N-CSRS 1 d39784dncsrs.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, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2025

Date of reporting period: 06/30/2025

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

June 30, 2025

2025 Semi-Annual Report (Unaudited)

BlackRock Energy and Resources Trust (BGR)
BlackRock Enhanced Equity Dividend Trust (BDJ)
BlackRock Enhanced Global Dividend Trust (BOE)
BlackRock Enhanced International Dividend Trust (BGY)
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
BlackRock Health Sciences Term Trust (BMEZ)
BlackRock Health Sciences Trust (BME)
BlackRock Resources & Commodities Strategy Trust (BCX)
BlackRock Science and Technology Term Trust (BSTZ)
BlackRock Science and Technology Trust (BST)
BlackRock Technology and Private Equity Term Trust (BTX)
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 Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Enhanced Large Cap Core Fund, Inc.’s (CII), BlackRock Health Sciences Term Trust’s (BMEZ), BlackRock Health Sciences Trust’s (BME), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Term Trust’s (BSTZ), BlackRock Science and Technology Trust’s (BST), BlackRock Technology and Private Equity Term Trust (BTX) 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 pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.
June 30, 2025

|  | 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 |  | $0.170098 | $— | $— | $0.413702 | $0.583800 | 29 % | — % | — % | 71 % | 100 %
BDJ |  | 0.260620 | — | 0.110780 | — | 0.371400 | 70 | — | 30 | — | 100
BOE |  | 0.094831 | — | 0.108912 | 0.292457 | 0.496200 | 19 | — | 22 | 59 | 100
BGY |  | 0.075115 | — | 0.021509 | 0.158976 | 0.255600 | 29 | — | 9 | 62 | 100
CII |  | — | — | 0.846000 | — | 0.846000 | — | — | 100 | — | 100
BMEZ |  | — | — | — | 1.045990 | 1.045990 | — | — | — | 100 | 100
BME |  | 0.046641 | 0.053013 | 1.350605 | 0.122341 | 1.572600 | 3 | 3 | 86 | 8 | 100
BCX |  | 0.172856 | — | — | 0.245344 | 0.418200 | 41 | — | — | 59 | 100
BSTZ |  | — | — | 1.323490 | — | 1.323490 | — | — | 100 | — | 100
BST |  | — | — | 1.500000 | — | 1.500000 | — | — | 100 | — | 100
BTX |  | — | — | — | 0.507030 | 0.507030 | — | — | — | 100 | 100
BUI |  | 0.140186 | — | 0.675814 | — | 0.816000 | 17 | — | 83 | — | 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
Each Trust, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees or Board of Directors, as applicable (the “Board”), has 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:

Trust Name | Amount Per Common Share
BGR | $0.097300
BDJ | 0.061900
BOE | 0.082700
BGY | 0.042600
CII | 0.141000
BMEZ | 0.169020
BME | 0.262100
BCX | 0.069700
BSTZ | 0.217770
BST | 0.250000
BTX | 0.080690
BUI | 0.136000

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 a 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
2025 BlackRock Semi-Annual Report to Shareholders

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 BDJ, BME, BST and BUI’s prospectuses for a more complete description of each Trust’s risks.
Supplemental Information
3

Table of Contents
Page

Supplemental Information | 2
Option Over-Writing Strategy | 5
Derivative Financial Instruments | 5
Semi-Annual Report: |
Trust Summary | 6
Financial Statements: |
Schedules of Investments | 32
Statements of Assets and Liabilities | 111
Statements of Operations | 114
Statements of Changes in Net Assets | 117
Statements of Cash Flows | 123
Financial Highlights | 127
Notes to Financial Statements | 139
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements | 155
Additional Information | 160
Glossary of Terms Used in this Report | 163

4

Option Over-Writing Strategy
Overview
In general, the goal of each of the Trusts is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trusts seek to pursue these goals primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options in an effort to generate current gains from option premiums and to enhance each Trust’s risk-adjusted return. Each Trust’s objectives cannot be achieved in all market conditions.
Each Trust primarily writes single stock covered call options and may also from time to time write single stock put options. When writing (selling) a covered call option, a Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price (“strike price”) within an agreed-upon time period. The Trust receives cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trust. During the option term, the counterparty may elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust is obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trust realizes gains equal to the premiums received. Alternatively, an option may be closed out by an offsetting purchase or sale of an option prior to expiration. The Trust realizes a capital gain from a closing purchase or sale transaction if the premium paid is less than the premium received from writing the option. The Trust realizes a capital loss from a closing purchase or sale transaction if the premium received is less than the premium paid to purchase the option.
Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written option (sale by a Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty may result in a sale below the current market value and a gain or loss being realized by the Trust; and limiting the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. The premium that a Trust receives from writing a covered call option may not be sufficient to offset the potential appreciation on the underlying equity security above the strike price of the option that could have otherwise been realized by the Trust. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.
Option Over-Writing Strategy Illustration
To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock’s value, as a premium. If the stock price remains unchanged, the option expires and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would “break-even” from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust’s downside protection is eliminated and the stock could eventually become worthless.
Each Trust intends to write covered call and other options to varying degrees depending upon market conditions. Please refer to each Trust’s Schedule of Investments and the Notes to Financial Statements for details of written options.
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. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. 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.
Option Over-Writing Strategy / Derivative Financial Instruments
5

Trust Summary as of June 30, 2025
BlackRock Energy and Resources Trust (BGR)
Investment Objective
BlackRock Energy and Resources Trust’s (BGR) (the “Trust”) investment objective is to provide total return through a combination of current income and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BGR
Initial Offering Date | December 29, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($13.26)(a) | 8.81%
Current Monthly Distribution per Common Share(b) | $0.097300
Current Annualized Distribution per Common Share(b) | $1.167600

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

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $13.26 | $12.61 | 5.15 % | $13.89 | $11.27
Net Asset Value | 13.86 | 13.77 | 0.65 | 14.71 | 12.27

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 5.21 % | 0.72 % | 18.53 % | 3.78 %
Trust at Market Price(a)(b) | 9.91 | 8.46 | 20.06 | 3.95
MSCI World Energy Call Overwrite Index(c) | 3.56 | (0.04 ) | 17.94 | N/A
MSCI World Energy Index (Net)(d) | 4.56 | (0.84 ) | 19.12 | 4.58

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | 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 10-year returns.
(d) | An index that is designed to capture the large- and mid-cap segments across developed markets countries. All securities in the index are classified in the energy sector as per the Global Industry Classification Standard.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
At the sub-sector level, positions in oil services, coal, and uranium companies made positive contributions to relative performance.
An out-of-benchmark position in the oil services company TechnipFMC PLC helped relative performance, following strong quarterly results announced in April. An out-of-benchmark holding in the liquid natural gas (LNG) tanker liner specialist Gaztransport & Technigaz SA also contributed to returns, supported by a robust order book and strong annual earnings results.
The Trust’s overweight in the uranium fuel producer Cameco Corp. further contributed, driven by favorable market expectations regarding nuclear energy.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy made a positive contribution to performance.
6
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Energy and Resources Trust (BGR)
The Trust’s out-of-benchmark position in the exploration and production company Kosmos Energy Ltd. declined due to weakness in oil prices and lower production growth expectations for its West African Jubilee asset.
Positioning in integrated oil companies detracted from returns. An underweight in the European integrated oil company BP PLC detracted as the stock rose following activist investor intervention and the announcement of plans to simplify its portfolio to concentrate on hydrocarbons.
Kodiak Gas Services, Inc. and Archrock, Inc., both suppliers of compression infrastructure to the energy sector, lost ground amid broader weakness in energy stocks seen as being higher risk.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust decreased its overall allocation to the exploration and production sub-sector and increased its weighting in integrated oil companies.
The Trust’s purchases focused on companies expected to continue generating positive cash flow in a lower oil price environment, which should allow them to maintain dividends, undertake share buybacks, and invest in production.
The Trust exited two exploration and production companies, purchased a Canadian integrated oil producer, and added to a U.S. energy major. It also exited a refining stock and switched into a U.S. refiner with lower expected tariff risk and assets that appeared less exposed to imported oil.
Describe portfolio positioning at period end.
At the end of the period, 50.1% of the portfolio was invested in integrated oil and gas, 20.5% in distribution, 20.2% in exploration and production, 3.1% in refining and marketing, 3.0% in other oil services, and 2.2% in uranium. The remaining 0.1% was held in cash.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 31.8% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.3% out of the money) and for maturities averaging 51 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Exxon Mobil Corp. | 19.8 %
Shell PLC | 10.9
Chevron Corp. | 9.9
TotalEnergies SE | 7.1
Canadian Natural Resources Ltd. | 4.2
Williams Cos., Inc. | 4.1
Cheniere Energy, Inc. | 4.1
EOG Resources, Inc. | 3.9
Kinder Morgan, Inc. | 3.8
TC Energy Corp. | 3.8

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Oil, Gas & Consumable Fuels | 98.0 %
Energy Equipment & Services | 2.0

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

Trust Summary
7

Trust Summary as of June 30, 2025
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 utilizing an option writing strategy to enhance distributions to its shareholders. The Trust invests, under normal market conditions, 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. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange | BDJ
Initial Offering Date | August 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($8.89)(a) | 8.36%
Current Monthly Distribution per Common Share(b) | $0.061900
Current Annualized Distribution per Common Share(b) | $0.742800

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

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $8.89 | $8.28 | 7.37 % | $8.97 | $7.60
Net Asset Value | 9.39 | 9.02 | 4.10 | 9.39 | 8.17

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 8.63 % | 11.66 % | 12.80 % | 9.04 %
Trust at Market Price(a)(b) | 12.04 | 18.14 | 13.87 | 9.65
MSCI USA Value Call Overwrite Index(c) | 5.00 | 12.13 | 12.56 | N/A
Russell 1000® Value Index(d) | 6.00 | 13.70 | 13.93 | 9.19

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
Stock selection in the healthcare sector contributed to relative performance, led by results in the healthcare providers and services industry. Selection in consumer discretionary, particularly in the household durables industry, also had a positive impact on results. Selection in industrials and allocation decisions in energy contributed, as well.
Selection in the communication services sector detracted, due in part to weakness among holdings in the interactive media and services industry. Selection in utilities and materials also detracted.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The options overlay strategy detracted from relative performance.
8
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Enhanced Equity Dividend Trust (BDJ)
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust’s allocations to the information technology and real estate sectors increased due to a combination of portfolio trading activity and market movements. The Trust’s weighting in the healthcare sector decreased. The Trust did not add any new private companies during the period.
Describe portfolio positioning at period end.
The Trust’s largest absolute allocations were in the financials, healthcare, and industrials sectors. Relative to the benchmark, its most significant overweights were in financials, healthcare and materials. Communication services, consumer staples, and real estate were the largest underweights.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 51.0% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.0% out of the money).
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 | Percent of Total Investments(a)
Citigroup, Inc. | 3.6 %
Wells Fargo & Co. | 3.4
First Citizens BancShares, Inc. | 3.0
SS&C Technologies Holdings, Inc. | 2.8
Amazon.com, Inc. | 2.5
CVS Health Corp. | 2.5
Microsoft Corp. | 2.2
Cardinal Health, Inc. | 2.1
Baxter International, Inc. | 2.0
Medtronic PLC | 2.0

SECTOR ALLOCATION
Sector(b) | Percent of Total Investments(a)
Financials | 23.7 %
Health Care | 15.1
Industrials | 12.3
Information Technology | 12.0
Communication Services | 7.4
Consumer Staples | 6.2
Energy | 6.1
Consumer Discretionary | 5.3
Utilities | 4.7
Materials | 4.4
Real Estate | 2.8

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Trust Summary
9

Trust Summary as of June 30, 2025
BlackRock Enhanced Global Dividend Trust (BOE)
Investment Objective
BlackRock Enhanced Global Dividend Trust’s (BOE) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies located in countries throughout the world and by employing a strategy of writing (selling) call and put options. Under normal circumstances, the Trust invests at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the U.S. (unless market conditions are not deemed favorable by Trust management, in which case the Trust would invest at least 30% of its assets outside of the U.S.). The Trust may invest in securities of companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange | BOE
Initial Offering Date | May 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($11.35)(a) | 8.74%
Current Monthly Distribution per Common Share(b) | $0.082700
Current Annualized Distribution per Common Share(b) | $0.992400

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

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $11.35 | $10.77 | 5.39 % | $11.42 | $9.66
Net Asset Value | 12.42 | 12.05 | 3.07 | 12.62 | 10.68

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 7.75 % | 10.83 % | 10.89 % | 6.56 %
Trust at Market Price(a)(b) | 10.17 | 15.89 | 11.69 | 6.90
MSCI ACWI Call Overwrite Index(c) | 7.11 | 14.47 | 12.29 | N/A
MSCI ACWI (Net)(d) | 10.05 | 16.17 | 13.65 | 9.99

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
Stock selection in financials contributed the most to relative performance. Stock selection within and an overweight to industrials along with an underweight to consumer discretionary also contributed.
In terms of individual contributors, shares of Spanish multinational financial services firm Banco Bilbao Vizcaya Argentaria were supported by investor confidence in European banks and optimism around its proposed merger with Sabadell, which is expected to enhance efficiency and scale. Strong fourth quarter 2024 results and upward earnings revisions further lifted sentiment with respect to the stock alongside broad strength in European financials. General Electric Co., a U.S. aerospace and defense firm, outperformed on strong quarterly results and favorable structural tailwinds. The company reported robust earnings and raised its full-year guidance, driven by strong order momentum. A limited availability of new aircraft has led airlines to extend the life of older fleets, fueling increased demand for maintenance and aftermarket services, a segment
10
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Enhanced Global Dividend Trust (BOE)
in which General Electric holds a leading market position. BAE Systems plc is a British aerospace, arms and information security company that is benefiting from increased geopolitical tensions and a renewed focus on European defense spending. BAE is well aligned with Europe’s key defense priorities through its involvement in missile systems and the Eurofighter jet program. In addition, the company’s accretive acquisitions and ongoing share buybacks have further supported investor confidence.
On the downside, shares of UnitedHealth Group Inc. declined sharply in April 2025 as the managed care provider reported an earnings miss while lowering full-year guidance, citing rising costs driven by elevated patient care utilization in its Medicare Advantage offering. The stock took another downward turn in May as UnitedHealth’s CEO unexpectedly resigned and the company suspended its fiscal year guidance. Despite a movement towards reducing government spending, Medicare Advantage is a structurally important industry and UnitedHealth has several potential levers to improve profitability, including adjustments to patient coverage and benefit structures. With a path to stabilizing near-term earnings and a return to structural growth drivers in the medium term, we believe the stock is attractively valued at current levels. Sentiment with respect to Accenture, the U.S. information technology services and consulting company, suffered from concerns around the outlook for spending by its clients given elevated macroeconomic and geopolitical uncertainty, overshadowing a relatively strong period for the company. Digitalization remains a critical priority for Accenture’s customers, and this should increasingly support the company’s ability to grow earnings throughout the business investment cycle. Finally, a lack of exposure to Nvidia Corp. detracted as the chipmaker benefited from strong artificial intelligence (“AI”) demand, a positive first quarter earnings report, and a move by investors back into riskier growth narratives. While we recognize the structural growth opportunity in AI and maintain exposure to several AI-focused names within the portfolio, we retain our decision to not hold Nvidia driven by valuation concerns and our conviction that Broadcom is better placed for the next phase of AI evolution. To that point, we believe that as the industry shifts from general processing units toward more application-specific chips, Broadcom’s capabilities in custom silicon and infrastructure solutions offer a compelling alternative. We see this as a more efficient use of capital, aligned with our conviction in the long-term trajectory of AI adoption.
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.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
During the period, the Trust added exposure to the industrials, communication services and utilities sectors. The Trust reduced exposure to the healthcare, energy and consumer discretionary sectors.
Describe portfolio positioning at period end.
At the end of the period, the Trust’s largest sector exposures were in information technology, industrials and financials. Regionally, the majority of the portfolio was listed in the United States, with significant exposure in Europe as well.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 45% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 2.8% out of the money) and for maturities averaging 54 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Microsoft Corp. | 5.7 %
Broadcom, Inc. | 4.1
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.9
AstraZeneca PLC | 3.2
CMS Energy Corp. | 3.0
Coca-Cola Co. | 3.0
Meta Platforms, Inc. | 2.9
RELX PLC | 2.6
Accenture PLC | 2.6
Colgate-Palmolive Co. | 2.5

GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments
United States | 71.9 %
United Kingdom | 8.9
Taiwan | 5.3
Denmark | 2.2
Netherlands | 2.1
Spain | 2.1
France | 2.1
Canada | 2.0
Switzerland | 2.0
Japan | 1.4
India | — (b)

(a) | Excludes short-term securities, short investments and options, if any.
(b) | Rounds to less than 0.1%.

Trust Summary
11

Trust Summary as of June 30, 2025
BlackRock Enhanced International Dividend Trust (BGY)
Investment Objective
BlackRock Enhanced International Dividend Trust’s (BGY) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal circumstances, at least 80% of its net assets in dividend-paying equity securities issued by non-U.S. companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange | BGY
Initial Offering Date | May 30, 2007
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($5.79)(a) | 8.83%
Current Monthly Distribution per Common Share(b) | $0.042600
Current Annualized Distribution per Common Share(b) | $0.511200

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

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $5.79 | $5.31 | 9.04 % | $5.90 | $4.93
Net Asset Value | 6.27 | 5.91 | 6.09 | 6.36 | 5.38

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 10.95 % | 8.41 % | 9.19 % | 5.68 %
Trust at Market Price(a)(b) | 14.04 | 12.68 | 10.36 | 5.55
MSCI ACWI ex USA Call Overwrite Index(c) | 14.46 | 15.58 | 8.81 | N/A
MSCI ACWI ex USA Index (Net)(d) | 17.90 | 17.72 | 10.13 | 6.12

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
Security selection in the industrials, healthcare and consumer staples sectors detracted from relative performance over the period.
In terms of individual detractors, sentiment around Danish pharmaceutical company Novo Nordisk sentiment was negatively impacted after clinical trial results for its new weight loss drug Cagrisema failed to show superior efficacy relative to competitor Eli Lilly’s treatment, raising questions on the drug’s commercialization prospects. In addition, Eli Lilly’s weight-loss drugs Zepbound and Mounjaro have been gaining market share over Novo Nordisk’s Wegovy and Ozempic. At Novo Nordisk’s current low valuation, we believe that there is more potential for positive growth. Texas Instruments, the U.S. semiconductor company, detracted as the Fund exited the stock in April 2025 on the view that trade tensions and tariffs between China and the U.S. would weigh on the company’s results given that a significant portion of its revenues are derived from China. The company subsequently posted an earnings beat and announced a sizeable capital expenditure initiative, leading the stock higher. Diageo plc., the British multinational alcoholic beverages company, has been affected by tariff-related concerns, with approximately 45% of its U.S. sales originating from production in Mexico or Canada, primarily
12
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Enhanced International Dividend Trust (BGY)
driven by Tequila. Diageo anticipates a significant earnings headwind from tariffs and withdrew its medium-term guidance due to ongoing macroeconomic and geopolitical uncertainties in key markets. Given softening industry-wide sales and a new management team in the early days of executing its strategy, the Fund exited the position.
Stock selection in energy and materials contributed to relative performance over the period, along with an underweight to consumer discretionary.
In terms of individual contributors, shares of Spanish multinational financial services firm Banco Bilbao Vizcaya Argentaria were supported by investor confidence in European banks and optimism around its proposed merger with Sabadell, which is expected to enhance efficiency and scale. Strong fourth quarter 2024 results and upward earnings revisions further lifted sentiment with respect to the stock alongside broad strength in European financials. General Electric Co., a U.S. aerospace and defense firm, outperformed on strong quarterly results and favorable structural tailwinds. The company reported robust earnings and raised its full-year guidance, driven by strong order momentum. A limited availability of new aircraft has led airlines to extend the life of older fleets, fueling increased demand for maintenance and aftermarket services, a segment in which General Electric holds a leading market position. Shares of Dutch telecommunications company Koninklike KPN N.V. were boosted by a recent dividend increase and progress on a share buyback program launched in February 2025. The company’s leadership remains focused on long term growth indicated by its investments in fiber, cybersecurity (including free security licenses for retail customers), and tower infrastructure. The company has seen strong revenue growth in both consumer and business segments while successfully managing operating expenses.
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 to relative performance for the reporting period.
The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
During the reporting period, the Trust reduced exposure to the information technology, consumer staples and consumer discretionary sectors, while increasing exposure to financials, materials and healthcare.
Describe portfolio positioning at period end.
At the end of the period, the Trust’s largest sector overweights were in industrials, communication services and healthcare. Regionally, the majority of the portfolio was listed in Europe, with significant exposure in Europe ex U.K. as well.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 45% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 2.6% out of the money) and for maturities averaging 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.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Taiwan Semiconductor Manufacturing Co. Ltd. | 5.6 %
Shell PLC | 4.0
HDFC Bank Ltd. | 3.7
Air Liquide SA | 3.5
SAP SE | 3.2
Sony Group Corp. | 3.1
Koninklijke KPN NV | 3.1
FinecoBank Banca Fineco SpA | 3.1
RELX PLC | 3.1
Banco Bilbao Vizcaya Argentaria SA | 3.0

GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments
United States | 17.4 %
Germany | 10.6
United Kingdom | 9.4
Japan | 8.5
Taiwan | 7.0
Switzerland | 6.8
Netherlands | 6.0
Canada | 5.2
France | 5.1
Spain | 4.9
Sweden | 4.4
India | 3.7
Italy | 3.1
China | 2.8
Denmark | 2.6
Singapore | 2.5

(a) | Excludes short-term securities, short investments and options, if any.

Trust Summary
13

Trust Summary as of June 30, 2025
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
Investment Objective
BlackRock Enhanced Large Cap Core Fund, Inc.’s (CII) (the “Trust”) investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | CII
Initial Offering Date | April 30, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($21.35)(a) | 7.93%
Current Monthly Distribution per Common Share(b) | $0.141000
Current Annualized Distribution per Common Share(b) | $1.692000

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

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $21.35 | $20.10 | 6.22 % | $21.35 | $16.50
Net Asset Value | 22.65 | 21.43 | 5.69 | 22.65 | 17.95

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 10.26 % | 14.67 % | 15.37 % | 11.47 %
Trust at Market Price(a)(b) | 10.80 | 15.06 | 16.41 | 11.61
MSCI USA Call Overwrite Index(c) | 2.81 | 13.56 | 14.34 | N/A
Russell 1000® Index(d) | 6.12 | 15.66 | 16.30 | 13.35

(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 Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An index that measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000® Index represents approximately 93% of the Russell 3000® Index.

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 relative performance based on NAV:
What factors influenced performance?
Stock selection in the healthcare sector contributed to relative performance, led by results in the healthcare providers and services industry. Selection in financials, particularly in the financial services industry, also had a positive impact on results. Selection in industrials and information technology contributed, as well.
Selection in the materials sector detracted, due in part to weakness among holdings in the chemicals industry. Allocation decisions in consumer staples, most notably the tobacco industry, also weighed on relative performance. A zero weighting in the utilities sector and stock selection in energy further detracted.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance.
The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.
14
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
Describe recent portfolio activity.
The Trust’s allocations to the healthcare and financials sectors increased due to a combination of portfolio trading activity and market movements. Its allocations to the information technology and industrials sectors decreased.
Describe portfolio positioning at period end.
The Trust’s largest absolute allocations were in the information technology, financials, communication services and healthcare sectors. Relative to the benchmark, its most significant overweights were in financials, communication services, and healthcare. Consumer staples, utilities, and real estate were the largest underweights.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 55.4% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.0% out of the money).
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 | Percent of Total Investments(a)
Microsoft Corp. | 9.0 %
Amazon.com, Inc. | 7.3
Meta Platforms, Inc. | 6.9
NVIDIA Corp. | 6.0
Broadcom, Inc. | 4.7
Visa, Inc. | 4.5
Cardinal Health, Inc. | 4.0
Intercontinental Exchange, Inc. | 3.6
Ciena Corp. | 3.6
Howmet Aerospace, Inc. | 3.5

SECTOR ALLOCATION
Sector(b) | Percent of Total Investments(a)
Information Technology | 31.7 %
Financials | 17.7
Communication Services | 13.5
Health Care | 11.8
Consumer Discretionary | 9.9
Industrials | 9.6
Materials | 3.0
Energy | 2.8

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Trust Summary
15

Trust Summary as of June 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
Investment Objective
BlackRock Health Sciences Term Trust’s (BMEZ) (the “Trust”) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities of companies principally engaged in the health sciences group of industries and equity derivatives with exposure to the health sciences group of industries. Equity derivatives in which the Trust invests include purchased and sold (written) call and put options on equity securities of companies in the health sciences group of industries.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BMEZ
Initial Offering Date | January 30, 2020
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($14.26)(a) | 14.22%
Current Monthly Distribution per Common Share(b) | $0.169020
Current Annualized Distribution per Common Share(b) | $2.028240

(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 monthly distribution per Common Share, declared on August 1, 2025, was decreased to $0.164960 per share. The current distribution rate on closing market price, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $14.26 | $14.40 | (0.97 )% | $16.60 | $13.25
Net Asset Value | 15.33 | 16.43 | (6.70 ) | 17.38 | 13.73

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | Since Inception(a)
Trust at NAV(b)(c) | (0.06 )% | (0.02 )% | 0.70 % | 3.98 %
Trust at Market Price(b)(c) | 6.07 | 6.32 | 1.61 | 2.60
MSCI Custom ACWI SMID Growth HC Call Overwrite Index(d) | 5.41 | 8.87 | N/A | (1.79 )
MSCI ACWI (Net)(e) | 10.05 | 16.17 | 13.65 | 11.18

(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 representing the Health Care sector stocks within the MSCI ACWI SMID Cap Growth Index and incorporating an option overlay component with a 25% overwrite level. The MSCI ACWI SMID Cap Growth Index captures mid- and small-cap securities exhibiting overall growth style characteristics across certain developed and emerging markets countries. The index commenced on March 31, 2022 and therefore the since inception return presented is for the period March 31, 2022 through the current reporting period.
(e) | An index that captures large- and mid-cap representation across certain developed and emerging markets.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
At the industry level, security selection in the healthcare facilities and healthcare services sub-sectors contributed to performance. On the other hand, selection in biotechnology and healthcare equipment detracted.
16
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Health Sciences Term Trust (BMEZ)
At the individual holding level, an underweight position in Illumina Inc. was the largest contributor to relative performance. Shares of the genomics company dropped due to an analyst downgrade and concerns about regulatory challenges. An out-of-benchmark position in the biopharmaceutical firm Abbisko Cayman Ltd. also contributed positively. The stock rose sharply due to its large revenue and profit turnaround in 2024, which was fueled by the signing of a major out-licensing agreement with Merck for a key drug. An underweight in Sarepta Therapeutics, Inc., which lost ground due to layoffs and safety concerns about its Duchenne muscular dystrophy gene therapy Elevidys, further contributed.
An out-of-benchmark position in West Pharmaceuticals Services, Inc. was the largest detractor from performance. The stock came under pressure from continued weak sentiment after its full-year outlook missed analysts’ expectations. A zero weighting in Innovent Biologics, Inc.—which rose on investor optimism tied to its expanding oncology and immunology biologics portfolio, together with recent regulatory and commercial progress—also hurt relative performance. Not holding a position in the biopharmaceutical company Intra-Cellular Therapies, Inc. was an additional detractor. The stock rose due to ongoing clinical progress and increasing attention on its pipeline of treatments for neuropsychiatric and neurological disorders.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to relative performance.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust’s allocations to the healthcare providers and services and pharmaceuticals sub-sectors increased, while its weightings in the biotechnology and medical devices and supplies subsectors decreased. The Trust made two additional investments in private technology companies.
Describe portfolio positioning at period end.
At the end of the reporting period, the Trust held 36% of net asset value in the biotechnology industry, 36% in medical devices and supplies, 17% in healthcare providers and services, and 7% in pharmaceuticals. These industry weightings were the result of bottom-up stock selection.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 30.0% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 6.9% out of the money) and for maturities averaging 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 | Percent of Total Investments(a)
Alnylam Pharmaceuticals, Inc. | 4.9 %
Veeva Systems, Inc. | 3.5
Dexcom, Inc. | 2.8
PsiQuantum Corp. | 2.4
Mettler-Toledo International, Inc. | 2.4
Waters Corp. | 2.2
West Pharmaceutical Services, Inc. | 2.1
Labcorp Holdings, Inc. | 2.1
IDEXX Laboratories, Inc. | 2.1
Insulet Corp. | 1.9

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Biotechnology | 37.9 %
Health Care Equipment & Supplies | 20.7
Life Sciences Tools & Services | 15.3
Health Care Providers & Services | 12.8
Pharmaceuticals | 6.1
Health Care Technology | 4.2
Semiconductors & Semiconductor Equipment | 2.4
Capital Markets | 0.6

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

Trust Summary
17

Trust Summary as of June 30, 2025
BlackRock Health Sciences Trust (BME)
Investment Objective
BlackRock Health Sciences Trust’s (BME) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BME
Initial Offering Date | March 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($36.46)(a) | 8.63%
Current Monthly Distribution per Common Share(b) | $0.262100
Current Annualized Distribution per Common Share(b) | $3.145200

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

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $36.46 | $37.93 | (3.88 )% | $41.00 | $34.86
Net Asset Value | 39.31 | 41.20 | (4.59 ) | 43.95 | 37.85

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | (0.61 )% | (4.28 )% | 5.49 % | 6.94 %
Trust at Market Price(a)(b) | 0.14 | (3.94 ) | 3.99 | 6.26
MSCI USA Investable Market Index Health Care Call Overwrite Index(c) | (0.74 ) | (4.74 ) | 5.86 | N/A
Russell 3000® Health Care Index(d) | (2.56 ) | (6.13 ) | 6.25 | 7.36

(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 IMI Health Care Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An unmanaged index that features companies involved in medical services or health care in the Russell 3000® Index, which includes the largest 3,000 U.S. companies as determined by total market capitalization.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
At the industry level, security selection in the biotechnology and managed healthcare sub-sectors contributed to performance. On the other hand, selection in healthcare equipment detracted.
An underweight position in UnitedHealth Group, Inc. was the top contributor to performance at the individual holding level. The stock dropped as investors reacted to ongoing uncertainty about Medicare Advantage margin pressures and rising care utilization. An overweight in Boston Scientific Corp. was also a notable contributor. The medical device company’s stock rose on optimism driven by analyst upgrades, strong recent earnings, and higher full-year growth forecasts. An underweight in the pharmaceutical and biotechnology stock Merck & Co., Inc. further helped results.
18
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Health Sciences Trust (BME)
At the individual security level, an underweight in CVS Corp. was the largest detractor. The company continued to benefit from better-than-expected prescription volumes and positive developments in its pharmacy benefit manager segment. Underweights in Johnson & Johnson, which rose on the strength of robust sales in its pharmaceutical division and easing litigation risk, and Eli Lilly & Co., which benefited from further encouraging data and demand for its weight-loss and diabetes drugs, also detracted.
The Trust made use of options, principally writing call options on individual stocks, to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to relative performance.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust’s allocations to the healthcare providers and services and pharmaceuticals sub-sectors increased, while its weightings in the biotechnology and medical devices and supplies sub-sectors decreased. The Trust made an additional investment in a private technology company.
Describe portfolio positioning at period end.
The Trust held 38% of net asset value in the medical devices and supplies industry, 24% in biotechnology, 20% in pharmaceuticals, and 16% in healthcare providers and services. These industry weightings were a result of bottom-up stock selection.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 34.7% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 6.5% out of the money) and for maturities averaging 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.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Eli Lilly & Co. | 9.1 %
Boston Scientific Corp. | 6.3
Abbott Laboratories | 5.9
AbbVie, Inc. | 4.9
UnitedHealth Group, Inc. | 4.6
Johnson & Johnson | 4.1
Stryker Corp. | 3.8
Amgen, Inc. | 3.3
Intuitive Surgical, Inc. | 3.3
Medtronic PLC | 3.1

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Health Care Equipment & Supplies | 31.4 %
Biotechnology | 24.3
Pharmaceuticals | 20.2
Health Care Providers & Services | 16.4
Life Sciences Tools & Services | 7.6
Other* | 0.1

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

Trust Summary
19

Trust Summary as of June 30, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
Investment Objective
BlackRock Resources & Commodities Strategy Trust’s (BCX) (the “Trust”) primary investment objective is to seek high current income and current gains, with a secondary objective of capital appreciation. The Trust will seek to achieve its investment objectives, under normal market conditions, by investing at least 80% of its total assets in equity securities issued by commodity or natural resources companies, derivatives with exposure to commodity or natural resources companies or investments in securities and derivatives linked to the underlying price movement of commodities or natural resources. While permitted, the Trust does not currently expect to invest in securities and derivatives linked to the underlying price movement of commodities or natural resources. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange | BCX
Initial Offering Date | March 30, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($9.45)(a) | 8.85%
Current Monthly Distribution per Common Share(b) | $0.069700
Current Annualized Distribution per Common Share(b) | $0.836400

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

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $9.45 | $8.54 | 10.66 % | $9.55 | $8.00
Net Asset Value | 10.25 | 9.58 | 6.99 | 10.35 | 8.76

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 11.93 % | 6.21 % | 14.24 % | 6.98 %
Trust at Market Price(a)(b) | 15.76 | 11.45 | 16.36 | 7.82
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index(c) | 11.88 | 2.57 | 11.94 | N/A
S&P Global Natural Resources Index (Net)(d) | 10.42 | 0.60 | 11.98 | 5.98

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
The Trust’s overweight position in gold stocks positively impacted performance. Gold benefited from continued central bank purchases and its status as a “safe haven” during a period of heightened geopolitical risk, inflation, uncertainty over global growth, and rising government budget deficits and debt levels. A higher gold price, combined with a favorable energy and labor cost environment for mining companies, led the Trust’s gold producers and gold royalty companies—such as Wheaton Precious Metals Corp. and AngloGold Ashanti PLC—to be among the largest positive contributors.
The cement and building materials producer Heidelberg Materials AG was also a top contributor. The stock was supported by positive earnings updates and the German government’s announcement of a €500 billion package to boost defense and infrastructure spending.
20
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Resources & Commodities Strategy Trust (BCX)
Holdings in U.S. steel producers were additional contributors of note. The companies were viewed as beneficiaries of rising steel prices brought about by higher tariffs on imported steel. U.S. Steel, which was taken over at a premium, was a top contributor in the sector.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy made a positive contribution to performance.
The Trust’s overweight positions in paper and packaging companies in the agriculture sector detracted from returns, as did its overweights in bulk commodity producers in the mining sector. The paper and packaging stocks Smurfit WestRock PLC, Graphic Packaging Holding Co., and Packaging Corp. of America were also notable detractors due in part to concerns about the impact of U.S. tariffs. Additionally, Graphic Packaging reported weaker-than-expected packaging volumes in its quarterly update.
Shares of the diversified miner Glencore PLC declined due to the potential negative impact of tariff-related uncertainty on global growth and commodity demand. Glencore was also affected by short-term weakness in its copper production.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust reduced its weighting in the energy sector and increased its allocations to the agriculture and mining sectors.
The Trust exited positions in three European integrated energy companies and initiated positions in two North American energy producers. It also exited two diversified mining companies and added holdings in U.S.-focused seed, crop protection, and fertilizer stocks.
Describe portfolio positioning at period end.
The portfolio had weightings of 38.3% in the mining sector, 28.5% in agriculture, and 28.0% in energy. The remaining 3.3% was held in cash.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 30.5% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 4.1% out of the money) and for maturities averaging 51 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Shell PLC | 7.7 %
Nutrien Ltd. | 7.6
Exxon Mobil Corp. | 6.7
Wheaton Precious Metals Corp. | 5.7
Corteva, Inc. | 5.6
Anglo American PLC | 4.7
Newmont Corp. | 4.2
Freeport-McMoRan, Inc. | 4.0
Smurfit WestRock PLC | 3.7
Vale SA | 3.6

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Metals & Mining | 39.3 %
Oil, Gas & Consumable Fuels | 26.8
Chemicals | 16.7
Containers & Packaging | 7.5
Paper & Forest Products | 3.2
Food Products | 2.8
Construction Materials | 2.8
Energy Equipment & Services | 0.9

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

Trust Summary
21

Trust Summary as of June 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
Investment Objective
BlackRock Science and Technology Term Trust’s (BSTZ) (the “Trust”) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BSTZ
Initial Offering Date | June 27, 2019
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($20.75)(a) | 12.59%
Current Monthly Distribution per Common Share(b) | $0.217770
Current Annualized Distribution per Common Share(b) | $2.613240

(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 monthly distribution per Common Share, declared on August 1, 2025, was decreased to $0.216470 per share. The current distribution rate on closing market price, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $20.75 | $20.71 | 0.19 % | $22.07 | $16.12
Net Asset Value | 22.30 | 23.14 | (3.63 ) | 24.34 | 17.48

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | Since Inception(a)
Trust at NAV(b)(c) | 3.08 % | 11.41 % | 6.89 % | 11.33 %
Trust at Market Price(b)(c) | 7.17 | 18.82 | 8.17 | 10.00
MSCI Custom ACWI SMID Growth IT Call Overwrite Index(d) | 3.89 | 11.25 | N/A | 5.77
MSCI ACWI (Net)(e) | 10.05 | 16.17 | 13.65 | 11.71

(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’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 representing the Information Technology sector stocks within the MSCI ACWI SMID Cap Growth Index and incorporating an option overlay component with a 25% overwrite level. An index that captures mid- and small-cap securities exhibiting overall growth style characteristics across certain developed and emerging markets. The index commenced on March 31, 2022 and therefore the since inception return presented is for the period March 31, 2022 through the current reporting period.
(e) | An index that captures large- and mid-cap representation across certain developed and emerging markets.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
At the sector level, security selection in the internet and new industries sub-sectors contributed to performance. Selection in the software and services sub-sectors were the largest detractors.
22
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Science and Technology Term Trust (BSTZ)
At the individual holding level, an out-of-benchmark position in Spotify Technology SA was the largest contributor to relative performance. Shares of the media services provider continued to rise due to rapid subscriber growth, strong revenue gains, sustained cost control, and bullish investor sentiment on its long-term profitability. An out-of-benchmark holding in SK Hynix Co. Ltd. was also a key contributor. The semiconductor stock traded up thanks to a favorable industry outlook and surging demand for high-bandwidth memory chips powered by AI infrastructure buildouts. An out-of-benchmark position in NVIDIA, Inc. further contributed. The stock rallied to an all-time high on the strength of record demand for AI chips.
On the other hand, an out-of-benchmark position in the semiconductor manufacturing company Astera Labs, Inc. was the largest detractor. The stock’s valuation contracted as profit-taking and volatility in recent initial public offerings led to a pullback. An out-of-benchmark position in Tesla, Inc., which came under pressure from slowing sales, was an additional contributor. The Trust was also hurt by its underweight position in the cloud services provider Cloudflare, Inc. The stock rose on the strength of robust financial performance that included accelerated revenue and customer growth, major enterprise contract wins, and upbeat forward guidance.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance.
The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The investment adviser increased the Trust’s allocation to the internet sub-sector. It reduced the portfolio’s weightings in the hardware, services, software, semiconductors, and content and infrastructure sub-sectors.
Describe portfolio positioning at period end.
As capacity increased, the investment adviser sought opportunities to harvest the illiquidity premium by adding holdings in private investments. As of June 30, 2025, the Trust held 35 private investments, comprising 34.2% of total assets for a total commitment of approximately $526 million.
The Trust held 32% of net asset value in semiconductors, 28% in software, 11% in hardware, 10% in services, 11% in internet, 9% in other areas of the technology sector. These industry weightings were the result of bottom-up stock selection.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 10.4% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 7.0% out of the money) and for maturities averaging 49 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Trust Summary
23

Trust Summary as of June 30, 2025(continued)
BlackRock Science and Technology Term Trust (BSTZ)
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
NVIDIA Corp. | 9.6 %
Databricks, Inc. | 6.5
PsiQuantum Corp. | 4.7
Spotify Technology SA | 3.0
Klarna Group PLC | 2.7
Databricks, Inc. | 2.4
ByteDance Ltd. | 2.3
Databricks, Inc. | 2.2
MercadoLibre, Inc. | 2.2
GrubMarket, Inc. | 2.1

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Semiconductors & Semiconductor Equipment | 31.3 %
Software | 24.4
Entertainment | 8.1
IT Services | 5.5
Electronic Equipment, Instruments & Components | 3.6
Consumer Finance | 3.2
Financial Services | 3.1
Communications Equipment | 2.8
Technology Hardware, Storage & Peripherals | 2.7
Interactive Media & Services | 2.3
Broadline Retail | 2.2
Consumer Staples Distribution & Retail | 2.1
Professional Services | 1.8
Industrial Conglomerates | 1.5
Automobiles | 1.0
Other* | 4.4

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.

24
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025
BlackRock Science and Technology Trust (BST)
Investment Objective
BlackRock Science and Technology Trust’s (BST) (the “Trust”) investment objective is to provide income and total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology (high growth science and technology stocks), and/or potential to generate current income from advantageous dividend yields (cyclical science and technology stocks). The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BST
Initial Offering Date | October 30, 2014
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($38.17)(a) | 7.86%
Current Monthly Distribution per Common Share(b) | $0.250000
Current Annualized Distribution per Common Share(b) | $3.000000

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

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $38.17 | $36.56 | 4.40 % | $38.94 | $29.62
Net Asset Value | 40.67 | 39.60 | 2.70 | 41.28 | 31.27

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 7.06 % | 13.63 % | 9.77 % | 15.86 %
Trust at Market Price(a)(b) | 8.83 | 10.15 | 8.64 | 16.54
MSCI ACWI Information Technology Call Overwrite Index(c) | 5.17 | 12.85 | 16.70 | N/A
MSCI ACWI Information Technology Index (Net)(d) | 8.93 | 14.86 | 19.79 | 19.96

(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 IT Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An index that includes large- and mid-cap securities across certain Developed Markets countries and certain Emerging Markets countries. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
At the sector level, an overweight allocation and stock selection in the internet sub-sector contributed to performance. Selection in software and an out-of-benchmark allocation to semiconductor stocks were the largest detractors.
Trust Summary
25

Trust Summary as of June 30, 2025(continued)
BlackRock Science and Technology Trust (BST)
At the individual holding level, an out-of-benchmark position in Apple, Inc. was the largest contributor to relative performance. Late in the period, the stock rose due to stronger-than-expected U.S. consumer adoption, record-high iPhone upgrade intentions, and anticipation of new iPhone hardware designs. An overweight in the defense technology company Anduril Industries, Inc., which benefited from new government contracts and adoption of its innovative, AI-powered, autonomous systems, was an additional contributor of note. An overweight in MNTN, Inc., an advertising software company, further contributed. The shares rose as analysts upgraded the stock based on its innovative AI-driven advertising platform and expanding market presence.
An out-of-benchmark position in Tesla, Inc., which came under pressure from slowing sales, was the largest individual detractor. An underweight in Microsoft Corp. detracted, as well. The stock rose sharply on the strength of robust AI and cloud growth, as well as improving operating margins. An underweight in NVIDIA, Inc. was an additional detractor of note, as the shares rallied due to record-high demand for AI chips.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The investment adviser increased the Trust’s allocations to the services and internet sub-sectors. It reduced the portfolio’s weightings in the semiconductors, content and infrastructure, hardware, and software sub-sectors. The Trust made four additional investments in private technology companies.
Describe portfolio positioning at period end.
The Trust held 33% of net asset value in semiconductors, 29% in software, 16% in internet, 11% in hardware, 8% in services, 3% in other areas of the technology sector. These industry weightings were the result of bottom-up stock selection.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 15.8% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.4% out of the money) and for maturities averaging 48 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
NVIDIA Corp. | 13.7 %
Microsoft Corp. | 8.5
Broadcom, Inc. | 6.9
Apple, Inc. | 5.0
Meta Platforms, Inc. | 3.8
Oracle Corp. | 2.9
Amazon.com, Inc. | 2.7
Anduril Industries, Inc. | 2.6
Snowflake, Inc. | 2.3
Databricks, Inc. | 2.1

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Semiconductors & Semiconductor Equipment | 32.4 %
Software | 26.0
Technology Hardware, Storage & Peripherals | 5.4
Broadline Retail | 4.9
IT Services | 4.9
Interactive Media & Services | 4.4
Entertainment | 3.7
Financial Services | 3.3
Aerospace & Defense | 3.0
Professional Services | 2.0
Media | 1.7
Communications Equipment | 1.3
Capital Markets | 1.0
Other* | 6.0

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.

26
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025
BlackRock Technology and Private Equity Term Trust (BTX)
Investment Objective
BlackRock Technology and Private Equity Term Trust’s (BTX) (the “Trust”) (formerly known as BlackRock Innovation and Growth Term Trust (BIGZ)) 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, under normal market conditions, at least 80% of its total assets in a combination of equity securities issued by U.S. and non-U.S. technology and privately held companies. 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.
On January 20, 2025, the Board of Trustees (the "Board") approved a proposal to change the name of the Trust to BlackRock Technology and Private Equity Term Trust. In addition, the Trust changed its ticker symbol to BTX. In connection with the name change, the Board approved certain changes to the Trust’s investment policies. The Trust adopted a new non-fundamental investment policy to invest, under normal market conditions, at least 80% of its total assets in a combination of equity securities issued by U.S. and non-U.S. technology and privately held companies. These changes were effective at the close of business on February 20, 2025.
At a Special Shareholder Meeting held on April 17, 2025, shareholders approved (1) an amendment to the Trust’s fundamental investment restriction with respect to industry concentration to allow the Trust to concentrate its investments in companies operating in one or more industries within the technology group of industries and (ii) a change to the Trust’s diversification status under the Investment Company Act of 1940 from diversified to non-diversified.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BTX
Initial Offering Date | March 29, 2021
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($7.34)(a) | 13.19%
Current Monthly Distribution per Common Share(b) | $0.080690
Current Annualized Distribution per Common Share(b) | $0.968280

(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 monthly distribution per Common Share, declared on August 1, 2025, was decreased to $0.078840 per share. The current distribution rate on closing market price, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $7.34 | $7.44 | (1.34 )% | $8.25 | $5.50
Net Asset Value | 7.55 | 8.37 | (9.80 ) | 8.84 | 5.96

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | Since Inception(a)
Trust at NAV(b)(c) | (3.08 )% | 2.66 % | (11.98 )%
Trust at Market Price(b)(c) | 6.00 | 16.79 | (12.56 )
MSCI ACWI SMID Growth/Information Technology Index(d)(e) | 6.85 | 13.00 | 7.17
MSCI ACWI (Net)(e)(f) | 10.05 | 16.17 | 9.38
MSCI USA SMID Growth Call Overwrite Index(g) | 1.71 | 12.17 | 4.12
Russell 2500™ Growth Index(h) | (0.71 ) | 8.81 | 1.21

(a) | BTX commenced operations on March 29, 2021.
(b) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(c) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(d) | The MSCI ACWI SMID Cap Growth/ Information Technology Index captures mid- and small-cap securities exhibiting overall growth style characteristics across certain Developed Markets and Emerging Markets countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard (GICS®).
(e) | Effective February 20, 2025, the Trust changed its reporting benchmarks from MSCI USA SMID Growth Call Overwrite Index and Russell 2500 TM Growth Index to MSCI ACWI SMID Growth/Information Technology Index and MSCI ACWI (Net) in connection with certain changes to the Trust’s principal investment strategies.
(f) | An index that captures large- and mid-cap representation across certain developed and emerging markets.
(g) | A custom benchmark that is made up of the MSCI USA SMID Growth Index, MSCI USA SMID Growth 25% Call Overwrite Cash and MSCI USA SMID Growth 25% Call Overwrite Option. The MSCI USA SMID Growth Index captures mid and small cap representations of securities exhibiting overall growth style characteristics in the U.S.
(h) | An index that measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by FTSE Russell’s leading style methodology.

Trust Summary
27

Trust Summary as of June 30, 2025(continued)
BlackRock Technology and Private Equity Term Trust (BTX)
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 relative performance based on NAV:
What factors influenced performance?
At the sector level, an underweight to the services sub-sector and security selection in the new industries sub-sector contributed to performance. Selection in software and an out-of-benchmark allocation to the internet sub-sector were the largest detractors.
An out-of-benchmark position in NVIDIA, Inc. was the leading contributor at the individual holding level. The stock rallied to an all-time high on the strength of record demand for AI chips. An out-of-benchmark holding in SK Hynix Co. Ltd. was a further contributor of note. The semiconductor stock traded up due to a favorable industry outlook and surging demand for high-bandwidth memory chips powered by AI infrastructure buildouts. An overweight in Spotify Technology SA contributed, as well. Shares of the media services provider continued to rise due to rapid subscriber growth, strong revenue gains, sustained cost control, and bullish investor sentiment on its long-term profitability.
An out-of-benchmark position in the private gaming and technology company Underdog Sports was the largest detractor from relative performance. Its valuation declined due to significant legal uncertainty in California, where the Attorney General may declare certain daily fantasy sports activities illegal. The Trust was also hurt by having an underweight position in the cloud services provider Cloudflare, Inc. The stock rose behind robust financial performance that included accelerated revenue and customer growth, major enterprise contract wins, and upbeat forward guidance. An overweight in the space infrastructure company Loft Orbital was an additional detractor of note. The company reported weak earnings due to broader pressures on space and satellite service providers, as well as concerns about satellite launch schedules.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance. The options overlay strategy was closed during the first quarter.
The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The investment advisor increased the Trust’s allocations to the semiconductors and internet sub-sectors, and it reduced the allocations to hardware, services, and software.
Describe portfolio positioning at period end.
The Trust held 28% of net asset value in semiconductors, 29% in software, 10% in hardware, 12% in internet, 8% in services and 13% in other areas of the technology sector. These industry weightings were the result of bottom-up stock selection.
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 | Percent of Total Investments(a)
NVIDIA Corp. | 10.5 %
PsiQuantum Corp. | 4.0
Spotify Technology SA | 3.3
MercadoLibre, Inc. | 2.4
SK Hynix, Inc. | 2.3
Snowflake, Inc. | 2.2
Dragos, Inc. | 2.2
Via Transportation, Inc. | 2.1
The Production Board LLC | 2.1
Celestica, Inc. | 2.1

28
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Technology and Private Equity Term Trust (BTX)

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Semiconductors & Semiconductor Equipment | 29.9 %
Software | 20.4
Entertainment | 9.7
IT Services | 8.5
Electronic Equipment, Instruments & Components | 4.2
Capital Markets | 3.5
Technology Hardware, Storage & Peripherals | 3.2
Broadline Retail | 2.4
Communications Equipment | 2.2
Industrial Conglomerates | 1.9
Professional Services | 1.7
Financial Services | 1.6
Hotels, Restaurants & Leisure | 1.3
Diversified Telecommunication Services | 1.2
Automobiles | 1.1
Diversified Consumer Services | 1.0
Wireless Telecommunication Services | 1.0
Other* | 5.2

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

Trust Summary
29

Trust Summary as of June 30, 2025
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
Investment Objective
BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by companies that are engaged in the Utilities, Infrastructure and Power Opportunities business segments anywhere in the world and by employing a strategy of writing (selling) call and put options. The Trust considers the “Utilities” business segment to include products, technologies and services connected to the management, ownership, operation, construction, development or financing of facilities used to generate, transmit or distribute electricity, water, natural resources or telecommunications, the “Infrastructure” business segment to include companies that own or operate infrastructure assets or that are involved in the development, construction, distribution or financing of infrastructure assets and the “Power Opportunities” business segment to include companies with a significant involvement in, supporting, or necessary to renewable energy technology and development, alternative fuels, energy efficiency, automotive and sustainable mobility and technologies that enable or support the growth and adoption of new power and energy sources. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BUI
Initial Offering Date | November 25, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2025 ($25.75)(a) | 6.34%
Current Monthly Distribution per Common Share(b) | $0.136000
Current Annualized Distribution per Common Share(b) | $1.632000

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

Market Price and Net Asset Value Per Share Summary

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $25.75 | $23.43 | 9.90 % | $25.75 | $20.72
Net Asset Value | 24.95 | 22.65 | 10.15 | 24.95 | 20.64

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 14.05 % | 19.87 % | 11.45 % | 9.06 %
Trust at Market Price(a)(b) | 13.79 | 24.22 | 10.82 | 10.94
MSCI World Select Energy, Utilities and Industry Call Overwrite Index(c) | 15.80 | 24.98 | 11.13 | N/A
MSCI ACWI (Net)(d) | 10.05 | 16.17 | 13.65 | 9.99

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
Generally, the Trust’s holdings benefited from positive trends in power grid and infrastructure investment in the United States and Europe during the first half of 2025.
30
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
The Trust’s out-of-benchmark position in the European power networks business Elia Group SA was a top contributor at the individual holding level. The Trust initiated the position by participating in a placement as part of a €2.2 billion funding package to support the company’s grid investment plans.
The cement and building materials producer Heidelberg Materials AG was also a top contributor. The stock was supported by positive earnings updates and the German government’s announcement of a €500 billion package to boost defense and infrastructure spending. This news also benefited the Trust’s position in the transport infrastructure group Vinci SA, which reported robust earnings and a strong order book in its quarterly results.
The U.S. power utility PG&E Corp., which fell due to uncertainty following the California wildfires, detracted from returns. The electrical components company nVent Electric PLC, whose products include electrical equipment used in data centers, was initially impacted by concerns about China’s DeepSeek AI model announcement and the broader market decline in April 2025, and it failed to recover as strongly as other stocks in the subsequent rally. The electric utility Sempra declined following a downward revision to earnings growth, particularly for its California and Texas businesses.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy detracted from relative performance.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust is positioned for increased investment in power and grid infrastructure. On the traditional energy side, the Trust prefers U.S. midstream companies viewed as beneficiaries of the expected increase in U.S. energy demand.
New purchases included companies that stand to benefit from the U.S. power generation buildout, as well as a European building materials producer and a Europe-based gas turbine manufacturer. On the other hand, the Trust exited positions in two European power utilities and an industrial compression equipment manufacturer.
Describe portfolio positioning at period end.
At the end of the period, 47.2% of the portfolio was invested in the utilities sector, with 35.4% in industrials and 10.2% in energy. The remainder was invested in other infrastructure- and power-related sectors.
As of June 30, 2025, the Trust had in place an option overwriting program whereby 33.3% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.2% out of the money) and for maturities averaging 55 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
NextEra Energy, Inc. | 4.9 %
SSE PLC | 3.6
Enel SpA | 3.5
Williams Cos., Inc. | 3.3
GE Vernova, Inc. | 3.2
National Grid PLC | 3.2
Trane Technologies PLC | 3.2
Constellation Energy Corp. | 3.0
Cheniere Energy, Inc. | 2.9
Cie de Saint-Gobain SA | 2.7

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Electric Utilities | 26.6 %
Electrical Equipment | 15.5
Multi-Utilities | 15.0
Oil, Gas & Consumable Fuels | 10.3
Building Products | 9.1
Independent Power and Renewable Electricity Producers | 6.1
Construction & Engineering | 4.5
Commercial Services & Supplies | 4.3
Chemicals | 2.7
Ground Transportation | 1.8
Semiconductors & Semiconductor Equipment | 1.5
Construction Materials | 1.1
Other* | 1.5

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

Trust Summary
31

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Energy and Resources Trust (BGR)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Energy Equipment & Services — 2.0% |
TechnipFMC PLC |  | 208,299 | $7,173,818
Oil, Gas & Consumable Fuels — 97.2% |
Cameco Corp. |  | 105,001 | 7,797,871
Canadian Natural Resources Ltd. |  | 467,679 | 14,699,219
Cheniere Energy, Inc. |  | 58,336 | 14,205,983
Chevron Corp.(a)(b) |  | 241,625 | 34,598,284
ConocoPhillips(b) |  | 131,755 | 11,823,659
EOG Resources, Inc.(b) |  | 112,965 | 13,511,744
EQT Corp. |  | 145,222 | 8,469,347
Exxon Mobil Corp.(b) |  | 644,429 | 69,469,447
Gazprom PJSC(c)(d) |  | 879,200 | 112
Gaztransport Et Technigaz SA |  | 16,579 | 3,279,711
Hess Corp. |  | 62,927 | 8,717,906
Kinder Morgan, Inc. |  | 454,858 | 13,372,825
Kosmos Energy Ltd.(d) |  | 837,902 | 1,441,191
Pembina Pipeline Corp. |  | 169,622 | 6,368,844
Permian Resources Corp., Class A |  | 572,780 | 7,801,264
Shell PLC, ADR |  | 539,841 | 38,010,205
Suncor Energy, Inc. |  | 265,970 | 9,963,011
Targa Resources Corp. |  | 63,887 | 11,121,449
TC Energy Corp. |  | 269,500 | 13,156,864
TotalEnergies SE |  | 407,808 | 24,926,316
Tourmaline Oil Corp. |  | 101,801 | 4,911,566
Valero Energy Corp. |  | 81,200 | 10,914,904
Williams Cos., Inc. |  | 228,648 | 14,361,381
|  |  | 342,923,103
Total Long-Term Investments — 99.2% (Cost: $247,990,744) | 350,096,921

