BlackRock Energy and Resources Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:811-21656

Name of Fund: BlackRock Energy and Resources Trust (BGR)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Energy and

Resources Trust, 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: 12/31/2018

Date of reporting period: 12/31/2018

Item 1 – Report to Stockholders

DECEMBER 31, 2018


ANNUAL REPORT

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 Resources & Commodities Strategy Trust (BCX)

BlackRock Science and Technology Trust (BST)

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Trust’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call Computershare at1-800-699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended December 31, 2018, concerns about a variety of political risks and a modest slowdown in global growth worked against the equity market despite solid corporate earnings, while rising interest rates constrained bond returns. Though the market’s appetite for risk remained healthy for most of the reporting period, risk-taking declined sharply later in the reporting period. As a result, bonds held their value better than stocks, which posted negative returns across the globe. Shorter-term, higher-quality securities led the bond market, and U.S. equities outperformed most international stock markets.

Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities.

In fixed income markets, short-term U.S. Treasury interest rates rose the fastest, while longer-term rates slightly increased. This led to a negative return for long-term U.S. Treasuries and a substantial flattening of the yield curve. Many investors are concerned with the flattening yield curve as a harbinger of recession. However, given the extraordinary monetary measures in the last decade, we believe a more accurate barometer for the economy is the returns along the risk spectrums in stock and bond markets. Although the fundamentals in credit markets remained relatively solid, investment-grade bonds posted flat returns, and high-yield bonds declined slightly. Recent sell-offs in risk assets have flattened asset returns along the risk spectrum somewhat, which bears further scrutiny in the months ahead.

In response to rising growth and inflation, the U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. The Fed also continued to reduce its balance sheet, gradually reversing the unprecedented stimulus measures it enacted after the financial crisis. By our estimation, the Fed’s neutral interest rate, or the theoretical rate that is neither stimulative nor restrictive to the economy, is approximately 3.0%. With that perspective, the Fed’s current policy is still mildly stimulative to the U.S. economy, which leaves room for further Fed rate hikes to arrive at monetary policy that is a neutral factor for economic growth.

Volatility in the U.S. equity market spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. This was accompanied by a broad based risk-off in December — which was the worst December performance on record since 1931. Although fears of recession drove equity volatility higher at the end of 2018, we continue to believe the probability of recession in 2019 remains relatively low.

Economic growth and global earnings are likely to slow somewhat in 2019 — the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. Trade frictions look more baked into asset prices than a year ago, but markets may be overlooking European political risks. Consequently, we are cautious on European equities, as European unity remains tenuous with a history of flare-ups. We continue to prefer to take risk in U.S. and emerging market equities. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/reward trade-off. Going into 2019, we also favor short-term bonds over long-term bonds because they offer nearly equivalent yields with far lower volatility.

In this environment, 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 visitblackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of December 31, 2018
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	(6.85)%	(4.38)%
U.S. small cap equities (Russell 2000^® Index)	(17.35)	(11.01)
International equities (MSCI Europe, Australasia, Far East Index)	(11.35)	(13.79)
Emerging market equities (MSCI Emerging Markets Index)	(8.48)	(14.57)
3-month Treasury bills (ICE BofAML3-Month U.S. Treasury Bill Index)	1.06	1.87
U.S. Treasury securities (ICE BofAML10-Year U.S. Treasury Index)	2.72	(0.03)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	1.65	0.01
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.38	1.36
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	(2.24)	(2.08)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGEISNOT PARTOF YOUR FUND REPORT

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 Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Trust’s (BST) and BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (each, a “Trust” and collectively, the “Trusts”), 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 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.

December 31, 2018


	Total Cumulative Distributions for the Fiscal Period										% Breakdown of the Total Cumulative Distributions for the Fiscal Period
	Net Investment Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital		Total Per Common Share		Net Investment Income			Net Realized Capital Gains Short-Term			Net Realized Capital Gains Long-Term			Return of Capital			Total Per Common Share
BGR*	$	0.272552	$	—	$	—	$	0.658648	$	0.931200		29	%		—	%		—	%		71	%		100	%
CII*		0.165678		—		0.128622		0.699300		0.993600		17			—			13			70			100
BDJ		0.177394		—		0.383006		—		0.560400		32			—			68			—			100
BOE*		0.295560		—		—		0.550440		0.846000		35			—			—			65			100
BGY		0.162370		—		0.281030		—		0.443400		37			—			63			—			100
BME*		0.069995		—		1.590526		0.739479		2.400000		3			—			66			31			100
BCX*		0.209697		—		—		0.409503		0.619200		34			—			—			66			100
BST		—		—		1.760278		—		1.760278		—			—			100			—			100
BUI*		0.474884		—		—		0.977116		1.452000		33			—			—			67			100

Certain Trusts estimate that they have distributed more than the amount of earned income and net realized 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 the Trust’s net asset value per share.

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website athttp://www.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/Directors (the “Board”), each have adopted a 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 distribute the following fixed amounts per share on a monthly basis as of December 31, 2018:


Exchange Symbol	Amount Per Common Share
BGR	$	0.0776
CII		0.0828
BDJ		0.0467
BOE		0.0630
BGY		0.0338
BME		0.2000
BCX		0.0516
BST		0.1500
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 investment income to its shareholders, consistent with its primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient investment income is not available 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, except for extraordinary distributions and potential distribution rate increases or decreases to enable the Trusts to comply with the distribution requirements imposed by the Code.

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 on net asset value is presented in its financial highlights table.

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, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to BME’s prospectus for a more complete description of its risks.


SUPPLEMENTAL INFORMATION			3

Table of Contents


	Page
The Markets in Review		2
Section 19(a) Notices		3
Section 19(b) Disclosure		3
Annual Report:
The Benefits and Risks of Option Over-Writing		5
Trust Information		6
Derivative Financial Instruments		24
Financial Statements:
Schedules of Investments		25
Statements of Assets and Liabilities		96
Statements of Operations		98
Statements of Changes in Net Assets		100
Statements of Cash Flows		105
Financial Highlights		107
Notes to Financial Statements		116
Report of Independent Registered Public Accounting Firm		128
Important Tax Information		129
Automatic Dividend Reinvestment Plans		130
Trustee and Officer Information		131
Additional Information		134
Glossary of Terms Used in this Report		137


4

The Benefits and Risks of Option Over-Writing

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 this goal primarily by investing in a portfolio of equity securities and utilizing an option over-writing strategy in an effort to enhance the Trusts’ distribution rate and total return performance. However, these objectives cannot be achieved in all market conditions.

The Trusts primarily write single stock covered call options, and may also from time to time write single stock put options. When writing (selling) a covered call option, the 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 Trusts receive 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 Trusts. 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 Trusts realize 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 the 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. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.

Each Trust employs a plan to support a level distribution of income, capital gains and/or return of capital. The goal of the plan is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of the Trusts. Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value per share (“NAV”) and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets, the Trust has available for long term investment. In order to make these distributions, a Trust may have to sell portfolio securities at less than opportune times.

The final tax characterization of distributions is determined after the fiscal year and is reported in the Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. The Trust’s taxable net investment income or net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital. Distributions that exceed a Trust’s taxable income but do not exceed the Trust’s current and accumulated earnings and profits, may be classified as ordinary income which are taxable to shareholders. Such distributions are reported as distributions in excess of net investment income.

A return of capital distribution does not necessarily reflect a Trust’s investment performance and should not be confused with ‘yield’ or ‘income.’ A return of capital is a return of a portion of an investor’s original investment. A return of capital is not taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital or as distributions in excess of net investment income for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

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 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.


THE BENEFITSAND RISKSOF OPTION OVER-WRITING			5


Trust Information as of December 31, 2018		BlackRock Energy and Resources Trust

Investment Objective

BlackRock Energy and Resources Trust’s (BGR) (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 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 utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Trust Information


Symbol on New York Stock Exchange (“NYSE”)		BGR
Initial Offering Date		December 29, 2004
Current Distribution Rate on Closing Market Price as of December 31, 2018 ($10.45)^(a)		8.91%
Current Monthly Distribution per Common Share^(b)		$0.0776
Current Annualized Distribution per Common Share^(b)		$0.9312

^(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 consists of income, net realized gains and/or a return of capital. See the Financial Highlights for the actual sources and character of distributions. Past performance does not guarantee 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.

Performance and Portfolio Management Commentary

Returns for the12-month period ended December 31, 2018 were as follows:


	Returns Based On
	Market Price			Net Asset Value
BGR^(a)(b)		(21.16	)%		(18.84	)%
Lipper Natural Resources Funds^(c)		(24.64	)		(19.04	)

^(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)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on theex-dividend date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

What factors influenced performance?

Energy stocks fell sharply in 2018. After moving sideways in a range through the first nine months of the year, the combination of a downturn in oil prices and a broad-based decline in global equities caused the sector to post a sizable loss in the fourth quarter.

Although many U.S.-based exploration and production (“E&P”) companies demonstrated improving fundamentals in 2018, the industry was hit particularly hard in the fourth quarter selloff. Encana Corp, which was penalized for its acquisition of Newfield Exploration, was the Trust’s largest detractor in the E&P industry. Devon Energy Corp., Cimarex Energy Co., Canadian Natural Resources Ltd. and EQT Corp. were also notable detractors in the period.

Companies demonstrating capital discipline, including ConocoPhillips, generally performed well despite the broadly challenging environment. The stock, which posted a gain even as the sector as a whole lost ground, was one of the leading contributors to the Trust’s performance. A position in the U.S. refining company Andeavor was another top contributor. Early in the period, Marathon Petroleum Corp. launched a bid for Andeavor at a substantial premium to its price at the time, causing the stock to rally.

The Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to performance.

Describe recent portfolio activity

Consistent with the investment adviser’s long-term approach, there was a relatively low amount of portfolio turnover in 2018. However, the investment adviser was active in selling stocks that reached its price targets and rotating into those that offered more attractive valuations. Late in the year, the investment adviser sought to take advantage of the selloff in the refining stocks by increasing its allocation to this area. The Trust also continued to increase its allocation tonon-U.S. energy stocks. While the Trust remains overweight to the E&Psub-sector, it reduced the position and increased its weighting in the integrated oil & gas industry to capitalize on its attractive valuations.

Describe portfolio positioning at period end.

The integrated energy subsector represented the Trust’s largest allocation, followed by the E&P, distribution, oil services, and refining & marketing industries, respectively.

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.


6		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS


Trust Information as of December 31, 2018 (continued)		BlackRock Energy and Resources Trust

Market Price and Net Asset Value Per Share Summary


	12/31/18		12/31/17		Change			High		Low
Market Price	$	10.45	$	14.18		(26.30	)%	$	15.76	$	9.89
Net Asset Value		11.98		15.79		(24.13	)		16.54		11.35

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

TEN LARGEST HOLDINGS


Security	12/31/18
Royal Dutch Shell PLC — ADR		12	%
Exxon Mobil Corp.		10
BP PLC		8
TOTAL SA		7
ConocoPhillips		5
Suncor Energy, Inc.		5
Chevron Corp.		4
Valero Energy Corp.		4
Marathon Petroleum Corp.		4
Williams Cos., Inc.		3

Excludes option positions and money market funds.

INDUSTRY ALLOCATION


Industry	12/31/18			12/31/17
Oil, Gas & Consumable Fuels		94	%		90	%
Energy Equipment & Services		6			10

For Trust compliance purposes, the Trust’s industry classifications refer to any 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.


TRUST INFORMATION			7


Trust Information as of December 31, 2018		BlackRock Enhanced Capital and Income Fund, Inc.

Investment Objective

BlackRock Enhanced Capital and Income Fund, Inc.’s (CII) (the “Trust”) investment objective is to provide investors with a combination of 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 policy 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 NYSE		CII
Initial Offering Date		April 30, 2004
Current Distribution Rate on Closing Market Price as of December 31, 2018 ($14.08)^(a)		7.06%
Current Monthly Distribution per Common Share^(b)		$0.0828
Current Annualized Distribution per Common Share^(b)		$0.9936

^(a)

^(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

The following discussion relates to the Trust’s relative performance based on the index cited above:

Performance and Portfolio Management Commentary

Returns for the 12 months period ended December 31, 2018 were as follows:


	Returns Based On
	Market Price			Net Asset Value
CII^(a)(b)		(8.56	)%		(5.44	)%
S&P 500^® Index		N/A			(4.38	)

^(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.

N/A — Not applicable as the index does not have a market price.

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

Past performance is not indicative of future results.

What factors influenced performance?

In the equity allocation of the Trust, the largest detractor from relative performance for the12-month period was stock selection in the consumer discretionary sector. Most notably, positioning across homebuilders and underweight exposure to internet and direct marketing retail challenged relative performance. This was followed by positioning in materials, where packaging and chemical holdings produced weakness. Finally, exposure to the electric utility industry hurt relative results in the utilities sector.

In the equity allocation of the Trust, the largest contributor to performance for the12-month period was stock selection in the information technology (“IT”) sector. Specifically, selection decisions in software names provided strong relative returns. In industrials, positioning in machinery and rail roads enhanced relative performance. Finally, stock selection within energy provided outperformance, most notably avoiding energy equipment and services names.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. Premiums generated are recognized as current gains which are intended to enhance distributions payable to shareholders in the form of dividends. The use of options contributed to relative performance during the period.

Describe recent portfolio activity.

During the12-month period, the Trust significantly boosted exposure to the health care sector. Holdings within consumer staples and energy also were increased. Conversely, the Trust significantly reduced exposure to the financials sector. The Trust also reduced exposure to consumer discretionary and materials stocks.

Describe portfolio positioning at period end.

The Trust’s largest allocations were in the IT, health care and financials sectors. Relative to the benchmark, the Trust’s largest overweight positions were in the health care, materials, energy and financials sectors. Conversely, the Trust’s largest relative underweights were in the real estate, industrials, and consumer staples sectors.


8		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS


Trust Information as of December 31, 2018 (continued)		BlackRock Enhanced Capital and Income Fund, Inc.

Market Price and Net Asset Value Per Share Summary


	12/31/18		12/31/17		Change			High		Low
Market Price	$	14.08	$	16.38		(14.04	)%	$	17.36	$	13.13
Net Asset Value		15.28		17.19		(11.11	)		18.07		14.40

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

TEN LARGEST HOLDINGS


Security	12/31/18
Microsoft Corp.		6	%
Apple, Inc.		5
Alphabet, Inc.		5
Pfizer, Inc.		3
JPMorgan Chase & Co.		3
Cisco Systems, Inc.		3
Bank of America Corp.		3
Comcast Corp.		3
Walmart, Inc.		3
UnitedHealth Group, Inc.		3

Excludes option positions and money market funds.

SECTOR ALLOCATION


Sector	12/31/18			12/31/17
Information Technology		20	%		26	%
Health Care		18			16
Financials		15			17
Consumer Discretionary		10			14
Communication Services		9			—	��
Industrials		7			7
Consumer Staples		7			6
Energy		6			6
Materials		5			5
Utilities		3			3

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector 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 sector sub-classifications for reporting ease.


TRUST INFORMATION			9


Trust Information as of December 31, 2018		BlackRock Enhanced Equity Dividend Trust

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 utilizing an option writing (selling) strategy to seek total return performance and enhance distributions. 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 NYSE		BDJ
Initial Offering Date		August 31, 2005
Current Distribution Rate on Closing Market Price as of December 31, 2018 ($7.77)^(a)		7.21%
Current Monthly Distribution per Common Share^(b)		$0.0467
Current Annualized Distribution per Common Share^(b)		$0.5604

^(a)

^(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Performance and Portfolio Management Commentary

Returns for the12-month period ended December 31, 2018 were as follows:


	Returns Based On
	Market Price			Net Asset Value
BDJ^(a)(b)		(10.39	)%		(6.59	)%
Russell 1000^® Value Index		N/A			(8.27	)

^(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.

N/A — Not applicable as the index does not have a market price.

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

Past performance is not indicative of future results.

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

The largest contributor to relative performance for the12-month period came from an overweight position and stock selection within the health care sector. Notably, stock selection within and an overweight to the pharmaceuticals industry proved beneficial, as did an overweight to the health care providers & services industry. Within information technology (“IT”), a combination of stock selection and an overweight to the software industry boosted relative return, as did stock selection in the electronic equipment industry. Other notable contributors included stock selection within communication services and consumer staples.

The largest detractor from relative performance derived from a combination of stock selection and allocation decisions within financials. In particular, stock selection in the insurance and capital markets industries detracted, as did an overweight to banks and an underweight to the diversified financial services industry. Within utilities, stock selection in the electric utilities segment was particularly weak due to the impact on portfolio holdings from severe California wildfires. The portfolio’s lack of exposure to real estate also hindered relative return as the sector outperformed the broader U.S. equity market. Lastly, an overweight to construction materials as well as stock selection in the containers & packaging industry constrained results within the materials sector.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. Premiums generated are recognized as current gains that are intended to enhance distributions payable to shareholders in the form of dividends. The use of options had a positive effect on performance.

Describe recent portfolio activity.

During the12-month period, a combination of portfolio trading activity and market price changes resulted in increased exposure to the communication services, health care and IT sectors. Conversely, exposures to financials, industrials and utilities were reduced.

Describe portfolio positioning at period end.

The Trust’s largest allocations were in the financials, health care and IT sectors. Relative to the benchmark, the Trust’s largest overweight positions were in the health care, IT and financials sectors. Conversely, the Trust’s largest relative underweights were in the real estate, consumer discretionary and utilities sectors.


10		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS


Trust Information as of December 31, 2018 (continued)		BlackRock Enhanced Equity Dividend Trust

Market Price and Net Asset Value Per Share Summary


	12/31/18		12/31/17		Change			High		Low
Market Price	$	7.77	$	9.23		(15.82	)%	$	9.64	$	7.24
Net Asset Value		8.74		9.96		(12.25	)		10.42		8.30

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

TEN LARGEST HOLDINGS


Security	12/31/18
Verizon Communications, Inc.		4	%
Pfizer, Inc.		4
JPMorgan Chase & Co.		4
Wells Fargo & Co.		4
Citigroup, Inc.		3
Bank of America Corp.		3
Anthem, Inc.		3
Oracle Corp.		3
Microsoft Corp.		2
AstraZeneca PLC		2

Excludes option positions and money market funds.

SECTOR ALLOCATION


Sector	12/31/18			12/31/17
Financials		25	%		29	%
Health Care		23			19
Information Technology		12			10
Energy		11			12
Consumer Staples		7			7
Communication Services		7			3
Industrials		6			8
Utilities		4			5
Consumer Discretionary		3			4
Materials		2			3


TRUST INFORMATION			11


Trust Information as of December 31, 2018		BlackRock Enhanced Global Dividend Trust

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 utilizing an option writing (selling) strategy to seek total return performance and enhance distributions. 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 NYSE		BOE
Initial Offering Date		May 31, 2005
Current Distribution Rate on Closing Market Price as of December 31, 2018 ($9.37)^(a)		8.07%
Current Monthly Distribution per Common Share^(b)		$0.0630
Current Annualized Distribution per Common Share^(b)		$0.7560

^(a)

^(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Performance and Portfolio Management Commentary

Returns for the12-month period ended December 31, 2018 were as follows:


	Returns Based On
	Market Price			Net Asset Value
BOE^(a)(b)		(19.16	)%		(9.63	)%
MSCI All Country World Index		N/A			(9.41	)

^(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.

N/A — Not applicable as the index does not have a market price.

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

Past performance is not indicative of future results.

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

Positioning with respect to consumer staples was the largest detractor from performance, as both security selection within and an overweight to the sector weighed on returns. Stock selection in industrials, mainly within the air freight and logistics industry, also detracted, as did a lack of exposure to the utilities sector. In terms of individual stocks, a position in British American Tobacco PLC was the most significant detractor from returns. Tobacco stocks have suffered from negative sentiment driven by the FDA’s announcement that it would be looking to limit nicotine levels in traditional cigarettes along with questions about “Next Generation” smoking products. Positions in the postal and international courier companies Deutsche Post AG (Germany) and Bpost SA (Belgium) detracted due to higher costs for European postal companies. The investment adviser remains positive with respect to the longer-term prospects for both companies based on double-digit parcel growth domestically, driven bye-commerce.

During the12-month period, the Trust’s significant overweight to and stock selection within the health care sector contributed to returns, particularly among pharmaceutical stocks. Stock selection in the newly created communication services sector also contributed, mostly due to the portfolio’s positioning in wireless telecommunication services names. Additionally, stock selection in consumer discretionary added value. On an individual security basis, the Trust’s position in the technology conglomerate Cisco Systems, Inc. was the top contributor to performance as the company reported earnings that exceeded analysts’ expectations and announced a share buyback plan that was viewed favorably by investors. In addition, holdings in the consumer goods firm Procter & Gamble Co. contributed to relative performance as the company’s internally generated revenue growth gained positive momentum throughout the year. The Trust’s position in the beverage firm Coca-Cola Co. also was a top contributor for the period, based on strong financial results and signs of accelerating growth.

The Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The Trust’s options writing strategy contributed to performance.


12		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS


Trust Information as of December 31, 2018 (continued)		BlackRock Enhanced Global Dividend Trust

Describe recent portfolio activity.

The Trust’s allocation to tobacco stocks was reduced in May, with the proceeds reinvested in high quality, dividend-paying names where the investment adviser has high conviction. These areas included health care, consumer staples and industrials stocks.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector overweight positions were in the consumer staples and health care sectors, with an emphasis on the tobacco and pharmaceuticals industries, respectively. The largest underweights were to financials and energy. The Trust had no exposure to real estate, utilities or energy at the end of the period. From a regional perspective, a majority of portfolio assets was invested either within the United States or Europe, with significant exposure in the United Kingdom and Switzerland.

Market Price and Net Asset Value Per Share Summary


	12/31/18		12/31/17		Change			High		Low
Market Price	$	9.37	$	12.51		(25.10	)%	$	13.08	$	9.10
Net Asset Value		11.07		13.22		(16.26	)		13.71		10.70

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

TEN LARGEST HOLDINGS


Security	12/31/18
TELUS Corp.		3	%
Rogers Communications, Inc., Class B		3
Cisco Systems, Inc.		3
Kone OYJ, Class B		3
Johnson & Johnson		3
Amcor Ltd.		3
Altria Group, Inc.		3
Genuine Parts Co.		3
Coca-Cola Co.		3
PepsiCo, Inc.		3

Excludes option positions and money market funds.

GEOGRAPHIC ALLOCATION


Country	12/31/18			12/31/17
United States		43	%		42	%
United Kingdom		16			16
Canada		7			6
Switzerland		6			10
Australia		6			4
France		4			3
Finland		3			2
Singapore		3			—
Netherlands		2			—
Germany		2			3
Taiwan		2			3
Sweden		1			2
Ireland		1			—
Denmark		1			—
India		1			—	^(a)
Japan		—	^(a)		2
Belgium		—			2
Other		2	^(b)		5	^(c)

^(a)

Representing less than 1% of the Trust’s total investments.

^(b)

Other includes a 1% holding or less in each of the following countries:

China

and Japan.

^(c)

Other includes a 1% holding or less in each of the following countries: Denmark, Hong Kong, India, Italy, Netherlands and Spain.


TRUST INFORMATION			13


Trust Information as of December 31, 2018		BlackRock Enhanced International Dividend Trust

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 utilizing an option writing (selling) strategy to seek total return performance and enhance distributions. 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 NYSE		BGY
Initial Offering Date		May 30, 2007
Current Distribution Rate on Closing Market Price as of as of December 31, 2018 ($4.98)^(a)		8.14%
Current Monthly Distribution per Common Share^(b)		$0.0338
Current Annualized Distribution per Common Share^(b)		$0.4056

^(a)

^(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Performance and Portfolio Management Commentary

Returns for the12-month period ended December 31, 2018 were as follows:


	Returns Based On
	Market Price			Net Asset Value
BGY^(a)(b)		(17.55	)%		(11.48	)%
MSCI All Country World Indexex-USA		N/A			(14.20	)

^(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.

N/A — Not applicable as the index does not have a market price.

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

Past performance is not indicative of future results.

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

The largest contribution to the Trust’s relative performance during the12-month period came from stock selection within information technology (“IT”), led by a position in the multinational IT company Microsoft Corp. Performance was also helped by stock selection within and an overweight to the health care sector. The largest contributor to performance by region was the Trust’s exposure to Canadian equities.

Conversely, security selection within consumer staples, in particular tobacco companies, detracted from performance. Stock selection in industrials and a lack of exposure to utility stocks also weighed on returns. The largest detractor by region came from exposure to U.K. securities.

During the period, the Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The Trust’s option writing strategy contributed to performance.

Describe recent portfolio activity.

The Trust reduced exposure to the tobacco industry during the period, and added exposure to industrials.

Describe portfolio positioning at period end.

At period end, the Trust held large absolute positions within the consumer staples, industrials and health care industries. The Trust had no holdings within the real estate, utilities or energy sectors.


14		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS


Trust Information as of December 31, 2018 (continued)		BlackRock Enhanced International Dividend Trust

Market Price and Net Asset Value Per Share Summary


	12/31/18		12/31/17		Change			High		Low
Market Price	$	4.98	$	6.52		(23.62	)%	$	6.85	$	4.78
Net Asset Value		5.79		7.06		(17.99	)		7.32		5.65

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

TEN LARGEST HOLDINGS


Security	12/31/18
TELUS Corp.		5	%
Rogers Communications, Inc., Class B		5
Kone OYJ, Class B		5
Imperial Brands PLC		5
Amcor Ltd.		5
Nestle SA		4
GlaxoSmithKline PLC		4
Novartis AG, Registered Shares		4
Deutsche Post AG, Registered Shares		4
Unilever PLC		4

Excludes option positions and money market funds.

GEOGRAPHIC ALLOCATION


Country	12/31/18			12/31/17
United Kingdom		28	%		19	%
Canada		11			7
Switzerland		10			12
Australia		9			5
France		6			6
Finland		5			2
United States		5			6
Netherlands		4			6
Germany		4			5
Taiwan		3			3
Singapore		3			—
Sweden		3			3
China		3			6
Denmark		2			2
India		2			2
Japan		2			5
Belgium		—			3
Hong Kong		—			2
South Africa		—			2
South Korea		—			2
Other		—			2	^(a)

^(a)

Other includes a 1% holding or less in each of the following countries: Ireland and Portugal.


TRUST INFORMATION			15


Trust Information as of December 31, 2018		BlackRock Health Sciences Trust

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 utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Trust Information


Symbol on NYSE		BME
Initial Offering Date		March 31, 2005
Current Distribution Rate on Closing Market Price as of December 31, 2018 ($36.45)^(a)		6.58%
Current Monthly Distribution per Common Share^(b)		$0.2000
Current Annualized Distribution per Common Share^(b)		$2.4000

^(a)

^(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Performance and Portfolio Management Commentary

Returns for the 12 months period ended December 31, 2018 were as follows:


	Returns Based On
	Market Price			Net Asset Value
BME^(a)(b)		6.57	%		7.26	%
Russell 3000^® Healthcare Index		N/A			5.63

^(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.

N/A — Not applicable as the index does not have a market price.

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

Past performance is not indicative of future results.

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

Although the broader global equity markets lost ground in 2018, health care stocks registered a gain. The sector performed well late in the year, as its defensive qualities and solid earnings prospects helped it hold up well in a time of elevated volatility.

Stock selection across all four of the underlyingsub-sectors was the primary contributor to the Trust’s strong relative performance in 2018. An underweight position in Johnson & Johnson was the largest individual contributor in both the pharmaceuticals industry and the portfolio as a whole. The stock came under pressure late in the year after a report suggested that Johnson & Johnson knew about asbestos in its baby powder for decades.

An overweight position in Boston Scientific Corp. was a key contributor in the medical devices & suppliessub-sector. The company raised guidance regarding its growth outlook for 2019 and 2020, reflecting rising demand for its products. The investment advisor increased its weighting in Boston Scientific during the course of the year due to its promising and diversified pipeline of new products.

The Trust’s overweight in the home health care and hospice services provider Amedisys, Inc. was a top contributor in the health care providers & services area. The stock appreciated after the company’s third quarter earnings came in well above expectations.

Within the pharmaceuticalssub-sector, an underweight in Merck & Co., Inc. was among the largest detractors from performance. The company’s progress in its immuno-oncology clinical program surpassed the competition, lifting its stock. In addition, the approval of Merck’s flagship lung cancer drug for a variety of new indications increased the addressable market for the treatment. The investment advisor reduced the extent of the underweight in response to the company’s improving pipeline and fundamentals.

An overweight in the biotechnology firm Alnylam Pharmaceuticals, Inc., which was adversely affected by competitive pressure from Pfizer, was a further detractor. The uncertainty regarding Alnylam’s market share prompted the investment advisor to reduce the position from an overweight to a neutral weighting by the close of the year. Other detractors of note includedoff-benchmark positions in Insmed, Inc. and Novo-Nordisk A/S.


16		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS


Trust Information as of December 31, 2018 (continued)		BlackRock Health Sciences Trust

Describe recent portfolio activity.

The Trust increased its allocation to the medical devices & supplies and pharmaceuticalssub-sectors over the course of the year. It reduced its weighting in biotechnology, while its weighting in health care providers and services was unchanged.

The Trust held an above-average position in cash at the end of December, reflecting the investment advisor’s decision to adopt a more defensive posture once market volatility increased in the fourth quarter. The Trust’s cash position had a marginally positive impact on results.

Describe portfolio positioning at period end.

The Trust continued to employ abottom-up, fundamental investment process in an effort to construct a balanced, diversified portfolio of healthcare stocks. The portfolio continues to reflect two broad themes: innovation and value-based healthcare.

Innovation in medical technology remains a secular growth driver for the health care sector, as companies continue to develop new therapies or products that are either fulfilling an unmet medical need or that represent an improvement over current treatments. This encompasses not only the biotechnology industry, but also the pharmaceuticals and medical devices & suppliessub-sectors.

With respect to value-based health care, the Trust has an above-benchmark weighting in the health care providers & servicessub-sector due to its sizable overweight in managed care stocks. The investment advisor continues to find a number of companies in this area that it believes are well positioned to reduce health care costs by leveraging their scale and analytical capabilities. Additionally, select holdings in the health care services industry feature business models that are benefiting from the shift to lower-cost options such as home health care.

Market Price and Net Asset Value Per Share Summary


	12/31/18		12/31/17		Change			High		Low
Market Price	$	36.45	$	36.50		(0.14	)%	$	44.00	$	32.00
Net Asset Value		35.87		35.69		0.50			40.03		33.61

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

TEN LARGEST HOLDINGS


Security	12/31/18
UnitedHealth Group, Inc.		8	%
Pfizer, Inc.		6
Abbott Laboratories		5
Boston Scientific Corp.		4
Merck & Co., Inc.		4
Medtronic PLC		4
Stryker Corp.		3
Anthem, Inc.		3
Cigna Corp.		2
Bristol-Myers Squibb Co.		2

Excludes option positions and money market funds.

INDUSTRY ALLOCATION


Industry	12/31/18			12/31/17
Health Care Equipment & Supplies		27	%		23	%
Pharmaceuticals		25			24
Health Care Providers & Services		23			25
Biotechnology		18			25
Life Sciences Tools & Services		5			2
Diversified Consumer Services		1			1
Health Care Technology		1			—


TRUST INFORMATION			17


Trust Information as of December 31, 2018		BlackRock Resources & Commodities Strategy Trust

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 utilizing an option overwriting strategy in an effort to seek total return performance and enhance distributions.

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

Trust Information


Symbol on NYSE		BCX
Initial Offering Date		March 30, 2011
Current Distribution Rate on Closing Market Price as of December 31, 2018 ($7.06)^(a)		8.77%
Current Monthly Distribution per Common Share^(b)		$0.0516
Current Annualized Distribution per Common Share^(b)		$0.6192

^(a)

^(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Performance and Portfolio Management Commentary

Returns for the12-month period ended December 31, 2018 were as follows:


	Returns Based On
	Market Price			Net Asset Value
BCX^(a)(b)		(22.47	)%		(14.90	)%
Lipper Natural Resources Funds^(c)		(24.64	)		(19.04	)

^(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)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on theex-dividend date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

What factors influenced performance?

Concerns about slowing global growth fueled significant weakness in both commodity prices and the broader world equity markets in late 2018, weighing heavily on natural resources stocks.

The Trust’s allocation to the energy sector was the largest detractor from performance. Although many energy companies demonstrated fundamental improvements, highlighted by better capital discipline and a focus on cash flows, the sector posted a weak12-month return due to the extent of its fourth quarter selloff. The exploration and production industry was hit particularly hard, causing the Trust’s investments in stocks such as Encana Corp. and Devon Energy Corp. to finish among its most significant individual detractors.

The Trust’s positions in mining stocks also detracted from results. Although the sector experienced a strong rally in the first half of January, the gains proved short lived as escalating trade tensions between the United States and China began to weigh on both commodity prices and investor sentiment as the year progressed. China, which consumes approximately half of the world’s mined commodities, is by far the most important driver of demand for the mining sector. However, the investment adviser believes that underlying physical supply and demand conditions remain solid and that much of the weakness was driven by speculation. Against this backdrop, the Trust’s positions in copper producers had a negative impact on performance, with First Quantum Minerals Ltd. finishing as one of the largest detractors. Fresnillo PLC and Neo Lithium Corp. were also notable detractors in the broader mining industry.

On the positive side, the Trust’s allocation to gold stocks contributed to absolute performance. Gold bullion rallied amid the financial market volatility that occurred the latter part of 2018, as investors who are nervous about other assets often look to gold as a “safe haven.” The investment adviser believes this indicated the potential value of gold as a source of diversification. In this environment, the Trust’s position in Randgold Resources Ltd. was one of the top contributors to performance. The stock’s strong return reflected both rising gold prices and the announcement of a merger with Barrick Gold Corp.

Vale SA, which benefited from the strong pricing environment for higher-grade iron ore, was another notable contributor. Other contributors of note include Nevsun Resources, Ltd., Agrium, Inc., and Hormel Foods Corp.


18		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS


Trust Information as of December 31, 2018 (continued)		BlackRock Resources & Commodities Strategy Trust

Describe recent portfolio activity.

The Trust exited some its positions in the agricultural industry, including Wilmar International, Ltd., where the investment adviser saw less room for earnings upside compared to other holdings, and Brasil Foods SA, which was pressured by a criminal investigation into members of its management team.

The Trust also rotated some of its positions in the mining industry by selling stocks that reached its price targets and rotating into those that offered more attractive valuations. In addition, the Trust raised its allocation to the sector through additions to large mining companies such as BHP Billiton Ltd. and Glencore PLC.

In the energy sector, the Trust increased its allocation to the refining industry andnon-U.S. energy stocks, while reducing its weighting in U.S. onshore producers.

Describe portfolio positioning at period end.

The mining industry represented the Trust’s largest allocation, followed by energy and agriculture, respectively.

Market Price and Net Asset Value Per Share Summary


	12/31/18		12/31/17		Change			High		Low
Market Price	$	7.06	$	9.77		(27.74	)%	$	10.49	$	6.66
Net Asset Value		8.44		10.64		(20.68	)		11.05		8.10

Market Price and Net Asset Value History For Past Five Years

LOGO

Overview of the Trust’s Total Investments*

TEN LARGEST HOLDINGS


Security	12/31/18
Royal Dutch Shell PLC — ADR		6	%
TOTAL SA		6
BP PLC — ADR		5
BHP Group PLC		4
Glencore PLC		4
Nutrien Ltd.		3
Vale SA		3
Suncor Energy, Inc.		3
Nutrien Ltd.		3
Exxon Mobil Corp.		3

Excludes option positions and money market funds.

INDUSTRY ALLOCATION


Industry	12/31/18			12/31/17
Metals & Mining		38	%		34	%
Oil, Gas & Consumable Fuels		33			34
Chemicals		14			13
Food Products		7			11
Containers & Packaging		3			3
Paper & Forest Products		1			1
Energy Equipment & Services		1			3
Electronic Equipment, Instruments & Components		1			—
Pharmaceuticals		1			—
Machinery		1			1


TRUST INFORMATION			19


Trust Information as of December 31, 2018		BlackRock Science and Technology Trust

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 science and technology companies. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Trust Information


Symbol on NYSE		BST
Initial Offering Date		October 30, 2014
Current Distribution Rate on Closing Market Price as of December 31, 2018 ($27.48)^(a)		6.55%
Current Monthly Distribution per Common Share^(b)		$0.1500
Current Annualized Distribution per Common Share^(b)		$1.8000

^(a)

^(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Performance and Portfolio Management Commentary

Returns for the12-month period ended December 31, 2018 were as follows:


	Returns Based On
	Market Price			Net Asset Value
BST^(a)(b)		9.18	%		0.24	%
MSCI World Information Technology Index		N/A			(2.60	)

^(a)

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

^(b)

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

N/A — Not applicable as the index does not have a market price.

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

Past performance is not indicative of future results.

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

The Trust’s overweight position in software companies represented the largest contributor to performance return during the period, driven by the strong performance of enterprise software firms. On a stock specific basis, the Trust’snon-benchmark position in the online retailer Amazon.com, Inc. was the largest contributor as the company’s stronge-commerce and cloud services sales surpassed first- and second-quarter earnings expectations. The second largest contributor to relative return was the mobile payment company Square, Inc., which was rewarded by investors for continuing to diversify its product set and revenue stream beyond payments. The third largest contributor over the period was anon-benchmark position in the enterprise software firm Zuora, Inc., which benefited from the tailwind of increased movement toward subscription models for automated commerce.

The largest detractor from performance at asub-sector level was stock selection within semiconductors, followed by selection within hardware. In terms of individual securities, an underweight to the consumer and enterprise software firm Microsoft Corp. was the most significant detractor. The Trust holds a structural underweight in Microsoft on the view that there are better growth opportunities elsewhere. The next largest detractors were underweight positions in the semiconductor company Broadcom, Inc. and the networking hardware firm Cisco Systems, Inc., as investors flocked to more defensive stocks amid market volatility, particularly in the latter part of the year.

The Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The Trust’s options writing strategy had a marginally positive effect on returns.

Describe recent portfolio activity.

During the12-month period, the Trust’s exposures to software and internet companies were increased, on the view that these firms are positioned to benefit from innovation while featuring low sensitivity to late cycle macroeconomics. Exposure to cyclical Chinese technology firms was decreased early in the period amid an emerging marketsell-off. However, the Trust added back exposure to high-conviction names in the segment later in 2018 based on attractive valuations. Lastly, exposure to 5G component companies was raised based on their attractive growth prospects as the latest generation of cellular mobile communications technology is increasingly adopted.

Describe portfolio positioning at period end.

The Trust’s investment process aims to provide a balance of legacy technology firms that can continually innovate and newer, disruptive entrants that displace those that fail to innovate, with approximately 40% of the portfolio consisting of “core” legacy companies and 60% making up the “opportunistic,” high-growth portion. At period end,


20		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS


Trust Information as of December 31, 2018 (continued)		BlackRock Science and Technology Trust

the Trust held its largest allocations in internet and software companies, which are supported by the longer-term tailwinds of innovation and the transition to cloud computing. The Trust’s software exposure was characterized by companies that offer enterprise software solutions, cloud computing services, andsoftware-as-a-service, which are less cyclical in nature. The Trust also held a substantial investment in the 5G supply chain as this emerging technology is on track to disrupt the internet and communications space.

Market Price and Net Asset Value Per Share Summary


	12/31/18		12/31/17		Change			High		Low
Market Price	$	27.48	$	26.69		2.96	%	$	36.00	$	24.00
Net Asset Value		26.21		27.73		(5.48	)		33.18		24.25

Market Price and Net Asset Value History Since Inception

LOGO

^(a)	Commencement of operations.

Overview of the Trust’s Total Investments*

TEN LARGEST HOLDINGS


Security	12/31/18
Microsoft Corp.		6	%
Tencent Holdings Ltd.		5
Alphabet, Inc.		5
Amazon.com, Inc.		5
Mastercard, Inc.		3
Apple, Inc.		3
Alibaba Group Holding Ltd. — ADR		3
Visa, Inc.		3
salesforce. com, Inc.		2
Adobe, Inc.		2

Excludes option positions and money market funds.

INDUSTRY ALLOCATION


Industry	12/31/18			12/31/17
Software		28	%		22	%
IT Services		18			10
Interactive Media & Services		16			—
Semiconductors & Semiconductor Equipment		11			18
Internet & Direct Marketing Retail		11			6
Entertainment		6			—
Technology Hardware, Storage & Peripherals		3			7
Electronic Equipment, Instruments & Components		2			2
Health Care Technology		1			—	^(a)
Automobiles		1			—	^(a)
Diversified Consumer Services		1			—	^(a)
Diversified Telecommunication Services		1			—
Communications Equipment		1			—
Internet Software & Services		—			28
Media		—			1
Other		—	^(b)		6	^(c)

^(a)

Representing less than 1% of the Trust’s total investments.

^(b)

Other includes a 1% holding or less in each of the following industries:

Household Durables and Wireless Telecommunication Services

^(c)

Other includes a 1% holding or less in each of the following industries: Automobiles, Chemicals, Consumer Finance, Household Durables, Health Care Technology, Professional Services and Diversified Consumer Services.


TRUST INFORMATION			21


Trust Information as of December 31, 2018		BlackRock Utilities, Infrastructure & Power Opportunities Trust

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 primarily in equity securities issued by companies that are engaged in the Utilities, Infrastructure and Power Opportunities business segments anywhere in the world and by utilizing an option writing (selling) strategy in an effort to seek total return performance and enhance distributions. 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 NYSE		BUI
Initial Offering Date		November 25, 2011
Current Distribution Rate on Closing Market Price as of December 31, 2018 ($19.76)^(a)		7.35%
Current Monthly Distribution per Common Share^(b)		$0.1210
Current Annualized Distribution per Common Share^(b)		$1.4520

^(a)

^(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Performance and Portfolio Management Commentary

Returns for the12-month period ended December 31, 2018:


	Returns Based On
	Market Price			Net Asset Value
BUI^(a)(b)		(1.68	)%		(4.40	)%
Lipper Utility Funds^(c)		(9.66	)		(8.10	)

^(a)

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

^(b)

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

^(c)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on theex-dividend date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

What factors influenced performance?

The largest detractor from performance was the Trust’s position in the industrials sector, which was negatively affected by weak investor sentiment toward China. The Trust’s position in the transportation infrastructure industry detracted from performance, with positions in Italian tollway operator Atlantia SpA and Australia’s Transurban Group among the most notable within this sub sector.

The largest contributor to performance was the Trust’s exposure to utilities, which proved to be more defensive amid the volatile market environment. From an industry standpoint, stock selection in electric utilities was the most noteworthy contributor to performance. Within the electric utilities industry, the Trust’s performance benefited from positions in major U.S. players NextEra Energy, Inc., Exelon Corp., and FirstEnergy Corp.

Describe recent portfolio activity.

During the period, the Trust reduced exposure to airports as well as midstream energy companies, selling its positions in Shell Midstream Partners LP and Plains All American Pipeline LP. The Trust used the proceeds to invest in energy distribution companies such as The Williams Companies and TransCanada Corp., as well as companies that have exposure to the electric vehicle industry, such as Switzerland’s ABB Ltd.


22		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS


Trust Information as of December 31, 2018 (continued)		BlackRock Utilities, Infrastructure & Power Opportunities Trust

Describe portfolio positioning at period end.

At period end, the utilities sector accounted for approximately 64% of the Trust’s assets. The Trust had approximately 15% and 13% of its assets invested in the industrials and energy sectors, respectively, with the remainder invested in other infrastructure- and power-related sectors.

Market Price and Net Asset Value Per Share Summary


	12/31/18		12/31/17		Change			High		Low
Market Price	$	19.76	$	21.62		(8.60	)%	$	21.73	$	17.40
Net Asset Value		18.77		21.12		(11.13	)		21.27		18.26

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

TEN LARGEST HOLDINGS


Security	12/31/18
NextEra Energy, Inc.		9	%
Enel SpA		6
EDP Renovaveis SA		4
Duke Energy Corp.		4
Williams Cos., Inc.		4
Dominion Energy, Inc.		4
National Grid PLC		4
Exelon Corp.		4
Public Service Enterprise Group, Inc.		3
Transurban Group		3

Excludes option positions and money market funds.

INDUSTRY ALLOCATION


Industry	12/31/18			12/31/17
Electric Utilities		39	%		33	%
Multi-Utilities		20			20
Oil, Gas & Consumable Fuels		13			12
Independent Power and Renewable Electricity Producers		7			8
Transportation Infrastructure		6			15
Electrical Equipment		6			3
Chemicals		4			3
Semiconductors & Semiconductor Equipment		2			—
Building Products		2			—	^(a)
Machinery		1			—
Construction & Engineering		—			3
Gas Utilities		—			1
Water Utilities		—			1
Other		—			1	^(b)

^(a)

Representing less than 1% of the Trust’s total investments.

^(b)

Other includes a 1% holding or less in each of the following industries: Building Products and Semiconductors & Semiconductor Equipment.

For Trust compliance purposes, the Trust’s industry classifications refer
to any 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.


TRUST INFORMATION			23

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.


24		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

December 31, 2018

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks — 99.0%

Energy Equipment & Services — 6.0%
Baker Hughes a GE Co.^(a)		266,300	$	5,725,450
Halliburton Co.^(a)		320,150		8,509,587
Patterson-UTI Energy, Inc.^(a)		212,407		2,198,412
Schlumberger Ltd.^(a)		142,924		5,156,698

				21,590,147

Oil, Gas & Consumable Fuels — 93.0%
Anadarko Petroleum Corp.^(a)		176,783		7,750,167
BP PLC		4,696,550		29,690,121
Cairn Energy PLC		2,269,195		4,329,938
Canadian Natural Resources Ltd.		420,840		10,154,168
Chevron Corp.^(a)(b)		133,435		14,516,394
CNOOC Ltd.		2,465,000		3,796,895
Concho Resources, Inc.^(a)(c)		97,487		10,020,689
ConocoPhillips^(a)		276,850		17,261,597
Devon Energy Corp.^(a)		313,350		7,062,909
Encana Corp.		317,804		1,834,380
EOG Resources, Inc.^(a)		138,800		12,104,748
EQT Corp.		179,750		3,395,477
Equitrans Midstream Corp.^(c)		135,110		2,704,902
Exxon Mobil Corp.^(a)		542,452		36,989,802
Galp Energia SGPS SA		322,300		5,074,879
Kosmos Energy Ltd.^(c)		1,016,390		4,136,707
Marathon Petroleum Corp.^(a)		212,985		12,568,245
Noble Energy, Inc.^(a)		272,642		5,114,764
Oil Search Ltd.		877,163		4,418,276
Pioneer Natural Resources Co.^(a)		79,426		10,446,108
Royal Dutch Shell PLC — ADR, Class A^(a)		727,400		42,385,598
Royal Dutch Shell PLC, Class A		216,398		6,369,206
Suncor Energy, Inc.		582,050		16,256,641
TOTAL SA		509,103		26,852,693
TransCanada Corp.		299,050		10,678,792


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp.^(a)		186,438	$	13,977,257
Williams Cos., Inc.^(a)		561,750		12,386,588

				332,277,941


Total Long-Term Investments — 99.0% (Cost — $409,330,083)				353,868,088


Short-Term Securities — 1.4%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.32%^(d)(e)		5,006,975		5,006,975


Total Short-Term Securities — 1.4% (Cost — $5,006,975)				5,006,975


Options Purchased — 0.0% (Cost — $2,157)				8,755


Total Investments Before Options Written — 100.4% (Cost — $414,339,215)				358,883,818


Options Written — (0.3)% (Premiums Received — $3,557,927)				(1,051,873	)


Total Investments, Net of Options Written — 100.1% (Cost — $410,781,288)				357,831,945

Liabilities in Excess of Other Assets — (0.1)%				(441,371	)


Net Assets — 100.0%			$	357,390,574

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

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

^(c)	Non-income producing security.

^(d)	Annualized7-day yield as of period end.

