N-CSR 1 d479935dncsr.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: 12/31/2021

Item 1 – | Report to Stockholders

(a) The Report to Shareholders is attached herewith.

|  | DECEMBER 31, 2021

|  | 2021 Annual Report

BlackRock Energy and Resources Trust (BGR)

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

BlackRock Enhanced Equity Dividend Trust (BDJ)

BlackRock Enhanced Global Dividend Trust (BOE)

BlackRock Enhanced International Dividend Trust (BGY)

BlackRock Health Sciences Trust (BME)

BlackRock 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 its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

December 31, 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 |  | $ | 0.281567 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.168433 |  |  | $ | 0.450000 |  |  |  |  |  | 63 | % |  |  | — | % |  |  | — | % |  |  | 37 | % |  |  | 100 | % |  |  |  |
|  | CII |  |  | 0.050072 |  |  |  | — |  |  |  | 1.052428 |  |  |  | — |  |  |  | 1.102500 |  |  |  |  |  | 5 |  |  |  | — |  |  |  | 95 |  |  |  | — |  |  |  | 100 |  |  |  |  |
|  | BDJ |  |  | 0.285498 |  |  |  | — |  |  |  | 0.583322 |  |  |  | — |  |  |  | 0.868820 |  |  |  |  |  | 33 |  |  |  | — |  |  |  | 67 |  |  |  | — |  |  |  | 100 |  |  |  |  |
|  | BOE |  |  | 0.195369 |  |  |  | — |  |  |  | 0.438656 |  |  |  | 0.121975 |  |  |  | 0.756000 |  |  |  |  |  | 26 |  |  |  | — |  |  |  | 58 |  |  |  | 16 |  |  |  | 100 |  |  |  |  |
|  | BGY |  |  | 0.138751 |  |  |  | — |  |  |  | 0.122547 |  |  |  | 0.144302 |  |  |  | 0.405600 |  |  |  |  |  | 34 |  |  |  | — |  |  |  | 30 |  |  |  | 36 |  |  |  | 100 |  |  |  |  |
|  | BME |  |  | 0.013460 |  |  |  | — |  |  |  | 2.425540 |  |  |  | — |  |  |  | 2.439000 |  |  |  |  |  | 1 |  |  |  | — |  |  |  | 99 |  |  |  | — |  |  |  | 100 |  |  |  |  |
|  | BMEZ |  |  | — |  |  |  | 1.436427 |  |  |  | 0.275703 |  |  |  | — |  |  |  | 1.712130 |  |  |  |  |  | — |  |  |  | 84 |  |  |  | 16 |  |  |  | — |  |  |  | 100 |  |  |  |  |
|  | BIGZ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.700000 |  |  |  | 0.700000 |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 100 |  |  |  |  |
|  | BCX |  |  | 0.290645 |  |  |  | — |  |  |  | — |  |  |  | 0.189355 |  |  |  | 0.480000 |  |  |  |  |  | 61 |  |  |  | — |  |  |  | — |  |  |  | 39 |  |  |  | 100 |  |  |  |  |
|  | BST |  |  | — |  |  |  | — |  |  |  | 4.264440 |  |  |  | — |  |  |  | 4.264440 |  |  |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | 100 |  |  |  |  |
|  | BSTZ |  |  | — |  |  |  | — |  |  |  | 3.082680 |  |  |  | — |  |  |  | 3.082680 |  |  |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | 100 |  |  |  |  |
|  | BUI |  |  | 0.224593 |  |  |  | — |  |  |  | 0.515860 |  |  |  | 0.711547 |  |  |  | 1.452000 |  |  |  |  |  | 15 |  |  |  | — |  |  |  | 36 |  |  |  | 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 |  |  | 0.0995 |
BDJ |  |  | 0.0500 |
BOE |  |  | 0.0630 |
BGY |  |  | 0.0338 |
BME |  |  | 0.2130 |
BMEZ |  |  | 0.1450 |
BIGZ |  |  | 0.1000 |
BCX |  |  | 0.0400 |
BST |  |  | 0.2500 |
BSTZ |  |  | 0.1920 |
BUI |  |  | 0.1210 |

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

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

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

Supplemental Information (unaudited) (continued)

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

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of December 31, 2021 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of an additional fiscal stimulus package and infrastructure bill further boosted stocks. In the United States, both large- and small-capitalization stocks posted a strong advance, and many equity indices neared or surpassed all-time highs late in the reporting period. International equities from developed markets also gained, although emerging market stocks declined, pressured by a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds, which declined.

The Fed maintained accommodative monetary policy during the reporting period by maintaining near-zero interest rates and by asserting that inflation could exceed its 2% target for a sustained period without triggering a rate increase. However, the Fed’s tone shifted late in the year, as it reduced its bond-buying program and used its market guidance to raise the prospect of higher rates in 2022.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta and Omicron variants of the coronavirus remain a threat, particularly in emerging markets. While we expect inflation to abate somewhat as supply bottlenecks are resolved, we anticipate that inflation will remain higher than the pre-COVID norm. The Fed is poised to raise interest rates next year in response, but the Fed’s policy shift means that tightening is likely to be less aggressive than what we’ve seen in previous cycles.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency 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 December 31, 2021
|  | 6-Month |  | 12-Month
U.S. large cap equities (S&P 500® Index) |  | 11.67% |  | 28.71%
U.S. small cap equities (Russell 2000® Index) |  | (2.31) |  | 14.82
International equities (MSCI Europe, Australasia, Far East Index) |  | 2.24 |  | 11.26
Emerging market equities (MSCI Emerging Markets Index) |  | (9.30) |  | (2.54)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |  | 0.02 |  | 0.05
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |  | 0.44 |  | (3.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |  | 0.06 |  | (1.54)
Tax-exempt municipal bonds (S&P Municipal Bond Index) |  | 0.52 |  | 1.77
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |  | 1.59 |  | 5.26
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
Annual Report: |  |
Trust Summary |  | 7
Financial Statements: |  |
Schedules of Investments |  | 43
Statements of Assets and Liabilities |  | 134
Statements of Operations |  | 137
Statements of Changes in Net Assets |  | 140
Statements of Cash Flows |  | 146
Financial Highlights |  | 151
Notes to Financial Statements |  | 163
Report of Independent Registered Public Accounting Firm |  | 177
Important Tax Information |  | 178
Investment Objectives, Policies and Risks |  | 179
Automatic Dividend Reinvestment Plan |  | 205
Trustee and Officer Information |  | 206
Additional Information |  | 210
Glossary of Terms Used in this Report |  | 214

|  | 5

Option Over-Writing Strategy

Overview

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

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

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

Option Over-Writing Strategy Illustration

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

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

Derivative Financial Instruments

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

6 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 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 December 31, 2021 ($9.48)(a) |  | 4.75%
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

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 9.48 |  |  | $ | 7.10 |  |  |  | 33.52 | % |  | $ | 10.33 |  |  | $ | 7.08 |
Net Asset Value |  |  | 10.77 |  |  |  | 8.17 |  |  |  | 31.82 |  |  |  | 11.25 |  |  |  | 8.17 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

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

Trust Summary as of December 31, 2021 (continued) |  | BlackRock Energy and Resources Trust (BGR)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 38.36 | % |  |  | (1.27 | )% |  |  | (0.47 | )%
Trust at Market Price(a)(b) |  |  | 40.14 |  |  |  | (1.36 | ) |  |  | (0.87 | )
MSCI World Energy Call Overwrite Index(c) |  |  | 37.39 |  |  |  | N/A |  |  |  | N/A |
MSCI World Energy Index |  |  | 40.09 |  |  |  | (1.12 | ) |  |  | (0.18 | )

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

Energy stocks performed very well in 2021, as the revival in economic growth boosted demand for crude oil and led to rising earnings for companies across the sector. Although the largest energy companies logged remarkable gains, small- to mid-sized exploration & production (“E&P”) companies generally performed even better due to their higher sensitivity to oil and natural gas prices.

The Trust’s holding in the refining & marketing sub-sector made the largest contribution to absolute returns, followed by the E&P sub-sector.

ConocoPhillips, Chevron Corp. and Royal Dutch Shell PLC were the leading individual contributors to performance, as rising oil prices were a tailwind for large, integrated energy companies.

An out-of-benchmark position in the Brazilian state-owned integrated oil producer Petroleo Brasileiro SA (Petrobras) was the largest detractor. 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. Positions in Santos Ltd. and Schlumberger Ltd. detracted, 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 contributed positively to relative performance for the 12-month period.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

The investment adviser increased the Trust’s weighting in companies positioned for the current environment of supply-and-demand tightness, particularly those with above-average exposure to natural gas. The investment adviser further increased the Trust’s weighting in Canada, and it rotated its holdings in Europe.

Describe portfolio positioning at period end.

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

The investment adviser maintained a bias toward higher-quality oil producers it believes should gain the largest benefit from continued strength in oil and natural gas prices. The Trust tilted away from the oil services sub-sector, where many companies could continue to face headwinds from industry overcapacity.

As of December 31, 2021, the Trust had in place an option overwriting program whereby 35% of the underlying equities were overwritten with call options. These call options were typically written at levels above the prevailing market prices (estimated to be 3.9% out of the money) with an average time until expiration of 55 days.

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

8 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 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. |  |  | 14 | %
Royal Dutch Shell PLC, Class B, ADR |  |  | 11 |
TotalEnergies SE |  |  | 8 |
ConocoPhillips |  |  | 7 |
Exxon Mobil Corp. |  |  | 6 |
Canadian Natural Resources Ltd. |  |  | 4 |
Suncor Energy Inc. |  |  | 4 |
Marathon Petroleum Corp. |  |  | 4 |
TC Energy Corp. |  |  | 4 |
Pioneer Natural Resources Co. |  |  | 3 |

INDUSTRY ALLOCATION

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

(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 December 31, 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 December 31, 2021 ($22.12)(a) |  | 5.40%
Current Monthly Distribution per Common Share(b) |  | $0.0995
Current Annualized Distribution per Common Share(b) |  | $1.1940

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

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 22.12 |  |  | $ | 17.40 |  |  |  | 27.13 | % |  | $ | 22.18 |  |  | $ | 17.20 |
Net Asset Value |  |  | 22.10 |  |  |  | 19.12 |  |  |  | 15.59 |  |  |  | 22.18 |  |  |  | 18.93 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

10 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 (continued) |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 21.97 | % |  |  | 14.87 | % |  |  | 12.88 | %
Trust at Market Price(a)(b) |  |  | 34.15 |  |  |  | 17.10 |  |  |  | 14.30 |
MSCI USA Call Overwrite Index(c) |  |  | 23.51 |  |  |  | N/A |  |  |  | N/A |
Russell 1000® Index |  |  | 26.45 |  |  |  | 18.43 |  |  |  | 16.54 |

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

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

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

The largest contribution to the Trust’s relative performance came from investment decisions in the communication services sector. Most notably, stock selection and an overweight allocation to the interactive media & services industry boosted relative returns, as did an underweight allocation to diversified telecommunication services and entertainment companies. Elsewhere, stock selection in the industrials sector proved beneficial, specifically within the professional services industry. In energy, overweight exposure to the oil, gas & consumable fuels industry added to performance. Lastly, investment decisions within financials were solid contributors.

Conversely, investment decisions in the consumer discretionary sector detracted the most from the Trust’s relative returns. Notably, stock selection and an overweight allocation to the internet & direct marketing retail industry proved detrimental, as did stock selection among specialty retail and hotels, restaurants & leisure companies. Within information technology (“IT”), stock selection detracted from performance, particularly in the IT services and semiconductors & semiconductor equipment industries. Other detractors included stock selection in the consumer staples and materials sectors.

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 12-month period.

The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

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, materials, and health care sectors. The Trust reduced exposure to consumer staples, financials and energy.

Describe portfolio positioning at period end.

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

As of December 31, 2021, the Trust had an options overwriting program in place whereby 46% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.6% 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.

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

Trust Summary as of December 31, 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. |  |  | 5 |
Apple, Inc. |  |  | 5 |
UnitedHealth Group, Inc. |  |  | 3 |
Meta Platforms, Inc. |  |  | 3 |
Corteva, Inc. |  |  | 3 |
Visa, Inc. |  |  | 3 |
Berkshire Hathaway, Inc. |  |  | 3 |
Comcast Corp. |  |  | 2 |

SECTOR ALLOCATION

Sector(a)(b) |  | 12/31/21 |  |  | 12/31/20 |
Information Technology |  |  | 28 | % |  |  | 29 | %
Consumer Discretionary |  |  | 14 |  |  |  | 14 |
Communication Services |  |  | 14 |  |  |  | 14 |
Financials |  |  | 12 |  |  |  | 12 |
Health Care |  |  | 12 |  |  |  | 11 |
Industrials |  |  | 7 |  |  |  | 8 |
Materials |  |  | 5 |  |  |  | 3 |
Energy |  |  | 4 |  |  |  | 3 |
Consumer Staples |  |  | 2 |  |  |  | 5 |
Real Estate |  |  | 2 |  |  |  | 1 |

(a) | Excludes short-term securities.

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

12 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 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 December 31, 2021 ($10.08)(a) |  | 5.95%
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

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 10.08 |  |  | $ | 8.47 |  |  |  | 19.01 | % |  | $ | 10.67 |  |  | $ | 8.29 |
Net Asset Value |  |  | 10.23 |  |  |  | 9.35 |  |  |  | 9.41 |  |  |  | 10.75 |  |  |  | 9.17 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

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

Trust Summary as of December 31, 2021 (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 19.33 | % |  |  | 9.99 | % |  |  | 10.26 | %
Trust at Market Price(a)(b) |  |  | 29.80 |  |  |  | 12.40 |  |  |  | 11.58 |
MSCI USA Value Call Overwrite Index(c) |  |  | 27.03 |  |  |  | N/A |  |  |  | N/A |
Russell 1000® Value Index |  |  | 25.16 |  |  |  | 11.16 |  |  |  | 12.97 |

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

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

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

Stock selection and allocation decisions in the financial sector made the largest contribution to the Trust’s relative performance. Notably, investment decisions in the capital markets and insurance industries proved beneficial, and allocation decisions in the consumer finance and diversified financial services industries also boosted relative results. In energy, overweight exposure to the oil, gas & consumable fuels industry added to performance. Other modest contributors included an underweight allocation to utilities and stock selection in the materials sector.

Conversely, the largest detractor from relative returns was stock selection in the health care sector. Selection decisions in the health care equipment & supplies and pharmaceuticals industries detracted the most, while the Trust’s lack of exposure to the life sciences tools & services industry also weighed on relative return. Elsewhere, in the consumer discretionary sector, stock selection detracted from performance, specifically in the specialty retail industry. Other detractors during the period included stock selection in the information technology (“IT”) sector and the Trust’s lack of exposure to the real estate 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 12-month period.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

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 health care, consumer discretionary, and communication services sectors. The Trust reduced exposure to financials, consumer staples and energy.

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 health care sectors. The Trust maintained its most significant relative underweight sector exposures to real estate, industrials and consumer staples.

As of December 31, 2021, the Trust had an options overwriting program in place whereby 51% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.5% out of the money) with an average time until expiration of 55 days.

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

14 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 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 | %
Anthem, Inc. |  |  | 3 |
American International Group, Inc. |  |  | 3 |
Cisco Systems, Inc. |  |  | 3 |
Citigroup, Inc. |  |  | 3 |
Bank of America Corp. |  |  | 3 |
Sanofi |  |  | 2 |
AstraZeneca PLC |  |  | 2 |
Unilever PLC |  |  | 2 |
Medtronic PLC |  |  | 2 |

SECTOR ALLOCATION

Sector(a)(b) |  | 12/31/21 |  |  | 12/31/20 |
Financials |  |  | 26 | % |  |  | 28 | %
Health Care |  |  | 21 |  |  |  | 18 |
Information Technology |  |  | 12 |  |  |  | 13 |
Industrials |  |  | 8 |  |  |  | 7 |
Consumer Discretionary |  |  | 7 |  |  |  | 5 |
Energy |  |  | 7 |  |  |  | 7 |
Communication Services |  |  | 6 |  |  |  | 7 |
Consumer Staples |  |  | 6 |  |  |  | 9 |
Utilities |  |  | 4 |  |  |  | 4 |
Materials |  |  | 3 |  |  |  | 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 December 31, 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 December 31, 2021 ($12.18)(a) |  | 6.21%
Current Monthly Distribution per Common Share(b) |  | $0.0630
Current Annualized Distribution per Common Share(b) |  | $0.7560

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

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 12.18 |  |  | $ | 10.91 |  |  |  | 11.64 | % |  | $ | 12.79 |  |  | $ | 10.75 |
Net Asset Value |  |  | 13.40 |  |  |  | 12.28 |  |  |  | 9.12 |  |  |  | 13.49 |  |  |  | 12.02 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

16 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 16.21 | % |  |  | 9.64 | % |  |  | 8.38 | %
Trust at Market Price(a)(b) |  |  | 18.89 |  |  |  | 10.74 |  |  |  | 8.87 |
MSCI ACWI Call Overwrite Index(c) |  |  | 18.18 |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI |  |  | 18.54 |  |  |  | 14.40 |  |  |  | 11.85 |

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

Stock selection within the consumer discretionary sector was the largest contributor to the Trust’s relative performance, particularly within the internet & direct marketing retail industry. Stock selection within the industrials and financials sectors also contributed. At the individual stock level, financial software company Intuit, Inc. was a top contributor, as the company reported strong financial results for the year. Danish pharmaceutical company Novo Nordisk A/S also contributed to performance. The company demonstrated significant growth in the GLP-1 drug market as well as in the more novel obesity drug market. In particular, Novo Nordisk’s new obesity drug Wegovy came to market in June 2021, with strong potential to help the company tap into this new market opportunity and to bring upgraded expectations for Novo Nordisk’s long-term growth. Plumbing and heating company Ferguson PLC also contributed, delivering strong performance over the year and demonstrating its ability to more than pass on price increases to its customers, protecting its margins in the prevailing inflationary environment.

The largest detractor from relative returns came from the Trust’s overweight positioning and stock selection in the consumer staples sector, most notably within the food products industry. Other detractors included stock selection in information technology (“IT”) and underweight positioning in energy. At the individual security level, China Feihe Ltd. was the top detractor from returns. The infant milk formula producer has been directly impacted by the pandemic through its having caused a material decline in the birth rate in China. Concerns that “greater prosperity” initiatives may focus on reducing the cost of having children have led to worries that the high cost of premium infant milk formula in comparison to developed markets might lead to regulation. More recently, the Chinese authorities announced a number of measures to promote breastfeeding, including further restrictions on advertising early-stage infant milk formula products. The Trust exited its position in China Feihe, seeing the possibility of regulatory intervention as a persistent headwind to the shares, with no obvious catalyst to bring a rebound. Elsewhere, Fidelity National Information Services, Inc. detracted from performance due to pressure in the payments space. Reckitt Benckiser Group PLC was also a significant detractor, as consumer staples stocks lagged generally. Investors also remained cautious of future sales of Reckitt’s health and nutrition divisions, which have repeatedly delivered falling results.

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 12-month period.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

During the period, the Trust added exposure to the financial sector, most notably within the insurance industry. Exposure to the consumer discretionary and IT sectors also increased. Conversely, the Trust reduced exposure to industrials, consumer staples, and health care.

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 materials sector. Regionally, the majority of the portfolio was listed in the United States or Europe, with significant exposure in the United Kingdom.

As of December 31, 2021, the Trust had an options overwriting program in place whereby approximately 42% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.9% out of the money) with an average time until expiration of 54 days.

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

Trust Summary as of December 31, 2021 (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments
Microsoft Corp. |  | 4%
AbbVie, Inc. |  | 3
UnitedHealth Group, Inc. |  | 3
Sanofi |  | 3
Relx PLC |  | 3
Novo Nordisk A/S |  | 3
Intercontinental Exchange, Inc. |  | 3
Diageo PLC |  | 3
Medtronic PLC |  | 3
Taiwan Semiconductor Manufacturing Co. Ltd. |  | 3

GEOGRAPHIC ALLOCATION

Country/Geographic Region |  | 12/31/21 |  |  | 12/31/20
United States |  |  | 49 | % |  | 56%
United Kingdom |  |  | 20 |  |  | 18
France |  |  | 10 |  |  | 4
Taiwan |  |  | 4 |  |  | 2
Denmark |  |  | 3 |  |  | 1
Ireland |  |  | 3 |  |  | 1
Canada |  |  | 2 |  |  | 3
Portugal |  |  | 2 |  |  | —
Singapore |  |  | 1 |  |  | 3
China |  |  | 1 |  |  | —
Mexico |  |  | 1 |  |  | —
Japan |  |  | 1 |  |  | —
Indonesia |  |  | 1 |  |  | —
Switzerland |  |  | 1 |  |  | 4
Spain |  |  | 1 |  |  | 2
India |  |  | — |  |  | —(b)
Germany |  |  | — |  |  | 1
Australia |  |  | — |  |  | 2
Netherlands |  |  | — |  |  | 2
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 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 December 31, 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 December 31, 2021 ($6.28)(a) |  | 6.46%
Current Monthly Distribution per Common Share(b) |  | $0.0338
Current Annualized Distribution per Common Share(b) |  | $0.4056

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

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 6.28 |  |  | $ | 5.87 |  |  |  | 6.98 | % |  | $ | 6.68 |  |  | $ | 5.80 |
Net Asset Value |  |  | 6.81 |  |  |  | 6.49 |  |  |  | 4.93 |  |  |  | 7.02 |  |  |  | 6.36 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

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

Trust Summary as of December 31, 2021 (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 11.92 | % |  |  | 9.27 | % |  |  | 6.59 | %
Trust at Market Price(a)(b) |  |  | 14.11 |  |  |  | 10.36 |  |  |  | 7.04 |
MSCI ACWI ex USA Call Overwrite Index(c) |  |  | 9.23 |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI ex USA Index |  |  | 7.82 |  |  |  | 9.61 |  |  |  | 7.28 |

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

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

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

From a sector perspective, the Trust’s underweight positioning and stock selection in consumer discretionary stocks contributed the most to returns. Stock selection in industrials and health care also contributed to performance. At the individual security level, Danish pharmaceutical company Novo Nordisk A/S was the top contributor. The company demonstrated significant growth in the GLP-1 drug market as well as in the more novel obesity drug market. In particular, Novo Nordisk’s new obesity drug Wegovy came to market in June 2021, with strong potential to help the company tap into this new market opportunity and to bring upgraded expectations for Novo Nordisk’s long-term growth. Plumbing and heating company Ferguson PLC also contributed, delivering strong performance over the year and demonstrating its ability to more than pass on price increases to its customers, protecting its margins in the prevailing inflationary environment. Research consultant RELX PLC also contributed to returns, as shares performed well after it announced strong revenue over the course of the year.

By contrast, stock selection in financials was the largest detractor from relative performance at the sector level, particularly within the diversified financial services and capital markets subsectors. Stock selection and overweight positioning in consumer staples also detracted from returns, as did stock selection and underweight positioning in information technology. At the individual security level, China Feihe Ltd. was the top detractor from returns. The infant milk formula producer has been directly impacted by the pandemic through its having caused a material decline in the birth rate in China. Concerns that “greater prosperity” initiatives may focus on reducing the cost of having children have led to worries that the high cost of premium infant milk formula in comparison to developed markets might lead to regulation. More recently, the Chinese authorities announced a number of measures to promote breastfeeding, including further restrictions on advertising early-stage infant milk formula products. The Trust exited its position in China Feihe, seeing the possibility of regulatory intervention as a persistent headwind to the shares, with no obvious catalyst to bring a rebound. Consumer products giant Unilever plc also detracted as it has failed to execute its portfolio restructuring in a timely manner, which has resulted in low organic growth. Concerns remain about its margins given its need to invest in advertising and promotion, as well as a lack of innovation within the company. Koninklijke Philips NV also detracted following its Sleep product recall. The Trust exited its position during the year due to the potential legal liability from the recall, lacking insight and visibility on this material element of the investment case for the stock.

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 12-month period.

Describe recent portfolio activity.

During the period, the Trust increased its exposure to the consumer discretionary sector, particularly within the luxury space. It also added exposure to the utilities and energy sectors. Conversely, the Trust reduced exposure to consumer staples, industrials and health care.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in consumer staples and industrials. Notable exposures at the subsector and industry level included pharmaceuticals, textiles, apparel and luxury goods, as well as personal products. The Trust had no exposure to real estate. Regionally, the majority of the portfolio’s securities were listed either in Europe ex U.K. or in the United Kingdom.

As of December 31, 2021, the Trust had an options overwriting program in place whereby 41% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.4% out of the money) with an average time until expiration of 54 days.

20 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security(a) |  | Percent of Total Investments
Relx PLC |  | 4%
Sanofi |  | 4
Novo Nordisk A/S |  | 4
TELUS Corp. |  | 4
Unilever PLC |  | 4
EDP - Energias de Portugal SA |  | 4
Prudential PLC |  | 4
Taiwan Semiconductor Manufacturing Co. Ltd. |  | 4
Reckitt Benckiser Group PLC |  | 4
Diageo PLC |  | 4

GEOGRAPHIC ALLOCATION
Country/Geographic Region |  | 12/31/21 |  |  | 12/31/20
United Kingdom |  |  | 32 | % |  | 35%
France |  |  | 18 |  |  | 9
United States |  |  | 11 |  |  | 4
Taiwan |  |  | 6 |  |  | 4
Singapore |  |  | 5 |  |  | 5
Denmark |  |  | 4 |  |  | 3
Canada |  |  | 4 |  |  | 5
Portugal |  |  | 4 |  |  | —
Spain |  |  | 4 |  |  | 6
India |  |  | 3 |  |  | 2
Mexico |  |  | 2 |  |  | —
China |  |  | 2 |  |  | 1
Indonesia |  |  | 2 |  |  | —
Japan |  |  | 2 |  |  | —
Switzerland |  |  | 1 |  |  | 9
Germany |  |  | — |  |  | 3
Australia |  |  | — |  |  | 5
Netherlands |  |  | — |  |  | 6
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 December 31, 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 December 31, 2021 ($48.50)(a) |  | 5.27%
Current Monthly Distribution per Common Share(b) |  | $0.2130
Current Annualized Distribution per Common Share(b) |  | $2.5560

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

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 48.50 |  |  | $ | 47.59 |  |  |  | 1.91 | % |  | $ | 50.31 |  |  | $ | 44.61 |
Net Asset Value |  |  | 47.96 |  |  |  | 45.66 |  |  |  | 5.04 |  |  |  | 49.07 |  |  |  | 43.57 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

22 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 (continued) |  | BlackRock Health Sciences Trust (BME)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 10.66 | % |  |  | 15.81 | % |  |  | 15.89 | %
Trust at Market Price(a)(b) |  |  | 7.37 |  |  |  | 15.74 |  |  |  | 16.32 |
MSCI USA Investable Market Index Health Care Call Overwrite Index(c) |  |  | 18.52 |  |  |  | N/A |  |  |  | N/A |
Russell 3000® Health Care Index |  |  | 18.60 |  |  |  | 17.59 |  |  |  | 17.42 |

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

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

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

Security selection and sector allocation both detracted from the Trust’s relative performance in 2021. At a sector level, security selection in the health care providers & services and biotechnology sub-sectors were the largest detractors.

An underweight position in Moderna, Inc. was the most significant detractor at the individual stock level. The COVID-19 vaccine producer benefited from strong demand as the highly transmissible disease spread globally. The Trust did not initiate a position in Moderna earlier in the pandemic due to concerns around the company’s ability to generate profits from the development and distribution of an effective vaccine. However, the investment adviser increased the Trust’s weighting in the stock in the second half of the year.

An underweight in Danaher Corp. also dampened the Trust’s performance. The U.S.-based medical device company beat earnings expectations, experienced profit margin expansion, and announced an acquisition that was well received by investors. The Trust’s investment adviser chose not to invest in the company earlier in the year on the belief that there were better ways to capitalize on the growth of the COVID-19 testing and diagnostics business. However, the company benefited from strong demand for its testing products throughout the pandemic, and the durability of demand for testing has been stronger than the investment adviser expected due to the emergence of new variants of the virus.

An out-of-benchmark position in the health care provider Amedisys, Inc. detracted due to weaker-than-expected earnings and reduced guidance. The company suffered a negative impact from COVID-19, particularly in its senior living facilities, where occupancy rates and average length of stay remained below pre-pandemic levels. The company, which is a leading player in the growing home health space, also announced a strategic acquisition.

Stock selection in the pharmaceuticals sub-sector contributed to relative performance in 2021.

An overweight in Thermo Fisher Scientific, Inc., which raised its long-term growth expectations due to strong demand in its COVID-19 testing business, was the top contributor. The Trust’s investment adviser favored the medical supplies company relative to its peers, as its more diversified product line afforded exposure to revenue streams that are independent of COVID-19.

A private investment in the biotechnology company Acumen Pharmaceuticals, Inc., which underwent a successful initial public offering, was also a top contributor.

An underweight position in the pharmaceutical giant Johnson & Johnson was an additional contributor of note. The company’s shares came under pressure due to concerns about product safety and the efficacy of its single-dose, viral protein-based COVID-19 vaccine.

The Trust made use of options, principally writing call options on individual stocks, to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to results.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

The Trust increased its weightings in the pharmaceuticals and medical devices & supplies sub-sectors, while its allocations to biotechnology and healthcare providers & services remained the same.

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

Trust Summary as of December 31, 2021 (continued) |  | BlackRock Health Sciences Trust (BME)

Describe portfolio positioning at period end.

The emergence of the COVID-19 Omicron variant extended uncertainty about the duration of the pandemic and led to increased market volatility. The investment adviser remains very alert to shifts in COVID-19 outlook, and it continues to monitor developments on this front. The Trust closed the year with an above-average sensitivity to the performance of COVID-19 beneficiaries, primarily through investments in vaccine producers and diagnostic suppliers. The investment adviser will be watching for signs of herd immunity to assess the possible vulnerability of revenues related to the virus.

The investment adviser believes the key long-term drivers for the health care sector—an aging global population and innovation in medical technology—remain in place. In its view, the combination of these secular trends and favorable valuations creates a compelling long-term investment opportunity.

At year end, the Trust held overweight positions in the medical devices & supplies and biotechnology sub-sectors due to their attractive valuations and robust fundamentals.

As of December 31, 2021, the Trust had in place an option overwriting program whereby 33.5% of the underlying equities were overwritten with call options. These call options were typically written at levels above the prevailing market prices (estimated to be 6.7% out of the money) and with an average time until expiration of 56 days.

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security(a) |  | Percent of Total Investments
UnitedHealth Group, Inc. |  | 8%
Thermo Fisher Scientific, Inc. |  | 6
Abbott Laboratories |  | 6
Pfizer, Inc. |  | 4
Johnson & Johnson |  | 4
Eli Lilly & Co. |  | 3
Cigna Corp. |  | 3
Stryker Corp. |  | 2
Intuitive Surgical, Inc. |  | 2
Amgen, Inc. |  | 2

INDUSTRY ALLOCATION
Industry(a)(b) |  | 12/31/21 |  |  | 12/31/20
Health Care Equipment & Supplies |  |  | 27 | % |  | 30%
Health Care Providers & Services |  |  | 21 |  |  | 21
Pharmaceuticals |  |  | 21 |  |  | 19
Biotechnology |  |  | 18 |  |  | 19
Life Sciences Tools & Services |  |  | 13 |  |  | 9
Health Care Technology |  |  | — |  |  | 1
Diversified Financial Services |  |  | — |  |  | 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) | Represents less than 1% of the Trust’s long-term investments.

24 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 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 December 31, 2021 ($25.36)(a) |  | 6.86%
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

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 25.36 |  |  | $ | 28.65 |  |  |  | (11.48 | )% |  | $ | 30.68 |  |  | $ | 22.88 |
Net Asset Value |  |  | 26.47 |  |  |  | 30.73 |  |  |  | (13.86 | ) |  |  | 32.95 |  |  |  | 25.17 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

| BMEZ | commenced operations on January 30, 2020. |

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

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

Trust Summary as of December 31, 2021 (continued) |  | BlackRock Health Sciences Trust II (BMEZ)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  |  | 1 Year |  |  |  | Since Inception | (a)
Trust at NAV(b)(c) |  |  | (8.31 | )% |  |  | 21.94 | %
Trust at Market Price(b)(c) |  |  | (5.76 | ) |  |  | 19.25 |
MSCI ACWI Call Overwrite Index(d) |  |  | 18.56 |  |  |  | 15.52 |
MSCI ACWI |  |  | 18.54 |  |  |  | 18.15 |

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

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

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

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

The Trust focuses on innovative, small- and mid-sized healthcare companies. The listed benchmark, which incorporates all sectors of the market and emphasizes large-cap stocks, is therefore used for reference purposes only. Small-cap health care stocks lagged considerably in 2021, largely due to their weak showing in the fourth quarter of 2021.

Stock selection across the four sub-sectors of health care detracted from relative performance in 2021, led by weakness in the biotechnology industry. Rising interest rates had negative impact on many of the Trust’s holdings in high-growth companies during the period, particularly in smaller-cap biotechnology companies that had experienced a strong price appreciation in 2020. For instance, Mersana Therapeutics, Inc. was a key detractor in the past year.

Nevro Corp., a U.S.-based medical device company, was another notable detractor. The stock was hurt by litigation regarding patent infringement, as well as cancellations of neuro-stimulation surgeries due to COVID-19.

The healthcare provider Oak Street Health, Inc. which reported weaker-than-expected results, was also a key detractor. The company cited increased costs stemming from the effects of COVID-19 on its operations.

A position in the health care provider Amedisys, Inc., which reported disappointing earnings and reduced its guidance, also detracted. The company experienced a negative impact from COVID-19, particularly in its senior living facilities, where occupancy rates and average length of stay remained below pre-pandemic levels. The company, which is a leading player in the growing home health space, also announced a strategic acquisition.

On the positive side, overweight allocations to the medical devices & supplies and health care providers & services industries helped relative performance.

An overweight position in Straumann Holding AG, a global leader in tooth replacement solutions, was the leading contributor. The company benefited from the recovery in elective procedures.

Private investments also strongly contributed to the Trust’s relative performance, with four of the five largest relative contributors being private positions that went public. Design Therapeutics, Inc. was the most notable contributor in this area. The U.S.-based firm, which develops novel, small-molecule therapeutic candidates called gene targeted chimeras, went public in 2021. A private investment in a biotechnology company, Acumen Pharmaceuticals, Inc., also made a strong contribution to performance following a successful initial public offering.

Merger and acquisition activity in the small-cap health care universe continued to be a source of positive returns. Private positions in Amunix Pharmaceuticals, Inc., an immune-oncology company acquired by Sanofi for $1 billion, and Vividion Therapeutics, Inc., a biotech company acquired by Bayer, were among the top contributors.

The Trust utilizes an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. This strategy contributed to relative performance.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

26 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 (continued) |  | BlackRock Health Sciences Trust II (BMEZ)

Describe recent portfolio activity.

The Trust’s allocations to the pharmaceuticals, biotechnology, and health care providers & services industries decreased, while its allocation to the medical devices & supplies sub-sector increased.

Describe portfolio positioning at period end.

The emergence of the Omicron variant of COVID-19 extended uncertainty about the duration of the pandemic and led to increased market volatility. The investment adviser remains very alert to shifts in the COVID-19 outlook, and it continues to monitor developments on this front. The Trust closed the year with an above-average sensitivity to the performance of COVID-19 beneficiaries, primarily through investments in vaccine producers and diagnostic suppliers. The investment adviser will be watching for signs of herd immunity to assess the possible vulnerability of revenues related to the virus.

The investment adviser believes the key long-term drivers for the health care sector—an aging global population and innovation in medical technology—remain in place. In its view, the combination of these secular trends and favorable valuations creates a compelling long-term investment opportunity.

At year end, the Trust held overweight positions in the medical devices & supplies and biotechnology sub-sectors due to their attractive valuations and robust fundamentals.

As of December 31, 2021, the Trust had in place an option overwriting program in place whereby 21.6% of the underlying equities were overwritten with call options. These call options were typically written at levels above the prevailing market prices (estimated to be 9.4% out of the money) with an average time until expiration of 59 days.

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments
Seagen, Inc. |  | 2%
Alcon, Inc. |  | 2
Masimo Corp. |  | 2
Edwards Lifesciences Corp. |  | 2
Vertex Pharmaceuticals, Inc. |  | 2
ResMed, Inc. |  | 2
Daiichi Sankyo Co. Ltd. |  | 2
Intuitive Surgical, Inc. |  | 2
Tandem Diabetes Care, Inc. |  | 2
Kymera Therapeutics, Inc. |  | 2

INDUSTRY ALLOCATION

Industry(a)(b) |  | 12/31/21 |  |  | 12/31/20
Biotechnology |  |  | 34 | % |  | 42%
Health Care Equipment & Supplies |  |  | 30 |  |  | 24
Health Care Providers & Services |  |  | 15 |  |  | 13
Life Sciences Tools & Services |  |  | 12 |  |  | 10
Pharmaceuticals |  |  | 5 |  |  | 6
Diversified Financial Services |  |  | 2 |  |  | 2
Health Care Technology |  |  | 1 |  |  | 2
Software |  |  | 1 |  |  | —
Internet & Direct Marketing Retail |  |  | — |  |  | 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) | Represents less than 1% of the Trust’s long-term investments.

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

Trust Summary as of December 31, 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 December 31, 2021 ($14.54)(a) |  | 8.25%
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. |

Market Price and Net Asset Value Per Share Summary

|  |  | 12/31/21 |  |  |  | 03/29/21 | (a) |  |  | Change |  |  |  | High |  |  |  | Low |
Closing Market Price |  | $ | 14.54 |  |  | $ | 20.00 |  |  |  | (27.30 | )% |  | $ | 22.95 |  |  | $ | 13.74 |
Net Asset Value |  |  | 16.72 |  |  |  | 20.00 |  |  |  | (16.40 | ) |  |  | 21.01 |  |  |  | 15.77 |

| (a) | Commencement of operations. |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

BIGZ commenced operations on March 29, 2021.

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

28 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 (continued) |  | BlackRock Innovation and Growth Trust (BIGZ)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  |  | Since Inception | (a)
Trust at NAV(b)(c) |  |  | (13.03 | )%
Trust at Market Price(b)(c) |  |  | (24.37 | )
MSCI USA SMID Growth Call Overwrite Index (d) |  |  | 11.02 |
Russell 2500™ Growth Index |  |  | 6.05 |

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

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

| (c) | The Trust moved from neither a premium nor discount to a discount to NAV during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

The largest detractor from relative performance from a sector perspective was the Trust’s allocation to the consumer discretionary sector, most notably within the specialty retail industry. Within this space, auto e-commerce retailer Vroom Inc. and pool and spa care specialist Leslie’s Inc. detracted the most at the individual stock level with marked declines throughout the period. Vroom in particular weighed on performance due to nagging supply chain issues that have hampered profitability in recent quarter despite strong long-term growth prospects. Elsewhere among consumer discretionary stocks, an overweight position in casino operator Penn National Gaming, Inc. also detracted from performance. Stock selection in the information technology (“IT”) sector was the second-biggest weight on relative performance, particularly within the software industry, where positions in Lightspeed POS, Inc. and Five9, Inc. declined later in the period. The third-largest detractor was stock selection in the health care sector, specifically within the life sciences tools & services industry, where a position in Seer Inc. detracted during the year.

By contrast, stock selection in real estate was the largest contributor to relative performance at the sector level, most notably within the real estate investment trust (“REIT”) industry. Among individual REIT names, warehousing specialist Rexford Industrial Realty, Inc. led performance, as a competitor in the $30 billion regional industrial market that has enjoyed strong e-commerce tailwinds. Rexford has acquired properties to grow its internal database quickly, helping it capitalize on high demand and rent growth in the southern California property market and grow its market share. Additionally, a position in Innovative Industrial Properties, Inc. helped to drive performance, as the provider of real estate capital for the medical-use cannabis industry delivered on high expectations for revenue growth and continued to expand its portfolio during the year. Elsewhere, stock selection was notably strong within the aerospace & defense sub-sector within industrials, where Axon Enterprise, Inc. helped to bolster returns with its mission to create a public safety ecosystem. Lastly, the Trust’s relative performance benefited from a position in Celsius Holdings, Inc. within the beverages industry in the consumer staples 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 did not have a material impact on relative performance for the since inception period.

Describe recent portfolio activity.

The public equity portion of the Trust became fully invested at the end of April. Due to a combination of market changes and portfolio activity since then, the Trust increased its exposure to the IT and financials sectors. Conversely, the Trust reduced exposure to health care and consumer discretionary stocks. The Trust also significantly increased its stake in privately held companies during the period to 19.9% as the investment adviser worked to increase exposure to this investment segment. The private investments did not have a material impact on Trust performance for the since inception period.

The Trust briefly held an elevated cash position early in the period between the Trust’s inception and its becoming fully invested. The cash position did not have a material impact on Trust performance.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector overweight positions in the public equity portion of the portfolio were in IT and health care, while the largest underweight positions were in financials and materials.

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

Trust Summary as of December 31, 2021 (continued) |  | BlackRock Innovation and Growth Trust (BIGZ)

As of December 31, 2021, the Trust had an options overwriting program in place whereby 10.5% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 11.8% out of the money) with an average time until expiration of 55 days.

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security(a) |  | Percent of Total Investments
Five9, Inc. |  | 3%
Entegris, Inc. |  | 3
10X Genomics, Inc. |  | 3
Bio-Techne Corp. |  | 3
Masimo Corp. |  | 3
Axon Enterprise, Inc. |  | 3
Monolithic Power Systems, Inc. |  | 3
Globant SA |  | 3
Kahoot! AS |  | 2
Bill.Com Holdings, Inc. |  | 2

INDUSTRY ALLOCATION
Industry(a)(b) |  | 12/31/21
Software |  | 23%
Semiconductors & Semiconductor Equipment |  | 10
Life Sciences Tools & Services |  | 8
IT Services |  | 8
Health Care Equipment & Supplies |  | 7
Aerospace & Defense |  | 5
Health Care Technology |  | 5
Hotels, Restaurants & Leisure |  | 4
Entertainment |  | 3
Building Products |  | 2
Auto Components |  | 2
Diversified Consumer Services |  | 2
Electronic Equipment, Instruments & Components |  | 2
Food Products |  | 2
Biotechnology |  | 2
Specialty Retail |  | 2
Internet & Direct Marketing Retail |  | 2
Machinery |  | 2
Electrical Equipment |  | 2
Equity Real Estate Investment Trusts (REITs) |  | 1
Road & Rail |  | 1
Capital Markets |  | 1
Chemicals |  | 1
Leisure Products |  | 1
Banks |  | 1
Wireless Telecommunication 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.

30 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 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 December 31, 2021 ($9.35)(a) |  | 5.13%
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

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 9.35 |  |  | $ | 7.41 |  |  |  | 26.18 | % |  | $ | 10.16 |  |  | $ | 7.41 |
Net Asset Value |  |  | 10.21 |  |  |  | 8.45 |  |  |  | 20.83 |  |  |  | 10.39 |  |  |  | 8.38 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

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

Trust Summary as of December 31, 2021 (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 27.20 | % |  |  | 8.05 | % |  |  | 3.70 | %
Trust at Market Price(a)(b) |  |  | 32.83 |  |  |  | 9.97 |  |  |  | 4.49 |
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index(c) |  |  | 25.86 |  |  |  | N/A |  |  |  | N/A |
S&P Global Natural Resources Net Index |  |  | 24.40 |  |  |  | 8.94 |  |  |  | 3.95 |

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

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

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

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

The Trust’s holding in the energy sector made the largest contribution to absolute returns, followed by agriculture and mining.

The fertilizer producer CF Industries Holdings, Inc. was the largest contributor to performance. The company benefited from the rising prices for nitrogen fertilizers brought about by lower supplies. An out-of-benchmark position in Neo Lithium Corp. was also among the top performers, reflecting the improvement in lithium prices.

An out-of-benchmark position in the Brazilian state-owned integrated oil producer Petroleo Brasileiro SA (Petrobras) was the largest detractor. 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. The crop chemicals producer FMC Corp., which downgraded its guidance due to rising costs, was another large detractor.

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

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

The investment adviser increased the Trust’s weighting in the energy sector in 2021, based on its positive view on oil prices. The investment adviser maintained a bias toward higher-quality oil producers it believed would gain the largest benefit from continued strength in oil and natural gas prices. The Trust tilted away from the oil services sub-sector, where many companies could continue to face headwinds from industry overcapacity.

In the mining sector, the investment adviser focused on companies with stronger balance sheets and lower costs. In agriculture, the Trust was underweight in the paper and packaging industry in favor of health and wellness companies that are positioned to take advantage of consumers’ shifting preferences with respect to food and nutrition.

Describe portfolio positioning at period end.

At the end of the period, 41.0% of the portfolio was invested in the energy sector, 29.7% in the mining sector and 26.8% in the agriculture sector, together with a cash position of 1.2%.

As of December 31, 2021, the Trust had in place an option overwriting program whereby 33% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 4.9% out of the money) with an average time until expiration of 52 days.

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

32 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
TotalEnergies SE |  |  | 6 | %
Chevron Corp. |  |  | 6 |
Royal Dutch Shell PLC, Class B, ADR |  |  | 5 |
Glencore PLC |  |  | 5 |
Nutrien Ltd. |  |  | 5 |
CF Industries Holdings, Inc. |  |  | 4 |
BHP Group PLC |  |  | 4 |
Anglo American PLC |  |  | 4 |
Vale SA |  |  | 4 |
Bunge Ltd. |  |  | 4 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | 12/31/21 |  |  | 12/31/20 |
Oil, Gas & Consumable Fuels |  |  | 40 | % |  |  | 34 | %
Metals & Mining |  |  | 30 |  |  |  | 35 |
Chemicals |  |  | 15 |  |  |  | 14 |
Food Products |  |  | 9 |  |  |  | 5 |
Machinery |  |  | 4 |  |  |  | 1 |
Electronic Equipment, Instruments & Components |  |  | 1 |  |  |  | 2 |
Containers & Packaging |  |  | 1 |  |  |  | 7 |
Paper & Forest Products(c) |  |  | — |  |  |  | — |
Energy Equipment & Services |  |  | — |  |  |  | 1 |
Specialty Retail |  |  | — |  |  |  | 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.

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

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

Trust Summary as of December 31, 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 December 31, 2021 ($49.97)(a) |  | 6.00%
Current Monthly Distribution per Common Share(b) |  | $0.2500
Current Annualized Distribution per Common Share(b) |  | $3.0000

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

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 49.97 |  |  | $ | 53.30 |  |  |  | (6.25 | )% |  | $ | 61.14 |  |  | $ | 47.30 |
Net Asset Value |  |  | 52.40 |  |  |  | 51.94 |  |  |  | 0.89 |  |  |  | 58.68 |  |  |  | 49.07 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

BST commenced operations on October 30, 2014.

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

34 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 (continued) |  | BlackRock Science and Technology Trust (BST)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  |  | 1 Year |  |  |  | 5 Years |  |  |  | Since Inception | (a)
Trust at NAV(b)(c) |  |  | 9.44 | % |  |  | 30.04 | % |  |  | 23.40 | %
Trust at Market Price(b)(c) |  |  | 1.70 |  |  |  | 31.77 |  |  |  | 21.80 |
MSCI ACWI Information Technology Call Overwrite Index(d) |  |  | 21.85 |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI Information Technology Index |  |  | 27.36 |  |  |  | 29.47 |  |  |  | 22.96 |

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

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

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

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

The largest contributor to the Trust’s relative performance among individual stocks was its out-of-benchmark position in privately held fintech company Klarna, Inc. The Sweden-based digital payments provider allows shoppers to pay in installments without interest, and its acquisition of e-commerce technology platform specialist Hero Towers bolstered growth. An additional funding round in June 2021 valued Klarna at $45 billion, making it Europe’s most valuable “unicorn” technology startup. Also, an overweight position in U.S. semiconductor company Marvell Technology, Inc. was among top contributors, as the company’s data center, storage, and 5G business segments saw strong and improving demand. The stock performed well after Marvell raised its 2022 guidance in light of increased enterprise demand. Lastly, an out-of-benchmark position in privately held data software company Databricks, Inc. contributed. An additional funding round during the period valued the company at $38 billion, and Databricks is one of the leading developers of tools for large-scale data analysis as well as being a large player in the cloud software space.

By contrast, the largest detractor from relative returns was the Trust’s underweight position in Microsoft Corp. The stock performed well during the period and has a large weighting in the benchmark, and the software giant has continued to see strong growth in its Azure cloud computing business due to rising enterprise spending on digital transformation projects. Elsewhere, an underweight position in semiconductor company Nvidia Corp. was among top detractors as it benefited from strong demand for its gaming and data center graphics processing units as well as exposure to the emerging metaverse theme. Lastly, an out-of-benchmark position in artificial intelligence software company C3.AI, Inc. was among the largest detractors, as the stock got caught up in broader pressure on high-growth technology names during the period.

The Trust successfully completed a rights offering in July 2021, raising $359 million and providing capital for private equity investments and rebalancing the portfolio while mitigating portfolio turnover and the potential realization of capital gains which is a taxable event for shareholders. BlackRock, not the Trust, covered all expenses of the offering and structured the offering to limit NAV dilution to $0.68 per share or approximately 1.2% of NAV.

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 12-month period.

Describe recent portfolio activity.

During the period, the Trust increased its exposure to the semiconductors sub-sector. It decreased exposure to the internet, services, and software sub-sectors. From a regional perspective, the Trust’s allocation to emerging markets decreased, while its allocation to the United States and Europe increased.

The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sub-sector exposure was in software (31%), internet (19%), and semiconductors (19%). The Trust’s smallest exposure was in content & infrastructure (1%).

As of December 31, 2021, the Trust had an options overwriting program in place whereby 25% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 7.8% out of the money) with an average time until expiration of 53 days.

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

Trust Summary as of December 31, 2021 (continued) |  | BlackRock Science and Technology Trust (BST)

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS |
Security(a) |  | Percent of Total Investments |
Apple, Inc. |  |  | 5 | %
Microsoft Corp. |  |  | 4 |
Marvell Technology, Inc. |  |  | 3 |
Alphabet, Inc. |  |  | 3 |
Klarna Holdings AB |  |  | 2 |
Tesla, Inc. |  |  | 2 |
Amazon.com, Inc. |  |  | 2 |
ASML Holding NV |  |  | 2 |
Lam Research Corp. |  |  | 2 |
Mastercard, Inc. |  |  | 2 |

SECTOR ALLOCATION |
Sector(a)(b) |  | 12/31/21 |  |  | 12/31/20 |
Software |  |  | 29 | % |  |  | 27 | %
Semiconductors & Semiconductor Equipment |  |  | 19 |  |  |  | 15 |
IT Services |  |  | 19 |  |  |  | 19 |
Interactive Media & Services |  |  | 9 |  |  |  | 10 |
Technology Hardware, Storage & Peripherals |  |  | 5 |  |  |  | 4 |
Internet & Direct Marketing Retail |  |  | 4 |  |  |  | 10 |
Automobiles |  |  | 3 |  |  |  | 3 |
Banks |  |  | 2 |  |  |  | 1 |
Electrical Equipment |  |  | 2 |  |  |  | — |
Road & Rail |  |  | 1 |  |  |  | 2 |
Professional Services |  |  | 1 |  |  |  | — | (c)
Entertainment |  |  | 1 |  |  |  | 3 |
Hotels, Restaurants & Leisure |  |  | 1 |  |  |  | — | (c)
Food Products |  |  | 1 |  |  |  | — | (c)
Electronic Equipment, Instruments & Components |  |  | 1 |  |  |  | 1 |
Diversified Financial Services |  |  | 1 |  |  |  | 1 |
Chemicals |  |  | 1 |  |  |  | — |
Diversified Consumer Services |  |  | — |  |  |  | 2 |
Health Care Technology |  |  | — |  |  |  | 1 |
Diversified Telecommunication Services |  |  | — |  |  |  | 1 |
Other(c) |  |  | — |  |  |  | — |

(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.

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

36 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 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 December 31, 2021 ($38.94)(a) |  | 5.92%
Current Monthly Distribution per Common Share(b) |  | $0.1920
Current Annualized Distribution per Common Share(b) |  | $2.3040

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

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 38.94 |  |  | $ | 36.38 |  |  |  | 7.04 | % |  | $ | 43.53 |  |  | $ | 32.58 |
Net Asset Value |  |  | 38.82 |  |  |  | 38.72 |  |  |  | 0.26 |  |  |  | 44.87 |  |  |  | 35.93 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

BSTZ commenced operations on June 27, 2019.

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

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

Trust Summary as of December 31, 2021 (continued) |  | BlackRock Science and Technology Trust II (BSTZ)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  |  | 1 Year |  |  |  | Since Inception | (a)
Trust at NAV(b)(c) |  |  | 8.41 | % |  |  | 38.49 | %
Trust at Market Price(b)(c) |  |  | 15.75 |  |  |  | 38.66 |
MSCI ACWI Call Overwrite Index(d) |  |  | 18.56 |  |  |  | 15.63 |
MSCI ACWI |  |  | 18.54 |  |  |  | 17.80 |

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

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

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

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

The largest contributor to the Trust’s relative performance among individual stocks was its out-of-benchmark position in privately held fintech company Klarna, Inc. The Sweden-based digital payments provider allows shoppers to pay in installments without interest, and its acquisition of e-commerce technology platform specialist Hero Towers bolstered growth. An additional funding round in June 2021 valued Klarna at $45 billion, making it Europe’s most valuable “unicorn” technology startup. Also, an out-of-benchmark position in privately held data software company Databricks, Inc. contributed. An additional funding round during the period valued the company at $38 billion, and Databricks is one of the leading developers of tools for large-scale data analysis as well as being a large player in the cloud software space. Lastly, an overweight position in U.S. semiconductor company Marvell Technology, Inc. Inc. was among top contributors, as the company’s data center, storage, and 5G business segments saw strong and improving demand. The stock performed well after Marvell raised its 2022 guidance in light of increased enterprise demand.

The largest detractor from relative returns was the Trust’s out-of-benchmark position in artificial intelligence company C3.AI, Inc., as the market rotation from growth to value had a substantial negative impact on its stock. An out-of-benchmark position in commercial electric vehicle manufacturer Arrival Ltd.also weighed on relative returns, as the company’s stock came under pressure following weaker-than-expected guidance for revenue and vehicle sales volumes. Lastly, an out-of-benchmark position in Farfetch Ltd. was among top detractors, as the U.K.-based luxury e-commerce company’s stock suffered due to rising yields and the collapse of Archegos Capital Management.

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 marginally detracted from relative performance for the 12-month period.

Describe recent portfolio activity.

During the period, the Trust reduced its exposure to emerging markets-based companies, particularly in China and Brazil, and increased exposure to secular growth, higher-quality technology companies. From an industry perspective, the Trust reduced exposure to companies facing competitive pressures and structural challenges, adding to stable software, semiconductor equipment, and services companies.

Over the long term, the investment adviser has continued to focus on companies that are exposed to long-term secular demand. This includes companies seeing heightened demand from the migration to remote work and increased adoption of emerging technologies, such as artificial intelligence, cloud computing, digital transformation, and e-commerce.

During the period, the Trust initiated five new private investments in privately held technology companies. As of December 31, 2021, the Trust held 22 private investments, comprising 26% of total assets for a total commitment of approximately $800 million.

The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe portfolio positioning at period end.

At period end, the Trust held 33% of assets in software, 24% in semiconductors, 16% in services, 15% in internet, 5% in hardware, 4% in content & infrastructure, and 3% in new industries. These industry exposures were the result of bottom-up stock selection.

As of December 31, 2021, the Trust had an options overwriting program in place whereby 21% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 8.5% out of the money) with an average time until expiration of 56 days.

38 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 (continued) |  | BlackRock Science and Technology Trust II (BSTZ)

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security(a) |  | Percent of Total Investments
Marvell Technology, Inc. |  | 5%
Klarna Holdings AB |  | 4
Lasertec Corp. |  | 3
Tesla, Inc. |  | 3
Silergy Corp. |  | 2
Kakao Corp. |  | 2
SambaNova Systems, Inc. |  | 2
Databricks, Inc. |  | 2
Zscaler, Inc. |  | 2
Endava PLC |  | 2

INDUSTRY ALLOCATION
Industry(a)(b) |  | 12/31/21 |  |  | 12/31/20
Software |  |  | 27 | % |  | 30%
Semiconductors & Semiconductor Equipment |  |  | 23 |  |  | 15
IT Services |  |  | 18 |  |  | 19
Interactive Media & Services |  |  | 7 |  |  | 7
Banks |  |  | 4 |  |  | 2
Automobiles |  |  | 4 |  |  | 6
Internet & Direct Marketing Retail |  |  | 4 |  |  | 7
Entertainment |  |  | 3 |  |  | 3
Electrical Equipment |  |  | 1 |  |  | —
Electronic Equipment, Instruments & Components |  |  | 1 |  |  | 2
Road & Rail |  |  | 1 |  |  | 1
Hotels, Restaurants & Leisure |  |  | 1 |  |  | —
Specialty Retail |  |  | 1 |  |  | 1
Diversified Consumer Services |  |  | 1 |  |  | 2
Professional Services |  |  | 1 |  |  | —(c)
Food Products |  |  | 1 |  |  | 1
Food & Staples Retailing |  |  | 1 |  |  | —
Communications Equipment |  |  | 1 |  |  | —
Capital Markets |  |  | — |  |  | 1
Multi-line Retail |  |  | — |  |  | 1
Health Care Technology |  |  | — |  |  | 1
Diversified Telecommunication Services |  |  | — |  |  | 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 Consolidated Schedule of Investments for details.

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

Trust Summary as of December 31, 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 December 31, 2021 ($26.62)(a) |  | 5.45%
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

|  | 12/31/21 |  |  | 12/31/20 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 26.62 |  |  | $ | 25.04 |  |  |  | 6.31 | % |  | $ | 27.77 |  |  | $ | 24.03 |
Net Asset Value |  |  | 25.86 |  |  |  | 23.80 |  |  |  | 8.66 |  |  |  | 26.22 |  |  |  | 23.05 |

TOTAL RETURN BASED ON A $10,000 INVESTMENT

| (a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |

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

40 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 (continued) |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Performance

Returns for the period ended December 31, 2021 were as follows:

|  | Average Annual Total Returns |
|  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 15.13 | % |  |  | 13.32 | % |  |  | 10.56 | %
Trust at Market Price(a)(b) |  |  | 12.65 |  |  |  | 15.20 |  |  |  | 10.62 |
MSCI World Select Energy, Utilities and Industry Call Overwrite Index(c) |  |  | 13.72 |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI |  |  | 18.54 |  |  |  | 14.40 |  |  |  | 11.85 |

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

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

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

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

Past performance is not an indication of future results.

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

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

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

What factors influenced performance?

The largest contributor to relative returns was the Trust’s position in wind-power developer China Longyuan Power Group Corp. Ltd., which saw strong gains from its parent company’s plans to merge one of its China A-share listed subsidiaries with China Longyuan and contribute additional renewable energy assets to the group. China Longyuan also benefited from plans by the Chinese government to accelerate wind-power generation. Elsewhere, ON Semiconductor Corp. contributed to relative returns, benefiting from supply chain challenges across the semiconductor industry and higher demand from electric-vehicle manufacturers that drove stronger sales and higher pricing.

The largest detractors from relative returns were the Trust’s positions in clean power utility companies. The group struggled amid perceived risks around interest rate expectations and potential tax increases or price controls to limit the power-price impact on consumers. Among individual stock positions, Enel SpA, Iberdrola SA, 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 contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

During the period, the Trust moderately reduced its exposure to the utilities sector. At the beginning of the period, the Trust initially added to positions in energy efficiency companies positively exposed to economic reopening, but it later reduced some of this exposure following strong performance. The Trust rotated this capital into the industrials sector, where valuations were more attractive.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe portfolio positioning at period end.

At period end, the utilities sector accounted for approximately 52% of the Trust’s assets. The Trust had approximately 30% and 7% of its assets invested in the industrials and energy sectors respectively, and the remainder was invested in other infrastructure- and power-related sectors.

As of December 31, 2021, the Trust had an options overwriting program in place whereby approximately 34% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.4% out of the money) with an average time until expiration of 56 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 |  |  | 41 |

Trust Summary as of December 31, 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. |  |  | 8 | %
Enel SpA |  |  | 5 |
Rwe AG |  |  | 4 |
Johnson Controls International PLC |  |  | 3 |
Waste Management, Inc. |  |  | 3 |
Iberdrola SA |  |  | 3 |
Vinci SA |  |  | 3 |
Schneider Electric SE |  |  | 3 |
Atlas Copco AB |  |  | 3 |
Dominion Energy, Inc. |  |  | 3 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | 12/31/21 |  |  | 12/31/20 |
Electric Utilities |  |  | 28 | % |  |  | 33 | %
Multi-Utilities |  |  | 17 |  |  |  | 14 |
Electrical Equipment |  |  | 9 |  |  |  | 7 |
Building Products |  |  | 8 |  |  |  | 7 |
Oil, Gas & Consumable Fuels |  |  | 7 |  |  |  | 8 |
Independent Power and Renewable Electricity Producers |  |  | 7 |  |  |  | 8 |
Commercial Services & Supplies |  |  | 5 |  |  |  | 4 |
Machinery |  |  | 5 |  |  |  | 2 |
Chemicals |  |  | 4 |  |  |  | 5 |
Construction & Engineering |  |  | 4 |  |  |  | 4 |
Semiconductors & Semiconductor Equipment |  |  | 4 |  |  |  | 5 |
Electronic Equipment, Instruments & Components |  |  | 2 |  |  |  | 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.

42 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 |  | BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |
Energy Equipment & Services — 0.7% |
Schlumberger NV |  |  | 69,450 |  |  | $ | 2,080,027 |
Food Products — 0.8% |  |  |  |  |  |
Darling Ingredients, Inc.(a)(b) |  |  | 37,324 |  |  |  | 2,586,180 |
Metals & Mining — 0.9% |  |  |  |  |  |
Glencore PLC |  |  | 581,300 |  |  |  | 2,961,885 |
Oil, Gas & Consumable Fuels — 97.4% |  |  |  |  |  |
Aker BP ASA |  |  | 94,301 |  |  |  | 2,899,623 |
ARC Resources Ltd. |  |  | 441,330 |  |  |  | 4,012,249 |
BP PLC |  |  | 1,852,674 |  |  |  | 8,301,130 |
Cairn Energy PLC |  |  | 958,958 |  |  |  | 2,475,057 |
Canadian Natural Resources Ltd. |  |  | 306,213 |  |  |  | 12,938,918 |
Cenovus Energy Inc. |  |  | 729,241 |  |  |  | 8,941,484 |
Cheniere Energy, Inc.(a) |  |  | 57,800 |  |  |  | 5,862,076 |
Chevron Corp.(a) |  |  | 366,418 |  |  |  | 42,999,152 |
ConocoPhillips(a) |  |  | 302,334 |  |  |  | 21,822,512 |
Devon Energy Corp.(a) |  |  | 177,667 |  |  |  | 7,826,231 |
EOG Resources, Inc.(a) |  |  | 96,665 |  |  |  | 8,586,752 |
Equinor ASA |  |  | 311,233 |  |  |  | 8,241,228 |
Exxon Mobil Corp.(a)(c) |  |  | 314,177 |  |  |  | 19,224,491 |
Gazprom PJSC, ADR |  |  | 400,350 |  |  |  | 3,696,888 |
Hess Corp. |  |  | 104,719 |  |  |  | 7,752,348 |
Kosmos Energy Ltd.(b) |  |  | 653,634 |  |  |  | 2,261,574 |
Marathon Petroleum Corp.(a) |  |  | 186,834 |  |  |  | 11,955,508 |
Pioneer Natural Resources Co.(c) |  |  | 60,704 |  |  |  | 11,040,843 |
Royal Dutch Shell PLC, Class B, ADR(a) |  |  | 769,051 |  |  |  | 33,338,361 |
Santos Ltd. |  |  | 1,184,886 |  |  |  | 5,458,144 |
Suncor Energy Inc. |  |  | 497,484 |  |  |  | 12,447,424 |
TC Energy Corp. |  |  | 245,952 |  |  |  | 11,438,678 |
TotalEnergies SE |  |  | 531,067 |  |  |  | 27,031,421 |

Security |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Tourmaline Oil Corp. |  |  | 171,783 |  |  | $ | 5,546,162 |
Valero Energy Corp.(a) |  |  | 126,474 |  |  |  | 9,499,462 |
Williams Cos., Inc.(a) |  |  | 376,158 |  |  |  | 9,795,154 |
|  |  |  |  |  |  | 305,392,870 |
Total Long-Term Investments — 99.8% (Cost: $240,891,552) |  |  |  | 313,020,962 |
Short-Term Securities |
Money Market Funds — 0.9% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(d)(e) |  |  | 2,725,280 |  |  |  | 2,725,280 |
Total Short-Term Securities — 0.9% (Cost: $2,725,280) |  |  |  | 2,725,280 |
Total Investments Before Options Written — 100.7% (Cost: $243,616,832) |  |  |  | 315,746,242 |
Options Written — (0.6)% |  |  |  |  |  |  |  |
(Premiums Received: $(3,397,497)) |  |  |  | (2,076,564 | )
Total Investments, Net of Options Written — 100.1% (Cost: $240,219,335) |  |  |  | 313,669,678 |
Liabilities in Excess of Other Assets — (0.1)% |  |  |  | (166,208 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 313,503,470 |

(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 year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 3,418,486 |  |  | $ | — |  |  | $ | (693,206 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 2,725,280 |  |  |  | 2,725,280 |  |  | $ | 357 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chevron Corp. |  |  | 258 |  |  |  | 01/07/22 |  |  | USD |  |  | 116.25 |  |  | USD |  |  | 3,028 |  |  | $ | (52,421 | )
ConocoPhillips |  |  | 154 |  |  |  | 01/07/22 |  |  | USD |  |  | 76.00 |  |  | USD |  |  | 1,112 |  |  |  | (2,233 | )
Exxon Mobil Corp. |  |  | 365 |  |  |  | 01/07/22 |  |  | USD |  |  | 65.01 |  |  | USD |  |  | 2,233 |  |  |  | (701 | )
Marathon Petroleum Corp. |  |  | 110 |  |  |  | 01/07/22 |  |  | USD |  |  | 67.00 |  |  | USD |  |  | 704 |  |  |  | (1,980 | )

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 (continued) December 31, 2021 |  | BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tourmaline Oil Corp. |  |  | 248 |  |  |  | 01/07/22 |  |  | CAD |  |  | 43.00 |  |  | CAD |  |  | 1,013 |  |  | $ | (2,353 | )
Valero Energy Corp. |  |  | 161 |  |  |  | 01/07/22 |  |  | USD |  |  | 76.00 |  |  | USD |  |  | 1,209 |  |  |  | (13,444 | )
Chevron Corp. |  |  | 326 |  |  |  | 01/14/22 |  |  | USD |  |  | 121.00 |  |  | USD |  |  | 3,826 |  |  |  | (17,930 | )
ConocoPhillips |  |  | 9 |  |  |  | 01/14/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 65 |  |  |  | (585 | )
Devon Energy Corp. |  |  | 385 |  |  |  | 01/14/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 1,696 |  |  |  | (33,495 | )
Exxon Mobil Corp. |  |  | 365 |  |  |  | 01/14/22 |  |  | USD |  |  | 65.01 |  |  | USD |  |  | 2,233 |  |  |  | (3,724 | )
Valero Energy Corp. |  |  | 137 |  |  |  | 01/14/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,029 |  |  |  | (26,578 | )
Williams Cos., Inc. |  |  | 413 |  |  |  | 01/14/22 |  |  | USD |  |  | 28.00 |  |  | USD |  |  | 1,075 |  |  |  | (14,455 | )
Arc Resources Ltd. |  |  | 310 |  |  |  | 01/21/22 |  |  | CAD |  |  | 13.50 |  |  | CAD |  |  | 357 |  |  |  | (858 | )
Arc Resources Ltd. |  |  | 336 |  |  |  | 01/21/22 |  |  | CAD |  |  | 13.00 |  |  | CAD |  |  | 386 |  |  |  | (1,859 | )
Arc Resources Ltd. |  |  | 195 |  |  |  | 01/21/22 |  |  | CAD |  |  | 11.50 |  |  | CAD |  |  | 224 |  |  |  | (7,477 | )
Canadian Natural Resources Ltd. |  |  | 593 |  |  |  | 01/21/22 |  |  | CAD |  |  | 54.00 |  |  | CAD |  |  | 3,170 |  |  |  | (52,270 | )
Canadian Natural Resources Ltd. |  |  | 601 |  |  |  | 01/21/22 |  |  | CAD |  |  | 56.00 |  |  | CAD |  |  | 3,212 |  |  |  | (21,618 | )
Cenovus Energy Inc. |  |  | 1,327 |  |  |  | 01/21/22 |  |  | CAD |  |  | 16.50 |  |  | CAD |  |  | 2,058 |  |  |  | (18,358 | )
Cheniere Energy, Inc. |  |  | 93 |  |  |  | 01/21/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 943 |  |  |  | (4,418 | )
Chevron Corp. |  |  | 418 |  |  |  | 01/21/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 4,905 |  |  |  | (155,705 | )
ConocoPhillips |  |  | 78 |  |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 563 |  |  |  | (7,059 | )
Darling Ingredients, Inc. |  |  | 65 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 450 |  |  |  | (1,138 | )
Devon Energy Corp. |  |  | 400 |  |  |  | 01/21/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 1,762 |  |  |  | (99,000 | )
Exxon Mobil Corp. |  |  | 365 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,233 |  |  |  | (7,665 | )
Marathon Petroleum Corp. |  |  | 162 |  |  |  | 01/21/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 1,037 |  |  |  | (9,315 | )
Marathon Petroleum Corp. |  |  | 92 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 589 |  |  |  | (12,190 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 867 |  |  |  | 01/21/22 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 3,758 |  |  |  | (8,670 | )
Suncor Energy Inc. |  |  | 938 |  |  |  | 01/21/22 |  |  | CAD |  |  | 33.00 |  |  | CAD |  |  | 2,969 |  |  |  | (23,358 | )
TC Energy Corp. |  |  | 672 |  |  |  | 01/21/22 |  |  | CAD |  |  | 62.00 |  |  | CAD |  |  | 3,953 |  |  |  | (2,656 | )
Tourmaline Oil Corp. |  |  | 230 |  |  |  | 01/21/22 |  |  | CAD |  |  | 46.00 |  |  | CAD |  |  | 939 |  |  |  | (2,727 | )
Valero Energy Corp. |  |  | 182 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,367 |  |  |  | (11,284 | )
Williams Cos., Inc. |  |  | 617 |  |  |  | 01/21/22 |  |  | USD |  |  | 29.00 |  |  | USD |  |  | 1,607 |  |  |  | (3,085 | )
Chevron Corp. |  |  | 390 |  |  |  | 01/28/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 4,577 |  |  |  | (60,840 | )
ConocoPhillips |  |  | 718 |  |  |  | 01/28/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 5,183 |  |  |  | (89,750 | )
EOG Resources, Inc. |  |  | 58 |  |  |  | 01/28/22 |  |  | USD |  |  | 93.00 |  |  | USD |  |  | 515 |  |  |  | (10,092 | )
Exxon Mobil Corp. |  |  | 121 |  |  |  | 01/28/22 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 740 |  |  |  | (6,716 | )
Marathon Petroleum Corp. |  |  | 255 |  |  |  | 01/28/22 |  |  | USD |  |  | 66.00 |  |  | USD |  |  | 1,632 |  |  |  | (35,445 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 375 |  |  |  | 01/28/22 |  |  | USD |  |  | 46.25 |  |  | USD |  |  | 1,626 |  |  |  | (11,700 | )
Williams Cos., Inc. |  |  | 399 |  |  |  | 01/28/22 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 1,039 |  |  |  | (9,975 | )
Cheniere Energy, Inc. |  |  | 126 |  |  |  | 01/31/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,278 |  |  |  | (11,460 | )
EOG Resources, Inc. |  |  | 309 |  |  |  | 02/11/22 |  |  | USD |  |  | 91.00 |  |  | USD |  |  | 2,745 |  |  |  | (95,945 | )
Arc Resources Ltd. |  |  | 217 |  |  |  | 02/18/22 |  |  | CAD |  |  | 13.00 |  |  | CAD |  |  | 250 |  |  |  | (4,803 | )
Arc Resources Ltd. |  |  | 625 |  |  |  | 02/18/22 |  |  | CAD |  |  | 11.50 |  |  | CAD |  |  | 719 |  |  |  | (40,021 | )
Cenovus Energy Inc. |  |  | 1,327 |  |  |  | 02/18/22 |  |  | CAD |  |  | 16.50 |  |  | CAD |  |  | 2,058 |  |  |  | (58,222 | )
ConocoPhillips |  |  | 86 |  |  |  | 02/18/22 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 621 |  |  |  | (12,341 | )
ConocoPhillips |  |  | 74 |  |  |  | 02/18/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 534 |  |  |  | (15,984 | )
ConocoPhillips |  |  | 29 |  |  |  | 02/18/22 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 209 |  |  |  | (9,498 | )
Darling Ingredients, Inc. |  |  | 76 |  |  |  | 02/18/22 |  |  | USD |  |  | 69.00 |  |  | USD |  |  | 527 |  |  |  | (26,610 | )
Marathon Petroleum Corp. |  |  | 90 |  |  |  | 02/18/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 576 |  |  |  | (8,235 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 960 |  |  |  | 02/18/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 4,162 |  |  |  | (91,200 | )
Suncor Energy Inc. |  |  | 952 |  |  |  | 02/18/22 |  |  | CAD |  |  | 32.00 |  |  | CAD |  |  | 3,013 |  |  |  | (96,709 | )
TC Energy Corp. |  |  | 262 |  |  |  | 02/18/22 |  |  | CAD |  |  | 60.00 |  |  | CAD |  |  | 1,541 |  |  |  | (18,537 | )
Tourmaline Oil Corp. |  |  | 174 |  |  |  | 02/18/22 |  |  | CAD |  |  | 40.00 |  |  | CAD |  |  | 711 |  |  |  | (37,621 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,372,313 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aker BP |  | Morgan Stanley & Co. International PLC |  |  | 24,000 |  |  |  | 01/04/22 |  |  | NOK |  |  | 317.86 |  |  | NOK |  |  | 6,518 |  |  | $ | — |
Gazprom PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 32,300 |  |  |  | 01/04/22 |  |  | USD |  |  | 9.62 |  |  | USD |  |  | 298 |  |  |  | (368 | )
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 55,300 |  |  |  | 01/05/22 |  |  | NOK |  |  | 229.80 |  |  | NOK |  |  | 13,045 |  |  |  | (37,543 | )
BP PLC |  | Goldman Sachs International |  |  | 101,900 |  |  |  | 01/11/22 |  |  | GBP |  |  | 3.53 |  |  | GBP |  |  | 337 |  |  |  | (557 | )
Gazprom PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 32,300 |  |  |  | 01/11/22 |  |  | USD |  |  | 9.71 |  |  | USD |  |  | 298 |  |  |  | (1,189 | )

44 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total SA |  | Goldman Sachs International |  |  | 17,300 |  |  |  | 01/11/22 |  |  |  | EUR |  |  |  | 44.23 |  |  |  | EUR |  |  |  | 772 |  |  | $ | (19,218 | )
Aker BP |  | Goldman Sachs International |  |  | 12,600 |  |  |  | 01/13/22 |  |  |  | NOK |  |  |  | 312.05 |  |  |  | NOK |  |  |  | 3,422 |  |  |  | (51 | )
Statoil ASA |  | UBS AG |  |  | 31,200 |  |  |  | 01/13/22 |  |  |  | NOK |  |  |  | 234.66 |  |  |  | NOK |  |  |  | 7,360 |  |  |  | (18,990 | )
Gazprom PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 32,300 |  |  |  | 01/18/22 |  |  |  | USD |  |  |  | 9.80 |  |  |  | USD |  |  |  | 298 |  |  |  | (5,064 | )
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 37,100 |  |  |  | 01/18/22 |  |  |  | NOK |  |  |  | 230.80 |  |  |  | NOK |  |  |  | 8,752 |  |  |  | (34,552 | )
Total SA |  | Goldman Sachs International |  |  | 43,400 |  |  |  | 01/18/22 |  |  |  | EUR |  |  |  | 44.69 |  |  |  | EUR |  |  |  | 1,937 |  |  |  | (44,514 | )
Gazprom PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 32,800 |  |  |  | 01/20/22 |  |  |  | USD |  |  |  | 9.58 |  |  |  | USD |  |  |  | 303 |  |  |  | (3,606 | )
Santos Ltd. |  | Goldman Sachs International |  |  | 273,000 |  |  |  | 01/20/22 |  |  |  | AUD |  |  |  | 6.91 |  |  |  | AUD |  |  |  | 1,723 |  |  |  | (5,289 | )
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 23,100 |  |  |  | 01/20/22 |  |  |  | NOK |  |  |  | 245.85 |  |  |  | NOK |  |  |  | 5,449 |  |  |  | (7,866 | )
Santos Ltd. |  | Goldman Sachs International |  |  | 84,462 |  |  |  | 01/25/22 |  |  |  | AUD |  |  |  | 6.53 |  |  |  | AUD |  |  |  | 533 |  |  |  | (8,616 | )
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 431,600 |  |  |  | 01/27/22 |  |  |  | GBP |  |  |  | 3.32 |  |  |  | GBP |  |  |  | 1,426 |  |  |  | (50,028 | )
Glencore PLC |  | Goldman Sachs International |  |  | 76,400 |  |  |  | 01/27/22 |  |  |  | GBP |  |  |  | 3.73 |  |  |  | GBP |  |  |  | 286 |  |  |  | (13,184 | )
Total SA |  | Goldman Sachs International |  |  | 71,900 |  |  |  | 01/27/22 |  |  |  | EUR |  |  |  | 41.62 |  |  |  | EUR |  |  |  | 3,209 |  |  |  | (253,795 | )
Glencore PLC |  | Goldman Sachs International |  |  | 114,000 |  |  |  | 02/01/22 |  |  |  | GBP |  |  |  | 3.81 |  |  |  | GBP |  |  |  | 427 |  |  |  | (17,399 | )
Royal Dutch Shell PLC, Class B, ADR |  | Citibank N.A. |  |  | 72,000 |  |  |  | 02/02/22 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 3,121 |  |  |  | (62,158 | )
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 170,500 |  |  |  | 02/03/22 |  |  |  | GBP |  |  |  | 3.47 |  |  |  | GBP |  |  |  | 564 |  |  |  | (9,944 | )
Santos Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 75,000 |  |  |  | 02/08/22 |  |  |  | AUD |  |  |  | 6.74 |  |  |  | AUD |  |  |  | 473 |  |  |  | (6,358 | )
Total SA |  | UBS AG |  |  | 69,300 |  |  |  | 02/08/22 |  |  |  | EUR |  |  |  | 44.57 |  |  |  | EUR |  |  |  | 3,093 |  |  |  | (103,962 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (704,251 | )

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 |  |  | $ | 1,592,247 |  |  | $ | (271,314 | ) |  | $ | (2,076,564 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 2,076,564 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,076,564 |

For the period ended December 31, 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 |  |  | — |  |  |  | — |  |  |  | (14,237,287 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,237,287 | )
|  | $ | — |  |  | $ | — |  |  | $ | (14,262,534 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (14,262,534 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 1,154,640 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,154,640 |

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

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 (continued) December 31, 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 |  | $ | 3,512,106 |

| (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 |  | $ | — |  |  | $ | 2,076,564 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 2,076,564 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (1,372,313 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 704,251 |

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)
Citibank N.A. |  | $ | 62,158 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 62,158 |
Goldman Sachs International |  |  | 362,623 |  |  |  | — |  |  |  | (362,623 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 6,358 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,358 |
Morgan Stanley & Co. International PLC |  |  | 150,160 |  |  |  | — |  |  |  | (150,160 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 122,952 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 122,952 |
|  | $ | 704,251 |  |  | $ | — |  |  | $ | (512,783 | ) |  | $ | — |  |  | $ | 191,468 |

| (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 |  | $ | 2,080,027 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,080,027 |
Food Products |  |  | 2,586,180 |  |  |  | — |  |  |  | — |  |  |  | 2,586,180 |
Metals & Mining |  |  | — |  |  |  | 2,961,885 |  |  |  | — |  |  |  | 2,961,885 |
Oil, Gas & Consumable Fuels |  |  | 247,289,379 |  |  |  | 58,103,491 |  |  |  | — |  |  |  | 305,392,870 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 2,725,280 |  |  |  | — |  |  |  | — |  |  |  | 2,725,280 |
|  | $ | 254,680,866 |  |  | $ | 61,065,376 |  |  | $ | — |  |  | $ | 315,746,242 |

46 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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 |  | $ | (1,265,697 | ) |  | $ | (810,867 | ) |  | $ | — |  |  | $ | (2,076,564 | )

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

See notes to financial statements.

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

Schedule of Investments December 31, 2021 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Aerospace & Defense — 0.3% |  |  |  |  |  |
BAE Systems PLC, ADR |  |  | 107,020 |  |  | $ | 3,187,591 |
Air Freight & Logistics — 1.1% |  |  |  |  |  |
C.H. Robinson Worldwide, Inc. |  |  | 104,301 |  |  |  | 11,225,917 |
Automobiles — 2.2% |  |  |  |  |  |
General Motors Co.(a) |  |  | 362,321 |  |  |  | 21,242,880 |
Banks — 2.7% |  |  |  |  |  |
Bank of America Corp.(b) |  |  | 189,066 |  |  |  | 8,411,546 |
JPMorgan Chase & Co. |  |  | 114,191 |  |  |  | 18,082,145 |
|  |  |  |  |  |  | 26,493,691 |
Capital Markets — 3.0% |  |  |  |  |  |
Intercontinental Exchange, Inc. |  |  | 100,667 |  |  |  | 13,768,226 |
Morgan Stanley |  |  | 162,491 |  |  |  | 15,950,116 |
|  |  |  |  |  |  | 29,718,342 |
Chemicals — 3.6% |  |  |  |  |  |
Axalta Coating Systems Ltd.(a) |  |  | 305,175 |  |  |  | 10,107,396 |
Corteva, Inc. |  |  | 523,568 |  |  |  | 24,754,295 |
|  |  |  |  |  |  | 34,861,691 |
Communications Equipment — 3.2% |  |  |  |  |  |
Ciena Corp.(a) |  |  | 164,522 |  |  |  | 12,663,258 |
Cisco Systems, Inc. |  |  | 293,851 |  |  |  | 18,621,338 |
|  |  |  |  |  |  | 31,284,596 |
Construction & Engineering — 1.3% |  |  |  |  |  |
Quanta Services, Inc. |  |  | 109,918 |  |  |  | 12,603,198 |
Consumer Finance — 2.1% |  |  |  |  |  |
Ally Financial, Inc. |  |  | 233,526 |  |  |  | 11,118,173 |
Capital One Financial Corp. |  |  | 67,080 |  |  |  | 9,732,637 |
|  |  |  |  |  |  | 20,850,810 |
Containers & Packaging — 1.4% |  |  |  |  |  |
Sealed Air Corp. |  |  | 195,860 |  |  |  | 13,214,674 |
Diversified Financial Services — 2.4% |  |  |  |  |  |
Berkshire Hathaway, Inc., Class B(a) |  |  | 78,108 |  |  |  | 23,354,292 |
Entertainment — 1.2% |  |  |  |  |  |
World Wrestling Entertainment, Inc., Class A |  |  | 229,834 |  |  |  | 11,340,010 |
Food Products — 0.8% |  |  |  |  |  |
Mondelez International, Inc., Class A |  |  | 125,420 |  |  |  | 8,316,600 |
Health Care Providers & Services — 7.2% |  |  |  |  |  |
Anthem, Inc. |  |  | 32,695 |  |  |  | 15,155,441 |
Humana, Inc. |  |  | 14,728 |  |  |  | 6,831,730 |
Laboratory Corp. of America Holdings(a) |  |  | 56,305 |  |  |  | 17,691,594 |
UnitedHealth Group, Inc. |  |  | 61,023 |  |  |  | 30,642,089 |
|  |  |  |  |  |  | 70,320,854 |
Health Care Technology — 0.8% |  |  |  |  |  |
Veeva Systems, Inc., Class A(a) |  |  | 29,226 |  |  |  | 7,466,658 |
Hotels, Restaurants & Leisure — 0.7% |  |  |  |  |  |
Las Vegas Sands Corp.(a) |  |  | 172,808 |  |  |  | 6,504,493 |
Insurance — 2.1% |  |  |  |  |  |
Fidelity National Financial, Inc. |  |  | 109,047 |  |  |  | 5,690,072 |
Progressive Corp. |  |  | 141,810 |  |  |  | 14,556,797 |
|  |  |  |  |  |  | 20,246,869 |

Security |  | Shares |  |  | Value |
Interactive Media & Services(a) — 9.2% |  |  |  |  |  |
Alphabet, Inc., Class A(b) |  |  | 21,069 |  |  | $ | 61,037,736 |
Meta Platforms, Inc., Class A |  |  | 86,799 |  |  |  | 29,194,843 |
|  |  |  |  |  |  | 90,232,579 |
Internet & Direct Marketing Retail — 5.3% |  |  |  |  |  |
Amazon.com, Inc.(a)(b) |  |  | 15,404 |  |  |  | 51,362,173 |
IT Services — 5.5% |  |  |  |  |  |
Fidelity National Information Services, Inc. |  |  | 131,281 |  |  |  | 14,329,321 |
FleetCor Technologies, Inc.(a) |  |  | 65,492 |  |  |  | 14,659,729 |
Visa, Inc., Class A |  |  | 112,390 |  |  |  | 24,356,037 |
|  |  |  |  |  |  | 53,345,087 |
Life Sciences Tools & Services — 1.3% |  |  |  |  |  |
Avantor, Inc.(a) |  |  | 294,950 |  |  |  | 12,429,193 |
Machinery — 2.7% |  |  |  |  |  |
Fortive Corp. |  |  | 214,193 |  |  |  | 16,340,784 |
Otis Worldwide Corp. |  |  | 111,887 |  |  |  | 9,742,001 |
|  |  |  |  |  |  | 26,082,785 |
Media — 3.2% |  |  |  |  |  |
Comcast Corp., Class A |  |  | 452,002 |  |  |  | 22,749,261 |
Fox Corp., Class A |  |  | 221,208 |  |  |  | 8,162,575 |
|  |  |  |  |  |  | 30,911,836 |
Multiline Retail — 3.3% |  |  |  |  |  |
Dollar General Corp. |  |  | 71,218 |  |  |  | 16,795,341 |
Dollar Tree, Inc.(a) |  |  | 110,942 |  |  |  | 15,589,570 |
|  |  |  |  |  |  | 32,384,911 |
Oil, Gas & Consumable Fuels — 3.5% |  |  |  |  |  |
ConocoPhillips(b) |  |  | 296,788 |  |  |  | 21,422,158 |
EQT Corp.(a) |  |  | 595,527 |  |  |  | 12,988,444 |
|  |  |  |  |  |  | 34,410,602 |
Personal Products — 1.2% |  |  |  |  |  |
Unilever PLC, ADR |  |  | 220,858 |  |  |  | 11,879,952 |
Pharmaceuticals — 2.8% |  |  |  |  |  |
Novo Nordisk A/S, ADR |  |  | 98,683 |  |  |  | 11,052,496 |
Sanofi, ADR |  |  | 333,072 |  |  |  | 16,686,907 |
|  |  |  |  |  |  | 27,739,403 |
Real Estate Management & Development — 1.5% |  |  |  |
CBRE Group, Inc., Class A(a) |  |  | 133,254 |  |  |  | 14,459,392 |
Road & Rail — 2.0% |  |  |  |  |  |
Norfolk Southern Corp. |  |  | 64,610 |  |  |  | 19,235,043 |
Semiconductors & Semiconductor Equipment — 6.0% |  |  |  |
Analog Devices, Inc. |  |  | 96,290 |  |  |  | 16,924,893 |
Applied Materials, Inc. |  |  | 127,730 |  |  |  | 20,099,593 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 181,600 |  |  |  | 21,848,296 |
|  |  |  |  |  |  | 58,872,782 |
Software — 8.4% |  |  |  |  |  |
CDK Global, Inc. |  |  | 225,374 |  |  |  | 9,407,111 |
Microsoft Corp.(b) |  |  | 214,901 |  |  |  | 72,275,504 |
|  |  |  |  |  |  | 81,682,615 |
Specialty Retail — 3.0% |  |  |  |  |  |
O’Reilly Automotive, Inc.(a) |  |  | 12,049 |  |  |  | 8,509,365 |
Ross Stores, Inc. |  |  | 182,088 |  |  |  | 20,809,017 |
|  |  |  |  |  |  | 29,318,382 |

48 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Technology Hardware, Storage & Peripherals — 5.2% |
Apple, Inc.(b) |  |  | 288,198 |  |  | $ | 51,175,319 |
Total Long-Term Investments — 100.2% (Cost: $570,297,394) |  |  |  |  |  |  | 977,755,220 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.1% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(c)(d) |  |  | 10,297,753 |  |  |  | 10,297,753 |
Total Short-Term Securities — 1.1% (Cost: $10,297,753) |  |  |  | 10,297,753 |
Total Investments Before Options Written — 101.3% (Cost: $580,595,147) |  |  |  | 988,052,973 |
Options Written — (1.3)% (Premiums Received: $(11,850,571)) |  |  |  | (12,449,136 | )
Total Investments, Net of Options Written — 100.0% (Cost: $568,744,576) |  |  |  | 975,603,837 |
Liabilities in Excess of Other Assets — 0.0% |  |  |  | (125,332 | )
Net Assets — 100.0% |  |  | $ | 975,478,505 |

(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 year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 11,614,004 |  |  | $ | — |  |  | $ | (1,316,251 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 10,297,753 |  |  |  | 10,297,753 |  |  | $ | 1,373 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quanta Services, Inc. |  |  | 575 |  |  |  | 01/04/22 |  |  | USD |  |  | 123.00 |  |  | USD |  |  | 6,593 |  |  | $ | (470 | )
Alphabet Inc., Class A |  |  | 41 |  |  |  | 01/07/22 |  |  | USD |  |  | 2,925.00 |  |  | USD |  |  | 11,878 |  |  |  | (70,110 | )
Amazon.com, Inc. |  |  | 10 |  |  |  | 01/07/22 |  |  | USD |  |  | 3,525.00 |  |  | USD |  |  | 3,334 |  |  |  | (4,175 | )
Analog Devices, Inc. |  |  | 34 |  |  |  | 01/07/22 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 598 |  |  |  | (2,635 | )
Apple, Inc. |  |  | 784 |  |  |  | 01/07/22 |  |  | USD |  |  | 153.38 |  |  | USD |  |  | 13,921 |  |  |  | (1,896,980 | )
Applied Materials, Inc. |  |  | 55 |  |  |  | 01/07/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 865 |  |  |  | (8,690 | )
Berkshire Hathaway, Inc., Class B |  |  | 170 |  |  |  | 01/07/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 5,083 |  |  |  | (326,400 | )
CDK Global, Inc. |  |  | 68 |  |  |  | 01/07/22 |  |  | USD |  |  | 44.62 |  |  | USD |  |  | 284 |  |  |  | (232 | )
Comcast Corp., Class A |  |  | 101 |  |  |  | 01/07/22 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 508 |  |  |  | (556 | )
ConocoPhillips |  |  | 104 |  |  |  | 01/07/22 |  |  | USD |  |  | 76.00 |  |  | USD |  |  | 751 |  |  |  | (1,508 | )
Corteva, Inc. |  |  | 310 |  |  |  | 01/07/22 |  |  | USD |  |  | 50.13 |  |  | USD |  |  | 1,466 |  |  |  | (503 | )
Facebook, Inc., Class A |  |  | 66 |  |  |  | 01/07/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 2,220 |  |  |  | (22,770 | )
Fox Corp., Class A |  |  | 240 |  |  |  | 01/07/22 |  |  | USD |  |  | 40.26 |  |  | USD |  |  | 886 |  |  |  | (450 | )
Microsoft Corp. |  |  | 372 |  |  |  | 01/07/22 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 12,511 |  |  |  | (296,670 | )
Morgan Stanley |  |  | 443 |  |  |  | 01/07/22 |  |  | USD |  |  | 102.00 |  |  | USD |  |  | 4,348 |  |  |  | (8,196 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Norfolk Southern Corp. |  |  | 207 |  |  |  | 01/07/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 6,163 |  |  | $ | (172,845 | )
Otis Worldwide Corp. |  |  | 126 |  |  |  | 01/07/22 |  |  | USD |  |  | 84.41 |  |  | USD |  |  | 1,097 |  |  |  | (36,543 | )
Sanofi, ADR |  |  | 903 |  |  |  | 01/07/22 |  |  | USD |  |  | 51.04 |  |  | USD |  |  | 4,524 |  |  |  | (19,770 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 240 |  |  |  | 01/07/22 |  |  | USD |  |  | 122.00 |  |  | USD |  |  | 2,887 |  |  |  | (19,320 | )
Unilever PLC, ADR |  |  | 89 |  |  |  | 01/07/22 |  |  | USD |  |  | 53.10 |  |  | USD |  |  | 479 |  |  |  | (8,008 | )
Visa, Inc., Class A |  |  | 153 |  |  |  | 01/07/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 3,316 |  |  |  | (111,690 | )
Comcast Corp., Class A |  |  | 184 |  |  |  | 01/10/22 |  |  | USD |  |  | 54.25 |  |  | USD |  |  | 926 |  |  |  | (300 | )
Visa, Inc., Class A |  |  | 149 |  |  |  | 01/11/22 |  |  | USD |  |  | 221.00 |  |  | USD |  |  | 3,229 |  |  |  | (21,070 | )
Amazon.com, Inc. |  |  | 8 |  |  |  | 01/14/22 |  |  | USD |  |  | 3,500.00 |  |  | USD |  |  | 2,667 |  |  |  | (11,220 | )
Analog Devices, Inc. |  |  | 6 |  |  |  | 01/14/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 105 |  |  |  | (2,880 | )
Anthem, Inc. |  |  | 68 |  |  |  | 01/14/22 |  |  | USD |  |  | 435.00 |  |  | USD |  |  | 3,152 |  |  |  | (201,620 | )
Anthem, Inc. |  |  | 48 |  |  |  | 01/14/22 |  |  | USD |  |  | 455.00 |  |  | USD |  |  | 2,225 |  |  |  | (61,200 | )
Apple, Inc. |  |  | 205 |  |  |  | 01/14/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 3,640 |  |  |  | (269,575 | )
Applied Materials, Inc. |  |  | 203 |  |  |  | 01/14/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 3,194 |  |  |  | (57,449 | )
Bank of America Corp. |  |  | 415 |  |  |  | 01/14/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,846 |  |  |  | (23,655 | )
Bank of America Corp. |  |  | 414 |  |  |  | 01/14/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 1,842 |  |  |  | (11,178 | )
Cisco Systems, Inc. |  |  | 276 |  |  |  | 01/14/22 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 1,749 |  |  |  | (147,660 | )
Comcast Corp., Class A |  |  | 184 |  |  |  | 01/14/22 |  |  | USD |  |  | 54.25 |  |  | USD |  |  | 926 |  |  |  | (806 | )
ConocoPhillips |  |  | 259 |  |  |  | 01/14/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,869 |  |  |  | (16,835 | )
Dollar General Corp. |  |  | 44 |  |  |  | 01/14/22 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 1,038 |  |  |  | (49,720 | )
JPMorgan Chase & Co. |  |  | 82 |  |  |  | 01/14/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 1,298 |  |  |  | (4,223 | )
Las Vegas Sands Corp. |  |  | 195 |  |  |  | 01/14/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 734 |  |  |  | (2,340 | )
Microsoft Corp. |  |  | 126 |  |  |  | 01/14/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 4,238 |  |  |  | (24,192 | )
Mondelez International, Inc., Class A |  |  | 279 |  |  |  | 01/14/22 |  |  | USD |  |  | 66.00 |  |  | USD |  |  | 1,850 |  |  |  | (25,808 | )
Morgan Stanley |  |  | 89 |  |  |  | 01/14/22 |  |  | USD |  |  | 104.00 |  |  | USD |  |  | 874 |  |  |  | (2,047 | )
Morgan Stanley |  |  | 354 |  |  |  | 01/14/22 |  |  | USD |  |  | 103.00 |  |  | USD |  |  | 3,475 |  |  |  | (12,921 | )
Norfolk Southern Corp. |  |  | 110 |  |  |  | 01/14/22 |  |  | USD |  |  | 295.00 |  |  | USD |  |  | 3,275 |  |  |  | (64,350 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 72 |  |  |  | 01/14/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 866 |  |  |  | (21,384 | )
UnitedHealth Group, Inc. |  |  | 146 |  |  |  | 01/14/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 7,331 |  |  |  | (774,895 | )
Visa, Inc., Class A |  |  | 53 |  |  |  | 01/14/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,149 |  |  |  | (11,183 | )
Ally Financial, Inc. |  |  | 416 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,981 |  |  |  | (2,912 | )
Alphabet Inc., Class A |  |  | 40 |  |  |  | 01/21/22 |  |  | USD |  |  | 2,990.00 |  |  | USD |  |  | 11,588 |  |  |  | (73,400 | )
Amazon.com, Inc. |  |  | 1 |  |  |  | 01/21/22 |  |  | USD |  |  | 3,750.00 |  |  | USD |  |  | 333 |  |  |  | (355 | )
Analog Devices, Inc. |  |  | 303 |  |  |  | 01/21/22 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 5,326 |  |  |  | (10,605 | )
Apple, Inc. |  |  | 260 |  |  |  | 01/21/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 4,617 |  |  |  | (597,350 | )
Applied Materials, Inc. |  |  | 192 |  |  |  | 01/21/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 3,021 |  |  |  | (37,632 | )
Avantor, Inc. |  |  | 534 |  |  |  | 01/21/22 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 2,250 |  |  |  | (56,070 | )
Avantor, Inc. |  |  | 265 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,117 |  |  |  | (68,237 | )
Axalta Coating Systems Ltd. |  |  | 423 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 1,401 |  |  |  | (7,403 | )
Bank of America Corp. |  |  | 177 |  |  |  | 01/21/22 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 787 |  |  |  | (2,744 | )
Berkshire Hathaway, Inc., Class B |  |  | 170 |  |  |  | 01/21/22 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 5,083 |  |  |  | (252,025 | )
Capital One Financial Corp. |  |  | 244 |  |  |  | 01/21/22 |  |  | USD |  |  | 164.40 |  |  | USD |  |  | 3,540 |  |  |  | (3,660 | )
CBRE Group, Inc., Class A |  |  | 438 |  |  |  | 01/21/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 4,753 |  |  |  | (73,365 | )
CDK Global, Inc. |  |  | 223 |  |  |  | 01/21/22 |  |  | USD |  |  | 42.55 |  |  | USD |  |  | 931 |  |  |  | (17,622 | )
Ciena Corp. |  |  | 235 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,809 |  |  |  | (290,812 | )
Ciena Corp. |  |  | 57 |  |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 439 |  |  |  | (17,670 | )
Cisco Systems, Inc. |  |  | 257 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,629 |  |  |  | (89,950 | )
Comcast Corp., Class A |  |  | 440 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 2,215 |  |  |  | (2,860 | )
ConocoPhillips |  |  | 359 |  |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,591 |  |  |  | (32,490 | )
Corteva, Inc. |  |  | 359 |  |  |  | 01/21/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,697 |  |  |  | (7,180 | )
Dollar General Corp. |  |  | 61 |  |  |  | 01/21/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 1,439 |  |  |  | (46,970 | )
Dollar Tree, Inc. |  |  | 123 |  |  |  | 01/21/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,728 |  |  |  | (139,912 | )
EQT Corp. |  |  | 1,119 |  |  |  | 01/21/22 |  |  | USD |  |  | 22.00 |  |  | USD |  |  | 2,441 |  |  |  | (100,710 | )
Fidelity National Financial, Inc. |  |  | 112 |  |  |  | 01/21/22 |  |  | USD |  |  | 51.69 |  |  | USD |  |  | 584 |  |  |  | (16,582 | )
FleetCor Technologies, Inc. |  |  | 58 |  |  |  | 01/21/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 1,298 |  |  |  | (17,400 | )
Fortive Corp. |  |  | 693 |  |  |  | 01/21/22 |  |  | USD |  |  | 78.73 |  |  | USD |  |  | 5,287 |  |  |  | (48,618 | )
Fox Corp., Class A |  |  | 136 |  |  |  | 01/21/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 502 |  |  |  | (2,720 | )
General Motors Co. |  |  | 176 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,032 |  |  |  | (5,016 | )
General Motors Co. |  |  | 753 |  |  |  | 01/21/22 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 4,415 |  |  |  | (46,309 | )
Humana, Inc. |  |  | 26 |  |  |  | 01/21/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 1,206 |  |  |  | (48,880 | )
Intercontinental Exchange, Inc. |  |  | 327 |  |  |  | 01/21/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 4,472 |  |  |  | (103,005 | )
JPMorgan Chase & Co. |  |  | 255 |  |  |  | 01/21/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 4,038 |  |  |  | (19,763 | )

