimo Corp. |  |  | 55 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 218.00 |  |  |  | USD |  |  |  | 1,333 |  |  |  | (133,431 | )
McKesson Corp. |  |  | 6 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 115 |  |  |  | (510 | )
Medtronic PLC |  |  | 125 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 1,552 |  |  |  | (2,688 | )
Mirati Therapeutics, Inc. |  |  | 28 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 452 |  |  |  | (3,780 | )
Nevro Corp. |  |  | 28 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 464 |  |  |  | (34,160 | )
Novocure Ltd. |  |  | 34 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 754 |  |  |  | (80,750 | )
Oak Street Health, Inc. |  |  | 155 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 908 |  |  |  | (2,325 | )
Pfizer, Inc. |  |  | 416 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 41.00 |  |  |  | USD |  |  |  | 1,629 |  |  |  | (3,744 | )
Prothena Corp. PLC |  |  | 21 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 108 |  |  |  | (54,390 | )
Prothena Corp. PLC |  |  | 59 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 303 |  |  |  | (15,782 | )
PTC Therapeutics, Inc. |  |  | 9 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 38 |  |  |  | (135 | )

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, 2021 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rapt Therapeutics, Inc. |  |  | 7 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 22 |  |  | $ | (4,935 | )
Regeneron Pharmaceuticals, Inc. |  |  | 22 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 540.00 |  |  |  | USD |  |  |  | 1,229 |  |  |  | (54,450 | )
ResMed, Inc. |  |  | 62 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 1,528 |  |  |  | (289,850 | )
Sarepta Therapeutics, Inc. |  |  | 2 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 16 |  |  |  | (100 | )
Sarepta Therapeutics, Inc. |  |  | 27 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 210 |  |  |  | (1,080 | )
Seagen, Inc. |  |  | 129 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 2,037 |  |  |  | (38,700 | )
Stryker Corp. |  |  | 110 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 2,857 |  |  |  | (41,250 | )
TCR2 Therapeutics, Inc. |  |  | 18 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 30 |  |  |  | (1,350 | )
Teladoc Health, Inc. |  |  | 9 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 150 |  |  |  | (5,895 | )
Teleflex, Inc. |  |  | 34 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 1,366 |  |  |  | (15,980 | )
Translate Bio, Inc. |  |  | 29 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 80 |  |  |  | (9,425 | )
UnitedHealth Group, Inc. |  |  | 45 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 410.00 |  |  |  | USD |  |  |  | 1,802 |  |  |  | (16,537 | )
Zimmer Biomet Holdings, Inc. |  |  | 171 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 2,750 |  |  |  | (5,985 | )
Zoetis, Inc. |  |  | 126 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 2,348 |  |  |  | (138,600 | )
Arcutis Biotherapeutics, Inc. |  |  | 63 |  |  |  | 07/21/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 172 |  |  |  | (3,584 | )
Abbott Laboratories |  |  | 384 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 111.00 |  |  |  | USD |  |  |  | 4,452 |  |  |  | (239,040 | )
AbbVie, Inc. |  |  | 94 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 118.00 |  |  |  | USD |  |  |  | 1,059 |  |  |  | (2,726 | )
Amgen, Inc. |  |  | 53 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 245.00 |  |  |  | USD |  |  |  | 1,292 |  |  |  | (20,405 | )
Bristol-Myers Squibb Co. |  |  | 43 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 67.00 |  |  |  | USD |  |  |  | 287 |  |  |  | (3,419 | )
Cardinal Health, Inc. |  |  | 40 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 60.50 |  |  |  | USD |  |  |  | 228 |  |  |  | (2,100 | )
Centene Corp. |  |  | 128 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 72.00 |  |  |  | USD |  |  |  | 934 |  |  |  | (30,400 | )
Cigna Corp. |  |  | 74 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 245.00 |  |  |  | USD |  |  |  | 1,754 |  |  |  | (14,615 | )
Edwards Lifesciences Corp. |  |  | 148 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 102.00 |  |  |  | USD |  |  |  | 1,533 |  |  |  | (47,360 | )
Exact Sciences Corp. |  |  | 25 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 311 |  |  |  | (20,500 | )
Humana, Inc. |  |  | 37 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 447.50 |  |  |  | USD |  |  |  | 1,638 |  |  |  | (25,530 | )
Illumina, Inc. |  |  | 31 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 450.00 |  |  |  | USD |  |  |  | 1,467 |  |  |  | (88,660 | )
McKesson Corp. |  |  | 6 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 115 |  |  |  | (1,065 | )
Merck & Co., Inc. |  |  | 140 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 78.00 |  |  |  | USD |  |  |  | 1,089 |  |  |  | (16,240 | )
Pfizer, Inc. |  |  | 857 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 3,356 |  |  |  | (29,138 | )
Teladoc Health, Inc. |  |  | 23 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 167.50 |  |  |  | USD |  |  |  | 382 |  |  |  | (14,662 | )
Global Blood Therapeutics, Inc. |  |  | 30 |  |  |  | 07/29/21 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 105 |  |  |  | (1,471 | )
Stryker Corp. |  |  | 85 |  |  |  | 07/29/21 |  |  |  | USD |  |  |  | 262.78 |  |  |  | USD |  |  |  | 2,208 |  |  |  | (33,532 | )
Abbott Laboratories |  |  | 174 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 2,017 |  |  |  | (58,290 | )
AmerisourceBergen Corp. |  |  | 27 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 309 |  |  |  | (2,970 | )
Anthem, Inc. |  |  | 14 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 392.50 |  |  |  | USD |  |  |  | 535 |  |  |  | (7,980 | )
Becton Dickinson and Co. |  |  | 48 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 1,167 |  |  |  | (7,080 | )
Boston Scientific Corp |  |  | 781 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 43.50 |  |  |  | USD |  |  |  | 3,340 |  |  |  | (71,071 | )
Bristol-Myers Squibb Co. |  |  | 139 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 67.00 |  |  |  | USD |  |  |  | 929 |  |  |  | (17,305 | )
Cardinal Health, Inc. |  |  | 146 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 59.50 |  |  |  | USD |  |  |  | 834 |  |  |  | (8,395 | )
Centene Corp. |  |  | 75 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 547 |  |  |  | (20,625 | )
Cigna Corp. |  |  | 80 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 237.50 |  |  |  | USD |  |  |  | 1,897 |  |  |  | (43,200 | )
Eli Lilly & Co. |  |  | 195 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 4,476 |  |  |  | (168,187 | )
Gilead Sciences, Inc. |  |  | 178 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 68.50 |  |  |  | USD |  |  |  | 1,226 |  |  |  | (44,589 | )
Humana, Inc. |  |  | 39 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 435.00 |  |  |  | USD |  |  |  | 1,727 |  |  |  | (70,785 | )
Illumina, Inc. |  |  | 22 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 465.00 |  |  |  | USD |  |  |  | 1,041 |  |  |  | (47,190 | )
Intuitive Surgical, Inc. |  |  | 14 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 900.00 |  |  |  | USD |  |  |  | 1,287 |  |  |  | (55,930 | )
Johnson & Johnson |  |  | 273 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 4,497 |  |  |  | (77,941 | )
Medtronic PLC |  |  | 141 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 127.00 |  |  |  | USD |  |  |  | 1,750 |  |  |  | (18,400 | )
Merck & Co., Inc. |  |  | 140 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 1,089 |  |  |  | (25,970 | )
Pfizer, Inc. |  |  | 242 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 40.50 |  |  |  | USD |  |  |  | 948 |  |  |  | (9,317 | )
Regeneron Pharmaceuticals, Inc. |  |  | 21 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 560.00 |  |  |  | USD |  |  |  | 1,173 |  |  |  | (38,010 | )
UnitedHealth Group, Inc. |  |  | 194 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 412.50 |  |  |  | USD |  |  |  | 7,769 |  |  |  | (94,090 | )
AbbVie, Inc. |  |  | 94 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 114.00 |  |  |  | USD |  |  |  | 1,059 |  |  |  | (17,813 | )
Bristol-Myers Squibb Co. |  |  | 170 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 67.00 |  |  |  | USD |  |  |  | 1,136 |  |  |  | (24,055 | )
Bristol-Myers Squibb Co. |  |  | 21 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 68.00 |  |  |  | USD |  |  |  | 140 |  |  |  | (2,174 | )
Intuitive Surgical, Inc. |  |  | 12 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 925.00 |  |  |  | USD |  |  |  | 1,104 |  |  |  | (33,960 | )
Johnson & Johnson |  |  | 302 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 4,975 |  |  |  | (98,905 | )
Medtronic PLC |  |  | 118 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 124.00 |  |  |  | USD |  |  |  | 1,465 |  |  |  | (33,689 | )
UnitedHealth Group, Inc. |  |  | 51 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 405.00 |  |  |  | USD |  |  |  | 2,042 |  |  |  | (45,772 | )
Bridgebio Pharma, Inc. |  |  | 39 |  |  |  | 08/10/21 |  |  |  | USD |  |  |  | 64.86 |  |  |  | USD |  |  |  | 238 |  |  |  | (9,318 | )
Amedisys, Inc. |  |  | 72 |  |  |  | 08/13/21 |  |  |  | USD |  |  |  | 267.00 |  |  |  | USD |  |  |  | 1,763 |  |  |  | (37,690 | )
Abbott Laboratories |  |  | 140 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 1,623 |  |  |  | (57,750 | )

78 |  | 2 0 2 1 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, 2021 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceleron Pharma, Inc. |  |  | 145 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 1,820 |  |  | $ | (44,950 | )
Agilent Technologies, Inc. |  |  | 55 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 813 |  |  |  | (37,125 | )
Agilon Health, Inc. |  |  | 78 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 39.50 |  |  |  | USD |  |  |  | 316 |  |  |  | (26,550 | )
Agios Pharmaceuticals, Inc. |  |  | 36 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 198 |  |  |  | (2,970 | )
Alcon AG |  |  | 128 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 899 |  |  |  | (21,120 | )
Alignment Healthcare, Inc. |  |  | 6 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 14 |  |  |  | (390 | )
Alignment Healthcare, Inc. |  |  | 95 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 222 |  |  |  | (7,125 | )
Allakos, Inc. |  |  | 42 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 359 |  |  |  | (9,030 | )
Alnylam Pharmaceuticals, Inc. |  |  | 72 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 1,221 |  |  |  | (100,080 | )
Amgen, Inc. |  |  | 71 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 1,731 |  |  |  | (20,661 | )
Apellis Pharmaceuticals, Inc. |  |  | 17 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 63.50 |  |  |  | USD |  |  |  | 107 |  |  |  | (8,759 | )
Arcutis Biotherapeutics, Inc. |  |  | 21 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 57 |  |  |  | (5,303 | )
Argenx SE, ADR |  |  | 6 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 181 |  |  |  | (7,230 | )
Avantor, Inc. |  |  | 247 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 877 |  |  |  | (51,870 | )
Biohaven Pharmaceutical Holding Co. Ltd. |  |  | 24 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 105.25 |  |  |  | USD |  |  |  | 233 |  |  |  | (12,547 | )
Boston Scientific Corp. |  |  | 351 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 1,501 |  |  |  | (71,428 | )
Bridgebio Pharma, Inc. |  |  | 12 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 73 |  |  |  | (3,330 | )
Bristol-Myers Squibb Co. |  |  | 122 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 815 |  |  |  | (17,446 | )
Cardinal Health, Inc. |  |  | 124 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 708 |  |  |  | (13,950 | )
Cytokinetics, Inc. |  |  | 31 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 61 |  |  |  | (7,053 | )
DENTSPLY SIRONA, Inc. |  |  | 135 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 854 |  |  |  | (15,862 | )
Dicerna Pharmaceuticals, Inc. |  |  | 29 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 37.75 |  |  |  | USD |  |  |  | 108 |  |  |  | (7,558 | )
Eli Lilly & Co. |  |  | 207 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 4,751 |  |  |  | (97,807 | )
Genmab A/S |  |  | 88 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 359 |  |  |  | (7,260 | )
Gilead Sciences, Inc. |  |  | 429 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 2,954 |  |  |  | (80,008 | )
Incyte Corp. |  |  | 89 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 749 |  |  |  | (40,495 | )
IQVIA Holdings, Inc. |  |  | 43 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 1,042 |  |  |  | (24,940 | )
LHC Group, Inc. |  |  | 29 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 210.01 |  |  |  | USD |  |  |  | 581 |  |  |  | (13,317 | )
Masimo Corp. |  |  | 29 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 245.00 |  |  |  | USD |  |  |  | 703 |  |  |  | (27,695 | )
Medtronic PLC |  |  | 142 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 1,763 |  |  |  | (16,046 | )
Mirati Therapeutics, Inc. |  |  | 27 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 436 |  |  |  | (12,082 | )
Neurocrine Biosciences, Inc. |  |  | 69 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 672 |  |  |  | (9,660 | )
Nevro Corp. |  |  | 24 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 398 |  |  |  | (15,000 | )
Rapt Therapeutics, Inc. |  |  | 25 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 79 |  |  |  | (7,063 | )
ResMed, Inc. |  |  | 51 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 1,257 |  |  |  | (76,245 | )
Sanofi, ADR |  |  | 109 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 53.28 |  |  |  | USD |  |  |  | 574 |  |  |  | (12,863 | )
Seagen, Inc. |  |  | 120 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 1,895 |  |  |  | (54,600 | )
Teleflex, Inc. |  |  | 38 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 430.00 |  |  |  | USD |  |  |  | 1,527 |  |  |  | (24,890 | )
Thermo Fisher Scientific, Inc. |  |  | 83 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 500.00 |  |  |  | USD |  |  |  | 4,187 |  |  |  | (173,470 | )
Translate Bio, Inc. |  |  | 29 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 80 |  |  |  | (15,805 | )
Zoetis, Inc. |  |  | 81 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 1,510 |  |  |  | (53,865 | )
LHC Group, Inc. |  |  | 18 |  |  |  | 09/17/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 360 |  |  |  | (8,910 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,276,514 | )
Put |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vertex Pharmaceuticals, Inc. |  |  | 79 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 1,593 |  |  |  | (3,753 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5,280,267 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mersana Therapeutics, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 4,100 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 15.42 |  |  |  | USD |  |  |  | 56 |  |  | $ | — |
Hansoh Pharmaceutical Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 82,000 |  |  |  | 07/07/21 |  |  |  | HKD |  |  |  | 35.52 |  |  |  | HKD |  |  |  | 2,782 |  |  |  | (2,482 | )
Sanofi |  | Barclays Bank PLC |  |  | 11,300 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 88.17 |  |  |  | EUR |  |  |  | 1,001 |  |  |  | (14,028 | )
Agiliti, Inc. |  | Citibank N.A. |  |  | 28,500 |  |  |  | 07/14/21 |  |  |  | USD |  |  |  | 22.05 |  |  |  | USD |  |  |  | 623 |  |  |  | (27,478 | )
Arcutis Biotherapeutics, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 3,500 |  |  |  | 07/14/21 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 96 |  |  |  | (219 | )
Privia Health Group, Inc. |  | Citibank N.A. |  |  | 9,000 |  |  |  | 07/14/21 |  |  |  | USD |  |  |  | 41.74 |  |  |  | USD |  |  |  | 399 |  |  |  | (35,911 | )
Alcon AG |  | Credit Suisse International |  |  | 13,200 |  |  |  | 07/15/21 |  |  |  | USD |  |  |  | 71.76 |  |  |  | USD |  |  |  | 927 |  |  |  | (5,836 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 1,400 |  |  |  | 07/15/21 |  |  |  | DKK |  |  |  | 2,504.07 |  |  |  | DKK |  |  |  | 3,597 |  |  |  | (22,730 | )

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, 2021 |  | BlackRock Health Sciences Trust (BME)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straumann Holding AG, Registered Shares |  | UBS AG |  |  | 1,000 |  |  |  | 07/15/21 |  |  |  | CHF |  |  |  | 1,446.27 |  |  |  | CHF |  |  |  | 1,476 |  |  | $ | (46,571 | )
Mersana Therapeutics, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 4,100 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 15.42 |  |  |  | USD |  |  |  | 56 |  |  |  | (295 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 1,400 |  |  |  | 07/20/21 |  |  |  | DKK |  |  |  | 2,504.07 |  |  |  | DKK |  |  |  | 3,597 |  |  |  | (24,620 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 86,000 |  |  |  | 07/20/21 |  |  |  | HKD |  |  |  | 35.86 |  |  |  | HKD |  |  |  | 2,918 |  |  |  | (6,091 | )
Sanofi |  | UBS AG |  |  | 8,300 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 88.44 |  |  |  | EUR |  |  |  | 735 |  |  |  | (13,021 | )
Wuxi Apptec Ltd., Class H |  | Citibank N.A. |  |  | 21,600 |  |  |  | 07/27/21 |  |  |  | HKD |  |  |  | 173.36 |  |  |  | HKD |  |  |  | 3,915 |  |  |  | (35,968 | )
Wuxi Biologics Cayman Inc. |  | Goldman Sachs International |  |  | 106,000 |  |  |  | 07/27/21 |  |  |  | HKD |  |  |  | 124.28 |  |  |  | HKD |  |  |  | 15,070 |  |  |  | (258,174 | )
Alcon AG |  | Credit Suisse International |  |  | 13,200 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 72.46 |  |  |  | USD |  |  |  | 927 |  |  |  | (10,802 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 34,000 |  |  |  | 07/29/21 |  |  |  | HKD |  |  |  | 33.72 |  |  |  | HKD |  |  |  | 1,154 |  |  |  | (7,022 | )
Zimmer Biomet Holdings, Inc. |  | Barclays Bank PLC |  |  | 6,800 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 161.28 |  |  |  | USD |  |  |  | 1,094 |  |  |  | (32,779 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 52,000 |  |  |  | 08/04/21 |  |  |  | HKD |  |  |  | 34.65 |  |  |  | HKD |  |  |  | 1,764 |  |  |  | (8,819 | )
Sanofi |  | Morgan Stanley & Co. International PLC |  |  | 6,600 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 89.05 |  |  |  | EUR |  |  |  | 585 |  |  |  | (12,493 | )
Eisai Co. Ltd. |  | Goldman Sachs International |  |  | 6,300 |  |  |  | 08/05/21 |  |  |  | JPY |  |  |  | 12,740.00 |  |  |  | JPY |  |  |  | 68,784 |  |  |  | (552 | )
Roche Holding AG |  | JPMorgan Chase Bank N.A. |  |  | 2,000 |  |  |  | 08/05/21 |  |  |  | CHF |  |  |  | 348.20 |  |  |  | CHF |  |  |  | 697 |  |  |  | (16,154 | )
TCR2 Therapeutics, Inc. |  | Barclays Bank PLC |  |  | 2,000 |  |  |  | 08/05/21 |  |  |  | USD |  |  |  | 20.34 |  |  |  | USD |  |  |  | 33 |  |  |  | (1,113 | )
Teladoc Health, Inc. |  | Morgan Stanley & Co. LLC |  |  | 1,200 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 177.50 |  |  |  | USD |  |  |  | 200 |  |  |  | (7,650 | )
Sanofi, ADR |  | Barclays Bank PLC |  |  | 9,800 |  |  |  | 08/09/21 |  |  |  | USD |  |  |  | 53.00 |  |  |  | USD |  |  |  | 516 |  |  |  | (10,852 | )
Genmab A/S |  | Citibank N.A. |  |  | 4,300 |  |  |  | 08/10/21 |  |  |  | USD |  |  |  | 41.88 |  |  |  | USD |  |  |  | 176 |  |  |  | (5,063 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 80,000 |  |  |  | 08/11/21 |  |  |  | HKD |  |  |  | 36.70 |  |  |  | HKD |  |  |  | 2,714 |  |  |  | (8,152 | )
Wuxi Apptec Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 48,000 |  |  |  | 08/11/21 |  |  |  | HKD |  |  |  | 188.75 |  |  |  | HKD |  |  |  | 8,699 |  |  |  | (48,964 | )
Oak Street Health, Inc. |  | Citibank N.A. |  |  | 5,200 |  |  |  | 08/12/21 |  |  |  | USD |  |  |  | 66.58 |  |  |  | USD |  |  |  | 305 |  |  |  | (6,033 | )
Roche Holding AG |  | Barclays Bank PLC |  |  | 1,100 |  |  |  | 08/12/21 |  |  |  | CHF |  |  |  | 354.03 |  |  |  | CHF |  |  |  | 384 |  |  |  | (6,642 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 1,400 |  |  |  | 08/18/21 |  |  |  | DKK |  |  |  | 2,620.83 |  |  |  | DKK |  |  |  | 3,597 |  |  |  | (15,686 | )
Wuxi Apptec Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 18,700 |  |  |  | 08/18/21 |  |  |  | HKD |  |  |  | 193.99 |  |  |  | HKD |  |  |  | 3,389 |  |  |  | (12,445 | )
Guardant Health, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 2,700 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 126.56 |  |  |  | USD |  |  |  | 335 |  |  |  | (17,857 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 1,400 |  |  |  | 08/25/21 |  |  |  | DKK |  |  |  | 2,620.67 |  |  |  | DKK |  |  |  | 3,597 |  |  |  | (17,043 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (739,545 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 1,258,466 |  |  |  | $(2,105,394) |  |  |  | $(6,019,812) |

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 |  | $ — |  | $ | — |  |  | $ | 6,019,812 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,019,812 |

For the six months ended June 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (3,095,078 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,095,078 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 465,819 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 465,819 |

80 |  | 2 0 2 1 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, 2021 |  | BlackRock Health Sciences Trust (BME)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 6,000,547 |

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 |  | $ | — |  |  | $ | 6,019,812 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 6,019,812 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (5,280,267 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 739,545 |

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 |  | $ | 65,414 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 65,414 |
Citibank N.A. |  |  | 110,453 |  |  |  | — |  |  |  | — |  |  |  | (110,453 | ) |  |  | — |
Credit Suisse International |  |  | 16,638 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,638 |
Goldman Sachs International |  |  | 258,726 |  |  |  | — |  |  |  | (258,726 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 119,386 |  |  |  | — |  |  |  | (119,386 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 101,686 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 101,686 |
Morgan Stanley & Co. LLC |  |  | 7,650 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,650 |
UBS AG |  |  | 59,592 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 59,592 |
|  | $ | 739,545 |  |  | $ | — |  |  | $ | (378,112 | ) |  | $ | (110,453 | ) |  | $ | 250,980 |

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

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Trust’s 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 |  | $ | 111,299,342 |  |  | $ | 11,631,711 |  |  | $ | 2,415,419 |  |  | $ | 125,346,472 |
Diversified Financial Services |  |  | 1,957,943 |  |  |  | — |  |  |  | — |  |  |  | 1,957,943 |
Health Care Equipment & Supplies |  |  | 160,266,166 |  |  |  | 3,135,963 |  |  |  | — |  |  |  | 163,402,129 |
Health Care Providers & Services |  |  | 121,571,999 |  |  |  | 2,103,323 |  |  |  | — |  |  |  | 123,675,322 |
Health Care Technology |  |  | 3,655,054 |  |  |  | — |  |  |  | — |  |  |  | 3,655,054 |
Internet & Direct Marketing Retail |  |  | — |  |  |  | 2,331,701 |  |  |  | — |  |  |  | 2,331,701 |
Life Sciences Tools & Services |  |  | 47,163,256 |  |  |  | 10,563,928 |  |  |  | — |  |  |  | 57,727,184 |
Pharmaceuticals |  |  | 103,832,444 |  |  |  | 16,153,370 |  |  |  | — |  |  |  | 119,985,814 |
Other Interests |  |  | — |  |  |  | — |  |  |  | 273,830 |  |  |  | 273,830 |

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, 2021 |  | BlackRock Health Sciences Trust (BME)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  | $ | — |  |  | $ | — |  |  | $ | 3,749,284 |  |  | $ | 3,749,284 |
Warrants |  |  | 201,622 |  |  |  | — |  |  |  | — |  |  |  | 201,622 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 9,977,621 |  |  |  | — |  |  |  | — |  |  |  | 9,977,621 |
|  | $ | 559,925,447 |  |  | $ | 45,919,996 |  |  | $ | 6,438,533 |  |  |  | 612,283,976 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 431,237 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 612,715,213 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (4,979,647 | ) |  | $ | (1,040,165 | ) |  | $ | — |  |  | $ | (6,019,812 | )

| (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 |  |  | Other Interests |  |  | Preferred Stocks |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2020 |  | $ | 2,699,612 |  |  | $ | 254,814 |  |  | $ | 1,417,773 |  |  | $ | 4,372,199 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | (132,438 | ) |  |  | — |  |  |  | (598,024 | ) |  |  | (730,462 | )
Other(a) |  |  | (235,430 | ) |  |  | — |  |  |  | 235,430 |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(b)(c) |  |  | 83,675 |  |  |  | 19,016 |  |  |  | (12,647 | ) |  |  | 90,044 |
Purchases |  |  | — |  |  |  | — |  |  |  | 3,206,753 |  |  |  | 3,206,753 |
Sales |  |  | — |  |  |  | — |  |  |  | (500,001 | ) |  |  | (500,001 | )
Closing balance, as of June 30, 2021 |  | $ | 2,415,419 |  |  | $ | 273,830 |  |  | $ | 3,749,284 |  |  | $ | 6,438,533 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(c) |  | $ | 83,675 |  |  | $ | 19,016 |  |  | $ | (12,638 | ) |  | $ | 90,053 |

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

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

| (c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021 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 |  | $ | 2,415,419 |  |  |  | Income |  |  |  | Discount Rate |  |  |  | 1% |  |  |  | — |
Other Interests |  |  | 273,830 |  |  |  | Income |  |  |  | Discount Rate |  |  |  | 1% -2% |  |  |  | 1% |
Preferred Stocks(b) |  |  | 3,749,284 |  |  |  | Market |  |  |  | Market Adjustment Multiple |  |  |  | 0.95x - 1.10x |  |  |  | 1.00x |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 82% |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 3.0 |  |  |  | — |

82 |  | 2 0 2 1 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, 2021 |  | BlackRock Health Sciences Trust (BME)

|  |  | Value |  |  |  | Valuation Approach |  |  |  | Unobservable Inputs |  |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
|  |  |  |  |  |  |  |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
|  | $ | 6,438,533 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

| (b) | For the period end June 30, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $795,430 changed to Current Value approach. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued. |

See notes to financial statements.

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

Schedule of Investments (unaudited) June 30, 2021 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |
Biotechnology — 36.0% |  |  |  |  |  |
Acceleron Pharma, Inc.(a)(b) |  |  | 306,307 |  |  | $ | 38,438,465 |
Acumen Pharmaceuticals, Inc., (Acquired 11/20/20, Cost: $5,420,000)(c) |  |  | 1,426,503 |  |  |  | 21,397,545 |
Agios Pharmaceuticals, Inc.(a)(b) |  |  | 430,220 |  |  |  | 23,709,424 |
Akeso, Inc.(b)(d) |  |  | 2,608,000 |  |  |  | 21,033,573 |
Akouos, Inc.(b) |  |  | 296,671 |  |  |  | 3,723,221 |
Allakos, Inc.(a)(b) |  |  | 226,456 |  |  |  | 19,332,549 |
Alnylam Pharmaceuticals, Inc.(a)(b) |  |  | 270,206 |  |  |  | 45,805,321 |
ALX Oncology Holdings, Inc.(b) |  |  | 73,436 |  |  |  | 4,015,480 |
Ambrx Biopharma, Inc., (Acquired 06/22/21, Cost: $14,580,000)(c) |  |  | 8,860,794 |  |  |  | 23,652,410 |
Annexon, Inc.(b) |  |  | 115,174 |  |  |  | 2,592,567 |
Annexon, Inc., (Acquired 06/26/20, Cost: $4,170,549)(c) |  |  | 332,856 |  |  |  | 7,492,589 |
Antengene Corp. Ltd., (Acquired 11/18/20, Cost: $7,091,948)(c) |  |  | 5,019,274 |  |  |  | 12,373,157 |
Apellis Pharmaceuticals, Inc.(b) |  |  | 165,816 |  |  |  | 10,479,571 |
Applied Molecular Transport, Inc.(b) |  |  | 161,287 |  |  |  | 7,377,267 |
Arcutis Biotherapeutics, Inc.(b) |  |  | 477,143 |  |  |  | 13,021,232 |
Arena Pharmaceuticals, Inc.(a)(b) |  |  | 129,202 |  |  |  | 8,811,576 |
Argenx SE, ADR(a)(b) |  |  | 117,843 |  |  |  | 35,478,992 |
Arrowhead Pharmaceuticals, Inc.(b) |  |  | 83,508 |  |  |  | 6,916,133 |
Avidity Biosciences, Inc.(b) |  |  | 288,706 |  |  |  | 7,133,925 |
Beam Therapeutics, Inc.(b) |  |  | 36,988 |  |  |  | 4,760,725 |
BioAtla, Inc.(b) |  |  | 142,704 |  |  |  | 6,047,796 |
Biohaven Pharmaceutical Holding Co. Ltd.(b) |  |  | 119,802 |  |  |  | 11,630,378 |
BioMarin Pharmaceutical, Inc.(b) |  |  | 106,412 |  |  |  | 8,879,017 |
Biomea Fusion, Inc.(b)(e) |  |  | 521,404 |  |  |  | 8,139,116 |
Blueprint Medicines Corp.(b) |  |  | 73,928 |  |  |  | 6,502,707 |
Bridgebio Pharma, Inc.(b) |  |  | 217,158 |  |  |  | 13,237,952 |
C4 Therapeutics, Inc.(b) |  |  | 377,822 |  |  |  | 14,296,785 |
CareDx, Inc.(b) |  |  | 220,971 |  |  |  | 20,223,266 |
Cerevel Therapeutics Holdings, Inc.(b) |  |  | 204,554 |  |  |  | 5,240,674 |
Connect Biopharma Holdings Ltd.(b)(e) |  |  | 73,308 |  |  |  | 1,431,705 |
Connect Biopharma Holdings Ltd., (Acquired 12/01/20, Cost: $14,579,981)(c) |  |  | 1,330,134 |  |  |  | 25,421,887 |
Cytokinetics, Inc.(b) |  |  | 285,386 |  |  |  | 5,647,789 |
Decibel Therapeutics, Inc., (Acquired 11/02/20, Cost: $5,826,938)(c) |  |  | 636,792 |  |  |  | 5,412,520 |
Decibel Therapeutics, Inc.(b) |  |  | 161,538 |  |  |  | 1,389,227 |
Deciphera Pharmaceuticals, Inc.(b) |  |  | 80,050 |  |  |  | 2,930,631 |
Design Therapeutics, Inc., (Acquired 01/25/21, Cost: $10,000,003)(c) |  |  | 936,636 |  |  |  | 18,194,997 |
Dicerna Pharmaceuticals, Inc.(b) |  |  | 391,382 |  |  |  | 14,606,376 |
Enanta Pharmaceuticals, Inc.(b) |  |  | 69,510 |  |  |  | 3,059,135 |
Everest Medicines Ltd., (Acquired 05/29/20, Cost: $11,209,200)(c) |  |  | 3,113,667 |  |  |  | 30,979,068 |
Everest Medicines Ltd.(b)(d)(e) |  |  | 446,500 |  |  |  | 4,438,522 |
Fate Therapeutics, Inc.(b) |  |  | 56,308 |  |  |  | 4,886,971 |
Forma Therapeutics Holdings, Inc.(b) |  |  | 528,851 |  |  |  | 13,163,101 |
Fusion Pharmaceuticals, Inc.(b) |  |  | 425,054 |  |  |  | 3,434,436 |
Genetron Holdings Ltd., ADR(b) |  |  | 944,676 |  |  |  | 19,025,775 |
Genmab A/S(b) |  |  | 212,666 |  |  |  | 87,138,294 |
Genmab A/S, ADR(a)(b) |  |  | 753,955 |  |  |  | 30,783,983 |
Global Blood Therapeutics, Inc.(b) |  |  | 394,678 |  |  |  | 13,821,624 |
Gracell Biotechnologies, Inc., ADR(b) |  |  | 845,451 |  |  |  | 10,990,863 |
Gritstone bio, Inc.(b) |  |  | 320,160 |  |  |  | 2,923,061 |
HBM Holdings Ltd.(b)(d) |  |  | 7,553,000 |  |  |  | 9,620,860 |
Horizon Therapeutics PLC(b) |  |  | 228,802 |  |  |  | 21,425,019 |
Ideaya Biosciences, Inc.(b) |  |  | 317,801 |  |  |  | 6,670,643 |

Security |  | Shares |  |  | Value |
Biotechnology (continued) |  |  |  |  |  |  |  |
Immunocore Holdings PLC, ADR(b) |  |  | 61,703 |  |  | $ | 2,409,502 |
Immunocore Ltd., (Acquired 12/21/20, Cost: $5,861,799)(c) |  |  | 321,900 |  |  |  | 12,447,985 |
Insmed, Inc.(b) |  |  | 129,404 |  |  |  | 3,682,838 |
Kadmon Holdings, Inc.(b) |  |  | 2,455,865 |  |  |  | 9,504,198 |
Keros Therapeutics, Inc.(b) |  |  | 206,755 |  |  |  | 8,780,885 |
Kinnate Biopharma, Inc.(b) |  |  | 304,595 |  |  |  | 7,090,972 |
Kodiak Sciences, Inc.(b) |  |  | 89,926 |  |  |  | 8,363,118 |
Kronos Bio, Inc., (Acquired 10/09/20, Cost: $4,591,000), 8/20/2020(c) |  |  | 284,272 |  |  |  | 6,808,314 |
Krystal Biotech, Inc.(b) |  |  | 113,540 |  |  |  | 7,720,720 |
Kymera Therapeutics, Inc.(b) |  |  | 738,191 |  |  |  | 35,802,264 |
Mersana Therapeutics, Inc.(b) |  |  | 1,518,223 |  |  |  | 20,617,468 |
Mirati Therapeutics, Inc.(a)(b) |  |  | 97,655 |  |  |  | 15,774,212 |
Monte Rosa Therapeutics, Inc., (Acquired 03/11/21, Cost: $7,999,998)(c) |  |  | 764,573 |  |  |  | 16,516,943 |
Morphic Holding, Inc.(b) |  |  | 97,810 |  |  |  | 5,613,316 |
Natera, Inc.(b) |  |  | 174,875 |  |  |  | 19,853,559 |
Nkarta, Inc.(b) |  |  | 143,310 |  |  |  | 4,541,494 |
Olema Pharmaceuticals, Inc.(b) |  |  | 636,734 |  |  |  | 17,815,817 |
ORIC Pharmaceuticals, Inc.(b) |  |  | 191,303 |  |  |  | 3,384,150 |
PMV Pharmaceuticals, Inc.(b) |  |  | 472,036 |  |  |  | 16,124,750 |
Praxis Precision Medicines, Inc.(b) |  |  | 16,198 |  |  |  | 296,099 |
Prometheus Biosciences, Inc.(b) |  |  | 316,988 |  |  |  | 7,785,225 |
Prothena Corp. PLC(b) |  |  | 353,623 |  |  |  | 18,179,758 |
PTC Therapeutics, Inc.(b) |  |  | 211,663 |  |  |  | 8,946,995 |
Rapt Therapeutics, Inc.(b) |  |  | 184,017 |  |  |  | 5,849,900 |
Relay Therapeutics, Inc.(b) |  |  | 59,826 |  |  |  | 2,189,033 |
Remegen Co. Ltd., Class H(b)(d) |  |  | 534,000 |  |  |  | 8,144,493 |
Revolution Medicines, Inc.(b) |  |  | 100,563 |  |  |  | 3,191,870 |
Rubius Therapeutics, Inc.(b) |  |  | 165,785 |  |  |  | 4,046,812 |
Sarepta Therapeutics, Inc.(a)(b) |  |  | 70,856 |  |  |  | 5,508,345 |
Seagen, Inc.(a)(b)(f) |  |  | 531,710 |  |  |  | 83,946,375 |
Seres Therapeutics, Inc.(b) |  |  | 348,666 |  |  |  | 8,315,684 |
Sigilon Therapeutics, Inc.(b) |  |  | 581,839 |  |  |  | 6,243,132 |
Stoke Therapeutics, Inc.(b) |  |  | 134,172 |  |  |  | 4,516,230 |
Talaris Therapeutics, Inc., (Acquired 09/30/20, Cost: $7,369,358)(c) |  |  | 748,614 |  |  |  | 10,612,240 |
Taysha Gene Therapies, Inc.(b) |  |  | 448,538 |  |  |  | 9,509,006 |
TCR2 Therapeutics, Inc.(b) |  |  | 222,535 |  |  |  | 3,651,799 |
Translate Bio, Inc.(b) |  |  | 186,305 |  |  |  | 5,130,840 |
United Therapeutics Corp.(a)(b) |  |  | 57,411 |  |  |  | 10,300,108 |
Voyager Therapeutics, Inc.(b) |  |  | 255,970 |  |  |  | 1,057,156 |
Zai Lab Ltd., ADR(b) |  |  | 189,238 |  |  |  | 33,493,234 |
Zentalis Pharmaceuticals, Inc.(b) |  |  | 221,186 |  |  |  | 11,767,095 |
Zymeworks, Inc.(b) |  |  | 245,566 |  |  |  | 8,518,685 |
|  |  |  |  |  |  | 1,233,192,519 |
Diversified Financial Services(b) — 1.4% |
BCTG Acquisition Corp. |  |  | 167,744 |  |  |  | 1,907,249 |
Eucrates Biomedical Acquisition Corp.(g) |  |  | 897,657 |  |  |  | 8,837,433 |
Health Assurance Acquisition Corp., Class A |  |  | 1,361,273 |  |  |  | 13,626,343 |
Health Sciences Acquisitions Corp. |  |  | 233,344 |  |  |  | 2,380,109 |
Helix Acquisition Corp., Class A |  |  | 216,150 |  |  |  | 2,232,829 |
Lifesci Acquisition II Corp.(g) |  |  | 728,200 |  |  |  | 7,282,000 |
MedTech Acquisition Corp., Class A |  |  | 917,284 |  |  |  | 8,952,692 |
Therapeutics Acquisition Corp., Class A |  |  | 407,000 |  |  |  | 4,183,960 |
|  |  |  |  |  |  | 49,402,615 |
Electronic Equipment, Instruments & Components — 0.3% |
908 Devices, Inc.(b)(e) |  |  | 282,484 |  |  |  | 10,946,255 |
Health Care Equipment & Supplies — 23.9% |
ABIOMED, Inc.(a)(b) |  |  | 78,093 |  |  |  | 24,373,606 |

84 |  | 2 0 2 1 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, 2021 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies (continued) |
Alcon, Inc. |  |  | 758,750 |  |  | $ | 53,309,775 |
Angelalign Technology, Inc.(b)(d) |  |  | 15,400 |  |  |  | 794,565 |
Butterfly Network, Inc.(b)(e) |  |  | 485,650 |  |  |  | 7,032,212 |
Cardiovascular Systems, Inc.(b) |  |  | 164,491 |  |  |  | 7,015,541 |
ConvaTec Group PLC(d) |  |  | 4,546,400 |  |  |  | 15,131,418 |
Cooper Cos., Inc. |  |  | 60,705 |  |  |  | 24,055,570 |
Demant A/S(b) |  |  | 480,791 |  |  |  | 27,094,698 |
DexCom, Inc.(a)(b) |  |  | 58,156 |  |  |  | 24,832,612 |
Edwards Lifesciences Corp.(b) |  |  | 274,041 |  |  |  | 28,382,426 |
GN Store Nord A/S |  |  | 301,475 |  |  |  | 26,363,955 |
Hill-Rom Holdings, Inc.(a) |  |  | 142,465 |  |  |  | 16,182,599 |
Insulet Corp.(b) |  |  | 139,019 |  |  |  | 38,162,106 |
Intuitive Surgical, Inc.(b)(f) |  |  | 72,553 |  |  |  | 66,722,641 |
Kangji Medical Holdings Ltd.(e) |  |  | 4,870,919 |  |  |  | 8,095,749 |
Masimo Corp.(b) |  |  | 214,664 |  |  |  | 52,045,287 |
Nevro Corp.(a)(b) |  |  | 243,330 |  |  |  | 40,341,681 |
Novocure Ltd.(b) |  |  | 25,885 |  |  |  | 5,741,811 |
NuVasive, Inc.(b) |  |  | 133,755 |  |  |  | 9,065,914 |
Penumbra, Inc.(a)(b) |  |  | 61,955 |  |  |  | 16,979,387 |
Pulmonx Corp.(b) |  |  | 108,476 |  |  |  | 4,785,961 |
ResMed, Inc.(a) |  |  | 204,886 |  |  |  | 50,508,497 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |  |  | 287,653 |  |  |  | 21,308,656 |
SI-BONE, Inc.(b) |  |  | 155,808 |  |  |  | 4,903,278 |
Silk Road Medical, Inc.(b) |  |  | 211,418 |  |  |  | 10,118,465 |
Sonova Holding AG, Registered Shares |  |  | 79,726 |  |  |  | 30,029,170 |
STERIS PLC |  |  | 135,782 |  |  |  | 28,011,827 |
Straumann Holding AG, Registered Shares |  |  | 36,658 |  |  |  | 58,471,113 |
Tandem Diabetes Care, Inc.(a)(b) |  |  | 147,331 |  |  |  | 14,350,039 |
Teleflex, Inc. |  |  | 140,510 |  |  |  | 56,455,513 |
Zimmer Biomet Holdings, Inc. |  |  | 300,735 |  |  |  | 48,364,203 |
|  |  |  |  |  |  | 819,030,275 |
Health Care Providers & Services — 15.0% |  |  |  |  |  |
Addus HomeCare Corp.(b) |  |  | 43,339 |  |  |  | 3,780,894 |
Agilon Health, Inc.(b) |  |  | 282,683 |  |  |  | 11,468,449 |
Alignment Healthcare, Inc.(b) |  |  | 349,917 |  |  |  | 8,177,560 |
Amedisys, Inc.(a)(b)(f) |  |  | 224,896 |  |  |  | 55,083,777 |
Amplifon SpA |  |  | 629,668 |  |  |  | 31,133,122 |
Cano Health, Inc., (Acquired 06/03/21, Cost: $21,741,890)(c) |  |  | 2,174,189 |  |  |  | 26,066,532 |
Cardinal Health, Inc. |  |  | 433,660 |  |  |  | 24,757,650 |
CareMax, Inc., (Acquired 06/08/21, Cost: $14,077,000)(c) |  |  | 1,407,700 |  |  |  | 17,664,992 |
CareMax, Inc.(b) |  |  | 319,040 |  |  |  | 4,115,616 |
Centene Corp.(a)(b) |  |  | 423,582 |  |  |  | 30,891,835 |
Chemed Corp. |  |  | 23,666 |  |  |  | 11,229,517 |
Encompass Health Corp.(a) |  |  | 403,202 |  |  |  | 31,461,852 |
Guardant Health, Inc.(b) |  |  | 140,410 |  |  |  | 17,437,518 |
Humana, Inc. |  |  | 87,998 |  |  |  | 38,958,475 |
Innovage Holding Corp.(b) |  |  | 83,873 |  |  |  | 1,787,334 |
Jinxin Fertility Group Ltd.(d) |  |  | 19,001,100 |  |  |  | 47,890,775 |
LHC Group, Inc.(a)(b) |  |  | 241,129 |  |  |  | 48,288,494 |
LifeStance Health Group, Inc.(b) |  |  | 417,013 |  |  |  | 11,617,982 |
Oak Street Health, Inc.(b)(f) |  |  | 1,236,532 |  |  |  | 72,423,679 |
Privia Health Group, Inc.(b) |  |  | 137,329 |  |  |  | 6,093,288 |
Rede D’Or Sao Luiz SA(d) |  |  | 869,415 |  |  |  | 12,066,371 |
|  |  |  |  |  |  | 512,395,712 |

Security |  | Shares |  |  | Value |
Health Care Technology(b) — 1.5% |  |  |  |  |  |
Certara, Inc. |  |  | 504,495 |  |  | $ | 14,292,343 |
Doximity, Inc., Class A |  |  | 98,503 |  |  |  | 5,732,875 |
Teladoc Health, Inc. |  |  | 190,098 |  |  |  | 31,611,396 |
|  |  |  |  |  |  | 51,636,614 |
Internet & Direct Marketing Retail — 0.7% |
JD Health International, Inc.(b)(d) |  |  | 1,667,600 |  |  |  | 23,818,340 |
Life Sciences Tools & Services — 10.5% |
Avantor, Inc.(b) |  |  | 746,918 |  |  |  | 26,523,058 |
Berkeley Lights, Inc.(a)(b) |  |  | 330,537 |  |  |  | 14,811,363 |
Bruker Corp. |  |  | 216,025 |  |  |  | 16,413,580 |
Charles River Laboratories International, Inc.(a)(b) |  |  | 88,682 |  |  |  | 32,805,246 |
Gerresheimer AG |  |  | 152,221 |  |  |  | 16,836,762 |
Illumina, Inc.(a)(b) |  |  | 34,293 |  |  |  | 16,227,791 |
IQVIA Holdings, Inc.(a)(b) |  |  | 140,247 |  |  |  | 33,984,653 |
Joinn Laboratories China Co. Ltd., Class H(d) |  |  | 395,220 |  |  |  | 6,349,420 |
Lonza Group AG, Registered Shares |  |  | 34,812 |  |  |  | 24,680,193 |
Nautilus Biotechnology, Inc.(b) |  |  | 324,000 |  |  |  | 3,272,400 |
Olink Holding AB, ADR(b) |  |  | 30,344 |  |  |  | 1,044,441 |
Sotera Health Co.(b) |  |  | 1,216,066 |  |  |  | 29,465,279 |
WuXi AppTec Co. Ltd., Class H(d) |  |  | 2,794,392 |  |  |  | 65,225,486 |
Wuxi Biologics Cayman, Inc.(b)(d) |  |  | 3,867,303 |  |  |  | 70,811,408 |
|  |  |  |  |  |  | 358,451,080 |
Pharmaceuticals — 4.3% |  |  |  |  |  |
Antengene Corp. Ltd.(b)(d) |  |  | 2,537,500 |  |  |  | 6,245,150 |
Eisai Co. Ltd. |  |  | 241,400 |  |  |  | 23,724,118 |
Hansoh Pharmaceutical Group Co. Ltd.(d) |  |  | 9,062,068 |  |  |  | 39,597,947 |
Marinus Pharmaceuticals, Inc.(b) |  |  | 330,305 |  |  |  | 5,925,672 |
Merck KGaA |  |  | 102,956 |  |  |  | 19,754,800 |
Nektar Therapeutics(b) |  |  | 345,460 |  |  |  | 5,928,094 |
Nuvation Bio, Inc.(b) |  |  | 206,640 |  |  |  | 1,923,818 |
Relmada Therapeutics, Inc.(b) |  |  | 255,648 |  |  |  | 8,183,292 |
UCB SA |  |  | 354,931 |  |  |  | 37,172,502 |
|  |  |  |  |  |  | 148,455,393 |
Total Common Stocks — 93.6% (Cost: $2,123,926,266) |  |  |  |  |  |  | 3,207,328,803 |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 7.5%(c)(h) |  |  |  |  |  |  |  |
Biotechnology — 4.2% |  |  |  |  |  |
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998) |  |  | 2,430,833 |  |  |  | 13,855,748 |
Abbisko Cayman Ltd., (Acquired 12/21/20, Cost: $14,841,983) |  |  | 1,037,825 |  |  |  | 14,841,986 |
Affinvax, Inc., Series C, (Acquired 01/06/21, Cost: $5,786,041) |  |  | 183,164 |  |  |  | 5,786,041 |
Amunix Pharmaceuticals, Inc., Series B, (Acquired 02/26/21, Cost: $9,999,999) |  |  | 5,657,068 |  |  |  | 9,999,999 |
Bright Peak Therapeutics AG, Series B, (Acquired 05/14/21, Cost: $8,000,004) |  |  | 2,048,132 |  |  |  | 8,000,004 |
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $3,029,231) |  |  | 2,567,145 |  |  |  | 3,311,617 |
Imago Biosciences, Inc., (Acquired 11/12/20, Cost: $10,000,009) |  |  | 8,279,524 |  |  |  | 10,018,224 |
Immuneering Corp, Series B, (Acquired 12/21/20, Cost: $5,999,982) |  |  | 583,758 |  |  |  | 6,001,032 |

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Biotechnology (continued) |
IsoPlexis Corp., Series D, (Acquired 12/30/20, Cost: $14,800,023) |  |  | 192,408 |  |  | $ | 15,606,213 |
LianBio, Series A, (Acquired 10/28/20, Cost: $5,960,632) |  |  | 105,200 |  |  |  | 6,538,180 |
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $5,729,950) |  |  | 2,348,340 |  |  |  | 5,729,950 |
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996) |  |  | 1,394,189 |  |  |  | 7,999,996 |
Numab Therapeutics AG, (Acquired 05/07/21, Cost: $7,770,441) |  |  | 815,851 |  |  |  | 7,565,525 |
Omega Therapeutics, Inc., Series C, (Acquired 03/04/21, Cost: $7,999,998)(g) |  |  | 2,666,666 |  |  |  | 7,999,998 |
OnKure, Inc., Series B, (Acquired 03/03/21, Cost: $2,250,000) |  |  | 814,244 |  |  |  | 2,250,000 |
Rapid Micro Biosystems, Inc., Series D, (Acquired 03/09/21, Cost: $9,896,004) |  |  | 2,748,890 |  |  |  | 9,896,004 |
TScan Therapeutics, Inc., Series C, (Acquired 01/15/21, Cost: $9,999,999) |  |  | 7,013,606 |  |  |  | 9,999,992 |
|  |  |  |  |  |  | 145,400,509 |
Health Care Equipment & Supplies — 1.0% |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003) |  |  | 2,257,597 |  |  |  | 13,225,003 |
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998) |  |  | 2,379,480 |  |  |  | 6,929,998 |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890) |  |  | 115,766,240 |  |  |  | 14,088,587 |
|  |  |  |  |  |  | 34,243,588 |
Health Care Services — 1.1% |
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000) |  |  | 2,139,245,197 |  |  |  | 19,323,802 |
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986) |  |  | 382,775 |  |  |  | 18,599,037 |
|  |  |  |  |  |  | 37,922,839 |
Pharmaceuticals — 0.8% |  |  |  |  |  |
Insitro, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 05/21/20, Cost: $5,000,000) |  |  | 802,478 |  |  |  | 14,677,322 |
Series C, (Acquired 03/10/21, Cost: $3,600,018) |  |  | 196,818 |  |  |  | 3,600,018 |
Vividion Therapeutics, Inc., Series C, (Acquired 02/18/21, Cost: $8,000,000) |  |  | 3,809,524 |  |  |  | 7,619,048 |
|  |  |  |  |  |  | 25,896,388 |
Semiconductors & Semiconductor Equipment — 0.4% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,996) |  |  | 571,947 |  |  |  | 15,002,170 |
Total Preferred Stocks — 7.5% |  |  |  | 258,465,494 |
Total Preferred Securities — 7.5% (Cost: $238,316,181) |  |  |  | 258,465,494 |
Warrants |  |  |  |  |  |  |  |
Biotechnology — 0.0% |
Cerevel Therapeutics Holdings, Inc. (Expires 10/27/2025)(b) |  |  | 68,184 |  |  |  | 972,304 |

Security |  | Shares |  |  | Value |
Diversified Financial Services(b) — 0.1% |
Eucrates Biomedical Acquisition Corp. (Expires 12/14/2025) |  |  | 299,219 |  |  | $ | 308,195 |
Health Assurance Acquisition Corp. (Expires 11/12/2025) |  |  | 340,318 |  |  |  | 609,169 |
MedTech Acquisition Corp. (Expires 12/18/2025) |  |  | 305,761 |  |  |  | 303,529 |
|  |  |  |  |  |  | 1,220,893 |
Health Care Equipment & Supplies — 0.0% |
Butterfly Network, Inc. (Expires 05/27/2025)(b) |  |  | 162,183 |  |  |  | 783,344 |
Health Care Providers & Services — 0.0% |
CareMax, Inc. (Expires 06/08/2026)(b) |  |  | 63,808 |  |  |  | 301,174 |
Pharmaceuticals — 0.0% |  |  |  |  |  |
Nuvation Bio, Inc. (Expires 07/07/2027)(b) |  |  | 68,880 |  |  |  | 179,095 |
Total Warrants — 0.1% (Cost: $2,676,284) |  |  |  | 3,456,810 |
Total Long-Term Investments — 101.2% (Cost: $2,364,918,731) |  |  |  | 3,469,251,107 |
Short-Term Securities |
Money Market Funds — 0.2% |
SL Liquidity Series, LLC, Money Market Series, 0.13%(g)(i)(j) |  |  | 6,243,159 |  |  |  | 6,245,032 |
Total Short-Term Securities — 0.2% (Cost: $6,245,032) |  |  |  | 6,245,032 |
Total Investments Before Options Written — 101.4% (Cost: $2,371,163,763) |  |  |  | 3,475,496,139 |
Options Written — (1.1)% (Premiums Received: $(26,477,309)) |  |  |  | (36,875,732 | )
Total Investments, Net of Options Written — 100.3% (Cost: $2,344,686,454) |  |  |  | 3,438,620,407 |
Liabilities in Excess of Other Assets — (0.3)% |  |  |  | (10,590,795 | )
Net Assets — 100.0% |  |  | $ | 3,428,029,612 |

(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) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $493,506,673, representing 14.4% of its net assets as of period end, and an original cost of $372,835,845.

(d) | 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.

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

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

(g) | Affiliate of the Trust.

(h) | Security 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.