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 0.9% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(e)(f) |  | 2,979,548 | $2,979,548
Total Short-Term Securities — 0.9% (Cost: $2,979,548) | 2,979,548
Total Investments Before Options Written — 100.1% (Cost: $250,970,292) | 353,076,469
Options Written — (0.6)% (Premiums Received: $(2,561,374)) | (2,132,083 )
Total Investments, Net of Options Written — 99.5% (Cost: $248,408,918) | 350,944,386
Other Assets Less Liabilities — 0.5% | 1,876,212
Net Assets — 100.0% | $352,820,598

(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) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(d) | Non-income producing security.
(e) | Affiliate of the Trust.
(f) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $7,583,996 | $— | $(4,604,448 )(a) | $— | $— | $2,979,548 | 2,979,548 | $148,975 | $—

(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 |  |  |  |  |  |  |
Shell PLC, ADR | 274 | 07/03/25 | USD | 67.00 | USD | 1,929 | $(110,970 )
Cheniere Energy, Inc. | 37 | 07/09/25 | USD | 245.00 | USD | 901 | (13,040 )
Chevron Corp. | 175 | 07/11/25 | USD | 145.00 | USD | 2,506 | (24,500 )
EOG Resources, Inc. | 137 | 07/11/25 | USD | 116.00 | USD | 1,639 | (64,390 )
EQT Corp. | 125 | 07/11/25 | USD | 58.00 | USD | 729 | (17,938 )
Exxon Mobil Corp. | 328 | 07/11/25 | USD | 105.00 | USD | 3,536 | (114,800 )
Exxon Mobil Corp. | 189 | 07/11/25 | USD | 113.00 | USD | 2,037 | (4,158 )
Hess Corp. | 26 | 07/11/25 | USD | 140.00 | USD | 360 | (3,835 )

32
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |
Kinder Morgan, Inc. | 755 | 07/11/25 | USD | 29.00 | USD | 2,220 | $(49,452 )
Shell PLC, ADR | 463 | 07/11/25 | USD | 70.00 | USD | 3,260 | (54,402 )
Suncor Energy, Inc. | 152 | 07/11/25 | CAD | 51.00 | CAD | 775 | (9,711 )
Canadian Natural Resources Ltd. | 364 | 07/18/25 | CAD | 46.00 | CAD | 1,558 | (2,940 )
Chevron Corp. | 519 | 07/18/25 | USD | 140.00 | USD | 7,432 | (254,310 )
ConocoPhillips | 134 | 07/18/25 | USD | 95.00 | USD | 1,203 | (7,906 )
EOG Resources, Inc. | 137 | 07/18/25 | USD | 120.00 | USD | 1,639 | (32,538 )
EQT Corp. | 179 | 07/18/25 | USD | 60.00 | USD | 1,044 | (17,632 )
Exxon Mobil Corp. | 328 | 07/18/25 | USD | 110.00 | USD | 3,536 | (40,672 )
Hess Corp. | 157 | 07/18/25 | USD | 140.00 | USD | 2,175 | (54,557 )
Kinder Morgan, Inc. | 70 | 07/18/25 | USD | 29.00 | USD | 206 | (6,230 )
Permian Resources Corp., Class A | 694 | 07/18/25 | USD | 15.00 | USD | 945 | (5,205 )
Shell PLC, ADR | 172 | 07/18/25 | USD | 67.50 | USD | 1,211 | (58,480 )
Targa Resources Corp. | 121 | 07/18/25 | USD | 185.00 | USD | 2,106 | (10,890 )
TechnipFMC PLC | 239 | 07/18/25 | USD | 34.00 | USD | 823 | (29,278 )
Tourmaline Oil Corp. | 172 | 07/18/25 | CAD | 65.30 | CAD | 1,130 | (19,704 )
Valero Energy Corp. | 149 | 07/18/25 | USD | 140.00 | USD | 2,003 | (22,127 )
Williams Cos., Inc. | 174 | 07/18/25 | USD | 60.00 | USD | 1,093 | (57,420 )
Canadian Natural Resources Ltd. | 300 | 07/25/25 | CAD | 45.00 | CAD | 1,284 | (7,490 )
Cheniere Energy, Inc. | 103 | 07/25/25 | USD | 245.00 | USD | 2,508 | (65,405 )
Chevron Corp. | 108 | 07/25/25 | USD | 145.00 | USD | 1,546 | (28,728 )
ConocoPhillips | 142 | 07/25/25 | USD | 99.00 | USD | 1,274 | (8,094 )
EOG Resources, Inc. | 101 | 07/25/25 | USD | 132.00 | USD | 1,208 | (8,080 )
Exxon Mobil Corp. | 220 | 07/25/25 | USD | 106.00 | USD | 2,372 | (88,550 )
Exxon Mobil Corp. | 188 | 07/25/25 | USD | 114.00 | USD | 2,027 | (10,434 )
Hess Corp. | 25 | 07/25/25 | USD | 145.00 | USD | 346 | (6,000 )
Kinder Morgan, Inc. | 685 | 07/25/25 | USD | 29.00 | USD | 2,014 | (60,622 )
Shell PLC, ADR | 462 | 07/25/25 | USD | 73.00 | USD | 3,253 | (21,945 )
Suncor Energy, Inc. | 500 | 07/25/25 | CAD | 53.00 | CAD | 2,551 | (16,706 )
Suncor Energy, Inc. | 115 | 07/25/25 | CAD | 57.00 | CAD | 587 | (845 )
Tourmaline Oil Corp. | 165 | 07/25/25 | CAD | 69.00 | CAD | 1,084 | (5,028 )
Valero Energy Corp. | 120 | 07/25/25 | USD | 142.00 | USD | 1,613 | (21,480 )
Canadian Natural Resources Ltd. | 422 | 08/01/25 | CAD | 45.00 | CAD | 1,806 | (14,100 )
EQT Corp. | 178 | 08/01/25 | USD | 60.00 | USD | 1,038 | (35,511 )
Exxon Mobil Corp. | 376 | 08/01/25 | USD | 120.00 | USD | 4,053 | (12,408 )
Suncor Energy, Inc. | 115 | 08/01/25 | CAD | 57.00 | CAD | 587 | (549 )
Williams Cos., Inc. | 174 | 08/01/25 | USD | 60.00 | USD | 1,093 | (65,250 )
ConocoPhillips | 161 | 08/08/25 | USD | 95.00 | USD | 1,445 | (26,807 )
Canadian Natural Resources Ltd. | 466 | 08/15/25 | CAD | 44.00 | CAD | 1,994 | (35,590 )
Exxon Mobil Corp. | 510 | 08/15/25 | USD | 110.00 | USD | 5,498 | (136,935 )
Permian Resources Corp., Class A | 657 | 08/15/25 | USD | 15.00 | USD | 895 | (21,353 )
Permian Resources Corp., Class A | 550 | 08/15/25 | USD | 15.66 | USD | 749 | (9,553 )
Shell PLC, ADR | 410 | 08/15/25 | USD | 75.00 | USD | 2,887 | (20,500 )
Targa Resources Corp. | 91 | 08/15/25 | USD | 185.00 | USD | 1,584 | (35,035 )
TechnipFMC PLC | 452 | 08/15/25 | USD | 35.00 | USD | 1,557 | (66,670 )
Williams Cos., Inc. | 411 | 08/15/25 | USD | 65.00 | USD | 2,581 | (56,512 )
|  |  |  |  |  |  | $(1,973,265 )

Schedule of Investments
33

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Energy and Resources Trust (BGR)
OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Cheniere Energy, Inc. | UBS AG | 5,300 | 07/07/25 | USD | 234.00 | USD | 1,291 | $(55,143 )
Pembina Pipeline Corp. | Citibank N.A. | 19,200 | 07/09/25 | CAD | 53.05 | CAD | 982 | (2,717 )
TC Energy Corp. | Citibank N.A. | 43,000 | 07/14/25 | CAD | 69.70 | CAD | 2,859 | (11,096 )
Pembina Pipeline Corp. | Morgan Stanley & Co. International PLC | 37,100 | 07/22/25 | CAD | 52.05 | CAD | 1,897 | (16,690 )
TC Energy Corp. | Citibank N.A. | 46,400 | 07/22/25 | CAD | 70.26 | CAD | 3,085 | (17,352 )
TotalEnergies SE | Barclays Bank PLC | 76,100 | 07/23/25 | EUR | 55.64 | EUR | 3,949 | (13,835 )
TotalEnergies SE | Bank of America N.A. | 46,400 | 07/30/25 | EUR | 56.62 | EUR | 2,408 | (8,358 )
Gaztransport & Technigaz SA | JPMorgan Chase Bank N.A. | 5,700 | 08/05/25 | EUR | 168.20 | EUR | 957 | (33,627 )
|  |  |  |  |  |  |  | $(158,818 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(2,561,374 ) | $904,774 | $(475,483 ) | $(2,132,083 )

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 | $— | $— | $2,132,083 | $— | $— | $— | $2,132,083

For the period ended June 30, 2025, 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 | $— | $— | $2,906,505 | $— | $— | $— | $2,906,505
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(489,976 ) | $— | $— | $— | $(489,976 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $3,325,928

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 | $— | $2,132,083
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 2,132,083
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (1,973,265 )
Total derivative assets and liabilities subject to an MNA | $— | $158,818

34
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Energy and Resources Trust (BGR)
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. | $8,358 | $— | $— | $— | $8,358
Barclays Bank PLC | 13,835 | — | — | — | 13,835
Citibank N.A. | 31,165 | — | (31,165 ) | — | —
JPMorgan Chase Bank N.A. | 33,627 | — | — | — | 33,627
Morgan Stanley & Co. International PLC | 16,690 | — | — | — | 16,690
UBS AG | 55,143 | — | — | — | 55,143
| $158,818 | $— | $(31,165 ) | $— | $127,653

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to the 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 at the measurement date. 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 | $7,173,818 | $— | $— | $7,173,818
Oil, Gas & Consumable Fuels | 314,716,964 | 28,206,027 | 112 | 342,923,103
Short-Term Securities |  |  |  |
Money Market Funds | 2,979,548 | — | — | 2,979,548
| $324,870,330 | $28,206,027 | $112 | $353,076,469
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(1,950,672 ) | $(181,411 ) | $— | $(2,132,083 )

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

See notes to financial statements.
Schedule of Investments
35

Consolidated Schedule of Investments (unaudited)
June 30, 2025
BlackRock Enhanced Equity Dividend Trust (BDJ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense — 3.8% |
Airbus SE |  | 44,644 | $9,339,555
Boeing Co.(a) |  | 42,001 | 8,800,470
L3Harris Technologies, Inc.(b) |  | 118,353 | 29,687,666
Lockheed Martin Corp. |  | 16,790 | 7,776,121
RTX Corp. |  | 50,305 | 7,345,536
|  |  | 62,949,348
Automobile Components — 0.4% |
Lear Corp. |  | 72,868 | 6,921,003
Automobiles — 0.7% |
General Motors Co.(b) |  | 245,868 | 12,099,164
Banks — 12.3% |
Bank of America Corp. |  | 411,516 | 19,472,937
Citigroup, Inc.(b) |  | 696,290 | 59,268,205
First Citizens BancShares, Inc., Class A(c) |  | 24,781 | 48,483,283
JPMorgan Chase & Co.(b) |  | 72,516 | 21,023,113
Wells Fargo & Co.(b) |  | 698,373 | 55,953,645
|  |  | 204,201,183
Beverages — 0.6% |
Keurig Dr. Pepper, Inc. |  | 283,227 | 9,363,485
Broadline Retail — 2.5% |
Amazon.com, Inc.(a)(b) |  | 189,384 | 41,548,956
Building Products — 0.8% |
Allegion PLC |  | 31,370 | 4,521,045
Johnson Controls International PLC |  | 83,565 | 8,826,135
|  |  | 13,347,180
Capital Markets — 3.5% |
Carlyle Group, Inc. |  | 355,078 | 18,251,009
Charles Schwab Corp. |  | 125,152 | 11,418,869
Intercontinental Exchange, Inc.(b) |  | 158,428 | 29,066,785
|  |  | 58,736,663
Chemicals — 2.4% |
Air Products and Chemicals, Inc. |  | 47,092 | 13,282,770
International Flavors & Fragrances, Inc. |  | 132,357 | 9,734,857
PPG Industries, Inc. |  | 152,914 | 17,393,967
|  |  | 40,411,594
Commercial Services & Supplies — 0.8% |
Rentokil Initial PLC |  | 2,875,236 | 13,872,341
Communications Equipment — 1.3% |
Cisco Systems, Inc.(b) |  | 307,856 | 21,359,049
Consumer Finance — 0.4% |
Capital One Financial Corp. |  | 32,400 | 6,893,424
Consumer Staples Distribution & Retail — 1.8% |
Dollar General Corp. |  | 259,210 | 29,648,440
Containers & Packaging — 1.4% |
Crown Holdings, Inc. |  | 76,929 | 7,922,148
Sealed Air Corp. |  | 475,252 | 14,747,070
|  |  | 22,669,218
Diversified Telecommunication Services — 1.0% |
Verizon Communications, Inc.(d) |  | 364,974 | 15,792,425
Electric Utilities — 2.9% |
American Electric Power Co., Inc. |  | 78,675 | 8,163,318

Security |  | Shares | Value
Electric Utilities (continued) |
Edison International |  | 107,730 | $5,558,868
Evergy, Inc. |  | 119,870 | 8,262,639
Exelon Corp. |  | 371,139 | 16,114,855
PG&E Corp. |  | 725,205 | 10,109,358
|  |  | 48,209,038
Electronic Equipment, Instruments & Components — 0.1% |
Ralliant Corp.(a) |  | 50,465 | 2,447,032
Entertainment — 1.9% |
Electronic Arts, Inc. |  | 135,026 | 21,563,652
Walt Disney Co. |  | 83,424 | 10,345,410
|  |  | 31,909,062
Financial Services — 3.3% |
AP Arsenal Co. Invest LP(a)(e) |  | 15,830,106 | 16,146,708
Fidelity National Information Services, Inc.(d) |  | 361,250 | 29,409,362
Visa, Inc., Class A |  | 26,772 | 9,505,399
|  |  | 55,061,469
Food Products — 2.0% |
Kraft Heinz Co.(b) |  | 857,217 | 22,133,343
Lamb Weston Holdings, Inc. |  | 200,495 | 10,395,666
|  |  | 32,529,009
Ground Transportation — 0.5% |
CSX Corp. |  | 277,370 | 9,050,583
Health Care Equipment & Supplies — 5.4% |
Baxter International, Inc.(b) |  | 1,094,560 | 33,143,277
Becton Dickinson & Co. |  | 139,521 | 24,032,492
Medtronic PLC |  | 369,133 | 32,177,324
|  |  | 89,353,093
Health Care Providers & Services — 6.9% |
Cardinal Health, Inc.(b)(d) |  | 203,171 | 34,132,728
Cigna Group |  | 28,834 | 9,531,944
CVS Health Corp.(b)(d) |  | 589,573 | 40,668,745
Elevance Health, Inc.(b) |  | 40,176 | 15,626,857
Labcorp Holdings, Inc. |  | 54,631 | 14,341,184
|  |  | 114,301,458
Health Care REITs — 0.3% |
Healthcare Realty Trust, Inc. |  | 339,019 | 5,376,841
Household Durables — 0.5% |
Sony Group Corp. |  | 336,100 | 8,738,703
Industrial Conglomerates — 0.8% |
Honeywell International, Inc. |  | 53,969 | 12,568,301
Industrial REITs — 0.6% |
Rexford Industrial Realty, Inc. |  | 87,590 | 3,115,576
STAG Industrial, Inc. |  | 186,822 | 6,777,902
|  |  | 9,893,478
Insurance — 3.9% |
American International Group, Inc.(b) |  | 183,283 | 15,687,192
Fidelity National Financial, Inc., Class A |  | 307,112 | 17,216,699
Willis Towers Watson PLC |  | 104,134 | 31,917,071
|  |  | 64,820,962
Interactive Media & Services — 2.0% |
Alphabet, Inc., Class C |  | 141,760 | 25,146,807
Meta Platforms, Inc., Class A |  | 11,670 | 8,613,510
|  |  | 33,760,317

36
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Equity Dividend Trust (BDJ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
IT Services — 0.9% |
Cognizant Technology Solutions Corp., Class A(b) |  | 186,268 | $14,534,492
Leisure Products — 1.1% |
Hasbro, Inc. |  | 240,339 | 17,741,825
Machinery — 1.5% |
CNH Industrial NV |  | 610,248 | 7,908,814
Fortive Corp. |  | 151,394 | 7,892,169
Westinghouse Air Brake Technologies Corp. |  | 46,703 | 9,777,273
|  |  | 25,578,256
Media — 2.4% |
Comcast Corp., Class A(b) |  | 791,414 | 28,245,566
WPP PLC |  | 1,624,635 | 11,439,032
|  |  | 39,684,598
Metals & Mining — 0.6% |
Teck Resources Ltd., Class B(c) |  | 243,665 | 9,839,193
Multi-Utilities — 1.8% |
Dominion Energy, Inc. |  | 247,354 | 13,980,448
Sempra |  | 205,412 | 15,564,067
|  |  | 29,544,515
Oil, Gas & Consumable Fuels — 6.0% |
BP PLC |  | 6,186,140 | 30,821,152
Enterprise Products Partners LP(b) |  | 426,900 | 13,238,169
Formentera Partners Fund II LP(a)(e)(f) |  | — (g) | 14,002,368
Hess Corp.(d) |  | 99,462 | 13,779,466
Shell PLC |  | 787,946 | 27,491,055
|  |  | 99,332,210
Pharmaceuticals — 2.7% |
AstraZeneca PLC |  | 78,906 | 10,981,280
Bristol-Myers Squibb Co. |  | 86,010 | 3,981,403
Eli Lilly & Co. |  | 9,899 | 7,716,567
Merck & Co., Inc. |  | 50,870 | 4,026,869
Pfizer, Inc. |  | 168,940 | 4,095,106
Sanofi SA |  | 142,183 | 13,765,270
|  |  | 44,566,495
Professional Services(b) — 3.6% |
Leidos Holdings, Inc. |  | 91,292 | 14,402,226
SS&C Technologies Holdings, Inc. |  | 550,720 | 45,599,616
|  |  | 60,001,842
Residential REITs — 0.6% |
AvalonBay Communities, Inc. |  | 52,770 | 10,738,695
Semiconductors & Semiconductor Equipment — 2.5% |
Amkor Technology, Inc. |  | 190,567 | 4,000,001
Intel Corp. |  | 230,307 | 5,158,877
NVIDIA Corp. |  | 46,226 | 7,303,246
STMicroelectronics NV |  | 364,539 | 11,177,493
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 57,856 | 13,103,805
|  |  | 40,743,422
Software — 2.7% |
Microsoft Corp.(b)(d) |  | 72,504 | 36,064,215
Salesforce, Inc. |  | 30,890 | 8,423,394
|  |  | 44,487,609
Specialized REITs — 1.2% |
Crown Castle, Inc.(b)(d) |  | 185,728 | 19,079,837
Technology Hardware, Storage & Peripherals — 4.4% |
Hewlett Packard Enterprise Co. |  | 734,265 | 15,015,719

Security |  | Shares | Value
Technology Hardware, Storage & Peripherals (continued) |
HP, Inc. |  | 830,337 | $20,310,043
Samsung Electronics Co. Ltd., GDR(h) |  | 24,900 | 27,504,163
Western Digital Corp. |  | 162,680 | 10,409,893
|  |  | 73,239,818
Tobacco — 1.0% |
British American Tobacco PLC, ADR |  | 362,759 | 17,169,384
Trading Companies & Distributors — 0.2% |
WESCO International, Inc. |  | 22,177 | 4,107,180
Total Common Stocks — 98.0% (Cost: $1,264,617,930) | 1,628,222,190
Preferred Securities
Preferred Stocks — 0.8%
Household Products — 0.8% |
Henkel AG & Co. KGaA |  | 171,568 | 13,482,430
| 13,482,430
Total Preferred Securities — 0.8% (Cost: $14,354,261) | 13,482,430
Total Long-Term Investments — 98.8% (Cost: $1,278,972,191) | 1,641,704,620
Short-Term Securities
Money Market Funds — 3.3% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.47%(i)(j)(k) |  | 7,490,800 | 7,493,796
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(i)(j) |  | 47,729,870 | 47,729,870
Total Short-Term Securities — 3.3% (Cost: $55,223,667) | 55,223,666
Total Investments Before Options Written — 102.1% (Cost: $1,334,195,858) | 1,696,928,286
Options Written — (1.7)% (Premiums Received: $(21,353,369)) | (28,938,002 )
Total Investments, Net of Options Written — 100.4% (Cost: $1,312,842,489) | 1,667,990,284
Liabilities in Excess of Other Assets — (0.4)% | (7,182,541 )
Net Assets — 100.0% | $1,660,807,743

(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) | All or a portion of this security is on loan.
(d) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(f) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary.
(g) | Investment does not issue shares.
(h) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
37

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Equity Dividend Trust (BDJ)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $7,494,004 (a) | $— | $(208 ) | $— | $7,493,796 | 7,490,800 | $890 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 46,597,729 | 1,132,141 (a) | — | — | — | 47,729,870 | 47,729,870 | 828,079 | —
|  |  |  | $(208 ) | $— | $55,223,666 |  | $828,969 | $—

(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 collateral investment fees, and other payments to and from borrowers of securities.

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

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |
American International Group, Inc. | 294 | 07/03/25 | USD | 86.00 | USD | 2,516 | $(14,700 )
CSX Corp. | 500 | 07/03/25 | USD | 32.00 | USD | 1,632 | (36,250 )
General Motors Co. | 522 | 07/03/25 | USD | 49.00 | USD | 2,569 | (36,018 )
Verizon Communications, Inc. | 272 | 07/03/25 | USD | 45.00 | USD | 1,177 | (408 )
Verizon Communications, Inc. | 271 | 07/03/25 | USD | 44.00 | USD | 1,173 | (1,220 )
Dominion Energy, Inc. | 282 | 07/07/25 | USD | 55.50 | USD | 1,594 | (34,432 )
Alphabet, Inc., Class C | 260 | 07/11/25 | USD | 172.50 | USD | 4,612 | (168,350 )
Amazon.com, Inc. | 139 | 07/11/25 | USD | 221.01 | USD | 3,050 | (48,955 )
Bank of America Corp. | 742 | 07/11/25 | USD | 46.00 | USD | 3,511 | (120,204 )
Charles Schwab Corp. | 183 | 07/11/25 | USD | 91.00 | USD | 1,670 | (26,261 )
Cisco Systems, Inc. | 423 | 07/11/25 | USD | 64.00 | USD | 2,935 | (222,075 )
Comcast Corp., Class A | 1,185 | 07/11/25 | USD | 35.00 | USD | 4,229 | (87,690 )
CVS Health Corp. | 517 | 07/11/25 | USD | 64.00 | USD | 3,566 | (271,425 )
Dollar General Corp. | 600 | 07/11/25 | USD | 120.00 | USD | 6,863 | (17,100 )
Microsoft Corp. | 237 | 07/11/25 | USD | 470.00 | USD | 11,789 | (680,190 )
NVIDIA Corp. | 115 | 07/11/25 | USD | 149.04 | USD | 1,817 | (116,489 )
PPG Industries, Inc. | 280 | 07/11/25 | USD | 113.00 | USD | 3,185 | (63,700 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 257 | 07/11/25 | USD | 220.00 | USD | 5,821 | (226,802 )
Teck Resources Ltd., Class B | 258 | 07/11/25 | USD | 39.00 | USD | 1,042 | (49,665 )
Verizon Communications, Inc. | 362 | 07/11/25 | USD | 44.00 | USD | 1,566 | (5,249 )
Visa, Inc., Class A | 142 | 07/11/25 | USD | 365.00 | USD | 5,042 | (15,052 )
Wells Fargo & Co. | 1,715 | 07/11/25 | USD | 77.00 | USD | 13,741 | (560,805 )
Air Products & Chemicals, Inc. | 181 | 07/18/25 | USD | 281.41 | USD | 5,105 | (89,984 )
Allegion PLC | 60 | 07/18/25 | USD | 145.12 | USD | 865 | (13,068 )
Alphabet, Inc., Class C | 260 | 07/18/25 | USD | 175.00 | USD | 4,612 | (151,450 )
Amazon.com, Inc. | 53 | 07/18/25 | USD | 210.00 | USD | 1,163 | (62,540 )
Amazon.com, Inc. | 97 | 07/18/25 | USD | 220.00 | USD | 2,128 | (50,683 )
American Electric Power Co., Inc. | 179 | 07/18/25 | USD | 105.00 | USD | 1,857 | (18,795 )
American International Group, Inc. | 294 | 07/18/25 | USD | 85.00 | USD | 2,516 | (58,065 )
AvalonBay Communities, Inc. | 145 | 07/18/25 | USD | 212.73 | USD | 2,951 | (23,596 )
Baxter International, Inc. | 2,161 | 07/18/25 | USD | 32.50 | USD | 6,544 | (59,428 )
Becton Dickinson & Co. | 515 | 07/18/25 | USD | 180.00 | USD | 8,871 | (56,650 )
Boeing Co. | 164 | 07/18/25 | USD | 200.00 | USD | 3,436 | (195,980 )
Capital One Financial Corp. | 178 | 07/18/25 | USD | 210.00 | USD | 3,787 | (124,600 )
Carlyle Group, Inc. | 1,022 | 07/18/25 | USD | 48.12 | USD | 5,253 | (393,068 )
Charles Schwab Corp. | 189 | 07/18/25 | USD | 92.50 | USD | 1,724 | (41,391 )
Citigroup, Inc. | 805 | 07/18/25 | USD | 77.50 | USD | 6,852 | (658,087 )
Cognizant Technology Solutions Corp., Class A | 847 | 07/18/25 | USD | 85.00 | USD | 6,609 | (76,230 )
Comcast Corp., Class A | 954 | 07/18/25 | USD | 37.50 | USD | 3,405 | (7,155 )
Crown Holdings, Inc. | 423 | 07/18/25 | USD | 100.00 | USD | 4,356 | (173,430 )
CVS Health Corp. | 1,012 | 07/18/25 | USD | 70.00 | USD | 6,981 | (102,718 )

38
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Equity Dividend Trust (BDJ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Dollar General Corp. | 368 | 07/18/25 | USD | 120.00 | USD | 4,209 | $(22,632 )
Dominion Energy, Inc. | 539 | 07/18/25 | USD | 55.00 | USD | 3,046 | (113,190 )
Eli Lilly & Co. | 21 | 07/18/25 | USD | 860.00 | USD | 1,637 | (4,851 )
Enterprise Products Partners LP | 773 | 07/18/25 | USD | 32.00 | USD | 2,397 | (8,117 )
Exelon Corp. | 486 | 07/18/25 | USD | 45.00 | USD | 2,110 | (7,290 )
Exelon Corp. | 486 | 07/18/25 | USD | 46.00 | USD | 2,110 | (7,290 )
Fidelity National Financial, Inc. | 870 | 07/18/25 | USD | 56.98 | USD | 4,877 | (70,824 )
Fidelity National Information Services, Inc. | 361 | 07/18/25 | USD | 82.50 | USD | 2,939 | (52,345 )
First Citizens BancShares, Inc., Class A | 28 | 07/18/25 | USD | 2,050.00 | USD | 5,478 | (30,800 )
First Citizens BancShares, Inc., Class A | 28 | 07/18/25 | USD | 1,870.00 | USD | 5,478 | (298,620 )
Fortive Corp. | 535 | 07/18/25 | USD | 75.00 | USD | 2,789 | (34,775 )
General Motors Co. | 211 | 07/18/25 | USD | 52.50 | USD | 1,038 | (6,014 )
Hasbro, Inc. | 86 | 07/18/25 | USD | 70.00 | USD | 635 | (38,700 )
Hasbro, Inc. | 235 | 07/18/25 | USD | 75.00 | USD | 1,735 | (25,850 )
Hewlett Packard Enterprise Co. | 2,599 | 07/18/25 | USD | 20.00 | USD | 5,315 | (223,514 )
Honeywell International, Inc. | 97 | 07/18/25 | USD | 225.00 | USD | 2,259 | (97,000 )
Honeywell International, Inc. | 96 | 07/18/25 | USD | 230.00 | USD | 2,236 | (54,240 )
HP, Inc. | 1,017 | 07/18/25 | USD | 26.00 | USD | 2,488 | (10,679 )
Intercontinental Exchange, Inc. | 263 | 07/18/25 | USD | 180.00 | USD | 4,825 | (138,075 )
International Flavors & Fragrances, Inc. | 539 | 07/18/25 | USD | 80.00 | USD | 3,964 | (61,985 )
Johnson Controls International PLC | 147 | 07/18/25 | USD | 100.00 | USD | 1,553 | (94,815 )
JPMorgan Chase & Co. | 154 | 07/18/25 | USD | 270.00 | USD | 4,465 | (320,320 )
Keurig Dr. Pepper, Inc. | 820 | 07/18/25 | USD | 34.00 | USD | 2,711 | (12,300 )
Kraft Heinz Co. | 565 | 07/18/25 | USD | 27.50 | USD | 1,459 | (3,108 )
L3Harris Technologies, Inc. | 380 | 07/18/25 | USD | 220.00 | USD | 9,532 | (1,202,700 )
Lamb Weston Holdings, Inc. | 731 | 07/18/25 | USD | 55.00 | USD | 3,790 | (29,240 )
Leidos Holdings, Inc. | 236 | 07/18/25 | USD | 155.00 | USD | 3,723 | (134,520 )
Medtronic PLC | 667 | 07/18/25 | USD | 87.50 | USD | 5,814 | (98,716 )
Microsoft Corp. | 92 | 07/18/25 | USD | 460.00 | USD | 4,576 | (360,870 )
NVIDIA Corp. | 31 | 07/18/25 | USD | 135.00 | USD | 490 | (73,392 )
NVIDIA Corp. | 24 | 07/18/25 | USD | 130.00 | USD | 379 | (68,520 )
PPG Industries, Inc. | 280 | 07/18/25 | USD | 115.00 | USD | 3,185 | (58,800 )
Sealed Air Corp. | 1,123 | 07/18/25 | USD | 33.35 | USD | 3,485 | (5,306 )
Sempra | 756 | 07/18/25 | USD | 80.00 | USD | 5,728 | (15,120 )
SS&C Technologies Holdings, Inc. | 1,612 | 07/18/25 | USD | 80.00 | USD | 13,347 | (544,050 )
STAG Industrial, Inc. | 513 | 07/18/25 | USD | 37.44 | USD | 1,861 | (19,208 )
Teck Resources Ltd., Class B | 250 | 07/18/25 | USD | 38.00 | USD | 1,010 | (55,625 )
Walt Disney Co. | 430 | 07/18/25 | USD | 115.00 | USD | 5,332 | (408,500 )
Wells Fargo & Co. | 595 | 07/18/25 | USD | 75.00 | USD | 4,767 | (351,050 )
WESCO International, Inc. | 60 | 07/18/25 | USD | 195.00 | USD | 1,111 | (6,600 )
Western Digital Corp. | 270 | 07/18/25 | USD | 55.00 | USD | 1,728 | (251,100 )
Westinghouse Air Brake Technologies Corp. | 153 | 07/18/25 | USD | 200.00 | USD | 3,203 | (174,420 )
Willis Towers Watson PLC | 311 | 07/18/25 | USD | 310.00 | USD | 9,532 | (140,727 )
CNH Industrial NV | 2,417 | 07/23/25 | USD | 13.85 | USD | 3,132 | (35,934 )
Alphabet, Inc., Class C | 260 | 07/25/25 | USD | 180.00 | USD | 4,612 | (138,450 )
Amazon.com, Inc. | 102 | 07/25/25 | USD | 220.00 | USD | 2,238 | (64,005 )
American International Group, Inc. | 210 | 07/25/25 | USD | 86.00 | USD | 1,797 | (36,225 )
Bank of America Corp. | 761 | 07/25/25 | USD | 45.00 | USD | 3,601 | (215,363 )
Boeing Co. | 205 | 07/25/25 | USD | 230.00 | USD | 4,295 | (20,705 )
Cardinal Health, Inc. | 314 | 07/25/25 | USD | 170.00 | USD | 5,275 | (73,005 )
Cigna Group | 32 | 07/25/25 | USD | 330.00 | USD | 1,058 | (25,120 )
Cisco Systems, Inc. | 635 | 07/25/25 | USD | 68.00 | USD | 4,406 | (124,460 )
Citigroup, Inc. | 1,471 | 07/25/25 | USD | 80.00 | USD | 12,521 | (912,020 )
Comcast Corp., Class A | 899 | 07/25/25 | USD | 36.00 | USD | 3,209 | (44,950 )
CSX Corp. | 512 | 07/25/25 | USD | 33.00 | USD | 1,671 | (37,120 )
CVS Health Corp. | 984 | 07/25/25 | USD | 69.00 | USD | 6,788 | (163,836 )
Electronic Arts, Inc. | 394 | 07/25/25 | USD | 155.00 | USD | 6,292 | (263,980 )
Eli Lilly & Co. | 22 | 07/25/25 | USD | 860.00 | USD | 1,715 | (8,151 )
Enterprise Products Partners LP | 465 | 07/25/25 | USD | 32.00 | USD | 1,442 | (7,440 )
Fidelity National Information Services, Inc. | 950 | 07/25/25 | USD | 82.00 | USD | 7,734 | (144,875 )
General Motors Co. | 507 | 07/25/25 | USD | 50.00 | USD | 2,495 | (88,471 )
Hewlett Packard Enterprise Co. | 618 | 07/25/25 | USD | 19.00 | USD | 1,264 | (102,897 )

Schedule of Investments
39

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |
HP, Inc. | 1,229 | 07/25/25 | USD | 26.00 | USD | 3,006 | $(25,195 )
JPMorgan Chase & Co. | 175 | 07/25/25 | USD | 275.00 | USD | 5,073 | (307,562 )
Medtronic PLC | 738 | 07/25/25 | USD | 88.00 | USD | 6,433 | (128,781 )
Meta Platforms, Inc., Class A | 64 | 07/25/25 | USD | 725.00 | USD | 4,724 | (193,120 )
Microsoft Corp. | 58 | 07/25/25 | USD | 495.00 | USD | 2,885 | (63,945 )
Microsoft Corp. | 57 | 07/25/25 | USD | 485.00 | USD | 2,835 | (103,027 )
Teck Resources Ltd., Class B | 270 | 07/25/25 | USD | 43.00 | USD | 1,090 | (18,900 )
Verizon Communications, Inc. | 696 | 07/25/25 | USD | 44.00 | USD | 3,012 | (34,452 )
Wells Fargo & Co. | 678 | 07/25/25 | USD | 76.00 | USD | 5,432 | (359,340 )
Amazon.com, Inc. | 325 | 08/01/25 | USD | 225.00 | USD | 7,130 | (234,812 )
American International Group, Inc. | 210 | 08/01/25 | USD | 87.00 | USD | 1,797 | (43,575 )
Baxter International, Inc. | 526 | 08/01/25 | USD | 31.00 | USD | 1,593 | (44,710 )
Cardinal Health, Inc. | 295 | 08/01/25 | USD | 162.50 | USD | 4,956 | (227,150 )
Charles Schwab Corp. | 316 | 08/01/25 | USD | 89.00 | USD | 2,883 | (137,460 )
Cisco Systems, Inc. | 635 | 08/01/25 | USD | 68.00 | USD | 4,406 | (133,667 )
Comcast Corp., Class A | 1,314 | 08/01/25 | USD | 36.00 | USD | 4,690 | (86,724 )
Dollar General Corp. | 457 | 08/01/25 | USD | 110.00 | USD | 5,227 | (277,627 )
Eli Lilly & Co. | 11 | 08/01/25 | USD | 810.00 | USD | 857 | (22,825 )
Fidelity National Information Services, Inc. | 675 | 08/01/25 | USD | 82.00 | USD | 5,495 | (155,250 )
General Motors Co. | 112 | 08/01/25 | USD | 51.00 | USD | 551 | (18,312 )
HP, Inc. | 2,320 | 08/01/25 | USD | 26.00 | USD | 5,675 | (77,720 )
Medtronic PLC | 143 | 08/01/25 | USD | 86.00 | USD | 1,247 | (42,257 )
NVIDIA Corp. | 14 | 08/01/25 | USD | 160.00 | USD | 221 | (8,470 )
Pfizer, Inc. | 465 | 08/01/25 | USD | 25.00 | USD | 1,127 | (9,533 )
PPG Industries, Inc. | 281 | 08/01/25 | USD | 115.00 | USD | 3,196 | (87,812 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 61 | 08/01/25 | USD | 225.00 | USD | 1,382 | (67,252 )
Walt Disney Co. | 28 | 08/01/25 | USD | 118.00 | USD | 347 | (20,860 )
Wells Fargo & Co. | 942 | 08/01/25 | USD | 77.00 | USD | 7,547 | (459,225 )
Western Digital Corp. | 354 | 08/01/25 | USD | 60.00 | USD | 2,265 | (209,745 )
Bristol-Myers Squibb Co. | 239 | 08/08/25 | USD | 49.00 | USD | 1,106 | (15,774 )
Cardinal Health, Inc. | 254 | 08/08/25 | USD | 167.50 | USD | 4,267 | (132,080 )
Cigna Group | 126 | 08/08/25 | USD | 335.00 | USD | 4,165 | (149,310 )
CVS Health Corp. | 220 | 08/08/25 | USD | 69.00 | USD | 1,518 | (58,850 )
JPMorgan Chase & Co. | 78 | 08/08/25 | USD | 290.00 | USD | 2,261 | (69,810 )
Kraft Heinz Co. | 1,249 | 08/08/25 | USD | 27.00 | USD | 3,225 | (57,454 )
Medtronic PLC | 483 | 08/08/25 | USD | 86.00 | USD | 4,210 | (126,787 )
Air Products & Chemicals, Inc. | 78 | 08/15/25 | USD | 290.00 | USD | 2,200 | (54,210 )
Allegion PLC | 112 | 08/15/25 | USD | 139.39 | USD | 1,614 | (89,531 )
Amazon.com, Inc. | 325 | 08/15/25 | USD | 225.00 | USD | 7,130 | (274,625 )
American Electric Power Co., Inc. | 253 | 08/15/25 | USD | 107.00 | USD | 2,625 | (33,809 )
AvalonBay Communities, Inc. | 145 | 08/15/25 | USD | 212.73 | USD | 2,951 | (54,680 )
Bank of America Corp. | 761 | 08/15/25 | USD | 45.00 | USD | 3,601 | (251,130 )
Baxter International, Inc. | 563 | 08/15/25 | USD | 32.50 | USD | 1,705 | (36,595 )
British American Tobacco PLC, ADR | 817 | 08/15/25 | USD | 48.80 | USD | 3,867 | (89,300 )
Cardinal Health, Inc. | 254 | 08/15/25 | USD | 170.00 | USD | 4,267 | (124,460 )
Carlyle Group, Inc. | 616 | 08/15/25 | USD | 47.50 | USD | 3,166 | (348,040 )
Carlyle Group, Inc. | 314 | 08/15/25 | USD | 50.64 | USD | 1,614 | (93,984 )
Citigroup, Inc. | 1,553 | 08/15/25 | USD | 82.50 | USD | 13,219 | (753,205 )
Cognizant Technology Solutions Corp., Class A | 775 | 08/15/25 | USD | 77.50 | USD | 6,047 | (271,250 )
CVS Health Corp. | 516 | 08/15/25 | USD | 70.00 | USD | 3,559 | (138,546 )
Dominion Energy, Inc. | 539 | 08/15/25 | USD | 55.00 | USD | 3,046 | (149,572 )
Electronic Arts, Inc. | 348 | 08/15/25 | USD | 160.00 | USD | 5,558 | (222,720 )
Enterprise Products Partners LP | 1,109 | 08/15/25 | USD | 32.00 | USD | 3,439 | (28,280 )
Exelon Corp. | 1,196 | 08/15/25 | USD | 44.50 | USD | 5,193 | (83,434 )
First Citizens BancShares, Inc., Class A | 80 | 08/15/25 | USD | 1,880.00 | USD | 15,652 | (1,163,600 )
Fortive Corp. | 297 | 08/15/25 | USD | 70.00 | USD | 1,548 | (69,795 )
Hasbro, Inc. | 1,000 | 08/15/25 | USD | 70.00 | USD | 7,382 | (625,000 )
Hewlett Packard Enterprise Co. | 821 | 08/15/25 | USD | 19.00 | USD | 1,679 | (159,274 )
Honeywell International, Inc. | 103 | 08/15/25 | USD | 230.00 | USD | 2,399 | (98,365 )
Intercontinental Exchange, Inc. | 514 | 08/15/25 | USD | 179.86 | USD | 9,430 | (376,033 )
International Flavors & Fragrances, Inc. | 339 | 08/15/25 | USD | 80.00 | USD | 2,493 | (40,680 )
Johnson Controls International PLC | 409 | 08/15/25 | USD | 105.00 | USD | 4,320 | (214,725 )

40
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |
Keurig Dr. Pepper, Inc. | 499 | 08/15/25 | USD | 33.59 | USD | 1,650 | $(38,974 )
Kraft Heinz Co. | 1,614 | 08/15/25 | USD | 28.01 | USD | 4,167 | (46,730 )
L3Harris Technologies, Inc. | 371 | 08/15/25 | USD | 250.00 | USD | 9,306 | (359,870 )
Labcorp Holdings, Inc. | 179 | 08/15/25 | USD | 270.00 | USD | 4,699 | (102,030 )
Lamb Weston Holdings, Inc. | 371 | 08/15/25 | USD | 57.50 | USD | 1,924 | (45,448 )
Lear Corp. | 400 | 08/15/25 | USD | 96.43 | USD | 3,799 | (168,319 )
Leidos Holdings, Inc. | 266 | 08/15/25 | USD | 155.00 | USD | 4,196 | (248,710 )
Pfizer, Inc. | 465 | 08/15/25 | USD | 25.00 | USD | 1,127 | (18,368 )
PG&E Corp. | 1,129 | 08/15/25 | USD | 15.00 | USD | 1,574 | (41,209 )
RTX Corp. | 344 | 08/15/25 | USD | 150.00 | USD | 5,023 | (116,960 )
Sealed Air Corp. | 778 | 08/15/25 | USD | 32.40 | USD | 2,414 | (38,117 )
Sempra | 544 | 08/15/25 | USD | 80.00 | USD | 4,122 | (44,880 )
SS&C Technologies Holdings, Inc. | 1,416 | 08/15/25 | USD | 80.00 | USD | 11,724 | (722,160 )
STAG Industrial, Inc. | 513 | 08/15/25 | USD | 37.44 | USD | 1,861 | (33,121 )
Teck Resources Ltd., Class B | 562 | 08/15/25 | USD | 39.00 | USD | 2,269 | (179,840 )
Visa, Inc., Class A | 32 | 08/15/25 | USD | 355.00 | USD | 1,136 | (39,840 )
WESCO International, Inc. | 60 | 08/15/25 | USD | 195.00 | USD | 1,111 | (44,100 )
Western Digital Corp. | 270 | 08/15/25 | USD | 57.50 | USD | 1,728 | (216,000 )
Westinghouse Air Brake Technologies Corp. | 153 | 08/15/25 | USD | 210.00 | USD | 3,203 | (120,105 )
Willis Towers Watson PLC | 261 | 08/15/25 | USD | 306.00 | USD | 8,000 | (282,567 )
CNH Industrial NV | 940 | 08/25/25 | USD | 13.25 | USD | 1,218 | (59,571 )
Baxter International, Inc. | 1,128 | 09/19/25 | USD | 32.50 | USD | 3,416 | (112,800 )
British American Tobacco PLC, ADR | 1,179 | 09/19/25 | USD | 48.00 | USD | 5,580 | (226,957 )
|  |  |  |  |  |  | $(26,763,655 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Shell PLC | Goldman Sachs International | 245,700 | 07/02/25 | GBP | 25.40 | GBP | 6,245 | $(77,668 )
WPP PLC | Barclays Bank PLC | 308,000 | 07/02/25 | GBP | 5.97 | GBP | 1,580 | —
Crown Castle, Inc. | Bank of America N.A. | 20,200 | 07/07/25 | USD | 105.00 | USD | 2,075 | (11,403 )
Intercontinental Exchange, Inc. | Bank of America N.A. | 25,100 | 07/07/25 | USD | 170.50 | USD | 4,605 | (329,734 )
Fidelity National Financial, Inc. | Morgan Stanley & Co. International PLC | 81,900 | 07/08/25 | USD | 65.33 | USD | 4,591 | —
PG&E Corp. | Morgan Stanley & Co. International PLC | 22,200 | 07/08/25 | USD | 17.46 | USD | 309 | —
Henkel AG & Co. KGaA, Preferred Shares | Bank of America N.A. | 86,900 | 07/10/25 | EUR | 73.24 | EUR | 5,797 | (717 )
PG&E Corp. | Barclays Bank PLC | 176,000 | 07/10/25 | USD | 17.85 | USD | 2,453 | (5 )
Rentokil Initial PLC | UBS AG | 531,000 | 07/10/25 | GBP | 3.66 | GBP | 1,866 | (20,751 )
Crown Castle, Inc. | Barclays Bank PLC | 64,800 | 07/15/25 | USD | 104.80 | USD | 6,657 | (77,117 )
Rentokil Initial PLC | Morgan Stanley & Co. International PLC | 250,300 | 07/15/25 | GBP | 3.59 | GBP | 880 | (23,902 )
PG&E Corp. | Barclays Bank PLC | 28,100 | 07/16/25 | USD | 17.89 | USD | 392 | (22 )
Samsung Electronics Co. Ltd., GDR | Bank of America N.A. | 9,900 | 07/16/25 | USD | 1,114.70 | USD | 10,935 | (243,391 )
Sony Group Corp. | UBS AG | 14,900 | 07/16/25 | JPY | 4,101.63 | JPY | 55,788 | (1,822 )
STMicroelectronics NV | UBS AG | 43,700 | 07/22/25 | EUR | 27.79 | EUR | 1,138 | (18,668 )
AstraZeneca PLC | Barclays Bank PLC | 10,900 | 07/23/25 | GBP | 113.61 | GBP | 1,105 | (825 )
BP PLC | Barclays Bank PLC | 1,522,600 | 07/23/25 | GBP | 3.92 | GBP | 5,527 | (52,313 )
Labcorp Holdings, Inc. | Morgan Stanley & Co. International PLC | 29,000 | 07/23/25 | USD | 251.71 | USD | 7,613 | (384,681 )
Sanofi SA | Bank of America N.A. | 78,300 | 07/23/25 | EUR | 88.24 | EUR | 6,435 | (15,752 )
Sony Group Corp. | JPMorgan Chase Bank N.A. | 316,500 | 07/23/25 | JPY | 3,887.22 | JPY | 1,185,031 | (152,785 )
STMicroelectronics NV | Barclays Bank PLC | 128,000 | 07/23/25 | EUR | 26.87 | EUR | 3,332 | (97,531 )
WPP PLC | Barclays Bank PLC | 245,500 | 07/23/25 | GBP | 5.70 | GBP | 1,259 | (2,962 )
BP PLC | UBS AG | 749,416 | 07/30/25 | GBP | 4.01 | GBP | 2,720 | (26,108 )
Crown Castle, Inc. | Barclays Bank PLC | 17,100 | 07/30/25 | USD | 100.73 | USD | 1,757 | (66,529 )
European Aeronautic Defence and Space Company | Barclays Bank PLC | 7,800 | 07/30/25 | EUR | 163.95 | EUR | 1,385 | (140,086 )
Shell PLC | Barclays Bank PLC | 84,400 | 07/30/25 | GBP | 27.16 | GBP | 2,145 | (13,458 )
WPP PLC | UBS AG | 340,100 | 07/30/25 | GBP | 5.50 | GBP | 1,745 | (20,345 )
PG&E Corp. | Morgan Stanley & Co. International PLC | 82,900 | 08/01/25 | USD | 16.41 | USD | 1,156 | (5,692 )
AstraZeneca PLC | BNP Paribas SA | 32,400 | 08/05/25 | GBP | 105.70 | GBP | 3,285 | (63,638 )
Shell PLC | Goldman Sachs International | 103,300 | 08/05/25 | GBP | 26.40 | GBP | 2,626 | (50,388 )

Schedule of Investments
41

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |  |
PG&E Corp. | Barclays Bank PLC | 132,900 | 08/08/25 | USD | 14.16 | USD | 1,853 | $(84,465 )
European Aeronautic Defence and Space Company | Bank of America N.A. | 16,700 | 08/12/25 | EUR | 185.33 | EUR | 2,966 | (66,832 )
Rentokil Initial PLC | Bank of America N.A. | 800,000 | 08/12/25 | GBP | 3.66 | GBP | 2,812 | (124,757 )
|  |  |  |  |  |  |  | $(2,174,347 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(21,353,369 ) | $3,831,195 | $(11,415,828 ) | $(28,938,002 )

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 | $— | $— | $28,938,002 | $— | $— | $— | $28,938,002

For the period ended June 30, 2025, 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) | $— | $— | $(108,736 ) | $— | $— | $— | $(108,736 )
Options written | — | — | (10,227,303 ) | — | — | — | (10,227,303 )
| $— | $— | $(10,336,039 ) | $— | $— | $— | $(10,336,039 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(17,219,246 ) | $— | $— | $— | $(17,219,246 )

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased | $— (a)
Average value of option contracts written | 24,657,797

(a) | Derivative financial instrument 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.
42
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | $— | $28,938,002
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 28,938,002
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (26,763,655 )
Total derivative assets and liabilities subject to an MNA | $— | $2,174,347

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
Bank of America N.A. | $792,586 | $— | $(792,586 ) | $— | $—
Barclays Bank PLC | 535,313 | — | (535,313 ) | — | —
BNP Paribas SA | 63,638 | — | (63,638 ) | — | —
Goldman Sachs International | 128,056 | — | (28,056 ) | (100,000 ) | —
JPMorgan Chase Bank N.A. | 152,785 | — | (152,785 ) | — | —
Morgan Stanley & Co. International PLC | 414,275 | — | (414,275 ) | — | —
UBS AG | 87,694 | — | (87,694 ) | — | —
| $2,174,347 | $— | $(2,074,347 ) | $(100,000 ) | $—

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

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 Consolidated Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Aerospace & Defense | $53,609,793 | $9,339,555 | $— | $62,949,348
Automobile Components | 6,921,003 | — | — | 6,921,003
Automobiles | 12,099,164 | — | — | 12,099,164
Banks | 204,201,183 | — | — | 204,201,183
Beverages | 9,363,485 | — | — | 9,363,485
Broadline Retail | 41,548,956 | — | — | 41,548,956
Building Products | 13,347,180 | — | — | 13,347,180
Capital Markets | 58,736,663 | — | — | 58,736,663
Chemicals | 40,411,594 | — | — | 40,411,594
Commercial Services & Supplies | — | 13,872,341 | — | 13,872,341
Communications Equipment | 21,359,049 | — | — | 21,359,049
Consumer Finance | 6,893,424 | — | — | 6,893,424
Consumer Staples Distribution & Retail | 29,648,440 | — | — | 29,648,440
Containers & Packaging | 22,669,218 | — | — | 22,669,218
Diversified Telecommunication Services | 15,792,425 | — | — | 15,792,425
Electric Utilities | 48,209,038 | — | — | 48,209,038
Electronic Equipment, Instruments & Components | 2,447,032 | — | — | 2,447,032
Entertainment | 31,909,062 | — | — | 31,909,062
Financial Services | 38,914,761 | — | 16,146,708 | 55,061,469
Food Products | 32,529,009 | — | — | 32,529,009
Ground Transportation | 9,050,583 | — | — | 9,050,583

Schedule of Investments
43

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Equity Dividend Trust (BDJ)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Common Stocks (continued) |  |  |  |
Health Care Equipment & Supplies | $89,353,093 | $— | $— | $89,353,093
Health Care Providers & Services | 114,301,458 | — | — | 114,301,458
Health Care REITs | 5,376,841 | — | — | 5,376,841
Household Durables | — | 8,738,703 | — | 8,738,703
Industrial Conglomerates | 12,568,301 | — | — | 12,568,301
Industrial REITs | 9,893,478 | — | — | 9,893,478
Insurance | 64,820,962 | — | — | 64,820,962
Interactive Media & Services | 33,760,317 | — | — | 33,760,317
IT Services | 14,534,492 | — | — | 14,534,492
Leisure Products | 17,741,825 | — | — | 17,741,825
Machinery | 25,578,256 | — | — | 25,578,256
Media | 28,245,566 | 11,439,032 | — | 39,684,598
Metals & Mining | 9,839,193 | — | — | 9,839,193
Multi-Utilities | 29,544,515 | — | — | 29,544,515
Oil, Gas & Consumable Fuels | 27,017,635 | 58,312,207 | 14,002,368 | 99,332,210
Pharmaceuticals | 19,819,945 | 24,746,550 | — | 44,566,495
Professional Services | 60,001,842 | — | — | 60,001,842
Residential REITs | 10,738,695 | — | — | 10,738,695
Semiconductors & Semiconductor Equipment | 29,565,929 | 11,177,493 | — | 40,743,422
Software | 44,487,609 | — | — | 44,487,609
Specialized REITs | 19,079,837 | — | — | 19,079,837
Technology Hardware, Storage & Peripherals | 45,735,655 | 27,504,163 | — | 73,239,818
Tobacco | 17,169,384 | — | — | 17,169,384
Trading Companies & Distributors | 4,107,180 | — | — | 4,107,180
Preferred Securities |  |  |  |
Preferred Stocks | — | 13,482,430 | — | 13,482,430
Short-Term Securities |  |  |  |
Money Market Funds | 55,223,666 | — | — | 55,223,666
| $1,488,166,736 | $178,612,474 | $30,149,076 | $1,696,928,286
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(24,424,621 ) | $(4,513,381 ) | $— | $(28,938,002 )

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

| Common Stocks
Assets |
Opening balance, as of December 31, 2024 | $31,090,484
Transfers into Level 3 | —
Transfers out of Level 3 | —
Accrued discounts/premiums | —
Net realized gain (loss) | —
Net change in unrealized appreciation (depreciation)(a)(b) | (1,659,573 )
Purchases | 718,165
Sales | —
Closing balance, as of June 30, 2025 | $30,149,076
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(b) | $(1,659,573 )

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.

44
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Equity Dividend Trust (BDJ)
The following table summarizes the valuation approaches used and unobservable inputs utilized by the 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 | $30,149,076 | Income | Discount Rate | 10% | —
|  | Market | EBITDA Multiple | 6.88x | —
| $30,149,076 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.

See notes to financial statements.
Schedule of Investments
45

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Enhanced Global Dividend Trust (BOE)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Canada — 2.1% |
TELUS Corp. |  | 878,592 | $14,110,378
Denmark — 2.2% |
Novo Nordisk A/S, Class B |  | 217,151 | 15,047,263
France — 2.1% |
Air Liquide SA |  | 70,330 | 14,502,121
India — 0.0% |
AceVector Limited, Series I, (Acquired 08/31/18, Cost: $2,637,143)(a)(b)(c) |  | 566,400 | 195,294
Japan — 1.4% |
SMC Corp. |  | 27,300 | 9,783,285
Netherlands — 2.1% |
Koninklijke KPN NV |  | 3,031,314 | 14,787,327
Spain — 2.1% |
Banco Bilbao Vizcaya Argentaria SA |  | 955,405 | 14,711,588
Switzerland — 2.0% |
Zurich Insurance Group AG, Class N |  | 19,779 | 13,839,818
Taiwan — 5.4% |
MediaTek, Inc. |  | 240,000 | 10,283,678
Taiwan Semiconductor Manufacturing Co. Ltd. |  | 740,000 | 27,061,317
|  |  | 37,344,995
United Kingdom — 9.0% |
AstraZeneca PLC |  | 159,914 | 22,255,093
BAE Systems PLC |  | 434,178 | 11,268,161
RELX PLC |  | 329,283 | 17,794,025
Taylor Wimpey PLC |  | 6,771,171 | 11,041,829
|  |  | 62,359,108
United States — 71.3% |
AbbVie, Inc.(d) |  | 81,420 | 15,113,180
Accenture PLC, Class A |  | 58,744 | 17,557,994
Allegion PLC |  | 103,069 | 14,854,304
Alphabet, Inc., Class A(d) |  | 83,022 | 14,630,967
Apple, Inc.(d)(e) |  | 71,432 | 14,655,703
Applied Materials, Inc. |  | 55,539 | 10,167,525
Assurant, Inc.(d) |  | 50,499 | 9,973,048
Baker Hughes Co., Class A |  | 175,025 | 6,710,459
Broadcom, Inc.(e) |  | 102,340 | 28,210,021
Charles Schwab Corp. |  | 114,584 | 10,454,644
Citizens Financial Group, Inc. |  | 265,514 | 11,881,752
CMS Energy Corp.(d)(e) |  | 293,639 | 20,343,310
Coca-Cola Co. |  | 287,138 | 20,315,013
Colgate-Palmolive Co. |  | 188,214 | 17,108,653
General Electric Co. |  | 63,043 | 16,226,638
Home Depot, Inc. |  | 34,647 | 12,702,976
Hubbell, Inc. |  | 37,280 | 15,225,525

Security |  | Shares | Value
United States (continued) |
Intercontinental Exchange, Inc.(d) |  | 75,097 | $13,778,047
M&T Bank Corp. |  | 53,051 | 10,291,363
Mastercard, Inc., Class A |  | 12,977 | 7,292,295
Meta Platforms, Inc., Class A(e) |  | 26,731 | 19,729,884
Microsoft Corp.(d) |  | 79,480 | 39,534,147
Moody’s Corp. |  | 20,881 | 10,473,701
Oracle Corp. |  | 77,491 | 16,941,857
Otis Worldwide Corp.(d) |  | 135,156 | 13,383,147
Parker-Hannifin Corp.(d)(e) |  | 21,989 | 15,358,657
Republic Services, Inc.(e) |  | 40,201 | 9,913,969
Salesforce, Inc. |  | 38,999 | 10,634,637
Sanofi SA |  | 119,571 | 11,576,118
Shell PLC |  | 306,689 | 10,770,768
Union Pacific Corp. |  | 35,166 | 8,090,993
UnitedHealth Group, Inc.(d)(e) |  | 45,883 | 14,314,120
Walmart, Inc. |  | 173,813 | 16,995,435
Williams Cos., Inc.(d) |  | 112,077 | 7,039,556
|  |  | 492,250,406
Total Long-Term Investments — 99.7% (Cost: $500,612,329) | 688,931,583
Short-Term Securities
Money Market Funds — 1.4% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(f)(g) |  | 9,754,911 | 9,754,911
Total Short-Term Securities — 1.4% (Cost: $9,754,911) | 9,754,911
Total Investments Before Options Written — 101.1% (Cost: $510,367,240) | 698,686,494
Options Written — (1.1)% (Premiums Received: $(7,221,732)) | (8,112,955 )
Total Investments, Net of Options Written — 100.0% (Cost: $503,145,508) | 690,573,539
Other Assets Less Liabilities — 0.0% | 254,549
Net Assets — 100.0% | $690,828,088

(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 $195,294, representing less than 0.05% 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.

