BlackRock Utilities, Infrastructure & Power Opportunities Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:

811-22606

Name of Fund:

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Utilities, Infrastructure & Power Opportunities Trust, 55 East 52

Street, New York, NY 10055

Registrant’s telephone number, including area code: (800)

882-0052,

Option 4

Date of fiscal year end: 12/31/2022

Date of reporting period: 06/30/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JUNE 30, 2022



		2022 Semi-Annual Report (Unaudited)

BlackRock Energy and Resources Trust (BGR)

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

BlackRock Enhanced Equity Dividend Trust (BDJ)

BlackRock Enhanced Global Dividend Trust (BOE)

BlackRock Enhanced International Dividend Trust (BGY)

BlackRock Health Sciences Trust (BME)

BlackRock Health Sciences Trust II (BMEZ)

BlackRock Innovation and Growth Trust (BIGZ)

BlackRock Resources & Commodities Strategy Trust (BCX)

BlackRock Science and Technology Trust (BST)

BlackRock Science and Technology Trust II (BSTZ)

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information

(unaudited)

Section 19(a) Notices

BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Trust’s (BME), BlackRock Health Sciences Trust II’s (BMEZ), BlackRock Innovation and Growth Trust’s (BIGZ), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Trust’s (BST), BlackRock Science and Technology Trust II’s (BSTZ) and BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (collectively, the“Trusts” or individually, a “Trust”) amounts and sources of distributions reported are estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form

1099-DIV

each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

June 30, 2022


	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	$	0.186381	$	—	$	—	$	0.069619		$	0.256000		73	%	—	%	—	%	27	%	100	%
CII		0.025717		0.343132		0.228151		—			0.597000		4		57		39		—		100
BDJ		0.082480		0.093121		0.149199		—			0.324800		25		29		46		—		100
BOE		0.126586		—		0.251414		—			0.378000		33		—		67		—		100
BGY		0.071189		—		0.050024		0.081587			0.202800		35		—		25		40		100
BME		0.035721		—		1.242279		—			1.278000		3		—		97		—		100
BMEZ		—		0.357947		0.512053		—			0.870000		—		41		59		—		100
BIGZ		—		—		—		0.570000			0.570000		—		—		—		100		100
BCX		0.154480		—		—		0.105520			0.260000		59		—		—		41		100
BST		—		—		1.500000		—			1.500000		—		—		100		—		100
BSTZ		—		0.380441		0.771559		—			1.152000		—		33		67		—		100
BUI		0.210835		—		0.482989		0.032176			0.726000		29		—		67		4		100

(a)

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

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

blackrock.com.

Section 19(b) Disclosure

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


Exchange Symbol	Amount Per Common Share
BGR	$	0.0490
CII		0.0995
BDJ		0.0562
BOE		0.0630
BGY		0.0338
BME		0.2130
BMEZ		0.1450
BIGZ		0.0700
BCX		0.0450
BST		0.2500
BSTZ		0.1920
BUI		0.1210

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

Shareholders should not draw any conclusions about

each Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table.


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Supplemental Information

(unaudited) (continued)

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


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

The Markets in Review

Dear Shareholder,

The

12-month

reporting period as of June 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth that followed the reopening of global economies and the development of

COVID-19

vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a

40-year

high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were particularly steep. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The

10-year

U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates three times while indicating that additional large rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have significant room to rise before peaking.

Furthermore, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation. However, markets have been primed to expect sharp tightening, which could weigh on valuations until central banks begin to tap the brakes.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of a higher inflation regime leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities in a

six-

to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit

blackrock.com

for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of June 30, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500 ® Index)	(19.96)%	(10.62)%

U.S. small cap equities (Russell 2000 ® Index)	(23.43)	(25.20)

International equities (MSCI Europe, Australasia, Far East Index)	(19.57)	(17.77)

Emerging market equities (MSCI Emerging Markets Index)	(17.63)	(25.28)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.15	0.18

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(11.34)	(10.94)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(10.35)	(10.29)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(8.98)	(8.57)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(14.19)	(12.82)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


4		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
Supplemental Information		2
The Markets in Review		4
Option Over-Writing Strategy		6
Derivative Financial Instruments		6
Semi-Annual Report:
Trust Summary		7
Financial Statements:
Schedules of Investments		36
Statements of Assets and Liabilities		124
Statements of Operations		127
Statements of Changes in Net Assets		130
Statements of Cash Flows		136
Financial Highlights		141
Notes to Financial Statements		153
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement		165
Additional Information		170
Glossary of Terms Used in this Report		173


		5

Option Over-Writing Strategy

Overview

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

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

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

Option Over-Writing Strategy Illustration

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

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

Derivative Financial Instruments

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


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Trust Summary as of June 30, 2022		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, 2022 ($10.97) (a)		5.36%
Current Monthly Distribution per Common Share (b)		$0.0490
Current Annualized Distribution per Common Share (b)		$0.5880

(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


	06/30/22		12/31/21		Change			High		Low
Closing Market Price		$ 10.97		$ 9.48		15.72	%		$ 13.63		$ 9.48
Net Asset Value		12.51		10.77		16.16			15.19		10.77

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years
Trust at NAV (a)(b)		18.75	%		28.49	%		4.49	%		2.04	%
Trust at Market Price (a)(b)		18.30			17.04			3.48			1.31
MSCI World Energy Call Overwrite Index (c)		20.13			26.14			N/A			N/A
MSCI World Energy Index (d)		23.96			31.20			5.34			2.44

(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

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?

Energy stocks held up much better than the broader market in the first half of the year. An imbalance of supply and demand caused oil and natural gas prices to rally considerably through early June 2022. However, both the commodities and the related equities lost ground late in the period amid concerns about slowing economic growth.

The Trust was hurt by its zero weightings in certain United States-based shale companies that outperformed, including Occidental Petroleum Corp. and Woodside Energy Group Ltd. An underweight in the strong performing oil services sector also hurt results, with the largest effect coming from the lack of a position in Halliburton Co.

A position in the Russian company Gazprom PJSC—the value of which was written down to near zero in late February 2022—detracted from results. Russian companies have always been part of the Trust’s investment universe, and the investment adviser believed Gazprom had high-quality assets. However, the investment adviser did not anticipate either a full-scale invasion of Ukraine or the events that followed. Companies with Russian assets, such as TotalEnergies SE, also lagged during the period.


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


Trust Summary as of June 30, 2022 (continued)		BlackRock Energy and Resources Trust (BGR)

On the other hand, stock selection in the integrated oil

sub-sector

helped performance. Suncor Energy Inc. and Cenovus Energy, Inc. were notable contributors in this area. Shares of Suncor rose following the announcement that an activist investor had purchased shares with the aim of improving operational performance. Cenovus rallied after announcing plans to increase cash returns to shareholders by tripling its dividend.

The Canadian oil producer Tourmaline Oil Corp. was another top contributor thanks to its strong results, announcement of a special dividend, and continued focus on capital discipline. A position in the U.S. company Kosmos Energy Ltd., which brought a new plant online, was a further contributor.

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 semiannual 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.

Given the increased risks to global economic growth, the investment adviser reduced the Trust’s weightings in certain holdings with higher sensitivity to the macroeconomic outlook. The investment adviser added to the Trust’s weighting in midstream companies, and it increased the allocation to select oilfield services companies following a pullback in valuations late in the period.

Describe portfolio positioning at period end.

The investment adviser maintained a bias towards higher-quality producers that it expects will benefit the most from strength in oil and gas prices. It was also positioned to capitalize on a potential resurgence in the oilfield services sector, as well as the need for increased liquified natural gas output to replace Russian gas exports to Europe.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 38% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.9% out of the money) and for maturities averaging 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
Exxon Mobil Corp.		13.3	%
Chevron Corp.		11.4
Shell PLC		10.8
ConocoPhillips		6.7
TotalEnergies SE		6.5
TC Energy Corp.		4.7
EOG Resources, Inc.		4.1
Suncor Energy, Inc.		3.9
Williams Cos., Inc.		3.6
Pioneer Natural Resources Co.		3.5

INDUSTRY ALLOCATION


Industry (a)(b)	06/30/22
Oil, Gas & Consumable Fuels		95.4	%
Energy Equipment & Services		3.7
Other*		0.9

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

(b)

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry

sub-classifications

used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry

sub-classifications

for reporting ease.

*	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, 2022		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, 2022 ($17.58) (a)		6.79%
Current Monthly Distribution per Common Share (b)		$0.0995
Current Annualized Distribution per Common Share (b)		$1.1940

(a)

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

(b)

The distribution rate is not constant and is subject to change.

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low
Closing Market Price		$ 17.58		$ 22.12		(20.52)	%		$ 22.12		$ 16.94
Net Asset Value		18.44		22.10		(16.56)			22.26		18.01

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years
Trust at NAV (a)(b)		(13.99)	%		(8.91)	%		9.55	%		10.64	%
Trust at Market Price (a)(b)		(18.08)			(9.57)			9.93			11.00
MSCI USA Call Overwrite Index (c)		(17.13)			(9.57)			N/A			N/A
Russell 1000 ® Index (d)		(20.94)			(13.04)			11.00			12.82

(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 Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have

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.

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

blackrock.com

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

What factors influenced performance?

The global equity markets experienced a meaningful downturn in the first six months of the year, as investors reacted to the combination of elevated inflation, rising interest rates and the potential for slower growth.

The Trust’s positioning in the information technology sector, particularly in the software and IT services industries, made the largest contribution to performance. Positioning in the energy sector also proved beneficial, most notably an overweight to and selection within the oil, gas, and consumable fuels industry. Stock selection in the materials and consumer discretionary sectors contributed, as well.

A zero weighting in utilities, which was based on the investment adviser’s view that many companies in the sector were overvalued, was the largest detractor. An underweight in consumer staples also weighed on relative results, as the sector came into favor amid volatile market conditions. An underweight in real estate further detracted, as did stock selection in the specialty retail industry.


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


Trust Summary as of June 30, 2022 (continued)		BlackRock Enhanced Capital and Income Fund, Inc. (CII)

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance 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.

Due to a combination of portfolio trading activity and market price movements, the Trust’s allocation to health care and consumer staples increased. Its allocations to the information technology and consumer discretionary sectors decreased.

Describe portfolio positioning at period end.

The Trust’s largest absolute sector weightings were in the information technology, health care, and financials. On a relative basis, the Trust’s largest overweights were to the communication services and materials sectors. Conversely, its largest underweights were in information technology and utilities.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 52% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 6.0% out of the money) and for maturities averaging 46 days.


10		2 0 2 2 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, 2022 (continued)		BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS



Security (a)	Percent of Total Investments

Microsoft Corp.		6.7	%
Alphabet, Inc.		5.3
Apple, Inc.		4.5
Amazon.com, Inc.		4.3
UnitedHealth Group, Inc.		3.1
Comcast Corp.		3.0
Corteva, Inc.		2.9
Visa, Inc.		2.7
Berkshire Hathaway, Inc.		2.6
Sanofi		2.6

SECTOR ALLOCATION



Sector (a)(b)	06/30/22

Information Technology		22.9	%
Health Care		15.0
Financials		13.0
Consumer Discretionary		12.6
Communication Services		12.1
Industrials		9.2
Materials		5.2
Consumer Staples		4.5
Energy		4.2
Real Estate		1.3

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

(b)

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector

sub-classifications

used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector

sub-classifications

for reporting ease.


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


Trust Summary as of June 30, 2022		BlackRock Enhanced Equity Dividend Trust (BDJ)

Investment Objective

BlackRock Enhanced Equity Dividend Trust’s (BDJ) (the “Trust”)

primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information



Symbol on New York Stock Exchange		BDJ
Initial Offering Date		August 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($8.83) (a)		7.64%
Current Monthly Distribution per Common Share (b)		$0.0562
Current Annualized Distribution per Common Share (b)		$0.6744

(a)

(b)

The distribution rate is not constant and is subject to change.

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low

Closing Market Price	$	8.83	$	10.08		(12.40	)%	$	10.43	$	8.76
Net Asset Value		9.09		10.23		(11.14	)		10.55		8.90

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years
Trust at NAV (a)(b)		(8.07	)%		(4.79	)%		6.83	%		8.71	%
Trust at Market Price (a)(b)		(9.37	)		(4.68	)		7.83			9.72
MSCI USA Value Call Overwrite Index (c)		(9.68	)		(0.31	)		N/A			N/A
Russell 1000 ® Value Index (d)		(12.86	)		(6.82	)		7.17			10.50

(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 Value Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have

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.

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?

Positioning in the industrials sector contributed to Fund performance, largely due to the combination of an overweight allocation and favorable stock selection in the aerospace & defense industry. Positioning in information technology also helped relative performance, led by an underweight in semiconductor stocks and selection in the software industry. An overweight in the energy sector and an underweight in real estate further contributed.

An underweight in consumer staples detracted from performance, as did selection in the sector. Most notably, underweights in the food products and beverages industry weighed on relative results. Other notable detractors included an underweight in the utilities sector and allocation decisions within the health care equipment & supplies industry.


12		2 0 2 2 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, 2022 (continued)		BlackRock Enhanced Equity Dividend Trust (BDJ)

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The options overlay strategy detracted from relative performance.

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 energy and information technology sectors increased due to a combination of portfolio trading activity and market price changes. The Trust’s weightings in financials and consumer staples decreased.

Describe portfolio positioning at period end.

In absolute terms, the Trust’s largest allocations were to the health care, financials and information technology sectors. Relative to the benchmark, the Trust’s most significant overweights were in the health care and financials sectors. Its largest underweights were in consumer staples and real estate.

As of June 30, 2022, the Trust had an options overwriting program in place whereby 48% 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.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS



Security (a)	Percent of Total Investments
Wells Fargo & Co.		3.1	%
Elevance Health, Inc.		2.9
Citigroup, Inc.		2.8
Humana, Inc.		2.7
BP PLC		2.6
Cisco Systems, Inc.		2.5
Enterprise Products Partners LP		2.5
Medtronic PLC		2.4
AstraZeneca PLC		2.4
Sanofi		2.2

SECTOR ALLOCATION



Sector (a)(b)	06/30/22
Health Care		23.4	%
Financials		21.2
Information Technology		13.2
Energy		8.7
Industrials		8.2
Consumer Discretionary		7.7
Communication Services		6.6
Consumer Staples		5.5
Utilities		3.3
Materials		2.2

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

(b)

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector

sub-classifications

for reporting ease.


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


Trust Summary as of June 30, 2022		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, 2022 ($9.77) (a)		7.74%
Current Monthly Distribution per Common Share (b)		$0.0630
Current Annualized Distribution per Common Share (b)		$0.7560

(a)

(b)

The distribution rate is not constant and is subject to change.

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low

Closing Market Price	$	9.77	$	12.18		(19.79	)%	$	12.40	$	9.59
Net Asset Value		11.17		13.40		(16.64	)		13.48		10.93

Performance

Returns for the period ended June 30, 2022 were as follows:


			Average Annual Total Returns
	6-month		1 Year		5 Years		10 Years
Trust at NAV (a)(b)		(13.71)%		(10.20)%		4.02%		6.49%
Trust at Market Price (a)(b)		(16.96)		(16.89)		3.09		6.10
MSCI ACWI Call Overwrite Index (c)		(17.69)		(13.08)		N/A		N/A
MSCI ACWI (d)		(20.18)		(15.75)		7.00		8.76

(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

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.

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?

Global dividend stocks lost ground in absolute terms during the first half of 2022, but they outperformed the broad-based indexes.

Stock selection in the health care, information technology and communication services contributed to the Trust’s positive relative performance. AstraZeneca PLC was the largest contributor at the individual security level. The company has proven itself to be highly productive in research and development, allowing it to broaden its revenue base considerably over the last few years. BAE Systems PLC, a British aerospace and defense company, also helped results as European defense stocks surged in reaction to Russia’s invasion of Ukraine in February 2022. The U.S. pharmaceutical stock AbbVie, Inc. was an additional contributor of note amid investors’ rotation into more defensive companies.


14		2 0 2 2 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, 2022 (continued)		BlackRock Enhanced Global Dividend Trust (BOE)

Security selection in financials and consumer staples detracted from relative performance, as did an underweight in energy. Synchrony Financial was the largest individual detractor from returns. Shares of the consumer financial services company were hurt by concerns about weaker consumer credit. The investment adviser’s analysis of credit card data suggests the consumer sector remains exceptionally strong, even by

pre-pandemic

standards. While the investment adviser is conscious of the inflationary pressures from higher food and oil prices, robust data indicates that there is some buffer given the reduction in consumer debt in recent years. In addition, deposit balances and payment rates both remained high. Mediatek, Inc., a Taiwanese semiconductor company, detracted from results due to a slowdown in the Chinese smartphone market and increasing concerns surrounding tensions between China and Taiwan. Schneider Electric SE, based in France, also detracted amid the broader rotation from the growth style to value.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance 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.

The Trust added to its weightings in the communication services, energy and industrials sectors. Its allocations to information technology, utilities and consumer staples decreased.

Describe portfolio positioning at period end.

The largest sector weightings were in information technology and health care, driven by the IT services and pharmaceuticals industries, respectively. Regionally, the majority of the portfolio was invested in the United States, Europe, and the U.K.

As of June 30, 2022, the Trust had in place an option overwriting program whereby approximately 43% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 4.5% out of the money) and for maturities averaging 48 days.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS



Security (a)	Percent of Total Investments

Microsoft Corp.		3.7	%
Sanofi		3.6
AstraZeneca PLC		3.2
Novo Nordisk A/S		3.1
RELX PLC.		3.1
Reckitt Benckiser Group PLC.		3.1
UnitedHealth Group, Inc.		2.8
AbbVie, Inc.		2.7
Taiwan Semiconductor Manufacturing Co. Ltd.		2.6
EDP - Energias de Portugal SA		2.6

GEOGRAPHIC ALLOCATION



Country/Geographic Region	06/30/22

United States		44.3	%
United Kingdom		18.7
France		10.5
Taiwan		3.9
Switzerland		3.6
Denmark		3.1
Portugal		2.6
Canada		2.5
Ireland		2.4
Netherlands		1.7
Sweden		1.7
Japan		1.5
Mexico		1.2
Indonesia		1.1
Singapore		1.1
India		0.1

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


T R U S T S U M M A R Y		15


Trust Summary as of June 30, 2022		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, 2022 ($5.06) (a)		8.02%
Current Monthly Distribution per Common Share (b)		$0.0338
Current Annualized Distribution per Common Share (b)		$0.4056

(a)

(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


	06/30/22		12/31/21		Change			High		Low
Closing Market Price		$ 5.06		$ 6.28		(19.43)	%		$ 6.40		$ 4.88
Net Asset Value		5.69		6.81		(16.45)			6.84		5.61

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years
Trust at NAV (a)(b)		(13.36)	%		(10.93)	%		3.74	%		4.79	%
Trust at Market Price (a)(b)		(16.45)			(17.29)			2.93			4.59
MSCI ACWI ex USA Call Overwrite Index (c)		(16.77)			(16.97)			N/A			N/A
MSCI ACWI ex USA Index (d)		(18.42)			(19.42)			2.50			4.83

(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 ex USA Index with a 45% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have

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.

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?

International dividend stocks posted negative returns as a group during the first half of 2022, but they outperformed the broad-based indexes. Stocks, in general, faced headwinds from elevated inflation, rising interest rates and the prospect of slowing economic growth.

Stock selection in the consumer discretionary sector was the largest detractor from the Fund’s relative performance, followed by selection in consumer staples.

At the individual stock level, the communications-semiconductor producer Mediatek, Inc. was the most notable detractor. The stock weakened on expectations for slowing consumer spending in China. While smartphone demand appeared to be in the early stages of a recovery, investors remain concerned about the impact that slowing economic growth could have on Mediatek’s end markets. The stock was further pressured by concerns about tension between Taiwan and China in light of Russia’s invasion of Ukraine in February 2022.


16		2 0 2 2 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, 2022 (continued)		BlackRock Enhanced International Dividend Trust (BGY)

Ferguson PLC, a distributor of plumbing and heating products, also detracted. After performing well in 2021, the stock has since weakened on fears that inflation and supply-chain disruptions could lead to weaker profit margins. The investment adviser maintained the holding on the belief that the company is well positioned and has a resilient supply chain.

Schneider Electric SE, an energy-management company based in France, detracted amid the broader rotation from the growth style to value, as well as concerns about its exposure to China.

Stock selection in health care and communication services contributed positively. BAE Systems PLC was the largest contributor at the individual security level. The stock rallied in anticipation of increased defense spending following Russia’s invasion of Ukraine.

AstraZeneca PLC and Sanofi SA were also top contributors. Pharmaceutical companies have generally proven defensive during the recent market volatility due to their lower sensitivity to economic trends. AstraZeneca further benefited from the growing appreciation of its oncology pipeline, while Sanofi announced solid results and indicated there is room for higher profit margins due to improving cost efficiencies.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance 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.

The Fund reduced its weighting in the information technology sector, particularly in the IT services industry. It also lowered its allocations to consumer staples and utilities. On the other hand, the Fund added to communication services, health care and financials.

Describe portfolio positioning at period end.

The Trust’s largest sector weightings were in financials, industrials and health care. Regionally, the majority of the portfolio was invested in Europe, with a significant allocation to the U.K.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 41.2% 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 3.9% out of the money) and for maturities averaging 47.5 days.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS


Security (a)	Percent of Total Investments
Sanofi		5.0	%
AstraZeneca PLC		4.9
Novo Nordisk A/S		4.8
Reckitt Benckiser Group PLC		4.8
EDP - Energias de Portugal SA		4.1
EssilorLuxottica SA		4.0
Prudential PLC		3.9
RELX PLC		3.8
Diageo PLC		3.8
TELUS Corp.		3.4

GEOGRAPHIC ALLOCATION


Country/Geographic Region	06/30/22
United Kingdom		28.3	%
France		19.2
United States		11.9
Taiwan		5.2
Denmark		4.8
Singapore		4.2
Portugal		4.0
Canada		3.3
India		3.1
Netherlands		2.9
Sweden		2.5
Spain		2.5
Mexico		2.3
Switzerland		2.1
Japan		1.9
Indonesia		1.8

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


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


Trust Summary as of June 30, 2022		BlackRock Health Sciences Trust (BME)

Investment Objective

BlackRock Health Sciences Trust’s (BME) (the “Trust”)

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, 2022 ($42.40) (a)		6.03%
Current Monthly Distribution per Common Share (b)		$0.2130
Current Annualized Distribution per Common Share (b)		$2.5560

(a)

(b)

The distribution rate is not constant and is subject to change.

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low
Closing Market Price	$	42.40	$	48.50		(12.58	)%	$	48.50	$	39.97
Net Asset Value		41.95		47.96		(12.53	)		47.96		39.35

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years
Trust at NAV (a)(b)		(9.93	)%		(7.09	)%		9.96	%		13.58	%
Trust at Market Price (a)(b)		(9.97	)		(7.58	)		9.35			13.22
MSCI USA Investable Market Index Health Care Call Overwrite Index (c)		(11.87	)		(5.62	)		N/A			N/A
Russell 3000 ® Health Care Index (d)		(11.64	)		(5.14	)		11.20			14.58

(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

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

(c)

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

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.

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?

Stocks fell sharply in the first half of 2022, reflecting the combination of elevated inflation and rising interest rates. While defensive,

large-cap

stocks held up reasonably well, faster-growing companies—particularly those on the smaller end of the capitalization range—generally lagged the broader market.

Stock selection in the biotechnology

sub-sector

contributed to the Trust’s relative performance, as did an underweight allocation to medical devices & supplies. On the other hand, selection in pharmaceuticals, together with an underweight in the

sub-sector,

detracted.

At the individual stock level, an underweight in Moderna, Inc. was the leading contributor to performance. The stock lost ground as the tailwinds from

COVID-19

continued to slow. In addition, the company indicated that its

non-COVID

pipeline candidates may need more time to receive approval.


18		2 0 2 2 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, 2022 (continued)		BlackRock Health Sciences Trust (BME)

An overweight position in Cigna Corp. also contributed to results. The insurance provider reported strong earnings, and it benefited from its attractive valuations as investors rotated towards defensive stocks in anticipation of an economic downturn.

out-of-benchmark

position in the pharmaceutical giant AstraZeneca PLC was an additional contributor of note. The company reported robust earnings and received positive clinical trial data on a breast cancer treatment. The stock was also helped by the relative strength in defensive companies.

An underweight in the pharmaceutical giant Bristol-Myers Squibb Co. was the largest detractor from relative performance. The company experienced positive momentum earlier in the year after unveiling plans for future product launches across a variety of treatments, and it remained a resilient performer amid the persistent market volatility. Underweight positions in Johnson & Johnson and AbbVie, Inc. also detracted.

The Trust made use of options, principally writing call options on individual stocks, to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to results. The Trust also had an elevated cash position at period end. The cash position contributed positively to 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 pharmaceuticals, biotechnology and health care providers & supplies

sub-sectors

increased, while its weighting in the medical devices & supplies industry decreased.

Describe portfolio positioning at period end.

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. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the health care sector. In particular, it looked for selective growth opportunities stemming from innovation and technological developments, especially in the biotechnology, pharmaceuticals and medical devices industries. The investment adviser maintained an emphasis on diversification, risk management and fundamental analysis.

As of June 30, 2022, the Trust’s largest overweight position was in the biotechnology

sub-sector.

The Trust continues to invest in compelling areas of innovation in biotech, particularly in oncology. The Trust also held a large overweight position in the health care providers & services

sub-sector,

with the goal of adding resiliency and defensive characteristics to the portfolio in anticipation of an economic downturn. The medical devices & supplies

sub-sector,

which may be negatively impacted by supply chain issues and cost inflation, was the largest underweight.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 35.3% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 7.0% out of the money) and for maturities averaging 47 days.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS


Security (a)	Percent of Total Investments
UnitedHealth Group, Inc.		10.1	%
Johnson & Johnson		5.6
Eli Lilly & Co.		5.3
Pfizer, Inc.		4.5
Thermo Fisher Scientific, Inc.		4.2
Abbott Laboratories		4.1
AbbVie, Inc.		3.8
Merck & Co., Inc.		3.7
Elevance Health, Inc.		3.2
Amgen, Inc.		3.0

INDUSTRY ALLOCATION


Industry (a)(b)	06/30/22
Pharmaceuticals		28.6	%
Health Care Providers & Services		24.4
Biotechnology		19.4
Health Care Equipment & Supplies		15.9
Life Sciences Tools & Services		11.1
Other*		0.6

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

(b)

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry

sub-classifications

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		19


Trust Summary as of June 30, 2022		BlackRock Health Sciences Trust II (BMEZ)

Investment Objective

BlackRock Health Sciences Trust II’s (BMEZ) (the “Trust”)

investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities of companies principally engaged in the health sciences group of industries and equity derivatives with exposure to the health sciences group of industries. Equity derivatives in which the Trust invests include purchased and sold (written) call and put options on equity securities of companies in the health sciences group of industries.

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

Trust Information


Symbol on New York Stock Exchange		BMEZ
Initial Offering Date		January 30, 2020
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($16.43) (a)		10.59%
Current Monthly Distribution per Common Share (b)		$0.1450
Current Annualized Distribution per Common Share (b)		$1.7400

(a)

(b)

The distribution rate is not constant and is subject to change.

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low
Closing Market Price	$	16.43	$	25.36		(35.21	)%	$	25.59	$	15.20
Net Asset Value		18.91		26.47		(28.56	)		26.63		17.79

Performance

Returns for the period ended June 30, 2022 were as follows:


			Average Annual Total Returns
	6-month		1 Year		Since Inception (a)
Trust at NAV (b)(c)		(25.17)%		(32.60)%		3.84%
Trust at Market Price (b)(c)		(32.14)		(38.38)		(2.03)
MSCI Custom ACWI SMID Growth HC Call Overwrite Index (d)		(17.49)		N/A		N/A
MSCI ACWI 25% Call Overwrite Index (e)		(4.37)		1.05		11.29
MSCI ACWI (f)		(20.18)		(15.75)		3.97

(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 widened 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

6-month

index return presented is for the period March 31, 2022 through June 30, 2022.

(e)

An index that incorporates an option overlay component on the MSCI ACWI Index with a 25% overwrite level. Effective on March 31, 2022, this index was discontinued and the Trust changed its benchmark to the MSCI Custom ACWI SMID Growth HC Call Overwrite index. The investment adviser believes the new benchmark is a more appropriate benchmark for the Trust. Because the index was discontinued on March 31, 2022, the index returns presented are as follows: the

6-month

return is for the period from January 1, 2022 through March 31, 2022, the

1-year

return is for the period from July 1, 2021 through March 31, 2022 and the since inception return is for the period from January 30, 2020 through March 31, 2022.

(f)

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.

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?

Stocks fell sharply in the first half of 2022, reflecting the combination of elevated inflation and rising interest rates. Faster-growing companies, particularly those on the smaller end of the capitalization range, generally lagged the broader market.


20		2 0 2 2 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, 2022 (continued)		BlackRock Health Sciences Trust II (BMEZ)

An overweight allocation to the medical devices and supplies industry was the leading detractor from performance relative to MSCI Custom ACWI SMID Growth Health Care Call Overwrite Index. Security selection in biotechnology detracted, as well. An overweight position in Masimo Corp. was the largest detractor from relative performance at the individual security level. Masimo’s unexpected acquisition of the consumer electronics company Sound United was not well received by market participants. Investors struggled to see how the unlikely pairing would fit together given the latter company’s focus outside of medical technology. The Trust no longer holds a position in Masimo.

Small-cap

biotechnology stocks were especially vulnerable to the impact rising rates had on faster-growing companies. An overweight in Kymera Therapeutics, Inc. was a top detractor as the high-growth, development stage biotechnology company traded down amid the broader

sell-off

in stocks that lack current profits. The investment adviser exited the position on the view that the company no longer offered an attractive risk-reward profile. Similarly, an overweight in the clinical genetic-testing company Natera, Inc. detracted from results. An unfavorable report from a short seller alleged that the company had deceptive billing practices and misleading testing results, leading to an investor class action lawsuit.

An overweight in Tandem Diabetes Care, Inc. was another key detractor. Despite receiving the first FDA approval for an insulin-delivery mobile app, the stock plunged after the company reported weak quarterly results in May 2022.

On the positive side, overweight allocations to the biotechnology and health care providers & services industries contributed to performance. An overweight position in Vertex Pharmaceuticals, Inc. was the largest individual contributor. The biotechnology company paid $60 million for Catalyst Bioscience’s complement pipeline, including preclinical-stage therapies for hemophilia. An overweight in Seagen, Inc. also contributed positively. The U.S. biotechnology company was rumored to be the target of an acquisition by the pharmaceutical giant Merck. The purchase would provide the latter company with access to the suite of antibody-drug conjugates and other oncology therapies that Seagen has pioneered. An overweight in LHC Group Inc. contributed, as well. Shares of the

at-home

healthcare provider surged on the news that it would be acquired by UnitedHealth.

The Japanese pharmaceutical company Daiichi Sankyo Co Ltd. was a further contributor. The FDA approved Enhertu, an antibody-drug conjugate (ADC) developed in partnership with AstraZeneca. The breast cancer drug was found to reduce disease progression or death by 72% compared to legacy ADC therapies.

The Trust’s cash position, while not a core aspect of its strategy, nonetheless contributed positively at a time of poor market performance.

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

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

The Trust’s weightings the pharmaceuticals and biotechnology

sub-sectors

increased during the period, while its allocation to the medical devices & supplies

sub-sector

decreased. Its weighting in the health care providers & services industry was unchanged.

Describe portfolio positioning at period end.

The first half of 2022 was historically volatile amid macroeconomic and geopolitical headwinds. The investment adviser was encouraged by the healthcare sector’s resilience in the midst of these extraordinary challenges.

The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the health care sector. It remained focused on small and

mid-cap

companies, where the vast majority of clinical innovation is taking place. It also saw promising developments in medical devices, such as precision surgical tools and minimally invasive procedures. It found the biotechnology industry to be especially fertile ground to find innovative companies, particularly those focused on oncology. As of June 30, 2022, biotechnology was the Trust’s largest sector weighting due to its attractive valuations and robust fundamentals.

The investment adviser believed the long-term, secular drivers for the health care sector—aging global demographics and innovation in medical technology—remained in place. These trends, together with favorable valuations across the sector, act as the foundation for a compelling long-term investment opportunity.

As of June 30, 2022, 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 9.6% out of the money) and for maturities averaging 48 days.


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


Trust Summary as of June 30, 2022 (continued)		BlackRock Health Sciences Trust II (BMEZ)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS


Security (a)	Percent of Total Investments
Vertex Pharmaceuticals, Inc.		3.2	%
Alcon, Inc.		2.5
ResMed, Inc.		2.0
Argenx SE		1.9
Daiichi Sankyo Co. Ltd.		1.8
Waters Corp.		1.8
LHC Group, Inc.		1.8
Quest Diagnostics, Inc.		1.7
Alkermes PLC		1.7
Sarepta Therapeutics, Inc.		1.7

INDUSTRY ALLOCATION


Industry (a)(b)	06/30/22
Biotechnology		36.6	%
Health Care Equipment & Supplies		23.4
Health Care Providers & Services		14.7
Life Sciences Tools & Services		13.4
Pharmaceuticals		7.4
Diversified Financial Services		2.3
Other*		2.2

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

(b)

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry

sub-classifications

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.


22		2 0 2 2 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, 2022		BlackRock Innovation and Growth Trust (BIGZ)

Investment Objective

BlackRock Innovation and Growth Trust’s (BIGZ) (the “Trust”)

investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust will invest primarily in equity securities issued by

mid-

and small-capitalization companies that the Trust’s adviser believes have above-average earnings growth potential. In selecting investments for the Trust, the Trust’s adviser focuses on

mid-

and small-capitalization growth companies that are “innovative.” These are companies that have introduced, or are seeking to introduce, a new product or service that potentially changes the marketplace. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.

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

Trust Information


Symbol on New York Stock Exchange		BIGZ
Initial Offering Date		March 29, 2021
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($7.94) (a)		10.58%
Current Monthly Distribution per Common Share (b)		$0.0700
Current Annualized Distribution per Common Share (b)		$0.8400

(a)

(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


	06/30/22	12/31/21	Change		High	Low
Closing Market Price	$ 7.94	$ 14.54	(45.39)	%	$ 14.97	$ 7.38
Net Asset Value	9.48	16.72	(43.30)		16.72	9.12

Performance

Returns for the period ended June 30, 2022 were as follows:


			Average Annual Total Returns
	6-month		1 Year		Since Inception (a)
Trust at NAV (b)(c)		(40.12)%		(47.58)%		(40.54)%
Trust at Market Price (b)(c)		(42.33)		(57.26)		(48.37)
MSCI USA SMID Growth Call Overwrite Index (d)		(27.12)		(25.24)		(15.56)
Russell 2500 ™ Growth Index (e)		(29.45)		(31.81)		(20.67)

(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 widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

(d)

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

(e)

An index that measures the performance of the small to

mid-cap

growth segment of the US equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by FTSE Russell’s leading style methodology.

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.

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?

Shares of smaller, innovative growth companies generally fell sharply in the first half of 2022 due to the adverse combination of elevated inflation and rising interest rates.

From a sector perspective, the Trust’s positioning in health care was the largest detractor from relative performance. The shortfall was most pronounced in the health care equipment & supplies industry, where Masimo Corp. and FIGS, Inc. lagged. The Trust was also hurt by its overweight position in 10X Genomics, Inc. in the life sciences tools & services industry. The company has significant exposure to slowing growth in China, as well as the ongoing supply-chain issues in the country.


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


Trust Summary as of June 30, 2022 (continued)		BlackRock Innovation and Growth Trust (BIGZ)

Stock selection in the information technology sector also weighed on relative performance. The software industry was a source of weakness due to the poor showing for Bill.com Holdings, Inc. and Avalara, Inc. A zero weighting in the outperforming energy sector was another key detractor. The investment adviser believed small- to

mid-cap

stocks in this space generally lacked the quality characteristics sought after in potential investments. However, the category outperformed due to the rally in oil and natural gas prices.

Stock selection in the machinery industry made the largest contribution to relative performance. An overweight in Chart Industries, Inc., a leading global manufacturer of highly engineered equipment for the clean energy and industrials gas markets, was a notable contributor.

The Trust also benefited from strong stock selection in the capital markets industry within the financial sector. Tradeweb Markets, Inc., an international financial services company that builds and operates electronic

over-the-counter

marketplaces, was a leading contributor. A zero weighting in the alternative asset manager KKR & Co., Inc. also helped relative performance.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from performance over the

six-month

period.

Describe recent portfolio activity.

Due to a combination of market changes and portfolio activity, the Trust’s allocations to the financials and consumer discretionary increased, while its weightings in health care and industrials decreased. The Trust boosted its stake in private companies from 18% to 27%, reflecting the investment adviser’s effort to increase the portfolio’s weighting in this area.

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 portfolio positioning at period end.

In the public portion of the portfolio, the largest sector overweights (relative to the MSCI USA SMID Growth Call Overwrite Index) were in the information technology and consumer discretionary sectors. Its largest underweights were in industrials and materials.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 10.8% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 14.1% out of the money) and for maturities averaging 55 days.


24		2 0 2 2 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, 2022 (continued)		BlackRock Innovation and Growth Trust (BIGZ)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS


Security (a)	Percent of Total Investments
Monolithic Power Systems, Inc.		3.1	%
Bio-Techne Corp.		2.9
Entegris, Inc.		2.8
Axon Enterprise, Inc.		2.7
Paylocity Holding Corp.		2.6
Five9, Inc.		2.6
Planet Fitness, Inc.		2.5
Tradeweb Markets, Inc.		2.4
Chart Industries, Inc.		2.4
Globant SA		2.4

INDUSTRY ALLOCATION


Industry (a)(b)	06/30/22
Software		25.8	%
Life Sciences Tools & Services		10.6
Semiconductors & Semiconductor Equipment		10.4
Aerospace & Defense		6.4
IT Services		6.3
Hotels, Restaurants & Leisure		5.8
Capital Markets		4.6
Health Care Technology		4.0
Diversified Consumer Services		3.4
Machinery		2.4
Interactive Media & Services		2.2
Internet & Direct Marketing Retail		1.9
Auto Components		1.8
Entertainment		1.7
Leisure Products		1.7
Biotechnology		1.7
Food Products		1.6
Health Care Equipment & Supplies		1.2
Equity Real Estate Investment Trusts (REITs)		1.2
Wireless Telecommunication Services		1.1
Internet Software & Services		1.0
Other*		3.2

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

(b)

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry

sub-classifications

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		25


Trust Summary as of June 30, 2022		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, 2022 ($8.98) (a)		6.01%
Current Monthly Distribution per Common Share (b)		$0.0450
Current Annualized Distribution per Common Share (b)		$0.5400

(a)

(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


	06/30/22	12/31/21	Change		High	Low
Closing Market Price	$ 8.98	$ 9.35	(3.96)	%	$ 11.53	$ 8.75
Net Asset Value	9.95	10.21	(2.55)		12.11	9.83

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years
Trust at NAV (a)(b)		(0.05)	%		5.76	%		8.74	%		4.09	%
Trust at Market Price (a)(b)		(1.50)			0.31			9.57			3.76
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index (c)		(2.57)			0.52			N/A			N/A
S&P Global Natural Resources Net Index (d)		(1.73)			2.27			8.21			4.00

(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

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.

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

blackrock.com.

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

What factors influenced performance?

Natural resources stocks generally performed well through

mid-April

2022 thanks to the backdrop of sharply rising commodity prices. However, concerns about slowing growth led to a sharp

sell-off

thereafter, causing the sector to finish with a loss for the full period.

Stock selection within the agriculture sector contributed to the Trust’s relative performance, while security selection within the mining sector modestly detracted. At the individual stock level, the Trust’s zero weighting in Norilsk Nickel—which fell to zero due to the sanctions that followed Russia’s invasion of Ukraine—was the leading contributor to relative performance. An underweight in Freeport-McMoRan Inc., which was hurt by the decline in copper prices late in the period, also contributed. Among stocks the Trust held, CF Industries Holdings, Inc. was a notable contributor thanks to rising prices for nitrogen fertilizers.


26		2 0 2 2 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, 2022 (continued)		BlackRock Resources & Commodities Strategy Trust (BCX)

Positions in the Russian companies Polyus PJSC and Gazprom PJSC—which were written down to near zero in late February 2022—were the largest detractors from performance. Russian companies have always been part of the Trust’s investment universe, and the investment adviser believed both companies had high-quality assets. However, the investment adviser did not anticipate either a full-scale invasion of Ukraine or the events that followed. An overweight in First Quantum Minerals Ltd. also detracted due in part to a decline in copper prices.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy detracted from results in the semiannual 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 Trust maintained an overweight in the energy sector, and it continued to have underweight positions in the mining and agriculture sectors.

In energy, the investment adviser maintained a bias towards higher-quality producers that were expected to benefit the most from strength in oil and gas prices. Given the increased risks to global economic growth, the investment adviser reduced the Trust’s weightings in certain holdings with higher sensitivity to the macroeconomic outlook.

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

Describe portfolio positioning at period end.

As the close of the period, 45.3% of the portfolio was invested in the energy sector, 25.4% in the mining sector and 25.9% in the agriculture sector, and 2.8% was held in cash.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 31% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 6.1% out of the money) and for maturities averaging 49 days.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS


Security (a)	Percent of Total Investments
Exxon Mobil Corp.		8.5	%
TotalEnergies SE		7.0
Shell PLC		5.7
Glencore PLC		5.5
Chevron Corp.		5.0
Nutrien Ltd.		4.6
ConocoPhillips		4.1
Suncor Energy, Inc.		3.6
Vale SA		3.4
FMC Corp.		3.0

INDUSTRY ALLOCATION


Industry (a)(b)	06/30/22
Oil, Gas & Consumable Fuels		45.6	%
Metals & Mining		25.2
Chemicals		13.8
Food Products		7.3
Machinery		4.5
Paper & Forest Products		2.6
Other*		1.0

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

(b)

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry

sub-classifications

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		27


Trust Summary as of June 30, 2022		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, 2022 ($32.49) (a)		9.23%
Current Monthly Distribution per Common Share (b)		$0.2500
Current Annualized Distribution per Common Share (b)		$3.0000

(a)

(b)

The distribution rate is not constant and is subject to change.

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low
Closing Market Price		$ 32.49		$ 49.97		(34.98)	%		$ 50.99		$ 31.25
Net Asset Value		33.61		52.40		(35.86)			52.59		33.58

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns

	6-month			1 Year			5 Years			Since Inception (a)
Trust at NAV (b)(c)(d)		(33.40	)%		(33.89	)%		15.04	%		15.45%
Trust at Market Price (b)(c)(d)		(32.49	)		(40.01	)		16.06			14.25
MSCI ACWI Information Technology Call Overwrite Index (e)		(27.09	)		(18.97	)		N/A			N/A
MSCI ACWI Information Technology Index (f)		(29.73	)		(20.45	)		16.24			15.86

(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’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)

For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on June 30, 2022.

(e)

An index that incorporates an option overlay component on the MSCI ACWI Information Technology Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have

and

10-year

returns.

(f)

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.

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 in the internet

sub-sector

detracted from the Fund’s relative performance, as did security selection in the services

sub-sector.


28		2 0 2 2 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, 2022 (continued)		BlackRock Science and Technology Trust (BST)

At the individual stock level, an underweight position in Apple, Inc. was the largest detractor from results. The company reported strong earnings and record revenues in the first quarter, and it benefited from a larger “flight to quality” at a time of market volatility.

An overweight in Marvell Technology, Inc. was another detractor of note. Shares of the richly valued analog semiconductor manufacturer traded down on anticipation of reduced demand and slower medium-term growth. More broadly, investors rotated out of the semiconductor sector amid an uncertain growth outlook.

An underweight in Microsoft Corp. was also a key detractor from relative performance. As was the case with Apple, the stock benefited from investors’ preference for larger, more stable companies.

An overweight in Unity Software, Inc. detracted, as well. The company has created a virtual reality rendering tool that allows users to create their own content, including in the metaverse. However, the shares lagged amid the broader downturn in the stocks of higher-growth companies.

On the positive side, security selection in semiconductors—together with an underweight in the group—contributed to relative performance.

The Trust benefited from its

closed-end

structure, with private investments making up three of the top four contributors in the semi-annual period. At an individual position level, an

out-of-benchmark

private position in GrubMarket, Inc. was the leading contributor. The food-tech company announced the acquisition of Daylight Foods, one of the largest food service businesses in the San Francisco area. Daylight provides produce, dairy, and other products to restaurants, grocery stores and caterers, which will help GrubMarket expand its offerings. An

out-of-benchmark

private position in Voltron Data also contributed positively. In February 2022, the open-source coding platform received additional funding that should allow it to bring one of its tools directly to consumers. An

out-of-benchmark

private position in PsiQuantum was another contributor of note. The quantum-based

software-as-a-service

company received funding from the U.S. Department of Defense to accelerate its developments in photonic quantum computers. The investment adviser believed PsiQuantum was well positioned to be one of the first movers in the quantum computing space.

An underweight in the semiconductor producer Nvidia Corp. also contributed to relative returns. Investors grew concerned about the sustainability of the company’s sales momentum given the potential impact that slower consumer spending would have on its gaming business.

The Trust’s cash position, while not a core aspect of its strategy, nonetheless contributed positively at a time of poor market performance.

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

six-month

period.

Describe recent portfolio activity.

The Trust increased its allocation to the services and hardware

sub-sectors

and decreased its weightings in the software and content & infrastructure

sub-sectors.

Its allocation to semiconductors was unchanged.

From a regional perspective, the Trust’s allocations to the United States and China increased, while its weighting in other emerging markets decreased.

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 portfolio positioning at period end.

The Trust held 29% of net asset value in software, 19% in semiconductors, 17% in services, 16% in internet, 10% in hardware, 4% in new industries, and less than 1% in content & infrastructure. These industry weightings were a residual effect of

bottom-up

stock selection.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 28% 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 11.6% out of the money) and for maturities averaging 45 days.


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


Trust Summary as of June 30, 2022 (continued)		BlackRock Science and Technology Trust (BST)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS


Security (a)	Percent of Total Investments
Apple, Inc.		6.4	%
Microsoft Corp.		6.3
Alphabet, Inc.		2.9
Mastercard, Inc.		2.8
Marvell Technology, Inc.		2.4
Visa, Inc.		2.3
Tesla, Inc.		2.2
Bolt Financial, Inc.		2.0
Klarna Holdings AB		1.9
Amazon.com, Inc.		1.7

INDUSTRY ALLOCATION


Industry (a)(b)	06/30/22
Software		31.5	%
Semiconductors & Semiconductor Equipment		19.7
IT Services		17.6
Interactive Media & Services		7.6
Technology Hardware, Storage & Peripherals		6.4
Internet & Direct Marketing Retail		2.8
Automobiles		2.2
Banks		1.9
Electronic Equipment, Instruments & Components		1.8
Food & Staples Retailing		1.5
Other*		7.0

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

(b)

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry

sub-classifications

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.


30		2 0 2 2 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, 2022		BlackRock Science and Technology Trust II (BSTZ)

Investment Objective

BlackRock Science and Technology Trust II’s (BSTZ) (the “Trust”)

investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by U.S. and

non-U.S.

science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

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

Trust Information


Symbol on New York Stock Exchange		BSTZ
Initial Offering Date		June 27, 2019
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($19.59) (a)		11.76%
Current Monthly Distribution per Common Share (b)		$0.1920
Current Annualized Distribution per Common Share (b)		$2.3040

(a)

(b)

The distribution rate is not constant and is subject to change.

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low
Closing Market Price	$	19.59	$	38.94		(49.69	)%	$	39.04	$	19.34
Net Asset Value		22.96		38.82		(40.86	)		38.84		22.96

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns
	6-month			1 Year			Since Inception (a)
Trust at NAV (b)(c)(d)		(38.15	)%		(41.00	)%		11.88%
Trust at Market Price (b)(c)(d)		(47.39	)		(48.14	)		6.13
MSCI Custom ACWI SMID Growth IT Call Overwrite Index (e)		(21.98	)		N/A			N/A
MSCI ACWI 25% Call Overwrite Index (f)		(4.37	)		1.05			12.29
MSCI ACWI (g)		(20.18	)		(15.75	)		6.36

(a)

BSTZ commenced operations on June 27, 2019.

(b)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

(c)

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

(d)

(e)

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. The MSCI ACWI SMID Cap Growth Index 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

6-month

index return shown is for the period March 31, 2022 through June 30, 2022.

(f)

An index that incorporates an option overlay component on the MSCI ACWI Index with a 25% overwrite level. Effective on March 31, 2022, this index was discontinued and the Trust changed its benchmark to the MSCI Custom ACWI SMID Growth IT Call Overwrite index. The investment adviser believes the new benchmark is a more appropriate benchmark for the Trust. Because the index was discontinued on March 31, 2022, the index returns presented are as follows: the

6-month

return is for the period from January 1, 2022 through March 31, 2022, the

1-year

return is for the period from July 1, 2021 through March 31, 2022 and the since inception return is for the period from June 27, 2019 through March 31, 2022.

(g)

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.

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		31


Trust Summary as of June 30, 2022 (continued)		BlackRock Science and Technology Trust II (BSTZ)

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

What factors influenced performance?

Stocks fell sharply in the first half of 2022 due to concerns about elevated inflation, rising interest rates and slowing growth. Faster-growing companies, particularly those on the smaller end of the capitalization range, generally lagged the broader market.

Security selection in the services and software

sub-sectors

detracted from the Trust’s relative performance. At the individual stock level, an overweight position in the Japanese semiconductor company Lasertec Corp. was the largest detractor. The stock declined due to supply-chain issues and the broader concerns about a possible economic downturn. An overweight in Marvell Technology, Inc. was another detractor of note. The company, which was a top performer in 2021, experienced profit taking amid the rotation out of richly valued growth stocks. A private position in the Swedish payments-solutions company Klarna Bank AB detracted, as well. The stock’s valuation came under pressure on concerns about increased competition after Apple unveiled its own version of the service. Additionally, Klarna announced a 10% cut to its workforce, suggesting that it may facing headwinds from slowing economic growth.

On the positive side, a number of the Trust’s private holdings were top contributors in the semiannual period. A private position in GrubMarket, Inc. a technology company that provides grocers with inventory management software, was the largest contributor to relative performance. The company maintained strong momentum at a time of supply-chain disruptions throughout the food industry. A private position in the artificial intelligence data company Databricks was also a top contributor. The company benefited from positive secular growth trends as enterprises continued to adopt artificial intelligence and automation in their processes. A private investment in Credo Technology Group Holdings, Ltd., a semiconductor manufacturer that went public in January 2022, also added value. The Trust initiated a position in Credo in 2020 due to the strength and innovation of the company’s data-center product.

The Trust’s had an above-average cash position at times throughout the period. After the exiting certain positions, the Trust held cash in anticipation of initiating new positions at more attractive prices. The cash position contributed to performance in the falling market.

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

The Trust reduced its allocation to higher-valuation growth companies, and it increased its weighting in higher-quality, economically stable stocks that may prove more resilient amid continuing economic uncertainty. The Trust also took advantage of select opportunities in China, where valuations were attractive and the regulatory and economic environment showed signs of improvement.

The investment adviser continued to focus on companies that are positioned to capitalize on long-term secular demand trends. For example, it identified opportunities among companies seeing heightened demand from the migration to remote work, as well as those benefiting from the increased adoption of emerging technologies, such as artificial intelligence, cloud computing, digital transformation and

e-commerce.

The Trust did not make any additional investments in private technology companies during the reporting period.

Describe portfolio positioning at period end.

The investment adviser continued to take advantage of the Fund’s

closed-end

structure by harvesting the illiquidity premium in private companies. As of June 30, 2022, the Trust held 22 private investments, comprising 32.6% of total assets for a total commitment of approximately $589 million.

At the end of the period, the Trust held 30% of net asset value in software, 23% in semiconductors, 15% in services, 10% in internet, 9% in hardware, 6% in new industries, and 2% in content & infrastructure. These industry weightings were a residual effect of

bottom-up

stock selection.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 23.7% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.0% out of the money) and for maturities averaging 47 days.


32		2 0 2 2 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, 2022 (continued)		BlackRock Science and Technology Trust II (BSTZ)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS


Security (a)	Percent of Total Investments
Klarna Holdings AB		3.6	%
Databricks, Inc.		3.2
Tesla, Inc.		3.2
ByteDance Ltd.		3.0
Marvell Technology, Inc.		2.9
Credo Technology Group Holding Ltd.		2.9
SambaNova Systems, Inc.		2.8
PsiQuantum Corp.		2.3
GrubMarket, Inc.		2.2
Synopsys, Inc.		2.1

INDUSTRY ALLOCATION


Industry (a)(b)	06/30/22
Software		25.8	%
Semiconductors & Semiconductor Equipment		24.0
IT Services		15.2
Interactive Media & Services		7.4
Banks		3.7
Electronic Equipment, Instruments & Components		3.5
Automobiles		3.3
Professional Services		2.4
Food & Staples Retailing		2.2
Diversified Consumer Services		2.1
Entertainment		1.9
Internet & Direct Marketing Retail		1.5
Technology Hardware, Storage & Peripherals		1.4
Media		1.0
Food Products		1.0
Other*		3.6

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

(b)

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry

sub-classifications

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.


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


Trust Summary as of June 30, 2022		BlackRock Utilities, Infrastructure & Power Opportunities Tryst (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 d

erivative

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, 2022 ($21.88) (a)		6.64%
Current Monthly Distribution per Common Share (b)		$0.1210
Current Annualized Distribution per Common Share (b)		$1.4520

(a)

(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


	06/30/22		12/31/21		Change			High		Low
Closing Market Price		$ 21.88		$ 26.62		(17.81)	%		$ 27.28		$ 20.46
Net Asset Value		21.66		25.86		(16.24)			25.86		21.06

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years
Trust at NAV (a)(b)		(13.61	)%		(7.55	)%		7.87	%		8.32	%
Trust at Market Price (a)(b)		(15.22	)		(9.81	)		8.26			9.09
MSCI World Select Energy, Utilities and Industry Call Overwrite Index (c)		(17.05	)		(11.51	)		N/A			N/A
MSCI ACWI (d)		(20.18	)		(15.75	)		7.00			8.76

(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

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

(c)

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

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.

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?

Infrastructure stocks, as a group, posted a negative return but strongly outperformed the broad-based global stock indexes in the first half of 2022.


34		2 0 2 2 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, 2022 (continued)		BlackRock Utilities, Infrastructure & Power Opportunities Tryst (BUI)

The lack of a position in Enbridge, Inc., which gained ground amid the broader strength in the midstream energy sector, was the largest detractor from relative performance. Companies with exposure to end markets perceived as being more sensitive to slower economic growth also performed poorly. Most notably, shares of the insulation producer Kingspan Group PLC fell after the company reported that it had seen a slowdown in order flow. Sika AG was also impacted by the perception that could be hurt by weaker economic growth. The Italian utility Enel S.p.A., which was pressured by broad-based weakness in the European markets, was an additional detractor of note.

Manufacturing businesses generally performed poorly due to concerns about supply chain challenges, which adversely affected the Fund’s holdings in energy efficiency stocks. While some companies, such as Atlas Copco AB, reported modestly weaker profits due to supply chain issues, others continued to beat earnings expectations.

On the positive side, overweight positions in the midstream energy stocks The Williams Companies, Inc. and TC Energy Corp. were among the largest contributors to relative performance. Shares of the utility RWE AG also rose amid growing expectations that it will accelerate its exit from coal.

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

six-month

period.

Describe recent portfolio activity.

New positions in a natural gas utility, a world-class hydrogen energy solutions provider and an energy efficiency company, were initiated. The investment adviser increased the Fund’s weightings in selected industrial energy efficiency companies and clean power utility companies that were expected to generate earnings growth despite near-term uncertainty about the global economy. These purchases were funded by exiting positions in certain semiconductor stocks with vulnerability to supply-chain concerns.

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 portfolio positioning at period end.

The utilities sector accounted for approximately 53% of the Trust’s assets. The Trust had about 26% and 10% 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, 2022, the Trust had in place an option overwriting program whereby 33% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 4.4% out of the money) and for maturities averaging 50 days.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS


Security (a)	Percent of Total Investments
NextEra Energy, Inc.		8.9	%
Enel SpA		4.7
TC Energy Corp.		4.3
RWE AG		4.0
Waste Management, Inc.		3.7
American Electric Power Co., Inc.		3.4
Sempra Energy		3.2
Dominion Energy, Inc.		3.1
Williams Cos., Inc.		3.1
Duke Energy Corp.		2.9

INDUSTRY ALLOCATION


Industry (a)(b)	06/30/22
Electric Utilities		30.5	%
Multi-Utilities		13.6
Independent Power and Renewable Electricity Producers		10.7
Oil, Gas & Consumable Fuels		10.4
Electrical Equipment		7.9
Commercial Services & Supplies		6.2
Building Products		5.9
Chemicals		4.2
Machinery		4.1
Construction & Engineering		3.1
Semiconductors & Semiconductor Equipment		2.5
Electronic Equipment, Instruments & Components		0.9

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

(b)

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry

sub-classifications

for reporting ease.


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


Schedule of Investments (unaudited) June 30, 2022		BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Energy Equipment & Services — 3.7%
Halliburton Co. (a)		229,136	$	7,185,705
Patterson-UTI Energy, Inc. (a)		118,800		1,872,288
Tenaris SA		311,650		4,002,871


				13,060,864

Food Products — 0.4%
Darling Ingredients, Inc. (a)(b)		25,424		1,520,355


Metals & Mining — 0.5%
Glencore PLC		346,650		1,877,608


Oil, Gas & Consumable Fuels — 94.4%
ARC Resources Ltd.		304,480		3,839,116
Canadian Natural Resources Ltd.		203,909		10,957,416
Cenovus Energy, Inc.		446,056		8,486,569
Cheniere Energy, Inc. (a)		41,400		5,507,442
Chevron Corp. (a)(c)		277,970		40,244,496
ConocoPhillips (a)		264,442		23,749,592
Devon Energy Corp. (a)		15,717		866,164
EOG Resources, Inc. (a)		129,979		14,354,881
Equinor ASA		141,033		4,914,349
Exxon Mobil Corp. (a)(c)		548,395		46,964,548
Gazprom PJSC (d)		879,200		160
Hess Corp. (a)		94,890		10,052,647
Kosmos Energy Ltd. (a)(b)		227,884		1,410,602
Marathon Petroleum Corp. (a)		71,616		5,887,551
Ovintiv, Inc. (a)		89,800		3,968,262
Phillips 66 (a)		107,248		8,793,263
Pioneer Natural Resources Co. (a)(c)		54,994		12,268,061
Repsol SA		501,366		7,391,137
Santos Ltd.		1,013,286		5,137,541
Shell PLC, ADR (a)		730,622		38,204,224
Suncor Energy, Inc.		394,479		13,839,863
TC Energy Corp.		317,064		16,424,664
TotalEnergies SE		433,148		22,799,597


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Tourmaline Oil Corp.		126,483	$	6,576,684
Valero Energy Corp. (a)		101,374		10,774,029
Williams Cos., Inc. (a)		408,732		12,756,526


				336,169,384


Total Long-Term Investments — 99.0% (Cost: $245,104,027)				352,628,211


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (e)(f)		1,406,858		1,406,858


Total Short-Term Securities — 0.4% (Cost: $1,406,858)				1,406,858


Total Investments Before Options Written — 99.4% (Cost: $246,510,885)				354,035,069


Options Written — (0.6)% (Premiums Received: $(5,472,215))				(2,083,915	)


Total Investments, Net of Options Written — 98.8% (Cost: $241,038,670)				351,951,154

Other Assets Less Liabilities — 1.2%				4,431,384


Net Assets — 100.0%			$	356,382,538

(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

for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	2,725,280	$	—	$	(1,318,422	) (a)	$	—	$	—	$	1,406,858		1,406,858	$	7,015	$	—

(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

Pioneer Natural Resources Co.