50 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Laboratory Corp. of America Holdings |  |  | 101 |  |  |  | 01/21/22 |  |  | USD |  |  | 300.00 |  |  | USD |  |  | 3,174 |  |  | $ | (170,690 | )
Microsoft Corp. |  |  | 387 |  |  |  | 01/21/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 13,016 |  |  |  | (190,597 | )
Mondelez International, Inc., Class A |  |  | 279 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,850 |  |  |  | (48,825 | )
Morgan Stanley |  |  | 147 |  |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 1,443 |  |  |  | (26,166 | )
Novo Nordisk A/S, ADR |  |  | 573 |  |  |  | 01/21/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 6,418 |  |  |  | (60,165 | )
O’Reilly Automotive, Inc. |  |  | 35 |  |  |  | 01/21/22 |  |  | USD |  |  | 650.00 |  |  | USD |  |  | 2,472 |  |  |  | (204,050 | )
Otis Worldwide Corp. |  |  | 435 |  |  |  | 01/21/22 |  |  | USD |  |  | 87.53 |  |  | USD |  |  | 3,788 |  |  |  | (52,746 | )
Progressive Corp. |  |  | 225 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,310 |  |  |  | (17,438 | )
Quanta Services, Inc. |  |  | 117 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,342 |  |  |  | (12,870 | )
Ross Stores, Inc. |  |  | 77 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 880 |  |  |  | (4,235 | )
Sanofi, ADR |  |  | 262 |  |  |  | 01/21/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,313 |  |  |  | (26,855 | )
Sealed Air Corp. |  |  | 982 |  |  |  | 01/21/22 |  |  | USD |  |  | 67.41 |  |  | USD |  |  | 6,626 |  |  |  | (122,514 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 14 |  |  |  | 01/21/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 168 |  |  |  | (868 | )
Unilever PLC, ADR |  |  | 165 |  |  |  | 01/21/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 888 |  |  |  | (26,400 | )
UnitedHealth Group, Inc. |  |  | 34 |  |  |  | 01/21/22 |  |  | USD |  |  | 490.00 |  |  | USD |  |  | 1,707 |  |  |  | (66,640 | )
Veeva Systems, Inc., Class A |  |  | 123 |  |  |  | 01/21/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 3,142 |  |  |  | (49,200 | )
World Wrestling Entertainment, Inc., Class A |  |  | 447 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,205 |  |  |  | (6,705 | )
Alphabet Inc., Class A |  |  | 54 |  |  |  | 01/28/22 |  |  | USD |  |  | 2,975.00 |  |  | USD |  |  | 15,644 |  |  |  | (184,950 | )
Amazon.com, Inc. |  |  | 8 |  |  |  | 01/28/22 |  |  | USD |  |  | 3,500.00 |  |  | USD |  |  | 2,667 |  |  |  | (30,140 | )
Apple, Inc. |  |  | 232 |  |  |  | 01/28/22 |  |  | USD |  |  | 177.50 |  |  | USD |  |  | 4,120 |  |  |  | (136,880 | )
Applied Materials, Inc. |  |  | 354 |  |  |  | 01/28/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 5,571 |  |  |  | (161,955 | )
Bank of America Corp. |  |  | 128 |  |  |  | 01/28/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 569 |  |  |  | (8,256 | )
Berkshire Hathaway, Inc., Class B |  |  | 152 |  |  |  | 01/28/22 |  |  | USD |  |  | 305.00 |  |  | USD |  |  | 4,545 |  |  |  | (38,228 | )
Capital One Financial Corp. |  |  | 426 |  |  |  | 01/28/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 6,181 |  |  |  | (66,669 | )
Ciena Corp. |  |  | 225 |  |  |  | 01/28/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,732 |  |  |  | (173,812 | )
Ciena Corp. |  |  | 58 |  |  |  | 01/28/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 446 |  |  |  | (21,286 | )
Cisco Systems, Inc. |  |  | 1,077 |  |  |  | 01/28/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 6,825 |  |  |  | (368,872 | )
ConocoPhillips |  |  | 676 |  |  |  | 01/28/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 4,879 |  |  |  | (84,500 | )
Dollar General Corp. |  |  | 144 |  |  |  | 01/28/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 3,396 |  |  |  | (120,240 | )
Dollar Tree, Inc. |  |  | 409 |  |  |  | 01/28/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 5,747 |  |  |  | (51,125 | )
Fox Corp., Class A |  |  | 31 |  |  |  | 01/28/22 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 114 |  |  |  | (1,473 | )
General Motors Co. |  |  | 45 |  |  |  | 01/28/22 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 264 |  |  |  | (5,715 | )
JPMorgan Chase & Co. |  |  | 188 |  |  |  | 01/28/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,977 |  |  |  | (20,680 | )
Las Vegas Sands Corp. |  |  | 116 |  |  |  | 01/28/22 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 437 |  |  |  | (16,240 | )
Microsoft Corp. |  |  | 258 |  |  |  | 01/28/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 8,677 |  |  |  | (132,225 | )
Norfolk Southern Corp. |  |  | 90 |  |  |  | 01/28/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 2,679 |  |  |  | (109,800 | )
Ross Stores, Inc. |  |  | 22 |  |  |  | 01/28/22 |  |  | USD |  |  | 118.00 |  |  | USD |  |  | 251 |  |  |  | (3,795 | )
UnitedHealth Group, Inc. |  |  | 34 |  |  |  | 01/28/22 |  |  | USD |  |  | 485.00 |  |  | USD |  |  | 1,707 |  |  |  | (83,045 | )
World Wrestling Entertainment, Inc., Class A |  |  | 369 |  |  |  | 01/28/22 |  |  | USD |  |  | 54.75 |  |  | USD |  |  | 1,821 |  |  |  | (19,946 | )
Fidelity National Information Services, Inc. |  |  | 117 |  |  |  | 02/04/22 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 1,277 |  |  |  | (35,537 | )
Ross Stores, Inc. |  |  | 77 |  |  |  | 02/04/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 880 |  |  |  | (25,025 | )
Apple, Inc. |  |  | 334 |  |  |  | 02/11/22 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 5,931 |  |  |  | (124,415 | )
Comcast Corp., Class A |  |  | 234 |  |  |  | 02/11/22 |  |  | USD |  |  | 52.25 |  |  | USD |  |  | 1,178 |  |  |  | (19,729 | )
Microsoft Corp. |  |  | 210 |  |  |  | 02/11/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 7,063 |  |  |  | (154,875 | )
Veeva Systems, Inc., Class A |  |  | 61 |  |  |  | 02/14/22 |  |  | USD |  |  | 281.00 |  |  | USD |  |  | 1,558 |  |  |  | (24,180 | )
Avantor, Inc. |  |  | 265 |  |  |  | 02/18/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,117 |  |  |  | (91,425 | )
Axalta Coating Systems Ltd. |  |  | 645 |  |  |  | 02/18/22 |  |  | USD |  |  | 33.00 |  |  | USD |  |  | 2,136 |  |  |  | (64,500 | )
Bank of America Corp. |  |  | 57 |  |  |  | 02/18/22 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 254 |  |  |  | (4,076 | )
CBRE Group, Inc., Class A |  |  | 402 |  |  |  | 02/18/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 4,362 |  |  |  | (130,650 | )
CDK Global, Inc. |  |  | 223 |  |  |  | 02/18/22 |  |  | USD |  |  | 44.00 |  |  | USD |  |  | 931 |  |  |  | (17,399 | )
Cisco Systems, Inc. |  |  | 488 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 3,092 |  |  |  | (204,960 | )
ConocoPhillips |  |  | 52 |  |  |  | 02/18/22 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 375 |  |  |  | (7,462 | )
ConocoPhillips |  |  | 61 |  |  |  | 02/18/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 440 |  |  |  | (13,176 | )
ConocoPhillips |  |  | 358 |  |  |  | 02/18/22 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 2,584 |  |  |  | (117,245 | )
Corteva, Inc. |  |  | 234 |  |  |  | 02/18/22 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 1,106 |  |  |  | (30,420 | )
Facebook, Inc., Class A |  |  | 94 |  |  |  | 02/18/22 |  |  | USD |  |  | 365.00 |  |  | USD |  |  | 3,162 |  |  |  | (58,515 | )
Fidelity National Financial, Inc. |  |  | 574 |  |  |  | 02/18/22 |  |  | USD |  |  | 51.72 |  |  | USD |  |  | 2,995 |  |  |  | (112,451 | )
Fidelity National Information Services, Inc. |  |  | 119 |  |  |  | 02/18/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 1,299 |  |  |  | (37,783 | )
FleetCor Technologies, Inc. |  |  | 58 |  |  |  | 02/18/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 1,298 |  |  |  | (25,230 | )
Fortive Corp. |  |  | 656 |  |  |  | 02/18/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 5,005 |  |  |  | (216,480 | )
General Motors Co. |  |  | 294 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,724 |  |  |  | (77,028 | )
JPMorgan Chase & Co. |  |  | 82 |  |  |  | 02/18/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 1,298 |  |  |  | (8,692 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mondelez International, Inc., Class A |  |  | 230 |  |  |  | 02/18/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 1,525 |  |  | $ | (25,875 | )
Mondelez International, Inc., Class A |  |  | 2 |  |  |  | 02/18/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 13 |  |  |  | (505 | )
O’Reilly Automotive, Inc. |  |  | 40 |  |  |  | 02/18/22 |  |  | USD |  |  | 700.00 |  |  | USD |  |  | 2,825 |  |  |  | (116,600 | )
Otis Worldwide Corp. |  |  | 143 |  |  |  | 02/18/22 |  |  | USD |  |  | 87.00 |  |  | USD |  |  | 1,245 |  |  |  | (42,758 | )
Progressive Corp. |  |  | 113 |  |  |  | 02/18/22 |  |  | USD |  |  | 97.50 |  |  | USD |  |  | 1,160 |  |  |  | (75,710 | )
Progressive Corp. |  |  | 159 |  |  |  | 02/18/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,632 |  |  |  | (44,122 | )
Ross Stores, Inc. |  |  | 151 |  |  |  | 02/18/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 1,726 |  |  |  | (59,645 | )
Sealed Air Corp. |  |  | 251 |  |  |  | 02/18/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,693 |  |  |  | (40,788 | )
Unilever PLC, ADR |  |  | 519 |  |  |  | 02/18/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 2,792 |  |  |  | (46,710 | )
Visa, Inc., Class A |  |  | 38 |  |  |  | 02/18/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 823 |  |  |  | (10,773 | )
CDK Global, Inc. |  |  | 275 |  |  |  | 02/25/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 1,148 |  |  |  | (33,039 | )
Comcast Corp., Class A |  |  | 439 |  |  |  | 02/25/22 |  |  | USD |  |  | 51.75 |  |  | USD |  |  | 2,209 |  |  |  | (56,988 | )
JPMorgan Chase & Co. |  |  | 113 |  |  |  | 03/18/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 1,789 |  |  |  | (38,138 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (12,186,959 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BAE Systems PLC, ADR |  | Credit Suisse International |  |  | 45,000 |  |  |  | 01/11/22 |  |  |  | USD |  |  |  | 31.38 |  |  |  | USD |  |  |  | 1,340 |  |  | $ | (674 | )
EQT Corp. |  | Morgan Stanley & Co. International PLC |  |  | 96,500 |  |  |  | 01/11/22 |  |  |  | USD |  |  |  | 22.62 |  |  |  | USD |  |  |  | 2,105 |  |  |  | (37,779 | )
Corteva, Inc. |  | Citibank N.A. |  |  | 46,400 |  |  |  | 01/13/22 |  |  |  | USD |  |  |  | 48.86 |  |  |  | USD |  |  |  | 2,194 |  |  |  | (17,911 | )
BAE Systems PLC, ADR |  | Credit Suisse International |  |  | 35,200 |  |  |  | 01/20/22 |  |  |  | USD |  |  |  | 29.82 |  |  |  | USD |  |  |  | 1,048 |  |  |  | (15,489 | )
BAE Systems PLC, ADR |  | Credit Suisse International |  |  | 25,250 |  |  |  | 01/20/22 |  |  |  | USD |  |  |  | 31.07 |  |  |  | USD |  |  |  | 752 |  |  |  | (2,246 | )
Corteva, Inc. |  | Citibank N.A. |  |  | 46,500 |  |  |  | 01/31/22 |  |  |  | USD |  |  |  | 49.81 |  |  |  | USD |  |  |  | 2,199 |  |  |  | (17,243 | )
Intercontinental Exchange, Inc. |  | Citibank N.A. |  |  | 30,700 |  |  |  | 01/31/22 |  |  |  | USD |  |  |  | 136.42 |  |  |  | USD |  |  |  | 4,199 |  |  |  | (86,194 | )
Ally Financial, Inc. |  | Citibank N.A. |  |  | 38,200 |  |  |  | 02/08/22 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,819 |  |  |  | (36,957 | )
Ally Financial, Inc. |  | Citibank N.A. |  |  | 38,200 |  |  |  | 02/25/22 |  |  |  | USD |  |  |  | 50.48 |  |  |  | USD |  |  |  | 1,819 |  |  |  | (47,684 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (262,177 | )

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 |  |  | $ | 4,604,872 |  |  | $ | (5,203,437 | ) |  | $ | (12,449,136 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 12,449,136 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,449,136 |

52 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

For the period ended December 31, 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) |  | $ | — |  |  | $ | — |  |  | $ | (73,206 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (73,206 | )
Options written |  |  | — |  |  |  | — |  |  |  | (27,217,173 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (27,217,173 | )
|  | $ | — |  |  | $ | — |  |  | $ | (27,290,379 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (27,290,379 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (73,853 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (73,853 | )

| (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 |  | $ | 11,145,081 |

| (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 |  | $ | — |  |  | $ | 12,449,136 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 12,449,136 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (12,186,959 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 262,177 |

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)
Citibank N.A. |  | $ | 205,989 |  |  | $ | — |  |  | $ | — |  |  | $ | (205,989 | ) |  | $ | — |
Credit Suisse International |  |  | 18,409 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,409 |
Morgan Stanley & Co. International PLC |  |  | 37,779 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37,779 |
|  | $ | 262,177 |  |  | $ | — |  |  | $ | — |  |  | $ | (205,989 | ) |  | $ | 56,188 |

| (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 |  | 53

Schedule of Investments (continued) December 31, 2021 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 977,755,220 |  |  | $ | — |  |  | $ | — |  |  | $ | 977,755,220 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 10,297,753 |  |  |  | — |  |  |  | — |  |  |  | 10,297,753 |
|  | $ | 988,052,973 |  |  | $ | — |  |  | $ | — |  |  | $ | 988,052,973 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (9,581,718 | ) |  | $ | (2,867,418 | ) |  | $ | — |  |  | $ | (12,449,136 | )

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

See notes to financial statements.

54 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Aerospace & Defense — 3.0% |  |  |  |  |  |  |  |
BAE Systems PLC |  |  | 4,468,146 |  |  | $ | 33,319,819 |
Huntington Ingalls Industries, Inc.(a) |  |  | 25,743 |  |  |  | 4,807,248 |
Lockheed Martin Corp.(a) |  |  | 22,100 |  |  |  | 7,854,561 |
Raytheon Technologies Corp.(a) |  |  | 131,690 |  |  |  | 11,333,242 |
|  |  |  |  |  |  | 57,314,870 |
Auto Components — 0.8% |  |  |  |  |  |  |  |
Lear Corp.(a) |  |  | 78,367 |  |  |  | 14,337,243 |
Automobiles — 2.0% |  |  |  |  |  |
General Motors Co.(a)(b) |  |  | 643,807 |  |  |  | 37,746,404 |
Banks — 11.5% |  |  |  |  |  |
Bank of America Corp.(a) |  |  | 1,104,331 |  |  |  | 49,131,686 |
Citigroup, Inc.(a)(c) |  |  | 925,758 |  |  |  | 55,906,526 |
First Citizens BancShares, Inc., Class A |  |  | 19,223 |  |  |  | 15,952,014 |
JPMorgan Chase & Co.(a) |  |  | 160,833 |  |  |  | 25,467,906 |
Wells Fargo & Co.(a)(c) |  |  | 1,521,080 |  |  |  | 72,981,418 |
|  |  |  |  |  |  | 219,439,550 |
Beverages(a) — 2.4% |  |  |  |  |  |  |  |
Coca-Cola Co. |  |  | 317,289 |  |  |  | 18,786,682 |
Constellation Brands, Inc., Class A |  |  | 104,406 |  |  |  | 26,202,774 |
|  |  |  |  |  |  | 44,989,456 |
Capital Markets(a) — 4.7% |  |  |  |  |  |  |  |
Apollo Global Management, Inc. |  |  | 227,280 |  |  |  | 16,461,890 |
Charles Schwab Corp. |  |  | 298,384 |  |  |  | 25,094,095 |
Morgan Stanley |  |  | 231,488 |  |  |  | 22,722,862 |
Raymond James Financial, Inc. |  |  | 241,795 |  |  |  | 24,276,218 |
|  |  |  |  |  |  | 88,555,065 |
Chemicals(a) — 1.6% |  |  |  |  |  |  |  |
Corteva, Inc. |  |  | 238,321 |  |  |  | 11,267,817 |
DuPont de Nemours, Inc. |  |  | 75,815 |  |  |  | 6,124,335 |
PPG Industries, Inc. |  |  | 78,961 |  |  |  | 13,616,035 |
|  |  |  |  |  |  | 31,008,187 |
Communications Equipment — 3.0% |  |  |  |  |  |  |  |
Cisco Systems, Inc.(a) |  |  | 887,197 |  |  |  | 56,221,674 |
Consumer Finance — 0.7% |  |  |  |  |  |
Capital One Financial Corp.(a) |  |  | 93,898 |  |  |  | 13,623,661 |
Containers & Packaging — 0.9% |  |  |  |  |  |
Sealed Air Corp.(a) |  |  | 245,600 |  |  |  | 16,570,632 |
Diversified Financial Services — 0.9% |  |  |  |  |  |
Equitable Holdings, Inc.(a) |  |  | 501,990 |  |  |  | 16,460,252 |
Diversified Telecommunication Services — 1.3% |
Verizon Communications, Inc.(a)(c) |  |  | 469,505 |  |  |  | 24,395,480 |
Electric Utilities — 0.8% |  |  |  |  |  |
American Electric Power Co., Inc.(a) |  |  | 101,446 |  |  |  | 9,025,651 |
Edison International |  |  | 76,928 |  |  |  | 5,250,336 |
|  |  |  |  |  |  | 14,275,987 |
Entertainment — 0.6% |  |  |  |  |  |  |  |
Activision Blizzard, Inc.(a) |  |  | 161,690 |  |  |  | 10,757,236 |
Health Care Equipment & Supplies — 5.0% |  |  |  |  |  |
Alcon, Inc. |  |  | 100,495 |  |  |  | 8,864,196 |
Becton Dickinson and Co.(a) |  |  | 19,960 |  |  |  | 5,019,541 |
Koninklijke Philips NV |  |  | 504,033 |  |  |  | 18,655,069 |

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies (continued) |
Medtronic PLC(a) |  |  | 365,515 |  |  | $ | 37,812,527 |
Zimmer Biomet Holdings, Inc.(a) |  |  | 199,398 |  |  |  | 25,331,522 |
|  |  |  |  |  |  | 95,682,855 |
Health Care Providers & Services — 9.3% |  |  |  |  |  |  |  |
Anthem, Inc.(a) |  |  | 128,032 |  |  |  | 59,347,953 |
Cigna Corp.(a) |  |  | 117,905 |  |  |  | 27,074,525 |
CVS Health Corp.(a) |  |  | 246,486 |  |  |  | 25,427,496 |
Humana, Inc.(a) |  |  | 61,965 |  |  |  | 28,743,085 |
Laboratory Corp. of America Holdings(b) |  |  | 16,656 |  |  |  | 5,233,482 |
McKesson Corp.(a) |  |  | 51,257 |  |  |  | 12,740,953 |
UnitedHealth Group, Inc.(a) |  |  | 37,866 |  |  |  | 19,014,033 |
|  |  |  |  |  |  | 177,581,527 |
Household Durables — 1.5% |  |  |  |  |  |  |  |
Newell Brands, Inc.(a)(c) |  |  | 646,089 |  |  |  | 14,110,584 |
Panasonic Corp. |  |  | 1,326,900 |  |  |  | 14,586,329 |
|  |  |  |  |  |  | 28,696,913 |
Household Products — 0.3% |  |  |  |  |  |  |  |
Reckitt Benckiser Group PLC |  |  | 77,130 |  |  |  | 6,639,629 |
Industrial Conglomerates — 2.2% |
General Electric Co.(a) |  |  | 295,321 |  |  |  | 27,898,975 |
Siemens AG, Registered Shares |  |  | 80,529 |  |  |  | 13,947,847 |
|  |  |  |  |  |  | 41,846,822 |
Insurance(a) — 7.5% |  |  |  |  |  |  |  |
Allstate Corp. |  |  | 71,326 |  |  |  | 8,391,504 |
American International Group, Inc. |  |  | 1,020,299 |  |  |  | 58,014,201 |
Fidelity National Financial, Inc. |  |  | 438,422 |  |  |  | 22,876,860 |
MetLife, Inc. |  |  | 381,601 |  |  |  | 23,846,246 |
Progressive Corp. |  |  | 85,350 |  |  |  | 8,761,178 |
Willis Towers Watson PLC |  |  | 88,700 |  |  |  | 21,065,363 |
|  |  |  |  |  |  | 142,955,352 |
IT Services(a) — 5.0% |  |  |  |  |  |  |  |
Cognizant Technology Solutions Corp., Class A |  |  | 425,107 |  |  |  | 37,715,493 |
Fidelity National Information Services, Inc. |  |  | 303,787 |  |  |  | 33,158,351 |
Visa, Inc., Class A(c) |  |  | 108,065 |  |  |  | 23,418,766 |
|  |  |  |  |  |  | 94,292,610 |
Machinery — 1.0% |  |  |  |  |  |  |  |
Komatsu Ltd. |  |  | 852,800 |  |  |  | 19,943,569 |
Media(a) — 3.1% |  |  |  |  |  |  |  |
Comcast Corp., Class A |  |  | 691,067 |  |  |  | 34,781,402 |
Fox Corp., Class A |  |  | 672,745 |  |  |  | 24,824,291 |
|  |  |  |  |  |  | 59,605,693 |
Multiline Retail — 1.5% |  |  |  |  |  |  |  |
Dollar General Corp.(a) |  |  | 119,561 |  |  |  | 28,196,071 |
Multi-Utilities — 3.1% |
Ameren Corp. |  |  | 85,777 |  |  |  | 7,635,011 |
CenterPoint Energy, Inc.(a) |  |  | 532,930 |  |  |  | 14,874,076 |
NiSource, Inc.(a) |  |  | 432,389 |  |  |  | 11,938,260 |
Public Service Enterprise Group, Inc.(a) |  |  | 220,567 |  |  |  | 14,718,436 |
Sempra Energy(a) |  |  | 79,210 |  |  |  | 10,477,899 |
|  |  |  |  |  |  | 59,643,682 |
Oil, Gas & Consumable Fuels — 6.4% |
BP PLC |  |  | 7,597,042 |  |  |  | 34,039,468 |
ConocoPhillips(a) |  |  | 405,932 |  |  |  | 29,300,172 |
Enterprise Products Partners LP(a) |  |  | 1,487,454 |  |  |  | 32,664,490 |
EQT Corp.(a)(b) |  |  | 329,440 |  |  |  | 7,185,086 |

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 (continued) December 31, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |
Hess Corp.(a) |  |  | 114,120 |  |  | $ | 8,448,303 |
Marathon Petroleum Corp.(a) |  |  | 168,318 |  |  |  | 10,770,669 |
|  |  |  |  |  |  | 122,408,188 |
Personal Products — 2.0% |  |  |  |  |  |  |  |
Unilever PLC, ADR(a) |  |  | 710,956 |  |  |  | 38,242,323 |
Pharmaceuticals — 5.8% |  |  |  |  |  |
AstraZeneca PLC |  |  | 340,738 |  |  |  | 39,787,750 |
Bayer AG, Registered Shares |  |  | 499,137 |  |  |  | 26,656,053 |
Merck & Co., Inc.(a) |  |  | 58,280 |  |  |  | 4,466,579 |
Sanofi |  |  | 396,988 |  |  |  | 39,835,346 |
|  |  |  |  |  |  | 110,745,728 |
Professional Services — 1.0% |  |  |  |  |  |
Leidos Holdings, Inc.(a) |  |  | 216,606 |  |  |  | 19,256,273 |
Road & Rail — 1.0% |  |  |  |  |  |
Union Pacific Corp.(a) |  |  | 77,197 |  |  |  | 19,448,240 |
Semiconductors & Semiconductor Equipment — 0.4% |  |  |  |
Analog Devices, Inc.(a) |  |  | 47,450 |  |  |  | 8,340,286 |
Software(a) — 2.9% |  |  |  |  |  |
CDK Global, Inc. |  |  | 452,812 |  |  |  | 18,900,373 |
Microsoft Corp. |  |  | 25,737 |  |  |  | 8,655,868 |
SS&C Technologies Holdings, Inc. |  |  | 333,334 |  |  |  | 27,326,721 |
|  |  |  |  |  |  | 54,882,962 |
Specialty Retail — 1.6% |  |  |  |  |  |  |  |
Ross Stores, Inc.(a) |  |  | 266,943 |  |  |  | 30,506,246 |
Technology Hardware, Storage & Peripherals — 0.7% |  |  |  |
Samsung Electronics Co. Ltd., Registered Shares, GDR |  |  | 8,041 |  |  |  | 13,222,787 |
Tobacco — 1.4% |  |  |  |  |  |
Altria Group, Inc.(a) |  |  | 208,332 |  |  |  | 9,872,853 |
British American Tobacco PLC |  |  | 437,385 |  |  |  | 16,240,852 |
|  |  |  |  |  |  | 26,113,705 |

Security |  | Shares |  |  | Value |
Wireless Telecommunication Services — 1.3% |
Rogers Communications, Inc., Class B |  |  | 525,550 |  |  | $ | 25,023,816 |
Total Long-Term Investments — 98.2% (Cost: $1,393,556,881) |  |  |  |  |  |  | 1,868,970,974 |
Short-Term Securities |
Money Market Funds — 3.3% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(d)(e) |  |  | 62,262,015 |  |  |  | 62,262,015 |
Total Short-Term Securities — 3.3% (Cost: $62,262,015) |  |  |  | 62,262,015 |
Total Investments Before Options Written — 101.5% (Cost: $1,455,818,896) |  |  |  | 1,931,232,989 |
Options Written — (1.3)% (Premiums Received: $(23,604,331)) |  |  |  | (25,447,836 | )
Total Investments, Net of Options Written — 100.2% (Cost: $1,432,214,565) |  |  |  | 1,905,785,153 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  | (2,947,037 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 1,902,838,116 |

(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 year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 12,016,637 |  |  | $ | 50,245,378 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 62,262,015 |  |  |  | 62,262,015 |  |  | $ | 2,794 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series(b) |  |  | — |  |  |  | 0 | (a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,054 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 62,262,015 |  |  |  |  |  |  | $ | 6,848 |  |  | $ | — |

| (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. |

56 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Activision Blizzard, Inc. |  |  | 304 |  |  |  | 01/07/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,023 |  |  | $ | (64,752 | )
American International Group, Inc. |  |  | 1,345 |  |  |  | 01/07/22 |  |  | USD |  |  | 60.15 |  |  | USD |  |  | 7,648 |  |  |  | (3,373 | )
Analog Devices, Inc. |  |  | 162 |  |  |  | 01/07/22 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 2,847 |  |  |  | (12,555 | )
Anthem, Inc. |  |  | 223 |  |  |  | 01/07/22 |  |  | USD |  |  | 415.00 |  |  | USD |  |  | 10,337 |  |  |  | (1,087,125 | )
Bank of America Corp. |  |  | 1,587 |  |  |  | 01/07/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 7,061 |  |  |  | (14,283 | )
CDK Global, Inc. |  |  | 1,016 |  |  |  | 01/07/22 |  |  | USD |  |  | 44.62 |  |  | USD |  |  | 4,241 |  |  |  | (3,470 | )
Cigna Corp. |  |  | 170 |  |  |  | 01/07/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 3,904 |  |  |  | (259,250 | )
Cisco Systems, Inc. |  |  | 2,078 |  |  |  | 01/07/22 |  |  | USD |  |  | 59.39 |  |  | USD |  |  | 13,168 |  |  |  | (756,544 | )
Citigroup, Inc. |  |  | 490 |  |  |  | 01/07/22 |  |  | USD |  |  | 67.00 |  |  | USD |  |  | 2,959 |  |  |  | (1,470 | )
Coca-Cola Co. |  |  | 201 |  |  |  | 01/07/22 |  |  | USD |  |  | 57.23 |  |  | USD |  |  | 1,190 |  |  |  | (39,993 | )
Comcast Corp., Class A |  |  | 843 |  |  |  | 01/07/22 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 4,243 |  |  |  | (4,637 | )
ConocoPhillips |  |  | 885 |  |  |  | 01/07/22 |  |  | USD |  |  | 76.00 |  |  | USD |  |  | 6,388 |  |  |  | (12,833 | )
Corteva, Inc. |  |  | 77 |  |  |  | 01/07/22 |  |  | USD |  |  | 50.13 |  |  | USD |  |  | 364 |  |  |  | (125 | )
Enterprise Products Partners LP |  |  | 1,235 |  |  |  | 01/07/22 |  |  | USD |  |  | 22.00 |  |  | USD |  |  | 2,712 |  |  |  | (21,613 | )
Fox Corp., Class A |  |  | 1,052 |  |  |  | 01/07/22 |  |  | USD |  |  | 40.26 |  |  | USD |  |  | 3,882 |  |  |  | (1,971 | )
General Electric Co. |  |  | 585 |  |  |  | 01/07/22 |  |  | USD |  |  | 102.00 |  |  | USD |  |  | 5,526 |  |  |  | (1,755 | )
Humana, Inc. |  |  | 196 |  |  |  | 01/07/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 9,092 |  |  |  | (297,920 | )
Lockheed Martin Corp. |  |  | 98 |  |  |  | 01/07/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 3,483 |  |  |  | (160,720 | )
Marathon Petroleum Corp. |  |  | 131 |  |  |  | 01/07/22 |  |  | USD |  |  | 67.00 |  |  | USD |  |  | 838 |  |  |  | (2,358 | )
Medtronic PLC |  |  | 222 |  |  |  | 01/07/22 |  |  | USD |  |  | 109.00 |  |  | USD |  |  | 2,297 |  |  |  | (3,441 | )
MetLife, Inc. |  |  | 361 |  |  |  | 01/07/22 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 2,256 |  |  |  | (21,299 | )
Microsoft Corp. |  |  | 21 |  |  |  | 01/07/22 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 706 |  |  |  | (16,748 | )
Morgan Stanley |  |  | 431 |  |  |  | 01/07/22 |  |  | USD |  |  | 102.00 |  |  | USD |  |  | 4,231 |  |  |  | (7,974 | )
Unilever PLC, ADR |  |  | 1,650 |  |  |  | 01/07/22 |  |  | USD |  |  | 53.10 |  |  | USD |  |  | 8,875 |  |  |  | (148,467 | )
Union Pacific Corp. |  |  | 125 |  |  |  | 01/07/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 3,149 |  |  |  | (94,687 | )
Verizon Communications, Inc. |  |  | 277 |  |  |  | 01/07/22 |  |  | USD |  |  | 52.30 |  |  | USD |  |  | 1,439 |  |  |  | (5,402 | )
Visa, Inc., Class A |  |  | 163 |  |  |  | 01/07/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 3,532 |  |  |  | (118,990 | )
Wells Fargo & Co. |  |  | 1,803 |  |  |  | 01/07/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 8,651 |  |  |  | (6,311 | )
Comcast Corp., Class A |  |  | 689 |  |  |  | 01/10/22 |  |  | USD |  |  | 54.25 |  |  | USD |  |  | 3,468 |  |  |  | (1,124 | )
CVS Health Corp. |  |  | 418 |  |  |  | 01/10/22 |  |  | USD |  |  | 94.25 |  |  | USD |  |  | 4,312 |  |  |  | (373,542 | )
Medtronic PLC |  |  | 218 |  |  |  | 01/10/22 |  |  | USD |  |  | 123.00 |  |  | USD |  |  | 2,255 |  |  |  | — |
Enterprise Products Partners LP |  |  | 1,820 |  |  |  | 01/12/22 |  |  | USD |  |  | 22.90 |  |  | USD |  |  | 3,997 |  |  |  | (7,114 | )
Activision Blizzard, Inc. |  |  | 285 |  |  |  | 01/14/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,896 |  |  |  | (73,815 | )
American International Group, Inc. |  |  | 472 |  |  |  | 01/14/22 |  |  | USD |  |  | 56.00 |  |  | USD |  |  | 2,684 |  |  |  | (77,408 | )
Analog Devices, Inc. |  |  | 105 |  |  |  | 01/14/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 1,846 |  |  |  | (50,400 | )
Anthem, Inc. |  |  | 156 |  |  |  | 01/14/22 |  |  | USD |  |  | 455.00 |  |  | USD |  |  | 7,231 |  |  |  | (198,900 | )
Apollo Global Management, Inc. |  |  | 399 |  |  |  | 01/14/22 |  |  | USD |  |  | 74.00 |  |  | USD |  |  | 2,890 |  |  |  | (43,890 | )
Bank of America Corp. |  |  | 219 |  |  |  | 01/14/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 974 |  |  |  | (12,483 | )
Bank of America Corp. |  |  | 220 |  |  |  | 01/14/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 979 |  |  |  | (5,940 | )
Capital One Financial Corp. |  |  | 100 |  |  |  | 01/14/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 1,451 |  |  |  | (9,650 | )
Charles Schwab Corp. |  |  | 777 |  |  |  | 01/14/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 6,535 |  |  |  | (353,535 | )
Cigna Corp. |  |  | 274 |  |  |  | 01/14/22 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 6,292 |  |  |  | (201,390 | )
Cisco Systems, Inc. |  |  | 1,040 |  |  |  | 01/14/22 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 6,590 |  |  |  | (556,400 | )
Coca-Cola Co. |  |  | 553 |  |  |  | 01/14/22 |  |  | USD |  |  | 56.00 |  |  | USD |  |  | 3,274 |  |  |  | (183,872 | )
Comcast Corp., Class A |  |  | 689 |  |  |  | 01/14/22 |  |  | USD |  |  | 54.25 |  |  | USD |  |  | 3,468 |  |  |  | (3,016 | )
ConocoPhillips |  |  | 81 |  |  |  | 01/14/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 585 |  |  |  | (5,265 | )
Constellation Brands, Inc., Class A |  |  | 226 |  |  |  | 01/14/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 5,672 |  |  |  | (211,310 | )
Dollar General Corp. |  |  | 225 |  |  |  | 01/14/22 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 5,306 |  |  |  | (254,250 | )
Enterprise Products Partners LP |  |  | 1,135 |  |  |  | 01/14/22 |  |  | USD |  |  | 21.50 |  |  | USD |  |  | 2,492 |  |  |  | (70,370 | )
Fox Corp., Class A |  |  | 601 |  |  |  | 01/14/22 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 2,218 |  |  |  | (48,080 | )
Humana, Inc. |  |  | 35 |  |  |  | 01/14/22 |  |  | USD |  |  | 470.00 |  |  | USD |  |  | 1,624 |  |  |  | (16,013 | )
JPMorgan Chase & Co. |  |  | 87 |  |  |  | 01/14/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 1,378 |  |  |  | (4,481 | )
Microsoft Corp. |  |  | 18 |  |  |  | 01/14/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 605 |  |  |  | (3,456 | )
Morgan Stanley |  |  | 105 |  |  |  | 01/14/22 |  |  | USD |  |  | 104.00 |  |  | USD |  |  | 1,031 |  |  |  | (2,415 | )
Morgan Stanley |  |  | 422 |  |  |  | 01/14/22 |  |  | USD |  |  | 103.00 |  |  | USD |  |  | 4,142 |  |  |  | (15,403 | )
PPG Industries, Inc. |  |  | 290 |  |  |  | 01/14/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 5,001 |  |  |  | (232,000 | )
Raytheon Technologies Corp. |  |  | 181 |  |  |  | 01/14/22 |  |  | USD |  |  | 87.00 |  |  | USD |  |  | 1,558 |  |  |  | (15,385 | )
Union Pacific Corp. |  |  | 122 |  |  |  | 01/14/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 3,074 |  |  |  | (57,340 | )
Verizon Communications, Inc. |  |  | 686 |  |  |  | 01/14/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 3,564 |  |  |  | (77,175 | )
Visa, Inc., Class A |  |  | 163 |  |  |  | 01/14/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 3,532 |  |  |  | (34,393 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wells Fargo & Co. |  |  | 1,451 |  |  |  | 01/14/22 |  |  | USD |  |  | 52.00 |  |  | USD |  |  | 6,962 |  |  | $ | (17,412 | )
Allstate Corp. |  |  | 267 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 3,141 |  |  |  | (31,372 | )
Altria Group, Inc. |  |  | 588 |  |  |  | 01/21/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 2,787 |  |  |  | (103,446 | )
American Electric Power Co., Inc. |  |  | 200 |  |  |  | 01/21/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 1,779 |  |  |  | (85,000 | )
American Electric Power Co., Inc. |  |  | 85 |  |  |  | 01/21/22 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 756 |  |  |  | (18,488 | )
American International Group, Inc. |  |  | 623 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 3,542 |  |  |  | (15,887 | )
Anthem, Inc. |  |  | 220 |  |  |  | 01/21/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 10,198 |  |  |  | (391,600 | )
Apollo Global Management, Inc. |  |  | 374 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 2,709 |  |  |  | (7,480 | )
Bank of America Corp. |  |  | 1,062 |  |  |  | 01/21/22 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 4,725 |  |  |  | (16,461 | )
Becton Dickinson and Co. |  |  | 112 |  |  |  | 01/21/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 2,817 |  |  |  | (21,280 | )
Capital One Financial Corp. |  |  | 227 |  |  |  | 01/21/22 |  |  | USD |  |  | 164.40 |  |  | USD |  |  | 3,294 |  |  |  | (3,405 | )
CDK Global, Inc. |  |  | 460 |  |  |  | 01/21/22 |  |  | USD |  |  | 42.55 |  |  | USD |  |  | 1,920 |  |  |  | (36,351 | )
CenterPoint Energy, Inc. |  |  | 1,406 |  |  |  | 01/21/22 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 3,924 |  |  |  | (154,660 | )
Charles Schwab Corp. |  |  | 380 |  |  |  | 01/21/22 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 3,196 |  |  |  | (116,850 | )
Cigna Corp. |  |  | 91 |  |  |  | 01/21/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 2,090 |  |  |  | (103,740 | )
Cisco Systems, Inc. |  |  | 900 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 5,703 |  |  |  | (315,000 | )
Citigroup, Inc. |  |  | 2,405 |  |  |  | 01/21/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 14,524 |  |  |  | (13,228 | )
Cognizant Technology Solutions Corp., Class A |  |  | 256 |  |  |  | 01/21/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 2,271 |  |  |  | (108,800 | )
Cognizant Technology Solutions Corp., Class A |  |  | 141 |  |  |  | 01/21/22 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 1,251 |  |  |  | (90,945 | )
Comcast Corp., Class A |  |  | 283 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,424 |  |  |  | (1,840 | )
ConocoPhillips |  |  | 56 |  |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 404 |  |  |  | (5,068 | )
Constellation Brands, Inc., Class A |  |  | 210 |  |  |  | 01/21/22 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 5,270 |  |  |  | (366,450 | )
Corteva, Inc. |  |  | 526 |  |  |  | 01/21/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 2,487 |  |  |  | (10,520 | )
CVS Health Corp. |  |  | 492 |  |  |  | 01/21/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 5,075 |  |  |  | (413,280 | )
Dollar General Corp. |  |  | 263 |  |  |  | 01/21/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 6,202 |  |  |  | (202,510 | )
DuPont de Nemours, Inc. |  |  | 192 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,551 |  |  |  | (42,816 | )
Enterprise Products Partners LP |  |  | 1,806 |  |  |  | 01/21/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 3,966 |  |  |  | (3,612 | )
EQT Corp. |  |  | 108 |  |  |  | 01/21/22 |  |  | USD |  |  | 22.00 |  |  | USD |  |  | 236 |  |  |  | (9,720 | )
EQT Corp. |  |  | 600 |  |  |  | 01/21/22 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 1,309 |  |  |  | (19,500 | )
Equitable Holdings, Inc. |  |  | 967 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 3,171 |  |  |  | (16,923 | )
Fidelity National Financial, Inc. |  |  | 1,426 |  |  |  | 01/21/22 |  |  | USD |  |  | 51.69 |  |  | USD |  |  | 7,441 |  |  |  | (211,128 | )
Fidelity National Information Services, Inc. |  |  | 143 |  |  |  | 01/21/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,561 |  |  |  | (3,218 | )
Fidelity National Information Services, Inc. |  |  | 102 |  |  |  | 01/21/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,113 |  |  |  | (26,775 | )
Fox Corp., Class A |  |  | 948 |  |  |  | 01/21/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 3,498 |  |  |  | (18,960 | )
General Electric Co. |  |  | 800 |  |  |  | 01/21/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 7,558 |  |  |  | (3,600 | )
General Motors Co. |  |  | 309 |  |  |  | 01/21/22 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 1,812 |  |  |  | (19,004 | )
Hess Corp. |  |  | 313 |  |  |  | 01/21/22 |  |  | USD |  |  | 78.00 |  |  | USD |  |  | 2,317 |  |  |  | (32,082 | )
Humana, Inc. |  |  | 118 |  |  |  | 01/21/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 5,474 |  |  |  | (221,840 | )
Huntington Ingalls Industries, Inc. |  |  | 73 |  |  |  | 01/21/22 |  |  | USD |  |  | 196.00 |  |  | USD |  |  | 1,363 |  |  |  | (14,484 | )
JPMorgan Chase & Co. |  |  | 274 |  |  |  | 01/21/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 4,339 |  |  |  | (21,235 | )
Lear Corp. |  |  | 177 |  |  |  | 01/21/22 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 3,238 |  |  |  | (52,657 | )
Leidos Holdings, Inc. |  |  | 453 |  |  |  | 01/21/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 4,027 |  |  |  | (11,325 | )
Lockheed Martin Corp. |  |  | 26 |  |  |  | 01/21/22 |  |  | USD |  |  | 355.00 |  |  | USD |  |  | 924 |  |  |  | (14,170 | )
Marathon Petroleum Corp. |  |  | 131 |  |  |  | 01/21/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 838 |  |  |  | (7,533 | )
Marathon Petroleum Corp. |  |  | 165 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,056 |  |  |  | (21,863 | )
McKesson Corp. |  |  | 82 |  |  |  | 01/21/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 2,038 |  |  |  | (155,390 | )
Medtronic PLC |  |  | 246 |  |  |  | 01/21/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,545 |  |  |  | (1,230 | )
Merck & Co., Inc. |  |  | 163 |  |  |  | 01/21/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 1,249 |  |  |  | (1,304 | )
MetLife, Inc. |  |  | 711 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 4,443 |  |  |  | (27,729 | )
Microsoft Corp. |  |  | 51 |  |  |  | 01/21/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 1,715 |  |  |  | (25,117 | )
Morgan Stanley |  |  | 510 |  |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 5,006 |  |  |  | (90,780 | )
Newell Brands, Inc. |  |  | 1,440 |  |  |  | 01/21/22 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 3,145 |  |  |  | (14,400 | )
NiSource, Inc. |  |  | 1,484 |  |  |  | 01/21/22 |  |  | USD |  |  | 25.61 |  |  | USD |  |  | 4,097 |  |  |  | (299,370 | )
PPG Industries, Inc. |  |  | 155 |  |  |  | 01/21/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 2,673 |  |  |  | (83,700 | )
Progressive Corp. |  |  | 189 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,940 |  |  |  | (14,648 | )
Public Service Enterprise Group, Inc. |  |  | 439 |  |  |  | 01/21/22 |  |  | USD |  |  | 63.41 |  |  | USD |  |  | 2,929 |  |  |  | (152,092 | )
Raytheon Technologies Corp. |  |  | 326 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,806 |  |  |  | (7,661 | )
Rogers Communications Inc., Class B |  |  | 602 |  |  |  | 01/21/22 |  |  | CAD |  |  | 60.00 |  |  | CAD |  |  | 3,626 |  |  |  | (52,826 | )
Ross Stores, Inc. |  |  | 486 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 5,554 |  |  |  | (26,730 | )
Sealed Air Corp. |  |  | 216 |  |  |  | 01/21/22 |  |  | USD |  |  | 67.41 |  |  | USD |  |  | 1,457 |  |  |  | (26,948 | )
Sealed Air Corp. |  |  | 125 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 843 |  |  |  | (35,000 | )
SS&C Technologies Holdings, Inc. |  |  | 419 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 3,435 |  |  |  | (86,942 | )

58 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unilever PLC, ADR |  |  | 897 |  |  |  | 01/21/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 4,825 |  |  | $ | (143,520 | )
UnitedHealth Group, Inc. |  |  | 24 |  |  |  | 01/21/22 |  |  | USD |  |  | 460.00 |  |  | USD |  |  | 1,205 |  |  |  | (107,220 | )
UnitedHealth Group, Inc. |  |  | 95 |  |  |  | 01/21/22 |  |  | USD |  |  | 490.00 |  |  | USD |  |  | 4,770 |  |  |  | (186,200 | )
Verizon Communications, Inc. |  |  | 1,353 |  |  |  | 01/21/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 7,030 |  |  |  | (46,002 | )
Visa, Inc., Class A |  |  | 35 |  |  |  | 01/21/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 758 |  |  |  | (2,118 | )
Wells Fargo & Co. |  |  | 1,452 |  |  |  | 01/21/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 6,967 |  |  |  | (22,506 | )
Willis Towers Watson PLC |  |  | 143 |  |  |  | 01/21/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 3,396 |  |  |  | (44,687 | )
Zimmer Biomet Holdings, Inc. |  |  | 450 |  |  |  | 01/21/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 5,717 |  |  |  | (13,500 | )
NiSource, Inc. |  |  | 955 |  |  |  | 01/27/22 |  |  | USD |  |  | 26.33 |  |  | USD |  |  | 2,637 |  |  |  | (127,693 | )
American International Group, Inc. |  |  | 945 |  |  |  | 01/28/22 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 5,373 |  |  |  | (99,225 | )
Apollo Global Management, Inc. |  |  | 477 |  |  |  | 01/28/22 |  |  | USD |  |  | 73.00 |  |  | USD |  |  | 3,455 |  |  |  | (110,902 | )
Bank of America Corp. |  |  | 2,221 |  |  |  | 01/28/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 9,881 |  |  |  | (143,254 | )
Capital One Financial Corp. |  |  | 202 |  |  |  | 01/28/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 2,931 |  |  |  | (31,613 | )
Cisco Systems, Inc. |  |  | 638 |  |  |  | 01/28/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 4,043 |  |  |  | (218,515 | )
Citigroup, Inc. |  |  | 1,475 |  |  |  | 01/28/22 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 8,908 |  |  |  | (70,800 | )
Coca-Cola Co. |  |  | 1,036 |  |  |  | 01/28/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 6,134 |  |  |  | (55,944 | )
ConocoPhillips |  |  | 337 |  |  |  | 01/28/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,432 |  |  |  | (42,125 | )
Constellation Brands, Inc., Class A |  |  | 138 |  |  |  | 01/28/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 3,463 |  |  |  | (141,450 | )
CVS Health Corp. |  |  | 480 |  |  |  | 01/28/22 |  |  | USD |  |  | 102.00 |  |  | USD |  |  | 4,952 |  |  |  | (132,240 | )
Dollar General Corp. |  |  | 186 |  |  |  | 01/28/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 4,386 |  |  |  | (155,310 | )
DuPont de Nemours, Inc. |  |  | 238 |  |  |  | 01/28/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,923 |  |  |  | (74,375 | )
Enterprise Products Partners LP |  |  | 2,397 |  |  |  | 01/28/22 |  |  | USD |  |  | 21.50 |  |  | USD |  |  | 5,264 |  |  |  | (176,179 | )
Fox Corp., Class A |  |  | 1,195 |  |  |  | 01/28/22 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 4,410 |  |  |  | (56,762 | )
General Electric Co. |  |  | 283 |  |  |  | 01/28/22 |  |  | USD |  |  | 104.00 |  |  | USD |  |  | 2,674 |  |  |  | (15,282 | )
General Motors Co. |  |  | 1,046 |  |  |  | 01/28/22 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 6,133 |  |  |  | (132,842 | )
JPMorgan Chase & Co. |  |  | 257 |  |  |  | 01/28/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 4,070 |  |  |  | (28,270 | )
Marathon Petroleum Corp. |  |  | 442 |  |  |  | 01/28/22 |  |  | USD |  |  | 66.00 |  |  | USD |  |  | 2,828 |  |  |  | (61,438 | )
McKesson Corp. |  |  | 68 |  |  |  | 01/28/22 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 1,690 |  |  |  | (107,780 | )
Medtronic PLC |  |  | 766 |  |  |  | 01/28/22 |  |  | USD |  |  | 117.00 |  |  | USD |  |  | 7,924 |  |  |  | (57,450 | )
Merck & Co., Inc. |  |  | 83 |  |  |  | 01/28/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 636 |  |  |  | (22,037 | )
MetLife, Inc. |  |  | 368 |  |  |  | 01/28/22 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 2,300 |  |  |  | (71,392 | )
MetLife, Inc. |  |  | 306 |  |  |  | 01/28/22 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 1,912 |  |  |  | (28,611 | )
Microsoft Corp. |  |  | 55 |  |  |  | 01/28/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 1,850 |  |  |  | (28,187 | )
Ross Stores, Inc. |  |  | 268 |  |  |  | 01/28/22 |  |  | USD |  |  | 118.00 |  |  | USD |  |  | 3,063 |  |  |  | (46,230 | )
Union Pacific Corp. |  |  | 177 |  |  |  | 01/28/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 4,459 |  |  |  | (130,095 | )
UnitedHealth Group, Inc. |  |  | 95 |  |  |  | 01/28/22 |  |  | USD |  |  | 485.00 |  |  | USD |  |  | 4,770 |  |  |  | (232,037 | )
Verizon Communications, Inc. |  |  | 1,154 |  |  |  | 01/28/22 |  |  | USD |  |  | 51.25 |  |  | USD |  |  | 5,996 |  |  |  | (125,066 | )
Wells Fargo & Co. |  |  | 661 |  |  |  | 01/28/22 |  |  | USD |  |  | 52.00 |  |  | USD |  |  | 3,171 |  |  |  | (20,822 | )
American International Group, Inc. |  |  | 1,228 |  |  |  | 02/04/22 |  |  | USD |  |  | 56.25 |  |  | USD |  |  | 6,982 |  |  |  | (281,458 | )
CenterPoint Energy, Inc. |  |  | 984 |  |  |  | 02/04/22 |  |  | USD |  |  | 27.90 |  |  | USD |  |  | 2,746 |  |  |  | (68,601 | )
Fidelity National Information Services, Inc. |  |  | 545 |  |  |  | 02/04/22 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 5,949 |  |  |  | (165,537 | )
Ross Stores, Inc. |  |  | 448 |  |  |  | 02/04/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 5,120 |  |  |  | (145,600 | )
Comcast Corp., Class A |  |  | 853 |  |  |  | 02/11/22 |  |  | USD |  |  | 52.25 |  |  | USD |  |  | 4,293 |  |  |  | (71,917 | )
Activision Blizzard, Inc. |  |  | 154 |  |  |  | 02/18/22 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 1,025 |  |  |  | (25,872 | )
Allstate Corp. |  |  | 140 |  |  |  | 02/18/22 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 1,647 |  |  |  | (88,951 | )
Altria Group, Inc. |  |  | 560 |  |  |  | 02/18/22 |  |  | USD |  |  | 48.25 |  |  | USD |  |  | 2,654 |  |  |  | (57,388 | )
American Electric Power Co., Inc. |  |  | 286 |  |  |  | 02/18/22 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 2,545 |  |  |  | (82,225 | )
American International Group, Inc. |  |  | 1,144 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 6,505 |  |  |  | (123,552 | )
Bank of America Corp. |  |  | 762 |  |  |  | 02/18/22 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 3,390 |  |  |  | (54,483 | )
CDK Global, Inc. |  |  | 370 |  |  |  | 02/18/22 |  |  | USD |  |  | 44.00 |  |  | USD |  |  | 1,544 |  |  |  | (28,869 | )
CenterPoint Energy, Inc. |  |  | 1,074 |  |  |  | 02/18/22 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 2,998 |  |  |  | (144,990 | )
Charles Schwab Corp. |  |  | 484 |  |  |  | 02/18/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 4,070 |  |  |  | (141,086 | )
Cigna Corp. |  |  | 113 |  |  |  | 02/18/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 2,595 |  |  |  | (98,875 | )
Cisco Systems, Inc. |  |  | 479 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 3,035 |  |  |  | (201,180 | )
Citigroup, Inc. |  |  | 853 |  |  |  | 02/18/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 5,151 |  |  |  | (26,016 | )
Cognizant Technology Solutions Corp., Class A |  |  | 310 |  |  |  | 02/18/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 2,750 |  |  |  | (172,050 | )
ConocoPhillips |  |  | 447 |  |  |  | 02/18/22 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 3,226 |  |  |  | (64,144 | )
ConocoPhillips |  |  | 426 |  |  |  | 02/18/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 3,075 |  |  |  | (92,016 | )
Corteva, Inc. |  |  | 756 |  |  |  | 02/18/22 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 3,574 |  |  |  | (98,280 | )
Equitable Holdings, Inc. |  |  | 1,093 |  |  |  | 02/18/22 |  |  | USD |  |  | 32.73 |  |  | USD |  |  | 3,584 |  |  |  | (169,473 | )
Fidelity National Financial, Inc. |  |  | 1,047 |  |  |  | 02/18/22 |  |  | USD |  |  | 51.72 |  |  | USD |  |  | 5,463 |  |  |  | (205,116 | )
Fidelity National Information Services, Inc. |  |  | 353 |  |  |  | 02/18/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 3,853 |  |  |  | (112,077 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fidelity National Information Services, Inc. |  |  | 102 |  |  |  | 02/18/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,113 |  |  | $ | (51,000 | )
General Motors Co. |  |  | 1,287 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 7,546 |  |  |  | (337,194 | )
Hess Corp. |  |  | 314 |  |  |  | 02/18/22 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 2,325 |  |  |  | (43,960 | )
Huntington Ingalls Industries, Inc. |  |  | 72 |  |  |  | 02/18/22 |  |  | USD |  |  | 196.25 |  |  | USD |  |  | 1,345 |  |  |  | (30,653 | )
JPMorgan Chase & Co. |  |  | 87 |  |  |  | 02/18/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 1,378 |  |  |  | (9,222 | )
Lear Corp. |  |  | 255 |  |  |  | 02/18/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 4,665 |  |  |  | (103,912 | )
Leidos Holdings, Inc. |  |  | 769 |  |  |  | 02/18/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 6,836 |  |  |  | (217,242 | )
Marathon Petroleum Corp. |  |  | 80 |  |  |  | 02/18/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 512 |  |  |  | (7,320 | )
McKesson Corp. |  |  | 131 |  |  |  | 02/18/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 3,256 |  |  |  | (289,510 | )
Medtronic PLC |  |  | 99 |  |  |  | 02/18/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,024 |  |  |  | (1,287 | )
Medtronic PLC |  |  | 460 |  |  |  | 02/18/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 4,759 |  |  |  | (117,300 | )
Merck & Co., Inc. |  |  | 83 |  |  |  | 02/18/22 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 636 |  |  |  | (17,721 | )
MetLife, Inc. |  |  | 352 |  |  |  | 02/18/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,200 |  |  |  | (37,312 | )
Progressive Corp. |  |  | 159 |  |  |  | 02/18/22 |  |  | USD |  |  | 97.50 |  |  | USD |  |  | 1,632 |  |  |  | (106,530 | )
Progressive Corp. |  |  | 134 |  |  |  | 02/18/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,376 |  |  |  | (37,185 | )
Public Service Enterprise Group, Inc. |  |  | 1,212 |  |  |  | 02/18/22 |  |  | USD |  |  | 66.16 |  |  | USD |  |  | 8,088 |  |  |  | (254,931 | )
Raymond James Financial, Inc. |  |  | 787 |  |  |  | 02/18/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 7,901 |  |  |  | (314,800 | )
Raymond James Financial, Inc. |  |  | 542 |  |  |  | 02/18/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 5,442 |  |  |  | (116,530 | )
Raytheon Technologies Corp. |  |  | 236 |  |  |  | 02/18/22 |  |  | USD |  |  | 86.25 |  |  | USD |  |  | 2,031 |  |  |  | (63,575 | )
Rogers Communications Inc., Class B |  |  | 687 |  |  |  | 02/18/22 |  |  | CAD |  |  | 60.00 |  |  | CAD |  |  | 4,138 |  |  |  | (98,302 | )
Ross Stores, Inc. |  |  | 266 |  |  |  | 02/18/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 3,040 |  |  |  | (105,070 | )
Sealed Air Corp. |  |  | 641 |  |  |  | 02/18/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 4,325 |  |  |  | (104,162 | )
Sempra Energy |  |  | 102 |  |  |  | 02/18/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,349 |  |  |  | (52,020 | )
SS&C Technologies Holdings, Inc. |  |  | 478 |  |  |  | 02/18/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 3,919 |  |  |  | (179,250 | )
Unilever PLC, ADR |  |  | 1,464 |  |  |  | 02/18/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 7,875 |  |  |  | (131,760 | )
Visa, Inc., Class A |  |  | 174 |  |  |  | 02/18/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 3,771 |  |  |  | (49,329 | )
Wells Fargo & Co. |  |  | 719 |  |  |  | 02/18/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 3,450 |  |  |  | (37,028 | )
Willis Towers Watson PLC |  |  | 344 |  |  |  | 02/18/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 8,170 |  |  |  | (232,200 | )
Zimmer Biomet Holdings, Inc. |  |  | 675 |  |  |  | 02/18/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 8,575 |  |  |  | (452,250 | )
CDK Global, Inc. |  |  | 710 |  |  |  | 02/25/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 2,964 |  |  |  | (85,300 | )
Comcast Corp., Class A |  |  | 542 |  |  |  | 02/25/22 |  |  | USD |  |  | 51.75 |  |  | USD |  |  | 2,728 |  |  |  | (70,359 | )
JPMorgan Chase & Co. |  |  | 181 |  |  |  | 03/18/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,866 |  |  |  | (61,087 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (20,740,002 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BP PLC |  | Goldman Sachs International |  |  | 1,630,000 |  |  | 01/04/22 |  | GBP |  | 3.53 |  | GBP |  |  | 5,387 |  |  | $ | (499 | )
SS&C Technologies Holdings, Inc. |  | Royal Bank of Canada |  |  | 41,000 |  |  | 01/06/22 |  | USD |  | 79.60 |  | USD |  |  | 3,361 |  |  |  | (97,640 | )
Astrazeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 44,800 |  |  | 01/11/22 |  | GBP |  | 89.33 |  | GBP |  |  | 3,888 |  |  |  | (14,370 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 1,084,600 |  |  | 01/11/22 |  | GBP |  | 5.72 |  | GBP |  |  | 5,963 |  |  |  | (8,882 | )
BP PLC |  | Goldman Sachs International |  |  | 384,400 |  |  | 01/11/22 |  | GBP |  | 3.53 |  | GBP |  |  | 1,270 |  |  |  | (2,100 | )
British American Tobacco PLC |  | Morgan Stanley & Co. International PLC |  |  | 248,000 |  |  | 01/11/22 |  | GBP |  | 26.01 |  | GBP |  |  | 6,779 |  |  |  | (488,763 | )
Cognizant Technology Solutions Corp., Class A |  | Bank of America N.A. |  |  | 36,700 |  |  | 01/11/22 |  | USD |  | 81.00 |  | USD |  |  | 3,256 |  |  |  | (288,753 | )
EQT Corp. |  | Morgan Stanley & Co. International PLC |  |  | 64,400 |  |  | 01/11/22 |  | USD |  | 22.62 |  | USD |  |  | 1,405 |  |  |  | (25,212 | )
Corteva, Inc. |  | Citibank N.A. |  |  | 11,500 |  |  | 01/13/22 |  | USD |  | 48.86 |  | USD |  |  | 544 |  |  |  | (4,439 | )
Komatsu Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 207,700 |  |  | 01/13/22 |  | JPY |  | 3,062.70 |  | JPY |  |  | 559,440 |  |  |  | (2,640 | )
Panasonic Corp. |  | Morgan Stanley & Co. International PLC |  |  | 59,700 |  |  | 01/13/22 |  | JPY |  | 1,459.58 |  | JPY |  |  | 75,521 |  |  |  | (663 | )
Sanofi |  | Goldman Sachs International |  |  | 58,100 |  |  | 01/13/22 |  | EUR |  | 89.59 |  | EUR |  |  | 5,146 |  |  |  | (34,461 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 557,400 |  |  | 01/18/22 |  | GBP |  | 5.74 |  | GBP |  |  | 3,065 |  |  |  | (8,316 | )
Alcon, Inc. |  | UBS AG |  |  | 37,200 |  |  | 01/20/22 |  | CHF |  | 80.58 |  | CHF |  |  | 3,004 |  |  |  | (53,556 | )
BAE Systems PLC |  | UBS AG |  |  | 506,000 |  |  | 01/20/22 |  | GBP |  | 5.66 |  | GBP |  |  | 2,782 |  |  |  | (22,192 | )
Koninklijke Philips Electronics NV |  | Morgan Stanley & Co. International PLC |  |  | 195,476 |  |  | 01/20/22 |  | EUR |  | 31.96 |  | EUR |  |  | 6,405 |  |  |  | (264,534 | )
Alcon, Inc. |  | UBS AG |  |  | 19,600 |  |  | 01/25/22 |  | CHF |  | 75.34 |  | CHF |  |  | 1,583 |  |  |  | (114,641 | )
Bayer AG, Registered Shares |  | Goldman Sachs International |  |  | 67,000 |  |  | 01/25/22 |  | EUR |  | 45.91 |  | EUR |  |  | 3,149 |  |  |  | (124,287 | )
Koninklijke Philips Electronics NV |  | UBS AG |  |  | 118,700 |  |  | 01/25/22 |  | EUR |  | 32.35 |  | EUR |  |  | 3,889 |  |  |  | (140,368 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 303,600 |  |  | 01/27/22 |  | GBP |  | 5.57 |  | GBP |  |  | 1,669 |  |  |  | (29,109 | )
Komatsu Ltd. |  | Goldman Sachs International |  |  | 273,600 |  |  | 01/27/22 |  | JPY |  | 2,727.30 |  | JPY |  |  | 736,942 |  |  |  | (129,068 | )
Panasonic Corp. |  | JPMorgan Chase Bank N.A. |  |  | 237,000 |  |  | 01/27/22 |  | JPY |  | 1,322.79 |  | JPY |  |  | 299,805 |  |  |  | (31,027 | )

60 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SS&C Technologies Holdings, Inc. |  | BNP Paribas SA |  |  | 52,600 |  |  |  | 01/27/22 |  |  | USD |  |  | 77.30 |  |  |  | USD |  |  |  | 4,312 |  |  | $ | (287,915 | )
Cognizant Technology Solutions Corp., Class A |  | Barclays Bank PLC |  |  | 60,300 |  |  |  | 01/31/22 |  |  | USD |  |  | 84.16 |  |  |  | USD |  |  |  | 5,350 |  |  |  | (308,726 | )
Corteva, Inc. |  | Citibank N.A. |  |  | 11,500 |  |  |  | 01/31/22 |  |  | USD |  |  | 49.81 |  |  |  | USD |  |  |  | 544 |  |  |  | (4,264 | )
Newell Brands, Inc. |  | Royal Bank of Canada |  |  | 117,600 |  |  |  | 01/31/22 |  |  | USD |  |  | 23.50 |  |  |  | USD |  |  |  | 2,568 |  |  |  | (16,443 | )
Astrazeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 132,100 |  |  |  | 02/01/22 |  |  | GBP |  |  | 84.70 |  |  |  | GBP |  |  |  | 11,464 |  |  |  | (552,807 | )
Bayer AG, Registered Shares |  | Goldman Sachs International |  |  | 61,900 |  |  |  | 02/01/22 |  |  | EUR |  |  | 46.75 |  |  |  | EUR |  |  |  | 2,909 |  |  |  | (91,411 | )
Bayer AG, Registered Shares |  | Goldman Sachs International |  |  | 76,000 |  |  |  | 02/03/22 |  |  | EUR |  |  | 48.04 |  |  |  | EUR |  |  |  | 3,572 |  |  |  | (64,656 | )
BP PLC |  | UBS AG |  |  | 1,103,400 |  |  |  | 02/03/22 |  |  | GBP |  |  | 3.45 |  |  |  | GBP |  |  |  | 3,647 |  |  |  | (80,264 | )
Sanofi |  | Goldman Sachs International |  |  | 94,000 |  |  |  | 02/03/22 |  |  | EUR |  |  | 88.27 |  |  |  | EUR |  |  |  | 8,327 |  |  |  | (189,073 | )
Panasonic Corp. |  | Goldman Sachs International |  |  | 237,800 |  |  |  | 02/08/22 |  |  | JPY |  |  | 1,285.46 |  |  |  | JPY |  |  |  | 300,817 |  |  |  | (72,475 | )
Reckitt Benckiser Group Plc |  | UBS AG |  |  | 43,600 |  |  |  | 02/08/22 |  |  | GBP |  |  | 63.17 |  |  |  | GBP |  |  |  | 2,765 |  |  |  | (117,476 | )
Siemens AG, Registered Shares |  | UBS AG |  |  | 45,500 |  |  |  | 02/08/22 |  |  | EUR |  |  | 152.85 |  |  |  | EUR |  |  |  | 6,947 |  |  |  | (227,693 | )
Astrazeneca PLC |  | Credit Suisse International |  |  | 2,500 |  |  |  | 02/10/22 |  |  | GBP |  |  | 86.82 |  |  |  | GBP |  |  |  | 217 |  |  |  | (7,397 | )
Samsung Electronics Co. Ltd., Registered Shares, GDR |  | UBS AG |  |  | 4,500 |  |  |  | 02/10/22 |  |  | USD |  |  | 1,679.93 |  |  |  | USD |  |  |  | 7,421 |  |  |  | (203,394 | )
Cognizant Technology Solutions Corp., Class A |  | Barclays Bank PLC |  |  | 66,400 |  |  |  | 02/11/22 |  |  | USD |  |  | 81.26 |  |  |  | USD |  |  |  | 5,891 |  |  |  | (540,035 | )
Newell Brands, Inc. |  | Barclays Bank PLC |  |  | 102,900 |  |  |  | 02/18/22 |  |  | USD |  |  | 23.00 |  |  |  | USD |  |  |  | 2,247 |  |  |  | (58,285 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,707,834 | )

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 |  | $ 7,790,296 |  | $ (9,633,801) |  | $ (25,447,836)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 25,447,836 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,447,836 |

For the period ended December 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | (55,244,521 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (55,244,521 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 7,905,931 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,905,931 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 21,882,434 |

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 |  | 61

Schedule of Investments (continued) December 31, 2021 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 25,447,836 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 25,447,836 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (20,740,002 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 4,707,834 |

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. |  | $ | 288,753 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 288,753 |
Barclays Bank PLC |  |  | 907,046 |  |  |  | — |  |  |  | (907,046 | ) |  |  | — |  |  |  | — |
BNP Paribas SA |  |  | 287,915 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 287,915 |
Citibank N.A. |  |  | 8,703 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,703 |
Credit Suisse International |  |  | 7,397 |  |  |  | — |  |  |  | (7,397 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 725,228 |  |  |  | — |  |  |  | (725,228 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 31,027 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 31,027 |
Morgan Stanley & Co. International PLC |  |  | 1,378,098 |  |  |  | — |  |  |  | (1,378,098 | ) |  |  | — |  |  |  | — |
Royal Bank of Canada |  |  | 114,083 |  |  |  | — |  |  |  | — |  |  |  | (114,083 | ) |  |  | — |
UBS AG |  |  | 959,584 |  |  |  | — |  |  |  | (959,584 | ) |  |  | — |  |  |  | — |
|  | $ | 4,707,834 |  |  | $ | — |  |  | $ | (3,977,353 | ) |  | $ | (114,083 | ) |  | $ | 616,398 |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 23,995,051 |  |  | $ | 33,319,819 |  |  | $ | — |  |  | $ | 57,314,870 |
Auto Components |  |  | 14,337,243 |  |  |  | — |  |  |  | — |  |  |  | 14,337,243 |
Automobiles |  |  | 37,746,404 |  |  |  | — |  |  |  | — |  |  |  | 37,746,404 |
Banks |  |  | 219,439,550 |  |  |  | — |  |  |  | — |  |  |  | 219,439,550 |
Beverages |  |  | 44,989,456 |  |  |  | — |  |  |  | — |  |  |  | 44,989,456 |
Capital Markets |  |  | 88,555,065 |  |  |  | — |  |  |  | — |  |  |  | 88,555,065 |
Chemicals |  |  | 31,008,187 |  |  |  | — |  |  |  | — |  |  |  | 31,008,187 |
Communications Equipment |  |  | 56,221,674 |  |  |  | — |  |  |  | — |  |  |  | 56,221,674 |
Consumer Finance |  |  | 13,623,661 |  |  |  | — |  |  |  | — |  |  |  | 13,623,661 |
Containers & Packaging |  |  | 16,570,632 |  |  |  | — |  |  |  | — |  |  |  | 16,570,632 |
Diversified Financial Services |  |  | 16,460,252 |  |  |  | — |  |  |  | — |  |  |  | 16,460,252 |
Diversified Telecommunication Services |  |  | 24,395,480 |  |  |  | — |  |  |  | — |  |  |  | 24,395,480 |
Electric Utilities |  |  | 14,275,987 |  |  |  | — |  |  |  | — |  |  |  | 14,275,987 |
Entertainment |  |  | 10,757,236 |  |  |  | — |  |  |  | — |  |  |  | 10,757,236 |
Health Care Equipment & Supplies |  |  | 68,163,590 |  |  |  | 27,519,265 |  |  |  | — |  |  |  | 95,682,855 |
Health Care Providers & Services |  |  | 177,581,527 |  |  |  | — |  |  |  | — |  |  |  | 177,581,527 |

62 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Household Durables |  | $ | 14,110,584 |  |  | $ | 14,586,329 |  |  | $ | — |  |  | $ | 28,696,913 |
Household Products |  |  | — |  |  |  | 6,639,629 |  |  |  | — |  |  |  | 6,639,629 |
Industrial Conglomerates |  |  | 27,898,975 |  |  |  | 13,947,847 |  |  |  | — |  |  |  | 41,846,822 |
Insurance |  |  | 142,955,352 |  |  |  | — |  |  |  | — |  |  |  | 142,955,352 |
IT Services |  |  | 94,292,610 |  |  |  | — |  |  |  | — |  |  |  | 94,292,610 |
Machinery |  |  | — |  |  |  | 19,943,569 |  |  |  | — |  |  |  | 19,943,569 |
Media |  |  | 59,605,693 |  |  |  | — |  |  |  | — |  |  |  | 59,605,693 |
Multiline Retail |  |  | 28,196,071 |  |  |  | — |  |  |  | — |  |  |  | 28,196,071 |
Multi-Utilities |  |  | 59,643,682 |  |  |  | — |  |  |  | — |  |  |  | 59,643,682 |
Oil, Gas & Consumable Fuels |  |  | 88,368,720 |  |  |  | 34,039,468 |  |  |  | — |  |  |  | 122,408,188 |
Personal Products |  |  | 38,242,323 |  |  |  | — |  |  |  | — |  |  |  | 38,242,323 |
Pharmaceuticals |  |  | 4,466,579 |  |  |  | 106,279,149 |  |  |  | — |  |  |  | 110,745,728 |
Professional Services |  |  | 19,256,273 |  |  |  | — |  |  |  | — |  |  |  | 19,256,273 |
Road & Rail |  |  | 19,448,240 |  |  |  | — |  |  |  | — |  |  |  | 19,448,240 |
Semiconductors & Semiconductor Equipment |  |  | 8,340,286 |  |  |  | — |  |  |  | — |  |  |  | 8,340,286 |
Software |  |  | 54,882,962 |  |  |  | — |  |  |  | — |  |  |  | 54,882,962 |
Specialty Retail |  |  | 30,506,246 |  |  |  | — |  |  |  | — |  |  |  | 30,506,246 |
Technology Hardware, Storage & Peripherals |  |  | — |  |  |  | 13,222,787 |  |  |  | — |  |  |  | 13,222,787 |
Tobacco |  |  | 9,872,853 |  |  |  | 16,240,852 |  |  |  | — |  |  |  | 26,113,705 |
Wireless Telecommunication Services |  |  | 25,023,816 |  |  |  | — |  |  |  | — |  |  |  | 25,023,816 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 62,262,015 |  |  |  | — |  |  |  | — |  |  |  | 62,262,015 |
|  | $ | 1,645,494,275 |  |  | $ | 285,738,714 |  |  | $ | — |  |  | $ | 1,931,232,989 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (16,657,155 | ) |  | $ | (8,790,681 | ) |  | $ | — |  |  | $ | (25,447,836 | )

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

See notes to financial statements.

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

Schedule of Investments December 31, 2021 |  | BlackRock Enhanced Global Dividend Trust (BOE) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Canada — 2.6% |  |  |  |  |  |  |  |
TELUS Corp. |  |  | 940,589 |  |  | $ | 22,151,189 |
China — 1.1% |  |  |  |  |  |
Enn Energy Holdings Ltd. |  |  | 512,300 |  |  |  | 9,657,731 |
Denmark — 3.2% |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  | 240,738 |  |  |  | 27,041,104 |
France — 10.1% |  |  |  |  |  |
EssilorLuxottica SA |  |  | 69,551 |  |  |  | 14,805,793 |
Kering SA |  |  | 21,322 |  |  |  | 17,107,739 |
LVMH Moet Hennessy Louis Vuitton SE |  |  | 14,424 |  |  |  | 11,920,479 |
Sanofi |  |  | 274,973 |  |  |  | 27,591,878 |
Schneider Electric SE |  |  | 76,658 |  |  |  | 15,070,610 |
|  |  |  |  |  |  | 86,496,499 |
India — 0.1% |  |  |  |  |  |
Jasper Infotech Private Ltd., Series I, (Acquired 05/07/14, Cost: $2,637,143)(a)(b)(c) |  |  | 3,540 |  |  |  | 848,750 |
Indonesia — 1.0% |  |  |  |  |  |
Bank Rakyat Indonesia Persero Tbk PT |  |  | 28,868,800 |  |  |  | 8,312,081 |
Ireland — 2.7% |  |  |  |  |  |
Medtronic PLC(d) |  |  | 223,779 |  |  |  | 23,149,938 |
Japan — 1.0% |  |  |  |  |  |
KDDI Corp. |  |  | 284,400 |  |  |  | 8,316,908 |
Mexico — 1.0% |  |  |  |  |  |
Wal-Mart de Mexico SAB de CV |  |  | 2,393,573 |  |  |  | 8,894,873 |
Portugal — 2.5% |  |  |  |  |  |
EDP - Energias de Portugal SA |  |  | 3,951,082 |  |  |  | 21,704,490 |
Singapore — 1.1% |  |  |  |  |  |
DBS Group Holdings Ltd. |  |  | 404,868 |  |  |  | 9,805,480 |
Spain — 0.8% |  |  |  |  |  |
Amadeus IT Group SA(b) |  |  | 102,659 |  |  |  | 6,946,342 |
Switzerland — 0.8% |  |  |  |  |  |
Logitech International SA, Registered Shares |  |  | 83,156 |  |  |  | 6,975,759 |
Taiwan — 3.7% |  |  |  |  |  |
MediaTek, Inc. |  |  | 213,000 |  |  |  | 9,139,725 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 1,040,000 |  |  |  | 23,005,834 |
|  |  |  |  |  |  | 32,145,559 |
United Kingdom — 19.9% |  |  |  |  |  |
AstraZeneca PLC |  |  | 185,779 |  |  |  | 21,693,291 |
BAE Systems PLC |  |  | 1,181,873 |  |  |  | 8,813,453 |
Diageo PLC |  |  | 436,211 |  |  |  | 23,850,290 |
Ferguson PLC |  |  | 104,012 |  |  |  | 18,475,300 |
Prudential PLC |  |  | 1,212,235 |  |  |  | 20,962,991 |
Reckitt Benckiser Group PLC |  |  | 213,057 |  |  |  | 18,340,716 |
Relx PLC |  |  | 839,272 |  |  |  | 27,250,978 |
Taylor Wimpey PLC |  |  | 3,606,075 |  |  |  | 8,597,344 |
Unilever PLC |  |  | 421,469 |  |  |  | 22,610,315 |
|  |  |  |  |  |  | 170,594,678 |
United States(d) — 47.6% |  |  |  |  |  |
AbbVie, Inc.(e) |  |  | 218,756 |  |  |  | 29,619,562 |

Security |  | Shares |  |  | Value |
United States (continued) |  |  |  |  |  |
American Tower Corp. |  |  | 42,738 |  |  | $ | 12,500,865 |
Assurant, Inc. |  |  | 114,506 |  |  |  | 17,846,905 |
Baker Hughes Co. |  |  | 268,619 |  |  |  | 6,462,973 |
Citizens Financial Group, Inc. |  |  | 409,555 |  |  |  | 19,351,474 |
Comcast Corp., Class A |  |  | 292,529 |  |  |  | 14,722,985 |
Estee Lauder Cos., Inc., Class A |  |  | 38,165 |  |  |  | 14,128,683 |
Fidelity National Information Services, Inc. |  |  | 190,981 |  |  |  | 20,845,576 |
Hasbro, Inc. |  |  | 212,496 |  |  |  | 21,627,843 |
Intercontinental Exchange, Inc.(e) |  |  | 191,277 |  |  |  | 26,160,955 |
Intuit, Inc. |  |  | 22,588 |  |  |  | 14,529,053 |
M&T Bank Corp. |  |  | 111,794 |  |  |  | 17,169,323 |
Microsoft Corp.(e) |  |  | 97,490 |  |  |  | 32,787,837 |
Otis Worldwide Corp. |  |  | 209,445 |  |  |  | 18,236,376 |
Paychex, Inc. |  |  | 68,032 |  |  |  | 9,286,368 |
Philip Morris International, Inc. |  |  | 150,940 |  |  |  | 14,339,300 |
Progressive Corp. |  |  | 121,762 |  |  |  | 12,498,869 |
Raytheon Technologies Corp. |  |  | 101,508 |  |  |  | 8,735,779 |
Synchrony Financial |  |  | 272,214 |  |  |  | 12,628,007 |
TE Connectivity Ltd. |  |  | 89,803 |  |  |  | 14,488,816 |
Texas Instruments, Inc.(e) |  |  | 105,957 |  |  |  | 19,969,716 |
UnitedHealth Group, Inc.(e) |  |  | 55,930 |  |  |  | 28,084,690 |
Visa, Inc., Class A |  |  | 102,942 |  |  |  | 22,308,561 |
|  |  |  |  |  |  | 408,330,516 |
Total Long-Term Investments — 99.2% (Cost: $675,621,154) |  |  |  | 851,371,897 |
Short-Term Securities |
Money Market Funds — 1.3% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(f)(g) |  |  | 11,262,594 |  |  |  | 11,262,594 |
Total Short-Term Securities — 1.3% (Cost: $11,262,594) |  |  |  | 11,262,594 |
Total Investments Before Options Written — 100.5% (Cost: $686,883,748) |  |  |  | 862,634,491 |
Options Written — (1.1)% (Premiums Received: $(8,282,779)) |  |  |  |  |  |  | (9,905,083 | )
Total Investments, Net of Options Written — 99.4% (Cost: $678,600,969) |  |  |  | 852,729,408 |
Other Assets Less Liabilities — 0.6% |  |  |  |  |  |  | 4,991,203 |
Net Assets — 100.0% |  |  |  |  |  | $ | 857,720,611 |

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

(b) | Non-income producing security.

(c) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $848,750, representing 0.1% of its net assets as of period end, and an original cost of $2,637,143.

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

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

(f) | Affiliate of the Trust.

