NPORT-EX 2 NPORT_LCXI_59608669_0325.htm EDGAR HTML
March 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Science and Technology Trust (BST)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Consolidated Schedule of Investments (unaudited)
March 31, 2025
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Automobiles — 0.3%
Tesla, Inc.(a)
 
14,382
$ 3,727,239
Broadline Retail — 4.3%
Alibaba Group Holding Ltd., ADR
 
44,736
5,915,441
Amazon.com, Inc.(a)
 
169,938
32,332,404
MercadoLibre, Inc.(a)
 
6,902
13,464,905
 
 
51,712,750
Capital Markets — 0.5%
S&P Global, Inc.
 
12,313
6,256,235
Communications Equipment — 0.5%
Arista Networks, Inc.(a)
 
76,490
5,926,445
Diversified Consumer Services(b)(c) — 0.8%
Grammarly, Inc., (Acquired 11/17/21, Cost:
$18,749,975)(a)
 
715,323
9,363,578
Think & Learn Private Ltd., Class J-B, (Acquired
09/30/20, Cost: $1,524,948)
 
997
—
 
 
9,363,578
Electrical Equipment — 0.5%
Vertiv Holdings Co., Class A
 
81,837
5,908,631
Electronic Equipment, Instruments & Components — 0.6%
Coherent Corp.(a)
 
101,950
6,620,633
Entertainment(a) — 3.6%
Krafton, Inc.
 
28,734
6,571,175
Spotify Technology SA(d)
 
46,129
25,372,334
Take-Two Interactive Software, Inc.
 
52,968
10,977,618
 
 
42,921,127
Financial Services — 2.4%
Mastercard, Inc., Class A
 
36,006
19,735,609
Plaid
 
42,651
8,699,806
 
 
28,435,415
Industrial Conglomerates — 0.8%
Hitachi Ltd.
 
433,400
10,175,973
Interactive Media & Services — 4.8%
Alphabet, Inc., Class A
 
91,940
14,217,601
Meta Platforms, Inc., Class A
 
73,311
42,253,528
Patreon, Inc., (Acquired 08/19/21, Cost:
$3,352,227)(a)(b)(c)
 
59,524
1,363,695
 
 
57,834,824
IT Services — 4.1%
Automattic, Inc., (Acquired 02/03/21, Cost:
$7,999,945)(b)(c)
 
94,117
2,920,451
Farmer’s Business Network, Inc.(a)(b)
 
203,366
412,833
Klarna Holdings AB, (Acquired 08/07/19, Cost:
$7,971,978)(b)(c)
 
317,160
12,058,125
MongoDB, Inc., Class A(a)
 
44,686
7,837,924
Shopify, Inc., Class A(a)
 
90,618
8,643,598
Snowflake, Inc., Class A(a)
 
116,069
16,964,645
 
 
48,837,576
Professional Services — 1.3%
RELX PLC
 
298,055
14,971,488
Semiconductors & Semiconductor Equipment — 25.1%
ARM Holdings PLC, ADR(a)(d)
 
87,354
9,328,534
ASM International NV
 
17,373
7,916,754
Security
 
 
Shares
Value
Semiconductors & Semiconductor Equipment (continued)
ASML Holding NV
 
16,314
$ 10,796,167
Broadcom, Inc.(e)
 
357,391
59,837,975
Celestial Asia Securities Holdings Ltd.(b)
 
588,496
9,663,104
Credo Technology Group Holding Ltd.(a)
 
275,895
11,079,943
Intel Corp.
 
223,978
5,086,540
Lam Research Corp.
 
134,107
9,749,579
Micron Technology, Inc.
 
