NPORT-EX 2 NPORT_LCXI_51592349_0323.htm BlackRock Science and Technology Trust

Consolidated Schedule of Investments (unaudited) 

March 31, 2023

  

BlackRock Science and Technology Trust (BST)

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Common Stocks

    

Automobiles — 2.2%

    

Tesla, Inc.(a)(b)

    116,288      $   24,125,109  
    

 

 

 

Banks — 0.5%

    

Klarna Holdings AB, (Acquired 08/07/19, Cost: $7,971,978)(c)(d)

    26,430        5,220,225  
    

 

 

 

Broadline Retail(a)(b) — 3.7%

    

Alibaba Group Holding Ltd., ADR

    76,011        7,766,804  

Amazon.com, Inc.

    152,686        15,770,936  

MercadoLibre, Inc.

    12,534        16,520,564  
    

 

 

 
       40,058,304  

Capital Markets(a) — 1.2%

    

MSCI, Inc.

    8,861        4,959,413  

S&P Global, Inc.

    22,908        7,897,991  
    

 

 

 
       12,857,404  

Communications Equipment(a) — 0.9%

    

Arista Networks, Inc.(b)

    22,949        3,852,219  

Motorola Solutions, Inc.

    20,355        5,824,176  
    

 

 

 
       9,676,395  

Distributors — 0.0%

    

Jasper Infotech Private Ltd., Series I, (Acquired 08/31/18,
Cost: $1,998,435)(c)(d)

    168,640        125,255  
    

 

 

 

Diversified Consumer Services(c)(d) — 1.3%

 

  

Grammarly, Inc., (Acquired 11/17/21, Cost: $18,749,975)

    715,323        12,367,935  

Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $1,524,948)

    997        1,768,907  
    

 

 

 
       14,136,842  

Electrical Equipment — 0.6%

    

NEXTracker, Inc., Class A(a)(b)

    177,840        6,448,478  
    

 

 

 

Electronic Equipment, Instruments & Components — 2.3%

 

CDW Corp.(a)

    42,164        8,217,342  

Flex Ltd.(a)(b)

    297,236        6,839,400  

Samsung SDI Co. Ltd.

    17,184        9,761,177  
    

 

 

 
       24,817,919  

Entertainment(a)(b) — 2.1%

    

Netflix, Inc.

    20,106        6,946,221  

ROBLOX Corp., Class A

    105,985        4,767,205  

Spotify Technology SA

    44,645        5,965,465  

Take-Two Interactive Software, Inc.

    40,060        4,779,158  
    

 

 

 
       22,458,049  

Financial Services — 7.0%

    

Adyen NV(b)(e)

    6,656        10,605,856  

GMO Payment Gateway, Inc.

    83,100        7,194,581  

Mastercard, Inc., Class A(a)(f)

    80,738        29,340,996  

Visa, Inc., Class A(a)

    101,882        22,970,316  

Wise PLC, Class A(b)

    700,318        4,701,372  
    

 

 

 
       74,813,121  

Ground Transportation — 1.0%

    

Ant Group Co., Ltd., Series C, (Acquired 05/18/18, Cost: $6,492,862)(c)(d)

    1,703,548        4,003,338  

Uber Technologies, Inc.(a)(b)

    226,078        7,166,673  
    

 

 

 
       11,170,011  
Security   Shares      Value  

Health Care Technology — 0.5%

    

M3, Inc.

    212,900      $ 5,358,490  
    

 

 

 

Hotels, Restaurants & Leisure — 0.9%

    

Trip.com Group Ltd.(b)

    247,300        9,316,629  
    

 

 

 

Interactive Media & Services — 4.0%

    

Alphabet, Inc., Class A(a)(b)

    149,568        15,514,689  

Meta Platforms, Inc., Class A(a)(b)

    70,190        14,876,069  

Patreon, Inc., (Acquired 08/19/21, Cost: $3,352,226)(c)(d)

    59,524        1,661,910  

Tencent Holdings Ltd.

    215,400        10,526,446  
    

 

 

 
       42,579,114  

IT Services — 3.7%

    

Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $7,999,945)(c)(d)

    94,117        3,921,855  

MongoDB, Inc.(a)(b)

    35,182        8,201,628  

Okta, Inc.(a)(b)

    58,732        5,065,048  

Shopify, Inc., Class A(a)(b)(g)

    97,225        4,660,967  

Snowflake, Inc., Class A(a)(b)

    12,407        1,914,276  

TRAX Ltd., (Acquired 09/12/19, Cost: $4,000,013)(c)(d) .

