BlackRock Energy and Resources Trust (BGR) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-21656

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: 12/31/2020

Date of reporting period: 06/30/2020

Item 1 – Report to Stockholders

JUNE 30, 2020

2020 Semi-Annual Report

(Unaudited)

BlackRock Energy and Resources Trust (BGR)

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

BlackRock Enhanced Equity Dividend Trust (BDJ)

BlackRock Enhanced Global Dividend Trust (BOE)

BlackRock Enhanced International Dividend Trust (BGY)

BlackRock Health Sciences Trust (BME)

BlackRock Health Sciences Trust II (BMEZ)

BlackRock Resources & Commodities Strategy Trust (BCX)

BlackRock Science and Technology Trust (BST)

BlackRock Science and Technology Trust II (BSTZ)

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

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 at (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

Supplemental Information  (unaudited)

Section 19(a) Notices

BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Trust’s (BME), BlackRock Health Sciences Trust II’s (BMEZ), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Trust’s (BST), BlackRock Science and Technology Trust II’s (BSTZ) and BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (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 the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

June 30, 2020

	Total Fiscal Year to Date Cumulative Distributions by Character										Percentage of Fiscal Year to Date Cumulative Distributions by Character
Ticker	Net Investment Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital (a)		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	$	0.180872	$	—	$	—	$	0.204328	$	0.385200		47	%		0	%		0	%		53	%		100	%
CII		0.090988		—		0.434012		—		0.525000		17			0			83			0			100
BDJ		0.212571		—		0.087429		—		0.300000		71			0			29			0			100
BOE		0.152891		—		—		0.225109		0.378000		40			0			0			60			100
BGY		0.071618		—		—		0.131182		0.202800		35			0			0			65			100
BME		0.022858		—		—		1.177142		1.200000		2			0			0			98			100
BMEZ		—		—		—		0.300000		0.300000		0			0			0			100			100
BCX		0.103460		—		—		0.182940		0.286400		36			0			0			64			100
BST		—		—		—		0.993000		0.993000		0			0			0			100			100
BSTZ		—		—		—		0.600000		0.600000		0			0			0			100			100
BUI		0.173723		—		—		0.552277		0.726000		24			0			0			76			100

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

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

Section 19(b) Disclosure

The Trusts, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees/Directors (the “Board”), each have adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis as of June 30, 2020:

Exchange Symbol	Amount Per Common Share
BGR	$	0.0470
CII		0.0875
BDJ		0.0500
BOE		0.0630
BGY		0.0338
BME		0.2000
BMEZ		0.1000
BCX		0.0400
BST		0.1655
BSTZ		0.1000
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 required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).

Shareholders should not draw any conclusions about each Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table.

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

2 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

The Markets in Review

Dear Shareholder,

The last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For the first part of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, leading countries around the world took economically disruptive countermeasures, causing equity prices to fall sharply. While markets have since recovered some of these losses as countries around the world begin reopening, there is still significant uncertainty surrounding the course of the pandemic, and an uptick in U.S. infection rates caused concern late in the reporting period.

Returns for most securities were robust for the first part of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. However, once stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off and unemployment claims spiked. With large portions of the global economy on hold, all types of international equities ended the 12-month reporting period with negative performance, while in the United States large-capitalization stocks, which investors saw as more resilient than smaller companies, delivered solid returns.

The performance of different types of fixed-income securities diverged substantially due to a reduced investor appetite for risk. Treasuries benefited from the risk-off environment, and posted healthy returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) fell to an all-time low. Investment-grade corporate bonds also delivered a solid return, while high-yield corporate returns were flat due to credit concerns.

The U.S. Federal Reserve (the “Fed”) reduced interest rates three times in 2019, to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also announced a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruption has clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue once the impact of the outbreak subsides. Several risks remain, however, including a potential resurgence of the virus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities throughout the credit market. We believe that both U.S. Treasuries and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring European stocks, which are poised for a cyclical upside as re-openings continue.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of June 30, 2020
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	(3.08)%	7.51%
U.S. small cap equities (Russell 2000® Index)	(12.98)	(6.63)
International equities (MSCI Europe, Australasia, Far East Index)	(11.34)	(5.13)
Emerging market equities (MSCI Emerging Markets Index)	(9.78)	(3.39)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.60	1.63
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	12.68	14.21
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	6.14	8.74
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.97	4.23
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	(3.83)	0.00
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGEISNOT PARTOF YOUR FUND REPORT 3

Table of Contents

	Page
Section 19(a) Notices		2
Section 19(b) Disclosure		2
The Markets in Review		3
Semi-Annual Report:
Option Over-Writing Strategy		5
Trust Information		6
Derivative Financial Instruments		28
Financial Statements:
Schedules of Investments		29
Statements of Assets and Liabilities		110
Statements of Operations		112
Statements of Changes in Net Assets		114
Statements of Cash Flows		120
Financial Highlights		122
Notes to Financial Statements		133
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements		144
Trustee and Officer Information		152
Additional Information		153
Glossary of Terms Used in this Report		155

4

Option Over-Writing Strategy

Overview

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

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

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

Option Over-Writing Strategy Illustration

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

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

THE BENEFITSAND RISKSOF OPTION OVER-WRITING 5

Trust Information  as of June 30, 2020 BlackRock Energy and Resources Trust (BGR)

Investment Objective

BlackRock Energy and Resources Trust’s (BGR) (the “Trust”) investment objective is to provide total return through a combination of current income, 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 also by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on New York Stock Exchange (“NYSE”)	BGR
Initial Offering Date	December 29, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2020 ($7.23)(a)	7.80%
Current Monthly Distribution per Common Share(b)	$0.0470
Current Annualized Distribution per Common Share(b)	$0.5640

^(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. 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 the six months ended June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
BGR(a)(b)		(36.19	)%		(32.77	)%
MSCI World Energy Call Overwrite Index(c)		N/A			(38.19	)

^(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)  MSCI World Energy Call Overwrite Index incorporates an option overlay component on the MSCI World Energy Index with a 33% overwrite level.

