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: 811‑21702
 
Name of Fund:   BlackRock Health Sciences Trust (BME)
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Health Sciences 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: 12/31/2023
Date of reporting period: 06/30/2023

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

 
LOGO
  JUNE 30, 2023
 
  
2023 Semi-Annual Report
(Unaudited)
 
 
BlackRock Energy and Resources Trust (BGR)
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
BlackRock Enhanced Equity Dividend Trust (BDJ)
BlackRock Enhanced Global Dividend Trust (BOE)
BlackRock Enhanced International Dividend Trust (BGY)
BlackRock Health Sciences Term Trust (BMEZ)
BlackRock Health Sciences Trust (BME)
BlackRock Innovation and Growth Term Trust (BIGZ)
BlackRock Resources & Commodities Strategy Trust (BCX)
BlackRock Science and Technology Term Trust (BSTZ)
BlackRock Science and Technology Trust (BST)
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
 
 
 
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
 
 

Supplemental Information  (unaudited)
    
  
 
Section 19(a) Notices
BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Term Trust’s (BMEZ), BlackRock Health Sciences Trust’s (BME), BlackRock Innovation and Growth Term Trust’s (BIGZ), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Term Trust’s (BSTZ), BlackRock Science and Technology Trust’s (BST) 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, 2023
 
       
    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
  $  0.191790      $      $      $  0.188010     $  0.379800         50             50     100
CII
    0.052450               0.544550              0.597000         9             91             100  
BDJ
    0.184630        0.042340        0.110230              0.337200         54       13       33             100  
BOE
    0.125210                      0.252790       0.378000         33                   67       100  
BGY
    0.060430               0.055540        0.086830       0.202800         30             27       43       100  
BMEZ
                         0.870000       0.870000                           100       100  
BME
    0.069140               0.979780        0.229080       1.278000         5             77       18       100  
BIGZ
                         0.420000       0.420000                           100       100  
BCX
    0.149910                      0.160890       0.310800         48                   52       100  
BSTZ
                  0.130650        0.898550       1.029200                     13       87       100  
BST
                         1.500000       1.500000                           100       100  
BUI
    0.239240        0.127710        0.359050              0.726000           33       18       49             100  
 
  (a) 
Each Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce a Trust’s net asset value per share.
 
Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at blackrock.com.
Section 19(b) Disclosure
The Trusts, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees (the “Board”), each 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
  $ 0.065700   
CII
    0.099500   
BDJ
    0.056200   
BOE
    0.063000   
BGY
    0.033800   
BMEZ
    0.145000   
BME
    0.213000   
BIGZ
    0.070000   
BCX
    0.051800   
BSTZ
    0.161300   
BST
    0.250000   
BUI
    0.121000   
The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).
Shareholders should not draw any conclusions about each Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table.
 
 
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Supplemental Information  (unaudited)  (continued)
    
 
The Board may amend, suspend or terminate a Trust’s Plan at any time without prior notice to the Trust’s shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to BDJ, BME, BST and BUI’s prospectuses for a more complete description of each Trust’s risks.
 
 
S U P P L E M E N T A L   I N F O R M A T I O N
  3

The Markets in Review
Dear Shareholder,
Despite an uncertain economic landscape during the 12-month reporting period ended June 30, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. Inflation remained elevated as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated substantially as the period continued, while ongoing strength in consumer spending backstopped the economy.
Equity returns were strong, as continued job growth eased investors’ concerns about the economy’s durability. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced significantly, including large- and small-capitalization U.S. stocks and international equities from developed markets. Emerging market equities also gained, although at a substantially slower pace, pressured by high interest rates and falling commodities prices.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, which made it the first meeting without a rate increase since the tightening cycle began in early 2022.
Supply constraints have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population exacerbate these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and most recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.
While we favor an overweight to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions, however there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
 
LOGO
Rob Kapito
President, BlackRock Advisors, LLC
LOGO
Rob Kapito
President, BlackRock Advisors, LLC
 
Total Returns as of June 30, 2023
 
 
    
 
6-Month
 
   
 
12-Month
 
 
   
U.S. large cap equities
(S&P 500® Index)
    16.89%        19.59%   
   
U.S. small cap equities
(Russell 2000® Index)
    8.09           12.31      
   
International equities
(MSCI Europe, Australasia, Far East Index)
    11.67           18.77      
   
Emerging market equities
(MSCI Emerging Markets Index)
    4.89           1.75      
   
3-month Treasury bills
(ICE BofA 3-Month U.S. Treasury Bill Index)
    2.25           3.60      
   
U.S. Treasury securities
(ICE BofA 10-Year U.S. Treasury Index)
    1.70           (3.97)     
   
U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)
    2.09           (0.94)     
   
Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)
    2.67           3.19      
   
U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)
    5.38           9.07      
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
 
 
 
 
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T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents
    
 
      Page  
     2  
     4  
     6  
     6  
Semi-Annual Report:
  
     7  
Financial Statements:
  
     33  
     123  
     126  
     129  
     135  
     138  
     150  
     164  
     169  
     172  
 
 
  5

Option Over‑Writing Strategy
    
  
 
Overview
In general, the goal of each of the Trusts is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trusts seek to pursue these goals primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options in an effort to generate current gains from option premiums and to enhance each Trust’s risk-adjusted return. Each Trust’s objectives cannot be achieved in all market conditions.
Each Trust primarily writes single stock covered call options and may also from time to time write single stock put options. When writing (selling) a covered call option, a Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price (“strike price”) within an agreed-upon time period. The Trust receives cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trust. During the option term, the counterparty may elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust is obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trust realizes gains equal to the premiums received. Alternatively, an option may be closed out by an offsetting purchase or sale of an option prior to expiration. The Trust realizes a capital gain from a closing purchase or sale transaction if the premium paid is less than the premium received from writing the option. The Trust realizes a capital loss from a closing purchase or sale transaction if the premium received is less than the premium paid to purchase the option.
Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written option (sale by a Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty may result in a sale below the current market value and a gain or loss being realized by the Trust; and limiting the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. The premium that a Trust receives from writing a covered call option may not be sufficient to offset the potential appreciation on the underlying equity security above the strike price of the option that could have otherwise been realized by the Trust. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.
Option Over-Writing Strategy Illustration
To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock’s value, as a premium. If the stock price remains unchanged, the option expires and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would “break-even” from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust’s downside protection is eliminated and the stock could eventually become worthless.
Each Trust intends to write covered call and other options to varying degrees depending upon market conditions. Please refer to each Trust’s Schedule of Investments and the Notes to Financial Statements for details of written options.
Derivative Financial Instruments
The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. 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.
 
 
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Trust Summary  as of June 30, 2023
    
   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, 2023 ($12.04)(a)
  6.55%
Current Monthly Distribution per Common Share(b)
  $0.065700
Current Annualized Distribution per Common Share(b)
  $0.788400
 
  (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
 
     06/30/23               12/31/22               Change               High               Low    
Closing Market Price
  $ 12.04        $ 12.53          (3.91 )%       $   13.36        $   11.23    
Net Asset Value
    13.66                14.21                (3.87              14.91                12.71    
Performance
Returns for the period ended June 30, 2023 were as follows:
 
                                                   
          Average Annual Total Returns  
   
 
 
 
     6-month     1 Year     5 Years     10 Years  
Trust at NAV(a)(b)
    (0.87 )%      15.72     3.56     1.41
Trust at Market Price(a)(b)
    (0.92     16.22       1.95       1.12  
 
       
MSCI World Energy Call Overwrite Index(c)
    (2.68     12.49       N/A       N/A  
MSCI World Energy Index(d)
    (3.91     13.18       3.46       2.77  
 
  (a)
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
 
  (b) 
The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
 
  (c) 
An index that incorporates an option overlay component on the MSCI World Energy Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns.
 
  (d) 
An index that is designed to capture the large- and mid-cap segments across developed markets countries. All securities in the index are classified in the energy sector as per the Global Industry Classification Standard.
 
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Stock selection in the exploration and production (“E&P”) and integrated oil sub-sectors contributed to the Trust’s outperformance in the semiannual period. At the individual stock level, the Canadian E&P companies Tourmaline Oil Corp., Arc Resources Ltd. and Canadian Natural Resources Ltd. outperformed their United States shale-focused peers. The Trust’s zero weightings in the underperforming stocks Devon Energy Corp. and Neste Oyj also contributed to relative performance.
An underweight in oilfield services companies detracted from results. The sub-sector’s performance was supported by expectations for increased merger and acquisition activity following Patterson-UTI Energy Inc.’s announced merger with NexTier Oilfield Solutions, Inc. Among individual holdings in the sector, an overweight in Patterson-UTI contributed, while a zero weighting in Baker Hughes Co. detracted. A position in BP PLC, which fell from its highs of early 2023 after announcing a reduced pace of share buybacks, also detracted.
 
 
T R U S T    S U M M A R Y
  7

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Energy and Resources Trust (BGR)
 
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to results in the reporting period. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The investment adviser sought to take advantage of market volatility by adjusting the portfolio’s positioning and selectively adding to some higher-beta E&P companies following share price weakness.
Describe portfolio positioning at period end.
The investment advisor maintained a bias towards higher-quality international oil producers and selective exposure to the United States shale industry. The investment adviser believed valuations remained attractive given that energy companies are expected to maintain capital discipline and deliver high free cash flows.
As of June 30, 2023, the Trust had in place an option overwriting program whereby 32.0% 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 3.2% out of the money) and for maturities averaging 49 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
Security(a)  
 
Percent of
Total Investments
 
Exxon Mobil Corp.
    18.8
Shell PLC
    10.7  
TotalEnergies SE
    6.9  
ConocoPhillips
    6.8  
BP PLC
    6.8  
Chevron Corp.
    4.8  
Canadian Natural Resources Ltd.
    4.5  
Williams Cos., Inc.
    4.4  
EOG Resources, Inc.
    4.2  
Hess Corp.
    3.7  
INDUSTRY ALLOCATION
 
Industry(a)(b)  
 
Percentage of
Total Investments
 
Oil, Gas & Consumable Fuels
    95.5
Energy Equipment & Services
    4.0  
Food Products
    0.5  
 
 
 
(a) 
Excludes short-term securities.
(b) 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
 
 
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Trust Summary  as of June 30, 2023 
    
   BlackRock Enhanced Capital and Income Fund, Inc. (CII)
 
Investment Objective
BlackRock Enhanced Capital and Income Fund, Inc.’s (CII) (the “Trust”) investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information
 
Symbol on New York Stock Exchange
  CII
Initial Offering Date
    April 30, 2004  
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($18.51)(a)
  6.45%
Current Monthly Distribution per Common Share(b)
  $0.099500
Current Annualized Distribution per Common Share(b)
  $1.194000
 
  (a) 
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
 
  (b) 
The distribution rate is not constant and is subject to change.
 
Market Price and Net Asset Value Per Share Summary
 
     06/30/23               12/31/22               Change               High               Low    
Closing Market Price
  $ 18.51        $ 17.12          8.12      $  18.98        $  16.88    
Net Asset Value
    19.18                17.55                9.29                19.18                17.42    
Performance
Returns for the period ended June 30, 2023 were as follows:
 
          Average Annual Total Returns  
   
 
 
 
     6-month     1 Year     5 Years     10 Years  
Trust at NAV(a)(b)
    12.93     16.93     10.19     11.18
Trust at Market Price(a)(b)
    11.73       18.36       10.39       12.01  
 
       
MSCI USA Call Overwrite Index(c)
    15.47       16.69       N/A       N/A  
Russell 1000® Index(d)
    16.68       19.36       11.92       12.64  
 
  (a)
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
 
  (b) 
The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
 
  (c) 
An index that incorporates an option overlay component on the MSCI USA Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns.
 
  (d) 
An index that measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The index represents approximately 93% of the U.S. market.
 
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
Investment decisions within the information technology (“IT”) sector detracted the most from the Trust’s relative returns. Notably, stock selection and an underweight position to the semiconductors and semiconductor equipment industry proved costly, as did positioning among technology hardware, storage and peripherals companies. Within the consumer discretionary sector, stock selection detracted from performance, specifically in the automobiles and specialty retail industries. Other detractors included stock selection in the materials and industrials sectors.
Conversely, the largest contribution to the Trust’s relative performance came from investment decisions in the communication services sector. Most notably, stock selection and an overweight allocation to the interactive media & services industry boosted relative return, as did an underweight allocation to entertainment companies. Stock selection in the healthcare sector, specifically within the pharmaceuticals industry, also proved beneficial. Avoiding exposure to the utilities sector entirely added to relative performance, as did investment decisions within energy.
 
 
T R U S T    S U M M A R Y
  9

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Enhanced Capital and Income Fund, Inc. (CII)
 
The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the six-month period. 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, a combination of portfolio trading activity and market price changes resulted in the Trust adding exposure to the IT, communication services, and consumer discretionary sectors. The Trust reduced exposure to financials, industrials, and real estate.
Describe portfolio positioning at period end.
At reporting period end, the Trust’s largest sector overweight positions in the public equity portion of the portfolio were in the communication services and consumer discretionary sectors, while the largest underweight positions were in IT and utilities.
As of June 30, 2023, the Trust had an options overwriting program in place whereby 58% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.1% out of the money) with an average time until expiration of 52 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
   
Security(a)   Percent of
Total Investments
 
Microsoft Corp.
    8.6
Amazon.com, Inc.
    5.1  
Apple, Inc.
    5.0  
Alphabet, Inc.
    5.0  
Meta Platforms, Inc.
    3.0  
Comcast Corp.
    2.9  
Berkshire Hathaway, Inc.
    2.7  
Applied Materials, Inc.
    2.3  
UnitedHealth Group, Inc.
    2.1  
Sanofi
    2.1  
SECTOR ALLOCATION
 
   
Sector(a)(b)   Percent of
Total Investments
 
Information Technology
    23.0
Health Care
    14.7  
Financials
    13.7  
Consumer Discretionary
    12.9  
Communication Services
    12.7  
Consumer Staples
    7.3  
Industrials
    6.9  
Materials
    4.5  
Energy
    4.3  
Real Estate
    (c) 
 
 
(a) 
Excludes short-term securities.
(b) 
For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
(c) 
Rounds to less than 0.1%.
 
 
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Trust Summary  as of June 30, 2023 
    
   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, 2023 ($ 8.34)(a)
  8.09%
Current Monthly Distribution per Common Share(b)
  $0.056200
Current Annualized Distribution per Common Share(b)
  $0.674400
 
  (a) 
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
 
  (b) 
The distribution rate is not constant and is subject to change.
 
Market Price and Net Asset Value Per Share Summary
 
     06/30/23               12/31/22               Change               High               Low  
Closing Market Price
  $ 8.34        $ 9.01          (7.44 )%       $   9.36        $   8.03  
Net Asset Value
    8.83                8.74                1.03                9.15                8.23  
Performance
Returns for the period ended June 30, 2023 were as follows:
 
          Average Annual Total Returns  
   
 
 
 
     6-month     1 Year     5 Years     10 Years  
Trust at NAV(a)(b)
    5.07     10.06     7.27     8.48
Trust at Market Price(a)(b)
    (3.73     7.01       7.05       9.08  
 
       
MSCI USA Value Call Overwrite Index(c)
    1.14       5.09       N/A       N/A  
Russell 1000® Value Index(d)
    5.12       11.54       8.11       9.22  
 
  (a) 
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
 
  (b) 
The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.
 
  (c) 
An index that incorporates an option overlay component on the MSCI USA Value Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns.
 
  (d) 
An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.
 
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
The largest contributor to the Trust’s relative performance for the period was security selection in the healthcare sector. Specifically, stock decisions in the pharmaceuticals and healthcare equipment and supplies industries boosted relative results. Security selection in energy was also a key contributor, with decisions in the oil, gas and consumable fuels industry proving to be beneficial. Other notable contributors included stock selection within the financials and communication services sectors.
Conversely, the largest detractor from relative returns came from stock selection in the information technology (“IT”) sector. Particularly, stock selection in semiconductors proved costly, as did the Trust’s decision not to invest in the electronic equipment, instruments and components industry. Stock selection in consumer staples also hurt performance, with stock decisions in the consumer staples distribution and retail industry weighing on relative return. Other notable detractors included selection decisions in the materials and consumer discretionary sectors.
 
 
T R U S T    S U M M A R Y
  11

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Enhanced Equity Dividend Trust (BDJ)
 
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. 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 period, a combination of portfolio trading activity and market price changes resulted in the Trust adding exposure to the healthcare, energy, and IT sectors. The Trust reduced exposure to the financials, consumer staples, and utilities sectors.
Describe portfolio positioning at period end.
At reporting period end, the Trust’s largest absolute allocations were to the financials, healthcare, and industrials sectors. Relative to the benchmark, the Trust’s most significant overweight exposures were to the financials, healthcare, and communication services sectors. The Trust maintained its most significant relative underweight sector exposures to real estate, IT, and materials.
As of June 30, 2023, the Trust had an options overwriting program in place whereby 49% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.8% out of the money) with an average time until expiration of 51 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
Security(a)  
 
Percent of
Total Investments
 
Wells Fargo & Co.
    3.1
Laboratory Corp. of America Holdings
    3.1  
Citigroup, Inc.
    2.7  
Cognizant Technology Solutions Corp.
    2.6  
Baxter International, Inc.
    2.6  
American International Group, Inc.
    2.5  
Kraft Heinz Co.
    2.4  
Medtronic PLC
    2.4  
Shell PLC
    2.3  
Cisco Systems, Inc.
    2.3  
SECTOR ALLOCATION
 
Sector(a)(b)  
 
Percent of
Total Investments
 
Financials
    24.0
Health Care
    22.0  
Industrials
    9.4  
Consumer Staples
    9.1  
Energy
    9.0  
Information Technology
    8.9  
Communication Services
    6.2  
Consumer Discretionary
    5.8  
Utilities
    3.6  
Materials
    2.0  
 
 
(a) 
Excludes short-term securities.
(b) 
For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
 
 
12  
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Trust Summary  as of June 30, 2023 
    
   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, 2023 ($ 10.07)(a)
  7.51%
Current Monthly Distribution per Common Share(b)
  $0.063000
Current Annualized Distribution per Common Share(b)
  $0.756000
 
  (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
 
     06/30/23               12/31/22               Change               High               Low  
Closing Market Price
  $ 10.07        $ 9.56          5.33      $  10.59        $   9.42  
Net Asset Value
    11.59                10.97                5.65                11.71                10.79  
Performance
Returns for the period ended June 30, 2023 were as follows:
 
          Average Annual Total Returns  
   
 
 
 
     6-month     1 Year     5 Years     10 Years  
Trust at NAV(a)(b)
    9.67     12.00     6.85     6.16
Trust at Market Price(a)(b)
    9.34       11.26       5.32       5.99  
 
       
MSCI ACWI Call Overwrite Index(c)
    11.81       13.32       N/A       N/A  
MSCI ACWI(d)
    13.93       16.53       8.10       8.75  
 
  (a) 
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
 
  (b) 
The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
 
  (c) 
An index that incorporates an option overlay component on the MSCI ACWI Index with a 45% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns.
 
  (d) 
An index that captures large- and mid-cap representation across certain developed and emerging markets.
 
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
An underweight allocation to, and stock selection within, the information technology (“IT”) sector detracted the most from relative returns, particularly within the semiconductors and semiconductor equipment industry. Stock selection within communication services and an underweight allocation to consumer discretionary stocks also detracted.
Among individual security decisions, the Trust’s lack of a position in Nvidia was the biggest detractor from relative performance, as companies linked to generative artificial intelligence (“AI”) performed strongly as investor sentiment grew favorable amid the potential implications of the technology for businesses across the economy. Citizens Financial Group also detracted, given the backdrop of tightening credit conditions and expectations for stricter regulation following the collapses of SVB Financial and Signature Bank in the first quarter 2023. Apple was a key detractor from performance due to the Trust’s average underweight position following its mid-March 2023 purchase
 
 
T R U S T    S U M M A R Y
  13

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Enhanced Global Dividend Trust (BOE)
 
of the stock, as the IT sector maintained a rather defensive posture during the first quarter. Lastly, International Flavors and Fragrances guided lower on full-year growth for 2023, given an uncertain market environment that has led to weaker sales volume and an industry-wide consumer destocking in the United States.
Conversely, stock selection among financials was the most significant contributor to the Trust’s relative performance. Stock selection within healthcare and an underweight allocation to utilities also contributed. At the individual stock level, Inditex was the top contributor, as the Spanish clothing retailer reported a greater-than-expected rise in profit due to robust sales of summer clothes. The retailer sported high profit margins and sales growth both in-store and online, and its strong performance stemmed from its strategic decision to maintain higher prices in markets outside the Eurozone. Also, Taiwan Semiconductor Manufacturing contributed, as the outlook for semiconductors strengthened on demand from the buildout of generative AI capabilities. Lastly, Microsoft was a key contributor to relative performance, following the strong rally in IT during the reporting period. The software company tapped into positive sentiment surrounding AI with the launch of new tools for developers to integrate generative AI into their business software, reflecting Big Tech’s race to commercialize AI technology.
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 IT, communication services, and energy sectors. Conversely, the Trust reduced its exposure to the consumer discretionary sector, particularly in the specialty retail space. The Trust also reduced exposure to financials, notably within the bank industry.
Describe portfolio positioning at period end.
At period end, the Trust’s largest sector exposures were in IT, healthcare, and financials. Regionally, the majority of the portfolio was listed in the United States, with significant exposure in Europe.
As of June 30, 2023, the Trust had an options overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.8% out of the money) with an average time until expiration of 53 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
Security(a)  
 
Percent of
Total Investments
 
Microsoft Corp.
    4.8
Apple, Inc.
    3.7  
Mondelez International, Inc.
    3.0  
Sanofi
    2.9  
Reckitt Benckiser Group PLC
    2.8  
Accenture PLC
    2.8  
Taiwan Semiconductor Manufacturing Co. Ltd.
    2.8  
AstraZeneca PLC
    2.7  
Paychex, Inc.
    2.6  
Philip Morris International, Inc.
    2.6  
GEOGRAPHIC ALLOCATION
 
Country/Geographic Region(a)  
 
Percentage of
Total Investments
 
United States
    49.0
United Kingdom
    13.3  
France
    9.1  
Switzerland
    5.0  
Ireland
    4.7  
Taiwan
    4.2  
Netherlands
    3.5  
Canada
    2.3  
Mexico
    2.0  
Denmark
    2.0  
Japan
    1.5  
Singapore
    1.3  
Indonesia
    1.1  
Spain
    1.0  
India
    (b) 
 
 
(a) 
Excludes short-term securities.
(b) 
Rounds to less than 0.1%.
 
 
14  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Trust Summary  as of June 30, 2023 
    
   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, 2023 ($ 5.44)(a)
  7.46%
Current Monthly Distribution per Common Share(b)
  $0.033800
Current Annualized Distribution per Common Share(b)
  $0.405600
 
  (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
 
     06/30/23               12/31/22               Change               High               Low  
Closing Market Price
  $ 5.44        $ 5.02          8.37      $  5.64        $  5.02  
Net Asset Value
    6.24                5.78                7.96                6.40                5.78  
Performance
Returns for the period ended June 30, 2023 were as follows:
 
          Average Annual Total Returns  
   
 
 
 
     6-month     1 Year     5 Years     10 Years  
Trust at NAV(a)(b)
    12.03     18.53     7.19     5.17
Trust at Market Price(a)(b)
    12.45       16.19       6.45       4.87  
 
       
MSCI ACWI ex USA Call Overwrite Index(c)
    6.62       8.64       N/A       N/A  
MSCI ACWI ex USA Index(d)
    9.47       12.72       3.52       4.75  
 
  (a) 
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
 
  (b) 
The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
 
  (c) 
An index that incorporates an option overlay component on the MSCI ACWI ex USA Index with a 45% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns.
 
  (d) 
An index that captures large- and mid-cap representation across certain developed markets countries (excluding the U.S.) and certain emerging markets countries.
 
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
From a sector perspective, the Trust’s stock selection in healthcare, consumer discretionary, and materials stocks contributed the most to returns. Among individual stocks, Inditex was the top contributor, as the Spanish clothing company’s top-line growth remained extremely strong as it executed its business strategy well. Inditex continues to make good capital allocation decisions, in terms of both disciplined space management and cash deployment, and the current economics of the online business are better than expected. French luxury goods company LVMH also contributed to performance. Discretionary spending has remained strong overall among affluent consumers, leading to continued growth in margins in the luxury retail industry. Lastly, Ferguson also contributed, as the British-American plumbing and HVAC company reported quarterly results in line with expectations and exhibited solid fundamental performance even in a challenging macroeconomic environment.
By contrast, underweight positions in information technology were the most significant detractors from relative performance. An overweight allocation to financials and stock selection in consumer staples also detracted. Among individual stocks, Budweiser Brewing Company APAC was the leading detractor, as it came under pressure during the
 
 
T R U S T    S U M M A R Y
  15

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Enhanced International Dividend Trust (BGY)
 
period due to increasing concerns about the strength of China’s reopening, given the company’s sizable exposure to the on-premise and nightlife distribution channels in China. Diageo also detracted, as its financial reports showed a significant slowdown for the spirits company in the U.S. market, as volumes fell 6%. Diageo’s guidance was also marginally weaker as price and volume trends normalized. Management did reiterate medium-term growth targets, though, suggesting that Diageo expects any U.S. slowdown to be short-lived. Singapore’s United Overseas Bank also detracted amid broader concerns in the banking sector globally.
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 period, the Trust reduced its exposure to consumer staples stocks as it sold its sole position in the personal care products industry. The Trust also reduced exposure to industrials, notably through the sale of its position in the electrical equipment industry. Conversely, the Trust added exposure to the materials, energy, and communication services sectors.
Describe portfolio positioning at period end.
At period end, the Trust’s largest sector exposures were in healthcare, communication services, and industrials. Regionally, the majority of the portfolio’s securities were listed in Europe, with particularly significant exposure in Europe excluding the United Kingdom.
As of June 30, 2023, the Trust had an options overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.9% out of the money) with an average time until expiration of 52 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
Security(a)   Percent of
Total Investments
 
Taiwan Semiconductor Manufacturing Co. Ltd.
    4.0
Lonza Group AG
    3.6  
KDDI Corp.
    3.4  
Kering SA
    3.3  
Otis Worldwide Corp.
    3.3  
Symrise AG
    3.2  
Sanofi
    3.2  
HDFC Bank Ltd.
    3.2  
Industria de Diseno Textil SA
    3.2  
Novo Nordisk A/S
    3.1  
GEOGRAPHIC ALLOCATION
 
Country/Geographic Region(a)   Percentage of
Total Investments
 
United Kingdom
    17.7
France
    13.0  
United States
    10.1  
Netherlands
    8.5  
Japan
    6.9  
Taiwan
    6.2  
Switzerland
    5.5  
Germany
    5.3  
Singapore
    3.9  
India
    3.2  
Spain
    3.1  
Denmark
    3.0  
China
    2.9  
Mexico
    2.7  
Canada
    2.0  
Italy
    2.0  
Indonesia
    2.0  
Sweden
    2.0  
 
 
(a) 
Excludes short-term securities.
 
 
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2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Trust Summary  as of June 30, 2023 
    
   BlackRock Health Sciences Term Trust (BMEZ)
 
Investment Objective
BlackRock Health Sciences Term Trust’s (BMEZ) (the “Trust”) (formerly known as BlackRock Health Sciences Trust II) 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.
On March 31, 2023 the Board approved a proposal to change the name of BlackRock Health Sciences Trust II, effective as of April 5, 2023, to BlackRock Health Sciences Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.
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, 2023 ($16.42)(a)
  10.60%
Current Monthly Distribution per Common Share(b)
  $0.145000
Current Annualized Distribution per Common Share(b)
  $1.740000
 
  (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
 
     06/30/23               12/31/22               Change               High               Low  
Closing Market Price
  $ 16.42        $ 15.43          6.42      $  16.99        $  15.22  
Net Asset Value
    19.06                18.76                1.60                19.72                17.93  
Performance
Returns for the period ended June 30, 2023 were as follows:
 
          Average Annual Total Returns  
   
 
 
 
      6-month       1 Year      
Since
Inception
 
(a) 
Trust at NAV(b)(c)
    7.11     12.12     6.20
Trust at Market Price(b)(c)
    12.18       11.18       1.66  
 
     
MSCI Custom ACWI SMID Growth HC Call Overwrite Index(d)
    3.61       6.52       (9.81
MSCI ACWI(e)
    13.93       16.53       7.50  
 
  (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?
Security selection in the biotechnology and medical devices & supplies sub-sectors made the largest sector-level contributions to relative performance.
 
 
T R U S T    S U M M A R Y
  17

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Health Sciences Term Trust (BMEZ)
 
An out-of-benchmark position in Intuitive Surgical, Inc. was the leading contributor at the individual stock level. The surgical robot manufacturer benefited from recovering elective procedure volumes in the post-COVID environment. An overweight position in the medication and drug delivery device manufacturer Gerresheimer AG, which benefited from headlines regarding weight loss treatments, was also a top contributor. An out-of-benchmark position in Abcam PLC further contributed to results. The United Kingdom-based antibody researcher indicated that it is exploring a potential sale, boosting its stock.
An underweight in the healthcare providers and services sub-sector detracted from relative performance, as did stock selection in the category. An underweight in the orthodontics company Align Technology, Inc., which rallied after reporting strong earnings, was the largest detractor at the individual security level. An overweight position in the biopharmaceutical company Rhythm Pharmaceuticals, Inc. also detracted amid questions about its near-term product pipeline. An overweight position in Novocure, a United States-based oncology treatment provider, was another notable detractor. The company released weaker-than-expected clinical trial data for its electric field-based lung cancer treatment in June 2023, weighing on its shares.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy detracted 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 medical devices and supplies (40% to 44%) and healthcare providers and services (6% to 8%) sub-sectors increased, while its weightings in the biotechnology (40% to 38%) and pharmaceuticals (7% to 6%) sub-sectors decreased.
Describe portfolio positioning at period end.
The investment adviser continued to seek opportunities in companies with attractive valuations, stable growth, and promising product pipelines over the medium to long term. It also considered new innovations and technological developments for selective growth opportunities in the biotechnology, pharmaceuticals and medical devices industries.
The investment adviser was encouraged by the healthcare sector’s resilience in the midst of the extraordinary macroeconomic and geopolitical challenges that characterized the first half of the reporting period believing the longer-term, secular drivers for the sector—innovation in medical technology and aging demographics in both developed and developing countries—remained in place. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the sector.
The Trust’s largest overweight positions in the biotechnology and medical devices and supplies sub-sectors, where it saw compelling innovation and new products.
As of June 30, 2023, the Trust had in place an option overwriting program whereby 24% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 7.6% out of the money) and for maturities averaging 57 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
Security(a)  
 
Percent of
Total Investments
 
Vertex Pharmaceuticals, Inc.
    3.1
Alcon, Inc.
    3.0  
West Pharmaceutical Services, Inc.
    2.5  
Intuitive Surgical, Inc.
    2.3  
Dexcom, Inc.
    2.3  
Align Technology, Inc.
    2.1  
Stryker Corp.
    1.9  
Cooper Cos., Inc.
    1.9  
Penumbra, Inc.
    1.8  
AmerisourceBergen Corp.
    1.8  
INDUSTRY ALLOCATION
 
Industry(a)(b)  
 
Percentage of
Total Investments
 
Biotechnology
    39.1
Health Care Equipment & Supplies
    31.4  
Life Sciences Tools & Services
    13.4  
Health Care Providers & Services
    7.2  
Pharmaceuticals
    6.3  
Health Care Technology
    1.0  
Other*
    1.6  
 
 
(a) 
Excludes short-term securities.
(b) 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
*
Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.
 
 
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Trust Summary  as of June 30, 2023 
    
   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, 2023 ($40.64)(a)
  6.29%
Current Monthly Distribution per Common Share(b)
  $0.213000
Current Annualized Distribution per Common Share(b)
  $2.556000
 
  (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
 
     06/30/23               12/31/22               Change               High               Low  
Closing Market Price
  $ 40.64        $ 43.58          (6.75 )%       $  43.68        $  39.34  
Net Asset Value
    42.83                43.30                (1.09              43.30                40.12  
Performance
Returns for the period ended June 30, 2023 were as follows:
 
          Average Annual Total Returns  
   
 
 
 
     6-month     1 Year     5 Years     10 Years  
Trust at NAV(a)(b)
    2.00     8.51     9.49     12.21
Trust at Market Price(a)(b)
    (3.83     1.87       7.18       11.67  
 
       
MSCI USA Investable Market Index Health Care Call Overwrite Index(c)
    (0.84     5.44       N/A       N/A  
Russell 3000® Health Care Index(d)
    0.06       6.34       10.49       12.51  
 
  (a) 
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
 
  (b) 
The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.
 
  (c) 
An index that incorporates an option overlay component on the MSCI USA IMI Health Care Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns.
 
  (d) 
An unmanaged index that features companies involved in medical services or health care in the Russell 3000® Index, which includes the largest 3,000 U.S. companies as determined by total market capitalization.
 
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
Stock selection in the pharmaceuticals and medical devices and supplies sub-sectors made the largest sector-level contributions to relative performance.
An underweight in Pfizer, Inc. was the leading contributor at the individual stock level. The company stated that its 2023 revenues could potentially decrease by 33% as demand for its COVID-19 products wanes. A zero weighting in CVS Corp. also contributed to returns. Shares of the healthcare services company declined on concerns about its ability to integrate its acquisitions into its core business. An overweight in Boston Scientific Corp. was another top contributor in the reporting period. The medical device manufacturer reported strong earnings and revenue growth as elective procedure volumes continued to increase. Hospital staffing shortages and COVID-19 restrictions created a difficult environment for patients to receive non-urgent procedures, but individuals increasingly have sought elective surgeries as these headwinds have eased.
At a sub-sector level, an underweight in the pharmaceuticals industry and security selection in the health care providers and services sub-sector were the largest detractors.
 
 
T R U S T    S U M M A R Y
  19

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Health Sciences Trust (BME)
 
An overweight position in Novocure Ltd. was the most notable detractor among the Trust’s individual holdings. The company released weaker-than-expected clinical trial data for its electric field-based lung cancer treatment in June 2023, weighing on its shares. A zero weighting in the healthcare technology provider Veeva Systems, Inc., which reported strong earnings, also detracted from relative performance. An underweight position in HCA Healthcare Corp was a further detractor of note. The hospital operator reported robust earnings due in part to reduced pressure from labor shortages.
The Trust made use of options, principally writing call options on individual stocks, to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to results. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust’s allocation to the medical devices and supplies (31% to 38%) sub-sector increased during the period, while its weightings in the pharmaceuticals (24% to 20%) and healthcare providers and supplies (21% to 17%) sub-sectors decreased. The Trust’s allocation to the biotechnology industry remained steady at 21%.
Describe portfolio positioning at period end.
The investment adviser continued to seek opportunities in companies with attractive valuations, stable growth, and promising product pipelines over the medium to long term. It also considered new innovations and technological developments for selective growth opportunities in the biotechnology, pharmaceuticals and medical devices industries.
The investment adviser was encouraged by the healthcare sector’s resilience in the midst of the extraordinary macroeconomic and geopolitical challenges that characterized the first half of the year believing the longer-term, secular drivers for the sector—innovation in medical technology and aging demographics in both developed and developing countries—remained in place. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the sector.
As of June 30, 2023, the Trust’s largest overweight was in the medical devices and supplies sub-sector believing hospitals are particularly attractive in the post-COVID environment. The Trust also held a large overweight position in the biotechnology sub-sector. It continued to emphasize compelling areas of innovation within the category, especially in oncology. The Trust’s largest underweight was in the pharmaceuticals industry, where many flagship medications may face increased competition from biosimilars due to patent expirations.
As of June 30, 2023, the Trust had in place an option overwriting program whereby 36% 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 4.9% 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(a)   Percent of
Total Investments
 
UnitedHealth Group, Inc.
    8.2
Eli Lilly & Co.
    6.5  
Merck & Co., Inc.
    4.9  
Boston Scientific Corp.
    4.2  
Intuitive Surgical, Inc.
    3.8  
Thermo Fisher Scientific, Inc.
    3.7  
Stryker Corp.
    3.6  
Vertex Pharmaceuticals, Inc.
    3.0  
AbbVie, Inc.
    2.7  
Johnson & Johnson
    2.6  
INDUSTRY ALLOCATION
 
Industry(a)(b)   Percentage of
Total Investments
 
Health Care Equipment & Supplies
    29.5
Biotechnology
    22.1  
Pharmaceuticals
    20.4  
Health Care Providers & Services
    17.8  
Life Sciences Tools & Services
    10.0  
Health Care Technology
    0.2  
 
 
(a) 
Excludes short-term securities.
(b) 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
 
 
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Trust Summary  as of June 30, 2023
    
   BlackRock Innovation and Growth Term Trust (BIGZ)
 
Investment Objective
BlackRock Innovation and Growth Term Trust’s (BIGZ) (the “Trust”) (formerly known as BlackRock Innovation and Growth Trust) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust will invest primarily in equity securities issued by mid-and small-capitalization companies that the Trust’s adviser believes have above-average earnings growth potential. In selecting investments for the Trust, the Trust’s adviser focuses on mid- and small-capitalization growth companies that are “innovative.” These are companies that have introduced, or are seeking to introduce, a new product or service that potentially changes the marketplace. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.
On March 31, 2023 the Board approved a proposal to change the name of BlackRock Innovation and Growth Trust, effective as of April 5, 2023, to BlackRock Innovation and Growth Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information
 
Symbol on New York Stock Exchange
   BIGZ
Initial Offering Date
   March 29, 2021
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($7.85)(a)
   10.70%
Current Monthly Distribution per Common Share(b)
   $0.070000
Current Annualized Distribution per Common Share(b)
   $0.840000
 
  (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
 
      06/30/23        12/31/22        Change      High        Low  
Closing Market Price
   $ 7.85        $ 6.81          15.27    $  8.07        $  6.81  
Net Asset Value
     9.38          8.82          6.35        9.97          8.68  
Performance
Returns for the period ended June 30, 2023 were as follows:
 
          Average Annual Total Returns  
   
 
 
 
      6‑month       1 Year      
Since
Inception
 
(a) 
Trust at NAV(b)(c)
    12.30     10.26     (21.77 )% 
Trust at Market Price(b)(c)
    21.72       10.29       (27.71
MSCI USA SMID Growth Call Overwrite Index (d)
    14.25       19.74       (1.40
Russell 2500™ Growth Index(e)
    13.38       18.58       (5.17
 
  (a) 
BIGZ commenced operations on March 29, 2021.
 
  (b) 
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
 
  (c) 
The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
 
  (d)
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.
 
  (e)
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.
 
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
 
 
T R U S T    S U M M A R Y
  21

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Innovation and Growth Term Trust (BIGZ)
 
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
Positioning in the energy sector was the largest contributor to relative performance at the sector level, particularly due to the Trust’s decision to avoid investing in the oil, gas and consumable fuels industry. Within information technology (“IT”), a substantial overweight allocation to the semiconductors and semiconductor equipment industry proved beneficial, as an overweight allocation to Entegris Inc. boosted relative returns due to its status as a leading manufacturer of critical materials used in the semiconductor device fabrication process. Elsewhere, stock selection in industrials contributed to performance, most notably in the ground transportation and air freight and logistics industries. An overweight position in American less-than-truckload freight shipping specialist Saia Inc. led performance in the sector.
By contrast, the largest detractor from relative performance from a sector perspective was the Trust’s security selection within the healthcare sector. Most notably, the Trust’s decision to have an overweight position in the life sciences tools and services industry affected relative results negatively. Within this space, Azenta Inc. and Repligen Corp. were the most significant detractors among individual stocks, as both suffered significant share-price declines during the period. Elsewhere, an overweight position to the entertainment sub-sector within communication services also weighed on relative performance. Specifically, an off-benchmark position in upscale camping experience provider Under Canvas Inc. detracted. Stock selection in the consumer discretionary sector also detracted from performance, most notably through the Trust’s overweight exposure to fitness center chain Planet Fitness Inc. within the hotels, restaurants and leisure sub-sector.
The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance for the 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. However, the Trust’s distributions during the period were classified as a return of capital, which reduced the Trust’s net asset value.
Describe recent portfolio activity.
Due to a combination of market changes and portfolio activity, the Trust’s exposure to IT and financials increased. Conversely, the Trust’s exposure to the consumer discretionary and communication services sectors decreased. The Trust did not add new positions in any privately held companies during the period.
Describe portfolio positioning at period end.
At period end, the Trust’s largest sector overweight positions in the public equity portion of the portfolio were in the IT and consumer discretionary sectors, while the largest underweight positions were in industrials and materials.
As of June 30, 2023, the Trust had an options overwriting program in place whereby 12.0% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 6.7% out of the money) with an average time until expiration of 58 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
 
 
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Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Innovation and Growth Term Trust (BIGZ)
 
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
   
Security(a)   Percent of
Total Investments
 
Monolithic Power Systems, Inc.
    3.0
Axon Enterprise, Inc.
    2.9  
Saia, Inc.
    2.8  
Entegris, Inc.
    2.8  
Tradeweb Markets, Inc.
    2.6  
West Pharmaceutical Services, Inc.
    2.3  
Lattice Semiconductor Corp.
    2.3  
HEICO Corp.
    2.2  
MongoDB, Inc.
    2.2  
HubSpot, Inc.
    2.2  
INDUSTRY ALLOCATION
 
   
Industry(a)(b)   Percentage of
Total Investments
 
Software
    20.6
Semiconductors & Semiconductor Equipment
    11.8  
Life Sciences Tools & Services
    8.2  
Capital Markets
    7.7  
IT Services
    7.0  
Hotels, Restaurants & Leisure
    5.5  
Aerospace & Defense
    5.3  
Diversified Consumer Services
    4.2  
Automobile Components
    3.3  
Health Care Equipment & Supplies
    3.0  
Ground Transportation
    2.8  
Interactive Media & Services
    2.8  
Machinery
    1.8  
Entertainment
    1.8  
Construction & Engineering
    1.6  
Health Care Technology
    1.6  
Air Freight & Logistics
    1.5  
Health Care Providers & Services
    1.4  
Wireless Telecommunication Services
    1.2  
Food Products
    1.2  
Professional Services
    1.1  
Biotechnology
    1.0  
Building Products
    1.0  
Other*
    2.6  
 
 
(a) 
Excludes short-term securities.
(b) 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
*
Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.
 
 
T R U S T    S U M M A R Y
  23

Trust Summary  as of June 30, 2023
    
   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, 2023 ($9.07)(a)
   6.85%
Current Monthly Distribution per Common Share(b)
   $0.051800
Current Annualized Distribution per Common Share(b)
   $0.621600
 
  (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
 
      06/30/23        12/31/22        Change      High        Low  
Closing Market Price
   $ 9.07        $ 9.97          (9.03 )%     $  10.56        $ 8.72  
Net Asset Value
     10.61          11.23          (5.52      11.90          10.03  
Performance
Returns for the period ended June 30, 2023 were as follows:
 
                Average Annual Total Returns  
     
 
 
 
      6-month               1 Year       5 Years       10 Years  
Trust at NAV(a)(b)
    (2.42 )%        13.56     7.64     5.70
Trust at Market Price(a)(b)
    (6.04       7.57       6.49       5.08  
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index(c)
    (3.25       9.44       N/A       N/A  
S&P Global Natural Resources Net Index(d)
    (3.49             7.64       5.18       5.10  
 
  (a) 
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
 
  (b) 
The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
 
  (c) 
An index that incorporates an option overlay component on the MSCI ACWI Select Liquidity Natural Resources Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns.
 
  (d) 
An index that includes approximately 90 of the largest publicly-traded companies in the natural resources and commodities businesses that meet specific investability requirements across three primary commodity-related sectors: agribusiness, energy, and metals and mining.
 
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
An overweight position in Teck Resources, Ltd., which rallied after receiving a takeover bid from Glencore PLC, was the leading contributor to performance. An overweight position in the gold royalty company Wheaton Precious Metals Corp. also contributed to results on the strength of rising gold prices. Kerry Group PLC, a nutrition company that reported a strong increase in revenues, was a further contributor of note.
On the other hand, an overweight position in Glencore detracted as easing supply constraints in the energy sector contributed to a decline in coal prices. CF Industries Holdings Ltd. also underperformed, as fertilizer prices declined amid a normalization of global supply chains. Weakness in exploration and production companies within the energy sector, particularly ConocoPhillips, also detracted.
 
 
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Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Resources & Commodities Strategy Trust (BCX)
 
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to results in the reporting period. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The investment adviser maintained overweight positions in the energy and mining sectors, and it continued to have an underweight in agriculture.
Describe portfolio positioning at period end.
In the energy sector, the investment adviser maintained a bias toward higher-quality oil producers that it expects to benefit from long-term strength in energy prices, a potentially resurgent oilfield services sector and the need for increased liquified natural gas output to replace Russian gas exports into Europe. The investment adviser continued to prefer large-cap integrated companies, and it also added to positions in the midstream industry. In the mining sector, the investment adviser focused on companies with stronger balance sheets and lower costs. The Trust remained underweight in paper and packaging stocks in the agriculture sector, with a corresponding overweight in companies in the agricultural equipment and health and wellness space that it believed to have more attractive growth opportunities.
As of June 30, 2023, the Trust had in place an option overwriting program whereby 32.0% 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 4.5% out of the money) and for maturities averaging 50 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
   
Security(a)   Percent of
Total Investments
 
Shell PLC
    8.0
Exxon Mobil Corp.
    6.6  
Glencore PLC
    5.7  
TotalEnergies SE
    5.5  
BP PLC
    5.4  
BHP Group Ltd.
    4.5  
Teck Resources Ltd.
    3.9  
Wheaton Precious Metals Corp.
    3.8  
Vale SA
    3.7  
Deere & Co.
    2.9  
INDUSTRY ALLOCATION
 
     
Industry(a)(b)           Percentage of
Total Investments
 
Oil, Gas & Consumable Fuels
       38.8
Metals & Mining
       34.9  
Chemicals
       10.3  
Food Products
       7.1  
Machinery
       5.4  
Energy Equipment & Services
       1.2  
Containers & Packaging
       1.2  
Paper & Forest Products
             1.1  
 
 
(a) 
Excludes short-term securities.
(b) 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
 
 
T R U S T    S U M M A R Y
  25

Trust Summary  as of June 30, 2023 
    
   BlackRock Science and Technology Term Trust (BSTZ)
 
Investment Objective
BlackRock Science and Technology Term Trust’s (BSTZ) (the “Trust”) (formerly known as BlackRock Science and Technology Trust II) 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.
On March 31, 2023 the Board approved a proposal to change the name of BlackRock Science and Technology Trust II, effective as of April 5, 2023, to BlackRock Science and Technology Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.
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, 2023 ($18.11)(a)
   10.69%
Current Monthly Distribution per Common Share(b)
   $0.161300
Current Annualized Distribution per Common Share(b)
   $1.935600
 
  (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
 
      06/30/23        12/31/22        Change      High        Low  
Closing Market Price
   $ 18.11        $ 15.64          15.79    $  19.04        $  15.64  
Net Asset Value
     21.50          19.53          10.09        21.69          19.30  
Performance
Returns for the period ended June 30, 2023 were as follows:
 
          Average Annual Total Returns  
   
 
 
 
      6-month       1 Year      
Since
Inception
 
(a) 
Trust at NAV(b)(c)
    16.60     5.98     10.28
Trust at Market Price(b)(c)
    22.64       4.26       5.66  
MSCI Custom ACWI SMID Growth IT Call Overwrite Index(d)
    19.92       21.62       (4.10
MSCI ACWI(e)
    13.93       16.53       8.81  
 
  (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 (IT) 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.
 
 
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Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Science and Technology Term Trust (BSTZ)
 
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
The largest detractor from the Trust’s relative performance was security selection within the software and new industries sub-sectors. At the individual position level, the Trust’s off-benchmark position in privately held Think & Learn as the most significant detractor, as weakness across the educational technology industry combined with idiosyncratic governance challenges at the company weighed on the privately held company’s valuation. Elsewhere, the Trust’s lack of a position in data analytics company Palantir Technologies was another notable detractor. In its first-quarter 2023 financial results, Palantir announced strong revenue growth and posted the second quarter of positive net income in its history, showing a path toward sustainable profitability. Lastly, not holding a position in Advantest was also a key detractor. The Japanese manufacturer’s stock climbed as optimism around artificial intelligence (“AI”) grew, which could lead to increased demand for Advantest’s chip-testing devices.
Conversely, an overweight allocation to the semiconductors sub-sector and security selection within the hardware sub-sector were the most significant contributors to the Trust’s relative performance. An off-benchmark position in Nvidia was the largest contributor at the individual position level, as the semiconductor designer’s stock jumped on optimism surrounding surging demand for its graphics processing units (“GPUs”), which are used extensively in artificial intelligence (“AI”) applications. First-quarter 2023 financial results showed substantial incremental revenue from generative AI, and Nvidia substantially upgraded its guidance for the remainder of the year. Elsewhere, an off-benchmark position in Tesla also contributed, as the electric vehicle (“EV”) maker’s stock appreciated after the company reported record revenue for 2022 and revealed that demand growth for its EVs continued to outpace supply growth. Tiered pricing appeared as an effective tool for supporting sales growth. Lastly, the Trust’s lack of a position in EPAM Systems was a key contributor, as the engineering software company experienced softening enterprise demand for its non-critical software tools. The company cut its guidance for earnings and profit margins for the remainder of the year.
The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance. 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 increased its exposure to the semiconductors sub-sector, including companies that stand to benefit from increased capital expenditures on GPUs for generative AI. The Trust trimmed select holdings in the software and services sub-sectors, as enterprise IT spending appears weak in the near-term. From a regional perspective, the Trust reduced its exposure to Chinese equities, reflecting caution about the pace of the economic recovery in the region as well as geopolitical uncertainty. The Trust did not make any new investments in privately held technology companies during the period.
Describe portfolio positioning at period end.
The Trust continued to perform due diligence on multiple new opportunities with the expectation of managing exposure to private investments over the coming quarters, given the current allocation to private equity. As of June 30, 2023, the Trust held 22 private investments, comprising 32.9% of total assets for a total commitment of approximately $546 million. The Trust continued to seek opportunities to harvest the illiquidity premium by taking advantage of the “closed” structure and adding exposure to private investments as capacity increases.
At period end, the Trust held 33% of assets in semiconductors, 25% in software, 13% in hardware, 11% in internet, 11% in services, 5% in new industries, and 3% in content & infrastructure. These industry exposures were the result of bottom-up stock selection.
As of June 30, 2023, the Trust had an options overwriting program in place whereby 29.0% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 6.4% out of the money) with an average time until expiration of 51 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
 
 
T R U S T    S U M M A R Y
  27

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Science and Technology Term Trust (BSTZ)
 
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
Security(a)   Percent of
Total Investments
 
NVIDIA Corp.
    4.1
ByteDance Ltd.
    3.2  
SambaNova Systems, Inc.
    3.1  
Synopsys, Inc.
    3.1  
Databricks, Inc.
    3.0  
Tesla, Inc.
    2.9  
PsiQuantum Corp.
    2.5  
GrubMarket, Inc.
    2.5  
Lattice Semiconductor Corp.
    2.3  
Monolithic Power Systems, Inc.
    2.0  
INDUSTRY ALLOCATION
 
Industry(a)(b)   Percentage of
Total Investments
 
Semiconductors & Semiconductor Equipment
    28.8
Software
    23.8  
IT Services
    11.3  
Electronic Equipment, Instruments & Components
    6.9  
Entertainment
    3.8  
Financial Services
    3.2  
Automobiles
    2.9  
Professional Services
    2.6  
Consumer Staples Distribution & Retail
    2.5  
Broadline Retail
    2.4  
Technology Hardware, Storage & Peripherals
    2.0  
Communications Equipment
    1.8  
Diversified Consumer Services
    1.7  
Media
    1.6  
Hotels, Restaurants & Leisure
    1.2  
Other*
    3.5  
 
(a) 
Excludes short-term securities.
(b)
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
*
Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.
 
 
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Trust Summary  as of June 30, 2023
    
   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, 2023 ($34.44)(a)
   8.71%
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
 
      06/30/23        12/31/22        Change      High        Low  
Closing Market Price
   $ 34.44        $ 28.37          21.40    $  34.44        $  28.37  
Net Asset Value
     34.14          29.11          17.28        34.26          28.82  
Performance
Returns for the period ended June 30, 2023 were as follows:
 
              Average Annual Total Returns  
     
 
 
 
      6-month           1 Year         5 Years      
  Since
Inception
 
(a) 
Trust at NAV(b)(c)
    22.90       11.69     10.41     14.99
Trust at Market Price(b)(c)
    27.21         16.39       8.95       14.49  
MSCI ACWI Information Technology Call Overwrite Index(d)
    33.87         29.22       N/A       N/A  
MSCI ACWI Information Technology Index(e)
    36.90           34.28       17.71       17.85  
 
  (a) 
BST commenced operations on October 30, 2014.
 
  (b)
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
 
  (c)
The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV.
 
  (d)
An index that incorporates an option overlay component on the MSCI ACWI IT Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns.
 
  (e)
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.
 
 
T R U S T    S U M M A R Y
  29

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Science and Technology Trust (BST)
 
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
The largest detractor from the Trust’s relative performance was security selection within the software and semiconductor sub-sectors. At the individual position level, the Trust’s underweight position in Apple was the largest detractor, as the company’s stock benefited from the rotation toward mega-cap technology stocks as part of a broader flight to quality in equity markets. Additionally, iPhone sales held up better than anticipated despite macroeconomic headwinds. Elsewhere, an underweight position in Nvidia was another notable detractor. The semiconductor designer’s stock jumped on optimism surrounding anticipated demand for its graphics processing units (“GPUs”), which are used extensively in artificial intelligence (“AI”) applications. First-quarter 2023 financial results showed incremental revenue from generative AI, and Nvidia substantially upgraded its guidance for the remainder of the period. Lastly, an off-benchmark position in privately held Bolt Financial was among the largest detractors from relative performance. The financial software company’s valuation fell along with its publicly traded fintech peers amid weak demand in the industry.
Conversely, security selection within the hardware sub-sector was the most significant contributor to the Trust’s relative performance. Among individual positions, an off-benchmark position in Tesla was the largest contributor, as the electric vehicle (“EV”) maker’s stock appreciated after the company reported record revenue for 2022 and revealed that demand growth for its EVs continued to outpace supply growth. Tiered pricing appeared as an effective tool for supporting sales growth. Elsewhere, an off-benchmark position in Meta Platforms notably contributed to relative performance, as investors rewarded the social media company’s stock for committing to cost discipline by reducing headcount and cutting operating expenses. Lastly, an overweight position in MongoDB was a key contributor to performance. The data management company saw its stock climb after reporting positive earnings results and boosting full-year guidance due to strong customer acquisition and retention metrics.
The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted 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.
During the reporting period, the Trust increased its exposure to the semiconductors sub-sector, including companies that stand to benefit from increased capital expenditures on GPUs for generative AI. The Trust trimmed select holdings in the services sub-sector, as enterprise IT spending appears weak in the near-term. From a regional perspective, the Trust reduced its exposure to Chinese equities, reflecting caution about the pace of the economic recovery in the region as well as geopolitical uncertainty. The Trust did not make any additional investments in privately held technology companies during the period.
Describe portfolio positioning at period end.
At period end, the Trust held 28% of its net asset value in the software sub-sector, 26% in semiconductors, 16% in internet, 14% in hardware, 11% in services, 4% in new industries, and 1% in content & infrastructure. These industry exposures were the result of bottom-up stock selection.
As of June 30, 2023, the Trust had an options overwriting program in place whereby 34.7% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 5.0% out of the money) with an average time until expiration of 47 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
Security(a)   Percent of
Total Investments
 
Microsoft Corp.
    8.6
Apple, Inc.
    8.2  
NVIDIA Corp.
    5.9  
ASML Holding NV
    2.7  
Tesla, Inc.
    2.4  
Cadence Design Systems, Inc.
    2.4  
Mastercard, Inc.
    2.3  
Broadcom, Inc.
    2.2  
Amazon.com, Inc.
    1.9  
Meta Platforms, Inc.
    1.9  
INDUSTRY ALLOCATION
 
Industry(a)(b)   Percentage of
Total Investments
 
Software
    26.5
Semiconductors & Semiconductor Equipment
    24.8  
IT Services
    9.6  
Technology Hardware, Storage & Peripherals
    8.6  
Financial Services
    6.4  
Interactive Media & Services
    4.5  
Broadline Retail
    3.5  
Automobiles
    2.4  
Entertainment
    2.3  
Diversified Consumer Services
    2.1  
Electronic Equipment, Instruments & Components
    1.8  
Consumer Staples Distribution & Retail
    1.4  
Professional Services
    1.0  
Other*
    5.1  
 
(a) 
Excludes short-term securities.
(b) 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
*
Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.
 
 
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Trust Summary  as of June 30, 2023 
    
   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, 2023 ($22.04)(a)
   6.59%
Current Monthly Distribution per Common Share(b)
   $0.121000
Current Annualized Distribution per Common Share(b)
   $1.452000
 
  (a)
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
 
  (b)
The distribution rate is not constant and is subject to change.
 
Market Price and Net Asset Value Per Share Summary
 
      06/30/23        12/31/22        Change      High        Low  
Closing Market Price
   $ 22.04        $ 20.77          6.11    $  23.98        $  20.77  
Net Asset Value
     22.96          22.37          2.64        23.39          21.90  
Performance
Returns for the period ended June 30, 2023 were as follows:
 
              Average Annual Total Returns  
     
 
 
 
      6-month           1 Year       5 Years       10 Years  
Trust at NAV(a)(b)
    5.97       13.18     9.52     8.96
Trust at Market Price(a)(b)
    9.56         7.55       8.90       9.44  
MSCI World Select Energy, Utilities and Industry Call Overwrite Index(c)
    8.68         11.62       N/A       N/A  
MSCI ACWI(d)
    13.93           16.53       8.10       8.75  
 
  (a) 
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
 
  (b) 
The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
 
  (c) 
An index that incorporates an option overlay component on the MSCI World Select Energy, Utilities and Industry Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns.
 
  (d) 
An index that captures large- and mid-cap representation across certain developed and emerging markets.
 
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
The largest detractors from relative returns were the Trust’s positions in clean power utility NextEra Energy and United States based rooftop solar company Sunrun. NextEra’s share price fell following an unexpected announcement of a change in management at its regulated utility subsidiary. Sunrun felt pressure from the collapse of SVB Financial’s Silicon Valley Bank, which could prompt a tightening of financial conditions more broadly.
 
 
T R U S T    S U M M A R Y
  31

Trust Summary  as of June 30, 2023 (continued)
    
   BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
Conversely, the most significant contributor to relative returns came from the interest among investors in areas related to artificial intelligence (“AI”), particularly among semiconductor companies. The Trust’s holdings in Infineon Technologies and STMicroelectronics benefited as a result. Data center and power management companies Eaton and Schneider Electric also outperformed, as investors expected increased demand for data centers to support AI efforts. Both companies reported bottom-line financial results above consensus forecasts. Power infrastructure specialist Quanta also performed strongly after reporting financial results that were stronger than expected and raising its earnings guidance for the remainder of 2023.
The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the six-month period. 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 to its positions in clean power utility companies. It also purchased new positions, one in the electric vehicle supply chain business focused on batteries, and another in freight and logistics. The Trust also increased its exposure to select semiconductor manufacturers early in the period.
Describe portfolio positioning at period end.
At period end, the utilities sector accounted for 49.1% of the Trust’s assets. The Trust had 28.7% and 10.0% of its assets invested in the industrials and energy sectors respectively, and the remainder was invested in other infrastructure- and power-related sectors.
As of June 30, 2023, the Trust had an options overwriting program in place whereby 34% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.8% out of the money) with an average time until expiration of 53 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
 
TEN LARGEST HOLDINGS
 
Security(a)   Percent of
Total Investments
 
NextEra Energy, Inc.
    8.1
Enel SpA
    4.8  
RWE AG
    4.2  
Vinci SA
    3.4  
Waste Management, Inc.
    3.2  
Williams Cos., Inc.
    3.1  
Sempra Energy
    2.9  
Cheniere Energy, Inc.
    2.7  
Atlas Copco AB
    2.6  
American Electric Power Co., Inc.
    2.6  
INDUSTRY ALLOCATION
 
Industry(a)(b)   Percentage of
Total Investments
 
Electric Utilities
    31.0
Oil, Gas & Consumable Fuels
    10.2  
Multi-Utilities
    10.2  
Independent Power and Renewable Electricity Producers
    8.8  
Electrical Equipment
    5.7  
Building Products
    5.7  
Semiconductors & Semiconductor Equipment
    5.6  
Machinery
    5.5  
Commercial Services & Supplies
    5.3  
Construction & Engineering
    5.3  
Chemicals
    4.1  
Electronic Equipment, Instruments & Components
    1.6  
Ground Transportation
    1.0  
 
(a) 
Excludes short-term securities.
(b) 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
 
 
32  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)
June 30, 2023
  
BlackRock Energy and Resources Trust (BGR)
(Percentages shown are based on Net Assets)
    
 
Security   Shares     Value  
Common Stocks
   
Energy Equipment & Services — 3.9%            
Schlumberger NV(a)
    264,350     $   12,984,872  
Tenaris SA
    133,100       1,991,049  
   
 
 
 
      14,975,921  
Food Products — 0.5%            
Darling Ingredients, Inc.(a)(b)
    29,524       1,883,336  
   
 
 
 
Oil, Gas & Consumable Fuels — 94.8%            
ARC Resources Ltd.
    368,380       4,913,587  
BP PLC
    4,394,600       25,587,005  
Canadian Natural Resources Ltd.
    298,109       16,760,263  
Cenovus Energy, Inc.
    579,006       9,834,033  
Cheniere Energy, Inc.(a)
    79,100       12,051,676  
Chevron Corp.(a)
    114,320       17,988,252  
ConocoPhillips(a)
    248,993       25,798,125  
Diamondback Energy, Inc.(a)
    59,650       7,835,624  
Eni SpA
    550,750       7,928,810  
EOG Resources, Inc.(a)
    137,929       15,784,595  
Exxon Mobil Corp.(a)(c)
    661,895       70,988,239  
Gazprom PJSC(d)
    879,200       98  
Hess Corp.(a)
    102,440       13,926,718  
Kinder Morgan, Inc.(a)
    587,500       10,116,750  
Kosmos Energy Ltd.(a)(b)
    466,934       2,796,935  
Marathon Petroleum Corp.(a)
    92,575       10,794,245  
Santos Ltd.
    230,436       1,152,984  
Shell PLC, ADR(a)
    667,722       40,317,054  
TC Energy Corp.
    156,350       6,318,912  
TotalEnergies SE
    455,498       26,147,691  
Tourmaline Oil Corp.
    145,233       6,843,136  
Valero Energy Corp.(a)
    81,374       9,545,170  
Williams Cos., Inc.(a)
    511,232       16,681,500  
   
 
 
 
      360,111,402  
   
 
 
 
Total Long-Term Investments — 99.2%
(Cost: $265,831,324)
      376,970,659  
   
 
 
 
Security   Shares     Value  
Short-Term Securities
   
Money Market Funds — 1.5%            
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(e)(f)
    5,580,127     $    5,580,127  
   
 
 
 
Total Short-Term Securities — 1.5%
(Cost: $5,580,127)
      5,580,127  
   
 
 
 
Total Investments Before Options Written — 100.7%
(Cost: $271,411,451)
 
    382,550,786  
   
 
 
 
Options Written — (0.7)%
(Premiums Received: $(2,918,083))
      (2,556,321
   
 
 
 
Total Investments, Net of Options Written — 100.0%
(Cost: $268,493,368)
 
 
 
379,994,465
 
Other Assets Less Liabilities — 0.0%
      48,033  
   
 
 
 
Net Assets — 100.0%
    $  380,042,498  
   
 
 
 
 
(a) 
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(b) 
Non-income producing security.
(c) 
All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(d) 
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e) 
Affiliate of the Trust.
(f) 
Annualized 7-day yield as of period end.
 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
Affiliated Issuer   
Value at
12/31/22
    
Purchases
at Cost
    
Proceeds
from Sales
    
Net
Realized
Gain (Loss)
    
Change in
Unrealized
Appreciation
(Depreciation)
    
Value at
06/30/23
    
Shares
Held at
06/30/23
    
Income
    
Capital Gain
Distributions
from
Underlying
Funds
 
BlackRock Liquidity Funds, T-Fund, Institutional Class
   $  7,695,475      $      $  (2,115,348 )(a)     $      $      $  5,580,127        5,580,127      $  154,603      $  
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
 
  (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
                             
ConocoPhillips
     208          07/07/23          USD        102.00          USD        2,155         $      (46,800
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  33

Schedule of Investments (unaudited) (continued)
June 30, 2023
  
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)
                             
Exxon Mobil Corp.
     301          07/07/23          USD        111.62          USD        3,228         $ (3,043
Hess Corp.
     170          07/07/23          USD        133.00          USD        2,311           (63,750
Shell PLC, ADR
     414          07/07/23          USD        58.00          USD        2,500           (102,465
Diamondback Energy, Inc.
     97          07/11/23          USD        137.00          USD        1,274           (5,556
Cheniere Energy, Inc.
     86          07/14/23          USD        150.00          USD        1,310           (34,400
ConocoPhillips
     438          07/14/23          USD        108.00          USD        4,538           (20,367
Exxon Mobil Corp.
     337          07/14/23          USD        112.00          USD        3,614           (9,436
Hess Corp.
     52          07/14/23          USD        139.00          USD        707           (8,320
Kinder Morgan, Inc.
     488          07/14/23          USD        17.50          USD        840           (3,416
Schlumberger NV
     173          07/14/23          USD        50.00          USD        850           (13,062
Shell PLC, ADR
     728          07/14/23          USD        60.00          USD        4,396           (81,900
Valero Energy Corp.
     138          07/14/23          USD        119.00          USD        1,619           (26,841
Williams Cos., Inc.
     515          07/14/23          USD        31.00          USD        1,680           (87,550
Arc Resources Ltd.
     515          07/21/23          CAD        17.00          CAD        910           (36,932
Canadian Natural Resources Ltd.
     249          07/21/23          CAD        78.00          CAD        1,855           (7,894
Cenovus Energy, Inc.
     1,429          07/21/23          CAD        22.50          CAD        3,215           (71,194
Cheniere Energy, Inc.
     47          07/21/23          USD        150.00          USD        716           (22,795
Darling Ingredients, Inc.
     74          07/21/23          USD        65.00          USD        472           (9,805
Diamondback Energy, Inc.
     91          07/21/23          USD        135.00          USD        1,195           (15,243
EOG Resources, Inc.
     249          07/21/23          USD        117.50          USD        2,850           (34,860
Exxon Mobil Corp.
     77          07/21/23          USD        115.00          USD        826           (1,463
Kinder Morgan, Inc.
     640          07/21/23          USD        17.00          USD        1,102           (27,520
Marathon Petroleum Corp.
     132          07/21/23          USD        115.00          USD        1,539           (51,810
Schlumberger NV
     234          07/21/23          USD        50.00          USD        1,149           (28,899
TC Energy Corp.
     262          07/21/23          CAD        56.00          CAD        1,403           (1,780
Tourmaline Oil Corp.
     348          07/21/23          CAD        62.50          CAD        2,172           (42,950
Cheniere Energy, Inc.
     124          07/28/23          USD        155.00          USD        1,889           (34,100
Chevron Corp.
     374          07/28/23          USD        160.00          USD        5,885           (99,110
ConocoPhillips
     172          07/28/23          USD        104.00          USD        1,782           (48,160
EOG Resources, Inc.
     211          07/28/23          USD        113.00          USD        2,415           (84,400
Exxon Mobil Corp.
     539          07/28/23          USD        108.00          USD        5,781           (133,402
Hess Corp.
     110          07/28/23          USD        141.00          USD        1,495           (27,775
Marathon Petroleum Corp.
     175          07/28/23          USD        115.00          USD        2,041           (77,875
Schlumberger NV
     335          07/28/23          USD        49.00          USD        1,646           (64,822
Shell PLC, ADR
     510          07/28/23          USD        63.00          USD        3,079           (24,225
Valero Energy Corp.
     137          07/28/23          USD        115.00          USD        1,607           (78,432
Williams Cos., Inc.
     557          07/28/23          USD        31.40          USD        1,817           (85,680
Exxon Mobil Corp.
     540          08/04/23          USD        109.00          USD        5,792           (129,600
Schlumberger NV
     130          08/04/23          USD        50.00          USD        639           (22,100
Shell PLC, ADR
     551          08/04/23          USD        61.00          USD        3,327           (77,140
Williams Cos., Inc.
     556          08/04/23          USD        31.40          USD        1,814           (94,073
Arc Resources Ltd.
     273          08/18/23          CAD        18.00          CAD        482           (14,528
Canadian Natural Resources Ltd.
     746          08/18/23          CAD        76.00          CAD        5,556           (126,422
Cenovus Energy, Inc.
     359          08/18/23          CAD        23.00          CAD        808           (26,557
Darling Ingredients, Inc.
     23          08/18/23          USD        64.75          USD        147           (7,199
Exxon Mobil Corp.
     390          08/18/23          USD        110.00          USD        4,183           (94,770
Kinder Morgan, Inc.
     810          08/18/23          USD        17.00          USD        1,395           (41,715
TC Energy Corp.
     253          08/18/23          CAD        56.00          CAD        1,355           (8,785
Tourmaline Oil Corp.
     131          08/18/23          CAD        62.00          CAD        818           (33,374
Arc Resources Ltd.
     427          09/15/23          CAD        18.00          CAD        755           (30,299
                             
 
 
 
                              $  (2,324,594
                             
 
 
 
 
 
34  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)
June 30, 2023
  
BlackRock Energy and Resources Trust (BGR)
    
 
OTC Options Written
 
Description
 
Counterparty
  
Number of
Contracts
    
Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                      
BP PLC
  Morgan Stanley & Co. International PLC      720,900        07/11/23        GBP        4.97        GBP        3,305      $ (760
Tenaris SA
  Morgan Stanley & Co. International PLC      12,000        07/11/23        EUR        13.00        EUR        165        (10,088
TotalEnergies SE
  UBS AG      32,000        07/11/23        EUR        58.79        EUR        1,683        (72
Santos Ltd.
  UBS AG      117,400        07/13/23        AUD        7.48        AUD        882        (11,857
TotalEnergies SE
  Barclays Bank PLC      115,900        07/13/23        EUR        54.14        EUR        6,097        (26,969
Tenaris SA
  Morgan Stanley & Co. International PLC      70,300        07/25/23        EUR        12.94        EUR        964        (71,033
Santos Ltd.
  UBS AG      111,200        07/26/23        AUD        7.83        AUD        835        (5,448
BP PLC
  Barclays Bank PLC      618,600        08/02/23        GBP        5.02        GBP        2,836        (12,711
Eni SpA
  Goldman Sachs International      130,200        08/03/23        EUR        12.92        EUR        1,718        (67,531
Eni SpA
  JPMorgan Chase Bank N.A.      51,500        08/14/23        EUR        13.07        EUR        679        (25,258
                      
 
 
 
                       $   (231,727
                      
 
 
 
Balances Reported in the Statements of Assets and Liabilities for Options Written
 
Description
  
Swap
Premiums
Paid
    
Swap
Premiums
Received
    
Unrealized
Appreciation
    
Unrealized
Depreciation
    
Value
 
Options Written
   $ N/A      $ N/A      $ 896,114      $ (534,352    $  (2,556,321
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
 
     
Commodity
Contracts
    
Credit
  Contracts
    
Equity
Contracts
    
Foreign
Currency
  Exchange
Contracts
    
Interest
Rate
  Contracts
    
Other
  Contracts
    
Total
 
Liabilities — Derivative Financial Instruments
                    
Options written
                    
Options written at value
   $      $      $  2,556,321      $      $      $      $  2,556,321  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
For the period ended June 30, 2023, 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)
   $      $      $ (734,586    $      $      $      $ (734,586
Options written
                   10,781,255                             10,781,255  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ 10,046,669      $      $      $      $ 10,046,669  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                    
Options written
   $      $      $ (2,063,487    $      $      $      $ (2,063,487
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (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
  $ 2,801,514  
 
  (a) 
Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  35

Schedule of Investments (unaudited) (continued)
June 30, 2023
  
BlackRock Energy and Resources Trust (BGR)
    
 
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
   $      $ 2,556,321  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Statements of Assets and Liabilities
            2,556,321  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
            (2,324,594
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $      $ 231,727  
  
 
 
    
 
 
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
 
Counterparty
    
Derivative
Liabilities
Subject to
an MNA by
  Counterparty
 
 
 
 
 
  
 
  Derivatives
Available
for Offset
 
 
 
  
 
  Non-Cash
Collateral
Pledged
 
 
(a) 
  
 
Cash
    Collateral
Pledged
 
 
 
    
Net Amount
of Derivative
Liabilities
 
 
(b) 
Barclays Bank PLC
   $ 39,680      $      $      $      $ 39,680  
Goldman Sachs International
     67,531                             67,531  
JPMorgan Chase Bank N.A.
     25,258                             25,258  
Morgan Stanley & Co. International PLC
     81,881               (81,881              
UBS AG
     17,377                             17,377  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 231,727      $      $ (81,881    $      $ 149,846  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
  (b) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
 
      Level 1      Level 2      Level 3      Total  
Assets
           
Investments
           
Long-Term Investments
           
Common Stocks
           
Energy Equipment & Services
   $ 12,984,872      $ 1,991,049      $      $ 14,975,921  
Food Products
     1,883,336                      1,883,336  
Oil, Gas & Consumable Fuels
     299,294,814        60,816,490        98        360,111,402  
Short-Term Securities
           
Money Market Funds
     5,580,127                      5,580,127  
  
 
 
    
 
 
    
 
 
    
 
 
 
   $ 319,743,149      $   62,807,539      $             98      $  382,550,786  
  
 
 
    
 
 
    
 
 
    
 
 
 
Derivative Financial Instruments(a)
           
Liabilities
           
Equity Contracts
   $ (2,129,043    $ (427,278    $      $ (2,556,321
  
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Derivative financial instruments are options written. Options written are shown at value.
See notes to financial statements.
 