^(e)	During the year ended December 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/17		Net Activity		Shares Held at 12/31/18		Value at 12/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		3,870,844		1,136,131		5,006,975	$	5,006,975	$	78,939	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industrysub-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 industrysub-classifications for reporting ease.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Exxon Mobil Corp.		206		01/04/19	USD	77.00	USD	1,405	$	7,725
Exxon Mobil Corp.		206		01/11/19	USD	78.00	USD	1,405		1,030

									$	8,755


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (continued)

December 31, 2018

BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Anadarko Petroleum Corp.		159		01/04/19	USD	55.00	USD	697	$	(954	)
ConocoPhillips		355		01/04/19	USD	68.00	USD	2,213		(1,065	)
Devon Energy Corp.		343		01/04/19	USD	28.50	USD	773		(1,372	)
EOG Resources, Inc.		111		01/04/19	USD	105.00	USD	968		(444	)
Exxon Mobil Corp.		206		01/04/19	USD	80.00	USD	1,405		(412	)
Marathon Petroleum Corp.		26		01/04/19	USD	67.00	USD	153		(104	)
Pioneer Natural Resources Co.		47		01/04/19	USD	152.50	USD	618		(2,350	)
Royal Dutch Shell PLC — ADR, Class A		764		01/04/19	USD	61.50	USD	4,452		(30,560	)
Schlumberger Ltd.		114		01/04/19	USD	42.50	USD	411		(114	)
Valero Energy Corp.		135		01/04/19	USD	84.00	USD	1,012		(540	)
Williams Cos., Inc.		61		01/04/19	USD	25.50	USD	135		(305	)
Williams Cos., Inc.		137		01/04/19	USD	27.25	USD	302		—
Chevron Corp.		138		01/11/19	USD	119.00	USD	1,501		(690	)
ConocoPhillips		37		01/11/19	USD	71.00	USD	231		(148	)
EOG Resources, Inc.		91		01/11/19	USD	112.00	USD	794		(546	)
Exxon Mobil Corp.		206		01/11/19	USD	80.00	USD	1,405		(618	)
Halliburton Co.		195		01/11/19	USD	32.00	USD	518		(585	)
Halliburton Co.		285		01/11/19	USD	33.53	USD	758		(1	)
Marathon Petroleum Corp.		97		01/11/19	USD	65.00	USD	572		(1,164	)
Marathon Petroleum Corp.		136		01/11/19	USD	65.50	USD	803		(1,156	)
Pioneer Natural Resources Co.		84		01/11/19	USD	143.00	USD	1,105		(5,670	)
Royal Dutch Shell PLC — ADR, Class A		359		01/11/19	USD	60.00	USD	2,092		(11,668	)
Schlumberger Ltd.		114		01/11/19	USD	42.50	USD	411		(342	)
Valero Energy Corp.		135		01/11/19	USD	84.01	USD	1,012		(1,560	)
Williams Cos., Inc.		45		01/11/19	USD	26.00	USD	99		(945	)
Williams Cos., Inc.		163		01/11/19	USD	25.01	USD	359		(23	)
Williams Cos., Inc.		61		01/11/19	USD	25.18	USD	135		(6	)
Anadarko Petroleum Corp.		248		01/18/19	USD	60.00	USD	1,087		(1,240	)
Anadarko Petroleum Corp.		32		01/18/19	USD	55.00	USD	140		(144	)
Baker Hughes a GE Co.		580		01/18/19	USD	26.00	USD	1,247		(14,500	)
Chevron Corp.		121		01/18/19	USD	120.00	USD	1,316		(1,815	)
Concho Resources, Inc.		151		01/18/19	USD	135.00	USD	1,552		(2,265	)
ConocoPhillips		108		01/18/19	USD	67.50	USD	673		(3,834	)
Devon Energy Corp.		267		01/18/19	USD	30.00	USD	602		(267	)
Encana Corp.		1,466		01/18/19	CAD	12.00	CAD	1,155		(4,295	)
EOG Resources, Inc.		89		01/18/19	USD	100.00	USD	776		(2,314	)
Halliburton Co.		195		01/18/19	USD	33.00	USD	518		(487	)
Halliburton Co.		287		01/18/19	USD	35.45	USD	763		(1	)
Marathon Petroleum Corp.		26		01/18/19	USD	67.50	USD	153		(325	)
Noble Energy, Inc.		564		01/18/19	USD	27.50	USD	1,058		(2,820	)
Patterson-UTI Energy, Inc.		399		01/18/19	USD	14.00	USD	413		(3,990	)
Pioneer Natural Resources Co.		95		01/18/19	USD	160.00	USD	1,249		(3,800	)
Royal Dutch Shell PLC — ADR, Class A		343		01/18/19	USD	62.50	USD	1,999		(4,287	)
Schlumberger Ltd.		150		01/18/19	USD	50.00	USD	541		(450	)
Suncor Energy, Inc.		230		01/18/19	CAD	48.00	CAD	877		(842	)
Suncor Energy, Inc.		7,500		01/18/19	CAD	46.00	CAD	286		(302	)
TransCanada Corp.		535		01/18/19	CAD	54.00	CAD	2,608		(2,939	)
Valero Energy Corp.		87		01/18/19	USD	90.00	USD	652		(391	)
Valero Energy Corp.		208		01/18/19	USD	87.50	USD	1,559		(1,352	)
Williams Cos., Inc.		244		01/18/19	USD	26.00	USD	538		(854	)
Williams Cos., Inc.		163		01/18/19	USD	25.00	USD	359		(815	)
Anadarko Petroleum Corp.		80		01/25/19	USD	50.50	USD	351		(2,480	)
Baker Hughes a GE Co.		53		01/25/19	USD	23.12	USD	114		(1,233	)
Chevron Corp.		70		01/25/19	USD	119.00	USD	762		(3,325	)
ConocoPhillips		154		01/25/19	USD	68.00	USD	960		(5,929	)
Devon Energy Corp.		243		01/25/19	USD	27.50	USD	548		(1,822	)
EOG Resources, Inc.		82		01/25/19	USD	108.00	USD	715		(2,132	)
Exxon Mobil Corp.		522		01/25/19	USD	79.00	USD	3,560		(2,871	)
Halliburton Co.		158		01/25/19	USD	30.50	USD	420		(3,002	)
Marathon Petroleum Corp.		273		01/25/19	USD	65.50	USD	1,611		(10,511	)
Royal Dutch Shell PLC — ADR, Class A		360		01/25/19	USD	60.50	USD	2,098		(20,700	)
Schlumberger Ltd.		136		01/25/19	USD	45.00	USD	491		(612	)


26		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Valero Energy Corp.		107		01/25/19	USD	78.00	USD	802	$	(18,404	)
Williams Cos., Inc.		363		01/25/19	USD	25.00	USD	800		(2,359	)
Williams Cos., Inc.		46		01/25/19	USD	26.02	USD	101		(350	)
Anadarko Petroleum Corp.		32		02/01/19	USD	51.00	USD	140		(1,232	)
Baker Hughes a GE Co.		53		02/01/19	USD	23.12	USD	114		(1,422	)
ConocoPhillips		162		02/01/19	USD	65.00	USD	1,010		(23,085	)
Devon Energy Corp.		243		02/01/19	USD	27.50	USD	548		(3,159	)
EOG Resources, Inc.		112		02/01/19	USD	99.00	USD	977		(6,664	)
Exxon Mobil Corp.		380		02/01/19	USD	71.00	USD	2,591		(49,020	)
Exxon Mobil Corp.		205		02/01/19	USD	70.00	USD	1,398		(34,235	)
Marathon Petroleum Corp.		187		02/01/19	USD	60.50	USD	1,103		(39,364	)
Pioneer Natural Resources Co.		51		02/01/19	USD	138.00	USD	671		(20,400	)
Royal Dutch Shell PLC — ADR, Class A		359		02/01/19	USD	58.50	USD	2,092		(60,133	)
Royal Dutch Shell PLC — ADR, Class A		360		02/06/19	USD	58.51	USD	2,098		(55,452	)
Exxon Mobil Corp.		205		02/08/19	USD	70.01	USD	1,398		(24,206	)
Anadarko Petroleum Corp.		67		02/15/19	USD	55.00	USD	294		(1,742	)
Canadian Natural Resources Ltd.		792		02/15/19	CAD	34.00	CAD	2,609		(78,608	)
Chevron Corp.		138		02/15/19	USD	111.00	USD	1,501		(40,433	)
Concho Resources, Inc.		36		02/15/19	USD	105.00	USD	370		(19,800	)
Concho Resources, Inc.		154		02/15/19	USD	112.00	USD	1,583		(47,341	)
ConocoPhillips		101		02/15/19	USD	67.50	USD	630		(12,423	)
ConocoPhillips		51		02/15/19	USD	65.00	USD	318		(10,634	)
Exxon Mobil Corp.		379		02/15/19	USD	80.00	USD	2,584		(4,358	)
Exxon Mobil Corp.		207		02/15/19	USD	70.00	USD	1,412		(39,434	)
Noble Energy, Inc.		390		02/15/19	USD	21.75	USD	732		(12,929	)
Patterson-UTI Energy, Inc.		344		02/15/19	USD	15.00	USD	356		(3,440	)
Williams Cos., Inc.		320		02/15/19	USD	26.00	USD	706		(7,840	)
Williams Cos., Inc.		363		02/15/19	USD	25.00	USD	800		(8,530	)

									$	(799,285	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)		Value
Call
Galp Energia SGPS SA	Goldman Sachs International		36,800		01/03/19	EUR	14.70		EUR	506	$	(8	)
Suncor Energy, Inc.	Goldman Sachs International		11,600		01/03/19	CAD	46.20		CAD	442		—
BP PLC	Barclays Bank PLC		311,000		01/04/19	GBP	5.52		GBP	1,543		—
BP PLC	UBS AG		255,500		01/04/19	GBP	5.38		GBP	1,267		(26	)
Suncor Energy, Inc.	Goldman Sachs International		27,600		01/04/19	CAD	44.18		CAD	1,052		—
Suncor Energy, Inc.	Credit Suisse International		11,200		01/07/19	CAD	46.00		CAD	427		(8	)
CNOOC Ltd.	UBS AG		407,000		01/08/19	HKD	14.23		HKD	4,908		(233	)
BP PLC	Morgan Stanley & Co. International PLC		270,000		01/09/19	GBP	5.28		GBP	1,339		(4,129	)
TOTAL SA	Morgan Stanley & Co. International PLC		40,000		01/09/19	EUR	53.35		EUR	1,842		(12	)
Oil Search Ltd.	UBS AG		190,000		01/10/19	AUD	7.56		AUD	1,359		(3,822	)
Suncor Energy, Inc.	Credit Suisse International		11,300		01/11/19	CAD	45.48	��	CAD	431		(2	)
CNOOC Ltd.	UBS AG		407,000		01/15/19	HKD	14.23		HKD	4,908		(775	)
Suncor Energy, Inc.	Goldman Sachs International		27,700		01/15/19	CAD	44.39		CAD	1,056		(676	)
BP PLC	Morgan Stanley & Co. International PLC		270,000		01/16/19	GBP	5.33		GBP	1,339		(6,916	)
Galp Energia SGPS SA	Credit Suisse International		36,800		01/16/19	EUR	14.92		EUR	506		(1,125	)
TOTAL SA	Credit Suisse International		46,400		01/16/19	EUR	48.97		EUR	2,136		(6,368	)
Canadian Natural Resources Ltd.	Credit Suisse International		34,000		01/23/19	CAD	37.51		CAD	1,120		(4,310	)
Encana Corp.	Credit Suisse International		34,300		01/23/19	CAD	8.33		CAD	270		(6,793	)
Suncor Energy, Inc.	Credit Suisse International		25,400		01/23/19	CAD	42.56		CAD	969		(2,870	)
TOTAL SA	UBS AG		28,200		01/23/19	EUR	50.27		EUR	1,298		(2,315	)
Royal Dutch Shell PLC — ADR, Class A	Goldman Sachs International		40,700		01/24/19	GBP	24.16		GBP	940		(11,593	)
TOTAL SA	Credit Suisse International		27,900		01/29/19	EUR	48.58		EUR	1,285		(10,950	)
BP PLC — ADR	UBS AG		300,000		01/31/19	GBP	5.36		GBP	1,488		(15,459	)
TransCanada Corp.	Deutsche Bank AG		26,800		01/31/19	CAD	51.91		CAD	1,307		(4,379	)
Suncor Energy, Inc.	Goldman Sachs International		19,800		02/01/19	CAD	43.81		CAD	755		(2,131	)
CNOOC Ltd.	JPMorgan Chase Bank N.A.		50,000		02/04/19	HKD	12.88		HKD	603		(1,746	)


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (continued)

December 31, 2018

BlackRock Energy and Resources Trust (BGR)

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
BP PLC — ADR	Credit Suisse International		237,200		02/06/19	GBP	5.13	GBP	1,177	$	(34,253	)
Canadian Natural Resources Ltd.	Credit Suisse International		34,000		02/06/19	CAD	37.51	CAD	1,120		(9,398	)
Galp Energia SGPS SA	Credit Suisse International		39,200		02/06/19	EUR	14.15	EUR	539		(12,520	)
Oil Search Ltd.	UBS AG		124,300		02/06/19	AUD	7.49	AUD	889		(13,311	)
Suncor Energy, Inc.	Goldman Sachs International		23,100		02/07/19	CAD	37.66	CAD	881		(32,427	)
Baker Hughes a GE Co.	Deutsche Bank AG		24,500		02/08/19	USD	22.01	USD	527		(16,318	)
TOTAL SA	UBS AG		35,600		02/12/19	EUR	48.21	EUR	1,639		(25,175	)
Royal Dutch Shell PLC — ADR, Class A	Goldman Sachs International		40,700		02/13/19	GBP	24.39	GBP	940		(15,705	)
Suncor Energy, Inc.	Goldman Sachs International		15,500		02/14/19	CAD	41.73	CAD	591		(6,835	)

										$	(252,588	)

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

Swap

Premiums

Paid

Swap
Premiums
Received

Unrealized
Appreciation

Unrealized
Depreciation

Value

Options Written

N/A

2,540,288

(34,234

)

(1,051,873

)

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
Assets — Derivative Financial Instruments
Options purchased
Investments at value — unaffiliated^(a)	$	—	$	—	$	8,755	$	—	$	—	$	—	$	8,755

Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	1,051,873	$	—	$	—	$	—	$	1,051,873

^(a)

Includes options purchased at value as reported in the Schedule of Investments.

For the period ended December 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Options purchased^(a)	$	—	$	—	$	6,138		$	—	$	—	$	—	$	6,138
Options written		—		—		(5,634,691	)		—		—		—		(5,634,691	)

	$	—	$	—	$	(5,628,553	)	$	—	$	—	$	—	$	(5,628,553	)


^(a) Options purchased are included in net realized gain (loss) from investments.

Net Change in Unrealized Appreciation (Depreciation) on:
Options purchased^(a)	$	—	$	—	$	6,598		$	—	$	—	$	—	$	6,598
Options written		—		—		6,855,978			—		—		—		6,855,978

	$	—	$	—	$	6,862,576		$	—	$	—	$	—	$	6,862,576

^(a)

Options purchased are included in net change in unrealized appreciation (depreciation) on investments.

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts purchased	$	2,189
Average value of option contracts written	$	2,947,718

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


28		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Energy and Resources Trust (BGR)

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets			Liabilities
Options	$	8,755	^(a)	$	1,051,873
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(8,755	)		(799,285	)

Total derivative assets and liabilities subject to an MNA	$	—		$	252,588

^(a)

Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

The following table presents the Trust’s derivative assets (and liabilities) by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and 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	$	88,597	$	—	$	—		$	—	$	88,597
Deutsche Bank AG		20,697		—		—			—		20,697
Goldman Sachs International		69,375		—		(69,375	)		—		—
JPMorgan Chase Bank N.A.		1,746		—		—			—		1,746
Morgan Stanley & Co. International PLC		11,057		—		—			—		11,057
UBS AG		61,116		—		—			—		61,116

	$	252,588	$	—	$	(69,375	)	$	—	$	183,213

^(a)

Excess of collateral pledged to 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.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Common Stocks:
Energy Equipment & Services	$	21,590,147		$	—		$	—	$	21,590,147
Oil, Gas & Consumable Fuels		251,745,933			80,532,008			—		332,277,941
Short-Term Securities		5,006,975			—			—		5,006,975
Options Purchased:
Equity contracts		8,755			—			—		8,755

	$	278,351,810		$	80,532,008		$	—	$	358,883,818

Derivative Financial Instruments^(a)
Liabilities:
Equity contracts	$	(614,328	)	$	(437,545	)	$	—	$	(1,051,873	)

^(a)

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

During the year ended December 31, 2018, there were no transfers between levels.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			29

Schedule of Investments

December 31, 2018

BlackRock Enhanced Capital and Income Fund (CII)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks — 99.9%

Airlines — 1.5%
Delta Air Lines, Inc.		206,296	$	10,294,170


Banks — 10.0%
Bank of America Corp.^(a)		794,984		19,588,406
JPMorgan Chase & Co.^(b)		224,576		21,923,109
Regions Financial Corp.		323,165		4,323,948
SunTrust Banks, Inc.		183,682		9,264,920
U.S. Bancorp		266,869		12,195,913

				67,296,296

Biotechnology — 3.1%
Biogen, Inc.^(c)		45,057		13,558,553
Gilead Sciences, Inc.		117,633		7,357,944

				20,916,497

Capital Markets — 1.1%
E*Trade Financial Corp.		172,462		7,567,633


Chemicals — 2.0%
DowDuPont, Inc.		247,850		13,255,018


Commercial Services & Supplies — 1.1%
KAR Auction Services, Inc.		152,455		7,275,153


Communications Equipment — 3.0%
Cisco Systems, Inc.		475,156		20,588,509


Consumer Finance — 1.7%
Ally Financial, Inc.		303,695		6,881,729
SLM Corp.^(c)		529,692		4,401,740

				11,283,469

Containers & Packaging — 1.3%
Packaging Corp. of America		103,230		8,615,576


Electric Utilities — 1.7%
FirstEnergy Corp.		306,003		11,490,413


Electrical Equipment — 1.3%
Emerson Electric Co.		151,192		9,033,722


Electronic Equipment, Instruments & Components — 1.7%
CDW Corp.		139,609		11,315,309


Food & Staples Retailing — 2.8%
Walmart, Inc.		203,846		18,988,255


Food Products — 1.1%
J.M. Smucker Co.		82,071		7,672,818


Health Care Equipment & Supplies — 1.5%
Baxter International, Inc.		152,346		10,027,414


Health Care Providers & Services — 8.1%
Centene Corp.^(c)		75,344		8,687,163
Humana, Inc.		50,551		14,481,851
Laboratory Corp. of America Holdings^(c)		100,804		12,737,593
UnitedHealth Group, Inc.		75,532		18,816,532

				54,723,139

Hotels, Restaurants & Leisure — 1.5%
Carnival Corp.		203,087		10,012,189


Household Durables — 2.2%
D.R. Horton, Inc.		336,895		11,676,781
Lennar Corp., Class A		87,906		3,441,520

				15,118,301

Independent Power and Renewable Electricity Producers — 1.2%
AES Corp.		540,639		7,817,640


Security	Shares		Value

Insurance — 1.6%
Assured Guaranty Ltd.		186,691	$	7,146,532
Hartford Financial Services Group, Inc.		77,656		3,451,809

				10,598,341

Interactive Media & Services — 5.2%
Alphabet, Inc., Class A^(c)		32,634		34,101,225
Alphabet, Inc., Class C^(c)		1,038		1,074,963

				35,176,188

IT Services — 2.8%
Amdocs Ltd.		84,510		4,950,596
Cognizant Technology Solutions Corp., Class A		223,174		14,167,085

				19,117,681

Machinery — 1.3%
Fortive Corp.		130,341		8,818,872


Media — 3.9%
Comcast Corp., Class A^(a)		561,018		19,102,663
DISH Network Corp., Class A^(c)		284,678		7,108,409

				26,211,072

Metals & Mining — 1.2%
Freeport-McMoRan, Inc.		522,764		5,389,697
Rio Tinto PLC — ADR		57,596		2,792,254

				8,181,951

Multiline Retail — 1.5%
Dollar General Corp.		91,112		9,847,385


Oil, Gas & Consumable Fuels — 6.6%
BP PLC — ADR		338,059		12,819,197
Chevron Corp.		133,428		14,515,632
Marathon Oil Corp.		277,252		3,975,794
Suncor Energy, Inc.		464,851		13,001,882

				44,312,505

Pharmaceuticals — 5.8%
Novartis AG — ADR		87,887		7,541,583
Novo Nordisk A/S — ADR		192,710		8,878,150
Pfizer, Inc.		527,634		23,031,224

				39,450,957

Road & Rail — 2.2%
Norfolk Southern Corp.		97,974		14,651,032


Semiconductors & Semiconductor Equipment — 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		211,805		7,817,722


Software — 5.6%
Microsoft Corp.^(a)		372,626		37,847,623


Specialty Retail — 4.8%
Lowe’s Cos., Inc.^(a)		166,904		15,415,253
O’Reilly Automotive, Inc.^(c)		35,072		12,076,342
Urban Outfitters, Inc.^(c)		149,938		4,977,942

				32,469,537

Technology Hardware, Storage & Peripherals — 6.1%
Apple, Inc.		231,686		36,546,150
Dell Technologies, Inc., Class C^(c)		91,033		4,448,776

				40,994,926

Tobacco — 2.2%
Altria Group, Inc.^(a)(b)		305,108		15,069,284


Total Long-Term Investments — 99.9% (Cost — $578,306,710)				673,856,597


30		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Capital and Income Fund (CII)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities — 2.2%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.32%^(d)(e)		14,789,354	$	14,789,354


Total Short-Term Securities — 2.2% (Cost — $14,789,354)				14,789,354


Options Purchased — 0.0% (Cost — $10,371)				2,522


Total Investments Before Options Written — 102.1% (Cost — $593,106,435)				688,648,473


Options Written — (0.5)% (Premiums Received — $8,128,325)				(3,567,851	)


Total Investments, Net of Options Written — 101.6% (Cost — $584,978,110)				685,080,622

Liabilities in Excess of Other Assets — (1.6)%				(11,003,676	)


Net Assets Applicable to Common Shares — 100.0%			$	674,076,946

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

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

^(c)	Non-income producing security.

^(d)	Annualized7-day yield as of period end.

^(e)	During the year ended December 31, 2018, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Investment Value Held at 12/31/17		Net Activity		Shares Investment Value Held at 12/31/18		Value at 12/31/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		3,142,974		11,646,380		14,789,354	$	14,789,354	$	80,954		$	—		$	—
SL Liquidity Series, LLC, Money Market Series		—		—		—		—		13,698	^(b)		(97	)		—

							$	14,789,354	$	94,652		$	(97	)	$	—

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents securities lending income earned from the reinvestments of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Bank of America Corp.		181		01/04/19	USD	28.00	USD	446	$	272
Altria Group, Inc.		309		01/18/19	USD	62.50	USD	1,526		1,390
Bank of America Corp.		344		01/18/19	USD	29.00	USD	848		860

									$	2,522

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
U. S. Bancorp		61		01/03/19	USD	55.50	USD	279	$	—
Altria Group, Inc.		430		01/04/19	USD	55.50	USD	2,214		(16,770	)
Bank of America Corp.		363		01/04/19	USD	29.00	USD	894		(363	)
Baxter International, Inc.		141		01/04/19	USD	68.50	USD	928		(3,102	)
Biogen, Inc.		46		01/04/19	USD	337.50	USD	1,384		(9,890	)
Carnival Corp.		410		01/04/19	USD	63.50	USD	2,021		(2,050	)
Chevron Corp.		177		01/04/19	USD	118.00	USD	1,926		(531	)


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Capital and Income Fund (CII)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Cognizant Technology Solutions Corp., Class A		162		01/04/19	USD	72.00	USD	1,028	$	(8,100	)
D.R. Horton, Inc.		371		01/04/19	USD	39.00	USD	1,286		(4,823	)
Delta Air Lines, Inc.		234		01/04/19	USD	58.00	USD	1,168		(11,700	)
Delta Air Lines, Inc.		234		01/04/19	USD	61.00	USD	1,168		(11,700	)
DowDuPont, Inc.		212		01/04/19	USD	58.50	USD	1,134		(1,060	)
Emerson Electric Co.		215		01/04/19	USD	67.00	USD	1,285		(12,900	)
Freeport-McMoRan, Inc.		71		01/04/19	USD	12.50	USD	73		(71	)
Gilead Sciences, Inc.		224		01/04/19	USD	69.50	USD	1,401		(448	)
Hartford Financial Services Group, Inc.		316		01/04/19	USD	45.00	USD	1,405		(8,374	)
Humana, Inc.		67		01/04/19	USD	342.50	USD	1,919		(1,005	)
JPMorgan Chase & Co.		118		01/04/19	USD	112.00	USD	1,152		(5,900	)
Marathon Oil Corp.		202		01/04/19	USD	17.50	USD	290		(3,636	)
O’Reilly Automotive, Inc.		34		01/04/19	USD	355.00	USD	1,171		(3,032	)
Pfizer, Inc.		377		01/04/19	USD	43.50	USD	1,646		(19,793	)
Pfizer, Inc.		94		01/04/19	USD	44.50	USD	410		(1,598	)
Pfizer, Inc.		94		01/04/19	USD	46.50	USD	410		(376	)
Pfizer, Inc.		220		01/04/19	USD	45.00	USD	960		(1,540	)
U. S. Bancorp		61		01/04/19	USD	55.50	USD	279		—
Urban Outfitters, Inc.		38		01/04/19	USD	40.00	USD	126		(1,900	)
Urban Outfitters, Inc.		224		01/04/19	USD	39.00	USD	744		(11,200	)
Alphabet, Inc., Class A		4		01/11/19	USD	1,100.00	USD	418		(1,840	)
Altria Group, Inc.		430		01/11/19	USD	55.01	USD	2,124		(141	)
Apple, Inc.		280		01/11/19	USD	180.96	USD	4,417		(956	)
BP PLC — ADR		360		01/11/19	USD	42.00	USD	1,365		(1,080	)
Bank of America Corp.		92		01/11/19	USD	29.00	USD	227		(276	)
Bank of America Corp.		377		01/11/19	USD	27.00	USD	929		(754	)
Bank of America Corp.		334		01/11/19	USD	26.50	USD	823		(1,336	)
Bank of America Corp.		98		01/11/19	USD	25.00	USD	241		(3,822	)
Bank of America Corp.		166		01/11/19	USD	28.23	USD	409		(52	)
Biogen, Inc.		13		01/11/19	USD	327.50	USD	391		(1,787	)
Carnival Corp.		221		01/11/19	USD	60.00	USD	1,090		(1,105	)
Chevron Corp.		125		01/11/19	USD	119.00	USD	1,360		(625	)
Comcast Corp., Class A		512		01/11/19	USD	38.00	USD	1,743		(2,560	)
D.R. Horton, Inc.		395		01/11/19	USD	39.00	USD	1,369		(4,345	)
DISH Network Corp., Class A		235		01/11/19	USD	34.00	USD	587		(2,350	)
Delta Air Lines, Inc.		169		01/11/19	USD	58.00	USD	843		(1,014	)
DowDuPont, Inc.		145		01/11/19	USD	58.50	USD	775		(870	)
DowDuPont, Inc.		163		01/11/19	USD	55.00	USD	872		(9,535	)
Emerson Electric Co.		162		01/11/19	USD	66.00	USD	968		(2,430	)
FirstEnergy Corp.		100		01/11/19	USD	39.23	USD	376		(975	)
Fortive Corp.		136		01/11/19	USD	74.00	USD	920		(17,000	)
Freeport-McMoRan, Inc.		516		01/11/19	USD	11.00	USD	532		(6,450	)
Freeport-McMoRan, Inc.		482		01/11/19	USD	11.93	USD	497		(520	)
Freeport-McMoRan, Inc.		71		01/11/19	USD	12.20	USD	73		(38	)
Gilead Sciences, Inc.		80		01/11/19	USD	72.00	USD	500		(480	)
Hartford Financial Services Group, Inc.		316		01/11/19	USD	45.00	USD	1,405		(18,012	)
Lowe’s Cos., Inc.		94		01/11/19	USD	96.00	USD	868		(6,157	)
Marathon Oil Corp.		202		01/11/19	USD	17.50	USD	290		(808	)
Microsoft Corp.		319		01/11/19	USD	112.00	USD	3,240		(3,828	)
Pfizer, Inc.		95		01/11/19	USD	46.50	USD	415		(855	)
Pfizer, Inc.		220		01/11/19	USD	45.00	USD	960		(5,280	)
U.S. Bancorp		179		01/11/19	USD	54.50	USD	818		(716	)
U.S. Bancorp		98		01/11/19	USD	54.00	USD	448		(392	)
Urban Outfitters, Inc.		224		01/11/19	USD	39.00	USD	744		(10,080	)
Walmart, Inc.		378		01/11/19	USD	99.00	USD	3,521		(5,481	)
AES Corp.		400		01/18/19	USD	16.00	USD	578		(2,000	)
AES Corp.		380		01/18/19	USD	15.40	USD	549		(2,564	)
Ally Financial, Inc.		642		01/18/19	USD	27.00	USD	1,455		(9,630	)
Ally Financial, Inc.		124		01/18/19	USD	24.00	USD	281		(3,720	)
Alphabet, Inc., Class A		4		01/18/19	USD	1,130.00	USD	418		(1,660	)
Alphabet, Inc., Class A		21		01/18/19	USD	1,100.00	USD	2,194		(20,790	)
Altria Group, Inc.		309		01/18/19	USD	67.50	USD	1,526		(927	)


32		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Capital and Income Fund (CII)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Altria Group, Inc.		465		01/18/19	USD	55.00	USD	2,297	$	(5,115	)
Amdocs Ltd.		235		01/18/19	USD	65.00	USD	1,377		(15,275	)
Assured Guaranty Ltd.		200		01/18/19	USD	42.00	USD	766		(900	)
Assured Guaranty Ltd.		387		01/18/19	USD	39.00	USD	1,481		(25,155	)
BP PLC — ADR		334		01/18/19	USD	42.00	USD	1,267		(1,002	)
BP PLC — ADR		221		01/18/19	USD	41.00	USD	838		(1,547	)
Bank of America Corp.		688		01/18/19	USD	30.00	USD	1,695		(688	)
Baxter International, Inc.		121		01/18/19	USD	65.40	USD	796		(20,961	)
Biogen, Inc.		30		01/18/19	USD	340.00	USD	903		(2,025	)
CDW Corp.		332		01/18/19	USD	90.00	USD	2,691		(5,810	)
CDW Corp.		108		01/18/19	USD	85.00	USD	875		(13,230	)
Carnival Corp.		120		01/18/19	USD	60.00	USD	592		(600	)
Centene Corp.		234		01/18/19	USD	135.00	USD	2,698		(1,170	)
Chevron Corp.		124		01/18/19	USD	120.00	USD	1,349		(1,860	)
Chevron Corp.		209		01/18/19	USD	125.00	USD	2,274		(731	)
Cisco Systems, Inc.		407		01/18/19	USD	46.00	USD	1,764		(9,361	)
Cognizant Technology Solutions Corp., Class A		20		01/18/19	USD	67.50	USD	127		(550	)
Cognizant Technology Solutions Corp., Class A		163		01/18/19	USD	71.00	USD	1,035		(917	)
Comcast Corp., Class A		273		01/18/19	USD	38.75	USD	930		(682	)
DISH Network Corp., Class A		277		01/18/19	USD	35.00	USD	692		(2,770	)
DISH Network Corp., Class A		182		01/18/19	USD	32.50	USD	454		(1,365	)
Delta Air Lines, Inc.		231		01/18/19	USD	57.50	USD	1,153		(2,541	)
Dollar General Corp.		129		01/18/19	USD	115.00	USD	1,394		(7,740	)
DowDuPont, Inc.		365		01/18/19	USD	60.00	USD	1,952		(3,285	)
DowDuPont, Inc.		163		01/18/19	USD	55.00	USD	872		(15,893	)
E*Trade Financial Corp.		412		01/18/19	USD	50.00	USD	1,808		(3,914	)
Emerson Electric Co.		215		01/18/19	USD	67.50	USD	1,285		(1,612	)
FirstEnergy Corp.		104		01/18/19	USD	40.00	USD	391		(1,040	)
Fortive Corp.		320		01/18/19	USD	80.00	USD	2,165		(56,000	)
Freeport-McMoRan, Inc.		71		01/18/19	USD	13.00	USD	73		(106	)
Freeport-McMoRan, Inc.		482		01/18/19	USD	12.00	USD	497		(2,410	)
Freeport-McMoRan, Inc.		516		01/18/19	USD	11.00	USD	532		(10,578	)
Gilead Sciences, Inc.		167		01/18/19	USD	75.00	USD	1,045		(334	)
Humana, Inc.		33		01/18/19	USD	320.00	USD	945		(3,300	)
J.M. Smucker Co.		62		01/18/19	USD	110.00	USD	580		(310	)
J.M. Smucker Co.		154		01/18/19	USD	105.00	USD	1,440		(2,310	)
JPMorgan Chase & Co.		270		01/18/19	USD	110.00	USD	2,636		(2,160	)
JPMorgan Chase & Co.		83		01/18/19	USD	100.00	USD	810		(13,114	)
KAR Auction Services, Inc.		260		01/18/19	USD	60.00	USD	1,241		(1,300	)
Laboratory Corp. of America Holdings		301		01/18/19	USD	150.00	USD	3,803		(10,535	)
Lennar Corp., Class A		157		01/18/19	USD	45.00	USD	615		(4,553	)
Lowe’s Cos., Inc.		131		01/18/19	USD	92.50	USD	1,210		(34,322	)
Marathon Oil Corp.		48		01/18/19	USD	18.00	USD	69		(120	)
Marathon Oil Corp.		320		01/18/19	USD	15.00	USD	459		(12,800	)
Microsoft Corp.		345		01/18/19	USD	110.00	USD	3,504		(16,215	)
Microsoft Corp.		33		01/18/19	USD	112.00	USD	335		(1,588	)
Norfolk Southern Corp.		160		01/18/19	USD	160.00	USD	2,393		(18,000	)
Novartis AG — ADR		130		01/18/19	USD	90.00	USD	1,116		(3,575	)
Novo Nordisk A/S — ADR		324		01/18/19	USD	45.00	USD	1,493		(56,700	)
O’Reilly Automotive, Inc.		67		01/18/19	USD	360.00	USD	2,307		(30,150	)
O’Reilly Automotive, Inc.		33		01/18/19	USD	370.00	USD	1,136		(7,095	)
Packaging Corp. of America		17		01/18/19	USD	105.00	USD	142		(510	)
Packaging Corp. of America		53		01/18/19	USD	100.00	USD	442		(1,590	)
Packaging Corp. of America		283		01/18/19	USD	95.00	USD	2,362		(8,490	)
Pfizer, Inc.		130		01/18/19	USD	44.00	USD	567		(10,725	)
Pfizer, Inc.		94		01/18/19	USD	45.00	USD	410		(3,901	)
Regions Financial Corp.		377		01/18/19	USD	14.00	USD	504		(12,064	)
Rio Tinto PLC — ADR		67		01/18/19	USD	52.50	USD	325		(1,340	)
SunTrust Banks, Inc.		615		01/18/19	USD	57.50	USD	3,102		(3,997	)
Suncor Energy, Inc.		74		01/18/19	USD	36.00	USD	207		(370	)
Suncor Energy, Inc.		101		01/18/19	USD	35.00	USD	282		(505	)
Suncor Energy, Inc.		119		01/18/19	USD	34.00	USD	333		(476	)


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Capital and Income Fund (CII)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Suncor Energy, Inc.		318		01/18/19	USD	30.00	USD	889	$	(6,042	)
Taiwan Semiconductor Manufacturing Co. Ltd.		265		01/18/19	USD	40.00	USD	978		(6,625	)
U.S. Bancorp		229		01/18/19	USD	55.00	USD	1,047		(229	)
UnitedHealth Group, Inc.		54		01/18/19	USD	270.00	USD	1,345		(5,697	)
Urban Outfitters, Inc.		194		01/18/19	USD	39.00	USD	644		(1,940	)
Walmart, Inc.		255		01/18/19	USD	100.00	USD	2,375		(5,992	)
Alphabet, Inc., Class A		8		01/25/19	USD	1,057.50	USD	836		(24,200	)
Altria Group, Inc.		464		01/25/19	USD	55.00	USD	2,292		(7,656	)
BP PLC — ADR		221		01/25/19	USD	41.00	USD	838		(2,762	)
Bank of America Corp.		378		01/25/19	USD	27.00	USD	931		(4,725	)
Baxter International, Inc.		110		01/25/19	USD	66.00	USD	724		(20,570	)
Biogen, Inc.		13		01/25/19	USD	330.00	USD	391		(2,340	)
Biogen, Inc.		52		01/25/19	USD	307.50	USD	1,565		(40,820	)
Carnival Corp.		250		01/25/19	USD	58.00	USD	1,233		(1,250	)
Chevron Corp.		86		01/25/19	USD	119.00	USD	936		(4,085	)
Cisco Systems, Inc.		137		01/25/19	USD	49.00	USD	594		(753	)
Cisco Systems, Inc.		187		01/25/19	USD	42.00	USD	810		(37,961	)
Cognizant Technology Solutions Corp., Class A		19		01/25/19	USD	68.50	USD	121		(570	)
Comcast Corp., Class A		113		01/25/19	USD	38.50	USD	385		(847	)
D.R. Horton, Inc.		383		01/25/19	USD	38.00	USD	1,327		(17,427	)
DISH Network Corp., Class A		424		01/25/19	USD	34.00	USD	1,059		(31,800	)
DISH Network Corp., Class A		182		01/25/19	USD	32.50	USD	454		(3,640	)
Delta Air Lines, Inc.		189		01/25/19	USD	57.00	USD	943		(3,402	)
DowDuPont, Inc.		289		01/25/19	USD	57.50	USD	1,546		(14,017	)
DowDuPont, Inc.		163		01/25/19	USD	55.00	USD	872		(19,886	)
E*Trade Financial Corp.		269		01/25/19	USD	45.50	USD	1,180		(29,994	)
Emerson Electric Co.		132		01/25/19	USD	60.00	USD	789		(24,090	)
FirstEnergy Corp.		412		01/25/19	USD	39.27	USD	1,547		(10,518	)
Freeport-McMoRan, Inc.		516		01/25/19	USD	11.50	USD	532		(10,062	)
Gilead Sciences, Inc.		49		01/25/19	USD	73.00	USD	306		(588	)
Gilead Sciences, Inc.		80		01/25/19	USD	69.00	USD	500		(2,880	)
Hartford Financial Services Group, Inc.		100		01/25/19	USD	43.50	USD	445		(18,550	)
Humana, Inc.		76		01/25/19	USD	312.50	USD	2,177		(10,260	)
JPMorgan Chase & Co.		63		01/25/19	USD	107.00	USD	615		(2,173	)
JPMorgan Chase & Co.		83		01/25/19	USD	101.00	USD	810		(12,741	)
Lowe’s Cos., Inc.		160		01/25/19	USD	93.00	USD	1,478		(42,240	)
Marathon Oil Corp.		626		01/25/19	USD	19.00	USD	898		(2,504	)
Microsoft Corp.		153		01/25/19	USD	113.00	USD	1,554		(7,114	)
Microsoft Corp.		145		01/25/19	USD	106.00	USD	1,473		(30,160	)
Norfolk Southern Corp.		160		01/25/19	USD	160.00	USD	2,393		(37,600	)
Pfizer, Inc.		51		01/25/19	USD	45.00	USD	223		(2,856	)
Pfizer, Inc.		50		01/25/19	USD	44.50	USD	218		(3,725	)
Pfizer, Inc.		171		01/25/19	USD	44.00	USD	746		(16,673	)
SunTrust Banks, Inc.		615		01/25/19	USD	55.21	USD	3,102		(11,722	)
Suncor Energy, Inc.		319		01/25/19	USD	30.00	USD	892		(8,932	)
U.S. Bancorp		169		01/25/19	USD	52.00	USD	772		(1,014	)
UnitedHealth Group, Inc.		50		01/25/19	USD	275.00	USD	1,246		(2,925	)
UnitedHealth Group, Inc.		129		01/25/19	USD	250.00	USD	3,214		(98,040	)
Urban Outfitters, Inc.		240		01/25/19	USD	36.00	USD	797		(14,400	)
Walmart, Inc.		315		01/25/19	USD	92.00	USD	2,934		(97,650	)
J.M. Smucker Co.		61		01/28/19	USD	105.00	USD	570		(1,196	)
Novo Nordisk A/S — ADR		419		01/28/19	USD	45.90	USD	1,930		(61,577	)
Pfizer, Inc.		146		01/28/19	USD	45.10	USD	637		(8,983	)
Cisco Systems, Inc.		106		01/31/19	USD	46.25	USD	459		(5,824	)
J.M. Smucker Co.		231		01/31/19	USD	103.92	USD	2,160		(7,730	)
O’Reilly Automotive, Inc.		67		01/31/19	USD	352.00	USD	2,307		(57,841	)
Alphabet, Inc., Class A		20		02/01/19	USD	1,050.00	USD	2,090		(88,700	)
Apple, Inc.		120		02/01/19	USD	165.00	USD	1,893		(54,900	)
BP PLC — ADR Each Representing Six PLC		221		02/01/19	USD	41.01	USD	838		(5,614	)
Bank of America Corp.		835		02/01/19	USD	27.00	USD	2,057		(14,613	)
Carnival Corp.		221		02/01/19	USD	51.50	USD	1,090		(16,575	)
Cisco Systems, Inc.		187		02/01/19	USD	42.50	USD	810		(36,185	)


34		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Capital and Income Fund (CII)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Cisco Systems, Inc.		158		02/01/19	USD	48.28	USD	685	$	(4,028	)
Comcast Corp., Class A		324		02/01/19	USD	37.50	USD	1,103		(7,452	)
DISH Network Corp., Class A		153		02/01/19	USD	33.50	USD	382		(11,475	)
DISH Network Corp., Class A		182		02/01/19	USD	32.50	USD	454		(1,820	)
Delta Air Lines, Inc.		188		02/01/19	USD	55.00	USD	938		(9,682	)
Dollar General Corp.		93		02/01/19	USD	108.00	USD	1,005		(33,945	)
E*Trade Financial Corp.		388		02/01/19	USD	45.50	USD	1,703		(49,858	)
Emerson Electric Co.		162		02/01/19	USD	63.00	USD	968		(14,175	)
FirstEnergy Corp.		101		02/01/19	USD	39.93	USD	379		(2,161	)
Gilead Sciences, Inc.		50		02/01/19	USD	70.00	USD	313		(2,075	)
Gilead Sciences, Inc.		79		02/01/19	USD	70.50	USD	494		(2,607	)
JPMorgan Chase & Co.		83		02/01/19	USD	101.00	USD	810		(15,438	)
Lowe’s Cos., Inc.		217		02/01/19	USD	95.50	USD	2,004		(41,990	)
Marathon Oil Corp.		320		02/01/19	USD	16.00	USD	459		(9,120	)
Microsoft Corp.		145		02/01/19	USD	106.00	USD	1,473		(37,773	)
Pfizer, Inc.		57		02/01/19	USD	44.00	USD	249		(6,298	)
Suncor Energy, Inc.		318		02/01/19	USD	30.00	USD	889		(12,402	)
U.S. Bancorp		204		02/01/19	USD	47.50	USD	932		(15,096	)
UnitedHealth Group, Inc.		106		02/01/19	USD	262.50	USD	2,641		(39,750	)
UnitedHealth Group, Inc.		129		02/01/19	USD	250.00	USD	3,214		(111,263	)
BP PLC — ADR Each Representing Six PLC		360		02/08/19	USD	39.26	USD	1,365		(27,813	)
Bank of America Corp.		619		02/08/19	USD	25.00	USD	1,525		(55,091	)
Bank of America Corp.		102		02/08/19	USD	24.64	USD	251		(9,604	)
Cisco Systems, Inc.		187		02/08/19	USD	42.74	USD	810		(37,522	)
Comcast Corp., Class A		277		02/08/19	USD	35.32	USD	943		(22,486	)
Pfizer, Inc.		47		02/08/19	USD	42.66	USD	205		(8,225	)
Suncor Energy, Inc.		319		02/08/19	USD	30.01	USD	892		(14,772	)
US Bancorp		308		02/08/19	USD	47.00	USD	1,408		(32,648	)
FirstEnergy Corp.		412		02/11/19	USD	38.20	USD	1,547		(33,668	)
Taiwan Semiconductor Manufacturing Co. Ltd.		105		02/13/19	USD	37.97	USD	388		(11,881	)
AES Corp.		945		02/15/19	USD	16.00	USD	1,366		(9,450	)
BP PLC — ADR		360		02/15/19	USD	42.00	USD	1,365		(7,380	)
Bank of America Corp.		378		02/15/19	USD	27.00	USD	931		(10,962	)
Bank of America Corp.		364		02/15/19	USD	29.00	USD	897		(2,002	)
Baxter International, Inc.		142		02/15/19	USD	70.00	USD	935		(14,129	)
Chevron Corp.		106		02/15/19	USD	111.00	USD	1,153		(31,057	)
Cisco Systems, Inc.		107		02/15/19	USD	46.00	USD	464		(9,897	)
Cisco Systems, Inc.		187		02/15/19	USD	43.00	USD	810		(40,673	)
Cognizant Technology Solutions Corp., Class A		21		02/15/19	USD	65.00	USD	133		(4,462	)
Comcast Corp., Class A		158		02/15/19	USD	40.00	USD	538		(1,580	)
DISH Network Corp., Class A		130		02/15/19	USD	27.50	USD	325		(11,050	)
Dollar General Corp.		93		02/15/19	USD	110.00	USD	1,005		(33,015	)
Freeport-McMoRan, Inc.		516		02/15/19	USD	12.00	USD	532		(12,384	)
JPMorgan Chase & Co.		84		02/15/19	USD	105.00	USD	820		(9,534	)
Laboratory Corp. of America Holdings		279		02/15/19	USD	140.00	USD	3,525		(41,850	)
Lennar Corp., Class A		150		02/15/19	USD	45.00	USD	587		(10,575	)
Lowe’s Cos., Inc.		160		02/15/19	USD	95.00	USD	1,478		(43,520	)
Microsoft Corp.		143		02/15/19	USD	106.20	USD	1,452		(48,800	)
Regions Financial Corp.		377		02/15/19	USD	15.00	USD	504		(8,105	)
Regions Financial Corp.		624		02/15/19	USD	14.00	USD	835		(30,888	)
US Bancorp		308		02/15/19	USD	47.50	USD	1,408		(29,722	)
Walmart, Inc.		315		02/15/19	USD	92.50	USD	2,934		(114,189	)
Comcast Corp., Class A		277		02/21/19	USD	35.32	USD	943		(28,290	)
Lowe’s Cos., Inc.		218		03/15/19	USD	100.00	USD	2,013		(50,249	)
Novo Nordisk A/S — ADR		419		03/15/19	USD	46.00	USD	1,930		(93,228	)

									$	(3,279,879	)


SCHEDULES OF INVESTMENTS			35

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Capital and Income Fund (CII)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Amdocs Ltd.	UBS AG		14,200		01/03/19		USD	66.55		USD	832	$	—
Novartis AG — ADR	Barclays Bank PLC		21,100		01/04/19		USD	90.40		USD	1,811		(62	)
CDW Corp.	Barclays Bank PLC		42,200		01/09/19		USD	97.16		USD	3,420		(51	)
AES Corp.	Credit Suisse International		45,300		01/10/19		USD	15.79		USD	655		(401	)
Assured Guaranty Ltd.	Barclays Bank PLC		18,200		01/11/19		USD	41.72		USD	697		(368	)
Ally Financial, Inc.	Citibank N.A.		38,400		01/23/19		USD	26.06		USD	870		(780	)
AES Corp.	Bank of America N.A.		66,200		01/25/19		USD	14.78		USD	957		(20,553	)
KAR Auction Services, Inc.	Morgan Stanley & Co. International PLC		25,800		01/25/19		USD	47.74		USD	1,231		(33,814	)
Assured Guaranty Ltd.	Barclays Bank PLC		38,800		01/28/19		USD	38.68		USD	1,485		(37,431	)
Ally Financial, Inc.	Citibank N.A.		73,200		01/29/19		USD	23.38		USD	1,659		(34,365	)
Rio Tinto PLC — ADR	Goldman Sachs International		8,700		01/29/19		USD	49.49		USD	422		(9,509	)
Regions Financial Corp.	Credit Suisse International		62,500		01/30/19		USD	13.72		USD	836		(21,328	)
SLM Corp.	JPMorgan Chase Bank N.A.		81,500		01/30/19		USD	8.96		USD	677		(5,753	)
AES Corp.	Goldman Sachs International		35,600		01/31/19		USD	15.25		USD	515		(5,136	)
SLM Corp.	Morgan Stanley & Co. International PLC		112,300		02/04/19		USD	10.54		USD	933		(85	)
Rio Tinto PLC — ADR	UBS AG		11,600		02/07/19		USD	47.17		USD	562		(33,156	)
Amdocs Ltd.	JPMorgan Chase Bank N.A.		14,200		02/11/19		USD	60.49		USD	832		(11,469	)
Centene Corp.	Credit Suisse International		23,400		02/12/19		USD	136.89		USD	2,698		(16,702	)
Rio Tinto PLC — ADR	Goldman Sachs International		8,700		02/13/19		USD	49.49		USD	422		(12,711	)
SLM Corp.	Credit Suisse International		134,600		02/13/19		USD	8.32		USD	1,119		(44,298	)

												$	(287,972	)

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


	Swap Premium Paid		Swap Premium Received		Unrealized Appreciation		Unrealized Depreciation			Value
Options Written		N/A		N/A	$	4,923,979	$	(363,505	)	$	(3,567,851	)

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
Assets — Derivative Financial Instruments
Options purchased
Investments at value — unaffiliated^(a)	$	—	$	—	$	2,522	$	—	$	—	$	—	$	2,522

Liabilities — Derivative Financial Instruments
Options written
Investments at value	$	—	$	—	$	3,567,851	$	—	$	—	$	—	$	3,567,851

^(a)

Includes options purchased at value as reported in the Schedule of Investments.

For the year ended December 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Options purchased^(a)	$	—	$	—	$	(19,044	)	$	—	$	—	$	—	$	(19,044	)
Options written		—		—		(368,218	)		—		—		—		(368,218	)

	$	—	$	—	$	(387,262	)	$	—	$	—	$	—	$	(387,262	)


^(a) Options purchased are included in net realized gain (loss) from investments.


36		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Capital and Income Fund (CII)

Derivative Financial Instruments Categorized by Risk Exposure (continued)


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on:
Options purchased^(a)	$	—	$	—	$	(7,849	)	$	—	$	—	$	—	$	(7,849	)
Options written		—		—		6,586,567			—		—		—		6,586,567

	$	—	$	—	$	6,578,718		$	—	$	—	$	—	$	6,578,718

^(a)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts purchased	$	1,032
Average value of option contracts written	$	5,256,404

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) are as follows:


	Assets			Liabilities
Derivative Financial Instruments:
Options	$	2,522	^(a)	$	3,567,851
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(2,522	)		(3,279,879	)

Total derivative assets and liabilities subject to an MNA	$	—		$	287,972

^(a)	Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

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 and pledged by the Trust:


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged^(a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities^(b)
Bank of America N.A.	$	20,553	$	—	$	—		$	—	$	20,553
Barclays Bank PLC		37,912		—		—			—		37,912
Citibank N.A.		35,145		—		(35,145	)		—		—
Credit Suisse International		82,729		—		—			—		82,729
Goldman Sachs International		27,356		—		—			—		27,356
JPMorgan Chase Bank N.A.		17,222		—		—			—		17,222
Morgan Stanley & Co. International PLC		33,899		—		—			—		33,899
UBS AG		33,156		—		—			—		33,156

	$	287,972	$	—	$	(35,145	)	$	—	$	252,827

^(a)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(b)


SCHEDULES OF INVESTMENTS			37

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Capital and Income Fund (CII)

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks^(a)	$	673,856,597		$	—		$	—	$	673,856,597
Short-Term Securities		14,789,354			—			—		14,789,354
Options Purchased:
Equity contracts		2,522			—			—		2,522

	$	688,648,473		$	—		$	—		688,648,473

Derivative Financial Instruments^(b)
Liabilities
Equity contracts	$	(2,796,823	)	$	(771,028	)	$	—	$	(3,567,851	)

^(a)

See above Schedule of Investments for values in each industry.

^(b)

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

During the year ended December 31, 2018, there were no transfers between levels.

See notes to financial statements.


38		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks — 98.0%

Aerospace & Defense — 1.5%
BAE Systems PLC		1,038,080	$	6,071,577
Lockheed Martin Corp.^(a)		28,980		7,588,123
Northrop Grumman Corp.^(a)		46,090		11,287,441

				24,947,141

Banks — 14.0%
Bank of America Corp.^(a)		1,926,846		47,477,486
Citigroup, Inc.^(a)(b)		956,689		49,805,229
JPMorgan Chase & Co.^(a)		618,037		60,332,772
U.S. Bancorp^(a)		237,963		10,874,909
Wells Fargo & Co.^(a)(b)		1,304,191		60,097,121

				228,587,517

Beverages — 2.1%
Diageo PLC		455,749		16,285,915
PepsiCo, Inc.^(a)		159,930		17,669,067

				33,954,982

Building Products — 1.0%
Johnson Controls International PLC^(a)		427,730		12,682,194
Masco Corp.^(a)		142,840		4,176,642

				16,858,836

Capital Markets — 3.7%
Charles Schwab Corp.^(a)		170,420		7,077,543
Goldman Sachs Group, Inc.^(a)		99,140		16,561,337
Morgan Stanley^(a)		547,116		21,693,149
State Street Corp.^(a)		243,512		15,358,302

				60,690,331

Chemicals — 1.0%
DowDuPont, Inc.^(a)		299,795		16,033,037


Communications Equipment — 1.8%
Cisco Systems, Inc.^(a)		236,610		10,252,311
Motorola Solutions, Inc.^(a)		171,600		19,740,864

				29,993,175

Construction Materials — 0.6%
CRH PLC		387,800		10,265,793


Containers & Packaging — 0.3%
International Paper Co.^(a)		135,700		5,476,852


Diversified Financial Services — 0.6%
AXA Equitable Holdings, Inc.^(a)		563,941		9,378,339


Diversified Telecommunication Services — 4.8%
BCE, Inc.^(a)		122,500		4,842,425
Verizon Communications, Inc.^(a)		1,318,370		74,118,761

				78,961,186

Electric Utilities — 3.1%
Edison International^(a)		25,494		1,447,294
FirstEnergy Corp.^(a)		649,320		24,381,966
NextEra Energy, Inc.^(a)		83,346		14,487,202
PG&E Corp.^(a)(c)		422,660		10,038,175

				50,354,637

Electronic Equipment, Instruments & Components — 0.2%
CDW Corp.^(a)		46,740		3,788,277


Energy Equipment & Services — 0.2%
Baker Hughes a GE Co.^(a)		159,130		3,421,295


Food Products — 2.0%
Kellogg Co.^(a)		190,830		10,879,218
Mondelez International, Inc., Class A^(a)		152,370		6,099,371
Nestle SA, Registered Shares		197,920		16,063,731

				33,042,320


Security		Shares		Value

Health Care Equipment & Supplies — 3.8%
Koninklijke Philips NV			999,789	$	35,052,090
Medtronic PLC^(a)			301,650		27,438,084

					62,490,174

Health Care Providers & Services — 7.1%
Anthem, Inc.^(a)			178,243		46,811,959
Cardinal Health, Inc.^(a)			133,650		5,960,790
CVS Health Corp.^(a)			251,606		16,485,225
Humana, Inc.^(a)			47,087		13,489,484
McKesson Corp.^(a)			120,390		13,299,484
UnitedHealth Group, Inc.^(a)			83,360		20,766,643

					116,813,585

Household Durables — 0.6%
Newell Brands, Inc.^(a)			487,020		9,053,702


Household Products — 1.1%
Procter & Gamble Co.^(a)			189,430		17,412,406
	��

Industrial Conglomerates — 2.7%
3M Co.^(a)			58,900		11,222,806
General Electric Co.^(a)			1,121,993		8,493,487
Honeywell International, Inc.^(a)			132,500		17,505,900
Siemens AG, Registered Shares			61,410		6,853,451

					44,075,644

Insurance — 6.7%
American International Group, Inc.^(a)			681,330		26,851,215
Arthur J Gallagher & Co.^(a)			179,468		13,226,792
Marsh & McLennan Cos., Inc.^(a)			183,800		14,658,050
MetLife, Inc.^(a)			864,023		35,476,784
Travelers Cos., Inc.^(a)			165,150		19,776,713

					109,989,554

IT Services — 0.7%
Cognizant Technology Solutions Corp., Class A^(a)			179,819		11,414,910


Leisure Products — 0.3%
Mattel, Inc.^(a)^(c)			480,106		4,796,259


Machinery — 0.3%
Pentair PLC^(a)			109,190		4,125,198


Media — 1.6%
Comcast Corp., Class A^(a)			778,105		26,494,475


Multi-Utilities — 0.9%
Public Service Enterprise Group, Inc.^(a)			282,440		14,701,002


Multiline Retail — 0.9%
Dollar General Corp.^(a)			127,417		13,771,229


Oil, Gas & Consumable Fuels — 10.8%
Anadarko Petroleum Corp.^(a)			151,310		6,633,430
BP PLC			5,057,210		31,970,100
Devon Energy Corp.^(a)			390,044		8,791,592
Enterprise Products Partners LP^(a)			921,260		22,653,783
Hess Corp.^(a)			213,220		8,635,410
Marathon Oil Corp.^(a)			355,070		5,091,704
Marathon Petroleum Corp.^(a)			323,069		19,064,302
ONEOK, Inc.^(a)			209,087		11,280,244
Suncor Energy, Inc.^(a)			1,238,070		34,628,818
TOTAL SA — ADR^(a)			138,977		7,251,820
Williams Cos., Inc.^(a)			962,479		21,222,662

					177,223,865

Personal Products — 0.7%
Unilever NV — NY Shares^(a)			222,480		11,969,424


Pharmaceuticals — 11.3%
AstraZeneca PLC			480,846		35,893,193
Bayer AG, Registered Shares			173,437		12,062,327


SCHEDULES OF INVESTMENTS			39

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Merck & Co., Inc.^(a)		413,570	$	31,600,884
Novartis AG — ADR^(a)		229,790		19,718,280
Novo Nordisk A/S — ADR^(a)		298,910		13,770,784
Pfizer, Inc.^(a)(b)		1,635,245		71,378,444

				184,423,912

Road & Rail — 0.5%
Union Pacific Corp.^(a)		54,020		7,467,185


Semiconductors & Semiconductor Equipment — 2.0%
QUALCOMM, Inc.^(a)		390,680		22,233,599
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR^(a)		283,441		10,461,807

				32,695,406

Software — 5.8%
Constellation Software, Inc.		13,090		8,378,866
Microsoft Corp.^(a)		405,420		41,178,509
Oracle Corp.^(a)		985,090		44,476,814

				94,034,189

Specialty Retail — 0.8%
Lowe’s Cos., Inc.^(a)		147,090		13,585,232


Technology Hardware, Storage & Peripherals — 1.4%
Apple, Inc.^(a)		25,495		4,021,581
Lenovo Group Ltd.		7,154,000		4,832,792
Samsung Electronics Co. Ltd. — GDR		16,159		14,002,190

				22,856,563

Tobacco — 1.1%
Altria Group, Inc.^(a)		374,820		18,512,360


Total Long-Term Investments — 98.0% (Cost — $1,404,910,521)				1,603,659,992


Security	Shares		Value

Short-Term Securities — 2.7%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.32%^(d)(e)		44,526,058	$	44,526,058


Total Short-Term Securities — 2.7% (Cost — $44,526,058)				44,526,058


Options Purchased — 0.0% (Cost — $43,292)				21,865


Total Investments Before Options Written — 100.7% (Cost — $1,449,479,871)				1,648,207,915


Options Written — (0.6)% (Premiums Received — $22,402,546)				(9,021,122	)


Total Investments, Net of Options Written — 100.1% (Cost — $1,427,077,325)				1,639,186,793

Liabilities in Excess of Other Assets — (0.1)%				(950,285	)


Net Assets — 100.0%			$	1,638,236,508

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

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

^(c)	Non-income producing security.

^(d)	Annualized7-day yield as of period end.