46
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Global Dividend Trust (BOE)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $7,033,278 | $2,721,633 (a) | $— | $— | $— | $9,754,911 | 9,754,911 | $155,491 | $—

(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 |  |  |  |  |  |  |
Citizens Financial Group, Inc. | 750 | 07/09/25 | USD | 43.00 | USD | 3,356 | $(162,342 )
AbbVie, Inc. | 104 | 07/11/25 | USD | 195.00 | USD | 1,930 | (2,184 )
Accenture PLC, Class A | 86 | 07/11/25 | USD | 325.00 | USD | 2,570 | (8,600 )
Alphabet, Inc., Class A | 48 | 07/11/25 | USD | 175.00 | USD | 846 | (19,440 )
Broadcom, Inc. | 78 | 07/11/25 | USD | 265.00 | USD | 2,150 | (105,300 )
Colgate-Palmolive Co. | 166 | 07/11/25 | USD | 94.00 | USD | 1,509 | (4,150 )
Home Depot, Inc. | 87 | 07/11/25 | USD | 385.00 | USD | 3,190 | (3,350 )
Mastercard, Inc., Class A | 15 | 07/11/25 | USD | 590.00 | USD | 843 | (563 )
Oracle Corp. | 130 | 07/11/25 | USD | 165.00 | USD | 2,842 | (709,800 )
Salesforce, Inc. | 86 | 07/11/25 | USD | 275.00 | USD | 2,345 | (32,895 )
TELUS Corp. | 1,308 | 07/11/25 | CAD | 22.50 | CAD | 2,861 | (4,803 )
Union Pacific Corp. | 28 | 07/11/25 | USD | 225.00 | USD | 644 | (18,900 )
M&T Bank Corp. | 117 | 07/15/25 | USD | 182.34 | USD | 2,270 | (155,610 )
Allegion PLC | 253 | 07/18/25 | USD | 145.12 | USD | 3,646 | (55,102 )
Alphabet, Inc., Class A | 182 | 07/18/25 | USD | 180.00 | USD | 3,207 | (51,597 )
Applied Materials, Inc. | 159 | 07/18/25 | USD | 180.00 | USD | 2,911 | (117,262 )
Assurant, Inc. | 60 | 07/18/25 | USD | 210.00 | USD | 1,185 | (6,900 )
Baker Hughes Co., Class A | 306 | 07/18/25 | USD | 41.00 | USD | 1,173 | (5,355 )
Broadcom, Inc. | 162 | 07/18/25 | USD | 250.00 | USD | 4,466 | (446,715 )
Charles Schwab Corp. | 307 | 07/18/25 | USD | 92.50 | USD | 2,801 | (67,233 )
Citizens Financial Group, Inc. | 420 | 07/18/25 | USD | 42.50 | USD | 1,880 | (124,950 )
CMS Energy Corp. | 506 | 07/18/25 | USD | 70.00 | USD | 3,506 | (32,890 )
Coca-Cola Co. | 605 | 07/18/25 | USD | 75.00 | USD | 4,280 | (3,328 )
General Electric Co. | 134 | 07/18/25 | USD | 270.00 | USD | 3,449 | (21,172 )
Hubbell, Inc. | 82 | 07/18/25 | USD | 400.00 | USD | 3,349 | (124,640 )
M&T Bank Corp. | 90 | 07/18/25 | USD | 190.00 | USD | 1,746 | (69,750 )
M&T Bank Corp. | 26 | 07/18/25 | USD | 185.00 | USD | 504 | (31,070 )
Mastercard, Inc., Class A | 42 | 07/18/25 | USD | 585.00 | USD | 2,360 | (7,224 )
Meta Platforms, Inc., Class A | 41 | 07/18/25 | USD | 725.00 | USD | 3,026 | (105,985 )
Microsoft Corp. | 158 | 07/18/25 | USD | 460.00 | USD | 7,859 | (619,755 )
Moody’s Corp. | 52 | 07/18/25 | USD | 490.00 | USD | 2,608 | (91,520 )
Oracle Corp. | 78 | 07/18/25 | USD | 210.00 | USD | 1,705 | (89,895 )
Republic Services, Inc., Class A | 131 | 07/18/25 | USD | 250.00 | USD | 3,231 | (25,873 )
Salesforce, Inc. | 86 | 07/18/25 | USD | 280.00 | USD | 2,345 | (30,100 )
TELUS Corp. | 1,107 | 07/18/25 | CAD | 22.50 | CAD | 2,421 | (5,690 )
UnitedHealth Group, Inc. | 160 | 07/18/25 | USD | 340.00 | USD | 4,992 | (24,640 )
Walmart, Inc. | 509 | 07/18/25 | USD | 100.00 | USD | 4,977 | (43,010 )
Williams Cos., Inc. | 154 | 07/18/25 | USD | 60.00 | USD | 967 | (50,820 )
AbbVie, Inc. | 224 | 07/25/25 | USD | 195.00 | USD | 4,158 | (21,280 )
Alphabet, Inc., Class A | 135 | 07/25/25 | USD | 185.00 | USD | 2,379 | (40,837 )
Apple, Inc. | 37 | 07/25/25 | USD | 210.00 | USD | 759 | (13,135 )
Applied Materials, Inc. | 21 | 07/25/25 | USD | 182.50 | USD | 384 | (14,438 )
Colgate-Palmolive Co. | 495 | 07/25/25 | USD | 94.00 | USD | 4,500 | (34,650 )
Meta Platforms, Inc., Class A | 52 | 07/25/25 | USD | 725.00 | USD | 3,838 | (156,910 )
Microsoft Corp. | 33 | 07/25/25 | USD | 495.00 | USD | 1,641 | (36,383 )

Schedule of Investments
47

Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |
TELUS Corp. | 1,310 | 07/25/25 | CAD | 22.50 | CAD | 2,865 | $(8,658 )
Hubbell, Inc. | 82 | 07/29/25 | USD | 397.14 | USD | 3,349 | (164,346 )
Accenture PLC, Class A | 47 | 08/01/25 | USD | 295.00 | USD | 1,405 | (49,115 )
Apple, Inc. | 205 | 08/01/25 | USD | 210.00 | USD | 4,206 | (110,700 )
Charles Schwab Corp. | 197 | 08/01/25 | USD | 89.00 | USD | 1,797 | (85,695 )
Coca-Cola Co. | 487 | 08/01/25 | USD | 71.00 | USD | 3,446 | (77,189 )
General Electric Co. | 212 | 08/01/25 | USD | 260.00 | USD | 5,457 | (226,310 )
Home Depot, Inc. | 65 | 08/01/25 | USD | 365.00 | USD | 2,383 | (69,712 )
Oracle Corp. | 108 | 08/01/25 | USD | 205.00 | USD | 2,361 | (186,030 )
TELUS Corp. | 1,107 | 08/01/25 | CAD | 22.00 | CAD | 2,421 | (27,639 )
Walmart, Inc. | 255 | 08/01/25 | USD | 98.00 | USD | 2,493 | (61,072 )
Williams Cos., Inc. | 154 | 08/01/25 | USD | 60.00 | USD | 967 | (57,750 )
Assurant, Inc. | 162 | 08/05/25 | USD | 203.50 | USD | 3,199 | (27,640 )
Applied Materials, Inc. | 64 | 08/08/25 | USD | 185.00 | USD | 1,172 | (48,960 )
Meta Platforms, Inc., Class A | 24 | 08/08/25 | USD | 745.00 | USD | 1,771 | (82,560 )
AbbVie, Inc. | 30 | 08/15/25 | USD | 195.00 | USD | 557 | (8,550 )
Accenture PLC, Class A | 72 | 08/15/25 | USD | 310.00 | USD | 2,152 | (32,400 )
Allegion PLC | 200 | 08/15/25 | USD | 139.39 | USD | 2,882 | (159,876 )
Apple, Inc. | 72 | 08/15/25 | USD | 210.00 | USD | 1,477 | (48,420 )
Baker Hughes Co., Class A | 306 | 08/15/25 | USD | 41.00 | USD | 1,173 | (21,420 )
Broadcom, Inc. | 118 | 08/15/25 | USD | 260.00 | USD | 3,253 | (292,345 )
CMS Energy Corp. | 787 | 08/15/25 | USD | 70.00 | USD | 5,452 | (106,245 )
Coca-Cola Co. | 487 | 08/15/25 | USD | 72.50 | USD | 3,446 | (61,118 )
Colgate-Palmolive Co. | 167 | 08/15/25 | USD | 90.00 | USD | 1,518 | (55,110 )
Intercontinental Exchange, Inc. | 246 | 08/15/25 | USD | 179.86 | USD | 4,513 | (179,969 )
Microsoft Corp. | 158 | 08/15/25 | USD | 495.00 | USD | 7,859 | (302,175 )
Moody’s Corp. | 39 | 08/15/25 | USD | 490.00 | USD | 1,956 | (96,330 )
Otis Worldwide Corp. | 376 | 08/15/25 | USD | 97.50 | USD | 3,723 | (159,800 )
Parker-Hannifin Corp. | 96 | 08/15/25 | USD | 680.00 | USD | 6,705 | (377,280 )
Republic Services, Inc., Class A | 45 | 08/15/25 | USD | 250.00 | USD | 1,110 | (26,775 )
Williams Cos., Inc. | 308 | 08/15/25 | USD | 65.00 | USD | 1,935 | (42,350 )
|  |  |  |  |  |  | $(7,051,585 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
BAE Systems PLC | Bank of America N.A. | 59,200 | 07/02/25 | GBP | 18.08 | GBP | 1,119 | $(64,588 )
SMC Corp. | Goldman Sachs International | 12,000 | 07/02/25 | JPY | 58,004.70 | JPY | 619,271 | (1 )
Zurich Insurance Group AG, Class N | UBS AG | 8,700 | 07/02/25 | CHF | 588.89 | CHF | 4,830 | —
Intercontinental Exchange, Inc. | Bank of America N.A. | 21,300 | 07/07/25 | USD | 170.50 | USD | 3,908 | (279,814 )
Koninklijke KPN NV | Barclays Bank PLC | 50,000 | 07/08/25 | EUR | 3.95 | EUR | 207 | (11,139 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Morgan Stanley & Co. International PLC | 219,600 | 07/08/25 | TWD | 1,128.60 | TWD | 234,591 | (16,729 )
Banco Bilbao Vizcaya Argentaria SA | Citibank N.A. | 215,900 | 07/10/25 | EUR | 14.11 | EUR | 2,822 | (4,245 )
Koninklijke KPN NV | Goldman Sachs International | 160,800 | 07/15/25 | EUR | 4.27 | EUR | 666 | (3,014 )
MediaTek, Inc. | Morgan Stanley & Co. International PLC | 106,000 | 07/17/25 | TWD | 1,342.57 | TWD | 132,680 | (15,295 )
Novo Nordisk A/S, Class B | BNP Paribas SA | 27,300 | 07/17/25 | DKK | 494.33 | DKK | 11,982 | (7,508 )
Novo Nordisk A/S, Class B | Morgan Stanley & Co. International PLC | 12,300 | 07/17/25 | DKK | 505.30 | DKK | 5,398 | (2,006 )
Otis Worldwide Corp. | Morgan Stanley & Co. International PLC | 21,800 | 07/17/25 | USD | 100.12 | USD | 2,159 | (25,074 )
RELX PLC | BNP Paribas SA | 12,950 | 07/17/25 | EUR | 48.07 | EUR | 594 | (1,443 )
Koninklijke KPN NV | BNP Paribas SA | 643,700 | 07/22/25 | EUR | 4.18 | EUR | 2,666 | (30,777 )
RELX PLC | Goldman Sachs International | 52,750 | 07/22/25 | EUR | 47.42 | EUR | 2,420 | (14,803 )
Air Liquide SA | Barclays Bank PLC | 22,100 | 07/23/25 | EUR | 187.88 | EUR | 3,869 | (5,845 )
AstraZeneca PLC | Barclays Bank PLC | 27,500 | 07/23/25 | GBP | 113.61 | GBP | 2,788 | (2,082 )
BAE Systems PLC | Barclays Bank PLC | 79,900 | 07/23/25 | GBP | 19.41 | GBP | 1,511 | (31,213 )
Banco Bilbao Vizcaya Argentaria SA | Barclays Bank PLC | 173,050 | 07/23/25 | EUR | 13.61 | EUR | 2,262 | (26,004 )
Koninklijke KPN NV | Goldman Sachs International | 254,400 | 07/23/25 | EUR | 4.23 | EUR | 1,054 | (9,449 )
Novo Nordisk A/S, Class B | Bank of America N.A. | 17,700 | 07/23/25 | DKK | 545.16 | DKK | 7,768 | (1,377 )
RELX PLC | Barclays Bank PLC | 26,200 | 07/23/25 | EUR | 47.08 | EUR | 1,202 | (10,048 )

48
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |  |
Sanofi SA | Bank of America N.A. | 11,400 | 07/23/25 | EUR | 88.24 | EUR | 937 | $(2,293 )
Taylor Wimpey PLC | Barclays Bank PLC | 1,276,300 | 07/23/25 | GBP | 1.26 | GBP | 1,516 | (21,111 )
Air Liquide SA | JPMorgan Chase Bank N.A. | 8,900 | 07/29/25 | EUR | 189.85 | EUR | 1,558 | (2,636 )
BAE Systems PLC | Goldman Sachs International | 135,200 | 07/29/25 | GBP | 21.01 | GBP | 2,556 | (14,338 )
Banco Bilbao Vizcaya Argentaria SA | Barclays Bank PLC | 71,400 | 07/30/25 | EUR | 13.31 | EUR | 933 | (20,945 )
Banco Bilbao Vizcaya Argentaria SA | UBS AG | 89,700 | 07/30/25 | EUR | 13.54 | EUR | 1,173 | (19,127 )
Shell PLC | Barclays Bank PLC | 107,400 | 07/30/25 | EUR | 32.00 | EUR | 3,202 | (18,576 )
Taylor Wimpey PLC | Barclays Bank PLC | 1,306,000 | 07/30/25 | GBP | 1.23 | GBP | 1,552 | (43,383 )
AstraZeneca PLC | BNP Paribas SA | 42,900 | 08/05/25 | GBP | 105.70 | GBP | 4,350 | (84,261 )
Koninklijke KPN NV | BNP Paribas SA | 254,000 | 08/05/25 | EUR | 4.09 | EUR | 1,052 | (23,035 )
RELX PLC | JPMorgan Chase Bank N.A. | 26,300 | 08/05/25 | EUR | 47.51 | EUR | 1,207 | (10,630 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | JPMorgan Chase Bank N.A. | 132,000 | 08/05/25 | TWD | 1,102.10 | TWD | 141,011 | (109,552 )
Taylor Wimpey PLC | Barclays Bank PLC | 397,000 | 08/05/25 | GBP | 1.24 | GBP | 472 | (14,299 )
Koninklijke KPN NV | Barclays Bank PLC | 304,400 | 08/08/25 | EUR | 4.24 | EUR | 1,261 | (8,527 )
Novo Nordisk A/S, Class B | Bank of America N.A. | 18,800 | 08/08/25 | DKK | 511.45 | DKK | 8,251 | (18,171 )
Sanofi SA | Barclays Bank PLC | 41,300 | 08/08/25 | EUR | 85.63 | EUR | 3,394 | (44,823 )
RELX PLC | UBS AG | 60,000 | 08/12/25 | EUR | 46.94 | EUR | 2,753 | (43,209 )
|  |  |  |  |  |  |  | $(1,061,370 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(7,221,732 ) | $2,197,912 | $(3,089,135 ) | $(8,112,955 )

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 | $— | $— | $8,112,955 | $— | $— | $— | $8,112,955

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $(6,230,812 ) | $— | $— | $— | $(6,230,812 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(4,463,875 ) | $— | $— | $— | $(4,463,875 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $6,524,106

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
49

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Global Dividend Trust (BOE)
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 | $— | $8,112,955
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 8,112,955
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (7,051,585 )
Total derivative assets and liabilities subject to an MNA | $— | $1,061,370

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. | $366,243 | $— | $(366,243 ) | $— | $—
Barclays Bank PLC | 257,995 | — | (257,995 ) | — | —
BNP Paribas SA | 147,024 | — | (147,024 ) | — | —
Citibank N.A. | 4,245 | — | — | — | 4,245
Goldman Sachs International | 41,605 | — | (41,605 ) | — | —
JPMorgan Chase Bank N.A. | 122,818 | — | (122,818 ) | — | —
Morgan Stanley & Co. International PLC | 59,104 | — | (59,104 ) | — | —
UBS AG | 62,336 | — | (62,336 ) | — | —
| $1,061,370 | $— | $(1,057,125 ) | $— | $4,245

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to the 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 at the measurement date. 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 | $14,110,378 | $— | $— | $14,110,378
Denmark | — | 15,047,263 | — | 15,047,263
France | — | 14,502,121 | — | 14,502,121
India | — | — | 195,294 | 195,294
Japan | — | 9,783,285 | — | 9,783,285
Netherlands | — | 14,787,327 | — | 14,787,327
Spain | — | 14,711,588 | — | 14,711,588
Switzerland | — | 13,839,818 | — | 13,839,818
Taiwan | — | 37,344,995 | — | 37,344,995
United Kingdom | — | 62,359,108 | — | 62,359,108
United States | 469,903,520 | 22,346,886 | — | 492,250,406
Short-Term Securities |  |  |  |
Money Market Funds | 9,754,911 | — | — | 9,754,911
| $493,768,809 | $204,722,391 | $195,294 | $698,686,494

50
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Global Dividend Trust (BOE)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(6,146,700 ) | $(1,966,255 ) | $— | $(8,112,955 )

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

See notes to financial statements.
Schedule of Investments
51

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Enhanced International Dividend Trust (BGY)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Canada — 5.2% |
Teck Resources Ltd., Class B |  | 382,735 | $15,478,037
Toronto-Dominion Bank |  | 190,640 | 14,022,032
|  |  | 29,500,069
China — 2.9% |
Tencent Holdings Ltd., ADR(a) |  | 251,350 | 16,212,075
Denmark — 2.7% |
Novo Nordisk A/S, Class B |  | 218,231 | 15,122,101
France — 5.1% |
Air Liquide SA |  | 96,400 | 19,877,782
Cie de Saint-Gobain SA |  | 79,007 | 9,281,365
|  |  | 29,159,147
Germany — 10.6% |
adidas AG, Class N |  | 46,413 | 10,834,184
Beiersdorf AG |  | 122,485 | 15,396,119
Deutsche Telekom AG, Class N, Registered Shares |  | 437,595 | 16,017,552
SAP SE |  | 58,835 | 17,990,543
|  |  | 60,238,398
India — 3.7% |
AceVector Limited, Series I, (Acquired 01/25/22, Cost: $3,948,600)(b)(c)(d) |  | 848,000 | 292,390
HDFC Bank Ltd. |  | 895,320 | 20,901,655
|  |  | 21,194,045
Italy — 3.1% |
FinecoBank Banca Fineco SpA |  | 786,716 | 17,452,153
Japan — 8.5% |
Keyence Corp. |  | 34,600 | 13,834,049
SMC Corp. |  | 46,800 | 16,771,346
Sony Group Corp. |  | 682,200 | 17,737,409
|  |  | 48,342,804
Netherlands — 6.0% |
ASM International NV |  | 25,563 | 16,398,097
Koninklijke KPN NV |  | 3,619,107 | 17,654,693
|  |  | 34,052,790
Singapore — 2.5% |
United Overseas Bank Ltd. |  | 503,700 | 14,256,574
Spain — 4.9% |
Banco Bilbao Vizcaya Argentaria SA |  | 1,092,483 | 16,822,353
Industria de Diseno Textil SA |  | 212,385 | 11,079,438
|  |  | 27,901,791
Sweden — 4.4% |
Assa Abloy AB, Class B |  | 369,461 | 11,550,694
Atlas Copco AB, A Shares |  | 848,937 | 13,723,917
|  |  | 25,274,611
Switzerland — 6.8% |
Nestle SA, Class N, Registered Shares |  | 154,264 | 15,337,905
UBS Group AG, Registered Shares |  | 349,172 | 11,854,996
Zurich Insurance Group AG, Class N |  | 16,457 | 11,515,339
|  |  | 38,708,240

Security |  | Shares | Value
Taiwan — 7.0% |
MediaTek, Inc. |  | 190,000 | $8,141,245
Taiwan Semiconductor Manufacturing Co. Ltd. |  | 865,000 | 31,632,485
|  |  | 39,773,730
United Kingdom — 9.4% |
AstraZeneca PLC |  | 120,565 | 16,778,927
British American Tobacco PLC |  | 196,584 | 9,346,845
RELX PLC |  | 322,715 | 17,439,099
Taylor Wimpey PLC |  | 6,166,586 | 10,055,925
|  |  | 53,620,796
United States — 17.0% |
General Electric Co.(a)(e) |  | 49,170 | 12,655,866
Haleon PLC |  | 2,161,320 | 11,108,377
Mastercard, Inc., Class A(a)(e) |  | 20,780 | 11,677,113
Otis Worldwide Corp.(a)(e) |  | 120,604 | 11,942,208
Sanofi SA |  | 141,923 | 13,740,099
Shell PLC |  | 648,441 | 22,772,932
Waste Connections, Inc. |  | 68,416 | 12,780,365
|  |  | 96,676,960
Total Long-Term Investments — 99.8% (Cost: $445,604,277) | 567,486,284
Short-Term Securities
Money Market Funds — 0.5% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(f)(g) |  | 2,898,908 | 2,898,908
Total Short-Term Securities — 0.5% (Cost: $2,898,908) | 2,898,908
Total Investments Before Options Written — 100.3% (Cost: $448,503,185) | 570,385,192
Options Written — (0.7)% (Premiums Received: $(5,309,740)) | (3,825,190 )
Total Investments, Net of Options Written — 99.6% (Cost: $443,193,445) | 566,560,002
Other Assets Less Liabilities — 0.4% | 2,028,035
Net Assets — 100.0% | $568,588,037

(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) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(c) | Non-income producing security.
(d) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $292,390, representing 0.1% of its net assets as of period end, and an original cost of $3,948,600.
(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.

52
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced International Dividend Trust (BGY)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $— | $354 (b) | $— | $(354 ) | $— | $— | — | $1,260 (c) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 3,742,337 | — | (843,429 )(b) | — | — | 2,898,908 | 2,898,908 | 157,270 | —
|  |  |  | $(354 ) | $— | $2,898,908 |  | $158,530 | $—

(a) | As of period end, the entity is no longer held.
(b) | Represents net amount purchased (sold).
(c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, 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 |  |  |  |  |  |  |
Mastercard, Inc., Class A | 57 | 07/11/25 | USD | 590.00 | USD | 3,203 | $(2,137 )
Teck Resources Ltd., Class B | 660 | 07/11/25 | CAD | 53.00 | CAD | 3,635 | (122,622 )
General Electric Co. | 92 | 07/18/25 | USD | 270.00 | USD | 2,368 | (14,536 )
Mastercard, Inc., Class A | 36 | 07/18/25 | USD | 585.00 | USD | 2,023 | (6,192 )
Teck Resources Ltd., Class B | 679 | 07/18/25 | CAD | 56.00 | CAD | 3,739 | (56,594 )
Toronto-Dominion Bank | 428 | 07/18/25 | CAD | 96.00 | CAD | 4,287 | (131,221 )
Waste Connections, Inc. | 136 | 07/18/25 | CAD | 260.00 | CAD | 3,460 | (14,981 )
General Electric Co. | 178 | 08/01/25 | USD | 260.00 | USD | 4,582 | (190,015 )
Toronto-Dominion Bank | 429 | 08/01/25 | CAD | 99.00 | CAD | 4,297 | (53,556 )
Otis Worldwide Corp. | 201 | 08/15/25 | USD | 97.50 | USD | 1,990 | (85,425 )
Waste Connections, Inc. | 240 | 08/15/25 | CAD | 270.00 | CAD | 6,105 | (23,352 )
|  |  |  |  |  |  | $(700,631 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Atlas Copco AB, A Shares | Goldman Sachs International | 103,100 | 07/02/25 | SEK | 171.00 | SEK | 15,769 | $—
Beiersdorf AG | Bank of America N.A. | 27,200 | 07/02/25 | EUR | 122.41 | EUR | 2,902 | —
MediaTek, Inc. | Morgan Stanley & Co. International PLC | 85,000 | 07/02/25 | TWD | 1,443.75 | TWD | 106,250 | —
SMC Corp. | Goldman Sachs International | 4,100 | 07/02/25 | JPY | 58,004.70 | JPY | 211,584 | —
United Overseas Bank Ltd. | UBS AG | 74,737 | 07/02/25 | SGD | 36.51 | SGD | 2,690 | (5,945 )
Zurich Insurance Group AG, Class N | UBS AG | 7,400 | 07/02/25 | CHF | 588.89 | CHF | 4,108 | —
Deutsche Telekom AG | Goldman Sachs International | 25,400 | 07/08/25 | EUR | 34.50 | EUR | 789 | (46 )
Deutsche Telekom AG | Morgan Stanley & Co. International PLC | 45,700 | 07/08/25 | EUR | 33.03 | EUR | 1,420 | (296 )
Koninklijke KPN NV | Barclays Bank PLC | 156,000 | 07/08/25 | EUR | 3.95 | EUR | 646 | (34,755 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Morgan Stanley & Co. International PLC | 102,500 | 07/08/25 | TWD | 1,128.60 | TWD | 109,497 | (7,808 )
United Overseas Bank Ltd. | Bank of America N.A. | 140,721 | 07/08/25 | SGD | 37.05 | SGD | 5,064 | (21,310 )
Tencent Holdings Ltd., ADR | Goldman Sachs International | 38,400 | 07/09/25 | USD | 72.93 | USD | 2,477 | (587 )
ASM International NV | Citibank N.A. | 11,500 | 07/10/25 | EUR | 497.55 | EUR | 6,263 | (647,629 )
Banco Bilbao Vizcaya Argentaria SA | Citibank N.A. | 275,700 | 07/10/25 | EUR | 14.11 | EUR | 3,604 | (5,420 )
Industria de Diseno Textil SA | Bank of America N.A. | 95,500 | 07/10/25 | EUR | 49.46 | EUR | 4,229 | (7 )
Nestle SA, Registered Shares | Goldman Sachs International | 28,900 | 07/10/25 | CHF | 90.23 | CHF | 2,280 | (31 )
SAP SE | Goldman Sachs International | 14,500 | 07/10/25 | EUR | 273.77 | EUR | 3,764 | (6,782 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Morgan Stanley & Co. International PLC | 46,000 | 07/10/25 | TWD | 1,029.60 | TWD | 49,140 | (62,514 )
Koninklijke KPN NV | Goldman Sachs International | 802,200 | 07/15/25 | EUR | 4.27 | EUR | 3,322 | (15,034 )

Schedule of Investments
53

Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |  |
Sony Group Corp. | UBS AG | 67,000 | 07/16/25 | JPY | 4,101.63 | JPY | 250,860 | $(8,191 )
British American Tobacco PLC, ADR | Bank of America N.A. | 88,400 | 07/17/25 | GBP | 34.42 | GBP | 3,062 | (84,377 )
Haleon PLC | Goldman Sachs International | 655,900 | 07/17/25 | GBP | 4.07 | GBP | 2,456 | (999 )
Keyence Corp. | BNP Paribas SA | 12,000 | 07/17/25 | JPY | 63,196.01 | JPY | 690,927 | (21,381 )
Novo Nordisk A/S, Class B | Morgan Stanley & Co. International PLC | 1,800 | 07/17/25 | DKK | 505.30 | DKK | 790 | (294 )
Otis Worldwide Corp. | Morgan Stanley & Co. International PLC | 34,100 | 07/17/25 | USD | 100.12 | USD | 3,377 | (39,222 )
Shell PLC | Goldman Sachs International | 114,700 | 07/17/25 | EUR | 30.41 | EUR | 3,420 | (39,589 )
Koninklijke KPN NV | BNP Paribas SA | 162,300 | 07/22/25 | EUR | 4.18 | EUR | 672 | (7,760 )
RELX PLC | Goldman Sachs International | 32,650 | 07/22/25 | EUR | 47.42 | EUR | 1,498 | (9,162 )
Tencent Holdings Ltd., ADR | Citibank N.A. | 35,500 | 07/22/25 | USD | 66.76 | USD | 2,290 | (47,852 )
Air Liquide SA | Barclays Bank PLC | 22,100 | 07/23/25 | EUR | 187.88 | EUR | 3,869 | (5,845 )
Assa Abloy AB, Series B | Bank of America N.A. | 72,500 | 07/23/25 | SEK | 311.20 | SEK | 21,444 | (13,923 )
AstraZeneca PLC | Barclays Bank PLC | 37,000 | 07/23/25 | GBP | 113.61 | GBP | 3,751 | (2,801 )
Atlas Copco AB, A Shares | Bank of America N.A. | 69,100 | 07/23/25 | SEK | 158.72 | SEK | 10,568 | (18,249 )
Beiersdorf AG | Barclays Bank PLC | 28,000 | 07/23/25 | EUR | 119.61 | EUR | 2,988 | (4,039 )
FinecoBank Banca Fineco SpA | UBS AG | 285,800 | 07/23/25 | EUR | 20.12 | EUR | 5,382 | (42,392 )
Koninklijke KPN NV | Goldman Sachs International | 359,000 | 07/23/25 | EUR | 4.23 | EUR | 1,487 | (13,334 )
Nestle SA, Registered Shares | Goldman Sachs International | 37,200 | 07/23/25 | CHF | 86.67 | CHF | 2,935 | (3,588 )
Novo Nordisk A/S, Class B | Bank of America N.A. | 51,200 | 07/23/25 | DKK | 545.16 | DKK | 22,471 | (3,984 )
RELX PLC | Barclays Bank PLC | 38,300 | 07/23/25 | EUR | 47.08 | EUR | 1,757 | (14,688 )
Sony Group Corp. | JPMorgan Chase Bank N.A. | 53,000 | 07/23/25 | JPY | 3,887.22 | JPY | 198,441 | (25,585 )
Taylor Wimpey PLC | Barclays Bank PLC | 1,377,000 | 07/23/25 | GBP | 1.26 | GBP | 1,636 | (22,776 )
Air Liquide SA | JPMorgan Chase Bank N.A. | 21,300 | 07/29/25 | EUR | 189.85 | EUR | 3,729 | (6,309 )
Compagnie de Saint-Gobain S.A. | JPMorgan Chase Bank N.A. | 35,500 | 07/29/25 | EUR | 103.82 | EUR | 3,540 | (54,630 )
adidas AG, Class N | Barclays Bank PLC | 6,600 | 07/30/25 | EUR | 201.67 | EUR | 1,308 | (46,312 )
Banco Bilbao Vizcaya Argentaria SA | UBS AG | 58,600 | 07/30/25 | EUR | 13.54 | EUR | 766 | (12,495 )
Deutsche Telekom AG | Barclays Bank PLC | 87,700 | 07/30/25 | EUR | 31.20 | EUR | 2,725 | (66,041 )
Shell PLC | Barclays Bank PLC | 63,400 | 07/30/25 | EUR | 32.00 | EUR | 1,890 | (10,966 )
Taylor Wimpey PLC | Barclays Bank PLC | 1,022,000 | 07/30/25 | GBP | 1.23 | GBP | 1,214 | (33,949 )
AstraZeneca PLC | BNP Paribas SA | 17,300 | 08/05/25 | GBP | 105.70 | GBP | 1,754 | (33,980 )
Banco Bilbao Vizcaya Argentaria SA | BNP Paribas SA | 266,500 | 08/05/25 | EUR | 13.09 | EUR | 3,484 | (121,915 )
Deutsche Telekom AG | Goldman Sachs International | 81,800 | 08/05/25 | EUR | 32.02 | EUR | 2,542 | (39,268 )
FinecoBank Banca Fineco SpA | Goldman Sachs International | 140,800 | 08/05/25 | EUR | 19.60 | EUR | 2,652 | (48,499 )
Koninklijke KPN NV | BNP Paribas SA | 360,000 | 08/05/25 | EUR | 4.09 | EUR | 1,491 | (32,649 )
RELX PLC | JPMorgan Chase Bank N.A. | 38,400 | 08/05/25 | EUR | 47.51 | EUR | 1,762 | (15,520 )
SAP SE | BNP Paribas SA | 14,500 | 08/05/25 | EUR | 262.22 | EUR | 3,764 | (120,638 )
Shell PLC | Goldman Sachs International | 48,800 | 08/05/25 | EUR | 31.26 | EUR | 1,455 | (17,750 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | JPMorgan Chase Bank N.A. | 248,000 | 08/05/25 | TWD | 1,102.10 | TWD | 264,929 | (205,825 )
Taylor Wimpey PLC | Barclays Bank PLC | 375,900 | 08/05/25 | GBP | 1.23 | GBP | 447 | (13,539 )
United Overseas Bank Ltd. | Morgan Stanley & Co. International PLC | 11,300 | 08/05/25 | SGD | 36.76 | SGD | 407 | (7,873 )
Keyence Corp. | JPMorgan Chase Bank N.A. | 3,600 | 08/06/25 | JPY | 58,978.40 | JPY | 207,278 | (45,025 )
SMC Corp. | BNP Paribas SA | 16,400 | 08/06/25 | JPY | 53,150.88 | JPY | 846,337 | (188,783 )
Tencent Holdings Ltd., ADR | Morgan Stanley & Co. International PLC | 39,200 | 08/06/25 | USD | 67.20 | USD | 2,528 | (72,472 )
UBS Group AG, Registered | Morgan Stanley & Co. International PLC | 78,500 | 08/06/25 | CHF | 27.07 | CHF | 2,115 | (79,288 )
Assa Abloy AB, Series B | Bank of America N.A. | 93,800 | 08/08/25 | SEK | 305.19 | SEK | 27,744 | (47,565 )
Koninklijke KPN NV | Barclays Bank PLC | 151,100 | 08/08/25 | EUR | 4.24 | EUR | 626 | (4,233 )
Nestle SA, Registered Shares | UBS AG | 18,700 | 08/08/25 | CHF | 85.71 | CHF | 1,475 | (4,618 )
Novo Nordisk A/S, Class B | Bank of America N.A. | 23,400 | 08/08/25 | DKK | 511.45 | DKK | 10,270 | (22,617 )
Sanofi SA | Barclays Bank PLC | 63,900 | 08/08/25 | EUR | 85.63 | EUR | 5,252 | (69,350 )
Sony Group Corp. | Goldman Sachs International | 187,000 | 08/08/25 | JPY | 4,047.81 | JPY | 700,161 | (73,628 )
UBS Group AG, Registered | Citibank N.A. | 78,500 | 08/08/25 | CHF | 25.87 | CHF | 2,115 | (149,234 )
adidas AG, Class N | Barclays Bank PLC | 14,300 | 08/12/25 | EUR | 205.38 | EUR | 2,834 | (100,403 )
Atlas Copco AB, A Shares | Barclays Bank PLC | 209,800 | 08/12/25 | SEK | 159.91 | SEK | 32,088 | (68,394 )
Haleon PLC | Bank of America N.A. | 316,700 | 08/12/25 | GBP | 3.88 | GBP | 1,186 | (29,387 )
RELX PLC | UBS AG | 60,000 | 08/12/25 | EUR | 46.94 | EUR | 2,753 | (43,209 )
|  |  |  |  |  |  |  | $(3,124,559 )

54
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced International Dividend Trust (BGY)
Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(5,309,740 ) | $2,440,699 | $(956,149 ) | $(3,825,190 )

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

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $3,825,190 | $— | $— | $— | $3,825,190

For the period ended June 30, 2025, 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 | $— | $— | $(2,365,048 ) | $— | $— | $— | $(2,365,048 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(100,224 ) | $— | $— | $— | $(100,224 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $3,631,501

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 | $— | $3,825,190
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 3,825,190
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (700,631 )
Total derivative assets and liabilities subject to an MNA | $— | $3,124,559

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. | $241,419 | $— | $— | $(215,443 ) | $25,976
Barclays Bank PLC | 498,091 | — | — | (406,176 ) | 91,915
BNP Paribas SA | 527,106 | — | (527,106 ) | — | —
Citibank N.A. | 850,135 | — | (575,960 ) | (274,175 ) | —
Goldman Sachs International | 268,297 | — | (93,297 ) | (175,000 ) | —
JPMorgan Chase Bank N.A. | 352,894 | — | (281,894 ) | (71,000 ) | —

Schedule of Investments
55

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced International Dividend Trust (BGY)

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)
Morgan Stanley & Co. International PLC | $269,767 | $— | $— | $(65,000 ) | $204,767
UBS AG | 116,850 | — | (16,850 ) | (100,000 ) | —
| $3,124,559 | $— | $(1,495,107 ) | $(1,306,794 ) | $322,658

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to the 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 at the measurement date. 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 | $29,500,069 | $— | $— | $29,500,069
China | 16,212,075 | — | — | 16,212,075
Denmark | — | 15,122,101 | — | 15,122,101
France | — | 29,159,147 | — | 29,159,147
Germany | — | 60,238,398 | — | 60,238,398
India | — | 20,901,655 | 292,390 | 21,194,045
Italy | — | 17,452,153 | — | 17,452,153
Japan | — | 48,342,804 | — | 48,342,804
Netherlands | — | 34,052,790 | — | 34,052,790
Singapore | — | 14,256,574 | — | 14,256,574
Spain | — | 27,901,791 | — | 27,901,791
Sweden | — | 25,274,611 | — | 25,274,611
Switzerland | — | 38,708,240 | — | 38,708,240
Taiwan | — | 39,773,730 | — | 39,773,730
United Kingdom | — | 53,620,796 | — | 53,620,796
United States | 49,055,552 | 47,621,408 | — | 96,676,960
Short-Term Securities |  |  |  |
Money Market Funds | 2,898,908 | — | — | 2,898,908
| $97,666,604 | $472,426,198 | $292,390 | $570,385,192
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(700,631 ) | $(3,124,559 ) | $— | $(3,825,190 )

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

See notes to financial statements.
56
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense — 3.6% |
Howmet Aerospace, Inc. |  | 179,387 | $33,389,302
Banks — 3.2% |
Wells Fargo & Co. |  | 374,286 | 29,987,794
Broadline Retail — 7.5% |
Amazon.com, Inc.(a)(b) |  | 316,889 | 69,522,278
Building Products — 3.5% |
Johnson Controls International PLC |  | 305,472 | 32,263,953
Capital Markets — 7.1% |
Intercontinental Exchange, Inc. |  | 186,854 | 34,282,103
S&P Global, Inc. |  | 60,042 | 31,659,546
|  |  | 65,941,649
Chemicals — 3.1% |
Air Products and Chemicals, Inc. |  | 101,393 | 28,598,910
Communications Equipment — 3.7% |
Ciena Corp.(b) |  | 420,188 | 34,173,890
Entertainment — 4.6% |
Spotify Technology SA(b) |  | 37,631 | 28,875,771
TKO Group Holdings, Inc., Class A |  | 75,762 | 13,784,896
|  |  | 42,660,667
Financial Services — 7.8% |
Mr. Cooper Group, Inc.(b) |  | 199,708 | 29,798,431
Visa, Inc., Class A |  | 118,944 | 42,231,067
|  |  | 72,029,498
Health Care Equipment & Supplies — 3.2% |
Boston Scientific Corp.(b) |  | 273,417 | 29,367,720
Health Care Providers & Services — 7.6% |
Cardinal Health, Inc. |  | 226,565 | 38,062,920
Cencora, Inc. |  | 13,174 | 3,950,224
Elevance Health, Inc. |  | 46,475 | 18,076,916
Humana, Inc. |  | 42,154 | 10,305,810
|  |  | 70,395,870
Interactive Media & Services — 9.2% |
Alphabet, Inc., Class A |  | 114,492 | 20,176,925
Meta Platforms, Inc., Class A(a) |  | 88,239 | 65,128,324
|  |  | 85,305,249
Leisure Products — 2.7% |
Hasbro, Inc. |  | 337,863 | 24,941,047
Oil, Gas & Consumable Fuels — 2.9% |
Hess Corp. |  | 159,411 | 22,084,800
Suncor Energy, Inc. |  | 122,967 | 4,605,114
|  |  | 26,689,914

Security |  | Shares | Value
Pharmaceuticals — 1.4% |
Eli Lilly & Co. |  | 16,262 | $12,676,717
Professional Services — 2.7% |
SS&C Technologies Holdings, Inc. |  | 307,342 | 25,447,918
Semiconductors & Semiconductor Equipment — 15.3% |
Advanced Micro Devices, Inc.(b) |  | 120,369 | 17,080,361
Broadcom, Inc. |  | 163,416 | 45,045,620
Micron Technology, Inc. |  | 186,023 | 22,927,335
NVIDIA Corp.(a) |  | 359,671 | 56,824,421
|  |  | 141,877,737
Software — 11.5% |
AppLovin Corp., Class A(b) |  | 59,014 | 20,659,621
Microsoft Corp.(a)(c) |  | 172,455 | 85,780,842
|  |  | 106,440,463
Technology Hardware, Storage & Peripherals — 2.0% |
Apple, Inc. |  | 22,571 | 4,630,892
Western Digital Corp. |  | 215,252 | 13,773,975
|  |  | 18,404,867
Total Long-Term Investments — 102.6% (Cost: $626,430,005) | 950,115,443
Short-Term Securities
Money Market Funds — 0.6% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(d)(e) |  | 5,646,470 | 5,646,470
Total Short-Term Securities — 0.6% (Cost: $5,646,470) | 5,646,470
Total Investments Before Options Written — 103.2% (Cost: $632,076,475) | 955,761,913
Options Written — (2.9)% (Premiums Received: $(16,830,615)) | (26,761,464 )
Total Investments, Net of Options Written — 100.3% (Cost: $615,245,860) | 929,000,449
Liabilities in Excess of Other Assets — (0.3)% | (2,331,262 )
Net Assets — 100.0% | $926,669,187

(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
57

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $435,128 | $— | $(434,864 )(b) | $(305 ) | $41 | $— | — | $559 (c) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 6,320,794 | — | (674,324 )(b) | — | — | 5,646,470 | 5,646,470 | 272,879 | —
|  |  |  | $(305 ) | $41 | $5,646,470 |  | $273,438 | $—

(a) | As of period end, the entity is no longer held.
(b) | Represents net amount purchased (sold).
(c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, 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 |  |  |  |  |  |  |
Boston Scientific Corp. | 368 | 07/03/25 | USD | 105.00 | USD | 3,953 | $(76,360 )
Alphabet, Inc., Class A | 164 | 07/11/25 | USD | 175.00 | USD | 2,890 | (66,420 )
Amazon.com, Inc. | 390 | 07/11/25 | USD | 221.01 | USD | 8,556 | (137,356 )
Applovin Corp., Class A | 104 | 07/11/25 | USD | 390.00 | USD | 3,641 | (45,760 )
Broadcom, Inc. | 5 | 07/11/25 | USD | 265.00 | USD | 138 | (6,750 )
Humana, Inc. | 120 | 07/11/25 | USD | 245.00 | USD | 2,934 | (71,400 )
Micron Technology, Inc. | 353 | 07/11/25 | USD | 106.00 | USD | 4,351 | (638,047 )
Microsoft Corp. | 134 | 07/11/25 | USD | 470.00 | USD | 6,665 | (384,580 )
NVIDIA Corp. | 497 | 07/11/25 | USD | 152.50 | USD | 7,852 | (357,840 )
NVIDIA Corp. | 348 | 07/11/25 | USD | 149.04 | USD | 5,498 | (352,507 )
Spotify Technology SA | 72 | 07/11/25 | USD | 700.00 | USD | 5,525 | (501,660 )
Visa, Inc., Class A | 320 | 07/11/25 | USD | 365.00 | USD | 11,362 | (33,920 )
Western Digital Corp. | 461 | 07/11/25 | USD | 53.00 | USD | 2,950 | (490,965 )
Advanced Micro Devices, Inc. | 350 | 07/18/25 | USD | 130.00 | USD | 4,967 | (464,625 )
Air Products & Chemicals, Inc. | 284 | 07/18/25 | USD | 281.41 | USD | 8,011 | (141,191 )
Alphabet, Inc., Class A | 315 | 07/18/25 | USD | 180.00 | USD | 5,551 | (89,303 )
Amazon.com, Inc. | 331 | 07/18/25 | USD | 210.00 | USD | 7,262 | (390,580 )
Amazon.com, Inc. | 224 | 07/18/25 | USD | 220.00 | USD | 4,914 | (117,040 )
Applovin Corp., Class A | 85 | 07/18/25 | USD | 380.00 | USD | 2,976 | (79,050 )
Broadcom, Inc. | 223 | 07/18/25 | USD | 250.00 | USD | 6,147 | (614,922 )
Cencora, Inc. | 36 | 07/18/25 | USD | 290.00 | USD | 1,079 | (44,820 )
Ciena Corp. | 1,580 | 07/18/25 | USD | 82.50 | USD | 12,850 | (331,800 )
Eli Lilly & Co. | 35 | 07/18/25 | USD | 860.00 | USD | 2,728 | (8,085 )
Hasbro, Inc. | 747 | 07/18/25 | USD | 72.50 | USD | 5,514 | (192,353 )
Hasbro, Inc. | 364 | 07/18/25 | USD | 75.00 | USD | 2,687 | (40,040 )
Hess Corp. | 221 | 07/18/25 | USD | 140.00 | USD | 3,062 | (76,798 )
Howmet Aerospace, Inc. | 430 | 07/18/25 | USD | 160.00 | USD | 8,004 | (1,139,500 )
Intercontinental Exchange, Inc. | 536 | 07/18/25 | USD | 180.00 | USD | 9,834 | (281,400 )
Johnson Controls International PLC | 856 | 07/18/25 | USD | 100.00 | USD | 9,041 | (552,120 )
Meta Platforms, Inc., Class A | 217 | 07/18/25 | USD | 725.00 | USD | 16,017 | (560,945 )
Microsoft Corp. | 262 | 07/18/25 | USD | 460.00 | USD | 13,032 | (1,027,695 )
Mr. Cooper Group Inc. | 608 | 07/18/25 | USD | 120.00 | USD | 9,072 | (1,799,680 )
NVIDIA Corp. | 165 | 07/18/25 | USD | 135.00 | USD | 2,607 | (390,637 )
NVIDIA Corp. | 100 | 07/18/25 | USD | 130.00 | USD | 1,580 | (285,500 )
NVIDIA Corp. | 107 | 07/18/25 | USD | 150.00 | USD | 1,690 | (108,873 )
S&P Global, Inc. | 117 | 07/18/25 | USD | 520.00 | USD | 6,169 | (165,555 )
SS&C Technologies Holdings, Inc. | 783 | 07/18/25 | USD | 80.00 | USD | 6,483 | (264,262 )
TKO Group Holdings, Inc., Class A | 208 | 07/18/25 | USD | 165.00 | USD | 3,785 | (380,640 )
Wells Fargo & Co. | 989 | 07/18/25 | USD | 75.00 | USD | 7,924 | (583,510 )
Western Digital Corp. | 161 | 07/18/25 | USD | 55.00 | USD | 1,030 | (149,730 )

58
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Alphabet, Inc., Class A | 150 | 07/25/25 | USD | 185.00 | USD | 2,643 | $(45,375 )
Amazon.com, Inc. | 473 | 07/25/25 | USD | 220.00 | USD | 10,377 | (296,807 )
Applovin Corp., Class A | 135 | 07/25/25 | USD | 415.00 | USD | 4,726 | (74,925 )
Boston Scientific Corp. | 515 | 07/25/25 | USD | 106.00 | USD | 5,532 | (195,700 )
Broadcom, Inc. | 529 | 07/25/25 | USD | 260.00 | USD | 14,582 | (1,092,385 )
Cardinal Health, Inc. | 135 | 07/25/25 | USD | 170.00 | USD | 2,268 | (31,388 )
Eli Lilly & Co. | 1 | 07/25/25 | USD | 860.00 | USD | 78 | (371 )
Hess Corp. | 666 | 07/25/25 | USD | 145.00 | USD | 9,227 | (159,840 )
Howmet Aerospace, Inc. | 260 | 07/25/25 | USD | 182.50 | USD | 4,839 | (219,700 )
Meta Platforms, Inc., Class A | 124 | 07/25/25 | USD | 725.00 | USD | 9,152 | (374,170 )
Microsoft Corp. | 290 | 07/25/25 | USD | 495.00 | USD | 14,425 | (319,725 )
NVIDIA Corp. | 165 | 07/25/25 | USD | 147.00 | USD | 2,607 | (221,100 )
NVIDIA Corp. | 108 | 07/25/25 | USD | 150.00 | USD | 1,706 | (119,610 )
Spotify Technology SA | 115 | 07/25/25 | USD | 765.00 | USD | 8,824 | (369,437 )
Suncor Energy, Inc. | 169 | 07/25/25 | USD | 42.00 | USD | 633 | (37,180 )
Visa, Inc., Class A | 75 | 07/25/25 | USD | 355.00 | USD | 2,663 | (61,875 )
Wells Fargo & Co. | 47 | 07/25/25 | USD | 76.00 | USD | 377 | (24,910 )
Advanced Micro Devices, Inc. | 219 | 08/01/25 | USD | 130.00 | USD | 3,108 | (325,762 )
Amazon.com, Inc. | 162 | 08/01/25 | USD | 225.00 | USD | 3,554 | (117,045 )
Apple, Inc. | 41 | 08/01/25 | USD | 210.00 | USD | 841 | (22,140 )
Boston Scientific Corp. | 368 | 08/01/25 | USD | 105.00 | USD | 3,953 | (191,360 )
Broadcom, Inc. | 310 | 08/01/25 | USD | 260.00 | USD | 8,545 | (690,525 )
Cardinal Health, Inc. | 163 | 08/01/25 | USD | 162.50 | USD | 2,738 | (125,510 )
Eli Lilly & Co. | 53 | 08/01/25 | USD | 810.00 | USD | 4,132 | (109,975 )
Micron Technology, Inc. | 350 | 08/01/25 | USD | 130.00 | USD | 4,314 | (110,250 )
NVIDIA Corp. | 216 | 08/01/25 | USD | 160.00 | USD | 3,413 | (130,680 )
Suncor Energy, Inc. | 169 | 08/01/25 | USD | 42.00 | USD | 633 | (38,025 )
Wells Fargo & Co. | 33 | 08/01/25 | USD | 77.00 | USD | 264 | (16,088 )
Western Digital Corp. | 100 | 08/01/25 | USD | 60.00 | USD | 640 | (59,250 )
Cardinal Health, Inc. | 474 | 08/08/25 | USD | 167.50 | USD | 7,963 | (246,480 )
Meta Platforms, Inc., Class A | 144 | 08/08/25 | USD | 745.00 | USD | 10,628 | (495,360 )
S&P Global, Inc. | 109 | 08/08/25 | USD | 530.00 | USD | 5,747 | (166,225 )
Advanced Micro Devices, Inc. | 94 | 08/15/25 | USD | 140.00 | USD | 1,334 | (101,285 )
Air Products & Chemicals, Inc. | 272 | 08/15/25 | USD | 290.00 | USD | 7,672 | (189,040 )
Amazon.com, Inc. | 162 | 08/15/25 | USD | 225.00 | USD | 3,554 | (136,890 )
Apple, Inc. | 40 | 08/15/25 | USD | 210.00 | USD | 821 | (26,900 )
Cardinal Health, Inc. | 474 | 08/15/25 | USD | 170.00 | USD | 7,963 | (232,260 )
Cencora, Inc. | 36 | 08/15/25 | USD | 300.00 | USD | 1,079 | (38,700 )
Ciena Corp. | 731 | 08/15/25 | USD | 75.00 | USD | 5,945 | (621,350 )
Hasbro, Inc. | 747 | 08/15/25 | USD | 72.50 | USD | 5,514 | (407,115 )
Howmet Aerospace, Inc. | 296 | 08/15/25 | USD | 180.00 | USD | 5,509 | (415,880 )
Intercontinental Exchange, Inc. | 440 | 08/15/25 | USD | 179.86 | USD | 8,073 | (321,896 )
Johnson Controls International PLC | 851 | 08/15/25 | USD | 105.00 | USD | 8,988 | (446,775 )
Micron Technology, Inc. | 320 | 08/15/25 | USD | 120.00 | USD | 3,944 | (289,600 )
Microsoft Corp. | 262 | 08/15/25 | USD | 495.00 | USD | 13,032 | (501,075 )
Mr. Cooper Group Inc. | 490 | 08/15/25 | USD | 145.00 | USD | 7,311 | (651,700 )
NVIDIA Corp. | 272 | 08/15/25 | USD | 150.00 | USD | 4,297 | (369,240 )
S&P Global, Inc. | 104 | 08/15/25 | USD | 530.00 | USD | 5,484 | (168,480 )
Spotify Technology SA | 19 | 08/15/25 | USD | 720.00 | USD | 1,458 | (162,355 )
SS&C Technologies Holdings, Inc. | 909 | 08/15/25 | USD | 80.00 | USD | 7,527 | (463,590 )
Suncor Energy, Inc. | 338 | 08/15/25 | USD | 39.00 | USD | 1,266 | (27,040 )
TKO Group Holdings, Inc., Class A | 208 | 08/15/25 | USD | 175.00 | USD | 3,785 | (287,040 )
Visa, Inc., Class A | 259 | 08/15/25 | USD | 355.00 | USD | 9,196 | (322,455 )
Wells Fargo & Co. | 989 | 08/15/25 | USD | 80.00 | USD | 7,924 | (318,952 )
Western Digital Corp. | 461 | 09/19/25 | USD | 65.00 | USD | 2,950 | (205,145 )
|  |  |  |  |  |  | $(26,638,155 )

Schedule of Investments
59

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Intercontinental Exchange, Inc. | Bank of America N.A. | 6,600 | 07/07/25 | USD | 170.50 | USD | 1,211 | $(86,703 )
Boston Scientific Corp. | Citibank N.A. | 25,200 | 07/09/25 | USD | 107.87 | USD | 2,707 | (36,606 )
|  |  |  |  |  |  |  | $(123,309 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(16,830,615 ) | $1,805,309 | $(11,736,158 ) | $(26,761,464 )

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 | $— | $— | $26,761,464 | $— | $— | $— | $26,761,464

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $(11,793,743 ) | $— | $— | $— | $(11,793,743 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(13,083,917 ) | $— | $— | $— | $(13,083,917 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $17,802,133

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 | $— | $26,761,464
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 26,761,464
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (26,638,155 )
Total derivative assets and liabilities subject to an MNA | $— | $123,309

60
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $86,703 | $— | $(86,703 ) | $— | $—
Citibank N.A. | 36,606 | — | — | — | 36,606
| $123,309 | $— | $(86,703 ) | $— | $36,606

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to the 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 at the measurement date. 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 | $950,115,443 | $— | $— | $950,115,443
Short-Term Securities |  |  |  |
Money Market Funds | 5,646,470 | — | — | 5,646,470
| $955,761,913 | $— | $— | $955,761,913
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(25,685,205 ) | $(1,076,259 ) | $— | $(26,761,464 )