    106,667        2,788,275  

TRAX Ltd., Series D, (Acquired 02/18/21, Cost: $1,999,989)(c)(d)

    38,361        1,002,757  

Twilio, Inc., Class A(a)(b)

    64,872        4,322,421  

Voltron Data, Inc., Series A, (Acquired 01/18/22, Cost: $10,000,000)(c)(d)

    6,201,935        7,938,477  
    

 

 

 
       39,815,704  

Professional Services — 0.2%

    

Planet Labs PBC

    438,065        1,721,595  
    

 

 

 

Real Estate Management & Development — 0.4%

 

  

KE Holdings, Inc., ADR(a)(b)

    235,068        4,428,681  
    

 

 

 

Semiconductors & Semiconductor Equipment — 20.5%

 

Advanced Micro Devices, Inc.(a)(b)

    158,548        15,539,288  

ASM International NV

    31,760        12,891,408  

ASML Holding NV

    43,634        29,734,300  

Broadcom, Inc.(a)

    29,298        18,795,839  

Credo Technology Group Holding Ltd.(a)(b)

    635,916        5,990,329  

First Solar, Inc.(a)(b)

    27,534        5,988,645  

Lam Research Corp.(a)

    18,964        10,053,196  

Marvell Technology, Inc.(a)

    184,595        7,992,963  

Micron Technology, Inc.(a)

    77,264        4,662,110  

Monolithic Power Systems, Inc.(a)

    23,437        11,731,156  

NVIDIA Corp.(a)(f)

    158,517        44,031,267  

QUALCOMM, Inc.(a)

    56,491        7,207,122  

Renesas Electronics Corp.(b)

    299,200        4,332,657  

Soitec SA(b)

    84,591        13,574,585  

STMicroelectronics NV

    164,453        8,762,660  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a) .

    57,505        5,349,115  

Wolfspeed, Inc.(a)(b)(g)

    198,792        12,911,540  
    

 

 

 
         219,548,180  

Software — 22.4%

    

Alteryx, Inc., Class A(a)(b)

    86,509        5,090,190  

ANSYS, Inc.(a)(b)

    34,295        11,413,376  

Aspen Technology, Inc.(a)(b)(g)

    29,954        6,855,572  

Atlassian Corp., Class A(a)(b)

    33,839        5,792,222  

Autodesk, Inc.(a)(b)

    25,427        5,292,884  

Cadence Design Systems, Inc.(a)(b)

    114,238        24,000,261  

Constellation Software, Inc.

    3,923        7,375,501  

Crowdstrike Holdings, Inc., Class A(a)(b)

    33,034        4,534,247  
 

 

 

1  


Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

  

BlackRock Science and Technology Trust (BST)

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Software (continued)

    

Dassault Systemes SE

    144,641      $ 5,966,590  

Databricks, Inc., (Acquired 07/24/20, Cost: $960,476)(c)(d)

    59,997        3,271,036  

DataRobot, Inc., (Acquired 03/01/21, Cost: $583,275)(c)(d)

    38,789        174,938  

Gitlab, Inc., Class A(a)(b)(g)

    117,058        4,013,919  

Intuit, Inc.(a)

    26,598        11,858,186  

Microsoft Corp.(a)

    291,356        83,997,935  

Oracle Corp.(a)

    163,943        15,233,584  

Salesforce, Inc.(a)(b)

    55,935        11,174,694  

Salt Pay Co. Ltd., Series C, (Acquired 12/17/21, Cost: $24,999,987)(c)(d)

    12,871        9,428,394  

ServiceNow, Inc.(a)(b)

    15,190        7,059,097  

SiteMinder Ltd.(b)

    1,761,697        4,054,042  

Snorkel AI, Inc., (Acquired 06/30/21, Cost: $997,636)(c)(d)

    66,422        472,925  

Snyk Ltd., (Acquired 09/02/21, Cost: $5,192,307)(c)(d)

    361,972        4,159,059  

Unity Software, Inc.(a)(b)(g)

    114,284        3,707,373  

Xero Ltd.(b)

    80,662        4,892,264  
    

 

 

 
       239,818,289  

Technology Hardware, Storage & Peripherals — 7.6%

 

Apple, Inc.(a)

    496,676        81,901,872  

Lumine Group, Inc.(b)

    10,861        118,213  
    

 

 

 
       82,020,085  
    

 

 

 

Total Common Stocks — 83.0% (Cost: $563,885,824)

         890,513,879  
    

 

 

 
    

Par

(000)

         

Convertible Notes

    

Software — 0.1%

    

Wyre, Inc., (Acquired: 12/14/21, Cost: $8,000,000), 6.00%(c)(d)

  $ 80        747,200  
    

 

 

 

Total Convertible Notes — 0.1% (Cost: $8,000,000)

       747,200  
    

 

 

 
     Shares          

Preferred Securities

    

Preferred Stocks — 17.8%(c)(d)

    

Chemicals — 0.8%

    

Solugen, Inc., Series C, (Acquired 09/02/21, Cost: $9,999,977)

    269,284        9,058,714  
    

 

 

 

Diversified Consumer Services — 1.0%

 

  

FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $5,482,937)

    275        5,128,202  

Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $6,249,992)

    238,441        4,122,645  

Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975)

    1,054        1,870,039  
    

 

 

 
       11,120,886  
Security   Shares      Value  

Diversified Telecommunication Services — 0.5%

 

  

Discord, Inc., Series I, (Acquired 09/13/21, Cost: $7,000,088)

    12,713      $ 4,916,371  
    

 

 

 

Financial Services — 0.6%

    

Trumid Holdings LLC, Class L, (Acquired 09/15/21, Cost: $9,999,695)(h)

    11,420        6,320,057  
    

 

 

 

Food Products — 2.4%

    

Farmer’s Business Network, Inc.