^(e)	During the year ended December 31, 2018, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/17		Net Activity		Shares Held at 12/31/18		Value at 12/31/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		4,967,189		39,558,869		44,526,058	$	44,526,058	$	262,280		$	—		$	—
SL Liquidity Series, LLC, Money Market Series		—		—		—		—		822	^(b)		(51	)		—

							$	44,526,058	$	263,102			(51	)	$	—

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sectorsub-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 industrysub-classifications for reporting ease.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Bank of America Corp.		803		01/04/19	USD	28.00	USD	1,979	$	1,205
Wells Fargo & Co.		851		01/04/19	USD	50.00	USD	3,921		1,276
Wells Fargo & Co.		851		01/11/19	USD	51.50	USD	3,921		3,404
AXA Equitable Holdings, Inc.		828		01/18/19	USD	17.50	USD	1,377		12,420
Altria Group, Inc.		430		01/18/19	USD	62.50	USD	2,124		1,935
Bank of America Corp.		650		01/18/19	USD	29.00	USD	1,602		1,625

									$	21,865


40		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
American International Group, Inc.		317		01/03/19	USD	46.00	USD	1,249	$	—
MetLife, Inc.		234		01/03/19	USD	47.00	USD	961		—
Public Service Enterprise Group, Inc.		675		01/03/19	USD	54.75	USD	3,513		(86	)
U.S. Bancorp		188		01/03/19	USD	55.50	USD	859		—
3M Co.		27		01/04/19	USD	202.50	USD	514		(216	)
Altria Group, Inc.		713		01/04/19	USD	55.50	USD	3,522		(27,807	)
American International Group, Inc.		254		01/04/19	USD	45.25	USD	1,001		(1	)
Anadarko Petroleum Corp.		313		01/04/19	USD	55.00	USD	1,372		(1,878	)
Anthem, Inc.		284		01/04/19	USD	290.00	USD	7,459		(2,840	)
Bank of America Corp.		738		01/04/19	USD	28.50	USD	1,818		(738	)
Bank of America Corp.		869		01/04/19	USD	29.00	USD	2,141		(869	)
Cardinal Health, Inc.		117		01/04/19	USD	55.50	USD	522		(2,925	)
Charles Schwab Corp.		251		01/04/19	USD	47.00	USD	1,042		(7,530	)
Citigroup, Inc.		338		01/04/19	USD	65.00	USD	1,760		(3,718	)
Cognizant Technology Solutions Corp., Class A		136		01/04/19	USD	72.00	USD	863		(6,800	)
Devon Energy Corp.		562		01/04/19	USD	28.50	USD	1,267		(2,248	)
DowDuPont, Inc.		290		01/04/19	USD	58.50	USD	1,551		(1,450	)
Goldman Sachs Group, Inc.		160		01/04/19	USD	205.00	USD	2,673		(1,600	)
Hess Corp.		572		01/04/19	USD	56.50	USD	2,317		(2,860	)
Humana, Inc.		110		01/04/19	USD	342.50	USD	3,151		(1,650	)
JPMorgan Chase & Co.		490		01/04/19	USD	112.00	USD	4,783		(24,500	)
Marathon Oil Corp.		303		01/04/19	USD	17.50	USD	435		(5,454	)
Marathon Petroleum Corp.		469		01/04/19	USD	67.00	USD	2,768		(1,876	)
McKesson Corp.		116		01/04/19	USD	130.00	USD	1,281		(1,160	)
McKesson Corp.		48		01/04/19	USD	131.50	USD	530		—
Medtronic PLC		262		01/04/19	USD	95.00	USD	2,383	��	(2,096	)
MetLife, Inc.		354		01/04/19	USD	46.25	USD	1,454		—
Morgan Stanley		631		01/04/19	USD	46.00	USD	2,502		(13,882	)
Oracle Corp.		872		01/04/19	USD	48.00	USD	3,937		(2,616	)
PepsiCo, Inc.		124		01/04/19	USD	116.00	USD	1,370		(744	)
Pfizer, Inc.		1,786		01/04/19	USD	43.50	USD	7,796		(93,765	)
Pfizer, Inc.		343		01/04/19	USD	44.50	USD	1,497		(5,831	)
Pfizer, Inc.		343		01/04/19	USD	46.50	USD	1,497		(1,372	)
Pfizer, Inc.		647		01/04/19	USD	45.00	USD	2,824		(4,529	)
Procter & Gamble Co.		220		01/04/19	USD	94.50	USD	2,022		(2,970	)
QUALCOMM, Inc.		746		01/04/19	USD	59.00	USD	4,245		(13,055	)
Travelers Cos., Inc.		132		01/04/19	USD	131.00	USD	1,581		—
U.S. Bancorp		188		01/04/19	USD	55.50	USD	859		—
Wells Fargo & Co.		410		01/04/19	USD	56.00	USD	1,889		(820	)
Wells Fargo & Co.		441		01/04/19	USD	54.00	USD	2,032		(7,497	)
Williams Cos., Inc.		50		01/04/19	USD	25.50	USD	110		(250	)
Williams Cos., Inc.		165		01/04/19	USD	27.25	USD	364		—
Unilever NV — NY Shares		652		01/08/19	USD	55.60	USD	3,508		(7,443	)
3M Co.		188		01/11/19	USD	210.00	USD	3,582		(2,068	)
Altria Group, Inc.		713		01/11/19	USD	55.01	USD	3,522		(234	)
American International Group, Inc.		493		01/11/19	USD	44.00	USD	1,943		(6,409	)
American International Group, Inc.		402		01/11/19	USD	39.00	USD	1,584		(47,838	)
Anthem, Inc.		270		01/11/19	USD	297.50	USD	7,091		(4,590	)
Bank of America Corp.		411		01/11/19	USD	29.00	USD	1,013		(1,233	)
Bank of America Corp.		642		01/11/19	USD	27.00	USD	1,582		(1,284	)
Bank of America Corp.		777		01/11/19	USD	26.50	USD	1,915		(3,108	)
Bank of America Corp.		198		01/11/19	USD	25.00	USD	488		(7,722	)
Bank of America Corp.		1,065		01/11/19	USD	28.23	USD	2,624		(331	)
CVS Health Corp.		87		01/11/19	USD	78.50	USD	570		(4,350	)
Citigroup, Inc.		458		01/11/19	USD	66.50	USD	2,384		(23,358	)
Cognizant Technology Solutions Corp., Class A		210		01/11/19	USD	71.00	USD	1,333		(1,050	)
Comcast Corp., Class A		711		01/11/19	USD	38.00	USD	2,421		(3,555	)
DowDuPont, Inc.		163		01/11/19	USD	58.50	USD	872		(978	)
DowDuPont, Inc.		177		01/11/19	USD	55.00	USD	947		(10,354	)
Enterprise Products Partners LP		632		01/11/19	USD	27.00	USD	1,554		(6,320	)
FirstEnergy Corp.		548		01/11/19	USD	39.23	USD	2,058		(5,345	)
General Electric Co.		509		01/11/19	USD	7.50	USD	385		(17,561	)
Lowe’s Cos., Inc.		104		01/11/19	USD	96.00	USD	961		(6,812	)
Marathon Oil Corp.		303		01/11/19	USD	17.50	USD	435		(1,212	)
Marathon Petroleum Corp.		67		01/11/19	USD	65.00	USD	395		(804	)


SCHEDULES OF INVESTMENTS			41

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Marathon Petroleum Corp.		136		01/11/19	USD	65.50	USD	803	$	(1,156	)
Medtronic PLC		186		01/11/19	USD	97.00	USD	1,692		(2,139	)
MetLife, Inc.		354		01/11/19	USD	45.75	USD	1,454		(757	)
Microsoft Corp.		291		01/11/19	USD	112.00	USD	2,956		(3,492	)
Morgan Stanley		152		01/11/19	USD	41.00	USD	603		(7,220	)
Morgan Stanley		631		01/11/19	USD	46.01	USD	2,502		(847	)
Northrop Grumman Corp.		169		01/11/19	USD	260.00	USD	4,139		(16,900	)
Oracle Corp.		902		01/11/19	USD	50.00	USD	4,073		(3,608	)
PepsiCo, Inc.		123		01/11/19	USD	119.00	USD	1,359		(676	)
PepsiCo, Inc.		114		01/11/19	USD	120.00	USD	1,259		(798	)
Pfizer, Inc.		344		01/11/19	USD	46.50	USD	1,502		(3,096	)
Pfizer, Inc.		647		01/11/19	USD	45.00	USD	2,824		(15,528	)
Procter & Gamble Co.		121		01/11/19	USD	93.00	USD	1,112		(12,705	)
QUALCOMM, Inc.		228		01/11/19	USD	60.00	USD	1,298		(8,436	)
State Street Corp.		271		01/11/19	USD	72.43	USD	1,709		(367	)
Travelers Cos., Inc.		277		01/11/19	USD	130.43	USD	3,317		(601	)
U.S. Bancorp		287		01/11/19	USD	54.50	USD	1,312		(1,148	)
U.S. Bancorp		204		01/11/19	USD	54.00	USD	932		(816	)
Union Pacific Corp.		102		01/11/19	USD	149.00	USD	1,410		(3,519	)
Verizon Communications, Inc.		967		01/11/19	USD	58.00	USD	5,436		(21,758	)
Wells Fargo & Co.		410		01/11/19	USD	56.00	USD	1,889		(1,230	)
Wells Fargo & Co.		441		01/11/19	USD	54.00	USD	2,032		(1,323	)
Williams Cos., Inc.		1,073		01/11/19	USD	26.00	USD	2,366		(22,533	)
Williams Cos., Inc.		633		01/11/19	USD	25.01	USD	1,396		(89	)
Williams Cos., Inc.		50		01/11/19	USD	25.18	USD	110		(5	)
AXA Equitable Holdings, Inc.		828		01/18/19	USD	22.50	USD	1,377		(28,980	)
Altria Group, Inc.		430		01/18/19	USD	67.50	USD	2,124		(1,290	)
Altria Group, Inc.		373		01/18/19	USD	55.00	USD	1,842		(4,103	)
American International Group, Inc.		443		01/18/19	USD	46.00	USD	1,746		(3,544	)
American International Group, Inc.		402		01/18/19	USD	39.00	USD	1,584		(58,893	)
Anadarko Petroleum Corp.		279		01/18/19	USD	60.00	USD	1,223		(1,395	)
Anthem, Inc.		63		01/18/19	USD	270.00	USD	1,655		(21,263	)
Anthem, Inc.		102		01/18/19	USD	290.00	USD	2,679		(3,876	)
Anthem, Inc.		213		01/18/19	USD	300.00	USD	5,594		(6,390	)
Arthur J Gallagher & Co.		346		01/18/19	USD	80.00	USD	2,550		(12,110	)
Bank of America Corp.		1,299		01/18/19	USD	30.00	USD	3,201		(1,299	)
CDW Corp.		298		01/18/19	USD	90.00	USD	2,415		(5,215	)
CDW Corp.		5		01/18/19	USD	85.00	USD	41		(612	)
CVS Health Corp.		238		01/18/19	USD	77.50	USD	1,559		(952	)
CVS Health Corp.		316		01/18/19	USD	210.00	USD	2,070		(316	)
Cardinal Health, Inc.		117		01/18/19	USD	55.00	USD	522		(585	)
Charles Schwab Corp.		341		01/18/19	USD	50.00	USD	1,416		(1,705	)
Cisco Systems, Inc.		125		01/18/19	USD	46.00	USD	542		(2,875	)
Citigroup, Inc.		458		01/18/19	USD	65.00	USD	2,384		(1,832	)
Citigroup, Inc.		339		01/18/19	USD	67.50	USD	1,765		(847	)
Cognizant Technology Solutions Corp., Class A		302		01/18/19	USD	67.50	USD	1,917		(8,305	)
Cognizant Technology Solutions Corp., Class A		136		01/18/19	USD	71.00	USD	863		(765	)
Comcast Corp., Class A		336		01/18/19	USD	38.75	USD	1,144		(840	)
Dollar General Corp.		177		01/18/19	USD	115.00	USD	1,913		(10,620	)
DowDuPont, Inc.		427		01/18/19	USD	60.00	USD	2,284		(3,843	)
DowDuPont, Inc.		177		01/18/19	USD	55.00	USD	947		(17,258	)
Edison International		73		01/18/19	USD	57.50	USD	414		(10,220	)
Enterprise Products Partners LP		500		01/18/19	USD	28.00	USD	1,230		(2,500	)
Enterprise Products Partners LP		1,264		01/18/19	USD	28.20	USD	3,108		(321	)
FirstEnergy Corp.		757		01/18/19	USD	39.00	USD	2,843		(18,925	)
FirstEnergy Corp.		311		01/18/19	USD	40.00	USD	1,168		(3,110	)
General Electric Co.		713		01/18/19	USD	9.00	USD	540		(2,495	)
General Electric Co.		399		01/18/19	USD	8.00	USD	302		(8,578	)
Goldman Sachs Group, Inc.		161		01/18/19	USD	205.00	USD	2,690		(1,207	)
Hess Corp.		380		01/18/19	USD	57.50	USD	1,539		(2,280	)
Honeywell International, Inc.		75		01/18/19	USD	150.00	USD	991		(750	)
Honeywell International, Inc.		113		01/18/19	USD	155.00	USD	1,493		(13,108	)
Humana, Inc.		27		01/18/19	USD	320.00	USD	773		(2,700	)
JPMorgan Chase & Co.		901		01/18/19	USD	110.00	USD	8,796		(7,208	)
JPMorgan Chase & Co.		345		01/18/19	USD	100.00	USD	3,368		(54,510	)


42		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Johnson Controls International PLC		335		01/18/19	USD	35.00	USD	993	$	(1,172	)
Johnson Controls International PLC		325		01/18/19	USD	33.00	USD	964		(2,925	)
Kellogg Co.		394		01/18/19	USD	65.00	USD	2,246		(3,940	)
Lockheed Martin Corp.		55		01/18/19	USD	270.00	USD	1,440		(22,275	)
Lowe’s Cos., Inc.		155		01/18/19	USD	92.50	USD	1,432		(40,610	)
Marathon Oil Corp.		134		01/18/19	USD	18.00	USD	192		(335	)
Marathon Oil Corp.		585		01/18/19	USD	15.00	USD	839		(23,400	)
Marathon Petroleum Corp.		469		01/18/19	USD	67.50	USD	2,768		(5,862	)
Marsh & McLennan Cos., Inc.		598		01/18/19	USD	85.00	USD	4,769		(11,960	)
Marsh & McLennan Cos., Inc.		596		01/18/19	USD	87.80	USD	4,753		(3,490	)
Masco Corp.		332		01/18/19	USD	31.00	USD	971		(6,640	)
Mattel, Inc.		625		01/18/19	USD	14.00	USD	624		(3,125	)
McKesson Corp.		48		01/18/19	USD	135.00	USD	530		(240	)
McKesson Corp.		116		01/18/19	USD	130.00	USD	1,281		(870	)
Medtronic PLC		361		01/18/19	USD	96.25	USD	3,284		(15,927	)
Merck & Co., Inc.		452		01/18/19	USD	77.50	USD	3,454		(42,036	)
MetLife, Inc.		1,043		01/18/19	USD	42.50	USD	4,283		(59,451	)
Microsoft Corp.		194		01/18/19	USD	110.00	USD	1,970		(9,118	)
Microsoft Corp.		378		01/18/19	USD	112.00	USD	3,839		(18,190	)
Mondelez International, Inc.		271		01/18/19	USD	45.00	USD	1,085		(813	)
Morgan Stanley		982		01/18/19	USD	48.00	USD	3,894		(4,910	)
Motorola Solutions, Inc.		352		01/18/19	USD	135.00	USD	4,049		(14,432	)
Newell Brands, Inc.		584		01/18/19	USD	23.00	USD	1,086		(4,380	)
Newell Brands, Inc.		508		01/18/19	USD	24.00	USD	944		(2,540	)
NextEra Energy, Inc.		482		01/18/19	USD	180.00	USD	8,378		(50,610	)
Novartis AG — ADR		204		01/18/19	USD	92.50	USD	1,751		(2,040	)
Novartis AG — ADR		145		01/18/19	USD	90.00	USD	1,244		(3,987	)
Novo Nordisk A/S — ADR		767		01/18/19	USD	45.00	USD	3,534		(134,225	)
ONEOK, Inc.		492		01/18/19	USD	62.50	USD	2,654		(9,840	)
PG&E Corp.		455		01/18/19	USD	29.00	USD	1,081		(9,100	)
Pentair PLC		361		01/18/19	USD	42.45	USD	1,364		(312	)
PepsiCo, Inc.		341		01/18/19	USD	120.00	USD	3,767		(3,921	)
Pfizer, Inc.		1,106		01/18/19	USD	44.00	USD	4,828		(91,245	)
Pfizer, Inc.		343		01/18/19	USD	45.00	USD	1,497		(14,234	)
Procter & Gamble Co.		226		01/18/19	USD	95.00	USD	2,077		(15,029	)
Public Service Enterprise Group, Inc.		420		01/18/19	USD	55.00	USD	2,186		(5,250	)
State Street Corp.		326		01/18/19	USD	72.50	USD	2,056		(4,238	)
Suncor Energy, Inc.		227		01/18/19	USD	36.00	USD	635		(1,135	)
Suncor Energy, Inc.		378		01/18/19	USD	35.00	USD	1,057		(1,890	)
Suncor Energy, Inc.		433		01/18/19	USD	34.00	USD	1,211		(1,732	)
Suncor Energy, Inc.		823		01/18/19	USD	30.00	USD	2,302		(15,637	)
TOTAL SA — ADR		530		01/18/19	USD	60.00	USD	2,766		(5,300	)
Taiwan Semiconductor Manufacturing Co. Ltd.		406		01/18/19	USD	40.00	USD	1,499		(10,150	)
Taiwan Semiconductor Manufacturing Co. Ltd.		159		01/18/19	USD	39.00	USD	587		(7,155	)
Travelers Cos., Inc.		274		01/18/19	USD	127.25	USD	3,281		(9,256	)
U.S. Bancorp		423		01/18/19	USD	55.00	USD	1,933		(423	)
Unilever NV — NY Shares		638		01/18/19	USD	55.00	USD	3,432		(33,495	)
Union Pacific Corp.		126		01/18/19	USD	151.50	USD	1,742		(4,899	)
UnitedHealth Group, Inc.		52		01/18/19	USD	270.00	USD	1,295		(5,486	)
Verizon Communications, Inc.		1,952		01/18/19	USD	57.50	USD	10,974		(98,576	)
Wells Fargo & Co.		277		01/18/19	USD	55.00	USD	1,276		(277	)
Wells Fargo & Co.		834		01/18/19	USD	52.50	USD	3,843		(4,587	)
Williams Cos., Inc.		118		01/18/19	USD	26.00	USD	260		(413	)
Williams Cos., Inc.		633		01/18/19	USD	25.00	USD	1,396		(3,165	)
BCE, Inc.		251		01/23/19	USD	42.69	USD	992		(539	)
Kellogg Co.		318		01/24/19	USD	62.80	USD	1,813		(5,099	)
Travelers Cos., Inc.		274		01/24/19	USD	122.55	USD	3,281		(45,573	)
3M Co.		26		01/25/19	USD	205.00	USD	495		(2,301	)
AXA Equitable Holdings, Inc.		515		01/25/19	USD	16.27	USD	856		(38,179	)
Altria Group, Inc.		374		01/25/19	USD	55.00	USD	1,847		(6,171	)
American International Group, Inc.		695		01/25/19	USD	41.00	USD	2,739		(50,735	)
Anadarko Petroleum Corp.		157		01/25/19	USD	50.50	USD	688		(4,867	)
Anthem, Inc.		51		01/25/19	USD	287.50	USD	1,339		(4,411	)
Anthem, Inc.		50		01/25/19	USD	282.50	USD	1,313		(7,650	)
Apple, Inc.		73		01/25/19	USD	165.00	USD	1,152		(21,718	)


SCHEDULES OF INVESTMENTS			43

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Arthur J Gallagher & Co.		347		01/25/19	USD	75.66	USD	2,557	$	(26,592	)
Baker Hughes a GE Co.		232		01/25/19	USD	23.12	USD	499		(5,398	)
Bank of America Corp.		641		01/25/19	USD	27.00	USD	1,579		(8,012	)
CVS Health Corp.		239		01/25/19	USD	77.50	USD	1,566		(3,585	)
Cardinal Health, Inc.		233		01/25/19	USD	46.50	USD	1,039		(19,805	)
Charles Schwab Corp.		200		01/25/19	USD	43.50	USD	831		(15,000	)
Cisco Systems, Inc.		111		01/25/19	USD	49.00	USD	481		(610	)
Cisco Systems, Inc.		132		01/25/19	USD	42.00	USD	572		(26,796	)
Citigroup, Inc.		312		01/25/19	USD	61.50	USD	1,624		(2,496	)
Cognizant Technology Solutions Corp., Class A		302		01/25/19	USD	68.50	USD	1,917		(9,060	)
Comcast Corp., Class A		197		01/25/19	USD	38.50	USD	671		(1,477	)
Devon Energy Corp.		640		01/25/19	USD	27.50	USD	1,443		(4,800	)
DowDuPont, Inc.		326		01/25/19	USD	57.50	USD	1,743		(15,811	)
DowDuPont, Inc.		178		01/25/19	USD	55.00	USD	952		(21,716	)
Enterprise Products Partners LP		1,474		01/25/19	USD	27.00	USD	3,625		(22,110	)
FirstEnergy Corp.		498		01/25/19	USD	39.27	USD	1,870		(12,713	)
General Electric Co.		1,191		01/25/19	USD	8.00	USD	902		(30,966	)
Goldman Sachs Group, Inc.		127		01/25/19	USD	177.50	USD	2,122		(33,909	)
Hess Corp.		380		01/25/19	USD	57.50	USD	1,539		(2,660	)
Honeywell International, Inc.		43		01/25/19	USD	143.00	USD	568		(1,247	)
Honeywell International, Inc.		268		01/25/19	USD	138.00	USD	3,541		(31,356	)
Humana, Inc.		136		01/25/19	USD	312.50	USD	3,896		(18,360	)
International Paper Co.		288		01/25/19	USD	44.50	USD	1,162		(6,192	)
JPMorgan Chase & Co.		233		01/25/19	USD	107.00	USD	2,275		(8,038	)
JPMorgan Chase & Co.		430		01/25/19	USD	105.00	USD	4,198		(22,360	)
JPMorgan Chase & Co.		345		01/25/19	USD	101.00	USD	3,368		(52,958	)
Johnson Controls International PLC		328		01/25/19	USD	33.00	USD	973		(2,628	)
Lockheed Martin Corp.		58		01/25/19	USD	305.00	USD	1,519		(1,740	)
Lowe’s Cos., Inc.		153		01/25/19	USD	93.00	USD	1,413		(40,392	)
Marathon Oil Corp.		149		01/25/19	USD	19.00	USD	214		(596	)
Marathon Petroleum Corp.		273		01/25/19	USD	65.50	USD	1,611		(10,510	)
Mattel, Inc.		287		01/25/19	USD	11.00	USD	287		(5,022	)
McKesson Corp.		47		01/25/19	USD	116.00	USD	519		(7,637	)
Medtronic PLC		263		01/25/19	USD	95.50	USD	2,392		(18,542	)
Merck & Co., Inc.		587		01/25/19	USD	79.50	USD	4,485		(30,818	)
MetLife, Inc.		1,043		01/25/19	USD	43.00	USD	4,283		(63,623	)
Microsoft Corp.		20		01/25/19	USD	113.00	USD	203		(930	)
Microsoft Corp.		433		01/25/19	USD	106.00	USD	4,398		(90,064	)
Mondelez International, Inc.		219		01/25/19	USD	44.50	USD	877		(1,642	)
Morgan Stanley		929		01/25/19	USD	43.00	USD	3,683		(45,521	)
Motorola Solutions, Inc.		321		01/25/19	USD	135.36	USD	3,693		(1,181	)
Northrop Grumman Corp.		99		01/25/19	USD	272.50	USD	2,425		(8,415	)
ONEOK, Inc.		720		01/25/19	USD	61.00	USD	3,884		(25,200	)
Oracle Corp.		872		01/25/19	USD	48.00	USD	3,937		(23,544	)
PG&E Corp.		569		01/25/19	USD	27.00	USD	1,351		(31,295	)
PepsiCo, Inc.		225		01/25/19	USD	113.00	USD	2,486		(36,675	)
Pfizer, Inc.		971		01/25/19	USD	45.00	USD	4,238		(54,376	)
Pfizer, Inc.		971		01/25/19	USD	44.50	USD	4,238		(72,340	)
Pfizer, Inc.		868		01/25/19	USD	44.00	USD	3,789		(84,630	)
Procter & Gamble Co.		121		01/25/19	USD	93.00	USD	1,112		(20,691	)
Suncor Energy, Inc.		824		01/25/19	USD	30.00	USD	2,305		(23,072	)
U.S. Bancorp		157		01/25/19	USD	52.00	USD	717		(942	)
UnitedHealth Group, Inc.		60		01/25/19	USD	275.00	USD	1,495		(3,510	)
UnitedHealth Group, Inc.		137		01/25/19	USD	250.00	USD	3,413		(104,120	)
Verizon Communications, Inc.		753		01/25/19	USD	58.00	USD	4,233		(41,415	)
Verizon Communications, Inc.		1,521		01/25/19	USD	57.00	USD	8,551		(134,609	)
Wells Fargo & Co.		333		01/25/19	USD	48.00	USD	1,534		(28,638	)
Williams Cos., Inc.		580		01/25/19	USD	25.00	USD	1,279		(3,770	)
Williams Cos., Inc.		1,073		01/25/19	USD	26.02	USD	2,366		(8,169	)
Johnson Controls International PLC		164		01/28/19	USD	34.00	USD	486		(1,697	)
Johnson Controls International PLC		491		01/28/19	USD	33.50	USD	1,456		(3,335	)
Novo Nordisk A/S — ADR		483		01/28/19	USD	45.90	USD	2,225		(70,982	)
Pfizer, Inc.		432		01/28/19	USD	45.10	USD	1,886		(26,581	)
Novartis AG — ADR		328		01/29/19	USD	84.73	USD	2,815		(84,828	)
Masco Corp.		332		01/30/19	USD	30.93	USD	971		(16,623	)


44		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Merck & Co., Inc.		545		01/30/19	USD	79.90	USD	4,164	$	(35,445	)
State Street Corp.		271		01/30/19	USD	64.24	USD	1,709		(55,296	)
Cisco Systems, Inc.		155		01/31/19	USD	46.25	USD	672		(8,517	)
Edison International		16		01/31/19	USD	60.25	USD	91		(3,563	)
FirstEnergy Corp.		303		01/31/19	USD	38.25	USD	1,138		(19,364	)
Newell Brands, Inc.		612		01/31/19	USD	21.25	USD	1,138		(18,981	)
NextEra Energy, Inc.		182		01/31/19	USD	178.00	USD	3,164		(40,937	)
Oracle Corp.		295		01/31/19	USD	48.00	USD	1,332		(13,501	)
3M Co.		100		02/01/19	USD	202.50	USD	1,905		(20,950	)
AXA Equitable Holdings, Inc.		449		02/01/19	USD	18.05	USD	747		(7,355	)
Apple, Inc.		73		02/01/19	USD	165.00	USD	1,152		(33,398	)
Arthur J Gallagher & Co.		347		02/01/19	USD	74.37	USD	2,557		(50,391	)
Baker Hughes a GE Co.		232		02/01/19	USD	23.12	USD	499		(6,224	)
Bank of America Corp.		1,692		02/01/19	USD	27.00	USD	4,169		(29,610	)
Charles Schwab Corp.		196		02/01/19	USD	41.50	USD	814		(34,300	)
Cisco Systems, Inc.		132		02/01/19	USD	42.50	USD	572		(25,542	)
Cisco Systems, Inc.		298		02/01/19	USD	48.28	USD	1,291		(7,596	)
Citigroup, Inc.		379		02/01/19	USD	58.50	USD	1,973		(14,970	)
Citigroup, Inc.		561		02/01/19	USD	53.50	USD	2,921		(91,163	)
Comcast Corp., Class A		506		02/01/19	USD	37.50	USD	1,723		(11,638	)
Devon Energy Corp.		163		02/01/19	USD	27.50	USD	367		(2,119	)
Dollar General Corp.		238		02/01/19	USD	108.00	USD	2,572		(86,870	)
FirstEnergy Corp.		548		02/01/19	USD	39.93	USD	2,058		(11,727	)
General Electric Co.		1,112		02/01/19	USD	8.00	USD	842		(47,260	)
Honeywell International, Inc.		268		02/01/19	USD	138.00	USD	3,541		(52,394	)
International Paper Co.		289		02/01/19	USD	44.50	USD	1,166		(9,970	)
JPMorgan Chase & Co.		345		02/01/19	USD	101.00	USD	3,368		(64,170	)
Kellogg Co.		394		02/01/19	USD	60.80	USD	2,246		(20,592	)
Lockheed Martin Corp.		55		02/01/19	USD	272.50	USD	1,440		(28,600	)
Lowe’s Cos., Inc.		144		02/01/19	USD	95.50	USD	1,330		(27,864	)
Marathon Oil Corp.		585		02/01/19	USD	16.00	USD	839		(16,673	)
Marathon Petroleum Corp.		124		02/01/19	USD	60.50	USD	732		(26,102	)
Mattel, Inc.		768		02/01/19	USD	10.00	USD	767		(51,840	)
McKesson Corp.		46		02/01/19	USD	125.00	USD	508		(3,335	)
Medtronic PLC		507		02/01/19	USD	93.00	USD	4,612		(86,951	)
MetLife, Inc.		1,183		02/01/19	USD	42.50	USD	4,857		(97,598	)
Microsoft Corp.		433		02/01/19	USD	106.00	USD	4,398		(112,797	)
Motorola Solutions, Inc.		321		02/01/19	USD	135.36	USD	3,693		(2,879	)
Oracle Corp.		590		02/01/19	USD	49.00	USD	2,664		(11,800	)
Oracle Corp.		295		02/01/19	USD	48.00	USD	1,332		(11,210	)
PG&E Corp.		455		02/01/19	USD	30.00	USD	1,081		(7,962	)
Pfizer, Inc.		290		02/01/19	USD	44.00	USD	1,266		(32,045	)
QUALCOMM, Inc.		164		02/01/19	USD	59.00	USD	933		(28,290	)
Suncor Energy, Inc.		824		02/01/19	USD	30.00	USD	2,305		(32,136	)
UnitedHealth Group, Inc.		96		02/01/19	USD	262.50	USD	2,392		(36,000	)
UnitedHealth Group, Inc.		137		02/01/19	USD	250.00	USD	3,413		(118,163	)
Verizon Communications, Inc.		323		02/01/19	USD	58.00	USD	1,816		(23,579	)
Verizon Communications, Inc.		875		02/01/19	USD	57.00	USD	4,919		(99,750	)
Wells Fargo & Co.		600		02/01/19	USD	49.00	USD	2,765		(38,100	)
Wells Fargo & Co.		699		02/01/19	USD	47.00	USD	3,221		(93,666	)
State Street Corp.		271		02/06/19	USD	64.24	USD	1,709		(63,128	)
Novartis AG — ADR		327		02/07/19	USD	84.73	USD	2,806		(94,388	)
Taiwan Semiconductor Manufacturing Co. Ltd.		540		02/07/19	USD	38.20	USD	1,993		(64,573	)
AXA Equitable Holdings, Inc.		449		02/08/19	USD	18.05	USD	747		(9,403	)
American International Group, Inc.		254		02/08/19	USD	40.00	USD	1,001		(41,529	)
Bank of America Corp.		1,257		02/08/19	USD	25.00	USD	3,097		(111,873	)
Bank of America Corp.		274		02/08/19	USD	24.64	USD	675		(25,798	)
Cisco Systems, Inc.		132		02/08/19	USD	42.74	USD	572		(26,486	)
Comcast Corp., Class A		382		02/08/19	USD	35.32	USD	1,301		(31,010	)
International Paper Co.		210		02/08/19	USD	42.55	USD	848		(23,827	)
Johnson Controls International PLC		330		02/08/19	USD	34.00	USD	978		(3,087	)
Merck & Co., Inc.		545		02/08/19	USD	79.90	USD	4,164		(45,238	)
Pfizer, Inc.		393		02/08/19	USD	42.66	USD	1,715		(68,772	)
Suncor Energy, Inc.		824		02/08/19	USD	30.01	USD	2,305		(38,158	)
Verizon Communications, Inc.		875		02/08/19	USD	57.01	USD	4,919		(92,039	)


SCHEDULES OF INVESTMENTS			45

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Wells Fargo & Co.		699		02/08/19	USD	47.01	USD	3,221	$	(63,645	)
FirstEnergy Corp.		497		02/11/19	USD	38.20	USD	1,866		(40,614	)
FirstEnergy Corp.		304		02/11/19	USD	38.25	USD	1,142		(19,528	)
AXA Equitable Holdings, Inc.		514		02/13/19	USD	16.27	USD	855		(47,420	)
Novartis AG — ADR		328		02/13/19	USD	84.73	USD	2,815		(100,671	)
Taiwan Semiconductor Manufacturing Co. Ltd.		538		02/13/19	USD	37.97	USD	1,986		(60,874	)
American International Group, Inc.		289		02/15/19	USD	45.00	USD	1,139		(9,248	)
American International Group, Inc.		402		02/15/19	USD	39.00	USD	1,584		(89,043	)
Anadarko Petroleum Corp.		128		02/15/19	USD	55.00	USD	561		(3,328	)
Bank of America Corp.		642		02/15/19	USD	27.00	USD	1,582		(18,618	)
Bank of America Corp.		870		02/15/19	USD	29.00	USD	2,144		(4,785	)
Cisco Systems, Inc.		154		02/15/19	USD	46.00	USD	667		(14,245	)
Cisco Systems, Inc.		132		02/15/19	USD	43.00	USD	572		(28,710	)
Citigroup, Inc.		312		02/15/19	USD	62.50	USD	1,624		(4,836	)
Citigroup, Inc.		191		02/15/19	USD	52.50	USD	994		(46,986	)
Cognizant Technology Solutions Corp., Class A		82		02/15/19	USD	65.00	USD	521		(17,425	)
Comcast Corp., Class A		209		02/15/19	USD	40.00	USD	712		(2,090	)
Dollar General Corp.		324		02/15/19	USD	110.00	USD	3,502		(115,020	)
Goldman Sachs Group, Inc.		127		02/15/19	USD	180.00	USD	2,122		(45,403	)
JPMorgan Chase & Co.		493		02/15/19	USD	105.00	USD	4,813		(55,956	)
Johnson Controls International PLC		164		02/15/19	USD	32.00	USD	486		(8,364	)
Lowe’s Cos., Inc.		153		02/15/19	USD	95.00	USD	1,413		(41,616	)
Marathon Petroleum Corp.		335		02/15/19	USD	62.50	USD	1,977		(66,163	)
Masco Corp.		164		02/15/19	USD	30.00	USD	480		(18,040	)
Medtronic PLC		170		02/15/19	USD	97.50	USD	1,546		(13,515	)
Merck & Co., Inc.		269		02/15/19	USD	80.00	USD	2,055		(26,093	)
MetLife, Inc.		800		02/15/19	USD	45.95	USD	3,285		(21,657	)
Microsoft Corp.		601		02/15/19	USD	106.20	USD	6,104		(205,098	)
Oracle Corp.		1,887		02/15/19	USD	50.00	USD	8,520		(43,401	)
Pentair PLC		272		02/15/19	USD	40.00	USD	1,028		(21,080	)
Procter & Gamble Co.		410		02/15/19	USD	97.50	USD	3,769		(38,950	)
QUALCOMM, Inc.		230		02/15/19	USD	60.00	USD	1,309		(38,410	)
State Street Corp.		273		02/15/19	USD	67.50	USD	1,722		(43,953	)
TOTAL SA — ADR		277		02/15/19	USD	55.00	USD	1,445		(23,545	)
Union Pacific Corp.		85		02/15/19	USD	145.00	USD	1,175		(30,388	)
Verizon Communications, Inc.		380		02/15/19	USD	55.00	USD	2,136		(92,910	)
Wells Fargo & Co.		1,121		02/15/19	USD	47.50	USD	5,166		(154,698	)
Williams Cos., Inc.		421		02/15/19	USD	26.00	USD	928		(10,314	)
Williams Cos., Inc.		580		02/15/19	USD	25.00	USD	1,279		(13,630	)
Williams Cos., Inc.		206		02/15/19	USD	22.00	USD	454		(22,763	)
AXA Equitable Holdings, Inc.		515		02/20/19	USD	16.27	USD	856		(46,090	)
Comcast Corp., Class A		382		02/21/19	USD	35.32	USD	1,301		(39,014	)
Johnson Controls International PLC		165		02/22/19	USD	33.00	USD	489		(5,165	)
AXA Equitable Holdings, Inc.		414		02/27/19	USD	15.97	USD	688		(46,209	)
AXA Equitable Holdings, Inc.		414		03/06/19	USD	15.97	USD	688		(48,294	)
Lowe’s Cos., Inc.		144		03/15/19	USD	100.00	USD	1,330		(33,192	)
Mondelez International, Inc.		393		03/15/19	USD	43.00	USD	1,573		(22,794	)
Novo Nordisk A/S — ADR		483		03/15/19	USD	46.00	USD	2,225		(107,468	)

									$	(8,159,536	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Bayer AG, Registered Shares	Goldman Sachs International		19,400		01/03/19	EUR	67.90	EUR	1,178	$	(1	)
CRH PLC	UBS AG		45,000		01/03/19	GBP	23.26	GBP	935		—
Diageo PLC	Morgan Stanley & Co. International PLC		2,500		01/03/19	GBP	27.80	GBP	70		(1,285	)
Koninklijke Philips NV	Morgan Stanley & Co. International PLC		25,000		01/03/19	EUR	34.41	EUR	765		(64	)
AstraZeneca PLC	Goldman Sachs International		35,500		01/04/19	GBP	60.02	GBP	2,079		(11,104	)
BP PLC	Barclays Bank PLC		89,200		01/04/19	GBP	5.52	GBP	442		—
BP PLC	UBS AG		88,900		01/04/19	GBP	5.38	GBP	441		(9	)
Johnson Controls International PLC	JPMorgan Chase Bank N.A.		17,800		01/04/19	USD	34.57	USD	528		—
Diageo PLC	Credit Suisse International		66,400		01/08/19	GBP	27.56	GBP	1,862		(53,041	)


46		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Enterprise Products Partners LP	Bank of America N.A.		147,300		01/08/19	USD	27.16	USD	3,622	$	(121	)
AstraZeneca PLC	Credit Suisse International		110,500		01/09/19	GBP	64.58	GBP	6,471		(1,075	)
BP PLC	Morgan Stanley & Co. International PLC		790,000		01/09/19	GBP	5.28	GBP	3,918		(12,081	)
Lenovo Group Ltd.	Goldman Sachs International		3,036,000		01/09/19	HKD	6.02	HKD	16,060		(392	)
Nestle SA, Registered Shares	Credit Suisse International		42,000		01/09/19	CHF	85.34	CHF	3,350		(2,775	)
Constellation Software, Inc.	Morgan Stanley & Co. International PLC		7,500		01/11/19	CAD	953.83	CAD	6,554		(6,803	)
BCE, Inc.	Credit Suisse International		36,100		01/14/19	USD	39.57	USD	1,427		(18,266	)
Diageo PLC	Credit Suisse International		66,400		01/15/19	GBP	27.56	GBP	1,862		(67,044	)
BP PLC	Morgan Stanley & Co. International PLC		790,000		01/16/19	GBP	5.33	GBP	3,918		(20,234	)
CRH PLC	UBS AG		45,000		01/16/19	GBP	23.37	GBP	935		(283	)
Koninklijke Philips NV	Morgan Stanley & Co. International PLC		223,000		01/16/19	EUR	32.73	EUR	6,824		(27,772	)
Lenovo Group Ltd.	Goldman Sachs International		3,036,000		01/16/19	HKD	6.02	HKD	16,060		(3,662	)
Nestle SA, Registered Shares	Credit Suisse International		42,000		01/16/19	CHF	85.85	CHF	3,350		(5,862	)
BAE Systems PLC	Goldman Sachs International		91,200		01/17/19	GBP	5.00	GBP	419		(1,887	)
BCE, Inc.	Bank of America N.A.		18,400		01/23/19	USD	42.53	USD	727		(519	)
Diageo PLC	Credit Suisse International		48,200		01/23/19	GBP	28.37	GBP	1,352		(25,052	)
AstraZeneca PLC	UBS AG		66,400		01/24/19	GBP	63.35	GBP	3,888		(16,430	)
BAE Systems PLC	Goldman Sachs International		91,200		01/24/19	GBP	5.00	GBP	419		(3,286	)
Koninklijke Philips NV	Goldman Sachs International		25,000		01/24/19	EUR	33.62	EUR	765		(2,486	)
Siemens AG	Goldman Sachs International		35,600		01/24/19	EUR	102.23	EUR	3,467		(17,081	)
CRH PLC	Goldman Sachs International		72,500		01/29/19	GBP	22.15	GBP	1,506		(14,591	)
Diageo PLC	Credit Suisse International		48,200		01/29/19	GBP	28.37	GBP	1,352		(28,720	)
CRH PLC	Morgan Stanley & Co. International PLC		25,500		01/31/19	GBP	20.94	GBP	530		(23,077	)
Nestle SA, Registered Shares	Morgan Stanley & Co. International PLC		30,000		01/31/19	CHF	86.45	CHF	2,393		(3,498	)
Public Service Enterprise Group, Inc.	Barclays Bank PLC		75,000		01/31/19	USD	53.47	USD	3,904		(57,668	)
Bayer AG	Goldman Sachs International		53,900		02/05/19	EUR	68.17	EUR	3,272		(30,486	)
BAE Systems PLC	Goldman Sachs International		419,500		02/06/19	GBP	4.72	GBP	1,926		(55,449	)
BP PLC — ADR Each Representing Six PLC	Credit Suisse International		1,175,000		02/06/19	GBP	5.13	GBP	5,828		(169,677	)
CRH PLC	Credit Suisse International		36,900		02/06/19	GBP	20.89	GBP	766		(37,790	)
Diageo PLC	UBS AG		32,600		02/06/19	GBP	27.94	GBP	914		(29,407	)
Koninklijke Philips NV	Goldman Sachs International		184,500		02/06/19	EUR	33.68	EUR	5,646		(48,758	)
Nestle SA, Registered Shares	Morgan Stanley & Co. International PLC		800		02/06/19	CHF	82.55	CHF	64		(634	)
Baker Hughes a GE Co.	Deutsche Bank AG		45,800		02/08/19	USD	22.01	USD	985		(30,504	)
Koninklijke Philips NV	UBS AG		122,300		02/13/19	EUR	34.05	EUR	3,742		(32,712	)

										$	(861,586	)

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


	Swap Premium Paid		Swap Premium Received		Unrealized Appreciation		Unrealized Depreciation			Value
Options Written		N/A		N/A	$	14,179,646	$	(798,222	)	$	(9,021,122	)

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
Assets — Derivative Financial Instruments
Options purchased
Investments at value — unaffiliated^(a)	$	—	$	—	$	21,865	$	—	$	—	$	—	$	21,865

Liabilities — Derivative Financial Instruments
Options written
Options written, at value	$	—	$	—	$	9,021,122	$	—	$	—	$	—	$	9,021,122

^(a)

Includes options purchased at value as reported in the Schedule of Investments.


SCHEDULES OF INVESTMENTS			47

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

For the year ended December 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Options purchased^(a)	$	—	$	—	$	(40,564	)	$	—	$	—	$	—	$	(40,564	)
Options written		—		—		(5,219,539	)		—		—		—		(5,219,539	)

	$	—	$	—	($	5,260,103	)	$	—	$	—	$	—	($	5,260,103	)

^(a)

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


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation on:
Options purchased^(a)	$	—	$	—	$	(21,427	)	$	—	$	—	$	—	$	(21,427	)
Options written		—		—		17,485,572			—		—		—		17,485,572

	$	—	$	—	$	17,464,145		$	—	$	—	$	—	$	17,464,145

^(a)

Options purchased are included in net change in unrealized appreciation (depreciation) from investments.

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts purchased	$	7,075
Average value of option contracts written	$	13,572,916

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	$	21,865	^(a)	$	9,021,122
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(21,865	)		(8,159,536	)

Total derivative assets and liabilities subject to an MNA	$	—		$	861,586

^(a)

Includes options purchased at value which is included in Investments at value – unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged^(a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities^(b)
Bank of America N.A.	$	640	$	—	$	—		$	—	$	640
Barclays Bank PLC		57,668		—		—			—		57,668
Credit Suisse International		409,302		—		(409,302	)		—		—
Deutsche Bank AG		30,504				—			—		30,504
Goldman Sachs International		189,183		—		(189,183	)		—		—
Morgan Stanley & Co. International PLC		95,448		—		(95,448	)		—		—
UBS AG		78,841		—		—			—		78,841

	$	861,586	$	—	$	(693,933	)	$	—	$	167,653

^(a)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(b)


48		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Equity Dividend Trust (BDJ)

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Common Stocks:
Aerospace & Defense	$	18,875,564		$	6,071,577		$	—	$	24,947,141
Banks		228,587,517			—			—		228,587,517
Beverages		17,669,067			16,285,915			—		33,954,982
Building Products		16,858,836			—			—		16,858,836
Capital Markets		60,690,331			—			—		60,690,331
Chemicals		16,033,037			—			—		16,033,037
Communications Equipment		29,993,175			—			—		29,993,175
Construction Materials		—			10,265,793			—		10,265,793
Containers & Packaging		5,476,852			—			—		5,476,852
Diversified Financial Services		9,378,339			—			—		9,378,339
Diversified Telecommunication Services		78,961,186			—			—		78,961,186
Electric Utilities		50,354,637			—			—		50,354,637
Electronic Equipment, Instruments & Components		3,788,277			—			—		3,788,277
Energy Equipment & Services		3,421,295			—			—		3,421,295
Food Products		16,978,589			16,063,731			—		33,042,320
Health Care Equipment & Supplies		27,438,084			35,052,090			—		62,490,174
Health Care Providers & Services		116,813,585			—			—		116,813,585
Household Durables		9,053,702			—			—		9,053,702
Household Products		17,412,406			—			—		17,412,406
Industrial Conglomerates		37,222,193			6,853,451			—		44,075,644
Insurance		109,989,554			—			—		109,989,554
IT Services		11,414,910			—			—		11,414,910
Leisure Products		4,796,259			—			—		4,796,259
Machinery		4,125,198			—			—		4,125,198
Media		26,494,475			—			—		26,494,475
Multi-Utilities		14,701,002			—			—		14,701,002
Multiline Retail		13,771,229			—			—		13,771,229
Oil, Gas & Consumable Fuels		145,253,765			31,970,100			—		177,223,865
Personal Products		11,969,424			—			—		11,969,424
Pharmaceuticals		136,468,392			47,955,520			—		184,423,912
Road & Rail		7,467,185			—			—		7,467,185
Semiconductors & Semiconductor Equipment		32,695,406			—			—		32,695,406
Software		94,034,189			—			—		94,034,189
Specialty Retail		13,585,232			—			—		13,585,232
Technology Hardware, Storage & Peripherals		4,021,581			18,834,982			—		22,856,563
Tobacco		18,512,360			—			—		18,512,360
Short-Term Securities		44,526,058			—			—		44,526,058
Options Purchased
Equity Contracts		21,865			—			—		21,865

	$	1,458,854,756		$	189,353,159		$	—	$	1,648,207,915

Derivative Financial Instruments^(a)
Liabilities:
Equity contracts	$	(6,094,175	)	$	(2,926,947	)	$	—	$	(9,021,122	)

^(a)

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

During the year ended December 31, 2018, there were no transfers between levels.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			49

Schedule of Investments

December 31, 2018

BlackRock Enhanced Global Dividend Trust (BOE)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks — 96.6%

Australia — 5.4%
Amcor Ltd.		2,385,294	$	22,272,566
Ansell Ltd.		406,296		6,311,689
Ensogo Ltd.^(a)(b)		418,198		3
Sonic Healthcare Ltd.		778,801		12,149,387

				40,733,645

Canada — 6.5%
Rogers Communications, Inc., Class B		468,324		23,999,375
TELUS Corp.		748,123		24,796,781

				48,796,156

China — 1.0%
ANTA Sports Products Ltd.		1,514,000		7,248,060


Denmark — 1.1%
Novo Nordisk A/S, Class B		186,453		8,563,240


Finland — 3.1%
Kone OYJ, Class B		482,959		23,057,120


France — 3.4%
Sanofi		138,932		12,052,328
Schneider Electric SE		199,357		13,522,626

				25,574,954

Germany — 2.3%
Deutsche Post AG, Registered Shares		644,258		17,594,177


India — 1.1%
Hero MotoCorp Ltd.		167,596		7,447,187
Jasper Infotech Private Ltd., Series I, (Acquired 08/08/15, cost $2,637,143)^(a)(c)		3,540		711,221

				8,158,408

Ireland — 1.3%
Medtronic PLC^(d)		108,795		9,895,993


Japan — 1.0%
Japan Tobacco, Inc.		310,500		7,377,816


Netherlands — 2.4%
Heineken NV		111,338		9,840,807
Koninklijke Philips NV		237,749		8,335,358

				18,176,165

Singapore — 3.0%
DBS Group Holdings Ltd.		661,968		11,511,521
United Overseas Bank Ltd.		606,000		10,962,532

				22,474,053

Sweden — 1.4%
Svenska Handelsbanken AB, Class A		937,035		10,425,147


Switzerland — 5.6%
Nestle SA, Registered Shares		221,663		17,990,778
Novartis AG, Registered Shares		205,598		17,608,274
SGS SA, Registered Shares		3,121		7,025,435

				42,624,487

Taiwan — 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd.		2,023,000		14,689,467


United Kingdom — 15.5%
AstraZeneca PLC		147,550		11,014,006
BAE Systems PLC		2,645,660		15,474,076
British American Tobacco PLC		497,713		15,836,737
Diageo PLC		384,545		13,741,483
GlaxoSmithKline PLC		910,852		17,359,033
Imperial Brands PLC		626,898		19,027,427
RELX PLC		386,186		7,945,871


Security	Shares		Value

United Kingdom (continued)
Unilever PLC		314,498	$	16,512,016

				116,910,649

United States — 40.6%
3M Co.^(d)		75,958		14,473,037
AbbVie, Inc.^(d)		163,548		15,077,490
Altria Group, Inc.^(d)(e)		439,569		21,710,313
Cisco Systems, Inc.^(d)(e)		538,639		23,339,228
Citizens Financial Group, Inc.^(d)		167,555		4,981,410
Coca-Cola Co.^(d)(e)		429,409		20,332,516
FirstSun Capital Bancorp, (Acquired 3/10/14, cost $5,461,692)^(a)(c)		120,312		3,818,703
Genuine Parts Co.^(d)		218,577		20,987,764
International Paper Co.^(d)		450,327		18,175,198
Johnson & Johnson^(d)(e)		172,747		22,293,000
M&T Bank Corp.^(d)		69,614		9,963,852
Microsoft Corp.^(d)		75,620		7,680,723
Paychex, Inc.^(d)		176,452		11,495,848
PepsiCo, Inc.^(d)		172,631		19,072,273
Pfizer, Inc.^(d)(e)		389,261		16,991,243
Philip Morris International, Inc.^(d)		219,915		14,681,525
Procter & Gamble Co.^(d)		141,136		12,973,221
Texas Instruments, Inc.^(d)		59,171		5,591,659
U.S. Bancorp^(d)		249,836		11,417,505
United Parcel Service, Inc., Class B^(d)		76,232		7,434,907
United Technologies Corp.^(d)		124,974		13,307,232
Wells Fargo & Co.^(d)		228,246		10,517,576

				306,316,223


Total Common Stocks — 96.6% (Cost — $797,672,217)				728,615,760


Preferred Stocks — 0.8%

United States — 0.8%
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $3,118,944), 0.00%^(a)(c)		508,800		2,752,608
Uber Technologies, Inc., Series D (Acquired 6/01/14, cost $1,611,693), 0.00%^(a)(c)		68,723		3,090,473


Total Preferred Stocks — 0.8% (Cost — $4,185,045)				5,843,081


Total Long-Term Investments — 97.4% (Cost — $801,857,262)				734,458,841


Short-Term Securities — 2.6%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.32%^(f)(g)		19,702,446		19,702,446


Total Short-Term Securities — 2.6% (Cost — $19,702,446)				19,702,446


Options Purchased — 0.0% (Cost — $4,635)				1,624


Total Investments Before Options Written — 100.0% (Cost — $821,564,343)				754,162,911


Options Written — (0.5)% (Premiums Received — $7,395,565)				(3,609,231	)


Total Investments, Net of Options Written — 99.5% (Cost — $814,168,778)				750,553,680

Other Assets Less Liabilities — 0.5%				4,047,881


Net Assets — 100.0%			$	754,601,561


50		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Global Dividend Trust (BOE)

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

^(b)	Non-income producing security.

^(c)	Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $10,373,005 and an original cost of $12,829,472, which was 1.37% of its net assets.

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

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

^(f)	Annualized7-day yield as of period end.