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

See notes to financial statements.
Schedule of Investments
61

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Biotechnology — 31.1% |
4D Molecular Therapeutics, Inc.(a) |  | 63,685 | $236,271
Abbisko Cayman Ltd.(a) |  | 6,051,250 | 7,894,538
AbbVie, Inc. |  | 65,256 | 12,112,819
Abcuro, Inc.(a)(b) |  | 241,900 | 1,325,612
Akeso, Inc.(a)(c) |  | 548,000 | 6,448,915
Alkermes PLC(a) |  | 162,816 | 4,658,166
Allogene Therapeutics, Inc.(a)(d) |  | 425,415 | 480,719
Alnylam Pharmaceuticals, Inc.(a)(e) |  | 144,211 | 47,025,765
Annexon, Inc.(a) |  | 144,084 | 345,802
Arcellx, Inc.(a) |  | 26,392 | 1,737,910
Arcus Biosciences, Inc.(a) |  | 99,007 | 805,917
Arrowhead Pharmaceuticals, Inc.(a) |  | 51,323 | 810,903
Ascendis Pharma A/S, ADR(a) |  | 28,048 | 4,841,085
Autolus Therapeutics PLC, ADR(a)(d) |  | 463,993 | 1,057,904
Avidity Biosciences, Inc.(a) |  | 36,258 | 1,029,727
Beam Therapeutics, Inc.(a) |  | 95,917 | 1,631,548
Bicycle Therapeutics PLC, ADR(a) |  | 53,067 | 368,816
Biohaven Ltd.(a) |  | 88,609 | 1,250,273
BioMarin Pharmaceutical, Inc.(a) |  | 84,744 | 4,658,378
BioNTech SE, ADR(a)(d) |  | 18,918 | 2,014,199
Black Diamond Therapeutics, Inc.(a)(d) |  | 504,978 | 1,252,345
Blueprint Medicines Corp.(a) |  | 36,582 | 4,689,081
Bridgebio Pharma, Inc.(a) |  | 102,653 | 4,432,557
CG oncology, Inc.(a) |  | 25,078 | 652,028
Denali Therapeutics, Inc.(a) |  | 169,834 | 2,375,978
Disc Medicine, Inc.(a) |  | 28,021 | 1,483,992
Dyne Therapeutics, Inc.(a) |  | 116,674 | 1,110,736
Exact Sciences Corp.(a) |  | 263,762 | 14,016,313
Exelixis, Inc.(a) |  | 227,940 | 10,046,455
Genmab A/S(a) |  | 50,248 | 10,434,920
Halozyme Therapeutics, Inc.(a) |  | 58,978 | 3,068,036
Immatics NV(a)(d) |  | 162,650 | 875,057
Immunocore Holdings PLC, Series C, ADR(a) |  | 321,900 | 10,101,222
Incyte Corp.(a) |  | 66,510 | 4,529,331
Insmed, Inc.(a) |  | 180,581 | 18,173,672
Ionis Pharmaceuticals, Inc.(a) |  | 59,102 | 2,335,120
Kiniksa Pharmaceuticals International PLC(a) |  | 84,235 | 2,330,782
Kymera Therapeutics, Inc.(a) |  | 15,237 | 664,943
Legend Biotech Corp., ADR(a) |  | 42,405 | 1,504,953
Merus NV(a) |  | 21,187 | 1,114,436
Moderna, Inc.(a) |  | 14,490 | 399,779
Monte Rosa Therapeutics, Inc.(a) |  | 155,206 | 699,979
MoonLake Immunotherapeutics(a) |  | 44,860 | 2,117,392
Natera, Inc.(a) |  | 67,562 | 11,413,924
Neurocrine Biosciences, Inc.(a) |  | 91,508 | 11,501,641
Neurogene, Inc.(a)(d) |  | 82,832 | 1,238,338
Nuvalent, Inc., Class A(a) |  | 134,486 | 10,261,282
OnKure Therapeutics, Inc.(a) |  | 463,586 | 1,107,971
ORIC Pharmaceuticals, Inc.(a) |  | 138,524 | 1,406,019
Protagonist Therapeutics, Inc.(a) |  | 92,637 | 5,120,047
PTC Therapeutics, Inc.(a) |  | 136,766 | 6,679,651
REGENXBIO, Inc.(a) |  | 64,920 | 532,993
Renagade Therapeutics, Series A-2(a)(b) |  | 3,584,906 | 8,173,586
Revolution Medicines, Inc.(a) |  | 24,290 | 893,629
Rhythm Pharmaceuticals, Inc.(a)(e) |  | 185,663 | 11,732,045
Roivant Sciences Ltd.(a) |  | 524,238 | 5,908,162
Sagimet Biosciences, Inc., Series A(a) |  | 237,980 | 1,813,408
Scholar Rock Holding Corp.(a) |  | 42,838 | 1,517,322
Spyre Therapeutics, Inc.(a) |  | 18,248 | 273,173
Stoke Therapeutics, Inc.(a) |  | 309,103 | 3,508,319

Security |  | Shares | Value
Biotechnology (continued) |
Summit Therapeutics, Inc.(a)(d) |  | 28,660 | $609,885
TScan Therapeutics, Inc.(a) |  | 609,800 | 884,210
Twist Bioscience Corp.(a) |  | 80,595 | 2,965,090
Ultragenyx Pharmaceutical, Inc.(a) |  | 26,815 | 974,993
United Therapeutics Corp.(a) |  | 3,060 | 879,291
Vaxcyte, Inc.(a) |  | 32,817 | 1,066,881
Vigil Neuroscience, Inc.(a) |  | 131,344 | 1,044,185
Viking Therapeutics, Inc.(a) |  | 24,596 | 651,794
Vir Biotechnology, Inc.(a) |  | 44,171 | 222,622
Voyager Therapeutics, Inc.(a) |  | 211,857 | 658,875
Xenon Pharmaceuticals, Inc.(a) |  | 139,115 | 4,354,300
Zealand Pharma A/S(a) |  | 29,510 | 1,654,983
|  |  | 298,192,993
Capital Markets — 0.6% |
Helix Acquisition Corp. II, Class A(a) |  | 544,465 | 5,798,552
Health Care Equipment & Supplies — 20.5% |
Abbott Laboratories |  | 127,328 | 17,317,880
Alcon AG |  | 70,623 | 6,234,598
Becton Dickinson & Co. |  | 24,837 | 4,278,173
Boston Scientific Corp.(a)(e)(f) |  | 140,160 | 15,054,586
Dexcom, Inc.(a) |  | 308,482 | 26,927,394
Edwards Lifesciences Corp.(a) |  | 216,810 | 16,956,710
EXO Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003)(a)(b)(g) |  | 22,576 | 8,127
Glaukos Corp.(a) |  | 26,050 | 2,690,704
IDEXX Laboratories, Inc.(a) |  | 36,740 | 19,705,132
Inspire Medical Systems, Inc.(a) |  | 39,579 | 5,136,167
Insulet Corp.(a) |  | 58,827 | 18,482,267
Intuitive Surgical, Inc.(a) |  | 3,135 | 1,703,590
Lantheus Holdings, Inc.(a) |  | 41,510 | 3,398,009
Medtronic PLC |  | 165,394 | 14,417,395
Novocure Ltd.(a) |  | 155,581 | 2,769,342
Nucleix Ltd., (Acquired 04/10/24, Cost: $1,300,000)(a)(b)(g) |  | 1,300 | 935,480
Nyxoah SA(a)(d) |  | 254,299 | 1,902,157
Orchestra BioMed Holdings, Inc.(a) |  | 136,066 | 364,657
Penumbra, Inc.(a) |  | 36,577 | 9,386,755
Sonova Holding AG, Registered Shares |  | 57,600 | 17,177,783
Stryker Corp. |  | 29,432 | 11,644,182
|  |  | 196,491,088
Health Care Providers & Services — 10.4% |
Cencora, Inc. |  | 31,471 | 9,436,580
Chemed Corp. |  | 6,754 | 3,288,725
CVS Health Corp. |  | 59,711 | 4,118,865
Encompass Health Corp. |  | 111,418 | 13,663,189
Guardant Health, Inc.(a) |  | 215,976 | 11,239,391
Labcorp Holdings, Inc. |  | 75,131 | 19,722,639
McKesson Corp. |  | 13,076 | 9,581,831
Quest Diagnostics, Inc. |  | 77,532 | 13,927,073
RadNet, Inc.(a) |  | 38,559 | 2,194,393
Tenet Healthcare Corp.(a) |  | 70,897 | 12,477,872
|  |  | 99,650,558
Health Care Technology — 4.2% |
Carbon Health Technologies, Inc., (Acquired 05/28/25, Cost: $18,326,000)(a)(b)(g) |  | 2,759,320 | 27,593
M3, Inc. |  | 462,800 | 6,357,345
Veeva Systems, Inc., Class A(a)(e)(f) |  | 116,456 | 33,536,999
|  |  | 39,921,937
Life Sciences Tools & Services — 14.5% |
Agilent Technologies, Inc. |  | 40,785 | 4,813,038

62
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Life Sciences Tools & Services (continued) |
Bio-Techne Corp. |  | 119,215 | $6,133,612
Bruker Corp. |  | 175,045 | 7,211,854
Charles River Laboratories International, Inc.(a) |  | 32,635 | 4,951,709
Gerresheimer AG |  | 29,709 | 1,677,766
Lonza Group AG, Registered Shares |  | 14,800 | 10,584,419
Mettler-Toledo International, Inc.(a) |  | 19,264 | 22,629,806
QIAGEN NV |  | 169,456 | 8,144,055
Rapid Micro Biosystems, Inc., Class A(a)(d) |  | 333,064 | 1,149,071
Repligen Corp.(a) |  | 119,498 | 14,863,161
Waters Corp.(a)(e)(f) |  | 60,021 | 20,949,730
West Pharmaceutical Services, Inc.(e) |  | 94,164 | 20,603,083
Wuxi Biologics Cayman, Inc.(a)(c) |  | 4,546,000 | 14,937,717
|  |  | 138,649,021
Pharmaceuticals — 5.2% |
Arvinas, Inc.(a) |  | 147,562 | 1,086,056
Axsome Therapeutics, Inc.(a)(d) |  | 42,781 | 4,465,909
Daiichi Sankyo Co. Ltd. |  | 121,700 | 2,819,556
Edgewise Therapeutics, Inc.(a) |  | 109,871 | 1,440,409
Galderma Group AG |  | 126,839 | 18,436,769
Johnson & Johnson |  | 30,775 | 4,700,881
Nuvation Bio, Inc., Class A(a) |  | 191,533 | 373,489
Roche Holding AG |  | 10,284 | 3,356,900
Teva Pharmaceutical Industries Ltd., ADR(a) |  | 446,565 | 7,484,430
UCB SA |  | 25,950 | 5,105,864
WaVe Life Sciences Ltd.(a) |  | 151,116 | 982,254
|  |  | 50,252,517
Total Common Stocks — 86.5% (Cost: $775,451,707) | 828,956,666

|  | Benefical Interest (000) |
Other Interests
Biotechnology(b)(g)(h) — 0.4% |
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —) | $ | 183 | 1,769,364
Amunix Pharmaceuticals, Inc., (Acquired 02/08/22, Cost: $ —) |  | 5,657 | 1,753,691
Total Other Interests — 0.4% (Cost: $ — ) | 3,523,055

|  | Shares |
Preferred Securities
Preferred Stocks — 13.3%
Biotechnology(a)(b) — 6.5% |
ABCURO, Series B |  | 1,092,954 | 5,880,093
Adarx Pharamaceuticals, Inc., Series C, (Acquired 08/02/23, Cost: $7,160,001)(g) |  | 860,577 | 9,776,155
Bright Peak Therapeutics, Inc., Series B, (Acquired 05/14/21, Cost: $8,000,004)(g) |  | 3,191,830 | 2,936,484
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)(g) |  | 2,430,833 | 5,177,674
Genesis Therapeutics, Inc., Series B, (Acquired 08/10/23, Cost: $6,999,996)(g) |  | 1,370,506 | 7,482,963
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847)(g) |  | 3,850,718 | 1,078,201

Security |  | Shares | Value
Biotechnology (continued) |
Kartos Therapeutics, Inc.(g) |  |  |
Series C, (Acquired 08/22/23, Cost: $7,539,875) |  | 1,333,783 | $7,562,550
Series D, (Acquired 02/19/25, Cost: $2,074,436) |  | 366,962 | 2,080,675
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156)(g) |  | 482,077 | 11,020,280
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000)(g) |  | 2,793,833 | 4,917,146
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996)(g) |  | 1,394,189 | 4,210,451
|  |  | 62,122,672
Health Care Equipment & Supplies(a)(b)(g) — 0.2% |
EXO Imaging, Inc., (Acquired 07/24/24, Cost: $640,450) |  | 1,053,928 | 779,907
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998) |  | 2,379,480 | 1,451,483
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930) |  | 2,078 | 4,634
|  |  | 2,236,024
Health Care Providers & Services(b)(g) — 2.5% |
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)(a) |  | 382,775 | 5,362,678
Numab Therapeutics AG, Series C, (Acquired 05/07/21, Cost: $9,204,219) |  | 1,139,305 | 8,428,660
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890)(a) |  | 115,766,240 | 9,852,203
|  |  | 23,643,541
Life Sciences Tools & Services — 0.8% |
Sartorius AG |  | 31,307 | 7,973,827
Pharmaceuticals(a)(b)(g) — 0.9% |
Insitro, Inc. |  |  |
Series B, (Acquired 05/21/20, Cost: $5,000,000) |  | 802,478 | 6,764,890
Series C, (Acquired 03/10/21, Cost: $3,600,018) |  | 196,818 | 1,659,176
|  |  | 8,424,066
Semiconductors & Semiconductor Equipment — 2.4% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,996)(a)(b)(g) |  | 571,947 | 23,301,121
| 127,701,251
Total Preferred Securities — 13.3% (Cost: $163,860,471) | 127,701,251
Rights
Biotechnology(b) — 0.0% |
Korro Bio, Inc., CVR |  | 231,775 | 2
Mirati Therapeutics, Inc. CVR(d) |  | 180,175 | 135,131
|  |  | 135,133
Health Care Equipment & Supplies — 0.1% |
Abiomed, Inc., CVR(b) |  | 98,636 | 217,986
Total Rights — 0.1% (Cost: $226,731) | 353,119
Warrants
Health Care Providers & Services — 0.0% |
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 08/06/26, Strike Price USD 11.50)(a)(b) |  | 63,808 | —

Schedule of Investments
63

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Pharmaceuticals — 0.0% |
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50)(a) |  | 68,880 | $18,591
Total Warrants — 0.0% (Cost: $227,725) | 18,591
Total Long-Term Investments — 100.3% (Cost: $939,766,634) | 960,552,682
Short-Term Securities
Money Market Funds — 1.5% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.47%(i)(j)(k) |  | 2,640,195 | 2,641,251
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(i)(j) |  | 11,774,970 | 11,774,970
Total Short-Term Securities — 1.5% (Cost: $14,416,220) | 14,416,221
Total Investments Before Options Written — 101.8% (Cost: $954,182,854) | 974,968,903
Options Written — (1.3)% (Premiums Received: $(9,308,544)) | (12,526,383 )
Total Investments, Net of Options Written — 100.5% (Cost: $944,874,310) | 962,442,520
Liabilities in Excess of Other Assets — (0.5)% | (4,425,136 )
Net Assets — 100.0% | $958,017,384

(a) | Non-income producing security.
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(d) | All or a portion of this security is on loan.
(e) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(f) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(g) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $118,341,586, representing 12.4% of its net assets as of period end, and an original cost of $182,390,799.
(h) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(i) | Affiliate of the Trust.
(j) | Annualized 7-day yield as of period end.
(k) | All or a portion of this security was purchased with the cash collateral from loaned securities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $10,228,113 | $— | $(7,587,277 )(a) | $(364 ) | $779 | $2,641,251 | 2,640,195 | $29,460 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 51,121,570 | — | (39,346,600 )(a) | — | — | 11,774,970 | 11,774,970 | 1,627,665 | —
|  |  |  | $(364 ) | $779 | $14,416,221 |  | $1,657,125 | $—

(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 collateral investment fees, and other payments to and from borrowers of securities.

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

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |
Abbott Laboratories | 113 | 07/03/25 | USD | 135.00 | USD | 1,537 | $(30,171 )
Boston Scientific Corp. | 99 | 07/03/25 | USD | 105.00 | USD | 1,063 | (20,542 )
Boston Scientific Corp. | 264 | 07/11/25 | USD | 106.00 | USD | 2,836 | (66,000 )
CVS Health Corp. | 16 | 07/11/25 | USD | 64.00 | USD | 110 | (8,400 )

64
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Dexcom, Inc. | 417 | 07/11/25 | USD | 87.00 | USD | 3,640 | $(89,655 )
Johnson & Johnson | 117 | 07/11/25 | USD | 160.00 | USD | 1,787 | (644 )
Alcon, Inc. | 134 | 07/18/25 | USD | 87.50 | USD | 1,183 | (30,150 )
Alkermes PLC | 393 | 07/18/25 | USD | 34.00 | USD | 1,124 | (86,460 )
Alnylam Pharmaceuticals, Inc. | 225 | 07/18/25 | USD | 310.00 | USD | 7,337 | (457,875 )
Arrowhead Pharmaceuticals, Inc. | 97 | 07/18/25 | USD | 17.00 | USD | 153 | (6,790 )
Arvinas, Inc. | 320 | 07/18/25 | USD | 7.50 | USD | 236 | (11,200 )
Ascendis Pharma A/S, ADR | 107 | 07/18/25 | USD | 170.00 | USD | 1,847 | (83,995 )
Axsome Therapeutics, Inc. | 81 | 07/18/25 | USD | 105.00 | USD | 846 | (22,275 )
Beam Therapeutics, Inc. | 182 | 07/18/25 | USD | 20.39 | USD | 310 | (2,405 )
Becton Dickinson & Co. | 94 | 07/18/25 | USD | 180.00 | USD | 1,619 | (10,340 )
Biohaven Ltd. | 335 | 07/18/25 | USD | 25.00 | USD | 473 | (3,350 )
BioMarin Pharmaceutical, Inc. | 560 | 07/18/25 | USD | 65.00 | USD | 3,078 | (8,400 )
BioNTech SE, ADR | 35 | 07/18/25 | USD | 110.00 | USD | 373 | (5,338 )
Bridgebio Pharma, Inc. | 388 | 07/18/25 | USD | 37.50 | USD | 1,675 | (228,920 )
Charles River Laboratories International, Inc. | 62 | 07/18/25 | USD | 155.00 | USD | 941 | (19,530 )
Chemed Corp. | 25 | 07/18/25 | USD | 560.00 | USD | 1,217 | (12,000 )
Denali Therapeutics, Inc. | 481 | 07/18/25 | USD | 17.50 | USD | 673 | (16,835 )
Dexcom, Inc. | 418 | 07/18/25 | USD | 90.00 | USD | 3,649 | (57,475 )
Disc Medicine, Inc. | 53 | 07/18/25 | USD | 55.00 | USD | 281 | (12,853 )
Edwards Lifesciences Corp. | 350 | 07/18/25 | USD | 77.50 | USD | 2,737 | (76,125 )
Exact Sciences Corp. | 478 | 07/18/25 | USD | 60.00 | USD | 2,540 | (17,925 )
Exelixis, Inc. | 550 | 07/18/25 | USD | 43.00 | USD | 2,424 | (104,500 )
Guardant Health, Inc. | 595 | 07/18/25 | USD | 45.00 | USD | 3,096 | (458,150 )
Halozyme Therapeutics, Inc. | 224 | 07/18/25 | USD | 55.00 | USD | 1,165 | (10,080 )
IDEXX Laboratories, Inc. | 69 | 07/18/25 | USD | 550.00 | USD | 3,701 | (28,980 )
IDEXX Laboratories, Inc. | 69 | 07/18/25 | USD | 560.00 | USD | 3,701 | (25,357 )
Incyte Corp. | 126 | 07/18/25 | USD | 70.00 | USD | 858 | (36,540 )
Insmed, Inc. | 607 | 07/18/25 | USD | 77.50 | USD | 6,109 | (1,423,415 )
Insulet Corp. | 67 | 07/18/25 | USD | 320.00 | USD | 2,105 | (30,820 )
Insulet Corp. | 156 | 07/18/25 | USD | 310.00 | USD | 4,901 | (129,480 )
Ionis Pharmaceuticals, Inc. | 224 | 07/18/25 | USD | 35.00 | USD | 885 | (112,000 )
Medtronic PLC | 207 | 07/18/25 | USD | 87.50 | USD | 1,804 | (30,636 )
Merus NV | 80 | 07/18/25 | USD | 45.00 | USD | 421 | (66,400 )
Mettler-Toledo International, Inc. | 37 | 07/18/25 | USD | 1,250.00 | USD | 4,346 | (19,148 )
Natera, Inc. | 128 | 07/18/25 | USD | 165.00 | USD | 2,162 | (104,320 )
Neurocrine Biosciences, Inc. | 270 | 07/18/25 | USD | 125.00 | USD | 3,394 | (98,550 )
Novocure Ltd. | 295 | 07/18/25 | USD | 21.00 | USD | 525 | (6,638 )
Novocure Ltd. | 295 | 07/18/25 | USD | 19.00 | USD | 525 | (11,800 )
Nuvalent, Inc., Class A | 505 | 07/18/25 | USD | 80.00 | USD | 3,853 | (102,262 )
Penumbra, Inc. | 138 | 07/18/25 | USD | 300.00 | USD | 3,541 | (35,190 )
Protagonist Therapeutics, Inc. | 176 | 07/18/25 | USD | 50.00 | USD | 973 | (116,160 )
Protagonist Therapeutics, Inc. | 176 | 07/18/25 | USD | 55.00 | USD | 973 | (56,320 )
PTC Therapeutics, Inc. | 452 | 07/18/25 | USD | 50.00 | USD | 2,208 | (74,580 )
QIAGEN NV | 322 | 07/18/25 | USD | 45.00 | USD | 1,548 | (105,455 )
Repligen Corp. | 260 | 07/18/25 | USD | 135.00 | USD | 3,234 | (78,000 )
REVOLUTION Medicines, Inc. | 46 | 07/18/25 | USD | 44.00 | USD | 169 | (575 )
Rhythm Pharmaceuticals, Inc. | 428 | 07/18/25 | USD | 65.00 | USD | 2,705 | (179,760 )
Scholar Rock Holding Corp. | 162 | 07/18/25 | USD | 35.00 | USD | 574 | (34,425 )
Stryker Corp. | 55 | 07/18/25 | USD | 390.00 | USD | 2,176 | (57,750 )
Twist Bioscience Corp. | 306 | 07/18/25 | USD | 40.00 | USD | 1,126 | (29,070 )
Ultragenyx Pharmaceutical, Inc. | 133 | 07/18/25 | USD | 41.20 | USD | 484 | (41,163 )
Veeva Systems, Inc., Class A | 365 | 07/18/25 | USD | 260.00 | USD | 10,511 | (1,058,500 )
Veeva Systems, Inc., Class A | 77 | 07/18/25 | USD | 290.00 | USD | 2,217 | (38,885 )
Viking Therapeutics, Inc. | 93 | 07/18/25 | USD | 35.00 | USD | 246 | (4,046 )
Waters Corp. | 155 | 07/18/25 | USD | 370.00 | USD | 5,410 | (37,975 )
Wave Life Sciences Ltd. | 127 | 07/18/25 | USD | 7.24 | USD | 83 | (14,737 )
West Pharmaceutical Services, Inc. | 237 | 07/18/25 | USD | 220.00 | USD | 5,186 | (126,795 )
AbbVie, Inc. | 12 | 07/25/25 | USD | 195.00 | USD | 223 | (1,140 )
Boston Scientific Corp. | 37 | 07/25/25 | USD | 106.00 | USD | 397 | (14,060 )
CVS Health Corp. | 97 | 07/25/25 | USD | 69.00 | USD | 669 | (16,151 )
Intuitive Surgical, Inc. | 11 | 07/25/25 | USD | 565.00 | USD | 598 | (15,125 )

Schedule of Investments
65

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Medtronic PLC | 384 | 07/25/25 | USD | 88.00 | USD | 3,347 | $(67,008 )
Teva Pharmaceutical Industries Ltd. | 549 | 07/25/25 | USD | 19.00 | USD | 920 | (6,588 )
Abbott Laboratories | 113 | 08/01/25 | USD | 135.00 | USD | 1,537 | (44,635 )
Dexcom, Inc. | 337 | 08/01/25 | USD | 94.00 | USD | 2,942 | (69,927 )
McKesson Corp. | 49 | 08/01/25 | USD | 730.00 | USD | 3,591 | (100,205 )
Encompass Health Corp. | 211 | 08/04/25 | USD | 122.29 | USD | 2,587 | (90,097 )
CVS Health Corp. | 97 | 08/08/25 | USD | 69.00 | USD | 669 | (25,947 )
Abbott Laboratories | 257 | 08/15/25 | USD | 135.00 | USD | 3,495 | (130,427 )
AbbVie, Inc. | 235 | 08/15/25 | USD | 195.00 | USD | 4,362 | (66,975 )
Alcon, Inc. | 134 | 08/15/25 | USD | 87.50 | USD | 1,183 | (45,560 )
Alkermes PLC | 225 | 08/15/25 | USD | 33.00 | USD | 644 | (47,812 )
Alnylam Pharmaceuticals, Inc. | 323 | 08/15/25 | USD | 330.00 | USD | 10,533 | (607,240 )
Arcellx, Inc. | 101 | 08/15/25 | USD | 65.00 | USD | 665 | (56,560 )
Arrowhead Pharmaceuticals, Inc. | 97 | 08/15/25 | USD | 16.81 | USD | 153 | (10,087 )
Arvinas, Inc. | 240 | 08/15/25 | USD | 10.00 | USD | 177 | (4,800 )
Axsome Therapeutics, Inc. | 81 | 08/15/25 | USD | 105.47 | USD | 846 | (53,534 )
Beam Therapeutics, Inc. | 182 | 08/15/25 | USD | 20.00 | USD | 310 | (12,740 )
BioNTech SE, ADR | 35 | 08/15/25 | USD | 115.00 | USD | 373 | (10,150 )
Bio-Techne Corp. | 453 | 08/15/25 | USD | 55.00 | USD | 2,331 | (130,237 )
Boston Scientific Corp. | 132 | 08/15/25 | USD | 110.00 | USD | 1,418 | (38,280 )
Cencora, Inc. | 120 | 08/15/25 | USD | 300.00 | USD | 3,598 | (129,000 )
Charles River Laboratories International, Inc. | 62 | 08/15/25 | USD | 160.00 | USD | 941 | (47,430 )
CVS Health Corp. | 16 | 08/15/25 | USD | 70.00 | USD | 110 | (4,296 )
Denali Therapeutics, Inc. | 164 | 08/15/25 | USD | 15.00 | USD | 229 | (21,730 )
Disc Medicine, Inc. | 53 | 08/15/25 | USD | 55.00 | USD | 281 | (21,730 )
Edwards Lifesciences Corp. | 473 | 08/15/25 | USD | 77.50 | USD | 3,699 | (170,280 )
Encompass Health Corp. | 212 | 08/15/25 | USD | 125.00 | USD | 2,600 | (77,380 )
Exact Sciences Corp. | 524 | 08/15/25 | USD | 52.50 | USD | 2,785 | (254,140 )
Exelixis, Inc. | 316 | 08/15/25 | USD | 45.00 | USD | 1,393 | (64,780 )
Glaukos Corp. | 98 | 08/15/25 | USD | 110.00 | USD | 1,012 | (64,190 )
Guardant Health, Inc. | 225 | 08/15/25 | USD | 55.00 | USD | 1,171 | (92,250 )
Incyte Corp. | 126 | 08/15/25 | USD | 70.00 | USD | 858 | (33,390 )
Insmed, Inc. | 79 | 08/15/25 | USD | 105.00 | USD | 795 | (46,215 )
Inspire Medical Systems, Inc. | 150 | 08/15/25 | USD | 145.00 | USD | 1,947 | (82,500 )
Kymera Therapeutics, Inc. | 57 | 08/15/25 | USD | 50.00 | USD | 249 | (12,113 )
Labcorp Holdings, Inc. | 62 | 08/15/25 | USD | 270.00 | USD | 1,628 | (35,340 )
Medtronic PLC | 37 | 08/15/25 | USD | 87.50 | USD | 323 | (8,825 )
Mettler-Toledo International, Inc. | 37 | 08/15/25 | USD | 1,220.00 | USD | 4,346 | (151,700 )
MoonLake Immunotherapeutics, Class A | 92 | 08/15/25 | USD | 45.00 | USD | 434 | (40,480 )
Natera, Inc. | 128 | 08/15/25 | USD | 175.00 | USD | 2,162 | (116,480 )
Neurocrine Biosciences, Inc. | 77 | 08/15/25 | USD | 130.00 | USD | 968 | (39,655 )
PTC Therapeutics, Inc. | 67 | 08/15/25 | USD | 55.00 | USD | 327 | (10,385 )
Quest Diagnostics, Inc. | 424 | 08/15/25 | USD | 185.00 | USD | 7,616 | (156,880 )
Repligen Corp. | 194 | 08/15/25 | USD | 130.00 | USD | 2,413 | (123,190 )
REVOLUTION Medicines, Inc. | 46 | 08/15/25 | USD | 43.00 | USD | 169 | (4,370 )
Rhythm Pharmaceuticals, Inc. | 277 | 08/15/25 | USD | 65.00 | USD | 1,750 | (188,360 )
Stryker Corp. | 55 | 08/15/25 | USD | 390.00 | USD | 2,176 | (92,125 )
Summit Therapeutics, Inc. | 108 | 08/15/25 | USD | 26.00 | USD | 230 | (11,070 )
Tenet Healthcare Corp. | 210 | 08/15/25 | USD | 160.00 | USD | 3,696 | (424,200 )
Waters Corp. | 73 | 08/15/25 | USD | 360.00 | USD | 2,548 | (98,915 )
Wave Life Sciences Ltd. | 447 | 08/15/25 | USD | 7.08 | USD | 291 | (21,524 )
West Pharmaceutical Services, Inc. | 120 | 08/15/25 | USD | 230.00 | USD | 2,626 | (117,000 )
Xenon Pharmaceuticals, Inc. | 526 | 08/15/25 | USD | 32.50 | USD | 1,646 | (134,130 )
|  |  |  |  |  |  | $(10,835,453 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Akeso, Inc. | JPMorgan Chase Bank N.A. | 73,000 | 07/02/25 | HKD | 89.14 | HKD | 6,744 | $(39,942 )

66
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
OTC Options Written (continued)

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |  |
Abbisko Cayman Ltd. | JPMorgan Chase Bank N.A. | 250,000 | 07/08/25 | HKD | 8.83 | HKD | 2,560 | $(46,750 )
QIAGEN NV | Barclays Bank PLC | 32,100 | 07/09/25 | USD | 44.14 | USD | 1,543 | (124,567 )
Akeso, Inc. | JPMorgan Chase Bank N.A. | 74,000 | 07/10/25 | HKD | 94.39 | HKD | 6,836 | (42,622 )
Sartorius AG | Morgan Stanley & Co. International PLC | 12,000 | 07/10/25 | EUR | 243.91 | EUR | 2,595 | (1,821 )
Zealand Pharma A/S | Bank of America N.A. | 12,500 | 07/10/25 | DKK | 444.99 | DKK | 4,440 | (850 )
Abbisko Cayman Ltd. | JPMorgan Chase Bank N.A. | 785,000 | 07/15/25 | HKD | 9.42 | HKD | 8,039 | (111,927 )
Abbisko Cayman Ltd. | UBS AG | 500,000 | 07/15/25 | HKD | 8.99 | HKD | 5,121 | (91,164 )
Galderma Group AG | Goldman Sachs International | 27,200 | 07/15/25 | CHF | 111.19 | CHF | 3,137 | (170,516 )
Wuxi Biologics Cayman, Inc. | UBS AG | 500,000 | 07/15/25 | HKD | 24.58 | HKD | 12,897 | (106,832 )
Quest Diagnostics, Inc. | Citibank N.A. | 7,300 | 07/16/25 | USD | 177.40 | USD | 7 | (27,691 )
Akeso, Inc. | Morgan Stanley & Co. International PLC | 61,000 | 07/17/25 | HKD | 90.56 | HKD | 5,635 | (61,466 )
Genmab A/S, ADR | BNP Paribas SA | 14,700 | 07/17/25 | DKK | 1,452.10 | DKK | 19,335 | (9,774 )
Wuxi Biologics Cayman, Inc. | JPMorgan Chase Bank N.A. | 500,000 | 07/17/25 | HKD | 27.80 | HKD | 12,897 | (30,191 )
Abbisko Cayman Ltd. | JPMorgan Chase Bank N.A. | 250,000 | 07/22/25 | HKD | 10.26 | HKD | 2,560 | (24,854 )
Galderma Group AG | Goldman Sachs International | 20,900 | 07/22/25 | CHF | 115.70 | CHF | 2,410 | (70,749 )
UCB SA | Goldman Sachs International | 9,800 | 07/22/25 | EUR | 170.15 | EUR | 1,637 | (53,768 )
Abbisko Cayman Ltd. | JPMorgan Chase Bank N.A. | 14,000 | 07/23/25 | HKD | 10.75 | HKD | 143 | (1,065 )
Labcorp Holdings, Inc. | Morgan Stanley & Co. International PLC | 22,300 | 07/23/25 | USD | 251.71 | USD | 22 | (295,806 )
Abbisko Cayman Ltd. | UBS AG | 250,000 | 07/30/25 | HKD | 10.35 | HKD | 2,560 | (27,844 )
Daiichi Sankyo Co. Ltd. | UBS AG | 23,100 | 07/30/25 | JPY | 4,235.83 | JPY | 77,069 | (1,532 )
Lonza Group AG, Registered Shares | UBS AG | 5,700 | 07/30/25 | CHF | 572.97 | CHF | 3,234 | (75,774 )
Sonova Holding AG, Registered Shares | Barclays Bank PLC | 3,700 | 07/30/25 | CHF | 251.20 | CHF | 876 | (4,921 )
Sonova Holding AG, Registered Shares | UBS AG | 14,500 | 07/30/25 | CHF | 253.64 | CHF | 3,431 | (15,547 )
Daiichi Sankyo Co. Ltd. | UBS AG | 23,100 | 08/05/25 | JPY | 4,235.83 | JPY | 77,069 | (1,817 )
Wuxi Biologics Cayman, Inc. | Citibank N.A. | 727,000 | 08/06/25 | HKD | 26.39 | HKD | 18,752 | (133,835 )
Abbisko Cayman Ltd. | JPMorgan Chase Bank N.A. | 250,000 | 08/12/25 | HKD | 11.01 | HKD | 2,560 | (25,520 )
M3, Inc. | BNP Paribas SA | 175,800 | 08/12/25 | JPY | 2,093.86 | JPY | 347,759 | (75,860 )
Roche Holding AG | Bank of America N.A. | 4,000 | 08/12/25 | CHF | 269.34 | CHF | 1,036 | (15,925 )
|  |  |  |  |  |  |  | $(1,690,930 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(9,308,544 ) | $1,731,563 | $(4,949,402 ) | $(12,526,383 )

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 | $— | $— | $12,526,383 | $— | $— | $— | $12,526,383

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options purchased(a) | $— | $— | $(3,866 ) | $— | $— | $— | $(3,866 )
Options written | — | — | 15,292,220 | — | — | — | 15,292,220
| $— | $— | $15,288,354 | $— | $— | $— | $15,288,354

Schedule of Investments
67

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(8,668,458 ) | $— | $— | $— | $(8,668,458 )

(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 | 10,684,451

(a) | Derivative financial instrument 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 | $— | $12,526,383
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 12,526,383
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (10,835,453 )
Total derivative assets and liabilities subject to an MNA | $— | $1,690,930

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. | $16,775 | $— | $(5,371 ) | $— | $11,404
Barclays Bank PLC | 129,488 | — | — | — | 129,488
BNP Paribas SA | 85,634 | — | — | — | 85,634
Citibank N.A. | 161,526 | — | (42,333 ) | — | 119,193
Goldman Sachs International | 295,033 | — | (295,033 ) | — | —
JPMorgan Chase Bank N.A. | 322,871 | — | (322,871 ) | — | —
Morgan Stanley & Co. International PLC | 359,093 | — | (359,093 ) | — | —
UBS AG | 320,510 | — | — | — | 320,510
| $1,690,930 | $— | $(1,024,701 ) | $— | $666,229

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to the 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
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 | $262,260,439 | $26,433,356 | $9,499,198 | $298,192,993
Capital Markets | 5,798,552 | — | — | 5,798,552
Health Care Equipment & Supplies | 178,369,698 | 17,177,783 | 943,607 | 196,491,088
Health Care Providers & Services | 99,650,558 | — | — | 99,650,558
Health Care Technology | 33,536,999 | 6,357,345 | 27,593 | 39,921,937
Life Sciences Tools & Services | 111,449,119 | 27,199,902 | — | 138,649,021
Pharmaceuticals | 20,533,428 | 29,719,089 | — | 50,252,517
Other Interests | — | — | 3,523,055 | 3,523,055
Preferred Securities |  |  |  |
Preferred Stocks | — | 7,973,827 | 119,727,424 | 127,701,251
Rights | — | — | 353,119 | 353,119
Warrants | 18,591 | — | — | 18,591
Short-Term Securities |  |  |  |
Money Market Funds | 14,416,221 | — | — | 14,416,221
| $726,033,605 | $114,861,302 | $134,073,996 | $974,968,903
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(10,601,906 ) | $(1,924,477 ) | $— | $(12,526,383 )

(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 and derivative financial instruments 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 | Corporate Bonds | Other Interests | Preferred Stocks | Rights | Warrants | Total
Assets |  |  |  |  |  |  |
Opening balance, as of December 31, 2024 | $9,980,354 | $2,185,644 | $3,207,232 | $118,719,968 | $346,386 | $217,359 | $134,656,943
Transfers into Level 3 | — | — | — | — | — | 289 | 289
Transfers out of Level 3 | — | — | — | — | — | — | —
Accrued discounts/premiums | — | — | — | — | — | — | —
Net realized gain (loss) | — | — | — | — | — | — | —
Net change in unrealized appreciation (depreciation)(a)(b) | (32,521,720 ) | (319,194 ) | 315,823 | 27,183,791 | 6,733 | (217,648 ) | (5,552,215 )
Purchases | 33,011,764 | — | — | 4,148,665 | — | — | 37,160,429
Sales | — | (1,866,450 ) | — | (30,325,000 ) | — | — | (32,191,450 )
Closing balance, as of June 30, 2025 | $10,470,398 | $— | $3,523,055 | $119,727,424 | $353,119 | $— | $134,073,996
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(b) | $(32,521,720 ) | $— | $315,823 | $(1,412,662 ) | $6,733 | $(289 ) | $(33,612,115 )

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.

Schedule of Investments
69

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
The following table summarizes the valuation approaches used and unobservable inputs utilized by the 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 | $119,727,424 | Market | Revenue Multiple | 3.11x - 8.86x | 6.07x
|  |  | Volatility | 60%-90% | 76%
|  |  | Time to Exit | 1.0 -4.0 years | 3.0 years
|  |  | Market Adjustment Multiple | 0.50x -1.50x | 0.99x
Common Stocks | 10,470,398 | Market | Revenue Multiple | 0.94x - 3.11x | 1.43x
|  |  | Volatility | 60% -90% | 79%
|  |  | Time to Exit | 1.0 - 3.0 years | 2.7 years
|  |  | Market Adjustment Multiple | 0.60x - 1.05x | 0.99x
Other Interests | 3,523,055 | Income | Discount Rate | 5% -5% | 5%
Rights | 353,119 | Income | Discount Rate | 5% -5% | 5%
| $134,073,996 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.

See notes to financial statements.
70
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Biotechnology — 23.6% |
4D Molecular Therapeutics, Inc.(a) |  | 11,778 | $43,696
AbbVie, Inc.(b) |  | 132,996 | 24,686,718
Alkermes PLC(a) |  | 12,700 | 363,347
Allogene Therapeutics, Inc.(a)(c) |  | 108,101 | 122,154
Alnylam Pharmaceuticals, Inc.(a) |  | 38,276 | 12,481,421
Amgen, Inc.(b) |  | 59,717 | 16,673,584
Arcellx, Inc.(a) |  | 16,531 | 1,088,566
Argenx SE, ADR(a) |  | 6,773 | 3,733,413
Ascendis Pharma A/S, ADR(a) |  | 9,904 | 1,709,431
Autolus Therapeutics PLC, ADR(a) |  | 64,258 | 146,508
Beam Therapeutics, Inc.(a) |  | 14,977 | 254,759
Biohaven Ltd.(a) |  | 18,429 | 260,033
BioMarin Pharmaceutical, Inc.(a) |  | 21,076 | 1,158,548
BioNTech SE, ADR(a)(c) |  | 3,788 | 403,308
Blueprint Medicines Corp.(a) |  | 15,552 | 1,993,455
Bridgebio Pharma, Inc.(a) |  | 18,507 | 799,132
CG oncology, Inc.(a) |  | 5,223 | 135,798
Denali Therapeutics, Inc.(a) |  | 20,283 | 283,759
Disc Medicine, Inc.(a) |  | 7,717 | 408,692
Dyne Therapeutics, Inc.(a) |  | 24,506 | 233,297
Exact Sciences Corp.(a) |  | 49,509 | 2,630,908
Exelixis, Inc.(a) |  | 27,330 | 1,204,570
Gilead Sciences, Inc. |  | 89,782 | 9,954,130
Incyte Corp.(a) |  | 12,838 | 874,268
Insmed, Inc.(a) |  | 52,511 | 5,284,707
Ionis Pharmaceuticals, Inc.(a) |  | 15,357 | 606,755
Kymera Therapeutics, Inc.(a) |  | 4,830 | 210,781
Legend Biotech Corp., ADR(a) |  | 11,174 | 396,565
Merus NV(a) |  | 18,404 | 968,051
Moderna, Inc.(a) |  | 32,542 | 897,834
MoonLake Immunotherapeutics(a) |  | 10,035 | 473,652
Natera, Inc.(a) |  | 12,117 | 2,047,046
Neurocrine Biosciences, Inc.(a) |  | 11,545 | 1,451,091
Nuvalent, Inc., Class A(a) |  | 29,333 | 2,238,108
Protagonist Therapeutics, Inc.(a) |  | 20,969 | 1,158,957
PTC Therapeutics, Inc.(a) |  | 21,916 | 1,070,378
Regeneron Pharmaceuticals, Inc. |  | 10,842 | 5,692,050
REGENXBIO, Inc.(a) |  | 18,875 | 154,964
Rhythm Pharmaceuticals, Inc.(a) |  | 55,078 | 3,480,379
Roivant Sciences Ltd.(a) |  | 60,456 | 681,339
Scholar Rock Holding Corp.(a) |  | 7,855 | 278,224
Stoke Therapeutics, Inc.(a) |  | 73,875 | 838,481
Summit Therapeutics, Inc.(a)(c) |  | 18,168 | 386,615
TScan Therapeutics, Inc.(a) |  | 49,480 | 71,746
Vaxcyte, Inc.(a) |  | 7,730 | 251,302
Vertex Pharmaceuticals, Inc.(a) |  | 18,020 | 8,022,504
Viking Therapeutics, Inc.(a) |  | 9,491 | 251,512
Vir Biotechnology, Inc.(a) |  | 20,570 | 103,673
Voyager Therapeutics, Inc.(a) |  | 32,205 | 100,158
Xenon Pharmaceuticals, Inc.(a) |  | 26,398 | 826,257
Zealand Pharma A/S(a) |  | 6,909 | 387,471
|  |  | 119,974,095
Capital Markets — 0.2% |
Helix Acquisition Corp. II, Class A(a) |  | 61,530 | 655,295
Health Care Equipment & Supplies — 31.1% |
Abbott Laboratories(b) |  | 217,322 | 29,557,967
Alcon AG(c) |  | 32,610 | 2,878,811
Becton Dickinson & Co. |  | 38,538 | 6,638,171
Boston Scientific Corp.(a)(b) |  | 294,384 | 31,619,785

Security |  | Shares | Value
Health Care Equipment & Supplies (continued) |
Cooper Cos., Inc.(a) |  | 27,416 | $1,950,923
Dexcom, Inc.(a) |  | 38,114 | 3,326,971
Edwards Lifesciences Corp.(a) |  | 198,507 | 15,525,232
EXO Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999)(a)(d)(e) |  | 1,017 | 366
GE HealthCare Technologies, Inc. |  | 21,440 | 1,588,061
Glaukos Corp.(a) |  | 7,815 | 807,211
Hologic, Inc.(a) |  | 12,498 | 814,370
IDEXX Laboratories, Inc.(a) |  | 6,922 | 3,712,545
Inspire Medical Systems, Inc.(a) |  | 4,705 | 610,568
Insulet Corp.(a) |  | 5,334 | 1,675,836
Intuitive Surgical, Inc.(a) |  | 30,454 | 16,549,008
Medtronic PLC |  | 180,776 | 15,758,244
Novocure Ltd.(a) |  | 51,195 | 911,271
Nucleix Ltd., (Acquired 04/10/24, Cost: $200,000)(a)(d)(e) |  | 200 | 143,920
Nyxoah SA(a) |  | 29,870 | 223,428
Orchestra BioMed Holdings, Inc.(a) |  | 18,076 | 48,444
Penumbra, Inc.(a) |  | 11,896 | 3,052,870
STERIS PLC |  | 6,027 | 1,447,806
Stryker Corp. |  | 48,820 | 19,314,657
|  |  | 158,156,465
Health Care Providers & Services — 16.2% |
Cencora, Inc. |  | 26,637 | 7,987,104
Centene Corp.(a) |  | 20,030 | 1,087,228
Cigna Group |  | 17,768 | 5,873,745
CVS Health Corp. |  | 74,290 | 5,124,524
Elevance Health, Inc. |  | 21,193 | 8,243,229
Guardant Health, Inc.(a) |  | 31,531 | 1,640,873
HCA Healthcare, Inc. |  | 20,375 | 7,805,663
Humana, Inc. |  | 11,695 | 2,859,194
Labcorp Holdings, Inc. |  | 20,462 | 5,371,480
McKesson Corp. |  | 11,805 | 8,650,468
Quest Diagnostics, Inc. |  | 24,219 | 4,350,459
UnitedHealth Group, Inc.(b) |  | 74,545 | 23,255,804
|  |  | 82,249,771
Health Care Technology — 0.0% |
Carbon Health Technologies, Inc., (Acquired 05/28/25, Cost: $972,000)(a)(d)(e) |  | 146,332 | 1,463
Life Sciences Tools & Services — 7.6% |
Agilent Technologies, Inc. |  | 37,005 | 4,366,960
Bio-Rad Laboratories, Inc., Class A(a) |  | 2,236 | 539,592
Bio-Techne Corp. |  | 17,518 | 901,301
Bruker Corp. |  | 31,339 | 1,291,167
Charles River Laboratories International, Inc.(a) |  | 5,060 | 767,754
Danaher Corp. |  | 44,278 | 8,746,676
Illumina, Inc.(a) |  | 13,625 | 1,299,961
IQVIA Holdings, Inc.(a) |  | 7,072 | 1,114,476
Mettler-Toledo International, Inc.(a) |  | 1,235 | 1,450,779
Repligen Corp.(a) |  | 12,836 | 1,596,542
Thermo Fisher Scientific, Inc. |  | 21,348 | 8,655,760
Waters Corp.(a) |  | 15,785 | 5,509,596
West Pharmaceutical Services, Inc. |  | 10,207 | 2,233,292
|  |  | 38,473,856
Pharmaceuticals — 20.0% |
AstraZeneca PLC |  | 25,902 | 3,604,759
Bristol-Myers Squibb Co. |  | 172,080 | 7,965,583
Daiichi Sankyo Co. Ltd. |  | 57,800 | 1,339,115
Edgewise Therapeutics, Inc.(a) |  | 22,836 | 299,380
Eli Lilly & Co.(b) |  | 58,854 | 45,878,459
Galderma Group AG |  | 9,263 | 1,346,430

Schedule of Investments
71

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Pharmaceuticals (continued) |
Johnson & Johnson |  | 137,003 | $20,927,208
Merck & Co., Inc.(b) |  | 32,077 | 2,539,215
Pfizer, Inc. |  | 274,163 | 6,645,711
Teva Pharmaceutical Industries Ltd., ADR(a) |  | 243,163 | 4,075,412
UCB SA |  | 10,073 | 1,981,941
WaVe Life Sciences Ltd.(a) |  | 24,727 | 160,726
Zoetis, Inc., Class A |  | 31,654 | 4,936,441
|  |  | 101,700,380
Total Common Stocks — 98.7% (Cost: $341,763,546) | 501,211,325

|  | Benefical Interest (000) |
Other Interests
Biotechnology — 0.0% |
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —)(d)(e)(f) | $ | 6 | 61,157
Health Care Providers & Services — 0.0% |
Afferent Pharmaceuticals, Inc., (Acquired 09/30/15, Cost: $ —)(d)(e)(f) |  | 190 | 2
Total Other Interests — 0.0% (Cost: $ — ) | 61,159

|  | Shares |
Preferred Securities
Preferred Stocks — 0.6%(a)(d)(e)
Biotechnology — 0.4% |
Adarx Pharamaceuticals, Inc., Series C, (Acquired 08/02/23, Cost: $440,003) |  | 52,885 | 600,774
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002) |  | 44,167 | 94,076
Genesis Therapeutics, Inc., Series B, (Acquired 08/10/23, Cost: $292,001) |  | 57,170 | 312,148
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $224,200) |  | 190,000 | 53,200
Kartos Therapeutics, Inc. |  |  |
Series C, (Acquired 08/22/23, Cost: $485,124) |  | 85,817 | 486,582
Series D, (Acquired 02/19/25, Cost: $133,467) |  | 23,610 | 133,869
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800) |  | 21,100 | 482,346
|  |  | 2,162,995
Health Care Equipment & Supplies — 0.1% |
EXO Imaging, Inc., (Acquired 07/24/24, Cost: $28,863) |  | 47,496 | 35,147
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001) |  | 367,395 | 224,111
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998) |  | 93 | 206
|  |  | 259,464

Security |  | Shares | Value
Health Care Providers & Services — 0.1% |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759) |  | 4,243,029 | $361,100
Pharmaceuticals — 0.0% |
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000) |  | 30,616 | 258,093
| 3,041,652
Total Preferred Securities — 0.6% (Cost: $4,892,218) | 3,041,652
Rights
Biotechnology(d) — 0.0% |
Korro Bio, Inc., CVR |  | 28,060 | —
Mirati Therapeutics, Inc. CVR |  | 15,747 | 11,810
|  |  | 11,810
Health Care Equipment & Supplies — 0.0% |
Abiomed, Inc., CVR(d) |  | 14,359 | 31,733
Total Rights — 0.0% (Cost: $25,669) | 43,543
Warrants
Health Care Providers & Services — 0.0% |
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 08/06/26, Strike Price USD 11.50)(a)(d) |  | 4,201 | —
Pharmaceuticals — 0.0% |
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50)(a) |  | 4,050 | 1,093
Total Warrants — 0.0% (Cost: $14,030) | 1,093
Total Long-Term Investments — 99.3% (Cost: $346,695,463) | 504,358,772

72
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 4.4% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.47%(g)(h)(i) |  | 1,408,663 | $1,409,226
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(g)(h) |  | 21,098,844 | 21,098,844
Total Short-Term Securities — 4.4% (Cost: $22,508,070) | 22,508,070
Options Purchased — 0.0% (Cost: $2,060) | 2,525
Total Investments Before Options Written — 103.7% (Cost: $369,205,593) | 526,869,367
Options Written — (0.8)% (Premiums Received: $(4,582,810)) | (4,276,183 )
Total Investments, Net of Options Written — 102.9% (Cost: $364,622,783) | 522,593,184
Liabilities in Excess of Other Assets — (2.9)% | (14,495,374 )
Net Assets — 100.0% | $508,097,810

(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) | All or a portion of this security is on loan.
(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 $3,248,560, representing 0.6% of its net assets as of period end, and an original cost of $6,660,217.
(f) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(g) | Affiliate of the Trust.
(h) | Annualized 7-day yield as of period end.
(i) | All or a portion of this security was purchased with the cash collateral from loaned securities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $277,709 | $1,131,899 (a) | $— | $(366 ) | $(16 ) | $1,409,226 | 1,408,663 | $2,753 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 26,275,044 | — | (5,176,200 )(a) | — | — | 21,098,844 | 21,098,844 | 468,619 | —
|  |  |  | $(366 ) | $(16 ) | $22,508,070 |  | $471,372 | $—

(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 collateral investment fees, and other payments to and from borrowers of securities.