109

07/01/22

USD

290.00

USD

2,432

(545

)


36		2 0 2 2 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, 2022		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)
Valero Energy Corp.		124		07/08/22	USD	124.00	USD	1,318	$	(1,736)
Arc Resources Ltd.		521		07/15/22	CAD	18.00	CAD	846		(6,678)
Arc Resources Ltd.		102		07/15/22	CAD	21.50	CAD	166		(317)
Canadian Natural Resources Limited		192		07/15/22	CAD	84.00	CAD	1,328		(970)
Cenovus Energy Inc.		562		07/15/22	CAD	26.50	CAD	1,376		(17,246)
Cheniere Energy, Inc.		108		07/15/22	USD	145.00	USD	1,437		(9,180)
Darling Ingredients, Inc.		20		07/15/22	USD	85.00	USD	120		(300)
Exxon Mobil Corp.		879		07/15/22	USD	100.00	USD	7,528		(9,669)
HESS Corp.		190		07/15/22	USD	130.00	USD	2,013		(8,550)
Kosmos Energy Ltd.		311		07/15/22	USD	9.00	USD	193		(172)
Marathon Petroleum Corp.		40		07/15/22	USD	100.00	USD	329		(460)
Ovintiv Inc.		214		07/15/22	USD	55.00	USD	946		(4,280)
Patterson-UTI Energy, Inc.		58		07/15/22	USD	20.00	USD	91		(870)
Patterson-UTI Energy, Inc.		140		07/15/22	USD	19.00	USD	221		(3,500)
Phillips 66		192		07/15/22	USD	105.00	USD	1,574		(1,440)
Shell PLC, ADR		325		07/15/22	USD	57.50	USD	1,699		(7,313)
Shell PLC, ADR		724		07/15/22	USD	60.00	USD	3,786		(5,430)
Tourmaline Oil Corp.		272		07/15/22	CAD	68.50	CAD	1,820		(45,326)
Williams Cos., Inc.		234		07/15/22	USD	32.00	USD	730		(12,285)
ConocoPhillips		384		07/22/22	USD	127.00	USD	3,449		(14,592)
Devon Energy Corp.		59		07/22/22	USD	83.00	USD	325		(826)
EOG Resources, Inc.		143		07/22/22	USD	153.20	USD	1,579		(5,005)
Exxon Mobil Corp.		4		07/22/22	USD	105.00	USD	34		(46)
Exxon Mobil Corp.		387		07/22/22	USD	109.00	USD	3,314		(3,096)
Marathon Petroleum Corp.		411		07/22/22	USD	120.00	USD	3,379		(6,576)
Valero Energy Corp.		137		07/22/22	USD	146.00	USD	1,456		(2,466)
Kosmos Energy Ltd.		310		07/25/22	USD	9.10	USD	192		(713)
Shell PLC, ADR		802		07/25/22	USD	59.50	USD	4,194		(22,381)
Darling Ingredients, Inc.		76		07/27/22	USD	79.00	USD	454		(471)
Chevron Corp.		193		07/29/22	USD	165.00	USD	2,794		(18,914)
ConocoPhillips		99		07/29/22	USD	127.00	USD	889		(3,267)
ConocoPhillips		100		07/29/22	USD	95.00	USD	898		(26,500)
EOG Resources, Inc.		163		07/29/22	USD	138.20	USD	1,800		(7,743)
Exxon Mobil Corp.		113		07/29/22	USD	95.00	USD	968		(13,051)
Halliburton Co.		346		07/29/22	USD	34.00	USD	1,085		(36,676)
Phillips 66		145		07/29/22	USD	94.00	USD	1,189		(14,500)
Pioneer Natural Resources Co.		99		07/29/22	USD	245.00	USD	2,208		(52,470)
Chevron Corp.		622		08/05/22	USD	155.00	USD	9,005		(217,700)
Conocophillips		371		08/05/22	USD	102.00	USD	3,332		(50,456)
EOG Resources, Inc.		187		08/05/22	USD	130.00	USD	2,065		(28,985)
Exxon Mobil Corp.		700		08/05/22	USD	94.00	USD	5,995		(120,750)
Halliburton Co.		354		08/05/22	USD	35.00	USD	1,110		(35,577)
Hess Corp.		165		08/05/22	USD	114.00	USD	1,748		(66,000)
Marathon Petroleum Corp.		53		08/05/22	USD	94.00	USD	436		(7,314)
Phillips 66		102		08/05/22	USD	90.00	USD	836		(22,440)
Shell PLC, ADR		690		08/05/22	USD	54.50	USD	3,608		(109,954)
Williams Cos., Inc.		408		08/05/22	USD	33.00	USD	1,273		(28,560)
Chevron Corp.		241		08/12/22	USD	155.00	USD	3,489		(97,605)
Halliburton Co.		170		08/12/22	USD	36.44	USD	533		(13,968)
Williams Cos., Inc.		408		08/12/22	USD	33.09	USD	1,273		(31,419)
Arc Resources Ltd.		570		08/19/22	CAD	23.00	CAD	925		(5,092)
Arc Resources Ltd.		102		08/19/22	CAD	21.00	CAD	166		(1,664)
Canadian Natural Resources Limited		298		08/19/22	CAD	82.00	CAD	2,061		(24,309)
Cenovus Energy Inc.		1,196		08/19/22	CAD	31.00	CAD	2,929		(38,095)
Cheniere Energy, Inc.		49		08/19/22	USD	141.35	USD	652		(25,136)
ConocoPhillips		20		08/19/22	USD	105.00	USD	180		(3,190)
Ovintiv Inc.		127		08/19/22	USD	60.00	USD	561		(9,843)
Patterson-UTI Energy, Inc.		253		08/19/22	USD	18.00	USD	399		(20,240)
Phillips 66		21		08/19/22	USD	110.00	USD	172		(735)
Shell PLC, ADR		200		08/19/22	USD	56.50	USD	1,046		(30,132)
Suncor Energy Inc.		336		08/19/22	CAD	49.00	CAD	1,517		(46,464)
Suncor Energy Inc.		579		08/19/22	CAD	52.00	CAD	2,615		(47,680)


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, 2022		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)
TC Energy Corp.		523		08/19/22	CAD	72.00	CAD	3,487	$	(21,128)
Tourmaline Oil Corp.		210		08/19/22	CAD	74.00	CAD	1,406		(40,949)
Valero Energy Corp.		124		08/19/22	USD	125.00	USD	1,318		(30,628)
Williams Cos., Inc.		28		08/19/22	USD	38.00	USD	87		(280)
Williams Cos., Inc.		453		08/19/22	USD	32.00	USD	1,414		(57,757)
Canadian Natural Resources Limited		284		09/16/22	CAD	75.00	CAD	1,964		(77,773)
Suncor Energy Inc.		579		09/16/22	CAD	52.00	CAD	2,615		(69,721)
TC Energy Corp.		681		09/16/22	CAD	68.00	CAD	4,541		(116,657)

									$	(1,863,761)

OTC Options Written



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

Call
Santos Ltd.	Morgan Stanley & Co. International PLC		40,600	07/06/22		AUD	8.37	AUD	298	$	(43)
Total SA	Morgan Stanley & Co. International PLC		76,000	07/12/22		EUR	54.27	EUR	3,817		(9,685)
Statoil ASA	Morgan Stanley & Co. International PLC		46,200	07/13/22		NOK	371.42	NOK	15,857		(11,538)
Total SA	Goldman Sachs International		28,900	07/19/22		EUR	55.74	EUR	1,452		(3,440)
Santos Ltd.	Morgan Stanley & Co. International PLC		173,800	07/26/22		AUD	9.11	AUD	1,277		(1,508)
Tenaris SA	Goldman Sachs International		49,700	07/27/22		EUR	16.02	EUR	609		(631)
Total SA	UBS AG		16,500	07/27/22		EUR	57.38	EUR	829		(2,256)
Tenaris SA	Goldman Sachs International		68,800	08/02/22		EUR	15.14	EUR	843		(2,528)
Repsol SA	Credit Suisse International		110,500	08/09/22		EUR	14.41	EUR	1,554		(64,012)
Repsol SA	Merrill Lynch International		80,000	08/09/22		EUR	15.75	EUR	1,125		(14,557)
Santos Ltd.	JPMorgan International Bank Ltd.		170,700	08/09/22		AUD	7.90	AUD	1,254		(20,064)
Total SA	JPMorgan International Bank Ltd.		44,500	08/09/22		EUR	50.96	EUR	2,235		(82,863)
Statoil ASA	Morgan Stanley & Co. International PLC		7,500	08/11/22		NOK	369.60	NOK	2,574		(7,029)

										$	(220,154)

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	$	3,473,668	$	(85,368	)	$	(2,083,915)

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	$	—	$	—	$	2,083,915	$	—	$	—	$	—	$	2,083,915


38		2 0 2 2 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, 2022		BlackRock Energy and Resources Trust (BGR)

For the period ended June 30, 2022, 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	$	—	$	—	$	(22,929,880	)	$	—	$	—	$	—	$	(22,929,880	)

Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	2,067,367		$	—	$	—	$	—	$	2,067,367

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts written	$	4,301,425

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets		Liabilities
Derivative Financial Instruments
Options	$	—	$	2,083,915

Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		2,083,915

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,863,761	)

Total derivative assets and liabilities subject to an MNA	$	—	$	220,154

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)
Credit Suisse International	$	64,012	$	—	$	—		$	—	$	64,012
Goldman Sachs International		6,599		—		(6,599	)		—		—
JPMorgan International Bank Ltd.		102,927		—		—			—		102,927
Merrill Lynch International		14,557		—		—			—		14,557
Morgan Stanley & Co. International PLC		29,803		—		(29,803	)		—		—
UBS AG		2,256		—		(2,256	)		—		—

	$	220,154	$	—	$	(38,658	)	$	—	$	181,496

(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		39


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Energy and Resources Trust (BGR)

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	$	9,057,993	$	4,002,871	$	—	$	13,060,864
Food Products		1,520,355		—		—		1,520,355
Metals & Mining		—		1,877,608		—		1,877,608
Oil, Gas & Consumable Fuels		295,926,600		40,242,624		160		336,169,384
Short-Term Securities
Money Market Funds		1,406,858		—		—		1,406,858


	$	307,911,806	$	46,123,103	$	160	$	354,035,069

Derivative Financial Instruments (a)
Liabilities
Equity Contracts	$	(1,584,089)	$	(499,826)	$	—	$	(2,083,915)

(a)

Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.


40		2 0 2 2 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, 2022		BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 1.3%
CH Robinson Worldwide, Inc.		103,481	$	10,489,869


Automobiles — 1.5%
General Motors Co. (a)		379,081		12,039,613


Banks — 2.9%
First Citizens BancShares, Inc., Class A		16,390		10,715,454
JPMorgan Chase & Co.		112,011		12,613,559


			23,329,013

Beverages — 1.6%
Monster Beverage Corp. (a)		138,650		12,852,855


Capital Markets — 3.0%
Intercontinental Exchange, Inc.		129,357		12,164,732
Morgan Stanley		160,011		12,170,437


			24,335,169

Chemicals — 3.7%
Axalta Coating Systems Ltd. (a)		319,365		7,061,160
Corteva, Inc.		432,168		23,397,576


			30,458,736

Communications Equipment — 0.9%
Ciena Corp. (a)		163,232		7,459,702


Construction & Engineering — 1.3%
Quanta Services, Inc.		85,268		10,687,491


Consumer Finance — 0.8%
Capital One Financial Corp.		66,550		6,933,845


Containers & Packaging — 1.4%
Sealed Air Corp.		194,320		11,216,150


Diversified Financial Services — 2.6%
Berkshire Hathaway, Inc., Class B (a)		76,398		20,858,182


Entertainment — 1.2%
World Wrestling Entertainment, Inc., Class A		161,754		10,108,007


Food Products — 1.7%
Mondelez International, Inc., Class A		224,520		13,940,447


Health Care Providers & Services — 8.7%
Elevance Health, Inc. (b)		27,125		13,089,982
Humana, Inc.		33,908		15,871,318
Laboratory Corp. of America Holdings		71,215		16,689,947
UnitedHealth Group, Inc.		48,393		24,856,097


			70,507,344

Health Care Technology — 0.7%
Veeva Systems, Inc., Class A (a)		28,996		5,742,368


Hotels, Restaurants & Leisure — 0.7%
Las Vegas Sands Corp. (a)		171,448		5,758,938


Insurance — 3.6%
Progressive Corp.		138,920		16,152,228
Reinsurance Group of America, Inc.		113,740		13,340,565


				29,492,793


Security	Shares		Value

Interactive Media & Services (a) — 6.9%
Alphabet, Inc., Class A (b)		19,639	$	42,798,487
Meta Platforms, Inc., Class A		85,039		13,712,539


			56,511,026

Internet & Direct Marketing Retail — 4.3%
Amazon.com, Inc. (a)(b)		327,480		34,781,651


IT Services — 5.8%
Fidelity National Information Services, Inc.		129,701		11,889,691
FleetCor Technologies, Inc. (a)		64,982		13,653,368
Visa, Inc., Class A (b)		110,910		21,837,070


			47,380,129

Life Sciences Tools & Services — 1.7%
Avantor, Inc. (a)		444,900		13,836,390


Machinery — 4.7%
Caterpillar, Inc.		81,880		14,636,869
Fortive Corp.		229,273		12,467,866
Otis Worldwide Corp.		158,447		11,197,449


			38,302,184

Media — 3.9%
Comcast Corp., Class A		622,022		24,408,143
Fox Corp., Class A		219,468		7,058,091


			31,466,234

Multiline Retail — 3.7%
Dollar General Corp.		69,788		17,128,767
Dollar Tree, Inc. (a)		83,172		12,962,356


			30,091,123

Oil, Gas & Consumable Fuels — 4.2%
ConocoPhillips (b)		204,768		18,390,214
EQT Corp.		451,907		15,545,601


			33,935,815

Personal Products — 1.2%
Unilever PLC, ADR		218,168		9,998,639


Pharmaceuticals — 3.9%
Novo Nordisk A/S, ADR		97,913		10,910,446
Sanofi, ADR		414,482		20,736,534


			31,646,980

Real Estate Management & Development — 1.3%
CBRE Group, Inc., Class A (a)		142,154		10,463,956


Road & Rail — 1.8%
Norfolk Southern Corp.		64,100		14,569,289


Semiconductors & Semiconductor Equipment — 4.9%
Analog Devices, Inc.		95,530		13,955,978
Applied Materials, Inc.		119,880		10,906,682
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		179,060		14,638,155


			39,500,815

Software — 6.6%
Microsoft Corp. (b)		210,311		54,014,174


Specialty Retail — 2.4%
Bath & Body Works, Inc.		207,890		5,596,399
Ross Stores, Inc.		195,398		13,722,801


			19,319,200


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, 2022		BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 4.5%
Apple, Inc. (b)		269,018	$	36,780,141


Total Long-Term Investments — 99.4% (Cost: $619,870,762)				808,808,268


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (c)(d)		9,203,965		9,203,965


Total Short-Term Securities — 1.1% (Cost: $9,203,965)				9,203,965


Total Investments Before Options Written — 100.5% (Cost: $629,074,727)				818,012,233


Options Written — (1.0)% (Premiums Received: $(11,579,401))				(8,671,931	)


Total Investments, Net of Options Written — 99.5% (Cost: $617,495,326)				809,340,302

Other Assets Less Liabilities — 0.5%				4,260,591


Net Assets — 100.0%			$	813,600,893

(a)	Non-income producing security.

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

(c)	Affiliate of the Trust.

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

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

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	10,297,753	$	—	$	(1,093,788	) (a)	$	—	$	—	$	9,203,965		9,203,965	$	21,813	$	—

(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
Analog Devices, Inc.		151		07/01/22	USD	175.00	USD	2,206	$	(11,325	)
Anthem, Inc.		72		07/01/22	USD	505.00	USD	3,475		(14,400	)
Fox Corp., Class A		220		07/01/22	USD	35.00	USD	708		(5,500	)
UnitedHealth Group, Inc.		118		07/01/22	USD	505.00	USD	6,061		(116,525	)
Analog Devices, Inc.		102		07/08/22	USD	165.00	USD	1,490		(10,200	)
Anthem, Inc.		23		07/08/22	USD	465.00	USD	1,110		(46,345	)
Anthem, Inc.		28		07/08/22	USD	477.50	USD	1,351		(31,080	)
Dollar General Corp.		177		07/08/22	USD	240.00	USD	4,344		(130,095	)
Dollar Tree, Inc.		153		07/08/22	USD	160.00	USD	2,385		(22,261	)
Humana, Inc.		107		07/08/22	USD	440.00	USD	5,008		(309,230	)
Monster Beverage Corp.		222		07/08/22	USD	92.00	USD	2,058		(43,290	)
Norfolk Southern Corp.		216		07/08/22	USD	255.00	USD	4,909		(46,440	)
UnitedHealth Group, Inc.		165		07/08/22	USD	515.00	USD	8,475		(136,125	)
Alphabet Inc., Class A		77		07/15/22	USD	2,425.00	USD	16,780		(62,370	)
Amazon.com, Inc.		240		07/15/22	USD	125.00	USD	2,549		(4,320	)


42		2 0 2 2 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, 2022		BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Amount Notional (000)		Value
Call (continued)
Amazon.com, Inc.		180		07/15/22	USD	117.00	USD	1,912	$	(13,410	)
Analog Devices, Inc.		27		07/15/22	USD	152.50	USD	394		(4,928	)
Anthem, Inc.		24		07/15/22	USD	480.00	USD	1,158		(30,120	)
Apple, Inc.		57		07/15/22	USD	150.00	USD	779		(1,881	)
Apple, Inc.		110		07/15/22	USD	155.00	USD	1,504		(1,375	)
Avantor, Inc.		348		07/15/22	USD	31.25	USD	1,082		(26,482	)
Axalta Coating Systems Ltd.		423		07/15/22	USD	27.00	USD	935		(16,920	)
C.H. Robinson Worldwide, Inc.		103		07/15/22	USD	105.00	USD	1,044		(11,845	)
Capital One Financial Corp.		94		07/15/22	USD	120.00	USD	979		(2,350	)
Caterpillar, Inc.		136		07/15/22	USD	220.00	USD	2,431		(1,156	)
CBRE Group, Inc., Class A		430		07/15/22	USD	75.00	USD	3,165		(58,050	)
Ciena Corp.		230		07/15/22	USD	55.00	USD	1,051		(1,150	)
Ciena Corp.		275		07/15/22	USD	50.00	USD	1,257		(4,813	)
Comcast Corp., Class A		140		07/15/22	USD	40.00	USD	549		(7,140	)
Dollar Tree, Inc.		127		07/15/22	USD	175.00	USD	1,979		(2,731	)
EQT Corp.		806		07/15/22	USD	40.00	USD	2,773		(32,240	)
Facebook, Inc., Class A		91		07/15/22	USD	215.00	USD	1,467		(910	)
Fidelity National Information Services, Inc.		113		07/15/22	USD	110.00	USD	1,036		(4,520	)
Fidelity National Information Services, Inc.		307		07/15/22	USD	105.00	USD	2,814		(9,210	)
First Citizens BancShares, Inc., Class A		37		07/15/22	USD	690.00	USD	2,419		(19,332	)
Fortive Corp.		814		07/15/22	USD	58.50	USD	4,427		(19,019	)
Fox Corp., Class A		512		07/15/22	USD	36.00	USD	1,647		(5,120	)
General Motors Co.		294		07/15/22	USD	39.00	USD	934		(1,176	)
Humana, Inc.		108		07/15/22	USD	445.00	USD	5,055		(295,380	)
Humana, Inc.		3		07/15/22	USD	465.00	USD	140		(4,395	)
Intercontinental Exchange, Inc.		477		07/15/22	USD	105.00	USD	4,486		(3,578	)
Laboratory Corp. of America Holdings		197		07/15/22	USD	253.00	USD	4,617		(13,932	)
Laboratory Corp. of America Holdings		54		07/15/22	USD	250.00	USD	1,266		(5,400	)
Las Vegas Sands Corp.		406		07/15/22	USD	36.00	USD	1,364		(32,277	)
Microsoft Corp.		259		07/15/22	USD	280.00	USD	6,652		(15,799	)
Monster Beverage Corp.		108		07/15/22	USD	92.50	USD	1,001		(26,190	)
Novo Nordisk A/S		636		07/15/22	USD	105.00	USD	7,087		(461,100	)
Otis Worldwide Corp.		435		07/15/22	USD	73.05	USD	3,074		(36,588	)
Progressive Corp.		684		07/15/22	USD	115.00	USD	7,953		(232,560	)
Quanta Services, Inc.		306		07/15/22	USD	120.50	USD	3,835		(216,156	)
Reinsurance Group of America, Inc.		249		07/15/22	USD	125.00	USD	2,921		(99,600	)
Ross Stores, Inc.		22		07/15/22	USD	95.00	USD	155		(110	)
Sanofi, ADR		740		07/15/22	USD	55.00	USD	3,702		(9,250	)
Sanofi, ADR		165		07/15/22	USD	57.50	USD	825		(12,375	)
Sealed Air Corp.		241		07/15/22	USD	65.00	USD	1,391		(4,820	)
Sealed Air Corp.		232		07/15/22	USD	61.37	USD	1,339		(8,879	)
Unilever PLC, ADR		161		07/15/22	USD	48.00	USD	738		(3,131	)
Unilever PLC, ADR		57		07/15/22	USD	47.51	USD	261		(1,601	)
Veeva Systems, Inc., Class A		122		07/15/22	USD	190.00	USD	2,416		(147,010	)
Visa, Inc., Class A		149		07/15/22	USD	215.00	USD	2,934		(6,482	)
Visa, Inc., Class A		55		07/15/22	USD	202.50	USD	1,083		(16,362	)
World Wrestling Entertainment, Inc., Class A		420		07/15/22	USD	65.00	USD	2,625		(39,900	)
Alphabet Inc., Class A		10		07/22/22	USD	2,520.00	USD	2,179		(7,500	)
Alphabet Inc., Class A		40		07/22/22	USD	2,375.00	USD	8,717		(92,800	)
Amazon.com, Inc.		234		07/22/22	USD	120.00	USD	2,485		(19,071	)
Analog Devices, Inc.		102		07/22/22	USD	160.00	USD	1,490		(8,415	)
Anthem, Inc.		29		07/22/22	USD	485.00	USD	1,399		(42,775	)
Apple, Inc.		396		07/22/22	USD	155.00	USD	5,414		(10,494	)
Capital One Financial Corp.		94		07/22/22	USD	114.00	USD	979		(13,160	)
Comcast Corp., Class A		343		07/22/22	USD	44.00	USD	1,346		(1,887	)
ConocoPhillips		212		07/22/22	USD	127.00	USD	1,904		(8,056	)
Dollar Tree, Inc.		153		07/22/22	USD	165.00	USD	2,385		(29,376	)
Facebook, Inc., Class A		231		07/22/22	USD	180.00	USD	3,725		(53,592	)
Humana, Inc.		2		07/22/22	USD	475.00	USD	94		(2,170	)
JPMorgan Chase & Co.		121		07/22/22	USD	130.00	USD	1,363		(1,089	)
Las Vegas Sands Corp.		116		07/22/22	USD	34.00	USD	390		(22,040	)
Microsoft Corp.		336		07/22/22	USD	285.00	USD	8,629		(25,200	)


S C H E D U L E O F I N V E S T M E N T S		43


Schedule of Investments (unaudited) (continued) June 30, 2022		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)
Morgan Stanley		436		07/22/22	USD	86.00	USD	3,316	$	(13,298	)
Norfolk Southern Corp.		110		07/22/22	USD	245.00	USD	2,500		(16,225	)
UnitedHealth Group, Inc.		31		07/22/22	USD	505.00	USD	1,592		(69,130	)
Visa, Inc., Class A		38		07/22/22	USD	225.00	USD	748		(931	)
Visa, Inc., Class A		38		07/22/22	USD	205.00	USD	748		(12,046	)
EQT Corp.		805		07/26/22	USD	39.50	USD	2,769		(119,140	)
World Wrestling Entertainment, Inc., Class A		368		07/28/22	USD	66.00	USD	2,300		(52,794	)
Apple, Inc.		109		07/29/22	USD	140.00	USD	1,490		(49,867	)
Apple, Inc.		103		07/29/22	USD	145.00	USD	1,408		(27,552	)
Applied Materials, Inc.		197		07/29/22	USD	108.00	USD	1,792		(10,540	)
Berkshire Hathaway, Inc., Class B		293		07/29/22	USD	280.00	USD	7,999		(133,315	)
Ciena Corp.		293		07/29/22	USD	53.00	USD	1,339		(6,868	)
Comcast Corp., Class A		625		07/29/22	USD	43.00	USD	2,453		(26,250	)
ConocoPhillips		373		07/29/22	USD	127.00	USD	3,350		(12,309	)
ConocoPhillips		186		07/29/22	USD	95.00	USD	1,670		(49,290	)
Dollar General Corp.		61		07/29/22	USD	250.00	USD	1,497		(35,685	)
Fox Corp., Class A		694		07/29/22	USD	34.00	USD	2,232		(31,230	)
General Motors Co.		322		07/29/22	USD	37.00	USD	1,023		(11,270	)
JPMorgan Chase & Co.		82		07/29/22	USD	125.00	USD	923		(3,813	)
Microsoft Corp.		181		07/29/22	USD	265.00	USD	4,649		(137,560	)
Mondelez International, Inc., Class A		204		07/29/22	USD	63.00	USD	1,267		(27,540	)
Monster Beverage Corp.		224		07/29/22	USD	94.00	USD	2,076		(57,680	)
Morgan Stanley		139		07/29/22	USD	77.00	USD	1,057		(39,337	)
Ross Stores, Inc.		187		07/29/22	USD	86.00	USD	1,313		(19,635	)
Visa, Inc., Class A		76		07/29/22	USD	210.00	USD	1,496		(24,624	)
Analog Devices, Inc.		76		08/05/22	USD	155.00	USD	1,110		(22,800	)
Apple, Inc.		318		08/05/22	USD	150.00	USD	4,348		(61,692	)
Applied Materials, Inc.		390		08/05/22	USD	103.00	USD	3,548		(55,380	)
Bath & Body Works, Inc.		230		08/05/22	USD	33.00	USD	619		(7,475	)
Bath & Body Works, Inc.		185		08/05/22	USD	32.00	USD	498		(8,788	)
Berkshire Hathaway, Inc., Class B		203		08/05/22	USD	280.00	USD	5,542		(115,202	)
Capital One Financial Corp.		244		08/05/22	USD	115.00	USD	2,542		(50,020	)
Caterpillar, Inc.		191		08/05/22	USD	195.00	USD	3,414		(53,002	)
Comcast Corp., Class A		659		08/05/22	USD	41.00	USD	2,586		(51,072	)
Conocophillips		559		08/05/22	USD	102.00	USD	5,020		(76,024	)
Dollar General Corp.		44		08/05/22	USD	260.00	USD	1,080		(14,520	)
Dollar Tree, Inc.		107		08/05/22	USD	170.00	USD	1,668		(21,881	)
General Motors Co.		710		08/05/22	USD	37.00	USD	2,255		(31,595	)
JPMorgan Chase & Co.		172		08/05/22	USD	121.00	USD	1,937		(22,962	)
Las Vegas Sands Corp.		406		08/05/22	USD	37.00	USD	1,364		(55,825	)
Microsoft Corp.		182		08/05/22	USD	265.00	USD	4,674		(144,235	)
Mondelez International, Inc., Class A		294		08/05/22	USD	63.00	USD	1,825		(43,365	)
Norfolk Southern Corp.		90		08/05/22	USD	240.00	USD	2,046		(36,450	)
Ross Stores, Inc.		108		08/05/22	USD	83.00	USD	758		(4,590	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		15		08/05/22	USD	93.00	USD	123		(893	)
Visa, Inc., Class A		39		08/05/22	USD	210.00	USD	768		(14,723	)
Visa, Inc., Class A		48		08/05/22	USD	205.00	USD	945		(26,160	)
Apple, Inc.		218		08/12/22	USD	147.68	USD	2,980		(64,576	)
Applied Materials, Inc.		192		08/12/22	USD	104.73	USD	1,747		(33,663	)
Comcast Corp., Class A		303		08/12/22	USD	40.22	USD	1,189		(36,688	)
Intercontinental Exchange, Inc.		363		08/12/22	USD	101.00	USD	3,414		(50,012	)
JPMorgan Chase & Co.		181		08/12/22	USD	119.97	USD	2,038		(33,894	)
Otis Worldwide Corp.		430		08/12/22	USD	79.00	USD	3,039		(21,349	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		235		08/12/22	USD	91.14	USD	1,921		(25,383	)
Apple, Inc.		334		08/19/22	USD	160.00	USD	4,566		(29,058	)
Apple, Inc.		103		08/19/22	USD	150.00	USD	1,408		(25,492	)
Avantor, Inc.		1,110		08/19/22	USD	32.50	USD	3,452		(130,425	)
CBRE Group, Inc., Class A		494		08/19/22	USD	72.21	USD	3,636		(238,379	)
Ciena Corp.		263		08/19/22	USD	50.00	USD	1,202		(26,957	)
Comcast Corp., Class A		417		08/19/22	USD	42.50	USD	1,636		(24,603	)
Corteva, Inc.		322		08/19/22	USD	60.00	USD	1,743		(25,760	)
EQT Corp.		197		08/19/22	USD	46.00	USD	678		(12,805	)


44		2 0 2 2 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, 2022		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)
Facebook, Inc., Class A		231		08/19/22	USD	195.00	USD	3,725	$	(90,667	)
Fidelity National Information Services, Inc.		116		08/19/22	USD	100.00	USD	1,063		(23,490	)
Fidelity National Information Services, Inc.		307		08/19/22	USD	105.00	USD	2,814		(32,235	)
First Citizens BancShares, Inc., Class A		28		08/19/22	USD	660.00	USD	1,831		(95,200	)
FleetCor Technologies, Inc.		422		08/19/22	USD	230.00	USD	8,867		(202,560	)
Fortive Corp.		676		08/19/22	USD	56.00	USD	3,676		(128,868	)
General Motors Co.		190		08/19/22	USD	37.00	USD	603		(13,205	)
JPMorgan Chase & Co.		172		08/19/22	USD	123.50	USD	1,937		(23,050	)
Laboratory Corp. of America Holdings		211		08/19/22	USD	230.00	USD	4,945		(289,070	)
Las Vegas Sands Corp.		186		08/19/22	USD	36.00	USD	625		(38,874	)
Microsoft Corp.		409		08/19/22	USD	270.00	USD	10,504		(293,457	)
Mondelez International, Inc., Class A		400		08/19/22	USD	65.00	USD	2,484		(39,000	)
Morgan Stanley		465		08/19/22	USD	80.00	USD	3,537		(107,880	)
Otis Worldwide Corp.		164		08/19/22	USD	72.18	USD	1,159		(41,737	)
Progressive Corp.		218		08/19/22	USD	115.00	USD	2,535		(124,260	)
Quanta Services, Inc.		292		08/19/22	USD	130.00	USD	3,660		(173,740	)
Ross Stores, Inc.		73		08/19/22	USD	85.00	USD	513		(5,110	)
Sanofi, ADR		752		08/19/22	USD	51.25	USD	3,762		(112,944	)
Sealed Air Corp.		786		08/19/22	USD	61.37	USD	4,537		(112,064	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		108		08/19/22	USD	95.00	USD	883		(7,452	)
Unilever PLC, ADR		654		08/19/22	USD	45.00	USD	2,997		(132,435	)
Veeva Systems, Inc., Class A		66		08/19/22	USD	195.00	USD	1,307		(97,680	)
World Wrestling Entertainment, Inc., Class A		263		08/19/22	USD	65.00	USD	1,643		(69,037	)
Corteva, Inc.		1,406		09/16/22	USD	55.00	USD	7,612		(421,800	)


									$	(8,657,326	)

OTC Options Written

Description

Counterparty

Number of
Contracts

Expiration
Date

Exercise Price

Notional

Amount (000)

Value

Call

Axalta Coating Systems Ltd.

Barclays Bank PLC

14,300

07/22/22

USD

24.20

USD

316

(3,538)

Axalta Coating Systems Ltd.

Goldman Sachs International

71,100

08/19/22

USD

28.89

USD

1,572

(11,067)

(14,605)

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	$	4,642,455	$	(1,734,985	)	$	(8,671,931	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	8,671,931	$	—	$	—	$	—	$	8,671,931


S C H E D U L E O F I N V E S T M E N T S		45


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Enhanced Capital and Income Fund, Inc. (CII)

For the period ended June 30, 2022, 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	$	—	$	—	$	21,229,943	$	—	$	—	$	—	$	21,229,943


Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	3,506,035	$	—	$	—	$	—	$	3,506,035

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts written	$	11,545,012

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets		Liabilities
Derivative Financial Instruments
Options	$	—	$	8,671,931


Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		8,671,931



Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(8,657,326	)



Total derivative assets and liabilities subject to an MNA	$	—	$	14,605

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)

Barclays Bank PLC	$	3,538	$	—	$	—	$	—	$	3,538
Goldman Sachs International		11,067		—		—		—		11,067


	$	14,605	$	—	$	—	$	—	$	14,605

(a)


46		2 0 2 2 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, 2022		BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	808,808,268		$	—		$	—	$	808,808,268
Short-Term Securities
Money Market Funds		9,203,965			—			—		9,203,965


	$	818,012,233		$	—		$	—	$	818,012,233

Derivative Financial Instruments (a)
Liabilities
Equity Contracts	$	(7,230,129	)	$	(1,441,802	)	$	—	$	(8,671,931	)

(a)

Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.


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


Schedule of Investments (unaudited) June 30, 2022		BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.1%
Airbus SE		119,371	$	11,675,661
BAE Systems PLC		2,527,475		25,588,142
Huntington Ingalls Industries, Inc. (a)		66,700		14,528,594


			51,792,397

Auto Components — 0.6%
Lear Corp. (a)		81,241		10,227,429


Automobiles — 2.0%
General Motors Co. (a)(b)(c)		1,067,062		33,889,889


Banks (a) — 10.6%
Bank of America Corp.		863,441		26,878,918
Citigroup, Inc. (b)		972,863		44,741,970
First Citizens BancShares, Inc., Class A		44,582		29,146,820
JPMorgan Chase & Co.		242,028		27,254,773
Wells Fargo & Co. (b)		1,287,552		50,433,412


			178,455,893

Beverages — 1.4%
Constellation Brands, Inc., Class A (a)		100,759		23,482,893


Capital Markets (a) — 1.6%
Charles Schwab Corp.		235,485		14,877,942
Raymond James Financial, Inc.		145,689		13,026,054


			27,903,996

Chemicals (a) — 1.1%
Corteva, Inc.		—		—
PPG Industries, Inc.		156,624		17,908,388


			17,908,388

Communications Equipment — 2.4%
Cisco Systems, Inc. (a)		963,064		41,065,049


Consumer Finance — 0.6%
Capital One Financial Corp. (a)		91,389		9,521,820


Containers & Packaging — 1.1%
Sealed Air Corp. (a)		319,545		18,444,137


Diversified Financial Services (a) — 1.1%
Apollo Global Management, Inc.		264,444		12,820,245
Equitable Holdings, Inc.		236,746		6,171,968


			18,992,213

Diversified Telecommunication Services — 2.0%
Verizon Communications, Inc. (a)(b)		684,013		34,713,660


Electric Utilities (a) — 1.1%
American Electric Power Co., Inc.		130,469		12,517,196
Edison International		105,809		6,691,361


			19,208,557

Entertainment — 0.6%
Activision Blizzard, Inc.		122,674		9,551,398


Food & Staples Retailing — 0.5%
Walmart, Inc. (a)		68,270		8,300,267


Food Products — 0.5%
Mondelez International, Inc., Class A (a)		140,499		8,723,583


Health Care Equipment & Supplies — 6.2%
Alcon, Inc.		122,865		8,615,482
DENTSPLY SIRONA, Inc. (a)		398,412		14,235,261
Koninklijke Philips NV		976,640		20,947,488


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Medtronic PLC (a)		438,234	$	39,331,501
Zimmer Biomet Holdings, Inc. (a)		210,185		22,082,036


			105,211,768

Health Care Providers & Services (a) — 9.9%
AmerisourceBergen Corp.		91,906		13,002,861
Cigna Corp.		111,914		29,491,577
Elevance Health, Inc.		97,605		47,102,221
Humana, Inc.		93,828		43,918,072
Laboratory Corp. of America Holdings		145,285		34,048,993


			167,563,724

Household Durables — 1.9%
Newell Brands, Inc. (a)		842,181		16,035,126
Panasonic Holdings Corp.		1,969,100		15,898,879


			31,934,005

Industrial Conglomerates — 1.4%
General Electric Co. (a)		100,304		6,386,356
Siemens AG, Registered Shares		165,312		16,993,494


			23,379,850

Insurance — 6.4%
Allstate Corp. (a)		81,223		10,293,391
American International Group, Inc. (a)		625,824		31,998,381
Fidelity National Financial, Inc. (a)		515,981		19,070,658
MetLife, Inc. (a)		79,586		4,997,205
Prudential PLC		945,693		11,763,694
Willis Towers Watson PLC (a)		153,685		30,335,882


			108,459,211

IT Services (a) — 6.3%
Cognizant Technology Solutions Corp., Class A		451,681		30,483,951
Fidelity National Information Services, Inc.		369,582		33,879,582
SS&C Technologies Holdings, Inc.		460,206		26,724,162
Visa, Inc., Class A		81,548		16,055,986


			107,143,681

Machinery — 1.0%
Komatsu Ltd.		750,200		16,704,823


Media (a) — 2.7%
Comcast Corp., Class A		728,217		28,575,235
Fox Corp., Class A		552,557		17,770,233


			46,345,468

Multiline Retail — 1.4%
Dollar General Corp. (a)		96,316		23,639,799


Multi-Utilities (a) — 2.0%
Public Service Enterprise Group, Inc.		259,296		16,408,251
Sempra Energy		119,531		17,961,923


			34,370,174

Oil, Gas & Consumable Fuels — 8.3%
BP PLC, ADR		8,946,829		42,009,789
ConocoPhillips (a)(b)		234,254		21,038,352
Enterprise Products Partners LP (a)		1,644,702		40,081,387
EQT Corp. (a)		624,923		21,497,351
Hess Corp. (a)		149,016		15,786,755


			140,413,634

Personal Products — 2.0%
Unilever PLC, ADR (a)		723,046		33,137,198


Pharmaceuticals — 6.3%
AstraZeneca PLC		292,855		38,633,939


48		2 0 2 2 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, 2022		BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Bayer AG, Registered Shares		524,286	$	31,308,449
Sanofi		360,681		36,373,245


				106,315,633

Professional Services — 1.4%
Leidos Holdings, Inc. (a)(b)		227,685		22,930,156


Road & Rail — 1.0%
Union Pacific Corp. (a)		83,021		17,706,719


Semiconductors & Semiconductor Equipment — 0.5%
Analog Devices, Inc. (a)		57,723		8,432,753


Software — 2.6%
CDK Global, Inc.		395,139		21,641,763
Microsoft Corp. (a)		85,822		22,041,664


				43,683,427

Specialty Retail — 1.3%
Ross Stores, Inc. (a)		302,775		21,263,888


Technology Hardware, Storage & Peripherals — 0.8%
Samsung Electronics Co. Ltd., GDR, Registered Shares (d)		12,124		13,200,300


Textiles, Apparel & Luxury Goods — 0.2%
Ralph Lauren Corp., Class A (a)		47,393		4,248,782


Tobacco — 1.0%
Altria Group, Inc. (a)		383,570		16,021,719
British American Tobacco PLC		7,422		318,138


				16,339,857

Wireless Telecommunication Services — 1.0%
Rogers Communications, Inc., Class B		346,658		16,611,145


Total Long-Term Investments — 95.9% (Cost: $1,464,188,211)				1,621,217,564


Security	Shares		Value

Short-Term Securities

Money Market Funds — 4.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (e)(f)		82,052,911	$	82,052,911


Total Short-Term Securities — 4.9% (Cost: $82,052,911)				82,052,911


Total Investments Before Options Written — 100.8% (Cost: $1,546,241,122)				1,703,270,475


Options Written — (1.0)% (Premiums Received: $(21,753,162))				(15,848,170	)


Total Investments, Net of Options Written — 99.8% (Cost: $1,524,487,960)				1,687,422,305

Other Assets Less Liabilities — 0.2%				3,229,379


Net Assets — 100.0%			$	1,690,651,684

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

(e)	Affiliate of the Trust.

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

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	62,262,015	$	19,790,896	(a)	$	—	$	—	$	—	$	82,052,911		82,052,911	$	118,850		$	—
SL Liquidity Series, LLC, Money Market Series (b)		—		0	(a)		—		—		—		—		—		10	(c)		—


								$	—	$	—	$	82,052,911			$	118,860		$	—

(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		49


Schedule of Investments (unaudited) (continued) June 30, 2022		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
AmerisourceBergen Corp.		257		07/01/22	USD	160.00	USD	3,636	$	(6,425	)
Cigna Corp.		69		07/01/22	USD	265.00	USD	1,818		(11,213	)
Constellation Brands, Inc., Class A		216		07/01/22	USD	250.00	USD	5,034		(1,080	)
Fox Corp., Class A		1,223		07/01/22	USD	35.00	USD	3,933		(30,575	)
SS&C Technologies Holdings, Inc.		738		07/01/22	USD	64.00	USD	4,286		—
American International Group, Inc.		625		07/08/22	USD	62.00	USD	3,196		(134,375	)
Analog Devices, Inc.		82		07/08/22	USD	165.00	USD	1,198		(8,200	)
Anthem, Inc.		84		07/08/22	USD	465.00	USD	4,054		(169,260	)
Anthem, Inc.		111		07/08/22	USD	477.50	USD	5,357		(123,210	)
Cigna Corp.		109		07/08/22	USD	260.00	USD	2,872		(75,210	)
Dollar General Corp.		119		07/08/22	USD	240.00	USD	2,921		(87,465	)
Humana, Inc.		112		07/08/22	USD	440.00	USD	5,242		(323,680	)
PPG Industries, Inc.		372		07/08/22	USD	130.00	USD	4,253		(16,740	)
Ross Stores, Inc.		114		07/08/22	USD	89.00	USD	801		(7,980	)
Allstate Corp.		148		07/15/22	USD	135.00	USD	1,876		(3,700	)
Allstate Corp.		149		07/15/22	USD	125.00	USD	1,888		(55,130	)
American Electric Power Co., Inc.		177		07/15/22	USD	100.00	USD	1,698		(5,310	)
American International Group, Inc.		429		07/15/22	USD	54.00	USD	2,193		(19,305	)
AmerisourceBergen Corp.		125		07/15/22	USD	150.00	USD	1,769		(5,625	)
Analog Devices, Inc.		154		07/15/22	USD	152.50	USD	2,250		(28,105	)
Anthem, Inc.		84		07/15/22	USD	480.00	USD	4,054		(105,420	)
Apollo Global Management, Inc.		239		07/15/22	USD	57.50	USD	1,159		(7,170	)
Capital One Financial Corp.		98		07/15/22	USD	120.00	USD	1,021		(2,450	)
Charles Schwab Corp.		540		07/15/22	USD	66.00	USD	3,412		(48,600	)
Cigna Corp.		274		07/15/22	USD	260.00	USD	7,220		(245,230	)
Cigna Corp.		166		07/15/22	USD	270.00	USD	4,374		(67,230	)
Citigroup, Inc.		861		07/15/22	USD	50.00	USD	3,960		(24,108	)
Constellation Brands, Inc., Class A		141		07/15/22	USD	255.00	USD	3,286		(5,640	)
Dentsply Sirona, Inc.		1,212		07/15/22	USD	40.00	USD	4,330		(293,910	)
Edison International		290		07/15/22	USD	65.00	USD	1,834		(13,050	)
EQT Corp.		201		07/15/22	USD	40.00	USD	691		(8,040	)
Fidelity National Financial, Inc.		1,418		07/15/22	USD	40.00	USD	5,241		(17,725	)
Fidelity National Information Services, Inc.		519		07/15/22	USD	110.00	USD	4,758		(20,760	)
Fidelity National Information Services, Inc.		170		07/15/22	USD	105.00	USD	1,558		(5,100	)
First Citizens BancShares, Inc., Class A		106		07/15/22	USD	690.00	USD	6,930		(55,385	)
Fox Corp., Class A		929		07/15/22	USD	36.00	USD	2,988		(9,290	)
General Motors Co.		1,287		07/15/22	USD	39.00	USD	4,088		(5,148	)
Humana, Inc.		112		07/15/22	USD	445.00	USD	5,242		(306,320	)
Humana, Inc.		145		07/15/22	USD	465.00	USD	6,787		(212,425	)
Huntington Ingalls Industries, Inc.		247		07/15/22	USD	210.00	USD	5,380		(242,060	)
Laboratory Corp. of America Holdings		342		07/15/22	USD	253.00	USD	8,015		(24,186	)
Lear Corp.		241		07/15/22	USD	142.00	USD	3,034		(17,292	)
Leidos Holdings, Inc.		362		07/15/22	USD	100.00	USD	3,646		(95,025	)
Microsoft Corp.		146		07/15/22	USD	280.00	USD	3,750		(8,906	)
Newell Brands, Inc.		1,180		07/15/22	USD	22.00	USD	2,247		(11,800	)
Newell Brands, Inc.		949		07/15/22	USD	23.00	USD	1,807		(9,490	)
PPG Industries, Inc.		175		07/15/22	USD	118.00	USD	2,001		(35,875	)
PPG Industries, Inc.		175		07/15/22	USD	120.00	USD	2,001		(22,313	)
Public Service Enterprise Group, Inc.		412		07/15/22	USD	60.00	USD	2,607		(144,200	)
Ralph Lauren Corp., Class A		131		07/15/22	USD	100.00	USD	1,174		(6,878	)
Raymond James Financial, Inc.		315		07/15/22	USD	100.00	USD	2,816		(22,837	)
Rogers Communications Inc., Class B		693		07/15/22	CAD	66.00	CAD	4,274		(6,999	)
Ross Stores, Inc.		248		07/15/22	USD	95.00	USD	1,742		(1,240	)
Sealed Air Corp.		633		07/15/22	USD	65.00	USD	3,654		(12,660	)
Sealed Air Corp.		147		07/15/22	USD	61.37	USD	848		(5,626	)
Sempra Energy		270		07/15/22	USD	165.00	USD	4,057		(9,450	)
Sempra Energy		270		07/15/22	USD	155.00	USD	4,057		(22,950	)
SS&C Technologies Holdings, Inc.		370		07/15/22	USD	70.00	USD	2,149		(16,650	)
Unilever PLC, ADR		1,051		07/15/22	USD	48.00	USD	4,817		(20,438	)
Unilever PLC, ADR		435		07/15/22	USD	47.51	USD	1,994		(12,220	)


50		2 0 2 2 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, 2022		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)
Union Pacific Corp.		221		07/15/22	USD	225.00	USD	4,713	$	(18,233)
Verizon Communications, Inc.		819		07/15/22	USD	52.50	USD	4,156		(13,923)
Verizon Communications, Inc.		483		07/15/22	USD	50.50	USD	2,451		(37,674)
Visa, Inc., Class A		76		07/15/22	USD	215.00	USD	1,496		(3,306)
Visa, Inc., Class A		29		07/15/22	USD	202.50	USD	571		(8,628)
Willis Towers Watson PLC		322		07/15/22	USD	220.00	USD	6,356		(83,720)
Zimmer Biomet Holdings, Inc.		596		07/15/22	USD	115.00	USD	6,262		(16,390)
American International Group, Inc.		1,177		07/22/22	USD	59.00	USD	6,018		(23,540)
Analog Devices, Inc.		83		07/22/22	USD	160.00	USD	1,213		(6,848)
Anthem, Inc.		111		07/22/22	USD	485.00	USD	5,357		(163,725)
Apollo Global Management, Inc.		360		07/22/22	USD	56.00	USD	1,745		(9,900)
Capital One Financial Corp.		94		07/22/22	USD	114.00	USD	979		(13,160)
Charles Schwab Corp.		377		07/22/22	USD	70.00	USD	2,382		(21,112)
Cisco Systems, Inc.		696		07/22/22	USD	47.00	USD	2,968		(4,176)
Cisco Systems, Inc.		725		07/22/22	USD	45.00	USD	3,091		(15,950)
Citigroup, Inc.		632		07/22/22	USD	51.00	USD	2,907		(18,328)
Comcast Corp., Class A		328		07/22/22	USD	44.00	USD	1,287		(1,804)
ConocoPhillips		512		07/22/22	USD	127.00	USD	4,598		(19,456)
Constellation Brands, Inc., Class A		244		07/22/22	USD	240.00	USD	5,687		(82,960)
Hess Corp.		305		07/22/22	USD	136.00	USD	3,231		(9,913)
Humana, Inc.		147		07/22/22	USD	475.00	USD	6,881		(159,495)
JPMorgan Chase & Co.		385		07/22/22	USD	130.00	USD	4,335		(3,465)
Medtronic PLC		742		07/22/22	USD	99.00	USD	6,659		(26,712)
MetLife, Inc.		352		07/22/22	USD	65.00	USD	2,210		(36,080)
Microsoft Corp.		18		07/22/22	USD	285.00	USD	462		(1,350)
Mondelez International, Inc., Class A		382		07/22/22	USD	64.00	USD	2,372		(21,010)
Verizon Communications, Inc.		409		07/22/22	USD	51.00	USD	2,076		(32,106)
Visa, Inc., Class A		40		07/22/22	USD	225.00	USD	788		(980)
Visa, Inc., Class A		68		07/22/22	USD	205.00	USD	1,339		(21,556)
Wells Fargo & Co.		1,795		07/22/22	USD	47.00	USD	7,031		(8,975)
EQT Corp.		201		07/26/22	USD	39.50	USD	691		(29,748)
American Electric Power Co., Inc.		282		07/28/22	USD	93.00	USD	2,706		(117,557)
Huntington Ingalls Industries, Inc.		119		07/28/22	USD	211.00	USD	2,592		(133,075)
Leidos Holdings, Inc.		362		07/28/22	USD	100.00	USD	3,646		(135,805)
American International Group, Inc.		1,211		07/29/22	USD	55.00	USD	6,192		(87,797)
AmerisourceBergen Corp.		62		07/29/22	USD	150.00	USD	877		(8,215)
AmerisourceBergen Corp.		61		07/29/22	USD	155.00	USD	863		(3,813)
Apollo Global Management, Inc.		309		07/29/22	USD	55.00	USD	1,498		(18,540)
Bank of America Corp.		1,591		07/29/22	USD	35.00	USD	4,953		(34,206)
Cisco Systems, Inc.		1,537		07/29/22	USD	45.00	USD	6,554		(52,258)
Citigroup, Inc.		1,260		07/29/22	USD	48.00	USD	5,795		(145,530)
Cognizant Technology Solutions Corp., Class A		1,159		07/29/22	USD	69.08	USD	7,822		(194,720)
Comcast Corp., Class A		913		07/29/22	USD	43.00	USD	3,583		(38,346)
ConocoPhillips		276		07/29/22	USD	127.00	USD	2,479		(9,108)
ConocoPhillips		153		07/29/22	USD	95.00	USD	1,374		(40,545)
Dollar General Corp.		209		07/29/22	USD	250.00	USD	5,130		(122,265)
Fox Corp., Class A		887		07/29/22	USD	34.00	USD	2,853		(39,915)
General Electric		137		07/29/22	USD	69.00	USD	872		(16,920)
General Motors Co.		57		07/29/22	USD	37.00	USD	181		(1,995)
JPMorgan Chase & Co.		88		07/29/22	USD	125.00	USD	991		(4,092)
Medtronic PLC		218		07/29/22	USD	95.00	USD	1,957		(12,426)
Medtronic PLC		1,114		07/29/22	USD	90.00	USD	9,998		(239,510)
MetLife, Inc.		155		07/29/22	USD	63.00	USD	973		(34,100)
Microsoft Corp.		137		07/29/22	USD	265.00	USD	3,519		(104,120)
Mondelez International, Inc., Class A		272		07/29/22	USD	63.00	USD	1,689		(36,720)
Ross Stores, Inc.		323		07/29/22	USD	86.00	USD	2,268		(33,915)
Union Pacific Corp.		117		07/29/22	USD	220.00	USD	2,495		(52,065)
Verizon Communications, Inc.		406		07/29/22	USD	51.00	USD	2,060		(37,149)
Visa, Inc., Class A		132		07/29/22	USD	210.00	USD	2,599		(42,768)
Wells Fargo & Co.		145		07/29/22	USD	43.00	USD	568		(6,960)
Wells Fargo & Co.		1,812		07/29/22	USD	40.00	USD	7,098		(260,022)
Altria Group, Inc.		1,409		08/05/22	USD	46.00	USD	5,885		(46,497)


S C H E D U L E O F I N V E S T M E N T S		51


Schedule of Investments (unaudited) (continued) June 30, 2022		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)
Apollo Global Management, Inc.		546		08/05/22	USD	51.00	USD	2,647	$	(99,645	)
Bank of America Corp.		865		08/05/22	USD	34.00	USD	2,693		(38,925	)
Capital One Financial Corp.		310		08/05/22	USD	115.00	USD	3,230		(63,550	)
Cisco Systems, Inc.		2,338		08/05/22	USD	46.00	USD	9,969		(59,619	)
Citigroup, Inc.		523		08/05/22	USD	51.00	USD	2,405		(25,365	)
Comcast Corp., Class A		966		08/05/22	USD	41.00	USD	3,791		(74,865	)
Conocophillips		71		08/05/22	USD	102.00	USD	638		(9,656	)
Dollar General Corp.		201		08/05/22	USD	260.00	USD	4,933		(66,330	)
Enterprise Products Partners LP		2,511		08/05/22	USD	25.00	USD	6,119		(121,783	)
General Electric		414		08/05/22	USD	69.00	USD	2,636		(61,272	)
General Motors Co.		1,983		08/05/22	USD	37.00	USD	6,298		(88,243	)
Hess Corp.		204		08/05/22	USD	114.00	USD	2,161		(81,600	)
JPMorgan Chase & Co.		254		08/05/22	USD	121.00	USD	2,860		(33,909	)
Medtronic PLC		336		08/05/22	USD	92.00	USD	3,016		(85,680	)
Microsoft Corp.		35		08/05/22	USD	270.00	USD	899		(22,925	)
Ross Stores, Inc.		511		08/05/22	USD	83.00	USD	3,589		(21,718	)
SS&C Technologies Holdings, Inc.		738		08/05/22	USD	65.25	USD	4,286		(23,469	)
Union Pacific Corp.		118		08/05/22	USD	220.00	USD	2,517		(57,820	)
Verizon Communications, Inc.		964		08/05/22	USD	52.00	USD	4,892		(64,106	)
Visa, Inc., Class A		68		08/05/22	USD	210.00	USD	1,339		(25,670	)
Visa, Inc., Class A		35		08/05/22	USD	205.00	USD	689		(19,075	)
Walmart, Inc.		375		08/05/22	USD	127.00	USD	4,559		(58,500	)
Wells Fargo & Co.		1,398		08/05/22	USD	43.00	USD	5,476		(79,686	)
Bank of America Corp.		1,252		08/12/22	USD	34.10	USD	3,897		(66,127	)
Citigroup, Inc.		1,286		08/12/22	USD	48.72	USD	5,914		(150,070	)
Comcast Corp., Class A		788		08/12/22	USD	40.22	USD	3,092		(95,414	)
Enterprise Products Partners LP		4,071		08/12/22	USD	25.30	USD	9,921		(176,087	)
Hess Corp.		310		08/12/22	USD	121.00	USD	3,284		(95,325	)
JPMorgan Chase & Co.		248		08/12/22	USD	119.97	USD	2,793		(46,440	)
Microsoft Corp.		87		08/12/22	USD	265.00	USD	2,234		(76,995	)
Verizon Communications, Inc.		422		08/12/22	USD	52.00	USD	2,142		(30,806	)
Allstate Corp.		149		08/19/22	USD	123.82	USD	1,888		(100,756	)
Altria Group, Inc.		700		08/19/22	USD	46.00	USD	2,924		(34,546	)
American Electric Power Co., Inc.		360		08/19/22	USD	106.25	USD	3,454		(11,077	)
Bank of America Corp.		1,040		08/19/22	USD	35.00	USD	3,238		(43,680	)
Charles Schwab Corp.		378		08/19/22	USD	67.50	USD	2,388		(77,490	)
Citigroup, Inc.		788		08/19/22	USD	50.00	USD	3,624		(71,708	)
Cognizant Technology Solutions Corp., Class A		339		08/19/22	USD	70.00	USD	2,288		(74,580	)
Cognizant Technology Solutions Corp., Class A		755		08/19/22	USD	73.00	USD	5,095		(90,499	)
Comcast Corp., Class A		1,010		08/19/22	USD	42.50	USD	3,963		(59,590	)
ConocoPhillips		276		08/19/22	USD	105.00	USD	2,479		(43,574	)
Dentsply Sirona, Inc.		980		08/19/22	USD	36.50	USD	3,502		(184,094	)
Edison International		291		08/19/22	USD	62.50	USD	1,840		(76,387	)
Enterprise Products Partners LP		2,463		08/19/22	USD	25.00	USD	6,002		(142,854	)
EQT Corp.		603		08/19/22	USD	46.00	USD	2,074		(39,195	)
Equitable Holdings, Inc.		866		08/19/22	USD	27.50	USD	2,258		(70,137	)
Fidelity National Financial, Inc.		1,418		08/19/22	USD	39.42	USD	5,241		(108,707	)
Fidelity National Information Services, Inc.		582		08/19/22	USD	100.00	USD	5,335		(117,855	)
Fidelity National Information Services, Inc.		170		08/19/22	USD	105.00	USD	1,558		(17,850	)
First Citizens BancShares, Inc., Class A		129		08/19/22	USD	660.00	USD	8,434		(438,600	)
General Motors Co.		941		08/19/22	USD	37.00	USD	2,989		(65,399	)
JPMorgan Chase & Co.		356		08/19/22	USD	123.50	USD	4,009		(47,707	)
Laboratory Corp. of America Holdings		199		08/19/22	USD	230.00	USD	4,664		(272,630	)
Laboratory Corp. of America Holdings		258		08/19/22	USD	240.00	USD	6,046		(239,940	)
Leidos Holdings, Inc.		474		08/19/22	USD	105.00	USD	4,774		(149,310	)
Microsoft Corp.		49		08/19/22	USD	270.00	USD	1,258		(35,157	)
Mondelez International, Inc., Class A		120		08/19/22	USD	65.00	USD	745		(11,700	)
Newell Brands, Inc.		1,132		08/19/22	USD	19.66	USD	2,155		(107,946	)
PPG Industries, Inc.		143		08/19/22	USD	135.00	USD	1,635		(11,798	)
Public Service Enterprise Group, Inc.		412		08/19/22	USD	60.00	USD	2,607		(181,280	)
Ralph Lauren Corp., Class A		129		08/19/22	USD	100.00	USD	1,156		(36,120	)
Raymond James Financial, Inc.		486		08/19/22	USD	95.00	USD	4,345		(121,500	)