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?

Energy prices fell sharply in the first half of 2020, as the demand outlook was pressured by concerns about the economic impact of the coronavirus pandemic. In combination with the stock market downturn that occurred in February and March, this development led to poor returns for energy-related equities.

Consistent with this environment, the Trust produced a negative absolute return in the six-month period. While most of its holdings declined in value, its positions in more “defensive” energy companies — such as Total SA and the oil pipeline company Williams Cos. — outperformed. The Trust also benefited from not owning Occidental Petroleum Corp. and being significantly underweight Schlumberger NV, as both companies experienced sharp share price declines.

The oil refiner Marathon Petroleum Corp., which was hurt by the prospect of rising gasoline inventories, was the largest detractor from performance. The exploration and production (“E&P”) companies Kosmos Energy Ltd. and Noble Energy, Inc. also weighed on results. Shares of Kosmos slid after the company announced plans to reduce 2020 capital spending and suspend its dividend to preserve cash, while Noble lost ground due to its higher sensitivity to energy prices. An underweight in Enbridge, Inc., which outperformed thanks to progress on a proposed pipeline in the United States, was an additional detractor of note.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance for the six-month period.

Early in the period, the Trust held a slightly elevated cash balance. The Trust’s cash balance had no material impact to performance.

Describe recent portfolio activity

The investment adviser adopted a more defensive posture in early March given the risks to oil demand stemming from the virus. This was achieved by remaining focused on high-quality producers that the investment adviser saw as having asset bases and balance sheets strong enough to weather the near-term storm and emerge well-positioned for an eventual upturn. Later in the period, the Trust added to its positions in non-U.S. oil producers.

6 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Energy and Resources Trust (BGR)

Describe portfolio positioning at period end.

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

As of June 30, 2020, the Trust had in place an option overwriting program in place whereby 34% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 6.1% out of the money) with an average time until expiration of 45 days.

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

Market Price and Net Asset Value Per Share Summary

	06/30/20		12/31/19		Change			High		Low
Market Price	$	7.23	$	11.88		(39.14	)%	$	12.66	$	4.17
Net Asset Value		8.06		12.57		(35.88	)		12.82		5.15

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
Chevron Corp.		14	%
Royal Dutch Shell PLC — ADR		10
TOTAL SA		9
BP PLC		8
ConocoPhillips		5
TC Energy Corp		4
Kinder Morgan, Inc.		4
Williams Cos., Inc.		4
Suncor Energy, Inc.		4
Pioneer Natural Resources Co.		3

* Excludes option positions and money market funds.

INDUSTRY ALLOCATION

Industry	6/30/20			12/31/19
Oil, Gas & Consumable Fuels		96	%		97	%
Energy Equipment & Services		4			3

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 June 30, 2020 BlackRock Enhanced Capital and Income Fund (CII)

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 objective by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on NYSE	CII
Initial Offering Date	April 30, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2020 ($14.47)(a)	7.26%
Current Monthly Distribution per Common Share(b)	$0.0875
Current Annualized Distribution per Common Share(b)	$1.0500

^(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. 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 the six months ended June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
CII(a)(b)		(13.08	)%		(7.29	)%
MSCI USA Call Overwrite Index(c)		N/A			(10.36	)

^(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)  MSCI USA Call Overwrite Index incorporates an option overlay component on the MSCI USA Index with a 55% overwrite level.

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?

In the equity allocation of the Trust, the largest contributor to relative performance was stock selection within the industrials sector. Most notably, an out-of-benchmark position in specialty contractor Quanta Services Inc. and a lack of exposure to aerospace manufacturer Boeing Co. provided strong relative returns. Underweight allocations to real estate also contributed to performance. Lastly, the Trust benefited from stock selection within the communication services sector, particularly given its overweight positions in tech giants Facebook Inc. and Alphabet Inc.

Conversely, the largest detractor from relative performance in the equity allocation of the Trust was stock selection in the information technology (“IT”) sector. Most notably, overweight positions in software developer CDK Global Inc. and IT consulting company Cognizant Technology Solutions Corp. weighed on results. Stock selection in financials also detracted, particularly due to overweight positions in U.S. Bancorp and Bank of America Corp. Also detracting from relative performance was stock selection in the energy sector, most notably through an overweight position in Marathon Oil Corp.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance during the period.

Describe recent portfolio activity.

The Trust significantly increased its exposure to the IT sector. Holdings within consumer discretionary and real estate were also increased. Conversely, the Trust significantly reduced its exposure to the financials sector. The Trust also lowered its allocation to energy and consumer staples.

Describe portfolio positioning at period end.

In the equity portion of the portfolio, the Trust’s largest allocations relative to the benchmark were in the consumer discretionary, communication services, and industrials sectors. Conversely, the Trust’s largest relative underweights were in the real estate, IT, and utilities sectors.

As of June 30, 2020, the Trust had in place an option overwriting program whereby 52% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.0% out of the money) with an average time until expiration of 45 days.