^(g)	During the year ended December 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/17		Net Activity		Shares Held at 12/31/18		Value at 12/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		13,118,524		6,583,922		19,702,446	$	19,702,446	$	99,772	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Wells Fargo & Co.		166		01/04/19	USD	50.00	USD	765	$	249
Wells Fargo & Co.		166		01/11/19	USD	51.50	USD	765		664
Altria Group, Inc.		158		01/18/19	USD	62.50	USD	780		711

									$	1,624

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)			Value
Call
U.S. Bancorp		34		01/03/19	USD	55.50	USD	155		$	—
3M Co.		75		01/04/19	USD	202.50	USD	1,429			(600	)
AbbVie, Inc.		112		01/04/19	USD	92.00	USD	1,033			(15,512	)
Altria Group, Inc.		212		01/04/19	USD	55.50	USD	1,047	��		(8,268	)
Coca-Cola Co.		561		01/04/19	USD	50.00	USD	2,656			(1,683	)
Genuine Parts Co.		164		01/04/19	USD	101.00	USD	1,575			(4,920	)
Medtronic PLC		41		01/04/19	USD	95.00	USD	373			(328	)
Pfizer, Inc.		408		01/04/19	USD	43.50	USD	1,781			(21,420	)
Pfizer, Inc.		102		01/04/19	USD	44.50	USD	445			(1,734	)
Pfizer, Inc.		102		01/04/19	USD	46.50	USD	445			(408	)
Pfizer, Inc.		60		01/04/19	USD	45.00	USD	262			(420	)
Philip Morris International, Inc.		179		01/04/19	USD	87.00	USD	1,195			(8,950	)
Procter & Gamble Co.		57		01/04/19	USD	94.50	USD	524			(769	)
Rogers Communications, Inc., Class B		245		01/04/19	CAD	71.50	CAD	1,714			(2,512	)
Texas Instruments, Inc.		80		01/04/19	USD	101.00	USD	756			(280	)
U.S. Bancorp		35		01/04/19	USD	55.50	USD	160			—
United Technologies Corp.		112		01/04/19	USD	123.00	USD	1,193			(2,800	)
Wells Fargo & Co.		90		01/04/19	USD	56.00	USD	415			(180	)
Wells Fargo & Co.		76		01/04/19	USD	54.00	USD	350			(1,292	)
3M Co.		73		01/11/19	USD	210.00	USD	1,391			(803	)
AbbVie, Inc.		124		01/11/19	USD	92.00	USD	1,143			(27,156	)
Altria Group, Inc.		212		01/11/19	USD	55.01	USD	1,047			(70	)
Genuine Parts Co.		163		01/11/19	USD	105.00	USD	1,565			(6,520	)
Johnson & Johnson		143		01/11/19	USD	146.00	USD	1,845			(572	)
Microsoft Corp.		114		01/11/19	USD	112.00	USD	1,158			(1,368	)
PepsiCo, Inc.		72		01/11/19	USD	120.00	USD	795			(504	)
Pfizer, Inc.		102		01/11/19	USD	46.50	USD	445			(918	)
Pfizer, Inc.		59		01/11/19	USD	45.00	USD	258			(1,416	)
Procter & Gamble Co.		108		01/11/19	USD	93.00	USD	993			(11,340	)
Texas Instruments, Inc.		80		01/11/19	USD	100.00	USD	756			(4,400	)
U.S. Bancorp		149		01/11/19	USD	54.50	USD	681			(596	)


SCHEDULES OF INVESTMENTS			51

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Global Dividend Trust (BOE)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
U.S. Bancorp		140		01/11/19	USD	54.00	USD	640	$	(560	)
Wells Fargo & Co.		90		01/11/19	USD	56.00	USD	415		(270	)
Wells Fargo & Co.		76		01/11/19	USD	54.00	USD	350		(228	)
AbbVie, Inc.		112		01/18/19	USD	92.50	USD	1,033		(24,584	)
AbbVie, Inc.		67		01/18/19	USD	87.50	USD	618		(37,185	)
Altria Group, Inc.		158		01/18/19	USD	67.50	USD	780		(474	)
Altria Group, Inc.		613		01/18/19	USD	55.00	USD	3,028		(6,743	)
Cisco Systems, Inc.		170		01/18/19	USD	46.00	USD	737		(3,910	)
Citizens Financial Group, Inc.		287		01/18/19	USD	37.25	USD	853		(1	)
Coca-Cola Co.		928		01/18/19	USD	50.00	USD	4,394		(11,600	)
Genuine Parts Co.		218		01/18/19	USD	105.00	USD	2,093		(3,270	)
Johnson & Johnson		326		01/18/19	USD	145.75	USD	4,207		(906	)
M&T Bank Corp.		150		01/18/19	USD	165.00	USD	2,147		(11,250	)
Medtronic PLC		110		01/18/19	USD	96.25	USD	1,001		(4,853	)
Microsoft Corp.		168		01/18/19	USD	110.00	USD	1,706		(7,896	)
PepsiCo, Inc.		389		01/18/19	USD	120.00	USD	4,298		(4,473	)
Pfizer, Inc.		291		01/18/19	USD	44.00	USD	1,270		(24,008	)
Pfizer, Inc.		102		01/18/19	USD	45.00	USD	445		(4,233	)
Philip Morris International, Inc.		147		01/18/19	USD	90.00	USD	981		(367	)
Procter & Gamble Co.		115		01/18/19	USD	95.00	USD	1,057		(7,647	)
Rogers Communications, Inc., Class B		348		01/18/19	CAD	70.00	CAD	2,435		(28,422	)
Rogers Communications, Inc., Class B		324		01/18/19	CAD	72.00	CAD	2,267		(8,662	)
Texas Instruments, Inc.		68		01/18/19	USD	100.00	USD	643		(6,528	)
U.S. Bancorp		107		01/18/19	USD	55.00	USD	489		(107	)
United Parcel Service, Inc., Class B		172		01/18/19	USD	105.00	USD	1,678		(7,654	)
United Technologies Corp.		81		01/18/19	USD	115.00	USD	862		(3,280	)
United Technologies Corp.		80		01/18/19	USD	125.00	USD	852		(880	)
Wells Fargo & Co.		150		01/18/19	USD	55.00	USD	691		(150	)
Wells Fargo & Co.		121		01/18/19	USD	52.50	USD	558		(665	)
Paychex, Inc.		141		01/18/19	USD	70.00	USD	919		(2,115	)
3M Co.		76		01/25/19	USD	205.00	USD	1,448		(6,726	)
AbbVie, Inc.		320		01/25/19	USD	88.50	USD	2,950		(165,600	)
Altria Group, Inc.		501		01/25/19	USD	55.00	USD	2,474		(8,267	)
Cisco Systems, Inc.		455		01/25/19	USD	49.00	USD	1,972		(2,502	)
Cisco Systems, Inc.		346		01/25/19	USD	42.00	USD	1,499		(70,238	)
Coca-Cola Co.		46		01/25/19	USD	50.00	USD	218		(874	)
International Paper Co.		626		01/25/19	USD	44.50	USD	2,527		(13,459	)
Johnson & Johnson		123		01/25/19	USD	148.00	USD	1,587		(861	)
Johnson & Johnson		12		01/25/19	USD	136.00	USD	155		(1,236	)
Medtronic PLC		40		01/25/19	USD	95.50	USD	364		(2,820	)
Microsoft Corp.		100		01/25/19	USD	113.00	USD	1,016		(4,650	)
Microsoft Corp.		20		01/25/19	USD	106.00	USD	203		(4,160	)
PepsiCo, Inc.		315		01/25/19	USD	113.00	USD	3,480		(51,345	)
Pfizer, Inc.		108		01/25/19	USD	45.00	USD	471		(6,048	)
Pfizer, Inc.		109		01/25/19	USD	44.50	USD	476		(8,121	)
Pfizer, Inc.		182		01/25/19	USD	44.00	USD	794		(17,745	)
Philip Morris International, Inc.		118		01/25/19	USD	88.00	USD	788		(5,192	)
Procter & Gamble Co.		108		01/25/19	USD	93.00	USD	993		(18,468	)
Texas Instruments, Inc.		38		01/25/19	USD	101.00	USD	359		(6,023	)
U.S. Bancorp		99		01/25/19	USD	52.00	USD	452		(594	)
United Parcel Service, Inc., Class B		171		01/25/19	USD	106.00	USD	1,668		(9,063	)
Wells Fargo & Co.		86		01/25/19	USD	48.00	USD	396		(7,396	)
Pfizer, Inc.		40		01/28/19	USD	45.10	USD	175		(2,461	)
Cisco Systems, Inc.		464		01/31/19	USD	46.25	USD	2,011		(25,495	)
3M Co.		117		02/01/19	USD	202.50	USD	2,229		(24,512	)
Cisco Systems, Inc.		346		02/01/19	USD	42.50	USD	1,499		(66,951	)
Cisco Systems, Inc.		293		02/01/19	USD	48.28	USD	1,270		(7,469	)
Genuine Parts Co.		178		02/01/19	USD	97.00	USD	1,709		(38,715	)
International Paper Co.		626		02/01/19	USD	44.50	USD	2,527		(21,597	)
Medtronic PLC		220		02/01/19	USD	93.00	USD	2,001		(37,730	)
Microsoft Corp.		20		02/01/19	USD	106.00	USD	203		(5,210	)
Pfizer, Inc.		60		02/01/19	USD	44.00	USD	262		(6,630	)


52		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Global Dividend Trust (BOE)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Philip Morris International, Inc.		163		02/01/19	USD	71.00	USD	1,088	$	(12,062	)
U.S. Bancorp		158		02/01/19	USD	47.50	USD	722		(11,692	)
Wells Fargo & Co.		118		02/01/19	USD	49.00	USD	544		(7,493	)
Wells Fargo & Co.		151		02/01/19	USD	47.00	USD	696		(20,234	)
Cisco Systems, Inc.		346		02/08/19	USD	42.74	USD	1,499		(69,426	)
International Paper Co.		774		02/08/19	USD	42.55	USD	3,124		(87,820	)
Pfizer, Inc.		26		02/08/19	USD	42.66	USD	113		(4,550	)
US Bancorp		201		02/08/19	USD	47.00	USD	919		(21,306	)
Wells Fargo & Co.		151		02/08/19	USD	47.01	USD	696		(13,749	)
Cisco Systems, Inc.		464		02/15/19	USD	46.00	USD	2,011		(42,920	)
Cisco Systems, Inc.		346		02/15/19	USD	43.00	USD	1,499		(75,255	)
Coca-Cola Co.		654		02/15/19	USD	50.00	USD	3,097		(27,795	)
Genuine Parts Co.		260		02/15/19	USD	105.00	USD	2,497		(9,750	)
Medtronic PLC		78		02/15/19	USD	97.50	USD	709		(6,201	)
Microsoft Corp.		31		02/15/19	USD	106.20	USD	315		(10,579	)
Philip Morris International, Inc.		163		02/15/19	USD	72.50	USD	1,088		(15,322	)
Procter & Gamble Co.		430		02/15/19	USD	97.50	USD	3,953		(40,850	)
Rogers Communications, Inc., Class B		187		02/15/19	CAD	72.00	CAD	1,308		(13,972	)
TELUS Corp.		472		02/15/19	CAD	48.00	CAD	2,136		(7,260	)
US Bancorp		201		02/15/19	USD	47.50	USD	919		(19,397	)
United Technologies Corp.		164		02/15/19	USD	115.00	USD	1,746		(23,944	)
Wells Fargo & Co.		249		02/15/19	USD	47.50	USD	1,147		(34,362	)

									$	(1,564,757	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
ANTA Sports Products Ltd.	Morgan Stanley & Co. International PLC		150,000		01/03/19	HKD	35.93	HKD	5,624	$	(35,292	)
Amcor Ltd.	Morgan Stanley & Co. International PLC		155,000		01/03/19	AUD	13.83	AUD	2,055		(7	)
DBS Group Holdings Ltd.	UBS AG		68,000		01/03/19	SGD	23.88	SGD	1,612		(8,367	)
Diageo PLC	Morgan Stanley & Co. International PLC		12,400		01/03/19	GBP	27.80	GBP	348		(6,376	)
Heineken NV	Morgan Stanley & Co. International PLC		24,000		01/03/19	EUR	82.09	EUR	1,851		(293	)
Kone OYJ, Class B	Citibank N.A.		30,100		01/03/19	EUR	45.50	EUR	1,254		(4	)
Koninklijke Philips NV	Morgan Stanley & Co. International PLC		27,000		01/03/19	EUR	34.41	EUR	826		(69	)
M&T Bank Corp.	Barclays Bank PLC		16,400		01/03/19	USD	167.66	USD	2,347		—
Novo Nordisk A/S, Class B	Morgan Stanley & Co. International PLC		13,000		01/03/19	DKK	303.49	DKK	3,891		(3,588	)
Paychex, Inc.	Morgan Stanley & Co. International PLC		14,100		01/03/19	USD	70.16	USD	919		(1	)
Sonic Healthcare Ltd.	Morgan Stanley & Co. International PLC		20,000		01/03/19	AUD	22.38	AUD	443		(2,141	)
TELUS Corp.	Credit Suisse International		19,900		01/03/19	CAD	46.84	CAD	900		(2	)
AstraZeneca PLC	Goldman Sachs International		44,200		01/04/19	GBP	60.02	GBP	2,588		(13,825	)
GlaxoSmithKline PLC	Goldman Sachs International		164,000		01/04/19	GBP	15.42	GBP	2,452		(10,703	)
Imperial Brands PLC	Barclays Bank PLC		77,500		01/04/19	GBP	27.70	GBP	1,845		(98	)
Nestle SA, Registered Shares	Morgan Stanley & Co. International PLC		35,400		01/04/19	CHF	85.93	CHF	2,824		(203	)
Schneider Electric SE	Barclays Bank PLC		11,000		01/04/19	EUR	65.58	EUR	651		(3	)
Unilever PLC	Goldman Sachs International		60,000		01/04/19	GBP	41.94	GBP	2,471		(10,111	)
Rogers Communications, Inc., Class B	Citibank N.A.		44,000		01/07/19	CAD	68.72	CAD	3,078		(49,625	)
Deutsche Post AG, Registered Shares	Citibank N.A.		73,200		01/08/19	EUR	29.42	EUR	1,745		(124	)
Diageo PLC	Credit Suisse International		24,900		01/08/19	GBP	27.56	GBP	698		(19,890	)
Sanofi	Morgan Stanley & Co. International PLC		35,500		01/08/19	EUR	80.59	EUR	2,688		(2,628	)
Svenska Handelsbanken AB	Barclays Bank PLC		117,200		01/08/19	SEK	100.10	SEK	11,557		(9,886	)
Amcor Ltd.	UBS AG		398,100		01/09/19	AUD	13.33	AUD	5,279		(34,568	)
Ansell Ltd.	Morgan Stanley & Co. International PLC		27,000		01/09/19	AUD	23.55	AUD	596		(479	)
Kone OYJ, Class B	UBS AG		27,400		01/09/19	EUR	43.84	EUR	1,142		(2,226	)
Novartis AG, Registered Shares	UBS AG		21,500		01/09/19	CHF	90.35	CHF	1,810		(1,068	)
RELX PLC	Goldman Sachs International		52,000		01/09/19	EUR	19.20	EUR	934		(607	)
British American Tobacco PLC	UBS AG		72,800		01/10/19	GBP	28.14	GBP	1,817		(7,992	)
SGS SA, Registered Shares	Goldman Sachs International		1,100		01/10/19	CHF	2,381.58	CHF	2,434		(1,385	)
SGS SA, Registered Shares	UBS AG		365		01/10/19	CHF	2,315.33	CHF	808		(2,222	)
Sonic Healthcare Ltd.	Citibank N.A.		95,000		01/10/19	AUD	22.99	AUD	2,104		(5,946	)


SCHEDULES OF INVESTMENTS			53

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Global Dividend Trust (BOE)

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
TELUS Corp.	Citibank N.A.		28,500		01/11/19	CAD	46.93	CAD	1,290	$	(473	)
TELUS Corp.	Royal Bank of Canada		14,900		01/11/19	CAD	48.03	CAD	674		(229	)
ANTA Sports Products Ltd.	Morgan Stanley & Co. International PLC		360,000		01/15/19	HKD	36.62	HKD	13,496		(92,749	)
Deutsche Post AG, Registered Shares	Citibank N.A.		73,200		01/15/19	EUR	29.42	EUR	1,745		—
Diageo PLC	Credit Suisse International		24,900		01/15/19	GBP	27.56	GBP	698		(25,142	)
Heineken NV	Morgan Stanley & Co. International PLC		26,200		01/15/19	EUR	79.37	EUR	2,021		(13,743	)
TELUS Corp.	Royal Bank of Canada		20,000		01/15/19	CAD	47.75	CAD	905		(1,001	)
United Overseas Bank Ltd.	Morgan Stanley & Co. International PLC		149,400		01/15/19	SGD	24.59	SGD	3,684		(50,434	)
Amcor Ltd.	Morgan Stanley & Co. International PLC		155,000		01/16/19	AUD	13.90	AUD	2,055		(2,016	)
Ansell Ltd.	UBS AG		62,200		01/16/19	AUD	23.96	AUD	1,372		(1,422	)
DBS Group Holdings Ltd.	JPMorgan Chase Bank N.A.		87,800		01/16/19	SGD	24.33	SGD	2,081		(11,954	)
DBS Group Holdings Ltd.	UBS AG		68,000		01/16/19	SGD	23.88	SGD	1,612		(17,119	)
GlaxoSmithKline PLC	Goldman Sachs International		164,000		01/16/19	GBP	15.42	GBP	2,452		(33,183	)
Imperial Tobacco PLC	Barclays Bank PLC		77,500		01/16/19	GBP	27.70	GBP	1,845		(6,760	)
Japan Tobacco, Inc.	JPMorgan Chase Bank N.A.		35,900		01/16/19	JPY	2,926.73	JPY	93,495		(162	)
Kone OYJ, Class B	Goldman Sachs International		44,200		01/16/19	EUR	45.37	EUR	1,842		(1,908	)
Koninklijke Philips NV	Morgan Stanley & Co. International PLC		27,000		01/16/19	EUR	34.60	EUR	826		(586	)
Novartis AG, Registered Shares	UBS AG		21,500		01/16/19	CHF	90.35	CHF	1,810		(3,545	)
RELX PLC	Credit Suisse International		69,700		01/16/19	EUR	18.29	EUR	1,252		(16,999	)
Sonic Healthcare Ltd.	Morgan Stanley & Co. International PLC		20,000		01/16/19	AUD	22.49	AUD	443		(4,174	)
BAE Systems PLC	Goldman Sachs International		82,500		01/17/19	GBP	5.00	GBP	379		(1,707	)
Sanofi	Morgan Stanley & Co. International PLC		35,500		01/17/19	EUR	80.59	EUR	2,688		(9,056	)
Schneider Electric SE	Goldman Sachs International		11,000		01/17/19	EUR	65.60	EUR	651		(674	)
Svenska Handelsbanken AB	Goldman Sachs International		117,200		01/17/19	SEK	100.13	SEK	11,557		(15,395	)
TELUS Corp.	Royal Bank of Canada		36,900		01/18/19	CAD	47.00	CAD	1,670		(3,514	)
Amcor Ltd.	UBS AG		82,300		01/23/19	AUD	13.38	AUD	1,091		(10,548	)
Diageo PLC	Credit Suisse International		24,900		01/23/19	GBP	28.37	GBP	698		(12,942	)
Kone OYJ, Class B	Credit Suisse International		49,500		01/23/19	EUR	42.90	EUR	2,063		(30,214	)
Svenska Handelsbanken AB	Credit Suisse International		187,300		01/23/19	SEK	99.34	SEK	18,470		(36,628	)
TELUS Corp.	Royal Bank of Canada		21,600		01/23/19	CAD	46.75	CAD	977		(2,022	)
Taiwan Semiconductor Manufacturing Co. Ltd.	UBS AG		455,000		01/23/19	USD	228.01	USD	101,551		(84,685	)
ANTA Sports Products Ltd.	Goldman Sachs International		199,000		01/24/19	HKD	38.81	HKD	7,461		(34,320	)
Ansell Ltd.	Morgan Stanley & Co. International PLC		24,200		01/24/19	AUD	23.19	AUD	534		(3,068	)
Ansell Ltd.	Morgan Stanley & Co. International PLC		4,800		01/24/19	AUD	23.40	AUD	106		(454	)
BAE Systems PLC	Goldman Sachs International		82,500		01/24/19	GBP	5.00	GBP	379		(2,972	)
British American Tobacco PLC	Goldman Sachs International		50,700		01/24/19	GBP	28.30	GBP	1,265		(7,061	)
Deutsche Post AG, Registered Shares	UBS AG		65,300		01/24/19	EUR	28.55	EUR	1,557		(4,286	)
Koninklijke Philips NV	Goldman Sachs International		56,000		01/24/19	EUR	33.62	EUR	1,714		(5,568	)
Novo Nordisk A/S, Class B	Goldman Sachs International		13,000		01/24/19	DKK	307.22	DKK	3,891		(8,453	)
Sonic Healthcare Ltd.	UBS AG		79,400		01/24/19	AUD	21.83	AUD	1,759		(40,178	)
Unilever PLC	Credit Suisse International		66,300		01/24/19	GBP	43.23	GBP	2,731		(21,552	)
TELUS Corp.	Royal Bank of Canada		29,000		01/25/19	CAD	48.00	CAD	1,312		(2,994	)
Diageo PLC	Credit Suisse International		24,900		01/29/19	GBP	28.37	GBP	698		(14,836	)
GlaxoSmithKline PLC	Deutsche Bank AG		31,900		01/29/19	GBP	14.67	GBP	477		(26,027	)
Kone OYJ, Class B	UBS AG		38,800		01/29/19	EUR	44.04	EUR	1,617		(15,968	)
Nestle SA, Registered Shares	Deutsche Bank AG		58,300		01/29/19	CHF	83.97	CHF	4,651		(20,705	)
Novo Nordisk A/S, Class B	Goldman Sachs International		27,200		01/29/19	DKK	301.92	DKK	8,140		(34,353	)
Sonic Healthcare Ltd.	UBS AG		16,600		01/29/19	AUD	21.63	AUD	368		(10,685	)
Amcor Ltd.	UBS AG		141,500		01/30/19	AUD	13.32	AUD	1,876		(24,768	)
Ansell Ltd.	UBS AG		32,300		01/30/19	AUD	23.64	AUD	713		(4,922	)
BAE Systems PLC	Morgan Stanley & Co. International PLC		216,000		01/30/19	GBP	4.68	GBP	991		(28,162	)
Taiwan Semiconductor Manufacturing Co. Ltd.	UBS AG		455,000		01/30/19	USD	228.01	USD	101,551		(99,099	)
British American Tobacco PLC	Goldman Sachs International		50,700		01/31/19	GBP	28.30	GBP	1,265		(11,305	)
Imperial Brands PLC	Credit Suisse International		64,500		01/31/19	GBP	24.55	GBP	1,536		(31,799	)
Paychex, Inc.	Barclays Bank PLC		50,000		01/31/19	USD	67.79	USD	3,258		(32,493	)
Rogers Communications, Inc., Class B	Citibank N.A.		18,800		01/31/19	CAD	69.94	CAD	1,315		(17,294	)
Schneider Electric S.A.	UBS AG		8,500		01/31/19	EUR	62.83	EUR	503		(6,215	)
TELUS Corp.	Royal Bank of Canada		47,200		01/31/19	CAD	47.75	CAD	2,136		(2,095	)
TELUS Corp.	Royal Bank of Canada		21,500		02/01/19	CAD	46.75	CAD	973		(3,234	)
DBS Group Holdings Ltd.	BNP Paribas S.A.		74,100		02/04/19	SGD	23.77	SGD	1,756		(32,540	)
TELUS Corp.	Goldman Sachs International		25,000		02/04/19	CAD	46.65	CAD	1,131		(4,536	)
United Overseas Bank Ltd.	Morgan Stanley & Co. International PLC		123,300		02/04/19	SGD	24.54	SGD	3,041		(62,973	)


54		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Global Dividend Trust (BOE)

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Japan Tobacco, Inc.	JPMorgan Chase Bank N.A.		37,000		02/05/19	JPY	2,877.38	JPY	96,360	$	(3,493	)
Amcor Ltd.	Morgan Stanley & Co. International PLC		141,500		02/06/19	AUD	13.32	AUD	1,876		(27,692	)
Ansell Ltd.	Morgan Stanley & Co. International PLC		32,300		02/06/19	AUD	23.64	AUD	713		(6,192	)
BAE Systems PLC	Morgan Stanley & Co. International PLC		248,800		02/06/19	GBP	4.79	GBP	1,142		(23,058	)
Diageo PLC	UBS AG		61,100		02/06/19	GBP	27.94	GBP	1,713		(55,115	)
Kone OYJ, Class B	Credit Suisse International		27,400		02/06/19	EUR	43.05	EUR	1,142		(21,866	)
Nestle SA, Registered Shares	Morgan Stanley & Co. International PLC		35,400		02/06/19	CHF	82.55	CHF	2,824		(28,043	)
Novartis AG, Registered Shares	Credit Suisse International		94,200		02/06/19	CHF	90.48	CHF	7,930		(32,149	)
RELX PLC	Credit Suisse International		52,000		02/06/19	EUR	18.14	EUR	934		(24,473	)
Sanofi	Credit Suisse International		37,300		02/06/19	EUR	77.09	EUR	2,824		(61,619	)
Sonic Healthcare Ltd.	JPMorgan Chase Bank N.A.		68,900		02/06/19	AUD	21.68	AUD	1,526		(44,260	)
Schneider Electric S.A	Morgan Stanley & Co. International PLC		34,400		02/06/19	EUR	62.16	EUR	2,036		(38,175	)
TELUS Corp.	Royal Bank of Canada		24,900		02/06/19	CAD	46.62	CAD	1,127		(4,890	)
Rogers Communications, Inc., Class B	Credit Suisse International		37,500		02/11/19	CAD	71.72	CAD	2,624		(25,448	)
BAE Systems PLC	UBS AG		172,500		02/12/19	GBP	4.71	GBP	792		(26,809	)
GlaxoSmithKline PLC	Goldman Sachs International		50,000		02/12/19	GBP	15.48	GBP	748		(22,194	)
Novo Nordisk A/S, Class B	Goldman Sachs International		30,800		02/12/19	DKK	305.65	DKK	9,218		(40,398	)
ANTA Sports Products Ltd.	Goldman Sachs International		199,000		02/13/19	HKD	38.81	HKD	7,461		(50,979	)
Citizens Financial Group, Inc.	Goldman Sachs International		46,600		02/13/19	USD	34.36	USD	1,385		(3,778	)
Schneider Electric S.A	UBS AG		24,800		02/13/19	EUR	59.53	EUR	1,468		(58,258	)
Unilever PLC	Credit Suisse International		66,300		02/13/19	GBP	43.23	GBP	2,731		(32,017	)
BAE Systems PLC	UBS AG		172,500		02/19/19	GBP	4.71	GBP	792		(29,764	)
Japan Tobacco, Inc.	UBS AG		35,800		02/20/19	JPY	2,870.69	JPY	93,671		(6,136	)
BAE Systems PLC	Morgan Stanley & Co. International PLC		216,000		02/26/19	GBP	4.68	GBP	992		(42,040	)

										$	(2,044,474	)

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


	Swap Premium Paid		Swap Premium Received	Unrealized Appreciation		Unrealized Depreciation	Value
Options Written		N/A	N/A	$	4,274,244	$(487,910)	$	(3,609,231	)

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
Assets — Derivative Financial Instruments
Options purchased
Investments at value — unaffiliated^(a)	$	—	$	—	$	1,624	$	—	$	—	$	—	$	1,624

^(a)

Includes options purchased at value as reported in the Schedule of Investments.


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Options written
Options written, at value	$	—	$	—	$	3,609,231	$	—	$	—	$	—	$	3,609,231


SCHEDULES OF INVESTMENTS			55

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Global Dividend Trust (BOE)

For the period ended December 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Options purchased^(a)	$	—	$	—	$	(2,220	)	$	—	$	—	$	—	$	(2,220	)
Options written		—		—		(1,712,691	)		—		—		—		(1,712,691	)

	$	—	$	—	$	(1,714,911	)			$	—	$	—	$	(1,714,911	)

^(a)

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


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on:
Options purchased⁽^a⁾	$	—	$	—	$	(3,011	)	$	—	$	—	$	—	$	(3,011	)
Options written		—		—		3,709,364			—		—		—		3,709,364

	$	—	$	—	$	3,706,353		$	—	$	—	$	—	$	3,706,353

^(a)

Options purchased are included in net change in unrealized appreciation (depreciation) on investments.

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts purchased	$	406
Average value of option contracts written	$	5,431,119

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) are as follows:


	Assets			Liabilities
Options
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	1,624		$	3,609,231
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,624	)		(1,564,757	)

Total derivative assets and liabilities subject to an MNA	$	—		$	2,044,474


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged^(a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities^(b)
Barclays Bank PLC	$	49,240	$	—	$	(49,240	)	$	—	$	—
BNP Paribas S.A.		32,540		—		—			—		32,540
Citibank N.A.		73,466		—		(73,466	)		—		—
Credit Suisse International		407,576		—		(407,576	)		—		—
Deutsche Bank AG		46,732		—		—			—		46,732
Goldman Sachs International		315,415		—		(315,415	)		—		—
JPMorgan Chase Bank N.A.		59,869		—		(59,869	)		—		—
Morgan Stanley & Co. International PLC		483,692		—		(483,692	)		—		—
Royal Bank of Canada		19,979		—		—			—		19,979
UBS AG		555,965		—		(552,161	)		—		3,804

	$	2,044,474	$	—	$	(1,941,419	)	$	—	$	103,055

^(a)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(b)


56		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Global Dividend Trust (BOE)

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Common Stocks:
Australia	$	—		$	40,733,642		$	3	$	40,733,645
Canada		48,796,156			—			—		48,796,156
China		—			7,248,060			—		7,248,060
Denmark		—			8,563,240			—		8,563,240
Finland		—			23,057,120			—		23,057,120
France		—			25,574,954			—		25,574,954
Germany		—			17,594,177			—		17,594,177
India		—			7,447,187			711,221		8,158,408
Ireland		9,895,993			—			—		9,895,993
Japan		—			7,377,816			—		7,377,816
Netherlands		—			18,176,165			—		18,176,165
Singapore		—			22,474,053			—		22,474,053
Sweden		—			10,425,147			—		10,425,147
Switzerland		—			42,624,487			—		42,624,487
Taiwan		—			14,689,467			—		14,689,467
United Kingdom		—			116,910,649			—		116,910,649
United States		302,497,520			—			3,818,703		306,316,223
Preferred Stocks		—			—			5,843,081		5,843,081
Short-Term Securities		19,702,446			—			—		19,702,446
Options Purchased:
Equity contracts		1,624			—			—		1,624

	$	380,893,739		$	362,896,164		$	10,373,008	$	754,162,911

Derivative Financial Instruments^(a)
Liabilities:
Equity contracts	$	(1,337,378	)	$	(2,271,853	)	$	—	$	(3,609,231	)

^(a)

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

Transfers between Level 1 and Level 2 were as follows:


	Transfers Into Level 2^(a)		Transfers Out of Level 1^(a)
Assets:
Investments:
Common Stocks	$	10,912,439	$	(10,912,439	)

^(a)

External pricing service used to reflect any significant market movements between the time the Trust valued such foreign securities and the earlier closing of foreign markets.


SCHEDULES OF INVESTMENTS			57

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced Global Dividend Trust (BOE)

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the year 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, 2017	$	4,411,841		$	11,646,491		$	16,058,332
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		—			3,369,128			3,369,128
Net change in unrealized appreciation (depreciation)^(a)(b)		(2,519,060	)		(386,567	)		(2,905,627	)
Purchases		2,637,146			—			2,637,146
Sales		—			(8,785,971	)		(8,785,971	)

Closing Balance as of December 31, 2018	$	4,529,927		$	5,843,081		$	10,373,008

Net change in unrealized appreciation (depreciation) on investments held as of December 31, 2018^(b)	$	(2,519,060	)	$	(2,435,642	)	$	(4,954,702	)

^(a)

Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on derivative financial instruments still held at December 31, 2018 is generally due to derivative financial instruments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $3. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.

Value

Valuation Approach

Unobservable Inputs

Range of
Unobservable

Inputs Utilized

Weighted
Average of

Unobservable
Inputs

Assets:

Common Stocks

Tangible Book Value Multiple^(a)

1.65x

—

4,529,924

Market

Revenue Multiple^(a)

6.25x

—

Preferred Stocks^(b)

5,843,081

Market

Revenue Multiple^(a)

6.50x – 14.25x

10.15x

10,373,005

^(a)

Increase in unobservable input may result in a significant increase to value, while an decrease in unobservable input may result in a significant decrease to value.

^(b)

For the year ended December 31, 2018, the valuation technique for investments classified as preferred stocks amounting to $3,090,473 changed to Current Value. The investments were previously valued utilizing Transaction Price. The change was due to consideration of the information that was available at the time the investments were valued.

See notes to financial statements.


58		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

December 31, 2018

BlackRock Enhanced International Dividend Trust (BGY)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks — 94.6%

Australia — 9.0%
Amcor Ltd.		3,183,632	$	29,727,008
Ansell Ltd.		642,538		9,981,639
Sonic Healthcare Ltd.		1,045,833		16,315,117

				56,023,764

Canada — 10.5%
Rogers Communications, Inc., Class B		617,651		31,651,673
TELUS Corp.		1,017,097		33,712,012

				65,363,685

China — 1.8%
ANTA Sports Products Ltd.		2,377,600		11,382,422


Denmark — 2.0%
Novo Nordisk A/S, Class B		269,928		12,397,002


Finland — 5.0%
Kone OYJ, Class B		658,664		31,445,516


France — 5.7%
Sanofi		191,073		16,575,551
Schneider Electric SE		274,631		18,628,552

				35,204,103

Germany — 3.9%
Deutsche Post AG, Registered Shares		881,559		24,074,680


India — 1.8%
Hero MotoCorp Ltd.		258,655		11,493,426


Japan — 1.6%
Japan Tobacco, Inc.		421,300		10,010,543


Netherlands — 4.1%
Heineken NV		149,488		13,212,762
Koninklijke Philips NV		347,780		12,192,988

				25,405,750

Singapore — 3.0%
DBS Group Holdings Ltd.		561,600		9,766,137
United Overseas Bank Ltd.		507,200		9,175,242

				18,941,379

Sweden — 2.6%
Svenska Handelsbanken AB, Class A		1,471,323		16,369,462


Switzerland — 9.4%
Nestle SA, Registered Shares		304,853		24,742,707
Novartis AG, Registered Shares		282,575		24,200,907
SGS SA, Registered Shares		4,257		9,582,595

				58,526,209

Taiwan — 3.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		2,721,000		19,757,804


United Kingdom — 26.3%
AstraZeneca PLC		197,796		14,764,665
BAE Systems PLC		3,638,573		21,281,478
British American Tobacco PLC		693,784		22,075,522
Diageo PLC		497,626		17,782,365
GlaxoSmithKline PLC		1,291,186		24,607,445
Imperial Brands PLC		996,810		30,254,888
RELX PLC		513,773		10,571,005
Unilever PLC		433,115		22,739,738

				164,077,106


Security	Shares		Value

United States — 4.7%
3M Co.^(a)(b)		102,009	$	19,436,795
Microsoft Corp.^(a)(b)		98,435		9,998,043

				29,434,838


Total Common Stocks — 94.6% (Cost — $ 656,296,615)				589,907,689


Preferred Stocks — 0.8%

China — 0.6%
Xiaoju Kuaizhi, Inc.,Series A-17 (Acquired 07/28/15, cost $2,106,332), 0.00%^(c)(d)(e)		76,800		3,455,232


India — 0.2%
Jasper Infotech Private Ltd., Series I, (Acquired 05/07/14-10/19/14, cost $3,948,600), 0.00%^(c)(d)(e)		5,300		1,064,823


Total Preferred Stocks — 0.8% (Cost — $6,054,932)				4,520,055


Total Long-Term Investments — 95.4% (Cost —$662,351,547)				594,427,744


Short-Term Securities — 4.1%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.32%^(f)(g)		25,489,943		25,489,943


Total Short-Term Securities — 4.1% (Cost — $25,489,943)				25,489,943


Total Investments Before Options Written — 99.5% (Cost — $687,841,490)				619,917,687


Options Written — (0.5)% (Premiums Received — $5,889,810)				(2,991,651	)


Total Investments, Net of Options Written — 99.0% (Cost — $681,951,680)				616,926,036

Other Assets Less Liabilities — 1.0%				6,308,414


Net Assets — 100.0%			$	623,234,450

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

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

^(c)	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. As of period end, the Trust held restricted securities with a current value of $4,520,055 and an original cost of $6,054,932, which was 0.7% of its net assets.

^(e)	Non-income producing security.

^(f)	Annualized7-day yield as of period end.


SCHEDULES OF INVESTMENTS			59

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced International Dividend Trust (BGY)

^(g)	During the year ended December 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/17		Net Activity		Shares Held at 12/31/18		Value at 12/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		5,073,700		20,416,243		25,489,943	$	25,489,943	$	103,479	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

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 3M Co.		114		01/04/19	USD	202.50	USD	2,172	$	(912	)
Rogers Communications, Inc., Class B		818		01/04/19	CAD	71.50	CAD	5,723		(8,388	)
3M Co.		97		01/11/19	USD	210.00	USD	1,848		(1,067	)
Microsoft Corp.		95		01/11/19	USD	112.00	USD	965		(1,140	)
Microsoft Corp.		184		01/18/19	USD	110.00	USD	1,869		(8,648	)
Rogers Communications, Inc., Class B		722		01/18/19	CAD	70.00	CAD	5,051		(58,968	)
Rogers Communications, Inc., Class B		476		01/18/19	CAD	72.00	CAD	3,330		(12,726	)
3M Co.		114		01/25/19	USD	205.00	USD	2,172		(10,089	)
Microsoft Corp.		127		01/25/19	USD	113.00	USD	1,290		(5,905	)
Microsoft Corp.		92		01/25/19	USD	106.00	USD	934		(19,136	)
3M Co.		134		02/01/19	USD	202.50	USD	2,553		(28,073	)
Microsoft Corp.		92		02/01/19	USD	106.00	USD	934		(23,966	)
Rogers Communications, Inc., Class B		183		02/15/19	CAD	72.00	CAD	1,280		(13,673	)
TELUS Corp.		571		02/15/19	CAD	48.00	CAD	2,584		(8,783	)

									$	(201,474	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
ANTA Sports Products Ltd.	Morgan Stanley & Co. International PLC		150,000		01/03/19	HKD	35.93	HKD	5,624	$	(35,292	)
Amcor Ltd.	Morgan Stanley & Co. International PLC		185,000		01/03/19	AUD	13.83	AUD	2,453		(8	)
DBS Group Holdings Ltd.	UBS AG		60,000		01/03/19	SGD	23.88	SGD	1,422		(7,383	)
Diageo PLC	Morgan Stanley & Co. International PLC		77,800		01/03/19	GBP	27.80	GBP	2,182		(40,003	)
Heineken NV	Morgan Stanley & Co. International PLC		45,000		01/03/19	EUR	82.09	EUR	3,471		(550	)
Kone OYJ, Class B	Citibank N.A.		23,600		01/03/19	EUR	45.50	EUR	983		(3	)
Koninklijke Philips NV	Morgan Stanley & Co. International PLC		40,000		01/03/19	EUR	34.41	EUR	1,224		(102	)
Novo Nordisk A/S, Class B	Morgan Stanley & Co. International PLC		41,000		01/03/19	DKK	303.49	DKK	12,270		(11,317	)
Sonic Healthcare Ltd.	Morgan Stanley & Co. International PLC		52,000		01/03/19	AUD	22.38	AUD	1,152		(5,567	)
TELUS Corp.	Credit Suisse International		31,200		01/03/19	CAD	46.84	CAD	1,412		(4	)
AstraZeneca PLC	Goldman Sachs International		16,200		01/04/19	GBP	60.02	GBP	949		(5,067	)
GlaxoSmithKline PLC	Goldman Sachs International		34,800		01/04/19	GBP	15.42	GBP	520		(2,271	)
Imperial Brands PLC	Barclays Bank PLC		92,000		01/04/19	GBP	27.70	GBP	2,191		(117	)
Nestle SA, Registered Shares	Morgan Stanley & Co. International PLC		67,300		01/04/19	CHF	85.93	CHF	5,369		(385	)
Schneider Electric SE	Barclays Bank PLC		21,100		01/04/19	EUR	65.58	EUR	1,249		(5	)
Unilever PLC	Goldman Sachs International		72,000		01/04/19	GBP	41.94	GBP	2,966		(12,134	)
Rogers Communications, Inc., Class B	Citibank N.A.		26,000		01/07/19	CAD	68.72	CAD	1,819		(29,324	)
Deutsche Post AG, Registered Shares	Citibank N.A.		100,000		01/08/19	EUR	29.42	EUR	2,384		(170	)
Diageo PLC	Credit Suisse International		33,700		01/08/19	GBP	27.56	GBP	945		(26,920	)
Sanofi	Morgan Stanley & Co. International PLC		32,000		01/08/19	EUR	80.59	EUR	2,423		(2,369	)
Svenska Handelsbanken AB	Barclays Bank PLC		210,800		01/08/19	SEK	100.1	SEK	20,787		(17,781	)
Amcor Ltd.	UBS AG		318,000		01/09/19	AUD	13.33	AUD	4,217		(27,613	)
Ansell Ltd.	Morgan Stanley & Co. International PLC		52,600		01/09/19	AUD	23.55	AUD	1,160		(932	)


60		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced International Dividend Trust (BGY)

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Kone OYJ, Class B	UBS AG		65,150		01/09/19	EUR	43.84	EUR	2,715	$	(5,293	)
Novartis AG, Registered Shares	UBS AG		63,500		01/09/19	CHF	90.35	CHF	5,345		(3,155	)
RELX PLC	Goldman Sachs International		69,000		01/09/19	EUR	19.20	EUR	1,239		(805	)
British American Tobacco PLC	UBS AG		113,500		01/10/19	GBP	28.14	GBP	2,833		(12,460	)
SGS SA, Registered Shares	Goldman Sachs International		1,500		01/10/19	CHF	2,381.58	CHF	3,319		(1,889	)
SGS SA, Registered Shares	UBS AG		500		01/10/19	CHF	2,315.33	CHF	1,106		(3,044	)
Sonic Healthcare Ltd.	Citibank N.A.		89,000		01/10/19	AUD	22.99	AUD	1,971		(5,571	)
Taiwan Semiconductor Manufacturing Co. Ltd.	JPMorgan Chase Bank N.A.		235,000		01/10/19	USD	225.12	USD	52,450		(35,696	)
TELUS Corp.	Citibank N.A.		33,500		01/11/19	CAD	46.93	CAD	1,516		(556	)
TELUS Corp.	Royal Bank of Canada		16,300		01/11/19	CAD	48.03	CAD	738		(251	)
ANTA Sports Products Ltd.	Morgan Stanley & Co. International PLC		468,000		01/15/19	HKD	36.62	HKD	17,545		(120,574	)
Deutsche Post AG, Registered Shares	Citibank N.A.		100,000		01/15/19	EUR	29.42	EUR	2,384		—
Diageo PLC	Credit Suisse International		33,700		01/15/19	GBP	27.56	GBP	945		(34,027	)
Heineken NV	Morgan Stanley & Co. International PLC		22,300		01/15/19	EUR	79.37	EUR	1,720		(11,698	)
TELUS Corp.	Royal Bank of Canada		20,000		01/15/19	CAD	47.75	CAD	905		(1,001	)
United Overseas Bank Ltd.	Morgan Stanley & Co. International PLC		117,300		01/15/19	SGD	24.59	SGD	2,893		(39,598	)
Amcor Ltd.	Morgan Stanley & Co. International PLC		185,000		01/16/19	AUD	13.90	AUD	2,453		(2,406	)
Ansell Ltd.	UBS AG		91,800		01/16/19	AUD	23.96	AUD	2,025		(2,099	)
DBS Group Holdings Ltd.	JPMorgan Chase Bank N.A.		71,800		01/16/19	SGD	24.33	SGD	1,702		(9,776	)
DBS Group Holdings Ltd.	UBS AG		60,000		01/16/19	SGD	23.88	SGD	1,422		(15,105	)
Imperial Brands PLC	Barclays Bank PLC		92,000		01/16/19	GBP	27.70	GBP	2,191		(8,025	)
Japan Tobacco, Inc.	JPMorgan Chase Bank N.A.		51,700		01/16/19	JPY	2,926.73	JPY	134,644		(234	)
Kone OYJ, Class B	Goldman Sachs International		52,000		01/16/19	EUR	45.37	EUR	2,167		(2,244	)
Koninklijke Philips NV	Morgan Stanley & Co. International PLC		40,000		01/16/19	EUR	34.60	EUR	1,224		(868	)
Novartis AG, Registered Shares	UBS AG		63,500		01/16/19	CHF	90.35	CHF	5,345		(10,470	)
RELX PLC	Credit Suisse International		93,100		01/16/19	EUR	18.29	EUR	1,672		(22,706	)
Sonic Healthcare Ltd.	Morgan Stanley & Co. International PLC		52,000		01/16/19	AUD	22.49	AUD	1,152		(10,854	)
BAE Systems PLC	Goldman Sachs International		159,000		01/17/19	GBP	5.00	GBP	730		(3,289	)
Sanofi	Morgan Stanley & Co. International PLC		32,000		01/17/19	EUR	80.59	EUR	2,423		(8,163	)
Schneider Electric SE	Goldman Sachs International		21,100		01/17/19	EUR	65.6	EUR	1,249		(1,293	)
Svenska Handelsbanken AB	Goldman Sachs International		210,800		01/17/19	SEK	100.13	SEK	20,787		(27,690	)
TELUS Corp.	Royal Bank of Canada		62,300		01/18/19	CAD	47.00	CAD	2,819		(5,932	)
Amcor Ltd.	UBS AG		247,700		01/23/19	AUD	13.38	AUD	3,285		(31,746	)
Diageo PLC	Credit Suisse International		20,600		01/23/19	GBP	28.37	GBP	578		(10,707	)
Kone OYJ, Class B	Credit Suisse International		55,900		01/23/19	EUR	42.90	EUR	2,329		(34,121	)
Svenska Handelsbanken AB	Credit Suisse International		240,500		01/23/19	SEK	99.34	SEK	23,716		(47,032	)
TELUS Corp.	Royal Bank of Canada		33,300		01/23/19	CAD	46.75	CAD	1,507		(3,117	)
Taiwan Semiconductor Manufacturing Co. Ltd.	UBS AG		494,000		01/23/19	USD	228.01	USD	110,256		(91,943	)
ANTA Sports Products Ltd.	Goldman Sachs International		404,000		01/24/19	HKD	38.81	HKD	15,146		(69,674	)
Ansell Ltd.	Morgan Stanley & Co. International PLC		32,100		01/24/19	AUD	23.19	AUD	708		(4,069	)
Ansell Ltd.	Morgan Stanley & Co. International PLC		25,900		01/24/19	AUD	23.40	AUD	571		(2,448	)
AstraZeneca PLC	UBS AG		8,000		01/24/19	GBP	63.35	GBP	468		(1,980	)
BAE Systems PLC	Goldman Sachs International		159,000		01/24/19	GBP	5.00	GBP	730		(5,729	)
British American Tobacco PLC	Goldman Sachs International		64,700		01/24/19	GBP	28.30	GBP	1,615		(9,010	)
Deutsche Post AG, Registered Shares	UBS AG		89,600		01/24/19	EUR	28.55	EUR	2,136		(5,881	)
Koninklijke Philips NV	Goldman Sachs International		82,000		01/24/19	EUR	33.62	EUR	2,509		(8,153	)
Novo Nordisk A/S, Class B	Goldman Sachs International		41,000		01/24/19	DKK	307.22	DKK	12,270		(26,661	)
Sonic Healthcare Ltd.	UBS AG		120,600		01/24/19	AUD	21.83	AUD	2,671		(61,026	)
Unilever PLC	Credit Suisse International		59,400		01/24/19	GBP	43.23	GBP	2,447		(19,309	)
TELUS Corp.	Royal Bank of Canada		42,100		01/25/19	CAD	48.00	CAD	1,905		(4,347	)
Diageo PLC	Credit Suisse International		20,600		01/29/19	GBP	28.37	GBP	578		(12,274	)
GlaxoSmithKline PLC	Deutsche Bank AG		260,300		01/29/19	GBP	14.67	GBP	3,891		(212,378	)
Kone OYJ, Class B	UBS AG		34,600		01/29/19	EUR	44.04	EUR	1,442		(14,239	)
Nestle SA, Registered Shares	Deutsche Bank AG		45,600		01/29/19	CHF	83.97	CHF	3,638		(16,194	)
Novo Nordisk A/S, Class B	Goldman Sachs International		17,100		01/29/19	DKK	301.92	DKK	5,118		(21,597	)
Sonic Healthcare Ltd.	UBS AG		75,800		01/29/19	AUD	21.63	AUD	1,679		(48,791	)
Amcor Ltd.	UBS AG		248,500		01/30/19	AUD	13.32	AUD	3,295		(43,497	)
Ansell Ltd.	UBS AG		43,400		01/30/19	AUD	23.64	AUD	957		(6,613	)
BAE Systems PLC	Morgan Stanley & Co. International PLC		316,000		01/30/19	GBP	4.68	GBP	1,450		(41,199	)
Imperial Brands PLC	UBS AG		125,600		01/30/19	GBP	26.37	GBP	2,991		(58,884	)
Taiwan Semiconductor Manufacturing Co. Ltd.	UBS AG		494,000		01/30/19	USD	228.01	USD	110,256		(107,593	)
British American Tobacco PLC	Goldman Sachs International		64,700		01/31/19	GBP	28.30	GBP	1,615		(14,427	)


SCHEDULES OF INVESTMENTS			61

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced International Dividend Trust (BGY)

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Diageo PLC	UBS AG		32,600		01/31/19		GBP	28.96		GBP	914	$	(10,284	)
Imperial Brands PLC	Credit Suisse International		45,000		01/31/19		GBP	24.55		GBP	1,071		(22,186	)
Rogers Communications, Inc., Class B	Citibank N.A.		18,200		01/31/19		CAD	69.94		CAD	1,273		(16,742	)
Sanofi	Goldman Sachs International		6,200		01/31/19		EUR	80.20		EUR	469		(3,331	)
Suncor Energy, Inc.	UBS AG		18,500		01/31/19		EUR	62.83		EUR	1,095		(13,528	)
TELUS Corp.	Royal Bank of Canada		57,100		01/31/19		CAD	47.75		CAD	2,584		(2,534	)
TELUS Corp.	Royal Bank of Canada		33,400		02/01/19		CAD	46.75		CAD	1,511		(5,023	)
DBS Group Holdings Ltd.	BNP Paribas S.A.		61,000		02/04/19		SGD	23.77		SGD	1,446		(26,788	)
TELUS Corp.	Goldman Sachs International		35,600		02/04/19		CAD	46.65		CAD	1,611		(6,459	)
United Overseas Bank Ltd.	Morgan Stanley & Co. International PLC		111,000		02/04/19		SGD	24.54		SGD	2,737		(56,691	)
Japan Tobacco, Inc.	JPMorgan Chase Bank N.A.		44,000		02/05/19		JPY	2,877.38		JPY	114,591		(4,153	)
Amcor Ltd.	Morgan Stanley & Co. International PLC		248,500		02/06/19		AUD	13.32		AUD	3,295		(48,633	)
Ansell Ltd.	Morgan Stanley & Co. International PLC		43,400		02/06/19		AUD	23.64		AUD	957		(8,319	)
BAE Systems PLC	Morgan Stanley & Co. International PLC		230,400		02/06/19		GBP	4.79		GBP	1,058		(21,353	)
Diageo PLC	UBS AG		5,000		02/06/19		GBP	27.94		GBP	140		(4,510	)
Kone OYJ, Class B	Credit Suisse International		65,150		02/06/19		EUR	43.05		EUR	2,715		(51,992	)
Nestle SA, Registered Shares	Morgan Stanley & Co. International PLC		57,100		02/06/19		CHF	82.55		CHF	4,555		(45,233	)
Novartis AG, Registered Shares	Credit Suisse International		53,400		02/06/19		CHF	90.48		CHF	4,495		(18,224	)
RELX PLC	Credit Suisse International		69,000		02/06/19		EUR	18.14		EUR	1,239		(32,473	)
Sanofi	Credit Suisse International		71,300		02/06/19		EUR	77.09		EUR	5,398		(117,787	)
Suncor Energy, Inc.	Morgan Stanley & Co. International PLC		25,700		02/06/19		EUR	62.16		EUR	1,521		(28,520	)
TELUS Corp.	Royal Bank of Canada		35,700		02/06/19		CAD	46.62		CAD	1,615		(7,011	)
Rogers Communications, Inc., Class B	Credit Suisse International		36,500		02/11/19		CAD	71.72		CAD	2,554		(24,770	)
BAE Systems PLC	UBS AG		228,500		02/12/19		GBP	4.71		GBP	1,049		(35,512	)
GlaxoSmithKline PLC	Goldman Sachs International		286,000		02/12/19		GBP	15.48		GBP	4,276		(126,952	)
Novo Nordisk A/S, Class B	Goldman Sachs International		22,400		02/12/19		DKK	305.65		DKK	6,704		(29,380	)
ANTA Sports Products Ltd.	Goldman Sachs International		404,000		02/13/19		HKD	38.81		HKD	15,146		(103,494	)
Suncor Energy, Inc.	UBS AG		37,100		02/13/19		EUR	59.53		EUR	2,196		(87,152	)
Unilever PLC	Credit Suisse International		59,400		02/13/19		GBP	43.23		GBP	2,447		(28,685	)
Unilever PLC	Morgan Stanley & Co. International PLC		69,000		02/13/19		GBP	44.49		GBP	2,842		(25,939	)
BAE Systems PLC	UBS AG		228,500		02/19/19		GBP	4.71		GBP	1,049		(39,427	)
Japan Tobacco, Inc.	UBS AG		51,700		02/20/19		JPY	2,870.69		JPY	134,644		(8,862	)
BAE Systems PLC	Morgan Stanley & Co. International PLC		316,000		02/26/19		GBP	4.68		GBP	1,450		(61,502	)

												$	(2,790,177	)

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


	Swap Premium Paid		Swap Premium Received		Unrealized Appreciation		Unrealized Depreciation			Value
Options Written		N/A		N/A	$	3,213,242	$	(315,083	)	$	(2,991,651	)

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 Instrument
Options written
Options written at value	$	—	$	—	$	2,991,651	$	—	$	—	$	—	$	2,991,651


62		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced International Dividend Trust (BGY)

For the year ended December 31, 2018, 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	$	—	$	—	$	2,536,527	$	—	$	—	$	—	$	2,536,527


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	1,313,824	$	—	$	—	$	—	$	1,313,824

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts written	$	4,719,654

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) are as follows:


	Assets		Liabilities
Options	$	—	$	2,991,651
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(201,474	)

Total derivative assets and liabilities subject to an MNA	$	—	$	2,790,177


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged^(a)			Cash Collateral Pledged^(a)			Net Amount of Derivative Liabilities^(b)
Barclays Bank PLC	$	25,928	$	—	$	—		$	—		$	25,928
BNP Paribas S.A.		26,788		—		—			—			26,788
Citibank N.A.		52,366		—		—			—			52,366
Credit Suisse International		503,217		—		(503,217	)		—			—
Deutsche Bank AG		228,572		—		—			—			228,572
Goldman Sachs International		481,549		—		(481,549	)		—			—
JPMorgan Chase Bank N.A.		49,859		—		(49,859	)		—			—
Morgan Stanley & Co. International PLC		634,592		—		(634,592	)		—			—
Royal Bank of Canada		29,216		—		—			—			29,216
UBS AG		758,090		—		(708,237	)		(49,853	)		—

	$	2,790,177	$	—	$	(2,377,454	)	$	(49,853	)	$	362,870

^(a)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(b)


SCHEDULES OF INVESTMENTS			63

Schedule of Investments (continued)

December 31, 2018

BlackRock Enhanced International Dividend Trust (BGY)

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Common Stocks:
Australia	$	—		$	56,023,764		$	—	$	56,023,764
Canada		65,363,685			—			—		65,363,685
China		—			11,382,422			—		11,382,422
Denmark		—			12,397,002			—		12,397,002
Finland		—			31,445,516			—		31,445,516
France		—			35,204,103			—		35,204,103
Germany		—			24,074,680			—		24,074,680
India		—			11,493,426			—		11,493,426
Japan		—			10,010,543			—		10,010,543
Netherlands		—			25,405,750			—		25,405,750
Singapore		—			18,941,379			—		18,941,379
Sweden		—			16,369,462			—		16,369,462
Switzerland		—			58,526,209			—		58,526,209
Taiwan		—			19,757,804			—		19,757,804
United Kingdom		—			164,077,106			—		164,077,106
United States		29,434,838			—			—		29,434,838
Preferred Stock		—			—			4,520,055		4,520,055
Short-Term Securities		25,489,943			—			—		25,489,943

	$	120,288,466		$	495,109,166		$	4,520,055	$	619,917,687

Derivative Financial Instruments^(a)
Liabilities:
Equity contracts	$	(201,474	)	$	(2,790,177	)	$	—	$	(2,991,651	)

^(a)

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

Transfers between Level 1 and Level 2 were as follows:


	Transfers out of Level 1^(a)		Transfers Into Level 2^(a)
Assets:
Long-Term Investments:
Common Stocks	$	10,130,192	$	10,130,192

^(a)

External pricing service used to reflect any significant market movements between the time the Trust valued such foreign securities and the earlier closing of foreign markets.