    

Series F, (Acquired 07/31/20, Cost: $2,999,886)

    90,750        4,229,857  

Series G, (Acquired 09/15/21, Cost: $6,999,963)

    112,616        5,249,032  

Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost: $6,999,994)

    709,724        15,670,706  
    

 

 

 
       25,149,595  

Interactive Media & Services — 0.3%

    

Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $6,666,632)

    119,047        3,323,792  
    

 

 

 

IT Services — 3.9%

    

ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $9,650,746)

    88,075        13,930,371  

Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,999,391)

    493,493        3,479,126  

MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $24,999,980)

    1,088,598        10,548,514  

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: $1,499,829)

    5,038        2,788,130  

Voltron Data, Inc., Series SEED, (Acquired 07/14/21, Cost: $5,000,000)

    9,090,909        8,181,818  
    

 

 

 
         41,716,089  

Semiconductors & Semiconductor Equipment — 3.8%

 

PsiQuantum Corp.

    

Series C, (Acquired 09/09/19, Cost: $3,200,234)

    690,003        13,103,157  

Series D, (Acquired 05/21/21, Cost: $5,000,025)

    190,650        4,571,787  

Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $12,003,705)

    4,500,000        11,160,000  

SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,125)

    187,300        11,891,677  
    

 

 

 
       40,726,621  

Software — 4.5%

    

Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $29,999,955)

    598,682        15,595,666  

Databricks, Inc.

    

Series F, (Acquired 10/22/19, Cost: $3,999,999)

    279,405        15,233,161  

Series G, (Acquired 02/01/21, Cost: $4,500,001)

    76,113        4,149,681  

DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996)

    228,276        1,280,628  

Prosimo, Inc., Series B, (Acquired 11/04/21, Cost: $4,999,998)

    2,515,811        3,924,665  

Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985)

    332,896        2,370,219  

Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $4,807,688)

    337,018        3,872,337  
 

 

 

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   2


Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

  

BlackRock Science and Technology Trust (BST)

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Software (continued)

    

Unqork, Inc.

    

Series B, (Acquired 09/19/19, Cost: $3,198,417)

    281,080      $ 1,888,858  

Series C, (Acquired 09/18/20, Cost: $1,303,260)

    47,600        398,412  
    

 

 

 
       48,713,627  
    

 

 

 
       191,045,752  
    

 

 

 

Total Preferred Securities — 17.8%
(Cost: $203,087,189)

       191,045,752  
    

 

 

 

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)(c)(d)

    17,065        854  
    

 

 

 

Total Warrants — 0.0%
(Cost:$ — )

       854  
    

 

 

 

Total Long-Term Investments — 100.9%
(Cost: $774,973,013)

 

     1,082,307,685  
    

 

 

 

Short-Term Securities

    

Money Market Funds — 0.8%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%(i)(j)

    262,674        262,674  

SL Liquidity Series, LLC, Money Market Series, 5.01%(i)(j)(k)

    7,809,299        7,809,299  
    

 

 

 

Total Short-Term Securities — 0.8%
(Cost: $8,072,520)

 

     8,071,973  
    

 

 

 

Total Investments Before Options Written — 101.7%
(Cost: $783,045,533)

 

     1,090,379,658  
    

 

 

 

Options Written — (1.6)%
(Premiums Received: $(11,453,520))

       (17,010,296
    

 

 

 

Total Investments, Net of Options Written — 100.1%
(Cost: $771,592,013)

       1,073,369,362  

Liabilities in Excess of Other Assets — (0.1)%

 

     (1,197,578
    

 

 

 

Net Assets — 100.0%

     $  1,072,171,784  
    

 

 

 

 

(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 $250,099,092, representing 23.3% of its net assets as of period end, and an original cost of $307,911,241.

(e) 

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

(f) 

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

(g) 

All or a portion of this security is on loan.

(h) 

All or a portion of the security is held by a 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.

 

 

3  


Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

  

BlackRock Science and Technology Trust (BST)

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 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
03/31/23
   

Shares

Held at
03/31/23

    Income     Capital Gain
Distributions
from
Underlying
Funds
 

BlackRock Liquidity Funds, T-Fund, Institutional Class

  $ 5,779,501     $     $ (5,516,827 )(a)    $     $     $ 262,674       262,674     $ 38,123     $  

SL Liquidity Series, LLC, Money Market Series

    825,025       6,985,315 (a)            (414     (627     7,809,299       7,809,299       4,454 (b)        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (414   $ (627   $ 8,071,973       $ 42,577     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

                  

Advanced Micro Devices, Inc.

     146        04/06/23        USD       85.00        USD       1,431      $ (189,435

Alphabet, Inc., Class A

     37        04/06/23        USD       94.00        USD       384        (34,595

Amazon.com, Inc.