86 |  | 2 0 2 1 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, 2021 |  | 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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class(a) |  | $ | 18,347,773 |  |  | $ | — |  |  | $ | (18,347,773 | )(b) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 4,302 |  |  |  | — |
Eucrates Biomedical Acquisition Corp. |  |  | — |  |  |  | 8,555,569 |  |  |  | — |  |  |  | — |  |  |  | 281,864 |  |  |  | 8,837,433 |  |  |  | 897,657 |  |  |  | — |  |  |  | — |
Lifesci Acquisition II Corp. |  |  | 7,733,484 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (451,484 | ) |  |  | 7,282,000 |  |  |  | 728,200 |  |  |  | — |  |  |  | — |
Omega Therapeutics, Inc., Series C |  |  | — |  |  |  | 7,999,998 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,999,998 |  |  |  | 2,666,666 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 9,577,689 |  |  |  | — |  |  |  | (3,332,796 | )(b) |  |  | 139 |  |  |  | — |  |  |  | 6,245,032 |  |  |  | 6,243,159 |  |  |  | 116,400 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 139 |  |  | $ | (169,620 | ) |  | $ | 30,364,463 |  |  |  |  |  |  | $ | 120,702 |  |  | $ | — |

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

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

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Centene Corp. |  |  | 288 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 2,100 |  |  | $ | (43,920 | )
Humana, Inc. |  |  | 85 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 450.00 |  |  |  | USD |  |  |  | 3,763 |  |  |  | (5,100 | )
Intuitive Surgical, Inc. |  |  | 39 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 815.00 |  |  |  | USD |  |  |  | 3,587 |  |  |  | (409,500 | )
Nektar Therapeutics |  |  | 536 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 19.00 |  |  |  | USD |  |  |  | 920 |  |  |  | (8,040 | )
Sarepta Therapeutics, Inc. |  |  | 23 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 84.00 |  |  |  | USD |  |  |  | 179 |  |  |  | (173 | )
Edwards Lifesciences Corp. |  |  | 293 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 95.50 |  |  |  | USD |  |  |  | 3,035 |  |  |  | (235,865 | )
Humana, Inc. |  |  | 54 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 437.50 |  |  |  | USD |  |  |  | 2,391 |  |  |  | (44,820 | )
Intuitive Surgical, Inc. |  |  | 42 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 885.00 |  |  |  | USD |  |  |  | 3,862 |  |  |  | (163,590 | )
Teladoc Health, Inc. |  |  | 55 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 915 |  |  |  | (27,913 | )
ABIOMED, Inc. |  |  | 234 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 7,303 |  |  |  | (224,640 | )
Addus HomeCare Corp. |  |  | 130 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,134 |  |  |  | (10,400 | )
Agilon Health, Inc. |  |  | 424 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,720 |  |  |  | (252,280 | )
Agios Pharmaceuticals, Inc. |  |  | 604 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 3,329 |  |  |  | (18,120 | )
Alignment Healthcare, Inc. |  |  | 490 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,145 |  |  |  | (24,500 | )
Allakos, Inc. |  |  | 343 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 2,928 |  |  |  | (171,500 | )
Alnylam Pharmaceuticals, Inc. |  |  | 428 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 7,255 |  |  |  | (933,040 | )
Amedisys, Inc. |  |  | 346 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 8,475 |  |  |  | (38,060 | )
Apellis Pharmaceuticals, Inc. |  |  | 239 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,510 |  |  |  | (209,125 | )
Applied Molecular Transport, Inc. |  |  | 220 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,006 |  |  |  | (55,550 | )
Arcutis Biotherapeutics, Inc. |  |  | 107 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 292 |  |  |  | (5,083 | )
Arena Pharmaceuticals, Inc. |  |  | 387 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,639 |  |  |  | (161,572 | )
Argenx SE, ADR |  |  | 177 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 5,329 |  |  |  | (306,210 | )
Arrowhead Pharmaceuticals, Inc. |  |  | 130 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,077 |  |  |  | (80,600 | )
Avantor, Inc. |  |  | 1,107 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 32.50 |  |  |  | USD |  |  |  | 3,931 |  |  |  | (348,705 | )
Berkeley Lights, Inc. |  |  | 391 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,752 |  |  |  | (78,200 | )
Biohaven Pharmaceutical Holding Co. |  |  | 90 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 874 |  |  |  | (159,300 | )
Biohaven Pharmaceutical Holding Co. Ltd. |  |  | 117 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,136 |  |  |  | (72,540 | )
BioMarin Pharmaceutical, Inc. |  |  | 319 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,662 |  |  |  | (38,280 | )
Blueprint Medicines Corp. |  |  | 221 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 1,944 |  |  |  | (17,680 | )
Bruker Corp. |  |  | 648 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 4,924 |  |  |  | (392,040 | )
Butterfly Network, Inc. |  |  | 731 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 15.00 |  |  |  | USD |  |  |  | 1,058 |  |  |  | (42,033 | )
Cardiovascular Systems, Inc. |  |  | 230 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 981 |  |  |  | (74,175 | )
CareDx, Inc. |  |  | 182 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,666 |  |  |  | (221,130 | )
Centene Corp. |  |  | 312 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 2,275 |  |  |  | (19,500 | )
Certara, Inc. |  |  | 93 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 263 |  |  |  | (8,370 | )
Charles River Laboratories International, Inc. |  |  | 126 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 4,661 |  |  |  | (509,040 | )

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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chemed Corp. |  |  | 70 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 510.00 |  |  |  | USD |  |  |  | 3,322 |  |  | $ | (35,000 | )
Cooper Cos., Inc. |  |  | 91 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 3,606 |  |  |  | (84,630 | )
Cytokinetics, Inc. |  |  | 431 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 28.00 |  |  |  | USD |  |  |  | 853 |  |  |  | (64,650 | )
Deciphera Pharmaceuticals, Inc. |  |  | 240 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 879 |  |  |  | (12,600 | )
DexCom, Inc. |  |  | 174 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 410.00 |  |  |  | USD |  |  |  | 7,430 |  |  |  | (368,880 | )
Dicerna Pharmaceuticals, Inc. |  |  | 549 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 2,049 |  |  |  | (417,240 | )
Enanta Pharmaceuticals, Inc. |  |  | 208 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 915 |  |  |  | (11,440 | )
Encompass Health Corp. |  |  | 649 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 5,064 |  |  |  | (16,225 | )
Encompass Health Corp. |  |  | 560 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 4,370 |  |  |  | (16,800 | )
Genmab A/S |  |  | 937 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 3,826 |  |  |  | (234,250 | )
Global Blood Therapeutics, Inc. |  |  | 563 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,972 |  |  |  | (15,483 | )
Global Blood Therapeutics, Inc. |  |  | 267 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 935 |  |  |  | (2,003 | )
Guardant Health, Inc. |  |  | 250 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 3,105 |  |  |  | (50,625 | )
Hill-Rom Holdings, Inc. |  |  | 252 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 2,862 |  |  |  | (28,980 | )
Horizon Pharma PLC |  |  | 486 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 4,551 |  |  |  | (54,675 | )
Insmed, Inc. |  |  | 194 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 552 |  |  |  | (6,305 | )
Insulet Corp. |  |  | 117 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 3,212 |  |  |  | (228,735 | )
Intuitive Surgical, Inc. |  |  | 76 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 870.00 |  |  |  | USD |  |  |  | 6,989 |  |  |  | (411,920 | )
IQVIA Holdings, Inc. |  |  | 146 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 3,538 |  |  |  | (18,250 | )
Kadmon Holdings, Inc. |  |  | 17 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 5.00 |  |  |  | USD |  |  |  | 7 |  |  |  | (298 | )
Kodiak Sciences, Inc. |  |  | 135 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,256 |  |  |  | (93,825 | )
Krystal Biotech, Inc. |  |  | 336 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 2,285 |  |  |  | (79,800 | )
Kymera Therapeutics, Inc. |  |  | 1,062 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 5,151 |  |  |  | (191,160 | )
LHC Group, Inc. |  |  | 230 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 4,606 |  |  |  | (32,775 | )
Marinus Pharmaceuticals, Inc. |  |  | 200 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 18.00 |  |  |  | USD |  |  |  | 359 |  |  |  | (17,000 | )
Marinus Pharmaceuticals, Inc. |  |  | 460 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 16.00 |  |  |  | USD |  |  |  | 825 |  |  |  | (123,050 | )
Masimo Corp. |  |  | 475 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 218.00 |  |  |  | USD |  |  |  | 11,516 |  |  |  | (1,152,357 | )
Mirati Therapeutics, Inc. |  |  | 146 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 2,358 |  |  |  | (19,710 | )
Natera, Inc. |  |  | 254 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 2,884 |  |  |  | (171,450 | )
Natera, Inc. |  |  | 270 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 3,065 |  |  |  | (274,050 | )
Nevro Corp. |  |  | 353 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 5,852 |  |  |  | (430,660 | )
Nkarta, Inc. |  |  | 243 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 770 |  |  |  | (121,500 | )
Novocure Ltd. |  |  | 77 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 1,708 |  |  |  | (182,875 | )
NuVasive, Inc. |  |  | 201 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,362 |  |  |  | (84,420 | )
Oak Street Health, Inc. |  |  | 1,664 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 9,746 |  |  |  | (24,960 | )
Penumbra, Inc. |  |  | 60 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 1,644 |  |  |  | (20,100 | )
PMV Pharmaceuticals, Inc. |  |  | 485 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,657 |  |  |  | (138,225 | )
Prothena Corp. PLC |  |  | 279 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 1,434 |  |  |  | (722,610 | )
Prothena Corp. PLC |  |  | 781 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 4,015 |  |  |  | (208,917 | )
PTC Therapeutics, Inc. |  |  | 301 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,272 |  |  |  | (4,515 | )
Rapt Therapeutics, Inc. |  |  | 147 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 467 |  |  |  | (103,635 | )
Relmada Therapeutics, Inc. |  |  | 453 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,450 |  |  |  | (29,445 | )
ResMed, Inc. |  |  | 448 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 11,044 |  |  |  | (2,094,400 | )
Revolution Medicines, Inc. |  |  | 192 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 609 |  |  |  | (19,200 | )
Rubius Therapeutics, Inc. |  |  | 497 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,213 |  |  |  | (14,910 | )
Sarepta Therapeutics, Inc. |  |  | 13 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 101 |  |  |  | (650 | )
Sarepta Therapeutics, Inc. |  |  | 176 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,368 |  |  |  | (7,040 | )
Seagen, Inc. |  |  | 791 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 12,488 |  |  |  | (237,300 | )
SI-BONE, Inc. |  |  | 167 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 526 |  |  |  | (16,283 | )
Silk Road Medical, Inc. |  |  | 382 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,828 |  |  |  | (90,725 | )
STERIS PLC |  |  | 199 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 4,105 |  |  |  | (316,410 | )
Stoke Therapeutics, Inc. |  |  | 92 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 310 |  |  |  | (46,000 | )
Tandem Diabetes Care, Inc. |  |  | 145 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,412 |  |  |  | (57,275 | )
TCR2 Therapeutics, Inc. |  |  | 342 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 561 |  |  |  | (25,650 | )
Teladoc Health, Inc. |  |  | 171 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 2,844 |  |  |  | (112,005 | )
Teleflex, Inc. |  |  | 149 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 5,987 |  |  |  | (70,030 | )
Translate Bio, Inc. |  |  | 279 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 768 |  |  |  | (90,675 | )
United Therapeutics Corp. |  |  | 86 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 1,543 |  |  |  | (9,030 | )
Zai Lab Ltd. |  |  | 197 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 3,487 |  |  |  | (222,610 | )
Zentalis Pharmaceuticals, Inc. |  |  | 333 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,772 |  |  |  | (166,500 | )
Zimmer Biomet Holdings, Inc. |  |  | 390 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 6,272 |  |  |  | (13,650 | )
Zymeworks, Inc. |  |  | 396 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,374 |  |  |  | (109,890 | )

88 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Arcutis Biotherapeutics, Inc. |  |  | 615 |  |  |  | 07/21/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,678 |  |  | $ | (34,991 | )
Cardinal Health, Inc. |  |  | 432 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 60.50 |  |  |  | USD |  |  |  | 2,466 |  |  |  | (22,680 | )
Centene Corp. |  |  | 220 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 72.00 |  |  |  | USD |  |  |  | 1,604 |  |  |  | (52,250 | )
Edwards Lifesciences Corp. |  |  | 104 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 102.00 |  |  |  | USD |  |  |  | 1,077 |  |  |  | (33,280 | )
Humana, Inc. |  |  | 45 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 447.50 |  |  |  | USD |  |  |  | 1,992 |  |  |  | (31,050 | )
Illumina, Inc. |  |  | 63 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 450.00 |  |  |  | USD |  |  |  | 2,981 |  |  |  | (180,180 | )
Tandem Diabetes Care, Inc. |  |  | 106 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,032 |  |  |  | (48,230 | )
Teladoc Health, Inc. |  |  | 231 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 167.50 |  |  |  | USD |  |  |  | 3,841 |  |  |  | (147,262 | )
Global Blood Therapeutics, Inc. |  |  | 354 |  |  |  | 07/29/21 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 1,240 |  |  |  | (17,358 | )
Cardinal Health, Inc. |  |  | 868 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 59.50 |  |  |  | USD |  |  |  | 4,955 |  |  |  | (49,910 | )
Centene Corp. |  |  | 450 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 3,282 |  |  |  | (123,750 | )
Humana, Inc. |  |  | 79 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 435.00 |  |  |  | USD |  |  |  | 3,497 |  |  |  | (143,385 | )
Illumina, Inc. |  |  | 39 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 465.00 |  |  |  | USD |  |  |  | 1,846 |  |  |  | (83,655 | )
Intuitive Surgical, Inc. |  |  | 31 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 900.00 |  |  |  | USD |  |  |  | 2,851 |  |  |  | (123,845 | )
Nektar Therapeutics |  |  | 500 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 18.50 |  |  |  | USD |  |  |  | 858 |  |  |  | (52,500 | )
Edwards Lifesciences Corp. |  |  | 425 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 106.00 |  |  |  | USD |  |  |  | 4,402 |  |  |  | (113,687 | )
Intuitive Surgical, Inc. |  |  | 29 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 925.00 |  |  |  | USD |  |  |  | 2,667 |  |  |  | (82,070 | )
Pulmonx Corp. |  |  | 137 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 43.25 |  |  |  | USD |  |  |  | 604 |  |  |  | (44,405 | )
Zai Lab Ltd. |  |  | 370 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 169.75 |  |  |  | USD |  |  |  | 6,549 |  |  |  | (561,397 | )
Bridgebio Pharma, Inc. |  |  | 452 |  |  |  | 08/10/21 |  |  |  | USD |  |  |  | 64.86 |  |  |  | USD |  |  |  | 2,755 |  |  |  | (107,991 | )
Amedisys, Inc. |  |  | 328 |  |  |  | 08/13/21 |  |  |  | USD |  |  |  | 267.00 |  |  |  | USD |  |  |  | 8,034 |  |  |  | (171,697 | )
Acceleron Pharma, Inc. |  |  | 918 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 11,520 |  |  |  | (284,580 | )
Agilon Health, Inc. |  |  | 424 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 39.50 |  |  |  | USD |  |  |  | 1,720 |  |  |  | (144,322 | )
Agios Pharmaceuticals, Inc. |  |  | 686 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 3,781 |  |  |  | (56,595 | )
Alcon AG |  |  | 702 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 4,932 |  |  |  | (115,830 | )
Alignment Healthcare, Inc. |  |  | 34 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 79 |  |  |  | (2,210 | )
Alignment Healthcare, Inc. |  |  | 525 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,227 |  |  |  | (39,375 | )
Allakos, Inc. |  |  | 343 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,928 |  |  |  | (73,745 | )
Alnylam Pharmaceuticals, Inc. |  |  | 382 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 6,476 |  |  |  | (530,980 | )
Alx Oncology Holdings Inc. |  |  | 220 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,203 |  |  |  | (57,200 | )
Apellis Pharmaceuticals, Inc. |  |  | 258 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 63.50 |  |  |  | USD |  |  |  | 1,631 |  |  |  | (132,938 | )
Applied Molecular Transport, Inc. |  |  | 250 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,144 |  |  |  | (112,500 | )
Arcutis Biotherapeutics, Inc. |  |  | 507 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,384 |  |  |  | (128,017 | )
Argenx SE, ADR |  |  | 177 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 5,329 |  |  |  | (213,285 | )
Arrowhead Pharmaceuticals, Inc. |  |  | 120 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 994 |  |  |  | (49,200 | )
Avantor, Inc. |  |  | 1,133 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 4,023 |  |  |  | (237,930 | )
Beam Therapeutics, Inc. |  |  | 110 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,416 |  |  |  | (421,300 | )
Berkeley Lights, Inc. |  |  | 300 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,344 |  |  |  | (66,750 | )
Biohaven Pharmaceutical Holding Co. Ltd. |  |  | 151 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 105.25 |  |  |  | USD |  |  |  | 1,466 |  |  |  | (78,941 | )
Bridgebio Pharma, Inc. |  |  | 199 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,213 |  |  |  | (55,222 | )
C4 Therapeutics, Inc. |  |  | 424 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,604 |  |  |  | (167,480 | )
Cardiovascular Systems, Inc. |  |  | 263 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,122 |  |  |  | (49,312 | )
CareDx, Inc. |  |  | 480 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 92.50 |  |  |  | USD |  |  |  | 4,393 |  |  |  | (377,919 | )
Certara, Inc. |  |  | 116 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 329 |  |  |  | (17,690 | )
Charles River Laboratories International, Inc. |  |  | 140 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 360.00 |  |  |  | USD |  |  |  | 5,179 |  |  |  | (306,600 | )
Cooper Cos., Inc. |  |  | 91 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 400.00 |  |  |  | USD |  |  |  | 3,606 |  |  |  | (84,630 | )
Cytokinetics, Inc. |  |  | 419 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 829 |  |  |  | (95,322 | )
Dicerna Pharmaceuticals, Inc. |  |  | 621 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 37.75 |  |  |  | USD |  |  |  | 2,318 |  |  |  | (161,849 | )
Fate Therapeutics, Inc. |  |  | 75 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 651 |  |  |  | (45,750 | )
Fate Therapeutics, Inc. |  |  | 93 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 807 |  |  |  | (39,990 | )
Genmab A/S |  |  | 475 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,939 |  |  |  | (39,188 | )
Hill-Rom Holdings, Inc. |  |  | 175 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,988 |  |  |  | (38,938 | )
Horizon Pharma PLC |  |  | 200 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,873 |  |  |  | (112,000 | )
Insmed, Inc. |  |  | 194 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 552 |  |  |  | (50,925 | )
Insulet Corp. |  |  | 300 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 8,235 |  |  |  | (282,000 | )
IQVIA Holdings, Inc. |  |  | 274 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 6,640 |  |  |  | (158,920 | )
LHC Group, Inc. |  |  | 230 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 210.01 |  |  |  | USD |  |  |  | 4,606 |  |  |  | (105,621 | )
Masimo Corp. |  |  | 168 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 245.00 |  |  |  | USD |  |  |  | 4,073 |  |  |  | (160,440 | )
Mirati Therapeutics, Inc. |  |  | 146 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 2,358 |  |  |  | (65,335 | )
Nevro Corp. |  |  | 376 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 6,234 |  |  |  | (235,000 | )
Nkarta, Inc. |  |  | 25 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 79 |  |  |  | (10,000 | )
NuVasive, Inc. |  |  | 200 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 70.25 |  |  |  | USD |  |  |  | 1,356 |  |  |  | (97,677 | )

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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oak Street Health, Inc. |  |  | 665 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 3,895 |  |  | $ | (184,537 | )
Penumbra, Inc. |  |  | 125 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 3,426 |  |  |  | (90,625 | )
Pulmonx Corp. |  |  | 94 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 415 |  |  |  | (16,920 | )
Rapt Therapeutics, Inc. |  |  | 405 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,287 |  |  |  | (114,412 | )
Relmada Therapeutics, Inc. |  |  | 300 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 960 |  |  |  | (144,000 | )
ResMed, Inc. |  |  | 166 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 4,092 |  |  |  | (248,170 | )
Revolution Medicines, Inc. |  |  | 110 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 349 |  |  |  | (53,900 | )
Seagen, Inc. |  |  | 800 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 12,630 |  |  |  | (364,000 | )
Silk Road Medical, Inc. |  |  | 252 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,206 |  |  |  | (57,330 | )
STERIS PLC |  |  | 208 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 4,291 |  |  |  | (95,680 | )
Stoke Therapeutics, Inc. |  |  | 310 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,043 |  |  |  | (93,000 | )
Tandem Diabetes Care, Inc. |  |  | 190 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,851 |  |  |  | (194,750 | )
Teleflex, Inc. |  |  | 272 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 430.00 |  |  |  | USD |  |  |  | 10,929 |  |  |  | (178,160 | )
Translate Bio, Inc. |  |  | 279 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 768 |  |  |  | (152,055 | )
United Therapeutics Corp. |  |  | 86 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 1,543 |  |  |  | (21,930 | )
Zentalis Pharmaceuticals, Inc. |  |  | 330 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,756 |  |  |  | (87,450 | )
Zymeworks, Inc. |  |  | 340 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,179 |  |  |  | (75,650 | )
LHC Group, Inc. |  |  | 263 |  |  |  | 09/17/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 5,267 |  |  |  | (130,185 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (25,468,688 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mersana Therapeutics, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 96,950 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 15.42 |  |  |  | USD |  |  |  | 1,317 |  |  | $ | (1 | )
Convatec Group PLC |  | Barclays Bank PLC |  |  | 500,000 |  |  |  | 07/07/21 |  |  |  | GBP |  |  |  | 2.39 |  |  |  | GBP |  |  |  | 1,203 |  |  |  | (20,065 | )
GN Store Nord A/S |  | UBS AG |  |  | 48,300 |  |  |  | 07/07/21 |  |  |  | DKK |  |  |  | 523.99 |  |  |  | DKK |  |  |  | 26,489 |  |  |  | (194,039 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 582,000 |  |  |  | 07/07/21 |  |  |  | HKD |  |  |  | 35.52 |  |  |  | HKD |  |  |  | 19,746 |  |  |  | (17,619 | )
Jinxin Fertility Group Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 1,200,000 |  |  |  | 07/07/21 |  |  |  | HKD |  |  |  | 21.32 |  |  |  | HKD |  |  |  | 23,483 |  |  |  | (29,161 | )
Pulmonx Corp. |  | JPMorgan Chase Bank N.A. |  |  | 9,400 |  |  |  | 07/07/21 |  |  |  | USD |  |  |  | 44.80 |  |  |  | USD |  |  |  | 415 |  |  |  | (8,685 | )
Avidity Biosciences, Inc. |  | Credit Suisse International |  |  | 25,800 |  |  |  | 07/08/21 |  |  |  | USD |  |  |  | 21.77 |  |  |  | USD |  |  |  | 638 |  |  |  | (81,373 | )
Gerresheimer AG |  | Credit Suisse International |  |  | 19,000 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 95.89 |  |  |  | EUR |  |  |  | 1,772 |  |  |  | (11,710 | )
Sonova Holding AG, Registered Shares |  | UBS AG |  |  | 10,200 |  |  |  | 07/08/21 |  |  |  | CHF |  |  |  | 315.93 |  |  |  | CHF |  |  |  | 3,555 |  |  |  | (359,261 | )
Berkeley Lights, Inc. |  | Credit Suisse International |  |  | 30,000 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 51.00 |  |  |  | USD |  |  |  | 1,344 |  |  |  | (6,216 | )
Sotera Health Co. |  | Credit Suisse International |  |  | 50,000 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 22.92 |  |  |  | USD |  |  |  | 1,212 |  |  |  | (72,209 | )
Amplifon |  | UBS AG |  |  | 25,600 |  |  |  | 07/14/21 |  |  |  | EUR |  |  |  | 39.80 |  |  |  | EUR |  |  |  | 1,067 |  |  |  | (66,581 | )
Arcutis Biotherapeutics, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 20,200 |  |  |  | 07/14/21 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 551 |  |  |  | (1,264 | )
Eisai Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 36,700 |  |  |  | 07/14/21 |  |  |  | JPY |  |  |  | 7,073.29 |  |  |  | JPY |  |  |  | 400,695 |  |  |  | (1,272,782 | )
Lonza Group AG |  | Morgan Stanley & Co. International PLC |  |  | 1,100 |  |  |  | 07/14/21 |  |  |  | CHF |  |  |  | 602.55 |  |  |  | CHF |  |  |  | 722 |  |  |  | (64,126 | )
Privia Health Group, Inc. |  | Citibank N.A. |  |  | 41,100 |  |  |  | 07/14/21 |  |  |  | USD |  |  |  | 41.74 |  |  |  | USD |  |  |  | 1,824 |  |  |  | (163,994 | )
Alcon AG |  | Credit Suisse International |  |  | 78,700 |  |  |  | 07/15/21 |  |  |  | USD |  |  |  | 71.76 |  |  |  | USD |  |  |  | 5,529 |  |  |  | (34,794 | )
Amplifon |  | UBS AG |  |  | 52,000 |  |  |  | 07/15/21 |  |  |  | EUR |  |  |  | 39.69 |  |  |  | EUR |  |  |  | 2,168 |  |  |  | (141,431 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 17,200 |  |  |  | 07/15/21 |  |  |  | DKK |  |  |  | 2,504.07 |  |  |  | DKK |  |  |  | 44,197 |  |  |  | (279,256 | )
Jinxin Fertility Group Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 1,334,000 |  |  |  | 07/15/21 |  |  |  | HKD |  |  |  | 23.22 |  |  |  | HKD |  |  |  | 26,105 |  |  |  | (20,969 | )
Lonza Group AG |  | UBS AG |  |  | 2,900 |  |  |  | 07/15/21 |  |  |  | CHF |  |  |  | 601.19 |  |  |  | CHF |  |  |  | 1,902 |  |  |  | (173,495 | )
Straumann Holding AG, Registered Shares |  | UBS AG |  |  | 4,000 |  |  |  | 07/15/21 |  |  |  | CHF |  |  |  | 1,446.27 |  |  |  | CHF |  |  |  | 5,903 |  |  |  | (186,283 | )
UCB SA |  | Credit Suisse International |  |  | 38,100 |  |  |  | 07/15/21 |  |  |  | EUR |  |  |  | 76.73 |  |  |  | EUR |  |  |  | 3,365 |  |  |  | (523,839 | )
Mersana Therapeutics, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 96,950 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 15.42 |  |  |  | USD |  |  |  | 1,317 |  |  |  | (6,985 | )
Avidity Biosciences, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 35,000 |  |  |  | 07/20/21 |  |  |  | USD |  |  |  | 24.95 |  |  |  | USD |  |  |  | 865 |  |  |  | (62,085 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 17,200 |  |  |  | 07/20/21 |  |  |  | DKK |  |  |  | 2,504.07 |  |  |  | DKK |  |  |  | 44,197 |  |  |  | (302,472 | )
Gerresheimer AG |  | Morgan Stanley & Co. International PLC |  |  | 26,600 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 92.67 |  |  |  | EUR |  |  |  | 2,481 |  |  |  | (90,744 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 484,000 |  |  |  | 07/20/21 |  |  |  | HKD |  |  |  | 35.86 |  |  |  | HKD |  |  |  | 16,421 |  |  |  | (34,277 | )
Merck Kgaa |  | Goldman Sachs International |  |  | 30,800 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 158.81 |  |  |  | EUR |  |  |  | 4,984 |  |  |  | (175,486 | )
Rede Dor Sao Luiz SA |  | Credit Suisse International |  |  | 260,800 |  |  |  | 07/20/21 |  |  |  | USD |  |  |  | 70.74 |  |  |  | USD |  |  |  | 18,003 |  |  |  | (69,892 | )
Jinxin Fertility Group Ltd. |  | Goldman Sachs International |  |  | 1,272,000 |  |  |  | 07/27/21 |  |  |  | HKD |  |  |  | 20.31 |  |  |  | HKD |  |  |  | 24,892 |  |  |  | (172,447 | )
Wuxi Apptec Ltd., Class H |  | Citibank N.A. |  |  | 282,000 |  |  |  | 07/27/21 |  |  |  | HKD |  |  |  | 173.36 |  |  |  | HKD |  |  |  | 51,107 |  |  |  | (469,582 | )
Wuxi Biologics Cayman Inc. |  | Goldman Sachs International |  |  | 710,000 |  |  |  | 07/27/21 |  |  |  | HKD |  |  |  | 124.28 |  |  |  | HKD |  |  |  | 100,938 |  |  |  | (1,729,281 | )
Alcon AG |  | Credit Suisse International |  |  | 78,700 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 72.46 |  |  |  | USD |  |  |  | 5,529 |  |  |  | (64,402 | )
Marinus Pharmaceuticals, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 33,000 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 18.29 |  |  |  | USD |  |  |  | 592 |  |  |  | (56,949 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 766,000 |  |  |  | 07/29/21 |  |  |  | HKD |  |  |  | 33.72 |  |  |  | HKD |  |  |  | 25,988 |  |  |  | (158,205 | )

90 |  | 2 0 2 1 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, 2021 |  | BlackRock Health Sciences Trust II (BMEZ)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lonza Group AG |  | UBS AG |  |  | 6,400 |  |  |  | 07/29/21 |  |  |  | CHF |  |  |  | 680.01 |  |  |  | CHF |  |  |  | 4,198 |  |  | $ | (40,711 | )
Straumann Holding AG, Registered Shares |  | UBS AG |  |  | 3,300 |  |  |  | 07/29/21 |  |  |  | CHF |  |  |  | 1,447.15 |  |  |  | CHF |  |  |  | 4,870 |  |  |  | (190,480 | )
UCB SA |  | Morgan Stanley & Co. International PLC |  |  | 22,400 |  |  |  | 07/29/21 |  |  |  | EUR |  |  |  | 86.75 |  |  |  | EUR |  |  |  | 1,978 |  |  |  | (86,273 | )
SI-BONE, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 30,000 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 31.90 |  |  |  | USD |  |  |  | 944 |  |  |  | (39,697 | )
Zimmer Biomet Holdings, Inc. |  | Barclays Bank PLC |  |  | 51,200 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 161.29 |  |  |  | USD |  |  |  | 8,234 |  |  |  | (246,810 | )
Amplifon |  | Morgan Stanley & Co. International PLC |  |  | 111,300 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 41.31 |  |  |  | EUR |  |  |  | 4,641 |  |  |  | (227,909 | )
Convatec Group PLC |  | Goldman Sachs International |  |  | 545,000 |  |  |  | 08/04/21 |  |  |  | GBP |  |  |  | 2.43 |  |  |  | GBP |  |  |  | 1,311 |  |  |  | (28,701 | )
Demant |  | Goldman Sachs International |  |  | 84,200 |  |  |  | 08/04/21 |  |  |  | DKK |  |  |  | 356.70 |  |  |  | DKK |  |  |  | 29,757 |  |  |  | (146,246 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 452,000 |  |  |  | 08/04/21 |  |  |  | HKD |  |  |  | 34.65 |  |  |  | HKD |  |  |  | 15,335 |  |  |  | (76,656 | )
Jinxin Fertility Group Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 1,100,000 |  |  |  | 08/04/21 |  |  |  | HKD |  |  |  | 18.84 |  |  |  | HKD |  |  |  | 21,526 |  |  |  | (271,405 | )
Sonova Holding AG, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 13,700 |  |  |  | 08/04/21 |  |  |  | CHF |  |  |  | 345.36 |  |  |  | CHF |  |  |  | 4,774 |  |  |  | (163,921 | )
Akeso Inc. |  | JPMorgan Chase Bank N.A. |  |  | 560,000 |  |  |  | 08/05/21 |  |  |  | HKD |  |  |  | 67.94 |  |  |  | HKD |  |  |  | 35,067 |  |  |  | (176,528 | )
Eisai Co. Ltd. |  | Goldman Sachs International |  |  | 35,700 |  |  |  | 08/05/21 |  |  |  | JPY |  |  |  | 12,740.00 |  |  |  | JPY |  |  |  | 389,776 |  |  |  | (3,127 | )
Genetron Holdings Ltd., ADR |  | Bank of America N.A. |  |  | 50,000 |  |  |  | 08/05/21 |  |  |  | USD |  |  |  | 21.81 |  |  |  | USD |  |  |  | 1,007 |  |  |  | (31,600 | )
GN Store Nord A/S |  | JPMorgan Chase Bank N.A. |  |  | 42,200 |  |  |  | 08/05/21 |  |  |  | DKK |  |  |  | 560.26 |  |  |  | DKK |  |  |  | 23,143 |  |  |  | (82,758 | )
Morphic Holding, Inc. |  | Citibank N.A. |  |  | 14,700 |  |  |  | 08/05/21 |  |  |  | USD |  |  |  | 62.17 |  |  |  | USD |  |  |  | 844 |  |  |  | (21,915 | )
TCR2 Therapeutics, Inc. |  | Barclays Bank PLC |  |  | 32,500 |  |  |  | 08/05/21 |  |  |  | USD |  |  |  | 20.34 |  |  |  | USD |  |  |  | 533 |  |  |  | (18,078 | )
Teladoc Health, Inc. |  | Morgan Stanley & Co. LLC |  |  | 11,300 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 177.50 |  |  |  | USD |  |  |  | 1,879 |  |  |  | (72,037 | )
Avidity Biosciences, Inc. |  | Bank of America N.A. |  |  | 25,800 |  |  |  | 08/09/21 |  |  |  | USD |  |  |  | 26.09 |  |  |  | USD |  |  |  | 638 |  |  |  | (28,241 | )
Genmab A/S |  | Citibank N.A. |  |  | 84,900 |  |  |  | 08/10/21 |  |  |  | USD |  |  |  | 41.88 |  |  |  | USD |  |  |  | 3,466 |  |  |  | (99,961 | )
C4 Therapeutics, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 35,500 |  |  |  | 08/11/21 |  |  |  | USD |  |  |  | 41.30 |  |  |  | USD |  |  |  | 1,343 |  |  |  | (39,050 | )
Convatec Group PLC |  | UBS AG |  |  | 319,000 |  |  |  | 08/11/21 |  |  |  | GBP |  |  |  | 2.40 |  |  |  | GBP |  |  |  | 768 |  |  |  | (26,084 | )
Demant |  | UBS AG |  |  | 60,000 |  |  |  | 08/11/21 |  |  |  | DKK |  |  |  | 361.82 |  |  |  | DKK |  |  |  | 21,205 |  |  |  | (94,722 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 434,000 |  |  |  | 08/11/21 |  |  |  | HKD |  |  |  | 36.70 |  |  |  | HKD |  |  |  | 14,724 |  |  |  | (44,226 | )
Jinxin Fertility Group Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 794,000 |  |  |  | 08/11/21 |  |  |  | HKD |  |  |  | 21.79 |  |  |  | HKD |  |  |  | 15,538 |  |  |  | (88,175 | )
Morphic Holding, Inc. |  | Citibank N.A. |  |  | 14,700 |  |  |  | 08/11/21 |  |  |  | USD |  |  |  | 62.17 |  |  |  | USD |  |  |  | 844 |  |  |  | (25,311 | )
Straumann Holding AG, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 3,600 |  |  |  | 08/11/21 |  |  |  | CHF |  |  |  | 1,509.09 |  |  |  | CHF |  |  |  | 5,313 |  |  |  | (118,909 | )
UCB SA |  | JPMorgan Chase Bank N.A. |  |  | 46,000 |  |  |  | 08/11/21 |  |  |  | EUR |  |  |  | 85.82 |  |  |  | EUR |  |  |  | 4,063 |  |  |  | (96,375 | )
Wuxi Apptec Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 300,000 |  |  |  | 08/11/21 |  |  |  | HKD |  |  |  | 188.75 |  |  |  | HKD |  |  |  | 54,369 |  |  |  | (306,024 | )
Wuxi Biologics Cayman Inc. |  | Morgan Stanley & Co. International PLC |  |  | 450,000 |  |  |  | 08/11/21 |  |  |  | HKD |  |  |  | 148.52 |  |  |  | HKD |  |  |  | 63,975 |  |  |  | (395,751 | )
Akeso Inc. |  | JPMorgan Chase Bank N.A. |  |  | 222,000 |  |  |  | 08/12/21 |  |  |  | HKD |  |  |  | 68.11 |  |  |  | HKD |  |  |  | 13,901 |  |  |  | (82,133 | )
Keros Therapeutics, Inc. |  | Citibank N.A. |  |  | 31,000 |  |  |  | 08/12/21 |  |  |  | USD |  |  |  | 45.53 |  |  |  | USD |  |  |  | 1,317 |  |  |  | (62,921 | )
Oak Street Health, Inc. |  | Citibank N.A. |  |  | 138,000 |  |  |  | 08/12/21 |  |  |  | USD |  |  |  | 66.58 |  |  |  | USD |  |  |  | 8,083 |  |  |  | (160,105 | )
Genetron Holdings Ltd., ADR |  | Bank of America N.A. |  |  | 50,000 |  |  |  | 08/17/21 |  |  |  | USD |  |  |  | 21.81 |  |  |  | USD |  |  |  | 1,007 |  |  |  | (67,275 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 14,600 |  |  |  | 08/18/21 |  |  |  | DKK |  |  |  | 2,620.83 |  |  |  | DKK |  |  |  | 37,516 |  |  |  | (163,577 | )
Wuxi Apptec Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 256,300 |  |  |  | 08/18/21 |  |  |  | HKD |  |  |  | 193.99 |  |  |  | HKD |  |  |  | 46,449 |  |  |  | (170,565 | )
Guardant Health, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 17,100 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 126.56 |  |  |  | USD |  |  |  | 2,124 |  |  |  | (113,094 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 14,600 |  |  |  | 08/25/21 |  |  |  | DKK |  |  |  | 2,620.67 |  |  |  | DKK |  |  |  | 37,516 |  |  |  | (177,733 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (11,407,044 | )

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 |  |  | $ | 5,379,879 |  |  | $ | (15,778,302 | ) |  | $ | (36,875,732 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 36,875,732 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 36,875,732 |

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, 2021 |  | BlackRock Health Sciences Trust II (BMEZ)

For the six months ended June 30, 2021, 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 |  | $ | — |  |  | $ | — |  |  | $ | (11,593,593 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (11,593,593 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 5,317,215 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,317,215 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 29,355,573 |

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 36,875,732 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 36,875,732 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (25,468,688 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 11,407,044 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged | (a) |  |  | Net Amount of Derivative Liabilities | (b)
Bank of America N.A. |  | $ | 127,116 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 127,116 |
Barclays Bank PLC |  |  | 284,953 |  |  |  | — |  |  |  | (284,953 | ) |  |  | — |  |  |  | — |
Citibank N.A. |  |  | 1,003,789 |  |  |  | — |  |  |  | (1,003,789 | ) |  |  | (20,000 | ) |  |  | (20,000 | )
Credit Suisse International |  |  | 864,435 |  |  |  | — |  |  |  | (497,352 | ) |  |  | — |  |  |  | 367,083 |
Goldman Sachs International |  |  | 2,255,288 |  |  |  | — |  |  |  | (1,890,887 | ) |  |  | (364,401 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 3,083,851 |  |  |  | — |  |  |  | (3,083,851 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 2,242,488 |  |  |  | — |  |  |  | (2,242,488 | ) |  |  | (16,000 | ) |  |  | (16,000 | )
Morgan Stanley & Co. LLC |  |  | 72,037 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 72,037 |
UBS AG |  |  | 1,473,087 |  |  |  | — |  |  |  | (777,587 | ) |  |  | — |  |  |  | 695,500 |
|  | $ | 11,407,044 |  |  | $ | — |  |  | $ | (9,780,907 | ) |  | $ | (400,401 | ) |  | $ | 1,225,736 |

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

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

92 |  | 2 0 2 1 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, 2021 |  | BlackRock Health Sciences Trust II (BMEZ)

Fair Value Hierarchy as of Period End

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

The following table summarizes the Trust’s 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 |  | $ | 911,507,122 |  |  | $ | 321,685,397 |  |  | $ | — |  |  | $ | 1,233,192,519 |
Diversified Financial Services |  |  | 49,402,615 |  |  |  | — |  |  |  | — |  |  |  | 49,402,615 |
Electronic Equipment, Instruments & Components |  |  | 10,946,255 |  |  |  | — |  |  |  | — |  |  |  | 10,946,255 |
Health Care Equipment & Supplies |  |  | 647,666,934 |  |  |  | 171,363,341 |  |  |  | — |  |  |  | 819,030,275 |
Health Care Providers & Services |  |  | 389,640,291 |  |  |  | 122,755,421 |  |  |  | — |  |  |  | 512,395,712 |
Health Care Technology |  |  | 51,636,614 |  |  |  | — |  |  |  | — |  |  |  | 51,636,614 |
Internet & Direct Marketing Retail |  |  | — |  |  |  | 23,818,340 |  |  |  | — |  |  |  | 23,818,340 |
Life Sciences Tools & Services |  |  | 174,547,811 |  |  |  | 183,903,269 |  |  |  | — |  |  |  | 358,451,080 |
Pharmaceuticals |  |  | 21,960,876 |  |  |  | 126,494,517 |  |  |  | — |  |  |  | 148,455,393 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 258,465,494 |  |  |  | 258,465,494 |
Warrants |  |  | 3,456,810 |  |  |  | — |  |  |  | — |  |  |  | 3,456,810 |
|  | $ | 2,260,765,328 |  |  | $ | 950,020,285 |  |  | $ | 258,465,494 |  |  |  | 3,469,251,107 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,245,032 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,475,496,139 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (22,279,225 | ) |  | $ | (14,596,507 | ) |  | $ | — |  |  | $ | (36,875,732 | )

| (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 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2020 |  | $ | 28,744,832 |  |  | $ | 112,069,329 |  |  | $ | 140,814,161 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3(a) |  |  | (3,884,625 | ) |  |  | (31,063,087 | ) |  |  | (34,947,712 | )
Other(b) |  |  | (24,860,207 | ) |  |  | 24,860,207 |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(c)(d) |  |  | — |  |  |  | 19,664,669 |  |  |  | 19,664,669 |
Purchases |  |  | — |  |  |  | 147,514,376 |  |  |  | 147,514,376 |
Sales |  |  | — |  |  |  | (14,580,000 | ) |  |  | (14,580,000 | )
Closing balance, as of June 30, 2021 |  | $ | — |  |  | $ | 258,465,494 |  |  | $ | 258,465,494 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(d) |  | $ | — |  |  | $ | 19,664,919 |  |  | $ | 19,664,919 |

| (a) | As of December 31, 2020, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 2021, 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. |

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

| (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, 2021 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 investments with values

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Health Sciences Trust II (BMEZ)

based upon unadjusted third party pricing information in the amount of $6,538,179. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.

|  |  | Value |  |  |  | Valuation Approach |  |  |  | Unobservable Inputs |  |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets |
Preferred Stocks(b) |  | $ | 251,927,315 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 6.60x |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | EBITDA Multiple |  |  |  | 11.00x |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 80% - 82% |  |  |  | 81% |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 2.0 - 3.0 |  |  |  | 2.6 |
|  |  |  |  |  |  |  |  |  |  | Market Adjustment Multiple |  |  |  | 0.95x - 1.10x |  |  |  | 0.99x |
|  |  |  |  |  |  |  |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
|  | $ | 251,927,315 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

| (b) | For the period end June 30, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $63,507,814 changed to Current Value approach. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued. |

See notes to financial statements.

94 |  | 2 0 2 1 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, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Aerospace & Defense — 4.4% |
Axon Enterprise, Inc.(a)(b) |  |  | 874,632 |  |  | $ | 154,634,938 |
HEICO Corp. |  |  | 405,786 |  |  |  | 56,574,684 |
|  |  |  |  |  |  | 211,209,622 |
Auto Components — 2.4% |
Fox Factory Holding Corp.(b) |  |  | 731,101 |  |  |  | 113,803,182 |
Beverages — 1.2% |
Celsius Holdings, Inc.(b) |  |  | 784,040 |  |  |  | 59,657,604 |
Biotechnology(b) — 3.5% |
Halozyme Therapeutics, Inc. |  |  | 1,772,429 |  |  |  | 80,486,001 |
Invitae Corp.(c) |  |  | 1,279,324 |  |  |  | 43,151,599 |
Natera, Inc. |  |  | 389,429 |  |  |  | 44,211,874 |
|  |  |  |  |  |  | 167,849,474 |
Building Products — 1.8% |
AZEK Co., Inc.(b) |  |  | 2,075,071 |  |  |  | 88,107,515 |
Chemicals — 3.2% |
Amyris, Inc.(a)(b) |  |  | 9,353,069 |  |  |  | 153,109,739 |
Diversified Consumer Services — 3.8% |
Bright Horizons Family Solutions, Inc.(b) |  |  | 393,799 |  |  |  | 57,931,771 |
Chegg, Inc.(b)(c) |  |  | 883,286 |  |  |  | 73,409,899 |
Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000)(d)(e) |  |  | 6,224 |  |  |  | 50,000,000 |
|  |  |  |  |  |  | 181,341,670 |
Electrical Equipment — 1.9% |
Shoals Technologies Group, Inc., Class A(b) |  |  | 2,604,084 |  |  |  | 92,444,982 |
Electronic Equipment, Instruments & Components — 2.2% |
908 Devices, Inc.(b)(f)(g) |  |  | 1,687,470 |  |  |  | 65,389,463 |
Halma PLC |  |  | 1,072,993 |  |  |  | 39,974,599 |
|  |  |  |  |  |  | 105,364,062 |
Entertainment — 2.1% |
Kahoot! AS(b) |  |  | 14,891,946 |  |  |  | 102,091,465 |
Equity Real Estate Investment Trusts (REITs) — 1.2% |
Innovative Industrial Properties, Inc. |  |  | 143,783 |  |  |  | 27,465,429 |
Rexford Industrial Realty, Inc. |  |  | 496,178 |  |  |  | 28,257,337 |
|  |  |  |  |  |  | 55,722,766 |
Food Products(b) — 2.8% |
Freshpet, Inc.(a) |  |  | 731,442 |  |  |  | 119,195,789 |
Vital Farms, Inc. |  |  | 842,467 |  |  |  | 16,815,641 |
|  |  |  |  |  |  | 136,011,430 |
Health Care Equipment & Supplies(b) — 7.1% |
Eargo, Inc.(f) |  |  | 2,065,987 |  |  |  | 82,453,541 |
Inmode Ltd. |  |  | 508,987 |  |  |  | 48,190,889 |
Masimo Corp.(c) |  |  | 479,358 |  |  |  | 116,220,347 |
Outset Medical, Inc. |  |  | 1,196,816 |  |  |  | 59,816,864 |
Pulmonx Corp. |  |  | 799,583 |  |  |  | 35,277,602 |
|  |  |  |  |  |  | 341,959,243 |
Health Care Providers & Services — 0.9% |
Guardant Health, Inc.(b) |  |  | 357,111 |  |  |  | 44,349,615 |
Health Care Technology(b) — 6.8% |
Certara, Inc. |  |  | 2,767,607 |  |  |  | 78,406,306 |
Doximity, Inc., Class A |  |  | 134,838 |  |  |  | 7,847,572 |

Security |  | Shares |  |  | Value |
Health Care Technology (continued) |
Health Catalyst, Inc.(c) |  |  | 1,625,593 |  |  | $ | 90,236,668 |
Phreesia, Inc.(a) |  |  | 2,414,488 |  |  |  | 148,008,114 |
|  |  |  |  |  |  | 324,498,660 |
Hotels, Restaurants & Leisure — 4.4% |
Penn National Gaming, Inc.(a)(b)(c) |  |  | 1,263,250 |  |  |  | 96,625,992 |
Planet Fitness, Inc., Class A(b)(c) |  |  | 854,290 |  |  |  | 64,285,323 |
Wingstop, Inc. |  |  | 324,890 |  |  |  | 51,212,411 |
|  |  |  |  |  |  | 212,123,726 |
IT Services(b) — 5.9% |
Globant SA |  |  | 384,189 |  |  |  | 84,206,545 |
Marqeta, Inc.(g) |  |  | 1,351,466 |  |  |  | 37,935,651 |
MongoDB, Inc. |  |  | 189,408 |  |  |  | 68,474,780 |
Wix.com Ltd. |  |  | 317,829 |  |  |  | 92,259,402 |
|  |  |  |  |  |  | 282,876,378 |
Life Sciences Tools & Services — 8.6% |
10X Genomics, Inc., Class A(b)(c) |  |  | 696,579 |  |  |  | 136,404,100 |
Adaptive Biotechnologies Corp.(b) |  |  | 115,349 |  |  |  | 4,713,160 |
Bio-Techne Corp.(c) |  |  | 272,619 |  |  |  | 122,749,431 |
Olink Holding AB, ADR(b) |  |  | 828,793 |  |  |  | 28,527,055 |
Repligen Corp.(b) |  |  | 339,630 |  |  |  | 67,796,941 |
Seer, Inc.(b) |  |  | 1,551,639 |  |  |  | 50,862,726 |
|  |  |  |  |  |  | 411,053,413 |
Machinery — 1.5% |
Chart Industries, Inc.(b) |  |  | 500,362 |  |  |  | 73,212,968 |
Personal Products — 1.6% |
Honest Co., Inc.(b)(f) |  |  | 4,815,961 |  |  |  | 77,970,408 |
Road & Rail — 1.0% |
Saia, Inc.(b) |  |  | 231,295 |  |  |  | 48,453,989 |
Semiconductors & Semiconductor Equipment — 7.9% |
Brooks Automation, Inc. |  |  | 531,986 |  |  |  | 50,687,626 |
Cree, Inc.(b) |  |  | 357,706 |  |  |  | 35,030,148 |
Entegris, Inc.(a)(c) |  |  | 1,112,238 |  |  |  | 136,771,907 |
Lattice Semiconductor Corp.(b) |  |  | 942,144 |  |  |  | 52,929,650 |
Monolithic Power Systems, Inc.(a) |  |  | 280,564 |  |  |  | 104,776,626 |
|  |  |  |  |  |  | 380,195,957 |
Software — 16.8% |
8x8, Inc.(b) |  |  | 845,242 |  |  |  | 23,463,918 |
Avalara, Inc.(a)(b) |  |  | 892,670 |  |  |  | 144,434,006 |
Bill.Com Holdings, Inc.(b) |  |  | 487,752 |  |  |  | 89,346,411 |
Blackline, Inc.(b) |  |  | 504,593 |  |  |  | 56,146,063 |
Everbridge, Inc.(b) |  |  | 159,136 |  |  |  | 21,655,227 |
Five9, Inc.(b) |  |  | 602,725 |  |  |  | 110,533,738 |
Lightspeed POS, Inc.(b) |  |  | 1,586,916 |  |  |  | 132,819,083 |
nCino Inc.(b) |  |  | 1,293,134 |  |  |  | 77,484,589 |
Paylocity Holding Corp.(b) |  |  | 602,034 |  |  |  | 114,868,087 |
Q2 Holdings, Inc.(b) |  |  | 147,420 |  |  |  | 15,122,344 |
Snorkel Al, Inc., (Acquired 06/30/21, Cost: $2,999,997)(d)(e) |  |  | 199,738 |  |  |  | 3,269,711 |
Vonage Holdings Corp.(b) |  |  | 1,359,054 |  |  |  | 19,583,968 |
|  |  |  |  |  |  | 808,727,145 |

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, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Specialty Retail(b) — 4.5% |
Leslie’s Inc. |  |  | 2,632,664 |  |  | $ | 72,371,933 |
Vroom Inc.(a)(c) |  |  | 3,463,203 |  |  |  | 144,969,678 |
|  |  |  |  |  |  | 217,341,611 |
Total Common Stocks — 97.5% (Cost: $4,671,171,784) |  |  |  | 4,689,476,624 |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 4.0%(d)(e) |  |  |  |  |  |
Aerospace & Defense — 1.1% |  |  |  |  |  |
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009) |  |  | 2,189,612 |  |  |  | 49,988,842 |
Capital Markets — 1.1% |  |  |  |  |  |
The Production Board LLC, Series A, (Acquired 06/04/21, Cost: $50,000,001) |  |  | 16,666,667 |  |  |  | 50,000,001 |
Food Products — 0.8% |  |  |  |  |  |
Motif Food Works, Inc., Series B, (Acquired 06/08/21, Cost: $39,999,986) |  |  | 1,972,240 |  |  |  | 39,999,985 |
Semiconductors & Semiconductor Equipment — 0.8% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $39,999,990) |  |  | 1,525,192 |  |  |  | 40,005,786 |
Software — 0.2% |  |  |  |  |  |
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,994) |  |  | 732,373 |  |  |  | 10,999,993 |
Total Preferred Stocks — 4.0% |  |  |  |  |  |  | 190,994,607 |
Total Preferred Securities — 4.0% (Cost: $190,999,980) |  |  |  |  |  |  | 190,994,607 |
Total Long-Term Investments — 101.5% (Cost: $4,862,171,764) |  |  |  |  |  |  | 4,880,471,231 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.1% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(f)(h) |  |  | 6,081,460 |  |  | $ | 6,081,460 |
SL Liquidity Series, LLC, Money Market Series, 0.13%(f)(h) |  |  | 796,714 |  |  |  | 796,953 |
Total Short-Term Securities — 0.1% (Cost: $6,878,413) |  |  |  | 6,878,413 |
Total Investments Before Options Written — 101.6% (Cost: $4,869,050,177) |  |  |  | 4,887,349,644 |
Options Written — (1.4)% (Premiums Received: $(43,810,527)) |  |  |  | (68,185,597 | )
Total Investments, Net of Options Written — 100.2% (Cost: $4,825,239,650) |  |  |  | 4,819,164,047 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  | (8,135,536 | )
Net Assets — 100.0% |  |  | $ | 4,811,028,511 |

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

(b) | Non-income producing security.

(c) | All or a portion of 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.

(e) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $244,264,318, representing 5.1% of its net assets as of period end, and an original cost of $243,999,977.

(f) | Affiliate of the Trust.

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

(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 period ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 03/29/21(a) |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
908 Devices, Inc. |  | $ | — |  |  | $ | 83,484,668 |  |  | $ | — |  |  | $ | — |  |  | $ | (18,095,205 | ) |  | $ | 65,389,463 |  |  |  | 1,687,470 |  |  | $ | — |  |  | $ | — |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | — |  |  |  | 6,081,460 | (b) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,081,460 |  |  |  | 6,081,460 |  |  |  | 42,766 |  |  |  | — |
Eargo, Inc. |  |  | — |  |  |  | 99,231,391 |  |  |  | — |  |  |  | — |  |  |  | (16,777,850 | ) |  |  | 82,453,541 |  |  |  | 2,065,987 |  |  |  | — |  |  |  | — |
Honest Co., Inc. |  |  | — |  |  |  | 77,055,376 |  |  |  | — |  |  |  | — |  |  |  | 915,033 |  |  |  | 77,970,409 |  |  |  | 4,815,961 |  |  |  | — |  |  |  | — |
iShares Russell 2000 Growth ETF(c) |  |  | — |  |  |  | 214,699,815 |  |  |  | (212,175,613 | ) |  |  | (2,524,202 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
iShares Russell Mid-Cap Growth ETF(c) |  |  | — |  |  |  | 211,658,254 |  |  |  | (226,065,994 | ) |  |  | 14,407,740 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | 796,953 | (b) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 796,953 |  |  |  | 796,714 |  |  |  | 61,662 | (d) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,883,538 |  |  | $ | (33,958,022 | ) |  | $ | 232,691,826 |  |  |  |  |  |  | $ | 104,428 |  |  | $ | — |

| (a) | Commencement of operations.