52		2 0 2 2 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, 2022		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)
Rogers Communications Inc., Class B		700		08/19/22	CAD	62.00	CAD	4,318	$	(106,588	)
Ross Stores, Inc.		469		08/19/22	USD	85.00	USD	3,294		(32,830	)
Sealed Air Corp.		500		08/19/22	USD	61.37	USD	2,886		(71,287	)
Sempra Energy		117		08/19/22	USD	155.00	USD	1,758		(38,025	)
SS&C Technologies Holdings, Inc.		358		08/19/22	USD	60.50	USD	2,079		(65,310	)
Unilever PLC, ADR		2,490		08/19/22	USD	45.00	USD	11,412		(504,225	)
Verizon Communications, Inc.		259		08/19/22	USD	52.50	USD	1,314		(17,742	)
Willis Towers Watson PLC		274		08/19/22	USD	200.00	USD	5,408		(213,720	)
Zimmer Biomet Holdings, Inc.		560		08/19/22	USD	110.00	USD	5,883		(184,800	)
Equitable Holdings, Inc.		80		09/16/22	USD	30.00	USD	209		(3,400	)
Newell Brands, Inc.		948		09/16/22	USD	21.00	USD	1,805		(63,990	)
Public Service Enterprise Group, Inc.		412		09/16/22	USD	60.00	USD	2,607		(193,640	)


									$	(12,939,759	)

OTC Options Written



Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Alcon, Inc.	UBS AG		33,400		07/06/22		CHF	73.37		CHF	2,236	$	(380	)
AstraZeneca PLC	Morgan Stanley & Co. International PLC		107,700		07/06/22		GBP	106.27		GBP	11,672		(371,060	)
Samsung Electronics Co. Ltd., Registered Shares, GDR	Goldman Sachs International		4,500		07/06/22		USD	1,345.39		USD	4,899		—
BAE Systems PLC	Morgan Stanley & Co. International PLC		32,700		07/12/22		GBP	7.87		GBP	272		(18,512	)
Komatsu Ltd.	Goldman Sachs International		271,200		07/12/22		JPY	3,260.07		JPY	819,352		(11,440	)
Panasonic Corp.	Bank of America N.A.		233,000		07/12/22		JPY	1,182.59		JPY	255,253		(6,790	)
BP PLC	UBS AG		1,527,100		07/13/22		GBP	4.39		GBP	5,890		(7,308	)
Bayer AG, Registered Shares	Goldman Sachs International		75,000		07/19/22		EUR	68.74		EUR	4,274		(3,794	)
Koninklijke Philips Electronics NV	Goldman Sachs International		59,100		07/19/22		EUR	24.26		EUR	1,210		(2,554	)
Prudential PLC	Barclays Bank PLC		235,700		07/19/22		GBP	10.70		GBP	2,409		(57,222	)
BP PLC	Morgan Stanley & Co. International PLC		1,534,600		07/21/22		GBP	4.69		GBP	5,919		(3,947	)
Alcon, Inc.	UBS AG		34,500		07/26/22		CHF	75.24		CHF	2,309		(9,449	)
BAE Systems PLC	Morgan Stanley & Co. International PLC		378,200		07/26/22		GBP	8.16		GBP	3,145		(133,502	)
European Aeronautic Defence and Space Company	Barclays Bank PLC		4,500		07/26/22		EUR	98.77		EUR	420		(8,469	)
European Aeronautic Defence and Space Company	UBS AG		25,950		07/26/22		EUR	112.65		EUR	2,422		(4,357	)
Komatsu Ltd.	JPMorgan Chase Bank N.A.		36,500		07/26/22		JPY	3,650.40		JPY	110,274		(150	)
Panasonic Corp.	Morgan Stanley & Co. International PLC		159,800		07/26/22		JPY	1,249.56		JPY	175,062		(4,039	)
AstraZeneca PLC	Goldman Sachs International		51,800		07/27/22		GBP	103.63		GBP	5,614		(392,358	)
AstraZeneca PLC	Goldman Sachs International		800		07/27/22		GBP	99.22		GBP	87		(9,640	)
Bayer AG, Registered Shares	Credit Suisse International		58,600		07/27/22		EUR	67.53		EUR	3,339		(8,283	)
EQT Corp.	Barclays Bank PLC		149,500		07/27/22		USD	43.95		USD	5,143		(36,572	)
Willis Towers Watson PLC	Goldman Sachs International		24,900		07/27/22		USD	211.25		USD	4,915		(46,536	)
BP PLC	Goldman Sachs International		384,400		07/28/22		GBP	4.52		GBP	1,483		(5,644	)
Lear Corp.	Citibank N.A.		28,200		07/28/22		USD	130.57		USD	3,550		(122,685	)
BAE Systems PLC	Goldman Sachs International		986,500		08/02/22		GBP	7.93		GBP	8,205		(560,581	)
Komatsu Ltd.	Goldman Sachs International		193,000		08/02/22		JPY	3,462.86		JPY	583,093		(6,424	)
Koninklijke Philips Electronics NV	Goldman Sachs International		237,600		08/02/22		EUR	24.59		EUR	4,863		(26,435	)
Panasonic Corp.	UBS AG		237,800		08/02/22		JPY	1,197.20		JPY	260,511		(11,067	)
AstraZeneca PLC	Credit Suisse International		800		08/03/22		GBP	99.13		GBP	87		(10,246	)
Bayer AG, Registered Shares	Goldman Sachs International		76,200		08/03/22		EUR	65.28		EUR	4,342		(26,639	)
Newell Brands, Inc.	Goldman Sachs International		42,200		08/05/22		USD	21.70		USD	803		(7,872	)
European Aeronautic Defence and Space Company	Barclays Bank PLC		4,500		08/09/22		EUR	98.77		EUR	420		(12,851	)
European Aeronautic Defence and Space Company	JPMorgan Chase Bank N.A.		21,300		08/09/22		EUR	101.38		EUR	1,988		(41,970	)
European Aeronautic Defence and Space Company	JPMorgan Chase Bank N.A.		9,400		08/09/22		EUR	97.55		EUR	877		(30,413	)
Koninklijke Philips Electronics NV	Barclays Bank PLC		140,100		08/09/22		EUR	20.70		EUR	2,867		(162,069	)
Koninklijke Philips Electronics NV	JPMorgan Chase Bank N.A.		44,700		08/09/22		EUR	20.63		EUR	915		(54,270	)


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, 2022		BlackRock Enhanced Equity Dividend Trust (BDJ)

OTC Options Written (continued)



Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Panasonic Corp.	Goldman Sachs International		348,600		08/09/22		JPY	1,140.69		JPY	381,893	$	(73,241	)
Prudential PLC	JPMorgan Chase Bank N.A.		123,000		08/09/22		GBP	9.70		GBP	1,257		(129,688	)
Sanofi	Credit Suisse International		65,200		08/09/22		EUR	98.75		EUR	6,274		(140,342	)
Sanofi	Goldman Sachs International		79,100		08/09/22		EUR	98.21		EUR	7,612		(187,068	)
Siemens AG, Registered Shares	JPMorgan Chase Bank N.A.		82,100		08/09/22		EUR	105.27		EUR	8,053		(162,544	)


												$	(2,908,411	)

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



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation			Value

Options Written	$	N/A	$	N/A	$	9,940,021	$	(4,035,029	)		$ (15,848,170	)

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	$	—	$	—	$	15,848,170	$	—	$	—	$	—	$	15,848,170

For the period ended June 30, 2022, 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	$	—	$	—	$	5,531,647	$	—	$	—	$	—	$	5,531,647


Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	7,748,497	$	—	$	—	$	—	$	7,748,497

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts written	$	22,334,354

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	$	—	$	15,848,170


Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		15,848,170


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(12,939,759	)


Total derivative assets and liabilities subject to an MNA	$	—	$	2,908,411


54		2 0 2 2 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, 2022		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
Bank of America N.A.	$	6,790	$	—	$	(6,790	)	$	—	$	—
Barclays Bank PLC		277,183		—		(277,183	)		—		—
Citibank N.A.		122,685		—		(122,685	)		—		—
Credit Suisse International		158,871		—		(158,871	)		—		—
Goldman Sachs International		1,360,226		—		(1,360,226	)		—		—
JPMorgan Chase Bank N.A.		419,035		—		(419,035	)		—		—
Morgan Stanley & Co. International PLC		531,060		—		(531,060	)		—		—
UBS AG		32,561		—		(32,561	)		—		—


	$	2,908,411	$	—	$	(2,908,411	)	$	—	$	—

(a)

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	14,528,594	$	37,263,803	$	—	$	51,792,397
Auto Components		10,227,429		—		—		10,227,429
Automobiles		33,889,889		—		—		33,889,889
Banks		178,455,893		—		—		178,455,893
Beverages		23,482,893		—		—		23,482,893
Capital Markets		27,903,996		—		—		27,903,996
Chemicals		17,908,388		—		—		17,908,388
Communications Equipment		41,065,049		—		—		41,065,049
Consumer Finance		9,521,820		—		—		9,521,820
Containers & Packaging		18,444,137		—		—		18,444,137
Diversified Financial Services		18,992,213		—		—		18,992,213
Diversified Telecommunication Services		34,713,660		—		—		34,713,660
Electric Utilities		19,208,557		—		—		19,208,557
Entertainment		9,551,398		—		—		9,551,398
Food & Staples Retailing		8,300,267		—		—		8,300,267
Food Products		8,723,583		—		—		8,723,583
Health Care Equipment & Supplies		75,648,798		29,562,970		—		105,211,768
Health Care Providers & Services		167,563,724		—		—		167,563,724
Household Durables		16,035,126		15,898,879		—		31,934,005
Industrial Conglomerates		6,386,356		16,993,494		—		23,379,850
Insurance		96,695,517		11,763,694		—		108,459,211
IT Services		107,143,681		—		—		107,143,681
Machinery		—		16,704,823		—		16,704,823
Media		46,345,468		—		—		46,345,468
Multiline Retail		23,639,799		—		—		23,639,799
Multi-Utilities		34,370,174		—		—		34,370,174
Oil, Gas & Consumable Fuels		98,403,845		42,009,789		—		140,413,634
Personal Products		33,137,198		—		—		33,137,198
Pharmaceuticals		—		106,315,633		—		106,315,633
Professional Services		22,930,156		—		—		22,930,156
Road & Rail		17,706,719		—		—		17,706,719
Semiconductors & Semiconductor Equipment		8,432,753		—		—		8,432,753


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, 2022		BlackRock Enhanced Equity Dividend Trust (BDJ)

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Common Stocks (continued)
Software	$	43,683,427		$	—		$	—	$	43,683,427
Specialty Retail		21,263,888			—			—		21,263,888
Technology Hardware, Storage & Peripherals		—			13,200,300			—		13,200,300
Textiles, Apparel & Luxury Goods		4,248,782			—			—		4,248,782
Tobacco		16,021,719			318,138			—		16,339,857
Wireless Telecommunication Services		16,611,145			—			—		16,611,145
Short-Term Securities
Money Market Funds		82,052,911			—			—		82,052,911


	$	1,413,238,952		$	290,031,523		$	—	$	1,703,270,475

Derivative Financial Instruments (a)
Equity Contracts	$	—		$	—		$	—	$	—
Liabilities
Equity Contracts		(10,799,419	)		(5,048,751	)		—		(15,848,170	)


	$	(10,799,419	)	$	(5,048,751	)	$	—	$	(15,848,170	)

(a)

Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.


56		2 0 2 2 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, 2022		BlackRock Enhanced Global Dividend Trust (BOE) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Canada — 2.5%
TELUS Corp.		792,734	$	17,656,684


Denmark — 3.2%
Novo Nordisk A/S, Class B		202,994		22,512,503


France — 10.6%
EssilorLuxottica SA		97,410		14,768,581
Kering SA		23,649		12,255,546
LVMH Moet Hennessy Louis Vuitton SE		14,424		8,840,146
Sanofi		257,118		25,929,328
Schneider Electric SE		113,557		13,530,938


				75,324,539

India — 0.1%
Jasper Infotech Private Ltd., Series I, (Acquired 08/31/18, Cost: $2,637,143) (a)(b)		566,400		718,671


Indonesia — 1.1%
Bank Rakyat Indonesia Persero Tbk PT		28,868,800		8,062,061


Ireland — 2.4%
Medtronic PLC (c)		190,383		17,086,874


Japan — 1.6%
KDDI Corp.		352,200		11,106,402


Mexico — 1.2%
Wal-Mart de Mexico SAB de CV		2,393,573		8,252,140


Netherlands — 1.8%
Koninklijke KPN NV		3,506,894		12,477,980


Portugal — 2.6%
EDP - Energias de Portugal SA		3,958,327		18,447,115


Singapore — 1.1%
DBS Group Holdings Ltd.		358,668		7,674,560


Sweden — 1.7%
Epiroc AB, Class A		779,483		12,085,933


Switzerland — 3.7%
TE Connectivity Ltd. (c)		98,615		11,158,287
Zurich Insurance Group AG		33,939		14,799,892


				25,958,179

Taiwan — 3.9%
MediaTek, Inc.		426,000		9,351,203
Taiwan Semiconductor Manufacturing Co. Ltd.		1,157,000		18,542,481


				27,893,684

United Kingdom — 18.9%
AstraZeneca PLC		175,406		23,139,863
BAE Systems PLC		803,638		8,136,026
Diageo PLC		401,623		17,347,182
Ferguson PLC		125,838		14,096,686
Prudential PLC		1,402,887		17,450,836
Reckitt Benckiser Group PLC		290,368		21,839,238
RELX PLC		828,206		22,397,128
Taylor Wimpey PLC		7,095,555		10,107,191


				134,514,150


Security	Shares		Value

United States — 44.4%
AbbVie, Inc. (c)(d)		125,721	$	19,255,429
Assurant, Inc. (c)		89,581		15,484,076
Baker Hughes Co., Class A (c)		223,619		6,455,881
Chevron Corp.		48,789		7,063,671
Citizens Financial Group, Inc. (c)		399,761		14,267,470
Comcast Corp., Class A (c)		425,427		16,693,755
Estee Lauder Cos., Inc., Class A (c)(d)		67,639		17,225,624
Fidelity National Information Services, Inc. (c)(d)		198,913		18,234,355
Hasbro, Inc. (c)		212,496		17,399,172
Intercontinental Exchange, Inc. (c)(d)		185,314		17,426,929
International Flavors & Fragrances, Inc. (c)		58,211		6,934,094
Intuit, Inc. (c)		30,027		11,573,607
M&T Bank Corp. (c)		107,735		17,171,882
Microsoft Corp. (c)(d)		102,626		26,357,436
Otis Worldwide Corp. (c)		209,445		14,801,478
Paychex, Inc. (c)		68,032		7,746,804
Philip Morris International, Inc. (c)		149,803		14,791,548
Synchrony Financial (c)		431,346		11,913,777
Texas Instruments, Inc. (c)		65,523		10,067,609
UnitedHealth Group, Inc. (c)		39,152		20,109,642
Visa, Inc., Class A (c)		85,368		16,808,105
Williams Cos., Inc. (c)		245,901		7,674,570


				315,456,914


Total Long-Term Investments — 100.8% (Cost: $697,252,623)				715,228,389


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (e)(f)		2,371,617		2,371,617


Total Short-Term Securities — 0.3% (Cost: $2,371,617)				2,371,617


Total Investments Before Options Written — 101.1% (Cost: $699,624,240)				717,600,006


Options Written — (0.9)% (Premiums Received: $(7,763,333))				(6,470,808	)


Total Investments, Net of Options Written —100.2% (Cost: $691,860,907)				711,129,198

Liabilities in Excess of Other Assets — (0.2)%				(1,290,172	)


Net Assets — 100.0%			$	709,839,026

(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 $718,671, 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)	Affiliate of the Trust.

(f)	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		57


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Enhanced Global Dividend Trust (BOE)

Affiliates


Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	11,262,594	$	—	$	(8,890,977	) (a)	$	—	$	—	$	2,371,617		2,371,617	$	10,303	$	—

(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
UnitedHealth Group, Inc.		45		07/01/22		USD	505.00		USD	2,311	$	(44,437	)
AbbVie, Inc.		268		07/08/22		USD	150.00		USD	4,105		(123,280	)
Intuit, Inc.		14		07/08/22		USD	405.00		USD	540		(3,675	)
AbbVie, Inc.		126		07/15/22		USD	145.00		USD	1,930		(114,660	)
Assurant, Inc.		145		07/15/22		USD	190.00		USD	2,506		(69,600	)
Baker Hughes Co., Class A		506		07/15/22		USD	38.00		USD	1,461		(5,060	)
Citizens Financial Group, Inc.		663		07/15/22		USD	42.50		USD	2,366		(9,945	)
Estee Lauder Cos., Inc., Class A		168		07/15/22		USD	260.00		USD	4,278		(91,560	)
Fidelity National Information Services, Inc.		68		07/15/22		USD	110.00		USD	623		(2,721	)
Fidelity National Information Services, Inc.		307		07/15/22		USD	105.00		USD	2,814		(9,210	)
Hasbro, Inc.		312		07/15/22		USD	92.50		USD	2,555		(7,800	)
Hasbro, Inc.		165		07/15/22		USD	85.00		USD	1,351		(14,025	)
Intercontinental Exchange, Inc.		196		07/15/22		USD	105.00		USD	1,843		(1,470	)
International Flavors & Fragrances, Inc.		130		07/15/22		USD	120.00		USD	1,549		(34,125	)
Intuit, Inc.		61		07/15/22		USD	420.00		USD	2,351		(14,640	)
M&T Bank Corp.		86		07/15/22		USD	180.00		USD	1,371		(2,150	)
M&T Bank Corp.		117		07/15/22		USD	175.00		USD	1,865		(4,973	)
Microsoft Corp.		223		07/15/22		USD	280.00		USD	5,727		(13,603	)
Otis Worldwide Corp.		711		07/15/22		USD	73.05		USD	5,025		(59,802	)
Paychex, Inc.		374		07/15/22		USD	120.00		USD	4,259		(24,310	)
Philip Morris International, Inc.		359		07/15/22		USD	104.00		USD	3,545		(11,668	)
Synchrony Financial		652		07/15/22		USD	38.00		USD	1,801		(3,260	)
TE Connectivity Ltd.		241		07/15/22		USD	130.00		USD	2,727		(77,120	)
UnitedHealth Group, Inc.		32		07/15/22		USD	480.00		USD	1,644		(120,080	)
Visa, Inc., Class A		2		07/15/22		USD	215.00		USD	39		(87	)
Visa, Inc., Class A		153		07/15/22		USD	202.50		USD	3,012		(45,517	)
Williams Cos., Inc.		234		07/15/22		USD	32.00		USD	730		(12,285	)
AbbVie, Inc.		268		07/22/22		USD	150.00		USD	4,105		(148,740	)
Comcast Corp., Class A		171		07/22/22		USD	44.00		USD	671		(941	)
Intuit, Inc.		60		07/22/22		USD	390.00		USD	2,313		(84,300	)
Microsoft Corp.		114		07/22/22		USD	285.00		USD	2,928		(8,550	)
UnitedHealth Group, Inc.		99		07/22/22		USD	505.00		USD	5,085		(220,770	)
Visa, Inc., Class A		33		07/22/22		USD	225.00		USD	650		(809	)
Visa, Inc., Class A		41		07/22/22		USD	205.00		USD	807		(12,997	)
Comcast Corp., Class A		377		07/29/22		USD	43.00		USD	1,479		(15,834	)
Medtronic PLC		52		07/29/22		USD	90.00		USD	467		(11,180	)
Microsoft Corp.		18		07/29/22		USD	265.00		USD	462		(13,680	)
Synchrony Financial		717		07/29/22		USD	33.00		USD	1,980		(21,510	)
Texas Instruments, Inc.		147		07/29/22		USD	165.00		USD	2,259		(26,386	)
Visa, Inc., Class A		82		07/29/22		USD	210.00		USD	1,614		(26,568	)
Comcast Corp., Class A		444		08/05/22		USD	41.00		USD	1,742		(34,410	)
Medtronic PLC		614		08/05/22		USD	92.00		USD	5,511		(156,570	)
Microsoft Corp.		19		08/05/22		USD	265.00		USD	488		(15,058	)
Philip Morris International, Inc.		315		08/05/22		USD	101.00		USD	3,110		(77,962	)
Synchrony Financial		572		08/05/22		USD	32.00		USD	1,580		(28,600	)


58		2 0 2 2 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, 2022		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)
Texas Instruments, Inc.		147		08/05/22		USD	160.00		USD	2,259	$	(56,227	)
Visa, Inc., Class A		41		08/05/22		USD	210.00		USD	807		(15,478	)
Visa, Inc., Class A		32		08/05/22		USD	205.00		USD	630		(17,440	)
Williams Cos., Inc.		117		08/05/22		USD	33.00		USD	365		(8,190	)
Baker Hughes Co., Class A		500		08/12/22		USD	35.25		USD	1,444		(13,812	)
Comcast Corp., Class A		432		08/12/22		USD	40.22		USD	1,695		(52,308	)
Intercontinental Exchange, Inc.		637		08/12/22		USD	101.00		USD	5,990		(87,761	)
Williams Cos., Inc.		117		08/12/22		USD	33.09		USD	365		(9,010	)
AbbVie, Inc.		29		08/19/22		USD	160.00		USD	444		(8,744	)
Assurant, Inc.		258		08/19/22		USD	184.50		USD	4,460		(52,853	)
Citizens Financial Group, Inc.		736		08/19/22		USD	37.50		USD	2,627		(86,480	)
Comcast Corp., Class A		489		08/19/22		USD	42.50		USD	1,919		(28,851	)
Fidelity National Information Services, Inc.		14		08/19/22		USD	100.00		USD	128		(2,835	)
Fidelity National Information Services, Inc.		307		08/19/22		USD	105.00		USD	2,814		(32,235	)
Hasbro, Inc.		480		08/19/22		USD	87.50		USD	3,930		(96,000	)
International Flavors & Fragrances, Inc.		130		08/19/22		USD	120.00		USD	1,549		(70,850	)
M&T Bank Corp.		174		08/19/22		USD	170.00		USD	2,773		(71,340	)
Microsoft Corp.		87		08/19/22		USD	270.00		USD	2,234		(62,422	)
Otis Worldwide Corp.		231		08/19/22		USD	72.18		USD	1,632		(58,788	)
TELUS Corp.		1,387		08/19/22		CAD	29.00		CAD	3,977		(71,117	)
Williams Cos., Inc.		440		08/19/22		USD	38.00		USD	1,373		(4,400	)
Williams Cos., Inc.		198		08/19/22		USD	32.00		USD	618		(25,245	)


											$	(2,758,314	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
AstraZeneca PLC	Morgan Stanley & Co. International PLC		7,600		07/06/22		GBP	106.27		GBP	821	$	(26,184	)
BAE Systems PLC	Morgan Stanley & Co. International PLC		163,500		07/06/22		GBP	7.78		GBP	1,357		(106,933	)
Relx PLC	Credit Suisse International		56,000		07/06/22		EUR	27.92		EUR	1,446		(292	)
Relx PLC	Morgan Stanley & Co. International PLC		153,600		07/06/22		EUR	26.65		EUR	3,966		(13,403	)
TELUS Corp.	Royal Bank of Canada		109,000		07/06/22		CAD	32.17		CAD	3,125		(371	)
Wal-Mart de Mexico SAB de CV	Citibank N.A.		810,200		07/06/22		MXN	77.83		MXN	56,171		—
Reckitt Benckiser Group PLC	Morgan Stanley & Co. International PLC		27,600		07/08/22		GBP	64.17		GBP	1,703		(5,343	)
Taylor Wimpey PLC	Morgan Stanley & Co. International PLC		674,500		07/08/22		GBP	1.30		GBP	787		(164	)
BAE Systems PLC	Morgan Stanley & Co. International PLC		258,300		07/12/22		GBP	7.87		GBP	2,144		(146,224	)
KDDI Corp.	Bank of America N.A.		112,500		07/12/22		JPY	4,711.97		JPY	482,513		(3,339	)
Prudential PLC	JPMorgan Chase Bank N.A.		169,800		07/12/22		GBP	10.60		GBP	1,725		(33,166	)
EDP-Energias de Portugal SA	Goldman Sachs International		343,100		07/13/22		EUR	4.81		EUR	1,527		(2,692	)
EssilorLuxottica SA	UBS AG		9,300		07/13/22		EUR	157.64		EUR	1,329		(4,999	)
Zurich Insurance Group AG	UBS AG		7,600		07/13/22		CHF	448.41		CHF	3,156		(759	)
TELUS Corp.	Royal Bank of Canada		109,000		07/14/22		CAD	32.17		CAD	3,125		(4,919	)
DBS Group Holdings Ltd.	Goldman Sachs International		70,400		07/19/22		SGD	31.75		SGD	2,089		(2,096	)
EDP-Energias de Portugal SA	Goldman Sachs International		250,000		07/19/22		EUR	4.75		EUR	1,113		(5,503	)
LVMH Moet Hennessy Louis Vuitton SE	Goldman Sachs International		5,100		07/19/22		EUR	628.74		EUR	2,967		(17,977	)
Mediatek, Inc.	Morgan Stanley & Co. International PLC		48,025		07/19/22		USD	912.26		USD	31,264		(314	)
Novo Nisk, Class B	Morgan Stanley & Co. International PLC		30,650		07/19/22		DKK	817.63		DKK	24,128		(53,857	)
Prudential PLC	Morgan Stanley & Co. International PLC		78,400		07/19/22		GBP	10.81		GBP	797		(15,992	)
EssilorLuxottica SA	Goldman Sachs International		36,600		07/20/22		EUR	154.01		EUR	5,230		(59,256	)
Ferguson PLC	Goldman Sachs International		15,800		07/20/22		GBP	97.40		GBP	1,452		(18,484	)
Koninklijke KPN NV	Goldman Sachs International		789,000		07/20/22		EUR	3.44		EUR	2,683		(25,910	)
PPR S.A.	Credit Suisse International		8,300		07/20/22		EUR	529.31		EUR	4,068		(37,177	)
Schneider Electric SE	Barclays Bank PLC		19,850		07/20/22		EUR	133.36		EUR	2,241		(989	)
Taylor Wimpey PLC	Goldman Sachs International		704,400		07/20/22		GBP	1.33		GBP	822		(348	)
Wal-Mart de Mexico SAB de CV	Citibank N.A.		267,000		07/20/22		MXN	70.40		MXN	18,511		(14,166	)
Mediatek, Inc.	JPMorgan Chase Bank N.A.		96,000		07/21/22		USD	916.70		USD	62,496		(804	)
Reckitt Benckiser Group PLC	Morgan Stanley & Co. International PLC		74,100		07/26/22		GBP	61.08		GBP	4,572		(182,259	)
TE Connectivity Ltd.	Goldman Sachs International		20,200		07/26/22		USD	121.78		USD	2,286		(21,781	)
AstraZeneca PLC	Goldman Sachs International		36,550		07/27/22		GBP	99.22		GBP	3,947		(440,410	)


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, 2022		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)
AstraZeneca PLC	Goldman Sachs International		15,800		07/27/22		GBP	103.63		GBP	1,706	$	(119,677	)
Diageo PLC	Credit Suisse International		76,400		07/27/22		GBP	36.53		GBP	2,697		(87,589	)
EDP-Energias de Portugal SA	Morgan Stanley & Co. International PLC		489,400		07/27/22		EUR	4.86		EUR	2,179		(7,547	)
Novo Nisk, Class B	Morgan Stanley & Co. International PLC		30,650		07/27/22		DKK	817.63		DKK	24,128		(74,156	)
Prudential PLC	Goldman Sachs International		90,700		07/27/22		GBP	11.18		GBP	922		(14,563	)
Schneider Electric SE	Goldman Sachs International		19,850		07/27/22		EUR	132.69		EUR	2,241		(2,853	)
Taylor Wimpey PLC	Goldman Sachs International		1,140,000		07/27/22		GBP	1.30		GBP	1,330		(7,347	)
Estee Lauder Cos., Inc., Class A	JPMorgan Chase Bank N.A.		13,600		07/28/22		USD	255.53		USD	3,464		(147,953	)
KDDI Corp.	JPMorgan Chase Bank N.A.		81,200		07/28/22		JPY	4,490.04		JPY	348,267		(20,002	)
Relx PLC	JPMorgan Chase Bank N.A.		34,000		07/28/22		EUR	24.79		EUR	878		(47,496	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	JPMorgan Chase Bank N.A.		136,000		07/28/22		USD	522.02		USD	64,736		(8,990	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Morgan Stanley & Co. International PLC		228,000		07/28/22		USD	524.80		USD	108,528		(13,254	)
DBS Group Holdings Ltd.	UBS AG		91,100		08/02/22		SGD	31.39		SGD	2,704		(10,710	)
EDP-Energias de Portugal SA	Merrill Lynch International		489,400		08/02/22		EUR	4.63		EUR	2,179		(32,904	)
Ferguson PLC	JPMorgan Chase Bank N.A.		27,800		08/02/22		GBP	89.94		GBP	2,554		(176,031	)
Mediatek, Inc.	JPMorgan Chase Bank N.A.		48,000		08/02/22		USD	967.20		USD	31,248		(264	)
AstraZeneca PLC	Credit Suisse International		36,550		08/03/22		GBP	99.13		GBP	3,947		(468,129	)
Diageo PLC	JPMorgan Chase Bank N.A.		65,700		08/03/22		GBP	35.10		GBP	2,320		(111,042	)
Epiroc AB, Class A	JPMorgan Chase Bank N.A.		87,700		08/03/22		SEK	179.93		SEK	13,852		(8,116	)
Relx PLC	JPMorgan Chase Bank N.A.		78,000		08/03/22		EUR	24.77		EUR	2,014		(115,137	)
EDP-Energias de Portugal SA	Morgan Stanley & Co. International PLC		104,700		08/09/22		EUR	4.65		EUR	466		(8,039	)
EssilorLuxottica SA	Goldman Sachs International		7,600		08/09/22		EUR	141.92		EUR	1,086		(62,075	)
Ferguson PLC	Merrill Lynch International		13,100		08/09/22		GBP	95.94		GBP	1,204		(39,777	)
Novo Nisk, Class B	Morgan Stanley & Co. International PLC		30,100		08/09/22		DKK	796.64		DKK	23,695		(135,079	)
Prudential PLC	JPMorgan Chase Bank N.A.		152,200		08/09/22		GBP	9.70		GBP	1,546		(160,476	)
Relx PLC	JPMorgan Chase Bank N.A.		56,000		08/09/22		EUR	25.36		EUR	1,446		(62,988	)
Sanofi	Credit Suisse International		57,850		08/09/22		EUR	98.75		EUR	5,573		(124,522	)
Sanofi	Goldman Sachs International		57,900		08/09/22		EUR	98.21		EUR	5,578		(136,931	)
Taylor Wimpey PLC	Merrill Lynch International		674,000		08/09/22		GBP	1.33		GBP	786		(5,619	)
Diageo PLC	UBS AG		38,700		08/11/22		GBP	36.29		GBP	1,366		(37,531	)
Koninklijke KPN NV	UBS AG		789,100		08/11/22		EUR	3.47		EUR	2,684		(51,502	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	UBS AG		156,000		08/11/22		USD	508.65		USD	74,256		(29,178	)
Zurich Insurance Group AG	Goldman Sachs International		7,600		08/11/22		CHF	425.31		CHF	3,156		(58,280	)
EDP-Energias de Portugal SA	Morgan Stanley & Co. International PLC		104,700		08/16/22		EUR	4.65		EUR	466		(9,184	)
Epiroc AB, Class A	Merrill Lynch International		87,700		08/17/22		SEK	167.61		SEK	13,852		(34,672	)
Epiroc AB, Class A	Morgan Stanley & Co. International PLC		87,700		09/01/22		SEK	170.92		SEK	13,852		(36,770	)


												$	(3,712,494	)

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	$	3,308,915	$	(2,016,390	)	$	(6,470,808	)

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	$	—	$	—	$	6,470,808	$	—	$	—	$	—	$	6,470,808


60		2 0 2 2 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, 2022		BlackRock Enhanced Global Dividend Trust (BOE)

For the period ended June 30, 2022, 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	$	—	$	—	$	5,691,315	$	—	$	—	$	—	$	5,691,315


Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	2,914,829	$	—	$	—	$	—	$	2,914,829

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts written	$	8,333,591

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets		Liabilities
Derivative Financial Instruments
Options	$	—	$	6,470,808


Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		6,470,808


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(2,758,314	)


Total derivative assets and liabilities subject to an MNA	$	—	$	3,712,494

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.	$	3,339	$	—	$	—		$	—		$	3,339
Barclays Bank PLC		989		—		—			—			989
Citibank N.A.		14,166		—		—			—			14,166
Credit Suisse International		717,709		—		(717,709	)		—			—
Goldman Sachs International		996,183		—		(996,183	)		—			—
JPMorgan Chase Bank N.A.		892,465		—		(892,465	)		—			—
Merrill Lynch International		112,972		—		—			—			112,972
Morgan Stanley & Co. International PLC		834,702		—		(834,702	)		—			—
Royal Bank of Canada		5,290		—		—			—			5,290
UBS AG		134,679		—		—			(26,000	)		108,679

	$	3,712,494	$	—	$	(3,441,059	)	$	(26,000	)	$	245,435

(a)

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

(b)


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, 2022		BlackRock Enhanced Global Dividend Trust (BOE)

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Canada	$	17,656,684		$	—		$	—	$	17,656,684
Denmark		—			22,512,503			—		22,512,503
France		—			75,324,539			—		75,324,539
India		—			—			718,671		718,671
Indonesia		—			8,062,061			—		8,062,061
Ireland		17,086,874			—			—		17,086,874
Japan		—			11,106,402			—		11,106,402
Mexico		8,252,140			—			—		8,252,140
Netherlands		—			12,477,980			—		12,477,980
Portugal		—			18,447,115			—		18,447,115
Singapore		—			7,674,560			—		7,674,560
Sweden		—			12,085,933			—		12,085,933
Switzerland		11,158,287			14,799,892			—		25,958,179
Taiwan		—			27,893,684			—		27,893,684
United Kingdom		—			134,514,150			—		134,514,150
United States		315,456,914			—			—		315,456,914
Short-Term Securities
Money Market Funds		2,371,617			—			—		2,371,617

	$	371,982,516		$	344,898,819		$	718,671	$	717,600,006

Derivative Financial Instruments (a)
Liabilities
Equity Contracts	$	(2,423,980	)	$	(4,046,828	)	$	—	$	(6,470,808	)

(a)

Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.


62		2 0 2 2 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, 2022		BlackRock Enhanced International Dividend Trust (BGY) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Canada — 3.3%
TELUS Corp.		882,602	$	19,658,328


Denmark — 4.8%
Novo Nordisk A/S, Class B		254,077		28,177,725


France — 19.2%
Air Liquide SA		80,457		10,829,735
EssilorLuxottica SA		153,852		23,325,898
Kering SA		34,745		18,005,790
LVMH Moet Hennessy Louis Vuitton SE		26,362		16,156,679
Sanofi		290,085		29,253,919
Schneider Electric SE		130,926		15,600,550


				113,172,571

India — 3.1%
HDFC Bank Ltd.		994,804		17,040,109
Jasper Infotech Private Ltd., Series I, (Acquired 01/25/22, Cost: $3,948,600) (a)(b)(c)		848,000		1,075,939


				18,116,048

Indonesia — 1.8%
Bank Rakyat Indonesia Persero Tbk PT		38,965,000		10,881,582


Japan — 1.9%
KDDI Corp.		360,400		11,364,983


Mexico — 2.3%
Wal-Mart de Mexico SAB de CV		3,955,437		13,636,861


Netherlands — 2.9%
Koninklijke KPN NV		4,779,805		17,007,162


Portugal — 4.0%
EDP - Energias de Portugal SA		5,092,166		23,731,180


Singapore — 4.2%
DBS Group Holdings Ltd.		569,700		12,190,095
United Overseas Bank Ltd.		679,100		12,829,639


				25,019,734

Spain — 2.5%
Bankinter SA		2,348,631		14,690,349


Sweden — 2.5%
Epiroc AB, Class A		970,480		15,047,353


Switzerland — 2.1%
Zurich Insurance Group AG		27,837		12,138,972


Taiwan — 5.2%
MediaTek, Inc.		554,000		12,160,954
Taiwan Semiconductor Manufacturing Co. Ltd.		1,146,000		18,366,191


				30,527,145


Security	Shares		Value

United Kingdom — 28.2%
AstraZeneca PLC		217,832	$	28,736,775
BAE Systems PLC		1,000,554		10,129,603
Diageo PLC		510,690		22,058,080
Ferguson PLC		171,255		19,184,411
Prudential PLC		1,834,902		22,824,770
Reckitt Benckiser Group PLC		369,546		27,794,396
RELX PLC		820,936		22,200,526
Taylor Wimpey PLC		9,660,526		13,760,837


				166,689,398

United States (d)(e) — 10.4%
Baker Hughes Co., Class A		366,826		10,590,267
Estee Lauder Cos., Inc., Class A		67,274		17,132,669
Otis Worldwide Corp.		268,552		18,978,570
Visa, Inc., Class A		76,436		15,049,484


				61,750,990


Total Long-Term Investments — 98.4% (Cost: $554,589,060)				581,610,381


Short-Term Securities

Money Market Funds — 1.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (f)(g)		8,325,690		8,325,690


Total Short-Term Securities — 1.4% (Cost: $8,325,690)				8,325,690


Total Investments Before Options Written — 99.8% (Cost: $562,914,750)				589,936,071


Options Written — (1.0)% (Premiums Received: $(6,072,338))				(5,937,531	)


Total Investments, Net of Options Written — 98.8% (Cost: $556,842,412)				583,998,540

Other Assets Less Liabilities — 1.2%				6,915,204


Net Assets — 100.0%			$	590,913,744

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

(b)	Non-income producing security.

(c)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $1,075,939, representing 0.2% of its net assets as of period end, and an original cost of $3,948,600.

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

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

(f)	Affiliate of the Trust.

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

Affiliates


Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	5,586,240	$	2,739,450	(a)	$	—	$	—	$	—	$	8,325,690		8,325,690	$	13,794	$	—

(a)

Represents net amount purchased (sold).


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


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Enhanced International Dividend Trust (BGY)

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
Baker Hughes Co., Class A		850		07/15/22		USD	38.00		USD	2,454	$	(8,500	)
Estee Lauder Cos., Inc., Class A		166		07/15/22		USD	260.00		USD	4,228		(90,470	)
Otis Worldwide Corp.		155		07/15/22		USD	73.05		USD	1,095		(13,037	)
Visa, Inc., Class A		3		07/15/22		USD	215.00		USD	59		(131	)
Visa, Inc., Class A		66		07/15/22		USD	202.50		USD	1,299		(19,635	)
Visa, Inc., Class A		79		07/22/22		USD	225.00		USD	1,555		(1,936	)
Visa, Inc., Class A		40		07/22/22		USD	205.00		USD	788		(12,680	)
Visa, Inc., Class A		82		07/29/22		USD	210.00		USD	1,614		(26,568	)
Visa, Inc., Class A		41		08/05/22		USD	210.00		USD	807		(15,477	)
Visa, Inc., Class A		32		08/05/22		USD	205.00		USD	630		(17,440	)
Baker Hughes Co., Class A		800		08/12/22		USD	35.25		USD	2,310		(22,098	)
Otis Worldwide Corp.		590		08/12/22		USD	79.00		USD	4,170		(29,293	)
Otis Worldwide Corp.		463		08/19/22		USD	72.18		USD	3,272		(117,831	)
TELUS Corp.		1,739		08/19/22		CAD	29.00		CAD	4,986		(89,166	)


											$	(464,262	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
BAE Systems PLC	Morgan Stanley & Co. International PLC		236,500		07/06/22		GBP	7.78		GBP	1,963	$	(154,676	)
Bankinter SA	Credit Suisse International		540,600		07/06/22		EUR	5.48		EUR	3,218		(286,802	)
Relx PLC	Credit Suisse International		71,700		07/06/22		EUR	27.92		EUR	1,851		(374	)
TELUS Corp.	Royal Bank of Canada		111,600		07/06/22		CAD	32.17		CAD	3,200		(380	)
Wal-Mart de Mexico SAB de CV	Citibank N.A.		1,200,900		07/06/22		MXN	77.83		MXN	83,258		—
Reckitt Benckiser Group PLC	Morgan Stanley & Co. International PLC		51,700		07/08/22		GBP	64.17		GBP	3,190		(10,009	)
Taylor Wimpey PLC	Morgan Stanley & Co. International PLC		1,115,800		07/08/22		GBP	1.30		GBP	1,302		(272	)
United Overseas Bank Ltd.	UBS AG		156,600		07/08/22		SGD	30.21		SGD	4,111		—
KDDI Corp.	Bank of America N.A.		139,500		07/12/22		JPY	4,711.97		JPY	598,316		(4,140	)
Prudential PLC	JPMorgan Chase Bank N.A.		169,200		07/12/22		GBP	10.61		GBP	1,719		(33,048	)
Air Liquide SA	Goldman Sachs International		22,220		07/13/22		EUR	153.61		EUR	2,847		(35	)
EDP-Energias de Portugal SA	Goldman Sachs International		391,900		07/13/22		EUR	4.81		EUR	1,745		(3,075	)
EssilorLuxottica SA	UBS AG		16,800		07/13/22		EUR	157.64		EUR	2,401		(9,031	)
Zurich Insurance Group AG	UBS AG		6,300		07/13/22		CHF	448.41		CHF	2,616		(629	)
TELUS Corp.	Royal Bank of Canada		111,600		07/14/22		CAD	32.17		CAD	3,200		(5,036	)
Air Liquide SA	Merrill Lynch International		22,000		07/19/22		EUR	151.22		EUR	2,819		(213	)
DBS Group Holdings Ltd.	Goldman Sachs International		113,900		07/19/22		SGD	31.75		SGD	3,381		(3,392	)
EDP-Energias de Portugal SA	Goldman Sachs International		128,000		07/19/22		EUR	4.75		EUR	570		(2,817	)
LVMH Moet Hennessy Louis Vuitton SE	Goldman Sachs International		9,300		07/19/22		EUR	628.74		EUR	5,410		(32,782	)
Mediatek, Inc.	Morgan Stanley & Co. International PLC		225,817		07/19/22		USD	912.26		USD	147,007		(1,477	)
Novo Nisk, Class B	Credit Suisse International		14,900		07/19/22		DKK	789.60		DKK	11,729		(48,057	)
Prudential PLC	Morgan Stanley & Co. International PLC		119,800		07/19/22		GBP	10.81		GBP	1,217		(24,437	)
EssilorLuxottica SA	Goldman Sachs International		47,300		07/20/22		EUR	154.01		EUR	6,759		(76,580	)
Ferguson PLC	Goldman Sachs International		12,400		07/20/22		GBP	97.40		GBP	1,139		(14,507	)
Koninklijke KPN NV	Goldman Sachs International		1,075,000		07/20/22		EUR	3.44		EUR	3,656		(35,301	)
PPR S.A.	Credit Suisse International		11,400		07/20/22		EUR	529.32		EUR	5,587		(51,062	)
PPR S.A.	Goldman Sachs International		1,900		07/20/22		EUR	534.11		EUR	931		(7,158	)
Schneider Electric SE	Barclays Bank PLC		22,950		07/20/22		EUR	133.36		EUR	2,591		(1,144	)
Taylor Wimpey PLC	Goldman Sachs International		984,000		07/20/22		GBP	1.33		GBP	1,148		(486	)
Wal-Mart de Mexico SAB de CV	Citibank N.A.		579,000		07/20/22		MXN	70.40		MXN	40,142		(30,719	)
BAE Systems PLC	Morgan Stanley & Co. International PLC		113,800		07/26/22		GBP	8.16		GBP	945		(40,171	)
Reckitt Benckiser Group PLC	Morgan Stanley & Co. International PLC		77,600		07/26/22		GBP	61.08		GBP	4,788		(190,867	)
AstraZeneca PLC	Goldman Sachs International		59,900		07/27/22		GBP	99.22		GBP	6,469		(721,766	)
Diageo PLC	JPMorgan Chase Bank N.A.		69,500		07/27/22		GBP	35.10		GBP	2,454		(112,426	)
EDP-Energias de Portugal SA	Goldman Sachs International		82,500		07/27/22		EUR	4.58		EUR	367		(6,412	)
EDP-Energias de Portugal SA	Morgan Stanley & Co. International PLC		422,500		07/27/22		EUR	4.86		EUR	1,881		(6,516	)
Novo Nisk, Class B	Morgan Stanley & Co. International PLC		13,500		07/27/22		DKK	817.63		DKK	10,627		(32,662	)
Prudential PLC	Goldman Sachs International		183,100		07/27/22		GBP	11.18		GBP	1,860		(29,399	)


64		2 0 2 2 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, 2022		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)
Schneider Electric SE	Goldman Sachs International		22,950		07/27/22		EUR	132.69		EUR	2,591	$	(3,299	)
Taylor Wimpey PLC	Goldman Sachs International		1,132,000		07/27/22		GBP	1.30		GBP	1,320		(7,295	)
United Overseas Bank Ltd.	Goldman Sachs International		75,000		07/27/22		SGD	29.07		SGD	1,969		(337	)
Bankinter SA	Barclays Bank PLC		281,500		07/28/22		EUR	5.65		EUR	1,675		(136,468	)
Estee Lauder Cos., Inc., Class A	JPMorgan Chase Bank N.A.		13,600		07/28/22		USD	255.54		USD	3,464		(147,953	)
KDDI Corp.	JPMorgan Chase Bank N.A.		58,700		07/28/22		JPY	4,490.04		JPY	251,764		(14,460	)
Relx PLC	JPMorgan Chase Bank N.A.		100,800		07/28/22		EUR	24.79		EUR	2,603		(140,811	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	JPMorgan Chase Bank N.A.		160,000		07/28/22		USD	522.02		USD	76,160		(10,576	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Morgan Stanley & Co. International PLC		230,000		07/28/22		USD	524.80		USD	109,480		(13,370	)
BAE Systems PLC	Goldman Sachs International		100,000		08/02/22		GBP	7.93		GBP	830		(56,825	)
DBS Group Holdings Ltd.	UBS AG		142,500		08/02/22		SGD	31.39		SGD	4,229		(16,753	)
EDP-Energias de Portugal SA	Merrill Lynch International		587,300		08/02/22		EUR	4.63		EUR	2,615		(39,486	)
Ferguson PLC	JPMorgan Chase Bank N.A.		42,400		08/02/22		GBP	89.94		GBP	3,896		(268,480	)
Mediatek, Inc.	JPMorgan Chase Bank N.A.		28,000		08/02/22		USD	967.20		USD	18,228		(154	)
AstraZeneca PLC	Credit Suisse International		59,900		08/03/22		GBP	99.13		GBP	6,469		(767,193	)
Diageo PLC	JPMorgan Chase Bank N.A.		69,500		08/03/22		GBP	35.10		GBP	2,454		(117,464	)
Epiroc AB, Class A	JPMorgan Chase Bank N.A.		109,300		08/03/22		SEK	179.93		SEK	17,264		(10,115	)
Relx PLC	JPMorgan Chase Bank N.A.		83,000		08/03/22		EUR	24.77		EUR	2,143		(122,517	)
United Overseas Bank Ltd.	Morgan Stanley & Co. International PLC		74,000		08/03/22		SGD	27.67		SGD	1,943		(5,886	)
EDP-Energias de Portugal SA	Credit Suisse International		294,300		08/09/22		EUR	4.42		EUR	1,310		(47,227	)
EssilorLuxottica SA	Goldman Sachs International		10,700		08/09/22		EUR	141.92		EUR	1,529		(87,395	)
EssilorLuxottica SA	JPMorgan Chase Bank N.A.		9,800		08/09/22		EUR	144.68		EUR	1,400		(63,632	)
Ferguson PLC	Merrill Lynch International		22,300		08/09/22		GBP	95.94		GBP	2,049		(67,712	)
Novo Nisk, Class B	Morgan Stanley & Co. International PLC		85,900		08/09/22		DKK	796.64		DKK	67,620		(385,491	)
Prudential PLC	JPMorgan Chase Bank N.A.		170,100		08/09/22		GBP	9.70		GBP	1,728		(179,349	)
Relx PLC	JPMorgan Chase Bank N.A.		113,900		08/09/22		EUR	25.36		EUR	2,941		(128,114	)
Sanofi	Credit Suisse International		65,250		08/09/22		EUR	98.75		EUR	6,286		(140,450	)
Sanofi	Goldman Sachs International		65,300		08/09/22		EUR	98.21		EUR	6,291		(154,431	)
Taylor Wimpey PLC	Merrill Lynch International		1,115,000		08/09/22		GBP	1.33		GBP	1,301		(9,295	)
Diageo PLC	UBS AG		90,900		08/11/22		GBP	36.29		GBP	3,209		(88,154	)
Koninklijke KPN NV	UBS AG		1,075,900		08/11/22		EUR	3.47		EUR	3,659		(70,220	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	UBS AG		125,000		08/11/22		USD	508.65		USD	59,500		(23,380	)
Zurich Insurance Group AG	Goldman Sachs International		6,300		08/11/22		CHF	425.31		CHF	2,616		(48,311	)
EDP-Energias de Portugal SA	Morgan Stanley & Co. International PLC		385,000		08/16/22		EUR	4.65		EUR	1,714		(33,770	)
Epiroc AB, Class A	Merrill Lynch International		109,300		08/17/22		SEK	167.61		SEK	17,264		(43,212	)
Epiroc AB, Class A	Morgan Stanley & Co. International PLC		109,300		09/01/22		SEK	170.92		SEK	17,264		(45,826	)


												$	(5,473,269	)

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	$	2,538,578	$	(2,403,771	)	$	(5,937,531	)

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	$	—	$	—	$	5,937,531	$	—	$	—	$	—	$	5,937,531


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, 2022		BlackRock Enhanced International Dividend Trust (BGY)

For the period ended June 30, 2022, 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	$	—	$	—	$	935,870	$	—	$	—	$	—	$	935,870


Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	2,361,202	$	—	$	—	$	—	$	2,361,202

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts written	$	6,836,414

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	$	—	$	5,937,531


Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		5,937,531


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(464,262	)


Total derivative assets and liabilities subject to an MNA	$	—	$	5,473,269

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.	$	4,140	$	—	$	—		$	—		$	4,140
Barclays Bank PLC		137,612		—		—			(34,000)			103,612
Citibank N.A.		30,719		—		—			—			30,719
Credit Suisse International		1,341,165		—		(1,341,165	)		—			—
Goldman Sachs International		1,291,603		—		(1,291,603	)		—			—
JPMorgan Chase Bank N.A.		1,349,099		—		(1,349,099	)		—			—
Merrill Lynch International		159,918		—		—			—			159,918
Morgan Stanley & Co. International PLC		945,430		—		(624,430	)		(321,000	)		—
Royal Bank of Canada		5,416		—		—			—			5,416
UBS AG		208,167		—		(208,167	)		—			—


	$	5,473,269	$	—	$	(4,814,464	)	$	(355,000	)	$	303,805

(a)

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

(b)


66		2 0 2 2 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, 2022		BlackRock Enhanced International Dividend Trust (BGY)

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Canada	$	19,658,328	$	—	$	—	$	19,658,328
Denmark		—		28,177,725		—		28,177,725
France		—		113,172,571		—		113,172,571
India		—		17,040,109		1,075,939		18,116,048
Indonesia		—		10,881,582		—		10,881,582
Japan		—		11,364,983		—		11,364,983
Mexico		13,636,861		—		—		13,636,861
Netherlands		—		17,007,162		—		17,007,162
Portugal		—		23,731,180		—		23,731,180
Singapore		—		25,019,734		—		25,019,734
Spain		—		14,690,349		—		14,690,349
Sweden		—		15,047,353		—		15,047,353
Switzerland		—		12,138,972		—		12,138,972
Taiwan		—		30,527,145		—		30,527,145
United Kingdom		—		166,689,398		—		166,689,398
United States		61,750,990		—		—		61,750,990
Short-Term Securities
Money Market Funds		8,325,690		—		—		8,325,690


	$	103,371,869	$	485,488,263	$	1,075,939	$	589,936,071

Derivative Financial Instruments (a)
Liabilities
Equity Contracts	$	(282,003)	$	(5,655,528)	$	—	$	(5,937,531)

(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		67


Schedule of Investments (unaudited) June 30, 2022		BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 18.3%
AbbVie, Inc.		133,468	$	20,441,959
Acumen Pharmaceuticals, Inc. (a)		152,651		717,460
Alkermes PLC (a)		22,001		655,410
Alnylam Pharmaceuticals, Inc. (a)		15,583		2,272,781
Ambrx Biopharma, Inc., ADR (a)		43,409		115,034
Amgen, Inc. (b)		67,126		16,331,756
Arcutis Biotherapeutics, Inc. (a)		42,854		913,219
Argenx SE, ADR (a)		6,666		2,525,614
Biogen, Inc. (a)		39,237		8,001,994
BioMarin Pharmaceutical, Inc. (a)		34,340		2,845,756
Cerevel Therapeutics Holdings, Inc. (a)		16,785		443,795
Decibel Therapeutics, Inc. (a)		46,884		197,382
Design Therapeutics, Inc. (a)		13,967		195,538
Enanta Pharmaceuticals, Inc. (a)		3,150		148,901
Everest Medicines Ltd. (a)(c)		30,500		87,631
Exact Sciences Corp. (a)		15,501		610,584
Genmab A/S (a)		2,498		810,463
Genmab A/S, ADR (a)		16,911		549,438
Gilead Sciences, Inc.		135,169		8,354,796
Horizon Therapeutics PLC (a)		17,217		1,373,228
Imago Biosciences, Inc. (a)		47,824		640,363
Immuneering Corp., Class A (a)(d)		14,456		78,207
Immunocore Holdings PLC, ADR (a)		9,668		360,713
Incyte Corp. (a)		26,918		2,044,960
Ionis Pharmaceuticals, Inc. (a)		15,110		559,372
Krystal Biotech, Inc. (a)		4,198		275,641
Moderna, Inc. (a)		29,223		4,174,506
Monte Rosa Therapeutics, Inc. (a)		28,575		276,320
MoonLake Immunotherapeutics (a)(d)		11,715		61,504
Neurocrine Biosciences, Inc. (a)		23,254		2,266,800
PMV Pharmaceuticals, Inc. (a)		17,490		249,232
Point Biopharma Global, Inc. (a)(d)		27,000		183,870
Prothena Corp. PLC (a)		17,159		465,867
Regeneron Pharmaceuticals, Inc. (a)		9,757		5,767,655
Revolution Medicines, Inc. (a)		10,535		205,327
Sarepta Therapeutics, Inc. (a)		22,753		1,705,565
Seagen, Inc. (a)		20,872		3,693,092
Sierra Oncology, Inc. (a)		10,571		581,299
Sigilon Therapeutics, Inc. (a)		19,555		16,231
Talaris Therapeutics, Inc. (a)		23,939		107,965
Tenaya Therapeutics, Inc. (a)		25,502		143,576
TScan Therapeutics, Inc. (a)		29,940		94,161
Vertex Pharmaceuticals, Inc. (a)		41,974		11,827,853

				103,372,818

Diversified Financial Services (a) — 0.3%
Health Assurance Acquisition Corp., Class A		90,235		891,522
Health Sciences Acquisitions Corp. 2		13,696		136,412
MedTech Acquisition Corp., Class A		42,753		420,690

				1,448,624

Health Care Equipment & Supplies — 14.8%
Abbott Laboratories (b)		206,357		22,420,688
ABIOMED, Inc. (a)		14,359		3,553,996
Alcon, Inc.		53,199		3,718,078
Bausch & Lomb Corp. (a)(d)		75,830		1,155,649
Baxter International, Inc.		71,467		4,590,325
Boston Scientific Corp. (a)		260,597		9,712,450
Cooper Cos., Inc.		5,056		1,583,135
DexCom, Inc. (a)		41,320		3,079,580


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corp. (a)		42,331	$	4,025,255
Insulet Corp. (a)		7,050		1,536,477
Intuitive Surgical, Inc. (a)		20,504		4,115,358
Medtronic PLC		91,659		8,226,395
Nevro Corp. (a)		41,187		1,805,226
Novocure Ltd. (a)		10,555		733,573
Omnicell, Inc. (a)		6,425		730,844
ResMed, Inc.		20,674		4,333,891
Stryker Corp.		30,152		5,998,137
Teleflex, Inc.		4,190		1,030,111
Zimmer Biomet Holdings, Inc.		14,617		1,535,662

				83,884,830

Health Care Providers & Services — 23.3%
Agiliti, Inc. (a)		75,106		1,540,424
Agilon Health, Inc. (a)		21,477		468,843
Amedisys, Inc. (a)		22,677		2,383,806
AmerisourceBergen Corp.		53,668		7,592,949
Centene Corp. (a)		70,991		6,006,549
Cigna Corp.		53,494		14,096,739
CVS Health Corp.		45,115		4,180,356
Elevance Health, Inc. (b)		35,882		17,315,936
Encompass Health Corp.		43,989		2,465,583
Guardant Health, Inc. (a)		11,675		470,969
HCA Healthcare, Inc.		8,085		1,358,765
Henry Schein, Inc. (a)		14,175		1,087,789
LHC Group, Inc. (a)		20,224		3,149,686
McKesson Corp.		23,385		7,628,421
Quest Diagnostics, Inc.		58,849		7,825,740
UnitedHealth Group, Inc. (b)		105,815		54,349,758

				131,922,313

Health Care Technology — 0.1%
Teladoc Health, Inc. (a)		18,461		613,090


Life Sciences Tools & Services — 10.6%
10X Genomics, Inc., Class A (a)		8,445		382,136
Agilent Technologies, Inc.		62,230		7,391,057
Avantor, Inc. (a)		125,192		3,893,471
Danaher Corp.		53,025		13,442,898
Icon PLC (a)		9,290		2,013,143
IQVIA Holdings, Inc. (a)		22,533		4,889,436
IsoPlexis Corp. (a)		30,336		65,526
Nautilus Biotechnology, Inc. (a)		16,560		44,546
QIAGEN NV (a)		25,121		1,185,711
Rapid Micro Biosystems, Inc., Class A (a)(d)		20,561		88,412
Thermo Fisher Scientific, Inc. (e)		41,358		22,468,974
Waters Corp. (a)		10,760		3,561,345
West Pharmaceutical Services, Inc.		2,815		851,172

				60,277,827

Pharmaceuticals — 27.2%
AstraZeneca PLC		75,201		9,920,646
AstraZeneca PLC, ADR		24,607		1,625,784
Bristol-Myers Squibb Co.		108,356		8,343,412
Daiichi Sankyo Co. Ltd.		104,800		2,665,324
Eli Lilly & Co.		87,986		28,527,701
Hansoh Pharmaceutical Group Co. Ltd. (c)		882,438		1,786,883
Johnson & Johnson (b)(e)		171,201		30,389,890
Merck & Co., Inc. (b)		221,709		20,213,210
Pfizer, Inc. (b)		466,186		24,442,132
Roche Holding AG		5,766		1,927,573


68		2 0 2 2 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, 2022		BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Sanofi		81,522	$	8,221,170
Sanofi, ADR		62,750		3,139,382
Zoetis, Inc., Class A		74,312		12,773,490

				153,976,597


Total Common Stocks — 94.6% (Cost: $385,232,243)				535,496,099


	Benefical Interest (000)

Other Interests

Pharmaceuticals — 0.0%
Afferent Pharmaceuticals, Inc. (f)(g)	$	190		150,226


Total Other Interests — 0.0% (Cost: $ — )				150,226


	Shares

Preferred Securities

Preferred Stocks — 0.9% (f)(h)

Biotechnology — 0.3%
Affinvax, Inc., Series C, (Acquired 01/06/21, Cost: $199,992)		6,331		400,816
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002)		44,167		212,002
Goldfinch Biopharma, Inc., Series B, (Acquired 06/26/20, Cost: $224,200)		190,000		254,600
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800)		21,100		531,720
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $260,568)		106,790		260,567

				1,659,705

Health Care Equipment & Supplies — 0.3%
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999)		101,741		397,807
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001)		367,395		988,292
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759)		4,243,029		340,893
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998)		92,580		205,528

				1,932,520

Pharmaceuticals — 0.1%
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000)		30,616		391,885


Software — 0.2%
Carbon Health Technologies, Inc., (Acquired 07/09/21, Cost: $907,000)		907		892,189


				4,876,299


Total Preferred Securities — 0.9% (Cost: $5,476,319)				4,876,299


Security	Shares		Value

Warrants

Diversified Financial Services — 0.0%
Health Assurance Acquisition Corp. (Expires 11/12/2025) (a)		12,859	$	1,733


Health Care Providers & Services — 0.0%
CareMax, Inc. (Expires 06/08/2026) (a)		4,201		2,731


Pharmaceuticals — 0.0%
Nuvation Bio, Inc. (Expires 7/7/2027) (a)		4,050		1,134


Total Warrants — 0.0% (Cost: $53,161)				5,598


Total Long-Term Investments — 95.5% (Cost: $390,761,723)				540,528,222


Short-Term Securities

Money Market Funds — 5.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (i)(j)		31,712,586		31,712,585
SL Liquidity Series, LLC, Money Market Series, 1.73% (i)(j)(k)		588,991		588,874


Total Short-Term Securities — 5.7% (Cost: $32,301,485)				32,301,459


Total Investments Before Options Written — 101.2% (Cost: $423,063,208)				572,829,681


Options Written — (1.1)% (Premiums Received: $(4,879,676))				(6,201,260	)


Total Investments, Net of Options Written — 100.1% (Cost: $418,183,532)				566,628,421

Liabilities in Excess of Other Assets — (0.1)%				(567,492	)


Net Assets — 100.0%			$	566,060,929

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

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

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

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

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

(h)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $4,876,299, representing 0.9% of its net assets as of period end, and an original cost of $5,476,319.