143,320
12,453,075
NVIDIA Corp.(f)
 
1,326,166
143,729,871
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
 
116,848
19,396,768
 
 
299,038,310
Software — 23.1%
AppLovin Corp., Class A(a)
 
32,243
8,543,428
Atlassian Corp. Ltd., Class A(a)
 
44,143
9,367,586
Autodesk, Inc.(a)
 
30,312
7,935,682
Cadence Design Systems, Inc.(a)
 
104,915
26,683,032
Canva, Inc.(a)(b)
 
9,375
9,899,625
Constellation Software, Inc./Canada
 
4,035
12,778,561
Crowdstrike Holdings, Inc., Class A(a)
 
30,021
10,584,804
CyberArk Software Ltd.(a)
 
28,927
9,777,326
Databricks, Inc., (Acquired 07/24/20, Cost:
$960,476)(b)(c)
 
59,997
5,549,722
DataRobot, Inc., (Acquired 03/01/21, Cost:
$583,275)(a)(b)(c)
 
38,789
50,038
Guidewire Software, Inc.(a)
 
50,446
9,451,563
Microsoft Corp.(e)
 
259,819
97,533,454
Oracle Corp.
 
180,471
25,231,651
Palo Alto Networks, Inc.(a)
 
46,091
7,864,968
ServiceNow, Inc.(a)
 
24,477
19,487,119
Snorkel AI, Inc., (Acquired 06/30/21, Cost:
$997,636)(b)(c)
 
66,422
595,141
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost:
$5,192,307)(b)(c)
 
361,972
2,349,198
Teya Services Ltd., Series C, (Acquired 12/17/21, Cost:
$24,999,987)(a)(b)(c)
 
12,871
3,587,405
Xero Ltd.(a)
 
80,668
7,884,775
 
 
275,155,078
Specialty Retail — 0.0%
AceVector Limited, Series I, (Acquired 08/31/18, Cost:
$1,998,435)(a)(b)(c)
 
168,640
54,061
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc.(e)
 
415,869
92,376,981
Wireless Telecommunication Services — 0.5%
SoftBank Group Corp.
 
105,700
5,406,544
Total Common Stocks — 80.9%
(Cost: $479,919,824)
964,722,888
 
 
 
Par
(000)
 
Convertible Notes
Financial Services — 0.0%
Wyre, Inc., (Acquired 12/14/21, Cost: $8,000,000),
0.00%, 12/08/24(b)(c)
$
80
1
1
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
IT Services — 0.1%
Voltron Capital, 0.00%(b)
$
1,663
$     1,895,290
Total Convertible Notes — 0.1%
(Cost: $9,662,535)
1,895,291
 
 
 
 
Shares
 
Preferred Securities
Preferred Stocks — 18.8%(b)
Aerospace & Defense — 3.3%
Anduril Industries, Inc.(a)
 
920,107
38,819,314
Chemicals — 0.4%
Solugen, Inc., Series C, (Acquired 09/02/21, Cost:
$9,999,977)(a)(c)
 
269,284
4,168,516
Communications Equipment — 0.6%
Astranis, Series D(a)
 
856,310
7,518,402
Consumer Staples Distribution & Retail — 1.0%
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost:
$6,999,994)(a)(c)
 
709,724
12,398,878
Diversified Consumer Services(c) — 0.3%
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost:
$6,249,992)(a)
 
238,441
3,121,193
Think & Learn Private Ltd., Series F, (Acquired 09/30/20,
Cost: $3,052,975)
 
1,054
—
 
 
3,121,193
Diversified Telecommunication Services — 0.2%
Discord, Inc., Series I, (Acquired 09/13/21, Cost:
$7,000,088)(a)(c)
 
12,713
2,722,107
Financial Services(c) — 1.3%
Trumid Holdings LLC
 
Class J-A, (Acquired 07/24/20, Cost: $2,499,716)
 
5,038
3,655,573
Class J-B, (Acquired 07/24/20, Cost: $1,499,830)
 
5,038
3,655,573
Class L, (Acquired 09/15/21, Cost: $9,999,694)
 
11,420
8,286,352
 
 
15,597,498
Interactive Media & Services(a)(c) — 0.7%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost:
$2,857,834)
 
24,110
5,215,475
Patreon, Inc., Series D, (Acquired 07/14/21, Cost:
$6,666,632)
 
119,047
2,727,367
 
 
7,942,842
IT Services(c) — 2.1%
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost:
$2,999,391)(a)
 
493,493
39,480
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost:
$24,999,980)(a)
 
1,088,598
15,577,837
TRAX Ltd.
 