8 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Enhanced Capital and Income Fund (CII)

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.

Market Price and Net Asset Value Per Share Summary

	06/30/20		12/31/19		Change			High		Low
Market Price	$	14.47	$	17.25		(16.12	)%	$	17.86	$	9.56
Net Asset Value		16.07		17.96		(10.52	)		18.37		12.31

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
Apple, Inc.		7	%
Microsoft Corp.		7
Alphabet, Inc.		5
Amazon.com, Inc.		5
Facebook, Inc.		4
Visa, Inc.		3
UnitedHealth Group, Inc.		3
Comcast Corp.		3
Cisco Systems, Inc.		2
Berkshire Hathaway, Inc.		2

* Excludes option positions and money market funds.

SECTOR ALLOCATION

Sector	6/30/20			12/31/19
Information Technology		26	%		21	%
Consumer Discretionary		16			12
Health Care		14			14
Communication Services		13			13
Industrials		9			9
Financials		9			13
Consumer Staples		5			7
Energy		3			6
Materials		3			3
Utilities		1			2
Real Estate		1			—

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 June 30, 2020 BlackRock Enhanced Equity Dividend Trust (BDJ)

Investment Objective

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

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

Trust Information

Symbol on NYSE	BDJ
Initial Offering Date	August 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2020 ($7.34)(a)	8.17%
Current Monthly Distribution per Common Share(b)	$0.0500
Current Annualized Distribution per Common Share(b)	$0.6000

^(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. 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 the six months ended June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
BDJ(a)(b)		(23.05	)%		(15.70	)%
MSCI USA Value Call Overwrite Index(c)		N/A			(22.21	)

^(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)  MSCI USA Value Call Overwrite Index incorporates an option overlay component on the MSCI USA Value Index with a 55% overwrite level.

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 most significant contributors to relative performance during the six-month period were stock selection and allocation decisions within the consumer discretionary sector. In particular, stock selection in the multiline retail industry proved beneficial. In addition, an underweight to the hotels, restaurants & leisure industry boosted relative return in the sector. Within information technology (“IT”), an overweight to the software industry added to performance. Other notable contributors included an overweight to health care, stock selection in the communication services sector, and an underweight to real estate.

The largest detractor from relative performance was an overweight to the financials sector. Notably, overweight exposure to banks constrained performance, as did selection among capital markets firms. Additionally, underweights to electric utilities and multi-utilities weighed on relative return. Other modest detractors included an underweight to consumer staples as well as stock selection within industrials.

The Trust utilized an options overlay strategy, 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 positively to performance during the six-month period.

Describe recent portfolio activity.

During the period, a combination of portfolio trading activity and market price changes resulted in increased exposure to the utilities, IT and consumer staples sectors. Conversely, the Trust’s exposures to financials, energy and industrials were reduced.

Describe portfolio positioning at period end.

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

10 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Enhanced Equity Dividend Trust (BDJ)

As of June 30, 2020, the Trust had in place an option overwriting program whereby 52% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.6% out of the money) with an average time until expiration of 47 days.

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

Market Price and Net Asset Value Per Share Summary

	06/30/20		12/31/19		Change			High		Low
Market Price	$	7.34	$	9.92		(26.01	)%	$	9.97	$	4.65
Net Asset Value		8.13		10.03		(18.94	)		10.13		6.22

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
Verizon Communications, Inc.		4	%
Bank of America Corp.		3
Citigroup, Inc.		3
Anthem, Inc.		3
Medtronic PLC		2
Cognizant Technology Solutions Corp.		2
Altria Group, Inc.		2
Morgan Stanley		2
Unilever NV — NY Shares		2
Koninklijke Philips NV		2

* Excludes option positions and money market funds.

SECTOR ALLOCATION

Sector	6/30/20			12/31/19
Financials		27	%		29	%
Health Care		19			19
Information Technology		10			9
Energy		8			10
Consumer Staples		8			7
Communication Services		8			8
Industrials		7			8
Utilities		6			3
Consumer Discretionary		5			6
Materials		2			1

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 11

Trust Information  as of June 30, 2020 BlackRock Enhanced Global Dividend Trust (BOE)

Investment Objective

BlackRock Enhanced Global Dividend Trust’s (BOE) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies located in countries throughout the world and by employing a strategy of writing (selling) call and put options. Under normal circumstances, the Trust invests at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the U.S. (unless market conditions are not deemed favorable by Trust management, in which case the Trust would invest at least 30% of its assets outside of the U.S.). The Trust may invest in securities of companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information

Symbol on NYSE	BOE
Initial Offering Date	May 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2020 ($9.42)(a)	8.03%
Current Monthly Distribution per Common Share(b)	$0.0630
Current Annualized Distribution per Common Share(b)	$0.7560

^(a)  Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate consists of income, net realized gains and/or a return of capital. 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 the six months ended June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
BOE(a)(b)		(10.83	)%		(9.73	)%
MSCI ACWI Call Overwrite Index(c)		N/A			(12.58	)

^(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)  MSCI ACWI Call Overwrite Index incorporates an option overlay component on the MSCI ACWI Index with a 45% overwrite level.