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

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |
Abbott Laboratories | 373 | 07/03/25 | USD | 135.00 | USD | 5,073 | $(99,591 )
AbbVie, Inc. | 279 | 07/11/25 | USD | 195.00 | USD | 5,179 | (5,859 )
Boston Scientific Corp. | 281 | 07/11/25 | USD | 106.00 | USD | 3,018 | (70,250 )
CVS Health Corp. | 38 | 07/11/25 | USD | 64.00 | USD | 262 | (19,950 )
Danaher Corp. | 101 | 07/11/25 | USD | 205.00 | USD | 1,995 | (13,382 )
Dexcom, Inc. | 50 | 07/11/25 | USD | 87.00 | USD | 436 | (10,750 )
Gilead Sciences, Inc. | 264 | 07/11/25 | USD | 116.00 | USD | 2,927 | (19,800 )
Humana, Inc. | 1 | 07/11/25 | USD | 245.00 | USD | 24 | (595 )
Johnson & Johnson | 343 | 07/11/25 | USD | 160.00 | USD | 5,239 | (1,887 )
Pfizer, Inc. | 800 | 07/11/25 | USD | 24.00 | USD | 1,939 | (36,000 )
Thermo Fisher Scientific, Inc. | 33 | 07/11/25 | USD | 415.00 | USD | 1,338 | (15,840 )
Alcon, Inc. | 61 | 07/18/25 | USD | 87.50 | USD | 539 | (13,725 )

Schedule of Investments
73

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Trust (BME)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Alnylam Pharmaceuticals, Inc. | 50 | 07/18/25 | USD | 310.00 | USD | 1,630 | $(101,750 )
Ascendis Pharma A/S, ADR | 33 | 07/18/25 | USD | 170.00 | USD | 570 | (25,905 )
Beam Therapeutics, Inc. | 26 | 07/18/25 | USD | 20.39 | USD | 44 | (344 )
Becton Dickinson & Co. | 142 | 07/18/25 | USD | 180.00 | USD | 2,446 | (15,620 )
Biohaven Ltd. | 65 | 07/18/25 | USD | 25.00 | USD | 92 | (650 )
BioMarin Pharmaceutical, Inc. | 80 | 07/18/25 | USD | 65.00 | USD | 440 | (1,200 )
BioNTech SE, ADR | 7 | 07/18/25 | USD | 110.00 | USD | 75 | (1,068 )
Bridgebio Pharma, Inc. | 62 | 07/18/25 | USD | 37.50 | USD | 268 | (36,580 )
Bristol-Myers Squibb Co. | 332 | 07/18/25 | USD | 52.50 | USD | 1,537 | (1,328 )
Cencora, Inc. | 34 | 07/18/25 | USD | 290.00 | USD | 1,019 | (42,330 )
Cooper Cos, Inc. | 99 | 07/18/25 | USD | 74.93 | USD | 704 | (6,668 )
Danaher Corp. | 60 | 07/18/25 | USD | 205.00 | USD | 1,185 | (12,450 )
Denali Therapeutics, Inc. | 39 | 07/18/25 | USD | 17.50 | USD | 55 | (1,365 )
Dexcom, Inc. | 50 | 07/18/25 | USD | 90.00 | USD | 436 | (6,875 )
Disc Medicine, Inc. | 14 | 07/18/25 | USD | 55.00 | USD | 74 | (3,395 )
Edwards Lifesciences Corp. | 346 | 07/18/25 | USD | 77.50 | USD | 2,706 | (75,255 )
Eli Lilly & Co. | 63 | 07/18/25 | USD | 860.00 | USD | 4,911 | (14,553 )
Exact Sciences Corp. | 48 | 07/18/25 | USD | 60.00 | USD | 255 | (1,800 )
Exelixis, Inc. | 49 | 07/18/25 | USD | 43.00 | USD | 216 | (9,310 )
Guardant Health, Inc. | 46 | 07/18/25 | USD | 45.00 | USD | 239 | (35,420 )
HCA Healthcare, Inc. | 38 | 07/18/25 | USD | 395.00 | USD | 1,456 | (14,440 )
IDEXX Laboratories, Inc. | 25 | 07/18/25 | USD | 510.00 | USD | 1,341 | (74,875 )
Incyte Corp. | 22 | 07/18/25 | USD | 70.00 | USD | 150 | (6,380 )
Insmed, Inc. | 100 | 07/18/25 | USD | 77.50 | USD | 1,006 | (234,500 )
Insulet Corp. | 19 | 07/18/25 | USD | 320.00 | USD | 597 | (8,740 )
Ionis Pharmaceuticals, Inc. | 56 | 07/18/25 | USD | 35.00 | USD | 221 | (28,000 )
Medtronic PLC | 154 | 07/18/25 | USD | 87.50 | USD | 1,342 | (22,792 )
Merus NV | 66 | 07/18/25 | USD | 45.00 | USD | 347 | (54,780 )
Mettler-Toledo International, Inc. | 2 | 07/18/25 | USD | 1,250.00 | USD | 235 | (1,035 )
Neurocrine Biosciences, Inc. | 35 | 07/18/25 | USD | 125.00 | USD | 440 | (12,775 )
Novocure Ltd. | 92 | 07/18/25 | USD | 21.00 | USD | 164 | (2,070 )
Novocure Ltd. | 92 | 07/18/25 | USD | 19.00 | USD | 164 | (3,680 )
Nuvalent, Inc., Class A | 105 | 07/18/25 | USD | 80.00 | USD | 801 | (21,262 )
Penumbra, Inc. | 45 | 07/18/25 | USD | 300.00 | USD | 1,155 | (11,475 )
Protagonist Therapeutics, Inc. | 37 | 07/18/25 | USD | 50.00 | USD | 204 | (24,420 )
Protagonist Therapeutics, Inc. | 38 | 07/18/25 | USD | 55.00 | USD | 210 | (12,160 )
PTC Therapeutics, Inc. | 38 | 07/18/25 | USD | 50.00 | USD | 186 | (6,270 )
Regeneron Pharmaceuticals, Inc. | 20 | 07/18/25 | USD | 650.00 | USD | 1,050 | (6,400 )
Repligen Corp. | 24 | 07/18/25 | USD | 135.00 | USD | 299 | (7,200 )
Rhythm Pharmaceuticals, Inc. | 84 | 07/18/25 | USD | 65.00 | USD | 531 | (35,280 )
Scholar Rock Holding Corp. | 29 | 07/18/25 | USD | 35.00 | USD | 103 | (6,163 )
STERIS PLC | 3 | 07/18/25 | USD | 260.00 | USD | 72 | (525 )
Stryker Corp. | 92 | 07/18/25 | USD | 390.00 | USD | 3,640 | (96,600 )
Thermo Fisher Scientific, Inc. | 44 | 07/18/25 | USD | 430.00 | USD | 1,784 | (12,320 )
UnitedHealth Group, Inc. | 272 | 07/18/25 | USD | 340.00 | USD | 8,486 | (41,888 )
Vertex Pharmaceuticals, Inc. | 66 | 07/18/25 | USD | 460.00 | USD | 2,938 | (35,970 )
Viking Therapeutics, Inc. | 34 | 07/18/25 | USD | 35.00 | USD | 90 | (1,479 )
Waters Corp. | 27 | 07/18/25 | USD | 370.00 | USD | 942 | (6,615 )
Wave Life Sciences Ltd. | 36 | 07/18/25 | USD | 7.24 | USD | 23 | (4,178 )
West Pharmaceutical Services, Inc. | 18 | 07/18/25 | USD | 220.00 | USD | 394 | (9,630 )
Zoetis, Inc., Class A | 44 | 07/18/25 | USD | 175.00 | USD | 686 | (1,980 )
AbbVie, Inc. | 248 | 07/25/25 | USD | 195.00 | USD | 4,603 | (23,560 )
Amgen, Inc. | 119 | 07/25/25 | USD | 295.00 | USD | 3,323 | (13,804 )
Boston Scientific Corp. | 394 | 07/25/25 | USD | 106.00 | USD | 4,232 | (149,720 )
Cigna Group | 44 | 07/25/25 | USD | 330.00 | USD | 1,455 | (34,540 )
CVS Health Corp. | 101 | 07/25/25 | USD | 69.00 | USD | 697 | (16,816 )
Eli Lilly & Co. | 63 | 07/25/25 | USD | 860.00 | USD | 4,911 | (23,341 )
GE HealthCare Technologies, Inc. | 38 | 07/25/25 | USD | 73.00 | USD | 281 | (12,350 )
Gilead Sciences, Inc. | 60 | 07/25/25 | USD | 110.00 | USD | 665 | (23,400 )
Intuitive Surgical, Inc. | 109 | 07/25/25 | USD | 565.00 | USD | 5,923 | (149,875 )
Johnson & Johnson | 157 | 07/25/25 | USD | 160.00 | USD | 2,398 | (8,321 )
Medtronic PLC | 224 | 07/25/25 | USD | 88.00 | USD | 1,953 | (39,088 )

74
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Trust (BME)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Merck & Co., Inc. | 180 | 07/25/25 | USD | 83.00 | USD | 1,425 | $(15,120 )
Regeneron Pharmaceuticals, Inc. | 21 | 07/25/25 | USD | 550.00 | USD | 1,103 | (20,895 )
Teva Pharmaceutical Industries Ltd. | 864 | 07/25/25 | USD | 19.00 | USD | 1,448 | (10,368 )
Abbott Laboratories | 192 | 08/01/25 | USD | 135.00 | USD | 2,611 | (75,840 )
Boston Scientific Corp. | 22 | 08/01/25 | USD | 105.00 | USD | 236 | (11,440 )
Dexcom, Inc. | 42 | 08/01/25 | USD | 94.00 | USD | 367 | (8,715 )
Eli Lilly & Co. | 102 | 08/01/25 | USD | 810.00 | USD | 7,951 | (211,650 )
GE HealthCare Technologies, Inc. | 38 | 08/01/25 | USD | 76.00 | USD | 281 | (9,120 )
McKesson Corp. | 42 | 08/01/25 | USD | 730.00 | USD | 3,078 | (85,890 )
Medtronic PLC | 69 | 08/01/25 | USD | 86.00 | USD | 601 | (20,389 )
Pfizer, Inc. | 105 | 08/01/25 | USD | 25.00 | USD | 255 | (2,153 )
Amgen, Inc. | 99 | 08/08/25 | USD | 285.00 | USD | 2,764 | (82,417 )
Bristol-Myers Squibb Co. | 321 | 08/08/25 | USD | 49.00 | USD | 1,486 | (21,186 )
Cigna Group | 19 | 08/08/25 | USD | 335.00 | USD | 628 | (22,515 )
CVS Health Corp. | 101 | 08/08/25 | USD | 69.00 | USD | 697 | (27,017 )
Medtronic PLC | 68 | 08/08/25 | USD | 86.00 | USD | 593 | (17,850 )
Abbott Laboratories | 220 | 08/15/25 | USD | 135.00 | USD | 2,992 | (111,650 )
AbbVie, Inc. | 67 | 08/15/25 | USD | 195.00 | USD | 1,244 | (19,095 )
Alcon, Inc. | 61 | 08/15/25 | USD | 87.50 | USD | 539 | (20,740 )
Alkermes PLC | 48 | 08/15/25 | USD | 33.00 | USD | 137 | (10,200 )
Alnylam Pharmaceuticals, Inc. | 95 | 08/15/25 | USD | 330.00 | USD | 3,098 | (178,600 )
Arcellx, Inc. | 59 | 08/15/25 | USD | 65.00 | USD | 389 | (33,040 )
Argenx SE, ADR | 31 | 08/15/25 | USD | 590.00 | USD | 1,709 | (45,105 )
Beam Therapeutics, Inc. | 26 | 08/15/25 | USD | 20.00 | USD | 44 | (1,820 )
BioNTech SE, ADR | 6 | 08/15/25 | USD | 115.00 | USD | 64 | (1,740 )
Bio-Techne Corp. | 63 | 08/15/25 | USD | 55.00 | USD | 324 | (18,112 )
Boston Scientific Corp. | 281 | 08/15/25 | USD | 110.00 | USD | 3,018 | (81,490 )
Cencora, Inc. | 62 | 08/15/25 | USD | 300.00 | USD | 1,859 | (66,650 )
CVS Health Corp. | 38 | 08/15/25 | USD | 70.00 | USD | 262 | (10,203 )
Denali Therapeutics, Inc. | 38 | 08/15/25 | USD | 15.00 | USD | 53 | (5,035 )
Disc Medicine, Inc. | 14 | 08/15/25 | USD | 55.00 | USD | 74 | (5,740 )
Edwards Lifesciences Corp. | 385 | 08/15/25 | USD | 77.50 | USD | 3,011 | (138,600 )
Exact Sciences Corp. | 132 | 08/15/25 | USD | 52.50 | USD | 701 | (64,020 )
Exelixis, Inc. | 49 | 08/15/25 | USD | 45.00 | USD | 216 | (10,045 )
Glaukos Corp. | 32 | 08/15/25 | USD | 110.00 | USD | 331 | (20,960 )
Guardant Health, Inc. | 71 | 08/15/25 | USD | 55.00 | USD | 369 | (29,110 )
HCA Healthcare, Inc. | 37 | 08/15/25 | USD | 400.00 | USD | 1,417 | (38,665 )
Incyte Corp. | 22 | 08/15/25 | USD | 70.00 | USD | 150 | (5,830 )
Insmed, Inc. | 86 | 08/15/25 | USD | 105.00 | USD | 866 | (50,310 )
Inspire Medical Systems, Inc. | 17 | 08/15/25 | USD | 145.00 | USD | 221 | (9,350 )
IQVIA Holdings, Inc. | 25 | 08/15/25 | USD | 160.00 | USD | 394 | (21,750 )
Kymera Therapeutics, Inc. | 17 | 08/15/25 | USD | 50.00 | USD | 74 | (3,613 )
Labcorp Holdings, Inc. | 62 | 08/15/25 | USD | 270.00 | USD | 1,628 | (35,340 )
Medtronic PLC | 154 | 08/15/25 | USD | 87.50 | USD | 1,342 | (36,729 )
Mettler-Toledo International, Inc. | 2 | 08/15/25 | USD | 1,220.00 | USD | 235 | (8,200 )
MoonLake Immunotherapeutics, Class A | 18 | 08/15/25 | USD | 45.00 | USD | 85 | (7,920 )
Natera, Inc. | 43 | 08/15/25 | USD | 175.00 | USD | 726 | (39,130 )
Neurocrine Biosciences, Inc. | 6 | 08/15/25 | USD | 130.00 | USD | 75 | (3,090 )
Pfizer, Inc. | 105 | 08/15/25 | USD | 25.00 | USD | 255 | (4,148 )
PTC Therapeutics, Inc. | 37 | 08/15/25 | USD | 55.00 | USD | 181 | (5,735 )
Quest Diagnostics, Inc. | 58 | 08/15/25 | USD | 185.00 | USD | 1,042 | (21,460 )
Repligen Corp. | 24 | 08/15/25 | USD | 130.00 | USD | 299 | (15,240 )
Rhythm Pharmaceuticals, Inc. | 103 | 08/15/25 | USD | 65.00 | USD | 651 | (70,040 )
STERIS PLC | 18 | 08/15/25 | USD | 250.00 | USD | 432 | (8,280 )
Stryker Corp. | 92 | 08/15/25 | USD | 390.00 | USD | 3,640 | (154,100 )
Summit Therapeutics, Inc. | 65 | 08/15/25 | USD | 26.00 | USD | 138 | (6,663 )
Waters Corp. | 31 | 08/15/25 | USD | 360.00 | USD | 1,082 | (42,005 )
Wave Life Sciences Ltd. | 55 | 08/15/25 | USD | 7.08 | USD | 36 | (2,648 )
West Pharmaceutical Services, Inc. | 20 | 08/15/25 | USD | 230.00 | USD | 438 | (19,500 )

Schedule of Investments
75

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Trust (BME)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Xenon Pharmaceuticals, Inc. | 94 | 08/15/25 | USD | 32.50 | USD | 294 | $(23,970 )
Zoetis, Inc., Class A | 76 | 08/15/25 | USD | 165.00 | USD | 1,185 | (20,520 )
|  |  |  |  |  |  | $(4,170,948 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Boston Scientific Corp. | Citibank N.A. | 14,000 | 07/09/25 | USD | 107.86 | USD | 1,504 | $(20,337 )
Zealand Pharma A/S | Bank of America N.A. | 2,400 | 07/10/25 | DKK | 444.99 | DKK | 853 | (163 )
Galderma Group AG | Goldman Sachs International | 2,200 | 07/15/25 | CHF | 111.19 | CHF | 254 | (13,792 )
Quest Diagnostics, Inc. | Citibank N.A. | 2,900 | 07/16/25 | USD | 177.40 | USD | 521 | (11,001 )
Galderma Group AG | Goldman Sachs International | 1,200 | 07/22/25 | CHF | 115.70 | CHF | 138 | (4,062 )
UCB SA | Bank of America N.A. | 3,700 | 07/22/25 | EUR | 175.30 | EUR | 618 | (12,504 )
AstraZeneca PLC | Barclays Bank PLC | 6,200 | 07/23/25 | GBP | 113.61 | GBP | 629 | (469 )
Labcorp Holdings, Inc. | Morgan Stanley & Co. International PLC | 1,300 | 07/23/25 | USD | 251.71 | USD | 341 | (17,244 )
AstraZeneca PLC | BNP Paribas SA | 3,300 | 08/05/25 | GBP | 105.70 | GBP | 335 | (6,482 )
Daiichi Sankyo Co. Ltd. | BNP Paribas SA | 21,900 | 08/06/25 | JPY | 3,463.95 | JPY | 73,065 | (19,181 )
|  |  |  |  |  |  |  | $(105,235 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(4,582,810 ) | $1,358,466 | $(1,051,839 ) | $(4,276,183 )

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

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Assets — Derivative Financial Instruments |  |  |  |  |  |  |
Options purchased Investments at value — unaffiliated | $— | $— | $2,525 | $— | $— | $— | $2,525
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $4,276,183 | $— | $— | $— | $4,276,183

For the period ended June 30, 2025, 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) | $— | $— | $(243 ) | $— | $— | $— | $(243 )
Options written | — | — | 3,732,625 | — | — | — | 3,732,625
| $— | $— | $3,732,382 | $— | $— | $— | $3,732,382

76
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Trust (BME)

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options purchased(b) | $— | $— | $465 | $— | $— | $— | $465
Options written | — | — | (2,217,202 ) | — | — | — | (2,217,202 )
| $— | $— | $(2,216,737 ) | $— | $— | $— | $(2,216,737 )

(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 | $1,263
Average value of option contracts written | 3,966,180

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 | $2,525 | $4,276,183
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 2,525 | 4,276,183
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (2,525 ) | (4,170,948 )
Total derivative assets and liabilities subject to an MNA | $— | $105,235

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. | $12,667 | $— | $— | $— | $12,667
Barclays Bank PLC | 469 | — | — | — | 469
BNP Paribas SA | 25,663 | — | — | — | 25,663
Citibank N.A. | 31,338 | — | — | — | 31,338
Goldman Sachs International | 17,854 | — | — | — | 17,854
Morgan Stanley & Co. International PLC | 17,244 | — | — | — | 17,244
| $105,235 | $— | $— | $— | $105,235

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to the 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.

Schedule of Investments
77

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Health Sciences Trust (BME)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 | $119,586,624 | $387,471 | $— | $119,974,095
Capital Markets | 655,295 | — | — | 655,295
Health Care Equipment & Supplies | 158,012,179 | — | 144,286 | 158,156,465
Health Care Providers & Services | 82,249,771 | — | — | 82,249,771
Health Care Technology | — | — | 1,463 | 1,463
Life Sciences Tools & Services | 38,473,856 | — | — | 38,473,856
Pharmaceuticals | 93,428,135 | 8,272,245 | — | 101,700,380
Other Interests | — | — | 61,159 | 61,159
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 3,041,652 | 3,041,652
Rights | — | — | 43,543 | 43,543
Warrants | 1,093 | — | — | 1,093
Short-Term Securities |  |  |  |
Money Market Funds | 22,508,070 | — | — | 22,508,070
Options Purchased |  |  |  |
Equity Contracts | 2,525 | — | — | 2,525
| $514,917,548 | $8,659,716 | $3,292,103 | $526,869,367
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(4,157,110 ) | $(119,073 ) | $— | $(4,276,183 )

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

See notes to financial statements.
78
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Chemicals — 16.3% |
CF Industries Holdings, Inc. |  | 6,850 | $630,200
Corteva, Inc.(a) |  | 569,327 | 42,431,941
Mosaic Co. |  | 726,993 | 26,520,705
Nutrien Ltd. |  | 998,594 | 58,158,115
|  |  | 127,740,961
Construction Materials — 2.7% |
CRH PLC |  | 133,648 | 12,268,886
Heidelberg Materials AG |  | 37,030 | 8,720,444
|  |  | 20,989,330
Containers & Packaging — 7.3% |
Graphic Packaging Holding Co. |  | 686,321 | 14,460,783
Packaging Corp. of America(b) |  | 77,720 | 14,646,334
Smurfit WestRock PLC |  | 645,971 | 27,873,649
|  |  | 56,980,766
Energy Equipment & Services — 0.9% |
TechnipFMC PLC |  | 199,972 | 6,887,036
Food Products — 2.8% |
Bunge Global SA |  | 91,451 | 7,341,686
Darling Ingredients, Inc.(c) |  | 188,532 | 7,152,904
Hofseth International, (Acquired 05/26/21, Cost: $10,198,056)(c)(d)(e) |  | 18,993,283 | 7,235,967
|  |  | 21,730,557
Metals & Mining — 37.4% |
Anglo American PLC |  | 1,208,936 | 35,636,872
ArcelorMittal SA, ADR, Registered Shares(f) |  | 478,876 | 15,122,905
Barrick Mining Corp. |  | 985,670 | 20,521,649
First Quantum Minerals Ltd.(c) |  | 1,180,284 | 20,966,455
Freeport-McMoRan, Inc. |  | 709,980 | 30,777,633
Glencore PLC |  | 6,076,795 | 23,679,087
Kinross Gold Corp. |  | 473,059 | 7,393,912
Newmont Corp.(a) |  | 553,566 | 32,250,755
Norsk Hydro ASA |  | 2,562,746 | 14,675,305
Polyus PJSC(c)(d) |  | 1,047,320 | 13
Teck Resources Ltd., Class B(f) |  | 373,623 | 15,086,897
Vale SA, ADR |  | 2,860,254 | 27,773,066
Valterra Platinum Ltd. |  | 109,152 | 4,794,479
Wheaton Precious Metals Corp. |  | 488,221 | 43,842,246
|  |  | 292,521,274
Oil, Gas & Consumable Fuels — 26.2% |
Chevron Corp.(b) |  | 180,959 | 25,911,519
EOG Resources, Inc. |  | 135,893 | 16,254,162
EQT Corp. |  | 144,835 | 8,446,777
Exxon Mobil Corp.(b) |  | 476,925 | 51,412,515
Gazprom PJSC(c)(d) |  | 5,430,000 | 694
Hess Corp. |  | 103,473 | 14,335,149
Permian Resources Corp., Class A |  | 379,198 | 5,164,677
Shell PLC, ADR(b) |  | 838,292 | 59,024,140
Suncor Energy, Inc. |  | 653,067 | 24,463,336
|  |  | 205,012,969
Paper & Forest Products — 3.1% |
Mondi PLC |  | 645,124 | 10,541,649
Precious Woods Holding AG, Registered Shares(c) |  | 20,000 | 127,292
UPM-Kymmene OYJ |  | 496,004 | 13,544,886
|  |  | 24,213,827
Total Common Stocks — 96.7% (Cost: $666,437,689) | 756,076,720

Security |  | Par (000) | Value
Corporate Bonds
Metals & Mining — 1.0%
Allied Gold Corp., 8.75%, 09/07/28(c)(g)(h) | $ | 7,200 | $7,560,000
Total Corporate Bonds — 1.0% (Cost: $7,200,000) | 7,560,000
Total Long-Term Investments — 97.7% (Cost: $673,637,689) | 763,636,720

|  | Shares |
Short-Term Securities
Money Market Funds — 3.6% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.47%(i)(j)(k) |  | 5,994,113 | 5,996,511
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(i)(j) |  | 22,274,837 | 22,274,837
Total Short-Term Securities — 3.6% (Cost: $28,271,348) | 28,271,348
Total Investments Before Options Written — 101.3% (Cost: $701,909,037) | 791,908,068
Options Written — (0.8)% (Premiums Received: $(6,518,042)) | (6,383,331 )
Total Investments, Net of Options Written — 100.5% (Cost: $695,390,995) | 785,524,737
Liabilities in Excess of Other Assets — (0.5)% | (3,778,577 )
Net Assets — 100.0% | $781,746,160

(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 $7,235,967, representing 0.9% of its net assets as of period end, and an original cost of $10,198,056.
(f) | All or a portion of this security is on loan.
(g) | Convertible security.
(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) | 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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
79

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $1,847,286 | $4,151,559 (a) | $— | $(2,474 ) | $140 | $5,996,511 | 5,994,113 | $18,110 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 28,918,529 | — | (6,643,692 )(a) | — | — | 22,274,837 | 22,274,837 | 466,512 | —
|  |  |  | $(2,474 ) | $140 | $28,271,348 |  | $484,622 | $—

(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 collateral investment fees, 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 |  |  |  |  |  |  |
Shell PLC, ADR | 406 | 07/03/25 | USD | 67.00 | USD | 2,859 | $(164,430 )
Vale SA, ADR | 1,001 | 07/09/25 | USD | 9.75 | USD | 972 | (14,088 )
Smurfit Westrock PLC | 603 | 07/10/25 | USD | 48.00 | USD | 2,602 | (20,296 )
Chevron Corp. | 270 | 07/11/25 | USD | 145.00 | USD | 3,866 | (37,800 )
EOG Resources, Inc. | 86 | 07/11/25 | USD | 116.00 | USD | 1,029 | (40,420 )
Exxon Mobil Corp. | 243 | 07/11/25 | USD | 105.00 | USD | 2,620 | (85,050 )
Exxon Mobil Corp. | 104 | 07/11/25 | USD | 113.00 | USD | 1,121 | (2,288 )
First Quantum Minerals Ltd. | 447 | 07/11/25 | CAD | 21.50 | CAD | 1,081 | (89,942 )
Hess Corp. | 305 | 07/11/25 | USD | 140.00 | USD | 4,225 | (44,988 )
Mosaic Co. | 1,118 | 07/11/25 | USD | 37.00 | USD | 4,078 | (57,018 )
Shell PLC, ADR | 534 | 07/11/25 | USD | 70.00 | USD | 3,760 | (62,745 )
Suncor Energy, Inc. | 387 | 07/11/25 | CAD | 51.00 | CAD | 1,974 | (24,725 )
Teck Resources Ltd., Class B | 212 | 07/11/25 | USD | 39.00 | USD | 856 | (40,810 )
Vale SA, ADR | 2,861 | 07/11/25 | USD | 10.31 | USD | 2,778 | (9,281 )
ArcelorMittal SA, ADR, Registered Shares | 538 | 07/18/25 | USD | 32.00 | USD | 1,699 | (36,315 )
Barrick Mining Corp. | 570 | 07/18/25 | USD | 20.00 | USD | 1,187 | (60,990 )
Chevron Corp. | 260 | 07/18/25 | USD | 140.00 | USD | 3,723 | (127,400 )
Corteva, Inc. | 1,082 | 07/18/25 | USD | 70.00 | USD | 8,064 | (535,590 )
CRH PLC | 110 | 07/18/25 | USD | 97.50 | USD | 1,010 | (5,225 )
Darling Ingredients, Inc. | 355 | 07/18/25 | USD | 35.00 | USD | 1,347 | (122,475 )
EOG Resources, Inc. | 86 | 07/18/25 | USD | 120.00 | USD | 1,029 | (20,425 )
EQT Corp. | 220 | 07/18/25 | USD | 60.00 | USD | 1,283 | (21,670 )
Exxon Mobil Corp. | 243 | 07/18/25 | USD | 110.00 | USD | 2,620 | (30,132 )
First Quantum Minerals Ltd. | 1,598 | 07/18/25 | CAD | 21.50 | CAD | 3,866 | (333,271 )
Freeport-McMoRan, Inc. | 772 | 07/18/25 | USD | 43.00 | USD | 3,347 | (119,660 )
Nutrien Ltd. | 960 | 07/18/25 | USD | 60.00 | USD | 5,591 | (50,400 )
Nutrien Ltd. | 174 | 07/18/25 | USD | 62.50 | USD | 1,013 | (2,610 )
Packaging Corp. of America | 143 | 07/18/25 | USD | 190.00 | USD | 2,695 | (32,175 )
Permian Resources Corp., Class A | 756 | 07/18/25 | USD | 15.00 | USD | 1,030 | (5,670 )
Shell PLC, ADR | 448 | 07/18/25 | USD | 67.50 | USD | 3,154 | (152,320 )
Smurfit Westrock PLC | 603 | 07/18/25 | USD | 50.00 | USD | 2,602 | (9,045 )
TechnipFMC PLC | 417 | 07/18/25 | USD | 34.00 | USD | 1,436 | (51,082 )
Teck Resources Ltd., Class B | 400 | 07/18/25 | USD | 38.00 | USD | 1,615 | (89,000 )
Vale SA, ADR | 2,296 | 07/18/25 | USD | 10.00 | USD | 2,229 | (26,404 )
ArcelorMittal SA, ADR, Registered Shares | 130 | 07/25/25 | USD | 32.00 | USD | 411 | (10,725 )
Chevron Corp. | 139 | 07/25/25 | USD | 145.00 | USD | 1,990 | (36,974 )
EOG Resources, Inc. | 173 | 07/25/25 | USD | 132.00 | USD | 2,069 | (13,840 )
Exxon Mobil Corp. | 341 | 07/25/25 | USD | 106.00 | USD | 3,676 | (137,252 )
Exxon Mobil Corp. | 105 | 07/25/25 | USD | 114.00 | USD | 1,132 | (5,828 )

80
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |
First Quantum Minerals Ltd. | 1,177 | 07/25/25 | CAD | 23.50 | CAD | 2,847 | $(124,463 )
Freeport-McMoRan, Inc. | 1,054 | 07/25/25 | USD | 46.00 | USD | 4,569 | (74,834 )
Hess Corp. | 8 | 07/25/25 | USD | 145.00 | USD | 111 | (1,920 )
Nutrien Ltd. | 750 | 07/25/25 | USD | 64.00 | USD | 4,368 | (15,000 )
Shell PLC, ADR | 861 | 07/25/25 | USD | 73.00 | USD | 6,062 | (40,898 )
Suncor Energy, Inc. | 970 | 07/25/25 | CAD | 53.00 | CAD | 4,948 | (32,411 )
Suncor Energy, Inc. | 123 | 07/25/25 | CAD | 57.00 | CAD | 627 | (903 )
Teck Resources Ltd., Class B | 186 | 07/25/25 | USD | 43.00 | USD | 751 | (13,020 )
Vale SA, ADR | 2,722 | 07/25/25 | USD | 10.14 | USD | 2,643 | (30,484 )
ArcelorMittal SA, ADR, Registered Shares | 565 | 08/01/25 | USD | 33.00 | USD | 1,784 | (38,138 )
Barrick Mining Corp. | 1,620 | 08/01/25 | USD | 20.25 | USD | 3,373 | (174,819 )
CRH PLC | 162 | 08/01/25 | USD | 95.00 | USD | 1,487 | (29,970 )
EQT Corp. | 315 | 08/01/25 | USD | 60.00 | USD | 1,837 | (62,842 )
Exxon Mobil Corp. | 209 | 08/01/25 | USD | 120.00 | USD | 2,253 | (6,897 )
First Quantum Minerals Ltd. | 1,145 | 08/01/25 | CAD | 24.00 | CAD | 2,770 | (118,137 )
Freeport-McMoRan, Inc. | 800 | 08/01/25 | USD | 43.00 | USD | 3,468 | (173,200 )
Mosaic Co. | 747 | 08/01/25 | USD | 37.00 | USD | 2,725 | (102,339 )
Nutrien Ltd. | 750 | 08/01/25 | USD | 64.00 | USD | 4,368 | (18,750 )
Suncor Energy, Inc. | 123 | 08/01/25 | CAD | 57.00 | CAD | 627 | (587 )
Vale SA, ADR | 2,611 | 08/01/25 | USD | 9.50 | USD | 2,535 | (116,189 )
Corteva, Inc. | 1,030 | 08/05/25 | USD | 70.40 | USD | 7,677 | (560,733 )
ArcelorMittal SA, ADR, Registered Shares | 538 | 08/15/25 | USD | 33.00 | USD | 1,699 | (49,765 )
Barrick Mining Corp. | 1,450 | 08/15/25 | USD | 22.00 | USD | 3,019 | (75,400 )
CRH PLC | 222 | 08/15/25 | USD | 97.50 | USD | 2,038 | (41,070 )
Darling Ingredients, Inc. | 342 | 08/15/25 | USD | 41.28 | USD | 1,298 | (46,249 )
Exxon Mobil Corp. | 519 | 08/15/25 | USD | 110.00 | USD | 5,595 | (139,351 )
Nutrien Ltd. | 1,060 | 08/15/25 | USD | 60.00 | USD | 6,173 | (172,250 )
Packaging Corp. of America | 143 | 08/15/25 | USD | 195.00 | USD | 2,695 | (63,992 )
Permian Resources Corp., Class A | 647 | 08/15/25 | USD | 15.66 | USD | 881 | (11,238 )
Shell PLC, ADR | 852 | 08/15/25 | USD | 75.00 | USD | 5,999 | (42,600 )
Smurfit Westrock PLC | 858 | 08/15/25 | USD | 44.68 | USD | 3,702 | (137,664 )
Suncor Energy, Inc. | 813 | 08/15/25 | CAD | 54.00 | CAD | 4,147 | (37,911 )
TechnipFMC PLC | 322 | 08/15/25 | USD | 35.00 | USD | 1,109 | (47,495 )
Teck Resources Ltd., Class B | 584 | 08/15/25 | USD | 39.00 | USD | 2,358 | (186,880 )
Vale SA, ADR | 2,611 | 08/15/25 | USD | 10.00 | USD | 2,535 | (62,664 )
|  |  |  |  |  |  | $(5,581,422 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Anglo American PLC | UBS AG | 177,687 | 07/02/25 | GBP | 22.09 | GBP | 3,816 | $(10,268 )
Norsk Hydro ASA | Citibank N.A. | 644,000 | 07/02/25 | NOK | 59.47 | NOK | 37,171 | (964 )
Mondi PLC | Goldman Sachs International | 98,700 | 07/08/25 | GBP | 12.17 | GBP | 1,175 | (5,762 )
UPM-Kymmene OYJ | Bank of America N.A. | 77,900 | 07/08/25 | EUR | 25.83 | EUR | 1,806 | (81 )
Anglo American PLC | Bank of America N.A. | 238,309 | 07/10/25 | GBP | 21.76 | GBP | 5,118 | (131,844 )
Norsk Hydro ASA | Bank of America N.A. | 497,614 | 07/10/25 | NOK | 59.32 | NOK | 28,722 | (15,854 )
Graphic Packaging Holding Co. | Morgan Stanley & Co. International PLC | 178,000 | 07/11/25 | USD | 22.55 | USD | 3,750 | (25,050 )
UPM-Kymmene OYJ | Goldman Sachs International | 75,000 | 07/15/25 | EUR | 26.04 | EUR | 1,739 | (875 )
Heidelberg Materials AG | Goldman Sachs International | 8,200 | 07/24/25 | EUR | 180.54 | EUR | 1,639 | (200,535 )
Glencore PLC | UBS AG | 470,000 | 07/29/25 | GBP | 3.01 | GBP | 1,334 | (31,612 )
Glencore PLC | Barclays Bank PLC | 716,400 | 07/30/25 | GBP | 2.84 | GBP | 2,034 | (110,039 )
Mondi PLC | Bank of America N.A. | 91,700 | 07/30/25 | GBP | 12.05 | GBP | 1,092 | (28,112 )
Norsk Hydro ASA | UBS AG | 108,800 | 07/30/25 | NOK | 57.16 | NOK | 6,280 | (21,601 )
Glencore PLC | Barclays Bank PLC | 592,000 | 08/05/25 | GBP | 3.03 | GBP | 1,681 | (46,579 )
Mondi PLC | BNP Paribas SA | 56,500 | 08/05/25 | GBP | 12.05 | GBP | 673 | (19,751 )
UPM-Kymmene OYJ | Barclays Bank PLC | 36,900 | 08/05/25 | EUR | 23.35 | EUR | 855 | (25,081 )
Heidelberg Materials AG | Bank of America N.A. | 5,600 | 08/06/25 | EUR | 197.07 | EUR | 1,120 | (61,312 )

Schedule of Investments
81

Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |  |
Graphic Packaging Holding Co. | Morgan Stanley & Co. International PLC | 76,000 | 08/11/25 | USD | 22.80 | USD | 1,601 | $(26,396 )
Glencore PLC | UBS AG | 470,000 | 08/12/25 | GBP | 3.04 | GBP | 1,334 | (40,193 )
|  |  |  |  |  |  |  | $(801,909 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(6,518,042 ) | $2,198,853 | $(2,064,142 ) | $(6,383,331 )

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

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $6,383,331 | $— | $— | $— | $6,383,331

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $7,236,452 | $— | $— | $— | $7,236,452
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(2,882,828 ) | $— | $— | $— | $(2,882,828 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $6,203,827

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

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $6,383,331
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 6,383,331
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (5,581,422 )
Total derivative assets and liabilities subject to an MNA | $— | $801,909

82
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
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. | $237,203 | $— | $(237,203 ) | $— | $—
Barclays Bank PLC | 181,699 | — | — | — | 181,699
BNP Paribas SA | 19,751 | — | — | — | 19,751
Citibank N.A. | 964 | — | (964 ) | — | —
Goldman Sachs International | 207,172 | — | (207,172 ) | — | —
Morgan Stanley & Co. International PLC | 51,446 | — | (51,446 ) | — | —
UBS AG | 103,674 | — | — | — | 103,674
| $801,909 | $— | $(496,785 ) | $— | $305,124

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to the 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 at the measurement date. 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 | $127,740,961 | $— | $— | $127,740,961
Construction Materials | 12,268,886 | 8,720,444 | — | 20,989,330
Containers & Packaging | 56,980,766 | — | — | 56,980,766
Energy Equipment & Services | 6,887,036 | — | — | 6,887,036
Food Products | 14,494,590 | — | 7,235,967 | 21,730,557
Metals & Mining | 218,529,997 | 73,991,264 | 13 | 292,521,274
Oil, Gas & Consumable Fuels | 205,012,275 | — | 694 | 205,012,969
Paper & Forest Products | — | 24,213,827 | — | 24,213,827
Corporate Bonds | — | 7,560,000 | — | 7,560,000
Short-Term Securities |  |  |  |
Money Market Funds | 28,271,348 | — | — | 28,271,348
| $670,185,859 | $114,485,535 | $7,236,674 | $791,908,068
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(4,576,570 ) | $(1,806,761 ) | $— | $(6,383,331 )

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

| Common Stocks
Assets |
Opening balance, as of December 31, 2024 | $8,643,354
Transfers into Level 3 | —
Transfers out of Level 3 | —
Accrued discounts/premiums | —
Net realized gain (loss) | —

Schedule of Investments
83

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)

| Common Stocks
Net change in unrealized appreciation (depreciation)(a)(b) | $(1,406,680 )
Purchases | —
Sales | —
Closing balance, as of June 30, 2025 | $7,236,674
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(b) | $(1,406,680 )

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.
84
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)
June 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense — 0.4% |
Archer Aviation, Inc., Class A(a) |  | 640,749 | $6,952,127
Automobiles — 1.0% |
BYD Co. Ltd., Class H |  | 238,000 | 3,705,665
Tesla, Inc.(a) |  | 36,083 | 11,462,126
|  |  | 15,167,791
Broadline Retail — 2.2% |
MercadoLibre, Inc.(a) |  | 12,705 | 33,206,168
Capital Markets — 0.7% |
Cboe Global Markets, Inc. |  | 45,364 | 10,579,338
Communications Equipment — 2.2% |
Accton Technology Corp. |  | 453,000 | 11,322,170
Lumentum Holdings, Inc.(a) |  | 238,530 | 22,674,662
|  |  | 33,996,832
Consumer Finance(a) — 3.2% |
Klarna Group PLC, (Acquired 08/07/19, Cost: $23,354,996)(b)(c) |  | 1,042,068 | 42,255,857
SoFi Technologies, Inc. |  | 357,518 | 6,510,403
|  |  | 48,766,260
Diversified Consumer Services — 0.0% |
Think & Learn Private Ltd., Class J-B, (Acquired 09/30/20, Cost: $7,113,729)(a)(b)(c) |  | 4,651 | —
Diversified Telecommunication Services — 0.6% |
AST SpaceMobile, Inc., Class A(a)(d) |  | 203,902 | 9,528,341
Electrical Equipment — 0.5% |
Doosan Enerbility Co. Ltd.(a) |  | 149,766 | 7,587,607
Electronic Equipment, Instruments & Components(a) — 3.6% |
Celestica, Inc. |  | 168,675 | 26,331,854
Fabrinet(d) |  | 97,399 | 28,701,538
|  |  | 55,033,392
Entertainment — 7.9% |
Konami Group Corp. |  | 50,200 | 7,936,704
Krafton, Inc.(a)(d) |  | 20,513 | 5,507,521
Nintendo Co. Ltd. |  | 123,100 | 11,821,266
ROBLOX Corp., Class A(a) |  | 92,630 | 9,744,676
Spotify Technology SA(a) |  | 59,976 | 46,021,984
Take-Two Interactive Software, Inc.(a) |  | 104,305 | 25,330,469
Tencent Music Entertainment Group, ADR |  | 721,503 | 14,062,093
|  |  | 120,424,713
Financial Services — 1.2% |
Adyen NV(a)(e) |  | 10,054 | 18,464,543
Health Care Technology — 0.5% |
M3, Inc. |  | 555,100 | 7,625,243
Independent Power and Renewable Electricity Producers — 0.6% |
Talen Energy Corp.(a) |  | 34,432 | 10,011,793
Industrial Conglomerates — 1.5% |
Hitachi Ltd. |  | 813,600 | 23,646,739
IT Services(a) — 4.9% |
Automattic, Inc., (Acquired 02/03/21, Cost: $34,000,000)(b)(c) |  | 400,000 | 11,096,000
Cloudflare, Inc., Class A |  | 106,295 | 20,815,750
Deep Instinct Ltd.(b) |  | 197,437 | 11,846

Security |  | Shares | Value
IT Services (continued) |
Farmer’ s Business Network, Inc.(b) |  | 361,834 | $466,766
Snowflake, Inc., Class A(f) |  | 139,107 | 31,127,973
Twilio, Inc., Class A |  | 93,089 | 11,576,548
|  |  | 75,094,883
Life Sciences Tools & Services — 0.5% |
Tempus AI, Inc.(a)(d) |  | 115,143 | 7,316,186
Media — 0.6% |
MNTN, Inc.(a)(d) |  | 414,940 | 9,074,738
Professional Services — 1.4% |
Thomson Reuters Corp. |  | 104,153 | 20,948,293
Semiconductors & Semiconductor Equipment — 22.5% |
Advantest Corp. |  | 229,400 | 17,005,650
Alchip Technologies Ltd. |  | 140,000 | 14,844,471
ASM International NV |  | 21,422 | 13,741,737
Astera Labs, Inc.(a) |  | 135,389 | 12,241,874
Credo Technology Group Holding Ltd.(a) |  | 257,870 | 23,876,183
Disco Corp. |  | 39,500 | 11,701,612
eMemory Technology, Inc. |  | 68,000 | 5,505,032
KLA Corp. |  | 17,485 | 15,662,014
Kokusai Electric Corp. |  | 800,300 | 19,149,188
Monolithic Power Systems, Inc. |  | 15,719 | 11,496,562
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $7,000,000)(a)(b)(c) |  | 10,189 | —
NVIDIA Corp.(f)(g) |  | 934,432 | 147,630,912
ON Semiconductor Corp.(a)(d) |  | 237,359 | 12,439,985
SK Hynix, Inc. |  | 149,763 | 32,271,163
Tower Semiconductor Ltd.(a)(d) |  | 163,951 | 7,107,276
|  |  | 344,673,659
Software(a) — 14.0% |
AppLovin Corp., Class A(g) |  | 52,889 | 18,515,381
Chime Financial, Inc., Class A, Class A |  | 251,925 | 8,693,932
CyberArk Software Ltd. |  | 60,852 | 24,759,462
Databricks, Inc., (Acquired 07/24/20, Cost: $5,501,686)(b)(c) |  | 343,659 | 37,177,031
DataRobot, Inc., (Acquired 03/01/21, Cost: $1,384,813)(b)(c) |  | 92,093 | 117,879
Guidewire Software, Inc. |  | 71,200 | 16,764,040
Monday.com Ltd. |  | 27,423 | 8,623,985
Palantir Technologies, Inc., Class A |  | 88,051 | 12,003,112
Q2 Holdings, Inc. |  | 93,339 | 8,735,597
Samsara, Inc., Class A(d) |  | 214,423 | 8,529,747
ServiceTitan, Inc., Class A |  | 46,715 | 5,006,913
SiteMinder Ltd. |  | 1,723,622 | 5,027,683
Snorkel AI, Inc., (Acquired 10/13/20, Cost: $2,017,593)(b)(c) |  | 500,250 | 4,792,395
Snyk Ltd., Ordinary Shares, (Acquired 11/02/20, Cost: $9,287,400)(b)(c) |  | 1,267,643 | 7,326,977
Synopsys, Inc.(g) |  | 39,462 | 20,231,378
Unity Software, Inc. |  | 292,824 | 7,086,341
Xero Ltd. |  | 180,548 | 21,364,110
|  |  | 214,755,963
Technology Hardware, Storage & Peripherals — 2.7% |
Asia Vital Components Co. Ltd. |  | 432,000 | 11,034,336

Consolidated Schedule of Investments
85

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Technology Hardware, Storage & Peripherals (continued) |
Pure Storage, Inc., Class A(a)(f) |  | 366,443 | $21,099,788
Sandisk Corp.(a) |  | 219,235 | 9,942,307
|  |  | 42,076,431
Total Common Stocks — 72.7% (Cost: $667,569,651) | 1,114,931,040
Preferred Securities
Preferred Stocks — 27.6%(a)(b)
Communications Equipment — 0.6% |
Astranis Space Technologies Corp., Series C |  | 775,515 | 9,244,139
Consumer Staples Distribution & Retail — 2.1% |
GrubMarket, Inc., Series D, (Acquired 07/23/20, Cost: $8,000,001)(c) |  | 1,762,969 | 32,844,112
Diversified Consumer Services — 0.0% |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $14,251,080)(c) |  | 4,920 | —
Entertainment — 0.3% |
ResearchGate GmbH, Series D, (Acquired 09/24/20, Cost: $6,999,988)(c) |  | 424,688 | 4,310,583
Financial Services(c)(h) — 1.9% |
Trumid Holdings LLC |  |  |
Class J-A, (Acquired 07/24/20, Cost: $9,999,857) |  | 20,154 | 14,493,144
Class J-B, (Acquired 07/24/20, Cost: $5,999,914) |  | 20,154 | 14,493,144
|  |  | 28,986,288
Interactive Media & Services — 2.3% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $16,961,509)(c) |  | 150,113 | 34,832,221
IT Services(c) — 0.6% |
TRAX Ltd. |  |  |
(Acquired 02/18/21, Cost: $9,999,998) |  | 191,806 | 3,596,363
(Acquired 09/12/19, Cost: $10,999,988) |  | 293,333 | 5,499,994
|  |  | 9,096,357
Professional Services — 0.4% |
Rapyd Financial Network Ltd., Series E, (Acquired 03/31/21, Cost: $13,999,978)(c) |  | 190,705 | 6,747,143
Semiconductors & Semiconductor Equipment(c) — 8.9% |
PsiQuantum Corp. |  |  |
Series C, (Acquired 09/09/19, Cost: $9,101,310) |  | 1,962,335 | 72,900,745
Series D, (Acquired 05/21/21, Cost: $19,999,969) |  | 762,595 | 31,068,120
SambaNova Systems, Inc. |  |  |
Series C, (Acquired 02/20/20, Cost: $33,904,162) |  | 636,800 | 28,318,496
Series D, (Acquired 04/09/21, Cost: $6,999,979) |  | 73,670 | 3,894,933
|  |  | 136,182,294
Software(c) — 10.5% |
Databricks, Inc. |  |  |
Series F, (Acquired 10/22/19, Cost: $13,200,019) |  | 922,038 | 99,746,071
Series G, (Acquired 02/01/21, Cost: $18,500,004) |  | 312,909 | 33,850,496
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $11,499,999) |  | 875,059 | 3,377,728

Security |  | Shares | Value
Software (continued) |
Snorkel AI, Inc., Series B, (Acquired 10/13/20, Cost: $999,996) |  | 247,943 | $2,375,294
Snyk Ltd., Seed Preferred, (Acquired 11/02/20, Cost: $13,212,590) |  | 2,663,936 | 15,397,550
Unqork, Inc. |  |  |
Series B, (Acquired 09/19/19, Cost: $6,801,016) |  | 597,680 | 3,669,755
Series C, (Acquired 09/18/20, Cost: $7,994,787) |  | 292,000 | 2,344,760
|  |  | 160,761,654
| 423,004,791
Total Preferred Securities — 27.6% (Cost: $256,426,154) | 423,004,791
Total Long-Term Investments — 100.3% (Cost: $923,995,805) | 1,537,935,831
Short-Term Securities
Money Market Funds — 3.3% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.47%(i)(j)(k) |  | 27,913,021 | 27,924,187
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(i)(j) |  | 23,069,698 | 23,069,698
Total Short-Term Securities — 3.3% (Cost: $50,993,340) | 50,993,885
Total Investments Before Options Written — 103.6% (Cost: $974,989,145) | 1,588,929,716
Options Written — (0.7)% (Premiums Received: $(6,127,064)) | (10,877,948 )
Total Investments, Net of Options Written — 102.9% (Cost: $968,862,081) | 1,578,051,768
Liabilities in Excess of Other Assets — (2.9)% | (44,795,972 )
Net Assets — 100.0% | $1,533,255,796

(a) | Non-income producing security.
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(c) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $516,526,791, representing 33.7% of its net assets as of period end, and an original cost of $329,086,361.
(d) | All or a portion of this security is on loan.
(e) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(f) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(g) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(h) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary.
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
86
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $7,491,149 | $20,437,428 (a) | $— | $(3,497 ) | $(893 ) | $27,924,187 | 27,913,021 | $94,504 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 2,010,552 | 21,059,146 (a) | — | — | — | 23,069,698 | 23,069,698 | 396,525 | —
|  |  |  | $(3,497 ) | $(893 ) | $50,993,885 |  | $491,029 | $—

(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 collateral investment fees, 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 |  |  |  |  |  |  |
Applovin Corp., Class A | 45 | 07/11/25 | USD | 390.00 | USD | 1,575 | $(19,800 )
Archer Aviation, Inc., Class A | 523 | 07/11/25 | USD | 15.50 | USD | 567 | (25,627 )
Celestica, Inc. | 98 | 07/11/25 | USD | 117.00 | USD | 1,530 | (385,140 )
MercadoLibre, Inc. | 10 | 07/11/25 | USD | 2,600.00 | USD | 2,614 | (58,950 )
NVIDIA Corp. | 209 | 07/11/25 | USD | 152.50 | USD | 3,302 | (150,480 )
NVIDIA Corp. | 312 | 07/11/25 | USD | 149.04 | USD | 4,929 | (316,041 )
Samsara, Inc., Class A | 305 | 07/11/25 | USD | 49.00 | USD | 1,213 | (45,750 )
Spotify Technology SA | 96 | 07/11/25 | USD | 700.00 | USD | 7,366 | (668,880 )
Unity Software, Inc. | 440 | 07/11/25 | USD | 30.00 | USD | 1,065 | (6,600 )
Astera Labs, Inc. | 186 | 07/18/25 | USD | 95.00 | USD | 1,682 | (66,030 )
Cboe Global Markets, Inc. | 28 | 07/18/25 | USD | 230.00 | USD | 653 | (17,640 )
Celestica, Inc. | 85 | 07/18/25 | USD | 150.00 | USD | 1,327 | (92,650 )
Chime Financial, Inc., Class A | 403 | 07/18/25 | USD | 40.00 | USD | 1,391 | (66,495 )
Credo Technology Group Holding Ltd. | 225 | 07/18/25 | USD | 70.00 | USD | 2,083 | (519,750 )
CyberArk Software, Ltd. | 99 | 07/18/25 | USD | 400.00 | USD | 4,028 | (158,895 )
Fabrinet | 116 | 07/18/25 | USD | 250.00 | USD | 3,418 | (531,280 )
Fabrinet | 40 | 07/18/25 | USD | 260.00 | USD | 1,179 | (147,000 )
Guidewire Software, Inc. | 65 | 07/18/25 | USD | 230.00 | USD | 1,530 | (57,850 )
Lumentum Holdings, Inc. | 191 | 07/18/25 | USD | 85.00 | USD | 1,816 | (207,235 )
Monday.Com Ltd. | 14 | 07/18/25 | USD | 320.00 | USD | 440 | (14,630 )
Monolithic Power Systems, Inc. | 12 | 07/18/25 | USD | 760.00 | USD | 878 | (21,000 )
NVIDIA Corp. | 85 | 07/18/25 | USD | 135.00 | USD | 1,343 | (201,237 )
NVIDIA Corp. | 154 | 07/18/25 | USD | 130.00 | USD | 2,433 | (439,670 )
NVIDIA Corp. | 59 | 07/18/25 | USD | 150.00 | USD | 932 | (60,032 )
Palantir Technologies, Inc. | 70 | 07/18/25 | USD | 140.00 | USD | 954 | (33,250 )
Q2 Holdings, Inc. | 85 | 07/18/25 | USD | 95.00 | USD | 796 | (21,463 )
Samsara, Inc., Class A | 126 | 07/18/25 | USD | 46.00 | USD | 501 | (1,260 )
SanDisk Corp. | 356 | 07/18/25 | USD | 45.00 | USD | 1,614 | (79,210 )
ServiceTitan, Inc. | 74 | 07/18/25 | USD | 105.00 | USD | 793 | (35,150 )
Snowflake, Inc., Class A | 61 | 07/18/25 | USD | 220.00 | USD | 1,365 | (49,868 )
Synopsys, Inc. | 32 | 07/18/25 | USD | 510.00 | USD | 1,641 | (52,000 )
Take-Two Interactive Software, Inc. | 79 | 07/18/25 | USD | 240.00 | USD | 1,919 | (55,695 )
Talen Energy Corp. | 47 | 07/18/25 | USD | 250.00 | USD | 1,367 | (201,865 )
Tempus AI, Inc., Class A | 92 | 07/18/25 | USD | 75.00 | USD | 585 | (10,580 )
Tencent Music Entertainment Group, ADR | 580 | 07/18/25 | USD | 16.00 | USD | 1,130 | (208,800 )
Tesla, Inc. | 8 | 07/18/25 | USD | 350.00 | USD | 254 | (4,000 )
Tesla, Inc. | 10 | 07/18/25 | USD | 365.00 | USD | 318 | (2,885 )
Thomson Reuters Corp. | 32 | 07/18/25 | USD | 195.00 | USD | 644 | (23,520 )
Tower Semiconductor Ltd. | 113 | 07/18/25 | USD | 44.00 | USD | 490 | (16,668 )
Twilio, Inc., Class A | 71 | 07/18/25 | USD | 130.00 | USD | 883 | (15,301 )
Applovin Corp., Class A | 39 | 07/25/25 | USD | 415.00 | USD | 1,365 | (21,645 )

Consolidated Schedule of Investments
87

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
MercadoLibre, Inc. | 10 | 07/25/25 | USD | 2,700.00 | USD | 2,614 | $(42,800 )
NVIDIA Corp. | 85 | 07/25/25 | USD | 147.00 | USD | 1,343 | (113,900 )
NVIDIA Corp. | 59 | 07/25/25 | USD | 150.00 | USD | 932 | (65,342 )
ON Semiconductor Corp. | 243 | 07/25/25 | USD | 62.00 | USD | 1,274 | (11,664 )
Snowflake, Inc., Class A | 96 | 07/25/25 | USD | 215.00 | USD | 2,148 | (126,000 )
Take-Two Interactive Software, Inc. | 87 | 07/25/25 | USD | 250.00 | USD | 2,113 | (30,015 )
Tesla, Inc. | 21 | 07/25/25 | USD | 350.00 | USD | 667 | (19,845 )
Twilio, Inc., Class A | 77 | 07/25/25 | USD | 123.00 | USD | 958 | (42,543 )
AST SpaceMobile, Inc., Class A | 157 | 08/01/25 | USD | 47.00 | USD | 734 | (92,237 )
Celestica, Inc. | 86 | 08/01/25 | USD | 137.00 | USD | 1,343 | (217,580 )
NVIDIA Corp. | 107 | 08/01/25 | USD | 160.00 | USD | 1,690 | (64,735 )
Palantir Technologies, Inc. | 70 | 08/01/25 | USD | 145.00 | USD | 954 | (39,025 )
ROBLOX Corp., Class A | 65 | 08/01/25 | USD | 105.00 | USD | 684 | (50,213 )
Tempus AI, Inc., Class A | 77 | 08/01/25 | USD | 75.00 | USD | 489 | (16,940 )
Tesla, Inc. | 11 | 08/01/25 | USD | 365.00 | USD | 349 | (9,295 )
AST SpaceMobile, Inc., Class A | 169 | 08/15/25 | USD | 43.00 | USD | 790 | (148,297 )
Cboe Global Markets, Inc. | 44 | 08/15/25 | USD | 240.00 | USD | 1,026 | (20,020 )
Cloudflare, Inc., Class A | 172 | 08/15/25 | USD | 185.00 | USD | 3,368 | (388,290 )
Credo Technology Group Holding Ltd. | 76 | 08/15/25 | USD | 80.00 | USD | 704 | (126,160 )
Credo Technology Group Holding Ltd. | 109 | 08/15/25 | USD | 90.00 | USD | 1,009 | (112,815 )
Guidewire Software, Inc. | 50 | 08/15/25 | USD | 254.50 | USD | 1,177 | (17,190 )
KLA Corp. | 27 | 08/15/25 | USD | 900.00 | USD | 2,418 | (125,010 )
Lumentum Holdings, Inc. | 190 | 08/15/25 | USD | 100.00 | USD | 1,806 | (107,350 )
Monday.Com Ltd. | 29 | 08/15/25 | USD | 330.00 | USD | 912 | (47,705 )
Monolithic Power Systems, Inc. | 12 | 08/15/25 | USD | 770.00 | USD | 878 | (47,340 )
NVIDIA Corp. | 425 | 08/15/25 | USD | 150.00 | USD | 6,715 | (576,937 )
ON Semiconductor Corp. | 127 | 08/15/25 | USD | 55.00 | USD | 666 | (40,005 )
Pure Storage, Inc., Class A | 590 | 08/15/25 | USD | 55.00 | USD | 3,397 | (283,200 )
Q2 Holdings, Inc. | 70 | 08/15/25 | USD | 95.00 | USD | 655 | (34,300 )
ROBLOX Corp., Class A | 83 | 08/15/25 | USD | 100.00 | USD | 873 | (97,525 )
Snowflake, Inc., Class A | 65 | 08/15/25 | USD | 230.00 | USD | 1,455 | (51,837 )
Synopsys, Inc. | 32 | 08/15/25 | USD | 500.00 | USD | 1,641 | (105,920 )
Tencent Music Entertainment Group, ADR | 574 | 08/15/25 | USD | 18.80 | USD | 1,119 | (81,797 )
Thomson Reuters Corp. | 134 | 08/15/25 | USD | 200.00 | USD | 2,695 | (91,120 )
Tower Semiconductor Ltd. | 150 | 08/15/25 | USD | 42.00 | USD | 650 | (71,250 )
|  |  |  |  |  |  | $(8,628,024 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Alchip Technologies Ltd. | Morgan Stanley & Co. International PLC | 21,000 | 07/02/25 | TWD | 2,884.38 | TWD | 65,046 | $(155,312 )
Disco Corp. | Goldman Sachs International | 7,000 | 07/02/25 | JPY | 38,128.20 | JPY | 298,624 | (220,136 )
Hitachi Ltd. | UBS AG | 130,100 | 07/02/25 | JPY | 4,101.14 | JPY | 544,522 | (111,200 )
M3, Inc. | UBS AG | 85,200 | 07/02/25 | JPY | 2,036.32 | JPY | 168,539 | (3,566 )
SiteMinder Ltd. | Morgan Stanley & Co. International PLC | 29,400 | 07/02/25 | AUD | 4.62 | AUD | 130 | (190 )
Xero Ltd. | JPMorgan Chase Bank N.A. | 21,200 | 07/02/25 | AUD | 187.51 | AUD | 3,812 | (46 )
Asia Vital Components Co. Ltd. | Bank of America N.A. | 11,000 | 07/10/25 | TWD | 732.34 | TWD | 8,208 | (13,900 )
Asia Vital Components Co. Ltd. | JPMorgan Chase Bank N.A. | 46,800 | 07/10/25 | TWD | 635.35 | TWD | 34,920 | (176,217 )
BYD Co. Ltd., Class H | Citibank N.A. | 57,005 | 07/10/25 | HKD | 155.59 | HKD | 6,967 | (21 )
Kokusai Electric Corp. | Morgan Stanley & Co. International PLC | 64,700 | 07/10/25 | JPY | 3,198.02 | JPY | 222,936 | (150,151 )
SiteMinder Ltd. | Morgan Stanley & Co. International PLC | 88,000 | 07/10/25 | AUD | 4.68 | AUD | 390 | (3,106 )
SiteMinder Ltd. | Morgan Stanley & Co. International PLC | 59,500 | 07/15/25 | AUD | 4.79 | AUD | 264 | (2,183 )
Kokusai Electric Corp. | Morgan Stanley & Co. International PLC | 63,300 | 07/17/25 | JPY | 3,186.15 | JPY | 218,112 | (169,647 )
Xero Ltd. | Goldman Sachs International | 7,600 | 07/17/25 | AUD | 192.20 | AUD | 1,366 | (1,421 )
Adyen NV | Barclays Bank PLC | 1,500 | 07/23/25 | EUR | 1,751.00 | EUR | 2,339 | (11,300 )
Konami Group Corp. | JPMorgan Chase Bank N.A. | 5,300 | 07/23/25 | JPY | 20,945.86 | JPY | 120,667 | (75,557 )
Nintendo Co. Ltd. | JPMorgan Chase Bank N.A. | 18,300 | 07/23/25 | JPY | 12,393.62 | JPY | 253,066 | (209,297 )
Advantest Corp. | JPMorgan Chase Bank N.A. | 28,800 | 07/24/25 | JPY | 8,783.73 | JPY | 307,447 | (439,097 )
SK Hynix, Inc. | JPMorgan Chase Bank N.A. | 25,000 | 08/05/25 | KRW | 297,440.00 | KRW | 7,270,347 | (293,400 )

88
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
OTC Options Written (continued)

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |  |
Accton Technology Corp. | Morgan Stanley & Co. International PLC | 63,000 | 08/06/25 | TWD | 803.74 | TWD | 45,997 | $(52,834 )
eMemory Technology, Inc. | JPMorgan Chase Bank N.A. | 10,000 | 08/06/25 | TWD | 2,593.80 | TWD | 23,649 | (37,624 )
ASM International NV | Barclays Bank PLC | 3,400 | 08/08/25 | EUR | 554.69 | EUR | 1,852 | (90,416 )
Krafton, Inc. | Goldman Sachs International | 7,200 | 08/08/25 | KRW | 409,854.94 | KRW | 2,608,943 | (28,562 )
SiteMinder Ltd. | Morgan Stanley & Co. International PLC | 98,800 | 08/08/25 | AUD | 5.14 | AUD | 438 | (4,741 )
|  |  |  |  |  |  |  | $(2,249,924 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(6,127,064 ) | $852,986 | $(5,603,870 ) | $(10,877,948 )

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

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $10,877,948 | $— | $— | $— | $10,877,948

For the period ended June 30, 2025, 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 | $— | $— | $2,731,607 | $— | $— | $— | $2,731,607
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(7,662,996 ) | $— | $— | $— | $(7,662,996 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $6,443,005

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 | $— | $10,877,948
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 10,877,948
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (8,628,024 )
Total derivative assets and liabilities subject to an MNA | $— | $2,249,924

Consolidated Schedule of Investments
89

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $13,900 | $— | $— | $(13,900 ) | $—
Barclays Bank PLC | 101,716 | — | — | — | 101,716
Citibank N.A. | 21 | — | — | — | 21
Goldman Sachs International | 250,119 | — | — | — | 250,119
JPMorgan Chase Bank N.A. | 1,231,238 | — | (1,231,238 ) | — | —
Morgan Stanley & Co. International PLC | 538,164 | — | (538,164 ) | — | —
UBS AG | 114,766 | — | (114,766 ) | — | —
| $2,249,924 | $— | $(1,884,168 ) | $(13,900 ) | $351,856

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to the 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 at the measurement date. 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 Consolidated Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Aerospace & Defense | $6,952,127 | $— | $— | $6,952,127
Automobiles | 11,462,126 | 3,705,665 | — | 15,167,791
Broadline Retail | 33,206,168 | — | — | 33,206,168
Capital Markets | 10,579,338 | — | — | 10,579,338
Communications Equipment | 22,674,662 | 11,322,170 | — | 33,996,832
Consumer Finance | 6,510,403 | — | 42,255,857 | 48,766,260
Diversified Consumer Services | — | — | — | —
Diversified Telecommunication Services | 9,528,341 | — | — | 9,528,341
Electrical Equipment | — | 7,587,607 | — | 7,587,607
Electronic Equipment, Instruments & Components | 55,033,392 | — | — | 55,033,392
Entertainment | 95,159,222 | 25,265,491 | — | 120,424,713
Financial Services | — | 18,464,543 | — | 18,464,543
Health Care Technology | — | 7,625,243 | — | 7,625,243
Independent Power and Renewable Electricity Producers | 10,011,793 | — | — | 10,011,793
Industrial Conglomerates | — | 23,646,739 | — | 23,646,739
IT Services | 63,520,271 | — | 11,574,612 | 75,094,883
Life Sciences Tools & Services | 7,316,186 | — | — | 7,316,186
Media | 9,074,738 | — | — | 9,074,738
Professional Services | 20,948,293 | — | — | 20,948,293
Semiconductors & Semiconductor Equipment | 230,454,806 | 114,218,853 | — | 344,673,659
Software | 138,949,888 | 26,391,793 | 49,414,282 | 214,755,963
Technology Hardware, Storage & Peripherals | 31,042,095 | 11,034,336 | — | 42,076,431
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 423,004,791 | 423,004,791
Short-Term Securities |  |  |  |
Money Market Funds | 50,993,885 | — | — | 50,993,885
| $813,417,734 | $249,262,440 | $526,249,542 | $1,588,929,716

90
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(8,212,996 ) | $(2,664,952 ) | $— | $(10,877,948 )

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

| Common Stocks | Preferred Stocks | Total
Assets |  |  |
Opening balance, as of December 31, 2024 | $107,161,463 | $419,768,363 | $526,929,826
Transfers into Level 3 | — | — | —
Transfers out of Level 3 | — | — | —
Accrued discounts/premiums | — | — | —
Net realized gain (loss) | (5,699,998 ) | (11,988,162 ) | (17,688,160 )
Net change in unrealized appreciation (depreciation)(a)(b) | 1,771,441 | 15,236,437 | 17,007,878
Purchases | 23,366,842 | — | 23,366,842
Sales | (23,354,997 ) | (11,847 ) | (23,366,844 )
Closing balance, as of June 30, 2025 | $103,244,751 | $423,004,791 | $526,249,542
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(b) | $16,160,015 | $11,765,724 | $27,925,739

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 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 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 | $103,244,751 | Market | Revenue Multiple | 1.40x - 18.00x | 9.91x
|  |  | Volatility | 70% - 70% | 70%
|  |  | Time to Exit | 0.3 - 3.0 years | 2.8 years
Preferred Stocks | 423,004,791 | Market | Revenue Multiple | 1.50x - 21.00x | 14.02x
|  |  | Time to Exit | 3.0 - 4.0 years | 3.7 years
|  |  | Volatility | 35% - 90% | 74%
|  |  | Market Adjustment Multiple | 1.10x | —
|  |  | Gross Profit Multiple | 8.00x | —
| $526,249,542 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.