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

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

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

96 |  | 2 0 2 1 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, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ)

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Globant SA |  |  | 163 |  |  |  | 07/01/21 |  |  | USD |  |  | 231.00 |  |  | USD |  |  | 3,573 |  |  | $ | (18 | )
MongoDB, Inc. |  |  | 202 |  |  |  | 07/02/21 |  |  | USD |  |  | 320.00 |  |  | USD |  |  | 7,303 |  |  |  | (856,480 | )
Phreesia, Inc. |  |  | 650 |  |  |  | 07/06/21 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 3,985 |  |  |  | (746,197 | )
Guardant Health, Inc. |  |  | 451 |  |  |  | 07/07/21 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 5,601 |  |  |  | (7,723 | )
Leslie’s Inc. |  |  | 568 |  |  |  | 07/07/21 |  |  | USD |  |  | 30.50 |  |  | USD |  |  | 1,561 |  |  |  | (5,695 | )
8x8, Inc. |  |  | 679 |  |  |  | 07/09/21 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 1,885 |  |  |  | (261,415 | )
Chegg, Inc. |  |  | 474 |  |  |  | 07/09/21 |  |  | USD |  |  | 82.51 |  |  | USD |  |  | 3,939 |  |  |  | (104,916 | )
Vonage Holdings Corp. |  |  | 2,740 |  |  |  | 07/12/21 |  |  | USD |  |  | 14.15 |  |  | USD |  |  | 3,948 |  |  |  | (160,991 | )
Phreesia, Inc. |  |  | 850 |  |  |  | 07/13/21 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 5,211 |  |  |  | (1,098,319 | )
Leslie’s Inc. |  |  | 568 |  |  |  | 07/14/21 |  |  | USD |  |  | 32.00 |  |  | USD |  |  | 1,561 |  |  |  | (7,407 | )
10X Genomics, Inc., Class A |  |  | 235 |  |  |  | 07/16/21 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 4,602 |  |  |  | (534,625 | )
10X Genomics, Inc., Class A |  |  | 361 |  |  |  | 07/16/21 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 7,069 |  |  |  | (176,890 | )
Adaptive Biotechnologies Corp. |  |  | 90 |  |  |  | 07/16/21 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 368 |  |  |  | (5,625 | )
Amyris, Inc. |  |  | 1,500 |  |  |  | 07/16/21 |  |  | USD |  |  | 18.50 |  |  | USD |  |  | 2,456 |  |  |  | (48,750 | )
Axon Enterprise, Inc. |  |  | 871 |  |  |  | 07/16/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 15,399 |  |  |  | (1,903,135 | )
AZEK Co., Inc. |  |  | 817 |  |  |  | 07/16/21 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 3,469 |  |  |  | (20,425 | )
Bill.Com Holdings, Inc. |  |  | 293 |  |  |  | 07/16/21 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 5,367 |  |  |  | (588,930 | )
Bio-Techne Corp. |  |  | 207 |  |  |  | 07/16/21 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 9,320 |  |  |  | (185,265 | )
Bio-Techne Corp. |  |  | 128 |  |  |  | 07/16/21 |  |  | USD |  |  | 430.00 |  |  | USD |  |  | 5,763 |  |  |  | (291,200 | )
Blackline, Inc. |  |  | 501 |  |  |  | 07/16/21 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 5,575 |  |  |  | (180,360 | )
Bright Horizons Family Solutions, Inc. |  |  | 424 |  |  |  | 07/16/21 |  |  | USD |  |  | 144.01 |  |  | USD |  |  | 6,237 |  |  |  | (236,219 | )
Brooks Automation, Inc. |  |  | 642 |  |  |  | 07/16/21 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 6,117 |  |  |  | (17,655 | )
Brooks Automation, Inc. |  |  | 214 |  |  |  | 07/16/21 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 2,039 |  |  |  | (33,170 | )
Celsius Holdings, Inc. |  |  | 840 |  |  |  | 07/16/21 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 6,392 |  |  |  | (655,200 | )
Celsius Holdings, Inc. |  |  | 843 |  |  |  | 07/16/21 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 6,414 |  |  |  | (1,007,385 | )
Certara, Inc. |  |  | 623 |  |  |  | 07/16/21 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 1,765 |  |  |  | (56,070 | )
Chart Industries, Inc. |  |  | 536 |  |  |  | 07/16/21 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 7,843 |  |  |  | (76,380 | )
Chegg, Inc. |  |  | 947 |  |  |  | 07/16/21 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 7,871 |  |  |  | (14,205 | )
Chegg, Inc. |  |  | 474 |  |  |  | 07/16/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 3,939 |  |  |  | (80,580 | )
Eargo Inc. |  |  | 1,422 |  |  |  | 07/16/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 5,675 |  |  |  | (135,090 | )
Eargo Inc. |  |  | 800 |  |  |  | 07/16/21 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 3,193 |  |  |  | (60,000 | )
Everbridge, Inc. |  |  | 347 |  |  |  | 07/16/21 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 4,722 |  |  |  | (423,340 | )
Five9, Inc. |  |  | 650 |  |  |  | 07/16/21 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 11,920 |  |  |  | (295,750 | )
Fox Factory Holding Corp. |  |  | 785 |  |  |  | 07/16/21 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 12,219 |  |  |  | (64,762 | )
Freshpet, Inc. |  |  | 353 |  |  |  | 07/16/21 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 5,752 |  |  |  | (134,140 | )
Globant SA |  |  | 130 |  |  |  | 07/16/21 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 2,849 |  |  |  | (14,950 | )
Globant SA |  |  | 325 |  |  |  | 07/16/21 |  |  | USD |  |  | 232.95 |  |  | USD |  |  | 7,123 |  |  |  | (55,735 | )
Guardant Health, Inc. |  |  | 290 |  |  |  | 07/16/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 3,602 |  |  |  | (7,975 | )
Guardant Health, Inc. |  |  | 310 |  |  |  | 07/16/21 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 3,850 |  |  |  | (62,775 | )
Halozyme Therapeutics, Inc. |  |  | 1,691 |  |  |  | 07/16/21 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 7,679 |  |  |  | (253,650 | )
Halozyme Therapeutics, Inc. |  |  | 613 |  |  |  | 07/16/21 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 2,784 |  |  |  | (49,040 | )
Health Catalyst, Inc. |  |  | 970 |  |  |  | 07/16/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 5,384 |  |  |  | (36,375 | )
Health Catalyst, Inc. |  |  | 1,309 |  |  |  | 07/16/21 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 7,266 |  |  |  | (65,450 | )
HEICO Corp. |  |  | 265 |  |  |  | 07/16/21 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 3,695 |  |  |  | (23,188 | )
Honest Co., Inc. |  |  | 2,000 |  |  |  | 07/16/21 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 3,238 |  |  |  | (70,000 | )
Honest Co., Inc. |  |  | 405 |  |  |  | 07/16/21 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 656 |  |  |  | (4,050 | )
Honest Co., Inc. |  |  | 1,000 |  |  |  | 07/16/21 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 1,619 |  |  |  | (15,000 | )
Inmode Ltd. |  |  | 546 |  |  |  | 07/16/21 |  |  | USD |  |  | 85.25 |  |  | USD |  |  | 5,170 |  |  |  | (553,090 | )
Innovative Industrial Properties, Inc. |  |  | 154 |  |  |  | 07/16/21 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 2,942 |  |  |  | (46,200 | )
Invitae Corp. |  |  | 1,370 |  |  |  | 07/16/21 |  |  | USD |  |  | 35.25 |  |  | USD |  |  | 4,621 |  |  |  | (145,567 | )
Lattice Semiconductor Corp. |  |  | 1,000 |  |  |  | 07/16/21 |  |  | USD |  |  | 52.51 |  |  | USD |  |  | 5,618 |  |  |  | (472,263 | )
Leslie’s Inc. |  |  | 1,000 |  |  |  | 07/16/21 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 2,749 |  |  |  | (45,000 | )
Lightspeed Pos Inc. |  |  | 1,000 |  |  |  | 07/16/21 |  |  | CAD |  |  | 110.00 |  |  | CAD |  |  | 10,375 |  |  |  | (155,292 | )
Lightspeed Pos Inc. |  |  | 710 |  |  |  | 07/16/21 |  |  | CAD |  |  | 115.00 |  |  | CAD |  |  | 7,366 |  |  |  | (57,277 | )
Marqeta, Inc. |  |  | 4 |  |  |  | 07/16/21 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 11 |  |  |  | (60 | )
Masimo Corp. |  |  | 515 |  |  |  | 07/16/21 |  |  | USD |  |  | 231.00 |  |  | USD |  |  | 12,486 |  |  |  | (666,162 | )
Monolithic Power Systems, Inc. |  |  | 300 |  |  |  | 07/16/21 |  |  | USD |  |  | 340.01 |  |  | USD |  |  | 11,204 |  |  |  | (1,043,732 | )
Natera, Inc. |  |  | 417 |  |  |  | 07/16/21 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 4,734 |  |  |  | (281,475 | )
Paylocity Holding Corp. |  |  | 520 |  |  |  | 07/16/21 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 9,922 |  |  |  | (465,400 | )
Phreesia, Inc. |  |  | 1,327 |  |  |  | 07/16/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 8,135 |  |  |  | (776,295 | )

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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Phreesia, Inc. |  |  | 442 |  |  |  | 07/16/21 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 2,709 |  |  | $ | (545,870 | )
Phreesia, Inc. |  |  | 710 |  |  |  | 07/16/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 4,352 |  |  |  | (225,425 | )
Planet Fitness, Inc., Class A |  |  | 917 |  |  |  | 07/16/21 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 6,900 |  |  |  | (18,340 | )
Repligen Corp. |  |  | 364 |  |  |  | 07/16/21 |  |  | USD |  |  | 185.01 |  |  | USD |  |  | 7,266 |  |  |  | (573,006 | )
Saia, Inc. |  |  | 230 |  |  |  | 07/16/21 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 4,818 |  |  |  | (45,425 | )
Seer Inc., Class A |  |  | 1,530 |  |  |  | 07/16/21 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 5,015 |  |  |  | (68,850 | )
Shoals Technologies Group, Inc., Class A |  |  | 2,000 |  |  |  | 07/16/21 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 7,100 |  |  |  | (385,000 | )
Vital Farms, Inc. |  |  | 1,521 |  |  |  | 07/16/21 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 3,036 |  |  |  | (22,815 | )
Vonage Holdings Corp. |  |  | 2,740 |  |  |  | 07/16/21 |  |  | USD |  |  | 14.25 |  |  | USD |  |  | 3,948 |  |  |  | (138,743 | )
Vroom Inc. |  |  | 3,416 |  |  |  | 07/16/21 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 14,299 |  |  |  | (25,620 | )
Wingstop, Inc. |  |  | 152 |  |  |  | 07/16/21 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 2,396 |  |  |  | (199,880 | )
Wix.Com Ltd. |  |  | 500 |  |  |  | 07/16/21 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 14,514 |  |  |  | (155,000 | )
8x8, Inc. |  |  | 1,294 |  |  |  | 07/23/21 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 3,592 |  |  |  | (262,035 | )
Amyris, Inc. |  |  | 1,000 |  |  |  | 07/23/21 |  |  | USD |  |  | 18.50 |  |  | USD |  |  | 1,637 |  |  |  | (52,500 | )
Amyris, Inc. |  |  | 1,000 |  |  |  | 07/23/21 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 1,637 |  |  |  | (45,000 | )
Cree, Inc. |  |  | 357 |  |  |  | 07/23/21 |  |  | USD |  |  | 102.00 |  |  | USD |  |  | 3,496 |  |  |  | (83,895 | )
Masimo Corp. |  |  | 510 |  |  |  | 07/23/21 |  |  | USD |  |  | 233.00 |  |  | USD |  |  | 12,365 |  |  |  | (652,128 | )
MongoDB, Inc. |  |  | 201 |  |  |  | 07/23/21 |  |  | USD |  |  | 400.00 |  |  | USD |  |  | 7,267 |  |  |  | (111,555 | )
Monolithic Power Systems, Inc. |  |  | 300 |  |  |  | 07/23/21 |  |  | USD |  |  | 360.50 |  |  | USD |  |  | 11,204 |  |  |  | (576,652 | )
Innovative Industrial Properties, Inc. |  |  | 154 |  |  |  | 07/27/21 |  |  | USD |  |  | 195.23 |  |  | USD |  |  | 2,942 |  |  |  | (66,412 | )
10X Genomics, Inc., Class A |  |  | 354 |  |  |  | 07/28/21 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 6,932 |  |  |  | (187,157 | )
Bright Horizons Family Solutions, Inc. |  |  | 423 |  |  |  | 07/28/21 |  |  | USD |  |  | 151.00 |  |  | USD |  |  | 6,223 |  |  |  | (122,568 | )
Brooks Automation, Inc. |  |  | 325 |  |  |  | 07/28/21 |  |  | USD |  |  | 101.00 |  |  | USD |  |  | 3,097 |  |  |  | (72,243 | )
Five9, Inc. |  |  | 650 |  |  |  | 07/28/21 |  |  | USD |  |  | 185.06 |  |  | USD |  |  | 11,920 |  |  |  | (485,638 | )
Repligen Corp. |  |  | 364 |  |  |  | 07/28/21 |  |  | USD |  |  | 193.50 |  |  | USD |  |  | 7,266 |  |  |  | (388,012 | )
Amyris, Inc. |  |  | 1,500 |  |  |  | 07/30/21 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 2,456 |  |  |  | (123,750 | )
Cree, Inc. |  |  | 383 |  |  |  | 07/30/21 |  |  | USD |  |  | 99.00 |  |  | USD |  |  | 3,751 |  |  |  | (158,945 | )
Avalara, Inc. |  |  | 139 |  |  |  | 08/02/21 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,249 |  |  |  | (86,875 | )
Invitae Corp. |  |  | 1,377 |  |  |  | 08/03/21 |  |  | USD |  |  | 29.56 |  |  | USD |  |  | 4,645 |  |  |  | (678,426 | )
Shoals Technologies Group, Inc., Class A |  |  | 1,000 |  |  |  | 08/03/21 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 3,550 |  |  |  | (220,785 | )
Amyris, Inc. |  |  | 1,088 |  |  |  | 08/06/21 |  |  | USD |  |  | 21.50 |  |  | USD |  |  | 1,781 |  |  |  | (127,840 | )
Amyris, Inc. |  |  | 1,000 |  |  |  | 08/06/21 |  |  | USD |  |  | 19.50 |  |  | USD |  |  | 1,637 |  |  |  | (120,000 | )
Cree, Inc. |  |  | 376 |  |  |  | 08/06/21 |  |  | USD |  |  | 103.00 |  |  | USD |  |  | 3,682 |  |  |  | (104,340 | )
Pulmonx Corp. |  |  | 503 |  |  |  | 08/06/21 |  |  | USD |  |  | 43.25 |  |  | USD |  |  | 2,219 |  |  |  | (163,033 | )
Vroom Inc. |  |  | 3,145 |  |  |  | 08/06/21 |  |  | USD |  |  | 50.01 |  |  | USD |  |  | 13,165 |  |  |  | (136,830 | )
Phreesia, Inc. |  |  | 760 |  |  |  | 08/10/21 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 4,659 |  |  |  | (454,344 | )
Health Catalyst, Inc. |  |  | 889 |  |  |  | 08/12/21 |  |  | USD |  |  | 60.01 |  |  | USD |  |  | 4,935 |  |  |  | (212,722 | )
10X Genomics, Inc., Class A |  |  | 716 |  |  |  | 08/20/21 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 14,021 |  |  |  | (716,000 | )
8x8, Inc. |  |  | 663 |  |  |  | 08/20/21 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 1,840 |  |  |  | (79,560 | )
Adaptive Biotechnologies Corp. |  |  | 90 |  |  |  | 08/20/21 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 368 |  |  |  | (18,450 | )
Amyris, Inc. |  |  | 2,000 |  |  |  | 08/20/21 |  |  | USD |  |  | 21.00 |  |  | USD |  |  | 3,274 |  |  |  | (165,000 | )
Avalara, Inc. |  |  | 834 |  |  |  | 08/20/21 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 13,494 |  |  |  | (1,446,990 | )
AZEK Co., Inc. |  |  | 907 |  |  |  | 08/20/21 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 3,851 |  |  |  | (117,910 | )
Bill.Com Holdings, Inc. |  |  | 610 |  |  |  | 08/20/21 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 11,174 |  |  |  | (838,750 | )
Bio-Techne Corp. |  |  | 106 |  |  |  | 08/20/21 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 4,773 |  |  |  | (219,950 | )
Bio-Techne Corp. |  |  | 208 |  |  |  | 08/20/21 |  |  | USD |  |  | 460.00 |  |  | USD |  |  | 9,365 |  |  |  | (335,920 | )
Blackline, Inc. |  |  | 531 |  |  |  | 08/20/21 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 5,908 |  |  |  | (265,500 | )
Bright Horizons Family Solutions, Inc. |  |  | 382 |  |  |  | 08/20/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 5,620 |  |  |  | (156,620 | )
Brooks Automation, Inc. |  |  | 478 |  |  |  | 08/20/21 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 4,554 |  |  |  | (231,830 | )
Celsius Holdings, Inc. |  |  | 762 |  |  |  | 08/20/21 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 5,798 |  |  |  | (758,190 | )
Certara, Inc. |  |  | 2,201 |  |  |  | 08/20/21 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 6,235 |  |  |  | (121,055 | )
Certara, Inc. |  |  | 116 |  |  |  | 08/20/21 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 329 |  |  |  | (17,690 | )
Chart Industries, Inc. |  |  | 498 |  |  |  | 08/20/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 7,287 |  |  |  | (390,930 | )
Chegg, Inc. |  |  | 860 |  |  |  | 08/20/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 7,147 |  |  |  | (412,800 | )
Eargo Inc. |  |  | 1,403 |  |  |  | 08/20/21 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 5,599 |  |  |  | (375,302 | )
Entegris, Inc. |  |  | 1,083 |  |  |  | 08/20/21 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 13,318 |  |  |  | (395,295 | )
Everbridge, Inc. |  |  | 150 |  |  |  | 08/20/21 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 2,041 |  |  |  | (98,250 | )
Five9, Inc. |  |  | 283 |  |  |  | 08/20/21 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 5,190 |  |  |  | (198,100 | )
Fox Factory Holding Corp. |  |  | 711 |  |  |  | 08/20/21 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 11,067 |  |  |  | (888,750 | )
Freshpet, Inc. |  |  | 250 |  |  |  | 08/20/21 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 4,074 |  |  |  | (68,125 | )
Freshpet, Inc. |  |  | 900 |  |  |  | 08/20/21 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 14,666 |  |  |  | (396,000 | )
Globant SA |  |  | 550 |  |  |  | 08/20/21 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 12,055 |  |  |  | (299,750 | )

98 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Catalyst, Inc. |  |  | 1,229 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 6,822 |  |  | $ | (334,902 | )
HEICO Corp. |  |  | 333 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 4,643 |  |  |  | (51,615 | )
Honest Co., Inc. |  |  | 2,018 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 3,267 |  |  |  | (116,035 | )
Honest Co., Inc. |  |  | 1,000 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,619 |  |  |  | (17,500 | )
Honest Co., Inc. |  |  | 2,000 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 3,238 |  |  |  | (220,000 | )
Inmode Ltd. |  |  | 546 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 5,170 |  |  |  | (371,280 | )
Innovative Industrial Properties, Inc. |  |  | 140 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 2,674 |  |  |  | (107,800 | )
Lattice Semiconductor Corp. |  |  | 906 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 5,090 |  |  |  | (434,880 | )
Leslie’s Inc. |  |  | 568 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,561 |  |  |  | (32,660 | )
Leslie’s Inc. |  |  | 4,888 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 13,437 |  |  |  | (708,760 | )
Lightspeed Pos Inc. |  |  | 1,000 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 115.00 |  |  |  | CAD |  |  |  | 10,375 |  |  |  | (417,473 | )
Lightspeed Pos Inc. |  |  | 1,500 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 120.00 |  |  |  | CAD |  |  |  | 15,563 |  |  |  | (471,926 | )
Marqeta, Inc. |  |  | 1,046 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 2,936 |  |  |  | (70,605 | )
Masimo Corp. |  |  | 470 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 245.00 |  |  |  | USD |  |  |  | 11,395 |  |  |  | (448,850 | )
MongoDB, Inc. |  |  | 184 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 370.00 |  |  |  | USD |  |  |  | 6,652 |  |  |  | (412,160 | )
Monolithic Power Systems, Inc. |  |  | 275 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 370.00 |  |  |  | USD |  |  |  | 10,270 |  |  |  | (624,250 | )
Natera, Inc. |  |  | 378 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 4,291 |  |  |  | (349,650 | )
nCino Inc. |  |  | 1,090 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 6,531 |  |  |  | (49,050 | )
Paylocity Holding Corp. |  |  | 200 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 3,816 |  |  |  | (274,000 | )
Paylocity Holding Corp. |  |  | 520 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 9,922 |  |  |  | (572,000 | )
Phreesia, Inc. |  |  | 816 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 5,002 |  |  |  | (252,960 | )
Planet Fitness, Inc., Class A |  |  | 849 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 6,389 |  |  |  | (208,005 | )
Pulmonx Corp. |  |  | 560 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 2,471 |  |  |  | (100,800 | )
Q2 Holdings, Inc. |  |  | 229 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 2,349 |  |  |  | (63,548 | )
Repligen Corp. |  |  | 331 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 6,607 |  |  |  | (231,700 | )
Saia, Inc. |  |  | 197 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 4,127 |  |  |  | (58,608 | )
Seer Inc., Class A |  |  | 874 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 2,865 |  |  |  | (170,430 | )
Seer Inc., Class A |  |  | 203 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 665 |  |  |  | (21,823 | )
Shoals Technologies Group, Inc., Class A |  |  | 2,000 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 7,100 |  |  |  | (385,000 | )
Shoals Technologies Group, Inc., Class A |  |  | 1,000 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 3,550 |  |  |  | (105,000 | )
Vital Farms, Inc. |  |  | 553 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 1,104 |  |  |  | (41,475 | )
Vroom Inc. |  |  | 4,241 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 17,753 |  |  |  | (922,417 | )
Wingstop, Inc. |  |  | 428 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 6,747 |  |  |  | (271,780 | )
Wix.Com Ltd. |  |  | 491 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 14,253 |  |  |  | (395,255 | )
Q2 Holdings, Inc. |  |  | 230 |  |  |  | 08/24/21 |  |  |  | USD |  |  |  | 110.01 |  |  |  | USD |  |  |  | 2,359 |  |  |  | (75,900 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (42,340,786 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eargo Inc. |  | JPMorgan Chase Bank N.A. |  |  | 92,600 |  |  |  | 07/06/21 |  |  |  | USD |  |  |  | 41.27 |  |  |  | USD |  |  |  | 3,696 |  |  | $ | (98,492 | )
Outset Medical, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 50,000 |  |  |  | 07/06/21 |  |  |  | USD |  |  |  | 44.71 |  |  |  | USD |  |  |  | 2,499 |  |  |  | (265,388 | )
AZEK Co., Inc. |  | Bank of America N.A. |  |  | 100,000 |  |  |  | 07/07/21 |  |  |  | USD |  |  |  | 48.96 |  |  |  | USD |  |  |  | 4,246 |  |  |  | (1,030 | )
Pulmonx Corp. |  | JPMorgan Chase Bank N.A. |  |  | 56,000 |  |  |  | 07/07/21 |  |  |  | USD |  |  |  | 44.80 |  |  |  | USD |  |  |  | 2,471 |  |  |  | (51,741 | )
Rexford Industrial Realty, Inc. |  | Bank of America N.A. |  |  | 39,900 |  |  |  | 07/07/21 |  |  |  | USD |  |  |  | 54.11 |  |  |  | USD |  |  |  | 2,272 |  |  |  | (118,225 | )
Saia, Inc. |  | Bank of America N.A. |  |  | 24,800 |  |  |  | 07/07/21 |  |  |  | USD |  |  |  | 247.66 |  |  |  | USD |  |  |  | 5,195 |  |  |  | (7 | )
Seer Inc., Class A |  | JPMorgan Chase Bank N.A. |  |  | 76,600 |  |  |  | 07/07/21 |  |  |  | USD |  |  |  | 32.78 |  |  |  | USD |  |  |  | 2,511 |  |  |  | (117,909 | )
Eargo Inc. |  | JPMorgan Chase Bank N.A. |  |  | 92,600 |  |  |  | 07/08/21 |  |  |  | USD |  |  |  | 41.27 |  |  |  | USD |  |  |  | 3,696 |  |  |  | (122,025 | )
Health Catalyst, Inc. |  | Citibank N.A. |  |  | 67,300 |  |  |  | 07/08/21 |  |  |  | USD |  |  |  | 55.66 |  |  |  | USD |  |  |  | 3,736 |  |  |  | (98,950 | )
AZEK Co., Inc. |  | Bank of America N.A. |  |  | 73,500 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 48.15 |  |  |  | USD |  |  |  | 3,121 |  |  |  | (1,227 | )
nCino Inc. |  | Bank of America N.A. |  |  | 122,000 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 61.63 |  |  |  | USD |  |  |  | 7,310 |  |  |  | (118,173 | )
Axon Enterprise, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 94,000 |  |  |  | 07/12/21 |  |  |  | USD |  |  |  | 137.61 |  |  |  | USD |  |  |  | 16,619 |  |  |  | (3,699,241 | )
Avalara, Inc. |  | Citibank N.A. |  |  | 45,300 |  |  |  | 07/13/21 |  |  |  | USD |  |  |  | 136.58 |  |  |  | USD |  |  |  | 7,330 |  |  |  | (1,145,939 | )
AZEK Co., Inc. |  | Barclays Bank PLC |  |  | 73,500 |  |  |  | 07/13/21 |  |  |  | USD |  |  |  | 45.89 |  |  |  | USD |  |  |  | 3,121 |  |  |  | (6,397 | )
Entegris, Inc. |  | Bank of America N.A. |  |  | 119,300 |  |  |  | 07/14/21 |  |  |  | USD |  |  |  | 114.29 |  |  |  | USD |  |  |  | 14,670 |  |  |  | (1,139,524 | )
Halozyme Therapeutics, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 170,000 |  |  |  | 07/14/21 |  |  |  | USD |  |  |  | 45.24 |  |  |  | USD |  |  |  | 7,720 |  |  |  | (298,114 | )
nCino Inc. |  | Citibank N.A. |  |  | 122,000 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 56.87 |  |  |  | USD |  |  |  | 7,310 |  |  |  | (493,910 | )
Rexford Industrial Realty, Inc. |  | Bank of America N.A. |  |  | 39,900 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 53.75 |  |  |  | USD |  |  |  | 2,272 |  |  |  | (141,424 | )
Five9, Inc. |  | Barclays Bank PLC |  |  | 29,600 |  |  |  | 07/21/21 |  |  |  | USD |  |  |  | 173.92 |  |  |  | USD |  |  |  | 5,428 |  |  |  | (352,715 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Planet Fitness, Inc., Class A |  | Bank of America N.A. |  |  | 91,600 |  |  |  | 07/21/21 |  |  |  | USD |  |  |  | 86.97 |  |  |  | USD |  |  |  | 6,893 |  |  | $ | (17,215 | )
Avalara, Inc. |  | Barclays Bank PLC |  |  | 90,500 |  |  |  | 07/22/21 |  |  |  | USD |  |  |  | 133.26 |  |  |  | USD |  |  |  | 14,643 |  |  |  | (2,598,854 | )
Lattice Semiconductor Corp. |  | UBS AG |  |  | 51,600 |  |  |  | 07/26/21 |  |  |  | USD |  |  |  | 52.96 |  |  |  | USD |  |  |  | 2,899 |  |  |  | (217,691 | )
Wingstop, Inc. |  | BNP Paribas S.A. |  |  | 21,100 |  |  |  | 07/27/21 |  |  |  | USD |  |  |  | 155.93 |  |  |  | USD |  |  |  | 3,326 |  |  |  | (134,496 | )
Bill.Com Holdings, Inc. |  | BNP Paribas S.A. |  |  | 60,900 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 180.09 |  |  |  | USD |  |  |  | 11,156 |  |  |  | (666,094 | )
Entegris, Inc. |  | Barclays Bank PLC |  |  | 119,300 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 108.26 |  |  |  | USD |  |  |  | 14,670 |  |  |  | (1,827,565 | )
Lightspeed Pos Inc. |  | Citibank N.A. |  |  | 70,900 |  |  |  | 07/28/21 |  |  |  | CAD |  |  |  | 112.52 |  |  |  | CAD |  |  |  | 7,356 |  |  |  | (140,390 | )
Marqeta, Inc. |  | UBS AG |  |  | 39,250 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 32.49 |  |  |  | USD |  |  |  | 1,102 |  |  |  | (17,819 | )
Phreesia, Inc. |  | Citibank N.A. |  |  | 50,000 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 54.90 |  |  |  | USD |  |  |  | 3,065 |  |  |  | (361,428 | )
Avalara, Inc. |  | Citibank N.A. |  |  | 45,300 |  |  |  | 07/29/21 |  |  |  | USD |  |  |  | 137.21 |  |  |  | USD |  |  |  | 7,330 |  |  |  | (1,145,510 | )
Freshpet, Inc. |  | Barclays Bank PLC |  |  | 27,800 |  |  |  | 07/29/21 |  |  |  | USD |  |  |  | 163.99 |  |  |  | USD |  |  |  | 4,530 |  |  |  | (202,470 | )
Halma PLC |  | Morgan Stanley & Co. International PLC |  |  | 110,000 |  |  |  | 07/29/21 |  |  |  | GBP |  |  |  | 29.19 |  |  |  | GBP |  |  |  | 2,961 |  |  |  | (6,656 | )
Lattice Semiconductor Corp. |  | Morgan Stanley & Co. International PLC |  |  | 51,600 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 55.28 |  |  |  | USD |  |  |  | 2,899 |  |  |  | (152,405 | )
Rexford Industrial Realty, Inc. |  | Bank of America N.A. |  |  | 35,000 |  |  |  | 08/02/21 |  |  |  | USD |  |  |  | 58.75 |  |  |  | USD |  |  |  | 1,993 |  |  |  | (35,371 | )
Adaptive Biotechnologies Corp. |  | Goldman Sachs International |  |  | 18,000 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 43.72 |  |  |  | USD |  |  |  | 735 |  |  |  | (34,453 | )
Axon Enterprise, Inc. |  | Citibank N.A. |  |  | 93,500 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 135.06 |  |  |  | USD |  |  |  | 16,531 |  |  |  | (4,048,245 | )
Certara, Inc. |  | Bank of America N.A. |  |  | 100,000 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 29.20 |  |  |  | USD |  |  |  | 2,833 |  |  |  | (143,215 | )
Fox Factory Holding Corp. |  | Barclays Bank PLC |  |  | 39,200 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 160.99 |  |  |  | USD |  |  |  | 6,102 |  |  |  | (148,270 | )
Inmode Ltd. |  | Citibank N.A. |  |  | 54,600 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 81.47 |  |  |  | USD |  |  |  | 5,170 |  |  |  | (792,114 | )
Paylocity Holding Corp. |  | Barclays Bank PLC |  |  | 63,700 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 207.28 |  |  |  | USD |  |  |  | 12,154 |  |  |  | (171,005 | )
Phreesia, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 71,500 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 63.17 |  |  |  | USD |  |  |  | 4,383 |  |  |  | (150,200 | )
Halma PLC |  | Goldman Sachs International |  |  | 111,300 |  |  |  | 08/04/21 |  |  |  | GBP |  |  |  | 27.77 |  |  |  | GBP |  |  |  | 2,996 |  |  |  | (46,763 | )
Natera, Inc. |  | Citibank N.A. |  |  | 41,900 |  |  |  | 08/04/21 |  |  |  | USD |  |  |  | 97.64 |  |  |  | USD |  |  |  | 4,757 |  |  |  | (745,313 | )
Invitae Corp. |  | Citibank N.A. |  |  | 127,000 |  |  |  | 08/05/21 |  |  |  | USD |  |  |  | 31.98 |  |  |  | USD |  |  |  | 4,284 |  |  |  | (444,706 | )
nCino Inc. |  | Barclays Bank PLC |  |  | 50,200 |  |  |  | 08/05/21 |  |  |  | USD |  |  |  | 61.10 |  |  |  | USD |  |  |  | 3,008 |  |  |  | (130,816 | )
Phreesia, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 71,500 |  |  |  | 08/05/21 |  |  |  | USD |  |  |  | 63.78 |  |  |  | USD |  |  |  | 4,383 |  |  |  | (145,238 | )
Shoals Technologies Group, Inc., Class A |  | Bank of America N.A. |  |  | 75,000 |  |  |  | 08/05/21 |  |  |  | USD |  |  |  | 36.78 |  |  |  | USD |  |  |  | 2,663 |  |  |  | (133,462 | )
Halozyme Therapeutics, Inc. |  | Citibank N.A. |  |  | 156,100 |  |  |  | 08/09/21 |  |  |  | USD |  |  |  | 45.52 |  |  |  | USD |  |  |  | 7,089 |  |  |  | (508,594 | )
10X Genomics, Inc., Class A |  | Citibank N.A. |  |  | 50,600 |  |  |  | 08/10/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 9,908 |  |  |  | (361,778 | )
Bio-Techne Corp. |  | Barclays Bank PLC |  |  | 19,600 |  |  |  | 08/10/21 |  |  |  | USD |  |  |  | 462.90 |  |  |  | USD |  |  |  | 8,825 |  |  |  | (220,216 | )
Fox Factory Holding Corp. |  | Barclays Bank PLC |  |  | 39,200 |  |  |  | 08/10/21 |  |  |  | USD |  |  |  | 164.11 |  |  |  | USD |  |  |  | 6,102 |  |  |  | (167,874 | )
Freshpet, Inc. |  | BNP Paribas S.A. |  |  | 50,000 |  |  |  | 08/10/21 |  |  |  | USD |  |  |  | 172.61 |  |  |  | USD |  |  |  | 8,148 |  |  |  | (247,400 | )
AZEK Co., Inc. |  | Citibank N.A. |  |  | 227,800 |  |  |  | 08/11/21 |  |  |  | USD |  |  |  | 42.32 |  |  |  | USD |  |  |  | 9,672 |  |  |  | (485,809 | )
Blackline, Inc. |  | Bank of America N.A. |  |  | 54,100 |  |  |  | 08/11/21 |  |  |  | USD |  |  |  | 114.94 |  |  |  | USD |  |  |  | 6,020 |  |  |  | (219,294 | )
Halma PLC |  | Morgan Stanley & Co. International PLC |  |  | 111,300 |  |  |  | 08/11/21 |  |  |  | GBP |  |  |  | 27.64 |  |  |  | GBP |  |  |  | 2,996 |  |  |  | (61,261 | )
Eargo Inc. |  | JPMorgan Chase Bank N.A. |  |  | 92,700 |  |  |  | 08/12/21 |  |  |  | USD |  |  |  | 42.59 |  |  |  | USD |  |  |  | 3,700 |  |  |  | (212,190 | )
Wingstop, Inc. |  | Barclays Bank PLC |  |  | 22,200 |  |  |  | 08/13/21 |  |  |  | USD |  |  |  | 165.47 |  |  |  | USD |  |  |  | 3,499 |  |  |  | (121,740 | )
Rexford Industrial Realty, Inc. |  | Citibank N.A. |  |  | 39,900 |  |  |  | 08/16/21 |  |  |  | USD |  |  |  | 58.61 |  |  |  | USD |  |  |  | 2,272 |  |  |  | (55,201 | )
Guardant Health, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 7,000 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 126.56 |  |  |  | USD |  |  |  | 869 |  |  |  | (46,296 | )
Leslie’s Inc. |  | Barclays Bank PLC |  |  | 56,900 |  |  |  | 08/25/21 |  |  |  | USD |  |  |  | 28.93 |  |  |  | USD |  |  |  | 1,564 |  |  |  | (98,443 | )
Certara, Inc. |  | Citibank N.A. |  |  | 100,000 |  |  |  | 08/26/21 |  |  |  | USD |  |  |  | 30.38 |  |  |  | USD |  |  |  | 2,833 |  |  |  | (110,520 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (25,844,811 | )

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 |  |  | $ | 8,113,293 |  |  |  | $ (32,488,363 | ) |  |  | $ (68,185,597 | )

100 |  | 2 0 2 1 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, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ)

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 |  | $ | — |  |  | $ | — |  |  | $ | 68,185,597 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 68,185,597 |

For the six months ended June 30, 2021, 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 |  | $ | — |  |  | $ | — |  |  | $ | 26,727,084 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26,727,084 |
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (24,375,070 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (24,375,070 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 38,914,087 |

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 |  | $ | — |  |  | $ | 68,185,597 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 68,185,597 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (42,340,786 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 25,844,811 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged | (a) |  |  | Net Amount of Derivative Liabilities | (b)
Bank of America N.A. |  | $ | 2,068,167 |  |  | $ | — |  |  | $ | (2,068,167 | ) |  | $ | — |  |  | $ | — |
Barclays Bank PLC |  |  | 6,046,365 |  |  |  | — |  |  |  | (6,046,365 | ) |  |  | — |  |  |  | — |
BNP Paribas S.A. |  |  | 1,047,990 |  |  |  | — |  |  |  | — |  |  |  | (1,047,990 | ) |  |  | — |
Citibank N.A. |  |  | 10,938,407 |  |  |  | — |  |  |  | (10,938,407 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 81,216 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 81,216 |
JPMorgan Chase Bank N.A. |  |  | 4,646,008 |  |  |  | — |  |  |  | (4,646,008 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 781,148 |  |  |  | — |  |  |  | (781,148 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 235,510 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 235,510 |
|  | $ | 25,844,811 |  |  | $ | — |  |  | $ | (24,480,095 | ) |  | $ | (1,047,990 | ) |  | $ | 316,726 |

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

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

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ)

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 |  | $ | 211,209,622 |  |  | $ | — |  |  | $ | — |  |  | $ | 211,209,622 |
Auto Components |  |  | 113,803,182 |  |  |  | — |  |  |  | — |  |  |  | 113,803,182 |
Beverages |  |  | 59,657,604 |  |  |  | — |  |  |  | — |  |  |  | 59,657,604 |
Biotechnology |  |  | 167,849,474 |  |  |  | — |  |  |  | — |  |  |  | 167,849,474 |
Building Products |  |  | 88,107,515 |  |  |  | — |  |  |  | — |  |  |  | 88,107,515 |
Chemicals |  |  | 153,109,739 |  |  |  | — |  |  |  | — |  |  |  | 153,109,739 |
Diversified Consumer Services |  |  | 131,341,670 |  |  |  | — |  |  |  | 50,000,000 |  |  |  | 181,341,670 |
Electrical Equipment |  |  | 92,444,982 |  |  |  | — |  |  |  | — |  |  |  | 92,444,982 |
Electronic Equipment, Instruments & Components |  |  | 65,389,463 |  |  |  | 39,974,599 |  |  |  | — |  |  |  | 105,364,062 |
Entertainment |  |  | — |  |  |  | 102,091,465 |  |  |  | — |  |  |  | 102,091,465 |
Equity Real Estate Investment Trusts (REITs) |  |  | 55,722,766 |  |  |  | — |  |  |  | — |  |  |  | 55,722,766 |
Food Products |  |  | 136,011,430 |  |  |  | — |  |  |  | — |  |  |  | 136,011,430 |
Health Care Equipment & Supplies |  |  | 341,959,243 |  |  |  | — |  |  |  | — |  |  |  | 341,959,243 |
Health Care Providers & Services |  |  | 44,349,615 |  |  |  | — |  |  |  | — |  |  |  | 44,349,615 |
Health Care Technology |  |  | 324,498,660 |  |  |  | — |  |  |  | — |  |  |  | 324,498,660 |
Hotels, Restaurants & Leisure |  |  | 212,123,726 |  |  |  | — |  |  |  | — |  |  |  | 212,123,726 |
IT Services |  |  | 282,876,378 |  |  |  | — |  |  |  | — |  |  |  | 282,876,378 |
Life Sciences Tools & Services |  |  | 411,053,413 |  |  |  | — |  |  |  | — |  |  |  | 411,053,413 |
Machinery |  |  | 73,212,968 |  |  |  | — |  |  |  | — |  |  |  | 73,212,968 |
Personal Products |  |  | 77,970,408 |  |  |  | — |  |  |  | — |  |  |  | 77,970,408 |
Road & Rail |  |  | 48,453,989 |  |  |  | — |  |  |  | — |  |  |  | 48,453,989 |
Semiconductors & Semiconductor Equipment |  |  | 380,195,957 |  |  |  | — |  |  |  | — |  |  |  | 380,195,957 |
Software |  |  | 805,457,434 |  |  |  | — |  |  |  | 3,269,711 |  |  |  | 808,727,145 |
Specialty Retail |  |  | 217,341,611 |  |  |  | — |  |  |  | — |  |  |  | 217,341,611 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 190,994,607 |  |  |  | 190,994,607 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 6,081,460 |  |  |  | — |  |  |  | — |  |  |  | 6,081,460 |
|  | $ | 4,500,222,309 |  |  | $ | 142,066,064 |  |  | $ | 244,264,318 |  |  |  | 4,886,552,691 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 796,953 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,887,349,644 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (31,745,278 | ) |  | $ | (36,440,319 | ) |  | $ | — |  |  | $ | (68,185,597 | )

| (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 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2020 |  | $ | — |  |  | $ | — |  |  | $ | — |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 269,714 |  |  |  | (5,372 | ) |  |  | 264,342 |

102 |  | 2 0 2 1 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, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ)

|  | Common Stocks |  |  | Preferred Stocks |  |  | Total |
Purchases |  | $ | 52,999,997 |  |  | $ | 190,999,979 |  |  | $ | 243,999,976 |
Sales |  |  | — |  |  |  | — |  |  |  | — |
Closing balance, as of June 30, 2021 |  | $ | 53,269,711 |  |  | $ | 190,994,607 |  |  | $ | 244,264,318 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(b) |  | $ | 269,714 |  |  | $ | (5,372 | ) |  | $ | 264,342 |

| (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, 2021 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) |
Assets |
Common Stocks |  | $ | 53,269,711 |  |  |  | Market |  |  |  | Recent Transactions |
Preferred Stocks |  |  | 190,994,607 |  |  |  | Market |  |  |  | Recent Transactions |
|  | $ | 244,264,318 |  |  |  |  |  |  |  |  |

| (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 |  | 103

Schedule of Investments (unaudited) June 30, 2021 |  | BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |
Chemicals — 13.0% |  |  |  |  |  |
CF Industries Holdings, Inc.(a)(b) |  |  | 721,556 |  |  | $ | 37,124,056 |
FMC Corp.(b) |  |  | 208,193 |  |  |  | 22,526,483 |
Koninklijke DSM NV |  |  | 113,246 |  |  |  | 21,169,423 |
Nutrien Ltd.(b) |  |  | 534,280 |  |  |  | 32,382,711 |
|  |  |  |  |  |  | 113,202,673 |
Containers & Packaging(b) — 5.8% |  |  |  |  |  |
International Paper Co. |  |  | 257,868 |  |  |  | 15,809,887 |
Packaging Corp. of America |  |  | 146,597 |  |  |  | 19,852,166 |
Westrock Co. |  |  | 287,709 |  |  |  | 15,311,873 |
|  |  |  |  |  |  | 50,973,926 |
Electronic Equipment, Instruments & Components — 2.3% |
Trimble, Inc.(b)(c) |  |  | 242,807 |  |  |  | 19,868,897 |
Food Products — 6.0% |  |  |  |  |  |
Bunge Ltd.(b) |  |  | 312,261 |  |  |  | 24,403,197 |
Darling Ingredients, Inc.(b)(c) |  |  | 135,966 |  |  |  | 9,177,705 |
Hofseth International AS, (Acquired 05/26/21, Cost: $10,198,057)(c)(d)(e) |  |  | 18,993,283 |  |  |  | 9,884,715 |
Nestle SA, Registered Shares |  |  | 70,298 |  |  |  | 8,762,439 |
|  |  |  |  |  |  | 52,228,056 |
Machinery — 2.1% |  |  |  |  |  |
Deere & Co.(b) |  |  | 52,807 |  |  |  | 18,625,557 |
Metals & Mining — 29.2% |  |  |  |  |  |
Anglo American PLC |  |  | 1,013,424 |  |  |  | 40,328,335 |
ArcelorMittal SA |  |  | 289,221 |  |  |  | 8,983,204 |
BHP Group PLC |  |  | 920,299 |  |  |  | 27,232,527 |
First Quantum Minerals Ltd. |  |  | 433,164 |  |  |  | 9,983,459 |
Freeport-McMoRan, Inc.(b) |  |  | 292,833 |  |  |  | 10,867,033 |
Glencore PLC(c) |  |  | 6,693,784 |  |  |  | 28,730,319 |
Kinross Gold Corp. |  |  | 2,507,451 |  |  |  | 15,899,133 |
Lundin Mining Corp. |  |  | 563,434 |  |  |  | 5,081,633 |
Neo Lithium Corp.(c) |  |  | 2,006,082 |  |  |  | 4,676,974 |
Newcrest Mining Ltd. |  |  | 224,134 |  |  |  | 4,250,432 |
Newmont Corp.(a)(b) |  |  | 378,189 |  |  |  | 23,969,619 |
Polyus PJSC, Registered Shares, GDR |  |  | 79,029 |  |  |  | 7,654,206 |
Stelco Holdings, Inc. |  |  | 315,041 |  |  |  | 9,250,962 |
Vale SA, ADR(b) |  |  | 2,561,920 |  |  |  | 58,437,395 |
|  |  |  |  |  |  | 255,345,231 |
Oil, Gas & Consumable Fuels — 40.3% |
Aker BP ASA |  |  | 341,497 |  |  |  | 10,884,609 |
Canadian Natural Resources Ltd. |  |  | 826,516 |  |  |  | 30,004,211 |
Chevron Corp.(b) |  |  | 449,291 |  |  |  | 47,058,739 |
CNOOC Ltd. |  |  | 7,973,000 |  |  |  | 9,044,839 |
ConocoPhillips(b) |  |  | 455,735 |  |  |  | 27,754,261 |
Equinor ASA |  |  | 720,762 |  |  |  | 15,257,452 |
Exxon Mobil Corp.(b) |  |  | 405,921 |  |  |  | 25,605,497 |
Hess Corp. |  |  | 124,927 |  |  |  | 10,908,626 |
Kosmos Energy Ltd.(c) |  |  | 1,540,084 |  |  |  | 5,328,691 |
LUKOIL PJSC, ADR |  |  | 137,359 |  |  |  | 12,748,614 |
Marathon Petroleum Corp.(b) |  |  | 174,011 |  |  |  | 10,513,745 |
Pioneer Natural Resources Co. |  |  | 94,574 |  |  |  | 15,370,166 |
Royal Dutch Shell PLC, Class B, ADR(b) |  |  | 1,082,789 |  |  |  | 42,044,697 |
Suncor Energy, Inc. |  |  | 1,152,591 |  |  |  | 27,606,023 |

Security |  |  |  |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
TotalEnergies SE |  |  |  |  |  |  | 1,065,353 |  |  | $ | 48,262,397 |
Valero Energy Corp.(b) |  |  |  |  |  |  | 171,796 |  |  |  | 13,413,832 |
|  |  |  |  |  |  |  |  |  |  | 351,806,399 |
Paper & Forest Products — 0.0% |
Precious Woods Holding AG, Registered Shares(c) |  |  |  |  |  |  | 20,000 |  |  |  | 248,581 |
Total Common Stocks — 98.7% |
(Cost: $630,499,484) |  |  |  |  |  |  |  |  |  |  | 862,299,320 |
|  |  |  |  | Par (000) |  |  |  |
Corporate Bonds |  |  |  |  |  |  |  |  |  |  |  |
Metals & Mining — 0.5% |  |  |  |  |  |  |  |  |
Osisko Gold Royalties Ltd., 4.00%, 12/31/22(f) |  |  | CAD |  |  |  | 5,556 |  |  |  | 4,662,630 |
Total Corporate Bonds — 0.5% |  |  |  |
(Cost: $4,434,866) |  |  |  |  |  |  |  |  |  |  | 4,662,630 |
Total Long-Term Investments — 99.2% |
(Cost: $634,934,350) |  |  |  |  |  |  |  |  |  |  | 866,961,950 |
|  |  |  |  | Shares |  |  |  |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds — 1.2% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(g)(h) |  |  |  |  |  |  | 10,298,740 |  |  |  | 10,298,740 |
Total Short-Term Securities — 1.2% |
(Cost: $10,298,740) |  |  |  |  |  |  |  |  |  |  | 10,298,740 |
Options Purchased — 0.0% |
(Cost: $13,723) |  |  |  |  |  |  |  |  |  |  | 7,481 |
Total Investments Before Options Written — 100.4% |
(Cost: $645,246,813) |  |  |  |  |  |  |  |  |  |  | 877,268,171 |
Options Written — (0.6)% |
(Premiums Received: $(8,728,329)) |  |  |  | (4,916,658 | )
Total Investments, Net of Options Written — 99.8% |
(Cost: $636,518,484) |  |  |  |  |  |  |  |  |  |  | 872,351,513 |
Other Assets Less Liabilities — 0.2% |  |  | 1,629,112 |
Net Assets — 100.0% |  |  |  |  |  |  |  | $ 873,980,625 |

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

(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) | 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 $9,884,715, representing 1.1% of its net assets as of period end, and an original cost of $10,198,057.

(f) | Convertible security.

(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.

104 |  | 2 0 2 1 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, 2021 |  | 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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 289,665 |  |  | $ | 10,009,075 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,298,740 |  |  |  | 10,298,740 |  |  | $ | 825 |  |  | $ | — |

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Purchased

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freeport-McMoRan, Inc. |  |  | 365 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 43.50 |  |  |  | USD |  |  |  | 1,355 |  |  | $ 1,643
Newmont Corp. |  |  | 225 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 70.50 |  |  |  | USD |  |  |  | 1,426 |  |  | 675
Kinross Gold Corp. |  |  | 1,600 |  |  |  | 07/16/21 |  |  |  | CAD |  |  |  | 9.00 |  |  |  | CAD |  |  |  | 1,258 |  |  | 5,163
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ 7,481

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CF Industries Holdings, Inc. |  |  | 675 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 54.50 |  |  |  | USD |  |  |  | 3,473 |  |  | $ (10,125)
Chevron Corp. |  |  | 381 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 3,991 |  |  | (1,334)
Deere & Co. |  |  | 46 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 385.00 |  |  |  | USD |  |  |  | 1,622 |  |  | (368)
Deere & Co. |  |  | 47 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 375.00 |  |  |  | USD |  |  |  | 1,658 |  |  | (658)
Freeport-McMoRan, Inc. |  |  | 730 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 44.50 |  |  |  | USD |  |  |  | 2,709 |  |  | (2,190)
Marathon Petroleum Corp. |  |  | 221 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 1,335 |  |  | (7,514)
Newmont Corp. |  |  | 449 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 73.50 |  |  |  | USD |  |  |  | 2,846 |  |  | (1,347)
Nutrien Ltd. |  |  | 211 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 63.00 |  |  |  | USD |  |  |  | 1,279 |  |  | (1,055)
Nutrien Ltd. |  |  | 351 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 2,127 |  |  | (3,510)
Valero Energy Corp. |  |  | 234 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,827 |  |  | (8,073)
CF Industries Holdings, Inc. |  |  | 247 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 57.00 |  |  |  | USD |  |  |  | 1,271 |  |  | (4,940)
CF Industries Holdings, Inc. |  |  | 248 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 56.00 |  |  |  | USD |  |  |  | 1,276 |  |  | (4,960)
ConocoPhillips |  |  | 275 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 58.00 |  |  |  | USD |  |  |  | 1,675 |  |  | (87,312)
Freeport-McMoRan, Inc. |  |  | 413 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 1,533 |  |  | (2,685)
Marathon Petroleum Corp. |  |  | 222 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 61.01 |  |  |  | USD |  |  |  | 1,341 |  |  | (21,827)
Nutrien Ltd. |  |  | 363 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,200 |  |  | (3,630)
Suncor Energy, Inc. |  |  | 456 |  |  |  | 07/09/21 |  |  |  | CAD |  |  |  | 31.00 |  |  |  | CAD |  |  |  | 1,354 |  |  | (6,621)
Vale SA, ADR |  |  | 1,484 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 23.50 |  |  |  | USD |  |  |  | 3,385 |  |  | (27,454)
Bunge Ltd. |  |  | 404 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 92.50 |  |  |  | USD |  |  |  | 3,157 |  |  | (20,200)
Bunge Ltd. |  |  | 256 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,001 |  |  | (5,120)
CF Industries Holdings, Inc. |  |  | 420 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 2,161 |  |  | (14,700)
Chevron Corp. |  |  | 334 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 3,498 |  |  | (15,698)
ConocoPhillips |  |  | 130 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 792 |  |  | (26,065)
Darling Ingredients, Inc. |  |  | 260 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,755 |  |  | (10,400)
Deere & Co. |  |  | 33 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 1,164 |  |  | (1,997)
Exxon Mobil Corp. |  |  | 781 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 4,927 |  |  | (47,641)
First Quantum Minerals Ltd. |  |  | 924 |  |  |  | 07/16/21 |  |  |  | CAD |  |  |  | 31.00 |  |  |  | CAD |  |  |  | 2,640 |  |  | (21,617)
FMC Corp. |  |  | 280 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 3,030 |  |  | (14,000)
Freeport-McMoRan, Inc. |  |  | 154 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 571 |  |  | (1,155)
Freeport-McMoRan, Inc. |  |  | 96 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 356 |  |  | (1,248)
International Paper Co. |  |  | 731 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 4,482 |  |  | (5,483)
Kinross Gold Corp. |  |  | 3,150 |  |  |  | 07/16/21 |  |  |  | CAD |  |  |  | 10.00 |  |  |  | CAD |  |  |  | 2,476 |  |  | (7,623)
Lundin Mining Corp. |  |  | 1,042 |  |  |  | 07/16/21 |  |  |  | CAD |  |  |  | 13.00 |  |  |  | CAD |  |  |  | 1,165 |  |  | (4,203)
Marathon Petroleum Corp. |  |  | 200 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,208 |  |  | (34,600)

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging Corp. of America |  |  | 266 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 3,602 |  |  | $ | (7,980 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 482 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 37.50 |  |  |  | USD |  |  |  | 1,872 |  |  |  | (98,810 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 437 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,697 |  |  |  | (19,665 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 564 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 2,190 |  |  |  | (7,050 | )
Stelco Holdings Inc. |  |  | 760 |  |  |  | 07/16/21 |  |  |  | CAD |  |  |  | 34.00 |  |  |  | CAD |  |  |  | 2,766 |  |  |  | (174,734 | )
Suncor Energy, Inc. |  |  | 1,706 |  |  |  | 07/16/21 |  |  |  | CAD |  |  |  | 29.00 |  |  |  | CAD |  |  |  | 5,065 |  |  |  | (167,903 | )
Trimble, Inc. |  |  | 470 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 78.00 |  |  |  | USD |  |  |  | 3,846 |  |  |  | (200,038 | )
Vale SA, ADR |  |  | 1,707 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 23.00 |  |  |  | USD |  |  |  | 3,894 |  |  |  | (92,178 | )
Vale SA, ADR |  |  | 1,385 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 3,159 |  |  |  | (12,465 | )
Valero Energy Corp. |  |  | 204 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,593 |  |  |  | (8,568 | )
Westrock Co. |  |  | 311 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 1,655 |  |  |  | (9,330 | )
Westrock Co. |  |  | 754 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 4,013 |  |  |  | (9,425 | )
CF Industries Holdings, Inc. |  |  | 168 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 56.00 |  |  |  | USD |  |  |  | 864 |  |  |  | (6,300 | )
Chevron Corp. |  |  | 362 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 112.00 |  |  |  | USD |  |  |  | 3,792 |  |  |  | (17,557 | )
ConocoPhillips |  |  | 207 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 60.40 |  |  |  | USD |  |  |  | 1,261 |  |  |  | (49,499 | )
Exxon Mobil Corp. |  |  | 716 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 4,517 |  |  |  | (88,426 | )
Freeport-McMoRan, Inc. |  |  | 412 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 1,529 |  |  |  | (15,656 | )
Vale SA, ADR |  |  | 1,635 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 23.50 |  |  |  | USD |  |  |  | 3,729 |  |  |  | (76,845 | )
Valero Energy Corp. |  |  | 118 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 83.50 |  |  |  | USD |  |  |  | 921 |  |  |  | (11,623 | )
CF Industries Holdings, Inc. |  |  | 911 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 4,687 |  |  |  | (100,210 | )
ConocoPhillips |  |  | 221 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 1,346 |  |  |  | (23,868 | )
ConocoPhillips |  |  | 176 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 62.00 |  |  |  | USD |  |  |  | 1,072 |  |  |  | (31,504 | )
Deere & Co. |  |  | 69 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 352.50 |  |  |  | USD |  |  |  | 2,434 |  |  |  | (67,965 | )
Nutrien Ltd. |  |  | 335 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 2,030 |  |  |  | (25,125 | )
Vale SA, ADR |  |  | 1,635 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 23.50 |  |  |  | USD |  |  |  | 3,729 |  |  |  | (103,822 | )
ConocoPhillips |  |  | 267 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 63.00 |  |  |  | USD |  |  |  | 1,626 |  |  |  | (46,058 | )
International Paper Co. |  |  | 223 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 63.00 |  |  |  | USD |  |  |  | 1,367 |  |  |  | (28,990 | )
Nutrien Ltd. |  |  | 358 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 62.00 |  |  |  | USD |  |  |  | 2,170 |  |  |  | (45,645 | )
Bunge Ltd. |  |  | 495 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 3,868 |  |  |  | (64,350 | )
Canadian Natural Resources Ltd. |  |  | 1,495 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 47.00 |  |  |  | CAD |  |  |  | 6,728 |  |  |  | (165,227 | )
Chevron Corp. |  |  | 505 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 5,289 |  |  |  | (102,515 | )
ConocoPhillips |  |  | 205 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,248 |  |  |  | (30,135 | )
ConocoPhillips |  |  | 205 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,248 |  |  |  | (68,675 | )
Darling Ingredients, Inc. |  |  | 243 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,640 |  |  |  | (78,975 | )
First Quantum Minerals Ltd. |  |  | 924 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 32.00 |  |  |  | CAD |  |  |  | 2,640 |  |  |  | (65,595 | )
Lundin Mining Corp. |  |  | 1,042 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 13.00 |  |  |  | CAD |  |  |  | 1,165 |  |  |  | (9,247 | )
Nutrien Ltd. |  |  | 358 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,170 |  |  |  | (30,430 | )
Packaging Corp. of America |  |  | 276 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 3,738 |  |  |  | (82,800 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 1,078 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 4,186 |  |  |  | (132,055 | )
Stelco Holdings Inc. |  |  | 405 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 38.00 |  |  |  | CAD |  |  |  | 1,474 |  |  |  | (74,328 | )
Suncor Energy, Inc. |  |  | 1,493 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 31.00 |  |  |  | CAD |  |  |  | 4,433 |  |  |  | (133,088 | )
Suncor Energy, Inc. |  |  | 456 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 32.00 |  |  |  | CAD |  |  |  | 1,354 |  |  |  | (28,877 | )
Trimble, Inc. |  |  | 428 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 3,502 |  |  |  | (203,300 | )
Vale SA, ADR |  |  | 1,635 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 24.00 |  |  |  | USD |  |  |  | 3,729 |  |  |  | (99,735 | )
Canadian Natural Resources Ltd. |  |  | 1,213 |  |  |  | 09/17/21 |  |  |  | CAD |  |  |  | 46.00 |  |  |  | CAD |  |  |  | 5,459 |  |  |  | (219,193 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 481 |  |  |  | 09/17/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,868 |  |  |  | (73,352 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,636,469 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BHP Group PLC |  | Barclays Bank PLC |  |  | 232,600 |  |  |  | 07/07/21 |  |  |  | GBP |  |  |  | 21.95 |  |  |  | GBP |  |  |  | 4,954 |  |  | $ | (43,614 | )
Koninklijke Dsm NV |  | Credit Suisse International |  |  | 22,100 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 153.23 |  |  |  | EUR |  |  |  | 3,479 |  |  |  | (123,325 | )
LUKOIL PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 8,700 |  |  |  | 07/08/21 |  |  |  | USD |  |  |  | 81.31 |  |  |  | USD |  |  |  | 806 |  |  |  | (97,729 | )
TotalEnergies SE |  | Goldman Sachs International |  |  | 106,500 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 39.62 |  |  |  | EUR |  |  |  | 4,064 |  |  |  | (16,961 | )
Kinross Gold Corp. |  | Credit Suisse International |  |  | 298,000 |  |  |  | 07/12/21 |  |  |  | CAD |  |  |  | 9.70 |  |  |  | CAD |  |  |  | 2,342 |  |  |  | (94 | )
BHP Group PLC |  | Credit Suisse International |  |  | 108,000 |  |  |  | 07/14/21 |  |  |  | GBP |  |  |  | 22.19 |  |  |  | GBP |  |  |  | 2,300 |  |  |  | (25,095 | )
Glencore International PLC |  | Morgan Stanley & Co. International PLC |  |  | 581,600 |  |  |  | 07/14/21 |  |  |  | GBP |  |  |  | 3.21 |  |  |  | GBP |  |  |  | 1,800 |  |  |  | (34,060 | )
Equinor ASA |  | Credit Suisse International |  |  | 215,900 |  |  |  | 07/15/21 |  |  |  | NOK |  |  |  | 193.36 |  |  |  | NOK |  |  |  | 39,333 |  |  |  | (15,644 | )

106 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aker BP |  | Morgan Stanley & Co. International PLC |  |  | 86,300 |  |  |  | 07/20/21 |  |  |  | NOK |  |  |  | 279.54 |  |  |  | NOK |  |  |  | 23,681 |  |  | $ | (66,427 | )
LUKOIL PJSC, ADR |  | Credit Suisse International |  |  | 37,900 |  |  |  | 07/20/21 |  |  |  | USD |  |  |  | 93.25 |  |  |  | USD |  |  |  | 3,510 |  |  |  | (21,523 | )
Public Joint Stock Polyus GDR |  | Credit Suisse International |  |  | 14,500 |  |  |  | 07/27/21 |  |  |  | USD |  |  |  | 108.56 |  |  |  | USD |  |  |  | 1,403 |  |  |  | (2,367 | )
Anglo American PLC |  | Morgan Stanley & Co. International PLC |  |  | 187,000 |  |  |  | 07/28/21 |  |  |  | GBP |  |  |  | 32.27 |  |  |  | GBP |  |  |  | 5,372 |  |  |  | (33,955 | )
Glencore International PLC |  | UBS AG |  |  | 460,000 |  |  |  | 07/28/21 |  |  |  | GBP |  |  |  | 3.43 |  |  |  | GBP |  |  |  | 1,423 |  |  |  | (14,494 | )
Royal Dutch Shell PLC, Class B, ADR |  | Barclays Bank PLC |  |  | 96,400 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 38.45 |  |  |  | USD |  |  |  | 3,743 |  |  |  | (183,219 | )
Equinor ASA |  | HSBC Bank PLC |  |  | 50,700 |  |  |  | 07/29/21 |  |  |  | NOK |  |  |  | 193.02 |  |  |  | NOK |  |  |  | 9,237 |  |  |  | (9,307 | )
TotalEnergies SE |  | Goldman Sachs International |  |  | 79,200 |  |  |  | 07/29/21 |  |  |  | EUR |  |  |  | 41.73 |  |  |  | EUR |  |  |  | 3,022 |  |  |  | (13,652 | )
FMC Corp. |  | Citibank N.a. |  |  | 49,000 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 121.12 |  |  |  | USD |  |  |  | 5,302 |  |  |  | (11,904 | )
Aker BP ASA |  | Goldman Sachs International |  |  | 40,100 |  |  |  | 08/04/21 |  |  |  | NOK |  |  |  | 286.13 |  |  |  | NOK |  |  |  | 11,003 |  |  |  | (25,510 | )
Public Joint Stock Polyus, GDR |  | Credit Suisse International |  |  | 14,800 |  |  |  | 08/04/21 |  |  |  | USD |  |  |  | 102.15 |  |  |  | USD |  |  |  | 1,432 |  |  |  | (17,249 | )
Koninklijke Dsm NV |  | Credit Suisse International |  |  | 19,800 |  |  |  | 08/05/21 |  |  |  | EUR |  |  |  | 159.07 |  |  |  | EUR |  |  |  | 3,117 |  |  |  | (74,817 | )
Newcrest Mining Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 83,000 |  |  |  | 08/05/21 |  |  |  | AUD |  |  |  | 26.51 |  |  |  | AUD |  |  |  | 2,098 |  |  |  | (29,842 | )
Nestle SA, Registered Shares |  | Citibank N.a. |  |  | 13,000 |  |  |  | 08/06/21 |  |  |  | CHF |  |  |  | 116.30 |  |  |  | CHF |  |  |  | 1,498 |  |  |  | (17,845 | )
Anglo American PLC |  | Morgan Stanley & Co. International PLC |  |  | 187,000 |  |  |  | 08/10/21 |  |  |  | GBP |  |  |  | 32.59 |  |  |  | GBP |  |  |  | 5,372 |  |  |  | (41,765 | )
LUKOIL PJSC, ADR |  | Goldman Sachs International |  |  | 4,300 |  |  |  | 08/10/21 |  |  |  | USD |  |  |  | 94.01 |  |  |  | USD |  |  |  | 398 |  |  |  | (6,170 | )
Glencore International PLC |  | Credit Suisse International |  |  | 880,000 |  |  |  | 08/11/21 |  |  |  | GBP |  |  |  | 3.22 |  |  |  | GBP |  |  |  | 2,723 |  |  |  | (108,420 | )
TotalEnergies SE |  | Goldman Sachs International |  |  | 130,900 |  |  |  | 08/11/21 |  |  |  | EUR |  |  |  | 40.66 |  |  |  | EUR |  |  |  | 4,994 |  |  |  | (54,125 | )
Glencore International PLC |  | UBS AG |  |  | 555,100 |  |  |  | 08/18/21 |  |  |  | GBP |  |  |  | 3.23 |  |  |  | GBP |  |  |  | 1,718 |  |  |  | (70,352 | )
TotalEnergies SE |  | Credit Suisse International |  |  | 77,500 |  |  |  | 08/18/21 |  |  |  | EUR |  |  |  | 38.74 |  |  |  | EUR |  |  |  | 2,957 |  |  |  | (99,053 | )
Nestle SA, Registered Shares |  | Citibank N.a. |  |  | 13,000 |  |  |  | 08/26/21 |  |  |  | CHF |  |  |  | 116.30 |  |  |  | CHF |  |  |  | 1,498 |  |  |  | (21,671 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,280,189 | )

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 |  |  | $ | 4,483,569 |  |  | $ | (671,898 | ) |  | $(4,916,658)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated(a) |  | $ — |  | $ | — |  |  | $ | 7,481 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,481 |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ — |  | $ | — |  |  | $ | 4,916,658 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,916,658 |

| (a) | Includes options purchased at value as reported in the Schedule of Investments.