(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.


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, 2022		BlackRock Health Sciences Trust (BME)

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 06/30/22		Shares Held at 06/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	27,581,316	$	4,131,269	(a)	$	—	$	—		$	—		$	31,712,585		31,712,586	$	58,372		$	—
SL Liquidity Series, LLC, Money Market Series		211,489		377,587	(a)		—		(184	)		(18	)		588,874		588,991		6,274	(b)		—

								$	(184	)	$	(18	)	$	32,301,459			$	64,646		$	—

(a)

Represents net amount purchased (sold).

(b)

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
AmerisourceBergen Corp.		44		07/01/22	USD	160.00	USD	623	$	(1,100)
Baxter International, Inc.		124		07/01/22	USD	75.00	USD	796		(620)
Biogen, Inc.		75		07/01/22	USD	205.00	USD	1,530		(10,125)
Boston Scientific Corp.		86		07/01/22	USD	41.00	USD	321		(6,450)
Centene Corp.		112		07/01/22	USD	86.00	USD	948		(1,400)
Cigna Corp.		111		07/01/22	USD	265.00	USD	2,925		(18,037)
McKesson Corp.		19		07/01/22	USD	330.00	USD	620		(1,663)
UnitedHealth Group, Inc.		65		07/01/22	USD	505.00	USD	3,339		(64,187)
Abbott Laboratories		170		07/08/22	USD	109.00	USD	1,847		(25,585)
AbbVie, Inc.		201		07/08/22	USD	150.00	USD	3,079		(92,460)
AmerisourceBergen Corp.		136		07/08/22	USD	155.00	USD	1,924		(28,560)
Amgen, Inc.		59		07/08/22	USD	245.00	USD	1,435		(11,889)
Anthem, Inc.		50		07/08/22	USD	465.00	USD	2,413		(100,750)
Anthem, Inc.		18		07/08/22	USD	477.50	USD	869		(19,980)
Baxter International, Inc.		18		07/08/22	USD	67.50	USD	116		(900)
Biogen, Inc.		74		07/08/22	USD	210.00	USD	1,509		(14,060)
Centene Corp.		87		07/08/22	USD	85.00	USD	736		(11,528)
Cigna Corp.		70		07/08/22	USD	260.00	USD	1,845		(48,300)
Edwards Lifesciences Corp.		117		07/08/22	USD	105.00	USD	1,113		(26,325)
McKesson Corp.		32		07/08/22	USD	345.00	USD	1,044		(3,840)
UnitedHealth Group, Inc.		2		07/08/22	USD	515.00	USD	103		(1,650)
Vertex Pharmaceuticals, Inc.		55		07/08/22	USD	285.00	USD	1,550		(17,050)
10X Genomics, Inc., Class A		32		07/15/22	USD	40.00	USD	145		(22,560)
Abbott Laboratories		236		07/15/22	USD	120.00	USD	2,564		(2,006)
ABIOMED, Inc.		29		07/15/22	USD	272.00	USD	718		(4,185)
Agilent Technologies, Inc.		30		07/15/22	USD	130.00	USD	356		(825)
Agilent Technologies, Inc.		60		07/15/22	USD	135.00	USD	713		(4,500)
Agilent Technologies, Inc.		20		07/15/22	USD	120.00	USD	238		(4,900)
Agilon Health, Inc.		41		07/15/22	USD	22.50	USD	90		(3,895)
Alkermes PLC		20		07/15/22	USD	31.00	USD	60		(1,950)
Alnylam Pharmaceuticals, Inc.		43		07/15/22	USD	160.00	USD	627		(45,795)
Amedisys, Inc.		40		07/15/22	USD	135.00	USD	420		(11,200)
AmerisourceBergen Corp.		3		07/15/22	USD	150.00	USD	42		(135)
Amgen, Inc.		70		07/15/22	USD	250.00	USD	1,703		(9,590)
Anthem, Inc.		50		07/15/22	USD	480.00	USD	2,413		(62,750)
Arcutis Biotherapeutics, Inc.		54		07/15/22	USD	25.00	USD	115		(1,755)
Argenx SE		8		07/15/22	USD	350.00	USD	303		(26,680)
Avantor, Inc.		245		07/15/22	USD	31.25	USD	762		(18,644)
Baxter International, Inc.		17		07/15/22	USD	67.50	USD	109		(595)
Baxter International, Inc.		79		07/15/22	USD	68.00	USD	507		(4,740)
BioMarin Pharmaceutical, Inc.		61		07/15/22	USD	90.00	USD	506		(3,965)


70		2 0 2 2 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, 2022		BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
BioMarin Pharmaceutical, Inc.		2		07/15/22	USD	85.00	USD	17	$	(290)
Boston Scientific Corp.		43		07/15/22	USD	40.00	USD	160		(968)
Centene Corp.		70		07/15/22	USD	87.50	USD	592		(7,350)
Cerevel Therapeutics Holdings, Inc.		31		07/15/22	USD	30.00	USD	82		(5,270)
Cigna Corp.		22		07/15/22	USD	270.00	USD	580		(8,910)
Cooper Cos., Inc.		13		07/15/22	USD	350.00	USD	407		(6,240)
Danaher Corp.		79		07/15/22	USD	270.00	USD	2,003		(11,060)
Danaher Corp.		10		07/15/22	USD	250.00	USD	254		(9,150)
DexCom, Inc.		84		07/15/22	USD	85.00	USD	626		(3,990)
Eli Lilly & Co.		125		07/15/22	USD	320.00	USD	4,053		(140,312)
Encompass Health Corp.		167		07/15/22	USD	60.00	USD	936		(16,700)
Exact Sciences Corp.		58		07/15/22	USD	45.00	USD	228		(3,770)
Gilead Sciences, Inc.		38		07/15/22	USD	63.00	USD	235		(2,223)
Guardant Health, Inc.		22		07/15/22	USD	45.00	USD	89		(2,365)
Henry Schein, Inc.		80		07/15/22	USD	80.00	USD	614		(6,000)
Horizon Therapeutics PLC		41		07/15/22	USD	100.00	USD	327		(9,123)
Immunocore Holdings PLC		18		07/15/22	USD	30.00	USD	67		(15,390)
Incyte Corp.		102		07/15/22	USD	72.50	USD	775		(41,565)
Insulet Corp.		13		07/15/22	USD	220.00	USD	283		(12,350)
Intuitive Surgical, Inc.		57		07/15/22	USD	240.00	USD	1,144		(2,138)
Intuitive Surgical, Inc.		20		07/15/22	USD	215.00	USD	401		(4,500)
Ionis Pharmaceuticals, Inc.		14		07/15/22	USD	45.00	USD	52		(245)
Ionis Pharmaceuticals, Inc.		14		07/15/22	USD	40.00	USD	52		(980)
IQVIA Holdings, Inc.		26		07/15/22	USD	210.00	USD	564		(27,430)
Johnson & Johnson		78		07/15/22	USD	180.00	USD	1,385		(14,118)
Johnson & Johnson		78		07/15/22	USD	182.50	USD	1,385		(7,722)
Krystal Biotech, Inc.		10		07/15/22	USD	60.00	USD	66		(7,100)
Merck & Co., Inc.		336		07/15/22	USD	92.50	USD	3,063		(42,504)
Moderna, Inc.		58		07/15/22	USD	145.00	USD	829		(40,455)
Neurocrine Biosciences, Inc.		44		07/15/22	USD	90.00	USD	429		(36,740)
Nevro Corp.		61		07/15/22	USD	45.00	USD	267		(12,505)
Novocure Ltd.		40		07/15/22	USD	75.00	USD	278		(7,600)
Pfizer, Inc.		199		07/15/22	USD	55.00	USD	1,043		(7,861)
Qiagen NV		17		07/15/22	USD	45.00	USD	80		(4,505)
Quest Diagnostics, Inc.		46		07/15/22	USD	150.00	USD	612		(5,175)
Regeneron Pharmaceuticals, Inc.		22		07/15/22	USD	690.00	USD	1,300		(1,980)
ResMed, Inc.		35		07/15/22	USD	210.00	USD	734		(19,075)
ResMed, Inc.		43		07/15/22	USD	220.00	USD	901		(8,385)
Revolution Medicines, Inc.		20		07/15/22	USD	22.50	USD	39		(550)
Sanofi, ADR		134		07/15/22	USD	55.00	USD	670		(1,675)
Sarepta Therapeutics, Inc.		59		07/15/22	USD	85.00	USD	442		(13,275)
Seagen, Inc.		64		07/15/22	USD	155.00	USD	1,132		(156,800)
Teladoc Health, Inc.		30		07/15/22	USD	40.00	USD	100		(1,170)
UnitedHealth Group, Inc.		209		07/15/22	USD	480.00	USD	10,735		(784,272)
Vertex Pharmaceuticals, Inc.		54		07/15/22	USD	285.00	USD	1,522		(33,210)
West Pharmaceutical Services, Inc.		5		07/15/22	USD	310.00	USD	151		(2,950)
Zimmer Biomet Holdings, Inc.		40		07/15/22	USD	115.00	USD	420		(1,100)
Zoetis, Inc., Class A		119		07/15/22	USD	175.00	USD	2,045		(26,180)
Zoetis, Inc., Class A		39		07/15/22	USD	180.00	USD	670		(6,435)
Abbott Laboratories		103		07/22/22	USD	112.00	USD	1,119		(16,377)
AbbVie, Inc.		201		07/22/22	USD	150.00	USD	3,079		(111,555)
AmerisourceBergen Corp.		17		07/22/22	USD	155.00	USD	241		(808)
Amgen, Inc.		60		07/22/22	USD	250.00	USD	1,460		(16,470)
Anthem, Inc.		19		07/22/22	USD	485.00	USD	917		(28,025)
AstraZeneca PLC		93		07/22/22	USD	65.00	USD	614		(22,785)
Baxter International, Inc.		77		07/22/22	USD	75.00	USD	495		(9,625)
Boston Scientific Corp.		273		07/22/22	USD	43.00	USD	1,017		(17,745)
Bristol-Myers Squibb Co.		287		07/22/22	USD	78.00	USD	2,210		(34,153)
CVS Health Corp.		25		07/22/22	USD	97.00	USD	232		(1,650)
Gilead Sciences, Inc.		82		07/22/22	USD	63.00	USD	507		(7,380)
Gilead Sciences, Inc.		100		07/22/22	USD	61.00	USD	618		(27,600)
Gilead Sciences, Inc.		39		07/22/22	USD	65.00	USD	241		(1,326)


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, 2022		BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Johnson & Johnson		338		07/22/22	USD	180.00	USD	6,000	$	(92,950)
McKesson Corp.		17		07/22/22	USD	330.00	USD	555		(11,730)
Medtronic PLC		93		07/22/22	USD	99.00	USD	835		(3,348)
Merck & Co., Inc.		260		07/22/22	USD	92.00	USD	2,370		(48,100)
Moderna, Inc.		53		07/22/22	USD	140.00	USD	757		(59,227)
Pfizer, Inc.		199		07/22/22	USD	55.00	USD	1,043		(11,244)
Pfizer, Inc.		138		07/22/22	USD	52.00	USD	724		(24,909)
Teladoc Health, Inc.		30		07/22/22	USD	38.00	USD	100		(3,180)
UnitedHealth Group, Inc.		126		07/22/22	USD	505.00	USD	6,472		(280,980)
Vertex Pharmaceuticals, Inc.		50		07/22/22	USD	270.00	USD	1,409		(80,750)
Waters Corp.		40		07/28/22	USD	333.00	USD	1,324		(50,547)
Abbott Laboratories		169		07/29/22	USD	111.00	USD	1,836		(40,306)
AmerisourceBergen Corp.		1		07/29/22	USD	150.00	USD	14		(133)
AmerisourceBergen Corp.		2		07/29/22	USD	155.00	USD	28		(125)
Amgen, Inc.		66		07/29/22	USD	250.00	USD	1,606		(20,031)
Baxter International, Inc.		40		07/29/22	USD	70.00	USD	257		(2,200)
Boston Scientific Corp.		265		07/29/22	USD	37.00	USD	988		(47,037)
CVS Health Corp.		108		07/29/22	USD	92.00	USD	1,001		(32,238)
Edwards Lifesciences Corp.		89		07/29/22	USD	90.00	USD	846		(69,420)
Eli Lilly & Co.		209		07/29/22	USD	325.00	USD	6,776		(245,052)
Gilead Sciences, Inc.		254		07/29/22	USD	60.00	USD	1,570		(89,408)
Johnson & Johnson		155		07/29/22	USD	175.00	USD	2,751		(93,775)
Medtronic PLC		22		07/29/22	USD	95.00	USD	197		(1,254)
Medtronic PLC		108		07/29/22	USD	90.00	USD	969		(23,220)
Sarepta Therapeutics, Inc.		17		07/29/22	USD	80.00	USD	127		(6,630)
Abbott Laboratories		100		08/05/22	USD	111.00	USD	1,087		(27,850)
Boston Scientific Corp.		323		08/05/22	USD	40.00	USD	1,204		(23,417)
Bristol-Myers Squibb Co.		124		08/05/22	USD	79.00	USD	955		(18,166)
CVS Health Corp.		38		08/05/22	USD	97.00	USD	352		(5,529)
Medtronic PLC		125		08/05/22	USD	92.00	USD	1,122		(31,875)
Pfizer, Inc.		820		08/05/22	USD	53.00	USD	4,299		(141,040)
Teladoc Health, Inc.		10		08/05/22	USD	39.00	USD	33		(1,940)
AbbVie, Inc.		104		08/19/22	USD	160.00	USD	1,593		(31,356)
Agilent Technologies, Inc.		83		08/19/22	USD	125.00	USD	986		(29,880)
Agilon Health, Inc.		40		08/19/22	USD	22.50	USD	87		(8,900)
Alcon, Inc.		28		08/19/22	USD	72.50	USD	196		(6,300)
Alkermes PLC		24		08/19/22	USD	30.00	USD	71		(4,380)
Alnylam Pharmaceuticals, Inc.		16		08/19/22	USD	170.00	USD	233		(28,800)
Amedisys, Inc.		45		08/19/22	USD	130.00	USD	473		(8,775)
Arcutis Biotherapeutics, Inc.		55		08/19/22	USD	22.50	USD	117		(13,612)
Arcutis Biotherapeutics, Inc.		53		08/19/22	USD	25.00	USD	113		(5,830)
Argenx SE		17		08/19/22	USD	370.00	USD	644		(56,695)
Avantor, Inc.		230		08/19/22	USD	32.50	USD	715		(27,025)
Bausch & Lomb Corp.		144		08/19/22	USD	17.50	USD	219		(9,000)
BioMarin Pharmaceutical, Inc.		67		08/19/22	USD	77.00	USD	555		(61,537)
Cerevel Therapeutics Holdings, Inc.		32		08/19/22	USD	35.00	USD	85		(8,400)
Cooper Cos., Inc.		6		08/19/22	USD	340.00	USD	188		(3,300)
Danaher Corp.		112		08/19/22	USD	280.00	USD	2,839		(39,200)
DexCom, Inc.		73		08/19/22	USD	75.00	USD	544		(48,180)
Enanta Pharmaceuticals, Inc.		11		08/19/22	USD	45.00	USD	52		(7,865)
Genmab A/S		64		08/19/22	USD	30.00	USD	208		(25,120)
Guardant Health, Inc.		22		08/19/22	USD	45.00	USD	89		(7,920)
HCA Healthcare, Inc.		44		08/19/22	USD	195.00	USD	739		(9,790)
Horizon Therapeutics PLC		40		08/19/22	USD	90.00	USD	319		(9,600)
Icon PLC		35		08/19/22	USD	220.00	USD	758		(44,275)
IQVIA Holdings, Inc.		26		08/19/22	USD	220.00	USD	564		(26,390)
IQVIA Holdings, Inc.		33		08/19/22	USD	230.00	USD	716		(21,120)
Krystal Biotech, Inc.		10		08/19/22	USD	60.00	USD	66		(9,350)
Merck & Co., Inc.		246		08/19/22	USD	95.00	USD	2,243		(47,601)
Neurocrine Biosciences, Inc.		44		08/19/22	USD	95.00	USD	429		(34,320)
Omnicell, Inc.		24		08/19/22	USD	125.00	USD	273		(8,100)
Pfizer, Inc.		415		08/19/22	USD	52.50	USD	2,176		(96,280)


72		2 0 2 2 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, 2022		BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Qiagen NV		78		08/19/22	USD	47.00	USD	368	$	(21,844)
Quest Diagnostics, Inc.		40		08/19/22	USD	135.00	USD	532		(17,400)
Quest Diagnostics, Inc.		91		08/19/22	USD	145.00	USD	1,210		(11,603)
Regeneron Pharmaceuticals, Inc.		15		08/19/22	USD	615.00	USD	887		(29,925)
Sanofi, ADR		104		08/19/22	USD	51.25	USD	520		(15,620)
Sarepta Therapeutics, Inc.		10		08/19/22	USD	90.00	USD	75		(2,375)
Seagen, Inc.		111		08/19/22	USD	180.00	USD	1,964		(150,405)
Stryker Corp.		114		08/19/22	USD	210.00	USD	2,268		(66,120)
Thermo Fisher Scientific, Inc.		148		08/19/22	USD	550.00	USD	8,041		(342,620)
Zimmer Biomet Holdings, Inc.		15		08/19/22	USD	110.00	USD	158		(4,950)
Zoetis, Inc., Class A		116		08/19/22	USD	165.50	USD	1,994		(140,046)
ABIOMED, Inc.		25		09/16/22	USD	270.00	USD	619		(35,375)

									$	(5,779,084)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Daiichi Sankyo Co. Ltd.	Goldman Sachs International		22,600		07/06/22		JPY	3,500.12		JPY	77,676	$	(6,388)
Roche Holding AG	Morgan Stanley & Co. International PLC		1,100		07/06/22		CHF	330.67		CHF	350		(587)
Alkermes PLC	Citibank N.A.		1,900		07/07/22		USD	31.06		USD	57		(977)
Alcon, Inc.	Barclays Bank PLC		6,900		07/11/22		USD	75.62		USD	482		(821)
Alcon, Inc.	Citibank N.A.		6,800		07/11/22		USD	74.49		USD	475		(1,545)
AstraZeneca PLC	Merrill Lynch International		21,900		07/19/22		GBP	108.29		GBP	2,365		(67,565)
Daiichi Sankyo Co. Ltd.	Goldman Sachs International		10,400		07/20/22		JPY	3,517.50		JPY	35,745		(5,542)
Alcon, Inc.	Bank of America N.A.		3,700		07/25/22		USD	76.85		USD	259		(1,515)
Alkermes PLC	Citibank N.A.		2,000		07/26/22		USD	30.69		USD	60		(1,754)
Teleflex, Inc.	Barclays Bank PLC		1,500		07/26/22		USD	261.64		USD	369		(5,853)
West Pharmaceutical Services, Inc.	JPMorgan Chase Bank N.A.		500		07/26/22		USD	316.62		USD	151		(3,439)
AstraZeneca PLC	Goldman Sachs International		3,000		07/27/22		GBP	99.22		GBP	324		(36,148)
Agilent Technologies, Inc.	JPMorgan Chase Bank N.A.		4,300		07/28/22		USD	118.64		USD	511		(20,434)
Hansoh Pharmaceutical Group Ltd.	Goldman Sachs International		110,000		07/28/22		HKD	13.87		HKD	1,742		(33,311)
Insulet Corp.	Barclays Bank PLC		1,300		07/28/22		USD	216.11		USD	283		(19,220)
Quest Diagnostics, Inc.	Bank of America N.A.		4,600		07/28/22		USD	139.79		USD	612		(8,594)
Roche Holding AG	JPMorgan Chase Bank N.A.		1,000		07/28/22		CHF	309.78		CHF	319		(14,153)
AstraZeneca PLC	Credit Suisse International		3,000		08/03/22		GBP	99.13		GBP	324		(38,424)
Hansoh Pharmaceutical Group Ltd.	JPMorgan Chase Bank N.A.		158,000		08/03/22		HKD	14.42		HKD	2,503		(42,138)
Ionis Pharmaceuticals, Inc.	Barclays Bank PLC		2,900		08/03/22		USD	35.48		USD	107		(10,484)
Daiichi Sankyo Co. Ltd.	JPMorgan Chase Bank N.A.		6,800		08/09/22		JPY	3,226.10		JPY	23,372		(15,561)
Sanofi	Credit Suisse International		15,200		08/09/22		EUR	98.75		EUR	1,464		(32,718)
Sanofi	Goldman Sachs International		15,700		08/09/22		EUR	98.21		EUR	1,513		(37,130)
Genmab A/S	Goldman Sachs International		900		08/11/22		DKK	2,371.95		DKK	2,067		(11,138)
Hansoh Pharmaceutical Group Ltd.	Goldman Sachs International		66,000		08/11/22		HKD	17.40		HKD	1,045		(6,737)

												$	(422,176)

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	$	955,304	$	(2,276,888	)	$	(6,201,260)


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, 2022		BlackRock Health Sciences Trust (BME)

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	$	—	$	—	$	6,201,260	$	—	$	—	$	—	$	6,201,260

For the period ended June 30, 2022, 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)	$	—	$	—	$	(274	)	$	—	$	—	$	—	$	(274	)
Options written		—		—		6,064,252			—		—		—		6,064,252

	$	—	$	—	$	6,063,978		$	—	$	—	$	—	$	6,063,978

Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	2,413,383		$	—	$	—	$	—	$	2,413,383

(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	$	25
Average value of option contracts written	$	(6,807,414	)

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets		Liabilities
Derivative Financial Instruments
Options	$	—	$	6,201,260

Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		6,201,260

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(5,779,084	)

Total derivative assets and liabilities subject to an MNA	$	—	$	422,176


74		2 0 2 2 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, 2022		BlackRock Health Sciences Trust (BME)

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.	$	10,109	$	—	$	—		$	—	$	10,109
Barclays Bank PLC		36,378		—		—			—		36,378
Citibank N.A.		4,276		—		—			—		4,276
Credit Suisse International		71,142		—		—			—		71,142
Goldman Sachs International		136,394		—		(136,394	)		—		—
JPMorgan Chase Bank N.A.		95,725		—		(95,725	)		—		—
Merrill Lynch International		67,565		—		—			—		67,565
Morgan Stanley & Co. International PLC		587		—		—			—		587

	$	422,176	$	—	$	(232,119	)	$	—	$	190,057

(a)

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

(b)

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Biotechnology	$	102,474,724		$	898,094		$	—	$	103,372,818
Diversified Financial Services		1,448,624			—			—		1,448,624
Health Care Equipment & Supplies		83,884,830			—			—		83,884,830
Health Care Providers & Services		131,922,313			—			—		131,922,313
Health Care Technology		613,090			—			—		613,090
Life Sciences Tools & Services		60,277,827			—			—		60,277,827
Pharmaceuticals		129,455,001			24,521,596			—		153,976,597
Other Interests		—			—			150,226		150,226
Preferred Securities
Preferred Stocks		—			—			4,876,299		4,876,299
Warrants		5,598			—			—		5,598
Short-Term Securities
Money Market Funds		31,712,585			—			—		31,712,585


	$	541,794,592		$	25,419,690		$	5,026,525		572,240,807

Investments Valued at NAV (a)										588,874

									$	572,829,681

Derivative Financial Instruments (b)
Liabilities
Equity Contracts	$	(5,466,661	)	$	(734,599	)	$	—	$	(6,201,260	)

(a)

Certain investments of the Trust were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

(b)

Derivative financial instruments are options written. Options written are shown at value.

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		75


Schedule of Investments (unaudited) June 30, 2022		BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 31.6%
Abbisko Cayman Ltd., (Acquired 10/29/21, Cost: $14,841,983) (a)		10,378,250	$	4,734,941
AbbVie, Inc.		194,795		29,834,802
Acumen Pharmaceuticals, Inc. (b)		1,426,503		6,704,564
Akouos, Inc. (b)		287,850		1,350,016
Alkermes PLC (b)		1,163,110		34,649,047
Alnylam Pharmaceuticals, Inc. (b)(c)		88,342		12,884,681
Ambrx Biopharma, Inc., ADR (b)		1,265,827		3,354,442
Annexon, Inc. (b)		237,835		896,638
Applied Molecular Transport, Inc. (b)		99,096		288,369
Arcutis Biotherapeutics, Inc. (b)		511,332		10,896,485
Argenx SE, ADR (b)		104,304		39,518,700
Arrowhead Pharmaceuticals, Inc. (b)		81,025		2,852,890
Biogen, Inc. (b)		71,495		14,580,690
Biohaven Pharmaceutical Holding Co. Ltd. (b)		198,310		28,895,750
BioMarin Pharmaceutical, Inc. (b)		365,103		30,256,086
Biomea Fusion, Inc. (b)(d)		521,404		6,246,420
Cerevel Therapeutics Holdings, Inc. (b)		266,656		7,050,385
Connect Biopharma Holdings Ltd. (b)		1,125,262		978,978
Day One Biopharmaceuticals, Inc. (b)		378,535		6,775,776
Decibel Therapeutics, Inc. (b)		793,527		3,340,749
Design Therapeutics, Inc. (b)		841,761		11,784,654
Enanta Pharmaceuticals, Inc. (b)		20,508		969,413
Everest Medicines Ltd., (Acquired 05/29/20, Cost: $11,209,200) (a)		3,113,667		8,928,163
Everest Medicines Ltd. (b)(e)		433,000		1,244,077
Exact Sciences Corp. (b)		239,870		9,448,479
Exelixis, Inc. (b)		599,520		12,482,006
Fate Therapeutics, Inc. (b)		54,634		1,353,831
Galapagos NV, ADR (b)		74,410		4,152,078
Genmab A/S (b)		34,827		11,299,439
Genmab A/S, ADR (b)		114,086		3,706,654
Gilead Sciences, Inc		254,765		15,747,025
Gracell Biotechnologies, Inc., ADR (b)		340,846		1,874,653
Halozyme Therapeutics, Inc. (b)		502,750		22,121,000
Horizon Therapeutics PLC (b)		186,009		14,836,078
Imago Biosciences, Inc. (b)		1,120,866		15,008,396
Immuneering Corp., Class A (b)(d)		817,261		4,421,382
Immunocore Holdings PLC, ADR (b)		59,868		2,233,675
Immunocore Ltd.		321,900		12,010,089
ImmunoGen, Inc. (b)		497,785		2,240,032
Insmed, Inc. (b)		125,556		2,475,964
Ionis Pharmaceuticals, Inc. (b)		468,285		17,335,911
Karuna Therapeutics, Inc. (b)		32,205		4,074,255
Keros Therapeutics, Inc. (b)		200,607		5,542,771
Kinnate Biopharma, Inc. (b)		295,538		3,726,734
Kronos Bio, Inc. (b)		284,272		1,034,750
Krystal Biotech, Inc. (b)		86,357		5,670,201
Legend Biotech Corp., ADR (b)		49,415		2,717,825
LianBio, ADR (b)		615,188		1,328,806
Monte Rosa Therapeutics, Inc. (b)(d)		764,573		7,393,421
MoonLake Immunotherapeutics (b)(d)		216,150		1,134,788
Neurocrine Biosciences, Inc. (b)		293,280		28,588,934
Omega Therapeutics, Inc. (b)(d)		408,287		1,551,491
PMV Pharmaceuticals, Inc. (b)		305,830		4,358,077
Point Biopharma Global, Inc. (b)(d)		394,898		2,689,255
Prothena Corp. PLC (b)		218,511		5,932,574
RAPT Therapeutics, Inc. (b)		178,545		3,258,446
Revolution Medicines, Inc. (b)		280,503		5,467,003


Security	Shares		Value

Biotechnology (continued)
Sage Therapeutics, Inc. (b)		62,405	$	2,015,681
Sarepta Therapeutics, Inc. (b)(c)		459,519		34,445,544
Seagen, Inc. (b)(c)(f)		79,130		14,001,262
Sierra Oncology, Inc. (b)		200,737		11,038,528
Sigilon Therapeutics, Inc. (b)		564,538		468,567
Talaris Therapeutics, Inc. (b)		748,614		3,376,249
Tenaya Therapeutics, Inc. (b)		165,729		933,054
TScan Therapeutics, Inc. (b)		855,317		2,689,972
Twist Bioscience Corp. (b)		204,550		7,151,068
Ultragenyx Pharmaceutical, Inc. (b)		56,345		3,361,543
United Therapeutics Corp. (b)(c)(f)		55,704		13,126,091
Vertex Pharmaceuticals, Inc. (b)(f)		235,570		66,381,270
Zentalis Pharmaceuticals, Inc. (b)		191,741		5,387,922


				670,609,490

Diversified Financial Services (b) — 2.3%
DA32 Life Science Tech Acquisition Corp., Class A (g)		1,496,819		14,504,176
Eucrates Biomedical Acquisition Corp. (g)		897,657		8,886,804
Health Assurance Acquisition Corp., Class A		1,361,273		13,449,377
Health Sciences Acquisitions Corp. 2		233,344		2,324,106
MedTech Acquisition Corp., Class A		917,284		9,026,075


				48,190,538

Electronic Equipment, Instruments & Components — 0.3%
908 Devices, Inc. (b)		274,084		5,643,390


Health Care Equipment & Supplies — 21.3%
ABIOMED, Inc. (b)(c)		98,636		24,413,396
Alcon, Inc.		736,189		51,452,249
Align Technology, Inc. (b)		36,710		8,688,156
Bausch & Lomb Corp. (b)(d)		505,947		7,710,632
Baxter International, Inc.		225,890		14,508,915
ConvaTec Group PLC (e)		4,411,215		12,091,049
Cooper Cos., Inc.		73,600		23,045,632
DexCom, Inc. (b)		346,628		25,834,185
Edwards Lifesciences Corp. (b)		173,153		16,465,119
Globus Medical, Inc., Class A (b)		104,070		5,842,490
Hologic, Inc. (b)(c)		269,455		18,673,231
Insulet Corp. (b)		109,670		23,901,480
Intuitive Surgical, Inc. (b)(f)		71,013		14,253,019
Nevro Corp. (b)(c)		511,890		22,436,139
Novocure Ltd. (b)		127,530		8,863,335
Nyxoah SA (b)(d)		648,041		6,156,389
Omnicell, Inc. (b)		140,725		16,007,469
Penumbra, Inc. (b)		111,508		13,884,976
Pulmonx Corp. (b)		183,221		2,697,013
ResMed, Inc. (c)		196,756		41,245,960
SI-BONE, Inc. (b)		204,910		2,704,812
Silk Road Medical, Inc. (b)		204,932		7,457,475
Sonova Holding AG, Registered Shares		47,915		15,312,740
STERIS PLC		98,550		20,316,082
Tandem Diabetes Care, Inc. (b)(c)		238,345		14,107,641
Teleflex, Inc.		59,702		14,677,737
Zimmer Biomet Holdings, Inc.		187,613		19,710,622


				452,457,943

Health Care Providers & Services — 12.2%
Addus HomeCare Corp. (b)		42,050		3,501,924
Agilon Health, Inc. (b)		282,683		6,170,970
Amedisys, Inc. (b)		164,226		17,263,437
AmerisourceBergen Corp.		193,455		27,370,013
Amplifon SpA		291,905		8,974,490


76		2 0 2 2 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, 2022		BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Cano Health, Inc. (b)		887,562	$	3,887,522
CareMax, Inc., (Acquired 07/22/21, Cost: $14,077,000) (a)		1,407,700		5,109,951
Chemed Corp.		10,662		5,004,636
CVS Health Corp.		160,650		14,885,829
Elevance Health, Inc.		45,345		21,882,590
Encompass Health Corp. (c)		370,028		20,740,069
Guardant Health, Inc. (b)		233,615		9,424,029
Henry Schein, Inc. (b)		67,505		5,180,334
Kindstar Globalgene Technology, Inc. (b)(e)		4,092,500		1,130,635
LHC Group, Inc. (b)(c)		233,659		36,390,053
Quest Diagnostics, Inc.		260,825		34,684,509
R1 RCM, Inc. (b)		690,615		14,475,290
UnitedHealth Group, Inc. (c)		45,900		23,575,617


				259,651,898

Health Care Technology (b) — 0.3%
Sophia Genetics SA		291,485		1,055,176
Teladoc Health, Inc.		184,446		6,125,451


				7,180,627

Life Sciences Tools & Services — 13.1%
10X Genomics, Inc., Class A (b)		90,120		4,077,930
Agilent Technologies, Inc.		218,710		25,976,187
Avantor, Inc. (b)(c)		998,624		31,057,206
Bruker Corp.		208,102		13,060,482
Cytek Biosciences, Inc. (b)		840,842		9,022,235
Danaher Corp.		62,605		15,871,620
Gerresheimer AG		243,305		15,894,465
IQVIA Holdings, Inc. (b)		100,512		21,810,099
IsoPlexis Corp. (b)		1,601,113		3,458,404
Lonza Group AG, Registered Shares		19,017		10,157,689
Mettler-Toledo International, Inc. (b)(c)		9,350		10,741,000
QIAGEN NV (b)		645,525		30,468,780
Rapid Micro Biosystems, Inc., Class A (b)(d)		549,778		2,364,045
Sotera Health Co. (b)		1,179,907		23,114,378
Waters Corp. (b)		109,980		36,401,180
West Pharmaceutical Services, Inc.		39,055		11,809,060
Wuxi Biologics Cayman, Inc. (b)(e)		1,233,303		11,427,069


				276,711,829

Pharmaceuticals — 6.6%
Antengene Corp. Ltd., (Acquired 11/18/20, Cost: $7,091,948) (a)		5,019,274		4,509,594
AstraZeneca PLC, ADR		193,960		12,814,937
Daiichi Sankyo Co. Ltd.		1,462,400		37,192,463
H Lundbeck A/S		1,603,360		7,786,887
H Lundbeck A/S (b)		400,840		1,923,566
Nuvation Bio, Inc. (b)		200,496		649,607
Pfizer, Inc.		234,765		12,308,729


Security	Shares		Value

Pharmaceuticals (continued)
UCB SA		344,377	$	29,182,249
Zoetis, Inc., Class A		191,775		32,964,205


				139,332,237


Total Common Stocks — 87.7% (Cost: $2,043,027,812)				1,859,777,952


	Benefical Interest (000)

Other Interests

Biotechnology — 0.2%
Vividion Therapeutics, Inc. (h)	$	3,810		3,961,905


Total Other Interests — 0.2% (Cost: $ — )				3,961,905


	Shares

Preferred Securities

Preferred Stocks — 9.4% (h)

Biotechnology — 3.8%
Affinvax, Inc., Series C, (Acquired 01/06/21, Cost: $5,786,041) (a)		183,164		11,596,113
Amunix Pharmaceuticals, Inc., Series B		5,657,068		3,677,094
Bright Peak Therapeutics AG, Series B, (Acquired 05/14/21, Cost: $8,000,003) (a)		2,048,132		4,342,040
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998) (a)		2,430,833		11,667,998
Goldfinch Biopharma, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847) (a)		3,850,718		5,159,962
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156) (a)		482,077		12,148,340
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000) (a)		2,793,833		6,202,309
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $9,549,916) (a)		3,913,900		9,549,916
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996) (a)		1,394,189		5,716,175
Numab Therapeutics AG, (Acquired 05/07/21, Cost: $7,770,441) (a)		815,851		6,597,570
OnKure, Inc., Series B, (Acquired 03/03/21, Cost: $4,500,001) (a)		1,628,488		4,462,057


				81,119,574

Health Care Equipment & Supplies (a) — 1.4%
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003)		2,257,597		8,827,205
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998)		2,379,480		6,400,801


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, 2022		BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890)		115,766,240	$	9,300,870
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930)		2,078,042		4,613,253


				29,142,129

Health Care Providers & Services (a) — 2.1%
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000)		10,696,226		21,285,490
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)		382,775		22,687,074


				43,972,564

Pharmaceuticals (a) — 0.6%
Insitro, Inc. Series B, (Acquired 05/21/20, Cost: $4,999,999)		802,478		10,271,719
Series C, (Acquired 03/10/21, Cost: $3,600,018)		196,818		2,519,270


				12,790,989

Semiconductors & Semiconductor Equipment — 0.7%
PsiQuantum Corp., Series C, (Acquired 05/21/21, Cost: $14,999,997) (a)		571,947		14,618,965


Software — 0.8%
Carbon Health Technologies, Inc., (Acquired 07/09/21, Cost: $17,100,000) (a)		17,100		16,820,757


			198,464,978


Total Preferred Securities — 9.4% (Cost: $191,692,220)				198,464,978


Warrants

Diversified Financial Services (b) — 0.0%
Eucrates Biomedical Acquisition Corp. (Expires 12/14/2025)		297,180		8,915
Health Assurance Acquisition Corp. (Expires 11/12/2025)		202,809		27,339


				36,254

Health Care Providers & Services — 0.0%
CareMax, Inc. (Expires 06/08/2026) (b)		63,808		41,475


Pharmaceuticals — 0.0%
Nuvation Bio, Inc. (Expires 7/7/2027) (b)		68,880		19,287


Total Warrants — 0.0% (Cost: $1,262,989)				97,016


Total Long-Term Investments — 97.3% (Cost: $2,235,983,021)				2,062,301,851


Security	Shares		Value

Short-Term Securities

Money Market Funds — 4.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (g)(i)		81,844,430	$	81,844,430
SL Liquidity Series, LLC, Money Market Series, 1.73% (g)(i)(j)		6,856,866		6,855,495


Total Short-Term Securities — 4.2% (Cost: $88,700,438)				88,699,925


Total Investments Before Options Written — 101.5% (Cost: $2,324,683,459)				2,151,001,776


Options Written — (0.9)% (Premiums Received: $(16,177,632))				(19,713,887	)


Total Investments, Net of Options Written — 100.6% (Cost: $2,308,505,827)				2,131,287,889

Liabilities in Excess of Other Assets — (0.6)%				(11,740,476	)


Net Assets — 100.0%			$	2,119,547,413

(a)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $218,070,533, representing 10.3% of its net assets as of period end, and an original cost of $238,912,351.

(b)	Non-income producing security.

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

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

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

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

(g)	Affiliate of the Trust.

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

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

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


78		2 0 2 2 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, 2022		BlackRock Health Sciences Trust II (BMEZ)

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 06/30/22		Shares Held at 06/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	61,616,484	$	20,227,946	(a)	$	—	$	—		$	—		$	81,844,430		81,844,430	$	167,503		$	—
DA32 Life Science Tech Acquisition Corp., Class A		14,683,795		—			—		—			(179,619	)		14,504,176		1,496,819		—			—
Eucrates Biomedical Acquisition Corp.		8,761,132		—			—		—			125,672			8,886,804		897,657		—			—
SL Liquidity Series, LLC, Money Market Series		4,939,518		1,917,516	(a)		—		(1,164	)		(375	)		6,855,495		6,856,866		102,720	(b)		—

								$	(1,164	)	$	(54,322	)	$	112,090,905			$	270,223		$	—

(a)

Represents net amount purchased (sold).

(b)

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
Biogen, Inc.		53		07/01/22	USD	205.00	USD	1,081	$	(7,155	)
Tandem Diabetes Care, Inc.		131		07/01/22	USD	80.00	USD	775		(52,400	)
AbbVie, Inc.		41		07/08/22	USD	150.00	USD	628		(18,860	)
AmerisourceBergen Corp.		34		07/08/22	USD	155.00	USD	481		(7,140	)
Anthem, Inc.		124		07/08/22	USD	465.00	USD	5,984		(249,860	)
AstraZeneca PLC		310		07/08/22	USD	68.00	USD	2,048		(9,145	)
Baxter International, Inc.		180		07/08/22	USD	67.50	USD	1,156		(9,000	)
Biogen, Inc.		54		07/08/22	USD	210.00	USD	1,101		(10,260	)
Edwards Lifesciences Corp.		570		07/08/22	USD	105.00	USD	5,420		(128,250	)
Exact Sciences Corp.		265		07/08/22	USD	57.00	USD	1,044		(82,150	)
UnitedHealth Group, Inc.		146		07/08/22	USD	505.00	USD	7,499		(213,890	)
Vertex Pharmaceuticals, Inc.		222		07/08/22	USD	285.00	USD	6,256		(68,820	)
10X Genomics, Inc., Class A		288		07/15/22	USD	40.00	USD	1,303		(203,040	)
908 Devices, Inc.		225		07/15/22	USD	17.50	USD	463		(91,687	)
AbbVie, Inc.		271		07/15/22	USD	160.00	USD	4,151		(18,564	)
ABIOMED, Inc.		148		07/15/22	USD	272.00	USD	3,663		(21,360	)
Addus HomeCare Corp.		134		07/15/22	USD	85.00	USD	1,116		(35,510	)
Agilent Technologies, Inc.		283		07/15/22	USD	130.00	USD	3,361		(7,783	)
Agilent Technologies, Inc.		132		07/15/22	USD	120.00	USD	1,568		(32,340	)
Agilon Health, Inc.		684		07/15/22	USD	22.50	USD	1,493		(64,980	)
Alkermes PLC		885		07/15/22	USD	31.00	USD	2,636		(86,287	)
Alnylam Pharmaceuticals, Inc.		183		07/15/22	USD	160.00	USD	2,669		(194,895	)
Amedisys, Inc.		263		07/15/22	USD	135.00	USD	2,765		(73,640	)
AmerisourceBergen Corp.		162		07/15/22	USD	150.00	USD	2,292		(7,290	)
Anthem, Inc.		123		07/15/22	USD	480.00	USD	5,936		(154,365	)
Arcutis Biotherapeutics, Inc.		548		07/15/22	USD	25.00	USD	1,168		(17,810	)
Argenx SE		182		07/15/22	USD	350.00	USD	6,896		(606,970	)
Arrowhead Pharmaceuticals, Inc.		259		07/15/22	USD	40.00	USD	912		(17,483	)
Avantor, Inc.		1,410		07/15/22	USD	31.25	USD	4,385		(107,297	)
Baxter International, Inc.		181		07/15/22	USD	67.50	USD	1,163		(6,335	)
Baxter International, Inc.		181		07/15/22	USD	68.00	USD	1,163		(10,860	)
Biogen, Inc.		121		07/15/22	USD	220.00	USD	2,468		(16,033	)
BioMarin Pharmaceutical, Inc.		299		07/15/22	USD	90.00	USD	2,478		(19,435	)
BioMarin Pharmaceutical, Inc.		285		07/15/22	USD	85.00	USD	2,362		(41,325	)
Bruker Corp.		333		07/15/22	USD	65.00	USD	2,090		(92,407	)
Cerevel Therapeutics Holdings, Inc.		455		07/15/22	USD	30.00	USD	1,203		(77,350	)
Cooper Cos., Inc.		192		07/15/22	USD	350.00	USD	6,012		(92,160	)
Danaher Corp.		200		07/15/22	USD	250.00	USD	5,070		(183,000	)
Day One Biopharmaceuticals, Inc.		600		07/15/22	USD	20.00	USD	1,074		(63,000	)


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, 2022		BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
DexCom, Inc.		580		07/15/22	USD	85.00	USD	4,323	$	(27,550	)
Encompass Health Corp.		1,184		07/15/22	USD	60.00	USD	6,636		(118,400	)
Exact Sciences Corp.		502		07/15/22	USD	45.00	USD	1,977		(32,630	)
Fate Therapeutics, Inc.		87		07/15/22	USD	30.00	USD	216		(4,350	)
Galapagos NV		238		07/15/22	USD	55.00	USD	1,328		(55,335	)
Gilead Sciences, Inc.		408		07/15/22	USD	63.00	USD	2,522		(23,868	)
Globus Medical, Inc., Class A		166		07/15/22	USD	60.00	USD	932		(14,110	)
Guardant Health, Inc.		499		07/15/22	USD	45.00	USD	2,013		(53,643	)
Halozyme Therapeutics, Inc.		804		07/15/22	USD	46.00	USD	3,538		(82,410	)
Henry Schein, Inc.		216		07/15/22	USD	80.00	USD	1,658		(16,200	)
Hologic, Inc.		862		07/15/22	USD	70.00	USD	5,974		(109,905	)
Horizon Therapeutics PLC		234		07/15/22	USD	100.00	USD	1,866		(52,065	)
Horizon Therapeutics PLC		239		07/15/22	USD	90.00	USD	1,906		(13,743	)
Immunocore Holdings PLC		96		07/15/22	USD	30.00	USD	358		(82,080	)
Insmed, Inc.		401		07/15/22	USD	20.00	USD	791		(102,255	)
Insulet Corp.		175		07/15/22	USD	220.00	USD	3,814		(166,250	)
Intuitive Surgical, Inc.		228		07/15/22	USD	240.00	USD	4,576		(8,550	)
Ionis Pharmaceuticals, Inc.		375		07/15/22	USD	45.00	USD	1,388		(6,563	)
Ionis Pharmaceuticals, Inc.		375		07/15/22	USD	40.00	USD	1,388		(26,250	)
IQVIA Holdings, Inc.		90		07/15/22	USD	210.00	USD	1,953		(94,950	)
Karuna Therapeutics, Inc.		51		07/15/22	USD	130.00	USD	645		(73,440	)
Krystal Biotech, Inc.		138		07/15/22	USD	60.00	USD	906		(97,980	)
Mettler-Toledo International, Inc.		29		07/15/22	USD	1,250.00	USD	3,331		(11,020	)
Neurocrine Biosciences, Inc.		469		07/15/22	USD	90.00	USD	4,572		(391,615	)
Nevro Corp.		409		07/15/22	USD	45.00	USD	1,793		(83,845	)
Novocure Ltd.		408		07/15/22	USD	75.00	USD	2,836		(77,520	)
Penumbra, Inc.		106		07/15/22	USD	170.00	USD	1,320		(50,880	)
Pfizer, Inc.		126		07/15/22	USD	55.00	USD	661		(4,977	)
Pulmonx Corp.		346		07/15/22	USD	22.50	USD	509		(110,720	)
Qiagen NV		799		07/15/22	USD	45.00	USD	3,771		(211,735	)
Quest Diagnostics, Inc.		172		07/15/22	USD	150.00	USD	2,287		(19,350	)
R1 RCM, Inc.		1,209		07/15/22	USD	25.25	USD	2,534		(3,194	)
ResMed, Inc.		294		07/15/22	USD	210.00	USD	6,163		(160,230	)
ResMed, Inc.		335		07/15/22	USD	220.00	USD	7,023		(65,325	)
Revolution Medicines, Inc.		450		07/15/22	USD	22.50	USD	877		(12,375	)
Sarepta Therapeutics, Inc.		340		07/15/22	USD	85.00	USD	2,549		(76,500	)
Seagen, Inc.		401		07/15/22	USD	155.00	USD	7,095		(982,450	)
Silk Road Medical, Inc.		293		07/15/22	USD	40.00	USD	1,066		(28,568	)
STERIS PLC		188		07/15/22	USD	240.00	USD	3,876		(90,240	)
STERIS PLC		127		07/15/22	USD	220.00	USD	2,618		(15,240	)
Tandem Diabetes Care, Inc.		300		07/15/22	USD	70.00	USD	1,776		(11,250	)
Teladoc Health, Inc.		200		07/15/22	USD	40.00	USD	664		(7,800	)
Teleflex, Inc.		99		07/15/22	USD	310.00	USD	2,434		(47,520	)
United Therapeutics Corp.		94		07/15/22	USD	200.00	USD	2,215		(336,050	)
Vertex Pharmaceuticals, Inc.		171		07/15/22	USD	285.00	USD	4,819		(105,165	)
Waters Corp.		59		07/15/22	USD	340.00	USD	1,953		(32,450	)
Waters Corp.		98		07/15/22	USD	350.00	USD	3,244		(20,825	)
West Pharmaceutical Services, Inc.		62		07/15/22	USD	310.00	USD	1,875		(36,580	)
Zentalis Pharmaceuticals, Inc.		353		07/15/22	USD	25.00	USD	992		(139,435	)
Zimmer Biomet Holdings, Inc.		250		07/15/22	USD	115.00	USD	2,627		(6,875	)
Zoetis, Inc., Class A		613		07/15/22	USD	180.00	USD	10,537		(101,145	)
AbbVie, Inc.		41		07/22/22	USD	150.00	USD	628		(22,755	)
AmerisourceBergen Corp.		261		07/22/22	USD	155.00	USD	3,693		(12,398	)
AstraZeneca PLC		310		07/22/22	USD	65.00	USD	2,048		(75,950	)
CVS Health Corp.		256		07/22/22	USD	97.00	USD	2,372		(16,896	)
Gilead Sciences, Inc.		407		07/22/22	USD	65.00	USD	2,516		(13,838	)
Pfizer, Inc.		126		07/22/22	USD	55.00	USD	661		(7,119	)
Tandem Diabetes Care, Inc.		165		07/22/22	USD	60.00	USD	977		(54,862	)
Teladoc Health, Inc.		200		07/22/22	USD	38.00	USD	664		(21,200	)
Vertex Pharmaceuticals, Inc.		360		07/22/22	USD	270.00	USD	10,144		(581,400	)
Waters Corp.		96		07/28/22	USD	333.00	USD	3,177		(121,313	)
Align Technology, Inc.		117		07/29/22	USD	270.00	USD	2,769		(81,900	)


80		2 0 2 2 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, 2022		BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
AmerisourceBergen Corp.		81		07/29/22	USD	150.00	USD	1,146	$	(10,733	)
AmerisourceBergen Corp.		81		07/29/22	USD	155.00	USD	1,146		(5,063	)
Baxter International, Inc.		90		07/29/22	USD	70.00	USD	578		(4,950	)
Edwards Lifesciences Corp.		98		07/29/22	USD	90.00	USD	932		(76,440	)
Sarepta Therapeutics, Inc.		233		07/29/22	USD	80.00	USD	1,747		(90,870	)
CVS Health Corp.		258		08/05/22	USD	97.00	USD	2,391		(37,539	)
Pfizer, Inc.		249		08/05/22	USD	53.00	USD	1,306		(42,828	)
Teladoc Health, Inc.		190		08/05/22	USD	39.00	USD	631		(36,860	)
908 Devices, Inc.		89		08/19/22	USD	20.00	USD	183		(25,143	)
908 Devices, Inc.		491		08/19/22	USD	22.50	USD	1,011		(81,015	)
AbbVie, Inc.		271		08/19/22	USD	160.00	USD	4,151		(81,706	)
Agilon Health, Inc.		220		08/19/22	USD	22.50	USD	480		(48,950	)
Alcon, Inc.		711		08/19/22	USD	72.50	USD	4,969		(159,975	)
Alkermes PLC		1,066		08/19/22	USD	30.00	USD	3,176		(194,545	)
Alnylam Pharmaceuticals, Inc.		99		08/19/22	USD	170.00	USD	1,444		(178,200	)
Amedisys, Inc.		262		08/19/22	USD	130.00	USD	2,754		(51,090	)
Arcutis Biotherapeutics, Inc.		545		08/19/22	USD	22.50	USD	1,161		(134,887	)
Arcutis Biotherapeutics, Inc.		543		08/19/22	USD	25.00	USD	1,157		(59,730	)
Argenx SE		151		08/19/22	USD	370.00	USD	5,721		(503,585	)
Avantor, Inc.		1,785		08/19/22	USD	32.50	USD	5,551		(209,737	)
Bausch & Lomb Corp.		810		08/19/22	USD	17.50	USD	1,234		(50,625	)
BioMarin Pharmaceutical, Inc.		583		08/19/22	USD	77.00	USD	4,831		(535,465	)
Bruker Corp.		333		08/19/22	USD	62.50	USD	2,090		(166,500	)
Cerevel Therapeutics Holdings, Inc.		398		08/19/22	USD	35.00	USD	1,052		(104,475	)
Chemed Corp.		34		08/19/22	USD	460.00	USD	1,596		(88,400	)
Cooper Cos., Inc.		44		08/19/22	USD	340.00	USD	1,378		(24,200	)
Day One Biopharmaceuticals, Inc.		611		08/19/22	USD	25.00	USD	1,094		(126,782	)
DexCom, Inc.		529		08/19/22	USD	75.00	USD	3,943		(349,140	)
Enanta Pharmaceuticals, Inc.		65		08/19/22	USD	45.00	USD	307		(46,475	)
Exelixis, Inc.		1,918		08/19/22	USD	19.00	USD	3,993		(594,580	)
Fate Therapeutics, Inc.		87		08/19/22	USD	30.00	USD	216		(14,355	)
Genmab A/S		365		08/19/22	USD	30.00	USD	1,186		(143,262	)
Globus Medical, Inc., Class A		166		08/19/22	USD	60.00	USD	932		(35,690	)
Guardant Health, Inc.		248		08/19/22	USD	45.00	USD	1,000		(89,280	)
Halozyme Therapeutics, Inc.		402		08/19/22	USD	45.00	USD	1,769		(101,505	)
Horizon Therapeutics PLC		430		08/19/22	USD	100.00	USD	3,430		(53,750	)
IQVIA Holdings, Inc.		90		08/19/22	USD	220.00	USD	1,953		(91,350	)
IQVIA Holdings, Inc.		141		08/19/22	USD	230.00	USD	3,060		(90,240	)
Karuna Therapeutics, Inc.		51		08/19/22	USD	130.00	USD	645		(160,905	)
Krystal Biotech, Inc.		138		08/19/22	USD	60.00	USD	906		(129,030	)
Legend Biotech Corp.		158		08/19/22	USD	60.00	USD	869		(81,370	)
Neurocrine Biosciences, Inc.		469		08/19/22	USD	95.00	USD	4,572		(365,820	)
Omnicell, Inc.		450		08/19/22	USD	125.00	USD	5,119		(151,875	)
Penumbra, Inc.		250		08/19/22	USD	125.00	USD	3,113		(266,250	)
Pfizer, Inc.		250		08/19/22	USD	52.50	USD	1,311		(58,000	)
Pulmonx Corp.		240		08/19/22	USD	22.50	USD	353		(63,600	)
Qiagen NV		1,266		08/19/22	USD	47.00	USD	5,976		(354,542	)
Quest Diagnostics, Inc.		345		08/19/22	USD	135.00	USD	4,588		(150,075	)
Quest Diagnostics, Inc.		144		08/19/22	USD	145.00	USD	1,915		(18,360	)
R1 RCM, Inc.		1,000		08/19/22	USD	22.50	USD	2,096		(92,500	)
Rapt Therapeutics, Inc.		571		08/19/22	USD	17.50	USD	1,042		(155,597	)
Sarepta Therapeutics, Inc.		897		08/19/22	USD	90.00	USD	6,724		(213,037	)
Seagen, Inc.		170		08/19/22	USD	180.00	USD	3,008		(230,350	)
SI-BONE, Inc.		655		08/19/22	USD	15.00	USD	865		(99,887	)
Sotera Health Co.		1,258		08/19/22	USD	22.50	USD	2,464		(40,885	)
Tandem Diabetes Care, Inc.		165		08/19/22	USD	65.00	USD	977		(61,050	)
Twist Bioscience Corp.		327		08/19/22	USD	35.00	USD	1,143		(168,405	)
Twist Bioscience Corp.		327		08/19/22	USD	45.00	USD	1,143		(74,392	)
United Therapeutics Corp.		84		08/19/22	USD	220.00	USD	1,979		(204,960	)
Waters Corp.		98		08/19/22	USD	350.00	USD	3,244		(86,240	)
Zentalis Pharmaceuticals, Inc.		354		08/19/22	USD	25.00	USD	995		(177,000	)
Zimmer Biomet Holdings, Inc.		351		08/19/22	USD	110.00	USD	3,688		(115,830	)


S C H E D U L E O F I N V E S T M E N T S		81


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
ABIOMED, Inc.		167		09/16/22	USD	270.00	USD	4,133	$	(236,305	)
Halozyme Therapeutics, Inc.		402		09/16/22	USD	45.00	USD	1,769		(154,770	)


									$	(17,364,128)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Daiichi Sankyo Co. Ltd.	Goldman Sachs International		344,000		07/06/22		JPY	3,500.12		JPY	1,182,328	$	(97,236	)
Alkermes PLC	Citibank N.A.		88,600		07/07/22		USD	31.06		USD	2,639		(45,550	)
Sonova Holding AG	UBS AG		14,500		07/08/22		CHF	338.98		CHF	4,408		(4,119	)
Alcon, Inc.	Barclays Bank PLC		39,100		07/11/22		USD	75.62		USD	2,733		(4,651	)
Alcon, Inc.	Citibank N.A.		54,100		07/11/22		USD	74.49		USD	3,781		(12,296	)
Convatec Group PLC	Barclays Bank PLC		411,500		07/12/22		GBP	2.33		GBP	923		(10,984	)
Gerresheimer AG	Goldman Sachs International		26,300		07/13/22		EUR	72.12		EUR	1,631		(17,065	)
Convatec Group PLC	Goldman Sachs International		500,000		07/19/22		GBP	2.23		GBP	1,122		(45,125	)
Amplifon SpA	Goldman Sachs International		61,000		07/20/22		EUR	32.83		EUR	1,784		(9,888	)
Daiichi Sankyo Co. Ltd.	Goldman Sachs International		62,000		07/20/22		JPY	3,517.50		JPY	213,094		(33,041	)
Gerresheimer AG	Morgan Stanley & Co. International PLC		35,000		07/20/22		EUR	72.46		EUR	2,170		(36,316	)
Sonova Holding AG	Barclays Bank PLC		10,200		07/20/22		CHF	352.87		CHF	3,101		(7,954	)
Alcon, Inc.	Bank of America N.A.		71,300		07/25/22		USD	76.85		USD	4,983		(29,196	)
Alkermes PLC	Citibank N.A.		88,400		07/26/22		USD	30.69		USD	2,633		(77,509	)
Genmab A/S	Goldman Sachs International		1,900		07/26/22		DKK	2,231.01		DKK	4,364		(36,659	)
Teleflex, Inc.	Barclays Bank PLC		9,200		07/26/22		USD	261.64		USD	2,262		(35,900	)
UCB SA	Goldman Sachs International		55,000		07/26/22		EUR	85.75		EUR	4,435		(24,436	)
West Pharmaceutical Services, Inc.	JPMorgan Chase Bank N.A.		6,200		07/26/22		USD	316.62		USD	1,875		(42,640	)
908 Devices, Inc.	Citibank N.A.		7,200		07/28/22		USD	21.51		USD	148		(9,716	)
Agilent Technologies, Inc.	JPMorgan Chase Bank N.A.		28,400		07/28/22		USD	118.64		USD	3,373		(134,961	)
Gerresheimer AG	JPMorgan Chase Bank N.A.		16,500		07/28/22		EUR	0.00		EUR	1,023		(44,158	)
H Lundbeck, Class B	JPMorgan Chase Bank N.A.		192,400		07/28/22		DKK	33.55		DKK	6,632		(81,984	)
Insulet Corp.	Barclays Bank PLC		17,500		07/28/22		USD	216.11		USD	3,814		(258,728	)
Quest Diagnostics, Inc.	Bank of America N.A.		17,300		07/28/22		USD	139.79		USD	2,301		(32,322	)
Wuxi Biologics Cayman, Inc.	Goldman Sachs International		394,000		07/28/22		HKD	70.29		HKD	28,289		(319,937	)
H Lundbeck, Class B	JPMorgan Chase Bank N.A.		192,400		08/03/22		DKK	33.55		DKK	6,632		(70,496	)
Ionis Pharmaceuticals, Inc.	Barclays Bank PLC		74,800		08/03/22		USD	35.48		USD	2,769		(270,407	)
Amplifon SpA	Goldman Sachs International		32,400		08/09/22		EUR	28.08		EUR	948		(78,980	)
Convatec Group PLC	Morgan Stanley & Co. International PLC		500,000		08/09/22		GBP	2.24		GBP	1,122		(55,391	)
Daiichi Sankyo Co. Ltd.	JPMorgan Chase Bank N.A.		62,000		08/09/22		JPY	3,226.10		JPY	213,094		(141,880	)
UCB SA	Morgan Stanley & Co. International PLC		55,200		08/09/22		EUR	85.43		EUR	4,451		(52,968	)
Genmab A/S	Goldman Sachs International		9,200		08/11/22		DKK	2,371.95		DKK	21,132		(113,854	)
Lonza Group AG	Goldman Sachs International		6,100		08/11/22		CHF	522.31		CHF	3,105		(113,412	)

												$	(2,349,759	)

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	$	3,825,451	$	(7,361,706	)	$	(19,713,887)


82		2 0 2 2 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, 2022		BlackRock Health Sciences Trust II (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
Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	19,713,887	$	—	$	—	$	—	$	19,713,887

For the period ended June 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Options purchased (a)	$	—	$	—	$	(3,612	)	$	—	$	—	$	—	$	(3,612	)
Options written		—		—		40,270,755			—		—		—		40,270,755

	$	—	$	—	$	40,267,143		$	—	$	—	$	—	$	40,267,143

Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	(1,866,111	)	$	—	$	—	$	—	$	(1,866,111	)

(a)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts purchased	$	—	(a)
Average value of option contracts written	$	24,328,627

(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	$	—	$	19,713,887

Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		19,713,887

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(17,364,128	)

Total derivative assets and liabilities subject to an MNA	$	—	$	2,349,759


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) (continued) June 30, 2022		BlackRock Health Sciences Trust II (BMEZ)

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.	$	61,518	$	—	$	—		$	—		$	61,518
Barclays Bank PLC		588,624		—		(588,624	)		—			—
Citibank N.A.		145,071		—		(125,071	)		(20,000	)		—
Goldman Sachs International		889,633		—		(889,633	)		—			—
JPMorgan Chase Bank N.A.		516,119		—		(516,119	)		—			—
Morgan Stanley & Co. International PLC		144,675		—		(128,675	)		(16,000	)		—
UBS AG		4,119		—		(4,119	)		—			—

	$	2,349,759	$	—	$	(2,252,241	)	$	(36,000	)	$	61,518

(a)

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

(b)

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Biotechnology	$	632,392,781		$	38,216,709		$	—	$	670,609,490
Diversified Financial Services		48,190,538			—			—		48,190,538
Electronic Equipment, Instruments & Components		5,643,390			—			—		5,643,390
Health Care Equipment & Supplies		425,054,154			27,403,789			—		452,457,943
Health Care Providers & Services		244,436,822			15,215,076			—		259,651,898
Health Care Technology		7,180,627			—			—		7,180,627
Life Sciences Tools & Services		239,232,606			37,479,223			—		276,711,829
Pharmaceuticals		68,447,931			70,884,306			—		139,332,237
Other Interests		—			—			3,961,905		3,961,905
Preferred Securities
Preferred Stocks		—			—			198,464,978		198,464,978
Warrants
Diversified Financial Services		27,339			8,915			—		36,254
Health Care Providers & Services		41,475			—			—		41,475
Pharmaceuticals		19,287			—			—		19,287
Short-Term Securities
Money Market Funds		81,844,430			—			—		81,844,430

	$	1,752,511,380		$	189,208,018		$	202,426,883		2,144,146,281

Investments Valued at NAV (a)										6,855,495

									$	2,151,001,776

Derivative Financial Instruments (b)
Liabilities
Equity Contracts	$	(16,128,457	)	$	(3,585,430	)	$	—	$	(19,713,887	)

(a)

Certain investments of the Trust were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

(b)

Derivative financial instruments are options written. Options written are shown at value.