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

64 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Enhanced Global Dividend Trust (BOE)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | — |  |  | $ | 11,262,594 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,262,594 |  |  |  | 11,262,594 |  |  | $ | 745 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estee Lauder Cos., Inc., Class A |  |  | 60 |  |  |  | 01/04/22 |  |  | USD |  |  | 336.50 |  |  | USD |  |  | 2,221 |  |  | $ | (202,071 | )
Comcast Corp., Class A |  |  | 242 |  |  |  | 01/07/22 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 1,218 |  |  |  | (1,331 | )
Medtronic PLC |  |  | 614 |  |  |  | 01/07/22 |  |  | USD |  |  | 109.00 |  |  | USD |  |  | 6,352 |  |  |  | (9,517 | )
Microsoft Corp. |  |  | 37 |  |  |  | 01/07/22 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 1,244 |  |  |  | (29,507 | )
Otis Worldwide Corp. |  |  | 231 |  |  |  | 01/07/22 |  |  | USD |  |  | 84.41 |  |  | USD |  |  | 2,011 |  |  |  | (66,996 | )
Texas Instruments, Inc. |  |  | 224 |  |  |  | 01/07/22 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 4,222 |  |  |  | (3,248 | )
Visa, Inc., Class A |  |  | 164 |  |  |  | 01/07/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 3,554 |  |  |  | (119,720 | )
Comcast Corp., Class A |  |  | 67 |  |  |  | 01/10/22 |  |  | USD |  |  | 54.25 |  |  | USD |  |  | 337 |  |  |  | (109 | )
Visa, Inc., Class A |  |  | 81 |  |  |  | 01/11/22 |  |  | USD |  |  | 221.00 |  |  | USD |  |  | 1,755 |  |  |  | (11,454 | )
Comcast Corp., Class A |  |  | 67 |  |  |  | 01/14/22 |  |  | USD |  |  | 54.25 |  |  | USD |  |  | 337 |  |  |  | (293 | )
Microsoft Corp. |  |  | 59 |  |  |  | 01/14/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 1,984 |  |  |  | (11,328 | )
Philip Morris International, Inc. |  |  | 360 |  |  |  | 01/14/22 |  |  | USD |  |  | 93.00 |  |  | USD |  |  | 3,420 |  |  |  | (95,400 | )
Raytheon Technologies Corp. |  |  | 19 |  |  |  | 01/14/22 |  |  | USD |  |  | 87.00 |  |  | USD |  |  | 164 |  |  |  | (1,615 | )
Synchrony Financial |  |  | 572 |  |  |  | 01/14/22 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 2,654 |  |  |  | (18,590 | )
UnitedHealth Group, Inc. |  |  | 110 |  |  |  | 01/14/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 5,524 |  |  |  | (583,825 | )
Visa, Inc., Class A |  |  | 32 |  |  |  | 01/14/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 693 |  |  |  | (6,752 | )
AbbVie, Inc. |  |  | 200 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,708 |  |  |  | (314,000 | )
American Tower Corp. |  |  | 89 |  |  |  | 01/21/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 2,603 |  |  |  | (204,255 | )
American Tower Corp. |  |  | 146 |  |  |  | 01/21/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 4,271 |  |  |  | (203,669 | )
Assurant, Inc. |  |  | 250 |  |  |  | 01/21/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 3,897 |  |  |  | (31,250 | )
Assurant, Inc. |  |  | 265 |  |  |  | 01/21/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 4,130 |  |  |  | (92,087 | )
Baker Hughes Co. |  |  | 604 |  |  |  | 01/21/22 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 1,453 |  |  |  | (6,040 | )
Baker Hughes Co. |  |  | 604 |  |  |  | 01/21/22 |  |  | USD |  |  | 26.00 |  |  | USD |  |  | 1,453 |  |  |  | (12,080 | )
Citizens Financial Group, Inc. |  |  | 697 |  |  |  | 01/21/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 3,293 |  |  |  | (6,970 | )
Comcast Corp., Class A |  |  | 341 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,716 |  |  |  | (2,217 | )
Estee Lauder Cos., Inc., Class A |  |  | 60 |  |  |  | 01/21/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 2,221 |  |  |  | (133,500 | )
Estee Lauder Cos., Inc., Class A |  |  | 51 |  |  |  | 01/21/22 |  |  | USD |  |  | 380.00 |  |  | USD |  |  | 1,888 |  |  |  | (17,595 | )
Fidelity National Information Services, Inc. |  |  | 377 |  |  |  | 01/21/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 4,115 |  |  |  | (8,483 | )
Fidelity National Information Services, Inc. |  |  | 138 |  |  |  | 01/21/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,506 |  |  |  | (36,225 | )
Hasbro, Inc. |  |  | 248 |  |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 2,524 |  |  |  | (78,120 | )
Hasbro, Inc. |  |  | 83 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 845 |  |  |  | (8,093 | )
Intercontinental Exchange, Inc. |  |  | 637 |  |  |  | 01/21/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 8,712 |  |  |  | (200,655 | )
Intuit, Inc. |  |  | 80 |  |  |  | 01/21/22 |  |  | USD |  |  | 700.00 |  |  | USD |  |  | 5,146 |  |  |  | (14,400 | )
M&T Bank Corp. |  |  | 195 |  |  |  | 01/21/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,995 |  |  |  | (12,187 | )
Microsoft Corp. |  |  | 87 |  |  |  | 01/21/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 2,926 |  |  |  | (42,847 | )
Otis Worldwide Corp. |  |  | 480 |  |  |  | 01/21/22 |  |  | USD |  |  | 87.53 |  |  | USD |  |  | 4,179 |  |  |  | (58,203 | )
Paychex, Inc. |  |  | 187 |  |  |  | 01/21/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,553 |  |  |  | (226,270 | )
Progressive Corp. |  |  | 170 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,745 |  |  |  | (13,175 | )
Raytheon Technologies Corp. |  |  | 331 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,849 |  |  |  | (7,779 | )
Synchrony Financial |  |  | 345 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,600 |  |  |  | (17,250 | )
Synchrony Financial |  |  | 307 |  |  |  | 01/21/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,424 |  |  |  | (6,140 | )
TE Connectivity Ltd. |  |  | 202 |  |  |  | 01/21/22 |  |  | USD |  |  | 165.98 |  |  | USD |  |  | 3,259 |  |  |  | (43,788 | )
TELUS Corp. |  |  | 1,518 |  |  |  | 01/21/22 |  |  | CAD |  |  | 29.00 |  |  | CAD |  |  | 4,522 |  |  |  | (109,804 | )
Texas Instruments, Inc. |  |  | 208 |  |  |  | 01/21/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 3,920 |  |  |  | (28,600 | )
UnitedHealth Group, Inc. |  |  | 24 |  |  |  | 01/21/22 |  |  | USD |  |  | 460.00 |  |  | USD |  |  | 1,205 |  |  |  | (107,220 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UnitedHealth Group, Inc. |  |  | 74 |  |  |  | 01/21/22 |  |  | USD |  |  | 490.00 |  |  | USD |  |  | 3,716 |  |  | $ | (145,040 | )
Visa, Inc., Class A |  |  | 153 |  |  |  | 01/21/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 3,316 |  |  |  | (9,257 | )
Microsoft Corp. |  |  | 200 |  |  |  | 01/28/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 6,726 |  |  |  | (102,500 | )
Philip Morris International, Inc. |  |  | 320 |  |  |  | 01/28/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 3,040 |  |  |  | (61,760 | )
Texas Instruments, Inc. |  |  | 44 |  |  |  | 01/28/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 829 |  |  |  | (10,362 | )
UnitedHealth Group, Inc. |  |  | 74 |  |  |  | 01/28/22 |  |  | USD |  |  | 485.00 |  |  | USD |  |  | 3,716 |  |  |  | (180,745 | )
Hasbro, Inc. |  |  | 306 |  |  |  | 02/02/22 |  |  | USD |  |  | 103.00 |  |  | USD |  |  | 3,114 |  |  |  | (89,538 | )
Fidelity National Information Services, Inc. |  |  | 15 |  |  |  | 02/04/22 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 164 |  |  |  | (4,556 | )
Comcast Corp., Class A |  |  | 343 |  |  |  | 02/11/22 |  |  | USD |  |  | 52.25 |  |  | USD |  |  | 1,726 |  |  |  | (28,919 | )
Microsoft Corp. |  |  | 55 |  |  |  | 02/11/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 1,850 |  |  |  | (40,562 | )
AbbVie, Inc. |  |  | 616 |  |  |  | 02/18/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 8,341 |  |  |  | (449,680 | )
Fidelity National Information Services, Inc. |  |  | 138 |  |  |  | 02/18/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,506 |  |  |  | (69,000 | )
Intuit, Inc. |  |  | 44 |  |  |  | 02/18/22 |  |  | USD |  |  | 680.00 |  |  | USD |  |  | 2,830 |  |  |  | (51,260 | )
M&T Bank Corp. |  |  | 196 |  |  |  | 02/18/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 3,010 |  |  |  | (104,860 | )
Medtronic PLC |  |  | 169 |  |  |  | 02/18/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,748 |  |  |  | (2,197 | )
Otis Worldwide Corp. |  |  | 231 |  |  |  | 02/18/22 |  |  | USD |  |  | 87.00 |  |  | USD |  |  | 2,011 |  |  |  | (69,071 | )
Paychex, Inc. |  |  | 187 |  |  |  | 02/18/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,553 |  |  |  | (230,945 | )
Progressive Corp. |  |  | 258 |  |  |  | 02/18/22 |  |  | USD |  |  | 97.50 |  |  | USD |  |  | 2,648 |  |  |  | (172,860 | )
Progressive Corp. |  |  | 120 |  |  |  | 02/18/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,232 |  |  |  | (33,300 | )
Raytheon Technologies Corp. |  |  | 110 |  |  |  | 02/18/22 |  |  | USD |  |  | 86.25 |  |  | USD |  |  | 947 |  |  |  | (29,633 | )
TE Connectivity Ltd. |  |  | 202 |  |  |  | 02/18/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 3,259 |  |  |  | (60,600 | )
TELUS Corp. |  |  | 787 |  |  |  | 02/18/22 |  |  | CAD |  |  | 30.00 |  |  | CAD |  |  | 2,344 |  |  |  | (35,152 | )
TELUS Corp. |  |  | 1,784 |  |  |  | 02/18/22 |  |  | CAD |  |  | 29.00 |  |  | CAD |  |  | 5,315 |  |  |  | (161,483 | )
Visa, Inc., Class A |  |  | 33 |  |  |  | 02/18/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 715 |  |  |  | (9,355 | )
Comcast Corp., Class A |  |  | 256 |  |  |  | 02/25/22 |  |  | USD |  |  | 51.75 |  |  | USD |  |  | 1,288 |  |  |  | (33,232 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5,390,525 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amadeus IT Group SA |  | UBS AG |  |  | 55,800 |  |  |  | 01/04/22 |  |  | EUR |  |  | 64.31 |  |  | EUR |  |  | 3,328 |  |  | $ | (371 | )
EDP-Energias De Portugal SA |  | Goldman Sachs International |  |  | 639,400 |  |  |  | 01/04/22 |  |  | EUR |  |  | 4.86 |  |  | EUR |  |  | 3,090 |  |  |  | (20,587 | )
Essilorluxottica SA |  | Goldman Sachs International |  |  | 28,900 |  |  |  | 01/04/22 |  |  | EUR |  |  | 184.64 |  |  | EUR |  |  | 5,411 |  |  |  | (102,796 | )
Hasbro, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 31,900 |  |  |  | 01/04/22 |  |  | USD |  |  | 101.75 |  |  | USD |  |  | 3,247 |  |  |  | (30,393 | )
Reckitt Benckiser Group PLC |  | Goldman Sachs International |  |  | 30,900 |  |  |  | 01/04/22 |  |  | GBP |  |  | 63.44 |  |  | GBP |  |  | 1,960 |  |  |  | (23,535 | )
Relx PLC |  | UBS AG |  |  | 55,300 |  |  |  | 01/04/22 |  |  | EUR |  |  | 27.88 |  |  | EUR |  |  | 1,577 |  |  |  | (41,783 | )
Sanofi |  | Goldman Sachs International |  |  | 46,600 |  |  |  | 01/04/22 |  |  | EUR |  |  | 91.24 |  |  | EUR |  |  | 4,128 |  |  |  | (1,626 | )
Taylor Wimpey PLC |  | Morgan Stanley & Co. International PLC |  |  | 674,000 |  |  |  | 01/04/22 |  |  | GBP |  |  | 1.62 |  |  | GBP |  |  | 1,183 |  |  |  | (130,728 | )
Relx PLC |  | UBS AG |  |  | 34,000 |  |  |  | 01/05/22 |  |  | EUR |  |  | 27.60 |  |  | EUR |  |  | 970 |  |  |  | (35,564 | )
Astrazeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 18,400 |  |  |  | 01/11/22 |  |  | GBP |  |  | 89.33 |  |  | GBP |  |  | 1,597 |  |  |  | (5,902 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 68,500 |  |  |  | 01/11/22 |  |  | GBP |  |  | 5.57 |  |  | GBP |  |  | 377 |  |  |  | (4,021 | )
Enn Energy Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 47,300 |  |  |  | 01/11/22 |  |  | HKD |  |  | 143.67 |  |  | HKD |  |  | 6,944 |  |  |  | (38,017 | )
Ferguson PLC |  | Goldman Sachs International |  |  | 16,300 |  |  |  | 01/11/22 |  |  | GBP |  |  | 119.29 |  |  | GBP |  |  | 2,136 |  |  |  | (264,020 | )
LVMH Moet Hennessy Louis Vuitton SE |  | Morgan Stanley & Co. International PLC |  |  | 6,500 |  |  |  | 01/11/22 |  |  | EUR |  |  | 737.36 |  |  | EUR |  |  | 4,726 |  |  |  | (44,580 | )
PPR S.A. |  | Goldman Sachs International |  |  | 1,800 |  |  |  | 01/11/22 |  |  | EUR |  |  | 668.42 |  |  | EUR |  |  | 1,272 |  |  |  | (77,643 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 101,900 |  |  |  | 01/11/22 |  |  | GBP |  |  | 15.32 |  |  | GBP |  |  | 1,299 |  |  |  | — |
Relx PLC |  | Credit Suisse International |  |  | 98,300 |  |  |  | 01/11/22 |  |  | EUR |  |  | 27.99 |  |  | EUR |  |  | 2,804 |  |  |  | (71,865 | )
Schneider Electric SE |  | Morgan Stanley & Co. International PLC |  |  | 32,300 |  |  |  | 01/11/22 |  |  | EUR |  |  | 159.00 |  |  | EUR |  |  | 5,570 |  |  |  | (505,906 | )
Taylor Wimpey PLC |  | Morgan Stanley & Co. International PLC |  |  | 274,700 |  |  |  | 01/11/22 |  |  | GBP |  |  | 1.61 |  |  | GBP |  |  | 482 |  |  |  | (57,156 | )
TELUS Corp. |  | Citibank N.A. |  |  | 15,200 |  |  |  | 01/11/22 |  |  | CAD |  |  | 28.90 |  |  | CAD |  |  | 453 |  |  |  | (11,174 | )
Unilever PLC |  | UBS AG |  |  | 16,200 |  |  |  | 01/11/22 |  |  | GBP |  |  | 39.57 |  |  | GBP |  |  | 639 |  |  |  | (9,747 | )
EDP-Energias De Portugal SA |  | Barclays Bank PLC |  |  | 230,400 |  |  |  | 01/13/22 |  |  | EUR |  |  | 4.84 |  |  | EUR |  |  | 1,113 |  |  |  | (15,811 | )
KDDI Corp. |  | JPMorgan Chase Bank N.A. |  |  | 45,600 |  |  |  | 01/13/22 |  |  | JPY |  |  | 3,472.47 |  |  | JPY |  |  | 153,307 |  |  |  | (6,585 | )
MediaTek, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 48,000 |  |  |  | 01/13/22 |  |  | USD |  |  | 1,132.99 |  |  | USD |  |  | 57,120 |  |  |  | (113,482 | )
Wal-Mart de Mexico SAB de CV |  | Morgan Stanley & Co. International PLC |  |  | 266,300 |  |  |  | 01/13/22 |  |  | MXN |  |  | 74.19 |  |  | MXN |  |  | 20,263 |  |  |  | (32,061 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 68,500 |  |  |  | 01/18/22 |  |  | GBP |  |  | 5.57 |  |  | GBP |  |  | 377 |  |  |  | (5,187 | )
Citizens Financial Group, Inc. |  | Citibank N.A. |  |  | 73,600 |  |  |  | 01/18/22 |  |  | USD |  |  | 48.88 |  |  | USD |  |  | 3,478 |  |  |  | (44,055 | )
Prudential PLC |  | Goldman Sachs International |  |  | 78,400 |  |  |  | 01/18/22 |  |  | GBP |  |  | 13.67 |  |  | GBP |  |  | 999 |  |  |  | (4,327 | )
Taylor Wimpey PLC |  | Goldman Sachs International |  |  | 674,000 |  |  |  | 01/18/22 |  |  | GBP |  |  | 1.63 |  |  | GBP |  |  | 1,183 |  |  |  | (126,421 | )

66 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unilever PLC |  | Goldman Sachs International |  |  | 29,700 |  |  |  | 01/18/22 |  |  | GBP |  |  | 39.35 |  |  | GBP |  |  | 1,172 |  |  | $ | (30,215 | )
Ferguson PLC |  | Morgan Stanley & Co. International PLC |  |  | 13,100 |  |  |  | 01/19/22 |  |  | GBP |  |  | 119.31 |  |  | GBP |  |  | 1,717 |  |  |  | (213,811 | )
PPR S.A. |  | Goldman Sachs International |  |  | 7,700 |  |  |  | 01/19/22 |  |  | EUR |  |  | 719.20 |  |  | EUR |  |  | 5,443 |  |  |  | (66,704 | )
Relx PLC |  | UBS AG |  |  | 56,000 |  |  |  | 01/19/22 |  |  | EUR |  |  | 27.95 |  |  | EUR |  |  | 1,597 |  |  |  | (49,716 | )
BAE Systems PLC |  | UBS AG |  |  | 163,400 |  |  |  | 01/20/22 |  |  | GBP |  |  | 5.66 |  |  | GBP |  |  | 898 |  |  |  | (7,166 | )
DBS Group Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 91,100 |  |  |  | 01/20/22 |  |  | SGD |  |  | 32.59 |  |  | SGD |  |  | 2,975 |  |  |  | (38,615 | )
Ferguson PLC |  | UBS AG |  |  | 12,400 |  |  |  | 01/20/22 |  |  | GBP |  |  | 126.84 |  |  | GBP |  |  | 1,625 |  |  |  | (88,370 | )
MediaTek, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 48,000 |  |  |  | 01/20/22 |  |  | USD |  |  | 1,132.99 |  |  | USD |  |  | 57,120 |  |  |  | (125,392 | )
Diageo PLC |  | Goldman Sachs International |  |  | 74,400 |  |  |  | 01/25/22 |  |  | GBP |  |  | 39.14 |  |  | GBP |  |  | 3,003 |  |  |  | (152,466 | )
Novo Nordisk A/S, Class B |  | UBS AG |  |  | 47,000 |  |  |  | 01/25/22 |  |  | DKK |  |  | 725.84 |  |  | DKK |  |  | 34,545 |  |  |  | (201,599 | )
Reckitt Benckiser Group PLC |  | UBS AG |  |  | 43,700 |  |  |  | 01/25/22 |  |  | GBP |  |  | 62.93 |  |  | GBP |  |  | 2,771 |  |  |  | (88,718 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 228,000 |  |  |  | 01/25/22 |  |  | USD |  |  | 613.88 |  |  | USD |  |  | 140,220 |  |  |  | (104,349 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 68,500 |  |  |  | 01/27/22 |  |  | GBP |  |  | 5.57 |  |  | GBP |  |  | 377 |  |  |  | (6,568 | )
Enn Energy Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 80,400 |  |  |  | 01/27/22 |  |  | HKD |  |  | 153.72 |  |  | HKD |  |  | 11,803 |  |  |  | (45,189 | )
KDDI Corp. |  | Citibank N.A. |  |  | 82,300 |  |  |  | 01/27/22 |  |  | JPY |  |  | 3,447.41 |  |  | JPY |  |  | 276,693 |  |  |  | (29,707 | )
Prudential PLC |  | Goldman Sachs International |  |  | 91,800 |  |  |  | 01/27/22 |  |  | GBP |  |  | 13.22 |  |  | GBP |  |  | 1,170 |  |  |  | (21,688 | )
Unilever PLC |  | Goldman Sachs International |  |  | 62,800 |  |  |  | 01/27/22 |  |  | GBP |  |  | 38.81 |  |  | GBP |  |  | 2,478 |  |  |  | (102,570 | )
Intercontinental Exchange, Inc. |  | Citibank N.A. |  |  | 22,300 |  |  |  | 01/31/22 |  |  | USD |  |  | 136.43 |  |  | USD |  |  | 3,050 |  |  |  | (62,610 | )
Astrazeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 10,600 |  |  |  | 02/01/22 |  |  | GBP |  |  | 84.70 |  |  | GBP |  |  | 920 |  |  |  | (44,359 | )
Diageo PLC |  | UBS AG |  |  | 76,400 |  |  |  | 02/01/22 |  |  | GBP |  |  | 40.36 |  |  | GBP |  |  | 3,084 |  |  |  | (96,703 | )
Relx PLC |  | UBS AG |  |  | 56,000 |  |  |  | 02/01/22 |  |  | EUR |  |  | 28.54 |  |  | EUR |  |  | 1,597 |  |  |  | (36,328 | )
DBS Group Holdings Ltd. |  | UBS AG |  |  | 91,100 |  |  |  | 02/03/22 |  |  | SGD |  |  | 32.80 |  |  | SGD |  |  | 2,975 |  |  |  | (42,522 | )
EDP - Energias De Portugal SA |  | Credit Suisse International |  |  | 338,800 |  |  |  | 02/03/22 |  |  | EUR |  |  | 4.85 |  |  | EUR |  |  | 1,637 |  |  |  | (36,619 | )
Essilorluxottica SA |  | Credit Suisse International |  |  | 9,300 |  |  |  | 02/03/22 |  |  | EUR |  |  | 185.52 |  |  | EUR |  |  | 1,741 |  |  |  | (60,014 | )
Novo Nordisk A/S, Class B |  | UBS AG |  |  | 61,300 |  |  |  | 02/03/22 |  |  | DKK |  |  | 765.29 |  |  | DKK |  |  | 45,056 |  |  |  | (134,034 | )
Sanofi |  | Goldman Sachs International |  |  | 49,700 |  |  |  | 02/03/22 |  |  | EUR |  |  | 88.27 |  |  | EUR |  |  | 4,402 |  |  |  | (99,967 | )
Schneider Electric SE |  | Credit Suisse International |  |  | 2,200 |  |  |  | 02/03/22 |  |  | EUR |  |  | 167.64 |  |  | EUR |  |  | 379 |  |  |  | (19,417 | )
Unilever PLC |  | UBS AG |  |  | 44,400 |  |  |  | 02/03/22 |  |  | GBP |  |  | 41.42 |  |  | GBP |  |  | 1,752 |  |  |  | (16,759 | )
Wal-Mart de Mexico SAB de CV |  | Morgan Stanley & Co. International PLC |  |  | 610,000 |  |  |  | 02/03/22 |  |  | MXN |  |  | 77.87 |  |  | MXN |  |  | 46,415 |  |  |  | (35,952 | )
Enn Energy Holdings Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 102,800 |  |  |  | 02/04/22 |  |  | HKD |  |  | 147.37 |  |  | HKD |  |  | 15,091 |  |  |  | (102,791 | )
Diageo PLC |  | UBS AG |  |  | 45,500 |  |  |  | 02/08/22 |  |  | GBP |  |  | 40.47 |  |  | GBP |  |  | 1,836 |  |  |  | (60,348 | )
EDP-Energias De Portugal SA |  | UBS AG |  |  | 230,000 |  |  |  | 02/08/22 |  |  | EUR |  |  | 4.89 |  |  | EUR |  |  | 1,111 |  |  |  | (24,496 | )
Prudential PLC |  | Goldman Sachs International |  |  | 152,200 |  |  |  | 02/08/22 |  |  | GBP |  |  | 13.06 |  |  | GBP |  |  | 1,940 |  |  |  | (61,098 | )
Astrazeneca PLC |  | Credit Suisse International |  |  | 73,100 |  |  |  | 02/10/22 |  |  | GBP |  |  | 86.82 |  |  | GBP |  |  | 6,344 |  |  |  | (216,302 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 163,000 |  |  |  | 02/10/22 |  |  | GBP |  |  | 5.51 |  |  | GBP |  |  | 896 |  |  |  | (31,517 | )
Ferguson PLC |  | UBS AG |  |  | 15,500 |  |  |  | 02/10/22 |  |  | GBP |  |  | 131.79 |  |  | GBP |  |  | 2,031 |  |  |  | (57,086 | )
Relx PLC |  | UBS AG |  |  | 78,000 |  |  |  | 02/10/22 |  |  | EUR |  |  | 28.73 |  |  | EUR |  |  | 2,225 |  |  |  | (52,120 | )
Unilever PLC |  | Credit Suisse International |  |  | 36,500 |  |  |  | 02/10/22 |  |  | GBP |  |  | 40.87 |  |  | GBP |  |  | 1,440 |  |  |  | (25,330 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,514,558 | )

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

Description |  | Swap Premiums Paid |  | Swap Premiums Received |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Value
Options Written |  | $ N/A |  | $ N/A |  | $ 2,563,854 |  | $ (4,186,158) |  | $ (9,905,083)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 9,905,083 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,905,083 |

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 (continued) December 31, 2021 |  | BlackRock Enhanced Global Dividend Trust (BOE)

For the period ended December 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | (14,904,200 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (14,904,200 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (1,455,465 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,455,465 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 8,113,693 |

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 9,905,083 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 9,905,083 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (5,390,525 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 4,514,558 |

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 |  | $ | 15,811 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,811 |
Citibank N.A. |  |  | 147,546 |  |  |  | — |  |  |  | (147,546 | ) |  |  | — |  |  |  | — |
Credit Suisse International |  |  | 429,547 |  |  |  | — |  |  |  | — |  |  |  | (219,000 | ) |  |  | 210,547 |
Goldman Sachs International |  |  | 1,155,663 |  |  |  | — |  |  |  | (1,135,663 | ) |  |  | (20,000 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 502,022 |  |  |  | — |  |  |  | (502,022 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 1,220,539 |  |  |  | — |  |  |  | (1,220,539 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 1,043,430 |  |  |  | — |  |  |  | (949,430 | ) |  |  | (94,000 | ) |  |  | — |
|  | $ | 4,514,558 |  |  | $ | — |  |  | $ | (3,955,200 | ) |  | $ | (333,000 | ) |  | $ | 226,358 |

| (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. |

68 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  | $ | 22,151,189 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,151,189 |
China |  |  | — |  |  |  | 9,657,731 |  |  |  | — |  |  |  | 9,657,731 |
Denmark |  |  | — |  |  |  | 27,041,104 |  |  |  | — |  |  |  | 27,041,104 |
France |  |  | — |  |  |  | 86,496,499 |  |  |  | — |  |  |  | 86,496,499 |
India |  |  | — |  |  |  | — |  |  |  | 848,750 |  |  |  | 848,750 |
Indonesia |  |  | — |  |  |  | 8,312,081 |  |  |  | — |  |  |  | 8,312,081 |
Ireland |  |  | 23,149,938 |  |  |  | — |  |  |  | — |  |  |  | 23,149,938 |
Japan |  |  | — |  |  |  | 8,316,908 |  |  |  | — |  |  |  | 8,316,908 |
Mexico |  |  | 8,894,873 |  |  |  | — |  |  |  | — |  |  |  | 8,894,873 |
Portugal |  |  | — |  |  |  | 21,704,490 |  |  |  | — |  |  |  | 21,704,490 |
Singapore |  |  | — |  |  |  | 9,805,480 |  |  |  | — |  |  |  | 9,805,480 |
Spain |  |  | — |  |  |  | 6,946,342 |  |  |  | — |  |  |  | 6,946,342 |
Switzerland |  |  | — |  |  |  | 6,975,759 |  |  |  | — |  |  |  | 6,975,759 |
Taiwan |  |  | — |  |  |  | 32,145,559 |  |  |  | — |  |  |  | 32,145,559 |
United Kingdom |  |  | — |  |  |  | 170,594,678 |  |  |  | — |  |  |  | 170,594,678 |
United States |  |  | 408,330,516 |  |  |  | — |  |  |  | — |  |  |  | 408,330,516 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 11,262,594 |  |  |  | — |  |  |  | — |  |  |  | 11,262,594 |
|  | $ | 473,789,110 |  |  | $ | 387,996,631 |  |  | $ | 848,750 |  |  | $ | 862,634,491 |
Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (4,752,662 | ) |  | $ | (5,152,421 | ) |  | $ | — |  |  | $ | (9,905,083 | )

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 |  | 69

Schedule of Investments December 31, 2021 |  | BlackRock Enhanced International Dividend Trust (BGY) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Canada — 4.0% |  |  |  |  |  |  |  |
TELUS Corp. |  |  | 1,216,960 |  |  | $ | 28,659,819 |
China — 2.0% |  |  |  |  |  |  |  |
Didi Global, Inc., (Acquired 07/08/21, Cost: $1,053,166)(a) |  |  | 153,600 |  |  |  | 764,928 |
Enn Energy Holdings Ltd. |  |  | 714,000 |  |  |  | 13,460,121 |
|  |  |  |  |  |  | 14,225,049 |
Denmark — 4.2% |  |  |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  | 266,576 |  |  |  | 29,943,380 |
France — 18.0% |  |  |  |  |  |  |  |
Air Liquide SA |  |  | 61,686 |  |  |  | 10,758,304 |
EssilorLuxottica SA |  |  | 98,194 |  |  |  | 20,903,223 |
Kering SA |  |  | 30,556 |  |  |  | 24,516,653 |
LVMH Moet Hennessy Louis Vuitton SE |  |  | 23,187 |  |  |  | 19,162,516 |
Sanofi |  |  | 304,797 |  |  |  | 30,584,536 |
Schneider Electric SE |  |  | 110,181 |  |  |  | 21,661,077 |
|  |  |  |  |  |  | 127,586,309 |
India — 3.0% |  |  |  |  |  |
HDFC Bank Ltd. |  |  | 994,804 |  |  |  | 19,694,352 |
Jasper Infotech Private Ltd., Series I, (Acquired 05/07/14, Cost: $3,948,600)(a)(b) |  |  | 5,300 |  |  |  | 1,270,728 |
|  |  |  |  |  |  | 20,965,080 |
Indonesia — 1.9% |  |  |  |  |  |
Bank Rakyat Indonesia Persero Tbk PT |  |  | 47,385,900 |  |  |  | 13,643,637 |
Japan — 1.7% |  |  |  |  |  |  |  |
KDDI Corp. |  |  | 419,500 |  |  |  | 12,267,732 |
Mexico — 2.4% |  |  |  |  |  |  |  |
Wal-Mart de Mexico SAB de CV |  |  | 4,546,021 |  |  |  | 16,893,689 |
Portugal — 4.0% |  |  |  |  |  |  |  |
EDP - Energias de Portugal SA |  |  | 5,176,809 |  |  |  | 28,437,779 |
Singapore — 4.6% |  |  |  |  |  |  |  |
DBS Group Holdings Ltd. |  |  | 633,200 |  |  |  | 15,335,442 |
United Overseas Bank Ltd. |  |  | 849,800 |  |  |  | 16,971,962 |
|  |  |  |  |  |  | 32,307,404 |
Spain — 3.9% |  |  |  |  |  |
Amadeus IT Group SA(c) |  |  | 210,632 |  |  |  | 14,252,252 |
Bankinter SA |  |  | 2,641,739 |  |  |  | 13,460,021 |
|  |  |  |  |  |  | 27,712,273 |
Switzerland — 1.5% |  |  |  |  |  |
Logitech International SA, Registered Shares |  |  | 127,703 |  |  |  | 10,712,701 |
Taiwan — 6.3% |  |  |  |  |  |
MediaTek, Inc. |  |  | 383,000 |  |  |  | 16,434,341 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 1,261,000 |  |  |  | 27,894,574 |
|  |  |  |  |  |  | 44,328,915 |

Security |  | Shares |  |  | Value |
United Kingdom — 31.8% |  |  |  |  |  |  |  |
AstraZeneca PLC |  |  | 227,776 |  |  | $ | 26,597,252 |
BAE Systems PLC |  |  | 2,057,347 |  |  |  | 15,342,030 |
Diageo PLC |  |  | 493,929 |  |  |  | 27,006,081 |
Ferguson PLC |  |  | 149,083 |  |  |  | 26,481,110 |
Prudential PLC |  |  | 1,628,154 |  |  |  | 28,155,414 |
Reckitt Benckiser Group PLC |  |  | 322,338 |  |  |  | 27,748,019 |
Relx PLC |  |  | 968,654 |  |  |  | 31,451,984 |
Taylor Wimpey PLC |  |  | 5,973,320 |  |  |  | 14,241,160 |
Unilever PLC |  |  | 530,483 |  |  |  | 28,458,528 |
|  |  |  |  |  |  | 225,481,578 |
United States(d)(e) — 10.2% |  |  |  |  |  |
Baker Hughes Co. |  |  | 537,284 |  |  |  | 12,927,053 |
Estee Lauder Cos., Inc., Class A |  |  | 44,370 |  |  |  | 16,425,774 |
Otis Worldwide Corp. |  |  | 268,552 |  |  |  | 23,382,823 |
Visa, Inc., Class A |  |  | 91,768 |  |  |  | 19,887,043 |
|  |  |  |  |  |  | 72,622,693 |
Total Long-Term Investments — 99.5% (Cost: $556,956,647) |  |  |  | 705,788,038 |
Short-Term Securities |
Money Market Funds — 0.8% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(f)(g) |  |  | 5,586,240 |  |  |  | 5,586,240 |
Total Short-Term Securities — 0.8% (Cost: $5,586,240) |  |  |  |  |  |  | 5,586,240 |
Total Investments Before Options Written — 100.3% (Cost: $562,542,887) |  |  |  | 711,374,278 |
Options Written — (1.2)% (Premiums Received: $(6,142,289)) |  |  |  | (8,368,684 | )
Total Investments, Net of Options Written — 99.1% (Cost: $556,400,598) |  |  |  | 703,005,594 |
Other Assets Less Liabilities — 0.9% |  |  |  | 6,504,276 |
Net Assets — 100.0% |  |  | $ | 709,509,870 |

(a) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $2,035,656, representing 0.3% of its net assets as of period end, and an original cost of $5,001,766.

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

(c) | Non-income producing security.

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

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

(f) | Affiliate of the Trust.

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

70 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Enhanced International Dividend Trust (BGY)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 287,381 |  |  | $ | 5,298,859 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,586,240 |  |  |  | 5,586,240 |  |  | $ | 782 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estee Lauder Cos., Inc., Class A |  |  |  |  | 100 |  |  |  | 01/04/22 |  |  | USD |  |  | 336.50 |  |  | USD |  |  | 3,702 |  |  | $ | (336,784 | )
Otis Worldwide Corp. |  |  |  |  | 589 |  |  |  | 01/07/22 |  |  | USD |  |  | 84.41 |  |  | USD |  |  | 5,128 |  |  |  | (170,825 | )
Visa, Inc., Class A |  |  |  |  | 163 |  |  |  | 01/07/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 3,532 |  |  |  | (118,990 | )
Visa, Inc., Class A |  |  |  |  | 72 |  |  |  | 01/11/22 |  |  | USD |  |  | 221.00 |  |  | USD |  |  | 1,560 |  |  |  | (10,181 | )
Visa, Inc., Class A |  |  |  |  | 32 |  |  |  | 01/14/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 693 |  |  |  | (6,752 | )
Baker Hughes Co. |  |  |  |  | 1,208 |  |  |  | 01/21/22 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 2,906 |  |  |  | (12,080 | )
Baker Hughes Co. |  |  |  |  | 1,209 |  |  |  | 01/21/22 |  |  | USD |  |  | 26.00 |  |  | USD |  |  | 2,909 |  |  |  | (24,180 | )
Estee Lauder Cos., Inc., Class A |  |  |  |  | 100 |  |  |  | 01/21/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 3,702 |  |  |  | (222,500 | )
Otis Worldwide Corp. |  |  |  |  | 155 |  |  |  | 01/21/22 |  |  | USD |  |  | 87.53 |  |  | USD |  |  | 1,350 |  |  |  | (18,795 | )
TELUS Corp. |  |  |  |  | 1,887 |  |  |  | 01/21/22 |  |  | CAD |  |  | 29.00 |  |  | CAD |  |  | 5,621 |  |  |  | (136,496 | )
Visa, Inc., Class A |  |  |  |  | 66 |  |  |  | 01/21/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 1,430 |  |  |  | (3,993 | )
Otis Worldwide Corp. |  |  |  |  | 464 |  |  |  | 02/18/22 |  |  | USD |  |  | 87.00 |  |  | USD |  |  | 4,040 |  |  |  | (138,740 | )
TELUS Corp. |  |  |  |  | 1,198 |  |  |  | 02/18/22 |  |  | CAD |  |  | 30.00 |  |  | CAD |  |  | 3,569 |  |  |  | (53,510 | )
TELUS Corp. |  |  |  |  | 2,015 |  |  |  | 02/18/22 |  |  | CAD |  |  | 29.00 |  |  | CAD |  |  | 6,003 |  |  |  | (182,393 | )
Visa, Inc., Class A |  |  |  |  | 79 |  |  |  | 02/18/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 1,712 |  |  |  | (22,396 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,458,615 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amadeus IT Group SA |  | UBS AG |  |  | 71,600 |  |  |  | 01/04/22 |  |  | EUR |  |  | 64.31 |  |  | EUR |  |  | 4,270 |  |  | $ | (476 | )
EDP-Energias De Portugal SA |  | Goldman Sachs International |  |  | 789,600 |  |  |  | 01/04/22 |  |  | EUR |  |  | 4.86 |  |  | EUR |  |  | 3,815 |  |  |  | (25,424 | )
Essilorluxottica SA |  | Goldman Sachs International |  |  | 37,200 |  |  |  | 01/04/22 |  |  | EUR |  |  | 184.64 |  |  | EUR |  |  | 6,965 |  |  |  | (132,318 | )
Reckitt Benckiser Group PLC |  | Goldman Sachs International |  |  | 51,700 |  |  |  | 01/04/22 |  |  | GBP |  |  | 63.44 |  |  | GBP |  |  | 3,279 |  |  |  | (39,378 | )
Relx PLC |  | UBS AG |  |  | 36,200 |  |  |  | 01/04/22 |  |  | EUR |  |  | 27.88 |  |  | EUR |  |  | 1,032 |  |  |  | (27,351 | )
Sanofi |  | Goldman Sachs International |  |  | 19,200 |  |  |  | 01/04/22 |  |  | EUR |  |  | 91.24 |  |  | EUR |  |  | 1,701 |  |  |  | (670 | )
Taylor Wimpey PLC |  | Morgan Stanley & Co. International PLC |  |  | 1,115,400 |  |  |  | 01/04/22 |  |  | GBP |  |  | 1.62 |  |  | GBP |  |  | 1,958 |  |  |  | (216,341 | )
United Overseas Bank Ltd. |  | UBS AG |  |  | 233,600 |  |  |  | 01/04/22 |  |  | SGD |  |  | 28.06 |  |  | SGD |  |  | 6,284 |  |  |  | (18 | )
Relx PLC |  | UBS AG |  |  | 125,000 |  |  |  | 01/05/22 |  |  | EUR |  |  | 27.60 |  |  | EUR |  |  | 3,565 |  |  |  | (130,748 | )
Astrazeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 12,400 |  |  |  | 01/11/22 |  |  | GBP |  |  | 89.33 |  |  | GBP |  |  | 1,076 |  |  |  | (3,977 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 22,800 |  |  |  | 01/11/22 |  |  | GBP |  |  | 5.57 |  |  | GBP |  |  | 125 |  |  |  | (1,338 | )
Enn Energy Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 88,600 |  |  |  | 01/11/22 |  |  | HKD |  |  | 143.67 |  |  | HKD |  |  | 13,006 |  |  |  | (71,213 | )
Ferguson PLC |  | Goldman Sachs International |  |  | 24,500 |  |  |  | 01/11/22 |  |  | GBP |  |  | 119.29 |  |  | GBP |  |  | 3,211 |  |  |  | (396,840 | )
LVMH Moet Hennessy Louis Vuitton SE |  | Morgan Stanley & Co. International PLC |  |  | 10,500 |  |  |  | 01/11/22 |  |  | EUR |  |  | 737.36 |  |  | EUR |  |  | 7,634 |  |  |  | (72,013 | )
PPR S.A. |  | Goldman Sachs International |  |  | 3,800 |  |  |  | 01/11/22 |  |  | EUR |  |  | 668.41 |  |  | EUR |  |  | 2,686 |  |  |  | (163,912 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 163,500 |  |  |  | 01/11/22 |  |  | GBP |  |  | 15.32 |  |  | GBP |  |  | 2,084 |  |  |  | — |
Relx PLC |  | Credit Suisse International |  |  | 6,000 |  |  |  | 01/11/22 |  |  | EUR |  |  | 27.99 |  |  | EUR |  |  | 171 |  |  |  | (4,386 | )
Schneider Electric SE |  | Morgan Stanley & Co. International PLC |  |  | 60,500 |  |  |  | 01/11/22 |  |  | EUR |  |  | 159.00 |  |  | EUR |  |  | 10,434 |  |  |  | (947,595 | )
Taylor Wimpey PLC |  | Morgan Stanley & Co. International PLC |  |  | 457,100 |  |  |  | 01/11/22 |  |  | GBP |  |  | 1.61 |  |  | GBP |  |  | 802 |  |  |  | (95,107 | )
TELUS Corp. |  | Citibank N.A. |  |  | 126,800 |  |  |  | 01/11/22 |  |  | CAD |  |  | 28.90 |  |  | CAD |  |  | 3,777 |  |  |  | (93,217 | )
Unilever PLC |  | UBS AG |  |  | 10,300 |  |  |  | 01/11/22 |  |  | GBP |  |  | 39.57 |  |  | GBP |  |  | 406 |  |  |  | (6,197 | )
United Overseas Bank Ltd. |  | Citibank N.A. |  |  | 74,900 |  |  |  | 01/11/22 |  |  | SGD |  |  | 27.78 |  |  | SGD |  |  | 2,015 |  |  |  | (3,429 | )

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 (continued) December 31, 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 |  | Morgan Stanley & Co. International PLC |  |  | 6,200 |  |  |  | 01/13/22 |  |  | EUR |  |  | 152.20 |  |  | EUR |  |  | 951 |  |  | $ | (17,121 | )
EDP-Energias De Portugal SA |  | Barclays Bank PLC |  |  | 385,400 |  |  |  | 01/13/22 |  |  | EUR |  |  | 4.84 |  |  | EUR |  |  | 1,862 |  |  |  | (26,448 | )
KDDI Corp. |  | JPMorgan Chase Bank N.A. |  |  | 94,400 |  |  |  | 01/13/22 |  |  | JPY |  |  | 3,472.47 |  |  | JPY |  |  | 317,373 |  |  |  | (13,633 | )
MediaTek, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 86,000 |  |  |  | 01/13/22 |  |  | USD |  |  | 1,132.99 |  |  | USD |  |  | 102,340 |  |  |  | (203,322 | )
Wal-Mart de Mexico SAB de CV |  | Morgan Stanley & Co. International PLC |  |  | 579,000 |  |  |  | 01/13/22 |  |  | MXN |  |  | 74.19 |  |  | MXN |  |  | 44,056 |  |  |  | (69,709 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 363,900 |  |  |  | 01/18/22 |  |  | GBP |  |  | 5.74 |  |  | GBP |  |  | 2,001 |  |  |  | (5,429 | )
Prudential PLC |  | Goldman Sachs International |  |  | 67,000 |  |  |  | 01/18/22 |  |  | GBP |  |  | 13.67 |  |  | GBP |  |  | 854 |  |  |  | (3,698 | )
Taylor Wimpey PLC |  | Goldman Sachs International |  |  | 1,115,400 |  |  |  | 01/18/22 |  |  | GBP |  |  | 1.63 |  |  | GBP |  |  | 1,958 |  |  |  | (209,214 | )
Unilever PLC |  | Goldman Sachs International |  |  | 79,400 |  |  |  | 01/18/22 |  |  | GBP |  |  | 39.35 |  |  | GBP |  |  | 3,133 |  |  |  | (80,777 | )
Air Liquide SA. |  | Goldman Sachs International |  |  | 13,800 |  |  |  | 01/19/22 |  |  | EUR |  |  | 149.32 |  |  | EUR |  |  | 2,116 |  |  |  | (72,084 | )
Ferguson PLC |  | Morgan Stanley & Co. International PLC |  |  | 15,100 |  |  |  | 01/19/22 |  |  | GBP |  |  | 119.31 |  |  | GBP |  |  | 1,979 |  |  |  | (246,454 | )
PPR S.A. |  | Goldman Sachs International |  |  | 9,900 |  |  |  | 01/19/22 |  |  | EUR |  |  | 719.20 |  |  | EUR |  |  | 6,998 |  |  |  | (85,762 | )
Relx PLC |  | UBS AG |  |  | 71,900 |  |  |  | 01/19/22 |  |  | EUR |  |  | 27.95 |  |  | EUR |  |  | 2,051 |  |  |  | (63,831 | )
BAE Systems PLC |  | UBS AG |  |  | 161,400 |  |  |  | 01/20/22 |  |  | GBP |  |  | 5.66 |  |  | GBP |  |  | 887 |  |  |  | (7,079 | )
DBS Group Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 142,500 |  |  |  | 01/20/22 |  |  | SGD |  |  | 32.59 |  |  | SGD |  |  | 4,654 |  |  |  | (60,403 | )
Ferguson PLC |  | UBS AG |  |  | 23,000 |  |  |  | 01/20/22 |  |  | GBP |  |  | 126.84 |  |  | GBP |  |  | 3,014 |  |  |  | (163,911 | )
MediaTek, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 86,000 |  |  |  | 01/20/22 |  |  | USD |  |  | 1,132.99 |  |  | USD |  |  | 102,340 |  |  |  | (224,661 | )
Bankinter SA |  | UBS AG |  |  | 384,700 |  |  |  | 01/25/22 |  |  | EUR |  |  | 4.49 |  |  | EUR |  |  | 1,735 |  |  |  | (64,085 | )
Diageo PLC |  | Goldman Sachs International |  |  | 131,400 |  |  |  | 01/25/22 |  |  | GBP |  |  | 39.14 |  |  | GBP |  |  | 5,303 |  |  |  | (269,275 | )
Novo Nordisk A/S, Class B |  | UBS AG |  |  | 106,500 |  |  |  | 01/25/22 |  |  | DKK |  |  | 725.84 |  |  | DKK |  |  | 78,278 |  |  |  | (456,815 | )
Reckitt Benckiser Group PLC |  | UBS AG |  |  | 61,200 |  |  |  | 01/25/22 |  |  | GBP |  |  | 62.93 |  |  | GBP |  |  | 3,881 |  |  |  | (124,245 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 230,000 |  |  |  | 01/25/22 |  |  | USD |  |  | 613.88 |  |  | USD |  |  | 141,450 |  |  |  | (105,264 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 22,800 |  |  |  | 01/27/22 |  |  | GBP |  |  | 5.57 |  |  | GBP |  |  | 125 |  |  |  | (2,186 | )
Enn Energy Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 202,500 |  |  |  | 01/27/22 |  |  | HKD |  |  | 153.72 |  |  | HKD |  |  | 29,727 |  |  |  | (113,814 | )
KDDI Corp. |  | Citibank N.A. |  |  | 94,300 |  |  |  | 01/27/22 |  |  | JPY |  |  | 3,447.41 |  |  | JPY |  |  | 317,037 |  |  |  | (34,039 | )
Prudential PLC |  | Goldman Sachs International |  |  | 169,200 |  |  |  | 01/27/22 |  |  | GBP |  |  | 13.22 |  |  | GBP |  |  | 2,156 |  |  |  | (39,975 | )
Unilever PLC |  | Goldman Sachs International |  |  | 54,600 |  |  |  | 01/27/22 |  |  | GBP |  |  | 38.81 |  |  | GBP |  |  | 2,154 |  |  |  | (89,177 | )
Relx PLC |  | UBS AG |  |  | 71,850 |  |  |  | 02/01/22 |  |  | EUR |  |  | 28.54 |  |  | EUR |  |  | 2,049 |  |  |  | (46,610 | )
Air Liquide SA |  | UBS AG |  |  | 13,900 |  |  |  | 02/03/22 |  |  | EUR |  |  | 157.51 |  |  | EUR |  |  | 2,131 |  |  |  | (22,262 | )
DBS Group Holdings Ltd. |  | UBS AG |  |  | 142,500 |  |  |  | 02/03/22 |  |  | SGD |  |  | 32.80 |  |  | SGD |  |  | 4,654 |  |  |  | (66,514 | )
EDP - Energias De Portugal SA |  | Credit Suisse International |  |  | 384,500 |  |  |  | 02/03/22 |  |  | EUR |  |  | 4.84 |  |  | EUR |  |  | 1,858 |  |  |  | (41,559 | )
Essilorluxottica SA |  | Credit Suisse International |  |  | 16,800 |  |  |  | 02/03/22 |  |  | EUR |  |  | 185.52 |  |  | EUR |  |  | 3,146 |  |  |  | (108,413 | )
Novo Nordisk A/S, Class B |  | UBS AG |  |  | 13,500 |  |  |  | 02/03/22 |  |  | DKK |  |  | 765.29 |  |  | DKK |  |  | 9,923 |  |  |  | (29,518 | )
Sanofi |  | Goldman Sachs International |  |  | 87,500 |  |  |  | 02/03/22 |  |  | EUR |  |  | 88.27 |  |  | EUR |  |  | 7,751 |  |  |  | (175,999 | )
Unilever PLC |  | UBS AG |  |  | 43,700 |  |  |  | 02/03/22 |  |  | GBP |  |  | 41.42 |  |  | GBP |  |  | 1,724 |  |  |  | (16,495 | )
Wal-Mart de Mexico SAB de CV |  | Morgan Stanley & Co. International PLC |  |  | 1,030,000 |  |  |  | 02/03/22 |  |  | MXN |  |  | 77.87 |  |  | MXN |  |  | 78,373 |  |  |  | (60,706 | )
Enn Energy Holdings Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 30,200 |  |  |  | 02/04/22 |  |  | HKD |  |  | 147.37 |  |  | HKD |  |  | 4,433 |  |  |  | (30,197 | )
Diageo PLC |  | UBS AG |  |  | 90,900 |  |  |  | 02/08/22 |  |  | GBP |  |  | 40.47 |  |  | GBP |  |  | 3,669 |  |  |  | (120,564 | )
EDP-Energias De Portugal SA |  | UBS AG |  |  | 385,000 |  |  |  | 02/08/22 |  |  | EUR |  |  | 4.89 |  |  | EUR |  |  | 1,860 |  |  |  | (41,004 | )
Prudential PLC |  | Goldman Sachs International |  |  | 170,100 |  |  |  | 02/08/22 |  |  | GBP |  |  | 13.06 |  |  | GBP |  |  | 2,168 |  |  |  | (68,284 | )
Amadeus IT Group SA |  | UBS AG |  |  | 23,200 |  |  |  | 02/10/22 |  |  | EUR |  |  | 57.18 |  |  | EUR |  |  | 1,384 |  |  |  | (97,362 | )
Astrazeneca PLC |  | Credit Suisse International |  |  | 112,900 |  |  |  | 02/10/22 |  |  | GBP |  |  | 86.82 |  |  | GBP |  |  | 9,797 |  |  |  | (334,070 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 355,000 |  |  |  | 02/10/22 |  |  | GBP |  |  | 5.51 |  |  | GBP |  |  | 1,952 |  |  |  | (68,640 | )
Bankinter SA |  | UBS AG |  |  | 540,000 |  |  |  | 02/10/22 |  |  | EUR |  |  | 4.52 |  |  | EUR |  |  | 2,435 |  |  |  | (91,726 | )
Ferguson PLC |  | UBS AG |  |  | 19,400 |  |  |  | 02/10/22 |  |  | GBP |  |  | 131.79 |  |  | GBP |  |  | 2,542 |  |  |  | (71,450 | )
Relx PLC |  | UBS AG |  |  | 125,000 |  |  |  | 02/10/22 |  |  | EUR |  |  | 28.73 |  |  | EUR |  |  | 3,565 |  |  |  | (83,526 | )
Unilever PLC |  | Credit Suisse International |  |  | 50,700 |  |  |  | 02/10/22 |  |  | GBP |  |  | 40.87 |  |  | GBP |  |  | 2,000 |  |  |  | (35,185 | )
United Overseas Bank Ltd. |  | UBS AG |  |  | 74,000 |  |  |  | 02/10/22 |  |  | SGD |  |  | 27.68 |  |  | SGD |  |  | 1,991 |  |  |  | (15,626 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,910,069 | )

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 |  | $ 1,344,310 |  | $ (3,570,705) |  | $ (8,368,684)

72 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | 8,368,684 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,368,684 |

For the period ended December 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | (16,019,721 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (16,019,721 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (1,541,772 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,541,772 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 7,043,618 |

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 |  | $ | — |  |  | $ | 8,368,684 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 8,368,684 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (1,458,615 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 6,910,069 |

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 |  | $ | 26,448 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26,448 |
Citibank N.A. |  |  | 130,685 |  |  |  | — |  |  |  | (130,685 | ) |  |  | — |  |  |  | — |
Credit Suisse International |  |  | 523,613 |  |  |  | — |  |  |  | (523,613 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,858,216 |  |  |  | — |  |  |  | (1,858,216 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 792,310 |  |  |  | — |  |  |  | (792,310 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 1,831,384 |  |  |  | — |  |  |  | (1,510,384 | ) |  |  | (321,000 | ) |  |  | — |
UBS AG |  |  | 1,747,413 |  |  |  | — |  |  |  | (1,747,413 | ) |  |  | — |  |  |  | — |
|  | $ | 6,910,069 |  |  | $ | — |  |  | $ | (6,562,621 | ) |  | $ | (321,000 | ) |  | $ | 26,448 |

| (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 |  | 73

Schedule of Investments (continued) December 31, 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  | $ | 28,659,819 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,659,819 |
China |  |  | — |  |  |  | 14,225,049 |  |  |  | — |  |  |  | 14,225,049 |
Denmark |  |  | — |  |  |  | 29,943,380 |  |  |  | — |  |  |  | 29,943,380 |
France |  |  | — |  |  |  | 127,586,309 |  |  |  | — |  |  |  | 127,586,309 |
India |  |  | — |  |  |  | 19,694,352 |  |  |  | 1,270,728 |  |  |  | 20,965,080 |
Indonesia |  |  | — |  |  |  | 13,643,637 |  |  |  | — |  |  |  | 13,643,637 |
Japan |  |  | — |  |  |  | 12,267,732 |  |  |  | — |  |  |  | 12,267,732 |
Mexico |  |  | 16,893,689 |  |  |  | — |  |  |  | — |  |  |  | 16,893,689 |
Portugal |  |  | — |  |  |  | 28,437,779 |  |  |  | — |  |  |  | 28,437,779 |
Singapore |  |  | — |  |  |  | 32,307,404 |  |  |  | — |  |  |  | 32,307,404 |
Spain |  |  | — |  |  |  | 27,712,273 |  |  |  | — |  |  |  | 27,712,273 |
Switzerland |  |  | — |  |  |  | 10,712,701 |  |  |  | — |  |  |  | 10,712,701 |
Taiwan |  |  | — |  |  |  | 44,328,915 |  |  |  | — |  |  |  | 44,328,915 |
United Kingdom |  |  | — |  |  |  | 225,481,578 |  |  |  | — |  |  |  | 225,481,578 |
United States |  |  | 72,622,693 |  |  |  | — |  |  |  | — |  |  |  | 72,622,693 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 5,586,240 |  |  |  | — |  |  |  | — |  |  |  | 5,586,240 |
|  | $ | 123,762,441 |  |  | $ | 586,341,109 |  |  | $ | 1,270,728 |  |  | $ | 711,374,278 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (783,290 | ) |  | $ | (7,585,394 | ) |  | $ | — |  |  | $ | (8,368,684 | )

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

See notes to financial statements.

74 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Biotechnology — 17.3% |  |  |  |  |  |  |  |
AbbVie, Inc. |  |  | 83,474 |  |  | $ | 11,302,380 |
Acumen Pharmaceuticals, Inc., (Acquired 11/20/20, Cost: $580,000)(a) |  |  | 152,651 |  |  |  | 1,031,921 |
Agios Pharmaceuticals, Inc.(b) |  |  | 21,625 |  |  |  | 710,814 |
Alnylam Pharmaceuticals, Inc.(b) |  |  | 16,633 |  |  |  | 2,820,624 |
Ambrx Biopharma, Inc., ADR(b) |  |  | 43,409 |  |  |  | 391,983 |
Amgen, Inc.(c) |  |  | 64,297 |  |  |  | 14,464,896 |
Apellis Pharmaceuticals, Inc.(b) |  |  | 15,300 |  |  |  | 723,384 |
Arcutis Biotherapeutics, Inc.(b) |  |  | 42,854 |  |  |  | 888,792 |
Argenx SE, ADR(b) |  |  | 7,110 |  |  |  | 2,489,851 |
Biogen, Inc.(b) |  |  | 37,060 |  |  |  | 8,891,435 |
BioMarin Pharmaceutical, Inc.(b) |  |  | 35,549 |  |  |  | 3,140,754 |
Blueprint Medicines Corp.(b) |  |  | 12,238 |  |  |  | 1,310,812 |
Cerevel Therapeutics Holdings, Inc.(b) |  |  | 16,785 |  |  |  | 544,170 |
Connect Biopharma Holdings Ltd.(b) |  |  | 33,960 |  |  |  | 174,894 |
Decibel Therapeutics, Inc.(b) |  |  | 25,174 |  |  |  | 117,059 |
Decibel Therapeutics, Inc. |  |  | 21,710 |  |  |  | 100,952 |
Design Therapeutics, Inc.(b) |  |  | 13,967 |  |  |  | 299,033 |
Enanta Pharmaceuticals, Inc.(b) |  |  | 3,150 |  |  |  | 235,557 |
Everest Medicines Ltd.(b)(d) |  |  | 30,500 |  |  |  | 136,331 |
Exact Sciences Corp.(b) |  |  | 14,850 |  |  |  | 1,155,775 |
Genmab A/S(b) |  |  | 5,298 |  |  |  | 2,114,713 |
Genmab A/S, ADR(b) |  |  | 20,621 |  |  |  | 815,767 |
Gilead Sciences, Inc. |  |  | 133,519 |  |  |  | 9,694,815 |
Horizon Therapeutics PLC(b) |  |  | 19,895 |  |  |  | 2,143,885 |
Imago Biosciences, Inc.(b) |  |  | 24,661 |  |  |  | 584,712 |
Imago Biosciences, Inc., (Acquired 11/12/20, Cost: $235,002)(a) |  |  | 23,163 |  |  |  | 547,364 |
Immuneering Corp., Class A(b) |  |  | 14,456 |  |  |  | 233,754 |
Immunocore Holdings PLC, ADR(b) |  |  | 9,668 |  |  |  | 331,032 |
Incyte Corp.(b) |  |  | 26,247 |  |  |  | 1,926,530 |
Kodiak Sciences, Inc.(b) |  |  | 6,780 |  |  |  | 574,808 |
Kronos Bio, Inc.(b) |  |  | 16,099 |  |  |  | 218,785 |
Krystal Biotech, Inc.(b) |  |  | 5,553 |  |  |  | 388,432 |
Mirati Therapeutics, Inc.(b) |  |  | 8,661 |  |  |  | 1,270,482 |
Monte Rosa Therapeutics, Inc.(b) |  |  | 28,575 |  |  |  | 583,502 |
Natera, Inc.(b) |  |  | 29,436 |  |  |  | 2,749,028 |
Neurocrine Biosciences, Inc.(b) |  |  | 22,637 |  |  |  | 1,927,993 |
Omega Therapeutics, Inc.(b) |  |  | 20,226 |  |  |  | 229,161 |
PMV Pharmaceuticals, Inc.(b) |  |  | 13,190 |  |  |  | 304,689 |
Point Biopharma Global, Inc.(b) |  |  | 27,000 |  |  |  | 151,200 |
Prothena Corp. PLC(b) |  |  | 21,064 |  |  |  | 1,040,562 |
PTC Therapeutics, Inc.(b) |  |  | 4,745 |  |  |  | 188,993 |
Regeneron Pharmaceuticals, Inc.(b) |  |  | 11,420 |  |  |  | 7,211,958 |
Revolution Medicines, Inc.(b) |  |  | 10,535 |  |  |  | 265,166 |
Sarepta Therapeutics, Inc.(b) |  |  | 20,473 |  |  |  | 1,843,594 |
Seagen, Inc.(b) |  |  | 60,833 |  |  |  | 9,404,782 |
Sigilon Therapeutics, Inc.(b) |  |  | 19,555 |  |  |  | 53,972 |
Talaris Therapeutics, Inc.(b) |  |  | 23,939 |  |  |  | 366,027 |
Taysha Gene Therapies, Inc.(b) |  |  | 30,936 |  |  |  | 360,404 |
Tenaya Therapeutics, Inc.(b)(e) |  |  | 30,572 |  |  |  | 579,339 |
TScan Therapeutics, Inc.(b)(e) |  |  | 29,940 |  |  |  | 134,730 |
Twist Bioscience Corp.(b) |  |  | 3,765 |  |  |  | 291,373 |
Vertex Pharmaceuticals, Inc.(b) |  |  | 40,578 |  |  |  | 8,910,929 |
|  |  |  |  |  |  | 108,373,898 |
Diversified Financial Services(b) — 0.3% |  |  |  |  |  |  |  |
Health Assurance Acquisition Corp., Class A |  |  | 90,235 |  |  |  | 881,596 |

Security |  | Shares |  |  | Value |
Diversified Financial Services (continued) |  |  |  |  |  |  |  |
Health Sciences Acquisitions Corp. |  |  | 13,696 |  |  | $ | 136,960 |
Helix Acquisition Corp., Class A |  |  | 11,715 |  |  |  | 115,861 |
MedTech Acquisition Corp., Class A(e) |  |  | 42,753 |  |  |  | 422,400 |
|  |  |  |  |  |  | 1,556,817 |
Health Care Equipment & Supplies — 26.0% |  |  |  |  |  |  |  |
Abbott Laboratories(c) |  |  | 259,002 |  |  |  | 36,451,942 |
ABIOMED, Inc.(b) |  |  | 15,804 |  |  |  | 5,676,323 |
Alcon, Inc. |  |  | 54,785 |  |  |  | 4,772,869 |
Baxter International, Inc. |  |  | 97,397 |  |  |  | 8,360,558 |
Boston Scientific Corp.(b) |  |  | 323,262 |  |  |  | 13,732,170 |
Cooper Cos., Inc. |  |  | 4,645 |  |  |  | 1,945,976 |
DENTSPLY SIRONA, Inc. |  |  | 58,495 |  |  |  | 3,263,436 |
DexCom, Inc.(b) |  |  | 6,165 |  |  |  | 3,310,297 |
Edwards Lifesciences Corp.(b) |  |  | 101,805 |  |  |  | 13,188,838 |
Insulet Corp.(b) |  |  | 8,270 |  |  |  | 2,200,399 |
Intuitive Surgical, Inc.(b) |  |  | 41,084 |  |  |  | 14,761,481 |
Masimo Corp.(b) |  |  | 22,810 |  |  |  | 6,678,312 |
Medtronic PLC |  |  | 108,346 |  |  |  | 11,208,394 |
Nevro Corp.(b) |  |  | 29,803 |  |  |  | 2,416,129 |
Novocure Ltd.(b) |  |  | 10,555 |  |  |  | 792,469 |
ResMed, Inc. |  |  | 18,667 |  |  |  | 4,862,380 |
Stryker Corp. |  |  | 55,876 |  |  |  | 14,942,360 |
Tandem Diabetes Care, Inc.(b) |  |  | 10,265 |  |  |  | 1,545,088 |
Teleflex, Inc. |  |  | 19,140 |  |  |  | 6,287,107 |
Zimmer Biomet Holdings, Inc. |  |  | 49,807 |  |  |  | 6,327,481 |
|  |  |  |  |  |  | 162,724,009 |
Health Care Providers & Services — 21.0% |  |  |  |  |  |  |  |
Agiliti, Inc.(b) |  |  | 75,106 |  |  |  | 1,739,455 |
Agilon Health, Inc.(b) |  |  | 41,052 |  |  |  | 1,108,404 |
Amedisys, Inc.(b) |  |  | 19,757 |  |  |  | 3,198,263 |
AmerisourceBergen Corp. |  |  | 31,740 |  |  |  | 4,217,929 |
Anthem, Inc.(c) |  |  | 25,047 |  |  |  | 11,610,286 |
Cano Health, Inc., (Acquired 09/02/21, Cost: $1,485,000)(a) |  |  | 148,500 |  |  |  | 1,323,135 |
CareMax, Inc., (Acquired 07/22/21, Cost: $257,350)(a) |  |  | 25,735 |  |  |  | 197,645 |
CareMax, Inc.(b) |  |  | 21,007 |  |  |  | 161,334 |
Centene Corp.(b) |  |  | 59,997 |  |  |  | 4,943,753 |
Cigna Corp. |  |  | 72,169 |  |  |  | 16,572,167 |
Encompass Health Corp. |  |  | 40,167 |  |  |  | 2,621,298 |
Guardant Health, Inc.(b) |  |  | 11,675 |  |  |  | 1,167,734 |
HCA Healthcare, Inc. |  |  | 13,220 |  |  |  | 3,396,482 |
Henry Schein, Inc.(b) |  |  | 42,335 |  |  |  | 3,282,233 |
Humana, Inc. |  |  | 23,090 |  |  |  | 10,710,527 |
LHC Group, Inc.(b) |  |  | 20,224 |  |  |  | 2,775,340 |
McKesson Corp. |  |  | 8,030 |  |  |  | 1,996,017 |
Oak Street Health, Inc.(b) |  |  | 54,700 |  |  |  | 1,812,758 |
Quest Diagnostics, Inc. |  |  | 31,270 |  |  |  | 5,410,023 |
UnitedHealth Group, Inc.(c) |  |  | 105,989 |  |  |  | 53,221,316 |
|  |  |  |  |  |  | 131,466,099 |
Health Care Technology — 0.3% |  |  |  |  |  |  |  |
Teladoc Health, Inc.(b) |  |  | 21,980 |  |  |  | 2,018,204 |
Life Sciences Tools & Services — 12.8% |  |  |  |  |  |  |  |
Agilent Technologies, Inc. |  |  | 13,960 |  |  |  | 2,228,714 |
Avantor, Inc.(b) |  |  | 112,489 |  |  |  | 4,740,286 |
Danaher Corp. |  |  | 40,485 |  |  |  | 13,319,970 |
Icon PLC(b) |  |  | 14,645 |  |  |  | 4,535,556 |
Illumina, Inc.(b) |  |  | 11,672 |  |  |  | 4,440,496 |
IQVIA Holdings, Inc.(b) |  |  | 32,163 |  |  |  | 9,074,469 |

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 (continued) December 31, 2021 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Life Sciences Tools & Services (continued) |  |  |  |  |
IsoPlexis Corp.(b) |  |  | 30,336 |  |  | $ | 278,788 |
Nautilus Biotechnology, Inc.(b) |  |  | 16,560 |  |  |  | 85,781 |
QIAGEN NV(b) |  |  | 33,390 |  |  |  | 1,855,816 |
Rapid Micro Biosystems, Inc., Class A(b) |  |  | 20,561 |  |  |  | 218,769 |
Thermo Fisher Scientific, Inc.(c)(f) |  |  | 55,228 |  |  |  | 36,850,331 |
West Pharmaceutical Services, Inc. |  |  | 2,635 |  |  |  | 1,235,841 |
Wuxi Biologics Cayman, Inc.(b)(d) |  |  | 115,500 |  |  |  | 1,367,392 |
|  |  |  |  |  |  | 80,232,209 |
Pharmaceuticals — 20.1% |  |  |  |  |  |  |  |
AstraZeneca PLC |  |  | 50,845 |  |  |  | 5,937,137 |
Bristol-Myers Squibb Co. |  |  | 50,693 |  |  |  | 3,160,709 |
Daiichi Sankyo Co. Ltd. |  |  | 123,300 |  |  |  | 3,138,160 |
Eli Lilly & Co. |  |  | 78,768 |  |  |  | 21,757,297 |
Hansoh Pharmaceutical Group Co. Ltd.(d) |  |  | 882,438 |  |  |  | 2,154,674 |
Johnson & Johnson |  |  | 143,804 |  |  |  | 24,600,550 |
Merck & Co., Inc.(c) |  |  | 160,732 |  |  |  | 12,318,500 |
Pfizer, Inc.(c) |  |  | 431,476 |  |  |  | 25,478,658 |
Roche Holding AG |  |  | 11,867 |  |  |  | 4,923,157 |
Sanofi |  |  | 57,845 |  |  |  | 5,804,396 |
Sanofi, ADR |  |  | 54,625 |  |  |  | 2,736,712 |
Zoetis, Inc. |  |  | 56,189 |  |  |  | 13,711,802 |
|  |  |  |  |  |  | 125,721,752 |
Total Common Stocks — 97.8% (Cost: $379,946,423) |  |  |  |  |  |  | 612,092,988 |
|  | Benefical Interest (000) |  |  |  |
Other Interests(g) |  |  |  |  |  |  |  |
Pharmaceuticals — 0.0% |  |  |  |  |  |  |  |
Afferent Pharmaceuticals, Inc.(h) |  | $ | 190 |  |  |  | 260,519 |
Total Other Interests — 0.0% (Cost: $ — ) |  |  |  |  |  |  | 260,519 |
|  | Shares |  |  |  |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 0.9%(a)(h) |  |  |  |  |  |  |  |
Biotechnology — 0.2% |  |  |  |  |  |  |  |
Affinvax, Inc., Series C, (Acquired 01/06/21, Cost: $199,992) |  |  | 6,331 |  |  |  | 219,939 |
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002) |  |  | 44,167 |  |  |  | 238,502 |
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $149,465) |  |  | 126,665 |  |  |  | 172,264 |
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800) |  |  | 21,100 |  |  |  | 590,800 |
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $260,568) |  |  | 106,790 |  |  |  | 260,568 |
|  |  |  |  |  |  | 1,482,073 |
Health Care Equipment & Supplies — 0.4% |  |  |  |  |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999) |  |  | 101,741 |  |  |  | 552,454 |

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies (continued) |  |  |  |  |
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001) |  |  | 367,395 |  |  | $ | 1,146,272 |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759) |  |  | 4,243,029 |  |  |  | 482,425 |
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998) |  |  | 92,580 |  |  |  | 286,072 |
|  |  |  |  |  |  | 2,467,223 |
Pharmaceuticals — 0.1% |  |  |  |  |  |  |  |
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000) |  |  | 30,616 |  |  |  | 503,939 |
Software — 0.2% |  |  |  |  |  |  |  |
Carbon Health Technologies, Inc., (Acquired 07/09/21, Cost: $907,000) |  |  | 907 |  |  |  | 902,565 |
Total Preferred Stocks — 0.9% |  |  |  | 5,355,800 |
Total Preferred Securities — 0.9% (Cost: $5,401,584) |  |  |  | 5,355,800 |
Warrants |  |  |  |  |  |  |  |
Diversified Financial Services(b) — 0.0% |
Health Assurance Acquisition Corp. (Expires 11/12/2025) |  |  | 22,558 |  |  |  | 19,079 |
MedTech Acquisition Corp. (Expires 12/18/2025) |  |  | 14,251 |  |  |  | 7,425 |
|  |  |  |  |  |  | 26,504 |
Health Care Providers & Services — 0.0% |
CareMax, Inc. (Expires 06/08/2026)(b) |  |  | 4,201 |  |  |  | 5,923 |
Pharmaceuticals — 0.0% |  |  |  |  |  |  |  |
Nuvation Bio, Inc. (Expires 07/07/2027)(b) |  |  | 4,050 |  |  |  | 7,655 |
Total Warrants — 0.0% (Cost: $116,149) |  |  |  |  |  |  | 40,082 |
Total Long-Term Investments — 98.7% (Cost: $385,464,156) |  |  |  | 617,749,389 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 4.4% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(i)(j) |  |  | 27,581,316 |  |  |  | 27,581,316 |
SL Liquidity Series, LLC, Money Market Series, 0.15%(i)(j)(k) |  |  | 211,468 |  |  |  | 211,489 |
Total Short-Term Securities — 4.4% (Cost: $27,792,813) |  |  |  |  |  |  | 27,792,805 |
Total Investments Before Options Written — 103.1% (Cost: $413,256,969) |  |  |  | 645,542,194 |
Options Written — (1.5)% (Premiums Received: $(5,886,890)) |  |  |  | (9,621,857 | )
Total Investments, Net of Options Written — 101.6% (Cost: $407,370,079) |  |  |  | 635,920,337 |
Liabilities in Excess of Other Assets — (1.6)% |  |  |  | (10,145,526 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 625,774,811 |

(a) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $8,455,865, representing 1.4% of its net assets as of period end, and an original cost of $7,958,936.

(b) | Non-income producing security.

76 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Health Sciences Trust (BME)

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

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

(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 year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 13,774,637 |  |  | $ | 13,806,679 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27,581,316 |  |  |  | 27,581,316 |  |  | $ | 1,532 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 102,701 |  |  |  | 108,863 | (a) |  |  | — |  |  |  | (67 | ) |  |  | (8 | ) |  |  | 211,489 |  |  |  | 211,468 |  |  |  | 21,952 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (67 | ) |  | $ | (8 | ) |  | $ | 27,792,805 |  |  |  |  |  |  | $ | 23,484 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agios Pharmaceuticals, Inc. |  |  | 34 |  |  |  | 01/06/22 |  |  | USD |  |  | 42.99 |  |  | USD |  |  | 112 |  |  | $ | — |
Amgen, Inc. |  |  | 59 |  |  |  | 01/07/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,327 |  |  |  | (88,942 | )
Anthem, Inc. |  |  | 26 |  |  |  | 01/07/22 |  |  | USD |  |  | 415.00 |  |  | USD |  |  | 1,205 |  |  |  | (126,750 | )
Boston Scientific Corp. |  |  | 215 |  |  |  | 01/07/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 913 |  |  |  | (7,740 | )
Cigna Corp. |  |  | 80 |  |  |  | 01/07/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 1,837 |  |  |  | (122,000 | )
Humana, Inc. |  |  | 24 |  |  |  | 01/07/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 1,113 |  |  |  | (36,480 | )
Sanofi, ADR |  |  | 109 |  |  |  | 01/07/22 |  |  | USD |  |  | 51.04 |  |  | USD |  |  | 546 |  |  |  | (2,386 | )
Tandem Diabetes Care, Inc. |  |  | 9 |  |  |  | 01/07/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 135 |  |  |  | (10,485 | )
Teladoc Health, Inc. |  |  | 12 |  |  |  | 01/07/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 110 |  |  |  | (228 | )
Medtronic PLC |  |  | 80 |  |  |  | 01/10/22 |  |  | USD |  |  | 123.00 |  |  | USD |  |  | 828 |  |  |  | — |
Alnylam Pharmaceuticals, Inc. |  |  | 57 |  |  |  | 01/11/22 |  |  | USD |  |  | 191.00 |  |  | USD |  |  | 967 |  |  |  | (6,980 | )
Abbott Laboratories |  |  | 428 |  |  |  | 01/14/22 |  |  | USD |  |  | 136.00 |  |  | USD |  |  | 6,024 |  |  |  | (236,470 | )
Amgen, Inc. |  |  | 54 |  |  |  | 01/14/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,215 |  |  |  | (35,640 | )
Anthem, Inc. |  |  | 14 |  |  |  | 01/14/22 |  |  | USD |  |  | 455.00 |  |  | USD |  |  | 649 |  |  |  | (17,850 | )
Danaher Corp. |  |  | 110 |  |  |  | 01/14/22 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 3,619 |  |  |  | (62,150 | )
Edwards Lifesciences Corp. |  |  | 224 |  |  |  | 01/14/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,902 |  |  |  | (126,560 | )
Eli Lilly & Co. |  |  | 180 |  |  |  | 01/14/22 |  |  | USD |  |  | 255.00 |  |  | USD |  |  | 4,972 |  |  |  | (405,900 | )
Humana, Inc. |  |  | 10 |  |  |  | 01/14/22 |  |  | USD |  |  | 470.00 |  |  | USD |  |  | 464 |  |  |  | (4,575 | )
Illumina, Inc. |  |  | 43 |  |  |  | 01/14/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 1,636 |  |  |  | (89,010 | )
Intuitive Surgical, Inc. |  |  | 27 |  |  |  | 01/14/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 970 |  |  |  | (19,035 | )
Pfizer, Inc. |  |  | 255 |  |  |  | 01/14/22 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 1,506 |  |  |  | (133,875 | )
Tandem Diabetes Care, Inc. |  |  | 12 |  |  |  | 01/14/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 181 |  |  |  | (14,100 | )
UnitedHealth Group, Inc. |  |  | 198 |  |  |  | 01/14/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 9,942 |  |  |  | (1,050,885 | )
Vertex Pharmaceuticals, Inc. |  |  | 50 |  |  |  | 01/14/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 1,098 |  |  |  | (41,750 | )
Abbott Laboratories |  |  | 144 |  |  |  | 01/21/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 2,027 |  |  |  | (162,360 | )
AbbVie, Inc. |  |  | 123 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,665 |  |  |  | (193,110 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ABIOMED, Inc. |  |  | 29 |  |  |  | 01/21/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 1,042 |  |  | $ | (76,415 | )
Agilent Technologies, Inc. |  |  | 53 |  |  |  | 01/21/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 846 |  |  |  | (1,988 | )
Agilon Health, Inc. |  |  | 78 |  |  |  | 01/21/22 |  |  | USD |  |  | 27.06 |  |  | USD |  |  | 211 |  |  |  | (11,632 | )
Agios Pharmaceuticals, Inc. |  |  | 22 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 72 |  |  |  | (2,035 | )
Alcon, Inc. |  |  | 131 |  |  |  | 01/21/22 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 1,141 |  |  |  | (21,942 | )
Alnylam Pharmaceuticals, Inc. |  |  | 36 |  |  |  | 01/21/22 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 610 |  |  |  | (13,680 | )
Amedisys, Inc. |  |  | 75 |  |  |  | 01/21/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 1,214 |  |  |  | (11,625 | )
Amgen, Inc. |  |  | 54 |  |  |  | 01/21/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 1,215 |  |  |  | (59,670 | )
Anthem, Inc. |  |  | 28 |  |  |  | 01/21/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 1,298 |  |  |  | (49,840 | )
Apellis Pharmaceuticals, Inc. |  |  | 58 |  |  |  | 01/21/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 274 |  |  |  | (23,200 | )
Arcutis Biotherapeutics, Inc. |  |  | 40 |  |  |  | 01/21/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 83 |  |  |  | (7,500 | )
Argenx SE, ADR |  |  | 12 |  |  |  | 01/21/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 420 |  |  |  | (23,940 | )
Avantor, Inc. |  |  | 182 |  |  |  | 01/21/22 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 767 |  |  |  | (19,110 | )
Avantor, Inc. |  |  | 92 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 388 |  |  |  | (23,690 | )
Baxter International, Inc. |  |  | 200 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,717 |  |  |  | (125,000 | )
Biogen, Inc. |  |  | 140 |  |  |  | 01/21/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 3,359 |  |  |  | (93,100 | )
BioMarin Pharmaceutical, Inc. |  |  | 24 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 212 |  |  |  | (6,480 | )
Blueprint Medicines Corp. |  |  | 23 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 246 |  |  |  | (13,225 | )
Boston Scientific Corp. |  |  | 100 |  |  |  | 01/21/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 425 |  |  |  | (1,950 | )
Boston Scientific Corp. |  |  | 332 |  |  |  | 01/21/22 |  |  | USD |  |  | 42.00 |  |  | USD |  |  | 1,410 |  |  |  | (39,674 | )
Bristol-Myers Squibb Co. |  |  | 72 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 449 |  |  |  | (17,928 | )
Centene Corp. |  |  | 76 |  |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 626 |  |  |  | (58,900 | )
Cerevel Therapeutics Holdings, Inc. |  |  | 31 |  |  |  | 01/21/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 101 |  |  |  | (2,325 | )
Cigna Corp. |  |  | 124 |  |  |  | 01/21/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 2,847 |  |  |  | (141,360 | )
Cooper Cos., Inc. |  |  | 13 |  |  |  | 01/21/22 |  |  | USD |  |  | 430.00 |  |  | USD |  |  | 545 |  |  |  | (7,020 | )
Danaher Corp. |  |  | 71 |  |  |  | 01/21/22 |  |  | USD |  |  | 320.00 |  |  | USD |  |  | 2,336 |  |  |  | (92,655 | )
DENTSPLY SIRONA, Inc. |  |  | 135 |  |  |  | 01/21/22 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 753 |  |  |  | (8,775 | )
DENTSPLY SIRONA, Inc. |  |  | 65 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 363 |  |  |  | (11,862 | )
DexCom, Inc. |  |  | 21 |  |  |  | 01/21/22 |  |  | USD |  |  | 660.00 |  |  | USD |  |  | 1,128 |  |  |  | (4,200 | )
Edwards Lifesciences Corp. |  |  | 133 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,723 |  |  |  | (141,645 | )
Enanta Pharmaceuticals, Inc. |  |  | 6 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 45 |  |  |  | (1,560 | )
Encompass Health Corp. |  |  | 72 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 470 |  |  |  | (15,480 | )
Gilead Sciences, Inc. |  |  | 254 |  |  |  | 01/21/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,844 |  |  |  | (79,375 | )
Guardant Health, Inc. |  |  | 13 |  |  |  | 01/21/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 130 |  |  |  | (2,178 | )
Guardant Health, Inc. |  |  | 9 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 90 |  |  |  | (720 | )
Henry Schein, Inc. |  |  | 155 |  |  |  | 01/21/22 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 1,202 |  |  |  | (8,525 | )
Horizon Therapeutics PLC |  |  | 73 |  |  |  | 01/21/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 787 |  |  |  | (8,760 | )
Humana, Inc. |  |  | 53 |  |  |  | 01/21/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 2,458 |  |  |  | (99,640 | )
Icon PLC |  |  | 55 |  |  |  | 01/21/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 1,703 |  |  |  | (124,850 | )
Incyte Corp. |  |  | 44 |  |  |  | 01/21/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 323 |  |  |  | (32,120 | )
Insulet Corp. |  |  | 7 |  |  |  | 01/21/22 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 186 |  |  |  | (700 | )
Intuitive Surgical, Inc. |  |  | 57 |  |  |  | 01/21/22 |  |  | USD |  |  | 360.00 |  |  | USD |  |  | 2,048 |  |  |  | (70,395 | )
Intuitive Surgical, Inc. |  |  | 27 |  |  |  | 01/21/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 970 |  |  |  | (53,595 | )
IQVIA Holdings, Inc. |  |  | 75 |  |  |  | 01/21/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 2,116 |  |  |  | (105,000 | )
Johnson & Johnson |  |  | 270 |  |  |  | 01/21/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 4,619 |  |  |  | (182,250 | )
Kodiak Sciences, Inc. |  |  | 25 |  |  |  | 01/21/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 212 |  |  |  | (3,875 | )
Masimo Corp. |  |  | 28 |  |  |  | 01/21/22 |  |  | USD |  |  | 295.00 |  |  | USD |  |  | 820 |  |  |  | (21,700 | )
McKesson Corp. |  |  | 6 |  |  |  | 01/21/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 149 |  |  |  | (11,370 | )
Medtronic PLC |  |  | 108 |  |  |  | 01/21/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,117 |  |  |  | (540 | )
Merck & Co., Inc. |  |  | 335 |  |  |  | 01/21/22 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 2,567 |  |  |  | (1,675 | )
Mirati Therapeutics, Inc. |  |  | 4 |  |  |  | 01/21/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 59 |  |  |  | (820 | )
Natera, Inc. |  |  | 24 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 224 |  |  |  | (2,760 | )
Natera, Inc. |  |  | 7 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 65 |  |  |  | (718 | )
Neurocrine Biosciences, Inc. |  |  | 83 |  |  |  | 01/21/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 707 |  |  |  | (5,188 | )
Nevro Corp. |  |  | 82 |  |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 665 |  |  |  | (2,665 | )
Oak Street Health, Inc. |  |  | 103 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 341 |  |  |  | (3,605 | )
Pfizer, Inc. |  |  | 400 |  |  |  | 01/21/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 2,362 |  |  |  | (367,000 | )
Prothena Corp. PLC |  |  | 40 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 198 |  |  |  | (7,300 | )
PTC Therapeutics, Inc. |  |  | 18 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 72 |  |  |  | (5,535 | )
QIAGEN NV |  |  | 17 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 94 |  |  |  | (1,190 | )
Quest Diagnostics, Inc. |  |  | 57 |  |  |  | 01/21/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 986 |  |  |  | (103,455 | )
Regeneron Pharmaceuticals, Inc. |  |  | 21 |  |  |  | 01/21/22 |  |  | USD |  |  | 650.00 |  |  | USD |  |  | 1,326 |  |  |  | (17,325 | )

78 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ResMed, Inc. |  |  | 35 |  |  |  | 01/21/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 912 |  |  | $ | (7,175 | )
Revolution Medicines, Inc. |  |  | 20 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 50 |  |  |  | (1,000 | )
Revolution Medicines, Inc. |  |  | 10 |  |  |  | 01/21/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 25 |  |  |  | (375 | )
Sanofi, ADR |  |  | 98 |  |  |  | 01/21/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 491 |  |  |  | (10,045 | )
Sarepta Therapeutics, Inc. |  |  | 17 |  |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 153 |  |  |  | (5,483 | )
Seagen, Inc. |  |  | 115 |  |  |  | 01/21/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 1,778 |  |  |  | (37,950 | )
Stryker Corp. |  |  | 110 |  |  |  | 01/21/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 2,942 |  |  |  | (45,650 | )
Teladoc Health, Inc. |  |  | 62 |  |  |  | 01/21/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 569 |  |  |  | (806 | )
Teleflex, Inc. |  |  | 34 |  |  |  | 01/21/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 1,117 |  |  |  | (16,320 | )
Thermo Fisher Scientific, Inc. |  |  | 46 |  |  |  | 01/21/22 |  |  | USD |  |  | 650.00 |  |  | USD |  |  | 3,069 |  |  |  | (122,820 | )
UnitedHealth Group, Inc. |  |  | 59 |  |  |  | 01/21/22 |  |  | USD |  |  | 460.00 |  |  | USD |  |  | 2,963 |  |  |  | (263,582 | )
UnitedHealth Group, Inc. |  |  | 67 |  |  |  | 01/21/22 |  |  | USD |  |  | 490.00 |  |  | USD |  |  | 3,364 |  |  |  | (131,320 | )
Vertex Pharmaceuticals, Inc. |  |  | 49 |  |  |  | 01/21/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,076 |  |  |  | (29,645 | )
West Pharmaceutical Services, Inc. |  |  | 10 |  |  |  | 01/21/22 |  |  | USD |  |  | 490.00 |  |  | USD |  |  | 469 |  |  |  | (3,925 | )
Zimmer Biomet Holdings, Inc. |  |  | 103 |  |  |  | 01/21/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,309 |  |  |  | (3,090 | )
Zoetis, Inc. |  |  | 207 |  |  |  | 01/21/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 5,051 |  |  |  | (501,975 | )
Abbott Laboratories |  |  | 200 |  |  |  | 01/28/22 |  |  | USD |  |  | 139.00 |  |  | USD |  |  | 2,815 |  |  |  | (89,000 | )
AmerisourceBergen Corp. |  |  | 94 |  |  |  | 01/28/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,249 |  |  |  | (86,950 | )
Amgen, Inc. |  |  | 70 |  |  |  | 01/28/22 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 1,575 |  |  |  | (33,320 | )
Boston Scientific Corp. |  |  | 375 |  |  |  | 01/28/22 |  |  | USD |  |  | 42.00 |  |  | USD |  |  | 1,593 |  |  |  | (70,687 | )
Bristol-Myers Squibb Co. |  |  | 114 |  |  |  | 01/28/22 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 711 |  |  |  | (5,814 | )
Centene Corp. |  |  | 70 |  |  |  | 01/28/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 577 |  |  |  | (13,650 | )
Eli Lilly & Co. |  |  | 110 |  |  |  | 01/28/22 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 3,038 |  |  |  | (51,700 | )
Intuitive Surgical, Inc. |  |  | 40 |  |  |  | 01/28/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 1,437 |  |  |  | (108,200 | )
Johnson & Johnson |  |  | 260 |  |  |  | 01/28/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 4,448 |  |  |  | (27,690 | )
McKesson Corp. |  |  | 6 |  |  |  | 01/28/22 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 149 |  |  |  | (9,510 | )
Medtronic PLC |  |  | 115 |  |  |  | 01/28/22 |  |  | USD |  |  | 117.00 |  |  | USD |  |  | 1,190 |  |  |  | (8,625 | )
Merck & Co., Inc. |  |  | 137 |  |  |  | 01/28/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,050 |  |  |  | (36,373 | )
Pfizer, Inc. |  |  | 480 |  |  |  | 01/28/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 2,834 |  |  |  | (226,800 | )
Tandem Diabetes Care, Inc. |  |  | 13 |  |  |  | 01/28/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 196 |  |  |  | (16,965 | )
Teladoc Health, Inc. |  |  | 9 |  |  |  | 01/28/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 83 |  |  |  | (1,832 | )
UnitedHealth Group, Inc. |  |  | 67 |  |  |  | 01/28/22 |  |  | USD |  |  | 485.00 |  |  | USD |  |  | 3,364 |  |  |  | (163,647 | )
Vertex Pharmaceuticals, Inc. |  |  | 50 |  |  |  | 01/28/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,098 |  |  |  | (44,000 | )
Abbott Laboratories |  |  | 187 |  |  |  | 02/18/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 2,632 |  |  |  | (223,465 | )
AbbVie, Inc. |  |  | 94 |  |  |  | 02/18/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,273 |  |  |  | (68,620 | )
Agilon Health, Inc. |  |  | 35 |  |  |  | 02/18/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 95 |  |  |  | (10,938 | )
Alcon, Inc. |  |  | 71 |  |  |  | 02/18/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 619 |  |  |  | (37,275 | )
Alnylam Pharmaceuticals, Inc. |  |  | 18 |  |  |  | 02/18/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 305 |  |  |  | (4,140 | )
Argenx SE, ADR |  |  | 15 |  |  |  | 02/18/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 525 |  |  |  | (40,125 | )
Avantor, Inc. |  |  | 177 |  |  |  | 02/18/22 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 746 |  |  |  | (35,400 | )
Avantor, Inc. |  |  | 91 |  |  |  | 02/18/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 383 |  |  |  | (31,395 | )
Baxter International, Inc. |  |  | 159 |  |  |  | 02/18/22 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 1,365 |  |  |  | (36,172 | )
BioMarin Pharmaceutical, Inc. |  |  | 80 |  |  |  | 02/18/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 707 |  |  |  | (36,000 | )
Blueprint Medicines Corp. |  |  | 23 |  |  |  | 02/18/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 246 |  |  |  | (12,420 | )
Centene Corp. |  |  | 75 |  |  |  | 02/18/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 618 |  |  |  | (20,812 | )
Cerevel Therapeutics Holdings, Inc. |  |  | 32 |  |  |  | 02/18/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 104 |  |  |  | (2,000 | )
Cigna Corp. |  |  | 70 |  |  |  | 02/18/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 1,607 |  |  |  | (61,250 | )
Enanta Pharmaceuticals, Inc. |  |  | 6 |  |  |  | 02/18/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 45 |  |  |  | (2,010 | )
Encompass Health Corp. |  |  | 80 |  |  |  | 02/18/22 |  |  | USD |  |  | 69.00 |  |  | USD |  |  | 522 |  |  |  | (16,513 | )
Gilead Sciences, Inc. |  |  | 254 |  |  |  | 02/18/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,844 |  |  |  | (107,950 | )
Guardant Health, Inc. |  |  | 22 |  |  |  | 02/18/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 220 |  |  |  | (7,755 | )
Incyte Corp. |  |  | 45 |  |  |  | 02/18/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 330 |  |  |  | (10,238 | )
IQVIA Holdings, Inc. |  |  | 43 |  |  |  | 02/18/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 1,213 |  |  |  | (73,100 | )
LHC Group, Inc. |  |  | 38 |  |  |  | 02/18/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 521 |  |  |  | (18,050 | )
Masimo Corp. |  |  | 28 |  |  |  | 02/18/22 |  |  | USD |  |  | 305.00 |  |  | USD |  |  | 820 |  |  |  | (24,500 | )
McKesson Corp. |  |  | 11 |  |  |  | 02/18/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 273 |  |  |  | (24,310 | )
Merck & Co., Inc. |  |  | 137 |  |  |  | 02/18/22 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 1,050 |  |  |  | (29,249 | )
Natera, Inc. |  |  | 13 |  |  |  | 02/18/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 121 |  |  |  | (3,705 | )
Pfizer, Inc. |  |  | 195 |  |  |  | 02/18/22 |  |  | USD |  |  | 51.20 |  |  | USD |  |  | 1,151 |  |  |  | (161,047 | )
Pfizer, Inc. |  |  | 833 |  |  |  | 02/18/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 4,919 |  |  |  | (86,632 | )
Prothena Corp. PLC |  |  | 40 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 198 |  |  |  | (10,000 | )
QIAGEN NV |  |  | 109 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 606 |  |  |  | (11,718 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quest Diagnostics, Inc. |  |  |  |  | 73 |  |  |  | 02/18/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 1,263 |  |  | $ | (37,595 | )
Regeneron Pharmaceuticals, Inc. |  |  |  |  | 22 |  |  |  | 02/18/22 |  |  | USD |  |  | 680.00 |  |  | USD |  |  | 1,389 |  |  |  | (20,020 | )
Revolution Medicines, Inc. |  |  |  |  | 10 |  |  |  | 02/18/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 25 |  |  |  | (975 | )
Sarepta Therapeutics, Inc. |  |  |  |  | 50 |  |  |  | 02/18/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 450 |  |  |  | (30,750 | )
Seagen, Inc. |  |  |  |  | 115 |  |  |  | 02/18/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 1,778 |  |  |  | (60,950 | )
Stryker Corp. |  |  |  |  | 61 |  |  |  | 02/18/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 1,631 |  |  |  | (82,960 | )
Stryker Corp. |  |  |  |  | 21 |  |  |  | 02/18/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 562 |  |  |  | (8,348 | )
Teleflex, Inc. |  |  |  |  | 38 |  |  |  | 02/18/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 1,248 |  |  |  | (43,700 | )
Thermo Fisher Scientific, Inc. |  |  |  |  | 43 |  |  |  | 02/18/22 |  |  | USD |  |  | 700.00 |  |  | USD |  |  | 2,869 |  |  |  | (52,245 | )
Twist Bioscience Corp. |  |  |  |  | 7 |  |  |  | 02/18/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 54 |  |  |  | (1,138 | )
Zimmer Biomet Holdings, Inc. |  |  |  |  | 80 |  |  |  | 02/18/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,016 |  |  |  | (53,600 | )
ABIOMED, Inc. |  |  |  |  | 29 |  |  |  | 03/18/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 1,042 |  |  |  | (86,420 | )
Insulet Corp. |  |  |  |  | 23 |  |  |  | 03/18/22 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 612 |  |  |  | (19,090 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (9,330,000 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Daiichi Sankyo Co. Ltd. |  | UBS AG |  |  | 23,400 |  |  | 01/04/22 |  |  | JPY |  |  | 2,879.93 |  |  | JPY |  |  |  | 68,445 |  |  | $ | (16,161 | )
Masimo Corp. |  | BNP Paribas SA |  |  | 2,800 |  |  | 01/04/22 |  |  | USD |  |  | 310.04 |  |  | USD |  |  |  | 820 |  |  |  | (273 | )
Sanofi |  | Goldman Sachs International |  |  | 6,800 |  |  | 01/04/22 |  |  | EUR |  |  | 91.24 |  |  | EUR |  |  |  | 602 |  |  |  | (237 | )
Genmab A/S |  | Barclays Bank PLC |  |  | 2,800 |  |  | 01/12/22 |  |  | USD |  |  | 40.86 |  |  | USD |  |  |  | 111 |  |  |  | (2,376 | )
Astrazeneca PLC |  | UBS AG |  |  | 18,300 |  |  | 01/13/22 |  |  | GBP |  |  | 86.80 |  |  | GBP |  |  |  | 1,588 |  |  |  | (24,709 | )
Sanofi |  | Goldman Sachs International |  |  | 7,100 |  |  | 01/13/22 |  |  | EUR |  |  | 89.59 |  |  | EUR |  |  |  | 629 |  |  |  | (4,211 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 156,000 |  |  | 01/25/22 |  |  | HKD |  |  | 16.94 |  |  | HKD |  |  |  | 2,964 |  |  |  | (45,994 | )
Roche Holding AG |  | Barclays Bank PLC |  |  | 3,200 |  |  | 01/25/22 |  |  | CHF |  |  | 366.54 |  |  | CHF |  |  |  | 1,213 |  |  |  | (51,492 | )
Genmab A/S, ADR |  | BNP Paribas SA |  |  | 5,000 |  |  | 01/27/22 |  |  | USD |  |  | 41.14 |  |  | USD |  |  |  | 198 |  |  |  | (7,183 | )
ResMed, Inc. |  | Citibank N.A. |  |  | 3,500 |  |  | 01/27/22 |  |  | USD |  |  | 265.26 |  |  | USD |  |  |  | 912 |  |  |  | (14,467 | )
Daiichi Sankyo Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 23,400 |  |  | 02/01/22 |  |  | JPY |  |  | 2,888.73 |  |  | JPY |  |  |  | 68,445 |  |  |  | (28,706 | )
Roche Holding AG |  | Morgan Stanley & Co. International PLC |  |  | 1,100 |  |  | 02/01/22 |  |  | CHF |  |  | 378.49 |  |  | CHF |  |  |  | 417 |  |  |  | (9,741 | )
Alnylam Pharmaceuticals, Inc. |  | Citibank N.A. |  |  | 1,800 |  |  | 02/02/22 |  |  | USD |  |  | 202.61 |  |  | USD |  |  |  | 305 |  |  |  | (5,249 | )
Sanofi |  | Goldman Sachs International |  |  | 8,000 |  |  | 02/03/22 |  |  | EUR |  |  | 88.27 |  |  | EUR |  |  |  | 709 |  |  |  | (16,091 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | UBS AG |  |  | 112,000 |  |  | 02/04/22 |  |  | HKD |  |  | 19.11 |  |  | HKD |  |  |  | 2,128 |  |  |  | (15,317 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 2,000 |  |  | 02/10/22 |  |  | DKK |  |  | 2,599.95 |  |  | DKK |  |  |  | 5,260 |  |  |  | (40,238 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | Goldman Sachs International |  |  | 66,000 |  |  | 02/15/22 |  |  | HKD |  |  | 19.37 |  |  | HKD |  |  |  | 1,254 |  |  |  | (9,412 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (291,857 | )

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 |  |  | $ | 1,051,465 |  |  | $ | (4,786,432 | ) |  | $ | (9,621,857 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 9,621,857 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,621,857 |

80 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Health Sciences Trust (BME)

For the period ended December 31, 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) |  | $ | — |  |  | $ | — |  |  | $ | (267,045 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (267,045 | )
Options written |  |  | — |  |  |  | — |  |  |  | (7,325,999 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,325,999 | )
|  | $ | — |  |  | $ | — |  |  | $ | (7,593,044 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (7,593,044 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (2,422,221 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,422,221 | )

| (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 |  | $ | 50,094 |
Average value of option contracts written |  | $ | 6,150,706 |

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 9,621,857 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 9,621,857 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (9,330,000 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 291,857 |

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 |  | $ | 53,868 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 53,868 |
BNP Paribas SA |  |  | 7,456 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,456 |
Citibank N.A. |  |  | 19,716 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,716 |
Goldman Sachs International |  |  | 29,951 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,951 |
JPMorgan Chase Bank N.A. |  |  | 74,700 |  |  |  | — |  |  |  | (74,700 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 49,979 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49,979 |
UBS AG |  |  | 56,187 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 56,187 |
|  | $ | 291,857 |  |  | $ | — |  |  | $ | (74,700 | ) |  | $ | — |  |  | $ | 217,157 |

| (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 |  | 81

Schedule of Investments (continued) December 31, 2021 |  | BlackRock Health Sciences Trust (BME)

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 |  | $ | 104,442,617 |  |  | $ | 3,931,281 |  |  | $ | — |  |  | $ | 108,373,898 |
Diversified Financial Services |  |  | 1,556,817 |  |  |  | — |  |  |  | — |  |  |  | 1,556,817 |
Health Care Equipment & Supplies |  |  | 162,724,009 |  |  |  | — |  |  |  | — |  |  |  | 162,724,009 |
Health Care Providers & Services |  |  | 129,945,319 |  |  |  | 1,520,780 |  |  |  | — |  |  |  | 131,466,099 |
Health Care Technology |  |  | 2,018,204 |  |  |  | — |  |  |  | — |  |  |  | 2,018,204 |
Life Sciences Tools & Services |  |  | 78,864,817 |  |  |  | 1,367,392 |  |  |  | — |  |  |  | 80,232,209 |
Pharmaceuticals |  |  | 103,764,228 |  |  |  | 21,957,524 |  |  |  | — |  |  |  | 125,721,752 |
Other Interests |  |  | — |  |  |  | — |  |  |  | 260,519 |  |  |  | 260,519 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 5,355,800 |  |  |  | 5,355,800 |
Warrants |  |  | 40,082 |  |  |  | — |  |  |  | — |  |  |  | 40,082 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 27,581,316 |  |  |  | — |  |  |  | — |  |  |  | 27,581,316 |
|  | $ | 610,937,409 |  |  | $ | 28,776,977 |  |  | $ | 5,616,319 |  |  |  | 645,330,705 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 211,489 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 645,542,194 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (9,131,442 | ) |  | $ | (490,415 | ) |  | $ | — |  |  | $ | (9,621,857 | )

| (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 year 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 |  |  | (715,869 | ) |  |  | — |  |  |  | — |  |  |  | (715,869 | )
Other(a) |  |  | 348,001 |  |  |  | — |  |  |  | (348,001 | ) |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | 1,737,253 |  |  |  | — |  |  |  | — |  |  |  | 1,737,253 |
Net change in unrealized appreciation (depreciation)(b)(c) |  |  | (1,345,342 | ) |  |  | 5,705 |  |  |  | (59,725 | ) |  |  | (1,399,362 | )
Purchases |  |  | — |  |  |  | — |  |  |  | 5,095,778 |  |  |  | 5,095,778 |
Sales |  |  | (2,723,655 | ) |  |  | — |  |  |  | (750,025 | ) |  |  | (3,473,680 | )
Closing balance, as of December 31, 2021 |  | $ | — |  |  | $ | 260,519 |  |  | $ | 5,355,800 |  |  | $ | 5,616,319 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2021(c) |  | $ | — |  |  | $ | 5,705 |  |  | $ | (59,717 | ) |  | $ | (54,012 | )

| (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 December 31, 2021 is generally due to investments no longer held or categorized as Level 3 at period end. |

See notes to financial statements.