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

For the six months ended June 30, 2021, 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) |  | $ | — |  |  | $ | — |  |  | $ | (8,055 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (8,055 | )
Options written |  |  | — |  |  |  | — |  |  |  | (26,931,614 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26,931,614 | )
|  | $ | — |  |  | $ | — |  |  | $ | (26,939,669 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (26,939,669 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(b) |  | $ | — |  |  | $ | — |  |  | $ | (6,242 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (6,242 | )
Options written |  |  | — |  |  |  | — |  |  |  | 10,636,050 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,636,050 |
|  | $ | — |  |  | $ | — |  |  | $ | 10,629,808 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,629,808 |

| (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 purchased |  | $ | 3,740 |
Average value of option contracts written |  | $ | 5,392,499 |

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | 7,481 |  |  | $ | 4,916,658 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | 7,481 |  |  |  | 4,916,658 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | (7,481 | ) |  |  | (3,636,469 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 1,280,189 |

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 |  | $ | 226,833 |  |  | $ | — |  |  | $ | (226,833 | ) |  | $ | — |  |  | $ | — |
Citibank N.a. |  |  | 51,420 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51,420 |
Credit Suisse International |  |  | 487,587 |  |  |  | — |  |  |  | (483,784 | ) |  |  | — |  |  |  | 3,803 |
Goldman Sachs International |  |  | 116,418 |  |  |  | — |  |  |  | (116,418 | ) |  |  | — |  |  |  | — |
HSBC Bank PLC |  |  | 9,307 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,307 |
JPMorgan Chase Bank N.A. |  |  | 29,842 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,842 |
Morgan Stanley & Co. International PLC |  |  | 273,936 |  |  |  | — |  |  |  | (273,936 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 84,846 |  |  |  | — |  |  |  | (84,846 | ) |  |  | — |  |  |  | — |
|  | $ | 1,280,189 |  |  | $ | — |  |  | $ | (1,185,817 | ) |  | $ | — |  |  | $ | 94,372 |

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

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

108 |  | 2 0 2 1 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, 2021 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Fair Value Hierarchy as of Period End

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

The following table summarizes the Trust’s 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 |  | $ | 92,033,250 |  |  | $ | 21,169,423 |  |  | $ | — |  |  | $ | 113,202,673 |
Containers & Packaging |  |  | 50,973,926 |  |  |  | — |  |  |  | — |  |  |  | 50,973,926 |
Electronic Equipment, Instruments & Components |  |  | 19,868,897 |  |  |  | — |  |  |  | — |  |  |  | 19,868,897 |
Food Products |  |  | 33,580,902 |  |  |  | 8,762,439 |  |  |  | 9,884,715 |  |  |  | 52,228,056 |
Machinery |  |  | 18,625,557 |  |  |  | — |  |  |  | — |  |  |  | 18,625,557 |
Metals & Mining |  |  | 147,149,412 |  |  |  | 108,195,819 |  |  |  | — |  |  |  | 255,345,231 |
Oil, Gas & Consumable Fuels |  |  | 255,608,488 |  |  |  | 96,197,911 |  |  |  | — |  |  |  | 351,806,399 |
Paper & Forest Products |  |  | — |  |  |  | 248,581 |  |  |  | — |  |  |  | 248,581 |
Corporate Bonds |  |  | 4,662,630 |  |  |  | — |  |  |  | — |  |  |  | 4,662,630 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 10,298,740 |  |  |  | — |  |  |  | — |  |  |  | 10,298,740 |
Options Purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  |  | 7,481 |  |  |  | — |  |  |  | — |  |  |  | 7,481 |
|  | $ | 632,809,283 |  |  | $ | 234,574,173 |  |  | $ | 9,884,715 |  |  | $ | 877,268,171 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (3,365,105 | ) |  | $ | (1,551,553 | ) |  | $ | — |  |  | $ | (4,916,658 | )

| (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 |
Assets |  |  |  |
Opening balance, as of December 31, 2020 |  | $ | — |
Transfers into Level 3 |  |  | — |
Transfers out of Level 3 |  |  | — |
Accrued discounts/premiums |  |  | — |
Net realized gain (loss) |  |  | — |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | (313,341 | )
Purchases |  |  | 10,198,056 |
Sales |  |  | — |
Closing balance, as of June 30, 2021 |  | $ | 9,884,715 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(b) |  | $ | (313,341 | )

| (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, 2021 is generally due to investments no longer held or categorized as Level 3 at period end. |

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

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

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) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 9,884,715 |  |  |  | Market |  |  |  | Recent Transactions |
|  | $ | 9,884,715 |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

110 |  | 2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) June 30, 2021 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |
Auto Components — 0.4% |  |  |  |  |  |  |  |  |
Magna International, Inc.(a) |  |  |  |  |  |  | 67,573 |  |  | $ | 6,259,963 |
Automobiles(a)(b) — 1.5% |  |  |  |  |  |  |  |  |
Arrival Group |  |  |  |  |  |  | 180,232 |  |  |  | 2,824,235 |
Tesla, Inc. |  |  |  |  |  |  | 27,934 |  |  |  | 18,986,740 |
|  |  |  |  |  |  |  |  |  |  | 21,810,975 |
Banks — 2.6% |  |  |  |  |  |  |  |  |
Klarna Holdings AB, (Acquired 08/07/19, Cost: $7,971,978)(c)(d) |  |  |  |  |  |  | 26,430 |  |  |  | 36,386,841 |
Diversified Consumer Services — 1.0% |  |  |  |  |  |  |  |  |
Chegg, Inc.(a)(b) |  |  |  |  |  |  | 120,357 |  |  |  | 10,002,870 |
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $1,524,948)(c)(d) |  |  |  |  |  |  | 997 |  |  |  | 3,823,582 |
|  |  |  |  |  |  |  |  |  |  | 13,826,452 |
Diversified Financial Services — 0.4% |  |  |  |  |  |  |  |  |
TransferWise, (Acquired 06/03/19, Cost: $2,471,478)(c)(d) |  |  |  |  |  |  | 27,945 |  |  |  | 5,482,530 |
Electrical Equipment — 0.4% |  |  |  |  |  |  |  |  |
Shoals Technologies Group, Inc., Class A(a)(b) |  |  |  |  |  |  | 150,565 |  |  |  | 5,345,057 |
Electronic Equipment, Instruments & Components — 0.9% |
Samsung SDI Co. Ltd. |  |  |  |  |  |  | 21,808 |  |  |  | 13,502,156 |
Entertainment(a) — 3.0% |  |  |  |  |  |  |  |  |
Activision Blizzard, Inc. |  |  |  |  |  |  | 117,192 |  |  |  | 11,184,804 |
NetEase, Inc., ADR |  |  |  |  |  |  | 84,512 |  |  |  | 9,740,008 |
Roku, Inc.(b) |  |  |  |  |  |  | 45,378 |  |  |  | 20,839,847 |
|  |  |  |  |  |  |  |  |  |  | 41,764,659 |
Hotels, Restaurants & Leisure — 0.2% |  |  |  |  |  |  |  |  |
Airbnb, Inc., Class A(a)(b) |  |  |  |  |  |  | 20,734 |  |  |  | 3,175,205 |
Interactive Media & Services — 11.5% |  |  |  |  |  |  |  |  |
Alphabet, Inc., Class A(a)(b) |  |  |  |  |  |  | 15,765 |  |  |  | 38,494,819 |
Facebook, Inc., Class A(a)(b) |  |  |  |  |  |  | 67,998 |  |  |  | 23,643,584 |
Kakao Corp. |  |  |  |  |  |  | 278,085 |  |  |  | 40,278,538 |
Kanzhun Ltd., ADR(b) |  |  |  |  |  |  | 119,306 |  |  |  | 4,730,483 |
Snap, Inc., Class A(a)(b) |  |  |  |  |  |  | 293,698 |  |  |  | 20,012,582 |
Tencent Holdings Ltd. |  |  |  |  |  |  | 174,700 |  |  |  | 13,153,595 |
Yandex NV, Class A(a)(b) |  |  |  |  |  |  | 162,287 |  |  |  | 11,481,805 |
ZoomInfo Technologies, Inc., Class A(a)(b) |  |  |  |  |  |  | 208,111 |  |  |  | 10,857,151 |
|  |  |  |  |  |  |  |  |  |  | 162,652,557 |
Internet & Direct Marketing Retail — 5.5% |  |  |  |  |  |  |  |  |
Amazon.com, Inc.(a)(b) |  |  |  |  |  |  | 10,760 |  |  |  | 37,016,122 |
Delivery Hero SE(b)(e) |  |  |  |  |  |  | 86,031 |  |  |  | 11,366,942 |
Ensogo Ltd.(b)(c) |  |  |  |  |  |  | 173,282 |  |  |  | 1 |
Jasper Infotech Private Ltd., Series I, (Acquired 08/18/15, Cost: $1,998,435)(c)(d) |  |  |  |  |  |  | 1,054 |  |  |  | 177,472 |
JD Health International, Inc.(b)(e) |  |  |  |  |  |  | 750,550 |  |  |  | 10,720,110 |
MercadoLibre, Inc.(a)(b) |  |  |  |  |  |  | 11,762 |  |  |  | 18,322,726 |
|  |  |  |  |  |  |  |  |  |  | 77,603,373 |
IT Services — 18.8% |  |  |  |  |  |  |  |  |
Adyen NV(b)(e) |  |  |  |  |  |  | 4,937 |  |  |  | 12,107,150 |
Amadeus IT Group SA(b) |  |  |  |  |  |  | 95,320 |  |  |  | 6,719,737 |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $7,999,945)(c)(d) |  |  |  |  |  |  | 94,117 |  |  |  | 8,805,587 |
Fiserv, Inc.(a)(b) |  |  |  |  |  |  | 87,585 |  |  |  | 9,361,961 |
GMO Payment Gateway, Inc. |  |  |  |  |  |  | 75,700 |  |  |  | 9,831,434 |
Marqeta, Inc.(a)(b)(f) |  |  |  |  |  |  | 333,858 |  |  |  | 9,371,394 |
Mastercard, Inc., Class A(a) |  |  |  |  |  |  | 79,169 |  |  |  | 28,903,810 |

Security |  |  |  |  | Shares |  |  | Value |
IT Services (continued) |  |  |  |  |  |  |  |  |
MongoDB, Inc.(a)(b) |  |  |  |  |  |  | 29,473 |  |  | $ | 10,655,079 |
Okta, Inc.(a)(b) |  |  |  |  |  |  | 64,894 |  |  |  | 15,878,264 |
PayPal Holdings, Inc.(a)(b) |  |  |  |  |  |  | 114,305 |  |  |  | 33,317,621 |
Shopify, Inc., Class A(a)(b) |  |  |  |  |  |  | 14,378 |  |  |  | 21,005,970 |
Snowflake, Inc., Class A(a)(b) |  |  |  |  |  |  | 8,644 |  |  |  | 2,090,119 |
Square, Inc., Class A(a)(b) |  |  |  |  |  |  | 114,135 |  |  |  | 27,826,113 |
StoneCo Ltd., Class A(a)(b) |  |  |  |  |  |  | 158,853 |  |  |  | 10,652,682 |
TRAX Ltd., Series D, (Acquired 02/18/21, Cost: $1,999,989)(c)(d) |  |  |  |  |  |  | 38,361 |  |  |  | 2,149,367 |
TRAX Ltd., Series E, (Acquired 09/12/19, Cost: $4,000,013)(c)(d) |  |  |  |  |  |  | 106,667 |  |  |  | 5,976,552 |
Twilio, Inc., Class A(a)(b) |  |  |  |  |  |  | 67,607 |  |  |  | 26,647,975 |
Visa, Inc., Class A(a) |  |  |  |  |  |  | 104,136 |  |  |  | 24,349,080 |
|  |  |  |  |  |  |  | 265,649,895 |
Professional Services — 0.5% |  |  |  |  |  |  |  |  |
Recruit Holdings Co. Ltd. |  |  |  |  |  |  | 153,900 |  |  |  | 7,547,066 |
Road & Rail(a)(b) — 2.1% |  |  |  |  |  |  |  |  |
Lyft, Inc., Class A |  |  |  |  |  |  | 195,882 |  |  |  | 11,846,943 |
TuSimple Holdings, Inc., Class A |  |  |  |  |  |  | 110,935 |  |  |  | 7,903,010 |
Uber Technologies, Inc. |  |  |  |  |  |  | 192,560 |  |  |  | 9,651,107 |
|  |  |  |  |  |  |  |  |  |  | 29,401,060 |
Semiconductors & Semiconductor Equipment — 16.0% |  |  |  |
Advanced Micro Devices, Inc.(a)(b) |  |  |  |  |  |  | 237,397 |  |  |  | 22,298,700 |
Alphawave IP Group PLC(b) |  |  |  |  |  |  | 1,436,993 |  |  |  | 7,156,053 |
Analog Devices, Inc.(a) |  |  |  |  |  |  | 41,879 |  |  |  | 7,209,889 |
ASML Holding NV |  |  |  |  |  |  | 40,661 |  |  |  | 28,069,072 |
Cree, Inc.(a)(b) |  |  |  |  |  |  | 120,809 |  |  |  | 11,830,825 |
Lam Research Corp.(a) |  |  |  |  |  |  | 42,040 |  |  |  | 27,355,428 |
Marvell Technology, Inc.(a) |  |  |  |  |  |  | 554,334 |  |  |  | 32,334,302 |
Monolithic Power Systems, Inc.(a) |  |  |  |  |  |  | 35,343 |  |  |  | 13,198,843 |
Qualcomm, Inc.(a) |  |  |  |  |  |  | 58,681 |  |  |  | 8,387,275 |
Renesas Electronics Corp.(b) |  |  |  |  |  |  | 1,128,300 |  |  |  | 12,177,011 |
Skyworks Solutions, Inc.(a) |  |  |  |  |  |  | 53,944 |  |  |  | 10,343,762 |
SOITEC(b) |  |  |  |  |  |  | 73,604 |  |  |  | 16,253,414 |
STMicroelectronics NV |  |  |  |  |  |  | 267,921 |  |  |  | 9,743,366 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a) |  |  |  |  |  |  | 159,103 |  |  |  | 19,117,817 |
|  |  |  |  |  |  |  |  |  |  | 225,475,757 |
Software — 20.2% |  |  |  |  |  |  |  |  |
Adobe, Inc.(a)(b) |  |  |  |  |  |  | 38,188 |  |  |  | 22,364,420 |
Atlassian Corp. PLC, Class A(a)(b) |  |  |  |  |  |  | 45,693 |  |  |  | 11,736,704 |
Autodesk, Inc.(a)(b) |  |  |  |  |  |  | 44,736 |  |  |  | 13,058,438 |
Avalara, Inc.(a)(b) |  |  |  |  |  |  | 78,563 |  |  |  | 12,711,493 |
C3.AI, Inc., Class A(a)(b) |  |  |  |  |  |  | 245,379 |  |  |  | 15,343,549 |
Cadence Design Systems, Inc.(a)(b) |  |  |  |  |  |  | 88,624 |  |  |  | 12,125,536 |
Coupa Software, Inc.(a)(b) |  |  |  |  |  |  | 40,074 |  |  |  | 10,503,796 |
Crowdstrike Holdings, Inc., Class A(a)(b) |  |  |  |  |  |  | 52,434 |  |  |  | 13,177,189 |
Databricks, Inc., (Acquired 07/24/20, Cost: $960,476)(c)(d) |  |  |  |  |  |  | 19,999 |  |  |  | 3,547,223 |
DataRobot, Inc., Series F, (Acquired 03/01/21, Cost: $583,274)(c)(d) |  |  |  |  |  |  | 38,789 |  |  |  | 661,740 |
Elastic NV(a)(b) |  |  |  |  |  |  | 55,431 |  |  |  | 8,079,623 |
Intuit, Inc.(a) |  |  |  |  |  |  | 29,270 |  |  |  | 14,347,276 |
Linklogis, Inc., (Acquired 03/31/21, Cost: $2,624,480)(d) |  |  |  |  |  |  | 1,149,000 |  |  |  | 2,509,638 |
Microsoft Corp.(a) |  |  |  |  |  |  | 200,749 |  |  |  | 54,382,904 |
Online Ventures Pty Ltd., Series C, (Acquired 01/21/20, Cost: $6,160,136)(c)(d) |  |  |  |  |  |  | 53,642 |  |  |  | 7,874,390 |
Paycom Software, Inc.(a)(b) |  |  |  |  |  |  | 22,949 |  |  |  | 8,341,273 |
salesforce.com, Inc.(a)(b) |  |  |  |  |  |  | 53,000 |  |  |  | 12,946,310 |

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, 2021 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |
ServiceNow, Inc.(a)(b) |  |  | 31,214 |  |  | $ | 17,153,654 |
Snorkel Al, Inc., (Acquired 06/30/21, Cost: $997,636)(c)(d) |  |  | 66,422 |  |  |  | 1,087,328 |
Unity Software, Inc.(a)(b) |  |  | 84,780 |  |  |  | 9,311,387 |
Xero Ltd.(b) |  |  | 113,877 |  |  |  | 11,713,354 |
Zoom Video Communications, Inc., Class A(a)(b) |  |  | 17,056 |  |  |  | 6,601,184 |
Zscaler, Inc.(a)(b) |  |  | 72,005 |  |  |  | 15,557,400 |
|  |  |  |  |  |  | 285,135,809 |
Specialty Retail — 0.2% |
Cazoo Ltd., (Acquired 10/08/20, Cost: $1,414,228)(c)(d) |  |  | 102,926 |  |  |  | 3,005,590 |
Technology Hardware, Storage & Peripherals — 3.9% |
Apple, Inc.(a) |  |  | 402,442 |  |  |  | 55,118,456 |
Total Common Stocks — 89.1% (Cost: $419,687,793) |  |  |  |  |  |  | 1,259,143,401 |
Preferred Securities |
Preferred Stocks — 12.6%(d) |
Automobiles — 0.9% |
Arrival Ltd., (Acquired 03/23/21, Cost: $6,054,719) |  |  | 835,013 |  |  |  | 12,782,973 |
Diversified Consumer Services — 0.3% |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975)(c) |  |  | 1,054 |  |  |  | 4,042,181 |
Diversified Financial Services(c) — 0.4% |
TransferWise |  |  |  |  |  |  |  |
Series A, (Acquired 06/03/19, Cost: $1,004,242) |  |  | 11,355 |  |  |  | 2,227,737 |
Series B, (Acquired 06/03/19, Cost: $288,407) |  |  | 3,261 |  |  |  | 639,776 |
Series C, (Acquired 06/03/19, Cost: $161,315) |  |  | 1,824 |  |  |  | 357,850 |
Series D, (Acquired 06/03/19, Cost: $44,579) |  |  | 504 |  |  |  | 98,880 |
Series E, (Acquired 06/03/19, Cost: $4,688) |  |  | 53 |  |  |  | 10,398 |
TransferWise (Seed Preferred), (Acquired 06/03/19, Cost: $849,295) |  |  | 9,603 |  |  |  | 1,884,013 |
|  |  |  |  |  |  | 5,218,654 |
Electronic Equipment, Instruments & Components(c) — 0.4% |
Credo Technology Group Holding Ltd. |  |  |  |  |  |  |  |
Series D, (Acquired 03/20/20, Cost: $5,000,001) |  |  | 1,001,382 |  |  |  | 5,818,029 |
Series D+, (Acquired 01/22/20, Cost: $404,498) |  |  | 69,679 |  |  |  | 404,835 |
|  |  |  |  |  |  | 6,222,864 |
Food Products — 0.3% |
Farmer’s Business Network, Inc., Series F, (Acquired 07/31/20, Cost: $2,999,886)(c) |  |  | 90,750 |  |  |  | 3,874,117 |
Interactive Media & Services — 1.1% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $9,999,959)(c) |  |  | 91,262 |  |  |  | 15,481,232 |
IT Services — 1.6% |
Ant Group Co., Ltd, Series C, (Acquired 05/18/18, Cost: $6,492,863)(c) |  |  | 1,157,373 |  |  |  | 7,546,072 |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,999,391)(c) |  |  | 493,493 |  |  |  | 3,107,590 |

Security |  | Shares |  |  | Value |
IT Services (continued) |
Trumid Holdings LLC(c)(g) |  |  |  |  |  |  |  |
Class J-A, (Acquired 07/24/20, Cost: $2,499,716) |  |  | 5,038 |  |  | $ | 2,947,280 |
Class J-B, (Acquired 07/24/20, Cost: $1,499,830) |  |  | 5,038 |  |  |  | 2,947,280 |
Xiaoju Kuaizhi, Inc., Series A-17, (Acquired 07/28/15, Cost: $3,016,964) |  |  | 110,003 |  |  |  | 5,910,681 |
|  |  |  |  |  |  | 22,458,903 |
Road & Rail — 0.4% |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $5,482,937)(c) |  |  | 275 |  |  |  | 6,573,473 |
Semiconductors & Semiconductor Equipment(c) — 3.1% |
Innovium, Inc. |  |  |  |  |  |  |  |
Series E, (Acquired 08/21/19, Cost: $3,000,003) |  |  | 353,478 |  |  |  | 3,609,011 |
Series F, (Acquired 06/10/20, Cost: $2,999,996) |  |  | 296,062 |  |  |  | 3,339,579 |
Psiquantum Corp., Series C, (Acquired 09/09/19, Cost: $3,200,234) |  |  | 690,003 |  |  |  | 14,103,661 |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $5,000,025) |  |  | 190,650 |  |  |  | 5,000,750 |
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,126) |  |  | 187,300 |  |  |  | 17,797,246 |
|  |  |  |  |  |  | 43,850,247 |
Software(c) — 3.5% |
Avidxchange, Inc., (Acquired 07/29/20, Cost: $2,022,088) |  |  | 41,257 |  |  |  | 2,534,005 |
Databricks, Inc. |  |  |  |  |  |  |  |
Series F, (Acquired 10/22/19, Cost: $3,999,999) |  |  | 93,135 |  |  |  | 16,519,355 |
Series G, (Acquired 02/01/21, Cost: $4,500,001) |  |  | 25,371 |  |  |  | 4,500,054 |
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996) |  |  | 228,276 |  |  |  | 3,894,389 |
GitLab, Inc., Series E, (Acquired 09/10/19, Cost: $2,915,501) |  |  | 156,500 |  |  |  | 6,989,290 |
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985) |  |  | 332,896 |  |  |  | 4,999,984 |
Unqork, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 09/19/19, Cost: $3,198,417) |  |  | 7,027 |  |  |  | 8,298,325 |
Series C, (Acquired 09/18/20, Cost: $1,303,260) |  |  | 1,190 |  |  |  | 1,405,295 |
|  |  |  |  |  |  | 49,140,697 |
Specialty Retail(c) — 0.6% |
Cazoo Ltd. |  |  |  |  |  |  |  |
Series A, (Acquired 10/08/20, Cost: $46,195) |  |  | 3,362 |  |  |  | 98,175 |
Series B, (Acquired 10/08/20, Cost: $808,325) |  |  | 58,829 |  |  |  | 1,717,893 |
Series C, (Acquired 10/08/20, Cost: $16,392) |  |  | 1,193 |  |  |  | 34,837 |
Series D, (Acquired 10/08/20, Cost: $2,887,649) |  |  | 210,160 |  |  |  | 6,136,980 |
|  |  |  |  |  |  | 7,987,885 |
Total Preferred Stocks — 12.6% |  |  |  |  |  |  | 177,633,226 |
Total Preferred Securities — 12.6% (Cost: $105,726,457) |  |  |  |  |  |  | 177,633,226 |

112 |  | 2 0 2 1 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, 2021 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Warrants |  |  |  |  |  |  |  |
IT Services — 0.0% |  |  |  |  |  |
TRAX Ltd., (Acquired 09/12/19, Cost: $0)(c)(d) |  |  | 17,065 |  |  | $ | 170,650 |
Total Warrants — 0.0% (Cost: $ — ) |  |  |  | 170,650 |
Total Long-Term Investments — 101.7% (Cost: $525,414,250) |  |  |  | 1,436,947,277 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.3% |  |  |  |  |  |  |  |
SL Liquidity Series, LLC, Money Market Series, 0.13%(h)(i)(j) |  |  | 3,871,586 |  |  |  | 3,872,747 |
Total Short-Term Securities — 0.3% (Cost: $3,872,747) |  |  |  | 3,872,747 |
Total Investments Before Options Written — 102.0% (Cost: $529,286,997) |  |  |  | 1,440,820,024 |
Options Written — (1.7)% (Premiums Received: $(11,659,670)) |  |  |  | (23,673,717 | )
Total Investments, Net of Options Written — 100.3% (Cost: $517,627,327) |  |  |  | 1,417,146,307 |
Liabilities in Excess of Other Assets — (0.3)% |  |  |  | (4,067,350 | )
Net Assets — 100.0% |  |  | $ | 1,413,078,957 |

(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 $259,291,716, representing 18.4% of its net assets as of period end, and an original cost of $146,433,473.

(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 this security is on loan.

(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class(a) |  | $ | 9,266,737 |  |  | $ | — |  |  | $ | (9,266,737 | )(b) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 1,770 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | 3,872,747 | (b) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,872,747 |  |  |  | 3,871,586 |  |  |  | 41,953 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 3,872,747 |  |  |  |  |  |  | $ | 43,723 |  |  | $ | — |

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

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

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Activision Blizzard, Inc. |  |  | 155 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 96.50 |  |  |  | USD |  |  |  | 1,479 |  |  | $ | (5,425 | )
Alphabet, Inc., Class A |  |  | 14 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 2,280.00 |  |  |  | USD |  |  |  | 3,419 |  |  |  | (227,570 | )
Amazon.com, Inc. |  |  | 7 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 3,350.00 |  |  |  | USD |  |  |  | 2,408 |  |  |  | (66,290 | )
Atlassian Corp. PLC, Class A |  |  | 4 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 103 |  |  |  | (12,780 | )
Cree, Inc. |  |  | 211 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 2,066 |  |  |  | (10,550 | )

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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crowdstrike Holdings, Inc., Class A |  |  | 41 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 232.50 |  |  |  | USD |  |  |  | 1,030 |  |  | $ | (77,592 | )
Lam Research Corp. |  |  | 38 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 605.00 |  |  |  | USD |  |  |  | 2,473 |  |  |  | (177,270 | )
Lyft, Inc., Class A |  |  | 47 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 284 |  |  |  | (5,123 | )
Mastercard, Inc., Class A |  |  | 38 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 1,387 |  |  |  | (627 | )
MongoDB, Inc. |  |  | 8 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 289 |  |  |  | (33,920 | )
NetEase, Inc., ADR |  |  | 135 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,556 |  |  |  | (58,050 | )
Snap, Inc., Class A |  |  | 23 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 157 |  |  |  | (7,705 | )
Snowflake, Inc., Class A |  |  | 15 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 363 |  |  |  | (1,200 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 277 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 119.00 |  |  |  | USD |  |  |  | 3,328 |  |  |  | (44,043 | )
Yandex NV, Class A |  |  | 122 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 68.50 |  |  |  | USD |  |  |  | 863 |  |  |  | (26,840 | )
Zscaler, Inc. |  |  | 68 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 1,469 |  |  |  | (110,500 | )
Airbnb, Inc., Class A |  |  | 17 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 260 |  |  |  | (9,605 | )
Alphabet, Inc., Class A |  |  | 6 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 2,400.00 |  |  |  | USD |  |  |  | 1,465 |  |  |  | (30,960 | )
Analog Devices, Inc. |  |  | 73 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 167.50 |  |  |  | USD |  |  |  | 1,257 |  |  |  | (38,325 | )
Apple, Inc. |  |  | 29 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 129.00 |  |  |  | USD |  |  |  | 397 |  |  |  | (22,983 | )
Autodesk, Inc. |  |  | 47 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 295.00 |  |  |  | USD |  |  |  | 1,372 |  |  |  | (13,724 | )
Chegg, Inc. |  |  | 105 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 82.51 |  |  |  | USD |  |  |  | 873 |  |  |  | (23,241 | )
Coupa Software, Inc. |  |  | 36 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 252.50 |  |  |  | USD |  |  |  | 944 |  |  |  | (45,540 | )
Cree, Inc. |  |  | 113 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 108.00 |  |  |  | USD |  |  |  | 1,107 |  |  |  | (2,543 | )
Fiserv, Inc. |  |  | 109 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 117.00 |  |  |  | USD |  |  |  | 1,165 |  |  |  | (1,199 | )
Mastercard, Inc., Class A |  |  | 39 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 1,424 |  |  |  | (2,126 | )
MercadoLibre, Inc. |  |  | 9 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 1,420.00 |  |  |  | USD |  |  |  | 1,402 |  |  |  | (127,485 | )
Microsoft Corp. |  |  | 88 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 252.50 |  |  |  | USD |  |  |  | 2,384 |  |  |  | (163,680 | )
MongoDB, Inc. |  |  | 12 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 322.50 |  |  |  | USD |  |  |  | 434 |  |  |  | (48,720 | )
Okta, Inc. |  |  | 15 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 367 |  |  |  | (11,700 | )
Qualcomm, Inc. |  |  | 97 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 137.00 |  |  |  | USD |  |  |  | 1,386 |  |  |  | (65,232 | )
Roku, Inc. |  |  | 53 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 365.00 |  |  |  | USD |  |  |  | 2,434 |  |  |  | (501,115 | )
ServiceNow, Inc. |  |  | 42 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 490.00 |  |  |  | USD |  |  |  | 2,308 |  |  |  | (253,890 | )
Shopify, Inc., Class A |  |  | 25 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 1,290.00 |  |  |  | USD |  |  |  | 3,652 |  |  |  | (432,625 | )
Skyworks Solutions, Inc. |  |  | 107 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 177.50 |  |  |  | USD |  |  |  | 2,052 |  |  |  | (152,475 | )
Snap, Inc., Class A |  |  | 173 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 62.00 |  |  |  | USD |  |  |  | 1,179 |  |  |  | (111,585 | )
Square, Inc., Class A |  |  | 40 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 975 |  |  |  | (31,400 | )
Square, Inc., Class A |  |  | 41 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 1,000 |  |  |  | (13,735 | )
Stoneco Ltd., Class A |  |  | 152 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,019 |  |  |  | (7,980 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 22 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 264 |  |  |  | (4,125 | )
Tesla, Inc. |  |  | 6 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 690.00 |  |  |  | USD |  |  |  | 408 |  |  |  | (10,770 | )
Tesla, Inc. |  |  | 7 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 640.00 |  |  |  | USD |  |  |  | 476 |  |  |  | (35,263 | )
Twilio, Inc., Class A |  |  | 78 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 365.00 |  |  |  | USD |  |  |  | 3,074 |  |  |  | (256,230 | )
Twilio, Inc., Class A |  |  | 27 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 357.50 |  |  |  | USD |  |  |  | 1,064 |  |  |  | (107,392 | )
Uber Technologies, Inc. |  |  | 174 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 54.00 |  |  |  | USD |  |  |  | 872 |  |  |  | (3,045 | )
Visa, Inc., Class A |  |  | 51 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 1,192 |  |  |  | (9,945 | )
Yandex NV, Class A |  |  | 123 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 69.00 |  |  |  | USD |  |  |  | 870 |  |  |  | (26,445 | )
Activision Blizzard, Inc. |  |  | 95 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 907 |  |  |  | (4,750 | )
Adobe, Inc. |  |  | 30 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 505.00 |  |  |  | USD |  |  |  | 1,757 |  |  |  | (244,500 | )
Advanced Micro Devices, Inc. |  |  | 160 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 1,503 |  |  |  | (184,800 | )
Airbnb, Inc., Class A |  |  | 22 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 337 |  |  |  | (15,400 | )
Amazon.com, Inc. |  |  | 17 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 3,450.00 |  |  |  | USD |  |  |  | 5,848 |  |  |  | (86,275 | )
Apple, Inc. |  |  | 92 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 1,260 |  |  |  | (29,670 | )
Arrival SA |  |  | 315 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 494 |  |  |  | (5,513 | )
Atlassian Corp. PLC, Class A |  |  | 34 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 873 |  |  |  | (38,420 | )
Autodesk, Inc. |  |  | 34 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 992 |  |  |  | (9,384 | )
C3.AI, Inc., Class A |  |  | 72 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 450 |  |  |  | (15,660 | )
C3.AI, Inc., Class A |  |  | 172 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,076 |  |  |  | (17,630 | )
Chegg, Inc. |  |  | 104 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 864 |  |  |  | (17,680 | )
Crowdstrike Holdings, Inc., Class A |  |  | 37 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 930 |  |  |  | (55,962 | )
Elastic NV |  |  | 96 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,399 |  |  |  | (207,840 | )
Fiserv, Inc. |  |  | 91 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 973 |  |  |  | (501 | )
Intuit, Inc. |  |  | 26 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 440.00 |  |  |  | USD |  |  |  | 1,274 |  |  |  | (132,340 | )
Lam Research Corp. |  |  | 67 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 640.00 |  |  |  | USD |  |  |  | 4,360 |  |  |  | (159,460 | )
Lyft, Inc., Class A |  |  | 188 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 1,137 |  |  |  | (71,910 | )
Magna International, Inc. |  |  | 236 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 97.50 |  |  |  | USD |  |  |  | 2,186 |  |  |  | (13,570 | )
Marqeta, Inc. |  |  | 1 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 3 |  |  |  | (15 | )

114 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mastercard, Inc., Class A |  |  | 40 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 1,460 |  |  | $ | (5,460 | )
MercadoLibre, Inc. |  |  | 11 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 1,450.00 |  |  |  | USD |  |  |  | 1,714 |  |  |  | (131,725 | )
Microsoft Corp. |  |  | 120 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 3,251 |  |  |  | (195,000 | )
Monolithic Power Systems, Inc. |  |  | 123 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 331.00 |  |  |  | USD |  |  |  | 4,593 |  |  |  | (536,380 | )
Paycom Software, Inc. |  |  | 41 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 360.00 |  |  |  | USD |  |  |  | 1,490 |  |  |  | (46,330 | )
PayPal Holdings, Inc. |  |  | 112 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 3,265 |  |  |  | (359,520 | )
Qualcomm, Inc. |  |  | 17 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 243 |  |  |  | (14,493 | )
Roku, Inc. |  |  | 20 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 335.00 |  |  |  | USD |  |  |  | 919 |  |  |  | (249,200 | )
Shoals Technologies Group, Inc., Class A |  |  | 263 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 934 |  |  |  | (276,150 | )
Shopify, Inc., Class A |  |  | 9 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 1,140.00 |  |  |  | USD |  |  |  | 1,315 |  |  |  | (290,475 | )
Skyworks Solutions, Inc. |  |  | 81 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 1,553 |  |  |  | (98,617 | )
Snap, Inc., Class A |  |  | 210 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,431 |  |  |  | (180,600 | )
Snowflake, Inc., Class A |  |  | 15 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 363 |  |  |  | (4,088 | )
Square, Inc., Class A |  |  | 103 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,511 |  |  |  | (103,515 | )
Stoneco Ltd., Class A |  |  | 204 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 1,368 |  |  |  | (39,270 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 175 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 2,103 |  |  |  | (53,812 | )
Tesla, Inc. |  |  | 23 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 730.00 |  |  |  | USD |  |  |  | 1,563 |  |  |  | (26,623 | )
Tesla, Inc. |  |  | 1 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 650.00 |  |  |  | USD |  |  |  | 68 |  |  |  | (4,773 | )
Tesla, Inc. |  |  | 4 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 630.00 |  |  |  | USD |  |  |  | 272 |  |  |  | (25,340 | )
Twilio, Inc., Class A |  |  | 70 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 2,759 |  |  |  | (454,825 | )
Uber Technologies, Inc. |  |  | 171 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 857 |  |  |  | (12,141 | )
Unity Software, Inc. |  |  | 147 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,615 |  |  |  | (101,430 | )
Visa, Inc., Class A |  |  | 23 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 538 |  |  |  | (6,900 | )
Zoom Video Communications, Inc., Class A |  |  | 32 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 350.00 |  |  |  | USD |  |  |  | 1,238 |  |  |  | (124,160 | )
ZoomInfo Technologies, Inc., Class A |  |  | 346 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,805 |  |  |  | (250,850 | )
Zscaler, Inc. |  |  | 67 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 1,448 |  |  |  | (63,650 | )
Adobe, Inc. |  |  | 26 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 520.00 |  |  |  | USD |  |  |  | 1,523 |  |  |  | (173,550 | )
Advanced Micro Devices, Inc. |  |  | 178 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 83.50 |  |  |  | USD |  |  |  | 1,672 |  |  |  | (194,910 | )
Advanced Micro Devices, Inc. |  |  | 178 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 86.50 |  |  |  | USD |  |  |  | 1,672 |  |  |  | (156,195 | )
Airbnb, Inc., Class A |  |  | 33 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 162.50 |  |  |  | USD |  |  |  | 505 |  |  |  | (10,560 | )
Amazon.com, Inc. |  |  | 9 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 3,300.00 |  |  |  | USD |  |  |  | 3,096 |  |  |  | (150,300 | )
Amazon.com, Inc. |  |  | 4 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 3,450.00 |  |  |  | USD |  |  |  | 1,376 |  |  |  | (27,000 | )
Analog Devices, Inc. |  |  | 73 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 167.50 |  |  |  | USD |  |  |  | 1,257 |  |  |  | (51,830 | )
Apple, Inc. |  |  | 42 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 128.00 |  |  |  | USD |  |  |  | 575 |  |  |  | (39,060 | )
Autodesk, Inc. |  |  | 38 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 287.50 |  |  |  | USD |  |  |  | 1,109 |  |  |  | (36,480 | )
Coupa Software, Inc. |  |  | 65 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 1,704 |  |  |  | (121,550 | )
Cree, Inc. |  |  | 100 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 102.00 |  |  |  | USD |  |  |  | 979 |  |  |  | (23,500 | )
Crowdstrike Holdings, Inc., Class A |  |  | 26 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 232.50 |  |  |  | USD |  |  |  | 653 |  |  |  | (57,135 | )
Facebook, Inc., Class A |  |  | 65 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 337.50 |  |  |  | USD |  |  |  | 2,260 |  |  |  | (97,175 | )
Lam Research Corp. |  |  | 42 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 670.00 |  |  |  | USD |  |  |  | 2,733 |  |  |  | (58,170 | )
Lyft, Inc., Class A |  |  | 219 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 1,325 |  |  |  | (49,932 | )
Marvell Technology Inc. |  |  | 300 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 51.00 |  |  |  | USD |  |  |  | 1,750 |  |  |  | (215,250 | )
Mastercard, Inc., Class A |  |  | 41 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 375.00 |  |  |  | USD |  |  |  | 1,497 |  |  |  | (15,252 | )
MercadoLibre, Inc. |  |  | 10 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 1,410.00 |  |  |  | USD |  |  |  | 1,558 |  |  |  | (160,750 | )
Microsoft Corp. |  |  | 43 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 1,165 |  |  |  | (27,198 | )
MongoDB, Inc. |  |  | 13 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 470 |  |  |  | (38,675 | )
MongoDB, Inc. |  |  | 8 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 400.00 |  |  |  | USD |  |  |  | 289 |  |  |  | (4,440 | )
NetEase, Inc., ADR |  |  | 160 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,844 |  |  |  | (38,000 | )
Okta, Inc. |  |  | 56 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 1,370 |  |  |  | (102,340 | )
PayPal Holdings, Inc. |  |  | 71 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 275.00 |  |  |  | USD |  |  |  | 2,070 |  |  |  | (135,432 | )
Qualcomm, Inc. |  |  | 98 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 138.00 |  |  |  | USD |  |  |  | 1,401 |  |  |  | (52,920 | )
Roku, Inc. |  |  | 11 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 365.00 |  |  |  | USD |  |  |  | 505 |  |  |  | (104,967 | )
Roku, Inc. |  |  | 53 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 375.00 |  |  |  | USD |  |  |  | 2,434 |  |  |  | (455,005 | )
salesforce.com, Inc. |  |  | 105 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 247.50 |  |  |  | USD |  |  |  | 2,565 |  |  |  | (44,625 | )
ServiceNow, Inc. |  |  | 45 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 485.00 |  |  |  | USD |  |  |  | 2,473 |  |  |  | (299,475 | )
Shopify, Inc., Class A |  |  | 18 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 1,570.00 |  |  |  | USD |  |  |  | 2,630 |  |  |  | (39,780 | )
Snap, Inc., Class A |  |  | 165 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 64.50 |  |  |  | USD |  |  |  | 1,124 |  |  |  | (107,662 | )
Square, Inc., Class A |  |  | 102 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 237.50 |  |  |  | USD |  |  |  | 2,487 |  |  |  | (135,915 | )
Square, Inc., Class A |  |  | 116 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 2,828 |  |  |  | (63,220 | )
Stoneco Ltd., Class A |  |  | 80 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 68.00 |  |  |  | USD |  |  |  | 536 |  |  |  | (17,400 | )
Tesla, Inc. |  |  | 21 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 680.00 |  |  |  | USD |  |  |  | 1,427 |  |  |  | (79,852 | )
Twilio, Inc., Class A |  |  | 21 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 347.50 |  |  |  | USD |  |  |  | 828 |  |  |  | (108,412 | )

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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Twilio, Inc., Class A |  |  | 53 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 2,089 |  |  | $ | (136,607 | )
Uber Technologies, Inc. |  |  | 117 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 586 |  |  |  | (8,600 | )
Visa, Inc., Class A |  |  | 70 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 1,637 |  |  |  | (31,675 | )
Yandex NV, Class A |  |  | 230 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 69.50 |  |  |  | USD |  |  |  | 1,627 |  |  |  | (60,375 | )
Activision Blizzard, Inc. |  |  | 77 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 97.00 |  |  |  | USD |  |  |  | 735 |  |  |  | (15,131 | )
Adobe, Inc. |  |  | 28 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 570.00 |  |  |  | USD |  |  |  | 1,640 |  |  |  | (69,160 | )
Arrival SA |  |  | 315 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 494 |  |  |  | (7,088 | )
Atlassian Corp. PLC, Class A |  |  | 37 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 275.00 |  |  |  | USD |  |  |  | 950 |  |  |  | (24,790 | )
Autodesk, Inc. |  |  | 37 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 295.00 |  |  |  | USD |  |  |  | 1,080 |  |  |  | (26,733 | )
Cree, Inc. |  |  | 120 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 99.00 |  |  |  | USD |  |  |  | 1,175 |  |  |  | (49,800 | )
Crowdstrike Holdings, Inc., Class A |  |  | 40 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 232.50 |  |  |  | USD |  |  |  | 1,005 |  |  |  | (95,100 | )
Fiserv, Inc. |  |  | 106 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 111.00 |  |  |  | USD |  |  |  | 1,133 |  |  |  | (11,819 | )
Intuit, Inc. |  |  | 21 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 477.50 |  |  |  | USD |  |  |  | 1,029 |  |  |  | (41,895 | )
Intuit, Inc. |  |  | 55 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 480.00 |  |  |  | USD |  |  |  | 2,696 |  |  |  | (98,725 | )
Lyft, Inc., Class A |  |  | 73 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 60.50 |  |  |  | USD |  |  |  | 442 |  |  |  | (22,192 | )
Marvell Technology Inc. |  |  | 410 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 52.00 |  |  |  | USD |  |  |  | 2,392 |  |  |  | (276,750 | )
MercadoLibre, Inc. |  |  | 10 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 1,520.00 |  |  |  | USD |  |  |  | 1,558 |  |  |  | (85,600 | )
Microsoft Corp. |  |  | 43 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 265.00 |  |  |  | USD |  |  |  | 1,165 |  |  |  | (43,215 | )
MongoDB, Inc. |  |  | 54 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 350.00 |  |  |  | USD |  |  |  | 1,952 |  |  |  | (139,320 | )
Okta, Inc. |  |  | 78 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 1,909 |  |  |  | (61,815 | )
Roku, Inc. |  |  | 21 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 445.00 |  |  |  | USD |  |  |  | 964 |  |  |  | (73,132 | )
Shopify, Inc., Class A |  |  | 9 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 1,290.00 |  |  |  | USD |  |  |  | 1,315 |  |  |  | (170,685 | )
Snap, Inc., Class A |  |  | 251 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,710 |  |  |  | (166,287 | )
Square, Inc., Class A |  |  | 112 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 2,731 |  |  |  | (77,280 | )
Tesla, Inc. |  |  | 23 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 690.00 |  |  |  | USD |  |  |  | 1,563 |  |  |  | (93,725 | )
Tesla, Inc. |  |  | 23 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 665.00 |  |  |  | USD |  |  |  | 1,563 |  |  |  | (123,395 | )
Twilio, Inc., Class A |  |  | 70 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 2,759 |  |  |  | (418,075 | )
Visa, Inc., Class A |  |  | 41 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 959 |  |  |  | (13,325 | )
Zoom Video Communications, Inc., Class A |  |  | 61 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 395.00 |  |  |  | USD |  |  |  | 2,361 |  |  |  | (85,705 | )
ZoomInfo Technologies, Inc., Class A |  |  | 382 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 50.25 |  |  |  | USD |  |  |  | 1,993 |  |  |  | (141,696 | )
Zscaler, Inc. |  |  | 66 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 1,426 |  |  |  | (82,005 | )
Shoals Technologies Group, Inc., Class A |  |  | 263 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 31.25 |  |  |  | USD |  |  |  | 934 |  |  |  | (140,499 | )
Advanced Micro Devices, Inc. |  |  | 191 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 91.00 |  |  |  | USD |  |  |  | 1,794 |  |  |  | (129,880 | )
Apple, Inc. |  |  | 160 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 136.00 |  |  |  | USD |  |  |  | 2,191 |  |  |  | (76,800 | )
Apple, Inc. |  |  | 210 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 137.00 |  |  |  | USD |  |  |  | 2,876 |  |  |  | (87,150 | )
Apple, Inc. |  |  | 49 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 671 |  |  |  | (13,622 | )
Coupa Software, Inc. |  |  | 39 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 265.00 |  |  |  | USD |  |  |  | 1,022 |  |  |  | (48,750 | )
Cree, Inc. |  |  | 120 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 103.00 |  |  |  | USD |  |  |  | 1,175 |  |  |  | (33,300 | )
Facebook, Inc., Class A |  |  | 20 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 362.50 |  |  |  | USD |  |  |  | 695 |  |  |  | (16,700 | )
Lyft, Inc., Class A |  |  | 47 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 64.50 |  |  |  | USD |  |  |  | 284 |  |  |  | (9,753 | )
Marvell Technology Inc. |  |  | 161 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 939 |  |  |  | (32,683 | )
MercadoLibre, Inc. |  |  | 24 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 1,600.00 |  |  |  | USD |  |  |  | 3,739 |  |  |  | (150,000 | )
Microsoft Corp. |  |  | 55 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 277.50 |  |  |  | USD |  |  |  | 1,490 |  |  |  | (22,825 | )
Okta, Inc. |  |  | 78 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 1,909 |  |  |  | (55,575 | )
PayPal Holdings, Inc. |  |  | 73 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 302.50 |  |  |  | USD |  |  |  | 2,128 |  |  |  | (55,662 | )
Shopify, Inc., Class A |  |  | 18 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 1,500.00 |  |  |  | USD |  |  |  | 2,630 |  |  |  | (125,190 | )
Square, Inc., Class A |  |  | 113 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 267.50 |  |  |  | USD |  |  |  | 2,755 |  |  |  | (73,732 | )
Stoneco Ltd., Class A |  |  | 119 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 73.00 |  |  |  | USD |  |  |  | 798 |  |  |  | (18,445 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 82 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 122.00 |  |  |  | USD |  |  |  | 985 |  |  |  | (28,700 | )
Uber Technologies, Inc. |  |  | 260 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 51.50 |  |  |  | USD |  |  |  | 1,303 |  |  |  | (73,580 | )
Marvell Technology Inc. |  |  | 481 |  |  |  | 08/13/21 |  |  |  | USD |  |  |  | 54.95 |  |  |  | USD |  |  |  | 2,806 |  |  |  | (220,659 | )
Activision Blizzard, Inc. |  |  | 83 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 792 |  |  |  | (19,754 | )
Adobe, Inc. |  |  | 26 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 530.00 |  |  |  | USD |  |  |  | 1,523 |  |  |  | (155,870 | )
Advanced Micro Devices, Inc. |  |  | 123 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,155 |  |  |  | (97,477 | )
Alphabet, Inc., Class A |  |  | 11 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 2,440.00 |  |  |  | USD |  |  |  | 2,686 |  |  |  | (101,200 | )
Apple, Inc. |  |  | 222 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 3,041 |  |  |  | (129,315 | )
Atlassian Corp. PLC, Class A |  |  | 84 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 2,158 |  |  |  | (90,720 | )
Avalara, Inc. |  |  | 124 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 2,006 |  |  |  | (215,140 | )
C3.AI, Inc., Class A |  |  | 259 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,620 |  |  |  | (56,980 | )
Cadence Design Systems, Inc. |  |  | 310 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 4,241 |  |  |  | (151,900 | )
Chegg, Inc. |  |  | 212 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,762 |  |  |  | (101,760 | )
Crowdstrike Holdings, Inc., Class A |  |  | 39 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 980 |  |  |  | (46,313 | )