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 lack of exposure to the energy sector, particularly the oil, gas and consumable fuels industry, contributed to returns during the six-month period. Stock selection within the industrials sector, most notably within machinery, also contributed to relative performance. In addition, an underweight to the real estate sector added to relative return. At the security level, the Trust’s position in the U.S. biotechnology company AbbVie, Inc. was the top individual contributor to performance. AbbVie’s shares rose after the company reported strong financial results, with sales for a number of its products exceeding market expectations. Holdings in the U.S. pharmaceutical firm Johnson & Johnson represented another top contributor as the company’s shares were boosted by a stronger-than-expected profit report. The Trust’s position in the Finnish engineering company Kone OYJ also was additive.

Stock selection within and an underweight to information technology (“IT”), particularly a lack of holdings within software, represented the largest detractor from performance. Stock selection within and an underweight to the consumer discretionary sector, especially within the internet & direct marketing retail industry, also detracted, as did stock selection within the communication services sector. At the security level, the Trust’s position in U.S.-based Darden Restaurants, Inc. was the principal detractor as social distancing measures impacted the company’s earnings. Holdings in the U.S. financial firm M&T Bank Corp. also weighed on returns as the financials sector, and banks in particular, underperformed during the period. The Trust’s position in U.S. toymaker Hasbro, Inc. also traded lower due to potential disruptions in the company’s supply chain and a disappointing earnings projection.

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 positively to performance for the six-month period..

Describe recent portfolio activity.

During the period, the Trust added exposure to the consumer staples sector, mainly within the beverages and household products industries. Exposure to the industrials sector also was added, especially within the machinery industry. Conversely, exposure to financials was reduced, especially among banks. The investment adviser also trimmed exposure to the materials sector, mostly within containers and packaging.

12 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Enhanced Global Dividend Trust (BOE)

Describe portfolio positioning at period end.

At the end of the period, the Trust’s largest sector exposures were in consumer staples and health care, driven by the pharmaceuticals and beverages industries. The largest underweights were to the IT, financials and consumer discretionary sectors. The Trust had no exposure to real estate, utilities or energy at period end. Regionally, the majority of the portfolio was listed in the United States or Europe, with significant exposure in the United Kingdom and Switzerland.

As of June 30, 2020, the Trust had in place an option overwriting program whereby 43% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.9% out of the money) with an average time until expiration of 45 days.

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

Market Price and Net Asset Value Per Share Summary

	06/30/20		12/31/19		Change			High		Low
Market Price	$	9.42	$	10.99		(14.29	)%	$	11.25	$	7.00
Net Asset Value		10.69		12.32		(13.23	)		12.41		8.34

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
Unilever PLC		4	%
TELUS Corp.		3
Coca-Cola Co.		3
Paychex, Inc.		3
Sanofi SA		3
Novartis AG, Registered Shares		3
AbbVie, Inc.		3
Lockheed Martin Corp.		3
British American Tobacco PLC		3
Medtronic PLC		3

* Excludes option positions and money market funds.

GEOGRAPHIC ALLOCATION

Country	6/30/20			12/31/19
United States		52	%		53	%
United Kingdom		16			13
Switzerland		7			7
Canada		5			7
France		4			4
Netherlands		4			3
Australia		3			3
Singapore		2			3
Denmark		2			2
Germany		2			2
Finland		1			1
Sweden		1			1
Taiwan		1			1
India		—	(a)		—
Japan		—			—	(a)

^(a)  Represents less than 1% of the Trust’s total investments.

TRUST INFORMATION 13

Trust Information  as of June 30, 2020 BlackRock Enhanced International Dividend Trust (BGY)

Investment Objective

BlackRock Enhanced International Dividend Trust’s (BGY) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal circumstances, at least 80% of its net assets in dividend-paying equity securities issued by non-U.S. companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information

Symbol on NYSE	BGY
Initial Offering Date	May 30, 2007
Current Distribution Rate on Closing Market Price as of as of June 30, 2020 ($5.14)(a)	7.89%
Current Monthly Distribution per Common Share(b)	$0.0338
Current Annualized Distribution per Common Share(b)	$0.4056

^(a)  Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate consists of income, net realized gains and/or a return of capital. 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 the six months ended June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
BGY(a)(b)		(9.25	)%		(5.65	)%
MSCI ACWI ex USA Call Overwrite Index(c)		N/A			(17.03	)

^(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)  MSCI ACWI ex USA Call Overwrite Index incorporates an option overlay component on the MSCI ACWI ex USA Index with a 45% overwrite level.

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?

During the six-month period, the Trust’s lack of exposure to the energy sector, particularly the oil, gas and consumable fuels industry, contributed to returns. In addition, an underweight exposure to the financials sector, as well as an overweight to health care companies, added to relative performance. At the security level, the Trust’s position in Australian medical equipment company Ansell Ltd. was the top individual contributor to returns. Ansell’s shares were strong during the period owing to the increased usage of personal protective equipment, including medical gloves. Holdings in Danish pharmaceutical firm Novo Nordisk A/S and Finnish engineering company Kone OYJ also boosted performance.

Conversely, stock selection within and an underweight to information technology (“IT”), particularly a lack of holdings within software, represented one of the largest detractors from performance. Stock selection in the consumer discretionary and communication services sectors also weighed on returns. At the security level, a lack of exposure to Chinese gaming company Tencent Holdings Ltd. represented the largest individual detractor from relative return. Tencent performed strongly on continued momentum within technology stocks. The Trust’s position in British defense firm BAE Systems PLC also detracted as investors reacted negatively to BAE’s announcement that it would defer its dividend. A lack of exposure to Canadian e-commerce firm Shopify, Inc. also hindered relative performance.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed positively to relative performance for the six-month period.

Describe recent portfolio activity.