(Acquired 02/18/21, Cost: $1,999,989)(a)
 
38,361
731,928
(Acquired 09/12/19, Cost: $4,000,012)
 
106,667
2,035,206
Security
 
 
Shares
Value
IT Services (continued)
Voltron Data, Inc.(a)
 
Series A, (Acquired 01/18/22, Cost: $10,000,000)
 
6,201,935
$ 4,093,277
Series SEED, (Acquired 07/14/21, Cost: $5,000,000)
 
9,090,909
2,000,000
 
 
24,477,728
Professional Services — 0.3%
ANT Group Co. Ltd., Series C
 
1,703,548
3,969,267
Semiconductors & Semiconductor Equipment — 4.8%
Celestial Asia Securities Holdings Ltd.
 
Series A
 
185,582
3,047,256
Series B
 
139,646
2,292,987
PsiQuantum Corp.(c)
 
Series C, (Acquired 09/09/19, Cost: $3,200,234)
 
690,003
23,273,801
Series D, (Acquired 05/21/21, Cost: $5,000,025)(a)
 
190,650
7,132,217
Rivos, Inc.(a)
 
Series A1
 
2,700,558
5,941,228
Series A2
 
2,464,862
4,880,427
Series A3
 
1,027,026
2,033,511
SambaNova Systems, Inc., Series C, (Acquired
02/20/20, Cost: $9,972,126)(c)
 
187,300
8,574,594
 
 
57,176,021
Software(c) — 3.4%
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost:
$0)(a)
 
598,682
6
Databricks, Inc.
 
Series F, (Acquired 10/22/19, Cost: $3,999,999)
 
279,405
25,844,963
Series G, (Acquired 02/01/21, Cost: $4,500,001)
 
76,113
7,040,453
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost:
$2,999,996)
 
228,276
883,428
Prosimo, Inc., Series B, (Acquired 11/04/21, Cost:
$4,999,998)(a)
 
2,515,811
25
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost:
$4,999,985)(a)
 
332,896
2,982,748
Snyk Ltd., Series F, (Acquired 09/02/21, Cost:
$4,807,688)(a)
 
337,018
2,187,247
Unqork, Inc.
 
Series B, (Acquired 09/19/19, Cost: $3,198,417)
 
281,080
1,596,534
Series C, (Acquired 09/18/20, Cost: $1,303,260)
 
47,600
343,196
 
 
40,878,600
Technology Hardware, Storage & Peripherals — 0.4%
PsiQuantum Corp., Series E
 
121,615
5,000,809
 
223,791,175
Total Preferred Securities — 18.8%
(Cost: $213,077,105)
223,791,175
Consolidated Schedule of Investments
2
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Warrants
Software — 0.0%
Constellation Software, Inc., (Issued 08/29/23, 1 Share
for 1 Warrant, Expires 03/31/40, Strike Price CAD
11.50)(a)(b)
 
3,923
$            —
Total Warrants — 0.0%
(Cost: $ — )
—
Total Long-Term Investments — 99.8%
(Cost: $702,659,464)
1,190,409,354
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.50%(g)(h)(i)
 
6,735,732
6,739,100
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.22%(g)(h)
 
6,070,228
6,070,228
Total Short-Term Securities — 1.1%
(Cost: $12,809,328)
12,809,328
Total Investments Before Options Written — 100.9%
(Cost: $715,468,792)
1,203,218,682
Options Written — (0.2)%
(Premiums Received: $(6,506,600))
(2,065,787
)
Total Investments, Net of Options Written — 100.7%
(Cost: $708,962,192)
1,201,152,895
Liabilities in Excess of Other Assets — (0.7)%
(8,529,046
)
Net Assets — 100.0%
$ 1,192,623,849
 
(a)
Non-income producing security.
(b)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(c)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $188,179,389, representing 15.8% of its net assets as of
period end, and an original cost of $237,139,022.
(d)
All or a portion of this security is on loan.
(e)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(f)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(g)
Affiliate of the Trust.
(h)
Annualized 7-day yield as of period end.
(i)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/25
Shares
Held at
03/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 565,400
$ 6,173,394
(a)
$ —
$ 306
$ —
$ 6,739,100
6,735,732
$ 2,743
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
1,644,863
4,425,365
(a)
—
—
—
6,070,228
6,070,228
119,269
—
 