 
36  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)
June 30, 2023
    
  
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Common Stocks
   
Automobile Components — 1.5%            
Aptiv PLC(a)
    126,010     $   12,864,361  
   
 
 
 
Automobiles — 1.6%            
General Motors Co.(b)
    341,631       13,173,291  
   
 
 
 
Banks — 1.7%            
JPMorgan Chase & Co.(b)
    99,251       14,435,065  
   
 
 
 
Beverages — 1.5%            
Monster Beverage Corp.(a)
    216,910       12,459,310  
   
 
 
 
Broadline Retail — 5.2%            
Amazon.com, Inc.(a)(b)
    335,180       43,694,065  
   
 
 
 
Building Products — 0.8%            
Allegion PLC
    56,430       6,772,729  
   
 
 
 
Capital Markets — 2.9%            
Intercontinental Exchange, Inc.(b)
    126,827       14,341,597  
LPL Financial Holdings, Inc.
    47,640       10,358,365  
   
 
 
 
      24,699,962  
Chemicals — 3.3%            
Axalta Coating Systems Ltd.(a)
    327,975       10,760,860  
Corteva, Inc.(b)
    301,838       17,295,317  
   
 
 
 
      28,056,177  
Communications Equipment — 1.4%            
Ciena Corp.(a)
    285,002       12,109,735  
   
 
 
 
Consumer Staples Distribution & Retail(b) — 2.9%        
Dollar General Corp.
    73,048       12,402,089  
Dollar Tree, Inc.(a)
    86,262       12,378,597  
   
 
 
 
      24,780,686  
Containers & Packaging — 1.2%            
Sealed Air Corp.(b)
    246,250       9,850,000  
   
 
 
 
Entertainment — 1.0%            
World Wrestling Entertainment, Inc., Class A(b)
    80,044       8,682,373  
   
 
 
 
Financial Services — 6.2%            
Berkshire Hathaway, Inc., Class B(a)(b)
    68,608       23,395,328  
FleetCor Technologies, Inc.(a)
    58,480       14,683,158  
Visa, Inc., Class A(b)
    21,280       5,053,574  
Voya Financial, Inc.
    125,650       9,010,362  
   
 
 
 
      52,142,422  
Food Products — 1.7%            
Mondelez International, Inc., Class A(b)
    198,980       14,513,601  
   
 
 
 
Health Care Equipment & Supplies — 1.3%            
Medtronic PLC
    122,460       10,788,726  
   
 
 
 
Health Care Providers & Services — 7.6%            
Elevance Health, Inc.
    22,105       9,821,030  
Humana, Inc.(b)
    21,748       9,724,183  
Laboratory Corp. of America Holdings(b)
    63,675       15,366,688  
Tenet Healthcare Corp.(a)
    137,120       11,158,826  
UnitedHealth Group, Inc.(b)
    37,553       18,049,474  
   
 
 
 
      64,120,201  
Health Care Technology — 1.0%            
Veeva Systems, Inc., Class A(a)(b)
    40,976       8,102,184  
   
 
 
 
Security   Shares     Value  
Hotels, Restaurants & Leisure — 1.0%            
Las Vegas Sands Corp.(a)(b)
    148,428     $ 8,608,824  
   
 
 
 
Household Durables — 1.3%            
Sony Group Corp., ADR
    126,340       11,375,654  
   
 
 
 
Insurance — 3.0%            
Fidelity National Financial, Inc.
    238,540       8,587,440  
Progressive Corp.
    68,340       9,046,166  
Reinsurance Group of America, Inc.(b)
    56,480       7,833,211  
   
 
 
 
      25,466,817  
Interactive Media & Services(a) — 8.0%            
Alphabet, Inc., Class A
    354,280       42,407,315  
Meta Platforms, Inc., Class A(b)
    88,949       25,526,584  
   
 
 
 
      67,933,899  
IT Services — 1.5%            
Cognizant Technology Solutions Corp., Class A
    199,360       13,014,221  
   
 
 
 
Life Sciences Tools & Services — 1.2%            
Avantor, Inc.(a)
    493,590       10,138,339  
   
 
 
 
Machinery(b) — 5.0%            
Caterpillar, Inc.
    64,230       15,803,792  
Fortive Corp.
    231,873       17,337,144  
Otis Worldwide Corp.
    103,577       9,219,389  
   
 
 
 
      42,360,325  
Media(b) — 3.7%            
Comcast Corp., Class A
    596,952       24,803,356  
Fox Corp., Class A
    196,008       6,664,272  
   
 
 
 
      31,467,628  
Oil, Gas & Consumable Fuels — 4.3%            
BP PLC, ADR(c)
    332,140       11,721,221  
ConocoPhillips(b)
    130,218       13,491,887  
EQT Corp.(b)
    273,977       11,268,674  
   
 
 
 
      36,481,782  
Personal Care Products — 1.2%            
Unilever PLC, ADR(b)
    197,048       10,272,112  
   
 
 
 
Pharmaceuticals — 3.8%            
Novo Nordisk A/S, ADR(b)
    89,033       14,408,210  
Sanofi, ADR
    334,050       18,005,295  
   
 
 
 
      32,413,505  
Professional Services — 1.2%            
Dun & Bradstreet Holdings, Inc.
    859,540       9,944,878  
   
 
 
 
Semiconductors & Semiconductor Equipment — 6.5%        
Advanced Micro Devices, Inc.(a)
    112,810       12,850,187  
Analog Devices, Inc.(b)
    64,070       12,481,477  
Applied Materials, Inc.(b)
    137,120       19,819,325  
Marvell Technology, Inc.
    165,720       9,906,742  
   
 
 
 
      55,057,731  
Software — 8.6%            
Microsoft Corp.(b)
    214,161       72,930,387  
   
 
 
 
Specialty Retail — 1.7%            
Ross Stores, Inc.(b)
    126,968       14,236,922  
   
 
 
 
Technology Hardware, Storage & Peripherals — 5.1%        
Apple, Inc.(b)
    220,458       42,762,238  
   
 
 
 
 
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  37

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Textiles, Apparel & Luxury Goods — 0.7%            
Skechers USA, Inc., Class A(a)
    118,530     $ 6,241,790  
   
 
 
 
Total Long-Term Investments — 100.6%
(Cost: $560,929,271)
      851,951,940  
   
 
 
 
Short-Term Securities
   
Money Market Funds — 1.6%            
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(d)(e)
    13,210,705       13,210,705  
SL Liquidity Series, LLC, Money Market Series, 5.28%(d)(e)(f)
    36       36  
   
 
 
 
Total Short-Term Securities — 1.6%
(Cost: $13,210,741)
      13,210,741  
   
 
 
 
Total Investments Before Options Written — 102.2%
(Cost: $574,140,012)
 
    865,162,681  
   
 
 
 
Options Written — (2.1)%
(Premiums Received: $(12,842,348))
      (17,316,604
   
 
 
 
Total Investments, Net of Options Written — 100.1%
(Cost: $561,297,664)
 
    847,846,077  
Liabilities in Excess of Other Assets — (0.1)%
 
    (1,184,989
   
 
 
 
Net Assets — 100.0%
    $  846,661,088  
   
 
 
 
 
(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) 
Affiliate of the Trust.
(e) 
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned securities.
 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
Affiliated Issuer
  
Value at
12/31/22
    
Purchases
at Cost
    
Proceeds
from Sales
    
Net
Realized
Gain (Loss)
    
Change in
Unrealized
Appreciation
(Depreciation)
    
Value at
06/30/23
    
Shares
Held at
06/30/23
    
Income
    
Capital Gain
Distributions
from
Underlying
Funds
 
BlackRock Liquidity Funds, T-Fund, Institutional Class
   $ 14,661,156      $      $ (1,450,451 )(a)     $      $      $ 13,210,705        13,210,705      $ 275,672      $  
SL Liquidity Series, LLC, Money Market Series
            550 (a)              (514             36        36        5,638 (b)        
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
            $ (514    $      $ 13,210,741         $ 281,310      $  
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
 
  (a) 
Represents net amount purchased (sold).
  (b) 
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
 
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                    
Alphabet, Inc., Class A
     322        07/07/23        USD        124.34        USD        3,854      $ (5,141
Amazon.com, Inc.
     384        07/07/23        USD        123.00        USD        5,006             (286,080
Analog Devices, Inc.
     148        07/07/23        USD        185.00        USD        2,883        (150,960
Apple, Inc.
     370        07/07/23        USD        185.00        USD        7,177        (339,475
Applied Materials, Inc.
     364        07/07/23        USD        147.00        USD        5,261        (30,940
BP PLC, ADR
     459        07/07/23        USD        36.00        USD        1,620        (4,590
Caterpillar, Inc.
     104        07/07/23        USD        215.00        USD        2,559        (325,520
ConocoPhillips
     77        07/07/23        USD        102.00        USD        798        (17,325
 
 
38  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)
June 30, 2023
  
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
    
 
Exchange-Traded Options Written (continued)
    
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call (continued)
                    
Elevance Health, Inc.
     36        07/07/23        USD        475.00        USD        1,599      $ (1,260
EQT Corp.
     319        07/07/23        USD        38.00        USD        1,312             (101,282
Fox Corp., Class A
     684        07/07/23        USD        34.00        USD        2,326        (23,940
General Motors Co.
     283        07/07/23        USD        38.00        USD        1,091        (24,338
Microsoft Corp.
     159        07/07/23        USD        340.00        USD        5,415        (55,253
Mondelez International, Inc., Class A
     377        07/07/23        USD        75.00        USD        2,750        (3,770
UnitedHealth Group, Inc.
     144        07/07/23        USD        485.00        USD        6,921        (28,224
Cognizant Technology Solutions Corp., Class A
     189        07/10/23        USD        62.00        USD        1,234        (64,600
Alphabet, Inc., Class A
     153        07/14/23        USD        125.00        USD        1,831        (7,344
Amazon.com, Inc.
     380        07/14/23        USD        129.00        USD        4,954        (130,150
Analog Devices, Inc.
     61        07/14/23        USD        180.00        USD        1,188        (93,635
Apple, Inc.
     330        07/14/23        USD        185.00        USD        6,401        (311,850
Applied Materials, Inc.
     539        07/14/23        USD        141.00        USD        7,791        (278,932
BP PLC, ADR
     272        07/14/23        USD        36.00        USD        960        (6,936
ConocoPhillips
     216        07/14/23        USD        108.00        USD        2,238        (10,044
Dollar General Corp.
     266        07/14/23        USD        160.00        USD        4,516        (268,660
Dollar Tree, Inc.
     211        07/14/23        USD        138.00        USD        3,028        (130,292
EQT Corp.
     326        07/14/23        USD        37.00        USD        1,341        (138,550
General Motors Co.
     37        07/14/23        USD        36.00        USD        143        (10,138
Las Vegas Sands Corp.
     296        07/14/23        USD        59.00        USD        1,717        (24,124
Marvell Technology, Inc.
     331        07/14/23        USD        61.00        USD        1,979        (36,079
Meta Platforms, Inc., Class A
     165        07/14/23        USD        285.00        USD        4,735        (122,925
Microsoft Corp.
     367        07/14/23        USD        330.00        USD        12,498        (438,565
Mondelez International, Inc., Class A
     356        07/14/23        USD        73.00        USD        2,597        (23,140
Ross Stores, Inc.
     187        07/14/23        USD        107.00        USD        2,097        (104,720
Advanced Micro Devices, Inc.
     190        07/21/23        USD        113.00        USD        2,164        (92,150
Alphabet, Inc., Class A
     131        07/21/23        USD        120.00        USD        1,568        (34,650
Alphabet, Inc., Class A
     1,012        07/21/23        USD        125.00        USD        12,114        (91,080
Amazon.com, Inc.
     94        07/21/23        USD        120.00        USD        1,225        (103,635
Amazon.com, Inc.
     300        07/21/23        USD        130.00        USD        3,911        (107,250
Aptiv PLC
     444        07/21/23        USD        97.03        USD        4,533        (292,890
Avantor, Inc.
     482        07/21/23        USD        20.43        USD        990        (38,405
Axalta Coating Systems Ltd.
     465        07/21/23        USD        33.00        USD        1,526        (30,225
Axalta Coating Systems Ltd.
     538        07/21/23        USD        32.00        USD        1,765        (65,905
Berkshire Hathaway, Inc., Class B
     252        07/21/23        USD        325.00        USD        8,593        (437,850
Caterpillar, Inc.
     104        07/21/23        USD        210.00        USD        2,559        (380,380
Ciena Corp.
     431        07/21/23        USD        50.00        USD        1,831        (2,155
Cognizant Technology Solutions Corp., Class A
     203        07/21/23        USD        62.50        USD        1,325        (64,960
Comcast Corp., Class A
     868        07/21/23        USD        42.50        USD        3,607        (19,530
Corteva, Inc.
     665        07/21/23        USD        59.00        USD        3,810        (36,324
Dollar General Corp.
     208        07/21/23        USD        210.00        USD        3,531        (2,080
Dollar Tree, Inc.
     208        07/21/23        USD        140.00        USD        2,985        (109,200
Dun & Bradstreet Holdings, Inc.
     498        07/21/23        USD        11.82        USD        576        (15,440
Elevance Health, Inc.
     62        07/21/23        USD        490.00        USD        2,755        (4,805
EQT Corp.
     422        07/21/23        USD        38.00        USD        1,736        (148,755
Fidelity National Financial, Inc.
     851        07/21/23        USD        35.00        USD        3,064        (125,522
FleetCor Technologies, Inc.
     201        07/21/23        USD        240.00        USD        5,047        (272,355
Fortive Corp.
     545        07/21/23        USD        66.32        USD        4,075        (475,360
Fox Corp., Class A
     305        07/21/23        USD        33.00        USD        1,037        (41,938
General Motors Co.
     463        07/21/23        USD        34.00        USD        1,785        (219,925
Humana, Inc.
     49        07/21/23        USD        525.00        USD        2,191        (2,573
Intercontinental Exchange, Inc.
     354        07/21/23        USD        109.00        USD        4,003        (168,846
JPMorgan Chase & Co.
     83        07/21/23        USD        145.00        USD        1,207        (22,203
Laboratory Corp. of America Holdings
     164        07/21/23        USD        220.00        USD        3,958        (359,980
Las Vegas Sands Corp.
     188        07/21/23        USD        60.00        USD        1,090        (20,398
LPL Financial Holdings, Inc.
     155        07/21/23        USD        220.00        USD        3,370        (70,525
Meta Platforms, Inc., Class A
     224        07/21/23        USD        250.00        USD        6,428        (851,200
Microsoft Corp.
     183        07/21/23        USD        330.00        USD        6,232        (261,690
Microsoft Corp.
     123        07/21/23        USD        340.00        USD        4,189        (87,945
Monster Beverage Corp.
     813        07/21/23        USD        59.95        USD        4,670        (31,648
Otis Worldwide Corp.
     483        07/21/23        USD        84.60        USD        4,299        (246,810
Progressive Corp.
     276        07/21/23        USD        135.00        USD        3,653        (44,160
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  39

Schedule of Investments (unaudited) (continued)
June 30, 2023
  
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
 
    
 
Exchange-Traded Options Written (continued)
    
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call (continued)
                    
Reinsurance Group of America, Inc.
     199        07/21/23        USD        148.51        USD        2,760      $ (12,203
Ross Stores, Inc.
     402        07/21/23        USD        110.00        USD        4,508        (138,690
Sanofi, ADR
     1,057        07/21/23        USD        55.00        USD        5,697        (42,280
Sanofi, ADR
     742        07/21/23        USD        52.50        USD        3,999        (137,270
Sealed Air Corp.
     757        07/21/23        USD        50.00        USD        3,028        (162,755
Skechers USA, Inc., Class A
     237        07/21/23        USD        55.00        USD        1,248        (11,850
Tenet Healthcare Corp.
     95        07/21/23        USD        65.00        USD        773        (157,700
Unilever PLC, ADR
     553        07/21/23        USD        54.82        USD        2,883        (1,888
Veeva Systems, Inc., Class A
     166        07/21/23        USD        190.00        USD        3,282        (164,340
Visa, Inc., Class A
     69        07/21/23        USD        230.00        USD        1,639        (61,928
Voya Financial, Inc.
     420        07/21/23        USD        72.50        USD        3,012        (42,000
World Wrestling Entertainment, Inc., Class A
     389        07/21/23        USD        105.00        USD        4,219        (204,225
Advanced Micro Devices, Inc.
     354        07/28/23        USD        127.00        USD        4,032        (50,976
Alphabet, Inc., Class A
     186        07/28/23        USD        126.00        USD        2,226        (34,038
Amazon.com, Inc.
     353        07/28/23        USD        137.00        USD        4,602        (103,958
Analog Devices, Inc.
     47        07/28/23        USD        195.00        USD        916        (24,675
Apple, Inc.
     103        07/28/23        USD        185.00        USD        1,998        (110,467
Berkshire Hathaway, Inc., Class B
     199        07/28/23        USD        345.00        USD        6,786        (62,387
BP PLC, ADR
     597        07/28/23        USD        36.00        USD        2,107        (31,641
Caterpillar, Inc.
     209        07/28/23        USD        250.00        USD        5,142        (75,762
Comcast Corp., Class A
     52        07/28/23        USD        42.00        USD        216        (4,238
ConocoPhillips
     227        07/28/23        USD        104.00        USD        2,352        (63,560
Elevance Health, Inc.
     35        07/28/23        USD        450.00        USD        1,555        (28,175
Fox Corp., Class A
     285        07/28/23        USD        34.00        USD        969        (24,225
General Motors Co.
     127        07/28/23        USD        39.00        USD        490        (15,748
Humana, Inc.
     107        07/28/23        USD        470.00        USD        4,784        (35,043
Las Vegas Sands Corp.
     107        07/28/23        USD        61.00        USD        621        (11,075
Meta Platforms, Inc., Class A
     94        07/28/23        USD        300.00        USD        2,698        (89,535
Microsoft Corp.
     278        07/28/23        USD        345.00        USD        9,467        (230,740
Mondelez International, Inc., Class A
     222        07/28/23        USD        74.00        USD        1,619        (19,980
Novo Nordisk A/S, ADR
     363        07/28/23        USD        165.00        USD        5,874        (114,345
Sony Group Corp., ADR
     249        07/28/23        USD        96.00        USD        2,242        (11,205
UnitedHealth Group, Inc.
     100        07/28/23        USD        490.00        USD        4,806        (75,000
Visa, Inc., Class A
     136        07/28/23        USD        230.00        USD        3,230        (143,820
Advanced Micro Devices, Inc.
     189        08/04/23        USD        115.00        USD        2,153        (119,542
Alphabet, Inc., Class A
     203        08/04/23        USD        121.00        USD        2,430        (82,215
Amazon.com, Inc.
     372        08/04/23        USD        137.00        USD        4,849        (125,550
Apple, Inc.
     268        08/04/23        USD        190.00        USD        5,198        (220,430
Comcast Corp., Class A
     417        08/04/23        USD        42.00        USD        1,733        (37,739
EQT Corp.
     315        08/04/23        USD        43.00        USD        1,296        (37,958
General Motors Co.
     456        08/04/23        USD        38.00        USD        1,758        (88,692
JPMorgan Chase & Co.
     78        08/04/23        USD        146.00        USD        1,134        (23,010
Las Vegas Sands Corp.
     174        08/04/23        USD        59.00        USD        1,009        (34,539
Microsoft Corp.
     282        08/04/23        USD        340.00        USD        9,603        (344,040
Ross Stores, Inc.
     19        08/04/23        USD        108.00        USD        213        (11,020
Sony Group Corp., ADR
     256        08/04/23        USD        93.00        USD        2,305        (35,200
Ciena Corp.
     436        08/07/23        USD        46.50        USD        1,853        (22,477
Cognizant Technology Solutions Corp., Class A
     132        08/07/23        USD        63.75        USD        862        (41,661
Comcast Corp., Class A
     173        08/11/23        USD        42.00        USD        719        (17,214
JPMorgan Chase & Co.
     298        08/11/23        USD        144.00        USD        4,334        (131,865
Ross Stores, Inc.
     217        08/11/23        USD        112.00        USD        2,433        (72,695
Alphabet, Inc., Class A
     295        08/18/23        USD        130.00        USD        3,531        (49,265
Amazon.com, Inc.
     295        08/18/23        USD        125.00        USD        3,846        (292,787
Apple, Inc.
     361        08/18/23        USD        190.00        USD        7,002        (314,972
Aptiv PLC
     386        08/18/23        USD        110.00        USD        3,941        (80,095
Avantor, Inc.
     477        08/18/23        USD        22.50        USD        980        (19,080
Avantor, Inc.
     1,014        08/18/23        USD        20.40        USD        2,083        (124,177
Axalta Coating Systems Ltd.
     1,130        08/18/23        USD        33.00        USD        3,708        (144,075
Ciena Corp.
     519        08/18/23        USD        44.32        USD        2,205        (50,074
Cognizant Technology Solutions Corp., Class A
     267        08/18/23        USD        64.00        USD        1,743        (93,963
Comcast Corp., Class A
     877        08/18/23        USD        42.50        USD        3,644        (78,053
Corteva, Inc.
     537        08/18/23        USD        57.90        USD        3,077        (89,375
 
 
40  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
 
Exchange-Traded Options Written (continued)
    
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call (continued)
                    
Elevance Health, Inc.
     10        08/18/23        USD        470.00        USD        444      $ (5,750
EQT Corp.
     398        08/18/23        USD        39.00        USD        1,637        (143,280
Fidelity National Financial, Inc.
     480        08/18/23        USD        35.00        USD        1,728        (98,400
Fortive Corp.
     502        08/18/23        USD        67.45        USD        3,753        (412,491
Intercontinental Exchange, Inc.
     472        08/18/23        USD        115.00        USD        5,337        (101,480
Laboratory Corp. of America Holdings
     4        08/18/23        USD        220.00        USD        97        (9,560
Laboratory Corp. of America Holdings
     251        08/18/23        USD        240.00        USD        6,057        (235,940
Las Vegas Sands Corp.
     199        08/18/23        USD        62.50        USD        1,154        (22,487
LPL Financial Holdings, Inc.
     154        08/18/23        USD        220.00        USD        3,348        (145,530
Meta Platforms, Inc., Class A
     94        08/18/23        USD        300.00        USD        2,698        (115,385
Monster Beverage Corp.
     616        08/18/23        USD        57.95        USD        3,538        (115,137
Novo Nordisk A/S, ADR
     215        08/18/23        USD        170.00        USD        3,479        (83,850
Otis Worldwide Corp.
     278        08/18/23        USD        80.23        USD        2,474        (265,171
Progressive Corp.
     174        08/18/23        USD        130.00        USD        2,303        (100,920
Reinsurance Group of America, Inc.
     168        08/18/23        USD        145.00        USD        2,330        (60,480
Sealed Air Corp.
     575        08/18/23        USD        43.00        USD        2,300        (36,623
Tenet Healthcare Corp.
     179        08/18/23        USD        85.00        USD        1,457        (43,855
Unilever PLC, ADR
     405        08/18/23        USD        50.05        USD        2,111        (98,376
Medtronic PLC
     267        08/29/23        USD        89.00        USD        2,352        (59,375
Medtronic PLC
     262        09/08/23        USD        89.00        USD        2,308        (64,697
Fortive Corp.
     480        09/15/23        USD        70.00        USD        3,589        (312,000
Sealed Air Corp.
     290        09/15/23        USD        41.75        USD        1,160        (39,753
                    
 
 
 
                     $  (16,829,554
                    
 
 
 
OTC Options Written
 
Description
 
Counterparty
  
Number of
Contracts
    
Expiration
Date
    
Exercise Price
    
Notional
Amount (000)
    
Value
 
Call
                      
JPMorgan Chase & Co.
  Citibank N.A.      18,700        07/11/23        USD        138.69        USD        2,720      $ (116,588
Corteva, Inc.
  JPMorgan Chase Bank N.A.      78,600        07/25/23        USD        59.10        USD        4,504        (48,280
FleetCor Technologies, Inc.
  Citibank N.A.      18,400        07/31/23        USD        246.16        USD        4,620        (165,247
Voya Financial, Inc.
  Citibank N.A.      39,600        07/31/23        USD        73.46        USD        2,840        (36,103
Dun & Bradstreet Holdings, Inc.
  JPMorgan Chase Bank N.A.      72,800        08/02/23        USD        12.19        USD        842        (23,386
Dun & Bradstreet Holdings, Inc.
  JPMorgan Chase Bank N.A.      49,300        08/17/23        USD        10.32        USD        570        (97,446
                      
 
 
 
                       $     (487,050
                      
 
 
 
Balances Reported in the Statements of Assets and Liabilities for Options Written
 
Description
  
Swap
Premiums
Paid
    
Swap
Premiums
Received
    
Unrealized
Appreciation
    
Unrealized
Depreciation
    
Value
 
Options Written
   $ N/A      $ N/A      $ 2,754,483      $ (7,228,739    $  (17,316,604
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
   $      $      $   17,316,604      $      $      $      $  17,316,604  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  41

Schedule of Investments (unaudited) (continued)
June 30, 2023
  
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
 
    
 
For the period ended June 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
 
     
Commodity
Contracts
    
Credit
Contracts
    
Equity
Contracts
    
Foreign
Currency
  Exchange
Contracts
    
Interest
Rate
  Contracts
    
Other
  Contracts
    
Total
 
Net Realized Gain (Loss) from:
 
                 
Options written
   $      $      $ (9,665,066    $      $      $      $ (9,665,066
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                    
Options written
   $      $      $ (9,874,294    $      $      $      $ (9,874,294
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments
 
   
Options:
  
Average value of option contracts written
   $ 16,946,760  
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
   $      $ 17,316,604  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Statements of Assets and Liabilities
            17,316,604  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
            (16,829,554
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $      $ 487,050  
  
 
 
    
 
 
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
 
Counterparty
    
Derivative
Liabilities
Subject to
an MNA by
Counterparty
 
 
 
 
 
  
 
Derivatives
Available
for Offset
 
 
 
  
 
Non-Cash
Collateral
Pledged
 
 
 
  
 
Cash
Collateral
Pledged
 
 
 
    
Net Amount
of Derivative
Liabilities
 
 
(a) 
Citibank N.A.
   $ 317,938      $      $      $      $ 317,938  
JPMorgan Chase Bank N.A.
     169,112                             169,112  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 487,050      $      $      $      $ 487,050  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
 
      Level 1      Level 2      Level 3      Total  
Assets
           
Investments
           
Long-Term Investments
           
Common Stocks
   $ 851,951,940      $             —      $             —      $  851,951,940  
 
 
42  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
 
Fair Value Hierarchy as of Period End (continued)
 
      Level 1      Level 2      Level 3      Total  
Short-Term Securities
           
Money Market Funds
   $ 13,210,705      $      $             —      $ 13,210,705  
  
 
 
    
 
 
    
 
 
    
 
 
 
   $ 865,162,645      $      $        865,162,645  
  
 
 
    
 
 
    
 
 
    
 
 
 
Investments Valued at NAV(a)
              36  
           
 
 
 
            $ 865,162,681  
           
 
 
 
           
Derivative Financial Instruments(b)
           
Liabilities
           
Equity Contracts
   $ (13,926,649    $ (3,389,955    $      $ (17,316,604
  
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
 
  (b) 
Derivative financial instruments are options written. Options written are shown at value.
 
See notes to financial statements.
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  43

Consolidated Schedule of Investments (unaudited)
June 30, 2023
  
    BlackRock Enhanced Equity Dividend Trust (BDJ)
(Percentages shown are based on Net Assets)
    
 
Security   Shares     Value  
Common Stocks
   
Aerospace & Defense(a) — 2.8%            
L3Harris Technologies, Inc.(b)
    169,635     $     33,209,444  
Raytheon Technologies Corp.
    127,232       12,463,647  
   
 
 
 
      45,673,091  
Automobile Components — 0.4%            
Lear Corp.(a)
    47,800       6,861,690  
   
 
 
 
Automobiles — 2.1%            
General Motors Co.(a)(b)
    914,947       35,280,356  
   
 
 
 
Banks(a) — 10.2%            
Bank of America Corp.
    153,081       4,391,894  
Citigroup, Inc.
    957,550       44,085,602  
Citizens Financial Group, Inc.
    418,904       10,925,016  
First Citizens BancShares, Inc., Class A(b)
    24,907       31,966,889  
JPMorgan Chase & Co.
    181,778       26,437,793  
Wells Fargo & Co.
    1,193,168       50,924,409  
   
 
 
 
      168,731,603  
Beverages — 1.0%            
Constellation Brands, Inc., Class A(a)
    65,289       16,069,582  
   
 
 
 
Capital Markets — 2.5%            
Carlyle Group, Inc.
    375,700       12,003,615  
Charles Schwab Corp.(a)
    70,205       3,979,219  
Intercontinental Exchange, Inc.(a)
    84,950       9,606,146  
Raymond James Financial, Inc.(a)
    150,989       15,668,129  
   
 
 
 
      41,257,109  
Chemicals — 0.5%            
PPG Industries, Inc.(a)
    60,439       8,963,104  
   
 
 
 
Communications Equipment — 2.3%            
Cisco Systems, Inc.(a)
    719,630       37,233,656  
   
 
 
 
Consumer Staples Distribution & Retail — 1.9%        
Dollar General Corp.(a)
    187,696       31,867,027  
   
 
 
 
Containers & Packaging — 1.4%            
Sealed Air Corp.(a)
    593,272       23,730,880  
   
 
 
 
Diversified Telecommunication Services(a) — 1.8%        
AT&T, Inc.
    713,382       11,378,443  
Verizon Communications, Inc.
    484,060       18,002,191  
   
 
 
 
      29,380,634  
Electric Utilities(a) — 2.0%            
American Electric Power Co., Inc.
    116,849       9,838,686  
Exelon Corp.
    256,819       10,462,806  
PG&E Corp.(c)
    763,531       13,193,816  
   
 
 
 
      33,495,308  
Entertainment — 0.5%            
Activision Blizzard, Inc.(a)(c)
    99,436       8,382,455  
   
 
 
 
Financial Services(a) — 3.9%            
Apollo Global Management, Inc.
    93,384       7,172,825  
Equitable Holdings, Inc.
    227,446       6,177,434  
Fidelity National Information Services, Inc.(b)
    575,110       31,458,517  
Visa, Inc., Class A
    83,611       19,855,940  
   
 
 
 
      64,664,716  
Food Products(a) — 2.7%            
Kraft Heinz Co.(b)
    1,111,094       39,443,837  
Mondelez International, Inc., Class A
    66,289       4,835,120  
   
 
 
 
      44,278,957  
Security   Shares     Value  
Ground Transportation — 0.6%            
Union Pacific Corp.(a)
    45,811     $      9,373,847  
   
 
 
 
Health Care Equipment & Supplies — 7.4%        
Baxter International, Inc.(a)
    934,402       42,571,355  
Koninklijke Philips NV
    870,995       18,872,411  
Medtronic PLC(a)
    436,130       38,423,053  
Zimmer Biomet Holdings, Inc.(a)(b)
    154,589       22,508,158  
   
 
 
 
      122,374,977  
Health Care Providers & Services(a) —8.8%        
AmerisourceBergen Corp.
    44,126       8,491,166  
Cardinal Health, Inc.
    314,869       29,777,161  
Cigna Group
    84,724       23,773,554  
Elevance Health, Inc.
    52,686       23,407,863  
Humana, Inc.
    23,368       10,448,534  
Laboratory Corp. of America Holdings
    204,687       49,397,114  
   
 
 
 
      145,295,392  
Household Durables — 2.0%            
Newell Brands, Inc.(a)
    747,674       6,504,764  
Panasonic Holdings Corp.
    1,390,500       17,050,203  
Sony Group Corp.
    105,400       9,514,475  
   
 
 
 
      33,069,442  
Industrial Conglomerates — 0.4%            
Siemens AG, Registered Shares
    42,742       7,125,129  
   
 
 
 
Insurance — 6.9%            
Allstate Corp.(a)
    95,457       10,408,631  
American International Group, Inc.(a)
    703,484       40,478,469  
Fidelity National Financial, Inc.(a)
    498,425       17,943,300  
First American Financial Corp.(a)
    29,750       1,696,345  
Prudential PLC
    864,805       12,213,975  
Willis Towers Watson PLC(a)
    132,095       31,108,373  
   
 
 
 
      113,849,093  
Interactive Media & Services — 0.7%            
Alphabet, Inc., Class A(a)(c)
    93,915       11,241,626  
   
 
 
 
IT Services — 2.6%            
Cognizant Technology Solutions Corp.,
Class A(a)
    656,268       42,841,175  
   
 
 
 
Machinery — 1.3%            
Fortive Corp.(a)
    74,754       5,589,357  
Komatsu Ltd.
    499,200       13,502,367  
Pentair PLC(a)
    22,700       1,466,420  
   
 
 
 
      20,558,144  
Media(a) — 2.7%            
Comcast Corp., Class A
    749,197       31,129,135  
Fox Corp., Class A
    380,307       12,930,438  
   
 
 
 
      44,059,573  
Multi-Utilities(a) — 1.5%            
Public Service Enterprise Group, Inc.
    206,888       12,953,258  
Sempra Energy
    78,141       11,376,548  
   
 
 
 
      24,329,806  
Oil, Gas & Consumable Fuels — 8.9%            
BP PLC
    5,573,680       32,452,050  
ConocoPhillips(a)
    105,233       10,903,191  
Enterprise Products Partners LP(a)
    1,220,258       32,153,798  
EQT Corp.(a)
    294,416       12,109,330  
Formentera Partners Fund II LP(d)(e)
    (f)      10,037,117  
Hess Corp.(a)
    77,798       10,576,638  
Shell PLC
    1,263,772       37,700,422  
   
 
 
 
      145,932,546  
 
 
 
44  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)
June 30, 2023
  
BlackRock Enhanced Equity Dividend Trust (BDJ)
(Percentages shown are based on Net Assets)
    
 
Security   Shares     Value  
Personal Care Products — 2.0%            
Unilever PLC, ADR(a)
    635,218     $ 33,113,914  
   
 
 
 
Pharmaceuticals — 5.4%            
AstraZeneca PLC
    102,205       14,651,516  
Bayer AG, Registered Shares
    404,504       22,391,334  
Eli Lilly & Co.(a)
    23,037       10,803,892  
Novo Nordisk A/S, ADR(a)
    59,807       9,678,567  
Sanofi
    293,812       31,630,553  
   
 
 
 
      89,155,862  
Professional Services(a) — 4.2%            
Leidos Holdings, Inc.
    348,680       30,851,207  
Robert Half International, Inc.
    65,910       4,957,750  
SS&C Technologies Holdings, Inc.
    549,700       33,311,820  
   
 
 
 
      69,120,777  
Semiconductors & Semiconductor Equipment — 0.5%  
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a)
    79,144       7,987,212  
   
 
 
 
Software — 2.1%            
Microsoft Corp.(a)
    101,563       34,586,264  
   
 
 
 
Specialty Retail — 0.6%            
Ross Stores, Inc.(a)
    88,225       9,892,669  
   
 
 
 
Technology Hardware, Storage & Peripherals — 1.4%  
Samsung Electronics Co. Ltd., GDR, Registered Shares
    16,024       22,212,817  
   
 
 
 
Textiles, Apparel & Luxury Goods — 0.5%            
Ralph Lauren Corp.(a)
    68,473       8,442,721  
   
 
 
 
Tobacco — 1.4%            
British American Tobacco PLC, ADR(a)
    692,946       23,005,808  
   
 
 
 
Wireless Telecommunication Services — 0.5%            
Rogers Communications, Inc., Class B
    167,832       7,657,117  
   
 
 
 
Total Long-Term Investments — 98.4%
    (Cost: $1,384,197,244)
        1,621,096,079  
   
 
 
 
Security   Shares     Value  
Short-Term Securities
   
Money Market Funds — 3.3%            
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(g)(h)
 
 
54,579,536
 
 
$
54,579,536
 
   
 
 
 
Total Short-Term Securities — 3.3%
(Cost: $54,579,536)
   
 
54,579,536
 
   
 
 
 
Total Investments Before Options Written — 101.7%
(Cost: $1,438,776,780)
 
 
 
1,675,675,615
 
   
 
 
 
Options Written — (1.5)%
(Premiums Received: $(19,373,563))
      (24,895,659
   
 
 
 
Total Investments, Net of Options Written — 100.2%
(Cost: $1,419,403,217)
 
 
 
1,650,779,956
 
Liabilities in Excess of Other Assets — (0.2)%
 
    (4,025,420
   
 
 
 
Net Assets — 100.0%
    $ 1,646,754,536  
   
 
 
 
 
(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) 
All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.
(e) 
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(f) 
Investment does not issue shares.
(g) 
Affiliate of the Trust.
(h) 
Annualized 7-day yield as of period end.
 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
Affiliated Issuer
  
Value at
12/31/22
    
Purchases
at Cost
    
Proceeds
from Sales
    
Net
Realized
Gain (Loss)
    
Change in
Unrealized
Appreciation
(Depreciation)
    
Value at
06/30/23
    
Shares
Held at
06/30/23
    
Income
    
Capital Gain
Distributions
from
Underlying
Funds
 
BlackRock Liquidity Funds, T-Fund, Institutional Class
   $  76,042,437      $      $ (21,462,901 )(a)     $      $      $  54,579,536        54,579,536      $  1,609,010      $  
SL Liquidity Series, LLC, Money Market Series(b)
            232 (a)              (232                           669 (c)        
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
            $ (232    $      $ 54,579,536         $ 1,609,679      $  
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
 
(a) 
Represents net amount purchased (sold).
(b) 
As of period end, the entity is no longer held.
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  45

Consolidated Schedule of Investments (unaudited) (continued)
June 30, 2023
  
BlackRock Enhanced Equity Dividend Trust (BDJ)
    
 
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
 
Description
  
Number of
Contracts
    
Expiration
Date
    
Exercise Price
    
Notional
Amount (000)
    
Value
 
Call
                    
Alphabet, Inc., Class A
     60        07/07/23        USD        124.34        USD        718      $ (958
American International Group, Inc.
     853        07/07/23        USD        57.00        USD        4,908        (78,902
AmerisourceBergen Corp.
     74        07/07/23        USD        175.00        USD        1,424            (131,350
Cigna Group
     146        07/07/23        USD        250.00        USD        4,097        (455,520
Citigroup, Inc.
     733        07/07/23        USD        49.00        USD        3,375        (1,833
Constellation Brands, Inc., Class A
     84        07/07/23        USD        250.00        USD        2,067        (4,830
Elevance Health, Inc.
     119        07/07/23        USD        475.00        USD        5,287        (4,165
Enterprise Products Partners LP
     2,601        07/07/23        USD        26.00        USD        6,854        (105,340
EQT Corp.
     636        07/07/23        USD        38.00        USD        2,616        (201,930
Fox Corp., Class A
     1,264        07/07/23        USD        34.00        USD        4,298        (44,240
General Motors Co.
     286        07/07/23        USD        38.00        USD        1,103        (24,596
Hess Corp.
     204        07/07/23        USD        133.00        USD        2,773        (76,500
Humana, Inc.
     79        07/07/23        USD        520.00        USD        3,532        (2,765
Kraft Heinz Co.
     1,592        07/07/23        USD        38.35        USD        5,652        (6
Microsoft Corp.
     183        07/07/23        USD        340.00        USD        6,232        (63,592
Mondelez International, Inc., Class A
     263        07/07/23        USD        75.00        USD        1,918        (2,630
PG&E Corp.
     538        07/07/23        USD        17.50        USD        930        (4,842
PPG Industries, Inc.
     101        07/07/23        USD        135.00        USD        1,498        (137,360
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
     122        07/07/23        USD        104.00        USD        1,231        (3,782
Visa, Inc., Class A
     93        07/07/23        USD        235.00        USD        2,209        (30,458
Cognizant Technology Solutions Corp., Class A
     1,019        07/10/23        USD        62.00        USD        6,652        (348,291
Alphabet, Inc., Class A
     105        07/14/23        USD        125.00        USD        1,257        (5,040
American International Group, Inc.
     1,082        07/14/23        USD        57.00        USD        6,226        (140,660
AT&T, Inc.
     1,307        07/14/23        USD        16.00        USD        2,085        (18,298
Baxter International, Inc.
     1,185        07/14/23        USD        42.00        USD        5,399        (432,525
Cisco Systems, Inc.
     1,022        07/14/23        USD        51.00        USD        5,288        (83,804
Citigroup, Inc.
     734        07/14/23        USD        49.00        USD        3,379        (10,276
ConocoPhillips
     355        07/14/23        USD        108.00        USD        3,678        (16,508
Dollar General Corp.
     448        07/14/23        USD        160.00        USD        7,606        (452,480
Enterprise Products Partners LP
     2,037        07/14/23        USD        26.52        USD        5,367        (27,754
EQT Corp.
     315        07/14/23        USD        37.00        USD        1,296        (133,875
General Motors Co.
     963        07/14/23        USD        36.00        USD        3,713        (263,862
Hess Corp.
     201        07/14/23        USD        139.00        USD        2,733        (32,160
Kraft Heinz Co.
     1,240        07/14/23        USD        38.00        USD        4,402        (3,100
Microsoft Corp.
     66        07/14/23        USD        330.00        USD        2,248        (78,870
Mondelez International, Inc., Class A
     101        07/14/23        USD        73.00        USD        737        (6,565
PG&E Corp.
     538        07/14/23        USD        17.50        USD        930        (11,029
Ross Stores, Inc.
     78        07/14/23        USD        107.00        USD        875        (43,680
Verizon Communications, Inc.
     1,331        07/14/23        USD        36.00        USD        4,950        (163,047
Visa, Inc., Class A
     124        07/14/23        USD        230.00        USD        2,945        (103,540
Allstate Corp.
     215        07/21/23        USD        120.00        USD        2,344        (2,150
Allstate Corp.
     310        07/21/23        USD        115.00        USD        3,380        (11,625
Alphabet, Inc., Class A
     132        07/21/23        USD        125.00        USD        1,580        (11,880
American Electric Power Co., Inc.
     357        07/21/23        USD        90.50        USD        3,006        (3,496
American International Group, Inc.
     1,465        07/21/23        USD        55.00        USD        8,430        (446,825
AmerisourceBergen Corp.
     129        07/21/23        USD        180.00        USD        2,482        (180,600
Baxter International, Inc.
     2,159        07/21/23        USD        42.50        USD        9,836        (712,470
British American Tobacco PLC, ADR
     1,271        07/21/23        USD        35.00        USD        4,220        (6,355
Carlyle Group, Inc.
     853        07/21/23        USD        29.00        USD        2,725        (263,289
Cigna Group
     80        07/21/23        USD        260.00        USD        2,245        (178,000
Citigroup, Inc.
     673        07/21/23        USD        48.00        USD        3,098        (26,920
Citizens Financial Group, Inc.
     582        07/21/23        USD        27.50        USD        1,518        (29,100
Citizens Financial Group, Inc.
     1,093        07/21/23        USD        30.00        USD        2,851        (13,663
Cognizant Technology Solutions Corp., Class A
     863        07/21/23        USD        62.50        USD        5,634        (276,160
Constellation Brands, Inc., Class A
     91        07/21/23        USD        240.00        USD        2,240        (72,345
Dollar General Corp.
     313        07/21/23        USD        210.00        USD        5,314        (3,130
Elevance Health, Inc.
     62        07/21/23        USD        490.00        USD        2,755        (4,805
Enterprise Products Partners LP
     1,030        07/21/23        USD        26.00        USD        2,714        (54,590
Enterprise Products Partners LP
     1,043        07/21/23        USD        26.33        USD        2,748        (32,668
EQT Corp.
     28        07/21/23        USD        38.00        USD        115        (9,870
 
 
46  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)
June 30, 2023
  
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)
                    
Equitable Holdings, Inc.
     625        07/21/23        USD        25.00        USD        1,698      $      (162,500
Exelon Corp.
     300        07/21/23        USD        42.00        USD        1,222        (6,750
Fidelity National Financial, Inc.
     960        07/21/23        USD        35.00        USD        3,456        (141,600
Fidelity National Information Services, Inc.
     855        07/21/23        USD        57.50        USD        4,677        (34,200
First American Financial Corp.
     163        07/21/23        USD        60.00        USD        929        (6,113
First Citizens BancShares, Inc., Class A
     46        07/21/23        USD        1,340.00        USD        5,904        (71,300
Fortive Corp.
     188        07/21/23        USD        66.32        USD        1,406        (163,978
Fox Corp., Class A
     791        07/21/23        USD        33.00        USD        2,689        (108,762
General Motors Co.
     587        07/21/23        USD        34.00        USD        2,263        (278,825
Humana, Inc.
     49        07/21/23        USD        525.00        USD        2,191        (2,573
Intercontinental Exchange, Inc.
     132        07/21/23        USD        109.00        USD        1,493        (62,960
JPMorgan Chase & Co.
     35        07/21/23        USD        145.00        USD        509        (9,363
Kraft Heinz Co.
     1,404        07/21/23        USD        40.00        USD        4,984        (2,808
L3Harris Technologies, Inc.
     418        07/21/23        USD        195.00        USD        8,183        (169,290
Laboratory Corp. of America Holdings
     370        07/21/23        USD        220.00        USD        8,929        (812,150
Lear Corp.
     174        07/21/23        USD        129.50        USD        2,498        (271,532
Leidos Holdings, Inc.
     1,720        07/21/23        USD        85.00        USD        15,219        (713,800
Medtronic PLC
     568        07/21/23        USD        90.00        USD        5,004        (32,376
Microsoft Corp.
     33        07/21/23        USD        330.00        USD        1,124        (47,190
Microsoft Corp.
     146        07/21/23        USD        340.00        USD        4,972        (104,390
Newell Brands, Inc.
     2,069        07/21/23        USD        9.00        USD        1,800        (56,897
PG&E Corp.
     1,510        07/21/23        USD        17.00        USD        2,609        (77,765
PPG Industries, Inc.
     104        07/21/23        USD        135.00        USD        1,542        (152,880
Public Service Enterprise Group, Inc.
     142        07/21/23        USD        64.85        USD        889        (4,386
Ralph Lauren Corp.
     376        07/21/23        USD        125.00        USD        4,636        (75,200
Robert Half International, Inc.
     181        07/21/23        USD        70.00        USD        1,361        (96,835
Rogers Communications, Inc., Class B
     460        07/21/23        CAD        66.00        CAD        2,780        (2,083
Sealed Air Corp.
     1,039        07/21/23        USD        50.00        USD        4,156        (223,385
Sempra Energy
     372        07/21/23        USD        150.00        USD        5,416        (17,670
SS&C Technologies Holdings, Inc.
     781        07/21/23        USD        60.00        USD        4,733        (115,197
SS&C Technologies Holdings, Inc.
     587        07/21/23        USD        56.96        USD        3,557        (244,294
Unilever PLC, ADR
     1,505        07/21/23        USD        54.82        USD        7,846        (5,138
Visa, Inc., Class A
     46        07/21/23        USD        230.00        USD        1,092        (41,285
Wells Fargo & Co.
     2,491        07/21/23        USD        42.50        USD        10,632        (325,075
Willis Towers Watson PLC
     249        07/21/23        USD        240.00        USD        5,864        (44,820
Willis Towers Watson PLC
     281        07/26/23        USD        234.00        USD        6,618        (138,400
Alphabet, Inc., Class A
     106        07/28/23        USD        126.00        USD        1,269        (19,398
American International Group, Inc.
     469        07/28/23        USD        58.00        USD        2,699        (57,452
AT&T, Inc.
     1,308        07/28/23        USD        16.50        USD        2,086        (24,852
Bank of America Corp.
     841        07/28/23        USD        30.00        USD        2,413        (29,856
Baxter International, Inc.
     786        07/28/23        USD        43.00        USD        3,581        (263,310
Cardinal Health, Inc.
     724        07/28/23        USD        93.00        USD        6,847        (249,780
Cigna Group
     178        07/28/23        USD        280.00        USD        4,995        (132,610
CisCo Systems, Inc.
     1,408        07/28/23        USD        52.00        USD        7,285        (79,552
Citigroup, Inc.
     509        07/28/23        USD        47.00        USD        2,343        (44,538
Comcast Corp., Class A
     1,249        07/28/23        USD        42.00        USD        5,190        (101,793
ConocoPhillips
     223        07/28/23        USD        104.00        USD        2,311        (62,440
Constellation Brands, Inc., Class A
     184        07/28/23        USD        255.00        USD        4,529        (24,840
Elevance Health, Inc.
     62        07/28/23        USD        450.00        USD        2,755        (49,910
Eli Lilly & Co.
     44        07/28/23        USD        470.00        USD        2,064        (47,410
Fox Corp., Class A
     36        07/28/23        USD        34.00        USD        122        (3,060
General Motors Co.
     1,273        07/28/23        USD        39.00        USD        4,909        (157,852
Hess Corp.
     22        07/28/23        USD        141.00        USD        299        (5,555
Kraft Heinz Co.
     1,875        07/28/23        USD        37.00        USD        6,656        (20,625
Medtronic PLC
     676        07/28/23        USD        87.00        USD        5,956        (157,508
Microsoft Corp.
     33        07/28/23        USD        345.00        USD        1,124        (27,390
Novo Nordisk A/S, ADR
     219        07/28/23        USD        165.00        USD        3,544        (68,985
PG&E Corp.
     1,613        07/28/23        USD        17.50        USD        2,787        (59,681
Union Pacific Corp.
     162        07/28/23        USD        205.00        USD        3,315        (80,190
Verizon Communications, Inc.
     1,331        07/28/23        USD        37.00        USD        4,950        (99,825
Visa, Inc., Class A
     46        07/28/23        USD        230.00        USD        1,092        (48,645
Visa, Inc., Class A
     13        07/28/23        USD        235.00        USD        309        (9,068
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  47

Consolidated Schedule of Investments (unaudited) (continued)
June 30, 2023
  
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)
                    
Zimmer Biomet Holdings, Inc.
     365        08/01/23        USD        146.17        USD        5,314      $ (95,050
Alphabet, Inc., Class A
     68        08/04/23        USD        121.00        USD        814        (27,540
AmerisourceBergen Corp.
     39        08/04/23        USD        195.00        USD        750        (14,820
AT&T, Inc.
     1,308        08/04/23        USD        16.00        USD        2,086        (51,012
Baxter International, Inc.
     1,008        08/04/23        USD        47.00        USD        4,592        (115,920
Cardinal Health, Inc.
     503        08/04/23        USD        94.00        USD        4,757        (135,810
Charles Schwab Corp.
     386        08/04/23        USD        58.00        USD        2,188        (71,796
Cisco Systems, Inc.
     325        08/04/23        USD        51.00        USD        1,682        (57,037
Citigroup, Inc.
     509        08/04/23        USD        48.00        USD        2,343        (31,049
Comcast Corp., Class A
     1,011        08/04/23        USD        42.00        USD        4,201        (91,495
Eli Lilly & Co.
     48        08/04/23        USD        475.00        USD        2,251        (50,040
EQT Corp.
     425        08/04/23        USD        43.00        USD        1,748        (51,213
General Motors Co.
     550        08/04/23        USD        38.00        USD        2,121        (106,975
JPMorgan Chase & Co.
     189        08/04/23        USD        146.00        USD        2,749        (55,755
Microsoft Corp.
     97        08/04/23        USD        340.00        USD        3,303        (118,340
Ross Stores, Inc.
     284        08/04/23        USD        108.00        USD        3,184        (164,720
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
     122        08/04/23        USD        105.00        USD        1,231        (28,548
Union Pacific Corp.
     89        08/04/23        USD        205.00        USD        1,821        (49,395
Visa, Inc., Class A
     137        08/04/23        USD        240.00        USD        3,253        (64,390
Cognizant Technology Solutions Corp., Class A
     863        08/07/23        USD        63.75        USD        5,634        (272,372
Public Service Enterprise Group, Inc.
     412        08/10/23        USD        61.75        USD        2,580        (87,585
Cardinal Health, Inc.
     503        08/11/23        USD        94.00        USD        4,757        (169,762
Cisco Systems, Inc.
     325        08/11/23        USD        52.00        USD        1,682        (26,813
Comcast Corp., Class A
     611        08/11/23        USD        42.00        USD        2,539        (60,794
JPMorgan Chase & Co.
     484        08/11/23        USD        144.00        USD        7,039        (214,170
Ross Stores, Inc.
     123        08/11/23        USD        112.00        USD        1,379        (41,205
Alphabet, Inc., Class A
     45        08/18/23        USD        130.00        USD        539        (7,515
American Electric Power Co., Inc.
     163        08/18/23        USD        85.00        USD        1,372        (31,785
Apollo Global Management, Inc.
     513        08/18/23        USD        77.50        USD        3,940        (151,335
British American Tobacco PLC, ADR
     1,284        08/18/23        USD        33.25        USD        4,263        (53,100
Carlyle Group, Inc.
     1,209        08/18/23        USD        34.00        USD        3,863        (54,346
Cigna Group
     61        08/18/23        USD        280.00        USD        1,712        (71,675
Cisco Systems, Inc.
     877        08/18/23        USD        52.50        USD        4,538        (103,486
Citigroup, Inc.
     672        08/18/23        USD        49.00        USD        3,094        (31,248
Cognizant Technology Solutions Corp., Class A
     864        08/18/23        USD        64.00        USD        5,640        (304,061
Comcast Corp., Class A
     1,249        08/18/23        USD        42.50        USD        5,190        (111,161
Elevance Health, Inc.
     46        08/18/23        USD        470.00        USD        2,044        (26,450
EQT Corp.
     484        08/18/23        USD        39.00        USD        1,991        (174,240
Equitable Holdings, Inc.
     624        08/18/23        USD        28.00        USD        1,695        (45,188
Exelon Corp.
     188        08/18/23        USD        42.00        USD        766        (11,280
Exelon Corp.
     924        08/18/23        USD        40.46        USD        3,764        (105,433
Fidelity National Financial, Inc.
     1,033        08/18/23        USD        35.00        USD        3,719        (211,765
Fidelity National Information Services, Inc.
     1,445        08/18/23        USD        56.74        USD        7,904        (199,020
First Citizens BancShares, Inc., Class A
     90        08/18/23        USD        1,300.00        USD        11,551        (585,900
Fortive Corp.
     112        08/18/23        USD        67.45        USD        837        (92,030
Intercontinental Exchange, Inc.
     335        08/18/23        USD        115.00        USD        3,788        (72,025
Laboratory Corp. of America Holdings
     437        08/18/23        USD        220.00        USD        10,546        (1,044,430
Laboratory Corp. of America Holdings
     11        08/18/23        USD        240.00        USD        265        (10,340
Lear Corp.
     88        08/18/23        USD        145.00        USD        1,263        (50,160
Medtronic PLC
     316        08/18/23        USD        86.25        USD        2,784        (112,269
Newell Brands, Inc.
     921        08/18/23        USD        9.33        USD        801        (42,467
Novo Nordisk A/S, ADR
     109        08/18/23        USD        170.00        USD        1,764        (42,510
Pentair PLC
     124        08/18/23        USD        62.50        USD        801        (52,080
PPG Industries, Inc.
     130        08/18/23        USD        145.00        USD        1,928        (90,350
Public Service Enterprise Group, Inc.
     583        08/18/23        USD        62.63        USD        3,650        (102,405
Raymond James Financial, Inc.
     285        08/18/23        USD        105.00        USD        2,957        (95,475
Robert Half International, Inc.
     181        08/18/23        USD        80.00        USD        1,361        (25,793
Rogers Communications, Inc., Class B
     463        08/18/23        CAD        60.00        CAD        2,798        (71,298
Sealed Air Corp.
     1,263        08/18/23        USD        43.00        USD        5,052        (80,444
SS&C Technologies Holdings, Inc.
     1,655        08/18/23        USD        61.59        USD        10,029        (314,953
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
     191        08/18/23        USD        105.00        USD        1,928        (54,340
Unilever PLC, ADR
     1,988        08/18/23        USD        50.05        USD        10,363        (482,893
 
 
48  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)
June 30, 2023
    
   BlackRock Enhanced Equity Dividend Trust (BDJ)
 
Exchange-Traded Options Written (continued)
 
 
 
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
 
 
Call (continued)
                    
Wells Fargo & Co.
     2,281        08/18/23        USD        42.50        USD        9,735      $ (393,472
Willis Towers Watson PLC
     196        08/18/23        USD        240.00        USD        4,616        (103,880
Zimmer Biomet Holdings, Inc.
     305        08/18/23        USD        145.00        USD        4,441        (158,600
Medtronic PLC
     368        08/29/23        USD        89.00        USD        3,242        (81,835
Medtronic PLC
     470        09/08/23        USD        89.00        USD        4,141        (116,059
Fortive Corp.
     111        09/15/23        USD        70.00        USD        830        (72,150
Raymond James Financial, Inc.
     318        09/15/23        USD        103.80        USD        3,300        (158,558
Sealed Air Corp.
     960        09/15/23        USD        41.75        USD        3,840        (131,595
Zimmer Biomet Holdings, Inc.
     180        09/15/23        USD        145.00        USD        2,621        (113,400
                    
 
 
 
                     $  (21,539,204
                    
 
 
 
OTC Options Written
 
 
 
Description   Counterparty   Number of
Contracts
    Expiration
Date
    Exercise Price    
Notional
Amount (000)
    Value  
 
 
Call
               
Samsung Electronics Co. Ltd., GDR, Registered Shares
  UBS AG     1,500       07/06/23       USD       1,277.12       USD       2,079     $ (165,047
BP PLC
  Morgan Stanley & Co. International PLC     732,200       07/11/23       GBP       4.97       GBP       3,357       (772
JPMorgan Chase & Co.
  Citibank N.A.     29,100       07/11/23       USD       138.70       USD       4,232       (181,427
Prudential PLC
  Morgan Stanley & Co. International PLC     282,000       07/11/23       GBP       12.00       GBP       3,136       (3,696
Samsung Electronics Co. Ltd., GDR, Registered Shares
  UBS AG     1,700       07/11/23       USD       1,273.60       USD       2,357       (195,294
Sony Group Corp.
  Morgan Stanley & Co. International PLC     33,600       07/11/23       JPY       13,332.80       JPY       437,658       (26,501
Koninklijke Philips NV
  Goldman Sachs International     217,800       07/13/23       EUR       18.35       EUR       4,325       (363,970
Sanofi
  Goldman Sachs International     103,700       07/13/23       EUR       97.63       EUR       10,231       (167,055
Shell PLC
  Morgan Stanley & Co. International PLC     236,500       07/13/23       GBP       23.04       GBP       5,555       (184,367
Siemens AG, Registered Shares
  Barclays Bank PLC     23,600       07/13/23       EUR       157.94       EUR       3,605       (13,146
Sony Group Corp.
  UBS AG     24,300       07/13/23       JPY       13,812.30       JPY       316,520       (9,230
AstraZeneca PLC
  UBS AG     36,500       07/18/23       GBP       122.66       GBP       4,120       (14,695
AstraZeneca PLC
  UBS AG     19,800       07/18/23       GBP       124.57       GBP       2,235       (4,523
Sanofi
  Goldman Sachs International     57,900       07/18/23       EUR       97.09       EUR       5,712       (129,526
Panasonic Holdings Corp.
  BNP Paribas SA     170,000       07/19/23       JPY       1,504.36       JPY       300,787       (303,339
Bayer AG, Registered Shares
  Goldman Sachs International     75,900       07/25/23       EUR       53.58       EUR       3,850       (13,086
Prudential PLC
  Morgan Stanley & Co. International PLC     96,800       07/26/23       GBP       11.44       GBP       1,076       (23,570
Panasonic Holdings Corp.
  Citibank N.A.     116,200       08/01/23       JPY       1,740.44       JPY       205,597       (57,260
Komatsu Ltd.
  Citibank N.A.     159,700       08/03/23       JPY       3,976.98       JPY       623,292       (84,896
Shell PLC
  Goldman Sachs International     213,800       08/03/23       GBP       23.39       GBP       5,022       (183,378
Panasonic Holdings Corp.
  Citibank N.A.     261,500       08/08/23       JPY       1,745.80       JPY       462,681       (134,448
Komatsu Ltd.
  BNP Paribas SA     114,900       08/10/23       JPY       3,920.70       JPY       448,442       (88,394
Samsung Electronics Co. Ltd., GDR, Registered Shares
  Morgan Stanley & Co. International PLC     3,100       08/10/23       USD       1,450.05       USD       4,297       (75,511
Prudential PLC
  JPMorgan Chase Bank N.A.     96,800       08/15/23       GBP       11.27       GBP       1,076       (47,748
Shell PLC
  Barclays Bank PLC     153,900       08/15/23       GBP       23.66       GBP       3,615       (106,680
Bayer AG, Registered Shares
  Goldman Sachs International     146,600       08/16/23       EUR       52.05       EUR       7,437       (172,206
BP PLC
  Morgan Stanley & Co. International PLC     2,333,400       08/16/23       GBP       4.72       GBP       10,697       (249,816
Koninklijke Philips NV
  UBS AG     130,500       08/16/23       EUR       19.12       EUR       2,591       (203,448
Panasonic Holdings Corp.
  Societe Generale     217,100       08/16/23       JPY       1,710.21       JPY       384,122       (153,426
               
 
 
 
                $   (3,356,455
               
 
 
 
Balances Reported in the Consolidated Statements of Assets and Liabilities for Options Written
 
 
 
Description    Swap
Premiums
Paid
    
Swap
Premiums
Received
     Unrealized
Appreciation
     Unrealized
Depreciation
     Value  
 
 
Options Written
   $ N/A      $ N/A      $ 4,211,634      $ (9,733,730    $  (24,895,659)  
 
 
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  49

Consolidated Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Enhanced Equity Dividend Trust (BDJ)
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
 
 
 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  
 
 
Liabilities — Derivative Financial Instruments
                    
Options written
                    
Options written at value
   $      $      $ 24,895,659      $      $      $      $  24,895,659  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
For the period ended June 30, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
 
 
 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
       Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  
 
 
Net Realized Gain (Loss) from:
                      
Options purchased(a)
   $      $      $ (8,278,345      $      $      $      $ (8,278,345
Options written
                   4,987,132                               4,987,132  
  
 
 
    
 
 
    
 
 
      
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ (3,291,213      $      $      $      $ (3,291,213
  
 
 
    
 
 
    
 
 
      
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                      
Options written
   $      $      $  (13,463,460      $      $      $      $  (13,463,460
  
 
 
    
 
 
    
 
 
      
 
 
    
 
 
    
 
 
    
 
 
 
 
  (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
  $ 25,918,602     
 
 
 
  (a) 
Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
 
 
 
     Assets      Liabilities  
 
 
Derivative Financial Instruments
     
Options
   $      $ 24,895,659  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities
            24,895,659  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
            (21,539,204
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $      $ 3,356,455  
  
 
 
    
 
 
 
 
 
50  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)
June 30, 2023
  
BlackRock Enhanced Equity Dividend Trust (BDJ)
    
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
 
Counterparty     



Derivative
Liabilities
Subject to

an MNA by
Counterparty
 
 
 

 
 
    

      Derivatives
Available
for Offset
 
 
 
    

    Non-Cash
Collateral
Pledged
 
 
(a) 
    

Cash
      Collateral
Pledged
 
 
 
    

Net Amount
of Derivative
Liabilities
 
 
(b) 
Barclays Bank PLC
   $ 119,826      $      $      $      $ 119,826  
BNP Paribas SA
     391,733               (391,733              
Citibank N.A.
     458,031               (458,031              
Goldman Sachs International
     1,029,221               (1,029,221              
JPMorgan Chase Bank N.A.
     47,748               (5,096             42,652  
Morgan Stanley & Co. International PLC
     564,233               (564,233              
Societe Generale
     153,426               (153,426              
UBS AG
     592,237               (592,237              
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 3,356,455      $      $ (3,193,977    $      $ 162,478  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
  (b) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.
 