     277        04/06/23        USD       97.00        USD       2,861        (180,742

Apple, Inc.

     357        04/06/23        USD       152.50        USD       5,887        (444,465

Broadcom, Inc.

     28        04/06/23        USD       630.00        USD       1,796        (41,300

CDW Corp.

     120        04/06/23        USD       201.00        USD       2,339        (7,386

First Solar, Inc.

     40        04/06/23        USD       220.00        USD       870        (12,040

Lam Research Corp.

     47        04/06/23        USD       500.00        USD       2,492        (150,987

Micron Technology, Inc.

     174        04/06/23        USD       65.00        USD       1,050        (1,218

Microsoft Corp.

     135        04/06/23        USD       260.00        USD       3,892            (382,725

MongoDB, Inc.

     28        04/06/23        USD       225.00        USD       653        (31,080

Netflix, Inc.

     33        04/06/23        USD       340.00        USD       1,140        (31,515

NVIDIA Corp.

     127        04/06/23        USD       245.00        USD       3,528        (420,687

QUALCOMM, Inc.

     66        04/06/23        USD       130.00        USD       842        (5,379

Salesforce, Inc.

     64        04/06/23        USD       200.00        USD       1,279        (16,224

Spotify Technology SA

     81        04/06/23        USD       122.00        USD       1,082        (98,010

Take-Two Interactive Software, Inc.

     11        04/06/23        USD       117.00        USD       131        (3,427

Tesla, Inc.

     38        04/06/23        USD       230.00        USD       788        (3,971

Unity Software, Inc.

     200        04/06/23        USD       35.00        USD       649        (7,200

Visa, Inc., Class A

     49        04/06/23        USD       225.00        USD       1,105        (11,442

Alibaba Group Holding Ltd., ADR

     135        04/14/23        USD       96.00        USD       1,379        (103,612

Alphabet, Inc., Class A

     222        04/14/23        USD       95.00        USD       2,303        (195,360

Amazon.com, Inc.

     67        04/14/23        USD       101.00        USD       692        (26,800

Apple, Inc.

     280        04/14/23        USD       160.00        USD       4,617        (166,600

Atlassian Corp., Class A

     53        04/14/23        USD       177.50        USD       907        (21,200

Broadcom, Inc.

     62        04/14/23        USD       625.00        USD       3,978        (142,600

Crowdstrike Holdings, Inc., Class A

     76        04/14/23        USD       130.00        USD       1,043        (70,490

Marvell Technology, Inc.

     190        04/14/23        USD       41.00        USD       823        (56,525

Mastercard, Inc., Class A

     87        04/14/23        USD       375.00        USD       3,162        (10,179

MercadoLibre, Inc.

     14        04/14/23        USD       1,210.00        USD       1,845        (163,870

Micron Technology, Inc.

     230        04/14/23        USD       61.00        USD       1,388        (32,775

Microsoft Corp.

     86        04/14/23        USD       265.00        USD       2,479        (210,055

Netflix, Inc.

     29        04/14/23        USD       330.00        USD       1,002        (58,435

NVIDIA Corp.

     127        04/14/23        USD       245.00        USD       3,528        (432,435

S&P Global, Inc.

     48        04/14/23        USD       355.00        USD       1,655        (12,720

S&P Global, Inc.

     5        04/14/23        USD       350.00        USD       172        (2,100

Tesla, Inc.

     90        04/14/23        USD       187.50        USD       1,867        (204,525

Twilio, Inc., Class A

     71        04/14/23        USD       80.00        USD       473        (1,136

Uber Technologies, Inc.

     516        04/14/23        USD       35.50        USD       1,636        (3,870

Wolfspeed, Inc.

     361        04/14/23        USD       86.00        USD       2,345        (1,285

Advanced Micro Devices, Inc.

     293        04/21/23        USD       105.00        USD       2,872        (43,071

 

 

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   4


Consolidated Schedule of Investments (unaudited) (continued)

March 31, 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)

                  

Alphabet, Inc., Class A

     45        04/21/23        USD       105.00        USD       467      $ (10,328

Alphabet, Inc., Class A

     37        04/21/23        USD       95.00        USD       384        (35,058

Alphabet, Inc., Class A

     111        04/21/23        USD       102.00        USD       1,151        (44,123

Amazon.com, Inc.

     75        04/21/23        USD       100.00        USD       775        (39,750

ANSYS, Inc.

     83        04/21/23        USD       280.00        USD       2,762        (446,540

ANSYS, Inc.

     69        04/21/23        USD       320.00        USD       2,296        (121,440

Apple, Inc.

     359        04/21/23        USD       155.00        USD       5,920        (391,310

Arista Networks, Inc.

     72        04/21/23        USD       172.50        USD       1,209        (21,240

Aspen Technology, Inc.

     95        04/21/23        USD       220.00        USD       2,174            (123,500

Atlassian Corp., Class A

     43        04/21/23        USD       170.00        USD       736        (39,775

Cadence Design Systems, Inc.