84		2 0 2 2 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, 2022		BlackRock Health Sciences Trust II (BMEZ)

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


	Other Interests			Preferred Stocks			Total
Assets
Opening balance, as of December 31, 2021	$	4,000,000		$	232,701,012		$	236,701,012
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		—			18,407,243			18,407,243
Net change in unrealized appreciation (depreciation) (a)(b)		(38,095	)		(28,000,651	)		(28,038,746	)
Purchases		—			3,764,616			3,764,616
Sales		—			(28,407,242	)		(28,407,242	)

Closing balance, as of June 30, 2022	$	3,961,905		$	198,464,978		$	202,426,883

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (b)	$	(38,095	)	$	(11,412,430	)	$	(11,450,525	)

(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, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

Value

Valuation
Approach

Unobservable

Inputs

Range of
Unobservable
Inputs

Utilized

(a)

Weighted
Average of
Unobservable
Inputs Based
on Fair Value

Assets

Preferred Stocks

198,464,978

Market

Revenue Multiple

1.75x - 8.75x

5.56x

EBITDA Multiple

10.25x

—

Volatility

50% - 90%

67%

Time to Exit

1.0 - 4.0 years

2.4 years

Market Adjustment Multiple

0.45x - 2.05x

0.99x

Income

Discount Rate

—

Other Interests

3,961,905

Income

Discount Rate

—

202,426,883

(a)

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

The Trust valued certain of its Level 3 investments using recent prior transaction prices as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction process, for which inputs are unobservable, is $12,148,340 as of June 30, 2022.

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		85


Schedule of Investments (unaudited) June 30, 2022		BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 4.7%
Axon Enterprise, Inc. (a)(b)		651,666	$	60,715,721
HEICO Corp.		336,633		44,139,319

				104,855,040

Auto Components — 1.8%
Fox Factory Holding Corp. (b)		493,110		39,715,079


Biotechnology — 1.7%
Halozyme Therapeutics, Inc. (b)		862,474		37,948,856


Building Products — 0.5%
AZEK Co., Inc. (b)		725,567		12,145,992


Capital Markets — 2.5%
Tradeweb Markets, Inc., Class A		804,964		54,938,793


Diversified Consumer Services — 3.4%
Duolingo, Inc. (b)		483,017		42,288,138
Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000) (c)(d)		6,224		33,064,138

				75,352,276

Electronic Equipment, Instruments & Components — 0.6%
908 Devices, Inc. (b)		664,622		13,684,567


Entertainment — 1.2%
Kahoot! ASA (b)		14,075,911		26,152,890


Equity Real Estate Investment Trusts (REITs) — 1.2%
Innovative Industrial Properties, Inc.		104,585		11,490,754
Rexford Industrial Realty, Inc.		259,006		14,916,156

				26,406,910

Food Products — 0.5%
Freshpet, Inc. (b)		215,820		11,198,900


Health Care Equipment & Supplies (b) — 1.2%
Figs, Inc., Class A		2,000,216		18,221,968
Inmode Ltd.		407,065		9,122,326

				27,344,294

Health Care Technology (b) — 4.0%
Certara, Inc.		1,484,355		31,854,258
Doximity, Inc., Class A		1,007,602		35,084,702
Phreesia, Inc. (a)(e)		909,979		22,758,575

				89,697,535

Hotels, Restaurants & Leisure — 5.1%
Evolution AB (f)		532,304		48,695,692
Penn National Gaming, Inc. (a)(b)		369,706		11,246,456
Planet Fitness, Inc., Class A (b)(e)		813,885		55,352,319

				115,294,467

Interactive Media & Services — 2.2%
Match Group, Inc. (b)		711,953		49,616,005


Internet & Direct Marketing Retail (b) — 1.9%
Etsy, Inc.		284,635		20,838,128
Fiverr International Ltd.		620,702		21,345,942

				42,184,070

IT Services — 5.3%
DigitalOcean Holdings, Inc. (b)		860,272		35,580,850


Security	Shares		Value

IT Services (continued)
Globant SA (b)		305,438	$	53,146,212
Salt Payments, Inc., Series C, (Acquired 11/16/21, Cost: $49,999,974) (c)(d)		25,742		30,433,994

				119,161,056

Life Sciences Tools & Services — 10.6%
10X Genomics, Inc., Class A (b)(e)		443,515		20,069,054
Azenta, Inc.		611,504		44,089,438
Bio-Techne Corp. (a)(e)		185,128		64,172,770
Charles River Laboratories International, Inc. (b)		102,495		21,930,855
Olink Holding AB, ADR (b)		807,928		12,280,506
Repligen Corp. (b)		307,574		49,950,017
West Pharmaceutical Services, Inc.		80,337		24,291,499

				236,784,139

Machinery — 2.4%
Chart Industries, Inc. (b)		326,858		54,709,492


Road & Rail — 0.9%
Saia, Inc. (b)		111,834		21,024,792


Semiconductors & Semiconductor Equipment — 8.4%
Ambarella, Inc. (b)		593,772		38,868,315
Entegris, Inc. (e)		683,028		62,927,370
Lattice Semiconductor Corp. (b)		353,895		17,163,907
Monolithic Power Systems, Inc. (a)		178,789		68,662,128

				187,621,720

Software — 17.9%
Avalara, Inc. (b)(e)		373,554		26,372,913
Bill.Com Holdings, Inc. (b)		452,261		49,721,574
Confluent, Inc., Class A (b)		2,169,474		50,418,576
Five9, Inc. (b)		633,658		57,751,590
Gitlab, Inc., Class A (b)		917,444		48,752,974
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012) (c)(d)		1,001,454		21,371,028
HubSpot, Inc. (b)		97,991		29,460,994
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736) (c)(d)		208,333		8,039,571
Paylocity Holding Corp. (a)(b)		335,189		58,463,666
SiteMinder Ltd. (b)		11,692,607		28,487,912
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997) (c)(d)		199,738		1,909,495
Snyk Ltd., (Acquired 09/02/21, Cost: $25,961,537) (c)(d)		1,809,860		18,587,262

				399,337,555


Total Common Stocks — 78.0% (Cost: $2,492,595,509)				1,745,174,428


	Par (000)

Convertible Notes

Specialty Retail — 0.6%
Super73, Inc.(Acquired: 12/21/21, Cost: $12,000,000), 0.00% (c)(d)	$	12,000		12,240,000


Total Convertible Notes — 0.6% (Cost: $12,000,000)				12,240,000


86		2 0 2 2 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, 2022		BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Securities

Preferred Stocks — 21.8% (c)(d)

Aerospace & Defense — 1.7%
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009)		2,189,612	$	37,814,599


Banks — 0.7%
Varo Money Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001)		4,316,904		16,102,052


Capital Markets — 2.1%
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001)		16,666,667		47,666,668


Entertainment — 0.6%
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912)		32,690		12,975,315


Food Products — 1.1%
Motif Food Works, Inc., (Acquired 06/08/21, Cost: $39,999,986)		1,972,240		24,810,779


Hotels, Restaurants & Leisure — 0.7%
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,945)		191,067		11,152,581
Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $4,109,441)		79,740		4,596,213


				15,748,794

Internet Software & Services — 1.0%
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974)		549,357		21,622,692


IT Services — 1.0%
Open Space Labs Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003)		1,687,916		13,553,966

Wagestream Holdings Ltd., Series C, (Acquired 02/11/22, Cost: $10,024,684)		762,746		7,752,899


				21,306,865

Leisure Products — 1.7%
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,982)		2,172,486		39,083,023


Semiconductors & Semiconductor Equipment — 2.1%
PsiQuantum Corp., Series C, (Acquired 05/21/21, Cost: $39,999,990)		1,525,192		38,983,907
Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $7,996,292)		2,997,684		7,194,442


				46,178,349

Software — 8.0%
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995)		428,785		5,985,839
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995)		2,745,894		12,383,982
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983)		898,024		30,434,033
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997)		2,165,400		11,000,232
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959)		900,760		34,877,427


Security	Shares		Value

Software (continued)
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101)		4,651,163	$	23,023,257
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)		333,818		7,123,676
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352)		416,667		16,079,179
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999)		909,438		4,756,361
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,994)		732,373		7,001,486
Snyk Ltd., Series B, (Acquired 09/02/21, Cost: $24,038,470)		1,675,797		17,210,435
Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)		4,684,060		9,602,323


				179,478,230

Wireless Telecommunication Services — 1.1%
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992)		1,365,305		24,138,592


				486,925,958


Total Preferred Securities — 21.8% (Cost: $639,252,061)				486,925,958


Total Long-Term Investments — 100.4% (Cost: $3,143,847,570)				2,244,340,386


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (g)(h)		9,128,990		9,128,990


Total Short-Term Securities — 0.4% (Cost: $9,128,990)				9,128,990


Total Investments Before Options Written — 100.8% (Cost: $3,152,976,560)				2,253,469,376


Options Written — (0.5)% (Premiums Received: $(11,526,685))				(9,846,179	)


Total Investments, Net of Options Written — 100.3% (Cost: $3,141,449,875)				2,243,623,197

Liabilities in Excess of Other Assets — (0.3)%				(7,544,276	)


Net Assets — 100.0%			$	2,236,078,921

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

(b)	Non-income producing security.

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

(d)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $612,571,446, representing 27.4% of its net assets as of period end, and an original cost of $818,196,317.

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

(f)	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)	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

for reporting ease.


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, 2022		BlackRock Innovation and Growth Trust (BIGZ)

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income			Capital Gain Distributions from Underlying Funds

908 Devices, Inc. (a)	$	59,749,533	$	—		$	(23,460,919	)	$	(58,510,510	)	$	44,486,096	$	N/A		N/A	$	—		$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		1,836,203		7,292,787	(b)		—			—			—		9,128,990		9,128,990		32,878			—
SL Liquidity Series, LLC, Money Market Series (c)		5,204,477		—			(5,203,286	) (b)		(1,495	)		304		—		—		3,961	(d)		—

									$	(58,512,005	)	$	44,486,400	$	9,128,990			$	36,839		$	—

(a)

As of period end, the entity is no longer an affiliate.

(b)

Represents net amount purchased (sold).

(c)

As of period end, the entity is no longer held.

(d)

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.		157		07/01/22	USD	87.00	USD	1,028	$	(11,775)
Match Group, Inc.		143		07/01/22	USD	86.00	USD	997		(4,290)
Penn National Gaming, Inc.		368		07/08/22	USD	36.00	USD	1,119		(6,624)
Lattice Semiconductor Corp.		196		07/12/22	USD	51.50	USD	951		(12,116)
10X Genomics, Inc., Class A		749		07/15/22	USD	40.00	USD	3,389		(528,045)
908 Devices, Inc.		275		07/15/22	USD	17.50	USD	566		(112,062)
Ambarella Inc.		108		07/15/22	USD	76.00	USD	707		(6,210)
Ambarella, Inc.		212		07/15/22	USD	85.00	USD	1,388		(6,890)
Avalara, Inc.		401		07/15/22	USD	90.00	USD	2,831		(58,145)
Axon Enterprise, Inc.		478		07/15/22	USD	110.00	USD	4,454		(11,950)
AZEK Co., Inc.		1,058		07/15/22	USD	20.94	USD	1,771		(5,358)
Bio-Techne Corp.		54		07/15/22	USD	400.00	USD	1,872		(25,920)
Brooks Automation, Inc.		297		07/15/22	USD	80.00	USD	2,141		(61,627)
Charles River Laboratories International, Inc.		76		07/15/22	USD	260.00	USD	1,626		(7,220)
Chart Industries, Inc.		173		07/15/22	USD	195.00	USD	2,896		(40,222)
Confluent, Inc., Class A		329		07/15/22	USD	30.00	USD	765		(5,758)
Confluent, Inc., Class A		485		07/15/22	USD	25.00	USD	1,127		(46,075)
DigitalOcean Holdings, Inc.		100		07/15/22	USD	60.00	USD	414		(750)
DigitalOcean Holdings, Inc.		784		07/15/22	USD	40.96	USD	3,243		(241,937)
Doximity, Inc., Class A		600		07/15/22	USD	42.50	USD	2,089		(16,500)
Duolingo, Inc., Class A		325		07/15/22	USD	95.00	USD	2,845		(102,375)
Etsy, Inc.		120		07/15/22	USD	95.00	USD	879		(2,880)
Five9, Inc.		165		07/15/22	USD	105.00	USD	1,504		(9,075)
Five9, Inc.		385		07/15/22	USD	100.00	USD	3,509		(54,862)
Fiverr International Ltd.		330		07/15/22	USD	70.00	USD	1,135		(3,300)
Fiverr International Ltd.		601		07/15/22	USD	45.00	USD	2,067		(10,518)
Fox Factory Holding Corp.		439		07/15/22	USD	85.00	USD	3,536		(65,850)
Freshpet, Inc.		403		07/15/22	USD	70.00	USD	2,091		(88,660)
Gitlab, Inc., Class A		532		07/15/22	USD	70.00	USD	2,827		(10,640)
Gitlab, Inc., Class A		173		07/15/22	USD	50.00	USD	919		(91,690)
Globant SA		144		07/15/22	USD	250.00	USD	2,506		(11,520)
Globant SA		120		07/15/22	USD	195.00	USD	2,088		(27,900)
Halozyme Therapeutics, Inc.		696		07/15/22	USD	46.00	USD	3,062		(71,340)
HEICO Corp.		188		07/15/22	USD	139.68	USD	2,465		(7,181)
HubSpot, Inc.		73		07/15/22	USD	390.00	USD	2,195		(17,338)
Inmode Ltd.		610		07/15/22	USD	25.00	USD	1,367		(30,500)
Lattice Semiconductor Corp.		18		07/15/22	USD	55.52	USD	87		(621)


88		2 0 2 2 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, 2022		BlackRock Innovation and Growth Trust (BIGZ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Lattice Semiconductor Corp.		316		07/15/22	USD	50.00	USD	1,533	$	(51,350)
Monolithic Power Systems, Inc.		112		07/15/22	USD	460.00	USD	4,301		(29,960)
Olink Holding AB, ADR		497		07/15/22	USD	17.50	USD	755		(67,095)
Olink Holding AB, ADR		494		07/15/22	USD	12.50	USD	751		(143,260)
Paylocity Holding Corp.		117		07/15/22	USD	175.00	USD	2,041		(83,070)
Paylocity Holding Corp.		124		07/15/22	USD	191.00	USD	2,163		(32,998)
Phreesia, Inc.		750		07/15/22	USD	35.00	USD	1,876		(22,500)
Phreesia, Inc.		469		07/15/22	USD	20.00	USD	1,173		(243,880)
Planet Fitness, Inc., Class A		557		07/15/22	USD	78.33	USD	3,788		(13,306)
Repligen Corp.		270		07/15/22	USD	170.00	USD	4,385		(122,850)
Rexford Industrial Realty, Inc.		73		07/15/22	USD	65.00	USD	420		(6,570)
Saia, Inc.		71		07/15/22	USD	210.00	USD	1,335		(14,023)
Tradeweb Markets, Inc., Class A		631		07/15/22	USD	70.00	USD	4,307		(69,410)
Ambarella, Inc.		290		07/22/22	USD	95.00	USD	1,898		(14,500)
Bill.Com Holdings, Inc.		240		07/22/22	USD	150.00	USD	2,639		(24,000)
Match Group, Inc.		338		07/22/22	USD	84.00	USD	2,356		(14,872)
Penn National Gaming, Inc.		564		07/22/22	USD	38.00	USD	1,716		(10,152)
Ambarella, Inc.		123		07/29/22	USD	78.00	USD	805		(14,145)
Bill.Com Holdings, Inc.		186		07/29/22	USD	135.00	USD	2,045		(60,450)
Etsy, Inc.		200		07/29/22	USD	91.00	USD	1,464		(38,400)
Match Group, Inc.		290		07/29/22	USD	78.00	USD	2,021		(50,025)
Bill.Com Holdings, Inc.		252		08/05/22	USD	130.00	USD	2,770		(123,480)
Etsy, Inc.		106		08/05/22	USD	95.00	USD	776		(18,497)
Axon Enterprise, Inc.		220		08/12/22	USD	99.00	USD	2,050		(108,287)
Bio-Techne Corp.		133		08/15/22	USD	390.00	USD	4,610		(74,359)
908 Devices, Inc.		58		08/19/22	USD	20.00	USD	119		(16,385)
908 Devices, Inc.		317		08/19/22	USD	22.50	USD	653		(52,305)
Avalara, Inc.		159		08/19/22	USD	85.00	USD	1,123		(32,993)
Brooks Automation, Inc.		347		08/19/22	USD	75.00	USD	2,502		(144,005)
Certara, Inc.		1,000		08/19/22	USD	20.00	USD	2,146		(275,000)
Certara, Inc.		613		08/19/22	USD	22.50	USD	1,315		(306,500)
Charles River Laboratories International, Inc.		77		08/19/22	USD	220.00	USD	1,648		(89,705)
Chart Industries, Inc.		144		08/19/22	USD	185.00	USD	2,410		(99,360)
Confluent, Inc., Class A		1,415		08/19/22	USD	22.42	USD	3,288		(560,641)
DigitalOcean Holdings, Inc.		486		08/19/22	USD	55.00	USD	2,010		(76,545)
Doximity, Inc., Class A		609		08/19/22	USD	47.50	USD	2,121		(70,035)
Duolingo, Inc., Class A		245		08/19/22	USD	110.00	USD	2,145		(115,150)
Entegris, Inc.		1,024		08/19/22	USD	100.00	USD	9,434		(414,720)
Figs, Inc., Class A		1,500		08/19/22	USD	10.00	USD	1,367		(127,500)
Fox Factory Holding Corp.		300		08/19/22	USD	80.00	USD	2,416		(202,500)
Freshpet, Inc.		12		08/19/22	USD	60.00	USD	62		(3,420)
Gitlab, Inc., Class A		440		08/19/22	USD	51.00	USD	2,338		(344,773)
Gitlab, Inc., Class A		304		08/19/22	USD	50.83	USD	1,615		(240,743)
Globant SA		194		08/19/22	USD	220.00	USD	3,376		(61,110)
Halozyme Therapeutics, Inc.		298		08/19/22	USD	45.00	USD	1,311		(75,245)
HEICO Corp.		128		08/19/22	USD	140.00	USD	1,678		(34,880)
HEICO Corp.		188		08/19/22	USD	135.00	USD	2,465		(86,480)
HubSpot, Inc.		73		08/19/22	USD	350.00	USD	2,195		(129,575)
Innovative Industrial Properties, Inc.		156		08/19/22	USD	125.00	USD	1,714		(43,290)
Match Group, Inc.		280		08/19/22	USD	90.00	USD	1,951		(27,860)
Monolithic Power Systems, Inc.		78		08/19/22	USD	450.00	USD	2,996		(78,780)
Olink Holding AB, ADR		220		08/19/22	USD	10.00	USD	334		(112,200)
Paylocity Holding Corp.		261		08/19/22	USD	175.00	USD	4,552		(378,450)
Phreesia, Inc.		390		08/19/22	USD	20.00	USD	975		(235,950)
Repligen Corp.		150		08/19/22	USD	165.00	USD	2,436		(206,250)
Saia, Inc.		96		08/19/22	USD	210.00	USD	1,805		(78,240)
Tradeweb Markets, Inc., Class A		576		08/19/22	USD	70.00	USD	3,931		(161,280)
Figs, Inc., Class A		1,500		09/16/22	USD	9.96	USD	1,367		(169,485)
Halozyme Therapeutics, Inc.		298		09/16/22	USD	45.00	USD	1,311		(114,730)

									$	(8,433,248)


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, 2022		BlackRock Innovation and Growth Trust (BIGZ)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Kahoot! ASA	UBS AG		598,000		07/06/22		NOK	25.29		NOK	10,944	$	(51)
AZEK Co., Inc.	Barclays Bank PLC		68,000		07/08/22		USD	23.81		USD	1,138		(5)
Siteminder Ltd.	UBS AG		100,000		07/19/22		AUD	4.93		AUD	353		(138)
Kahoot! ASA	Goldman Sachs International		518,400		07/20/22		NOK	26.44		NOK	9,487		(2,741)
Axon Enterprise, Inc.	Goldman Sachs International		28,000		07/25/22		USD	110.68		USD	2,609		(32,159)
Monolithic Power Systems, Inc.	Barclays Bank PLC		7,800		07/26/22		USD	433.62		USD	2,996		(52,803)
West Pharmaceutical Services, Inc.	JPMorgan Chase Bank N.A.		12,000		07/26/22		USD	316.62		USD	3,628		(82,529)
Brooks Automation, Inc.	Barclays Bank PLC		27,300		07/27/22		USD	81.20		USD	1,968		(88,715)
Siteminder Ltd.	Morgan Stanley & Co. International PLC		59,800		07/27/22		AUD	4.91		AUD	211		(296)
908 Devices, Inc.	Citibank N.A.		34,600		07/28/22		USD	21.51		USD	712		(46,689)
Bio-Techne Corp.	JPMorgan Chase Bank N.A.		9,000		07/28/22		USD	350.65		USD	3,120		(129,582)
Chart Industries, Inc.	Barclays Bank PLC		17,300		07/28/22		USD	182.14		USD	2,896		(75,623)
Confluent, Inc., Class A	JPMorgan Chase Bank N.A.		102,500		07/28/22		USD	26.12		USD	2,382		(152,336)
Duolingo, Inc., Class A	Citibank N.A.		18,900		07/28/22		USD	102.37		USD	1,655		(69,438)
Planet Fitness, Inc., Class A	JPMorgan Chase Bank N.A.		66,300		07/28/22		USD	69.42		USD	4,509		(187,827)
Evolution AB	Morgan Stanley & Co. International PLC		79,800		08/02/22		SEK	966.29		SEK	74,679		(342,100)
Kahoot! ASA	Goldman Sachs International		550,000		08/02/22		NOK	27.98		NOK	10,065		(4,860)
Five9, Inc.	JPMorgan Chase Bank N.A.		40,000		08/05/22		USD	116.76		USD	3,646		(54,566)
Kahoot! ASA	Barclays Bank PLC		445,000		08/09/22		NOK	20.35		NOK	8,144		(52,515)
Rexford Industrial Realty, Inc.	JPMorgan Chase Bank N.A.		31,500		08/12/22		USD	61.99		USD	1,814		(37,958)

												$	(1,412,931)

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	$	4,418,721	$	(2,738,215	)	$	(9,846,179)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	9,846,179	$	—	$	—	$	—	$	9,846,179

For the period ended June 30, 2022, 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)	$	—	$	—	$	(4,444)		$	—	$	—	$	—	$	(4,444)
Options written		—		—		44,408,727			—		—		—		44,408,727

	$	—	$	—	$	44,404,283		$	—	$	—	$	—	$	44,404,283

Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	(4,733,943	)	$	—	$	—	$	—	$	(4,733,943	)

(a)

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


90		2 0 2 2 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, 2022		BlackRock Innovation and Growth Trust (BIGZ)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts written			$(10,712,177)

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets		Liabilities
Derivative Financial Instruments
Options	$	—	$	9,846,179

Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		9,846,179

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(8,433,248	)

Total derivative assets and liabilities subject to an MNA	$	—	$	1,412,931

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	$	269,661	$	—	$	(269,661	)	$	—	$	—
Citibank N.A.		116,127		—		(116,127	)		—		—
Goldman Sachs International		39,760		—		—			—		39,760
JPMorgan Chase Bank N.A.		644,798		—		(644,798	)		—		—
Morgan Stanley & Co. International PLC		342,396		—		(268,691	)		—		73,705
UBS AG		189		—		—			—		189

	$	1,412,931	$	—	$	(1,299,277	)	$	—	$	113,654

(a)

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

(b)

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	104,855,040	$	—	$	—	$	104,855,040
Auto Components		39,715,079		—		—		39,715,079
Biotechnology		37,948,856		—		—		37,948,856
Building Products		12,145,992		—		—		12,145,992
Capital Markets		54,938,793		—		—		54,938,793
Diversified Consumer Services		42,288,138		—		33,064,138		75,352,276
Electronic Equipment, Instruments & Components		13,684,567		—		—		13,684,567
Entertainment		—		26,152,890		—		26,152,890
Equity Real Estate Investment Trusts (REITs)		26,406,910		—		—		26,406,910
Food Products		11,198,900		—		—		11,198,900
Health Care Equipment & Supplies		27,344,294		—		—		27,344,294
Health Care Technology		89,697,535		—		—		89,697,535
Hotels, Restaurants & Leisure		66,598,775		48,695,692		—		115,294,467


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, 2022		BlackRock Innovation and Growth Trust (BIGZ)

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Interactive Media & Services	$	49,616,005	$	—	$	—	$	49,616,005
Internet & Direct Marketing Retail		42,184,070		—		—		42,184,070
IT Services		88,727,062		—		30,433,994		119,161,056
Life Sciences Tools & Services		236,784,139		—		—		236,784,139
Machinery		54,709,492		—		—		54,709,492
Road & Rail		21,024,792		—		—		21,024,792
Semiconductors & Semiconductor Equipment		187,621,720		—		—		187,621,720
Software		320,942,287		28,487,912		49,907,356		399,337,555
Convertible Notes		—		—		12,240,000		12,240,000
Preferred Securities
Preferred Stocks		—		—		486,925,958		486,925,958
Short-Term Securities
Money Market Funds		9,128,990		—		—		9,128,990


	$	1,537,561,436	$	103,336,494	$	612,571,446	$	2,253,469,376

Derivative Financial Instruments (a)
Liabilities
Equity Contracts	$	(6,621,443)	$	(3,224,736)	$	—	$	(9,846,179)

(a)

Derivative financial instruments are options written. Options written are shown at value.


	Asset-Backed Securities			Common Stocks		Corporate Bonds			Total
Assets
Opening balance, as of December 31, 2021	$	167,039,627		$	12,000,000	$	544,568,505		$	723,608,132
Transfers into Level 3		—			—		—			—
Transfers out of Level 3		—			—		—			—
Accrued discounts/premiums		—			—		—			—
Net realized gain (loss)
Net change in unrealized appreciation (depreciation) (a)(b)		(53,634,139	)		240,000		(131,776,657	)		(185,170,796	)
Purchases		—			—		74,134,110			74,134,110
Sales		—			—		—			—

Closing balance, as of June 30, 2022	$	113,405,488		$	12,240,000	$	486,925,958		$	612,571,446

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (b)	$	(53,634,139	)	$	240,000	$	(131,776,657	)	$	(185,170,796	)

(a)

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

(b)

Value

Valuation
Approach

Unobservable
Inputs

(a)

Range of
Unobservable
Inputs
Utilized

(a)

Weighted
Average of
Unobservable
Inputs Based
on Fair Value

Assets

Common Stocks

113,405,488

Market

Revenue Multiple

10.00x - 25.00x

15.33x

EBITDA Multiple

18.00x

—

Convertible Notes

12,240,000

Income

Discount Rate

23%

—

Market

Revenue Multiple

2.20x

—

Volatility

63%

—

Preferred Stocks

486,925,958

Market

Revenue Multiple

1.30x - 25.00x

11.33x

Time to Exit

2.0 - 5.0 years

3.2 years

Volatility

45% - 90%

66%


92		2 0 2 2 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, 2022		BlackRock Innovation and Growth Trust (BIGZ)

Value

Valuation
Approach

Unobservable
Inputs

(a)

Range of
Unobservable
Inputs
Utilized

(a)

Weighted
Average of
Unobservable
Inputs Based
on Fair Value

Market Adjustment Multiple

0.90x - 1.00x

0.95x

612,571,446

(a)

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

See notes to financial statements.


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


Schedule of Investments (unaudited) June 30, 2022		BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Chemicals — 13.5%
Albemarle Corp. (a)		39,976	$	8,354,185
CF Industries Holdings, Inc.		152,792		13,098,858
FMC Corp. (a)		238,833		25,557,519
Koninklijke DSM NV		92,957		13,316,140
Nutrien Ltd.		491,648		39,179,429
Sociedad Quimica y Minera de Chile SA, ADR (a)		225,379		18,825,908

				118,332,039

Containers & Packaging — 0.5%
Packaging Corp. of America (a)		33,028		4,541,350


Electrical Equipment — 0.5%
Vestas Wind Systems A/S		224,068		4,764,133


Food Products — 7.2%
Bunge Ltd. (a)(b)		255,485		23,169,935
Darling Ingredients, Inc. (a)(c)		156,591		9,364,142
Hofseth International A/S, (Acquired 05/26/21, Cost: $10,198,056) (c)(d)(e)		18,993,283		10,682,841
Kerry Group PLC, Class A		129,883		12,420,968
Nestle SA, Registered Shares		62,375		7,289,933

				62,927,819

Machinery (a) — 4.4%
AGCO Corp.		168,181		16,599,466
Deere & Co.		73,217		21,926,295

				38,525,761

Metals & Mining — 24.6%
Alcoa Corp. (a)		174,140		7,937,301
Anglo American PLC		162,903		5,823,549
ArcelorMittal SA, Registered Shares (a)		612,749		13,848,128
First Quantum Minerals Ltd.		695,612		13,196,741
Franco-Nevada Corp. (a)		64,719		8,515,726
Freeport-McMoRan, Inc. (a)		96,413		2,821,044
Glencore PLC		8,764,363		47,471,611
Newcrest Mining Ltd.		757,397		10,790,046
Newmont Corp. (a)		378,867		22,606,994
Norsk Hydro ASA		1,955,124		11,048,916
Polyus PJSC, Registered Shares, GDR (d)(f)		209,464		2,095
Stelco Holdings, Inc.		459,581		11,489,525
Teck Resources Ltd., Class B (a)		419,788		12,832,919
Vale SA, ADR (a)		2,009,197		29,394,552
Wheaton Precious Metals Corp. (a)		511,930		18,444,838

				216,223,985

Oil, Gas & Consumable Fuels — 44.5%
Cenovus Energy, Inc.		243,150		4,626,121
Chevron Corp. (a)(b)		299,104		43,304,277
ConocoPhillips (a)		395,703		35,538,087
EOG Resources, Inc. (a)		149,421		16,502,055
Equinor ASA		314,700		10,965,843


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp. (a)(b)		850,199	$	72,811,042
Gazprom PJSC, ADR (d)		2,715,000		1,005
Hess Corp. (a)		101,335		10,735,430
Marathon Petroleum Corp. (a)		108,259		8,899,972
Phillips 66 (a)		162,182		13,297,302
Pioneer Natural Resources Co. (a)		55,534		12,388,525
Repsol SA		309,150		4,557,489
Shell PLC, ADR (a)		929,232		48,589,541
Suncor Energy, Inc.		887,996		31,154,366
TC Energy Corp.		348,250		18,040,173
TotalEnergies SE		1,140,334		60,023,723

				391,434,951

Paper & Forest Products — 2.5%
Precious Woods Holding AG, Registered Shares (c)		20,000		268,161
UPM-Kymmene OYJ		708,034		21,710,658

				21,978,819


Total Long-Term Investments — 97.7% (Cost: $749,620,553)				858,728,857


Short-Term Securities

Money Market Funds — 2.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (g)(h)		25,116,689		25,116,689


Total Short-Term Securities — 2.9% (Cost: $25,116,689)				25,116,689


Total Investments Before Options Written — 100.6% (Cost: $774,737,242)				883,845,546


Options Written — (0.4)% (Premiums Received: $(10,340,170))				(3,865,208	)


Total Investments, Net of Options Written — 100.2% (Cost: $764,397,072)				879,980,338
Liabilities in Excess of Other Assets — (0.2)%				(1,362,524	)


Net Assets — 100.0%			$	878,617,814

(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)	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 $10,682,841, representing 1.2% of its net assets as of period end, and an original cost of $10,198,056.

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

(g)	Affiliate of the Trust.

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry

sub-classifications

for reporting ease.


94		2 0 2 2 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, 2022		BlackRock Resources & Commodities Strategy Trust (BCX)

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	16,654,313	$	8,462,376	(a)	$	—	$	—	$	—	$	25,116,689		25,116,689	$	39,871	$	—

(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
Pioneer Natural Resources Co.		104		07/01/22	USD	290.00	USD	2,320	$	(520)
AGCO Corp.		410		07/15/22	USD	120.00	USD	4,047		(20,500)
Albemarle Corp.		150		07/15/22	USD	240.00	USD	3,135		(15,375)
ArcelorMittal SA		560		07/15/22	USD	31.00	USD	1,266		(6,160)
Bunge Ltd.		412		07/15/22	USD	120.00	USD	3,736		(2,060)
Bunge Ltd.		533		07/15/22	USD	110.00	USD	4,834		(15,990)
Cenovus Energy Inc.		641		07/15/22	CAD	26.50	CAD	1,570		(19,670)
Darling Ingredients, Inc.		220		07/15/22	USD	85.00	USD	1,316		(3,300)
Exxon Mobil Corp.		470		07/15/22	USD	100.00	USD	4,025		(5,170)
FMC Corp.		451		07/15/22	USD	125.00	USD	4,826		(33,825)
HESS Corp.		220		07/15/22	USD	130.00	USD	2,331		(9,900)
Marathon Petroleum Corp.		270		07/15/22	USD	100.00	USD	2,220		(3,105)
Newmont Corp.		380		07/15/22	USD	70.00	USD	2,267		(2,090)
Packaging Corp. of America		122		07/15/22	USD	145.00	USD	1,678		(11,285)
Phillips 66		95		07/15/22	USD	105.00	USD	779		(713)
Shell PLC, ADR		597		07/15/22	USD	57.50	USD	3,122		(13,432)
Shell PLC, ADR		496		07/15/22	USD	60.00	USD	2,594		(3,720)
Sociedad Quimica y Minera de Chile SA, ADR		486		07/15/22	USD	100.00	USD	4,060		(18,225)
Stelco Holdings Inc.		668		07/15/22	CAD	52.00	CAD	2,150		(20,239)
Stelco Holdings Inc.		200		07/15/22	CAD	41.00	CAD	644		(1,942)
Vale SA, ADR		1,208		07/15/22	USD	16.00	USD	1,767		(22,348)
Alcoa Corp.		160		07/22/22	USD	64.00	USD	729		(1,680)
ArcelorMittal SA		560		07/22/22	USD	31.00	USD	1,266		(4,480)
ConocoPhillips		294		07/22/22	USD	127.00	USD	2,640		(11,172)
Deere & Co.		37		07/22/22	USD	370.00	USD	1,108		(2,720)
EOG Resources, Inc.		144		07/22/22	USD	153.20	USD	1,590		(5,040)
Exxon Mobil Corp.		492		07/22/22	USD	105.00	USD	4,213		(5,658)
Exxon Mobil Corp.		413		07/22/22	USD	109.00	USD	3,537		(3,304)
Marathon Petroleum Corp.		239		07/22/22	USD	120.00	USD	1,965		(3,824)
Teck Resources Ltd., Class B		695		07/22/22	USD	41.00	USD	2,125		(18,070)
Vale SA, ADR		2,400		07/22/22	USD	16.00	USD	3,511		(54,000)
Shell PLC, ADR		808		07/25/22	USD	59.50	USD	4,225		(22,548)
Darling Ingredients, Inc.		360		07/27/22	USD	79.00	USD	2,153		(2,231)
ArcelorMittal SA		571		07/29/22	USD	30.00	USD	1,290		(7,709)
Chevron Corp.		250		07/29/22	USD	165.00	USD	3,620		(24,500)
ConocoPhillips		312		07/29/22	USD	127.00	USD	2,802		(10,296)
ConocoPhillips		206		07/29/22	USD	95.00	USD	1,850		(54,590)
Deere & Co.		113		07/29/22	USD	355.00	USD	3,384		(10,566)
EOG Resources, Inc.		241		07/29/22	USD	138.20	USD	2,662		(11,448)
Freeport-McMoRan, Inc.		178		07/29/22	USD	33.00	USD	521		(12,282)
Newmont Corp.		500		07/29/22	USD	70.00	USD	2,984		(13,500)
Phillips 66		205		07/29/22	USD	94.00	USD	1,681		(20,500)
Pioneer Natural Resources Co.		101		07/29/22	USD	245.00	USD	2,253		(53,530)
Vale SA, ADR		1,460		07/29/22	USD	15.50	USD	2,136		(59,860)
Wheaton Precious Metals Corp.		840		07/29/22	USD	41.00	USD	3,027		(23,100)


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, 2022		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)
Franco-Nevada Corp.		120		08/01/22	USD	147.00	USD	1,579	$	(12,348)
Alcoa Corp.		289		08/05/22	USD	58.00	USD	1,317		(22,686)
ArcelorMittal SA		576		08/05/22	USD	25.00	USD	1,302		(37,152)
Chevron Corp.		397		08/05/22	USD	155.00	USD	5,748		(138,950)
Conocophillips		403		08/05/22	USD	102.00	USD	3,619		(54,808)
Deere & Co.		67		08/05/22	USD	315.00	USD	2,006		(54,940)
EOG Resources, Inc.		167		08/05/22	USD	130.00	USD	1,844		(25,885)
Exxon Mobil Corp.		1,770		08/05/22	USD	94.00	USD	15,158		(305,325)
Hess Corp.		155		08/05/22	USD	114.00	USD	1,642		(62,000)
Marathon Petroleum Corp.		157		08/05/22	USD	94.00	USD	1,291		(21,666)
Newmont Corp.		521		08/05/22	USD	66.00	USD	3,109		(41,940)
Phillips 66		211		08/05/22	USD	90.00	USD	1,730		(46,420)
Shell PLC, ADR		1,000		08/05/22	USD	54.50	USD	5,229		(159,354)
Teck Resources Ltd., Class B		528		08/05/22	USD	37.00	USD	1,614		(30,096)
Vale SA, ADR		1,209		08/05/22	USD	17.00	USD	1,769		(23,575)
Wheaton Precious Metals Corp.		638		08/05/22	USD	40.00	USD	2,299		(35,090)
Chevron Corp.		459		08/12/22	USD	155.00	USD	6,645		(185,895)
Shell PLC, ADR		367		08/12/22	USD	55.78	USD	1,919		(51,753)
Teck Resources Ltd., Class B		330		08/12/22	USD	37.01	USD	1,009		(22,442)
Vale SA, ADR		1,157		08/12/22	USD	16.11	USD	1,693		(50,460)
Wheaton Precious Metals Corp.		416		08/12/22	USD	38.00	USD	1,499		(52,000)
AGCO Corp.		212		08/19/22	USD	105.00	USD	2,092		(87,980)
Alcoa Corp.		195		08/19/22	USD	60.00	USD	889		(18,427)
Cenovus Energy Inc.		584		08/19/22	CAD	31.00	CAD	1,430		(18,602)
ConocoPhillips		249		08/19/22	USD	105.00	USD	2,236		(39,714)
Deere & Co.		53		08/19/22	USD	350.00	USD	1,587		(19,345)
FMC Corp.		432		08/19/22	USD	110.00	USD	4,623		(183,600)
Franco-Nevada Corp.		120		08/19/22	USD	150.00	USD	1,579		(18,600)
Freeport-McMoRan, Inc.		178		08/19/22	USD	34.00	USD	521		(15,842)
Phillips 66		145		08/19/22	USD	110.00	USD	1,189		(5,075)
Shell PLC, ADR		170		08/19/22	USD	56.50	USD	889		(25,613)
Sociedad Quimica y Minera de Chile SA, ADR		350		08/19/22	USD	106.17	USD	2,924		(35,690)
Stelco Holdings Inc.		832		08/19/22	CAD	38.00	CAD	2,677		(59,789)
Suncor Energy Inc.		1,114		08/19/22	CAD	49.00	CAD	5,031		(154,049)
Suncor Energy Inc.		1,001		08/19/22	CAD	52.00	CAD	4,521		(82,432)
TC Energy Corp.		664		08/19/22	CAD	72.00	CAD	4,428		(26,824)
Suncor Energy Inc.		1,001		09/16/22	CAD	52.00	CAD	4,521		(120,537)
Suncor Energy Inc.		265		09/16/22	CAD	56.00	CAD	1,197		(18,117)
TC Energy Corp.		624		09/16/22	CAD	70.00	CAD	4,161		(69,323)

									$	(3,100,521)

OTC Options Written


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

Call
Anglo American PLC	Morgan Stanley & Co. International PLC		26,900		07/06/22		GBP	34.76		GBP	790	$	(52)
Norsk Hydro ASA	Merrill Lynch International		370,000		07/06/22		NOK	74.76		NOK	20,409		(14)
Koninklijke Dsm N.V.	Goldman Sachs International		26,800		07/12/22		EUR	145.67		EUR	3,674		(27,705)
Total SA	Morgan Stanley & Co. International PLC		162,000		07/12/22		EUR	54.27		EUR	8,160		(20,643)
Kerry Group PLC	Goldman Sachs International		49,200		07/13/22		EUR	100.65		EUR	4,494		(4,560)
Anglo American PLC	Morgan Stanley & Co. International PLC		33,384		07/19/22		GBP	40.65		GBP	980		(36)
UPM Kymmene OYJ	Morgan Stanley & Co. International PLC		90,000		07/19/22		EUR	34.05		EUR	2,611		(3,139)
Nestle SA	Morgan Stanley & Co. International PLC		13,000		07/20/22		CHF	125.32		CHF	1,449		(813)
Koninklijke Dsm N.V.	Credit Suisse International		7,600		07/27/22		EUR	160.28		EUR	1,042		(2,588)
Total SA	UBS AG		108,500		07/27/22		EUR	57.38		EUR	5,465		(14,837)
UPM Kymmene OYJ	Goldman Sachs International		172,000		07/27/22		EUR	34.28		EUR	4,990		(9,895)
Newcrest Mining Ltd.	Morgan Stanley & Co. International PLC		78,000		07/28/22		AUD	24.54		AUD	1,629		(2,218)
Statoil ASA	Morgan Stanley & Co. International PLC		58,200		07/28/22		NOK	350.73		NOK	19,936		(75,758)
Nestle SA	Morgan Stanley & Co. International PLC		10,100		08/09/22		CHF	111.46		CHF	1,126		(29,990)
Repsol SA	Credit Suisse International		145,600		08/09/22		EUR	14.41		EUR	2,046		(84,345)


96		2 0 2 2 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, 2022		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)
Statoil ASA	Morgan Stanley & Co. International PLC		58,200		08/09/22		NOK	350.68		NOK	19,936	$	(91,475	)
Total SA	JPMorgan International Bank Ltd.		156,400		08/09/22		EUR	50.96		EUR	7,878		(291,232	)
Newcrest Mining Ltd.	UBS AG		202,300		08/11/22		AUD	22.28		AUD	4,226		(72,687	)
Norsk Hydro ASA	Morgan Stanley & Co. International PLC		353,400		08/11/22		NOK	65.28		NOK	19,494		(32,700	)

												$	(764,687	)

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


Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation			Value

Options Written	$	N/A	$	N/A	$	6,709,495	$	(234,533	)	$	(3,865,208)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	3,865,208	$	—	$	—	$	—	$	3,865,208

For the period ended June 30, 2022, 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)	$	—	$	—	$	(1,311	)	$	—	$	—	$	—	$	(1,311	)
Options written		—		—		(40,509,948	)		—		—		—		(40,509,948	)

	$	—	$	—	$	(40,511,259	)	$	—	$	—	$	—	$	(40,511,259	)

Net Change in Unrealized Appreciation (Depreciation) on:
Options purchased (b)	$	—	$	—	$	1,311		$	—	$	—	$	—	$	1,311
Options written		—		—		7,850,011			—		—		—		7,850,011

	$	—	$	—	$	7,851,322		$	—	$	—	$	—	$	7,851,322

(a)

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

(b)

Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts written	$	9,375,481

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		97


Schedule of Investments (unaudited) (continued) June 30, 2022		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	$	—	$	3,865,208

Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		3,865,208

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(3,100,521	)

Total derivative assets and liabilities subject to an MNA	$	—	$	764,687

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)
Credit Suisse International	$	86,933	$	—	$	—		$	—	$	86,933
Goldman Sachs International		42,160		—		(42,160	)		—		—
JPMorgan International Bank Ltd.		291,232		—		(291,232	)		—		—
Merrill Lynch International		14		—		—			—		14
Morgan Stanley & Co. International PLC		256,824		—		(256,824	)		—		—
UBS AG		87,524		—		(87,524	)		—		—

	$	764,687	$	—	$	(677,740	)	$	—	$	86,947

(a)

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

(b)

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks
Chemicals	$	105,015,899		$	13,316,140		$	—	$	118,332,039
Containers & Packaging		4,541,350			—			—		4,541,350
Electrical Equipment		—			4,764,133			—		4,764,133
Food Products		32,534,077			19,710,901			10,682,841		62,927,819
Machinery		38,525,761			—			—		38,525,761
Metals & Mining		141,087,768			75,134,122			2,095		216,223,985
Oil, Gas & Consumable Fuels		315,886,891			75,547,055			1,005		391,434,951
Paper & Forest Products		—			21,978,819			—		21,978,819
Short-Term Securities
Money Market Funds		25,116,689			—			—		25,116,689

	$	662,708,435		$	210,451,170		$	10,685,941	$	883,845,546

Derivative Financial Instruments (a)
Liabilities
Equity Contracts	$	(2,718,082	)	$	(1,147,126	)	$	—	$	(3,865,208	)

(a)

Derivative financial instruments are options written. Options written are shown at value.


98		2 0 2 2 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, 2022		BlackRock Resources & Commodities Strategy Trust (BCX)


	Common Stocks
Assets
Opening balance, as of December 31, 2021	$	9,834,654
Transfers into Level 3 (a)		28,028,121
Transfers out of Level 3 (b)		—
Accrued discounts/premiums		—
Net realized gain (loss)		(45,466	)
Net change in unrealized appreciation (depreciation) (c)(d)		(40,936,039	)
Purchases		14,219,305
Sales		(414,634	)

Closing balance, as of June 30, 2022	$	10,685,941

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (d)	$	(40,936,039	)

(a)

As of December 31, 2021, the Trust used observable inputs in determining the value of certain investments. As of June 30, 2022, 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, 2021, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 2022, 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)

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

(d)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $3,100. 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)

Assets

Common Stocks

10,682,841

Market

EBITDA Multiple

22.00x

10,682,841

(a)

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

See notes to financial statements.


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


Consolidated Schedule of Investments (unaudited) June 30, 2022		BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Automobiles — 2.1%
Tesla, Inc. (a)(b)		34,250	$	23,064,635


Banks — 1.8%
Klarna Holdings AB, (Acquired 08/07/19, Cost: $7,971,978) (c)(d)		26,430		19,274,271


Capital Markets — 0.7%
S&P Global, Inc. (a)		23,134		7,797,546


Diversified Consumer Services — 0.4%
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $1,524,948) (c)(d)		997		3,827,869


Electronic Equipment, Instruments & Components — 1.7%
CDW Corp. (a)		54,202		8,540,067
Samsung SDI Co. Ltd.		23,749		9,793,727

				18,333,794

Entertainment — 0.3%
Roku, Inc. (a)(b)		45,568		3,742,956


Hotels, Restaurants & Leisure (a)(b) — 0.9%
Airbnb, Inc., Class A		32,494		2,894,562
Booking Holdings, Inc.		3,769		6,591,943

				9,486,505

Interactive Media & Services — 5.9%
Alphabet, Inc., Class A (a)(b)		13,882		30,252,489
Kakao Corp.		216,792		11,746,895
Snap, Inc., Class A (a)(b)		242,590		3,185,207
Tencent Holdings Ltd.		164,500		7,446,114
Z Holdings Corp.		1,485,700		4,320,525
ZoomInfo Technologies, Inc., CLass A (a)(b)		196,066		6,517,234

				63,468,464

Internet & Direct Marketing Retail — 2.7%
Amazon.com, Inc. (a)(b)		167,970		17,840,092
Cazoo Group Ltd. (b)		438,236		315,530
Jasper Infotech Private Ltd., Series I, (Acquired 08/18/15, Cost: $1,998,435) (c)(d)		168,640		213,970
Meituan, Class B (b)(e)		203,300		5,073,206
MercadoLibre, Inc. (a)(b)		8,263		5,262,457

				28,705,255

IT Services — 15.1%
Accenture PLC, Class A (a)		50,752		14,091,293
Adyen NV (b)(e)		4,805		6,934,249
Automatic Data Processing, Inc. (a)		24,107		5,063,434
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $7,999,945) (c)(d)		94,117		5,078,553
AvidXchange Holdings, Inc. (a)(b)		124,651		765,357
Block, Inc. (a)(b)		73,706		4,529,971
GMO Payment Gateway, Inc.		64,700		4,608,644
Mastercard, Inc., Class A (a)		90,717		28,619,399
MongoDB, Inc. (a)(b)		31,339		8,132,471
Okta, Inc. (a)(b)		72,383		6,543,423
PayPal Holdings, Inc. (a)(b)		90,553		6,324,222
Salt Payments, Inc., Series C, (Acquired 12/17/21, Cost: $24,999,987) (c)(d)		12,871		15,216,997
Snowflake, Inc., Class A (a)(b)		13,175		1,832,116
Thoughtworks Holding, Inc. (a)(b)		448,130		6,323,114
TRAX Ltd., (Acquired 09/12/19, Cost: $4,000,013) (c)(d)		106,667		4,342,414


Security	Shares		Value

IT Services (continued)
TRAX Ltd., Series D, (Acquired 02/18/21, Cost: $1,999,990) (c)(d)		38,361	$	1,561,676
Twilio, Inc., Class A (a)(b)		67,897		5,690,448
Visa, Inc., Class A (a)		122,365		24,092,445
Voltron Data, Inc., Series A, (Acquired 01/18/22, Cost: $10,000,000) (c)(d)		6,201,935		9,116,844
Wise PLC, Class A (b)		1,002,310		3,640,000

				162,507,070

Professional Services — 0.4%
Planet Labs, Inc., (Acquired 01/06/22, Cost: $10,000,000) (d)		1,000,000		4,330,000


Road & Rail — 0.5%
Ant Group Co., Ltd, Series C, (Acquired 05/18/18, Cost: $6,492,863) (c)(d)		1,703,548		5,570,602


Semiconductors & Semiconductor Equipment — 14.8%
Advanced Micro Devices, Inc. (a)(b)		110,640		8,460,641
Alphawave IP Group PLC (b)		1,844,013		3,016,900
Analog Devices, Inc. (a)		39,090		5,710,659
ASML Holding NV		33,209		15,689,191
Broadcom, Inc. (a)		10,711		5,203,511
Credo Technology Group Holding Ltd., (Acquired 01/27/22, Cost: $5,404,499) (d)		1,071,061		12,419,642
Globalfoundries, Inc. (a)(b)		128,800		5,195,792
Lam Research Corp. (a)		29,879		12,732,936
Marvell Technology, Inc. (a)		565,155		24,601,197
Monolithic Power Systems, Inc. (a)		22,095		8,485,364
NVIDIA Corp. (a)		54,473		8,257,562
Qualcomm, Inc. (a)		35,732		4,564,406
Renesas Electronics Corp. (b)		810,800		7,337,217
Soitec SA (b)		75,893		10,901,270
STMicroelectronics NV		171,818		5,433,754
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (a)		113,378		9,268,651
Wolfspeed, Inc. (a)(b)		199,937		12,686,003

				159,964,696

Software — 21.2%
Adobe, Inc. (a)(b)		18,274		6,689,381
ANSYS, Inc. (a)(b)		35,186		8,419,658
AppLovin Corp., Class A (a)(b)		164,804		5,675,850
Atlassian Corp. PLC, Class A (a)(b)		37,822		7,087,843
AvidXchange, Inc., (Acquired 07/29/20, Cost: $2,022,088) (d)		165,028		1,013,272
Cadence Design Systems, Inc. (a)(b)		107,937		16,193,788
Constellation Software, Inc		3,049		4,526,292
Crowdstrike Holdings, Inc., Class A (a)(b)		43,297		7,298,142
CS Disco, Inc. (a)(b)		215,329		3,884,535
Databricks, Inc., (Acquired 07/24/20, Cost: $960,476) (c)(d)		19,999		3,668,616
DataRobot, Inc., (Acquired 03/01/21, Cost: $583,275) (c)(d)		38,789		434,437
Elastic NV (a)(b)		47,198		3,193,889
Gitlab, Inc., Class A (a)(b)		144,364		7,671,503
Grammarly, Inc., (Acquired 11/17/21, Cost: $18,749,975) (c)(d)		715,323		15,264,993
Intuit, Inc. (a)		33,520		12,919,949
Microsoft Corp. (a)		254,052		65,248,175
Oracle Corp. (a)		104,180		7,279,057
Patreon, Inc., (Acquired 08/19/21, Cost: $3,352,226) (c)(d)		59,524		2,297,031


100		2 0 2 2 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, 2022		BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Salesforce, Inc. (a)(b)		54,803	$	9,044,687
ServiceNow, Inc. (a)(b)		29,283		13,924,652
SiteMinder Ltd. (b)		2,145,680		5,227,743
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $997,636) (c)(d)		66,422		634,994
Snyk Ltd., (Acquired 09/02/21, Cost: $5,192,307) (c)(d)		361,972		3,717,452
Unity Software, Inc. (a)(b)		114,284		4,207,937
Xero Ltd. (b)		130,197		6,944,789
Zscaler, Inc. (a)(b)		43,943		6,569,918

				229,038,583

Technology Hardware, Storage & Peripherals — 6.1%
Apple, Inc. (a)		483,817		66,147,460


Total Common Stocks — 74.6% (Cost: $540,790,983)				805,259,706


	Par (000)

Convertible Notes

Software — 0.9%
Warhol, Inc.(Acquired: 12/14/21, Cost: $8,000,000), 0.00% (c)(d)	$	80		9,640,000


Total Convertible Notes — 0.9% (Cost: $8,000,000)				9,640,000


	Shares

Preferred Securities

Preferred Stocks — 20.4% (c)(d)

Chemicals — 0.6%
Solugen, Inc., (Acquired 09/02/21, Cost: $9,999,977)		269,284		6,923,291


Diversified Consumer Services — 0.4%
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975)		1,054		4,046,714


Diversified Financial Services — 0.8%
Trumid Holdings LLC, Class L, (Acquired 09/15/21, Cost: $9,999,695), 07/16/22 (f)		11,420		8,511,783


Entertainment — 0.5%
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $7,000,088)		12,713		5,046,044


Food & Staples Retailing — 1.5%
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost: $6,999,994)		709,724		15,670,706


Food Products — 0.9%
Farmer’s Business Network, Inc. (Acquired 09/15/21, Cost: $6,999,963)		112,616		5,399,937
Series F, (Acquired 07/31/20, Cost: $2,999,886)		90,750		4,161,795

				9,561,732

Interactive Media & Services — 1.4%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $9,999,959)		91,262		15,105,319


Security	Shares		Value

IT Services — 1.8%
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,999,391)		493,493	$	2,418,115
Trumid Holdings LLC (f)
Class J-A, (Acquired 07/24/20, Cost: $2,499,716)		5,038		3,755,023
Class J-B, (Acquired 07/24/20, Cost: $1,499,830)		5,038		3,755,023
Voltron Data, Inc., (Acquired 07/14/21, Cost: $5,000,000)		9,090,909		9,909,091

				19,837,252

Road & Rail — 0.4%
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $5,482,937)		275		3,845,269


Semiconductors & Semiconductor Equipment — 4.1%
PsiQuantum Corp.
Series C, (Acquired 09/09/19, Cost: $3,200,234)		690,003		14,200,262
Series C, (Acquired 05/21/21, Cost: $5,000,025)		190,650		4,873,014
Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $12,003,705)		4,500,000		10,800,000
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,125)		187,300		14,231,054

				44,104,330

Software — 8.0%
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $29,999,955)		598,682		20,289,333
Databricks, Inc.
Series F, (Acquired 10/22/19, Cost: $3,999,999)		93,135		17,084,684
Series G, (Acquired 02/01/21, Cost: $4,500,001)		25,371		4,654,056
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996)		228,276		2,565,822
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $6,249,992)		238,441		5,088,331
MNTN Digital, Inc., (Acquired 11/05/21, Cost: $24,999,980)		1,088,598		15,773,785
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $6,666,632)		119,047		4,594,024
Prosimo, Inc., Series B, (Acquired 11/04/21, Cost: $4,999,998)		2,515,811		4,327,195
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985)		332,896		3,182,486
Snyk Ltd., Series B, (Acquired 09/02/21, Cost: $4,807,688)		335,159		3,442,083
Unqork, Inc.
Series B, (Acquired 09/19/19, Cost: $3,198,416)		281,080		4,938,576
Series C, (Acquired 09/18/20, Cost: $1,303,260)		47,600		836,332

				86,776,707

				219,429,147


Total Preferred Securities — 20.4% (Cost: $203,436,402)				219,429,147


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, 2022		BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)


Security	Shares		Value

Warrants

IT Services — 0.0%
TRAX Ltd., (Expires 09/15/2023), (Acquired 09/12/19, Cost: $0) (c)(d)		17,065	$	42,321


Total Warrants — 0.0% (Cost: $ — )				42,321


Total Long-Term Investments — 95.9% (Cost: $752,227,385)				1,034,371,174


Short-Term Securities

Money Market Funds — 4.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (g)(h)		49,223,180		49,223,180


Total Short-Term Securities — 4.5% (Cost: $49,223,180)				49,223,180


Total Investments Before Options Written — 100.4% (Cost: $801,450,565)				1,083,594,354


Options Written — (0.4)% (Premiums Received: $(10,312,473))				(4,802,220	)


Total Investments, Net of Options Written — 100.0% (Cost: $791,138,092)				1,078,792,134

Other Assets Less Liabilities — 0.0%				107,061


Net Assets — 100.0%			$	1,078,899,195

(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 $337,095,101, representing 31.2% of its net assets as of period end, and an original cost of $325,687,043.