See notes to financial statements.
Consolidated Schedule of Investments
91

Consolidated Schedule of Investments (unaudited)
June 30, 2025
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense — 0.4% |
Anduril Industries, Inc.(a)(b) |  | 139,772 | $5,713,879
Automobiles — 0.7% |
Tesla, Inc.(b) |  | 29,731 | 9,444,350
Broadline Retail — 5.0% |
Alibaba Group Holding Ltd. |  | 687,992 | 9,739,173
Amazon.com, Inc.(b)(c) |  | 173,841 | 38,138,977
MercadoLibre, Inc.(b) |  | 8,611 | 22,505,968
|  |  | 70,384,118
Capital Markets — 1.0% |
CME Group, Inc., Class A |  | 21,716 | 5,985,365
Deutsche Boerse AG, Class N |  | 24,050 | 7,856,884
|  |  | 13,842,249
Communications Equipment — 0.8% |
Arista Networks, Inc.(b) |  | 108,396 | 11,089,995
Consumer Finance — 0.9% |
Klarna Group PLC, (Acquired 08/07/19, Cost: $7,971,978)(a)(b)(d) |  | 317,160 | 12,860,838
Diversified Consumer Services(a)(b)(d) — 0.6% |
Grammarly, Inc., (Acquired 11/17/21, Cost: $18,749,975) |  | 715,323 | 8,290,594
Think & Learn Private Ltd., Class J-B, (Acquired 09/30/20, Cost: $1,524,948) |  | 997 | —
|  |  | 8,290,594
Electrical Equipment — 0.5% |
Siemens Energy AG(b) |  | 57,439 | 6,713,524
Entertainment — 3.7% |
Nintendo Co. Ltd. |  | 104,000 | 9,987,097
Spotify Technology SA(b) |  | 38,972 | 29,904,775
Take-Two Interactive Software, Inc.(b) |  | 52,968 | 12,863,279
|  |  | 52,755,151
Financial Services — 2.2% |
Adyen NV(b)(e) |  | 4,417 | 8,111,984
Mastercard, Inc., Class A |  | 25,371 | 14,256,980
Plaid(a)(b) |  | 42,651 | 8,699,951
|  |  | 31,068,915
Industrial Conglomerates — 0.9% |
Hitachi Ltd. |  | 423,500 | 12,308,744
Interactive Media & Services — 3.9% |
Meta Platforms, Inc., Class A |  | 72,524 | 53,529,239
Patreon, Inc., (Acquired 08/19/21, Cost: $3,352,226)(a)(b)(d) |  | 59,524 | 1,315,480
|  |  | 54,844,719
IT Services — 4.3% |
Automattic, Inc., (Acquired 02/03/21, Cost: $7,999,945)(a)(b)(d) |  | 94,117 | 2,610,806
Deep Instinct Ltd.(a)(b) |  | 49,349 | 2,961
Farmer’ s Business Network, Inc.(a)(b) |  | 203,366 | 262,342
International Business Machines Corp. |  | 30,293 | 8,929,771
Shopify, Inc., Class A(b) |  | 77,586 | 8,949,545
Snowflake, Inc., Class A(b) |  | 146,550 | 32,793,494
Twilio, Inc., Class A(b) |  | 59,712 | 7,425,784
|  |  | 60,974,703

Security |  | Shares | Value
Media — 1.7% |
MNTN, Inc., Series D, (Acquired 11/05/21, Cost: $24,999,980)(b)(d) |  | 1,088,598 | $23,807,638
Professional Services — 1.7% |
RELX PLC |  | 307,282 | 16,653,967
Thomson Reuters Corp. |  | 38,487 | 7,739,512
|  |  | 24,393,479
Semiconductors & Semiconductor Equipment — 28.3% |
Advantest Corp. |  | 191,700 | 14,210,912
ASM International NV |  | 16,092 | 10,322,661
ASML Holding NV |  | 11,330 | 9,079,148
Broadcom, Inc.(c) |  | 356,296 | 98,212,992
Celestial Asia Securities Holdings Ltd.(a)(b) |  | 588,496 | 9,898,503
Credo Technology Group Holding Ltd.(b) |  | 147,616 | 13,667,765
Lam Research Corp. |  | 174,672 | 17,002,573
Microchip Technology, Inc. |  | 121,236 | 8,531,377
Monolithic Power Systems, Inc. |  | 12,326 | 9,014,990
NVIDIA Corp.(f) |  | 1,229,476 | 194,244,913
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 67,568 | 15,303,476
|  |  | 399,489,310
Software — 22.9% |
AppLovin Corp., Class A(b) |  | 35,448 | 12,409,636
Cadence Design Systems, Inc.(b) |  | 76,668 | 23,625,244
Canva, Inc.(a)(b) |  | 9,375 | 10,432,688
Constellation Software, Inc./Canada |  | 3,465 | 12,705,297
Crowdstrike Holdings, Inc., Class A(b) |  | 33,681 | 17,154,070
CyberArk Software Ltd.(b) |  | 36,484 | 14,844,610
Databricks, Inc., (Acquired 07/24/20, Cost: $960,476)(a)(b)(d) |  | 59,997 | 6,490,475
DataRobot, Inc., (Acquired 03/01/21, Cost: $583,275)(a)(b)(d) |  | 38,789 | 49,650
Guidewire Software, Inc.(b) |  | 50,446 | 11,877,511
Intuit, Inc. |  | 12,957 | 10,205,322
Microsoft Corp.(c) |  | 243,210 | 120,975,086
Oracle Corp. |  | 188,634 | 41,241,051
Rubrik, Inc., Class A(b) |  | 80,703 | 7,230,182
ServiceNow, Inc.(b) |  | 17,993 | 18,498,243
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $997,636)(a)(b)(d) |  | 66,422 | 636,323
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost: $5,192,307)(a)(b)(d) |  | 361,972 | 2,092,198
Teya Services Ltd., Series C, (Acquired 12/17/21, Cost: $24,999,987)(a)(b)(d) |  | 12,871 | 3,538,109
Xero Ltd.(b) |  | 81,800 | 9,679,333
|  |  | 323,685,028
Specialty Retail — 0.0% |
AceVector Limited, Series I, (Acquired 08/31/18, Cost: $1,998,435)(a)(b)(d) |  | 168,640 | 58,147
Technology Hardware, Storage & Peripherals — 5.1% |
Apple, Inc.(c) |  | 349,389 | 71,684,141
Wireless Telecommunication Services — 0.8% |
SoftBank Group Corp. |  | 165,200 | 12,011,031
Total Common Stocks — 85.4% (Cost: $530,667,138) | 1,205,420,553

92
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Convertible Notes
Financial Services — 0.0%
Wyre, Inc., (Acquired 12/14/21, Cost: $8,000,000), 6.00%, 12/08/24(a)(d) | $ | 80 | $1
IT Services — 0.1%
Voltron Capital, 0.00%(a) |  | 1,663 | 1,795,538
Total Convertible Notes — 0.1% (Cost: $9,662,535) | 1,795,539

|  | Shares |
Preferred Securities
Preferred Stocks — 15.3%(a)
Aerospace & Defense — 2.7% |
Anduril Industries, Inc.(b) |  | 920,107 | 37,613,974
Chemicals — 0.3% |
Solugen, Inc., Series C, (Acquired 09/02/21, Cost: $9,999,977)(b)(d) |  | 269,284 | 3,654,184
Communications Equipment — 0.5% |
Astranis, Series D(b) |  | 856,310 | 7,355,703
Consumer Staples Distribution & Retail — 0.9% |
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost: $6,999,994)(b)(d) |  | 709,724 | 13,222,158
Diversified Consumer Services(b)(d) — 0.2% |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $6,249,992) |  | 238,441 | 2,763,531
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975) |  | 1,054 | —
|  |  | 2,763,531
Diversified Telecommunication Services — 0.2% |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $7,000,088)(b)(d) |  | 12,713 | 3,002,048
Financial Services(b)(d)(g) — 1.1% |
Trumid Holdings LLC |  |  |
Class J-A, (Acquired 07/24/20, Cost: $2,499,716) |  | 5,038 | 3,622,927
Class J-B, (Acquired 07/24/20, Cost: $1,499,830) |  | 5,038 | 3,622,927
Class L, (Acquired 09/15/21, Cost: $9,999,695) |  | 11,420 | 8,212,350
|  |  | 15,458,204
Interactive Media & Services(b)(d) — 0.6% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $2,857,834) |  | 24,110 | 5,594,484
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $6,666,632) |  | 119,047 | 2,630,939
|  |  | 8,225,423
IT Services(b)(d) — 0.4% |
TRAX Ltd. |  |  |
(Acquired 02/18/21, Cost: $1,999,989) |  | 38,361 | 719,269

Security |  | Shares | Value
IT Services (continued) |
TRAX Ltd. (continued) |  |  |
(Acquired 09/12/19, Cost: $4,000,013) |  | 106,667 | $2,000,006
Voltron Data, Inc. |  |  |
Series A, (Acquired 01/18/22, Cost: $10,000,000) |  | 6,201,935 | 2,356,735
Series SEED, (Acquired 07/14/21, Cost: $5,000,000) |  | 9,090,909 | 1,181,818
|  |  | 6,257,828
Professional Services — 0.3% |
ANT Group Co. Ltd., Series C |  | 1,703,548 | 3,884,089
Semiconductors & Semiconductor Equipment(b) — 4.4% |
Celestial Asia Securities Holdings Ltd. |  |  |
Series A |  | 185,582 | 3,121,489
Series B |  | 139,646 | 2,348,846
PsiQuantum Corp.(d) |  |  |
Series C, (Acquired 09/09/19, Cost: $3,200,234) |  | 690,003 | 25,633,611
Series D, (Acquired 05/21/21, Cost: $5,000,025) |  | 190,650 | 7,767,081
Rivos, Inc. |  |  |
Series A1 |  | 2,700,558 | 6,859,417
Series A2 |  | 2,464,862 | 5,693,831
Series A3 |  | 1,027,026 | 2,372,430
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,125)(d) |  | 187,300 | 8,329,231
|  |  | 62,125,936
Software(b)(d) — 3.3% |
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $0) |  | 598,682 | 6
Databricks, Inc. |  |  |
Series F, (Acquired 10/22/19, Cost: $3,999,999) |  | 279,405 | 30,226,033
Series G, (Acquired 02/01/21, Cost: $4,500,001) |  | 76,113 | 8,233,904
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996) |  | 228,276 | 881,145
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985) |  | 332,896 | 3,189,144
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $4,807,688) |  | 337,018 | 1,947,964
Unqork, Inc. |  |  |
Series B, (Acquired 09/19/19, Cost: $3,198,416) |  | 281,080 | 1,725,831
Series C, (Acquired 09/18/20, Cost: $1,303,260) |  | 47,600 | 382,228
|  |  | 46,586,255
Technology Hardware, Storage & Peripherals — 0.4% |
PsiQuantum Corp., Series E(b) |  | 121,615 | 5,403,354
| 215,552,687
Total Preferred Securities — 15.3% (Cost: $180,077,736) | 215,552,687

Schedule of Investments
93

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Warrants
Software — 0.0% |
Constellation Software, Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50)(a)(b) |  | 3,923 | $ —
Total Warrants — 0.0% (Cost: $ — ) | —
Total Long-Term Investments — 100.8% (Cost: $720,407,409) | 1,422,768,779
Short-Term Securities
Money Market Funds — 0.1% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(h)(i) |  | 1,029,031 | 1,029,031
Total Short-Term Securities — 0.1% (Cost: $1,029,031) | 1,029,031
Total Investments Before Options Written — 100.9% (Cost: $721,436,440) | 1,423,797,810
Options Written — (0.9)% (Premiums Received: $(6,646,248)) | (12,241,210 )
Total Investments, Net of Options Written — 100.0% (Cost: $714,790,192) | 1,411,556,600
Other Assets Less Liabilities — 0.0% | 397,991
Net Assets — 100.0% | $1,411,954,591

(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) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(d) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $202,649,813, representing 14.4% of its net assets as of period end, and an original cost of $229,139,632.
(e) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(f) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(g) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary.
(h) | Affiliate of the Trust.
(i) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $565,400 | $— | $(565,347 )(b) | $(53 ) | $— | $— | — | $4,134 (c) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 1,644,863 | — | (615,832 )(b) | — | — | 1,029,031 | 1,029,031 | 203,619 | —
|  |  |  | $(53 ) | $— | $1,029,031 |  | $207,753 | $—

(a) | As of period end, the entity is no longer held.
(b) | Represents net amount purchased (sold).
(c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, 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 |  |  |  |  |  |  |
Applovin Corp., Class A | 32 | 07/11/25 | USD | 390.00 | USD | 1,120 | $(14,080 )
Broadcom, Inc. | 115 | 07/11/25 | USD | 265.00 | USD | 3,170 | (155,250 )
Intuit, Inc. | 17 | 07/11/25 | USD | 790.00 | USD | 1,339 | (16,745 )
Lam Research Corp. | 75 | 07/11/25 | USD | 93.00 | USD | 730 | (35,625 )
Mastercard, Inc., Class A | 75 | 07/11/25 | USD | 590.00 | USD | 4,215 | (2,813 )
MercadoLibre, Inc. | 9 | 07/11/25 | USD | 2,600.00 | USD | 2,352 | (53,055 )

94
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |
Microsoft Corp. | 160 | 07/11/25 | USD | 470.00 | USD | 7,959 | $(459,200 )
NVIDIA Corp. | 418 | 07/11/25 | USD | 152.50 | USD | 6,604 | (300,960 )
NVIDIA Corp. | 338 | 07/11/25 | USD | 149.04 | USD | 5,340 | (342,377 )
Oracle Corp. | 27 | 07/11/25 | USD | 165.00 | USD | 590 | (147,420 )
ServiceNow, Inc. | 20 | 07/11/25 | USD | 1,050.00 | USD | 2,056 | (19,600 )
Spotify Technology SA | 77 | 07/11/25 | USD | 700.00 | USD | 5,909 | (536,497 )
Amazon.com, Inc. | 243 | 07/18/25 | USD | 210.00 | USD | 5,331 | (286,740 )
Amazon.com, Inc. | 57 | 07/18/25 | USD | 220.00 | USD | 1,251 | (29,783 )
Apple, Inc. | 260 | 07/18/25 | USD | 210.00 | USD | 5,334 | (72,280 )
Broadcom, Inc. | 227 | 07/18/25 | USD | 250.00 | USD | 6,257 | (625,951 )
Cadence Design Systems, Inc. | 96 | 07/18/25 | USD | 340.00 | USD | 2,958 | (5,760 )
CME Group, Inc., Class A | 21 | 07/18/25 | USD | 280.00 | USD | 579 | (5,933 )
Credo Technology Group Holding Ltd. | 142 | 07/18/25 | USD | 70.00 | USD | 1,315 | (328,020 )
Crowdstrike Holdings, Inc., Class A | 30 | 07/18/25 | USD | 500.00 | USD | 1,528 | (63,225 )
CyberArk Software, Ltd. | 72 | 07/18/25 | USD | 400.00 | USD | 2,930 | (115,560 )
Guidewire Software, Inc. | 50 | 07/18/25 | USD | 230.00 | USD | 1,177 | (44,500 )
Lam Research Corp. | 274 | 07/18/25 | USD | 85.00 | USD | 2,667 | (352,090 )
Meta Platforms, Inc., Class A | 99 | 07/18/25 | USD | 725.00 | USD | 7,307 | (255,915 )
Microchip Technology, Inc. | 153 | 07/18/25 | USD | 67.50 | USD | 1,077 | (64,260 )
Microsoft Corp. | 81 | 07/18/25 | USD | 460.00 | USD | 4,029 | (317,722 )
Monolithic Power Systems, Inc. | 11 | 07/18/25 | USD | 760.00 | USD | 805 | (19,250 )
NVIDIA Corp. | 106 | 07/18/25 | USD | 135.00 | USD | 1,675 | (250,955 )
NVIDIA Corp. | 126 | 07/18/25 | USD | 130.00 | USD | 1,991 | (359,730 )
NVIDIA Corp. | 195 | 07/18/25 | USD | 150.00 | USD | 3,081 | (198,412 )
Oracle Corp. | 270 | 07/18/25 | USD | 210.00 | USD | 5,903 | (311,175 )
Rubrik, Inc,. Class A | 106 | 07/18/25 | USD | 95.00 | USD | 950 | (21,995 )
Rubrik, Inc,. Class A | 74 | 07/18/25 | USD | 100.00 | USD | 663 | (7,030 )
ServiceNow, Inc. | 20 | 07/18/25 | USD | 1,060.00 | USD | 2,056 | (23,600 )
Shopify, Inc., Class A | 80 | 07/18/25 | USD | 115.00 | USD | 923 | (38,000 )
Snowflake, Inc., Class A | 124 | 07/18/25 | USD | 220.00 | USD | 2,775 | (101,370 )
Take-Two Interactive Software, Inc. | 52 | 07/18/25 | USD | 240.00 | USD | 1,263 | (36,660 )
Tesla, Inc. | 5 | 07/18/25 | USD | 350.00 | USD | 159 | (2,500 )
Tesla, Inc. | 10 | 07/18/25 | USD | 365.00 | USD | 318 | (2,885 )
Twilio, Inc., Class A | 44 | 07/18/25 | USD | 130.00 | USD | 547 | (9,482 )
Apple, Inc. | 248 | 07/25/25 | USD | 210.00 | USD | 5,088 | (88,040 )
Applovin Corp., Class A | 38 | 07/25/25 | USD | 415.00 | USD | 1,330 | (21,090 )
Arista Networks, Inc. | 219 | 07/25/25 | USD | 102.00 | USD | 2,241 | (108,405 )
Broadcom, Inc. | 98 | 07/25/25 | USD | 260.00 | USD | 2,701 | (202,370 )
MercadoLibre, Inc. | 8 | 07/25/25 | USD | 2,700.00 | USD | 2,091 | (34,240 )
Microsoft Corp. | 172 | 07/25/25 | USD | 485.00 | USD | 8,555 | (310,890 )
NVIDIA Corp. | 106 | 07/25/25 | USD | 147.00 | USD | 1,675 | (142,040 )
NVIDIA Corp. | 196 | 07/25/25 | USD | 150.00 | USD | 3,097 | (217,070 )
Snowflake, Inc., Class A | 35 | 07/25/25 | USD | 215.00 | USD | 783 | (45,938 )
Take-Two Interactive Software, Inc. | 53 | 07/25/25 | USD | 250.00 | USD | 1,287 | (18,285 )
Tesla, Inc. | 20 | 07/25/25 | USD | 350.00 | USD | 635 | (18,900 )
Twilio, Inc., Class A | 75 | 07/25/25 | USD | 123.00 | USD | 933 | (41,438 )
Amazon.com, Inc. | 26 | 08/01/25 | USD | 225.00 | USD | 570 | (18,785 )
Broadcom, Inc. | 109 | 08/01/25 | USD | 260.00 | USD | 3,005 | (242,797 )
Crowdstrike Holdings, Inc., Class A | 30 | 08/01/25 | USD | 500.00 | USD | 1,528 | (82,050 )
NVIDIA Corp. | 374 | 08/01/25 | USD | 160.00 | USD | 5,909 | (226,270 )
Oracle Corp. | 80 | 08/01/25 | USD | 205.00 | USD | 1,749 | (137,800 )
Shopify, Inc., Class A | 75 | 08/01/25 | USD | 115.00 | USD | 865 | (51,375 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 129 | 08/01/25 | USD | 225.00 | USD | 2,922 | (142,223 )
Tesla, Inc. | 10 | 08/01/25 | USD | 365.00 | USD | 318 | (8,450 )
Meta Platforms, Inc., Class A | 54 | 08/08/25 | USD | 745.00 | USD | 3,986 | (185,760 )
Amazon.com, Inc. | 25 | 08/15/25 | USD | 225.00 | USD | 548 | (21,125 )
Apple, Inc. | 265 | 08/15/25 | USD | 210.00 | USD | 5,437 | (178,212 )
Broadcom, Inc. | 163 | 08/15/25 | USD | 260.00 | USD | 4,493 | (403,832 )
Cadence Design Systems, Inc. | 69 | 08/15/25 | USD | 320.00 | USD | 2,126 | (70,380 )
CME Group, Inc., Class A | 22 | 08/15/25 | USD | 280.00 | USD | 606 | (15,180 )
Credo Technology Group Holding Ltd. | 84 | 08/15/25 | USD | 80.00 | USD | 778 | (139,440 )
Credo Technology Group Holding Ltd. | 69 | 08/15/25 | USD | 90.00 | USD | 639 | (71,415 )

Schedule of Investments
95

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |
Guidewire Software, Inc. | 50 | 08/15/25 | USD | 254.50 | USD | 1,177 | $(17,190 )
International Business Machines Corp. | 58 | 08/15/25 | USD | 285.00 | USD | 1,710 | (111,215 )
Microchip Technology, Inc. | 89 | 08/15/25 | USD | 72.50 | USD | 626 | (32,930 )
Microsoft Corp. | 79 | 08/15/25 | USD | 495.00 | USD | 3,930 | (151,088 )
Monolithic Power Systems, Inc. | 11 | 08/15/25 | USD | 770.00 | USD | 805 | (43,395 )
NVIDIA Corp. | 600 | 08/15/25 | USD | 150.00 | USD | 9,479 | (814,500 )
Snowflake, Inc., Class A | 134 | 08/15/25 | USD | 230.00 | USD | 2,999 | (106,865 )
Thomson Reuters Corp. | 72 | 08/15/25 | CAD | 270.00 | CAD | 1,972 | (53,402 )
|  |  |  |  |  |  | $(10,608,790 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
SoftBank Group Corp. | Nomura International PLC | 8,300 | 07/02/25 | JPY | 8,321.00 | JPY | 86,901 | $(126,468 )
Xero Ltd. | JPMorgan Chase Bank N.A. | 16,200 | 07/02/25 | AUD | 187.51 | AUD | 2,913 | (35 )
Alibaba Group Holding Ltd. | Bank of America N.A. | 31,100 | 07/08/25 | HKD | 128.41 | HKD | 3,456 | (26 )
Adyen NV | Goldman Sachs International | 700 | 07/10/25 | EUR | 1,687.17 | EUR | 1,091 | (2,240 )
SoftBank Group Corp. | Morgan Stanley & Co. International PLC | 21,200 | 07/10/25 | JPY | 7,847.84 | JPY | 221,965 | (393,241 )
Nintendo Co. Ltd. | JPMorgan Chase Bank N.A. | 13,300 | 07/15/25 | JPY | 12,757.50 | JPY | 183,923 | (116,551 )
Deutsche Boerse AG | BNP Paribas SA | 4,800 | 07/17/25 | EUR | 285.42 | EUR | 1,331 | (7,404 )
Hitachi Ltd. | JPMorgan Chase Bank N.A. | 86,700 | 07/23/25 | JPY | 4,275.60 | JPY | 362,875 | (90,620 )
Nintendo Co. Ltd. | JPMorgan Chase Bank N.A. | 7,500 | 07/23/25 | JPY | 12,393.62 | JPY | 103,716 | (85,777 )
Advantest Corp. | JPMorgan Chase Bank N.A. | 32,900 | 07/24/25 | JPY | 8,783.73 | JPY | 351,215 | (501,608 )
ASML Holding NV | Bank of America N.A. | 2,400 | 07/29/25 | EUR | 685.36 | EUR | 1,633 | (73,193 )
ASM International NV | BNP Paribas SA | 3,400 | 08/05/25 | EUR | 559.08 | EUR | 1,852 | (77,496 )
Alibaba Group Holding Ltd. | Citibank N.A. | 58,000 | 08/06/25 | HKD | 117.48 | HKD | 6,445 | (14,814 )
Siemens Energy AG | Bank of America N.A. | 10,700 | 08/06/25 | EUR | 98.18 | EUR | 1,062 | (77,027 )
Alibaba Group Holding Ltd. | Bank of America N.A. | 58,000 | 08/08/25 | HKD | 118.79 | HKD | 6,445 | (13,872 )
RELX PLC | UBS AG | 61,400 | 08/08/25 | GBP | 40.07 | GBP | 2,424 | (52,048 )
|  |  |  |  |  |  |  | $(1,632,420 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(6,646,248 ) | $666,212 | $(6,261,174 ) | $(12,241,210 )

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 | $— | $— | $12,241,210 | $— | $— | $— | $12,241,210

96
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Trust (BST)
For the period ended June 30, 2025, 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 | $— | $— | $(1,364,329 ) | $— | $— | $— | $(1,364,329 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(9,968,022 ) | $— | $— | $— | $(9,968,022 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $7,153,499

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

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $12,241,210
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 12,241,210
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (10,608,790 )
Total derivative assets and liabilities subject to an MNA | $— | $1,632,420

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. | $164,118 | $— | $— | $— | $164,118
BNP Paribas SA | 84,900 | — | — | — | 84,900
Citibank N.A. | 14,814 | — | — | — | 14,814
Goldman Sachs International | 2,240 | — | — | — | 2,240
JPMorgan Chase Bank N.A. | 794,591 | — | (794,591 ) | — | —
Morgan Stanley & Co. International PLC | 393,241 | — | — | — | 393,241
Nomura International PLC | 126,468 | — | — | — | 126,468
UBS AG | 52,048 | — | — | — | 52,048
| $1,632,420 | $— | $(794,591 ) | $— | $837,829

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to the 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.

Schedule of Investments
97

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Trust (BST)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 Consolidated Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Aerospace & Defense | $— | $— | $5,713,879 | $5,713,879
Automobiles | 9,444,350 | — | — | 9,444,350
Broadline Retail | 60,644,945 | 9,739,173 | — | 70,384,118
Capital Markets | 5,985,365 | 7,856,884 | — | 13,842,249
Communications Equipment | 11,089,995 | — | — | 11,089,995
Consumer Finance | — | — | 12,860,838 | 12,860,838
Diversified Consumer Services | — | — | 8,290,594 | 8,290,594
Electrical Equipment | — | 6,713,524 | — | 6,713,524
Entertainment | 42,768,054 | 9,987,097 | — | 52,755,151
Financial Services | 14,256,980 | 8,111,984 | 8,699,951 | 31,068,915
Industrial Conglomerates | — | 12,308,744 | — | 12,308,744
Interactive Media & Services | 53,529,239 | — | 1,315,480 | 54,844,719
IT Services | 58,098,594 | — | 2,876,109 | 60,974,703
Media | — | 23,807,638 | — | 23,807,638
Professional Services | 7,739,512 | 16,653,967 | — | 24,393,479
Semiconductors & Semiconductor Equipment | 355,978,086 | 33,612,721 | 9,898,503 | 399,489,310
Software | 290,766,252 | 9,679,333 | 23,239,443 | 323,685,028
Specialty Retail | — | — | 58,147 | 58,147
Technology Hardware, Storage & Peripherals | 71,684,141 | — | — | 71,684,141
Wireless Telecommunication Services | — | 12,011,031 | — | 12,011,031
Convertible Notes | — | — | 1,795,539 | 1,795,539
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 215,552,687 | 215,552,687
Warrants | — | — | — | —
Short-Term Securities |  |  |  |
Money Market Funds | 1,029,031 | — | — | 1,029,031
| $983,014,544 | $150,482,096 | $290,301,170 | $1,423,797,810
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(10,249,223 ) | $(1,991,987 ) | $— | $(12,241,210 )

(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 and derivative financial instruments 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 | Warrants | Total
Assets |  |  |  |  |
Opening balance, as of December 31, 2024 | $55,665,715 | $1,695,787 | $220,068,321 | $— (a) | $277,429,823
Transfers into Level 3 | — | — | — | — | —
Transfers out of Level 3 | — | — | — | — | —
Accrued discounts/premiums | — | — | — | — | —
Net realized gain (loss) | — | — | (7,996,429 ) | — | (7,996,429 )
Net change in unrealized appreciation (depreciation)(b)(c) | (7,311,316 ) | (7,900,248 ) | 48,663,648 | — | 33,452,084
Purchases | 32,570,524 | 8,000,000 | 9,820,043 | — | 50,390,567
Sales | (7,971,979 ) | — | (55,002,896 ) | — | (62,974,875 )
Closing balance, as of June 30, 2025 | $72,952,944 | $1,795,539 | $215,552,687 | $— (a) | $290,301,170
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(c) | $(2,060,973 ) | $(7,900,248 ) | $36,423,985 | $— (a) | $26,462,764

(a) | Rounds to less than $1.

98
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Science and Technology Trust (BST)

(b) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 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 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 | $72,952,944 | Market | Revenue Multiple | 1..40x - 24.25x | 11.71x
|  |  | Volatility | 70% - 70% | 70%
|  |  | Time to Exit | 0.3 - 3.0 years | 2.9 years
|  |  | Gross Profit Multiple | 8.25x -16.70x | 14.26x
Preferred Stocks | 215,552,687 | Market | Revenue Multiple | 1.50x - 24.25x | 14.31x
|  |  | Volatility | 70% - 90% | 73%
|  |  | Time to Exit | 0.2 - 5.0 years | 3.7 years
|  |  | Market Adjustment Multiple | 1.10x-1.20x | 1.13x
|  |  | Terminal Growth Rate | 5% | —
|  |  | Gross Profit Multiple | 8.00x | —
Convertible Notes | 1,795,539 | Market | Revenue Multiple | 8.00x | —
|  |  | Volatility | 75% | —
|  |  | Time to Exit | 0.2 years | —
| $290,301,170 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.

See notes to financial statements.
Schedule of Investments
99

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Technology and Private Equity Term Trust (BTX)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense — 0.5% |
Archer Aviation, Inc., Class A(a) |  | 704,783 | $7,646,896
Automobiles — 1.0% |
BYD Co. Ltd., Class H |  | 287,000 | 4,468,596
Tesla, Inc.(a) |  | 39,557 | 12,565,677
|  |  | 17,034,273
Broadline Retail — 2.3% |
MercadoLibre, Inc.(a) |  | 14,013 | 36,624,797
Capital Markets — 0.7% |
Cboe Global Markets, Inc. |  | 48,248 | 11,251,916
Communications Equipment — 2.1% |
Accton Technology Corp. |  | 419,000 | 10,472,383
Lumentum Holdings, Inc.(a) |  | 252,960 | 24,046,377
|  |  | 34,518,760
Consumer Finance — 0.4% |
SoFi Technologies, Inc.(a) |  | 374,486 | 6,819,390
Diversified Consumer Services — 0.7% |
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012)(a)(b)(c) |  | 1,001,454 | 11,606,852
Diversified Telecommunication Services — 0.7% |
AST SpaceMobile, Inc., Class A(a)(d) |  | 241,064 | 11,264,921
Electrical Equipment — 0.5% |
Doosan Enerbility Co. Ltd.(a) |  | 155,434 | 7,874,766
Electronic Equipment, Instruments & Components(a) — 4.0% |
Celestica, Inc. |  | 208,585 | 32,562,203
Fabrinet |  | 108,542 | 31,985,157
|  |  | 64,547,360
Entertainment — 8.9% |
Konami Group Corp. |  | 63,700 | 10,071,076
Krafton, Inc.(a) |  | 17,182 | 4,613,183
Nintendo Co. Ltd. |  | 222,100 | 21,328,215
ROBLOX Corp., Class A(a) |  | 100,505 | 10,573,126
Spotify Technology SA(a) |  | 66,683 | 51,168,533
Take-Two Interactive Software, Inc.(a) |  | 124,469 | 30,227,297
Tencent Music Entertainment Group, ADR |  | 763,915 | 14,888,703
|  |  | 142,870,133
Financial Services — 1.5% |
Adyen NV(a)(e) |  | 12,953 | 23,788,664
Health Care Technology — 0.5% |
M3, Inc. |  | 609,000 | 8,365,651
Independent Power and Renewable Electricity Producers — 0.8% |
Talen Energy Corp.(a) |  | 45,315 | 13,176,242
Industrial Conglomerates — 1.8% |
Hitachi Ltd. |  | 999,700 | 29,055,611
Interactive Media & Services — 0.3% |
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736)(a)(b)(c) |  | 208,333 | 4,604,159
IT Services — 5.5% |
Cloudflare, Inc., Class A(a) |  | 130,492 | 25,554,248

Security |  | Shares | Value
IT Services (continued) |
NEC Corp. |  | 537,700 | $15,687,420
Snowflake, Inc., Class A(a) |  | 154,525 | 34,578,059
Twilio, Inc., Class A(a) |  | 99,679 | 12,396,081
|  |  | 88,215,808
Life Sciences Tools & Services — 0.6% |
Tempus AI, Inc.(a)(d) |  | 153,071 | 9,726,131
Media — 0.6% |
MNTN, Inc.(a)(d) |  | 419,134 | 9,166,461
Professional Services — 1.6% |
Thomson Reuters Corp. |  | 130,561 | 26,259,734
Semiconductors & Semiconductor Equipment — 24.3% |
Advantest Corp. |  | 242,300 | 17,961,940
Alchip Technologies Ltd. |  | 156,000 | 16,540,982
ASM International NV |  | 26,755 | 17,162,738
Astera Labs, Inc.(a) |  | 145,328 | 13,140,558
Credo Technology Group Holding Ltd.(a) |  | 288,262 | 26,690,179
Disco Corp. |  | 49,100 | 14,545,548
eMemory Technology, Inc. |  | 79,000 | 6,395,552
KLA Corp. |  | 22,330 | 20,001,874
Kokusai Electric Corp. |  | 1,044,700 | 24,997,072
Monolithic Power Systems, Inc. |  | 21,074 | 15,413,102
NVIDIA Corp. |  | 1,028,524 | 162,496,507
ON Semiconductor Corp.(a) |  | 249,186 | 13,059,838
SK Hynix, Inc. |  | 163,752 | 35,285,534
Tower Semiconductor Ltd.(a)(d) |  | 168,869 | 7,320,471
|  |  | 391,011,895
Software(a) — 12.4% |
AppLovin Corp., Class A |  | 56,352 | 19,727,708
Chime Financial, Inc., Class A, Class A |  | 242,032 | 8,352,524
CyberArk Software Ltd. |  | 65,539 | 26,666,508
Guidewire Software, Inc. |  | 76,198 | 17,940,819
Monday.com Ltd. |  | 29,447 | 9,260,493
Palantir Technologies, Inc., Class A |  | 92,690 | 12,635,501
Q2 Holdings, Inc. |  | 111,735 | 10,457,279
Samsara, Inc., Class A |  | 229,758 | 9,139,773
ServiceTitan, Inc., Class A |  | 50,743 | 5,438,635
SiteMinder Ltd. |  | 1,925,200 | 5,615,672
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997)(b)(c) |  | 199,738 | 1,913,490
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost: $25,961,537)(b)(c) |  | 1,809,860 | 10,460,991
Synopsys, Inc. |  | 41,355 | 21,201,881
Teya Services Ltd., Series C, (Acquired 11/16/21, Cost: $49,999,974)(b)(c) |  | 25,742 | 7,076,218
Unity Software, Inc. |  | 313,011 | 7,574,866
Vertex, Inc., Class A |  | 167,861 | 5,931,368
Xero Ltd. |  | 174,433 | 20,640,527
|  |  | 200,034,253
Technology Hardware, Storage & Peripherals — 3.1% |
Asia Vital Components Co. Ltd. |  | 454,000 | 11,596,270

100
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Technology and Private Equity Term Trust (BTX)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Technology Hardware, Storage & Peripherals (continued) |
Pure Storage, Inc., Class A(a) |  | 471,445 | $27,145,803
Sandisk Corp.(a) |  | 239,615 | 10,866,540
|  |  | 49,608,613
Total Common Stocks — 74.8% (Cost: $1,101,355,635) | 1,205,073,286
Preferred Securities
Preferred Stocks — 20.9%(b)
Aerospace & Defense — 0.1% |
Relativity Space, Inc., Series E |  | 30,412 | 31,324
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999)(a)(c) |  | 909,438 | 1,837,065
|  |  | 1,868,389
Capital Markets(a)(c) — 2.7% |
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995) |  | 428,785 | 3,949,110
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001) |  | 16,666,667 | 32,666,667
Varo Money, Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001) |  | 4,316,904 | 6,000,497
|  |  | 42,616,274
Diversified Consumer Services — 0.2% |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)(a)(c) |  | 333,818 | 3,868,951
Diversified Telecommunication Services — 0.5% |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912)(a)(c) |  | 32,690 | 7,719,417
Entertainment — 0.4% |
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,983)(a)(c) |  | 2,172,486 | 6,517,458
Food Products — 0.2% |
Motif Food Works, Inc., Series B, (Acquired 06/08/21, Cost: $30,832,343)(c) |  | 1,972,240 | 3,525,971
Hotels, Restaurants & Leisure(a)(c) — 1.2% |
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,946) |  | 191,067 | 2,203,003
Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $14,999,974) |  | 291,061 | 17,594,637
|  |  | 19,797,640
Interactive Media & Services — 0.6% |
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352)(a)(c) |  | 416,667 | 9,208,341
IT Services(a)(c) — 2.6% |
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974) |  | 549,357 | 32,774,639
Wagestream Holdings Ltd., Series C, (Acquired 02/11/22, Cost: $10,024,684) |  | 762,746 | 9,328,619
|  |  | 42,103,258
Semiconductors & Semiconductor Equipment(a) — 4.3% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $39,999,990)(c) |  | 1,525,192 | 62,136,322
Rivos, Inc., Series A1 |  | 2,997,684 | 7,614,118
|  |  | 69,750,440
Software(c) — 7.1% |
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995)(a) |  | 2,745,894 | 8,539,730

Security |  | Shares | Value
Software (continued) |
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $0)(a) |  | 898,024 | $9
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997)(a) |  | 2,165,400 | 17,496,432
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959)(a) |  | 900,760 | 33,715,447
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101) |  | 4,651,163 | 16,930,233
Open Space Labs, Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003)(a) |  | 1,687,916 | 13,300,778
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,993)(a) |  | 732,373 | 7,016,133
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $24,038,470)(a) |  | 1,685,092 | 9,739,832
Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)(a) |  | 4,684,060 | 8,056,583
|  |  | 114,795,177
Specialty Retail — 0.0% |
Super73, Inc., Series C-1, (Acquired 10/25/22, Cost: $12,000,000)(a)(c) |  | 1,400,669 | 14
Wireless Telecommunication Services — 1.0% |
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992)(a)(c) |  | 1,365,305 | 15,386,987
| 337,158,317
Total Preferred Securities — 20.9% (Cost: $607,974,969) | 337,158,317
Total Long-Term Investments — 95.7% (Cost: $1,709,330,604) | 1,542,231,603
Short-Term Securities
Money Market Funds — 5.5% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.47%(f)(g)(h) |  | 11,973,054 | 11,977,843
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(f)(g) |  | 75,455,498 | 75,455,498
Total Short-Term Securities — 5.5% (Cost: $87,432,677) | 87,433,341
Total Investments — 101.2% (Cost: $1,796,763,281) | 1,629,664,944
Liabilities in Excess of Other Assets — (1.2)% | (18,561,134 )
Net Assets — 100.0% | $1,611,103,810

(a) | Non-income producing security.
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(c) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $365,174,585, representing 22.7% of its net assets as of period end, and an original cost of $666,922,924.
(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) | Annualized 7-day yield as of period end.
(h) | All or a portion of this security was purchased with the cash collateral from loaned securities.

Schedule of Investments
101

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Technology and Private Equity Term Trust (BTX)
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $14,267,970 | $— | $(2,287,240 )(a) | $(3,114 ) | $227 | $11,977,843 | 11,973,054 | $67,660 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 2,002,846 | 73,452,652 (a) | — | — | — | 75,455,498 | 75,455,498 | 965,180 | —
|  |  |  | $(3,114 ) | $227 | $87,433,341 |  | $1,032,840 | $—

(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 collateral investment fees, and other payments to and from borrowers of securities.

Derivative Financial Instruments Categorized by Risk Exposure
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $4,924,967 | $— | $— | $— | $4,924,967
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(4,189,091 ) | $— | $— | $— | $(4,189,091 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $— (a)

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

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 | $7,646,896 | $— | $— | $7,646,896
Automobiles | 12,565,677 | 4,468,596 | — | 17,034,273
Broadline Retail | 36,624,797 | — | — | 36,624,797
Capital Markets | 11,251,916 | — | — | 11,251,916
Communications Equipment | 24,046,377 | 10,472,383 | — | 34,518,760
Consumer Finance | 6,819,390 | — | — | 6,819,390
Diversified Consumer Services | — | — | 11,606,852 | 11,606,852
Diversified Telecommunication Services | 11,264,921 | — | — | 11,264,921

102
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Technology and Private Equity Term Trust (BTX)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Common Stocks (continued) |  |  |  |
Electrical Equipment | $— | $7,874,766 | $— | $7,874,766
Electronic Equipment, Instruments & Components | 64,547,360 | — | — | 64,547,360
Entertainment | 106,857,659 | 36,012,474 | — | 142,870,133
Financial Services | — | 23,788,664 | — | 23,788,664
Health Care Technology | — | 8,365,651 | — | 8,365,651
Independent Power and Renewable Electricity Producers | 13,176,242 | — | — | 13,176,242
Industrial Conglomerates | — | 29,055,611 | — | 29,055,611
Interactive Media & Services | — | — | 4,604,159 | 4,604,159
IT Services | 72,528,388 | 15,687,420 | — | 88,215,808
Life Sciences Tools & Services | 9,726,131 | — | — | 9,726,131
Media | 9,166,461 | — | — | 9,166,461
Professional Services | 26,259,734 | — | — | 26,259,734
Semiconductors & Semiconductor Equipment | 258,122,529 | 132,889,366 | — | 391,011,895
Software | 154,327,355 | 26,256,199 | 19,450,699 | 200,034,253
Technology Hardware, Storage & Peripherals | 38,012,343 | 11,596,270 | — | 49,608,613
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 337,158,317 | 337,158,317
Short-Term Securities |  |  |  |
Money Market Funds | 87,433,341 | — | — | 87,433,341
| $950,377,517 | $306,467,400 | $372,820,027 | $1,629,664,944

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

| Common Stocks | Preferred Stocks | Total
Assets |  |  |
Opening balance, as of December 31, 2024 | $48,285,769 | $394,763,266 | $443,049,035
Transfers into Level 3 | — | — | —
Transfers out of Level 3 | — | — | —
Accrued discounts/premiums | — | — | —
Net realized gain (loss) | — | — | —
Net change in unrealized appreciation (depreciation)(a)(b) | (12,624,059 ) | 40,537,131 | 27,913,072
Purchases | — | 31,324 | 31,324
Sales | — | (98,173,404 ) | (98,173,404 )
Closing balance, as of June 30, 2025 | $35,661,710 | $337,158,317 | $372,820,027
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(b) | $(12,624,059 ) | $(7,536,020 ) | $(20,160,079 )

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 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 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 | $35,661,710 | Market | Revenue Multiple | 4.75x - 13.00x | 9.34x
|  |  | Gross Profit Multiple | 8.25x | —
Preferred Stocks | 337,158,317 | Market | Revenue Multiple | 0.50x - 13.50x | 8.01x
|  |  | Time to Exit | 0.5 - 5.0 years | 2.8 years

Schedule of Investments
103

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Technology and Private Equity Term Trust (BTX)

| Value | Valuation Approach | Unobservable Inputs | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value
|  |  | Volatility | 35% - 90% | 68%
|  |  | Market Adjustment Multiple | 0.59x - 1.05x | 0.94x
| $372,820,027 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.