     221        04/21/23        USD       194.50        USD       4,643        (385,636

CDW Corp.

     74        04/21/23        USD       200.00        USD       1,442        (16,280

Credo Technology Group Holding Ltd.

     607        04/21/23        USD       19.91        USD       572         

First Solar, Inc.

     44        04/21/23        USD       210.00        USD       957        (57,420

Flex Ltd.

     470        04/21/23        USD       25.00        USD       1,081        (4,700

Gitlab, Inc., Class A

     192        04/21/23        USD       60.00        USD       658        (1,920

Intuit, Inc.

     108        04/21/23        USD       440.00        USD       4,815        (178,200

KE Holdings, Inc., ADR

     352        04/21/23        USD       22.50        USD       663        (3,344

Mastercard, Inc., Class A

     182        04/21/23        USD       365.00        USD       6,614        (114,660

MercadoLibre, Inc.

     19        04/21/23        USD       1,230.00        USD       2,504        (205,770

Meta Platforms, Inc., Class A

     216        04/21/23        USD       175.00        USD       4,578        (819,180

Microsoft Corp.

     225        04/21/23        USD       265.00        USD       6,487        (561,375

Microsoft Corp.

     227        04/21/23        USD       285.00        USD       6,544        (198,057

MongoDB, Inc.

     28        04/21/23        USD       230.00        USD       653        (38,360

Monolithic Power Systems, Inc.

     68        04/21/23        USD       510.50        USD       3,404        (128,242

Motorola Solutions, Inc.

     45        04/21/23        USD       270.00        USD       1,288        (80,325

MSCI, Inc.

     34        04/21/23        USD       580.00        USD       1,903        (23,460

NEXTracker, Inc., Class A

     200        04/21/23        USD       35.00        USD       725        (48,000

NEXTracker, Inc., Class A

     400        04/21/23        USD       40.00        USD       1,450        (21,000

NVIDIA Corp.

     211        04/21/23        USD       260.00        USD       5,861        (480,025

Okta, Inc.

     68        04/21/23        USD       90.00        USD       586        (13,838

Oracle Corp.

     197        04/21/23        USD       90.00        USD       1,831        (72,890

QUALCOMM, Inc.

     215        04/21/23        USD       125.00        USD       2,743        (117,175

ROBLOX Corp., Class A

     228        04/21/23        USD       50.00        USD       1,026        (18,582

S&P Global, Inc.

     50        04/21/23        USD       345.00        USD       1,724        (39,750

ServiceNow, Inc.

     18        04/21/23        USD       455.00        USD       836        (37,440

Shopify, Inc., Class A

     218        04/21/23        USD       49.00        USD       1,045        (39,349

Spotify Technology SA

     68        04/21/23        USD       135.00        USD       909        (28,220

Tesla, Inc.

     39        04/21/23        USD       210.00        USD       809        (44,753

Tesla, Inc.

     51        04/21/23        USD       230.00        USD       1,058        (24,098

Twilio, Inc., Class A

     90        04/21/23        USD       66.00        USD       600        (33,525

Visa, Inc., Class A

     49        04/21/23        USD       230.00        USD       1,105        (11,221

Motorola Solutions, Inc.

     46        04/27/23        USD       275.00        USD       1,316        (67,011

Alibaba Group Holding Ltd., ADR

     114        04/28/23        USD       89.00        USD       1,165        (165,300

Amazon.com, Inc.

     95        04/28/23        USD       103.00        USD       981        (49,638

Apple, Inc.

     376        04/28/23        USD       165.00        USD       6,200        (165,440

Arista Networks, Inc.

     25        04/28/23        USD       177.50        USD       420        (6,188

Autodesk, Inc.

     93        04/28/23        USD       215.00        USD       1,936        (40,455

Broadcom, Inc.

     32        04/28/23        USD       645.00        USD       2,053        (51,680

Crowdstrike Holdings, Inc., Class A

     72        04/28/23        USD       139.00        USD       988        (41,580

Gitlab, Inc., Class A

     362        04/28/23        USD       40.00        USD       1,241        (31,675

KE Holdings, Inc., ADR

     352        04/28/23        USD       20.00        USD       663        (25,520

Marvell Technology, Inc.

     390        04/28/23        USD       45.00        USD       1,689        (58,890

Mastercard, Inc., Class A

     160        04/28/23        USD       370.00        USD       5,815        (107,600

MercadoLibre, Inc.

     22        04/28/23        USD       1,320.00        USD       2,900        (131,450

Microsoft Corp.

     120        04/28/23        USD       280.00        USD       3,460        (172,200

MongoDB, Inc.

     68        04/28/23        USD       230.00        USD       1,585        (108,290

Netflix, Inc.

     28        04/28/23        USD       350.00        USD       967        (51,240

Okta, Inc.

     213        04/28/23        USD       89.00        USD       1,837        (62,728

Oracle Corp.

     170        04/28/23        USD       86.00        USD       1,580        (125,375

ROBLOX Corp., Class A

     227        04/28/23        USD       50.00        USD       1,021        (24,516

Salesforce, Inc.