See notes to financial statements.


64		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

December 31, 2018

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)


Security	Shares			Value

Common Stocks — 92.9%

Biotechnology — 16.7%
ACADIA Pharmaceuticals, Inc.^(a)(b)		37,400		$	604,758
Acceleron Pharma, Inc.^(a)(b)		41,600			1,811,680
Acerta Pharma BV, Series B, (Acquired 2/01/16, Cost $986,402)^(c)(d)		17,146,440			1,870,677
Agios Pharmaceuticals, Inc.^(a)(b)		15,900			733,149
Alexion Pharmaceuticals, Inc.^(a)(b)		17,700			1,723,272
Allakos, Inc.^(a)		6,012			314,247
Allogene Therapeutics, Inc.^(a)		6,919			186,329
Allogene Therapeutics, Inc., (Acquired 10/10/18, cost $505,000)^(d)		33,006			824,606
Alnylam Pharmaceuticals, Inc.^(a)		8,200			597,862
Amgen, Inc.^(b)		28,460			5,540,308
Amicus Therapeutics, Inc.^(a)(b)		22,430			214,879
AnaptysBio, Inc.^(a)(b)		2,100			133,959
Apellis Pharmaceuticals, Inc.^(a)		23,047			303,991
Arena Pharmaceuticals, Inc.^(a)(b)		27,244			1,061,154
Biogen, Inc.^(a)(b)		17,748			5,340,728
Biohaven Pharmaceutical Holding Co. Ltd.^(a)(b)		14,050			519,569
BioMarin Pharmaceutical, Inc.^(a)(b)		32,700			2,784,405
Blueprint Medicines Corp.^(a)(b)		3,500			188,685
Cellectis SA, ADR^(a)		15,095			251,332
Checkpoint Therapeutics, Inc.^(a)(e)		43,100			78,442
Corbus Pharmaceuticals Holdings, Inc.^(a)		38,600			225,424
Cytokinetics, Inc.^(a)		11,300			71,416
Eidos Therapeutics, Inc.^(a)(e)		7,886			108,511
Exact Sciences Corp.^(a)(b)		14,800			933,880
Galapagos NV, ADR^(a)(b)		5,700			522,918
Genmab A/S^(a)		5,300			871,428
Gilead Sciences, Inc.^(b)		117,900			7,374,645
Halozyme Therapeutics, Inc.^(a)(b)		25,200			368,676
ImmunoGen, Inc.^(a)		35,500			170,400
Incyte Corp.^(a)(b)		34,400			2,187,496
InflaRx NV^(a)		43,683			1,588,751
Innovent Biologics, Inc.^(a)(f)		25,500			78,482
Insmed, Inc.^(a)(b)		49,686			651,880
Intercept Pharmaceuticals, Inc.^(a)(b)		2,000			201,580
Mirati Therapeutics, Inc.^(a)		4,100			173,922
Ovid therapeutics, Inc.^(a)		37,826			91,539
Principia Biopharma, Inc.^(a)		4,047	��		110,847
Ra Pharmaceuticals, Inc.^(a)		37,457			681,717
Regeneron Pharmaceuticals, Inc.^(a)(b)		6,758			2,524,113
Rubius Therapeutics, Inc.^(a)		1,372			22,062
Sarepta Therapeutics, Inc.^(a)(b)		33,550			3,661,312
Seattle Genetics, Inc.^(a)(b)		50,967			2,887,790
Spark Therapeutics, Inc.^(a)(b)		9,010			352,651
Sutro Biopharma, Inc.^(a)		3,108			28,034
Syndax Pharmaceuticals, Inc.^(a)		15,784			70,239
TESARO, Inc.^(a)		20,831			1,546,702
Ultragenyx Pharmaceutical, Inc.^(a)(b)		17,500			760,900
Vertex Pharmaceuticals, Inc.^(a)(b)		34,205			5,668,111

					59,019,458

Diversified Consumer Services — 0.6%
Service Corp. International^(b)		50,200			2,021,052


Health Care Equipment & Supplies — 25.3%
Abbott Laboratories^(b)		261,800			18,935,994
Align Technology, Inc.^(a)(b)		5,900			1,235,637
Baxter International, Inc.^(b)		56,600			3,725,412
Becton Dickinson & Co.^(b)		23,633			5,324,988
Boston Scientific Corp.^(a)		420,284			14,852,836
ConvaTec Group PLC^(f)		933,500			1,653,508
Edwards Lifesciences Corp.^(a)(b)		24,700			3,783,299


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Establishment Labs Holdings, Inc.^(a)		4,385	$	120,237
Intuitive Surgical, Inc.^(a)(b)		11,200		5,363,904
Masimo Corp.^(a)(b)		39,000		4,187,430
Medtronic PLC^(b)		139,200		12,661,632
Nevro Corp.^(a)(b)		12,900		501,681
ResMed, Inc.^(b)		33,700		3,837,419
SI-BONE, Inc.^(a)		10,011		209,130
Stryker Corp.^(b)		61,600		9,655,800
Teleflex, Inc.^(b)		9,000		2,326,320
Zimmer Biomet Holdings, Inc.^(b)		10,000		1,037,200

				89,412,427

Health Care Providers & Services — 21.4%
Amedisys, Inc.^(a)(b)		24,960		2,923,066
AmerisourceBergen Corp.^(b)		22,800		1,696,320
Anthem, Inc.		35,800		9,402,154
Centene Corp.^(a)(b)		44,500		5,130,850
Cigna Corp.^(a)		46,300		8,793,296
DaVita, Inc.^(a)(b)		21,594		1,111,227
Guardant Health, Inc.^(a)		4,749		178,515
HCA Healthcare, Inc.^(b)		21,594		2,687,373
HealthEquity, Inc.^(a)(b)		12,400		739,660
Humana, Inc.^(b)		27,800		7,964,144
LHC Group, Inc.^(a)(b)		7,390		693,773
McKesson Corp.^(b)		7,300		806,431
Quest Diagnostics, Inc.^(b)		35,100		2,922,777
UnitedHealth Group, Inc.		113,002		28,151,058
WellCare Health Plans, Inc.^(a)(b)		9,700		2,290,073

				75,490,717

Health Care Technology — 0.5%
Teladoc Health, Inc.^(a)(b)		33,600		1,665,552


Life Sciences Tools & Services — 4.7%
Agilent Technologies, Inc.^(b)		34,200		2,307,132
Charles River Laboratories International, Inc.^(a)(b)		9,300		1,052,574
Illumina, Inc.^(a)(b)		5,400		1,619,622
IQVIA Holdings, Inc.^(a)(b)		10,300		1,196,551
PerkinElmer, Inc.		12,800		1,005,440
QIAGEN NV^(a)		48,800		1,681,160
Thermo Fisher Scientific, Inc.^(b)		27,600		6,176,604
WuXi AppTec Co. Ltd.^(a)(f)		112,000		972,607
Wuxi Biologics Cayman, Inc.^(a)(f)		106,500		680,382

				16,692,072

Pharmaceuticals — 23.7%
Allergan PLC^(b)		35,285		4,716,193
Arvinas Holding Co. LLC^(a)		4,630		59,496
Assembly Biosciences, Inc.^(a)(b)		5,033		113,846
AstraZeneca PLC		68,376		5,103,990
AstraZeneca PLC — ADR^(b)		38,600		1,466,028
Bristol-Myers Squibb Co.^(b)		153,962		8,002,945
Chugai Pharmaceutical Co. Ltd.		16,100		933,787
Daiichi Sankyo Co. Ltd.		30,300		969,167
Elanco Animal Health, Inc.^(a)(b)		10,891		343,393
Eli Lilly & Co.^(b)		66,300		7,672,236
Hua Medicine, (Acquired 09/07/18, Cost $342,936)^(c)(d)		405,105		420,806
Hua Medicine^(a)(f)		314,500		333,357
Medicines Co.^(a)(b)		22,900		438,306
Merck & Co., Inc.^(b)		167,179		12,774,147
Merck KGaA		28,300		2,912,989
Nektar Therapeutics^(a)(b)		7,400		243,238
Novartis AG — ADR^(b)		22,300		1,913,563
Novo Nordisk A/S — ADR^(b)		78,600		3,621,102
Pfizer, Inc.^(b)		491,398		21,449,523
Reata Pharmaceuticals, Inc., Class A^(a)(b)		9,419		528,406


SCHEDULES OF INVESTMENTS			65

Schedule of Investments (continued)

December 31, 2018

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Sanofi		20,600	$	1,787,047
Sanofi — ADR^(b)		41,300		1,792,833
Teva Pharmaceutical Industries Ltd. — ADR^(b)		59,000		909,780
Theravance Biopharma, Inc.^(a)		4,700		120,273
Tricida, Inc.^(a)		9,249		218,091
Urovant Sciences Ltd.^(a)		6,639		43,751
Zoetis, Inc.^(b)		54,500		4,661,930

				83,550,223


Total Common Stocks — 92.9% (Cost — $227,224,478)				327,851,501


Security	Par (000)

Other Interests^(g) — 0.0%

Pharmaceuticals — 0.0%
Afferent Pharmaceuticals, Inc., Series C, (Acquired 9/30/15, Cost $0)^(c)(d)		190		117,899


Total Other Interests — 0.0% (Cost — $0)				117,899


	Shares

Preferred Stock

Biotechnology — 0.2%
Rubius Therapeutics, Inc., (Acquired 2/23/18, Cost $505,410), 0.00%^(c)(d)		39,516		632,946


Total Preferred Stocks — 0.2% (Cost — $505,410)				632,946


Total Long-Term Investments — 93.1% (Cost — $227,729,888)				328,602,346


Security	Shares		Value

Short-Term Securities — 7.4%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.32%^(h)(i)		25,967,520	$	25,967,520
SL Liquidity Series, LLC, Money Market Series, 2.57%^(h)(j)(i)		4,665		4,665


Total Short-Term Securities — 7.4% (Cost — $25,972,185)				25,972,185


Options Purchased — 0.0% (Cost — $299)				250


Total Investments Before Options Written — 100.5% (Cost — $253,702,372)				354,574,781


Options Written — (0.4)% (Premiums Received — $2,535,639)				(1,418,657	)


Total Investments, Net of Options Written — 100.1% (Cost — $251,166,733)				353,156,124

Liabilities in Excess of Other Assets — (0.1)%				(481,146	)


Net Assets — 100.0%			$	352,674,978

^(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. As of period end, the Trust held restricted securities with a current value of $3,866,934 and an original cost of $2,339,748, which was 1.1% of its net assets.

^(e)	Security, or a portion of the 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)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

^(h)	Annualized7-day yield as of period end.

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

^(j)	During the year ended December 31, 2018, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/17		Net Activity			Shares Held at 12/31/18		Value at 12/31/18		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		14,301,421		11,666,099			25,967,520	$	25,967,520	$	215,966		$	—	$	—
SL Liquidity Series, LLC, Money Market Series		120,903		(116,238	)		4,665		4,665		1,757	^(b)		1		7

								$	25,972,185	$	217,723		$	1	$	7

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Purchased

Description

Number of
Contracts

Expiration
Date

Exercise
Price

Notional
Amount (000)

Value

Call

Teva Pharmaceutical Industries Ltd. — ADR

01/04/19

USD

21.00

USD

250


66		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Abbott Laboratories		223		01/04/19	USD	74.00	USD	1,613	$	(4,683	)
Allergan PLC		71		01/04/19	USD	160.00	USD	949		(3,550	)
Amgen, Inc.		72		01/04/19	USD	205.00	USD	1,402		(792	)
Baxter International, Inc.		61		01/04/19	USD	68.50	USD	402		(1,342	)
Biogen, Inc.		27		01/04/19	USD	337.50	USD	812		(5,805	)
Bristol-Myers Squibb Co.		170		01/04/19	USD	54.00	USD	884		(1,530	)
Edwards Lifesciences Corp.		59		01/04/19	USD	170.00	USD	904		(1,770	)
Humana, Inc.		21		01/04/19	USD	342.50	USD	602		(315	)
Medtronic PLC		159		01/04/19	USD	95.00	USD	1,446		(1,272	)
Pfizer, Inc.		365		01/04/19	USD	43.50	USD	1,593		(19,163	)
Pfizer, Inc.		91		01/04/19	USD	44.50	USD	397		(1,547	)
Pfizer, Inc.		92		01/04/19	USD	46.50	USD	402		(368	)
Pfizer, Inc.		124		01/04/19	USD	45.00	USD	541		(868	)
Teva Pharmaceutical Industries Ltd. — ADR		152		01/04/19	USD	23.50	USD	234		(304	)
Vertex Pharmaceuticals, Inc.		82		01/04/19	USD	185.00	USD	1,359		(1,640	)
Zoetis, Inc.		74		01/04/19	USD	95.00	USD	633		(2,590	)
Abbott Laboratories		95		01/11/19	USD	72.50	USD	687		(12,350	)
Abbott Laboratories		95		01/11/19	USD	74.00	USD	687		(6,650	)
Alexion Pharmaceuticals, Inc.		55		01/11/19	USD	120.00	USD	535		(2,200	)
Allergan PLC		71		01/11/19	USD	160.00	USD	949		(994	)
Amgen, Inc.		17		01/11/19	USD	205.00	USD	331		(1,555	)
AstraZeneca PLC		28		01/11/19	USD	39.50	USD	106		(560	)
Becton Dickinson & Co.		73		01/11/19	USD	252.50	USD	1,645		(4,745	)
Biogen, Inc.		20		01/11/19	USD	327.50	USD	602		(2,750	)
Bristol-Myers Squibb Co.		149		01/11/19	USD	55.00	USD	775		(2,756	)
Cigna Corp.		40		01/11/19	USD	217.50	USD	760		(2,120	)
Eli Lilly & Co.		130		01/11/19	USD	119.00	USD	1,504		(10,335	)
Gilead Sciences, Inc.		16		01/11/19	USD	72.00	USD	100		(96	)
Medtronic PLC		123		01/11/19	USD	97.00	USD	1,119		(1,414	)
Pfizer, Inc.		91		01/11/19	USD	46.50	USD	397		(819	)
Pfizer, Inc.		123		01/11/19	USD	45.00	USD	537		(2,952	)
QIAGEN NV		195		01/11/19	USD	35.75	USD	6,718		(3,230	)
Regeneron Pharmaceuticals, Inc.		16		01/11/19	USD	372.50	USD	598		(18,320	)
Service Corp. International		53		01/11/19	USD	44.56	USD	213		(40	)
Abbott Laboratories		221		01/18/19	USD	75.00	USD	1,598		(13,702	)
Acceleron Pharma, Inc.		166		01/18/19	USD	50.00	USD	723		(12,450	)
Agilent Technologies, Inc.		50		01/18/19	USD	75.00	USD	337		(400	)
Agios Pharmaceuticals, Inc.		31		01/18/19	USD	75.00	USD	143		(1,240	)
Align Technology, Inc.		16		01/18/19	USD	240.00	USD	335		(2,160	)
Amedisys, Inc.		99		01/18/19	USD	125.00	USD	1,159		(23,117	)
Amgen, Inc.		17		01/18/19	USD	200.00	USD	331		(5,074	)
Amicus Therapeutics, Inc.		89		01/18/19	USD	10.00	USD	85		(3,560	)
Arena Pharmaceuticals, Inc.		100		01/18/19	USD	46.00	USD	390		(2,850	)
Assembly Biosciences, Inc.		10		01/18/19	USD	20.00	USD	23		(2,050	)
Baxter International, Inc.		16		01/18/19	USD	65.40	USD	105		(2,772	)
BioMarin Pharmaceutical, Inc.		65		01/18/19	USD	110.00	USD	553		(650	)
Biogen, Inc.		8		01/18/19	USD	340.00	USD	241		(540	)
Biohaven Pharmaceutical Holding Co. Ltd.		28		01/18/19	USD	35.00	USD	104		(10,080	)
Blueprint Medicines Corp.		7		01/18/19	USD	60.00	USD	38		(1,242	)
Blueprint Medicines Corp.		7		01/18/19	USD	50.00	USD	38		(4,095	)
Bristol-Myers Squibb Co.		223		01/18/19	USD	55.00	USD	1,159		(7,359	)
Centene Corp.		89		01/18/19	USD	135.00	USD	1,026		(445	)
Cigna Corp.		41		01/18/19	USD	200.00	USD	779		(7,995	)
DaVita, Inc.		43		01/18/19	USD	55.00	USD	221		(3,117	)
DaVita, Inc.		43		01/18/19	USD	70.00	USD	221		(860	)
Edwards Lifesciences Corp.		39		01/18/19	USD	160.00	USD	597		(8,580	)
Elanco Animal Health, Inc.		43		01/18/19	USD	35.00	USD	136		(1,505	)
Eli Lilly & Co.		135		01/18/19	USD	120.00	USD	1,562		(15,660	)
Exact Science Corp.		40		01/18/19	USD	75.00	USD	252		(2,500	)
Galapagos NV — ADR		22		01/18/19	USD	95.00	USD	202		(8,415	)
HCA Healthcare, Inc.		31		01/18/19	USD	145.00	USD	386		(930	)
Halozyme Therapeutics, Inc.		100		01/18/19	USD	15.00	USD	146		(5,250	)


SCHEDULES OF INVESTMENTS			67

Schedule of Investments (continued)

December 31, 2018

BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
HealthEquity, Inc.		49		01/18/19	USD	65.00	USD	292	$	(4,900	)
Humana, Inc.		68		01/18/19	USD	320.00	USD	1,948		(6,800	)
IQVIA Holdings, Inc.		21		01/18/19	USD	130.00	USD	244		(1,155	)
Illumina, Inc.		10		01/18/19	USD	330.00	USD	300		(3,750	)
Incyte Corp.		137		01/18/19	USD	65.00	USD	871		(25,688	)
Insmed, Inc.		99		01/18/19	USD	20.00	USD	130		(1,980	)
Intuitive Surgical, Inc.		44		01/18/19	USD	535.00	USD	2,107		(6,930	)
Masimo Corp.		78		01/18/19	USD	110.00	USD	837		(13,845	)
Medicines Co.		38		01/18/19	USD	23.00	USD	73		(665	)
Medicines Co.		37		01/18/19	USD	20.00	USD	71		(3,330	)
Merck & Co., Inc.		148		01/18/19	USD	77.50	USD	1,131		(13,764	)
Nektar Therapeutics		29		01/18/19	USD	43.00	USD	95		(1,160	)
Nevro Corp.		25		01/18/19	USD	50.00	USD	97		(500	)
Novartis AG — ADR		70		01/18/19	USD	90.00	USD	601		(1,925	)
Novo Nordisk A/S — ADR		94		01/18/19	USD	45.00	USD	433		(16,450	)
Pfizer, Inc.		279		01/18/19	USD	44.00	USD	1,218		(23,018	)
Pfizer, Inc.		91		01/18/19	USD	45.00	USD	397		(3,776	)
Quest Diagnostics, Inc.		77		01/18/19	USD	100.00	USD	641		(385	)
Quest Diagnostics, Inc.		63		01/18/19	USD	90.00	USD	525		(1,260	)
Reata Pharmaceuticals, Inc.		18		01/18/19	USD	70.00	USD	101		(675	)
ResMed, Inc.		135		01/18/19	USD	110.00	USD	1,537		(71,550	)
Sanofi		83		01/18/19	USD	45.00	USD	360		(2,490	)
Sanofi		83		01/18/19	USD	44.00	USD	360		(5,602	)
Sarepta Therapeutics, Inc.		78		01/18/19	USD	120.00	USD	851		(29,445	)
Seattle Genetics, Inc.		102		01/18/19	USD	60.00	USD	578		(10,710	)
Spark Therapeutics, Inc.		36		01/18/19	USD	40.00	USD	141		(6,210	)
Stryker Corp.		244		01/18/19	USD	170.00	USD	3,825		(7,930	)
Teladoc, Inc.		74		01/18/19	USD	70.00	USD	367		(925	)
Teleflex, Inc.		17		01/18/19	USD	270.00	USD	439		(3,825	)
Thermo Fisher Scientific, Inc.		55		01/18/19	USD	230.00	USD	1,231		(15,538	)
Ultragenyx Pharmaceutical, Inc.		70		01/18/19	USD	45.00	USD	304		(14,000	)
Vertex Pharmaceuticals, Inc.		69		01/18/19	USD	170.00	USD	1,143		(32,775	)
WellCare Health Plans, Inc.		14		01/18/19	USD	260.00	USD	331		(1,820	)
Zimmer Biomet Holdings, Inc.		24		01/18/19	USD	120.00	USD	249		(240	)
Zimmer Biomet Holdings, Inc.		16		01/18/19	USD	105.00	USD	166		(3,240	)
Zoetis, Inc.		74		01/18/19	USD	97.50	USD	633		(1,110	)
ACADIA Pharmaceuticals, Inc.		149		01/25/19	USD	16.00	USD	241		(30,173	)
Abbott Laboratories		95		01/25/19	USD	73.00	USD	687		(16,435	)
AmerisourceBergen Corp.		58		01/25/19	USD	84.00	USD	432		(1,885	)
Amgen, Inc.		7		01/25/19	USD	190.00	USD	136		(6,370	)
AstraZeneca PLC		126		01/25/19	USD	39.50	USD	479		(5,355	)
Baxter International, Inc.		44		01/25/19	USD	66.00	USD	290		(8,228	)
Biogen, Inc.		19		01/25/19	USD	330.00	USD	572		(3,420	)
Biogen, Inc.		8		01/25/19	USD	307.50	USD	241		(6,280	)
Bristol-Myers Squibb Co.		73		01/25/19	USD	52.00	USD	379		(10,731	)
Cigna Corp.		39		01/25/19	USD	212.50	USD	741		(3,783	)
Gilead Sciences, Inc.		51		01/25/19	USD	73.00	USD	319		(612	)
Gilead Sciences, Inc.		64		01/25/19	USD	69.00	USD	400		(2,304	)
HCA Holdings, Inc.		55		01/25/19	USD	131.00	USD	684		(8,112	)
Humana, Inc.		22		01/25/19	USD	312.50	USD	630		(2,970	)
Illumina, Inc.		11		01/25/19	USD	330.00	USD	330		(5,390	)
Medtronic PLC		160		01/25/19	USD	95.50	USD	1,455		(11,280	)
Merck & Co., Inc.		137		01/25/19	USD	79.50	USD	1,047		(7,192	)
Pfizer, Inc.		168		01/25/19	USD	45.00	USD	733		(9,408	)
Pfizer, Inc.		168		01/25/19	USD	44.50	USD	733		(12,516	)
Pfizer, Inc.		183		01/25/19	USD	44.00	USD	799		(17,843	)
Regeneron Pharmaceuticals, Inc.		11		01/25/19	USD	365.00	USD	411		(21,890	)
Sarepta Therapeutics, Inc.		56		01/25/19	USD	117.00	USD	611		(29,400	)
Zoetis, Inc.		70		01/25/19	USD	87.50	USD	599		(11,550	)
Novo Nordisk A/S — ADR		103		01/28/19	USD	45.90	USD	475		(15,137	)
Pfizer, Inc.		83		01/28/19	USD	45.10	USD	362		(5,107	)
Novartis AG — ADR		6		01/29/19	USD	84.73	USD	51		(1,552	)


68		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Merck & Co., Inc.		165		01/30/19	USD	79.90	USD	1,261	$	(10,731	)
Teleflex, Inc.		17		01/31/19	USD	255.00	USD	439		(19,730	)
Abbott Laboratories		95		02/01/19	USD	70.00	USD	687		(35,388	)
Alexion Pharmaceuticals, Inc.		15		02/01/19	USD	98.00	USD	146		(7,650	)
Becton Dickinson & Co.		25		02/01/19	USD	235.00	USD	563		(7,812	)
Cigna Corp.		41		02/01/19	USD	200.00	USD	779		(16,708	)
Gilead Sciences, Inc.		277		02/01/19	USD	70.00	USD	1,733		(11,496	)
Gilead Sciences, Inc.		63		02/01/19	USD	70.50	USD	394		(2,079	)
Intercept Pharmaceuticals, Inc.		8		02/01/19	USD	98.50	USD	81		(9,040	)
McKesson Corp.		29		02/01/19	USD	125.00	USD	320		(2,102	)
Medtronic PLC		114		02/01/19	USD	93.00	USD	1,037		(19,551	)
Pfizer, Inc.		61		02/01/19	USD	44.00	USD	266		(6,740	)
WellCare Health Plans, Inc.		12		02/04/19	USD	244.53	USD	283		(8,867	)
Novartis AG — ADR		7		02/07/19	USD	84.73	USD	60		(2,021	)
WellCare Health Plans, Inc.		12		02/07/19	USD	244.53	USD	283		(9,436	)
Biohaven Pharmaceutical Holding Co. Ltd.		28		02/08/19	USD	33.36	USD	104		(16,153	)
Exact Science Corp.		19		02/08/19	USD	65.00	USD	120		(8,740	)
Merck & Co., Inc.		165		02/08/19	USD	79.90	USD	1,261		(13,696	)
Pfizer, Inc.		46		02/08/19	USD	42.66	USD	201		(8,050	)
Novartis AG — ADR		6		02/13/19	USD	84.73	USD	51		(1,842	)
Abbott Laboratories		223		02/15/19	USD	75.00	USD	1,613		(34,788	)
Agilent Technologies, Inc.		50		02/15/19	USD	75.00	USD	337		(2,825	)
Agilent Technologies, Inc.		16		02/15/19	USD	70.00	USD	108		(3,048	)
Agios Pharmaceuticals, Inc.		32		02/15/19	USD	60.00	USD	148		(2,080	)
Align Technology, Inc.		7		02/15/19	USD	220.00	USD	147		(8,820	)
AmerisourceBergen Corp.		33		02/15/19	USD	77.50	USD	246		(8,745	)
AnaptysBio, Inc.		8		02/15/19	USD	60.00	USD	51		(6,760	)
Assembly Biosciences, Inc.		10		02/15/19	USD	20.00	USD	23		(3,850	)
Baxter International, Inc.		105		02/15/19	USD	70.00	USD	691		(10,448	)
BioMarin Pharmaceutical, Inc.		65		02/15/19	USD	95.00	USD	553		(18,363	)
Charles River Laboratories International, Inc.		37		02/15/19	USD	120.00	USD	419		(11,655	)
IQVIA Holdings, Inc.		20		02/15/19	USD	120.00	USD	232		(6,750	)
LHC Group, Inc.		30		02/15/19	USD	100.00	USD	282		(8,100	)
Merck & Co., Inc.		54		02/15/19	USD	80.00	USD	413		(5,238	)
Nevro Corp.		26		02/15/19	USD	40.00	USD	101		(7,670	)
Reata Pharmaceuticals, Inc.		19		02/15/19	USD	55.00	USD	107		(11,875	)
Service Corp. International		54		02/15/19	USD	40.00	USD	217		(9,585	)
Teladoc, Inc.		60		02/15/19	USD	50.00	USD	297		(27,000	)
Teva Pharmaceutical Industries Ltd. — ADR		134		02/15/19	USD	16.00	USD	207		(12,529	)
Thermo Fisher Scientific, Inc.		55		02/15/19	USD	230.00	USD	1,231		(36,300	)
Novo Nordisk A/S — ADR		117		03/15/19	USD	46.00	USD	539		(26,033	)
Service Corp. International		93		03/15/19	USD	45.00	USD	374		(4,882	)

									$	(1,349,488	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
ConvaTec Group PLC	UBS AG		185,000		01/03/19		GBP	1.71		GBP	257	$	(19	)
AstraZeneca PLC	Goldman Sachs International		28,100		01/04/19		GBP	60.02		GBP	1,650		(8,789	)
Chugai Pharmaceutical Co. Ltd.	Goldman Sachs International		6,400		01/04/19		JPY	7,173.02		JPY	40,832		(38	)
Seattle Genetics, Inc.	Goldman Sachs International		10,100		01/08/19		USD	66.92		USD	572		(327	)
Merck & Co., Inc.	Morgan Stanley & Co. International PLC		5,700		01/24/19		EUR	100.55		EUR	512		(1,043	)
Insmed, Inc.	Barclays Bank PLC		9,900		01/25/19		USD	14.09		USD	130		(7,849	)
Masimo Corp.	Citibank N.A.		7,800		01/30/19		USD	108.42		USD	837		(26,697	)
Sanofi	Credit Suisse International		8,200		02/06/19		EUR	77.09		EUR	620		(13,546	)
Centene Corp.	Credit Suisse International		8,900		02/12/19		USD	136.89		USD	1,026		(6,353	)
Merck & Co., Inc.	Credit Suisse International		5,600		02/26/19		EUR	99.94		EUR	503		(4,508	)

												$	(69,169	)


SCHEDULES OF INVESTMENTS			69

Schedule of Investments (continued)

December 31, 2018

BlackRock Health Sciences Trust (BME)

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


	Swap Premium Paid		Swap Premium Received		Unrealized Appreciation		Unrealized Depreciation			Value
Options Written		N/A		N/A	$	1,390,153	$	(273,171	)	$	(1,418,657	)

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
Assets — Derivative Financial Instruments
Options purchased
Investments at value — unaffiliated^(a)	$	—	$	—	$	250	$	—	$	—	$	—	$	250

^(a)

Includes options purchased at value as reported in the Schedule of Investments.


	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	$	—	$	—	$	1,418,657	$	—	$	—	$	—	$	1,418,657

For the period ended December 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts	Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Options purchased^(a)	$	—	$	—	$	(4,882	)	$	$	—	$	—	$	(4,882	)
Options written		—		—		(4,052,692	)			—		—		(4,052,692	)

	$	—	$	—	$	(4,057,574	)	$	$	—	$	—	$	(4,057,574	)

^(a)

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


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on:
Options purchased^(a)	$	—	$	—	$	(49	)	$	—	$	—	$		$	(49	)
Options written		—		—		912,695			—		—		—		912,695

	$	—	$	—	$	912,646		$	—	$	—	$	—	$	912,646

^(a)

Options purchased are included in net change in unrealized appreciation (depreciation) on investments.

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts purchased	$	63
Average value of option contracts written	$	2,789,183

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


70		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Health Sciences Trust (BME)

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets			Liabilities
Derivative Financial Instruments:
Options	$	250	^(a)	$	1,418,657
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(250	)		(1,349,488	)

Total derivative assets and liabilities subject to an MNA	$	—		$	69,169

^(a)

Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities^(a)
Barclays Bank PLC	$	7,849	$	—	$	—	$	—	$	7,849
Citibank N.A.		26,697		—		—		—		26,697
Credit Suisse International		24,407		—		—		—		24,407
Goldman Sachs International		9,154		—		—		—		9,154
Morgan Stanley & Co. International PLC		1,043		—		—		—		1,043
UBS AG		19		—		—		—		19

	$	69,169	$	—	$	—	$	—	$	69,169

^(a)

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Common Stocks:
Biotechnology	$	55,452,746		$	1,696,035		$	1,870,677	$	59,019,458
Diversified Consumer Services		2,021,052			—			—		2,021,052
Health Care Equipment & Supplies		87,758,919			1,653,508			—		89,412,427
Health Care Providers & Services		75,490,717			—			—		75,490,717
Health Care Technology		1,665,552			—			—		1,665,552
Life Sciences Tools & Services		16,011,690			680,382			—		16,692,072
Pharmaceuticals		71,422,437			11,706,980			420,806		83,550,223
Other Interests		—			—			117,899		117,899
Preferred Stock		—			—			632,946		632,946
Short-Term Securities		25,967,520			—			—		25,967,520
Options Purchased:
Equity Contracts		250			—			—		250

Subtotal	$	335,790,883		$	15,736,905		$	3,042,328	$	354,570,116

Investments Valued at NAV^(a)										4,665
Total Investments									$	354,574,781

Derivative Financial Instruments^(b)
Liabilities:
Equity contracts	$	(1,200,518	)	$	(218,139	)	$	—	$	(1,418,657	)

^(a)

As of December 31, 2018, certain of the Trust’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

^(b)

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

During the year ended December 31, 2018, there were no transfers between Level 1 and Level 2.


SCHEDULES OF INVESTMENTS			71

Schedule of Investments (continued)

December 31, 2018

BlackRock Health Sciences Trust (BME)


	Common Stocks		Other Interests			Preferred Stocks		Rights			Total
Assets:
Opening Balance, as of December 31, 2017	$	1,916,972	$	387,926		$	—	$	141,355		$	2,446,253
Transfers into Level 3		—		—			—		—			—
Transfers out of Level 3		—		—			—		—			—
Accrued discounts/premiums		—		—			—		—			—
Net realized gain (loss)		—		—			—		221,060			221,060
Net change in unrealized appreciation (depreciation)^(a)(b)		31,575		(270,027	)		127,536		(115,507	)		(226,423	)
Purchases		342,936					505,410					848,346
Sales		—		—			—		(246,908	)		(246,908	)

Closing Balance as of December 31, 2018	$	2,291,483	$	117,899		$	632,946	$	—		$	3,042,328

Net change in unrealized appreciation (depreciation) on investments held as of December 31, 2018^(b)	$	31,575	$	(270,027	)	$	127,537	$	—		$	(110,915	)

^(a)

Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(b)

See notes to financial statements


72		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments

December 31, 2018

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks — 96.9%

Chemicals — 13.8%
CF Industries Holdings, Inc.^(a)		323,902	$	14,092,976
FMC Corp.^(a)^(b)		283,227		20,947,469
Mosaic Co.^(a)		400,464		11,697,554
Nutrien Ltd.^(a)		526,559		24,731,148
Nutrien Ltd.		546,558		25,688,226
Umicore SA		129,878		5,182,782
Yara International ASA		196,629		7,579,919

				109,920,074

Containers & Packaging — 2.8%
Packaging Corp. of America^(a)^(b)		173,643		14,492,245
Smurfit Kappa Group PLC		300,764		8,002,609

				22,494,854

Electronic Equipment, Instruments & Components — 1.0%
Trimble, Inc.^(a)^(c)		231,023		7,602,967


Energy Equipment & Services — 1.2%
Baker Hughes a GE Co.^(a)		188,974		4,062,941
Halliburton Co.^(a)		217,120		5,771,050

				9,833,991

Food Products — 6.4%
Archer-Daniels-Midland Co.^(a)^(b)		503,574		20,631,427
Bunge Ltd.^(a)		94,919		5,072,471
Glanbia PLC		452,911		8,505,284
Hormel Foods Corp.^(a)		129,699		5,535,553
Ingredion, Inc.		127,682		11,670,135

				51,414,870

Machinery — 0.6%
Deere & Co.^(a)		31,964		4,768,070


Metals & Mining — 36.1%
ArcelorMittal		811,565		16,799,678
BHP Group PLC		1,415,742		29,916,060
First Quantum Minerals Ltd.		2,782,655		22,502,572
Fresnillo PLC		1,461,910		16,063,655
Glencore PLC^(c)		8,001,911		29,751,624
Lundin Mining Corp.		1,451,898		5,998,172
Neo Lithium Corp.^(c)^(d)		5,498,399		2,497,075
Newcrest Mining Ltd.		1,035,287		15,911,388
Newmont Mining Corp.^(a)		353,947		12,264,264
OZ Minerals Ltd.		1,648,017		10,217,473
Polyus PJSC — GDR^(c)		146,028		5,709,929
Randgold Resources Ltd.		190,397		15,981,448
Randgold Resources Ltd. — ADR^(a)^(e)		181,327		15,030,195
Rio Tinto PLC — ADR^(a)		430,056		20,849,115
Stelco Holdings, Inc.		1,185,242		13,074,820
Teck Resources Ltd., Class B^(a)		1,107,310		23,851,457
Vale SA — ADR^(a)		1,898,877		25,046,188
Wheaton Precious Metals Corp.		322,541		6,299,226

				287,764,339

Oil, Gas & Consumable Fuels — 33.0%
Anadarko Petroleum Corp.^(a)		137,250		6,017,040
BP PLC — ADR^(a)		1,169,356		44,341,980
Cairn Energy PLC^(c)		2,127,123		4,058,845
Canadian Natural Resources Ltd.		275,314		6,642,868
CNOOC Ltd.		6,262,000		9,645,501
Concho Resources, Inc.^(a)^(c)		36,100		3,710,719
ConocoPhillips^(a)		189,587		11,820,749
Devon Energy Corp.^(a)		226,915		5,114,664
Exxon Mobil Corp.^(a)^(b)		358,043		24,414,952
Kosmos Energy Ltd.^(c)		1,027,980		4,183,879
Marathon Petroleum Corp.^(a)		69,654		4,110,283


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Pioneer Natural Resources Co.^(a)		50,020	$	6,578,630
Royal Dutch Shell PLC — ADR, Class A^(a)		806,930		47,019,811
Suncor Energy, Inc.		895,759		25,018,525
TOTAL SA		871,084		45,945,420
Valero Energy Corp.^(a)		119,064		8,926,228
Williams Cos., Inc.^(a)		255,575		5,635,429

				263,185,523

Paper & Forest Products — 1.4%
Mondi PLC		528,465		11,006,725
Precious Woods Holding AG^(c)		20,000		162,783
Quintis Ltd.^(c)(d)(e)		7,903,565		56

				11,169,564

Pharmaceuticals — 0.6%
Curaleaf Holdings, Inc.^(c)		1,076,779		5,095,218


Total Common Stocks — 96.9% (Cost — $783,821,542)				773,249,470


	Par (000)

Corporate Bonds — 2.0%

Metals & Mining — 2.0%
Beadell Resources Ltd., 6.00%, 06/30/23^(e)(f)	USD	1,800		1,578,600
Osisko Gold Royalties, Ltd., 4.00%, 12/31/22	CAD	5,652		4,108,961
Pilgangoora Operations Pty Ltd, 12.00%, 06/21/22	USD	9,000		9,997,317


Total Corporate Bonds — 2.0% (Cost — $15,311,494)				15,684,878


Total Long-Term Investments — 98.9% (Cost — $799,133,036)				788,934,348


	Shares

Short-Term Securities — 1.7%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.32%^(g)(h)		13,652,388		13,652,388
SL Liquidity Series, LLC, Money Market Series, 2.57%^(g)(h)		276,499		276,471


Total Short-Term Securities — 1.7% (Cost — $13,928,888)				13,928,859


Options Purchased — 0.0% (Cost — $984)				3,995


Total Investments Before Options Written — 100.6% (Cost — $813,062,908)				802,867,202


Options Written — (0.5)% (Premiums Received — $8,168,042)				(3,911,872	)


Total Investments, Net of Options Written — 100.1% (Cost — $804,894,866)				798,955,330

Liabilities in Excess of Other Assets — (0.1)%				(673,671	)


Net Assets — 100.0%			$	798,281,659

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

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

^(c)	Non-income producing security.

^(d)	Security, or a portion of the security, is on loan.

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

^(f)	Variable rate security. Rate shown is the rate in effect as of period end.

^(g)	Annualized7-day yield as of period end.


CONSOLIDATED SCHEDULES OF INVESTMENTS			73

Consolidated Schedule of Investments (continued)

December 31, 2018

BlackRock Resources & Commodities Strategy Trust (BCX)

^(h)	During the year ended December 31, 2018, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/17		Net Activity			Shares Held at 12/31/18		Value at 12/31/18		Income			Net Realized Gain (Loss)^(a)		Changes in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		16,156,750		(2,504,362	)		13,652,388	$	13,652,388	$	186,529		$	__	$	__
SL Liquidity Series, LLC, Money Market Series		488,032		(211,533	)		276,499		276,471		16,485	^(b)		__		11

								$	13,928,859	$	203,014		$	__	$	11

^(a)

Includes net capital gain distributions, if applicable.

^(b)

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the industrysub-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 sectorsub-classifications for reporting ease.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Exxon Mobil Corp.		94		01/04/19	USD	77	USD	641	$	3,525
Exxon Mobil Corp.		94		1/11/19	USD	78	USD	641		470

									$	3,995

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Anadarko Petroleum Corp.		195		01/04/19	USD	55.00	USD	855	$	(1,170	)
Archer-Daniels-Midland Co.		675		01/04/19	USD	47.00	USD	2,765		(5,400	)
CF Industries Holdings, Inc.		432		01/04/19	USD	47.50	USD	1,880		(10,800	)
ConocoPhillips		140		01/04/19	USD	68.00	USD	873		(420	)
Devon Energy Corp.		299		01/04/19	USD	28.50	USD	674		(1,196	)
Exxon Mobil Corp.		94		01/04/19	USD	80.00	USD	641		(188	)
Hormel Foods Corp.		94		01/04/19	USD	45.00	USD	401		(4,700	)
Newmont Mining Corp.		356		01/04/19	USD	32.00	USD	1,234		(94,162	)
Pioneer Natural Resources Co.		40		01/04/19	USD	152.50	USD	526		(2,000	)
Royal Dutch Shell PLC — ADR, Class A		974		01/04/19	USD	61.50	USD	5,675		(38,960	)
Teck Resources Ltd.		608		01/04/19	USD	22.00	USD	1,310		(13,680	)
Teck Resources Ltd.		246		01/04/19	USD	23.50	USD	530		(3,198	)
Valero Energy Corp.		95		01/04/19	USD	84.00	USD	712		(380	)
Vale SA — ADR		1,348		01/04/19	USD	14.50	USD	1,778		(2,696	)
Archer-Daniels-Midland Co.		675		01/11/19	USD	47.00	USD	2,765		(4,050	)
BP PLC — ADR		638		01/11/19	USD	42.00	USD	2,419		(1,914	)
CF Industries Holdings, Inc.		432		01/11/19	USD	47.50	USD	1,880		(8,640	)
ConocoPhillips		73		01/11/19	USD	71.00	USD	455		(292	)
Deere & Co.		127		01/11/19	USD	160.00	USD	1,894		(6,414	)
Exxon Mobil Corp.		94		01/11/19	USD	80.00	USD	641		(282	)
Halliburton Co.		115		01/11/19	USD	32.00	USD	306		(345	)
Halliburton Co.		227		01/11/19	USD	33.53	USD	603		—
Marathon Petroleum Corp.		41		01/11/19	USD	65.00	USD	242		(492	)
Marathon Petroleum Corp.		53		01/11/19	USD	65.50	USD	313		(450	)
Mosaic Co.		394		01/11/19	USD	37.50	USD	1,151		(13,396	)
Newmont Mining Corp.		221		01/11/19	USD	33.50	USD	766		(32,819	)
Pioneer Natural Resources Co.		96		01/11/19	USD	143.00	USD	1,263		(6,480	)
Royal Dutch Shell PLC — ADR, Class A		432		01/11/19	USD	60.00	USD	2,517		(14,040	)
Teck Resources Ltd.		943		01/11/19	USD	23.50	USD	2,031		(11,316	)
Vale SA — ADR		1,348		01/11/19	USD	14.50	USD	1,778		(8,088	)


74		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (continued)

December 31, 2018

BlackRock Resources & Commodities Strategy Trust (BCX)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Valero Energy Corp.		96		01/11/19	USD	84.01	USD	720	$	(1,110	)
Anadarko Petroleum Corp.		178		01/18/19	USD	55.00	USD	780		(801	)
Archer-Daniels-Midland Co.		675		01/18/19	USD	47.00	USD	2,765		(3,037	)
Baker Hughes a GE Co., Class A		295		01/18/19	USD	26.00	USD	634		(7,375	)
BP PLC — ADR		700		01/18/19	USD	42.00	USD	2,654		(2,100	)
BP PLC — ADR		687		01/18/19	USD	41.00	USD	2,605		(4,809	)
Bunge Ltd.		191		01/18/19	USD	65.00	USD	1,021		(3,820	)
CF Industries Holdings, Inc.		431		01/18/19	USD	47.50	USD	1,875		(16,809	)
Concho Resources, Inc.		64		01/18/19	USD	135.00	USD	658		(960	)
Devon Energy Corp.		201		01/18/19	USD	30.00	USD	453		(201	)
First Quantum Minerals Ltd.		930		01/18/19	CAD	13.00	CAD	1,027		(11,581	)
First Quantum Minerals Ltd.		851		01/18/19	CAD	15.00	CAD	940		(2,182	)
First Quantum Minerals Ltd.		427		01/18/19	CAD	14.00	CAD	471		(2,502	)
FMC Corp.		137		01/18/19	USD	80.00	USD	1,013		(4,110	)
FMC Corp.		350		01/18/19	USD	85.00	USD	2,589		(3,500	)
Halliburton Co.		115		01/18/19	USD	33.00	USD	306		(287	)
Halliburton Co.		227		01/18/19	USD	35.45	USD	603		(1	)
Hormel Foods Corp.		240		01/18/19	USD	45.00	USD	1,024		(4,800	)
Lundin Mining Corp.		3,430		01/18/19	CAD	6.00	CAD	1,935		(31,406	)
Mosaic Co.		396		01/18/19	USD	37.00	USD	1,157		(1,188	)
Mosaic Co.		501		01/18/19	USD	39.00	USD	1,463		(14,028	)
Newmont Mining Corp.		355		01/18/19	USD	34.00	USD	1,230		(47,570	)
Packaging Corp. of America		694		01/18/19	USD	95.00	USD	5,792		(20,820	)
Pioneer Natural Resources Co.		63		01/18/19	USD	160.00	USD	829		(2,520	)
Randgold Resources Ltd. — ADR		273		01/18/19	USD	82.50	USD	2,265		(65,520	)
Rio Tinto PLC — ADR		334		01/18/19	USD	52.50	USD	1,619		(6,680	)
Royal Dutch Shell PLC — ADR, Class A		525		01/18/19	USD	62.50	USD	3,059		(6,563	)
Stelco Holdings, Inc.		354		01/18/19	CAD	22.00	CAD	438		(2,593	)
Stelco Holdings, Inc.		291		01/18/19	CAD	23.00	CAD	533		(2,132	)
Suncor Energy, Inc.		389		01/18/19	CAD	48.00	CAD	1,483		(1,425	)
Suncor Energy, Inc.		114		01/18/19	CAD	46.00	CAD	435		(459	)
Teck Resources Ltd.		295		01/18/19	USD	24.00	USD	635		(5,162	)
Teck Resources Ltd.		915		01/18/19	USD	22.00	USD	1,971		(64,508	)
Teck Resources Ltd.		208		01/18/19	USD	23.00	USD	448		(7,800	)
Vale SA — ADR		364		01/18/19	USD	14.00	USD	480		(6,552	)
Valero Energy Corp.		60		01/18/19	USD	90.00	USD	450		(270	)
Valero Energy Corp.		167		01/18/19	USD	87.50	USD	1,252		(1,085	)
Williams Cos., Inc.		1,025		01/18/19	USD	25.00	USD	2,260		(5,125	)
Baker Hughes a GE Co., Class A		83		01/25/19	USD	23.12	USD	178		(1,931	)
BP PLC — ADR		688		01/25/19	USD	41.00	USD	2,609		(8,600	)
ConocoPhillips		72		01/25/19	USD	68.00	USD	449		(2,772	)
Devon Energy Corp.		198		01/25/19	USD	27.50	USD	446		(1,485	)
Exxon Mobil Corp.		157		01/25/19	USD	79.00	USD	1,071		(863	)
Halliburton Co.		184		01/25/19	USD	30.50	USD	489		(3,496	)
Hormel Foods Corp.		184		01/25/19	USD	43.50	USD	785		(13,800	)
Marathon Petroleum Corp.		106		01/25/19	USD	65.50	USD	626		(4,081	)
Mosaic Co.		310		01/25/19	USD	30.50	USD	906		(20,770	)
Royal Dutch Shell PLC — ADR, Class A		432		01/25/19	USD	60.50	USD	2,517		(24,840	)
Teck Resources Ltd.		245		01/25/19	USD	24.50	USD	528		(5,145	)
Vale SA — ADR		545		01/25/19	USD	14.00	USD	719		(13,080	)
Valero Energy Corp.		58		01/25/19	USD	78.00	USD	435		(9,976	)
Anadarko Petroleum Corp.		176		02/01/19	USD	51.00	USD	772		(6,776	)
Baker Hughes a GE Co. , Class A		83		02/01/19	USD	23.12	USD	178		(2,227	)
BP PLC — ADR Each Representing Six PLC		688		02/01/19	USD	41.01	USD	2,609		(17,477	)
ConocoPhillips		232		02/01/19	USD	65.00	USD	1,447		(33,060	)
Devon Energy Corp.		209		02/01/19	USD	27.50	USD	471		(2,717	)
Exxon Mobil Corp.		283		02/01/19	USD	71.00	USD	1,930		(36,507	)
Exxon Mobil Corp.		236		02/01/19	USD	70.00	USD	1,609		(39,412	)
Marathon Petroleum Corp.		78		02/01/19	USD	60.50	USD	460		(16,419	)
Newmont Mining Corp.		242		02/01/19	USD	34.50	USD	839		(33,154	)
Pioneer Natural Resources Co.		43		02/01/19	USD	138.00	USD	566		(17,200	)
Royal Dutch Shell PLC — ADR, Class A		432		02/01/19	USD	58.50	USD	2,517		(72,360	)


CONSOLIDATED SCHEDULES OF INVESTMENTS			75

Consolidated Schedule of Investments (continued)

December 31, 2018

BlackRock Resources & Commodities Strategy Trust (BCX)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Teck Resources Ltd.		294		02/01/19	USD	24.00	USD	633	$	(9,996	)
Teck Resources Ltd.		485		02/01/19	USD	22.00	USD	1,045		(47,530	)
Vale SA — ADR		561		02/01/19	USD	14.50	USD	740		(10,379	)
Vale SA — ADR		500		02/01/19	USD	13.50	USD	660		(24,500	)
Royal Dutch Shell PLC — ADR, Class A		432		02/06/19	USD	58.51	USD	2,517		(66,543	)
BP PLC — ADR Each Representing Six PLC		638		02/08/19	USD	39.26	USD	2,419		(49,290	)
Exxon Mobil Corp.		236		02/08/19	USD	70.01	USD	1,609		(27,866	)
BP PLC — ADR		638		02/15/19	USD	42.00	USD	2,419		(13,079	)
Canadian Natural Resources Ltd.		42		02/15/19	CAD	34.00	CAD	1,390		(41,885	)
Concho Resources, Inc.		80		02/15/19	USD	112.00	USD	822		(24,593	)
ConocoPhillips		166		02/15/19	USD	67.50	USD	1,035		(20,418	)
ConocoPhillips		76		02/15/19	USD	65.00	USD	474		(15,846	)
Exxon Mobil Corp.		284		02/15/19	USD	80.00	USD	1,937		(3,266	)
Exxon Mobil Corp.		236		02/15/19	USD	70.00	USD	1,609		(44,958	)
First Quantum Minerals Ltd.		50		02/15/19	CAD	13.00	CAD	552		(19,045	)
First Quantum Minerals Ltd.		245		02/15/19	CAD	12.00	CAD	2,705		(145,363	)
Newmont Mining Corp.		242		02/15/19	USD	35.00	USD	839		(34,122	)
Teck Resources Ltd.		190		02/15/19	USD	25.00	USD	409		(7,505	)
Trimble, Inc.		14		02/15/19	USD	35.00	USD	46		(1,435	)
Vale SA — ADR		1,180		02/15/19	USD	14.00	USD	1,556		(48,380	)

									$	(1,695,506	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
ArcelorMittal SA	Morgan Stanley & Co. International PLC		44,400		01/03/19	EUR	22.50	EUR	802	$	—
First Quantum Minerals Ltd.	Royal Bank of Canada		56,000		01/03/19	CAD	13.86	CAD	618		—
Fresnillo PLC	Goldman Sachs International		96,000		01/03/19	GBP	8.48	GBP	828		(35,878	)
Glencore PLC	Morgan Stanley & Co. International PLC		662,000		01/03/19	GBP	3.06	GBP	1,933		(8,704	)
OZ Minerals Ltd.	Goldman Sachs International		145,000		01/03/19	AUD	9.28	AUD	1,276		(1,216	)
Stelco Holdings, Inc.	Credit Suisse International		25,000		01/03/19	CAD	21.78	CAD	377		—
Suncor Energy, Inc.	Goldman Sachs International		19,400		01/03/19	CAD	46.20	CAD	740		—
TOTAL SA	Morgan Stanley & Co. International PLC		52,200		01/03/19	EUR	51.51	EUR	2,403		—
Vale SA — ADR	Barclays Bank PLC		60,000		01/03/19	USD	15.66	USD	791		—
Bunge Ltd.	Barclays Bank PLC		18,800		01/04/19	USD	58.63	USD	1,005		(11	)
First Quantum Minerals Ltd.	Citibank N.A.		42,000		01/04/19	CAD	14.25	CAD	464		(5	)
Suncor Energy, Inc.	Goldman Sachs International		45,600		01/04/19	CAD	44.18	CAD	1,739		—
Suncor Energy, Inc.	Credit Suisse International		17,100		01/07/19	CAD	46.00	CAD	652		(12	)
CNOOC Ltd.	UBS AG		587,000		01/08/19	HKD	14.23	HKD	7,079		(335	)
Smurfit Kappa Group PLC	Morgan Stanley & Co. International PLC		67,100		01/08/19	EUR	29.35	EUR	1,558		(47	)
ArcelorMittal SA	Goldman Sachs International		83,100		01/09/19	EUR	23.16	EUR	1,502		(46	)
First Quantum Minerals Ltd.	Goldman Sachs International		81,200		01/09/19	CAD	13.46	CAD	896		(1,542	)
OZ Minerals Ltd.	Citibank N.A.		258,600		01/09/19	AUD	9.58	AUD	2,276		(2,348	)
TOTAL SA	Morgan Stanley & Co. International PLC		44,000		01/09/19	EUR	53.35	EUR	2,026		(14	)
Trimble, Inc.	Citibank N.A.		22,000		01/09/19	USD	38.20	USD	724		(31	)
BHP Group PLC	UBS AG		158,700		01/10/19	GBP	16.44	GBP	2,631		(91,745	)
First Quantum Minerals Ltd.	Royal Bank of Canada		56,000		01/10/19	CAD	13.86	CAD	618		(925	)
Stelco Holdings, Inc.	Credit Suisse International		20,000		01/11/19	CAD	19.33	CAD	301		(5	)
Stelco Holdings, Inc.	Credit Suisse International		30,000		01/11/19	CAD	21.70	CAD	452		—
Suncor Energy, Inc.	Credit Suisse International		17,000		01/11/19	CAD	45.48	CAD	648		(3	)
Vale SA — ADR	Citibank N.A.		114,600		01/11/19	USD	15.60	USD	1,512		(366	)
CNOOC Ltd.	UBS AG		587,000		01/15/19	HKD	14.23	HKD	7,079		(1,117	)
First Quantum Minerals Ltd.	Royal Bank of Canada		56,000		01/15/19	CAD	14.05	CAD	618		(1,168	)
Glanbia PLC	Goldman Sachs International		48,400		01/15/19	EUR	17.43	EUR	794		(5,798	)
Randgold Resources Ltd. — ADR	Goldman Sachs International		18,300		01/15/19	USD	84.00	USD	1,518		(20,761	)
Stelco Holdings, Inc.	Credit Suisse International		37,500		01/15/19	CAD	21.90	CAD	565		—
Suncor Energy, Inc.	Goldman Sachs International		45,600		01/15/19	CAD	44.39	CAD	1,739		(1,113	)
ArcelorMittal SA	Goldman Sachs International		30,800		01/16/19	EUR	20.52	EUR	559		(1,497	)
Fresnillo PLC	Goldman Sachs International		96,000		01/16/19	GBP	8.56	GBP	828		(50,277	)
Glencore International PLC	Morgan Stanley & Co. International PLC		662,000		01/16/19	GBP	3.10	GBP	1,933		(26,332	)