116 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elastic NV |  |  | 98 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,428 |  |  | $ | (69,580 | )
Lyft, Inc., Class A |  |  | 111 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 671 |  |  |  | (51,615 | )
Marqeta, Inc. |  |  | 291 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 817 |  |  |  | (19,643 | )
Marvell Technology Inc. |  |  | 596 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 3,476 |  |  |  | (394,850 | )
Microsoft Corp. |  |  | 52 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 1,409 |  |  |  | (78,910 | )
MongoDB, Inc. |  |  | 8 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 370.00 |  |  |  | USD |  |  |  | 289 |  |  |  | (17,920 | )
Paycom Software, Inc. |  |  | 39 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 1,418 |  |  |  | (56,745 | )
PayPal Holdings, Inc. |  |  | 72 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 2,099 |  |  |  | (106,200 | )
ServiceNow, Inc. |  |  | 22 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 550.00 |  |  |  | USD |  |  |  | 1,209 |  |  |  | (61,490 | )
Snap, Inc., Class A |  |  | 793 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 5,404 |  |  |  | (602,680 | )
Tesla, Inc. |  |  | 45 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 690.00 |  |  |  | USD |  |  |  | 3,059 |  |  |  | (231,862 | )
TuSimple Holdings, Inc. |  |  | 217 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,546 |  |  |  | (607,600 | )
TuSimple Holdings, Inc. |  |  | 203 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,446 |  |  |  | (347,130 | )
Twilio, Inc., Class A |  |  | 53 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 2,089 |  |  |  | (197,690 | )
Unity Software, Inc. |  |  | 140 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,538 |  |  |  | (150,500 | )
Visa, Inc., Class A |  |  | 23 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 538 |  |  |  | (15,468 | )
Yandex NV, Class A |  |  | 93 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 658 |  |  |  | (34,875 | )
Zscaler, Inc. |  |  | 51 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 1,102 |  |  |  | (52,403 | )
Adobe, Inc. |  |  | 23 |  |  |  | 09/17/21 |  |  |  | USD |  |  |  | 580.00 |  |  |  | USD |  |  |  | 1,347 |  |  |  | (68,712 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (20,388,599 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adyen NV |  | UBS AG |  |  | 1,800 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 1,963.56 |  |  |  | EUR |  |  |  | 3,723 |  |  | $ | (241,995 | )
Soitec SA |  | UBS AG |  |  | 3,900 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 171.15 |  |  |  | EUR |  |  |  | 726 |  |  |  | (69,777 | )
Gmo Payment Gateway Inc. |  | Goldman Sachs International |  |  | 14,000 |  |  |  | 07/08/21 |  |  |  | JPY |  |  |  | 13,423.22 |  |  |  | JPY |  |  |  | 201,996 |  |  |  | (132,531 | )
Xero Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 18,300 |  |  |  | 07/08/21 |  |  |  | AUD |  |  |  | 126.36 |  |  |  | AUD |  |  |  | 2,510 |  |  |  | (153,994 | )
Avalara, Inc. |  | Citibank N.A. |  |  | 7,500 |  |  |  | 07/13/21 |  |  |  | USD |  |  |  | 136.58 |  |  |  | USD |  |  |  | 1,214 |  |  |  | (189,725 | )
Recruit Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 23,300 |  |  |  | 07/14/21 |  |  |  | JPY |  |  |  | 5,624.15 |  |  |  | JPY |  |  |  | 127,451 |  |  |  | (14,353 | )
STMicroelectronics NV |  | Credit Suisse International |  |  | 27,400 |  |  |  | 07/14/21 |  |  |  | EUR |  |  |  | 31.49 |  |  |  | EUR |  |  |  | 840 |  |  |  | (9,897 | )
TuSimple Holdings, Inc. |  | Jane Street Execution Services, LLC |  |  | 16,700 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,190 |  |  |  | (459,250 | )
ASML Holding NV |  | Goldman Sachs International |  |  | 14,200 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 567.63 |  |  |  | EUR |  |  |  | 8,267 |  |  |  | (381,645 | )
Delivery Hero SE |  | Morgan Stanley & Co. International PLC |  |  | 24,700 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 116.23 |  |  |  | EUR |  |  |  | 2,752 |  |  |  | (55,180 | )
Renesas Electronics Corp. |  | Goldman Sachs International |  |  | 221,100 |  |  |  | 07/20/21 |  |  |  | JPY |  |  |  | 1,237.60 |  |  |  | JPY |  |  |  | 265,094 |  |  |  | (48,530 | )
Soitec SA |  | UBS AG |  |  | 6,500 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 171.44 |  |  |  | EUR |  |  |  | 1,210 |  |  |  | (116,953 | )
Gmo Payment Gateway Inc. |  | Goldman Sachs International |  |  | 12,000 |  |  |  | 07/27/21 |  |  |  | JPY |  |  |  | 13,409.10 |  |  |  | JPY |  |  |  | 173,140 |  |  |  | (133,201 | )
Recruit Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 23,300 |  |  |  | 07/27/21 |  |  |  | JPY |  |  |  | 5,624.15 |  |  |  | JPY |  |  |  | 127,451 |  |  |  | (24,488 | )
STMicroelectronics NV |  | Credit Suisse International |  |  | 26,100 |  |  |  | 07/27/21 |  |  |  | EUR |  |  |  | 31.12 |  |  |  | EUR |  |  |  | 800 |  |  |  | (23,284 | )
Tencent Holdings Ltd. |  | Goldman Sachs International |  |  | 61,800 |  |  |  | 07/27/21 |  |  |  | HKD |  |  |  | 620.41 |  |  |  | HKD |  |  |  | 36,128 |  |  |  | (41,021 | )
Marqeta, Inc. |  | UBS AG |  |  | 10,950 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 32.49 |  |  |  | USD |  |  |  | 307 |  |  |  | (4,971 | )
Avalara, Inc. |  | Citibank N.A. |  |  | 7,500 |  |  |  | 07/29/21 |  |  |  | USD |  |  |  | 137.21 |  |  |  | USD |  |  |  | 1,214 |  |  |  | (189,654 | )
Soitec SA |  | UBS AG |  |  | 6,500 |  |  |  | 07/29/21 |  |  |  | EUR |  |  |  | 195.80 |  |  |  | EUR |  |  |  | 1,210 |  |  |  | (10,393 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 21,500 |  |  |  | 08/04/21 |  |  |  | AUD |  |  |  | 143.27 |  |  |  | AUD |  |  |  | 2,949 |  |  |  | (74,434 | )
Kakao Corp. |  | Morgan Stanley & Co. International PLC |  |  | 42,600 |  |  |  | 08/05/21 |  |  |  | USD |  |  |  | 164,850.00 |  |  |  | USD |  |  |  | 6,948,675 |  |  |  | (320,479 | )
Facebook, Inc., Class A |  | Morgan Stanley & Co. LLC |  |  | 5,000 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 355.00 |  |  |  | USD |  |  |  | 1,739 |  |  |  | (55,750 | )
PayPal Holdings, Inc. |  | Citigroup Global Markets, Inc. |  |  | 7,200 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 307.50 |  |  |  | USD |  |  |  | 2,099 |  |  |  | (43,020 | )
Salesforce.com, Inc. |  | Morgan Stanley & Co. LLC |  |  | 8,000 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 252.50 |  |  |  | USD |  |  |  | 1,954 |  |  |  | (32,600 | )
Delivery Hero SE |  | Goldman Sachs International |  |  | 5,500 |  |  |  | 08/10/21 |  |  |  | EUR |  |  |  | 116.97 |  |  |  | EUR |  |  |  | 613 |  |  |  | (20,342 | )
Samsung Sdi Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 7,600 |  |  |  | 08/11/21 |  |  |  | USD |  |  |  | 710,700.00 |  |  |  | USD |  |  |  | 5,299,039 |  |  |  | (168,162 | )
Amadeus IT Group SA |  | Barclays Bank PLC |  |  | 33,300 |  |  |  | 08/12/21 |  |  |  | EUR |  |  |  | 60.45 |  |  |  | EUR |  |  |  | 1,980 |  |  |  | (76,333 | )
Kakao Corp. |  | UBS AG |  |  | 13,000 |  |  |  | 08/12/21 |  |  |  | USD |  |  |  | 169,060.00 |  |  |  | USD |  |  |  | 2,120,488 |  |  |  | (88,090 | )
Soitec SA |  | Barclays Bank PLC |  |  | 4,400 |  |  |  | 08/12/21 |  |  |  | EUR |  |  |  | 195.06 |  |  |  | EUR |  |  |  | 819 |  |  |  | (22,446 | )
Soitec SA |  | UBS AG |  |  | 4,400 |  |  |  | 08/18/21 |  |  |  | EUR |  |  |  | 195.06 |  |  |  | EUR |  |  |  | 819 |  |  |  | (25,011 | )
C3.AI, Inc., Class A |  | Morgan Stanley & Co. International PLC |  |  | 9,600 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 61.87 |  |  |  | USD |  |  |  | 600 |  |  |  | (57,609 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,285,118 | )

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, 2021 |  | BlackRock Science and Technology Trust (BST)

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 |  |  | $ | 1,241,158 |  |  | $ | (13,255,205 | ) |  | $ | (23,673,717 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 23,673,717 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 23,673,717 |

For the six months ended June 30, 2021, 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) |  | $ | — |  |  | $ | — |  |  | $ | (998 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (998 | )
Options written |  |  | — |  |  |  | — |  |  |  | (1,568,383 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,568,383 | )
|  | $ | — |  |  | $ | — |  |  | $ | (1,569,381 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,569,381 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (4,020,080 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,020,080 | )

| (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 |  | $ | 15,757,681 |

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

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 23,673,717 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 23,673,717 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (20,388,599 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 3,285,118 |

118 |  | 2 0 2 1 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, 2021 |  | BlackRock Science and Technology Trust (BST)

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged |  |  |  | Cash Collateral Pledged | (a) |  |  | Net Amount of Derivative Liabilities | (b)
Barclays Bank PLC |  | $ | 98,779 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 98,779 |
Citibank N.A. |  |  | 379,379 |  |  |  | — |  |  |  | — |  |  |  | (280,000 | ) |  |  | 99,379 |
Citigroup Global Markets, Inc. |  |  | 43,020 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43,020 |
Credit Suisse International |  |  | 33,181 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33,181 |
Goldman Sachs International |  |  | 831,704 |  |  |  | — |  |  |  | — |  |  |  | (830,000 | ) |  |  | 1,704 |
Jane Street Execution Services, LLC |  |  | 459,250 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 459,250 |
JPMorgan Chase Bank N.A. |  |  | 360,997 |  |  |  | — |  |  |  | — |  |  |  | (280,000 | ) |  |  | 80,997 |
Morgan Stanley & Co. International PLC |  |  | 433,268 |  |  |  | — |  |  |  | — |  |  |  | (190,000 | ) |  |  | 243,268 |
Morgan Stanley & Co. LLC |  |  | 88,350 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 88,350 |
UBS AG |  |  | 557,190 |  |  |  | — |  |  |  | — |  |  |  | (557,190 | ) |  |  | — |
|  | $ | 3,285,118 |  |  | $ | — |  |  | $ | — |  |  | $ | (2,137,190 | ) |  | $ | 1,147,928 |

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

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Trust’s 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto Components |  | $ | 6,259,963 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,259,963 |
Automobiles |  |  | 21,810,975 |  |  |  | — |  |  |  | — |  |  |  | 21,810,975 |
Banks |  |  | — |  |  |  | — |  |  |  | 36,386,841 |  |  |  | 36,386,841 |
Diversified Consumer Services |  |  | 10,002,870 |  |  |  | — |  |  |  | 3,823,582 |  |  |  | 13,826,452 |
Diversified Financial Services |  |  | — |  |  |  | — |  |  |  | 5,482,530 |  |  |  | 5,482,530 |
Electrical Equipment |  |  | 5,345,057 |  |  |  | — |  |  |  | — |  |  |  | 5,345,057 |
Electronic Equipment, Instruments & Components |  |  | — |  |  |  | 13,502,156 |  |  |  | — |  |  |  | 13,502,156 |
Entertainment |  |  | 41,764,659 |  |  |  | — |  |  |  | — |  |  |  | 41,764,659 |
Hotels, Restaurants & Leisure |  |  | 3,175,205 |  |  |  | — |  |  |  | — |  |  |  | 3,175,205 |
Interactive Media & Services |  |  | 109,220,424 |  |  |  | 53,432,133 |  |  |  | — |  |  |  | 162,652,557 |
Internet & Direct Marketing Retail |  |  | 55,338,848 |  |  |  | 22,087,052 |  |  |  | 177,473 |  |  |  | 77,603,373 |
IT Services |  |  | 220,060,068 |  |  |  | 28,658,321 |  |  |  | 16,931,506 |  |  |  | 265,649,895 |
Professional Services |  |  | — |  |  |  | 7,547,066 |  |  |  | — |  |  |  | 7,547,066 |
Road & Rail |  |  | 29,401,060 |  |  |  | — |  |  |  | — |  |  |  | 29,401,060 |
Semiconductors & Semiconductor Equipment |  |  | 159,232,894 |  |  |  | 66,242,863 |  |  |  | — |  |  |  | 225,475,757 |
Software |  |  | 257,742,136 |  |  |  | 14,222,992 |  |  |  | 13,170,681 |  |  |  | 285,135,809 |
Specialty Retail |  |  | — |  |  |  | — |  |  |  | 3,005,590 |  |  |  | 3,005,590 |
Technology Hardware, Storage & Peripherals |  |  | 55,118,456 |  |  |  | — |  |  |  | — |  |  |  | 55,118,456 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | 18,693,654 |  |  |  | 158,939,572 |  |  |  | 177,633,226 |
Warrants |  |  | — |  |  |  | — |  |  |  | 170,650 |  |  |  | 170,650 |
|  | $ | 974,472,615 |  |  | $ | 224,386,237 |  |  | $ | 238,088,425 |  |  |  | 1,436,947,277 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,872,747 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,440,820,024 |

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 |  | 119

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Science and Technology Trust (BST)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (19,326,124 | ) |  | $ | (4,347,593 | ) |  | $ | — |  |  | $ | (23,673,717 | )

| (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, 2020 |  | $ | 37,043,595 |  |  | $ | 124,970,280 |  |  | $ | 189,763 |  |  | $ | 162,203,638 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | (6,192,069 | ) |  |  | — |  |  |  | (6,192,069 | )
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | 4,698,014 |  |  |  | — |  |  |  | 4,698,014 |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 30,353,763 |  |  |  | 31,659,557 |  |  |  | (19,113 | ) |  |  | 61,994,207 |
Purchases |  |  | 11,580,845 |  |  |  | 17,499,405 |  |  |  | — |  |  |  | 29,080,250 |
Sales |  |  | — |  |  |  | (13,695,615 | ) |  |  | — |  |  |  | (13,695,615 | )
Closing balance, as of June 30, 2021 |  | $ | 78,978,203 |  |  | $ | 158,939,572 |  |  | $ | 170,650 |  |  | $ | 238,088,425 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(b) |  | $ | 30,353,763 |  |  | $ | 45,977,870 |  |  | $ | (19,113 | ) |  | $ | 76,312,520 |

| (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, 2021 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(b) |  | $ | 78,978,203 |  |  |  | Market |  |  | Revenue Multiple |  |  | 5.95x - 46.84x |  |  |  | 23.06x |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 37% - 37% |  |  |  | 37% |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 0.3 - 0.3 |  |  |  | 0.3 |
|  |  |  |  |  |  |  |  |  | Recent Transactions |  |  | — |  |  |  | — |
Preferred Stocks(c)(d) |  |  | 158,939,572 |  |  |  | Income |  |  | Discount Rate |  |  | 17% - 28% |  |  |  | 24% |
|  |  |  |  |  |  |  |  |  | Exit Multiple |  |  | 8.75x |  |  |  | — |
|  |  |  |  |  |  | Market |  |  | Revenue Multiple |  |  | 5.00x - 46.84x |  |  |  | 19.34x |
|  |  |  |  |  |  |  |  |  | EBITDA Multiple |  |  | 18.25x |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 42% - 50% |  |  |  | 47% |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 3.0 - 4.0 |  |  |  | 3.7 |
|  |  |  |  |  |  |  |  |  | Recent Transactions |  |  | — |  |  |  | — |
Warrants(e) |  |  | 170,650 |  |  |  | Market |  |  | Revenue Multiple |  |  | 11.00x |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 37% |  |  |  | — |

120 |  | 2 0 2 1 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, 2021 |  | BlackRock Science and Technology Trust (BST)

|  |  | Value |  |  |  | Valuation Approach |  |  |  | Unobservable Inputs |  |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 0.3 |  |  |  | — |
|  | $ | 238,088,425 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

| (b) | For the period end June 30, 2021, the valuation technique for investments classified as Common Stocks amounting to $8,982,142 changed to Current Value Method. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (c) | For the period end June 30, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $27,363,505 changed to Current Value Method. The investments were previously valued utilizing Transaction Price Approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (d) | For the period end June 30, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $24,370,719 changed to Transaction Price approach. The investments were previously valued utilizing Current Value Method. The change was due to consideration of the information that was available at the time the investments were valued. |

| (e) | For the period end June 30, 2021, the valuation technique for investments classified as Warrants amounting to $170,650 changed to Current Value Method. The investments were previously valued utilizing Transaction Price Approach. The change was due to consideration of the information that was available at the time the investments were valued. |

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 |  | 121

Consolidated Schedule of Investments (unaudited) June 30, 2021 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |
Automobiles — 1.8% |  |  |  |  |  |  |  |
Tesla, Inc.(a)(b) |  |  | 90,783 |  |  | $ | 61,705,205 |
Banks — 3.6% |  |  |  |  |  |
Klarna Holdings AB, (Acquired 08/07/19, Cost: $23,354,997)(c)(d) |  |  | 86,839 |  |  |  | 119,553,420 |
Capital Markets — 0.4% |
ASTRA SPACE PIPE, (Acquired 06/30/21, Cost: $12,000,000)(d) |  |  | 1,200,000 |  |  |  | 12,000,000 |
Diversified Consumer Services — 1.4% |
Chegg, Inc.(b) |  |  | 356,167 |  |  |  | 29,601,039 |
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $7,113,729)(c)(d) |  |  | 4,651 |  |  |  | 17,836,989 |
|  |  |  |  |  |  | 47,438,028 |
Diversified Telecommunication Services — 0.5% |
Bandwidth, Inc., Class A(b) |  |  | 133,349 |  |  |  | 18,391,494 |
Electrical Equipment — 0.4% |
Shoals Technologies Group, Inc., Class A(b) |  |  | 363,842 |  |  |  | 12,916,391 |
Electronic Equipment, Instruments & Components — 1.3% |
Samsung SDI Co. Ltd. |  |  | 73,213 |  |  |  | 45,328,932 |
Entertainment — 3.9% |
HYBE Co. Ltd.(b) |  |  | 121,331 |  |  |  | 31,494,024 |
NCSoft Corp. |  |  | 18,037 |  |  |  | 13,124,127 |
Roku, Inc.(a)(b) |  |  | 102,250 |  |  |  | 46,958,312 |
Take-Two Interactive Software, Inc.(b) |  |  | 101,063 |  |  |  | 17,890,172 |
Zynga, Inc., Class A(b) |  |  | 2,029,687 |  |  |  | 21,575,573 |
|  |  |  |  |  |  | 131,042,208 |
Interactive Media & Services — 6.8% |
Eventbrite, Inc., Class A(b) |  |  | 748,770 |  |  |  | 14,226,630 |
Kakao Corp. |  |  | 762,481 |  |  |  | 110,439,684 |
Kanzhun Ltd., ADR(b) |  |  | 277,944 |  |  |  | 11,020,480 |
Snap, Inc., Class A(a)(b) |  |  | 991,722 |  |  |  | 67,575,937 |
ZoomInfo Technologies, Inc., Class A(b) |  |  | 496,010 |  |  |  | 25,876,842 |
|  |  |  |  |  |  | 229,139,573 |
Internet & Direct Marketing Retail(b) — 5.2% |
Delivery Hero SE(e) |  |  | 238,229 |  |  |  | 31,476,272 |
Farfetch Ltd., Class A |  |  | 980,722 |  |  |  | 49,389,160 |
MercadoLibre, Inc.(a) |  |  | 26,258 |  |  |  | 40,904,450 |
Ozon Holdings PLC, ADR |  |  | 578,440 |  |  |  | 33,908,153 |
Shop Apotheke Europe NV(e) |  |  | 105,812 |  |  |  | 19,879,493 |
|  |  |  |  |  |  | 175,557,528 |
IT Services — 17.1% |
Adyen NV(b)(e) |  |  | 14,925 |  |  |  | 36,601,017 |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $34,000,000)(c)(d) |  |  | 400,000 |  |  |  | 37,424,000 |
Dlocal Ltd.(b) |  |  | 433,216 |  |  |  | 22,756,837 |
Endava PLC, ADR(b) |  |  | 336,360 |  |  |  | 38,136,497 |
GMO Payment Gateway, Inc. |  |  | 225,400 |  |  |  | 29,273,518 |
Grid Dynamics Holdings, Inc.(b) |  |  | 1,174,694 |  |  |  | 17,655,651 |
Locaweb Servicos de Internet SA(e) |  |  | 11,963,124 |  |  |  | 65,085,475 |
MongoDB, Inc.(b) |  |  | 78,008 |  |  |  | 28,201,452 |
Okta, Inc.(b) |  |  | 140,162 |  |  |  | 34,294,838 |
Pagseguro Digital Ltd., Class A(b) |  |  | 401,729 |  |  |  | 22,464,686 |
Shift4 Payments, Inc., Class A(b) |  |  | 281,545 |  |  |  | 26,386,397 |
Square, Inc., Class A(a)(b) |  |  | 285,008 |  |  |  | 69,484,950 |
StoneCo Ltd., Class A(b) |  |  | 399,645 |  |  |  | 26,800,194 |

Security |  | Shares |  |  | Value |
IT Services (continued) |  |  |  |  |  |
TRAX Ltd., Series D, (Acquired 02/18/21, Cost: $9,999,998)(c)(d) |  |  | 191,806 |  |  | $ | 10,746,890 |
TRAX Ltd., Series E, (Acquired 09/12/19, Cost: $10,999,987)(c)(d) |  |  | 293,333 |  |  |  | 16,435,448 |
Twilio, Inc., Class A(b) |  |  | 166,734 |  |  |  | 65,719,873 |
Wix.com Ltd.(b) |  |  | 85,274 |  |  |  | 24,753,337 |
|  |  |  |  |  |  | 572,221,060 |
Multi-line Retail — 0.9% |
Magazine Luiza SA |  |  | 7,310,568 |  |  |  | 31,086,596 |
Professional Services — 0.4% |
CoStar Group, Inc.(a)(b) |  |  | 180,430 |  |  |  | 14,943,212 |
Road & Rail(b) — 1.4% |  |  |  |  |  |
Lyft, Inc., Class A(a) |  |  | 474,493 |  |  |  | 28,697,337 |
TuSimple Holdings, Inc., Class A(f) |  |  | 254,443 |  |  |  | 18,126,519 |
|  |  |  |  |  |  | 46,823,856 |
Semiconductors & Semiconductor Equipment — 13.2% |
Alphawave IP Group PLC(b) |  |  | 3,372,993 |  |  |  | 16,797,100 |
ASM International NV |  |  | 55,019 |  |  |  | 18,146,753 |
BE Semiconductor Industries NV |  |  | 285,445 |  |  |  | 24,324,983 |
Cohu, Inc.(b) |  |  | 37,692 |  |  |  | 1,386,689 |
Cree, Inc.(b) |  |  | 330,702 |  |  |  | 32,385,647 |
Lasertec Corp. |  |  | 316,800 |  |  |  | 61,277,035 |
Lattice Semiconductor Corp.(b) |  |  | 507,451 |  |  |  | 28,508,597 |
MACOM Technology Solutions Holdings, Inc.(b) |  |  | 320,382 |  |  |  | 20,530,079 |
Marvell Technology, Inc.(a) |  |  | 1,299,467 |  |  |  | 75,797,910 |
Monolithic Power Systems, Inc.(a) |  |  | 91,900 |  |  |  | 34,320,055 |
Qorvo, Inc.(b) |  |  | 162,668 |  |  |  | 31,825,994 |
Silergy Corp. |  |  | 418,000 |  |  |  | 56,732,389 |
SOITEC(b) |  |  | 180,977 |  |  |  | 39,963,782 |
|  |  |  |  |  |  | 441,997,013 |
Software — 22.9% |  |  |  |  |  |
Altium Ltd. |  |  | 922,809 |  |  |  | 25,404,048 |
Atlassian Corp. PLC, Class A(b) |  |  | 98,985 |  |  |  | 25,425,287 |
Avalara, Inc.(b) |  |  | 176,638 |  |  |  | 28,580,028 |
C3.AI, Inc., Class A(b)(f) |  |  | 863,208 |  |  |  | 53,976,396 |
Cloudflare, Inc., Class A(b) |  |  | 252,090 |  |  |  | 26,681,206 |
Confluent, Inc., Class A(b) |  |  | 179,725 |  |  |  | 8,536,937 |
Coupa Software, Inc.(b) |  |  | 78,392 |  |  |  | 20,547,327 |
Crowdstrike Holdings, Inc., Class A(b) |  |  | 147,993 |  |  |  | 37,192,121 |
Databricks, Inc., (Acquired 07/24/20, Cost: $5,501,686)(c)(d) |  |  | 114,553 |  |  |  | 20,318,266 |
DataRobot, Inc., Series F, (Acquired 03/01/21, Cost: $1,384,813)(c)(d) |  |  | 92,093 |  |  |  | 1,571,107 |
Elastic NV(b) |  |  | 170,979 |  |  |  | 24,921,899 |
Five9, Inc.(b) |  |  | 198,189 |  |  |  | 36,345,881 |
Freee KK(b) |  |  | 362,400 |  |  |  | 33,084,781 |
Kingdee International Software Group Co. Ltd. |  |  | 6,627,000 |  |  |  | 22,444,736 |
Legalzoom.com, Inc. |  |  | 637,753 |  |  |  | 24,138,951 |
Lightspeed POS, Inc.(b) |  |  | 651,145 |  |  |  | 54,498,462 |
Linklogis, Inc., (Acquired 03/31/21, Cost: $8,528,989)(d) |  |  | 3,734,000 |  |  |  | 8,155,778 |
Ming Yuan Cloud Group Holdings Ltd. |  |  | 4,909,000 |  |  |  | 24,296,860 |
Online Ventures Pty Ltd., Series C, (Acquired 01/21/20, Cost: $20,875,811)(c)(d) |  |  | 181,785 |  |  |  | 26,685,172 |
Procore Technologies, Inc.(b) |  |  | 62,091 |  |  |  | 5,895,540 |
Rakus Co. Ltd. |  |  | 1,236,700 |  |  |  | 33,615,791 |
Snorkel Al, Inc., (Acquired 10/13/20, Cost: $2,017,593)(c)(d) |  |  | 500,250 |  |  |  | 8,189,092 |
Snyk Ltd. , (Acquired 11/02/20, Cost: $9,287,400)(c)(d) |  |  | 1,267,643 |  |  |  | 11,472,169 |

122 |  | 2 0 2 1 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, 2021 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
Synopsys, Inc.(b) |  |  | 110,015 |  |  | $ | 30,341,037 |
Trade Desk, Inc., Class A(a)(b) |  |  | 280,680 |  |  |  | 21,713,405 |
TUYA, Inc., ADR(b) |  |  | 312,386 |  |  |  | 7,653,457 |
Unity Software, Inc.(b) |  |  | 242,016 |  |  |  | 26,580,617 |
Weimob, Inc.(b)(e)(f) |  |  | 10,787,000 |  |  |  | 23,804,090 |
Xero Ltd.(b) |  |  | 259,099 |  |  |  | 26,650,846 |
Zendesk, Inc.(b) |  |  | 201,382 |  |  |  | 29,067,478 |
Zscaler, Inc.(a)(b) |  |  | 185,686 |  |  |  | 40,119,317 |
|  |  |  |  |  |  | 767,908,082 |
Specialty Retail — 0.4% |
Cazoo Ltd., (Acquired 10/08/20, Cost: $5,656,927)(c)(d) |  |  | 411,705 |  |  |  | 12,022,388 |
Total Common Stocks — 81.6% (Cost: $1,168,661,046) |  |  |  | 2,740,074,986 |
Preferred Securities |
Preferred Stocks — 19.2%(d) |
Automobiles — 1.3% |  |  |  |  |  |
Arrival Ltd., (Acquired 03/23/21, Cost: $20,182,401) |  |  | 2,783,376 |  |  |  | 42,609,920 |
Communications Equipment — 0.5% |
Astranis Space Technologies Corp., Series C, (Acquired 03/19/21, Cost: $17,000,010)(c) |  |  | 775,515 |  |  |  | 16,999,289 |
Diversified Consumer Services — 0.6% |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $14,251,080)(c) |  |  | 4,920 |  |  |  | 18,868,627 |
Electronic Equipment, Instruments & Components(c) — 0.7% |
Credo Technology Group Holding Ltd. |
Series D, (Acquired 03/20/20, Cost: $19,999,997) |  |  | 4,005,527 |  |  |  | 23,272,112 |
Series D+, (Acquired 01/22/20, Cost: $1,617,982) |  |  | 278,714 |  |  |  | 1,619,328 |
|  |  |  |  |  |  | 24,891,440 |
Food Products(c) — 1.0% |
Farmer’s Business Network, Inc., Series F, (Acquired 07/31/20, Cost: $11,961,002) |  |  | 361,834 |  |  |  | 15,446,694 |
GrubMarket, Inc. , Series D, (Acquired 07/23/20, Cost: $8,000,001) |  |  | 1,762,969 |  |  |  | 17,382,874 |
|  |  |  |  |  |  | 32,829,568 |
Interactive Media & Services(c) — 1.8% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $35,000,075) |  |  | 319,419 |  |  |  | 54,184,650 |
ResearchGate GmbH, Series D, (Acquired 09/24/20, Cost: $6,999,988) |  |  | 424,688 |  |  |  | 6,998,858 |
|  |  |  |  |  |  | 61,183,508 |
IT Services(c) — 1.1% |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $12,000,008) |  |  | 1,974,374 |  |  |  | 12,432,890 |
Trumid Holdings LLC(g) |
Class J-A, (Acquired 07/24/20, Cost: $9,999,857) |  |  | 20,154 |  |  |  | 11,790,292 |
Class J-B, (Acquired 07/24/20, Cost: $5,999,914) |  |  | 20,154 |  |  |  | 11,790,291 |
|  |  |  |  |  |  | 36,013,473 |
Road & Rail — 0.6% |  |  |  |  |  |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $16,947,253)(c) |  |  | 850 |  |  |  | 20,318,006 |

Security |  | Shares |  |  | Value |
Semiconductors & Semiconductor Equipment(c) — 4.9% |
Cnex Labs, Inc. |  |  |  |  |  |  |  |
Series E, (Acquired 02/06/20, Cost: $7,000,000) |  |  | 329,675 |  |  | $ | 4,971,499 |
Series F, (Acquired 02/24/21, Cost: $4,999,999) |  |  | 730,332 |  |  |  | 5,061,201 |
Innovium, Inc. |  |  |  |  |  |  |  |
Series E, (Acquired 08/21/19, Cost: $8,999,992) |  |  | 1,060,432 |  |  |  | 10,827,011 |
Series F, (Acquired 06/10/20, Cost: $6,999,998) |  |  | 690,812 |  |  |  | 7,792,359 |
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $7,000,000) |  |  | 1,018,908 |  |  |  | 7,295,381 |
Psiquantum Corp., Series C, (Acquired 09/09/19, Cost: $9,101,310) |  |  | 1,962,335 |  |  |  | 40,110,128 |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $19,999,969) |  |  | 762,595 |  |  |  | 20,002,867 |
SambaNova Systems, Inc. |  |  |  |  |  |  |  |
(Acquired 04/09/21, Cost: $6,999,979) |  |  | 73,670 |  |  |  | 7,000,123 |
Series C, (Acquired 02/20/20, Cost: $33,904,162) |  |  | 636,800 |  |  |  | 60,508,736 |
|  |  |  |  |  |  | 163,569,305 |
Software(c) — 5.8% |  |  |  |  |  |
Avidxchange, Inc., (Acquired 07/29/20, Cost: $7,474,330) |  |  | 152,500 |  |  |  | 9,366,550 |
Databricks, Inc. |  |  |  |  |  |  |  |
Series F, (Acquired 10/22/19, Cost: $13,200,019) |  |  | 307,346 |  |  |  | 54,513,960 |
Series G, (Acquired 02/01/21, Cost: $18,500,004) |  |  | 104,303 |  |  |  | 18,500,223 |
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $11,499,999) |  |  | 875,059 |  |  |  | 14,928,506 |
GitLab, Inc., Series E, (Acquired 09/10/19, Cost: $11,670,984) |  |  | 626,482 |  |  |  | 27,978,686 |
Rapyd Financial Network Ltd., Series E, (Acquired 03/31/21, Cost: $13,999,978) |  |  | 190,705 |  |  |  | 14,497,394 |
Snorkel Al, Inc., Series B, (Acquired 10/13/20, Cost: $999,996) |  |  | 247,943 |  |  |  | 4,058,827 |
Snyk Ltd. , (Acquired 11/02/20, Cost: $13,212,590) |  |  | 2,663,936 |  |  |  | 24,108,621 |
Unqork, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 09/19/19, Cost: $6,801,016) |  |  | 14,942 |  |  |  | 17,645,307 |
Series C, (Acquired 09/18/20, Cost: $7,994,787) |  |  | 7,300 |  |  |  | 8,620,716 |
|  |  |  |  |  |  | 194,218,790 |
Specialty Retail(c) — 0.9% |  |  |  |  |  |
Cazoo Ltd. |  |  |  |  |  |  |  |
Series A, (Acquired 10/08/20, Cost: $184,683) |  |  | 13,441 |  |  |  | 392,497 |
Series B, (Acquired 10/08/20, Cost: $3,233,326) |  |  | 235,318 |  |  |  | 6,871,630 |
Series C, (Acquired 10/08/20, Cost: $65,637) |  |  | 4,777 |  |  |  | 139,495 |
Series D, (Acquired 10/08/20, Cost: $11,550,639) |  |  | 840,643 |  |  |  | 24,548,005 |
|  |  |  |  |  |  | 31,951,627 |
Total Preferred Stocks — 19.2% |  |  |  | 643,453,553 |
Total Preferred Securities — 19.2% (Cost: $405,352,965) |  |  |  | 643,453,553 |
Warrants |  |  |  |  |  |  |  |
IT Services — 0.0% |  |  |  |  |  |  |  |
TRAX Ltd., (Acquired 09/12/19, Cost: $0)(c)(d) |  |  | 46,928 |  |  |  | 469,280 |
Total Warrants — 0.0% (Cost: $ — ) |  |  |  |  |  |  | 469,280 |
Total Long-Term Investments — 100.8% (Cost: $1,574,014,011) |  |  |  | 3,383,997,819 |

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 |  | 123

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.1% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(h)(i) |  |  | 32,067,890 |  |  | $ | 32,067,890 |
SL Liquidity Series, LLC, Money Market Series, 0.13%(h)(i) |  |  | 4,330,795 |  |  |  | 4,332,095 |
Total Short-Term Securities — 1.1% (Cost: $36,399,985) |  |  |  | 36,399,985 |
Total Investments Before Options Written — 101.9% (Cost: $1,610,413,996) |  |  |  | 3,420,397,804 |
Options Written — (1.7)% (Premiums Received: $(27,008,924)) |  |  |  | (58,192,357 | )
Total Investments, Net of Options Written — 100.2% (Cost: $1,583,405,072) |  |  |  | 3,362,205,447 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  | (6,552,493 | )
Net Assets — 100.0% |  |  | $ | 3,355,652,954 |

(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 $946,333,552, representing 28.2% of its net assets as of period end, and an original cost of $556,074,895.

(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 this security is on loan.

(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.

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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 21,688,765 |  |  | $ | 10,379,125 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 32,067,890 |  |  |  | 32,067,890 |  |  | $ | 4,758 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | 4,331,452 | (a) |  |  | — |  |  |  | 643 |  |  |  | — |  |  |  | 4,332,095 |  |  |  | 4,330,796 |  |  |  | 180,510 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 643 |  |  | $ | — |  |  | $ | 36,399,985 |  |  |  |  |  |  | $ | 185,268 |  |  | $ | — |

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

| (b) | All or a portion of this security was purchased with the cash collateral from loaned 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlassian Corp. PLC, Class A |  |  | 163 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 4,187 |  |  | $ | (520,785 | )
Cree, Inc. |  |  | 573 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 5,611 |  |  |  | (28,650 | )
Crowdstrike Holdings, Inc., Class A |  |  | 84 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 232.50 |  |  |  | USD |  |  |  | 2,111 |  |  |  | (158,970 | )
Lyft, Inc., Class A |  |  | 108 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 653 |  |  |  | (11,772 | )
MongoDB, Inc. |  |  | 22 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 795 |  |  |  | (93,280 | )
Snap, Inc., Class A |  |  | 241 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,642 |  |  |  | (80,735 | )
Zscaler, Inc. |  |  | 164 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 3,543 |  |  |  | (266,500 | )
Zynga, Inc., Class A |  |  | 889 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 11.00 |  |  |  | USD |  |  |  | 945 |  |  |  | (2,223 | )
Chegg, Inc. |  |  | 300 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 82.51 |  |  |  | USD |  |  |  | 2,493 |  |  |  | (66,403 | )
Coupa Software, Inc. |  |  | 75 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 252.50 |  |  |  | USD |  |  |  | 1,966 |  |  |  | (94,875 | )
Cree, Inc. |  |  | 201 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 108.00 |  |  |  | USD |  |  |  | 1,968 |  |  |  | (4,523 | )
MercadoLibre, Inc. |  |  | 16 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 1,420.00 |  |  |  | USD |  |  |  | 2,492 |  |  |  | (226,640 | )
MongoDB, Inc. |  |  | 50 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 322.50 |  |  |  | USD |  |  |  | 1,808 |  |  |  | (203,000 | )
Okta, Inc. |  |  | 170 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 4,160 |  |  |  | (132,600 | )

124 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Roku, Inc. |  |  | 59 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 365.00 |  |  |  | USD |  |  |  | 2,710 |  |  | $ | (557,845 | )
Snap, Inc., Class A |  |  | 401 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 62.00 |  |  |  | USD |  |  |  | 2,732 |  |  |  | (258,645 | )
Square, Inc., Class A |  |  | 113 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,755 |  |  |  | (88,705 | )
Square, Inc., Class A |  |  | 112 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 2,731 |  |  |  | (37,520 | )
Stoneco Ltd., Class A |  |  | 201 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,348 |  |  |  | (10,553 | )
Tesla, Inc. |  |  | 22 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 690.00 |  |  |  | USD |  |  |  | 1,495 |  |  |  | (39,490 | )
Tesla, Inc. |  |  | 27 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 640.00 |  |  |  | USD |  |  |  | 1,835 |  |  |  | (136,012 | )
Twilio, Inc., Class A |  |  | 108 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 365.00 |  |  |  | USD |  |  |  | 4,257 |  |  |  | (354,780 | )
Twilio, Inc., Class A |  |  | 103 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 357.50 |  |  |  | USD |  |  |  | 4,060 |  |  |  | (409,682 | )
Zynga, Inc., Class A |  |  | 377 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 11.50 |  |  |  | USD |  |  |  | 401 |  |  |  | (2,262 | )
Zynga, Inc., Class A |  |  | 377 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 11.00 |  |  |  | USD |  |  |  | 401 |  |  |  | (4,713 | )
Atlassian Corp. PLC, Class A |  |  | 34 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 873 |  |  |  | (38,420 | )
Bandwidth, Inc., Class A |  |  | 220 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 3,034 |  |  |  | (216,700 | )
C3.AI, Inc., Class A |  |  | 198 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,238 |  |  |  | (43,065 | )
C3.AI, Inc., Class A |  |  | 528 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 3,302 |  |  |  | (54,120 | )
Chegg, Inc. |  |  | 301 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,502 |  |  |  | (51,170 | )
Cloudflare, Inc., Class A |  |  | 424 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 4,488 |  |  |  | (1,313,340 | )
Crowdstrike Holdings, Inc., Class A |  |  | 70 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 1,759 |  |  |  | (105,875 | )
Dlocal Ltd., Class A |  |  | 300 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,576 |  |  |  | (135,000 | )
Elastic NV |  |  | 256 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 3,731 |  |  |  | (554,240 | )
Eventbrite, Inc., Class A |  |  | 1,079 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 2,050 |  |  |  | (8,093 | )
Eventbrite, Inc., Class A |  |  | 1,167 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 2,217 |  |  |  | (46,680 | )
Farfetch Ltd., Class A |  |  | 423 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 2,130 |  |  |  | (214,672 | )
Five9, Inc. |  |  | 422 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 7,739 |  |  |  | (305,950 | )
Grid Dynamics Holdings, Inc. |  |  | 1,175 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 1,766 |  |  |  | (23,500 | )
Lightspeed Pos Inc. |  |  | 975 |  |  |  | 07/16/21 |  |  |  | CAD |  |  |  | 96.00 |  |  |  | CAD |  |  |  | 10,116 |  |  |  | (721,654 | )
Lyft, Inc., Class A |  |  | 225 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 1,361 |  |  |  | (86,063 | )
MACOM Technology Solutions Holdings, Inc. |  |  | 466 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,986 |  |  |  | (74,560 | )
MercadoLibre, Inc. |  |  | 23 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 1,450.00 |  |  |  | USD |  |  |  | 3,583 |  |  |  | (275,425 | )
Monolithic Power Systems, Inc. |  |  | 130 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 331.00 |  |  |  | USD |  |  |  | 4,855 |  |  |  | (566,905 | )
Ozon Holdings PLC |  |  | 867 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 5,082 |  |  |  | (95,370 | )
Pagseguro Digital Ltd., Class A |  |  | 310 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 1,734 |  |  |  | (131,750 | )
Pagseguro Digital Ltd., Class A |  |  | 450 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 45.50 |  |  |  | USD |  |  |  | 2,516 |  |  |  | (471,991 | )
Procore Technologies, Inc. |  |  | 186 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,766 |  |  |  | (115,320 | )
Qorvo, Inc. |  |  | 248 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 4,852 |  |  |  | (296,360 | )
Roku, Inc. |  |  | 80 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 335.00 |  |  |  | USD |  |  |  | 3,674 |  |  |  | (996,800 | )
Shift4 Payments, Inc., Class A |  |  | 400 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 3,749 |  |  |  | (9,000 | )
Shoals Technologies Group, Inc., Class A |  |  | 567 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 2,013 |  |  |  | (595,350 | )
Snap, Inc., Class A |  |  | 1,063 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 7,243 |  |  |  | (914,180 | )
Square, Inc., Class A |  |  | 100 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 2,438 |  |  |  | (250,000 | )
Square, Inc., Class A |  |  | 157 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 3,828 |  |  |  | (157,785 | )
Stoneco Ltd., Class A |  |  | 492 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 3,299 |  |  |  | (94,710 | )
Synopsys, Inc. |  |  | 190 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 5,240 |  |  |  | (499,700 | )
Tesla, Inc. |  |  | 89 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 730.00 |  |  |  | USD |  |  |  | 6,049 |  |  |  | (103,017 | )
Tesla, Inc. |  |  | 22 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 650.00 |  |  |  | USD |  |  |  | 1,495 |  |  |  | (104,995 | )
Tesla, Inc. |  |  | 47 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 630.00 |  |  |  | USD |  |  |  | 3,195 |  |  |  | (297,745 | )
Twilio, Inc., Class A |  |  | 205 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 8,080 |  |  |  | (1,331,987 | )
Unity Software, Inc. |  |  | 313 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 3,438 |  |  |  | (215,970 | )
Wix.Com Ltd. |  |  | 113 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 3,280 |  |  |  | (564,435 | )
Zendesk, Inc. |  |  | 304 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 4,388 |  |  |  | (101,840 | )
ZoomInfo Technologies, Inc., Class A |  |  | 769 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 4,012 |  |  |  | (557,525 | )
Zscaler, Inc. |  |  | 165 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 3,565 |  |  |  | (156,750 | )
Zynga, Inc., Class A |  |  | 2,073 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 11.00 |  |  |  | USD |  |  |  | 2,204 |  |  |  | (40,424 | )
Cloudflare, Inc., Class A |  |  | 322 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 97.00 |  |  |  | USD |  |  |  | 3,408 |  |  |  | (330,855 | )
Coupa Software, Inc. |  |  | 81 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 2,123 |  |  |  | (151,470 | )
Cree, Inc. |  |  | 218 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 102.00 |  |  |  | USD |  |  |  | 2,135 |  |  |  | (51,230 | )
Crowdstrike Holdings, Inc., Class A |  |  | 91 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 232.50 |  |  |  | USD |  |  |  | 2,287 |  |  |  | (199,972 | )
Lyft, Inc., Class A |  |  | 515 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 3,115 |  |  |  | (117,420 | )
Marvell Technology Inc. |  |  | 638 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 51.00 |  |  |  | USD |  |  |  | 3,721 |  |  |  | (457,765 | )
MercadoLibre, Inc. |  |  | 23 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 1,410.00 |  |  |  | USD |  |  |  | 3,583 |  |  |  | (369,725 | )
MongoDB, Inc. |  |  | 40 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 1,446 |  |  |  | (119,000 | )
MongoDB, Inc. |  |  | 23 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 400.00 |  |  |  | USD |  |  |  | 831 |  |  |  | (12,765 | )

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 |  | 125

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Okta, Inc. |  |  | 80 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 1,957 |  |  | $ | (146,200 | )
Roku, Inc. |  |  | 29 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 365.00 |  |  |  | USD |  |  |  | 1,332 |  |  |  | (276,732 | )
Roku, Inc. |  |  | 59 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 375.00 |  |  |  | USD |  |  |  | 2,710 |  |  |  | (506,515 | )
Snap, Inc., Class A |  |  | 1,020 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 64.50 |  |  |  | USD |  |  |  | 6,950 |  |  |  | (665,550 | )
Square, Inc., Class A |  |  | 158 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 237.50 |  |  |  | USD |  |  |  | 3,852 |  |  |  | (210,535 | )
Square, Inc., Class A |  |  | 359 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 8,752 |  |  |  | (195,655 | )
Stoneco Ltd., Class A |  |  | 104 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 68.00 |  |  |  | USD |  |  |  | 697 |  |  |  | (22,620 | )
Tesla, Inc. |  |  | 34 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 680.00 |  |  |  | USD |  |  |  | 2,311 |  |  |  | (129,285 | )
Twilio, Inc., Class A |  |  | 57 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 347.50 |  |  |  | USD |  |  |  | 2,247 |  |  |  | (294,262 | )
Twilio, Inc., Class A |  |  | 120 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 4,730 |  |  |  | (309,300 | )
Farfetch Ltd., Class A |  |  | 500 |  |  |  | 07/26/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,518 |  |  |  | (309,339 | )
Atlassian Corp. PLC, Class A |  |  | 34 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 275.00 |  |  |  | USD |  |  |  | 873 |  |  |  | (22,780 | )
Cloudflare, Inc., Class A |  |  | 450 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 102.00 |  |  |  | USD |  |  |  | 4,763 |  |  |  | (357,750 | )
Cree, Inc. |  |  | 413 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 99.00 |  |  |  | USD |  |  |  | 4,045 |  |  |  | (171,395 | )
Crowdstrike Holdings, Inc., Class A |  |  | 99 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 232.50 |  |  |  | USD |  |  |  | 2,488 |  |  |  | (235,372 | )
Farfetch Ltd., Class A |  |  | 820 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 52.00 |  |  |  | USD |  |  |  | 4,130 |  |  |  | (202,764 | )
Lyft, Inc., Class A |  |  | 249 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 60.50 |  |  |  | USD |  |  |  | 1,506 |  |  |  | (75,696 | )
Marvell Technology Inc. |  |  | 810 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 52.00 |  |  |  | USD |  |  |  | 4,725 |  |  |  | (546,750 | )
MercadoLibre, Inc. |  |  | 16 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 1,520.00 |  |  |  | USD |  |  |  | 2,492 |  |  |  | (136,960 | )
MongoDB, Inc. |  |  | 77 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 350.00 |  |  |  | USD |  |  |  | 2,784 |  |  |  | (198,660 | )
Okta, Inc. |  |  | 85 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 2,080 |  |  |  | (67,363 | )
Roku, Inc. |  |  | 79 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 445.00 |  |  |  | USD |  |  |  | 3,628 |  |  |  | (275,117 | )
Snap, Inc., Class A |  |  | 1,324 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 9,022 |  |  |  | (877,150 | )
Square, Inc., Class A |  |  | 358 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 8,728 |  |  |  | (247,020 | )
Synopsys, Inc. |  |  | 140 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 277.50 |  |  |  | USD |  |  |  | 3,861 |  |  |  | (89,600 | )
Tesla, Inc. |  |  | 89 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 690.00 |  |  |  | USD |  |  |  | 6,049 |  |  |  | (362,675 | )
Tesla, Inc. |  |  | 89 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 665.00 |  |  |  | USD |  |  |  | 6,049 |  |  |  | (477,485 | )
Twilio, Inc., Class A |  |  | 205 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 8,080 |  |  |  | (1,224,362 | )
ZoomInfo Technologies, Inc., Class A |  |  | 718 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 50.25 |  |  |  | USD |  |  |  | 3,746 |  |  |  | (266,330 | )
Zscaler, Inc. |  |  | 139 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 3,003 |  |  |  | (172,707 | )
Zynga, Inc., Class A |  |  | 304 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 11.00 |  |  |  | USD |  |  |  | 323 |  |  |  | (10,184 | )
Shoals Technologies Group, Inc., Class A |  |  | 524 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 31.25 |  |  |  | USD |  |  |  | 1,860 |  |  |  | (279,930 | )
Coupa Software, Inc. |  |  | 79 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 265.00 |  |  |  | USD |  |  |  | 2,071 |  |  |  | (98,750 | )
Cree, Inc. |  |  | 414 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 103.00 |  |  |  | USD |  |  |  | 4,054 |  |  |  | (114,885 | )
Farfetch Ltd., Class A |  |  | 420 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 44.50 |  |  |  | USD |  |  |  | 2,115 |  |  |  | (291,170 | )
Lyft, Inc., Class A |  |  | 109 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 64.50 |  |  |  | USD |  |  |  | 659 |  |  |  | (22,618 | )
Marvell Technology Inc. |  |  | 354 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 2,065 |  |  |  | (71,862 | )
MercadoLibre, Inc. |  |  | 66 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 1,600.00 |  |  |  | USD |  |  |  | 10,281 |  |  |  | (412,500 | )
Okta, Inc. |  |  | 85 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 2,080 |  |  |  | (60,563 | )
Square, Inc., Class A |  |  | 210 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 267.50 |  |  |  | USD |  |  |  | 5,120 |  |  |  | (137,025 | )
Stoneco Ltd., Class A |  |  | 401 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 73.00 |  |  |  | USD |  |  |  | 2,689 |  |  |  | (62,155 | )
Zendesk, Inc. |  |  | 300 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 146.00 |  |  |  | USD |  |  |  | 4,330 |  |  |  | (145,017 | )
Marvell Technology Inc. |  |  | 884 |  |  |  | 08/13/21 |  |  |  | USD |  |  |  | 54.95 |  |  |  | USD |  |  |  | 5,156 |  |  |  | (405,535 | )
Ozon Holdings PLC |  |  | 868 |  |  |  | 08/13/21 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 5,088 |  |  |  | (156,993 | )
Wix.Com Ltd. |  |  | 140 |  |  |  | 08/16/21 |  |  |  | USD |  |  |  | 303.00 |  |  |  | USD |  |  |  | 4,064 |  |  |  | (203,535 | )
Atlassian Corp. PLC, Class A |  |  | 65 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 1,670 |  |  |  | (70,200 | )
Avalara, Inc. |  |  | 212 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 3,430 |  |  |  | (367,820 | )
Bandwidth, Inc., Class A |  |  | 180 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 2,483 |  |  |  | (194,400 | )
C3.AI, Inc., Class A |  |  | 808 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 5,052 |  |  |  | (177,760 | )
Chegg, Inc. |  |  | 468 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 3,890 |  |  |  | (224,640 | )
Cloudflare, Inc., Class A |  |  | 190 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,011 |  |  |  | (424,175 | )
Crowdstrike Holdings, Inc., Class A |  |  | 99 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 2,488 |  |  |  | (117,563 | )
Dlocal Ltd., Class A |  |  | 500 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 2,627 |  |  |  | (140,000 | )
Elastic NV |  |  | 256 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 3,731 |  |  |  | (181,760 | )
Farfetch Ltd., Class A |  |  | 798 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 4,019 |  |  |  | (253,365 | )
Five9, Inc. |  |  | 86 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 1,577 |  |  |  | (60,200 | )
Grid Dynamics Holdings, Inc. |  |  | 1,175 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 1,766 |  |  |  | (52,875 | )
Lattice Semiconductor Corp. |  |  | 744 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 4,180 |  |  |  | (357,120 | )
Lightspeed Pos Inc. |  |  | 978 |  |  |  | 08/20/21 |  |  |  | CAD |  |  |  | 105.00 |  |  |  | CAD |  |  |  | 10,147 |  |  |  | (674,564 | )
Lyft, Inc., Class A |  |  | 216 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,306 |  |  |  | (100,440 | )
MACOM Technology Solutions Holdings, Inc. |  |  | 397 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 2,544 |  |  |  | (285,840 | )
MACOM Technology Solutions Holdings, Inc. |  |  | 100 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 641 |  |  |  | (25,750 | )