See notes to financial statements.
104
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Air Freight & Logistics — 0.8% |
DSV A/S |  | 18,548 | $4,448,816
Building Products — 9.0% |
Cie de Saint-Gobain SA |  | 129,562 | 15,220,325
Kingspan Group PLC |  | 113,314 | 9,655,415
Owens Corning |  | 60,266 | 8,287,780
Trane Technologies PLC |  | 40,629 | 17,771,531
|  |  | 50,935,051
Chemicals — 2.7% |
Air Liquide SA |  | 26,659 | 5,497,114
Linde PLC |  | 20,666 | 9,696,074
|  |  | 15,193,188
Commercial Services & Supplies — 4.2% |
Republic Services, Inc. |  | 49,729 | 12,263,669
Waste Management, Inc. |  | 50,451 | 11,544,198
|  |  | 23,807,867
Construction & Engineering — 4.4% |
Quanta Services, Inc. |  | 26,538 | 10,033,487
Vinci SA |  | 101,356 | 14,947,008
|  |  | 24,980,495
Construction Materials — 1.1% |
Heidelberg Materials AG |  | 26,122 | 6,151,645
Electric Utilities — 26.3% |
American Electric Power Co., Inc.(a) |  | 121,078 | 12,563,053
Constellation Energy Corp.(b) |  | 52,718 | 17,015,262
Duke Energy Corp.(a) |  | 97,190 | 11,468,420
Elia Group SA/NV |  | 82,881 | 9,572,289
Enel SpA |  | 2,078,337 | 19,724,890
Entergy Corp. |  | 116,940 | 9,720,053
NextEra Energy, Inc.(a)(b) |  | 396,738 | 27,541,552
PG&E Corp. |  | 642,650 | 8,958,541
Southern Co. |  | 137,158 | 12,595,219
SSE PLC |  | 791,034 | 19,918,326
|  |  | 149,077,605
Electrical Equipment — 15.3% |
GE Vernova, Inc.(a) |  | 34,154 | 18,072,589
Hubbell, Inc. |  | 17,492 | 7,143,908
Nexans SA |  | 70,566 | 9,234,207
NEXTracker, Inc., Class A(c) |  | 143,560 | 7,805,357
Prysmian SpA |  | 161,397 | 11,426,777
Schneider Electric SE |  | 32,611 | 8,755,562
Siemens Energy AG(c) |  | 107,806 | 12,600,467
Vertiv Holdings Co., Class A |  | 25,548 | 3,280,619
Vestas Wind Systems A/S |  | 566,715 | 8,512,600
|  |  | 86,832,086
Electronic Equipment, Instruments & Components — 0.7% |
Hexagon AB, B shares |  | 415,384 | 4,186,902
Ground Transportation — 1.8% |
Canadian Pacific Kansas City Ltd. |  | 126,296 | 10,033,194

Security |  | Shares | Value
Independent Power and Renewable Electricity Producers — 6.0% |
Boralex, Inc., Class A |  | 243,828 | $5,665,297
EDP Renovaveis SA |  | 1,204,133 | 13,473,899
Orron Energy AB(c) |  | 3,401,100 | 1,684,961
Vistra Corp. |  | 69,133 | 13,398,667
|  |  | 34,222,824
Multi-Utilities — 14.9% |
CenterPoint Energy, Inc. |  | 273,436 | 10,046,039
CMS Energy Corp.(a) |  | 136,248 | 9,439,262
Dominion Energy, Inc. |  | 206,300 | 11,660,076
National Grid PLC |  | 1,216,098 | 17,850,687
NiSource, Inc. |  | 240,500 | 9,701,770
Public Service Enterprise Group, Inc.(b) |  | 131,874 | 11,101,153
Sempra(b) |  | 191,134 | 14,482,223
|  |  | 84,281,210
Oil, Gas & Consumable Fuels — 10.1% |
Cheniere Energy, Inc.(b) |  | 65,832 | 16,031,409
Hess Midstream LP, Class A |  | 103,250 | 3,976,157
Pembina Pipeline Corp. |  | 182,548 | 6,854,180
Targa Resources Corp. |  | 69,138 | 12,035,543
Williams Cos., Inc.(b) |  | 297,331 | 18,675,360
|  |  | 57,572,649
Semiconductors & Semiconductor Equipment — 1.5% |
First Solar, Inc.(b)(c) |  | 51,714 | 8,560,736
Total Long-Term Investments — 98.8% (Cost: $353,728,923) | 560,284,268
Short-Term Securities
Money Market Funds — 2.2% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(d)(e) |  | 12,298,539 | 12,298,539
Total Short-Term Securities — 2.2% (Cost: $12,298,539) | 12,298,539
Total Investments Before Options Written — 101.0% (Cost: $366,027,462) | 572,582,807
Options Written — (1.0)% (Premiums Received: $(4,970,499)) | (5,817,506 )
Total Investments, Net of Options Written — 100.0% (Cost: $361,056,963) | 566,765,301
Other Assets Less Liabilities — 0.0% | 68,247
Net Assets — 100.0% | $566,833,548

(a) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(b) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(c) | Non-income producing security.
(d) | Affiliate of the Trust.
(e) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
105

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $— | $489 (b) | $— | $(489 ) | $— | $— | — | $540 (c) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 13,062,505 | — | (763,966 )(b) | — | — | 12,298,539 | 12,298,539 | 245,509 | —
|  |  |  | $(489 ) | $— | $12,298,539 |  | $246,049 | $—

(a) | As of period end, the entity is no longer held.
(b) | Represents net amount purchased (sold).
(c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, 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 |  |  |  |  |  |  |
Cheniere Energy, Inc. | 82 | 07/09/25 | USD | 245.00 | USD | 1,997 | $(28,900 )
Constellation Energy Corp. | 92 | 07/11/25 | USD | 320.00 | USD | 2,969 | (93,380 )
NextEra Energy, Inc. | 432 | 07/11/25 | USD | 75.00 | USD | 2,999 | (5,184 )
American Electric Power Co., Inc. | 156 | 07/18/25 | USD | 105.00 | USD | 1,619 | (16,380 )
Boralex, Inc., Class A | 540 | 07/18/25 | CAD | 31.00 | CAD | 1,709 | (43,620 )
Canadian Pacific Kansas City Ltd. | 192 | 07/18/25 | CAD | 114.00 | CAD | 2,077 | (3,525 )
CenterPoint Energy, Inc. | 459 | 07/18/25 | USD | 38.01 | USD | 1,686 | (9,877 )
CMS Energy Corp. | 273 | 07/18/25 | USD | 70.00 | USD | 1,891 | (17,745 )
Dominion Energy, Inc. | 536 | 07/18/25 | USD | 55.00 | USD | 3,029 | (112,560 )
Duke Energy Corp. | 170 | 07/18/25 | USD | 115.00 | USD | 2,006 | (62,900 )
Entergy Corp. | 204 | 07/18/25 | USD | 85.00 | USD | 1,696 | (16,320 )
GE Vernova, Inc. | 10 | 07/18/25 | USD | 520.00 | USD | 529 | (23,600 )
Hess Midstream LP, Class A | 180 | 07/18/25 | USD | 38.01 | USD | 693 | (19,744 )
Hubbell, Inc. | 38 | 07/18/25 | USD | 400.00 | USD | 1,552 | (57,760 )
Linde PLC | 44 | 07/18/25 | USD | 460.00 | USD | 2,064 | (60,940 )
NextEra Energy, Inc. | 631 | 07/18/25 | USD | 75.00 | USD | 4,380 | (14,829 )
NiSource, Inc. | 387 | 07/18/25 | USD | 40.00 | USD | 1,561 | (31,927 )
Owens Corning | 105 | 07/18/25 | USD | 140.00 | USD | 1,444 | (34,387 )
Quanta Services, Inc. | 62 | 07/18/25 | USD | 360.00 | USD | 2,344 | (137,950 )
Republic Services, Inc., Class A | 79 | 07/18/25 | USD | 250.00 | USD | 1,948 | (15,603 )
Sempra | 334 | 07/18/25 | USD | 75.00 | USD | 2,531 | (67,635 )
Southern Co. | 220 | 07/18/25 | USD | 90.00 | USD | 2,020 | (60,500 )
Targa Resources Corp. | 145 | 07/18/25 | USD | 185.00 | USD | 2,524 | (13,050 )
Trane Technologies PLC | 70 | 07/18/25 | USD | 430.00 | USD | 3,062 | (93,450 )
Trane Technologies PLC | 77 | 07/18/25 | USD | 440.00 | USD | 3,368 | (59,675 )
Vertiv Holdings Co. | 20 | 07/18/25 | USD | 95.00 | USD | 257 | (67,350 )
Vertiv Holdings Co. | 49 | 07/18/25 | USD | 110.00 | USD | 629 | (94,202 )
Vertiv Holdings Co. | 20 | 07/18/25 | USD | 120.00 | USD | 257 | (21,450 )
Vista Energy Corp. | 140 | 07/18/25 | USD | 170.00 | USD | 2,713 | (361,200 )
Waste Management, Inc. | 176 | 07/18/25 | USD | 240.00 | USD | 4,027 | (5,720 )
Williams Cos., Inc. | 216 | 07/18/25 | USD | 60.00 | USD | 1,357 | (71,280 )
Cheniere Energy, Inc. | 78 | 07/25/25 | USD | 245.00 | USD | 1,899 | (49,530 )
Constellation Energy Corp. | 92 | 07/25/25 | USD | 335.00 | USD | 2,969 | (99,820 )
NextEra Energy, Inc. | 325 | 07/25/25 | USD | 75.00 | USD | 2,256 | (17,063 )
Vista Energy Corp. | 101 | 07/25/25 | USD | 185.00 | USD | 1,957 | (165,892 )
Hubbell, Inc. | 28 | 07/29/25 | USD | 397.14 | USD | 1,144 | (56,118 )
Williams Cos., Inc. | 216 | 08/01/25 | USD | 60.00 | USD | 1,357 | (81,000 )
American Electric Power Co., Inc. | 267 | 08/15/25 | USD | 107.00 | USD | 2,770 | (35,680 )

106
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |
Boralex, Inc., Class A | 313 | 08/15/25 | CAD | 33.00 | CAD | 990 | $(15,055 )
Canadian Pacific Kansas City Ltd. | 250 | 08/15/25 | CAD | 114.00 | CAD | 2,705 | (16,523 )
CenterPoint Energy, Inc. | 498 | 08/15/25 | USD | 37.00 | USD | 1,830 | (51,045 )
CMS Energy Corp. | 203 | 08/15/25 | USD | 70.00 | USD | 1,406 | (27,405 )
Dominion Energy, Inc. | 186 | 08/15/25 | USD | 55.00 | USD | 1,051 | (51,615 )
Entergy Corp. | 204 | 08/15/25 | USD | 85.00 | USD | 1,696 | (41,310 )
GE Vernova, Inc. | 110 | 08/15/25 | USD | 490.00 | USD | 5,821 | (677,600 )
Hess Midstream LP, Class A | 181 | 08/15/25 | USD | 40.00 | USD | 697 | (9,955 )
Linde PLC | 28 | 08/15/25 | USD | 470.00 | USD | 1,314 | (39,340 )
NiSource, Inc. | 454 | 08/15/25 | USD | 40.31 | USD | 1,831 | (50,650 )
Owens Corning | 105 | 08/15/25 | USD | 140.00 | USD | 1,444 | (74,550 )
PG&E Corp. | 621 | 08/15/25 | USD | 15.00 | USD | 866 | (22,666 )
Public Service Enterprise Group, Inc. | 461 | 08/15/25 | USD | 82.50 | USD | 3,881 | (182,095 )
Quanta Services, Inc. | 30 | 08/15/25 | USD | 370.00 | USD | 1,134 | (72,600 )
Republic Services, Inc., Class A | 96 | 08/15/25 | USD | 250.00 | USD | 2,367 | (57,120 )
Sempra | 334 | 08/15/25 | USD | 80.00 | USD | 2,531 | (27,555 )
Southern Co. | 260 | 08/15/25 | USD | 92.50 | USD | 2,388 | (60,450 )
Targa Resources Corp. | 96 | 08/15/25 | USD | 185.00 | USD | 1,671 | (36,960 )
Williams Cos., Inc. | 608 | 08/15/25 | USD | 65.00 | USD | 3,819 | (83,600 )
Duke Energy Corp. | 170 | 09/19/25 | USD | 125.00 | USD | 2,006 | (24,650 )
|  |  |  |  |  |  | $(3,850,490 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
SSE PLC | UBS AG | 84,900 | 07/02/25 | GBP | 17.51 | GBP | 1,557 | $(94,102 )
Vestas Wind Systems A/S | Citibank N.A. | 76,000 | 07/02/25 | DKK | 118.98 | DKK | 7,231 | —
Cheniere Energy, Inc. | UBS AG | 7,000 | 07/07/25 | USD | 234.00 | USD | 1,705 | (72,830 )
EDP Renovaveis SA | Bank of America N.A. | 125,000 | 07/08/25 | EUR | 10.26 | EUR | 1,187 | (9 )
PG&E Corp. | Morgan Stanley & Co. International PLC | 15,400 | 07/08/25 | USD | 17.46 | USD | 866 | —
SSE PLC | Goldman Sachs International | 85,000 | 07/08/25 | GBP | 17.51 | GBP | 1,559 | (101,080 )
Pembina Pipeline Corp. | Citibank N.A. | 31,900 | 07/09/25 | CAD | 53.05 | CAD | 1,631 | (4,514 )
Compagnie de Saint-Gobain S.A. | Morgan Stanley & Co. International PLC | 23,000 | 07/10/25 | EUR | 103.21 | EUR | 2,294 | (11,843 )
DSV A/S | Goldman Sachs International | 3,400 | 07/10/25 | DKK | 1,665.30 | DKK | 5,165 | (129 )
Nexans S.A. | Citibank N.A. | 6,200 | 07/10/25 | EUR | 101.82 | EUR | 689 | (68,766 )
PG&E Corp. | Barclays Bank PLC | 15,400 | 07/10/25 | USD | 17.85 | USD | 215 | —
Prysmian SpA | Citibank N.A. | 19,200 | 07/10/25 | EUR | 56.88 | EUR | 1,154 | (81,407 )
Siemens Energy AG | Morgan Stanley & Co. International PLC | 18,200 | 07/10/25 | EUR | 81.28 | EUR | 1,806 | (363,400 )
SSE PLC | Morgan Stanley & Co. International PLC | 50,900 | 07/15/25 | GBP | 17.77 | GBP | 934 | (52,120 )
PG&E Corp. | Barclays Bank PLC | 15,400 | 07/16/25 | USD | 17.89 | USD | 215 | (12 )
Nexans S.A. | Goldman Sachs International | 6,200 | 07/17/25 | EUR | 102.71 | EUR | 689 | (66,285 )
Siemens Energy AG | BNP Paribas SA | 19,600 | 07/17/25 | EUR | 97.81 | EUR | 1,945 | (77,916 )
Vestas Wind Systems A/S | Goldman Sachs International | 25,000 | 07/17/25 | DKK | 110.00 | DKK | 2,378 | (2,167 )
Pembina Pipeline Corp. | Morgan Stanley & Co. International PLC | 31,900 | 07/22/25 | CAD | 52.05 | CAD | 1,631 | (14,351 )
Air Liquide SA | Barclays Bank PLC | 8,400 | 07/23/25 | EUR | 187.88 | EUR | 1,470 | (2,221 )
Elia Group SA/NV | UBS AG | 25,000 | 07/23/25 | EUR | 95.68 | EUR | 2,451 | (129,206 )
Enel SpA | Barclays Bank PLC | 595,400 | 07/23/25 | EUR | 8.19 | EUR | 4,797 | (6,509 )
Hexagon AB, B Shares | Barclays Bank PLC | 53,400 | 07/23/25 | SEK | 98.99 | SEK | 5,092 | (4,575 )
National Grid PLC | Barclays Bank PLC | 198,400 | 07/23/25 | GBP | 10.74 | GBP | 2,122 | (35,836 )
Schneider Electric SE | UBS AG | 6,000 | 07/23/25 | EUR | 223.92 | EUR | 1,368 | (52,492 )
SSE PLC | UBS AG | 56,000 | 07/23/25 | GBP | 18.53 | GBP | 1,027 | (30,195 )
EDP Renovaveis SA | Bank of America N.A. | 160,000 | 07/24/25 | EUR | 9.61 | EUR | 1,520 | (28,282 )
Air Liquide SA | JPMorgan Chase Bank N.A. | 1,000 | 07/29/25 | EUR | 189.85 | EUR | 175 | (296 )
Compagnie de Saint-Gobain S.A. | JPMorgan Chase Bank N.A. | 19,800 | 07/29/25 | EUR | 103.82 | EUR | 1,975 | (30,470 )
Elia Group SA/NV | UBS AG | 4,100 | 07/29/25 | EUR | 95.02 | EUR | 402 | (25,427 )
Kingspan Group PLC | JPMorgan Chase Bank N.A. | 23,000 | 07/29/25 | EUR | 79.35 | EUR | 1,664 | (7,193 )
Prysmian SpA | Goldman Sachs International | 37,200 | 07/29/25 | EUR | 61.19 | EUR | 2,236 | (80,072 )
Vinci SA | JPMorgan Chase Bank N.A. | 35,500 | 07/29/25 | EUR | 130.71 | EUR | 4,444 | (38,043 )
Hexagon AB, B Shares | Barclays Bank PLC | 25,000 | 07/30/25 | SEK | 97.33 | SEK | 2,384 | (4,750 )

Schedule of Investments
107

Schedule of Investments (unaudited)(continued)
June 30, 2025
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) |  |  |  |  |  |  |  |
Kingspan Group PLC | Barclays Bank PLC | 14,600 | 07/30/25 | EUR | 76.19 | EUR | 1,056 | $(12,212 )
National Grid PLC | Morgan Stanley & Co. International PLC | 158,200 | 07/30/25 | GBP | 10.71 | GBP | 1,692 | (36,347 )
Vestas Wind Systems A/S | Bank of America N.A. | 82,100 | 07/30/25 | DKK | 110.16 | DKK | 7,811 | (19,713 )
Enel SpA | Barclays Bank PLC | 101,700 | 08/05/25 | EUR | 8.04 | EUR | 819 | (6,981 )
Hexagon AB, B Shares | Barclays Bank PLC | 67,000 | 08/05/25 | SEK | 97.43 | SEK | 6,389 | (15,281 )
National Grid PLC | JPMorgan Chase Bank N.A. | 69,100 | 08/05/25 | GBP | 10.99 | GBP | 739 | (8,524 )
DSV A/S | Barclays Bank PLC | 3,100 | 08/06/25 | DKK | 1,560.52 | DKK | 4,709 | (17,987 )
Heidelberg Materials AG | Bank of America N.A. | 9,200 | 08/06/25 | EUR | 197.07 | EUR | 1,839 | (100,727 )
Nexans S.A. | Citibank N.A. | 12,200 | 08/08/25 | EUR | 104.76 | EUR | 1,355 | (133,285 )
PG&E Corp. | Barclays Bank PLC | 116,600 | 08/08/25 | USD | 14.16 | USD | 1,625 | (74,105 )
Schneider Electric SE | Citibank N.A. | 5,400 | 08/08/25 | EUR | 228.43 | EUR | 1,231 | (49,037 )
EDP Renovaveis SA | Bank of America N.A. | 136,400 | 08/12/25 | EUR | 10.40 | EUR | 1,296 | (6,319 )
|  |  |  |  |  |  |  | $(1,967,016 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(4,970,499 ) | $1,144,669 | $(1,991,676 ) | $(5,817,506 )

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 | $— | $— | $5,817,506 | $— | $— | $— | $5,817,506

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $(4,648,368 ) | $— | $— | $— | $(4,648,368 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(3,015,949 ) | $— | $— | $— | $(3,015,949 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $4,949,620

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
108
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | $— | $5,817,506
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 5,817,506
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (3,850,490 )
Total derivative assets and liabilities subject to an MNA | $— | $1,967,016

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

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $155,050 | $— | $(155,050 ) | $— | $—
Barclays Bank PLC | 180,469 | — | (180,469 ) | — | —
BNP Paribas SA | 77,916 | — | (77,916 ) | — | —
Citibank N.A. | 337,009 | — | (337,009 ) | — | —
Goldman Sachs International | 249,733 | — | (249,733 ) | — | —
JPMorgan Chase Bank N.A. | 84,526 | — | — | — | 84,526
Morgan Stanley & Co. International PLC | 478,061 | — | (478,061 ) | — | —
UBS AG | 404,252 | — | (404,252 ) | — | —
| $1,967,016 | $— | $(1,882,490 ) | $— | $84,526

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to the 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 at the measurement date. 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 |  |  |  |
Air Freight & Logistics | $— | $4,448,816 | $— | $4,448,816
Building Products | 26,059,311 | 24,875,740 | — | 50,935,051
Chemicals | 9,696,074 | 5,497,114 | — | 15,193,188
Commercial Services & Supplies | 23,807,867 | — | — | 23,807,867
Construction & Engineering | 10,033,487 | 14,947,008 | — | 24,980,495
Construction Materials | — | 6,151,645 | — | 6,151,645
Electric Utilities | 99,862,100 | 49,215,505 | — | 149,077,605
Electrical Equipment | 36,302,473 | 50,529,613 | — | 86,832,086
Electronic Equipment, Instruments & Components | — | 4,186,902 | — | 4,186,902
Ground Transportation | 10,033,194 | — | — | 10,033,194
Independent Power and Renewable Electricity Producers | 19,063,964 | 15,158,860 | — | 34,222,824
Multi-Utilities | 66,430,523 | 17,850,687 | — | 84,281,210
Oil, Gas & Consumable Fuels | 57,572,649 | — | — | 57,572,649
Semiconductors & Semiconductor Equipment | 8,560,736 | — | — | 8,560,736
Short-Term Securities |  |  |  |
Money Market Funds | 12,298,539 | — | — | 12,298,539
| $379,720,917 | $192,861,890 | $— | $572,582,807

Schedule of Investments
109

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | $(3,649,521 ) | $(2,167,985 ) | $— | $(5,817,506 )

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

See notes to financial statements.
110
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Assets and Liabilities (unaudited)
June 30, 2025

| BGR | BDJ(a) | BOE | BGY
ASSETS |  |  |  |
Investments, at value — unaffiliated(b)(c) | $ 350,096,921 | $ 1,641,704,620 | $ 688,931,583 | $ 567,486,284
Investments, at value — affiliated(d) | 2,979,548 | 55,223,666 | 9,754,911 | 2,898,908
Cash | — | 285,228 | 120,644 | 1,963,656
Cash pledged as collateral for OTC derivatives | — | 100,000 | — | 1,306,794
Foreign currency, at value(e) | 108,152 | 479,487 | 80,333 | 176,438
Receivables: |  |  |  |
Investments sold | 1,896,144 | 41,579,240 | — | —
Options written | — | 452,150 | 86,119 | 210,395
Securities lending income — affiliated | — | 731 | — | —
Dividends — unaffiliated | 779,678 | 2,536,420 | 1,528,634 | 1,532,918
Dividends — affiliated | 16,588 | 160,614 | 22,401 | 10,888
Deferred offering costs | — | 210,889 | — | —
Prepaid expenses | — | 26,676 | 2,470 | 8,570
Total assets | 355,877,031 | 1,742,759,721 | 700,527,095 | 575,594,851
LIABILITIES |  |  |  |
Collateral on securities loaned | — | 7,493,797 | — | —
Options written, at value(f) | 2,132,083 | 28,938,002 | 8,112,955 | 3,825,190
Payables: |  |  |  |
Investments purchased | — | 41,972,981 | — | —
Accounting services fees | 25,505 | 54,467 | 34,203 | 28,383
Custodian fees | 16,209 | 47,745 | 40,973 | 69,395
Deferred foreign capital gain tax | — | — | — | 143,518
Income dividend distributions | 145,361 | 258,625 | 167,212 | 191,347
Investment advisory fees | 288,548 | 1,069,396 | 460,373 | 464,229
IRS compliance fee for foreign withholding tax claims | — | — | 30,473 | 1,704,802
Trustees’ and Officer’s fees | 339,130 | 948,885 | 603,861 | 492,539
Options written | — | 953,080 | 194,812 | —
Other accrued expenses | 7,306 | 32,106 | 5,780 | 6,125
Professional fees | 98,828 | 90,931 | 44,995 | 76,699
Transfer agent fees | 3,463 | 91,963 | 3,370 | 4,587
Total liabilities | 3,056,433 | 81,951,978 | 9,699,007 | 7,006,814
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 352,820,598 | $ 1,660,807,743 | $ 690,828,088 | $ 568,588,037
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(g)(h)(i) | $ 464,770,139 | $ 1,226,341,998 | $ 542,965,361 | $ 481,199,934
Accumulated earnings (loss) | (111,949,541) | 434,465,745 | 147,862,727 | 87,388,103
NET ASSETS | $ 352,820,598 | $ 1,660,807,743 | $ 690,828,088 | $ 568,588,037
Net asset value | $ 13.86 | $ 9.39 | $ 12.42 | $ 6.27
(a) Consolidated Statement of Assets and Liabilities.
(b) Investments, at cost—unaffiliated | $247,990,744 | $1,278,972,192 | $500,612,329 | $445,604,277
(c) Securities loaned, at value | $— | $7,344,759 | $— | $—
(d) Investments, at cost—affiliated | $2,979,548 | $55,223,666 | $9,754,911 | $2,898,908
(e) Foreign currency, at cost | $107,509 | $479,883 | $79,920 | $175,634
(f) Premiums received | $2,561,374 | $21,353,369 | $7,221,732 | $5,309,740
(g) Shares outstanding | 25,456,171 | 176,944,689 | 55,600,125 | 90,614,455
(h) Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited
(i) Par value | $0.001 | $0.001 | $0.001 | $0.001

See notes to financial statements.
Financial Statements
111

Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025

| CII | BMEZ | BME | BCX
ASSETS |  |  |  |
Investments, at value — unaffiliated(a)(b) | $ 950,115,443 | $ 960,552,682 | $ 504,361,297 | $ 763,636,720
Investments, at value — affiliated(c) | 5,646,470 | 14,416,221 | 22,508,070 | 28,271,348
Foreign currency, at value(d) | 676 | 808 | 39,397 | 397,353
Receivables: |  |  |  |
Investments sold | — | 393,444 | 1,287,016 | 3,075,280
Options written | 1,165,174 | 200,137 | 19,408 | —
Securities lending income — affiliated | — | 4,167 | 1,002 | 5,424
Dividends — unaffiliated | 237,914 | 1,021,149 | 335,847 | 771,065
Dividends — affiliated | 31,432 | 97,325 | 73,780 | 47,715
Interest — unaffiliated | — | 12,809 | — | 157,500
Prepaid expenses | 2,525 | 13,733 | — | —
Total assets | 957,199,634 | 976,712,475 | 528,625,817 | 796,362,405
LIABILITIES |  |  |  |
Bank overdraft | — | — | — | 2,517
Collateral on securities loaned | — | 2,641,056 | 1,409,957 | 5,996,511
Options written, at value(e) | 26,761,464 | 12,526,383 | 4,276,183 | 6,383,331
Payables: |  |  |  |
Investments purchased | — | — | 14,089,911 | —
Accounting services fees | 28,383 | 134,167 | 16,804 | 34,190
Custodian fees | 6,021 | 95,643 | 29,042 | 35,334
Income dividend distributions | 341,862 | 1,573,414 | 207,016 | 249,336
Investment advisory fees | 626,851 | 977,419 | 412,248 | 637,172
IRS compliance fee for foreign withholding tax claims | — | — | — | 861,588
Trustees’ and Officer’s fees | 276,863 | 306,296 | 28,330 | 239,273
Options written | 2,442,384 | 125,816 | 2,844 | —
Other accrued expenses | 8,429 | 100,422 | 15,115 | 31,791
Professional fees | 37,810 | 113,538 | 36,535 | 135,311
Proxy fees | — | 95,387 | — | —
Transfer agent fees | 380 | 5,550 | 4,022 | 9,891
Total liabilities | 30,530,447 | 18,695,091 | 20,528,007 | 14,616,245
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 926,669,187 | $ 958,017,384 | $ 508,097,810 | $ 781,746,160
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(f)(g)(h) | $ 493,943,118 | $ 1,134,604,967 | $ 367,155,641 | $ 903,484,615
Accumulated earnings (loss) | 432,726,069 | (176,587,583) | 140,942,169 | (121,738,455)
NET ASSETS | $ 926,669,187 | $ 958,017,384 | $ 508,097,810 | $ 781,746,160
Net asset value | $ 22.65 | $ 15.33 | $ 39.31 | $ 10.25
(a) Investments, at cost—unaffiliated | $626,430,005 | $939,766,633 | $346,697,523 | $673,637,689
(b) Securities loaned, at value | $— | $2,569,099 | $1,290,512 | $5,857,497
(c) Investments, at cost—affiliated | $5,646,470 | $14,416,221 | $22,508,070 | $28,271,348
(d) Foreign currency, at cost | $620 | $777 | $38,669 | $390,487
(e) Premiums received | $16,830,615 | $9,308,544 | $4,582,810 | $6,518,042
(f) Shares outstanding | 40,917,987 | 62,501,404 | 12,924,103 | 76,238,090
(g) Shares authorized | 200 million | Unlimited | Unlimited | Unlimited
(h) Par value | $0.10 | $0.001 | $0.001 | $0.001

See notes to financial statements.
112
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025

| BSTZ(a) | BST(a) | BTX | BUI
ASSETS |  |  |  |
Investments, at value — unaffiliated(b)(c) | $ 1,537,935,831 | $ 1,422,768,779 | $ 1,542,231,603 | $ 560,284,268
Investments, at value — affiliated(d) | 50,993,885 | 1,029,031 | 87,433,341 | 12,298,539
Cash | 30,600 | 52,127 | — | 11,121
Cash pledged as collateral for OTC derivatives | 380,000 | — | — | —
Foreign currency, at value(e) | 69,775 | 15,579 | 236,677 | 80,902
Receivables: |  |  |  |
Investments sold | 5,589,208 | 14,551,082 | 9,367,828 | 1,023
Options written | — | 248,766 | — | 42,321
Securities lending income — affiliated | 26,204 | 80 | 18,199 | 282
Dividends — unaffiliated | 185,320 | 311,433 | 183,758 | 822,657
Dividends — affiliated | 43,512 | 15,578 | 184,537 | 45,349
Deferred offering costs | — | — | — | 116,155
Prepaid expenses | 112,406 | 604 | 36,128 | —
Total assets | 1,595,366,741 | 1,438,993,059 | 1,639,692,071 | 573,702,617
LIABILITIES |  |  |  |
Collateral on securities loaned | 27,923,257 | — | 11,973,416 | —
Options written, at value(f) | 10,877,948 | 12,241,210 | — | 5,817,506
Payables: |  |  |  |
Investments purchased | 15,588,095 | 12,206,787 | 12,659,967 | 1,191
Accounting services fees | 121,592 | 28,386 | 133,736 | 28,386
Custodian fees | 91,537 | 23,989 | 57,543 | 26,249
Deferred capital gain tax | 3,506,360 | 393,920 | — | —
Income dividend distributions | 2,036,346 | 420,384 | 1,604,510 | —
Investment advisory fees | 1,519,648 | 1,118,152 | 1,611,512 | 455,637
IRS compliance fee for foreign withholding tax claims | — | — | — | 87,335
Offering costs | — | — | — | 116,155
Trustees’ and Officer’s fees | 281,248 | 58,805 | 275,164 | —
Options written | — | 373,389 | — | 196,388
Other accrued expenses | 65,589 | 68,385 | 11,640 | 47,850
Professional fees | 99,197 | 85,926 | 104,623 | 54,628
Proxy fees | — | — | 83,223 | —
Transfer agent fees | 128 | 19,135 | 72,927 | 37,744
Total liabilities | 62,110,945 | 27,038,468 | 28,588,261 | 6,869,069
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 1,533,255,796 | $ 1,411,954,591 | $ 1,611,103,810 | $ 566,833,548
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(g)(h)(i) | $ 954,804,595 | $ 729,562,726 | $ 3,723,540,676 | $ 374,599,337
Accumulated earnings (loss) | 578,451,201 | 682,391,865 | (2,112,436,866) | 192,234,211
NET ASSETS | $ 1,533,255,796 | $ 1,411,954,591 | $ 1,611,103,810 | $ 566,833,548
Net asset value | $ 22.30 | $ 40.67 | $ 7.55 | $ 24.95
(a) Consolidated Statement of Assets and Liabilities.
(b) Investments, at cost—unaffiliated | $923,995,805 | $720,407,409 | $1,709,330,604 | $353,728,923
(c) Securities loaned, at value | $26,849,180 | $— | $11,266,527 | $—
(d) Investments, at cost—affiliated | $50,993,340 | $1,029,031 | $87,432,677 | $12,298,539
(e) Foreign currency, at cost | $69,292 | $15,617 | $236,484 | $80,420
(f) Premiums received | $6,127,064 | $6,646,248 | $— | $4,970,499
(g) Shares outstanding | 68,744,150 | 34,720,019 | 213,338,148 | 22,714,729
(h) Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited
(i) Par value | $0.001 | $0.001 | $0.001 | $0.001

See notes to financial statements.
Financial Statements
113

Statements of Operations (unaudited)
Six Months Ended June 30, 2025

| BGR | BDJ(a) | BOE | BGY
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $6,503,762 | $21,772,431 | $8,624,872 | $9,523,975
Dividends — affiliated | 148,975 | 828,079 | 155,491 | 157,270
Securities lending income — affiliated — net | — | 890 | — | 1,260
Other income — unaffiliated | 33,581 | 5,431 | 2,349 | 54,434
Foreign taxes withheld | (245,279 ) | (235,009 ) | (394,841 ) | (769,157 )
Foreign withholding tax claims | 686,134 | 375,011 | 58,807 | 855,585
IRS compliance fee for foreign withholding tax claims | — | — | (30,473 ) | (54,670 )
Total investment income | 7,127,173 | 22,746,833 | 8,416,205 | 9,768,697
EXPENSES |  |  |  |
Investment advisory | 1,751,860 | 6,382,047 | 3,410,876 | 2,806,439
Professional | 105,735 | 122,181 | 69,646 | 113,690
Transfer agent | 93,419 | 84,910 | 205,349 | 176,466
Trustees and Officer | 34,685 | 109,103 | 63,473 | 49,131
Accounting services | 21,847 | 46,641 | 29,274 | 24,305
Custodian | 16,791 | 43,619 | 32,217 | 57,504
Printing and postage | 12,707 | 26,022 | 13,149 | 15,139
Registration | 4,686 | 31,762 | 10,499 | 17,109
Miscellaneous | 24,803 | 100,404 | 54,930 | 76,156
Total expenses excluding interest expense | 2,066,533 | 6,946,689 | 3,889,413 | 3,335,939
Interest expense — unaffiliated | 576 | 1,505 | 895 | 2,066
Total expenses | 2,067,109 | 6,948,194 | 3,890,308 | 3,338,005
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (2,661 ) | (14,729 ) | (599,661 ) | (2,797 )
Total expenses after fees waived and/or reimbursed | 2,064,448 | 6,933,465 | 3,290,647 | 3,335,208
Net investment income | 5,062,725 | 15,813,368 | 5,125,558 | 6,433,489
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | 20,239,228 | 66,514,551 | 17,063,430 | 3,078,716
Investments — affiliated | — | (208 ) | — | (354 )
Foreign currency transactions | (67,733 ) | 99,943 | 158,237 | (90,121 )
Options written | 2,906,505 | (10,227,303 ) | (6,230,812 ) | (2,365,048 )
| 23,078,000 | 56,386,983 | 10,990,855 | 623,193
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | (10,389,052 ) | 74,922,741 | 37,474,908 | 51,022,479 (b)
Foreign currency translations | 9,564 | 12,710 | 113,447 | 104,979
Options written | (489,976 ) | (17,219,246 ) | (4,463,875 ) | (100,224 )
| (10,869,464 ) | 57,716,205 | 33,124,480 | 51,027,234
Net realized and unrealized gain | 12,208,536 | 114,103,188 | 44,115,335 | 51,650,427
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $17,271,261 | $129,916,556 | $49,240,893 | $58,083,916
(a) Consolidated Statement of Operations.
(b) Net of increase in deferred foreign capital gain tax of | $— | $— | $— | $(133,748 )

See notes to financial statements.
114
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Operations (unaudited) (continued)
Six Months Ended June 30, 2025

| CII | BMEZ | BME | BCX
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $3,276,368 | $3,300,641 | $3,492,308 | $13,612,010
Dividends — affiliated | 272,879 | 1,627,665 | 468,619 | 466,512
Securities lending income — affiliated — net | 559 | 29,460 | 2,753 | 18,110
Other income — unaffiliated | — | — | — | 51,092
Foreign taxes withheld | (60,094 ) | (271,761 ) | (44,084 ) | (760,609 )
Foreign withholding tax claims | — | — | 37,749 | 1,180,600
IRS compliance fee for foreign withholding tax claims | — | — | — | (861,588 )
Total investment income | 3,489,712 | 4,686,005 | 3,957,345 | 13,706,127
EXPENSES |  |  |  |
Investment advisory | 3,666,689 | 8,456,910 | 2,633,784 | 3,850,838
Transfer agent | 107,283 | 115,047 | 103,442 | 279,847
Professional | 73,137 | 97,592 | 64,441 | 155,997
Trustees and Officer | 45,304 | 68,860 | 18,993 | 40,512
Printing and postage | 39,096 | 43,415 | 14,817 | 14,276
Accounting services | 24,305 | 100,108 | 14,374 | 29,283
Custodian | 14,008 | 23,134 | 24,449 | 31,713
Registration | 7,537 | 18,168 | 4,255 | 14,394
Offering | — | — | 84,599 | —
Miscellaneous | 28,309 | 287,386 | 33,951 | 65,392
Total expenses excluding interest expense | 4,005,668 | 9,210,620 | 2,997,105 | 4,482,252
Interest expense — unaffiliated | 1,041 | 189 | 87 | 3,595
Total expenses | 4,006,709 | 9,210,809 | 2,997,192 | 4,485,847
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (4,858 ) | (29,042 ) | (8,358 ) | (8,310 )
Total expenses after fees waived and/or reimbursed | 4,001,851 | 9,181,767 | 2,988,834 | 4,477,537
Net investment income (loss) | (512,139 ) | (4,495,762 ) | 968,511 | 9,228,590
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | 92,430,066 | (59,243,354 ) | 5,716,886 | 29,657,219
Investments — affiliated | (305 ) | (364 ) | (366 ) | (2,474 )
Foreign currency transactions | 8,938 | 7,627 | 8,443 | 341,737
Options written | (11,793,743 ) | 15,292,220 | 3,732,625 | 7,236,452
| 80,644,956 | (43,943,871 ) | 9,457,588 | 37,232,934
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | 17,221,699 | (5,477,154 ) | (11,778,296 ) | 41,026,967
Investments — affiliated | 41 | 779 | (16 ) | 140
Foreign currency translations | (409 ) | 82,266 | 7,757 | 29,536
Options written | (13,083,917 ) | (8,668,458 ) | (2,217,202 ) | (2,882,828 )
| 4,137,414 | (14,062,567 ) | (13,987,757 ) | 38,173,815
Net realized and unrealized gain (loss) | 84,782,370 | (58,006,438 ) | (4,530,169 ) | 75,406,749
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $84,270,231 | $(62,502,200 ) | $(3,561,658 ) | $84,635,339

See notes to financial statements.
Financial Statements
115

Statements of Operations (unaudited) (continued)
Six Months Ended June 30, 2025

| BSTZ(a) | BST(a) | BTX | BUI
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $1,270,220 | $2,611,854 | $5,435,812 | $6,117,170
Dividends — affiliated | 396,525 | 203,619 | 965,180 | 245,509
Securities lending income — affiliated — net | 94,504 | 4,134 | 67,660 | 540
Foreign taxes withheld | (138,588 ) | (72,668 ) | (140,691 ) | (168,951 )
Foreign withholding tax claims | — | — | — | 138,225
IRS compliance fee for foreign withholding tax claims | — | — | — | (87,335 )
Total investment income | 1,622,661 | 2,746,939 | 6,327,961 | 6,245,158
EXPENSES |  |  |  |
Investment advisory | 9,316,821 | 6,465,385 | 9,837,230 | 2,609,034
Professional | 116,829 | 343,717 | 454,348 | 54,904
Transfer agent | 97,774 | 137,516 | 58,495 | 31,982
Accounting services | 86,717 | 24,303 | 98,666 | 24,303
Trustees and Officer | 64,973 | 43,588 | 65,289 | 16,107
Custodian | 54,356 | 18,958 | 44,348 | 20,810
Printing and postage | 14,510 | 6,039 | 15,876 | 5,758
Registration | 12,980 | 6,752 | 38,285 | 4,237
Offering | — | 71,340 | — | 124,006
Miscellaneous | 142,618 | 157,111 | 379,192 | 52,822
Total expenses excluding interest expense | 9,907,578 | 7,274,709 | 10,991,729 | 2,943,963
Interest expense — unaffiliated | 194 | 525 | 884 | 579
Total expenses | 9,907,772 | 7,275,234 | 10,992,613 | 2,944,542
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (7,006 ) | (3,625 ) | (17,044 ) | (4,369 )
Total expenses after fees waived and/or reimbursed | 9,900,766 | 7,271,609 | 10,975,569 | 2,940,173
Net investment income (loss) | (8,278,105 ) | (4,524,670 ) | (4,647,608 ) | 3,304,985
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | 121,040,119 | 66,529,287 | 27,275,686 | 20,867,872
Investments — affiliated | (3,497 ) | (53 ) | (3,114 ) | (489 )
Foreign currency transactions | 16,138 | 103,776 | (224,396 ) | (33,385 )
Options written | 2,731,607 | (1,364,329 ) | 4,924,967 | (4,648,368 )
| 123,784,367 | 65,268,681 | 31,973,143 | 16,185,630
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | (80,001,692 )(b) | 38,378,221 (b) | (88,827,134 ) | 54,235,053
Investments — affiliated | (893 ) | — | 227 | —
Foreign currency translations | 132 | 4,050 | 1,699 | 27,571
Options written | (7,662,996 ) | (9,968,022 ) | (4,189,091 ) | (3,015,949 )
| (87,665,449 ) | 28,414,249 | (93,014,299 ) | 51,246,675
Net realized and unrealized gain (loss) | 36,118,918 | 93,682,930 | (61,041,156 ) | 67,432,305
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $27,840,813 | $89,158,260 | $(65,688,764 ) | $70,737,290
(a) Consolidated Statement of Operations.
(b) Net of reduction in deferred capital gain tax of | $52,239 | $27,859 | $— | $—

See notes to financial statements.
116
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Changes in Net Assets

| BGR | BDJ(a)
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $5,062,725 | $8,902,650 | $15,813,368 | $31,964,398
Net realized gain | 23,078,000 | 17,018,043 | 56,386,983 | 71,556,715
Net change in unrealized appreciation (depreciation) | (10,869,464 ) | (11,777,785 ) | 57,716,205 | 61,248,610
Net increase in net assets resulting from operations | 17,271,261 | 14,142,908 | 129,916,556 | 164,769,723
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |
From net investment income | (14,988,332 )(c) | (8,876,987 ) | (65,717,258 )(c) | (125,237,041 )
Return of capital | — | (13,896,512 ) | — | —
Decrease in net assets resulting from distributions to shareholders | (14,988,332 ) | (22,773,499 ) | (65,717,258 ) | (125,237,041 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) | (9,032,106 ) | (19,781,491 ) | — | (84,525,360 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (6,749,177 ) | (28,412,082 ) | 64,199,298 | (44,992,678 )
Beginning of period | 359,569,775 | 387,981,857 | 1,596,608,445 | 1,641,601,123
End of period | $352,820,598 | $359,569,775 | $1,660,807,743 | $1,596,608,445

(a) | Consolidated Statements of Changes in Net Assets.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
Financial Statements
117

Statements of Changes in Net Assets(continued)

| BOE | BGY
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $5,125,558 | $10,995,449 | $6,433,489 | $8,892,803
Net realized gain | 10,990,855 | 20,894,699 | 623,193 | 34,431,931
Net change in unrealized appreciation (depreciation) | 33,124,480 | 30,507,659 | 51,027,234 | (31,544,308 )
Net increase in net assets resulting from operations | 49,240,893 | 62,397,807 | 58,083,916 | 11,780,426
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income | (28,420,133 )(b) | (10,955,631 ) | (23,858,982 )(b) | (41,087,555 )
Return of capital | — | (36,227,997 ) | — | —
Decrease in net assets resulting from distributions to shareholders | (28,420,133 ) | (47,183,628 ) | (23,858,982 ) | (41,087,555 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) | (34,701,871 ) | (36,994,167 ) | (28,595,928 ) | (30,215,690 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (13,881,111 ) | (21,779,988 ) | 5,629,006 | (59,522,819 )
Beginning of period | 704,709,199 | 726,489,187 | 562,959,031 | 622,481,850
End of period | $690,828,088 | $704,709,199 | $568,588,037 | $562,959,031

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
118
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Changes in Net Assets(continued)

| CII | BMEZ
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income (loss) | $(512,139 ) | $1,804,768 | $(4,495,762 ) | $3,882,343
Net realized gain (loss) | 80,644,956 | 131,087,223 | (43,943,871 ) | 17,150,385
Net change in unrealized appreciation (depreciation) | 4,137,414 | (8,234,771 ) | (14,062,567 ) | 2,716,794
Net increase (decrease) in net assets resulting from operations | 84,270,231 | 124,657,220 | (62,502,200 ) | 23,749,522
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income and net realized gain | (34,912,485 )(b) | (53,906,727 ) | (92,726,664 )(b) | —
Return of capital | — | — | — | (177,775,924 )
Decrease in net assets resulting from distributions to shareholders | (34,912,485 ) | (53,906,727 ) | (92,726,664 ) | (177,775,924 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) | (22,239,867 ) | (45,649,966 ) | (550,636,007 ) | (89,462,275 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | 27,117,879 | 25,100,527 | (705,864,871 ) | (243,488,677 )
Beginning of period | 899,551,308 | 874,450,781 | 1,663,882,255 | 1,907,370,932
End of period | $926,669,187 | $899,551,308 | $958,017,384 | $1,663,882,255

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
Financial Statements
119

Statements of Changes in Net Assets(continued)

| BME | BCX
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $968,511 | $927,098 | $9,228,590 | $18,418,123
Net realized gain | 9,457,588 | 28,763,776 | 37,232,934 | 22,404,202
Net change in unrealized appreciation (depreciation) | (13,987,757 ) | (6,236,087 ) | 38,173,815 | (67,679,275 )
Net increase (decrease) in net assets resulting from operations | (3,561,658 ) | 23,454,787 | 84,635,339 | (26,856,950 )
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income and net realized gain | (20,498,157 )(b) | (28,577,659 ) | (32,843,514 )(b) | (20,754,349 )
Return of capital | — | (7,344,579 ) | — | (32,577,896 )
Decrease in net assets resulting from distributions to shareholders | (20,498,157 ) | (35,922,238 ) | (32,843,514 ) | (53,332,245 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) | (13,977,639 ) | (29,532,715 ) | (38,612,680 ) | (42,582,282 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (38,037,454 ) | (42,000,166 ) | 13,179,145 | (122,771,477 )
Beginning of period | 546,135,264 | 588,135,430 | 768,567,015 | 891,338,492
End of period | $508,097,810 | $546,135,264 | $781,746,160 | $768,567,015

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
120
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Changes in Net Assets(continued)

| BSTZ(a) | BST(a)
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment loss | $(8,278,105 ) | $(20,600,953 ) | $(4,524,670 ) | $(9,647,335 )
Net realized gain | 123,784,367 | 127,452,088 | 65,268,681 | 49,084,701
Net change in unrealized appreciation (depreciation) | (87,665,449 ) | 170,688,787 | 28,414,249 | 232,842,089
Net increase in net assets resulting from operations | 27,840,813 | 277,539,922 | 89,158,260 | 272,279,455
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |
From net investment income and net realized gain | (93,729,677 )(c) | (76,763,205 ) | (52,080,029 )(c) | (54,438,359 )
Return of capital | — | (74,781,695 ) | — | (49,592,586 )
Decrease in net assets resulting from distributions to shareholders | (93,729,677 ) | (151,544,900 ) | (52,080,029 ) | (104,030,945 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | — | — | — | 8,635,484
Reinvestment of distributions | — | — | — | 1,567,740
Redemption of shares resulting from a repurchase offer | (74,446,790 ) | (82,227,801 ) | — | —
Net increase (decrease) in net assets derived from capital share transactions | (74,446,790 ) | (82,227,801 ) | — | 10,203,224
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (140,335,654 ) | 43,767,221 | 37,078,231 | 178,451,734
Beginning of period | 1,673,591,450 | 1,629,824,229 | 1,374,876,360 | 1,196,424,626
End of period | $1,533,255,796 | $1,673,591,450 | $1,411,954,591 | $1,374,876,360

(a) | Consolidated Statements of Changes in Net Assets.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
Financial Statements
121

Statements of Changes in Net Assets(continued)

| BTX | BUI
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income (loss) | $(4,647,608 ) | $(23,510,738 ) | $3,304,985 | $6,477,896
Net realized gain | 31,973,143 | 50,880,406 | 16,185,630 | 25,208,486
Net change in unrealized appreciation (depreciation) | (93,014,299 ) | 8,335,555 | 51,246,675 | 3,928,824
Net increase (decrease) in net assets resulting from operations | (65,688,764 ) | 35,705,223 | 70,737,290 | 35,615,206
DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |
From net investment income | (108,168,841 )(a) | — | (18,491,348 )(a) | (25,151,530 )
Return of capital | — | (184,726,032 ) | — | (7,834,340 )
Decrease in net assets resulting from distributions to shareholders | (108,168,841 ) | (184,726,032 ) | (18,491,348 ) | (32,985,870 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | — | — | 2,964,536 | 1,263,628
Reinvestment of distributions | — | — | 769,096 | 499,080
Redemption of shares resulting from share repurchase program (including transaction costs) | — | (92,487,614 ) | — | —
Net increase (decrease) in net assets derived from capital share transactions | — | (92,487,614 ) | 3,733,632 | 1,762,708
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (173,857,605 ) | (241,508,423 ) | 55,979,574 | 4,392,044
Beginning of period | 1,784,961,415 | 2,026,469,838 | 510,853,974 | 506,461,930
End of period | $1,611,103,810 | $1,784,961,415 | $566,833,548 | $510,853,974

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

See notes to financial statements.
122
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Cash Flows (unaudited)
Six Months Ended June 30, 2025

| BGR | BDJ(a) | BOE | BGY
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase in net assets resulting from operations | $17,271,261 | $129,916,556 | $49,240,893 | $58,083,916
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 | 163,053,383 | 470,263,557 | 184,949,119 | 195,621,235
Purchases of long-term investments | (151,573,331 ) | (410,165,690 ) | (118,112,433 ) | (143,896,264 )
Net proceeds from sales (purchases) of short-term securities | 4,604,448 | (8,626,145 ) | (2,721,633 ) | 843,075
Premiums paid on closing options written | (8,145,591 ) | (90,386,038 ) | (35,811,326 ) | (25,103,434 )
Premiums received from options written | 11,061,542 | 81,913,244 | 29,253,986 | 21,921,846
Net realized gain on investments and options written | (22,946,478 ) | (55,812,168 ) | (10,663,064 ) | (713,265 )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | 10,878,033 | (57,703,250 ) | (33,012,038 ) | (51,056,746 )
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | 14,341 | (51,958 ) | 853 | 6,218
Dividends — unaffiliated | (453,743 ) | (636,572 ) | (121,698 ) | (156,748 )
Securities lending income — affiliated | — | (731 ) | — | —
Prepaid expenses | — | (19,236 ) | (2,470 ) | (8,570 )
Increase (Decrease) in Liabilities |  |  |  |
Collateral on securities loaned | — | 7,493,797 | — | —
Payables |  |  |  |
Accounting services fees | 7,171 | 15,299 | 9,599 | 7,963
Custodian fees | 7,751 | 13,878 | 9,264 | 18,941
Deferred foreign capital gain tax | — | — | — | 133,748
Investment advisory fees | (20,233 ) | (38,827 ) | (44,288 ) | (24,802 )
IRS compliance fee for foreign withholding tax claims | — | — | 30,473 | 54,670
Trustees’ and Officer’s fees | (18,905 ) | 6,134 | (13,910 ) | (23,105 )
Other accrued expenses | (7,828 ) | 2,514 | (9,813 ) | (11,983 )
Professional fees | 30,574 | 34,220 | (75,181 ) | (67,003 )
Transfer agent fees | (8,992 ) | 57,061 | (13,893 ) | (10,307 )
Net cash provided by operating activities | 23,753,403 | 66,275,645 | 62,892,440 | 55,619,385
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (14,842,971 ) | (65,458,633 ) | (28,252,921 ) | (23,667,635 )
Net payments on redemption of capital shares | (9,032,106 ) | — | (34,701,871 ) | (28,595,928 )
Net cash used for financing activities | (23,875,077 ) | (65,458,633 ) | (62,954,792 ) | (52,263,563 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | 994 | (245 ) | 1,004 | 743
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | (120,680 ) | 816,767 | (61,348 ) | 3,356,565
Restricted and unrestricted cash and foreign currency at beginning of period | 228,832 | 47,948 | 262,325 | 90,323
Restricted and unrestricted cash and foreign currency at end of period | $108,152 | $864,715 | $200,977 | $3,446,888
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense | $576 | $1,505 | $895 | $2,066
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $— | $285,228 | $120,644 | $1,963,656
Cash pledged |  |  |  |
Collateral — OTC derivatives | — | 100,000 | — | 1,306,794
Foreign currency at value | 108,152 | 479,487 | 80,333 | 176,438
| $108,152 | $864,715 | $200,977 | $3,446,888

(a) | Consolidated Statement of Cash Flows.

See notes to financial statements.
Financial Statements
123

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2025

| CII | BMEZ | BME | BCX
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase (decrease) in net assets resulting from operations | $84,270,231 | $(62,502,200 ) | $(3,561,658 ) | $84,635,339
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |  |  |  |
Proceeds from sales of long-term investments and principal paydowns/payups | 472,203,125 | 1,113,333,852 | 164,683,672 | 566,464,305
Purchases of long-term investments | (407,288,772 ) | (514,860,399 ) | (139,521,495 ) | (524,190,450 )
Net proceeds from sales of short-term securities | 1,109,188 | 46,933,877 | 4,044,301 | 2,492,133
Premiums paid on closing options written | (70,826,907 ) | (32,920,630 ) | (16,881,770 ) | (19,863,243 )
Premiums received from options written | 62,539,581 | 41,885,742 | 19,837,635 | 27,753,369
Net realized (gain) loss on investments and options written | (80,361,762 ) | 44,286,198 | (9,397,834 ) | (32,706,167 )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | (4,137,414 ) | 14,144,771 | 13,994,782 | (38,151,431 )
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | 8,000 | 128,957 | 27,026 | 26,612
Dividends — unaffiliated | (23,000 ) | (248,032 ) | (36,270 ) | 190,333
Interest — unaffiliated | — | 9,251 | 2,168 | 1,750
Securities lending income — affiliated | 456 | 3,640 | (844 ) | (4,919 )
Prepaid expenses | (1,822 ) | (5,081 ) | — | —
Deferred offering costs. | — | — | 84,599 | —
Increase (Decrease) in Liabilities |  |  |  |
Collateral on securities loaned | (435,165 ) | (7,587,276 ) | 1,131,899 | 4,149,011
Payables |  |  |  |
Accounting services fees | 7,964 | 49,836 | 4,698 | 9,608
Custodian fees | (6,259 ) | (2,668 ) | 7,927 | 12,378
Investment advisory fees | (32,586 ) | (849,518 ) | (61,324 ) | (33,746 )
IRS compliance fee for foreign withholding tax claims | — | — | — | 861,588
Trustees’ and Officer’s fees | 11,781 | 40,882 | 2,600 | (2,615 )
Other accrued expenses | 1,145 | (21,222 ) | (624 ) | (4,274 )
Professional fees | (29,204 ) | (29,950 ) | (47,119 ) | 49,282
Proxy fees | — | (71,887 ) | — | —
Transfer agent fees | (16,766 ) | (56,287 ) | (10,972 ) | (13,590 )
Net cash provided by operating activities | 56,991,814 | 641,661,856 | 34,301,397 | 71,675,273
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (34,570,623 ) | (91,153,250 ) | (20,291,141 ) | (32,594,178 )
Net payments on redemption of capital shares | (22,239,867 ) | (550,636,007 ) | (13,977,639 ) | (38,612,680 )
Decrease in bank overdraft | (181,324 ) | — | — | (149,544 )
Net cash used for financing activities | (56,991,814 ) | (641,789,257 ) | (34,268,780 ) | (71,356,402 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | 59 | 62 | 732 | 7,143
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | 59 | (127,339 ) | 33,349 | 326,014
Restricted and unrestricted cash and foreign currency at beginning of period | 617 | 128,147 | 6,048 | 71,339
Restricted and unrestricted cash and foreign currency at end of period | $676 | $808 | $39,397 | $397,353
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense | $1,041 | $189 | $87 | $3,595
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Foreign currency at value | 676 | 808 | 39,397 | 397,353
| $676 | $808 | $39,397 | $397,353

See notes to financial statements.
124
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2025

| BSTZ(a) | BST(a) | BTX | BUI
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase (decrease) in net assets resulting from operations | $27,840,813 | $89,158,260 | $(65,688,764 ) | $70,737,290
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |  |  |  |
Proceeds from sales of long-term investments | 676,848,435 | 311,349,975 | 1,719,180,030 | 152,423,127
Purchases of long-term investments | (475,144,583 ) | (245,885,969 ) | (1,527,694,748 ) | (138,846,206 )
Net proceeds from sales (purchases) of short-term securities | (41,496,574 ) | 1,181,179 | (71,165,412 ) | 763,477
Premiums paid on closing options written | (40,034,170 ) | (44,730,478 ) | (12,508,001 ) | (22,930,312 )
Premiums received from options written | 34,510,276 | 34,835,716 | 7,260,812 | 18,867,014
Net realized gain on investments and options written | (123,768,638 ) | (65,146,169 ) | (32,194,861 ) | (15,808,541 )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | 87,718,063 | (28,380,934 ) | 93,014,299 | (51,246,675 )
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | (36 ) | (1,103 ) | (170,359 ) | (10,138 )
Dividends — unaffiliated | (110,437 ) | (169,181 ) | (134,089 ) | (141,522 )
Securities lending income — affiliated | (11,072 ) | 693 | (15,357 ) | 115
Prepaid expenses | (105,940 ) | 3,518 | (27,386 ) | —
Deferred offering costs. | — | 71,340 | — | (10,090 )
Increase (Decrease) in Liabilities |  |  |  |
Collateral on securities loaned | 20,437,427 | (565,400 ) | (2,287,241 ) | —
Payables |  |  |  |
Accounting services fees | 41,659 | 7,961 | 49,252 | 7,961
Custodian fees | 24,468 | 6,446 | 23,475 | 7,514
Deferred capital gain tax | (52,239 ) | (27,859 ) | — | —
Investment advisory fees | (294,903 ) | (65,556 ) | (362,467 ) | 11,192
IRS compliance fee for foreign withholding tax claims | — | — | — | 87,335
Trustees’ and Officer’s fees | 34,456 | 22,802 | 37,935 | (246 )
Other accrued expenses | (41,747 ) | (15,973 ) | (544,018 ) | 11,021
Professional fees | (74,180 ) | (47,582 ) | (77,730 ) | (12,426 )
Proxy fees | — | — | 83,223 | —
Transfer agent fees | (93,831 ) | (10,903 ) | 22,222 | 23,630
Net cash provided by operating activities | 166,227,247 | 51,590,783 | 106,800,815 | 13,933,520
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (91,693,331 ) | (51,659,645 ) | (106,564,331 ) | (17,722,252 )
Payments for offering costs | — | — | — | 116,155
Net payments on redemption of capital shares | (74,446,790 ) | — | — | —
Proceeds from issuance of capital shares | — | — | — | 3,538,836
Net cash used for financing activities | (166,140,121 ) | (51,659,645 ) | (106,564,331 ) | (14,067,261 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | 507 | 175 | 193 | 589
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | 87,633 | (68,687 ) | 236,677 | (133,152 )
Restricted and unrestricted cash and foreign currency at beginning of period | 392,742 | 136,393 | — | 225,175
Restricted and unrestricted cash and foreign currency at end of period | $480,375 | $67,706 | $236,677 | $92,023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense | $194 | $525 | $884 | $579
NON-CASH FINANCING ACTIVITIES |  |  |  |
Reinvestment of distributions | $— | $— | $— | $769,096

Financial Statements
125

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2025

| BSTZ(a) | BST(a) | BTX | BUI
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $30,600 | $52,127 | $— | $11,121
Cash pledged |  |  |  |
Collateral — OTC derivatives | 380,000 | — | — | —
Foreign currency at value | 69,775 | 15,579 | 236,677 | 80,902
| $480,375 | $67,706 | $236,677 | $92,023

(a) | Consolidated Statement of Cash Flows.

See notes to financial statements.
126
2025 BlackRock Semi-Annual Report to Shareholders

Financial Highlights
(For a share outstanding throughout each period)

| BGR
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $13.77 | $14.13 | $14.21 | $10.77 | $8.17 | $12.57
Net investment income(a) | 0.20 | 0.33 | 0.37 | 0.42 | 0.28 | 0.32
Net realized and unrealized gain (loss) | 0.47 | 0.15 | 0.32 | 3.60 | 2.77 | (4.06 )
Net increase (decrease) from investment operations | 0.67 | 0.48 | 0.69 | 4.02 | 3.05 | (3.74 )
Distributions(b) |  |  |  |  |  |
From net investment income | (0.58 )(c) | (0.33 ) | (0.37 ) | (0.42 ) | (0.28 ) | (0.32 )
Return of capital | — | (0.51 ) | (0.40 ) | (0.16 ) | (0.17 ) | (0.34 )
Total distributions | (0.58 ) | (0.84 ) | (0.77 ) | (0.58 ) | (0.45 ) | (0.66 )
Net asset value, end of period | $13.86 | $13.77 | $14.13 | $14.21 | $10.77 | $8.17
Market price, end of period | $13.26 | $12.61 | $12.45 | $12.53 | $9.48 | $7.10
Total Return(d) |  |  |  |  |  |
Based on net asset value | 5.21 %(e) | 3.93 %(f) | 5.75 % | 38.51 % | 38.36 %(f) | (29.03 )%
Based on market price | 9.91 %(e) | 8.02 % | 5.66 % | 38.76 % | 40.14 % | (34.74 )%
Ratios to Average Net Assets(g) |  |  |  |  |  |
Total expenses | 1.16 %(h) | 1.23 % | 1.29 % | 1.26 % | 1.33 % | 1.37 %
Total expenses after fees waived and/or reimbursed | 1.16 %(h) | 1.12 % | 1.07 % | 1.04 % | 1.11 % | 1.15 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.14 %(h) | 1.12 % | 1.07 % | 1.04 % | 1.11 % | 1.15 %
Net investment income | 2.89 %(h) | 2.25 % | 2.66 % | 3.21 % | 2.88 % | 3.77 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $352,821 | $359,570 | $387,982 | $398,493 | $313,503 | $237,868
Portfolio turnover rate | 43 % | 42 % | 38 % | 76 % | 61 % | 62 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | 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) | Not annualized.
(f) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) | Annualized.