During the period, the Trust added exposure to the consumer staples sector, mainly within the beverages and household products industries. The portfolio also added exposure to the industrials sector, especially within the machinery industry. Exposure to financials, particularly among banks, was reduced. The investment adviser also trimmed its holdings in the materials sector, mainly within containers and packaging.

14 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Enhanced International Dividend Trust (BGY)

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in consumer staples and health care, with an emphasis on the pharmaceuticals and beverages industries, respectively. The largest underweights were to IT, financials and consumer discretionary. 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 in Europe, with significant exposure to the United Kingdom and Switzerland.

As of June 30, 2020, the Trust had in place an option overwriting program whereby 45% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.0% out of the money) with an average time until expiration of 46 days.

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

Market Price and Net Asset Value Per Share Summary

	06/30/20		12/31/19		Change			High		Low
Market Price	$	5.14	$	5.89		(12.73	)%	$	5.96	$	3.73
Net Asset Value		5.87		6.47		(9.27	)		6.52		4.60

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
Unilever PLC		6	%
Novartis AG, Registered Shares		5
TELUS Corp.		5
Sanofi		5
Nestle SA, Registered Shares		5
British American Tobacco PLC		4
Heineken NV		4
BAE Systems PLC		4
Sonic Healthcare Ltd.		4
Koninklijke Philips NV		4

* Excludes option positions and money market funds.

GEOGRAPHIC ALLOCATION

Country	6/30/20			12/31/19
United Kingdom		29	%		26	%
Switzerland		15			13
Canada		9			13
France		8			7
Netherlands		8			7
Australia		6			5
Singapore		5			5
Germany		3			5
Denmark		4			3
United States		3			9
Finland		3			2
Sweden		3			2
Taiwan		3			2
China		1			1
India(a)		—			—

^(a)  Represents less than 1% of the Trust’s total investments.

TRUST INFORMATION 15

Trust Information  as of June 30, 2020 BlackRock Health Sciences Trust (BME)

Investment Objective

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

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

Trust Information

Symbol on NYSE	BME
Initial Offering Date	March 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2020 ($40.78)(a)	5.89%
Current Monthly Distribution per Common Share(b)	$0.2000
Current Annualized Distribution per Common Share(b)	$2.4000

^(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. 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 the six months ended June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
BME(a)(b)		(1.08	)%		2.44	%
MSCI USA IMI Health Care Call Overwrite Index(c)		N/A			(4.07	)

^(a)  All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

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

^(c)  MSCI USA IMI Health Care Call Overwrite Index incorporates an option overlay component on the MSCI IMI Health Care Index with a 33% overwrite level.

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?

Global health care stocks outpaced the broader equity market in the first half of 2020. The sector benefited from its steady earnings and defensive qualities, as well as the outperformance for companies expected to benefit from the development of treatments for the coronavirus.

Strong stock selection, primarily in the pharmaceuticals and biotechnology sub-sectors, was the primary driver of the Trust’s return. An overweight position in the telemedicine company Teladoc Health, Inc., which benefited from increased demand for virtual diagnostics and telemedicine services, was the top contributor to performance. An overweight in the biotechnology company Seattle Genetics, Inc. — which received approval from the Food & Drug Administration for its breast cancer drug — was the second-largest contributor. The company also presented details on its expanding pipeline and investigational therapies.

Weak stock selection in the medical devices and supplies sub-sector detracted from relative performance. Zero weightings in AbbVie, Inc. and Danaher Corp., both of which outpaced the broader category by a wide margin, were the largest detractors. Underweight positions in the pharmaceutical companies Johnson & Johnson and Eli Lilly & Co., which benefited from their efforts at developing a coronavirus vaccine and therapy, respectively, also detracted.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance for the six-month period.

Describe recent portfolio activity.

The Trust increased its weighting in the biotechnology industry, and it decreased its allocations to the pharmaceuticals, health care providers & services, and medical devices & supplies subsectors.

Describe portfolio positioning at period end.

As of June 30, 2020, the Trust was overweight in the medical devices & supplies, biotechnology, and health care providers & services sub-sectors, and it was underweight in pharmaceuticals.

16 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Health Sciences Trust (BME)

The Trust’s investment adviser continued to identify important secular trends that underpin the health care sector, such as an aging global population and rising spending on health care in emerging market economies. This process helps form the basis for an overweight in the medical devices & supplies sub-sector, where the investment adviser continued to see strong fundamentals and growing penetration in the emerging markets.

Demographic changes across the globe, especially increased longevity, are leading to demand for the health sciences industry. This is further supported by innovation in multiple areas within health care. In drug development, for example, biotechnology and pharmaceutical companies are utilizing genomic research that allows for earlier diagnosis of disease and is facilitating the shift toward preventative care. In addition, there has been significant innovation in medical equipment, diagnostic services and biosensors.

As of June 30, 2020, the Trust had an options overwriting program in place whereby 39% of the underlying equities were overwritten with call options. These options were typically written at prices above prevailing market prices (estimated to be 6.4% out of the money) with an average time line until expiration of 49 days.

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

Market Price and Net Asset Value Per Share Summary

	06/30/20		12/31/19		Change			High		Low
Market Price	$	40.78	$	42.50		(4.05	)%	$	43.99	$	27.00
Net Asset Value		40.93		41.19		(0.63	)		42.23		30.41

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
UnitedHealth Group, Inc.		7	%
Johnson & Johnson		5
Abbott Laboratories		5
Amgen, Inc.		3
Thermo Fisher Scientific, Inc.		3
Medtronic PLC		3
Boston Scientific Corp.		3
Eli Lilly & Co.		3
Vertex Pharmaceuticals, Inc.		3
Humana, Inc.		2

* Excludes option positions and money market funds.