126 |  | 2 0 2 1 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, 2021 |  | BlackRock Science and Technology Trust II (BSTZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marvell Technology Inc. |  |  | 1,246 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 7,268 |  |  | $ | (825,475 | )
MongoDB, Inc. |  |  | 22 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 370.00 |  |  |  | USD |  |  |  | 795 |  |  |  | (49,280 | )
Monolithic Power Systems, Inc. |  |  | 145 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 370.00 |  |  |  | USD |  |  |  | 5,415 |  |  |  | (329,150 | )
Pagseguro Digital Ltd., Class A |  |  | 250 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 47.50 |  |  |  | USD |  |  |  | 1,398 |  |  |  | (232,500 | )
Pagseguro Digital Ltd., Class A |  |  | 195 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,090 |  |  |  | (41,438 | )
Qorvo, Inc. |  |  | 240 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 4,696 |  |  |  | (265,200 | )
Shift4 Payments, Inc., Class A |  |  | 444 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 4,161 |  |  |  | (166,500 | )
Snap, Inc., Class A |  |  | 1,460 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 9,948 |  |  |  | (1,109,600 | )
Tesla, Inc. |  |  | 82 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 690.00 |  |  |  | USD |  |  |  | 5,574 |  |  |  | (422,505 | )
TuSimple Holdings, Inc. |  |  | 534 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 3,804 |  |  |  | (1,495,200 | )
TuSimple Holdings, Inc. |  |  | 400 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 2,850 |  |  |  | (684,000 | )
Twilio, Inc., Class A |  |  | 120 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 4,730 |  |  |  | (447,600 | )
Unity Software, Inc. |  |  | 410 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 4,503 |  |  |  | (440,750 | )
Zscaler, Inc. |  |  | 89 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 1,923 |  |  |  | (91,448 | )
Zynga, Inc., Class A |  |  | 376 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 12.00 |  |  |  | USD |  |  |  | 400 |  |  |  | (11,468 | )
Zynga, Inc., Class A |  |  | 1,700 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 11.00 |  |  |  | USD |  |  |  | 1,807 |  |  |  | (92,650 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (40,499,688 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adyen NV |  | UBS AG |  |  | 4,500 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 1,963.56 |  |  |  | EUR |  |  |  | 9,272 |  |  | $ | (604,987 | )
Soitec SA |  | UBS AG |  |  | 6,050 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 171.15 |  |  |  | EUR |  |  |  | 1,125 |  |  |  | (108,244 | )
BE Semiconductor Industries NV |  | Goldman Sachs International |  |  | 46,300 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 63.52 |  |  |  | EUR |  |  |  | 3,312 |  |  |  | (463,723 | )
Delivery Hero AG |  | Morgan Stanley & Co. International PLC |  |  | 58,100 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 116.89 |  |  |  | EUR |  |  |  | 6,472 |  |  |  | (48,071 | )
Gmo Payment Gateway Inc. |  | Goldman Sachs International |  |  | 31,400 |  |  |  | 07/08/21 |  |  |  | JPY |  |  |  | 13,423.22 |  |  |  | JPY |  |  |  | 454,358 |  |  |  | (297,247 | )
Silergy Corp. |  | UBS AG |  |  | 49,000 |  |  |  | 07/08/21 |  |  |  | USD |  |  |  | 3,734.30 |  |  |  | USD |  |  |  | 185,710 |  |  |  | (274,342 | )
Xero Ltd |  | JPMorgan Chase Bank N.A. |  |  | 3,200 |  |  |  | 07/08/21 |  |  |  | AUD |  |  |  | 126.36 |  |  |  | AUD |  |  |  | 439 |  |  |  | (26,928 | )
Endava PLC |  | Bank of America N.A. |  |  | 16,600 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 89.75 |  |  |  | USD |  |  |  | 1,882 |  |  |  | (392,296 | )
Trade Desk, Inc., Class A |  | Morgan Stanley & Co. LLC |  |  | 36,000 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 61.50 |  |  |  | USD |  |  |  | 2,785 |  |  |  | (579,600 | )
Avalara, Inc |  | Citibank N.A. |  |  | 15,900 |  |  |  | 07/13/21 |  |  |  | USD |  |  |  | 136.58 |  |  |  | USD |  |  |  | 2,573 |  |  |  | (402,217 | )
Freee KK |  | JPMorgan Chase Bank N.A. |  |  | 59,600 |  |  |  | 07/14/21 |  |  |  | JPY |  |  |  | 8,705.52 |  |  |  | JPY |  |  |  | 608,516 |  |  |  | (802,677 | )
Ming Yuan Cloud Group Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 737,000 |  |  |  | 07/14/21 |  |  |  | HKD |  |  |  | 41.18 |  |  |  | HKD |  |  |  | 28,411 |  |  |  | (70,489 | )
Altium Ltd. |  | Goldman Sachs International |  |  | 100,000 |  |  |  | 07/15/21 |  |  |  | AUD |  |  |  | 28.90 |  |  |  | AUD |  |  |  | 3,669 |  |  |  | (586,173 | )
Endava PLC |  | Credit Suisse International |  |  | 16,200 |  |  |  | 07/15/21 |  |  |  | USD |  |  |  | 94.77 |  |  |  | USD |  |  |  | 1,837 |  |  |  | (301,555 | )
Samsung Sdi Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 11,600 |  |  |  | 07/15/21 |  |  |  | USD |  |  |  | 634,811.95 |  |  |  | USD |  |  |  | 8,096,800 |  |  |  | (664,054 | )
Weimob Inc. |  | JPMorgan Chase Bank N.A. |  |  | 469,000 |  |  |  | 07/15/21 |  |  |  | HKD |  |  |  | 19.26 |  |  |  | HKD |  |  |  | 8,029 |  |  |  | (22,133 | )
CoStar Group, Inc. |  | J.P. Morgan Securities LLC |  |  | 26,000 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 86.00 |  |  |  | USD |  |  |  | 2,153 |  |  |  | (23,400 | )
Trade Desk, Inc., Class A |  | Morgan Stanley & Co. LLC |  |  | 51,000 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 3,945 |  |  |  | (946,050 | )
TuSimple Holdings, Inc. |  | Jane Street Execution Services, LLC |  |  | 40,900 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,914 |  |  |  | (1,124,750 | )
Endava PLC |  | Bank of America N.A. |  |  | 27,300 |  |  |  | 07/20/21 |  |  |  | USD |  |  |  | 107.02 |  |  |  | USD |  |  |  | 3,095 |  |  |  | (192,464 | )
Locaweb Servicos de Internet SA |  | Morgan Stanley & Co. International PLC |  |  | 1,202,600 |  |  |  | 07/20/21 |  |  |  | USD |  |  |  | 25.74 |  |  |  | USD |  |  |  | 32,542 |  |  |  | (500,618 | )
Magazine Luiza SA |  | Morgan Stanley & Co. International PLC |  |  | 2,216,200 |  |  |  | 07/20/21 |  |  |  | USD |  |  |  | 21.85 |  |  |  | USD |  |  |  | 46,873 |  |  |  | (214,351 | )
Ncsoft Corp. |  | Morgan Stanley & Co. International PLC |  |  | 5,400 |  |  |  | 07/20/21 |  |  |  | USD |  |  |  | 873,650.29 |  |  |  | USD |  |  |  | 4,428,000 |  |  |  | (26,725 | )
Rakus Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 146,300 |  |  |  | 07/20/21 |  |  |  | JPY |  |  |  | 2,122.91 |  |  |  | JPY |  |  |  | 444,021 |  |  |  | (1,181,231 | )
Shop Apotheke Europe NV |  | Morgan Stanley & Co. International PLC |  |  | 18,500 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 160.50 |  |  |  | EUR |  |  |  | 2,930 |  |  |  | (145,860 | )
Soitec SA |  | UBS AG |  |  | 10,500 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 171.44 |  |  |  | EUR |  |  |  | 1,952 |  |  |  | (188,925 | )
Five9, Inc. |  | Barclays Bank PLC |  |  | 8,600 |  |  |  | 07/21/21 |  |  |  | USD |  |  |  | 173.92 |  |  |  | USD |  |  |  | 1,577 |  |  |  | (102,478 | )
Lattice Semiconductor Corp. |  | UBS AG |  |  | 38,900 |  |  |  | 07/26/21 |  |  |  | USD |  |  |  | 52.96 |  |  |  | USD |  |  |  | 2,185 |  |  |  | (164,112 | )
Asm International NV |  | Goldman Sachs International |  |  | 16,500 |  |  |  | 07/27/21 |  |  |  | EUR |  |  |  | 273.55 |  |  |  | EUR |  |  |  | 4,571 |  |  |  | (231,713 | )
BE Semiconductor Industries NV |  | Credit Suisse International |  |  | 39,300 |  |  |  | 07/27/21 |  |  |  | EUR |  |  |  | 74.53 |  |  |  | EUR |  |  |  | 2,812 |  |  |  | (56,684 | )
Gmo Payment Gateway Inc. |  | Goldman Sachs International |  |  | 36,200 |  |  |  | 07/27/21 |  |  |  | JPY |  |  |  | 13,409.10 |  |  |  | JPY |  |  |  | 523,814 |  |  |  | (401,823 | )
Weimob Inc. |  | Citibank N.A. |  |  | 3,300,000 |  |  |  | 07/27/21 |  |  |  | HKD |  |  |  | 17.92 |  |  |  | HKD |  |  |  | 56,496 |  |  |  | (452,020 | )
Xero Ltd. |  | UBS AG |  |  | 35,500 |  |  |  | 07/27/21 |  |  |  | AUD |  |  |  | 134.26 |  |  |  | AUD |  |  |  | 4,867 |  |  |  | (205,758 | )
Endava PLC |  | UBS AG |  |  | 22,000 |  |  |  | 07/28/21 |  |  |  | USD |  |  |  | 115.83 |  |  |  | USD |  |  |  | 2,494 |  |  |  | (51,401 | )
Avalara, Inc. |  | Citibank N.A. |  |  | 15,900 |  |  |  | 07/29/21 |  |  |  | USD |  |  |  | 137.21 |  |  |  | USD |  |  |  | 2,573 |  |  |  | (402,067 | )
Soitec SA |  | UBS AG |  |  | 10,500 |  |  |  | 07/29/21 |  |  |  | EUR |  |  |  | 195.80 |  |  |  | EUR |  |  |  | 1,952 |  |  |  | (16,790 | )
Weimob Inc. |  | Morgan Stanley & Co. International PLC |  |  | 2,164,000 |  |  |  | 07/29/21 |  |  |  | HKD |  |  |  | 18.67 |  |  |  | HKD |  |  |  | 37,048 |  |  |  | (239,717 | )
Lattice Semiconductor Corp. |  | Morgan Stanley & Co. International PLC |  |  | 38,900 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 55.28 |  |  |  | USD |  |  |  | 2,185 |  |  |  | (114,895 | )

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 |  | 127

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Science and Technology Trust II (BSTZ)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TUYA, Inc., ADR |  | JPMorgan Chase Bank N.A. |  |  | 50,000 |  |  |  | 08/03/21 |  |  |  | USD |  |  |  | 25.16 |  |  |  | USD |  |  |  | 1,225 |  |  | $ | (166,500 | )
Endava PLC |  | Credit Suisse International |  |  | 18,800 |  |  |  | 08/04/21 |  |  |  | USD |  |  |  | 105.45 |  |  |  | USD |  |  |  | 2,132 |  |  |  | (167,642 | )
Shop Apotheke Europe NV |  | Goldman Sachs International |  |  | 13,900 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 176.01 |  |  |  | EUR |  |  |  | 2,202 |  |  |  | (63,138 | )
Silergy Corp. |  | Morgan Stanley & Co. International PLC |  |  | 76,000 |  |  |  | 08/04/21 |  |  |  | USD |  |  |  | 3,639.60 |  |  |  | USD |  |  |  | 288,040 |  |  |  | (934,552 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 39,000 |  |  |  | 08/04/21 |  |  |  | AUD |  |  |  | 143.27 |  |  |  | AUD |  |  |  | 5,347 |  |  |  | (135,019 | )
Altium Ltd. |  | Goldman Sachs International |  |  | 176,800 |  |  |  | 08/05/21 |  |  |  | AUD |  |  |  | 37.61 |  |  |  | AUD |  |  |  | 6,487 |  |  |  | (169,528 | )
Freee KK |  | JPMorgan Chase Bank N.A. |  |  | 41,100 |  |  |  | 08/05/21 |  |  |  | JPY |  |  |  | 10,594.50 |  |  |  | JPY |  |  |  | 419,631 |  |  |  | (215,803 | )
Kakao Corp. |  | Morgan Stanley & Co. International PLC |  |  | 50,200 |  |  |  | 08/05/21 |  |  |  | USD |  |  |  | 164,850.00 |  |  |  | USD |  |  |  | 8,182,600 |  |  |  | (377,654 | )
Kingdee International Software Group |  | JPMorgan Chase Bank N.A. |  |  | 1,284,000 |  |  |  | 08/05/21 |  |  |  | HKD |  |  |  | 29.53 |  |  |  | HKD |  |  |  | 33,833 |  |  |  | (152,479 | )
Lasertec Corp. |  | JPMorgan Chase Bank N.A. |  |  | 68,000 |  |  |  | 08/05/21 |  |  |  | JPY |  |  |  | 23,278.50 |  |  |  | JPY |  |  |  | 1,468,120 |  |  |  | (451,971 | )
Rakus Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 112,300 |  |  |  | 08/05/21 |  |  |  | JPY |  |  |  | 2,857.76 |  |  |  | JPY |  |  |  | 340,831 |  |  |  | (273,601 | )
Delivery Hero SE |  | Goldman Sachs International |  |  | 13,400 |  |  |  | 08/10/21 |  |  |  | EUR |  |  |  | 116.97 |  |  |  | EUR |  |  |  | 1,493 |  |  |  | (49,561 | )
Freee KK |  | JPMorgan Chase Bank N.A. |  |  | 41,100 |  |  |  | 08/10/21 |  |  |  | JPY |  |  |  | 10,594.50 |  |  |  | JPY |  |  |  | 419,631 |  |  |  | (235,126 | )
Lasertec Corp. |  | UBS AG |  |  | 23,800 |  |  |  | 08/10/21 |  |  |  | JPY |  |  |  | 23,101.30 |  |  |  | JPY |  |  |  | 513,842 |  |  |  | (110,859 | )
Rakus Ltd. |  | Goldman Sachs International |  |  | 112,300 |  |  |  | 08/10/21 |  |  |  | JPY |  |  |  | 2,857.76 |  |  |  | JPY |  |  |  | 340,831 |  |  |  | (285,827 | )
Samsung Sdi Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 10,300 |  |  |  | 08/11/21 |  |  |  | USD |  |  |  | 710,700.00 |  |  |  | USD |  |  |  | 7,189,400 |  |  |  | (227,904 | )
Shop Apotheke Europe NV |  | Morgan Stanley & Co. International PLC |  |  | 13,900 |  |  |  | 08/11/21 |  |  |  | EUR |  |  |  | 176.01 |  |  |  | EUR |  |  |  | 2,202 |  |  |  | (74,652 | )
Kakao Corp. |  | UBS AG |  |  | 26,500 |  |  |  | 08/12/21 |  |  |  | USD |  |  |  | 169,060.00 |  |  |  | USD |  |  |  | 4,319,500 |  |  |  | (179,569 | )
Kingdee International Software Group |  | Citibank N.A. |  |  | 786,000 |  |  |  | 08/12/21 |  |  |  | HKD |  |  |  | 28.71 |  |  |  | HKD |  |  |  | 20,711 |  |  |  | (121,864 | )
Ming Yuan Cloud Group Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 736,000 |  |  |  | 08/12/21 |  |  |  | HKD |  |  |  | 43.49 |  |  |  | HKD |  |  |  | 28,373 |  |  |  | (131,708 | )
Soitec SA |  | Barclays Bank PLC |  |  | 13,600 |  |  |  | 08/12/21 |  |  |  | EUR |  |  |  | 195.06 |  |  |  | EUR |  |  |  | 2,528 |  |  |  | (69,377 | )
Shop Apotheke Europe NV |  | Goldman Sachs International |  |  | 13,900 |  |  |  | 08/16/21 |  |  |  | EUR |  |  |  | 176.01 |  |  |  | EUR |  |  |  | 2,202 |  |  |  | (64,892 | )
Freee KK |  | UBS AG |  |  | 57,500 |  |  |  | 08/18/21 |  |  |  | JPY |  |  |  | 10,924.70 |  |  |  | JPY |  |  |  | 587,075 |  |  |  | (118,847 | )
Soitec SA |  | UBS AG |  |  | 13,600 |  |  |  | 08/18/21 |  |  |  | EUR |  |  |  | 195.06 |  |  |  | EUR |  |  |  | 2,528 |  |  |  | (77,306 | )
C3.AI, Inc., Class A |  | Morgan Stanley & Co. International PLC |  |  | 24,400 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 61.87 |  |  |  | USD |  |  |  | 1,526 |  |  |  | (146,422 | )
CoStar Group, Inc. |  | J.P. Morgan Securities LLC |  |  | 28,000 |  |  |  | 08/20/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 2,319 |  |  |  | (62,300 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (17,692,669 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 2,368,288 |  |  |  | $ (33,551,721 | ) |  |  | $ (58,192,357 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 58,192,357 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 58,192,357 |

For the six months ended June 30, 2021, 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 written |  | $ | — |  |  | $ | — |  |  | $ | (18,711,994 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (18,711,994 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (4,652,312 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,652,312 | )

128 |  | 2 0 2 1 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, 2021 |  | BlackRock Science and Technology Trust II (BSTZ)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 36,847,856 |

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 |  | $ | — |  |  | $ | 58,192,357 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 58,192,357 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (40,499,688 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 17,692,669 |

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. |  | $ | 584,760 |  |  | $ | — |  |  | $ | — |  |  | $ | (584,760 | ) |  | $ | — |
Barclays Bank PLC |  |  | 171,855 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 171,855 |
Citibank N.A. |  |  | 1,378,168 |  |  |  | — |  |  |  | — |  |  |  | (1,378,168 | ) |  |  | — |
Credit Suisse International |  |  | 525,881 |  |  |  | — |  |  |  | — |  |  |  | (525,881 | ) |  |  | — |
Goldman Sachs International |  |  | 2,748,644 |  |  |  | — |  |  |  | — |  |  |  | (2,748,644 | ) |  |  | — |
J.P. Morgan Securities LLC |  |  | 85,700 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 85,700 |
Jane Street Execution Services, LLC |  |  | 1,124,750 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,124,750 |
JPMorgan Chase Bank N.A. |  |  | 4,622,604 |  |  |  | — |  |  |  | — |  |  |  | (3,790,000 | ) |  |  | 832,604 |
Morgan Stanley & Co. International PLC |  |  | 2,823,517 |  |  |  | — |  |  |  | — |  |  |  | (2,530,000 | ) |  |  | 293,517 |
Morgan Stanley & Co. LLC |  |  | 1,525,650 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,525,650 |
UBS AG |  |  | 2,101,140 |  |  |  | — |  |  |  | — |  |  |  | (2,101,140 | ) |  |  | — |
|  | $ | 17,692,669 |  |  | $ | — |  |  | $ | — |  |  | $ | (13,658,593 | ) |  | $ | 4,034,076 |

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

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Trust’s 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 |  | $ | 61,705,205 |  |  | $ | — |  |  | $ | — |  |  | $ | 61,705,205 |
Banks |  |  | — |  |  |  | — |  |  |  | 119,553,420 |  |  |  | 119,553,420 |
Capital Markets |  |  | — |  |  |  | 12,000,000 |  |  |  | — |  |  |  | 12,000,000 |
Diversified Consumer Services |  |  | 29,601,039 |  |  |  | — |  |  |  | 17,836,989 |  |  |  | 47,438,028 |
Diversified Telecommunication Services |  |  | 18,391,494 |  |  |  | — |  |  |  | — |  |  |  | 18,391,494 |
Electrical Equipment |  |  | 12,916,391 |  |  |  | — |  |  |  | — |  |  |  | 12,916,391 |
Electronic Equipment, Instruments & Components |  |  | — |  |  |  | 45,328,932 |  |  |  | — |  |  |  | 45,328,932 |
Entertainment |  |  | 86,424,057 |  |  |  | 44,618,151 |  |  |  | — |  |  |  | 131,042,208 |

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 |  | 129

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Science and Technology Trust II (BSTZ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Common Stocks (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interactive Media & Services |  | $ | 118,699,889 |  |  | $ | 110,439,684 |  |  | $ | — |  |  | $ | 229,139,573 |
Internet & Direct Marketing Retail |  |  | 124,201,763 |  |  |  | 51,355,765 |  |  |  | — |  |  |  | 175,557,528 |
IT Services |  |  | 441,740,187 |  |  |  | 65,874,535 |  |  |  | 64,606,338 |  |  |  | 572,221,060 |
Multi-line Retail |  |  | 31,086,596 |  |  |  | — |  |  |  | — |  |  |  | 31,086,596 |
Professional Services |  |  | 14,943,212 |  |  |  | — |  |  |  | — |  |  |  | 14,943,212 |
Road & Rail |  |  | 46,823,856 |  |  |  | — |  |  |  | — |  |  |  | 46,823,856 |
Semiconductors & Semiconductor Equipment |  |  | 241,552,071 |  |  |  | 200,444,942 |  |  |  | — |  |  |  | 441,997,013 |
Software |  |  | 502,215,346 |  |  |  | 197,456,930 |  |  |  | 68,235,806 |  |  |  | 767,908,082 |
Specialty Retail |  |  | — |  |  |  | — |  |  |  | 12,022,388 |  |  |  | 12,022,388 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | 42,609,920 |  |  |  | 600,843,633 |  |  |  | 643,453,553 |
Warrants |  |  | — |  |  |  | — |  |  |  | 469,280 |  |  |  | 469,280 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 32,067,890 |  |  |  | — |  |  |  | — |  |  |  | 32,067,890 |
|  | $ | 1,762,368,996 |  |  | $ | 770,128,859 |  |  | $ | 883,567,854 |  |  |  | 3,416,065,709 |
Investments Valued at NAV |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,332,095 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,420,397,804 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (37,133,776 | ) |  | $ | (21,058,581 | ) |  | $ | — |  |  | $ | (58,192,357 | )

| (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 |  |  | Preferred Stocks |  |  | Warrants |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2020 |  | $ | 116,083,688 |  |  | $ | 401,750,866 |  |  | $ | 521,839 |  |  | $ | 518,356,393 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | 18,754,001 |  |  |  | — |  |  |  | 18,754,001 |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 113,286,445 |  |  |  | 130,584,824 |  |  |  | (52,559 | ) |  |  | 243,818,710 |
Purchases |  |  | 52,884,808 |  |  |  | 100,499,946 |  |  |  | — |  |  |  | 153,384,754 |
Sales |  |  | — |  |  |  | (50,746,004 | ) |  |  | — |  |  |  | (50,746,004 | )
Closing balance, as of June 30, 2021 |  | $ | 282,254,941 |  |  | $ | 600,843,633 |  |  | $ | 469,280 |  |  | $ | 883,567,854 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(b) |  | $ | 113,286,445 |  |  | $ | 178,307,965 |  |  | $ | (52,559 | ) |  | $ | 291,541,851 |

| (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, 2021 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(b) |  | $ | 282,254,941 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 5.95x - 46.84x |  |  |  | 24.46x |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 37% - 37% |  |  |  | 37% |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 0.3 - 0.3 |  |  |  | 0.3 |
|  |  |  |  |  |  |  |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
Preferred Stocks(c)(d) |  |  | 600,843,633 |  |  |  | Income |  |  |  | Discount Rate |  |  |  | 28% |  |  |  | — |

130 |  | 2 0 2 1 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, 2021 |  | BlackRock Science and Technology Trust II (BSTZ)

|  |  | Value |  |  |  | Valuation Approach |  |  |  | Unobservable Inputs |  |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
|  |  |  |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 2.00x - 46.84x |  |  |  | 20.98x |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 42% - 50% |  |  |  | 48% |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 2.6 - 4.0 |  |  |  | 3.5 |
|  |  |  |  |  |  |  |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
Warrants(e) |  |  | 469,280 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 11.00x |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 37% |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 0.3 |  |  |  | — |
|  | $ | 883,567,854 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

| (b) | For the period end June 30, 2021, the valuation technique for investments classified as Common Stocks amounting to $28,457,836 changed to Current Value Method. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (c) | For the period end June 30, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $101,064,783 changed to Current Value Method. The investments were previously valued utilizing Transaction Price Approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (d) | For the period end June 30, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $80,826,742 changed to Transaction Price approach. The investments were previously valued utilizing Current Value Method. The change was due to consideration of the information that was available at the time the investments were valued. |

| (e) | For the period end June 30, 2021, the valuation technique for investments classified as Warrants amounting to $469,280 changed to Current Value Method. The investments were previously valued utilizing Transaction Price Approach. The change was due to consideration of the information that was available at the time the investments were valued. |

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 |  | 131

Schedule of Investments (unaudited) June 30, 2021 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |
Building Products — 9.0% |  |  |  |  |  |
A O Smith Corp.(a) |  |  | 76,870 |  |  | $ | 5,539,252 |
Johnson Controls International PLC(a) |  |  | 223,309 |  |  |  | 15,325,697 |
Kingspan Group PLC |  |  | 113,065 |  |  |  | 10,686,137 |
Trane Technologies PLC(a) |  |  | 76,350 |  |  |  | 14,059,089 |
|  |  |  |  |  |  | 45,610,175 |
Chemicals — 4.4% |  |  |  |  |  |
Air Liquide SA |  |  | 35,489 |  |  |  | 6,222,995 |
LG Chem Ltd. |  |  | 3,500 |  |  |  | 2,642,814 |
Linde PLC(b) |  |  | 27,272 |  |  |  | 7,885,153 |
Sika AG, Registered Shares |  |  | 16,890 |  |  |  | 5,533,800 |
|  |  |  |  |  |  | 22,284,762 |
Commercial Services & Supplies(a) — 4.8% |
Waste Connections, Inc. |  |  | 84,800 |  |  |  | 10,127,664 |
Waste Management, Inc. |  |  | 101,500 |  |  |  | 14,221,165 |
|  |  |  |  |  |  | 24,348,829 |
Construction & Engineering — 4.0% |  |  |  |  |  |
Quanta Services, Inc.(a) |  |  | 78,710 |  |  |  | 7,128,764 |
Vinci SA |  |  | 122,600 |  |  |  | 13,105,674 |
|  |  |  |  |  |  | 20,234,438 |
Electric Utilities — 28.9% |  |  |  |  |  |
American Electric Power Co., Inc.(a) |  |  | 116,350 |  |  |  | 9,842,047 |
Duke Energy Corp.(a) |  |  | 107,868 |  |  |  | 10,648,729 |
Edison International(a) |  |  | 183,100 |  |  |  | 10,586,842 |
EDP - Energias de Portugal SA |  |  | 1,337,600 |  |  |  | 7,089,685 |
Enel SpA |  |  | 2,776,325 |  |  |  | 25,800,023 |
Exelon Corp.(a) |  |  | 226,358 |  |  |  | 10,029,923 |
FirstEnergy Corp.(a) |  |  | 185,300 |  |  |  | 6,895,013 |
Iberdrola SA |  |  | 1,525,611 |  |  |  | 18,604,300 |
Neoenergia SA |  |  | 1,423,250 |  |  |  | 4,970,416 |
NextEra Energy, Inc.(a)(c) |  |  | 500,480 |  |  |  | 36,675,174 |
Xcel Energy, Inc.(a) |  |  | 76,740 |  |  |  | 5,055,631 |
|  |  |  |  |  |  | 146,197,783 |
Electrical Equipment — 9.3% |  |  |  |  |  |
Ballard Power Systems, Inc.(b) |  |  | 24,783 |  |  |  | 449,068 |
Eaton Corp. PLC(a) |  |  | 50,690 |  |  |  | 7,511,244 |
Prysmian SpA |  |  | 156,850 |  |  |  | 5,628,727 |
Schneider Electric SE |  |  | 76,282 |  |  |  | 12,025,441 |
Sunrun, Inc.(a)(b) |  |  | 59,250 |  |  |  | 3,304,965 |
Vestas Wind Systems A/S |  |  | 367,200 |  |  |  | 14,347,243 |
Xinjiang Goldwind Science & Technology Co. Ltd., Class H |  |  | 2,357,600 |  |  |  | 3,683,596 |
|  |  |  |  |  |  | 46,950,284 |
Electronic Equipment, Instruments & Components — 2.5% |
Hexagon AB, B Shares |  |  | 368,900 |  |  |  | 5,465,760 |
Rogers Corp.(a)(b) |  |  | 21,246 |  |  |  | 4,266,197 |
Samsung SDI Co. Ltd. |  |  | 4,650 |  |  |  | 2,878,990 |
|  |  |  |  |  |  | 12,610,947 |
Independent Power and Renewable Electricity Producers — 7.3% |
AES Corp.(a) |  |  | 360,590 |  |  |  | 9,400,581 |
China Longyuan Power Group Corp. Ltd., Class H |  |  | 5,366,000 |  |  |  | 9,238,699 |
EDP Renovaveis SA |  |  | 507,942 |  |  |  | 11,768,791 |
Scatec ASA(d) |  |  | 109,450 |  |  |  | 2,900,810 |
Sunnova Energy International, Inc.(a)(b) |  |  | 87,450 |  |  |  | 3,293,367 |
|  |  |  |  |  |  | 36,602,248 |

Security |  | Shares |  |  | Value |
Machinery — 2.7% |  |  |  |  |  |
Atlas Copco AB, B Shares |  |  | 261,000 |  |  | $ | 13,745,936 |
Multi-Utilities — 12.9% |  |  |  |  |  |
CMS Energy Corp.(a) |  |  | 162,960 |  |  |  | 9,627,677 |
Dominion Energy, Inc.(a)(c) |  |  | 168,148 |  |  |  | 12,370,648 |
National Grid PLC |  |  | 919,024 |  |  |  | 11,689,682 |
Public Service Enterprise Group, Inc.(a) |  |  | 193,392 |  |  |  | 11,553,238 |
RWE AG |  |  | 401,350 |  |  |  | 14,551,819 |
Sempra Energy(a) |  |  | 42,350 |  |  |  | 5,610,528 |
|  |  |  |  |  |  | 65,403,592 |
Oil, Gas & Consumable Fuels — 8.6% |  |  |  |  |  |
Enterprise Products Partners LP(a) |  |  | 220,813 |  |  |  | 5,328,218 |
Kinder Morgan, Inc.(a) |  |  | 714,050 |  |  |  | 13,017,132 |
TC Energy Corp. |  |  | 246,250 |  |  |  | 12,185,362 |
Williams Cos., Inc.(a) |  |  | 480,755 |  |  |  | 12,764,045 |
|  |  |  |  |  |  | 43,294,757 |
Semiconductors & Semiconductor Equipment — 4.3% |
Canadian Solar, Inc.(b) |  |  | 63,290 |  |  |  | 2,837,924 |
First Solar, Inc.(a)(b) |  |  | 33,284 |  |  |  | 3,012,535 |
Infineon Technologies AG |  |  | 129,750 |  |  |  | 5,218,968 |
Maxim Integrated Products, Inc.(a) |  |  | 51,640 |  |  |  | 5,440,790 |
ON Semiconductor Corp.(a)(b) |  |  | 130,180 |  |  |  | 4,983,290 |
|  |  |  |  |  |  | 21,493,507 |
Total Long-Term Investments — 98.7% (Cost: $324,593,340) |  |  |  |  |  |  | 498,777,258 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.6% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(e)(f) |  |  | 7,971,532 |  |  |  | 7,971,532 |
Total Short-Term Securities — 1.6% (Cost: $7,971,532) |  |  |  | 7,971,532 |
Total Investments Before Options Written — 100.3% (Cost: $332,564,872) |  |  |  | 506,748,790 |
Options Written — (0.6)% (Premiums Received: $(3,762,877)) |  |  |  |  |  |  | (2,784,872 | )
Total Investments, Net of Options Written — 99.7% (Cost: $328,801,995) |  |  |  | 503,963,918 |
Other Assets Less Liabilities — 0.3% |  |  |  |  | 1,334,612 |
Net Assets — 100.0% |  |  |  |  | $ 505,298,530 |

(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 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.

(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.

132 |  | 2 0 2 1 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, 2021 |  | 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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/21 |  |  | Shares Held at 06/30/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 8,385,590 |  |  | $ | — |  |  | $ | (414,058) | (a) |  | $ | — |  |  | $ | — |  |  | $ | 7,971,532 |  |  |  | 7,971,532 |  |  | $ | 840 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series(b) |  |  | — |  |  |  | — |  |  |  | (17) | (a) |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,630 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17 |  |  | $ | — |  |  | $ | 7,971,532 |  |  |  |  |  |  | $ | 13,470 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eaton Corporation PLC |  |  | 74 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 147.00 |  |  |  | USD |  |  |  | 1,097 |  |  | $ | (12,580) |
ON Semiconductor Corp. |  |  | 180 |  |  |  | 07/02/21 |  |  |  | USD |  |  |  | 41.00 |  |  |  | USD |  |  |  | 689 |  |  |  | (1,800) |
Eaton Corporation PLC |  |  | 103 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 147.00 |  |  |  | USD |  |  |  | 1,526 |  |  |  | (24,978) |
Enterprise Products Partners LP |  |  | 442 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 24.00 |  |  |  | USD |  |  |  | 1,067 |  |  |  | (15,912) |
Johnson Controls International PLC |  |  | 390 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 2,677 |  |  |  | (77,025) |
Kinder Morgan, Inc. |  |  | 599 |  |  |  | 07/09/21 |  |  |  | USD |  |  |  | 18.50 |  |  |  | USD |  |  |  | 1,092 |  |  |  | (6,889) |
Kinder Morgan, Inc. |  |  | 426 |  |  |  | 07/13/21 |  |  |  | USD |  |  |  | 18.10 |  |  |  | USD |  |  |  | 777 |  |  |  | (17,140) |
A O Smith Corp. |  |  | 269 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,938 |  |  |  | (67,922) |
AES Corp. |  |  | 437 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 1,139 |  |  |  | (26,220) |
American Electric Power Co., Inc. |  |  | 407 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 3,443 |  |  |  | (35,612) |
CMS Energy Corp. |  |  | 251 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,483 |  |  |  | (1,255) |
Dominion Energy, Inc. |  |  | 270 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 1,986 |  |  |  | (2,025) |
Duke Energy Corp. |  |  | 179 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 102.05 |  |  |  | USD |  |  |  | 1,767 |  |  |  | (3,491) |
Edison International |  |  | 186 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,075 |  |  |  | (1,395) |
Enterprise Products Partners LP |  |  | 80 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 23.75 |  |  |  | USD |  |  |  | 193 |  |  |  | (5,314) |
Exelon Corp. |  |  | 293 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 1,298 |  |  |  | (5,860) |
Exelon Corp. |  |  | 235 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 1,041 |  |  |  | (2,350) |
FirstEnergy Corp. |  |  | 648 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 2,411 |  |  |  | (6,480) |
Kinder Morgan, Inc. |  |  | 408 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 19.00 |  |  |  | USD |  |  |  | 744 |  |  |  | (3,468) |
NextEra Energy, Inc. |  |  | 861 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 6,309 |  |  |  | (45,202) |
Public Service Enterprise Group, Inc. |  |  | 233 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 62.25 |  |  |  | USD |  |  |  | 1,392 |  |  |  | (2,500) |
Quanta Services, Inc. |  |  | 168 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,522 |  |  |  | (7,980) |
Rogers Corp. |  |  | 37 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 743 |  |  |  | (44,585) |
Sempra Energy |  |  | 79 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 1,047 |  |  |  | (1,185) |
Sempra Energy |  |  | 69 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 914 |  |  |  | (345) |
Sunnova Energy International, Inc. |  |  | 306 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,152 |  |  |  | (113,220) |
Sunrun, Inc. |  |  | 207 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,155 |  |  |  | (74,520) |
TC Energy Corp. |  |  | 455 |  |  |  | 07/16/21 |  |  |  | CAD |  |  |  | 62.00 |  |  |  | CAD |  |  |  | 2,791 |  |  |  | (17,619) |
Trane Technologies PLC |  |  | 122 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 2,247 |  |  |  | (10,980) |
Waste Connections, Inc. |  |  | 112 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 125.01 |  |  |  | USD |  |  |  | 1,338 |  |  |  | (2,555) |
Waste Management, Inc. |  |  | 173 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 2,424 |  |  |  | (5,623) |
Xcel Energy, Inc. |  |  | 143 |  |  |  | 07/16/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 942 |  |  |  | (1,430) |
Enterprise Products Partners LP |  |  | 250 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 25.50 |  |  |  | USD |  |  |  | 603 |  |  |  | (2,125) |
First Solar, Inc. |  |  | 35 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 83.00 |  |  |  | USD |  |  |  | 317 |  |  |  | (29,312) |
Johnson Controls International PLC |  |  | 391 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 2,683 |  |  |  | (85,042) |
Williams Cos., Inc. |  |  | 1,267 |  |  |  | 07/23/21 |  |  |  | USD |  |  |  | 28.50 |  |  |  | USD |  |  |  | 3,364 |  |  |  | (12,670) |
Kinder Morgan, Inc. |  |  | 533 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 19.00 |  |  |  | USD |  |  |  | 972 |  |  |  | (10,660) |
ON Semiconductor Corp. |  |  | 275 |  |  |  | 07/30/21 |  |  |  | USD |  |  |  | 39.50 |  |  |  | USD |  |  |  | 1,053 |  |  |  | (26,812) |
Kinder Morgan, Inc. |  |  | 533 |  |  |  | 08/06/21 |  |  |  | USD |  |  |  | 18.50 |  |  |  | USD |  |  |  | 972 |  |  |  | (23,186) |
Edison International |  |  | 454 |  |  |  | 08/13/21 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 2,625 |  |  |  | (28,322) |

S C H E D U L E O F I N V E S T M E N T S |  | 133

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AES Corp. |  |  | 825 |  |  |  | 08/20/21 |  |  | USD |  |  | 26.00 |  |  | USD |  |  | 2,151 |  |  | $ | (88,687 | )
CMS Energy Corp. |  |  | 319 |  |  |  | 08/20/21 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 1,885 |  |  |  | (17,353 | )
Dominion Energy, Inc. |  |  | 318 |  |  |  | 08/20/21 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 2,340 |  |  |  | (17,490 | )
Duke Energy Corp. |  |  | 198 |  |  |  | 08/20/21 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,955 |  |  |  | (9,405 | )
Exelon Corp. |  |  | 244 |  |  |  | 08/20/21 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,081 |  |  |  | (8,540 | )
Exelon Corp. |  |  | 20 |  |  |  | 08/20/21 |  |  | USD |  |  | 47.25 |  |  | USD |  |  | 89 |  |  |  | (775 | )
First Solar, Inc. |  |  | 80 |  |  |  | 08/20/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 724 |  |  |  | (74,000 | )
Maxim Integrated Products, Inc. |  |  | 180 |  |  |  | 08/20/21 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,896 |  |  |  | (84,600 | )
NextEra Energy, Inc. |  |  | 890 |  |  |  | 08/20/21 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 6,522 |  |  |  | (142,400 | )
Public Service Enterprise Group, Inc. |  |  | 443 |  |  |  | 08/20/21 |  |  | USD |  |  | 61.28 |  |  | USD |  |  | 2,646 |  |  |  | (43,225 | )
Quanta Services, Inc. |  |  | 107 |  |  |  | 08/20/21 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 969 |  |  |  | (25,145 | )
Rogers Corp. |  |  | 37 |  |  |  | 08/20/21 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 743 |  |  |  | (47,545 | )
TC Energy Corp. |  |  | 406 |  |  |  | 08/20/21 |  |  | CAD |  |  | 64.00 |  |  | CAD |  |  | 2,490 |  |  |  | (19,652 | )
Trane Technologies PLC |  |  | 145 |  |  |  | 08/20/21 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 2,670 |  |  |  | (58,000 | )
Waste Connections, Inc. |  |  | 184 |  |  |  | 08/20/21 |  |  | USD |  |  | 124.95 |  |  | USD |  |  | 2,198 |  |  |  | (14,592 | )
Waste Management, Inc. |  |  | 182 |  |  |  | 08/20/21 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 2,550 |  |  |  | (71,890 | )
Williams Cos., Inc. |  |  | 415 |  |  |  | 08/20/21 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 1,102 |  |  |  | (31,125 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,618,013 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Enel SpA |  | Credit Suisse International |  |  | 437,000 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 8.20 |  |  |  | EUR |  |  |  | 3,425 |  |  | $ | (685) |
Infineon Technologies AG |  | Credit Suisse International |  |  | 28,600 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 33.71 |  |  |  | EUR |  |  |  | 970 |  |  |  | (23,124 | )
Kingspan Group PLC |  | UBS AG |  |  | 39,500 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 79.96 |  |  |  | EUR |  |  |  | 3,148 |  |  |  | (43,517 | )
Vinci SA |  | UBS AG |  |  | 24,800 |  |  |  | 07/07/21 |  |  |  | EUR |  |  |  | 95.61 |  |  |  | EUR |  |  |  | 2,236 |  |  |  | (1,135 | )
EDP Renovaveis SA |  | Credit Suisse International |  |  | 81,900 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 19.89 |  |  |  | EUR |  |  |  | 1,600 |  |  |  | (25,612 | )
Prysmian SpA |  | Credit Suisse International |  |  | 54,800 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 29.17 |  |  |  | EUR |  |  |  | 1,658 |  |  |  | (77,152 | )
Schneider Electric SE |  | Morgan Stanley & Co. International PLC |  |  | 17,100 |  |  |  | 07/08/21 |  |  |  | EUR |  |  |  | 131.89 |  |  |  | EUR |  |  |  | 2,273 |  |  |  | (43,963 | )
Vestas Wind Systems |  | Morgan Stanley & Co. International PLC |  |  | 37,800 |  |  |  | 07/08/21 |  |  |  | DKK |  |  |  | 237.68 |  |  |  | DKK |  |  |  | 9,262 |  |  |  | (62,373 | )
Xcel Energy, Inc. |  | Barclays Bank PLC |  |  | 12,500 |  |  |  | 07/13/21 |  |  |  | USD |  |  |  | 71.00 |  |  |  | USD |  |  |  | 824 |  |  |  | (107 | )
Atlas Copco, Class B |  | UBS AG |  |  | 1,500 |  |  |  | 07/14/21 |  |  |  | SEK |  |  |  | 444.16 |  |  |  | SEK |  |  |  | 676 |  |  |  | (2,118 | )
Hexagon, Class B |  | Credit Suisse International |  |  | 53,200 |  |  |  | 07/14/21 |  |  |  | SEK |  |  |  | 124.32 |  |  |  | SEK |  |  |  | 6,746 |  |  |  | (21,379 | )
Iberdrola SA |  | Credit Suisse International |  |  | 48,600 |  |  |  | 07/14/21 |  |  |  | EUR |  |  |  | 10.89 |  |  |  | EUR |  |  |  | 500 |  |  |  | (98 | )
Linde PLC |  | Credit Suisse International |  |  | 4,800 |  |  |  | 07/14/21 |  |  |  | EUR |  |  |  | 249.21 |  |  |  | EUR |  |  |  | 1,170 |  |  |  | (5,325 | )
Neoenergia SA |  | Credit Suisse International |  |  | 249,100 |  |  |  | 07/14/21 |  |  |  | USD |  |  |  | 19.40 |  |  |  | USD |  |  |  | 4,327 |  |  |  | (60 | )
RWE AG |  | Goldman Sachs International |  |  | 18,100 |  |  |  | 07/14/21 |  |  |  | EUR |  |  |  | 31.42 |  |  |  | EUR |  |  |  | 553 |  |  |  | (4,792 | )
Sika AG, Registered Shares |  | UBS AG |  |  | 3,400 |  |  |  | 07/14/21 |  |  |  | CHF |  |  |  | 297.57 |  |  |  | CHF |  |  |  | 1,031 |  |  |  | (27,414 | )
Atlas Copco, Class B |  | Credit Suisse International |  |  | 32,300 |  |  |  | 07/15/21 |  |  |  | SEK |  |  |  | 442.46 |  |  |  | SEK |  |  |  | 14,558 |  |  |  | (50,870 | )
Enel SpA |  | Goldman Sachs International |  |  | 276,700 |  |  |  | 07/15/21 |  |  |  | EUR |  |  |  | 8.10 |  |  |  | EUR |  |  |  | 2,169 |  |  |  | (5,366 | )
Iberdrola SA |  | Credit Suisse International |  |  | 242,700 |  |  |  | 07/15/21 |  |  |  | EUR |  |  |  | 10.77 |  |  |  | EUR |  |  |  | 2,496 |  |  |  | (2,073 | )
Infineon Technologies AG |  | Credit Suisse International |  |  | 16,800 |  |  |  | 07/15/21 |  |  |  | EUR |  |  |  | 33.76 |  |  |  | EUR |  |  |  | 570 |  |  |  | (17,276 | )
RWE AG |  | Goldman Sachs International |  |  | 40,500 |  |  |  | 07/15/21 |  |  |  | EUR |  |  |  | 31.56 |  |  |  | EUR |  |  |  | 1,238 |  |  |  | (9,050 | )
Samsung Sdi Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 1,500 |  |  |  | 07/15/21 |  |  |  | USD |  |  |  | 634,811.95 |  |  |  | USD |  |  |  | 1,045,863 |  |  |  | (85,869 | )
Vestas Wind Systems |  | Morgan Stanley & Co. International PLC |  |  | 80,000 |  |  |  | 07/15/21 |  |  |  | DKK |  |  |  | 247.48 |  |  |  | DKK |  |  |  | 19,602 |  |  |  | (80,464 | )
Atlas Copco, Class B |  | Credit Suisse International |  |  | 57,500 |  |  |  | 07/20/21 |  |  |  | SEK |  |  |  | 438.82 |  |  |  | SEK |  |  |  | 25,917 |  |  |  | (113,211 | )
EDP Renovaveis SA |  | Goldman Sachs International |  |  | 61,300 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 19.84 |  |  |  | EUR |  |  |  | 1,198 |  |  |  | (38,123 | )
EDP-Energias de Portugal SA |  | Goldman Sachs International |  |  | 260,100 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 4.56 |  |  |  | EUR |  |  |  | 1,163 |  |  |  | (19,316 | )
RWE AG |  | Credit Suisse International |  |  | 81,800 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 31.00 |  |  |  | EUR |  |  |  | 2,501 |  |  |  | (42,556 | )
Schneider Electric SE |  | UBS AG |  |  | 9,500 |  |  |  | 07/20/21 |  |  |  | EUR |  |  |  | 133.32 |  |  |  | EUR |  |  |  | 1,263 |  |  |  | (26,703 | )
Neoenergia SA |  | Credit Suisse International |  |  | 249,100 |  |  |  | 07/21/21 |  |  |  | USD |  |  |  | 19.40 |  |  |  | USD |  |  |  | 4,327 |  |  |  | (309 | )
LG Chem Ltd. |  | UBS AG |  |  | 1,000 |  |  |  | 07/27/21 |  |  |  | USD |  |  |  | 843,586.66 |  |  |  | USD |  |  |  | 850,344 |  |  |  | (33,004 | )
Linde PLC |  | Goldman Sachs International |  |  | 4,700 |  |  |  | 07/27/21 |  |  |  | EUR |  |  |  | 247.34 |  |  |  | EUR |  |  |  | 1,146 |  |  |  | (13,466 | )
Air Liquide SA |  | Credit Suisse International |  |  | 12,400 |  |  |  | 07/29/21 |  |  |  | EUR |  |  |  | 147.20 |  |  |  | EUR |  |  |  | 1,834 |  |  |  | (39,857 | )
EDP Renovaveis SA |  | Credit Suisse International |  |  | 34,500 |  |  |  | 07/29/21 |  |  |  | EUR |  |  |  | 19.89 |  |  |  | EUR |  |  |  | 674 |  |  |  | (25,940 | )
Enel SpA |  | Credit Suisse International |  |  | 258,000 |  |  |  | 07/29/21 |  |  |  | EUR |  |  |  | 8.18 |  |  |  | EUR |  |  |  | 2,022 |  |  |  | (917 | )
National Grid PLC |  | Credit Suisse International |  |  | 186,700 |  |  |  | 07/29/21 |  |  |  | GBP |  |  |  | 9.53 |  |  |  | GBP |  |  |  | 1,717 |  |  |  | (9,739 | )
Sika AG, Registered Shares |  | UBS AG |  |  | 2,600 |  |  |  | 07/29/21 |  |  |  | CHF |  |  |  | 303.85 |  |  |  | CHF |  |  |  | 788 |  |  |  | (16,394 | )
Hexagon, Class B |  | JPMorgan Chase Bank N.A. |  |  | 75,600 |  |  |  | 08/04/21 |  |  |  | SEK |  |  |  | 127.99 |  |  |  | SEK |  |  |  | 9,586 |  |  |  | (25,067 | )

134 |  | 2 0 2 1 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, 2021 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vinci SA |  | Goldman Sachs International |  |  | 18,100 |  |  |  | 08/04/21 |  |  |  | EUR |  |  |  | 95.06 |  |  |  | EUR |  |  |  | 1,632 |  |  | $ | (15,701 | )
Xinjiang Goldwind Science And Technology Ltd. |  | Citibank N.A. |  |  | 425,000 |  |  |  | 08/04/21 |  |  |  | HKD |  |  |  | 13.36 |  |  |  | HKD |  |  |  | 5,156 |  |  |  | (8,065 | )
EDP-Energias de Portugal SA |  | Goldman Sachs International |  |  | 208,000 |  |  |  | 08/05/21 |  |  |  | EUR |  |  |  | 4.66 |  |  |  | EUR |  |  |  | 930 |  |  |  | (15,901 | )
National Grid PLC |  | Credit Suisse International |  |  | 135,000 |  |  |  | 08/11/21 |  |  |  | GBP |  |  |  | 9.34 |  |  |  | GBP |  |  |  | 1,241 |  |  |  | (27,306 | )
Xinjiang Goldwind Science And Technology Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 400,000 |  |  |  | 08/11/21 |  |  |  | HKD |  |  |  | 13.64 |  |  |  | HKD |  |  |  | 4,852 |  |  |  | (7,780 | )
Scatec ASA |  | Credit Suisse International |  |  | 38,300 |  |  |  | 08/12/21 |  |  |  | NOK |  |  |  | 258.83 |  |  |  | NOK |  |  |  | 8,740 |  |  |  | (27,561 | )
Iberdrola SA |  | Credit Suisse International |  |  | 242,600 |  |  |  | 08/18/21 |  |  |  | EUR |  |  |  | 10.04 |  |  |  | EUR |  |  |  | 2,495 |  |  |  | (70,121 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,166,859 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 1,527,419 |  |  | $ | (549,414) |  |  | $ | (2,784,872) |

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 |  | $ | — |  |  | $ | — |  |  | $ | 2,784,872 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,784,872 |

For the six months ended June 30, 2021, 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 |  | $ | — |  |  | $ | — |  |  | $ | (6,184,734) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (6,184,734) |
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 2,740,627 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,740,627 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 4,294,068 |

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 |  | 135

Schedule of Investments (unaudited) (continued) June 30, 2021 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 2,784,872 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 2,784,872 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (1,618,013 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 1,166,859 |

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 |  | $ | 107 |  |  | $ | — |  |  | $ | — |  |  | $ | (107 | ) |  | $ | — |
Citibank N.A. |  |  | 8,065 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,065 |
Credit Suisse International |  |  | 581,171 |  |  |  | — |  |  |  | (182,942 | ) |  |  | — |  |  |  | 398,229 |
Goldman Sachs International |  |  | 121,715 |  |  |  | — |  |  |  | — |  |  |  | (121,715 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 118,716 |  |  |  | — |  |  |  | (107,910 | ) |  |  | — |  |  |  | 10,806 |
Morgan Stanley & Co. International PLC |  |  | 186,800 |  |  |  | — |  |  |  | (186,800 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 150,285 |  |  |  | — |  |  |  | — |  |  |  | (33,500 | ) |  |  | 116,785 |
|  | $ | 1,166,859 |  |  | $ | — |  |  | $ | (477,652 | ) |  | $ | (155,322 | ) |  | $ | 533,885 |

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

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Trust’s 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 |  | $ | 34,924,038 |  |  | $ | 10,686,137 |  |  | $ | — |  |  | $ | 45,610,175 |
Chemicals |  |  | — |  |  |  | 22,284,762 |  |  |  | — |  |  |  | 22,284,762 |
Commercial Services & Supplies |  |  | 24,348,829 |  |  |  | — |  |  |  | — |  |  |  | 24,348,829 |
Construction & Engineering |  |  | 7,128,764 |  |  |  | 13,105,674 |  |  |  | — |  |  |  | 20,234,438 |
Electric Utilities |  |  | 101,793,460 |  |  |  | 44,404,323 |  |  |  | — |  |  |  | 146,197,783 |
Electrical Equipment |  |  | 11,265,277 |  |  |  | 35,685,007 |  |  |  | — |  |  |  | 46,950,284 |
Electronic Equipment, Instruments & Components |  |  | 9,731,957 |  |  |  | 2,878,990 |  |  |  | — |  |  |  | 12,610,947 |
Independent Power and Renewable Electricity Producers |  |  | 24,462,739 |  |  |  | 12,139,509 |  |  |  | — |  |  |  | 36,602,248 |
Machinery |  |  | — |  |  |  | 13,745,936 |  |  |  | — |  |  |  | 13,745,936 |
Multi-Utilities |  |  | 39,162,091 |  |  |  | 26,241,501 |  |  |  | — |  |  |  | 65,403,592 |
Oil, Gas & Consumable Fuels |  |  | 43,294,757 |  |  |  | — |  |  |  | — |  |  |  | 43,294,757 |
Semiconductors & Semiconductor Equipment |  |  | 16,274,539 |  |  |  | 5,218,968 |  |  |  | — |  |  |  | 21,493,507 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 7,971,532 |  |  |  | — |  |  |  | — |  |  |  | 7,971,532 |
|  | $ | 320,357,983 |  |  | $ | 186,390,807 |  |  | $ | — |  |  | $ | 506,748,790 |

136 |  | 2 0 2 1 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, 2021 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (1,482,746 | ) |  | $ | (1,302,126 | ) |  | $ | — |  |  | $ | (2,784,872 | )

| (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 |  | 137

Statements of Assets and Liabilities (unaudited)

June 30, 2021

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(a) |  | $ | 297,155,117 |  |  | $ | 945,129,794 |  |  | $ | 1,904,510,771 |  |  | $ | 847,450,791 |
Investments, at value — affiliated(b) |  |  | 2,837,978 |  |  |  | 12,748,208 |  |  |  | 48,566,704 |  |  |  | 5,226,715 |
Cash |  |  | — |  |  |  | 345,228 |  |  |  | 214,318 |  |  |  | 58,596 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,880,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | 420,000 |  |  |  | — |  |  |  | 657,630 |
Foreign currency, at value(c) |  |  | 18,448 |  |  |  | — |  |  |  | 1,988 |  |  |  | — |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 570,168 |  |  |  | — |  |  |  | 7,750,461 |  |  |  | — |
Options written |  |  | 139,914 |  |  |  | 164,228 |  |  |  | 901,746 |  |  |  | 1,205,287 |
Dividends — unaffiliated |  |  | 750,942 |  |  |  | 839,951 |  |  |  | 1,910,792 |  |  |  | 1,984,137 |
Dividends — affiliated |  |  | 25 |  |  |  | 126 |  |  |  | 302 |  |  |  | 40 |
Total assets |  |  | 301,472,592 |  |  |  | 959,647,535 |  |  |  | 1,963,857,082 |  |  |  | 861,463,196 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 9,230 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign bank overdraft(d) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 536,438 |
Options written, at value(e) |  |  | 2,803,335 |  |  |  | 11,763,153 |  |  |  | 13,785,732 |  |  |  | 8,541,611 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 901,653 |  |  |  | — |  |  |  | 3,347,641 |  |  |  | — |
Income dividend distributions |  |  | 57,746 |  |  |  | 218,327 |  |  |  | 318,166 |  |  |  | 147,027 |
Investment advisory fees |  |  | 241,905 |  |  |  | 658,681 |  |  |  | 1,291,384 |  |  |  | 579,943 |
Trustees’ and Officer’s fees |  |  | 585,667 |  |  |  | 286,709 |  |  |  | 1,246,528 |  |  |  | 859,373 |
Options written |  |  | 138,426 |  |  |  | 324,089 |  |  |  | 581,097 |  |  |  | 436,966 |
Other accrued expenses |  |  | 229,178 |  |  |  | 238,679 |  |  |  | 531,700 |  |  |  | 392,291 |
Total liabilities |  |  | 4,967,140 |  |  |  | 13,489,638 |  |  |  | 21,102,248 |  |  |  | 11,493,649 |
NET ASSETS |  | $ | 296,505,452 |  |  | $ | 946,157,897 |  |  | $ | 1,942,754,834 |  |  | $ | 849,969,547 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(f)(g)(h) |  | $ | 547,187,771 |  |  | $ | 561,321,996 |  |  | $ | 1,309,268,867 |  |  | $ | 718,537,151 |
Accumumlated earnings (loss) |  |  | (250,682,319 | ) |  |  | 384,835,901 |  |  |  | 633,485,967 |  |  |  | 131,432,396 |
NET ASSETS |  | $ | 296,505,452 |  |  | $ | 946,157,897 |  |  | $ | 1,942,754,834 |  |  | $ | 849,969,547 |
Net asset value(f)(g)(h) |  | $ | 10.19 |  |  | $ | 21.44 |  |  | $ | 10.44 |  |  | $ | 13.28 |
(a)Investments, at cost — unaffiliated |  | $ | 243,962,247 |  |  | $ | 563,386,172 |  |  | $ | 1,357,339,710 |  |  | $ | 700,161,001 |
(b)Investments, at cost — affiliated |  | $ | 2,837,978 |  |  | $ | 12,748,208 |  |  | $ | 48,566,704 |  |  | $ | 5,226,715 |
(c) Foreign currency, at cost |  | $ | 18,454 |  |  | $ | — |  |  | $ | 2,059 |  |  | $ | — |
(d)Foreign bank overdraft, at cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 528,864 |
(e)Premiums received |  | $ | 3,240,569 |  |  | $ | 11,084,600 |  |  | $ | 22,612,707 |  |  | $ | 7,350,560 |
(f) Shares outstanding |  |  | 29,108,471 |  |  |  | 44,121,400 |  |  |  | 186,003,434 |  |  |  | 64,025,316 |
(g)Shares authorized |  |  | Unlimited |  |  |  | 200 million |  |  |  | Unlimited |  |  |  | Unlimited |
(h)Par value |  | $ | 0.001 |  |  | $ | 0.10 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