(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 is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

(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

for reporting ease.

Affiliates


Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	42,574,872	$	6,648,308	(a)	$	—		$	—		$	—	$	49,223,180		49,223,180	$	70,631		$	—
SL Liquidity Series, LLC, Money Market Series (b)		840,396		—			(840,061	) (a)		(335	)		—		—		—		18,028	(c)		—

									$	(335	)	$	—	$	49,223,180			$	88,659		$	—

(a)

Represents net amount purchased (sold).

(b)

As of period end, the entity is no longer held.

(c)

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.		56		07/01/22		USD	435.00		USD	2,050	$	(392	)
Analog Devices, Inc.		55		07/01/22		USD	175.00		USD	803		(4,125	)
Atlassian Corp. PLC, Class A		40		07/01/22		USD	200.00		USD	750		(800	)


102		2 0 2 2 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, 2022		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)
Booking Holdings, Inc.		11		07/01/22		USD	2,250.00		USD	1,924	$	(2,915	)
Crowdstrike Holdings, Inc., Class A		59		07/01/22		USD	175.00		USD	995		(3,688	)
Lam Research Corp.		70		07/01/22		USD	525.00		USD	2,983		(70	)
S&P Global, Inc.		90		07/01/22		USD	350.00		USD	3,034		(4,950	)
ServiceNow, Inc.		59		07/01/22		USD	485.00		USD	2,806		(11,210	)
Unity Software, Inc.		149		07/01/22		USD	44.00		USD	549		(447	)
Accenture PLC, Class A		103		07/08/22		USD	315.00		USD	2,860		(6,695	)
Analog Devices, Inc.		75		07/08/22		USD	165.00		USD	1,096		(7,500	)
Atlassian Corp. PLC, Class A		34		07/08/22		USD	210.00		USD	637		(2,890	)
Crowdstrike Holdings, Inc., Class A		86		07/08/22		USD	195.00		USD	1,450		(2,924	)
Intuit, Inc.		101		07/08/22		USD	405.00		USD	3,893		(26,512	)
MercadoLibre, Inc.		16		07/08/22		USD	890.00		USD	1,019		(3,680	)
MongoDB, Inc.		7		07/08/22		USD	290.00		USD	182		(1,523	)
MongoDB, Inc.		19		07/08/22		USD	315.00		USD	493		(998	)
Oracle Corp.		71		07/08/22		USD	70.00		USD	496		(7,987	)
Tesla, Inc.		45		07/08/22		USD	810.00		USD	3,030		(5,018	)
Twilio, Inc., Class A		139		07/08/22		USD	125.00		USD	1,165		(7,714	)
Accenture PLC, Class A		108		07/15/22		USD	290.00		USD	2,999		(24,570	)
Adobe, Inc.		28		07/15/22		USD	425.00		USD	1,025		(1,148	)
Alphabet Inc., Class A		18		07/15/22		USD	2,425.00		USD	3,923		(14,580	)
Amazon.com, Inc.		200		07/15/22		USD	125.00		USD	2,124		(3,600	)
Amazon.com, Inc.		401		07/15/22		USD	117.00		USD	4,259		(29,874	)
ANSYS, Inc.		83		07/15/22		USD	260.00		USD	1,986		(24,070	)
ANSYS, Inc.		79		07/15/22		USD	250.00		USD	1,890		(35,945	)
Apple, Inc.		23		07/15/22		USD	150.00		USD	314		(759	)
Apple, Inc.		157		07/15/22		USD	155.00		USD	2,147		(1,963	)
AppLovin Corp., Class A		553		07/15/22		USD	45.00		USD	1,905		(11,060	)
Atlassian Corp. PLC, Class A		17		07/15/22		USD	210.00		USD	319		(4,718	)
Atlassian Corp. PLC, Class A		33		07/15/22		USD	200.00		USD	618		(16,665	)
Automatic Data Processing, Inc.		96		07/15/22		USD	212.50		USD	2,016		(35,520	)
AvidXchange Holdings, Inc.		134		07/15/22		USD	10.00		USD	82		(12,060	)
Broadcom, Inc.		48		07/15/22		USD	530.00		USD	2,332		(6,720	)
Cadence Design Systems, Inc.		42		07/15/22		USD	160.00		USD	630		(5,985	)
Cadence Design Systems, Inc.		221		07/15/22		USD	155.00		USD	3,316		(64,090	)
CDW Corp.		121		07/15/22		USD	160.00		USD	1,906		(38,417	)
Crowdstrike Holdings, Inc., Class A		55		07/15/22		USD	190.00		USD	927		(11,605	)
CS Disco, Inc.		92		07/15/22		USD	30.00		USD	166		(3,220	)
CS Disco, Inc.		250		07/15/22		USD	22.50		USD	451		(45,000	)
Elastic NV		128		07/15/22		USD	67.46		USD	866		(51,008	)
Elastic NV		27		07/15/22		USD	80.00		USD	183		(1,418	)
Gitlab, Inc., Class A		189		07/15/22		USD	50.00		USD	1,004		(100,170	)
Globalfoundries Inc.		400		07/15/22		USD	65.00		USD	1,614		(6,000	)
Globalfoundries Inc.		256		07/15/22		USD	55.00		USD	1,033		(5,120	)
Intuit, Inc.		28		07/15/22		USD	420.00		USD	1,079		(6,720	)
Lam Research Corp.		50		07/15/22		USD	515.00		USD	2,131		(1,675	)
Lam Research Corp.		30		07/15/22		USD	480.00		USD	1,278		(6,240	)
Mastercard, Inc., Class A		68		07/15/22		USD	355.00		USD	2,145		(2,924	)
MercadoLibre, Inc.		7		07/15/22		USD	900.00		USD	446		(350	)
Microsoft Corp.		136		07/15/22		USD	280.00		USD	3,493		(8,296	)
MongoDB, Inc.		19		07/15/22		USD	300.00		USD	493		(6,650	)
MongoDB, Inc.		19		07/15/22		USD	320.00		USD	493		(2,850	)
Monolithic Power Systems, Inc.		21		07/15/22		USD	460.00		USD	806		(5,618	)
NVIDIA Corp.		65		07/15/22		USD	185.00		USD	985		(2,275	)
Okta, Inc.		80		07/15/22		USD	130.00		USD	723		(760	)
Oracle Corp.		115		07/15/22		USD	72.50		USD	804		(6,728	)
PayPal Holdings, Inc.		232		07/15/22		USD	95.00		USD	1,620		(1,624	)
Roku, Inc.		38		07/15/22		USD	110.00		USD	312		(1,520	)
salesforce.com, Inc.		100		07/15/22		USD	185.00		USD	1,650		(6,600	)
ServiceNow, Inc.		23		07/15/22		USD	500.00		USD	1,094		(20,700	)
Snap, Inc., Class A		142		07/15/22		USD	17.00		USD	186		(1,065	)
Snowflake, Inc., Class A		24		07/15/22		USD	175.00		USD	334		(1,560	)
Tesla, Inc.		17		07/15/22		USD	905.00		USD	1,145		(1,173	)


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, 2022		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)
Thoughtworks Holding, Inc.		439		07/15/22		USD	17.50		USD	619	$	(43,900	)
Twilio, Inc., Class A		95		07/15/22		USD	105.00		USD	796		(5,605	)
Unity Software, Inc.		200		07/15/22		USD	45.00		USD	736		(10,500	)
Visa, Inc., Class A		102		07/15/22		USD	215.00		USD	2,008		(4,437	)
Visa, Inc., Class A		157		07/15/22		USD	202.50		USD	3,091		(46,707	)
Wolfspeed, Inc.		240		07/15/22		USD	85.00		USD	1,523		(18,000	)
ZoomInfo Technologies, Inc.		479		07/15/22		USD	50.00		USD	1,592		(16,765	)
ZoomInfo Technologies, Inc.		250		07/15/22		USD	40.00		USD	831		(7,500	)
Zscaler, Inc.		31		07/15/22		USD	220.00		USD	463		(713	)
Zscaler, Inc.		34		07/15/22		USD	165.00		USD	508		(10,047	)
Adobe, Inc.		22		07/22/22		USD	445.00		USD	805		(836	)
Advanced Micro Devices, Inc.		187		07/22/22		USD	98.00		USD	1,430		(3,366	)
Alphabet Inc., Class A		19		07/22/22		USD	2,520.00		USD	4,141		(14,250	)
Alphabet Inc., Class A		7		07/22/22		USD	2,375.00		USD	1,525		(16,240	)
Amazon.com, Inc.		78		07/22/22		USD	120.00		USD	828		(6,357	)
Analog Devices, Inc.		75		07/22/22		USD	160.00		USD	1,096		(6,188	)
Apple, Inc.		244		07/22/22		USD	155.00		USD	3,336		(6,466	)
Atlassian Corp. PLC, Class A		84		07/22/22		USD	200.00		USD	1,574		(60,060	)
Booking Holdings, Inc.		7		07/22/22		USD	2,070.00		USD	1,224		(5,005	)
Crowdstrike Holdings, Inc., Class A		23		07/22/22		USD	180.00		USD	388		(14,260	)
Crowdstrike Holdings, Inc., Class A		22		07/22/22		USD	195.00		USD	371		(5,698	)
Intuit, Inc.		21		07/22/22		USD	390.00		USD	809		(29,505	)
Lam Research Corp.		32		07/22/22		USD	495.00		USD	1,364		(7,072	)
Marvell Technology, Inc.		434		07/22/22		USD	65.00		USD	1,889		(32,550	)
Mastercard, Inc., Class A		146		07/22/22		USD	380.00		USD	4,606		(2,628	)
Mastercard, Inc., Class A		36		07/22/22		USD	335.00		USD	1,136		(13,410	)
Microsoft Corp.		313		07/22/22		USD	285.00		USD	8,039		(23,475	)
MongoDB, Inc.		30		07/22/22		USD	320.00		USD	779		(9,225	)
Okta, Inc.		44		07/22/22		USD	115.00		USD	398		(3,234	)
Qualcomm, Inc.		104		07/22/22		USD	140.00		USD	1,328		(14,924	)
S&P Global, Inc.		14		07/22/22		USD	335.00		USD	472		(15,680	)
ServiceNow, Inc.		25		07/22/22		USD	475.00		USD	1,189		(59,625	)
Snap, Inc., Class A		154		07/22/22		USD	16.00		USD	202		(9,009	)
Tesla, Inc.		22		07/22/22		USD	850.00		USD	1,482		(10,230	)
Twilio, Inc., Class A		36		07/22/22		USD	100.00		USD	302		(6,030	)
Twilio, Inc., Class A		35		07/22/22		USD	105.00		USD	293		(3,675	)
Zscaler, Inc.		39		07/22/22		USD	155.00		USD	583		(31,102	)
Airbnb, Inc., Class A		50		07/29/22		USD	135.00		USD	445		(575	)
Airbnb, Inc., Class A		30		07/29/22		USD	110.00		USD	267		(2,925	)
Apple, Inc.		158		07/29/22		USD	140.00		USD	2,160		(72,285	)
Apple, Inc.		357		07/29/22		USD	145.00		USD	4,881		(95,497	)
Marvell Technology, Inc.		210		07/29/22		USD	54.00		USD	914		(5,985	)
Marvell Technology, Inc.		320		07/29/22		USD	56.00		USD	1,393		(4,320	)
Mastercard, Inc., Class A		117		07/29/22		USD	335.00		USD	3,691		(73,125	)
MercadoLibre, Inc.		16		07/29/22		USD	820.00		USD	1,019		(11,040	)
Microsoft Corp.		115		07/29/22		USD	265.00		USD	2,954		(87,400	)
MongoDB, Inc.		18		07/29/22		USD	315.00		USD	467		(10,350	)
NVIDIA Corp.		89		07/29/22		USD	175.00		USD	1,349		(22,561	)
Okta, Inc.		80		07/29/22		USD	100.00		USD	723		(30,600	)
Oracle Corp.		282		07/29/22		USD	70.00		USD	1,970		(60,771	)
Roku, Inc.		57		07/29/22		USD	97.00		USD	468		(21,660	)
salesforce.com, Inc.		40		07/29/22		USD	180.00		USD	660		(11,820	)
Snap, Inc., Class A		141		07/29/22		USD	16.00		USD	185		(9,447	)
Snowflake, Inc., Class A		35		07/29/22		USD	160.00		USD	487		(15,925	)
Tesla, Inc.		14		07/29/22		USD	775.00		USD	943		(28,945	)
Unity Software, Inc.		89		07/29/22		USD	43.00		USD	328		(14,818	)
Zscaler, Inc.		29		07/29/22		USD	190.00		USD	434		(4,452	)
Zscaler, Inc.		24		07/29/22		USD	170.00		USD	359		(11,160	)
Accenture PLC, Class A		17		08/05/22		USD	285.00		USD	472		(13,175	)
Adobe, Inc.		17		08/05/22		USD	405.00		USD	622		(9,435	)
Advanced Micro Devices, Inc.		158		08/05/22		USD	94.00		USD	1,208		(15,721	)
Airbnb, Inc., Class A		66		08/05/22		USD	115.00		USD	588		(6,765	)


104		2 0 2 2 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, 2022		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)
Amazon.com, Inc.		300		08/05/22		USD	125.00		USD	3,186	$	(40,500	)
Analog Devices, Inc.		12		08/05/22		USD	155.00		USD	175		(3,600	)
Apple, Inc.		82		08/05/22		USD	150.00		USD	1,121		(15,908	)
Block Inc., Class A		210		08/05/22		USD	85.00		USD	1,291		(20,475	)
Gitlab, Inc., Class A		376		08/05/22		USD	48.00		USD	1,998		(311,987	)
Marvell Technology, Inc.		510		08/05/22		USD	53.00		USD	2,220		(23,970	)
Microsoft Corp.		124		08/05/22		USD	270.00		USD	3,185		(81,220	)
Okta, Inc.		151		08/05/22		USD	105.00		USD	1,365		(48,924	)
PayPal Holdings, Inc.		48		08/05/22		USD	90.00		USD	335		(4,656	)
Qualcomm, Inc.		76		08/05/22		USD	135.00		USD	971		(37,810	)
Roku, Inc.		55		08/05/22		USD	115.00		USD	452		(10,945	)
salesforce.com, Inc.		82		08/05/22		USD	180.00		USD	1,353		(30,340	)
Snap, Inc., Class A		142		08/05/22		USD	18.00		USD	186		(5,751	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		122		08/05/22		USD	93.00		USD	997		(7,259	)
Tesla, Inc.		17		08/05/22		USD	790.00		USD	1,145		(36,720	)
Visa, Inc., Class A		169		08/05/22		USD	205.00		USD	3,327		(92,105	)
Adobe, Inc.		15		08/12/22		USD	395.00		USD	549		(15,825	)
Advanced Micro Devices, Inc.		152		08/12/22		USD	90.06		USD	1,162		(28,384	)
Apple, Inc.		315		08/12/22		USD	147.68		USD	4,307		(93,309	)
Block Inc., Class A		102		08/12/22		USD	81.33		USD	627		(17,195	)
Marvell Technology, Inc.		880		08/12/22		USD	51.77		USD	3,831		(79,728	)
Microsoft Corp.		96		08/12/22		USD	265.00		USD	2,466		(84,960	)
Snap, Inc., Class A		618		08/12/22		USD	17.17		USD	811		(35,076	)
Snap, Inc., Class A		137		08/12/22		USD	16.54		USD	180		(9,876	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		136		08/12/22		USD	91.14		USD	1,112		(14,690	)
Alphabet Inc., Class A		18		08/19/22		USD	2,500.00		USD	3,923		(57,420	)
Apple, Inc.		357		08/19/22		USD	150.00		USD	4,881		(88,357	)
AppLovin Corp., Class A		455		08/19/22		USD	50.00		USD	1,567		(45,500	)
Block Inc., Class A		49		08/19/22		USD	110.00		USD	301		(1,103	)
Cadence Design Systems, Inc.		222		08/19/22		USD	160.00		USD	3,331		(125,430	)
CDW Corp.		121		08/19/22		USD	160.00		USD	1,906		(81,070	)
CS Disco, Inc.		250		08/19/22		USD	22.50		USD	451		(28,750	)
Elastic NV		118		08/19/22		USD	80.00		USD	799		(30,975	)
Gitlab, Inc., Class A		295		08/19/22		USD	50.83		USD	1,568		(233,616	)
Marvell Technology, Inc.		231		08/19/22		USD	52.50		USD	1,006		(17,440	)
Mastercard, Inc., Class A		41		08/19/22		USD	345.00		USD	1,293		(25,830	)
Microsoft Corp.		105		08/19/22		USD	270.00		USD	2,697		(75,337	)
MongoDB, Inc.		60		08/19/22		USD	290.00		USD	1,557		(103,800	)
Monolithic Power Systems, Inc.		39		08/19/22		USD	450.00		USD	1,498		(39,390	)
NVIDIA Corp.		104		08/19/22		USD	215.00		USD	1,577		(5,512	)
Okta, Inc.		43		08/19/22		USD	120.00		USD	389		(7,568	)
PayPal Holdings, Inc.		127		08/19/22		USD	90.00		USD	887		(17,145	)
Roku, Inc.		55		08/19/22		USD	120.00		USD	452		(12,622	)
salesforce.com, Inc.		24		08/19/22		USD	180.00		USD	396		(11,880	)
ServiceNow, Inc.		25		08/19/22		USD	500.00		USD	1,189		(66,625	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		252		08/19/22		USD	95.00		USD	2,060		(17,388	)
Tesla, Inc.		21		08/19/22		USD	840.00		USD	1,414		(42,000	)
Tesla, Inc.		18		08/19/22		USD	790.00		USD	1,212		(55,575	)
Unity Software, Inc.		190		08/19/22		USD	55.00		USD	700		(22,895	)
Wolfspeed, Inc.		240		08/19/22		USD	90.00		USD	1,523		(21,600	)
Zscaler, Inc.		40		08/19/22		USD	190.00		USD	598		(13,500	)
Wolfspeed, Inc.		190		09/16/22		USD	80.00		USD	1,206		(57,950	)

											$	(4,415,173	)

OTC Options Written

Description

Counterparty

Number of
Contracts

Expiration
Date

Exercise Price

Notional

Amount (000)

Value

Call

Soitec SA

Goldman Sachs International

5,500

07/06/22

EUR

173.51

EUR

745

)

STMicroelectronics NV

Goldman Sachs International

40,300

07/06/22

EUR

39.72

EUR

1,209

—


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, 2022		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)
Yahoo Japan Corp.	BNP Paribas SA		509,000		07/08/22		JPY	499.86		JPY	201,768	$	—
Wolfspeed, Inc.	Bank of America N.A.		13,200		07/11/22		USD	81.32		USD	838		(543	)
Wolfspeed, Inc.	Citibank N.A.		9,000		07/11/22		USD	101.52		USD	571		—
Soitec SA	Morgan Stanley & Co. International PLC		5,300		07/12/22		EUR	181.71		EUR	718		(27	)
Kakao Corp.	JPMorgan Chase Bank N.A.		59,500		07/13/22		USD	85,917.68		USD	4,159,050		(298	)
Renesas Electronics Corp.	UBS AG		334,000		07/13/22		JPY	1,596.86		JPY	411,822		(1,882	)
Samsung SDI Co. Ltd.	Goldman Sachs International		10,600		07/13/22		USD	593,827.14		USD	5,639,200		(9,235	)
Alphawave IP Group PLC	Goldman Sachs International		67,000		07/19/22		GBP	1.91		GBP	90		(205	)
Siteminder Ltd.	UBS AG		60,000		07/19/22		AUD	4.93		AUD	211		(83	)
Soitec SA	Morgan Stanley & Co. International PLC		13,600		07/19/22		EUR	177.89		EUR	1,843		(812	)
Wise PLC, Class A	Goldman Sachs International		100,000		07/19/22		GBP	3.77		GBP	297		(2,753	)
Xero Ltd.	Morgan Stanley & Co. International PLC		8,500		07/19/22		AUD	92.84		AUD	654		(2,712	)
GMO Payment Gateway, Inc.	UBS AG		14,700		07/20/22		JPY	11,145.60		JPY	140,385		(9,206	)
Kakao Corp.	UBS AG		55,500		07/21/22		USD	84,721.47		USD	3,879,450		(1,660	)
Thoughtworks Holding, Inc.	Barclays Bank PLC		22,300		07/25/22		USD	18.99		USD	315		(756	)
Alphawave IP Group PLC	Goldman Sachs International		62,000		07/26/22		GBP	1.92		GBP	83		(424	)
ASML Holding NV	Goldman Sachs International		8,300		07/26/22		EUR	555.95		EUR	3,784		(7,926	)
Monolithic Power Systems, Inc.	Barclays Bank PLC		3,900		07/26/22		USD	433.62		USD	1,498		(26,402	)
STMicroelectronics NV	UBS AG		15,900		07/26/22		EUR	38.50		EUR	477		(578	)
Yahoo Japan Corp.	JPMorgan Chase Bank N.A.		396,800		07/26/22		JPY	457.10		JPY	157,292		(1,834	)
Adyen NV	Goldman Sachs International		2,100		07/27/22		EUR	1,544.77		EUR	2,915		(54,355	)
GMO Payment Gateway, Inc.	JPMorgan Chase Bank N.A.		8,200		07/27/22		JPY	11,372.61		JPY	78,310		(5,953	)
Siteminder Ltd.	Morgan Stanley & Co. International PLC		33,200		07/27/22		AUD	4.91		AUD	117		(164	)
Soitec SA	UBS AG		1,900		07/27/22		EUR	184.80		EUR	257		(186	)
Xero Ltd.	BNP Paribas SA		50,000		07/27/22		AUD	86.76		AUD	3,848		(63,337	)
Alphawave IP Group PLC	UBS AG		62,000		08/02/22		GBP	1.75		GBP	83		(1,694	)
GMO Payment Gateway, Inc.	JPMorgan Chase Bank N.A.		8,200		08/02/22		JPY	11,074.00		JPY	78,310		(11,081	)
Renesas Electronics Corp.	JPMorgan Chase Bank N.A.		87,800		08/02/22		JPY	1,543.36		JPY	108,257		(652	)
STMicroelectronics NV	Goldman Sachs International		25,500		08/03/22		EUR	34.17		EUR	765		(10,000	)
Thoughtworks Holding, Inc.	Barclays Bank PLC		22,300		08/04/22		USD	19.00		USD	315		(1,773	)
ASML Holding NV	JPMorgan Chase Bank N.A.		6,700		08/09/22		EUR	487.54		EUR	3,054		(86,220	)
Soitec SA	Morgan Stanley & Co. International PLC		4,500		08/09/22		EUR	162.00		EUR	610		(6,102	)
Soitec SA	UBS AG		3,300		08/09/22		EUR	151.69		EUR	447		(10,944	)
ZoomInfo Technologies, Inc.	JPMorgan Chase Bank N.A.		18,100		08/09/22		USD	44.37		USD	602		(9,645	)
Thoughtworks Holding, Inc.	Bank of America N.A.		69,000		08/11/22		USD	17.74		USD	974		(15,553	)
Thoughtworks Holding, Inc.	JPMorgan Chase Bank N.A.		44,200		09/01/22		USD	15.60		USD	624		(42,044	)

												$	(387,047	)

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	$	6,166,169	$	(655,916	)	$	(4,802,220	)

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	$	—	$	—	$	4,802,220	$	—	$	—	$	—	$	4,802,220


106		2 0 2 2 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, 2022		BlackRock Science and Technology Trust (BST)

For the period ended June 30, 2022, 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)	$	—	$	—	$	(381	)	$	—	$	—	$	—	$	(381	)
Options written		—		—		43,628,929			—		—		—		43,628,929

	$	—	$	—	$	43,628,548		$	—	$	—	$	—	$	43,628,548

Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	(274,650	)	$	—	$	—	$	—	$	(274,650	)

(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 written	$	(8,200,814	)

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	$	—	$	4,802,220

Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities		—		4,802,220

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(4,415,173	)

Total derivative assets and liabilities subject to an MNA	$	—	$	387,047

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


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged		Cash Collateral Pledged	(a)		Net Amount of Derivative Liabilities	(b)
Bank of America N.A.	$	16,096	$	—	$	—	$	—		$	16,096
Barclays Bank PLC		28,931		—		—		—			28,931
BNP Paribas SA		63,337		—		—		—			63,337
Goldman Sachs International		84,906		—		—		(40,000	)		44,906
JPMorgan Chase Bank N.A.		157,727		—		—		(150,000	)		7,727
Morgan Stanley & Co. International PLC		9,817		—		—		(9,817	)		—
UBS AG		26,233		—		—		(26,233	)		—

	$	387,047	$	—	$	—	$	(226,050	)	$	160,997

(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.


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) (continued) June 30, 2022		BlackRock Science and Technology Trust (BST)

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Automobiles	$	23,064,635		$	—		$	—	$	23,064,635
Banks		—			—			19,274,271		19,274,271
Capital Markets		7,797,546			—			—		7,797,546
Diversified Consumer Services		—			—			3,827,869		3,827,869
Electronic Equipment, Instruments & Components		8,540,067			9,793,727			—		18,333,794
Entertainment		3,742,956			—			—		3,742,956
Hotels, Restaurants & Leisure		9,486,505			—			—		9,486,505
Interactive Media & Services		39,954,930			23,513,534			—		63,468,464
Internet & Direct Marketing Retail		23,418,079			5,073,206			213,970		28,705,255
IT Services		112,007,693			15,182,893			35,316,484		162,507,070
Professional Services		—			4,330,000			—		4,330,000
Road & Rail		—			—			5,570,602		5,570,602
Semiconductors & Semiconductor Equipment		108,183,622			51,781,074			—		159,964,696
Software		189,835,256			13,185,804			26,017,523		229,038,583
Technology Hardware, Storage & Peripherals		66,147,460			—			—		66,147,460
Convertible Notes		—			—			9,640,000		9,640,000
Preferred Securities
Preferred Stocks		—			—			219,429,147		219,429,147
Warrants		—			—			42,321		42,321
Short-Term Securities
Money Market Funds		49,223,180			—			—		49,223,180

	$	641,401,929		$	122,860,238		$	319,332,187	$	1,083,594,354

Derivative Financial Instruments (a)
Equity Contracts	$	—		$	—		$	—	$	—
Liabilities
Equity Contracts		(3,540,304	)		(1,261,916	)		—		(4,802,220	)

	$	(3,540,304	)	$	(1,261,916	)	$	—	$	(4,802,220	)

(a)

Derivative financial instruments are options written. Options written are shown at value.


	Common Stocks			Convertible Notes		Preferred Stocks			Warrant			Total
Assets
Opening balance, as of December 31, 2021	$	119,431,663		$	8,000,000	$	240,189,562		$	117,749		$	367,738,974
Transfers into Level 3		—			—		—			—			—
Transfers out of Level 3		—			—		—			—			—
Accrued discounts/premiums		—			—		—			—			—
Net realized gain (loss)
Net change in unrealized appreciation (depreciation) (a)(b)		(39,210,941	)		1,640,000		(45,355,871	)		(75,428	)		(83,002,240	)
Purchases		11,998,433			—		29,999,955			—			41,998,388
Sales		(1,998,436	)		—		(5,404,499	)		—			(7,402,935	)

Closing balance, as of June 30, 2022	$	90,220,719		$	9,640,000	$	219,429,147		$	42,321		$	319,332,187

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (b)	$	(40,956,670	)	$	1,640,000	$	(42,384,673	)	$	(75,428	)	$	(81,776,771	)

(a)

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

(b)


108		2 0 2 2 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, 2022		BlackRock Science and Technology Trust (BST)

Value

Valuation
Approach

Unobservable

Inputs

Range of
Unobservable
Inputs
Utilized

(a)

Weighted
Average of
Unobservable
Inputs Based
on Fair Value

Assets

Common Stocks

90,220,719

Market

Revenue Multiple

3.25x - 29.00x

13.49x

Volatility

39% - 75%

61%

Time to Exit

0.5 - 4.0 years

2.6 years

Convertible Notes

9,640,000

Income

Discount Rate

21%

—

Market

Volatility

80%

—

Revenue Multiple

7.00x

—

Preferred Stocks

219,429,147

Market

Revenue Multiple

3.35x - 29.00x

15.00x

Volatility

50% - 75%

62%

Time to Exit

3.0 - 5.0 years

4.2 years

Market Adjustment Multiple

0.90x - 1.00x

0.93x

Gross Profit Multiple

11.89x

—

Warrants

42,321

Market

Volatility

39%

—

Time to Exit

0.5 year

—

Revenue Multiple

7.50x

—

319,332,187

(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		109


Consolidated Schedule of Investments (unaudited) June 30, 2022		BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Automobiles (a) — 3.2%
Arrival SA (b)		1,315,613	$	2,078,668
Tesla, Inc. (c)		81,949		55,186,096


				57,264,764

Banks — 3.5%
Klarna Holdings AB, (Acquired 08/07/19, Cost: $23,354,997) (d)(e)		86,839		63,327,976


Chemicals — 0.8%
CNGR Advanced Material Co. Ltd., Class A		355,813		6,607,512
Shenzhen Dynanonic Co. Ltd., Class A		117,919		7,207,331


				13,814,843

Diversified Consumer Services — 1.0%
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $7,113,729) (d)(e)		4,651		17,856,989


Electrical Equipment — 0.4%
Yantai Zhenghai Magnetic Material Co. Ltd., Class A (a)		3,296,300		7,551,689


Electronic Equipment, Instruments & Components — 3.4%
E Ink Holdings, Inc.		1,648,000		10,522,915
Jabil, Inc.		286,456		14,669,412
Samsung SDI Co. Ltd.		69,838		28,800,131
Xiamen Faratronic Co. Ltd., Class A		230,177		7,069,965


				61,062,423

Entertainment (a) — 1.8%
CTS Eventim AG & Co. KGaA		135,310		7,137,500
Roku, Inc.		91,612		7,525,010
Take-Two Interactive Software, Inc.		150,638		18,457,674


				33,120,184

Hotels, Restaurants & Leisure — 0.9%
Trip.com Group Ltd., ADR (a)		566,559		15,552,045


Interactive Media & Services — 3.9%
Eventbrite, Inc., Class A (a)		590,053		6,059,845
Kakao Corp.		586,837		31,797,820
Kanzhun Ltd., ADR (a)		286,357		7,525,462
Snap, Inc., Class A (a)		815,133		10,702,696
ZoomInfo Technologies, Inc., CLass A (a)		403,742		13,420,384


				69,506,207

Internet & Direct Marketing Retail — 1.5%
Cazoo Group Ltd. (a)		1,261,764		908,470
MercadoLibre, Inc. (a)		17,594		11,205,091
Prosus NV		218,962		14,178,574


				26,292,135

IT Services — 12.4%
Adyen NV (a)(f)		14,422		20,812,850
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $34,000,000) (d)(e)		400,000		21,584,000
AvidXchange Holdings, Inc. (a)		440,210		2,702,889
Block, Inc. (a)(c)		166,588		10,238,499
Cloudflare, Inc., Class A (a)		182,701		7,993,169
Dlocal Ltd. (a)		314,034		8,243,393
Endava PLC, ADR (a)		348,375		30,751,061
GMO Payment Gateway, Inc.		168,900		12,030,912
Grid Dynamics Holdings, Inc. (a)		912,609		15,350,083
Kakaopay Corp. (a)(b)		117,382		5,476,376
Locaweb Servicos de Internet SA (a)(f)		7,824,775		8,402,724
MongoDB, Inc. (a)		70,836		18,381,942


Security	Shares		Value

IT Services (continued)
Okta, Inc. (a)		134,592	$	12,167,117
Shift4 Payments, Inc., Class A (a)		288,406		9,534,702
Thoughtworks Holding, Inc. (a)		639,995		9,030,329
TRAX Ltd., (Acquired 09/12/19, Cost: $10,999,987) (d)(e)		293,333		11,941,586
TRAX Ltd., Series D, (Acquired 02/18/21, Cost: $9,999,998) (d)(e)		191,806		7,808,422
Twilio, Inc., Class A (a)		137,627		11,534,519


				223,984,573

Media — 0.9%
Informa PLC (a)		2,592,672		16,750,244


Professional Services — 2.4%
Legalzoom.com, Inc. (a)		543,138		5,969,087
TransUnion		290,023		23,198,940
Wolters Kluwer NV		135,382		13,120,944


				42,288,971

Semiconductors & Semiconductor Equipment — 16.5%
Alphawave IP Group PLC (a)(b)		3,558,396		5,821,719
Ambarella, Inc. (a)		79,596		5,210,354
ASM International NV		48,772		12,134,823
BE Semiconductor Industries NV		197,861		9,454,624
CNEX Labs, Inc., (Acquired 12/14/21, Cost: $5,699,998) (d)(e)		1,161,804		2,672,149
Credo Technology Group Holding Ltd., (Acquired 01/27/22, Cost: $21,617,979) (e)		4,284,241		49,678,534
Lasertec Corp.		199,700		23,784,995
Lattice Semiconductor Corp. (a)		332,782		16,139,927
MACOM Technology Solutions Holdings, Inc., Class H (a)		198,725		9,161,223
Marvell Technology, Inc. (c)		1,174,171		51,111,664
Monolithic Power Systems, Inc.		73,209		28,115,184
Nordic Semiconductor ASA (a)		276,836		4,370,681
Silergy Corp.		217,000		17,546,471
Soitec SA (a)		175,858		25,260,241
StarPower Semiconductor Ltd.		117,200		6,775,077
Wolfspeed, Inc. (a)(c)		484,481		30,740,319


				297,977,985

Software — 17.0%
Altair Engineering, Inc., Class A (a)		13,531		710,378
Altium Ltd.		793,379		14,787,757
AppLovin Corp., Class A (a)		348,719		12,009,882
Aspen Technology, Inc. (a)		59,873		10,997,473
Atlassian Corp. PLC, Class A (a)		80,415		15,069,771
Avalara, Inc. (a)		122,135		8,622,731
AvidXchange, Inc., (Acquired 07/29/20, Cost: $7,474,330) (e)		610,000		3,745,400
Confluent, Inc., Class A (a)		194,486		4,519,855
Crowdstrike Holdings, Inc., Class A (a)		103,985		17,527,712
Databricks, Inc., (Acquired 07/24/20, Cost: $5,501,686) (d)(e)		114,553		21,013,602
DataRobot, Inc., (Acquired 03/01/21, Cost: $1,384,813) (d)(e)		92,093		1,031,442
Elastic NV (a)		163,870		11,089,083
Freee KK (a)		361,800		8,883,408
Gitlab, Inc., Class A (a)		530,473		28,189,335
Glodon Co. Ltd., Class A		244,400		1,990,433
Lightspeed Commerce, Inc. (a)		475,880		10,610,438
Palo Alto Networks, Inc. (a)		31,415		15,517,125
Samsara, Inc., Class A (a)(b)		461,448		5,154,374


110		2 0 2 2 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, 2022		BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
SiteMinder Ltd. (a)		7,182,558	$	17,499,612
Snorkel AI, Inc., (Acquired 10/13/20, Cost: $2,017,593) (d)(e)		500,250		4,782,390
Snyk Ltd., (Acquired 11/02/20, Cost: $9,287,400) (d)(e)		1,267,643		13,018,694
Synopsys, Inc. (a)		120,424		36,572,769
Unity Software, Inc. (a)		237,004		8,726,487
Xero Ltd. (a)		262,237		13,987,885
Zscaler, Inc. (a)(c)		124,012		18,541,034
ZWSOFT Co. Ltd. Guangzhou, Class A		63,942		2,000,842


				306,599,912

Technology Hardware, Storage & Peripherals — 1.3%
Pure Storage, Inc., Class A (a)		931,063		23,937,630


Total Common Stocks — 70.9% (Cost: $1,067,928,679)				1,276,888,570


Preferred Securities

Preferred Stocks — 25.5% (d)(e)

Communications Equipment — 0.7%
Astranis Space Technologies Corp., Series C, (Acquired 03/19/21, Cost: $17,000,010)		775,515		12,183,341


Diversified Consumer Services — 1.0%
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $14,251,080)		4,920		18,889,785


Diversified Financial Services — 0.1%
Snorkel Al, Inc., Series B, (Acquired 10/13/20, Cost: $999,996)		247,943		2,370,335


Food & Staples Retailing — 2.2%
GrubMarket, Inc. , Series D, (Acquired 07/23/20, Cost: $8,000,001)		1,762,969		38,926,356


Food Products — 0.9%
Farmer’s Business Network, Inc., Series F, (Acquired 07/31/20, Cost: $11,961,002)		361,834		16,593,707


Interactive Media & Services — 3.2%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $35,000,075)		319,419		52,868,947
ResearchGate GmbH, Series D, (Acquired 09/24/20, Cost: $6,999,988)		424,688		5,856,447


				58,725,394

IT Services — 2.2%
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $12,000,008)		1,974,374		9,674,433
Trumid Holdings LLC (g)
Class J-A, (Acquired 07/24/20, Cost: $9,999,857)		20,154		15,021,582
Class J-B, (Acquired 07/24/20, Cost: $5,999,914)		20,154		15,021,582


				39,717,597

Road & Rail — 0.7%
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $16,947,253)		850		11,885,377


Semiconductors & Semiconductor Equipment — 6.6%
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $7,000,000)		1,018,908		5,257,565
PsiQuantum Corp. Series C, (Acquired 09/09/19, Cost: $9,101,310)		1,962,335		40,384,854


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
PsiQuantum Corp. (continued)
Series C, (Acquired 05/21/21, Cost: $19,999,969)		762,595	$	19,491,928
SambaNova Systems, Inc.
Series C, (Acquired 02/20/20, Cost: $33,904,161)		636,800		48,384,064
Series D, (Acquired 04/09/21, Cost: $6,999,979)		73,670		5,597,447


				119,115,858

Software — 7.9%
Databricks, Inc.
Series F, (Acquired 10/22/19, Cost: $13,200,019)		307,346		56,379,550
Series G, (Acquired 02/01/21, Cost: $18,500,004)		104,303		19,133,342
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $11,499,999)		875,059		9,835,663
Rapyd Financial Network Ltd., Series E, (Acquired 03/31/21, Cost: $13,999,978)		190,705		13,376,049
Snyk Ltd. , (Acquired 11/02/20, Cost: $13,212,590)		2,663,936		27,358,623
Unqork, Inc.
Series B, (Acquired 09/19/19, Cost: $6,801,016)		597,680		10,501,238
Series C, (Acquired 09/18/20, Cost: $7,994,787)		292,000		5,130,440


				141,714,905


				460,122,655


Total Preferred Securities — 25.5% (Cost: $301,372,996)				460,122,655


Warrants

IT Services — 0.0%
TRAX Ltd., (Expires 09/15/2023), (Acquired 09/12/19, Cost: $0) (d)(e)		46,928		116,381


Total Warrants — 0.0% (Cost: $ — )				116,381


Total Long-Term Investments — 96.4% (Cost: $1,369,301,675)				1,737,127,606


Short-Term Securities

Money Market Funds — 5.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (h)(i)		102,224,041		102,224,041
SL Liquidity Series, LLC, Money Market Series, 1.73% (h)(i)(j)		4,923,583		4,922,598


Total Short-Term Securities — 5.9% (Cost: $107,145,982)				107,146,639


Total Investments Before Options Written — 102.3% (Cost: $1,476,447,657)				1,844,274,245


Options Written — (0.7)% (Premiums Received: $(19,442,641))				(13,353,619	)


Total Investments, Net of Options Written — 101.6% (Cost: $1,457,005,016)				1,830,920,626

Liabilities in Excess of Other Assets — (1.6)%				(28,025,355	)


Net Assets — 100.0%			$	1,802,895,271

(a)	Non-income producing security.

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

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

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


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		111


Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Science and Technology Trust II (BSTZ)

(e)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $678,700,220, representing 37.7% of its net assets as of period end, and an original cost of $439,825,506.

(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 is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

(h)	Affiliate of the Trust.

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

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry

sub-classifications

for reporting ease.

Affiliates


Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	46,915,934	$	55,308,107	(a)	$	—	$	—	$	—	$	102,224,041		102,224,041	$	114,104		$	—
SL Liquidity Series, LLC, Money Market Series		1,949,219		2,971,804	(a)		—		918		657		4,922,598		4,923,583		161,102	(b)		—


								$	918	$	657	$	107,146,639			$	275,206		$	—

(a)

Represents net amount purchased (sold).

(b)

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.		139		07/01/22		USD	87.00		USD	910	$	(10,425	)
Atlassian Corp. PLC, Class A		52		07/01/22		USD	200.00		USD	974		(1,040	)
Crowdstrike Holdings, Inc., Class A		131		07/01/22		USD	175.00		USD	2,208		(8,188	)
Unity Software, Inc.		332		07/01/22		USD	44.00		USD	1,222		(996	)
Atlassian Corp. PLC, Class A		116		07/08/22		USD	210.00		USD	2,174		(9,860	)
Crowdstrike Holdings, Inc., Class A		187		07/08/22		USD	195.00		USD	3,152		(6,358	)
MercadoLibre, Inc.		32		07/08/22		USD	890.00		USD	2,038		(7,360	)
MongoDB, Inc.		19		07/08/22		USD	290.00		USD	493		(4,133	)
MongoDB, Inc.		39		07/08/22		USD	315.00		USD	1,012		(2,048	)
Tesla, Inc.		100		07/08/22		USD	810.00		USD	6,734		(11,150	)
Twilio, Inc., Class A		241		07/08/22		USD	125.00		USD	2,020		(13,375	)
Ambarella, Inc.		32		07/15/22		USD	85.00		USD	209		(1,040	)
AppLovin Corp., Class A		1,105		07/15/22		USD	45.00		USD	3,806		(22,100	)
Aspen Technology, Inc.		200		07/15/22		USD	190.00		USD	3,674		(66,500	)
Atlassian Corp. PLC, Class A		47		07/15/22		USD	210.00		USD	881		(13,042	)
Atlassian Corp. PLC, Class A		117		07/15/22		USD	200.00		USD	2,193		(59,085	)
Avalara, Inc.		73		07/15/22		USD	90.00		USD	515		(10,585	)
AvidXchange Holdings, Inc.		246		07/15/22		USD	10.00		USD	151		(22,140	)
Cloudflare, Inc., Class A		272		07/15/22		USD	70.00		USD	1,190		(1,904	)
Confluent, Inc., Class A		307		07/15/22		USD	30.00		USD	713		(5,373	)
Confluent, Inc., Class A		333		07/15/22		USD	25.00		USD	774		(31,635	)
Crowdstrike Holdings, Inc., Class A		117		07/15/22		USD	190.00		USD	1,972		(24,687	)
Dlocal Ltd.		512		07/15/22		USD	23.82		USD	1,344		(163,215	)
Elastic NV		302		07/15/22		USD	67.46		USD	2,044		(120,348	)
Elastic NV		45		07/15/22		USD	80.00		USD	305		(2,363	)
Endava PLC, ADR		483		07/15/22		USD	105.00		USD	4,263		(123,165	)
Eventbrite, Inc., Class A		1,112		07/15/22		USD	12.50		USD	1,142		(11,120	)


112		2 0 2 2 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, 2022		BlackRock Science and Technology Trust II (BSTZ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Gitlab, Inc., Class A		198		07/15/22		USD	70.00		USD	1,052	$	(3,960	)
Gitlab, Inc., Class A		699		07/15/22		USD	50.00		USD	3,714		(370,470	)
Grid Dynamics Holdings, Inc.		1,711		07/15/22		USD	20.00		USD	2,878		(34,220	)
Jabil, Inc.		381		07/15/22		USD	65.00		USD	1,951		(9,525	)
Lattice Semiconductor Corp.		808		07/15/22		USD	55.52		USD	3,919		(27,867	)
Lattice Semiconductor Corp.		616		07/15/22		USD	50.00		USD	2,988		(100,100	)
Legalzoom.com, Inc.		971		07/15/22		USD	12.61		USD	1,067		(15,265	)
Lightspeed Commerce, Inc.		958		07/15/22		CAD	34.00		CAD	2,749		(33,863	)
MACOM Technology Solutions Holdings, Inc., Class H		433		07/15/22		USD	56.00		USD	1,996		(2,785	)
MercadoLibre, Inc.		16		07/15/22		USD	900.00		USD	1,019		(800	)
MongoDB, Inc.		38		07/15/22		USD	300.00		USD	986		(13,300	)
MongoDB, Inc.		39		07/15/22		USD	320.00		USD	1,012		(5,850	)
Monolithic Power Systems, Inc.		140		07/15/22		USD	460.00		USD	5,377		(37,450	)
Okta, Inc.		200		07/15/22		USD	130.00		USD	1,808		(1,900	)
Palo Alto Networks, Inc.		33		07/15/22		USD	520.00		USD	1,630		(22,440	)
Pure Storage, Inc., Class A		1,281		07/15/22		USD	28.93		USD	3,293		(16,370	)
Pure Storage, Inc., Class A		264		07/15/22		USD	30.00		USD	679		(2,640	)
Roku, Inc.		65		07/15/22		USD	110.00		USD	534		(2,600	)
Samsara, Inc., Class A		455		07/15/22		USD	17.50		USD	508		(6,825	)
Samsara, Inc., Class A		980		07/15/22		USD	15.00		USD	1,095		(7,350	)
Shift4 Payments, Inc., Class A		772		07/15/22		USD	55.00		USD	2,552		(23,160	)
Snap, Inc., Class A		437		07/15/22		USD	17.00		USD	574		(3,278	)
Synopsys, Inc.		130		07/15/22		USD	320.00		USD	3,948		(46,800	)
Take-Two Interactive Software, Inc.		86		07/15/22		USD	135.00		USD	1,054		(5,805	)
Take-Two Interactive Software, Inc.		181		07/15/22		USD	130.00		USD	2,218		(26,245	)
Tesla, Inc.		43		07/15/22		USD	905.00		USD	2,896		(2,967	)
Thoughtworks Holding, Inc.		427		07/15/22		USD	17.50		USD	602		(42,700	)
TransUnion		432		07/15/22		USD	80.00		USD	3,456		(92,880	)
TransUnion		341		07/15/22		USD	93.73		USD	2,728		(611	)
Trip.com Group Ltd., ADR		130		07/15/22		USD	26.00		USD	357		(29,250	)
Trip.com Group Ltd., ADR		1,068		07/15/22		USD	25.00		USD	2,932		(320,400	)
Twilio, Inc., Class A		145		07/15/22		USD	105.00		USD	1,215		(8,555	)
Unity Software, Inc.		300		07/15/22		USD	45.00		USD	1,105		(15,750	)
Wolfspeed, Inc.		503		07/15/22		USD	85.00		USD	3,192		(37,725	)
ZoomInfo Technologies, Inc.		1,024		07/15/22		USD	50.00		USD	3,404		(35,840	)
ZoomInfo Technologies, Inc.		378		07/15/22		USD	40.00		USD	1,256		(11,340	)
Zscaler, Inc.		69		07/15/22		USD	220.00		USD	1,032		(1,587	)
Zscaler, Inc.		259		07/15/22		USD	165.00		USD	3,872		(76,534	)
Ambarella, Inc.		8		07/22/22		USD	95.00		USD	52		(400	)
Atlassian Corp. PLC, Class A		84		07/22/22		USD	200.00		USD	1,574		(60,060	)
Block Inc., Class A		130		07/22/22		USD	79.00		USD	799		(8,125	)
Crowdstrike Holdings, Inc., Class A		50		07/22/22		USD	180.00		USD	843		(31,000	)
Crowdstrike Holdings, Inc., Class A		51		07/22/22		USD	195.00		USD	860		(13,209	)
Marvell Technology, Inc.		795		07/22/22		USD	65.00		USD	3,461		(59,625	)
MongoDB, Inc.		40		07/22/22		USD	320.00		USD	1,038		(12,300	)
Okta, Inc.		48		07/22/22		USD	115.00		USD	434		(3,528	)
Palo Alto Networks, Inc.		85		07/22/22		USD	525.00		USD	4,198		(74,800	)
Snap, Inc., Class A		396		07/22/22		USD	16.00		USD	520		(23,166	)
Take-Two Interactive Software, Inc.		275		07/22/22		USD	135.00		USD	3,370		(31,625	)
Tesla, Inc.		43		07/22/22		USD	850.00		USD	2,896		(19,995	)
Twilio, Inc., Class A		82		07/22/22		USD	100.00		USD	687		(13,735	)
Twilio, Inc., Class A		82		07/22/22		USD	105.00		USD	687		(8,610	)
Zscaler, Inc.		66		07/22/22		USD	155.00		USD	987		(52,635	)
Ambarella, Inc.		139		07/29/22		USD	78.00		USD	910		(15,985	)
Cloudflare, Inc., Class A		320		07/29/22		USD	55.00		USD	1,400		(34,720	)
Marvell Technology, Inc.		339		07/29/22		USD	54.00		USD	1,476		(9,662	)
Marvell Technology, Inc.		480		07/29/22		USD	56.00		USD	2,089		(6,480	)
MercadoLibre, Inc.		22		07/29/22		USD	820.00		USD	1,401		(15,180	)
MongoDB, Inc.		39		07/29/22		USD	315.00		USD	1,012		(22,425	)
Okta, Inc.		200		07/29/22		USD	100.00		USD	1,808		(76,500	)
Roku, Inc.		90		07/29/22		USD	97.00		USD	739		(34,200	)
Snap, Inc., Class A		436		07/29/22		USD	16.00		USD	572		(29,212	)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		113


Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Science and Technology Trust II (BSTZ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Take-Two Interactive Software, Inc.		275		07/29/22		USD	135.00		USD	3,370	$	(43,312	)
Tesla, Inc.		20		07/29/22		USD	775.00		USD	1,347		(41,350	)
Unity Software, Inc.		223		07/29/22		USD	43.00		USD	821		(37,129	)
Zscaler, Inc.		65		07/29/22		USD	190.00		USD	972		(9,978	)
Zscaler, Inc.		41		07/29/22		USD	170.00		USD	613		(19,065	)
Block Inc., Class A		306		08/05/22		USD	85.00		USD	1,881		(29,835	)
Gitlab, Inc., Class A		1,394		08/05/22		USD	48.00		USD	7,408		(1,156,674	)
Marvell Technology, Inc.		1,005		08/05/22		USD	53.00		USD	4,375		(47,235	)
Okta, Inc.		175		08/05/22		USD	105.00		USD	1,582		(56,700	)
Roku, Inc.		133		08/05/22		USD	115.00		USD	1,092		(26,467	)
Snap, Inc., Class A		218		08/05/22		USD	18.00		USD	286		(8,829	)
Take-Two Interactive Software, Inc.		414		08/05/22		USD	135.00		USD	5,073		(114,885	)
Tesla, Inc.		40		08/05/22		USD	790.00		USD	2,694		(86,400	)
Block Inc., Class A		173		08/12/22		USD	81.33		USD	1,063		(29,164	)
Marvell Technology, Inc.		1,975		08/12/22		USD	51.77		USD	8,597		(178,935	)
Snap, Inc., Class A		1,525		08/12/22		USD	17.17		USD	2,002		(86,554	)
Snap, Inc., Class A		1,063		08/12/22		USD	16.54		USD	1,396		(76,633	)
AppLovin Corp., Class A		719		08/19/22		USD	50.00		USD	2,476		(71,900	)
Avalara, Inc.		427		08/19/22		USD	80.00		USD	3,015		(143,045	)
Avalara, Inc.		18		08/19/22		USD	85.00		USD	127		(3,735	)
Block Inc., Class A		91		08/19/22		USD	110.00		USD	559		(2,048	)
Cloudflare, Inc., Class A		320		08/19/22		USD	60.00		USD	1,400		(50,720	)
Confluent, Inc., Class A		332		08/19/22		USD	22.42		USD	772		(131,543	)
Dlocal Ltd.		744		08/19/22		USD	30.00		USD	1,953		(133,920	)
Elastic NV		372		08/19/22		USD	80.00		USD	2,517		(97,650	)
Endava PLC, ADR		455		08/19/22		USD	95.00		USD	4,016		(220,675	)
Gitlab, Inc., Class A		230		08/19/22		USD	51.00		USD	1,222		(180,222	)
Gitlab, Inc., Class A		611		08/19/22		USD	50.83		USD	3,247		(483,862	)
Grid Dynamics Holdings, Inc.		969		08/19/22		USD	17.50		USD	1,630		(179,265	)
Jabil, Inc.		764		08/19/22		USD	60.00		USD	3,912		(26,740	)
Kanzhun Ltd.		572		08/19/22		USD	30.00		USD	1,503		(111,540	)
Kanzhun Ltd.		572		08/19/22		USD	35.00		USD	1,503		(51,480	)
Legalzoom.com, Inc.		1,008		08/19/22		USD	15.00		USD	1,108		(25,200	)
Lightspeed Commerce, Inc.		1,213		08/19/22		CAD	35.00		CAD	3,481		(160,672	)
MACOM Technology Solutions Holdings, Inc., Class H		425		08/19/22		USD	55.00		USD	1,959		(40,375	)
Marvell Technology, Inc.		169		08/19/22		USD	52.50		USD	736		(12,759	)
MongoDB, Inc.		140		08/19/22		USD	290.00		USD	3,633		(242,200	)
Monolithic Power Systems, Inc.		79		08/19/22		USD	450.00		USD	3,034		(79,790	)
Okta, Inc.		49		08/19/22		USD	120.00		USD	443		(8,624	)
Pure Storage, Inc., Class A		2,179		08/19/22		USD	28.00		USD	5,602		(201,557	)
Roku, Inc.		78		08/19/22		USD	120.00		USD	641		(17,901	)
Samsara, Inc., Class A		870		08/19/22		USD	12.50		USD	972		(78,300	)
Shift4 Payments, Inc., Class A		670		08/19/22		USD	40.00		USD	2,215		(128,975	)
Synopsys, Inc.		175		08/19/22		USD	310.00		USD	5,315		(273,875	)
Take-Two Interactive Software, Inc.		275		08/19/22		USD	135.00		USD	3,370		(103,125	)
Tesla, Inc.		44		08/19/22		USD	840.00		USD	2,963		(88,000	)
Tesla, Inc.		37		08/19/22		USD	790.00		USD	2,492		(114,237	)
TransUnion		415		08/19/22		USD	81.93		USD	3,320		(139,624	)
Trip.com Group Ltd., ADR		1,068		08/19/22		USD	25.08		USD	2,932		(427,430	)
Unity Software, Inc.		330		08/19/22		USD	55.00		USD	1,215		(39,765	)
Wolfspeed, Inc.		660		08/19/22		USD	90.00		USD	4,188		(59,400	)
Zscaler, Inc.		120		08/19/22		USD	190.00		USD	1,794		(40,500	)
Endava PLC, ADR		455		09/07/22		USD	96.00		USD	4,016		(270,520	)
Grid Dynamics Holdings, Inc.		969		09/16/22		USD	20.00		USD	1,630		(133,237	)
Legalzoom.com, Inc.		736		09/16/22		USD	15.00		USD	809		(27,600	)
Synopsys, Inc.		175		09/16/22		USD	320.00		USD	5,315		(286,125	)
Wolfspeed, Inc.		390		09/16/22		USD	80.00		USD	2,475		(118,950	)