76		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (continued)

December 31, 2018

BlackRock Resources & Commodities Strategy Trust (BCX)

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
TOTAL SA	Credit Suisse International		69,000		01/16/19		EUR	48.97		EUR	3,177	$	(9,469	)
Umicore SA	Credit Suisse International		25,700		01/16/19		EUR	37.41		EUR	895		(10,594	)
First Quantum Minerals Ltd.	Credit Suisse International		125,000		01/22/19		CAD	13.26		CAD	1,380		(12,760	)
ArcelorMittal SA	Morgan Stanley & Co. International PLC		108,400		01/23/19		EUR	20.31		EUR	1,959		(12,759	)
Canadian Natural Resources Ltd.	Credit Suisse International		29,000		01/23/19		CAD	37.51		CAD	955		(3,676	)
Smurfit Kappa Group PLC	UBS AG		58,000		01/23/19		EUR	24.72		EUR	1,347		(31,158	)
Suncor Energy, Inc.	Credit Suisse International		47,800		01/23/19		CAD	42.56		CAD	1,823		(5,401	)
TOTAL SA	UBS AG		70,200		01/23/19		EUR	50.27		EUR	3,242		(5,761	)
Trimble, Inc.	Barclays Bank PLC		34,500		01/23/19		USD	36.53		USD	1,135		(5,826	)
BHP Group PLC	UBS AG		208,600		01/24/19		GBP	16.13		GBP	3,459		(206,777	)
FMC Corp.	Deutsche Bank AG		32,200		01/24/19		USD	77.19		USD	2,382		(35,481	)
Fresnillo PLC	Credit Suisse International		178,000		01/24/19		GBP	8.02		GBP	1,534		(186,075	)
Mondi PLC	Goldman Sachs International		138,200		01/24/19		GBP	17.93		GBP	2,258		(21,385	)
Randgold Resources Ltd. — ADR	Barclays Bank PLC		26,900		01/24/19		USD	87.09		USD	2,230		(26,125	)
Yara International ASA	Goldman Sachs International		39,100		01/24/19		NOK	358.26		NOK	13,033		(8,223	)
First Quantum Minerals Ltd.	Credit Suisse International		125,000		01/25/19		CAD	13.26		CAD	1,380		(16,050	)
Glencore International PLC	UBS AG		1,326,100		01/25/19		GBP	3.05		GBP	3,872		(109,134	)
Stelco Holdings, Inc.	Credit Suisse International		37,500		01/25/19		CAD	22.10		CAD	565		(12	)
Lundin Mining Corp.	Goldman Sachs International		238,000		01/29/19		CAD	6.03		CAD	1,342		(32,829	)
Rio Tinto PLC — ADR	Goldman Sachs International		54,300		01/29/19		USD	49.49		USD	2,632		(59,351	)
TOTAL SA	Credit Suisse International		38,000		01/29/19		EUR	48.58		EUR	1,750		(14,914	)
ArcelorMittal SA	Goldman Sachs International		58,000		01/30/19		EUR	20.36		EUR	1,048		(9,657	)
BHP Group PLC	Goldman Sachs International		199,000		01/30/19		GBP	16.96		GBP	3,299		(108,760	)
FMC Corp.	Deutsche Bank AG		32,300		01/30/19		USD	77.19		USD	2,389		(43,667	)
Glencore International PLC	Goldman Sachs International		550,700		01/30/19		GBP	2.98		GBP	1,608		(69,121	)
Ingredion, Inc.	Citibank N.A.		17,000		01/30/19		USD	92.44		USD	1,554		(43,272	)
CNOOC Ltd.	JPMorgan Chase Bank N.A.		454,000		01/31/19		HKD	13.40		HKD	5,475		(9,580	)
First Quantum Minerals Ltd.	Royal Bank of Canada		56,000		01/31/19		CAD	14.25		CAD	618		(7,313	)
Glanbia PLC	UBS AG		83,600		01/31/19		EUR	17.23		EUR	1,370		(26,009	)
OZ Minerals Ltd.	Goldman Sachs International		258,600		01/31/19		AUD	9.09		AUD	2,276		(40,527	)
Stelco Holdings, Inc.	Citibank N.A.		28,700		01/31/19		CAD	20.32		CAD	432		(216	)
Umicore SA	Credit Suisse International		26,500		01/31/19		EUR	36.82		EUR	923		(18,106	)
Suncor Energy, Inc.	Goldman Sachs International		33,300		02/01/19		CAD	43.81		CAD	1,270		(3,584	)
Trimble, Inc.	Citibank N.A.		34,500		02/01/19		USD	36.65		USD	1,135		(9,170	)
CNOOC Ltd.	JPMorgan Chase Bank N.A.		877,000		02/04/19		HKD	12.88		HKD	10,577		(30,620	)
Canadian Natural Resources Ltd.	Credit Suisse International		29,000		02/06/19		CAD	37.51		CAD	955		(8,016	)
Glanbia PLC	UBS AG		49,200		02/06/19		EUR	17.15		EUR	806		(19,464	)
Ingredion, Inc.	Citibank N.A.		17,000		02/06/19		USD	92.44		USD	1,554		(49,096	)
Rio Tinto PLC — ADR	UBS AG		30,000		02/07/19		USD	47.17		USD	1,454		(85,748	)
Suncor Energy, Inc.	Goldman Sachs International		42,200		02/07/19		CAD	37.66		CAD	1,609		(59,238	)
Baker Hughes a GE Co., Class A	Deutsche Bank AG		29,400		02/08/19		USD	22.01		USD	632		(19,581	)
TOTAL SA	UBS AG		75,100		02/12/19		EUR	48.21		EUR	3,468		(53,108	)
Fresnillo PLC	Credit Suisse International		178,000		02/13/19		GBP	8.02		GBP	1,534		(213,021	)
Ingredion, Inc.	Citibank N.A.		17,000		02/13/19		USD	92.44		USD	1,554		(54,429	)
Mondi PLC	UBS AG		73,200		02/13/19		GBP	17.57		GBP	1,196		(31,364	)
Rio Tinto PLC — ADR	Goldman Sachs International		54,300		02/13/19		USD	49.49		USD	2,632		(79,336	)
Suncor Energy, Inc.	Goldman Sachs International		40,000		02/14/19		CAD	41.73		CAD	1,525		(17,639	)
Yara International ASA	Goldman Sachs International		39,600		02/20/19		NOK	349.98		NOK	13,199		(41,668	)

												$	(2,216,366	)

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


	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation			Value
Options Written		N/A		N/A	$	4,789,164	$	(532,994	)	$	(3,911,872	)


CONSOLIDATED SCHEDULES OF INVESTMENTS			77

Consolidated Schedule of Investments (continued)

December 31, 2018

BlackRock Resources & Commodities Strategy Trust (BCX)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Options purchased
Investments at value — unaffiliated^(a)	$	—	$	—	$	3,995	$	—	$	—	$	—	$	3,995

Liabilities — Derivative Financial Instruments
Options written
Options written, at value	$	—	$	—	$	3,911,872	$	—	$	—	$	—	$	3,911,872

^(a)

Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the period ended December 31, 2018, the effect of derivative financial instruments in the Consolidated Statement 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 purchase^(a)	$	—	$	—	$	(11,972	)	$	—	$	—	$	—	$	(11,972	)
Options written		—		—		(1,950,043	)		—		—		—		(1,950,043	)

	$	—	$	—	$	(1,962,015	)	$	—	$	—	$	—	$	(1,962,015	)

^(a)

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


Net Change in Unrealized Appreciation (Depreciation) on:
Options purchased^(a)	$	—	$	—	$	3,011	$	—	$	—	$	—	$	3,011
Options written		—		—		12,466,021		—		—		—		12,466,021

	$	—	$	—	$	12,469,032	$	—	$	—	$	—	$	12,469,032

^(a)

Options purchased are included in net change in unrealized appreciation (depreciation) from investments.

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of contracts purchased	$	2,094
Average value of contracts written	$	6,816,663

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	$	3,995	^(a)	$	3,911,872
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(3,995	)		(1,695,506	)

Total derivative assets and liabilities subject to an MNA	$	—		$	2,216,366

^(a)

Includes options purchased at value which is included in Investments at value — unaffiliated in the Consolidated Statement of Assets and Liabilities and reported in the Schedule of Investments.


78		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (continued)

December 31, 2018

BlackRock Resources & Commodities Strategy Trust (BCX)


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged^(a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities^(b)
Barclays Bank PLC	$	31,962	$	—	$	(31,962	)	$	—	$	—
Citibank N.A.		158,933		—		(24,139	)		—		134,794
Credit Suisse International		498,114		—		(498,114	)		—		—
Deutsche Bank AG		98,729		—		—			—		98,729
Goldman Sachs International		669,446		—		(505,072	)		—		164,374
JPMorgan Chase Bank N.A.		40,200		—		(40,200	)		—		—
Morgan Stanley & Co. International PLC		47,856		—		(47,856	)		—		—
Royal Bank of Canada		9,406		—		—			—		9,406
UBS AG		661,720		—		(661,720	)		—		—

	$	2,216,366	$	—	$	(1,809,063	)	$	—	$	407,303

^(a)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(b)

Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statement of Assets and Liabilities.

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Common Stocks:
Chemicals	$	97,157,373		$	12,762,701		$	—	$	109,920,074
Containers & Packaging		14,492,245			8,002,609			—		22,494,854
Electronic Equipment, Instruments & Components		7,602,967			—			—		7,602,967
Energy Equipment & Services		9,833,991			—			—		9,833,991
Food Products		42,909,586			8,505,284			—		51,414,870
Machinery		4,768,070			—			—		4,768,070
Metals & Mining		132,382,889			140,351,255			15,030,195		287,764,339
Oil, Gas & Consumable Fuels		203,535,757			59,649,766			—		263,185,523
Paper & Forest Products		—			11,169,508			56		11,169,564
Pharmaceuticals		5,095,218			—			—		5,095,218
Corporate Bonds		4,108,961			9,997,317			1,578,600		15,684,878
Short-Term Securities		13,652,388			—			—		13,652,388
Options Purchased:
Equity contracts		3,995			—			—		3,995

Subtotal	$	535,543,440		$	250,438,440		$	16,608,851	$	802,590,731

Investments Valued at NAV^(a)										276,471
Total Investments									$	802,867,202

Derivative Financial Instruments^(b)
Liabilities:
Equity contracts	$	(1,504,468	)	$	(2,407,404	)	$	—	$	(3,911,872	)

^(a)

As of December 31, 2018, certain of the Trust’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

^(b)

Derivative financial instruments are options written, which are shown at value.


CONSOLIDATED SCHEDULES OF INVESTMENTS			79

Consolidated Schedule of Investments (continued)

December 31, 2018

BlackRock Resources & Commodities Strategy Trust (BCX)

Transfers between Level 1 and Level 2 were as follows:


	Transfers into Level 1^(a)		Transfers out of Level 2^(a)
Assets:
Long-Term Investments:
Corporate Bonds	$	4,653,795	$	4,653,795

^(a)

External pricing service used to reflect any significant market movements between the time the Trust valued such foreign securities and the earlier closing of foreign markets.


	Common Stocks			Corporate Bonds			Total
Assets:
Opening Balance, as of December 31, 2017	$	62		$	—		$	62
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		(2,074	)		—			(2,074	)
Net change in unrealized appreciation (depreciation)^(a)(b)		2,653,048			(221,400	)		2,431,648
Purchases		12,576,773			1,800,000			14,376,773
Sales		(197,558	)		—			(197,558	)

Closing Balance as of December 31, 2018	$	15,030,251		$	1,578,600		$	16,608,851

Net change in unrealized appreciation (depreciation) on investments held as of December 31, 2018^(b)	$	2,653,048		$	(221,400	)	$	2,431,648

^(a)

Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.

^(b)

See notes to financial statements.


80		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

December 31, 2018

BlackRock Science and Technology Trust (BST)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks — 98.3%

Automobiles — 1.0%
Tesla, Inc.^(a)(b)		16,815	$	5,596,032


Communications Equipment — 0.5%
Viavi Solutions, Inc.^(a)(b)		313,673		3,152,414


Diversified Consumer Services — 0.8%
Arco Platform Ltd., Class A^(a)		202,229		4,473,306


Diversified Telecommunication Services — 0.6%
Bandwidth, Inc., Class A^(a)		83,772		3,413,709


Electrical Equipment — 0.6%
II-VI, Inc.^(a)(b)		116,744		3,789,510


Electronic Equipment, Instruments & Components — 0.6%
Keysight Technologies, Inc.^(a)(b)		57,003		3,538,746


Entertainment — 6.2%
Activision Blizzard, Inc.^(b)		136,435		6,353,778
Netflix, Inc.^(a)(b)		35,133		9,403,699
Spotify Technology SA^(a)(b)		20,709		2,350,471
Studio Dragon Corp.^(a)		39,175		3,244,103
Take-Two Interactive Software, Inc.^(a)(b)		77,088		7,935,439
Ubisoft Entertainment SA^(a)		85,983		6,926,957

				36,214,447

Health Care Technology — 1.0%
Ping An Healthcare and Technology Co. Ltd.^(a)(c)(d)		676,978		2,380,186
Teladoc Health, Inc.^(a)(b)		68,308		3,386,028

				5,766,214

Household Durables — 0.5%
Roku, Inc.^(a)(b)		91,092		2,791,059


Interactive Media & Services — 14.1%
58.com, Inc. — ADR^(a)(b)		52,400		2,840,604
Alphabet, Inc., Class A^(a)(b)		28,015		29,274,554
Eventbrite, Inc., Class A^(a)(b)		99,269		2,760,671
Facebook, Inc., Class A^(a)(b)		49,472		6,485,285
IAC/InterActiveCorp^(a)(b)		30,002		5,491,566
Tencent Holdings Ltd.		740,700		29,687,495
Yandex NV, Class A^(a)(b)		231,080		6,320,038

				82,860,213

Internet & Direct Marketing Retail — 11.3%
Alibaba Group Holding Ltd. — ADR^(a)(b)		123,494		16,927,323
Amazon.com, Inc.^(a)(b)		18,872		28,345,178
Delivery Hero SE^(a)(c)		107,930		4,029,456
Ensogo Ltd.^(a)(e)		173,282		1
Farfetch Ltd., Class A^(a)(b)		197,650		3,500,382
Jasper Infotech Private Ltd., Series I, (Acquired 08/08/15, Cost $1,998,435)^(a)(e)(f)		1,054		211,759
Meituan Dianping, Class B^(a)(d)		768,196		4,305,492
MercadoLibre, Inc.^(b)		15,500		4,539,175
Takeaway.com NV^(a)(c)		50,640		3,422,105
Tongcheng-Elong Holdings Ltd.^(a)		819,200		1,307,707

				66,588,578

IT Services — 18.0%
Adyen NV^(a)(c)		8,676		4,687,112
Endava PLC, ADR^(a)		78,413		1,900,731
GMO Payment Gateway, Inc.^(d)		89,900		3,827,673
InterXion Holding NV^(a)(b)		81,948		4,438,304
Mastercard, Inc., Class A^(b)		92,272		17,407,113
MongoDB, Inc.^(a)(b)		33,711		2,822,959
Okta, Inc.^(a)(b)		92,236		5,884,657
Pagseguro Digital Ltd., Class A^(a)(b)		189,961		3,557,970
PayPal Holdings, Inc.^(a)(b)		99,400		8,358,546


Security	Shares		Value

IT Services (continued)
Shopify, Inc., Class A^(a)(b)		31,463	$	4,356,052
Square, Inc., Class A^(a)(b)		201,964		11,328,161
StoneCo Ltd.^(a)		102,887		1,897,236
Twilio, Inc., Class A^(a)(b)		110,105		9,832,376
Visa, Inc., Class A^(b)		125,645		16,577,601
Wirecard AG		28,319		4,269,152
Wix.com Ltd.^(a)(b)		54,137		4,890,737

				106,036,380

Semiconductors & Semiconductor Equipment — 11.4%
Advanced Micro Devices, Inc.^(a)(b)		286,303		5,285,153
Aixtron SE^(a)		285,294		2,765,706
ASML Holding NV		57,145		8,952,305
Cree, Inc.^(a)(b)		91,780		3,925,890
Lam Research Corp.^(b)		37,426		5,096,298
Marvell Technology Group Ltd.^(b)		352,600		5,708,594
Microchip Technology, Inc.^(b)		41,300		2,970,296
Monolithic Power Systems, Inc.^(b)		36,770		4,274,512
NVIDIA Corp.^(b)		27,252		3,638,142
Silicon Laboratories, Inc.^(a)(b)		37,100		2,923,851
Skyworks Solutions, Inc.^(b)		49,117		3,291,821
SOITEC^(a)		85,620		4,955,137
STMicroelectronics NV		240,600		3,410,167
Taiwan Semiconductor Manufacturing Co. Ltd.		1,282,000		9,308,896

				66,506,768

Software — 27.9%
Adobe, Inc.^(a)(b)		56,800		12,850,432
Altair Engineering, Inc., Class A^(a)		154,413		4,258,711
Altium Ltd.		207,900		3,182,204
Atlassian Corp. PLC, Class A^(a)(b)		55,000		4,893,900
Autodesk, Inc.^(a)(b)		68,500		8,809,785
Avalara, Inc.^(a)(b)		103,439		3,222,125
Coupa Software, Inc.^(a)(b)		59,380		3,732,627
Elastic NV^(a)(b)		19,391		1,386,069
Guidewire Software, Inc.^(a)(b)		42,500		3,409,775
Kingdee International Software Group Co. Ltd.		4,938,000		4,365,644
Microsoft Corp.^(b)		343,440		34,883,201
Oracle Corp.^(b)		64,796		2,925,539
Pluralsight, Inc., Class A^(a)(b)		168,393		3,965,655
PTC, Inc.^(a)(b)		55,300		4,584,370
RingCentral, Inc., Class A^(a)		33,136		2,731,732
SailPoint Technologies Holding, Inc.^(a)		187,346		4,400,758
salesforce.com, Inc.^(a)(b)		117,100		16,039,187
SendGrid, Inc.^(a)(b)		147,932		6,386,224
ServiceNow, Inc.^(a)(b)		38,210		6,803,290
Smartsheet, Inc., Class A^(a)(b)		61,397		1,526,329
SVMK, Inc.^(a)(b)		167,511		2,055,360
Tableau Software, Inc., Class A^(a)(b)		42,300		5,076,000
Xero Ltd.^(a)		120,100		3,558,761
Zendesk, Inc.^(a)(b)		91,751		5,355,506
Zscaler, Inc.^(a)(b)		68,630		2,690,982
Zuora, Inc., Class A^(a)		587,925		10,664,959

				163,759,125

Technology Hardware, Storage & Peripherals — 2.9%
Apple, Inc.^(b)		109,269		17,236,092


Total Common Stocks — 97.3% (Cost — $356,003,480)				571,722,593


SCHEDULES OF INVESTMENTS			81

Schedule of Investments (continued)

December 31, 2018

BlackRock Science and Technology Trust (BST)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Securities — 2.6%

Preferred Stocks — 2.6%

Interactive Media & Services — 2.6%
Ant International, (Acquired 05/18/18, cost $6,492,863), 0.00%^(e)(f)		1,157,373	$	6,492,862
Uber Technologies, Inc., Series E, (Acquired 12/04/14, cost $3,000,048), 0.00%^(e)(f)		90,044		4,049,279
Xiaoju Kuaizhi, Inc., SeriesA-17 (Acquired 07/28/15, cost $2,106,332), 0.00%^(a)(e)(f)		110,003		4,949,035


Total Preferred Stocks — 2.6% (Cost — $12,509,875)				15,491,176


Total Long-Term Investments — 99.9% (Cost — $368,513,355)				587,213,769


Short-Term Securities — 1.1%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.32%^(g)(i)		4,738,937		4,738,937
SL Liquidity Series, LLC, Money Market Series, 2.57%^(g)(h)(i)		1,710,252		1,710,081


Total Short-Term Securities — 1.1% (Cost — $6,449,185)				6,449,018


Total Investments Before Options Written — 101.0% (Cost — $374,962,540)				593,662,787


Options Written — (0.8)% (Premiums Received — $7,930,427)				(4,702,879	)


Total Investments, Net of Options Written — 100.2% (Cost — $367,032,113)				588,959,908

Liabilities in Excess of Other Assets — (0.2)%				(1,052,223	)


Net Assets — 100.0%			$	587,907,685

^(a)	Non-income producing security.

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

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

^(d)	Security, or a portion of the security, is on loan.

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

^(f)	Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $15,702,935 and an original cost of $13,597,678, which was 2.7% of its net assets.

^(g)	Annualized7-day yield as of period end.

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

⁽ⁱ⁾	During the year ended December 31, 2018, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/17		Net Activity			Shares Held at 12/31/18		Value at 12/31/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		4,696,297		42,640			4,738,937	$	4,738,937	$	182,611		$	—		$	—
SL Liquidity Series, LLC, Money Market Series		3,497,053		(1,786,801	)		1,710,252		1,710,081		159,000	^(b)		(842	)		2

								$	6,449,018		341,611		$	(842	)	$	2

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Activision Blizzard, Inc.		263		01/04/19	USD	56.50	USD	1,225	$	(789	)
Adobe, Inc.		73		01/04/19	USD	255.00	USD	1,652		(438	)


82		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Science and Technology Trust (BST)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Alibaba Group Holding Ltd. — ADR		75		01/04/19	USD	160.00	USD	1,028	$	(75	)
Alphabet, Inc., Class A		15		01/04/19	USD	1,080.00	USD	1,567		(4,687	)
Amazon.com, Inc.		13		01/04/19	USD	1,700.00	USD	1,953		(448	)
Autodesk, Inc.		62		01/04/19	USD	149.00	USD	797		(186	)
Cree, Inc.		80		01/04/19	USD	46.50	USD	342		(640	)
Facebook, Inc., Class A		64		01/04/19	USD	149.00	USD	839		(64	)
Marvell Technology Group Ltd.		100		01/04/19	USD	17.50	USD	162		(400	)
Mastercard, Inc.		71		01/04/19	USD	200.00	USD	1,339		(958	)
Netflix, Inc.		24		01/04/19	USD	290.00	USD	642		(1,080	)
PayPal Holdings, Inc.		95		01/04/19	USD	84.50	USD	799		(11,258	)
ServiceNow, Inc.		66		01/04/19	USD	187.50	USD	1,175		(4,290	)
Shopify, Inc.		34		01/04/19	USD	155.00	USD	471		(340	)
Skyworks Solutions, Inc.		110		01/04/19	USD	76.00	USD	737		(1,650	)
Take-Two Interactive Software, Inc.		26		01/04/19	USD	112.00	USD	268		(195	)
Visa, Inc., Class A		57		01/04/19	USD	143.00	USD	752		(228	)
Yandex NV		400		01/04/19	USD	32.00	USD	1,094		(2,000	)
salesforce.com, Inc.		86		01/04/19	USD	135.00	USD	1,178		(29,885	)
Avalara, Inc.		165		01/08/19	USD	35.01	USD	514		(2,856	)
Activision Blizzard, Inc.		112		01/11/19	USD	52.50	USD	522		(7,392	)
Adobe, Inc.		50		01/11/19	USD	267.50	USD	1,131		(2,250	)
Advanced Micro Devices, Inc.		421		01/11/19	USD	20.00	USD	777		(18,735	)
Alibaba Group Holding Ltd. — ADR		83		01/11/19	USD	160.00	USD	1,138		(539	)
Alphabet, Inc., Class A		6		01/11/19	USD	1,100.00	USD	627		(2,760	)
Amazon.com, Inc.		13		01/11/19	USD	1,770.00	USD	1,953		(3,601	)
Apple, Inc.		63		01/11/19	USD	197.30	USD	994		(5	)
Apple, Inc.		48		01/11/19	USD	180.96	USD	757		(164	)
Autodesk, Inc.		57		01/11/19	USD	140.00	USD	733		(4,845	)
Cree, Inc.		100		01/11/19	USD	47.00	USD	428		(2,350	)
Facebook, Inc., Class A		24		01/11/19	USD	147.00	USD	315		(396	)
Marvell Technology Group Ltd.		381		01/11/19	USD	16.50	USD	617		(12,573	)
Microsoft Corp.		175		01/11/19	USD	112.00	USD	1,777		(2,100	)
Roku, Inc.		140		01/11/19	USD	40.00	USD	429		(2,100	)
Shopify, Inc.		43		01/11/19	USD	165.00	USD	595		(1,075	)
Take-Two Interactive Software, Inc.		92		01/11/19	USD	114.00	USD	947		(4,600	)
Visa, Inc., Class A		27		01/11/19	USD	142.00	USD	356		(553	)
Visa, Inc., Class A		27		01/11/19	USD	144.00	USD	356		(513	)
salesforce.com, Inc.		23		01/11/19	USD	146.00	USD	315		(2,001	)
58.com, Inc. — ADR		92		01/18/19	USD	70.00	USD	499		(4,140	)
58.com, Inc. — ADR		91		01/18/19	USD	65.00	USD	493		(1,820	)
Activision Blizzard, Inc.		112		01/18/19	USD	52.50	USD	522		(3,584	)
Adobe, Inc.		38		01/18/19	USD	260.00	USD	860		(1,767	)
Advanced Micro Devices, Inc.		618		01/18/19	USD	23.00	USD	1,141		(8,652	)
Alibaba Group Holding Ltd. — ADR		75		01/18/19	USD	160.00	USD	1,028		(1,650	)
Alibaba Group Holding Ltd. — ADR		65		01/18/19	USD	145.00	USD	891		(12,025	)
Alphabet, Inc., Class A		6		01/18/19	USD	1,130.00	USD	627		(2,490	)
Alphabet, Inc., Class A		8		01/18/19	USD	1,100.00	USD	836		(7,920	)
Amazon.com, Inc.		17		01/18/19	USD	1,800.00	USD	2,553		(2,720	)
Atlassian Corp. PLC, Class A		190		01/18/19	USD	85.00	USD	1,691		(133,000	)
Avalara, Inc.		66		01/18/19	USD	35.00	USD	206		(2,805	)
Coupa Software, Inc.		100		01/18/19	USD	70.00	USD	629		(10,500	)
Cree, Inc.		141		01/18/19	USD	45.00	USD	603		(11,421	)
Elastic NV		67		01/18/19	USD	65.00	USD	479		(54,605	)
Eventbrite, Inc., Class A		140		01/18/19	USD	35.00	USD	389		(2,100	)
Facebook, Inc., Class A		64		01/18/19	USD	150.00	USD	839		(1,824	)
Farfetch Ltd., Class A		387		01/18/19	USD	20.00	USD	685		(15,480	)
Guidewire Software, Inc.		58		01/18/19	USD	90.00	USD	465		(1,160	)
Guidewire Software, Inc.		58		01/18/19	USD	80.00	USD	465		(16,965	)
IAC/InterActiveCorp		53		01/18/19	USD	185.00	USD	970		(33,125	)
II-VI, Inc.		93		01/18/19	USD	40.00	USD	302		(4,650	)
InterXion Holding NV		190		01/18/19	USD	60.00	USD	1,029		(3,325	)
Keysight Technologies, Inc.		91		01/18/19	USD	60.00	USD	565		(28,210	)
Lam Research Corp.		42		01/18/19	USD	160.00	USD	572		(567	)


SCHEDULES OF INVESTMENTS			83

Schedule of Investments (continued)

December 31, 2018

BlackRock Science and Technology Trust (BST)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Lam Research Corp.		146		01/18/19	USD	155.00	USD	1,988	$	(6,059	)
Marvell Technology Group Ltd.		100		01/18/19	USD	18.00	USD	162		(650	)
Mastercard, Inc.		163		01/18/19	USD	210.00	USD	3,075		(6,764	)
MercadoLibre, Inc.		85		01/18/19	USD	320.00	USD	2,489		(44,625	)
Microchip Technology, Inc.		72		01/18/19	USD	80.00	USD	518		(2,160	)
Microchip Technology, Inc.		83		01/18/19	USD	77.50	USD	597		(4,980	)
Microsoft Corp.		230		01/18/19	USD	110.00	USD	2,336		(10,810	)
Microsoft Corp.		42		01/18/19	USD	112.00	USD	427		(2,021	)
MongoDB, Inc.		117		01/18/19	USD	80.00	USD	980		(85,995	)
Monolithic Power Systems, Inc.		137		01/18/19	USD	135.00	USD	1,593		(10,275	)
NVIDIA Corp.		111		01/18/19	USD	170.00	USD	1,482		(2,497	)
NVIDIA Corp.		109		01/18/19	USD	165.00	USD	1,455		(3,542	)
Netflix, Inc.		47		01/18/19	USD	330.00	USD	1,258		(6,486	)
Netflix, Inc.		26		01/18/19	USD	315.00	USD	696		(7,423	)
Okta, Inc.		137		01/18/19	USD	60.00	USD	874		(81,515	)
PTC, Inc.		96		01/18/19	USD	90.00	USD	796		(11,280	)
Pagseguro Digital Ltd.		576		01/18/19	USD	27.50	USD	1,079		(14,400	)
PayPal Holdings, Inc.		95		01/18/19	USD	85.00	USD	799		(22,895	)
Pluralsight, Inc.		369		01/18/19	USD	25.00	USD	869		(32,288	)
SVMK, Inc.		260		01/18/19	USD	12.50	USD	319		(18,850	)
SendGrid, Inc.		129		01/18/19	USD	45.00	USD	557		(22,253	)
SendGrid, Inc.		130		01/18/19	USD	50.00	USD	561		(7,475	)
ServiceNow, Inc.		34		01/18/19	USD	200.00	USD	605		(3,230	)
Silicon Laboratories, Inc.		204		01/18/19	USD	80.00	USD	1,608		(49,470	)
Skyworks Solutions, Inc.		78		01/18/19	USD	77.50	USD	523		(1,560	)
Smartsheet, Inc., Class A		214		01/18/19	USD	30.00	USD	532		(5,350	)
Spotify Technology SA		40		01/18/19	USD	150.00	USD	454		(400	)
Square, Inc.		351		01/18/19	USD	75.00	USD	1,969		(2,281	)
Take-Two Interactive Software, Inc.		77		01/18/19	USD	110.00	USD	793		(15,978	)
Teladoc, Inc.		110		01/18/19	USD	70.00	USD	545		(1,375	)
Tesla, Inc.		28		01/18/19	USD	365.00	USD	932		(15,400	)
Twilio, Inc., Class A		70		01/18/19	USD	105.00	USD	625		(7,420	)
Viavi Solutions, Inc.		497		01/18/19	USD	11.00	USD	499		(3,479	)
Visa, Inc., Class A		54		01/18/19	USD	150.00	USD	712		(351	)
Visa, Inc., Class A		163		01/18/19	USD	135.00	USD	2,151		(37,001	)
Wix.com Ltd.		94		01/18/19	USD	95.00	USD	849		(21,620	)
Yandex NV		200		01/18/19	USD	33.00	USD	547		(2,000	)
Zendesk, Inc.		157		01/18/19	USD	60.00	USD	916		(33,363	)
Zscaler, Inc.		115		01/18/19	USD	43.00	USD	451		(9,775	)
salesforce.com, Inc.		24		01/18/19	USD	145.00	USD	329		(4,560	)
salesforce.com, Inc.		69		01/18/19	USD	140.00	USD	945		(25,530	)
Wix.com Ltd.		94		01/23/19	USD	94.67	USD	849		(33,916	)
Alibaba Group Holding Ltd. — ADR		83		01/25/19	USD	157.50	USD	1,138		(4,108	)
Alibaba Group Holding Ltd. — ADR		65		01/25/19	USD	145.00	USD	891		(17,323	)
Alphabet, Inc., Class A		12		01/25/19	USD	1,057.50	USD	1,254		(36,300	)
Amazon.com, Inc.		10		01/25/19	USD	1,705.00	USD	1,502		(8,475	)
Apple, Inc.		70		01/25/19	USD	170.00	USD	1,104		(11,130	)
Autodesk, Inc.		18		01/25/19	USD	145.00	USD	231		(1,611	)
Facebook, Inc., Class A		21		01/25/19	USD	134.00	USD	275		(8,820	)
Lam Research Corp.		41		01/25/19	USD	143.00	USD	558		(16,195	)
Mastercard, Inc.		88		01/25/19	USD	200.00	USD	1,660		(20,636	)
Microsoft Corp.		125		01/25/19	USD	113.00	USD	1,270		(5,812	)
Microsoft Corp.		236		01/25/19	USD	106.00	USD	2,397		(49,088	)
NVIDIA Corp.		52		01/25/19	USD	150.00	USD	694		(9,906	)
PayPal Holdings, Inc.		157		01/25/19	USD	95.00	USD	1,320		(7,065	)
Roku, Inc.		65		01/25/19	USD	35.00	USD	199		(6,077	)
ServiceNow, Inc.		33		01/25/19	USD	180.00	USD	588		(26,730	)
Shopify, Inc.		33		01/25/19	USD	148.00	USD	457		(15,015	)
Square, Inc.		361		01/25/19	USD	66.00	USD	2,025		(23,646	)
Square, Inc.		47		01/25/19	USD	64.50	USD	264		(4,136	)
Take-Two Interactive Software, Inc.		80		01/25/19	USD	115.00	USD	824		(10,800	)
Tesla, Inc.		30		01/25/19	USD	360.00	USD	998		(29,325	)


84		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Science and Technology Trust (BST)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Twilio, Inc., Class A		108		01/25/19	USD	105.00	USD	964	$	(14,634	)
Visa, Inc., Class A		56		01/25/19	USD	145.00	USD	739		(2,912	)
Visa, Inc., Class A		55		01/25/19	USD	142.00	USD	726		(4,372	)
salesforce.com, Inc.		46		01/25/19	USD	143.00	USD	630		(14,582	)
Oracle Corp.		54		01/31/19	USD	48.00	USD	244		(2,471	)
SVMK, Inc.		326		01/31/19	USD	13.00	USD	400		(27,156	)
Adobe, Inc.		37		02/01/19	USD	230.00	USD	837		(32,468	)
Alphabet, Inc., Class A		9		02/01/19	USD	1,050.00	USD	940		(39,915	)
Amazon.com, Inc.		13		02/01/19	USD	1,500.00	USD	1,953		(117,000	)
Apple, Inc.		37		02/01/19	USD	165.00	USD	584		(16,928	)
Marvell Technology Group Ltd.		242		02/01/19	USD	17.00	USD	392		(10,769	)
Microsoft Corp.		236		02/01/19	USD	106.00	USD	2,397		(61,478	)
Netflix, Inc.		25		02/01/19	USD	277.50	USD	669		(40,313	)
Oracle Corp.		109		02/01/19	USD	49.00	USD	492		(2,180	)
Oracle Corp.		63		02/01/19	USD	48.00	USD	284		(2,394	)
Roku, Inc.		231		02/01/19	USD	30.00	USD	708		(70,109	)
Shopify, Inc.		67		02/01/19	USD	162.50	USD	928		(14,740	)
Spotify Technology SA		16		02/01/19	USD	125.00	USD	182		(5,360	)
Square, Inc.		460		02/01/19	USD	61.50	USD	2,580		(89,010	)
Tableau Software, Inc.		148		02/01/19	USD	125.00	USD	1,776		(72,520	)
salesforce.com, Inc.		69		02/01/19	USD	138.00	USD	945		(42,608	)
Monolithic Power Systems, Inc.		65		02/05/19	USD	124.54	USD	756		(24,177	)
Advanced Micro Devices, Inc.		535		02/15/19	USD	24.00	USD	988		(30,495	)
Avalara, Inc.		131		02/15/19	USD	35.00	USD	408		(19,978	)
II-VI, Inc.		94		02/15/19	USD	35.00	USD	305		(15,510	)
InterXion Holding NV		96		02/15/19	USD	55.60	USD	520		(17,201	)
Keysight Technologies, Inc.		108		02/15/19	USD	62.50	USD	670		(28,620	)
Marvell Technology Group Ltd.		411		02/15/19	USD	17.00	USD	665		(27,537	)
Microchip Technology, Inc.		72		02/15/19	USD	72.50	USD	518		(28,800	)
Microsoft Corp.		157		02/15/19	USD	106.20	USD	1,595		(53,578	)
Pagseguro Digital Ltd.		468		02/15/19	USD	22.50	USD	877		(31,590	)
Roku, Inc.		65		02/15/19	USD	35.00	USD	199		(11,115	)
SendGrid, Inc.		258		02/15/19	USD	42.60	USD	1,114		(158,821	)
Spotify Technology SA		16		02/15/19	USD	130.00	USD	182		(7,120	)
Twilio, Inc., Class A		207		02/15/19	USD	90.00	USD	1,849		(203,895	)
Zscaler, Inc.		125		02/15/19	USD	38.00	USD	490		(51,250	)
salesforce.com, Inc.		92		02/15/19	USD	135.00	USD	1,260		(83,260	)

										(2,965,890	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Aixtron SE	Goldman Sachs International		50,000		01/03/19	EUR	9.87	EUR	423	$	(72	)
Delivery Hero SE	Goldman Sachs International		12,500		01/03/19	EUR	35.35	EUR	407		(823	)
Altium Ltd.	Morgan Stanley & Co. International PLC		47,000		01/04/19	AUD	23.11	AUD	1,021		(5,475	)
Okta, Inc.	UBS AG		37,000		01/04/19	USD	60.07	USD	2,361		(156,440	)
Farfetch Ltd., Class A	JPMorgan Chase Bank N.A.		30,400		01/08/19	USD	24.37	USD	538		(74	)
Guidewire Software, Inc.	UBS AG		11,700		01/08/19	USD	88.29	USD	939		(809	)
Kingdee International Software Group Co. Ltd.	JPMorgan Chase Bank N.A.		575,000		01/09/19	HKD	8.60	HKD	3,979		(40	)
SOITEC	UBS AG		17,000		01/09/19	EUR	49.45	EUR	859		(53,418	)
STMicroelectronics NV	Credit Suisse International		21,600		01/09/19	EUR	12.19	EUR	267		(11,765	)
Bandwidth, Inc., Class A	Barclays Bank PLC		12,500		01/10/19	USD	49.81	USD	509		(152	)
Taiwan Semiconductor Manufacturing Co. Ltd.	JPMorgan Chase Bank N.A.		260,000		01/10/19	USD	225.12	USD	58,029		(39,494	)
UbiSoft Entertainment SA	UBS AG		14,300		01/10/19	EUR	63.97	EUR	1,005		(110,303	)
II-VI, Inc.	Citibank N.A.		9,300		01/11/19	USD	36.20	USD	302		(1,749	)
SailPoint Technologies Holding, Inc.	Goldman Sachs International		24,300		01/11/19	USD	27.43	USD	571		(1,652	)
Altair Engineering, Inc., Class A	JPMorgan Chase Bank N.A.		24,600		01/14/19	USD	30.86	USD	678		(9,432	)
Aixtron SE	Goldman Sachs International		34,200		01/15/19	EUR	10.05	EUR	289		(3,647	)
Delivery Hero SE	UBS AG		25,200		01/15/19	EUR	32.22	EUR	821		(37,821	)


SCHEDULES OF INVESTMENTS			85

Schedule of Investments (continued)

December 31, 2018

BlackRock Science and Technology Trust (BST)

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Kingdee International Software Group Co. Ltd.	JPMorgan Chase Bank N.A.		575,000		01/15/19		HKD	8.72		HKD	3,979	$	(1,004	)
ASML Holding NV	Goldman Sachs International		12,000		01/16/19		EUR	154.95		EUR	1,641		(4,113	)
Taiwan Semiconductor Manufacturing Co. Ltd.	UBS AG		886,000		01/16/19		USD	232.54		USD	197,746		(84,657	)
Zuora, Inc., Class A	Citibank N.A.		30,000		01/18/19		USD	22.48		USD	465		(3,250	)
Taiwan Semiconductor Manufacturing Co. Ltd.	UBS AG		68,000		01/23/19		USD	228.01		USD	544		(12,656	)
Tencent Holdings Ltd	Goldman Sachs International		149,700		01/23/19		HKD	334.97		HKD	15,177		(92,420	)
Zuora, Inc., Class A	Goldman Sachs International		30,000		01/23/19		USD	18.41		USD	46,983		(33,729	)
GMO Payment Gateway, Inc.	Goldman Sachs International		26,800		01/24/19		JPY	7,124.15		JPY	544		(991	)
Kingdee International Software Group Co. Ltd.	JPMorgan Chase Bank N.A.		575,000		01/24/19		HKD	8.85		HKD	125,066		(2,627	)
Ping An Healthcare and Technology PLC	Morgan Stanley & Co. International PLC		118,500		01/24/19		HKD	37.02		HKD	3,979		(626	)
Studio Dragon Corp.	Morgan Stanley & Co. International PLC		12,400		01/24/19		USD	105,876.00		USD	3,262		(9,674	)
II-VI, Inc.	Barclays Bank PLC		12,800		01/25/19		USD	35.94		USD	1,145,760		(16,427	)
Bandwidth, Inc., Class A	Morgan Stanley & Co. International PLC		8,400		01/29/19		USD	40.21		USD	415		(22,648	)
Viavi Solutions, Inc.	Deutsche Bank AG		49,700		01/29/19		USD	11.24		USD	342		(5,668	)
Adyen NV	Goldman Sachs International		1,500		01/30/19		EUR	478.64		EUR	499		(53,015	)
Eventbrite, Inc., Class A	UBS AG		10,350		01/30/19		USD	30.34		USD	707		(14,678	)
PTC, Inc.	Credit Suisse International		9,700		01/30/19		USD	91.85		USD	288		(12,796	)
SailPoint Technologies Holding, Inc.	Citibank N.A.		19,700		01/30/19		USD	26.08		USD	804		(15,201	)
Taiwan Semiconductor Manufacturing Co. Ltd.	UBS AG		66,000		01/30/19		USD	228.01		USD	14,731		(14,375	)
Tencent Holdings Ltd	Goldman Sachs International		109,500		01/30/19		HKD	333.08		HKD	34,367		(94,784	)
Zuora, Inc., Class A	Goldman Sachs International		30,000		01/30/19		USD	18.41		USD	544		(39,111	)
ASML Holding NV	Goldman Sachs International		9,300		01/31/19		EUR	149.70		EUR	1,276		(12,158	)
Coupa Software, Inc.	Citibank N.A.		10,700		01/31/19		USD	69.19		USD	673		(34,721	)
Xero Ltd.	Goldman Sachs International		42,000		01/31/19		AUD	40.75		AUD	1,767		(85,319	)
Altium Ltd.	Morgan Stanley & Co. International PLC		67,300		02/05/19		AUD	23.07		AUD	1,462		(44,232	)
Adyen NV	Goldman Sachs International		1,500		02/06/19		EUR	478.64		EUR	707		(59,643	)
STMicroelectronics NV	Goldman Sachs International		26,600		02/06/19		EUR	13.37		EUR	329		(11,121	)
SailPoint Technologies Holding, Inc.	Goldman Sachs International		21,500		02/06/19		USD	25.43		USD	505		(23,955	)
Wirecard AG	Goldman Sachs International		4,700		02/06/19		EUR	140.87		EUR	618		(22,260	)
Pluralsight, Inc.	JPMorgan Chase Bank N.A.		22,000		02/08/19		USD	20.70		USD	518		(87,427	)
Bandwidth, Inc., Class A	Barclays Bank PLC		8,400		02/11/19		USD	46.87		USD	342		(8,051	)
Eventbrite, Inc., Class A	UBS AG		10,350		02/11/19		USD	30.34		USD	288		(19,013	)
UbiSoft Entertainment SA	Credit Suisse International		15,700		02/12/19		EUR	72.22		EUR	1,104		(55,644	)
Ping An Healthcare and Technology PLC	Morgan Stanley & Co. International PLC		118,500		02/13/19		HKD	37.02		HKD	3,262		(2,548	)
SOITEC SA	Goldman Sachs International		13,000		02/13/19		EUR	53.56		EUR	657		(32,497	)
Zendesk, Inc.	Credit Suisse International		16,400		02/13/19		USD	53.57		USD	957		(119,727	)
Altair Engineering, Inc., Class A	Citibank N.A.		29,400		02/14/19		USD	28.78		USD	811		(59,744	)
IAC/InterActiveCorp	JPMorgan Chase Bank N.A.		5,200		02/15/19		USD	186.17		USD	952		(52,730	)
Wirecard AG	Goldman Sachs International		3,800		02/20/19		EUR	140.81		EUR	500		(38,583	)

												$	(1,736,989	)

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


	Swap Premium Paid		Swap Premium Received		Unrealized Appreciation		Unrealized Depreciation			Value
Options Written		N/A		N/A	$	4,240,574	$	(1,013,026	)	$	(4,702,879	)

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	$	—	$	—	$	4,702,879	$	—	$	—	$	$	4,702,879


86		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Science and Technology Trust (BST)

For the period ended December 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Options purchased^(a)	$	—	$	—	$	(11,734	)	$	—	$	—	$	—	$	(11,734	)
Options written		—		—		(4,479,530	)		—		—		—		(4,479,530	)

	$	—	$	—	$	(4,491,264	)	$	—	$	—	$	—	$	(4,491,264	)


^(a) Options purchased are included in net realized gain (loss) from investments.

Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—		980,623		$	—	$	—	$	—	$	980,623

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts purchased	$	124
Average value of option contracts written	$	7,028,251

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) are as follows:


	Assets		Liabilities
Options	$	—	$	4,702,879
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(2,965,890	)

Total derivative assets and liabilities subject to an MNA	$	—	$	1,736,989


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged^(a)			Net Amount of Derivative Liabilities^(b)
Barclays Bank PLC	$	24,630	$	—	$	—	$	(10,000	)	$	14,630
Citibank N.A.		114,665		—		—		(114,665	)		—
Credit Suisse International		199,932		—		—		—			199,932
Deutsche Bank AG		5,668		—		—		(5,668	)		—
Goldman Sachs International		609,893		—		—		(220,000	)		389,893
JPMorgan Chase Bank N.A.		192,828		—		—		(120,000	)		72,828
Morgan Stanley & Co. International PLC		85,203		—		—		(85,203	)		—
UBS AG		504,170		—		—		(230,000	)		274,170

	$	1,736,989	$	—	$	—	$	(785,536	)	$	951,453

^(a)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(b)


SCHEDULES OF INVESTMENTS			87

Schedule of Investments (continued)

December 31, 2018

BlackRock Science and Technology Trust (BST)

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Common Stocks:
Automobiles	$	5,596,032		$	—		$	—	$	5,596,032
Communications Equipment		3,152,414			—			—		3,152,414
Diversified Consumer Services		4,473,306			—			—		4,473,306
Diversified Telecommunication Services		3,413,709			—			—		3,413,709
Electrical Equipment		3,789,510			—			—		3,789,510
Electronic Equipment, Instruments & Components		3,538,746			—			—		3,538,746
Entertainment		29,287,490			6,926,957			—		36,214,447
Health Care Technology		3,386,028			2,380,186			—		5,766,214
Household Durables		2,791,059			—			—		2,791,059
Interactive Media & Services		53,172,718			29,687,495			—		82,860,213
Internet & Direct Marketing Retail		54,619,765			11,757,053			211,760		66,588,578
IT Services		93,252,443			12,783,937			—		106,036,380
Semiconductors & Semiconductor Equipment		37,114,557			29,392,211			—		66,506,768
Software		152,652,516			11,106,609			—		163,759,125
Technology Hardware, Storage & Peripherals		17,236,092			—			—		17,236,092
Preferred Stocks		—			—			15,491,176		15,491,176
Short-Term Securities		4,738,937			—			—		4,738,937

Subtotal	$	472,215,322		$	104,034,448		$	15,702,936	$	591,952,706

Investments Valued at NAV^(a)										1,710,081
Total Investments									$	593,662,787

Derivative Financial Instruments^(b)
Liabilities:
Equity contracts	$	(2,643,524	)	$	(2,059,355	)	$	—	$	(4,702,879	)

^(a)

As of December 31, 2018, certain of the Trust’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

^(b)

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

Transfers between Level 1 and Level 2 were as follows:


	Transfers out of Level 1^(a)			Transfers Into Level 2^(a)
Assets:
Long-Term Investments:
Common Stocks	$	(13,204,778	)	$	13,204,778

^(a)

External pricing service used to reflect any significant market movements between the time the Trust valued such foreign securities and the earlier closing of foreign markets.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or rend 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, 2017	$	—		$	14,005,465		$	14,005,465
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)^(a)(b)		(1,786,676	)		885,806			(900,870	)
Purchases		1,998,436			6,492,862			8,491,298
Sales		—			(5,892,957	)		(5,892,957	)

Closing Balance, as of December 31, 2018	$	211,760		$	15,491,176		$	15,702,936

Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2018^(b)	$	(1,786,676	)	$	427,110		$	1,359,566


88		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Science and Technology Trust (BST)

^(a)

Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(b)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $1. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.

Value

Valuation Approach

Unobservable Inputs

Range of
unobservable
Inputs Utilized

Weighted
Avgerage of
Unobservable
Inputs

Assets:

Common Stocks

211,759

Market

Revenue Multiple^(a)

6.25x

—

Preferred Stocks^(b)

15,491,176

Market

Revenue Multiple^(a)

3.50x – 6.50x

4.85x

Recent Transactions^(a)

—

15,702,935

^(a)

Increase in unobservable input may result in a significant increase to value, while a decrease in unobservable input may result in a significant decrease to value.

^(b)

For the year ended December 31, 2018, the valuation technique for investments classified as preferred stocks amounting to $8,998,314 changed to Current Value. The investments were previously valued utilizing Transaction Price. The change was due to consideration of the information that was available at the time the investments were valued.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			89

Schedule of Investments

December 31, 2018

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks — 97.2%

Building Products — 2.0%
Johnson Controls International PLC^(a)		101,319	$	3,004,108
Kingspan Group PLC		81,450		3,491,553

				6,495,661

Chemicals — 3.6%
Air Liquide SA		47,129		5,852,269
Linde PLC		35,827		5,687,308

				11,539,577

Electric Utilities — 37.9%
American Electric Power Co., Inc.^(a)		96,220		7,191,483
Duke Energy Corp.^(a)		155,468		13,416,888
Edison International		88,040		4,998,031
Enel SpA		3,107,517		18,015,033
Eversource Energy		80,420		5,230,517
Exelon Corp.^(a)(b)		249,658		11,259,576
FirstEnergy Corp.^(a)		202,980		7,621,899
Fortis, Inc.		144,250		4,812,180
Iberdrola SA		813,566		6,532,836
NextEra Energy, Inc.^(a)(b)		172,845		30,043,918
PG&E Corp.^(c)		139,919		3,323,076
Pinnacle West Capital Corp.^(a)		18,224		1,552,685
PPL Corp.^(a)		114,710		3,249,734
Xcel Energy, Inc.		71,400		3,517,878

				120,765,734

Electrical Equipment — 5.7%
ABB Ltd., Registered Shares		248,028		4,736,367
Schneider Electric SE		93,732		6,357,955
Vestas Wind Systems A/S		94,150		7,127,023

				18,221,345

Independent Power and Renewable Electricity Producers — 7.2%
China Longyuan Power Group Corp. Ltd., Class H		12,875,000		8,789,071
EDP Renovaveis SA		1,566,700		14,046,921

				22,835,992

Machinery — 1.0%
Kone OYJ, Class B		67,407		3,218,102


Multi-Utilities — 19.1%
CMS Energy Corp.^(a)		127,700		6,340,305
Dominion Energy, Inc.^(a)		170,698		12,198,079
DTE Energy Co.^(a)		46,120		5,087,036
National Grid PLC		1,241,374		12,144,758
NiSource, Inc.^(a)		121,637		3,083,498
Public Service Enterprise Group, Inc.^(a)		181,632		9,453,946
Sempra Energy^(a)		70,350		7,611,166
WEC Energy Group, Inc.^(a)		70,180		4,860,667

				60,779,455


Security	Shares		Value

Oil, Gas & Consumable Fuels — 12.5%
Enbridge, Inc.		250,140	$	7,774,351
Energy Transfer Partners LP^(a)		104,504		1,380,498
Enterprise Products Partners LP^(a)		130,403		3,206,610
MPLX LP		49,089		1,487,397
ONEOK, Inc.^(a)		59,551		3,212,776
Targa Resources Corp.^(a)		32,880		1,184,337
TransCanada Corp.		253,150		9,039,747
Williams Cos., Inc.^(a)		574,655		12,671,143

				39,956,859

Semiconductors & Semiconductor Equipment — 2.1%
Infineon Technologies AG		173,279		3,469,334
Texas Instruments, Inc.^(a)		34,070		3,219,615

				6,688,949

Transportation Infrastructure — 6.1%
Atlantia SpA		314,940		6,517,723
Getlink SE, Registered Shares		287,850		3,867,940
Transurban Group		1,112,890		9,134,077

				19,519,740


Total Long-Term Investments — 97.2% (Cost — $265,857,568)				310,021,414


Short-Term Securities — 3.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.32%^(d)(e)		9,797,799		9,797,799


Total Short-Term Securities — 3.1% (Cost — $9,797,799)				9,797,799


Total Investments Before Options Written — 100.3% (Cost — $275,655,367)				319,819,213


Options Written — (0.4)% (Premiums Received — $2,458,109)				(1,262,643	)


Total Investments, Net of Options Written — 99.9% (Cost — $273,197,258)				318,556,570

Other Assets Less Liabilities — 0.1%				376,692


Net Assets — 100.0%			$	318,933,262

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

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

^(c)	Non-income producing security.

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

^(e)	During the year ended December 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/17		Net Activity		Shares Held at 12/31/18		Value at 12/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		6,376,831		3,420,968		9,797,799	$	9,797,799	$	83,607	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.


90		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

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.