82 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Biotechnology — 29.6% |  |  |  |  |  |  |  |
Abbisko Cayman Ltd., (Acquired 10/29/21, Cost: $14,841,983)(a) |  |  | 10,378,250 |  |  | $ | 11,765,232 |
Acumen Pharmaceuticals, Inc., (Acquired 11/20/20, Cost: $5,419,999)(a) |  |  | 1,426,503 |  |  |  | 9,643,160 |
Agios Pharmaceuticals, Inc.(b)(c) |  |  | 417,428 |  |  |  | 13,720,859 |
Akouos, Inc.(c) |  |  | 287,850 |  |  |  | 2,446,725 |
Alnylam Pharmaceuticals, Inc.(b)(c) |  |  | 88,342 |  |  |  | 14,981,036 |
Ambrx Biopharma, Inc., ADR(c) |  |  | 1,265,827 |  |  |  | 11,430,418 |
Annexon, Inc.(c) |  |  | 237,835 |  |  |  | 2,732,724 |
Applied Molecular Transport, Inc.(c) |  |  | 99,096 |  |  |  | 1,385,362 |
Arcus Biosciences, Inc.(c) |  |  | 111,190 |  |  |  | 4,499,859 |
Arcutis Biotherapeutics, Inc.(c) |  |  | 511,332 |  |  |  | 10,605,026 |
Argenx SE, ADR(c) |  |  | 114,339 |  |  |  | 40,040,374 |
Arrowhead Pharmaceuticals, Inc.(c) |  |  | 81,025 |  |  |  | 5,371,958 |
Bicycle Therapeutics PLC(c) |  |  | 58,600 |  |  |  | 3,566,982 |
BioAtla, Inc.(c) |  |  | 138,461 |  |  |  | 2,717,989 |
Biogen, Inc.(c) |  |  | 71,495 |  |  |  | 17,153,080 |
Biohaven Pharmaceutical Holding Co. Ltd.(c) |  |  | 198,410 |  |  |  | 27,342,882 |
BioMarin Pharmaceutical, Inc.(c) |  |  | 148,083 |  |  |  | 13,083,133 |
Biomea Fusion, Inc.(c) |  |  | 521,404 |  |  |  | 3,884,460 |
Blueprint Medicines Corp.(c) |  |  | 148,890 |  |  |  | 15,947,608 |
C4 Therapeutics, Inc.(c) |  |  | 201,293 |  |  |  | 6,481,635 |
Cerevel Therapeutics Holdings, Inc.(c) |  |  | 266,656 |  |  |  | 8,644,988 |
Connect Biopharma Holdings Ltd.(c) |  |  | 1,125,262 |  |  |  | 5,795,099 |
Decibel Therapeutics, Inc. |  |  | 636,792 |  |  |  | 2,961,083 |
Decibel Therapeutics, Inc.(c) |  |  | 156,735 |  |  |  | 728,818 |
Enanta Pharmaceuticals, Inc.(c) |  |  | 67,443 |  |  |  | 5,043,388 |
Everest Medicines Ltd., (Acquired 05/29/20, Cost: $11,209,200)(a) |  |  | 3,113,667 |  |  |  | 13,896,110 |
Everest Medicines Ltd.(c)(d)(e) |  |  | 433,000 |  |  |  | 1,935,447 |
Exact Sciences Corp.(c) |  |  | 173,565 |  |  |  | 13,508,564 |
Fate Therapeutics, Inc.(c) |  |  | 54,634 |  |  |  | 3,196,635 |
Genetron Holdings Ltd., ADR(c) |  |  | 214,441 |  |  |  | 1,308,090 |
Genmab A/S(c) |  |  | 95,917 |  |  |  | 38,285,558 |
Genmab A/S, ADR(c) |  |  | 271,546 |  |  |  | 10,742,360 |
Gracell Biotechnologies, Inc., ADR(c) |  |  | 340,846 |  |  |  | 2,058,710 |
Horizon Therapeutics PLC(c) |  |  | 221,999 |  |  |  | 23,922,612 |
Icosavax, Inc.(c)(d) |  |  | 530,147 |  |  |  | 12,129,763 |
Ideaya Biosciences, Inc.(c) |  |  | 195,293 |  |  |  | 4,616,727 |
Imago Biosciences, Inc., (Acquired 11/12/20, Cost: $10,000,009)(a) |  |  | 985,657 |  |  |  | 23,292,028 |
Imago Biosciences, Inc.(c) |  |  | 135,209 |  |  |  | 3,205,805 |
Immunocore Holdings PLC, ADR(c) |  |  | 59,868 |  |  |  | 2,049,880 |
Immunocore Ltd. |  |  | 321,900 |  |  |  | 11,021,856 |
Insmed, Inc.(c) |  |  | 125,556 |  |  |  | 3,420,145 |
Iovance Biotherapeutics, Inc.(c) |  |  | 226,055 |  |  |  | 4,315,390 |
Karuna Therapeutics, Inc.(c) |  |  | 32,205 |  |  |  | 4,218,855 |
Keros Therapeutics, Inc.(c) |  |  | 200,607 |  |  |  | 11,737,516 |
Kinnate Biopharma, Inc.(c) |  |  | 295,538 |  |  |  | 5,236,933 |
Kodiak Sciences, Inc.(c) |  |  | 87,252 |  |  |  | 7,397,225 |
Kronos Bio, Inc.(c) |  |  | 284,272 |  |  |  | 3,863,256 |
Krystal Biotech, Inc.(c) |  |  | 86,357 |  |  |  | 6,040,672 |
Kymera Therapeutics, Inc.(b)(c) |  |  | 716,241 |  |  |  | 45,474,141 |
LianBio, ADR(c) |  |  | 180,400 |  |  |  | 1,111,264 |
LianBio, Series A, (Acquired 10/28/20, Cost: $5,960,632)(a) |  |  | 615,188 |  |  |  | 3,663,240 |
Merus NV(c) |  |  | 115,155 |  |  |  | 3,661,929 |
Mirati Therapeutics, Inc.(b)(c) |  |  | 94,751 |  |  |  | 13,899,024 |

Security |  | Shares |  |  | Value |
Biotechnology (continued) |  |  |  |  |  |
Monte Rosa Therapeutics, Inc., (Acquired 03/11/21, Cost: $7,999,998)(a) |  |  | 764,573 |  |  | $ | 15,612,581 |
Morphic Holding, Inc.(c) |  |  | 94,902 |  |  |  | 4,496,457 |
Natera, Inc.(c) |  |  | 373,322 |  |  |  | 34,864,542 |
Neurocrine Biosciences, Inc.(c) |  |  | 231,560 |  |  |  | 19,721,965 |
Omega Therapeutics, Inc., Series C, (Acquired 03/04/21, Cost: $7,999,998)(a)(f) |  |  | 705,882 |  |  |  | 7,939,882 |
PMV Pharmaceuticals, Inc.(c) |  |  | 252,345 |  |  |  | 5,829,170 |
Point Biopharma Global, Inc.(c) |  |  | 394,898 |  |  |  | 2,211,429 |
Prometheus Biosciences, Inc.(c) |  |  | 239,432 |  |  |  | 9,467,141 |
Prothena Corp. PLC(c) |  |  | 343,011 |  |  |  | 16,944,743 |
Rapid Micro Biosystems, Inc., Series D, (Acquired 03/09/21, Cost: $9,896,004)(a) |  |  | 549,778 |  |  |  | 5,831,764 |
Rapt Therapeutics, Inc.(c) |  |  | 178,545 |  |  |  | 6,557,958 |
Revolution Medicines, Inc.(c) |  |  | 280,503 |  |  |  | 7,060,261 |
Rubius Therapeutics, Inc.(c) |  |  | 120,890 |  |  |  | 1,170,215 |
Sarepta Therapeutics, Inc.(c) |  |  | 327,749 |  |  |  | 29,513,797 |
Seagen, Inc.(b)(c)(g) |  |  | 439,030 |  |  |  | 67,874,038 |
Sigilon Therapeutics, Inc.(c) |  |  | 564,538 |  |  |  | 1,558,125 |
Talaris Therapeutics, Inc.(c) |  |  | 748,614 |  |  |  | 11,446,308 |
Tango Therapeutics, Inc., (Acquired 08/10/21, Cost: $5,000,000)(a) |  |  | 500,000 |  |  |  | 5,470,000 |
Tango Therapeutics, Inc.(c)(d) |  |  | 167,744 |  |  |  | 1,835,119 |
Taysha Gene Therapies, Inc.(c) |  |  | 435,201 |  |  |  | 5,070,092 |
Tenaya Therapeutics, Inc.(c) |  |  | 165,729 |  |  |  | 3,140,565 |
Twist Bioscience Corp.(c) |  |  | 204,550 |  |  |  | 15,830,124 |
United Therapeutics Corp.(b)(c) |  |  | 55,704 |  |  |  | 12,036,520 |
Vertex Pharmaceuticals, Inc.(c) |  |  | 235,670 |  |  |  | 51,753,132 |
Zentalis Pharmaceuticals, Inc.(c) |  |  | 221,186 |  |  |  | 18,592,895 |
|  |  |  |  |  |  | 883,012,436 |
Diversified Financial Services(c) — 1.7% |
DA32 Life Science Tech Acquisition Corp., Class A(f) |  |  | 1,496,819 |  |  |  | 14,683,795 |
Eucrates Biomedical Acquisition Corp.(f) |  |  | 897,657 |  |  |  | 8,761,132 |
Health Assurance Acquisition Corp., Class A |  |  | 1,361,273 |  |  |  | 13,299,637 |
Health Sciences Acquisitions Corp. |  |  | 233,344 |  |  |  | 2,333,440 |
Helix Acquisition Corp., Class A |  |  | 216,150 |  |  |  | 2,137,724 |
MedTech Acquisition Corp., Class A(d) |  |  | 917,284 |  |  |  | 9,062,766 |
|  |  |  |  |  |  | 50,278,494 |
Electronic Equipment, Instruments & Components — 0.2% |
908 Devices, Inc.(c) |  |  | 274,084 |  |  |  | 7,090,553 |
Health Care Equipment & Supplies — 28.1% |  |  |  |  |  |
ABIOMED, Inc.(b)(c) |  |  | 98,637 |  |  |  | 35,427,092 |
Alcon, Inc. |  |  | 736,189 |  |  |  | 64,136,786 |
ConvaTec Group PLC(e) |  |  | 4,411,215 |  |  |  | 11,523,339 |
Cooper Cos., Inc. |  |  | 73,600 |  |  |  | 30,833,984 |
Demant A/S(c) |  |  | 466,495 |  |  |  | 23,887,409 |
DexCom, Inc.(b)(c) |  |  | 56,427 |  |  |  | 30,298,478 |
Edwards Lifesciences Corp.(c) |  |  | 408,458 |  |  |  | 52,915,734 |
Globus Medical, Inc., Class A(c) |  |  | 104,070 |  |  |  | 7,513,854 |
GN Store Nord A/S |  |  | 192,531 |  |  |  | 12,080,502 |
Hologic, Inc.(b)(c) |  |  | 490,210 |  |  |  | 37,530,478 |
Insulet Corp.(c) |  |  | 148,550 |  |  |  | 39,524,699 |
Intuitive Surgical, Inc.(c)(g) |  |  | 133,373 |  |  |  | 47,920,919 |
Masimo Corp.(c)(g) |  |  | 208,281 |  |  |  | 60,980,511 |
Nevro Corp.(b)(c) |  |  | 445,125 |  |  |  | 36,086,284 |
Novocure Ltd.(c) |  |  | 127,530 |  |  |  | 9,574,952 |
Nyxoah SA(c)(d) |  |  | 648,041 |  |  |  | 14,386,510 |
Penumbra, Inc.(c) |  |  | 77,878 |  |  |  | 22,375,907 |
Pulmonx Corp.(c) |  |  | 137,876 |  |  |  | 4,421,683 |
ResMed, Inc.(b) |  |  | 196,756 |  |  |  | 51,251,003 |

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 (continued) December 31, 2021 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies (continued) |
SI-BONE, Inc.(c) |  |  | 204,910 |  |  | $ | 4,551,051 |
Silk Road Medical, Inc.(c) |  |  | 205,132 |  |  |  | 8,740,675 |
Sonova Holding AG, Registered Shares |  |  | 77,355 |  |  |  | 30,230,083 |
STERIS PLC |  |  | 131,745 |  |  |  | 32,068,050 |
Straumann Holding AG, Registered Shares |  |  | 8,621 |  |  |  | 18,229,888 |
Stryker Corp. |  |  | 86,215 |  |  |  | 23,055,615 |
Tandem Diabetes Care, Inc.(b)(c) |  |  | 306,030 |  |  |  | 46,063,636 |
Teleflex, Inc. |  |  | 136,332 |  |  |  | 44,782,335 |
Zimmer Biomet Holdings, Inc. |  |  | 291,793 |  |  |  | 37,069,383 |
|  |  |  |  |  |  | 837,460,840 |
Health Care Providers & Services — 13.6% |
Addus HomeCare Corp.(c) |  |  | 42,050 |  |  |  | 3,932,095 |
Agilon Health, Inc.(c) |  |  | 282,683 |  |  |  | 7,632,441 |
Alignment Healthcare, Inc.(c) |  |  | 339,512 |  |  |  | 4,773,539 |
Amedisys, Inc.(c) |  |  | 137,176 |  |  |  | 22,206,051 |
AmerisourceBergen Corp. |  |  | 174,010 |  |  |  | 23,124,189 |
Amplifon SpA |  |  | 610,945 |  |  |  | 32,873,820 |
Cano Health, Inc., (Acquired 09/02/21, Cost: $21,741,890)(a) |  |  | 2,174,189 |  |  |  | 19,372,024 |
CareMax, Inc., (Acquired 07/22/21, Cost: $14,077,000)(a) |  |  | 1,407,700 |  |  |  | 10,811,136 |
CareMax, Inc.(c) |  |  | 309,553 |  |  |  | 2,377,367 |
Centene Corp.(c) |  |  | 332,642 |  |  |  | 27,409,701 |
Chemed Corp. |  |  | 22,962 |  |  |  | 12,147,816 |
Encompass Health Corp.(b) |  |  | 370,028 |  |  |  | 24,148,027 |
Guardant Health, Inc.(c) |  |  | 233,615 |  |  |  | 23,366,172 |
Humana, Inc. |  |  | 51,075 |  |  |  | 23,691,649 |
Immuneering Corp., Series B, (Acquired 12/21/20, Cost: $5,999,982)(a) |  |  | 817,261 |  |  |  | 13,119,668 |
IsoPlexis Corp., Series D, (Acquired 12/30/20, Cost: $14,800,023)(a) |  |  | 1,601,113 |  |  |  | 14,321,849 |
Kindstar Globalgene Technology, Inc., (Acquired 07/08/21, Cost: $5,204,660)(a) |  |  | 4,092,500 |  |  |  | 3,007,358 |
LHC Group, Inc.(b)(c) |  |  | 233,959 |  |  |  | 32,106,194 |
Oak Street Health, Inc.(c)(g) |  |  | 1,199,764 |  |  |  | 39,760,179 |
Quest Diagnostics, Inc. |  |  | 165,210 |  |  |  | 28,582,982 |
R1 RCM, Inc.(c) |  |  | 386,030 |  |  |  | 9,839,905 |
Rede D’Or Sao Luiz SA(e) |  |  | 843,563 |  |  |  | 6,775,443 |
Science 37 Holdings, Inc., (Acquired 10/06/21, Cost: $15,000,000)(a) |  |  | 1,500,000 |  |  |  | 16,976,809 |
TScan Therapeutics, Inc., Series C, (Acquired 01/15/21, Cost: $9,999,999)(a) |  |  | 855,317 |  |  |  | 3,836,097 |
|  |  |  |  |  |  | 406,192,511 |
Health Care Technology(c) — 0.9% |
Definitive Healthcare Corp. |  |  | 150,428 |  |  |  | 4,111,197 |
Sophia Genetics SA |  |  | 291,485 |  |  |  | 4,109,939 |
Teladoc Health, Inc. |  |  | 184,446 |  |  |  | 16,935,832 |
|  |  |  |  |  |  | 25,156,968 |
Life Sciences Tools & Services — 11.8% |
Agilent Technologies, Inc. |  |  | 145,670 |  |  |  | 23,256,215 |
Avantor, Inc.(b)(c) |  |  | 645,194 |  |  |  | 27,188,475 |
Berkeley Lights, Inc.(b)(c) |  |  | 190,554 |  |  |  | 3,464,272 |
Bruker Corp. |  |  | 208,102 |  |  |  | 17,461,839 |
Charles River Laboratories International, Inc.(c) |  |  | 85,445 |  |  |  | 32,193,967 |
Cytek Biosciences, Inc.(c) |  |  | 840,842 |  |  |  | 13,722,541 |
Gerresheimer AG |  |  | 243,305 |  |  |  | 23,393,521 |
Illumina, Inc.(c) |  |  | 61,223 |  |  |  | 23,291,678 |
IQVIA Holdings, Inc.(c) |  |  | 136,077 |  |  |  | 38,392,765 |
Lonza Group AG, Registered Shares |  |  | 33,777 |  |  |  | 28,122,323 |

Security |  | Shares |  |  | Value |
Life Sciences Tools & Services (continued) |
Mettler-Toledo International, Inc.(b)(c) |  |  | 18,255 |  |  | $ | 30,982,569 |
Olink Holding AB, ADR(c) |  |  | 29,442 |  |  |  | 535,844 |
QIAGEN NV(c) |  |  | 299,500 |  |  |  | 16,646,210 |
Sotera Health Co.(c) |  |  | 1,179,907 |  |  |  | 27,786,810 |
West Pharmaceutical Services, Inc. |  |  | 39,055 |  |  |  | 18,317,186 |
WuXi AppTec Co. Ltd., Class H(e) |  |  | 749,992 |  |  |  | 12,958,584 |
Wuxi Biologics Cayman, Inc.(c)(e) |  |  | 1,233,303 |  |  |  | 14,600,943 |
|  |  |  |  |  |  | 352,315,742 |
Pharmaceuticals — 4.4% |  |  |  |  |  |
Antengene Corp. Ltd., (Acquired 11/18/20, Cost: $7,091,948)(a) |  |  | 5,019,274 |  |  |  | 6,314,686 |
Daiichi Sankyo Co. Ltd. |  |  | 1,945,700 |  |  |  | 49,520,820 |
Marinus Pharmaceuticals, Inc.(c) |  |  | 320,484 |  |  |  | 3,807,350 |
Merck KGaA |  |  | 99,895 |  |  |  | 25,698,693 |
Nektar Therapeutics(c) |  |  | 335,188 |  |  |  | 4,528,390 |
Nuvation Bio, Inc.(c) |  |  | 200,496 |  |  |  | 1,704,216 |
UCB SA |  |  | 344,377 |  |  |  | 39,302,356 |
|  |  |  |  |  |  | 130,876,511 |
Total Common Stocks — 90.3% (Cost: $2,155,776,125) |  |  |  | 2,692,384,055 |
|  | Benefical Interest (000) |  |  |  |
Other Interests |
Biotechnology — 0.1% |
Vividion Therapeutics, Inc.(a)(h) |  | $ | 3,810 |  |  |  | 4,000,000 |
Total Other Interests — 0.1% (Cost: $ — ) |  |  |  | 4,000,000 |
|  | Shares |  |  |  |
Preferred Securities |
Preferred Stocks — 8.5% |
Biotechnology — 4.3% |
Affinvax, Inc., Series C, (Acquired 01/06/21, Cost: $5,786,041)(a)(h) |  |  | 183,164 |  |  |  | 6,363,117 |
Amunix Pharmaceuticals, Inc., Series B, (Acquired 02/26/21, Cost: $9,999,999)(a)(h) |  |  | 5,657,068 |  |  |  | 26,588,220 |
Bright Peak Therapeutics AG, Series B, (Acquired 05/14/21, Cost: $8,000,004)(a)(h) |  |  | 2,048,132 |  |  |  | 8,008,196 |
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)(a)(h) |  |  | 2,430,833 |  |  |  | 13,126,498 |
Design Therapeutics, Inc |  |  | 936,636 |  |  |  | 20,053,377 |
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $3,029,231)(a)(h) |  |  | 2,567,145 |  |  |  | 3,491,317 |
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156)(a)(h) |  |  | 482,077 |  |  |  | 13,498,156 |
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000)(a)(h) |  |  | 2,793,833 |  |  |  | 6,250,000 |
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $9,549,916)(a)(h) |  |  | 3,913,900 |  |  |  | 9,549,916 |
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996)(a)(h) |  |  | 1,394,189 |  |  |  | 8,797,333 |

84 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Biotechnology (continued) |
Numab Therapeutics AG, (Acquired 05/07/21, Cost: $7,770,441)(a)(h) |  |  | 815,851 |  |  | $ | 8,837,192 |
OnKure, Inc., Series B, (Acquired 03/03/21, Cost: $2,250,000)(a)(h) |  |  | 814,244 |  |  |  | 2,418,305 |
|  |  |  |  |  |  | 126,981,627 |
Health Care Equipment & Supplies(a)(h) — 1.3% |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003) |  |  | 2,257,597 |  |  |  | 12,258,752 |
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998) |  |  | 2,379,480 |  |  |  | 7,423,977 |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890) |  |  | 115,766,240 |  |  |  | 13,162,413 |
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930) |  |  | 2,078,042 |  |  |  | 6,421,150 |
|  |  |  |  |  |  | 39,266,292 |
Health Care Providers & Services(a)(h) — 1.3% |
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000) |  |  | 10,696,226 |  |  |  | 17,648,773 |
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986) |  |  | 382,775 |  |  |  | 20,470,807 |
|  |  |  |  |  |  | 38,119,580 |
Pharmaceuticals(a)(h) — 0.5% |
Insitro, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 05/21/20, Cost: $4,999,999) |  |  | 802,478 |  |  |  | 13,208,788 |
Series C, (Acquired 03/10/21, Cost: $3,600,018) |  |  | 196,818 |  |  |  | 3,239,624 |
|  |  |  |  |  |  | 16,448,412 |
Semiconductors & Semiconductor Equipment — 0.5% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,997)(a)(h) |  |  | 571,947 |  |  |  | 14,922,097 |
Software — 0.6% |  |  |  |  |  |
Carbon Health Technologies, Inc., (Acquired 07/09/21, Cost: $17,100,000)(a)(h) |  |  | 17,100 |  |  |  | 17,016,381 |
Total Preferred Stocks — 8.5% |  |  |  | 252,754,389 |
Total Preferred Securities — 8.5% (Cost: $207,927,606) |  |  |  | 252,754,389 |
Warrants |
Diversified Financial Services(c) — 0.0% |
Eucrates Biomedical Acquisition Corp. (Expires 12/14/2025) |  |  | 299,219 |  |  |  | 173,547 |
Health Assurance Acquisition Corp. (Expires 11/12/2025) |  |  | 340,318 |  |  |  | 287,841 |
MedTech Acquisition Corp. (Expires 12/18/2025) |  |  | 305,761 |  |  |  | 159,302 |
|  |  |  |  |  |  | 620,690 |

Security |  | Shares |  |  | Value |
Health Care Providers & Services — 0.0% |
CareMax, Inc. (Expires 06/08/2026)(c) |  |  | 63,808 |  |  | $ | 89,969 |
Pharmaceuticals — 0.0% |
Nuvation Bio, Inc. (Expires 07/07/2027)(c) |  |  | 68,880 |  |  |  | 130,183 |
Total Warrants — 0.0% (Cost: $2,402,502) |  |  |  | 840,842 |
Total Long-Term Investments — 98.9% (Cost: $2,366,106,233) |  |  |  | 2,949,979,286 |
Short-Term Securities |
Money Market Funds — 2.2% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(f)(i) |  |  | 61,616,484 |  |  |  | 61,616,484 |
SL Liquidity Series, LLC, Money Market Series, 0.15%(f)(i)(j) |  |  | 4,939,024 |  |  |  | 4,939,518 |
Total Short-Term Securities — 2.2% (Cost: $66,556,141) |  |  |  | 66,556,002 |
Total Investments Before Options Written — 101.1% (Cost: $2,432,662,374) |  |  |  | 3,016,535,288 |
Options Written — (0.7)% (Premiums Received: $(21,476,066)) |  |  |  | (23,146,210 | )
Total Investments, Net of Options Written — 100.4% (Cost: $2,411,186,308) |  |  |  | 2,993,389,078 |
Liabilities in Excess of Other Assets — (0.4)% |  |  |  | (11,502,809 | )
Net Assets — 100.0% |  |  | $ | 2,981,886,269 |

(a) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $421,574,636, representing 14.1% of its net assets as of period end, and an original cost of $370,170,928.

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

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

(f) | Affiliate of the Trust.

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

(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.

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 (continued) December 31, 2021 |  | BlackRock Health Sciences Trust II (BMEZ)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 18,347,773 |  |  | $ | 43,268,711 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61,616,484 |  |  |  | 61,616,484 |  |  | $ | 5,437 |  |  | $ | — |
DA32 Life Science Tech Acquisition Corp., Class A |  |  | — |  |  |  | 14,968,190 |  |  |  | — |  |  |  | — |  |  |  | (284,395 | ) |  |  | 14,683,795 |  |  |  | 1,496,819 |  |  |  | — |  |  |  | — |
Eucrates Biomedical Acquisition Corp. |  |  | — |  |  |  | 8,555,569 |  |  |  | — |  |  |  | — |  |  |  | 205,563 |  |  |  | 8,761,132 |  |  |  | 897,657 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 9,577,690 |  |  |  | — |  |  |  | (4,637,183 | )(a) |  |  | (851 | ) |  |  | (138 | ) |  |  | 4,939,518 |  |  |  | 4,939,024 |  |  |  | 276,651 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (851 | ) |  | $ | (78,970 | ) |  | $ | 90,000,929 |  |  |  |  |  |  | $ | 282,088 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agios Pharmaceuticals, Inc. |  |  | 469 |  |  |  | 01/06/22 |  |  | USD |  |  | 42.99 |  |  | USD |  |  | 1,542 |  |  | $ | (4 | )
Tandem Diabetes Care, Inc. |  |  | 133 |  |  |  | 01/07/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 2,002 |  |  |  | (154,945 | )
Teladoc Health, Inc. |  |  | 113 |  |  |  | 01/07/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 1,038 |  |  |  | (2,147 | )
Alnylam Pharmaceuticals, Inc. |  |  | 428 |  |  |  | 01/11/22 |  |  | USD |  |  | 191.00 |  |  | USD |  |  | 7,258 |  |  |  | (52,412 | )
Edwards Lifesciences Corp. |  |  | 293 |  |  |  | 01/14/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 3,796 |  |  |  | (165,545 | )
Humana, Inc. |  |  | 153 |  |  |  | 01/14/22 |  |  | USD |  |  | 470.00 |  |  | USD |  |  | 7,097 |  |  |  | (69,998 | )
Illumina, Inc. |  |  | 183 |  |  |  | 01/14/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 6,962 |  |  |  | (378,810 | )
Intuitive Surgical, Inc. |  |  | 64 |  |  |  | 01/14/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 2,300 |  |  |  | (45,120 | )
Tandem Diabetes Care, Inc. |  |  | 195 |  |  |  | 01/14/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 2,935 |  |  |  | (229,125 | )
Vertex Pharmaceuticals, Inc. |  |  | 172 |  |  |  | 01/14/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 3,777 |  |  |  | (143,620 | )
ABIOMED, Inc. |  |  | 148 |  |  |  | 01/21/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 5,316 |  |  |  | (389,980 | )
Addus HomeCare Corp. |  |  | 63 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 589 |  |  |  | (15,120 | )
Agilent Technologies, Inc. |  |  | 283 |  |  |  | 01/21/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 4,518 |  |  |  | (10,613 | )
Agilon Health, Inc. |  |  | 424 |  |  |  | 01/21/22 |  |  | USD |  |  | 27.06 |  |  | USD |  |  | 1,145 |  |  |  | (63,229 | )
Agios Pharmaceuticals, Inc. |  |  | 348 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 1,144 |  |  |  | (32,190 | )
Alcon, Inc. |  |  | 785 |  |  |  | 01/21/22 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 6,839 |  |  |  | (131,487 | )
Alnylam Pharmaceuticals, Inc. |  |  | 179 |  |  |  | 01/21/22 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 3,035 |  |  |  | (68,020 | )
Amedisys, Inc. |  |  | 411 |  |  |  | 01/21/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 6,653 |  |  |  | (63,705 | )
AmerisourceBergen Corp. |  |  | 522 |  |  |  | 01/21/22 |  |  | USD |  |  | 133.00 |  |  | USD |  |  | 6,937 |  |  |  | (165,735 | )
Arcus Biosciences, Inc. |  |  | 333 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,348 |  |  |  | (21,645 | )
Arcutis Biotherapeutics, Inc. |  |  | 380 |  |  |  | 01/21/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 788 |  |  |  | (71,250 | )
Argenx SE, ADR |  |  | 166 |  |  |  | 01/21/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 5,813 |  |  |  | (331,170 | )
Arrowhead Pharmaceuticals, Inc. |  |  | 243 |  |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,611 |  |  |  | (19,440 | )
Avantor, Inc. |  |  | 739 |  |  |  | 01/21/22 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 3,114 |  |  |  | (77,595 | )
Avantor, Inc. |  |  | 369 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,555 |  |  |  | (95,017 | )
Biogen, Inc. |  |  | 107 |  |  |  | 01/21/22 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 2,567 |  |  |  | (36,915 | )
Biohaven Pharmaceutical Holding Co. Ltd. |  |  | 291 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 4,010 |  |  |  | (589,275 | )
BioMarin Pharmaceutical, Inc. |  |  | 222 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,961 |  |  |  | (59,940 | )
Blueprint Medicines Corp. |  |  | 223 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,389 |  |  |  | (128,225 | )
Bruker Corp. |  |  | 624 |  |  |  | 01/21/22 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 5,236 |  |  |  | (152,880 | )
C4 Therapeutics, Inc. |  |  | 321 |  |  |  | 01/21/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,034 |  |  |  | (72,225 | )
C4 Therapeutics, Inc. |  |  | 262 |  |  |  | 01/21/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 844 |  |  |  | (60,260 | )
Centene Corp. |  |  | 264 |  |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,175 |  |  |  | (204,600 | )
Cerevel Therapeutics Holdings, Inc. |  |  | 399 |  |  |  | 01/21/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,294 |  |  |  | (29,925 | )
Chemed Corp. |  |  | 68 |  |  |  | 01/21/22 |  |  | USD |  |  | 510.00 |  |  | USD |  |  | 3,597 |  |  |  | (170,680 | )
Cooper Cos., Inc. |  |  | 177 |  |  |  | 01/21/22 |  |  | USD |  |  | 430.00 |  |  | USD |  |  | 7,415 |  |  |  | (95,580 | )
DexCom, Inc. |  |  | 169 |  |  |  | 01/21/22 |  |  | USD |  |  | 660.00 |  |  | USD |  |  | 9,074 |  |  |  | (33,800 | )
Edwards Lifesciences Corp. |  |  | 79 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,023 |  |  |  | (84,135 | )

86 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Edwards Lifesciences Corp. |  |  | 275 |  |  |  | 01/21/22 |  |  | USD |  |  | 128.00 |  |  | USD |  |  | 3,563 |  |  | $ | (112,750 | )
Enanta Pharmaceuticals, Inc. |  |  | 101 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 755 |  |  |  | (26,260 | )
Encompass Health Corp. |  |  | 555 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 3,622 |  |  |  | (119,325 | )
Exact Sciences Corp. |  |  | 260 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,024 |  |  |  | (4,550 | )
Globus Medical, Inc., Class A |  |  | 312 |  |  |  | 01/21/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,253 |  |  |  | (117,000 | )
Guardant Health, Inc. |  |  | 204 |  |  |  | 01/21/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,040 |  |  |  | (34,170 | )
Guardant Health, Inc. |  |  | 283 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,831 |  |  |  | (22,640 | )
Hologic, Inc. |  |  | 735 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 5,627 |  |  |  | (58,800 | )
Horizon Therapeutics PLC |  |  | 465 |  |  |  | 01/21/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 5,011 |  |  |  | (55,800 | )
Ideaya Biosciences, Inc. |  |  | 301 |  |  |  | 01/21/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 712 |  |  |  | (28,595 | )
Insulet Corp. |  |  | 254 |  |  |  | 01/21/22 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 6,758 |  |  |  | (25,400 | )
Intuitive Surgical, Inc. |  |  | 228 |  |  |  | 01/21/22 |  |  | USD |  |  | 360.00 |  |  | USD |  |  | 8,192 |  |  |  | (281,580 | )
Intuitive Surgical, Inc. |  |  | 108 |  |  |  | 01/21/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 3,880 |  |  |  | (214,380 | )
IQVIA Holdings, Inc. |  |  | 135 |  |  |  | 01/21/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 3,809 |  |  |  | (189,000 | )
Keros Therapeutics, Inc. |  |  | 300 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,755 |  |  |  | (171,000 | )
Kodiak Sciences, Inc. |  |  | 261 |  |  |  | 01/21/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 2,213 |  |  |  | (40,455 | )
Kymera Therapeutics, Inc. |  |  | 600 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 3,809 |  |  |  | (393,000 | )
Marinus Pharmaceuticals, Inc. |  |  | 481 |  |  |  | 01/21/22 |  |  | USD |  |  | 14.00 |  |  | USD |  |  | 571 |  |  |  | (21,645 | )
Marinus Pharmaceuticals, Inc. |  |  | 240 |  |  |  | 01/21/22 |  |  | USD |  |  | 10.00 |  |  | USD |  |  | 285 |  |  |  | (49,200 | )
Masimo Corp. |  |  | 228 |  |  |  | 01/21/22 |  |  | USD |  |  | 295.00 |  |  | USD |  |  | 6,675 |  |  |  | (176,700 | )
Merus NV |  |  | 330 |  |  |  | 01/21/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 1,049 |  |  |  | (117,975 | )
Mirati Therapeutics, Inc. |  |  | 142 |  |  |  | 01/21/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 2,083 |  |  |  | (29,110 | )
Morphic Holding, Inc. |  |  | 284 |  |  |  | 01/21/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,346 |  |  |  | (142,000 | )
Natera, Inc. |  |  | 163 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,522 |  |  |  | (18,745 | )
Natera, Inc. |  |  | 46 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 430 |  |  |  | (4,715 | )
Nektar Therapeutics |  |  | 335 |  |  |  | 01/21/22 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 453 |  |  |  | (22,613 | )
Neurocrine Biosciences, Inc. |  |  | 694 |  |  |  | 01/21/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 5,911 |  |  |  | (43,375 | )
Nevro Corp. |  |  | 708 |  |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 5,740 |  |  |  | (23,010 | )
Oak Street Health, Inc. |  |  | 1,797 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 5,955 |  |  |  | (62,895 | )
Penumbra, Inc. |  |  | 90 |  |  |  | 01/21/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 2,586 |  |  |  | (94,500 | )
Prometheus Biosciences, Inc. |  |  | 400 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,582 |  |  |  | (119,000 | )
Prothena Corp. PLC |  |  | 515 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 2,544 |  |  |  | (93,987 | )
Pulmonx Corp. |  |  | 105 |  |  |  | 01/21/22 |  |  | USD |  |  | 45.02 |  |  | USD |  |  | 337 |  |  |  | (572 | )
Pulmonx Corp. |  |  | 120 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 385 |  |  |  | (6,600 | )
QIAGEN NV |  |  | 449 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,496 |  |  |  | (31,430 | )
Quest Diagnostics, Inc. |  |  | 245 |  |  |  | 01/21/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 4,239 |  |  |  | (444,675 | )
Rapt Therapeutics, Inc. |  |  | 130 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 477 |  |  |  | (20,800 | )
ResMed, Inc. |  |  | 295 |  |  |  | 01/21/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 7,684 |  |  |  | (60,475 | )
Revolution Medicines, Inc. |  |  | 300 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 755 |  |  |  | (15,000 | )
Revolution Medicines, Inc. |  |  | 240 |  |  |  | 01/21/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 604 |  |  |  | (9,000 | )
Sarepta Therapeutics, Inc. |  |  | 233 |  |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 2,098 |  |  |  | (75,142 | )
Seagen, Inc. |  |  | 658 |  |  |  | 01/21/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 10,173 |  |  |  | (217,140 | )
SI-BONE, Inc. |  |  | 80 |  |  |  | 01/21/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 178 |  |  |  | (4,000 | )
SI-BONE, Inc. |  |  | 260 |  |  |  | 01/21/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 577 |  |  |  | (27,300 | )
Silk Road Medical, Inc. |  |  | 363 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,547 |  |  |  | (29,040 | )
Sotera Health Co. |  |  | 1,269 |  |  |  | 01/21/22 |  |  | USD |  |  | 25.25 |  |  | USD |  |  | 2,988 |  |  |  | (18,309 | )
Tandem Diabetes Care, Inc. |  |  | 207 |  |  |  | 01/21/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 3,116 |  |  |  | (114,885 | )
Teladoc Health, Inc. |  |  | 286 |  |  |  | 01/21/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 2,626 |  |  |  | (3,718 | )
Teleflex, Inc. |  |  | 136 |  |  |  | 01/21/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 4,467 |  |  |  | (65,280 | )
Twist Bioscience Corp. |  |  | 105 |  |  |  | 01/21/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 813 |  |  |  | (6,300 | )
Twist Bioscience Corp. |  |  | 168 |  |  |  | 01/21/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,300 |  |  |  | (84,000 | )
United Therapeutics Corp. |  |  | 84 |  |  |  | 01/21/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,815 |  |  |  | (77,700 | )
Vertex Pharmaceuticals, Inc. |  |  | 361 |  |  |  | 01/21/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 7,928 |  |  |  | (218,405 | )
Zentalis Pharmaceuticals, Inc. |  |  | 330 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,774 |  |  |  | (103,950 | )
Zimmer Biomet Holdings, Inc. |  |  | 585 |  |  |  | 01/21/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 7,432 |  |  |  | (17,550 | )
Centene Corp. |  |  | 283 |  |  |  | 01/28/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 2,332 |  |  |  | (55,185 | )
Pulmonx Corp. |  |  | 105 |  |  |  | 01/28/22 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 337 |  |  |  | (12,540 | )
Tandem Diabetes Care, Inc. |  |  | 195 |  |  |  | 01/28/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 2,935 |  |  |  | (254,475 | )
Teladoc Health, Inc. |  |  | 154 |  |  |  | 01/28/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,414 |  |  |  | (31,339 | )
Vertex Pharmaceuticals, Inc. |  |  | 173 |  |  |  | 01/28/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 3,799 |  |  |  | (152,240 | )
908 Devices, Inc. |  |  | 150 |  |  |  | 02/18/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 388 |  |  |  | (7,125 | )
Addus HomeCare Corp. |  |  | 63 |  |  |  | 02/18/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 589 |  |  |  | (38,430 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agilent Technologies, Inc. |  |  | 154 |  |  |  | 02/18/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 2,459 |  |  | $ | (28,105 | )
Agilon Health, Inc. |  |  | 165 |  |  |  | 02/18/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 446 |  |  |  | (51,563 | )
Alcon, Inc. |  |  | 1,423 |  |  |  | 02/18/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 12,397 |  |  |  | (747,075 | )
Alnylam Pharmaceuticals, Inc. |  |  | 89 |  |  |  | 02/18/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,509 |  |  |  | (20,470 | )
Argenx SE, ADR |  |  | 177 |  |  |  | 02/18/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 6,198 |  |  |  | (473,475 | )
Avantor, Inc. |  |  | 1,041 |  |  |  | 02/18/22 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 4,387 |  |  |  | (208,200 | )
Avantor, Inc. |  |  | 369 |  |  |  | 02/18/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,555 |  |  |  | (127,305 | )
Biogen, Inc. |  |  | 107 |  |  |  | 02/18/22 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 2,567 |  |  |  | (62,060 | )
Biohaven Pharmaceutical Holding Co. Ltd. |  |  | 13 |  |  |  | 02/18/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 179 |  |  |  | (19,760 | )
Biohaven Pharmaceutical Holding Co. Ltd. |  |  | 291 |  |  |  | 02/18/22 |  |  | USD |  |  | 120.10 |  |  | USD |  |  | 4,010 |  |  |  | (695,082 | )
BioMarin Pharmaceutical, Inc. |  |  | 222 |  |  |  | 02/18/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,961 |  |  |  | (99,900 | )
Blueprint Medicines Corp. |  |  | 223 |  |  |  | 02/18/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 2,389 |  |  |  | (120,420 | )
Centene Corp. |  |  | 450 |  |  |  | 02/18/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 3,708 |  |  |  | (124,875 | )
Cerevel Therapeutics Holdings, Inc. |  |  | 398 |  |  |  | 02/18/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,290 |  |  |  | (24,875 | )
Charles River Laboratories International, Inc. |  |  | 256 |  |  |  | 02/18/22 |  |  | USD |  |  | 400.00 |  |  | USD |  |  | 9,646 |  |  |  | (225,280 | )
Edwards Lifesciences Corp. |  |  | 425 |  |  |  | 02/18/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 5,506 |  |  |  | (352,750 | )
Enanta Pharmaceuticals, Inc. |  |  | 101 |  |  |  | 02/18/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 755 |  |  |  | (33,835 | )
Encompass Health Corp. |  |  | 555 |  |  |  | 02/18/22 |  |  | USD |  |  | 69.00 |  |  | USD |  |  | 3,622 |  |  |  | (114,556 | )
Exact Sciences Corp. |  |  | 260 |  |  |  | 02/18/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,024 |  |  |  | (83,200 | )
Fate Therapeutics, Inc. |  |  | 163 |  |  |  | 02/18/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 954 |  |  |  | (42,788 | )
Guardant Health, Inc. |  |  | 204 |  |  |  | 02/18/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,040 |  |  |  | (71,910 | )
Hologic, Inc. |  |  | 735 |  |  |  | 02/18/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 5,627 |  |  |  | (134,137 | )
Horizon Therapeutics PLC |  |  | 200 |  |  |  | 02/18/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,155 |  |  |  | (53,000 | )
Insmed, Inc. |  |  | 376 |  |  |  | 02/18/22 |  |  | USD |  |  | 33.00 |  |  | USD |  |  | 1,024 |  |  |  | (90,240 | )
IQVIA Holdings, Inc. |  |  | 274 |  |  |  | 02/18/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 7,731 |  |  |  | (465,800 | )
Keros Therapeutics, Inc. |  |  | 300 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,755 |  |  |  | (160,500 | )
Kymera Therapeutics, Inc. |  |  | 600 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 3,809 |  |  |  | (531,000 | )
LHC Group, Inc. |  |  | 352 |  |  |  | 02/18/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 4,830 |  |  |  | (167,200 | )
Masimo Corp. |  |  | 167 |  |  |  | 02/18/22 |  |  | USD |  |  | 305.00 |  |  | USD |  |  | 4,889 |  |  |  | (146,125 | )
Mettler-Toledo International, Inc. |  |  | 54 |  |  |  | 02/18/22 |  |  | USD |  |  | 1,650.00 |  |  | USD |  |  | 9,165 |  |  |  | (539,190 | )
Natera, Inc. |  |  | 89 |  |  |  | 02/18/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 831 |  |  |  | (25,365 | )
Nektar Therapeutics |  |  | 670 |  |  |  | 02/18/22 |  |  | USD |  |  | 15.00 |  |  | USD |  |  | 905 |  |  |  | (144,050 | )
Penumbra, Inc. |  |  | 90 |  |  |  | 02/18/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 2,586 |  |  |  | (186,750 | )
Prothena Corp. PLC |  |  | 514 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,539 |  |  |  | (128,500 | )
Pulmonx Corp. |  |  | 4 |  |  |  | 02/18/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 13 |  |  |  | (310 | )
QIAGEN NV |  |  | 449 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,496 |  |  |  | (48,268 | )
Quest Diagnostics, Inc. |  |  | 250 |  |  |  | 02/18/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 4,325 |  |  |  | (128,750 | )
Rapt Therapeutics, Inc. |  |  | 405 |  |  |  | 02/18/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,488 |  |  |  | (121,500 | )
Revolution Medicines, Inc. |  |  | 301 |  |  |  | 02/18/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 758 |  |  |  | (29,348 | )
Sarepta Therapeutics, Inc. |  |  | 340 |  |  |  | 02/18/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 3,062 |  |  |  | (209,100 | )
Seagen, Inc. |  |  | 658 |  |  |  | 02/18/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 10,173 |  |  |  | (348,740 | )
SI-BONE, Inc. |  |  | 260 |  |  |  | 02/18/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 577 |  |  |  | (66,300 | )
Silk Road Medical, Inc. |  |  | 252 |  |  |  | 02/18/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,074 |  |  |  | (123,480 | )
Sotera Health Co. |  |  | 500 |  |  |  | 02/18/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 1,178 |  |  |  | (35,000 | )
STERIS PLC |  |  | 196 |  |  |  | 02/18/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 4,771 |  |  |  | (214,620 | )
Stryker Corp. |  |  | 258 |  |  |  | 02/18/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 6,899 |  |  |  | (212,850 | )
Tandem Diabetes Care, Inc. |  |  | 188 |  |  |  | 02/18/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 2,830 |  |  |  | (225,600 | )
Teleflex, Inc. |  |  | 272 |  |  |  | 02/18/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 8,935 |  |  |  | (312,800 | )
Twist Bioscience Corp. |  |  | 170 |  |  |  | 02/18/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,316 |  |  |  | (27,625 | )
United Therapeutics Corp. |  |  | 83 |  |  |  | 02/18/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,793 |  |  |  | (110,390 | )
West Pharmaceutical Services, Inc. |  |  | 117 |  |  |  | 02/18/22 |  |  | USD |  |  | 470.00 |  |  | USD |  |  | 5,487 |  |  |  | (267,930 | )
Zentalis Pharmaceuticals, Inc. |  |  | 333 |  |  |  | 02/18/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 2,799 |  |  |  | (283,050 | )
Zimmer Biomet Holdings, Inc. |  |  | 290 |  |  |  | 02/18/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 3,684 |  |  |  | (194,300 | )
Sotera Health Co. |  |  | 1,269 |  |  |  | 02/25/22 |  |  | USD |  |  | 24.75 |  |  | USD |  |  | 2,988 |  |  |  | (108,229 | )
ABIOMED, Inc. |  |  | 148 |  |  |  | 03/18/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 5,316 |  |  |  | (441,040 | )
Insulet Corp. |  |  | 191 |  |  |  | 03/18/22 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 5,082 |  |  |  | (158,530 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (19,800,243 | )

88 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Health Sciences Trust II (BMEZ)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amplifon SpA |  | Morgan Stanley & Co. International PLC |  |  | 75,000 |  |  | 01/04/22 |  |  | EUR |  |  | 46.65 |  |  | EUR |  |  |  | 3,559 |  |  | $ | (74,413 | )
Daiichi Sankyo Co. Ltd. |  | UBS AG |  |  | 213,400 |  |  | 01/04/22 |  |  | JPY |  |  | 2,879.93 |  |  | JPY |  |  |  | 624,195 |  |  |  | (147,379 | )
Demant A/S |  | Morgan Stanley & Co. International PLC |  |  | 70,000 |  |  | 01/04/22 |  |  | DKK |  |  | 342.20 |  |  | DKK |  |  |  | 23,457 |  |  |  | (12,951 | )
Masimo Corp. |  | BNP Paribas SA |  |  | 22,800 |  |  | 01/04/22 |  |  | USD |  |  | 310.04 |  |  | USD |  |  |  | 6,675 |  |  |  | (2,223 | )
Sonova Holding AG |  | UBS AG |  |  | 13,100 |  |  | 01/04/22 |  |  | CHF |  |  | 399.54 |  |  | CHF |  |  |  | 4,687 |  |  |  | (2 | )
STERIS PLC |  | Barclays Bank PLC |  |  | 19,900 |  |  | 01/04/22 |  |  | USD |  |  | 237.13 |  |  | USD |  |  |  | 4,844 |  |  |  | (132,280 | )
Amplifon SpA |  | Morgan Stanley & Co. International PLC |  |  | 61,800 |  |  | 01/11/22 |  |  | EUR |  |  | 46.34 |  |  | EUR |  |  |  | 2,932 |  |  |  | (93,584 | )
Gerresheimer AG |  | Morgan Stanley & Co. International PLC |  |  | 20,000 |  |  | 01/11/22 |  |  | EUR |  |  | 82.71 |  |  | EUR |  |  |  | 1,694 |  |  |  | (55,605 | )
GN Store Nord A/S |  | Credit Suisse International |  |  | 32,000 |  |  | 01/11/22 |  |  | DKK |  |  | 411.25 |  |  | DKK |  |  |  | 13,162 |  |  |  | (29,599 | )
Sonova Holding AG |  | Morgan Stanley & Co. International PLC |  |  | 10,200 |  |  | 01/11/22 |  |  | CHF |  |  | 378.43 |  |  | CHF |  |  |  | 3,650 |  |  |  | (8,907 | )
Genmab A/S |  | Barclays Bank PLC |  |  | 31,400 |  |  | 01/12/22 |  |  | USD |  |  | 40.86 |  |  | USD |  |  |  | 1,242 |  |  |  | (26,643 | )
Convatec Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 500,000 |  |  | 01/13/22 |  |  | GBP |  |  | 2.25 |  |  | GBP |  |  |  | 966 |  |  |  | (14 | )
Wuxi Biologics Cayman Inc. |  | JPMorgan Chase Bank N.A. |  |  | 370,000 |  |  | 01/13/22 |  |  | HKD |  |  | 110.56 |  |  | HKD |  |  |  | 34,244 |  |  |  | (6,435 | )
Amplifon SpA |  | Morgan Stanley & Co. International PLC |  |  | 26,400 |  |  | 01/20/22 |  |  | EUR |  |  | 42.87 |  |  | EUR |  |  |  | 1,253 |  |  |  | (136,310 | )
Genmab A/S |  | Credit Suisse International |  |  | 11,600 |  |  | 01/20/22 |  |  | DKK |  |  | 2,750.28 |  |  | DKK |  |  |  | 30,508 |  |  |  | (31,789 | )
Straumann Holding AG |  | UBS AG |  |  | 1,300 |  |  | 01/20/22 |  |  | CHF |  |  | 2,126.80 |  |  | CHF |  |  |  | 2,518 |  |  |  | (4,918 | )
UCB SA |  | Goldman Sachs International |  |  | 40,500 |  |  | 01/20/22 |  |  | EUR |  |  | 101.99 |  |  | EUR |  |  |  | 4,064 |  |  |  | (51,177 | )
Lonza Group AG |  | UBS AG |  |  | 3,700 |  |  | 01/25/22 |  |  | CHF |  |  | 767.92 |  |  | CHF |  |  |  | 2,818 |  |  |  | (59,328 | )
Straumann Holding AG |  | UBS AG |  |  | 3,600 |  |  | 01/25/22 |  |  | CHF |  |  | 2,015.71 |  |  | CHF |  |  |  | 6,973 |  |  |  | (82,984 | )
Amplifon SpA |  | UBS AG |  |  | 20,000 |  |  | 01/27/22 |  |  | EUR |  |  | 44.30 |  |  | EUR |  |  |  | 949 |  |  |  | (75,033 | )
Convatec Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 323,300 |  |  | 01/27/22 |  |  | GBP |  |  | 1.98 |  |  | GBP |  |  |  | 624 |  |  |  | (14,230 | )
Demant A/S |  | UBS AG |  |  | 70,000 |  |  | 01/27/22 |  |  | DKK |  |  | 323.11 |  |  | DKK |  |  |  | 23,457 |  |  |  | (183,723 | )
Genmab A/S, ADR |  | BNP Paribas SA |  |  | 50,000 |  |  | 01/27/22 |  |  | USD |  |  | 41.14 |  |  | USD |  |  |  | 1,978 |  |  |  | (71,828 | )
GN Store Nord A/S |  | Morgan Stanley & Co. International PLC |  |  | 25,700 |  |  | 01/27/22 |  |  | DKK |  |  | 392.26 |  |  | DKK |  |  |  | 10,570 |  |  |  | (92,908 | )
ResMed, Inc. |  | Citibank N.A. |  |  | 29,500 |  |  | 01/27/22 |  |  | USD |  |  | 265.26 |  |  | USD |  |  |  | 7,684 |  |  |  | (121,932 | )
Daiichi Sankyo Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 370,300 |  |  | 02/01/22 |  |  | JPY |  |  | 2,888.73 |  |  | JPY |  |  |  | 1,083,128 |  |  |  | (454,266 | )
Alnylam Pharmaceuticals, Inc. |  | Citibank N.A. |  |  | 9,000 |  |  | 02/02/22 |  |  | USD |  |  | 202.61 |  |  | USD |  |  |  | 1,526 |  |  |  | (26,245 | )
Gerresheimer AG |  | Credit Suisse International |  |  | 20,000 |  |  | 02/03/22 |  |  | EUR |  |  | 83.94 |  |  | EUR |  |  |  | 1,694 |  |  |  | (73,241 | )
Merck KGaA |  | UBS AG |  |  | 30,000 |  |  | 02/03/22 |  |  | EUR |  |  | 228.56 |  |  | EUR |  |  |  | 6,810 |  |  |  | (181,462 | )
Rede D’or Sao Luiz SA |  | Citibank N.A. |  |  | 253,000 |  |  | 02/03/22 |  |  | USD |  |  | 50.85 |  |  | USD |  |  |  | 11,342 |  |  |  | (17,960 | )
UCB SA |  | UBS AG |  |  | 40,500 |  |  | 02/03/22 |  |  | EUR |  |  | 100.16 |  |  | EUR |  |  |  | 4,064 |  |  |  | (118,130 | )
Sotera Health Co. |  | Citibank N.A. |  |  | 50,100 |  |  | 02/07/22 |  |  | USD |  |  | 23.67 |  |  | USD |  |  |  | 1,180 |  |  |  | (52,495 | )
Convatec Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 500,000 |  |  | 02/08/22 |  |  | GBP |  |  | 1.91 |  |  | GBP |  |  |  | 966 |  |  |  | (50,148 | )
Lonza Group AG |  | UBS AG |  |  | 6,400 |  |  | 02/08/22 |  |  | CHF |  |  | 767.41 |  |  | CHF |  |  |  | 4,874 |  |  |  | (152,662 | )
Straumann Holding AG |  | UBS AG |  |  | 3,300 |  |  | 02/08/22 |  |  | CHF |  |  | 2,008.84 |  |  | CHF |  |  |  | 6,392 |  |  |  | (152,272 | )
UCB SA |  | UBS AG |  |  | 22,400 |  |  | 02/08/22 |  |  | EUR |  |  | 100.49 |  |  | EUR |  |  |  | 2,248 |  |  |  | (64,332 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 17,200 |  |  | 02/10/22 |  |  | DKK |  |  | 2,599.95 |  |  | DKK |  |  |  | 45,236 |  |  |  | (346,045 | )
Wuxi Apptec Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 225,000 |  |  | 02/10/22 |  |  | HKD |  |  | 153.66 |  |  | HKD |  |  |  | 30,375 |  |  |  | (140,514 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,345,967 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  | Unrealized Depreciation |  |  | Value
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ 6,187,136 |  | $ | (7,857,280 | ) |  | $ (23,146,210)

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 |  | $ | — |  |  | $ | — |  |  | $ | 23,146,210 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 23,146,210 |

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 (continued) December 31, 2021 |  | BlackRock Health Sciences Trust II (BMEZ)

For the period ended December 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | (4,108 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,108 | )
Options written |  |  | — |  |  |  | — |  |  |  | (4,512,182 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,512,182 | )
|  | $ | — |  |  | $ | — |  |  | $ | (4,516,290 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,516,290 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 14,045,494 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,045,494 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 25,274,548 |

| (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 |  | $ | — |  |  | $ | 23,146,210 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 23,146,210 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (19,800,243 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 3,345,967 |

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 |  | $ | 158,923 |  |  | $ | — |  |  | $ | (158,923 | ) |  | $ | — |  |  | $ | — |
BNP Paribas SA |  |  | 74,051 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 74,051 |
Citibank N.A. |  |  | 218,632 |  |  |  | — |  |  |  | (198,632 | ) |  |  | (20,000 | ) |  |  | — |
Credit Suisse International |  |  | 134,629 |  |  |  | — |  |  |  | (134,629 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 51,177 |  |  |  | — |  |  |  | (51,177 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 601,215 |  |  |  | — |  |  |  | (601,215 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 885,115 |  |  |  | — |  |  |  | (869,115 | ) |  |  | (16,000 | ) |  |  | — |
UBS AG |  |  | 1,222,225 |  |  |  | — |  |  |  | (1,222,225 | ) |  |  | — |  |  |  | — |
|  | $ | 3,345,967 |  |  | $ | — |  |  | $ | (3,235,916 | ) |  | $ | (36,000 | ) |  | $ | 74,051 |

| (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. |

90 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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 |  | $ | 731,694,495 |  |  | $ | 151,317,941 |  |  | $ | — |  |  | $ | 883,012,436 |
Diversified Financial Services |  |  | 50,278,494 |  |  |  | — |  |  |  | — |  |  |  | 50,278,494 |
Electronic Equipment, Instruments & Components |  |  | 7,090,553 |  |  |  | — |  |  |  | — |  |  |  | 7,090,553 |
Health Care Equipment & Supplies |  |  | 741,509,619 |  |  |  | 95,951,221 |  |  |  | — |  |  |  | 837,460,840 |
Health Care Providers & Services |  |  | 285,098,307 |  |  |  | 121,094,204 |  |  |  | — |  |  |  | 406,192,511 |
Health Care Technology |  |  | 25,156,968 |  |  |  | — |  |  |  | — |  |  |  | 25,156,968 |
Life Sciences Tools & Services |  |  | 273,240,371 |  |  |  | 79,075,371 |  |  |  | — |  |  |  | 352,315,742 |
Pharmaceuticals |  |  | 10,039,956 |  |  |  | 120,836,555 |  |  |  | — |  |  |  | 130,876,511 |
Other Interests |  |  | — |  |  |  | — |  |  |  | 4,000,000 |  |  |  | 4,000,000 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | 20,053,377 |  |  |  | 232,701,012 |  |  |  | 252,754,389 |
Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified Financial Services |  |  | 447,143 |  |  |  | 173,547 |  |  |  | — |  |  |  | 620,690 |
Health Care Providers & Services |  |  | 89,969 |  |  |  | — |  |  |  | — |  |  |  | 89,969 |
Pharmaceuticals |  |  | 130,183 |  |  |  | — |  |  |  | — |  |  |  | 130,183 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 61,616,484 |  |  |  | — |  |  |  | — |  |  |  | 61,616,484 |
|  | $ | 2,186,392,542 |  |  | $ | 588,502,216 |  |  | $ | 236,701,012 |  |  |  | 3,011,595,770 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,939,518 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,016,535,288 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (18,735,310 | ) |  | $ | (4,410,900 | ) |  | $ | — |  |  | $ | (23,146,210 | )

| (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 year 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 Interest |  |  | Preferred Stocks |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2020 |  | $ | 28,744,832 |  |  |  | — |  |  | $ | 112,069,329 |  |  | $ | 140,814,161 |
Transfers into Level 3(a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3(b) |  |  | (28,744,832 | ) |  |  | — |  |  |  | — |  |  |  | (28,744,832 | )
Other(c) |  |  | — |  |  |  | — |  |  |  | (33,475,075 | ) |  |  | (33,475,075 | )
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | 2,392,568 |  |  |  | 2,392,568 |
Net change in unrealized appreciation (depreciation)(d)(e) |  |  | — |  |  |  | 4,000,000 |  |  |  | 34,307,661 |  |  |  | 38,307,661 |

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 (continued) December 31, 2021 |  | BlackRock Health Sciences Trust II (BMEZ)

|  | Common Stocks |  |  | Other Interest |  |  | Preferred Stocks |  |  | Total |
Purchases |  | $ | — |  |  |  | — |  |  | $ | 156,328,436 |  |  | $ | 156,328,436 |
Sales |  |  | — |  |  |  | — |  |  |  | (38,921,907 | ) |  |  | (38,921,907 | )
Closing balance, as of December 31, 2021 |  | $ | — |  |  |  | 4,000,000 |  |  | $ | 232,701,012 |  |  | $ | 236,701,012 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2021(e) |  | $ | — |  |  |  | 4,000,000 |  |  | $ | 34,307,661 |  |  | $ | 38,307,661 |

| (a) | As of December 31, 2020, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2021, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. |

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

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

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

| (e) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  | $ | 232,701,012 |  |  | Market |  | Revenue Multiple |  |  | 6.50x - 7.75x |  |  |  | 6.81x |
|  |  |  |  |  |  |  | EBITDA Multiple |  |  | 10.50x |  |  |  | — |
|  |  |  |  |  |  |  | Volatility |  |  | 50% - 81% |  |  |  | 65% |
|  |  |  |  |  |  |  | Time to Exit |  |  | 1.0 - 4.0 |  |  |  | 2.3 |
|  |  |  |  |  |  |  | Market Adjustment Multiple |  |  | 0.90x - 2.90x |  |  |  | 1.39x |
|  |  |  |  |  |  |  | Recent Transactions |  | $ | 2.24 - $28.00 |  |  |  | $ 12.96 |
Other Interests |  |  | 4,000,000 |  |  | Market |  | Recent Transactions |  |  | $ 1.05 |  |  |  | — |
|  | $ | 236,701,012 |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

92 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Aerospace & Defense — 4.0% |  |  |  |  |  |  |  |
Axon Enterprise, Inc.(a)(b) |  |  | 683,396 |  |  | $ | 107,293,172 |
HEICO Corp. |  |  | 361,607 |  |  |  | 52,150,962 |
|  |  |  |  |  |  | 159,444,134 |
Auto Components — 2.4% |  |  |  |  |  |
Fox Factory Holding Corp.(b) |  |  | 549,506 |  |  |  | 93,470,971 |
Biotechnology(b) — 2.0% |  |  |  |  |  |
Halozyme Therapeutics, Inc. |  |  | 1,232,909 |  |  |  | 49,575,271 |
Natera, Inc. |  |  | 304,281 |  |  |  | 28,416,802 |
|  |  |  |  |  |  | 77,992,073 |
Building Products — 2.4% |  |  |  |  |  |
AZEK Co., Inc.(b) |  |  | 2,078,325 |  |  |  | 96,101,748 |
Chemicals — 1.2% |  |  |  |  |  |
Amyris, Inc.(a)(b) |  |  | 8,984,474 |  |  |  | 48,606,004 |
Diversified Consumer Services(b) — 2.3% |  |  |  |  |  |
Bright Horizons Family Solutions, Inc. |  |  | 129,293 |  |  |  | 16,275,403 |
Duolingo, Inc., Class A |  |  | 204,766 |  |  |  | 21,727,720 |
Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000)(c)(d) |  |  | 6,224 |  |  |  | 52,682,173 |
|  |  |  |  |  |  | 90,685,296 |
Electrical Equipment — 1.6% |  |  |  |  |  |
Shoals Technologies Group, Inc., Class A(b) |  |  | 2,604,084 |  |  |  | 63,279,241 |
Electronic Equipment, Instruments & Components — 2.2% |
908 Devices, Inc.(b)(e) |  |  | 2,309,607 |  |  |  | 59,749,533 |
Halma PLC |  |  | 679,598 |  |  |  | 29,466,596 |
|  |  |  |  |  |  | 89,216,129 |
Entertainment — 2.4% |  |  |  |  |  |
Kahoot! AS(b) |  |  | 18,487,119 |  |  |  | 96,721,421 |
Equity Real Estate Investment Trusts (REITs) — 1.5% |
Innovative Industrial Properties, Inc. |  |  | 112,343 |  |  |  | 29,536,098 |
Rexford Industrial Realty, Inc. |  |  | 387,685 |  |  |  | 31,445,130 |
|  |  |  |  |  |  | 60,981,228 |
Food Products — 1.4% |  |  |  |  |  |
Freshpet, Inc.(b) |  |  | 571,503 |  |  |  | 54,447,091 |
Health Care Equipment & Supplies(b) — 6.8% |  |  |  |
Figs, Inc., Class A(f) |  |  | 1,699,365 |  |  |  | 46,834,500 |
Inmode Ltd. |  |  | 392,738 |  |  |  | 27,719,448 |
Masimo Corp.(g) |  |  | 374,550 |  |  |  | 109,660,749 |
Outset Medical, Inc. |  |  | 1,365,479 |  |  |  | 62,934,927 |
Pulmonx Corp. |  |  | 756,543 |  |  |  | 24,262,334 |
|  |  |  |  |  |  | 271,411,958 |
Health Care Technology(b) — 5.0% |  |  |  |  |  |
Certara, Inc. |  |  | 2,162,372 |  |  |  | 61,454,612 |
Health Catalyst, Inc. |  |  | 1,270,148 |  |  |  | 50,323,264 |
Phreesia, Inc.(a)(g) |  |  | 2,067,205 |  |  |  | 86,119,760 |
|  |  |  |  |  |  | 197,897,636 |
Hotels, Restaurants & Leisure — 2.8% |  |  |  |  |  |
Penn National Gaming, Inc.(a)(b) |  |  | 1,070,555 |  |  |  | 55,508,277 |

Security |  | Shares |  |  | Value |
Hotels, Restaurants & Leisure (continued) |  |  |  |  |  |  |  |
Planet Fitness, Inc., Class A(b)(g) |  |  | 411,169 |  |  | $ | 37,243,688 |
Wingstop, Inc. |  |  | 107,010 |  |  |  | 18,491,328 |
|  |  |  |  |  |  | 111,243,293 |
Internet & Direct Marketing Retail — 1.6% |  |  |  |  |  |
Fiverr International Ltd.(b) |  |  | 569,170 |  |  |  | 64,714,629 |
IT Services — 7.1% |  |  |  |  |  |
DigitalOcean Holdings, Inc.(b) |  |  | 1,020,109 |  |  |  | 81,945,356 |
Globant SA(b) |  |  | 324,877 |  |  |  | 102,040,617 |
Nuvei Corp.(b)(h) |  |  | 756,644 |  |  |  | 49,049,218 |
Salt Pay Co., Ltd., (Acquired 11/16/21, Cost: $49,999,974)(c)(d) |  |  | 25,742 |  |  |  | 49,999,973 |
|  |  |  |  |  |  | 283,035,164 |
Life Sciences Tools & Services — 7.9% |  |  |  |  |  |
10X Genomics, Inc., Class A(b)(g) |  |  | 783,624 |  |  |  | 116,728,631 |
Bio-Techne Corp. |  |  | 213,004 |  |  |  | 110,195,489 |
Olink Holding AB, ADR(b) |  |  | 1,420,271 |  |  |  | 25,848,932 |
Repligen Corp.(b) |  |  | 213,187 |  |  |  | 56,460,445 |
Seer, Inc., Class A(b) |  |  | 287,523 |  |  |  | 6,558,400 |
|  |  |  |  |  |  | 315,791,897 |
Machinery — 1.6% |  |  |  |  |  |
Chart Industries, Inc.(b) |  |  | 404,924 |  |  |  | 64,581,329 |
Road & Rail — 1.5% |  |  |  |  |  |
Saia, Inc.(b) |  |  | 180,724 |  |  |  | 60,909,410 |
Semiconductors & Semiconductor Equipment — 9.0% |  |  |  |
Ambarella, Inc.(b) |  |  | 225,251 |  |  |  | 45,701,176 |
Azenta Inc. |  |  | 491,418 |  |  |  | 50,670,110 |
Entegris, Inc.(g) |  |  | 856,476 |  |  |  | 118,690,444 |
Lattice Semiconductor Corp.(b) |  |  | 498,597 |  |  |  | 38,421,885 |
Monolithic Power Systems, Inc.(a) |  |  | 208,219 |  |  |  | 102,720,679 |
|  |  |  |  |  |  | 356,204,294 |
Software — 18.4% |  |  |  |  |  |
Avalara, Inc.(a)(b) |  |  | 710,533 |  |  |  | 91,736,916 |
Bill.Com Holdings, Inc.(a)(b) |  |  | 386,572 |  |  |  | 96,314,414 |
Blackline, Inc.(b) |  |  | 422,675 |  |  |  | 43,763,769 |
Five9, Inc.(a)(b) |  |  | 871,384 |  |  |  | 119,658,451 |
Gitlab, Inc., Class A(b) |  |  | 608,447 |  |  |  | 52,934,889 |
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012)(c)(d) |  |  | 1,001,454 |  |  |  | 26,248,109 |
Lightspeed Commerce, Inc.(b) |  |  | 1,641,382 |  |  |  | 66,280,717 |
nCino, Inc.(b) |  |  | 1,115,326 |  |  |  | 61,186,784 |
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736)(b)(c)(d) |  |  | 208,333 |  |  |  | 11,666,648 |
Paylocity Holding Corp.(a)(b) |  |  | 368,392 |  |  |  | 86,999,455 |
SiteMinder Ltd.(b) |  |  | 10,145,520 |  |  |  | 49,898,081 |
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997)(b)(c)(d) |  |  | 199,738 |  |  |  | 2,860,248 |
Snyk Ltd., (Acquired 09/02/21, Cost: $25,961,537)(b)(c)(d) |  |  | 1,809,860 |  |  |  | 23,582,476 |
|  |  |  |  |  |  | 733,130,957 |

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 (continued) December 31, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Specialty Retail(b) — 1.5% |  |  |  |  |  |  |  |
Leslie’s, Inc. |  |  | 768,758 |  |  | $ | 18,188,814 |
Vroom, Inc.(g) |  |  | 3,801,181 |  |  |  | 41,014,743 |
|  |  |  |  |  |  | 59,203,557 |
Total Common Stocks — 86.6% (Cost: $3,840,123,440) |  |  |  |  |  |  | 3,449,069,460 |
|  | Par (000) |  |  |  |
Convertible Notes |  |  |  |  |  |  |  |
Specialty Retail — 0.3% |  |  |  |  |  |
Super73, Inc. (Acquired: 12/21/21, Cost: $12,000,000), 0.00%(c)(d) |  | $ | 12,000 |  |  |  | 12,000,000 |
Total Convertible Notes — 0.3% (Cost: $12,000,000) |  |  |  |  |  |  | 12,000,000 |
|  | Shares |  |  |  |
Preferred Securities |
Preferred Stocks — 13.7%(c)(d) |  |  |  |  |  |
Aerospace & Defense — 1.3% |  |  |  |  |  |
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009) |  |  | 2,189,612 |  |  |  | 50,580,037 |
Banks — 0.9% |  |  |  |  |  |
Varo Money Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001) |  |  | 4,316,904 |  |  |  | 36,780,022 |
Capital Markets — 1.3% |  |  |  |  |  |
The Production Board LLC, Series A, (Acquired 06/04/21, Cost: $50,000,001) |  |  | 16,666,667 |  |  |  | 50,027,501 |
Entertainment — 0.4% |  |  |  |  |  |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912) |  |  | 32,690 |  |  |  | 16,198,222 |
Food Products — 0.8% |  |  |  |  |  |
Motif Food Works, Inc., Series B, (Acquired 06/08/21, Cost: $39,999,986) |  |  | 1,972,240 |  |  |  | 32,325,014 |
Hotels, Restaurants & Leisure — 0.8% |  |  |  |  |  |
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,946) |  |  | 191,067 |  |  |  | 29,999,430 |
IT Services — 0.6% |  |  |  |  |  |
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974) |  |  | 549,357 |  |  |  | 24,999,974 |
Leisure Products — 1.1% |  |  |  |  |  |
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,982) |  |  | 2,172,486 |  |  |  | 44,731,487 |
Semiconductors & Semiconductor Equipment — 1.2% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $39,999,990) |  |  | 1,525,192 |  |  |  | 39,792,259 |
Rivos, Series A, (Acquired 12/03/21, Cost: $7,996,292) |  |  | 999,228 |  |  |  | 7,996,322 |
|  |  |  |  |  |  | 47,788,581 |
Software — 4.7% |  |  |  |  |  |  |  |
Anchor Labs, Inc. , Series D, (Acquired 11/24/21, Cost: $9,999,995)(b) |  |  | 428,785 |  |  |  | 9,999,266 |

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |  |  |
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995) |  |  | 2,745,894 |  |  | $ | 14,999,995 |
Deepgram, Inc., (Acquired 10/22/21, Cost: $11,999,997)(b) |  |  | 2,165,400 |  |  |  | 11,974,662 |
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959) |  |  | 900,760 |  |  |  | 39,831,607 |
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101)(b) |  |  | 4,651,163 |  |  |  | 30,000,001 |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)(b) |  |  | 333,818 |  |  |  | 8,749,370 |
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352) |  |  | 416,667 |  |  |  | 23,333,352 |
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999) |  |  | 909,438 |  |  |  | 4,999,999 |
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,994) |  |  | 732,373 |  |  |  | 10,487,582 |
Snyk Ltd., (Acquired 09/02/21, Cost: $24,038,470) |  |  | 1,675,797 |  |  |  | 21,835,635 |
Validere Technologies Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)(b) |  |  | 4,684,060 |  |  |  | 9,996,299 |
|  |  |  |  |  |  | 186,207,768 |
Wireless Telecommunication Services — 0.6% |
Loft Orbital Solutions, Inc., (Acquired 10/14/21, Cost: $24,999,992)(b) |  |  | 1,365,305 |  |  |  | 24,930,469 |
Total Preferred Stocks — 13.7% |  |  |  |  |  |  | 544,568,505 |
Total Preferred Securities — 13.7% (Cost: $565,117,951) |  |  |  | 544,568,505 |
Total Long-Term Investments — 100.6% (Cost: $4,417,241,391) |  |  |  | 4,005,637,965 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.2% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(e)(i) |  |  | 1,836,203 |  |  |  | 1,836,203 |
SL Liquidity Series, LLC, Money Market Series, 0.15%(e)(i)(j) |  |  | 5,203,957 |  |  |  | 5,204,477 |
Total Short-Term Securities — 0.2% (Cost: $7,040,984) |  |  |  |  |  |  | 7,040,680 |
Total Investments Before Options Written — 100.8% (Cost: $4,424,282,375) |  |  |  | 4,012,678,645 |
Options Written — (0.3)% (Premiums Received: $(17,415,488)) |  |  |  |  |  |  | (11,001,039 | )
Total Investments, Net of Options Written — 100.5% (Cost: $4,406,866,887) |  |  |  | 4,001,677,606 |
Liabilities in Excess of Other Assets — (0.5)% |  |  |  | (20,025,097 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 3,981,652,509 |

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

(b) | Non-income producing security.

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

(d) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $723,608,132, representing 18.2% of its net assets as of period end, and an original cost of $744,062,207.

(e) | Affiliate of the Trust.

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

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

94 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ)

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

(i) | 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 period ended December 31, 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 12/31/21 |  |  |  | Shares Held at 12/31/21 |  |  |  | Income |  |  |  | Capital Gain Distributions from Underlying Funds |
908 Devices, Inc. |  | $ | — |  |  | $ | 104,284,603 |  |  | $ | (27,980 | ) |  | $ | (20,994 | ) |  | $ | (44,486,096 | ) |  | $ | 59,749,533 |  |  |  | 2,309,607 |  |  | $ | — |  |  | $ | — |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | — |  |  |  | 1,836,203 | (b) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,836,203 |  |  |  | 1,836,203 |  |  |  | 42,953 |  |  |  | — |
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 |  |  | — |  |  |  | 5,206,475 | (b) |  |  | — |  |  |  | (1,694 | ) |  |  | (304 | ) |  |  | 5,204,477 |  |  |  | 5,203,957 |  |  |  | 118,573 | (d) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,860,850 |  |  | $ | (44,486,400 | ) |  | $ | 66,790,213 |  |  |  |  |  |  | $ | 161,526 |  |  | $ | — |

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ambarella, Inc. |  |  | 76 |  |  |  | 01/07/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 1,542 |  |  | $ | (5,700 | )
Penn National Gaming, Inc. |  |  | 366 |  |  |  | 01/07/22 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 1,898 |  |  |  | (5,124 | )
Ambarella, Inc. |  |  | 79 |  |  |  | 01/14/22 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 1,603 |  |  |  | (8,493 | )
Amyris, Inc. |  |  | 2,500 |  |  |  | 01/14/22 |  |  | USD |  |  | 7.00 |  |  | USD |  |  | 1,353 |  |  |  | (25,000 | )
Penn National Gaming, Inc. |  |  | 340 |  |  |  | 01/14/22 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 1,763 |  |  |  | (16,830 | )
10X Genomics, Inc., Class A |  |  | 120 |  |  |  | 01/21/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 1,788 |  |  |  | (30,600 | )
10X Genomics, Inc., Class A |  |  | 428 |  |  |  | 01/21/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 6,375 |  |  |  | (154,080 | )
908 Devices, Inc. |  |  | 480 |  |  |  | 01/21/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 1,242 |  |  |  | (15,600 | )
Ambarella, Inc. |  |  | 75 |  |  |  | 01/21/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 1,522 |  |  |  | (6,188 | )
Amyris, Inc. |  |  | 3 |  |  |  | 01/21/22 |  |  | USD |  |  | 12.00 |  |  | USD |  |  | 2 |  |  |  | (15 | )
Amyris, Inc. |  |  | 2,000 |  |  |  | 01/21/22 |  |  | USD |  |  | 9.00 |  |  | USD |  |  | 1,082 |  |  |  | (10,000 | )
Avalara, Inc. |  |  | 604 |  |  |  | 01/21/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 7,798 |  |  |  | (84,560 | )
Avalara, Inc. |  |  | 86 |  |  |  | 01/21/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,110 |  |  |  | (6,450 | )
Axon Enterprise, Inc. |  |  | 362 |  |  |  | 01/21/22 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 5,683 |  |  |  | (8,145 | )
AZEK Co., Inc. |  |  | 1,037 |  |  |  | 01/21/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 4,795 |  |  |  | (209,992 | )
Bill.Com Holdings, Inc. |  |  | 306 |  |  |  | 01/21/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 7,624 |  |  |  | (9,945 | )
Bio-Techne Corp. |  |  | 152 |  |  |  | 01/21/22 |  |  | USD |  |  | 520.00 |  |  | USD |  |  | 7,864 |  |  |  | (187,720 | )
Blackline, Inc. |  |  | 266 |  |  |  | 01/21/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,754 |  |  |  | (5,320 | )
Bright Horizons Family Solutions, Inc. |  |  | 207 |  |  |  | 01/21/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 2,606 |  |  |  | (35,190 | )
Bright Horizons Family Solutions, Inc. |  |  | 50 |  |  |  | 01/21/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 629 |  |  |  | (9,250 | )
Brooks Automation, Inc. |  |  | 294 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 3,031 |  |  |  | (4,410 | )
Certara, Inc. |  |  | 962 |  |  |  | 01/21/22 |  |  | USD |  |  | 38.05 |  |  | USD |  |  | 2,734 |  |  |  | (3,700 | )
Certara, Inc. |  |  | 288 |  |  |  | 01/21/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 818 |  |  |  | (54,000 | )
Chart Industries, Inc. |  |  | 283 |  |  |  | 01/21/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 4,514 |  |  |  | (82,778 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DigitalOcean Holdings, Inc. |  |  | 300 |  |  |  | 01/21/22 |  |  | USD |  |  | 126.00 |  |  | USD |  |  | 2,410 |  |  | $ | (584 | )
DigitalOcean Holdings, Inc. |  |  | 110 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 884 |  |  |  | (21,175 | )
Duolingo, Inc., Class A |  |  | 67 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 711 |  |  |  | (14,405 | )
Entegris, Inc. |  |  | 488 |  |  |  | 01/21/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 6,763 |  |  |  | (14,640 | )
Figs, Inc., Class A |  |  | 1,485 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 4,093 |  |  |  | (11,138 | )
Five9, Inc. |  |  | 305 |  |  |  | 01/21/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 4,188 |  |  |  | (32,788 | )
Five9, Inc. |  |  | 500 |  |  |  | 01/21/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 6,866 |  |  |  | (245,000 | )
Fiverr International Ltd. |  |  | 330 |  |  |  | 01/21/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 3,752 |  |  |  | (3,300 | )
Fox Factory Holding Corp. |  |  | 69 |  |  |  | 01/21/22 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 1,174 |  |  |  | (12,075 | )
Fox Factory Holding Corp. |  |  | 138 |  |  |  | 01/21/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 2,347 |  |  |  | (36,570 | )
Freshpet, Inc. |  |  | 275 |  |  |  | 01/21/22 |  |  | USD |  |  | 132.00 |  |  | USD |  |  | 2,620 |  |  |  | (46 | )
Freshpet, Inc. |  |  | 170 |  |  |  | 01/21/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,620 |  |  |  | (10,625 | )
Gitlab, Inc., Class A |  |  | 179 |  |  |  | 01/21/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 1,557 |  |  |  | (13,425 | )
Gitlab, Inc., Class A |  |  | 112 |  |  |  | 01/21/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 974 |  |  |  | (1,960 | )
Globant SA |  |  | 214 |  |  |  | 01/21/22 |  |  | USD |  |  | 300.00 |  |  | USD |  |  | 6,722 |  |  |  | (436,560 | )
Halozyme Therapeutics, Inc. |  |  | 1,000 |  |  |  | 01/21/22 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 4,021 |  |  |  | (305,000 | )
Health Catalyst, Inc. |  |  | 886 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 3,510 |  |  |  | (44,300 | )
HEICO Corp. |  |  | 524 |  |  |  | 01/21/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 7,557 |  |  |  | (153,270 | )
Inmode Ltd. |  |  | 422 |  |  |  | 01/21/22 |  |  | USD |  |  | 97.50 |  |  | USD |  |  | 2,978 |  |  |  | (6,330 | )
Innovative Industrial Properties, Inc. |  |  | 81 |  |  |  | 01/21/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 2,130 |  |  |  | (82,215 | )
Lattice Semiconductor Corp. |  |  | 374 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,882 |  |  |  | (33,660 | )
Lattice Semiconductor Corp. |  |  | 225 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,734 |  |  |  | (39,375 | )
Leslie’s Inc. |  |  | 687 |  |  |  | 01/21/22 |  |  | USD |  |  | 23.00 |  |  | USD |  |  | 1,625 |  |  |  | (91,027 | )
Lightspeed Commerce Inc. |  |  | 344 |  |  |  | 01/21/22 |  |  | CAD |  |  | 135.00 |  |  | CAD |  |  | 1,757 |  |  |  | (3,807 | )
Lightspeed Commerce Inc. |  |  | 423 |  |  |  | 01/21/22 |  |  | CAD |  |  | 92.00 |  |  | CAD |  |  | 2,161 |  |  |  | (4,682 | )
Lightspeed Commerce Inc. |  |  | 213 |  |  |  | 01/21/22 |  |  | CAD |  |  | 64.00 |  |  | CAD |  |  | 1,088 |  |  |  | (6,735 | )
Masimo Corp. |  |  | 267 |  |  |  | 01/21/22 |  |  | USD |  |  | 295.00 |  |  | USD |  |  | 7,817 |  |  |  | (206,925 | )
Monolithic Power Systems, Inc. |  |  | 151 |  |  |  | 01/21/22 |  |  | USD |  |  | 530.00 |  |  | USD |  |  | 7,449 |  |  |  | (50,963 | )
Natera, Inc. |  |  | 390 |  |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 3,642 |  |  |  | (44,850 | )
Natera, Inc. |  |  | 14 |  |  |  | 01/21/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 131 |  |  |  | (1,435 | )
nCino, Inc. |  |  | 542 |  |  |  | 01/21/22 |  |  | USD |  |  | 73.55 |  |  | USD |  |  | 2,973 |  |  |  | (539 | )
Nuvei Corp. |  |  | 415 |  |  |  | 01/21/22 |  |  | CAD |  |  | 145.00 |  |  | CAD |  |  | 3,403 |  |  |  | (9,186 | )
Nuvei Corp. |  |  | 221 |  |  |  | 01/21/22 |  |  | CAD |  |  | 88.00 |  |  | CAD |  |  | 1,812 |  |  |  | (42,804 | )
Outset Medical, Inc. |  |  | 342 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,576 |  |  |  | (32,490 | )
Outset Medical, Inc. |  |  | 77 |  |  |  | 01/21/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 355 |  |  |  | (10,010 | )
Paylocity Holding Corp. |  |  | 134 |  |  |  | 01/21/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 3,165 |  |  |  | (16,415 | )
Paylocity Holding Corp. |  |  | 134 |  |  |  | 01/21/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 3,165 |  |  |  | (18,760 | )
Penn National Gaming, Inc. |  |  | 188 |  |  |  | 01/21/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 975 |  |  |  | (1,222 | )
Penn National Gaming, Inc. |  |  | 183 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 949 |  |  |  | (3,111 | )
Phreesia, Inc. |  |  | 93 |  |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 387 |  |  |  | (20,460 | )
Phreesia, Inc. |  |  | 659 |  |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,745 |  |  |  | (3,295 | )
Planet Fitness, Inc., Class A |  |  | 414 |  |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 3,750 |  |  |  | (17,595 | )
Pulmonx Corp. |  |  | 362 |  |  |  | 01/21/22 |  |  | USD |  |  | 45.02 |  |  | USD |  |  | 1,161 |  |  |  | (1,973 | )
Pulmonx Corp. |  |  | 87 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 279 |  |  |  | (4,785 | )
Repligen Corp. |  |  | 186 |  |  |  | 01/21/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 4,926 |  |  |  | (62,775 | )
Saia, Inc. |  |  | 123 |  |  |  | 01/21/22 |  |  | USD |  |  | 347.00 |  |  | USD |  |  | 4,145 |  |  |  | (115,858 | )
Seer Inc., Class A |  |  | 310 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 707 |  |  |  | (57,350 | )
Shoals Technologies Group, Inc., Class A |  |  | 88 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 214 |  |  |  | (440 | )
Shoals Technologies Group, Inc., Class A |  |  | 100 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 243 |  |  |  | (1,000 | )
Shoals Technologies Group, Inc., Class A |  |  | 1,240 |  |  |  | 01/21/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 3,013 |  |  |  | (21,700 | )
Vroom, Inc. |  |  | 1,000 |  |  |  | 01/21/22 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 1,079 |  |  |  | (75,000 | )
Vroom, Inc. |  |  | 500 |  |  |  | 01/21/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 540 |  |  |  | (2,500 | )
Wingstop, Inc. |  |  | 155 |  |  |  | 01/21/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 2,678 |  |  |  | (72,850 | )
Ambarella, Inc. |  |  | 85 |  |  |  | 01/28/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,725 |  |  |  | (57,800 | )
Lattice Semiconductor Corp. |  |  | 246 |  |  |  | 01/28/22 |  |  | USD |  |  | 78.50 |  |  | USD |  |  | 1,896 |  |  |  | (68,754 | )
Lattice Semiconductor Corp. |  |  | 138 |  |  |  | 01/28/22 |  |  | USD |  |  | 80.76 |  |  | USD |  |  | 1,063 |  |  |  | (26,849 | )
Penn National Gaming, Inc. |  |  | 400 |  |  |  | 01/28/22 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 2,074 |  |  |  | (81,400 | )
Pulmonx Corp. |  |  | 335 |  |  |  | 01/28/22 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 1,074 |  |  |  | (40,009 | )
Planet Fitness, Inc., Class A |  |  | 184 |  |  |  | 01/31/22 |  |  | USD |  |  | 88.00 |  |  | USD |  |  | 1,667 |  |  |  | (101,847 | )
Fiverr International Ltd. |  |  | 450 |  |  |  | 02/04/22 |  |  | USD |  |  | 140.05 |  |  | USD |  |  | 5,117 |  |  |  | (82,813 | )
Halozyme Therapeutics, Inc. |  |  | 310 |  |  |  | 02/04/22 |  |  | USD |  |  | 34.75 |  |  | USD |  |  | 1,247 |  |  |  | (193,739 | )
Axon Enterprise, Inc. |  |  | 207 |  |  |  | 02/09/22 |  |  | USD |  |  | 161.00 |  |  | USD |  |  | 3,250 |  |  |  | (161,275 | )

96 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10X Genomics, Inc., Class A |  |  | 415 |  |  | 02/18/22 |  | USD |  | 160.00 |  | USD |  |  | 6,182 |  |  | $ | (294,650 | )
908 Devices, Inc. |  |  | 350 |  |  | 02/18/22 |  | USD |  | 35.00 |  | USD |  |  | 905 |  |  |  | (16,625 | )
Avalara, Inc. |  |  | 80 |  |  | 02/18/22 |  | USD |  | 165.00 |  | USD |  |  | 1,033 |  |  |  | (3,600 | )
Axon Enterprise, Inc. |  |  | 210 |  |  | 02/18/22 |  | USD |  | 165.00 |  | USD |  |  | 3,297 |  |  |  | (126,000 | )
AZEK Co., Inc. |  |  | 354 |  |  | 02/18/22 |  | USD |  | 45.00 |  | USD |  |  | 1,637 |  |  |  | (115,050 | )
Bill.Com Holdings, Inc. |  |  | 256 |  |  | 02/18/22 |  | USD |  | 300.00 |  | USD |  |  | 6,378 |  |  |  | (284,160 | )
Bio-Techne Corp. |  |  | 78 |  |  | 02/18/22 |  | USD |  | 520.00 |  | USD |  |  | 4,035 |  |  |  | (196,170 | )
Blackline, Inc. |  |  | 174 |  |  | 02/18/22 |  | USD |  | 115.00 |  | USD |  |  | 1,802 |  |  |  | (36,975 | )
Brooks Automation, Inc. |  |  | 105 |  |  | 02/18/22 |  | USD |  | 115.00 |  | USD |  |  | 1,083 |  |  |  | (27,300 | )
Certara, Inc. |  |  | 105 |  |  | 02/18/22 |  | USD |  | 30.00 |  | USD |  |  | 298 |  |  |  | (26,775 | )
Certara, Inc. |  |  | 370 |  |  | 02/18/22 |  | USD |  | 35.00 |  | USD |  |  | 1,052 |  |  |  | (24,050 | )
Chart Industries, Inc. |  |  | 283 |  |  | 02/18/22 |  | USD |  | 170.00 |  | USD |  |  | 4,514 |  |  |  | (199,515 | )
DigitalOcean Holdings, Inc. |  |  | 106 |  |  | 02/18/22 |  | USD |  | 130.00 |  | USD |  |  | 851 |  |  |  | (5,300 | )
DigitalOcean Holdings, Inc. |  |  | 400 |  |  | 02/18/22 |  | USD |  | 85.00 |  | USD |  |  | 3,213 |  |  |  | (248,000 | )
Duolingo, Inc., Class A |  |  | 219 |  |  | 02/18/22 |  | USD |  | 120.00 |  | USD |  |  | 2,324 |  |  |  | (120,450 | )
Entegris, Inc. |  |  | 757 |  |  | 02/18/22 |  | USD |  | 150.00 |  | USD |  |  | 10,491 |  |  |  | (251,702 | )
Figs, Inc., Class A |  |  | 900 |  |  | 02/18/22 |  | USD |  | 30.00 |  | USD |  |  | 2,480 |  |  |  | (159,750 | )
Five9, Inc. |  |  | 414 |  |  | 02/18/22 |  | USD |  | 160.00 |  | USD |  |  | 5,685 |  |  |  | (76,590 | )
Fox Factory Holding Corp. |  |  | 104 |  |  | 02/18/22 |  | USD |  | 175.00 |  | USD |  |  | 1,769 |  |  |  | (66,040 | )
Freshpet, Inc. |  |  | 386 |  |  | 02/18/22 |  | USD |  | 110.00 |  | USD |  |  | 3,677 |  |  |  | (93,605 | )
Gitlab, Inc., Class A |  |  | 112 |  |  | 02/18/22 |  | USD |  | 105.00 |  | USD |  |  | 974 |  |  |  | (20,720 | )
Globant SA |  |  | 129 |  |  | 02/18/22 |  | USD |  | 310.00 |  | USD |  |  | 4,052 |  |  |  | (293,475 | )
Halozyme Therapeutics, Inc. |  |  | 350 |  |  | 02/18/22 |  | USD |  | 41.00 |  | USD |  |  | 1,407 |  |  |  | (49,000 | )
Inmode Ltd. |  |  | 150 |  |  | 02/18/22 |  | USD |  | 82.50 |  | USD |  |  | 1,059 |  |  |  | (36,375 | )
Innovative Industrial Properties, Inc. |  |  | 82 |  |  | 02/18/22 |  | USD |  | 270.00 |  | USD |  |  | 2,156 |  |  |  | (85,280 | )
Masimo Corp. |  |  | 65 |  |  | 02/18/22 |  | USD |  | 305.00 |  | USD |  |  | 1,903 |  |  |  | (56,875 | )
Monolithic Power Systems, Inc. |  |  | 151 |  |  | 02/18/22 |  | USD |  | 540.00 |  | USD |  |  | 7,449 |  |  |  | (146,470 | )
Natera, Inc. |  |  | 34 |  |  | 02/18/22 |  | USD |  | 110.00 |  | USD |  |  | 318 |  |  |  | (9,690 | )
nCino, Inc. |  |  | 510 |  |  | 02/18/22 |  | USD |  | 65.00 |  | USD |  |  | 2,798 |  |  |  | (33,150 | )
nCino, Inc. |  |  | 565 |  |  | 02/18/22 |  | USD |  | 60.00 |  | USD |  |  | 3,100 |  |  |  | (103,112 | )
Nuvei Corp. |  |  | 221 |  |  | 02/18/22 |  | CAD |  | 96.00 |  | CAD |  |  | 1,812 |  |  |  | (68,137 | )
Outset Medical, Inc. |  |  | 522 |  |  | 02/18/22 |  | USD |  | 50.00 |  | USD |  |  | 2,406 |  |  |  | (174,870 | )
Outset Medical, Inc. |  |  | 522 |  |  | 02/18/22 |  | USD |  | 55.00 |  | USD |  |  | 2,406 |  |  |  | (70,470 | )
Paylocity Holding Corp. |  |  | 129 |  |  | 02/18/22 |  | USD |  | 270.00 |  | USD |  |  | 3,046 |  |  |  | (38,700 | )
Phreesia, Inc. |  |  | 461 |  |  | 02/18/22 |  | USD |  | 55.00 |  | USD |  |  | 1,921 |  |  |  | (19,593 | )
Pulmonx Corp. |  |  | 13 |  |  | 02/18/22 |  | USD |  | 40.00 |  | USD |  |  | 42 |  |  |  | (1,008 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (7,893,791 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rexford Industrial Realty, Inc. |  | Bank of America N.A. |  |  | 30,100 |  |  | 01/03/22 |  |  | USD |  |  | 68.25 |  |  | USD |  |  |  | 2,441 |  |  | $ | (387,094 | )
Fox Factory Holding Corp. |  | Citibank N.A. |  |  | 38,400 |  |  | 01/04/22 |  |  | USD |  |  | 195.60 |  |  | USD |  |  |  | 6,532 |  |  |  | — |
Halma PLC |  | Goldman Sachs International |  |  | 60,500 |  |  | 01/04/22 |  |  | GBP |  |  | 31.49 |  |  | GBP |  |  |  | 1,938 |  |  |  | (52,186 | )
Kahoot! AS |  | UBS AG |  |  | 500,000 |  |  | 01/04/22 |  |  | NOK |  |  | 52.23 |  |  | NOK |  |  |  | 23,037 |  |  |  | (5,476 | )
Leslie’s Inc. |  | JPMorgan Chase Bank N.A. |  |  | 68,600 |  |  | 01/04/22 |  |  | USD |  |  | 22.05 |  |  | USD |  |  |  | 1,623 |  |  |  | (112,430 | )
Masimo Corp. |  | BNP Paribas SA |  |  | 21,100 |  |  | 01/04/22 |  |  | USD |  |  | 310.04 |  |  | USD |  |  |  | 6,178 |  |  |  | (2,058 | )
Repligen Corp. |  | JPMorgan Chase Bank N.A. |  |  | 12,400 |  |  | 01/04/22 |  |  | USD |  |  | 296.69 |  |  | USD |  |  |  | 3,284 |  |  |  | (165 | )
Lightspeed Commerce Inc. |  | Morgan Stanley & Co. International PLC |  |  | 46,600 |  |  | 01/06/22 |  |  | CAD |  |  | 85.40 |  |  | CAD |  |  |  | 2,380 |  |  |  | (2 | )
Shoals Technologies Group, Inc., Class A |  | Citibank N.A. |  |  | 62,000 |  |  | 01/06/22 |  |  | USD |  |  | 33.54 |  |  | USD |  |  |  | 1,507 |  |  |  | (1 | )
Kahoot! AS |  | Morgan Stanley & Co. International PLC |  |  | 569,150 |  |  | 01/11/22 |  |  | NOK |  |  | 54.68 |  |  | NOK |  |  |  | 26,223 |  |  |  | (18,038 | )
Shoals Technologies Group, Inc., Class A |  | Citibank N.A. |  |  | 29,800 |  |  | 01/11/22 |  |  | USD |  |  | 32.17 |  |  | USD |  |  |  | 724 |  |  |  | (184 | )
AZEK Co., Inc. |  | Morgan Stanley & Co. International PLC |  |  | 103,800 |  |  | 01/12/22 |  |  | USD |  |  | 40.32 |  |  | USD |  |  |  | 4,800 |  |  |  | (667,408 | )
Shoals Technologies Group, Inc., Class A |  | Citibank N.A. |  |  | 59,700 |  |  | 01/14/22 |  |  | USD |  |  | 35.85 |  |  | USD |  |  |  | 1,451 |  |  |  | (34 | )
Kahoot! AS |  | Goldman Sachs International |  |  | 290,000 |  |  | 01/18/22 |  |  | NOK |  |  | 52.94 |  |  | NOK |  |  |  | 13,362 |  |  |  | (30,127 | )
Halma PLC |  | Morgan Stanley & Co. International PLC |  |  | 39,400 |  |  | 01/20/22 |  |  | GBP |  |  | 32.71 |  |  | GBP |  |  |  | 1,262 |  |  |  | (22,059 | )
Kahoot! AS |  | Goldman Sachs International |  |  | 300,000 |  |  | 01/25/22 |  |  | NOK |  |  | 55.56 |  |  | NOK |  |  |  | 13,822 |  |  |  | (29,267 | )
Shoals Technologies Group, Inc., Class A |  | Barclays Bank PLC |  |  | 70,000 |  |  | 01/26/22 |  |  | USD |  |  | 34.66 |  |  | USD |  |  |  | 1,701 |  |  |  | (1,544 | )
Phreesia, Inc. |  | Citibank N.A. |  |  | 40,000 |  |  | 01/27/22 |  |  | USD |  |  | 57.01 |  |  | USD |  |  |  | 1,666 |  |  |  | (16,340 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certara, Inc. |  | Citibank N.A. |  |  | 22,000 |  |  | 01/28/22 |  |  | USD |  |  | 29.91 |  |  | USD |  |  |  | 625 |  |  | $ | (50,161 | )
AZEK Co., Inc. |  | Barclays Bank PLC |  |  | 58,400 |  |  | 01/31/22 |  |  | USD |  |  | 44.01 |  |  | USD |  |  |  | 2,700 |  |  |  | (172,204 | )
Bio-Techne Corp. |  | BNP Paribas SA |  |  | 7,900 |  |  | 01/31/22 |  |  | USD |  |  | 510.73 |  |  | USD |  |  |  | 4,087 |  |  |  | (195,850 | )
Blackline, Inc. |  | BNP Paribas SA |  |  | 17,400 |  |  | 01/31/22 |  |  | USD |  |  | 111.10 |  |  | USD |  |  |  | 1,802 |  |  |  | (35,998 | )
DigitalOcean Holdings, Inc. |  | Barclays Bank PLC |  |  | 51,200 |  |  | 01/31/22 |  |  | USD |  |  | 97.04 |  |  | USD |  |  |  | 4,113 |  |  |  | (81,286 | )
Globant SA |  | Citibank N.A. |  |  | 12,900 |  |  | 01/31/22 |  |  | USD |  |  | 300.48 |  |  | USD |  |  |  | 4,052 |  |  |  | (289,870 | )
Rexford Industrial Realty, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 22,200 |  |  | 01/31/22 |  |  | USD |  |  | 77.59 |  |  | USD |  |  |  | 1,801 |  |  |  | (100,922 | )
Kahoot! AS |  | Barclays Bank PLC |  |  | 500,000 |  |  | 02/01/22 |  |  | NOK |  |  | 55.20 |  |  | NOK |  |  |  | 23,037 |  |  |  | (71,140 | )
10X Genomics, Inc., Class A |  | BNP Paribas SA |  |  | 13,400 |  |  | 02/02/22 |  |  | USD |  |  | 154.22 |  |  | USD |  |  |  | 1,996 |  |  |  | (94,199 | )
Avalara, Inc. |  | Barclays Bank PLC |  |  | 17,300 |  |  | 02/02/22 |  |  | USD |  |  | 146.13 |  |  | USD |  |  |  | 2,234 |  |  |  | (31,107 | )
Axon Enterprise, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 21,200 |  |  | 02/02/22 |  |  | USD |  |  | 159.27 |  |  | USD |  |  |  | 3,328 |  |  |  | (147,638 | )
Brooks Automation, Inc. |  | Citibank N.A. |  |  | 21,000 |  |  | 02/02/22 |  |  | USD |  |  | 108.62 |  |  | USD |  |  |  | 2,165 |  |  |  | (67,452 | )
Fox Factory Holding Corp. |  | Barclays Bank PLC |  |  | 10,400 |  |  | 02/02/22 |  |  | USD |  |  | 180.93 |  |  | USD |  |  |  | 1,769 |  |  |  | (26,509 | )
Paylocity Holding Corp. |  | Citibank N.A. |  |  | 13,300 |  |  | 02/02/22 |  |  | USD |  |  | 239.88 |  |  | USD |  |  |  | 3,141 |  |  |  | (129,358 | )
Saia, Inc. |  | Citibank N.A. |  |  | 13,900 |  |  | 02/02/22 |  |  | USD |  |  | 335.26 |  |  | USD |  |  |  | 4,685 |  |  |  | (258,157 | )
Halma PLC |  | Goldman Sachs International |  |  | 8,500 |  |  | 02/08/22 |  |  | GBP |  |  | 32.06 |  |  | GBP |  |  |  | 272 |  |  |  | (10,984 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,107,248 | )

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

Description |  | Swap Premiums Paid |  | Swap Premiums Received |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Value
Options Written |  | $ N/A |  | $ N/A |  | $ 9,733,526 |  | $ (3,319,077) |  | $ (11,001,039)

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 |  | $ | — |  |  | $ | — |  |  | $ | 11,001,039 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,001,039 |

For the period ended December 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | (264,537 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (264,537 | )
Options written |  |  | — |  |  |  | — |  |  |  | (14,153,519 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,153,519 | )
|  | $ | — |  |  | $ | — |  |  | $ | (14,418,056 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (14,418,056 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 6,414,449 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,414,449 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 26,870,475 |

| (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.