      Level 1        Level 2        Level 3        Total  
Assets
                 
Investments
                 
Long-Term Investments
                 
Common Stocks
                 
Aerospace & Defense
   $ 45,673,091        $        $        $ 45,673,091  
Automobile Components
     6,861,690                            6,861,690  
Automobiles
     35,280,356                            35,280,356  
Banks
     168,731,603                            168,731,603  
Beverages
     16,069,582                            16,069,582  
Capital Markets
     41,257,109                            41,257,109  
Chemicals
     8,963,104                            8,963,104  
Communications Equipment
     37,233,656                            37,233,656  
Consumer Staples Distribution & Retail
     31,867,027                            31,867,027  
Containers & Packaging
     23,730,880                            23,730,880  
Diversified Telecommunication Services
     29,380,634                            29,380,634  
Electric Utilities
     33,495,308                            33,495,308  
Entertainment
     8,382,455                            8,382,455  
Financial Services
     64,664,716                            64,664,716  
Food Products
     44,278,957                            44,278,957  
Ground Transportation
     9,373,847                            9,373,847  
Health Care Equipment & Supplies
     103,502,566          18,872,411                   122,374,977  
Health Care Providers & Services
     145,295,392                            145,295,392  
Household Durables
     6,504,764          26,564,678                   33,069,442  
Industrial Conglomerates
              7,125,129                   7,125,129  
Insurance
     101,635,118          12,213,975                   113,849,093  
Interactive Media & Services
     11,241,626                            11,241,626  
IT Services
     42,841,175                            42,841,175  
Machinery
     7,055,777          13,502,367                   20,558,144  
Media
     44,059,573                            44,059,573  
Multi-Utilities
     24,329,806                            24,329,806  
Oil, Gas & Consumable Fuels
     65,742,957          70,152,472          10,037,117          145,932,546  
Personal Care Products
     33,113,914                            33,113,914  
Pharmaceuticals
     20,482,459          68,673,403                   89,155,862  
Professional Services
     69,120,777                            69,120,777  
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  51

Consolidated Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Enhanced Equity Dividend Trust (BDJ)
 
Fair Value Hierarchy as of Period End (continued)
    
      Level 1        Level 2        Level 3        Total  
Common Stocks (continued)
                 
Semiconductors & Semiconductor Equipment
   $ 7,987,212        $        $        $ 7,987,212  
Software
     34,586,264                            34,586,264  
Specialty Retail
     9,892,669                            9,892,669  
Technology Hardware, Storage & Peripherals
              22,212,817                   22,212,817  
Textiles, Apparel & Luxury Goods
     8,442,721                            8,442,721  
Tobacco
     23,005,808                            23,005,808  
Wireless Telecommunication Services
     7,657,117                            7,657,117  
Short-Term Securities
                 
Money Market Funds
     54,579,536                            54,579,536  
  
 
 
      
 
 
      
 
 
      
 
 
 
   $  1,426,321,246        $   239,317,252        $   10,037,117        $ 1,675,675,615  
  
 
 
      
 
 
      
 
 
      
 
 
 
Derivative Financial Instruments(a)
                 
Liabilities
                 
Equity Contracts
   $ (17,040,391      $ (7,855,268      $        $ (24,895,659
  
 
 
      
 
 
      
 
 
      
 
 
 
 
  (a) 
Derivative financial instruments are options written. Options written are shown at value.
 
See notes to financial statements.
 
 
52  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited)
June 30, 2023
    
  
BlackRock Enhanced Global Dividend Trust (BOE)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Common Stocks
   
Canada — 2.3%            
TELUS Corp.
    854,087     $ 16,620,768  
   
 
 
 
Denmark — 2.0%            
Novo Nordisk A/S, Class B
    88,367       14,274,779  
   
 
 
 
France — 9.3%            
Air Liquide SA
    68,615       12,305,078  
EssilorLuxottica SA
    82,291       15,517,630  
Kering SA
    17,738       9,794,909  
LVMH Moet Hennessy Louis Vuitton SE
    8,731       8,232,566  
Sanofi
    192,899       20,766,688  
   
 
 
 
      66,616,871  
India — 0.1%            
AceVector Limited, Series I, (Acquired 08/31/18, Cost: $2,637,143)(a)(b)
    566,400       437,040  
   
 
 
 
Indonesia — 1.1%            
Bank Rakyat Indonesia Persero Tbk PT
    22,422,100       8,186,119  
   
 
 
 
Ireland(c) — 4.8%            
Accenture PLC, Class A
    65,207       20,121,576  
Medtronic PLC
    161,221       14,203,570  
   
 
 
 
      34,325,146  
Japan — 1.5%            
KDDI Corp.
    352,200       10,877,033  
   
 
 
 
Mexico — 2.0%            
Wal-Mart de Mexico SAB de CV
    3,624,607       14,340,035  
   
 
 
 
Netherlands — 3.5%            
Koninklijke KPN NV
    3,096,591       11,054,747  
Shell PLC
    477,667       14,388,861  
   
 
 
 
      25,443,608  
Singapore — 1.3%            
DBS Group Holdings Ltd.
    405,168       9,461,794  
   
 
 
 
Spain — 1.0%            
Industria de Diseno Textil SA
    191,048       7,410,331  
   
 
 
 
Switzerland — 5.0%            
Lonza Group AG, Registered Shares
    17,163       10,258,540  
TE Connectivity Ltd.(c)
    76,977       10,789,096  
Zurich Insurance Group AG
    31,721       15,089,319  
   
 
 
 
      36,136,955  
Taiwan — 4.2%            
MediaTek, Inc.
    480,000       10,625,204  
Taiwan Semiconductor Manufacturing Co. Ltd.
    1,076,000       19,877,289  
   
 
 
 
      30,502,493  
United Kingdom — 13.4%            
AstraZeneca PLC
    136,569       19,577,740  
Ferguson PLC
    74,135       11,709,730  
Prudential PLC
    1,065,116       15,043,044  
Reckitt Benckiser Group PLC
    267,936       20,135,594  
RELX PLC
    505,465       16,861,411  
Taylor Wimpey PLC
    10,188,248       13,309,837  
   
 
 
 
         96,637,356  
Security   Shares     Value  
United States — 48.4%            
AbbVie, Inc.(c)(d)
    131,096     $ 17,662,576  
American Express Co.(c)
    70,189       12,226,924  
Apple, Inc.(c)(d)
    135,913       26,363,045  
Assurant, Inc.(c)
    89,681       11,274,695  
Baker Hughes Co.(c)(d)
    504,799       15,956,696  
Carrier Global Corp.(c)
    310,408       15,430,382  
Citizens Financial Group, Inc.(c)
    392,831       10,245,033  
Intercontinental Exchange, Inc.(c)
    160,687       18,170,486  
International Flavors & Fragrances, Inc.(c)(d)
    173,549       13,812,765  
M&T Bank Corp.(c)
    87,077       10,776,650  
Microsoft Corp.(c)
    100,503       34,225,292  
Mondelez International, Inc., Class A(c)
    294,985       21,516,206  
Oracle Corp.
    153,421       18,270,907  
Otis Worldwide Corp.(c)(d)
    173,733       15,463,974  
Paychex, Inc.(c)(d)
    170,700       19,096,209  
Philip Morris International, Inc.(c)(d)
    189,817       18,529,936  
Republic Services, Inc.(c)
    74,667       11,436,744  
Synchrony Financial(c)
    225,639       7,653,675  
United Parcel Service, Inc., Class B(c)(d)
    83,321       14,935,289  
UnitedHealth Group, Inc.(c)
    29,474       14,166,383  
Walt Disney Co.(c)(d)(e)
    161,930       14,457,110  
Williams Cos., Inc.(c)
    226,242       7,382,276  
   
 
 
 
      349,053,253  
   
 
 
 
Total Long-Term Investments — 99.9%
(Cost: $639,242,116)
      720,323,581  
   
 
 
 
Short-Term Securities
   
Money Market Funds — 1.0%            
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(f)(g)
    7,220,667       7,220,667  
   
 
 
 
Total Short-Term Securities — 1.0%
(Cost: $7,220,667)
      7,220,667  
   
 
 
 
Total Investments Before Options Written — 100.9%
(Cost: $646,462,783)
 
    727,544,248  
   
 
 
 
Options Written — (1.0)%
(Premiums Received: $(6,795,289))
      (7,357,120
   
 
 
 
Total Investments, Net of Options Written — 99.9%
(Cost: $639,667,494)
 
    720,187,128  
Other Assets Less Liabilities — 0.1%
      1,074,434  
   
 
 
 
Net Assets — 100.0%
    $  721,261,562  
   
 
 
 
 
(a) 
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(b) 
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $437,040, representing 0.1% of its net assets as of period end, and an original cost of $2,637,143.
(c) 
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(d) 
All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(e) 
Non-income producing security.
(f) 
Affiliate of the Trust.
(g) 
Annualized 7-day yield as of period end.
 
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  53

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
Affiliated Issuer   
Value at
12/31/22
    
Purchases
at Cost
    
Proceeds
from Sales
    
Net
Realized
Gain (Loss)
    
Change in
Unrealized
Appreciation
(Depreciation)
    
Value at
06/30/23
    
Shares
Held at
06/30/23
     Income     
Capital Gain
Distributions
from
Underlying
Funds
 
BlackRock Liquidity Funds, T-Fund, Institutional Class
   $ 6,643,752      $ 576,915 (a)     $      $      $      $ 7,220,667        7,220,667      $ 227,151      $  
SL Liquidity Series, LLC, Money Market Series(b)
                   (1,183 )(a)       1,183                             2,629 (c)        
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
            $ 1,183      $      $ 7,220,667         $ 229,780      $  
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
 
  (a) 
Represents net amount purchased (sold).
  (b) 
As of period end, the entity is no longer held.
  (c) 
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
 
Description   
Number of
Contracts
    
Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                    
American Express Co.
     134        07/07/23        USD        165.00        USD        2,334      $ (124,285
Apple, Inc.
     200        07/07/23        USD        185.00        USD        3,879        (183,500
Microsoft Corp.
     87        07/07/23        USD        340.00        USD        2,963        (30,232
Mondelez International, Inc., Class A
     368        07/07/23        USD        75.00        USD        2,684        (3,680
United Parcel Service, Inc., Class B
     203        07/07/23        USD        175.00        USD        3,639        (98,455
UnitedHealth Group, Inc.
     33        07/07/23        USD        485.00        USD        1,586        (6,468
American Express Co.
     181        07/14/23        USD        175.00        USD        3,153        (32,127
Microsoft Corp.
     146        07/14/23        USD        330.00        USD        4,972        (174,470
Mondelez International, Inc., Class A
     23        07/14/23        USD        73.00        USD        168        (1,495
Walt Disney Co.
     293        07/14/23        USD        96.00        USD        2,616        (3,370
Williams Cos., Inc.
     280        07/14/23        USD        31.00        USD        914        (47,600
AbbVie, Inc.
     268        07/21/23        USD        150.00        USD        3,611        (1,206
Assurant, Inc.
     145        07/21/23        USD        129.90        USD        1,823        (14,942
Baker Hughes Co.
     753        07/21/23        USD        32.00        USD        2,380        (60,240
Citizens Financial Group, Inc.
     660        07/21/23        USD        27.50        USD        1,721        (33,000
Citizens Financial Group, Inc.
     1,107        07/21/23        USD        30.00        USD        2,887        (13,838
Intercontinental Exchange, Inc.
     565        07/21/23        USD        109.00        USD        6,389        (269,486
International Flavors & Fragrances, Inc.
     322        07/21/23        USD        80.00        USD        2,563        (56,350
M&T Bank Corp.
     140        07/21/23        USD        125.00        USD        1,733        (58,100
M&T Bank Corp.
     251        07/21/23        USD        135.00        USD        3,106        (26,355
Medtronic PLC
     96        07/21/23        USD        90.00        USD        846        (5,472
Microsoft Corp.
     38        07/21/23        USD        330.00        USD        1,294        (54,340
Microsoft Corp.
     98        07/21/23        USD        340.00        USD        3,337        (70,070
Otis Worldwide Corp.
     607        07/21/23        USD        84.60        USD        5,403        (310,173
Paychex, Inc.
     366        07/21/23        USD        108.89        USD        4,094        (147,686
Paychex, Inc.
     402        07/21/23        USD        115.00        USD        4,497        (26,130
Philip Morris International, Inc.
     315        07/21/23        USD        95.00        USD        3,075        (114,975
Republic Services, Inc.
     168        07/21/23        USD        150.00        USD        2,573        (70,560
Synchrony Financial
     516        07/21/23        USD        30.00        USD        1,750        (211,560
TE Connectivity Ltd.
     186        07/21/23        USD        125.00        USD        2,607        (293,880
TELUS Corp.
     482        07/21/23        CAD        26.00        CAD        1,243        (5,821
AbbVie, Inc.
     94        07/28/23        USD        140.00        USD        1,266        (6,674
Accenture PLC, Class A
     146        07/28/23        USD        330.00        USD        4,505        (10,220
Medtronic PLC
     72        07/28/23        USD        87.00        USD        634        (16,776
Microsoft Corp.
     120        07/28/23        USD        345.00        USD        4,086        (99,600
Mondelez International, Inc., Class A
     486        07/28/23        USD        76.00        USD        3,545        (14,580
Mondelez International, Inc., Class A
     450        07/28/23        USD        74.00        USD        3,282        (40,500
UnitedHealth Group, Inc.
     99        07/28/23        USD        490.00        USD        4,758        (74,250
Walt Disney Co.
     369        07/28/23        USD        94.00        USD        3,294        (25,461
Williams Cos., Inc.
     230        07/28/23        USD        31.40        USD        750              (35,380
 
 
54  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                    
Apple, Inc.
     294        08/04/23        USD        190.00        USD        5,703      $ (241,815
Oracle Corp.
     345        08/04/23        USD        124.00        USD        4,109        (45,540
United Parcel Service, Inc., Class B
     171        08/04/23        USD        180.00        USD        3,065        (70,537
Williams Cos., Inc.
     281        08/04/23        USD        31.40        USD        917        (47,544
Baker Hughes Co.
     765        08/07/23        USD        29.75        USD        2,418        (196,197
Accenture PLC, Class A
     147        08/11/23        USD        310.00        USD        4,536        (113,190
Oracle Corp.
     345        08/11/23        USD        124.00        USD        4,109        (53,992
AbbVie, Inc.
     176        08/18/23        USD        145.00        USD        2,371        (13,992
Apple, Inc.
     117        08/18/23        USD        190.00        USD        2,269        (102,082
Assurant, Inc.
     168        08/18/23        USD        130.00        USD        2,112        (51,660
Baker Hughes Co.
     753        08/18/23        USD        31.60        USD        2,380        (108,064
Carrier Global Corp.
     698        08/18/23        USD        50.00        USD        3,470        (120,405
Intercontinental Exchange, Inc.
     33        08/18/23        USD        115.00        USD        373        (7,095
International Flavors & Fragrances, Inc.
     285        08/18/23        USD        85.00        USD        2,268        (50,587
Medtronic PLC
     234        08/18/23        USD        86.25        USD        2,062        (83,136
Otis Worldwide Corp.
     69        08/18/23        USD        80.23        USD        614        (65,816
Philip Morris International, Inc.
     539        08/18/23        USD        95.00        USD        5,262        (242,550
Republic Services, Inc.
     168        08/18/23        USD        146.50        USD        2,573        (142,944
Synchrony Financial
     499        08/18/23        USD        33.70        USD        1,693        (77,965
TE Connectivity Ltd.
     160        08/18/23        USD        135.00        USD        2,243        (132,000
TELUS Corp.
     482        08/18/23        CAD        26.00        CAD        1,243        (14,554
Medtronic PLC
     94        08/29/23        USD        89.00        USD        828        (20,904
Medtronic PLC
     68        09/08/23        USD        89.00        USD        599        (16,792
Carrier Global Corp.
     698        09/15/23        USD        50.00        USD        3,470        (157,050
Otis Worldwide Corp.
     105        09/15/23        USD        90.00        USD        935        (30,450
TELUS Corp.
     1,531        09/15/23        CAD        26.00        CAD        3,947        (57,207
                    
 
 
 
                     $  (5,137,375
                    
 
 
 
OTC Options Written
 
 
 
Description   Counterparty  
Number of
Contracts
   
Expiration
Date
    Exercise Price    
Notional
Amount (000)
    Value  
 
 
Call
               
Industria de Diseno Textil SA
  UBS AG     13,300       07/11/23       EUR       32.16       EUR       472     $ (48,761
Lonza Group AG, Registered Shares
  Goldman Sachs International     8,200       07/11/23       CHF       605.07       CHF       4,374       (514
Novo Nordisk A/S, Class B
  Barclays Bank PLC     21,400       07/11/23       DKK       1,191.22       DKK       23,527       (1,632
Prudential PLC
  Morgan Stanley & Co. International PLC     175,500       07/11/23       GBP       12.00       GBP       1,945       (2,300
Zurich Insurance Group AG
  Barclays Bank PLC     7,600       07/11/23       CHF       442.18       CHF       3,229       (1,577
Taylor Wimpey PLC
  UBS AG     881,100       07/12/23       GBP       1.26       GBP       905       (1
Wal-Mart de Mexico SAB de CV
  Citibank N.A.     799,700       07/12/23       MXN       68.49       MXN       54,156       (45,360
Air Liquide SA
  Goldman Sachs International     30,900       07/13/23       EUR       159.49       EUR       5,074       (176,547
Koninklijke KPN NV
  Barclays Bank PLC     789,100       07/13/23       EUR       3.28       EUR       2,580       (23,843
Novo Nordisk A/S, Class B
  Morgan Stanley & Co. International PLC     10,900       07/13/23       DKK       1,149.69       DKK       11,983       (7,593
Reckitt Benckiser Group PLC
  Morgan Stanley & Co. International PLC     28,800       07/13/23       GBP       64.10       GBP       1,703       (384
RELX PLC
  Morgan Stanley & Co. International PLC     33,750       07/13/23       EUR       30.21       EUR       1,031       (20,018
Sanofi
  Goldman Sachs International     19,500       07/13/23       EUR       97.63       EUR       1,915       (31,414
Taylor Wimpey PLC
  Goldman Sachs International     766,000       07/13/23       GBP       1.17       GBP       787       (233
Zurich Insurance Group AG
  Barclays Bank PLC     6,700       07/13/23       CHF       444.02       CHF       2,847       (1,660
AstraZeneca PLC
  UBS AG     38,000       07/18/23       GBP       124.57       GBP       4,285       (8,680
AstraZeneca PLC
  UBS AG     16,300       07/18/23       GBP       122.66       GBP       1,838       (6,562
Ferguson PLC
  Morgan Stanley & Co. International PLC     16,000       07/18/23       GBP       124.80       GBP       1,986       (42,064
Reckitt Benckiser Group PLC
  Barclays Bank PLC     59,000       07/18/23       GBP       67.68       GBP       3,488       (578
Sanofi
  Goldman Sachs International     48,100       07/18/23       EUR       97.09       EUR       4,723       (107,603
Prudential PLC
  Morgan Stanley & Co. International PLC     68,500       07/19/23       GBP       11.63       GBP       759       (7,919
KDDI Corp.
  BNP Paribas SA     81,300       07/25/23       JPY       4,495.43       JPY       361,785       (40,227
Lonza Group AG, Registered Shares
  UBS AG     5,000       07/25/23       CHF       612.75       CHF       2,667       (3,004
Reckitt Benckiser Group PLC
  UBS AG     32,800       07/25/23       GBP       63.72       GBP       1,939       (3,959
RELX PLC
  Morgan Stanley & Co. International PLC     52,000       07/25/23       EUR       30.46       EUR       1,588       (30,358
Shell PLC
  Morgan Stanley & Co. International PLC     105,000       07/25/23       EUR       27.03       EUR       2,897       (109,168
Wal-Mart de Mexico SAB de CV
  Citibank N.A.     415,600       07/25/23       MXN       70.46       MXN       28,144       (17,907
KDDI Corp.
  UBS AG     112,500       07/26/23       JPY       4,492.08       JPY       500,625             (58,164
 
 
S C H E D U L E  O F  I N V E S T M E N T S
  55

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                       
MediaTek, Inc.
  
Morgan Stanley & Co. International PLC
     31,919        07/26/23        TWD        775.69        TWD        21,960      $ (851
Prudential PLC
  
Morgan Stanley & Co. International PLC
     152,100        07/26/23        GBP        11.44        GBP        1,686        (37,036
RELX PLC
  
Morgan Stanley & Co. International PLC
     52,000        07/26/23        EUR        30.29        EUR        1,588        (38,062
EssilorLuxottica SA
  
Barclays Bank PLC
     24,500        08/01/23        EUR        171.93        EUR        4,229        (132,548
RELX PLC
  
Barclays Bank PLC
     89,700        08/01/23        EUR        30.83        EUR        2,739        (46,189
Ferguson PLC
  
Barclays Bank PLC
     13,100        08/02/23        GBP        120.02        GBP        1,626        (102,031
Ferguson PLC
  
Morgan Stanley & Co. International PLC
     4,300        08/02/23        GBP        121.58        GBP        534        (27,269
Novo Nordisk A/S, Class B
  
Citibank N.A.
     7,500        08/02/23        DKK        1,117.35        DKK        8,246        (32,128
Taiwan Semiconductor Manufacturing Co. Ltd.
  
Morgan Stanley & Co. International PLC
     180,000        08/02/23        TWD        601.80        TWD        103,680        (47,365
Taylor Wimpey PLC
  
Citibank N.A.
     766,000        08/02/23        GBP        1.12        GBP        787        (11,168
DBS Group Holdings Ltd.
  
Citibank N.A.
     71,500        08/03/23        SGD        31.84        SGD        2,253        (28,212
MediaTek, Inc.
  
Morgan Stanley & Co. International PLC
     87,000        08/03/23        TWD        711.75        TWD        59,856        (34,778
Shell PLC
  
Goldman Sachs International
     62,100        08/03/23        EUR        27.40        EUR        1,714        (56,206
EssilorLuxottica SA
  
UBS AG
     12,500        08/08/23        EUR        171.20        EUR        2,158        (83,145
Taiwan Semiconductor Manufacturing Co. Ltd.
  
Morgan Stanley & Co. International PLC
     82,000        08/08/23        TWD        582.61        TWD        47,232        (44,141
Industria de Diseno Textil SA
  
Goldman Sachs International
     117,000        08/10/23        EUR        35.47        EUR        4,149        (108,714
Koninklijke KPN NV
  
Goldman Sachs International
     604,400        08/10/23        EUR        3.27        EUR        1,976        (26,295
Taylor Wimpey PLC
  
Morgan Stanley & Co. International PLC
     535,500        08/10/23        GBP        1.14        GBP        550        (7,556
Prudential PLC
  
JPMorgan Chase Bank N.A.
     83,300        08/15/23        GBP        11.27        GBP        923        (41,089
Wal-Mart de Mexico SAB de CV
  
JPMorgan Chase Bank N.A.
     415,700        08/15/23        MXN        69.16        MXN        28,151        (49,711
AstraZeneca PLC
  
Goldman Sachs International
     20,800        08/16/23        GBP        117.36        GBP        2,345        (57,916
DBS Group Holdings Ltd.
  
Citibank N.A.
     110,800        08/16/23        SGD        31.68        SGD        3,491        (42,486
Kering SA
  
Goldman Sachs International
     6,200        08/16/23        EUR        523.06        EUR        3,135        (81,080
LVMH Moet Hennessy Louis Vuitton SE
  
Goldman Sachs International
     4,200        08/16/23        EUR        858.61        EUR        3,625        (146,391
MediaTek, Inc.
  
Bank of America N.A.
     48,700        08/16/23        TWD        727.65        TWD        33,506        (18,208
Taiwan Semiconductor Manufacturing Co. Ltd.
  
Morgan Stanley & Co. International PLC
     115,000        08/16/23        TWD        592.62        TWD        66,240        (53,588
Taylor Wimpey PLC
  
Morgan Stanley & Co. International PLC
     535,500        08/16/23        GBP        1.14        GBP        550        (9,168
Taylor Wimpey PLC
  
Morgan Stanley & Co. International PLC
     1,100,600        08/22/23        GBP        1.05        GBP        1,131        (58,384
                       
 
 
 
                        $ (2,219,745
                       
 
 
 
Balances Reported in the Statements of Assets and Liabilities for Options Written
 
Description   Swap
Premiums
Paid
     Swap
Premiums
Received
     Unrealized
Appreciation
     Unrealized
Depreciation
     Value  
Options Written
  $ N/A      $ N/A      $ 2,027,722      $ (2,589,553)      $ (7,357,120)  
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
 
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Currency
Exchange
Contracts
    Interest
Rate
Contracts
    Other
Contracts
    Total  
Liabilities — Derivative Financial Instruments
             
Options written
             
Options written at value
  $     $     $ 7,357,120     $     $     $     $ 7,357,120  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
 
56  
2 0 2 3  B L A C K  R O C K   S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Enhanced Global Dividend Trust (BOE)
 
For the period ended June 30, 2023, 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)
   $      $      $ (7,590,001    $      $      $      $ (7,590,001
Options written
                   6,365,169                             6,365,169  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ (1,224,832    $      $      $      $ (1,224,832
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                    
Options written
   $      $      $ (3,947,548    $      $      $      $ (3,947,548
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (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
   $ 8,216,310  
 
  (a) 
Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
 
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
 
      Assets      Liabilities  
Derivative Financial Instruments
     
Options
   $      $ 7,357,120  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Statements of Assets and Liabilities
            7,357,120  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
            (5,137,375
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $      $ 2,219,745  
  
 
 
    
 
 
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
 
Counterparty     



Derivative
Liabilities
Subject to
an MNA by
Counterparty
 
 
 
 
 
    

Derivatives
Available
for Offset
 
 
 
    

Non-Cash
Collateral
Pledged(a
 
 
) 
    

Cash
Collateral
Pledged
 
 
 
    

Net Amount
of Derivative
Liabilities(b
 
 
) 
Bank of America N.A.
   $ 18,208      $      $ (18,208    $      $  
Barclays Bank PLC
     310,058               (310,058              
BNP Paribas SA
     40,227                             40,227  
Citibank N.A.
     177,261               (177,261              
Goldman Sachs International
     792,913               (792,913              
JPMorgan Chase Bank N.A.
     90,800               (90,800              
Morgan Stanley & Co. International PLC
     578,002               (578,002              
UBS AG
     212,276               (212,276              
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 2,219,745      $      $   (2,179,518    $      $ 40,227  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
 
  (b) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.
 
 
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  57

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Enhanced Global Dividend Trust (BOE)
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
 
      Level 1        Level 2        Level 3        Total  
Assets
                 
Investments
                 
Long-Term Investments
                 
Common Stocks
                 
Canada
   $ 16,620,768        $        $        $ 16,620,768  
Denmark
              14,274,779                   14,274,779  
France
              66,616,871                   66,616,871  
India
                       437,040          437,040  
Indonesia
              8,186,119                   8,186,119  
Ireland
     34,325,146                            34,325,146  
Japan
              10,877,033                   10,877,033  
Mexico
     14,340,035                            14,340,035  
Netherlands
              25,443,608                   25,443,608  
Singapore
              9,461,794                   9,461,794  
Spain
              7,410,331                   7,410,331  
Switzerland
     10,789,096          25,347,859                   36,136,955  
Taiwan
              30,502,493                   30,502,493  
United Kingdom
              96,637,356                   96,637,356  
United States
     349,053,253                            349,053,253  
Short-Term Securities
                 
Money Market Funds
     7,220,667                            7,220,667  
  
 
 
      
 
 
      
 
 
      
 
 
 
   $ 432,348,965        $ 294,758,243        $ 437,040        $ 727,544,248  
  
 
 
      
 
 
      
 
 
      
 
 
 
Derivative Financial Instruments(a)
                 
Liabilities
                 
Equity Contracts
   $ (3,600,346      $ (3,756,774      $        $ (7,357,120
  
 
 
      
 
 
      
 
 
      
 
 
 
 
  (a) 
Derivative financial instruments are options written. Options written are shown at value.
 
See notes to financial statements.
 
 
58  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) 
June 30, 2023
    
  
BlackRock Enhanced International Dividend Trust (BGY)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Common Stocks
   
Canada — 2.0%  
TELUS Corp.
    651,863     $ 12,685,433  
   
 
 
 
China — 2.9%            
Budweiser Brewing Co. APAC Ltd.(a)
    4,826,400       12,489,081  
Yum China Holdings, Inc.(b)
    100,923       5,702,149  
   
 
 
 
      18,191,230  
Denmark — 3.0%            
Novo Nordisk A/S, Class B
    119,331       19,276,694  
   
 
 
 
France — 13.0%            
Air Liquide SA
    70,541       12,650,477  
EssilorLuxottica SA
    65,768       12,401,885  
Kering SA
    37,887       20,921,170  
LVMH Moet Hennessy Louis Vuitton SE
    17,294       16,306,724  
Sanofi
    186,010       20,025,047  
   
 
 
 
      82,305,303  
Germany — 5.4%            
MTU Aero Engines AG
    52,623       13,648,779  
Symrise AG
    192,507       20,184,839  
   
 
 
 
      33,833,618  
India — 3.2%            
AceVector Limited, Series I, (Acquired 01/25/22, Cost: $3,948,600)(c)(d)
    848,000       654,325  
HDFC Bank Ltd.
    957,251       19,865,641  
   
 
 
 
      20,519,966  
Indonesia — 2.0%            
Bank Rakyat Indonesia Persero Tbk PT
    33,956,300       12,397,158  
   
 
 
 
Italy — 2.0%            
FinecoBank Banca Fineco SpA
    935,202       12,588,392  
   
 
 
 
Japan — 6.9%            
Daiichi Sankyo Co. Ltd.
    170,900       5,430,221  
KDDI Corp.
    681,000       21,031,401  
Sony Group Corp.
    189,600       17,115,223  
   
 
 
 
      43,576,845  
Mexico — 2.7%            
Wal-Mart de Mexico SAB de CV
    4,298,658       17,006,784  
   
 
 
 
Netherlands — 8.5%            
Heineken NV
    152,431       15,675,480  
Koninklijke KPN NV
    5,283,115       18,860,579  
Shell PLC
    637,172       19,193,663  
   
 
 
 
      53,729,722  
Singapore — 3.9%            
DBS Group Holdings Ltd.
    477,400       11,148,611  
United Overseas Bank Ltd.
    653,100       13,552,637  
   
 
 
 
      24,701,248  
Spain — 3.1%            
Industria de Diseno Textil SA
    511,009       19,820,913  
   
 
 
 
Sweden — 1.9%            
Epiroc AB, Class A
    650,270       12,317,321  
   
 
 
 
Switzerland — 5.5%            
Lonza Group AG, Registered Shares
    37,625       22,488,934  
Zurich Insurance Group AG
    25,565       12,160,979  
   
 
 
 
      34,649,913  
Security   Shares     Value  
Taiwan — 6.2%            
MediaTek, Inc.
    645,000     $ 14,277,618  
Taiwan Semiconductor Manufacturing Co. Ltd.
    1,356,000       25,049,817  
   
 
 
 
      39,327,435  
United Kingdom — 17.8%            
AstraZeneca PLC
    129,879       18,618,700  
BAE Systems PLC
    1,094,795       12,908,985  
Ferguson PLC
    106,107       16,759,754  
Prudential PLC
    1,363,945       19,263,521  
Reckitt Benckiser Group PLC
    250,225       18,804,599  
RELX PLC
    571,799       19,074,195  
Smith & Nephew PLC
    423,876       6,838,526  
   
 
 
 
      112,268,280  
United States(b) — 8.8%            
Baker Hughes Co.
    599,573       18,952,503  
Otis Worldwide Corp.(e)
    232,078       20,657,263  
Visa, Inc., Class A(e)
    66,582       15,811,893  
   
 
 
 
      55,421,659  
   
 
 
 
Total Long-Term Investments — 98.8%
(Cost: $537,755,495)
      624,617,914  
   
 
 
 
Short-Term Securities
   
Money Market Funds — 1.3%
   
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(f)(g)
    8,600,233       8,600,233  
   
 
 
 
Total Short-Term Securities — 1.3%
    (Cost: $8,600,233)
 
 
    8,600,233  
 
 
 
 
Total Investments Before Options Written — 100.1%
(Cost: $546,355,728)
 
    633,218,147  
 
 
 
 
Options Written — (0.9)%
(Premiums Received: $(6,096,040))
 
    (5,767,908
 
 
 
 
Total Investments, Net of Options Written — 99.2%
(Cost: $540,259,688)
 
    627,450,239  
Other Assets Less Liabilities — 0.8%
 
    4,996,998  
 
 
 
 
Net Assets — 100.0%
    $ 632,447,237  
   
 
 
 
 
(a) 
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(b) 
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(c) 
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(d) 
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $654,325, 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.
 
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  59

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
Affiliated Issuer   Value at
12/31/22
    Purchases
at Cost
    Proceeds
from Sales
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
06/30/23
    Shares
Held at
06/30/23
    Income     Capital Gain
Distributions
from
Underlying
Funds
 
 
 
BlackRock Liquidity Funds, T-Fund, Institutional Class
  $ 5,622,321     $ 2,977,912 (a)    $     $     $     $ 8,600,233       8,600,233     $ 242,490     $  
       
 
 
   
 
 
   
 
 
     
 
 
   
 
 
 
 
  (a) 
Represents net amount purchased (sold).
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                    
Visa, Inc., Class A
     37        07/07/23        USD        235.00        USD        879      $ (12,118
Visa, Inc., Class A
     34        07/14/23        USD        230.00        USD        807        (28,390
Baker Hughes Co.
     1,000        07/21/23        USD        32.00        USD        3,161        (80,000
Otis Worldwide Corp.
     201        07/21/23        USD        84.60        USD        1,789        (102,710
TELUS Corp.
     617        07/21/23        CAD        26.00        CAD        1,591        (7,452
Visa, Inc., Class A
     187        07/21/23        USD        230.00        USD        4,441        (167,832
Yum China Holdings, Inc.
     197        07/21/23        USD        65.00        USD        1,113        (1,970
Yum China Holdings, Inc.
     257        07/21/23        USD        60.00        USD        1,452        (5,783
Visa, Inc., Class A
     37        07/28/23        USD        230.00        USD        879        (39,127
Visa, Inc., Class A
     34        07/28/23        USD        235.00        USD        807        (23,715
Visa, Inc., Class A
     37        08/04/23        USD        240.00        USD        879        (17,390
Baker Hughes Co.
     1,000        08/07/23        USD        29.75        USD        3,161        (256,467
Baker Hughes Co.
     1,000        08/18/23        USD        31.60        USD        3,161        (143,511
Otis Worldwide Corp.
     406        08/18/23        USD        80.23        USD        3,614        (387,264
TELUS Corp.
     617        08/18/23        CAD        26.00        CAD        1,591        (18,630
Otis Worldwide Corp.
     437        09/15/23        USD        90.00        USD        3,890        (126,730
TELUS Corp.
     1,953        09/15/23        CAD        26.00        CAD        5,035        (72,975
                    
 
 
 
                     $ (1,492,064
                    
 
 
 
OTC Options Written
Description    Counterparty    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                       
Industria de Diseno Textil SA
  
UBS AG
     142,100        07/11/23        EUR        32.16        EUR        5,051      $   (520,974)  
Lonza Group AG, Registered Shares
  
Goldman Sachs International
     9,200        07/11/23        CHF        605.07        CHF        4,922        (577
Prudential PLC
  
Morgan Stanley & Co. International PLC
     185,900        07/11/23        GBP        12.00        GBP        2,067        (2,436
Zurich Insurance Group AG
  
Barclays Bank PLC
     6,300        07/11/23        CHF        442.18        CHF        2,682        (1,307
BAE Systems PLC
  
UBS AG
     246,300        07/12/23        GBP        9.84        GBP        2,287        (3,547
Smith & Nephew PLC
  
Morgan Stanley & Co. International PLC
     95,300        07/12/23        GBP        12.94        GBP        1,211        (7,825
Wal-Mart de Mexico SAB de CV
  
Citibank N.A.
     466,300        07/12/23        MXN        68.49        MXN        31,578        (26,449
Air Liquide SA
  
Goldman Sachs International
     22,400        07/13/23        EUR        159.49        EUR        3,681        (127,982
Budweiser Brewing Co. APAC Ltd.
  
Morgan Stanley & Co. International PLC
     893,700        07/13/23        HKD        20.06        HKD        18,121        (67,938
Koninklijke KPN NV
  
Barclays Bank PLC
     937,100        07/13/23        EUR        3.28        EUR        3,066        (28,315
Novo Nordisk A/S, Class B
  
Morgan Stanley & Co. International PLC
     64,200        07/13/23        DKK        1,149.69        DKK        70,765        (44,724
Reckitt Benckiser Group PLC
  
Morgan Stanley & Co. International PLC
     25,650        07/13/23        GBP        64.10        GBP        1,518        (342
Sanofi
  
Goldman Sachs International
     18,600        07/13/23        EUR        97.63        EUR        1,835        (29,964
Shell PLC
  
Barclays Bank PLC
     70,600        07/13/23        EUR        26.98        EUR        1,949        (63,905
United Overseas Bank Ltd.
  
BNP Paribas SA
     74,000        07/13/23        SGD        28.46        SGD        2,077        (7,308
Zurich Insurance Group AG
  
Barclays Bank PLC
     5,300        07/13/23        CHF        444.02        CHF        2,257        (1,313
AstraZeneca PLC
  
UBS AG
     55,300        07/18/23        GBP        124.57        GBP        6,242        (12,632
AstraZeneca PLC
  
UBS AG
     16,100        07/18/23        GBP        122.66        GBP        1,817        (6,482
BAE Systems PLC
  
UBS AG
     246,300        07/18/23        GBP        10.28        GBP        2,287        (3,363
Budweiser Brewing Co. APAC Ltd.
  
Bank of America N.A.
     751,100        07/18/23        HKD        21.75        HKD        15,230        (16,002
 
 
60  
2 0 2 3  B L A C K R O C K   S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                       
Ferguson PLC
  
Morgan Stanley & Co. International PLC
     25,400        07/18/23        GBP        124.80        GBP        3,159      $ (66,777
Koninklijke KPN NV
  
Barclays Bank PLC
     372,900        07/18/23        EUR        3.36        EUR        1,220        (9,672
Reckitt Benckiser Group PLC
  
Barclays Bank PLC
     78,100        07/18/23        GBP        67.68        GBP        4,621        (766
Sanofi
  
Goldman Sachs International
     61,800        07/18/23        EUR        97.09        EUR        6,097        (138,251
Smith & Nephew PLC
  
Goldman Sachs International
     95,400        07/18/23        GBP        13.49        GBP        1,212        (3,293
Prudential PLC
  
Morgan Stanley & Co. International PLC
     154,100        07/19/23        GBP        11.63        GBP        1,714        (17,815
Epiroc AB, Class A
  
Morgan Stanley & Co. International PLC
     45,800        07/25/23        SEK        208.40        SEK        9,357        (20,652
KDDI Corp.
  
BNP Paribas SA
     107,500        07/25/23        JPY        4,495.44        JPY        479,050        (53,191
KDDI Corp.
  
Citibank N.A.
     158,900        07/25/23        JPY        4,522.88        JPY        708,103        (66,115
Lonza Group AG, Registered Shares
  
UBS AG
     10,000        07/25/23        CHF        612.75        CHF        5,350        (6,007
Reckitt Benckiser Group PLC
  
UBS AG
     37,850        07/25/23        GBP        63.72        GBP        2,240        (4,568
RELX PLC
  
Morgan Stanley & Co. International PLC
     48,200        07/25/23        EUR        30.46        EUR        1,473        (28,140
Shell PLC
  
Morgan Stanley & Co. International PLC
     82,500        07/25/23        EUR        27.03        EUR        2,277        (85,775
Wal-Mart de Mexico SAB de CV
  
Citibank N.A.
     734,100        07/25/23        MXN        70.46        MXN        49,713        (31,630
Epiroc AB, Class A
  
Morgan Stanley & Co. International PLC
     32,800        07/26/23        SEK        209.19        SEK        6,701        (14,090
KDDI Corp.
  
UBS AG
     108,100        07/26/23        JPY        4,492.08        JPY        481,724        (55,889
MediaTek, Inc.
  
Morgan Stanley & Co. International PLC
     49,052        07/26/23        TWD        775.69        TWD        33,817        (1,308
Prudential PLC
  
Morgan Stanley & Co. International PLC
     183,300        07/26/23        GBP        11.44        GBP        2,038        (44,633
RELX PLC
  
Morgan Stanley & Co. International PLC
     90,000        07/26/23        EUR        30.29        EUR        2,751        (65,877
Sony Group Corp.
  
Citibank N.A.
     42,600        07/26/23        JPY        14,030.57        JPY        554,888        (30,744
Symrise AG
  
Morgan Stanley & Co. International PLC
     43,300        07/26/23        EUR        97.50        EUR        4,161        (78,760
Epiroc AB, Class A
  
UBS AG
     163,400        08/01/23        SEK        212.67        SEK        33,382        (60,471
EssilorLuxottica SA
  
Barclays Bank PLC
     29,600        08/01/23        EUR        171.93        EUR        5,115        (160,139
MTU Aero Engines AG
  
Morgan Stanley & Co. International PLC
     5,300        08/01/23        EUR        234.89        EUR        1,260        (48,301
RELX PLC
  
Barclays Bank PLC
     137,900        08/01/23        EUR        30.83        EUR        4,216        (71,008
Ferguson PLC
  
Barclays Bank PLC
     20,200        08/02/23        GBP        120.02        GBP        2,512        (157,330
Ferguson PLC
  
Morgan Stanley & Co. International PLC
     2,200        08/02/23        GBP        121.58        GBP        274        (13,952
Heineken NV
  
UBS AG
     37,000        08/02/23        EUR        94.55        EUR        3,487        (69,874
Shell PLC
  
Morgan Stanley & Co. International PLC
     70,000        08/02/23        EUR        28.07        EUR        1,932        (34,555
Taiwan Semiconductor Manufacturing Co. Ltd.
  
Morgan Stanley & Co. International PLC
     133,000        08/02/23        TWD        601.80        TWD        76,521        (34,998
Daiichi Sankyo Co. Ltd.
  
Goldman Sachs International
     76,900        08/03/23        JPY        4,670.09        JPY        352,576        (68,284
DBS Group Holdings Ltd.
  
Citibank N.A.
     119,400        08/03/23        SGD        31.84        SGD        3,771        (47,113
MediaTek, Inc.
  
Morgan Stanley & Co. International PLC
     10,000        08/03/23        TWD        711.75        TWD        6,894        (3,997
United Overseas Bank Ltd.
  
Bank of America N.A.
     156,600        08/03/23        SGD        27.57        SGD        4,395        (91,151
Sony Group Corp.
  
Citibank N.A.
     42,700        08/04/23        JPY        14,030.57        JPY        556,190        (40,522
Symrise AG
  
Morgan Stanley & Co. International PLC
     43,300        08/04/23        EUR        97.50        EUR        4,161        (101,687
Epiroc AB, Class A
  
Citibank N.A.
     50,600        08/08/23        SEK        208.08        SEK        10,337        (29,100
Taiwan Semiconductor Manufacturing Co. Ltd.
  
Morgan Stanley & Co. International PLC
     197,000        08/08/23        TWD        582.61        TWD        113,342        (106,047
FinecoBank Banca Fineco SpA
  
Goldman Sachs International
     210,400        08/10/23        EUR        12.73        EUR        2,595        (62,678
Industria de Diseno Textil SA
  
Goldman Sachs International
     87,900        08/10/23        EUR        35.47        EUR        3,124        (81,675
Koninklijke KPN NV
  
Goldman Sachs International
     1,067,400        08/10/23        EUR        3.27        EUR        3,492        (46,438
Budweiser Brewing Co. APAC Ltd.
  
Citibank N.A.
     527,000        08/15/23        HKD        21.07        HKD        10,686        (45,975
Prudential PLC
  
JPMorgan Chase Bank N.A.
     90,400        08/15/23        GBP        11.27        GBP        1,005        (44,591
United Overseas Bank Ltd.
  
Citibank N.A.
     63,300        08/15/23        SGD        28.32        SGD        1,776        (9,399
Wal-Mart de Mexico SAB de CV
  
JPMorgan Chase Bank N.A.
     734,000        08/15/23        MXN        69.16        MXN        49,706        (87,775
Air Liquide SA
  
Morgan Stanley & Co. International PLC
     22,000        08/16/23        EUR        163.29        EUR        3,616        (99,896
DBS Group Holdings Ltd.
  
Citibank N.A.
     95,400        08/16/23        SGD        31.68        SGD        3,013        (36,580
FinecoBank Banca Fineco SpA
  
Goldman Sachs International
     210,400        08/16/23        EUR        12.73        EUR        2,595        (69,916
Heineken NV
  
Goldman Sachs International
     31,500        08/16/23        EUR        95.96        EUR        2,969        (53,425
Kering SA
  
Goldman Sachs International
     13,200        08/16/23        EUR        523.06        EUR        6,680        (172,621
LVMH Moet Hennessy Louis Vuitton SE
  
Goldman Sachs International
     7,800        08/16/23        EUR        858.61        EUR        6,740        (271,868
MediaTek, Inc.
  
Bank of America N.A.
     166,700        08/16/23        TWD        727.65        TWD        114,925        (62,326
MTU Aero Engines AG
  
UBS AG
     23,700        08/16/23        EUR        247.25        EUR        5,633        (127,480
Taiwan Semiconductor Manufacturing Co. Ltd.
  
Morgan Stanley & Co. International PLC
     144,500        08/16/23        TWD        592.62        TWD        83,137        (67,334
                       
 
 
 
                        $ (4,275,844
                       
 
 
 
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  61

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Enhanced International Dividend Trust (BGY)
 
Balances Reported in the Statements of Assets and Liabilities for Options Written
 
Description   Swap
Premiums
Paid
     Swap
Premiums
Received
     Unrealized
Appreciation
     Unrealized
Depreciation
     Value  
Options Written
  $ N/A      $ N/A      $ 2,045,138      $ (1,717,006)      $ (5,767,908)  
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
   $      $      $ 5,767,908      $      $      $      $ 5,767,908  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
For the period ended June 30, 2023, 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)
   $      $      $ (11,196,135    $      $      $      $ (11,196,135
Options written
                   10,247,181                             10,247,181  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ (948,954    $      $      $      $ (948,954
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                    
Options written
   $      $      $ (978,314    $      $      $      $ (978,314
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (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
   $ 6,277,364  
 
  (a) 
Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
 
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
 
      Assets      Liabilities  
Derivative Financial Instruments
     
Options
   $      $ 5,767,908  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Statements of Assets and Liabilities
            5,767,908  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
            (1,492,064
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $      $ 4,275,844  
  
 
 
    
 
 
 
 
 
62  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Enhanced International Dividend Trust (BGY)
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
 
Counterparty     



Derivative
Liabilities
Subject to
an MNA by
Counterparty
 
 
 
 
 
    

Derivatives
Available
for Offset
 
 
 
    

Non-Cash
Collateral
Pledged(a
 
 
) 
    

Cash
Collateral
Pledged
 
 
 
    

Net Amount
of Derivative
Liabilities(b
 
 
) 
Bank of America N.A.
   $ 169,479      $      $ (169,479    $      $  
Barclays Bank PLC
     493,755                      (404,000      89,755  
BNP Paribas SA
     60,499                             60,499  
Citibank N.A.
     363,627               (363,627              
Goldman Sachs International
     1,126,972               (980,179             146,793  
JPMorgan Chase Bank N.A.
     132,366               (8,876             123,490  
Morgan Stanley & Co. International PLC
     1,057,859               (1,057,859              
UBS AG
     871,287               (871,287              
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 4,275,844      $      $   (3,451,307    $ (404,000    $ 420,537  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
 
  (b) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
 
      Level 1        Level 2        Level 3        Total  
Assets
                 
Investments
                 
Long-Term Investments
                 
Common Stocks
                 
Canada
   $ 12,685,433        $        $        $ 12,685,433  
China
     5,702,149          12,489,081                   18,191,230  
Denmark
              19,276,694                   19,276,694  
France
              82,305,303                   82,305,303  
Germany
              33,833,618                   33,833,618  
India
              19,865,641          654,325          20,519,966  
Indonesia
              12,397,158                   12,397,158  
Italy
              12,588,392                   12,588,392  
Japan
              43,576,845                   43,576,845  
Mexico
     17,006,784                            17,006,784  
Netherlands
              53,729,722                   53,729,722  
Singapore
              24,701,248                   24,701,248  
Spain
              19,820,913                   19,820,913  
Sweden
              12,317,321                   12,317,321  
Switzerland
              34,649,913                   34,649,913  
Taiwan
              39,327,435                   39,327,435  
United Kingdom
              112,268,280                   112,268,280  
United States
     55,421,659                            55,421,659  
Short-Term Securities
                 
Money Market Funds
     8,600,233                            8,600,233  
  
 
 
      
 
 
      
 
 
      
 
 
 
   $ 99,416,258        $ 533,147,564        $ 654,325        $ 633,218,147  
  
 
 
      
 
 
      
 
 
      
 
 
 
Derivative Financial Instruments(a)
                 
Liabilities
                 
Equity Contracts
   $ (602,112      $ (5,165,796      $        $ (5,767,908
  
 
 
      
 
 
      
 
 
      
 
 
 
 
  (a) 
Derivative financial instruments are options written. Options written are shown at value.
 
See notes to financial statements.
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  63

Schedule of Investments  (unaudited)
June 30, 2023
    
  
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Common Stocks
   
Biotechnology — 35.8%  
4D Molecular Therapeutics, Inc.(a)
    95,330     $        1,722,613  
Abbisko Cayman Ltd., (Acquired 10/29/21, Cost: $14,841,983)(b)
    10,378,250       3,549,478  
Abcam PLC, ADR(a)
    976,460       23,893,976  
Acumen Pharmaceuticals, Inc.(a)
    167,468       805,521  
Affinivax, Inc., (Acquired 08/18/22,
Cost: $0)(b)(c)
    183,164       2,456,229  
Alkermes PLC(a)
    1,056,985       33,083,630  
Allakos, Inc.(a)
    136,405       594,726  
Alnylam Pharmaceuticals, Inc.(a)(d)
    177,747       33,761,265  
Annexon, Inc.(a)
    237,835       837,179  
Antengene Corp. Ltd.
    5,019,274       995,507  
Apellis Pharmaceuticals, Inc.(a)
    172,445       15,709,740  
Arcus Biosciences, Inc.(a)
    169,790       3,448,435  
Arcutis Biotherapeutics, Inc.(a)
    372,677       3,551,612  
Argenx SE, ADR(a)
    18,944       7,383,045  
Arrowhead Pharmaceuticals, Inc.(a)
    81,025       2,889,352  
Aura Biosciences, Inc.(a)
    165,565       2,044,728  
Bavarian Nordic A/S(a)
    75,320       2,145,591  
BeiGene Ltd., ADR(a)
    68,555       12,223,357  
Biogen, Inc.(a)
    83,480       23,779,278  
Biohaven Ltd.(a)
    99,155       2,371,788  
BioMarin Pharmaceutical, Inc.(a)
    286,338       24,819,778  
Biomea Fusion, Inc.(a)(e)
    146,215       3,209,419  
Black Diamond Therapeutics, Inc.(a)(e)
    774,175       3,909,584  
Blueprint Medicines Corp.(a)(e)
    322,440       20,378,208  
Bridgebio Pharma, Inc.(a)
    66,595       1,145,434  
Cerevel Therapeutics Holdings, Inc.(a)
    266,656       8,476,994  
Connect Biopharma Holdings Ltd.(a)(e)
    1,125,262       1,249,041  
CRISPR Therapeutics AG(a)(e)
    47,805       2,683,773  
CureVac NV(a)(e)
    257,233       2,680,368  
Decibel Therapeutics, Inc.(a)
    793,527       3,055,079  
Design Therapeutics, Inc.(a)(e)
    196,731       1,239,405  
Everest Medicines Ltd.
    3,113,667       9,497,977  
Exact Sciences Corp.(a)(e)
    152,750       14,343,225  
Exelixis, Inc.(a)
    599,520       11,456,827  
Frequency Therapeutics, Inc.(a)
    231,775       80,194  
Galapagos NV, ADR(a)
    74,410       3,025,511  
Galecto, Inc.(a)
    216,740       546,185  
Genmab A/S(a)
    34,827       13,197,960  
Genmab A/S, ADR(a)(e)
    114,086       4,336,409  
Gilead Sciences, Inc.
    254,765       19,634,739  
Halozyme Therapeutics, Inc.(a)
    224,005       8,079,860  
Horizon Therapeutics PLC(a)
    75,466       7,761,678  
Immuneering Corp., Class A(a)(e)
    696,696       7,064,497  
Immunocore Holdings PLC, ADR(a)
    59,868       3,589,685  
Immunocore Holdings PLC
    321,900       19,301,124  
ImmunoGen, Inc.(a)
    584,344       11,026,571  
Incyte Corp.(a)
    294,640       18,341,340  
Ionis Pharmaceuticals, Inc.(a)(e)
    468,285       19,213,734  
Iovance Biotherapeutics, Inc.(a)
    168,215       1,184,234  
IVERIC bio, Inc.(a)
    86,080       3,386,387  
Karuna Therapeutics, Inc.(a)
    21,650       4,694,803  
Keros Therapeutics, Inc.(a)
    124,317       4,995,057  
Kinnate Biopharma, Inc.(a)
    196,773       596,222  
Kronos Bio, Inc.(a)
    284,272       488,948  
Legend Biotech Corp., ADR(a)(e)
    316,032       21,815,689  
LianBio, Series A, ADR(a)
    615,188       1,402,629  
MacroGenics, Inc.(a)
    190,555       1,019,469  
Merus NV(a)(e)
    354,445       9,332,537  
Security   Shares     Value  
Biotechnology (continued)  
Mirati Therapeutics, Inc.(a)
    180,175     $        6,509,723  
Monte Rosa Therapeutics, Inc.(a)(e)
    764,573       5,237,325  
MoonLake Immunotherapeutics(a)(e)
    256,816       13,097,616  
Morphic Holding, Inc.(a)(e)
    153,665       8,809,614  
MorphoSys AG(a)
    50,810       1,512,207  
Neurocrine Biosciences, Inc.(a)
    196,010       18,483,743  
Nuvalent, Inc., Class A(a)
    241,500       10,184,055  
Omega Therapeutics, Inc.(a)
    151,887       850,567  
PMV Pharmaceuticals, Inc.(a)
    305,830       1,914,496  
Prime Medicine, Inc.(a)(e)
    412,139       6,037,836  
Protagonist Therapeutics, Inc.(a)
    421,725       11,648,045  
Prothena Corp. PLC(a)
    104,586       7,141,132  
PTC Therapeutics, Inc.(a)(e)
    225,815       9,183,896  
Relay Therapeutics, Inc.(a)
    33,915       425,972  
Revolution Medicines, Inc.(a)(e)
    377,632       10,101,656  
Rhythm Pharmaceuticals, Inc.(a)(e)
    683,675       11,273,801  
Rocket Pharmaceuticals, Inc.(a)
    252,097       5,009,167  
Sage Therapeutics, Inc.(a)(e)
    109,720       5,159,034  
Sarepta Therapeutics, Inc.(a)(d)
    114,544       13,117,579  
Seagen, Inc.(a)(d)(f)
    106,455       20,488,329  
Tenaya Therapeutics, Inc.(a)
    165,729       972,829  
TScan Therapeutics, Inc.(a)
    1,204,397       3,010,993  
Twist Bioscience Corp.(a)
    204,550       4,185,093  
Ultragenyx Pharmaceutical, Inc.(a)(e)
    99,375       4,584,169  
United Therapeutics Corp.(a)(d)
    55,704       12,296,658  
Vaxcyte, Inc.(a)
    148,645       7,423,331  
Vertex Pharmaceuticals, Inc.(a)(d)(f)
    176,460       62,098,039  
Viking Therapeutics, Inc.(a)(e)
    235,245       3,813,321  
Viridian Therapeutics, Inc.(a)
    82,300       1,957,917  
Voyager Therapeutics, Inc.(a)
    164,865       1,887,704  
   
 
 
 
      737,923,471  
Electronic Equipment, Instruments & Components — 0.1%  
908 Devices, Inc.(a)
    274,084       1,880,216  
   
 
 
 
Financial Services — 0.7%            
DA32 Life Science Tech Acquisition Corp.,
Class A(a)(g)
    1,496,819       15,357,363  
   
 
 
 
Health Care Equipment & Supplies — 30.2%            
Alcon, Inc.
    736,189       60,448,479  
Align Technology, Inc.(a)
    120,220       42,514,601  
Bausch & Lomb Corp.(a)(e)
    523,547       10,507,588  
Becton Dickinson & Co.
    40,325       10,646,203  
Boston Scientific Corp.(a)
    455,830       24,655,845  
CONMED Corp.
    98,215       13,346,436  
ConvaTec Group PLC(h)
    4,411,215       11,504,749  
Cooper Cos., Inc.
    99,160       38,020,919  
Dexcom, Inc.(a)
    361,853       46,501,729  
Glaukos Corp.(a)
    110,325       7,856,243  
Hologic, Inc.(a)(d)
    194,620       15,758,381  
Inspire Medical Systems, Inc.(a)
    48,555       15,762,895  
Insulet Corp.(a)
    116,725       33,656,487  
Intuitive Surgical, Inc.(a)
    136,568       46,698,062  
iRhythm Technologies, Inc.(a)
    59,920       6,250,854  
Masimo Corp.(a)
    145,470       23,937,089  
Novocure Ltd.(a)
    213,335       8,853,403  
Nyxoah SA(a)(e)
    648,041       5,313,936  
Omnicell, Inc.(a)
    160,315       11,810,406  
Orchestra BioMed Holdings, Inc.(a)(e)
    233,344       1,633,408  
Penumbra, Inc.(a)
    108,648       37,381,431  
Pulmonx Corp.(a)
    335,566       4,399,270  
ResMed, Inc.(d)
    69,536       15,193,616  
 
 
 
64  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Health Care Equipment & Supplies (continued)  
Shockwave Medical, Inc.(a)
    53,670     $      15,317,955  
SI-BONE, Inc.(a)
    204,910       5,528,472  
Silk Road Medical, Inc.(a)
    204,932       6,658,241  
STAAR Surgical Co.(a)
    73,525       3,865,209  
STERIS PLC
    158,875       35,743,697  
Straumann Holding AG, Registered Shares
    110,675       17,996,413  
Stryker Corp.
    127,940       39,033,215  
Tandem Diabetes Care, Inc.(a)(d)
    167,245       4,104,192  
   
 
 
 
      620,899,424  
Health Care Providers & Services — 5.1%            
Adicon Holdings Ltd.
    1,750,000       3,081,930  
AmerisourceBergen Corp.
    193,455       37,226,546  
Chemed Corp.
    10,662       5,775,285  
Encompass Health Corp.(d)
    112,563       7,621,641  
Guardant Health, Inc.(a)
    196,470       7,033,626  
Kindstar Globalgene Technology, Inc.(a)(h)
    4,092,500       921,927  
McKesson Corp.
    38,905       16,624,495  
R1 RCM, Inc.(a)(e)
    690,615       12,741,847  
UnitedHealth Group, Inc.
    26,765       12,864,330  
   
 
 
 
      103,891,627  
Health Care Technology — 0.1%            
Sophia Genetics SA(a)(e)
    291,485       1,305,853  
   
 
 
 
Life Sciences Tools & Services — 12.8%            
10X Genomics, Inc., Class A(a)(e)
    196,435       10,968,930  
Avantor, Inc.(a)(d)
    664,444       13,647,680  
Bio-Rad Laboratories, Inc., Class A(a)
    20,190       7,654,433  
Bio-Techne Corp.
    201,360       16,437,017  
Bruker Corp.
    185,257       13,694,197  
Gerresheimer AG
    243,305       27,389,946  
IQVIA Holdings, Inc.(a)
    127,062       28,559,726  
Mettler-Toledo International, Inc.(a)(d)
    21,545       28,259,284  
Pacific Biosciences of California, Inc.(a)
    428,585       5,700,180  
QIAGEN NV(a)
    645,525       29,067,991  
Rapid Micro Biosystems, Inc., Class A(a)
    549,778       549,778  
Repligen Corp.(a)
    69,535       9,836,421  
Waters Corp.(a)
    77,300       20,603,542  
West Pharmaceutical Services, Inc.(f)
    134,085       51,283,490  
   
 
 
 
      263,652,615  
Pharmaceuticals — 5.7%            
Arvinas, Inc.(a)
    232,960       5,782,067  
Catalent, Inc.(a)(e)
    347,125       15,051,340  
Novo Nordisk A/S, Class B
    61,540       9,941,153  
Nuvation Bio, Inc.(a)
    200,496       360,893  
Pliant Therapeutics, Inc.(a)(e)
    134,378       2,434,929  
Reata Pharmaceuticals, Inc., Class A(a)(e)
    150,760       15,371,490  
Roche Holding AG
    39,975       12,211,160  
Structure Therapeutics, Inc.(a)(e)
    164,062       6,820,057  
UCB SA
    344,377       30,531,932  
Security   Shares     Value  
Pharmaceuticals (continued)            
Ventyx Biosciences, Inc.(a)
    29,855     $           979,244  
Zoetis, Inc.(d)
    101,710       17,515,479  
   
 
 
 
      116,999,744  
   
 
 
 
Total Common Stocks — 90.5%
(Cost: $1,749,353,805)
      1,861,910,313  
   
 
 
 
     Benefical
Interest (000)
        
Other Interests
   
Biotechnology — 0.1%            
Vividion Therapeutics, Inc.(b)(c)(i)
  $ 3,810       1,104,762  
   
 
 
 
Total Other Interests — 0.1%            
(Cost: $ — )
      1,104,762  
   
 
 
 
     Shares         
Preferred Securities
   
Preferred Stocks — 8.1%            
Biotechnology(b)(c) — 2.7%
   
Amunix Pharmaceuticals, Inc., Series B, (Acquired 02/08/22, Cost: $0)
    5,657,068       3,563,953  
Bright Peak Therapeutics, Inc., Series B, (Acquired 05/14/21, Cost: $8,000,004)
    2,048,132       4,219,152  
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)
    2,430,833       9,431,632  
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847)
    3,850,718       1,309,244  
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156)
    482,077       8,349,574  
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000)
    2,793,833       5,783,234  
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $9,549,916)
    3,913,900       9,510,777  
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996)
    1,394,189       5,674,349  
OnKure, Inc., Series C, (Acquired 03/24/23, Cost: $7,022,595)
    2,541,380       7,014,209  
   
 
 
 
      54,856,124  
Health Care Equipment & Supplies(b)(c) — 0.8%  
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003)
    2,257,597       6,321,272  
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998)
    2,379,480       7,400,183  
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930)
    2,078,042       2,743,015  
   
 
 
 
      16,464,470  
Health Care Providers & Services(b) — 2.1%  
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000)
    10,696,226       17,862,697  
 
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  65

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Health Care Providers & Services (continued)  
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)(c)
    382,775     $        7,219,136  
Numab Therapeutics AG, Series C, (Acquired 05/07/21, Cost: $7,770,441)(c)
    815,851       7,802,564  
Quanta Dialysis Technologies Ltd.,
Series D, (Acquired 06/18/21,
Cost: $14,071,890)(c)
    115,766,240       9,703,521  
   
 
 
 
      42,587,918  
Health Care Technology — 0.9%            
Carbon Health Technologies, Inc.,
Series D2, (Acquired 02/02/23,
Cost: $17,100,000)(b)(c)
    1,694,781       19,117,130  
   
 
 
 
Life Sciences Tools & Services — 0.4%            
Sartorius AG
    22,700       7,864,613  
   
 
 
 
Pharmaceuticals(b)(c) — 0.5%            
Insitro, Inc.
   
