NPORT-EX 2 NPORT_89BL_58514453_0325.htm EDGAR HTML
March 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Science and Technology Term Trust (BSTZ)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Consolidated Schedule of Investments (unaudited)
March 31, 2025
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 1.0%
Archer Aviation, Inc., Class A(a)
 
1,085,562
$ 7,718,346
BWX Technologies, Inc.
 
59,395
5,859,317
 
 
13,577,663
Automobiles — 0.8%
BYD Co. Ltd., Class H
 
119,000
6,025,746
Tesla, Inc.(a)(b)
 
18,696
4,845,255
 
 
10,871,001
Broadline Retail — 1.5%
MercadoLibre, Inc.(a)
 
10,652
20,780,667
Communications Equipment — 0.9%
Accton Technology Corp.
 
661,000
11,710,936
Consumer Finance — 0.6%
Kaspi.KZ JSC, ADR
 
92,361
8,575,719
Diversified Consumer Services — 0.0%
Think & Learn Private Ltd., Class J-B, (Acquired
09/30/20, Cost: $7,113,729)(c)(d)
 
4,651
—
Diversified Telecommunication Services — 0.4%
AST SpaceMobile, Inc., Class A(a)(e)
 
211,510
4,809,737
Electronic Equipment, Instruments & Components — 4.6%
Celestica, Inc.(a)
 
130,622
10,294,320
Coherent Corp.(a)
 
307,189
19,948,854
E Ink Holdings, Inc.
 
1,059,000
8,621,109
Fabrinet(a)
 
77,383
15,283,916
Lotes Co. Ltd.
 
198,000
8,377,682
 
 
62,525,881
Entertainment(a) — 5.5%
Krafton, Inc.
 
50,854
11,629,795
Spotify Technology SA
 
73,070
40,190,692
Take-Two Interactive Software, Inc.
 
108,634
22,514,396
 
 
74,334,883
Financial Services — 1.1%
Adyen NV(a)(f)
 
9,922
15,208,394
Industrial Conglomerates — 1.5%
Hitachi Ltd.
 
831,400
19,520,775
Interactive Media & Services — 2.7%
Kakao Corp.
 
388,524
10,357,456
Reddit, Inc., Class A(a)(e)(g)
 
246,354
25,842,535
 
 
36,199,991
IT Services — 6.8%
Automattic, Inc., (Acquired 02/03/21, Cost:
$34,000,000)(c)(d)
 
400,000
12,412,000
Cloudflare, Inc., Class A(a)
 
119,084
13,419,576
Farmer’s Business Network, Inc.(a)(c)
 
361,834
734,523
Klarna Holdings AB, (Acquired 08/07/19, Cost:
$23,354,997)(c)(d)
 
1,042,068
39,618,447
MongoDB, Inc., Class A(a)
 
66,388
11,644,455
Snowflake, Inc., Class A(a)
 
95,290
13,927,587
 
 
91,756,588
Security
 
 
Shares
Value
Machinery — 1.1%
Harmonic Drive Systems, Inc.
 
341,700
$ 7,271,324
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A
 
1,967,100
7,857,851
 
 
15,129,175
Professional Services — 2.8%
Thomson Reuters Corp.
 
101,179
17,481,708
Wolters Kluwer NV
 
125,329
19,513,244
 
 
36,994,952
Semiconductors & Semiconductor Equipment — 17.7%
ARM Holdings PLC, ADR(a)(e)
 
120,006
12,815,441
ASM International NV
 
21,897
9,978,309
Astera Labs, Inc.(a)(e)
 
403,628
24,084,483
Credo Technology Group Holding Ltd.(a)
 
577,122
23,177,219
eMemory Technology, Inc.
 
138,000
9,702,452
KLA Corp.
 
14,738
10,018,892
Kokusai Electric Corp.
 
586,500
9,707,276
Lattice Semiconductor Corp.(a)(e)
 
126,186
6,618,456
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost:
$7,000,000)(c)(d)
 
10,189
—
NVIDIA Corp.(b)(g)
 
968,965
105,016,427
SK Hynix, Inc.
 