98 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ)

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 11,001,039 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 11,001,039 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (7,893,791 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 3,107,248 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged |  |  |  | Net Amount of Derivative Liabilities(b | )
Bank of America N.A. |  | $ | 387,094 |  |  | $ | — |  |  | $ | (387,094 | ) |  | $ | — |  |  | $ | — |
Barclays Bank PLC |  |  | 383,790 |  |  |  | — |  |  |  | (383,790 | ) |  |  | — |  |  |  | — |
BNP Paribas SA |  |  | 328,105 |  |  |  | — |  |  |  | — |  |  |  | (30,000 | ) |  |  | 298,105 |
Citibank N.A. |  |  | 811,557 |  |  |  | — |  |  |  | (811,557 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 122,564 |  |  |  | — |  |  |  | (122,564 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 361,155 |  |  |  | — |  |  |  | (361,155 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 707,507 |  |  |  | — |  |  |  | (540,414 | ) |  |  | — |  |  |  | 167,093 |
UBS AG |  |  | 5,476 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,476 |
|  | $ | 3,107,248 |  |  | $ | — |  |  | $ | (2,606,574 | ) |  | $ | (30,000 | ) |  | $ | 470,674 |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 159,444,134 |  |  | $ | — |  |  | $ | — |  |  | $ | 159,444,134 |
Auto Components |  |  | 93,470,971 |  |  |  | — |  |  |  | — |  |  |  | 93,470,971 |
Biotechnology |  |  | 77,992,073 |  |  |  | — |  |  |  | — |  |  |  | 77,992,073 |
Building Products |  |  | 96,101,748 |  |  |  | — |  |  |  | — |  |  |  | 96,101,748 |
Chemicals |  |  | 48,606,004 |  |  |  | — |  |  |  | — |  |  |  | 48,606,004 |
Diversified Consumer Services |  |  | 38,003,123 |  |  |  | — |  |  |  | 52,682,173 |  |  |  | 90,685,296 |
Electrical Equipment |  |  | 63,279,241 |  |  |  | — |  |  |  | — |  |  |  | 63,279,241 |
Electronic Equipment, Instruments & Components |  |  | 59,749,533 |  |  |  | 29,466,596 |  |  |  | — |  |  |  | 89,216,129 |
Entertainment |  |  | — |  |  |  | 96,721,421 |  |  |  | — |  |  |  | 96,721,421 |
Equity Real Estate Investment Trusts (REITs) |  |  | 60,981,228 |  |  |  | — |  |  |  | — |  |  |  | 60,981,228 |
Food Products |  |  | 54,447,091 |  |  |  | — |  |  |  | — |  |  |  | 54,447,091 |
Health Care Equipment & Supplies |  |  | 271,411,958 |  |  |  | — |  |  |  | — |  |  |  | 271,411,958 |
Health Care Technology |  |  | 197,897,636 |  |  |  | — |  |  |  | — |  |  |  | 197,897,636 |
Hotels, Restaurants & Leisure |  |  | 111,243,293 |  |  |  | — |  |  |  | — |  |  |  | 111,243,293 |
Internet & Direct Marketing Retail |  |  | 64,714,629 |  |  |  | — |  |  |  | — |  |  |  | 64,714,629 |
IT Services |  |  | 233,035,191 |  |  |  | — |  |  |  | 49,999,973 |  |  |  | 283,035,164 |
Life Sciences Tools & Services |  |  | 315,791,897 |  |  |  | — |  |  |  | — |  |  |  | 315,791,897 |
Machinery |  |  | 64,581,329 |  |  |  | — |  |  |  | — |  |  |  | 64,581,329 |

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 (continued) December 31, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Common Stocks (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Road & Rail |  | $ | 60,909,410 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,909,410 |
Semiconductors & Semiconductor Equipment |  |  | 356,204,294 |  |  |  | — |  |  |  | — |  |  |  | 356,204,294 |
Software |  |  | 668,773,476 |  |  |  | — |  |  |  | 64,357,481 |  |  |  | 733,130,957 |
Specialty Retail |  |  | 59,203,557 |  |  |  | — |  |  |  | — |  |  |  | 59,203,557 |
Convertible Notes |  |  | — |  |  |  | — |  |  |  | 12,000,000 |  |  |  | 12,000,000 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 544,568,505 |  |  |  | 544,568,505 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 1,836,203 |  |  |  | — |  |  |  | — |  |  |  | 1,836,203 |
|  | $ | 3,157,678,019 |  |  | $ | 126,188,017 |  |  | $ | 723,608,132 |  |  |  | 4,007,474,168 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,204,477 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,012,678,645 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (7,095,805 | ) |  | $ | (3,905,234 | ) |  | $ | — |  |  | $ | (11,001,039 | )

| (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 |  |  | Convertible Notes |  |  | 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) |  |  | 95,372 |  |  |  | — |  |  |  | (20,549,446 | ) |  |  | (20,454,074 | )
Purchases |  |  | 166,944,255 |  |  |  | 12,000,000 |  |  |  | 565,117,951 |  |  |  | 744,062,206 |
Sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Closing balance, as of December 31, 2021 |  | $ | 167,039,627 |  |  |  | 12,000,000 |  |  | $ | 544,568,505 |  |  | $ | 723,608,132 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2021(b) |  | $ | 95,372 |  |  |  | — |  |  | $ | (20,549,446 | ) |  | $ | (20,454,074 | )

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 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 |  |  | $ 167,039,627 |  |  | Market |  | Revenue Multiple |  |  | 22.00x - 31.00x |  |  |  | 30.03x |
|  |  |  |  |  |  |  | EBITDA Multiple |  |  | 17.25x |  |  |  | — |
|  |  |  |  |  |  |  | Recent Transactions |  |  | $ 26.21 - $1,942.35 |  |  |  | $ 1,119.93 |
Convertible Notes |  |  | 12,000,000 |  |  | Market |  | Recent Transactions |  |  | $ 100.00 |  |  |  | — |
Preferred Stocks |  |  | 544,568,505 |  |  | Market |  | Revenue Multiple |  |  | 7.25x - 31.00x |  |  |  | 14.30x |
|  |  |  |  |  |  |  | Time to Exit |  |  | 3.0 - 5.0 |  |  |  | 3.7 |
|  |  |  |  |  |  |  | Volatility |  |  | 42% - 90% |  |  |  | 62% |
|  |  |  |  |  |  |  | Recent Transactions |  |  | 2.13 - $157.01 |  |  |  | $ 42.55 |

100 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Innovation and Growth Trust (BIGZ)

|  |  | Value |  |  | Valuation Approach |  | Unobservable Inputs |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
|  |  |  |  |  |  |  | Market Adjustment Multiple |  |  | 1.00x - 1.00x |  |  |  | 1.00x |
|  |  | $ 723,608,132 |  |  |  |  |  |  |  |  |  |  |  |  |

| (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 |  | 101

Schedule of Investments December 31, 2021 |  | BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Chemicals — 14.6% |  |  |  |  |  |
CF Industries Holdings, Inc.(a)(b) |  |  | 553,231 |  |  | $ | 39,157,690 |
FMC Corp.(b) |  |  | 260,025 |  |  |  | 28,574,147 |
Koninklijke DSM NV |  |  | 77,640 |  |  |  | 17,485,017 |
Nutrien Ltd.(b) |  |  | 529,041 |  |  |  | 39,783,883 |
Sociedad Quimica y Minera de Chile SA, ADR(b) |  |  | 133,215 |  |  |  | 6,718,033 |
|  |  |  |  |  |  | 131,718,770 |
Containers & Packaging — 1.3% |  |  |  |  |  |
Packaging Corp. of America(b) |  |  | 85,308 |  |  |  | 11,614,684 |
Electronic Equipment, Instruments & Components — 1.3% |
Trimble, Inc.(b)(c) |  |  | 139,986 |  |  |  | 12,205,379 |
Food Products — 8.9% |  |  |  |  |  |
Bunge Ltd.(b) |  |  | 331,854 |  |  |  | 30,981,889 |
Darling Ingredients, Inc.(b)(c) |  |  | 155,316 |  |  |  | 10,761,846 |
Hofseth International AS, (Acquired 05/26/21, Cost: $10,198,057)(c)(d)(e) |  |  | 18,993,283 |  |  |  | 9,834,654 |
Kerry Group PLC, Class A |  |  | 145,298 |  |  |  | 18,745,718 |
Nestle SA, Registered Shares |  |  | 70,298 |  |  |  | 9,814,816 |
|  |  |  |  |  |  | 80,138,923 |
Machinery(b) — 3.5% |  |  |  |  |  |
AGCO Corp. |  |  | 117,352 |  |  |  | 13,615,179 |
Deere & Co. |  |  | 52,807 |  |  |  | 18,106,992 |
|  |  |  |  |  |  | 31,722,171 |
Metals & Mining — 29.7% |  |  |  |  |  |
Anglo American PLC |  |  | 867,456 |  |  |  | 35,680,390 |
ArcelorMittal SA(b) |  |  | 444,242 |  |  |  | 14,140,223 |
BHP Group PLC |  |  | 1,254,836 |  |  |  | 37,337,291 |
First Quantum Minerals Ltd. |  |  | 999,016 |  |  |  | 23,906,253 |
Freeport-McMoRan, Inc.(b) |  |  | 91,060 |  |  |  | 3,799,934 |
Glencore PLC |  |  | 8,585,532 |  |  |  | 43,745,670 |
Neo Lithium Corp.(c) |  |  | 1,790,715 |  |  |  | 8,946,851 |
Newcrest Mining Ltd. |  |  | 632,738 |  |  |  | 11,332,406 |
Newmont Corp.(a)(b) |  |  | 428,038 |  |  |  | 26,546,917 |
Polyus PJSC, Registered Shares, GDR(f) |  |  | 114,130 |  |  |  | 10,080,644 |
Stelco Holdings, Inc. |  |  | 269,355 |  |  |  | 8,777,274 |
Teck Resources Ltd.(b) |  |  | 377,705 |  |  |  | 10,885,458 |
Vale SA, ADR |  |  | 2,329,925 |  |  |  | 32,665,549 |
|  |  |  |  |  |  | 267,844,860 |
Oil, Gas & Consumable Fuels — 40.2% |  |  |  |  |  |
Canadian Natural Resources Ltd. |  |  | 579,998 |  |  |  | 24,507,604 |
Chevron Corp.(a)(b) |  |  | 457,029 |  |  |  | 53,632,353 |
ConocoPhillips(b) |  |  | 383,076 |  |  |  | 27,650,426 |
EOG Resources, Inc. |  |  | 87,202 |  |  |  | 7,746,154 |
Equinor ASA |  |  | 648,712 |  |  |  | 17,177,431 |
Exxon Mobil Corp.(a)(b) |  |  | 418,676 |  |  |  | 25,618,784 |
Gazprom PJSC, ADR |  |  | 1,943,600 |  |  |  | 17,947,477 |
Hess Corp. |  |  | 149,477 |  |  |  | 11,065,782 |
Kosmos Energy Ltd.(c) |  |  | 1,777,243 |  |  |  | 6,149,261 |
LUKOIL PJSC, ADR |  |  | 72,659 |  |  |  | 6,510,309 |
Marathon Petroleum Corp.(b) |  |  | 165,361 |  |  |  | 10,581,450 |
Pioneer Natural Resources Co. |  |  | 81,724 |  |  |  | 14,863,961 |
Royal Dutch Shell PLC, Class B, ADR(b) |  |  | 1,032,228 |  |  |  | 44,747,084 |
Suncor Energy Inc. |  |  | 991,241 |  |  |  | 24,801,595 |

Security |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |
TotalEnergies SE. |  |  |  |  |  |  | 1,175,214 |  |  | $ | 59,818,637 |
Valero Energy Corp.(b) |  |  |  |  |  |  | 124,846 |  |  |  | 9,377,183 |
|  |  |  |  |  |  |  |  |  |  | 362,195,491 |
Paper & Forest Products — 0.0% |
Precious Woods Holding AG, Registered Shares(c) |  |  |  |  |  |  | 20,000 |  |  |  | 279,851 |
Total Common Stocks — 99.5% (Cost: $656,116,657) |  |  |  | 897,720,129 |
|  |  |  |  | Par (000) |  |  |  |
Corporate Bonds |
Metals & Mining — 0.5% |  |  |  |
Osisko Gold Royalties Ltd., 4.00%, 12/31/22 |  |  | CAD |  |  |  | 5,556 |  |  |  | 4,437,069 |
Total Corporate Bonds — 0.5% (Cost: $4,434,866) |  |  |  |  |  |  |  | 4,437,069 |
Total Long-Term Investments — 100.0% (Cost: $660,551,523) |  |  |  |  |  |  |  | 902,157,198 |
|  | Shares |  |  |  |
Short-Term Securities |  |  |  |  |
Money Market Funds — 1.8% |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(g)(h) |  |  |  |  |  |  | 16,654,313 |  |  |  | 16,654,313 |
Total Short-Term Securities — 1.8% (Cost: $16,654,313) |  |  |  | 16,654,313 |
Options Purchased — 0.0% (Cost: $1,311) |  |  |  | — |
Total Investments Before Options Written — 101.8% (Cost: $677,207,147) |  |  |  | 918,811,511 |
Options Written — (1.0)% (Premiums Received: $(8,020,674)) |  |  |  | (9,395,723 | )
Total Investments, Net of Options Written — 100.8% (Cost: $669,186,473) |  |  |  | 909,415,788 |
Liabilities in Excess of Other Assets — (0.8)% |  |  |  | (7,633,899 | )
Net Assets — 100.0% |  |  |  |  |  |  |  |  |  | $ | 901,781,889 |

(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 $9,834,654, representing 1.1% of its net assets as of period end, and an original cost of $10,198,057.

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

(g) | Affiliate of the Trust.

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

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

102 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 289,665 |  |  | $ | 16,364,648 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,654,313 |  |  |  | 16,654,313 |  |  | $ | 1,251 |  |  | $ | — |

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

Derivative Financial Instruments Outstanding as of Period End

OTC Options Purchased

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  |  | Notional Amount (000) |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aker BP |  | Goldman Sachs International |  |  | 27,500 |  |  | 01/04/22 |  |  | NOK |  |  |  | 317.85 |  |  | NOK |  | 7,469 |  | $ | — |

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ArcelorMittal SA |  |  | 821 |  |  | 01/07/22 |  |  | USD |  |  | 31.00 |  |  | USD |  |  |  | 2,613 |  |  | $ | (87,436 | )
Chevron Corp. |  |  | 485 |  |  | 01/07/22 |  |  | USD |  |  | 116.25 |  |  | USD |  |  |  | 5,691 |  |  |  | (98,543 | )
ConocoPhillips |  |  | 457 |  |  | 01/07/22 |  |  | USD |  |  | 76.00 |  |  | USD |  |  |  | 3,299 |  |  |  | (6,627 | )
Deere & Co. |  |  | 69 |  |  | 01/07/22 |  |  | USD |  |  | 365.00 |  |  | USD |  |  |  | 2,366 |  |  |  | (1,070 | )
Exxon Mobil Corp. |  |  | 301 |  |  | 01/07/22 |  |  | USD |  |  | 65.01 |  |  | USD |  |  |  | 1,842 |  |  |  | (578 | )
Marathon Petroleum Corp. |  |  | 95 |  |  | 01/07/22 |  |  | USD |  |  | 67.00 |  |  | USD |  |  |  | 608 |  |  |  | (1,710 | )
Valero Energy Corp. |  |  | 72 |  |  | 01/07/22 |  |  | USD |  |  | 76.00 |  |  | USD |  |  |  | 541 |  |  |  | (6,012 | )
ArcelorMittal SA |  |  | 821 |  |  | 01/14/22 |  |  | USD |  |  | 31.00 |  |  | USD |  |  |  | 2,613 |  |  |  | (117,813 | )
CF Industries Holdings, Inc. |  |  | 733 |  |  | 01/14/22 |  |  | USD |  |  | 63.00 |  |  | USD |  |  |  | 5,188 |  |  |  | (531,425 | )
Chevron Corp. |  |  | 390 |  |  | 01/14/22 |  |  | USD |  |  | 121.00 |  |  | USD |  |  |  | 4,577 |  |  |  | (21,450 | )
ConocoPhillips |  |  | 121 |  |  | 01/14/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  |  | 873 |  |  |  | (7,865 | )
Deere & Co. |  |  | 33 |  |  | 01/14/22 |  |  | USD |  |  | 375.00 |  |  | USD |  |  |  | 1,132 |  |  |  | (644 | )
Exxon Mobil Corp. |  |  | 301 |  |  | 01/14/22 |  |  | USD |  |  | 65.01 |  |  | USD |  |  |  | 1,842 |  |  |  | (3,071 | )
Freeport-McMoRan, Inc. |  |  | 420 |  |  | 01/14/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  |  | 1,753 |  |  |  | (92,610 | )
Newmont Corp. |  |  | 528 |  |  | 01/14/22 |  |  | USD |  |  | 59.00 |  |  | USD |  |  |  | 3,275 |  |  |  | (179,520 | )
Nutrien Ltd. |  |  | 739 |  |  | 01/14/22 |  |  | USD |  |  | 73.00 |  |  | USD |  |  |  | 5,557 |  |  |  | (221,700 | )
Valero Energy Corp. |  |  | 98 |  |  | 01/14/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  |  | 736 |  |  |  | (19,012 | )
AGCO Corp. |  |  | 217 |  |  | 01/21/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  |  | 2,518 |  |  |  | (35,262 | )
Bunge Ltd. |  |  | 613 |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  |  | 5,723 |  |  |  | (19,923 | )
Canadian Natural Resources Ltd. |  |  | 561 |  |  | 01/21/22 |  |  | CAD |  |  | 54.00 |  |  | CAD |  |  |  | 2,999 |  |  |  | (49,450 | )
Canadian Natural Resources Ltd. |  |  | 1,584 |  |  | 01/21/22 |  |  | CAD |  |  | 56.00 |  |  | CAD |  |  |  | 8,466 |  |  |  | (56,976 | )
CF Industries Holdings, Inc. |  |  | 420 |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  |  | 2,973 |  |  |  | (264,600 | )
CF Industries Holdings, Inc. |  |  | 436 |  |  | 01/21/22 |  |  | USD |  |  | 72.50 |  |  | USD |  |  |  | 3,086 |  |  |  | (64,310 | )
Chevron Corp. |  |  | 482 |  |  | 01/21/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  |  | 5,656 |  |  |  | (179,545 | )
ConocoPhillips |  |  | 206 |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  |  | 1,487 |  |  |  | (18,643 | )
Darling Ingredients, Inc. |  |  | 287 |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  |  | 1,989 |  |  |  | (5,023 | )
Exxon Mobil Corp. |  |  | 302 |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  |  | 1,848 |  |  |  | (6,342 | )
First Quantum Minerals Ltd. |  |  | 589 |  |  | 01/21/22 |  |  | CAD |  |  | 29.00 |  |  | CAD |  |  |  | 1,783 |  |  |  | (90,332 | )
FMC Corp. |  |  | 490 |  |  | 01/21/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  |  | 5,385 |  |  |  | (96,775 | )
Freeport-McMoRan, Inc. |  |  | 251 |  |  | 01/21/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  |  | 1,047 |  |  |  | (22,716 | )
Marathon Petroleum Corp. |  |  | 190 |  |  | 01/21/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  |  | 1,216 |  |  |  | (10,925 | )
Marathon Petroleum Corp. |  |  | 8 |  |  | 01/21/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  |  | 51 |  |  |  | (1,060 | )
Newmont Corp. |  |  | 527 |  |  | 01/21/22 |  |  | USD |  |  | 62.50 |  |  | USD |  |  |  | 3,268 |  |  |  | (77,205 | )
Packaging Corp. of America |  |  | 316 |  |  | 01/21/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  |  | 4,302 |  |  |  | (82,950 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 829 |  |  | 01/21/22 |  |  | USD |  |  | 47.50 |  |  | USD |  |  |  | 3,594 |  |  |  | (8,290 | )
Sociedad Quimica y Minera de Chile SA, ADR |  |  | 246 |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  |  | 1,241 |  |  |  | (65,190 | )
Stelco Holdings Inc. |  |  | 498 |  |  | 01/21/22 |  |  | CAD |  |  | 49.00 |  |  | CAD |  |  |  | 2,053 |  |  |  | (6,890 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Suncor Energy Inc. |  |  | 2,342 |  |  | 01/21/22 |  |  | CAD |  |  | 33.00 |  |  | CAD |  |  |  | 7,412 |  |  | $ | (58,321 | )
Teck Resources Ltd. |  |  | 825 |  |  | 01/21/22 |  |  | USD |  |  | 29.00 |  |  | USD |  |  |  | 2,378 |  |  |  | (78,787 | )
Valero Energy Corp. |  |  | 291 |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  |  | 2,186 |  |  |  | (18,042 | )
CF Industries Holdings, Inc. |  |  | 457 |  |  | 01/28/22 |  |  | USD |  |  | 68.00 |  |  | USD |  |  |  | 3,235 |  |  |  | (191,940 | )
Chevron Corp. |  |  | 334 |  |  | 01/28/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  |  | 3,919 |  |  |  | (52,104 | )
ConocoPhillips |  |  | 239 |  |  | 01/28/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  |  | 1,725 |  |  |  | (29,875 | )
Deere & Co. |  |  | 93 |  |  | 01/28/22 |  |  | USD |  |  | 365.00 |  |  | USD |  |  |  | 3,189 |  |  |  | (18,135 | )
Exxon Mobil Corp. |  |  | 491 |  |  | 01/28/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  |  | 3,004 |  |  |  | (18,413 | )
Exxon Mobil Corp. |  |  | 154 |  |  | 01/28/22 |  |  | USD |  |  | 64.00 |  |  | USD |  |  |  | 942 |  |  |  | (8,547 | )
Marathon Petroleum Corp. |  |  | 118 |  |  | 01/28/22 |  |  | USD |  |  | 66.00 |  |  | USD |  |  |  | 755 |  |  |  | (16,402 | )
Newmont Corp. |  |  | 528 |  |  | 01/28/22 |  |  | USD |  |  | 63.00 |  |  | USD |  |  |  | 3,275 |  |  |  | (81,840 | )
Nutrien Ltd. |  |  | 802 |  |  | 01/28/22 |  |  | USD |  |  | 71.00 |  |  | USD |  |  |  | 6,031 |  |  |  | (413,030 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 1,045 |  |  | 01/28/22 |  |  | USD |  |  | 46.25 |  |  | USD |  |  |  | 4,530 |  |  |  | (32,604 | )
Teck Resources Ltd. |  |  | 572 |  |  | 01/28/22 |  |  | USD |  |  | 29.50 |  |  | USD |  |  |  | 1,649 |  |  |  | (50,622 | )
Nutrien Ltd. |  |  | 416 |  |  | 02/04/22 |  |  | USD |  |  | 77.00 |  |  | USD |  |  |  | 3,128 |  |  |  | (76,960 | )
EOG Resources, Inc. |  |  | 322 |  |  | 02/11/22 |  |  | USD |  |  | 91.00 |  |  | USD |  |  |  | 2,860 |  |  |  | (99,981 | )
AGCO Corp. |  |  | 217 |  |  | 02/18/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  |  | 2,518 |  |  |  | (75,407 | )
ConocoPhillips |  |  | 228 |  |  | 02/18/22 |  |  | USD |  |  | 77.50 |  |  | USD |  |  |  | 1,646 |  |  |  | (32,718 | )
ConocoPhillips |  |  | 166 |  |  | 02/18/22 |  |  | USD |  |  | 72.50 |  |  | USD |  |  |  | 1,198 |  |  |  | (54,365 | )
Darling Ingredients, Inc. |  |  | 287 |  |  | 02/18/22 |  |  | USD |  |  | 69.00 |  |  | USD |  |  |  | 1,989 |  |  |  | (100,489 | )
FMC Corp. |  |  | 472 |  |  | 02/18/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  |  | 5,187 |  |  |  | (177,000 | )
Marathon Petroleum Corp. |  |  | 200 |  |  | 02/18/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  |  | 1,280 |  |  |  | (18,300 | )
Royal Dutch Shell PLC, Class B, ADR |  |  | 911 |  |  | 02/18/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  |  | 3,949 |  |  |  | (86,545 | )
Sociedad Quimica y Minera de Chile SA, ADR |  |  | 246 |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  |  | 1,241 |  |  |  | (103,320 | )
Stelco Holdings Inc. |  |  | 498 |  |  | 02/18/22 |  |  | CAD |  |  | 46.00 |  |  | CAD |  |  |  | 2,053 |  |  |  | (85,628 | )
Suncor Energy Inc. |  |  | 1,325 |  |  | 02/18/22 |  |  | CAD |  |  | 32.00 |  |  | CAD |  |  |  | 4,194 |  |  |  | (134,600 | )
Trimble, Inc. |  |  | 517 |  |  | 02/18/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  |  | 4,508 |  |  |  | (130,542 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,804,010 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aker BP |  | Morgan Stanley & Co. International PLC |  |  | 27,500 |  |  | 01/04/22 |  |  | NOK |  |  | 317.86 |  |  | NOK |  |  |  | 7,469 |  |  | $ | — |
Gazprom PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 211,300 |  |  | 01/04/22 |  |  | USD |  |  | 9.62 |  |  | USD |  |  |  | 1,952 |  |  |  | (2,405 | )
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 161,000 |  |  | 01/05/22 |  |  | NOK |  |  | 229.81 |  |  | NOK |  |  |  | 37,544 |  |  |  | (109,301 | )
BHP Group PLC |  | Goldman Sachs International |  |  | 139,500 |  |  | 01/11/22 |  |  | GBP |  |  | 19.99 |  |  | GBP |  |  |  | 3,068 |  |  |  | (376,682 | )
Gazprom PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 211,300 |  |  | 01/11/22 |  |  | USD |  |  | 9.71 |  |  | USD |  |  |  | 1,952 |  |  |  | (7,776 | )
Glencore PLC |  | Morgan Stanley & Co. International PLC |  |  | 336,000 |  |  | 01/11/22 |  |  | GBP |  |  | 3.76 |  |  | GBP |  |  |  | 1,265 |  |  |  | (31,709 | )
Koninklijke DSM N.V |  | Credit Suisse International |  |  | 16,300 |  |  | 01/11/22 |  |  | EUR |  |  | 197.47 |  |  | EUR |  |  |  | 3,224 |  |  |  | (48,610 | )
LUKOIL PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 5,900 |  |  | 01/11/22 |  |  | USD |  |  | 95.01 |  |  | USD |  |  |  | 528 |  |  |  | (77 | )
Total SA |  | Goldman Sachs International |  |  | 77,500 |  |  | 01/11/22 |  |  | EUR |  |  | 44.23 |  |  | EUR |  |  |  | 3,465 |  |  |  | (86,094 | )
Anglo American PLC |  | Goldman Sachs International |  |  | 62,000 |  |  | 01/13/22 |  |  | GBP |  |  | 29.02 |  |  | GBP |  |  |  | 1,884 |  |  |  | (142,116 | )
Statoil ASA |  | UBS AG |  |  | 25,000 |  |  | 01/13/22 |  |  | NOK |  |  | 234.66 |  |  | NOK |  |  |  | 5,830 |  |  |  | (15,216 | )
Anglo American PLC |  | Morgan Stanley & Co. International PLC |  |  | 190,560 |  |  | 01/18/22 |  |  | GBP |  |  | 29.65 |  |  | GBP |  |  |  | 5,791 |  |  |  | (374,032 | )
BHP Group PLC |  | UBS AG |  |  | 278,500 |  |  | 01/18/22 |  |  | GBP |  |  | 19.17 |  |  | GBP |  |  |  | 6,126 |  |  |  | (1,104,510 | )
Gazprom PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 211,300 |  |  | 01/18/22 |  |  | USD |  |  | 9.80 |  |  | USD |  |  |  | 1,952 |  |  |  | (33,128 | )
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 25,000 |  |  | 01/18/22 |  |  | NOK |  |  | 230.80 |  |  | NOK |  |  |  | 5,830 |  |  |  | (23,283 | )
Total SA |  | Goldman Sachs International |  |  | 106,500 |  |  | 01/18/22 |  |  | EUR |  |  | 44.69 |  |  | EUR |  |  |  | 4,761 |  |  |  | (109,235 | )
Gazprom PJSC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 85,200 |  |  | 01/20/22 |  |  | USD |  |  | 9.58 |  |  | USD |  |  |  | 787 |  |  |  | (9,366 | )
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 29,100 |  |  | 01/20/22 |  |  | NOK |  |  | 245.86 |  |  | NOK |  |  |  | 6,786 |  |  |  | (9,909 | )
Newcrest Mining Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 126,100 |  |  | 01/25/22 |  |  | AUD |  |  | 24.33 |  |  | AUD |  |  |  | 3,104 |  |  |  | (77,707 | )
Glencore PLC |  | Goldman Sachs International |  |  | 720,600 |  |  | 01/27/22 |  |  | GBP |  |  | 3.73 |  |  | GBP |  |  |  | 2,713 |  |  |  | (124,349 | )
Koninklijke DSM N.V |  | Goldman Sachs International |  |  | 19,800 |  |  | 01/27/22 |  |  | EUR |  |  | 195.85 |  |  | EUR |  |  |  | 3,917 |  |  |  | (103,665 | )
Total SA |  | Goldman Sachs International |  |  | 130,900 |  |  | 01/27/22 |  |  | EUR |  |  | 41.62 |  |  | EUR |  |  |  | 5,842 |  |  |  | (462,054 | )
Bunge Ltd. |  | Citibank N.A. |  |  | 61,400 |  |  | 01/31/22 |  |  | USD |  |  | 91.61 |  |  | USD |  |  |  | 5,732 |  |  |  | (216,287 | )
Glencore PLC |  | Goldman Sachs International |  |  | 1,360,100 |  |  | 02/01/22 |  |  | GBP |  |  | 3.81 |  |  | GBP |  |  |  | 5,120 |  |  |  | (207,589 | )
Nestle SA, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 13,000 |  |  | 02/01/22 |  |  | CHF |  |  | 125.04 |  |  | CHF |  |  |  | 1,654 |  |  |  | (47,595 | )
Royal Dutch Shell PLC, Class B, ADR |  | Citibank N.A. |  |  | 103,400 |  |  | 02/02/22 |  |  | USD |  |  | 44.00 |  |  | USD |  |  |  | 4,482 |  |  |  | (89,265 | )
Kerry Group PLC, Class A |  | UBS AG |  |  | 53,700 |  |  | 02/03/22 |  |  | EUR |  |  | 115.68 |  |  | EUR |  |  |  | 6,085 |  |  |  | (71,673 | )

104 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LUKOIL PJSC, ADR |  | Credit Suisse International |  |  | 21,000 |  |  |  | 02/03/22 |  |  | USD |  |  | 90.41 |  |  | USD |  |  | 1,880 |  |  | $ | (37,513 | )
Nestle SA, Registered Shares |  | UBS AG |  |  | 13,000 |  |  |  | 02/08/22 |  |  | CHF |  |  | 128.85 |  |  | CHF |  |  | 1,654 |  |  |  | (22,497 | )
Newcrest Mining Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 108,000 |  |  |  | 02/08/22 |  |  | AUD |  |  | 23.75 |  |  | AUD |  |  | 2,659 |  |  |  | (107,585 | )
Total SA |  | UBS AG |  |  | 119,900 |  |  |  | 02/08/22 |  |  | EUR |  |  | 44.57 |  |  | EUR |  |  | 5,361 |  |  |  | (179,871 | )
Anglo American PLC |  | UBS AG |  |  | 68,400 |  |  |  | 02/10/22 |  |  | GBP |  |  | 30.70 |  |  | GBP |  |  | 2,079 |  |  |  | (133,624 | )
Glencore PLC |  | Credit Suisse International |  |  | 760,000 |  |  |  | 02/10/22 |  |  | GBP |  |  | 3.77 |  |  | GBP |  |  | 2,861 |  |  |  | (149,969 | )
Public Joint Stock Polyus, GDR |  | Morgan Stanley & Co. International PLC |  |  | 21,000 |  |  |  | 02/10/22 |  |  | USD |  |  | 88.64 |  |  | USD |  |  | 1,853 |  |  |  | (77,021 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,591,713 | )

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

Description |  | Swap Premiums Paid |  | Swap Premiums Received |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Value
Options Written |  | $ N/A |  | $ N/A |  | $ 2,096,639 |  | $ (3,471,688) |  | $ (9,395,723)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 9,395,723 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,395,723 |

For the period ended December 31, 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) |  | $ | — |  |  | $ | — |  |  | $ | (21,778 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21,778 | )
Options written |  |  | — |  |  |  | — |  |  |  | (30,769,396 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (30,769,396 | )
|  | $ | — |  |  | $ | — |  |  | $ | (30,791,174 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (30,791,174 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(b) |  | $ | — |  |  | $ | — |  |  | $ | (1,311 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,311 | )
Options written |  |  | — |  |  |  | — |  |  |  | 5,449,330 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,449,330 |
|  | $ | — |  |  | $ | — |  |  | $ | 5,448,019 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,448,019 |

| (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 |  | $ | 1,870 |
Average value of option contracts written |  | $ | 7,951,354 |

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 |  | 105

Schedule of Investments (continued) December 31, 2021 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 9,395,723 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 9,395,723 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (4,804,010 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 4,591,713 |

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)
Citibank N.A. |  | $ | 305,552 |  |  | $ | — |  |  | $ | — |  |  | $ | (270,000 | ) |  | $ | 35,552 |
Credit Suisse International |  |  | 236,092 |  |  |  | — |  |  |  | (236,092 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,611,784 |  |  |  | — |  |  |  | (1,611,784 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 185,292 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 185,292 |
Morgan Stanley & Co. International PLC |  |  | 725,602 |  |  |  | — |  |  |  | (725,602 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 1,527,391 |  |  |  | — |  |  |  | (1,527,391 | ) |  |  | — |  |  |  | — |
|  | $ | 4,591,713 |  |  | $ | — |  |  | $ | (4,100,869 | ) |  | $ | (270,000 | ) |  | $ | 220,844 |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chemicals |  | $ | 114,233,753 |  |  | $ | 17,485,017 |  |  | $ | — |  |  | $ | 131,718,770 |
Containers & Packaging |  |  | 11,614,684 |  |  |  | — |  |  |  | — |  |  |  | 11,614,684 |
Electronic Equipment, Instruments & Components |  |  | 12,205,379 |  |  |  | — |  |  |  | — |  |  |  | 12,205,379 |
Food Products |  |  | 41,743,735 |  |  |  | 28,560,534 |  |  |  | 9,834,654 |  |  |  | 80,138,923 |
Machinery |  |  | 31,722,171 |  |  |  | — |  |  |  | — |  |  |  | 31,722,171 |
Metals & Mining |  |  | 129,668,459 |  |  |  | 138,176,401 |  |  |  | — |  |  |  | 267,844,860 |
Oil, Gas & Consumable Fuels |  |  | 260,741,637 |  |  |  | 101,453,854 |  |  |  | — |  |  |  | 362,195,491 |
Paper & Forest Products |  |  | — |  |  |  | 279,851 |  |  |  | — |  |  |  | 279,851 |
Corporate Bonds |  |  | 4,437,069 |  |  |  | — |  |  |  | — |  |  |  | 4,437,069 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 16,654,313 |  |  |  | — |  |  |  | — |  |  |  | 16,654,313 |
Options Purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0 |
|  | $ | 623,021,200 |  |  | $ | 285,955,657 |  |  | $ | 9,834,654 |  |  | $ | 918,811,511 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

106 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (4,568,725 | ) |  | $ | (4,826,998 | ) |  | $ | — |  |  | $ | (9,395,723 | )
|  | $ | (4,568,725 | ) |  | $ | (4,826,998 | ) |  | $ | — |  |  | $ | (9,395,723 | )

| (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 year 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) |  |  | (363,403 | )
Purchases |  |  | 10,198,057 |
Sales |  |  | — |
Closing balance, as of December 31, 2021 |  | $ | 9,834,654 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2021(b) |  | $ | (363,403 | )

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 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 investments as of period end.

|  |  | Value |  |  |  | Valuation Approach |  |  | Unobservable Inputs(a) |  |  | Range of Unobservable Inputs Utilized | (a)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 9,834,654 |  |  |  | Market |  |  | EBITDA Multiple |  |  | 15.75x |
|  | $ | 9,834,654 |  |  |  |  |  |  |  |  |  |  |

| (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 |  | 107

Consolidated Schedule of Investments December 31, 2021 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Airlines — 0.1% |  |  |  |  |  |  |  |
Lilium NV, (Acquired 09/13/21, Cost: $3,500,000)(a) |  |  | 350,000 |  |  | $ | 2,425,500 |
Automobiles — 3.1% |  |  |  |  |  |
Arrival SA, (Acquired 09/27/21, Cost: $6,054,721)(a) |  |  | 835,013 |  |  |  | 6,195,796 |
Arrival SA(b)(c) |  |  | 255,430 |  |  |  | 1,895,291 |
Rivian Automotive, Inc., Class A(b)(c) |  |  | 78,653 |  |  |  | 8,155,530 |
Tesla, Inc.(b)(c) |  |  | 33,525 |  |  |  | 35,428,549 |
|  |  |  |  |  |  | 51,675,166 |
Banks — 2.1% |  |  |  |  |  |
Klarna Holdings AB, (Acquired 08/07/19, Cost: $7,971,978)(a)(d) |  |  | 26,430 |  |  |  | 36,095,339 |
Capital Markets — 0.2% |  |  |  |  |  |
Coinbase Global, Inc., Class A(b)(c) |  |  | 15,249 |  |  |  | 3,848,390 |
Diversified Consumer Services — 0.2% |  |  |  |  |  |
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $1,524,948)(a)(d) |  |  | 997 |  |  |  | 3,134,792 |
Electrical Equipment(c) — 1.0% |  |  |  |  |  |
Fluence Energy, Inc. |  |  | 332,617 |  |  |  | 11,827,860 |
Shoals Technologies Group, Inc., Class A(b) |  |  | 186,699 |  |  |  | 4,536,786 |
|  |  |  |  |  |  | 16,364,646 |
Electronic Equipment, Instruments & Components — 0.8% |
Samsung SDI Co. Ltd.(c) |  |  | 23,749 |  |  |  | 13,061,282 |
Entertainment — 0.6% |  |  |  |  |  |
Roku, Inc.(b)(c) |  |  | 46,767 |  |  |  | 10,672,229 |
Hotels, Restaurants & Leisure(c) — 1.0% |  |  |  |  |  |
Airbnb, Inc., Class A(b) |  |  | 37,782 |  |  |  | 6,290,325 |
SiteMinder Ltd. |  |  | 2,145,680 |  |  |  | 10,552,965 |
|  |  |  |  |  |  | 16,843,290 |
Interactive Media & Services — 8.0% |  |  |  |  |  |
Alphabet, Inc., Class A(b)(c) |  |  | 15,340 |  |  |  | 44,440,594 |
Kakao Corp.(c) |  |  | 277,541 |  |  |  | 26,208,818 |
Meta Platforms, Inc., Class A(b)(c) |  |  | 68,973 |  |  |  | 23,199,069 |
Snap, Inc., Class A(b)(c) |  |  | 288,083 |  |  |  | 13,548,543 |
Z Holdings Corp. |  |  | 2,013,100 |  |  |  | 11,615,567 |
ZoomInfo Technologies, Inc.(b)(c) |  |  | 247,538 |  |  |  | 15,891,940 |
|  |  |  |  |  |  | 134,904,531 |
Internet & Direct Marketing Retail — 3.6% |
Amazon.com, Inc.(b)(c) |  |  | 10,548 |  |  |  | 35,170,618 |
Delivery Hero SE(c)(e) |  |  | 91,619 |  |  |  | 10,141,356 |
Jasper Infotech Private Ltd., Series I, (Acquired 08/18/15, Cost: $1,998,435)(a)(d) |  |  | 1,054 |  |  |  | 252,707 |
MercadoLibre, Inc.(b)(c) |  |  | 11,717 |  |  |  | 15,799,203 |
|  |  |  |  |  |  | 61,363,884 |
IT Services — 17.4% |  |  |  |  |  |
Accenture PLC, Class A(b) |  |  | 52,691 |  |  |  | 21,843,054 |
Adyen NV(c)(e) |  |  | 4,805 |  |  |  | 12,613,123 |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $7,999,945)(a)(d) |  |  | 94,117 |  |  |  | 8,061,121 |
Block, Inc., Class A(b)(c) |  |  | 117,879 |  |  |  | 19,038,637 |
GMO Payment Gateway, Inc. |  |  | 88,800 |  |  |  | 11,057,965 |
Marqeta, Inc., Class A(b)(c) |  |  | 393,939 |  |  |  | 6,763,933 |
Mastercard, Inc., Class A(b) |  |  | 79,688 |  |  |  | 28,633,492 |
MongoDB, Inc.(b)(c) |  |  | 34,790 |  |  |  | 18,416,087 |
Okta, Inc.(b)(c) |  |  | 78,094 |  |  |  | 17,506,332 |

Security |  | Shares |  |  | Value |
IT Services (continued) |  |  |  |  |  |
PayPal Holdings, Inc.(b)(c) |  |  | 120,588 |  |  | $ | 22,740,485 |
Salt Pay Co., Ltd., (Acquired 12/17/21, Cost: $24,999,987)(a)(d) |  |  | 12,871 |  |  |  | 24,999,987 |
Shopify, Inc., Class A(b)(c) |  |  | 13,332 |  |  |  | 18,363,363 |
Snowflake, Inc., Class A(b)(c) |  |  | 13,836 |  |  |  | 4,686,945 |
Thoughtworks Holding, Inc.(b)(c)(f) |  |  | 469,678 |  |  |  | 12,592,067 |
TRAX Ltd., Series D, (Acquired 02/18/21, Cost: $1,999,989)(a)(d) |  |  | 38,361 |  |  |  | 1,955,644 |
TRAX Ltd., Series E, (Acquired 09/12/19, Cost: $4,000,013)(a)(d) |  |  | 106,667 |  |  |  | 5,437,884 |
Twilio, Inc., Class A(b)(c) |  |  | 73,673 |  |  |  | 19,401,048 |
Visa, Inc., Class A(b) |  |  | 108,573 |  |  |  | 23,528,855 |
Wise PLC, Class A(c) |  |  | 1,418,170 |  |  |  | 14,583,561 |
|  |  |  |  |  |  | 292,223,583 |
Professional Services — 1.1% |  |  |  |  |  |
Planet Labs, (Acquired 12/07/21, Cost: $10,000,000)(a) |  |  | 1,000,000 |  |  |  | 5,473,249 |
Recruit Holdings Co. Ltd. |  |  | 200,300 |  |  |  | 12,189,394 |
|  |  |  |  |  |  | 17,662,643 |
Road & Rail — 1.0% |  |  |  |  |  |
Ant Group Co., Ltd, Series C, (Acquired 05/18/18, Cost: $6,492,863)(a)(d) |  |  | 1,703,548 |  |  |  | 6,541,624 |
Didi Global, Inc., (Acquired 07/08/21, Cost: $3,016,964)(a) |  |  | 440,012 |  |  |  | 2,191,260 |
Lyft, Inc., Class A(b)(c) |  |  | 200,874 |  |  |  | 8,583,346 |
|  |  |  |  |  |  | 17,316,230 |
Semiconductors & Semiconductor Equipment — 15.5% |
Advanced Micro Devices, Inc.(b)(c) |  |  | 116,805 |  |  |  | 16,808,240 |
Alphawave IP Group PLC(c)(f) |  |  | 1,539,553 |  |  |  | 4,163,556 |
Analog Devices, Inc.(b) |  |  | 48,346 |  |  |  | 8,497,776 |
ASML Holding NV |  |  | 38,821 |  |  |  | 31,096,391 |
Globalfoundries, Inc.(b)(c) |  |  | 169,368 |  |  |  | 11,003,839 |
Lam Research Corp.(b) |  |  | 42,915 |  |  |  | 30,862,322 |
Marvell Technology, Inc.(b) |  |  | 643,118 |  |  |  | 56,266,394 |
Monolithic Power Systems, Inc.(b) |  |  | 34,453 |  |  |  | 16,996,699 |
Renesas Electronics Corp.(c) |  |  | 1,178,800 |  |  |  | 14,641,522 |
Soitec SA(c) |  |  | 77,414 |  |  |  | 18,967,281 |
STMicroelectronics NV |  |  | 294,072 |  |  |  | 14,460,969 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(b) |  |  | 170,423 |  |  |  | 20,503,591 |
Wolfspeed, Inc.(b)(c) |  |  | 146,517 |  |  |  | 16,376,205 |
|  |  |  |  |  |  | 260,644,785 |
Software — 22.6% |  |  |  |  |  |
Adobe, Inc.(b)(c) |  |  | 36,933 |  |  |  | 20,943,227 |
AppLovin Corp., Class A(b)(c) |  |  | 177,617 |  |  |  | 16,742,178 |
Atlassian Corp. PLC, Class A(b)(c) |  |  | 46,973 |  |  |  | 17,910,335 |
Autodesk, Inc.(b)(c) |  |  | 47,688 |  |  |  | 13,409,389 |
Avalara, Inc.(b)(c) |  |  | 84,392 |  |  |  | 10,895,851 |
AvidXchange Holdings, Inc.(b)(c) |  |  | 337,955 |  |  |  | 5,089,602 |
AvidXchange, Inc., (Acquired 07/29/20, Cost: $2,022,088)(a) |  |  | 165,028 |  |  |  | 2,415,595 |
Cadence Design Systems, Inc.(b)(c) |  |  | 100,929 |  |  |  | 18,808,119 |
Coupa Software, Inc.(b)(c) |  |  | 60,634 |  |  |  | 9,583,204 |
Crowdstrike Holdings, Inc., Class A(b)(c) |  |  | 52,735 |  |  |  | 10,797,491 |
CS Disco, Inc.(b)(c) |  |  | 212,149 |  |  |  | 7,584,327 |
Databricks, Inc., (Acquired 07/24/20, Cost: $960,476)(a)(d) |  |  | 19,999 |  |  |  | 4,048,198 |

108 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
DataRobot, Inc., Series F, (Acquired 03/01/21, Cost: $583,275)(a)(d) |  |  | 38,789 |  |  | $ | 1,154,749 |
Elastic NV(b)(c) |  |  | 67,504 |  |  |  | 8,309,067 |
Freshworks, Inc., Class A(b)(c) |  |  | 165,642 |  |  |  | 4,349,759 |
GitLab, Inc., Series E, (Acquired 09/10/19, Cost: $2,915,501)(a) |  |  | 156,500 |  |  |  | 13,229,727 |
Grammarly, Inc., (Acquired 11/17/21, Cost: $18,749,975)(a)(d) |  |  | 715,323 |  |  |  | 18,748,616 |
Intuit, Inc.(b) |  |  | 30,003 |  |  |  | 19,298,530 |
Microsoft Corp.(b) |  |  | 216,485 |  |  |  | 72,808,235 |
Patreon, Inc., (Acquired 08/19/21, Cost: $3,352,226)(a)(d) |  |  | 59,524 |  |  |  | 3,333,344 |
Paycom Software, Inc.(b)(c) |  |  | 14,104 |  |  |  | 5,855,840 |
salesforce.com, Inc.(b)(c) |  |  | 58,281 |  |  |  | 14,810,950 |
ServiceNow, Inc.(b)(c) |  |  | 34,251 |  |  |  | 22,232,667 |
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $997,636)(a)(d) |  |  | 66,422 |  |  |  | 951,163 |
Snyk Ltd., (Acquired 09/02/21, Cost: $5,192,307)(a)(d) |  |  | 361,972 |  |  |  | 4,716,495 |
Unity Software, Inc.(b)(c) |  |  | 116,832 |  |  |  | 16,705,808 |
Xero Ltd.(c) |  |  | 130,197 |  |  |  | 13,326,857 |
Zscaler, Inc.(b)(c) |  |  | 69,368 |  |  |  | 22,290,019 |
|  |  |  |  |  |  | 380,349,342 |
Specialty Retail — 0.5% |
Cazoo Group Ltd., (Acquired 10/08/20, Cost: $5,162,370)(a) |  |  | 1,298,058 |  |  |  | 7,709,880 |
Technology Hardware, Storage & Peripherals — 4.6% |
Apple, Inc.(b) |  |  | 432,559 |  |  |  | 76,809,502 |
Total Common Stocks — 83.4% (Cost: $584,351,893) |  |  |  | 1,403,105,014 |
|  | Par (000) |  |  |  |
Convertible Notes |
Software — 0.5% |  |  |  |  |  |  |  |
Warhol, Inc.(Acquired: 12/14/21, Cost: $8,000,000), 0.00%(a)(d) |  | $ | 80 |  |  |  | 8,000,000 |
Total Convertible Notes — 0.5% (Cost: $8,000,000) |  |  |  | 8,000,000 |
|  | Shares |  |  |  |
Preferred Securities |
Preferred Stocks — 14.3%(a)(d) |
Chemicals — 0.6% |  |  |  |  |  |  |  |
Solugen, Inc., (Acquired 09/02/21, Cost: $9,999,977) |  |  | 269,284 |  |  |  | 9,923,115 |
Diversified Consumer Services — 0.2% |  |  |  |  |  |  |  |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975) |  |  | 1,054 |  |  |  | 3,314,013 |

Security |  | Shares |  |  | Value |
Diversified Financial Services — 0.6% |
Trumid Holdings LLC, Class L, (Acquired 09/15/21, Cost: $9,999,695)(g) |  |  | 11,420 |  |  | $ | 10,273,081 |
Electrical Equipment — 0.5% |
Credo Technology Group Holding Ltd. |  |  |  |  |  |  |  |
Series D, (Acquired 03/20/20, Cost: $5,000,001) |  |  | 1,001,382 |  |  |  | 7,830,807 |
Series D+, (Acquired 01/22/20, Cost: $404,498) |  |  | 69,679 |  |  |  | 544,890 |
|  |  |  |  |  |  | 8,375,697 |
Entertainment — 0.4% |  |  |  |  |  |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $7,000,088) |  |  | 12,713 |  |  |  | 6,299,418 |
Food & Staples Retailing — 0.4% |
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost: $6,999,994) |  |  | 709,724 |  |  |  | 6,997,879 |
Food Products — 0.8% |
Farmer’s Business Network, Inc. |  |  |  |  |  |  |  |
(Acquired 09/15/21, Cost: $6,999,963) |  |  | 112,616 |  |  |  | 7,293,012 |
Series F, (Acquired 07/31/20, Cost: $2,999,886) |  |  | 90,750 |  |  |  | 5,876,970 |
|  |  |  |  |  |  | 13,169,982 |
Interactive Media & Services — 0.9% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $9,999,959) |  |  | 91,262 |  |  |  | 14,925,915 |
IT Services — 1.0% |  |  |  |  |  |  |  |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,999,391) |  |  | 493,493 |  |  |  | 3,118,876 |
Trumid Holdings LLC(g) |  |  |  |  |  |  |  |
Class J-A, (Acquired 07/24/20, Cost: $2,499,716) |  |  | 5,038 |  |  |  | 4,532,034 |
Class J-B, (Acquired 07/24/20, Cost: $1,499,830) |  |  | 5,038 |  |  |  | 4,532,030 |
Voltron Data, Inc., (Acquired 07/14/21, Cost: $5,000,000) |  |  | 9,090,909 |  |  |  | 5,363,636 |
|  |  |  |  |  |  | 17,546,576 |
Road & Rail — 0.3% |  |  |  |  |  |  |  |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $5,482,937) |  |  | 275 |  |  |  | 5,673,457 |
Semiconductors & Semiconductor Equipment — 3.1% |
Psiquantum Corp., Series C, (Acquired 09/09/19, Cost: $3,200,234) |  |  | 690,003 |  |  |  | 14,110,561 |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $5,000,025) |  |  | 190,650 |  |  |  | 4,974,059 |
Rivos, Series A, (Acquired 12/03/21, Cost: $12,003,705) |  |  | 1,500,000 |  |  |  | 12,003,750 |
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,125) |  |  | 187,300 |  |  |  | 20,295,828 |
|  |  |  |  |  |  | 51,384,198 |
Software — 5.5% |  |  |  |  |  |  |  |
Databricks, Inc. |  |  |  |  |  |  |  |
Series F, (Acquired 10/22/19, Cost: $3,999,999) |  |  | 93,135 |  |  |  | 18,852,387 |
Series G, (Acquired 02/01/21, Cost: $4,500,001) |  |  | 25,371 |  |  |  | 5,135,598 |
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996) |  |  | 228,276 |  |  |  | 6,795,776 |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $6,249,992) |  |  | 238,441 |  |  |  | 6,249,538 |

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

Consolidated Schedule of Investments (continued) December 31, 2021 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
MNTN Digital, Inc., (Acquired 11/05/21, Cost: $24,999,980) |  |  | 1,088,598 |  |  | $ | 25,005,096 |
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $6,666,632) |  |  | 119,047 |  |  |  | 6,666,632 |
Prosimo, Inc., Series B, (Acquired 11/04/21, Cost: $4,999,998) |  |  | 2,515,811 |  |  |  | 4,981,306 |
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985) |  |  | 332,896 |  |  |  | 4,767,071 |
Snyk Ltd., (Acquired 09/02/21, Cost: $4,807,688) |  |  | 335,159 |  |  |  | 4,367,122 |
Unqork, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 09/19/19, Cost: $3,198,416) |  |  | 281,080 |  |  |  | 8,111,969 |
Series C, (Acquired 09/18/20, Cost: $1,303,260) |  |  | 47,600 |  |  |  | 1,373,736 |
|  |  |  |  |  |  | 92,306,231 |
Total Preferred Stocks — 14.3% |  |  |  |  |  |  | 240,189,562 |
Total Preferred Securities — 14.3% (Cost: $178,840,946) |  |  |  | 240,189,562 |
Warrants |  |  |  |  |  |  |  |
IT Services — 0.0% |  |  |  |  |  |  |  |
TRAX Ltd., (Acquired 09/12/19, Cost: $0)(a)(d) |  |  | 17,065 |  |  |  | 117,749 |
Total Warrants — 0.0% (Cost: $ — ) |  |  |  | 117,749 |
Total Long-Term Investments — 98.2% (Cost: $771,192,839) |  |  |  | 1,651,412,325 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 2.6% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(h)(i) |  |  | 42,574,872 |  |  |  | 42,574,872 |
SL Liquidity Series, LLC, Money Market Series, 0.15%(h)(i)(j) |  |  | 840,312 |  |  |  | 840,396 |
Total Short-Term Securities — 2.6% (Cost: $43,415,268) |  |  |  |  |  |  | 43,415,268 |
Total Investments Before Options Written — 100.8% (Cost: $814,608,107) |  |  |  | 1,694,827,593 |
Options Written — (0.6)% (Premiums Received: $(15,509,931)) |  |  |  | (9,725,028 | )
Total Investments, Net of Options Written — 100.2% (Cost: $799,098,176) |  |  |  | 1,685,102,565 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  | (3,936,127 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 1,681,166,438 |

(a) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $407,379,981, representing 24.2% of its net assets as of period end, and an original cost of $306,336,643.

(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) | 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.

110 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Science and Technology Trust (BST)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 9,266,737 |  |  | $ | 33,308,135 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 42,574,872 |  |  |  | 42,574,872 |  |  | $ | 4,959 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | 841,774 | (a) |  |  | — |  |  |  | (1,378 | ) |  |  | — |  |  |  | 840,396 |  |  |  | 840,312 |  |  |  | 757,849 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,378 | ) |  | $ | — |  |  | $ | 43,415,268 |  |  |  |  |  |  | $ | 762,808 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Airbnb, Inc., Class A |  |  | 38 |  |  |  | 01/07/22 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 633 |  |  | $ | (133 | )
Alphabet Inc., Class A |  |  | 14 |  |  |  | 01/07/22 |  |  | USD |  |  | 2,925.00 |  |  | USD |  |  | 4,056 |  |  |  | (23,940 | )
Amazon.com, Inc. |  |  | 10 |  |  |  | 01/07/22 |  |  | USD |  |  | 3,525.00 |  |  | USD |  |  | 3,334 |  |  |  | (4,175 | )
Analog Devices, Inc. |  |  | 4 |  |  |  | 01/07/22 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 70 |  |  |  | (310 | )
Apple, Inc. |  |  | 235 |  |  |  | 01/07/22 |  |  | USD |  |  | 153.38 |  |  | USD |  |  | 4,173 |  |  |  | (568,610 | )
Atlassian PLC, Class A |  |  | 40 |  |  |  | 01/07/22 |  |  | USD |  |  | 395.00 |  |  | USD |  |  | 1,525 |  |  |  | (12,800 | )
Autodesk, Inc. |  |  | 38 |  |  |  | 01/07/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 1,069 |  |  |  | (17,575 | )
Block, Inc. |  |  | 112 |  |  |  | 01/07/22 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 1,809 |  |  |  | (336 | )
Coinbase Global, Inc., Class A |  |  | 14 |  |  |  | 01/07/22 |  |  | USD |  |  | 360.00 |  |  | USD |  |  | 353 |  |  |  | (70 | )
Coupa Software, Inc. |  |  | 44 |  |  |  | 01/07/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 695 |  |  |  | (6,600 | )
Coupa Software, Inc. |  |  | 30 |  |  |  | 01/07/22 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 474 |  |  |  | (300 | )
Crowdstrike Holdings, Inc., Class A |  |  | 84 |  |  |  | 01/07/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 1,720 |  |  |  | (840 | )
Facebook, Inc., Class A |  |  | 129 |  |  |  | 01/07/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 4,339 |  |  |  | (44,505 | )
Lyft, Inc., Class A |  |  | 12 |  |  |  | 01/07/22 |  |  | USD |  |  | 44.00 |  |  | USD |  |  | 51 |  |  |  | (702 | )
Marvell Technology, Inc. |  |  | 602 |  |  |  | 01/07/22 |  |  | USD |  |  | 77.00 |  |  | USD |  |  | 5,267 |  |  |  | (665,210 | )
Mastercard, Inc., Class A |  |  | 40 |  |  |  | 01/07/22 |  |  | USD |  |  | 353.27 |  |  | USD |  |  | 1,437 |  |  |  | (32,534 | )
Microsoft Corp. |  |  | 134 |  |  |  | 01/07/22 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 4,507 |  |  |  | (106,865 | )
MongoDB, Inc. |  |  | 12 |  |  |  | 01/07/22 |  |  | USD |  |  | 560.00 |  |  | USD |  |  | 635 |  |  |  | (3,630 | )
Okta, Inc. |  |  | 66 |  |  |  | 01/07/22 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 1,480 |  |  |  | (8,448 | )
PayPal Holdings, Inc. |  |  | 59 |  |  |  | 01/07/22 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 1,113 |  |  |  | (3,186 | )
Roku, Inc. |  |  | 80 |  |  |  | 01/07/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 1,826 |  |  |  | (15,360 | )
salesforce.com, Inc. |  |  | 63 |  |  |  | 01/07/22 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 1,601 |  |  |  | (315 | )
ServiceNow, Inc. |  |  | 65 |  |  |  | 01/07/22 |  |  | USD |  |  | 690.00 |  |  | USD |  |  | 4,219 |  |  |  | (7,475 | )
Shopify, Inc., Class A |  |  | 24 |  |  |  | 01/07/22 |  |  | USD |  |  | 1,824.00 |  |  | USD |  |  | 3,306 |  |  |  | (2 | )
Snap, Inc., Class A |  |  | 241 |  |  |  | 01/07/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 1,133 |  |  |  | (4,820 | )
Snowflake, Inc., Class A |  |  | 20 |  |  |  | 01/07/22 |  |  | USD |  |  | 390.00 |  |  | USD |  |  | 678 |  |  |  | (1,050 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 45 |  |  |  | 01/07/22 |  |  | USD |  |  | 122.00 |  |  | USD |  |  | 541 |  |  |  | (3,623 | )
Visa, Inc., Class A |  |  | 54 |  |  |  | 01/07/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,170 |  |  |  | (39,420 | )
Zscaler, Inc. |  |  | 68 |  |  |  | 01/07/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 2,185 |  |  |  | (3,536 | )
Visa, Inc., Class A |  |  | 45 |  |  |  | 01/11/22 |  |  | USD |  |  | 221.00 |  |  | USD |  |  | 975 |  |  |  | (6,363 | )
Wolfspeed, Inc. |  |  | 486 |  |  |  | 01/13/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 5,432 |  |  |  | (57,994 | )
Accenture PLC, Class A |  |  | 96 |  |  |  | 01/14/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 3,980 |  |  |  | (430,560 | )
Adobe, Inc. |  |  | 11 |  |  |  | 01/14/22 |  |  | USD |  |  | 660.00 |  |  | USD |  |  | 624 |  |  |  | (435 | )
Advanced Micro Devices, Inc. |  |  | 439 |  |  |  | 01/14/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 6,317 |  |  |  | (324,860 | )
Alphabet Inc., Class A |  |  | 20 |  |  |  | 01/14/22 |  |  | USD |  |  | 3,025.00 |  |  | USD |  |  | 5,794 |  |  |  | (12,300 | )
Amazon.com, Inc. |  |  | 4 |  |  |  | 01/14/22 |  |  | USD |  |  | 3,500.00 |  |  | USD |  |  | 1,334 |  |  |  | (5,610 | )
Analog Devices, Inc. |  |  | 84 |  |  |  | 01/14/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 1,476 |  |  |  | (40,320 | )
Apple, Inc. |  |  | 53 |  |  |  | 01/14/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 941 |  |  |  | (69,695 | )
Apple, Inc. |  |  | 723 |  |  |  | 01/14/22 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 12,838 |  |  |  | (173,881 | )
Arrival SA |  |  | 547 |  |  |  | 01/14/22 |  |  | USD |  |  | 10.00 |  |  | USD |  |  | 406 |  |  |  | (10,940 | )
Atlassian PLC, Class A |  |  | 8 |  |  |  | 01/14/22 |  |  | USD |  |  | 405.00 |  |  | USD |  |  | 305 |  |  |  | (3,080 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lam Research Corp. |  |  | 76 |  |  |  | 01/14/22 |  |  | USD |  |  | 720.00 |  |  | USD |  |  | 5,466 |  |  | $ | (125,400 | )
Marvell Technology, Inc. |  |  | 388 |  |  |  | 01/14/22 |  |  | USD |  |  | 83.00 |  |  | USD |  |  | 3,395 |  |  |  | (216,310 | )
MercadoLibre, Inc. |  |  | 5 |  |  |  | 01/14/22 |  |  | USD |  |  | 1,200.00 |  |  | USD |  |  | 674 |  |  |  | (78,125 | )
Microsoft Corp. |  |  | 326 |  |  |  | 01/14/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 10,964 |  |  |  | (62,592 | )
Okta, Inc. |  |  | 44 |  |  |  | 01/14/22 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 986 |  |  |  | (10,736 | )
Rivian Automotive, Inc., Class A |  |  | 130 |  |  |  | 01/14/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,348 |  |  |  | (2,600 | )
Shopify, Inc., Class A |  |  | 9 |  |  |  | 01/14/22 |  |  | USD |  |  | 1,430.00 |  |  | USD |  |  | 1,240 |  |  |  | (24,075 | )
Snowflake, Inc., Class A |  |  | 25 |  |  |  | 01/14/22 |  |  | USD |  |  | 380.00 |  |  | USD |  |  | 847 |  |  |  | (4,063 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 213 |  |  |  | 01/14/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,563 |  |  |  | (24,601 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 38 |  |  |  | 01/14/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 457 |  |  |  | (11,286 | )
Tesla, Inc. |  |  | 42 |  |  |  | 01/14/22 |  |  | USD |  |  | 1,200.00 |  |  | USD |  |  | 4,438 |  |  |  | (44,835 | )
Visa, Inc., Class A |  |  | 169 |  |  |  | 01/14/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 3,662 |  |  |  | (35,659 | )
Zscaler, Inc. |  |  | 26 |  |  |  | 01/14/22 |  |  | USD |  |  | 335.00 |  |  | USD |  |  | 835 |  |  |  | (13,000 | )
Accenture PLC, Class A |  |  | 82 |  |  |  | 01/21/22 |  |  | USD |  |  | 400.00 |  |  | USD |  |  | 3,399 |  |  |  | (145,960 | )
Adobe, Inc. |  |  | 30 |  |  |  | 01/21/22 |  |  | USD |  |  | 670.00 |  |  | USD |  |  | 1,701 |  |  |  | (975 | )
Advanced Micro Devices, Inc. |  |  | 119 |  |  |  | 01/21/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,712 |  |  |  | (49,385 | )
Airbnb, Inc., Class A |  |  | 41 |  |  |  | 01/21/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 683 |  |  |  | (226 | )
Alphabet Inc., Class A |  |  | 6 |  |  |  | 01/21/22 |  |  | USD |  |  | 2,990.00 |  |  | USD |  |  | 1,738 |  |  |  | (11,010 | )
Amazon.com, Inc. |  |  | 13 |  |  |  | 01/21/22 |  |  | USD |  |  | 3,750.00 |  |  | USD |  |  | 4,335 |  |  |  | (4,615 | )
Analog Devices, Inc. |  |  | 75 |  |  |  | 01/21/22 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 1,318 |  |  |  | (2,625 | )
Apple, Inc. |  |  | 66 |  |  |  | 01/21/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,172 |  |  |  | (151,635 | )
Applovin Corp., Class A |  |  | 230 |  |  |  | 01/21/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,168 |  |  |  | (10,350 | )
Applovin Corp., Class A |  |  | 288 |  |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 2,715 |  |  |  | (75,600 | )
Atlassian PLC, Class A |  |  | 77 |  |  |  | 01/21/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 2,936 |  |  |  | (12,898 | )
Autodesk, Inc. |  |  | 24 |  |  |  | 01/21/22 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 675 |  |  |  | (468 | )
Avalara, Inc. |  |  | 117 |  |  |  | 01/21/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 1,511 |  |  |  | (5,850 | )
AvidXchange Holdings, Inc. |  |  | 209 |  |  |  | 01/21/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 315 |  |  |  | (15,675 | )
Block, Inc. |  |  | 104 |  |  |  | 01/21/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 1,680 |  |  |  | (728 | )
Cadence Design Systems, Inc. |  |  | 148 |  |  |  | 01/21/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 2,758 |  |  |  | (27,750 | )
Coinbase Global, Inc., Class A |  |  | 28 |  |  |  | 01/21/22 |  |  | USD |  |  | 315.00 |  |  | USD |  |  | 707 |  |  |  | (4,130 | )
Coupa Software, Inc. |  |  | 30 |  |  |  | 01/21/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 474 |  |  |  | (4,800 | )
Crowdstrike Holdings, Inc., Class A |  |  | 25 |  |  |  | 01/21/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 512 |  |  |  | (138 | )
Crowdstrike Holdings, Inc., Class A |  |  | 2 |  |  |  | 01/21/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 41 |  |  |  | (615 | )
CS Disco, Inc. |  |  | 341 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,219 |  |  |  | (20,460 | )
Elastic NV |  |  | 86 |  |  |  | 01/21/22 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 1,059 |  |  |  | (2,150 | )
Facebook, Inc., Class A |  |  | 67 |  |  |  | 01/21/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 2,254 |  |  |  | (24,957 | )
Freshworks Inc., Class A |  |  | 137 |  |  |  | 01/21/22 |  |  | USD |  |  | 41.73 |  |  | USD |  |  | 360 |  |  |  | (625 | )
Globalfoundries Inc. |  |  | 132 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 858 |  |  |  | (9,240 | )
Globalfoundries Inc. |  |  | 143 |  |  |  | 01/21/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 929 |  |  |  | (26,812 | )
Intuit, Inc. |  |  | 20 |  |  |  | 01/21/22 |  |  | USD |  |  | 700.00 |  |  | USD |  |  | 1,286 |  |  |  | (3,600 | )
Lam Research Corp. |  |  | 26 |  |  |  | 01/21/22 |  |  | USD |  |  | 675.00 |  |  | USD |  |  | 1,870 |  |  |  | (135,525 | )
Lyft, Inc., Class A |  |  | 219 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 936 |  |  |  | (1,533 | )
Marqeta, Inc. |  |  | 750 |  |  |  | 01/21/22 |  |  | USD |  |  | 32.50 |  |  | USD |  |  | 1,288 |  |  |  | (3,750 | )
Marqeta, Inc. |  |  | 750 |  |  |  | 01/21/22 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 1,288 |  |  |  | (5,625 | )
Marvell Technology, Inc. |  |  | 312 |  |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,730 |  |  |  | (397,020 | )
Marvell Technology, Inc. |  |  | 722 |  |  |  | 01/21/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 6,317 |  |  |  | (41,154 | )
Mastercard, Inc., Class A |  |  | 41 |  |  |  | 01/21/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 1,473 |  |  |  | (15,682 | )
MercadoLibre, Inc. |  |  | 10 |  |  |  | 01/21/22 |  |  | USD |  |  | 1,740.00 |  |  | USD |  |  | 1,348 |  |  |  | (1,025 | )
Microsoft Corp. |  |  | 91 |  |  |  | 01/21/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 3,061 |  |  |  | (44,817 | )
MongoDB, Inc. |  |  | 12 |  |  |  | 01/21/22 |  |  | USD |  |  | 580.00 |  |  | USD |  |  | 635 |  |  |  | (8,580 | )
Monolithic Power Systems, Inc. |  |  | 56 |  |  |  | 01/21/22 |  |  | USD |  |  | 530.00 |  |  | USD |  |  | 2,763 |  |  |  | (18,900 | )
Okta, Inc. |  |  | 43 |  |  |  | 01/21/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 964 |  |  |  | (4,945 | )
PayPal Holdings, Inc. |  |  | 112 |  |  |  | 01/21/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 2,112 |  |  |  | (2,184 | )
Rivian Automotive, Inc., Class A |  |  | 123 |  |  |  | 01/21/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,275 |  |  |  | (2,768 | )
Roku, Inc. |  |  | 76 |  |  |  | 01/21/22 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 1,734 |  |  |  | (3,686 | )
salesforce.com, Inc. |  |  | 71 |  |  |  | 01/21/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 1,804 |  |  |  | (3,373 | )
ServiceNow, Inc. |  |  | 30 |  |  |  | 01/21/22 |  |  | USD |  |  | 700.00 |  |  | USD |  |  | 1,947 |  |  |  | (12,300 | )
Shoals Technologies Group, Inc., Class A |  |  | 166 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 403 |  |  |  | (830 | )
Shoals Technologies Group, Inc., Class A |  |  | 197 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 479 |  |  |  | (1,970 | )
Shopify, Inc., Class A |  |  | 9 |  |  |  | 01/21/22 |  |  | USD |  |  | 1,560.00 |  |  | USD |  |  | 1,240 |  |  |  | (7,965 | )
Shopify, Inc., Class A |  |  | 18 |  |  |  | 01/21/22 |  |  | USD |  |  | 1,600.00 |  |  | USD |  |  | 2,479 |  |  |  | (10,620 | )
Snap, Inc., Class A |  |  | 210 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 988 |  |  |  | (1,785 | )

112 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Snowflake, Inc., Class A |  |  | 19 |  |  |  | 01/21/22 |  |  | USD |  |  | 395.00 |  |  | USD |  |  | 644 |  |  | $ | (2,898 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 295 |  |  |  | 01/21/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 3,549 |  |  |  | (18,290 | )
Tesla, Inc. |  |  | 90 |  |  |  | 01/21/22 |  |  | USD |  |  | 1,170.00 |  |  | USD |  |  | 9,511 |  |  |  | (196,875 | )
Thoughtworks Holding, Inc. |  |  | 351 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 941 |  |  |  | (8,775 | )
Thoughtworks Holding, Inc. |  |  | 605 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 1,622 |  |  |  | (18,150 | )
Twilio, Inc., Class A |  |  | 80 |  |  |  | 01/21/22 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 2,107 |  |  |  | (2,440 | )
Visa, Inc., Class A |  |  | 70 |  |  |  | 01/21/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 1,517 |  |  |  | (4,235 | )
Wolfspeed, Inc. |  |  | 191 |  |  |  | 01/21/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 2,135 |  |  |  | (6,685 | )
ZoomInfo Technologies, Inc. |  |  | 384 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 2,465 |  |  |  | (6,720 | )
ZoomInfo Technologies, Inc. |  |  | 410 |  |  |  | 01/21/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,632 |  |  |  | (43,050 | )
Zscaler, Inc. |  |  | 68 |  |  |  | 01/21/22 |  |  | USD |  |  | 360.00 |  |  | USD |  |  | 2,185 |  |  |  | (11,968 | )
Adobe, Inc. |  |  | 84 |  |  |  | 01/28/22 |  |  | USD |  |  | 615.00 |  |  | USD |  |  | 4,763 |  |  |  | (22,554 | )
Airbnb, Inc., Class A |  |  | 48 |  |  |  | 01/28/22 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 799 |  |  |  | (5,856 | )
Alphabet Inc., Class A |  |  | 12 |  |  |  | 01/28/22 |  |  | USD |  |  | 2,975.00 |  |  | USD |  |  | 3,476 |  |  |  | (41,100 | )
Amazon.com, Inc. |  |  | 7 |  |  |  | 01/28/22 |  |  | USD |  |  | 3,500.00 |  |  | USD |  |  | 2,334 |  |  |  | (26,372 | )
Apple, Inc. |  |  | 50 |  |  |  | 01/28/22 |  |  | USD |  |  | 177.50 |  |  | USD |  |  | 888 |  |  |  | (29,500 | )
Atlassian PLC, Class A |  |  | 27 |  |  |  | 01/28/22 |  |  | USD |  |  | 375.00 |  |  | USD |  |  | 1,029 |  |  |  | (69,120 | )
Autodesk, Inc. |  |  | 44 |  |  |  | 01/28/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 1,237 |  |  |  | (20,900 | )
Block, inc. |  |  | 29 |  |  |  | 01/28/22 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 468 |  |  |  | (1,494 | )
Coinbase Global, Inc., Class A |  |  | 9 |  |  |  | 01/28/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 227 |  |  |  | (4,725 | )
Mastercard, Inc., Class A |  |  | 44 |  |  |  | 01/28/22 |  |  | USD |  |  | 360.00 |  |  | USD |  |  | 1,581 |  |  |  | (46,200 | )
Microsoft Corp. |  |  | 135 |  |  |  | 01/28/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 4,540 |  |  |  | (69,187 | )
MongoDB, Inc. |  |  | 31 |  |  |  | 01/28/22 |  |  | USD |  |  | 510.00 |  |  | USD |  |  | 1,641 |  |  |  | (120,280 | )
MongoDB, Inc. |  |  | 32 |  |  |  | 01/28/22 |  |  | USD |  |  | 520.00 |  |  | USD |  |  | 1,694 |  |  |  | (107,040 | )
Okta, Inc. |  |  | 53 |  |  |  | 01/28/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 1,188 |  |  |  | (16,297 | )
salesforce.com, Inc. |  |  | 63 |  |  |  | 01/28/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 1,601 |  |  |  | (5,292 | )
Snap, Inc., Class A |  |  | 125 |  |  |  | 01/28/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 588 |  |  |  | (13,687 | )
Tesla, Inc. |  |  | 25 |  |  |  | 01/28/22 |  |  | USD |  |  | 1,200.00 |  |  | USD |  |  | 2,642 |  |  |  | (64,812 | )
Twilio, Inc., Class A |  |  | 67 |  |  |  | 01/28/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 1,764 |  |  |  | (27,135 | )
Zscaler, Inc. |  |  | 54 |  |  |  | 01/28/22 |  |  | USD |  |  | 325.00 |  |  | USD |  |  | 1,735 |  |  |  | (71,010 | )
ServiceNow, Inc. |  |  | 59 |  |  |  | 02/04/22 |  |  | USD |  |  | 680.00 |  |  | USD |  |  | 3,830 |  |  |  | (111,805 | )
Apple, Inc. |  |  | 278 |  |  |  | 02/11/22 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 4,936 |  |  |  | (103,555 | )
Microsoft Corp. |  |  | 17 |  |  |  | 02/11/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 572 |  |  |  | (12,538 | )
Zscaler, Inc. |  |  | 96 |  |  |  | 02/11/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 3,085 |  |  |  | (78,000 | )
Applovin Corp., Class A |  |  | 281 |  |  |  | 02/18/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,649 |  |  |  | (61,117 | )
Autodesk, Inc. |  |  | 48 |  |  |  | 02/18/22 |  |  | USD |  |  | 300.00 |  |  | USD |  |  | 1,350 |  |  |  | (22,680 | )
Avalara, Inc. |  |  | 45 |  |  |  | 02/18/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 581 |  |  |  | (2,025 | )
Avalara, Inc. |  |  | 13 |  |  |  | 02/18/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 168 |  |  |  | (1,723 | )
Cadence Design Systems, Inc. |  |  | 325 |  |  |  | 02/18/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 6,056 |  |  |  | (528,125 | )
CS Disco, Inc. |  |  | 270 |  |  |  | 02/18/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 965 |  |  |  | (34,613 | )
Elastic NV |  |  | 43 |  |  |  | 02/18/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 529 |  |  |  | (26,015 | )
Facebook, Inc., Class A |  |  | 42 |  |  |  | 02/18/22 |  |  | USD |  |  | 365.00 |  |  | USD |  |  | 1,413 |  |  |  | (26,145 | )
Freshworks Inc., Class A |  |  | 149 |  |  |  | 02/18/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 391 |  |  |  | (22,350 | )
Globalfoundries Inc. |  |  | 275 |  |  |  | 02/18/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,787 |  |  |  | (70,812 | )
Intuit, Inc. |  |  | 120 |  |  |  | 02/18/22 |  |  | USD |  |  | 680.00 |  |  | USD |  |  | 7,719 |  |  |  | (139,800 | )
Lam Research Corp. |  |  | 43 |  |  |  | 02/18/22 |  |  | USD |  |  | 710.00 |  |  | USD |  |  | 3,092 |  |  |  | (181,890 | )
Lyft, Inc., Class A |  |  | 135 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 577 |  |  |  | (2,498 | )
Lyft, Inc., Class A |  |  | 52 |  |  |  | 02/18/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 222 |  |  |  | (12,844 | )
Marvell Technology, Inc. |  |  | 315 |  |  |  | 02/18/22 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 2,756 |  |  |  | (356,737 | )
Marvell Technology, Inc. |  |  | 722 |  |  |  | 02/18/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 6,317 |  |  |  | (129,960 | )
Mastercard, Inc., Class A |  |  | 134 |  |  |  | 02/18/22 |  |  | USD |  |  | 375.00 |  |  | USD |  |  | 4,815 |  |  |  | (106,195 | )
MercadoLibre, Inc. |  |  | 9 |  |  |  | 02/18/22 |  |  | USD |  |  | 1,300.00 |  |  | USD |  |  | 1,214 |  |  |  | (103,815 | )
MongoDB, Inc. |  |  | 13 |  |  |  | 02/18/22 |  |  | USD |  |  | 560.00 |  |  | USD |  |  | 688 |  |  |  | (31,850 | )
MongoDB, Inc. |  |  | 56 |  |  |  | 02/18/22 |  |  | USD |  |  | 630.00 |  |  | USD |  |  | 2,964 |  |  |  | (44,520 | )
Monolithic Power Systems, Inc. |  |  | 56 |  |  |  | 02/18/22 |  |  | USD |  |  | 540.00 |  |  | USD |  |  | 2,763 |  |  |  | (54,320 | )
Okta, Inc. |  |  | 38 |  |  |  | 02/18/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 852 |  |  |  | (9,842 | )
PayPal Holdings, Inc. |  |  | 80 |  |  |  | 02/18/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,509 |  |  |  | (29,200 | )
Thoughtworks Holding, Inc. |  |  | 570 |  |  |  | 02/18/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 1,528 |  |  |  | (82,650 | )
Unity Software, Inc. |  |  | 92 |  |  |  | 02/18/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 1,316 |  |  |  | (56,120 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Visa, Inc., Class A |  |  | 29 |  |  |  | 02/18/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 628 |  |  | $ | (8,222 | )
Unity Software, Inc. |  |  | 187 |  |  |  | 02/25/22 |  |  | USD |  |  | 167.00 |  |  | USD |  |  | 2,674 |  |  |  | (95,954 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (8,335,571 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shoals Technologies Group, Inc., Class A |  | Citibank N.A. |  |  | 17,000 |  |  | 01/06/22 |  | USD |  | 33.54 |  | USD |  |  | 413 |  |  | $ | — |
Adyen NV |  | Goldman Sachs International |  |  | 1,600 |  |  | 01/11/22 |  | EUR |  | 2,657.40 |  | EUR |  |  | 3,698 |  |  |  | (2,280 | )
Alphawave IP Group PLC |  | Goldman Sachs International |  |  | 248,650 |  |  | 01/11/22 |  | GBP |  | 1.97 |  | GBP |  |  | 497 |  |  |  | (80,505 | )
Gmo Payment Gateway Inc. |  | UBS AG |  |  | 8,800 |  |  | 01/11/22 |  | JPY |  | 15,831.10 |  | JPY |  |  | 126,280 |  |  |  | (1,490 | )
Shoals Technologies Group, Inc., Class A |  | Citibank N.A. |  |  | 5,350 |  |  | 01/11/22 |  | USD |  | 32.17 |  | USD |  |  | 130 |  |  |  | (33 | )
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 4,000 |  |  | 01/11/22 |  | EUR |  | 241.64 |  | EUR |  |  | 861 |  |  |  | (1,010 | )
Xero Ltd. |  | UBS AG |  |  | 42,000 |  |  | 01/11/22 |  | AUD |  | 152.88 |  | AUD |  |  | 5,940 |  |  |  | (18,973 | )
Yahoo Japan Corp. |  | Goldman Sachs International |  |  | 72,600 |  |  | 01/11/22 |  | JPY |  | 842.20 |  | JPY |  |  | 48,453 |  |  |  | (34 | )
Kapstone Paper & Packaging |  | JPMorgan Chase Bank N.A. |  |  | 7,700 |  |  | 01/13/22 |  | USD |  | 755,425.00 |  | USD |  |  | 5,043,500 |  |  |  | (140 | )
Shoals Technologies Group, Inc., Class A |  | Citibank N.A. |  |  | 10,700 |  |  | 01/14/22 |  | USD |  | 35.85 |  | USD |  |  | 260 |  |  |  | (6 | )
Alphawave IP Group PLC |  | Goldman Sachs International |  |  | 117,200 |  |  | 01/18/22 |  | GBP |  | 1.98 |  | GBP |  |  | 234 |  |  |  | (47,378 | )
Delivery Hero SE |  | Goldman Sachs International |  |  | 7,000 |  |  | 01/18/22 |  | EUR |  | 124.95 |  | EUR |  |  | 686 |  |  |  | (1,017 | )
Gmo Payment Gateway Inc. |  | UBS AG |  |  | 8,800 |  |  | 01/18/22 |  | JPY |  | 15,831.10 |  | JPY |  |  | 126,280 |  |  |  | (4,051 | )
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 4,500 |  |  | 01/18/22 |  | EUR |  | 245.96 |  | EUR |  |  | 968 |  |  |  | (1,978 | )
Yahoo Japan Corp. |  | Goldman Sachs International |  |  | 335,000 |  |  | 01/19/22 |  | JPY |  | 781.94 |  | JPY |  |  | 223,579 |  |  |  | (2,258 | )
ASML Holding NV |  | UBS AG |  |  | 12,700 |  |  | 01/20/22 |  | EUR |  | 711.73 |  | EUR |  |  | 8,975 |  |  |  | (295,195 | )
Recruit Holdings Co. Ltd. |  | UBS AG |  |  | 29,200 |  |  | 01/20/22 |  | JPY |  | 7,641.39 |  | JPY |  |  | 203,582 |  |  |  | (4,100 | )
Stadlauer Malzfabrik AG |  | Goldman Sachs International |  |  | 42,900 |  |  | 01/20/22 |  | EUR |  | 44.42 |  | EUR |  |  | 1,861 |  |  |  | (33,768 | )
Yahoo Japan Corp. |  | Goldman Sachs International |  |  | 509,400 |  |  | 01/20/22 |  | JPY |  | 760.34 |  | JPY |  |  | 339,974 |  |  |  | (4,338 | )
Recruit Holdings Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 40,100 |  |  | 01/25/22 |  | JPY |  | 7,300.49 |  | JPY |  |  | 279,577 |  |  |  | (30,263 | )
Stadlauer Malzfabrik AG |  | Barclays Bank PLC |  |  | 32,900 |  |  | 01/25/22 |  | EUR |  | 44.42 |  | EUR |  |  | 1,427 |  |  |  | (30,716 | )
Monolithic Power Systems, Inc. |  | Barclays Bank PLC |  |  | 5,100 |  |  | 01/26/22 |  | USD |  | 573.46 |  | USD |  |  | 2,516 |  |  |  | (15,661 | )
Shoals Technologies Group, Inc., Class A |  | Barclays Bank PLC |  |  | 5,000 |  |  | 01/26/22 |  | USD |  | 34.66 |  | USD |  |  | 122 |  |  |  | (110 | )
Soitec SA |  | UBS AG |  |  | 2,100 |  |  | 01/27/22 |  | EUR |  | 248.44 |  | EUR |  |  | 452 |  |  |  | (1,796 | )
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 12,900 |  |  | 02/01/22 |  | EUR |  | 230.58 |  | EUR |  |  | 2,776 |  |  |  | (43,458 | )
Fluence Energy, Inc., Class A |  | UBS AG |  |  | 54,000 |  |  | 02/02/22 |  | USD |  | 34.93 |  | USD |  |  | 1,920 |  |  |  | (161,747 | )
Unity Software, Inc. |  | Credit Suisse International |  |  | 9,150 |  |  | 02/02/22 |  | USD |  | 146.88 |  | USD |  |  | 1,308 |  |  |  | (78,000 | )
Delivery Hero SE |  | Goldman Sachs International |  |  | 24,000 |  |  | 02/03/22 |  | EUR |  | 102.41 |  | EUR |  |  | 2,352 |  |  |  | (114,254 | )
Kakao Corp. |  | JPMorgan Chase Bank N.A. |  |  | 49,900 |  |  | 02/03/22 |  | USD |  | 125,717.20 |  | USD |  |  | 5,613,750 |  |  |  | (34,366 | )
Renesas Electronics Corp. |  | JPMorgan Chase Bank N.A. |  |  | 399,200 |  |  | 02/03/22 |  | JPY |  | 1,488.90 |  | JPY |  |  | 568,062 |  |  |  | (101,589 | )
Soitec SA |  | Credit Suisse International |  |  | 3,800 |  |  | 02/03/22 |  | EUR |  | 218.10 |  | EUR |  |  | 818 |  |  |  | (31,456 | )
Soitec SA |  | Goldman Sachs International |  |  | 7,400 |  |  | 02/08/22 |  | EUR |  | 220.05 |  | EUR |  |  | 1,592 |  |  |  | (59,523 | )
Gmo Payment Gateway Inc. |  | JPMorgan Chase Bank N.A. |  |  | 12,000 |  |  | 02/10/22 |  | JPY |  | 15,418.62 |  | JPY |  |  | 172,200 |  |  |  | (28,146 | )
Recruit Holdings Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 24,600 |  |  | 02/10/22 |  | JPY |  | 7,260.94 |  | JPY |  |  | 171,511 |  |  |  | (31,325 | )
Stmicroelectronics NV |  | Credit Suisse International |  |  | 62,000 |  |  | 02/10/22 |  | EUR |  | 45.56 |  | EUR |  |  | 2,689 |  |  |  | (68,551 | )
Kakao Corp. |  | UBS AG |  |  | 44,000 |  |  | 02/15/22 |  | USD |  | 123,870.46 |  | USD |  |  | 4,950,000 |  |  |  | (59,942 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,389,457 | )

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 |  | $ 8,601,195 |  | $ (2,816,292) |  | $ (9,725,028)

114 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Science and Technology Trust (BST)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 9,725,028 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,725,028 |

For the period ended December 31, 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) |  | $ | — |  |  | $ | — |  |  | $ | 181,793 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 181,793 |
Options written |  |  | — |  |  |  | — |  |  |  | (20,336,133 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20,336,133 | )
|  | $ | — |  |  | $ | — |  |  | $ | (20,154,340 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (20,154,340 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 13,778,870 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,778,870 |

| (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 |  | $ | 12,036,475 |

| (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 |  | $ | — |  |  | $ | 9,725,028 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 9,725,028 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (8,335,571 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 1,389,457 |

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 (continued) December 31, 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 |  | $ | 46,487 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 46,487 |
Citibank N.A. |  |  | 39 |  |  |  | — |  |  |  | — |  |  |  | (39 | ) |  |  | — |
Credit Suisse International |  |  | 178,007 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 178,007 |
Goldman Sachs International |  |  | 345,355 |  |  |  | — |  |  |  | — |  |  |  | (345,355 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 225,829 |  |  |  | — |  |  |  | — |  |  |  | (170,000 | ) |  |  | 55,829 |
Morgan Stanley & Co. International PLC |  |  | 46,446 |  |  |  | — |  |  |  | — |  |  |  | (46,446 | ) |  |  | — |
UBS AG |  |  | 547,294 |  |  |  | — |  |  |  | — |  |  |  | (547,294 | ) |  |  | — |
|  | $ | 1,389,457 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,109,134 | ) |  | $ | 280,323 |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Airlines |  | $ | — |  |  | $ | 2,425,500 |  |  | $ | — |  |  | $ | 2,425,500 |
Automobiles |  |  | 45,479,370 |  |  |  | 6,195,796 |  |  |  | — |  |  |  | 51,675,166 |
Banks |  |  | — |  |  |  | — |  |  |  | 36,095,339 |  |  |  | 36,095,339 |
Capital Markets |  |  | 3,848,390 |  |  |  | — |  |  |  | — |  |  |  | 3,848,390 |
Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 3,134,792 |  |  |  | 3,134,792 |
Electrical Equipment |  |  | 16,364,646 |  |  |  | — |  |  |  | — |  |  |  | 16,364,646 |
Electronic Equipment, Instruments & Components |  |  | — |  |  |  | 13,061,282 |  |  |  | — |  |  |  | 13,061,282 |
Entertainment |  |  | 10,672,229 |  |  |  | — |  |  |  | — |  |  |  | 10,672,229 |
Hotels, Restaurants & Leisure |  |  | 16,843,290 |  |  |  | — |  |  |  | — |  |  |  | 16,843,290 |
Interactive Media & Services |  |  | 97,080,146 |  |  |  | 37,824,385 |  |  |  | — |  |  |  | 134,904,531 |
Internet & Direct Marketing Retail |  |  | 50,969,821 |  |  |  | 10,141,356 |  |  |  | 252,707 |  |  |  | 61,363,884 |
IT Services |  |  | 213,514,298 |  |  |  | 38,254,649 |  |  |  | 40,454,636 |  |  |  | 292,223,583 |
Professional Services |  |  | — |  |  |  | 17,662,643 |  |  |  | — |  |  |  | 17,662,643 |
Road & Rail |  |  | 8,583,346 |  |  |  | 2,191,260 |  |  |  | 6,541,624 |  |  |  | 17,316,230 |
Semiconductors & Semiconductor Equipment |  |  | 181,478,622 |  |  |  | 79,166,163 |  |  |  | — |  |  |  | 260,644,785 |
Software |  |  | 318,424,598 |  |  |  | 28,972,179 |  |  |  | 32,952,565 |  |  |  | 380,349,342 |
Specialty Retail |  |  | — |  |  |  | 7,709,880 |  |  |  | — |  |  |  | 7,709,880 |
Technology Hardware, Storage & Peripherals |  |  | 76,809,502 |  |  |  | — |  |  |  | — |  |  |  | 76,809,502 |
Convertible Notes |  |  | — |  |  |  | — |  |  |  | 8,000,000 |  |  |  | 8,000,000 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 240,189,562 |  |  |  | 240,189,562 |
Warrants |  |  | — |  |  |  | — |  |  |  | 117,749 |  |  |  | 117,749 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 42,574,872 |  |  |  | — |  |  |  | — |  |  |  | 42,574,872 |
Unfunded SPAC PIPE Commitments(a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 1,082,643,130 |  |  | $ | 243,605,093 |  |  | $ | 367,738,974 |  |  |  | 1,693,987,197 |
Investments Valued at NAV(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 840,396 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,694,827,593 |

116 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (7,538,876 | ) |  | $ | (2,186,152 | ) |  | $ | — |  |  | $ | (9,725,028 | )

| (a) | Unfunded SPAC PIPE commitments are valued at the unrealized appreciation (depreciation) on the commitment. |

| (b) | 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. |

| (c) | 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 year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

|  | Common Stocks |  |  | Convertible Notes |  |  | Preferred Stocks |  |  | Unfunded SPAC PIPE Commitments |  |  | 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 |  |  | (8,988,277 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,988,277 | )
Other(a) |  |  | 17,923,197 |  |  |  | — |  |  |  | (17,923,197 | ) |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | 521,556 |  |  |  | — |  |  |  | 4,698,018 |  |  |  | — |  |  |  | — |  |  |  | 5,219,574 |
Net change in unrealized appreciation (depreciation)(b)(c) |  |  | 20,127,887 |  |  |  | — |  |  |  | 34,041,015 |  |  |  | — | (d) |  |  | (72,014 | ) |  |  | 54,096,888 |
Purchases |  |  | 63,875,339 |  |  |  | 8,000,000 |  |  |  | 133,227,071 |  |  |  | — |  |  |  | — |  |  |  | 205,102,410 |
Sales |  |  | (11,071,634 | ) |  |  | — |  |  |  | (38,823,625 | ) |  |  | — |  |  |  | — |  |  |  | (49,895,259 | )
Closing balance, as of December 31, 2021 |  | $ | 119,431,663 |  |  | $ | 8,000,000 |  |  | $ | 240,189,562 |  |  | $ | — | (d) |  | $ | 117,749 |  |  | $ | 367,738,974 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2021(c) |  | $ | 22,059,309 |  |  | $ | — |  |  | $ | 53,735,664 |  |  | $ | — | (d) |  | $ | (72,014 | ) |  | $ | 75,722,959 |

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

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

| (c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2021 is generally due to investments no longer held or categorized as Level 3 at period end. |

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

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock 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 |  | $ | 119,431,663 |  |  |  | Income |  |  | Discount Rate |  |  | 14% |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Exit Multiple |  |  | 9.50x |  |  |  | — |
|  |  |  |  |  |  | Market |  |  | Revenue Multiple |  |  | 4.25x - 32.00x |  |  |  | 20.12x |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 33% - 33% |  |  |  | 33% |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 0.5 - 0.5 |  |  |  | 0.5 |
Convertible Notes |  |  | 8,000,000 |  |  |  | Market |  |  | Recent Transactions |  |  | $ 100.00 |  |  |  | — |
Preferred Stocks |  |  | 240,189,562 |  |  |  | Market |  |  | Revenue Multiple |  |  | 3.15x - 32.00x |  |  |  | 18.31x |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 50% - 75% |  |  |  | 55% |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 4.0 - 4.0 |  |  |  | 4.0 |
|  |  |  |  |  |  |  |  |  | Recent Transactions |  | $ | 1.98 - $56.00 |  |  |  | $ 20.78 |
Warrants |  |  | 117,749 |  |  |  | Market |  |  | Revenue Multiple |  |  | 11.00x |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 33% |  |  |  | — |

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 (continued) December 31, 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 |  |  | 0.5 |  |  |  | — |
|  | $ | 367,738,974 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

118 |  | 2 0 2 1 B L A C K R O C K 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 December 31, 2021 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Aerospace & Defense — 0.3% |
Astra Space, Inc., (Acquired 08/20/21, Cost: $12,000,000)(a) |  |  | 1,200,000 |  |  | $ | 8,316,000 |
Airlines — 0.2% |  |  |  |  |  |  |  |
Lilium NV, (Acquired 09/13/21, Cost: $8,500,000)(a) |  |  | 850,000 |  |  |  | 5,890,500 |
Automobiles — 3.6% |  |  |  |  |  |  |  |
Arrival SA, (Acquired 09/27/21, Cost: $20,182,398)(a) |  |  | 2,783,376 |  |  |  | 20,652,650 |
Tesla, Inc.(b)(c) |  |  | 84,712 |  |  |  | 89,521,947 |
|  |  |  |  |  |  | 110,174,597 |
Banks — 3.9% |  |  |  |  |  |
Klarna Holdings AB, (Acquired 08/07/19, Cost: $23,354,997)(a)(c)(d) |  |  | 86,839 |  |  |  | 118,595,654 |
Capital Markets — 0.2% |
Coinbase Global, Inc., Class A(c) |  |  | 27,822 |  |  |  | 7,021,438 |
Diversified Consumer Services — 0.5% |
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $7,113,729)(a)(c)(d) |  |  | 4,651 |  |  |  | 14,623,790 |
Electrical Equipment — 0.3% |
Shoals Technologies Group, Inc., Class A(c) |  |  | 396,963 |  |  |  | 9,646,201 |
Electronic Equipment, Instruments & Components — 1.3% |
Samsung SDI Co. Ltd.(c) |  |  | 71,175 |  |  |  | 39,144,249 |
Entertainment(c) — 2.6% |  |  |  |  |  |  |  |
HYBE Co. Ltd. |  |  | 121,331 |  |  |  | 35,538,050 |
Roku, Inc. |  |  | 102,250 |  |  |  | 23,333,450 |
Take-Two Interactive Software, Inc. |  |  | 116,092 |  |  |  | 20,631,870 |
|  |  |  |  |  |  | 79,503,370 |
Hotels, Restaurants & Leisure — 1.2% |
SiteMinder Ltd.(c) |  |  | 7,271,400 |  |  |  | 35,762,475 |
Interactive Media & Services(c) — 5.3% |
Eventbrite, Inc., Class A |  |  | 748,770 |  |  |  | 13,058,549 |
Kakao Corp. |  |  | 736,130 |  |  |  | 69,514,405 |
Snap, Inc., Class A |  |  | 991,722 |  |  |  | 46,640,686 |
ZoomInfo Technologies, Inc. |  |  | 513,553 |  |  |  | 32,970,102 |
|  |  |  |  |  |  | 162,183,742 |
Internet & Direct Marketing Retail(c) — 3.6% |
Delivery Hero SE(e) |  |  | 235,611 |  |  |  | 26,079,907 |
Farfetch Ltd., Class A |  |  | 944,210 |  |  |  | 31,564,940 |
MercadoLibre, Inc.(b) |  |  | 25,590 |  |  |  | 34,505,556 |
Ozon Holdings PLC, ADR |  |  | 584,607 |  |  |  | 17,310,213 |
|  |  |  |  |  |  | 109,460,616 |
IT Services — 15.9% |  |  |  |  |  |
Adyen NV(c)(e) |  |  | 14,925 |  |  |  | 39,178,119 |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $34,000,000)(a)(c)(d) |  |  | 400,000 |  |  |  | 34,260,000 |
Block, Inc., Class A(b)(c) |  |  | 285,008 |  |  |  | 46,031,642 |
Cloudflare, Inc., Class A(c) |  |  | 252,090 |  |  |  | 33,149,835 |
Dlocal Ltd.(c) |  |  | 433,216 |  |  |  | 15,461,479 |
Endava PLC, ADR(c) |  |  | 336,360 |  |  |  | 56,481,571 |
GMO Payment Gateway, Inc. |  |  | 225,400 |  |  |  | 28,068,304 |
Grid Dynamics Holdings, Inc.(c) |  |  | 1,174,694 |  |  |  | 44,603,131 |
Locaweb Servicos de Internet SA(c)(e) |  |  | 11,831,349 |  |  |  | 27,449,057 |
MongoDB, Inc.(c) |  |  | 80,445 |  |  |  | 42,583,561 |
Okta, Inc.(c) |  |  | 145,504 |  |  |  | 32,617,632 |
Shift4 Payments, Inc., Class A(c) |  |  | 292,958 |  |  |  | 16,971,057 |

Security |  | Shares |  |  | Value |
IT Services (continued) |
TRAX Ltd., Series D, (Acquired 02/18/21, Cost: $9,999,998)(a)(c)(d) |  |  | 191,806 |  |  | $ | 9,778,270 |
TRAX Ltd., Series E, (Acquired 09/12/19, Cost: $10,999,987)(a)(c)(d) |  |  | 293,333 |  |  |  | 14,954,116 |
Twilio, Inc., Class A(c) |  |  | 165,051 |  |  |  | 43,464,530 |
|  |  |  |  |  |  | 485,052,304 |
Professional Services(c) — 0.8% |
CoStar Group, Inc.(b) |  |  | 184,293 |  |  |  | 14,564,676 |
Legalzoom.com, Inc. |  |  | 677,631 |  |  |  | 10,889,530 |
|  |  |  |  |  |  | 25,454,206 |
Road & Rail — 0.7% |  |  |  |  |  |
Lyft, Inc., Class A(b)(c) |  |  | 474,493 |  |  |  | 20,275,086 |
Semiconductors & Semiconductor Equipment — 18.4% |
Alphawave IP Group PLC(c)(f) |  |  | 1,734,157 |  |  |  | 4,689,842 |
ASM International NV |  |  | 56,775 |  |  |  | 25,061,473 |
BE Semiconductor Industries NV |  |  | 285,445 |  |  |  | 24,266,437 |
CNEX Labs, Inc., (Acquired 12/14/21, Cost: $5,699,998)(a)(d) |  |  | 1,161,804 |  |  |  | 5,007,375 |
Lasertec Corp. |  |  | 316,800 |  |  |  | 97,036,293 |
Lattice Semiconductor Corp.(c) |  |  | 507,451 |  |  |  | 39,104,174 |
MACOM Technology Solutions Holdings, Inc., Class H(c) |  |  | 320,182 |  |  |  | 25,070,251 |
Marvell Technology, Inc.(b) |  |  | 1,576,567 |  |  |  | 137,933,847 |
Monolithic Power Systems, Inc. |  |  | 91,900 |  |  |  | 45,337,027 |
Silergy Corp. |  |  | 418,000 |  |  |  | 75,656,437 |
Soitec SA(c) |  |  | 180,977 |  |  |  | 44,341,355 |
Wolfspeed, Inc.(c) |  |  | 330,702 |  |  |  | 36,962,563 |
|  |  |  |  |  |  | 560,467,074 |
Software — 20.8% |  |  |  |  |  |
Altium Ltd. |  |  | 909,520 |  |  |  | 29,867,419 |
AppLovin Corp., Class A(c) |  |  | 364,534 |  |  |  | 34,360,975 |
Atlassian Corp. PLC, Class A(c) |  |  | 98,985 |  |  |  | 37,741,991 |
Avalara, Inc.(c) |  |  | 178,711 |  |  |  | 23,073,377 |
AvidXchange Holdings, Inc.(c) |  |  | 626,605 |  |  |  | 9,436,671 |
AvidXchange, Inc., (Acquired 07/29/20, Cost: $7,474,330)(a) |  |  | 610,000 |  |  |  | 8,928,865 |
Confluent, Inc., Class A(c) |  |  | 204,756 |  |  |  | 15,610,598 |
Coupa Software, Inc.(c) |  |  | 81,308 |  |  |  | 12,850,729 |
Crowdstrike Holdings, Inc., Class A(c) |  |  | 147,993 |  |  |  | 30,301,567 |
Databricks, Inc., (Acquired 07/24/20, Cost: $5,501,686)(a)(c)(d) |  |  | 114,553 |  |  |  | 23,187,818 |
DataRobot, Inc., Series F, (Acquired 03/01/21, Cost: $1,384,813)(a)(c)(d) |  |  | 92,093 |  |  |  | 2,741,609 |
Elastic NV(c) |  |  | 170,979 |  |  |  | 21,045,805 |
Freee KK(c) |  |  | 371,500 |  |  |  | 20,425,100 |
GitLab, Inc., Series E, (Acquired 09/10/19, Cost: $11,670,984)(a) |  |  | 626,482 |  |  |  | 52,959,656 |
Kakaopay Corp., (Acquired 10/22/21, Cost: $9,483,703)(a) |  |  | 122,803 |  |  |  | 17,410,693 |
Lightspeed Commerce, Inc.(c) |  |  | 651,145 |  |  |  | 26,293,914 |
Procore Technologies, Inc.(c) |  |  | 76,288 |  |  |  | 6,100,751 |
Rakus Co. Ltd. |  |  | 1,236,700 |  |  |  | 33,187,823 |
Samsara, Inc., Class A, Class A(c) |  |  | 642,531 |  |  |  | 18,061,547 |
Snorkel AI, Inc., (Acquired 10/13/20, Cost: $2,017,593)(a)(c)(d) |  |  | 500,250 |  |  |  | 7,163,580 |
Snyk Ltd., (Acquired 11/02/20, Cost: $9,287,400)(a)(c)(d) |  |  | 1,267,643 |  |  |  | 16,517,388 |
Synopsys, Inc.(c) |  |  | 110,015 |  |  |  | 40,540,528 |
Trade Desk, Inc., Class A(c) |  |  | 280,580 |  |  |  | 25,712,351 |

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 (continued) December 31, 2021 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |  |  |
Unity Software, Inc.(c) |  |  | 247,242 |  |  | $ | 35,353,134 |
Xero Ltd.(c) |  |  | 262,237 |  |  |  | 26,842,362 |
Zscaler, Inc.(b)(c) |  |  | 185,686 |  |  |  | 59,666,482 |
|  |  |  |  |  |  | 635,382,733 |
Specialty Retail — 1.0% |  |  |  |  |  |
Cazoo Group Ltd., (Acquired 10/08/20, Cost: $20,649,536)(a) |  |  | 5,192,246 |  |  |  | 30,839,605 |
Total Common Stocks — 80.6% (Cost: $1,085,615,741) |  |  |  |  |  |  | 2,457,793,640 |
Preferred Securities |
Preferred Stocks — 18.6%(a) |
Communications Equipment — 0.5% |
Astranis Space Technologies Corp., Series C, (Acquired 03/19/21, Cost: $17,000,010)(d) |  |  | 775,515 |  |  |  | 15,719,689 |
Diversified Consumer Services — 0.5% |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $14,251,080)(d) |  |  | 4,920 |  |  |  | 15,469,586 |
Diversified Financial Services — 0.1% |
Snorkel Al, Inc., Series B, (Acquired 10/13/20, Cost: $999,996)(d) |  |  | 247,943 |  |  |  | 3,550,544 |
Electrical Equipment(d) — 1.1% |
Credo Technology Group Holding Ltd. |  |  |  |  |  |  |  |
Series D, (Acquired 03/20/20, Cost: $19,999,997) |  |  | 4,005,527 |  |  |  | 31,323,221 |
Series D+, (Acquired 01/22/20, Cost: $1,617,982) |  |  | 278,714 |  |  |  | 2,179,544 |
|  |  |  |  |  |  | 33,502,765 |
Food & Staples Retailing — 0.6% |
GrubMarket, Inc. , Series D, (Acquired 07/23/20, Cost: $8,000,001)(d) |  |  | 1,762,969 |  |  |  | 17,382,874 |
Food Products — 0.8% |  |  |  |  |  |  |  |
Farmer’s Business Network, Inc., Series F, (Acquired 07/31/20, Cost: $11,961,002)(d) |  |  | 361,834 |  |  |  | 23,432,370 |
Interactive Media & Services(d) — 1.9% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $35,000,075) |  |  | 319,419 |  |  |  | 52,241,029 |
ResearchGate GmbH, Series D, (Acquired 09/24/20, Cost: $6,999,988) |  |  | 424,688 |  |  |  | 6,778,021 |
|  |  |  |  |  |  | 59,019,050 |
IT Services — 1.6% |  |  |  |  |  |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $12,000,008)(d) |  |  | 1,974,374 |  |  |  | 12,478,044 |
Trumid Holdings LLC(g) |  |  |  |  |  |  |  |
Class J-A, (Acquired 07/24/20, Cost: $9,999,857) |  |  | 20,154 |  |  |  | 18,129,934 |
Class J-B, (Acquired 07/24/20, Cost: $5,999,914) |  |  | 20,154 |  |  |  | 18,129,919 |
|  |  |  |  |  |  | 48,737,897 |
Road & Rail — 0.6% |  |  |  |  |  |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $16,947,253)(d) |  |  | 850 |  |  |  | 17,536,139 |
Semiconductors & Semiconductor Equipment(d) — 4.8% |
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $7,000,000) |  |  | 1,018,908 |  |  |  | 7,774,268 |
Psiquantum Corp., Series C, (Acquired 09/09/19, Cost: $9,101,310) |  |  | 1,962,335 |  |  |  | 40,129,751 |

Security |  | Shares |  |  | Value |
Semiconductors & Semiconductor Equipment (continued) |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $19,999,969) |  |  | 762,595 |  |  | $ | 19,896,103 |
SambaNova Systems, Inc. |  |  |  |  |  |  |  |
Series C, (Acquired 02/20/20, Cost: $33,904,161) |  |  | 636,800 |  |  |  | 69,003,648 |
Series D, (Acquired 04/09/21, Cost: $6,999,979) |  |  | 73,670 |  |  |  | 7,982,881 |
|  |  |  |  |  |  | 144,786,651 |
Software(d) — 6.1% |  |  |  |  |  |
Databricks, Inc. |  |  |  |  |  |  |  |
Series F, (Acquired 10/22/19, Cost: $13,200,019) |  |  | 307,346 |  |  |  | 62,212,977 |
Series G, (Acquired 02/01/21, Cost: $18,500,004) |  |  | 104,303 |  |  |  | 21,113,013 |
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $11,499,999) |  |  | 875,059 |  |  |  | 26,050,507 |
Rapyd Financial Network Ltd., Series E, (Acquired 03/31/21, Cost: $13,999,978) |  |  | 190,705 |  |  |  | 16,169,877 |
Snyk Ltd. , (Acquired 11/02/20, Cost: $13,212,590) |  |  | 2,663,936 |  |  |  | 34,711,086 |
Unqork, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 09/19/19, Cost: $6,801,016) |  |  | 597,680 |  |  |  | 17,249,045 |
Series C, (Acquired 09/18/20, Cost: $7,994,787) |  |  | 292,000 |  |  |  | 8,427,120 |
|  |  |  |  |  |  | 185,933,625 |
Total Preferred Stocks — 18.6% |  |  |  | 565,071,190 |
Total Preferred Securities — 18.6% (Cost: $322,990,975) |  |  |  | 565,071,190 |
Warrants |  |  |  |  |  |  |  |
IT Services — 0.0% |  |  |  |  |  |  |  |
TRAX Ltd., (Acquired 09/12/19, Cost: $0)(a)(c)(d) |  |  | 46,928 |  |  |  | 323,803 |
Total Warrants — 0.0% (Cost: $ — ) |  |  |  |  |  |  | 323,803 |
Total Long-Term Investments — 99.2% (Cost: $1,408,606,716) |  |  |  |  |  |  | 3,023,188,633 |
Short-Term Securities |
Money Market Funds — 1.6% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(h)(i) |  |  | 46,915,934 |  |  |  | 46,915,934 |
SL Liquidity Series, LLC, Money Market Series, 0.15%(h)(i)(j) |  |  | 1,949,024 |  |  |  | 1,949,219 |
Total Short-Term Securities — 1.6% (Cost: $48,865,153) |  |  |  | 48,865,153 |
Total Investments Before Options Written — 100.8% (Cost: $1,457,471,869) |  |  |  | 3,072,053,786 |
Options Written — (0.7)% (Premiums Received: $(27,273,522)) |  |  |  | (20,246,879 | )
Total Investments, Net of Options Written — 100.1% (Cost: $1,430,198,347) |  |  |  | 3,051,806,907 |
Liabilities in Excess of Other Assets — (0.1)% |  |  |  | (2,845,275 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 3,048,961,632 |

(a) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $957,222,562, representing 31.4% of its net assets as of period end, and an original cost of $522,312,127.