Series B, (Acquired 05/21/20, Cost: $4,999,999)
    802,478       9,252,571  
Series C, (Acquired 03/10/21, Cost: $3,600,018)
    196,818       2,269,312  
   
 
 
 
      11,521,883  
Semiconductors & Semiconductor Equipment — 0.7%  
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,996)(b)(c)
    571,947       15,116,559  
   
 
 
 
      167,528,697  
   
 
 
 
Total Preferred Securities — 8.1%
(Cost: $198,800,588)
      167,528,697  
   
 
 
 
Rights
   
Health Care Equipment & Supplies — 0.0%  
Abiomed, Inc.(c)
    98,636       278,154  
   
 
 
 
Total Rights — 0.0%
(Cost: $100,609)
      278,154  
   
 
 
 
Warrants
   
Health Care Providers & Services — 0.0%  
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 07/16/25, Strike Price USD 11.50)(a)
    63,808       21,694  
   
 
 
 
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       11,393  
   
 
 
 
Total Warrants — 0.0%
(Cost: $227,724)
      33,087  
   
 
 
 
Total Long-Term Investments — 98.7%
(Cost: $1,948,482,726)
      2,030,855,013  
   
 
 
 
Security   Shares     Value  
Short-Term Securities
   
Money Market Funds — 5.1%            
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(g)(j)
    66,293,156     $      66,293,156  
SL Liquidity Series, LLC, Money Market Series, 5.28%(g)(j)(k)
    38,936,027       38,936,027  
   
 
 
 
Total Short-Term Securities — 5.1%
(Cost: $105,231,453)
      105,229,183  
   
 
 
 
Options Purchased — 0.0%
(Cost: $187)
      150  
   
 
 
 
Total Investments Before Options Written — 103.8%
(Cost: $2,053,714,366)
 
    2,136,084,346  
   
 
 
 
Options Written — (1.0)%
(Premiums Received: $(17,074,460))
      (19,267,653
   
 
 
 
Total Investments, Net of Options Written — 102.8%
    (Cost: $2,036,639,906)
 
 
    2,116,816,693  
Liabilities in Excess of Other Assets — (2.8)%
 
    (58,209,171
   
 
 
 
Net Assets — 100.0%         $2,058,607,522  
   
 
 
 
 
(a)
Non-income producing security.
(b)
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $166,774,553, representing 8.1% of its net assets as of period end, and an original cost of $203,270,756.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(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 this security is on loan.
(f)
All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(g)
Affiliate of the Trust.
(h)
Security 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)
Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(j)
Annualized 7-day yield as of period end.
(k)
All or a portion of this security was purchased with the cash collateral from loaned securities.
 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
 
 
 
66  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Health Sciences Term Trust (BMEZ)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
Affiliated Issuer  
Value at
12/31/22
   
Purchases
at Cost
   
Proceeds
from Sales
   
Net
Realized
Gain (Loss)
   
Change in
Unrealized
Appreciation
(Depreciation)
   
Value at
06/30/23
   
Shares
Held at
06/30/23
   
Income
   
Capital Gain
Distributions
from
Underlying
Funds
 
BlackRock Liquidity Funds, T-Fund, Institutional Class
  $ 83,001,707     $     $ (16,708,551 )(a)    $     $     $ 66,293,156       66,293,156     $ 1,083,366     $  
DA32 Life Science Tech Acquisition Corp., Class A
    14,818,508                         538,855       15,357,363       1,496,819              
SL Liquidity Series, LLC, Money Market Series
    1,828,050       37,106,765 (a)            3,681       (2,469     38,936,027       38,936,027       354,806 (b)       
       
 
 
   
 
 
   
 
 
     
 
 
   
 
 
 
        $ 3,681     $ 536,386     $ 120,586,546       $ 1,438,172     $  
       
 
 
   
 
 
   
 
 
     
 
 
   
 
 
 
 
  (a)
Represents net amount purchased (sold).
 
  (b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
 
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased   Currency Sold     Counterparty        Settlement Date       
Unrealized
Appreciation
(Depreciation)
 
CHF
  5,337,000       USD       5,921,317     BNP Paribas SA     09/14/23     $ 85,772  
EUR
  459,000       USD       493,608     Citibank N.A.     09/14/23       9,016  
EUR
  44,141,000       USD       47,467,828     Citibank N.A.     09/14/23       868,333  
                 
 
 
 
                    963,121  
                 
 
 
 
JPY
  3,713,189,000       USD       26,903,112     UBS AG     09/14/23       (886,235
                 
 
 
 
                  $ 76,886  
                 
 
 
 
Exchange-Traded Options Purchased
Description
  
Number of
Contracts
         
Expiration
Date
         
Exercise Price
         
Notional
Amount (000)
            
Value
 
Call
                             
FibroGen, Inc.
     30          07/21/23          USD          10.00          USD               8         $              150  
                             
 
 
 
Exchange-Traded Options Written
Description
  
Number of
Contracts
         
Expiration
Date
         
Exercise Price
         
Notional
Amount (000)
            
Value
 
Call
                             
Alcon, Inc.
     821          07/05/23          USD        72.60          USD        6,741         $     (785,080
Align Technology, Inc.
     57          07/07/23          USD        315.00          USD        2,016           (221,445
AmerisourceBergen Corp.
     115          07/07/23          USD        175.00          USD        2,213           (204,125
Reata Pharmaceuticals, Inc., Class A
     215          07/07/23          USD        101.00          USD        2,192           (74,712
Gilead Sciences, Inc.
     407          07/14/23          USD        78.00          USD        3,137           (25,438
Intuitive Surgical, Inc.
     92          07/14/23          USD        320.00          USD        3,146           (201,480
Vertex Pharmaceuticals, Inc.
     222          07/14/23          USD        340.00          USD        7,812           (290,820
Exelixis, Inc.
     958          07/17/23          USD        19.35          USD        1,831           (41,525
908 Devices, Inc.
     438          07/21/23          USD        10.00          USD        300           (10,950
Abcam PLC, ADR
     1,562          07/21/23          USD        25.00          USD        3,822           (160,105
Alcon, Inc.
     713          07/21/23          USD        82.50          USD        5,854           (87,342
Align Technology, Inc.
     66          07/21/23          USD        320.00          USD        2,334           (234,630
Alkermes PLC
     885          07/21/23          USD        31.00          USD        2,770           (90,712
Alnylam Pharmaceuticals, Inc.
     284          07/21/23          USD        210.00          USD        5,394           (26,270
AmerisourceBergen Corp.
     81          07/21/23          USD        180.00          USD        1,559           (113,400
Apellis Pharmaceuticals, Inc.
     254          07/21/23          USD        95.00          USD        2,314           (67,945
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  67

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                             
Arcutis Biotherapeutics, Inc.
     596          07/21/23          USD        10.92          USD        2,150         $        (23,409
Arrowhead Pharmaceuticals, Inc.
     129          07/21/23          USD        40.00          USD        460           (6,450
Avantor, Inc.
     448          07/21/23          USD        20.43          USD        920           (35,696
Bausch & Lomb Corp.
     620          07/21/23          USD        19.63          USD        1,244           (60,186
Becton Dickinson & Co.
     64          07/21/23          USD        252.95          USD        1,690           (79,611
BeiGene Ltd., ADR
     94          07/21/23          USD        240.00          USD        1,676           (47,000
BioMarin Pharmaceutical, Inc.
     581          07/21/23          USD        100.00          USD        5,036           (13,073
Biomea Fusion, Inc.
     325          07/21/23          USD        40.00          USD        713           (2,438
Bio-Techne Corp.
     244          07/21/23          USD        85.00          USD        1,992           (20,130
Blueprint Medicines Corp.
     540          07/21/23          USD        55.00          USD        3,413           (496,800
Boston Scientific Corp.
     705          07/21/23          USD        53.40          USD        3,813           (106,678
Bruker Corp.
     332          07/21/23          USD        77.50          USD        2,454           (20,750
Catalent, Inc.
     555          07/21/23          USD        40.00          USD        2,406           (252,525
Catalent, Inc.
     555          07/21/23          USD        50.00          USD        2,406           (24,975
Cerevel Therapeutics Holdings, Inc.
     398          07/21/23          USD        35.00          USD        1,265           (10,945
Chemed Corp.
     34          07/21/23          USD        560.00          USD        1,842           (8,670
CONMED Corp.
     314          07/21/23          USD        120.00          USD        4,267           (532,230
Dexcom, Inc.
     577          07/21/23          USD        124.95          USD        7,415           (336,704
Encompass Health Corp.
     360          07/21/23          USD        65.00          USD        2,438           (99,900
Exact Sciences Corp.
     77          07/21/23          USD        85.00          USD        723           (75,460
FibroGen, Inc.
     30          07/21/23          USD        32.50          USD        8           (150
Galapagos NV, ADR
     238          07/21/23          USD        45.00          USD        968           (3,570
Gilead Sciences, Inc.
     204          07/21/23          USD        82.50          USD        1,572           (1,938
Glaukos Corp.
     91          07/21/23          USD        60.00          USD        648           (105,560
Halozyme Therapeutics, Inc.
     339          07/21/23          USD        34.89          USD        1,223           (72,901
Hologic, Inc.
     606          07/21/23          USD        85.00          USD        4,907           (21,210
Hologic, Inc.
     16          07/21/23          USD        80.00          USD        130           (3,440
Immunocore Holdings PLC, ADR
     95          07/21/23          USD        60.00          USD        570           (20,663
Incyte Corp.
     415          07/21/23          USD        68.00          USD        2,583           (5,034
Inspire Medical Systems, Inc.
     154          07/21/23          USD        310.00          USD        4,999           (310,310
Insulet Corp.
     108          07/21/23          USD        330.00          USD        3,114           (4,050
Intuitive Surgical, Inc.
     73          07/21/23          USD        325.00          USD        2,496           (158,410
Ionis Pharmaceuticals, Inc.
     748          07/21/23          USD        37.50          USD        3,069           (295,460
Ionis Pharmaceuticals, Inc.
     750          07/21/23          USD        45.00          USD        3,077           (9,375
IQVIA Holdings, Inc.
     174          07/21/23          USD        210.00          USD        3,911           (281,880
Karuna Therapeutics, Inc.
     69          07/21/23          USD        240.00          USD        1,496           (5,865
Masimo Corp.
     170          07/21/23          USD        175.00          USD        2,797           (23,375
McKesson Corp.
     4          07/21/23          USD        400.00          USD        171           (11,880
Mettler-Toledo International, Inc.
     34          07/21/23          USD        1,460.00          USD        4,460           (8,330
Morphic Holding, Inc.
     266          07/21/23          USD        60.00          USD        1,525           (72,485
Neurocrine Biosciences, Inc.
     158          07/21/23          USD        100.00          USD        1,490           (17,380
Omnicell, Inc.
     225          07/21/23          USD        75.00          USD        1,658           (59,062
Penumbra, Inc.
     103          07/21/23          USD        320.00          USD        3,544           (281,705
PTC Therapeutics, Inc.
     312          07/21/23          USD        65.00          USD        1,269           (149,760
QIAGEN NV
     1,032          07/21/23          USD        47.25          USD        4,647           (81,129
R1 RCM, Inc.
     1,105          07/21/23          USD        17.50          USD        2,039           (140,887
Repligen Corp.
     331          07/21/23          USD        170.00          USD        4,682           (99,300
ResMed, Inc.
     450          07/21/23          USD        234.21          USD        9,833           (46,400
Revolution Medicines, Inc.
     661          07/21/23          USD        30.00          USD        1,768           (38,007
Rhythm Pharmaceuticals, Inc.
     570          07/21/23          USD        22.50          USD        940           (42,750
Rhythm Pharmaceuticals, Inc.
     636          07/21/23          USD        20.00          USD        1,049           (12,720
Rocket Pharmaceuticals, Inc.
     403          07/21/23          USD        22.50          USD        801           (5,038
Rocket Pharmaceuticals, Inc.
     403          07/21/23          USD        25.00          USD        801           (42,315
Sage Therapeutics, Inc.
     424          07/21/23          USD        52.50          USD        1,994           (14,840
Shockwave Medical, Inc.
     80          07/21/23          USD        290.00          USD        2,283           (80,800
STAAR Surgical Co.
     117          07/21/23          USD        65.50          USD        615           (1,325
STERIS PLC
     254          07/21/23          USD        210.00          USD        5,714           (397,510
Stryker Corp.
     205          07/21/23          USD        290.00          USD        6,254           (338,250
Tandem Diabetes Care, Inc.
     268          07/21/23          USD        30.00          USD        658           (2,680
Ultragenyx Pharmaceutical, Inc.
     159          07/21/23          USD        55.00          USD        733           (4,770
United Therapeutics Corp.
     84          07/21/23          USD        230.00          USD        1,854           (17,640
Vaxcyte, Inc.
     325          07/21/23          USD        55.00          USD        1,623           (19,500
 
 
68  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                             
Vertex Pharmaceuticals, Inc.
     166          07/21/23          USD        350.00          USD        5,842         $      (122,010
Viridian Therapeutics, Inc.
     263          07/21/23          USD        30.00          USD        626           (30,245
Waters Corp.
     155          07/21/23          USD        260.00          USD        4,131           (161,200
West Pharmaceutical Services, Inc.
     368          07/21/23          USD        360.00          USD        14,075           (920,000
Zoetis, Inc.
     325          07/21/23          USD        170.00          USD        5,597           (141,375
Alkermes PLC
     976          07/25/23          USD        30.25          USD        3,055           (163,083
Align Technology, Inc.
     67          07/28/23          USD        350.00          USD        2,369           (139,360
AmerisourceBergen Corp.
     148          07/28/23          USD        185.00          USD        2,848           (137,640
Biogen, Inc.
     152          07/28/23          USD        300.00          USD        4,330           (64,600
McKesson Corp.
     120          07/28/23          USD        405.00          USD        5,128           (313,800
Reata Pharmaceuticals, Inc., Class A
     150          07/28/23          USD        98.00          USD        1,529           (112,500
UnitedHealth Group, Inc.
     85          07/28/23          USD        490.00          USD        4,085           (63,750
Vertex Pharmaceuticals, Inc.
     176          07/28/23          USD        355.00          USD        6,194           (147,840
AmerisourceBergen Corp.
     161          08/04/23          USD        190.00          USD        3,098           (99,015
AmerisourceBergen Corp.
     114          08/04/23          USD        195.00          USD        2,194           (43,320
CRISPR Therapeutics AG
     160          08/04/23          USD        62.00          USD        898           (34,400
Gilead Sciences, Inc.
     204          08/04/23          USD        79.00          USD        1,572           (24,378
Intuitive Surgical, Inc.
     165          08/04/23          USD        330.00          USD        5,642           (344,025
10X Genomics, Inc., Class A
     628          08/18/23          USD        70.00          USD        3,507           (51,810
908 Devices, Inc.
     438          08/18/23          USD        10.00          USD        300           (14,235
Abcam PLC, ADR
     781          08/18/23          USD        25.00          USD        1,911           (187,440
Alcon, Inc.
     821          08/18/23          USD        80.00          USD        6,741           (369,450
Alkermes PLC
     637          08/18/23          USD        32.00          USD        1,994           (74,847
Alnylam Pharmaceuticals, Inc.
     284          08/18/23          USD        220.00          USD        5,394           (78,810
Apellis Pharmaceuticals, Inc.
     297          08/18/23          USD        95.00          USD        2,706           (163,350
Arcutis Biotherapeutics, Inc.
     596          08/18/23          USD        11.57          USD        2,150           (16,400
Argenx SE, ADR
     60          08/18/23          USD        450.00          USD        2,338           (102,300
Arrowhead Pharmaceuticals, Inc.
     130          08/18/23          USD        40.00          USD        464           (24,375
Avantor, Inc.
     897          08/18/23          USD        22.50          USD        1,842           (35,880
Avantor, Inc.
     781          08/18/23          USD        20.40          USD        1,604           (95,644
Bausch & Lomb Corp.
     621          08/18/23          USD        20.00          USD        1,246           (69,862
Becton Dickinson & Co.
     65          08/18/23          USD        260.00          USD        1,716           (66,300
BeiGene Ltd., ADR
     94          08/18/23          USD        230.00          USD        1,676           (20,210
Biogen, Inc.
     115          08/18/23          USD        305.00          USD        3,276           (52,900
BioMarin Pharmaceutical, Inc.
     335          08/18/23          USD        105.00          USD        2,904           (24,288
Biomea Fusion, Inc.
     305          08/18/23          USD        40.00          USD        669           (7,625
Bio-Techne Corp.
     400          08/18/23          USD        80.50          USD        3,265           (175,463
Boston Scientific Corp.
     753          08/18/23          USD        57.50          USD        4,073           (28,237
Cerevel Therapeutics Holdings, Inc.
     455          08/18/23          USD        35.00          USD        1,446           (39,812
Cooper Cos., Inc.
     317          08/18/23          USD        380.00          USD        12,155           (431,120
Dexcom, Inc.
     580          08/18/23          USD        131.00          USD        7,454           (262,697
Exact Sciences Corp.
     411          08/18/23          USD        91.00          USD        3,859           (275,086
Exelixis, Inc.
     960          08/18/23          USD        20.00          USD        1,835           (52,800
Halozyme Therapeutics, Inc.
     377          08/18/23          USD        35.73          USD        1,360           (92,570
Immunocore Holdings PLC, ADR
     96          08/18/23          USD        65.00          USD        576           (19,440
Incyte Corp.
     527          08/18/23          USD        64.00          USD        3,281           (105,978
Inspire Medical Systems, Inc.
     1          08/18/23          USD        340.00          USD        32           (1,245
Insulet Corp.
     265          08/18/23          USD        299.00          USD        7,641           (258,853
Intuitive Surgical, Inc.
     75          08/18/23          USD        330.00          USD        2,565           (163,875
IQVIA Holdings, Inc.
     232          08/18/23          USD        230.00          USD        5,215           (146,160
iRhythm Technologies, Inc.
     191          08/18/23          USD        120.00          USD        1,993           (49,660
Legend Biotech Corp., ADR
     352          08/18/23          USD        75.00          USD        2,430           (78,320
Masimo Corp.
     295          08/18/23          USD        165.50          USD        4,854           (226,397
Merus NV
     622          08/18/23          USD        30.00          USD        1,638           (158,610
Mettler-Toledo International, Inc.
     34          08/18/23          USD        1,385.00          USD        4,460           (69,185
Morphic Holding, Inc.
     225          08/18/23          USD        60.00          USD        1,290           (79,312
Neurocrine Biosciences, Inc.
     469          08/18/23          USD        105.00          USD        4,423           (83,247
Omnicell, Inc.
     288          08/18/23          USD        75.00          USD        2,122           (120,960
Penumbra, Inc.
     244          08/18/23          USD        330.50          USD        8,395           (533,274
Prothena Corp. PLC
     400          08/18/23          USD        80.00          USD        2,731           (73,000
Pulmonx Corp.
     540          08/18/23          USD        15.00          USD        708           (93,150
R1 RCM, Inc.
     1,104          08/18/23          USD        17.50          USD        2,037           (187,680
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  69

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                             
Reata Pharmaceuticals, Inc., Class A
     117          08/18/23          USD        110.00          USD        1,193         $ (42,120
Rhythm Pharmaceuticals, Inc.
     981          08/18/23          USD        20.00          USD        1,618           (49,050
Sage Therapeutics, Inc.
     449          08/18/23          USD        60.00          USD        2,111           (49,390
Seagen, Inc.
     159          08/18/23          USD        200.00          USD        3,060           (58,432
Shockwave Medical, Inc.
     91          08/18/23          USD        320.00          USD        2,597           (55,055
STAAR Surgical Co.
     118          08/18/23          USD        60.00          USD        620           (16,520
STERIS PLC
     254          08/18/23          USD        207.50          USD        5,714           (531,085
Stryker Corp.
     204          08/18/23          USD        292.00          USD        6,224           (399,168
Tandem Diabetes Care, Inc.
     268          08/18/23          USD        30.00          USD        658           (19,430
Ultragenyx Pharmaceutical, Inc.
     159          08/18/23          USD        55.00          USD        733           (25,043
United Therapeutics Corp.
     94          08/18/23          USD        240.00          USD        2,075           (27,025
Viking Therapeutics, Inc.
     752          08/18/23          USD        26.00          USD        1,219           (26,320
West Pharmaceutical Services, Inc.
     62          08/18/23          USD        380.00          USD        2,371           (106,950
Bausch & Lomb Corp.
     434          08/21/23          USD        18.56          USD        871           (91,973
Bruker Corp.
     260          09/15/23          USD        82.50          USD        1,922           (71,500
Seagen, Inc.
     159          09/15/23          USD        200.00          USD        3,060           (76,320
                             
 
 
 
                              $ (18,169,042
                             
 
 
 
OTC Options Written
 
 
Description   Counterparty   Number of
Contracts
    Expiration
Date
    Exercise Price    
Notional
Amount (000)
    Value  
 
 
Call
               
Straumann Holding AG, Registered Shares
  Goldman Sachs International     35,400       07/11/23       CHF       144.61       CHF       5,152     $ (111,304
ConvaTec Group PLC
  UBS AG     490,000       07/13/23       GBP       2.11       GBP       1,006       (8,812
Genmab A/S
  Morgan Stanley & Co. International PLC     9,200       07/13/23       DKK       2,806.75       DKK       23,790       (1,747
Gerresheimer AG
  UBS AG     20,000       07/13/23       EUR       107.43       EUR       2,063       (34,200
Roche Holding AG
  UBS AG     10,400       07/13/23       CHF       294.44       CHF       2,843       (1,229
UCB SA
  Morgan Stanley & Co. International PLC     27,600       07/13/23       EUR       83.60       EUR       2,242       (31,648
Genmab A/S
  UBS AG     1,900       07/18/23       DKK       2,776.72       DKK       4,913       (1,423
UCB SA
  Goldman Sachs International     27,600       07/19/23       EUR       88.77       EUR       2,242       (10,506
Gerresheimer AG
  JPMorgan Chase Bank N.A.     14,900       07/25/23       EUR       112.79       EUR       1,537       (18,586
Sartorius AG
  Goldman Sachs International     7,200       07/25/23       EUR       358.54       EUR       2,286       (8,508
UCB SA
  Morgan Stanley & Co. International PLC     55,000       07/25/23       EUR       86.63       EUR       4,469       (55,708
Gerresheimer AG
  UBS AG     14,900       07/26/23       EUR       110.03       EUR       1,537       (30,108
MorphoSys AG
  Barclays Bank PLC     16,200       07/26/23       EUR       28.88       EUR       442       (11,619
Glaukos Corp.
  Morgan Stanley & Co. International PLC     26,200       07/31/23       USD       69.83       USD       1,866       (104,427
Revolution Medicines, Inc
  Citibank N.A.     54,700       07/31/23       USD       25.25       USD       1,463       (134,277
Vaxcyte, Inc
  Morgan Stanley & Co. International PLC     15,000       07/31/23       USD       54.78       USD       749       (14,921
Waters Corp.
  Morgan Stanley & Co. International PLC     9,200       07/31/23       USD       278.78       USD       2,452       (29,408
Novo Nordisk A/S, Class B
  Citibank N.A.     19,700       08/02/23       DKK       1,117.35       DKK       21,715       (84,388
ConvaTec Group PLC
  UBS AG     411,500       08/03/23       GBP       2.11       GBP       845       (18,960
ConvaTec Group PLC
  UBS AG     510,000       08/16/23       GBP       2.13       GBP       1,047       (27,909
Gerresheimer AG
  UBS AG     28,000       08/16/23       EUR       110.39       EUR       2,889       (77,664
Genmab A/S, ADR
  Morgan Stanley & Co. International PLC     36,500       08/23/23       USD       39.39       USD       1,387       (44,232
Alkermes PLC
  Citibank N.A.     88,400       08/29/23       USD       33.63       USD       2,767       (77,853
Legend Biotech Corp., ADR
  UBS AG     49,600       09/08/23       USD       75.79       USD       3,424       (159,174
               
 
 
 
                $ (1,098,611
               
 
 
 
Balances Reported in the Statements of Assets and Liabilities for Options Written
 
 
 
Description    Swap
Premiums
Paid
    
Swap
Premiums
Received
     Unrealized
Appreciation
     Unrealized
Depreciation
     Value  
 
 
Options Written
   $ N/A      $ N/A      $ 4,866,815      $ (7,060,008    $ (19,267,653)  
 
 
 
 
70  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Health Sciences Term Trust (BMEZ)
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
 
                                                                                                                                    
      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  
Assets — Derivative Financial Instruments
                    
Forward foreign currency exchange contracts
                    
Unrealized appreciation on forward foreign currency exchange contracts
   $      $      $      $ 963,121      $      $      $ 963,121  
Options purchased
                    
Investments at value — unaffiliated
                   150                             150  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ 150      $ 963,121      $      $      $ 963,271  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities — Derivative Financial Instruments
                    
Forward foreign currency exchange contracts
                    
Unrealized depreciation on forward foreign currency exchange contracts
   $      $      $      $ 886,235      $      $      $ 886,235  
Options written
                    
Options written at value
                   19,267,653                             19,267,653  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $   —      $      $   19,267,653      $     886,235      $      $      $  20,153,888  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
For the period ended June 30, 2023, 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:
                    
Forward foreign currency exchange contracts
   $      $      $      $ 1,506,894      $      $      $ 1,506,894  
Options purchased(a)
                   (2,929,435                           (2,929,435
Options written
                   10,910,202                             10,910,202  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ 7,980,767      $ 1,506,894      $      $      $ 9,487,661  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                    
Forward foreign currency exchange contracts
   $      $      $      $ (4,887,669    $      $      $ (4,887,669
Options purchased
                   (37                           (37
Options written
                   (4,568,856                           (4,568,856
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ (4,568,893    $ (4,887,669    $      $      $   (9,456,562
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a)
Options purchased are included in net realized gain (loss) from investments — unaffiliated.
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments
 
Forward foreign currency exchange contracts:
        
Average amounts sold — in USD
   $ 115,944,905  
Options:
  
Average value of option contracts purchased
   $ 75  
Average value of option contracts written
   $ 19,839,452  
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  71

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Health Sciences Term Trust (BMEZ)
 
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
     
Forward foreign currency exchange contracts
   $ 963,121      $ 886,235  
Options
     150        19,267,653  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Statements of Assets and Liabilities
     963,271        20,153,888  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
     (150      (18,169,042
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $ 963,121      $ 1,984,846  
  
 
 
    
 
 
 
The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Trust:
 
Counterparty     



Derivative
Assets
Subject to

an MNA by
Counterparty
 
 
 

 
 
    
Derivatives
Available
for Offset
 
 
(a)  
    

Non‑Cash
Collateral
Received
 
 
 
    

Cash
Collateral
Received
 
 
 
    

Net Amount
  of Derivative
Assets
 
 
(b)(c)  
BNP Paribas SA
   $ 85,772      $      $      $      $ 85,772  
Citibank N.A.
     877,349        (296,518                    580,831  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 963,121      $ (296,518    $      $      $ 666,603  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
Counterparty     



Derivative
Liabilities
Subject to

an MNA by
Counterparty
 
 
 

 
 
    
  Derivatives
Available
for Offset
 
 
(a) 
    

Non-Cash
Collateral
Pledged
 
 
(d) 
    

Cash
 Collateral
Pledged
 
 
(d) 
    

Net Amount
  of Derivative
Liabilities
 
 
(b)(e) 
Barclays Bank PLC
   $ 11,619      $      $      $      $ 11,619  
Citibank N.A.
     296,518        (296,518                     
Goldman Sachs International
     130,318               (130,318              
JPMorgan Chase Bank N.A.
     18,586               (18,586              
Morgan Stanley & Co. International PLC
     282,091               (154,160      (16,000      111,931  
UBS AG
     1,245,714               (635,198             610,516  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 1,984,846      $ (296,518    $ (938,262    $ (16,000    $ 734,066  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a)
The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
 
  (b)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
 
  (c)
Net amount represents the net amount receivable from the counterparty in the event of default.
 
  (d)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
 
  (e)
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
 
      Level 1        Level 2        Level 3        Total  
Assets
                 
Investments
                 
Long-Term Investments
                 
Common Stocks
                 
Biotechnology
   $    685,267,398        $      50,199,844        $        2,456,229        $    737,923,471  
Electronic Equipment, Instruments & Components
     1,880,216                            1,880,216  
Financial Services
     15,357,363                            15,357,363  
Health Care Equipment & Supplies
     591,398,262          29,501,162                   620,899,424  
Health Care Providers & Services
     102,969,700          921,927                   103,891,627  
 
 
72  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Health Sciences Term Trust (BMEZ)
 
Fair Value Hierarchy as of Period End (continued)
      Level 1        Level 2        Level 3        Total  
Common Stocks (continued)
                 
Health Care Technology
   $ 1,305,853        $        $        $ 1,305,853  
Life Sciences Tools & Services
     236,262,669          27,389,946                   263,652,615  
Pharmaceuticals
     64,315,499          52,684,245                   116,999,744  
Other Interests
                       1,104,762          1,104,762  
Preferred Securities
                 
Preferred Stocks
              25,727,310          141,801,387          167,528,697  
Rights
                       278,154          278,154  
Warrants
     33,087                            33,087  
Short-Term Securities
                 
Money Market Funds
     66,293,156                            66,293,156  
Options Purchased
                 
Equity Contracts
     150                            150  
  
 
 
      
 
 
      
 
 
      
 
 
 
   $ 1,765,083,353        $   186,424,434        $   145,640,532          2,097,148,319  
  
 
 
      
 
 
      
 
 
      
 
 
 
Investments Valued at NAV(a)
                    38,936,027  
                 
 
 
 
                  $ 2,136,084,346  
                 
 
 
 
Derivative Financial Instruments(b)
                 
Assets
                 
Foreign Currency Exchange Contracts
   $        $ 963,121        $        $ 963,121  
Liabilities
                 
Equity Contracts
     (13,196,508        (6,071,145                 (19,267,653
Foreign Currency Exchange Contracts
              (886,235                 (886,235
  
 
 
      
 
 
      
 
 
      
 
 
 
   $ (13,196,508      $ (5,994,259      $        $ (19,190,767
  
 
 
      
 
 
      
 
 
      
 
 
 
 
  (a) 
Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
 
  (b)
Derivative financial instruments are forward foreign currency exchange contracts and options written. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and 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
     Other Interests      Preferred
Stocks
     Rights      Total  
Assets
              
Opening balance, as of December 31, 2022
   $ 12,093,187      $ 4,076,191      $ 158,791,702      $      $ 174,961,080  
Transfers into Level 3(a)
                                  
Transfers out of Level 3(b)
                   (22,889,924             (22,889,924
Other(c)
     (9,726,707             9,626,098        100,609         
Accrued discounts/premiums
                                  
Net realized gain (loss)
                                  
Net change in unrealized appreciation (depreciation)(d)(e)
     89,749        (2,971,429      (6,249,086      177,545        (8,953,221
Purchases
                   24,122,598               24,122,598  
Sales
                   (21,600,001             (21,600,001
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Closing balance, as of June 30, 2023
   $ 2,456,229      $ 1,104,762      $ 141,801,387      $ 278,154      $ 145,640,532  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023(e)
   $ 89,749      $ (2,971,429    $ (5,842,670    $ 177,545      $ (8,546,805
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a)
As of December 31, 2022, the Trust used observable inputs in determining the value of certain investments. As of June 30, 2023, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.
 
  (b)
As of December 31, 2022, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 2023, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.
 
  (c)
Certain Level 3 investments were re-classified between Common Stocks, Preferred Stocks and Rights.
 
  (d)
Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
 
  (e) 
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.
 
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  73

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Health Sciences Term Trust (BMEZ)
 
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (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
   $ 2,456,229        Income      Discount Rate      5%         
Preferred Stocks
     141,801,387        Market      Revenue Multiple      3.00x - 8.00x        5.20x  
         Volatility      50% - 100%        68%  
         Time to Exit      1.0 ‑ 4.0 years        2.3 years  
         Market Adjustment Multiple      0.45x - 1.10x        0.88x  
        Income      Discount Rate      5% - 5%        5%  
Other Interests
     1,104,762        Income      Discount Rate      7%         
Rights
     278,154        Income      Discount Rate      4%         
  
 
 
             
   $ 145,640,532              
  
 
 
             
 
  (a)
A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.
 
See notes to financial statements.
 
 
74  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited)
June 30, 2023
  
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Common Stocks
   
Biotechnology — 21.2%  
AbbVie, Inc.
    115,564     $   15,569,938  
Abcam PLC, ADR(a)
    57,415       1,404,945  
Affinivax, Inc., (Acquired 08/18/22, Cost: $0)(b)(c)
    6,331       84,899  
Alkermes PLC(a)
    32,331       1,011,960  
Alnylam Pharmaceuticals, Inc.(a)
    17,051       3,238,667  
Amgen, Inc.(d)
    61,050       13,554,321  
Apellis Pharmaceuticals, Inc.(a)
    13,695       1,247,615  
Argenx SE, ADR(a)
    5,466       2,130,264  
BeiGene Ltd., ADR(a)
    6,630       1,182,129  
Biogen, Inc.(a)
    38,487       10,963,022  
BioMarin Pharmaceutical, Inc.(a)
    26,700       2,314,356  
Biomea Fusion, Inc.(a)
    9,387       206,045  
Blueprint Medicines Corp.(a)
    26,725       1,689,020  
Cerevel Therapeutics Holdings, Inc.(a)
    16,785       533,595  
CureVac NV(a)
    20,488       213,485  
Decibel Therapeutics, Inc.(a)
    46,884       180,503  
Design Therapeutics, Inc.(a)
    13,967       87,992  
Exact Sciences Corp.(a)
    18,951       1,779,499  
Frequency Therapeutics, Inc.(a)
    28,060       9,709  
Genmab A/S(a)
    2,498       946,636  
Genmab A/S, ADR(a)(e)
    16,911       642,787  
Gilead Sciences, Inc.
    184,370       14,209,396  
Horizon Therapeutics PLC(a)
    7,410       762,119  
Immuneering Corp., Class A(a)(e)
    14,456       146,584  
Immunocore Holdings PLC, ADR(a)
    9,668       579,693  
ImmunoGen, Inc.(a)
    18,174       342,943  
Incyte Corp.(a)
    33,358       2,076,535  
Ionis Pharmaceuticals, Inc.(a)
    28,425       1,166,278  
IVERIC bio, Inc.(a)
    12,230       481,128  
Karuna Therapeutics, Inc.(a)
    2,610       565,979  
Legend Biotech Corp., ADR(a)
    31,816       2,196,258  
Merus NV(a)
    14,810       389,947  
Mirati Therapeutics, Inc.(a)
    15,380       555,679  
Moderna, Inc.(a)
    15,623       1,898,194  
Monte Rosa Therapeutics, Inc.(a)(e)
    28,575       195,739  
MoonLake Immunotherapeutics(a)
    15,432       787,032  
Morphic Holding, Inc.(a)
    12,685       727,231  
Neurocrine Biosciences, Inc.(a)
    20,029       1,888,735  
Nuvalent, Inc., Class A(a)
    13,773       580,807  
PMV Pharmaceuticals, Inc.(a)
    17,490       109,487  
Prime Medicine, Inc.(a)
    22,929       335,910  
Protagonist Therapeutics, Inc.(a)
    27,270       753,197  
Prothena Corp. PLC(a)
    8,639       589,871  
PTC Therapeutics, Inc.(a)
    19,555       795,302  
Regeneron Pharmaceuticals, Inc.(a)
    10,742       7,718,557  
Revolution Medicines, Inc.(a)
    18,874       504,880  
Rhythm Pharmaceuticals, Inc.(a)
    48,130       793,664  
Rocket Pharmaceuticals, Inc.(a)
    17,213       342,022  
Sage Therapeutics, Inc.(a)
    6,345       298,342  
Sarepta Therapeutics, Inc.(a)
    22,463       2,572,463  
Seagen, Inc.(a)
    23,289       4,482,201  
Tenaya Therapeutics, Inc.(a)
    25,502       149,697  
Ultragenyx Pharmaceutical, Inc.(a)
    6,140       283,238  
Vaxcyte, Inc.(a)
    12,030       600,778  
Vertex Pharmaceuticals, Inc.(a)(e)
    48,713       17,142,592  
Viking Therapeutics, Inc.(a)
    16,970       275,084  
   
 
 
 
      126,288,949  
Security   Shares     Value  
Health Care Equipment & Supplies — 28.1%            
Abbott Laboratories(d)
    119,326     $   13,008,920  
Alcon, Inc.
    94,504       7,759,723  
Align Technology, Inc.(a)
    6,080       2,150,131  
Bausch & Lomb Corp.(a)(e)
    75,830       1,521,908  
Baxter International, Inc.
    111,827       5,094,838  
Becton Dickinson & Co.
    40,270       10,631,683  
Boston Scientific Corp.(a)
    447,569       24,209,007  
Cooper Cos., Inc.
    12,951       4,965,802  
Dexcom, Inc.(a)
    54,892       7,054,171  
Edwards Lifesciences Corp.(a)
    37,566       3,543,601  
Envista Holdings Corp.(a)
    21,195       717,239  
GE HealthCare, Inc.(a)
    68,490       5,564,128  
Glaukos Corp.(a)
    4,880       347,505  
Hologic, Inc.(a)
    10,990       889,860  
IDEXX Laboratories, Inc.(a)
    7,185       3,608,523  
Inspire Medical Systems, Inc.(a)
    5,650       1,834,216  
Insulet Corp.(a)
    8,555       2,466,749  
Intuitive Surgical, Inc.(a)
    63,429       21,688,912  
iRhythm Technologies, Inc.(a)
    2,280       237,850  
Masimo Corp.(a)
    12,760       2,099,658  
Medtronic PLC
    144,255       12,708,865  
Novocure Ltd.(a)
    27,700       1,149,550  
Omnicell, Inc.(a)
    8,385       617,723  
Orchestra BioMed Holdings, Inc.(a)
    13,696       95,872  
Penumbra, Inc.(a)
    17,840       6,138,030  
ResMed, Inc.
    13,234       2,891,629  
STERIS PLC
    9,590       2,157,558  
Stryker Corp.
    68,196       20,805,918  
Zimmer Biomet Holdings, Inc.
    14,617       2,128,235  
   
 
 
 
      168,087,804  
Health Care Providers & Services — 17.1%            
Agiliti, Inc.(a)
    40,496       668,184  
AmerisourceBergen Corp.
    59,256       11,402,632  
Centene Corp.(a)
    29,311       1,977,027  
Cigna Group
    22,809       6,400,205  
Elevance Health, Inc.(d)
    12,737       5,658,922  
Guardant Health, Inc.(a)
    12,702       454,732  
HCA Healthcare, Inc.
    21,285       6,459,572  
Humana, Inc.
    11,855       5,300,726  
McKesson Corp.
    26,075       11,142,108  
Quest Diagnostics, Inc.
    40,564       5,701,676  
UnitedHealth Group, Inc.(d)
    97,709       46,962,854  
   
 
 
 
      102,128,638  
Life Sciences Tools & Services — 9.7%            
10X Genomics, Inc., Class A(a)
    9,740       543,882  
Agilent Technologies, Inc.
    25,861       3,109,785  
Avantor, Inc.(a)
    78,897       1,620,544  
Bio-Techne Corp.
    10,625       867,319  
Danaher Corp.
    43,329       10,398,960  
Icon PLC(a)
    8,210       2,054,142  
Illumina, Inc.(a)
    11,735       2,200,195  
IQVIA Holdings, Inc.(a)
    26,058       5,857,057  
Mettler-Toledo International, Inc.(a)
    1,055       1,383,780  
Nautilus Biotechnology, Inc.(a)
    16,560       64,087  
QIAGEN NV(a)
    31,011       1,396,425  
Rapid Micro Biosystems, Inc., Class A(a)
    20,561       20,561  
Repligen Corp.(a)
    8,070       1,141,582  
 
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  75

Schedule of Investments  (unaudited) (continued)
June 30, 2023
  
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Life Sciences Tools & Services (continued)  
Thermo Fisher Scientific, Inc.(f)
    40,468     $   21,114,179  
West Pharmaceutical Services, Inc.
    15,420       5,897,688  
   
 
 
 
      57,670,186  
Pharmaceuticals — 19.6%            
Arvinas, Inc.(a)
    13,163       326,706  
AstraZeneca PLC
    26,401       3,784,694  
Bristol-Myers Squibb Co.
    39,106       2,500,829  
Catalent, Inc.(a)
    20,045       869,151  
Daiichi Sankyo Co. Ltd.
    33,900       1,077,147  
Elanco Animal Health, Inc.(a)
    51,800       521,108  
Eli Lilly & Co.
    79,376       37,225,756  
Johnson & Johnson(d)
    90,509       14,981,050  
Merck & Co., Inc.(d)
    243,775       28,129,197  
Novo Nordisk A/S, Class B
    17,765       2,869,753  
Pfizer, Inc.(d)
    178,976       6,564,840  
Pliant Therapeutics, Inc.(a)
    12,594       228,203  
Reata Pharmaceuticals, Inc., Class A(a)
    6,625       675,485  
Roche Holding AG
    11,601       3,543,756  
Sanofi
    24,587       2,646,932  
Structure Therapeutics, Inc.(a)(e)
    13,208       549,057  
Zoetis, Inc.
    61,919       10,663,071  
   
 
 
 
      117,156,735  
   
 
 
 
Total Common Stocks — 95.7%
(Cost: $384,440,043)
 
    571,332,312  
   
 
 
 
     Benefical
Interest (000)
        
Other Interests
   
Health Care Providers & Services — 0.0%  
Afferent Pharmaceuticals, Inc.(b)(c)(g)
  $ 190       152,128  
   
 
 
 
Total Other Interests — 0.0%
(Cost: $ — )
 
    152,128  
   
 
 
 
     Shares         
Preferred Securities
   
Preferred Stocks — 0.7%(b)(c)            
Biotechnology — 0.1%            
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002)
    44,167       171,368  
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $224,200)
    190,000       64,600  
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800)
    21,100       365,452  
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $260,568)
    106,790       259,500  
   
 
 
 
      860,920  
Health Care Equipment & Supplies — 0.3%  
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999)
    101,741       284,875  
Security   Shares     Value  
Health Care Equipment & Supplies (continued)  
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001)
    367,395     $ 1,142,598  
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998)
    92,580       122,206  
   
 
 
 
      1,549,679  
Health Care Providers & Services — 0.1%            
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759)
    4,243,029       355,650  
   
 
 
 
Health Care Technology — 0.2%            
Carbon Health Technologies, Inc., Series D2, (Acquired 02/02/23, Cost: $907,000)
    89,892       1,013,982  
   
 
 
 
Pharmaceuticals — 0.0%            
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000)
    30,616       353,002  
   
 
 
 
      4,133,233  
   
 
 
 
Total Preferred Securities — 0.7%
(Cost: $5,276,327)
      4,133,233  
   
 
 
 
Rights
   
Health Care Equipment & Supplies — 0.0%  
Abiomed, Inc.(a)(b)
    14,359       40,493  
   
 
 
 
Total Rights — 0.0%
(Cost: $14,646)
      40,493  
   
 
 
 
Warrants
   
Health Care Providers & Services — 0.0%  
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 07/16/25, Strike Price USD 11.50)(a)
    4,201       1,428  
   
 
 
 
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       670  
   
 
 
 
Total Warrants — 0.0%
(Cost: $14,030)
 
    2,098  
   
 
 
 
Total Long-Term Investments — 96.4%
(Cost: $389,745,046)
 
    575,660,264  
   
 
 
 
 
 
 
76  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
  
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Short-Term Securities
   
Money Market Funds — 4.7%            
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(h)(i)
    25,514,114     $ 25,514,114  
SL Liquidity Series, LLC, Money Market Series, 5.28%(h)(i)(j)
    2,540,085       2,540,085  
   
 
 
 
Total Short-Term Securities — 4.7%
(Cost: $28,054,559)
 
    28,054,199  
   
 
 
 
Total Investments Before Options
Written — 101.1%
(Cost: $417,799,605)
      603,714,463  
   
 
 
 
Options Written — (1.0)%
(Premiums Received: $(4,910,324))
 
    (6,153,073
   
 
 
 
Total Investments, Net of Options
Written — 100.1%
(Cost: $412,889,281)
      597,561,390  
Liabilities in Excess of Other Assets — (0.1)%
 
    (312,144
   
 
 
 
Net Assets — 100.0%
    $ 597,249,246  
   
 
 
 
 
(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 $4,370,260, representing 0.7% of its net assets as of period end, and an original cost of $5,276,327.
(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 this security is on loan.
(f) 
All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(g) 
Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(h) 
Affiliate of the Trust.
(i) 
Annualized 7-day yield as of period end.
(j) 
All or a portion of this security was purchased with the cash collateral from loaned securities.
 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
Affiliated Issuer   Value at
12/31/22
    Purchases
at Cost
    Proceeds
from Sales
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
06/30/23
    Shares
Held at
06/30/23
    Income     Capital Gain
Distributions
from
Underlying
Funds
 
 
 
BlackRock Liquidity Funds,
T-Fund, Institutional Class
  $   23,195,315     $ 2,318,799 (a)    $     $     $     $ 25,514,114       25,514,114     $ 571,208     $  
SL Liquidity Series, LLC, Money Market Series
    675,980       1,863,501 (a)            1,229       (625     2,540,085       2,540,085       20,778 (b)       
       
 
 
   
 
 
   
 
 
     
 
 
   
 
 
 
        $ 1,229     $ (625   $ 28,054,199       $ 591,986     $  
       
 
 
   
 
 
   
 
 
     
 
 
   
 
 
 
 
  (a) 
Represents net amount purchased (sold).
  (b) 
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
 
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                    
Alcon, Inc.
     136        07/05/23        USD        72.60        USD        1,117      $    (130,050
Abbott Laboratories
     245        07/07/23        USD        104.00        USD        2,671        (126,175
Align Technology, Inc.
     15        07/07/23        USD        315.00        USD        530        (58,275
AmerisourceBergen Corp.
     52        07/07/23        USD        175.00        USD        1,001        (92,300
Danaher Corp.
     126        07/07/23        USD        235.00        USD        3,024        (78,120
Humana, Inc.
     32        07/07/23        USD        520.00        USD        1,431        (1,120
McKesson Corp.
     22        07/07/23        USD        390.00        USD        940        (83,600
Pfizer, Inc.
     340        07/07/23        USD        39.00        USD        1,247        (510
Reata Pharmaceuticals, Inc., Class A
     25        07/07/23        USD        101.00        USD        255        (8,687
UnitedHealth Group, Inc.
     209        07/07/23        USD        485.00        USD        10,045        (40,964
AbbVie, Inc.
     101        07/14/23        USD        135.00        USD        1,361        (14,796
Baxter International, Inc.
     177        07/14/23        USD        42.00        USD        806        (64,605
Bristol-Myers Squibb Co.
     74        07/14/23        USD        68.00        USD        473        (259
Eli Lilly & Co.
     123        07/14/23        USD        460.00        USD        5,768        (153,750
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  77

Schedule of Investments  (unaudited) (continued)
June 30, 2023
  
BlackRock Health Sciences Trust (BME)
 
Exchange-Traded Options Written (continued)
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call (continued)
                    
Gilead Sciences, Inc.
     141        07/14/23        USD        78.00        USD        1,087      $        (8,812
Illumina, Inc.
     20        07/14/23        USD        210.00        USD        375        (3,500
Intuitive Surgical, Inc.
     63        07/14/23        USD        320.00        USD        2,154        (137,970
Merck & Co., Inc.
     260        07/14/23        USD        114.00        USD        3,000        (65,650
Pfizer, Inc.
     340        07/14/23        USD        40.00        USD        1,247        (680
Thermo Fisher Scientific, Inc.
     89        07/14/23        USD        530.00        USD        4,644        (38,270
Vertex Pharmaceuticals, Inc.
     70        07/14/23        USD        340.00        USD        2,463        (91,700
Abbott Laboratories
     208        07/21/23        USD        105.00        USD        2,268        (97,760
AbbVie, Inc.
     105        07/21/23        USD        150.00        USD        1,415        (473
Abcam PLC, ADR
     109        07/21/23        USD        25.00        USD        267        (11,172
Alcon, Inc.
     87        07/21/23        USD        82.50        USD        714        (10,657
Alkermes PLC
     19        07/21/23        USD        31.00        USD        59        (1,948
Alnylam Pharmaceuticals, Inc.
     29        07/21/23        USD        210.00        USD        551        (2,683
AmerisourceBergen Corp.
     23        07/21/23        USD        180.00        USD        443        (32,200
Amgen, Inc.
     118        07/21/23        USD        235.00        USD        2,620        (4,130
Apellis Pharmaceuticals, Inc.
     26        07/21/23        USD        95.00        USD        237        (6,955
Avantor, Inc.
     75        07/21/23        USD        20.43        USD        154        (5,976
Bausch & Lomb Corp.
     107        07/21/23        USD        19.63        USD        215        (10,387
Baxter International, Inc.
     194        07/21/23        USD        42.50        USD        884        (64,020
Becton Dickinson & Co.
     48        07/21/23        USD        252.95        USD        1,267        (59,708
BioMarin Pharmaceutical, Inc.
     52        07/21/23        USD        100.00        USD        451        (1,170
Biomea Fusion, Inc.
     66        07/21/23        USD        40.00        USD        145        (495
Bio-Techne Corp.
     20        07/21/23        USD        85.00        USD        163        (1,650
Blueprint Medicines Corp.
     60        07/21/23        USD        55.00        USD        379        (55,200
Boston Scientific Corp.
     767        07/21/23        USD        53.40        USD        4,149        (116,059
Catalent, Inc.
     38        07/21/23        USD        40.00        USD        165        (17,290
Catalent, Inc.
     38        07/21/23        USD        50.00        USD        165        (1,710
Centene Corp.
     56        07/21/23        USD        67.50        USD        378        (8,540
Cerevel Therapeutics Holdings, Inc.
     32        07/21/23        USD        35.00        USD        102        (880
Dexcom, Inc.
     99        07/21/23        USD        124.95        USD        1,272        (57,771
Edwards Lifesciences Corp.
     42        07/21/23        USD        88.72        USD        396        (25,756
Edwards Lifesciences Corp.
     53        07/21/23        USD        90.00        USD        500        (26,765
Elevance Health, Inc.
     48        07/21/23        USD        490.00        USD        2,133        (3,720
Envista Holdings Corp.
     80        07/21/23        USD        32.24        USD        271        (16,214
Exact Sciences Corp.
     37        07/21/23        USD        85.00        USD        347        (36,260
Gilead Sciences, Inc.
     226        07/21/23        USD        82.50        USD        1,742        (2,147
Glaukos Corp.
     9        07/21/23        USD        60.00        USD        64        (10,440
HCA Healthcare, Inc.
     50        07/21/23        USD        285.00        USD        1,517        (99,250
Hologic, Inc.
     26        07/21/23        USD        85.00        USD        211        (910
Hologic, Inc.
     15        07/21/23        USD        80.00        USD        121        (3,225
Humana, Inc.
     15        07/21/23        USD        525.00        USD        671        (788
IDEXX Laboratories, Inc.
     27        07/21/23        USD        490.00        USD        1,356        (53,595
Immunocore Holdings PLC, ADR
     18        07/21/23        USD        60.00        USD        108        (3,915
Incyte Corp.
     63        07/21/23        USD        68.00        USD        392        (764
Insulet Corp.
     12        07/21/23        USD        330.00        USD        346        (450
Intuitive Surgical, Inc.
     48        07/21/23        USD        325.00        USD        1,641        (104,160
Ionis Pharmaceuticals, Inc.
     29        07/21/23        USD        37.50        USD        119        (11,455
Ionis Pharmaceuticals, Inc.
     79        07/21/23        USD        45.00        USD        324        (988
IQVIA Holdings, Inc.
     30        07/21/23        USD        210.00        USD        674        (48,600
Karuna Therapeutics, Inc.
     6        07/21/23        USD        240.00        USD        130        (510
Masimo Corp.
     16        07/21/23        USD        175.00        USD        263        (2,200
McKesson Corp.
     45        07/21/23        USD        400.00        USD        1,923        (133,650
Medtronic PLC
     126        07/21/23        USD        90.00        USD        1,110        (7,182
Mettler-Toledo International, Inc.
     2        07/21/23        USD        1,460.00        USD        262        (490
Moderna, Inc.
     41        07/21/23        USD        150.00        USD        498        (882
Moderna, Inc.
     18        07/21/23        USD        135.00        USD        219        (1,449
Morphic Holding, Inc.
     31        07/21/23        USD        60.00        USD        178        (8,447
Neurocrine Biosciences, Inc.
     32        07/21/23        USD        100.00        USD        302        (3,520
Omnicell, Inc.
     12        07/21/23        USD        75.00        USD        88        (3,150
Penumbra, Inc.
     30        07/21/23        USD        320.00        USD        1,032        (82,050
PTC Therapeutics, Inc.
     24        07/21/23        USD        65.00        USD        98        (11,520
QIAGEN NV
     58        07/21/23        USD        47.25        USD        261        (4,560
                    
 
 
78  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
  
BlackRock Health Sciences Trust (BME)
 
Exchange-Traded Options Written (continued)
 
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call (continued)
                    
Quest Diagnostics, Inc.
     77        07/21/23        USD        135.00        USD        1,082      $      (44,660
Regeneron Pharmaceuticals, Inc.
     20        07/21/23        USD        785.00        USD        1,437        (2,850
Regeneron Pharmaceuticals, Inc.
     21        07/21/23        USD        760.00        USD        1,509        (6,772
Repligen Corp.
     33        07/21/23        USD        170.00        USD        467        (9,900
ResMed, Inc.
     21        07/21/23        USD        234.21        USD        459        (2,165
ResMed, Inc.
     29        07/21/23        USD        220.00        USD        634        (14,210
Revolution Medicines, Inc.
     38        07/21/23        USD        30.00        USD        102        (2,185
Rhythm Pharmaceuticals, Inc.
     54        07/21/23        USD        22.50        USD        89        (4,050
Rhythm Pharmaceuticals, Inc.
     44        07/21/23        USD        20.00        USD        73        (880
Rocket Pharmaceuticals, Inc.
     32        07/21/23        USD        22.50        USD        64        (400
Rocket Pharmaceuticals, Inc.
     33        07/21/23        USD        25.00        USD        66        (3,465
Sage Therapeutics, Inc.
     43        07/21/23        USD        52.50        USD        202        (1,505
STERIS PLC
     18        07/21/23        USD        210.00        USD        405        (28,170
Stryker Corp.
     233        07/21/23        USD        290.00        USD        7,109        (384,450
Ultragenyx Pharmaceutical, Inc.
     11        07/21/23        USD        55.00        USD        51        (330
Vaxcyte, Inc.
     23        07/21/23        USD        55.00        USD        115        (1,380
Vertex Pharmaceuticals, Inc.
     40        07/21/23        USD        350.00        USD        1,408        (29,400
West Pharmaceutical Services, Inc.
     48        07/21/23        USD        360.00        USD        1,836        (120,000
Zoetis, Inc.
     235        07/21/23        USD        170.00        USD        4,047        (102,225
Alkermes PLC
     22        07/25/23        USD        30.25        USD        69        (3,676
AbbVie, Inc.
     115        07/28/23        USD        140.00        USD        1,549        (8,165
AmerisourceBergen Corp.
     95        07/28/23        USD        185.00        USD        1,828        (88,350
Amgen, Inc.
     113        07/28/23        USD        235.00        USD        2,509        (6,723
Baxter International, Inc.
     27        07/28/23        USD        43.00        USD        123        (9,045
Biogen, Inc.
     128        07/28/23        USD        300.00        USD        3,646        (54,400
Bristol-Myers Squibb Co.
     74        07/28/23        USD        67.00        USD        473        (1,776
Centene Corp.
     55        07/28/23        USD        68.00        USD        371        (16,362
Cigna Group
     14        07/28/23        USD        280.00        USD        393        (10,430
Eli Lilly & Co.
     120        07/28/23        USD        470.00        USD        5,628        (129,300
GE HealthCare, Inc.
     260        07/28/23        USD        80.00        USD        2,112        (81,900
Humana, Inc.
     11        07/28/23        USD        470.00        USD        492        (3,603
Johnson & Johnson
     86        07/28/23        USD        165.00        USD        1,423        (27,305
McKesson Corp.
     32        07/28/23        USD        425.00        USD        1,367        (31,520
Medtronic PLC
     65        07/28/23        USD        87.00        USD        573        (15,145
Merck & Co., Inc.
     223        07/28/23        USD        112.00        USD        2,573        (104,810
UnitedHealth Group, Inc.
     162        07/28/23        USD        490.00        USD        7,786        (121,500
Vertex Pharmaceuticals, Inc.
     75        07/28/23        USD        355.00        USD        2,639        (63,000
Zimmer Biomet Holdings, Inc.
     27        08/01/23        USD        146.17        USD        393        (7,031
AmerisourceBergen Corp.
     3        08/04/23        USD        190.00        USD        58        (1,845
AmerisourceBergen Corp.
     52        08/04/23        USD        195.00        USD        1,001        (19,760
Baxter International, Inc.
     26        08/04/23        USD        47.00        USD        118        (2,990
Danaher Corp.
     38        08/04/23        USD        240.00        USD        912        (30,400
Eli Lilly & Co.
     58        08/04/23        USD        475.00        USD        2,720        (60,465
Gilead Sciences, Inc.
     333        08/04/23        USD        79.00        USD        2,566        (39,793
Illumina, Inc.
     24        08/04/23        USD        215.00        USD        450        (7,440
Intuitive Surgical, Inc.
     72        08/04/23        USD        330.00        USD        2,462        (150,120
Johnson & Johnson
     96        08/04/23        USD        170.00        USD        1,589        (10,752
Merck & Co., Inc.
     209        08/04/23        USD        116.00        USD        2,412        (56,430
Thermo Fisher Scientific, Inc.
     72        08/04/23        USD        550.00        USD        3,757        (36,000
10X Genomics, Inc., Class A
     37        08/18/23        USD        70.00        USD        207        (3,053
AbbVie, Inc.
     118        08/18/23        USD        145.00        USD        1,590        (9,381
Abcam PLC, ADR
     55        08/18/23        USD        25.00        USD        135        (13,200
Agilent Technologies, Inc.
     98        08/18/23        USD        120.00        USD        1,178        (47,040
Alcon, Inc.
     136        08/18/23        USD        80.00        USD        1,117        (61,200
Alkermes PLC
     22        08/18/23        USD        32.00        USD        69        (2,585
Alnylam Pharmaceuticals, Inc.
     35        08/18/23        USD        220.00        USD        665        (9,712
Apellis Pharmaceuticals, Inc.
     26        08/18/23        USD        95.00        USD        237        (14,300
Argenx SE, ADR
     20        08/18/23        USD        450.00        USD        779        (34,100
Avantor, Inc.
     149        08/18/23        USD        22.50        USD        306        (5,960
Avantor, Inc.
     75        08/18/23        USD        20.40        USD        154        (9,185
Bausch & Lomb Corp.
     107        08/18/23        USD        20.00        USD        215        (12,037
Becton Dickinson & Co.
     105        08/18/23        USD        260.00        USD        2,772        (107,100
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  79

Schedule of Investments  (unaudited) (continued)
June 30, 2023
  
BlackRock Health Sciences Trust (BME)
 
Exchange-Traded Options Written (continued)
 
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call (continued)
                    
BeiGene Ltd., ADR
     19        08/18/23        USD        230.00        USD        339      $ (4,085
Biogen, Inc.
     18        08/18/23        USD        305.00        USD        513        (8,280
BioMarin Pharmaceutical, Inc.
     61        08/18/23        USD        105.00        USD        529        (4,423
Bio-Techne Corp.
     20        08/18/23        USD        80.50        USD        163        (8,773
Boston Scientific Corp.
     933        08/18/23        USD        57.50        USD        5,047        (34,987
Cerevel Therapeutics Holdings, Inc.
     31        08/18/23        USD        35.00        USD        99        (2,713
Cigna Group
     72        08/18/23        USD        280.00        USD        2,020        (84,600
Cooper Cos., Inc.
     49        08/18/23        USD        380.00        USD        1,879        (66,640
Dexcom, Inc.
     109        08/18/23        USD        131.00        USD        1,401        (49,369
Edwards Lifesciences Corp.
     47        08/18/23        USD        87.20        USD        443        (44,689
Exact Sciences Corp.
     35        08/18/23        USD        91.00        USD        329        (23,426
HCA Healthcare, Inc.
     30        08/18/23        USD        290.00        USD        910        (61,050
Icon PLC
     31        08/18/23        USD        240.00        USD        776        (56,420
Immunocore Holdings PLC, ADR
     18        08/18/23        USD        65.00        USD        108        (3,645
Incyte Corp.
     63        08/18/23        USD        64.00        USD        392        (12,669
Inspire Medical Systems, Inc.
     21        08/18/23        USD        340.00        USD        682        (26,145
Insulet Corp.
     20        08/18/23        USD        299.00        USD        577        (19,536
Intuitive Surgical, Inc.
     58        08/18/23        USD        330.00        USD        1,983        (126,730
IQVIA Holdings, Inc.
     69        08/18/23        USD        230.00        USD        1,551        (43,470
iRhythm Technologies, Inc.
     8        08/18/23        USD        120.00        USD        83        (2,080
Johnson & Johnson
     161        08/18/23        USD        165.00        USD        2,665        (66,010
Legend Biotech Corp., ADR
     48        08/18/23        USD        75.00        USD        331        (10,680
Masimo Corp.
     32        08/18/23        USD        165.50        USD        527        (24,558
Medtronic PLC
     85        08/18/23        USD        86.25        USD        749        (30,199
Merck & Co., Inc.
     234        08/18/23        USD        115.00        USD        2,700        (88,920
Merus NV
     28        08/18/23        USD        30.00        USD        74        (7,140
Mettler-Toledo International, Inc.
     2        08/18/23        USD        1,385.00        USD        262        (4,070
Morphic Holding, Inc.
     17        08/18/23        USD        60.00        USD        97        (5,993
Neurocrine Biosciences, Inc.
     44        08/18/23        USD        105.00        USD        415        (7,810
Omnicell, Inc.
     19        08/18/23        USD        75.00        USD        140        (7,980
Penumbra, Inc.
     37        08/18/23        USD        330.50        USD        1,273        (80,865
Prothena Corp. PLC
     33        08/18/23        USD        80.00        USD        225        (6,023
Quest Diagnostics, Inc.
     77        08/18/23        USD        140.00        USD        1,082        (32,725
Regeneron Pharmaceuticals, Inc.
     26        08/18/23        USD        800.00        USD        1,868        (12,090
Rhythm Pharmaceuticals, Inc.
     84        08/18/23        USD        20.00        USD        139        (4,200
Sage Therapeutics, Inc.
     20        08/18/23        USD        60.00        USD        94        (2,200
Seagen, Inc.
     41        08/18/23        USD        200.00        USD        789        (15,067
STERIS PLC
     18        08/18/23        USD        207.50        USD        405        (37,636
Stryker Corp.
     14        08/18/23        USD        292.00        USD        427        (27,394
Ultragenyx Pharmaceutical, Inc.
     11        08/18/23        USD        55.00        USD        51        (1,733
Viking Therapeutics, Inc.
     64        08/18/23        USD        26.00        USD        104        (2,240
West Pharmaceutical Services, Inc.
     10        08/18/23        USD        380.00        USD        382        (17,250
Zimmer Biomet Holdings, Inc.
     28        08/18/23        USD        145.00        USD        408        (14,560
Bausch & Lomb Corp.
     74        08/21/23        USD        18.56        USD        149        (15,682
Medtronic PLC
     122        08/29/23        USD        89.00        USD        1,075        (27,130
Medtronic PLC
     150        09/08/23        USD        89.00        USD        1,322        (37,040
Seagen, Inc.
     41        09/15/23        USD        200.00        USD        789        (19,680
                    
 
 
 
                     $ (6,056,130
                    
 
 
 
OTC Options Written
 
Description   Counterparty    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                      
Roche Holding AG
  Barclays Bank PLC      1,200        07/11/23        CHF        290.77        CHF        328      $              (145
Genmab A/S
  Morgan Stanley & Co. International PLC      900        07/13/23        DKK        2,806.75        DKK        2,327        (171
Novo Nordisk A/S, Class B
  Morgan Stanley & Co. International PLC      5,000        07/13/23        DKK        1,149.69        DKK        5,511        (3,483
Roche Holding AG
  UBS AG      1,000        07/13/23        CHF        294.45        CHF        273        (118
Sanofi
  Goldman Sachs International      4,700        07/13/23        EUR        97.63        EUR        464        (7,572
AstraZeneca PLC
  UBS AG      6,700        07/18/23        GBP        124.57        GBP        756        (1,531
Sanofi
  Goldman Sachs International      4,700        07/18/23        EUR        97.09        EUR        464        (10,514
 
 
80  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Health Sciences Trust (BME)
 
OTC Options Written (continued)
 
Description    Counterparty    Number of
Contracts
     Expiration
Date
     Exercise
Price
    
Notional
Amount (000)
     Value  
Call (continued)
                 
Roche Holding AG
   JPMorgan Chase Bank N.A.      1,300        07/25/23      CHF  296.53      CHF  355      $           (619
Glaukos Corp.
   Morgan Stanley & Co. International PLC      900        07/31/23      USD  69.83      USD  64        (3,587
Revolution Medicines, Inc.
   Citibank N.A.      3,300        07/31/23      USD  25.25      USD  88        (8,101
Vaxcyte, Inc.
   Morgan Stanley & Co. International PLC      2,200        07/31/23      USD  54.78      USD  110        (2,188
Novo Nordisk A/S, Class B
   Citibank N.A.      1,800        08/02/23      DKK  1,117.35      DKK  1,984        (7,711
Daiichi Sankyo Co. Ltd.
   Goldman Sachs International      12,900        08/03/23      JPY  4,670.09      JPY 59,145        (11,455
AstraZeneca PLC
   Goldman Sachs International      3,400        08/16/23      GBP  117.36      GBP  384        (9,467
Genmab A/S, ADR
   Morgan Stanley & Co. International PLC      6,400        08/23/23      USD  39.39      USD  243        (7,756
Alkermes PLC
   Citibank N.A.      5,900        08/29/23      USD  33.63      USD  185        (5,196
Legend Biotech Corp., ADR
   UBS AG      5,400        09/08/23      USD  75.80      USD  373        (17,329
                 
 
 
 
                  $ (96,943
                 
 
 
 
Balances Reported in the Statements of Assets and Liabilities for Options Written
 
Description    Swap
Premiums
Paid
     Swap
Premiums
Received
     Unrealized
Appreciation
     Unrealized
Depreciation
     Value  
Options Written
     $       N/A        $       N/A        $  1,220,682        $ (2,463,431      $ (6,153,073
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
   $            —      $            —      $   6,153,073      $           —      $            —      $           —      $  6,153,073  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
For the period ended June 30, 2023, 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)
   $           —      $           —      $   (209,469    $           —      $           —      $           —      $      (209,469
Options written
               —                  —        4,698,971                  —                  —                  —        4,698,971  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $           —      $           —      $  4,489,502      $           —      $           —      $           —      $    4,489,502  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                    
Options written
   $           —      $           —      $ (3,421,738    $           —      $           —      $           —      $ (3,421,738
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (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
   $ 5,024,703  
 
  (a) 
Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  81

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Health Sciences Trust (BME)
 
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
   $      $ 6,153,073  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Statements of Assets and Liabilities
            6,153,073  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
            (6,056,130
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $      $ 96,943  
  
 
 
    
 
 
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
 
Counterparty     



Derivative
Liabilities
Subject to

an MNA by
Counterparty
 
 
 

 
 
    

Derivatives
Available

for Offset
 
 

 
    

Non-Cash
Collateral
Pledged
 
 
(a) 
    

Cash
Collateral
Pledged
 
 
 
    

Net Amount
of Derivative
Liabilities
 
 
(b) 
Barclays Bank PLC
   $ 145      $      $      $      $ 145  
Citibank N.A.
     21,008                             21,008  
Goldman Sachs International
     39,008                             39,008  
JPMorgan Chase Bank N.A.
     619               (619              
Morgan Stanley & Co. International PLC
     17,185                             17,185  
UBS AG
     18,978                             18,978  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 96,943      $      $ (619    $      $ 96,324  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
 
  (b) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
 
      Level 1        Level 2        Level 3        Total  
Assets
                 
Investments
                 
Long-Term Investments
                 
Common Stocks
                 
Biotechnology
   $ 125,257,414        $ 946,636        $ 84,899        $ 126,288,949  
Health Care Equipment & Supplies
     168,087,804                            168,087,804  
Health Care Providers & Services
     102,128,638                            102,128,638  
Life Sciences Tools & Services
     57,670,186                            57,670,186  
Pharmaceuticals
     103,234,453          13,922,282                   117,156,735  
Other Interests
                       152,128          152,128  
Preferred Securities
                 
Preferred Stocks
                       4,133,233          4,133,233  
Rights
                       40,493          40,493  
Warrants
     2,098                            2,098  
Short-Term Securities
                 
Money Market Funds
     25,514,114                            25,514,114  
  
 
 
      
 
 
      
 
 
      
 
 
 
   $ 581,894,707        $ 14,868,918        $ 4,410,753          601,174,378  
  
 
 
      
 
 
      
 
 
      
 
 
 
Investments Valued at NAV(a)
                    2,540,085  
                 
 
 
 
                  $ 603,714,463  
                 
 
 
 
 
 
82  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Health Sciences Trust (BME)
 
Fair Value Hierarchy as of Period End (continued)
 
      Level 1        Level 2        Level 3        Total  
Derivative Financial Instruments(b)
                 
Liabilities
                 
Equity Contracts
   $     (5,163,792)        $      (989,281)        $                —        $     (6,153,073)  
  
 
 
      
 
 
      
 
 
      
 
 
 
 
  (a) 
Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
 
  (b) 
Derivative financial instruments are options written. Options written are shown at value.
 