INDUSTRY ALLOCATION

Industry	6/30/20			12/31/19
Health Care Equipment & Supplies		28	%		30	%
Biotechnology		23			17
Pharmaceuticals		21			23
Health Care Providers & Services		19			21
Life Sciences Tools & Services		7			8
Health Care Technology		2			1

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 17

Trust Information  as of June 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Investment Objective

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

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

Trust Information

Symbol on NYSE	BMEZ
Initial Offering Date	January 30, 2020
Current Distribution Rate on Closing Market Price as of June 30, 2020 ($20.91)(a)	5.74%
Current Monthly Distribution per Common Share(b)	$0.1000
Current Annualized Distribution per Common Share(b)	$1.2000

^(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. 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 the period since inception (January 30, 2020) to June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
BMEZ(a)(b)		6.10	%		19.29	%
MSCI ACWI 25% Call Overwrite Index(c)		N/A			(9.65	)

^(a)  All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

^(b)  The Trust moved to a discount to NAV during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)  MSCI ACWI 25% Call Overwrite Index incorporates an option overlay component on the MSCI ACWI Index with a 25% overwrite level.

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 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.

18 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Health Sciences Trust II (BMEZ)

Market Price and Net Asset Value Per Share Summary

	06/30/20		01/30/20 (a)		Change			High		Low
Market Price	$	20.91	$	20.00		4.55	%	$	21.90	$	12.60
Net Asset Value		23.51		20.00		17.55			23.65		16.49

Market Price and Net Asset Value History Since Inception

^(a)  Commencement of operations.

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
Seattle Genetics, Inc.		3	%
Genmab A/S		3
Livongo Health, Inc.		3
Varian Medical Systems, Inc.		2
Masimo Corp.		2
Baxter International, Inc.		2
Teleflex, Inc.		2
UCB SA		2
Teladoc Health, Inc.		2
Amedisys, Inc.		2

* Excludes option positions and money market funds.

INDUSTRY ALLOCATION

Industry	6/30/20
Biotechnology		41	%
Health Care Equipment & Supplies		28
Pharmaceuticals		10
Health Care Providers & Services		9
Life Sciences Tools & Services		6
Health Care Technology		5
Insurance		1

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 19

Trust Information  as of June 30, 2020 BlackRock Resources & Commodities Strategy Trust (BCX)

Investment Objective

BlackRock Resources & Commodities Strategy Trust’s (BCX) (the “Trust”) primary investment objective is to seek high current income and current gains, with a secondary objective of capital appreciation. The Trust will seek to achieve its investment objectives, under normal market conditions, by investing at least 80% of its total assets in equity securities issued by commodity or natural resources companies, derivatives with exposure to commodity or natural resources companies or investments in securities and derivatives linked to the underlying price movement of commodities or natural resources. While permitted, the Trust does not currently expect to invest in securities and derivatives linked to the underlying price movement of commodities or natural resources. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on NYSE	BCX
Initial Offering Date	March 30, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2020 ($6.13)(a)	7.83%
Current Monthly Distribution per Common Share(b)	$0.0400
Current Annualized Distribution per Common Share(b)	$0.4800

^(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. 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 the six months ended June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
BCX(a)(b)		(20.43	)%		(15.52	)%
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index(c)		N/A			(23.83	)

^(a)  All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

^(b)  The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)  MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index incorporates an option overlay component on the MSCI ACWI Select Liquidity Natural Resources Index with a 33% overwrite level.

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?

Commodity prices fell sharply in the first half of 2020, as the demand outlook was pressured by concerns about the economic impact of the coronavirus. In combination with the stock market downturn that occurred in February and March, this development led to poor returns for commodity-related equities.

Consistent with this environment, the Trust produced a negative absolute return in the six-month period. While most of its holdings lost ground, CF Industries Holdings, Inc. was among the worst performers due to the broad-based weakness in fertilizer producers. Kosmos Energy Ltd. also detracted after it announced plans to reduce 2020 capital spending and suspend its dividend to preserve cash in response to the drop in oil prices. An underweight position in Newmont Mining Corp. was among the largest detractors, as well.

On the positive side, Wheaton Precious Metals Corp. — which rallied behind strength in the prices of gold and silver — was a top contributor. An out-of-benchmark position in the Russian mining Polyus PJSC, which gained ground after reporting strong production results, better-than-expected earnings, and positive free cash flow, was another key contributor. The U.S. retailer Tractor Supply Co. also performed well, as its “buy-online-pickup-in store” service led to record sales and earnings.

The Trust made use of options, principally written call options on individual stocks, to seek enhanced income while continuing to participate in the return of the underlying equities. The Trust’s option writing strategy contributed positively to relative performance for the six-month period.

Describe recent portfolio activity.

The investment adviser closely analyzed the portfolio to identify companies facing higher risk due to the combination of dependence on a single asset and elevated debt and sold holdings it believed could be vulnerable in this regard. In addition, the investment adviser made some stock-specific changes based on relative valuations. The investment adviser reduced the portfolio’s weighting in energy and increased its allocation to agriculture, with a focus on companies that are benefitting from changing consumer preferences toward food and nutrition.

20 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Resources & Commodities Strategy Trust (BCX)

Describe portfolio positioning at period end.