138 |  | 2 0 2 1 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, 2021

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(a)(b) |  | $ | 708,983,095 |  |  | $ | 602,306,355 |  |  | $ | 3,445,131,676 |  |  | $ | 4,654,657,818 |
Investments, at value — affiliated(c) |  |  | 3,006,927 |  |  |  | 10,408,858 |  |  |  | 30,364,463 |  |  |  | 232,691,826 |
Cash |  |  | — |  |  |  | 320,426 |  |  |  | — |  |  |  | — |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | 7,091,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Collateral — OTC derivatives |  |  | 1,159,450 |  |  |  | 265,000 |  |  |  | 1,231,000 |  |  |  | 1,050,000 |
Foreign currency, at value(d) |  |  | — |  |  |  | — |  |  |  | 710 |  |  |  | 848 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | — |  |  |  | 303,595 |  |  |  | 2,989,209 |  |  |  | 289,987 |
Options written |  |  | 1,438,533 |  |  |  | 172,915 |  |  |  | 952,486 |  |  |  | 6,299,698 |
Securities lending income — affiliated |  |  | — |  |  |  | 2,279 |  |  |  | 40,751 |  |  |  | 61,662 |
Capital shares sold |  |  | — |  |  |  | 476,478 |  |  |  | — |  |  |  | — |
Dividends — unaffiliated |  |  | 2,335,255 |  |  |  | 471,897 |  |  |  | 1,087,390 |  |  |  | 529,235 |
Dividends — affiliated |  |  | 35 |  |  |  | 122 |  |  |  | 239 |  |  |  | 77 |
Deferred offering costs |  |  | — |  |  |  | 103,141 |  |  |  | — |  |  |  | — |
Total assets |  |  | 724,014,295 |  |  |  | 614,831,066 |  |  |  | 3,481,797,924 |  |  |  | 4,895,581,151 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | 1,558,135 |  |  |  | 868,091 |
Foreign bank overdraft(e) |  |  | 551,587 |  |  |  | 9,492 |  |  |  | — |  |  |  | — |
Due to broker |  |  | — |  |  |  | 265,000 |  |  |  | — |  |  |  | — |
Collateral on securities loaned, at value |  |  | — |  |  |  | 431,254 |  |  |  | 6,245,023 |  |  |  | 796,953 |
Options written, at value(f) |  |  | 7,406,017 |  |  |  | 6,019,812 |  |  |  | 36,875,732 |  |  |  | 68,185,597 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | — |  |  |  | 317,511 |  |  |  | — |  |  |  | 4,350,820 |
Deferred foreign capital gain tax |  |  | 491,018 |  |  |  | — |  |  |  | — |  |  |  | — |
Income dividend distributions |  |  | 167,405 |  |  |  | — |  |  |  | 3,282,593 |  |  |  | — |
Investment advisory fees |  |  | 535,641 |  |  |  | 487,998 |  |  |  | 3,459,487 |  |  |  | 4,798,750 |
Offering costs |  |  | — |  |  |  | 29,000 |  |  |  | — |  |  |  | — |
Trustees’ and Officer’s fees |  |  | 725,784 |  |  |  | 28,635 |  |  |  | 84,474 |  |  |  | — |
Options written |  |  | 711,259 |  |  |  | 897,314 |  |  |  | 1,564,569 |  |  |  | 5,263,715 |
Other accrued expenses |  |  | 402,802 |  |  |  | 211,115 |  |  |  | 698,299 |  |  |  | 288,714 |
Total liabilities |  |  | 10,991,513 |  |  |  | 8,697,131 |  |  |  | 53,768,312 |  |  |  | 84,552,640 |
NET ASSETS |  | $ | 713,022,782 |  |  | $ | 606,133,935 |  |  | $ | 3,428,029,612 |  |  | $ | 4,811,028,511 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(g)(h)(i) |  | $ | 618,323,885 |  |  | $ | 374,116,054 |  |  | $ | 2,253,396,500 |  |  | $ | 4,866,518,001 |
Accumumlated earnings (loss) |  |  | 94,698,897 |  |  |  | 232,017,881 |  |  |  | 1,174,633,112 |  |  |  | (55,489,490 | )
NET ASSETS |  | $ | 713,022,782 |  |  | $ | 606,133,935 |  |  | $ | 3,428,029,612 |  |  | $ | 4,811,028,511 |
Net asset value(g)(h)(i) |  | $ | 6.84 |  |  | $ | 47.73 |  |  | $ | 30.43 |  |  | $ | 19.77 |
(a)Investments, at cost — unaffiliated |  | $ | 574,617,585 |  |  | $ | 358,733,085 |  |  | $ | 2,341,081,164 |  |  | $ | 4,602,400,329 |
(b)Securities loaned, at value |  | $ | — |  |  | $ | 429,001 |  |  | $ | 3,791,714 |  |  | $ | 771,115 |
(c) Investments, at cost — affiliated |  | $ | 3,006,927 |  |  | $ | 10,408,858 |  |  | $ | 30,082,599 |  |  | $ | 266,649,848 |
(d)Foreign currency, at cost |  | $ | — |  |  | $ | — |  |  | $ | 715 |  |  | $ | 849 |
(e)Foreign bank overdraft, at cost |  | $ | 551,831 |  |  | $ | 9,500 |  |  | $ | — |  |  | $ | — |
(f) Premiums received |  | $ | 5,591,310 |  |  | $ | 5,172,885 |  |  | $ | 26,477,309 |  |  | $ | 43,810,527 |
(g)Shares outstanding |  |  | 104,237,971 |  |  |  | 12,700,462 |  |  |  | 112,669,825 |  |  |  | 243,328,558 |
(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 |  | 139

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2021

|  | BCX |  |  | BST(a) |  |  | BSTZ(a) |  |  | BUI |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(b)(c) |  | $ | 866,969,431 |  |  | $ | 1,436,947,277 |  |  | $ | 3,383,997,819 |  |  | $ | 498,777,258 |
Investments, at value — affiliated(d) |  |  | 10,298,740 |  |  |  | 3,872,747 |  |  |  | 36,399,985 |  |  |  | 7,971,532 |
Cash |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 428,359 |
Cash pledged as collateral for OTC derivatives |  |  | — |  |  |  | 2,650,000 |  |  |  | 16,510,000 |  |  |  | 183,100 |
Foreign currency, at value(e) |  |  | 89,642 |  |  |  | 1,593 |  |  |  | 1,772 |  |  |  | — |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | — |  |  |  | 1,911,523 |  |  |  | 10,820,331 |  |  |  | — |
Options written |  |  | 293,386 |  |  |  | 255,227 |  |  |  | 799,016 |  |  |  | 130,960 |
Securities lending income — affiliated |  |  | — |  |  |  | 17,419 |  |  |  | 99,555 |  |  |  | — |
Capital shares sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 596,530 |
Dividends — unaffiliated |  |  | 3,029,754 |  |  |  | 132,578 |  |  |  | 149,126 |  |  |  | 1,141,730 |
Dividends — affiliated |  |  | 607 |  |  |  | 90 |  |  |  | 266 |  |  |  | 63 |
Deferred offering costs |  |  | — |  |  |  | 205,452 |  |  |  | — |  |  |  | 53,151 |
Total assets |  |  | 880,681,560 |  |  |  | 1,445,993,906 |  |  |  | 3,448,777,870 |  |  |  | 509,282,683 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 2,502 |  |  |  | 2,558,708 |  |  |  | 229,186 |  |  |  | — |
Foreign bank overdraft(f) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,608 |
Collateral on securities loaned, at value |  |  | — |  |  |  | 3,872,747 |  |  |  | 4,331,436 |  |  |  | — |
Options written, at value(g) |  |  | 4,916,658 |  |  |  | 23,673,717 |  |  |  | 58,192,357 |  |  |  | 2,784,872 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 358 |  |  |  | — |  |  |  | 17,851,602 |  |  |  | 449,794 |
Deferred foreign capital gain tax |  |  | — |  |  |  | 511,654 |  |  |  | 2,046,819 |  |  |  | — |
Income dividend distributions |  |  | 124,512 |  |  |  | — |  |  |  | 2,412,628 |  |  |  | — |
Investment advisory fees |  |  | 732,413 |  |  |  | 1,061,586 |  |  |  | 3,278,077 |  |  |  | 403,631 |
Offering costs |  |  | — |  |  |  | 31,935 |  |  |  | — |  |  |  | 34,604 |
Trustees’ and Officer’s fees |  |  | 346,511 |  |  |  | 2,661 |  |  |  | 92,245 |  |  |  | 112 |
Options written |  |  | 153,786 |  |  |  | 750,537 |  |  |  | 3,679,635 |  |  |  | 24,190 |
Other accrued expenses |  |  | 424,195 |  |  |  | 451,404 |  |  |  | 1,010,931 |  |  |  | 266,342 |
Total liabilities |  |  | 6,700,935 |  |  |  | 32,914,949 |  |  |  | 93,124,916 |  |  |  | 3,984,153 |
NET ASSETS |  | $ | 873,980,625 |  |  | $ | 1,413,078,957 |  |  | $ | 3,355,652,954 |  |  | $ | 505,298,530 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(h)(i)(j) |  | $ | 1,114,975,900 |  |  | $ | 448,052,506 |  |  | $ | 1,506,840,775 |  |  | $ | 356,412,606 |
Accumumlated earnings (loss) |  |  | (240,995,275 | ) |  |  | 965,026,451 |  |  |  | 1,848,812,179 |  |  |  | 148,885,924 |
NET ASSETS |  | $ | 873,980,625 |  |  | $ | 1,413,078,957 |  |  | $ | 3,355,652,954 |  |  | $ | 505,298,530 |
Net asset value(h)(i)(j) |  | $ | 9.90 |  |  | $ | 55.94 |  |  | $ | 42.97 |  |  | $ | 24.87 |
(a)Consolidated Statement of Assets and Liabilities. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b)Investments, at cost — unaffiliated |  | $ | 634,948,073 |  |  | $ | 525,414,250 |  |  | $ | 1,574,014,011 |  |  | $ | 324,593,340 |
(c)Securities loaned, at value |  | $ | — |  |  | $ | 3,748,552 |  |  | $ | 4,272,638 |  |  | $ | — |
(d)Investments, at cost — affiliated |  | $ | 10,298,740 |  |  | $ | 3,872,747 |  |  | $ | 36,399,985 |  |  | $ | 7,971,532 |
(e)Foreign currency, at cost |  | $ | 89,671 |  |  | $ | 1,641 |  |  | $ | 1,776 |  |  | $ | — |
(f)Foreign bank overdraft, at cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20,770 |
(g)Premiums received |  | $ | 8,728,329 |  |  | $ | 11,659,670 |  |  | $ | 27,008,924 |  |  | $ | 3,762,877 |
(h)Shares outstanding |  |  | 88,315,994 |  |  |  | 25,260,448 |  |  |  | 78,089,962 |  |  |  | 20,319,397 |
(i)Shares authorized |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |
(j)Par value |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

140 |  | 2 0 2 1 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, 2021

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 5,582,366 |  |  | $ | 5,637,085 |  |  | $ | 23,740,360 |  |  | $ | 11,302,634 |
Dividends — affiliated |  |  | 245 |  |  |  | 1,133 |  |  |  | 1,352 |  |  |  | 604 |
Securities lending income — affiliated — net |  |  | — |  |  |  | — |  |  |  | 4,054 |  |  |  | — |
Foreign taxes withheld |  |  | (455,501 | ) |  |  | (138,611 | ) |  |  | (1,034,408 | ) |  |  | (457,569 | )
Total investment income |  |  | 5,127,110 |  |  |  | 5,499,607 |  |  |  | 22,711,358 |  |  |  | 10,845,669 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 1,643,981 |  |  |  | 3,810,430 |  |  |  | 7,456,575 |  |  |  | 4,058,708 |
Trustees and Officer |  |  | 77,954 |  |  |  | 59,729 |  |  |  | 193,916 |  |  |  | 132,269 |
Professional |  |  | 41,945 |  |  |  | 57,357 |  |  |  | 99,176 |  |  |  | 70,138 |
Transfer agent |  |  | 35,513 |  |  |  | 42,563 |  |  |  | 82,558 |  |  |  | 48,944 |
Custodian |  |  | 27,700 |  |  |  | 22,312 |  |  |  | 61,848 |  |  |  | 51,986 |
Accounting services |  |  | 20,242 |  |  |  | 24,000 |  |  |  | 46,031 |  |  |  | 28,903 |
Rating agency |  |  | 5,238 |  |  |  | 8,351 |  |  |  | 13,189 |  |  |  | 7,927 |
Registration |  |  | 5,121 |  |  |  | 7,576 |  |  |  | 45,602 |  |  |  | 11,224 |
Printing and postage |  |  | 3,686 |  |  |  | 14,235 |  |  |  | 14,296 |  |  |  | 2,705 |
Miscellaneous |  |  | 30,505 |  |  |  | 24,253 |  |  |  | 40,601 |  |  |  | 64,329 |
Total expenses |  |  | 1,891,885 |  |  |  | 4,070,806 |  |  |  | 8,053,792 |  |  |  | 4,477,133 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (301,978 | ) |  |  | (2,673 | ) |  |  | (2,923 | ) |  |  | (711,645 | )
Total expenses after fees waived and/or reimbursed |  |  | 1,589,907 |  |  |  | 4,068,133 |  |  |  | 8,050,869 |  |  |  | 3,765,488 |
Net investment income |  |  | 3,537,203 |  |  |  | 1,431,474 |  |  |  | 14,660,489 |  |  |  | 7,080,181 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (10,206,192 | ) |  |  | 57,504,744 |  |  |  | 153,235,236 |  |  |  | 72,726,717 |
Foreign currency transactions |  |  | (33,037 | ) |  |  | — |  |  |  | 27,762 |  |  |  | (154,206 | )
Options written |  |  | (7,788,133 | ) |  |  | (15,068,271 | ) |  |  | (62,390,351 | ) |  |  | (7,271,190 | )
Payment by affiliate |  |  | 25,456 |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | (18,001,906 | ) |  |  | 42,436,473 |  |  |  | 90,872,647 |  |  |  | 65,301,321 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 79,385,620 |  |  |  | 81,934,324 |  |  |  | 135,349,710 |  |  |  | 16,842,264 |
Foreign currency translations |  |  | (5,478 | ) |  |  | — |  |  |  | (25,698 | ) |  |  | (52,024 | )
Options written |  |  | 270,941 |  |  |  | (153,841 | ) |  |  | 18,576,411 |  |  |  | (1,024,212 | )
|  |  | 79,651,083 |  |  |  | 81,780,483 |  |  |  | 153,900,423 |  |  |  | 15,766,028 |
Net realized and unrealized gain |  |  | 61,649,177 |  |  |  | 124,216,956 |  |  |  | 244,773,070 |  |  |  | 81,067,349 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 65,186,380 |  |  | $ | 125,648,430 |  |  | $ | 259,433,559 |  |  | $ | 88,147,530 |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 141

Statements of Operations (unaudited) (continued)

Six Months Ended June 30, 2021

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ(a) |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 10,633,835 |  |  | $ | 3,333,183 |  |  | $ | 4,017,385 |  |  | $ | 815,867 |
Dividends — affiliated |  |  | 604 |  |  |  | 1,036 |  |  |  | 4,302 |  |  |  | 42,766 |
Securities lending income — affiliated — net |  |  | — |  |  |  | 6,520 |  |  |  | 116,400 |  |  |  | 61,662 |
Foreign taxes withheld |  |  | (761,945 | ) |  |  | (78,907 | ) |  |  | (373,532 | ) |  |  | — |
Total investment income |  |  | 9,872,494 |  |  |  | 3,261,832 |  |  |  | 3,764,555 |  |  |  | 920,295 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 3,458,474 |  |  |  | 2,820,129 |  |  |  | 20,934,637 |  |  |  | 14,497,955 |
Trustees and Officer |  |  | 111,554 |  |  |  | 20,126 |  |  |  | 103,533 |  |  |  | 22,382 |
Professional |  |  | 64,880 |  |  |  | 45,560 |  |  |  | 143,488 |  |  |  | 68,317 |
Custodian |  |  | 54,868 |  |  |  | 51,204 |  |  |  | 101,068 |  |  |  | 76,439 |
Transfer agent |  |  | 45,216 |  |  |  | 30,585 |  |  |  | 66,235 |  |  |  | 43,315 |
Accounting services |  |  | 24,000 |  |  |  | 14,178 |  |  |  | 132,162 |  |  |  | 88,925 |
Registration |  |  | 18,130 |  |  |  | 5,801 |  |  |  | — |  |  |  | — |
Rating agency |  |  | 7,327 |  |  |  | 6,688 |  |  |  | 20,617 |  |  |  | — |
Printing and postage |  |  | 3,486 |  |  |  | 3,861 |  |  |  | 12,137 |  |  |  | 2,548 |
Offering |  |  | — |  |  |  | 61,531 |  |  |  | — |  |  |  | — |
Miscellaneous |  |  | 93,365 |  |  |  | 30,518 |  |  |  | 72,734 |  |  |  | 38,519 |
Total expenses |  |  | 3,881,300 |  |  |  | 3,090,181 |  |  |  | 21,586,611 |  |  |  | 14,838,400 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (347,235 | ) |  |  | (2,530 | ) |  |  | (9,915 | ) |  |  | (362,022 | )
Total expenses after fees waived and/or reimbursed |  |  | 3,534,065 |  |  |  | 3,087,651 |  |  |  | 21,576,696 |  |  |  | 14,476,378 |
Net investment income (loss) |  |  | 6,338,429 |  |  |  | 174,181 |  |  |  | (17,812,141 | ) |  |  | (13,556,083 | )
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 53,327,905 | (b) |  |  | 16,414,021 |  |  |  | 192,710,231 |  |  |  | (50,188,072 | )
Investments — affiliated |  |  | — |  |  |  | (9 | ) |  |  | 139 |  |  |  | 11,883,538 |
Foreign currency transactions |  |  | (181,058 | ) |  |  | 4,961 |  |  |  | (20,983 | ) |  |  | 29,389 |
Options written |  |  | (7,980,801 | ) |  |  | (3,095,078 | ) |  |  | (11,593,593 | ) |  |  | 26,727,084 |
|  |  | 45,166,046 |  |  |  | 13,323,895 |  |  |  | 181,095,794 |  |  |  | (11,548,061 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 6,918,558 | (c) |  |  | 26,019,338 |  |  |  | (115,145,685 | ) |  |  | 52,257,489 |
Investments — affiliated |  |  | — |  |  |  | — |  |  |  | (169,620 | ) |  |  | (33,958,022 | )
Foreign currency translations |  |  | (79,464 | ) |  |  | (1,415 | ) |  |  | (11,531 | ) |  |  | (1 | )
Options written |  |  | (1,130,084 | ) |  |  | 465,819 |  |  |  | 5,317,215 |  |  |  | (24,375,070 | )
|  |  | 5,709,010 |  |  |  | 26,483,742 |  |  |  | (110,009,621 | ) |  |  | (6,075,604 | )
Net realized and unrealized gain (loss) |  |  | 50,875,056 |  |  |  | 39,807,637 |  |  |  | 71,086,173 |  |  |  | (17,623,665 | )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 57,213,485 |  |  | $ | 39,981,818 |  |  | $ | 53,274,032 |  |  | $ | (31,179,748 | )
(a) The Trust commenced operations on March 29, 2021. |  |  |  |  |  |  |  |  |  |  |  |  |
(b) Net of foreign capital gain tax of |  | $ | 125,053 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(c) Net of increase in deferred foreign capital gain tax of |  | $ | (111,595 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |

See notes to financial statements.

142 |  | 2 0 2 1 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, 2021

|  | BCX |  |  | BST(a) |  |  | BSTZ(a) |  |  | BUI |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 16,765,282 |  |  | $ | 1,252,121 |  |  | $ | 1,155,154 |  |  | $ | 4,833,520 |
Dividends — affiliated |  |  | 825 |  |  |  | 1,770 |  |  |  | 4,758 |  |  |  | 840 |
Securities lending income — affiliated — net |  |  | — |  |  |  | 41,953 |  |  |  | 180,510 |  |  |  | 12,630 |
Non-cash dividends — unaffiliated |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 282,863 |
Foreign taxes withheld |  |  | (905,737 | ) |  |  | (48,230 | ) |  |  | (138,472 | ) |  |  | (446,622 | )
Total investment income |  |  | 15,860,370 |  |  |  | 1,247,614 |  |  |  | 1,201,950 |  |  |  | 4,683,231 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 4,151,964 |  |  |  | 6,639,306 |  |  |  | 19,406,135 |  |  |  | 2,372,762 |
Trustees and Officer |  |  | 69,379 |  |  |  | 40,582 |  |  |  | 100,788 |  |  |  | 13,685 |
Professional |  |  | 68,278 |  |  |  | 100,834 |  |  |  | 190,938 |  |  |  | 41,441 |
Custodian |  |  | 51,053 |  |  |  | 78,201 |  |  |  | 152,777 |  |  |  | 39,307 |
Transfer agent |  |  | 49,097 |  |  |  | 47,448 |  |  |  | 59,780 |  |  |  | 28,466 |
Accounting services |  |  | 28,826 |  |  |  | 24,000 |  |  |  | 109,941 |  |  |  | 24,000 |
Rating agency |  |  | 21,611 |  |  |  | 10,507 |  |  |  | 19,541 |  |  |  | 19,832 |
Registration |  |  | 15,597 |  |  |  | 4,782 |  |  |  | 15,086 |  |  |  | 4,938 |
Printing and postage |  |  | 2,904 |  |  |  | 4,022 |  |  |  | 5,477 |  |  |  | 3,205 |
Offering |  |  | — |  |  |  | 29,000 |  |  |  | — |  |  |  | 29,000 |
Miscellaneous |  |  | 55,384 |  |  |  | 116,078 |  |  |  | 269,385 |  |  |  | 42,925 |
Total expenses |  |  | 4,514,093 |  |  |  | 7,094,760 |  |  |  | 20,329,848 |  |  |  | 2,619,561 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (1,871 | ) |  |  | (335,543 | ) |  |  | (10,015 | ) |  |  | (61,255 | )
Total expenses after fees waived and/or reimbursed |  |  | 4,512,222 |  |  |  | 6,759,217 |  |  |  | 20,319,833 |  |  |  | 2,558,306 |
Net investment income (loss) |  |  | 11,348,148 |  |  |  | (5,511,603 | ) |  |  | (19,117,883 | ) |  |  | 2,124,925 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 53,030,904 |  |  |  | 125,846,427 |  |  |  | 250,799,212 |  |  |  | 9,890,029 |
Investments — affiliated |  |  | — |  |  |  | — |  |  |  | 643 |  |  |  | 17 |
Foreign currency transactions |  |  | (55,262 | ) |  |  | (42,068 | ) |  |  | (238,387 | ) |  |  | 13,341 |
Options written |  |  | (26,931,614 | ) |  |  | (1,568,383 | ) |  |  | (18,711,994 | ) |  |  | (6,184,734 | )
|  |  | 26,044,028 |  |  |  | 124,235,976 |  |  |  | 231,849,474 |  |  |  | 3,718,653 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 100,547,306 |  |  |  | 18,177,770 | (b) |  |  | 195,205,311 | (b) |  |  | 24,826,566 |
Foreign currency translations |  |  | (14,431 | ) |  |  | (1,166 | ) |  |  | (1,418 | ) |  |  | (27,373 | )
Options written |  |  | 10,636,050 |  |  |  | (4,020,080 | ) |  |  | (4,652,312 | ) |  |  | 2,740,627 |
|  |  | 111,168,925 |  |  |  | 14,156,524 |  |  |  | 190,551,581 |  |  |  | 27,539,820 |
Net realized and unrealized gain |  |  | 137,212,953 |  |  |  | 138,392,500 |  |  |  | 422,401,055 |  |  |  | 31,258,473 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 148,561,101 |  |  | $ | 132,880,897 |  |  | $ | 403,283,172 |  |  | $ | 33,383,398 |
(a) Consolidated Statement of Operations. (b) Net of increase in deferred foreign capital gain tax of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  |  | $ | (511,654 | ) |  | $ | (2,046,819 | ) |  | $ | — |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 143

Statements of Changes in Net Assets

|  | BGR |  |  | CII |
|  | Six Months Ended 06/30/21 (unaudited) |  |  | Year Ended 12/31/20 |  |  | Six Months Ended 06/30/21 (unaudited) |  |  | Year Ended 12/31/20 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 3,537,203 |  |  | $ | 9,391,948 |  |  | $ | 1,431,474 |  |  | $ | 5,811,399 |
Net realized gain (loss) |  |  | (18,001,906 | ) |  |  | (88,982,831 | ) |  |  | 42,436,473 |  |  |  | 26,868,142 |
Net change in unrealized appreciation (depreciation) |  |  | 79,651,083 |  |  |  | (33,080,100 | ) |  |  | 81,780,483 |  |  |  | 64,682,735 |
Net increase (decrease) in net assets resulting from operations |  |  | 65,186,380 |  |  |  | (112,670,983 | ) |  |  | 125,648,430 |  |  |  | 97,362,276 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (6,549,406 | )(b) |  |  | (9,329,536 | ) |  |  | (23,163,735 | ) |  |  | (46,327,470 | )
Return of capital |  |  | — |  |  |  | (10,213,545 | ) |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (6,549,406 | ) |  |  | (19,543,081 | ) |  |  | (23,163,735 | ) |  |  | (46,327,470 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  | (4,813,281 | ) |  |  | — |  |  |  | — |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 58,636,974 |  |  |  | (137,027,345 | ) |  |  | 102,484,695 |  |  |  | 51,034,806 |
Beginning of period |  |  | 237,868,478 |  |  |  | 374,895,823 |  |  |  | 843,673,202 |  |  |  | 792,638,396 |
End of period |  | $ | 296,505,452 |  |  | $ | 237,868,478 |  |  | $ | 946,157,897 |  |  | $ | 843,673,202 |

(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.

144 |  | 2 0 2 1 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 06/30/21 (unaudited) |  |  | Year Ended 12/31/20 |  |  | Six Months Ended 06/30/21 (unaudited) |  |  | Year Ended 12/31/20 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 14,660,489 |  |  | $ | 34,483,661 |  |  | $ | 7,080,181 |  |  | $ | 16,919,404 |
Net realized gain (loss) |  |  | 90,872,647 |  |  |  | 25,963,990 |  |  |  | 65,301,321 |  |  |  | (20,345,581 | )
Net change in unrealized appreciation (depreciation) |  |  | 153,900,423 |  |  |  | (79,304,070 | ) |  |  | 15,766,028 |  |  |  | 45,992,227 |
Net increase (decrease) in net assets resulting from operations |  |  | 259,433,559 |  |  |  | (18,856,419 | ) |  |  | 88,147,530 |  |  |  | 42,566,050 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (55,801,030 | ) |  |  | (112,342,324 | ) |  |  | (24,202,739 | ) |  |  | (16,818,451 | )
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (32,343,267 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (55,801,030 | ) |  |  | (112,342,324 | ) |  |  | (24,202,739 | ) |  |  | (49,161,718 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  | (11,354,242 | ) |  |  | (205,246 | ) |  |  | (14,886,112 | )
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 203,632,529 |  |  |  | (142,552,985 | ) |  |  | 63,739,545 |  |  |  | (21,481,780 | )
Beginning of period |  |  | 1,739,122,305 |  |  |  | 1,881,675,290 |  |  |  | 786,230,002 |  |  |  | 807,711,782 |
End of period |  | $ | 1,942,754,834 |  |  | $ | 1,739,122,305 |  |  | $ | 849,969,547 |  |  | $ | 786,230,002 |

(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 |  | 145

Statements of Changes in Net Assets (continued)

|  | BGY |  |  | BME |
|  | Six Months Ended 06/30/21 (unaudited) |  |  | Year Ended 12/31/20 |  |  | Six Months Ended 06/30/21 (unaudited) |  |  | Year Ended 12/31/20 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 6,338,429 |  |  | $ | 12,589,207 |  |  | $ | 174,181 |  |  | $ | 68,856 |
Net realized gain (loss) |  |  | 45,166,046 |  |  |  | (25,760,822 | ) |  |  | 13,323,895 |  |  |  | 21,389,585 |
Net change in unrealized appreciation (depreciation) |  |  | 5,709,010 |  |  |  | 56,961,229 |  |  |  | 26,483,742 |  |  |  | 58,101,987 |
Net increase in net assets resulting from operations |  |  | 57,213,485 |  |  |  | 43,789,614 |  |  |  | 39,981,818 |  |  |  | 79,560,428 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (21,139,460 | ) |  |  | (12,744,924 | ) |  |  | (14,792,005 | ) |  |  | (27,390,801 | )
Return of capital |  |  | — |  |  |  | (29,856,975 | ) |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (21,139,460 | ) |  |  | (42,601,899 | ) |  |  | (14,792,005 | ) |  |  | (27,390,801 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  | 34,062,716 |  |  |  | 45,251,850 |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | 944,907 |  |  |  | 1,742,431 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  | (7,486,085 | ) |  |  | — |  |  |  | — |
Net increase (decrease) in net assets derived from capital share transactions |  |  | — |  |  |  | (7,486,085 | ) |  |  | 35,007,623 |  |  |  | 46,994,281 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 36,074,025 |  |  |  | (6,298,370 | ) |  |  | 60,197,436 |  |  |  | 99,163,908 |
Beginning of period |  |  | 676,948,757 |  |  |  | 683,247,127 |  |  |  | 545,936,499 |  |  |  | 446,772,591 |
End of period |  | $ | 713,022,782 |  |  | $ | 676,948,757 |  |  | $ | 606,133,935 |  |  | $ | 545,936,499 |

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

See notes to financial statements.

146 |  | 2 0 2 1 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 06/30/21 (unaudited) |  |  |  | Period from 01/30/20 to 12/31/20 | (a) |  |  | Period from 03/29/21 to 06/30/21 (unaudited) | (a)
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |
Net investment loss |  | $ | (17,812,141 | ) |  | $ | (24,489,080 | ) |  | $ | (13,556,083 | )
Net realized gain (loss) |  |  | 181,095,794 |  |  |  | 131,179,423 |  |  |  | (11,548,061 | )
Net change in unrealized appreciation (depreciation) |  |  | (110,009,621 | ) |  |  | 1,203,954,044 |  |  |  | (6,075,604 | )
Net increase (decrease) in net assets resulting from operations |  |  | 53,274,032 |  |  |  | 1,310,644,387 |  |  |  | (31,179,748 | )
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |
Decrease in net assets resulting from distributions to shareholders |  |  | (87,882,464 | ) |  |  | (101,402,843 | ) |  |  | (24,309,742 | )(c)
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | 2,253,296,500 |  |  |  | 4,861,848,440 |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | 4,569,561 |
Net increase in net assets derived from capital share transactions |  |  | — |  |  |  | 2,253,296,500 |  |  |  | 4,866,418,001 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | (34,608,432 | ) |  |  | 3,462,538,044 |  |  |  | 4,810,928,511 |
Beginning of period |  |  | 3,462,638,044 |  |  |  | 100,000 |  |  |  | 100,000 |
End of period |  | $ | 3,428,029,612 |  |  | $ | 3,462,638,044 |  |  | $ | 4,811,028,511 |

(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 |  | 147

Statements of Changes in Net Assets (continued)

|  | BCX |  |  | BST |
|  |  | Six Months Ended 06/30/21 (unaudited) |  |  |  | Year Ended 12/31/20 |  |  |  | Six Months Ended 06/30/21 (unaudited) | (a) |  |  | Year Ended 12/31/20 | (a)
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 11,348,148 |  |  | $ | 17,695,239 |  |  | $ | (5,511,603 | ) |  | $ | (6,690,031 | )
Net realized gain (loss) |  |  | 26,044,028 |  |  |  | (51,657,513 | ) |  |  | 124,235,976 |  |  |  | 11,596,671 |
Net change in unrealized appreciation (depreciation) |  |  | 111,168,925 |  |  |  | 22,570,394 |  |  |  | 14,156,524 |  |  |  | 516,296,551 |
Net increase (decrease) in net assets resulting from operations |  |  | 148,561,101 |  |  |  | (11,391,880 | ) |  |  | 132,880,897 |  |  |  | 521,203,191 |
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (21,195,839 | )(c) |  |  | (20,310,556 | ) |  |  | (32,178,242 | ) |  |  | (49,046,315 | )
Return of capital |  |  | — |  |  |  | (27,173,604 | ) |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (21,195,839 | ) |  |  | (47,484,160 | ) |  |  | (32,178,242 | ) |  |  | (49,046,315 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  | 12,814,651 |  |  |  | 80,490,747 |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | 2,217,548 |  |  |  | 2,024,962 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  | (17,262,335 | ) |  |  | — |  |  |  | — |
Net increase (decrease) in net assets derived from capital share transactions |  |  | — |  |  |  | (17,262,335 | ) |  |  | 15,032,199 |  |  |  | 82,515,709 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 127,365,262 |  |  |  | (76,138,375 | ) |  |  | 115,734,854 |  |  |  | 554,672,585 |
Beginning of period |  |  | 746,615,363 |  |  |  | 822,753,738 |  |  |  | 1,297,344,103 |  |  |  | 742,671,518 |
End of period |  | $ | 873,980,625 |  |  | $ | 746,615,363 |  |  | $ | 1,413,078,957 |  |  | $ | 1,297,344,103 |

(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.

148 |  | 2 0 2 1 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 |  |  |  |  |  | BUI |
|  |  | Six Months Ended 06/30/21 (unaudited) | (a) |  |  | Year Ended 12/31/20 | (a) |  |  |  |  |  |  | Six Months Ended 06/30/21 (unaudited) |  |  |  | Year Ended 12/31/20 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | (19,117,883 | ) |  | $ | (23,552,855 | ) |  |  |  |  |  | $ | 2,124,925 |  |  | $ | 5,932,846 |
Net realized gain |  |  | 231,849,474 |  |  |  | 68,051,628 |  |  |  |  |  |  |  | 3,718,653 |  |  |  | 5,076,772 |
Net change in unrealized appreciation (depreciation) |  |  | 190,551,581 |  |  |  | 1,440,501,253 |  |  |  |  |  |  |  | 27,539,820 |  |  |  | 47,279,667 |
Net increase in net assets resulting from operations |  |  | 403,283,172 |  |  |  | 1,485,000,026 |  |  |  |  |  |  |  | 33,383,398 |  |  |  | 58,289,285 |
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (71,374,226 | ) |  |  | (85,373,164 | ) |  |  |  |  |  |  | (14,152,749 | )(c) |  |  | (22,859,592 | )
Return of capital |  |  | — |  |  |  | (11,848,839 | ) |  |  |  |  |  |  | — |  |  |  | (3,077,573 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (71,374,226 | ) |  |  | (97,222,003 | ) |  |  |  |  |  |  | (14,152,749 | ) |  |  | (25,937,165 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 40,762,313 |  |  |  | 27,563,701 |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 779,595 |  |  |  | 1,273,042 |
Net increase in net assets derived from capital share transactions |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 41,541,908 |  |  |  | 28,836,743 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase in net assets |  |  | 331,908,946 |  |  |  | 1,387,778,023 |  |  |  |  |  |  |  | 60,772,557 |  |  |  | 61,188,863 |
Beginning of period |  |  | 3,023,744,008 |  |  |  | 1,635,965,985 |  |  |  |  |  |  |  | 444,525,973 |  |  |  | 383,337,110 |
End of period |  | $ | 3,355,652,954 |  |  | $ | 3,023,744,008 |  |  |  |  |  |  | $ | 505,298,530 |  |  | $ | 444,525,973 |

(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 |  | 149

Statements of Cash Flows (unaudited)

Six Months Ended June 30, 2021

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 65,186,380 |  |  | $ | 125,648,430 |  |  | $ | 259,433,559 |  |  | $ | 88,147,530 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments and principal paydowns/payups |  |  | 102,832,590 |  |  |  | 173,710,800 |  |  |  | 532,883,354 |  |  |  | 408,519,026 |
Purchases of long-term investments |  |  | (92,600,261 | ) |  |  | (134,023,742 | ) |  |  | (390,209,680 | ) |  |  | (375,968,739 | )
Net proceeds from sales (purchases) of short-term securities |  |  | 580,508 |  |  |  | (1,134,204 | ) |  |  | (36,550,067 | ) |  |  | (5,226,715 | )
Premiums paid on closing options written |  |  | (20,665,804 | ) |  |  | (66,015,594 | ) |  |  | (173,031,373 | ) |  |  | (40,795,382 | )
Premiums received from options written |  |  | 12,998,783 |  |  |  | 49,901,172 |  |  |  | 105,949,292 |  |  |  | 31,982,845 |
Net realized (gain) loss on investments and options written |  |  | 18,502,819 |  |  |  | (42,432,039 | ) |  |  | (89,404,982 | ) |  |  | (65,151,399 | )
Net unrealized appreciation on investments, options written and foreign currency translations |  |  | (79,656,561 | ) |  |  | (81,780,483 | ) |  |  | (153,926,121 | ) |  |  | (15,818,053 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 84 |  |  |  | 208 |  |  |  | (85 | ) |  |  | 164 |
Dividends — unaffiliated |  |  | (492,030 | ) |  |  | (138,647 | ) |  |  | 488,601 |  |  |  | 398,576 |
Prepaid expenses |  |  | 7,014 |  |  |  | 2,923 |  |  |  | 82,666 |  |  |  | — |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees |  |  | 39,773 |  |  |  | 59,388 |  |  |  | 127,555 |  |  |  | 35,462 |
Trustees’ and Officer’s fees |  |  | 46,327 |  |  |  | 32,910 |  |  |  | 118,078 |  |  |  | 81,908 |
Other accrued expenses |  |  | 54,971 |  |  |  | 68,657 |  |  |  | 148,949 |  |  |  | 85,062 |
Net cash provided by operating activities |  |  | 6,834,593 |  |  |  | 23,899,779 |  |  |  | 56,109,746 |  |  |  | 26,290,285 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (6,554,032 | ) |  |  | (23,164,551 | ) |  |  | (55,828,845 | ) |  |  | (24,205,149 | )
Net payments on redemption of capital shares |  |  | (330,212 | ) |  |  | — |  |  |  | — |  |  |  | (559,569 | )
Increase (decrease) in bank overdraft |  |  | 9,230 |  |  |  | — |  |  |  | (66,281 | ) |  |  | (836,148 | )
Net cash used for financing activities |  |  | (6,875,014 | ) |  |  | (23,164,551 | ) |  |  | (55,895,126 | ) |  |  | (25,600,866 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | (57 | ) |  |  | — |  |  |  | (51 | ) |  |  | 1,037 |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  | (40,478 | ) |  |  | 735,228 |  |  |  | 214,569 |  |  |  | 690,456 |
Restricted and unrestricted cash and foreign currency at beginning of period |  |  | 58,926 |  |  |  | 30,000 |  |  |  | 1,737 |  |  |  | 4,905,770 |
Restricted and unrestricted cash and foreign currency at end of period |  | $ | 18,448 |  |  | $ | 765,228 |  |  | $ | 216,306 |  |  | $ | 5,596,226 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | 345,228 |  |  | $ | 214,318 |  |  | $ | 58,596 |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,880,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | 420,000 |  |  |  | — |  |  |  | 657,630 |
Foreign currency at value |  |  | 18,448 |  |  |  | — |  |  |  | 1,988 |  |  |  | — |
|  | $ | 18,448 |  |  | $ | 765,228 |  |  | $ | 216,306 |  |  | $ | 5,596,226 |

See notes to financial statements.

150 |  | 2 0 2 1 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, 2021

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 57,213,485 |  |  | $ | 39,981,818 |  |  | $ | 53,274,032 |  |  | $ | (31,179,748 | )
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 333,235,642 |  |  |  | 86,517,761 |  |  |  | 643,279,600 |  |  |  | 749,920,809 |
Purchases of long-term investments |  |  | (313,608,383 | ) |  |  | (107,294,444 | ) |  |  | (539,648,581 | ) |  |  | (5,654,692,384 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (2,719,546 | ) |  |  | 3,468,470 |  |  |  | 21,680,569 |  |  |  | (6,878,413 | )
Premiums paid on closing options written |  |  | (32,853,531 | ) |  |  | (27,676,110 | ) |  |  | (128,960,399 | ) |  |  | (14,519,339 | )
Premiums received from options written |  |  | 23,391,659 |  |  |  | 24,068,454 |  |  |  | 110,646,107 |  |  |  | 92,377,076 |
Net realized (gain) loss on investments and options written |  |  | (45,460,362 | ) |  |  | (13,314,281 | ) |  |  | (181,135,487 | ) |  |  | 11,577,449 |
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations |  |  | (1,438,080 | ) |  |  | (26,485,157 | ) |  |  | 109,998,089 |  |  |  | 6,075,606 |
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 260 |  |  |  | 261 |  |  |  | 173 |  |  |  | (77 | )
Dividends — unaffiliated |  |  | 28,720 |  |  |  | (25,826 | ) |  |  | (493,703 | ) |  |  | (529,235 | )
Securities lending income — affiliated |  |  | — |  |  |  | (2,034 | ) |  |  | 9,187 |  |  |  | (61,662 | )
Prepaid expenses |  |  | — |  |  |  | 4,777 |  |  |  | 20,218 |  |  |  | — |
Deferred offering costs |  |  | — |  |  |  | 23,665 |  |  |  | — |  |  |  | — |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due to broker |  |  | — |  |  |  | 265,000 |  |  |  | — |  |  |  | — |
Collateral on securities loaned at value |  |  | — |  |  |  | 328,553 |  |  |  | (3,332,797 | ) |  |  | 796,953 |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred capital gain tax |  |  | 111,595 |  |  |  | — |  |  |  | — |  |  |  | — |
Investment advisory fees |  |  | 25,696 |  |  |  | 38,950 |  |  |  | (105,715 | ) |  |  | 4,798,750 |
Trustees’ and Officer’s fees |  |  | 65,155 |  |  |  | 3,174 |  |  |  | 37,027 |  |  |  | — |
Other accrued expenses |  |  | 109,025 |  |  |  | 74,865 |  |  |  | 247,905 |  |  |  | 288,714 |
Net cash provided by (used for) operating activities |  |  | 18,101,335 |  |  |  | (20,022,104 | ) |  |  | 85,516,225 |  |  |  | (4,842,025,501 | )
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (21,140,512 | ) |  |  | (13,847,098 | ) |  |  | (86,901,163 | ) |  |  | (19,740,181 | )
Payments for offering costs |  |  | — |  |  |  | 29,000 |  |  |  | — |  |  |  | — |
Increase in bank overdraft |  |  | 551,587 |  |  |  | 9,492 |  |  |  | 1,352,680 |  |  |  | 868,091 |
Proceeds from issuance of capital shares |  |  | — |  |  |  | 34,204,432 |  |  |  | — |  |  |  | 4,861,948,440 |
Net cash provided by (used for) for financing activities |  |  | (20,588,925 | ) |  |  | 20,395,826 |  |  |  | (85,548,483 | ) |  |  | 4,843,076,350 |
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | 2,791 |  |  |  | 8 |  |  |  | (37 | ) |  |  | (1 | )
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  | (2,484,799 | ) |  |  | 373,730 |  |  |  | (32,295 | ) |  |  | 1,050,848 |
Restricted and unrestricted cash and foreign currency at beginning of period |  |  | 10,735,249 |  |  |  | 211,696 |  |  |  | 1,264,005 |  |  |  | — |
Restricted and unrestricted cash and foreign currency at end of period |  | $ | 8,250,450 |  |  | $ | 585,426 |  |  | $ | 1,231,710 |  |  | $ | 1,050,848 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to shareholders |  | $ | — |  |  | $ | 944,907 |  |  | $ | — |  |  | $ | 4,569,561 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | 320,426 |  |  | $ | — |  |  | $ | — |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | 7,091,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Collateral — OTC derivatives |  |  | 1,159,450 |  |  |  | 265,000 |  |  |  | 1,231,000 |  |  |  | 1,050,000 |
Foreign currency at value |  |  | — |  |  |  | — |  |  |  | 710 |  |  |  | 848 |
|  | $ | 8,250,450 |  |  | $ | 585,426 |  |  | $ | 1,231,710 |  |  | $ | 1,050,848 |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 151

Statements of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2021

|  | BCX |  |  | BST |  |  | BSTZ |  |  | BUI |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 148,561,101 |  |  | $ | 132,880,897 |  |  | $ | 403,283,172 |  |  | $ | 33,383,398 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments and principal paydowns/payups |  |  | 320,489,328 |  |  |  | 208,593,855 |  |  |  | 536,835,198 |  |  |  | 34,558,586 |
Purchases of long-term investments |  |  | (272,152,701 | ) |  |  | (197,379,596 | ) |  |  | (419,530,261 | ) |  |  | (60,848,300 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (10,009,076 | ) |  |  | 5,393,990 |  |  |  | (14,710,577 | ) |  |  | 414,076 |
Amortization of premium and accretion of discount on investments and other fees |  |  | — |  |  |  | 1,319 |  |  |  | (3,495 | ) |  |  | — |
Premiums paid on closing options written |  |  | (67,396,240 | ) |  |  | (64,100,305 | ) |  |  | (145,748,058 | ) |  |  | (21,768,655 | )
Premiums received from options written |  |  | 40,030,213 |  |  |  | 59,672,597 |  |  |  | 124,964,368 |  |  |  | 15,373,179 |
Net realized gain on investments and options written |  |  | (24,809,308 | ) |  |  | (124,274,075 | ) |  |  | (232,087,861 | ) |  |  | (3,275,243 | )
Net unrealized appreciation on investments, options written and foreign currency translations |  |  | (111,183,356 | ) |  |  | (14,669,344 | ) |  |  | (192,599,818 | ) |  |  | (27,567,193 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | (488 | ) |  |  | 283 |  |  |  | 642 |  |  |  | 205 |
Dividends — unaffiliated |  |  | (2,177,915 | ) |  |  | 25,222 |  |  |  | 187,005 |  |  |  | (192,019 | )
Securities lending income — affiliated |  |  | — |  |  |  | (17,419 | ) |  |  | (84,935 | ) |  |  | — |
Prepaid expenses |  |  | — |  |  |  | 9,533 |  |  |  | 2,482 |  |  |  | 7,830 |
Deferred offering costs |  |  | — |  |  |  | 5,469 |  |  |  | — |  |  |  | 44,568 |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loaned at value |  |  | — |  |  |  | 3,872,747 |  |  |  | 4,331,436 |  |  |  | — |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred capital gain tax |  |  | — |  |  |  | 511,654 |  |  |  | 2,046,819 |  |  |  | — |
Investment advisory fees |  |  | 102,856 |  |  |  | 109,921 |  |  |  | 204,197 |  |  |  | 46,694 |
Trustees’ and Officer’s fees |  |  | 28,223 |  |  |  | 1,929 |  |  |  | 38,216 |  |  |  | (607 | )
Other accrued expenses |  |  | 122,906 |  |  |  | 140,152 |  |  |  | 439,403 |  |  |  | 58,253 |
Reorganization costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,768,301 |
Net cash provided by (used for) operating activities |  |  | 21,605,543 |  |  |  | 10,778,829 |  |  |  | 67,567,933 |  |  |  | (27,996,927 | )
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (21,199,392 | ) |  |  | (29,960,694 | ) |  |  | (70,721,121 | ) |  |  | (13,373,154 | )
Payments for offering costs |  |  | — |  |  |  | 29,000 |  |  |  | — |  |  |  | 29,000 |
Net payments on redemption of capital shares |  |  | (542,457 | ) |  |  | — |  |  |  | — |  |  |  | — |
Increase in bank overdraft |  |  | 2,502 |  |  |  | 2,558,708 |  |  |  | 229,186 |  |  |  | 20,608 |
Proceeds from issuance of capital shares |  |  | — |  |  |  | 14,638,394 |  |  |  | — |  |  |  | 40,903,113 |
Net cash provided by (used for) for financing activities |  |  | (21,739,347 | ) |  |  | (12,734,592 | ) |  |  | (70,491,935 | ) |  |  | 27,579,567 |
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | (106 | ) |  |  | (51 | ) |  |  | (83 | ) |  |  | 162 |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net decrease in restricted and unrestricted cash and foreign currency |  |  | (133,910 | ) |  |  | (1,955,814 | ) |  |  | (2,924,085 | ) |  |  | (417,198 | )
Restricted and unrestricted cash and foreign currency at beginning of period |  |  | 223,552 |  |  |  | 4,607,407 |  |  |  | 19,435,857 |  |  |  | 1,028,657 |
Restricted and unrestricted cash and foreign currency at end of period |  | $ | 89,642 |  |  | $ | 2,651,593 |  |  | $ | 16,511,772 |  |  | $ | 611,459 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to shareholders |  | $ | — |  |  | $ | 2,217,548 |  |  | $ | — |  |  | $ | 779,595 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 428,359 |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — OTC derivatives |  |  | — |  |  |  | 2,650,000 |  |  |  | 16,510,000 |  |  |  | 183,100 |
Foreign currency at value |  |  | 89,642 |  |  |  | 1,593 |  |  |  | 1,772 |  |  |  | — |
|  | $ | 89,642 |  |  | $ | 2,651,593 |  |  | $ | 16,511,772 |  |  | $ | 611,459 |

See notes to financial statements.

152 |  | 2 0 2 1 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 06/30/21 (unaudited) |  |  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of period |  | $ | 8.17 |  |  | $ | 12.57 |  |  | $ | 11.98 |  |  | $ | 15.79 |  |  | $ | 16.33 |  |  | $ | 14.05 |
Net investment income(a) |  |  | 0.12 |  |  |  | 0.32 |  |  |  | 0.34 |  |  |  | 0.28 |  |  |  | 0.40 | (b) |  |  | 0.27 |
Net realized and unrealized gain (loss) |  |  | 2.13 |  |  |  | (4.06 | ) |  |  | 1.18 |  |  |  | (3.16 | ) |  |  | (0.01 | ) |  |  | 3.01 |
Net increase (decrease) from investment operations |  |  | 2.25 |  |  |  | (3.74 | ) |  |  | 1.52 |  |  |  | (2.88 | ) |  |  | 0.39 |  |  |  | 3.28 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.23 | )(d) |  |  | (0.32 | ) |  |  | (0.34 | ) |  |  | (0.27 | ) |  |  | (0.40 | ) |  |  | (0.27 | )
Return of capital |  |  | — |  |  |  | (0.34 | ) |  |  | (0.59 | ) |  |  | (0.66 | ) |  |  | (0.53 | ) |  |  | (0.73 | )
Total distributions |  |  | (0.23 | ) |  |  | (0.66 | ) |  |  | (0.93 | ) |  |  | (0.93 | ) |  |  | (0.93 | ) |  |  | (1.00 | )
Net asset value, end of period |  | $ | 10.19 |  |  | $ | 8.17 |  |  | $ | 12.57 |  |  | $ | 11.98 |  |  | $ | 15.79 |  |  | $ | 16.33 |
Market price, end of period |  | $ | 9.81 |  |  | $ | 7.10 |  |  | $ | 11.88 |  |  | $ | 10.45 |  |  | $ | 14.18 |  |  | $ | 14.44 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 27.87 | %(f)(g) |  |  | (29.03 | )% |  |  | 13.74 | % |  |  | (18.84 | )% |  |  | 3.49 | % |  |  | 25.07 | %
Based on market price |  |  | 41.66 | %(g) |  |  | (34.74 | )% |  |  | 23.23 | % |  |  | (21.16 | )% |  |  | 5.11 | % |  |  | 24.01 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.38 | %(h) |  |  | 1.37 | %(i) |  |  | 1.35 | % |  |  | 1.29 | % |  |  | 1.31 | % |  |  | 1.31 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.16 | %(h) |  |  | 1.15 | %(i) |  |  | 1.16 | % |  |  | 1.14 | % |  |  | 1.18 | % |  |  | 1.24 | %
Net investment income |  |  | 2.58 | %(h) |  |  | 3.77 | %(i) |  |  | 2.67 | % |  |  | 1.87 | % |  |  | 2.69 | %(b) |  |  | 1.80 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 296,505 |  |  | $ | 237,868 |  |  | $ | 374,896 |  |  | $ | 357,391 |  |  | $ | 471,062 |  |  | $ | 487,064 |
Portfolio turnover rate |  |  | 34 | % |  |  | 62 | % |  |  | 24 | % |  |  | 32 | % |  |  | 24 | % |  |  | 33 | %

(a) | Based on average shares outstanding.

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

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

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

(g) | Aggregate total return.

(h) | Annualized.

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

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 153

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | CII |
|  | Six Months Ended 06/30/21 (unaudited) |  |  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of period |  | $ | 19.12 |  |  | $ | 17.96 |  |  | $ | 15.28 |  |  | $ | 17.19 |  |  | $ | 15.08 |  |  | $ | 15.11 |
Net investment income(a) |  |  | 0.03 |  |  |  | 0.13 |  |  |  | 0.18 |  |  |  | 0.17 |  |  |  | 0.15 |  |  |  | 0.13 |
Net realized and unrealized gain (loss) |  |  | 2.82 |  |  |  | 2.08 |  |  |  | 3.50 |  |  |  | (1.09 | ) |  |  | 2.95 |  |  |  | 0.99 |
Net increase (decrease) from investment operations |  |  | 2.85 |  |  |  | 2.21 |  |  |  | 3.68 |  |  |  | (0.92 | ) |  |  | 3.10 |  |  |  | 1.12 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.53 | ) |  |  | (0.13 | ) |  |  | (0.19 | ) |  |  | (0.17 | )(c) |  |  | (0.15 | ) |  |  | (0.13 | )
From net realized gain |  |  | — |  |  |  | (0.92 | ) |  |  | (0.44 | ) |  |  | (0.28 | )(c) |  |  | — |  |  |  | (0.04 | )
Return of capital |  |  | — |  |  |  | — |  |  |  | (0.37 | ) |  |  | (0.54 | ) |  |  | (0.84 | ) |  |  | (0.98 | )
Total distributions |  |  | (0.53 | ) |  |  | (1.05 | ) |  |  | (1.00 | ) |  |  | (0.99 | ) |  |  | (0.99 | ) |  |  | (1.15 | )
Net asset value, end of period |  | $ | 21.44 |  |  | $ | 19.12 |  |  | $ | 17.96 |  |  | $ | 15.28 |  |  | $ | 17.19 |  |  | $ | 15.08 |
Market price, end of period |  | $ | 20.59 |  |  | $ | 17.40 |  |  | $ | 17.25 |  |  | $ | 14.08 |  |  | $ | 16.38 |  |  | $ | 13.71 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 15.17 | %(e) |  |  | 13.94 | % |  |  | 25.08 | % |  |  | (5.44 | )% |  |  | 21.69 | % |  |  | 8.66 | %
Based on market price |  |  | 21.54 | %(e) |  |  | 7.97 | % |  |  | 30.38 | % |  |  | (8.56 | )% |  |  | 27.54 | % |  |  | 5.56 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.91 | %(f) |  |  | 0.91 | % |  |  | 0.91 | % |  |  | 0.90 | % |  |  | 0.93 | % |  |  | 0.95 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.91 | %(f) |  |  | 0.91 | % |  |  | 0.91 | % |  |  | 0.90 | % |  |  | 0.93 | % |  |  | 0.95 | %
Net investment income |  |  | 0.32 | %(f) |  |  | 0.78 | % |  |  | 1.08 | % |  |  | 1.00 | % |  |  | 0.94 | % |  |  | 0.89 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 946,158 |  |  | $ | 843,673 |  |  | $ | 792,638 |  |  | $ | 674,077 |  |  | $ | 758,400 |  |  | $ | 665,159 |
Portfolio turnover rate |  |  | 15 | % |  |  | 46 | % |  |  | 32 | % |  |  | 27 | % |  |  | 32 | % |  |  | 54 | %

(a) | Based on average shares outstanding.

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

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

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

(e) | Aggregate total return.

(f) | Annualized.

See notes to financial statements.

154 |  | 2 0 2 1 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 06/30/21 (unaudited) |  |  |  |  |  | Year Ended December 31, |
|  |  |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of period |  | $ | 9.35 |  |  |  |  |  |  | $ | 10.03 |  |  | $ | 8.74 |  |  | $ | 9.96 |  |  | $ | 9.22 |  |  | $ | 8.70 |
Net investment income(a) |  |  | 0.08 |  |  |  |  |  |  |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.18 | (b) |  |  | 0.16 |  |  |  | 0.17 |
Net realized and unrealized gain (loss) |  |  | 1.31 |  |  |  |  |  |  |  | (0.26 | ) |  |  | 1.86 |  |  |  | (0.84 | ) |  |  | 1.14 |  |  |  | 0.91 |
Net increase (decrease) from investment operations |  |  | 1.39 |  |  |  |  |  |  |  | (0.08 | ) |  |  | 2.04 |  |  |  | (0.66 | ) |  |  | 1.30 |  |  |  | 1.08 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.30 | ) |  |  |  |  |  |  | (0.15 | ) |  |  | (0.08 | ) |  |  | (0.18 | )(d) |  |  | (0.17 | ) |  |  | (0.17 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | (0.45 | ) |  |  | (0.67 | ) |  |  | (0.38 | )(d) |  |  | (0.39 | ) |  |  | — |
Return of capital |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.39 | )
Total distributions |  |  | (0.30 | ) |  |  |  |  |  |  | (0.60 | ) |  |  | (0.75 | ) |  |  | (0.56 | ) |  |  | (0.56 | ) |  |  | (0.56 | )
Net asset value, end of period |  | $ | 10.44 |  |  |  |  |  |  | $ | 9.35 |  |  | $ | 10.03 |  |  | $ | 8.74 |  |  | $ | 9.96 |  |  | $ | 9.22 |
Market price, end of period |  | $ | 10.13 |  |  |  |  |  |  | $ | 8.47 |  |  | $ | 9.92 |  |  | $ | 7.77 |  |  | $ | 9.23 |  |  | $ | 8.15 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 15.22 | %(f) |  |  |  |  |  |  | 0.77 | % |  |  | 24.52 | % |  |  | (6.59 | )% |  |  | 15.06 | % |  |  | 13.90 | %
Based on market price |  |  | 23.41 | %(f) |  |  |  |  |  |  | (7.70 | )% |  |  | 38.53 | % |  |  | (10.39 | )% |  |  | 20.63 | % |  |  | 15.11 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.86 | %(g) |  |  |  |  |  |  | 0.86 | % |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.87 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.86 | %(g) |  |  |  |  |  |  | 0.86 | % |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.85 | %
Net investment income |  |  | 1.57 | %(g) |  |  |  |  |  |  | 2.15 | % |  |  | 1.99 | % |  |  | 1.85 | %(b) |  |  | 1.73 | % |  |  | 1.91 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 1,942,755 |  |  |  |  |  |  | $ | 1,739,122 |  |  | $ | 1,881,675 |  |  | $ | 1,638,237 |  |  | $ | 1,868,457 |  |  | $ | 1,741,649 |
Portfolio turnover rate |  |  | 21 | % |  |  |  |  |  |  | 48 | % |  |  | 40 | % |  |  | 34 | % |  |  | 42 | % |  |  | 33 | %

(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) | Aggregate total return.