$ 306
$ —
$ 12,809,328
$ 122,012
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
Apple, Inc.
285
04/04/25
USD
255.00
USD
6,331
$ (285
)
ARM Holdings PLC, ADR
179
04/04/25
USD
142.00
USD
1,912
(12,888
)
Broadcom, Inc.
98
04/04/25
USD
215.00
USD
1,641
(196
)
Lam Research Corp.
40
04/04/25
USD
85.00
USD
291
(80
)
Micron Technology, Inc.
314
04/04/25
USD
107.00
USD
2,728
(785
)
3
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Trust (BST)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Microsoft Corp.
177
04/04/25
USD
430.00
USD
6,644
$ (177
)
NVIDIA Corp.
402
04/04/25
USD
126.00
USD
4,357
(1,005
)
Oracle Corp.
80
04/04/25
USD
175.00
USD
1,118
(160
)
Palo Alto Networks, Inc.
46
04/04/25
USD
200.00
USD
785
(483
)
Snowflake, Inc., Class A
28
04/04/25
USD
210.00
USD
409
(56
)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
16
04/04/25
USD
210.00
USD
266
(32
)
Vertiv Holdings Co., Class A
158
04/04/25
USD
112.00
USD
1,141
(790
)
Atlassian Corp. Ltd., Class A
35
04/11/25
USD
295.00
USD
743
(1,750
)
Broadcom, Inc.
48
04/11/25
USD
210.00
USD
804
(264
)
Intel Corp.
183
04/11/25
USD
23.00
USD
416
(16,012
)
Lam Research Corp.
228
04/11/25
USD
81.00
USD
1,658
(4,902
)
NVIDIA Corp.
212
04/11/25
USD
138.00
USD
2,298
(2,544
)
Palo Alto Networks, Inc.
46
04/11/25
USD
200.00
USD
785
(1,196
)
Alphabet, Inc., Class A
155
04/17/25
USD
195.00
USD
2,397
(620
)
Apple, Inc.
285
04/17/25
USD
255.00
USD
6,331
(1,710
)
Arista Networks, Inc.
152
04/17/25
USD
90.00
USD
1,178
(3,800
)
Autodesk, Inc.
30
04/17/25
USD
260.00
USD
785
(22,050
)
Broadcom, Inc.
227
04/17/25
USD
230.00
USD
3,801
(1,249
)
Cadence Design Systems, Inc.
100
04/17/25
USD
270.00
USD
2,543
(26,500
)
Coherent Corp.
37
04/17/25
USD
100.00
USD
240
(925
)
Credo Technology Group Holding Ltd.
310
04/17/25
USD
90.00
USD
1,245
(3,100
)
Crowdstrike Holdings, Inc., Class A
30
04/17/25
USD
390.00
USD
1,058
(10,275
)
CyberArk Software Ltd.
57
04/17/25
USD
380.00
USD
1,927
(6,840
)
Guidewire Software, Inc.
127
04/17/25
USD
220.00
USD
2,379
(2,540
)
Intel Corp.
183
04/17/25
USD
23.00
USD
416
(20,953
)
MercadoLibre, Inc.
7
04/17/25
USD
2,100.00
USD
1,366
(12,250
)
Meta Platforms, Inc., Class A
44
04/17/25
USD
720.00
USD
2,536
(726
)
Microsoft Corp.
177
04/17/25
USD
430.00
USD
6,644
(2,301
)
NVIDIA Corp.
418
04/17/25
USD
125.00
USD
4,530
(19,646
)
Oracle Corp.
27
04/17/25
USD
155.00
USD
377
(1,715
)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
19
04/17/25
USD