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					��
American Electric Power Co., Inc.		336		01/02/19		USD	78.50	USD	2,511	$	(2	)
Dominion Energy, Inc.		544		01/02/19		USD	76.50	USD	3,887		—
Duke Energy Corp.		550		01/02/19		USD	90.00	USD	4,747		(25	)
NextEra Energy, Inc.		300		01/02/19		USD	176.00	USD	5,215		(7,691	)
Pinnacle West Capital Corp.		182		01/02/19		USD	91.00	USD	1,551		—
Sempra Energy		350		01/02/19		USD	115.25	USD	3,787		—
Public Service Enterprise Group, Inc.		363		01/03/19		USD	54.75	USD	1,889		(46	)
Energy Transfer Partners LP		52		01/04/19		USD	15.00	USD	69		(260	)
Williams Cos., Inc.		47		01/04/19		USD	25.50	USD	104		(235	)
Williams Cos., Inc.		145		01/04/19		USD	27.25	USD	320		—
Enterprise Products Partners LP		23		01/11/19		USD	27.00	USD	57		(230	)
FirstEnergy Corp.		37		01/11/19		USD	39.23	USD	139		(361	)
Williams Cos., Inc.		32		01/11/19		USD	26.00	USD	71		(672	)
Williams Cos., Inc.		74		01/11/19		USD	25.01	USD	163		(10	)
Williams Cos., Inc.		47		01/11/19		USD	25.18	USD	104		(5	)
American Electric Power Co., Inc.		210		01/18/19		USD	80.00	USD	1,570		(3,150	)
DTE Energy Co.		161		01/18/19		USD	120.00	USD	1,776		(3,220	)
Dominion Energy, Inc.		618		01/18/19		USD	75.00	USD	4,416		(26,265	)
Duke Energy Corp.		272		01/18/19		USD	87.50	USD	2,347		(31,280	)
Enterprise Products Partners LP		46		01/18/19		USD	28.20	USD	113		(12	)
Eversource Energy		142		01/18/19		USD	70.00	USD	924		(4,260	)
Exelon Corp.		303		01/18/19		USD	46.00	USD	1,367		(14,393	)
FirstEnergy Corp.		112		01/18/19		USD	39.00	USD	421		(2,800	)
FirstEnergy Corp.		96		01/18/19		USD	40.00	USD	360		(960	)
Fortis, Inc.		250		01/18/19		USD	35.00	USD	834		(2,500	)
MPLX LP		41		01/18/19		USD	34.00	USD	124		(307	)
MPLX LP		130		01/18/19		USD	32.00	USD	394		(3,900	)
NextEra Energy, Inc.		479		01/18/19		USD	180.00	USD	8,326		(50,295	)
NiSource, Inc.		185		01/18/19		USD	26.00	USD	469		(6,938	)
ONEOK, Inc.		104		01/18/19		USD	62.50	USD	561		(2,080	)
PPL Corp.		201		01/18/19		USD	32.00	USD	569		(1,005	)
Public Service Enterprise Group, Inc.		250		01/18/19		USD	55.00	USD	1,301		(3,125	)
Sempra Energy		20		01/18/19		USD	115.00	USD	216		(850	)
Targa Resources Corp.		115		01/18/19		USD	39.00	USD	414		(4,888	)
TransCanada Corp.		443		01/18/19		CAD	54.00	CAD	2,160		(2,434	)
WEC Energy Group, Inc.		122		01/18/19		USD	70.00	USD	845		(13,115	)
Williams Cos., Inc.		135		01/18/19		USD	26.00	USD	298		(473	)
Williams Cos., Inc.		73		01/18/19		USD	25.00	USD	161		(365	)
Energy Transfer Partners LP		156		01/25/19		USD	13.50	USD	206		(7,020	)
Enterprise Products Partners LP		35		01/25/19		USD	27.00	USD	86		(525	)
FirstEnergy Corp.		141		01/25/19		USD	39.27	USD	529		(3,599	)
ONEOK, Inc.		104		01/25/19		USD	61.00	USD	561		(3,640	)
Texas Instruments, Inc.		60		01/25/19		USD	97.50	USD	567		(15,660	)
Williams Cos., Inc.		343		01/25/19		USD	25.00	USD	756		(2,230	)
Williams Cos., Inc.		33		01/25/19		USD	26.02	USD	73		(251	)
PPL Corp.		200		01/29/19		USD	29.05	USD	567		(10,353	)
WEC Energy Group, Inc.		123		01/29/19		USD	72.46	USD	852		(6,613	)
CMS Energy Corp.		446		01/31/19		USD	51.50	USD	2,214		(24,552	)
Duke Energy Corp.		80		01/31/19		USD	91.00	USD	690		(4,117	)
FirstEnergy Corp.		73		01/31/19		USD	38.25	USD	274		(4,665	)
NextEra Energy, Inc.		180		01/31/19		USD	178.00	USD	3,129		(40,487	)
Energy Transfer Partners LP		156		02/01/19		USD	13.50	USD	206		(8,502	)
Enterprise Products Partners LP		318		02/01/19		USD	26.00	USD	782		(6,360	)
FirstEnergy Corp.		37		02/01/19		USD	39.93	USD	139		(792	)
Texas Instruments, Inc.		60		02/01/19		USD	97.50	USD	567		(17,460	)


SCHEDULES OF INVESTMENTS			91

Schedule of Investments (continued)

December 31, 2018

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Johnson Controls International PLC		177		02/08/19	USD	34.00	USD	525	$	(1,656	)
FirstEnergy Corp.		141		02/11/19	USD	38.20	USD	529		(11,522	)
FirstEnergy Corp.		73		02/11/19	USD	38.25	USD	274		(4,689	)
Eversource Energy		139		02/15/19	USD	68.00	USD	904		(11,036	)
Johnson Controls International PLC		89		02/15/19	USD	32.00	USD	264		(4,539	)
Williams Cos., Inc.		228		02/15/19	USD	26.00	USD	503		(5,586	)
Williams Cos., Inc.		343		02/15/19	USD	25.00	USD	756		(8,061	)
Williams Cos., Inc.		510		02/15/19	USD	24.00	USD	1,125		(18,870	)
Williams Cos., Inc.		1		02/15/19	USD	22.00	USD	2		(110	)
Johnson Controls International PLC		88		02/22/19	USD	33.00	USD	261		(2,755	)

									$	(413,802	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Exelon Corp.	Bank of America N.A.		65,000		01/02/19	USD	46.75	USD	2,932	$	(60	)
NiSource, Inc.	Citibank N.A.		42,000		01/02/19	USD	26.75	USD	1,065		(82	)
Public Service Enterprise Group, Inc.	Barclays Bank PLC		45,000		01/02/19	USD	53.5	USD	2,342		(655	)
EDP Renovaveis SA	UBS AG		40,000		01/03/19	EUR	7.93	EUR	313		(1,415	)
Schneider Electric SE	Barclays Bank PLC		5,900		01/04/19	EUR	65.58	EUR	349		(1	)
Sempra Energy	Citibank N.A.		10,100		01/04/19	USD	116.01	USD	1,093		(30	)
Enterprise Products Partners LP	Bank of America N.A.		3,400		01/08/19	USD	27.16	USD	84		(3	)
Exelon Corp.	JPMorgan Chase Bank N.A.		24,000		01/08/19	USD	46.13	USD	1,082		(4,482	)
Atlantia SpA	Goldman Sachs International		78,500		01/09/19	EUR	18.38	EUR	1,418		(16,398	)
China Longyuan Power Group Corp. Ltd., Class H	Citibank N.A.		1,267,000		01/09/19	HKD	6.18	HKD	6,778		(55	)
EDP Renovaveis SA	Citibank N.A.		25,000		01/09/19	EUR	7.97	EUR	196		(441	)
EDP Renovaveis SA	UBS AG		40,000		01/09/19	EUR	7.97	EUR	313		(717	)
Infineon Technologies AG	Morgan Stanley & Co. International PLC		23,100		01/09/19	EUR	18.28	EUR	404		(5,087	)
Enel SpA	Credit Suisse International		729,200		01/10/19	EUR	4.75	EUR	3,690		(269,348	)
National Grid PLC	Credit Suisse International		193,900		01/10/19	GBP	8.55	GBP	1,489		(761	)
Transurban Group	Citibank N.A.		147,100		01/11/19	AUD	11.72	AUD	1,714		(11,818	)
Enbridge, Inc.	Barclays Bank PLC		61,500		01/15/19	USD	32.99	USD	1,911		(7,266	)
Xcel Energy, Inc.	Citibank N.A.		24,900		01/15/19	USD	49.98	USD	1,227		(12,912	)
EDP Renovaveis SA	Morgan Stanley & Co. International PLC		40,000		01/16/19	EUR	7.97	EUR	313		(3,143	)
Getlink SE	Goldman Sachs International		53,300		01/16/19	EUR	11.66	EUR	625		(16,869	)
Linde PLC	Goldman Sachs International		9,200		01/16/19	EUR	142.81	EUR	1,275		(18,066	)
Kingspan Group PLC	UBS AG		25,200		01/17/19	EUR	40.41	EUR	943		(5,325	)
Schneider Electric SE	Goldman Sachs International		5,900		01/17/19	EUR	65.60	EUR	349		(362	)
China Longyuan Power Group Corp. Ltd., Class H	JPMorgan Chase Bank N.A.		1,074,000		01/23/19	HKD	6.13	HKD	5,746		(2,581	)
EDP Renovaveis SA	Credit Suisse International		25,000		01/23/19	EUR	7.82	EUR	196		(4,030	)
Enel SpA	Goldman Sachs International		158,500		01/24/19	EUR	4.97	EUR	802		(17,738	)
Iberdrola SA	Credit Suisse International		38,100		01/24/19	EUR	6.90	EUR	267		(6,570	)
National Grid PLC	Goldman Sachs International		106,100		01/24/19	GBP	8.53	GBP	815		(3,952	)
Vestas Wind Systems A/S	Goldman Sachs International		33,000		01/24/19	DKK	515.62	DKK	16,279		(33,926	)
EDP Renovaveis SA	Credit Suisse International		30,000		01/25/19	EUR	7.84	EUR	235		(4,825	)
EDP Renovaveis SA	UBS AG		30,000		01/25/19	EUR	7.84	EUR	235		(4,829	)
Air Liquide SA	Goldman Sachs International		3,300		01/29/19	EUR	107.41	EUR	358		(12,943	)
Air Liquide SA	Goldman Sachs International		7,900		01/29/19	EUR	108.56	EUR	856		(20,865	)
EDP Renovaveis SA	Credit Suisse International		40,000		01/29/19	EUR	7.69	EUR	313		(10,701	)
EDP Renovaveis SA	Credit Suisse International		25,000		01/29/19	EUR	7.82	EUR	196		(4,610	)
Infineon Technologies AG	Goldman Sachs International		23,500		01/29/19	EUR	18.77	EUR	411		(9,035	)
Kone OYJ, Class B	Goldman Sachs International		13,300		01/29/19	EUR	43.17	EUR	554		(8,351	)
Iberdrola SA	Morgan Stanley & Co. International PLC		36,000		01/30/19	EUR	7.00	EUR	252		(4,215	)
ABB Ltd., Registered Shares	Morgan Stanley & Co. International PLC		54,100		01/31/19	CHF	20.22	CHF	1,015		(4,220	)
EDP Renovaveis SA	Credit Suisse International		30,000		01/31/19	EUR	7.84	EUR	235		(5,199	)
Enel SpA	UBS AG		200,000		01/31/19	EUR	5.14	EUR	1,012		(7,999	)
Exelon Corp.	Bank of America N.A.		10,000		01/31/19	USD	46.76	USD	451		(4,233	)
Fortis, Inc.	Barclays Bank PLC		25,400		01/31/19	USD	35.02	USD	847		(4,383	)


92		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Suncor Energy, Inc.	UBS AG		15,100		01/31/19		EUR	62.83		EUR	894	$	(11,041	)
TransCanada Corp.	Deutsche Bank AG		22,200		01/31/19		CAD	51.91		CAD	1,082		(3,628	)
EDP Renovaveis SA	Credit Suisse International		20,000		02/05/19		EUR	7.70		EUR	157		(5,557	)
National Grid PLC	Credit Suisse International		134,400		02/05/19		GBP	8.61		GBP	1,032		(7,429	)
Atlantia SpA	Credit Suisse International		60,400		02/06/19		EUR	18.11		EUR	1,091		(31,652	)
Getlink SE	Citibank N.A.		47,500		02/06/19		EUR	12.13		EUR	557		(9,595	)
Infineon Technologies AG	Goldman Sachs International		14,000		02/06/19		EUR	18.58		EUR	245		(8,511	)
Kone OYJ, Class B	Goldman Sachs International		13,300		02/06/19		EUR	43.17		EUR	554		(10,064	)
Suncor Energy, Inc.	UBS AG		5,900		02/06/19		EUR	61.95		EUR	349		(6,674	)
Enbridge, Inc.	Citibank N.A.		26,000		02/11/19		USD	32.60		USD	808		(15,722	)
EDP Renovaveis SA	Credit Suisse International		20,000		02/12/19		EUR	7.87		EUR	157		(3,873	)
ABB Ltd., Registered Shares	Credit Suisse International		32,700		02/13/19		CHF	19.56		CHF	614		(9,284	)
Air Liquide SA	Credit Suisse International		5,200		02/13/19		EUR	108.01		EUR	564		(18,286	)
China Longyuan Power Group Corp. Ltd., Class H	JPMorgan Chase Bank N.A.		1,310,000		02/13/19		HKD	5.61		HKD	7,009		(26,907	)
China Longyuan Power Group Corp. Ltd., Class H	JPMorgan Chase Bank N.A.		855,000		02/13/19		HKD	5.51		HKD	4,574		(21,943	)
Iberdrola SA	UBS AG		210,600		02/13/19		EUR	7.07		EUR	1,476		(25,500	)
Kingspan Group PLC	UBS AG		3,300		02/13/19		EUR	37.07		EUR	123		(7,960	)
Linde PLC	Credit Suisse International		3,300		02/13/19		EUR	140.01		EUR	457		(20,757	)
TransCanada Corp.	UBS AG		242,400		02/13/19		AUD	11.73		AUD	2,824		(38,057	)
NiSource, Inc.	Barclays Bank PLC		18,500		02/14/19		USD	26.45		USD	469		(11,689	)
EDP Renovaveis SA	Goldman Sachs International		20,000		02/20/19		EUR	7.87		EUR	157		(4,211	)

												$	(848,841	)

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


	Swap Premium Paid		Swap Premium Received		Unrealized Appreciation		Unrealized Depreciation			Value
Options Written		N/A		N/A	$	1,469,017	$	(273,551	)	$	(1,262,643	)

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	$	—	$	—	$	1,262,643	$	—	$	—	$	—	$	1,262,643

For the year ended December 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Options purchased^(a)	$	—	$	—	$	(713	)	$	—	$	—	$	—	$	(713	)
Options written		—		—		(250,333	)		—		—		—		(250,333	)

	$	—	$	—	$	(251,046	)	$	—	$	—	$	—	$	(251,046	)

^(a)

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



Net Change in Unrealized Appreciation (Depreciation) on:
Options purchased^(a)	$	—	$	—	$	(547	)	$	—	$	—	$	—	$	(547	)
Options written		—		—		463,238			—		—		—		463,238

	$	—	$	—	$	462,691		$	—	$	—	$	—	$	462,691

^(a)

Includes options purchased at value as reported in the Schedule of Investments.


SCHEDULES OF INVESTMENTS			93

Schedule of Investments (continued)

December 31, 2018

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Options:
Average value of option contracts purchased	$	—	^(a)
Average value of option contracts written	$	2,340,666

^(a)

Derivative not held at quarter-end. The risk expoure table serves as an indicator of activity during the period.

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

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative asset and liabilities (by type) are as follows:


	Assets		Liabilities
Derivative Financial Instruments
Options	$	—	$	1,262,643
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(413,802	)

Total derivative assets and liabilities subject to an MNA	$	—	$	848,841


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged^(a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities^(b)
Bank of America N.A.	$	4,296	$	—	$	—		$	—	$	4,296
Barclays Bank PLC		23,994		—		(2,661	)		—		21,333
Citibank N.A.		50,655		—		(50,655	)		—		—
Credit Suisse International		402,882		—		(402,882	)		—		—
Deutsche Bank AG		3,628		—		—			—		3,628
Goldman Sachs International		181,291		—		—			—		181,291
JPMorgan Chase Bank N.A.		55,913		—		(55,913	)		—		—
Morgan Stanley & Co. International PLC		16,665		—		(16,665	)		—		—
UBS AG		109,517				(109,517	)				—

	$	848,841	$	—	$	(638,293	)	$	—	$	210,548

^(a)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(b)


94		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2018

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


		Level 1			Level 2			Level 3		Total
Assets:
Investments:
Common Stocks:
Building Products		$	3,004,108		$	3,491,553		$	—	$	6,495,661
Chemicals			5,687,308			5,852,269			—		11,539,577
Electric Utilities			96,217,865			24,547,869			—		120,765,734
Electrical Equipment			—			18,221,345			—		18,221,345
Independent Power and Renewable Electricity Producers			—			22,835,992			—		22,835,992
Machinery	��		—			3,218,102			—		3,218,102
Multi-Utilities			48,634,697			12,144,758			—		60,779,455
Oil, Gas & Consumable Fuels			39,956,859			—			—		39,956,859
Semiconductors & Semiconductor Equipment			3,219,615			3,469,334			—		6,688,949
Transportation Infrastructure			—			19,519,740			—		19,519,740
Short-Term Securities			9,797,799			—			—		9,797,799

		$	206,518,251		$	113,300,962		$	—	$	319,819,213

Derivative Financial Instruments^(a)
Liabilities:
Equity contracts		$	(278,563	)	$	(984,080	)	$	—	$	(1,262,643	)

^(a)

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

Transfers between Level 1 and Level 2 were as follows:


	Transfers out of Level 1^(a)		Transfers into Level 2^(a)
Assets:
Long-Term Investments:
Common Stocks	$	19,523,912	$	19,523,912

^(a)

External pricing service used to reflect any significant market movements between the time the Trust valued such foreign securities and the earlier closing of foreign markets.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			95

Statements of Assets and Liabilities

December 31, 2018


	BGR			CII		BDJ		BOE			BGY

ASSETS
Investments at value — unaffiliated^(a)	$	353,876,843		$	673,859,119	$	1,603,681,857	$	734,460,465		$	594,427,744
Investments at value — affiliated^(b)		5,006,975			14,789,354		44,526,058		19,702,446			25,489,943
Cash		—			45,145		43,458		—			—
Cash pledged:
Collateral — options written		—			—		—		2,785,000			4,136,000
Collateral — OTC derivatives		—			—		—		—			201,000
Foreign currency at value^(c)		6,459			—		1,544		605,135			805,970
Receivables:
Dividends — unaffiliated		616,588			874,433		2,054,113		3,288,960			3,215,587
Dividends — affiliated		9,034			13,859		81,995		11,118			—
Investments sold		—			—		675,095		—			—
Prepaid expenses		—			7,383		7,012		528			—

Total assets		359,515,899			689,589,293		1,651,071,132		760,853,652			628,276,244


LIABILITIES
Bank overdraft		23,035			—		—		—			—
Options written at value^(d)		1,051,873			3,567,851		9,021,122		3,609,231			2,991,651
Payables:
Trustees’ and Officer’s fees		448,935			191,886		890,083		644,735			557,865
Investment advisory fees		331,773			499,475		1,137,213		541,843			483,214
Income dividend distributions		168,843			211,125		327,147		196,726			199,228
Other accrued expenses		100,866			95,350		247,186		174,240			142,952
Capital shares redeemed		—			—		—		1,085,316			666,884
Investments purchased		—			10,946,660		1,211,873		—			—

Total liabilities		2,125,325			15,512,347		12,834,624		6,252,091			5,041,794


NET ASSETS	$	357,390,574		$	674,076,946	$	1,638,236,508	$	754,601,561		$	623,234,450


NET ASSETS CONSIST OF
Paid-in capital	$	579,907,704			577,671,748	$	1,320,628,954	$	822,989,040		$	673,322,419
Accumulated earnings (loss)		(222,517,130	)		96,405,198		317,607,554		(68,387,479	)		(50,087,969	)

NET ASSETS	$	357,390,574		$	674,076,946	$	1,638,236,508	$	754,601,561		$	623,234,450


Net asset value^(e)(f)	$	11.98		$	15.28	$	8.74	$	11.07		$	5.79


^(a) Investments at cost — unaffiliated	$	409,332,240		$	578,317,081	$	1,404,953,813	$	801,861,897		$	662,351,547
^(b) Investments at cost — affiliated	$	5,006,975		$	14,789,354	$	44,526,058	$	19,702,446		$	25,489,943
^(c) Foreign currency at cost	$	6,476		$	—	$	1,656	$	608,474		$	804,969
^(d) Premiums received	$	3,557,927		$	8,128,325	$	22,402,546	$	7,395,565		$	5,889,810
^(e) Shares outstanding, unlimited number of shares authorized, $0.001 par value		29,825,326			—		187,542,405		68,183,726			107,706,596
^(f) Shares outstanding, 200 million shares authorized, $0.10 par value		—			44,121,400		—		—			—

See notes to financial statements.


96		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

December 31, 2018


	BME		BCX^(a)			BST		BUI

ASSETS
Investments at value — unaffiliated^(b)(c)	$	328,602,596	$	788,938,343		$	587,213,769	$	310,021,414
Investments at value — affiliated^(d)		25,972,185		13,928,859			6,449,018		9,797,799
Cash		—		43,980			21,377		—
Cash pledged:
Collateral — options written		—		—			1,160,000		—
Foreign currency at value^(e)		288		201,317			1,920		57
Receivables:
Dividends — unaffiliated		304,993		1,696,089			40,287		874,335
Dividends — affiliated		47,051		36,090			19,929		10,991
Investments sold		—		—			—		—
Capital shares sold		485,404		—			—		—
Securities lending income — affiliated		77		2,048			3,998		—
Deferred offering costs		72,887		—			—		—

Total assets		355,485,481		804,846,726			594,910,298		320,704,596


LIABILITIES
Cash collateral on securities loaned at value		4,675		273,985			1,710,283		—
Bank overdraft		—		—			—		126,775
Options written at value^(f)		1,418,657		3,911,872			4,702,879		1,262,643
Payables:
Trustees’ and Officer’s fees		26,831		298,779			16,598		7,666
Investment advisory fees		302,862		690,418			404,629		268,900
Income dividend distributions		—		202,084			—		—
Other accrued expenses		104,896		173,671			168,224		105,350
Capital shares redeemed		—		833,693			—		—
Investments purchased		928,582		—			—		—
Options written		—		180,565			—		—
Offering costs		24,000		—			—		—

Total liabilities		2,810,503		6,565,067			7,002,613		1,771,334


NET ASSETS	$	352,674,978	$	798,281,659		$	587,907,685	$	318,933,262


NET ASSETS CONSIST OF
Paid-in capital	$	252,975,053	$	1,222,624,533		$	346,251,639	$	282,463,770
Accumulated earnings (loss)		99,699,925		(424,342,874	)		241,656,046		36,469,492

NET ASSETS	$	352,674,978	$	798,281,659		$	587,907,685	$	318,933,262


Net asset value^(g)	$	35.87	$	8.44		$	26.21	$	18.77


^(a) Consolidated Statement of Assets and Liabilities
^(b) Investments at cost — unaffiliated	$	227,730,187	$	799,134,020		$	368,513,355	$	265,857,568
^(c) Securities loaned at value	$	4,492	$	218,010		$	1,629,459	$	—
^(d) Investments at cost — affiliated	$	25,972,185	$	13,928,888		$	6,449,185	$	9,797,799
^(e) Foreign currency at cost	$	290	$	201,278		$	2,008	$	77
^(f) Premiums received	$	2,535,639	$	8,168,042		$	7,930,427	$	2,458,109
^(g) Shares outstanding, unlimited number of shares authorized, $0.001 par value		9,831,018		94,545,128			22,431,578		16,987,292

See notes to financial statements.


FINANCIAL STATEMENTS			97

Statements of Operations

Year Ended December 31, 2018


	BGR			CII			BDJ			BOE			BGY

INVESTMENT INCOME
Dividends — unaffiliated	$	14,416,043		$	14,354,718		$	50,036,765	^(a)	$	30,503,574		$	27,100,164	^(a)
Dividends — affiliated		78,939			80,954			262,280			99,772			103,479
Securities lending income — affiliated — net		—			13,698			822			—			—
Foreign taxes withheld		(960,071	)		(120,998	)		(1,023,986	)		(1,466,611	)		(2,006,460	)

Total investment income		13,534,911			14,328,372			49,275,881			29,136,735			25,197,183


EXPENSES
Investment advisory		5,392,331			6,415,332			14,604,116			8,418,841			7,052,295
Professional		87,174			97,421			188,388			135,370			122,581
Transfer agent		82,536			64,283			201,168			124,970			109,112
Custodian		58,761			20,560			188,831			116,747			105,684
Accounting services		39,492			34,519			89,484			54,484			44,508
Printing		13,432			10,127			21,408			13,730			16,075
Registration		11,521			17,044			72,446			26,662			42,167
Trustees and Officer		—			50,517			60,332			—			694
Rating agency		4,833			4,833			4,833			4,833			4,833
Miscellaneous		118,554			49,937			107,001			162,299			160,061

Total expenses		5,808,634			6,764,573			15,538,007			9,057,936			7,658,010
Less
Fees waived and/or reimbursed by the Manager		(677,220	)		(3,200	)		(9,782	)		(1,155,343	)		(709,713	)

Total expenses after fees waived and/or reimbursed		5,131,414			6,761,373			15,528,225			7,902,593			6,948,297

Net investment income		8,403,497			7,566,999			33,747,656			21,234,142			18,248,886


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		9,776,298			35,499,497			136,758,768			1,990,590			82,423,024	^(b)
Investments — affiliated		—			(97	)		(51	)		—			—
Foreign currency transactions		(57,169	)		(4,456	)		(53,910	)		106,169			(154,102	)
Payments from affiliates		—			—			6,782	^(c)		—			243,859	^(c)
Options written		(5,634,691	)		(368,218	)		(5,219,539	)		(1,712,691	)		2,536,527

		4,084,438			35,126,726			131,492,050			384,068			85,049,308

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(105,235,675	)		(89,764,592	)		(307,843,866	)		(116,551,084	)^(d)		(195,741,687	)^(d)
Investments — affiliated		—			—			—			—			—
Foreign currency translations		(6,247	)		—			(3,245	)		(69,241	)		(79,306	)
Options written		6,855,978			6,586,567			17,485,572			3,709,364			1,313,824

		(98,385,944	)		(83,178,025	)		(290,361,539	)		(112,910,961	)		(194,507,169	)

Net realized and unrealized gain (loss)		(94,301,506	)		(48,051,299	)		(158,869,489	)		(112,526,893	)		(109,457,861	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(85,898,009	)	$	(40,484,300	)	$	(125,121,833	)	$	(91,292,751	)	$	(91,208,975	)

^(a)	Including non-recurring dividends.

^(b)	Net of $ (211,516) foreign capital gain tax.

^(c)	Includes payments from affiliates of $6,782 and $243,859, respectively to compensate for a trade operating event.

^(d)	Including $(12,332) and $(116,814) unrealized foreign capital gain tax.

See notes to financial statements.


98		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (continued)

Year Ended December 31, 2018


	BME			BCX^(a)			BST			BUI

INVESTMENT INCOME
Dividends — unaffiliated	$	4,389,432		$	31,737,544		$	2,895,390		$	12,515,728
Dividends — affiliated		215,966			186,529			182,611			83,607
Securities lending income — affiliated — net		1,757			16,485			159,000			—
Interest — unaffiliated		—			1,319,958			—			—
Foreign taxes withheld		(72,294	)		(2,137,343	)		(152,303	)		(537,751	)

Total investment income		4,534,861			31,123,173			3,084,698			12,061,584


EXPENSES
Investment advisory		3,505,218			9,563,661			6,742,741			3,398,053
Professional		104,767			136,192			129,651			96,522
Transfer agent		51,238			125,610			80,633			55,226
Custodian		101,788			125,585			174,093			51,690
Accounting services		24,499			54,484			44,508			44,508
Printing		14,632			16,885			17,913			13,092
Registration		11,772			37,324			9,423			12,040
Directors and Officer		30,925			54,257			66,460			31,728
Rating agency		4,833			19,583			4,833			19,583
Miscellaneous		38,391			223,770			93,785			78,226

Total expenses		3,888,063			10,357,351			7,364,040			3,800,668
Less
Fees waived and/or reimbursed by the Manager		(8,521	)		(7,702	)		(1,355,178	)		(88,356	)

Total expenses after fees waived and/or reimbursed and paid indirectly		3,879,542			10,349,649			6,008,862			3,712,312

Net investment income (loss)		655,319			20,773,524			(2,924,164	)		8,349,272


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		27,352,423			43,431,253			70,235,655			6,930,616
Investments — affiliated		1			—			(842	)		—
Foreign currency transactions		(4,179	)		319,704			(11,769	)		(92,102	)
Payment from affiliate		—			—			—			—
Options written		(4,052,692	)		(1,950,043	)		(4,479,530	)		(250,333	)

		23,295,553			41,800,914			65,743,514			6,588,181

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,420,630	)		(227,844,890	)		(58,583,503	)		(30,538,052	)
Investments — affiliated		7			10			2			—
Foreign currency translations		(1,186	)		(10,270	)		(583	)		(12,398	)
Options written		912,695			12,466,021			980,623			463,238

		(1,509,114	)		(215,389,129	)		(57,603,461	)		(30,087,212	)

Net realized and unrealized gain (loss)		21,786,439			(173,588,215	)		8,140,053			(23,499,031	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	22,441,758		$	(152,814,691	)	$	5,215,889		$	(15,149,759	)

^(a)	Consolidated Statement of Operations.

See notes to financial statements.


FINANCIAL STATEMENTS			99

Statements of Changes in Net Assets


	BGR						CII
	Year Ended December 31,						Year Ended December 31,
	2018			2017			2018			2017

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,403,497		$	12,016,029		$	7,566,999		$	6,643,909
Net realized gain		4,084,438			240,009			35,126,726			10,582,824
Net change in unrealized appreciation (depreciation)		(98,385,944	)		(484,738	)		(83,178,025	)		119,853,112

Net increase (decrease) in net assets resulting from operations		(85,898,009	)		11,771,300			(40,484,300	)		137,079,845


DISTRIBUTIONS TO SHAREHOLDERS^(a)(b)
From net investment income and net realized gain		(8,135,490	)		(12,093,542	)		(19,927,105	)		(6,682,172	)
From return of capital		(19,637,853	)		(15,679,802	)		(23,911,918	)		(37,156,851	)

Decrease in net assets resulting from distributions to shareholders		(27,773,343	)		(27,773,344	)		(43,839,023	)		(43,839,023	)


NET ASSETS^(b)
Total increase (decrease) in net assets		(113,671,352	)		(16,002,044	)		(84,323,323	)		93,240,822
Beginning of year		471,061,926			487,063,970			758,400,269			665,159,447

End of year	$	357,390,574		$	471,061,926		$	674,076,946		$	758,400,269

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.

See notes to financial statements.


100		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	BDJ						BOE
	Year Ended December 31,						Year Ended December 31,
	2018			2017			2018			2017

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	33,747,656		$	30,942,206		$	21,234,142		$	11,728,245
Net realized gain		131,492,050			191,391,199			384,068			188,939,188
Net change in unrealized appreciation (depreciation)		(290,361,539	)		22,107,356			(112,910,961	)		(54,178,546	)

Net increase (decrease) in net assets resulting from operations		(125,121,833	)		244,440,761			(91,292,751	)		146,488,887


DISTRIBUTIONS TO SHAREHOLDERS^(a)(b)
From net investment income and net realized gain		(105,098,764	)		(105,360,386	)		(56,899,700	)		(157,730,436	)
From return of capital		—			—			(1,381,549	)		—
Decrease in net assets resulting from distributions to shareholders		(105,098,764	)		(105,360,386	)		(58,281,249	)		(157,730,436	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		—			(12,272,105	)		(7,051,296	)		(7,428,758	)


NET ASSETS^(b)
Total increase (decrease) in net assets		(230,220,597	)		126,808,270			(156,625,296	)		(18,670,307	)
Beginning of year		1,868,457,105			1,741,648,835			911,226,857			929,897,164

End of year	$	1,638,236,508		$	1,868,457,105		$	754,601,561		$	911,226,857

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.

See notes to financial statements.


FINANCIAL STATEMENTS			101

Statements of Changes in Net Assets (continued)


	BGY						BME
	Year Ended December 31,						Year Ended December 31,
	2018			2017			2018			2017

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	18,248,886		$	9,657,720		$	655,319		$	184,052
Net realized gain		85,049,308			20,853,143			23,295,553			16,290,255
Net change in unrealized appreciation (depreciation)		(194,507,169	)		104,149,768			(1,509,114	)		43,865,227

Net increase (decrease) in net assets resulting from operations		(91,208,975	)		134,660,631			22,441,758			60,339,534


DISTRIBUTIONS TO SHAREHOLDERS^(a)(b)
From net investment income and net realized gain		(48,308,022	)		(9,780,974	)		(22,690,477	)		(19,381,806	)
From return of capital		—			(40,102,438	)		—			(2,234,310	)
Decrease in net assets resulting from distributions to shareholders		(48,308,022	)		(49,883,412	)		(22,690,477	)		(21,616,116	)


CAPITAL SHARE TRANSACTIONS
Proceeds from the issuance of shares (including deferred offering costs)		—			—			19,980,202			20,787,792
Reinvestment of common distributions		—			—			1,085,098			1,653,765
Redemption of shares resulting from share repurchase program (including transaction costs)		(6,926,639	)		(5,726,813	)		—			—

Net increase in net assets derived from capital share transactions		(6,926,639	)		(5,726,813	)		21,065,300			22,441,557


NET ASSETS^(b)
Total increase (decrease) in net assets		(146,443,636	)		79,050,406			20,816,581			61,164,975
Beginning of year		769,678,086			690,627,680			331,858,397			270,693,422

End of year	$	623,234,450		$	769,678,086		$	352,674,978		$	331,858,397

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	Prior year distribution character information and undistributed distributions in excess of net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.

See notes to financial statements.


102		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	BCX^(a)						BST
	Year Ended December 31,						Year Ended December 31,
	2018			2017			2018			2017

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	20,773,524		$	19,831,605		$	(2,924,164	)	$	(1,073,646	)
Net realized gain		41,800,914			40,599,529			65,743,514			18,280,612
Net change in unrealized appreciation (depreciation)		(215,389,129	)		71,294,123			(57,603,461	)		182,129,520

Net increase (decrease) in net assets resulting from operations		(152,814,691	)		131,725,257			5,215,889			199,336,486


DISTRIBUTIONS TO SHAREHOLDERS^(b)(c)
From net investment income and net realized gain		(17,715,545	)		(23,004,937	)		(39,423,699	)		(6,142,466	)
From return of capital		(41,596,743	)		(36,309,489	)		—			(22,536,962	)

Decrease in net assets resulting from distributions to shareholders		(59,312,288	)		(59,314,426	)		(39,423,699	)		(28,679,428	)


CAPITAL SHARE TRANSACTIONS
Proceeds from the issuance of shares (including deferred offering costs)		—			—			—			(2,799,570	)
Reinvestment of common distributions		—			—			1,815,026			—
Redemption of shares resulting from share repurchase program (including transaction costs)		(17,063,427	)		(21,837,878	)		—			—

Net decrease in net assets derived from capital share transactions		(17,063,427	)		(21,837,878	)		1,815,026			(2,799,570	)


NET ASSETS^(c)
Total increase (decrease) in net assets		(229,190,406	)		50,572,953			(32,392,784	)		167,857,488
Beginning of year		1,027,472,065			976,899,112			620,300,469			452,442,981

End of year	$	798,281,659		$	1,027,472,065		$	587,907,685		$	620,300,469

^(a)	Consolidated Statements of Changes in Net Assets.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.

See notes to financial statements.


FINANCIAL STATEMENTS			103

Statements of Changes in Net Assets (continued)


	BUI
	Year Ended December 31,
	2018			2017

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,349,272		$	9,484,921
Net realized gain		6,588,181			20,594,890
Net change in unrealized appreciation (depreciation)		(30,087,212	)		23,259,316

Net increase (decrease) in net assets resulting from operations		(15,149,759	)		53,339,127


DISTRIBUTIONS TO SHAREHOLDERS^(a)(b)
From net investment income and net realized gain		(24,524,104	)		(24,568,104	)
From return of capital		(98,239	)		—

Decrease in net assets resulting from distributions to shareholders		(24,622,343	)		(24,568,104	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of common distributions		928,907			708,672


NET ASSETS^(b⁾
Total increase (decrease) in net assets		(38,843,195	)		29,479,695
Beginning of year		357,776,457			328,296,762

End of year	$	318,933,262		$	357,776,457

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.

See notes to financial statements.


104		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Statements of Cash Flows

Year Ended December 31, 2018


	BGR			CII			BDJ			BOE			BGY

CASH PROVIDED BY OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	(85,898,009	)	$	(40,484,300	)	$	(125,121,833	)	$	(91,292,751	)	$	(91,208,975	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) operating activities:
Proceeds from sales of long-term investments		171,601,891			242,568,042			729,991,418			286,591,506			476,163,578
Purchases of long-term investments		(145,174,257	)		(194,539,187	)		(617,126,603	)		(232,972,642	)		(420,602,594	)
Net sales (purchases) of short-term securities		(1,136,131	)		(11,646,380	)		(39,558,869	)		(6,583,922	)		(20,416,244	)
Premiums received from options written		28,131,515			67,945,813			159,250,256			53,306,284			41,899,588
Premiums paid on closing options written		(33,647,521	)		(67,802,100	)		(161,054,284	)		(54,630,511	)		(39,605,509	)
Net realized gain (loss) on investments and options written		(4,141,591	)		(34,960,385	)		(131,402,132	)		173,573			(84,850,416	)
Net unrealized depreciation on investments, options written and foreign currency translations		98,379,697			83,178,025			290,358,294			112,841,720			194,427,863

(Increase) Decrease in Assets:
Receivables:
Dividends — affiliated		(4,970	)		(9,656	)		(76,789	)		25,901			3,871
Dividends		(228,741	)		(254,558	)		119,694			(106,322	)		(843,148	)
Prepaid expenses		14,129			24,911			50,084			30,308			23,798

Increase (Decrease) in Liabilities:
Payables:
Investment advisory fees		(76,682	)		(47,189	)		(130,181	)		(182,470	)		(99,204	)
Other affiliates		—			(76,934	)		—			—			—
Deferred foreign capital gain tax		—			—			—			(12,332	)		(116,814	)
Trustees’ and Officer’s		(66,975	)		(7,519	)		(104,936	)		(102,735	)		(87,412	)
Other accrued expenses		(1,569	)		(57,908	)		(64,202	)		(68,883	)		(81,781	)

Net cash provided by operating activities		27,750,786			43,830,675			105,129,917			67,016,724			54,606,601


CASH (USED FOR) FINANCING ACTIVITIES
Payments on redemption of Common Shares		—			—			—			(5,965,980	)		(6,259,755	)
Cash dividends paid to Common Shareholders		(27,769,421	)		(43,860,530	)		(105,103,264	)		(61,350,010	)		(48,337,227	)
Increase in bank overdraft		11,259			—			—			—			—

Net cash used for financing activities		(27,758,162	)		(43,860,530	)		(105,103,264	)		(67,315,990	)		(54,596,982	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations	$	(18	)	$	—		$	(92	)	$	(1,980	)	$	(1,132	)


CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency		(7,394	)		(29,855	)		26,561			(301,246	)		8,487
Restricted and unrestricted cash and foreign currency at value at beginning of year		13,853			75,000			18,441			3,691,381			5,134,483

Restricted and unrestricted cash and foreign currency at value at end of year	$	6,459		$	45,145		$	45,002		$	3,390,135		$	5,142,970


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

NON-CASH FINANCING ACTIVITIES AND FOREIGN CURRENCY
Capital shares issued in reinvestment of distributions paid to Common Shareholders		—			—			—			—			—


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash		—			45,145			43,458			—			—
Cash pledged:
Collateral — options written		—			—			—			2,785,000			4,136,000
Collateral — OTC derivatives		—			—			—			—			201,000
Foreign currency at value		6,459			—			1,544			605,135			805,970

	$	6,459		$	45,145		$	45,002		$	3,390,135		$	5,142,970


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE BEGINNING OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash		—			—			—			—			20,583
Cash pledged:
Collateral — reverse repurchase agreements		—			—			—			2,970,000			2,350,000
Collateral — OTC derivatives		—			75,000			16,000			20,000			2,118,000
Foreign currency at value		13,853			—			2,441			701,381			645,900

	$	13,853		$	75,000		$	18,441		$	3,691,381		$	5,134,483

See notes to financial statements.


FINANCIAL STATEMENTS			105

Statements of Cash Flows (continued)

Year Ended December 31, 2018


	BME			BCX^(a)			BST			BUI

CASH PROVIDED BY OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	22,441,758		$	(152,814,691	)	$	5,215,889		$	(15,149,759	)
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities:
Proceeds from sales of long-term investments		143,471,951			682,143,625			399,637,873			112,519,900
Purchases of long-term investments		(126,851,914	)		(627,902,668	)		(357,980,027	)		(94,003,140	)
Net proceeds from sales (purchases) of short-term securities		(11,549,866	)		2,715,884			1,743,983			(3,420,968	)
Premiums received from options written		24,217,348			68,298,149			72,847,560			16,405,866
Premiums paid on closing options written		(27,946,066	)		(69,794,912	)		(73,282,407	)		(16,083,059	)
Net realized gain (loss) on investments and options written		(23,014,330	)		(41,391,019	)		(67,674,682	)		(6,731,008	)
Net unrealized depreciation on investments, options written and foreign currency translations		1,507,928			215,375,441			57,602,878			30,074,814

(Increase) Decrease in Assets:
Receivables:
Dividends — affiliated		(33,651	)		(20,578	)		(15,119	)		(5,798	)
Dividends		(63,099	)		247,622			70,233			642
Prepaid expenses		10,177			30,783			19,266			18,644
Securities lending income — affiliated		540			(1,763	)		33,595			—
Deferred offering costs		8,455			—			—			—

Increase (Decrease) in Liabilities:
Collateral on securities loaned at value		(116,225	)		(211,358	)		(1,786,946	)		—
Payables:
Investment advisory fees		21,902			(156,191	)		(16,192	)		(28,775	)
Trustees’ and Officer’s		(1,379	)		(59,670	)		3,222			(507	)
Other accrued expenses		(53,173	)		(61,192	)		(2,329	)		(30,087	)

Net cash provided by operating activities		2,050,356			76,397,462			36,416,797			23,566,765


CASH (USED FOR) FINANCING ACTIVITIES
Proceeds from issuance of Common Shares		19,540,372			—			—			—
Payments on redemption of Common Shares		—			(16,940,963	)		—			—
Payments for offering costs		24,000			—			—			—
Cash dividends paid to Common Shareholders		(21,605,379	)		(59,317,390	)		(37,754,053	)		(23,693,436	)
Increase (decrease) in bank overdraft		(10,013	)		—			—			126,671

Net cash used for financing activities		(2,051,020	)		(76,258,353	)		(37,754,053	)		(23,566,765	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations	$	(7	)	$	39		$	(98	)	$	(3	)


CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency		(671	)		139,148			(1,337,354	)		(3	)
Restricted and unrestricted cash and foreign currency at value at beginning of year		959			106,149			2,520,651			60

Restricted and unrestricted cash and foreign currency at value at end of year	$	288		$	245,297		$	1,183,297		$	57


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

NON-CASH FINANCING ACTIVITIES AND FOREIGN CURRENCY
Capital shares issued in reinvestment of distributions paid to Common Shareholders		1,085,098			—			1,815,026			928,907


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash		—			43,980			21,377			—
Cash pledged:
Collateral — OTC derivatives		—			—			1,160,000			—
Foreign currency at value		288			201,317			1,920			57

	$	288		$	245,297		$	1,183,297		$	57


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE BEGINNING OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash		—			94,925			—			—
Cash pledged:
Collateral — OTC derivatives		—			—			2,520,000			—
Foreign currency at value		959			11,224			651			60

	$	959		$	106,149		$	2,520,651		$	60

^(a)	Consolidated Statement of Cash Flows

See notes to financial statements.


106		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	BGR

	Year Ended December 31,												Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014
	2018			2017			2016			2015			Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014

Net asset value, beginning of period	$	15.79		$	16.33		$	14.05		$	21.15		$	24.90		$	30.12

Net investment income^(a)		0.28			0.40	^(b)		0.27			0.29			0.07			0.25
Net realized and unrealized gain (loss)		(3.16	)		(0.01	)		3.01			(5.89	)		(2.41	)		(1.21	)

Net increase (decrease) from investment operations		(2.88	)		0.39			3.28			(5.60	)		(2.34	)		(0.96	)


Distributions^(c)
From net investment income		(0.27	)		(0.40	)		(0.27	)		(0.29	)		(0.47	)		(0.44	)
From net realized gain		—			—			—			—			(0.94	)		(3.82	)
From return of capital		(0.66	)		(0.53	)		(0.73	)		(1.21	)		—			—

Total distributions		(0.93	)		(0.93	)		(1.00	)		(1.50	)		(1.41	)		(4.26	)


Net asset value, end of period	$	11.98		$	15.79		$	16.33		$	14.05		$	21.15		$	24.90


Market price, end of period	$	10.45		$	14.18		$	14.44		$	12.53		$	19.95		$	23.78


Total Return^(d)
Based on net asset value		(18.84	)%		3.49	%		25.07	%		(27.47	)%		(9.06	)%^(e)		(2.36	)%

Based on market price		(21.16	)%		5.11	%		24.01	%		(31.42	)%		(10.18	)%^(e)		4.73	%


Ratios to Average Net Assets
Total expenses		1.29	%		1.31	%		1.31	%		1.29	%		1.30	%^(f)		1.26	%

Total expenses after fees waived and/or reimbursed		1.14	%		1.18	%		1.24	%		1.26	%		1.26	%^(f)		1.26	%

Net investment income		1.87	%		2.69	%^(b)		1.80	%		1.60	%		1.82	%^(f)		0.89	%


Supplemental Data
Net assets, end of period (000)	$	357,391		$	471,062		$	487,064		$	418,981		$	629,603		$	741,109

Portfolio turnover rate		32	%		24	%		33	%		56	%		4	%		85	%

^(a)	Based on average shares outstanding.

^(b)	Net investment income per share and the ratio of net investment income to average net assets include $0.15 per share and 0.99%, respectively, resulting from a special dividend from BakerHughes, Inc. in July 2017.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Aggregate total return.

^(f)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			107

Financial Highlights (continued)

(For a share outstanding throughout each period)


	CII

	Year Ended December 31,												Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014
	2018			2017			2016			2015			Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014

Net asset value, beginning of period	$	17.19		$	15.08		$	15.11		$	15.67		$	15.47		$	15.31

Net investment income^(a)		0.17			0.15			0.13			0.11			0.04			0.55
Net realized and unrealized gain (loss)		(1.09	)		2.95			0.99			0.53			0.36			0.91

Net increase (decrease) from investment operations		(0.92	)		3.10			1.12			0.64			0.40			1.46


Distributions^(b)
From net investment income		(0.45	)		(0.15	)		(0.13	)		(0.14	)		(0.10	)		(0.65	)
From net realized gain		—			—			(0.04	)		(1.06	)		—			—
From return of capital		(0.54	)		(0.84	)		(0.98	)		—			(0.10	)		(0.65	)

Total distributions		(0.99	)		(0.99	)		(1.15	)		(1.20	)		(0.20	)		(1.30	)


Net asset value, end of period	$	15.28		$	17.19		$	15.08		$	15.11		$	15.67		$	15.47


Market price, end of period	$	14.08		$	16.38		$	13.71		$	14.14		$	13.97		$	14.89


Total Return^(c)
Based on net asset value		(5.44	)%		21.69	%		8.66	%		4.66	%		2.69	%^(d)		10.49	%

Based on market price		(8.56	)%		27.54	%		5.56	%		9.86	%		(4.88	)%^(d)		20.43	%


Ratios to Average Net Assets
Total expenses		0.90	%		0.93	%		0.95	%		0.94	%		0.99	%^(e)		0.93	%

Total expenses after fees waived and/or reimbursed		0.90	%		0.93	%		0.95	%		0.94	%		0.95	%^(e)		0.93	%

Net investment income		1.00	%		0.94	%		0.89	%		0.71	%		1.42	%^(e)		3.56	%


Supplemental Data
Net assets, end of period (000)	$	674,077		$	758,400		$	665,159		$	666,492		$	691,380		$	682,485

Portfolio turnover rate		27	%		32	%		54	%		133	%		2	%		80	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Aggregate total return.

^(e)	Annualized.

See notes to financial statements.


108		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BDJ

	Year Ended December 31,												Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014
	2018			2017			2016			2015			Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014

Net asset value, beginning of period	$	9.96		$	9.22		$	8.70		$	9.24		$	9.19		$	8.88

Net investment income^(a)		0.18	^(b)		0.16			0.17			0.17			0.04			0.16
Net realized and unrealized gain (loss)		(0.84	)		1.14			0.91			(0.15	)		0.10			0.76

Net increase (decrease) from investment operations		(0.66	)		1.30			1.08			0.02			0.14			0.92


Distributions^(c)
From net investment income		(0.56	)		(0.17	)		(0.17	)		(0.17	)		(0.03	)		(0.17	)
From net realized gain		—			(0.39	)		—			—			—			—
From return of capital		—			—			(0.39	)		(0.39	)		(0.06	)		(0.44	)

Total distributions		(0.56	)		(0.56	)		(0.56	)		(0.56	)		(0.09	)		(0.61	)


Net asset value, end of period	$	8.74		$	9.96		$	9.22		$	8.70		$	9.24		$	9.19


Market price, end of period	$	7.77		$	9.23		$	8.15		$	7.61		$	8.12		$	8.35


Total Return^(d)
Based on net asset value		(6.59	)%		15.06	%		13.90	%		1.10	%		1.69	%^(e)		11.40	%

Based on market price		(10.39	)%		20.63	%		15.11	%		0.63	%		(1.65	)%^(e)		16.42	%


Ratios to Average Net Assets
Total expenses		0.85	%		0.86	%		0.87	%		0.86	%		0.87	%^(f)		0.87	%^(g)

Total expenses after fees waived and/or reimbursed		0.85	%		0.86	%		0.85	%		0.85	%		0.84	%^(f)		0.86	%^(g)

Net investment income		1.85	%^(b)		1.73	%		1.91	%		1.85	%		2.30	%^(f)		1.81	%


Supplemental Data
Net assets, end of period (000)	$	1,638,237		$	1,868,457		$	1,741,649		$	1,643,508		$	1,747,070		$	1,648,683

Portfolio turnover rate		34	%		42	%		33	%		26	%		0	%^(h)		63	%

^(a)	Based on average Common Shares outstanding.

^(b)	Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.14%, respectively, resulting from a special dividend.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Aggregate total return.

^(f)	Annualized.

^(g)	Includes reorganization costs associated with the Trust’s merger. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.86% and 0.86%, respectively.

^(h)	Amount is less than 0.5%

See notes to financial statements.


FINANCIAL HIGHLIGHTS			109

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BOE

	Year Ended December 31,												Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014
	2018			2017			2016			2015			Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014

Net asset value, beginning of period	$	13.22		$	13.38		$	14.25		$	15.27		$	15.54		$	16.68

Net investment income^(a)		0.31			0.17			0.15			0.11			0.00	^(b)		0.14
Net realized and unrealized gain (loss)		(1.61	)		1.96			0.03			0.03			(0.07	)		0.07

Net increase (decrease) from investment operations		(1.30	)		2.13			0.18			0.14			(0.07	)		0.21


Distributions^(c)
From net investment income		(0.83	)		(0.19	)		(0.10	)		(0.17	)		—			(0.17	)
In excess of net investment income^(d)		—			—			—			(0.10	)		—			(0.28	)
From net realized gain		—			(2.10	)		—			—			—			—
From return of capital		(0.02	)		—			(0.95	)		(0.89	)		(0.20	)		(0.90	)

Total distributions		(0.85	)		(2.29	)		(1.05	)		(1.16	)		(0.20	)		(1.35	)


Net asset value, end of period	$	11.07		$	13.22		$	13.38		$	14.25		$	15.27		$	15.54


Market price, end of period	$	9.37		$	12.51		$	11.57		$	12.76		$	13.13		$	14.00


Total Return^(e)
Based on net asset value		(9.63	)%		17.22	%^(f)		2.62	%		1.81	%		(0.27	)%^(g)		2.10	%

Based on market price		(19.16	)%		28.28	%		(0.90	)%		6.03	%		(4.82	)%^(g)		4.09	%


Ratios to Average Net Assets
Total expenses		1.08	%		1.09	%^(h)		1.10	%		1.08	%^(h)		1.10	%⁽ⁱ⁾		1.08	%

Total expenses after fees waived and/or reimbursed		0.94	%		1.02	%^(h)		1.05	%		1.05	%^(h)		1.07	%⁽ⁱ⁾		1.08	%

Net investment income		2.52	%		1.20	%^(h)		1.15	%		0.73	%^(h)		0.00	%^(i)(j)		0.83	%


Supplemental Data
Net assets, end of period (000)	$	754,602		$	911,227		$	929,897		$	990,318		$	1,060,687		$	1,079,862

Portfolio turnover rate		28	%		133	%		64	%		72	%		16	%		150	%

^(a)	Based on average shares outstanding.

^(b)	Amount is less than $0.005 per share.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Taxable distribution.

^(e)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(f)	Includes payment received from an affiliate, which had no impact on the Trust’s total return.

^(g)	Aggregate total return.

^(h)	Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.01%.

⁽ⁱ⁾	Annualized.

^(j)	Amount is less than 0.005%.

See notes to financial statements.