(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.

120 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Science and Technology Trust II (BSTZ)

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

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

(f) | 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 year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 21,688,765 |  |  | $ | 25,227,169 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 46,915,934 |  |  |  | 46,915,934 |  |  | $ | 6,664 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | 1,948,564 | (a) |  |  | — |  |  |  | 655 |  |  |  | — |  |  |  | 1,949,219 |  |  |  | 1,949,024 |  |  |  | 202,730 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 655 |  |  | $ | — |  |  | $ | 48,865,153 |  |  |  |  |  |  | $ | 209,394 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlassian PLC, Class A |  |  | 34 |  |  |  | 01/07/22 |  |  | USD |  |  | 395.00 |  |  | USD |  |  | 1,296 |  |  | $ | (10,880 | )
Block, Inc. |  |  | 158 |  |  |  | 01/07/22 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 2,552 |  |  |  | (474 | )
Coinbase Global, Inc., Class A |  |  | 14 |  |  |  | 01/07/22 |  |  | USD |  |  | 360.00 |  |  | USD |  |  | 353 |  |  |  | (70 | )
Coinbase Global, Inc., Class A |  |  | 24 |  |  |  | 01/07/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 606 |  |  |  | (120 | )
Coupa Software, Inc. |  |  | 78 |  |  |  | 01/07/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 1,233 |  |  |  | (11,700 | )
Coupa Software, Inc. |  |  | 25 |  |  |  | 01/07/22 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 395 |  |  |  | (250 | )
Crowdstrike Holdings, Inc., Class A |  |  | 183 |  |  |  | 01/07/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 3,747 |  |  |  | (1,830 | )
Lyft, Inc., Class A |  |  | 155 |  |  |  | 01/07/22 |  |  | USD |  |  | 44.00 |  |  | USD |  |  | 662 |  |  |  | (9,068 | )
Marvell Technology, Inc. |  |  | 1,246 |  |  |  | 01/07/22 |  |  | USD |  |  | 77.00 |  |  | USD |  |  | 10,901 |  |  |  | (1,376,830 | )
MongoDB, Inc. |  |  | 40 |  |  |  | 01/07/22 |  |  | USD |  |  | 560.00 |  |  | USD |  |  | 2,117 |  |  |  | (12,100 | )
Okta, Inc. |  |  | 80 |  |  |  | 01/07/22 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 1,793 |  |  |  | (10,240 | )
Roku, Inc. |  |  | 170 |  |  |  | 01/07/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 3,879 |  |  |  | (32,640 | )
Snap, Inc., Class A |  |  | 1,323 |  |  |  | 01/07/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 6,222 |  |  |  | (26,460 | )
Take-Two Interactive Software, Inc. |  |  | 162 |  |  |  | 01/07/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 2,879 |  |  |  | (140,940 | )
Trade Desk, Inc., Class A |  |  | 337 |  |  |  | 01/07/22 |  |  | USD |  |  | 106.00 |  |  | USD |  |  | 3,088 |  |  |  | (3,370 | )
Zscaler, Inc. |  |  | 164 |  |  |  | 01/07/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 5,270 |  |  |  | (8,528 | )
Ozon Holdings PLC |  |  | 867 |  |  |  | 01/10/22 |  |  | USD |  |  | 48.50 |  |  | USD |  |  | 2,567 |  |  |  | — |
Wolfspeed, Inc. |  |  | 1,022 |  |  |  | 01/13/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 11,423 |  |  |  | (121,955 | )
Atlassian PLC, Class A |  |  | 162 |  |  |  | 01/14/22 |  |  | USD |  |  | 405.00 |  |  | USD |  |  | 6,177 |  |  |  | (62,370 | )
Marvell Technology, Inc. |  |  | 785 |  |  |  | 01/14/22 |  |  | USD |  |  | 83.00 |  |  | USD |  |  | 6,868 |  |  |  | (437,637 | )
MercadoLibre, Inc. |  |  | 18 |  |  |  | 01/14/22 |  |  | USD |  |  | 1,200.00 |  |  | USD |  |  | 2,427 |  |  |  | (281,250 | )
Okta, Inc. |  |  | 48 |  |  |  | 01/14/22 |  |  | USD |  |  | 235.00 |  |  | USD |  |  | 1,076 |  |  |  | (11,712 | )
Tesla, Inc. |  |  | 102 |  |  |  | 01/14/22 |  |  | USD |  |  | 1,200.00 |  |  | USD |  |  | 10,779 |  |  |  | (108,885 | )
Zscaler, Inc. |  |  | 51 |  |  |  | 01/14/22 |  |  | USD |  |  | 335.00 |  |  | USD |  |  | 1,639 |  |  |  | (25,500 | )
Applovin Corp., Class A |  |  | 387 |  |  |  | 01/21/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 3,648 |  |  |  | (17,415 | )
Applovin Corp., Class A |  |  | 387 |  |  |  | 01/21/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 3,648 |  |  |  | (101,587 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlassian PLC, Class A |  |  | 65 |  |  |  | 01/21/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 2,478 |  |  | $ | (10,888 | )
Avalara, Inc. |  |  | 171 |  |  |  | 01/21/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,208 |  |  |  | (8,550 | )
AvidXchange Holdings, Inc. |  |  | 350 |  |  |  | 01/21/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 527 |  |  |  | (26,250 | )
Block, Inc. |  |  | 112 |  |  |  | 01/21/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 1,809 |  |  |  | (784 | )
Cloudflare, Inc., Class A |  |  | 190 |  |  |  | 01/21/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 2,499 |  |  |  | (1,520 | )
Coinbase Global, Inc., Class A |  |  | 30 |  |  |  | 01/21/22 |  |  | USD |  |  | 315.00 |  |  | USD |  |  | 757 |  |  |  | (4,425 | )
Confluent, Inc., Class A |  |  | 165 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,258 |  |  |  | (17,325 | )
Confluent, Inc., Class A |  |  | 205 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,563 |  |  |  | (69,700 | )
CoStar Group, Inc. |  |  | 225 |  |  |  | 01/21/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 1,778 |  |  |  | (2,250 | )
Coupa Software, Inc. |  |  | 59 |  |  |  | 01/21/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 932 |  |  |  | (9,440 | )
Crowdstrike Holdings, Inc., Class A |  |  | 80 |  |  |  | 01/21/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 1,638 |  |  |  | (440 | )
Crowdstrike Holdings, Inc., Class A |  |  | 32 |  |  |  | 01/21/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 655 |  |  |  | (9,840 | )
Dlocal Ltd., Class A |  |  | 433 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,545 |  |  |  | (28,145 | )
Elastic NV |  |  | 224 |  |  |  | 01/21/22 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 2,757 |  |  |  | (5,600 | )
Endava PLC |  |  | 100 |  |  |  | 01/21/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 1,679 |  |  |  | (78,000 | )
Endava PLC |  |  | 231 |  |  |  | 01/21/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 3,879 |  |  |  | (99,907 | )
Eventbrite, Inc., Class A |  |  | 1,020 |  |  |  | 01/21/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 1,779 |  |  |  | (15,300 | )
Farfetch Ltd., Class A |  |  | 1,255 |  |  |  | 01/21/22 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 4,195 |  |  |  | (15,060 | )
Farfetch Ltd., Class A |  |  | 1,000 |  |  |  | 01/21/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 3,343 |  |  |  | (9,000 | )
Lattice Semiconductor Corp. |  |  | 532 |  |  |  | 01/21/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 4,100 |  |  |  | (47,880 | )
Lattice Semiconductor Corp. |  |  | 845 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 6,512 |  |  |  | (147,875 | )
Legalzoom.com, Inc. |  |  | 649 |  |  |  | 01/21/22 |  |  | USD |  |  | 22.23 |  |  | USD |  |  | 1,043 |  |  |  | (1,574 | )
Lightspeed Commerce Inc. |  |  | 1,074 |  |  |  | 01/21/22 |  |  | CAD |  |  | 135.00 |  |  | CAD |  |  | 5,486 |  |  |  | (11,887 | )
Lightspeed Commerce Inc. |  |  | 537 |  |  |  | 01/21/22 |  |  | CAD |  |  | 92.00 |  |  | CAD |  |  | 2,743 |  |  |  | (5,943 | )
Lyft, Inc., Class A |  |  | 515 |  |  |  | 01/21/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 2,201 |  |  |  | (3,605 | )
MACOM Technology Solutions Holdings, Inc. |  |  | 400 |  |  |  | 01/21/22 |  |  | USD |  |  | 77.75 |  |  | USD |  |  | 3,132 |  |  |  | (121,127 | )
Marvell Technology, Inc. |  |  | 638 |  |  |  | 01/21/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 5,582 |  |  |  | (811,855 | )
Marvell Technology, Inc. |  |  | 1,388 |  |  |  | 01/21/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 12,144 |  |  |  | (79,116 | )
MercadoLibre, Inc. |  |  | 17 |  |  |  | 01/21/22 |  |  | USD |  |  | 1,740.00 |  |  | USD |  |  | 2,292 |  |  |  | (1,743 | )
MongoDB, Inc. |  |  | 32 |  |  |  | 01/21/22 |  |  | USD |  |  | 580.00 |  |  | USD |  |  | 1,694 |  |  |  | (22,880 | )
Monolithic Power Systems, Inc. |  |  | 145 |  |  |  | 01/21/22 |  |  | USD |  |  | 580.00 |  |  | USD |  |  | 7,153 |  |  |  | (69,600 | )
Monolithic Power Systems, Inc. |  |  | 56 |  |  |  | 01/21/22 |  |  | USD |  |  | 530.00 |  |  | USD |  |  | 2,763 |  |  |  | (18,900 | )
Okta, Inc. |  |  | 48 |  |  |  | 01/21/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 1,076 |  |  |  | (5,520 | )
Ozon Holdings PLC |  |  | 300 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 888 |  |  |  | (5,250 | )
Procore Technologies, Inc. |  |  | 213 |  |  |  | 01/21/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 1,703 |  |  |  | (102,240 | )
Roku, Inc. |  |  | 143 |  |  |  | 01/21/22 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 3,263 |  |  |  | (6,936 | )
Shift4 Payments, Inc., Class A |  |  | 102 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 591 |  |  |  | (3,570 | )
Shift4 Payments, Inc., Class A |  |  | 83 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 481 |  |  |  | (21,165 | )
Shoals Technologies Group, Inc., Class A |  |  | 374 |  |  |  | 01/21/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 909 |  |  |  | (1,870 | )
Shoals Technologies Group, Inc., Class A |  |  | 430 |  |  |  | 01/21/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,045 |  |  |  | (4,300 | )
Snap, Inc., Class A |  |  | 1,063 |  |  |  | 01/21/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 4,999 |  |  |  | (9,036 | )
Square, Inc., Class A |  |  | 90 |  |  |  | 01/21/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,454 |  |  |  | (2,070 | )
Synopsys, Inc. |  |  | 118 |  |  |  | 01/21/22 |  |  | USD |  |  | 360.00 |  |  | USD |  |  | 4,348 |  |  |  | (172,280 | )
Take-Two Interactive Software, Inc. |  |  | 186 |  |  |  | 01/21/22 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 3,306 |  |  |  | (63,240 | )
Tesla, Inc. |  |  | 200 |  |  |  | 01/21/22 |  |  | USD |  |  | 1,170.00 |  |  | USD |  |  | 21,136 |  |  |  | (437,500 | )
Trade Desk, Inc., Class A |  |  | 275 |  |  |  | 01/21/22 |  |  | USD |  |  | 114.00 |  |  | USD |  |  | 2,520 |  |  |  | (8,250 | )
Twilio, Inc., Class A |  |  | 205 |  |  |  | 01/21/22 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 5,398 |  |  |  | (6,253 | )
Wolfspeed, Inc. |  |  | 300 |  |  |  | 01/21/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 3,353 |  |  |  | (10,500 | )
ZoomInfo Technologies, Inc. |  |  | 656 |  |  |  | 01/21/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 4,212 |  |  |  | (11,480 | )
ZoomInfo Technologies, Inc. |  |  | 884 |  |  |  | 01/21/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 5,675 |  |  |  | (92,820 | )
Zscaler, Inc. |  |  | 139 |  |  |  | 01/21/22 |  |  | USD |  |  | 360.00 |  |  | USD |  |  | 4,466 |  |  |  | (24,464 | )
Atlassian PLC, Class A |  |  | 35 |  |  |  | 01/28/22 |  |  | USD |  |  | 375.00 |  |  | USD |  |  | 1,335 |  |  |  | (89,600 | )
Block, inc. |  |  | 211 |  |  |  | 01/28/22 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 3,408 |  |  |  | (10,867 | )
Coinbase Global, Inc., Class A |  |  | 15 |  |  |  | 01/28/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 379 |  |  |  | (7,875 | )
Lattice Semiconductor Corp. |  |  | 144 |  |  |  | 01/28/22 |  |  | USD |  |  | 78.50 |  |  | USD |  |  | 1,110 |  |  |  | (40,246 | )
Lattice Semiconductor Corp. |  |  | 520 |  |  |  | 01/28/22 |  |  | USD |  |  | 80.76 |  |  | USD |  |  | 4,007 |  |  |  | (101,170 | )
MongoDB, Inc. |  |  | 68 |  |  |  | 01/28/22 |  |  | USD |  |  | 510.00 |  |  | USD |  |  | 3,600 |  |  |  | (263,840 | )
MongoDB, Inc. |  |  | 68 |  |  |  | 01/28/22 |  |  | USD |  |  | 520.00 |  |  | USD |  |  | 3,600 |  |  |  | (227,460 | )
Okta, Inc. |  |  | 57 |  |  |  | 01/28/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 1,278 |  |  |  | (17,527 | )
Tesla, Inc. |  |  | 36 |  |  |  | 01/28/22 |  |  | USD |  |  | 1,200.00 |  |  | USD |  |  | 3,804 |  |  |  | (93,330 | )
Trade Desk, Inc., Class A |  |  | 510 |  |  |  | 01/28/22 |  |  | USD |  |  | 97.00 |  |  | USD |  |  | 4,674 |  |  |  | (153,000 | )
Twilio, Inc., Class A |  |  | 125 |  |  |  | 01/28/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 3,292 |  |  |  | (50,625 | )

122 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zscaler, Inc. |  |  | 165 |  |  |  | 01/28/22 |  |  | USD |  |  | 325.00 |  |  | USD |  |  | 5,302 |  |  | $ | (216,975 | )
Zscaler, Inc. |  |  | 223 |  |  |  | 02/11/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 7,166 |  |  |  | (181,187 | )
Applovin Corp., Class A |  |  | 684 |  |  |  | 02/18/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 6,447 |  |  |  | (148,770 | )
Avalara, Inc. |  |  | 75 |  |  |  | 02/18/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 968 |  |  |  | (3,375 | )
Avalara, Inc. |  |  | 111 |  |  |  | 02/18/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 1,433 |  |  |  | (14,708 | )
Cloudflare, Inc., Class A |  |  | 370 |  |  |  | 02/18/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 4,866 |  |  |  | (94,905 | )
Confluent, Inc., Class A |  |  | 244 |  |  |  | 02/18/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,860 |  |  |  | (222,040 | )
CoStar Group, Inc. |  |  | 320 |  |  |  | 02/18/22 |  |  | USD |  |  | 81.50 |  |  | USD |  |  | 2,529 |  |  |  | (60,329 | )
Dlocal Ltd., Class A |  |  | 433 |  |  |  | 02/18/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,545 |  |  |  | (82,270 | )
Elastic NV |  |  | 117 |  |  |  | 02/18/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,440 |  |  |  | (70,785 | )
Endava PLC |  |  | 257 |  |  |  | 02/18/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 4,316 |  |  |  | (567,970 | )
Eventbrite, Inc., Class A |  |  | 480 |  |  |  | 02/18/22 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 837 |  |  |  | (67,200 | )
Farfetch Ltd., Class A |  |  | 577 |  |  |  | 02/18/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 1,929 |  |  |  | (115,688 | )
Grid Dynamics Holdings, Inc. |  |  | 1,200 |  |  |  | 02/18/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 4,556 |  |  |  | (288,000 | )
Legalzoom.com, Inc. |  |  | 106 |  |  |  | 02/18/22 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 170 |  |  |  | (8,745 | )
Lyft, Inc., Class A |  |  | 216 |  |  |  | 02/18/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 923 |  |  |  | (3,996 | )
Lyft, Inc., Class A |  |  | 62 |  |  |  | 02/18/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 265 |  |  |  | (15,314 | )
MACOM Technology Solutions Holdings, Inc. |  |  | 560 |  |  |  | 02/18/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 4,385 |  |  |  | (288,400 | )
Marvell Technology, Inc. |  |  | 861 |  |  |  | 02/18/22 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 7,533 |  |  |  | (975,082 | )
Marvell Technology, Inc. |  |  | 1,388 |  |  |  | 02/18/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 12,144 |  |  |  | (249,840 | )
MercadoLibre, Inc. |  |  | 16 |  |  |  | 02/18/22 |  |  | USD |  |  | 1,300.00 |  |  | USD |  |  | 2,157 |  |  |  | (184,560 | )
MongoDB, Inc. |  |  | 25 |  |  |  | 02/18/22 |  |  | USD |  |  | 560.00 |  |  | USD |  |  | 1,323 |  |  |  | (61,250 | )
MongoDB, Inc. |  |  | 88 |  |  |  | 02/18/22 |  |  | USD |  |  | 630.00 |  |  | USD |  |  | 4,658 |  |  |  | (69,960 | )
Monolithic Power Systems, Inc. |  |  | 56 |  |  |  | 02/18/22 |  |  | USD |  |  | 540.00 |  |  | USD |  |  | 2,763 |  |  |  | (54,320 | )
Okta, Inc. |  |  | 199 |  |  |  | 02/18/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 4,461 |  |  |  | (51,541 | )
Unity Software, Inc. |  |  | 223 |  |  |  | 02/18/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 3,189 |  |  |  | (136,030 | )
Unity Software, Inc. |  |  | 283 |  |  |  | 02/25/22 |  |  | USD |  |  | 167.00 |  |  | USD |  |  | 4,047 |  |  |  | (145,214 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (10,992,958 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cloudflare, Inc., Class A |  | Citibank N.A. |  |  | 45,000 |  |  | 01/04/22 |  | USD |  |  | 198.38 |  |  | USD |  |  | 5,918 |  |  | $ | — |
Grid Dynamics Holdings, Inc. |  | Citibank N.A. |  |  | 58,000 |  |  | 01/04/22 |  | USD |  |  | 30.81 |  |  | USD |  |  | 2,202 |  |  |  | (415,580 | )
Lightspeed Commerce Inc. |  | Morgan Stanley & Co. International PLC |  |  | 35,900 |  |  | 01/06/22 |  | CAD |  |  | 85.40 |  |  | CAD |  |  | 1,834 |  |  |  | (1 | )
Shoals Technologies Group, Inc., Class A |  | Citibank N.A. |  |  | 31,000 |  |  | 01/06/22 |  | USD |  |  | 33.54 |  |  | USD |  |  | 753 |  |  |  | — |
Silergy Corp. |  | UBS AG |  |  | 44,000 |  |  | 01/10/22 |  | USD |  |  | 5,683.25 |  |  | USD |  |  | 221,100 |  |  |  | (17,007 | )
Adyen NV |  | Goldman Sachs International |  |  | 4,200 |  |  | 01/11/22 |  | EUR |  |  | 2,657.40 |  |  | EUR |  |  | 9,708 |  |  |  | (5,984 | )
Alphawave IP Group PLC |  | Goldman Sachs International |  |  | 63,850 |  |  | 01/11/22 |  | GBP |  |  | 1.97 |  |  | GBP |  |  | 128 |  |  |  | (20,673 | )
BE Semiconductor Industries NV |  | Morgan Stanley & Co. International PLC |  |  | 46,300 |  |  | 01/11/22 |  | EUR |  |  | 87.95 |  |  | EUR |  |  | 3,473 |  |  |  | (549 | )
Delivery Hero AG |  | Goldman Sachs International |  |  | 52,600 |  |  | 01/11/22 |  | EUR |  |  | 132.30 |  |  | EUR |  |  | 5,155 |  |  |  | (218 | )
Gmo Payment Gateway Inc. |  | UBS AG |  |  | 15,700 |  |  | 01/11/22 |  | JPY |  |  | 15,831.10 |  |  | JPY |  |  | 225,295 |  |  |  | (2,659 | )
Hybe Ltd. |  | Goldman Sachs International |  |  | 34,000 |  |  | 01/11/22 |  | USD |  |  | 442,980.00 |  |  | USD |  |  | 11,866,000 |  |  |  | (463 | )
Shoals Technologies Group, Inc., Class A |  | Citibank N.A. |  |  | 9,950 |  |  | 01/11/22 |  | USD |  |  | 32.17 |  |  | USD |  |  | 242 |  |  |  | (62 | )
Silergy Corp. |  | UBS AG |  |  | 44,000 |  |  | 01/11/22 |  | USD |  |  | 5,683.25 |  |  | USD |  |  | 221,100 |  |  |  | (21,080 | )
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 10,000 |  |  | 01/11/22 |  | EUR |  |  | 241.64 |  |  | EUR |  |  | 2,152 |  |  |  | (2,525 | )
Xero Ltd. |  | UBS AG |  |  | 41,100 |  |  | 01/11/22 |  | AUD |  |  | 152.88 |  |  | AUD |  |  | 5,813 |  |  |  | (18,566 | )
FREEE KK |  | Goldman Sachs International |  |  | 3,200 |  |  | 01/13/22 |  | JPY |  |  | 8,109.14 |  |  | JPY |  |  | 20,352 |  |  |  | (40 | )
Kapstone Paper & Packaging |  | JPMorgan Chase Bank N.A. |  |  | 10,300 |  |  | 01/13/22 |  | USD |  |  | 755,425.00 |  |  | USD |  |  | 6,746,500 |  |  |  | (187 | )
Grid Dynamics Holdings, Inc. |  | Citibank N.A. |  |  | 58,200 |  |  | 01/14/22 |  | USD |  |  | 30.94 |  |  | USD |  |  | 2,210 |  |  |  | (415,605 | )
Shoals Technologies Group, Inc., Class A |  | Citibank N.A. |  |  | 19,800 |  |  | 01/14/22 |  | USD |  |  | 35.85 |  |  | USD |  |  | 481 |  |  |  | (11 | )
Alphawave IP Group PLC |  | Goldman Sachs International |  |  | 134,000 |  |  | 01/18/22 |  | GBP |  |  | 1.98 |  |  | GBP |  |  | 268 |  |  |  | (54,170 | )
Delivery Hero SE |  | Goldman Sachs International |  |  | 13,400 |  |  | 01/18/22 |  | EUR |  |  | 124.95 |  |  | EUR |  |  | 1,313 |  |  |  | (1,946 | )
Gmo Payment Gateway Inc. |  | UBS AG |  |  | 15,700 |  |  | 01/18/22 |  | JPY |  |  | 15,831.10 |  |  | JPY |  |  | 225,295 |  |  |  | (7,227 | )
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 9,800 |  |  | 01/18/22 |  | EUR |  |  | 245.96 |  |  | EUR |  |  | 2,109 |  |  |  | (4,308 | )
FREEE KK |  | JPMorgan Chase Bank N.A. |  |  | 40,000 |  |  | 01/19/22 |  | JPY |  |  | 7,155.12 |  |  | JPY |  |  | 254,400 |  |  |  | (22,684 | )
Altium Ltd. |  | UBS AG |  |  | 236,650 |  |  | 01/20/22 |  | AUD |  |  | 43.43 |  |  | AUD |  |  | 10,694 |  |  |  | (420,909 | )
Asm International NV |  | Goldman Sachs International |  |  | 6,800 |  |  | 01/20/22 |  | EUR |  |  | 396.65 |  |  | EUR |  |  | 2,643 |  |  |  | (63,887 | )
Samsung SDI Co. Ltd. |  | UBS AG |  |  | 9,700 |  |  | 01/20/22 |  | USD |  |  | 739,475.79 |  |  | USD |  |  | 6,353,500 |  |  |  | (3,325 | )

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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Altium Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 73,000 |  |  | 01/25/22 |  |  | AUD |  |  | 43.51 |  |  | AUD |  |  |  | 3,299 |  |  | $ | (134,709 | )
Rakus Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 112,300 |  |  | 01/25/22 |  |  | JPY |  |  | 3,376.47 |  |  | JPY |  |  |  | 348,130 |  |  |  | (79,945 | )
Monolithic Power Systems, Inc. |  | Barclays Bank PLC |  |  | 11,000 |  |  | 01/26/22 |  |  | USD |  |  | 573.46 |  |  | USD |  |  |  | 5,427 |  |  |  | (33,779 | )
Shoals Technologies Group, Inc., Class A |  | Barclays Bank PLC |  |  | 10,000 |  |  | 01/26/22 |  |  | USD |  |  | 34.66 |  |  | USD |  |  |  | 243 |  |  |  | (221 | )
Soitec SA |  | UBS AG |  |  | 6,400 |  |  | 01/27/22 |  |  | EUR |  |  | 248.44 |  |  | EUR |  |  |  | 1,377 |  |  |  | (5,473 | )
Grid Dynamics Holdings, Inc. |  | BNP Paribas SA |  |  | 90,000 |  |  | 01/28/22 |  |  | USD |  |  | 39.33 |  |  | USD |  |  |  | 3,417 |  |  |  | (155,863 | )
Legalzoom.com, Inc. |  | Barclays Bank PLC |  |  | 60,000 |  |  | 01/28/22 |  |  | USD |  |  | 19.32 |  |  | USD |  |  |  | 964 |  |  |  | (16,631 | )
Endava PLC |  | JPMorgan Chase Bank N.A. |  |  | 20,000 |  |  | 01/31/22 |  |  | USD |  |  | 162.24 |  |  | USD |  |  |  | 3,358 |  |  |  | (233,282 | )
Rakus Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 137,000 |  |  | 02/01/22 |  |  | JPY |  |  | 3,492.79 |  |  | JPY |  |  |  | 424,700 |  |  |  | (84,703 | )
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 28,100 |  |  | 02/01/22 |  |  | EUR |  |  | 230.58 |  |  | EUR |  |  |  | 6,047 |  |  |  | (94,663 | )
Synopsys, Inc. |  | Barclays Bank PLC |  |  | 21,200 |  |  | 02/02/22 |  |  | USD |  |  | 375.14 |  |  | USD |  |  |  | 7,812 |  |  |  | (226,186 | )
Unity Software, Inc. |  | Credit Suisse International |  |  | 22,950 |  |  | 02/02/22 |  |  | USD |  |  | 146.88 |  |  | USD |  |  |  | 3,282 |  |  |  | (195,639 | )
Altium Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 54,100 |  |  | 02/03/22 |  |  | AUD |  |  | 46.34 |  |  | AUD |  |  |  | 2,445 |  |  |  | (48,559 | )
Endava PLC |  | Citibank N.A. |  |  | 30,000 |  |  | 02/03/22 |  |  | USD |  |  | 154.41 |  |  | USD |  |  |  | 5,038 |  |  |  | (512,490 | )
Kakao Corp. |  | JPMorgan Chase Bank N.A. |  |  | 171,000 |  |  | 02/03/22 |  |  | USD |  |  | 125,717.20 |  |  | USD |  |  |  | 19,237,500 |  |  |  | (117,768 | )
Locaweb Servicos De Internet SA |  | Morgan Stanley & Co. International PLC |  |  | 2,366,000 |  |  | 02/03/22 |  |  | USD |  |  | 14.28 |  |  | USD |  |  |  | 31,137 |  |  |  | (395,288 | )
Rakus Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 121,700 |  |  | 02/03/22 |  |  | JPY |  |  | 3,287.57 |  |  | JPY |  |  |  | 377,270 |  |  |  | (140,265 | )
Soitec SA |  | Credit Suisse International |  |  | 6,900 |  |  | 02/03/22 |  |  | EUR |  |  | 218.10 |  |  | EUR |  |  |  | 1,485 |  |  |  | (57,118 | )
Grid Dynamics Holdings, Inc. |  | BNP Paribas SA |  |  | 90,000 |  |  | 02/04/22 |  |  | USD |  |  | 39.33 |  |  | USD |  |  |  | 3,417 |  |  |  | (178,566 | )
FREEE KK |  | JPMorgan Chase Bank N.A. |  |  | 68,200 |  |  | 02/08/22 |  |  | JPY |  |  | 6,596.20 |  |  | JPY |  |  |  | 433,752 |  |  |  | (188,279 | )
Lasertec Corp. |  | JPMorgan Chase Bank N.A. |  |  | 95,000 |  |  | 02/08/22 |  |  | JPY |  |  | 32,181.60 |  |  | JPY |  |  |  | 3,352,550 |  |  |  | (3,350,123 | )
Silergy Corp. |  | JPMorgan Chase Bank N.A. |  |  | 36,000 |  |  | 02/08/22 |  |  | USD |  |  | 4,690.64 |  |  | USD |  |  |  | 180,900 |  |  |  | (646,974 | )
Soitec SA |  | Goldman Sachs International |  |  | 11,100 |  |  | 02/08/22 |  |  | EUR |  |  | 220.05 |  |  | EUR |  |  |  | 2,389 |  |  |  | (89,284 | )
Asm International NV |  | Morgan Stanley & Co. International PLC |  |  | 15,900 |  |  | 02/10/22 |  |  | EUR |  |  | 396.48 |  |  | EUR |  |  |  | 6,180 |  |  |  | (252,355 | )
BE Semiconductor Industries NV |  | Credit Suisse International |  |  | 39,300 |  |  | 02/10/22 |  |  | EUR |  |  | 81.71 |  |  | EUR |  |  |  | 2,948 |  |  |  | (63,441 | )
Gmo Payment Gateway Inc. |  | JPMorgan Chase Bank N.A. |  |  | 36,000 |  |  | 02/10/22 |  |  | JPY |  |  | 15,418.62 |  |  | JPY |  |  |  | 516,600 |  |  |  | (84,438 | )
Xero Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 37,500 |  |  | 02/10/22 |  |  | AUD |  |  | 147.94 |  |  | AUD |  |  |  | 5,304 |  |  |  | (124,599 | )
Shift4 Payments, Inc., Class A |  | Barclays Bank PLC |  |  | 40,000 |  |  | 02/11/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  |  | 2,317 |  |  |  | (175,771 | )
Kakao Corp. |  | UBS AG |  |  | 49,800 |  |  | 02/15/22 |  |  | USD |  |  | 123,870.46 |  |  | USD |  |  |  | 5,602,500 |  |  |  | (67,843 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (9,253,921 | )

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 |  | $ 15,017,392 |  | $ (7,990,749) |  | $ (20,246,879)

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 |  | $ | — |  |  | $ | — |  |  | $ 20,246,879 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20,246,879 |

124 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Science and Technology Trust II (BSTZ)

For the period ended December 31, 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) |  | $ | — |  |  | $ | — |  |  | $ | (1,996 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,996 | )
Options written |  |  | — |  |  |  | — |  |  |  | (58,346,478 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (58,346,478 | )
|  | $ | — |  |  | $ | — |  |  | $ | (58,348,474 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (58,348,474 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 33,557,764 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 33,557,764 |

| (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 |  | $ | 28,144,606 |

| (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 |  | $ | — |  |  | $ | 20,246,879 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 20,246,879 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (10,992,958 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 9,253,921 |

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 |  | $ | 452,588 |  |  | $ | — |  |  | $ | — |  |  | $ | (300,000 | ) |  | $ | 152,588 |
BNP Paribas SA |  |  | 334,429 |  |  |  | — |  |  |  | — |  |  |  | (310,000 | ) |  |  | 24,429 |
Citibank N.A. |  |  | 1,343,748 |  |  |  | — |  |  |  | — |  |  |  | (1,200,000 | ) |  |  | 143,748 |
Credit Suisse International |  |  | 316,198 |  |  |  | — |  |  |  | — |  |  |  | (316,198 | ) |  |  | — |
Goldman Sachs International |  |  | 236,665 |  |  |  | — |  |  |  | — |  |  |  | (236,665 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 5,131,916 |  |  |  | — |  |  |  | — |  |  |  | (4,790,000 | ) |  |  | 341,916 |
Morgan Stanley & Co. International PLC |  |  | 874,288 |  |  |  | — |  |  |  | — |  |  |  | (480,000 | ) |  |  | 394,288 |
UBS AG |  |  | 564,089 |  |  |  | — |  |  |  | — |  |  |  | (230,000 | ) |  |  | 334,089 |
|  | $ | 9,253,921 |  |  | $ | — |  |  | $ | — |  |  | $ | (7,862,863 | ) |  | $ | 1,391,058 |

| (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. |

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 (continued) December 31, 2021 |  | BlackRock Science and Technology Trust II (BSTZ)

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | — |  |  | $ | 8,316,000 |  |  | $ | — |  |  | $ | 8,316,000 |
Airlines |  |  | — |  |  |  | 5,890,500 |  |  |  | — |  |  |  | 5,890,500 |
Automobiles |  |  | 89,521,947 |  |  |  | 20,652,650 |  |  |  | — |  |  |  | 110,174,597 |
Banks |  |  | — |  |  |  | — |  |  |  | 118,595,654 |  |  |  | 118,595,654 |
Capital Markets |  |  | 7,021,438 |  |  |  | — |  |  |  | — |  |  |  | 7,021,438 |
Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 14,623,790 |  |  |  | 14,623,790 |
Electrical Equipment |  |  | 9,646,201 |  |  |  | — |  |  |  | — |  |  |  | 9,646,201 |
Electronic Equipment, Instruments & Components |  |  | — |  |  |  | 39,144,249 |  |  |  | — |  |  |  | 39,144,249 |
Entertainment |  |  | 43,965,320 |  |  |  | 35,538,050 |  |  |  | — |  |  |  | 79,503,370 |
Hotels, Restaurants & Leisure |  |  | 35,762,475 |  |  |  | — |  |  |  | — |  |  |  | 35,762,475 |
Interactive Media & Services |  |  | 92,669,337 |  |  |  | 69,514,405 |  |  |  | — |  |  |  | 162,183,742 |
Internet & Direct Marketing Retail |  |  | 83,380,709 |  |  |  | 26,079,907 |  |  |  | — |  |  |  | 109,460,616 |
IT Services |  |  | 331,364,438 |  |  |  | 94,695,480 |  |  |  | 58,992,386 |  |  |  | 485,052,304 |
Professional Services |  |  | 25,454,206 |  |  |  | — |  |  |  | — |  |  |  | 25,454,206 |
Road & Rail |  |  | 20,275,086 |  |  |  | — |  |  |  | — |  |  |  | 20,275,086 |
Semiconductors & Semiconductor Equipment |  |  | 289,097,704 |  |  |  | 266,361,995 |  |  |  | 5,007,375 |  |  |  | 560,467,074 |
Software |  |  | 396,150,420 |  |  |  | 189,621,918 |  |  |  | 49,610,395 |  |  |  | 635,382,733 |
Specialty Retail |  |  | — |  |  |  | 30,839,605 |  |  |  | — |  |  |  | 30,839,605 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 565,071,190 |  |  |  | 565,071,190 |
Warrants |  |  | — |  |  |  | — |  |  |  | 323,803 |  |  |  | 323,803 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 46,915,934 |  |  |  | — |  |  |  | — |  |  |  | 46,915,934 |
Unfunded SPAC PIPE Commitments(a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 1,471,225,215 |  |  | $ | 786,654,759 |  |  | $ | 812,224,593 |  |  |  | 3,070,104,567 |
Investments Valued at NAV(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,949,219 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,072,053,786 |
Derivative Financial Instruments(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (10,401,343 | ) |  | $ | (9,845,536 | ) |  | $ | — |  |  | $ | (20,246,879 | )

| (a) | Unfunded SPAC PIPE commitments are valued at the unrealized appreciation (depreciation) on the commitment. |

| (b) | 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. |

| (c) | 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 year 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 |  |  | Unfunded SPAC PIPE Commitments |  |  | 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(a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3(b) |  |  | (35,281,219 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (35,281,219 | )
Other(c) |  |  | 35,281,219 |  |  |  | (35,281,219 | ) |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | 1,767,477 |  |  |  | 12,454,000 |  |  |  | — |  |  |  | — |  |  |  | 14,221,477 |
Net change in unrealized appreciation (depreciation)(d)(e) |  |  | 98,693,844 |  |  |  | 173,127,874 |  |  |  | — | (f) |  |  | (198,036 | ) |  |  | 271,623,682 |

126 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Science and Technology Trust II (BSTZ)

|  | Common Stocks |  |  | Preferred Stocks |  |  | Unfunded SPAC PIPE Commitments |  |  | Warrants |  |  | Total |
Purchases |  | $ | 58,584,805 |  |  | $ | 130,500,023 |  |  | $ | — |  |  | $ | — |  |  | $ | 189,084,828 |
Sales |  |  | (28,300,214 | ) |  |  | (117,480,354 | ) |  |  | — |  |  |  | — |  |  |  | (145,780,568 | )
Closing balance, as of December 31, 2021 |  | $ | 246,829,600 |  |  | $ | 565,071,190 |  |  | $ | — | (f) |  | $ | 323,803 |  |  | $ | 812,224,593 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2021(e) |  | $ | 101,449,537 |  |  | $ | 221,717,099 |  |  | $ | — | (f) |  | $ | (198,036 | ) |  | $ | 322,968,600 |

| (a) | As of December 31, 2020, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2021, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. |

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

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

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

| (e) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2021 is generally due to investments no longer held or categorized as Level 3 at period end. |

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

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 |  | $ | 246,829,600 |  |  | Market |  |  | Revenue Multiple |  |  |  | 3.50x - 32.00x |  |  |  | 21.32x |
|  |  |  |  |  |  |  |  | Volatility |  |  |  | 33% - 70% |  |  |  | 39% |
|  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 0.5 - 2.0 |  |  |  | 0.8 |
Preferred Stocks |  |  | 565,071,190 |  |  | Market |  |  | Revenue Multiple |  |  |  | 3.15x - 33.50x |  |  |  | 19.60x |
|  |  |  |  |  |  |  |  | Volatility |  |  |  | 27% - 55% |  |  |  | 48% |
|  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 3.0 - 4.0 |  |  |  | 3.9 |
|  |  |  |  |  |  |  |  | Recent Transactions |  |  |  | $ 9.86 |  |  |  | — |
Warrants |  |  | 323,803 |  |  | Market |  |  | Revenue Multiple |  |  |  | 11.00x |  |  |  | — |
|  |  |  |  |  |  |  |  | Volatility |  |  |  | 33% |  |  |  | — |
|  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 0.5 |  |  |  | — |
|  | $ | 812,224,593 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 127

Schedule of Investments December 31, 2021 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Building Products — 7.5% |  |  |  |  |  |  |  |
Johnson Controls International PLC(a) |  |  | 216,609 |  |  | $ | 17,612,478 |
Kingspan Group PLC |  |  | 94,115 |  |  |  | 11,226,505 |
Trane Technologies PLC(a) |  |  | 65,850 |  |  |  | 13,303,675 |
|  |  |  |  |  |  | 42,142,658 |
Chemicals — 4.5% |  |  |  |  |  |
Air Liquide SA |  |  | 40,467 |  |  |  | 7,057,619 |
LG Chem Ltd. |  |  | 4,400 |  |  |  | 2,274,631 |
Linde PLC(b) |  |  | 25,478 |  |  |  | 8,841,059 |
Sika AG, Registered Shares |  |  | 16,890 |  |  |  | 7,019,774 |
|  |  |  |  |  |  | 25,193,083 |
Commercial Services & Supplies(a) — 5.0% |
Waste Connections, Inc. |  |  | 81,550 |  |  |  | 11,112,819 |
Waste Management, Inc. |  |  | 100,050 |  |  |  | 16,698,345 |
|  |  |  |  |  |  | 27,811,164 |
Construction & Engineering — 3.9% |  |  |  |  |  |
Quanta Services, Inc.(a) |  |  | 59,910 |  |  |  | 6,869,281 |
Vinci SA |  |  | 141,000 |  |  |  | 14,891,684 |
|  |  |  |  |  |  | 21,760,965 |
Electric Utilities — 28.1% |  |  |  |  |  |
American Electric Power Co., Inc.(a) |  |  | 128,750 |  |  |  | 11,454,887 |
Duke Energy Corp.(a) |  |  | 121,918 |  |  |  | 12,789,198 |
Edison International(a) |  |  | 121,150 |  |  |  | 8,268,488 |
EDP - Energias de Portugal SA |  |  | 1,439,900 |  |  |  | 7,909,807 |
Enel SpA |  |  | 3,475,725 |  |  |  | 27,792,168 |
Exelon Corp.(a) |  |  | 154,158 |  |  |  | 8,904,166 |
FirstEnergy Corp.(a) |  |  | 191,550 |  |  |  | 7,966,565 |
Iberdrola SA |  |  | 1,401,175 |  |  |  | 16,589,878 |
Neoenergia SA |  |  | 1,250,200 |  |  |  | 3,632,649 |
NextEra Energy, Inc.(a)(c) |  |  | 496,130 |  |  |  | 46,318,697 |
Xcel Energy, Inc.(a) |  |  | 84,490 |  |  |  | 5,719,973 |
|  |  |  |  |  |  | 157,346,476 |
Electrical Equipment — 8.8% |  |  |  |  |  |
Ballard Power Systems, Inc.(a)(b) |  |  | 201,213 |  |  |  | 2,527,235 |
Eaton Corp. PLC(a) |  |  | 48,040 |  |  |  | 8,302,273 |
Prysmian SpA |  |  | 180,550 |  |  |  | 6,791,595 |
Schneider Electric SE |  |  | 75,232 |  |  |  | 14,790,265 |
Sunrun, Inc.(a)(b) |  |  | 66,750 |  |  |  | 2,289,525 |
Vestas Wind Systems A/S |  |  | 332,650 |  |  |  | 10,130,898 |
Xinjiang Goldwind Science & Technology Co. Ltd., Class H |  |  | 2,274,400 |  |  |  | 4,440,189 |
|  |  |  |  |  |  | 49,271,980 |
Electronic Equipment, Instruments & Components — 2.2% |
Hexagon AB, B Shares |  |  | 280,850 |  |  |  | 4,448,817 |
Rogers Corp.(b) |  |  | 19,696 |  |  |  | 5,377,008 |
Samsung SDI Co. Ltd.(b) |  |  | 4,650 |  |  |  | 2,557,369 |
|  |  |  |  |  |  | 12,383,194 |
Independent Power and Renewable Electricity Producers — 6.9% |
AES Corp.(a) |  |  | 384,590 |  |  |  | 9,345,537 |
China Longyuan Power Group Corp. Ltd., Class H |  |  | 3,129,000 |  |  |  | 7,308,771 |
EDP Renovaveis SA |  |  | 450,792 |  |  |  | 11,210,055 |
ReNew Energy Global PLC(b) |  |  | 661,000 |  |  |  | 5,142,580 |
Scatec ASA(d) |  |  | 212,950 |  |  |  | 3,676,574 |
Sunnova Energy International, Inc.(a)(b) |  |  | 80,050 |  |  |  | 2,234,996 |
|  |  |  |  |  |  | 38,918,513 |

Security |  | Shares |  |  | Value |
Machinery — 4.9% |  |  |  |  |  |
Atlas Copco AB, B Shares |  |  | 250,500 |  |  | $ | 14,714,431 |
Ingersoll Rand, Inc.(a) |  |  | 201,900 |  |  |  | 12,491,553 |
|  |  |  |  |  |  | 27,205,984 |
Multi-Utilities — 16.8% |  |  |  |  |  |
CMS Energy Corp.(a) |  |  | 219,810 |  |  |  | 14,298,640 |
Dominion Energy, Inc.(a)(c) |  |  | 183,848 |  |  |  | 14,443,099 |
National Grid PLC |  |  | 982,124 |  |  |  | 14,161,527 |
NiSource, Inc.(a) |  |  | 224,850 |  |  |  | 6,208,109 |
Public Service Enterprise Group, Inc.(a) |  |  | 193,392 |  |  |  | 12,905,048 |
Rwe AG |  |  | 515,250 |  |  |  | 20,876,144 |
Sempra Energy(a) |  |  | 83,650 |  |  |  | 11,065,222 |
|  |  |  |  |  |  | 93,957,789 |
Oil, Gas & Consumable Fuels — 7.0% |  |  |  |  |  |
Enterprise Products Partners LP(a) |  |  | 244,563 |  |  |  | 5,370,604 |
Kinder Morgan, Inc.(a) |  |  | 540,450 |  |  |  | 8,571,537 |
TC Energy Corp. |  |  | 271,400 |  |  |  | 12,622,208 |
Williams Cos., Inc.(a) |  |  | 497,255 |  |  |  | 12,948,520 |
|  |  |  |  |  |  | 39,512,869 |
Semiconductors & Semiconductor Equipment — 3.8% |
Analog Devices, Inc.(a) |  |  | 28,974 |  |  |  | 5,092,760 |
Canadian Solar, Inc.(b) |  |  | 79,040 |  |  |  | 2,473,162 |
First Solar, Inc.(a)(b) |  |  | 26,934 |  |  |  | 2,347,567 |
Infineon Technologies AG |  |  | 119,950 |  |  |  | 5,522,313 |
ON Semiconductor Corp.(a)(b) |  |  | 82,780 |  |  |  | 5,615,625 |
|  |  |  |  |  |  | 21,051,427 |
Total Long-Term Investments — 99.4% (Cost: $354,598,073) |  |  |  |  |  |  | 556,556,102 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.3% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(e)(f) |  |  | 7,380,748 |  |  |  | 7,380,748 |
Total Short-Term Securities — 1.3% (Cost: $7,380,748) |  |  |  | 7,380,748 |
Total Investments Before Options Written — 100.7% (Cost: $361,978,821) |  |  |  | 563,936,850 |
Options Written — (1.0)% (Premiums Received: $(4,433,535)) |  |  |  | (5,639,070 | )
Total Investments, Net of Options Written — 99.7% (Cost: $357,545,286) |  |  |  | 558,297,780 |
Other Assets Less Liabilities — 0.3% |  |  |  | 1,506,913 |
Net Assets — 100.0% |  |  | $ | 559,804,693 |

(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.

128 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 2021 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/21 |  |  | Shares Held at 12/31/21 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 8,385,590 |  |  | $ | — |  |  | $ | (1,004,842 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 7,380,748 |  |  |  | 7,380,748 |  |  | $ | 1,025 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series(b) |  |  | — |  |  |  | — |  |  |  | (17 | )(a) |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,661 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17 |  |  | $ | — |  |  | $ | 7,380,748 |  |  |  |  |  |  | $ | 13,686 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quanta Services, Inc. |  |  | 65 |  |  |  | 01/04/22 |  |  |  | USD |  |  |  | 123.00 |  |  |  | USD |  |  |  | 745 |  |  | $ | (53 | )
Enterprise Products Partners LP |  |  | 76 |  |  |  | 01/07/22 |  |  |  | USD |  |  |  | 22.00 |  |  |  | USD |  |  |  | 167 |  |  |  | (1,330 | )
CMS Energy Corp. |  |  | 410 |  |  |  | 01/12/22 |  |  |  | USD |  |  |  | 62.00 |  |  |  | USD |  |  |  | 2,667 |  |  |  | (131,888 | )
Enterprise Products Partners LP |  |  | 265 |  |  |  | 01/12/22 |  |  |  | USD |  |  |  | 22.90 |  |  |  | USD |  |  |  | 582 |  |  |  | (1,036 | )
Analog Devices, Inc. |  |  | 10 |  |  |  | 01/14/22 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 176 |  |  |  | (4,800 | )
Eaton Corp. PLC |  |  | 103 |  |  |  | 01/14/22 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 1,780 |  |  |  | (18,798 | )
Williams Cos., Inc. |  |  | 746 |  |  |  | 01/14/22 |  |  |  | USD |  |  |  | 28.00 |  |  |  | USD |  |  |  | 1,943 |  |  |  | (26,110 | )
AES Corp. |  |  | 437 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,062 |  |  |  | (10,925 | )
American Electric Power Co., Inc. |  |  | 214 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,904 |  |  |  | (90,950 | )
American Electric Power Co., Inc. |  |  | 11 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 87.50 |  |  |  | USD |  |  |  | 98 |  |  |  | (2,393 | )
Analog Devices, Inc. |  |  | 91 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 1,600 |  |  |  | (3,185 | )
Ballard Power Systems, Inc. |  |  | 287 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 360 |  |  |  | (1,435 | )
CMS Energy Corp. |  |  | 359 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,335 |  |  |  | (38,592 | )
Dominion Energy, Inc. |  |  | 351 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 2,757 |  |  |  | (61,425 | )
Duke Energy Corp. |  |  | 185 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,941 |  |  |  | (26,825 | )
Enterprise Products Partners LP |  |  | 265 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 582 |  |  |  | (530 | )
Exelon Corp. |  |  | 6 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 35 |  |  |  | (1,785 | )
First Solar, Inc. |  |  | 43 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 375 |  |  |  | (301 | )
FirstEnergy Corp. |  |  | 335 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,393 |  |  |  | (59,462 | )
Ingersoll Rand, Inc. |  |  | 118 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 730 |  |  |  | (6,195 | )
Kinder Morgan, Inc. |  |  | 824 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 1,307 |  |  |  | (4,532 | )
NextEra Energy, Inc. |  |  | 880 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 87.94 |  |  |  | USD |  |  |  | 8,216 |  |  |  | (507,234 | )
NiSource, Inc. |  |  | 393 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 1,085 |  |  |  | (64,845 | )
ON Semiconductor Corp. |  |  | 321 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,180 |  |  |  | (136,425 | )
Public Service Enterprise Group, Inc. |  |  | 444 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 63.41 |  |  |  | USD |  |  |  | 2,963 |  |  |  | (153,825 | )
Quanta Services, Inc. |  |  | 168 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,926 |  |  |  | (18,480 | )
Sempra Energy |  |  | 143 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 126.50 |  |  |  | USD |  |  |  | 1,892 |  |  |  | (94,067 | )
Sunnova Energy International, Inc. |  |  | 130 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 363 |  |  |  | (4,550 | )
Sunrun, Inc. |  |  | 72 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 247 |  |  |  | (540 | )
TC Energy Corp. |  |  | 494 |  |  |  | 01/21/22 |  |  |  | CAD |  |  |  | 62.00 |  |  |  | CAD |  |  |  | 2,906 |  |  |  | (1,953 | )
Trane Technologies PLC |  |  | 82 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 1,657 |  |  |  | (39,770 | )
Waste Connections, Inc. |  |  | 111 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 1,513 |  |  |  | (34,410 | )
Waste Management, Inc. |  |  | 182 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 3,038 |  |  |  | (21,385 | )
Williams Cos., Inc. |  |  | 634 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 1,651 |  |  |  | (3,170 | )
Xcel Energy, Inc. |  |  | 165 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 65.07 |  |  |  | USD |  |  |  | 1,117 |  |  |  | (49,386 | )
Xcel Energy, Inc. |  |  | 130 |  |  |  | 01/21/22 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 880 |  |  |  | (4,550 | )
NiSource, Inc. |  |  | 393 |  |  |  | 01/27/22 |  |  |  | USD |  |  |  | 26.33 |  |  |  | USD |  |  |  | 1,085 |  |  |  | (52,548 | )
Eaton Corp. PLC |  |  | 65 |  |  |  | 01/28/22 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 1,123 |  |  |  | (39,325 | )
Enterprise Products Partners LP |  |  | 249 |  |  |  | 01/28/22 |  |  |  | USD |  |  |  | 21.50 |  |  |  | USD |  |  |  | 547 |  |  |  | (18,301 | )
First Solar, Inc. |  |  | 51 |  |  |  | 01/28/22 |  |  |  | USD |  |  |  | 97.00 |  |  |  | USD |  |  |  | 445 |  |  |  | (5,279 | )

S C H E D U L E O F I N V E S T M E N T S |  | 129

Schedule of Investments (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Johnson Controls International PLC |  |  | 379 |  |  |  | 01/28/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 3,082 |  |  | $ | (105,172 | )
Kinder Morgan, Inc. |  |  | 814 |  |  |  | 01/28/22 |  |  |  | USD |  |  |  | 16.50 |  |  |  | USD |  |  |  | 1,291 |  |  |  | (15,466 | )
Waste Management, Inc. |  |  | 168 |  |  |  | 01/28/22 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 2,804 |  |  |  | (73,080 | )
Williams Cos., Inc. |  |  | 360 |  |  |  | 01/28/22 |  |  |  | USD |  |  |  | 27.00 |  |  |  | USD |  |  |  | 937 |  |  |  | (9,000 | )
Waste Connections, Inc. |  |  | 174 |  |  |  | 02/07/22 |  |  |  | USD |  |  |  | 136.00 |  |  |  | USD |  |  |  | 2,371 |  |  |  | (61,440 | )
Edison International |  |  | 165 |  |  |  | 02/11/22 |  |  |  | USD |  |  |  | 67.40 |  |  |  | USD |  |  |  | 1,126 |  |  |  | (32,413 | )
Sunnova Energy International, Inc. |  |  | 150 |  |  |  | 02/11/22 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 419 |  |  |  | (18,368 | )
AES Corp. |  |  | 910 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 2,211 |  |  |  | (22,750 | )
American Electric Power Co., Inc. |  |  | 225 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 87.50 |  |  |  | USD |  |  |  | 2,002 |  |  |  | (64,687 | )
Ballard Power Systems, Inc. |  |  | 417 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 14.00 |  |  |  | USD |  |  |  | 524 |  |  |  | (22,935 | )
Dominion Energy, Inc. |  |  | 292 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 2,294 |  |  |  | (36,500 | )
Duke Energy Corp. |  |  | 241 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,528 |  |  |  | (59,045 | )
Edison International |  |  | 259 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 1,768 |  |  |  | (59,570 | )
Exelon Corp. |  |  | 533 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 54.51 |  |  |  | USD |  |  |  | 3,079 |  |  |  | (197,261 | )
FirstEnergy Corp. |  |  | 335 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 41.00 |  |  |  | USD |  |  |  | 1,393 |  |  |  | (48,575 | )
Ingersoll Rand, Inc. |  |  | 588 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 3,638 |  |  |  | (205,800 | )
Johnson Controls International PLC |  |  | 379 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 3,082 |  |  |  | (134,545 | )
Kinder Morgan, Inc. |  |  | 253 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 401 |  |  |  | (3,289 | )
NextEra Energy, Inc. |  |  | 890 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 88.00 |  |  |  | USD |  |  |  | 8,309 |  |  |  | (567,894 | )
Public Service Enterprise Group, Inc. |  |  | 232 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 66.16 |  |  |  | USD |  |  |  | 1,548 |  |  |  | (48,799 | )
Sempra Energy |  |  | 149 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 1,971 |  |  |  | (75,990 | )
Sunrun, Inc. |  |  | 161 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 552 |  |  |  | (13,685 | )
TC Energy Corp. |  |  | 455 |  |  |  | 02/18/22 |  |  |  | CAD |  |  |  | 60.00 |  |  |  | CAD |  |  |  | 2,677 |  |  |  | (32,193 | )
Trane Technologies PLC |  |  | 148 |  |  |  | 02/18/22 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 2,990 |  |  |  | (56,980 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,708,030 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hexagon AB, B Shares |  | Goldman Sachs International |  |  | 55,100 |  |  |  | 01/04/22 |  |  |  | SEK |  |  |  | 137.22 |  |  |  | SEK |  |  |  | 7,915 |  |  | $ | (36,603 | )
Vinci SA |  | Morgan Stanley & Co. International PLC |  |  | 19,700 |  |  |  | 01/04/22 |  |  |  | EUR |  |  |  | 95.31 |  |  |  | EUR |  |  |  | 1,830 |  |  |  | (3,295 | )
Neoenergia SA |  | Citibank N.A. |  |  | 249,000 |  |  |  | 01/10/22 |  |  |  | USD |  |  |  | 17.26 |  |  |  | USD |  |  |  | 4,034 |  |  |  | (1,392 | )
EDP Renovaveis SA |  | Morgan Stanley & Co. International PLC |  |  | 81,900 |  |  |  | 01/11/22 |  |  |  | EUR |  |  |  | 23.57 |  |  |  | EUR |  |  |  | 1,794 |  |  |  | (5,474 | )
Enel SpA |  | Goldman Sachs International |  |  | 489,900 |  |  |  | 01/11/22 |  |  |  | EUR |  |  |  | 7.24 |  |  |  | EUR |  |  |  | 3,452 |  |  |  | (9,626 | )
Iberdrola SA |  | Morgan Stanley & Co. International PLC |  |  | 248,000 |  |  |  | 01/11/22 |  |  |  | EUR |  |  |  | 10.12 |  |  |  | EUR |  |  |  | 2,582 |  |  |  | (78,861 | )
Infineon Technologies AG |  | Morgan Stanley & Co. International PLC |  |  | 23,500 |  |  |  | 01/11/22 |  |  |  | EUR |  |  |  | 43.81 |  |  |  | EUR |  |  |  | 958 |  |  |  | (1,561 | )
Kingspan Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 33,000 |  |  |  | 01/11/22 |  |  |  | EUR |  |  |  | 103.58 |  |  |  | EUR |  |  |  | 3,465 |  |  |  | (91,929 | )
Prysmian SpA |  | Credit Suisse International |  |  | 61,400 |  |  |  | 01/11/22 |  |  |  | EUR |  |  |  | 34.79 |  |  |  | EUR |  |  |  | 2,033 |  |  |  | (1,972 | )
Schneider Electric SE |  | Morgan Stanley & Co. International PLC |  |  | 17,100 |  |  |  | 01/11/22 |  |  |  | EUR |  |  |  | 159.00 |  |  |  | EUR |  |  |  | 2,949 |  |  |  | (267,833 | )
Vestas Wind Systems A/S |  | Goldman Sachs International |  |  | 20,900 |  |  |  | 01/11/22 |  |  |  | DKK |  |  |  | 244.68 |  |  |  | DKK |  |  |  | 4,180 |  |  |  | (101 | )
Vinci SA |  | UBS AG |  |  | 27,200 |  |  |  | 01/13/22 |  |  |  | EUR |  |  |  | 92.97 |  |  |  | EUR |  |  |  | 2,527 |  |  |  | (45,082 | )
Enel SpA |  | Credit Suisse International |  |  | 344,800 |  |  |  | 01/19/22 |  |  |  | EUR |  |  |  | 6.83 |  |  |  | EUR |  |  |  | 2,429 |  |  |  | (101,689 | )
Atlas Copco AB, B Shares |  | Morgan Stanley & Co. International PLC |  |  | 30,200 |  |  |  | 01/20/22 |  |  |  | SEK |  |  |  | 509.49 |  |  |  | SEK |  |  |  | 16,072 |  |  |  | (88,767 | )
Iberdrola SA |  | Credit Suisse International |  |  | 243,700 |  |  |  | 01/20/22 |  |  |  | EUR |  |  |  | 10.05 |  |  |  | EUR |  |  |  | 2,537 |  |  |  | (96,349 | )
Infineon Technologies AG |  | Morgan Stanley & Co. International PLC |  |  | 18,500 |  |  |  | 01/20/22 |  |  |  | EUR |  |  |  | 42.06 |  |  |  | EUR |  |  |  | 754 |  |  |  | (10,010 | )
Rwe AG |  | Credit Suisse International |  |  | 46,500 |  |  |  | 01/20/22 |  |  |  | EUR |  |  |  | 35.95 |  |  |  | EUR |  |  |  | 1,661 |  |  |  | (31,249 | )
Samsung SDI Co. Ltd. |  | UBS AG |  |  | 1,600 |  |  |  | 01/20/22 |  |  |  | USD |  |  |  | 739,475.79 |  |  |  | USD |  |  |  | 1,048,000 |  |  |  | (549 | )
Vestas Wind Systems A/S |  | Credit Suisse International |  |  | 90,700 |  |  |  | 01/20/22 |  |  |  | DKK |  |  |  | 225.26 |  |  |  | DKK |  |  |  | 18,140 |  |  |  | (12,497 | )
EDP - Energias de Portugal SA |  | Morgan Stanley & Co. International PLC |  |  | 214,300 |  |  |  | 01/25/22 |  |  |  | EUR |  |  |  | 4.98 |  |  |  | EUR |  |  |  | 1,035 |  |  |  | (11,224 | )
Linde PLC |  | UBS AG |  |  | 4,200 |  |  |  | 01/25/22 |  |  |  | EUR |  |  |  | 290.20 |  |  |  | EUR |  |  |  | 1,285 |  |  |  | (75,580 | )
National Grid PLC |  | Morgan Stanley & Co. International PLC |  |  | 148,100 |  |  |  | 01/25/22 |  |  |  | GBP |  |  |  | 10.27 |  |  |  | GBP |  |  |  | 1,570 |  |  |  | (85,975 | )
Rwe AG |  | Barclays Bank PLC |  |  | 33,100 |  |  |  | 01/25/22 |  |  |  | EUR |  |  |  | 35.17 |  |  |  | EUR |  |  |  | 1,182 |  |  |  | (40,928 | )
Sika AG, Registered Shares |  | UBS AG |  |  | 3,400 |  |  |  | 01/25/22 |  |  |  | CHF |  |  |  | 371.52 |  |  |  | CHF |  |  |  | 1,293 |  |  |  | (44,933 | )
Xinjiang Goldwind Science & Technology Co. Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 400,000 |  |  |  | 01/25/22 |  |  |  | HKD |  |  |  | 18.40 |  |  |  | HKD |  |  |  | 6,088 |  |  |  | (5,273 | )
Hexagon AB, B Shares |  | UBS AG |  |  | 53,500 |  |  |  | 01/27/22 |  |  |  | SEK |  |  |  | 137.33 |  |  |  | SEK |  |  |  | 7,685 |  |  |  | (43,212 | )
Neoenergia SA |  | Morgan Stanley & Co. International PLC |  |  | 188,600 |  |  |  | 02/01/22 |  |  |  | USD |  |  |  | 18.43 |  |  |  | USD |  |  |  | 3,055 |  |  |  | (1,098 | )
Scatec ASA |  | Credit Suisse International |  |  | 74,500 |  |  |  | 02/01/22 |  |  |  | NOK |  |  |  | 160.14 |  |  |  | NOK |  |  |  | 11,380 |  |  |  | (39,570 | )
Air Liquide SA |  | UBS AG |  |  | 14,100 |  |  |  | 02/03/22 |  |  |  | EUR |  |  |  | 157.51 |  |  |  | EUR |  |  |  | 2,162 |  |  |  | (22,582 | )

130 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlas Copco AB, B Shares |  | Credit Suisse International |  |  | 57,500 |  |  |  | 02/03/22 |  |  |  | SEK |  |  |  | 505.42 |  |  |  | SEK |  |  |  | 30,602 |  |  | $ | (206,145 | )
EDP - Energias De Portugal SA |  | Credit Suisse International |  |  | 144,800 |  |  |  | 02/03/22 |  |  |  | EUR |  |  |  | 4.84 |  |  |  | EUR |  |  |  | 700 |  |  |  | (15,651 | )
EDP Renovaveis SA |  | Credit Suisse International |  |  | 41,400 |  |  |  | 02/03/22 |  |  |  | EUR |  |  |  | 21.52 |  |  |  | EUR |  |  |  | 907 |  |  |  | (48,789 | )
Schneider Electric SE |  | Credit Suisse International |  |  | 9,300 |  |  |  | 02/03/22 |  |  |  | EUR |  |  |  | 167.64 |  |  |  | EUR |  |  |  | 1,604 |  |  |  | (82,080 | )
EDP Renovaveis SA |  | Morgan Stanley & Co. International PLC |  |  | 34,500 |  |  |  | 02/08/22 |  |  |  | EUR |  |  |  | 21.70 |  |  |  | EUR |  |  |  | 756 |  |  |  | (38,688 | )
Enel SpA |  | UBS AG |  |  | 381,800 |  |  |  | 02/08/22 |  |  |  | EUR |  |  |  | 6.85 |  |  |  | EUR |  |  |  | 2,690 |  |  |  | (75,213 | )
National Grid PLC |  | UBS AG |  |  | 195,600 |  |  |  | 02/08/22 |  |  |  | GBP |  |  |  | 10.80 |  |  |  | GBP |  |  |  | 2,073 |  |  |  | (35,876 | )
Sika AG, Registered Shares |  | Goldman Sachs International |  |  | 2,600 |  |  |  | 02/08/22 |  |  |  | CHF |  |  |  | 385.74 |  |  |  | CHF |  |  |  | 989 |  |  |  | (20,225 | )
Xinjiang Goldwind Science & Technology Co. Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 396,000 |  |  |  | 02/08/22 |  |  |  | HKD |  |  |  | 18.80 |  |  |  | HKD |  |  |  | 6,027 |  |  |  | (8,991 | )
LG Chem Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 1,500 |  |  |  | 02/10/22 |  |  |  | USD |  |  |  | 750,124.90 |  |  |  | USD |  |  |  | 922,500 |  |  |  | (2,900 | )
Linde PLC |  | Credit Suisse International |  |  | 4,700 |  |  |  | 02/10/22 |  |  |  | EUR |  |  |  | 311.99 |  |  |  | EUR |  |  |  | 1,438 |  |  |  | (28,137 | )
Rwe AG |  | Credit Suisse International |  |  | 100,700 |  |  |  | 02/10/22 |  |  |  | EUR |  |  |  | 36.01 |  |  |  | EUR |  |  |  | 3,597 |  |  |  | (113,131 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,931,040 | )

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 |  | $ 1,166,451 |  | $ (2,371,986) |  | $ (5,639,070)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 5,639,070 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,639,070 |

For the period ended December 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | (10,476,083 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10,476,083 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 557,087 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 557,087 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 4,014,111 |

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 |  | 131

Schedule of Investments (continued) December 31, 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 |  | $ | — |  |  | $ | 5,639,070 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 5,639,070 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (3,708,030 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 1,931,040 |

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 |  | $ | 40,928 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 40,928 |
Citibank N.A. |  |  | 1,392 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,392 |
Credit Suisse International |  |  | 777,259 |  |  |  | — |  |  |  | (777,259 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 66,555 |  |  |  | — |  |  |  | — |  |  |  | (40,000 | ) |  |  | 26,555 |
JPMorgan Chase Bank N.A. |  |  | 17,164 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,164 |
Morgan Stanley & Co. International PLC |  |  | 684,715 |  |  |  | — |  |  |  | (684,715 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 343,027 |  |  |  | — |  |  |  | (309,527 | ) |  |  | (33,500 | ) |  |  | — |
|  | $ | 1,931,040 |  |  | $ | — |  |  | $ | (1,771,501 | ) |  | $ | (73,500 | ) |  | $ | 86,039 |

| (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 |  | $ | 30,916,153 |  |  | $ | 11,226,505 |  |  | $ | — |  |  | $ | 42,142,658 |
Chemicals |  |  | — |  |  |  | 25,193,083 |  |  |  | — |  |  |  | 25,193,083 |
Commercial Services & Supplies |  |  | 27,811,164 |  |  |  | — |  |  |  | — |  |  |  | 27,811,164 |
Construction & Engineering |  |  | 6,869,281 |  |  |  | 14,891,684 |  |  |  | — |  |  |  | 21,760,965 |
Electric Utilities |  |  | 101,421,974 |  |  |  | 55,924,502 |  |  |  | — |  |  |  | 157,346,476 |
Electrical Equipment |  |  | 13,119,033 |  |  |  | 36,152,947 |  |  |  | — |  |  |  | 49,271,980 |
Electronic Equipment, Instruments & Components |  |  | 5,377,008 |  |  |  | 7,006,186 |  |  |  | — |  |  |  | 12,383,194 |
Independent Power and Renewable Electricity Producers |  |  | 16,723,113 |  |  |  | 22,195,400 |  |  |  | — |  |  |  | 38,918,513 |
Machinery |  |  | 12,491,553 |  |  |  | 14,714,431 |  |  |  | — |  |  |  | 27,205,984 |
Multi-Utilities |  |  | 58,920,118 |  |  |  | 35,037,671 |  |  |  | — |  |  |  | 93,957,789 |
Oil, Gas & Consumable Fuels |  |  | 39,512,869 |  |  |  | — |  |  |  | — |  |  |  | 39,512,869 |
Semiconductors & Semiconductor Equipment |  |  | 15,529,114 |  |  |  | 5,522,313 |  |  |  | — |  |  |  | 21,051,427 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 7,380,748 |  |  |  | — |  |  |  | — |  |  |  | 7,380,748 |
|  | $ | 336,072,128 |  |  | $ | 227,864,722 |  |  | $ | — |  |  | $ | 563,936,850 |

132 |  | 2 0 2 1 B L A C K R O C K 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 (continued) December 31, 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 |  | $ | (1,791,818 | ) |  | $ | (3,847,252 | ) |  | $ | — |  |  | $ | (5,639,070 | )

| (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 |  | 133

Statements of Assets and Liabilities

December 31, 2021

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(a) |  | $ | 313,020,962 |  |  | $ | 977,755,220 |  |  | $ | 1,868,970,974 |  |  | $ | 851,371,897 |
Investments, at value — affiliated(b) |  |  | 2,725,280 |  |  |  | 10,297,753 |  |  |  | 62,262,015 |  |  |  | 11,262,594 |
Cash |  |  | 32,990 |  |  |  | 43,500 |  |  |  | 455,152 |  |  |  | 57,899 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,880,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | 290,000 |  |  |  | 140,000 |  |  |  | 333,000 |
Foreign currency, at value(c) |  |  | 37,929 |  |  |  | — |  |  |  | 2,780 |  |  |  | 26 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 132,412 |  |  |  | — |  |  |  | 1,095,164 |  |  |  | — |
Options written |  |  | 81,765 |  |  |  | 286,225 |  |  |  | 111,517 |  |  |  | 40,868 |
Dividends — unaffiliated |  |  | 598,870 |  |  |  | 475,194 |  |  |  | 2,212,244 |  |  |  | 1,554,445 |
Dividends — affiliated |  |  | 18 |  |  |  | 41 |  |  |  | 326 |  |  |  | 62 |
Total assets |  |  | 316,630,226 |  |  |  | 989,147,933 |  |  |  | 1,935,250,172 |  |  |  | 869,500,791 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written, at value(d) |  |  | 2,076,564 |  |  |  | 12,449,136 |  |  |  | 25,447,836 |  |  |  | 9,905,083 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 207 |  |  |  | — |  |  |  | 1,928,899 |  |  |  | — |
Accounting services fees |  |  | 11,001 |  |  |  | 12,270 |  |  |  | 23,500 |  |  |  | 14,761 |
Custodian fees |  |  | 9,501 |  |  |  | 6,802 |  |  |  | 44,707 |  |  |  | 26,709 |
Income dividend distributions |  |  | 57,982 |  |  |  | — |  |  |  | 1,938,723 |  |  |  | 142,052 |
Investment advisory fees |  |  | 257,079 |  |  |  | 690,533 |  |  |  | 1,281,639 |  |  |  | 587,417 |
Trustees’ and Officer’s fees |  |  | 607,194 |  |  |  | 307,680 |  |  |  | 1,309,527 |  |  |  | 898,815 |
Options written |  |  | — |  |  |  | 59,507 |  |  |  | 152,630 |  |  |  | 13,348 |
Other accrued expenses |  |  | 26,654 |  |  |  | 24,658 |  |  |  | 54,465 |  |  |  | 46,742 |
Professional fees |  |  | 68,985 |  |  |  | 105,182 |  |  |  | 196,425 |  |  |  | 127,333 |
Transfer agent fees |  |  | 11,589 |  |  |  | 13,660 |  |  |  | 33,705 |  |  |  | 17,920 |
Total liabilities |  |  | 3,126,756 |  |  |  | 13,669,428 |  |  |  | 32,412,056 |  |  |  | 11,780,180 |
NET ASSETS |  | $ | 313,503,470 |  |  | $ | 975,478,505 |  |  | $ | 1,902,838,116 |  |  | $ | 857,720,611 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(e)(f)(g) |  | $ | 542,351,895 |  |  | $ | 561,558,505 |  |  | $ | 1,309,265,007 |  |  | $ | 718,537,151 |
Accumulated earnings (loss) |  |  | (228,848,425 | ) |  |  | 413,920,000 |  |  |  | 593,573,109 |  |  |  | 139,183,460 |
NET ASSETS |  | $ | 313,503,470 |  |  | $ | 975,478,505 |  |  | $ | 1,902,838,116 |  |  | $ | 857,720,611 |
Net asset value(e)(f)(g) |  | $ | 10.77 |  |  | $ | 22.10 |  |  | $ | 10.23 |  |  | $ | 13.40 |
(a)Investments, at cost — unaffiliated |  | $ | 240,891,552 |  |  | $ | 570,297,394 |  |  | $ | 1,393,556,881 |  |  | $ | 675,621,154 |
(b)Investments, at cost — affiliated |  | $ | 2,725,280 |  |  | $ | 10,297,753 |  |  | $ | 62,262,015 |  |  | $ | 11,262,594 |
(c)Foreign currency, at cost |  | $ | 37,640 |  |  | $ | — |  |  | $ | 2,847 |  |  | $ | 28 |
(d)Premiums received |  | $ | 3,397,497 |  |  | $ | 11,850,571 |  |  | $ | 23,604,331 |  |  | $ | 8,282,779 |
(e)Shares outstanding |  |  | 29,108,471 |  |  |  | 44,132,101 |  |  |  | 186,003,434 |  |  |  | 64,025,316 |
(f)Shares authorized |  |  | Unlimited |  |  |  | 200 million |  |  |  | Unlimited |  |  |  | Unlimited |
(g)Par value |  | $ | 0.001 |  |  | $ | 0.10 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

134 |  | 2 0 2 1 B L A C K R O C K 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 (continued)

December 31, 2021

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(a)(b) |  | $ | 705,788,038 |  |  | $ | 617,749,389 |  |  | $ | 2,926,534,359 |  |  | $ | 3,945,888,432 |
Investments, at value — affiliated(c) |  |  | 5,586,240 |  |  |  | 27,792,805 |  |  |  | 90,000,929 |  |  |  | 66,790,213 |
Cash |  |  | 116,375 |  |  |  | 877 |  |  |  | 118,828 |  |  |  | — |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | 4,091,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Collateral — OTC derivatives |  |  | 321,000 |  |  |  | — |  |  |  | 36,000 |  |  |  | 30,000 |
Foreign currency, at value(d) |  |  | 125,457 |  |  |  | 83 |  |  |  | 1,055 |  |  |  | 1,101 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 2,230,173 |  |  |  | 2,724,200 | (e) |  |  | 755,152 |  |  |  | 5,930,398 |
Securities lending income — affiliated |  |  | — |  |  |  | 1,458 |  |  |  | 16,566 |  |  |  | 2,394 |
Dividends — unaffiliated |  |  | 1,538,612 |  |  |  | 439,647 |  |  |  | 759,180 |  |  |  | 459,716 |
Dividends — affiliated |  |  | 41 |  |  |  | 145 |  |  |  | 153 |  |  |  | 22 |
From affiliate |  |  | — |  |  |  | 12,661 |  |  |  | — |  |  |  | — |
Deferred offering costs |  |  | — |  |  |  | 91,501 |  |  |  | — |  |  |  | — |
Prepaid expenses |  |  | — |  |  |  | — |  |  |  | 48,373 |  |  |  | 89,817 |
Total assets |  |  | 719,796,936 |  |  |  | 648,812,766 |  |  |  | 3,018,270,595 |  |  |  | 4,019,192,093 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 139,778 |
Collateral on securities loaned |  |  | — |  |  |  | 211,572 |  |  |  | 4,940,637 |  |  |  | 5,206,475 |
Options written, at value(f) |  |  | 8,368,684 |  |  |  | 9,621,857 |  |  |  | 23,146,210 |  |  |  | 11,001,039 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 15,005 |  |  |  | 12,481,544 |  |  |  | — |  |  |  | — |
Accounting services fees |  |  | 12,270 |  |  |  | 7,254 |  |  |  | 103,226 |  |  |  | 140,107 |
Capital shares redeemed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,193,772 |
Custodian fees |  |  | 30,056 |  |  |  | 20,845 |  |  |  | 89,342 |  |  |  | 70,662 |
Deferred foreign capital gain tax |  |  | 231,371 |  |  |  | — |  |  |  | — |  |  |  | — |
Federal income tax |  |  | — |  |  |  | 12,114 |  |  |  | — |  |  |  | — |
Income dividend distributions |  |  | 162,044 |  |  |  | — |  |  |  | 4,620,754 |  |  |  | 4,314,391 |
Investment advisory fees |  |  | 529,140 |  |  |  | 516,052 |  |  |  | 3,098,668 |  |  |  | 4,273,239 |
Offering costs |  |  | — |  |  |  | 20,427 |  |  |  | — |  |  |  | — |
Trustees’ and Officer’s fees |  |  | 762,112 |  |  |  | 31,677 |  |  |  | 129,838 |  |  |  | 59,595 |
Other accrued expenses |  |  | 51,886 |  |  |  | 34,737 |  |  |  | 200,292 |  |  |  | 46,909 |
Professional fees |  |  | 108,192 |  |  |  | 69,416 |  |  |  | 34,697 |  |  |  | 11,481 |
Transfer agent fees |  |  | 16,306 |  |  |  | 10,460 |  |  |  | 20,662 |  |  |  | 82,136 |
Total liabilities |  |  | 10,287,066 |  |  |  | 23,037,955 |  |  |  | 36,384,326 |  |  |  | 37,539,584 |
NET ASSETS |  | $ | 709,509,870 |  |  | $ | 625,774,811 |  |  | $ | 2,981,886,269 |  |  | $ | 3,981,652,509 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(g)(h)(i) |  | $ | 606,225,184 |  |  | $ | 390,506,049 |  |  | $ | 2,253,396,500 |  |  | $ | 4,587,017,292 |
Accumulated earnings (loss) |  |  | 103,284,686 |  |  |  | 235,268,762 |  |  |  | 728,489,769 |  |  |  | (605,364,783 | )
NET ASSETS |  | $ | 709,509,870 |  |  | $ | 625,774,811 |  |  | $ | 2,981,886,269 |  |  | $ | 3,981,652,509 |
Net asset value(g)(h)(i) |  | $ | 6.81 |  |  | $ | 47.96 |  |  | $ | 26.47 |  |  | $ | 16.72 |
(a)Investments, at cost — unaffiliated |  | $ | 556,956,647 |  |  | $ | 385,464,156 |  |  | $ | 2,342,582,475 |  |  | $ | 4,313,005,762 |
(b)Securities loaned, at value |  | $ | — |  |  | $ | 205,305 |  |  | $ | 4,776,505 |  |  | $ | 5,079,308 |
(c)Investments, at cost — affiliated |  | $ | 5,586,240 |  |  | $ | 27,792,813 |  |  | $ | 90,079,899 |  |  | $ | 111,276,613 |
(d)Foreign currency, at cost |  | $ | 125,084 |  |  | $ | 84 |  |  | $ | 1,039 |  |  | $ | 1,094 |
(e)$1,767,466 is expected to be collected after December 31, 2022. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(f)Premiums received |  | $ | 6,142,289 |  |  | $ | 5,886,890 |  |  | $ | 21,476,066 |  |  | $ | 17,415,488 |
(g)Shares outstanding |  |  | 104,237,971 |  |  |  | 13,047,269 |  |  |  | 112,669,825 |  |  |  | 238,185,709 |
(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 |  | 135

Statements of Assets and Liabilities (continued)

December 31, 2021

|  | BCX |  |  | BST(a) |  |  | BSTZ(a) |  |  | BUI |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(b)(c) |  | $ | 902,157,198 |  |  | $ | 1,651,412,325 |  |  | $ | 3,023,188,633 |  |  | $ | 556,556,102 |
Investments, at value — affiliated(d) |  |  | 16,654,313 |  |  |  | 43,415,268 |  |  |  | 48,865,153 |  |  |  | 7,380,748 |
Cash |  |  | — |  |  |  | 297,188 |  |  |  | 208,398 |  |  |  | 589,258 |
Cash pledged as collateral for OTC derivatives |  |  | 270,000 |  |  |  | 1,610,000 |  |  |  | 8,060,000 |  |  |  | 73,500 |
Foreign currency, at value(e) |  |  | 87,845 |  |  |  | 1,628 |  |  |  | 1,371 |  |  |  | — |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 1,385,576 |  |  |  | 9,887,333 |  |  |  | 75 |  |  |  | 3,900 |
Options written |  |  | 110,936 |  |  |  | 205,177 |  |  |  | 195,559 |  |  |  | — |
Securities lending income — affiliated |  |  | — |  |  |  | 41,933 |  |  |  | 6,433 |  |  |  | — |
Capital shares sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 572,850 |
Dividends — unaffiliated |  |  | 1,699,342 |  |  |  | 185,490 |  |  |  | 220,363 |  |  |  | 930,190 |
Dividends — affiliated |  |  | 65 |  |  |  | 287 |  |  |  | 448 |  |  |  | 32 |
Deferred offering costs |  |  | — |  |  |  | 177,517 |  |  |  | — |  |  |  | 15,668 |
Prepaid expenses |  |  | — |  |  |  | 5,213 |  |  |  | — |  |  |  | — |
Total assets |  |  | 922,365,275 |  |  |  | 1,707,239,359 |  |  |  | 3,080,746,433 |  |  |  | 566,122,248 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 185,937 |  |  |  | — |  |  |  | — |  |  |  | — |
Collateral on securities loaned |  |  | — |  |  |  | 841,775 |  |  |  | 1,949,206 |  |  |  | — |
Options written, at value(f) |  |  | 9,395,723 |  |  |  | 9,725,028 |  |  |  | 20,246,879 |  |  |  | 5,639,070 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 9,471,345 |  |  |  | 8,316,602 |  |  |  | — |  |  |  | — |
Accounting services fees |  |  | 14,766 |  |  |  | 12,270 |  |  |  | 102,321 |  |  |  | 12,270 |
Custodian fees |  |  | 17,901 |  |  |  | 43,460 |  |  |  | 67,714 |  |  |  | 16,068 |
Deferred capital gain tax |  |  | — |  |  |  | 1,441,234 |  |  |  | 5,470,222 |  |  |  | — |
Income dividend distributions |  |  | 124,979 |  |  |  | 4,026,146 |  |  |  | — |  |  |  | — |
Investment advisory fees |  |  | 743,800 |  |  |  | 1,374,593 |  |  |  | 3,257,933 |  |  |  | 461,911 |
Offering costs |  |  | — |  |  |  | 4,000 |  |  |  | — |  |  |  | 27,388 |
Trustees’ and Officer’s fees |  |  | 360,572 |  |  |  | 7,253 |  |  |  | 136,340 |  |  |  | 2,070 |
Options written |  |  | — |  |  |  | 97,843 |  |  |  | 6,228 |  |  |  | — |
Other accrued expenses |  |  | 132,174 |  |  |  | 82,791 |  |  |  | 318,541 |  |  |  | 85,198 |
Professional fees |  |  | 119,921 |  |  |  | 83,354 |  |  |  | 208,105 |  |  |  | 64,718 |
Transfer agent fees |  |  | 16,268 |  |  |  | 16,572 |  |  |  | 21,312 |  |  |  | 8,862 |
Total liabilities |  |  | 20,583,386 |  |  |  | 26,072,921 |  |  |  | 31,784,801 |  |  |  | 6,317,555 |
NET ASSETS |  | $ | 901,781,889 |  |  | $ | 1,681,166,438 |  |  | $ | 3,048,961,632 |  |  | $ | 559,804,693 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(g)(h)(i) |  | $ | 1,106,191,760 |  |  | $ | 795,202,915 |  |  | $ | 1,514,886,596 |  |  | $ | 381,410,703 |
Accumulated earnings (loss) |  |  | (204,409,871 | ) |  |  | 885,963,523 |  |  |  | 1,534,075,036 |  |  |  | 178,393,990 |
NET ASSETS |  | $ | 901,781,889 |  |  | $ | 1,681,166,438 |  |  | $ | 3,048,961,632 |  |  | $ | 559,804,693 |
Net asset value(g)(h)(i) |  | $ | 10.21 |  |  | $ | 52.40 |  |  | $ | 38.82 |  |  | $ | 25.86 |
(a)Consolidated Statement of Assets and Liabilities. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b)Investments, at cost — unaffiliated |  | $ | 660,552,834 |  |  | $ | 771,192,839 |  |  | $ | 1,408,606,716 |  |  | $ | 354,598,073 |
(c)Securities loaned, at value |  | $ | — |  |  | $ | 855,268 |  |  | $ | 1,875,935 |  |  | $ | — |
(d)Investments, at cost — affiliated |  | $ | 16,654,313 |  |  | $ | 43,415,268 |  |  | $ | 48,865,153 |  |  | $ | 7,380,748 |
(e)Foreign currency, at cost |  | $ | 87,273 |  |  | $ | 1,656 |  |  | $ | 1,342 |  |  | $ | — |
(f)Premiums received |  | $ | 8,020,674 |  |  | $ | 15,509,931 |  |  | $ | 27,273,522 |  |  | $ | 4,433,535 |
(g)Shares outstanding |  |  | 88,315,994 |  |  |  | 32,083,371 |  |  |  | 78,538,036 |  |  |  | 21,651,663 |
(h)Shares authorized |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |
(i)Par value |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

136 |  | 2 0 2 1 B L A C K R O C K 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

Year Ended December 31, 2021

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 12,117,954 |  |  | $ | 10,457,835 |  |  | $ | 44,817,852 |  |  | $ | 20,260,810 |
Dividends — affiliated |  |  | 357 |  |  |  | 1,373 |  |  |  | 2,794 |  |  |  | 745 |
Securities lending income — affiliated — net |  |  | — |  |  |  | — |  |  |  | 4,054 |  |  |  | — |
Foreign taxes withheld |  |  | (678,314 | ) |  |  | (181,286 | ) |  |  | (1,176,675 | ) |  |  | (626,811 | )
Total investment income |  |  | 11,439,997 |  |  |  | 10,277,922 |  |  |  | 43,648,025 |  |  |  | 19,634,744 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 3,445,835 |  |  |  | 7,889,210 |  |  |  | 15,249,546 |  |  |  | 8,324,322 |
Trustees and Officer |  |  | 107,870 |  |  |  | 95,038 |  |  |  | 285,087 |  |  |  | 184,550 |
Transfer agent |  |  | 69,590 |  |  |  | 81,150 |  |  |  | 162,639 |  |  |  | 95,519 |
Professional |  |  | 65,177 |  |  |  | 92,171 |  |  |  | 116,915 |  |  |  | 101,230 |
Accounting services |  |  | 42,029 |  |  |  | 48,758 |  |  |  | 93,512 |  |  |  | 58,710 |
Custodian |  |  | 36,454 |  |  |  | 32,152 |  |  |  | 130,583 |  |  |  | 103,561 |
Registration |  |  | 10,423 |  |  |  | 15,420 |  |  |  | 90,400 |  |  |  | 22,920 |
Miscellaneous |  |  | 35,796 |  |  |  | 74,523 |  |  |  | 116,957 |  |  |  | 55,016 |
Total expenses |  |  | 3,813,174 |  |  |  | 8,328,422 |  |  |  | 16,245,639 |  |  |  | 8,945,828 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (632,880 | ) |  |  | (3,964 | ) |  |  | (9,799 | ) |  |  | (1,458,826 | )
Total expenses after fees waived and/or reimbursed |  |  | 3,180,294 |  |  |  | 8,324,458 |  |  |  | 16,235,840 |  |  |  | 7,487,002 |
Net investment income |  |  | 8,259,703 |  |  |  | 1,953,464 |  |  |  | 27,412,185 |  |  |  | 12,147,742 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (4,735,839 | ) |  |  | 97,901,672 |  |  |  | 281,643,501 |  |  |  | 79,281,977 |
Foreign currency transactions |  |  | (47,802 | ) |  |  | — |  |  |  | 51,902 |  |  |  | (203,487 | )
Options written |  |  | (14,237,287 | ) |  |  | (27,217,173 | ) |  |  | (55,244,521 | ) |  |  | (14,904,200 | )
Payment by affiliate |  |  | 25,456 |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | (18,995,472 | ) |  |  | 70,684,499 |  |  |  | 226,450,882 |  |  |  | 64,174,290 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 98,322,160 |  |  |  | 107,648,528 |  |  |  | 63,592,742 |  |  |  | 45,303,217 |
Foreign currency translations |  |  | (7,227 | ) |  |  | — |  |  |  | (42,425 | ) |  |  | (69,621 | )
Options written |  |  | 1,154,640 |  |  |  | (73,853 | ) |  |  | 7,905,931 |  |  |  | (1,455,465 | )
|  |  | 99,469,573 |  |  |  | 107,574,675 |  |  |  | 71,456,248 |  |  |  | 43,778,131 |
Net realized and unrealized gain |  |  | 80,474,101 |  |  |  | 178,259,174 |  |  |  | 297,907,130 |  |  |  | 107,952,421 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 88,733,804 |  |  | $ | 180,212,638 |  |  | $ | 325,319,315 |  |  | $ | 120,100,163 |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 137

Statements of Operations (continued)

Year Ended December 31, 2021

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ(a) |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 17,372,777 |  |  | $ | 6,458,167 |  |  | $ | 6,794,808 |  |  | $ | 8,664,340 |
Dividends — affiliated |  |  | 782 |  |  |  | 1,532 |  |  |  | 5,437 |  |  |  | 42,953 |
Securities lending income — affiliated — net |  |  | — |  |  |  | 21,952 |  |  |  | 276,651 |  |  |  | 118,573 |
Foreign taxes withheld |  |  | (1,085,632 | ) |  |  | (79,721 | ) |  |  | (393,701 | ) |  |  | — |
Total investment income |  |  | 16,287,927 |  |  |  | 6,401,930 |  |  |  | 6,683,195 |  |  |  | 8,825,866 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 7,005,794 |  |  |  | 5,898,369 |  |  |  | 41,309,410 |  |  |  | 43,612,551 |
Trustees and Officer |  |  | 158,682 |  |  |  | 40,031 |  |  |  | 194,704 |  |  |  | 171,333 |
Custodian |  |  | 127,533 |  |  |  | 80,407 |  |  |  | 280,446 |  |  |  | 157,631 |
Professional |  |  | 98,220 |  |  |  | 97,125 |  |  |  | 216,639 |  |  |  | 428,373 |
Transfer agent |  |  | 88,211 |  |  |  | 67,679 |  |  |  | 125,261 |  |  |  | 128,999 |
Accounting services |  |  | 48,758 |  |  |  | 28,854 |  |  |  | 326,183 |  |  |  | 315,288 |
Registration |  |  | 36,936 |  |  |  | 11,658 |  |  |  | — |  |  |  | — |
Offering |  |  | — |  |  |  | 61,531 |  |  |  | — |  |  |  | — |
Miscellaneous |  |  | 59,887 |  |  |  | 67,435 |  |  |  | 467,025 |  |  |  | 109,900 |
Total expenses excluding excise tax |  |  | 7,624,021 |  |  |  | 6,353,089 |  |  |  | 42,919,668 |  |  |  | 44,924,075 |
Excise Tax |  |  | — |  |  |  | 12,114 |  |  |  | — |  |  |  | — |
Total expenses |  |  | 7,624,021 |  |  |  | 6,365,203 |  |  |  | 42,919,668 |  |  |  | 44,924,075 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (702,840 | ) |  |  | (5,096 | ) |  |  | (15,118 | ) |  |  | (362,833 | )
Total expenses after fees waived and/or reimbursed |  |  | 6,921,181 |  |  |  | 6,360,107 |  |  |  | 42,904,550 |  |  |  | 44,561,242 |
Net investment income (loss) |  |  | 9,366,746 |  |  |  | 41,823 |  |  |  | (36,221,355 | ) |  |  | (35,735,376 | )
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 61,890,631 | (b) |  |  | 54,102,268 |  |  |  | 374,700,990 |  |  |  | (197,928,462 | )
Investments — affiliated |  |  | — |  |  |  | (67 | ) |  |  | (851 | ) |  |  | 11,860,850 |
Foreign currency transactions |  |  | (381,094 | ) |  |  | (4,943 | ) |  |  | (61,561 | ) |  |  | 497,260 |
Options written |  |  | (16,019,721 | ) |  |  | (7,325,999 | ) |  |  | (4,512,182 | ) |  |  | (14,153,519 | )
|  |  | 45,489,816 |  |  |  | 46,771,259 |  |  |  | 370,126,396 |  |  |  | (199,723,871 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 21,644,086 | (c) |  |  | 14,731,301 |  |  |  | (635,695,797 | ) |  |  | (367,117,330 | )
Investments — affiliated |  |  | — |  |  |  | (8 | ) |  |  | (78,970 | ) |  |  | (44,486,400 | )
Foreign currency translations |  |  | (118,842 | ) |  |  | (2,824 | ) |  |  | (22,155 | ) |  |  | 649 |
Options written |  |  | (1,541,772 | ) |  |  | (2,422,221 | ) |  |  | 14,045,494 |  |  |  | 6,414,449 |
|  |  | 19,983,472 |  |  |  | 12,306,248 |  |  |  | (621,751,428 | ) |  |  | (405,188,632 | )
Net realized and unrealized gain (loss) |  |  | 65,473,288 |  |  |  | 59,077,507 |  |  |  | (251,625,032 | ) |  |  | (604,912,503 | )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 74,840,034 |  |  | $ | 59,119,330 |  |  | $ | (287,846,387 | ) |  | $ | (640,647,879 | )
(a)The Trust commenced operations on March 29, 2021. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b)Net of foreign capital gain tax and capital gain tax refund, if applicable of |  | $ | (241,408 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
(c)Net of reduction in deferred foreign capital gain tax of |  | $ | 148,052 |  |  | $ | — |  |  | $ | — |  |  | $ | — |

See notes to financial statements.