     128        04/28/23        USD       190.00        USD       2,557        (169,280

 

 

5  


Consolidated Schedule of Investments (unaudited) (continued)

March 31, 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)

                  

Shopify, Inc., Class A

     218        04/28/23        USD       51.00        USD       1,045      $ (35,534

Snowflake, Inc., Class A

     24        04/28/23        USD       155.00        USD       370        (20,340

Spotify Technology SA

     51        04/28/23        USD       133.00        USD       681        (44,370

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

     207        04/28/23        USD       95.00        USD       1,926        (56,718

Take-Two Interactive Software, Inc.

     133        04/28/23        USD       117.00        USD       1,587        (71,820

Tesla, Inc.

     53        04/28/23        USD       205.00        USD       1,100        (83,475

Tesla, Inc.

     59        04/28/23        USD       217.50        USD       1,224        (59,147

Twilio, Inc., Class A

     130        04/28/23        USD       69.00        USD       866        (37,050

Uber Technologies, Inc.

     501        04/28/23        USD       33.00        USD       1,588        (41,834

Unity Software, Inc.

     89        04/28/23        USD       32.00        USD       289        (25,988

Visa, Inc., Class A

     131        04/28/23        USD       225.00        USD       2,954        (88,752

Credo Technology Group Holding Ltd.

     607        05/02/23        USD       19.91        USD       572         

Advanced Micro Devices, Inc.

     260        05/05/23        USD       101.00        USD       2,548        (127,400

Alibaba Group Holding Ltd., ADR

     93        05/05/23        USD       94.00        USD       950        (103,230

Alphabet, Inc., Class A

     221        05/05/23        USD       104.00        USD       2,292        (109,395

Amazon.com, Inc.

     66        05/05/23        USD       103.00        USD       682        (38,115

Atlassian Corp., Class A

     56        05/05/23        USD       170.00        USD       959        (85,680

First Solar, Inc.

     39        05/05/23        USD       232.50        USD       848        (29,250

KE Holdings, Inc., ADR

     353        05/05/23        USD       21.00        USD       665        (21,533

Lam Research Corp.

     39        05/05/23        USD       535.00        USD       2,067        (104,032

Microsoft Corp.

     187        05/05/23        USD       285.00        USD       5,391        (235,152

MongoDB, Inc.

     30        05/05/23        USD       230.00        USD       699        (53,100

NVIDIA Corp.

     35        05/05/23        USD       285.00        USD       972        (42,000

Oracle Corp.

     333        05/05/23        USD       89.00        USD       3,094        (170,662

Salesforce, Inc.

     47        05/05/23        USD       197.50        USD       939        (42,418

ServiceNow, Inc.

     50        05/05/23        USD       470.00        USD       2,324        (110,500

Take-Two Interactive Software, Inc.

     76        05/05/23        USD       120.00        USD       907        (32,680

Tesla, Inc.

     68        05/05/23        USD       205.00        USD       1,411        (116,280

Unity Software, Inc.

     187        05/05/23        USD       32.00        USD       607        (60,307

Visa, Inc., Class A

     131        05/05/23        USD       225.01        USD       2,954        (96,584

Credo Technology Group Holding Ltd.

     516        05/09/23        USD       19.40        USD       486        (1

Apple, Inc.

     366        05/12/23        USD       162.50        USD       6,035        (262,605

Wolfspeed, Inc.

     533        05/12/23        USD       68.80        USD       3,462        (206,065

Alteryx, Inc., Class A

     390        05/19/23        USD       65.00        USD       2,295        (94,575

Amazon.com, Inc.

     107        05/19/23        USD       110.00        USD       1,105        (36,380

Aspen Technology, Inc.

     59        05/19/23        USD       230.00        USD       1,350        (72,570

Cadence Design Systems, Inc.

     293        05/19/23        USD       220.00        USD       6,156        (143,570

Credo Technology Group Holding Ltd.

     196        05/19/23        USD       17.50        USD       185        (1,960

Credo Technology Group Holding Ltd.

     607        05/19/23        USD       20.00        USD       572        (3,035

Flex Ltd.

     800        05/19/23        USD       22.00        USD       1,841        (156,000

Marvell Technology, Inc.

     250        05/19/23        USD       45.00        USD       1,083        (59,750

Meta Platforms, Inc., Class A

     99        05/19/23        USD       185.00        USD       2,098        (329,175

Monolithic Power Systems, Inc.

     37        05/19/23        USD       500.00        USD       1,852        (135,975

NEXTracker, Inc., Class A

     200        05/19/23        USD       40.00        USD       725        (42,000

Snowflake, Inc., Class A

     31        05/19/23        USD       155.00        USD       478        (36,890

Tesla, Inc.

     117        05/19/23        USD       225.00        USD       2,427        (130,747

Unity Software, Inc.

     38        05/19/23        USD       35.00        USD       123        (11,685

Visa, Inc., Class A

     226        05/19/23        USD       235.00        USD       5,095        (85,880

Credo Technology Group Holding Ltd.