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

As of June 30, 2020, the Trust had an options overwriting program in place whereby 36% of the underlying equities were overwritten with call options. These options were typically written at levels above prevailing market prices (estimated to be 6.3% out of the money) with an average time until expiration of 46 days.

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

Market Price and Net Asset Value Per Share Summary

	06/30/20		12/31/19		Change			High		Low
Market Price	$	6.13	$	8.07		(24.04	)%	$	8.21	$	3.28
Net Asset Value		7.29		9.04		(19.36	)		9.07		4.99

Market Price and Net Asset Value History For Past Five Years

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
BHP Group PLC		6	%
TOTAL SA		6
Chevron Corp.		5
BP PLC — ADR		4
Newmont Corp.		4
CF Industries Holdings, Inc.		4
Vale SA — ADR		4
Barrick Gold Corp.		4
Wheaton Precious Metals Corp.		4
FMC Corp.		4

* Excludes option positions and money market funds.

INDUSTRY ALLOCATION

Industry	6/30/20			12/31/19
Chemicals		13	%		11	%
Containers & Packaging		5			9
Electronic Equipment, Instruments & Components		2			1
Food Products		8			7
Metals & Mining		38			35
Oil, Gas & Consumable Fuels		32			35
Paper & Forest Products		—	(a)		—
Specialty Retail		2			1
Machinery		—			1

^(a)  Represents less than 1% of the Trust’s total investments.

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 21

Trust Information  as of June 30, 2020 BlackRock Science and Technology Trust (BST)

Investment Objective

BlackRock Science and Technology Trust’s (BST) (the “Trust”) investment objective is to provide income and total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology (high growth science and technology stocks), and/or potential to generate current income from advantageous dividend yields (cyclical science and technology stocks). The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on NYSE	BST
Initial Offering Date	October 30, 2014
Current Distribution Rate on Closing Market Price as of June 30, 2020 ($37.81)(a)	5.25%
Current Monthly Distribution per Common Share(b)	$0.1655
Current Annualized Distribution per Common Share(b)	$1.9860

^(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. 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 the six months ended June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
BST(a)(b)		17.06	%		21.45	%
MSCI ACWI IT Call Overwrite Index(c)		N/A			4.78

^(a)  All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

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

^(c)  MSCI ACWI IT Call Overwrite Index incorporates an option overlay component on the MSCI ACWI IT Index with a 33% overwrite level.

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 positions in several software companies that benefited from increases in e-commerce activity were among the largest contributors to relative return. These included out-of-benchmark positions in Canadian e-commerce firm Shopify, Inc. as well as Amazon.com, Inc. E-commerce has received a significant boost as populations across the globe have been forced to make more purchases online due to the coronavirus pandemic lockdowns. Elsewhere, the Trust’s overweight position in cloud communications company Twilio, Inc. was also among the largest contributors, as the company reported favorable first quarter earnings and benefited from increased demand for communication services during the pandemic.

At the sub-sector level, an underweight to hardware was the most significant detractor from relative performance, led by a below-benchmark position in Apple, Inc. The company’s stock displayed resilience during first-quarter of 2020 market volatility based on increased demand for the company’s services segment. An underweight to Microsoft Corp. was also among the largest detractors from returns. Microsoft reported strong growth in its cloud business, and the stock price benefited as investors sought safety in the largest and most liquid names.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance for the six-month period.

Describe recent portfolio activity.

During the period, the Trust increased exposure to software and semiconductors, while decreasing exposure to internet companies. From a regional perspective, the Trust’s allocations to Asia and the United States were increased.

Describe portfolio positioning at period end.

Our investment process aims to provide a balance of legacy technology firms that can continually innovate, and new disruptive companies displacing those companies failing to innovate, with approximately 40% of the portfolio consisting of these “core” legacy companies, and 60% making up the “opportunistic,” high-growth portion. At

22 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Science and Technology Trust (BST)

period end, the largest sub-sector exposures were in internet, and software & services companies. The Trust’s software exposure was characterized by companies that offer enterprise software solutions, cloud computing services, and software-as-a-service. Conversely, the Trust held an underweight position in the semiconductors and hardware sub-sectors due to their cyclical nature.

As of June 30, 2020, the Trust had in place an option overwriting program whereby 32% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 5.3% out of the money) with an average time until expiration of 45 days.

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

Market Price and Net Asset Value Per Share Summary

	06/30/20		12/31/19		Change			High		Low
Market Price	$	37.81	$	33.27		13.65	%	$	38.86	$	22.41
Net Asset Value		38.26		32.45		17.90			38.33		25.57

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
Microsoft Corp.		5	%
Apple, Inc.		4
Amazon.com, Inc.		3
Tencent Holdings Ltd.		3
Alibaba Group Holding Ltd. — ADR		3
Alphabet, Inc.		3
Mastercard, Inc.		2
Twilio, Inc.		2
Visa, Inc.		2
Shopify, Inc.		2

* Excludes option positions and money market funds.