202,269
26,963,665
 
 
238,082,620
Software — 19.1%
AppLovin Corp., Class A(a)
 
59,597
15,791,417
Atlassian Corp. Ltd., Class A(a)
 
63,426
13,459,631
Confluent, Inc., Class A(a)
 
505,518
11,849,342
CyberArk Software Ltd.(a)
 
64,743
21,883,134
Databricks, Inc., (Acquired 07/24/20, Cost:
$5,501,686)(c)(d)
 
343,659
31,788,458
DataRobot, Inc., (Acquired 03/01/21, Cost:
$1,384,813)(a)(c)(d)
 
92,093
118,800
Descartes Systems Group, Inc.(a)
 
102,099
10,294,642
Elastic NV(a)
 
133,462
11,891,464
Gitlab, Inc., Class A(a)
 
301,279
14,160,113
Guidewire Software, Inc.(a)(e)
 
81,263
15,225,436
Palantir Technologies, Inc., Class A(a)
 
89,184
7,527,130
Palo Alto Networks, Inc.(a)
 
60,660
10,351,022
Pony AI, Inc., ADR(a)(e)
 
509,744
4,495,942
Q2 Holdings, Inc.(a)
 
104,678
8,375,287
Samsara, Inc., Class A(a)(e)
 
344,100
13,189,353
SentinelOne, Inc., Class A(a)
 
471,136
8,565,252
ServiceTitan, Inc.(a)(e)
 
45,248
4,303,537
SiteMinder Ltd.(a)
 
1,880,181
5,183,345
Snorkel AI, Inc., (Acquired 10/13/20, Cost:
$2,017,593)(c)(d)
 
500,250
4,482,240
Snyk Ltd., Ordinary Shares, (Acquired 11/02/20, Cost:
$9,287,400)(c)(d)
 
1,267,643
8,227,003
Synopsys, Inc.(a)(b)
 
43,904
18,828,230
Xero Ltd.(a)
 
180,548
17,647,399
 
 
257,638,177
Technology Hardware, Storage & Peripherals — 2.5%
Asia Vital Components Co. Ltd.
 
610,000
8,637,576
1
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Technology Hardware, Storage & Peripherals (continued)
Pure Storage, Inc., Class A(a)
 
372,292
$ 16,481,367
Sandisk Corp.(a)
 
180,030
8,571,228
 
 
33,690,171
Total Common Stocks — 70.6%
(Cost: $709,068,926)
951,407,330
Preferred Securities
Preferred Stocks — 29.1%(c)
Communications Equipment — 0.7%
Astranis Space Technologies Corp., Series C(a)
 
775,515
9,422,507
Consumer Staples Distribution & Retail — 2.3%
GrubMarket, Inc., Series D, (Acquired 07/23/20, Cost:
$8,000,001)(d)
 
1,762,969
30,799,069
Diversified Consumer Services — 0.0%
Think & Learn Private Ltd., Series F, (Acquired
09/30/20, Cost: $14,251,080)(d)
 
4,920
—
Entertainment — 0.3%
ResearchGate GmbH, Series D, (Acquired 09/24/20,
Cost: $6,999,988)(d)
 
424,688
4,055,770
Financial Services(d)(h) — 2.1%
Trumid Holdings LLC
 
Class J-A, (Acquired 07/24/20, Cost: $9,999,857)
 
20,154
14,623,742
Class J-B, (Acquired 07/24/20, Cost: $5,999,914)
 
20,154
14,623,743
 
 
29,247,485
Interactive Media & Services — 2.4%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost:
$16,961,509)(a)(d)
 
150,113
32,472,444
IT Services(d) — 0.7%
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21,
Cost: $12,000,008)(a)
 
1,974,374
157,950
TRAX Ltd.
 
(Acquired 02/18/21, Cost: $9,999,998)(a)
 
191,806
3,659,658
(Acquired 09/12/19, Cost: $10,999,988)
 
293,333
5,596,794
 
 
9,414,402
Professional Services — 0.5%
Rapyd Financial Network Ltd., Series E, (Acquired
03/31/21, Cost: $13,999,978)(a)(d)
 
190,705
6,747,143
Semiconductors & Semiconductor Equipment(d) — 9.5%
PsiQuantum Corp.
 