210.00
USD
315
(247
)
Take-Two Interactive Software, Inc.
107
04/17/25
USD
210.00
USD
2,218
(45,475
)
Tesla, Inc.
93
04/17/25
USD
405.00
USD
2,410
(1,070
)
Vertiv Holdings Co., Class A
4
04/17/25
USD
95.00
USD
29
(86
)
Alibaba Group Holding Ltd., ADR
90
04/25/25
USD
147.00
USD
1,190
(14,355
)
Amazon.com, Inc.
249
04/25/25
USD
205.00
USD
4,737
(41,832
)
Autodesk, Inc.
30
04/25/25
USD
265.00
USD
785
(21,900
)
Broadcom, Inc.
115
04/25/25
USD
215.00
USD
1,925
(2,243
)
Mastercard, Inc., Class A
72
04/25/25
USD
545.00
USD
3,946
(111,060
)
MercadoLibre, Inc.
7
04/25/25
USD
2,150.00
USD
1,366
(11,585
)
NVIDIA Corp.
417
04/25/25
USD
125.00
USD
4,519
(31,066
)
Oracle Corp.
253
04/25/25
USD
165.00
USD
3,537
(6,578
)
S&P Global, Inc.
24
04/25/25
USD
500.00
USD
1,219
(42,720
)
Shopify, Inc., Class A
183
04/25/25
USD
101.00
USD
1,746
(61,305
)
Applovin Corp., Class A
32
05/02/25
USD
355.00
USD
848
(11,040
)
Atlassian Corp. Ltd., Class A
52
05/02/25
USD
240.00
USD
1,103
(38,740
)
Broadcom, Inc.
115
05/02/25
USD
210.00
USD
1,925
(5,865
)
Crowdstrike Holdings, Inc., Class A
30
05/02/25
USD
400.00
USD
1,058
(14,625
)
Meta Platforms, Inc., Class A
102
05/02/25
USD
625.00
USD
5,879
(137,955
)
Microsoft Corp.
166
05/02/25
USD
410.00
USD
6,231
(44,322
)
MongoDB, Inc., Class A
90
05/02/25
USD
205.00
USD
1,579
(15,390
)
NVIDIA Corp.
600
05/02/25
USD
127.00
USD
6,503
(55,200
)
ServiceNow, Inc.
12
05/02/25
USD
905.00
USD
955
(14,100
)
Snowflake, Inc., Class A
204
05/02/25
USD
175.00
USD
2,982
(17,646
)
Spotify Technology SA
102
05/02/25
USD
585.00
USD
5,610
(288,660
)
NVIDIA Corp.
212
05/09/25
USD
122.00
USD
2,298
(43,460
)
Amazon.com, Inc.
90
05/16/25
USD
215.00
USD
1,712
(20,205
)
Apple, Inc.
265
05/16/25
USD
225.00
USD
5,886
(231,875
)
Applovin Corp., Class A
32
05/16/25
USD
380.00
USD
848
(25,280
)
Broadcom, Inc.
111
05/16/25
USD
200.00
USD
1,858
(21,090
)
Cadence Design Systems, Inc.
100
05/16/25
USD
275.00
USD
2,543
(60,000
)
Coherent Corp.
166
05/16/25
USD
75.00
USD
1,078
(57,270
)
Consolidated Schedule of Investments
4
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Trust (BST)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Credo Technology Group Holding Ltd.
255
05/16/25
USD
60.00
USD
1,024
$ (17,212
)
NVIDIA Corp.
402
05/16/25
USD
130.00
USD
4,357
(50,049
)
ServiceNow, Inc.
36
05/16/25
USD
910.00
USD
2,866
(53,280
)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
199
05/16/25
USD
190.00
USD
3,303
(46,964
)
 