(g) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 155

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BOE |
|  | Six Months Ended 06/30/21 (unaudited) |  |  |  |  |  | Year Ended December 31, |
|  |  |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of period |  | $ | 12.28 |  |  |  |  |  |  | $ | 12.32 |  |  | $ | 11.07 |  |  | $ | 13.22 |  |  | $ | 13.38 |  |  | $ | 14.25 |
Net investment income(a) |  |  | 0.11 |  |  |  |  |  |  |  | 0.26 |  |  |  | 0.30 |  |  |  | 0.31 |  |  |  | 0.17 |  |  |  | 0.15 |
Net realized and unrealized gain (loss) |  |  | 1.27 |  |  |  |  |  |  |  | 0.46 |  |  |  | 1.71 |  |  |  | (1.61 | ) |  |  | 1.96 |  |  |  | 0.03 |
Net increase (decrease) from investment operations |  |  | 1.38 |  |  |  |  |  |  |  | 0.72 |  |  |  | 2.01 |  |  |  | (1.30 | ) |  |  | 2.13 |  |  |  | 0.18 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.38 | ) |  |  |  |  |  |  | (0.26 | ) |  |  | (0.31 | ) |  |  | (0.31 | )(c) |  |  | (0.19 | ) |  |  | (0.10 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (0.52 | )(c) |  |  | (2.10 | ) |  |  | — |
Return of capital |  |  | — |  |  |  |  |  |  |  | (0.50 | ) |  |  | (0.45 | ) |  |  | (0.02 | ) |  |  | — |  |  |  | (0.95 | )
Total distributions |  |  | (0.38 | ) |  |  |  |  |  |  | (0.76 | ) |  |  | (0.76 | ) |  |  | (0.85 | ) |  |  | (2.29 | ) |  |  | (1.05 | )
Net asset value, end of period |  | $ | 13.28 |  |  |  |  |  |  | $ | 12.28 |  |  | $ | 12.32 |  |  | $ | 11.07 |  |  | $ | 13.22 |  |  | $ | 13.38 |
Market price, end of period |  | $ | 12.55 |  |  |  |  |  |  | $ | 10.91 |  |  | $ | 10.99 |  |  | $ | 9.37 |  |  | $ | 12.51 |  |  | $ | 11.57 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 11.67 | %(e) |  |  |  |  |  |  | 7.65 | % |  |  | 19.54 | % |  |  | (9.63 | )% |  |  | 17.22 | %(f) |  |  | 2.62 | %
Based on market price |  |  | 18.78 | %(e) |  |  |  |  |  |  | 7.22 | % |  |  | 25.98 | % |  |  | (19.16 | )% |  |  | 28.28 | % |  |  | (0.90 | )%
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.10 | %(h) |  |  |  |  |  |  | 1.09 | % |  |  | 1.12 | % |  |  | 1.08 | % |  |  | 1.09 | % |  |  | 1.10 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.93 | %(h) |  |  |  |  |  |  | 0.92 | % |  |  | 0.94 | % |  |  | 0.94 | % |  |  | 1.02 | % |  |  | 1.05 | %
Net investment income |  |  | 1.74 | %(h) |  |  |  |  |  |  | 2.33 | % |  |  | 2.62 | % |  |  | 2.52 | % |  |  | 1.20 | % |  |  | 1.15 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 849,970 |  |  |  |  |  |  | $ | 786,230 |  |  | $ | 807,712 |  |  | $ | 754,602 |  |  | $ | 911,227 |  |  | $ | 929,897 |
Portfolio turnover rate |  |  | 46 | % |  |  |  |  |  |  | 61 | % |  |  | 26 | % |  |  | 28 | % |  |  | 133 | % |  |  | 64 | %

(a) | Based on average shares outstanding.

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

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

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

(e) | Aggregate total return.

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

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

|  | Six Months Ended 06/30/21 (unaudited) |  |  |  |  |  | Year Ended December 31, |
|  |  |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Investments in underlying funds |  |  | — | % |  |  |  |  |  |  | — | % |  |  | — | % |  |  | — | % |  |  | 0.01 | % |  |  | — | %

(h) | Annualized.

See notes to financial statements.

156 |  | 2 0 2 1 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 06/30/21 (unaudited) |  |  |  |  | Year Ended December 31, |
|  |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of period |  | $ | 6.49 |  |  |  |  | $ | 6.47 |  |  | $ | 5.79 |  |  | $ | 7.06 |  |  | $ | 6.28 |  |  | $ | 6.95 |
Net investment income(a) |  |  | 0.06 |  |  |  |  |  | 0.12 |  |  |  | 0.16 |  |  |  | 0.17 | (b) |  |  | 0.09 |  |  |  | 0.09 |
Net realized and unrealized gain (loss) |  |  | 0.49 |  |  |  |  |  | 0.31 |  |  |  | 0.93 |  |  |  | (1.00 | ) |  |  | 1.15 |  |  |  | (0.24 | )
Net increase (decrease) from investment operations |  |  | 0.55 |  |  |  |  |  | 0.43 |  |  |  | 1.09 |  |  |  | (0.83 | ) |  |  | 1.24 |  |  |  | (0.15 | )
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.20 | ) |  |  |  |  | (0.13 | ) |  |  | (0.16 | ) |  |  | (0.16 | )(d) |  |  | (0.09 | ) |  |  | (0.07 | )
From net realized gain |  |  | — |  |  |  |  |  | — |  |  |  | (0.19 | ) |  |  | (0.28 | )(d) |  |  | — |  |  |  | — |
Return of capital |  |  | — |  |  |  |  |  | (0.28 | ) |  |  | (0.06 | ) |  |  | — |  |  |  | (0.37 | ) |  |  | (0.45 | )
Total distributions |  |  | (0.20 | ) |  |  |  |  | (0.41 | ) |  |  | (0.41 | ) |  |  | (0.44 | ) |  |  | (0.46 | ) |  |  | (0.52 | )
Net asset value, end of period |  | $ | 6.84 |  |  |  |  | $ | 6.49 |  |  | $ | 6.47 |  |  | $ | 5.79 |  |  | $ | 7.06 |  |  | $ | 6.28 |
Market price, end of period |  | $ | 6.55 |  |  |  |  | $ | 5.87 |  |  | $ | 5.89 |  |  | $ | 4.98 |  |  | $ | 6.52 |  |  | $ | 5.51 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 8.87 | %(f) |  |  |  |  | 8.18 | % |  |  | 20.20 | % |  |  | (11.48 | )% |  |  | 20.88 | %(g) |  |  | (1.12 | )%
Based on market price |  |  | 15.26 | %(f) |  |  |  |  | 7.49 | % |  |  | 27.22 | % |  |  | (17.55 | )% |  |  | 27.23 | % |  |  | (3.37 | )%
Ratios to Average Net Assets(h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.12 | %(i) |  |  |  |  | 1.10 | % |  |  | 1.13 | % |  |  | 1.09 | % |  |  | 1.12 | % |  |  | 1.12 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.02 | %(i) |  |  |  |  | 1.00 | % |  |  | 1.03 | % |  |  | 0.99 | % |  |  | 1.02 | % |  |  | 1.02 | %
Net investment income |  |  | 1.83 | %(i) |  |  |  |  | 1.99 | % |  |  | 2.57 | % |  |  | 2.59 | %(b) |  |  | 1.31 | % |  |  | 1.41 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 713,023 |  |  |  |  | $ | 676,949 |  |  | $ | 683,247 |  |  | $ | 623,234 |  |  | $ | 769,678 |  |  | $ | 690,628 |
Portfolio turnover rate |  |  | 46 | % |  |  |  |  | 60 | % |  |  | 28 | % |  |  | 60 | % |  |  | 90 | % |  |  | 74 | %

(a) | Based on average shares outstanding.

(b) | Net investment income per share and the ratio of net investment income to average net assets includes $0.10 per share and 29%, respectively, resulting from a non-recurring dividend.

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

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

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

(f) | Aggregate total return.

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

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

|  | Six Months Ended 06/30/21 (unaudited) |  |  |  |  |  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Investments in underlying funds |  |  | — | % |  |  |  |  |  |  | — | % |  |  | — | % |  |  | — | % |  |  | 0.02 | % |  |  | 0.01 | %

(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 |  | 157

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BME |
|  | Six Months Ended 06/30/21 (unaudited) |  |  |  |  |  | Year Ended December 31, |
|  |  |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of period |  | $ | 45.66 |  |  |  |  |  |  | $ | 41.19 |  |  | $ | 35.87 |  |  | $ | 35.69 |  |  | $ | 31.30 |  |  | $ | 36.19 |
Net investment income(a) |  |  | 0.01 |  |  |  |  |  |  |  | 0.01 |  |  |  | 0.06 |  |  |  | 0.07 |  |  |  | 0.02 |  |  |  | 0.02 |
Net realized and unrealized gain (loss) |  |  | 3.26 |  |  |  |  |  |  |  | 6.86 |  |  |  | 7.66 |  |  |  | 2.51 |  |  |  | 6.77 |  |  |  | (1.91 | )
Net increase (decrease) from investment operations |  |  | 3.27 |  |  |  |  |  |  |  | 6.87 |  |  |  | 7.72 |  |  |  | 2.58 |  |  |  | 6.79 |  |  |  | (1.89 | )
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (1.20 | ) |  |  |  |  |  |  | (0.05 | ) |  |  | (0.12 | ) |  |  | (0.07 | )(c) |  |  | (0.04 | ) |  |  | (0.03 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | (2.35 | ) |  |  | (2.28 | ) |  |  | (2.33 | )(c) |  |  | (2.11 | ) |  |  | (2.97 | )
Return of capital |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.25 | ) |  |  | — |
Total distributions |  |  | (1.20 | ) |  |  |  |  |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (3.00 | )
Net asset value, end of period |  | $ | 47.73 |  |  |  |  |  |  | $ | 45.66 |  |  | $ | 41.19 |  |  | $ | 35.87 |  |  | $ | 35.69 |  |  | $ | 31.30 |
Market price, end of period |  | $ | 48.50 |  |  |  |  |  |  | $ | 47.59 |  |  | $ | 42.50 |  |  | $ | 36.45 |  |  | $ | 36.50 |  |  | $ | 31.75 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 7.29 | %(e) |  |  |  |  |  |  | 17.50 | % |  |  | 22.26 | % |  |  | 7.26 | % |  |  | 22.17 | % |  |  | (5.36 | )%
Based on market price |  |  | 4.60 | %(e) |  |  |  |  |  |  | 18.69 | % |  |  | 24.15 | % |  |  | 6.57 | % |  |  | 23.17 | % |  |  | (11.71 | )%
Ratios to Average Net Assets(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.10 | %(g) |  |  |  |  |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.12 | % |  |  | 1.15 | %(h)
Total expenses after fees waived and/or reimbursed |  |  | 1.09 | %(g) |  |  |  |  |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.12 | % |  |  | 1.14 | %
Net investment income |  |  | 0.06 | %(g) |  |  |  |  |  |  | 0.01 | % |  |  | 0.16 | % |  |  | 0.19 | % |  |  | 0.06 | % |  |  | 0.07 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 606,134 |  |  |  |  |  |  | $ | 545,936 |  |  | $ | 446,773 |  |  | $ | 352,675 |  |  | $ | 331,858 |  |  | $ | 270,693 |
Portfolio turnover rate |  |  | 15 | % |  |  |  |  |  |  | 28 | % |  |  | 47 | % |  |  | 37 | % |  |  | 38 | % |  |  | 59 | %

(a) | Based on average shares outstanding.

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

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

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

(e) | Aggregate total return.

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

|  | Six Months Ended 06/30/21 (unaudited) |  |  |  |  |  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Investments in underlying funds |  |  | — | % |  |  |  |  |  |  | — | % |  |  | 0.01 | % |  |  | 0.01 | % |  |  | 0.01 | % |  |  | — | %

(g) | Annualized.

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

See notes to financial statements.

158 |  | 2 0 2 1 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 06/30/21 (unaudited | ) |  |  | Period from 01/30/20 to 12/31/20 | (a)
Net asset value, beginning of period |  | $ | 30.73 |  |  | $ | 20.00 |
Net investment loss(b) |  |  | (0.16 | ) |  |  | (0.22 | )
Net realized and unrealized gain |  |  | 0.64 |  |  |  | 11.85 |
Net increase from investment operations |  |  | 0.48 |  |  |  | 11.63 |
Distributions(c) |  |  |  |  |  |  |  |
From net investment income |  |  | (0.78 | ) |  |  | — |
From net realized gain |  |  | — |  |  |  | (0.90 | )
Total distributions |  |  | (0.78 | ) |  |  | (0.90 | )
Net asset value, end of period |  | $ | 30.43 |  |  | $ | 30.73 |
Market price, end of period |  | $ | 28.92 |  |  | $ | 28.65 |
Total Return(d)(e) |  |  |  |  |  |  |  |
Based on net asset value |  |  | 1.79 | % |  |  | 59.62 | %(f)
Based on market price |  |  | 3.78 | % |  |  | 48.82 | %
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |
Total expenses |  |  | 1.29 | % |  |  | 1.29 | %(h)
Total expenses after fees waived and/or reimbursed |  |  | 1.29 | % |  |  | 1.28 | %(h)
Net investment loss |  |  | (1.06 | )% |  |  | (1.00 | )%(h)
Supplemental Data |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 3,428,030 |  |  | $ | 3,462,638 |
Portfolio turnover rate |  |  | 16 | % |  |  | 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) | Aggregate total return.

(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) | Annualized.

(h) | Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.02%.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 159

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BIGZ |
|  |  | Period from 03/29/21 to 06/30/21 (unaudited) | (a)
Net asset value, beginning of period |  | $ | 20.00 |
Net investment loss(b) |  |  | (0.06 | )
Net realized and unrealized loss |  |  | (0.07 | )
Net decrease from investment operations |  |  | (0.13 | )
Distributions from net investment income(c) |  |  | (0.10 | )(d)
Net asset value, end of period |  | $ | 19.77 |
Market price, end of period |  | $ | 20.31 |
Total Return(e) |  |  |  |
Based on net asset value |  |  | (0.65 | )%(f)
Based on market price |  |  | 2.06 | %(f)
Ratios to Average Net Assets |  |  |  |
Total expenses |  |  | 1.28 | %(g)(h)
Total expenses after fees waived and/or reimbursed |  |  | 1.25 | %(g)(h)
Net investment loss |  |  | (1.17 | )%(g)(h)
Supplemental Data |  |  |  |
Net assets, end of period (000) |  | $ | 4,811,029 |
Portfolio turnover rate |  |  | 21 | %

(a) | Commencement of operations.

(b) | Based on average shares outstanding.

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

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

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

(f) | Aggregate total return.

(g) | Annualized.

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

See notes to financial statements.

160 |  | 2 0 2 1 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 06/30/21 (unaudited) |  |  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of period |  | $ | 8.45 |  |  | $ | 9.04 |  |  | $ | 8.44 |  |  | $ | 10.64 |  |  | $ | 9.86 |  |  | $ | 8.35 |
Net investment income(a) |  |  | 0.13 |  |  |  | 0.20 |  |  |  | 0.23 |  |  |  | 0.22 |  |  |  | 0.20 | (b) |  |  | 0.14 |
Net realized and unrealized gain (loss) |  |  | 1.56 |  |  |  | (0.26 | ) |  |  | 0.99 |  |  |  | (1.80 | ) |  |  | 1.19 |  |  |  | 1.95 |
Net increase (decrease) from investment operations |  |  | 1.69 |  |  |  | (0.06 | ) |  |  | 1.22 |  |  |  | (1.58 | ) |  |  | 1.39 |  |  |  | 2.09 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.24 | )(d) |  |  | (0.23 | ) |  |  | (0.23 | ) |  |  | (0.19 | ) |  |  | (0.24 | ) |  |  | (0.15 | )
Return of capital |  |  | — |  |  |  | (0.30 | ) |  |  | (0.39 | ) |  |  | (0.43 | ) |  |  | (0.37 | ) |  |  | (0.43 | )
Total distributions |  |  | (0.24 | ) |  |  | (0.53 | ) |  |  | (0.62 | ) |  |  | (0.62 | ) |  |  | (0.61 | ) |  |  | (0.58 | )
Net asset value, end of period |  | $ | 9.90 |  |  | $ | 8.45 |  |  | $ | 9.04 |  |  | $ | 8.44 |  |  | $ | 10.64 |  |  | $ | 9.86 |
Market price, end of period |  | $ | 9.42 |  |  | $ | 7.41 |  |  | $ | 8.07 |  |  | $ | 7.06 |  |  | $ | 9.77 |  |  | $ | 8.27 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 20.22 | %(f) |  |  | 1.56 | % |  |  | 15.88 | % |  |  | (14.90 | )% |  |  | 15.60 | % |  |  | 27.41 | %
Based on market price |  |  | 30.44 | %(f) |  |  | (0.23 | )% |  |  | 23.67 | % |  |  | (22.47 | )% |  |  | 26.55 | % |  |  | 25.50 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.09 | %(g) |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | % |  |  | 1.08 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.09 | %(g) |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | % |  |  | 1.08 | %
Net investment income |  |  | 2.73 | %(g) |  |  | 2.62 | % |  |  | 2.56 | % |  |  | 2.17 | % |  |  | 2.06 | %(b) |  |  | 1.61 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 873,981 |  |  | $ | 746,615 |  |  | $ | 822,754 |  |  | $ | 798,282 |  |  | $ | 1,027,472 |  |  | $ | 976,899 |
Portfolio turnover rate |  |  | 33 | % |  |  | 78 | % |  |  | 69 | % |  |  | 66 | % |  |  | 73 | % |  |  | 101 | %

(a) | Based on average shares outstanding.

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

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

(d) | 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) | 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 |  | 161

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BST |
|  |  | Six Months Ended 06/30/21 (unaudited) | (a) |  |  | Year Ended December 31, |
|  |  | 2020 | (a) |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
Net asset value, beginning of period |  | $ | 51.94 |  |  | $ | 32.45 |  |  | $ | 26.21 |  |  | $ | 27.73 |  |  | $ | 20.10 |  |  | $ | 19.70 |
Net investment loss(b) |  |  | (0.22 | ) |  |  | (0.28 | ) |  |  | (0.17 | ) |  |  | (0.13 | ) |  |  | (0.05 | ) |  |  | 0.00 | (c)
Net realized and unrealized gain |  |  | 5.50 |  |  |  | 21.82 |  |  |  | 9.92 |  |  |  | 0.37 |  |  |  | 8.96 |  |  |  | 1.60 |
Net increase from investment operations |  |  | 5.28 |  |  |  | 21.54 |  |  |  | 9.75 |  |  |  | 0.24 |  |  |  | 8.91 |  |  |  | 1.60 |
Distributions(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (1.28 | ) |  |  | — |  |  |  | — |  |  |  | — | (e) |  |  | (0.05 | ) |  |  | — |
From net realized gain |  |  | — |  |  |  | (2.05 | ) |  |  | (3.51 | ) |  |  | (1.76 | )(e) |  |  | (0.22 | ) |  |  | — |
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1.01 | ) |  |  | (1.20 | )
Total distributions |  |  | (1.28 | ) |  |  | (2.05 | ) |  |  | (3.51 | ) |  |  | (1.76 | ) |  |  | (1.28 | ) |  |  | (1.20 | )
Net asset value, end of period |  | $ | 55.94 |  |  | $ | 51.94 |  |  | $ | 32.45 |  |  | $ | 26.21 |  |  | $ | 27.73 |  |  | $ | 20.10 |
Market price, end of period |  | $ | 59.59 |  |  | $ | 53.30 |  |  | $ | 33.27 |  |  | $ | 27.48 |  |  | $ | 26.69 |  |  | $ | 17.94 |
Total Return(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 10.26 | %(g) |  |  | 68.76 | %(h) |  |  | 37.82 | % |  |  | 0.24 | % |  |  | 45.73 | % |  |  | 9.36 | %
Based on market price |  |  | 14.46 | %(g) |  |  | 68.92 | % |  |  | 34.77 | % |  |  | 9.18 | % |  |  | 57.15 | % |  |  | 11.08 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.07 | %(i) |  |  | 1.09 | % |  |  | 1.08 | % |  |  | 1.09 | % |  |  | 1.09 | % |  |  | 1.10 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.02 | %(i) |  |  | 0.99 | % |  |  | 0.92 | % |  |  | 0.89 | % |  |  | 0.89 | % |  |  | 0.90 | %
Net investment income (loss) |  |  | (0.83 | )%(i) |  |  | (0.73 | )% |  |  | (0.52 | )% |  |  | (0.43 | )% |  |  | (0.19 | )% |  |  | 0.02 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 1,413,079 |  |  | $ | 1,297,344 |  |  | $ | 742,672 |  |  | $ | 587,908 |  |  | $ | 620,300 |  |  | $ | 452,443 |
Portfolio turnover rate |  |  | 15 | % |  |  | 20 | % |  |  | 32 | % |  |  | 53 | % |  |  | 41 | % |  |  | 74 | %

(a) | Consolidated Financial Highlights.

(b) | Based on average shares outstanding.

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

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

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

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

(g) | Aggregate total return.

(h) | 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.

(i) | Annualized.

See notes to consolidated financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

|  |  | BSTZ |
|  |  | Six Months Ended 06/30/21 (unaudited | (a) ) |  |  | Year Ended 12/31/20 | (a) |  |  | Period from 06/27/19 to 12/31/19 | (b)
Net asset value, beginning of period |  | $ | 38.72 |  |  | $ | 20.95 |  |  | $ | 20.00 |
Net investment loss(c) |  |  | (0.24 | ) |  |  | (0.30 | ) |  |  | (0.05 | )
Net realized and unrealized gain |  |  | 5.40 |  |  |  | 19.32 |  |  |  | 1.50 |
Net increase from investment operations |  |  | 5.16 |  |  |  | 19.02 |  |  |  | 1.45 |
Distributions(d) |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.91 | ) |  |  | — |  |  |  | — |
From net realized gain |  |  | — |  |  |  | (1.10 | ) |  |  | — |
Return of capital |  |  | — |  |  |  | (0.15 | ) |  |  | (0.50 | )
Total distributions |  |  | (0.91 | ) |  |  | (1.25 | ) |  |  | (0.50 | )
Net asset value, end of period |  | $ | 42.97 |  |  | $ | 38.72 |  |  | $ | 20.95 |
Market price, end of period |  | $ | 41.71 |  |  | $ | 36.38 |  |  | $ | 20.50 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 13.65 | %(f) |  |  | 94.60 | %(g) |  |  | 7.40 | %(f)
Based on market price |  |  | 17.42 | %(f) |  |  | 86.85 | % |  |  | 5.10 | %(f)
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.31 | %(h) |  |  | 1.33 | % |  |  | 1.32 | %(h)(i)
Total expenses after fees waived and/or reimbursed |  |  | 1.31 | %(h) |  |  | 1.33 | % |  |  | 1.30 | %(h)(i)
Net investment loss |  |  | (1.23 | )%(h) |  |  | (1.16 | )% |  |  | (0.48 | )%(h)(i)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 3,355,653 |  |  | $ | 3,023,744 |  |  | $ | 1,635,966 |
Portfolio turnover rate |  |  | 14 | % |  |  | 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) | Annualized.

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

See notes to consolidated financial statements.

F I N A N C I A L H I G H L I G H T S |  | 163

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BUI |
|  | Six Months Ended 06/30/21 (unaudited) |  |  |  |  |  | Year Ended December 31, |
|  |  |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of period |  | $ | 23.80 |  |  |  |  |  |  | $ | 22.02 |  |  | $ | 18.77 |  |  | $ | 21.12 |  |  | $ | 19.42 |  |  | $ | 19.50 |
Net investment income(a) |  |  | 0.11 |  |  |  |  |  |  |  | 0.33 |  |  |  | 0.37 |  |  |  | 0.49 |  |  |  | 0.56 |  |  |  | 0.56 |
Net realized and unrealized gain (loss) |  |  | 1.69 |  |  |  |  |  |  |  | 2.90 |  |  |  | 4.33 |  |  |  | (1.39 | ) |  |  | 2.59 |  |  |  | 0.81 |
Net increase (decrease) from investment operations |  |  | 1.80 |  |  |  |  |  |  |  | 3.23 |  |  |  | 4.70 |  |  |  | (0.90 | ) |  |  | 3.15 |  |  |  | 1.37 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.73 | )(c) |  |  |  |  |  |  | (0.20 | ) |  |  | (0.24 | ) |  |  | (0.63 | )(d) |  |  | (0.47 | ) |  |  | (0.49 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | (1.08 | ) |  |  | (1.06 | ) |  |  | (0.81 | )(d) |  |  | (0.98 | ) |  |  | (0.53 | )
Return of capital |  |  | — |  |  |  |  |  |  |  | (0.17 | ) |  |  | (0.15 | ) |  |  | (0.01 | ) |  |  | — |  |  |  | (0.43 | )
Total distributions |  |  | (0.73 | ) |  |  |  |  |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | )
Net asset value, end of period |  | $ | 24.87 |  |  |  |  |  |  | $ | 23.80 |  |  | $ | 22.02 |  |  | $ | 18.77 |  |  | $ | 21.12 |  |  | $ | 19.42 |
Market price, end of period |  | $ | 25.75 |  |  |  |  |  |  | $ | 25.04 |  |  | $ | 22.31 |  |  | $ | 19.76 |  |  | $ | 21.62 |  |  | $ | 18.41 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 7.60 | %(f) |  |  |  |  |  |  | 15.87 | % |  |  | 25.63 | % |  |  | (4.40 | )% |  |  | 16.62 | % |  |  | 7.57 | %
Based on market price |  |  | 5.89 | %(f) |  |  |  |  |  |  | 20.32 | % |  |  | 20.91 | % |  |  | (1.68 | )% |  |  | 25.93 | % |  |  | 18.50 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.10 | %(g) |  |  |  |  |  |  | 1.13 | % |  |  | 1.12 | % |  |  | 1.12 | % |  |  | 1.11 | % |  |  | 1.13 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.08 | %(g) |  |  |  |  |  |  | 1.10 | % |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.09 | % |  |  | 1.13 | %
Net investment income |  |  | 0.90 | %(g) |  |  |  |  |  |  | 1.58 | % |  |  | 1.78 | % |  |  | 2.46 | % |  |  | 2.70 | % |  |  | 2.83 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 505,299 |  |  |  |  |  |  | $ | 444,526 |  |  | $ | 383,337 |  |  | $ | 318,933 |  |  | $ | 357,776 |  |  | $ | 328,297 |
Portfolio turnover rate |  |  | 7 | % |  |  |  |  |  |  | 39 | % |  |  | 39 | % |  |  | 28 | % |  |  | 31 | % |  |  | 8 | %

(a) | Based on average shares outstanding.

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

(c) | 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) | Annualized.

See notes to financial statements.

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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 |  | Delaware |  | Non-diversified
BlackRock Innovation and Growth Trust(a) |  | BIGZ |  | Delaware |  | Non-diversified
BlackRock Resources & Commodities Strategy Trust |  | BCX |  | Delaware |  | Non-diversified
BlackRock Science and Technology Trust |  | BST |  | Delaware |  | Diversified
BlackRock Science and Technology Trust II |  | BSTZ |  | Delaware |  | Non-diversified
BlackRock Utilities, Infrastructure & Power Opportunities Trust |  | BUI |  | Delaware |  | Diversified

| (a) | BlackRock Innovation and Growth Trust commenced operations on March 29, 2021. |

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

Prior to commencement of operations on March 29, 2021, BIGZ had no operations other than those relating to organizational matters and the sale of 5,000 common shares on February 05, 2021 to BlackRock Financial Management, Inc., an affiliate of BIGZ, for $100,000. Investment operations for BIGZ commenced on March 29, 2021.

Basis of Consolidation: The accompanying consolidated financial statements of BST include the accounts of BST Subsidiary, LLC (the “BST Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BST. The BST Taxable Subsidiary enables BST to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BST Taxable Subsidiary are subject to US federal and state taxes to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BST. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BST. BST may invest up to 25% of its total assets in the BST Taxable Subsidiary. The net assets of the BST Taxable Subsidiary as of period end were $5,894,561, which is 0.4% of BST’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BST Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BST.

The accompanying consolidated financial statements of BSTZ include the accounts of BSTZ Subsidiary, LLC (the “BSTZ Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BSTZ. The BSTZ Taxable Subsidiary enables BSTZ to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BSTZ Taxable Subsidiary are subject to US federal and state taxes to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BSTZ. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BSTZ. BSTZ may invest up to 25% of its total assets in the BSTZ Taxable Subsidiary. The net assets of the BSTZ Taxable Subsidiary as of period end were $23,580,583, which is 0.7% 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

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 |  | 165

Notes to Financial Statements (unaudited) (continued)

recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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

Distributions: Distributions paid by the Trusts are recorded on the ex-dividend 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.

Organization and Offering Costs: Prior to commencement of operations, organization costs associated with the establishment of BIGZ and offering expenses of BIGZ with respect to the issuance of shares in the amounts of $150,500 and $1,225,050, respectively, were paid by the Manager. BIGZ is not obligated to repay any such organizational costs or offering expenses paid by the Manager.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

| • |  | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Trusts’ net assets. Each business day, the Trusts use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

| • |  | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services

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Notes to Financial Statements (unaudited) (continued)

| may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

| • |  | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

| • |  | The Trusts value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets.

| • |  | Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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:

| • |  | 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

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Notes to Financial Statements (unaudited) (continued)

| • |  | 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, 2021, certain investments of BME, BMEZ, BIGZ, BST and BSTZ 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.

Commitments: Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate the Trusts to make future cash payments. As of June 30, 2021, BMEZ, BST, BSTZ, and BUI had outstanding commitments of $20,000,000, $14,887,750, $43,111,290 and $6,610,000, respectively. These commitments are not included in the net assets of the Trusts as of June 30, 2021.

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 at value, respectively.

Securities lending transactions are entered into by the Trusts under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Trusts can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Trusts’ securities on loan by counterparty which are subject to offset under an MSLA:

Trust Name/Counterparty |  |  | Securities Loaned at Value |  |  |  | Cash Collateral Received | (a) |  |  | Net Amount | (b)
BME |  |  |  |  |  |  |  |  |  |  |  |
Citigroup Global Markets, Inc. |  | $ | 94,642 |  |  | $ | (94,642 | ) |  | $ | — |

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Notes to Financial Statements (unaudited) (continued)

Trust Name/Counterparty |  |  | Securities Loaned at Value |  |  |  | Cash Collateral Received | (a) |  |  | Net Amount | (b)
BME (continued) |  |  |  |  |  |  |  |  |  |  |  |
Goldman Sachs & Co. |  | $ | 204,718 |  |  | $ | (202,491 | ) |  | $ | 2,227 |
Morgan Stanley & Co. LLC |  |  | 129,641 |  |  |  | (129,641 | ) |  |  | — |
|  | $ | 429,001 |  |  | $ | (426,774 | ) |  | $ | 2,227 |
BMEZ |  |  |  |  |  |  |  |  |  |  |  |
Citigroup Global Markets, Inc. |  | $ | 572,678 |  |  | $ | (572,678 | ) |  | $ | — |
Credit Suisse Securities (USA) LLC |  |  | 408,866 |  |  |  | (408,866 | ) |  |  | — |
Goldman Sachs & Co. |  |  | 626,984 |  |  |  | (626,984 | ) |  |  | — |
Morgan Stanley & Co. LLC |  |  | 2,166,296 |  |  |  | (2,166,296 | ) |  |  | — |
State Street Bank & Trust Company |  |  | 16,890 |  |  |  | (16,771 | ) |  |  | 119 |
|  | $ | 3,791,714 |  |  | $ | (3,791,595 | ) |  | $ | 119 |
BIGZ |  |  |  |  |  |  |  |  |  |  |  |
BNP Paribas Securities Corp. |  | $ | 759,490 |  |  | $ | (759,490 | ) |  | $ | — |
Nomura Securities International, Inc. |  |  | 11,625 |  |  |  | (11,625 | ) |  |  | — |
|  | $ | 771,115 |  |  | $ | (771,115 | ) |  | $ | — |
BST |  |  |  |  |  |  |  |  |  |  |  |
BNP Paribas Securities Corp. |  | $ | 3,748,552 |  |  | $ | (3,748,552 | ) |  | $ | — |
BSTZ |  |  |  |  |  |  |  |  |  |  |  |
Morgan Stanley & Co. LLC |  | $ | 4,245,125 |  |  | $ | (4,245,125 | ) |  | $ | — |
State Street Bank & Trust Company |  |  | 27,513 |  |  |  | (27,513 | ) |  |  | — |
|  | $ | 4,272,638 |  |  | $ | (4,272,638 | ) |  | $ | — |

| (a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Trust is disclosed in the Trust’s Statements of Assets and Liabilities. |

| (b) | The market value of the loaned securities is determined as of June 30, 2021. 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.

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

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Notes to Financial Statements (unaudited) (continued)

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 Trusts’s net assets:

|  | CII |  |  | BGY |  |  | BUI |
Investment advisory fees |  |  | 0.85 | % |  |  | 1.00 | % |  |  | 1.00 | %

Average daily value of each Trusts’s managed assets:

|  | BMEZ |  |  | 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 Subsidiary) and the average daily value of the net assets of its subsidiary, which fee is allocated pro rata between the Trust and the Subsidiary based on the average daily value of their respective net assets (excluding, in the case of the Trust, the value of the Trust’s interest in the Subsidiary).

For purposes of calculating these fees, “net assets” mean the total assets of BGR, BDJ, BOE, BME, CII, BGY, BUI 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).

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.

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Notes to Financial Statements (unaudited) (continued)

The Manager provides investment management and other services to BIGZ, BST and BSTZ Subsidiary. The Manager does not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, BIGZ, BST and BSTZ pays the Manager based on the Trust’s net assets, which includes the assets of the Subsidiary.

Distribution Fees: BME, BST and BUI have entered into Distribution Agreements with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BME’s, BST’s and BUI’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BME, BST and BUI will compensate BRIL with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BME’s, BST’s and BUI’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the six months ended June 30, 2021 amounted to $68,862, $25,900, and $82,439 for each of BME, BST and BUI, respectively.

Expense Limitations, Waivers and Reimbursements: The Manager has contractually agreed to waive a portion of the investment advisory fees on BST as a percentage of its average daily managed assets as follows:

|  |  |  |  | Expiration Date |
BST |  |  | 0.05 | % |  |  | December 31, 2021 |

The Manager voluntarily agreed to waive a portion of the investment advisory fees on the following Trusts as a percentage of their average weekly net assets (BGR and BOE) or average daily net assets (BGY and BUI), as follows:

|  | BGR |  | BOE |  |  | BGY |  |  | BUI |
|  | 0.220% |  |  | 0.175 | % |  |  | 0.100 | % |  |  | 0.025 | %

These voluntary waivers may be reduced or discontinued at any time without notice.

For the six months ended June 30, 2021, 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 |  | $ | 301,397 |
BOE |  |  | 710,274 |
BGY |  |  | 345,848 |
BST |  |  | 331,966 |
BUI |  |  | 59,319 |

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, 2021, the amounts waived were as follows:

Trust Name |  | Fees Waived and/or Reimbursed by the Manager |
BGR |  | $ | 581 |
CII |  |  | 2,673 |
BDJ |  |  | 2,923 |
BOE |  |  | 1,371 |
BGY |  |  | 1,387 |
BME |  |  | 2,530 |
BMEZ |  |  | 9,915 |
BIGZ |  |  | 66,931 |
BCX |  |  | 1,871 |
BST |  |  | 3,577 |
BSTZ |  |  | 10,015 |
BUI |  |  | 1,936 |

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. 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, 2021, the amounts waived were as follows:

Trust Name |  | Fees Waived and/or Reimbursed by the Manager |
BIGZ |  | $ | 295,091 |

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Notes to Financial Statements (unaudited) (continued)

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Trusts. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Trust retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

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, 2021, each Trust paid BIM the following amounts for securities lending agent services:

Trust Name |  | Amounts |
BME |  | $ | 1,333 |
BMEZ |  |  | 19,682 |
BIGZ |  |  | 10,881 |
BST |  |  | 8,460 |
BSTZ |  |  | 35,339 |

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 six months ended June 30, 2021, BGR received a reimbursement of $25,456 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, 2021, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Trust Name |  | Purchases |  |  | Sales |  |  | Net Realized Gain (Loss) |
BOE |  | $ | 1,063,708 |  |  | $ | — |  |  | $ | — |
BGY |  |  | 1,779,537 |  |  |  | — |  |  |  | — |
BME |  |  | — |  |  |  | 124,568 |  |  |  | 60,786 |
BMEZ |  |  | 4,139,432 |  |  |  | — |  |  |  | — |

7. | PURCHASES AND SALES

For the six months ended June 30, 2021, purchases and sales of investments, excluding short-term investments, were as follows:

Trust Name |  | Purchases |  |  | Sales |
BGR |  | $ | 92,314,029 |  |  | $ | 102,498,790 |
CII |  |  | 134,023,742 |  |  |  | 173,377,822 |
BDJ |  |  | 393,557,321 |  |  |  | 540,633,815 |
BOE |  |  | 375,968,739 |  |  |  | 408,519,026 |
BGY |  |  | 313,608,383 |  |  |  | 333,225,522 |
BME |  |  | 107,497,744 |  |  |  | 86,780,660 |
BMEZ |  |  | 523,907,182 |  |  |  | 645,620,203 |
BIGZ |  |  | 5,659,043,204 |  |  |  | 750,210,796 |
BCX |  |  | 271,983,058 |  |  |  | 316,341,856 |
BST |  |  | 197,378,598 |  |  |  | 210,655,804 |
BSTZ |  |  | 437,381,863 |  |  |  | 547,631,530 |
BUI |  |  | 60,590,382 |  |  |  | 34,558,586 |

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Notes to Financial Statements (unaudited) (continued)

8. | INCOME TAX INFORMATION

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2021, 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, 2020, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Trust Name |  | Non-Expiring |
BGR |  | $ | 249,097,412 |
BOE |  |  | 36,829,140 |
BGY |  |  | 34,422,227 |
BCX |  |  | 459,136,748 |

As of June 30, 2021, 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 |  | $ | 278,125,212 |  |  | $ | 59,664,230 |  |  | $ | (37,359,113 | ) |  | $ | 22,305,117 |
CII |  |  | 578,744,905 |  |  |  | 388,311,518 |  |  |  | (9,856,974 | ) |  |  | 378,454,544 |
BDJ |  |  | 1,422,042,724 |  |  |  | 564,657,787 |  |  |  | (24,796,061 | ) |  |  | 539,861,726 |
BOE |  |  | 714,953,251 |  |  |  | 158,653,391 |  |  |  | (22,120,187 | ) |  |  | 136,533,204 |
BGY |  |  | 587,155,758 |  |  |  | 148,442,691 |  |  |  | (25,423,134 | ) |  |  | 123,019,557 |
BME |  |  | 370,535,221 |  |  |  | 247,040,543 |  |  |  | (5,707,478 | ) |  |  | 241,333,065 |
BMEZ |  |  | 2,381,154,990 |  |  |  | 1,150,009,385 |  |  |  | (66,066,659 | ) |  |  | 1,083,942,726 |
BIGZ |  |  | 4,869,050,177 |  |  |  | 267,889,839 |  |  |  | (273,965,442 | ) |  |  | (6,075,603 | )
BCX |  |  | 663,524,468 |  |  |  | 251,193,630 |  |  |  | (33,638,246 | ) |  |  | 217,555,384 |
BST |  |  | 530,194,540 |  |  |  | 919,129,213 |  |  |  | (20,517,776 | ) |  |  | 898,611,437 |
BSTZ |  |  | 1,615,000,007 |  |  |  | 1,822,402,355 |  |  |  | (48,187,991 | ) |  |  | 1,774,214,364 |
BUI |  |  | 331,360,686 |  |  |  | 178,619,729 |  |  |  | (2,253,620 | ) |  |  | 176,366,109 |

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.

Rights Offering Dilution Risk: BST’s shareholders who do not fully exercise their rights will, at the completion of the rights offering, own a smaller proportional interest in BST than owned prior to the rights offering. The completion of the rights offering will result in immediate voting dilution for such shareholders. In addition, if the subscription price is less than the NAV per Common Share as of the expiration date, the completion of this rights offering will result in an immediate dilution of the NAV per Common Share for all existing Common Shareholders (i.e., will cause the NAV per Common Share to decrease) even if they fully exercise their rights. Such dilution, if any, is not currently

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Notes to Financial Statements (unaudited) (continued)

determinable because it is not known how many Common Shares will be subscribed for, what the NAV per Common Share or market price of the Common Shares will be on the expiration date or what the subscription price per Common Share will be. If the subscription price is substantially less than the current NAV per Common Share, this dilution could be substantial. Refer to the Subsequent Events note for results of the rights offering.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.

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 substantial amount of their assets in issuers located in a single country or a limited number of countries. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

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Notes to Financial Statements (unaudited) (continued)

Certain Trusts invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trusts’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 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 5,000,000, 10,414,581 and 2,347,341 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, 2,722,707, 10,414,581 and 1,834,558 Common Shares, respectively, remain available for issuance under the Shelf Offerings. See Additional Information — Shelf Offering Program for additional information about the Shelf Offerings.

Initial costs incurred by each of BME, BST and BUI in connection with its Shelf Offering are recorded as “Deferred offering cost” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the shelf offering period will be charged to expense. Any subsequent costs incurred to keep the filing active will be charged to expense as incurred.

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 06/30/21 |  |  | Year Ended 12/31/20 |
BME |  |  | 724,148 |  |  |  | 1,066,906 |
BMEZ |  |  | — |  |  |  | 112,664,825 |
BST |  |  | 242,731 |  |  |  | 2,038,416 |
BUI |  |  | 1,610,124 |  |  |  | 1,205,766 |

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

Trust Name |  | Six Months Ended 06/30/21 |  |  | Year Ended 12/31/20 |
BME |  |  | 20,500 |  |  |  | 42,015 |
BIGZ |  |  | 231,136 |  |  |  | — |
BST |  |  | 40,859 |  |  |  | 52,101 |
BUI |  |  | 31,508 |  |  |  | 59,571 |

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2020 through November 30, 2021, each Trust (other than BSTZ and BMEZ) 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, 2020, 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, 2021, BGR, CII, BDJ, BGY, BME, BIGZ, BCX, 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, 2021 |  |  | — |  |  | $ | — |
Year Ended December 31, 2020 |  |  | 716,855 |  |  |  | 4,813,281 |

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Notes to Financial Statements (unaudited) (continued)

|  | BDJ |
|  | Shares |  |  | Amounts |
Six Months Ended June 30, 2021 |  |  | — |  |  | $ | — |
Year Ended December 31, 2020 |  |  | 1,538,971 |  |  |  | 11,354,242 |

|  | BOE |
|  | Shares |  |  | Amounts |
Six Months Ended June 30, 2021 |  |  | 18,558 |  |  | $ | 205,246 |
Year Ended December 31, 2020 |  |  | 1,539,117 |  |  |  | 14,886,112 |

|  | BGY |
|  | Shares |  |  | Amounts |
Six Months Ended June 30, 2021 |  |  | — |  |  | $ | — |
Year Ended December 31, 2020 |  |  | 1,441,544 |  |  |  | 7,486,085 |

|  | BCX |
|  | Shares |  |  | Amounts |
Six Months Ended June 30, 2021 |  |  | — |  |  | $ | — |
Year Ended December 31, 2020 |  |  | 2,744,110 |  |  |  | 17,262,335 |

With respect to BIGZ, for the period ended June 30, 2021, shares issued and outstanding increased by 231,136 as a result of dividend reinvestment, 220,000,000 from the initial public offering and 23,092,422 from the underwriters’ exercising the over-allotment option.

As of June 30, 2021, BlackRock Financial Management, Inc., an affiliate of the Trust, owned 5,000 Shares of BIGZ.

For the six months ended June 30, 2021 and year ended December 31, 2020, shares issued and outstanding remained constant for CII and BSTZ. For the six months ended June 30, 2021, shares issued and outstanding remained constant for BGR, BDJ, BGY, BMEZ and BCX.

As of the close of business on June 18, 2021, BST issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for shares of BST’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitle their holders to purchase one new Common Share for every three rights held (1-for-3). The expiration date of the Offer is expected to be July 14, 2021. All expenses of the Offer, including sales commissions, will be borne by the Manager, and not by BST or any of BST’s shareholders. Refer to the Subsequent Events note for results of the Offer.

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:

BST’s rights offering expired on July 14, 2021. BST received from the Offer gross proceeds of $359,278,213 for the issuance of 6,822,923 Common Shares. The rights offering resulted in $(0.68) or (1.24)% NAV dilution. BST received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related to the Offer.

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  | $ | 0.037500 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.037500 |
CII |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  |  | 0.093000 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.093000 |
BDJ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  |  | 0.050000 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.050000 |
BOE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  |  | 0.063000 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.063000 |
BGY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  |  | 0.033800 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.033800 |
BME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  |  | 0.200000 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.200000 |
BMEZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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Notes to Financial Statements (unaudited) (continued)

Trust Name |  | Declaration Date |  |  | Record Date |  |  | Payable/ Paid Date |  |  | Dividend Per Common Share |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  | $ | 0.145000 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.145000 |
BIGZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  |  | 0.100000 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.100000 |
BCX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  |  | 0.040000 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.040000 |
BST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 06/09/21 |  |  |  | 07/06/21 |  |  |  | 07/30/21 |  |  |  | 0.226000 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.226000 |
BSTZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  |  | 0.171000 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 0.171000 |
BUI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 07/01/21 |  |  |  | 07/15/21 |  |  |  | 07/30/21 |  |  |  | 0.121000 |
|  |  | 08/02/21 |  |  |  | 08/16/21 |  |  |  | 08/31/21 |  |  |  | 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 Resources & Commodities Strategy Trust (“BCX”), BlackRock Science and Technology Trust (“BST”), BlackRock Utilities, Infrastructure & Power Opportunities Trust (“BUI”) and BlackRock Science and Technology Trust II (“BSTZ” and together with BGR, CII, BDJ, BOE, BGY, BME, BMEZ, BCX, BST and BUI, the “Funds” and each, a “Fund”) met on May 4, 2021 (the “May Meeting”) and June 8-9, 2021 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment 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 whom 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 a fifth 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 May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on 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 May Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

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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 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, such as the prospectus and the statement of additional information in connection with the initial public offering, 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 May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2020, 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 including Fund return, Sharpe Ratio, stability of distribution, and yield (“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 in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGR, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered CII’s performance relative to CII’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, CII generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for CII, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BDJ’s performance relative to BDJ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BDJ generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BDJ, and that BlackRock has explained its rationale for this belief to the Board.

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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.

The Board reviewed and considered BGY’s performance relative to BGY’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGY generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGY, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BME’s performance relative to BME’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BME generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BME, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BMEZ’s performance relative to BMEZ’s Performance Metrics over the since-inception period. 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 BCX’s performance relative to the 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 above 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 above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BSTZ, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BUI’s performance relative to BUI’s Performance Metrics. Based on an overall rating relative to the Performance metrics, BUI generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BUI, and that BlackRock has explained its rationale for this belief to the Board.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered 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, 2020 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 fourth 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 BGR. An

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advisory fee waiver has been in effect since 2015, the amount of which may have varied from time to time. After discussions between the Board, including Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 22 basis points voluntary advisory fee waiver.

The Board noted that CII’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board noted that BDJ’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board noted that BOE’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BOE. An advisory fee waiver has been in effect since 2015, the amount of which may have varied from time to time. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 17.5 basis points voluntary advisory fee waiver.

The Board noted that BGY’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile, relative to the Expense Peers. The Board also noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BGY. An advisory fee waiver has been in effect since 2013, 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 10 basis points voluntary advisory fee waiver.

The Board noted that BME’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 BMEZ’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 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 BST’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. The Board also noted that, in connection with BST’s launch, BlackRock has contractually agreed to waive a portion of the advisory fee payable by BST through December 31, 2021. The contractual advisory fee waiver is 15 basis points through December 31, 2019, will be 10 basis points through December 31, 2020, and then will be 5 basis points through December 31, 2021.

The Board noted that BSTZ’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 BUI’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the first and second quartile, 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.

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The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

The Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2022, 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, 2022. 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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Disclosure of Investment Advisory Agreement

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Innovation and Growth Trust (the “Fund”) met on January 28, 2021 (the “Meeting”) to consider the approval of the proposed investment advisory agreement (the “Advisory Agreement” or the “Agreement”) between the Fund and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), the Fund’s investment advisor.

The Approval Process:

Pursuant to the Investment Company Act of 1940 (the “1940 Act”), the Board is required to consider the initial approval of the Agreement. The Board members whom are not “interested persons” of the Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). In connection with this process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements.

At the Meeting, the Board received and reviewed materials relating to its consideration of the Agreement. The Board considered all factors it believed relevant with respect to the Fund, including, among other factors: (a) the nature, extent and quality of the services to be provided by BlackRock; (b) the investment performance of BlackRock portfolio management; (c) the advisory fee and the estimated cost of the services to be provided and profits to be realized by BlackRock and its affiliates from their relationship with the Fund; (d) the sharing of potential economies of scale; (e) potential fall-out benefits to BlackRock and BlackRock’s affiliates as a result of its relationship with the Fund; (f) the policies and practices of BlackRock with respect to portfolio transactions for the Fund; and (g) other factors deemed relevant by the Board Members.

In determining whether to approve the Agreement, the Board met with the relevant investment advisory personnel from BlackRock and considered all information it deemed reasonably necessary to evaluate the terms of the Agreement. The Board received materials in advance of the Meeting relating to its consideration of the Agreement, including, among other things, (a) fees and estimated expense ratios of the Fund in comparison to the fees and expense ratios of a peer group of funds as determined by Broadridge Financial Solutions, Inc. (“Broadridge”) and other metrics, as applicable; (b) information on the composition of the peer group of funds and a description of Broadridge’s methodology; (c) information regarding BlackRock’s economic outlook for the Fund and its general investment outlook for the markets; (d) information regarding fees paid to service providers that are affiliates of BlackRock; and (e) information outlining the legal duties of the Board under the 1940 Act with respect to the consideration and approval of the Agreement. The Board also noted information received at prior Board meetings concerning compliance records and regulatory matters relating to BlackRock.

The Board also considered other matters it deemed important to the approval process, such as other payments to be 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, and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. 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 to be provided by BlackRock, including the investment advisory services to be provided to the Fund. The Board received information concerning the investment philosophy and investment process to be used by BlackRock in managing the Fund, as well as a description of the capabilities, personnel and services of BlackRock. In connection with this review, the Board considered BlackRock’s in-house research capabilities as well as other resources available to its personnel. The Board considered the scope of the services to be provided by BlackRock to the Fund under the Agreement relative to services typically provided by third parties to other funds. The Board noted that the standard of care applicable under the Agreement was comparable to that found generally in investment company advisory agreements. The Board concluded that the scope of BlackRock’s services to be provided to the Fund was consistent with the Fund’s operational requirements, including, in addition to seeking to meet its investment objective, compliance with investment restrictions, tax and reporting requirements and related shareholder services.

The Board, including the Independent Board Members, also considered the quality of the administrative and other non-investment advisory services to be provided by BlackRock and its affiliates to the Fund. The Board evaluated the procedures of BlackRock designed to fulfill its fiduciary duty to the Fund with respect to possible conflicts of interest, including BlackRock’s code of ethics (regulating the personal trading of BlackRock’s officers and employees), the procedures by which BlackRock allocates trades among its various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of BlackRock in these matters. The Board also noted information received at prior meetings of the boards of directors/trustees of other funds in the BlackRock Fixed-Income Complex concerning the standards of BlackRock with respect to the execution of portfolio transactions.

The Board, including the Independent Board Members, considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Fund’s portfolio management team; BlackRock’s research capabilities; the history of investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives. The Board also considered the business reputation of BlackRock and its financial resources and concluded that BlackRock would be able to meet any reasonably foreseeable obligation under the Agreement.

In addition to investment advisory services, the Board, including the Independent Board Members, considered the nature and quality of the administrative and other non-investment advisory services to be provided by BlackRock and its affiliates to the Fund. The Board noted that BlackRock and its affiliates will provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, the Board noted that BlackRock and its affiliates will provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic

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Disclosure of Investment Advisory Agreement (continued)

shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues; and (ix) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Fund and BlackRock

In their capacity as members of the boards of directors or trustees of certain other BlackRock-advised funds, the Board, including the Independent Board Members, previously received and considered information about BlackRock’s investment performance for other funds. The Board, however, could not consider the performance history of the Fund because the Fund had not yet commenced operations as of the date of the Meeting.

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

In connection with the initial approval of the Agreement, the Board, including the Independent Board Members, reviewed the Fund’s proposed contractual management fee rate compared with the other funds in its Broadridge category. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. In addition, the Board, including the Independent Board Members, considered the Fund’s estimated total net expense ratio, as well as the actual management fee rate as a percentage of total assets, to those of other funds in its Broadridge category. The estimated total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The estimated total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional separate accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board noted that it had previously received and reviewed statements relating to BlackRock’s financial condition in connection with their duties as trustees or directors of other funds in the BlackRock family of closed-end funds. 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 Agreement and to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Fund in contrast to what is required of BlackRock with respect to other products with similar investment mandates, as applicable, across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels.

The Board noted that the Fund’s contractual management fee rate ranked in the fourth quartile and the Fund’s estimated actual management fee rate and estimated total expenses would both rank in the fourth quartile relative to the Fund’s peers. The Board also noted that the Fund is differentiated from the Broadridge-selected peers given the Fund’s exposure to equity securities of “innovative” mid- and small-cap growth companies and access to private markets.

Following consideration of this information, the Board, including the Independent Board Members, concluded that the fees to be paid pursuant to the Agreement were fair and reasonable in light of the services to be provided.

As the Fund has not commenced operations as of the date of the Meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Fund. BlackRock, however, will provide the Board with such information at future meetings.

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 the Fund increase. The Board also considered the extent to which the Fund may benefit from such economies in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale.

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.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other potential ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, 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 for BlackRock closed-end funds 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 the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

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Disclosure of Investment Advisory Agreement (continued)

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

The Board, including a majority of the Independent Board Members, concluded that these potential ancillary benefits that BlackRock and its affiliates could receive with regard to providing investment advisory and other services to the Fund were consistent with those generally available to other fund sponsors.

Conclusion

The Board, including all the Independent Board Members, approved the Agreement between the Manager and the Fund, for a two-year term beginning on the effective date of the Agreement. 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 Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

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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 new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trusts will be required to implement and comply with Rule 18f-4 by 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 per share (“NAV”) and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

General Information

The Trusts, other than BME, BST and BUI, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BME, BST and BUI, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BME, BST and BUI, has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

BME’s, BST’s and BUI’s Statements of Additional Information include additional information about the Board and are available, without charge upon request by calling (800)882-0052.

The following information is a summary of certain changes since December 31, 2020. 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

None of the Trusts, other than BME, BST and BUI, have filed a registration statement with respect to any current Shelf Offerings. This report is not an offer to sell these Trusts’ Common Shares and is not a solicitation of an offer to buy these Trusts’ Common Shares. If any of the Trusts other than BME, BST and BUI file a registration statement with respect to any current Shelf Offering, the prospectus contained therein will contain more complete information about such Trusts and should be read carefully before investing. BME, BST and BUI each have filed a final base prospectus dated April 30, 2021 and BST and BUI each have filed a final prospectus supplement dated April 30, 2021 with the SEC in connection with their Shelf Offering. This report and the base prospectuses of BME, BST and BUI and prospectus supplements of BST and BUI are not offers to sell these Trusts’ Common Shares or solicitations of an offer to buy these Trusts’ Common Shares in any jurisdiction where such offers or sales are not permitted. The base prospectuses of these Trusts and prospectus supplements of BST and BUI contains important information about the Trusts, including its investment objective, risks, charges and expenses. Investors are urged to read the base prospectuses of these Trusts and prospectus supplements of BST and BUI carefully and in its entirety before investing. Copies of the base prospectuses for these Trusts and prospectus supplements of BST and BUI can be obtained from BlackRock at blackrock.com.

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time-to-time, BME, BST and BUI may seek to raise additional equity capital through an equity shelf program (a “Shelf Offering”). In a Shelf Offering, BME, BST and BUI may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above 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.

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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
SAB |  | Special Assessment Bonds

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Want to know more?

blackrock.com | 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

CEF-BK9-06/21-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

(a)(2) Section 302 Certifications are attached

2

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 20091

1 |  | The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

3

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 Energy and Resources Trust

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of BlackRock Energy and Resources Trust

Date: September 2, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of BlackRock Energy and Resources Trust

Date: September 2, 2021

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of BlackRock Energy and Resources Trust

Date: September 2, 2021

4