See notes to financial statements.
Financial Highlights
127

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BDJ
| Six Months Ended 06/30/25 (unaudited)(a) | Year Ended 12/31/24(a) | Year Ended 12/31/23(a) | Year Ended 12/31/22(a) | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $9.02 | $8.82 | $8.74 | $10.23 | $9.35 | $10.03
Net investment income(b) | 0.09 | 0.17 | 0.18 | 0.16 | 0.15 | 0.18
Net realized and unrealized gain (loss) | 0.65 | 0.71 | 0.63 | (0.56 ) | 1.60 | (0.26 )
Net increase (decrease) from investment operations | 0.74 | 0.88 | 0.81 | (0.40 ) | 1.75 | (0.08 )
Distributions(c) |  |  |  |  |  |
From net investment income | (0.37 )(d) | (0.20 ) | (0.13 ) | (0.04 ) | (0.28 ) | (0.15 )
From net realized gain | — | (0.48 ) | (0.60 ) | (1.05 ) | (0.59 ) | (0.45 )
Total distributions | (0.37 ) | (0.68 ) | (0.73 ) | (1.09 ) | (0.87 ) | (0.60 )
Net asset value, end of period | $9.39 | $9.02 | $8.82 | $8.74 | $10.23 | $9.35
Market price, end of period | $8.89 | $8.28 | $7.69 | $9.01 | $10.08 | $8.47
Total Return(e) |  |  |  |  |  |
Based on net asset value | 8.63 %(f) | 10.89 %(g) | 10.37 % | (3.71 )%(g) | 19.33 % | 0.77 %
Based on market price | 12.04 %(f) | 16.76 % | (6.65 )% | 0.74 % | 29.80 % | (7.70 )%
Ratios to Average Net Assets(h) |  |  |  |  |  |
Total expenses | 0.87 %(i) | 0.88 % | 0.86 % | 0.84 % | 0.85 % | 0.86 %
Total expenses after fees waived and/or reimbursed | 0.87 %(i) | 0.88 % | 0.86 % | 0.84 % | 0.85 % | 0.86 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 0.86 %(i) | 0.88 % | 0.85 % | 0.84 % | 0.85 % | 0.86 %
Net investment income | 1.98 %(i) | 1.89 % | 2.12 % | 1.69 % | 1.44 % | 2.15 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $1,660,808 | $1,596,608 | $1,641,601 | $1,629,642 | $1,902,838 | $1,739,122
Portfolio turnover rate | 28 % | 50 % | 43 % | 81 % | 40 % | 48 %

(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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f) | Not annualized.
(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) | Annualized.

See notes to financial statements.
128
2025 BlackRock Semi-Annual Report to Shareholders

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BOE
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $12.05 | $11.81 | $10.97 | $13.40 | $12.28 | $12.32
Net investment income(a) | 0.09 | 0.18 | 0.22 | 0.20 | 0.19 | 0.26
Net realized and unrealized gain (loss) | 0.78 | 0.84 | 1.38 | (1.87 ) | 1.69 | 0.46
Net increase (decrease) from investment operations | 0.87 | 1.02 | 1.60 | (1.67 ) | 1.88 | 0.72
Distributions(b) |  |  |  |  |  |
From net investment income | (0.50 )(c) | (0.18 ) | (0.22 ) | (0.19 ) | (0.19 ) | (0.26 )
From net realized gain | — | — | — | (0.41 ) | (0.57 ) | —
Return of capital | — | (0.60 ) | (0.54 ) | (0.16 ) | — | (0.50 )
Total distributions | (0.50 ) | (0.78 ) | (0.76 ) | (0.76 ) | (0.76 ) | (0.76 )
Net asset value, end of period | $12.42 | $12.05 | $11.81 | $10.97 | $13.40 | $12.28
Market price, end of period | $11.35 | $10.77 | $9.92 | $9.56 | $12.18 | $10.91
Total Return(d) |  |  |  |  |  |
Based on net asset value | 7.75 %(e) | 9.67 % | 16.16 % | (11.87 )% | 16.21 % | 7.65 %
Based on market price | 10.17 %(e) | 16.70 % | 11.95 % | (15.51 )% | 18.89 % | 7.22 %
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 1.14 %(g) | 1.11 % | 1.09 % | 1.06 % | 1.07 % | 1.09 %
Total expenses after fees waived and/or reimbursed | 0.96 %(g) | 0.93 % | 0.91 % | 0.89 % | 0.90 % | 0.92 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 0.96 %(g) | 0.93 % | 0.91 % | 0.88 % | 0.90 % | 0.92 %
Net investment income | 1.50 %(g) | 1.48 % | 1.93 % | 1.72 % | 1.46 % | 2.33 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $690,828 | $704,709 | $726,489 | $688,464 | $857,721 | $786,230
Portfolio turnover rate | 17 % | 51 % | 46 % | 44 % | 65 % | 61 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | 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) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.

See notes to financial statements.
Financial Highlights
129

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BGY
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $5.91 | $6.21 | $5.78 | $6.81 | $6.49 | $6.47
Net investment income(a) | 0.07 | 0.09 | 0.09 | 0.10 | 0.09 | 0.12
Net realized and unrealized gain (loss) | 0.55 | 0.02 | 0.75 | (0.72 ) | 0.64 | 0.31
Net increase (decrease) from investment operations | 0.62 | 0.11 | 0.84 | (0.62 ) | 0.73 | 0.43
Distributions(b) |  |  |  |  |  |
From net investment income | (0.26 )(c) | (0.08 ) | (0.08 ) | (0.10 ) | (0.14 ) | (0.13 )
From net realized gain | — | (0.33 ) | (0.09 ) | (0.10 ) | (0.15 ) | —
Return of capital | — | — | (0.24 ) | (0.21 ) | (0.12 ) | (0.28 )
Total distributions | (0.26 ) | (0.41 ) | (0.41 ) | (0.41 ) | (0.41 ) | (0.41 )
Net asset value, end of period | $6.27 | $5.91 | $6.21 | $5.78 | $6.81 | $6.49
Market price, end of period | $5.79 | $5.31 | $5.27 | $5.02 | $6.28 | $5.87
Total Return(d) |  |  |  |  |  |
Based on net asset value | 10.95 %(e) | 2.55 % | 15.94 % | (8.33 )% | 11.92 % | 8.18 %
Based on market price | 14.04 %(e) | 8.58 % | 13.29 % | (13.67 )% | 14.11 % | 7.49 %
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 1.18 %(g) | 1.19 % | 1.10 % | 1.08 % | 1.09 % | 1.10 %
Total expenses after fees waived and/or reimbursed | 1.18 %(g) | 1.19 % | 1.10 % | 1.03 % | 0.99 % | 1.00 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.16 %(g) | 1.13 % | 1.10 % | 1.02 % | 0.99 % | 1.00 %
Net investment income | 2.29 %(g) | 1.44 % | 1.40 % | 1.71 % | 1.34 % | 1.99 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $568,588 | $562,959 | $622,482 | $593,471 | $709,510 | $676,949
Portfolio turnover rate | 25 % | 46 % | 55 % | 41 % | 71 % | 60 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | 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) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.

See notes to financial statements.
130
2025 BlackRock Semi-Annual Report to Shareholders

Financial Highlights(continued)
(For a share outstanding throughout each period)

| CII
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $21.43 | $19.81 | $17.55 | $22.10 | $19.12 | $17.96
Net investment income (loss)(a) | (0.01 ) | 0.04 | 0.07 | 0.06 | 0.04 | 0.13
Net realized and unrealized gain (loss) | 2.08 | 2.82 | 3.38 | (2.51 ) | 4.04 | 2.08
Net increase (decrease) from investment operations | 2.07 | 2.86 | 3.45 | (2.45 ) | 4.08 | 2.21
Distributions(b) |  |  |  |  |  |
From net investment income | (0.85 )(c) | (0.03 ) | (0.07 ) | (0.04 ) | (0.04 ) | (0.13 )
From net realized gain | — | (1.21 ) | (1.12 ) | (2.06 ) | (1.06 ) | (0.92 )
Total distributions | (0.85 ) | (1.24 ) | (1.19 ) | (2.10 ) | (1.10 ) | (1.05 )
Net asset value, end of period | $22.65 | $21.43 | $19.81 | $17.55 | $22.10 | $19.12
Market price, end of period | $21.35 | $20.10 | $19.00 | $17.12 | $22.12 | $17.40
Total Return(d) |  |  |  |  |  |
Based on net asset value | 10.26 %(e) | 15.21 % | 20.45 % | (10.95 )% | 21.97 % | 13.94 %
Based on market price | 10.80 %(e) | 12.66 % | 18.43 % | (13.21 )% | 34.15 % | 7.97 %
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 0.93 %(g) | 0.93 % | 0.89 % | 0.89 % | 0.90 % | 0.91 %
Total expenses after fees waived and/or reimbursed | 0.93 %(g) | 0.93 % | 0.89 % | 0.89 % | 0.90 % | 0.91 %
Net investment income (loss) | (0.12 )%(g) | 0.20 % | 0.35 % | 0.31 % | 0.21 % | 0.78 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $926,669 | $899,551 | $874,451 | $774,667 | $975,479 | $843,673
Portfolio turnover rate | 46 % | 63 % | 28 % | 32 % | 27 % | 46 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | 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) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.

See notes to financial statements.
Financial Highlights
131

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BMEZ
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Period from 01/30/20(a) to 12/31/20
Net asset value, beginning of period | $16.43 | $17.91 | $18.76 | $26.47 | $30.73 | $20.00
Net investment income (loss)(b) | (0.05 ) | 0.04 | (0.12 ) | (0.18 ) | (0.32 ) | (0.22 )
Net realized and unrealized gain (loss) | 0.00 (c) | 0.17 | 0.85 | (5.79 ) | (2.23 ) | 11.85
Net increase (decrease) from investment operations | (0.05 ) | 0.21 | 0.73 | (5.97 ) | (2.55 ) | 11.63
Distributions(d) |  |  |  |  |  |
From net investment income | (1.05 )(e) | — | — | — | — | —
From net realized gain | — | — | — | (1.63 ) | (1.71 ) | (0.90 )
Return of capital | — | (1.69 ) | (1.58 ) | (0.11 ) | — | —
Total distributions | (1.05 ) | (1.69 ) | (1.58 ) | (1.74 ) | (1.71 ) | (0.90 )
Net asset value, end of period | $15.33 | $16.43 | $17.91 | $18.76 | $26.47 | $30.73
Market price, end of period | $14.26 | $14.40 | $14.65 | $15.43 | $25.36 | $28.65
Total Return(f) |  |  |  |  |  |
Based on net asset value | (0.06 )%(g) | 2.11 % | 5.60 % | (21.66 )% | (8.31 )% | 59.62 %(g)(h)
Based on market price | 6.07 %(g) | 9.40 % | 5.02 % | (32.75 )% | (5.76 )% | 48.82 %(g)
Ratios to Average Net Assets(i) |  |  |  |  |  |
Total expenses | 1.36 %(j) | 1.44 %(k) | 1.33 %(l) | 1.32 % | 1.30 % | 1.29 %(j)
Total expenses after fees waived and/or reimbursed | 1.36 %(j) | 1.44 %(k) | 1.32 %(l) | 1.32 % | 1.30 % | 1.28 %(j)
Net investment income (loss) | (0.66 )%(j) | 0.21 % | (0.65 )% | (0.91 )% | (1.10 )% | (1.00 )%(j)
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $958,017 | $1,663,882 | $1,907,371 | $2,056,419 | $2,981,886 | $3,462,638
Portfolio turnover rate | 40 % | 43 % | 63 % | 63 % | 44 % | 43 %

(a) | Commencement of operations.
(b) | Based on average shares outstanding.
(c) | Amount is less than $0.005 per share.
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(g) | Not annualized.
(h) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(j) | Annualized.
(k) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.34% and 1.34%, respectively.
(l) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.31% and 1.30%, respectively.

See notes to financial statements.
132
2025 BlackRock Semi-Annual Report to Shareholders

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BME
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $41.20 | $42.18 | $43.30 | $47.96 | $45.66 | $41.19
Net investment income(a) | 0.07 | 0.07 | 0.14 | 0.11 | — | 0.01
Net realized and unrealized gain (loss) | (0.39 ) | 1.56 | 1.30 | (2.21 ) | 4.74 | 6.86
Net increase (decrease) from investment operations | (0.32 ) | 1.63 | 1.44 | (2.10 ) | 4.74 | 6.87
Distributions(b) |  |  |  |  |  |
From net investment income | (1.57 )(c) | (0.07 ) | (0.17 ) | (0.12 ) | (0.00 )(d) | (0.05 )
From net realized gain | — | (2.01 ) | (1.66 ) | (2.34 ) | (2.44 ) | (2.35 )
Return of capital | — | (0.53 ) | (0.73 ) | (0.10 ) | — | —
Total distributions | (1.57 ) | (2.61 ) | (2.56 ) | (2.56 ) | (2.44 ) | (2.40 )
Net asset value, end of period | $39.31 | $41.20 | $42.18 | $43.30 | $47.96 | $45.66
Market price, end of period | $36.46 | $37.93 | $40.46 | $43.58 | $48.50 | $47.59
Total Return(e) |  |  |  |  |  |
Based on net asset value | (0.61 )%(f) | 4.09 % | 3.80 % | (4.19 )% | 10.66 %(g) | 17.50 %
Based on market price | 0.14 %(f) | (0.09 )% | (1.08 )% | (4.64 )% | 7.37 % | 18.69 %
Ratios to Average Net Assets(h) |  |  |  |  |  |
Total expenses | 1.12 %(i)(j)(k) | 1.10 % | 1.06 % | 1.08 % | 1.08 % | 1.10 %
Total expenses after fees waived and/or reimbursed | 1.12 %(i)(j)(k) | 1.10 % | 1.06 % | 1.07 % | 1.08 % | 1.10 %
Total expenses after fees waived and/or reimbursed and excluding amortization of offering costs and excluding professional fees for foreign withholding taxes | 1.10 %(i) | 1.10 % | 1.06 % | 1.07 % | 1.08 % | 1.10 %
Net investment income | 0.37 %(i) | 0.15 % | 0.34 % | 0.27 % | 0.01 % | 0.01 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $508,098 | $546,135 | $588,135 | $600,197 | $625,775 | $545,936
Portfolio turnover rate | 29 % | 29 % | 43 % | 41 % | 49 % | 28 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Amount is greater than $(0.005) per share.
(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) | Not annualized.
(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) | Annualized.
(j) | The Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.14% and 1.13%, respectively.
(k) | Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.10% and 1.10%, respectively.

See notes to financial statements.
Financial Highlights
133

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BCX
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $9.58 | $10.57 | $11.23 | $10.21 | $8.45 | $9.04
Net investment income(a) | 0.12 | 0.22 | 0.29 | 0.30 | 0.29 | 0.20
Net realized and unrealized gain (loss) | 0.97 | (0.57 ) | (0.33 ) | 1.27 | 1.95 | (0.26 )
Net increase (decrease) from investment operations | 1.09 | (0.35 ) | (0.04 ) | 1.57 | 2.24 | (0.06 )
Distributions(b) |  |  |  |  |  |
From net investment income | (0.42 )(c) | (0.25 ) | (0.28 ) | (0.29 ) | (0.38 ) | (0.23 )
Return of capital | — | (0.39 ) | (0.34 ) | (0.26 ) | (0.10 ) | (0.30 )
Total distributions | (0.42 ) | (0.64 ) | (0.62 ) | (0.55 ) | (0.48 ) | (0.53 )
Net asset value, end of period | $10.25 | $9.58 | $10.57 | $11.23 | $10.21 | $8.45
Market price, end of period | $9.45 | $8.54 | $8.88 | $9.97 | $9.35 | $7.41
Total Return(d) |  |  |  |  |  |
Based on net asset value | 11.93 %(e) | (2.80 )%(f) | 0.56 % | 16.31 % | 27.20 % | 1.56 %
Based on market price | 15.76 %(e) | 3.14 % | (4.84 )% | 12.76 % | 32.83 % | (0.23 )%
Ratios to Average Net Assets(g) |  |  |  |  |  |
Total expenses | 1.15 %(h)(i) | 1.10 % | 1.06 % | 1.05 % | 1.07 % | 1.09 %
Total expenses after fees waived and/or reimbursed | 1.15 %(h)(i) | 1.10 % | 1.06 % | 1.05 % | 1.07 % | 1.09 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.14 %(h) | 1.10 % | 1.06 % | 1.05 % | 1.07 % | 1.09 %
Net investment income | 2.40 %(h) | 2.13 % | 2.63 % | 2.73 % | 3.05 % | 2.62 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $781,746 | $768,567 | $891,338 | $983,181 | $901,782 | $746,615
Portfolio turnover rate | 69 % | 67 % | 46 % | 92 % | 66 % | 78 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | 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) | Not annualized.
(f) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) | Annualized.
(i) | Professional costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.16% and 1.16%, respectively.

See notes to financial statements.
134
2025 BlackRock Semi-Annual Report to Shareholders

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BSTZ
| Six Months Ended 06/30/25 (unaudited)(a) | Year Ended 12/31/24(a) | Year Ended 12/31/23(a) | Year Ended 12/31/22(a) | Year Ended 12/31/21(a) | Year Ended 12/31/20(a)
Net asset value, beginning of period | $23.14 | $21.43 | $19.53 | $38.82 | $38.72 | $20.95
Net investment loss(b) | (0.12 ) | (0.27 ) | (0.20 ) | (0.30 ) | (0.51 ) | (0.30 )
Net realized and unrealized gain (loss) | 0.60 | 4.00 | 3.92 | (16.69 ) | 3.69 | 19.32
Net increase (decrease) from investment operations | 0.48 | 3.73 | 3.72 | (16.99 ) | 3.18 | 19.02
Distributions(c) |  |  |  |  |  |
From net investment income | (1.32 )(d) | — | — | — | — | —
From net realized gain | — | (1.02 ) | — | (0.89 ) | (3.08 ) | (1.10 )
Return of capital | — | (1.00 ) | (1.82 ) | (1.41 ) | — | (0.15 )
Total distributions | (1.32 ) | (2.02 ) | (1.82 ) | (2.30 ) | (3.08 ) | (1.25 )
Net asset value, end of period | $22.30 | $23.14 | $21.43 | $19.53 | $38.82 | $38.72
Market price, end of period | $20.75 | $20.71 | $16.71 | $15.64 | $38.94 | $36.38
Total Return(e) |  |  |  |  |  |
Based on net asset value | 3.08 %(f) | 19.60 % | 21.74 %(g) | (43.98 )% | 8.41 % | 94.60 %(h)
Based on market price | 7.17 %(f) | 37.27 % | 18.54 % | (55.27 )% | 15.75 % | 86.85 %
Ratios to Average Net Assets(i) |  |  |  |  |  |
Total expenses | 1.33 %(j) | 1.48 %(k) | 1.35 % | 1.33 % | 1.31 % | 1.33 %
Total expenses after fees waived and/or reimbursed | 1.33 %(j) | 1.48 %(k) | 1.34 % | 1.33 % | 1.31 % | 1.33 %
Net investment loss | (1.11 )%(j) | (1.24 )% | (0.96 )% | (1.16 )% | (1.25 )% | (1.16 )%
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $1,533,256 | $1,673,591 | $1,629,824 | $1,524,658 | $3,048,962 | $3,023,744
Portfolio turnover rate | 33 % | 37 % | 38 % | 47 % | 18 % | 45 %

(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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f) | Not annualized.
(g) | Includes payment from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 21.68%.
(h) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(j) | Annualized.
(k) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.34% and 1.34%, respectively.

See notes to financial statements.
Financial Highlights
135

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BST
| Six Months Ended 06/30/25 (unaudited)(a) | Year Ended 12/31/24(a) | Year Ended 12/31/23(a) | Year Ended 12/31/22(a) | Year Ended 12/31/21(a) | Year Ended 12/31/20(a)
Net asset value, beginning of period | $39.60 | $34.74 | $29.11 | $52.40 | $51.94 | $32.45
Net investment loss(b) | (0.13 ) | (0.28 ) | (0.23 ) | (0.29 ) | (0.43 ) | (0.28 )
Net realized and unrealized gain (loss) | 2.70 | 8.14 | 8.86 | (20.00 ) | 5.84 | 21.82
Net increase (decrease) from investment operations | 2.57 | 7.86 | 8.63 | (20.29 ) | 5.41 | 21.54
Distributions(c) |  |  |  |  |  |
From net investment income | (1.50 )(d) | — | — | — | — | —
From net realized gain | — | (1.57 ) | (1.48 ) | (2.16 ) | (4.27 ) | (2.05 )
Return of capital | — | (1.43 ) | (1.52 ) | (0.84 ) | — | —
Total distributions | (1.50 ) | (3.00 ) | (3.00 ) | (3.00 ) | (4.27 ) | (2.05 )
Dilutive effect of rights offer (Note 10) | — | — | — | — | (0.68 ) | —
Net asset value, end of period | $40.67 | $39.60 | $34.74 | $29.11 | $52.40 | $51.94
Market price, end of period | $38.17 | $36.56 | $33.66 | $28.37 | $49.97 | $53.30
Total Return(e) |  |  |  |  |  |
Based on net asset value | 7.06 %(f) | 23.84 % | 30.78 % | (39.56 )%(g) | 9.44 % | 68.76 %(h)
Based on market price | 8.83 %(f) | 18.01 % | 30.03 % | (38.23 )% | 1.70 % | 68.92 %
Ratios to Average Net Assets(i) |  |  |  |  |  |
Total expenses | 1.12 %(j)(k)(l) | 1.07 % | 1.09 % | 1.11 % | 1.05 % | 1.09 %
Total expenses after fees waived and/or reimbursed | 1.12 %(j)(k)(l) | 1.07 % | 1.09 % | 1.11 % | 1.00 % | 0.99 %
Total expenses after fees waived and/or reimbursed and excluding offering cost and dividend expense | 1.11 %(j) | 1.07 % | 1.09 % | 1.10 % | 1.00 % | 0.99 %
Net investment loss | (0.70 )%(j) | (0.75 )% | (0.70 )% | (0.77 )% | (0.78 )% | (0.73 )%
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $1,411,955 | $1,374,876 | $1,196,425 | $960,703 | $1,681,166 | $1,297,344
Portfolio turnover rate | 20 % | 19 % | 32 % | 38 % | 31 % | 20 %

(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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f) | Not annualized.
(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(h) | For financial reporting purposes, the market value of a certain investment was adjusted as of the report date. Accordingly, the net asset value (NAV) per share and total return performance based on NAV presented herein are different than the information previously published as of December 31, 2020.
(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(j) | Annualized.
(k) | The Offering costs were not annualized in the calculation of the expense ratios. If these expense was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.13% and 1.12%, respectively.
(l) | Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.11% and 1.11%, respectively.

See notes to financial statements.
136
2025 BlackRock Semi-Annual Report to Shareholders

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BTX
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Period from 03/29/21(a) to 12/31/21
Net asset value, beginning of period | $8.37 | $9.03 | $8.82 | $16.72 | $20.00
Net investment loss(b) | (0.02 ) | (0.11 ) | (0.11 ) | (0.13 ) | (0.15 )
Net realized and unrealized gain (loss) | (0.29 ) | 0.28 | 1.09 | (6.78 ) | (2.43 )
Net increase (decrease) from investment operations | (0.31 ) | 0.17 | 0.98 | (6.91 ) | (2.58 )
Distributions(c) |  |  |  |  |
From net investment income | (0.51 )(d) | — | — | — | —
Return of capital | — | (0.83 ) | (0.77 ) | (0.99 ) | (0.70 )
Total distributions | (0.51 ) | (0.83 ) | (0.77 ) | (0.99 ) | (0.70 )
Net asset value, end of period | $7.55 | $8.37 | $9.03 | $8.82 | $16.72
Market price, end of period | $7.34 | $7.44 | $7.33 | $6.81 | $14.54
Total Return(e) |  |  |  |  |
Based on net asset value | (3.08 )%(f) | 3.39 % | 13.28 % | (41.14 )%(g) | (13.03 )%(f)
Based on market price | 6.00 %(f) | 13.22 % | 19.09 % | (47.74 )% | (24.37 )%(f)
Ratios to Average Net Assets(h) |  |  |  |  |
Total expenses | 1.40 %(i) | 1.51 %(j) | 1.44 %(k) | 1.36 % | 1.29 %(i)
Total expenses after fees waived and/or reimbursed | 1.39 %(i) | 1.51 %(j) | 1.44 %(k) | 1.36 % | 1.28 %(i)
Net investment loss | (0.59 )%(i) | (1.22 )% | (1.22 )% | (1.22 )% | (1.02 )%(i)
Supplemental Data |  |  |  |  |
Net assets, end of period (000) | $1,611,104 | $1,784,961 | $2,026,470 | $2,026,488 | $3,981,653
Portfolio turnover rate | 99 % | 39 % | 37 % | 41 % | 55 %

(a) | Commencement of operations.
(b) | Based on average shares outstanding.
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | 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) | Not annualized.
(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) | Annualized.
(j) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.37% and 1.37%, respectively.
(k) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.33% and 1.33%, respectively.

See notes to financial statements.
Financial Highlights
137

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BUI
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $22.65 | $22.53 | $22.37 | $25.86 | $23.80 | $22.02
Net investment income(a) | 0.15 | 0.29 | 0.35 | 0.33 | 0.24 | 0.33
Net realized and unrealized gain (loss) | 2.97 | 1.30 | 1.26 | (2.37 ) | 3.27 | 2.90
Net increase (decrease) from investment operations | 3.12 | 1.59 | 1.61 | (2.04 ) | 3.51 | 3.23
Distributions(b) |  |  |  |  |  |
From net investment income | (0.82 )(c) | (0.25 ) | (0.37 ) | (0.30 ) | (0.24 ) | (0.20 )
From net realized gain | — | (0.87 ) | (0.59 ) | (0.56 ) | (0.76 ) | (1.08 )
Return of capital | — | (0.35 ) | (0.49 ) | (0.59 ) | (0.45 ) | (0.17 )
Total distributions | (0.82 ) | (1.47 ) | (1.45 ) | (1.45 ) | (1.45 ) | (1.45 )
Net asset value, end of period | $24.95 | $22.65 | $22.53 | $22.37 | $25.86 | $23.80
Market price, end of period | $25.75 | $23.43 | $21.82 | $20.77 | $26.62 | $25.04
Total Return(d) |  |  |  |  |  |
Based on net asset value | 14.05 %(e) | 7.28 % | 7.66 % | (7.73 )% | 15.13 % | 15.87 %
Based on market price | 13.79 %(e) | 14.58 % | 12.30 % | (16.78 )% | 12.65 % | 20.32 %
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 1.11 %(g)(h)(i) | 1.08 % | 1.08 % | 1.08 % | 1.08 % | 1.13 %
Total expenses after fees waived and/or reimbursed | 1.11 %(g)(h)(i) | 1.08 % | 1.08 % | 1.08 % | 1.07 % | 1.10 %
Total expenses after fees waived and/or reimbursed and excluding amortization of offering costs and excluding professional fees for foreign withholding taxes | 1.07 %(g) | 1.08 % | 1.08 % | 1.08 % | 1.07 % | — %
Net investment income | 1.25 %(g) | 1.26 % | 1.58 % | 1.44 % | 0.97 % | 1.58 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $566,834 | $510,854 | $506,462 | $498,393 | $559,805 | $444,526
Portfolio turnover rate | 27 % | 36 % | 31 % | 36 % | 20 % | 39 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | 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) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.
(h) | The Offering costs were not annualized in the calculation of the expense ratios. If these expense was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.13% and 1.13%, respectively.
(i) | Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.12% and 1.12%, respectively.

See notes to financial statements.
138
2025 BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements (unaudited)
1.
ORGANIZATION
The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:

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

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

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” 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.
On February 20, 2025, the Board approved certain changes to the investment policies of BTX (formerly BIGZ). The Board approved the adoption of a non-fundamental investment policy to invest, under normal market conditions, at least 80% of its total assets in a combination of equity securities issued by U.S. and non-U.S. technology and privately held companies. In connection with the 80% policy change, the Board approved changing the Trust’s name to BlackRock Technology and Private Equity Term Trust. In addition, the Trust changed its ticker symbol to BTX.
On April 17, 2025, BTX shareholders approved certain changes to the Trust’s investment strategies, the Trust’s fundamental investment restriction with respect to industry concentration to allow the Trust to concentrate its investments in companies operating in one or more industries within the technology group of industries. These changes were effective on April 17, 2025.
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 funds referred to as the BlackRock Fixed-Income Complex.
Basis of Consolidation: The accompanying consolidated financial statements of BDJ include the accounts of BDJ Subsidiary, LLC (the “BDJ Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BDJ. The BDJ Taxable Subsidiary enables BDJ to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BDJ Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BDJ. 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 BDJ. Taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BDJ may invest up to 25% of its total assets in the BDJ Taxable Subsidiary. The net assets of the BDJ Taxable Subsidiary as of period end were $14,002,368, which is 0.8% of BDJ’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BDJ Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BDJ.
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 certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BSTZ Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BSTZ. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BSTZ. Taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. 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 $28,986,289, which is 1.9% 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.
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 certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BST Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BST. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BST. Taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. 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 $15,458,204, which is 1.1% 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.
Notes to Financial Statements
139

Notes to Financial Statements (unaudited) (continued)
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.
Certain Russian securities held by BCX declared dividends during the period. However, there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities. Any future recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictions imposed by Russia or other government agencies, could have a material accretive effect on the Fund’s net asset value per share.
Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, 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.
Cash: The Trusts may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Trusts may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Trusts are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: 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.
Distributions: Distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to the Trusts’ managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.
The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the
140
2025 BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements (unaudited) (continued)
BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.
Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Chief Financial Officer acts as the Trusts’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Trust. The CODM has concluded that each Trust operates as a single operating segment since each Trust has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trusts’ financial statements.
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. The Board has approved the designation of each Trust’s Manager as the valuation designee for each Trust. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. 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 the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
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 trade or 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 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 of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. 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 NAV.
•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 occurs after 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 Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
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Notes to Financial Statements (unaudited) (continued)
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 Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves 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.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Certain information made available 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 at the measurement date. 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 that each Trust has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the 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 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.
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.
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Commitments: Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate a fund to make future cash payments. As of June 30, 2025, BDJ and BME had outstanding commitments of $7,443,073 and $167,000, respectively. These commitments are not included in the net assets of a Trust as of June 30, 2025.
Securities Lending: Certain Trusts may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Trusts collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Trust is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Trust and any additional required collateral is delivered to the Trust, or excess collateral returned by the Trust, on the next business day. During the term of the loan, the Trusts are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Trust, except in the event of borrower default. The securities on loan, if any, are disclosed in the Trusts’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Trusts under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Trusts can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
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)
BMEZ |  |  |  |
Barclays Capital, Inc. | $405,882 | $(405,882 ) | $— | $—
BofA Securities, Inc. | 231,861 | (231,861 ) | — | —
Citigroup Global Markets, Inc. | 516,244 | (516,244 ) | — | —
Jefferies LLC | 1,212,676 | (1,212,676 ) | — | —
Morgan Stanley | 42,731 | (42,731 ) | — | —
Toronto-Dominion Bank | 159,705 | (159,705 ) | — | —
| $2,569,099 | $(2,569,099 ) | $— | $—
BME |  |  |  |
BofA Securities, Inc. | $146,619 | $(146,337 ) | $— | $282
Citigroup Global Markets, Inc. | 955,896 | (955,896 ) | — | —
J.P. Morgan Securities LLC | 155,340 | (155,340 ) | — | —
Morgan Stanley | 32,657 | (32,657 ) | — | —
| $1,290,512 | $(1,290,230 ) | $— | $282
BCX |  |  |  |
Citigroup Global Markets, Inc. | $5,699,597 | $(5,699,597 ) | $— | $—
SG Americas Securities LLC | 157,900 | (157,900 ) | — | —
| $5,857,497 | $(5,857,497 ) | $— | $—
BSTZ |  |  |  |
Barclays Capital, Inc. | $702,027 | $(702,027 ) | $— | $—
BNP Paribas SA | 1,716,487 | (1,716,487 ) | — | —
BofA Securities, Inc. | 143,537 | (143,537 ) | — | —
Goldman Sachs & Co. LLC | 15,998,065 | (15,998,065 ) | — | —
J.P. Morgan Securities LLC | 1,859,715 | (1,859,715 ) | — | —
Jefferies LLC | 3,861,681 | (3,861,681 ) | — | —
Morgan Stanley | 2,493,310 | (2,493,310 ) | — | —
National Financial Services LLC | 74,358 | (74,358 ) | — | —
| $26,849,180 | $(26,849,180 ) | $— | $—
BTX |  |  |  |
BNP Paribas SA | $4,505,940 | $(4,505,940 ) | $— | $—

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Notes to Financial Statements (unaudited) (continued)

Trust Name/Counterparty | Securities Loaned at Value | Cash Collateral Received(a) | Non-Cash Collateral Received, at Fair Value(a) | Net Amount(b)
BTX (continued) |  |  |  |
J.P. Morgan Securities LLC | $2,936,217 | $(2,936,217 ) | $— | $—
Jefferies LLC | 43,740 | (43,740 ) | — | —
Morgan Stanley | 3,780,630 | (3,780,630 ) | — | —
| $11,266,527 | $(11,266,527 ) | $— | $—

(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Trust is disclosed in the Trust’s Statements of Assets and Liabilities.
(b) | The market value of the loaned securities is determined as of June 30, 2025. 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, each Trust benefits 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 the 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 each Trust.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract 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 Trusts and the counterparty.
Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from 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
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Notes to Financial Statements (unaudited) (continued)
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 | 1.00 % | 0.80 % | 1.00 % | 1.00 %

Average daily value of each Trust’s net assets, plus the proceeds of any outstanding debt securities or borrowings for leverage:

| CII
Investment advisory fees | 0.85 %

Average daily value of each Trust’s net assets:

| BGY | BUI
Investment advisory fees | 1.00 % | 1.00 %

Average daily value of each Trust’s managed assets:

| BMEZ | BSTZ | BST | BTX
Investment advisory fees | 1.25 % | 1.25 % | 1.00 % | 1.25 %

For such services, BCX pays the Manager a monthly fee at an annual rate equal to 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust’s interest in the BCX Subsidiary, LLC (the "BCX Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of BCX) and the average daily value of the net assets of its subsidiary, which fee is allocated pro rata between the Trust and the BCX Taxable Subsidiary based on the average daily value of their respective net assets (excluding, in the case of the Trust, the value of the Trust’s interest in the BCX Taxable Subsidiary). The BCX Taxable Subsidiary had no net assets or activity during the period ended June 30, 2025.
For purposes of calculating these fees, “net assets” mean the total assets of BGR, BDJ, BOE, BGY, CII, BME, BCX and BUI minus the sum of its accrued liabilities.
For purposes of calculating these fees, “managed assets” are determined as total assets of BMEZ, BTX, BSTZ and BST (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).
The Manager provides investment management and other services to BDJ Taxable Subsidiary, BSTZ Taxable Subsidiary and BST Taxable Subsidiary. The Manager does not receive separate compensation from the BDJ Taxable Subsidiary, BSTZ Taxable Subsidiary or BST Taxable Subsidiary for providing investment management or administrative services. However, BDJ pays the Manager based on the Trust’s net assets, which includes the assets of the BDJ Taxable Subsidiary, and BSTZ and BST pay the Manager based on the Trust’s managed assets, which includes the assets of the BSTZ Taxable Subsidiary and BST Taxable Subsidiary, respectively.
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.
Distribution Fees: BDJ, BME, BST and BUI have each entered into Distribution Agreements with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BDJ’s, BME’s, BST’s and BUI’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BDJ’s, BME’s, BST’s and BUI’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the six months ended June 30, 2025 amounted to $0, $0, $0 and $5,992 for each of BDJ, BME, BST and BUI, respectively.
Expense Limitations, Waivers and Reimbursements: The Manager voluntarily agreed to waive investment advisory fees on the following Trusts as a percentage of their average weekly net assets, as follows:

| BOE
| 0.175 %

Notes to Financial Statements
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Notes to Financial Statements (unaudited) (continued)
These voluntary waivers may be reduced or discontinued at any time without notice.
For the six months ended June 30, 2025, 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
BOE | $596,903

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, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows:

Trust Name | Fees Waived and/or Reimbursed by the Manager
BGR | $2,661
BDJ | 14,729
BOE | 2,758
BGY | 2,797
CII | 4,858
BMEZ | 29,042
BME | 8,358
BCX | 8,310
BSTZ | 7,006
BST | 3,625
BTX | 17,044
BUI | 4,369

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, 2027. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended June 30, 2025, there were no fees waived by the Manager pursuant to this arrangement.
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Trusts bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Trust retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each of BDJ, CII, BMEZ, BME, BIGZ and BST retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
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 specified thresholds, each of BDJ, CII, BMEZ, BME, BIGZ and BST, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Pursuant to the current securities lending agreement, each of BGR, BOE, BGY, BCX, BSTZ and BUI retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
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 specified thresholds, each of BGR, BOE, BGY, BCX, BSTZ and BUI, pursuant to the securities lending agreement, will retain for the remainder of that calendar
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year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Trust is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended June 30, 2025, each Trust paid BIM the following amounts for securities lending agent services:

Trust Name | Amounts
BDJ | $177
BGY | 277
CII | 129
BMEZ | 6,569
BME | 623
BCX | 3,634
BSTZ | 22,031
BST | 779
BTX | 15,726
BUI | 94

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: The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2025, 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)
BGY | $2,820,003 | $5,776,078 | $160,391

7.
PURCHASES AND SALES
For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

Trust Name | Purchases | Sales
BGR | $151,573,331 | $164,949,527
BDJ | 448,577,895 | 511,627,173
BOE | 118,112,433 | 184,949,119
BGY | 143,896,264 | 195,621,235
CII | 407,288,772 | 472,072,979
BMEZ | 514,856,533 | 1,113,710,191
BME | 153,115,996 | 165,968,975
BCX | 524,190,450 | 569,539,585
BSTZ | 490,732,678 | 682,437,643
BST | 258,092,756 | 324,703,237
BTX | 1,540,354,715 | 1,723,578,395
BUI | 138,847,397 | 152,423,443

8.
INCOME TAX INFORMATION
It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2025, 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. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Trusts’ NAV.
Notes to Financial Statements
147

Notes to Financial Statements (unaudited) (continued)
As of December 31, 2024, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

Trust Name | Non-Expiring Capital Loss Carryforwards | Qualified Late-Year Ordinary Losses
BGR | $(203,787,893 ) | $—
BOE | (5,383,743 ) | (23,287 )
BMEZ | (26,094,837 ) | —
BME | — | (9,210 )
BCX | (210,243,025 ) | —
BST | — | (6,188 )
BTX | (1,849,884,782 ) | —
BUI | — | (43,667 )

As of June 30, 2025, 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 | $266,095,629 | $109,101,323 | $(21,691,192 ) | $87,410,131
BDJ | 1,333,396,601 | 420,804,739 | (64,857,687 ) | 355,947,052
BOE | 510,890,138 | 196,210,876 | (9,305,743 ) | 186,905,133
BGY | 448,503,185 | 139,343,547 | (15,976,990 ) | 123,366,557
CII | 634,269,244 | 328,972,878 | (17,411,058 ) | 311,561,820
BMEZ | 976,352,077 | 180,353,011 | (184,954,024 ) | (4,601,013 )
BME | 370,857,261 | 181,698,936 | (25,380,203 ) | 156,318,733
BCX | 712,346,180 | 146,939,002 | (67,242,403 ) | 79,696,599
BSTZ | 1,002,329,196 | 737,605,600 | (155,755,964 ) | 581,849,636
BST | 723,223,200 | 822,604,446 | (127,624,798 ) | 694,979,648
BTX | 1,808,010,698 | 232,647,895 | (410,993,649 ) | (178,345,754 )
BUI | 362,420,982 | 213,028,372 | (3,713,554 ) | 209,314,818

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, tariffs 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. BDJ’s, 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 mandatory and discretionary liquidity fees under certain circumstances.
Illiquidity Risk: 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.
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. 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.
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
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Notes to Financial Statements (unaudited) (continued)
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.
Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.
With exchange-traded options purchased, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency).
Geographic/Asset Class 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 | BMEZ, BME
Information Technology | CII, BSTZ, BST
Materials | BCX
Utilities | BUI

Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.
Certain Trusts invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund 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.
The Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trusts’ performance.
Certain Trusts invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund 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 the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.
Notes to Financial Statements
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Notes to Financial Statements (unaudited) (continued)
Certain Trusts invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trusts’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
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.
BDJ, BME, BST and BUI have each filed a prospectus with the SEC allowing them to issue an additional 40,000,000, 4,000,000, 18,000,000 and 8,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offerings, BDJ, 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, 40,000,000, 3,332,695, 15,661,634 and 7,473,143 Common Shares, respectively, remain available for issuance under the Shelf Offerings. During the six months ended June 30, 2025, BDJ, BME, BST and BUI issued 0, 0, 0 and 130,020 shares, respectively, under the Trust’s respective current Shelf Offering and the Trust’s prior Shelf Offering. See Additional Information — Shelf Offering Program for additional information.
Initial costs incurred by each of BDJ, BME, BST and BUI in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of shares issued through the Shelf Offering:

| Six Months Ended | Year Ended
Trust Name | 06/30/25 | 12/31/24
BST | — | 236,917
BUI | 130,020 | 55,243

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

| Six Months Ended | Year Ended
Trust Name | 06/30/25 | 12/31/24
BST | — | 43,442
BUI | 32,859 | 21,581

For the period ended November 30, 2024 the Trusts did not repurchase any shares.
Each Trust had previously adopted a one-year discount management program (the “Program”) that was comprised of four 3-month measurement periods, expiring with the measurement period ending March 31, 2025. Under the Program, each Trust offered to repurchase a portion of its common shares via tender offer if the Trust’s common shares traded at an average daily discount to NAV of more than 7.5% during a 3-month measurement period. As a result of the discount trigger being met during the respective measurement periods under the Program, certain Trusts conducted a tender offer for 2.5% of its outstanding common shares, at a price equal to 98% of the NAV per share, determined on the business day after the tender offer expired. The results of the tender offers were as follows:
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Notes to Financial Statements (unaudited) (continued)
BGR

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
01/22/25 | 02/22/25 | 3,894,759 | 14.9 % | 652,722 | 2.5 % | $13.8376 | $9,032,106

BOE

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
01/23/25 | 02/25/25 | 13,246,807 | 22.7 % | 1,462,199 | 2.5 % | $12.1520 | $17,768,642
04/16/25 | 05/20/25 | 12,288,978 | 21.6 | 1,425,644 | 2.5 | 11.8776 | 16,933,229

BGY

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
01/23/25 | 02/25/25 | 31,046,841 | 32.6 % | 2,383,023 | 2.5 % | $6.0662 | $14,455,894
04/16/25 | 05/20/25 | 22,873,636 | 24.6 | 2,323,447 | 2.5 | 6.0858 | 14,140,034

CII

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
01/22/25 | 02/22/25 | 4,275,883 | 10.2 % | 1,049,179 | 2.5 % | $21.1974 | $22,239,867

BME

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
01/22/25 | 02/22/25 | 1,188,063 | 9.0 % | 331,387 | 2.5 % | $42.1792 | $13,977,639

BCX

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
01/23/25 | 02/25/25 | 17,748,385 | 22.1 % | 2,004,946 | 2.5 % | $9.7706 | $19,589,525
04/16/25 | 05/20/25 | 14,138,859 | 18.1 | 1,954,822 | 2.5 | 9.7314 | 19,023,155

BSTZ

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
01/23/25 | 02/25/25 | 16,170,310 | 22.4 % | 1,807,867 | 2.5 % | $21.6776 | $39,190,218
04/16/25 | 05/20/25 | 12,715,932 | 18.0 | 1,762,670 | 2.5 | 20.0018 | 35,256,573

(a) | Date the tender offer period began.

Repurchase offers results for the year ended December 31, 2024 were as follows:
Notes to Financial Statements
151

Notes to Financial Statements (unaudited) (continued)
BGR

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/17/24 | 08/19/24 | 7,466,508 | 27.2 % | 686,624 | 2.5 % | $14.5824 | $10,012,626
10/15/24 | 11/18/24 | 6,002,507 | 22.4 | 669,458 | 2.5 | 14.5922 | 9,768,865

BDJ

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/17/24 | 08/19/24 | 22,908,137 | 12.3 % | 4,653,377 | 2.5 % | $9.1826 | $42,730,100
10/15/24 | 11/18/24 | 18,268,902 | 10.1 | 4,537,043 | 2.5 | 9.2120 | 41,795,240

BOE

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/19/24 | 08/21/24 | 14,942,512 | 24.3 % | 1,538,145 | 2.5 % | $12.2794 | $18,887,498
10/17/24 | 11/20/24 | 14,941,364 | 24.9 | 1,499,691 | 2.5 | 12.0736 | 18,106,669

BGY

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/18/24 | 08/20/24 | 33,752,225 | 33.7 % | 2,506,796 | 2.5 % | $6.3014 | $15,796,324
10/16/24 | 11/19/24 | 33,315,326 | 34.1 | 2,444,126 | 2.5 | 5.8996 | 14,419,366

CII

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/17/24 | 08/19/24 | 5,850,437 | 13.3 % | 1,103,672 | 2.5 % | $20.9524 | $23,124,577
10/15/24 | 11/18/24 | 5,713,692 | 13.3 | 1,076,081 | 2.5 | 20.9328 | 22,525,388

BMEZ

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/18/24 | 08/20/24 | 24,040,558 | 22.6 % | 2,662,856 | 2.5 % | $17.6204 | $46,920,588
10/16/24 | 11/19/24 | 21,043,412 | 20.3 | 2,596,285 | 2.5 | 16.3856 | 42,541,687

BME

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/18/24 | 08/20/24 | 1,279,599 | 9.2 % | 348,599 | 2.5 % | $44.4822 | $15,506,450

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Notes to Financial Statements (unaudited) (continued)

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
10/16/24 | 11/19/24 | 1,360,222 | 10.0 % | 339,884 | 2.5 % | 41.2678 | 14,026,265

BCX

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/19/24 | 08/21/24 | 22,521,822 | 26.7 % | 2,109,082 | 2.5 % | $10.3292 | $21,785,130
10/17/24 | 11/20/24 | 20,587,371 | 25.0 | 2,056,355 | 2.5 | 10.1136 | 20,797,152

BSTZ

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/19/24 | 08/21/24 | 23,251,771 | 30.6 % | 1,901,766 | 2.5 % | $21.4522 | $40,797,065
10/17/24 | 11/20/24 | 19,714,994 | 26.6 | 1,854,222 | 2.5 | 22.3440 | 41,430,736

BTX

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/22/24 | 08/22/24 | 42,424,300 | 18.9 % | 5,610,470 | 2.5 % | $8.1242 | $45,580,580
10/18/24 | 11/21/24 | 35,904,019 | 16.4 | 5,470,208 | 2.5 | 8.5750 | 46,907,034

(a) | Date the tender offer period began.

On February 28, 2025, the Board approved the renewal of each Trust’s Program, which will consist of one measurement period beginning on January 1, 2025 and ending on September 30, 2025. Under the renewed Program, each Trust intends to offer to repurchase a portion of its common shares via tender offer if the Trust’s common shares trade at an average daily discount to NAV of more than 10% during the 9-month measurement period. If the discount trigger is met and a tender offer is conducted, there is no guarantee that shareholders will be able to sell all of the shares that they desire to sell in such tender offer and there can be no assurance as to the effect that the Program will have on the market for a Trust’s shares or the discount at which a Trust’s shares may trade relative to its NAV.
On January 20, 2025, the Board approved tender offers to repurchase 50% of BTX’s outstanding shares and 40% of BMEZ’s outstanding shares, at a price per share equal to 99.5% of the applicable Trust’s net asset value per common share determined following the expiration of the tender offer. In connection with the approval of these tender offers, the discount management program was terminated for each of BTX and BMEZ and the respective tender offers for the quarterly measurement period ended December 31, 2024 were cancelled.
BMEZ tender offer results were as follows:

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
03/21/25 | 04/18/25 | 38,753,713 | 38.3 % | 38,753,713 | 38.3 % | $14.2086 | $550,636,007

As of June 30, 2025, BlackRock Financial Management, Inc., an affiliate of the Trust, owned 5,000 Shares of BTX.
11.
FOREIGN WITHHOLDINGS TAX CLAIMS
BOE, BGY, BCX and BUI are each seeking a closing agreement with the Internal Revenue Service ("IRS") to address any prior years’ U.S. income tax liabilities attributable to Trust shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Trust paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Trust shareholders on their tax returns in prior years. The Trust has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
Notes to Financial Statements
153

Notes to Financial Statements (unaudited) (continued)
12.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:
The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name | Declaration Date | Record Date | Payable/ Paid Date |  | Dividend Per Common Share
BGR | 07/01/25 | 07/15/25 | 07/31/25 |  | $0.097300
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.097300
BDJ | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.061900
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.061900
BOE | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.082700
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.082700
BGY | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.042600
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.042600
CII | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.141000
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.141000
BMEZ | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.167200
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.164960
BME | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.262100
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.262100
BCX | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.069700
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.069700
BSTZ | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.216840
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.216470
BST | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.250000
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.250000
BTX | 07/01/25 | 07/17/25 | 07/31/25 |  | 0.079680
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.078840
BUI | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.136000
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.136000

BTX conducted a tender offer for up to 50% of its issued and outstanding common shares. The results of the tender offer were as follows:

Commencement Date of Tender Offer Period | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares to be Purchased | Tendered Shares to be Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
06/09/25 | 07/09/25 | 96,627,850 | 45.3 % | 96,627,850 | 45.3 % | $7.4924 | $723,974,503

154
2025 BlackRock Semi-Annual Report to Shareholders

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Equity Dividend Trust (“BDJ”), BlackRock Enhanced Global Dividend Trust (“BOE”), BlackRock Enhanced International Dividend Trust (“BGY”), BlackRock Enhanced Large Cap Core Fund, Inc. (“CII”), BlackRock Health Sciences Trust (“BME”), BlackRock Health Sciences Term Trust (“BMEZ”), BlackRock Resources & Commodities Strategy Trust (“BCX”), BlackRock Science and Technology Trust (“BST”), BlackRock Science and Technology Term Trust (“BSTZ”), BlackRock Technology and Private Equity Trust (“BTX”), and BlackRock Utilities, Infrastructure & Power Opportunities Trust (“BUI”) (collectively, the “Funds” and each, a “Fund”) met on May 8, 2025 (the “May Meeting”) and June 5-6, 2025 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between the Manager, BlackRock International Limited (the “Sub-Advisor”) and each of BGR, BOE, BGY, BCX and BUI. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board Members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) the use of brokerage commissions and execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.
Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements(continued)
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with BDJ’s, BME’s, BST’s and BUI’s equity shelf program, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock’s business continuity plans.
The Board noted that the engagement of the Sub-Advisor with respect to BGR, BOE, BGY, BCX, and BUI facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.
B. The Investment Performance of each Fund
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board reviewed and considered BGR’s performance relative to BGR’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGR generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGR, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BDJ’s performance relative to BDJ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BDJ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BDJ, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BOE’s performance relative to BOE’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BOE generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BOE, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BOE’s underperformance relative to the Performance Metrics.
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2025 BlackRock Semi-Annual Report to Shareholders

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements(continued)
The Board reviewed and considered BGY’s performance relative to BGY’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGY generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGY, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered CII’s performance relative to CII’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, CII generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for CII, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BMEZ’s performance relative to BMEZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BMEZ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BMEZ, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BME’s performance relative to BME’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BME generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BME, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BCX’s performance relative to BCX’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BCX generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BCX, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BSTZ’s performance relative to BSTZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BSTZ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BSTZ, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BST’s performance relative to BST’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BST generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BST, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BST’s underperformance relative to the Performance Metrics.
The Board reviewed and considered BTX’s performance relative to BTX’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BTX generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BTX, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BTX’s underperformance relative to the Performance Metrics.
The Board reviewed and considered BUI’s performance relative to BUI’s Performance Metrics. Based on an overall rating relative to the Performance metrics, BUI generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BUI, and that BlackRock has explained its rationale for this belief to the Board.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge’s defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock’s technology business, BlackRock’s expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements(continued)
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that BGR’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers. The Board and BlackRock agreed to a lower contractual advisory fee rate, and in connection determined to eliminate a voluntary advisory fee waiver. These changes were effective July 1, 2024.
The Board noted that BDJ’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BOE’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BOE. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 17.5 basis points voluntary advisory fee waiver.
The Board noted that BGY’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to the Expense Peers.
The Board noted that CII’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BMEZ’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the fourth and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BME’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BCX’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.
The Board noted that BSTZ’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BST’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BTX’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BUI’s contractual management fee rate ranked second out of four funds, and that the actual management fee rate and total expense ratio each ranked second out of four funds relative to the Expense Peers.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each Fund’s asset levels and whether the current fee was appropriate.
Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although each of BDJ, BME, BST and BUI may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each of BDJ’s, BME’s, BST’s and BUI’s assets will occur primarily through the appreciation of its investment portfolio.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
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2025 BlackRock Semi-Annual Report to Shareholders

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements(continued)
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock-advised funds; and efforts to reduce fund discounts, including continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.
Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2026, and the Sub-Advisory Agreements among the Manager, the Sub-Advisor and each of BGR, BOE, BGY, BCX and BUI for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.
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Additional Information
Proxy Results
At a Special Meeting of Shareholders of BlackRock Technology and Private Equity Term Trust (the "Trust"), held on April 17, 2025, Fund shareholders were asked to vote on the following proposals:
Proposal 1. To approve an amendment to the Trust’s fundamental investment restriction with respect to industry concentration to allow the Trust to concentrate its investments in companies operating in one or more industries within the technology group of industries.
With respect to this Proposal, the shares of the Trust were voted as follows:

| Votes For | Votes Against | Votes Abstain
BTX | 103,516,399 | 2,795,926 | 732,630

Proposal 2. To approve a change in the Trust’s status from diversified to non-diversified as such terms are defined under the Investment Company Act of 1940, as amended (the “1940 Act”).
With respect to this Proposal, the shares of the Trust were voted as follows:

| Votes For | Votes Against | Votes Abstain
BTX | 103,045,937 | 3,140,232 | 858,786

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.
Environmental, Social and Governance (“ESG”) Integration
Although the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors as part of the investment process for the Trusts. Trust management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Trusts’ 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. The ESG characteristics utilized in the Trusts’ 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. Certain of these considerations may affect the Trusts’ exposure to certain companies or industries. While Trust management views ESG considerations as having the potential to contribute to the Trusts’ long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the "Plan"), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust.
The distributions paid by each Trust for any particular month may be more or less than the amount of net investment income earned by each 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.
160
2025 BlackRock Semi-Annual Report to Shareholders

Additional Information(continued)
General Information
The Trusts, other than BDJ, BME, BST and BUI, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BDJ, BME, BST and BUI, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BDJ, 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.
BDJ’s, BME’s, BST’s and BUI’s Statements of Additional Information include additional information about its 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, 2024. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.
Except if noted otherwise herein, there were no changes to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.
Quarterly performance, shareholder 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 BDJ, BME, BST and BUI only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BDJ, 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 BDJ, BME, BST and BUI only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.
Availability of Quarterly Schedule of Investments
The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
The Board of Trustees of the Trusts has delegated the voting of proxies for the Trusts’ securities to BlackRock Advisors, LLC (the “Adviser”) pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”) with respect to certain funds, including the Trusts. The BAIS Guidelines are available at www.blackrock.com.
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.
Additional Information
161

Additional Information(continued)
Shelf Offering Program
From time to time, BDJ, BME, BST and BUI may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BDJ, 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 BDJ’s, 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 BDJ, 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.
BDJ and BUI filed final prospectuses with the SEC in connection with its Shelf Offering on June 2, 2023 and June 2, 2025, respectively. This report and the prospectuses of BDJ and BUI are not offers to sell BDJ and BUI Common Shares or solicitations of an offer to buy BDJ and BUI Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BDJ and BUI contains important information about BDJ and BUI, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BDJ and BUI carefully and in their entirety before investing. Copies of the final prospectuses for BDJ and BUI can be obtained from BlackRock at blackrock.com.
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 02114
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
(a) For BGR, BOE, BGY, BCX and BUI.
(b) For BDJ, BME, BST and BUI.
Distributor
BlackRock Investments, LLC(b)
New York, NY 10001
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809
162
2025 BlackRock Semi-Annual Report to Shareholders

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
KRW | South Korean Won
NOK | Norwegian Krone
SEK | Swedish Krona
SGD | Singapore Dollar
TWD | New Taiwan Dollar
USD | United States Dollar

Portfolio Abbreviation
ADR | American Depositary Receipt
CVR | Contingent Value Right
GDR | Global Depositary Receipt
LP | Limited Partnership
PJSC | Public Joint Stock Company
REIT | Real Estate Investment Trust
S&P | Standard & Poor’s
SAP | Subject to Appropriations

Glossary of Terms Used in this Report
163

Want to know more?
blackrock.com | 800-882-0052
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.
CEF-BK9-06/25-SAR

(b) Not Applicable

Item 2 – | Code of Ethics – Not Applicable to this semi-annual report

Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – | Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

Item 6 – | Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – | Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable

Item 8 – | Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable

Item 9 – | Proxy Disclosures for Open-End Management Investment Companies – Not Applicable

Item 10 – | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable

Item 11 – | Statement Regarding Basis for Approval of Investment Advisory Contract – The registrant’s statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 13 – | Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 14 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – | 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 date 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) or 15d-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 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 18 – | Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – | Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) 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.

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: August 22, 2025

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: August 22, 2025

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Energy and Resources Trust

Date: August 22, 2025