Series C, (Acquired 09/09/19, Cost: $9,101,310)
 
1,962,335
66,189,559
Series D, (Acquired 05/21/21, Cost: $19,999,969)(a)
 
762,595
28,528,679
SambaNova Systems, Inc.
 
Series C, (Acquired 02/20/20, Cost: $33,904,162)
 
636,800
29,152,704
Series D, (Acquired 04/09/21, Cost: $6,999,979)(a)
 
73,670
3,988,494
 
 
127,859,436
Software(d) — 10.6%
Databricks, Inc.
 
Series F, (Acquired 10/22/19, Cost: $13,200,019)
 
922,038
85,288,515
Series G, (Acquired 02/01/21, Cost: $18,500,004)
 
312,909
28,944,083
Security
 
 
Shares
Value
Software (continued)
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost:
$11,499,999)
 
875,059
$ 3,386,478
Snorkel AI, Inc., Series B, (Acquired 10/13/20, Cost:
$999,996)
 
247,943
2,221,569
Snyk Ltd., Seed Preferred, (Acquired 11/02/20, Cost:
$13,212,590)
 
2,663,936
17,288,945
Unqork, Inc.
 
Series B, (Acquired 09/19/19, Cost: $6,801,016)
 
597,680
3,394,822
Series C, (Acquired 09/18/20, Cost: $7,994,787)
 
292,000
2,105,320
 
 
142,629,732
 
392,647,988
Total Preferred Securities — 29.1%
(Cost: $268,426,162)
392,647,988
Total Long-Term Investments — 99.7%
(Cost: $977,495,088)
1,344,055,318
Short-Term Securities
Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.50%(i)(j)(k)
 
26,237,474
26,250,593
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 4.22%(i)(j)
 
15,174,658
15,174,658
Total Short-Term Securities — 3.1%
(Cost: $41,424,672)
41,425,251
Total Investments Before Options Written — 102.8%
(Cost: $1,018,919,760)
1,385,480,569
Options Written — (0.2)%
(Premiums Received: $(6,363,286))
(2,008,061
)
Total Investments, Net of Options Written — 102.6%
(Cost: $1,012,556,474)
1,383,472,508
Liabilities in Excess of Other Assets — (2.6)%
(34,845,457
)
Net Assets — 100.0%
$ 1,348,627,051
 
(a)
Non-income producing security.
(b)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $479,872,429, representing 35.6% of its net assets as of
period end, and an original cost of $341,086,370.
(e)
All or a portion of this security is on loan.
(f)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(g)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(h)
All or a portion of the security is held by a wholly-owned subsidiary.
(i)
Affiliate of the Trust.
(j)
Annualized 7-day yield as of period end.
(k)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Consolidated Schedule of Investments
2
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Term Trust (BSTZ)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/25
Shares
Held at
03/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 7,491,149
$ 18,760,359
(a)
$ —
$ (56
)
$ (859
)
$ 26,250,593
26,237,474
$ 38,150
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
2,010,552
13,164,106
(a)
—
—
—
15,174,658
15,174,658
206,352
—
 