See notes to financial statements.
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  83

Schedule of Investments (unaudited)
June 30, 2023
    
  
BlackRock Innovation and Growth Term Trust (BIGZ)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Common Stocks            
Aerospace & Defense — 5.2%            
Axon Enterprise, Inc.(a)(b)
    323,772     $ 63,174,392  
HEICO Corp.(c)
    269,930       47,761,414  
   
 
 
 
      110,935,806  
Air Freight & Logistics — 1.6%            
GXO Logistics, Inc.(b)
    529,641       33,272,048  
   
 
 
 
Automobile Components — 1.6%            
Fox Factory Holding Corp.(b)(c)
    317,209       34,420,349  
   
 
 
 
Biotechnology — 1.0%            
Halozyme Therapeutics, Inc.(b)
    610,181       22,009,229  
   
 
 
 
Broadline Retail — 0.3%            
Etsy, Inc.(b)
    68,408       5,788,001  
   
 
 
 
Building Products — 1.0%            
AZEK Co., Inc.(b)
    725,567       21,977,425  
   
 
 
 
Capital Markets — 4.8%            
MarketAxess Holdings, Inc.
    78,856       20,614,535  
TPG, Inc.
    913,473       26,728,220  
Tradeweb Markets, Inc., Class A(d)
    804,964       55,123,935  
   
 
 
 
      102,466,690  
Construction & Engineering — 1.6%            
Comfort Systems USA, Inc.
    207,799       34,120,596  
   
 
 
 
Diversified Consumer Services — 3.9%            
Duolingo, Inc.(b)
    237,302       33,919,948  
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012)(e)(f)
    1,001,454       17,164,922  
Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000)(e)(f)
    6,224       32,480,436  
   
 
 
 
      83,565,306  
Entertainment — 0.6%            
Kahoot! ASA(b)
    4,666,896       12,729,395  
   
 
 
 
Food Products — 0.3%            
Freshpet, Inc.(b)(c)
    90,230       5,938,036  
   
 
 
 
Ground Transportation — 2.8%            
Saia, Inc.(b)
    175,878       60,222,386  
   
 
 
 
Health Care Equipment & Supplies(b) — 3.0%        
Inmode Ltd.
    148,982       5,564,478  
Inspire Medical Systems, Inc.
    110,525       35,880,836  
Insulet Corp.
    78,734       22,702,161  
   
 
 
 
      64,147,475  
Health Care Providers & Services — 1.4%            
Surgery Partners, Inc.(b)
    655,839       29,506,197  
   
 
 
 
Health Care Technology(b) — 1.6%            
Certara, Inc.
    396,935       7,228,186  
Doximity, Inc., Class A(c)
    407,869       13,875,704  
Phreesia, Inc.
    419,312       13,002,865  
   
 
 
 
      34,106,755  
Hotels, Restaurants & Leisure — 4.3%            
Domino’s Pizza, Inc.
    19,401       6,537,943  
Evolution AB(g)
    300,297       38,054,766  
Security   Shares     Value  
Hotels, Restaurants & Leisure (continued)            
Penn Entertainment, Inc.(b)
    170,486     $ 4,096,779  
Planet Fitness, Inc., Class A(b)(d)
    624,948       42,146,493  
   
 
 
 
      90,835,981  
Industrial REITs — 0.3%            
Innovative Industrial Properties, Inc.
    33,866       2,472,557  
Rexford Industrial Realty, Inc.
    88,153       4,603,349  
   
 
 
 
      7,075,906  
Interactive Media & Services — 2.3%            
Match Group, Inc.(b)(c)
    1,035,971       43,355,386  
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736)(e)(f)
    208,333       5,435,408  
   
 
 
 
      48,790,794  
IT Services — 5.7%            
DigitalOcean Holdings, Inc.(b)
    407,658       16,363,392  
Globant SA(b)
    221,257       39,764,308  
MongoDB, Inc.(b)
    116,170       47,744,708  
Teya Services Ltd., Series C, (Acquired 11/16/21, Cost: $49,999,974)(e)(f)
    25,742       17,073,897  
   
 
 
 
      120,946,305  
Life Sciences Tools & Services — 8.3%            
10X Genomics, Inc., Class A(b)(c)(d)
    88,021       4,915,092  
Azenta, Inc.(b)
    305,275       14,250,237  
Bio-Techne Corp.
    511,281       41,735,868  
Charles River Laboratories International, Inc.(b)
    127,516       26,810,239  
Olink Holding AB, ADR(b)
    65,984       1,237,200  
Repligen Corp.(b)
    260,878       36,903,802  
West Pharmaceutical Services, Inc.
    130,655       49,971,618  
   
 
 
 
      175,824,056  
Machinery(b) — 1.9%            
AutoStore Holdings Ltd.(c)(g)
    9,492,782       20,779,611  
Chart Industries, Inc.
    118,174       18,883,024  
   
 
 
 
      39,662,635  
Personal Care Products — 0.1%            
Beauty Health Co.(b)
    223,147       1,867,740  
   
 
 
 
Professional Services(b) — 1.1%            
Fiverr International Ltd.
    357,463       9,297,613  
Paylocity Holding Corp.(d)
    80,236       14,805,949  
   
 
 
 
      24,103,562  
Semiconductors & Semiconductor Equipment — 9.6%        
Ambarella, Inc.(b)
    205,175       17,166,992  
ASM International NV
    24,372       10,348,453  
Entegris, Inc.(a)(c)(d)
    541,178       59,973,346  
Lattice Semiconductor Corp.(b)(c)
    503,092       48,332,048  
Monolithic Power Systems, Inc.(a)(d)
    120,729       65,221,428  
SolarEdge Technologies, Inc.(b)(c)
    16,083       4,327,131  
   
 
 
 
      205,369,398  
Software — 13.7%            
Aspen Technology, Inc.(b)(c)
    161,072       26,997,278  
Bentley Systems, Inc., Class B
    786,253       42,638,500  
Bill Holding, Inc.(b)
    173,026       20,218,088  
Confluent, Inc., Class A(b)
    1,134,927       40,074,272  
Five9, Inc.(b)
    158,993       13,108,973  
HubSpot, Inc.(b)
    88,402       47,037,820  
JFrog Ltd.(b)
    847,689       23,480,985  
 
 
 
84  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Innovation and Growth Term Trust (BIGZ)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Software (continued)            
PagerDuty, Inc.(b)
    334,226     $ 7,513,401  
SiteMinder Ltd.(b)
    8,522,830       16,612,241  
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997)(e)(f)
    199,738       2,211,100  
Snyk Ltd., (Acquired 09/02/21, Cost: $25,961,537)(e)(f)
    1,809,860       20,795,291  
Zscaler, Inc.(b)
    213,972       31,304,104  
   
 
 
 
      291,992,053  
Textiles, Apparel & Luxury Goods — 0.8%            
Figs, Inc., Class A(b)
    2,000,216       16,541,786  
   
 
 
 
Total Common Stocks — 78.8%
(Cost: $1,747,200,322)
      1,678,215,910  
   
 
 
 
Preferred Securities
   
Preferred Stocks — 21.8%(e)(f)            
Aerospace & Defense — 0.1%            
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999)
    909,438       2,337,256  
   
 
 
 
Automobile Components — 1.7%            
Relativity Space, Inc., Series E, (Acquired
05/27/21, Cost: $50,000,009)
    2,189,612       36,435,144  
   
 
 
 
Capital Markets — 2.9%            
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995)
    428,785       2,765,663  
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001)
    16,666,667       42,166,668  
Varo Money, Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001)
    4,316,904       17,353,954  
   
 
 
 
      62,286,285  
Diversified Consumer Services — 0.3%            
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)
    333,818       5,721,640  
   
 
 
 
Diversified Telecommunication Services — 0.6%        
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912)
    32,690       12,276,496  
   
 
 
 
Entertainment — 1.2%            
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,982)
    2,172,486       24,918,414  
   
 
 
 
Food Products — 0.9%            
Motif Food Works, Inc., Series B, (Acquired 06/08/21,
Cost: $39,999,986)
    1,972,240       19,485,731  
   
 
 
 
Hotels, Restaurants & Leisure — 1.3%            
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,946)
    191,067       8,009,529  
Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $14,999,974)
    291,061       19,180,920  
   
 
 
 
      27,190,449  
Interactive Media & Services — 0.5%            
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352)
    416,667       10,870,842  
   
 
 
 
Security   Shares     Value  
IT Services — 1.4%            
Via Transportation, Inc., Series G, (Acquired 11/05/21,
Cost: $24,999,974)
    549,357     $ 25,001,237  
Wagestream Holdings Ltd., Series C, (Acquired 02/11/22, Cost: $10,024,684)
    762,746       4,804,687  
   
 
 
 
      29,805,924  
Semiconductors & Semiconductor Equipment — 2.2%        
PsiQuantum Corp., Series D, (Acquired
05/21/21, Cost: $39,999,990)
    1,525,192       40,310,825  
Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $7,996,292)
    2,997,684       7,404,279  
   
 
 
 
      47,715,104  
Software — 7.0%            
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995)
    2,745,894       11,642,591  
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983)
    898,024       22,019,548  
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997)
    2,165,400       13,403,826  
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959)
    900,760       30,625,840  
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101)
    4,651,163       18,883,722  
Open Space Labs, Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003)
    1,687,916       15,056,211  
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,994)
    732,373       8,107,369  
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $24,038,470)
    1,685,092       19,361,707  
Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)
    4,684,060       9,930,207  
   
 
 
 
      149,031,021  
Specialty Retail — 0.5%            
Super73, Inc., Series C-1, (Acquired 10/25/22, Cost: $12,000,000)
    1,400,669       10,799,158  
   
 
 
 
Wireless Telecommunication Services — 1.2%        
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992)
    1,365,305       25,708,693  
   
 
 
 
      464,582,157  
   
 
 
 
Total Preferred Securities — 21.8%
(Cost: $662,142,595)
      464,582,157  
   
 
 
 
Total Long-Term Investments — 100.6%
(Cost: $2,409,342,917)
      2,142,798,067  
   
 
 
 
 
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  85

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Innovation and Growth Term Trust (BIGZ)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Short-Term Securities
   
Money Market Funds — 2.0%
   
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(h)(i)
    22,789,372     $ 22,789,372  
SL Liquidity Series, LLC, Money Market Series, 5.28%(h)(i)(j)
    20,792,167       20,792,167  
   
 
 
 
Total Short-Term Securities — 2.0%
(Cost: $43,582,102)
      43,581,539  
   
 
 
 
Total Investments Before Options Written — 102.6%
(Cost: $2,452,925,019)
 
    2,186,379,606  
   
 
 
 
Options Written — (0.7)%
(Premiums Received: $(10,673,712))
      (15,626,686
   
 
 
 
Total Investments, Net of Options Written — 101.9%
(Cost: $2,442,251,307)
 
    2,170,752,920  
Liabilities in Excess of Other Assets — (1.9)%
      (41,344,001
   
 
 
 
Net Assets — 100.0%
    $ 2,129,408,919  
   
 
 
 
 
(a) 
All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(b) 
Non-income producing security.
(c) 
All or a portion of this security is on loan.
(d) 
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(e) 
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(f) 
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $559,743,211, representing 26.3% of its net assets as of period end, and an original cost of $829,086,851.
(g) 
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.
(h) 
Affiliate of the Trust.
(i) 
Annualized 7-day yield as of period end.
(j) 
All or a portion of this security was purchased with the cash collateral from loaned securities.
 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
 
 
Affiliated Issuer   Value at
12/31/22
    Purchases
at Cost
    Proceeds
from Sales
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
06/30/23
    Shares
Held at
06/30/23
    Income     Capital Gain
Distributions
from
Underlying
Funds
 
 
 
BlackRock Liquidity Funds,
T-Fund, Institutional Class
  $ 20,778,628     $  2,010,744 (a)    $     $     $     $ 22,789,372       22,789,372     $ 254,336     $  
SL Liquidity Series, LLC, Money Market Series
    184,600       20,612,476 (a)            (4,346     (563     20,792,167       20,792,167       38,615 (b)       
       
 
 
   
 
 
   
 
 
     
 
 
   
 
 
 
        $ (4,346   $ (563   $ 43,581,539       $ 292,951     $  
       
 
 
   
 
 
   
 
 
     
 
 
   
 
 
 
 
  (a) 
Represents net amount purchased (sold).
  (b) 
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
 
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                    
Ambarella, Inc.
     218        07/07/23        USD        76.00        USD        1,824      $     (178,760
Bill Holding, Inc.
     184        07/07/23        USD        101.00        USD        2,150        (299,000
Etsy, Inc.
     110        07/07/23        USD        91.00        USD        931        (2,365
Match Group, Inc.
     301        07/07/23        USD        37.00        USD        1,260        (147,490
MongoDB, Inc.
     47        07/07/23        USD        420.00        USD        1,932        (21,503
Penn Entertainment, Inc.
     136        07/07/23        USD        28.00        USD        327        (272
Domino’s Pizza, Inc.
     18        07/14/23        USD        310.00        USD        607        (50,130
Match Group, Inc.
     700        07/14/23        USD        41.00        USD        2,930        (117,950
Zscaler, Inc.
     180        07/14/23        USD        145.00        USD        2,633        (90,900
Aspen Technology, Inc.
     59        07/21/23        USD        185.00        USD        989        (14,308
Axon Enterprise, Inc.
     259        07/21/23        USD        210.00        USD        5,054        (23,958
AZEK Co., Inc.
     617        07/21/23        USD        25.00        USD        1,869        (336,265
Azenta, Inc.
     396        07/21/23        USD        45.00        USD        1,849        (99,000
Bio-Techne Corp.
     259        07/21/23        USD        85.00        USD        2,114        (21,368
 
 
86  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Innovation and Growth Term Trust (BIGZ)
 
Exchange-Traded Options Written (continued)
 
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call (continued)
                    
Chart Industries, Inc.
     54        07/21/23        USD        125.50        USD        863      $ (188,532
Chart Industries, Inc.
     40        07/21/23        USD        150.00        USD        639        (50,000
Comfort Systems USA, Inc.
     141        07/21/23        USD        160.00        USD        2,315        (83,190
Confluent, Inc., Class A
     617        07/21/23        USD        27.00        USD        2,179        (524,450
Confluent, Inc., Class A
     305        07/21/23        USD        28.00        USD        1,077        (227,225
DigitalOcean Holdings, Inc.
     228        07/21/23        USD        35.80        USD        915        (110,173
Doximity, Inc., Class A
     326        07/21/23        USD        33.91        USD        1,109        (40,054
Duolingo, Inc.
     184        07/21/23        USD        150.00        USD        2,630        (58,420
Entegris, Inc.
     600        07/21/23        USD        93.00        USD        6,649        (1,100,353
Figs, Inc., Class A
     1,700        07/21/23        USD        8.45        USD        1,406        (68,770
Fiverr International Ltd.
     350        07/21/23        USD        35.00        USD        910        (2,625
Fox Factory Holding Corp.
     194        07/21/23        USD        105.50        USD        2,105        (95,950
Freshpet, Inc.
     72        07/21/23        USD        70.00        USD        474        (7,200
Globant SA
     134        07/21/23        USD        180.00        USD        2,408        (79,730
GXO Logistics, Inc.
     307        07/21/23        USD        55.00        USD        1,929        (239,460
GXO Logistics, Inc.
     117        07/21/23        USD        60.00        USD        735        (41,535
GXO Logistics, Inc.
     423        07/21/23        USD        65.00        USD        2,657        (34,897
Halozyme Therapeutics, Inc.
     373        07/21/23        USD        34.89        USD        1,345        (80,212
HEICO Corp.
     231        07/21/23        USD        180.00        USD        4,087        (38,115
Inmode Ltd.
     238        07/21/23        USD        40.00        USD        889        (11,305
Innovative Industrial Properties, Inc.
     54        07/21/23        USD        75.00        USD        394        (7,155
Inspire Medical Systems, Inc.
     66        07/21/23        USD        310.00        USD        2,143        (132,990
Insulet Corp.
     50        07/21/23        USD        330.00        USD        1,442        (1,875
JFrog Ltd.
     264        07/21/23        USD        25.00        USD        731        (70,620
JFrog Ltd.
     470        07/21/23        USD        27.33        USD        1,302        (68,859
MarketAxess Holdings, Inc.
     55        07/21/23        USD        310.00        USD        1,438        (26,400
Monolithic Power Systems, Inc.
     98        07/21/23        USD        431.00        USD        5,294        (1,087,435
Olink Holding AB, ADR
     52        07/21/23        USD        25.00        USD        98        (26,000
Paylocity Holding Corp.
     130        07/21/23        USD        200.00        USD        2,399        (18,200
Phreesia, Inc.
     226        07/21/23        USD        35.00        USD        701        (22,600
Planet Fitness, Inc., Class A
     600        07/21/23        USD        72.50        USD        4,046        (18,000
Repligen Corp.
     60        07/21/23        USD        170.00        USD        849        (18,000
Rexford Industrial Realty, Inc.
     70        07/21/23        USD        55.00        USD        366        (3,150
Saia, Inc.
     150        07/21/23        USD        300.00        USD        5,136        (673,500
Surgery Partners, Inc.
     525        07/21/23        USD        45.00        USD        2,362        (90,562
TPG, Inc.
     661        07/21/23        USD        29.00        USD        1,934        (76,788
Tradeweb Markets, Inc., Class A
     428        07/21/23        USD        75.00        USD        2,931        (12,840
West Pharmaceutical Services, Inc.
     104        07/21/23        USD        360.00        USD        3,978        (260,000
Lattice Semiconductor Corp.
     85        07/27/23        USD        91.00        USD        817        (64,270
Ambarella, Inc.
     55        07/28/23        USD        93.00        USD        460        (8,525
Bill Holding, Inc.
     92        07/28/23        USD        125.00        USD        1,075        (33,120
Domino’s Pizza, Inc.
     13        07/28/23        USD        320.00        USD        438        (30,420
Match Group, Inc.
     270        07/28/23        USD        43.00        USD        1,130        (36,315
Match Group, Inc.
     507        07/28/23        USD        46.00        USD        2,122        (28,899
MongoDB, Inc.
     120        07/28/23        USD        380.00        USD        4,932        (481,800
Penn Entertainment, Inc.
     136        07/28/23        USD        27.00        USD        327        (2,312
Axon Enterprise, Inc.
     259        08/04/23        USD        211.00        USD        5,054        (74,001
Tradeweb Markets, Inc., Class A
     430        08/09/23        USD        75.00        USD        2,945        (27,637
SolarEdge Technologies, Inc.
     38        08/11/23        USD        290.00        USD        1,022        (43,700
10X Genomics, Inc., Class A
     140        08/18/23        USD        70.00        USD        782        (11,550
Ambarella, Inc.
     159        08/18/23        USD        87.50        USD        1,330        (52,470
Aspen Technology, Inc.
     198        08/18/23        USD        172.00        USD        3,319        (85,088
AZEK Co., Inc.
     543        08/18/23        USD        30.00        USD        1,645        (104,527
Azenta, Inc.
     100        08/18/23        USD        50.00        USD        467        (18,250
Bio-Techne Corp.
     559        08/18/23        USD        80.50        USD        4,563        (245,209
Certara, Inc.
     385        08/18/23        USD        20.00        USD        701        (97,212
Charles River Laboratories International, Inc.
     204        08/18/23        USD        210.00        USD        4,289        (240,720
Chart Industries, Inc.
     95        08/18/23        USD        155.00        USD        1,518        (138,225
Comfort Systems USA, Inc.
     191        08/18/23        USD        165.00        USD        3,136        (122,240
Confluent, Inc., Class A
     580        08/18/23        USD        33.00        USD        2,048        (272,600
Confluent, Inc., Class A
     400        08/18/23        USD        36.00        USD        1,412        (97,885
DigitalOcean Holdings, Inc.
     424        08/18/23        USD        45.00        USD        1,702        (72,080
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  87

Schedule of Investments (unaudited) (continued)
June 30, 2023
    
  
BlackRock Innovation and Growth Term Trust (BIGZ)
 
Exchange-Traded Options Written (continued)
 
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call (continued)
                    
Doximity, Inc., Class A
     326        08/18/23        USD        35.00        USD        1,109      $ (65,200
Duolingo, Inc.
     200        08/18/23        USD        160.00        USD        2,859        (122,000
Entegris, Inc.
     479        08/18/23        USD        125.00        USD        5,308        (93,405
Figs, Inc., Class A
     1,500        08/18/23        USD        8.55        USD        1,241        (113,377
Five9, Inc.
     260        08/18/23        USD        80.00        USD        2,144        (204,100
Fiverr International Ltd.
     221        08/18/23        USD        32.00        USD        575        (11,077
Fox Factory Holding Corp.
     313        08/18/23        USD        96.50        USD        3,396        (437,245
Freshpet, Inc.
     72        08/18/23        USD        75.00        USD        474        (10,800
Globant SA
     220        08/18/23        USD        200.00        USD        3,954        (74,800
Halozyme Therapeutics, Inc.
     603        08/18/23        USD        35.73        USD        2,175        (148,062
HEICO Corp.
     200        08/18/23        USD        170.00        USD        3,539        (204,000
HubSpot, Inc.
     64        08/18/23        USD        530.00        USD        3,405        (223,040
Inspire Medical Systems, Inc.
     110        08/18/23        USD        340.00        USD        3,571        (136,950
Insulet Corp.
     75        08/18/23        USD        299.00        USD        2,163        (73,260
Lattice Semiconductor Corp.
     108        08/18/23        USD        95.00        USD        1,038        (79,920
MarketAxess Holdings, Inc.
     71        08/18/23        USD        290.00        USD        1,856        (19,880
MongoDB, Inc.
     18        08/18/23        USD        390.00        USD        740        (72,990
Monolithic Power Systems, Inc.
     101        08/18/23        USD        530.00        USD        5,456        (429,755
Olink Holding AB, ADR
     53        08/18/23        USD        22.50        USD        99        (26,500
PagerDuty, Inc.
     534        08/18/23        USD        25.00        USD        1,200        (25,365
Planet Fitness, Inc., Class A
     400        08/18/23        USD        72.50        USD        2,698        (65,000
Repligen Corp.
     357        08/18/23        USD        175.00        USD        5,050        (106,207
Rexford Industrial Realty, Inc.
     71        08/18/23        USD        53.42        USD        371        (12,107
Saia, Inc.
     151        08/18/23        USD        313.50        USD        5,170        (615,917
Surgery Partners, Inc.
     525        08/18/23        USD        45.00        USD        2,362        (165,375
TPG, Inc.
     400        08/18/23        USD        32.50        USD        1,170        (24,000
Tradeweb Markets, Inc., Class A
     429        08/18/23        USD        75.00        USD        2,938        (98,670
West Pharmaceutical Services, Inc.
     105        08/18/23        USD        380.00        USD        4,016        (181,125
Zscaler, Inc.
     162        08/18/23        USD        155.00        USD        2,370        (89,910
HubSpot, Inc.
     77        09/15/23        USD        520.00        USD        4,097        (374,220
                    
 
 
 
                     $ (13,793,751
                    
 
 
 
OTC Options Written
 
Description    Counterparty    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                       
Bentley Systems, Inc., Class B
   Goldman Sachs International      50,000        07/06/23        USD        45.44        USD        2,712        $  (441,672
AutoStore Holdings Ltd.
   Morgan Stanley & Co. International PLC      267,000        07/11/23        NOK        22.86        NOK        6,273        (24,415
Kahoot! ASA
   Goldman Sachs International      110,800        07/11/23        NOK        24.63        NOK        3,244        (48,613
Lattice Semiconductor Corp.
   Citibank N.A.      8,800        07/11/23        USD        85.77        USD        845        (93,336
SiteMinder Ltd.
   UBS AG      25,000        07/12/23        AUD        3.34        AUD        73        (161
AutoStore Holdings Ltd.
   Goldman Sachs International      250,000        07/13/23        NOK        24.56        NOK        5,874        (7,950
Kahoot! ASA
   Morgan Stanley & Co. International PLC      285,000        07/19/23        NOK        25.63        NOK        8,344        (103,526
Certara, Inc.
   Citibank N.A.      25,000        07/24/23        USD        22.31        USD        455        (10,701
AutoStore Holdings Ltd.
   Morgan Stanley & Co. International PLC      250,000        07/26/23        NOK        24.58        NOK        5,874        (14,730
SiteMinder Ltd.
   Citibank N.A.      25,000        07/26/23        AUD        3.22        AUD        73        (987
Confluent, Inc., Class A
   Morgan Stanley & Co. International PLC      20,700        07/31/23        USD        38.53        USD        731        (20,827
Lattice Semiconductor Corp.
   Citibank N.A.      56,000        07/31/23        USD        95.73        USD        5,380        (291,428
AutoStore Holdings Ltd.
   Morgan Stanley & Co. International PLC      250,000        08/01/23        NOK        26.95        NOK        5,874        (6,401
SiteMinder Ltd.
   Citibank N.A.      36,200        08/02/23        AUD        3.33        AUD        106        (1,312
AutoStore Holdings Ltd.
   Goldman Sachs International      250,900        08/10/23        NOK        26.77        NOK        5,895        (9,432
Kahoot! ASA
   UBS AG      351,000        08/10/23        NOK        32.56        NOK        10,276        (27,052
Evolution AB
   UBS AG      48,100        08/11/23        SEK        1,417.50        SEK        65,741        (152,597
Bentley Systems, Inc., Class B
   Goldman Sachs International      75,000        08/14/23        USD        53.45        USD        4,067        (223,314
Phreesia, Inc.
   Citibank N.A.      44,400        08/14/23        USD        31.25        USD        1,377        (99,625
AutoStore Holdings Ltd.
   Barclays Bank PLC      250,900        08/16/23        NOK        26.04        NOK        5,895        (14,336
JFrog Ltd.
   Bank of America N.A.      62,200        08/22/23        USD        27.91        USD        1,723        (117,962
 
 
88  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Innovation and Growth Term Trust (BIGZ)
 
OTC Options Written (continued)
 
 
 
Description    Counterparty                    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value   
 
 
Call (continued)
                          
ASM International NV
     Barclays Bank PLC           4,000        08/24/23        EUR        414.85        EUR        1,556      $ (52,569
TPG, Inc.
     BNP Paribas SA           40,000        09/08/23        USD        29.71        USD        1,170        (69,989
                          
 
 
 
                           $   (1,832,935
                          
 
 
 
Balances Reported in the Statements of Assets and Liabilities for Options Written
 
 
 
Description    Swap
Premiums
Paid
     Swap
Premiums
Received
     Unrealized
Appreciation
     Unrealized
Depreciation
     Value   
 
 
Options Written
   $ N/A    $  N/A      $ 1,928,768      $ (6,881,742      $ (15,626,686)  
 
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
 
 
 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total   
 
 
Liabilities — Derivative Financial Instruments
 
              
Options written
                    
Options written at value
   $      $      $ 15,626,686      $      $      $      $   15,626,686  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
For the period ended June 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
 
 
 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total   
 
 
Net Realized Gain (Loss) from:
                    
Options purchased(a)
   $      $      $ (1,549,151    $      $      $      $ (1,549,151
Options written
                   1,213,830                             1,213,830  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ (335,321    $      $      $      $ (335,321
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                    
Options written
   $      $      $ (10,524,710    $      $      $      $  (10,524,710
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (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
   $ 14,252,452  
 
 
 
  (a) 
Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
 
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  89

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Innovation and Growth Term Trust (BIGZ)
 
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
 
 
 
     Assets      Liabilities   
 
 
Derivative Financial Instruments
Options
   $      $ 15,626,686  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Statements of Assets and Liabilities
            15,626,686  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
            (13,793,751
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $      $ 1,832,935  
  
 
 
    
 
 
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
 
Counterparty     



Derivative
Liabilities
Subject to

an MNA by
Counterparty
 
 
 

 
 
    

Derivatives
Available

for Offset
 
 

 
    

Non-Cash
Collateral
Pledged
 
 
(a) 
    

Cash
Collateral
Pledged
 
 
 
    

Net Amount
of Derivative
Liabilities
 
 
(b) 
Bank of America N.A.
   $ 117,962      $      $      $      $ 117,962  
Barclays Bank PLC
     66,905                             66,905  
BNP Paribas SA
     69,989                             69,989  
Citibank N.A.
     497,389               (497,389              
Goldman Sachs International
     730,981               (730,981              
Morgan Stanley & Co. International PLC
     169,899               (169,899              
UBS AG
     179,810                             179,810  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $       1,832,935      $                 —      $     (1,398,269    $                 —      $ 434,666  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
 
 
  (b) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
 
 
 
     Level 1        Level 2        Level 3        Total   
 
 
Assets
                 
Investments
                 
Long-Term Investments
                 
Common Stocks
                 
Aerospace & Defense
   $     110,935,806        $                 —        $                 —        $     110,935,806  
Air Freight & Logistics
     33,272,048                            33,272,048  
Automobile Components
     34,420,349                            34,420,349  
Biotechnology
     22,009,229                            22,009,229  
Broadline Retail
     5,788,001                            5,788,001  
Building Products
     21,977,425                            21,977,425  
Capital Markets
     102,466,690                            102,466,690  
Construction & Engineering
     34,120,596                            34,120,596  
Diversified Consumer Services
     33,919,948                   49,645,358          83,565,306  
Entertainment
              12,729,395                   12,729,395  
Food Products
     5,938,036                            5,938,036  
Ground Transportation
     60,222,386                            60,222,386  
Health Care Equipment & Supplies
     64,147,475                            64,147,475  
Health Care Providers & Services
     29,506,197                            29,506,197  
Health Care Technology
     34,106,755                            34,106,755  
Hotels, Restaurants & Leisure
     52,781,215          38,054,766                   90,835,981  
Industrial REITs
     7,075,906                            7,075,906  
Interactive Media & Services
     43,355,386                   5,435,408          48,790,794  
IT Services
     103,872,408                   17,073,897          120,946,305  
 
 
 
90  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Innovation and Growth Term Trust (BIGZ)
 
Fair Value Hierarchy as of Period End (continued)
 
      Level 1        Level 2        Level 3        Total  
Common Stocks (continued)
                 
Life Sciences Tools & Services
   $ 175,824,056        $        $        $ 175,824,056  
Machinery
     18,883,024          20,779,611                   39,662,635  
Personal Care Products
     1,867,740                            1,867,740  
Professional Services
     24,103,562                            24,103,562  
Semiconductors & Semiconductor Equipment
     195,020,945          10,348,453                   205,369,398  
Software
     252,373,421          16,612,241          23,006,391          291,992,053  
Textiles, Apparel & Luxury Goods
     16,541,786                            16,541,786  
Preferred Securities
                 
Preferred Stocks
                       464,582,157          464,582,157  
Short-Term Securities
                 
Money Market Funds
     22,789,372                            22,789,372  
  
 
 
      
 
 
      
 
 
      
 
 
 
   $ 1,507,319,762        $ 98,524,466        $ 559,743,211          2,165,587,439  
  
 
 
      
 
 
      
 
 
      
 
 
 
Investments Valued at NAV(a)
                    20,792,167  
                 
 
 
 
                  $ 2,186,379,606  
                 
 
 
 
Derivative Financial Instruments(b)
                 
Liabilities
                 
Equity Contracts
   $ (8,871,490      $ (6,755,196      $        $ (15,626,686
  
 
 
      
 
 
      
 
 
      
 
 
 
 
  (a) 
Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
 
  (b) 
Derivative financial instruments are options written. Options written are shown at value.
 
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments 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, 2022
   $ 102,169,910        $ 471,282,347        $ 573,452,257  
Transfers into Level 3
                        
Transfers out of Level 3
                        
Accrued discounts/premiums
                        
Net realized gain (loss)
                        
Net change in unrealized appreciation (depreciation)(a)(b)
     (7,008,856        (6,700,190        (13,709,046
Purchases
                        
Sales
                        
  
 
 
      
 
 
      
 
 
 
Closing balance, as of June 30, 2023
   $ 95,161,054        $ 464,582,157        $ 559,743,211  
  
 
 
      
 
 
      
 
 
 
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023(b)
   $ (7,008,856      $ (6,700,190      $ (13,709,046
  
 
 
      
 
 
      
 
 
 
 
  (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, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.
 
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  91

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Innovation and Growth Term Trust (BIGZ)
 
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (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
   $ 95,161,054          Market          Revenue Multiple          2.30x - 25.09x             11.48x  
               Gross Profit Multiple          18.00x              
Preferred Stocks
     464,582,157          Market          Revenue Multiple          1.05x - 25.09x             9.53x  
               Time to Exit          1.0 ‑ 5.0 years             3.1 years  
               Volatility          45% - 100%             68%  
              
Market Adjustment
Multiple
 
 
       0.80x - 1.10x             0.95x  
  
 
 
                     
   $  559,743,211                      
  
 
 
                     
 
  (a) 
A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.
 
See notes to financial statements.
 
 
92  
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Schedule of Investments  (unaudited)
June 30, 2023
    
  
BlackRock Resources & Commodities Strategy Trust (BCX)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Common Stocks
   
Chemicals(a) — 9.9%  
Albemarle Corp.
    82,387     $     18,379,716  
CF Industries Holdings, Inc.
    330,113       22,916,444  
FMC Corp.
    164,846       17,200,032  
Nutrien Ltd.
    341,937       20,191,380  
Sociedad Quimica y Minera de Chile SA, ADR
    159,969       11,616,949  
   
 
 
 
      90,304,521  
Containers & Packaging — 1.1%            
Packaging Corp. of America(a)
    31,281       4,134,097  
Smurfit Kappa Group PLC
    182,189       6,080,572  
   
 
 
 
      10,214,669  
Energy Equipment & Services — 1.2%            
Schlumberger NV(a)
    221,279       10,869,225  
   
 
 
 
Food Products — 6.8%            
Archer-Daniels-Midland Co.(a)
    264,359       19,974,966  
Bunge Ltd.(a)
    180,149       16,997,058  
Darling Ingredients, Inc.(a)(b)
    125,274       7,991,228  
Hofseth International, (Acquired 05/26/21, Cost: $10,198,057)(c)(d)
    18,993,283       7,662,007  
Kerry Group PLC, Class A
    99,575       9,718,826  
   
 
 
 
      62,344,085  
Machinery(a) — 5.2%            
AGCO Corp.(e)
    171,009       22,473,992  
Deere & Co.
    62,048       25,141,229  
   
 
 
 
      47,615,221  
Metals & Mining — 33.7%            
Alcoa Corp.(a)
    218,238       7,404,815  
Anglo American PLC
    79,302       2,258,004  
ArcelorMittal SA, Registered Shares(a)
    363,884       9,948,589  
Barrick Gold Corp.(a)
    237,052       4,013,290  
BHP Group Ltd., ADR(a)
    669,209       39,931,701  
Filo Corp.
    110,335       2,149,648  
Filo Mining
    175,560       3,319,709  
First Quantum Minerals Ltd.
    765,284       18,104,549  
Franco-Nevada Corp.(a)
    80,287       11,448,926  
Freeport-McMoRan, Inc.(a)(e)
    237,961       9,518,440  
Glencore PLC
    8,912,751       50,534,208  
Newmont Corp.(a)
    420,482       17,937,762  
Norsk Hydro ASA
    2,792,496       16,646,796  
Polyus PJSC(b)(c)
    104,732       21  
Stelco Holdings, Inc.
    435,274       14,200,825  
Teck Resources Ltd., Class B(a)
    806,513       33,954,197  
Vale SA, ADR(a)
    2,448,198       32,854,817  
Wheaton Precious Metals Corp.(f)
    765,463       33,083,311  
   
 
 
 
      307,309,608  
Oil, Gas & Consumable Fuels — 37.5%            
BP PLC
    8,195,494       47,717,233  
Canadian Natural Resources Ltd.
    366,839       20,624,396  
Cenovus Energy, Inc.
    560,932       9,527,058  
Security   Shares      Value  
Oil, Gas & Consumable Fuels (continued)  
Cheniere Energy, Inc.(a)
    96,050      $     14,634,178  
Chevron Corp.(a)
    83,772        13,181,524  
ConocoPhillips(a)
    242,611        25,136,926  
Eni SpA
    988,891        14,236,457  
EOG Resources, Inc.(a)
    95,521        10,931,423  
Exxon Mobil Corp.(a)
    541,991        58,128,535  
Gazprom PJSC(c)
    5,430,000        606  
Hess Corp.(a)
    60,404        8,211,924  
Shell PLC, ADR(a)
    1,161,523        70,132,768  
TotalEnergies SE
    847,349        48,641,749  
    
 
 
 
       341,104,777  
Paper & Forest Products — 1.1%             
Precious Woods Holding AG, Registered Shares(b)
    20,000        189,933  
UPM-Kymmene OYJ
    323,144        9,628,663  
    
 
 
 
       9,818,596  
    
 
 
 
Total Long-Term Investments — 96.5%
(Cost: $763,798,215)
       879,580,702  
    
 
 
 
Short-Term Securities
    
Money Market Funds — 4.7%             
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(g)(h)
    35,301,139        35,301,139  
SL Liquidity Series, LLC, Money Market Series, 5.28%(g)(h)(i)
    7,296,133        7,296,133  
    
 
 
 
Total Short-Term Securities — 4.7%
(Cost: $42,597,889)
 
     42,597,272  
    
 
 
 
Total Investments Before Options Written — 101.2%
(Cost: $806,396,104)
 
     922,177,974  
  
 
 
 
Options Written — (0.6)%
(Premiums Received: $(7,646,569))
 
     (5,496,164
    
 
 
 
Total Investments, Net of Options Written — 100.6%
(Cost: $798,749,535)
 
     916,681,810  
Liabilities in Excess of Other Assets — (0.6)%
 
     (5,889,096
    
 
 
 
Net Assets — 100.0%
     $   910,792,714  
    
 
 
 
 
(a) 
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(b) 
Non-income producing security.
(c) 
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(d) 
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $7,662,007, representing 0.8% of its net assets as of period end, and an original cost of $10,198,057.
(e) 
All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(f) 
All or a portion of this security is on loan.
(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 Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  93

Schedule of Investments  (unaudited)  (continued)
June 30, 2023
    
  
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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
Affiliated Issuer   Value at
12/31/22
    Purchases
at Cost
    Proceeds
from Sales
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
06/30/23
   
Shares
Held at
06/30/23
    Income     Capital Gain
Distributions
from
Underlying
Funds
 
BlackRock Liquidity Funds, T-Fund, Institutional Class
  $ 19,404,102     $ 15,897,037 (a)    $     $     $     $ 35,301,139       35,301,139     $ 704,650     $  
SL Liquidity Series, LLC, Money Market Series
          7,293,782 (a)            2,968       (617     7,296,133       7,296,133       11,156 (b)       
       
 
 
   
 
 
   
 
 
     
 
 
   
 
 
 
        $ 2,968     $ (617   $ 42,597,272       $ 715,806     $  
       
 
 
   
 
 
   
 
 
     
 
 
   
 
 
 
 
  (a) 
Represents net amount purchased (sold).
 
  (b) 
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
 
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
 
Description   Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                   
Alcoa Corp.
    143        07/07/23        USD        35.00        USD        485      $       (3,361
Archer-Daniels-Midland Co.
    272        07/07/23        USD        74.00        USD        2,055        (48,960
CF Industries Holdings, Inc.
    463        07/07/23        USD        65.00        USD        3,214        (210,665
ConocoPhillips
    27        07/07/23        USD        102.00        USD        280        (6,075
Exxon Mobil Corp.
    430        07/07/23        USD        111.62        USD        4,612        (4,346
Hess Corp.
    95        07/07/23        USD        133.00        USD        1,292        (35,625
Newmont Corp.
    415        07/07/23        USD        42.00        USD        1,770        (40,255
Shell PLC, ADR
    1,093        07/07/23        USD        58.00        USD        6,600        (270,517
Vale SA, ADR
    1,241        07/07/23        USD        13.50        USD        1,665        (22,338
Albemarle Corp.
    108        07/14/23        USD        220.00        USD        2,409        (80,460
Alcoa Corp.
    281        07/14/23        USD        38.00        USD        953        (2,529
ArcelorMittal SA, Registered Shares
    541        07/14/23        USD        29.00        USD        1,479        (5,410
Archer-Daniels-Midland Co.
    269        07/14/23        USD        74.00        USD        2,033        (57,162
Cheniere Energy, Inc.
    128        07/14/23        USD        150.00        USD        1,950        (51,200
Chevron Corp.
    221        07/14/23        USD        160.00        USD        3,477        (24,200
ConocoPhillips
    574        07/14/23        USD        108.00        USD        5,947        (26,691
Exxon Mobil Corp.
    693        07/14/23        USD        112.00        USD        7,432        (19,404
Hess Corp.
    42        07/14/23        USD        139.00        USD        571        (6,720
Newmont Corp.
    570        07/14/23        USD        43.00        USD        2,432        (41,895
Schlumberger NV
    237        07/14/23        USD        50.00        USD        1,164        (17,894
Shell PLC, ADR
    1,153        07/14/23        USD        60.00        USD        6,962        (129,712
Teck Resources Ltd., Class B
    778        07/14/23        USD        46.00        USD        3,275        (11,281
Vale SA, ADR
    1,510        07/14/23        USD        14.00        USD        2,026        (19,630
AGCO Corp.
    296        07/21/23        USD        124.00        USD        3,890        (284,083
Alcoa Corp.
    192        07/21/23        USD        40.50        USD        651        (3,062
Archer-Daniels-Midland Co.
    211        07/21/23        USD        77.50        USD        1,594        (12,660
BHP Group Ltd., ADR
    765        07/21/23        USD        61.50        USD        4,565        (54,993
Bunge Ltd.
    333        07/21/23        USD        95.00        USD        3,142        (71,595
Canadian Natural Resources Ltd.
    1,051        07/21/23        CAD        78.00        CAD        7,828        (33,321
Cenovus Energy, Inc.
    611        07/21/23        CAD        22.50        CAD        1,375        (30,440
CF Industries Holdings, Inc.
    295        07/21/23        USD        70.00        USD        2,048        (58,262
Cheniere Energy, Inc.
    227        07/21/23        USD        150.00        USD        3,459        (110,095
Darling Ingredients, Inc.
    264        07/21/23        USD        65.00        USD        1,684        (34,980
EOG Resources, Inc.
    158        07/21/23        USD        117.50        USD        1,808        (22,120
Exxon Mobil Corp.
    44        07/21/23        USD        115.00        USD        472        (836
FMC Corp.
    304        07/21/23        USD        110.00        USD        3,172        (9,120
Franco-Nevada Corp.
    149        07/21/23        USD        160.00        USD        2,125        (1,863
Packaging Corp. of America
    57        07/21/23        USD        135.00        USD        753        (7,268
Sociedad Quimica y Minera de Chile SA, ADR
    295        07/21/23        USD        80.00        USD        2,142        (5,900
Stelco Holdings, Inc.
    415        07/21/23        CAD        48.00        CAD        1,794        (4,856
Teck Resources Ltd., Class B
    740        07/21/23        USD        45.00        USD        3,115        (30,710
 
 
 
94  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited)  (continued)
June 30, 2023
    
  
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)
                   
Vale SA, ADR
    654        07/21/23        USD        14.00        USD        878      $ (15,042
Vale SA, ADR
    653        07/21/23        USD        15.00        USD        876        (4,245
Albemarle Corp.
    88        07/28/23        USD        235.00        USD        1,963        (36,960
ArcelorMittal SA, Registered Shares
    542        07/28/23        USD        29.00        USD        1,482        (17,615
Archer-Daniels-Midland Co.
    226        07/28/23        USD        75.00        USD        1,708        (53,675
Barrick Gold Corp.
    439        07/28/23        USD        18.00        USD        743        (6,805
Chevron Corp.
    93        07/28/23        USD        160.00        USD        1,463        (24,645
ConocoPhillips
    188        07/28/23        USD        104.00        USD        1,948        (52,640
EOG Resources, Inc.
    195        07/28/23        USD        113.00        USD        2,232        (78,000
Exxon Mobil Corp.
    257        07/28/23        USD        108.00        USD        2,756        (63,607
Freeport-McMoRan, Inc.
    880        07/28/23        USD        42.00        USD        3,520        (73,480
Hess Corp.
    88        07/28/23        USD        141.00        USD        1,196        (22,220
Newmont Corp.
    570        07/28/23        USD        43.00        USD        2,432        (75,525
Nutrien Ltd.
    363        07/28/23        USD        63.00        USD        2,144        (20,873
Shell PLC, ADR
    1,092        07/28/23        USD        63.00        USD        6,593        (51,870
Teck Resources Ltd., Class B
    534        07/28/23        USD        46.00        USD        2,248        (29,637
Vale SA, ADR
    1,000        07/28/23        USD        15.00        USD        1,342        (12,000
Vale SA, ADR
    570        07/28/23        USD        14.50        USD        765        (10,545
Alcoa Corp.
    191        08/04/23        USD        36.00        USD        648        (21,774
ArcelorMittal SA, Registered Shares
    263        08/04/23        USD        29.00        USD        719        (10,520
Barrick Gold Corp.
    438        08/04/23        USD        17.00        USD        742        (24,528
CF Industries Holdings, Inc.
    463        08/04/23        USD        75.00        USD        3,214        (56,717
ConocoPhillips
    133        08/04/23        USD        104.00        USD        1,378        (46,218
Deere & Co.
    115        08/04/23        USD        410.00        USD        4,660        (106,950
Exxon Mobil Corp.
    257        08/04/23        USD        109.00        USD        2,756        (61,680
Nutrien Ltd.
    902        08/04/23        USD        61.00        USD        5,326        (153,340
Schlumberger NV
    242        08/04/23        USD        50.00        USD        1,189        (41,140
Shell PLC, ADR
    936        08/04/23        USD        61.00        USD        5,652        (131,040
Vale SA, ADR
    1,715        08/04/23        USD        14.50        USD        2,302        (41,160
Albemarle Corp.
    108        08/11/23        USD        220.00        USD        2,409        (153,360
AGCO Corp.
    176        08/18/23        USD        135.00        USD        2,313        (79,200
BHP Group Ltd., ADR
    956        08/18/23        USD        62.50        USD        5,704        (109,940
Bunge Ltd.
    333        08/18/23        USD        100.00        USD        3,142        (57,442
Canadian Natural Resources Ltd.
    324        08/18/23        CAD        76.00        CAD        2,413        (54,907
Cenovus Energy, Inc.
    1,464        08/18/23        CAD        23.00        CAD        3,294        (108,301
Darling Ingredients, Inc.
    199        08/18/23        USD        64.75        USD        1,269        (62,289
Deere & Co.
    57        08/18/23        USD        420.00        USD        2,310        (56,430
Deere & Co.
    58        08/18/23        USD        410.00        USD        2,350        (83,230
Exxon Mobil Corp.
    393        08/18/23        USD        110.00        USD        4,215        (95,499
FMC Corp.
    305        08/18/23        USD        112.00        USD        3,182        (19,789
Franco-Nevada Corp.
    148        08/18/23        USD        152.00        USD        2,110        (24,608
Schlumberger NV
    339        08/18/23        USD        50.00        USD        1,665        (71,359
Sociedad Quimica y Minera de Chile SA, ADR
    295        08/18/23        USD        76.00        USD        2,142        (48,450
Stelco Holdings, Inc.
    780        08/18/23        CAD        50.00        CAD        3,371        (26,201
Teck Resources Ltd., Class B
    343        08/18/23        USD        45.00        USD        1,444        (44,076
Vale SA, ADR
    1,715        08/18/23        USD        15.20        USD        2,302        (22,919
Packaging Corp. of America
    58        09/15/23        USD        140.00        USD        767        (14,065
Stelco Holdings, Inc.
    415        09/15/23        CAD        46.00        CAD        1,794        (55,761
Teck Resources Ltd., Class B
    589        09/15/23        USD        46.00        USD        2,480        (89,822
                   
 
 
 
                    $ (4,534,593
                   
 
 
 
OTC Options Written
Description   Counterparty    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                      
BP PLC
  Morgan Stanley & Co. International PLC      1,842,400        07/11/23        GBP        4.97        GBP        8,446      $ (1,942
Smurfit Kappa Group PLC
  UBS AG      34,000        07/11/23        EUR        35.84        EUR        1,040        (91
TotalEnergies SE
  Morgan Stanley & Co. International PLC      149,200        07/11/23        EUR        57.90        EUR        7,849        (588
TotalEnergies SE
  UBS AG      54,800        07/11/23        EUR        58.79        EUR        2,883        (123
Glencore PLC
  Barclays Bank PLC      1,657,735        07/12/23        GBP        4.50        GBP        7,401        (128,277
 
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  95

Schedule of Investments  (unaudited)  (continued)
June 30, 2023
    
  
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)
                      
Kerry Group PLC, Class A
  Morgan Stanley & Co. International PLC      36,800        07/13/23        EUR        94.06        EUR        3,292      $ (3,232
TotalEnergies SE
  Barclays Bank PLC      105,000        07/13/23        EUR        54.14        EUR        5,524        (24,432
AGCO Corp.
  JPMorgan Chase Bank N.A.      16,000        07/25/23        USD        123.49        USD        2,103        (165,867
BP PLC
  Barclays Bank PLC      971,000        08/02/23        GBP        5.02        GBP        4,452        (19,953
Eni SpA
  Goldman Sachs International      332,900        08/03/23        EUR        12.92        EUR        4,392        (172,665
UPM-Kymmene OYJ
  Morgan Stanley & Co. International PLC      37,300        08/03/23        EUR        27.66        EUR        1,019        (28,190
Smurfit Kappa Group PLC
  Morgan Stanley & Co. International PLC      33,500        08/10/23        EUR        33.95        EUR        1,025        (4,383
Eni SpA
  JPMorgan Chase Bank N.A.      55,800        08/14/23        EUR        13.07        EUR        736        (27,367
Anglo American PLC
  Morgan Stanley & Co. International PLC      29,400        08/16/23        GBP        24.45        GBP        659        (23,760
Glencore PLC
  Bank of America N.A.      1,640,000        08/16/23        GBP        4.60        GBP        7,322        (246,333
UPM-Kymmene OYJ
  Bank of America N.A.      82,300        08/16/23        EUR        28.19        EUR        2,247        (59,583
BHP Group Ltd., ADR
  Morgan Stanley & Co. International PLC      75,500        09/01/23        USD        63.44        USD        4,505        (54,785
                      
 
 
 
                       $ (961,571
                      
 
 
 
Balances Reported in the Statements of Assets and Liabilities for Options Written
 
Description   Swap
Premiums
Paid
     Swap
Premiums
Received
     Unrealized
Appreciation
     Unrealized
Depreciation
    Value  
Options Written
  $ N/A      $ N/A      $ 3,105,586      $ (955,181   $  (5,496,164
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
  $      $      $   5,496,164      $      $      $      $   5,496,164  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
For the period ended June 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
    Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  
Net Realized Gain (Loss) from:
                  
Options purchased(a)
  $      $      $ (1,777,915   $      $      $      $ (1,777,915
Options written
                  20,987,215                            20,987,215  
 
 
 
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
    
 
 
 
  $      $      $ 19,209,300     $      $      $      $ 19,209,300  
 
 
 
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                  
Options written
  $      $      $ (1,324,185   $      $      $      $ (1,324,185
 
 
 
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
    
 
 
 
 
  (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
  $ 6,183,235  
 
  (a) 
Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
 
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
 
 
96  
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Schedule of Investments  (unaudited)  (continued)
June 30, 2023
    
  
BlackRock Resources & Commodities Strategy Trust (BCX)
 
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
 
     Assets      Liabilities  
Derivative Financial Instruments
    
Options
  $      $ 5,496,164  
 
 
 
    
 
 
 
Total derivative assets and liabilities in the Statements of Assets and Liabilities
           5,496,164  
 
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
           (4,534,593
 
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
  $      $ 961,571  
 
 
 
    
 
 
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
Counterparty    



Derivative
Liabilities
Subject to

an MNA by
Counterparty
 
 
 

 
 
    

Derivatives
Available

for Offset
 
 

 
    

Non-Cash
Collateral
Pledged
 
 
(a) 
   

Cash
Collateral
Pledged
 
 
 
    

Net Amount
of Derivative
Liabilities
 
 
(b) 
Bank of America N.A.
  $ 305,916      $      $     $      $ 305,916  
Barclays Bank PLC
    172,662               (172,662             
Goldman Sachs International
    172,665               (172,665             
JPMorgan Chase Bank N.A.
    193,234               (193,234             
Morgan Stanley & Co. International PLC
    116,880               (86,800            30,080  
UBS AG
    214                            214  
 
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
  $ 961,571      $      $ (625,361   $      $ 336,210  
 
 
 
    
 
 
    
 
 
   
 
 
    
 
 
 
 
  (a) 
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
 
  (b) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
 
      Level 1        Level 2        Level 3        Total  
Assets
                 
Investments
                 
Long-Term Investments
                 
Common Stocks
                 
Chemicals
   $ 90,304,521        $        $        $ 90,304,521  
Containers & Packaging
     4,134,097          6,080,572                   10,214,669  
Energy Equipment & Services
     10,869,225                            10,869,225  
Food Products
     44,963,252          9,718,826          7,662,007          62,344,085  
Machinery
     47,615,221                            47,615,221  
Metals & Mining
     234,550,870          72,758,717          21          307,309,608  
Oil, Gas & Consumable Fuels
     230,508,732          110,595,439          606          341,104,777  
Paper & Forest Products
              9,818,596                   9,818,596  
Short-Term Securities
                 
Money Market Funds
     35,301,139                            35,301,139  
  
 
 
      
 
 
      
 
 
      
 
 
 
   $ 698,247,057        $ 208,972,150        $ 7,662,634          914,881,841  
  
 
 
      
 
 
      
 
 
      
 
 
 
Investments Valued at NAV(a)
                    7,296,133  
                 
 
 
 
                  $ 922,177,974  
                 
 
 
 
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  97

Schedule of Investments  (unaudited)  (continued)
June 30, 2023
    
  
BlackRock Resources & Commodities Strategy Trust (BCX)
 
Fair Value Hierarchy as of Period End (continued)
 
      Level 1        Level 2        Level 3        Total  
Derivative Financial Instruments(b)
                 
Liabilities
                 
Equity Contracts
   $     (4,010,054)        $     (1,486,110)        $               —        $      (5,496,164)  
  
 
 
      
 
 
      
 
 
      
 
 
 
 
  (a)
Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
 
  (b) 
Derivative financial instruments are options written. Options written are shown at value.
 
 
      Value      Valuation
Approach
   Unobservable
Inputs(a)
    
Range of
Unobservable
Inputs
Utilized
 
 
 
(a) 
   
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
 
 
 
 
 
Assets
            
Common Stocks
  $ 7,662,007      Market    EBITDA Multiple      10.75x        
 
  (a) 
A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.
 
See notes to financial statements.
 
 
98  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments  (unaudited)
June 30, 2023
    
  
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Common Stocks
   
Automobiles — 3.0%  
Tesla, Inc.(a)(b)
    187,958     $     49,201,766  
   
 
 
 
Broadline Retail — 2.4%
   
Coupang, Inc.(b)
    615,525       10,710,135  
MercadoLibre, Inc.(b)
    17,814       21,102,464  
Prosus NV
    120,538       8,827,494  
   
 
 
 
      40,640,093  
Communications Equipment — 0.8%            
Accton Technology Corp.
    1,169,000       13,149,146  
   
 
 
 
Consumer Finance — 0.7%            
Kaspi.KZ JSC, GDR, Registered Shares(c)
    150,312       11,990,607  
   
 
 
 
Diversified Consumer Services — 0.2%            
Think & Learn Private Ltd., (Acquired 09/30/20,
Cost: $7,113,729)(d)(e)
    4,651       3,401,837  
   
 
 
 
Electrical Equipment — 0.5%            
Array Technologies, Inc.(b)
    351,496       7,943,810  
   
 
 
 
Electronic Equipment, Instruments & Components — 7.1%  
Delta Electronics, Inc.
    1,394,000       15,448,763  
Ibiden Co. Ltd.
    193,900       11,032,411  
Jabil, Inc.
    304,355       32,849,035  
Lotes Co. Ltd.
    247,000       6,839,447  
Samsung SDI Co. Ltd.
    44,074       22,505,700  
Unimicron Technology Corp.
    2,063,000       11,731,586  
Yageo Corp.
    690,000       10,931,266  
Zhejiang Supcon Technology Co. Ltd., Class A
    641,074       5,554,962  
   
 
 
 
      116,893,170  
Entertainment — 3.5%            
CTS Eventim AG & Co. KGaA
    139,432       8,818,535  
Nexon Co. Ltd.
    391,900       7,515,335  
Roku, Inc.(b)
    92,872       5,940,093  
Spotify Technology SA(b)
    85,051       13,654,938  
Take-Two Interactive Software, Inc.(b)
    148,131       21,798,958  
   
 
 
 
      57,727,859  
Financial Services — 3.2%            
Adyen NV(b)(f)
    12,935       22,399,125  
GMO Payment Gateway, Inc.
    180,200       14,134,799  
Shift4 Payments, Inc., Class A(b)(g)
    146,133       9,923,892  
Wise PLC, Class A(b)
    825,079       6,896,488  
   
 
 
 
      53,354,304  
Health Care Technology — 0.3%            
M3, Inc.
    260,200       5,673,558  
   
 
 
 
Hotels, Restaurants & Leisure(b) — 1.2%            
Expedia Group, Inc.
    51,482       5,631,616  
Trip.com Group Ltd., ADR(h)
    425,602       14,896,070  
   
 
 
 
      20,527,686  
Household Durables — 0.5%            
Nikon Corp.
    653,300       8,481,717  
   
 
 
 
Interactive Media & Services — 0.6%            
Pinterest, Inc., Class A(b)
    352,060       9,625,320  
   
 
 
 
IT Services — 5.1%            
Automattic, Inc., Series E, (Acquired 02/03/21,
Cost: $34,000,000)(d)(e)
    400,000       19,668,000  
CNEX Labs, Inc., (Acquired 12/14/21,
Cost: $5,699,998)(d)(e)
    1,161,804       3,287,905  
 
Security   Shares     Value  
IT Services (continued)            
Klarna Holdings AB, (Acquired 08/07/19,
Cost: $23,354,997)(d)(e)
    86,839     $     19,109,032  
MongoDB, Inc.(b)(h)
    67,482       27,734,427  
TRAX Ltd., Series D, (Acquired 09/12/19,
Cost: $10,999,987)(d)(e)
    293,333       8,635,724  
TRAX Ltd., Series E, (Acquired 02/18/21, Cost: $9,999,998)(d)(e)
    191,806       5,646,769  
   
 
 
 
      84,081,857  
Machinery — 0.4%            
Shenzhen Inovance Technology Co. Ltd., Class A
    723,000       6,403,338  
   
 
 
 
Media — 1.6%            
Informa PLC
    2,885,996       26,646,882  
   
 
 
 
Professional Services — 1.8%            
Legalzoom.com, Inc.(b)
    784,927       9,481,918  
Wolters Kluwer NV
    164,401       20,874,567  
   
 
 
 
      30,356,485  
Semiconductors & Semiconductor Equipment — 25.7%  
Alchip Technologies Ltd.
    175,000       10,136,733  
Alphawave IP Group PLC(b)
    4,942,789       9,001,704  
Amkor Technology, Inc.
    232,073       6,904,172  
ASM International NV
    78,086       33,155,641  
ASPEED Technology, Inc.
    131,000       12,065,722  
Axcelis Technologies, Inc.(b)
    69,303       12,705,319  
BE Semiconductor Industries NV
    209,531       22,724,506  
Credo Technology Group Holding Ltd.(b)
    1,784,875       30,949,732  
eMemory Technology, Inc.
    100,000       7,157,457  
First Solar, Inc.(b)
    46,293       8,799,836  
Lasertec Corp.
    117,200       17,710,855  
Lattice Semiconductor Corp.(b)
    408,294       39,224,805  
Marvell Technology, Inc.(h)
    371,856       22,229,552  
Monolithic Power Systems, Inc.(h)
    62,212       33,608,789  
NVIDIA Corp.(a)
    163,249       69,057,592  
Rambus, Inc.(b)
    306,150       19,645,645  
Silergy Corp.
    553,000       6,888,826  
SK Hynix, Inc.
    190,602       16,747,127  
SOITEC(b)
    152,404       25,782,997  
Wolfspeed, Inc.(b)(h)
    360,998       20,067,879  
   
 
 
 
      424,564,889  
Software — 13.9%            
Altium Ltd.
    762,952       18,893,698  
Appier Group, Inc.(b)
    510,800       6,266,516  
Databricks, Inc., (Acquired 07/24/20, Cost: $5,501,686)(d)(e)
    343,659       19,090,257  
DataRobot, Inc., (Acquired 03/01/21, Cost: $1,384,813)(d)(e)
    92,093       493,619  
Freee KK(b)
    469,300       10,693,625  
Glodon Co. Ltd., Class A
    1,215,236       5,439,334  
Kinaxis, Inc.(b)
    79,191       11,315,989  
Manhattan Associates, Inc.(b)
    30,524       6,101,137  
Palo Alto Networks, Inc.(b)
    107,009       27,341,870  
Rapid7, Inc.(b)
    176,285       7,982,185  
Samsara, Inc., Class A(b)
    193,735       5,368,397  
SiteMinder Ltd.(b)
    3,570,959       6,960,321  
Snorkel AI, Inc., (Acquired 10/13/20, Cost: $2,017,593)(d)(e)
    500,250       5,537,768  
Snyk Ltd., (Acquired 11/02/ 20, Cost: $9,287,400)(d)(e)
    1,267,643       14,565,218  
Synopsys, Inc.(b)(h)
    120,923       52,651,083  
 
 
 
C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S
  99

Consolidated Schedule of Investments  (unaudited)  (continued)
June 30, 2023
    
  
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Software (continued)            
Unity Software, Inc.(b)
    314,022     $ 13,634,835  
Xero Ltd.(b)
    210,116       16,834,479  
   
 
 
 
      229,170,331  
Specialty Retail — 0.5%            
Farfetch Ltd., Class A(b)
    1,310,577       7,915,885  
   
 
 
 
Technology Hardware, Storage & Peripherals — 2.1%        
Pure Storage, Inc., Class A(b)
    737,933       27,170,693  
Wiwynn Corp.
    161,000       7,358,093  
   
 
 
 
      34,528,786  
   
 
 
 
Total Common Stocks — 75.1%
    (Cost: $904,437,318)
    1,242,279,326  
   
 
 
 
Preferred Securities
   
Preferred Stocks — 27.0%(d)(e)            
Communications Equipment — 1.0%            
Astranis Space Technologies Corp., Series C,
(Acquired 03/19/21, Cost: $17,000,010)
    775,515       16,999,289  
   
 
 
 
Consumer Staples Distribution & Retail — 2.5%        
GrubMarket, Inc., Series D, (Acquired 07/23/20, Cost: $8,000,001)
    1,762,969       41,905,773  
   
 
 
 
Diversified Consumer Services — 1.5%            
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $16,947,253)
    850       21,798,406  
Think & Learn Private Ltd., Series F, (Acquired
09/30/20, Cost: $14,251,080)
    4,920       3,598,589  
   
 
 
 
      25,396,995  
Entertainment — 0.4%            
ResearchGate GmbH, Series D, (Acquired
09/24/20, Cost: $6,999,988)
    424,688       6,247,161  
   
 
 
 
IT Services — 6.5%            
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $33,777,337)
    308,260       54,193,360  
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $12,000,008)
    1,974,374       14,412,930  
Farmer’s Business Network, Inc., Series F, (Acquired 07/31/20, Cost: $11,961,002)
    361,834       15,602,282  
Trumid Holdings LLC(i)
   
Class J-A, (Acquired 07/24/20, Cost: $9,999,857)
    20,154       11,153,627  
Class J-B, (Acquired 07/24/20, Cost: $5,999,914)
    20,154       11,153,627  
   
 
 
 
      106,515,826  
Professional Services — 0.8%            
Rapyd Financial Network Ltd., Series E, (Acquired 03/31/21, Cost: $13,999,978)
    190,705       13,391,305  
   
 
 
 
Semiconductors & Semiconductor Equipment — 3.8%
 
 
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $7,000,000)
    1,018,908       10  
PsiQuantum Corp.
   