 
 
$ (1,842,555
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
SoftBank Group Corp.
Société Générale
39,500
04/08/25
JPY
10,195.16
JPY
303,043
$ (38
)
ASML Holding NV
Goldman Sachs International
10,500
04/10/25
EUR
767.90
EUR
—
(916
)
Hitachi Ltd.
UBS AG
86,700
04/25/25
JPY
3,718.70
JPY
305,329
(35,981
)
ASM International NV
BNP Paribas SA
3,600
04/29/25
EUR
457.39
EUR
1,517
(37,178
)
Krafton, Inc.
JPMorgan Chase Bank N.A.
5,700
05/08/25
USD
355,724.27
KRW
—
(65,508
)
RELX PLC
Citibank N.A.
59,700
05/08/25
GBP
39.63
GBP
2,321
(39,330
)
Xero Ltd.
Morgan Stanley & Co. International PLC
16,200
05/15/25
AUD
161.41
AUD
2,534
(44,281
)
 
 
 
 
 
 
$ (223,232
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds 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. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks 
Automobiles
$ 3,727,239
$ —
$ —
$ 3,727,239
Broadline Retail
51,712,750
—
—
51,712,750
Capital Markets
6,256,235
—
—
6,256,235
Communications Equipment
5,926,445
—
—
5,926,445
Diversified Consumer Services
—
—
9,363,578
9,363,578
Electrical Equipment
5,908,631
—
—
5,908,631
Electronic Equipment, Instruments & Components
6,620,633
—
—
6,620,633
Entertainment
36,349,952
6,571,175
—
42,921,127
Financial Services
19,735,609
8,699,806
—
28,435,415
5
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Trust (BST)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Common Stocks (continued)
Industrial Conglomerates
$ —
$ 10,175,973
$ —
$ 10,175,973
Interactive Media & Services
56,471,129
—
1,363,695
57,834,824
IT Services
33,446,167
—
15,391,409
48,837,576
Professional Services
—
14,971,488
—
14,971,488
Semiconductors & Semiconductor Equipment
270,662,285
18,712,921
9,663,104
299,038,310
Software
245,239,174
7,884,775
22,031,129
275,155,078
Specialty Retail
—
—
54,061
54,061
Technology Hardware, Storage & Peripherals
92,376,981
—
—
92,376,981
Wireless Telecommunication Services
—
5,406,544
—
5,406,544
Convertible Notes
—
—
1,895,291
1,895,291
Preferred Securities
Preferred Stocks
—
—
223,791,175
223,791,175
Warrants
—
—
—
—
Short-Term Securities 
Money Market Funds
12,809,328
—
—
12,809,328
 
$847,242,558
$72,422,682
$283,553,442
$1,203,218,682
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (1,842,555
)
$ (223,232
)
$ —
$ (2,065,787
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Convertible
Notes
Preferred
Stocks
Warrants
Total
Assets
Opening balance, as of December 31, 2024
$ 55,665,715
$ 1,695,787
$ 220,068,321
$ —
(a)
$ 277,429,823
Transfers into Level 3
—
—
—
—
—
Transfers out of Level 3
—
—
—
—
—
Accrued discounts/premiums
—
—
—
—
—
Net realized gain (loss)
—
—
—
—
—
Net change in unrealized appreciation (depreciation)(b)
(7,980,245
)
(7,800,495
)
23,902,765
—
8,122,025
Purchases
10,181,506
7,999,999
9,820,044
—
28,001,549
Sales
—
—
(29,999,955
)
—
(29,999,955
)
Closing balance, as of March 31, 2025
$ 57,866,976
$ 1,895,291
$ 223,791,175
$ —
(a)
$ 283,553,442
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025(b)
$ (7,980,245
)
$ (7,800,495
)
$ 23,902,765
$ —
(a)
$ 8,122,025
 
(a)
Rounds to less than $1.
(b)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025 is
generally due to investments no longer held or categorized as Level 3 at period end.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $31. 
 
Value
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
Assets
 
 
 
 
Common Stocks
$57,866,976
Market
Revenue Multiple
1.80x - 22.80x
11.56x
 
 
Volatility
70%
—
 
 
Time to Exit
3.0 years
—
 
 
Gross Profit Multiple
7.75x
—
 
 
 
 
 
Preferred Stocks
223,791,144
Market
Revenue Multiple
1.50x - 22.80x
13.78x
 
 
Volatility
70% - 90%
74%
Consolidated Schedule of Investments
6
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Trust (BST)
 
 
Value
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
 
 
Time to Exit
0.3 - 5.0 years
3.5 years
 
 
Market Adjustment Multiple
1.00x-1.05x
1.01x
 
 
Terminal Growth Rate
5%
—
 
 
Gross Profit Multiple
7.50x
—
 
 
 
 
 
Convertible Notes
$1,895,291
Market
Revenue Multiple
11.50x
—
 
 
Volatility
75%
—
 
 
Time to Exit
0.3 years
—
 
 
 
 
 
 
 
 
 
 
 
$283,553,411
 
 
 
 
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value.
 
Currency Abbreviation 
AUD
Australian Dollar
EUR
Euro
GBP
British Pound
JPY
Japanese Yen
KRW
South Korean Won
USD
United States Dollar
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
S&P
 Standard & Poor’s
7