$ (56
)
$ (859
)
$ 41,425,251
$ 244,502
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
ARM Holdings PLC, ADR
173
04/04/25
USD
142.00
USD
1,847
$ (12,456
)
Gitlab, Inc., Class A
180
04/04/25
USD
67.00
USD
846
(11,700
)
NVIDIA Corp.
118
04/04/25
USD
126.00
USD
1,279
(295
)
Palo Alto Networks, Inc.
45
04/04/25
USD
200.00
USD
768
(473
)
Samsara, Inc., Class A
179
04/04/25
USD
55.00
USD
686
(895
)
SentinelOne, Inc., Class A
304
04/04/25
USD
24.00
USD
553
(22,800
)
Snowflake, Inc., Class A
79
04/04/25
USD
210.00
USD
1,155
(158
)
Atlassian Corp. Ltd., Class A
65
04/11/25
USD
295.00
USD
1,379
(3,250
)
NVIDIA Corp.
165
04/11/25
USD
138.00
USD
1,788
(1,980
)
Palo Alto Networks, Inc.
45
04/11/25
USD
200.00
USD
768
(1,170
)
AST SpaceMobile, Inc., Class A
285
04/17/25
USD
35.00
USD
648
(4,846
)
AST SpaceMobile, Inc., Class A
32
04/17/25
USD
27.50
USD
73
(1,712
)
Astera Labs, Inc.
746
04/17/25
USD
105.00
USD
4,451
(11,190
)
Coherent Corp.
264
04/17/25
USD
100.00
USD
1,714
(6,600
)
Confluent, Inc., Class A
333
04/17/25
USD
37.00
USD
781
(1,665
)
Confluent, Inc., Class A
212
04/17/25
USD
30.00
USD
497
(1,590
)
Credo Technology Group Holding Ltd.
480
04/17/25
USD
90.00
USD
1,928
(4,800
)
CyberArk Software Ltd.
97
04/17/25
USD
380.00
USD
3,279
(11,640
)
Descartes Systems Group, Inc.
76
04/17/25
USD
105.00
USD
766
(6,650
)
Elastic NV
27
04/17/25
USD
120.00
USD
241
(2,430
)
Elastic NV
173
04/17/25
USD
105.00
USD
1,541
(5,623
)
Guidewire Software, Inc.
148
04/17/25
USD
220.00
USD
2,773
(2,960
)
Lattice Semiconductor Corp.
75
04/17/25
USD
75.00
USD
393
(1,125
)
MercadoLibre, Inc.
8
04/17/25
USD
2,100.00
USD
1,561
(14,000
)
NVIDIA Corp.
138
04/17/25
USD
125.00
USD
1,496
(6,486
)
Palantir Technologies, Inc., Class A
133
04/17/25
USD
95.00
USD
1,123
(21,213
)
Q2 Holdings, Inc.
31
04/17/25
USD
95.00
USD
248
(775
)
Reddit, Inc., Class A
182
04/17/25
USD
165.00
USD
1,909
(2,275
)
ServiceTitan, Inc.
67
04/17/25
USD
100.00
USD
637
(15,410
)
Synopsys, Inc.
32
04/17/25
USD
510.00
USD
1,372
(1,680
)
Synopsys, Inc.
33
04/17/25
USD
470.00
USD
1,415
(10,477
)
Take-Two Interactive Software, Inc.
162
04/17/25
USD
210.00
USD
3,357
(68,850
)
Tesla, Inc.
23
04/17/25
USD
405.00
USD
596
(264
)
Thomson Reuters Corp.
22
04/17/25
USD
175.00
USD
380
(4,565
)
Celestica, Inc.
98
04/25/25
USD
101.00
USD
772
(19,355
)
MercadoLibre, Inc.
8
04/25/25
USD
2,150.00
USD
1,561
(13,240
)
NVIDIA Corp.
319
04/25/25
USD
125.00
USD
3,457
(23,765
)
Tesla, Inc.
5
04/25/25
USD
270.00
USD
130
(8,238
)
Applovin Corp., Class A
44
05/02/25
USD
355.00
USD
1,166
(15,180
)
Atlassian Corp. Ltd., Class A
30
05/02/25
USD
240.00
USD
637
(22,350
)
Celestica, Inc.
98
05/02/25
USD
102.00
USD
772
(27,930
)
3
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Term Trust (BSTZ)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Gitlab, Inc., Class A
271
05/02/25
USD
55.00
USD
1,274
$ (15,582
)
MongoDB, Inc., Class A
100
05/02/25
USD
205.00
USD
1,754
(17,100
)
NVIDIA Corp.
425
05/02/25
USD
127.00
USD
4,606
(39,100
)
Samsara, Inc., Class A
337
05/02/25
USD
42.00
USD
1,292
(32,015
)
SentinelOne, Inc., Class A
402
05/02/25
USD
21.00
USD
731
(6,030
)
Snowflake, Inc., Class A
63
05/02/25
USD
175.00
USD
921
(5,450
)
Spotify Technology SA
111
05/02/25
USD
585.00
USD
6,105
(314,130
)
NVIDIA Corp.
170
05/09/25
USD
122.00
USD
1,842
(34,850
)
Applovin Corp., Class A
44
05/16/25
USD
380.00
USD
1,166
(34,760
)
BWX Technologies, Inc.
90
05/16/25
USD
110.00
USD
888
(14,625
)
Cloudflare, Inc., Class A
178
05/16/25
USD
130.00
USD
2,006
(81,435
)
Coherent Corp.
196
05/16/25
USD
75.00
USD
1,273
(67,620
)
Confluent, Inc., Class A
212
05/16/25
USD
31.00
USD
497
(10,070
)
Credo Technology Group Holding Ltd.
435
05/16/25
USD
60.00
USD
1,747
(29,362
)
Descartes Systems Group, Inc.
76
05/16/25
USD
105.36
USD
766
(15,633
)
Fabrinet
116
05/16/25
USD
250.00
USD
2,291
(53,650
)
Kaspi.KZ JSC, ADR
138
05/16/25
USD
100.00
USD
1,281
(39,330
)
KLA Corp.
21
05/16/25
USD
770.00
USD
1,428
(21,630
)
Lattice Semiconductor Corp.
107
05/16/25
USD
66.00
USD
561
(4,894
)
NVIDIA Corp.
118
05/16/25
USD
130.00
USD
1,279
(14,691
)
Q2 Holdings, Inc.
126
05/16/25
USD
85.00
USD
1,008
(36,855
)
Reddit, Inc., Class A
191
05/16/25
USD
145.00
USD
2,004
(60,642
)
Sandisk Corp.
127
05/16/25
USD
60.00
USD
605
(10,795
)
Thomson Reuters Corp.
129
05/16/25
USD
175.00
USD
2,229
(58,695
)
 