     328        06/16/23        USD       9.77        USD       309        (25,420
                  

 

 

 
                   $  (14,787,015
                  

 

 

 

OTC Options Written

 

Description    Counterparty    Number of
Contracts
     Expiration
Date
     Exercise
Price
     Notional
Amount (000)
     Value  

Call

                     

Soitec SA

   UBS AG      14,600        04/04/23        EUR       137.71        EUR       2,155      $ (158,019

STMicroelectronics NV

   Goldman Sachs International      21,400        04/04/23        EUR       47.43        EUR       1,048        (38,994

Tencent Holdings Ltd.

   JPMorgan Chase Bank N.A.      80,000        04/04/23        HKD       393.74        HKD       30,864        (30,187

Xero Ltd.

   Goldman Sachs International      38,100        04/04/23        AUD       81.68        AUD       3,407            (198,497

 

 

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   6


Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

  

BlackRock Science and Technology Trust (BST)

    

 

OTC Options Written (continued)

Description    Counterparty    Number of
Contracts
     Expiration
Date
     Exercise Price     

Notional

Amount (000)

     Value  

Call (continued)

                     

ASM International NV

   Goldman Sachs International      13,200        04/11/23        EUR       357.37        EUR       4,909      $ (267,346

Dassault Systèmes SE

   Goldman Sachs International      65,000        04/11/23        EUR       40.24        EUR       2,462        (3,296

GMO Payment Gateway, Inc.

   Societe Generale      8,700        04/11/23        JPY       12,338.40        JPY       99,006        (1,915

SiteMinder Ltd.

   Goldman Sachs International      16,700        04/12/23        AUD       4.45        AUD       57        (5

Soitec SA

   JPMorgan Chase Bank N.A.      9,900        04/12/23        EUR       146.41        EUR       1,461        (37,039

STMicroelectronics NV

   Goldman Sachs International      43,800        04/12/23        EUR       45.94        EUR       2,144        (155,590

Wise PLC, Class A

   Morgan Stanley & Co. International PLC      58,200        04/12/23        GBP       6.10        GBP       316        (2,259

Tencent Holdings Ltd.

   Goldman Sachs International      7,100        04/13/23        HKD       382.66        HKD       2,739        (11,325

SiteMinder Ltd.

   Goldman Sachs International      16,700        04/18/23        AUD       4.45        AUD       57        (29

SiteMinder Ltd.

   Goldman Sachs International      23,000        04/19/23        AUD       4.07        AUD       79        (267

Soitec SA

   Goldman Sachs International      9,600        04/19/23        EUR       151.44        EUR       1,417        (18,550

Wise PLC, Class A

   Morgan Stanley & Co. International PLC      100,000        04/19/23        GBP       6.17        GBP       544        (6,565

SiteMinder Ltd.

   Goldman Sachs International      16,700        04/26/23        AUD       4.45        AUD       57        (92

Soitec SA

   Citibank N.A.      1,800        04/26/23        EUR       154.67        EUR       266        (2,937

Tencent Holdings Ltd.

   Bank of America N.A.      7,000        04/26/23        HKD       363.53        HKD       2,701        (25,873

Wise PLC, Class A

   Goldman Sachs International      75,850        04/26/23        GBP       6.04        GBP       412        (9,683

ASML Holding NV

   Goldman Sachs International      19,600        04/27/23        EUR       621.10        EUR       12,254        (546,030

Trip.com Group Ltd.

   JPMorgan Chase Bank N.A.      111,300        04/27/23        HKD       314.36        HKD       32,700        (50,991

GMO Payment Gateway, Inc.

   BNP Paribas SA      19,400        05/02/23        JPY       11,730.62        JPY       220,772        (46,302

SiteMinder Ltd.

   Goldman Sachs International      20,000        05/02/23        AUD       4.02        AUD       69        (694

SiteMinder Ltd.

   Goldman Sachs International      20,000        05/04/23        AUD       4.06        AUD       69        (680

Samsung SDI Co. Ltd.

   JPMorgan Chase Bank N.A.      6,800        05/09/23        KRW       748,391.33        KRW       4,998,000        (133,019

Soitec SA

   JPMorgan Chase Bank N.A.      600        05/09/23        EUR       146.82        EUR       89        (4,149

Adyen NV

   Goldman Sachs International      3,600        05/16/23        EUR       1,486.73        EUR       5,253        (277,880

GMO Payment Gateway, Inc.

   JPMorgan Chase Bank N.A.      17,400        05/16/23        JPY       11,993.35        JPY       198,012        (41,393

Soitec SA

   JPMorgan Chase Bank N.A.      1,800        05/16/23        EUR       146.21        EUR       266        (14,957

Renesas Electronics Corp.

   UBS AG      67,300        05/18/23        JPY       1,876.59        JPY       128,779        (64,095

Renesas Electronics Corp.