Series C, (Acquired 09/09/19, Cost: $9,101,310)
    1,962,335       42,680,786  
Series D, (Acquired 05/21/21, Cost: $19,999,969)
    762,595       20,155,386  
   
 
 
 
      62,836,182  
Software — 10.5%            
Databricks, Inc.
   
Series F, (Acquired 10/22/19, Cost: $13,200,019)
    922,038       51,219,211  
Series G, (Acquired 02/01/21, Cost: $18,500,004)
    312,909       17,382,095  
 
Security   Shares     Value  
Software (continued)            
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $11,499,999)
    875,059     $ 5,696,634  
SambaNova Systems, Inc.
   
Series C, (Acquired 02/20/20, Cost: $33,904,161)
    636,800       52,949,920  
Series D, (Acquired 04/09/21, Cost: $6,999,979)
    73,670       6,125,660  
Snorkel AI, Inc., Series B, (Acquired 10/13/20, Cost: $999,996)
    247,943       2,744,729  
Snyk Ltd., (Acquired 11/02/20, Cost: $13,212,590)
    2,663,936       30,608,625  
Unqork, Inc.
   
Series B, (Acquired 09/19/19, Cost: $6,801,016)
    597,680       4,267,435  
Series C, (Acquired 09/18/20, Cost: $7,994,787)
    292,000       2,575,440  
   
 
 
 
      173,569,749  
   
 
 
 
      446,862,280  
   
 
 
 
Total Preferred Securities — 27.0%
(Cost: $300,150,258)
      446,862,280  
   
 
 
 
Warrants
   
IT Services — 0.0%            
TRAX Ltd., (Acquired 09/12/19, Cost: $0), (Issued 09/23/19, Exercisable 07/12/23, 1 Share for 1 Warrant, Expires 09/15/23, Strike Price USD 46.88)(b)(d)(e)
    46,928        
   
 
 
 
Total Warrants — 0.0%
(Cost: $ — )
       
   
 
 
 
Total Long-Term Investments — 102.1%
(Cost: $1,204,587,576)
      1,689,141,606  
   
 
 
 
Short-Term Securities
   
Money Market Funds — 0.3%            
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(j)(k)
    3,399,844       3,399,844  
SL Liquidity Series, LLC, Money Market Series, 5.28%(j)(k)(l)
    2,600,319       2,600,319  
   
 
 
 
Total Short-Term Securities — 0.3%
(Cost: $6,000,142)
      6,000,163  
   
 
 
 
Total Investments Before Options Written — 102.4%
(Cost: $1,210,587,718)
 
    1,695,141,769  
   
 
 
 
Options Written — (1.9)%
   
(Premiums Received: $(16,740,064))
      (32,484,997
   
 
 
 
Total Investments, Net of Options Written — 100.5%
(Cost: $1,193,847,654)
 
    1,662,656,772  
Liabilities in Excess of Other Assets — (0.5)%
      (8,951,978
   
 
 
 
Net Assets — 100.0%
    $ 1,653,704,794  
   
 
 
 
 
(a) 
All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(b) 
Non-income producing security.
(c) 
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(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 $546,298,409, representing 33.0% of its net assets as of period end, and an original cost of $409,510,459.
(f) 
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(g) 
All or a portion of this security is on loan.
 
 
 
100  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments  (unaudited)  (continued)
June 30, 2023
    
    
 
 
  
BlackRock Science and Technology Term Trust (BSTZ)
 
(h) 
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(i)
All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.
(j) 
Affiliate of the Trust.
(k) 
Annualized 7-day yield as of period end.
(l)
All or a portion of this security was purchased with the cash collateral from loaned securities.
 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
Affiliated Issuer   Value at
12/31/22
     Purchases
at Cost
    Proceeds
from Sales
    Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
06/30/23
     Shares
Held at
06/30/23
     Income     Capital Gain
Distributions
from
Underlying
Funds
 
BlackRock Liquidity Funds, T-Fund, Institutional Class
  $ 20,683,361      $     $ (17,283,517 )(a)    $      $      $ 3,399,844        3,399,844      $ 221,875     $  
SL Liquidity Series, LLC, Money Market Series
           2,592,612 (a)            7,686        21        2,600,319        2,600,319        32,129 (b)       
        
 
 
    
 
 
    
 
 
       
 
 
   
 
 
 
         $ 7,686      $ 21      $ 6,000,163         $ 254,004     $  
        
 
 
    
 
 
    
 
 
       
 
 
   
 
 
 
 
  (a) 
Represents net amount purchased (sold).
 
  (b) 
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
 
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
 
Description   Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                   
Coupang, Inc.
    645        07/07/23        USD        17.00        USD        1,122      $        (36,120
Expedia Group, Inc.
    53        07/07/23        USD        120.00        USD        580        (345
Marvell Technology, Inc.
    400        07/07/23        USD        62.75        USD        2,391        (6,645
MongoDB, Inc.
    42        07/07/23        USD        420.00        USD        1,726        (19,215
NVIDIA Corp.
    120        07/07/23        USD        380.00        USD        5,076        (523,200
Palo Alto Networks, Inc.
    164        07/07/23        USD        240.00        USD        4,190        (259,940
Spotify Technology SA
    128        07/07/23        USD        150.00        USD        2,055        (139,520
Tesla, Inc.
    162        07/07/23        USD        220.00        USD        4,241        (680,400
Coupang, Inc.
    900        07/14/23        USD        17.50        USD        1,566        (39,600
Expedia Group, Inc.
    53        07/14/23        USD        120.00        USD        580        (1,087
Farfetch Ltd., Class A
    1,534        07/14/23        USD        5.50        USD        927        (95,875
Marvell Technology, Inc.
    479        07/14/23        USD        61.00        USD        2,863        (52,211
MercadoLibre, Inc.
    43        07/14/23        USD        1,290.00        USD        5,094        (35,475
NVIDIA Corp.
    246        07/14/23        USD        400.00        USD        10,406        (664,200
Palo Alto Networks, Inc.
    203        07/14/23        USD        220.00        USD        5,187        (730,800
Pinterest, Inc., Class A
    244        07/14/23        USD        25.00        USD        667        (59,902
Roku, Inc.
    185        07/14/23        USD        80.00        USD        1,183        (1,665
Spotify Technology SA
    109        07/14/23        USD        157.50        USD        1,750        (59,405
Take-Two Interactive Software, Inc.
    196        07/14/23        USD        136.00        USD        2,884        (227,360
Tesla, Inc.
    215        07/14/23        USD        235.00        USD        5,628        (632,637
Unity Software, Inc.
    325        07/14/23        USD        40.00        USD        1,411        (134,062
Amkor Technology, Inc.
    400        07/21/23        USD        28.00        USD        1,190        (88,000
Amkor Technology, Inc.
    125        07/21/23        USD        31.00        USD        372        (7,500
Array Technologies, Inc.
    859        07/21/23        USD        25.00        USD        1,941        (27,918
Axcelis Technologies, Inc.
    91        07/21/23        USD        150.00        USD        1,668        (317,135
Axcelis Technologies, Inc.
    100        07/21/23        USD        175.00        USD        1,833        (120,000
Coupang, Inc.
    950        07/21/23        USD        17.50        USD        1,653        (52,725
Credo Technology Group Holding Ltd.
    1,015        07/21/23        USD        8.36        USD        1,760        (914,048
Credo Technology Group Holding Ltd.
    505        07/21/23        USD        9.73        USD        876        (385,804
 
 
 
C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S
  101

Consolidated Schedule of Investments  (unaudited)  (continued)
June 30, 2023
    
  
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)
                   
Credo Technology Group Holding Ltd.
    1,322        07/21/23        USD        20.00        USD        2,292      $        (19,830
Farfetch Ltd., Class A
    2,180        07/21/23        USD        6.00        USD        1,317        (82,840
Jabil, Inc.
    446        07/21/23        USD        95.00        USD        4,814        (593,180
Kinaxis, Inc.
    165        07/21/23        CAD        190.00        CAD        3,123        (52,935
Lattice Semiconductor Corp.
    217        07/21/23        USD        90.00        USD        2,085        (163,835
Legalzoom.com, Inc.
    600        07/21/23        USD        12.50        USD        725        (22,500
MongoDB, Inc.
    57        07/21/23        USD        280.00        USD        2,343        (753,825
Monolithic Power Systems, Inc.
    125        07/21/23        USD        431.00        USD        6,753        (1,387,034
NVIDIA Corp.
    122        07/21/23        USD        390.00        USD        5,161        (464,515
Pinterest, Inc., Class A
    274        07/21/23        USD        26.00        USD        749        (46,580
Pure Storage, Inc., Class A
    1,779        07/21/23        USD        24.44        USD        6,550        (2,216,027
Rambus, Inc.
    784        07/21/23        USD        50.75        USD        5,031        (1,069,356
Rapid7, Inc.
    360        07/21/23        USD        55.00        USD        1,630        (19,800
Roku, Inc.
    185        07/21/23        USD        80.00        USD        1,183        (4,070
Shift4 Payments, Inc., Class A
    131        07/21/23        USD        75.00        USD        890        (9,825
Synopsys, Inc.
    321        07/21/23        USD        410.00        USD        13,977        (905,220
Take-Two Interactive Software, Inc.
    197        07/21/23        USD        145.00        USD        2,899        (87,173
Tesla, Inc.
    179        07/21/23        USD        195.00        USD        4,686        (1,213,620
Trip.com Group Ltd., ADR
    1,300        07/21/23        USD        37.00        USD        4,550        (52,000
Unity Software, Inc.
    304        07/21/23        USD        35.00        USD        1,320        (263,720
Wolfspeed, Inc.
    817        07/21/23        USD        50.00        USD        4,542        (526,965
Lattice Semiconductor Corp.
    509        07/27/23        USD        91.00        USD        4,890        (384,862
Expedia Group, Inc.
    112        07/28/23        USD        110.00        USD        1,225        (40,600
Farfetch Ltd., Class A
    1,528        07/28/23        USD        6.50        USD        923        (38,964
First Solar, Inc.
    97        07/28/23        USD        205.00        USD        1,844        (46,075
Marvell Technology, Inc.
    180        07/28/23        USD        66.00        USD        1,076        (11,700
MercadoLibre, Inc.
    30        07/28/23        USD        1,290.00        USD        3,554        (54,750
MongoDB, Inc.
    70        07/28/23        USD        380.00        USD        2,877        (281,050
NVIDIA Corp.
    207        07/28/23        USD        425.00        USD        8,757        (366,907
Palo Alto Networks, Inc.
    61        07/28/23        USD        255.00        USD        1,559        (51,240
Pinterest, Inc., Class A
    480        07/28/23        USD        25.00        USD        1,312        (130,560
Shift4 Payments, Inc., Class A
    306        07/28/23        USD        73.00        USD        2,078        (47,733
Spotify Technology SA
    103        07/28/23        USD        167.50        USD        1,654        (63,345
Take-Two Interactive Software, Inc.
    199        07/28/23        USD        143.00        USD        2,928        (125,867
Tesla, Inc.
    122        07/28/23        USD        280.00        USD        3,194        (126,270
Tesla, Inc.
    103        07/28/23        USD        295.00        USD        2,696        (70,040
Unity Software, Inc.
    404        07/28/23        USD        45.00        USD        1,754        (92,516
Coupang, Inc.
    630        08/04/23        USD        17.50        USD        1,096        (50,715
Marvell Technology, Inc.
    428        08/04/23        USD        61.00        USD        2,559        (100,580
NVIDIA Corp.
    121        08/04/23        USD        455.00        USD        5,119        (116,765
Pinterest, Inc., Class A
    275        08/04/23        USD        28.00        USD        752        (38,775
Tesla, Inc.
    165        08/04/23        USD        290.00        USD        4,319        (146,850
First Solar, Inc.
    134        08/11/23        USD        200.00        USD        2,547        (106,865
MercadoLibre, Inc.
    16        08/11/23        USD        1,290.00        USD        1,895        (62,960
Unity Software, Inc.
    223        08/11/23        USD        45.00        USD        968        (84,740
Array Technologies, Inc.
    577        08/18/23        USD        25.00        USD        1,304        (70,683
Credo Technology Group Holding Ltd.
    1,520        08/18/23        USD        10.00        USD        2,636        (1,147,600
Credo Technology Group Holding Ltd.
    2,813        08/18/23        USD        20.00        USD        4,878        (126,585
Jabil, Inc.
    771        08/18/23        USD        100.00        USD        8,321        (693,900
Kinaxis, Inc.
    151        08/18/23        CAD        190.00        CAD        2,858        (102,015
Lattice Semiconductor Corp.
    452        08/18/23        USD        95.00        USD        4,342        (334,480
Legalzoom.com, Inc.
    870        08/18/23        USD        12.50        USD        1,051        (73,950
Manhattan Associates, Inc.
    122        08/18/23        USD        195.00        USD        2,439        (164,090
MongoDB, Inc.
    100        08/18/23        USD        390.00        USD        4,110        (405,500
Monolithic Power Systems, Inc.
    126        08/18/23        USD        530.00        USD        6,807        (536,130
Pinterest, Inc., Class A
    274        08/18/23        USD        26.00        USD        749        (73,021
Pure Storage, Inc., Class A
    1,190        08/18/23        USD        37.00        USD        4,382        (199,325
Rambus, Inc.
    440        08/18/23        USD        70.00        USD        2,823        (99,000
Rapid7, Inc.
    360        08/18/23        USD        50.00        USD        1,630        (129,600
Samsara, Inc., Class A
    387        08/18/23        USD        30.00        USD        1,072        (50,310
Shift4 Payments, Inc., Class A
    306        08/18/23        USD        68.50        USD        2,078        (129,197
Trip.com Group Ltd., ADR
    458        08/18/23        USD        39.00        USD        1,603        (24,045
 
 
 
102  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                    
Wolfspeed, Inc.
     589        08/18/23        USD        60.00        USD        3,274      $ (223,820
Pinterest, Inc., Class A
     220        09/15/23        USD        29.00        USD        601        (34,980
Samsara, Inc., Class A
     387        09/15/23        USD        30.00        USD        1,072        (87,075
                    
 
 
 
                     $ (23,613,679
                    
 
 
 
OTC Options Written
 
Description    Counterparty   
Number of
Contracts
    
Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                       
Adyen NV
   Goldman Sachs International      5,600        07/11/23        EUR        1,489.94        EUR        8,887      $     (624,711
Delta Electronics, Inc.
   BNP Paribas SA      479,000        07/11/23        TWD        309.73        TWD        165,329        (536,514
GMO Payment Gateway, Inc.
   UBS AG      25,600        07/11/23        JPY        11,720.91        JPY        289,752        (12,048
Lattice Semiconductor Corp.
   Citibank N.A.      46,200        07/11/23        USD        85.77        USD        4,438        (490,013
Prosus NV
   Goldman Sachs International      17,000        07/11/23        EUR        72.62        EUR        1,141        (1,925
ASM International NV
   Goldman Sachs International      33,000        07/12/23        EUR        356.48        EUR        12,841        (1,196,303
Glodon Co. Ltd., Class A
   Morgan Stanley & Co. International PLC      350,000        07/12/23        CNY        39.93        CNY        11,389        (619
Informa PLC
   Goldman Sachs International      336,300        07/12/23        GBP        7.34        GBP        2,445        (29,154
Lotes Co. Ltd.
   UBS AG      40,000        07/12/23        TWD        934.28        TWD        34,496        (5,692
Shenzhen Inovance Technology Co. Ltd., Class A
   Morgan Stanley & Co. International PLC      452,000        07/12/23        CNY        62.03        CNY        29,102        (159,900
SiteMinder Ltd.
   UBS AG      35,000        07/12/23        AUD        3.34        AUD        102        (225
Wise PLC, Class A
   JPMorgan Chase Bank N.A.      135,000        07/12/23        GBP        6.26        GBP        889        (85,334
Alphawave IP Group PLC
   Morgan Stanley & Co. International PLC      100,000        07/13/23        GBP        1.28        GBP        143        (21,445
Ibiden Co. Ltd.
   Citibank N.A.      23,500        07/13/23        JPY        8,413.65        JPY        192,935        (18,988
Ibiden Co. Ltd.
   UBS AG      52,800        07/13/23        JPY        7,799.04        JPY        433,489        (153,402
Nikon Corp.
   UBS AG      230,800        07/13/23        JPY        1,602.07        JPY        432,373        (420,446
Unimicron Technology Corp.
   Goldman Sachs International      674,000        07/13/23        TWD        187.53        TWD        119,371        (22,781
Wiwynn Corp.
   Goldman Sachs International      8,000        07/13/23        TWD        1,234.90        TWD        11,387        (48,983
Wolters Kluwer NV
   Goldman Sachs International      65,700        07/13/23        EUR        112.99        EUR        7,645        (282,393
BE Semiconductor Industries NV
   Morgan Stanley & Co. International PLC      44,400        07/18/23        EUR        97.93        EUR        4,413        (172,056
Lotes Co. Ltd.
   Citibank N.A.      47,000        07/18/23        TWD        988.98        TWD        40,532        (3,477
Wise PLC, Class A
   Morgan Stanley & Co. International PLC      51,000        07/18/23        GBP        6.33        GBP        336        (33,744
Xero Ltd.
   Goldman Sachs International      41,150        07/18/23        AUD        107.07        AUD        4,949        (337,181
Altium Ltd.
   UBS AG      70,000        07/19/23        AUD        38.48        AUD        2,602        (15,072
Altium Ltd.
   UBS AG      43,900        07/19/23        AUD        40.34        AUD        1,632        (1,875
SK Hynix, Inc.
   Morgan Stanley & Co. International PLC      43,400        07/19/23        KRW        106,605.00        KRW        5,024,613        (308,139
SOITEC
   Morgan Stanley & Co. International PLC      7,200        07/19/23        EUR        131.26        EUR        1,116        (190,319
SOITEC
   Morgan Stanley & Co. International PLC      6,600        07/19/23        EUR        144.13        EUR        1,023        (88,666
Wiwynn Corp.
   Morgan Stanley & Co. International PLC      70,000        07/19/23        TWD        1,175.93        TWD        99,637        (559,313
Altium Ltd.
   UBS AG      63,000        07/25/23        AUD        39.63        AUD        2,342        (8,617
CTS Eventim AG & Co. KGaA
   Goldman Sachs International      13,700        07/25/23        EUR        72.20        EUR        794        (14
Freee KK
   BNP Paribas SA      94,600        07/25/23        JPY        3,729.71        JPY        311,040        (31,527
GMO Payment Gateway, Inc.
   BNP Paribas SA      25,000        07/25/23        JPY        11,462.45        JPY        282,961        (43,092
Informa PLC
   Goldman Sachs International      377,800        07/25/23        GBP        7.22        GBP        2,747        (89,700
Lasertec Corp.
   BNP Paribas SA      89,700        07/25/23        JPY        23,385.53        JPY        1,955,940        (199,215
Alphawave IP Group PLC
   Goldman Sachs International      200,000        07/26/23        GBP        1.26        GBP        287        (52,738
BE Semiconductor Industries NV
   Goldman Sachs International      21,000        07/26/23        EUR        109.12        EUR        2,087        (12,811
CTS Eventim AG & Co. KGaA
   Barclays Bank PLC      10,000        07/26/23        EUR        72.98        EUR        580        (7
Kaspi.KZ JSC, GDR, Registered Shares
   Morgan Stanley & Co. International PLC      30,000        07/26/23        USD        83.53        USD        2,393        (38,892
M3, Inc.
   UBS AG      104,000        07/26/23        JPY        3,281.90        JPY        327,215        (30,645
SiteMinder Ltd.
   Citibank N.A.      24,500        07/26/23        AUD        3.22        AUD        72        (967
SOITEC
   Morgan Stanley & Co. International PLC      12,200        07/26/23        EUR        140.88        EUR        1,891        (211,168
Wise PLC, Class A
   Goldman Sachs International      47,200        07/26/23        GBP        6.29        GBP        311        (36,441
Zhejiang Supcon Technology Co. Ltd., Class A
   Morgan Stanley & Co. International PLC      256,343        07/26/23        CNY        71.33        CNY        16,148        (10,372
Amkor Technology, Inc.
   Citibank N.A.      40,300        07/31/23        USD        27.56        USD        1,199        (109,814
Axcelis Technologies, Inc.
   Citibank N.A.      8,600        07/31/23        USD        191.10        USD        1,577        (45,903
Legalzoom.com, Inc.
   Citibank N.A.      80,000        07/31/23        USD        12.98        USD        966        (27,043
Synopsys, Inc.
   Citibank N.A.      16,200        07/31/23        USD        467.88        USD        7,054        (63,423
Alphawave IP Group PLC
   Morgan Stanley & Co. International PLC      100,000        08/01/23        GBP        1.35        GBP        143        (19,460
 
 
C O N S O L I D A T E D   S C H E D U L E    O F   I N V E S T M E N T S
  103

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                       
Altium Ltd.
   UBS AG      54,000        08/01/23        AUD        39.19        AUD        2,007      $ (14,393
CTS Eventim AG & Co. KGaA
   UBS AG      17,100        08/01/23        EUR        62.84        EUR        991        (10,728
Delta Electronics, Inc.
   Citibank N.A.      80,000        08/01/23        TWD        349.86        TWD        27,612        (20,802
Freee KK
   Bank of America N.A.      93,100        08/01/23        JPY        3,648.39        JPY        306,108        (52,181
Informa PLC
   Morgan Stanley & Co. International PLC      377,800        08/01/23        GBP        7.22        GBP        2,747        (104,103
Kaspi.KZ JSC, GDR, Registered Shares
   Morgan Stanley & Co. International PLC      30,000        08/01/23        USD        84.33        USD        2,393        (40,435
SOITEC
   Morgan Stanley & Co. International PLC      15,000        08/01/23        EUR        160.16        EUR        2,326        (56,281
SOITEC
   Morgan Stanley & Co. International PLC      9,600        08/01/23        EUR        143.71        EUR        1,488        (147,706
Yageo Corp.
   Goldman Sachs International      60,000        08/01/23        TWD        510.24        TWD        29,604        (9,985
Accton Technology Corp.
   BNP Paribas SA      350,000        08/02/23        TWD        395.90        TWD        122,612        (34,569
Alchip Technologies Ltd.
   Morgan Stanley & Co. International PLC      87,000        08/02/23        TWD        1,936.00        TWD        156,950        (205,118
Appier Group, Inc.
   Societe Generale      204,300        08/02/23        JPY        1,921.70        JPY        361,655        (85,213
ASPEED Technology, Inc.
   Morgan Stanley & Co. International PLC      43,000        08/02/23        TWD        2,874.41        TWD        123,348        (228,597
eMemory Technology, Inc.
   Morgan Stanley & Co. International PLC      39,000        08/02/23        TWD        2,461.00        TWD        86,937        (47,927
Nexon Co. Ltd.
   Societe Generale      160,000        08/02/23        JPY        3,046.83        JPY        442,736        (11,956
SiteMinder Ltd.
   Citibank N.A.      37,300        08/02/23        AUD        3.33        AUD        109        (1,352
SK Hynix, Inc.
   Morgan Stanley & Co. International PLC      10,600        08/02/23        KRW        124,740.00        KRW        1,227,210        (10,703
Wise PLC, Class A
   Goldman Sachs International      84,400        08/02/23        GBP        6.82        GBP        555        (39,696
Altium Ltd.
   Citibank N.A.      37,100        08/08/23        AUD        36.92        AUD        1,379        (35,451
Alphawave IP Group PLC
   Morgan Stanley & Co. International PLC      150,000        08/10/23        GBP        1.50        GBP        215        (17,435
BE Semiconductor Industries NV
   Morgan Stanley & Co. International PLC      39,400        08/10/23        EUR        110.42        EUR        3,916        (54,300
CTS Eventim AG & Co. KGaA
   Morgan Stanley & Co. International PLC      17,000        08/10/23        EUR        59.82        EUR        985        (28,454
GMO Payment Gateway, Inc.
   Societe Generale      22,200        08/10/23        JPY        12,629.90        JPY        251,269        (11,264
SOITEC
   Goldman Sachs International      10,300        08/10/23        EUR        157.04        EUR        1,597        (72,066
Wise PLC, Class A
   Goldman Sachs International      95,000        08/10/23        GBP        6.39        GBP        625        (72,895
Samsung SDI Co. Ltd.
   BNP Paribas SA      18,600        08/14/23        KRW        700,667.27        KRW        12,514,775        (189,004
Prosus NV
   JPMorgan Chase Bank N.A.      31,300        08/15/23        EUR        66.12        EUR        2,101        (127,598
Xero Ltd.
   UBS AG      42,800        08/15/23        AUD        116.91        AUD        5,148        (193,722
Altium Ltd.
   Goldman Sachs International      37,100        08/16/23        AUD        38.27        AUD        1,379        (24,144
Informa PLC
   Bank of America N.A.      69,600        08/16/23        GBP        7.29        GBP        506        (19,242
Yageo Corp.
   Morgan Stanley & Co. International PLC      212,000        08/16/23        TWD        512.12        TWD        104,602        (51,431
                       
 
 
 
                        $ (8,871,318
                       
 
 
 
Balances Reported in the Consolidated Statements of Assets and Liabilities for Options Written
 
Description    Swap
Premiums
Paid
     Swap
Premiums
Received
     Unrealized
Appreciation
     Unrealized
Depreciation
     Value  
Options Written
   $  N/A    $  N/A      $ 2,852,790      $  (18,597,723    $  (32,484,997
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
 
      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  
Liabilities — Derivative Financial Instruments
                    
Options written
                    
Options written at value
   $  —      $      $ 32,484,997      $      $  —      $      $ 32,484,997  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
 
104  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Science and Technology Term Trust (BSTZ)
 
For the period ended June 30, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
 
      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  
Net Realized Gain (Loss) from:
                    
Options purchased(a)
   $      $      $ (4,070,240    $      $      $      $ (4,070,240
Options written
                   (10,876,120                           (10,876,120
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ (14,946,360    $      $      $      $ (14,946,360
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                    
Options written
   $      $      $ (25,448,128    $      $      $      $ (25,448,128
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (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
   $ 27,055,570  
 
 
 
  (a) 
Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
 
 
 
     Assets      Liabilities  
 
 
Derivative Financial Instruments
     
Options
   $      $ 32,484,997  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities
            32,484,997  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
            (23,613,679
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $      $ 8,871,318  
  
 
 
    
 
 
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
 
Counterparty     



Derivative
Liabilities
Subject to
an MNA by
Counterparty
 
 
 
 
 
    
Derivatives
Available
for Offset
 
 
 
    

Non-Cash
Collateral
Pledged
 
 
 
    

Cash
Collateral
Pledged
 
 
 
    

Net Amount
of Derivative
Liabilities
 
 
(a) 
Bank of America N.A
   $ 71,423      $      $      $      $ 71,423  
Barclays Bank PLC
     7                             7  
BNP Paribas SA
     1,033,921               (582,507      (440,000      11,414  
Citibank N.A.
     817,233                      (540,000      277,233  
Goldman Sachs International
     2,953,921               (2,490,385             463,536  
JPMorgan Chase Bank N.A.
     212,932               (122,510             90,422  
Morgan Stanley & Co. International PLC
     2,806,583               (1,979,318             827,265  
Societe Generale
     108,433               (106,709             1,724  
UBS AG
     866,865               (616,842             250,023  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $         8,871,318      $                 —      $     (5,898,271    $     (980,000    $     1,993,047  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities.
 
 
C O N S O L I D A T E D   S C H E D U L E    O F   I N V E S T M E N T S
  105

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Science and Technology Term Trust (BSTZ)
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.
 
      Level 1      Level 2      Level 3      Total  
Assets
           
Investments
           
Long-Term Investments
           
Common Stocks
           
Automobiles
   $ 49,201,766      $      $      $ 49,201,766  
Broadline Retail
     31,812,599        8,827,494               40,640,093  
Communications Equipment
            13,149,146               13,149,146  
Consumer Finance
            11,990,607               11,990,607  
Diversified Consumer Services
                   3,401,837        3,401,837  
Electrical Equipment
     7,943,810                      7,943,810  
Electronic Equipment, Instruments & Components
     32,849,035        84,044,135               116,893,170  
Entertainment
     41,393,989        16,333,870               57,727,859  
Financial Services
     9,923,892        43,430,412               53,354,304  
Health Care Technology
            5,673,558               5,673,558  
Hotels, Restaurants & Leisure
     20,527,686                      20,527,686  
Household Durables
            8,481,717               8,481,717  
Interactive Media & Services
     9,625,320                      9,625,320  
IT Services
     27,734,427               56,347,430        84,081,857  
Machinery
            6,403,338               6,403,338  
Media
            26,646,882               26,646,882  
Professional Services
     9,481,918        20,874,567               30,356,485  
Semiconductors & Semiconductor Equipment
     272,195,025        152,369,864               424,564,889  
Software
     124,395,496        65,087,973        39,686,862        229,170,331  
Specialty Retail
     7,915,885                      7,915,885  
Technology Hardware, Storage & Peripherals
     27,170,693        7,358,093               34,528,786  
Preferred Securities
           
Preferred Stocks
                   446,862,280        446,862,280  
Warrants
                           
Short-Term Securities
           
Money Market Funds
     3,399,844                      3,399,844  
  
 
 
    
 
 
    
 
 
    
 
 
 
   $ 675,571,385      $ 470,671,656      $     546,298,409        1,692,541,450  
  
 
 
    
 
 
    
 
 
    
 
 
 
Investments Valued at NAV(a)
              2,600,319  
           
 
 
 
            $   1,695,141,769  
           
 
 
 
Derivative Financial Instruments(b)
           
Liabilities
           
Equity Contracts
   $     (17,072,973    $     (15,412,024    $      $ (32,484,997
  
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
  (b) 
Derivative financial instruments are options written. Options written are shown at value.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments 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
     Warrants      Total  
Assets
           
Opening balance, as of December 31, 2022
   $ 94,490,236      $ 413,908,201      $ 44,581      $ 508,443,018  
Transfers into Level 3
                           
Transfers out of Level 3
                           
Accrued discounts/premiums
                           
Net realized gain (loss)
                           
Net change in unrealized appreciation (depreciation)(a)(b)
     4,945,893        32,954,079        (44,581      37,855,391  
 
 
106  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Science and Technology Term Trust (BSTZ)
 
 
 
    
Common
Stocks
    
Preferred
Stocks
     Warrants      Total  
 
 
Purchases
   $      $      $      $  
Sales
                           
  
 
 
    
 
 
    
 
 
    
 
 
 
Closing balance, as of June 30, 2023
   $ 99,436,129      $ 446,862,280      $ (c)     $ 546,298,409  
  
 
 
    
 
 
    
 
 
    
 
 
 
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023(b)
   $ 4,945,893      $ 32,954,079      $ (44,581    $ 37,855,391  
  
 
 
    
 
 
    
 
 
    
 
 
 
 
  (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, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.
  (c) 
Rounds to less than $1.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (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
   $ 99,436,129        Market        Revenue Multiple        1.80x ‑ 28.00x        13.48x  
           Volatility        60% - 70%        61%  
           Time to Exit        1.0 - 3.0 years        1.3 years  
Preferred Stocks
     446,862,280        Market        Revenue Multiple        1.80x - 29.00x        16.30x  
           Time to Exit        3.0 ‑ 4.0 years        3.9 years  
           Volatility        40% - 70%        52%  
           Market Adjustment Multiple        1.10x-1.10x        1.10x  
           Gross Profit Multiple        6.75x         
  
 
 
             
   $     546,298,409              
  
 
 
             
 
  (a) 
A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.
See notes to financial statements.
 
 
C O N S O L I D A T E D   S C H E D U L E    O F   I N V E S T M E N T S
  107

Consolidated Schedule of Investments  (unaudited)
June 30, 2023
    
  
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
 
Security   Shares      Value  
Common Stocks
    
Automobiles — 2.5%             
Tesla, Inc.(a)(b)
    109,155      $       28,573,504  
    
 
 
 
Broadline Retail(a)(b) — 3.5%             
Alibaba Group Holding Ltd., ADR(c)
    61,846        5,154,864  
Amazon.com, Inc.
    167,904        21,887,965  
MercadoLibre, Inc.
    11,296        13,381,242  
    
 
 
 
       40,424,071  
Capital Markets — 0.7%             
S&P Global, Inc.(a)
    21,150        8,478,824  
    
 
 
 
Communications Equipment(a) — 0.9%             
Arista Networks, Inc.(b)
    32,419        5,253,823  
Motorola Solutions, Inc.
    18,742        5,496,654  
    
 
 
 
       10,750,477  
Diversified Consumer Services(d)(e) — 1.1%  
Grammarly, Inc., (Acquired 11/17/21,
Cost: $18,749,975)
  715,323      12,260,636  
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $1,524,948)
    997        729,227  
    
 
 
 
       12,989,863  
Electrical Equipment — 0.6%
    
NEXTracker, Inc., Class A(a)(b)
    169,000        6,727,890  
    
 
 
 
Electronic Equipment, Instruments & Components — 1.8%  
Flex Ltd.(a)(b)
    331,320        9,157,685  
Keyence Corp.
    8,900        4,228,892  
Samsung SDI Co. Ltd.
    15,649        7,990,917  
    
 
 
 
       21,377,494  
Entertainment(a)(b) — 2.3%             
Netflix, Inc.
    18,894        8,322,618  
ROBLOX Corp., Class A
    100,227        4,039,148  
Spotify Technology SA
    49,956        8,020,436  
Take-Two Interactive Software, Inc.
    41,735        6,141,723  
    
 
 
 
       26,523,925  
Financial Services — 6.0%             
Adyen NV(b)(f)
    6,260        10,840,241  
GMO Payment Gateway, Inc.
    83,100        6,518,323  
Mastercard, Inc., Class A(a)(g)
    69,644        27,390,985  
Visa, Inc., Class A(a)
    84,576        20,085,109  
Wise PLC, Class A(b)
    524,987        4,388,146  
    
 
 
 
       69,222,804  
Ground Transportation — 0.8%             
Uber Technologies, Inc.(a)(b)
    223,554        9,650,826  
    
 
 
 
Health Care Technology — 0.4%             
M3, Inc.
    216,700        4,725,058  
    
 
 
 
Hotels, Restaurants & Leisure — 0.5%             
Trip.com Group Ltd.(b)
    183,250        6,397,146  
    
 
 
 
Interactive Media & Services — 4.3%             
Alphabet, Inc., Class A(a)(b)
    165,033        19,754,450  
Meta Platforms, Inc., Class A(a)(b)
    76,259        21,884,808  
Patreon, Inc., (Acquired 08/19/21, Cost: $3,352,226)(d)(e)
    59,524        1,552,981  
Tencent Holdings Ltd.
    159,400        6,758,747  
    
 
 
 
       49,950,986  
Security   Shares      Value  
IT Services — 4.1%             
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $7,999,945)(d)(e)
    94,117      $         4,627,733  
Klarna Holdings AB, (Acquired 08/07/19, Cost: $7,971,978)(d)(e)
    26,430        5,815,955  
MongoDB, Inc.(a)(b)
    34,887        14,338,208  
Shopify, Inc., Class A(a)(b)
    95,452        6,166,199  
Snowflake, Inc., Class A(a)(b)
    19,997        3,519,072  
Teya Services Ltd., Series C, (Acquired 12/17/21, Cost: $24,999,987)(d)(e)
    12,871        8,536,948  
TRAX Ltd., Series D, (Acquired 09/12/19, Cost: $4,000,012)(d)(e)
    106,667        3,140,277  
TRAX Ltd., Series E, (Acquired 02/18/21, Cost: $1,999,989)(d)(e)
    38,361        1,129,348  
    
 
 
 
       47,273,740  
Professional Services — 1.0%             
Ant Group Co., Ltd., Series C, (Acquired 05/18/18, Cost: $6,492,862)(d)(e)
    1,703,548        5,604,673  
RELX PLC
    190,385        6,351,373  
    
 
 
 
       11,956,046  
Semiconductors & Semiconductor Equipment — 22.4%  
Advanced Micro Devices, Inc.(a)(b)
    157,505        17,941,395  
ASM International NV
    30,899        13,119,843  
ASML Holding NV
    43,842        31,799,863  
Broadcom, Inc.(a)
    30,124        26,130,461  
Credo Technology Group Holding Ltd.(a)(b)
    575,627        9,981,372  
First Solar, Inc.(a)(b)
    25,696        4,884,553  
Lam Research Corp.(a)
    18,864        12,126,911  
Marvell Technology, Inc.(a)
    168,624        10,080,343  
Micron Technology, Inc.(a)
    120,238        7,588,220  
Monolithic Power Systems, Inc.(a)
    23,218        12,543,060  
NVIDIA Corp.(a)(g)
    163,532        69,177,307  
Renesas Electronics Corp.(b)
    286,700        5,410,690  
SOITEC(b)
    67,686        11,450,802  
STMicroelectronics NV
    159,584        7,958,994  
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a) .
    80,676        8,141,822  
Wolfspeed, Inc.(a)(b)(c)
    208,765        11,605,246  
    
 
 
 
       259,940,882  
Software — 21.2%             
Adobe, Inc.(a)(b)
    12,508        6,116,287  
ANSYS, Inc.(a)(b)
    33,940        11,209,364  
Autodesk, Inc.(a)(b)
    24,894        5,093,561  
Cadence Design Systems, Inc.(a)(b)
    117,682        27,598,783  
Constellation Software, Inc.
    3,923        8,128,095  
Crowdstrike Holdings, Inc., Class A(a)(b)
    33,034        4,851,704  
Dassault Systemes SE
    154,850        6,861,551  
Databricks, Inc., (Acquired 07/24/20,
Cost: $960,476)(d)(e)
    59,997        3,332,833  
DataRobot, Inc., (Acquired 03/01/21,
Cost: $583,275)(d)(e)
    38,789        207,909  
Intuit, Inc.(a)
    26,351        12,073,765  
Microsoft Corp.(a)
    295,517        100,635,359  
Oracle Corp.(a)
    162,983        19,409,645  
Salesforce, Inc.(a)(b)
    55,935        11,816,828  
ServiceNow, Inc.(a)(b)
    15,190        8,536,324  
SiteMinder Ltd.(b)
    1,082,492        2,109,935  
Snorkel AI, Inc., (Acquired 06/30/21,
Cost: $997,636)(d)(e)
    66,422        735,292  
Snyk Ltd., (Acquired 09/02/21,
Cost: $5,192,307)(d)(e)
    361,972        4,159,058  
 
 
 
108  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
  
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
 
    
Security
  Shares      Value  
Software (continued)             
Unity Software, Inc.(a)(b)
    150,439      $ 6,532,061  
Xero Ltd.(b)
    80,662        6,462,634  
    
 
 
 
           245,870,988  
Specialty Retail — 0.0%             
AceVector Limited, Series I, (Acquired 08/31/18, Cost: $1,998,435)(d)(e)
    168,640        130,124  
    
 
 
 
Technology Hardware, Storage & Peripherals —8.7%  
Apple, Inc.(a)
    497,410        96,482,618  
Samsung Electronics Co. Ltd.
    82,578        4,547,011  
    
 
 
 
       101,029,629  
    
 
 
 
Total Common Stocks — 82.8%
    (Cost: $518,661,506)
         961,994,277  
    
 
 
 
    
Par
(000)
         
Convertible Notes
    
Financial Services — 0.0%             
Wyre, Inc., (Acquired: 12/14/21, Cost: $8,000,000), 0.00%(d)(e)
  $ 80        1  
    
 
 
 
Total Convertible Notes — 0.0%
    (Cost: $8,000,000)
1
 
    
 
 
 
     Shares          
Preferred Securities
    
Preferred Stocks — 18.4%(d)(e)             
Chemicals — 0.7%             
Solugen, Inc., Series C, (Acquired 09/02/21,
Cost: $9,999,977)
       269,284        8,048,899  
    
 
 
 
Consumer Staples Distribution & Retail — 1.5%  
Grubmarket, Inc., Series E, (Acquired 10/18/21,
Cost: $6,999,994)
    709,724        16,870,140  
    
 
 
 
Diversified Consumer Services — 1.0%  
FlixMobility GmbH, Series F, (Acquired 07/26/19,
Cost: $5,482,937)
    275        7,052,425  
Grammarly, Inc., Series 3, (Acquired 11/17/21,
Cost: $6,249,992)
    238,441        4,086,879  
Think & Learn Private Ltd.,
Series F, (Acquired 09/30/20,
Cost: $3,052,975)
    1,054        770,917  
    
 
 
 
       11,910,221  
Diversified Telecommunication Services — 0.4%  
Discord, Inc., Series I, (Acquired 09/13/21,
Cost: $7,000,088)
    12,713        4,774,276  
    
 
 
 
Financial Services — 0.5%
Trumid Holdings LLC, Class L, (Acquired 09/15/21,
Cost: $9,999,695)(h)
    11,420        6,320,056  
    
 
 
 
Interactive Media & Services — 0.3%  
Patreon, Inc., Series D, (Acquired 07/14/21,
Cost: $6,666,632)
    119,047        3,105,936  
    
 
 
 
    
Security
  Shares      Value  
IT Services — 5.7%             
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $9,650,746)
    88,075      $ 15,483,943  
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,999,391)
    493,493        3,602,499  
Farmer’s Business Network, Inc.
    
Series F, (Acquired 07/31/20,
Cost: $2,999,886)
    90,750        3,913,140  
Series G, (Acquired 09/15/21,
Cost: $6,999,963)
    112,616        4,856,002  
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $24,999,980)
    1,088,598        14,315,063  
Trumid Holdings LLC(h)
    
Class J-A, (Acquired 07/24/20,
Cost: $2,499,716)
    5,038        2,788,130  
Class J-B, (Acquired 07/24/20,
Cost: $1,499,830)
    5,038        2,788,130  
Voltron Data, Inc.
    
Seed Shares, (Acquired 07/14/21, Cost: $5,000,000)
    9,090,909        9,272,727  
Series A, (Acquired 01/18/22,
Cost: $10,000,000)
    6,201,935        8,682,709  
    
 
 
 
             65,702,343  
Semiconductors & Semiconductor Equipment — 2.7%  
PsiQuantum Corp.
    
Series C, (Acquired 09/09/19,
Cost: $3,200,234)
    690,003        15,007,565  
Series D, (Acquired 05/21/21,
Cost: $5,000,025)
    190,650        5,038,880  
Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $12,003,705)
    4,500,000        11,115,000  
    
 
 
 
       31,161,445  
Software — 5.6%             
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $29,999,955)
    598,682        14,679,683  
Databricks, Inc.
    
Series F, (Acquired 10/22/19,
Cost: $3,999,999)
    279,405        15,520,948  
Series G, (Acquired 02/01/21,
Cost: $4,500,001)
    76,113        4,228,077  
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996)
    228,276        1,486,077  
Prosimo, Inc., Series B, (Acquired 11/04/21, Cost: $4,999,998)
    2,515,811        4,025,297  
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,125)
    187,300        15,573,995  
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985)
    332,896        3,685,159  
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $4,807,688)
    337,018        3,872,337  
Unqork, Inc.
    
Series B, (Acquired 09/19/19,
Cost: $3,198,417)
    281,080        2,006,911  
Series C, (Acquired 09/18/20,
Cost: $1,303,260)
    47,600        419,832  
    
 
 
 
       65,498,316  
    
 
 
 
       213,391,632  
    
 
 
 
Total Preferred Securities — 18.4%
    (Cost: $213,087,190)
     213,391,632  
    
 
 
 
 
 
 
C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S
  109

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
 
Security   Shares      Value  
Warrants
    
IT Services — 0.0%             
TRAX Ltd., (Acquired 09/12/19, Cost: $0), (Issued 09/23/19, Exercisable 07/12/23, 1 Share for 1 Warrant, Expires 09/15/23, Strike Price USD 46.88)(b)(d)(e)
    17,065      $  
    
 
 
 
Total Warrants — 0.0%
    (Cost: $—)
      
    
 
 
 
Total Long-Term Investments — 101.2%
    (Cost: $739,748,696)
     1,175,385,910  
    
 
 
 
Short-Term Securities
    
Money Market Funds — 0.3%
    
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(i)(j)
    359,934        359,934  
SL Liquidity Series, LLC, Money Market Series, 5.28%(i)(j)(k)
    2,573,433        2,573,433  
    
 
 
 
Total Short-Term Securities — 0.3%
    (Cost: $2,933,194)
     2,933,367  
    
 
 
 
Total Investments Before Options Written — 101.5%
    (Cost: $742,681,890)
     1,178,319,277  
    
 
 
 
Options Written — (1.6)%
    (Premiums Received: $(12,549,700))
     (19,101,911)  
    
 
 
 
Total Investments, Net of Options Written — 99.9%
    (Cost: $730,132,190)
     1,159,217,366  
Other Assets Less Liabilities — 0.1%      1,703,406  
    
 
 
 
Net Assets — 100.0%          $ 1,160,920,772  
    
 
 
 
 
 
(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 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 $265,354,627, representing 22.9% of its net assets as of period end, and an original cost of $307,911,241.
(f) 
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(g) 
All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(h) 
All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.
(i)
Affiliate of the Trust.
(j)
Annualized 7-day yield as of period end.
(k) 
All or a portion of this security was purchased with the cash collateral from loaned securities.
 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
Affiliated Issuer    Value at
12/31/22
     Purchases
at Cost
     Proceeds
from Sales
     Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
06/30/23
     Shares
Held at
06/30/23
     Income      Capital Gain
Distributions
from
Underlying
Funds
 
BlackRock Liquidity Funds, T-Fund, Institutional Class
   $ 5,779,501      $      $ (5,419,567 )(a)     $      $      $ 359,934        359,934      $ 161,024      $  
SL Liquidity Series, LLC, Money Market Series
     825,025        1,747,720 (a)              595        93        2,573,433        2,573,433        8,501 (b)        
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
            $ 595      $ 93      $ 2,933,367         $   169,525      $  
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
 
  (a) 
Represents net amount purchased (sold).
  (b) 
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
 
Description    Number of
Contracts
     Expiration
Date
     Exercise Price      Notional
Amount (000)
     Value  
Call
              
Adobe, Inc.
     28        07/07/23        USD        440.00        USD        1,369      $     (138,670
 
 
110  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                    
Alibaba Group Holding Ltd., ADR
     184        07/07/23        USD        85.00        USD        1,534      $      (16,376
Alphabet, Inc., Class A
     176        07/07/23        USD        124.34        USD        2,107        (2,810
Amazon.com, Inc.
     48        07/07/23        USD        123.00        USD        626        (35,760
Apple, Inc.
     359        07/07/23        USD        185.00        USD        6,964        (329,382
Intuit, Inc.
     59        07/07/23        USD        440.00        USD        2,703        (112,100
Marvell Technology, Inc.
     160        07/07/23        USD        62.75        USD        956        (2,658
Microsoft Corp.
     273        07/07/23        USD        340.00        USD        9,297        (94,868
MongoDB, Inc.
     34        07/07/23        USD        420.00        USD        1,397        (15,555
NVIDIA Corp.
     211        07/07/23        USD        380.00        USD        8,926        (919,960
S&P Global, Inc.
     46        07/07/23        USD        380.00        USD        1,844        (99,130
Salesforce, Inc.
     128        07/07/23        USD        215.00        USD        2,704        (12,160
Shopify, Inc., Class A
     218        07/07/23        USD        67.00        USD        1,408        (10,464
Spotify Technology SA
     105        07/07/23        USD        150.00        USD        1,686        (114,450
Tesla, Inc.
     110        07/07/23        USD        220.00        USD        2,879        (462,000
Advanced Micro Devices, Inc.
     51        07/14/23        USD        120.00        USD        581        (6,911
Alphabet, Inc., Class A
     115        07/14/23        USD        125.00        USD        1,377        (5,520
Amazon.com, Inc.
     56        07/14/23        USD        129.00        USD        730        (19,180
Apple, Inc.
     376        07/14/23        USD        185.00        USD        7,293        (355,320
Arista Networks, Inc.
     54        07/14/23        USD        170.00        USD        875        (6,210
Crowdstrike Holdings, Inc., Class A
     72        07/14/23        USD        162.50        USD        1,057        (2,556
Lam Research Corp.
     39        07/14/23        USD        620.00        USD        2,507        (116,317
Marvell Technology, Inc.
     218        07/14/23        USD        61.00        USD        1,303        (23,762
Mastercard, Inc., Class A
     137        07/14/23        USD        385.00        USD        5,388        (136,315
MercadoLibre, Inc.
     31        07/14/23        USD        1,290.00        USD        3,672        (25,575
Meta Platforms, Inc., Class A
     28        07/14/23        USD        285.00        USD        804        (20,860
Micron Technology, Inc.
     12        07/14/23        USD        72.00        USD        76        (84
Micron Technology, Inc.
     142        07/14/23        USD        68.00        USD        896        (3,550
Microsoft Corp.
     199        07/14/23        USD        330.00        USD        6,777        (237,805
Netflix, Inc.
     32        07/14/23        USD        420.00        USD        1,410        (77,920
NVIDIA Corp.
     200        07/14/23        USD        400.00        USD        8,460        (540,000
Oracle Corp.
     171        07/14/23        USD        110.00        USD        2,036        (157,747
ROBLOX Corp., Class A
     227        07/14/23        USD        43.00        USD        915        (13,393
ServiceNow, Inc.
     32        07/14/23        USD        545.00        USD        1,798        (72,320
Snowflake, Inc., Class A
     24        07/14/23        USD        200.00        USD        422        (2,052
Spotify Technology SA
     51        07/14/23        USD        157.50        USD        819        (27,795
Take-Two Interactive Software, Inc.
     76        07/14/23        USD        136.00        USD        1,118        (88,160
Tesla, Inc.
     141        07/14/23        USD        235.00        USD        3,691        (414,892
Uber Technologies, Inc.
     501        07/14/23        USD        41.00        USD        2,163        (124,749
Unity Software, Inc.
     187        07/14/23        USD        40.00        USD        812        (77,138
Visa, Inc., Class A
     34        07/14/23        USD        230.00        USD        807        (28,390
Cadence Design Systems, Inc.
     300        07/17/23        USD        211.00        USD        7,036        (728,624
Advanced Micro Devices, Inc.
     223        07/21/23        USD        113.00        USD        2,540        (108,155
Alphabet, Inc., Class A
     222        07/21/23        USD        125.00        USD        2,657        (19,980
Amazon.com, Inc.
     106        07/21/23        USD        120.00        USD        1,382        (116,865
Amazon.com, Inc.
     149        07/21/23        USD        130.00        USD        1,942        (53,268
ANSYS, Inc.
     85        07/21/23        USD        320.00        USD        2,807        (114,750
Credo Technology Group Holding Ltd.
     417        07/21/23        USD        8.36        USD        723        (375,525
Credo Technology Group Holding Ltd.
     667        07/21/23        USD        20.00        USD        1,157        (10,005
Crowdstrike Holdings, Inc., Class A
     76        07/21/23        USD        160.00        USD        1,116        (8,246
Flex Ltd.
     800        07/21/23        USD        24.00        USD        2,211        (292,000
Lam Research Corp.
     45        07/21/23        USD        615.00        USD        2,893        (165,262
Mastercard, Inc., Class A
     185        07/21/23        USD        385.00        USD        7,276        (210,900
Micron Technology, Inc.
     266        07/21/23        USD        72.50        USD        1,679        (3,059
Microsoft Corp.
     86        07/21/23        USD        330.00        USD        2,929        (122,980
Microsoft Corp.
     185        07/21/23        USD        340.00        USD        6,300        (132,275
MongoDB, Inc.
     28        07/21/23        USD        280.00        USD        1,151        (370,300
Monolithic Power Systems, Inc.
     37        07/21/23        USD        431.00        USD        1,999        (410,562
Motorola Solutions, Inc.
     45        07/21/23        USD        300.00        USD        1,320        (7,313
Motorola Solutions, Inc.
     44        07/21/23        USD        290.00        USD        1,290        (28,820
Netflix, Inc.
     25        07/21/23        USD        360.00        USD        1,101        (207,750
NEXTracker, Inc., Class A
     378        07/21/23        USD        45.00        USD        1,505        (11,340
NVIDIA Corp.
     127        07/21/23        USD        390.00        USD        5,372        (483,552
 
 
O N S O L I D A T E D    S C H E D U L E    O F   I N V E S T M E N T S
  111

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                    
Oracle Corp.
     197        07/21/23        USD        105.00        USD        2,346      $      (280,232
Salesforce, Inc.
     47        07/21/23        USD        210.00        USD        993        (26,673
ServiceNow, Inc.
     18        07/21/23        USD        570.00        USD        1,012        (20,430
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
     280        07/21/23        USD        105.00        USD        2,826        (45,500
Take-Two Interactive Software, Inc.
     93        07/21/23        USD        145.00        USD        1,369        (41,153
Tesla, Inc.
     125        07/21/23        USD        195.00        USD        3,272        (847,500
Uber Technologies, Inc.
     516        07/21/23        USD        40.00        USD        2,228        (183,180
Unity Software, Inc.
     116        07/21/23        USD        35.00        USD        504        (100,630
Visa, Inc., Class A
     20        07/21/23        USD        230.00        USD        475        (17,950
Wolfspeed, Inc.
     533        07/21/23        USD        50.00        USD        2,963        (343,785
Advanced Micro Devices, Inc.
     210        07/28/23        USD        127.00        USD        2,392        (30,240
Alibaba Group Holding Ltd., ADR
     118        07/28/23        USD        92.00        USD        984        (12,685
Alphabet, Inc., Class A
     97        07/28/23        USD        126.00        USD        1,161        (17,751
Amazon.com, Inc.
     48        07/28/23        USD        137.00        USD        626        (14,136
Apple, Inc.
     357        07/28/23        USD        185.00        USD        6,925        (382,882
Arista Networks, Inc.
     95        07/28/23        USD        165.00        USD        1,540        (42,275
Autodesk, Inc.
     114        07/28/23        USD        220.00        USD        2,333        (15,390
Broadcom, Inc.
     135        07/28/23        USD        890.00        USD        11,710        (226,800
First Solar, Inc.
     81        07/28/23        USD        205.00        USD        1,540        (38,475
Marvell Technology, Inc.
     130        07/28/23        USD        66.00        USD        777        (8,450
MercadoLibre, Inc.
     17        07/28/23        USD        1,290.00        USD        2,014        (31,025
Meta Platforms, Inc., Class A
     216        07/28/23        USD        280.00        USD        6,199        (398,520
Microsoft Corp.
     120        07/28/23        USD        345.00        USD        4,086        (99,600
MongoDB, Inc.
     30        07/28/23        USD        380.00        USD        1,233        (120,450
Netflix, Inc.
     29        07/28/23        USD        465.00        USD        1,277        (38,933
NVIDIA Corp.
     180        07/28/23        USD        425.00        USD        7,614        (319,050
Oracle Corp.
     205        07/28/23        USD        127.00        USD        2,441        (10,763
ROBLOX Corp., Class A
     236        07/28/23        USD        43.00        USD        951        (28,674
S&P Global, Inc.
     49        07/28/23        USD        400.00        USD        1,964        (40,915
Shopify, Inc., Class A
     219        07/28/23        USD        68.00        USD        1,415        (56,831
Spotify Technology SA
     68        07/28/23        USD        167.50        USD        1,092        (41,820
Take-Two Interactive Software, Inc.
     18        07/28/23        USD        143.00        USD        265        (11,385
Tesla, Inc.
     68        07/28/23        USD        280.00        USD        1,780        (70,380
Tesla, Inc.
     46        07/28/23        USD        295.00        USD        1,204        (31,280
Unity Software, Inc.
     200        07/28/23        USD        45.00        USD        868        (45,800
Visa, Inc., Class A
     114        07/28/23        USD        235.00        USD        2,707        (79,515
Adobe, Inc.
     28        08/04/23        USD        500.00        USD        1,369        (35,280
Advanced Micro Devices, Inc.
     224        08/04/23        USD        115.00        USD        2,552        (141,680
Alphabet, Inc., Class A
     58        08/04/23        USD        121.00        USD        694        (23,490
Amazon.com, Inc.
     291        08/04/23        USD        137.00        USD        3,793        (98,212
Apple, Inc.
     280        08/04/23        USD        190.00        USD        5,431        (230,300
Intuit, Inc.
     59        08/04/23        USD        470.00        USD        2,703        (60,770
Marvell Technology, Inc.
     250        08/04/23        USD        61.00        USD        1,495        (58,750
Microsoft Corp.
     173        08/04/23        USD        340.00        USD        5,891        (211,060
NVIDIA Corp.
     181        08/04/23        USD        455.00        USD        7,657        (174,665
Salesforce, Inc.
     76        08/04/23        USD        220.00        USD        1,606        (25,270
ServiceNow, Inc.
     18        08/04/23        USD        570.00        USD        1,012        (39,510
Snowflake, Inc., Class A
     38        08/04/23        USD        190.00        USD        669        (21,660
Tesla, Inc.
     117        08/04/23        USD        290.00        USD        3,063        (104,130
Visa, Inc., Class A
     226        08/04/23        USD        240.00        USD        5,367        (106,220
First Solar, Inc.
     60        08/11/23        USD        200.00        USD        1,141        (47,850
MercadoLibre, Inc.
     14        08/11/23        USD        1,290.00        USD        1,658        (55,090
Snowflake, Inc., Class A
     27        08/11/23        USD        200.00        USD        475        (11,340
Unity Software, Inc.
     173        08/11/23        USD        45.00        USD        751        (65,740
Alphabet, Inc., Class A
     78        08/18/23        USD        130.00        USD        934        (13,026
Amazon.com, Inc.
     57        08/18/23        USD        125.00        USD        743        (56,573
ANSYS, Inc.
     69        08/18/23        USD        341.00        USD        2,279        (63,587
Apple, Inc.
     377        08/18/23        USD        190.00        USD        7,313        (328,932
Cadence Design Systems, Inc.
     229        08/18/23        USD        240.00        USD        5,371        (170,605
Credo Technology Group Holding Ltd.
     420        08/18/23        USD        10.00        USD        728        (317,100
Credo Technology Group Holding Ltd.
     1,086        08/18/23        USD        20.00        USD        1,883        (48,870
Flex Ltd.
     710        08/18/23        USD        26.55        USD        1,962        (116,999
 
 
112  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                    
Meta Platforms, Inc., Class A
     99        08/18/23        USD        300.00        USD        2,841      $ (121,522
MongoDB, Inc.
     66        08/18/23        USD        390.00        USD        2,713        (267,630
Monolithic Power Systems, Inc.
     68        08/18/23        USD        530.00        USD        3,674        (289,340
NEXTracker, Inc., Class A
     600        08/18/23        USD        45.00        USD        2,389        (88,500
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
     83        08/18/23        USD        110.00        USD        838        (11,952
Wolfspeed, Inc.
     361        08/18/23        USD        60.00        USD        2,007        (137,180
                    
 
 
 
                     $ (16,596,286
                    
 
 
 
OTC Options Written
 
Description    Counterparty    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                       
Adyen NV
   Goldman Sachs International      3,000        07/11/23        EUR        1,489.94        EUR        4,761      $ (334,667
GMO Payment Gateway, Inc.
   UBS AG      17,400        07/11/23        JPY        11,720.91        JPY        196,941        (8,189
Renesas Electronics Corp.
   Citibank N.A.      67,300        07/12/23        JPY        2,192.87        JPY        183,270        (244,332
SiteMinder Ltd.
   UBS AG      15,000        07/12/23        AUD        3.34        AUD        44        (97
Wise PLC, Class A
   JPMorgan Chase Bank N.A.      97,700        07/12/23        GBP        6.26        GBP        643        (61,757
Keyence Corp.
   UBS AG      4,000        07/13/23        JPY        69,721.80        JPY        274,251        (21,601
ASM International NV
   Morgan Stanley & Co. International PLC      15,100        07/18/23        EUR        415.64        EUR        5,876        (40,305
Dassault Systemes SE
   Morgan Stanley & Co. International PLC      70,800        07/18/23        EUR        42.75        EUR        2,875        (9,126
Renesas Electronics Corp.
   Goldman Sachs International      67,300        07/18/23        JPY        2,256.97        JPY        183,270        (219,312
STMicroelectronics NV
   Morgan Stanley & Co. International PLC      43,800        07/18/23        EUR        41.38        EUR        2,002        (209,416
STMicroelectronics NV
   Morgan Stanley & Co. International PLC      30,200        07/18/23        EUR        42.64        EUR        1,380        (107,585
Wise PLC, Class A
   Morgan Stanley & Co. International PLC      41,500        07/18/23        GBP        6.32        GBP        273        (27,458
Xero Ltd.
   Goldman Sachs International      18,150        07/18/23        AUD        107.07        AUD        2,183        (148,720
Samsung Electronics Co. Ltd.
   Morgan Stanley & Co. International PLC      38,000        07/19/23        KRW        69,488.00        KRW        2,757,055        (91,297
GMO Payment Gateway, Inc.
   BNP Paribas SA      600        07/25/23        JPY        11,462.45        JPY        6,791        (1,034
M3, Inc.
   UBS AG      99,800        07/26/23        JPY        3,281.90        JPY        314,000        (29,407
RELX PLC
   Morgan Stanley & Co. International PLC      85,600        07/26/23        GBP        26.04        GBP        2,249        (70,801
SiteMinder Ltd.
   Citibank N.A.      11,000        07/26/23        AUD        3.22        AUD        32        (434
SOITEC
   Morgan Stanley & Co. International PLC      5,800        07/26/23        EUR        140.88        EUR        899        (100,391
Wise PLC, Class A
   Goldman Sachs International      27,700        07/26/23        GBP        6.28        GBP        182        (21,386
ASML Holding NV
   Goldman Sachs International      20,100        08/01/23        EUR        701.02        EUR        13,361        (213,844
SOITEC
   Morgan Stanley & Co. International PLC      13,000        08/01/23        EUR        160.16        EUR        2,015        (48,777
SOITEC
   Morgan Stanley & Co. International PLC      5,800        08/01/23        EUR        143.71        EUR        899        (89,239
Trip.com Group Ltd.
   BNP Paribas SA      88,300        08/01/23        HKD        317.70        HKD        24,154        (15,841
SiteMinder Ltd.
   Citibank N.A.      16,400        08/02/23        AUD        3.33        AUD        48        (594
Wise PLC, Class A
   Goldman Sachs International      61,100        08/02/23        GBP        6.82        GBP        402        (28,737
GMO Payment Gateway, Inc.
   Societe Generale      19,400        08/10/23        JPY        12,629.90        JPY        219,578        (9,844
SOITEC
   Goldman Sachs International      5,800        08/10/23        EUR        157.04        EUR        899        (40,581
Wise PLC, Class A
   Goldman Sachs International      70,000        08/10/23        GBP        6.39        GBP        461        (53,712
Samsung SDI Co. Ltd.
   BNP Paribas SA      7,700        08/14/23        KRW        700,667.26        KRW        5,180,848        (78,243
Tencent Holdings Ltd.
   Citibank N.A.      77,800        08/15/23        HKD        344.60        HKD        25,849        (96,973
Xero Ltd.
   UBS AG      18,100        08/15/23        AUD        116.91        AUD        2,177        (81,925
                       
 
 
 
                        $   (2,505,625
                       
 
 
 
Balances Reported in the Consolidated Statements of Assets and Liabilities for Options Written
 
Description    Swap
Premiums
Paid
     Swap
Premiums
Received
     Unrealized
Appreciation
     Unrealized
Depreciation
     Value  
Options Written
     $       N/A        $       N/A        $   2,663,738        $ (9,215,949)        $ (19,101,911
 
 
O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S
  113

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
  
BlackRock Science and Technology Trust (BST)
    
  
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
 
     
Commodity
Contracts
    
Credit
Contracts
    
Equity
Contracts
    
Foreign
Currency
Exchange
Contracts
    
Interest
Rate
Contracts
    
Other
Contracts
     Total  
Liabilities — Derivative Financial Instruments
                    
Options written
                    
Options written at value
   $  —      $      $ 19,101,911      $      $  —      $      $ 19,101,911  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
For the period ended June 30, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
 
     
Commodity
Contracts
    
Credit
Contracts
    
Equity
Contracts
    
Foreign
Currency
Exchange
Contracts
    
Interest
Rate
Contracts
    
Other
Contracts
     Total  
Net Realized Gain (Loss) from:
                    
Options purchased(a)
   $      $      $ (2,858,012    $      $      $      $ (2,858,012
Options written
                   (27,510,651                           (27,510,651
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ (30,368,663    $      $      $      $ (30,368,663
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                    
Options written
   $      $      $ (13,957,447    $      $      $      $ (13,957,447
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (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
   $ 18,056,104  
 
  (a) 
Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
 
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
 
      Assets      Liabilities  
Derivative Financial Instruments
     
Options
   $      $ 19,101,911  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities
            19,101,911  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
            (16,596,286
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $      $ 2,505,625  
  
 
 
    
 
 
 
 
 
114  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Science and Technology Trust (BST)
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
 
Counterparty
    



Derivative
Liabilities
Subject to
an MNA by
Counterparty
 
 
 
 
 
    

Derivatives
Available

for Offset
 
 

 
    

Non-Cash
Collateral
Pledged
 
 
 
    

Cash
Collateral
Pledged
 
 
(a) 
    

Net Amount
of Derivative
Liabilities
 
 
(b) 
BNP Paribas SA
   $ 95,118      $      $      $      $ 95,118  
Citibank N.A.
     342,333                      (330,000      12,333  
Goldman Sachs International
     1,060,959                             1,060,959  
JPMorgan Chase Bank N.A.
     61,757                      (61,757       
Morgan Stanley & Co. International PLC
     794,395                             794,395  
Societe Generale
     9,844                             9,844  
UBS AG
     141,219                             141,219  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 2,505,625      $      $      $ (391,757    $ 2,113,868  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
 
  (b) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities.
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.
 