											$	(9,963,650	)


114		2 0 2 2 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, 2022		BlackRock Science and Technology Trust II (BSTZ)

OTC Options Written




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

Call
BE Semiconductor Industries NV	Goldman Sachs International		61,000	07/06/22		EUR	56.37		EUR	2,798	$	(53)
Soitec SA	Goldman Sachs International		11,500	07/06/22		EUR	173.51		EUR	1,558		(17)
Wolfspeed, Inc.	Bank of America N.A.		22,400	07/11/22		USD	81.32		USD	1,421		(921)
Wolfspeed, Inc.	Citibank N.A.		16,000	07/11/22		USD	101.52		USD	1,015		(1)
Soitec SA	Morgan Stanley & Co. International PLC		11,700	07/12/22		EUR	181.70		EUR	1,585		(59)
Altium Ltd.	JPMorgan Chase Bank N.A.		135,300	07/13/22		AUD	30.85		AUD	3,641		(11,553)
Kakao Corp.	JPMorgan Chase Bank N.A.		196,800	07/13/22		USD	85,917.68		USD	13,756,320		(986)
Samsung SDI Co. Ltd.	Goldman Sachs International		27,900	07/13/22		USD	593,827.14		USD	14,842,800		(24,308)
Alphawave IP Group PLC	Goldman Sachs International		122,000	07/19/22		GBP	1.91		GBP	164		(374)
Altium Ltd.	Morgan Stanley & Co. International PLC		37,600	07/19/22		AUD	29.88		AUD	1,012		(9,502)
Informa PLC	Goldman Sachs International		311,200	07/19/22		GBP	5.59		GBP	1,646		(17,591)
Nordic Semiconductor ASA	Goldman Sachs International		25,400	07/19/22		NOK	201.06		NOK	3,881		(1,063)
Siteminder Ltd.	UBS AG		130,000	07/19/22		AUD	4.93		AUD	456		(179)
Soitec SA	Morgan Stanley & Co. International PLC		27,000	07/19/22		EUR	177.89		EUR	3,659		(1,612)
Xero Ltd.	Morgan Stanley & Co. International PLC		14,800	07/19/22		AUD	92.84		AUD	1,139		(4,723)
BE Semiconductor Industries NV	Goldman Sachs International		25,800	07/20/22		EUR	59.22		EUR	1,183		(4,160)
GMO Payment Gateway, Inc.	UBS AG		25,200	07/20/22		JPY	11,145.60		JPY	240,660		(15,782)
Kakao Corp.	UBS AG		63,300	07/21/22		USD	84,721.47		USD	4,424,670		(1,893)
Thoughtworks Holding, Inc.	Barclays Bank PLC		46,700	07/25/22		USD	19.00		USD	659		(1,583)
Alphawave IP Group PLC	Goldman Sachs International		114,000	07/26/22		GBP	1.92		GBP	153		(780)
Altium Ltd.	Goldman Sachs International		85,000	07/26/22		AUD	27.87		AUD	2,287		(66,425)
Informa PLC	Goldman Sachs International		424,600	07/26/22		GBP	5.28		GBP	2,245		(92,188)
Monolithic Power Systems, Inc.	Barclays Bank PLC		7,900	07/26/22		USD	433.62		USD	3,034		(53,480)
Nordic Semiconductor ASA	Goldman Sachs International		42,650	07/26/22		NOK	202.33		NOK	6,517		(2,923)
Wolters Kluwer N.V.	Morgan Stanley & Co. International PLC		40,600	07/26/22		EUR	86.87		EUR	3,758		(265,253)
Adyen NV	Goldman Sachs International		5,700	07/27/22		EUR	1,544.77		EUR	7,912		(147,534)
GMO Payment Gateway, Inc.	JPMorgan Chase Bank N.A.		23,600	07/27/22		JPY	11,372.61		JPY	225,380		(17,133)
Siteminder Ltd.	Morgan Stanley & Co. International PLC		72,500	07/27/22		AUD	4.91		AUD	254		(359)
Soitec SA	UBS AG		3,400	07/27/22		EUR	184.80		EUR	461		(333)
Xero Ltd.	BNP Paribas S.A.		90,000	07/27/22		AUD	86.76		AUD	6,926		(114,006)
CTS Eventim AG & Co. KGaA	Goldman Sachs International		13,600	07/28/22		EUR	55.83		EUR	680		(6,150)
E Ink Holdings Ltd., GDR	Goldman Sachs International		390,000	07/28/22		USD	215.07		USD	73,515		(50,497)
Freee KK	Goldman Sachs International		43,200	07/28/22		JPY	3,417.40		JPY	141,696		(90,722)
Prosus N.V.	Goldman Sachs International		21,300	07/28/22		EUR	50.45		EUR	1,331		(266,754)
Alphawave IP Group PLC	UBS AG		108,000	08/02/22		GBP	1.75		GBP	145		(2,950)
Altium Ltd.	JPMorgan Chase Bank N.A.		39,300	08/02/22		AUD	29.00		AUD	1,058		(24,693)
Asm International NV	Barclays Bank PLC		20,300	08/02/22		EUR	260.83		EUR	4,844		(138,045)
Freee KK	JPMorgan Chase Bank N.A.		110,600	08/02/22		JPY	3,586.09		JPY	362,768		(198,199)
GMO Payment Gateway, Inc.	JPMorgan Chase Bank N.A.		23,600	08/02/22		JPY	11,074.00		JPY	225,380		(31,893)
Prosus N.V.	Credit Suisse International		21,300	08/03/22		EUR	50.45		EUR	1,331		(271,399)
Eventbrite, Inc., Class A	Citibank N.A.		124,800	08/04/22		USD	12.23		USD	1,282		(26,370)
Thoughtworks Holding, Inc.	Barclays Bank PLC		46,700	08/04/22		USD	19.00		USD	659		(3,713)
Altium Ltd.	Morgan Stanley & Co. International PLC		39,300	08/09/22		AUD	27.23		AUD	1,058		(48,956)
E Ink Holdings Ltd., GDR	Goldman Sachs International		270,000	08/09/22		USD	197.92		USD	50,895		(97,054)
Nordic Semiconductor ASA	Goldman Sachs International		42,600	08/09/22		NOK	161.76		NOK	6,509		(42,227)
Prosus N.V.	Goldman Sachs International		40,200	08/09/22		EUR	51.86		EUR	2,512		(461,387)
Soitec SA	Morgan Stanley & Co. International PLC		12,100	08/09/22		EUR	162.00		EUR	1,640		(16,407)
Soitec SA	UBS AG		2,200	08/09/22		EUR	151.68		EUR	298		(7,296)
ZoomInfo Technologies, Inc.	JPMorgan Chase Bank N.A.		25,700	08/09/22		USD	44.37		USD	854		(13,694)
Silergy Corp.	Morgan Stanley & Co. International PLC		86,000	08/11/22		USD	2,795.43		USD	205,970		(284,961)
Thoughtworks Holding, Inc.	Bank of America N.A.		77,000	08/11/22		USD	17.74		USD	1,086		(17,356)
Lasertec Corp.	UBS AG		79,800	08/16/22		JPY	18,278.86		JPY	1,288,770		(391,760)
Thoughtworks Holding, Inc.	JPMorgan Chase Bank N.A.		42,800	09/01/22		USD	15.60		USD	604		(40,712)


											$	(3,389,969)

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	$	9,288,916	$	(3,199,894	)	$	(13,353,619)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		115


Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Science and Technology Trust II (BSTZ)

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	$	—	$	—	$	13,353,619	$	—	$	—	$	—	$	13,353,619

For the period ended June 30, 2022, 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)	$	—	$	—	$	(371	)	$	—	$	—	$	—	$	(371	)
Options written		—		—		74,585,111			—		—		—		74,585,111


	$	—	$	—	$	74,584,740		$	—	$	—	$	—	$	74,584,740

Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	(937,621	)	$	—	$	—	$	—	$	(937,621	)

(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 written	$	(17,158,685)

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	$	—	$	13,353,619


Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities		—		13,353,619


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(9,963,650	)


Total derivative assets and liabilities subject to an MNA	$	—	$	3,389,969


116		2 0 2 2 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, 2022		BlackRock Science and Technology Trust II (BSTZ)

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



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged		Cash Collateral Pledged	(a)		Net Amount of Derivative Liabilities	(b)
Bank of America N.A.	$	18,277	$	—	$	—	$	(18,277	)	$	—
Barclays Bank PLC		196,821		—		—		(196,821	)		—
BNP Paribas S.A.		114,006		—		—		—			114,006
Citibank N.A.		26,371		—		—		(26,371	)		—
Credit Suisse International		271,399		—		—		—			271,399
Goldman Sachs International		1,372,207		—		—		(1,372,207	)		—
JPMorgan Chase Bank N.A.		338,863		—		—		(338,863	)		—
Morgan Stanley & Co. International PLC		631,832		—		—		(470,000	)		161,832
UBS AG		420,193		—		—		(30,000	)		390,193


	$	3,389,969	$	—	$	—	$	(2,452,539	)	$	937,430

(a)

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

(b)

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Automobiles	$	57,264,764	$	—	$	—	$	57,264,764
Banks		—		—		63,327,976		63,327,976
Chemicals		—		13,814,843		—		13,814,843
Diversified Consumer Services		—		—		17,856,989		17,856,989
Electrical Equipment		—		7,551,689		—		7,551,689
Electronic Equipment, Instruments & Components		14,669,412		46,393,011		—		61,062,423
Entertainment		25,982,684		7,137,500		—		33,120,184
Hotels, Restaurants & Leisure		15,552,045		—		—		15,552,045
Interactive Media & Services		37,708,387		31,797,820		—		69,506,207
Internet & Direct Marketing Retail		12,113,561		14,178,574		—		26,292,135
IT Services		144,330,427		38,320,138		41,334,008		223,984,573
Media		—		16,750,244		—		16,750,244
Professional Services		29,168,027		13,120,944		—		42,288,971
Semiconductors & Semiconductor Equipment		146,300,390		149,005,446		2,672,149		297,977,985
Software		205,859,289		60,894,495		39,846,128		306,599,912
Technology Hardware, Storage & Peripherals		23,937,630		—		—		23,937,630
Preferred Securities
Preferred Stocks		—		—		460,122,655		460,122,655
Warrants		—		—		116,381		116,381
Short-Term Securities
Money Market Funds		102,224,041		—		—		102,224,041


	$	815,110,657	$	398,964,704	$	625,276,286		1,839,351,647


Investments Valued at NAV (a)								4,922,598


							$	1,844,274,245


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		117


Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Science and Technology Trust II (BSTZ)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments (b)
Liabilities
Equity Contracts	$	(6,456,028	)	$	(6,897,591	)	$	—	$	(13,353,619	)

(a)

Certain investments of the Trust were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

(b)

Derivative financial instruments are options written. Options written are shown at value.




	Common Stocks			Preferred Stocks			Warrants			Total

Assets
Opening balance, as of December 31, 2021	$	246,829,600		$	565,071,190			323,803		$	812,224,593
Transfers into Level 3		—			—			—			—
Transfers out of Level 3		—			—			—			—
Accrued discounts/premiums		—			—			—			—
Net realized gain (loss)		—			—			—			—
Net change in unrealized appreciation (depreciation) (a)(b)		(81,792,350	)		(83,330,556	)		(207,422	)		(165,330,328	)
Purchases		—			—			—			—
Sales		—			(21,617,979	)		—			(21,617,979	)


Closing balance, as of June 30, 2022	$	165,037,250		$	460,122,655			116,381		$	625,276,286


Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (b)	$	(81,792,350	)	$	(71,445,770	)		(207,422	)	$	(153,445,542)

(a)

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

(b)

Value

Valuation

Approach

Unobservable
Inputs

Range of
Unobservable
Inputs

Utilized

(a)

Weighted
Average of
Unobservable
Inputs Based
on Fair Value

Assets

Common Stocks

165,037,250

Market

Revenue Multiple

2.75x - 29.00x

13.99x

Volatility

39% - 70%

43%

Time to Exit

0.5 year - 2.0 years

0.7 year

Preferred Stocks

460,122,655

Market

Revenue Multiple

3.35x - 29.00x

15.80x

Volatility

31% - 63%

49%

Time to Exit

3.0 - 4.0 years

3.9 years

Market Adjustment Multiple

1.00x - 1.00x

1.00x

Gross Profit Multiple

11.89x

—

Warrants

116,381

Market

Volatility

39%

—

Time to Exit

0.5 year

—

Revenue Multiple

7.50x

—

625,276,286

(a)

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

See notes to financial statements.


118		2 0 2 2 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, 2022		BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Building Products — 5.7%
Johnson Controls International PLC (a)		260,709	$	12,482,747
Kingspan Group PLC		101,015		6,074,143
Trane Technologies PLC (a)		67,050		8,707,783


			27,264,673

Chemicals — 4.1%
Air Liquide SA		41,268		5,554,787
LG Chem Ltd.		10,800		4,290,644
Linde PLC (b)		20,728		5,963,451
Sika AG, Registered Shares		15,490		3,575,668


			19,384,550

Commercial Services & Supplies (a) — 6.0%
Waste Connections, Inc.		93,600		11,602,656
Waste Management, Inc.		112,850		17,263,793


			28,866,449

Construction & Engineering — 3.1%
Quanta Services, Inc. (a)		53,160		6,663,075
Vinci SA		89,200		8,006,718


			14,669,793

Electric Utilities — 29.7%
American Electric Power Co., Inc. (a)		166,900		16,012,386
Duke Energy Corp. (a)		125,368		13,440,703
Edison International (a)		121,050		7,655,202
EDP - Energias de Portugal SA		1,747,750		8,145,094
Enel SpA		3,975,525		21,802,654
Exelon Corp. (a)		161,558		7,321,808
FirstEnergy Corp. (a)		185,750		7,130,942
Iberdrola SA		944,175		9,830,187
Neoenergia SA		1,083,900		3,090,082
NextEra Energy, Inc. (a)(c)		535,030		41,443,424
Xcel Energy, Inc. (a)		88,990		6,296,932


			142,169,414

Electrical Equipment — 7.7%
Eaton Corp. PLC (a)		35,940		4,528,080
ITM Power PLC (b)(d)		598,850		1,262,660
Prysmian SpA		199,700		5,486,337
Schneider Electric SE		68,982		8,219,583
Sunrun, Inc. (a)(b)		89,000		2,079,040
Vertiv Holdings Co.		256,700		2,110,074
Vestas Wind Systems A/S		408,021		8,675,341
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,274,400		4,267,300


			36,628,415

Electronic Equipment, Instruments & Components — 0.9%
Samsung SDI Co. Ltd.		10,700		4,412,518


Independent Power and Renewable Electricity Producers — 10.4%
AES Corp. (a)		418,140		8,785,121
China Longyuan Power Group Corp. Ltd., Class H		3,129,000		6,063,895
EDP Renovaveis SA		450,792		10,648,872
ReNew Energy Global PLC, Class A (b)		506,500		3,277,055
RWE AG		510,150		18,868,428
Sunnova Energy International, Inc. (a)(b)		116,700		2,150,781


			49,794,152


Security	Shares		Value

Machinery — 4.0%
Atlas Copco AB, B Shares		1,094,800	$	9,173,240
Ingersoll Rand, Inc. (a)		239,100		10,061,328


			19,234,568

Multi-Utilities — 13.3%
CMS Energy Corp. (a)		151,160		10,203,301
Dominion Energy, Inc. (a)(c)		183,548		14,648,966
National Grid PLC		928,474		11,931,758
Public Service Enterprise Group, Inc. (a)		186,042		11,772,738
Sempra Energy (a)		99,000		14,876,730


			63,433,493

Oil, Gas & Consumable Fuels — 10.1%
Cheniere Energy, Inc. (a)		55,200		7,343,256
Enterprise Products Partners LP (a)		266,963		6,505,888
TC Energy Corp.		386,750		20,034,563
Williams Cos., Inc. (a)		468,855		14,632,965


			48,516,672

Semiconductors & Semiconductor Equipment — 2.4%
Analog Devices, Inc. (a)		24,374		3,560,798
Canadian Solar, Inc. (b)		82,140		2,557,839
First Solar, Inc. (a)(b)		32,984		2,247,200
Infineon Technologies AG		137,500		3,344,757


			11,710,594


Total Long-Term Investments — 97.4% (Cost: $360,756,459)				466,085,291


Short-Term Securities

Money Market Funds — 3.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (e)(f)		14,388,466		14,388,466
SL Liquidity Series, LLC, Money Market Series, 1.73% (e)(f)		529,428		529,322


Total Short-Term Securities — 3.1% (Cost: $14,917,841)				14,917,788


Total Investments Before Options Written — 100.5% (Cost: $375,674,300)				481,003,079


Options Written — (0.7)% (Premiums Received: $(4,345,001))				(3,245,148	)


Total Investments, Net of Options Written — 99.8% (Cost: $371,329,299)				477,757,931

Other Assets Less Liabilities — 0.2%				885,017


Net Assets — 100.0%			$	478,642,948

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

(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

for reporting ease.


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, 2022		BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 06/30/22		Shares Held at 06/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	7,380,748	$	7,007,718	(a)	$	—	$	—		$	—		$	14,388,466		14,388,466	$	20,337		$	—
SL Liquidity Series, LLC, Money Market Series		—		529,384	(a)		—		(9	)		(53	)		529,322		529,428		1,355	(b)		—


								$	(9	)	$	(53	)	$	14,917,788			$	21,692		$	—

(a)

Represents net amount purchased (sold).

(b)

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		07/01/22		USD	175.00		USD	351	$	(1,800)
First Solar, Inc.		55		07/01/22		USD	69.00		USD	375		(2,008)
Waste Management, Inc.		175		07/01/22		USD	155.00		USD	2,677		(7,875)
Analog Devices, Inc.		26		07/08/22		USD	165.00		USD	380		(2,600)
Eaton Corporation PLC		80		07/08/22		USD	145.00		USD	1,008		(800)
Waste Management, Inc.		219		07/08/22		USD	160.00		USD	3,350		(6,570)
American Electric Power Co., Inc.		319		07/15/22		USD	100.00		USD	3,060		(9,570)
Analog Devices, Inc.		10		07/15/22		USD	152.50		USD	146		(1,825)
Cheniere Energy, Inc.		52		07/15/22		USD	145.00		USD	692		(4,420)
Dominion Energy, Inc.		351		07/15/22		USD	85.00		USD	2,801		(3,510)
Duke Energy Corp.		241		07/15/22		USD	110.00		USD	2,584		(15,063)
Eaton Corporation PLC		45		07/15/22		USD	145.00		USD	567		(675)
Exelon Corp.		282		07/15/22		USD	49.00		USD	1,278		(2,820)
First Solar, Inc.		60		07/15/22		USD	72.00		USD	409		(7,170)
FirstEnergy Corp.		335		07/15/22		USD	44.00		USD	1,286		(16,750)
Ingersoll Rand, Inc.		493		07/15/22		USD	45.71		USD	2,075		(23,504)
Johnson Controls International PLC		394		07/15/22		USD	55.00		USD	1,886		(3,940)
NextEra Energy, Inc.		456		07/15/22		USD	75.00		USD	3,532		(157,320)
Public Service Enterprise Group, Inc.		217		07/15/22		USD	60.00		USD	1,373		(75,950)
Quanta Services, Inc.		34		07/15/22		USD	120.50		USD	426		(24,017)
Quanta Services, Inc.		62		07/15/22		USD	125.00		USD	777		(26,040)
Sempra Energy		173		07/15/22		USD	165.00		USD	2,600		(6,055)
Sempra Energy		173		07/15/22		USD	155.00		USD	2,600		(14,705)
Sunnova Energy International, Inc.		150		07/15/22		USD	20.00		USD	276		(10,875)
Sunrun, Inc.		311		07/15/22		USD	25.00		USD	726		(30,633)
Trane Technologies PLC		117		07/15/22		USD	135.00		USD	1,519		(19,305)
Waste Connections, Inc.		115		07/15/22		USD	125.00		USD	1,426		(18,975)
Williams Cos., Inc.		266		07/15/22		USD	32.00		USD	830		(13,965)
Analog Devices, Inc.		25		07/22/22		USD	160.00		USD	365		(2,063)
Waste Management, Inc.		87		07/22/22		USD	155.00		USD	1,331		(23,055)
American Electric Power Co., Inc.		225		07/28/22		USD	93.00		USD	2,159		(93,795)
Exelon Corp.		283		07/29/22		USD	43.50		USD	1,283		(67,509)
Analog Devices, Inc.		12		08/05/22		USD	155.00		USD	175		(3,600)
Enterprise Products Partners LP		253		08/05/22		USD	25.00		USD	617		(12,271)
Williams Cos., Inc.		512		08/05/22		USD	33.00		USD	1,598		(35,840)
NextEra Energy, Inc.		708		08/08/22		USD	83.00		USD	5,484		(69,552)
Enterprise Products Partners LP		428		08/12/22		USD	25.30		USD	1,043		(18,513)
Williams Cos., Inc.		512		08/12/22		USD	33.09		USD	1,598		(39,428)
AES Corp.		1,463		08/19/22		USD	20.00		USD	3,074		(237,737)
American Electric Power Co., Inc.		40		08/19/22		USD	106.25		USD	384		(1,231)
Cheniere Energy, Inc.		156		08/19/22		USD	141.35		USD	2,075		(80,023)


120		2 0 2 2 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, 2022		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)
CMS Energy Corp.		530		08/19/22	USD	63.75	USD	3,578	$	(243,370	)
Dominion Energy, Inc.		291		08/19/22	USD	77.75	USD	2,322		(108,241	)
Duke Energy Corp.		197		08/19/22	USD	110.00	USD	2,112		(41,862	)
Edison International		423		08/19/22	USD	62.50	USD	2,675		(111,037	)
Enterprise Products Partners LP		253		08/19/22	USD	25.00	USD	617		(14,674	)
FirstEnergy Corp.		315		08/19/22	USD	38.00	USD	1,209		(48,825	)
Ingersoll Rand, Inc.		343		08/19/22	USD	45.00	USD	1,443		(39,445	)
Johnson Controls International PLC		518		08/19/22	USD	52.50	USD	2,480		(37,555	)
NextEra Energy, Inc.		708		08/19/22	USD	78.76	USD	5,484		(191,728	)
Public Service Enterprise Group, Inc.		217		08/19/22	USD	60.00	USD	1,373		(95,480	)
Quanta Services, Inc.		90		08/19/22	USD	130.00	USD	1,128		(53,550	)
Sunnova Energy International, Inc.		258		08/19/22	USD	21.00	USD	475		(39,297	)
TC Energy Corp.		678		08/19/22	CAD	72.00	CAD	4,521		(27,390	)
Trane Technologies PLC		117		08/19/22	USD	130.00	USD	1,519		(72,540	)
Waste Connections, Inc.		212		08/19/22	USD	124.00	USD	2,628		(92,196	)
Williams Cos., Inc.		350		08/19/22	USD	32.00	USD	1,092		(44,625	)
Xcel Energy, Inc.		153		08/19/22	USD	70.00	USD	1,083		(42,457	)
Public Service Enterprise Group, Inc.		217		09/16/22	USD	60.00	USD	1,373		(101,990	)
TC Energy Corp.		675		09/16/22	CAD	68.00	CAD	4,501		(115,629	)


									$	(2,715,248	)

OTC Options Written



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

Call
LG Chem Ltd.	Goldman Sachs International		4,400		07/06/22		USD	539,143.36		USD	2,270,400	$	(13,401)
Linde PLC	Morgan Stanley & Co. International PLC		3,500		07/06/22		EUR	304.85		EUR	959		(40	)
Neoenergia SA	Citibank N.A.		130,400		07/06/22		USD	18.09		USD	1,946		—
RWE AG	Goldman Sachs International		41,000		07/06/22		EUR	41.98		EUR	1,438		(14	)
China Longyuan Power Group Corp., Ltd., Class H	Morgan Stanley & Co. International PLC		550,000		07/08/22		HKD	16.79		HKD	8,338		(4,483	)
Vinci SA	Goldman Sachs International		5,000		07/08/22		EUR	92.16		EUR	425		(250	)
Air Liquide SA	Goldman Sachs International		14,520		07/13/22		EUR	153.61		EUR	1,860		(23	)
Atlas Copco AB, B Shares	UBS AG		227,553		07/13/22		SEK	96.51		SEK	19,465		(3,970)
EDP Renovaveis S/A	UBS AG		42,200		07/13/22		EUR	23.54		EUR	950		(10,112	)
EDP-Energias de Portugal SA	Goldman Sachs International		211,700		07/13/22		EUR	4.81		EUR	942		(1,661	)
ITM Power PLC	Goldman Sachs International		104,600		07/13/22		GBP	3.19		GBP	181		—
Samsung SDI Co. Ltd.	Goldman Sachs International		3,700		07/13/22		USD	593,827.14		USD	1,968,400		(3,224	)
Xcel Energy, Inc.	Barclays Bank PLC		15,800		07/15/22		USD	74.43		USD	1,118		(2,450	)
China Longyuan Power Group Corp., Ltd., Class H	BNP Paribas SA		545,000		07/19/22		HKD	17.52		HKD	8,262		(7,162	)
Kingspan Group PLC	Goldman Sachs International		33,000		07/19/22		EUR	76.58		EUR	1,894		(1,052)
Prysmian SpA	Merrill Lynch International		68,700		07/19/22		EUR	30.92		EUR	1,801		(773	)
Vinci SA	UBS AG		26,800		07/19/22		EUR	92.89		EUR	2,277		(5,860	)
EDP Renovaveis S/A	Credit Suisse International		81,000		07/20/22		EUR	24.26		EUR	1,824		(15,115	)
Iberdrola SA	Credit Suisse International		240,100		07/20/22		EUR	10.74		EUR	2,376		(9,300	)
ITM Power PLC	Goldman Sachs International		105,000		07/20/22		GBP	3.07		GBP	181		(4	)
Schneider Electric SE	Barclays Bank PLC		13,300		07/20/22		EUR	133.36		EUR	1,502		(663	)
Neoenergia SA	Citibank N.A.		124,500		07/21/22		USD	18.44		USD	1,858		(2	)
Linde PLC	JPMorgan International Bank Ltd.		3,800		07/26/22		EUR	285.67		EUR	1,041		(14,486)
Rwe AG	Morgan Stanley & Co. International PLC		43,300		07/26/22		EUR	43.01		EUR	1,519		(1,095	)
EDP-Energias de Portugal SA	Goldman Sachs International		400,000		07/27/22		EUR	4.58		EUR	1,781		(31,087	)
Enel SpA	Credit Suisse International		708,900		07/27/22		EUR	5.74		EUR	3,700		(3,055	)
Infineon Technologies AG	Credit Suisse International		25,000		07/27/22		EUR	29.57		EUR	577		(799	)
Schneider Electric SE	Goldman Sachs International		13,300		07/27/22		EUR	132.69		EUR	1,502		(1,912	)
National Grid PLC	Morgan Stanley & Co. International PLC		129,400		07/28/22		GBP	10.62		GBP	1,361		(35,010	)
Neoenergia SA	Morgan Stanley & Co. International PLC		124,500		07/28/22		USD	17.03		USD	1,858		(603	)
Sika AG, Registered Shares	Goldman Sachs International		5,600		07/28/22		CHF	226.41		CHF	1,232		(38,860	)
Xinjiang Goldwind Science And Technology Ltd., Class H	JPMorgan International Bank Ltd.		400,000		07/28/22		HKD	13.19		HKD	5,872		(90,457	)


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, 2022		BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

OTC Options Written (continued)



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

Call (continued)
Atlas Copco AB, B Shares	Goldman Sachs International		156,000		08/02/22		SEK	103.29		SEK	13,344	$	(4,195	)
Rwe AG	Barclays Bank PLC		94,300		08/03/22		EUR	37.58		EUR	3,308		(75,886	)
EDP Renovaveis S/A	Goldman Sachs International		34,500		08/09/22		EUR	22.63		EUR	777		(34,358	)
Enel SpA	Barclays Bank PLC		381,800		08/09/22		EUR	5.46		EUR	1,993		(16,474	)
Enel SpA	Goldman Sachs International		300,800		08/09/22		EUR	5.67		EUR	1,570		(10,534	)
Iberdrola SA	Morgan Stanley & Co. International PLC		90,400		08/09/22		EUR	10.37		EUR	895		(16,301	)
Infineon Technologies AG	Goldman Sachs International		23,100		08/09/22		EUR	25.93		EUR	533		(9,441	)
National Grid PLC	UBS AG		195,600		08/11/22		GBP	10.99		GBP	2,058		(25,129	)
Xinjiang Goldwind Science And Technology Ltd., Class H	UBS AG		396,000		08/11/22		HKD	14.99		HKD	5,813		(40,659	)


												$	(529,900	)

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	$	2,098,842	$	(998,989)	$	(3,245,148	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	3,245,148	$	—	$	—	$	—	$	3,245,148

For the period ended June 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Options written	$	—	$	—	$	4,135,012	$	—	$	—	$	—	$	4,135,012

Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	2,305,388	$	—	$	—	$	—	$	2,305,388

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Options:
Average value of option contracts written	$	5,679,079

Derivative Financial Instruments — Offsetting as of Period End

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



	Assets		Liabilities

Derivative Financial Instruments
Options	$	—	$	3,245,148


Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		3,245,148


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(2,715,248	)


Total derivative assets and liabilities subject to an MNA	$	—	$	529,900


122		2 0 2 2 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, 2022		BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

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



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged	(a)		Cash Collateral Pledged	(a)		Net Amount of Derivative Liabilities	(b)

Barclays Bank PLC	$	95,473	$	—	$	—		$	—		$	95,473
BNP Paribas SA		7,162		—		—			—			7,162
Citibank N.A.		2		—		—			—			2
Credit Suisse International		28,269		—		—			—			28,269
Goldman Sachs International		150,016		—		—			(150,016	)		—
JPMorgan International Bank Ltd.		104,943		—		—			—			104,943
Merrill Lynch International		773		—		—			—			773
Morgan Stanley & Co. International PLC		57,532		—		(57,532	)		—			—
UBS AG		85,730		—		(85,730	)		—			—


	$	529,900	$	—	$	(143,262	)	$	(150,016	)	$	236,622

(a)

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

(b)

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks
Building Products	$	21,190,530		$	6,074,143		$	—	$	27,264,673
Chemicals		—			19,384,550			—		19,384,550
Commercial Services & Supplies		28,866,449			—			—		28,866,449
Construction & Engineering		6,663,075			8,006,718			—		14,669,793
Electric Utilities		102,391,479			39,777,935			—		142,169,414
Electrical Equipment		8,717,194			27,911,221			—		36,628,415
Electronic Equipment, Instruments & Components		—			4,412,518			—		4,412,518
Independent Power and Renewable Electricity Producers		14,212,957			35,581,195			—		49,794,152
Machinery		10,061,328			9,173,240			—		19,234,568
Multi-Utilities		51,501,735			11,931,758			—		63,433,493
Oil, Gas & Consumable Fuels		48,516,672			—			—		48,516,672
Semiconductors & Semiconductor Equipment		8,365,837			3,344,757			—		11,710,594
Short-Term Securities
Money Market Funds		14,388,466			—			—		14,388,466


	$	314,875,722		$	165,598,035		$	—		480,473,757


Investments Valued at NAV (a)										529,322


									$	481,003,079

Derivative Financial Instruments (b)
Liabilities
Equity Contracts	$	(1,622,844	)	$	(1,622,304	)	$	—	$	(3,245,148	)

(a)

Certain investments of the Trust were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

(b)

Derivative financial instruments are options written. Options written are shown at value.

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		123

Statements of Assets and Liabilities

(unaudited)

June 30, 2022


	BGR			CII		BDJ		BOE

ASSETS
Investments, at value — unaffiliated (a)	$	352,628,211		$	808,808,268	$	1,621,217,564	$	715,228,389
Investments, at value — affiliated (b)		1,406,858			9,203,965		82,052,911		2,371,617
Cash		322,157			220,859		1,380,969		—
Cash pledged:
Collateral — exchange-traded options written		—			—		—		4,880,000
Collateral — OTC derivatives		—			50,000		—		26,000
Foreign currency, at value (c)		138,690			—		906		108,257
Receivables:
Investments sold		4,715,180			5,228,567		9,328,925		299,757
Options written		209,236			1,018,909		605,584		517,803
Dividends — unaffiliated		916,182			632,320		1,963,817		2,769,360
Dividends — affiliated		3,654			10,358		65,631		6,133


Total assets		360,340,168			825,173,246		1,716,616,307		726,207,316


LIABILITIES
Bank overdraft		—			—		—		94,288
Options written, at value (d)		2,083,915			8,671,931		15,848,170		6,470,808
Payables:
Investments purchased		696,021			1,482,827		7,253,162		7,691,695
Accounting services fees		25,509			28,395		54,469		34,200
Capital shares redeemed		—			—		—		318,497
Custodian fees		25,942			39,516		88,354		65,956
Income dividend distributions		73,762			239,043		338,008		152,363
Investment advisory fees		314,293			586,536		1,143,715		494,866
Trustees’ and Officer’s fees		399,001			215,794		877,565		617,126
Options written		20,721			153,727		27,738		177,247
Other accrued expenses		38,580			38,510		93,483		73,936
Professional fees		58,316			81,722		164,082		135,765
Transfer agent fees		29,991			34,352		75,877		41,543
Other liabilities		191,579			—		—		—


Total liabilities		3,957,630			11,572,353		25,964,623		16,368,290


NET ASSETS	$	356,382,538		$	813,600,893	$	1,690,651,684	$	709,839,026


NET ASSETS CONSIST OF
Paid-in capital (e)(f)(g)	$	535,130,504		$	561,558,505	$	1,309,265,007	$	713,456,233
Accumulated earnings (loss)		(178,747,966	)		252,042,388		381,386,677		(3,617,207	)


NET ASSETS	$	356,382,538		$	813,600,893	$	1,690,651,684	$	709,839,026


Net asset value (e)(f)(g)	$	12.51		$	18.44	$	9.09	$	11.17


(a) Investments, at cost — unaffiliated	$	245,104,027		$	619,870,762	$	1,464,188,211	$	697,252,623
(b) Investments, at cost — affiliated	$	1,406,858		$	9,203,965	$	82,052,911	$	2,371,617
(c) Foreign currency, at cost	$	138,405		$	—	$	1,035	$	109,005
(d) Premiums received	$	5,472,215		$	11,579,401	$	21,753,162	$	7,763,333
(e) Shares outstanding		28,497,366			44,132,101		186,003,434		63,536,835
(f) Shares authorized		Unlimited			200 million		Unlimited		Unlimited
(g) Par value	$	0.001		$	0.10	$	0.001	$	0.001

See notes to financial statements.


124		2 0 2 2 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, 2022


	BGY			BME			BMEZ			BIGZ


ASSETS
Investments, at value — unaffiliated (a)(b)	$	581,610,381		$	540,528,222		$	2,038,910,871		$	2,244,340,386
Investments, at value — affiliated (c)		8,325,690			32,301,459			112,090,905			9,128,990
Cash pledged:
Collateral — exchange-traded options written		5,611,000			—			—			—
Collateral — OTC derivatives		355,000			—			36,000			—
Foreign currency, at value (d)		234,488			16,681			86,810			1,021
Receivables:
Investments sold		719			2,662,029	(e)		4,806			—
Options written		352,480			282,858			369,515			400,311
Securities lending income — affiliated		—			2,421			22,691			5
Capital shares sold		—			250,269			—			—
Dividends — unaffiliated		2,902,640			538,374			751,056			432,773
Dividends — affiliated		9,329			27,644			84,575			24,255
Deferred offering costs		—			87,474			—			—
Prepaid expenses		—			10,822			—			3,760


Total assets		599,401,727			576,708,253			2,152,357,229			2,254,331,501


LIABILITIES
Bank overdraft		137,718			7,610			69,804			128,337
Collateral on securities loaned		—			588,915			6,858,153			—
Options written, at value (f)		5,937,531			6,201,260			19,713,887			9,846,179
Payables:
Investments purchased		720,487			2,684,421			388			—
Accounting services fees		28,395			16,825			184,476			36,283
Capital shares redeemed		—			—			—			2,588,971
Custodian fees		78,801			38,415			161,624			171,872
Income dividend distributions		171,946			—			3,109,671			2,748,304
Investment advisory fees		498,245			454,860			2,163,015			2,395,681
Trustees’ and Officer’s fees		522,587			32,057			133,204			106,769
Options written		135,771			522,448			85,920			96,406
Other accrued expenses		83,254			25,784			245,326			27,423
Professional fees		133,954			47,655			20,815			24,083
Transfer agent fees		39,294			27,074			63,533			82,272


Total liabilities		8,487,983			10,647,324			32,809,816			18,252,580


NET ASSETS	$	590,913,744		$	566,060,929		$	2,119,547,413		$	2,236,078,921


NET ASSETS CONSIST OF
Paid-in capital (g)(h)(i)	$	604,107,672		$	409,987,529		$	2,243,866,545		$	4,566,212,446
Accumulated earnings (loss)		(13,193,928	)		156,073,400			(124,319,132	)		(2,330,133,525	)


NET ASSETS	$	590,913,744		$	566,060,929		$	2,119,547,413		$	2,236,078,921


Net asset value (g)(h)(i)	$	5.69		$	41.95		$	18.91		$	9.48


(a) Investments, at cost — unaffiliated	$	554,589,060		$	390,761,723		$	2,212,459,262		$	3,143,847,570
(b) Securities loaned, at value	$	—		$	566,567		$	6,706,992		$	—
(c) Investments, at cost — affiliated	$	8,325,690		$	32,301,485		$	112,224,197		$	9,128,990
(d) Foreign currency, at cost	$	236,064		$	16,647		$	86,021		$	1,047
(e) $1,767,466 is expected to be collected after December 31, 2022
(f) Premiums received	$	6,072,338		$	4,879,676		$	16,177,632		$	11,526,685
(g) Shares outstanding		103,847,663			13,493,047			112,083,890			235,796,174
(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 Assets and Liabilities

(unaudited) (continued)

June 30, 2022


	BCX			BST (a)		BSTZ (a)		BUI


ASSETS
Investments, at value — unaffiliated (b)(c)	$	858,728,857		$	1,034,371,174	$	1,737,127,606	$	466,085,291
Investments, at value — affiliated (d)		25,116,689			49,223,180		107,146,639		14,917,788
Cash		—			41,743		18,625		—
Cash pledged as collateral for OTC derivatives		—			400,000		3,600,000		603,500
Foreign currency, at value (e)		33,952			12,921,931		—		71,670
Receivables:
Investments sold		4,890,982			1,614,258		7,336,979		219
Options written		600,685			240,640		680,614		160,668
Securities lending income — affiliated		—			241		35,132		1,355
Dividends — unaffiliated		2,252,922			122,427		130,270		1,295,447
Dividends — affiliated		22,187			40,714		63,387		11,748
Due from broker		—			—		510,000		—
Deferred offering costs		—			177,517		—		100,997
Prepaid expenses		—			27,433		—		—


Total assets		891,646,274			1,099,181,258		1,856,649,252		483,248,683


LIABILITIES
Bank overdraft		15,424			—		—		53,595
Foreign bank overdraft (f)		—			—		487,417		—
Collateral on securities loaned		—			—		4,921,030		529,383
Options written, at value (g)		3,865,208			4,802,220		13,353,619		3,245,148
Payables:
Investments purchased		7,535,688			12,921,016		23,723,853		115
Accounting services fees		34,203			28,395		189,339		28,395
Custodian fees		47,181			79,223		147,670		40,348
Deferred capital gain tax		—			732,470		5,543,618		—
Income dividend distributions		145,945			572,521		2,601,116		—
Investment advisory fees		796,877			940,993		1,985,948		405,584
Offering costs		—			—		—		3,505
Trustees’ and Officer’s fees		257,506			24,311		137,741		8,739
Options written		12,910			3,399		1,040		100,488
Other accrued expenses		154,284			91,870		366,411		118,836
Professional fees		114,454			39,973		230,163		48,093
Transfer agent fees		48,780			45,672		65,016		23,506


Total liabilities		13,028,460			20,282,063		53,753,981		4,605,735


NET ASSETS	$	878,617,814		$	1,078,899,195	$	1,802,895,271	$	478,642,948


NET ASSETS CONSIST OF
Paid-in capital (h)(i)(j)	$	1,106,191,760		$	795,779,092	$	1,514,886,596	$	392,606,910
Accumulated earnings (loss)		(227,573,946	)		283,120,103		288,008,675		86,036,038


NET ASSETS	$	878,617,814		$	1,078,899,195	$	1,802,895,271	$	478,642,948


Net asset value (h)(i)(j)	$	9.95		$	33.61	$	22.96	$	21.66


(a) Consolidated Statement of Assets and Liabilities.
(b) Investments, at cost — unaffiliated	$	749,620,553		$	752,227,385	$	1,369,301,675	$	360,756,459
(c) Securities loaned, at value	$	—		$	—	$	4,633,190	$	505,064
(d) Investments, at cost — affiliated	$	25,116,689		$	49,223,180	$	107,145,982	$	14,917,841
(e) Foreign currency, at cost	$	33,878		$	12,921,777	$	—	$	71,669
(f) Foreign bank overdraft, at cost	$	—		$	—	$	486,402	$	—
(g) Premiums received	$	10,340,170		$	10,312,473	$	19,442,641	$	4,345,001
(h) Shares outstanding		88,315,994			32,098,789		78,538,036		22,101,468
(i) Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited
(j) Par value	$	0.001		$	0.001	$	0.001	$	0.001

See notes to financial statements.


126		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations

(unaudited)

Six Months Ended June 30, 2022


	BGR			CII			BDJ			BOE


INVESTMENT INCOME
Dividends — unaffiliated	$	8,047,580		$	5,321,524		$	23,720,170		$	12,982,094
Dividends — affiliated		7,015			21,813			118,850			10,303
Securities lending income — affiliated — net		—			—			10			—
Foreign withholding tax claims		—			—			—			336,828
Foreign taxes withheld		(385,582	)		(117,739	)		(727,379	)		(1,009,894	)


Total investment income		7,669,013			5,225,598			23,111,651			12,319,331


EXPENSES
Investment advisory		2,221,477			3,795,359			7,370,926			3,917,580
Transfer agent		34,409			40,378			80,287			46,677
Custodian		24,585			37,069			67,583			57,349
Accounting services		21,845			24,296			46,641			29,276
Registration		4,583			7,107			17,618			10,073
Professional		—			—			—			84,921
Trustees and Officer		(75,696	)		(10,735	)		(121,287	)		(90,051	)
Miscellaneous		61,543			73,159			106,203			44,035


Total expenses		2,292,746			3,966,633			7,567,971			4,099,860
Less:
Fees waived and/or reimbursed by the Manager		(408,317	)		(2,837	)		(14,166	)		(687,002	)


Total expenses after fees waived and/or reimbursed		1,884,429			3,963,796			7,553,805			3,412,858


Net investment income		5,784,584			1,261,802			15,557,846			8,906,473


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		37,205,569			56,991,809			137,950,109			21,768,232
Foreign currency transactions		(12,610	)		—			(125,347	)		(70,057	)
Options written		(22,929,880	)		21,229,943			5,531,647			5,691,315
Payment by affiliate		—			—			1,577			—


		14,263,079			78,221,752			143,357,986			27,389,490

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		35,394,774			(218,520,320	)		(318,384,740	)		(157,774,977	)
Foreign currency translations		(17,091	)		—			(52,105	)		(65,324	)
Options written		2,067,367			3,506,035			7,748,497			2,914,829


		37,445,050			(215,014,285	)		(310,688,348	)		(154,925,472	)


Net realized and unrealized gain (loss)		51,708,129			(136,792,533	)		(167,330,362	)		(127,535,982	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	57,492,713		$	(135,530,731	)	$	(151,772,516	)	$	(118,629,509	)

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, 2022


	BGY			BME			BMEZ			BIGZ


INVESTMENT INCOME
Dividends — unaffiliated	$	12,465,576		$	3,773,765		$	3,678,456		$	1,815,168
Dividends — affiliated		13,794			58,372			167,503			32,878
Securities lending income — affiliated — net		—			6,274			102,720			3,961
Other income — unaffiliated		588			—			—			—
Foreign withholding tax claims		521,921			—			—			—
Foreign taxes withheld		(1,366,286	)		(76,171	)		(236,587	)		(41,997	)


Total investment income		11,635,593			3,762,240			3,712,092			1,810,010


EXPENSES
Investment advisory		3,239,639			2,863,985			14,850,320			17,996,067
Professional		107,551			—			—			—
Custodian		69,590			26,037			116,045			129,755
Transfer agent		43,859			34,221			74,904			45,522
Accounting services		24,296			14,408			131,878			168,322
Registration		16,548			5,781			33,753			55,439
Trustees and Officer		(75,935	)		11,247			49,489			81,850
Miscellaneous		41,746			78,661			355,770			641,143

Total expenses		3,467,294			3,034,340			15,612,159			19,118,098
Less:
Fees waived and/or reimbursed by the Manager		(275,753	)		(7,222	)		(20,437	)		(2,696	)


Total expenses after fees waived and/or reimbursed		3,191,541			3,027,118			15,591,722			19,115,402


Net investment income (loss)		8,444,052			735,122			(11,879,630	)		(17,305,392	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		15,005,251	(a)		11,038,395			(23,637,929	)		(1,065,174,072	)
Investments — affiliated		—			(184	)		(1,164	)		(58,512,005	)
Foreign currency transactions		(68,840	)		665			(205,461	)		33,433
Options written		935,870			6,064,252			40,270,755			44,408,727


		15,872,281			17,103,128			16,426,201			(1,079,243,917	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(121,947,468	) (b)		(82,531,395	)		(757,500,275	)		(532,389,854	)
Investments — affiliated		—			(18	)		(54,322	)		44,486,400
Foreign currency translations		(88,542	)		(5,587	)		(34,075	)		(675	)
Options written		2,361,202			2,413,383			(1,866,111	)		(4,733,943	)


		(119,674,808	)		(80,123,617	)		(759,454,783	)		(492,638,072	)


Net realized and unrealized loss		(103,802,527	)		(63,020,489	)		(743,028,582	)		(1,571,881,989	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(95,358,475	)	$	(62,285,367	)	$	(754,908,212	)	$	(1,589,187,381	)


(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	368,770		$	—		$	—		$	—
(b) Net of reduction in deferred foreign capital gain tax of	$	231,371		$	—		$	—		$	—

See notes to financial statements.


128		2 0 2 2 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, 2022


	BCX			BST (a)			BSTZ (a)			BUI


INVESTMENT INCOME
Dividends — unaffiliated	$	19,041,147		$	1,680,806		$	1,800,819		$	7,413,424
Dividends — affiliated		39,871			70,631			114,104			20,337
Interest — unaffiliated		39,629			—			—			—
Securities lending income — affiliated — net		—			18,028			161,102			1,355
Non-cash dividends — unaffiliated		—			—			—			485,363
Other income — unaffiliated		58			—			—			—
Foreign withholding tax claims		16,193			—			—			—
Foreign taxes withheld		(935,301	)		(60,250	)		(155,435	)		(460,515	)


Total investment income		18,201,597			1,709,215			1,920,590			7,459,964


EXPENSES
Investment advisory		4,894,235			6,699,043			14,401,630			2,596,569
Transfer agent		59,599			59,654			77,291			31,809
Professional		48,654			—			—			—
Custodian		43,043			59,627			116,780			35,872
Accounting services		29,275			24,296			138,789			24,296
Registration		13,785			10,884			12,210			7,593
Offering		—			—			—			3,295
Trustees and Officer		(19,469	)		38,423			49,054			14,662
Miscellaneous		56,634			265,494			489,220			80,570


Total expenses		5,125,756			7,157,421			15,284,974			2,794,666
Less:
Fees waived and/or reimbursed by the Manager		(4,966	)		(8,317	)		(12,846	)		(2,328	)


Total expenses after fees waived and/or reimbursed		5,120,790			7,149,104			15,272,128			2,792,338


Net investment income (loss)		13,080,807			(5,439,889	)		(13,351,538	)		4,667,626


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		152,075,729			4,727,011			31,113,478			9,226,078
Investments — affiliated		—			(335	)		918			(9	)
Foreign currency transactions		(156,384	)		9,077			(171,301	)		(27,872	)
Options written		(40,509,948	)		43,628,929			74,585,111			4,135,012


		111,409,397			48,364,682			105,528,206			13,333,209

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(132,496,060	)		(597,366,933	) (b)		(1,246,829,382	) (b)		(96,629,197	)
Investments — affiliated		—			—			657			(53	)
Foreign currency translations		(46,071	)		2,281			(843	)		(42,601	)
Options written		7,850,011			(274,650	)		(937,621	)		2,305,388


		(124,692,120	)		( 597,639,302	)		(1,247,767,189	)		(94,366,463	)


Net realized and unrealized loss		(13,282,723	)		(549,274,620	)		(1,142,238,983	)		(81,033,254	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(201,916	)	$	(554,714,509	)	$	(1,155,590,521	)	$	(76,365,628	)


(a) Consolidated Statement of Operations.
(b) Net of reduction in/(increase in) deferred capital gain tax of	$	—		$	708,764		$	(73,396	)	$	—

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


	BGR						CII

	Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21			Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	5,784,584		$	8,259,703		$	1,261,802		$	1,953,464
Net realized gain (loss)		14,263,079			(18,995,472	)		78,221,752			70,684,499
Net change in unrealized appreciation (depreciation)		37,445,050			99,469,573			(215,014,285	)		107,574,675


Net increase (decrease) in net assets resulting from operations		57,492,713			88,733,804			(135,530,731	)		180,212,638


DISTRIBUTIONS TO SHAREHOLDERS (a)
From net investment income and net realized gain		(7,392,254	) (b)		(8,262,936	)		(26,346,881	)		(48,643,844	)
Return of capital		—			(4,835,876	)		—			—


Decrease in net assets resulting from distributions to shareholders		(7,392,254	)		(13,098,812	)		(26,346,881	)		(48,643,844	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions		—			—			—			236,509
Redemption of shares resulting from share repurchase program (including transaction costs)		(7,221,391	)		—			—			—


Net increase (decrease) in net assets derived from capital share transactions		(7,221,391	)		—			—			236,509


NET ASSETS
Total increase (decrease) in net assets		42,879,068			75,634,992			(161,877,612	)		131,805,303
Beginning of period		313,503,470			237,868,478			975,478,505			843,673,202


End of period	$	356,382,538		$	313,503,470		$	813,600,893		$	975,478,505

(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.


130		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets

(continued)


	BDJ						BOE

	Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21			Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	15,557,846		$	27,412,185		$	8,906,473		$	12,147,742
Net realized gain		143,357,986			226,450,882			27,389,490			64,174,290
Net change in unrealized appreciation (depreciation)		(310,688,348	)		71,456,248			(154,925,472	)		43,778,131


Net increase (decrease) in net assets resulting from operations		(151,772,516	)		325,319,315			(118,629,509	)		120,100,163


DISTRIBUTIONS TO SHAREHOLDERS (a)

Decrease in net assets resulting from distributions to shareholders		(60,413,916	)		(161,603,504	)		(24,171,158	)		(48,404,308	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		—			—			(5,080,918	)		(205,246	)


NET ASSETS
Total increase (decrease) in net assets		(212,186,432	)		163,715,811			(147,881,585	)		71,490,609
Beginning of period		1,902,838,116			1,739,122,305			857,720,611			786,230,002


End of period	$	1,690,651,684		$	1,902,838,116		$	709,839,026		$	857,720,611

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		131

Statements of Changes in Net Assets

(continued)


	BGY						BME

	Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21			Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,444,052		$	9,366,746		$	735,122		$	41,823
Net realized gain		15,872,281			45,489,816			17,103,128			46,771,259
Net change in unrealized appreciation (depreciation)		(119,674,808	)		19,983,472			(80,123,617	)		12,306,248


Net increase (decrease) in net assets resulting from operations		(95,358,475	)		74,840,034			(62,285,367	)		59,119,330


DISTRIBUTIONS TO SHAREHOLDERS (a)
From net investment income and net realized gain		(21,120,139	) (b)		(30,180,220	)		(16,909,995	)		(30,764,942	)
Return of capital		—			(12,098,701	)		—			—


Decrease in net assets resulting from distributions to shareholders		(21,120,139	)		(42,278,921	)		(16,909,995	)		(30,764,942	)


CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of shares		—			—			18,653,247			49,710,285
Reinvestment of distributions		—			—			828,233			1,760,978
Redemption of shares resulting from share repurchase program (including transaction costs)		(2,117,512	)		—			—			—


Net increase (decrease) in net assets derived from capital share transactions		(2,117,512	)		—			19,481,480			51,471,263


Capital contribution from affiliate		—			—			—			12,661


NET ASSETS
Total increase (decrease) in net assets		(118,596,126	)		32,561,113			(59,713,882	)		79,838,312
Beginning of period		709,509,870			676,948,757			625,774,811			545,936,499


End of period	$	590,913,744		$	709,509,870		$	566,060,929		$	625,774,811

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

Statements of Changes in Net Assets

(continued)


	BMEZ						BIGZ


		Six Months Ended 06/30/22 (unaudited	)		Year Ended 12/31/21			Six Months Ended 06/30/22 (unaudited	)		Period from 03/29/21 to 12/31/21	(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment loss	$	(11,879,630	)	$	(36,221,355	)	$	(17,305,392	)	$	(35,735,376	)
Net realized gain (loss)		16,426,201			370,126,396			(1,079,243,917	)		(199,723,871	)
Net change in unrealized appreciation (depreciation)		(759,454,783	)		(621,751,428	)		(492,638,072	)		(405,188,632	)


Net decrease in net assets resulting from operations		(754,908,212	)		(287,846,387	)		(1,589,187,381	)		(640,647,879	)


DISTRIBUTIONS TO SHAREHOLDERS (b)
From net investment income and net realized gain		(97,900,689	)		(192,905,388	)		(135,581,361	) (c)		—
Return of capital		—			—			—			(170,149,458	)


Decrease in net assets resulting from distributions to shareholders		(97,900,689	)		(192,905,388	)		(135,581,361	)		(170,149,458	)


CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of shares		—			—			—			4,861,848,440
Reinvestment of distributions		—			—			—			4,569,561
Redemption of shares resulting from share repurchase program (including transaction costs)		(9,529,955	)		—			(20,804,846	)		(74,068,155	)

Net increase (decrease) in net assets derived from capital share transactions		(9,529,955	)		—			(20,804,846	)		4,792,349,846


NET ASSETS
Total increase (decrease) in net assets		(862,338,856	)		(480,751,775	)		(1,745,573,588	)		3,981,552,509
Beginning of period		2,981,886,269			3,462,638,044			3,981,652,509			100,000


End of period	$	2,119,547,413		$	2,981,886,269		$	2,236,078,921		$	3,981,652,509

(a)	Commencement of operations.

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

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		133

Statements of Changes in Net Assets

(continued)


	BCX						BST (a)

	Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21			Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	13,080,807		$	25,955,087		$	(5,439,889	)	$	(12,070,576	)
Net realized gain		111,409,397			56,049,452			48,364,682			148,321,617
Net change in unrealized appreciation (depreciation)		(124,692,120	)		115,553,664			(597,639,302	)		(287,749	)


Net increase (decrease) in net assets resulting from operations		(201,916	)		197,558,203			(554,714,509	)		135,963,292


DISTRIBUTIONS TO SHAREHOLDERS (b)
From net investment income and net realized gain		(22,962,159	) (c)		(33,607,537	)		(48,128,911	)		(126,451,369	)
Return of capital		—			(8,784,140	)		—			—


Decrease in net assets resulting from distributions to shareholders		(22,962,159	)		(42,391,677	)		(48,128,911	)		(126,451,369	)


CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of shares		—			—			—			12,814,651
Proceeds from rights offering (Note 10)		—			—			—			359,278,213
Reinvestment of distributions		—			—			576,177			2,217,548


Net increase in net assets derived from capital share transactions		—			—			576,177			374,310,412


NET ASSETS
Total increase (decrease) in net assets		(23,164,075	)		155,166,526			(602,267,243	)		383,822,335
Beginning of period		901,781,889			746,615,363			1,681,166,438			1,297,344,103


End of period	$	878,617,814		$	901,781,889		$	1,078,899,195		$	1,681,166,438

(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 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets

(continued)


	BSTZ (a)						BUI
	Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21			Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(13,351,538	)	$	(40,100,308	)	$	4,667,626		$	4,908,839
Net realized gain		105,528,206			258,715,033			13,333,209			10,994,095
Net change in unrealized appreciation (depreciation)		(1,247,767,189	)		29,935,008			(94,366,463	)		53,132,360

Net increase (decrease) in net assets resulting from operations		(1,155,590,521	)		248,549,733			(76,365,628	)		69,035,294


DISTRIBUTIONS TO SHAREHOLDERS (b)
From net investment income and net realized gain		(90,475,840	)		(240,726,364	)		(15,992,324	) (c)		(20,325,579	)
Return of capital		—			—			—			(9,081,858	)

Decrease in net assets resulting from distributions to shareholders		(90,475,840	)		(240,726,364	)		(15,992,324	)		(29,407,437	)


CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of shares		—			—			10,628,517			74,073,395
Reinvestment of distributions		—			17,394,255			567,690			1,577,468

Net increase in net assets derived from capital share transactions		—			17,394,255			11,196,207			75,650,863


NET ASSETS
Total increase (decrease) in net assets		(1,246,066,361	)		25,217,624			(81,161,745	)		115,278,720
Beginning of period		3,048,961,632			3,023,744,008			559,804,693			444,525,973


End of period	$	1,802,895,271		$	3,048,961,632		$	478,642,948		$	559,804,693

(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		135

Statements of Cash Flows

(unaudited)

Six Months Ended June 30, 2022


	BGR			CII			BDJ			BOE

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	57,492,713		$	(135,530,731	)	$	(151,772,516	)	$	(118,629,509	)
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		169,079,153			132,706,386			533,285,410			174,141,594
Purchases of long-term investments		(140,016,386	)		(129,182,694	)		(468,896,715	)		(166,701,962	)
Net proceeds from sales (purchases) of short-term securities		1,318,422			1,093,788			(19,790,896	)		8,890,977
Premiums paid on closing options written		(42,444,928	)		(27,310,614	)		(96,586,121	)		(26,652,876	)
Premiums received from options written		21,503,615			47,779,932			99,668,216			31,588,705
Net realized gain on investments and options written		(14,252,911	)		(78,221,752	)		(143,481,684	)		(27,446,728	)
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations		(37,462,141	)		215,014,285			310,636,243			154,860,148

(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(3,636	)		(10,317	)		(65,305	)		(6,071	)
Dividends — unaffiliated		(317,312	)		(157,126	)		248,427			(1,214,915	)

Increase (Decrease) in Liabilities
Payables
Accounting services fees		14,508			16,125			30,969			19,439
Custodian fees		16,441			32,714			43,647			39,247
Investment advisory fees		57,214			(103,997	)		(137,924	)		(92,551	)
Trustees’ and Officer’s fees		(208,193	)		(91,886	)		(431,962	)		(281,689	)
Other accrued expenses		11,926			13,852			39,018			27,194
Professional fees		(10,669	)		(23,460	)		(32,343	)		8,432
Transfer agent fees		18,402			20,692			42,172			23,623
Other liabilities		191,579			—			—			—


Net cash provided by operating activities		14,987,797			26,045,197			62,798,636			28,573,058


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(7,376,474	)		(26,107,838	)		(62,014,631	)		(24,160,847	)
Net payments on redemption of capital shares including change in redemptions payable		(7,221,391	)		—			—			(4,762,421	)
Increase in bank overdraft		—			—			—			94,288


Net cash used for financing activities		(14,597,865	)		(26,107,838	)		(62,014,631	)		(28,828,980	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(4	)		—			(62	)		(746	)


CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency		389,928			(62,641	)		783,943			(256,668	)
Restricted and unrestricted cash and foreign currency at beginning of period		70,919			333,500			597,932			5,270,925


Restricted and unrestricted cash and foreign currency at end of period	$	460,847		$	270,859		$	1,381,875		$	5,014,257


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	322,157		$	220,859		$	1,380,969		$	—
Cash pledged
Collateral — exchange-traded options written		—			—			—			4,880,000
Collateral — OTC derivatives		—			50,000			—			26,000
Foreign currency at value		138,690			—			906			108,257

	$	460,847		$	270,859		$	1,381,875		$	5,014,257

See notes to financial statements.