110		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BGY

	Year Ended December 31,												Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014
	2018			2017			2016			2015			Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014

Net asset value, beginning of period	$	7.06		$	6.28		$	6.95		$	7.61		$	7.89		$	9.05

Net investment income (loss)^(a)		0.17	^(b)		0.09			0.09			0.08			(0.00	)^(c)		0.10
Net realized and unrealized gain (loss)		(1.00	)		1.15			(0.24	)		(0.15	)		(0.17	)		(0.53	)

Net increase (decrease) from investment operations		(0.83	)		1.24			(0.15	)		(0.07	)		(0.17	)		(0.43	)


Distributions^(d)
From net investment income		(0.44	)		(0.09	)		(0.07	)		(0.11	)		—			(0.13	)
In excess of net investment income^(e)		—			—			—			—			—			(0.08	)
From return of capital		—			(0.37	)		(0.45	)		(0.48	)		(0.11	)		(0.52	)

Total distributions		(0.44	)		(0.46	)		(0.52	)		(0.59	)		(0.11	)		(0.73	)


Net asset value, end of period	$	5.79		$	7.06		$	6.28		$	6.95		$	7.61		$	7.89


Market price, end of period	$	4.98		$	6.52		$	5.51		$	6.24		$	6.74		$	7.26


Total Return^(f)
Based on net asset value		(11.48	)%		20.88	%^(g)		(1.12	)%		(0.47	)%		(2.10	)%^(h)		(4.49	)%

Based on market price		(17.55	)%		27.23	%		(3.37	)%		0.90	%		(5.77	)%^(h)		(2.29	)%


Ratios to Average Net Assets
Total expenses⁽ⁱ⁾		1.09	%		1.12	%		1.12	%		1.09	%		1.12	%^(j)		1.10	%

Total expenses after fees waived and/or reimbursed⁽ⁱ⁾		0.99	%		1.02	%		1.02	%		1.01	%		1.03	%^(j)		1.05	%

Net investment income (loss)⁽ⁱ⁾		2.59	%^(b)		1.31	%		1.41	%		1.09	%		(0.13	)%^(j)		1.17	%


Supplemental Data
Net assets, end of period (000)	$	623,234		$	769,678		$	690,628		$	764,154		$	836,552		$	867,986

Portfolio turnover rate		60	%		90	%		74	%		67	%		14	%		195	%

^(a)	Based on average shares outstanding.

^(b)	Net investment loss per share and ratio of net investment loss to average net assets include $0.01 per share and 0.10%, respectively, resulting from a special dividend.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Taxable distribution.

^(f)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(g)	Includes payment received from an affiliate, which had no impact on the Trust’s total return.

^(h)	Aggregate total return.

⁽ⁱ⁾	Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:


	Year Ended December 31											Period from 11/01/14 to 12/31/14		Year Ended October 31, 2014
	2018		2017			2016			2015			Period from 11/01/14 to 12/31/14		Year Ended October 31, 2014
Investments in underlying funds		—		0.02	%		0.01	%		0.01	%		—		—

^(j)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			111

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BME

	Year Ended December 31,												Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014
	2018			2017			2016			2015			Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014

Net asset value, beginning of period	$	35.69		$	31.30		$	36.19		$	38.61		$	40.22		$	34.92

Net investment income (loss)^(a)		0.07			0.02			0.02			(0.06	)		(0.01	)		(0.00	)^(b)
Net realized and unrealized gain (loss)		2.51			6.77			(1.91	)		4.34			1.10			9.14

Net increase (decrease) from investment operations		2.58			6.79			(1.89	)		4.28			1.09			9.14


Distributions^(c)
From net investment income		(2.40	)		(0.04	)		(0.03	)		(0.63	)		(0.01	)		(0.10	)
From net realized gain		—			(2.11	)		(2.97	)		(6.07	)		(2.69	)		(3.74	)
From return of capital		—			(0.25	)		—			—			—			—

Total distributions		(2.40	)		(2.40	)		(3.00	)		(6.70	)		(2.70	)		(3.84	)


Net asset value, end of period	$	35.87		$	35.69		$	31.30		$	36.19		$	38.61		$	40.22


Market price, end of period	$	36.45		$	36.50		$	31.75		$	39.35		$	42.70		$	41.37


Total Return^(d)
Based on net asset value		7.26	%		22.17	%		(5.36	)%		10.70	%		2.38	%^(e)		28.00	%

Based on market price		6.57	%		23.17	%		(11.71	)%		8.87	%		10.07	%^(e)		36.99	%


Ratios to Average Net Assets^(f)
Total expenses		1.11	%		1.12	%		1.15	%^(g)		1.13	%		1.16	%^(h)		1.11	%

Total expenses after fees waived and/or reimbursed and excluding amortization of offering costs		1.11	%		1.12	%		1.14	%		1.12	%		1.11	%^(h)		1.11	%

Net investment income (loss)		0.19	%		0.06	%		0.07	%		(0.14	)%		(0.10	)%^(h)		(0.01	)%


Supplemental Data
Net assets, end of period (000)	$	352,675		$	331,858		$	270,693		$	297,530		$	303,103		$	313,933

Portfolio turnover rate		37	%		38	%		59	%		68	%		6	%		74	%

^(a)	Based on average shares outstanding.

^(b)	Amount is greater than $(0.005) per share.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Aggregate total return.

^(f)	Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:


	Year Ended December 31												Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014
	2018			2017			2016			2015			Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014
Investments in underlying funds		0.01	%		0.01	%		—	%		—	%		—	%		—	%

^(g)	Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.16%.

^(h)	Annualized.

See notes to financial statements.


112		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BCX

	Year Ended December 31,												Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014
	2018			2017			2016			2015			Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014

Net asset value, beginning of period	$	10.64		$	9.86		$	8.35		$	11.67		$	12.50		$	13.54

Net investment income^(a)		0.22			0.20	^(b)		0.14			0.25			0.04			0.23
Net realized and unrealized gain (loss)		(1.80	)		1.19			1.95			(2.76	)		(0.72	)		(0.27	)

Net increase (decrease) from investment operations		(1.58	)		1.39			2.09			(2.51	)		(0.68	)		(0.04	)


Distributions^(c)
From net investment income		(0.19	)		(0.24	)		(0.15	)		(0.25	)		(0.02	)		(0.31	)
From return of capital		(0.43	)		(0.37	)		(0.43	)		(0.56	)		(0.13	)		(0.69	)

Total distributions		(0.62	)		(0.61	)		(0.58	)		(0.81	)		(0.15	)		(1.00	)


Net asset value, end of period	$	8.44		$	10.64		$	9.86		$	8.35		$	11.67		$	12.50


Market price, end of period	$	7.06		$	9.77		$	8.27		$	7.11		$	9.71		$	10.78


Total Return^(d)
Based on net asset value		(14.90	)%		15.60	%		27.41	%		(21.31	)%		(5.20	)%^(e)		0.61	%

Based on market price		(22.47	)%		26.55	%		25.50	%		(19.47	)%		(8.53	)%^(e)		0.58	%


Ratios to Average Net Assets
Total expenses		1.08	%		1.08	%		1.08	%		1.07	%		1.15	%^(f)		1.35	%^(g)

Total expenses after fees waived and/or reimbursed		1.08	%		1.08	%		1.08	%		1.07	%		1.04	%^(f)		1.06	%^(g)

Net investment income		2.17	%		2.06	%^(b)		1.61	%		2.43	%		2.01	%^(f)		1.70	%^(g)


Supplemental Data
Net assets, end of period (000)	$	798,282		$	1,027,472		$	976,899		$	827,040		$	1,156,499		$	582,220

Portfolio turnover rate		66	%		73	%		101	%		74	%		2	%		62	%

^(a)	Based on average shares outstanding.

^(b)	Net investment income per share and the ratio of net investment income to average net assets include less than $0.04 per share and 0.39% respectively, resulting from a special dividend from Baker Hughes Inc. in July 2017.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Aggregate total return.

^(f)	Annualized.

^(g)	Includes reorganization costs associated with the Trust’s merger. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.26% and 1.06%, respectively.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			113

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BST

	Year Ended December 31,												Period from October 30, 2014 ^(a) to December 31, 2014
	2018			2017			2016			2015			Period from October 30, 2014 ^(a) to December 31, 2014

Net asset value, beginning of period	$	27.73		$	20.10		$	19.70		$	19.43		$	19.10	^(b)

Net investment income (loss)^(c)		(0.13	)		(0.05	)		0.00	^(d)		0.03			(0.01	)
Net realized and unrealized gain		0.37			8.96			1.60			1.44			0.48

Net increase (decrease) from investment operations		0.24			8.91			1.60			1.47			0.47


Distributions^(e)
From net investment income		(1.68	)		(0.05	)		—			(0.03	)		(0.00	)^(f)
From net realized gain		(0.08	)		(0.22	)		—			(0.01	)		—
From return of capital		—			(1.01	)		(1.20	)		(1.16	)		(0.10	)

Total distributions		(1.76	)		(1.28	)		(1.20	)		(1.20	)		(0.10	)

Capital changes with respect to issuance of Common Shares		—			—			—			—			(0.04	)


Net asset value, end of period	$	26.21		$	27.73		$	20.10		$	19.70		$	19.43


Market price, end of period	$	27.48		$	26.69		$	17.94		$	17.31		$	17.59


Total Return^(g)
Based on net asset value		0.24	%		45.73	%		9.36	%		8.61	%		2.31	%^(h)

Based on market price		9.18	%		57.15	%		11.08	%		5.36	%		(11.55	)%^(h)


Ratios to Average Net Assets
Total expenses		1.09	%		1.09	%		1.10	%		1.12	%		1.19	%⁽ⁱ⁾

Total expenses after fees waived and/or reimbursed		0.89	%		0.89	%		0.90	%		0.92	%		0.97	%⁽ⁱ⁾

Net investment income (loss)		(0.43	)%		(0.19	)%		0.02	%		0.15	%		(0.24	)%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	587,908		$	620,300		$	452,443		$	443,477		$	437,380

Portfolio turnover rate		53	%		41	%		74	%		91	%		7	%

^(a)	Commencement of investment operations. This information includes the initial investment by BlackRock HoldCo2, Inc.

^(b)	Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from initial offering price of $20.00 per share.

^(c)	Based on average shares outstanding.

^(d)	Amount is less than $0.005 per share.

^(e)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)	Amount is greater than $(0.005) per share.

^(g)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(h)	Aggregate total return.

⁽ⁱ⁾	Annualized.

See notes to financial statements.


114		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BUI

	Year Ended December 31,												Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014
	2018			2017			2016			2015			Period from 11/01/14 to 12/31/14			Year Ended October 31, 2014

Net asset value, beginning of period	$	21.12		$	19.42		$	19.50		$	22.47		$	22.40		$	20.78

Net investment income^(a)		0.49			0.56			0.56			0.47			0.11			0.51
Net realized and unrealized gain (loss)		(1.39	)		2.59			0.81			(1.99	)		0.20			2.68

Net increase (decrease) from investment operations		(0.90	)		3.15			1.37			(1.52	)		0.31			3.19


Distributions^(b)
From net investment income		(1.44	)		(0.47	)		(0.49	)		(0.42	)		(0.10	)		(0.51	)
From net realized gain		—			(0.98	)		(0.53	)		(0.54	)		—			(0.37	)
From return of capital		(0.01	)		—			(0.43	)		(0.49	)		(0.14	)		(0.69	)

Total distributions		(1.45	)		(1.45	)		(1.45	)		(1.45	)		(0.24	)		(1.57	)


Net asset value, end of period	$	18.77		$	21.12		$	19.42		$	19.50		$	22.47		$	22.40


Market price, end of period	$	19.76		$	21.62		$	18.41		$	16.78		$	20.74		$	20.02


Total Return^(c)
Based on net asset value		(4.40	)%		16.62	%		7.57	%		(6.09	)%		1.50	%^(d)		16.94	%

Based on market price		(1.68	)%		25.93	%		18.50	%		(12.45	)%		4.82	%^(d)		18.29	%


Ratios to Average Net Assets
Total expenses		1.12	%		1.11	%		1.13	%		1.11	%		1.17	%^(e)		1.10	%

Total expenses after fees waived and/or reimbursed		1.09	%		1.09	%		1.13	%		1.11	%		1.11	%^(e)		1.10	%

Net investment income		2.46	%		2.70	%		2.83	%		2.24	%		2.83	%^(e)		2.36	%


Supplemental Data
Net assets, end of period (000)	$	318,933		$	357,776		$	328,297		$	329,747		$	379,830		$	378,762

Portfolio turnover rate		28	%		31	%		8	%		20	%		2	%		41	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Aggregate total return.

^(e)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			115

Notes to Financial Statements

1.	*ORGANIZATION*

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), asclosed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:


Trust Name	Herein Referred To As	Organized	Diversification Classification
BlackRock Energy and Resources Trust	BGR	Delaware	Non-diversified
BlackRock Enhanced Capital and Income Fund, Inc.	CII	Maryland	Diversified
BlackRock Enhanced Equity Dividend Trust	BDJ	Delaware	Diversified
BlackRock Enhanced Global Dividend Trust	BOE	Delaware	Diversified
BlackRock Enhanced International Dividend Trust	BGY	Delaware	Diversified
BlackRock Health Sciences Trust	BME	Delaware	Diversified
BlackRock Resources & Commodities Strategy Trust	BCX	Delaware	Non-diversified
BlackRock Science and Technology Trust	BST	Delaware	Non-diversified
BlackRock Utilities, Infrastructure & Power Opportunities Trust	BUI	Delaware	Diversified

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex ofclosed-end funds referred to as theClosed-End Complex.

Basis of Consolidation: The accompanying consolidated financial statements of BCX include the account of BlackRock Cayman Resources & Commodities Strategy Fund, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of BCX and primarily invests in commodity-related instruments. The Subsidiary enables BCX to hold these commodity-related instruments and other derivatives and satisfy regulated investment company tax requirements. BCX may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. During the year ended December 31, 2018, there were no transactions in the Subsidiary. The Subsidiary is subject to the same investment policies and restrictions that apply to BCX, except that the Subsidiary may invest without limitation in commodity-related instruments.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. Dividends from foreign securities where theex-dividend date may have passed are subsequently recorded when the Trusts are informed of theex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, are recognized on an accrual basis.

Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Trust does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts and options written) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by the Trusts are recorded on theex-dividend date. Subject to the Trusts’ level distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, net options premium and net realized and unrealized gains on investments and/or return of capital.


116		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (continued)

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute anon-taxable return of capital. See Note 8, Income Tax Information, for the tax character of each Trust’s distributions paid during the period.

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset BCX’s ordinary income and/or capital gains for that year.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the independent Trustees (“Independent Trustees”) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain other BlackRockClosed-End Funds selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain other BlackRockClosed-End Funds.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, if applicable. Deferred compensation liabilities are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit,non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Trusts.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Trusts.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Trusts’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Trusts’ net assets. Each business day, the Trusts use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded andover-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

•

Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Investments inopen-end U.S. mutual funds are valued at NAV each business day.


NOTESTO FINANCIAL STATEMENTS			117

Notes to Financial Statements (continued)

•

The Trusts value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule2a-7 under the 1940 Act.

•

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such instruments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of each Trust’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by third party pricing services utilize one or a combination of, but not limited to, the following inputs.


		Standard Inputs Generally Considered By Third Party Pricing Services
Market approach		(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.
Income approach		(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach		(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access

•

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

•

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)


118		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/ornon-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of December 31, 2018, certain investments of BME, BCX and BST were valued using NAV or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	*SECURITIES AND OTHER INVESTMENTS*

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Securities Lending: Certain Trusts may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Trusts collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Trust is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Trust and any additional required collateral is delivered to the Trust, or excess collateral returned by the Trust, on the next business day. During the term of the loan, the Trusts are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of any securities on loan, all of which were classified as common stocks in the Trusts’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the Trusts under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and a Trust can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell orre-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following tables are a summary of the Trusts’ securities lending agreements by counterparty which are subject to offset under an MSLA:


Counterparty	Securities Loaned at Value		Cash Collateral Received^(a)			Net Amount
BME
Barclays Bank PLC	$	364	$	(364	)	$	—
Societe Generale		4,128		(4,128	)		—

	$	4,492	$	(4,492	)	$	—

BCX
Goldman Sachs & Co.	$	217,995	$	(217,995	)	$	—
Merrill Lynch, Pierce, Fenner & Smith Inc.		11		(11	)		—
Morgan Stanley & Co. LLC		4		(4	)		—

	$	218,010	$	(218,010	)	$	—


NOTESTO FINANCIAL STATEMENTS			119

Notes to Financial Statements (continued)


Counterparty	Securities Loaned at Value		Cash Collateral Received^(a)			Net Amount
BST
Credit Suisse Securities (USA) LLC	$	1,302,857	$	(1,302,857	)	$	—
Goldman Sachs & Co.		35,159		(35,159	)		—
Jefferies & Co.		291,443		(291,443	)		—

	$	1,629,459	$	(1,629,459	)	$	—

^(a)

Cash collateral with a value of $4,675, $273,985 and $1,710,283 for BME, BCX and BST, respectively, has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty, if any, is not shown for financial reporting purposes in the table above.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Trusts benefit from a borrower default indemnity provided by BIM.BIM’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Trust could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Options: Certain Trusts purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value — unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, such option is covered by cash in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

Master Netting Arrangements: In order to define their contractual rights and to secure rights that will help them mitigate their counterparty risk, the Trusts may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting themark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively.Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell,re-pledge or use cash andnon-cash collateral it receives. A Trust generally agrees not to usenon-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from their counterparties are not fully collateralized, they bear the risk of loss from counterpartynon-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.


120		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (continued)

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser, an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BCX and BST, pays the Manager a monthly fee at the following annual rates:


Average weekly value of each Trust’s net assets:
BGR	1.20	%
BDJ	0.80
BOE	1.00
BME	1.00


Average daily value of each Trust’s net assets:
CII	0.85	%
BGY	1.00
BUI	1.00

For such services, BCX pays the Manager a monthly fee of 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust’s interest in its Subsidiary) and the average daily value of the net assets of its Subsidiary, which fee is allocated pro rata between the Trust and the Subsidiary based on the average daily value of their respective net assets (excluding, in the case of the Trust, the value of the Trust’s interest in its Subsidiary).

For such services, BST pays the Manager a monthly fee at an annual rate equal to 1.00% of the average daily value of the Trust’s managed assets. For purposes of calculating this fee, “managed assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of its accrued liabilities (other than money borrowed for investment purposes).

With respect to BGR, BOE, BGY, BCX and BUI, the Manager entered into separatesub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL, for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Trust to the Manager.

The Manager provides investment management and other services to BCX’s Subsidiary. The Manager does not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, BCX pays the Manager based on the Trust’s net assets which includes the assets of the Subsidiary.

Distribution Fees: BME has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BME common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BME will compensate BRIL with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BME’s common shares and a portion of such commission isre-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the year ended December 31, 2018 amounted to $40,417.

Expense Limitations, Waivers, and Reimbursements: The Manager has contractually agreed to waive a portion of the investment advisory fees on BST as a percentage of its average daily managed assets as follows:


			Expiration Date
BST	0.20	%		December 31, 2018
	0.15			December 31, 2019
	0.10			December 31, 2020
	0.05			December 31, 2021

The Manager voluntarily agreed to waive a portion of the investment advisory fees on the following Trusts as a percentage of their average weekly net assets, except BUI, which is average daily net assets, as follows:


BGR	0.150	%
BOE	0.175
BUI	0.025

Prior to July 1, 2018, the waiver as a percentage of BOE’s average weekly net assets was 0.100%.

With respect to BGY, the Manager has voluntarily agreed to waive a portion of its investment advisory fees equal to the annual rate of 0.10% of BGY’s average daily net assets.

These voluntary waivers may be reduced or discontinued at any time without notice.


NOTESTO FINANCIAL STATEMENTS			121

Notes to Financial Statements (continued)

For the year ended December 31, 2018, the investment advisory fees waived, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations, were as follows:


BGR	$	674,042
BOE		1,150,975
BGY		705,229
BST		1,348,548
BUI		84,951

With respect to each Trust, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2018, the amounts waived were as follows:


	Amount Waived
BGR	$	3,178
CII		3,200
BDJ		9,782
BOE		4,368
BGY		4,484
BME		8,521
BCX		7,702
BST		6,630
BUI		3,405

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2019. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the year ended December 31, 2018, there were no fees waived and/or reimbursed by the Manager.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Trusts.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Trust retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”). Each Trust retains 80% of securities lending income. In addition, commencing the business day following the date that the aggregate securities lending income earned across theClosed-End Complex in a calendar year exceeds the breakpoint dollar threshold applicable in the given year as set forth in the securities lending agreement, each Trust, pursuant to the securities lending agreement, will retain for the remainder of the calendar year securities lending income in an amount equal to 85% of securities lending income.

The share of securities lending income earned by each Trust is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended December 31, 2018, each Trust paid BIM the following amounts for securities lending agent services:


CII	$	3,425
BDJ		205
BME		439
BCX		4,097
BST		39,750

Trustees and Officers: Certain trustees and/or officers of the Trusts are trustees and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: During the year ended December 31, 2018, BGY received reimbursements of $243,859 respectively, from an affiliate, which is shown as payments from affiliates in the Statements of Operations, related to the reimbursement of transaction costs.

During the year ended December 31, 2018, BDJ received a reimbursement of $6,782 from an affiliate, which is included in payments from affiliates in the Statements of Operations, related to operating event.


122		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (continued)

The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended December 31, 2018, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule17a-7 under the 1940 Act were as follows:


	Purchase		Sales		Net Realized Gain (Loss)
BDJ	$	3,832,651	$	—	$	—

7.	*PURCHASES AND SALES*

For the year ended December 31, 2018, purchases and sales of investments, excluding short-term securities, were as follows:


	Purchases		Sales
BGR	$	145,163,340	$	171,586,992
CII		205,453,856		242,565,466
BDJ		617,765,771		730,433,942
BOE		232,965,788		286,591,506
BGY		420,602,594		476,163,578
BME		127,775,053		143,471,689
BCX		627,875,497		682,129,410
BST		357,940,930		399,610,510
BUI		94,003,140		112,335,571

8.	*INCOME TAX INFORMATION*

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for each of the four years ended December 31, 2018. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of December 31, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of period end, the following permanent differences attributable to net operating losses and non-deductible expenses were reclassified to the following accounts:


	BME			BST
Paid-in capital	$	(6,818	)	$	(3,585,363	)
Accumulated earnings (loss)		6,818			3,585,363

The tax character of distributions paid was as follows:


	BGR		CII		BDJ		BOE		BGY
Ordinary income
12/31/18	$	8,135,490	$	7,552,897	$	33,730,833	$	22,660,720	$	17,828,120
12/31/17		12,093,542		6,682,172		31,328,211		59,729,859		9,780,974
Long-term capital gains
12/31/18		—		12,374,208		71,367,931		34,238,980		30,479,902
12/31/17		—		—		74,032,175		98,000,577		—
Return of capital
12/31/18		19,637,853		23,911,918		—		1,381,549		—
12/31/17		15,679,802		37,156,851		—		—		40,102,438

Total
12/31/18	$	27,773,343	$	43,839,023	$	105,098,764	$	58,281,249	$	48,308,022

12/31/17	$	27,773,344	$	43,839,023	$	105,360,386	$	157,730,436	$	49,883,412


NOTESTO FINANCIAL STATEMENTS			123

Notes to Financial Statements (continued)


	BME		BCX		BST		BUI
Ordinary income
12/31/18	$	692,439	$	17,715,545	$	—	$	12,194,916
12/31/17		806,387		23,004,937		1,173,241		7,954,054
Long-term capital gains
12/31/18		21,998,038		—		39,423,699		12,329,188
12/31/17		18,575,419		—		4,969,225		16,614,050
Return of capital
12/31/18		—		41,596,743		—		98,239
12/31/17		2,234,310		36,309,489		22,536,962		—

Total
12/31/18	$	22,690,477	$	59,312,288	$	39,423,699	$	24,622,343

12/31/17	$	21,616,116	$	59,314,426	$	28,679,428	$	24,568,104

As of period end, the tax components of accumulated net earnings (losses) were as follows:


	BGR			CII			BDJ			BOE			BGY
Undistributed ordinary income	$	—		$	—		$	7,867,987		$	—		$	—
Undistributed long-term capital gains		—			—			118,011,126			—			19,966,623
Capital loss carryforwards		(158,185,500	)		—			—			—			—
Net unrealized gains (losses)^(a)		(64,281,664	)		96,407,527			191,728,441			(66,456,883	)		(70,054,592	)
Qualified late-year losses^(b)		(49,966	)		(2,329	)		—			(1,930,596	)		—

	$	(222,517,130	)	$	96,405,198		$	317,607,554		$	(68,387,479	)	$	(50,087,969	)


				BME			BCX			BST			BUI
Undistributed long-term capital gains				$	733,900		$	—		$	25,156,910		$	—
Capital loss carryforwards					—			(402,068,922	)		—			—
Net unrealized gains (losses)^(a)					98,966,025			(22,273,952	)		216,499,136			41,808,238
Qualified late-year losses^(b)					—			—			—			(5,338,746	)

				$	99,699,925		$	(424,342,874	)	$	241,656,046		$	36,469,492

^(a)

The difference between book-basis andtax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains/losses on certain options and foreign currency contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income, and the deferral of compensation to Trustees.

^(b)

The Trust has elected to defer certain qualified late-year losses and recognize such losses in the next taxable period.

As of December 31, 2018, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


	BGR		BCX
No expiration date	$	158,185,500	$	402,068,922

During the year ended December 31, 2018, the Trusts listed below utilized the following amounts of their respective capital loss carryforward:


	CII		BGY		BCX
Amount utilized	$	21,333,622	$	31,492,776	$	35,311,282

As of December 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:


	BGR			CII			BDJ			BOE			BGY
Tax cost	$	423,753,041		$	595,206,760		$	1,464,170,568		$	822,066,187		$	690,017,339

Gross unrealized appreciation	$	13,590,781		$	125,123,694		$	323,491,923		$	43,678,566		$	26,935,033
Gross unrealized depreciation		(75,953,950	)		(27,121,507	)		(126,073,152	)		(107,795,508	)		(94,136,526	)

Net unrealized appreciation (depreciation)	$	(62,363,169	)	$	98,002,187		$	197,418,771		$	(64,116,942	)	$	(67,201,493	)


				BME			BCX			BST			BUI
Tax cost				$	254,825,980		$	823,186,273		$	375,956,779		$	268,239,023

Gross unrealized appreciation				$	110,808,092		$	92,071,856		$	239,356,067		$	63,622,500
Gross unrealized depreciation					(9,942,309	)		(108,134,757	)		(18,422,511	)		(10,867,950	)

Net unrealized appreciation (depreciation)				$	100,865,783		$	(16,062,901	)	$	220,933,556		$	52,754,550


124		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (continued)

9.	*PRINCIPAL RISKS*

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations.

The Trusts may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments and may experience difficulty in selling those investments in a timely manner at the price that they believe the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer amark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by such Trust.

For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent the Trusts deposit collateral with its counterparty to a written option.

With exchange-traded options purchased and futures, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists inexchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.

Concentration Risk:As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:


Energy			BGR, BCX
Financials			BDJ
Health Care			BME
Information Technology			BST
Materials			BCX
Utilities			BUI

Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.

BOE and BGY invests a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a Trust’s concentrate its investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on its investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States.


NOTESTO FINANCIAL STATEMENTS			125

Notes to Financial Statements (continued)

Foreign securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

BGY, BOE, and BCX invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of the Trusts’ investments.

The United Kingdom is scheduled to withdraw from the European Union in March 2019, which may introduce significant new uncertainties and instability in the financial markets across Europe.

10.

CAPITAL SHARE TRANSACTIONS

Each Trust is authorized to issue an unlimited numbers of shares, with the exception of CII, all of which were initially classified as Common Shares. CII is authorized to issue 200 million Common Shares. The par value for each Trust’s Common Shares is $0.001, except for CII, which is $0.10. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

For the periods shown, shares issued and outstanding increased by the following amounts as a result of shares issued through the Shelf Offering:


	Year Ended
	12/31/18		12/31/17
BME		504,770		601,804

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:


	Year Ended
	12/31/18		12/31/17
BME		28,688		47,676
BST		60,353		—
BUI		46,552		33,776

For the year ended December 31, 2018, for BGR, CII, and BDJ and December 31, 2017, for BGR, and CII, shares issued and outstanding remained constant.

On June 9, 2016, BME filed a final prospectus with the SEC allowing it to issue an additional 2,500,000 Common Shares through a Shelf Offering. Under the Shelf Offering, BME, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above BME’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 1,029,718 Common Shares remain available for issuance under the Shelf Offering. From August 12, 2015 to June 9, 2016, BME was authorized to issue 453,000 Common Shares under a previous Shelf Offering. See Additional Information — Shelf Offering Program for additional information about the Shelf Offering.

Initial costs incurred by BME in connection with its shelf offering are recorded “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged againstpaid-in-capital. Any remaining deferred charges at the end of the shelf offering period will be charged to expense. Any subsequent costs incurred to keep the filing active will be charged to expense as incurred.

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). Under the program, the Trusts were permitted to repurchase up to 5% of its outstanding common shares from December 1, 2017 through November 30, 2018, based on common shares outstanding as of the close of business on November 30, 2017, subject to certain conditions. On September 7, 2018, the Trusts announced a continuation of the Repurchase Program. Commencing on December 1, 2018, the Trusts may repurchase up to 5% of its outstanding common shares through November 30, 2019, based on common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts. The total amount of the repurchase offer is reflected in the Trusts’ Statements of Changes in Net Assets.

For the periods shown, shares repurchased and cost, including transaction costs, were as follows:


BDJ	Shares		Amount
December 31, 2018		—	$	—
December 31, 2017		1,435,917		12,272,105

BOE	Shares		Amount
December 31, 2018		728,069	$	7,051,296
December 31, 2017		571,366		7,428,758

BGY	Shares		Amount
December 31, 2018		1,342,421	$	6,926,639
December 31, 2017		940,260		5,726,813


126		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (continued)


BCX	Shares		Amount
December 31, 2018		2,000,565	$	17,063,427
December 31, 2017		2,514,091		21,837,878

BST	Shares		Amount
December 31, 2018		—	$	—
December 31, 2017		136,367		2,799,570

11.

REGULATIONS-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statements of Assets and Liabilities, Statements of Changes in Net Assets and Notes to the Financial Statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.

Distributions for the year ended December 31, 2017 were classified as follows:


	Net Investment Income		Net Realized Gain		Return of Capital
BGR	$	12,093,542	$	—	$	15,679,802
CII		6,682,172		—		37,156,851
BDJ		31,328,211		74,032,175		—
BOE		12,416,010		145,314,426		—
BGY		9,780,974		—		40,102,438
BME		355,707		19,026,099		2,234,310
BCX		23,004,937		—		36,309,489
BST		1,173,241		4,969,225		22,536,962
BUI		7,954,054		16,614,050		—

Undistributed (distributions in excess of) net investment income as of December 31, 2017 is as follows:


	Undistributed (Distributions in Excess of) Net Investment Income
BGR	$	(729,389	)
CII		(189,571	)
BDJ		(970,285	)
BOE		(732,747	)
BGY		(642,554	)
BME		(61,330	)
BCX		(3,674,326	)
BST		(1,852,285	)
BUI		3,097,658

12.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:


	Common Dividend Per Share
	Paid^(a)		Declared^(b)
BGR	$	0.077600	$	0.077600
CII		0.082800		0.082800
BDJ		0.046700		0.046700
BOE		0.063000		0.063000
BGY		0.033800		0.033800
BME		0.200000		0.200000
BCX		0.051600		0.051600
BST		0.150000		0.150000
BUI		0.121000		0.121000

^(a)

Net investment income dividend paid on January 31, 2019 to shareholders of record on January 15, 2019.

^(b)

Net investment income dividend declared on February 1, 2019, payable to shareholders of record on February 15, 2019.


NOTESTO FINANCIAL STATEMENTS			127

Report of Independent Registered Public Accounting Firm

To the Shareholders and Boards of Trustees/Directors of BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Trust, and BlackRock Utilities, Infrastructure & Power Opportunities Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of BlackRock Resources & Commodities Strategy Trust and subsidiary, including the consolidated schedule of investments, as of December 31, 2018, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for the periods indicated in the table below, and the related notes. We have also audited the accompanying statements of assets and liabilities of BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Science and Technology Trust, and BlackRock Utilities, Infrastructure & Power Opportunities Trust, (collectively with BlackRock Resources & Commodities Strategy Trust, the “Funds”), including the schedules of investments, as of December 31, 2018, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2018, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.


Fund		Financial Highlights
BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Utilities, Infrastructure & Power Opportunities Trust		For each of the four years in the period ended December 31, 2018, for the period from November 1, 2014 through December 31, 2014, and for the year ended October 31, 2014
BlackRock Science and Technology Trust		For each of the four years in the period ended December 31, 2018 and for the period from October 30, 2014 (commencement of operations) through December 31, 2014

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 26, 2019

We have served as the auditor of one or more BlackRock investment companies since 1992.


128		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Important Tax Information (unaudited)

During the fiscal year ended December 31, 2018, the following information is provided with respect to the distributions paid:


	Payable Date	Long-Term Capital Gains			Non-Taxable Return of Capital			Qualified Dividend Income for Individuals^(a)			Dividends Qualifying for the Dividends Received Deduction for Corporations^(a)			Short-Term Capital Gain Dividends for Non-U.S. Residents^(b)			Foreign Source Income			Foreign Taxes Paid^(c)
BGR	01/31/18 — 12/31/18		—	%		70.71	%		29.29	%		19.24	%		—	%		—	%		—	%
CII	01/31/18 — 12/31/18		28.23			54.54			17.23			17.23			—			—			—
BDJ	01/31/18 — 07/31/18		100.00			—			—			—			—			—			—
	08/31/18		90.50			—			9.50			8.02			0.04			—			—
	09/31/18 — 12/31/18		6.09			—			93.91			78.05			0.41			—			—
BOE	01/31/18 — 06/30/18		100.00			—			—			—			—			—			—
	07/31/18		26.03			4.17			69.80			29.31			—			40.75			4.51
	08/31/18 — 12/31/18		3.96			5.41			90.63			38.06			—			52.91			5.86
BGY	01/31/18 — 12/31/18		62.55			—			37.45			1.28			—			37.49			4.15
BME	01/31/18 — 12/31/18		96.93			—			3.07			3.07			—			—			—
BCX	01/31/18 — 12/31/18		—			70.13			29.87			9.35			—			26.94			3.60
BST	01/31/18 — 12/31/18		100.00			—			—			—			—			—			—
BUI	01/31/18		100.00			—			—			—			—			—			—
	02/28/18		96.37			0.03			3.17			1.60			0.45			—			—
	03/31/18 — 12/31/18		40.46			0.48			52.04			26.28			7.35			—			—

^(a)

The Trusts hereby designate the percentages indicated above to the maximum amount allowable by law.

^(b)

Represents the portion of the dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.

^(c)

The foreign taxes paid represent taxes incurred by the fund on income received from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.


IMPORTANT TAX INFORMATION			129

Automatic Dividend Reinvestment Plans

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled, to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Trust’s Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After the Trusts declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from each Trust (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market or on each Trust’s primary exchange (“open market purchases”). If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in BGR, CII, BDJ, BOE, BGY, BME, BCX and BUI that request a sale of shares are subject to a $0.02 per share sold brokerage commission. Participants in BST that request a sale of shares through the Reinvestment Plan Agent are subject to a $2.50 sales fee and a $0.15 per share fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at http://www.computershare.com/blackrock, or in writing to Computershare, P.O. Box 505000, Louisville, KY 40233, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 462 South 4^th Street, Suite 1600, Louisville, KY 40202.


130		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information


Independent Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen^(d)	Public Company and Other Investment Company Directorships Held During Past Five Years
Richard E. Cavanagh 1946	Chair of the Board and Trustee (Since 2007)	Director, The Guardian Life Insurance Company of America since 1998; Board Chair, Volunteers of America (anot-for-profit organization) from 2015 to 2018 (board member since 2009); Director, Arch Chemical (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007 and Executive Dean from 1987 to 1995; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007.	71 RICs consisting of 71 Portfolios	None
Karen P. Robards 1950	Vice Chair of the Board and Trustee (Since 2007)	Principal of Robards & Company, LLC (consulting and private investing) since 1987;Co-founder and Director of the Cooke Center for Learning and Development (anot-for-profit organization) since 1987; Investment Banker at Morgan Stanley from 1976 to 1987.	71 RICs consisting of 71 Portfolios	Greenhill & Co., Inc.; AtriCure, Inc. (medical devices) from 2000 until 2017
Michael J. Castellano 1946	Trustee (Since 2011)	Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious(non-profit) from 2009 to June 2015 and since 2017; Director, National Advisory Board of Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company) since 2015.	71 RICs consisting of 71 Portfolios	None
Cynthia L. Egan 1955	Trustee (Since 2016)	Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007.	71 RICs consisting of 71 Portfolios	Unum (insurance); The Hanover Insurance Group (insurance); Envestnet (investment platform) from 2013 until 2016
Frank J. Fabozzi 1948	Trustee (Since 2007)	Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) since 2011; Visiting Professor, Princeton University for the 2013 to 2014 academic year and Spring 2017 semester; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; affiliated professor Karlsruhe Institute of Technology from 2008 to 2011.	71 RICs consisting of 71 Portfolios	None
R. Glenn Hubbard 1958	Trustee (Since 2007)	Dean, Columbia Business School since 2004; Faculty member, Columbia Business School since 1988.	71 RICs consisting of 71 Portfolios	ADP (data and information services); Metropolitan Life Insurance Company (insurance); KKR Financial Corporation (finance) from 2004 until 2014
W. Carl Kester 1951	Trustee (Since 2007)	George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008, Deputy Dean for Academic Affairs from 2006 to 2010, Chairman of the Finance Unit, from 2005 to 2006, Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981.	71 RICs consisting of 71 Portfolios	None


TRUSTEEAND OFFICER INFORMATION			131

Trustee and Officer Information (continued)


Independent Trustees^(a)(continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen^(d)	Public Company and Other Investment Company Directorships Held During Past Five Years
Catherine A. Lynch 1961	Trustee (Since 2016)	Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999.	71 RICs consisting of 71 Portfolios	None

Interested Trustees^(a)(e)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen^(d)	Public Company and Other Investment Company Directorships Held During Past Five Years
Robert Fairbairn 1965	Trustee (Since 2018)	Senior Managing Director of BlackRock, Inc. since 2010; oversees BlackRock’s Strategic Partner Program and Strategic Product Management Group; Member of BlackRock’s Global Executive and Global Operating Committees;Co-Chair of BlackRock’s Human Capital Committee; Member of the Board of Managers of BlackRock Investments, LLC since 2011; Global Head of BlackRock’s Retail and iShares^® businesses from 2012 to 2016.	127 RICs consisting of 304 Portfolios	None
John M. Perlowski 1964	Trustee (Since 2015) President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	127 RICs consisting of 304 Portfolios	None
^(a) The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
^(b) Each Independent Trustee will serve until his or her successor is elected and qualifies, or until his or her earlier death, resignation, retirement or removal, or until December 31 of the year in which he or she turns 75. The maximum age limitation may be waived as to any Trustee by action of a majority of the Trustees upon finding of good cause therefor.
^(c) Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Independent Trustees as joining the Board in 2007, each Trustee first became a member of the boards of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; W. Carl Kester, 1995 and Karen P. Robards, 1998.
^(d) For purposes of this chart, “RICs” refers to investment companies registered under the 1940 Act and “Portfolios” refers to the investment programs of the BlackRock-advised funds. TheClosed-End Complex is comprised of 71 RICs consisting of 71 Portfolios. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Equity-Bond Complex and the BlackRock Equity-Liquidity Complex.
^(e) Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Equity-Bond Complex and the BlackRock Equity-Liquidity Complex. Interested Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The maximum age limitation may be waived as to any Trustee by action of a majority of the Trustees upon a finding of good cause therefor.


132		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information (continued)


Officers Who Are Not Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years
Jonathan Diorio 1980	Vice President (Since 2015)	Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015.
Neal J. Andrews 1966	Chief Financial Officer (Since 2007)	Managing Director of BlackRock, Inc. since 2006.
Jay M. Fife 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967	Chief Compliance Officer (Since 2014)	Anti-Money Laundering Compliance Officer for the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and theClosed-End Complex from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and theClosed-End Complex since 2014; Principal of and Chief Compliance Officer for iShares^® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for theBFA-advised iShares^® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Janey Ahn 1975	Secretary (Since 2012)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.
^(a) The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
^(b) Officers of the Trust serve at the pleasure of the Board.

Effective January 1, 2019, Henry Gabbay is appointed as an Independent Trustee of the Trusts.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International LTD.^(a)

Edinburgh, EH3 8BL

United Kingdom

Custodian and Accounting Agent

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Distributor

BlackRock Investments, LLC^(b)

New York, NY 10022

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

Boston, MA 02116

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809

^(a)	For BGR, BOE, BGY, BCX and BUI.

^(b)

For BME.


TRUSTEEAND OFFICER INFORMATION			133

Additional Information

The Annual Meeting of Shareholders was held on July 30, 2018 for shareholders of record on May 31, 2018, to elect trustee nominees for each Trust. There were no brokernon-votes with regard to any of the Trusts.

Shareholders elected the Class II Trustees & Class III Trustee as follows:


	Frank J. Fabozzi^(a)				Robert Fairbairn^(b)				Catherine A. Lynch^(a)				Karen P. Robards^(a)
	Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld
BDJ		168,103,932		7,652,038		173,568,079		2,187,891		173,787,777		1,968,193		173,693,401		2,062,569
BGR		27,342,989		372,839		27,339,046		376,782		27,349,982		365,846		27,369,145		346,683
BOE		63,981,952		924,584		64,038,943		867,593		64,011,922		894,614		63,974,636		931,900
BME		8,386,414		178,525		8,407,706		157,233		8,437,822		127,117		8,436,583		128,356
BGY		101,925,346		1,204,835		101,968,411		1,161,770		101,954,236		1,175,945		101,924,950		1,205,231
BCX		87,875,471		1,695,256		88,115,332		1,455,395		88,133,278		1,437,449		87,985,923		1,584,804
BUI		15,385,726		309,882		15,398,351		297,257		15,392,505		303,103		15,373,175		322,433
BST		20,874,276		367,818		20,858,996		383,098		20,909,521		332,573		20,907,246		334,848

^(a)

Class II Trustee.

^(b)

Class III Trustee.

For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Michael J. Castellano, Richard E. Cavanagh, Cynthia L. Egan, R. Glenn Hubbard, John M. Perlowski and W. Carl Kester.

The adjourned Annual Meeting of Shareholders was held on August 27, 2018 for shareholders of record on May 31, 2018, to elect director nominees for BlackRock Enhanced Capital and Income Fund, Inc. There were no brokernon-votes with regard to the Fund.

Shareholders elected the Class II Directors & Class III Director as follows:

Robert Fairbairn^(a)

R. Glenn Hubbard^(b)

W. Carl Kester^(b)

John M. Perlowski^(b)

Karen P. Robards^(b)

Votes For

Votes Withheld

Votes For

Votes Withheld

Votes For

Votes Withheld

Votes For

Votes Withheld

Votes For

Votes Withheld

CII

40,306,480

1,622,889

40,337,202

1,592,167

40,380,971

1,548,398

40,398,323

1,531,046

40,447,283

1,482,086

^(a)

Class III Trustee.

^(b)

Class II Trustee.

For the Fund listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Michael J. Castellano, Richard E. Cavanagh, Cynthia L. Egan, Frank J. Fabozzi, and Catherine A. Lynch.

Fund Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

General Information

The Trusts, other than BME, do not make available copies of their Statements of Additional Information because the Trusts’ shares, except for BME, are not continuously offered, which means that the Statements of Additional Information of each Trust, other than BME, have not been updated after completion of the respective Trust’s offerings and the information contained in each such Trust’s Statement of Additional Information may have become outdated.

BME’s Statement of Additional Information includes additional information about its Board and is available without charge upon request by calling1-800-882-0052.

During the period there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters orby-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for theday-to-day management of the Trusts’ portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed athttp://www.blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.


134		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Additional Information (continued)

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. The Trusts’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) athttp://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) athttp://www.blackrock.com or by calling (800) 882-0052 and (2) on the SEC’s website at http://www.sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section ofhttp://www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time-to-time, each Trust may seek to raise additional equity capital through an equity shelf program (a “Shelf Offering”). In a Shelf Offering, a Trust may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above the Trust’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow a Trust to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks — including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

None of the Trusts, other than BME, have filed a registration statement with respect to any current Shelf Offerings. This report is not an offer to sell these Trusts” Common Shares and is not a solicitation of an offer to buy these Trusts” Common Shares. If any of the Trusts other than BME file a registration statement with respect to any current Shelf Offering, the prospectus contained therein will contain more complete information about such Trusts and should be read carefully before investing.

BME has filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BME are not offers to sell BME Common Shares or solicitations of an offer to buy BME Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BME contains important information about the Trust, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BME carefully and in its entirety before investing. Copies of the final prospectus for BME can be obtained from BlackRock athttp://www.blackrock.com.


ADDITIONAL INFORMATION			135

Additional Information (continued)

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable return of capital. Distributions in excess of a Trust’s taxable income and net capital gains, but not in excess of a Trust’s earnings and profits, will be taxable to shareholders as ordinary income and will not constitute a nontaxable return of capital. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.


136		2018 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Glossary of Terms Used in this Report


Currency

AUD		Australian Dollar

CAD		Canadian Dollar

CHF		Swiss Franc

DKK		Danish Krone

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

INR		Indian Rupee

JPY		Japanese Yen

NOK		Norwegian Krone

NZD		New Zealand Dollar

SEK		Swedish Krona

SGD		Singapore Dollar

TWD		Taiwan New Dollar

USD		U.S. Dollar

ZAR		South African Rand

Portfolio Abbreviations

ADR		American Depositary Receipts

GDR		Global Depositary Receipts


GLOSSARYOF TERMS USEDINTHIS REPORT			137

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

LOGO


CEF-BK9-12/18-AR

Item 2 –

Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make othernon-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls1-800-882-0052, option 4.

Item 3 –

Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Michael Castellano

Frank J. Fabozzi

Henry Gabbay

Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that Karen P. Robards qualifies as a financial expert pursuant to Item 3(c)(4) of FormN-CSR.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been principal of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and anon-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 –

Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

(a) Audit Fees

(b) Audit-Related Fees¹

(c) Tax Fees²

(d) All Other Fees³

Entity Name

Current
Fiscal Year
End

Previous
Fiscal Year
End

Current
Fiscal Year
End

Previous
Fiscal Year
End

Current
Fiscal Year
End

Previous
Fiscal Year
End

Current
Fiscal Year
End

Previous
Fiscal Year
End

BlackRock Energy and Resources Trust

$37,230

$37,235

$7,500

$17,500

$15,147

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC ( the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):


	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees¹	$0	$0
(c) Tax Fees²	$0	$0
(d) All Other Fees³	$2,274,000	$2,129,000

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters,out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³Non-audit fees of $2,274,000 and $2,129,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit CommitteePre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to thepre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specificpre-approval by the Committee. The Committee also must approve othernon-audit services provided to the registrant and thosenon-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of thesenon-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specificcase-by-case basis (“generalpre-approval”). The term of any generalpre-approval is 12 months from the date of thepre-approval, unless the Committee provides for a different period. Tax or othernon-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemedpre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding thepre-approved cost levels will require specificpre-approval by the Committee, as will any other services not subject to generalpre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to generalpre-approval at the next regularly scheduledin-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any

specific engagement of permittednon-audit services, including services exceedingpre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X.

(f) Not Applicable

(g) The aggregatenon-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name

Current Fiscal Year

End

Previous Fiscal Year

End

BlackRock Energy and Resources Trust

$17,500

$22,647

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal

Year End

Previous Fiscal
Year End

$2,274,000

$2,129,000

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision ofnon-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Item 5 –

Audit Committee of Listed Registrants

(a)

The following individuals are members of the registrant’s separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Michael Castellano

Frank J. Fabozzi

Henry Gabbay

Catherine A. Lynch

Karen P. Robards

(b)

Not Applicable

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous FormN-CSR filing.

Item 7 –

Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or asub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or materialnon-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website athttp://www.sec.gov.

Item 8 –

Portfolio Managers ofClosed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Kyle G. McClements, CFA, Managing Director at BlackRock, Christopher Accettella, Director at BlackRock, Alastair Bishop, Director at BlackRock and Mark Hume, Director at BlackRock. Messrs. McClements, Accettella, Bishop and Hume are the Fund’s portfolio managers and are responsible for theday-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. McClements and Accettella have been members of the Fund’s portfolio management team since 2012. Messrs. Bishop and Hume have been members of the Fund’s portfolio management team since 2015 and 2018, respectively.

Portfolio Manager

Biography

Kyle G. McClements, CFA

Managing Director of BlackRock since 2009; Director of BlackRock from 2006 to 2008; Vice President of BlackRock in 2005; Vice President of State Street Research & Management from 2004 to 2005.


Christopher Accettella		Director of BlackRock since 2008; Vice President of BlackRock, Inc. from 2005 to 2008.
Alastair Bishop		Managing Director of BlackRock since 2019; Director of BlackRock from 2010 to 2018.
Mark Hume		Director of BlackRock since September 2017; Portfolio Manager at Colonial First State Global Asset Management from 2010 to 2017; Senior Director of Bank of America Merrill Lynch from 2008 to 2010.

(a)(2) As of December 31, 2018:


	(ii) Number of Other Accounts Managed and Assets by Account Type			(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts
Kyle McClements, CFA	12	11	1	0	0	0
	$21.51 Billion	$7.84 Billion	$428.1 Million	$0	$0	$0
Christopher Accettella	11	11	1	0	0	0
	$21.39 Billion	$7.99 Billion	$428.1 Million	$0	$0	$0
Alastair Bishop	7	10	2	0	0	0
	$2.68 Billion	$2.45 Billion	$0.07 Million	$0	$0	$0
Mark Hume	1	1	0	0	0	0
	$62.55 Million	$1.26 Billion	$0	$0	$0	$0

(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses materialnon-public information. Certain portfolio managers also may manage accounts whose investment strategies may

at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Bishop and Hume may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Bishop and Hume may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of December 31, 2018:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of December 31, 2018.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation – Messrs. Bishop and Hume

Generally, discretionary incentive compensation for Active Equity portfolio managers is based on a formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program is based on team revenue andpre-tax investment performance relative to appropriate competitors or benchmarks over1-,3- and5-year performance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the funds or other accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment Officers determine the benchmarks or rankings against which the performance of funds and other accounts managed by each portfolio management team is compared and the period of time over which performance is evaluated. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: S&P Global Clean Energy Index; MSCI 10/40 DW Energy (Net); S&P Global Natural Resources Index; MSCI World SMID Energy Index total return (net); BGR Option Overwriting Strategy Composite Index (NEW); MSCI World Energy Net Daily TR Index; SNP Glob Infrastr Utilities Option Overwrite Strategy Composite Index - 3; S&P North American Natural Resources Sector Index; E_GMO Historical Performance Shell; BCX Overwrite Benchmark Strategy Index (BX3); FTSE Gold Mining Index - expressed in AUD; S&P Global Natural Resources Index - In GBP; 50% HSBCMINGBP / 50% MSW_NTGBP Index, in GBP; S&P Global Natural Resources Net Return; E_GF Historical Performance Shell; FTSE Gold Mines Index (Gross Total Return); LIBOR 3 Month Index;

Euromoney Global Mining Index (Close); Euromoney Mining Index - expressed in GBP; NYSE Arca Gold Miners Index EUR Net Total Return; FTSE Gold Mining Index (GBP); Euromoney Global Mining Constrained Weights Index (Open) Net; Euromoney Global Mining Index Total Return; Bloomberg Commodity Index Total Return; DAX Global Agribusiness Index in USD.

A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation. These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.

Discretionary Incentive Compensation - Messrs. Accettella and McClements

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets or strategies under management or supervision by that portfolio manager, and/or the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the funds, other accounts or strategies managed by each portfolio manager. Performance is generally measured on apre-tax basis over various time periods including1-,3- and5- year periods, as applicable. The performance of some funds, other accounts or strategies may not be measured against a specific benchmark.

Distribution of Discretionary Incentive Compensation.Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits.In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to3-5% of eligible compensation up to the Internal Revenue Service limit ($275,000 for 2018). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. Messrs. Accettella and McClements are eligible to participate in these plans.

United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution to the RSP is between 6% to 15% (dependent on service related entitlement) of eligible pay capped at £150,000 per annum. The RSP offers a range of investment options, including several collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, in the absence of an investment election being made, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on the purchase date. Messrs. Bishop and Hume are eligible to participate in these plans.

(a)(4)Beneficial Ownership of Securities – As of December 31, 2018.


Portfolio Manager		Dollar Range of Equity Securities of the Fund Beneficially Owned

Kyle G. McClements, CFA		$10,001 - $50,000
Christopher Accettella		$10,001 - $50,000
Alastair Bishop		$10,001 - $50,000
Mark Hume		None

(b) Not Applicable

Item 9 –

Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs¹
July 1 – 31, 2018	N/A	N/A	N/A	1,491,266
August 1 – 31, 2018	N/A	N/A	N/A	1,491,266
September 1 – 30, 2018	N/A	N/A	N/A	1,491,266
October 1 – 31, 2018	N/A	N/A	N/A	1,491,266
November 1 – 30, 2018	N/A	N/A	N/A	1,491,266
December 1 – 31, 2018	N/A	N/A	N/A	1,491,266
Total:	N/A	N/A	N/A	1,491,266

¹On September 6, 2017, the Fund announced a continuation of the open market share repurchase program, pursuant to which the Fund may repurchase through November 30, 2018 up to 5% of its outstanding shares based on common shares outstanding on November 30, 2017, in open market transactions. On September 7, 2018, the Fund announced a further continuation of its open market share repurchase program. Commencing on December 1, 2018, the Fund may repurchase through November 30, 2019, up to 5% of its common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions.

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

(a) The following table shows the dollar amounts of income, and dollar amounts of fees and/or compensation paid, relating to the Fund’s securities lending activities during the fiscal year ended December 31, 2018. The Fund did not engage in any securities lending activity during the fiscal year ended December 31, 2018.


	BlackRock Energy and Resources Trust
(1)	Gross income from securities lending activities		$0
(2)	Fees and/or compensation for securities lending activities and related services
	(a)	Securities lending income paid to BIM for services as securities lending agent	$0
	(b)	Collateral management expenses (including fees deducted from a polled cash collateral vehicle) not included in (a)	$0
	(c)	Administrative fees not included in (a)	$0
	(d)	Indemnification fees not included in (a)	$0
	(e)	Rebate (paid to borrowers)	$0
	(f)	Other fees not included in (a)	$0
(3)	Aggregate fees/compensation for securities lending activities		$0
(4)	Net income from securities lending activities		$0

(b) BlackRock Investment Management, LLC (“BIM”) serves as securities lending agent for the Fund and in that role administers the Fund’s securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Fund and BIM.

Item 13 –

Exhibits attached hereto

(a)(1) – Code of Ethics – See Item 2

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

(c) – Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule19b-1 under the 1940 Act, dated May 9, 2009¹

¹ The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act andRule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


BlackRock Energy and Resources Trust

By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Energy and Resources Trust

Date: March 8, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Energy and Resources Trust

Date: March 8, 2019



By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Energy and Resources Trust

Date: March 8, 2019

BlackRock Energy and Resources Trust (BGR) N-CSRCertified annual shareholder report (management investment company)