138 |  | 2 0 2 1 B L A C K R O C K 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 (continued)

Year Ended December 31, 2021

|  | BCX |  |  | BST(a) |  |  | BSTZ(a) |  |  | BUI |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 36,499,708 |  |  | $ | 2,754,170 |  |  | $ | 2,079,559 |  |  | $ | 10,270,046 |
Dividends — affiliated |  |  | 1,251 |  |  |  | 4,959 |  |  |  | 6,664 |  |  |  | 1,025 |
Interest — unaffiliated |  |  | 173,132 |  |  |  | — |  |  |  | — |  |  |  | — |
Securities lending income — affiliated — net |  |  | — |  |  |  | 757,849 |  |  |  | 202,730 |  |  |  | 12,661 |
Non-cash dividends — unaffiliated |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 700,678 |
Foreign taxes withheld |  |  | (1,628,249 | ) |  |  | (115,532 | ) |  |  | (199,561 | ) |  |  | (678,983 | )
Total investment income |  |  | 35,045,842 |  |  |  | 3,401,446 |  |  |  | 2,089,392 |  |  |  | 10,305,427 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 8,505,829 |  |  |  | 15,499,688 |  |  |  | 40,230,294 |  |  |  | 5,050,528 |
Trustees and Officer |  |  | 106,630 |  |  |  | 93,359 |  |  |  | 193,300 |  |  |  | 30,530 |
Transfer agent |  |  | 105,425 |  |  |  | 111,747 |  |  |  | 145,408 |  |  |  | 61,574 |
Professional |  |  | 96,926 |  |  |  | 225,967 |  |  |  | 519,032 |  |  |  | 78,589 |
Custodian |  |  | 75,249 |  |  |  | 146,026 |  |  |  | 311,186 |  |  |  | 68,311 |
Accounting services |  |  | 58,664 |  |  |  | 48,758 |  |  |  | 318,503 |  |  |  | 48,759 |
Registration |  |  | 31,826 |  |  |  | 9,613 |  |  |  | 28,045 |  |  |  | 9,936 |
Offering |  |  | — |  |  |  | 29,000 |  |  |  | — |  |  |  | 29,000 |
Miscellaneous |  |  | 114,080 |  |  |  | 99,305 |  |  |  | 462,605 |  |  |  | 81,561 |
Total expenses |  |  | 9,094,629 |  |  |  | 16,263,463 |  |  |  | 42,208,373 |  |  |  | 5,458,788 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (3,874 | ) |  |  | (791,441 | ) |  |  | (18,673 | ) |  |  | (62,200 | )
Total expenses after fees waived and/or reimbursed |  |  | 9,090,755 |  |  |  | 15,472,022 |  |  |  | 42,189,700 |  |  |  | 5,396,588 |
Net investment income (loss) |  |  | 25,955,087 |  |  |  | (12,070,576 | ) |  |  | (40,100,308 | ) |  |  | 4,908,839 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 87,055,636 |  |  |  | 168,816,973 |  |  |  | 317,658,363 |  |  |  | 21,469,026 |
Investments — affiliated |  |  | — |  |  |  | (1,378 | ) |  |  | 655 |  |  |  | 17 |
Foreign currency transactions |  |  | (236,788 | ) |  |  | (157,845 | ) |  |  | (597,507 | ) |  |  | 1,135 |
Options written |  |  | (30,769,396 | ) |  |  | (20,336,133 | ) |  |  | (58,346,478 | ) |  |  | (10,476,083 | )
|  |  | 56,049,452 |  |  |  | 148,321,617 |  |  |  | 258,715,033 |  |  |  | 10,994,095 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 110,130,312 |  |  |  | (14,065,351 | )(b) |  |  | (3,619,983 | )(b) |  |  | 52,600,677 |
Foreign currency translations |  |  | (25,978 | ) |  |  | (1,268 | ) |  |  | (2,773 | ) |  |  | (25,404 | )
Options written |  |  | 5,449,330 |  |  |  | 13,778,870 |  |  |  | 33,557,764 |  |  |  | 557,087 |
|  |  | 115,553,664 |  |  |  | (287,749 | ) |  |  | 29,935,008 |  |  |  | 53,132,360 |
Net realized and unrealized gain |  |  | 171,603,116 |  |  |  | 148,033,868 |  |  |  | 288,650,041 |  |  |  | 64,126,455 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 197,558,203 |  |  | $ | 135,963,292 |  |  | $ | 248,549,733 |  |  | $ | 69,035,294 |
(a)Consolidated Statement of Operations. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b)Net of increase in deferred capital gain tax of |  | $ | — |  |  | $ | (1,441,234 | ) |  | $ | (5,470,222 | ) |  | $ | — |

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 Changes in Net Assets

|  | BGR |  |  | CII |
|  | Year Ended December 31, |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 8,259,703 |  |  | $ | 9,391,948 |  |  | $ | 1,953,464 |  |  | $ | 5,811,399 |
Net realized gain (loss) |  |  | (18,995,472 | ) |  |  | (88,982,831 | ) |  |  | 70,684,499 |  |  |  | 26,868,142 |
Net change in unrealized appreciation (depreciation) |  |  | 99,469,573 |  |  |  | (33,080,100 | ) |  |  | 107,574,675 |  |  |  | 64,682,735 |
Net increase (decrease) in net assets resulting from operations |  |  | 88,733,804 |  |  |  | (112,670,983 | ) |  |  | 180,212,638 |  |  |  | 97,362,276 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (8,262,936 | ) |  |  | (9,329,536 | ) |  |  | (48,643,844 | ) |  |  | (46,327,470 | )
Return of capital |  |  | (4,835,876 | ) |  |  | (10,213,545 | ) |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (13,098,812 | ) |  |  | (19,543,081 | ) |  |  | (48,643,844 | ) |  |  | (46,327,470 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | 236,509 |  |  |  | — |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  | (4,813,281 | ) |  |  | — |  |  |  | — |
Net increase (decrease) in net assets derived from capital share transactions |  |  | — |  |  |  | (4,813,281 | ) |  |  | 236,509 |  |  |  | — |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 75,634,992 |  |  |  | (137,027,345 | ) |  |  | 131,805,303 |  |  |  | 51,034,806 |
Beginning of year |  |  | 237,868,478 |  |  |  | 374,895,823 |  |  |  | 843,673,202 |  |  |  | 792,638,396 |
End of year |  | $ | 313,503,470 |  |  | $ | 237,868,478 |  |  | $ | 975,478,505 |  |  | $ | 843,673,202 |

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

See notes to financial statements.

140 |  | 2 0 2 1 B L A C K R O C K 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 |
|  | Year Ended December 31, |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 27,412,185 |  |  | $ | 34,483,661 |  |  | $ | 12,147,742 |  |  | $ | 16,919,404 |
Net realized gain (loss) |  |  | 226,450,882 |  |  |  | 25,963,990 |  |  |  | 64,174,290 |  |  |  | (20,345,581 | )
Net change in unrealized appreciation (depreciation) |  |  | 71,456,248 |  |  |  | (79,304,070 | ) |  |  | 43,778,131 |  |  |  | 45,992,227 |
Net increase (decrease) in net assets resulting from operations |  |  | 325,319,315 |  |  |  | (18,856,419 | ) |  |  | 120,100,163 |  |  |  | 42,566,050 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (161,603,504 | ) |  |  | (112,342,324 | ) |  |  | (48,404,308 | ) |  |  | (16,818,451 | )
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (32,343,267 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (161,603,504 | ) |  |  | (112,342,324 | ) |  |  | (48,404,308 | ) |  |  | (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 |  |  | 163,715,811 |  |  |  | (142,552,985 | ) |  |  | 71,490,609 |  |  |  | (21,481,780 | )
Beginning of year |  |  | 1,739,122,305 |  |  |  | 1,881,675,290 |  |  |  | 786,230,002 |  |  |  | 807,711,782 |
End of year |  | $ | 1,902,838,116 |  |  | $ | 1,739,122,305 |  |  | $ | 857,720,611 |  |  | $ | 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 |  | 141

Statements of Changes in Net Assets (continued)

|  | BGY |  |  | BME |
|  | Year Ended December 31, |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 9,366,746 |  |  | $ | 12,589,207 |  |  | $ | 41,823 |  |  | $ | 68,856 |
Net realized gain (loss) |  |  | 45,489,816 |  |  |  | (25,760,822 | ) |  |  | 46,771,259 |  |  |  | 21,389,585 |
Net change in unrealized appreciation (depreciation) |  |  | 19,983,472 |  |  |  | 56,961,229 |  |  |  | 12,306,248 |  |  |  | 58,101,987 |
Net increase in net assets resulting from operations |  |  | 74,840,034 |  |  |  | 43,789,614 |  |  |  | 59,119,330 |  |  |  | 79,560,428 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (30,180,220 | ) |  |  | (12,744,924 | ) |  |  | (30,764,942 | ) |  |  | (27,390,801 | )
Return of capital |  |  | (12,098,701 | ) |  |  | (29,856,975 | ) |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (42,278,921 | ) |  |  | (42,601,899 | ) |  |  | (30,764,942 | ) |  |  | (27,390,801 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  | 49,710,285 |  |  |  | 45,251,850 |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | 1,760,978 |  |  |  | 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 | ) |  |  | 51,471,263 |  |  |  | 46,994,281 |
Capital contribution from affiliate |  |  | — |  |  |  | — |  |  |  | 12,661 |  |  |  | — |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 32,561,113 |  |  |  | (6,298,370 | ) |  |  | 79,838,312 |  |  |  | 99,163,908 |
Beginning of year |  |  | 676,948,757 |  |  |  | 683,247,127 |  |  |  | 545,936,499 |  |  |  | 446,772,591 |
End of year |  | $ | 709,509,870 |  |  | $ | 676,948,757 |  |  | $ | 625,774,811 |  |  | $ | 545,936,499 |

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

See notes to financial statements.

142 |  | 2 0 2 1 B L A C K R O C K 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 |
|  |  |  |  | Period from |  |  | Period from |
|  |  | Year Ended |  |  |  | 01/30/20 | (a) |  |  | 03/29/21 | (a)
|  | 12/31/21 |  |  | to 12/31/20 |  |  | to 12/31/21 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |
Net investment loss |  | $ | (36,221,355 | ) |  | $ | (24,489,080 | ) |  | $ | (35,735,376 | )
Net realized gain (loss) |  |  | 370,126,396 |  |  |  | 131,179,423 |  |  |  | (199,723,871 | )
Net change in unrealized appreciation (depreciation) |  |  | (621,751,428 | ) |  |  | 1,203,954,044 |  |  |  | (405,188,632 | )
Net increase (decrease) in net assets resulting from operations |  |  | (287,846,387 | ) |  |  | 1,310,644,387 |  |  |  | (640,647,879 | )
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |
From net realized gain |  |  | (192,905,388 | ) |  |  | (101,402,843 | ) |  |  | — |
Return of capital |  |  | — |  |  |  | — |  |  |  | (170,149,458 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (192,905,388 | ) |  |  | (101,402,843 | ) |  |  | (170,149,458 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | 2,253,296,500 |  |  |  | 4,861,848,440 |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | 4,569,561 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  | — |  |  |  | (74,068,155 | )
Net increase in net assets derived from capital share transactions |  |  | — |  |  |  | 2,253,296,500 |  |  |  | 4,792,349,846 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | (480,751,775 | ) |  |  | 3,462,538,044 |  |  |  | 3,981,552,509 |
Beginning of period |  |  | 3,462,638,044 |  |  |  | 100,000 |  |  |  | 100,000 |
End of period |  | $ | 2,981,886,269 |  |  | $ | 3,462,638,044 |  |  | $ | 3,981,652,509 |

(a) | Commencement of operations.

(b) | 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 |  | 143

Statements of Changes in Net Assets (continued)

|  | BCX |  |  | BST(a) |
|  | Year Ended December 31, |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 25,955,087 |  |  | $ | 17,695,239 |  |  | $ | (12,070,576 | ) |  | $ | (6,690,031 | )
Net realized gain (loss) |  |  | 56,049,452 |  |  |  | (51,657,513 | ) |  |  | 148,321,617 |  |  |  | 11,596,671 |
Net change in unrealized appreciation (depreciation) |  |  | 115,553,664 |  |  |  | 22,570,394 |  |  |  | (287,749 | ) |  |  | 516,296,551 |
Net increase (decrease) in net assets resulting from operations |  |  | 197,558,203 |  |  |  | (11,391,880 | ) |  |  | 135,963,292 |  |  |  | 521,203,191 |
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (33,607,537 | ) |  |  | (20,310,556 | ) |  |  | (126,451,369 | ) |  |  | (49,046,315 | )
Return of capital |  |  | (8,784,140 | ) |  |  | (27,173,604 | ) |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (42,391,677 | ) |  |  | (47,484,160 | ) |  |  | (126,451,369 | ) |  |  | (49,046,315 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  | 12,814,651 |  |  |  | 80,490,747 |
Proceeds from rights offering (Note 10) |  |  | — |  |  |  | — |  |  |  | 359,278,213 |  |  |  | — |
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 | ) |  |  | 374,310,412 |  |  |  | 82,515,709 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 155,166,526 |  |  |  | (76,138,375 | ) |  |  | 383,822,335 |  |  |  | 554,672,585 |
Beginning of year |  |  | 746,615,363 |  |  |  | 822,753,738 |  |  |  | 1,297,344,103 |  |  |  | 742,671,518 |
End of year |  | $ | 901,781,889 |  |  | $ | 746,615,363 |  |  | $ | 1,681,166,438 |  |  | $ | 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.

See notes to financial statements.

144 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

|  | BSTZ(a) |  |  | BUI |
|  | Year Ended December 31, |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | (40,100,308 | ) |  | $ | (23,552,855 | ) |  | $ | 4,908,839 |  |  | $ | 5,932,846 |
Net realized gain |  |  | 258,715,033 |  |  |  | 68,051,628 |  |  |  | 10,994,095 |  |  |  | 5,076,772 |
Net change in unrealized appreciation (depreciation) |  |  | 29,935,008 |  |  |  | 1,440,501,253 |  |  |  | 53,132,360 |  |  |  | 47,279,667 |
Net increase in net assets resulting from operations |  |  | 248,549,733 |  |  |  | 1,485,000,026 |  |  |  | 69,035,294 |  |  |  | 58,289,285 |
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (240,726,364 | ) |  |  | (85,373,164 | ) |  |  | (20,325,579 | ) |  |  | (22,859,592 | )
Return of capital |  |  | — |  |  |  | (11,848,839 | ) |  |  | (9,081,858 | ) |  |  | (3,077,573 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (240,726,364 | ) |  |  | (97,222,003 | ) |  |  | (29,407,437 | ) |  |  | (25,937,165 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  | 74,073,395 |  |  |  | 27,563,701 |
Reinvestment of distributions |  |  | 17,394,255 |  |  |  | — |  |  |  | 1,577,468 |  |  |  | 1,273,042 |
Net increase in net assets derived from capital share transactions |  |  | 17,394,255 |  |  |  | — |  |  |  | 75,650,863 |  |  |  | 28,836,743 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase in net assets |  |  | 25,217,624 |  |  |  | 1,387,778,023 |  |  |  | 115,278,720 |  |  |  | 61,188,863 |
Beginning of year |  |  | 3,023,744,008 |  |  |  | 1,635,965,985 |  |  |  | 444,525,973 |  |  |  | 383,337,110 |
End of year |  | $ | 3,048,961,632 |  |  | $ | 3,023,744,008 |  |  | $ | 559,804,693 |  |  | $ | 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.

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 Cash Flows

Year Ended December 31, 2021

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 88,733,804 |  |  | $ | 180,212,638 |  |  | $ | 325,319,315 |  |  | $ | 120,100,163 |
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 |  |  | 190,368,210 |  |  |  | 327,443,300 |  |  |  | 991,103,670 |  |  |  | 597,241,267 |
Purchases of long-term investments |  |  | (172,911,180 | ) |  |  | (254,273,053 | ) |  |  | (751,078,648 | ) |  |  | (533,638,917 | )
Net proceeds from sales (purchases) of short-term securities |  |  | 693,206 |  |  |  | 1,316,251 |  |  |  | (50,245,378 | ) |  |  | (11,262,594 | )
Premiums paid on closing options written |  |  | (38,623,633 | ) |  |  | (120,468,874 | ) |  |  | (253,801,096 | ) |  |  | (76,761,573 | )
Premiums received from options written |  |  | 24,584,110 |  |  |  | 92,586,150 |  |  |  | 195,290,121 |  |  |  | 61,989,046 |
Net realized (gain) loss on investments and options written |  |  | 20,333,981 |  |  |  | (70,678,756 | ) |  |  | (224,954,670 | ) |  |  | (64,038,178 | )
Net unrealized appreciation on investments, options written and foreign currency translations |  |  | (99,476,800 | ) |  |  | (107,574,675 | ) |  |  | (71,498,673 | ) |  |  | (43,847,752 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 91 |  |  |  | 293 |  |  |  | (109 | ) |  |  | 142 |
Dividends — unaffiliated |  |  | (339,958 | ) |  |  | 226,110 |  |  |  | 187,149 |  |  |  | 828,268 |
Prepaid expenses |  |  | 7,014 |  |  |  | 2,923 |  |  |  | 82,666 |  |  |  | — |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  | (11,667 | ) |  |  | (12,336 | ) |  |  | (23,682 | ) |  |  | (14,851 | )
Custodian fees |  |  | (19,936 | ) |  |  | (17,505 | ) |  |  | (49,649 | ) |  |  | (26,234 | )
Investment advisory fees |  |  | 54,947 |  |  |  | 91,240 |  |  |  | 117,810 |  |  |  | 42,936 |
Trustees’ and Officer’s fees |  |  | 67,854 |  |  |  | 53,881 |  |  |  | 181,077 |  |  |  | 121,350 |
Other accrued expenses |  |  | (17,327 | ) |  |  | 5,699 |  |  |  | 15,643 |  |  |  | (44,477 | )
Professional fees |  |  | 4,080 |  |  |  | 18,605 |  |  |  | 28,623 |  |  |  | 12,983 |
Transfer agent fees |  |  | (1,627 | ) |  |  | (1,913 | ) |  |  | (884 | ) |  |  | (1,185 | )
Net cash provided by operating activities |  |  | 13,445,169 |  |  |  | 48,929,978 |  |  |  | 160,673,285 |  |  |  | 50,700,394 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (13,103,202 | ) |  |  | (48,626,478 | ) |  |  | (160,010,762 | ) |  |  | (48,411,693 | )
Net payments on redemption of capital shares |  |  | (330,212 | ) |  |  | — |  |  |  | — |  |  |  | (559,569 | )
Decrease in bank overdraft |  |  | — |  |  |  | — |  |  |  | (66,281 | ) |  |  | (1,372,586 | )
Net cash used for financing activities |  |  | (13,433,414 | ) |  |  | (48,626,478 | ) |  |  | (160,077,043 | ) |  |  | (50,343,848 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | 238 |  |  |  | — |  |  |  | (47 | ) |  |  | 8,609 |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in restricted and unrestricted cash and foreign currency |  |  | 11,993 |  |  |  | 303,500 |  |  |  | 596,195 |  |  |  | 365,155 |
Restricted and unrestricted cash and foreign currency at beginning of year |  |  | 58,926 |  |  |  | 30,000 |  |  |  | 1,737 |  |  |  | 4,905,770 |
Restricted and unrestricted cash and foreign currency at end of year |  | $ | 70,919 |  |  | $ | 333,500 |  |  | $ | 597,932 |  |  | $ | 5,270,925 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  | $ | — |  |  | $ | 236,509 |  |  | $ | — |  |  | $ | — |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 32,990 |  |  | $ | 43,500 |  |  | $ | 455,152 |  |  | $ | 57,899 |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,880,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | 290,000 |  |  |  | 140,000 |  |  |  | 333,000 |
Foreign currency at value |  |  | 37,929 |  |  |  | — |  |  |  | 2,780 |  |  |  | 26 |
|  | $ | 70,919 |  |  | $ | 333,500 |  |  | $ | 597,932 |  |  | $ | 5,270,925 |

See notes to financial statements.

146 |  | 2 0 2 1 B L A C K R O C K 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 (continued)

Year Ended December 31, 2021

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 74,840,034 |  |  | $ | 59,119,330 |  |  | $ | (287,846,387 | ) |  | $ | (640,647,879 | )
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 |  |  | 528,397,040 |  |  |  | 280,627,703 |  |  |  | 1,760,038,052 |  |  |  | 2,337,830,108 |
Purchases of long-term investments |  |  | (485,599,164 | ) |  |  | (280,663,252 | ) |  |  | (1,472,688,426 | ) |  |  | (6,955,507,410 | )
Net purchases of short-term securities |  |  | (5,298,859 | ) |  |  | (13,915,542 | ) |  |  | (38,631,529 | ) |  |  | (7,042,678 | )
Premiums paid on closing options written |  |  | (62,305,089 | ) |  |  | (53,046,170 | ) |  |  | (213,210,154 | ) |  |  | (181,055,525 | )
Premiums received from options written |  |  | 46,083,774 |  |  |  | 45,197,448 |  |  |  | 196,547,058 |  |  |  | 192,757,090 |
Net realized (gain) loss on investments and options written |  |  | (46,045,485 | ) |  |  | (46,812,320 | ) |  |  | (371,071,094 | ) |  |  | 200,221,123 |
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations |  |  | (14,594,430 | ) |  |  | (12,309,072 | ) |  |  | 621,729,273 |  |  |  | 405,189,281 |
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 254 |  |  |  | 238 |  |  |  | 259 |  |  |  | (22 | )
Dividends — unaffiliated |  |  | 825,363 |  |  |  | 6,424 |  |  |  | (165,493 | ) |  |  | (459,716 | )
From the Manager |  |  | — |  |  |  | (12,661 | ) |  |  | — |  |  |  | — |
Securities lending income — affiliated |  |  | — |  |  |  | (1,213 | ) |  |  | 33,372 |  |  |  | (2,394 | )
Prepaid expenses |  |  | — |  |  |  | 4,777 |  |  |  | (28,155 | ) |  |  | (89,817 | )
Deferred offering costs |  |  | — |  |  |  | 35,305 |  |  |  | — |  |  |  | — |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loaned at value |  |  | — |  |  |  | 108,871 |  |  |  | (4,637,183 | ) |  |  | 5,206,475 |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  | (12,336 | ) |  |  | (66,809 | ) |  |  | (24,004 | ) |  |  | 140,107 |
Custodian fees |  |  | (12,787 | ) |  |  | 20,845 |  |  |  | (2,362 | ) |  |  | 70,662 |
Deferred foreign capital gain tax |  |  | (148,052 | ) |  |  | — |  |  |  | — |  |  |  | — |
Federal income tax |  |  | — |  |  |  | 12,114 |  |  |  | — |  |  |  | — |
Investment advisory fees |  |  | 19,195 |  |  |  | 67,004 |  |  |  | (466,534 | ) |  |  | 4,273,239 |
Trustees’ and Officer’s fees |  |  | 101,483 |  |  |  | 6,216 |  |  |  | 82,391 |  |  |  | 59,595 |
Other accrued expenses |  |  | (54,104 | ) |  |  | 27,190 |  |  |  | 125,383 |  |  |  | 46,909 |
Professional fees |  |  | 5,134 |  |  |  | 14,776 |  |  |  | (83,796 | ) |  |  | 11,481 |
Transfer agent fees |  |  | (974 | ) |  |  | 10,460 |  |  |  | (17,396 | ) |  |  | 82,136 |
Capital contribution from affiliate |  |  | — |  |  |  | 12,661 |  |  |  | — |  |  |  | — |
Net cash provided by (used for) operating activities |  |  | 36,200,997 |  |  |  | (21,555,677 | ) |  |  | 189,683,275 |  |  |  | (4,638,917,235 | )
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (42,285,334 | ) |  |  | (29,003,964 | ) |  |  | (190,585,926 | ) |  |  | (161,265,506 | )
Payments for offering costs |  |  | — |  |  |  | 20,427 |  |  |  | — |  |  |  | — |
Net payments on redemption of capital shares |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (61,874,383 | )
Increase (decrease) in bank overdraft |  |  | — |  |  |  | — |  |  |  | (205,455 | ) |  |  | 139,778 |
Proceeds from issuance of capital shares |  |  | — |  |  |  | 50,328,479 |  |  |  | — |  |  |  | 4,861,848,440 |
Net cash provided by (used for) for financing activities |  |  | (42,285,334 | ) |  |  | 21,344,942 |  |  |  | (190,791,381 | ) |  |  | 4,638,848,329 |
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | 2,920 |  |  |  | (1 | ) |  |  | (16 | ) |  |  | 7 |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net decrease in restricted and unrestricted cash and foreign currency |  |  | (6,081,417 | ) |  |  | (210,736 | ) |  |  | (1,108,122 | ) |  |  | (68,899 | )
Restricted and unrestricted cash and foreign currency at beginning of period |  |  | 10,735,249 |  |  |  | 211,696 |  |  |  | 1,264,005 |  |  |  | 100,000 |
Restricted and unrestricted cash and foreign currency at end of period |  | $ | 4,653,832 |  |  | $ | 960 |  |  | $ | 155,883 |  |  | $ | 31,101 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the year for interest expense |  | $ | — |  |  | $ | 12,114 |  |  | $ | — |  |  | $ | — |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  | $ | — |  |  | $ | 1,760,978 |  |  | $ | — |  |  | $ | 4,569,561 |

F I N A N C I A L S T A T E M E N T S |  | 147

Statements of Cash Flows (continued)

Year Ended December 31, 2021

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 116,375 |  |  | $ | 877 |  |  | $ | 118,828 |  |  | $ | — |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | 4,091,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Collateral — OTC derivatives |  |  | 321,000 |  |  |  | — |  |  |  | 36,000 |  |  |  | 30,000 |
Foreign currency at value |  |  | 125,457 |  |  |  | 83 |  |  |  | 1,055 |  |  |  | 1,101 |
|  | $ | 4,653,832 |  |  | $ | 960 |  |  | $ | 155,883 |  |  | $ | 31,101 |

See notes to financial statements.

148 |  | 2 0 2 1 B L A C K R O C K 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 (continued)

Year Ended December 31, 2021

|  | BCX |  |  | BST(a) |  |  | BSTZ(a) |  |  | BUI |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 197,558,203 |  |  | $ | 135,963,292 |  |  | $ | 248,549,733 |  |  | $ | 69,035,294 |
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 |  |  | 600,582,789 |  |  |  | 453,225,188 |  |  |  | 921,150,756 |  |  |  | 97,065,516 |
Purchases of long-term investments |  |  | (535,774,001 | ) |  |  | (644,579,452 | ) |  |  | (578,900,784 | ) |  |  | (142,670,706 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (16,364,649 | ) |  |  | (34,149,909 | ) |  |  | (27,175,732 | ) |  |  | 725,954 |
Premiums paid on closing options written |  |  | (100,190,431 | ) |  |  | (138,718,618 | ) |  |  | (304,985,776 | ) |  |  | (40,742,993 | )
Premiums received from options written |  |  | 68,330,679 |  |  |  | 118,865,918 |  |  |  | 242,052,315 |  |  |  | 30,845,301 |
Net realized gain on investments and options written |  |  | (54,986,686 | ) |  |  | (148,468,063 | ) |  |  | (259,316,070 | ) |  |  | (8,091,181 | )
Net unrealized appreciation on investments, options written and foreign currency translations |  |  | (115,579,642 | ) |  |  | (1,154,753 | ) |  |  | (35,408,002 | ) |  |  | (53,157,764 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 54 |  |  |  | 86 |  |  |  | 460 |  |  |  | 236 |
Dividends — unaffiliated |  |  | (847,503 | ) |  |  | (27,690 | ) |  |  | 115,768 |  |  |  | 19,521 |
Securities lending income — affiliated |  |  | — |  |  |  | (41,933 | ) |  |  | 8,187 |  |  |  | — |
Prepaid expenses |  |  | — |  |  |  | 4,320 |  |  |  | 2,482 |  |  |  | 7,830 |
Deferred offering costs |  |  | — |  |  |  | 33,404 |  |  |  | — |  |  |  | 82,051 |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loaned at value |  |  | — |  |  |  | 841,775 |  |  |  | 1,949,206 |  |  |  | — |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  | (14,862 | ) |  |  | (12,336 | ) |  |  | (3,443 | ) |  |  | (12,336 | )
Custodian fees |  |  | (34,008 | ) |  |  | (43,317 | ) |  |  | (18,784 | ) |  |  | (17,233 | )
Deferred foreign capital gain tax |  |  | — |  |  |  | 1,441,234 |  |  |  | 5,470,222 |  |  |  | — |
Investment advisory fees |  |  | 114,243 |  |  |  | 422,928 |  |  |  | 184,053 |  |  |  | 104,974 |
Trustees’ and Officer’s fees |  |  | 42,284 |  |  |  | 6,521 |  |  |  | 82,311 |  |  |  | 1,351 |
Other accrued expenses |  |  | 33,750 |  |  |  | (79,450 | ) |  |  | (47,423 | ) |  |  | 5,787 |
Professional fees |  |  | 18,312 |  |  |  | 64,237 |  |  |  | 218,040 |  |  |  | 4,059 |
Transfer agent fees |  |  | (3,451 | ) |  |  | (1,939 | ) |  |  | (1,925 | ) |  |  | (1,250 | )
Net cash provided by (used for) operating activities |  |  | 42,885,081 |  |  |  | (256,408,557 | ) |  |  | 213,925,594 |  |  |  | (46,795,589 | )
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (42,394,763 | ) |  |  | (120,207,675 | ) |  |  | (225,091,632 | ) |  |  | (27,829,969 | )
Payments for offering costs |  |  | — |  |  |  | 1,065 |  |  |  | — |  |  |  | 21,784 |
Net payments on redemption of capital shares |  |  | (542,457 | ) |  |  | — |  |  |  | — |  |  |  | — |
Increase in bank overdraft |  |  | 185,937 |  |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from issuance of capital shares |  |  | — |  |  |  | 14,638,394 |  |  |  | — |  |  |  | 74,237,875 |
Proceeds from rights offering |  |  | — |  |  |  | 359,278,213 |  |  |  | — |  |  |  | — |
Net cash provided by (used for) for financing activities |  |  | (42,751,283 | ) |  |  | 253,709,997 |  |  |  | (225,091,632 | ) |  |  | 46,429,690 |
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | 495 |  |  |  | (31 | ) |  |  | (50 | ) |  |  | — |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  | 134,293 |  |  |  | (2,698,591 | ) |  |  | (11,166,088 | ) |  |  | (365,899 | )
Restricted and unrestricted cash and foreign currency at beginning of year |  |  | 223,552 |  |  |  | 4,607,407 |  |  |  | 19,435,857 |  |  |  | 1,028,657 |
Restricted and unrestricted cash and foreign currency at end of year |  | $ | 357,845 |  |  | $ | 1,908,816 |  |  | $ | 8,269,769 |  |  | $ | 662,758 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  | $ | — |  |  | $ | 2,217,548 |  |  | $ | 17,394,255 |  |  | $ | 1,577,468 |

F I N A N C I A L S T A T E M E N T S |  | 149

Statements of Cash Flows (continued)

Year Ended December 31, 2021

|  | BCX |  |  | BST(a) |  |  | BSTZ(a) |  |  | BUI |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | 297,188 |  |  | $ | 208,398 |  |  | $ | 589,258 |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — OTC derivatives |  |  | 270,000 |  |  |  | 1,610,000 |  |  |  | 8,060,000 |  |  |  | 73,500 |
Foreign currency at value |  |  | 87,845 |  |  |  | 1,628 |  |  |  | 1,371 |  |  |  | — |
|  | $ | 357,845 |  |  | $ | 1,908,816 |  |  | $ | 8,269,769 |  |  | $ | 662,758 |

(a) | Consolidated Statement of Cash Flows.

See notes to financial statements.

150 |  | 2 0 2 1 B L A C K R O C K 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 |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of year |  | $ | 8.17 |  |  | $ | 12.57 |  |  | $ | 11.98 |  |  | $ | 15.79 |  |  | $ | 16.33 |
Net investment income(a) |  |  | 0.28 |  |  |  | 0.32 |  |  |  | 0.34 |  |  |  | 0.28 |  |  |  | 0.40 | (b)
Net realized and unrealized gain (loss) |  |  | 2.77 |  |  |  | (4.06 | ) |  |  | 1.18 |  |  |  | (3.16 | ) |  |  | (0.01 | )
Net increase (decrease) from investment operations |  |  | 3.05 |  |  |  | (3.74 | ) |  |  | 1.52 |  |  |  | (2.88 | ) |  |  | 0.39 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.28 | ) |  |  | (0.32 | ) |  |  | (0.34 | ) |  |  | (0.27 | ) |  |  | (0.40 | )
Return of capital |  |  | (0.17 | ) |  |  | (0.34 | ) |  |  | (0.59 | ) |  |  | (0.66 | ) |  |  | (0.53 | )
Total distributions |  |  | (0.45 | ) |  |  | (0.66 | ) |  |  | (0.93 | ) |  |  | (0.93 | ) |  |  | (0.93 | )
Net asset value, end of year |  | $ | 10.77 |  |  | $ | 8.17 |  |  | $ | 12.57 |  |  | $ | 11.98 |  |  | $ | 15.79 |
Market price, end of year |  | $ | 9.48 |  |  | $ | 7.10 |  |  | $ | 11.88 |  |  | $ | 10.45 |  |  | $ | 14.18 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 38.36 | %(e) |  |  | (29.03 | )% |  |  | 13.74 | % |  |  | (18.84 | )% |  |  | 3.49 | %
Based on market price |  |  | 40.14 | % |  |  | (34.74 | )% |  |  | 23.23 | % |  |  | (21.16 | )% |  |  | 5.11 | %
Ratios to Average Net Assets(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.33 | % |  |  | 1.37 | % |  |  | 1.35 | % |  |  | 1.29 | % |  |  | 1.31 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.11 | % |  |  | 1.15 | % |  |  | 1.16 | % |  |  | 1.14 | % |  |  | 1.18 | %
Net investment income |  |  | 2.88 | % |  |  | 3.77 | % |  |  | 2.67 | % |  |  | 1.87 | % |  |  | 2.69 | %(b)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 313,503 |  |  | $ | 237,868 |  |  | $ | 374,896 |  |  | $ | 357,391 |  |  | $ | 471,062 |
Portfolio turnover rate |  |  | 61 | % |  |  | 62 | % |  |  | 24 | % |  |  | 32 | % |  |  | 24 | %

(a) | Based on average shares outstanding.

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

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

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

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

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 151

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | CII |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of year |  | $ | 19.12 |  |  | $ | 17.96 |  |  | $ | 15.28 |  |  | $ | 17.19 |  |  | $ | 15.08 |
Net investment income(a) |  |  | 0.04 |  |  |  | 0.13 |  |  |  | 0.18 |  |  |  | 0.17 |  |  |  | 0.15 |
Net realized and unrealized gain (loss) |  |  | 4.04 |  |  |  | 2.08 |  |  |  | 3.50 |  |  |  | (1.09 | ) |  |  | 2.95 |
Net increase (decrease) from investment operations |  |  | 4.08 |  |  |  | 2.21 |  |  |  | 3.68 |  |  |  | (0.92 | ) |  |  | 3.10 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.04 | ) |  |  | (0.13 | ) |  |  | (0.19 | ) |  |  | (0.17 | )(c) |  |  | (0.15 | )
From net realized gain |  |  | (1.06 | ) |  |  | (0.92 | ) |  |  | (0.44 | ) |  |  | (0.28 | )(c) |  |  | — |
Return of capital |  |  | — |  |  |  | — |  |  |  | (0.37 | ) |  |  | (0.54 | ) |  |  | (0.84 | )
Total distributions |  |  | (1.10 | ) |  |  | (1.05 | ) |  |  | (1.00 | ) |  |  | (0.99 | ) |  |  | (0.99 | )
Net asset value, end of year |  | $ | 22.10 |  |  | $ | 19.12 |  |  | $ | 17.96 |  |  | $ | 15.28 |  |  | $ | 17.19 |
Market price, end of year |  | $ | 22.12 |  |  | $ | 17.40 |  |  | $ | 17.25 |  |  | $ | 14.08 |  |  | $ | 16.38 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 21.97 | % |  |  | 13.94 | % |  |  | 25.08 | % |  |  | (5.44 | )% |  |  | 21.69 | %
Based on market price |  |  | 34.15 | % |  |  | 7.97 | % |  |  | 30.38 | % |  |  | (8.56 | )% |  |  | 27.54 | %
Ratios to Average Net Assets(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.90 | % |  |  | 0.91 | % |  |  | 0.91 | % |  |  | 0.90 | % |  |  | 0.93 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.90 | % |  |  | 0.91 | % |  |  | 0.91 | % |  |  | 0.90 | % |  |  | 0.93 | %
Net investment income |  |  | 0.21 | % |  |  | 0.78 | % |  |  | 1.08 | % |  |  | 1.00 | % |  |  | 0.94 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 975,479 |  |  | $ | 843,673 |  |  | $ | 792,638 |  |  | $ | 674,077 |  |  | $ | 758,400 |
Portfolio turnover rate |  |  | 27 | % |  |  | 46 | % |  |  | 32 | % |  |  | 27 | % |  |  | 32 | %

(a) | Based on average shares outstanding.

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

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

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

(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

152 |  | 2 0 2 1 B L A C K R O C K 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 |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of year |  | $ | 9.35 |  |  | $ | 10.03 |  |  | $ | 8.74 |  |  | $ | 9.96 |  |  | $ | 9.22 |
Net investment income(a) |  |  | 0.15 |  |  |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.18 | (b) |  |  | 0.16 |
Net realized and unrealized gain (loss) |  |  | 1.60 |  |  |  | (0.26 | ) |  |  | 1.86 |  |  |  | (0.84 | ) |  |  | 1.14 |
Net increase (decrease) from investment operations |  |  | 1.75 |  |  |  | (0.08 | ) |  |  | 2.04 |  |  |  | (0.66 | ) |  |  | 1.30 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.28 | ) |  |  | (0.15 | ) |  |  | (0.08 | ) |  |  | (0.18 | )(d) |  |  | (0.17 | )
From net realized gain |  |  | (0.59 | ) |  |  | (0.45 | ) |  |  | (0.67 | ) |  |  | (0.38 | )(d) |  |  | (0.39 | )
Total distributions |  |  | (0.87 | ) |  |  | (0.60 | ) |  |  | (0.75 | ) |  |  | (0.56 | ) |  |  | (0.56 | )
Net asset value, end of year |  | $ | 10.23 |  |  | $ | 9.35 |  |  | $ | 10.03 |  |  | $ | 8.74 |  |  | $ | 9.96 |
Market price, end of year |  | $ | 10.08 |  |  | $ | 8.47 |  |  | $ | 9.92 |  |  | $ | 7.77 |  |  | $ | 9.23 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 19.33 | % |  |  | 0.77 | % |  |  | 24.52 | % |  |  | (6.59 | )% |  |  | 15.06 | %
Based on market price |  |  | 29.80 | % |  |  | (7.70 | )% |  |  | 38.53 | % |  |  | (10.39 | )% |  |  | 20.63 | %
Ratios to Average Net Assets(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.86 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.86 | %
Net investment income |  |  | 1.44 | % |  |  | 2.15 | % |  |  | 1.99 | % |  |  | 1.85 | %(b) |  |  | 1.73 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 1,902,838 |  |  | $ | 1,739,122 |  |  | $ | 1,881,675 |  |  | $ | 1,638,237 |  |  | $ | 1,868,457 |
Portfolio turnover rate |  |  | 40 | % |  |  | 48 | % |  |  | 40 | % |  |  | 34 | % |  |  | 42 | %

(a) | Based on average shares outstanding.

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

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

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

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

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

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)

|  | BOE |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of year. |  | $ | 12.28 |  |  | $ | 12.32 |  |  | $ | 11.07 |  |  | $ | 13.22 |  |  | $ | 13.38 |
Net investment income(a) |  |  | 0.19 |  |  |  | 0.26 |  |  |  | 0.30 |  |  |  | 0.31 |  |  |  | 0.17 |
Net realized and unrealized gain (loss) |  |  | 1.69 |  |  |  | 0.46 |  |  |  | 1.71 |  |  |  | (1.61 | ) |  |  | 1.96 |
Net increase (decrease) from investment operations |  |  | 1.88 |  |  |  | 0.72 |  |  |  | 2.01 |  |  |  | (1.30 | ) |  |  | 2.13 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.19 | ) |  |  | (0.26 | ) |  |  | (0.31 | ) |  |  | (0.31 | )(c) |  |  | (0.19 | )
From net realized gain |  |  | (0.57 | ) |  |  | — |  |  |  | — |  |  |  | (0.52 | )(c) |  |  | (2.10 | )
Return of capital |  |  | — |  |  |  | (0.50 | ) |  |  | (0.45 | ) |  |  | (0.02 | ) |  |  | — |
Total distributions |  |  | (0.76 | ) |  |  | (0.76 | ) |  |  | (0.76 | ) |  |  | (0.85 | ) |  |  | (2.29 | )
Net asset value, end of year |  | $ | 13.40 |  |  | $ | 12.28 |  |  | $ | 12.32 |  |  | $ | 11.07 |  |  | $ | 13.22 |
Market price, end of year |  | $ | 12.18 |  |  | $ | 10.91 |  |  | $ | 10.99 |  |  | $ | 9.37 |  |  | $ | 12.51 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 16.21 | % |  |  | 7.65 | % |  |  | 19.54 | % |  |  | (9.63 | )% |  |  | 17.22 | %(e)
Based on market price |  |  | 18.89 | % |  |  | 7.22 | % |  |  | 25.98 | % |  |  | (19.16 | )% |  |  | 28.28 | %
Ratios to Average Net Assets(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.07 | % |  |  | 1.09 | % |  |  | 1.12 | % |  |  | 1.08 | % |  |  | 1.09 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.90 | % |  |  | 0.92 | % |  |  | 0.94 | % |  |  | 0.94 | % |  |  | 1.02 | %
Net investment income |  |  | 1.46 | % |  |  | 2.33 | % |  |  | 2.62 | % |  |  | 2.52 | % |  |  | 1.20 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 857,721 |  |  | $ | 786,230 |  |  | $ | 807,712 |  |  | $ | 754,602 |  |  | $ | 911,227 |
Portfolio turnover rate |  |  | 65 | % |  |  | 61 | % |  |  | 26 | % |  |  | 28 | % |  |  | 133 | %

(a) | Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

154 |  | 2 0 2 1 B L A C K R O C K 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 |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of year |  | $ | 6.49 |  |  | $ | 6.47 |  |  | $ | 5.79 |  |  | $ | 7.06 |  |  | $ | 6.28 |
Net investment income(a) |  |  | 0.09 |  |  |  | 0.12 |  |  |  | 0.16 |  |  |  | 0.17 | (b) |  |  | 0.09 |
Net realized and unrealized gain (loss) |  |  | 0.64 |  |  |  | 0.31 |  |  |  | 0.93 |  |  |  | (1.00 | ) |  |  | 1.15 |
Net increase (decrease) from investment operations |  |  | 0.73 |  |  |  | 0.43 |  |  |  | 1.09 |  |  |  | (0.83 | ) |  |  | 1.24 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.14 | ) |  |  | (0.13 | ) |  |  | (0.16 | ) |  |  | (0.16 | )(d) |  |  | (0.09 | )
From net realized gain |  |  | (0.15 | ) |  |  | — |  |  |  | (0.19 | ) |  |  | (0.28 | )(d) |  |  | — |
Return of capital |  |  | (0.12 | ) |  |  | (0.28 | ) |  |  | (0.06 | ) |  |  | — |  |  |  | (0.37 | )
Total distributions |  |  | (0.41 | ) |  |  | (0.41 | ) |  |  | (0.41 | ) |  |  | (0.44 | ) |  |  | (0.46 | )
Net asset value, end of year |  | $ | 6.81 |  |  | $ | 6.49 |  |  | $ | 6.47 |  |  | $ | 5.79 |  |  | $ | 7.06 |
Market price, end of year |  | $ | 6.28 |  |  | $ | 5.87 |  |  | $ | 5.89 |  |  | $ | 4.98 |  |  | $ | 6.52 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 11.92 | % |  |  | 8.18 | % |  |  | 20.20 | % |  |  | (11.48 | )% |  |  | 20.88 | %(f)
Based on market price |  |  | 14.11 | % |  |  | 7.49 | % |  |  | 27.22 | % |  |  | (17.55 | )% |  |  | 27.23 | %
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.09 | % |  |  | 1.10 | % |  |  | 1.13 | % |  |  | 1.09 | % |  |  | 1.12 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.99 | % |  |  | 1.00 | % |  |  | 1.03 | % |  |  | 0.99 | % |  |  | 1.02 | %
Net investment income |  |  | 1.34 | % |  |  | 1.99 | % |  |  | 2.57 | % |  |  | 2.59 | %(b) |  |  | 1.31 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 709,510 |  |  | $ | 676,949 |  |  | $ | 683,247 |  |  | $ | 623,234 |  |  | $ | 769,678 |
Portfolio turnover rate |  |  | 71 | % |  |  | 60 | % |  |  | 28 | % |  |  | 60 | % |  |  | 90 | %

(a) | Based on average shares outstanding.

(b) | Net investment income per share and the ratio of net investment income to average net assets includes $0.10 per share and 29%, respectively, resulting from a non-recurring dividend.

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

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

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

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

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

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)

|  | BME |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of year |  | $ | 45.66 |  |  | $ | 41.19 |  |  | $ | 35.87 |  |  | $ | 35.69 |  |  | $ | 31.30 |
Net investment income(a) |  |  | — |  |  |  | 0.01 |  |  |  | 0.06 |  |  |  | 0.07 |  |  |  | 0.02 |
Net realized and unrealized gain |  |  | 4.74 |  |  |  | 6.86 |  |  |  | 7.66 |  |  |  | 2.51 |  |  |  | 6.77 |
Net increase from investment operations |  |  | 4.74 |  |  |  | 6.87 |  |  |  | 7.72 |  |  |  | 2.58 |  |  |  | 6.79 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.00 | )(c) |  |  | (0.05 | ) |  |  | (0.12 | ) |  |  | (0.07 | )(d) |  |  | (0.04 | )
From net realized gain |  |  | (2.44 | ) |  |  | (2.35 | ) |  |  | (2.28 | ) |  |  | (2.33 | )(d) |  |  | (2.11 | )
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.25 | )
Total distributions |  |  | (2.44 | ) |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (2.40 | )
Net asset value, end of year |  | $ | 47.96 |  |  | $ | 45.66 |  |  | $ | 41.19 |  |  | $ | 35.87 |  |  | $ | 35.69 |
Market price, end of year |  | $ | 48.50 |  |  | $ | 47.59 |  |  | $ | 42.50 |  |  | $ | 36.45 |  |  | $ | 36.50 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 10.66 | %(f) |  |  | 17.50 | % |  |  | 22.26 | % |  |  | 7.26 | % |  |  | 22.17 | %
Based on market price |  |  | 7.37 | % |  |  | 18.69 | % |  |  | 24.15 | % |  |  | 6.57 | % |  |  | 23.17 | %
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.08 | % |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.12 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.08 | % |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.12 | %
Net investment income |  |  | 0.01 | % |  |  | 0.01 | % |  |  | 0.16 | % |  |  | 0.19 | % |  |  | 0.06 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 625,775 |  |  | $ | 545,936 |  |  | $ | 446,773 |  |  | $ | 352,675 |  |  | $ | 331,858 |
Portfolio turnover rate |  |  | 49 | % |  |  | 28 | % |  |  | 47 | % |  |  | 37 | % |  |  | 38 | %

(a) | Based on average shares outstanding.

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

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

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

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

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

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

See notes to financial statements.

156 |  | 2 0 2 1 B L A C K R O C K 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 |
|  |  | Year Ended 12/31/21 |  |  |  | Period from 01/30/20 to 12/31/20 | (a)
Net asset value, beginning of period |  | $ | 30.73 |  |  | $ | 20.00 |
Net investment loss(b) |  |  | (0.32 | ) |  |  | (0.22 | )
Net realized and unrealized gain (loss) |  |  | (2.23 | ) |  |  | 11.85 |
Net increase (decrease) from investment operations |  |  | (2.55 | ) |  |  | 11.63 |
Distributions from net realized gain(c) |  |  | (1.71 | ) |  |  | (0.90 | )
Net asset value, end of period |  | $ | 26.47 |  |  | $ | 30.73 |
Market price, end of period |  | $ | 25.36 |  |  | $ | 28.65 |
Total Return(d) |  |  |  |  |  |  |  |
Based on net asset value |  |  | (8.31 | )% |  |  | 59.62 | %(e)(f)
Based on market price |  |  | (5.76 | )% |  |  | 48.82 | %(f)
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |
Total expenses |  |  | 1.30 | % |  |  | 1.29 | %(h)
Total expenses after fees waived and/or reimbursed |  |  | 1.30 | % |  |  | 1.28 | %(h)
Net investment loss |  |  | (1.10 | )% |  |  | (1.00 | )%(h)
Supplemental Data |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 2,981,886 |  |  | $ | 3,462,638 |
Portfolio turnover rate |  |  | 44 | % |  |  | 43 | %

(a) | Commencement of operations.

(b) | Based on average shares outstanding.

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

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

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

(f) | Aggregate total return.

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

(h) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 157

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BIGZ |
|  |  | Period from 03/29/21 to 12/31/21 | (a)
Net asset value, beginning of period |  | $ | 20.00 |
Net investment loss(b) |  |  | (0.15 | )
Net realized and unrealized loss |  |  | (2.43 | )
Net decrease from investment operations |  |  | (2.58 | )
Distribution from return of capital(c) |  |  | (0.70 | )
Net asset value, end of period |  | $ | 16.72 |
Market price, end of period |  | $ | 14.54 |
Total Return(d) |  |  |  |
Based on net asset value |  |  | (13.03 | )%(e)
Based on market price |  |  | (24.37 | )%(e)
Ratios to Average Net Assets(f) |  |  |  |
Total expenses |  |  | 1.29 | %(g)
Total expenses after fees waived and/or reimbursed |  |  | 1.28 | %(g)
Net investment loss |  |  | (1.02 | )%(g)
Supplemental Data |  |  |  |
Net assets, end of period (000) |  | $ | 3,981,653 |
Portfolio turnover rate |  |  | 55 | %

(a) | Commencement of operations.

(b) | Based on average shares outstanding.

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

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

(e) | Aggregate total return.

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

(g) | Annualized.

See notes to financial statements.

158 |  | 2 0 2 1 B L A C K R O C K 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 |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of year |  | $ | 8.45 |  |  | $ | 9.04 |  |  | $ | 8.44 |  |  | $ | 10.64 |  |  | $ | 9.86 |
Net investment income(a) |  |  | 0.29 |  |  |  | 0.20 |  |  |  | 0.23 |  |  |  | 0.22 |  |  |  | 0.20 | (b)
Net realized and unrealized gain (loss) |  |  | 1.95 |  |  |  | (0.26 | ) |  |  | 0.99 |  |  |  | (1.80 | ) |  |  | 1.19 |
Net increase (decrease) from investment operations |  |  | 2.24 |  |  |  | (0.06 | ) |  |  | 1.22 |  |  |  | (1.58 | ) |  |  | 1.39 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.38 | ) |  |  | (0.23 | ) |  |  | (0.23 | ) |  |  | (0.19 | ) |  |  | (0.24 | )
Return of capital |  |  | (0.10 | ) |  |  | (0.30 | ) |  |  | (0.39 | ) |  |  | (0.43 | ) |  |  | (0.37 | )
Total distributions |  |  | (0.48 | ) |  |  | (0.53 | ) |  |  | (0.62 | ) |  |  | (0.62 | ) |  |  | (0.61 | )
Net asset value, end of year |  | $ | 10.21 |  |  | $ | 8.45 |  |  | $ | 9.04 |  |  | $ | 8.44 |  |  | $ | 10.64 |
Market price, end of year |  | $ | 9.35 |  |  | $ | 7.41 |  |  | $ | 8.07 |  |  | $ | 7.06 |  |  | $ | 9.77 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 27.20 | % |  |  | 1.56 | % |  |  | 15.88 | % |  |  | (14.90 | )% |  |  | 15.60 | %
Based on market price |  |  | 32.83 | % |  |  | (0.23 | )% |  |  | 23.67 | % |  |  | (22.47 | )% |  |  | 26.55 | %
Ratios to Average Net Assets(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.07 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.07 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | %
Net investment income |  |  | 3.05 | % |  |  | 2.62 | % |  |  | 2.56 | % |  |  | 2.17 | % |  |  | 2.06 | %(b)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 901,782 |  |  | $ | 746,615 |  |  | $ | 822,754 |  |  | $ | 798,282 |  |  | $ | 1,027,472 |
Portfolio turnover rate |  |  | 66 | % |  |  | 78 | % |  |  | 69 | % |  |  | 66 | % |  |  | 73 | %

(a) | Based on average shares outstanding.

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

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

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

(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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)

|  | BST |
|  | Year Ended December 31, |
|  |  | 2021 | (a) |  |  | 2020 | (a) |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Net asset value, beginning of year |  | $ | 51.94 |  |  | $ | 32.45 |  |  | $ | 26.21 |  |  | $ | 27.73 |  |  | $ | 20.10 |
Net investment loss(b) |  |  | (0.43 | ) |  |  | (0.28 | ) |  |  | (0.17 | ) |  |  | (0.13 | ) |  |  | (0.05 | )
Net realized and unrealized gain |  |  | 5.84 |  |  |  | 21.82 |  |  |  | 9.92 |  |  |  | 0.37 |  |  |  | 8.96 |
Net increase from investment operations |  |  | 5.41 |  |  |  | 21.54 |  |  |  | 9.75 |  |  |  | 0.24 |  |  |  | 8.91 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — | (d) |  |  | (0.05 | )
From net realized gain |  |  | (4.27 | ) |  |  | (2.05 | ) |  |  | (3.51 | ) |  |  | (1.76 | )(d) |  |  | (0.22 | )
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1.01 | )
Total distributions |  |  | (4.27 | ) |  |  | (2.05 | ) |  |  | (3.51 | ) |  |  | (1.76 | ) |  |  | (1.28 | )
Dilutive effect of rights offer (Note 10) |  |  | (0.68 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net asset value, end of year |  | $ | 52.40 |  |  | $ | 51.94 |  |  | $ | 32.45 |  |  | $ | 26.21 |  |  | $ | 27.73 |
Market price, end of year |  | $ | 49.97 |  |  | $ | 53.30 |  |  | $ | 33.27 |  |  | $ | 27.48 |  |  | $ | 26.69 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 9.44 | % |  |  | 68.76 | %(f) |  |  | 37.82 | % |  |  | 0.24 | % |  |  | 45.73 | %
Based on market price |  |  | 1.70 | % |  |  | 68.92 | % |  |  | 34.77 | % |  |  | 9.18 | % |  |  | 57.15 | %
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.05 | % |  |  | 1.09 | % |  |  | 1.08 | % |  |  | 1.09 | % |  |  | 1.09 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.00 | % |  |  | 0.99 | % |  |  | 0.92 | % |  |  | 0.89 | % |  |  | 0.89 | %
Net investment loss |  |  | (0.78 | )% |  |  | (0.73 | )% |  |  | (0.52 | )% |  |  | (0.43 | )% |  |  | (0.19 | )%
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 1,681,166 |  |  | $ | 1,297,344 |  |  | $ | 742,672 |  |  | $ | 587,908 |  |  | $ | 620,300 |
Portfolio turnover rate |  |  | 31 | % |  |  | 20 | % |  |  | 32 | % |  |  | 53 | % |  |  | 41 | %

(a) | Consolidated Financial Highlights.

(b) | Based on average shares outstanding.

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

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

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

(f) | 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.

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

See notes to financial statements.

160 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BSTZ |
|  |  |  |  |  |  | Period from 06/27/19 to 12/31/19 | (b)
|  |  | Year Ended December 31,(a) |
|  | 2021 |  |  | 2020 |
Net asset value, beginning of period |  | $ | 38.72 |  |  | $ | 20.95 |  |  | $ | 20.00 |
Net investment loss(c) |  |  | (0.51 | ) |  |  | (0.30 | ) |  |  | (0.05 | )
Net realized and unrealized gain |  |  | 3.69 |  |  |  | 19.32 |  |  |  | 1.50 |
Net increase from investment operations |  |  | 3.18 |  |  |  | 19.02 |  |  |  | 1.45 |
Distributions(d) |  |  |  |  |  |  |  |  |  |  |  |
From net realized gain |  |  | (3.08 | ) |  |  | (1.10 | ) |  |  | — |
Return of capital |  |  | — |  |  |  | (0.15 | ) |  |  | (0.50 | )
Total distributions |  |  | (3.08 | ) |  |  | (1.25 | ) |  |  | (0.50 | )
Net asset value, end of period |  | $ | 38.82 |  |  | $ | 38.72 |  |  | $ | 20.95 |
Market price, end of period |  | $ | 38.94 |  |  | $ | 36.38 |  |  | $ | 20.50 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 8.41 | % |  |  | 94.60 | %(f) |  |  | 7.40 | %(g)
Based on market price |  |  | 15.75 | % |  |  | 86.85 | % |  |  | 5.10 | %(g)
Ratios to Average Net Assets(h) |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.31 | % |  |  | 1.33 | % |  |  | 1.32 | %(i)
Total expenses after fees waived and/or reimbursed |  |  | 1.31 | % |  |  | 1.33 | % |  |  | 1.30 | %(i)
Net investment loss |  |  | (1.25 | )% |  |  | (1.16 | )% |  |  | (0.48 | )%(i)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 3,048,962 |  |  | $ | 3,023,744 |  |  | $ | 1,635,966 |
Portfolio turnover rate |  |  | 18 | % |  |  | 45 | % |  |  | 16 | %

(a) | Consolidated Financial Highlights.

(b) | Commencement of operations.

(c) | Based on average shares outstanding.

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

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

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

(g) | Aggregate total return.

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 161

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BUI |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of year |  | $ | 23.80 |  |  | $ | 22.02 |  |  | $ | 18.77 |  |  | $ | 21.12 |  |  | $ | 19.42 |
Net investment income(a) |  |  | 0.24 |  |  |  | 0.33 |  |  |  | 0.37 |  |  |  | 0.49 |  |  |  | 0.56 |
Net realized and unrealized gain (loss) |  |  | 3.27 |  |  |  | 2.90 |  |  |  | 4.33 |  |  |  | (1.39 | ) |  |  | 2.59 |
Net increase (decrease) from investment operations |  |  | 3.51 |  |  |  | 3.23 |  |  |  | 4.70 |  |  |  | (0.90 | ) |  |  | 3.15 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.24 | ) |  |  | (0.20 | ) |  |  | (0.24 | ) |  |  | (0.63 | )(c) |  |  | (0.47 | )
From net realized gain |  |  | (0.76 | ) |  |  | (1.08 | ) |  |  | (1.06 | ) |  |  | (0.81 | )(c) |  |  | (0.98 | )
Return of capital |  |  | (0.45 | ) |  |  | (0.17 | ) |  |  | (0.15 | ) |  |  | (0.01 | ) |  |  | — |
Total distributions |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | )
Net asset value, end of year |  | $ | 25.86 |  |  | $ | 23.80 |  |  | $ | 22.02 |  |  | $ | 18.77 |  |  | $ | 21.12 |
Market price, end of year |  | $ | 26.62 |  |  | $ | 25.04 |  |  | $ | 22.31 |  |  | $ | 19.76 |  |  | $ | 21.62 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 15.13 | % |  |  | 15.87 | % |  |  | 25.63 | % |  |  | (4.40 | )% |  |  | 16.62 | %
Based on market price |  |  | 12.65 | % |  |  | 20.32 | % |  |  | 20.91 | % |  |  | (1.68 | )% |  |  | 25.93 | %
Ratios to Average Net Assets(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.08 | % |  |  | 1.13 | % |  |  | 1.12 | % |  |  | 1.12 | % |  |  | 1.11 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.07 | % |  |  | 1.10 | % |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.09 | %
Net investment income |  |  | 0.97 | % |  |  | 1.58 | % |  |  | 1.78 | % |  |  | 2.46 | % |  |  | 2.70 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 559,805 |  |  | $ | 444,526 |  |  | $ | 383,337 |  |  | $ | 318,933 |  |  | $ | 357,776 |
Portfolio turnover rate |  |  | 20 | % |  |  | 39 | % |  |  | 39 | % |  |  | 28 | % |  |  | 31 | %

(a) | Based on average shares outstanding.

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

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

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

(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

162 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

1. | ORGANIZATION

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

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

| (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 open-end non-index fixed-income 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 $19,337,145, which is 1.2% 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 $36,259,853, which is 1.2% 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 |  | 163

Notes to Financial Statements (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.

Foreign Taxes: The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., options written) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investments to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital. See Income Tax Information note for the tax character of each Trust’s distributions paid during the year.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, 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.

164 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

| • |  | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

| • |  | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset- backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

| • |  | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

| • |  | The Trusts value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets.

| • |  | Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third-party pricing services utilize one or a combination of, but not limited to, the following inputs.

|  | Standard Inputs Generally Considered By Third-Party Pricing Services
Market approach |  | (i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii)   market multiples of comparable issuers.
Income approach |  | (i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach. |  | (i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)   relevant news and other public sources; and (iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate

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 (continued)

under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

| • |  | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access;

| • |  | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

| • |  | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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 December 31, 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.

Special Purpose Acquisition Companies: Special purpose acquisition companies (SPACs) are companies that have no operations but go public with the intention of merging with or acquiring a company using the proceeds of the SPAC’s initial public offering. The Trusts may enter into a commitment with a SPAC for a private investment in a public equity (PIPE) and will satisfy the commitment if and when the SPAC completes its merger or acquisition. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a registration statement for the shares is filed and declared effective. Unfunded SPAC PIPE commitments are marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Trusts had the following unfunded SPAC PIPE commitments:

Trust Name |  | Investment Name |  | Commitment Amount |  |  | Value |  |  | Unrealized Appreciation (Depreciation) |
BST |  | Acorns Holdings, Inc. |  | $ | 4,500,000 |  |  | $ | 4,500,000 |  |  | $ | — |
BSTZ |  | Acorns Holdings, Inc. |  |  | 10,500,000 |  |  |  | 10,500,000 |  |  |  | — |

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

166 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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) |  |  | Non-Cash Collateral Received at Fair Value | (a) |  |  | Net Amount | (b)
BME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goldman Sachs & Co. LLC |  | $ | 168,958 |  |  | $ | (168,958 | ) |  | $ | — |  |  | $ | — |
Morgan Stanley |  |  | 342 |  |  |  | (342 | ) |  |  | — |  |  |  | — |
Toronto Dominion Bank |  |  | 36,005 |  |  |  | (36,005 | ) |  |  | — |  |  |  | — |
|  | $ | 205,305 |  |  | $ | (205,305 | ) |  | $ | — |  |  | $ | — |
BMEZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Barclays Capital, Inc. |  | $ | 554,658 |  |  | $ | (554,658 | ) |  | $ | — |  |  | $ | — |
BofA Securities, Inc. |  |  | 510,600 |  |  |  | (510,600 | ) |  |  | — |  |  |  | — |
Citigroup Global Markets, Inc. |  |  | 2,449,479 |  |  |  | (2,449,479 | ) |  |  | — |  |  |  | — |
Credit Suisse Securities (USA) LLC |  |  | 111,746 |  |  |  | (111,746 | ) |  |  | — |  |  |  | — |
Goldman Sachs & Co. LLC |  |  | 1,150,022 |  |  |  | (1,150,022 | ) |  |  | — |  |  |  | — |
|  | $ | 4,776,505 |  |  | $ | (4,776,505 | ) |  | $ | — |  |  | $ | — |
BIGZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Morgan Stanley |  | $ | 5,079,308 |  |  | $ | (5,079,308 | ) |  | $ | — |  |  | $ | — |
BST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goldman Sachs & Co. LLC |  | $ | 828,458 |  |  | $ | (813,990 | ) |  | $ | — |  |  | $ | 14,468 |
JPMorgan Securities LLC |  |  | 26,810 |  |  |  | (26,406 | ) |  |  | — |  |  |  | 404 |
|  | $ | 855,268 |  |  | $ | (840,396 | ) |  | $ | — |  |  | $ | 14,872 |
BSTZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goldman Sachs & Co. LLC |  | $ | 1,875,935 |  |  | $ | (1,875,935 | ) |  | $ | — |  |  | $ | — |

| (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 December 31, 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.

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 |  | 167

Notes to Financial Statements (continued)

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trust and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BCX pays the Manager a monthly fee at the following annual rates:

Average weekly value of each Trust’s net assets:

|  | BGR |  |  | BDJ |  |  | BOE |  |  | BME |
Investment advisory fees |  |  | 1.20 | % |  |  | 0.80 | % |  |  | 1.00 | % |  |  | 1.00% |

Average daily value of each Trust’s net assets:

|  | CII |  |  | BGY |  |  | BUI |
Investment advisory fees |  |  | 0.85 | % |  |  | 1.00 | % |  |  | 1.00% |

Average daily value of each Trust’s managed assets:

|  | BMEZ |  |  | BIGZ |  |  | BST |  |  | BSTZ |
Investment advisory fees |  |  | 1.25 | % |  |  | 1.25 | % |  |  | 1.00 | % |  |  | 1.25% |

168 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

For such services, BCX pays the Manager a monthly fee of 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust’s interest in the BCX Subsidiary, LLC (the “BCX Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BCX) and the average daily value of the net assets of its subsidiary, which fee is allocated pro rata between the Trust and the BCX Taxable Subsidiary based on the average daily value of their respective net assets (excluding, in the case of the Trust, the value of the Trust’s interest in the BCX Taxable Subsidiary). The BCX Taxable Subsidiary had no net assets or activity during the period ended December 31, 2021.

For purposes of calculating these fees, “net assets” mean the total assets of CII and BCX minus the sum of its accrued liabilities.

For purposes of calculating these fees, “managed assets” are determined as total assets of BMEZ, BIGZ, BST and BSTZ (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

For purposes of calculating these fees, “net assets” mean the total assets of BGR, BDJ, BOE, BGY, BME and BUI minus the sum of its accrued liabilities (which includes liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares).

With respect to BGR, BOE, BGY, BCX and BUI, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of each Trust for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.

The Manager provides investment management and other services to BST Taxable Subsidiary and BSTZ Taxable Subsidiary. The Manager does not receive separate compensation from the BST Taxable Subsidiary or BSTZ Taxable Subsidiary for providing investment management or administrative services. However, BST and BSTZ pay the Manager based on the Trust’s net assets, which includes the assets of the BST Taxable Subsidiary and BSTZ Taxable Subsidiary.

Distribution Fees: BME, BST and BUI have entered into Distribution Agreements with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BME’s, BST’s and BUI’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BME, BST and BUI will compensate BRIL with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BME’s, BST’s and BUI’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the year ended December 31, 2021 amounted to $100,497, $25,900, and $149,810 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. Effective July 1, 2021, the voluntary waiver agreement between the Manager and BUI was terminated.

For the year ended December 31, 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 |  | $ | 631,737 |
BOE |  |  | 1,456,756 |
BGY |  |  | 700,580 |
BST |  |  | 774,985 |
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 year ended December 31, 2021, the amounts waived were as follows:

Trust Name |  | Fees Waived and/or Reimbursed by the Manager |
BGR |  | $ | 1,143 |
CII |  |  | 3,964 |
BDJ |  |  | 9,799 |
BOE |  |  | 2,070 |
BGY |  |  | 2,260 |
BME |  |  | 5,096 |

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 |  | 169

Notes to Financial Statements (continued)

Trust Name |  | Fees Waived and/or Reimbursed by the Manager |
BMEZ |  | $ | 15,118 |
BIGZ |  |  | 67,742 |
BCX |  |  | 3,874 |
BST |  |  | 16,456 |
BSTZ |  |  | 18,673 |
BUI |  |  | 2,881 |

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 year ended December 31, 2021, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Trust Name |  | Fees Waived and/or Reimbursed by the Manager |
BIGZ |  | $ | 295,091 |

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 year ended December 31, 2021, each Trust paid BIM the following amounts for securities lending agent services:

Trust Name |  | Amounts |
BDJ |  | $ | 890 |
BME |  |  | 4,056 |
BMEZ |  |  | 47,962 |
BIGZ |  |  | 20,925 |
BST |  |  | 134,795 |
BSTZ |  |  | 39,260 |
BUI |  |  | 2,778 |

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 year ended December 31, 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.

During the year ended December 31, 2021, BME recorded a reimbursement of $12,661 from an affiliate, which is included in capital contribution from affiliate in the Statements of Changes in Net Assets, related to an operating event.

170 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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 year ended December 31, 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 |  |  |  | — |  |  |  | — |
BST |  |  | — |  |  |  | 345,836 |  |  |  | (297,088 | )
BSTZ |  |  | — |  |  |  | 1,121,662 |  |  |  | (963,760 | )

7. | PURCHASES AND SALES

For the year ended December 31, 2021, purchases and sales of investments, excluding short-term investments, were as follows:

Trust Name |  | Purchases |  |  | Sales |
BGR |  | $ | 171,698,255 |  |  | $ | 190,448,449 |
CII |  |  | 253,721,407 |  |  |  | 326,631,881 |
BDJ |  |  | 753,007,547 |  |  |  | 992,198,834 |
BOE |  |  | 533,638,917 |  |  |  | 597,241,267 |
BGY |  |  | 485,614,169 |  |  |  | 530,889,516 |
BME |  |  | 292,763,540 |  |  |  | 283,311,207 |
BMEZ |  |  | 1,456,942,919 |  |  |  | 1,760,144,598 |
BIGZ |  |  | 6,955,242,873 |  |  |  | 2,343,760,506 |
BCX |  |  | 545,074,034 |  |  |  | 597,820,893 |
BST |  |  | 652,882,791 |  |  |  | 463,067,890 |
BSTZ |  |  | 578,898,788 |  |  |  | 921,126,832 |
BUI |  |  | 141,962,994 |  |  |  | 97,069,416 |

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 December 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses, net operating losses and income recognized from the Trust’s wholly owned subsidiary were reclassified to the following accounts:

|  | BDJ |  |  | BME |  |  | BIGZ |  |  | BST |  |  | BSTZ |  |  | BUI |
Paid-in capital |  |  | $ (3,860 | ) |  |  | $ (73,645 | ) |  |  | $ (35,283,096 | ) |  |  | $ (12,127,804 | ) |  |  | $ (9,348,434 | ) |  |  | $ (29,000 | )
Accumulated earnings (loss) |  |  | 3,860 |  |  |  | 73,645 |  |  |  | 35,283,096 |  |  |  | 12,127,804 |  |  |  | 9,348,434 |  |  |  | 29,000 |

The tax character of distributions paid was as follows:

Trust Name |  | Year Ended 12/31/21 |  |  | Year Ended 12/31/20 |
BGR |  |  |  |  |  |  |  |
Ordinary income |  | $ | 8,262,936 |  |  | $ | 9,329,536 |
Return of capital |  |  | 4,835,876 |  |  |  | 10,213,545 |
|  | $ | 13,098,812 |  |  | $ | 19,543,081 |
CII |  |  |  |  |  |  |  |
Ordinary income |  | $ | 2,005,386 |  |  | $ | 5,824,766 |
Long-term capital gains |  |  | 46,638,458 |  |  |  | 40,502,704 |
|  | $ | 48,643,844 |  |  | $ | 46,327,470 |

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 |  | 171

Notes to Financial Statements (continued)

Trust Name |  | Year Ended 12/31/21 |  |  | Year Ended 12/31/20 |
BDJ |  |  |  |  |  |  |  |
Ordinary income |  | $ | 58,615,347 |  |  | $ | 27,765,611 |
Long-term capital gains |  |  | 102,988,157 |  |  |  | 84,576,713 |
|  | $ | 161,603,504 |  |  | $ | 112,342,324 |
BOE |  |  |  |  |  |  |  |
Ordinary income |  | $ | 48,404,308 |  |  | $ | 16,818,451 |
Return of capital |  |  | — |  |  |  | 32,343,267 |
|  | $ | 48,404,308 |  |  | $ | 49,161,718 |
BGY |  |  |  |  |  |  |  |
Ordinary income |  | $ | 30,180,220 |  |  | $ | 12,744,924 |
Return of capital |  |  | 12,098,701 |  |  |  | 29,856,975 |
|  | $ | 42,278,921 |  |  | $ | 42,601,899 |
BME |  |  |  |  |  |  |  |
Ordinary income |  | $ | 51,302 |  |  | $ | 7,153,739 |
Long-term capital gains |  |  | 30,713,640 |  |  |  | 20,237,062 |
|  | $ | 30,764,942 |  |  | $ | 27,390,801 |
BMEZ |  |  |  |  |  |  |  |
Ordinary income |  | $ | 111,413,529 |  |  | $ | 101,402,843 |
Long-term capital gains |  |  | 81,491,859 |  |  |  | — |
|  | $ | 192,905,388 |  |  | $ | 101,402,843 |
BIGZ |  |  |  |  |  |  |  |
Return of capital |  | $ | 170,149,458 |  |  | $ | — |
BCX |  |  |  |  |  |  |  |
Ordinary income |  | $ | 33,607,537 |  |  | $ | 20,310,556 |
Return of capital |  |  | 8,784,140 |  |  |  | 27,173,604 |
|  | $ | 42,391,677 |  |  | $ | 47,484,160 |
BST |  |  |  |  |  |  |  |
Long-term capital gains |  | $ | 126,451,369 |  |  | $ | 49,046,315 |
BSTZ |  |  |  |  |  |  |  |
Ordinary income |  | $ | — |  |  | $ | 6,255,953 |
Long-term capital gains |  |  | 240,726,364 |  |  |  | 79,117,211 |
Return of capital |  |  | — |  |  |  | 11,848,839 |
|  | $ | 240,726,364 |  |  | $ | 97,222,003 |
BUI |  |  |  |  |  |  |  |
Ordinary income |  | $ | 14,683,563 |  |  | $ | 8,067,250 |
Long-term capital gains |  |  | 5,642,016 |  |  |  | 14,792,342 |
Return of capital |  |  | 9,081,858 |  |  |  | 3,077,573 |
|  | $ | 29,407,437 |  |  | $ | 25,937,165 |

As of December 31, 2021, the tax components of accumulated earnings (loss) were as follows:

Trust Name |  | Undistributed Ordinary Income |  |  | Undistributed Long-Term Capital Gains |  |  | Non-Expiring Capital Loss Carryforwards(a) |  |  | Net Unrealized Gains (Losses)(b) |  |  | Qualified Late-Year Loss(c) |  |  | Total |
BGR |  | $ | — |  |  | $ | — |  |  | $ | (269,130,117 | ) |  | $ | 40,281,692 |  |  | $ | — |  |  | $ | (228,848,425 | )
CII |  |  | — |  |  |  | 20,374,274 |  |  |  | — |  |  |  | 393,545,726 |  |  |  | — |  |  |  | 413,920,000 |
BDJ |  |  | 14,874,300 |  |  |  | 138,284,738 |  |  |  | — |  |  |  | 440,414,071 |  |  |  | — |  |  |  | 593,573,109 |
BOE |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 146,884,800 |  |  |  | (7,701,340 | ) |  |  | 139,183,460 |
BGY |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 113,282,609 |  |  |  | (9,997,923 | ) |  |  | 103,284,686 |
BME |  |  | — |  |  |  | 16,759,687 |  |  |  | — |  |  |  | 218,509,075 |  |  |  | — |  |  |  | 235,268,762 |
BMEZ |  |  | 82,094,690 |  |  |  | 100,955,454 |  |  |  | — |  |  |  | 545,439,625 |  |  |  | — |  |  |  | 728,489,769 |
BIGZ |  |  | — |  |  |  | — |  |  |  | (168,343,640 | ) |  |  | (437,021,143 | ) |  |  | — |  |  |  | (605,364,783 | )
BCX |  |  | — |  |  |  | — |  |  |  | (412,547,801 | ) |  |  | 208,137,930 |  |  |  | — |  |  |  | (204,409,871 | )
BST |  |  | — |  |  |  | 28,490,400 |  |  |  | — |  |  |  | 857,596,247 |  |  |  | (123,124 | ) |  |  | 885,963,523 |
BSTZ |  |  | — |  |  |  | 6,184,587 |  |  |  | — |  |  |  | 1,548,409,790 |  |  |  | (20,519,341 | ) |  |  | 1,534,075,036 |
BUI |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 178,413,872 |  |  |  | (19,882 | ) |  |  | 178,393,990 |

| (a) | Amounts available to offset future realized capital gains. |

172 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

| (b) | The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains (losses) on certain options and foreign currency exchange contracts, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income and the deferral of compensation to Trustees. |

| (c) | The Trust has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year. |

During the year ended December 31, 2021, the Trusts listed below utilized the following amounts of their respective capital loss carryforward:

Trust Name |  | Amounts |
BOE |  | $ | 36,829,140 |
BGY |  |  | 34,422,227 |
BCX |  |  | 46,588,947 |

As of December 31, 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 |  | $ | 266,636,290 |  |  | $ | 51,034,027 |  |  | $ | (603,142 | ) |  | $ | 50,430,885 |
CII |  |  | 582,266,575 |  |  |  | 423,920,359 |  |  |  | (18,732,526 | ) |  |  | 405,187,833 |
BDJ |  |  | 1,463,164,439 |  |  |  | 503,186,626 |  |  |  | (36,961,581 | ) |  |  | 466,225,045 |
BOE |  |  | 690,101,546 |  |  |  | 188,179,682 |  |  |  | (17,269,041 | ) |  |  | 170,910,641 |
BGY |  |  | 568,940,271 |  |  |  | 155,734,625 |  |  |  | (15,527,013 | ) |  |  | 140,207,612 |
BME |  |  | 413,791,725 |  |  |  | 239,815,611 |  |  |  | (11,800,109 | ) |  |  | 228,015,502 |
BMEZ |  |  | 2,438,608,737 |  |  |  | 745,570,679 |  |  |  | (169,314,272 | ) |  |  | 576,256,407 |
BIGZ |  |  | 4,448,984,915 |  |  |  | 339,800,163 |  |  |  | (769,691,984 | ) |  |  | (429,891,821 | )
BCX |  |  | 698,018,432 |  |  |  | 236,318,805 |  |  |  | (16,900,775 | ) |  |  | 219,418,030 |
BST |  |  | 816,422,916 |  |  |  | 917,279,245 |  |  |  | (33,089,665 | ) |  |  | 884,189,580 |
BSTZ |  |  | 1,458,905,085 |  |  |  | 1,664,592,576 |  |  |  | (44,417,232 | ) |  |  | 1,620,175,344 |
BUI |  |  | 360,713,121 |  |  |  | 207,808,899 |  |  |  | (5,798,886 | ) |  |  | 202,010,013 |

9. | PRINCIPAL RISKS

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments. BME’s, BST’s and BUI’s prospectuses provide details of the risks to which each Trust is subject.

The Trusts may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. 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.

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 |  | 173

Notes to Financial Statements (continued)

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 significant portion of their assets in securities within a single or limited number of market sectors. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Trusts invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Trust’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Certain Trusts invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. 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 cease to be published or no longer will be representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Trusts may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trusts is uncertain.

174 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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, 13,000,000 and 5,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offerings, BME, BST and BUI, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 2,393,277, 3,591,658 and 533,850 Common Shares, respectively, remain available for issuance under the Shelf Offerings. During the year ended, December 31, 2021, BME, BST and BUI issued 1,053,578, 242,731 and 2,910,832 shares, respectively, under the Shelf Offering. See Additional Information — Shelf Offering Program for additional information.

Initial costs incurred by each of BME, BST and BUI in connection with its Shelf Offering are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the shelf offering period will be charged to expense. 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:

|  | Year Ended |
Trust Name |  | 12/31/21 |  |  | 12/31/20 |
BME |  |  | 1,053,578 |  |  |  | 1,066,906 |
BST |  |  | 242,731 |  |  |  | 2,038,416 |
BUI |  |  | 2,910,832 |  |  |  | 1,205,766 |

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

|  | Year Ended |
Trust Name |  | 12/31/21 |  |  | 12/31/20 |
CII |  |  | 10,701 |  |  |  | — |
BME |  |  | 37,877 |  |  |  | 42,015 |
BIGZ |  |  | 231,136 |  |  |  | — |
BST |  |  | 40,859 |  |  |  | 52,101 |
BSTZ |  |  | 448,074 |  |  |  | — |
BUI |  |  | 63,066 |  |  |  | 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. From December 1, 2021 through November 30, 2022, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2021, for each Trust (other than BIGZ, BSTZ and BMEZ) or November 18, 2021 (for BIGZ, BSTZ and BMEZ) subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts. For the year ended December 31, 2021, BGR, CII, BDJ, BGY, BME, BMEZ, BCX, BST, BSTZ and BUI did not repurchase any shares.

The total cost of the shares repurchased is reflected in the Trusts’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

|  | BGR |
|  | Shares |  |  | Amounts |
Year Ended December 31, 2021 |  |  | — |  |  | $ | — |
Year Ended December 31, 2020 |  |  | 716,855 |  |  |  | 4,813,281 |
|  | BDJ |
|  | Shares |  |  | Amounts |
Year Ended December 31, 2021 |  |  | — |  |  | $ | — |
Year Ended December 31, 2020 |  |  | 1,538,971 |  |  |  | 11,354,242 |
|  | BOE |
|  | Shares |  |  | Amounts |
Year Ended December 31, 2021 |  |  | 18,558 |  |  | $ | 205,246 |
Year Ended December 31, 2020 |  |  | 1,539,117 |  |  |  | 14,886,112 |
|  | BGY |
|  | Shares |  |  | Amounts |
Year Ended December 31, 2021 |  |  | — |  |  | $ | — |
Year Ended December 31, 2020 |  |  | 1,441,544 |  |  |  | 7,486,085 |

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 |  | 175

Notes to Financial Statements (continued)

|  | BIGZ |
|  | Shares |  |  | Amounts |
Period Ended December 31, 2021 |  |  | 5,142,849 |  |  | $ | 74,068,155 |
|  | BCX |
|  | Shares |  |  | Amounts |
Year Ended December 31, 2021 |  |  | — |  |  | $ | — |
Year Ended December 31, 2020 |  |  | 2,744,110 |  |  |  | 17,262,335 |

With respect to BIGZ, for the period ended December 31, 2021, shares issued and outstanding increased by 220,000,000 from the initial public offering and 23,092,422 from the underwriters’ exercising the over-allotment option.

Shares of BMEZ issued and outstanding for the period January 30, 2020 to December 31, 2020, increased by 105,000,000 from the Trust’s initial public offering and 7,664,825 from the underwriters’ exercising the over-allotment option.

For the year ended December 31, 2021, shares issued and outstanding remained constant for BGR, BDJ, BGY, BMEZ and BCX. For the year ended December 31, 2020, shares issued and outstanding remained constant for CII and BSTZ.

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 entitled their holders to purchase one new Common Share for every three rights held (1-for-3). The Offer 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 since the Common Shares were issued below BST’s NAV. 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.

As of December 31, 2021, BlackRock Financial Management, Inc., an affiliate of the Trust, owned 5,000 Shares of BIGZ.

11. | SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name |  | Declaration Date |  |  | Record Date |  |  | Payable/ Paid Date |  |  |  |  |  | Dividend Per Common Share |
BGR |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  | $ | 0.037500 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.037500 |
CII |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.099500 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.099500 |
BDJ |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.050000 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.050000 |
BOE |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.063000 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.063000 |
BGY |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.033800 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.033800 |
BME |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.213000 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.213000 |
BMEZ |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.145000 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.145000 |
BIGZ |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.100000 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.100000 |
BCX |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.040000 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.040000 |
BST |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.250000 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.250000 |
BSTZ |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.192000 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.192000 |
BUI |  |  | 01/03/22 |  |  |  | 01/14/22 |  |  |  | 01/31/22 |  |  |  |  |  |  |  | 0.121000 |
|  |  | 02/01/22 |  |  |  | 02/15/22 |  |  |  | 02/28/22 |  |  |  |  |  |  |  | 0.121000 |

176 |  | 2 0 2 1 B L A C K R O C K 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

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees/Directors of BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Health Sciences Trust II, BlackRock Innovation and Growth Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Trust, BlackRock Science and Technology Trust II and BlackRock Utilities, Infrastructure & Power Opportunities Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Health Sciences Trust II, BlackRock Innovation and Growth Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Trust, BlackRock Science and Technology Trust II and BlackRock Utilities, Infrastructure & Power Opportunities Trust, (the “Funds”), including the schedules of investments, as of December 31, 2021, the related statements of operations, cash flows, changes in net assets and the financial highlights for the periods indicated in the table below, and the related notes. Such financial statements and financial highlights of BlackRock Science and Technology Trust and BlackRock Science and Technology Trust II are consolidated as of and for the two years in the period ended December 31, 2021. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2021, and the results of their operations, their cash flows, changes in their net assets and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Fund |  | Statements of Operations and Statements of Cash Flows |  | Statements of Changes in Net Assets |  | Financial Highlights
BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Trust and BlackRock Utilities, Infrastructure & Power Opportunities Trust |  | For the year ended December 31, 2021 |  | For each of the two years in the period ended December 31, 2021 |  | For each of the five years in the period ended December 31, 2021
BlackRock Science and Technology Trust II |  | For the year ended December 31, 2021 |  | For each of the two years in the period ended December 31, 2021 |  | For each of the two years in the period ended December 31, 2021 and for the period from June 27, 2019 (commencement of operations) through December 31, 2019
BlackRock Health Sciences Trust II |  | For the year ended December 31, 2021 |  | For the year ended December 31, 2021 and for the period from January 30, 2020 (commencement of operations) through December 31, 2020
BlackRock Innovation and Growth Trust |  | For the period from April 29, 2021 (commencement of operations) through December 31, 2021

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 1992.

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M |  | 177

Important Tax Information (unaudited) |  |

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2021:

Trust Name |  | Qualified Dividend Income |
BGR |  | $ | 10,879,665 |
CII |  |  | 9,778,887 |
BDJ |  |  | 36,926,815 |
BOE |  |  | 14,824,143 |
BGY |  |  | 12,198,874 |
BME |  |  | 5,858,399 |
BMEZ |  |  | 5,322,834 |
BCX |  |  | 34,697,298 |
BUI |  |  | 7,851,513 |

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate of not greater than 20%, for the fiscal year ended December 31, 2021:

Trust Name |  | 20% Rate Long-Term Capital Gain Dividends |
CII |  | $ | 46,638,458 |
BDJ |  |  | 102,988,157 |
BME |  |  | 30,713,640 |
BMEZ |  |  | 81,491,859 |
BST |  |  | 126,451,369 |
BSTZ |  |  | 240,726,364 |
BUI |  |  | 5,642,016 |

The Trusts intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended December 31, 2021:

Trust Name |  | Foreign Source Income Earned |  |  | Foreign Taxes Paid |
BOE |  | $ | 6,404,676 |  |  | $ | 621,814 |
BGY |  |  | 13,608,906 |  |  |  | 1,228,139 |
BCX |  |  | 20,150,504 |  |  |  | 1,303,100 |
BUI |  |  | 2,629,430 |  |  |  | 671,929 |

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2021 qualified for the dividends-received deduction for corporate shareholders:

Trust Name |  | Dividends-Received Deduction |
BGR |  |  | 76.44% |
CII |  |  | 100.00 |
BDJ |  |  | 74.83 |
BOE |  |  | 17.48 |
BGY |  |  | 2.00 |
BME |  |  | 100.00 |
BMEZ |  |  | 1.58 |
BCX |  |  | 28.23 |
BUI |  |  | 23.85 |

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2021:

Trust Name |  | Qualified Short-Term Capital Gains |
BDJ |  | $ | 6,084,091 |
BOE |  |  | 36,290,613 |
BGY |  |  | 15,886,432 |
BMEZ |  |  | 111,413,529 |
BUI |  |  | 9,762,872 |

178 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks

Recent Changes

The following information is a summary of certain changes since December 31, 2020 (for each Trust other than BIGZ) and since March 25, 2021 (the effective date of the registration statement relating to BIGZ’s initial public offering). This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

Effective July 29, 2021, each of BST, BSTZ, BMEZ and BIGZ intends to invest in excess of 25% of its total assets in (i) liquid 144A securities and Regulation S securities and (ii) securities that are temporarily restricted in connection with going public but not otherwise illiquid and privately placed.

Except as noted above, during each Trust’s most recent fiscal year, there were no material changes in the Trust’s investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Trust.

Investment Objectives and Policies

BlackRock Enhanced Global Dividend Trust (BOE)

The Trust’s investment objective is primarily to seek current income and current gains, with a secondary objective of long-term capital appreciation. The Trust’s investment objective is not a fundamental policy and may be changed without prior shareholder approval.

The Trust seeks to achieve its investment objective by investing primarily in equity securities issued by companies located in countries throughout the world and by utilizing an option writing strategy to enhance current gains. BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, from time to time may vary the percentage of the Trust’s assets invested in any particular type of equity security, based on factors such as market and economic conditions, fiscal and monetary policy and the relative security valuation of the various equity asset classes.

The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options on indices of securities and sectors of securities. The Trust intends to write covered put and call options with respect to approximately 30% to 45% of its total assets, although this percentage may vary from time to time with market conditions. In addition to its option strategy on indices, the Trust may pursue a strategy that includes the writing (selling) of both call and put options on individual common stocks. These option strategies are intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust’s shareholders. As the Trust writes calls and puts over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.

Under normal market conditions, the Trust is required to invest 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.). Equity securities in which the Trust invests include common stocks, preferred stocks, convertible securities, warrants, depositary receipts and equity interests in real estate investment trusts. The Trust may invest in companies located anywhere in the world. The Trust may invest in companies of any size market capitalization, but intends to invest primarily in the securities of large capitalization companies. The Trust may invest in companies conducting initial public offerings. The Trust may invest up to 25% of its total assets in equity securities of issuers in emerging countries. The Trust may invest up to 20% of its total assets in debt securities, including debt securities issued by companies located in emerging markets. The Trust may invest up to 10% of its total assets in non-investment grade debt securities, commonly known as “junk bonds.”

Application of the Trust’s investment philosophy, from time to time, may cause the Trust to invest a significant portion of its assets in a particular country or region of the world. The Trust’s investment strategy causes it to invest in issuers located in a number of countries throughout the world, but the actual number of countries represented in the Trust’s portfolio will vary over time. Under normal market conditions, the Trust invests in the equity securities of issuers in at least three different countries, including the United States. However, the Trust may invest in the securities of non-U.S. issuers without limit.

The Trust may engage in various portfolio strategies to seek to increase its return or to hedge its portfolio against movements in interest rates, in currency rates and in the securities markets through the use of derivatives, such as indexed and inverse securities, options, futures, options on futures, interest rate transactions, including interest rate swaps, total return swaps and credit default swaps and short selling and foreign exchange transactions. Each of these portfolio strategies is described below. No assurance can be given that the Trust will employ these strategies or that, if employed, they will be effective.

The percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of investment, and the Trust will not be required to sell securities due to subsequent changes in the value of securities it owns.