136		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows

(unaudited) (continued)

Six Months Ended June 30, 2022


	BGY			BME			BMEZ			BIGZ

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations	$	(95,358,475	)	$	(62,285,367	)	$	(754,908,212	)	$	(1,589,187,381	)

Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) operating activities:
Proceeds from sales of long-term investments		158,128,543			156,379,142			956,593,402			931,585,106
Purchases of long-term investments		(138,199,793	)		(160,524,253	)		(849,499,299	)		(776,074,628	)
Net purchases of short-term securities		(2,739,450	)		(4,508,857	)		(22,145,462	)		(2,089,501	)
Premiums paid on closing options written		(24,170,117	)		(16,285,452	)		(34,219,786	)		(8,991,154	)
Premiums received from options written		24,819,327			21,689,552			69,037,027			47,336,334
Net realized (gain) loss on investments and options written		(15,928,917	)		(17,071,643	)		(16,619,035	)		1,079,277,381
Net unrealized depreciation on investments, options written and foreign currency translations		119,817,637			80,118,030			759,420,708			492,637,397

(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(9,288	)		(27,499	)		(84,422	)		(24,233	)
Dividends — unaffiliated		(1,364,028	)		(98,727	)		8,124			26,943
From the Manager		—			12,661			—			—
Securities lending income — affiliated		—			(963	)		(6,125	)		2,389
Prepaid expenses		—			(10,822	)		48,373			86,057
Deferred offering costs		—			4,027			—			—

Increase (Decrease) in Liabilities
Collateral on securities loaned		—			377,343			1,917,516			(5,206,475	)
Payables
Accounting services fees		16,125			9,571			81,250			(103,824	)
Custodian fees		48,745			17,570			72,282			101,210
Deferred capital gain tax		(231,371	)		—			—			—
Federal income tax		—			(12,114	)		—			—
Investment advisory fees		(30,895	)		(61,192	)		(935,653	)		(1,877,558	)
Trustees’ and Officer’s fees		(239,525	)		380			3,366			47,174
Other accrued expenses		31,368			(8,953	)		45,034			(19,486	)
Professional fees		25,762			(21,761	)		(13,882	)		12,602
Transfer agent fees		22,988			16,614			42,871			136


Net cash provided by (used for) operating activities		24,638,636			(2,292,713	)		108,838,077			167,538,489


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(21,110,237	)		(16,081,762	)		(99,411,772	)		(137,147,448	)
Payments for offering costs		—			(20,427	)		—			—
Net payments on redemption of capital shares including change in redemptions payable		(2,117,512	)		—			(9,529,955	)		(30,409,647	)
Increase (decrease) in bank overdraft		137,718			7,610			69,804			(11,441	)
Proceeds from issuance of capital shares		—			18,402,978			—			—


Net cash provided by (used for) for financing activities		(23,090,031	)		2,308,399			(108,871,923	)		(167,568,536	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(1,949	)		35			773			(33	)


CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency		1,546,656			15,721			(33,073	)		(30,080	)
Restricted and unrestricted cash and foreign currency at beginning of period		4,653,832			960			155,883			31,101


Restricted and unrestricted cash and foreign currency at end of period	$	6,200,488		$	16,681		$	122,810		$	1,021


NON-CASH FINANCING ACTIVITIES
Reinvestment of distributions	$	—		$	828,233		$	—		$	—


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

Statements of Cash Flows

(unaudited) (continued)

Six Months Ended June 30, 2022


	BGY		BME		BMEZ		BIGZ

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES

Cash pledged
Collateral — exchange-traded options written	$	5,611,000	$	—	$	—	$	—
Collateral — OTC derivatives		355,000		—		36,000		—

Foreign currency at value		234,488		16,681		86,810		1,021

	$	6,200,488	$	16,681	$	122,810	$	1,021

See notes to financial statements.


138		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows

(unaudited) (continued)

Six Months Ended June 30, 2022


	BCX			BST (a)			BSTZ (a)			BUI

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations	$	(201,916	)	$	(554,714,509	)	$	(1,155,590,521	)	$	(76,365,628	)

Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments		489,272,893			279,277,075			543,229,159			94,452,834
Purchases of long-term investments		(433,429,812	)		(242,874,215	)		(456,508,918	)		(91,943,048	)
Net purchases of short-term securities		(8,462,376	)		(5,808,246	)		(58,279,912	)		(7,007,718	)
Premiums paid on closing options written		(83,079,702	)		(10,759,648	)		(23,894,734	)		(13,606,700	)
Premiums received from options written		44,485,294			49,061,212			90,245,972			17,626,383
Net realized gain on investments and options written		(109,914,300	)		(48,188,694	)		(105,700,486	)		(13,362,149	)
Net unrealized depreciation on investments, options written and foreign currency translations		124,646,049			598,350,347			1,247,692,950			94,323,862

(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(22,122	)		(40,427	)		(62,939	)		(11,716	)
Dividends — unaffiliated		(553,580	)		63,063			90,093			(365,257	)
Securities lending income — affiliated		—			41,692			(28,699	)		(1,355	)

Prepaid expenses		—			(22,220	)		—			—
Deferred offering costs		—			—			—			(85,329	)

Increase (Decrease) in Liabilities
Collateral on securities loaned		—			(841,775	)		2,971,824			529,383
Payables
Accounting services fees		19,437			16,125			87,018			16,125
Custodian fees		29,280			35,763			79,956			24,280
Deferred capital gain tax		—			(708,764	)		73,396			—
Investment advisory fees		53,077			(433,600	)		(1,271,985	)		(56,327	)
Trustees’ and Officer’s fees		(103,066	)		17,058			1,401			6,669
Other accrued expenses		22,110			9,079			47,870			33,638
Professional fees		(5,467	)		(43,381	)		22,058			(16,625	)
Transfer agent fees		32,512			29,100			43,704			14,644


Net cash provided by operating activities		22,788,311			62,465,035			83,247,207			4,205,966


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(22,941,193	)		(51,006,359	)		(87,874,724	)		(15,424,634	)
Payments for offering costs		—			(4,000	)		—			(23,883	)
Increase (decrease) in bank overdraft		(170,513	)		—			487,417			53,595
Proceeds from issuance of capital shares		—			—			—			11,201,367

Net cash used for financing activities		(23,111,706	)		(51,010,359	)		(87,387,307	)		(4,193,555	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(498	)		182			(1,044	)		1


CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency		(323,893	)		11,454,858			(4,141,144	)		12,412
Restricted and unrestricted cash and foreign currency at beginning of period		357,845			1,908,816			8,269,769			662,758


Restricted and unrestricted cash and foreign currency at end of period	$	33,952		$	13,363,674		$	4,128,625		$	675,170


NON-CASH FINANCING ACTIVITIES
Reinvestment of distributions	$	—		$	576,177		$	—		$	567,690


F I N A N C I A L S T A T E M E N T S		139

Statements of Cash Flows

(unaudited) (continued)

Six Months Ended June 30, 2022


	BCX		BST (a)		BSTZ (a)		BUI

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	—	$	41,743	$	18,625	$	—
Cash pledged
Collateral — OTC derivatives		—		400,000		3,600,000		603,500
Foreign currency at value		33,952		12,921,931		—		71,670
Due from Broker		—		—		510,000		—

	$	33,952	$	13,363,674	$	4,128,625	$	675,170

(a)	Consolidated Statement of Cash Flows.

See notes to financial statements.


140		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	BGR

	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
	Six Months Ended 06/30/22 (unaudited)			2021			2020			2019			2018			2017

Net asset value, beginning of period	$	10.77		$	8.17		$	12.57		$	11.98		$	15.79		$	16.33

Net investment income (a)		0.20			0.28			0.32			0.34			0.28			0.40	(b)
Net realized and unrealized gain (loss)		1.80			2.77			(4.06	)		1.18			(3.16	)		(0.01	)


Net increase (decrease) from investment operations		2.00			3.05			(3.74	)		1.52			(2.88	)		0.39


Distributions (c)
From net investment income		(0.26	) (d)		(0.28	)		(0.32	)		(0.34	)		(0.27	)		(0.40	)
Return of capital		—			(0.17	)		(0.34	)		(0.59	)		(0.66	)		(0.53	)


Total distributions		(0.26	)		(0.45	)		(0.66	)		(0.93	)		(0.93	)		(0.93	)


Net asset value, end of period	$	12.51		$	10.77		$	8.17		$	12.57		$	11.98		$	15.79


Market price, end of period	$	10.97		$	9.48		$	7.10		$	11.88		$	10.45		$	14.18


Total Return (e)
Based on net asset value		18.75	% (f)		38.36	% (g)		(29.03	)%		13.74	%		(18.84	)%		3.49	%


Based on market price		18.30	% (f)		40.14	%		(34.74	)%		23.23	%		(21.16	)%		5.11	%


Ratios to Average Net Assets (h)
Total expenses		1.24	% (i)		1.33	%		1.37	%		1.35	%		1.29	%		1.31	%


Total expenses after fees waived and/or reimbursed		1.02	% (i)		1.11	%		1.15	%		1.16	%		1.14	%		1.18	%


Net investment income		3.12	% (i)		2.88	%		3.77	%		2.67	%		1.87	%		2.69	% (b)


Supplemental Data
Net assets, end of period (000)	$	356,383		$	313,503		$	237,868		$	374,896		$	357,391		$	471,062


Portfolio turnover rate		39	%		61	%		62	%		24	%		32	%		24	%

(a)	Based on average shares outstanding.

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

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

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

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

(f)	Aggregate total return.

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

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

(i)	Annualized.

See notes to financial statements.


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)


	CII
	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
	Six Months Ended 06/30/22 (unaudited)			2021			2020			2019			2018			2017

Net asset value, beginning of period	$	22.10		$	19.12		$	17.96		$	15.28		$	17.19		$	15.08


Net investment income (a)		0.03			0.04			0.13			0.18			0.17			0.15
Net realized and unrealized gain (loss)		(3.09	)		4.04			2.08			3.50			(1.09	)		2.95


Net increase (decrease) from investment operations		(3.06	)		4.08			2.21			3.68			(0.92	)		3.10


Distributions (b)
From net investment income		(0.60	)		(0.04	)		(0.13	)		(0.19	)		(0.17	) (c)		(0.15	)
From net realized gain		—			(1.06	)		(0.92	)		(0.44	)		(0.28	) (c)		—
Return of capital		—			—			—			(0.37	)		(0.54	)		(0.84	)


Total distributions		(0.60	)		(1.10	)		(1.05	)		(1.00	)		(0.99	)		(0.99	)


Net asset value, end of period	$	18.44		$	22.10		$	19.12		$	17.96		$	15.28		$	17.19


Market price, end of period	$	17.58		$	22.12		$	17.40		$	17.25		$	14.08		$	16.38


Total Return (d)
Based on net asset value		(13.99	)% (e)		21.97	%		13.94	%		25.08	%		(5.44	)%		21.69	%


Based on market price		(18.08	)% (e)		34.15	%		7.97	%		30.38	%		(8.56	)%		27.54	%


Ratios to Average Net Assets (f)
Total expenses		0.89	% (g)		0.90	%		0.91	%		0.91	%		0.90	%		0.93	%


Total expenses after fees waived and/or reimbursed		0.89	% (g)		0.90	%		0.91	%		0.91	%		0.90	%		0.93	%


Net investment income		0.28	% (g)		0.21	%		0.78	%		1.08	%		1.00	%		0.94	%


Supplemental Data
Net assets, end of period (000)	$	813,601		$	975,479		$	843,673		$	792,638		$	674,077		$	758,400


Portfolio turnover rate		14	%		27	%		46	%		32	%		27	%		32	%

(a)	Based on average shares outstanding.

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

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

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

(e)	Aggregate total return.

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

(g)	Annualized.

See notes to financial statements.


142		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(continued)

(For a share outstanding throughout each period)


	BDJ

	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
	Six Months Ended 06/30/22 (unaudited)			2021			2020			2019			2018			2017

Net asset value, beginning of period	$	10.23		$	9.35		$	10.03		$	8.74		$	9.96		$	9.22


Net investment income (a)		0.08			0.15			0.18			0.18			0.18	(b)		0.16
Net realized and unrealized gain (loss)		(0.90	)		1.60			(0.26	)		1.86			(0.84	)		1.14


Net increase (decrease) from investment operations		(0.82	)		1.75			(0.08	)		2.04			(0.66	)		1.30


Distributions (c)
From net investment income		(0.32	)		(0.28	)		(0.15	)		(0.08	)		(0.18	) (d)		(0.17	)
From net realized gain		—			(0.59	)		(0.45	)		(0.67	)		(0.38	) (d)		(0.39	)


Total distributions		(0.32	)		(0.87	)		(0.60	)		(0.75	)		(0.56	)		(0.56	)


Net asset value, end of period	$	9.09		$	10.23		$	9.35		$	10.03		$	8.74		$	9.96


Market price, end of period	$	8.83		$	10.08		$	8.47		$	9.92		$	7.77		$	9.23


Total Return (e)
Based on net asset value		(8.07	)% (f)(g)		19.33	%		0.77	%		24.52	%		(6.59	)%		15.06	%


Based on market price		(9.37	)% (g)		29.80	%		(7.70	)%		38.53	%		(10.39	)%		20.63	%


Ratios to Average Net Assets (h)
Total expenses		0.82	% (i)		0.85	%		0.86	%		0.87	%		0.85	%		0.86	%


Total expenses after fees waived and/or reimbursed		0.82	% (i)		0.85	%		0.86	%		0.87	%		0.85	%		0.86	%


Net investment income		1.69	% (i)		1.44	%		2.15	%		1.99	%		1.85	% (b)		1.73	%


Supplemental Data
Net assets, end of period (000)	$	1,690,652		$	1,902,838		$	1,739,122		$	1,881,675		$	1,638,237		$	1,868,457


Portfolio turnover rate		26	%		40	%		48	%		40	%		34	%		42	%

(a)	Based on average shares outstanding.

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

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

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

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

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

(g)	Aggregate total return.

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

(i)	Annualized.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		143

Financial Highlights

(continued)

(For a share outstanding throughout each period)


	BOE

	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
	Six Months Ended 06/30/22 (unaudited)			2021			2020			2019			2018			2017

Net asset value, beginning of period	$	13.40		$	12.28		$	12.32		$	11.07		$	13.22		$	13.38


Net investment income (a)		0.14			0.19			0.26			0.30			0.31			0.17
Net realized and unrealized gain (loss)		(1.99	)		1.69			0.46			1.71			(1.61	)		1.96


Net increase (decrease) from investment operations		(1.85	)		1.88			0.72			2.01			(1.30	)		2.13


Distributions (b)
From net investment income		(0.38	)		(0.19	)		(0.26	)		(0.31	)		(0.31	) (c)		(0.19	)
From net realized gain		—			(0.57	)		—			—			(0.52	) (c)		(2.10	)
Return of capital		—			—			(0.50	)		(0.45	)		(0.02	)		—


Total distributions		(0.38	)		(0.76	)		(0.76	)		(0.76	)		(0.85	)		(2.29	)


Net asset value, end of period	$	11.17		$	13.40		$	12.28		$	12.32		$	11.07		$	13.22


Market price, end of period	$	9.77		$	12.18		$	10.91		$	10.99		$	9.37		$	12.51


Total Return (d)
Based on net asset value		(13.71	)% (e)		16.21	%		7.65	%		19.54	%		(9.63	)%		17.22	% (f)


Based on market price		(16.96	)% (e)		18.89	%		7.22	%		25.98	%		(19.16	)%		28.28	%


Ratios to Average Net Assets (g)
Total expenses		1.05	% (h)		1.07	%		1.09	%		1.12	%		1.08	%		1.09	%


Total expenses after fees waived and/or reimbursed		0.87	% (h)		0.90	%		0.92	%		0.94	%		0.94	%		1.02	%


Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes		0.86	% (h)		0.90	%		0.92	%		0.94	%		0.94	%		1.02	%


Net investment income		2.27	% (h)		1.46	%		2.33	%		2.62	%		2.52	%		1.20	%


Supplemental Data
Net assets, end of period (000)	$	709,839		$	857,721		$	786,230		$	807,712		$	754,602		$	911,227


Portfolio turnover rate		22	%		65	%		61	%		26	%		28	%		133	%

(a)	Based on average shares outstanding.

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

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

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

(e)	Aggregate total return.

(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.


144		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(continued)

(For a share outstanding throughout each period)


	BGY

	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
	Six Months Ended 06/30/22 (unaudited)			2021			2020			2019			2018			2017

Net asset value, beginning of period	$	6.81		$	6.49		$	6.47		$	5.79		$	7.06		$	6.28


Net investment income (a)		0.08			0.09			0.12			0.16			0.17	(b)		0.09
Net realized and unrealized gain (loss)		(1.00	)		0.64			0.31			0.93			(1.00	)		1.15


Net increase (decrease) from investment operations		(0.92	)		0.73			0.43			1.09			(0.83	)		1.24


Distributions (c)
From net investment income		(0.20	) (d)		(0.14	)		(0.13	)		(0.16	)		(0.16	) (e)		(0.09	)
From net realized gain		—			(0.15	)		—			(0.19	)		(0.28	) (e)		—
Return of capital		—			(0.12	)		(0.28	)		(0.06	)		—			(0.37	)


Total distributions		(0.20	)		(0.41	)		(0.41	)		(0.41	)		(0.44	)		(0.46	)


Net asset value, end of period	$	5.69		$	6.81		$	6.49		$	6.47		$	5.79		$	7.06


Market price, end of period	$	5.06		$	6.28		$	5.87		$	5.89		$	4.98		$	6.52


Total Return (f)
Based on net asset value		(13.36	)% (g)		11.92	%		8.18	%		20.20	%		(11.48	)%		20.88	% (h)


Based on market price		(16.45	)% (g)		14.11	%		7.49	%		27.22	%		(17.55	)%		27.23	%


Ratios to Average Net Assets (i)
Total expenses		1.07	% (j)		1.09	%		1.10	%		1.13	%		1.09	%		1.12	%


Total expenses after fees waived and/or reimbursed		0.99	% (j)		0.99	%		1.00	%		1.03	%		0.99	%		1.02	%


Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes		0.97	% (j)		0.99	%		1.00	%		1.03	%		0.99	%		1.02	%


Net investment income		2.61	% (j)		1.34	%		1.99	%		2.57	%		2.59	% (b)		1.31	%


Supplemental Data
Net assets, end of period (000)	$	590,914		$	709,510		$	676,949		$	683,247		$	623,234		$	769,678


Portfolio turnover rate		21	%		71	%		60	%		28	%		60	%		90	%

(a)	Based on average shares outstanding.

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

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

(d)	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)	Aggregate total return.

(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.


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)


	BME

	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
	Six Months Ended 06/30/22 (unaudited)			2021			2020			2019			2018			2017

Net asset value, beginning of period	$	47.96		$	45.66		$	41.19		$	35.87		$	35.69		$	31.30


Net investment income (a)		0.06			—			0.01			0.06			0.07			0.02
Net realized and unrealized gain (loss)		(4.79	)		4.74			6.86			7.66			2.51			6.77


Net increase (decrease) from investment operations		(4.73	)		4.74			6.87			7.72			2.58			6.79


Distributions (b)
From net investment income		(1.28	)		(0.00	) (c)		(0.05	)		(0.12	)		(0.07	) (d)		(0.04	)
From net realized gain		—			(2.44	)		(2.35	)		(2.28	)		(2.33	) (d)		(2.11	)
Return of capital		—			—			—			—			—			(0.25	)


Total distributions		(1.28	)		(2.44	)		(2.40	)		(2.40	)		(2.40	)		(2.40	)


Net asset value, end of period	$	41.95		$	47.96		$	45.66		$	41.19		$	35.87		$	35.69


Market price, end of period	$	42.40		$	48.50		$	47.59		$	42.50		$	36.45		$	36.50


Total Return (e)
Based on net asset value		(9.93	)% (f)		10.66	% (g)		17.50	%		22.26	%		7.26	%		22.17	%


Based on market price		(9.97	)% (f)		7.37	%		18.69	%		24.15	%		6.57	%		23.17	%


Ratios to Average Net Assets (h)
Total expenses		1.06	% (i)		1.08	%		1.10	%		1.09	%		1.11	%		1.12	%


Total expenses after fees waived and/or reimbursed		1.06	% (i)		1.08	%		1.10	%		1.09	%		1.11	%		1.12	%


Net investment income		0.26	% (i)		0.01	%		0.01	%		0.16	%		0.19	%		0.06	%


Supplemental Data
Net assets, end of period (000)	$	566,061		$	625,775		$	545,936		$	446,773		$	352,675		$	331,858


Portfolio turnover rate		27	%		49	%		28	%		47	%		37	%		38	%

(a)	Based on average shares outstanding.

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

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

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

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

(f)	Aggregate total return.

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

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

(i)	Annualized.

See notes to financial statements.


146		2 0 2 2 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 06/30/22 (unaudited	)		Year Ended 12/31/21			Period from 01/30/20 to 12/31/20	(a)

Net asset value, beginning of period	$	26.47		$	30.73		$	20.00


Net investment loss (b)		(0.11	)		(0.32	)		(0.22	)
Net realized and unrealized gain (loss)		(6.58	)		(2.23	)		11.85


Net increase (decrease) from investment operations		(6.69	)		(2.55	)		11.63


Distributions (c)
From net investment income		(0.87	)		—			—
From net realized gain		—			(1.71	)		(0.90	)


Total distributions		(0.87	)		(1.71	)		(0.90	)


Net asset value, end of period	$	18.91		$	26.47		$	30.73


Market price, end of period	$	16.43		$	25.36		$	28.65


Total Return (d)
Based on net asset value		(25.17	)% (e)		(8.31	)%		59.62	% (e)(f)


Based on market price		(32.14	)% (e)		(5.76	)%		48.82	% (e)


Ratios to Average Net Assets (g)
Total expenses		1.31	% (h)		1.30	%		1.29	% (h)


Total expenses after fees waived and/or reimbursed		1.31	% (h)		1.30	%		1.28	% (h)


Net investment loss		(1.00	)% (h)		(1.10	)%		(1.00	)% (h)


Supplemental Data
Net assets, end of period (000)	$	2,119,547		$	2,981,886		$	3,462,638


Portfolio turnover rate		36	%		44	%		43	%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

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

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

(e)	Aggregate total return.

(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.


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)


	BIGZ

		Six Months Ended 06/30/22 (unaudited	)		Period from 03/29/21 to 12/31/21	(a)

Net asset value, beginning of period	$	16.72		$	20.00


Net investment loss (b)		(0.07	)		(0.15	)
Net realized and unrealized loss		(6.60	)		(2.43	)


Net decrease from investment operations		(6.67	)		(2.58	)


Distributions (c)
From net investment income		(0.57	) (d)		—
Return of capital		—			(0.70	)


Total distributions		(0.57	)		(0.70	)


Net asset value, end of period	$	9.48		$	16.72


Market price, end of period	$	7.94		$	14.54


Total Return (e)(f)
Based on net asset value		(40.12	)%		(13.03	)%


Based on market price		(42.33	)%		(24.37	)%


Ratios to Average Net Assets (g)(h)
Total expenses		1.33	%		1.29	%


Total expenses after fees waived and/or reimbursed		1.33	% (g)		1.28	%


Net investment loss		(1.20	)%		(1.02	)%


Supplemental Data
Net assets, end of period (000)	$	2,236,079		$	3,981,653


Portfolio turnover rate		26	%		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)	Aggregate total return.

(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)	Annualized.

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

See notes to financial statements.


148		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(continued)

(For a share outstanding throughout each period)


	BCX

	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
	Six Months Ended 06/30/22 (unaudited)			2021			2020			2019			2018			2017

Net asset value, beginning of period	$	10.21		$	8.45		$	9.04		$	8.44		$	10.64		$	9.86

Net investment income (a)		0.15			0.29			0.20			0.23			0.22			0.20	(b)
Net realized and unrealized gain (loss)		(0.15	)		1.95			(0.26	)		0.99			(1.80	)		1.19


Net increase (decrease) from investment operations		—			2.24			(0.06	)		1.22			(1.58	)		1.39


Distributions (c)
From net investment income		(0.26	) (d)		(0.38	)		(0.23	)		(0.23	)		(0.19	)		(0.24	)
Return of capital		—			(0.10	)		(0.30	)		(0.39	)		(0.43	)		(0.37	)


Total distributions		(0.26	)		(0.48	)		(0.53	)		(0.62	)		(0.62	)		(0.61	)


Net asset value, end of period	$	9.95		$	10.21		$	8.45		$	9.04		$	8.44		$	10.64


Market price, end of period	$	8.98		$	9.35		$	7.41		$	8.07		$	7.06		$	9.77


Total Return (e)
Based on net asset value		(0.05	)% (f)		27.20	%		1.56	%		15.88	%		(14.90	)%		15.60	%


Based on market price		(1.50	)% (f)		32.83	%		(0.23	)%		23.67	%		(22.47	)%		26.55	%


Ratios to Average Net Assets (g)
Total expenses		1.05	% (h)		1.07	%		1.09	%		1.11	%		1.08	%		1.08	%


Total expenses after fees waived and/or reimbursed		1.05	% (h)		1.07	%		1.09	%		1.11	%		1.08	%		1.08	%


Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes		1.05	% (h)		1.07	%		1.09	%		1.11	%		1.08	%		1.08	%


Net investment income		2.67	% (h)		3.05	%		2.62	%		2.56	%		2.17	%		2.06	% (b)


Supplemental Data
Net assets, end of period (000)	$	878,618		$	901,782		$	746,615		$	822,754		$	798,282		$	1,027,472


Portfolio turnover rate		45	%		66	%		78	%		69	%		66	%		73	%

(a)	Based on average shares outstanding.

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

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

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

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

(f)	Aggregate total return.

(g)	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		149

Financial Highlights

(continued)

(For a share outstanding throughout each period)


	BST

		Six Months Ended 06/30/22 (unaudited)	(a)		Year Ended December 31,
		Six Months Ended 06/30/22 (unaudited)	(a)		2021	(a)		2020	(a)		2019			2018			2017

Net asset value, beginning of period	$	52.40		$	51.94		$	32.45		$	26.21		$	27.73		$	20.10

Net investment loss (b)		(0.17	)		(0.43	)		(0.28	)		(0.17	)		(0.13	)		(0.05	)
Net realized and unrealized gain (loss)		(17.12	)		5.84			21.82			9.92			0.37			8.96

Net increase (decrease) from investment operations		(17.29	)		5.41			21.54			9.75			0.24			8.91


Distributions (c)
From net investment income		(1.50	)		—			—			—			—	(d)		(0.05	)
From net realized gain		—			(4.27	)		(2.05	)		(3.51	)		(1.76	) (d)		(0.22	)
Return of capital		—			—			—			—			—			(1.01	)


Total distributions		(1.50	)		(4.27	)		(2.05	)		(3.51	)		(1.76	)		(1.28	)


Dilutive effect of rights offer (Note 10)		—			(0.68	)		—			—			—			—


Net asset value, end of period	$	33.61		$	52.40		$	51.94		$	32.45		$	26.21		$	27.73


Market price, end of period	$	32.49		$	49.97		$	53.30		$	33.27		$	27.48		$	26.69


Total Return (e)
Based on net asset value		(33.40	)% (f)		9.44	%		68.76	% (g)		37.82	%		0.24	%		45.73	%


Based on market price		(32.49	)% (f)		1.70	%		68.92	%		34.77	%		9.18	%		57.15	%


Ratios to Average Net Assets (h)
Total expenses		1.07	% (i)		1.05	%		1.09	%		1.08	%		1.09	%		1.09	%


Total expenses after fees waived and/or reimbursed		1.07	% (i)		1.00	%		0.99	%		0.92	%		0.89	%		0.89	%


Net investment loss		(0.81	)% (i)		(0.78	)%		(0.73	)%		(0.52	)%		(0.43	)%		(0.19	)%


Supplemental Data
Net assets, end of period (000)	$	1,078,899		$	1,681,166		$	1,297,344		$	742,672		$	587,908		$	620,300


Portfolio turnover rate		18	%		31	%		20	%		32	%		53	%		41	%

(a)	Consolidated Financial Highlights.

(b)	Based on average shares outstanding.

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

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

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

(f)	Aggregate total return.

(g)

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.

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

(i)	Annualized.

See notes to financial statements.


150		2 0 2 2 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 06/30/22 (unaudited)	(a)		Year Ended December 31, (a)						Period from 06/27/19 to 12/31/19	(b)
		Six Months Ended 06/30/22 (unaudited)	(a)	2021			2020				Period from 06/27/19 to 12/31/19	(b)

Net asset value, beginning of period	$	38.82		$	38.72		$	20.95		$	20.00

Net investment loss (c)		(0.17	)		(0.51	)		(0.30	)		(0.05	)
Net realized and unrealized gain (loss)		(14.54	)		3.69			19.32			1.50


Net increase (decrease) from investment operations		(14.71	)		3.18			19.02			1.45


Distributions (d)
From net investment income		(1.15	)		—			—			—
From net realized gain		—			(3.08	)		(1.10	)		—
Return of capital		—			—			(0.15	)		(0.50	)


Total distributions		(1.15	)		(3.08	)		(1.25	)		(0.50	)


Net asset value, end of period	$	22.96		$	38.82		$	38.72		$	20.95


Market price, end of period	$	19.59		$	38.94		$	36.38		$	20.50


Total Return (e)
Based on net asset value		(38.15	)% (f)		8.41	%		94.60	% (g)		7.40	% (f)


Based on market price		(47.39	)% (f)		15.75	%		86.85	%		5.10	% (f)


Ratios to Average Net Assets (h)
Total expenses		1.33	% (i)		1.31	%		1.33	%		1.32	% (i)


Total expenses after fees waived and/or reimbursed		1.33	% (i)		1.31	%		1.33	%		1.30	% (i)


Net investment loss		(1.16	)% (i)		(1.25	)%		(1.16	)%		(0.48	)% (i)


Supplemental Data
Net assets, end of period (000)	$	1,802,895		$	3,048,962		$	3,023,744		$	1,635,966


Portfolio turnover rate		20	%		18	%		45	%		16	%

(a)	Consolidated Financial Highlights.

(b)	Commencement of operations.

(c)	Based on average shares outstanding.

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

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

(f)	Aggregate total return.

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

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

(i)	Annualized.

See notes to financial statements.


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

Financial Highlights

(continued)

(For a share outstanding throughout each period)


	BUI
	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
	Six Months Ended 06/30/22 (unaudited)			2021			2020			2019			2018			2017

Net asset value, beginning of period	$	25.86		$	23.80		$	22.02		$	18.77		$	21.12		$	19.42

Net investment income (a)		0.21			0.24			0.33			0.37			0.49			0.56
Net realized and unrealized gain (loss)		(3.68	)		3.27			2.90			4.33			(1.39	)		2.59


Net increase (decrease) from investment operations		(3.47	)		3.51			3.23			4.70			(0.90	)		3.15


Distributions (b)
From net investment income		(0.73	) (c)		(0.24	)		(0.20	)		(0.24	)		(0.63	) (d)		(0.47	)
From net realized gain		—			(0.76	)		(1.08	)		(1.06	)		(0.81	) (d)		(0.98	)
Return of capital		—			(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	$	21.66		$	25.86		$	23.80		$	22.02		$	18.77		$	21.12


Market price, end of period	$	21.88		$	26.62		$	25.04		$	22.31		$	19.76		$	21.62


Total Return (e)
Based on net asset value		(13.61	)% (f)		15.13	%		15.87	%		25.63	%		(4.40	)%		16.62	%


Based on market price		(15.22	)% (f)		12.65	%		20.32	%		20.91	%		(1.68	)%		25.93	%


Ratios to Average Net Assets (g)
Total expenses		1.08	% (h)		1.08	%		1.13	%		1.12	%		1.12	%		1.11	%


Total expenses after fees waived and/or reimbursed		1.08	% (h)		1.07	%		1.10	%		1.10	%		1.09	%		1.09	%


Net investment income		1.80	% (h)		0.97	%		1.58	%		1.78	%		2.46	%		2.70	%


Supplemental Data
Net assets, end of period (000)	$	478,643		$	559,805		$	444,526		$	383,337		$	318,933		$	357,776


Portfolio turnover rate		17	%		20	%		39	%		39	%		28	%		31	%

(a)	Based on average shares outstanding.

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

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

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

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

(f)	Aggregate total return.

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

(h)	Annualized.

See notes to financial statements.


152		2 0 2 2 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

Notes to Financial Statements

(unaudited)

1.	ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as

closed-end

management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:


Trust Name	Herein Referred To As	Organized	Diversification Classification
BlackRock Energy and Resources Trust	BGR	Delaware	Non-diversified
BlackRock Enhanced Capital and Income Fund, Inc.	CII	Maryland	Diversified
BlackRock Enhanced Equity Dividend Trust	BDJ	Delaware	Diversified
BlackRock Enhanced Global Dividend Trust	BOE	Delaware	Diversified
BlackRock Enhanced International Dividend Trust	BGY	Delaware	Diversified
BlackRock Health Sciences Trust	BME	Delaware	Diversified
BlackRock Health Sciences Trust II	BMEZ	Maryland	Non-diversified
BlackRock Innovation and Growth Trust	BIGZ	Maryland	Non-diversified
BlackRock Resources & Commodities Strategy Trust	BCX	Delaware	Non-diversified
BlackRock Science and Technology Trust	BST	Delaware	Diversified
BlackRock Science and Technology Trust II	BSTZ	Delaware	Non-diversified
BlackRock Utilities, Infrastructure & Power Opportunities Trust	BUI	Delaware	Diversified

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of

open-end

non-index

fixed-income funds and all BlackRock-advised

closed-end

funds referred to as the BlackRock Fixed-Income Complex.

Basis of Consolidation:

The accompanying consolidated financial statements of BST include the accounts of BST Subsidiary, LLC (the “BST Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BST. The BST Taxable Subsidiary enables BST to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BST Taxable Subsidiary are 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. 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 $16,023,088, which is 1.5% of BST’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BST Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BST.

The accompanying consolidated financial statements of BSTZ include the accounts of BSTZ Subsidiary, LLC (the “BSTZ Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BSTZ. The BSTZ Taxable Subsidiary enables BSTZ to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BSTZ Taxable Subsidiary are 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. 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 $30,045,968, which is 1.7% of BSTZ’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BSTZ Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BSTZ.

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition:

For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.

Dividend income and capital gain distributions, if any, are recorded on the

ex-dividend

dates.

Non-cash

dividends, if any, are recorded on the

ex-dividend

dates at fair value.

Dividends from foreign securities where the

ex-dividend

dates may have passed are subsequently recorded when the Trusts are informed of the

ex-dividend

dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation:

Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are 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.


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		153

Notes to Financial Statements

(unaudited) (continued)

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, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization:

In cases where a Trust enters into certain investments (e.g., options written) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investments to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions:

Distributions paid by the Trusts are recorded on the

ex-dividend

dates. Subject to the Trusts’ managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a

non-taxable

return of capital.

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 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. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies:

The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

•

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


154		2 0 2 2 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

Notes to Financial Statements

(unaudited) (continued)

lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Investments in

open-end

U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

The Trusts value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets.

•

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option.

Over-the-counter

(“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an

arm’s-length

transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third-party pricing services utilize one or a combination of, but not limited to, the following inputs.



		Standard Inputs Generally Considered By Third-Party Pricing Services
Market approach		(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.
Income approach		(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach.		(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate 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:


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		155

Notes to Financial Statements

(unaudited) (continued)

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors.

The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of June 30, 2022, certain investments of BME, BMEZ, BSTZ and BUI were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	SECURITIES AND OTHER INVESTMENTS

Preferred Stocks:

Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants:

Warrants entitle a fund to purchase a specified number of shares of common stock and are

non-income

producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending:

Certain Trusts may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Trusts collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Trust is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Trust and any additional required collateral is delivered to the Trust, or excess collateral returned by the Trust, on the next business day. During the term of the loan, the Trusts are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any

non-cash

collateral received cannot be sold,

re-invested

or pledged by the Trust, except in the event of borrower default. The securities on loan, if any, are disclosed in the Trusts’ Schedules of Investments. The market value of any securities on loan and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated, and collateral on securities loaned, 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.


156		2 0 2 2 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

Notes to Financial Statements

(unaudited) (continued)

As of period end, the following table is a summary of the Trusts’ securities on loan by counterparty which are subject to offset under an MSLA:



Trust Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
BME
Barclays Capital, Inc.	$	462,260	$	(462,260	)	$	—		$	—
Citigroup Global Markets, Inc.		42,146		(41,747	)		—			399
Morgan Stanley		24,602		(24,600	)		—			2
State Street Bank & Trust Co.		35,839		(35,839	)		—			—
Toronto-Dominion Bank		1,720		(1,300	)		—			420


	$	566,567	$	(565,746	)	$	—		$	821

BMEZ
Barclays Capital, Inc.	$	2,061,484	$	(2,061,484	)	$	—		$	—
BNP Paribas SA		391,635		(391,635	)		—			—
BofA Securities, Inc.		231,439		(231,439	)		—			—
Citigroup Global Markets, Inc.		435,731		(435,731	)		—			—
Credit Suisse Securities (USA) LLC		51,300		(51,300	)		—			—
Goldman Sachs & Co. LLC		380,864		(379,964	)		—			900
Morgan Stanley		452,866		(452,631	)		—			235
National Financial Services LLC		2,488,520		(2,434,845	)		—			53,675
State Street Bank & Trust Co.		204,981		(203,070	)		—			1,911
Toronto-Dominion Bank		8,172		(8,096	)		—			76


	$	6,706,992	$	(6,650,195	)	$	—		$	56,797

BSTZ
Barclays Capital, Inc.	$	2,388,957	$	(2,388,957	)	$	—		$	—
BNP Paribas SA		15,800		(15,800	)		—			—
Goldman Sachs & Co. LLC		2,190,513		(2,190,513	)		—			—
Toronto-Dominion Bank		37,920		(37,920	)		—			—


	$	4,633,190	$	(4,633,190	)	$	—		$	—

BUI
Goldman Sachs & Co. LLC	$	505,064	$	(505,064	)	$	—		$	—

(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, 2022. Additional collateral is delivered to each Trust on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Trusts benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Trust could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Trusts.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Options:

The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.


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		157

Notes to Financial Statements

(unaudited) (continued)

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Master Netting Arrangements:

In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements:

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the

mark-to-market

amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trust and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements

of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively.

Non-cash

collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell,

re-pledge

or use cash and

non-cash

collateral it receives. A Trust generally agrees not to use

non-cash

collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty

non-performance.

Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory:

Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BCX pays the Manager a monthly fee at the following annual rates:

Average weekly value of each Trust’s net assets:


	BGR			BDJ			BOE			BME
Investment advisory fees		1.20	%		0.80	%		1.00	%		1.00	%

Average daily value of each Trust’s net assets:


	CII			BGY			BUI
Investment advisory fees		0.85	%		1.00	%		1.00	%

Average daily value of each Trust’s managed assets:


	BMEZ			BIGZ			BST			BSTZ
Investment advisory fees		1.25	%		1.25	%		1.00	%		1.25	%

For such services, BCX pays the Manager a monthly fee of 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust’s interest in the BCX Subsidiary, LLC (the “BCX Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BCX) and the average daily value of the net assets of its subsidiary, which fee is allocated pro rata between the Trust and the BCX Taxable Subsidiary based on the average daily value of their respective net assets (excluding, in the case of the Trust, the value of the Trust’s interest in the BCX Taxable Subsidiary). The BCX Taxable Subsidiary had no net assets or activity during the period ended June 30, 2022.

For purposes of calculating these fees, “net assets” mean the total assets of CII and BCX minus the sum of its accrued liabilities.

For purposes of calculating these fees, “managed assets” are determined as total assets of BMEZ, BIGZ, BST and BSTZ (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

For purposes of calculating these fees, “net assets” mean the total assets of BGR, BDJ, BOE, BGY, BME and BUI minus the sum of its accrued liabilities (which includes liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares).


158		2 0 2 2 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

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.

The Manager provides investment management and other services to BST Taxable Subsidiary and BSTZ Taxable Subsidiary. The Manager does not receive separate compensation from the BST Taxable Subsidiary or BSTZ Taxable Subsidiary for providing investment management or administrative services. However, BST and BSTZ pay the Manager based on the Trust’s net assets, which includes the assets of the BST Taxable Subsidiary and BSTZ Taxable Subsidiary.

Distribution Fees:

BME, BST and BUI have entered into Distribution Agreements with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BME’s, BST’s and BUI’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, 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 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, 2022 amounted to $37,695, $0, and $21,497 for each of 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 (BGR and BOE) or average daily net assets (BGY), as follows:


BGR			BOE			BGY
	0.220	%		0.175	%		0.100	%

These voluntary waivers may be reduced or discontinued at any time without notice. Effective June 1, 2022, the voluntary waiver agreement between the Manager and BGY was terminated.

For the six months ended June 30, 2022, 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	$	407,271
BOE		685,576
BGY		274,077

With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2022, the amounts waived were as follows:


Trust Name	Fees Waived and/or Reimbursed by the Manager
BGR	$	1,046
CII		2,837
BDJ		14,166
BOE		1,426
BGY		1,676
BME		7,222
BMEZ		20,437
BIGZ		2,696
BCX		4,966
BST		8,317
BSTZ		12,846
BUI		2,328

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended June 30, 2022, 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.


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		159

Notes to Financial Statements

(unaudited) (continued)

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Trust retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”). Each Trust retains 82% of securities lending income (which excludes collateral investment expenses).

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each Trust, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income (which excludes collateral investment expenses) in an amount equal to 85% of securities lending income.

The share of securities lending income earned by each Trust is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended June 30, 2022, each Trust paid BIM the following amounts for securities lending agent services:


Trust Name	Amounts
BDJ	$	2
BME		1,251
BMEZ		20,228
BIGZ		948
BST		3,821
BSTZ		32,033
BUI		242

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, 2022, BDJ received a reimbursement of $1,577 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, 2022, 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	$	—	$	5,730,635	$	(144,921	)
BGY		—		8,487,966		(212,936	)

7.	PURCHASES AND SALES

For the six months ended June 30, 2022, purchases and sales of investments, excluding short-term investments, were as follows:


Trust Name	Purchases		Sales
BGR	$	140,712,200	$	173,661,921
CII		130,665,522		137,934,953
BDJ		474,178,478		541,438,438
BOE		174,393,657		174,441,351
BGY		138,905,275		155,899,089
BME		150,726,856		156,316,971
BMEZ		849,432,780		955,843,056
BIGZ		776,070,184		925,654,708
BCX		431,494,155		492,778,299
BST		247,478,248		271,004,000
BSTZ		480,232,400		550,566,063
BUI		91,135,913		93,849,056

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.


160		2 0 2 2 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

Notes to Financial Statements

(unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2022, 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, 2021, the Trusts had

non-expiring

capital loss carryforwards available to offset future realized capital gains as follows:


Trust Name	Non-Expiring
BGR	$	269,130,117
BIGZ		168,343,640
BCX		412,547,801

As of June 30, 2022, 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	$	269,530,343	$	117,528,480	$	(29,635,454	)	$	87,893,026
CII		630,746,155		240,871,534		(50,697,986	)		190,173,548
BDJ		1,553,586,665		256,776,866		(101,188,064	)		155,588,802
BOE		702,842,038		94,072,268		(78,021,775	)		16,050,493
BGY		569,312,134		85,832,056		(65,073,312	)		20,758,744
BME		423,597,964		171,376,299		(23,466,166	)		147,910,133
BMEZ		2,330,629,822		240,044,780		(423,209,081	)		(183,164,301	)
BIGZ		3,177,679,100		20,475,073		(943,004,291	)		(922,529,218	)
BCX		795,548,527		189,661,002		(94,889,021	)		94,771,981
BST		803,265,374		410,166,067		(124,326,834	)		285,839,233
BSTZ		1,477,880,873		569,221,582		(196,739,188	)		372,482,394
BUI		374,408,600		125,956,924		(18,262,592	)		107,694,332

9.	PRINCIPAL RISKS

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments. BME’s, BST’s and BUI’s prospectuses provide details of the risks to which each Trust is subject.

The Trusts may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk:

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk:

The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and


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		161

Notes to Financial Statements

(unaudited) (continued)

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-traded 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).

Concentration Risk:

A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust’s portfolio are disclosed in its Schedule of Investments.

As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:


Sectors	Trust Name
Energy		BGR, BCX
Financials		BDJ
Health Care		BME, BMEZ
Information Technology		BST, BSTZ
Materials		BCX
Utilities		BUI

Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.

Certain Trusts invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Trusts invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Trust’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be

more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Certain Trusts invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries 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. 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 could 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.


162		2 0 2 2 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

Notes to Financial Statements

(unaudited) (continued)

LIBOR Transition Risk:

The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Trusts may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trusts is uncertain.

10.	CAPITAL SHARE TRANSACTIONS

Each Trust is authorized to issue an unlimited number of shares, with the exception of CII, all of which were initially classified as Common Shares. CII is authorized to issue 200 million Common Shares. The par value for each Trust’s Common Shares is $0.001, except for CII, which is $0.10. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

BME, BST and BUI have each filed a prospectus with the SEC allowing it to issue an additional 4,000,000, 18,000,000 and 8,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offerings, BME, BST and BUI, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 4,000,000, 18,000,000 and 7,991,336 Common Shares, respectively, remain available for issuance under the Shelf Offerings. During the period ended, June 30, 2022, BME, BST and BUI issued 426,681, 0 and 425,622 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 BME, BST and BUI in connection with its Shelf Offering are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against

paid-in-capital.

Any remaining deferred charges at the end of the shelf offering period will be charged to expense.

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 06/30/22		Year Ended 12/31/21
BME		426,681		1,053,578
BST		—		242,731
BUI		425,622		2,910,832

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


Trust Name	Six Months Ended 06/30/22		Year Ended 12/31/21
CII		—		10,701
BME		19,097		37,877
BIGZ		—		231,136
BST		15,418		40,859
BSTZ		—		448,074
BUI		24,183		63,066

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2021 through November 30, 2022, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2021, for each Trust (other than BIGZ, BSTZ and BMEZ) or November 18, 2021 (for BIGZ, BSTZ and BMEZ) subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended June 30, 2022, CII, BDJ, BME, BCX, BST, BSTZ and BUI did not repurchase any shares.

The total cost of the shares repurchased is reflected in the Trusts’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:



	BGR
	Shares		Amounts

Six Months Ended June 30, 2022		611,105	$	7,221,391



	BOE
	Shares		Amounts

Six Months Ended June 30, 2022		488,481	$	5,080,918
Year Ended December 31, 2021		18,558		205,246



	BGY
	Shares		Amounts

Six Months Ended June 30, 2022		390,308	$	2,117,512


N O T E S T O F I N A N C I A L S T A T E M E N T S		163

Notes to Financial Statements

(unaudited) (continued)



	BMEZ
	Shares		Amounts


Six Months Ended June 30, 2022		585,935	$	9,529,955



	BIGZ
	Shares		Amounts

Six Months Ended June 30, 2022		2,389,535	$	20,804,846
Year Ended December 31, 2021		5,142,849		74,068,155

For the period ended June 30, 2022, shares issued and outstanding remained constant for CII, BDJ, BCX and BSTZ. For the year ended December 31, 2021, shares issued and outstanding remained constant for BGR, BDJ, BGY, BMEZ and BCX.

With respect to BST, for the year ended December 31, 2021, shares issued and outstanding increased by 40,859 as a result of dividend reinvestment, 242,731 from the shelf offering and 6,822,923 from the rights issue.

As of June 30, 2022, 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

07/01/22

07/15/22

07/29/22

0.049000

08/01/22

08/15/22

08/31/22

0.049000

CII

07/01/22

07/15/22

07/29/22

0.099500

08/01/22

08/15/22

08/31/22

0.099500

BDJ

07/01/22

07/15/22

07/29/22

0.056200

08/01/22

08/15/22

08/31/22

0.056200

BOE

07/01/22

07/15/22

07/29/22

0.063000

08/01/22

08/15/22

08/31/22

0.063000

BGY

07/01/22

07/15/22

07/29/22

0.033800

08/01/22

08/15/22

08/31/22

0.033800

BME

07/01/22

07/15/22

07/29/22

0.213000

08/01/22

08/15/22

08/31/22

0.213000

BMEZ

07/01/22

07/15/22

07/29/22

0.145000

08/01/22

08/15/22

08/31/22

0.145000

BIGZ

07/01/22

07/15/22

07/29/22

0.070000

08/01/22

08/15/22

08/31/22

0.070000

BCX

07/01/22

07/15/22

07/29/22

0.045000

08/01/22

08/15/22

08/31/22

0.045000

BST

07/01/22

07/15/22

07/29/22

0.250000

08/01/22

08/15/22

08/31/22

0.250000

BSTZ

07/01/22

07/15/22

07/29/22

0.192000

08/01/22

08/15/22

08/31/22

0.192000

BUI

07/01/22

07/15/22

07/29/22

0.121000

08/01/22

08/15/22

08/31/22

0.121000


164		2 0 2 2 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

Disclosure of Investment Advisory Agreements and

Sub-Advisory

Agreements

The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Capital and Income Fund, Inc. (“CII”), BlackRock Enhanced Equity Dividend Trust (“BDJ”), BlackRock Enhanced Global Dividend Trust (“BOE”), BlackRock Enhanced International Dividend Trust (“BGY”), BlackRock Health Sciences Trust (“BME”), BlackRock Health Sciences Trust II (“BMEZ”), BlackRock Innovation & Growth Trust (“BIGZ”), BlackRock Resources & Commodities Strategy Trust (“BCX”), BlackRock Science and Technology Trust (“BST”), BlackRock Science and Technology Trust II (“BSTZ”) and BlackRock Utilities, Infrastructure & Power Opportunities Trust (“BUI” and collectively with BGR, CII, BDJ, BOE, BGY, BME, BMEZ, BCX, BST and BSTZ, the “Funds” and each, a “Fund”) met on April 14, 2022 (the “April Meeting”) and May

19-20,

2022 (the “May Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the

sub-advisory

agreements (the

“Sub-Advisory

Agreements”) between the Manager, BlackRock International Limited (the

“Sub-Advisor”)

and each of BGR, BOE, BGY, BCX and BUI. The Manager and the

Sub-Advisor

are referred to herein as “BlackRock.” The Advisory Agreements and the

Sub-Advisory

Agreements are referred to herein as the “Agreements.”

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional

one-day

meeting to consider specific information surrounding the renewal of the Agreements. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for

one-year,

three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of

non-investment

management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the

open-end

fund,

closed-end

fund,

sub-advised

mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.

Prior to and in preparation for the April 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 April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of

fall-out

benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts,

sub-advised

mutual funds,

closed-end

funds, and

open-end

funds, under similar investment mandates, as applicable; (e) a review of

non-management

fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.

At the April 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 May Meeting.

At the May 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.


D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S		165

Disclosure of Investment Advisory Agreement 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 it on a

fund-by-fund

basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of

closed-end

funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other

non-investment

advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents registration statements in connection with each of BME’s, BUI’s and BST’s equity shelf program and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain

closed-end

funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing

COVID-19

pandemic.

B. The Investment Performance of each Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2021, 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 in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BDJ, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BOE’s performance relative to BOE’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BOE generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BOE, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BOE’s underperformance relative to the Performance Metrics.


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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

(continued)

The Board reviewed and considered BGY’s performance relative to BGY’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGY generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGY, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BME’s performance relative to BME’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BME generally performed in line with 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 in line with 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 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 in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BST, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BSTZ’s performance relative to BSTZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BSTZ generally performed 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 the Fund

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and

sub-advised

mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2021 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the

open-end

fund,

closed-end

fund,

sub-advised

mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that BGR’s contractual management fee rate ranked in the third 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. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee


D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S		167

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

(continued)

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 third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BOE. 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 third quartile, and that the actual management fee rate and total expense ratio ranked in the second and third quartiles, respectively, 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 third and second quartiles, respectively, relative to the Expense Peers.

The Board noted that BIGZ’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Expense Peers.

The Board noted that BCX’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.

The Board noted that 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 third 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 BME, BUI and BST may from

time-to-time

make additional share offerings pursuant to its equity shelf program, the growth of each of BME, BUI and BST’s assets will occur primarily through the appreciation of its investment portfolio.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or

“fall-out”

benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the

closed-end

fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

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


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(continued)

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 May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, approved, by unanimous vote of those present, the continuation of the Advisory Agreements between the Manager and each Fund for a

one-year

term ending June 30, 2023, 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, 2023. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as

all-important

or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.


D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S		169

Additional Information

Trust Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule

18f-4”).

The Trusts will be required to implement and comply with Rule

18f-4

by August 19, 2022. Once implemented, Rule

18f-4

will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust.

The distributions paid by a Trust for any particular month may be more or less than the amount of net investment income earned by a Trust during such month. Furthermore, the final tax characterization of distributions is determined after the

year-end

of a Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a

non-taxable

return of capital.

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

General Information

The Trusts, other than BME, BST and BUI, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BME, BST and BUI, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BME, BST and BUI, has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

BME’s, BST’s and BUI’s Statements of Additional Information include additional information about the Board and are available, without charge upon request by calling

(800)882-0052.

The following information is a summary of certain changes since December 31, 2021. 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.


170		2 0 2 2 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

Additional Information

(continued)

General Information (continued)

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at

blackrock.com

. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for

e-mail

notifications of quarterly statements, annual and semi-annual shareholder reports and, for BME, BST and BUI only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BME, BST and BUI only, prospectuses, are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, including for BME, BST and BUI only, prospectuses, annual and semi-annual reports, Rule

30e-3

notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800)

882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form

N-PORT.

The Trusts’ Forms

N-PORT

are available on the SEC’s website at

sec.gov

. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at

blackrock.com/fundreports

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent

12-month

period ended June 30 is available without charge, upon request (1) by calling (800)

882-0052;

(2) on the BlackRock website at

blackrock.com

; and (3) on the SEC’s website at

sec.gov

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the

“Closed-end

Funds” section of

blackrock.com

as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time to time, BME, BST and BUI may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BME, BST and BUI may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BME’s, BST’s and BUI’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BME, BST and BUI to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

On April 26, 2022, BME filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BME are not offers to sell BME Common Shares or solicitations of an offer to buy BME Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BME contains important information about BME, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BME carefully and in its entirety before investing. Copies of the final prospectus for can be obtained from

BlackRock at blackrock.com

On May 10, 2022, BST filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BST are not offers to sell BST Common Shares or solicitations of an offer to buy BST Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BST contains important information about BST, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BST carefully and in its entirety before investing. Copies of the final prospectus for can be obtained from

BlackRock at blackrock.com

On March 10, 2022, BUI filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BUI are not offers to sell BUI Common Shares or solicitations of an offer to buy BUI Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BUI contains important information about BUI, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BUI carefully and in its entirety before investing. Copies of the final prospectus for can be obtained from

BlackRock at blackrock.com


A D D I T I O N A L I N F O R M A T I O N		171

Additional Information

(continued)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their

non-public

personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal

non-public

information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to

non-affiliated

third parties any

non-public

personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These

non-affiliated

third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to

non-public

personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the

non-public

personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Trust and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited

(a)

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Distributor

BlackRock Investments, LLC

(b)

New York, NY 10022

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809

(a)

For BGR, BOE, BGY, BCX and BUI.

(b)

For BME, BST and BUI.


172		2 0 2 2 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

Glossary of Terms Used in this Report


Currency Abbreviation

AUD		Australian Dollar

CAD		Canadian Dollar

CHF		Swiss Franc

DKK		Danish Krone

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

JPY		Japanese Yen

MXN		Mexican Peso

NOK		Norwegian Krone

SEK		Swedish Krona

SGD		Singapore Dollar

USD		United States Dollar

Portfolio Abbreviation

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

LP		Limited Partnership

PJSC		Public Joint Stock Company

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s

SAB		Special Assessment Bonds


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		173

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-BK9-06/22-SAR

(b) Not Applicable

Item 2 –

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

Item 3 –

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

Item 4 –

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

Item 5 –

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

Item 6 –

Investments

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

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

Item 7 –

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

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

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

Item 9 –

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

Item 10 –

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

Item 11 –

Controls and Procedures

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

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

Item 12 –

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

Item 13 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(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

(101) Inline Interactive Data File -the instance document does not appear in the Interactive Data File because itsXBRL tags are embedded within the inline XBRL document.

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 Utilities, Infrastructure & Power Opportunities Trust


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Utilities, Infrastructure & Power Opportunities Trust

Date: August 19, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Utilities, Infrastructure & Power Opportunities Trust

Date: August 19, 2022


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Utilities, Infrastructure & Power Opportunities Trust

Date: August 19, 2022