      Level 1        Level 2        Level 3        Total  
Assets
                 
Investments
                 
Long-Term Investments
                 
Common Stocks
                 
Automobiles
   $ 28,573,504        $        $        $ 28,573,504  
Broadline Retail
     40,424,071                            40,424,071  
Capital Markets
     8,478,824                            8,478,824  
Communications Equipment
     10,750,477                            10,750,477  
Diversified Consumer Services
                       12,989,863          12,989,863  
Electrical Equipment
     6,727,890                            6,727,890  
Electronic Equipment, Instruments & Components
     9,157,685          12,219,809                   21,377,494  
Entertainment
     26,523,925                            26,523,925  
Financial Services
     47,476,094          21,746,710                   69,222,804  
Ground Transportation
     9,650,826                            9,650,826  
Health Care Technology
              4,725,058                   4,725,058  
Hotels, Restaurants & Leisure
              6,397,146                   6,397,146  
Interactive Media & Services
     41,639,258          6,758,747          1,552,981          49,950,986  
IT Services
     24,023,479                   23,250,261          47,273,740  
Professional Services
              6,351,373          5,604,673          11,956,046  
Semiconductors & Semiconductor Equipment
     190,200,690          69,740,192                   259,940,882  
Software
     222,001,776          15,434,120          8,435,092          245,870,988  
Specialty Retail
                       130,124          130,124  
Technology Hardware, Storage & Peripherals
     96,482,618          4,547,011                   101,029,629  
Convertible Notes
                       1          1  
Preferred Securities
                 
Preferred Stocks
                       213,391,632          213,391,632  
Warrants
                                 
Short-Term Securities
                 
Money Market Funds
     359,934                            359,934  
  
 
 
      
 
 
      
 
 
      
 
 
 
   $ 762,471,051        $ 147,920,166        $ 265,354,627          1,175,745,844  
  
 
 
      
 
 
      
 
 
      
 
 
 
Investments Valued at NAV(a)
                    2,573,433  
                 
 
 
 
                  $ 1,178,319,277  
                 
 
 
 
 
 
O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S
  115

Consolidated Schedule of Investments  (unaudited)  (continued)
June 30, 2023
    
  
BlackRock Science and Technology Trust (BST)
 
Fair Value Hierarchy as of Period End (continued)
      Level 1        Level 2        Level 3        Total  
Derivative Financial Instruments(b)
                 
Liabilities
                 
Equity Contracts
   $ (14,895,521      $ (4,206,390      $                 —        $     (19,101,911
  
 
 
      
 
 
      
 
 
      
 
 
 
 
  (a) 
Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
  (b) 
Derivative financial instruments are options written. Options written are shown at value.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments 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, 2022
   $ 60,069,300      $ 1,920,000      $ 195,967,596      $ 16,212      $ 257,973,108  
Transfers into Level 3
                                  
Transfers out of Level 3
                                  
Other(a)
     (7,504,341             7,504,341                
Accrued discounts/premiums
                                  
Net realized gain (loss)
                                  
Net change in unrealized appreciation (depreciation)(b)(c)
     (601,965      (1,919,999      9,919,695        (16,212      7,381,519  
Purchases
                                  
Sales
                                  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Closing balance, as of June 30, 2023
   $ 51,962,994      $ 1      $ 213,391,632      $ (d)     $ 265,354,627  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023
   $ (601,965    $ (1,919,999    $ 9,919,695      $ (16,212    $ 7,381,519  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Certain Level 3 investments were re-classified between Common Stocks and Preferred Stocks.
  (b) 
Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.
  (c) 
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.
  (d) 
Rounds to less than $1.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $1. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.
 
       Value       
Valuation
Approach
 
 
  
Unobservable
Inputs
    


Range of
Unobservable
Inputs
Utilized
 
 
 
(a) 
    



Weighted
Average of
Unobservable
Inputs Based
on Fair Value
 
 
 
 
 
Assets
              
Common Stocks
   $ 51,962,994        Market      Revenue Multiple      1.80x - 28.00x        10.99x  
         Volatility      70%         
         Time to Exit      3.0 years         
         Gross Profit Multiple      18.00x         
        Income      Discount      11%         
Preferred Stocks
     213,391,632        Market      Revenue Multiple      1.80x ‑ 29.00x        15.21x  
         Volatility      50% - 75%        65%  
         Time to Exit      3.0 ‑ 5.0 years        4.1 years  
         Market Adjustment Multiple      1.10x - 1.10x        1.10x  
         Gross Profit Multiple      6.75x         
  
 
 
             
   $ 265,354,626              
  
 
 
             
 
  (a) 
A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.
See notes to financial statements.
 
 
116  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited)
June 30, 2023

    
  
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
(Percentages shown are based on Net Assets)
 
Security   Shares     Value  
Common Stocks
   
Building Products — 5.6%
   
Johnson Controls International PLC(a)
    167,509     $ 11,414,063  
Kingspan Group PLC
    99,765       6,640,739  
Trane Technologies PLC(a)
    56,900       10,882,694  
   
 
 
 
      28,937,496  
Chemicals — 4.1%
   
Air Liquide SA
    45,218       8,109,175  
LG Chem Ltd.
    9,200       4,683,368  
Linde PLC
    21,328       8,134,281  
   
 
 
 
      20,926,824  
Commercial Services & Supplies(a) — 5.2%
   
Republic Services, Inc.
    69,750       10,683,607  
Waste Management, Inc.
    94,200       16,336,164  
   
 
 
 
      27,019,771  
Construction & Engineering — 5.2%
   
Quanta Services, Inc.(a)
    48,460       9,519,967  
Vinci SA
    148,150       17,214,351  
   
 
 
 
      26,734,318  
Electric Utilities — 30.5%
   
American Electric Power Co., Inc.(a)
    155,650       13,105,730  
Duke Energy Corp.(a)
    118,418       10,626,831  
EDP - Energias de Portugal SA
    1,804,300       8,818,815  
Enel SpA
    3,587,775       24,190,298  
Exelon Corp.(a)
    312,408       12,727,502  
FirstEnergy Corp.(a)
    87,550       3,403,944  
Iberdrola SA
    893,763       11,671,476  
Neoenergia SA
    902,200       4,000,189  
NextEra Energy, Inc.(a)(b)
    552,380       40,986,596  
Orsted A/S(c)
    74,600       7,072,250  
PG&E Corp.(a)(d)
    655,400       11,325,312  
SSE PLC
    167,800       3,934,923  
Xcel Energy, Inc.(a)
    87,390       5,433,036  
   
 
 
 
      157,296,902  
Electrical Equipment — 5.6%
 
Eaton Corp. PLC(a)
    27,240       5,477,964  
Prysmian SpA
    135,350       5,660,838  
Schneider Electric SE
    29,782       5,410,693  
Sunrun, Inc.(d)(e)
    132,650       2,369,129  
Vestas Wind Systems A/S(d)
    379,121       10,079,814  
   
 
 
 
      28,998,438  
Electronic Equipment, Instruments & Components — 1.6%
 
Rogers Corp.(d)
    21,600       3,497,688  
Samsung SDI Co. Ltd.
    9,150       4,672,305  
   
 
 
 
      8,169,993  
Ground Transportation — 1.0%
   
Union Pacific Corp.(a)
    25,800       5,279,196  
   
 
 
 
Independent Power and Renewable Electricity Producers — 8.7%  
AES Corp.(a)
    229,590       4,759,402  
China Longyuan Power Group Corp. Ltd.,
Class H
    3,620,000       3,739,005  
EDP Renovaveis SA
    503,430       10,060,290  
Orron Energy AB(d)
    2,103,600       2,215,723  
RWE AG
    489,545       21,332,554  
Sunnova Energy International, Inc.(d)(e)
    140,150       2,566,147  
   
 
 
 
      44,673,121  
Machinery — 5.4%
   
Atlas Copco AB, B Shares
    1,064,300       13,270,199  
Security   Shares     Value  
Machinery (continued)
   
Ingersoll Rand, Inc.(a)
    144,050     $ 9,415,108  
Spirax-Sarco Engineering PLC
    37,650       4,962,423  
   
 
 
 
      27,647,730  
Multi-Utilities — 10.0%
   
CMS Energy Corp.(a)
    130,410       7,661,588  
Dominion Energy, Inc.(a)
    176,898       9,161,547  
National Grid PLC
    564,774       7,487,977  
Public Service Enterprise Group, Inc.(a)
    200,142       12,530,891  
Sempra Energy(a)(b)
    100,350       14,609,956  
   
 
 
 
      51,451,959  
Oil, Gas & Consumable Fuels — 10.1%
   
Cheniere Energy, Inc.(a)
    90,400       13,773,344  
Enterprise Products Partners LP(a)
    198,313       5,225,547  
Kinder Morgan, Inc.(a)
    615,200       10,593,744  
TC Energy Corp.
    159,550       6,448,241  
Williams Cos., Inc.(a)(b)
    481,655       15,716,403  
   
 
 
 
      51,757,279  
Semiconductors & Semiconductor Equipment — 5.5%
 
Analog Devices, Inc.(a)
    28,224       5,498,317  
ASML Holding NV
    7,050       5,113,568  
Canadian Solar, Inc.(a)(d)(e)
    82,140       3,177,997  
First Solar, Inc.(a)(d)
    19,584       3,722,723  
Infineon Technologies AG
    132,850       5,471,059  
STMicroelectronics NV
    109,950       5,483,578  
   
 
 
 
      28,467,242  
   
 
 
 
Total Long-Term Investments — 98.5%
(Cost: $356,356,062)
      507,360,269  
   
 
 
 
Short-Term Securities
   
Money Market Funds — 2.9%
   
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(f)(g)
    12,129,346       12,129,346  
SL Liquidity Series, LLC, Money Market Series, 5.28%(f)(g)(h)
    2,504,624       2,504,624  
   
 
 
 
Total Short-Term Securities — 2.9%
(Cost: $14,633,993)
 
    14,633,970  
   
 
 
 
Total Investments Before Options Written — 101.4% (Cost: $370,990,055)
 
    521,994,239  
   
 
 
 
Options Written — (0.9)%
(Premiums Received: $(4,020,391))
 
    (4,647,061
   
 
 
 
Total Investments, Net of Options Written — 100.5%
(Cost: $366,969,664)
 
    517,347,178  
Liabilities in Excess of Other Assets — (0.5)%
 
    (2,349,892
   
 
 
 
Net Assets — 100.0%
 
  $ 514,997,286  
   
 
 
 
 
(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) 
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) 
Non-income producing security.
(e) 
All or a portion of this security is on loan.
(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.
 
 
 
S C H E D U L E   O F   I N V E S T M E N T S
  117

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
 
 
 
Affiliated Issuer    Value at
12/31/22
     Purchases
at Cost
     Proceeds
from Sales
     Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
06/30/23
     Shares
Held at
06/30/23
     Income      Capital Gain
Distributions
from
Underlying
Funds
 
 
 
BlackRock Liquidity Funds, T-Fund, Institutional Class
   $ 11,042,199      $ 1,087,147 (a)     $      $      $      $ 12,129,346        12,129,346      $ 304,175      $  
SL Liquidity Series, LLC, Money Market Series
     225,179        2,278,780 (a)              810        (145      2,504,624        2,504,624        6,757 (b)        
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
            $ 810      $ (145    $ 14,633,970         $ 310,932      $  
           
 
 
    
 
 
    
 
 
       
 
 
    
 
 
 
 
  (a) 
Represents net amount purchased (sold).
  (b) 
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
 
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                    
Analog Devices, Inc.
     24        07/07/23        USD        185.00        USD        468      $      (24,481
Enterprise Products Partners LP
     216        07/07/23        USD        26.00        USD        569        (8,748
PG&E Corp.
     271        07/07/23        USD        17.50        USD        468        (2,439
Waste Management, Inc.
     175        07/07/23        USD        160.00        USD        3,035        (238,000
Analog Devices, Inc.
     23        07/14/23        USD        180.00        USD        448        (35,305
Cheniere Energy, Inc.
     97        07/14/23        USD        150.00        USD        1,478        (38,800
Enterprise Products Partners LP
     369        07/14/23        USD        26.52        USD        972        (5,028
Kinder Morgan, Inc.
     768        07/14/23        USD        17.50        USD        1,322        (5,376
PG&E Corp.
     272        07/14/23        USD        17.50        USD        470        (5,576
Williams Cos., Inc.
     493        07/14/23        USD        31.00        USD        1,609        (83,810
AES Corp.
     570        07/21/23        USD        21.26        USD        1,182        (15,677
American Electric Power Co., Inc.
     509        07/21/23        USD        90.50        USD        4,286        (4,984
Cheniere Energy, Inc.
     144        07/21/23        USD        150.00        USD        2,194        (69,840
CMS Energy Corp.
     456        07/21/23        USD        61.56        USD        2,679        (7,019
Dominion Energy, Inc.
     310        07/21/23        USD        55.00        USD        1,605        (5,425
Duke Energy Corp.
     205        07/21/23        USD        100.00        USD        1,840        (1,025
Duke Energy Corp.
     219        07/21/23        USD        92.50        USD        1,965        (9,307
Eaton Corp. PLC
     46        07/21/23        USD        170.00        USD        925        (145,360
Enterprise Products Partners LP
     89        07/21/23        USD        26.00        USD        235        (4,717
Enterprise Products Partners LP
     198        07/21/23        USD        26.33        USD        522        (6,202
Exelon Corp.
     390        07/21/23        USD        44.00        USD        1,589        (3,900
Exelon Corp.
     457        07/21/23        USD        42.00        USD        1,862        (10,282
FirstEnergy Corp.
     150        07/21/23        USD        40.00        USD        583        (3,000
FirstEnergy Corp.
     156        07/21/23        USD        39.00        USD        607        (9,360
Ingersoll Rand, Inc.
     192        07/21/23        USD        58.80        USD        1,255        (129,492
Johnson Controls International PLC
     100        07/21/23        USD        65.00        USD        681        (35,500
Kinder Morgan, Inc.
     1,055        07/21/23        USD        17.00        USD        1,817        (45,365
Linde PLC
     39        07/21/23        USD        375.00        USD        1,486        (38,025
NextEra Energy, Inc.
     1,298        07/21/23        USD        77.50        USD        9,631        (38,940
PG&E Corp.
     272        07/21/23        USD        17.00        USD        470        (14,008
Public Service Enterprise Group, Inc.
     207        07/21/23        USD        64.85        USD        1,296        (6,394
Quanta Services, Inc.
     84        07/21/23        USD        180.00        USD        1,650        (146,580
Sempra Energy
     351        07/21/23        USD        150.00        USD        5,110        (16,672
TC Energy Corp.
     279        07/21/23        CAD        56.00        CAD        1,494        (1,895
Trane Technologies PLC
     139        07/21/23        USD        175.00        USD        2,659        (236,300
Waste Management, Inc.
     170        07/21/23        USD        170.00        USD        2,948        (79,050
 
 
118  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                    
Analog Devices, Inc.
     51        07/28/23        USD        195.00        USD        994      $ (26,775
Cheniere Energy, Inc.
     75        07/28/23        USD        155.00        USD        1,143        (20,625
First Solar, Inc.
     32        07/28/23        USD        205.00        USD        608        (15,200
Johnson Controls International PLC
     357        07/28/23        USD        65.05        USD        2,433        (136,578
PG&E Corp.
     1,478        07/28/23        USD        17.50        USD        2,554        (54,686
Williams Cos., Inc.
     478        07/28/23        USD        31.40        USD        1,560        (73,528
Canadian Solar, Inc.
     143        08/04/23        USD        40.00        USD        553        (21,092
Union Pacific Corp.
     89        08/04/23        USD        205.00        USD        1,821        (49,395
Williams Cos., Inc.
     670        08/04/23        USD        31.40        USD        2,186        (113,361
Public Service Enterprise Group, Inc.
     218        08/10/23        USD        61.75        USD        1,365        (46,344
First Solar, Inc.
     36        08/11/23        USD        200.00        USD        684        (28,710
AES Corp.
     330        08/18/23        USD        21.00        USD        684        (23,100
American Electric Power Co., Inc.
     66        08/18/23        USD        85.00        USD        556        (12,870
Canadian Solar, Inc.
     144        08/18/23        USD        41.00        USD        557        (25,200
Dominion Energy, Inc.
     309        08/18/23        USD        54.01        USD        1,600        (27,253
Eaton Corp. PLC
     50        08/18/23        USD        189.50        USD        1,006        (70,680
Exelon Corp.
     340        08/18/23        USD        40.46        USD        1,385        (38,796
Ingersoll Rand, Inc.
     310        08/18/23        USD        64.00        USD        2,026        (80,266
Johnson Controls International PLC
     129        08/18/23        USD        63.75        USD        879        (34,929
Kinder Morgan, Inc.
     339        08/18/23        USD        17.00        USD        584        (17,458
Linde PLC
     35        08/18/23        USD        378.00        USD        1,334        (46,761
Public Service Enterprise Group, Inc.
     275        08/18/23        USD        62.63        USD        1,722        (48,304
Quanta Services, Inc.
     85        08/18/23        USD        190.00        USD        1,670        (99,875
Republic Services, Inc.
     122        08/18/23        USD        150.00        USD        1,869        (70,760
Republic Services, Inc.
     122        08/18/23        USD        146.50        USD        1,869        (103,804
TC Energy Corp.
     279        08/18/23        CAD        56.00        CAD        1,494        (9,688
Trane Technologies PLC
     60        08/18/23        USD        186.00        USD        1,148        (60,248
Xcel Energy, Inc.
     153        08/18/23        USD        66.00        USD        951        (6,952
                    
 
 
 
                     $ (2,895,120
                    
 
 
 
OTC Options Written
 
Description    Counterparty    Number of
Contracts
     Expiration
Date
     Exercise Price     
Notional
Amount (000)
     Value  
Call
                       
Neoenergia SA
   JPMorgan Chase Bank N.A.      157,900        07/06/23        BRL        16.27        BRL        3,352      $    (154,185
NextEra Energy, Inc.
   JPMorgan Chase Bank N.A.      62,900        07/06/23        USD        78.35        USD        4,667        (543
Atlas Copco AB, B Shares
   Goldman Sachs International      282,000        07/11/23        SEK        139.18        SEK        37,922        (36,917
EDP Renovaveis SA
   Morgan Stanley & Co. International PLC      29,600        07/11/23        EUR        21.20        EUR        542         
Enel SpA
   Goldman Sachs International      668,700        07/11/23        EUR        6.26        EUR        4,132        (19,220
Infineon Technologies AG
   Barclays Bank PLC      19,200        07/11/23        EUR        36.13        EUR        725        (39,636
Orron Energy AB
   UBS AG      264,000        07/11/23        SEK        10.69        SEK        2,999        (20,863
Orsted A/S
   Goldman Sachs International      6,900        07/11/23        DKK        677.46        DKK        4,463        (1,585
Schneider Electric SE
   UBS AG      4,600        07/11/23        EUR        164.71        EUR        766        (17,167
Vestas Wind Systems A/S
   UBS AG      51,000        07/11/23        DKK        222.55        DKK        9,252        (24
Neoenergia SA
   Citibank N.A.      157,900        07/12/23        BRL        16.64        BRL        3,352        (143,206
Prysmian SpA
   Goldman Sachs International      22,800        07/12/23        EUR        35.96        EUR        874        (61,131
Air Liquide SA
   Goldman Sachs International      15,200        07/13/23        EUR        159.49        EUR        2,498        (86,845
EDP Renovaveis SA
   UBS AG      63,200        07/13/23        EUR        19.00        EUR        1,157        (4,765
Enel SpA
   Morgan Stanley & Co. International PLC      570,700        07/13/23        EUR        5.98        EUR        3,526        (134,046
Iberdrola SA
   Goldman Sachs International      107,700        07/13/23        EUR        11.52        EUR        1,289        (22,481
Infineon Technologies AG
   Barclays Bank PLC      6,200        07/13/23        EUR        36.76        EUR        234        (9,918
National Grid PLC
   Morgan Stanley & Co. International PLC      129,400        07/13/23        GBP        10.61        GBP        1,351        (4,675
RWE AG
   Morgan Stanley & Co. International PLC      133,700        07/13/23        EUR        39.89        EUR        5,339        (73,110
Xcel Energy, Inc.
   Citibank N.A.      15,200        07/17/23        USD        68.89        USD        945        (31
STMicroelectronics NV
   Morgan Stanley & Co. International PLC      43,300        07/18/23        EUR        42.64        EUR        1,979        (154,253
EDP - Energias de Portugal SA
   UBS AG      183,500        07/25/23        EUR        4.71        EUR        822        (3,392
ASML Holding NV
   Goldman Sachs International      2,400        08/01/23        EUR        701.02        EUR        1,595        (25,534
EDP Renovaveis SA
   Goldman Sachs International      83,400        08/02/23        EUR        19.81        EUR        1,527        (5,655
Infineon Technologies AG
   Citibank N.A.      21,100        08/02/23        EUR        40.03        EUR        796        (11,956
Vestas Wind Systems A/S
   UBS AG      81,700        08/02/23        DKK        210.13        DKK        14,822        (21,436
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  119

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
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)
                       
China Longyuan Power Group Corp. Ltd., Class H
   Morgan Stanley & Co. International PLC      670,000        08/03/23        HKD        8.23        HKD        5,423      $ (31,172
EDP - Energias de Portugal SA
   Goldman Sachs International      243,700        08/03/23        EUR        4.51        EUR        1,092        (23,654
Kingspan Group PLC
   Goldman Sachs International      20,600        08/03/23        EUR        60.64        EUR        1,257        (41,315
EDP - Energias de Portugal SA
   Morgan Stanley & Co. International PLC      204,300        08/10/23        EUR        4.79        EUR        915        (4,494
Iberdrola SA
   Goldman Sachs International      205,000        08/10/23        EUR        12.18        EUR        2,453        (19,390
Orron Energy AB
   UBS AG      472,000        08/10/23        SEK        12.81        SEK        5,362        (18,191
Schneider Electric SE
   UBS AG      5,900        08/10/23        EUR        167.52        EUR        982        (31,029
Atlas Copco AB, B Shares
   UBS AG      90,600        08/11/23        SEK        140.80        SEK        12,184        (31,990
LG Chem Ltd.
   BNP Paribas SA      3,300        08/14/23        KRW        727,560.39        KRW        2,213,525        (29,178
Samsung SDI Co. Ltd.
   BNP Paribas SA      3,300        08/14/23        KRW        700,667.27        KRW        2,220,363        (33,533
Orsted A/S
   Barclays Bank PLC      19,200        08/15/23        DKK        643.32        DKK        12,420        (77,353
RWE AG
   UBS AG      37,700        08/15/23        EUR        40.74        EUR        1,506        (31,725
Spirax-Sarco Engineering PLC
   Morgan Stanley & Co. International PLC      13,200        08/15/23        GBP        103.66        GBP        1,370        (64,743
China Longyuan Power Group Corp. Ltd., Class H
   Societe Generale      597,000        08/16/23        HKD        8.80        HKD        4,832        (18,332
Kingspan Group PLC
   UBS AG      14,400        08/16/23        EUR        58.07        EUR        878        (63,249
Prysmian SpA
   Goldman Sachs International      24,500        08/16/23        EUR        37.25        EUR        939        (52,299
Vinci SA
   Goldman Sachs International      51,800        08/16/23        EUR        107.49        EUR        5,516        (127,720
                       
 
 
 
                        $ (1,751,941
                       
 
 
 
Balances Reported in the Statements of Assets and Liabilities for Options Written
 
Description    Swap
Premiums
Paid
     Swap
Premiums
Received
     Unrealized
Appreciation
     Unrealized
Depreciation
     Value  
Options Written
   $ N/A      $ N/A      $ 1,321,604      $ (1,948,274    $ (4,647,061
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
   $      $      $ 4,647,061      $      $      $      $ 4,647,061  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
For the period ended June 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
 
      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  
Net Realized Gain (Loss) from:
                    
Options purchased(a)
   $      $      $ (2,511,082    $      $      $      $ (2,511,082
Options written
                   7,355,793                             7,355,793  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $      $      $ 4,844,711      $      $      $      $ 4,844,711  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net Change in Unrealized Appreciation (Depreciation) on:
                    
Options written
   $      $      $ (2,148,041    $      $      $      $ (2,148,041
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Options purchased are included in net realized gain (loss) from investments — unaffiliated.
 
 
120  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments
 
Options:
        
Average value of option contracts purchased
   $ (a) 
Average value of option contracts written
   $ 4,767,092  
 
  (a) 
Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
 
      Assets      Liabilities  
Derivative Financial Instruments
     
Options
   $      $ 4,647,061  
  
 
 
    
 
 
 
Total derivative assets and liabilities in the Statements of Assets and Liabilities
            4,647,061  
  
 
 
    
 
 
 
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
            (2,895,120
  
 
 
    
 
 
 
Total derivative assets and liabilities subject to an MNA
   $      $ 1,751,941  
  
 
 
    
 
 
 
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:
 
Counterparty     



Derivative
Liabilities
Subject to
an MNA by
Counterparty
 
 
 
 
 
    

Derivatives
Available
for Offset
 
 
 
    

Non-Cash
Collateral
Pledged
 
 
(a) 
    

Cash
Collateral
Pledged
 
 
 
    

Net Amount
of Derivative
Liabilities
 
 
(b) 
Barclays Bank PLC
   $ 126,907      $      $      $      $ 126,907  
BNP Paribas SA
     62,711                             62,711  
Citibank N.A.
     155,193                             155,193  
Goldman Sachs International
     523,746               (523,746              
JPMorgan Chase Bank N.A.
                                  
JPMorgan Chase Bank N.A.
     154,728                             154,728  
Morgan Stanley & Co. International PLC
     466,493               (466,493              
Societe Generale
     18,332                             18,332  
UBS AG
     243,831               (101,605             142,226  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 1,751,941      $      $ (1,091,844    $      $ 660,097  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
  (b) 
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
 
      Level 1      Level 2      Level 3      Total  
Assets
           
Investments
           
Long-Term Investments
           
Common Stocks
           
Building Products
   $ 22,296,757      $ 6,640,739      $                 —      $ 28,937,496  
Chemicals
              20,926,824               20,926,824  
Commercial Services & Supplies
     27,019,771                      27,019,771  
Construction & Engineering
     9,519,967        17,214,351               26,734,318  
Electric Utilities
     101,609,140        55,687,762               157,296,902  
Electrical Equipment
     7,847,093        21,151,345               28,998,438  
Electronic Equipment, Instruments & Components
     3,497,688        4,672,305               8,169,993  
 
 
S C H E D U L E    O F   I N V E S T M E N T S
  121

Schedule of Investments  (unaudited) (continued)
June 30, 2023
    
  
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
Fair Value Hierarchy as of Period End (continued)
      Level 1      Level 2      Level 3      Total  
Common Stocks (continued)
           
Ground Transportation
   $ 5,279,196      $      $      $ 5,279,196  
Independent Power and Renewable Electricity Producers
     7,325,549        37,347,572               44,673,121  
Machinery
     9,415,108        18,232,622               27,647,730  
Multi-Utilities
     43,963,982        7,487,977               51,451,959  
Oil, Gas & Consumable Fuels
     51,757,279                      51,757,279  
Semiconductors & Semiconductor Equipment
     12,399,037        16,068,205               28,467,242  
Short-Term Securities
           
Money Market Funds
     12,129,346                      12,129,346  
  
 
 
    
 
 
    
 
 
    
 
 
 
   $ 314,059,913      $ 205,429,702      $        519,489,615  
  
 
 
    
 
 
    
 
 
    
 
 
 
Investments Valued at NAV(a)
              2,504,624  
           
 
 
 
            $ 521,994,239  
           
 
 
 
Derivative Financial Instruments(b)
           
Liabilities
           
Equity Contracts
   $ (1,832,520    $ (2,814,541    $                 —      $ (4,647,061
  
 
 
    
 
 
    
 
 
    
 
 
 
 
  (a) 
Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
  (b) 
Derivative financial instruments are options written. Options written are shown at value.
See notes to financial statements.
 
 
122  
2 0 2 3   B L A C K R O C K  S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

 
Statements of Assets and Liabilities  (unaudited)
June 30, 2023
    
 
    BGR     CII      BDJ(a)      BOE  
 
 
ASSETS
         
Investments, at value — unaffiliated(b)(c)
  $ 376,970,659     $ 851,951,940      $ 1,621,096,079      $ 720,323,581  
Investments, at value — affiliated(d)
    5,580,127       13,210,741        54,579,536        7,220,667  
Cash
          78,854        618,995         
Foreign currency, at value(e)
    72,920              350        24  
Receivables:
         
Investments sold
                 2,007,008        18,593,884  
Options written
    351,823       292,952        468,222        267,733  
Securities lending income — affiliated
          185        176         
Dividends — unaffiliated
    1,003,830       598,232        1,841,336        3,087,670  
Dividends — affiliated
    26,148       52,053        234,948        30,931  
Deferred offering costs
                 183,545         
 
 
 
   
 
 
    
 
 
    
 
 
 
Total assets
    384,005,507       866,184,957        1,681,030,195        749,524,490  
 
 
 
   
 
 
    
 
 
    
 
 
 
LIABILITIES
         
Bank overdraft
                        121,987  
Collateral on securities loaned
          36                
Options written, at value(f)
    2,556,321       17,316,604        24,895,659        7,357,120  
Payables:
         
Investments purchased
                 4,943,264        18,180,386  
Accounting services fees
    7,138       6,688        13,969        8,304  
Capital shares redeemed
                        244,425  
Custodian fees
    7,693       5,415        28,105        22,097  
Income dividend distributions
    104,091       239,245        360,396        134,236  
Investment advisory fees
    611,666       1,173,263        2,152,635        985,770  
Offering costs
                 40,169         
Trustees’ and Officer’s fees
    388,227       222,722        906,967        619,214  
Options written
    183,102       399,610        660,151        422,366  
Other accrued expenses
    35,165       54,902        88,843        37,299  
Professional fees
    42,005       71,543        113,986        92,030  
Transfer agent fees
    27,601       33,841        71,515        37,694  
 
 
 
   
 
 
    
 
 
    
 
 
 
Total liabilities
    3,963,009       19,523,869        34,275,659        28,262,928  
 
 
 
   
 
 
    
 
 
    
 
 
 
Commitments and contingent liabilities
         
NET ASSETS
  $ 380,042,498     $ 846,661,088      $ 1,646,754,536      $ 721,261,562  
 
 
 
   
 
 
    
 
 
    
 
 
 
NET ASSETS CONSIST OF
         
Paid-in capital(g)(h)(i)
  $ 522,651,015     $ 561,558,505      $ 1,313,614,608      $ 691,062,562  
Accumulated earnings (loss)
    (142,608,517     285,102,583        333,139,928        30,199,000  
 
 
 
   
 
 
    
 
 
    
 
 
 
NET ASSETS
  $ 380,042,498     $ 846,661,088      $ 1,646,754,536      $ 721,261,562  
 
 
 
   
 
 
    
 
 
    
 
 
 
Net asset value(g)(h)(i)
  $ 13.66     $ 19.18      $ 8.83      $ 11.59  
 
 
 
   
 
 
    
 
 
    
 
 
 
(a) Consolidated Statement of Assets and Liabilities.
         
(b) Investments, at cost — unaffiliated
  $ 265,831,324     $ 560,929,271      $ 1,384,197,244      $ 639,242,116  
(c)  Securities loaned, at value
  $     $ 35      $      $  
(d) Investments, at cost — affiliated
  $ 5,580,127     $ 13,210,741      $ 54,579,536      $ 7,220,667  
(e) Foreign currency, at cost
  $ 72,915     $      $ 500      $ 29  
(f)  Premiums received
  $ 2,918,083     $ 12,842,348      $ 19,373,563      $ 6,795,289  
(g) Shares outstanding
    27,827,910       44,132,101        186,494,195        62,231,328  
(h) Shares authorized
    Unlimited       200 million        Unlimited        Unlimited  
(i)  Par value
  $ 0.001     $ 0.10      $ 0.001      $ 0.001  
See notes to financial statements.
 
 
F I N A N C I A L   S T A T E M E N T S
  123

Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2023
    
 
    BGY      BMEZ     BME     BIGZ  
 
 
ASSETS
        
Investments, at value — unaffiliated(a)(b)
  $ 624,617,914      $ 2,015,497,800     $ 575,660,264     $ 2,142,798,067  
Investments, at value — affiliated(c)
    8,600,233        120,586,546       28,054,199       43,581,539  
Cash
                       44,727  
Cash pledged as collateral for OTC derivatives
    404,000        36,000              
Foreign currency, at value(d)
    2,773        1,095       606       327  
Receivables:
        
Investments sold
    5,329,011        16,433,865       3,211,272 (e)      33,407  
Options written
    105,310        282,459       81,434       44,947  
Securities lending income — affiliated
           73,468       4,588       5,848  
Dividends — unaffiliated
    2,856,514        843,067       587,611       242,179  
Dividends — affiliated
    51,397        238,313       106,171       26,238  
Unrealized appreciation on forward foreign currency exchange contracts
           963,121              
Deferred offering costs
                 76,536        
 
 
 
    
 
 
   
 
 
   
 
 
 
Total assets
    641,967,152        2,154,955,734       607,782,681       2,186,777,279  
 
 
 
    
 
 
   
 
 
   
 
 
 
LIABILITIES
        
Bank overdraft
                 96,188        
Collateral on securities loaned
           38,936,758       2,539,395       20,797,076  
Options written, at value(f)
    5,767,908        19,267,653       6,153,073       15,626,686  
Payables:
        
Investments purchased
    1,548,838        28,135,758       357,904       11,568,041  
Accounting services fees
    6,688        92,858       3,461       96,429  
Capital shares redeemed
    228,679        1,211,990              
Custodian fees
    20,777        102,646       8,741       31,865  
Deferred foreign capital gain tax
    4,332                     
Income dividend distributions
    160,242        2,405,897       170,169       2,278,542  
Investment advisory fees
    1,056,434        4,284,886       984,655       4,273,155  
Trustees’ and Officer’s fees
    515,415        166,734       24,402       136,660  
Options written
    59,643        220,943       86,620        
Other accrued expenses
    40,989        99,694       36,730       330,876  
Professional fees
    75,066        137,702       44,816       205,938  
Proxy fees
           336,238             1,925,064  
Transfer agent fees
    34,904        62,220       27,281       98,028  
Unrealized depreciation on forward foreign currency exchange contracts
           886,235              
 
 
 
    
 
 
   
 
 
   
 
 
 
Total liabilities
    9,519,915        96,348,212       10,533,435       57,368,360  
 
 
 
    
 
 
   
 
 
   
 
 
 
Commitments and contingent liabilities
        
NET ASSETS
  $ 632,447,237      $ 2,058,607,522     $ 597,249,246     $ 2,129,408,919  
 
 
 
    
 
 
   
 
 
   
 
 
 
NET ASSETS CONSIST OF
        
Paid-in capital(g)(h)(i)
  $ 569,568,227      $ 2,152,208,233     $ 427,832,253     $ 4,230,518,571  
Accumulated earnings (loss)
    62,879,010        (93,600,711     169,416,993       (2,101,109,652
 
 
 
    
 
 
   
 
 
   
 
 
 
NET ASSETS
  $ 632,447,237      $ 2,058,607,522     $ 597,249,246     $ 2,129,408,919  
 
 
 
    
 
 
   
 
 
   
 
 
 
Net asset value(g)(h)(i)
  $ 6.24      $ 19.06     $ 42.83     $ 9.38  
 
 
 
    
 
 
   
 
 
   
 
 
 
(a) Investments, at cost — unaffiliated
  $ 537,755,495      $ 1,933,514,723     $ 389,745,046     $ 2,409,342,917  
(b) Securities loaned, at value
  $      $ 38,179,428     $ 2,525,185     $ 20,635,627  
(c)  Investments, at cost — affiliated
  $ 8,600,233      $ 120,199,643     $ 28,054,559     $ 43,582,102  
(d) Foreign currency, at cost
  $ 2,787      $ 1,090     $ 610     $ 324  
(e) $866,058 is expected to be collected after 01/05/24.
        
(f)  Premiums received
  $ 6,096,040      $ 17,074,460     $ 4,910,324     $ 10,673,712  
(g) Shares outstanding
    101,375,400        108,030,011       13,943,973       226,909,123  
(h) Shares authorized
    Unlimited        Unlimited       Unlimited       Unlimited  
(i)  Par value
  $ 0.001      $ 0.001     $ 0.001     $ 0.001  
See notes to financial statements.
 
 
124  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

 
Statements of Assets and Liabilities  (unaudited) (continued)
June 30, 2023
    
 
    BCX     BSTZ(a)      BST(a)      BUI  
 
 
ASSETS
         
Investments, at value — unaffiliated(b)(c)
  $ 879,580,702     $ 1,689,141,606      $ 1,175,385,910      $  507,360,269  
Investments, at value — affiliated(d)
    42,597,272       6,000,163        2,933,367        14,633,970  
Cash
    64,297       125        28,769         
Cash pledged as collateral for OTC derivatives
          980,000        400,000         
Foreign currency, at value(e)
    50,418       1,671        2,124         
Receivables:
         
Investments sold
    6,387,022       3,326,093        5,319,863         
Options written
    446,216       65,354        110,273         
Securities lending income — affiliated
    1,925       1,625        1,196        770  
Capital shares sold
                 1,536,058         
Dividends — unaffiliated
    2,132,508       1,201,580        127,268        1,107,904  
Dividends — affiliated
    165,945       19,542        4,193        54,044  
Deferred offering costs
                 195,238        101,917  
 
 
 
   
 
 
    
 
 
    
 
 
 
Total assets
    931,426,305       1,700,737,759        1,186,044,259        523,258,874  
 
 
 
   
 
 
    
 
 
    
 
 
 
LIABILITIES
         
Bank overdraft
                        9,339  
Collateral on securities loaned
    7,295,540       2,592,613        2,572,576        2,503,830  
Options written, at value(f)
    5,496,164       32,484,997        19,101,911        4,647,061  
Payables:
         
Investments purchased
    4,845,418       3,400,010        1,141,084         
Accounting services fees
    9,552       79,162        7,914        7,914  
Capital shares redeemed
    553,530       738,534                
Custodian fees
    12,875       66,845        23,777        15,167  
Deferred capital gain tax
          1,703,021                
Income dividend distributions
    160,684       1,957,192               32,429  
Investment advisory fees
    1,518,608       3,315,023        1,842,774        851,316  
Offering costs
                 125,910         
Trustees’ and Officer’s fees
    240,376       163,207        859        292  
Options written
    207,254              21,411         
Other accrued expenses
    146,928       172,984        124,428        131,606  
Professional fees
    95,792       293,780        99,913        36,646  
Transfer agent fees
    50,870       65,597        60,930        25,988  
 
 
 
   
 
 
    
 
 
    
 
 
 
Total liabilities
    20,633,591       47,032,965        25,123,487        8,261,588  
 
 
 
   
 
 
    
 
 
    
 
 
 
Commitments and contingent liabilities
         
NET ASSETS
  $ 910,792,714     $ 1,653,704,794      $ 1,160,920,772      $ 514,997,286  
 
 
 
   
 
 
    
 
 
    
 
 
 
NET ASSETS CONSIST OF
         
Paid-in capital(g)(h)(i)
  $ 1,060,084,926     $ 1,352,097,543      $ 822,271,047      $ 386,968,032  
Accumulated earnings (loss)
    (149,292,212     301,607,251        338,649,725        128,029,254  
 
 
 
   
 
 
    
 
 
    
 
 
 
NET ASSETS
  $ 910,792,714     $ 1,653,704,794      $ 1,160,920,772      $ 514,997,286  
 
 
 
   
 
 
    
 
 
    
 
 
 
Net asset value(g)(h)(i)
  $ 10.61     $ 21.50      $ 34.14      $ 22.96  
 
 
 
   
 
 
    
 
 
    
 
 
 
(a) Consolidated Statement of Assets and Liabilities.
         
(b) Investments, at cost — unaffiliated
  $ 763,798,215     $ 1,204,587,576      $ 739,748,696      $ 356,356,062  
(c)  Securities loaned, at value
  $ 7,265,282     $ 2,587,371      $ 2,534,680      $ 2,513,264  
(d) Investments, at cost — affiliated
  $ 42,597,889     $ 6,000,142      $ 2,933,194      $ 14,633,993  
(e) Foreign currency, at cost
  $ 50,418     $ 1,667      $ 2,228      $  
(f)  Premiums received
  $ 7,646,569     $ 16,740,064      $ 12,549,700      $ 4,020,391  
(g) Shares outstanding
    85,858,746       76,915,834        34,003,298        22,426,304  
(h) Shares authorized
    Unlimited       Unlimited        Unlimited        Unlimited  
(i)  Par value
  $ 0.001     $ 0.001      $ 0.001      $ 0.001  
See notes to financial statements.
 
 
F I N A N C I A L   S T A T E M E N T S
  125

 
Statements of Operations (unaudited)
Six Months Ended June 30, 2023
    
 
    BGR     CII     BDJ(a)     BOE  
 
 
INVESTMENT INCOME
       
Dividends — unaffiliated
  $ 7,972,248     $ 5,135,481     $ 22,276,272     $ 13,025,511  
Dividends — affiliated
    154,603       275,672       1,609,010       227,151  
Securities lending income — affiliated — net
          5,638       669       2,629  
Foreign taxes withheld
    (395,535     (206,030     (497,815     (949,374
 
 
 
   
 
 
   
 
 
   
 
 
 
Total investment income
    7,731,316       5,210,761       23,388,136       12,305,917  
 
 
 
   
 
 
   
 
 
   
 
 
 
EXPENSES
       
Investment advisory
    2,304,590       3,418,010       6,477,962       3,542,495  
Transfer agent
    34,200       42,608       83,465       47,944  
Professional
    31,628       31,677       29,502       40,806  
Trustees and Officer
    29,138       28,754       95,554       44,111  
Accounting services
    21,838       25,107       47,405       30,046  
Custodian
    21,563       15,390       64,292       54,123  
Registration
    4,918       7,479       31,274       10,818  
Printing and postage
    4,170       1,091       1,425       4,509  
Miscellaneous
    22,015       25,904       76,315       51,835  
 
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses
    2,474,060       3,596,020       6,907,194       3,826,687  
Less:
       
Fees waived and/or reimbursed by the Manager
    (424,975     (4,353     (25,644     (623,534
 
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses after fees waived and/or reimbursed
    2,049,085       3,591,667       6,881,550       3,203,153  
 
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income
    5,682,231       1,619,094       16,506,586       9,102,764  
 
 
 
   
 
 
   
 
 
   
 
 
 
REALIZED AND UNREALIZED GAIN (LOSS)
       
Net realized gain (loss) from:
       
Investments — unaffiliated
    7,344,860       15,670,075       49,788,460       2,532,070  
Investments — affiliated
          (514     (232     1,183  
Foreign currency transactions
    6,581             35,951       53,088  
Options written
    10,781,255       (9,665,066     4,987,132       6,365,169  
 
 
 
   
 
 
   
 
 
   
 
 
 
    18,132,696       6,004,495       54,811,311       8,951,510  
 
 
 
   
 
 
   
 
 
   
 
 
 
Net change in unrealized appreciation (depreciation) on:
       
Investments — unaffiliated
    (26,803,427     100,591,585       21,435,577       47,384,704  
Foreign currency translations
    1,904             (144     11,837  
Options written
    (2,063,487     (9,874,294     (13,463,460     (3,947,548
 
 
 
   
 
 
   
 
 
   
 
 
 
    (28,865,010     90,717,291       7,971,973       43,448,993  
 
 
 
   
 
 
   
 
 
   
 
 
 
Net realized and unrealized gain (loss)
    (10,732,314     96,721,786       62,783,284       52,400,503  
 
 
 
   
 
 
   
 
 
   
 
 
 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
  $ (5,050,083   $ 98,340,880     $ 79,289,870     $ 61,503,267  
 
 
 
   
 
 
   
 
 
   
 
 
 
 
(a) 
Consolidated Statement of Operations.
See notes to financial statements.
 
 
126  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

 
Statements of Operations (unaudited) (continued)
Six Months Ended June 30, 2023
    
 
    BGY     BMEZ     BME     BIGZ  
 
 
INVESTMENT INCOME
       
Dividends — unaffiliated
  $ 11,803,041     $ 3,210,565     $ 3,695,294     $ 2,497,916  
Dividends — affiliated
    242,490       1,083,366       571,208       254,336  
Securities lending income — affiliated — net
          354,806       20,778       38,615  
Foreign taxes withheld
    (1,241,131     (189,015     (29,580     (103,356
 
 
 
   
 
 
   
 
 
   
 
 
 
Total investment income
    10,804,400       4,459,722       4,257,700       2,687,511  
 
 
 
   
 
 
   
 
 
   
 
 
 
EXPENSES
       
Investment advisory
    3,121,413       12,726,811       2,919,113       12,893,415  
Custodian
    66,370       60,528       23,591       35,088  
Professional
    51,724       54,936       46,893       98,309  
Transfer agent
    44,594       72,990       36,917       107,482  
Trustees and Officer
    33,414       59,527       17,026       57,562  
Accounting services
    25,107       106,747       15,173       106,033  
Registration
    17,616       19,347       3,384       41,576  
Printing and postage
    4,865       847       3,922       2,685  
Proxy
          339,023             1,955,280  
Miscellaneous
    51,022       97,108       26,932       378,963  
 
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses
    3,416,125       13,537,864       3,092,951       15,676,393  
Less:
       
Fees waived and/or reimbursed by the Manager
    (3,762     (17,262     (8,990     (4,023
 
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses after fees waived and/or reimbursed
    3,412,363       13,520,602       3,083,961       15,672,370  
 
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
    7,392,037       (9,060,880     1,173,739       (12,984,859
 
 
 
   
 
 
   
 
 
   
 
 
 
REALIZED AND UNREALIZED GAIN (LOSS)
       
Net realized gain (loss) from:
       
Investments — unaffiliated
    16,415,062 (a)      (14,994,932     7,647,313       (211,505,456
Investments — affiliated
          3,681       1,229       (4,346
Forward foreign currency exchange contracts
          1,506,894              
Foreign currency transactions
    164,635       (202,000     (6,236     9,819  
Options written
    10,247,181       10,910,202       4,698,971       1,213,830  
 
 
 
   
 
 
   
 
 
   
 
 
 
    26,826,878       (2,776,155     12,341,277       (210,286,153
 
 
 
   
 
 
   
 
 
   
 
 
 
Net change in unrealized appreciation (depreciation) on:
       
Investments — unaffiliated
    33,878,445 (b)      143,002,051       1,215,104       452,889,940  
Investments — affiliated
          536,386       (625     (563
Forward foreign currency exchange contracts
          (4,887,669            
Foreign currency translations
    12,090       13,134       2,680       (5,297
Options written
    (978,314     (4,568,856     (3,421,738     (10,524,710
 
 
 
   
 
 
   
 
 
   
 
 
 
    32,912,221       134,095,046       (2,204,579     442,359,370  
 
 
 
   
 
 
   
 
 
   
 
 
 
Net realized and unrealized gain
    59,739,099       131,318,891       10,136,698       232,073,217  
 
 
 
   
 
 
   
 
 
   
 
 
 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  $ 67,131,136     $ 122,258,011     $ 11,310,437     $ 219,088,358  
 
 
 
   
 
 
   
 
 
   
 
 
 
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of
  $ 1,918     $     $     $  
(b) Net of reduction in deferred foreign capital gain tax of
  $ 68,395     $     $     $  
See notes to financial statements.
 
 
F I N A N C I A L   S T A T E M E N T S
  127

 
Statements of Operations (unaudited) (continued)
Six Months Ended June 30, 2023
    
 
    BCX     BSTZ(a)     BST(a)     BUI  
 
 
INVESTMENT INCOME
       
Dividends — unaffiliated
  $ 18,971,153     $ 3,483,653     $ 2,140,945     $ 7,956,228  
Dividends — affiliated
    704,650       221,875       161,025       304,176  
Securities lending income — affiliated — net
    11,156       32,129       8,500       6,756  
Foreign taxes withheld
    (995,151     (421,174     (83,205     (461,073
 
 
 
   
 
 
   
 
 
   
 
 
 
Total investment income
    18,691,808       3,316,483       2,227,265       7,806,087  
 
 
 
   
 
 
   
 
 
   
 
 
 
EXPENSES
       
Investment advisory
    4,743,463       9,800,290       5,248,932       2,521,855  
Transfer agent
    61,953       77,261       74,167       35,458  
Custodian
    48,312       83,091       61,475       35,322  
Trustees and Officer
    36,937       47,124       26,834       13,724  
Professional
    35,056       53,931       54,755       35,807  
Accounting services
    29,275       85,490       24,305       24,305  
Registration
    14,921       14,111       5,815       9,524  
Printing and postage
    4,319       4,023       4,121       4,018  
Miscellaneous
    55,896       380,892       255,990       47,530  
 
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses
    5,030,132       10,546,213       5,756,394       2,727,543  
Less:
       
Fees waived and/or reimbursed by the Manager
    (10,865     (3,534     (2,612     (4,778
 
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses after fees waived and/or reimbursed
    5,019,267       10,542,679       5,753,782       2,722,765  
 
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
    13,672,541       (7,226,196     (3,526,517     5,083,322  
 
 
 
   
 
 
   
 
 
   
 
 
 
REALIZED AND UNREALIZED GAIN (LOSS)
       
Net realized gain (loss) from:
       
Investments — unaffiliated
    4,692,520       (33,134,872     7,717,881       8,009,466  
Investments — affiliated
    2,968       7,686       595       810  
Foreign currency transactions
    (9,193     (260,677     (45,216     40,314  
Options written
    20,987,215       (10,876,120     (27,510,651     7,355,793  
Payment by affiliate
          127,092              
 
 
 
   
 
 
   
 
 
   
 
 
 
    25,673,510       (44,136,891     (19,837,391     15,406,383  
 
 
 
   
 
 
   
 
 
   
 
 
 
Net change in unrealized appreciation (depreciation) on:
       
Investments — unaffiliated
    (67,428,508     305,904,026 (b)      255,357,301 (b)      11,000,594  
Investments — affiliated
    (617     21       93       (145
Foreign currency translations
    10,699       6,820       (240     22,696  
Options written
    (1,324,185     (25,448,128     (13,957,447     (2,148,041
 
 
 
   
 
 
   
 
 
   
 
 
 
    (68,742,611     280,462,739       241,399,707       8,875,104  
 
 
 
   
 
 
   
 
 
   
 
 
 
Net realized and unrealized gain (loss)
    (43,069,101     236,325,848       221,562,316       24,281,487  
 
 
 
   
 
 
   
 
 
   
 
 
 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
  $  (29,396,560   $  229,099,652     $  218,035,799     $  29,364,809  
 
 
 
   
 
 
   
 
 
   
 
 
 
(a) Consolidated Statement of Operations.
       
(b) Net of reduction in deferred capital gain tax of
  $     $ 1,756,279     $ 113,475     $  
See notes to financial statements.
 
 
128  
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Statements of Changes in Net Assets
    
 
     BGR        CII
    
 
 
          
 
 
 
     
 
Six Months Ended    
06/30/23    
(unaudited)    
        Year Ended
12/31/22
       
 
Six Months Ended
06/30/23
(unaudited)
        Year Ended
12/31/22
INCREASE (DECREASE) IN NET ASSETS
                               
OPERATIONS
                               
Net investment income
     $ 5,682,231          $ 12,071,039          $ 1,619,094          $ 2,696,846
Net realized gain
       18,132,696            34,809,940            6,004,495            100,213,617
Net change in unrealized appreciation (depreciation)
       (28,865,010 )            66,906,553            90,717,291            (211,028,139 )
    
 
 
          
 
 
          
 
 
          
 
 
 
Net increase (decrease) in net assets resulting from operations
       (5,050,083 )            113,787,532            98,340,880            (108,117,676 )
    
 
 
          
 
 
          
 
 
          
 
 
 
DISTRIBUTIONS TO SHAREHOLDERS(a)
                                           
From net investment income
       (10,606,571 )(b)            (11,890,970 )            (26,346,864 )            (92,693,757 )
Return of capital
                  (4,610,793 )                      
    
 
 
          
 
 
          
 
 
          
 
 
 
Decrease in net assets resulting from distributions to shareholders
       (10,606,571 )            (16,501,763 )            (26,346,864 )            (92,693,757 )
    
 
 
          
 
 
          
 
 
          
 
 
 
CAPITAL SHARE TRANSACTIONS
                               
Redemption of shares resulting from share repurchase program (including transaction costs)
       (2,793,432 )            (12,296,655 )                      
    
 
 
          
 
 
          
 
 
          
 
 
 
NET ASSETS
                               
Total increase (decrease) in net assets
       (18,450,086 )            84,989,114            71,994,016            (200,811,433 )
Beginning of period
       398,492,584            313,503,470            774,667,072            975,478,505
    
 
 
          
 
 
          
 
 
          
 
 
 
End of period
     $  380,042,498          $  398,492,584          $  846,661,088          $  774,667,072
    
 
 
          
 
 
          
 
 
          
 
 
 
 
(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.
 
 
F I N A N C I A L   S T A T E M E N T S
  129

 
Statements of Changes in Net Assets (continued)
    
 
   
BDJ(a)
           BOE  
 
 
 
      
 
 
 
    Six Months Ended               Six Months Ended       
    06/30/23            Year Ended            06/30/23            Year Ended  
      (unaudited)                12/31/22                (unaudited              12/31/22  
INCREASE (DECREASE) IN NET ASSETS
                
OPERATIONS
                
Net investment income
  $ 16,506,586              $ 30,038,016              $ 9,102,764              $ 12,760,469  
Net realized gain
    54,811,311          147,475,079          8,951,510          15,653,551  
Net change in unrealized appreciation (depreciation)
    7,971,973          (250,207,024        43,448,993          (137,096,032
 
 
 
      
 
 
      
 
 
      
 
 
 
Net increase (decrease) in net assets resulting from operations
    79,289,870          (72,693,929        61,503,267          (108,682,012
 
 
 
      
 
 
      
 
 
      
 
 
 
DISTRIBUTIONS TO SHAREHOLDERS(b)
                
From net investment income and net realized gain
    (62,879,687        (204,152,869        (23,663,713 )(c)         (38,142,002
Return of capital
                               (9,962,064
 
 
 
      
 
 
      
 
 
      
 
 
 
Decrease in net assets resulting from distributions to shareholders
    (62,879,687        (204,152,869        (23,663,713        (48,104,066
 
 
 
      
 
 
      
 
 
      
 
 
 
CAPITAL SHARE TRANSACTIONS
                
Reinvestment of distributions
    702,786          3,650,249                    
Redemption of shares resulting from share repurchase program (including transaction costs)
                      (5,041,877        (12,470,648
 
 
 
      
 
 
      
 
 
      
 
 
 
Net increase (decrease) in net assets derived from capital share transactions
    702,786          3,650,249          (5,041,877        (12,470,648
 
 
 
      
 
 
      
 
 
      
 
 
 
NET ASSETS
                
Total increase (decrease) in net assets
    17,112,969          (273,196,549        32,797,677          (169,256,726
Beginning of period
    1,629,641,567          1,902,838,116          688,463,885          857,720,611  
 
 
 
      
 
 
      
 
 
      
 
 
 
End of period
  $ 1,646,754,536        $ 1,629,641,567        $ 721,261,562        $ 688,463,885  
 
 
 
      
 
 
      
 
 
      
 
 
 
 
(a) 
Consolidated Statement of Changes in Net Assets.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
 
 
 
130  
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Statements of Changes in Net Assets (continued)
    
 
    BGY          BMEZ  
   
Six Months Ended
                        Six Months Ended               
          06/30/23            Year Ended            06/30/23            Year Ended  
            (unaudited)             12/31/22             (unaudited)             12/31/22  
INCREASE (DECREASE) IN NET ASSETS
                  
OPERATIONS
                        
Net investment income
    $ 7,392,037        $ 10,518,833        $ (9,060,880      $ (20,420,947
Net realized gain
      26,826,878          14,980,788          (2,776,155        (26,244,107
Net change in unrealized appreciation (depreciation)
      32,912,221          (92,154,694        134,095,046          (636,053,199
   
 
 
      
 
 
      
 
 
      
 
 
 
Net increase in net assets resulting from operations
      67,131,136          (66,655,073        122,258,011          (682,718,253
   
 
 
      
 
 
      
 
 
      
 
 
 
DISTRIBUTIONS TO SHAREHOLDERS(a)
                  
From net investment income and net realized gain
      (20,711,473 )(b)         (20,170,266        (94,535,074 )(b)         (183,050,144
Return of capital
               (21,930,456                 (11,869,565
   
 
 
      
 
 
      
 
 
      
 
 
 
Decrease in net assets resulting from distributions to shareholders
      (20,711,473        (42,100,722        (94,535,074        (194,919,709
   
 
 
      
 
 
      
 
 
      
 
 
 
CAPITAL SHARE TRANSACTIONS
                  
Redemption of shares resulting from share repurchase program (including transaction costs)
      (7,443,801        (7,282,700        (25,534,135        (47,829,587
   
 
 
      
 
 
      
 
 
      
 
 
 
NET ASSETS
                  
Total increase in net assets
      38,975,862          (116,038,495        2,188,802          (925,467,549
Beginning of period
      593,471,375          709,509,870          2,056,418,720          2,981,886,269  
   
 
 
      
 
 
      
 
 
      
 
 
 
End of period
    $ 632,447,237        $ 593,471,375        $ 2,058,607,522        $ 2,056,418,720  
   
 
 
      
 
 
      
 
 
      
 
 
 
 
(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.
 
 
F I N A N C I A L   S T A T E M E N T S
  131

 
Statements of Changes in Net Assets (continued)
    
 
    BME          BIGZ  
    Six Months Ended                         Six Months Ended               
    06/30/23          Year Ended          06/30/23          Year Ended  
      (unaudited)                12/31/22                (unaudited)                12/31/22  
INCREASE (DECREASE) IN NET ASSETS
                
OPERATIONS
                
Net investment income
  $ 1,173,739        $ 1,539,556        $ (12,984,859      $ (31,271,483
Net realized gain
    12,341,277          13,676,395          (210,286,153        (1,316,372,963
Net change in unrealized appreciation (depreciation)
    (2,204,579        (41,687,030        442,359,370          (308,670,678
 
 
 
      
 
 
      
 
 
      
 
 
 
Net increase in net assets resulting from operations
    11,310,437          (26,471,079        219,088,358          (1,656,315,124
 
 
 
      
 
 
      
 
 
      
 
 
 
DISTRIBUTIONS TO SHAREHOLDERS(a)
                
From net investment income and net realized gain
    (17,790,290 )(b)         (32,998,527        (95,613,895 )(b)          
Return of capital
             (1,403,564                 (233,929,900
 
 
 
      
 
 
      
 
 
      
 
 
 
Decrease in net assets resulting from distributions to shareholders
    (17,790,290        (34,402,091        (95,613,895        (233,929,900
 
 
 
      
 
 
      
 
 
      
 
 
 
CAPITAL SHARE TRANSACTIONS
                
Net proceeds from the issuance of shares
    3,020,683          33,618,939                    
Reinvestment of distributions
    511,503          1,676,333                    
Redemption of shares resulting from share repurchase program (including transaction costs)
                      (20,553,458        (64,919,571
 
 
 
      
 
 
      
 
 
      
 
 
 
Net increase in net assets derived from capital share transactions
    3,532,186          35,295,272          (20,553,458        (64,919,571
 
 
 
      
 
 
      
 
 
      
 
 
 
NET ASSETS
                
Total increase in net assets
    (2,947,667        (25,577,898        102,921,005          (1,955,164,595
Beginning of period
    600,196,913          625,774,811          2,026,487,914          3,981,652,509  
 
 
 
      
 
 
      
 
 
      
 
 
 
End of period
  $ 597,249,246        $ 600,196,913        $ 2,129,408,919        $ 2,026,487,914  
 
 
 
      
 
 
      
 
 
      
 
 
 
 
(a) 
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b) 
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
 
 
132  
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Statements of Changes in Net Assets (continued)
    
 
    BCX          BSTZ(a)  
    Six Months Ended                         Six Months Ended               
    06/30/23          Year Ended          06/30/23          Year Ended  
      (unaudited)                12/31/22                (unaudited)                12/31/22  
INCREASE (DECREASE) IN NET ASSETS
                
OPERATIONS
                
Net investment income
  $ 13,672,541        $ 26,122,375        $ (7,226,196      $ (23,377,483
Net realized gain
    25,673,510          164,961,884          (44,136,891        116,813,048  
Net change in unrealized appreciation (depreciation)
    (68,742,611        (53,573,504        280,462,739          (1,429,494,278
 
 
 
      
 
 
      
 
 
      
 
 
 
Net increase in net assets resulting from operations
    (29,396,560        137,510,755          229,099,652          (1,336,058,713
 
 
 
      
 
 
      
 
 
      
 
 
 
DISTRIBUTIONS TO SHAREHOLDERS(b)
                
From net investment income and net realized gain
    (26,971,653 )(c)         (26,024,883        (79,787,564 )(c)         (70,402,537
Return of capital
             (22,531,891                 (110,549,120
 
 
 
      
 
 
      
 
 
      
 
 
 
Decrease in net assets resulting from distributions to shareholders
    (26,971,653        (48,556,774        (79,787,564        (180,951,657
 
 
 
      
 
 
      
 
 
      
 
 
 
CAPITAL SHARE TRANSACTIONS
                
Redemption of shares resulting from share repurchase program (including transaction costs)
    (16,020,113        (7,554,830        (20,264,931        (7,293,625
 
 
 
      
 
 
      
 
 
      
 
 
 
NET ASSETS
                
Total increase in net assets
    (72,388,326        81,399,151          129,047,157          (1,524,303,995
Beginning of period
    983,181,040          901,781,889          1,524,657,637          3,048,961,632  
 
 
 
      
 
 
      
 
 
      
 
 
 
End of period
  $ 910,792,714        $ 983,181,040        $ 1,653,704,794        $ 1,524,657,637  
 
 
 
      
 
 
      
 
 
      
 
 
 
 
(a) 
Consolidated Statement of Changes in Net Assets.
(b) 
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) 
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
 
 
F I N A N C I A L   S T A T E M E N T S
  133

 
Statements of Changes in Net Assets (continued)
    
 
    BST(a)          BUI  
    Six Months Ended             Six Months Ended       
    06/30/23          Year Ended          06/30/23          Year Ended  
      (unaudited)                12/31/22                (unaudited              12/31/22  
INCREASE (DECREASE) IN NET ASSETS
                
OPERATIONS
                                              
Net investment income
  $ (3,526,517      $ (9,272,089      $ 5,083,322        $ 7,295,744  
Net realized gain
    (19,837,391        51,379,805          15,406,383          7,425,254  
Net change in unrealized appreciation (depreciation)
    241,399,707          (696,878,029        8,875,104          (59,248,817
 
 
 
      
 
 
      
 
 
      
 
 
 
Net increase in net assets resulting from operations
    218,035,799          (654,770,313        29,364,809          (44,527,819
 
 
 
      
 
 
      
 
 
      
 
 
 
DISTRIBUTIONS TO SHAREHOLDERS(b)
                
From net investment income and net realized gain
    (50,340,460 )(c)         (69,684,200        (16,221,897        (18,983,124
Return of capital
             (27,306,002                 (13,135,583
 
 
 
      
 
 
      
 
 
      
 
 
 
Decrease in net assets resulting from distributions to shareholders
    (50,340,460        (96,990,202        (16,221,897        (32,118,707
 
 
 
      
 
 
      
 
 
      
 
 
 
CAPITAL SHARE TRANSACTIONS
                
Net proceeds from the issuance of shares
    28,980,927          28,525,537          2,884,055          14,467,890  
Reinvestment of distributions
    3,541,305          2,771,741          577,353          766,909  
 
 
 
      
 
 
      
 
 
      
 
 
 
Net increase in net assets derived from capital share transactions
    32,522,232          31,297,278          3,461,408          15,234,799  
 
 
 
      
 
 
      
 
 
      
 
 
 
NET ASSETS
                
Total increase in net assets
    200,217,571          (720,463,237        16,604,320          (61,411,727
Beginning of period
    960,703,201          1,681,166,438          498,392,966          559,804,693  
 
 
 
      
 
 
      
 
 
      
 
 
 
End of period
  $ 1,160,920,772        $ 960,703,201        $ 514,997,286        $ 498,392,966  
 
 
 
      
 
 
      
 
 
      
 
 
 
 
(a) 
Consolidated Statement of Changes in Net Assets.
(b) 
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) 
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
 
 
134  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

 
Statements of Cash Flows (unaudited)
Six Months Ended June 30, 2023
    
 
     BGR   CII   BDJ   BOE
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
               
Net increase (decrease) in net assets resulting from operations
    $ (5,050,083 )     $ 98,340,880     $ 79,289,870     $ 61,503,267
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
      74,992,878       157,003,741       401,294,041       197,423,412
Purchases of long-term investments
      (77,631,130 )       (122,543,650 )       (381,054,163 )       (186,972,173 )
Net proceeds from sales (purchases) of short-term securities
      2,115,348       1,449,901       21,462,669       (575,732 )
Premiums paid on closing options written
      (6,030,822 )       (62,027,870 )       (78,834,704 )       (22,823,200 )
Premiums received from options written
      14,660,411       52,247,149       82,073,435       28,471,419
Net realized gain on investments and options written
      (18,125,343 )       (5,992,588 )       (54,732,505 )       (8,874,938 )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations
      28,866,914       (90,717,291 )       (7,972,117 )       (43,437,156 )
(Increase) Decrease in Assets
               
Receivables
               
Dividends — affiliated
      (2,297 )       34,480       87,806       (4,232 )
Dividends — unaffiliated
      (283,214 )       (41,410 )       528,495       (1,406,646 )
Securities lending income — affiliated
            (185 )       (176 )      
Deferred offering costs
                  (183,545 )      
Increase (Decrease) in Liabilities
               
Collateral on securities loaned
            36            
Payables
               
Accounting services fees
      (7,548 )       (8,970 )       (16,709 )       (10,705 )
Custodian fees
      (8,348 )       (2,539 )       (24,582 )       (19,012 )
Investment advisory fees
      283,901       594,719       1,018,430       497,661
Trustees’ and Officer’s fees
      (18,548 )       (5,713 )       (4,000 )       (27,612 )
Other accrued expenses
      6,685       3,563       48,121       8,492
Professional fees
      (28,787 )       (30,870 )       (58,601 )       (39,471 )
Transfer agent fees
      5,085       6,652       11,090       6,459
Other liabilities
                  (666,808 )      
   
 
 
     
 
 
     
 
 
     
 
 
 
Net cash provided by operating activities
      13,745,102       28,310,035       62,266,047       23,719,833
   
 
 
     
 
 
     
 
 
     
 
 
 
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
               
Cash dividends paid to shareholders
      (10,594,053 )       (28,206,943 )       (61,816,505 )       (23,665,342 )
Payments for offering costs
                  40,169      
Net payments on redemption of capital shares including change in redemptions payable
      (3,053,269 )                   (5,129,851 )
Increase (decrease) in bank overdraft
      (83,281 )       (24,238 )             121,987
   
 
 
     
 
 
     
 
 
     
 
 
 
Net cash used for financing activities
      (13,730,603 )       (28,231,181 )       (61,776,336 )       (28,673,206 )
   
 
 
     
 
 
     
 
 
     
 
 
 
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
               
Cash impact from foreign exchange fluctuations
      (4 )             (19 )       (155 )
   
 
 
     
 
 
     
 
 
     
 
 
 
CASH AND FOREIGN CURRENCY
               
Net increase (decrease) in restricted and unrestricted cash and foreign currency
      14,495       78,854       489,692       (4,953,528 )
Restricted and unrestricted cash and foreign currency at beginning of period
      58,425             129,653       4,953,552
   
 
 
     
 
 
     
 
 
     
 
 
 
Restricted and unrestricted cash and foreign currency at end of period
    $ 72,920     $ 78,854     $ 619,345     $ 24
   
 
 
     
 
 
     
 
 
     
 
 
 
NON-CASH FINANCING ACTIVITIES
               
Reinvestment of distributions
    $     $     $ 702,786     $
   
 
 
     
 
 
     
 
 
     
 
 
 
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
               
Cash
    $     $ 78,854     $ 618,995     $
Foreign currency at value
      72,920             350       24
   
 
 
     
 
 
     
 
 
     
 
 
 
    $ 72,920     $ 78,854     $ 619,345     $ 24
   
 
 
     
 
 
     
 
 
     
 
 
 
See notes to financial statements.
 