   UBS AG      67,300        05/23/23        JPY       1,894.80        JPY       128,779        (60,456

Wise PLC, Class A

   JPMorgan Chase Bank N.A.      41,500        05/23/23        GBP       5.72        GBP       226        (14,167
                     

 

 

 
                      $     (2,223,281
                     

 

 

 

Fair Value Hierarchy as of Period End

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 the 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 privately held companies or funds. There may not be a secondary market, and/or there are 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. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Trust were fair valued using net asset value (“NAV”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 

 

7  


Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

  

BlackRock Science and Technology Trust (BST)

    

 

Fair Value Hierarchy as of Period End (continued)

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

   $ 24,125,109      $      $      $ 24,125,109  

Banks

                   5,220,225        5,220,225  

Broadline Retail

     40,058,304                      40,058,304  

Capital Markets

     12,857,404                      12,857,404  

Communications Equipment

     9,676,395                      9,676,395  

Distributors

                   125,255        125,255  

Diversified Consumer Services

                   14,136,842        14,136,842  

Electrical Equipment

     6,448,478                      6,448,478  

Electronic Equipment, Instruments & Components

     15,056,742        9,761,177               24,817,919  

Entertainment

     22,458,049                      22,458,049  

Financial Services

     52,311,312        22,501,809               74,813,121  

Ground Transportation

     7,166,673               4,003,338        11,170,011  

Health Care Technology

            5,358,490               5,358,490  

Hotels, Restaurants & Leisure

            9,316,629               9,316,629  

Interactive Media & Services

     30,390,758        10,526,446        1,661,910        42,579,114  

IT Services

     24,164,340               15,651,364        39,815,704  

Professional Services

            1,721,595               1,721,595  

Real Estate Management & Development

     4,428,681                      4,428,681  

Semiconductors & Semiconductor Equipment

     150,252,570        69,295,610               219,548,180  

Software

     207,399,041        14,912,896        17,506,352        239,818,289  

Technology Hardware, Storage & Peripherals

     82,020,085                      82,020,085  

Convertible Notes

                   747,200        747,200  

Preferred Securities

           

Preferred Stocks

                   191,045,752        191,045,752  

Warrants

                   854        854  

Short-Term Securities

           

Money Market Funds

     262,674                      262,674  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 689,076,615      $ 143,394,652      $ 250,099,092        1,082,570,359  
  

 

 

    

 

 

    

 

 

    

 

 

 

Investments Valued at NAV(a)

              7,809,299  
           

 

 

 
            $ 1,090,379,658  
           

 

 

 

Derivative Financial Instruments(b)

           

Liabilities

           

Equity Contracts

   $ (13,869,385    $ (3,140,911    $      $ (17,010,296
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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

                                  

Accrued discounts/premiums

                                  

Net realized gain (loss)

                                  

Net change in unrealized appreciation (depreciation)(a)

     (1,764,014      (1,172,800      (4,921,844      (15,358      (7,874,016

 

 

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   8


Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

  

BlackRock Science and Technology Trust (BST)

    

 

      Common
Stocks
     Convertible
Notes
     Preferred
Stocks
     Warrants      Total  

Purchases

   $      $      $      $      $  

Sales

                                  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Closing balance, as of March 31, 2023

   $ 58,305,286      $ 747,200      $ 191,045,752      $ 854      $ 250,099,092  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023(a)

   $ (1,764,014    $ (1,172,800    $ (4,921,844    $ (15,358    $ (7,874,016
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock 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
on Inputs
 
 
 
(b)  

Assets

              

Common Stocks

   $ 58,305,286        Market        Revenue Multiple        2.50x - 29.31x        10.77x  
           Volatility        37% - 75%        63%  
           Time to Exit        0.5 - 4.0 years        2.9 years  
           Exit Multiple        9.50x         
           Market Adjustment Multiple        0.55x         
           Gross Profit Multiple        18.50x         
        Income        Discount        16%         

Convertible Notes

     747,200        Income        Discount        10%         

Preferred Stocks

     191,045,752        Market        Revenue Multiple        3.15x - 29.31x        14.89x  
           Volatility        50% - 75%        63%  
           Time to Exit        3.0 - 5.0 years        4.1 years  
           Market Adjustment Multiple        0.55x - 1.00x        0.94x  
           Gross Profit Multiple        7.32x         
           Recent Transactions        (b)         

Warrants

     854        Market        Revenue Multiple        7.25x         
           Volatility        37%         
           Time to Exit        0.5 years         
  

 

 

             
     250,099,092              
  

 

 

             

 

  (a) 

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

 
  (b) 

For the period end December 31, 2022, the valuation technique for certain investments classified as Preferred Stock used recent prior transaction prices as inputs within the model used for the approximation of fair value.

 

 

Currency Abbreviation
AUD   Australian Dollar
EUR   Euro
GBP   British Pound
HKD   Hong Kong Dollar
JPY   Japanese Yen
KRW   South Korean Won
USD   United States Dollar
Portfolio Abbreviation
ADR   American Depositary Receipt
MSCI   Morgan Stanley Capital International
S&P   Standard & Poor’s

 

 

9