 
 
$ (1,413,005
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
SiteMinder Ltd.
Goldman Sachs International
104,600
04/01/25
AUD
6.64
AUD
461
$ —
Pure Storage, Inc., Class A
UBS AG
59,600
04/04/25
USD
69.00
USD
2,638
—
Harmonic Drive Systems, Inc.
Goldman Sachs International
22,000
04/08/25
JPY
5,367.95
JPY
70,219
—
Kokusai Electric Corp.
JPMorgan Chase Bank N.A.
23,100
04/08/25
JPY
3,473.46
JPY
57,346
—
SiteMinder Ltd.
Citibank N.A.
59,500
04/08/25
AUD
6.48
AUD
263
—
E Ink Holdings, Inc.
JPMorgan Chase Bank N.A.
286,000
04/10/25
USD
285.74
TWD
77,304
(12,081
)
Harmonic Drive Systems, Inc.
Goldman Sachs International
22,100
04/15/25
JPY
5,367.95
JPY
70,538
(19
)
Kokusai Electric Corp.
JPMorgan Chase Bank N.A.
23,200
04/15/25
JPY
3,545.95
JPY
57,594
(16
)
Xero Ltd.
JPMorgan Chase Bank N.A.
5,900
04/15/25
AUD
189.85
AUD
923
—
SK Hynix, Inc.
Morgan Stanley & Co. International PLC
2,100
04/22/25
USD
202,993.84
KRW
412,215
(7,556
)
Adyen NV
BNP Paribas SA
1,400
04/25/25
EUR
1,814.30
EUR
1,985
(3,210
)
Wolters Kluwer NV
UBS AG
18,800
04/25/25
EUR
151.16
EUR
2,707
(21,264
)
SK Hynix, Inc.
Bank of America N.A.
29,200
04/29/25
USD
190,916.25
KRW
5,731,757
(213,490
)
ASM International NV
Citibank N.A.
3,200
05/08/25
EUR
479.75
EUR
1,349
(29,243
)
Krafton, Inc.
JPMorgan Chase Bank N.A.
7,600
05/08/25
USD
355,724.27
KRW
2,559,268
(87,344
)
SiteMinder Ltd.
Goldman Sachs International
88,600
05/08/25
AUD
4.95
AUD
391
(3,735
)
Accton Technology Corp.
Morgan Stanley & Co. International PLC
103,000
05/13/25
USD
683.65
TWD
60,590
(17,647
)
Asia Vital Components Co. Ltd.
BNP Paribas SA
132,000
05/13/25
USD
558.60
TWD
62,059
(22,092
)
eMemory Technology, Inc.
Morgan Stanley & Co. International PLC
20,000
05/13/25
USD
2,699.81
TWD
46,688
(23,028
)
Lotes Co. Ltd.
Bank of America N.A.
29,700
05/13/25
USD
1,643.25
TWD
41,724
(11,785
)
Hitachi Ltd.
UBS AG
124,700
05/15/25
JPY
3,841.72
JPY
439,153
(53,447
)
SiteMinder Ltd.
UBS AG
29,400
05/15/25
AUD
4.83
AUD
130
(2,032
)
Xero Ltd.
Morgan Stanley & Co. International PLC
21,200
05/15/25
AUD
161.41
AUD
3,316
(57,947
)
BYD Co. Ltd., Class H
BNP Paribas SA
18,000
05/20/25
HKD
432.74
HKD
7,092
(29,120
)
 