 
 
F I N A N C I A L   S T A T E M E N T S
  135

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2023
    
 
     BGY   BMEZ   BME   BIGZ
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
               
Net increase in net assets resulting from operations
    $ 67,131,136     $ 122,258,011     $ 11,310,437     $ 219,088,358
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
      180,371,258       592,584,440       127,546,373       499,748,974
Purchases of long-term investments
      (172,426,499 )       (493,425,801 )       (115,885,086 )       (369,813,331 )
Net purchases of short-term securities
      (2,977,912 )       (20,398,213 )       (4,182,299 )       (22,623,220 )
Premiums paid on closing options written
      (12,561,917 )       (59,616,696 )       (18,700,573 )       (37,128,294 )
Premiums received from options written
      23,076,227       66,945,476       21,840,501       37,092,362
Net realized (gain) loss on investments and options written
      (26,653,193 )       8,655,540       (12,344,703 )       210,296,050
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations
      (32,831,736 )       (134,081,912 )       2,207,259       (442,364,666 )
(Increase) Decrease in Assets
               
Receivables
               
Dividends — affiliated
      (35,525 )       (65,158 )       (34,120 )       (8,677 )
Dividends — unaffiliated
      (1,569,133 )       (47,744 )       (63,321 )       (34,182 )
Securities lending income — affiliated
            (31,642 )       (132 )       1,740
Deferred offering costs
                  1,638      
Increase (Decrease) in Liabilities
               
Collateral on securities loaned
            37,106,764       1,863,500       20,612,476
Payables
               
Accounting services fees
      (8,970 )       17,720       (5,553 )       16,829
Custodian fees
      (22,144 )       (15,700 )       (8,000 )       3,753
Deferred foreign capital gain tax
      (68,395 )                  
Investment advisory fees
      548,025       2,073,943       473,307       2,064,720
Trustees’ and Officer’s fees
      (32,695 )       24,093       1,065       24,642
Other accrued expenses
      12,124       240,621       (1,809 )       1,921,240
Professional fees
      (29,020 )       (29,171 )       (30,859 )       740
Transfer agent fees
      7,062       9,695       5,062       19,240
   
 
 
     
 
 
     
 
 
     
 
 
 
Net cash provided by operating activities
      21,928,693       122,204,266       13,992,687       118,918,754
   
 
 
     
 
 
     
 
 
     
 
 
 
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
               
Cash dividends paid to shareholders
      (20,713,879 )       (94,666,536 )       (17,108,618 )       (95,733,591 )
Payments for offering costs
                  (497 )      
Net payments on redemption of capital shares including change in redemptions payable
      (7,215,122 )       (27,441,442 )             (23,140,455 )
Increase (decrease) in bank overdraft
            (95,313 )       93,268      
Proceeds from issuance of capital shares
                  3,020,683      
   
 
 
     
 
 
     
 
 
     
 
 
 
Net cash used for financing activities
      (27,929,001 )       (122,203,291 )       (13,995,164 )       (118,874,046 )
   
 
 
     
 
 
     
 
 
     
 
 
 
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
               
Cash impact from foreign exchange fluctuations
      (1,815 )       5       (35 )       11
   
 
 
     
 
 
     
 
 
     
 
 
 
CASH AND FOREIGN CURRENCY
               
Net increase (decrease) in restricted and unrestricted cash and foreign currency
      (6,002,123 )       980       (2,512 )       44,719
Restricted and unrestricted cash and foreign currency at beginning of period
      6,408,896       36,115       3,118       335
   
 
 
     
 
 
     
 
 
     
 
 
 
Restricted and unrestricted cash and foreign currency at end of period
    $ 406,773     $ 37,095     $ 606     $ 45,054
   
 
 
     
 
 
     
 
 
     
 
 
 
NON-CASH FINANCING ACTIVITIES
               
Reinvestment of distributions
    $     $     $ 511,503     $
   
 
 
     
 
 
     
 
 
     
 
 
 
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
               
Cash
    $     $     $     $ 44,727
Cash pledged
               
Collateral — OTC derivatives
      404,000       36,000            
Foreign currency at value
      2,773       1,095       606       327
   
 
 
     
 
 
     
 
 
     
 
 
 
    $ 406,773     $ 37,095     $ 606     $ 45,054
   
 
 
     
 
 
     
 
 
     
 
 
 
See notes to financial statements.
 
 
 
136  
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Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2023
    
 
     BCX   BSTZ   BST   BUI
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
               
Net increase (decrease) in net assets resulting from operations
    $ (29,396,560 )     $ 229,099,652     $ 218,035,799     $ 29,364,809
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
      179,903,562       440,553,865       209,447,723       75,952,652
Purchases of long-term investments
      (152,715,617 )       (345,391,538 )       (168,497,320 )       (74,411,625 )
Net proceeds from sales (purchases) of short-term securities
      (23,190,818 )       14,690,905       3,671,847       (3,365,927 )
Premiums paid on closing options written
      (17,477,287 )       (80,333,905 )       (79,489,390 )       (9,371,170 )
Premiums received from options written
      35,798,683       67,882,732       52,814,221       16,154,646
Net realized (gain) loss on investments and options written
      (25,670,034 )       44,519,071       19,927,729       (15,366,023 )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations
      68,742,611       (278,699,571 )       (240,917,450 )       (8,852,408 )
(Increase) Decrease in Assets
               
Receivables
               
Dividends — affiliated
      (88,201 )       38,971       29,669       (15,289 )
Dividends — unaffiliated
      (530,534 )       (955,652 )       246,448       (101,325 )
Securities lending income — affiliated
      (1,925 )       (1,625 )       78       1,362
Other assets
            680,607            
Deferred offering costs
                  10,137       1,420
Increase (Decrease) in Liabilities
               
Collateral on securities loaned
      7,295,540       2,592,613       1,747,720       2,278,779
Payables
               
Accounting services fees
      (10,133 )       11,456       (8,419 )       (8,419 )
Custodian fees
      (13,437 )       4,341       (13,674 )       (11,020 )
Deferred capital gain tax
            (1,756,279 )       (113,475 )      
Investment advisory fees
      680,923       1,632,936       996,843       423,106
Trustees’ and Officer’s fees
      (12,643 )       17,658       (2,127 )       (154 )
Other accrued expenses
      27,589       (10,367 )       (26,025 )       21,117
Professional fees
      (37,412 )       (81,577 )       (75,284 )       (26,352 )
Transfer agent fees
      8,505       10,925       13,802       4,523
   
 
 
     
 
 
     
 
 
     
 
 
 
Net cash provided by operating activities
      43,312,812       94,505,218       17,798,852       12,672,702
   
 
 
     
 
 
     
 
 
     
 
 
 
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
               
Cash dividends paid to shareholders
      (26,978,948 )       (80,155,346 )       (47,374,981 )       (15,762,439 )
Payments for offering costs
                  (4,000 )      
Net payments on redemption of capital shares including change in redemptions payable
      (16,170,958 )       (21,466,837 )            
Increase (decrease) in bank overdraft
      (117,583 )             (88,084 )       9,339
Proceeds from issuance of capital shares
                  27,444,869       2,884,055
   
 
 
     
 
 
     
 
 
     
 
 
 
Net cash used for financing activities
      (43,267,489 )       (101,622,183 )       (20,022,196 )       (12,869,045 )
   
 
 
     
 
 
     
 
 
     
 
 
 
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
               
Cash impact from foreign exchange fluctuations
      (11 )       (68 )       (941 )      
   
 
 
     
 
 
     
 
 
     
 
 
 
CASH AND FOREIGN CURRENCY
               
Net increase (decrease) in restricted and unrestricted cash and foreign currency
      45,312       (7,117,033 )       (2,224,285 )       (196,343 )
Restricted and unrestricted cash and foreign currency at beginning of period
      69,403       8,098,829       2,655,178       196,343
   
 
 
     
 
 
     
 
 
     
 
 
 
Restricted and unrestricted cash and foreign currency at end of period
    $ 114,715     $ 981,796     $ 430,893     $
   
 
 
     
 
 
     
 
 
     
 
 
 
NON-CASH FINANCING ACTIVITIES
               
Reinvestment of distributions
    $     $     $ 3,541,305     $ 577,353
   
 
 
     
 
 
     
 
 
     
 
 
 
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
               
Cash
    $ 64,297     $ 125     $ 28,769     $
Cash pledged
               
Collateral — OTC derivatives
            980,000       400,000      
Foreign currency at value
      50,418       1,671       2,124      
   
 
 
     
 
 
     
 
 
     
 
 
 
    $ 114,715     $ 981,796     $ 430,893     $
   
 
 
     
 
 
     
 
 
     
 
 
 
See notes to financial statements.
 
 
F I N A N C I A L   S T A T E M E N T S
  137

 
Financial Highlights
(For a share outstanding throughout each period)
    
 
                          BGR                       
    
Six Months Ended
06/30/23
(unaudited)
    Year Ended
12/31/22
    Year Ended
12/31/21
    Year Ended
12/31/20
    Year Ended
12/31/19
    Year Ended
12/31/18
 
Net asset value, beginning of period
    $ 14.21     $ 10.77     $ 8.17     $ 12.57     $ 11.98     $ 15.79  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income(a)
                   0.20       0.42       0.28       0.32       0.34       0.28  
Net realized and unrealized gain (loss)
      (0.37     3.60       2.77       (4.06     1.18       (3.16
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net increase (decrease) from investment operations
      (0.17     4.02       3.05       (3.74     1.52       (2.88
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Distributions(b)
             
From net investment income
      (0.38 )(c)      (0.42     (0.28     (0.32     (0.34     (0.27
Return of capital
            (0.16     (0.17     (0.34     (0.59     (0.66
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total distributions
      (0.38     (0.58     (0.45     (0.66     (0.93     (0.93
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net asset value, end of period
    $ 13.66     $ 14.21     $ 10.77     $ 8.17     $ 12.57     $ 11.98  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Market price, end of period
    $ 12.04     $ 12.53     $ 9.48     $ 7.10     $ 11.88     $ 10.45  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Return(d)
             
Based on net asset value
      (0.87 )%(e)      38.51     38.36 %(f)      (29.03 )%      13.74     (18.84 )% 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Based on market price
      (0.92 )%(e)      38.76     40.14     (34.74 )%      23.23     (21.16 )% 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Ratios to Average Net Assets(g)
             
Total expenses
      1.29 %(h)      1.26     1.33     1.37     1.35     1.29
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses after fees waived and/or reimbursed
      1.07 %(h)      1.04     1.11     1.15     1.16     1.14
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income
      2.96 %(h)      3.21     2.88     3.77     2.67     1.87
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Supplemental Data
             
Net assets, end of period (000)
    $ 380,042     $ 398,493     $ 313,503     $ 237,868     $ 374,896     $ 357,391  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Portfolio turnover rate
      20     76     61     62     24     32
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(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.
 
 
138  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)
(For a share outstanding throughout each period)
    
 
    CII  
   
Six Months Ended
06/30/23
(unaudited)
   
Year Ended
12/31/22
   
Year Ended
12/31/21
   
Year Ended
12/31/20
   
Year Ended
12/31/19
   
Year Ended
12/31/18
 
                         
Net asset value, beginning of period
    $ 17.55       $ 22.10             $ 19.12             $ 17.96             $ 15.28             $ 17.19  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income(a)
      0.04         0.06         0.04         0.13         0.18         0.17  
Net realized and unrealized gain (loss)
                 2.19               (2.51       4.04         2.08         3.50         (1.09
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net increase (decrease) from investment operations
      2.23         (2.45       4.08         2.21         3.68         (0.92
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Distributions(b)
                       
From net investment income
      (0.60       (0.04       (0.04       (0.13       (0.19       (0.17 )(c) 
From net realized gain
              (2.06       (1.06       (0.92       (0.44       (0.28 )(c) 
Return of capital
                                      (0.37       (0.54
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total distributions
      (0.60       (2.10       (1.10       (1.05       (1.00       (0.99
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net asset value, end of period
    $ 19.18       $ 17.55       $ 22.10       $ 19.12       $ 17.96       $ 15.28  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Market price, end of period
    $ 18.51       $ 17.12       $ 22.12       $ 17.40       $ 17.25       $ 14.08  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total Return(d)
                       
Based on net asset value
      12.93 %(e)        (10.95 )%        21.97       13.94       25.08       (5.44 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Based on market price
      11.73 %(e)        (13.21 )%        34.15       7.97       30.38       (8.56 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Ratios to Average Net Assets(f)
                       
Total expenses
      0.89 %(g)        0.89       0.90       0.91       0.91       0.90
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed
      0.89 %(g)        0.89       0.90       0.91       0.91       0.90
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income
      0.40 %(g)        0.31       0.21       0.78       1.08       1.00
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Supplemental Data
                       
Net assets, end of period (000)
    $ 846,661       $ 774,667       $ 975,479       $ 843,673       $ 792,638       $ 674,077  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Portfolio turnover rate
      15       32       27       46       32       27
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
 
(a) 
Based on average shares outstanding.
(b) 
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(d) 
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e)
Not annualized.
(f) 
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) 
Annualized.
See notes to financial statements.
 
 
F I N A N C I A L   H I G H L I G H T S
  139

Financial Highlights (continued)
(For a share outstanding throughout each period)
    
 
    BDJ  
   
Six Months Ended
06/30/23
(unaudited)(a)
 
 
 
     
Year Ended
12/31/22
 
(a) 
     
Year Ended
12/31/21
 
 
     
Year Ended
12/31/20
 
 
     
Year Ended
12/31/19
 
 
     
Year Ended
12/31/18
 
 
                         
Net asset value, beginning of period
    $ 8.74       $ 10.23       $ 9.35       $ 10.03       $ 8.74       $ 9.96  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income(b)
                 0.09               0.16               0.15               0.18               0.18               0.18 (c) 
Net realized and unrealized gain (loss)
      0.34         (0.56       1.60         (0.26       1.86         (0.84
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net increase (decrease) from investment operations
      0.43         (0.40       1.75         (0.08       2.04         (0.66
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Distributions(d)
                       
From net investment income
      (0.34       (0.04       (0.28       (0.15       (0.08       (0.18 )(e) 
From net realized gain
              (1.05       (0.59       (0.45       (0.67       (0.38 )(e) 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total distributions
      (0.34       (1.09       (0.87       (0.60       (0.75       (0.56
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net asset value, end of period
    $ 8.83       $ 8.74       $ 10.23       $ 9.35       $ 10.03       $ 8.74  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Market price, end of period
    $ 8.34       $ 9.01       $ 10.08       $ 8.47       $ 9.92       $ 7.77  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total Return(f)
                       
Based on net asset value
      5.07 %(g)        (3.71 )%(h)        19.33       0.77       24.52       (6.59 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Based on market price
      (3.73 )%(g)        0.74       29.80       (7.70 )%        38.53       (10.39 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Ratios to Average Net Assets(i)
                       
Total expenses
      0.85 %(j)        0.84       0.85       0.86       0.87       0.85
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed
      0.85 %(j)        0.84       0.85       0.86       0.87       0.85
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income
      2.04 %(j)        1.69       1.44       2.15       1.99       1.85 %(c) 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Supplemental Data
                       
Net assets, end of period (000)
    $ 1,646,755       $ 1,629,642       $ 1,902,838       $ 1,739,122       $ 1,881,675       $ 1,638,237  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Portfolio turnover rate
      24       81       40       48       40       34
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
 
(a) 
Consolidated Financial Highlights.
(b) 
Based on average shares outstanding.
(c) 
Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.14%, respectively, resulting from a special dividend.
(d) 
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) 
Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(f) 
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(g)
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.
See notes to financial statements.
 
 
140  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)
(For a share outstanding throughout each period)
    
 
    BOE  
   
Six Months Ended
06/30/23
(unaudited)
         
Year Ended
12/31/22
         
Year Ended
12/31/21
         
Year Ended
12/31/20
         
Year Ended
12/31/19
         
Year Ended
12/31/18
 
                         
Net asset value, beginning of period
               $ 10.97             $ 13.40             $ 12.28             $ 12.32             $ 11.07             $ 13.22  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income(a)
      0.15         0.20         0.19         0.26         0.30         0.31  
Net realized and unrealized gain (loss)
      0.85         (1.87       1.69         0.46         1.71         (1.61
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net increase (decrease) from investment operations
      1.00         (1.67       1.88         0.72         2.01         (1.30
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Distributions(b)
                       
From net investment income
      (0.38 )(c)        (0.19       (0.19       (0.26       (0.31       (0.31 )(d) 
From net realized gain
              (0.41       (0.57                       (0.52 )(d) 
Return of capital
              (0.16               (0.50       (0.45       (0.02
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total distributions
      (0.38       (0.76       (0.76       (0.76       (0.76       (0.85
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net asset value, end of period
    $ 11.59       $ 10.97       $ 13.40       $ 12.28       $ 12.32       $ 11.07  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Market price, end of period
    $ 10.07       $ 9.56       $ 12.18       $ 10.91       $ 10.99       $ 9.37  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total Return(e)
                       
Based on net asset value
      9.67 %(f)        (11.87 )%        16.21       7.65       19.54       (9.63 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Based on market price
      9.34 %(f)        (15.51 )%        18.89       7.22       25.98       (19.16 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Ratios to Average Net Assets(g)
                       
Total expenses
      1.08 %(h)        1.06       1.07       1.09       1.12       1.08
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed
      0.91 %(h)        0.89       0.90       0.92       0.94       0.94
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes
      0.90 %(h)        0.88       0.90       0.92       0.94       0.94
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income
      2.57 %(h)        1.72       1.46       2.33       2.62       2.52
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Supplemental Data
                       
Net assets, end of period (000)
    $ 721,262       $ 688,464       $ 857,721       $ 786,230       $ 807,712       $ 754,602  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Portfolio turnover rate
      28       44       65       61       26       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 previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(e)
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f)
Not annualized.
(g) 
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) 
Annualized.
See notes to financial statements.
 
 
F I N A N C I A L   H I G H L I G H T S
  141

Financial Highlights (continued)
(For a share outstanding throughout each period)
    
 
    BGY  
   
Six Months Ended
06/30/23
(unaudited)
         
Year Ended
12/31/22
         
Year Ended
12/31/21
         
Year Ended
12/31/20
         
Year Ended
12/31/19
         
Year Ended
12/31/18
 
                         
Net asset value, beginning of period
               $ 5.78             $ 6.81       $ 6.49             $ 6.47             $ 5.79             $ 7.06  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income(a)
      0.07         0.10         0.09         0.12         0.16         0.17 (b) 
Net realized and unrealized gain (loss)
      0.59         (0.72       0.64         0.31         0.93         (1.00
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net increase (decrease) from investment operations
      0.66         (0.62       0.73         0.43         1.09         (0.83
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Distributions(c)
                       
From net investment income
      (0.20 )(d)        (0.10       (0.14       (0.13       (0.16       (0.16 )(e) 
From net realized gain
              (0.10       (0.15               (0.19       (0.28 )(e) 
Return of capital
              (0.21       (0.12       (0.28       (0.06        
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total distributions
      (0.20       (0.41       (0.41       (0.41       (0.41       (0.44
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net asset value, end of period
    $ 6.24       $ 5.78       $ 6.81       $ 6.49       $ 6.47       $ 5.79  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Market price, end of period
    $ 5.44       $ 5.02       $ 6.28       $ 5.87       $ 5.89       $ 4.98  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total Return(f)
                       
Based on net asset value
      12.03 %(g)        (8.33 )%        11.92       8.18       20.20       (11.48 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Based on market price
      12.45 %(g)        (13.67 )%        14.11       7.49       27.22       (17.55 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Ratios to Average Net Assets(h)
                       
Total expenses
      1.09 %(i)        1.08       1.09       1.10       1.13       1.09
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed
      1.09 %(i)        1.03       0.99       1.00       1.03       0.99
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes
      1.09 %(i)        1.02       0.99       1.00       1.03       0.99
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income
      2.37 %(i)        1.71       1.34       1.99       2.57       2.59 %(b) 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Supplemental Data
                       
Net assets, end of period (000)
    $ 632,447       $ 593,471       $ 709,510       $ 676,949       $ 683,247       $ 623,234  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Portfolio turnover rate
      26       41       71       60       28       60
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
 
(a) 
Based on average shares outstanding.
(b) 
Net investment income per share and the ratio of net investment income to average net assets includes $0.10 per share and 29%, respectively, resulting from a non-recurring dividend.
(c) 
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) 
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) 
Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(f) 
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(g)
Not annualized.
(h)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) 
Annualized.
See notes to financial statements.
 
 
142  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

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

Six Months Ended
06/30/23
(unaudited)
 
 
 
   
Year Ended
12/31/22
 
 
    
Year Ended
12/31/21
 
 
    
Period from
01/30/20
to 12/31/20
 
(a)  
 
           
Net asset value, beginning of period
               $ 18.76     $ 26.47      $ 30.73      $ 20.00  
   
 
 
   
 
 
    
 
 
    
 
 
 
Net investment loss(b)
      (0.08     (0.18      (0.32      (0.22
Net realized and unrealized gain (loss)
      1.25       (5.79      (2.23      11.85  
   
 
 
   
 
 
    
 
 
    
 
 
 
Net increase (decrease) from investment operations
      1.17       (5.97      (2.55      11.63  
   
 
 
   
 
 
    
 
 
    
 
 
 
Distributions(c)
           
From net investment income
      (0.87 )(d)                     
From net realized gain
            (1.63      (1.71      (0.90
Return of capital
            (0.11              
   
 
 
   
 
 
    
 
 
    
 
 
 
Total distributions
      (0.87     (1.74      (1.71      (0.90
   
 
 
   
 
 
    
 
 
    
 
 
 
Net asset value, end of period
    $ 19.06     $ 18.76      $ 26.47      $ 30.73  
   
 
 
   
 
 
    
 
 
    
 
 
 
Market price, end of period
    $ 16.42     $ 15.43      $ 25.36      $ 28.65  
   
 
 
   
 
 
    
 
 
    
 
 
 
Total Return(e)
           
Based on net asset value
      7.11 %(f)      (21.66 )%       (8.31 )%       59.62 %(f)(g) 
   
 
 
   
 
 
    
 
 
    
 
 
 
Based on market price
      12.18 %(f)      (32.75 )%       (5.76 )%       48.82 %(f) 
   
 
 
   
 
 
    
 
 
    
 
 
 
Ratios to Average Net Assets(h)
           
Total expenses
      1.32 %(i)(j)      1.32      1.30      1.29 %(j) 
   
 
 
   
 
 
    
 
 
    
 
 
 
Total expenses after fees waived and/or reimbursed
      1.32 %(i)(j)      1.32      1.30      1.28 %(j) 
   
 
 
   
 
 
    
 
 
    
 
 
 
Net investment loss
      (0.89 )%(j)      (0.91 )%       (1.10 )%       (1.00 )%(j) 
   
 
 
   
 
 
    
 
 
    
 
 
 
Supplemental Data
           
Net assets, end of period (000)
    $ 2,058,608     $ 2,056,419      $ 2,981,886      $ 3,462,638  
   
 
 
   
 
 
    
 
 
    
 
 
 
Portfolio turnover rate
      26     63      44      43
   
 
 
   
 
 
    
 
 
    
 
 
 
 
(a)
Commencement of operations.
(b) 
Based on average shares outstanding.
(c) 
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) 
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) 
Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.30% and 1.30%, respectively.
(j) 
Annualized.
See notes to financial statements.
 
 
F I N A N C I A L   H I G H L I G H T S
  143

Financial Highlights (continued)
(For a share outstanding throughout each period)
    
 
    BME  
   
Six Months Ended
06/30/23
(unaudited)
         
Year Ended
12/31/22
         
Year Ended
12/31/21
         
Year Ended
12/31/20
         
Year Ended
12/31/19
         
Year Ended
12/31/18
 
                         
Net asset value, beginning of period
               $ 43.30             $ 47.96             $ 45.66             $ 41.19             $ 35.87             $ 35.69  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income(a)
      0.08         0.11                 0.01         0.06         0.07  
Net realized and unrealized gain (loss)
      0.73         (2.21       4.74         6.86         7.66         2.51  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net increase (decrease) from investment operations
      0.81         (2.10       4.74         6.87         7.72         2.58  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Distributions(b)
                       
From net investment income
      (1.28 )(c)        (0.12       (0.00 )(d)        (0.05       (0.12       (0.07 )(e) 
From net realized gain
              (2.34       (2.44       (2.35       (2.28       (2.33 )(e) 
Return of capital
              (0.10                                
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total distributions
      (1.28       (2.56       (2.44       (2.40       (2.40       (2.40
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net asset value, end of period
    $ 42.83       $ 43.30       $ 47.96       $ 45.66       $ 41.19       $ 35.87  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Market price, end of period
    $ 40.64       $ 43.58       $ 48.50       $ 47.59       $ 42.50       $ 36.45  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total Return(f)
                       
Based on net asset value
      2.00 %(g)        (4.19 )%        10.66 %(h)        17.50       22.26       7.26
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Based on market price
      (3.83 )%(g)        (4.64 )%        7.37       18.69       24.15       6.57
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Ratios to Average Net Assets(i)
                       
Total expenses
      1.06 %(j)        1.08       1.08       1.10       1.09       1.11
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed
      1.06 %(j)        1.07       1.08       1.10       1.09       1.11
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income
      0.40 %(j)        0.27       0.01       0.01       0.16       0.19
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Supplemental Data
                       
Net assets, end of period (000)
    $ 597,249       $ 600,197       $ 625,775       $ 545,936       $ 446,773       $ 352,675  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Portfolio turnover rate
      20       41       49       28       47       37
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
 
(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)
Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(f)
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(g)
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.
See notes to financial statements.
 
 
144  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

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

Six Months Ended
06/30/23
(unaudited)
 
 
 
            
Year Ended
12/31/22
 
 
            
Period from
03/29/21
to 12/31/21
 
(a)  
 
             
Net asset value, beginning of period
               $ 8.82              $ 16.72              $ 20.00  
   
 
 
      
 
 
      
 
 
 
Net investment loss(b)
      (0.06        (0.13        (0.15
Net realized and unrealized gain (loss)
      1.04          (6.78        (2.43
   
 
 
      
 
 
      
 
 
 
Net increase (decrease) from investment operations
      0.98          (6.91        (2.58
   
 
 
      
 
 
      
 
 
 
Distributions(c)
             
From net investment income
      (0.42 )(d)                   
Return of capital
               (0.99        (0.70
   
 
 
      
 
 
      
 
 
 
Total distributions
      (0.42        (0.99        (0.70
   
 
 
      
 
 
      
 
 
 
Net asset value, end of period
    $ 9.38        $ 8.82        $ 16.72  
   
 
 
      
 
 
      
 
 
 
Market price, end of period
    $ 7.85        $ 6.81        $ 14.54  
   
 
 
      
 
 
      
 
 
 
Total Return(e)
             
Based on net asset value
      12.30 %(f)         (41.14 )%(g)         (13.03 )%(f) 
   
 
 
      
 
 
      
 
 
 
Based on market price
      21.72 %(f)         (47.74 )%         (24.37 )%(f) 
   
 
 
      
 
 
      
 
 
 
Ratios to Average Net Assets(h)
             
Total expenses
      1.42 %(i)(j)(k)         1.36        1.29 %(j) 
   
 
 
      
 
 
      
 
 
 
Total expenses after fees waived and/or reimbursed
      1.42 %(i)(j)(k)         1.36        1.28 %(j) 
   
 
 
      
 
 
      
 
 
 
Net investment loss
      (1.26 )%(j)         (1.22 )%         (1.02 )%(j) 
   
 
 
      
 
 
      
 
 
 
Supplemental Data
             
Net assets, end of period (000)
    $ 2,129,409        $ 2,026,488        $ 3,981,653  
   
 
 
      
 
 
      
 
 
 
Portfolio turnover rate
      18        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) 
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.
(j) 
Annualized.
(k) 
The Proxy costs was 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 1.52% and 1.52% respectively.
See notes to financial statements.
 
 
F I N A N C I A L   H I G H L I G H T S
  145

Financial Highlights (continued)
(For a share outstanding throughout each period)
    
 
    BCX  
   
Six Months Ended
06/30/23
(unaudited)
         
Year Ended
12/31/22
         
Year Ended
12/31/21
         
Year Ended
12/31/20
         
Year Ended
12/31/19
         
Year Ended
12/31/18
 
                         
Net asset value, beginning of period
               $ 11.23             $ 10.21             $ 8.45             $ 9.04             $ 8.44             $ 10.64  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income(a)
      0.16         0.30         0.29         0.20         0.23         0.22  
Net realized and unrealized gain (loss)
      (0.47       1.27         1.95         (0.26       0.99         (1.80
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net increase (decrease) from investment operations
      (0.31       1.57         2.24         (0.06       1.22         (1.58
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Distributions(b)
                       
From net investment income
      (0.31 )(c)        (0.29       (0.38       (0.23       (0.23       (0.19
Return of capital
              (0.26       (0.10       (0.30       (0.39       (0.43
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total distributions
      (0.31       (0.55       (0.48       (0.53       (0.62       (0.62
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net asset value, end of period
    $ 10.61       $ 11.23       $ 10.21       $ 8.45       $ 9.04       $ 8.44  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Market price, end of period
    $ 9.07       $ 9.97       $ 9.35       $ 7.41       $ 8.07       $ 7.06  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total Return(d)
                       
Based on net asset value
      (2.42 )%(e)        16.31       27.20       1.56       15.88       (14.90 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Based on market price
      (6.04 )%(e)        12.76       32.83       (0.23 )%        23.67       (22.47 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Ratios to Average Net Assets(f)
                       
Total expenses
      1.06 %(g)        1.05       1.07       1.09       1.11       1.08
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed
      1.06 %(g)        1.05       1.07       1.09       1.11       1.08
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes
      1.06 %(g)        1.05       1.07       1.09       1.11       1.08
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income
      2.88 %(g)        2.73       3.05       2.62       2.56       2.17
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Supplemental Data
                       
Net assets, end of period (000)
    $ 910,793       $ 983,181       $ 901,782       $ 746,615       $ 822,754       $ 798,282  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Portfolio turnover rate
      17       92       66       78       69       66
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
 
(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.
 
 
146  
2 0 2 3   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)
(For a share outstanding throughout each period)
    
 
    BSTZ  
     
Six Months Ended
06/30/23
(unaudited)
 
 
(a) 
     
Year Ended
12/31/22
 
(a) 
     
Year Ended
12/31/21
 
(a) 
   
 
Year Ended
12/31/20
 
(a) 
     
Period from
06/27/19
to 12/31/19
 
(b) 
 
                     
Net asset value, beginning of period
               $ 19.53             $ 38.82             $ 38.72             $ 20.95             $ 20.00  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment loss(c)
      (0.09       (0.30       (0.51       (0.30       (0.05
Net realized and unrealized gain (loss)
      3.09         (16.69       3.69         19.32         1.50  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net increase (decrease) from investment operations
      3.00         (16.99       3.18         19.02         1.45  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Distributions(d)
                   
From net investment income
      (1.03 )(e)                                 
From net realized gain
              (0.89       (3.08       (1.10        
Return of capital
              (1.41               (0.15       (0.50
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total distributions
      (1.03       (2.30       (3.08       (1.25       (0.50
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net asset value, end of period
    $ 21.50       $ 19.53       $ 38.82       $ 38.72       $ 20.95  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Market price, end of period
    $ 18.11       $ 15.64       $ 38.94       $ 36.38       $ 20.50  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total Return(f)
                   
Based on net asset value
      16.60 %(g)(h)        (43.98 )%        8.41       94.60 %(g)        7.40 %(h) 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Based on market price
      22.64 %(h)        (55.27 )%        15.75       86.85       5.10 %(h) 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Ratios to Average Net Assets(i)
                   
Total expenses
      1.35 %(j)        1.33       1.31       1.33       1.32 %(j) 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed
      1.34 %(j)        1.33       1.31       1.33       1.30 %(j) 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment loss
      (0.92 )%(j)        (1.16 )%        (1.25 )%        (1.16 )%        (0.48 )%(j) 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Supplemental Data
                   
Net assets, end of period (000)
    $ 1,653,705       $ 1,524,658       $ 3,048,962       $ 3,023,744       $ 1,635,966  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Portfolio turnover rate
      21       47       18       45       16
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
 
(a) 
Consolidated Financial Highlights.
(b) 
Commencement of operations.
(c) 
Based on average shares outstanding.
(d) 
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) 
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) 
Includes payment from an affiliate, which had no impact on the Trust’s total return.
(h) 
Not annualized.
(i) 
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(j) 
Annualized.
See notes to financial statements.
 
 
F I N A N C I A L   H I G H L I G H T S
  147

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

Six Months Ended
06/30/23
(unaudited)(a)
 
 
 
   
Year Ended
12/31/22(a)
 
 
   
Year Ended
12/31/21
 
(a) 
   
Year Ended
12/31/20
 
(a) 
 
 
Year Ended
12/31/19
 
 
   
Year Ended
12/31/18
 
 
                     
Net asset value, beginning of period
               $ 29.11       $ 52.40     $ 51.94     $ 32.45       $ 26.21       $ 27.73  
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Net investment loss(b)
      (0.11       (0.29     (0.43     (0.28       (0.17       (0.13
Net realized and unrealized gain (loss)
      6.64         (20.00     5.84       21.82         9.92         0.37  
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Net increase (decrease) from investment operations
      6.53         (20.29     5.41       21.54         9.75         0.24  
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Distributions(c)
                   
From net investment income
      (1.50 )(d)                                          (e) 
From net realized gain
              (2.16     (4.27     (2.05       (3.51       (1.76 )(e) 
Return of capital
              (0.84                            
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Total distributions
      (1.50       (3.00     (4.27     (2.05       (3.51       (1.76
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Dilutive effect of rights offer (Note 10)
                    (0.68                      
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Net asset value, end of period
    $ 34.14       $ 29.11     $ 52.40     $ 51.94       $ 32.45       $ 26.21  
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Market price, end of period
    $ 34.44       $ 28.37     $ 49.97     $ 53.30       $ 33.27       $ 27.48  
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Total Return(f)
                   
Based on net asset value
      22.90 %(g)        (39.56 )%(h)      9.44     68.76 %(i)        37.82             0.24
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Based on market price
      27.21 %(g)        (38.23 )%      1.70     68.92       34.77       9.18
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Ratios to Average Net Assets(j)
                   
Total expenses
      1.10 %(k)        1.11     1.05     1.09       1.08       1.09
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed
      1.10 %(k)        1.11     1.00     0.99       0.92       0.89
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed and excluding dividend expense
      1.10 %(k)        1.10     1.00     0.99       0.92       0.89
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Net investment loss
      (0.67 )%(k)        (0.77 )%      (0.78 )%      (0.73 )%        (0.52 )%        (0.43 )% 
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Supplemental Data
                   
Net assets, end of period (000)
    $ 1,160,921       $ 960,703     $ 1,681,166     $ 1,297,344       $ 742,672       $ 587,908  
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
Portfolio turnover rate
      16       38     31     20       32       53
   
 
 
     
 
 
   
 
 
   
 
 
     
 
 
     
 
 
 
 
(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) 
Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(f) 
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(g) 
Not annualized.
(h)
Includes payment from an affiliate, which had no impact on the Trust’s total return.
(i)
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.
(j)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(k) 
Annualized.
See notes to financial statements.
 
 
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Financial Highlights (continued)
(For a share outstanding throughout each period)
    
 
    BUI  
   
Six Months Ended
06/30/23
(unaudited)
 
 
 
   
Year Ended
12/31/22
 
 
   
Year Ended
12/31/21
 
 
   
Year Ended
12/31/20
 
 
   
Year Ended
12/31/19
 
 
   
Year Ended
12/31/18
 
 
                         
Net asset value, beginning of period
    $ 22.37       $ 25.86       $ 23.80       $ 22.02       $ 18.77       $ 21.12  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income(a)
                 0.23               0.33               0.24               0.33               0.37               0.49  
Net realized and unrealized gain (loss)
      1.09         (2.37       3.27         2.90         4.33         (1.39
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net increase (decrease) from investment operations
      1.32         (2.04       3.51         3.23         4.70         (0.90
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Distributions(b)
                       
From net investment income
      (0.73       (0.30       (0.24       (0.20       (0.24       (0.63 )(c) 
From net realized gain
              (0.56       (0.76       (1.08       (1.06       (0.81 )(c) 
Return of capital
              (0.59       (0.45       (0.17       (0.15       (0.01
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total distributions
      (0.73       (1.45       (1.45       (1.45       (1.45       (1.45
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net asset value, end of period
    $ 22.96       $ 22.37       $ 25.86       $ 23.80       $ 22.02       $ 18.77  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Market price, end of period
    $ 22.04       $ 20.77       $ 26.62       $ 25.04       $ 22.31       $ 19.76  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total Return(d)
                       
Based on net asset value
      5.97 %(e)        (7.73 )%        15.13       15.87       25.63       (4.40 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Based on market price
      9.56 %(e)        (16.78 )%        12.65       20.32       20.91       (1.68 )% 
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Ratios to Average Net Assets(f)
                       
Total expenses
      1.08 %(g)        1.08       1.08       1.13       1.12       1.12
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Total expenses after fees waived and/or reimbursed
      1.08 %(g)        1.08       1.07       1.10       1.10       1.09
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Net investment income
      2.02 %(g)        1.44       0.97       1.58       1.78       2.46
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Supplemental Data
                       
Net assets, end of period (000)
    $ 514,997       $ 498,393       $ 559,805       $ 444,526       $ 383,337       $ 318,933  
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
Portfolio turnover rate
      15       36       20       39       39       28
   
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) 
Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(d) 
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) 
Not annualized.
(f) 
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) 
Annualized.
See notes to financial statements.
 
 
F I N A N C I A L   H I G H L I G H T S
  149

Notes to Financial Statements (unaudited)
 
 
1.
ORGANIZATION
The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:
 
       
Trust Name   Herein Referred To As    Organized    Diversification
Classification
BlackRock Energy and Resources Trust
  BGR    Delaware    Non-diversified
BlackRock Enhanced Capital and Income Fund, Inc.
  CII    Maryland    Diversified
BlackRock Enhanced Equity Dividend Trust
  BDJ    Delaware    Diversified
BlackRock Enhanced Global Dividend Trust
  BOE    Delaware    Diversified
BlackRock Enhanced International Dividend Trust
  BGY    Delaware    Diversified
BlackRock Health Sciences Term Trust
  BMEZ    Maryland    Non-diversified
BlackRock Health Sciences Trust
  BME    Delaware    Diversified
BlackRock Innovation and Growth Term Trust
  BIGZ    Maryland    Non-diversified
BlackRock Resources & Commodities Strategy Trust
  BCX    Delaware    Non-diversified
BlackRock Science and Technology Term Trust
  BSTZ    Delaware    Non-diversified
BlackRock Science and Technology Trust
  BST    Delaware    Diversified
BlackRock Utilities, Infrastructure & Power Opportunities Trust
  BUI    Delaware    Diversified
The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
On March 31, 2023, the Board approved a proposal to change the name of BlackRock Innovation and Growth Trust, BlackRock Health Sciences Trust II and BlackRock Science and Technology Trust II , effective as of April 5, 2023, to BlackRock Innovation and Growth Term Trust, BlackRock Health Sciences Term Trust and BlackRock Science and Technology Term Trust, respectively. There were no changes to the Trusts’ investment policies or strategies in conjunction with the name changes.
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 (“RIC”) 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, 2023, 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 $10,037,117, which is 0.6% 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 (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BSTZ Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BSTZ. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BSTZ. Taxes payable or deferred as of June 30, 2023, 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 $22,333,200, which is 1.4% 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 (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BST Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BST. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BST. Taxes payable or deferred as of June 30, 2023, 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 $11,909,641, which is 1.0% 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.
 
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:
 
 
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Notes to Financial Statements (unaudited) (continued)
 
  
 
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.
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, 2023, 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.
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 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.
 
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.
 
 
N O T E S   T O   F I N A N C I A L   S T A T E M E N T S
  151

Notes to Financial Statements (unaudited) (continued)
    
 
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 available bid (long positions) or ask (short positions) price.
 
   
Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
 
   
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
 
   
The Trusts value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets.
 
   
Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.
 
   
Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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.
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.
 
   
     Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
Market approach
 
(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
(ii) recapitalizations and other transactions across the capital structure; and
(iii)   market multiples of comparable issuers.
Income approach
 
(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
(ii) quoted prices for similar investments or assets in active markets; and
(iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach
 
(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
(ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
(iii)   relevant news and other public sources; and
 
 
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Notes to Financial Statements (unaudited) (continued)
    
 
   
     Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
   
(iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
 
   
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access;
 
   
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and
 
   
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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.
As of June 30, 2023, certain investments of CII, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
 
4.
SECURITIES AND OTHER INVESTMENTS
Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Commitments: Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate a fund to make future cash payments. As of June 30, 2023, BDJ had outstanding commitments of $6,962,883. These commitments are not included in the net assets of BDJ as of June 30, 2023.
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.
 
 
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Notes to Financial Statements (unaudited) (continued)
    
  
 
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) 
CII
                  
Credit Suisse Securities (USA) LLC
    $ 35        $ (35    $     $  
   
 
 
      
 
 
   
 
 
   
 
 
 
BMEZ
            
Barclays Capital, Inc.
    $ 2,027,287        $ (2,027,287   $     $  
BNP Paribas SA
      150,130          (150,130            
BofA Securities, Inc.
      1,678,329          (1,678,329            
Citigroup Global Markets, Inc.
      3,121,460          (3,121,460            
Goldman Sachs & Co. LLC
      11,691,085          (11,691,085            
Jefferies LLC
      2,388,483          (2,388,483            
Morgan Stanley
      12,652,155          (12,652,155            
National Financial Services LLC
      963,376          (955,432           7,944  
State Street Bank & Trust Co.
      2,966,935          (2,966,935            
Toronto-Dominion Bank
      158,858          (156,797           2,061  
UBS Securities LLC
      381,330          (372,393           8,937  
   
 
 
      
 
 
   
 
 
   
 
 
 
    $ 38,179,428        $ (38,160,486   $     $ 18,942  
   
 
 
      
 
 
   
 
 
   
 
 
 
BME
            
BofA Securities, Inc.
    $ 78,090        $ (78,090   $     $  
Citigroup Global Markets, Inc.
      183,849          (183,713           136  
J.P. Morgan Securities LLC
      1,478,022          (1,478,022            
Jefferies LLC
      593,711          (591,801           1,910  
Morgan Stanley
      191,513          (191,243           270  
   
 
 
      
 
 
   
 
 
   
 
 
 
    $ 2,525,185        $ (2,522,869   $     $ 2,316  
   
 
 
      
 
 
   
 
 
   
 
 
 
BIGZ
            
Barclays Capital, Inc.
    $ 3,091,878        $ (3,091,878   $     $  
J.P. Morgan Securities LLC
      2,530,590          (2,530,590            
Jefferies LLC
      1,680,930          (1,680,930            
Morgan Stanley
      12,017,819          (12,017,819            
National Financial Services LLC
      565,182          (565,182            
State Street Bank & Trust Co.
      749,228          (749,228            
   
 
 
      
 
 
   
 
 
   
 
 
 
    $ 20,635,627        $ (20,635,627   $     $  
   
 
 
      
 
 
   
 
 
   
 
 
 
BCX
            
Citigroup Global Markets, Inc.
    $ 7,265,282        $ (7,265,282   $     $  
   
 
 
      
 
 
   
 
 
   
 
 
 
BSTZ
            
Goldman Sachs & Co. LLC
    $ 1,195,216        $ (1,195,216   $     $  
J.P. Morgan Securities LLC
      1,392,155          (1,392,155            
   
 
 
      
 
 
   
 
 
   
 
 
 
    $ 2,587,371        $ (2,587,371   $     $  
   
 
 
      
 
 
   
 
 
   
 
 
 
BST
            
Goldman Sachs & Co. LLC
    $ 2,534,680        $ (2,534,680   $     $  
   
 
 
      
 
 
   
 
 
   
 
 
 
BUI
            
Goldman Sachs & Co. LLC
    $ 684,038        $ (684,038   $     $  
J.P. Morgan Securities LLC
      1,269,032          (1,246,795           22,237  
 
 
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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) 
BUI (continued)
                  
Jefferies LLC
          $ 236,107              $ (236,107   $     $  
Morgan Stanley
      324,087          (323,127           960  
   
 
 
      
 
 
   
 
 
   
 
 
 
    $ 2,513,264        $ (2,490,067   $     $ 23,197  
   
 
 
      
 
 
   
 
 
   
 
 
 
 
  (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, 2023. Additional collateral is delivered to each Trust on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.
 
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Trusts benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Trust could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Trusts.
 
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.
Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions 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
 
 
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Notes to Financial Statements (unaudited) (continued)
    
  
 
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 their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
 
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.
For such services, each Trust, except BCX, pays the Manager a monthly fee at the following annual rates:
Average weekly value of each Trust’s net assets:
 
     BGR     BDJ     BOE     BME  
Investment advisory fees
    1.20     0.80     1.00     1.00
Average daily value of each Trust’s net assets, 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     BIGZ     BSTZ     BST  
Investment advisory fees
    1.25     1.25     1.25     1.00
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, 2023.
For purposes of calculating these fees, “net assets” mean the total assets of BGR, CII, BDJ, BOE, BGY, 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, BIGZ, 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 include the assets of the BSTZ Taxable Subsidiary and BST Taxable Subsidiary, respectively.
 
 
 
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Notes to Financial Statements (unaudited) (continued)
    
  
 
With respect to BGR, BOE, BGY, BCX and BUI, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of each Trust for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.
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, 2023 amounted to $0, $6,106, $58,596 and $5,829 for each of BDJ, BME, BST and BUI, respectively.
Expense Limitations, Waivers and Reimbursements: The Manager voluntarily agreed to waive a portion of the investment advisory fees on the following Trusts as a percentage of their average weekly net assets, as follows:
 
     BGR     BOE  
      0.220     0.175
These voluntary waivers may be reduced or discontinued at any time without notice.
For the six months ended June 30, 2023, the investment advisory fees waived, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations, were as follows:
 
Trust Name   Fees Waived and/or Reimbursed
by the Manager
 
BGR
  $ 422,508  
BOE
    619,937  
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, 2024. 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, 2023, the amounts waived were as follows:
 
Trust Name   Fees Waived and/or Reimbursed
by the Manager
 
BGR
  $ 2,467  
CII
    4,353  
BDJ
    25,644  
BOE
    3,597  
BGY
    3,762  
BMEZ
    17,262  
BME
    8,990  
BIGZ
    4,023  
BCX
    10,865  
BSTZ
    3,534  
BST
    2,612  
BUI
    4,778  
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, 2024. 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, 2023, there were no fees waived by the Manager pursuant to this arrangement.
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Trusts. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Trust retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.
 
 
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Notes to Financial Statements (unaudited) (continued)
    
  
 
Pursuant to the current securities lending agreement, each of CII, BDJ, BMEZ, BME, BIGZ and BST retains 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each of CII, BDJ, 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 expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.
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 expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each of BGR, BOE, BGY, BCX, BSTZ and BUI, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.
Prior to January 1, 2023, BIM was permitted to lend each Trust’s securities only when the difference between the borrower rebate rate (i.e., a negotiated interest rate payment for cash collateral pledged in connection with a securities lending transaction) and the risk free rate exceeded a certain level (such securities, the “specials only securities”). Effective January 1, 2023, this limitation no longer applies.
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, 2023, each Trust paid BIM the following amounts for securities lending agent services:
 
Trust Name   Amounts  
CII
  $ 1,296  
BDJ
    150  
BOE
    564  
BMEZ
    83,136  
BME
    4,853  
BIGZ
    8,663  
BCX
    2,413  
BSTZ
    6,950  
BST
    1,921  
BUI
    1,477  
Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
Other Transactions: During the period ended June 30, 2023, BSTZ received a reimbursement of $127,092, from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.
The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2023, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:
 
Trust Name   Purchases      Sales      Net Realized
Gain (Loss)
 
BOE
  $      $ 1,624,132      $ (48,460
 
7.
PURCHASES AND SALES
For the six months ended June 30, 2023, purchases and sales of investments, excluding short-term securities, were as follows:
 
Trust Name   Purchases      Sales  
BGR
  $ 76,896,544      $ 74,992,878  
CII
    122,543,650        157,003,741  
BDJ
    377,562,734        398,711,983  
BOE
    197,359,484        215,814,242  
BGY
    161,645,249        185,591,306  
BMEZ
    518,044,823        608,804,401  
BME
    115,800,323        128,989,929  
BIGZ
    364,125,954        495,444,250  
BCX
    155,777,579        181,213,465  
BSTZ
    338,276,712        436,935,898  
BST
    166,223,567        213,702,659  
BUI
    71,878,479        75,930,588  
   
 
 
 
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Notes to Financial Statements (unaudited) (continued)
    
  
 
8.
INCOME TAX INFORMATION
It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three 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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.
As of December 31, 2022, 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
 
 
(a) 
   

Qualified
Late-Year
Losses
 
 
(b) 
BGR
  $ (239,868,252   $ (7,022
BOE
          (17,281,763
BGY
          (6,172,726
BMEZ
    (37,330,690      
BME
          (2,023,853
BIGZ
    (1,492,285,027     (20,092
BCX
    (258,642,241      
BSTZ
          (1,665,789
BST
          (33,095
BUI
          (2,097,980
 
  (a)
Amounts available to offset future realized capital gains.
 
  (b)
The Trust has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.
 
As of June 30, 2023, 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
  $ 288,857,480      $ 118,696,527      $ (24,641,459   $ 94,055,068  
CII
    578,234,755        305,426,078        (22,972,408     282,453,670  
BDJ
    1,437,221,041        291,753,826        (58,821,348     232,932,478  
BOE
    652,173,475        115,923,791        (41,114,849     74,808,942  
BGY
    554,367,952        113,963,276        (34,784,949     79,178,327  
BMEZ
    2,068,430,415        374,547,647        (309,010,023     65,537,624  
BME
    418,375,552        201,712,199        (17,616,037     184,096,162  
BIGZ
    2,466,080,087        267,167,074        (551,820,529     (284,653,455
BCX
    818,997,049        182,115,918        (76,784,588     105,331,330  
BSTZ
    1,213,910,854        578,420,293        (112,934,311     465,485,982  
BST
    744,895,015        542,255,221        (115,383,170     426,872,051  
BUI
    369,807,530        160,968,443        (9,408,404     151,560,039  
 
9.
PRINCIPAL RISKS
In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments. 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 redemption gates or liquidity fees under certain circumstances.
Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend
 
 
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Notes to Financial Statements (unaudited) (continued)
    
  
 
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.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.
The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.
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
    BME, BMEZ  
Information Technology
    BST, BSTZ  
Materials
    BCX  
Utilities
    BUI  
Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.
Certain Trusts invest a significant portion of their assets in securities within a single or limited number of market sectors. When a 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.
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
 
 
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Notes to Financial Statements (unaudited) (continued)
    
  
 
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.
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, 16,272,467 and 7,700,504 Common Shares, respectively, remain available for issuance under the Shelf Offerings. During the period ended June 30, 2023, BDJ, BME, BST and BUI issued 0, 71,333, 892,174 and 125,560 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:
 
Trust Name   Six Months Ended
06/30/23
   Year Ended
12/31/22
BME
  71,333    774,304
BST
  892,174    835,359
BUI
  125,560    590,894
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
 
Trust Name   Six Months Ended
06/30/23
   Year Ended
12/31/22
BDJ
  78,103    412,658
BME
  12,112    38,955
BST
  111,117    81,277
BUI
  25,289    32,898
The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30,
 
 
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Notes to Financial Statements (unaudited) (continued)
    
  
 
2022, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust’s NAV. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended June 30, 2023, CII, BDJ, BME, BST and BUI did not repurchase any shares.
The total cost of the shares repurchased is reflected in the Trusts’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:
 
     BGR  
      Shares        Amounts  
Six Months Ended June 30, 2023
    224,833      $ 2,793,432  
Year Ended December 31, 2022
    1,055,728        12,296,655  
                  
                  
    BOE  
      Shares        Amounts  
Six Months Ended June 30, 2023
    508,486      $ 5,041,877  
Year Ended December 31, 2022
    1,285,502        12,470,648  
                  
                  
    BGY  
      Shares        Amounts  
Six Months Ended June 30, 2023
    1,370,240      $ 7,443,801  
Year Ended December 31, 2022
    1,492,331        7,282,700  
                  
                  
    BMEZ  
      Shares        Amounts  
Six Months Ended June 30, 2023
    1,567,078      $ 25,534,135  
Year Ended December 31, 2022
    3,072,736        47,829,587  
                  
                  
    BIGZ  
      Shares        Amounts  
Six Months Ended June 30, 2023
    2,756,968      $ 20,553,458  
Year Ended December 31, 2022
    8,519,618        64,919,571  
                  
                  
    BCX  
      Shares        Amounts  
Six Months Ended June 30, 2023
    1,659,738      $ 16,020,113  
Year Ended December 31, 2022
    797,510        7,554,830  
                  
                  
    BSTZ  
      Shares        Amounts  
Six Months Ended June 30, 2023
    1,160,914      $ 20,264,931  
Year Ended December 31, 2022
    461,288        7,293,625  
For the period ended June 30, 2023, and year ended December 31, 2022, shares issued and outstanding remained constant for CII.
As of June 30, 2023, BlackRock Financial Management, Inc., an affiliate of the Trust, owned 5,000 Shares of BIGZ.
 
11.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:
The Trusts declared and paid or will pay distributions to Common Shareholders as follows:
 
Trust Name   Declaration
Date
     Record
Date
     Payable/
Paid Date
     Dividend Per
Common Share
 
BGR
    07/03/23        07/14/23        07/31/23      $ 0.065700  
    08/01/23        08/15/23        08/31/23        0.065700  
CII
    07/03/23        07/14/23        07/31/23        0.099500  
    08/01/23        08/15/23        08/31/23        0.099500  
BDJ
    07/03/23        07/14/23        07/31/23        0.056200  
    08/01/23        08/15/23        08/31/23        0.056200  
BOE
    07/03/23        07/14/23        07/31/23        0.063000  
    08/01/23        08/15/23        08/31/23        0.063000  
BGY
    07/03/23        07/14/23        07/31/23        0.033800  
      08/01/23        08/15/23        08/31/23        0.033800  
 
 
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Notes to Financial Statements (unaudited) (continued)
    
  
 
Trust Name   Declaration
Date
     Record
Date
     Payable/
Paid Date
     Dividend Per
Common Share
 
BMEZ
    07/03/23        07/14/23        07/31/23      $ 0.145000  
    08/01/23        08/15/23        08/31/23        0.145000  
BME
    07/03/23        07/14/23        07/31/23        0.213000  
    08/01/23        08/15/23        08/31/23        0.213000  
BIGZ
    07/03/23        07/14/23        07/31/23        0.070000  
    08/01/23        08/15/23        08/31/23        0.070000  
BCX
    07/03/23        07/14/23        07/31/23        0.051800  
    08/01/23        08/15/23        08/31/23        0.051800  
BSTZ
    07/03/23        07/14/23        07/31/23        0.161300  
    08/01/23        08/15/23        08/31/23        0.161300  
BST
    07/03/23        07/14/23        07/31/23        0.250000  
    08/01/23        08/15/23        08/31/23        0.250000  
BUI
    07/03/23        07/14/23        07/31/23        0.121000  
      08/01/23        08/15/23        08/31/23        0.121000  
 
 
N O T E S   T O   F I N A N C I A L   S T A T E M E N T S
  163

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
    
 
The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Capital and Income Fund, Inc. (“CII”), BlackRock Enhanced Equity Dividend Trust (“BDJ”), BlackRock Enhanced Global Dividend Trust (“BOE”), BlackRock Enhanced International Dividend Trust (“BGY”), BlackRock Health Sciences Trust (“BME”), BlackRock Health Sciences Term Trust (“BMEZ”), BlackRock Innovation and Growth Term Trust (“BIGZ”), BlackRock Resources & Commodities Strategy Trust (“BCX”), BlackRock Science and Technology Trust (“BST”), BlackRock Science and Technology Term Trust (“BSTZ”) and BlackRock Utilities, Infrastructure & Power Opportunities Trust (“BUI”) (collectively, the “Funds” and each, a “Fund”) met on May 4, 2023 (the “May Meeting”) and June 1-2, 2023 (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 adviser. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between the Manager, BlackRock International Limited (the “Sub-Advisor”) and each of BGR, BOE, BGY, BCX and BUI. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information 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’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.
Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on 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.
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 Members evaluated the information available to them 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 investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with BDJ’s, BME’s, BST’s and BUI’s equity shelf programs, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.
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 and BlackRock
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2022, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board reviewed and considered BGR’s performance relative to BGR’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGR generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGR, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered CII’s performance relative to CII’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, CII generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for CII, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BDJ’s performance relative to BDJ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BDJ generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BDJ, and that BlackRock has explained its rationale for this belief to the Board.
 
 
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)
    
 
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 in line with 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 reviewed and considered BGY’s performance relative to BGY’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGY generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGY, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BME’s performance relative to BME’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BME generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BME, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BMEZ’s performance relative to BMEZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BMEZ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BMEZ, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BIGZ’s performance relative to BIGZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BIGZ generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BIGZ, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BIGZ’s underperformance relative to the Performance Metrics.
The Board reviewed and considered BCX’s performance relative to BCX’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BCX generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BCX, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BST’s performance relative to BST’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BST generally performed 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 BSTZ’s performance relative to BSTZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BSTZ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BSTZ, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BUI’s performance relative to BUI’s Performance Metrics. Based on an overall rating relative to the Performance metrics, BUI generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BUI, and that BlackRock has explained its rationale for this belief to the Board.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with 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 considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2022 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to
 
 
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)
    
 
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 third out of four funds, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BGR. An advisory fee waiver has been in effect since 2015, the amount of which may have varied from time to time. After discussions between the Board, including Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 22 basis points voluntary advisory fee waiver.
The Board noted that CII’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BDJ’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BOE’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BOE. An advisory fee waiver has been in effect since 2015, the amount of which may have varied from time to time. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 17.5 basis points voluntary advisory fee waiver.
The Board noted that BGY’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers.
The Board noted that BME’s contractual management fee rate ranked first out of four funds, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BMEZ’s contractual management fee rate ranked third out of four funds, and that the actual management fee rate and total expense ratio ranked in the fourth and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BIGZ’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 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 BST’s contractual management fee rate ranked first out of four funds, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BSTZ’s contractual management fee rate ranked third out of four funds, and that the actual management fee rate and total expense ratio ranked in the fourth and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BUI’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee was appropriate.
Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although each of BDJ, BME, BST and BUI may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each Fund’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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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 noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.
The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.
Conclusion
At the 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, 2024, 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, 2024. 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
    
 
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.
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 the Board and are available, without charge upon request by calling (800)882-0052.
The following information is a summary of certain changes since December 31, 2022. 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, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for 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:
 
 
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Additional Information (continued)
    
 
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
A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Trust Updates
BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.
Shelf Offering Program
From time to time, 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 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, BME, BST and BUI filed final prospectuses with the SEC in connection with its Shelf Offering on June 2, 2023, April 26, 2022, May 10, 2022 and March 10, 2022, respectively. This report and the prospectuses of BDJ, BME, BST and BUI are not offers to sell BDJ, BME, BST and BUI Common Shares or solicitations of an offer to buy BDJ, BME, BST and BUI Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BDJ, BME, BST and BUI contains important information about BDJ, BME, BST and BUI, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BDJ, BME, BST and BUI carefully and in their entirety before investing. Copies of the final prospectuses for BDJ, BME, BST and BUI can be obtained from BlackRock at blackrock.com.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
 
 
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Additional Information (continued)
 
Trust and Service Providers
 
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited(a)
Edinburgh, EH3 8BL
United Kingdom
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 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 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809
 
 
 
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Glossary of Terms Used in this Report
 
Currency Abbreviation
AUD    Australian Dollar
BRL    Brazilian Real
CAD    Canadian Dollar
CHF    Swiss Franc
CNY    Chinese Yuan
DKK    Danish Krone
EUR    Euro
GBP    British Pound
HKD    Hong Kong Dollar
JPY    Japanese Yen
KRW    South Korean Won
MXN    Mexican Peso
NOK    Norwegian Krone
SEK    Swedish Krona
SGD    Singapore Dollar
TWD    New Taiwan Dollar
USD    United States Dollar
Portfolio Abbreviation
ADR    American Depositary Receipt
GDR    Global Depositary Receipt
JSC    Joint Stock Company
LP    Limited Partnership
PJSC    Public Joint Stock Company
S&P    Standard & Poor’s
SAB    Special Assessment Bonds
 
 
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Want to know more?
blackrock.com   |   800-882-0052
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.
CEF-BK9-06/23-SAR
 
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(b) Not Applicable

 

Item 2 –

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

 

Item 3 –

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

 

Item 4 –

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

 

Item 5 –

Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

 

Item 6 –

Investments

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

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

 

Item 7 –

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

 

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, Mr. Lee is no longer a Portfolio Manager of the Fund.

 

Item 9 –

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

 

Item 10 –

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

 

Item 11 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable to this semi-annual report

 

Item 13 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached


(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 20091

 

                                                                        

1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.


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 Health Sciences Trust

 

 

By:

    

/s/ John M. Perlowski                            

      

John M. Perlowski

      

Chief Executive Officer (principal executive officer) of

BlackRock Health Sciences Trust

Date: August 25, 2023

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 Health Sciences Trust

Date: August 25, 2023

 

 

By:

    

/s/ Trent Walker                                     

      

Trent Walker

      

Chief Financial Officer (principal financial officer) of

      

BlackRock Health Sciences Trust

Date: August 25, 2023