To the extent the Trust invests in dividend-paying common stocks, the Advisors currently intend to emphasize those securities that: (i) are eligible to pay “qualified dividend” income and/or (ii) make payments that are eligible for the dividends received deduction allowed to corporate taxpayers pursuant to Section 243 of the Internal Revenue Code of 1986, as amended (the “Code”). Long-term capital gains and qualified dividend income are currently eligible for reduced U.S. federal income tax rates for individuals. Long-term capital gains and qualified dividend income included in distributions of a regulated investment company (a “RIC”) to its individual shareholders are generally passed through to such shareholders and taxed at such reduced rates. Pursuant to Section 243 of the Code, corporations generally may deduct a portion of the dividend income they receive from domestic corporations. Corporate shareholders of a RIC generally are permitted to claim a deduction with respect to that portion of their dividend distributions attributable to amounts that the RIC designates as qualifying for the Dividends Received Deduction. Although the Trust has the ability to borrow money for investment purposes, it has no current intention to do so. If, however, the Trust did use leverage, the use of leverage through borrowings may reduce the amount of dividends it can designate as qualifying for the Dividends Received Deduction which will, in turn, limit the tax benefit to a corporate shareholder of investing in the Trust. Corporate shareholders should consider whether an investment in the Trust is appropriate in light of the Trust’s ability to borrow. No assurance can be given as to what percentage of the dividends paid on the Trust’s common stock will be eligible for: (i) the reduced U.S. federal income tax rate for qualified dividend income and long-term capital gains for individuals or (ii) the Dividends Received Deduction for corporate shareholders of the Trust.

In selecting investments for the Trust, the Advisors combine fundamental research with a top-down strategy, analyzing 70 sub-industry groups on an ongoing basis. The Advisors seek to identify companies that it believes have the potential to outperform the market. The Advisors’ investment techniques for the Trust include assessing industry

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 179

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

structure and dynamics, evaluating growth catalysts on an industry and individual company basis and assessing a company’s valuation relative to the broad market and its respective industry group. The Advisors seek to invest in companies that it believes have sizeable market opportunities, global, regional or local competitive advantages, sound business models and financial strength, proven management teams and compelling relative and absolute valuations.

Leverage: The Trust may, but does not currently intend to, incur indebtedness or issue preferred shares for investment purposes.

BlackRock Science and Technology Trust (BST)

The Trust’s investment objectives are to provide income and total return through a combination of current income, current gains and long-term capital appreciation. The Trust’s investment objectives may be changed by the Board of Trustees (the “Board”) without prior shareholder approval.

BlackRock Advisors, LLC (the “Manager”) may consider a variety of factors when choosing investments for the Trust, such as:

| • |  | selecting companies with the potential for rapid and sustainable growth from the development, advancement and use of science and/or technology (high growth science and technology stocks); and

| • |  | identifying companies that have above-average return potential based on factors such as revenue and earnings growth, profitability, valuation and dividend yield (cyclical science and technology stocks).

In addition, a variety of countries, including emerging market countries, and industries are likely to be represented in the Trust’s portfolio.

The Trust generally will sell a stock when, in the Manager’s opinion, the stock is fully valued, there is a need to rebalance the portfolio or there is a better opportunity elsewhere.

The Trust may engage in active and frequent trading of portfolio securities to seek to achieve its investment objectives.

Under normal market conditions, the Trust invests 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 (high growth science and technology stocks), and/or potential to generate current income from advantageous dividend yields (cyclical science and technology stocks).

Science and technology companies are companies whose products, processes or services, in the Manager’s view, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. These companies include companies that, in the Manager’s view, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage, as well as companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities.

Science, technology and science- or technology-related companies may include companies operating in any industry, including, but not limited to software, internet software & services, IT services, hardware, communications equipment, semiconductors and semiconductor equipment, media, internet retail, consumer finance, life sciences tools & services, biotechnology, pharmaceuticals, energy, defense/aerospace, diversified telecom services and wireless telecom services. Examples of potential high growth companies include those operating in IT services, the internet, software and sciences; examples of potential cyclical companies include those operating in hardware, telecom, semiconductors and components. The Manager determines, in its discretion, whether a company is a science, technology or science- or technology-related company.

The Trust may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. Equity securities in which the Trust may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds and equity interests in real estate investment trusts and master limited partnerships. From time to time, the Trust may invest in shares of companies through initial public offerings. The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended. The Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.

The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as “equity securities” for purposes of its investment policies based upon such investment companies’ stated investment objectives, policies and restrictions.

The Trust will concentrate its investments in companies operating in one or more industries within the technology group of industries.

The Trust may invest up to 20% of its total assets in equity securities issued by companies that are not science or technology companies and in debt securities issued by any issuer, including non-investment grade debt securities. The Trust’s investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer’s capacity to pay interest and repay principal and are commonly referred to as “junk” or “high yield” securities.

As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, and, to a lesser extent, writing (selling) call and put index options. This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter options.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager’s

180 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

determination that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.

The Trust may invest in structured instruments (such as equity-linked notes) for investment purposes, as an alternative or complement to its options writing strategy or for risk management or leveraging purposes.

The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).

Unless otherwise stated herein, the Trust’s investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust’s policy to invest 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 may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days’ written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.

Leverage: The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares.

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.

The Trust may enter into “dollar roll” transactions.

The Trust may enter into derivative transactions that have economic leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

BlackRock Energy and Resources Trust (BGR)

The Trust’s investment objective is to provide total return through a combination of current income and capital appreciation. The Trust seeks to achieve this objective by investing primarily in equity securities of companies engaged in the energy and natural resources business and equity derivatives with exposure to the energy and natural resources industry.

Under normal market conditions, the Trust invests 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 will not invest, under normal market conditions, less than 25% of its total assets in securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry without shareholder approval. Companies in the energy and natural resources industry include those companies involved in the exploration, production or distribution of energy or natural resources, such as gas, oil, metals and minerals as well as related transportation companies and equipment manufacturers. These equity securities may include common stocks, preferred shares, convertible securities, warrants, depositary receipts, equity interests in Canadian Royalty Trusts and equity interests in master limited partnerships (“MLPs”). The Trust will not invest more than 25% of its total assets in MLPs. The Trust may invest in companies located anywhere in the world. The Trust expects to invest primarily in companies located in developed countries, but may invest in companies located in emerging markets. Under normal market conditions, the Trust will invest at least 30% of its total assets in at least two countries other than the United States. The Trust may invest in companies of any market capitalization, including small capitalization and mid-capitalization companies. The Trust does not intend to invest directly in commodities.

As part of its strategy, the Trust currently intends to employ an option strategy of writing (selling) covered call options on common stocks. The Trust seeks to produce current income and gains generated from option writing premiums. In addition to its covered call strategy the Trust may, to a lesser extent, pursue an option strategy that includes the sale (writing) of both put options and call options on certain of the common stocks in the Trust’s portfolio.

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 181

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

The Trust may invest up to 20% of its total assets in other U.S. and other non-U.S. investments. These investments may include equity and debt securities of companies not engaged in the energy and natural resources industry. The Trust reserves the right to invest up to 10% of its total assets in non-investment grade debt securities, commonly known as “junk bonds.”

In addition to the option strategies discussed above, the Trust may engage in transactions such as options, futures, swaps, foreign currency transactions including forward foreign currency contracts, currency swaps or options on currency and currency futures and other derivatives transactions for hedging purposes or to enhance total return. The Trust may also engage in short sales of securities.

The percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of investment and the Trust will not be required to sell securities due to subsequent changes in the value of securities it owns.

Application of the Trust’s investment philosophy, from time to time, may cause the Trust to invest a significant portion of its assets in a particular country or region of the world. The Trust anticipates that its investment strategy will cause it to invest in a number of countries throughout the world, but the actual number of countries represented in the Trust’s portfolio will vary over time. The Trust anticipates that application of its investment philosophy currently would cause it to invest in issuers located in 10 countries globally, including the United States. Under normal market conditions, the Trust will invest in the equity securities of issuers in at least three different countries, including the United States, and will invest at least 30% of its total assets at the time of investment in the equity securities of non-United States issuers. However, the Trust may invest in the securities of non-United States issuers without limit.

Leverage: The Trust may, but does not currently intend to, incur indebtedness or issue preferred shares for investment purposes.

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

The Trust’s investment objective is to provide current income and capital appreciation. The Trust’s investment objective is a fundamental policy and may not be changed without the approval of a majority of the outstanding voting securities of the Acquiring Fund (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”).

The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. BlackRock Advisors, LLC (the “Manager”) from time to time may vary the percentage of the Trust’s assets invested in any particular type of equity security based on such factors as market and economic conditions, fiscal and monetary policy and the relative security valuation of the various equity asset classes.

The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options on indices of securities and sectors of securities. In addition to its option strategy on indices, the Trust may pursue a strategy that includes the writing (selling) of both call and put options on individual common stocks. These option strategies are intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust’s stockholders. As the Trust writes calls and puts over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.

To the extent the Trust invests in dividend-paying common stocks, the Manager currently intends to emphasize those securities that: (i) are eligible to pay “qualified dividend” income and/or (ii) make payments that are eligible for the dividends received deduction allowed to corporate taxpayers (“Dividends Received Deduction”) pursuant to Section 243 of the Internal Revenue Code of 1986, as amended (the “Code”). Long-term capital gains and qualified dividend income are currently eligible for reduced U.S. federal income tax rates for individuals. Long-term capital gains and qualified dividend income included in distributions of a regulated investment company (a “RIC”) to its individual stockholders are generally passed through to such stockholders and taxed at such reduced rates. Pursuant to Section 243 of the Code, corporations generally may deduct a portion of the dividend income they receive from domestic corporations. Corporate stockholders of a RIC generally are permitted to claim a deduction with respect to that portion of their dividend distributions attributable to amounts that the RIC designates as qualifying for the Dividends Received Deduction. Although the Trust has the ability to borrow money for investment purposes, it has no current intention to do so. If, however, the Trust did use leverage, the use of leverage through borrowings may reduce the amount of dividends it can designate as qualifying for the Dividends Received Deduction which will, in turn, limit the tax benefit to a corporate stockholder of investing in the Trust. Corporate stockholders should consider whether an investment in the Trust is appropriate in light of the Trust’s ability to borrow. No assurance can be given as to what percentage of the dividends paid on the Trust’s common stock will be eligible for: (i) the reduced U.S. federal income tax rate for qualified dividend income and long-term capital gains for individuals or (ii) the Dividends Received Deduction for corporate stockholders of the Trust.

Investment in the Trust’s common stock offers the individual investor several potential benefits. The Trust offers investors the opportunity to invest in a professionally managed portfolio which contains common stocks and preferred securities of U.S. and foreign issuers. The Manager provides professional management, which includes the extensive securities and credit analysis needed to invest in common stocks, preferred securities and foreign securities. The Trust also relieves the investor of the burdensome administrative details involved in managing a portfolio of such investments. These benefits are at least partially offset by the expenses involved in running an investment company. Such expenses primarily consist of advisory fees and operational costs. The use of leverage also involves certain expenses and risk considerations.

The Trust may engage in various portfolio strategies to seek to increase its return or to hedge its portfolio against movements in interest rates, in currency rates and in the securities markets through the use of derivatives, such as indexed and inverse securities, options, futures, options on futures, total return swaps, short selling and foreign exchange transactions. No assurance can be given that the Trust will employ these strategies or that, if employed, they will be effective.

The Trust may vary its investment objective and policies for temporary defensive purposes during periods in which the Manager believes that conditions in the securities markets or other economic, financial or political conditions warrant and in order to keep the Trust’s cash fully invested, including during the periods which the net proceeds of the offering are being invested. Under such conditions, the Trust may invest up to 100% of its total assets in securities issued or guaranteed by the United States government or its instrumentalities or agencies, certificates of deposit, bankers’ acceptances and other bank obligations, commercial paper rated in the highest category by an established rating service, or other debt securities deemed by the Manager to be consistent with a defensive posture, or may hold its assets in cash.

182 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

Leverage: The Trust does not currently intend to, but may, leverage its portfolio through borrowings, the issuance of debt securities, the issuance of preferred stock or a combination thereof.

BlackRock Enhanced Equity Dividend Trust (BDJ)

The Trust’s primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust’s investment objectives are not fundamental and may be changed by the Board of Trustees without shareholder approval.

The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by utilizing an option writing strategy to enhance distributions to its shareholders. The Trust uses an option strategy that writes options on approximately 50-60% of its total assets.

Under normal market conditions, the Trust invests at least 80% of its total assets in dividend-paying equities and may invest up to 20% of its total assets in equity securities of issuers that do not pay dividends.

To the extent the Trust invests in dividend-paying common stocks, BlackRock Advisors, LLC (the “Manager”) may emphasize those securities that: (i) are eligible to pay “qualified dividend” income, and/or (ii) make payments that are eligible for the dividends received deduction allowed to corporate taxpayers pursuant to Section 243 of the Internal Revenue Code of 1986, as amended (the “Code”). Long-term capital gains and qualified dividend income are currently eligible for reduced U.S. federal income tax rates for individuals. Long-term capital gains and qualified dividend income properly reported as being included in distributions of a regulated investment company (a “RIC”) to its individual shareholders are generally passed through to such shareholders and taxed at such reduced rates. Pursuant to Section 243 of the Code, corporations generally may deduct a portion of the dividend income they receive from domestic corporations. Corporate shareholders of a RIC generally are permitted to claim a deduction with respect to that portion of their dividend distributions attributable to amounts that the RIC reports as qualifying for the dividends received deduction. Although the Trust has the ability to borrow money for investment purposes, it has no current intention to do so. If, however, the Trust did use leverage, the use of leverage through borrowings may reduce the amount of dividends it can designate as qualifying for the dividends received deduction which will, in turn, limit the tax benefit to a corporate shareholder of investing in the Trust. Corporate shareholders should consider whether an investment in the Trust is appropriate in light of the Trust’s ability to borrow. No assurance can be given as to what percentage of the dividends paid on the Trust’s common stock will be eligible for: (i) the reduced U.S. federal income tax rate for qualified dividend income and long-term capital gains for individuals, or (ii) the dividends received deduction for corporate shareholders of the Trust.

The Trust may invest up to 20% of its total assets in preferred securities.

The Trust may invest in shares of real estate investment trusts.

The Trust may invest up to 20% of its total assets in non-U.S. securities, which may include securities denominated in U.S. dollars or in foreign currencies or multinational currency units. The Trust may invest in foreign securities of emerging market issuers, but investments in such securities will not comprise more than 10% of its total assets. The Trust will consider a company a U.S. company and not a foreign company if it meets one or more of the following tests: (i) such company was organized in the United States; (ii) such company’s primary business office is in the United States; (iii) the principal trading market for such company’s assets are located in the United States; (iv) 50% or more of such company’s assets are located in the United States; or (v) 50% or more of such issuer’s revenues are derived from the United States.

The Trust may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of U.S. dollars or another foreign currency.

The Trust may enter into are interest rate swaps and the purchase or sale of interest rate caps and floors. The Trust expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio as a duration management technique or to protect against any increase in the price of securities the Trust anticipates purchasing at a later date. The Trust intends to use these transactions for hedging and risk management purposes and not as a speculative investment. The Trust will not sell interest rate caps or floors that it does not own. The Trust will only enter into interest rate swap, cap or floor transactions with counterparties the Investment Advisor believes to be creditworthy at the time they enter into such transactions.

The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of the Trust’s total assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may also make short sales “against the box” without respect to such limitations.

Leverage: The Trust may also borrow funds for investment purposes and/or issue debt securities or preferred shares to purchase additional securities. These practices are known as “leverage.” The Trust may borrow from banks and other financial institutions and may also borrow additional funds using such investment techniques as the Manager may from time to time determine. The Trust may borrow in an amount up to 5% of its total assets for temporary or emergency purposes.

The Trust currently does not intend to incur indebtedness or issue preferred shares for investment purposes, except in connection with derivative instruments such as exchange listed and over-the-counter put and call options on securities, financial futures, equity indices, and other financial instruments, purchase and sell futures contracts and options thereon, swaps, forward foreign currency contracts and various interest rate transactions, short sales, repurchase agreements, reverse repurchase agreements, when issued or forward commitment transactions and similar investment strategies.

BlackRock Health Sciences Trust (BME)

The Trust’s 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. Equity derivatives in which the Trust invests as part of this non-fundamental investment policy include purchased and sold (written) call and put options on equity securities of companies in the health sciences and related industries.

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 183

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

The Trust’s investment objective may be changed by the Board of Trustees without prior shareholder approval; however, the Trust will not change its policy of 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 unless it provides shareholders with notice at least 60 days prior to changing this non-fundamental policy, or unless such change was previously approved by shareholders.

Companies in the health sciences industry include health care providers as well as businesses involved in researching, developing, producing, distributing or delivering medical, dental, optical, pharmaceutical or biotechnology products, supplies, equipment or services or that provide support services to these companies. These companies also include those that own or operate health facilities and hospitals or provide related administrative, management or financial support. Other health sciences industries in which the Trust may invest include: clinical testing laboratories; diagnostics; hospital, laboratory or physician ancillary products and support services; rehabilitation services; employer health insurance management services; and vendors of goods and services specifically to companies engaged in the health sciences. BlackRock Advisors, LLC (the “Manager”) determines, in its discretion, whether a company is engaged in the health sciences and related industries.

While the Trust will invest primarily in companies providing products and services for human health, it may also invest in companies whose products or services relate to the growth or survival of animals and plants. Non-human health sciences industries include companies engaged in the development, production or distribution of products or services that: increase crop, animal and animal product yields by enhancing growth or increasing disease resistance, improve agricultural product characteristics, such as taste, appearance, nutritional content and shelf life; reduce the cost of producing agricultural products; or improve pet health.

The Trust will consider a company to be principally engaged in a health sciences or related industry if 50% or more of its revenues are derived from, or 50% or more of its assets are related to, its health sciences business. Although the Trust generally will invest in companies included in the Russell 3000® Index, the Trust may invest in equity securities of health sciences companies with any size market capitalization, including small and mid-cap health sciences companies and companies that are not included in the Russell 3000® Index.

As part of its investment strategy, the Trust employs an option strategy of writing (selling) covered call options on common stocks in its portfolio, writing other call and put options on individual common stocks and, to a lesser extent, writing call and put options on indices of health sciences securities. The Trust seeks to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. The Trust generally intends to write call and put options with respect to approximately 30% to 50% of its total assets, although this percentage may vary from time to time with market conditions.

The Trust invests primarily in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of issuers engaged in the health sciences or related industries and equity interests in real estate investment trusts (“REITs”) that own hospitals. The Trust may invest in companies of any size market capitalization.

The Trust may invest in preferred securities, including preferred securities that may be converted into common stock or other securities of the same or a different issuer. The types of preferred securities in which the Trust may invest include trust preferred securities.

The Trust may invest in convertible securities. A convertible security is a bond, debenture, note, preferred security or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula.

The Trust may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time.

The Trust may invest in sponsored and unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.

The Trust may invest in equity interests of REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types (i.e., hotels, shopping malls, residential complexes and office buildings).

The Trust may invest without limitation in securities of U.S. issuers and non-U.S. issuers located in countries throughout the world, including in developed and emerging markets. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated. For purposes of the Trust, a company is deemed to be a non-U.S. company if it meets the following tests: (i) such company was not organized in the United States; (ii) such company’s primary business office is not in the United States; (iii) the principal trading market for such company’s securities is not located in the United States; (iv) less than 50% of such company’s assets are located in the United States; or (v) 50% or more of such issuer’s revenues are derived from outside the United States.

The Trust may invest up to 20% of its total assets in other investments. These investments may include equity and debt securities of companies not engaged in the health sciences industry. Fixed-income securities in which the Trust may invest include bonds or other debt securities issued by U.S. or foreign (non-U.S.) corporations or other business entities and U.S. Government and agency securities. The Trust has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold, and such securities may be of any maturity.

The Trust reserves the right to invest up to 10% of its total assets in securities rated, at the time of investment, below investment grade quality, such as those rated “Ba” or below by Moody’s Investors Service, Inc. and “BB” or below by S&P Global Ratings, or securities comparably rated by other rating agencies or in securities determined by the Manager to be of comparable quality. Such securities commonly are referred to as “high yield” or “junk” bonds.

The Trust may invest in registered investment companies in accordance with the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act generally prohibits the Trust from investing more than 5% of its assets in any one other investment company or more than 10% of its assets in all other investment companies.

184 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

In addition to the option strategies discussed above, the Trust may engage in strategic transactions to facilitate portfolio management, mitigate risks and generate total return. The Trust may use a variety of other investment management techniques and instruments. The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques. The Trust also may purchase derivative instruments that combine features of these instruments.

In connection with its hedging and other risk management strategies, the Trust may also enter into contracts for the purchase or sale for future delivery (“future contracts”) of securities, aggregates of securities, financial indices, and U.S. Government debt securities or options on the foregoing to hedge the value of its portfolio securities that might result from a change in interest rates or market movements. The Trust may engage in such transactions for bona fide hedging, risk management and other appropriate portfolio management purposes.

The Trust may enter into such transactions without limit for bona fide strategic purposes, including risk management and duration management and other portfolio strategies. The Trust may also engage in transactions in futures contracts or related options for non-strategic purposes to enhance income or gain provided that the Trust will not enter into a futures contract or related option (except for closing transactions) for purposes other than bona fide strategic purposes, or risk management including duration management unless it does so consistent with the rules of the Commodities Futures Trading Commission (the “CFTC”).

The Trust may engage in options and futures transactions on exchanges and options in the over-the-counter (“OTC”) markets.

The Trust intends to enter into options and futures transactions only with banks or dealers the Manager believes to be creditworthy at the time they enter into such transactions.

The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. To the extent the Trust uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, the Manager has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA. The Manager is not, therefore, subject to registration or regulation as a “commodity pool operator” under the CEA in respect of the Trust.

In order to enhance income or reduce fluctuations in net asset value, the Trust may sell or purchase call options on securities and indices based upon the prices of futures contracts and debt or equity securities that are traded on U.S. and non-U.S. securities exchanges and on the over-the-counter markets.

As with calls, the Trust may purchase put options on securities (whether or not it holds such securities in its portfolio), indices or future contracts. For the same purposes, the Trust may also sell puts on securities, indices or futures contracts on such securities if the Trust’s contingent obligations on such puts are secured by designating cash or liquid assets on its books and records having a value not less than the exercise price. The Trust will not sell puts if, as a result, more than 50% of the Trust’s assets would be required to be segregated on its books to cover its potential obligation under its hedging and other investment transactions.

The Trust may enter into interest rate swaps and the purchase or sale of interest rate caps and floors. The Trust expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio as a duration management technique or to protect against any increase in the price of securities the Trust anticipates purchasing at a later date. The Trust may enter into interest rate swaps, caps and floors on either an asset-based or liability-based basis.

The Trust intends to use these transactions for risk management purposes and not as a speculative investment. The Trust will not sell interest rate caps or floors that it does not own. The Trust will only enter into interest rate swap, cap or floor transactions with counterparties the Manager believes to be creditworthy at the time they enter into such transactions.

The Trust may engage in credit derivative transactions. There are two broad categories of credit derivatives: default price risk derivatives and market spread derivatives. Default price risk derivatives are linked to the price of reference securities or loans after a default by the issuer or borrower, respectively. Market spread derivatives are based on the risk that changes in market factors, such as credit spreads, can cause a decline in the value of a security, loan or index. There are three basic transactional forms for credit derivatives: swaps, options and structured instruments.

The Trust may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of U.S. dollars or another foreign currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time the forward currency contract is entered into. Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers.

The Trust may make short sales of securities for risk management, in order to maintain portfolio flexibility or to enhance income or gain. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its total assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may also make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale, the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security.

The Trust may invest in illiquid investments. Illiquid investments are subject to legal or contractual restrictions on disposition or lack an established secondary market. The sale of restricted and illiquid investments often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of investments eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted investments may sell at a price lower than similar investments that are not subject to restrictions on resale.

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 185

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

The Trust may purchase securities on a “when-issued” basis and may purchase or sell securities on a “forward commitment” basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices. When-issued securities and forward commitments may be sold prior to the settlement date, but the Trust will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be.

The Trust may lend securities with a value up to 33 1/3% of its total assets (including such loans) to banks, brokers and other financial institutions.

As temporary investments, the Trust may invest in repurchase agreements. The Trust will only enter into repurchase agreements with registered securities dealers or domestic banks that, in the opinion of the Manager, present minimal credit risk.

The Trust may deviate from its investment strategy and invest all or any portion of its assets in cash, cash equivalents or short-term debt securities when the Manager determines that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so or pending re-investment of proceeds received in connection with the sale of a security. The Trust may not achieve its investment objective when it does so. The Manager’s determination that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent. Short-term debt investments include U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities, certificates of deposit issued against funds deposited in a bank or a savings and loan association, repurchase agreements, which involve purchases of debt securities, and commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a major rating agency and which mature within one year of the date of purchase or carry a variable or floating rate of interest.

Leverage: The Trust does not currently borrow money for investment purposes or have preferred shares outstanding, and has no present intention of borrowing money for investment purposes or issuing preferred shares in the future.

The Trust may enter into derivative transactions that have economic leverage embedded in them.

The Trust may enter into reverse repurchase agreements and “dollar roll” transactions.

BlackRock Enhanced International Dividend Trust (BGY)

The Trust’s primary investment objective is to seek current income and current gains, with a secondary objective of long-term capital appreciation. “Current gains” means gains realized from the Trust’s option strategy (described below) pursuant to which the Trust seeks to enhance monthly distributions to investors. The Trust’s investment objectives may be changed without shareholder approval.

The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains. Under normal circumstances, the Trust invests 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 up to 20% of its total assets in equity securities of issuers located in the United States. The Trust may invest up to 50% of its total assets in equity securities of issuers located in emerging market countries. Emerging market countries generally include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries in Western Europe. Equity securities in which the Trust anticipates investing include common stocks, preferred stocks, convertible securities, warrants, depositary receipts and equity interests in real estate investment trusts.

Under normal circumstances, the Trust anticipates it will allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, in which case the Trust would invest at least 30%) — of its total assets in securities of (i) foreign government issuers, (ii) issuers organized or located outside the U.S., (iii) issuers which primarily trade in a market located outside the U.S., or (iv) issuers doing a substantial amount of business outside the U.S., which the Trust considers to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Trust will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). For temporary defensive purposes, the Trust may deviate very substantially from the allocation described above.

The Trust seeks to generate current dividends and income by investing in equity securities that pay dividends. The Trust will seek income a portion of which is classified as “qualified dividend income,” which is dividend income that is eligible to be taxed at a maximum U.S. federal income tax rate of generally 20%. The lower U.S. federal tax rates generally apply to dividend income from taxable domestic corporations and certain qualified foreign corporations, provided that holding period and other requirements are met by both the Trust and the shareholder.

As part of its investment strategy, the Trust intends to write (sell) covered call and put options on individual common stocks, stock indices and stock sectors. The Trust may utilize over-the-counter options to a significant extent in order to employ its option strategy. This option strategy is intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust’s shareholders. As the Trust writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.

A call option written by the Trust on a security is “covered” if the Trust owns the security underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration (or, if additional cash consideration is required, the Trust’s custodian segregates sufficient cash or other assets determined to be liquid by the Advisors (in accordance with procedures established by the Board of Trustees (the “Board”))) upon conversion or exchange of other securities held by the Trust. A call option is also covered if the Trust holds a call on the same security as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of

186 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

the call written or (ii) greater than the exercise price of the call written, provided the difference is maintained by the Trust in segregated assets determined to be liquid by the Advisors as described above.

A put option written by the Trust on a security is “covered” if the Trust segregates assets determined to be liquid by the Advisors (in accordance with procedures established by the Board) equal to the exercise price. A put option is also covered if the Trust holds a put on the same security as the put written where the exercise price of the put held is (i) equal to or greater than the exercise price of the put written or (ii) less than the exercise price of the put written, provided the difference is maintained by the Trust in segregated assets determined to be liquid by the Advisors as described above.

An index- or sector-oriented option is considered “covered” if the Trust maintains with its custodian assets determined to be liquid in an amount equal to the contract value of the applicable basket of securities. An index or sector call option also is covered if the Trust holds a call on the same basket of securities as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written or (ii) greater than the exercise price of the call written, provided the difference is maintained by the Trust in segregated assets determined to be liquid. An index or sector put option also is covered if the Trust holds a put on the same basket of securities as the put written where the exercise price of the put held is (i) equal to or more than the exercise price of the put written or (ii) less than the exercise price of the put written, provided the difference is maintained by the Trust in segregated assets determined to be liquid. Because index and sector options both refer to options on baskets of securities and generally have similar characteristics, we refer to these types of options collectively as “index options.”

The Trust generally intends to write covered put and call options with respect to approximately 30% to 45% of its total assets, although this percentage may vary from time to time with market conditions. As the Trust writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.

The Trust may hold or have exposure to equity securities of issuers of any size, including small and medium capitalization companies, and to issuers in any industry or sector. The Trust will not invest 25% or more of its total assets in securities of issuers in any single industry.

The Trust may invest in the securities of smaller, less seasoned companies. The Trust also may engage in short sales of securities and may lend its portfolio securities to banks or dealers which meet the creditworthiness standards established by the Board.

Although not intended to be a significant element in the Trust’s investment strategy, from time to time the Trust may purchase and sell derivative instruments such as exchange-listed and over-the-counter put and call options on securities, financial futures, equity indices and other financial instruments, purchase and sell financial futures contracts and options thereon, engage in swaps and purchase derivative instruments that combine features of these instruments for hedging and risk management purposes or to enhance total return. The percentage limitations set herein apply at the time of investment, and the Trust will not be required to sell securities because of subsequent changes in market values.

Leverage: Although the Agreement and Declaration of Trust of the Trust provides that the Board of the Trust may authorize the Trust to issue preferred shares or incur indebtedness, the Trust currently does not intend to issue preferred shares or incur indebtedness for investment purposes.

BlackRock Resources & Commodities Strategy Trust (BCX)

The Trust’s 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 objectives by investing substantially all of its 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, including commodity-linked derivatives such as commodity-linked notes, commodity futures, forward contracts and swaps and other similar derivative instruments and investment vehicles that invest in commodities, natural resources or commodity-linked derivatives. The Trust’s investment objectives are not fundamental and may be changed by the Board of Trustees of the Trust (the “Board”).

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, including commodity-linked derivatives such as commodity-linked notes, commodity futures, forward contracts and swaps and other similar derivative instruments and investment vehicles that invest in commodities, natural resources or commodity-linked derivatives. Commodities and natural resources include, without limitation, minerals, metals (including precious, industrial and rare metals), steel, agricultural products and commodities, livestock, environmental commodities, wool, ethanol, chemicals, forest products (including wood, pulp and paper), plastic, rubber, sugar, cotton, cocoa, coffee, basic materials, building materials, water, oil, gas, consumable fuel, energy and other natural resources. Commodity and natural resources companies, include, but are not limited to, companies in commodities, natural resources and energy businesses and in associated businesses and companies that provide services or have exposure to such businesses (collectively, the “Commodities and Natural Resources Sector”). These companies include, without limitation, companies engaged in the exploration, ownership, production, refinement, processing, transportation, distribution or marketing of commodities or natural resources, companies that use commodities and natural resources extensively in their products, including companies that are engaged in businesses such as integrated oil, oil and gas exploration and production, gold, metals and minerals, steel and iron ore production, aluminum and related products, energy services, and technology, metal production, forest products, including timber and related wood and paper products, chemicals, fertilizer and agricultural chemicals, building materials, coal and other consumable fuel, alternative energy sources, environmental services and agricultural products (including crop growers, owners of plantations, and companies that produce and process foods), as well as related transportation companies and equipment manufacturers. The Trust will consider a company to be a commodity or natural resources company if: (i) at least 50% of the company’s assets, income, sales or profits are committed to or derived from the Commodities and Natural Resources Sector; or (ii) a third party classification (such as (a) Standard Industry Classifications and the North American Industry Classification System, each of which is published by the Executive Office of the President, Office of Management and Budget and (b) classifications used by third party data providers including, without limitation, FactSet Research Systems Inc. and MSCI Barra), has given the company an industry or sector classification consistent with the Commodities and Natural Resources Sector.

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 187

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

Equity securities held by the Trust may include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, equity interests in Canadian Royalty Trusts, and equity interests in master limited partnerships (“MLPs”). The Trust will not invest more than 25% of the value of its total assets in MLPs. The Trust’s economic exposure to securities and derivatives linked to the underlying price movements of commodities or natural resources, including commodity-linked derivatives such as commodity-linked notes, commodity futures, forward contracts and swaps and other similar derivative instruments and investment vehicles that invest in commodities, natural resources or commodity-linked derivatives (“Commodity-Related Instruments”) will not exceed 20% of its total assets. Commodity-Related Instruments may include, but will not be limited to, investments in structured notes, partnership interests, exchange-traded funds that make commodity-related or natural resources-related investments, mutual funds and strategic transactions, including futures contracts on commodities and natural resources, forward contracts on commodities and natural resources and swap contracts on commodities and natural resources.

The Trust may invest in such Commodity-Related Instruments either directly or indirectly through the BlackRock Cayman Resources & Commodities Strategy Fund, Ltd., a wholly-owned subsidiary of the Trust formed in the Cayman Islands (the “Subsidiary”). Investments in the Subsidiary are intended to provide the Trust with exposure to commodities market returns within the limitations of the federal tax requirements that apply to the Trust. The Trust may gain exposure to certain Commodity-Related Instruments and certain other commodity-related and natural resources-related investments that, if the Trust invested in such investments directly, would not produce qualifying income for purposes of the income tests applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, by investing in the Subsidiary. The Manager is the manager of the Subsidiary. The Subsidiary (unlike the Trust) may invest without limitation in commodity-related instruments.

The Subsidiary will be managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and procedures adopted by the Trust. As a result, the Manager, in managing the Subsidiary’s portfolio, will be subject to the same investment policies and restrictions that apply to the management of the Trust, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the valuation of the Subsidiary’s portfolio investments and shares of the Subsidiary. The Trust’s Chief Compliance Officer will oversee implementation of the Subsidiary’s policies and procedures, and make periodic reports to the Board regarding the Subsidiary’s compliance with its policies and procedures. The Trust and Subsidiary will test for compliance with certain investment restrictions on a consolidated basis, except that with respect to the Subsidiary’s investments in certain securities that may involve leverage, the Subsidiary will comply with asset segregation requirements to the same extent as the Trust.

The Manager will provide investment management and other services to the Subsidiary pursuant to the investment management agreement among the Manager, the Trust and the Subsidiary. The Trust and the Subsidiary will pay the Manager based on the Trust’s assets (excluding the value of the Trust’s interest in the Subsidiary) and the Subsidiary’s assets, respectively. The Subsidiary has also entered into separate contracts for the provision of custody and audit services with the same or with affiliates of the same service providers that provide those services to the Trust. The financial statements of the Subsidiary are consolidated with the Trust’s financial statements in the Trust’s annul and semi-annual reports.

Although the Trust is permitted to invest up to 20% of its total assets in Commodity-Related Instruments, the Trust is not required to invest in Commodity-Related Instruments and does not currently expect to invest in securities and derivatives linked to the underlying price movement of commodities or natural resources. The Trust may invest in Commodity-Related Instruments (either directly or through the Subsidiary) when BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, believes it is advantageous for the Trust to do so.

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; therefore, the Trust does not currently intend to invest any assets in the Subsidiary.

The Commodity Futures Trading Commission (the “CFTC”) subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests directly or indirectly more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. To the extent the Trust uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, the Manager has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA. The Manager is not, therefore, subject to registration or regulation as a “commodity pool operator” under the CEA in respect of the Trust.

The Trust may invest in companies of any market capitalization located anywhere in the world. The Trust expects to invest primarily in companies located in developed countries, but may invest in companies located in emerging markets.

The Trust may invest up to 20% of its total assets in debt securities issued by companies in the Commodities and Natural Resources Sector or any type of securities issued by companies that are not in the Commodities and Natural Resources Sector.

As part of its investment strategy, the Trust may employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) covered put options and, to a lesser extent, writing (selling) covered call and put options on indices of securities and sectors of securities. This option strategy is intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust’s shareholders.

In addition to the option strategies discussed above, the Trust may engage in strategic transactions for hedging purposes or to enhance total return. The Trust may also engage in short sales of securities.

The Trust may lend securities with a value up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may implement various temporary “defensive” strategies at times when the Advisors determine that conditions in the markets make pursuing the Trust’s basic investment strategy inconsistent with the best interests of its shareholders. These strategies may include investing all or a portion of the Trust’s assets in U.S. Government obligations and short-term debt securities that may be either tax-exempt or taxable.

188 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

Under current market conditions, the Trust currently does not intend to engage in short sales or incur indebtedness or issue preferred shares for investment purposes, except the Trust may engage for hedging purposes, risk management, or to enhance total return, including engaging in transactions, such as options, futures, swaps, foreign currency transactions, such as forward foreign currency contracts, currency swaps or options on currency and currency futures and other derivatives transactions , repurchase agreements, reverse repurchase agreements, when issued or forward commitment transactions and similar investment strategies, which may give rise to a form of leverage.

Unless otherwise stated herein, the Trust’s investment objectives and investment policies are non-fundamental policies and may be changed by the Board. In addition, the percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of investment, and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns.

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

The Trust’s investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust’s investment objective may be changed by the Board of Trustees of the Trust (the “Board”) without prior shareholder approval.

The Trust seeks to achieve its investment objective by investing primarily in equity securities issued by companies that are engaged in the Utilities, Infrastructure or Power Opportunities business segments (as defined below) anywhere in the world and by employing a strategy of writing (selling) covered call and put options.

Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities issued by companies that are engaged in the Utilities, Infrastructure or Power Opportunities business segments. 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 (as described herein), 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. Such companies may include, among others, electrical equipment producers (such as wind turbine manufacturers), producers of industrial and specialty chemicals (such as building insulation producers) and semi-conductor and equipment companies (such as solar panel manufacturers).

The Trust may invest in companies of any market capitalization. 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. Although the Trust expects to invest primarily in companies located in developed countries, it may invest in companies located in emerging markets. Equity securities in which the Trust may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds, equity interests in real estate investment trusts, Canadian Royalty Trusts and master limited partnerships (“MLPs”). The Trust will not invest more than 25% of the value of its total assets in MLPs. The Trust may invest directly in equity securities or synthetically through the use of derivatives.

The Trust may invest up to 20% of its total assets in equity securities issued by companies that are not engaged in the Utilities, Infrastructure or Power Opportunities business segments and debt securities issued by any issuer, including up to 10% of its total assets in non-investment grade debt securities. The Trust’s investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer’s capacity to pay interest and repay principal and are commonly referred to as “junk” or “high yield” securities.

As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, and, to a lesser extent, writing (selling) call and put index options. This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter options.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objective under these circumstances. BlackRock Advisors, LLC’s (the “Manager”) and BlackRock International Limited’s (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, determination that they are temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.

The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

The Trust may lend securities with a value up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 15% of the value of its total assets or the Trust’s aggregate short sales of a particular class of securities exceeds 15% of the outstanding securities of that class. The Trust may make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security.

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 189

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

Unless otherwise stated herein, the Trust’s investment objective and policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The Trust’s policy to invest 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 may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days’ written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.

Leverage: The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust’s investment objective and policies.

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.

The Trust may enter into derivative transactions that have economic leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

BlackRock Science & Technology Trust II (BSTZ)

The Trust’s investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust’s investment objectives may be changed by the Board of Trustees of the Trust (the “Board”) without prior shareholder approval.

BlackRock Advisors, LLC (the “Manager”) may consider a variety of factors when choosing investments for the Trust, but expects to select companies with the potential for rapid and sustainable growth from the development, advancement and use of science and/or technology.

In addition, a variety of countries, including emerging market countries, and industries are likely to be represented in the Trust’s portfolio.

The Trust generally will sell a stock when, in the Manager’s opinion, the stock is fully valued, there is a need to rebalance the portfolio or there is a better opportunity elsewhere.

The Trust may engage in active and frequent trading of portfolio securities to seek to achieve its investment objectives.

Under normal market conditions, the Trust will invest 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.

Science and technology companies are companies whose products, processes or services, in the Manager’s view, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. These companies include companies that, in the Manager’s view, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage, as well as companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities.

Science, technology and science- or technology-related companies may include companies operating in any industry, including, but not limited to software, internet software & services, IT services, hardware, communications equipment, semiconductors and semiconductor equipment, media, internet retail, consumer finance, life sciences tools & services, biotechnology, pharmaceuticals, energy, defense/aerospace, diversified telecom services and wireless telecom services. It is anticipated that the Trust’s investments will be focused on companies within such industries that the Manager expects will generate a majority of their revenues from the development, advancement, use or sale of new and emerging, or “next generation,” science- or technology-related products, processes or services. There is no assurance, however, that any of the Trust’s assets will be invested in such companies at any time. The Manager determines, in its discretion, whether a company is a science, technology or science- or technology-related company.

The Trust may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. Equity securities in which the Trust may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds (“ETFs”) and equity interests in real estate investment trusts (“REITs”) and master limited partnerships. The Trust may invest in shares of companies through initial public offerings (“IPOs”). The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended. Under normal market conditions, the Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. The Trust expects certain of such investments to be in “pre-IPO securities,” which are securities of new and early stage companies, often funded by venture capital, whose securities have not been offered to the public and are not publicly traded. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.

The Trust may also invest in securities of other open- or closed-end investment companies, including ETFs and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as “equity securities” for purposes of its investment policies based upon such investment companies’ stated investment objectives, policies and restrictions.

The Trust will concentrate its investments in companies operating in one or more industries within the technology group of industries.

The Trust may invest up to 20% of its total assets in equity securities issued by companies that are not science or technology companies and in debt securities issued by any issuer, including non-investment grade debt securities. The Trust’s investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer’s capacity to pay interest and repay principal and are commonly referred to as “junk” or “high yield” securities.

190 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, and, to a lesser extent, writing (selling) call and put index options. This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter options.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager’s determination that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.

The Trust may invest in structured instruments (such as equity-linked notes) for investment purposes, as an alternative or complement to its options writing strategy or for risk management or leveraging purposes.

The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).

Unless otherwise stated herein, the Trust’s investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust’s policy to invest 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 may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days’ written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.

Leverage: The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust’s investment objectives and policies.

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.

The Trust may enter into “dollar roll” transactions.

The Trust may enter into derivative transactions that have economic leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

BlackRock Health Sciences Trust II (BMEZ)

The Trust’s investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust’s investment objectives may be changed by the Board of Trustees of the Trust (the “Board”) without prior shareholder approval.

BlackRock Advisors, LLC (the “Manager”) believes that the knowledge and experience of its Health Sciences Team enable it to evaluate the macro environment and assess its impact on health sciences companies and the various sub-industries within the health sciences group of industries. Within this framework, the Manager identifies stocks with attractive characteristics, evaluates the use of options and provides ongoing portfolio risk management.

The top-down or macro component of the investment process is designed to assess the various interrelated macro variables affecting the health sciences group of industries as a whole. The Manager evaluates health sciences sub-industries (i.e., pharmaceuticals, biotechnology, medical devices, healthcare services, etc.). Selection of sub-industries within the health sciences group of industries is a result of both the Manager’s sub-industry analysis, as well as the Manager’s bottom-up fundamental company analysis. Risk/reward analysis is a key component of both top-down and bottom-up analysis.

Bottom-up security selection is focused on identifying companies with the most attractive characteristics within each sub-industry of the health sciences group of industries. The Manager seeks to identify companies with strong product potential, solid earnings growth and/or earnings power which are under appreciated by investors, a quality

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 191

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

management team and compelling relative and absolute valuation. The Manager believes that the knowledge and experience of its Health Sciences Team enables it to identify attractive health sciences securities.

The Manager intends to utilize option strategies that consist of writing (selling) call options on a portion of the common stocks in the Trust’s portfolio, as well as other option strategies such as writing other calls and puts or using options to manage risk. The portfolio management team will work closely to determine which option strategies to pursue to seek to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.

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 as part of this non-fundamental investment policy include purchased and sold (written) call and put options on equity securities of companies in the health sciences group of industries.

The Trust will consider a company to be principally engaged in the health sciences group of industries if (i) it is classified in an industry within the health sciences group of industries by a third-party industry classification system or (ii) it is not classified in any industry by such third-party industry classification system and the Manager determines that the company is principally engaged in the health sciences group of industries.

Companies in the health sciences group of industries include health care providers as well as businesses involved in researching, developing, producing, distributing or delivering medical, dental, optical, pharmaceutical or biotechnology products, supplies, equipment or services or that provide support services to these companies. These companies also include those that own or operate health facilities and hospitals or provide related administrative, management or financial support. Other companies in the health sciences group of industries in which the Trust may invest include: clinical testing laboratories; diagnostics; hospital, laboratory or physician ancillary products and support services; rehabilitation services; employer health insurance management services; and vendors of goods and services specifically to companies engaged in the health sciences. The Trust will concentrate its investments in the health sciences group of industries.

While the Trust will invest primarily in companies providing products and services for human health, it may also invest in companies whose products or services relate to the growth or survival of animals and plants. Non-human health sciences companies include those engaged in the development, production or distribution of products or services that: increase crop, animal and animal product yields by enhancing growth or increasing disease resistance; improve agricultural product characteristics, such as taste, appearance, nutritional content and shelf life; reduce the cost of producing agricultural products; or improve pet health.

The Trust may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. The Trust will focus its investments in mid- and small-capitalization companies. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.

The Trust invests primarily in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of health sciences companies and limited partnership interests in REITs that own hospitals.

The Trust may invest in shares of companies through IPOs. The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended. The Trust intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. The Trust expects certain of such investments to be in “late-stage private securities,” which are securities of private companies that have demonstrated sustainable business operations and generally have a well-known product or service with a strong market presence. Late-stage private companies have generally had large cash flows from their core business operations and are expanding into new markets with their products or services. Late-stage private companies may also be referred to as “pre-IPO companies.”

The Trust may invest up to 20% of its total assets in other investments, including equity securities issued by companies that are not principally engaged in the health sciences group of industries and debt securities issued by any issuer, including non-investment grade debt securities. The Trust’s investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer’s capacity to pay interest and repay principal and are commonly referred to as “junk” or “high yield” securities. The Trust has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold, and such securities may be of any maturity.

As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, and, to a lesser extent, writing (selling) call and put index options. This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter (“OTC”) options.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager’s determination that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.

The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio

192 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as “equity securities” for purposes of its investment policies based upon such investment companies’ stated investment objectives, policies and restrictions.

The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).

Unless otherwise stated herein, the Trust’s investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust’s investment objectives may be changed by the Board without prior shareholder approval; however, the Trust will not change its policy of investing, under normal market conditions, 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 unless it provides shareholders at least 60 days’ written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.

Leverage: The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust’s investment objectives and policies.

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.

The Trust may enter into “dollar roll” transactions.

The Trust may enter into derivative transactions that have economic leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

BlackRock Innovation and Growth Trust (BIGZ)

The Trust’s investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust is not intended as, and you should not construe it to be, a complete investment program. There can be no assurance that the Trust’s investment objectives will be achieved or that the Trust’s investment program will be successful. The Trust’s investment objectives may be changed by the Board of Trustees of the Trust (the “Board”) without prior shareholder approval.

In selecting investments for the Trust, BlackRock Advisors, LLC (the “Manager”) focuses on equity securities of 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. In evaluating innovative companies, the Manager seeks to identify, using its own internal research and analysis, companies capitalizing on innovation or that are enabling the further development of the theme of innovation in the markets in which they operate.

Among other things, common criteria for innovative companies across industries may include developing new products, selling in new markets or channels, applying a new or superior technology to legacy industries, refining existing processes for efficiency, changing or pivoting business model, or creating tools that empower new breakthroughs.

In addition, the Trust seeks to invest in companies where, in the opinion of the Manager, free cash flow is likely to grow for a sustained period. Factors considered in the Manager’s analysis of a company may include 1) a large and underpenetrated addressable market, 2) a technology or service model that creates recurring demand for product, and 3) a competitive landscape that allows for stable or expanding margins. The Manager’s outlook for a company based upon these and other factors is then compared to the outlook of the company implied in the current share price of the company. The Manager looks to invest in companies where its view of future cash flows is more favorable than that which it believes is reflected by the current price.

The Manager will identify trends that have ramifications for individual companies or entire industries. Risk/reward analysis is a key component of both top-down and bottom-up analysis.

Bottom-up security selection is focused on identifying innovative companies with the most attractive growth characteristics. The Manager seeks to identify companies with strong product potential, solid earnings growth and/or earnings power which are under appreciated by investors, a quality management team and compelling relative and absolute valuation. The Manager believes that the knowledge and experience of its investment team enables it to identify attractive innovative companies.

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 193

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

The Trust intends to utilize option strategies that consist of writing (selling) call options on a portion of the common stocks in its portfolio, as well as other option strategies such as writing other calls and puts or using options to manage risk. The portfolio management team will work closely to determine which option strategies to pursue to seek to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.

The Trust will invest primarily in equity securities issued by mid- and small-capitalization companies that the Manager believes have above-average earnings growth potential.

Equity securities include common stocks, preferred stocks, convertible securities, warrants and depositary receipts, though the Trust seeks to buy primarily common stock. Although universal definitions of mid-capitalization companies and small-capitalization companies do not exist, the Trust generally defines mid-capitalization and small-capitalization companies as those companies with market capitalizations, at the time of the Trust’s investment, comparable in size to the companies in the Russell 2500™ Growth Index (between $11.8 million and $35.03 billion as of December 31, 2021). In the future, the Trust may define mid- and small-capitalization companies using a different index or classification system.

The Trust may invest in shares of companies through IPOs. The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Exchange Act. Under normal market conditions, the Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. The Trust expects certain of such investments to be in “late-stage private securities,” which are securities of private companies that have demonstrated sustainable business operations and generally have a well-known product or service with a strong market presence. Late-stage private companies have generally had large cash flows from their core business operations and are expanding into new markets with their products or services. Late-stage private companies may also be referred to as “pre-IPO companies.”

The Trust may invest up to 25% of its assets in securities of foreign companies, including companies located in emerging markets. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.

The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as “equity securities” for purposes of its investment policies based upon such investment companies’ stated investment objectives, policies and restrictions.

As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, including uncovered call and put options, and, to a lesser extent, writing (selling) covered and uncovered call and put index options. This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter options.

The Trust may also purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter (“OTC”) put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager’s determination that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.

The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may engage in active and frequent trading of portfolio securities to achieve its investment objectives.

Unless otherwise stated herein, the Trust’s investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust’s portfolio described in this prospectus apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust’s investment objectives may be changed by the Board without prior shareholder approval.

Leverage: The Trust currently does not intend to borrow money or issue debt securities or preferred shares. The Trust is, however, permitted to borrow money or issue debt securities in an amount up to 33 1/3% of its Managed Assets (50% of its net assets), and issue preferred shares in an amount up to 50% of its Managed Assets (100% of its net assets). “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares.

The Trust is permitted to leverage its portfolio by entering into one or more credit facilities.

194 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to the Trust’s investment restrictions.

The Trust may enter into “dollar roll” transactions.

The Trust may enter into derivative transactions that have economic leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

Risk Factors

This section contains a discussion of the general risks of investing in each Trust. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Trust will meet its investment objective or that the Trust’s performance will be positive for any period of time. Each risk noted below is applicable to each Trust unless the specific Trust or Trusts are noted in a parenthetical.

Non-Diversification Risk (BGR, BCX, BSTZ, BMEZ and BIGZ): The Trust is a non-diversified fund. Because the Trust may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.

Limited Term Risk (BSTZ, BMEZ and BIGZ): In accordance with the Trust’s Agreement and Declaration of Trust, the Trust intends to dissolve as of the first business day following the twelfth anniversary of the effective date of the Trust’s initial registration statement (the “Dissolution Date”); provided that the Board may, by a vote of a majority of the Board and seventy-five percent (75%) of the members of the Board who either (i) have been a member of the Board for a period of at least thirty-six months (or since the commencement of the Trust’s operations, if less than thirty-six months) or (ii) were nominated to serve as a member of the Board by a majority of the Continuing Trustees then members of the Board (a “Board Action Vote”), without shareholder approval, extend the Dissolution Date: (i) once for up to one year, and (ii) once for up to an additional six months, to a date up to and including eighteen months after the initial Dissolution Date (which date shall then become the Dissolution Date). As of a date within twelve months preceding the Dissolution Date (as may be extended as described above), the Board may, by a Board Action Vote, cause the Trust to conduct a tender offer to all common shareholders to purchase 100% of the then outstanding common shares of the Trust at a price equal to the net asset value (“NAV”) per common share on the expiration date of the tender offer (an “Eligible Tender Offer”). The Board has established that the Trust must have at least $200 million of aggregate net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Trust (the “Dissolution Threshold”). In an Eligible Tender Offer, the Trust will offer to purchase all common shares held by each common shareholder; provided that if the payment for properly tendered common shares would result in the Trust having aggregate net assets below the Dissolution Threshold, the Eligible Tender Offer will be canceled and no common shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Trust will begin (or continue) liquidating its portfolio and proceed to dissolve on or about the Dissolution Date. If the payment for properly tendered common shares would result in the Trust having aggregate net assets greater than or equal to the Dissolution Threshold, all common shares properly tendered and not withdrawn will be purchased by the Trust pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and provide for the Trust’s perpetual existence.

Unless the limited term provision of the Trust’s Agreement and Declaration of Trust is amended by shareholders in accordance with the Agreement and Declaration of Trust, or unless the Trust completes an Eligible Tender Offer and converts to perpetual existence, the Trust will dissolve on or about the first business day following the Dissolution Date. The Trust is not a so called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Trust is not a “target term” fund and thus does not seek to return its initial public offering price per common share upon dissolution. As the assets of the Trust will be liquidated in connection with its dissolution, the Trust may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Trust to lose money. In addition, as the Trust approaches the Dissolution Date, the Manager may invest the proceeds of sold, matured or called securities in money market mutual funds, cash, cash equivalents, securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, high quality, short-term money market instruments, short-term debt securities, certificates of deposit, bankers’ acceptances and other bank obligations, commercial paper or other liquid debt securities, which may adversely affect the Trust’s investment performance. Rather than reinvesting proceeds received from sales of or payments received in respect of portfolio securities, the Trust may distribute such proceeds in one or more liquidating distributions prior to the final dissolution, which may cause the Trust’s fixed expenses to increase when expressed as a percentage of net assets attributable to common shares, or the Trust may invest the proceeds in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the Trust. The final distribution of net assets upon dissolution may be more than, equal to or less than $20.00 per common share. Because the Trust may adopt a plan of liquidation and make liquidating distributions in advance of the Dissolution Date, the total value of the Trust’s assets returned to common shareholders upon dissolution will be impacted by decisions of the Board and the Manager regarding the timing of adopting a plan of liquidation and making liquidating distributions. This may result in common shareholders receiving liquidating distributions with a value more or less than the value that would have been received if the Trust had liquidated all of its assets on the Dissolution Date, or any other potential date for liquidation, and distributed the proceeds thereof to shareholders.

If the Trust conducts an Eligible Tender Offer, the Trust anticipates that funds to pay the aggregate purchase price of shares accepted for purchase pursuant to the tender offer will be first derived from any cash on hand and then from the proceeds from the sale of portfolio investments held by the Trust. The risks related to the disposition of securities in connection with the Trust’s dissolution also would be present in connection with the disposition of securities in connection with an Eligible Tender Offer. It is likely that during the pendency of a tender offer, and possibly for a time thereafter, the Trust will hold a greater than normal percentage of its total assets in cash and cash equivalents, which may impede the Trust’s ability to achieve its investment objectives and decrease returns to shareholders. The tax effect of any such dispositions of portfolio investments will depend on the difference between the price at which the investments are sold and the tax basis of the Trust in the investments.

Any capital gains recognized on such dispositions, as reduced by any capital losses the Trust realizes in the year of such dispositions and by any available capital loss carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) or ordinary dividends

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 195

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

(to the extent of net short-term capital gains over net long-term capital losses) during or with respect to such year, and such distributions will generally be taxable to common shareholders. If the Trust’s tax basis for the investments sold is less than the sale proceeds, the Trust will recognize capital gains, which the Trust intends to distribute to common shareholders. In addition, the Trust’s purchase of tendered common shares pursuant to an Eligible Tender Offer will have tax consequences for tendering common shareholders and may have tax consequences for non-tendering common shareholders.

The purchase of common shares by the Trust pursuant to an Eligible Tender Offer will have the effect of increasing the proportionate interest in the Trust of non-tendering common shareholders. All common shareholders remaining after an Eligible Tender Offer will be subject to any increased risks associated with the reduction in the Trust’s assets resulting from payment for the tendered common shares, such as greater volatility due to decreased diversification and proportionately higher expenses. The reduced assets of the Trust as a result of an Eligible Tender Offer may result in less investment flexibility for the Trust and may have an adverse effect on the Trust’s investment performance. Such reduction in the Trust’s assets may also cause common shares of the Trust to become thinly traded or otherwise negatively impact secondary trading of common shares. A reduction in assets, and the corresponding increase in the Trust’s expense ratio, could result in lower returns and put the Trust at a disadvantage relative to its peers and potentially cause the Trust’s common shares to trade at a wider discount, or smaller premium, to NAV than they otherwise would. Furthermore, the portfolio of the Trust following an Eligible Tender Offer could be significantly different and, therefore, common shareholders retaining an investment in the Trust could be subject to greater risk. For example, the Trust may be required to sell its more liquid, higher quality portfolio investments to purchase common shares that are tendered in an Eligible Tender Offer, which would leave a less liquid, lower quality portfolio for remaining shareholders. The prospects of an Eligible Tender Offer may attract arbitrageurs who would purchase the common shares prior to the tender offer for the sole purpose of tendering those shares which could have the effect of exacerbating the risks described herein for shareholders retaining an investment in the Trust following an Eligible Tender Offer.

The Trust is not required to conduct an Eligible Tender Offer. If the Trust conducts an Eligible Tender Offer, there can be no assurance that the payment for tendered common shares would not result in the Trust having aggregate net assets below the Dissolution Threshold, in which case the Eligible Tender Offer will be canceled, no common shares will be repurchased pursuant to the Eligible Tender Offer and the Trust will liquidate on the Dissolution Date (subject to possible extensions). Following the completion of an Eligible Tender Offer in which the payment for tendered common shares would result in the Trust having aggregate net assets greater than or equal to the Dissolution Threshold, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and provide for the Trust’s perpetual existence. Thereafter, the Trust will have a perpetual existence. There is no guarantee that the Board will eliminate the Dissolution Date following the completion of an Eligible Tender Offer so that the Trust will have a perpetual existence. The Manager may have a conflict of interest in recommending to the Board that the Dissolution Date be eliminated and the Trust have a perpetual existence. The Trust is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to perpetual existence. Therefore, remaining common shareholders may not have another opportunity to participate in a tender offer. Shares of closed-end management investment companies frequently trade at a discount from their NAV, and as a result remaining common shareholders may only be able to sell their shares at a discount to NAV.

Although it is anticipated that the Trust will have distributed substantially all of its net assets to shareholders as soon as practicable after the Dissolution Date, securities for which no market exists or securities trading at depressed prices, if any, may be placed in a liquidating trust. Securities placed in a liquidating trust may be held for an indefinite period of time, potentially several years or longer, until they can be sold or pay out all of their cash flows. During such time, the shareholders will continue to be exposed to the risks associated with the Trust and the value of their interest in the liquidating trust will fluctuate with the value of the liquidating trust’s remaining assets. Additionally, the tax treatment of the liquidating trust’s assets may differ from the tax treatment applicable to such assets when held by the Trust. To the extent the costs associated with a liquidating trust exceed the value of the remaining securities, the liquidating trust trustees may determine to dispose of the remaining securities in a manner of their choosing. The Trust cannot predict the amount, if any, of securities that will be required to be placed in a liquidating trust or how long it will take to sell or otherwise dispose of such securities.

Investment and Market Discount Risk: An investment in the Trust’s common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks will be magnified.

Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.

Common Stock Risk: Common stocks represent equity ownership in a company. Stock markets are volatile. The price of common stock will fluctuate and can decline and reduce the value of a portfolio investing in equities. The value of common stock purchased by the Trust could decline if the financial condition of the companies the Trust invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

Small and Mid-Capitalization Company Risk: Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.

Preferred Securities Risk: Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds

196 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.

Convertible Securities Risk (BOE, BST, BDJ, BGR, BME, BGY, BCX, BUI, BSTZ, BMEZ and BIGZ): The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

Warrants Risk (BOE, BST, BGR, BME, BGY, BCX, BUI, BSTZ, BMEZ and BIGZ): If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially 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.

Depositary Receipts Risk (BOE, BST, BGR, BME, BGY, BCX, BUI, BSTZ, BMEZ and BIGZ): Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose the Trust to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts.

REIT Investment Risk (BOE, BST, BDJ, BME, BGY, BUI, BSTZ and BMEZ): Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

Master Limited Partnerships Risk (BST, BGR, BCX, BUI and BSTZ): The common units of a master limited partnership (“MLP”) are listed and traded on U.S. securities exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.

Canadian Royalty Trust Risk (BGR, BCX and BUI): Canadian Royalty Trusts are exposed to many of the same risks as energy and natural resources companies, such as commodity pricing risk, supply and demand risk and depletion and exploration risk.

Initial Public Offerings (“IPOs”) Risk (BOE, BST, BME, BSTZ, BMEZ and BIGZ): The Trust may invest in shares of companies through IPOs. Securities issued in IPOs have no trading history, and information about the companies may be available for limited periods of time. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO.

Investments in Unseasoned Companies (BOE, BDJ, BME, BGY, BCX, BSTZ, BMEZ and BIGZ): The Trust may invest in the securities of smaller, less seasoned companies. These investments may present greater opportunities for growth, but also involve greater risks than customarily are associated with investments in securities of more established companies. Some of the companies in which the Trust may invest may be start-up companies which may have insubstantial operational or earnings histories or may have limited products, markets, financial resources or management depth. Some may also be emerging companies at the research and development stage with no products or technologies to market or approved for marketing. Securities of emerging companies may lack an active secondary market and may be subject to more abrupt or erratic price movements than securities of larger, more established companies or stock market averages in general. Competitors of certain companies may have substantially greater financial resources than many of the companies in which the Trust may invest. Further, an unseasoned company is more at risk of loss in an adverse market due to its lack of financial resources and ability to sustain itself for an extended period of time in such a market.

Dividend-Paying Equity Securities Risk (BOE, CII, BDJ and BGY): Dividends on common equity securities that the Trust may hold are not fixed but are declared at the discretion of an issuer’s board of directors. Companies that have historically paid dividends on their securities are not required to continue to pay dividends on such securities. There is no guarantee that the issuers of the common equity securities in which the Trust invests will declare dividends in the future or that, if declared, they will remain at current levels or increase over time. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. Dividend producing equity securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity to interest rate changes. The Trust’s investments in dividend producing equity securities may also limit its potential for appreciation during a broad market advance.

The prices of dividend producing equity securities can be highly volatile. Investors should not assume that the Trust’s investments in these securities will necessarily reduce the volatility of the Trust’s NAV or provide “protection,” compared to other types of equity securities, when markets perform poorly.

Investment Style Risk: Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Trust is out of favor, the Trust may underperform other equity funds that use different investment styles.

Risks Associated with the Trust’s Options Strategy: The ability of the Trust to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns is partially dependent on the successful implementation of its options strategy. There are several risks associated with transactions in options on securities. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 197

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.

| • |  | Risks of Writing Options — As the writer of a covered call option, the Trust forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. In other words, as the Trust writes covered calls over more of its portfolio, the Trust’s ability to benefit from capital appreciation becomes more limited.

If the Trust writes call options on individual securities or index call options that include securities, in each case, that are not in the Trust’s portfolio or that are not in the same proportion as securities in the Trust’s portfolio, the Trust will experience loss, which theoretically could be unlimited, if the value of the individual security, index or basket of securities appreciates above the exercise price of the index option written by the Trust.

When the Trust writes put options, it bears the risk of loss if the value of the underlying stock declines below the exercise price minus the put premium. If the option is exercised, the Trust could incur a loss if it is required to purchase the stock underlying the put option at a price greater than the market price of the stock at the time of exercise plus the put premium the Trust received when it wrote the option. While the Trust’s potential gain in writing a put option is limited to the premium received from the purchaser of the put option, the Trust risks a loss equal to the entire exercise price of the option minus the put premium.

| • |  | Exchange-Listed Options Risks — There can be no assurance that a liquid market will exist when the Trust seeks to close out an exchange-listed option position. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation (the “OCC”) may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options).

| • |  | Over-the-Counter Options Risk — The Trust may write (sell) unlisted OTC options. OTC options differ from exchange-listed options in that they are two-party contracts, with exercise price, premium and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-listed options. The OTC options written by the Trust will not be issued, guaranteed or cleared by the OCC. In addition, the Trust’s ability to terminate OTC options may be more limited than with exchange-traded options. Banks, broker-dealers or other financial institutions participating in such transactions may fail to settle a transaction in accordance with the terms of the option as written. In the event of default or insolvency of the counterparty, the Trust may be unable to liquidate an OTC option position.

| • |  | Index Options Risk — The Trust may sell index put and call options from time to time. The purchaser of an index put option has the right to any depreciation in the value of the index below the exercise price of the option on or before the expiration date. The purchaser of an index call option has the right to any appreciation in the value of the index over the exercise price of the option on or before the expiration date. Because the exercise of index options is settled in cash, sellers of index call options, such as the Trust, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. The Trust will lose money if it is required to pay the purchaser of an index option the difference between the cash value of the index on which the option was written and the exercise price and such difference is greater than the premium received by the Trust for writing the option.

| • |  | Limitation on Options Writing Risk — The number of call options the Trust can write is limited by the total assets the Trust holds. Furthermore, the Trust’s exchange- listed options transactions will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities, if any, on which such options are traded and cleared.

| • |  | Tax Risk — Income on options on individual stocks will generally not be recognized by the Trust for tax purposes until an option is exercised, lapses or is subject to a “closing transaction” (as defined by applicable regulations) pursuant to which the Trust’s obligations with respect to the option are otherwise terminated. If the option lapses without exercise or is otherwise subject to a closing transaction, the premiums received by the Trust from the writing of such options will generally be characterized as short-term capital gain. If an option written by the Trust is exercised, the Trust may recognize taxable gain depending on the exercise price of the option, the option premium, and the tax basis of the security underlying the option. The character of any gain on the sale of the underlying security as short-term or long-term capital gain will depend on the holding period of the Trust in the underlying security. In general, distributions received by shareholders of the Trust that are attributable to short-term capital gains recognized by the Trust from its options writing activities will be taxed to such shareholders as ordinary income and will not be eligible for the reduced tax rate applicable to qualified dividend income.

Index options will generally be “marked-to-market” for U.S. federal income tax purposes. As a result, the Trust will generally recognize gain or loss on the last day of each taxable year equal to the difference between the value of the index option on that date and the adjusted basis of the index option. The adjusted basis of the index option will consequently be increased by such gain or decreased by such loss. Any gain or loss with respect to index options will be treated as short-term capital gain or loss to the extent of 40% of such gain or loss and long-term capital gain or loss to the extent of 60% of such gain or loss. Because the mark-to-market rules may cause the Trust to recognize gain in advance of the receipt of cash, the Trust may be required to dispose of investments in order to meet its U.S. federal income tax distribution requirements.

Debt Securities Risk (BOE, BST, BGR, BME, BCX, BUI, BSTZ and BMEZ): Debt securities, such as bonds, involve interest rate risk, credit risk, extension risk, and prepayment risk, among other things.

| • |  | Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

198 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

The Trust may be subject to a greater risk of rising interest rates due to the current period of historically low rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Trust’s investments would be expected to decrease by 10%. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust’s investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust’s net asset value. The Trust may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.

To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Trust to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and could hurt the Trust’s performance.

| • |  | Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

| • |  | Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.

| • |  | Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest the proceeds in securities with lower yields.

Junk Bonds Risk (BOE, BST, BGR, BME, BCX, BUI, BSTZ and BMEZ): Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Trust.

U. S. Government Obligations Risk (CII, BME, BCX, BUI, BSTZ and BMEZ): Certain securities in which the Trust may invest, including securities issued by certain U. S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.

Structured Products Risk (BST, BME, BCX, BSTZ and BMEZ): Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Trust may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Certain structured products may be thinly traded or have a limited trading market. In addition to the general risks associated with debt securities discussed herein, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero.

Derivatives Risk: The Trust’s use of derivatives may increase its costs, reduce the Trust’s returns and/or increase volatility. Derivatives involve significant risks, including:

| • |  | Volatility Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

| • |  | Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

| • |  | Market and Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.

| • |  | Valuation Risk — Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.

| • |  | Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.

| • |  | Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 199

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

| • |  | Regulatory Risk — Derivative contracts, including, without limitation, swaps, currency forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, certain derivatives are subject to margin requirements and swap dealers are required to collect margin from the Trust with respect to such derivatives. Specifically, regulations are now in effect that require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of OTC swaps with the Trust. Shares of investment companies (other than certain money market funds) may not be posted as collateral under these regulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in through at least 2021. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Trust, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Trust of trading in these instruments and, as a result, may affect returns to investors in the Trust.

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 Trust 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.

Foreign Securities Risk: Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These risks include:

| • |  | The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

| • |  | Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio.

| • |  | The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

| • |  | The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets.

| • |  | Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

| • |  | Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

| • |  | The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Trust’s net asset value.

Foreign Currency Transactions Risk (BGR, BDJ, BME and BCX): The Trust may invest in forward foreign currency exchange contracts. Forward foreign currency exchange contracts do not eliminate movements in the value of non-U.S. currencies and securities but rather allow the Trust to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.

Emerging Markets Risk: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.

Concentration Risk (BST, BGR, BME, BCX, BSTZ and BMEZ): The Trust’s strategy of concentrating a particular industry means that its performance will be closely tied to the performance of a particular market segment. The Trust’s concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Trust than on a fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.

Science and Technology Risk (BST and BSTZ): The Trust’s investments in science and technology companies expose the Trust to special risks. For example, rapid advances in science and technology might cause existing products to become obsolete, and the Trust’s returns could suffer to the extent it holds an affected company’s shares. Companies in a number of science and technology industries are also subject to more government regulations and approval processes than many other industries. This fact may affect a company’s overall profitability and cause its stock price to be more volatile. Additionally, science and technology companies are dependent upon consumer and business acceptance as new technologies evolve.

200 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

Health Sciences and Healthcare Companies Risk (BME and BMEZ): The Trust’s investments in health sciences companies are subject to a number of risks, including the adverse impact of legislative actions and government regulations. These actions and regulations can affect the approval process for patents, medical devices and drugs, the funding of research and medical care programs, and the operation and licensing of facilities and personnel. The goods and services of health sciences companies are subject to risks of rapid technological change and obsolescence, product liability litigation, and intense price and other competitive pressures.

Energy Sector Risk (BGR): The market value of securities in the energy sector may decline for many reasons, including, among others, changes in energy prices, energy supply and demand, government regulations and energy conservation efforts. Energy companies can be significantly affected by the supply of, and demand for, specific products (e.g., oil and natural gas) and services, exploration and production spending, government subsidization, world events and general economic conditions. In 2020, the energy sector has experienced increased volatility. In particular, significant market volatility occurred and is continuing in the crude oil markets as well as the oil futures markets, which resulted in the market price of the front month futures contract falling fell below zero for a period of time.

Energy and Natural Resources Risk (BCX): The Trust’s investments in energy and natural resources companies are especially affected by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may lack the resources and the broad business lines to weather hard times. Energy companies can be significantly affected by the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, world events and economic conditions. Natural resources companies can be significantly affected by events relating to international political developments, energy conservation, the success of exploration projects, commodity prices, and tax and government regulations.

Commodities Related Investments Risk (BCX): Exposure to the commodities markets may subject the Trust to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.

Commodities Market Risk (BCX): Stocks of companies engaged in commodities related industries, such as energy or natural resources companies, are especially affected by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may lack the resources and the broad business lines to weather hard times.

Risks of Investing in Utilities, Infrastructure and Power Opportunities Issuers (BUI): Investments in issuers in the Utilities, Infrastructure and Power Opportunities business segments are subject to certain risks, including the following, among others:

| • |  | Utilities Companies Risk — A variety of factors may adversely affect the business or operations of Utilities issuers, including, but not limited to: high interest costs in connection with capital construction and improvement programs; governmental regulation of rates charged to customers (including the potential that costs incurred by the utility change more rapidly than the rate the utility is permitted to charge its customers); costs associated with compliance with and changes in environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition from other providers of utility services; inexperience with and potential losses resulting from a developing deregulatory environment; costs associated with reduced availability of certain types of fuel; the effects of energy conservation policies; effects of a national energy policy; technological innovations; potential impact of terrorist activities; the impact of natural or man-made disasters; regulation by various governmental authorities, including the imposition of special tariffs; and changes in tax laws, regulatory policies and accounting standards.

| • |  | Infrastructure Companies Risk — Infrastructure issuers may be susceptible to a variety of factors that may adversely affect their business and operations, including, but not limited to: high interest costs in connection with capital construction programs; high leverage; costs associated with environmental and other regulations; surplus capacity costs; and reduced investment in public and private infrastructure projects. A slowdown in new infrastructure projects in developing or developed markets may constrain the abilities of Infrastructure issuers to grow in global markets. Other developments, such as significant changes in population levels or changes in the urbanization and industrialization of developing countries, may reduce demand for products or services provided by Infrastructure issuers.

| • |  | Power Opportunities Companies Risk — A variety of factors may adversely affect the business or operations of Power Opportunities issuers, including, but not limited to: research and development costs related to new technologies; the success or failure of efforts to develop or implement new or existing technologies; government regulation (including environmental regulation); world events and economic conditions, the cyclical nature of the energy sector; intense competition; events relating to domestic and international political developments; energy conservation; environmental costs and liabilities; and the success of exploration projects.

Innovative Securities Risk (BIGZ): There can be no assurance that a company identified as innovative by the Manager will ultimately introduce a new product or service or that such product or service may not be significantly delayed.

Supply and Demand Risk (BGR): A decrease in the production of natural gas, natural gas liquids (“NGLs”), crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution may adversely impact the financial performance of energy and natural resources companies. Production declines and volume decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources, labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance problems, import supply disruption, increased competition from alternative energy sources or commodity prices. Alternatively, a sustained decline in demand for such commodities could also adversely affect the financial performance of energy and natural resources companies. Factors which could lead to a decline in demand include economic recession or other adverse economic conditions, higher fuel taxes or governmental regulations, increases in fuel economy, consumer shifts to the use of alternative fuel sources, changes in commodity prices, or weather.

Depletion and Exploration Risk (BGR): Many energy and natural resources companies are either engaged in the production of natural gas, NGLs, crude oil, refined petroleum products or coal, or are engaged in transporting, storing, distributing and processing these items on behalf of shippers. To maintain or grow their revenues, these companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 201

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

acquisitions, or through long-term contracts to acquire reserves. The financial performance of energy and natural resources companies may be adversely affected if they, or the companies to whom they provide the service, are unable to cost-effectively acquire additional reserves sufficient to replace the natural decline.

Commodity Pricing Risk (BGR): The operations and financial performance of energy and natural resources companies may be directly affected by energy commodity prices, especially those energy and natural resources companies which own the underlying energy commodity. Commodity prices fluctuate for several reasons, including changes in market and economic conditions, the impact of weather on demand, levels of domestic production and imported commodities, energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices, which may lead to a reduction in production or supply, may also negatively impact the performance of energy and natural resources companies which are solely involved in the transportation, processing, storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more difficult for energy and natural resources companies to raise capital to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.

Leverage Risk: The Trust utilizes leverage for investment purposes by entering into reverse repurchase agreements, derivative instruments with leverage embedded in then and dollar rolls, as applicable. The Trust’s use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.

The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.

Leverage involves risks and special considerations for common shareholders, including:

| • |  | the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;

| • |  | the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;

| • |  | the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, which may result in a greater decline in the market price of the common shares;

| • |  | leverage may increase operating costs, which may reduce total return.

Any decline in the net asset value of the Trust’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust’s portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.

Reverse Repurchase Agreements Risk (BST, BDJ, BME, BCX, BUI, BSTZ, BMEZ and BIGZ): Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.

Dollar Rolls Risk (BST, BME, BSTZ, BMEZ and BIGZ): Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of the securities the Trust has sold. These transactions may involve leverage.

When-Issued and Delayed Delivery Securities and Forward Commitments Risk (BDJ, BME, BCX, BSTZ and BMEZ): When-issued and delayed delivery securities and forward commitments involve the risk that the security the Trust buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Trust may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

Short Sales Risk (BST, BDJ, BGY, BCX, BUI, BSTZ and BMEZ): Because making short sales in securities that it does not own exposes the Trust to the risks associated with those securities, such short sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Trust replaces the security sold short.

Repurchase Agreements and Purchase and Sale Contracts Risk (BDJ, BME, BCX, BSTZ and BMEZ): If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Trust may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Trust may lose money.

Risks Associated with Private Company Investments (BST, BSTZ, BMEZ and BIGZ): Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the Manager may not have timely or accurate information about the business, financial condition and results of operations of the private companies in which the Trust invests. There is risk that the Trust may invest on the basis of incomplete or inaccurate information, which may adversely affect the Trust’s investment performance. Private companies in which the Trust may invest may have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors’ actions and market conditions, as well as general economic downturns.

These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their

202 |  | 2 0 2 1 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity. In addition, the Trust’s investment also may be structured as pay-in-kind securities with minimal or no cash interest or dividends until the company meets certain growth and liquidity objectives.

Typically, investments in private companies are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Trust may not be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Trust will be able to realize the value of private company investments in a timely manner.

| • |  | Late-Stage Private Companies Risk (BMEZ and BIGZ) — Investments in late-stage private companies involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. The Trust may not be able to sell such investments when the Manager deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company’s public offering (which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Trust from selling its shares of these companies for a period of time. See “Illiquid Investments Risk.” Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect a late-stage private company and delay or prevent such a company from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust’s investment to decrease significantly.

| • |  | Pre-IPO Securities Risk (BSTZ) — Investments in pre-IPO securities involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. Issuers of pre-IPO securities may not have established products, experienced management or earnings history. The Trust may not be able to sell such investments when the Manager deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company’s public offering (which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Trust from selling its shares of these companies for a period of time. See “Illiquid Investments Risk.” Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect an issuer of pre-IPO securities and delay or prevent such an issuer from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust’s investment to decrease significantly.

Illiquid Investments Risk: The 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. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. 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.

Investment Companies and ETFs Risk (BST, BME, BCX, BUI, BSTZ, BMEZ and BIGZ): Subject to the limitations set forth in the 1940 Act and the rules thereunder, the Trust may acquire shares in other investment companies and in exchange-traded funds (“ETFs”), some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).

The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market value of such securities and the possibility that the Trust’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.

As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated fund, the ability of the Trust itself to hold other investment companies may be limited.

Subsidiary Risk (BCX): By investing in the Subsidiary, the Trust is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Trust and are subject to the same risks that apply to similar investments if held directly by the Trust (see “Commodities Related Investments Risk” above). There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted, is not subject to all the investor protections of the 1940 Act. However, the Trust wholly owns and controls the Subsidiary, and the Trust and the Subsidiary are both managed by Manager, making it unlikely that the Subsidiary will take action contrary to the interests of the Trust and its shareholders. The Board has oversight responsibility for the investment activities of the Trust, including its investment in the Subsidiary, and the Trust’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Trust. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Trust and/or the Subsidiary to operate as described and could adversely affect the Trust.

Securities Lending Risk (BST, BDJ, BME, BGY, BCX, BUI, BSTZ, BMEZ and BIGZ): Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, the Trust may lose money and there may be a delay in recovering the loaned securities. The Trust could also lose money if it does not

I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |  | 203

Investment Objectives, Policies and Risks (continued)

Recent Changes (continued)

recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. These events could trigger adverse tax consequences for the Trust.

Market Risk and Selection Risk: Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

A recent outbreak of an infectious coronavirus has developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.

204 |  | 2 0 2 1 B L A C K R O C K 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

Automatic Dividend Reinvestment Plan

Pursuant to BGR, CII, BDJ, BOE, BGY, BME, BMEZ, BIGZ, BCX, BST, BSTZ and BUI’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Trust’s Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After BGR, CII, BDJ, BOE, BGY, BME, BMEZ, BIGZ, BCX, BST, BSTZ and BUI declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trusts (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market or on the Trust’s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value (“NAV”) per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in BMEZ, BIGZ, BST and BSTZ that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission fee. Participants in BGR, CII, BDJ, BOE, BGY, BME, BME, BCX and BUI that request a sale of shares are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 505000, Louisville, KY 40233, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 462 South 4th Street, Suite 1600, Louisville, KY 40202.

A U T O M A T I C D I V I D E N D R E I N V E S T M E N T P L A N |  | 205

Trustee and Officer Information

Independent Trustees(a)
Name Year of Birth(b) |  | Position(s) Held (Length of Service)(c) |  | Principal Occupation(s) During Past Five Years |  | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |  | Public Company and Other Investment Company Directorships Held During Past Five Years
Richard E. Cavanagh 1946 |  | Co-Chair of the Board and Trustee (Since 2007) |  | Director, The Guardian Life Insurance Company of America since 1998; Board Chair, Volunteers of America (a not-for-profit organization) from 2015 to 2018 (board member since 2009); Director, Arch Chemicals (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007 and Executive Dean from 1987 to 1995; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007. |  | 73 RICs consisting of 102 Portfolios |  | None
Karen P. Robards 1950 |  | Co-Chair of the Board and Trustee (Since 2007) |  | Principal of Robards & Company, LLC (consulting and private investing) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Enable Injections, LLC (medical devices) since 2019; Investment Banker at Morgan Stanley from 1976 to 1987. |  | 73 RICs consisting of 102 Portfolios |  | Greenhill & Co., Inc.; AtriCure, Inc. (medical devices) from 2000 until 2017.
Michael J. Castellano 1946 |  | Trustee (Since 2011) |  | Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015 and from 2017 to September 2020; Director, National Advisory Board of Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company) from 2015 to July 2020. |  | 73 RICs consisting of 102 Portfolios |  | None
Cynthia L. Egan 1955 |  | Trustee (Since 2016) |  | Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. |  | 73 RICs consisting of 102 Portfolios |  | Unum (insurance); The Hanover Insurance Group (Board Chair) (insurance); Huntsman Corporation (chemical products); Envestnet (investment platform) from 2013 until 2016.
Frank J. Fabozzi(d) 1948 |  | Trustee (Since 2007) |  | Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) since 2011; Visiting Professor, Princeton University for the 2013 to 2014 academic year and Spring 2017 semester; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Board Member, BlackRock Equity-Liquidity Funds from 2014 to 2016; affiliated professor Karlsruhe Institute of Technology from 2008 to 2011; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year; Adjunct Professor of Finance, Carnegie Mellon University in fall 2020 semester. |  | 75 RICs consisting of 104 Portfolios |  | None

206 |  | 2 0 2 1 B L A C K R O C K 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

Trustee and Officer Information (continued)

Independent Trustees(a) (continued)
Name Year of Birth(b) |  | Position(s) Held (Length of Service)(c) |  | Principal Occupation(s) During Past Five Years |  | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |  | Public Company and Other Investment Company Directorships Held During Past Five Years
Lorenzo A. Flores 1964 |  | Trustee (Since 2021) |  | Vice Chairman, Kioxia, Inc. since 2019; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. |  | 73 RICs consisting of 102 Portfolios |  | None
Stayce D. Harris 1959 |  | Trustee (Since 2021) |  | Lieutenant General, Inspector General, Office of the Secretary of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. |  | 73 RICs consisting of 102 Portfolios |  | The Boeing Company since 2021.
J. Phillip Holloman 1955 |  | Trustee (Since 2021) |  | President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. |  | 73 RICs consisting of 102 Portfolios |  | PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation).
R. Glenn Hubbard 1958 |  | Trustee (Since 2007) |  | Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. |  | 73 RICs consisting of 102 Portfolios |  | ADP (data and information services) 2004-2020; Metropolitan Life Insurance Company (insurance); KKR Financial Corporation (finance) from 2004 until 2014.
W. Carl Kester(d) 1951 |  | Trustee (Since 2007) |  | George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. |  | 75 RICs consisting of 104 Portfolios |  | None
Catherine A. Lynch(d) 1961 |  | Trustee (Since 2016) |  | Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. |  | 75 RICs consisting of 104 Portfolios |  | None

T R U S T E E A N D O F F I C E R I N F O R M A T I O N |  | 207

Trustee and Officer Information (continued)

Interested Trustees(a)(e)
Name Year of Birth(b) |  | Position(s) Held (Length of Service)(c) |  | Principal Occupation(s) During Past Five Years |  | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |  | Public Company and Other Investment Company Directorships Held During Past Five Years
Robert Fairbairn 1965 |  | Trustee (Since 2018) |  | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. |  | 103 RICs consisting of 261 Portfolios |  | None
John M. Perlowski(d) 1964 |  | Trustee (Since 2015) President and Chief Executive Officer (Since 2010) |  | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. |  | 105 RICs consisting of 263 Portfolios |  | None

(a) | The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

(b) | Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.

(c) | Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. Robards, 1998.

(d) | Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

(e) | Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.

208 |  | 2 0 2 1 B L A C K R O C K 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

Trustee and Officer Information (continued)

Officers Who Are Not Trustees(a)
Name Year of Birth(b) |  | Position(s) Held (Length of Service) |  | Principal Occupation(s) During Past Five Years
Jonathan Diorio 1980 |  | Vice President (Since 2015) |  | Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015.
Trent Walker 1974 |  | Chief Financial Officer (Since 2021) |  | Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Jay M. Fife 1970 |  | Treasurer (Since 2007) |  | Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967 |  | Chief Compliance Officer (Since 2014) |  | Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Janey Ahn 1975 |  | Secretary (Since 2012) |  | Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.
(a)The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.
(b)Officers of the Trust serve at the pleasure of the Board.

Effective June 10, 2021, Stayce D. Harris and J. Phillip Holloman were each appointed to serve as a Trustee of the Trusts. Effective July 30, 2021, Lorenzo A. Flores was appointed to serve as a Trustee of the Trusts.

Effective December 31, 2021, Richard E. Cavanagh and Michael J. Castellano retired as Trustees of the Trusts.

Effective June 1, 2021, BIGZ’s portfolio managers are William Broadbent, Chris Accettella, Kyle McClements,Phil Ruvinsky and Misha Lozovik. Mr. Lozovik has been a Director at BlackRock since 2016.

Effective June 30, 2021, BDJ’s portfolio managers are Chris Accettella, Kyle McClements,Tony DeSpirito and David Zhao.

Effective January 12, 2022, BOE’s and BGY’s portfolio managers are Chris Accettella, Kyle McClements, Olivia Treharne and Molly Greenen. Ms. Greenen has been a Director at BlackRock since 2013.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N |  | 209

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 29, 2021 for shareholders of record on June 1, 2021, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.

Shareholders elected the Class II Trustees as follows:

|  | J. Phillip Holloman |  |  | Catherine A. Lynch |  |  | Karen P. Robards |  |  | Frank J. Fabozzi |
Trust Name |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
BDJ |  |  | 145,255,580 |  |  |  | 3,024,757 |  |  |  | 143,013,134 |  |  |  | 5,267,203 |  |  |  | 142,726,811 |  |  |  | 5,553,526 |  |  |  | 141,670,128 |  |  |  | 6,610,209 |
BGR |  |  | 22,572,169 |  |  |  | 593,643 |  |  |  | 21,885,262 |  |  |  | 1,280,550 |  |  |  | 21,864,973 |  |  |  | 1,300,839 |  |  |  | 21,877,626 |  |  |  | 1,288,186 |
BOE |  |  | 54,287,333 |  |  |  | 1,911,524 |  |  |  | 47,446,660 |  |  |  | 8,752,197 |  |  |  | 47,438,891 |  |  |  | 8,759,966 |  |  |  | 47,439,479 |  |  |  | 8,759,378 |
BME |  |  | 9,999,927 |  |  |  | 240,549 |  |  |  | 10,068,651 |  |  |  | 171,825 |  |  |  | 10,051,707 |  |  |  | 188,769 |  |  |  | 9,995,120 |  |  |  | 245,356 |
BGY |  |  | 88,956,905 |  |  |  | 3,056,844 |  |  |  | 82,535,090 |  |  |  | 9,478,659 |  |  |  | 82,499,383 |  |  |  | 9,514,366 |  |  |  | 82,438,739 |  |  |  | 9,575,010 |
BCX |  |  | 71,367,846 |  |  |  | 895,473 |  |  |  | 68,639,415 |  |  |  | 3,623,904 |  |  |  | 68,522,990 |  |  |  | 3,740,329 |  |  |  | 68,558,704 |  |  |  | 3,704,615 |
BUI |  |  | 15,766,378 |  |  |  | 357,718 |  |  |  | 15,756,893 |  |  |  | 367,203 |  |  |  | 15,762,216 |  |  |  | 361,880 |  |  |  | 15,750,302 |  |  |  | 373,794 |
BST |  |  | 20,051,987 |  |  |  | 328,993 |  |  |  | 20,131,461 |  |  |  | 249,519 |  |  |  | 20,123,060 |  |  |  | 257,920 |  |  |  | 20,070,487 |  |  |  | 310,493 |

For the Trusts listed above,Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Michael J. Castellano, Richard E. Cavanagh, Cynthia L. Egan, Robert Fairbairn, Stayce Harris, R. Glenn Hubbard, John M. Perlowski and W. Carl Kester. Lorenzo A. Flores was appointed as a Trustee effective July 30, 2021.

Shareholders elected the Class II Trustees as follows:

|  | R. Glenn Hubbard |  |  | W. Carl Kester |  |  | John M. Perlowski |  |  | Karen P. Robards |
Trust Name |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
BSTZ |  |  | 68,592,567 |  |  |  | 1,189,461 |  |  |  | 68,625,689 |  |  |  | 1,156,339 |  |  |  | 68,688,739 |  |  |  | 1,093,289 |  |  |  | 68,714,043 |  |  |  | 1,067,985 |
BMEZ |  |  | 102,094,639 |  |  |  | 1,405,121 |  |  |  | 102,046,888 |  |  |  | 1,452,872 |  |  |  | 102,083,689 |  |  |  | 1,416,071 |  |  |  | 102,168,627 |  |  |  | 1,331,133 |
CII |  |  | 28,130,521 |  |  |  | 8,874,582 |  |  |  | 35,436,253 |  |  |  | 1,568,850 |  |  |  | 35,663,369 |  |  |  | 1,341,734 |  |  |  | 28,009,282 |  |  |  | 8,995,821 |

For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Michael J. Castellano, Richard E. Cavanagh, Cynthia L. Egan, Robert Fairbairn, Stayce Harris, J. Phillip Holloman, Catherine A. Lynch and Frank J. Fabozzi. Lorenzo A. Flores was appointed as a Trustee effective July 30, 2021.

Trust Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trusts will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s long-term performance, there is no guarantee that such results will be achieved.

210 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information (continued)

Dividend Policy

Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust.

The distributions paid by a Trust for any particular month may be more or less than the amount of net investment income earned by a Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

General Information

The Trusts, other than BME, BST and BUI, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BME, BST and BUI, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BME, BST and BUI, has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

BME’s, BST’s and BUI’s Statements of Additional Information include additional information about the Board and are available, without charge upon request by calling (800)882-0052.

The following information is a summary of certain changes since December 31, 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. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BME, BST and BUI only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports 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.

A D D I T I O N A L I N F O R M A T I O N |  | 211

Additional Information (continued)

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time-to-time, BME, BST and BUI may seek to raise additional equity capital through 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.

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.

212 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information (continued)

Trust and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited(a)

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 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.

A D D I T I O N A L I N F O R M A T I O N |  | 213

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

214 |  | 2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

blackrock.com | 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

CEF-BK9-12/21-AR

(b) Not Applicable

Item 2 – | Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.

Item 3 – | Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Frank J. Fabozzi

Lorenzo A. Flores

Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – | Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

2

|  | (a) Audit Fees |  | (b) Audit-Related Fees1 |  | (c) Tax Fees2 |  | (d) All Other Fees3
Entity Name |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End
BlackRock Energy and Resources Trust |  | $36,158 |  | $37,230 |  | $207 |  | $0 |  | $16,200 |  | $16,000 |  | $0 |  | $0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC ( the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

|  | Current Fiscal Year End |  | Previous Fiscal Year End
(b) Audit-Related Fees1 |  | $0 |  | $0
(c) Tax Fees2 |  | $0 |  | $0
(d) All Other Fees3 |  | $2,032,000 |  | $1,984,000

1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3 Non-audit fees of $2,032,000 and $1,984,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this

3

meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

|  | Entity Name |  | Current Fiscal Year End |  | Previous Fiscal Year End |  |
|  | BlackRock Energy and Resources Trust |  | $16,407 |  | $16,000 |  |

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End |  | Previous Fiscal Year End
$2,032,000 |  | $1,984,000

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 – | Audit Committee of Listed Registrants

| (a) | The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Frank J. Fabozzi

Lorenzo A. Flores

J. Phillip Holloman

Catherine A. Lynch

Karen P. Robards

4

(b) Not Applicable

Item 6 – | Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(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 – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL, a copy of the Fund’s Global Corporate Governance & Engagement Principles are attached as Exhibit 99.GLOBAL.CORP.GOV and a copy of the Fund’s Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as Exhibit 99.US.CORP.GOV. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

Item 8 – | Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Kyle G. McClements, CFA, Managing Director at BlackRock, Christopher Accettella, Director at BlackRock, Alastair Bishop, Managing Director at BlackRock and Mark Hume, Director at BlackRock. Messrs. McClements, Accettella, Bishop and Hume are the Fund’s portfolio managers and are responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. McClements and Accettella have been members of the Fund’s portfolio management team since 2012. Messrs. Bishop and Hume have been members of the Fund’s portfolio management team since 2015 and 2018, respectively.

5

Portfolio Manager |  | Biography
Kyle G. McClements, CFA |  | Managing Director of BlackRock since 2009; Director of BlackRock from 2006 to 2008; Vice President of BlackRock in 2005; Vice President of State Street Research & Management from 2004 to 2005.
Christopher Accettella |  | Director of BlackRock since 2008; Vice President of BlackRock, Inc. from 2005 to 2008.
Alastair Bishop |  | Managing Director of BlackRock since 2019; Director of BlackRock from 2010 to 2018.
Mark Hume |  | Director of BlackRock since September 2017; Portfolio Manager at Colonial First State Global Asset Management from 2010 to 2017; Senior Director of Bank of America Merrill Lynch from 2008 to 2010.

(a)(2) As of December 31, 2021:

|  | (ii) Number of Other Accounts Managed and Assets by Account Type |  | (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts
Kyle McClements, CFA |  | 12 |  | 7 |  | 0 |  | 0 |  | 0 |  | 0
|  | $18.86 Billion |  | $1.36 Billion |  | $0 |  | $0 |  | $0 |  | $0
Christopher Accettella |  | 12 |  | 4 |  | 0 |  | 0 |  | 0 |  | 0
|  | $18.86 Billion |  | $742.2 Million |  | $0 |  | $0 |  | $0 |  | $0
Alastair Bishop |  | 7 |  | 14 |  | 3 |  | 0 |  | 1 |  | 0
|  | $4.27 Billion |  | $13.69 Billion |  | $30.32 Million |  | $0 |  | $4.30 Million |  | $0
Mark Hume |  | 1 |  | 2 |  | 0 |  | 0 |  | 0 |  | 0
|  | $198.6 Million |  | $2.51 Billion |  | $0 |  | $0 |  | $0 |  | $0

(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or

6

its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Bishop and Hume may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Bishop and Hume may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of December 31, 2021:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of December 31, 2021.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation – Messrs. Bishop and Hume

Generally, discretionary incentive compensation for Active Equity portfolio managers is based on a formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program is based on team revenue and pre-tax investment performance relative to appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the funds or other accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment Officers determine the benchmarks or rankings against which the performance of funds and other accounts managed by each portfolio management team is compared and the period of time over which performance is evaluated. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: Bloomberg Commodity Index Total Return; FTSE Gold Mines Index (Gross Total Return); FTSE Gold Mining Index - expressed in JPY; FTSE Gold Mining Index - GBP Price; LIBOR 3 Month Index; MSCI 10/40 DW Energy (Net); MSCI ACWI Metals & Mining 30% Buffer 10/40 (1994) GBP Net TR; MSCI ACWI Metals & Mining 30% Buffer 10/40 (1994)

7

USD Net TR; MSCI World Energy Net Daily TR Index; NYSE Arca Gold Miners Index EUR Net Total Return; S&P Global Natural Resources Index; S&P Global Natural Resources Index - In GBP; S&P Global Natural Resources Net Return.

A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation. These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.

Discretionary Incentive Compensation - Messrs. Accettella and McClements

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets or strategies under management or supervision by that portfolio manager, and/or the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the funds, other accounts or strategies managed by each portfolio manager. Performance is generally measured on a pre-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. The performance of some funds, other accounts or strategies may not be measured against a specific benchmark.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

8

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($290,000 for 2021). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. Messrs. Accettella and McClements are eligible to participate in these plans.

United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution to the RSP is between 10% and 15% of eligible pay capped at £160,000 per annum. The RSP offers a range of investment options, including several collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, in the absence of an investment election being made, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on the purchase date. Messrs. Bishop and Hume are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of December 31, 2021.

Portfolio Manager |  | Dollar Range of Equity Securities of the Fund Beneficially Owned
Kyle G. McClements, CFA |  | $100,001 - $500,000
Christopher Accettella |  | $10,001 - $50,000
Alastair Bishop |  | $50,001 - $100,000
Mark Hume |  | $10,001 - $50,000

(b) Not Applicable

Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

9

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

Item 13 – | Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 20091

1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

10

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: February 24, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock Energy and Resources Trust
|  | Date: February 24, 2022

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Energy and Resources Trust

Date: February 24, 2022

11