 
 
 
 
 
$ (595,056
)
Consolidated Schedule of Investments
4
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Term Trust (BSTZ)
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks 
Aerospace & Defense
$ 13,577,663
$ —
$ —
$ 13,577,663
Automobiles
4,845,255
6,025,746
—
10,871,001
Broadline Retail
20,780,667
—
—
20,780,667
Communications Equipment
—
11,710,936
—
11,710,936
Consumer Finance
8,575,719
—
—
8,575,719
Diversified Consumer Services
—
—
—
—
Diversified Telecommunication Services
4,809,737
—
—
4,809,737
Electronic Equipment, Instruments & Components
45,527,090
16,998,791
—
62,525,881
Entertainment
62,705,088
11,629,795
—
74,334,883
Financial Services
—
15,208,394
—
15,208,394
Industrial Conglomerates
—
19,520,775
—
19,520,775
Interactive Media & Services
25,842,535
10,357,456
—
36,199,991
IT Services
38,991,618
—
52,764,970
91,756,588
Machinery
—
15,129,175
—
15,129,175
Professional Services
17,481,708
19,513,244
—
36,994,952
Semiconductors & Semiconductor Equipment
181,730,918
56,351,702
—
238,082,620
Software
190,190,932
22,830,744
44,616,501
257,638,177
Technology Hardware, Storage & Peripherals
25,052,595
8,637,576
—
33,690,171
Preferred Securities
Preferred Stocks
—
—
392,647,988
392,647,988
Short-Term Securities 
Money Market Funds
41,425,251
—
—
41,425,251
 
$681,536,776
$213,914,334
$490,029,459
$1,385,480,569
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (1,392,478
)
$ (615,583
)
$ —
$ (2,008,061
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
5
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Science and Technology Term Trust (BSTZ)
 
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Preferred
Stocks
Total
Assets
Opening balance, as of December 31, 2024
$ 107,161,463
$ 419,768,363
$ 526,929,826
Transfers into Level 3
—
—
—
Transfers out of Level 3
—
—
—
Accrued discounts/premiums
—
—
—
Net realized gain (loss)
(5,699,998
)
—
(5,699,998
)
Net change in unrealized appreciation (depreciation)(a)
(4,079,994
)
(27,120,375
)
(31,200,369
)
Purchases
—
—
—
Sales
—
—
—
Closing balance, as of March 31, 2025
$ 97,381,471
$ 392,647,988
$ 490,029,459
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025(a)
$ (9,779,979
)
$ (27,120,375
)
$ (36,900,354
)
 
(a)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025 is
generally due to investments no longer held or categorized as Level 3 at period end.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. 
 
Value
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
Assets
 
 
 
 
Common Stocks
$97,381,471
Market
Revenue Multiple
1.80x - 21.08x
11.13x
 
 
Volatility
70%
—
 
 
Time to Exit
3.0 years
—
 
 
 
 
 
Preferred Stocks
392,647,988
Market
Revenue Multiple
1.50x - 21.08x
15.44x
 
 
Time to Exit
3.0 - 4.0 years
3.7 years
 
 
Volatility
35% - 90%
74%
 
 
Market Adjustment Multiple
1.00x
—
 
 
Gross Profit Multiple
7.50x
—
 
$490,029,459
 
 
 
 
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value.
 
Currency Abbreviation 
AUD
Australian Dollar
EUR
Euro
HKD
Hong Kong Dollar
JPY
Japanese Yen
KRW
South Korean Won
TWD
New Taiwan Dollar
USD
United States Dollar
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
JSC
 Joint Stock Company
Consolidated Schedule of Investments
6