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: 811-23428

Name of Fund: BlackRock Science and Technology Trust II (BSTZ)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Science and Technology Trust II, 55 East 52^nd 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 5- and 10-year returns.

^(d)  An index that is designed to capture the large- and mid-cap segments across developed markets countries. All securities in the index are classified in the energy sector as per the Global Industry Classification Standard.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

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

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

What factors influenced performance?

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 5- and 10-year returns.

^(d)  An index that measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The index represents approximately 93% of the U.S. market.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

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

The following discussion relates to the Trust’s 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.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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Trust Summary  as of June 30, 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)  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	$	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 5- and 10-year returns.

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

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

The following discussion relates to the Trust’s 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.

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.

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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.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a)	Percent of Total Investments
Wells Fargo & Co.		3.1	%
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 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 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)  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	$	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 5- and 10-year returns.

^(d)  An index that captures large- and mid-cap representation across certain developed and emerging markets.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

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

The following discussion relates to the Trust’s 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.

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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.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a)	Percent of Total Investments
Microsoft Corp.		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)  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		$  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 5- and 10-year returns.

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

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

The following discussion relates to the Trust’s 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.

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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.

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
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”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on New York Stock Exchange	BME
Initial Offering Date	March 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 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)  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	$	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 5- and 10-year returns.

^(d)  An unmanaged index that features companies involved in medical services or health care in the Russell 3000! Index, which includes the largest 3,000 U.S. companies as determined by total market capitalization.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

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

The following discussion relates to the Trust’s 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.

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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.

An 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.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a)	Percent of Total Investments
UnitedHealth Group, Inc.		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 used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

* Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

T R U S T   S U M M A R Y 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)  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	$	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.

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?

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.

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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.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

T R U S T   S U M M A R Y 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 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 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)  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	$    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.

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?

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.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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Trust Summary  as of June 30, 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 used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

* Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

T R U S T   S U M M A R Y 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)  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	$    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 5- and 10-year returns.

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

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

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

What factors influenced performance?

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.

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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.

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

* Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

T R U S T   S U M M A R Y 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)  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		$    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 5- 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.

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?

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.

An overweight in the internet sub-sector detracted from the Fund’s relative performance, as did security selection in the services sub-sector.

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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.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

T R U S T   S U M M A R Y 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 used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

* Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.

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Trust Summary  as of June 30, 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)  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	$	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)  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 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.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

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

T R U S T   S U M M A R Y 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.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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Trust Summary  as of June 30, 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 used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

* Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.

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 derivatives.

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

Trust Information

Symbol on New York Stock Exchange	BUI
Initial Offering Date	November 25, 2011
Current Distribution Rate on Closing Market Price as of June 30, 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)  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		$  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 5- and 10-year returns.

^(d)  An index that captures large- and mid-cap representation across certain developed and emerging markets.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

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

The following discussion relates to the Trust’s 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.

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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.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a)	Percent of Total Investments
NextEra Energy, Inc.		8.9	%
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 used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

T R U S T   S U M M A R Y 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 used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 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

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	$	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