INDUSTRY ALLOCATION

Industry	6/30/20			12/31/19
Software		27	%		26	%
IT Services		19			19
Semiconductors & Semiconductor Equipment		15			15
Interactive Media & Services		10			10
Internet & Direct Marketing Retail		10			10
Entertainment		4			3
Technology Hardware, Storage & Peripherals		4			3
Diversified Consumer Services		2			2
Health Care Technology		2			1
Electronic Equipment, Instruments & Components		1			4
Road & Rail		1			3
Diversified Telecommunication Services		1			1
Automobiles		1			—
Banks		1			1
Diversified Financial Services		1			—
Communications Equipment		1			1
Professional Services		—			1

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

Trust Information  as of June 30, 2020 BlackRock Science and Technology Trust II (BSTZ)

Investment Objective

BlackRock Science and Technology Trust II’s (BSTZ) (the “Trust”) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on NYSE	BSTZ
Initial Offering Date	June 27, 2019
Current Distribution Rate on Closing Market Price as of June 30, 2020 ($22.67)(a)	5.29%
Current Monthly Distribution per Common Share(b)	$0.1000
Current Annualized Distribution per Common Share(b)	$1.2000

^(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. 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 the six months ended June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
BSTZ(a)(b)		13.89	%		27.13	%
MSCI ACWI 25% Call Overwrite Index(c)		N/A			(9.66	)

^(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)  MSCI ACWI 25% Call Overwrite Index incorporates an option overlay component on the MSCI ACWI Index with a 25% overwrite level.

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?

Within the software industry, the Trust’s positions in a number of companies benefiting from an increase in e-commerce activity were among the largest contributors to relative return during the period. This included positions in Shopify, Inc. and Locaweb. E-commerce has seen a significant increase as populations across the globe have been forced to make more purchases online because of economic lockdowns. Elsewhere, the Trust’s position in cloud communications company Twilio, Inc. was among the largest contributors, as the company reported favorable earnings for the first quarter of 2020 and benefited from increased demand for communication services during the coronavirus pandemic. The Trust’s position in electric vehicle manufacturer Tesla, Inc. also delivered strong positive returns during the period. Tesla announced two delivery updates during the period, both of which beat consensus estimates. The company’s first quarter earnings also exceeded market forecasts. A position in Livongo Health, Inc., a U.S.-based virtual health care company, was also among the largest contributors to return during the period. The company’s platform provides data-based health coaching programs for individuals with diabetes and hypertension. Using a smart glucose monitor, the service allows patients to share their blood glucose levels with certified diabetes educators and receive feedback in real time. This type of monitoring and coaching support is crucial for helping patients to effectively manage their health outcomes. The spread of the coronavirus and subsequent social distancing measures have resulted in increased demand for virtual diagnostics and telemedicine services.

Conversely, the Trust’s position in Chinese technology-centric coffee company Luckin Coffee, Inc. was among the largest detractors from performance. The company announced that in 2019 its chief operating officer, as well as other employees reporting to him, fabricated transactions amounting to 2.2 billion yuan, or $310 million. The Trust has since exited the position. In addition, the Trust’s position in Brazilian software company Linx SA came under pressure during the period. Linx generates revenue from selling software to retailers, but given the current shutdown of the Brazilian economy the stock declined. The Trust had initiated the position based on the company’s strategy to enter the payments space, but this strategy is now postponed and the position was reduced. Elsewhere, a position in Network International Holdings PLC, which provides technology-enabled payment solutions to merchants and financial institutions in the Middle East, weighed on performance. The company was hurt by the strict lockdowns enacted in many Middle Eastern countries, which reduced demand for its services. The Trust exited the position. Other detractors included holdings in Skyworks Solutions, Inc., a U.S.-based semiconductor company, and Sunny Optical Technology Group Co. Ltd., a China-based hardware firm.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed detracted from relative performance for the six-month period.

Describe recent portfolio activity.

During the period, the Trust deployed capital across both companies likely to experience increased demand in the current environment and those positioned to benefit from longer-term demand trends. This encompasses firms that are seeing an increase in demand due to social distancing and the migration to working remotely, such as those involved in cloud computing, digital transformation and gaming. In addition, the investment adviser continues to perform due diligence on multiple new opportunities in the private equity universe, and expects to further increase exposure to private assets over the coming quarters given a robust pipeline of private transaction opportunities. As of June 30, 2020, the Trust held 13 private investments, comprising approximately 11% of assets or a total commitment of approximately $220 million. Among the Trust’s

24 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Science and Technology Trust II (BSTZ)

13 private investments, four were initiated during the first half of 2020: A solid state driver controller company focused on cloud, hyperscale and enterprise markets; a “fabless” interconnect semiconductor company (i.e., one that designs microchips but contracts out their production) primarily serving the data center market; a software business providing cloud software that connects accommodation providers to distribution channels; and an artificial intelligence company that offers a complete, “full-stack” AI solution including both silicon and software.

Describe portfolio positioning at period end.

At period end, the Trust was fully invested in equity securities. The Trust held 36% of portfolio assets in software, 20% in semiconductors, 18% in services, 17% in internet, 5% in hardware and 5% in content/telecoms. These industry exposures were a result of bottom-up stock selection. From an options perspective, during periods of extreme volatility, the Trust typically sells further out-of-the-money calls to leave room for a potential rebound in the underlying stocks. Because of the recent extraordinary volatility, this often translated directly into higher option premiums.

As of June 30, 2020, the Trust had in place an option overwriting program whereby approximately 22% of the underlying equities were written with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 6.4% out of the money) with an average time until expiration of 47 days.

Market Price and Net Asset Value Per Share Summary

	06/30/20		12/31/19		Change			High		Low
Market Price	$	22.67	$	20.50		10.59	%	$	23.28	$	12.00
Net Asset Value		25.86		20.95		23.44			25.86		15.57

Market Price and Net Asset Value History Since Inception

^(a)  Commencement of operations.

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
Tesla, Inc.		2	%
Shopify, Inc.		2
Twilio, Inc.		2
Lasertec Corp.		2
Kakao Corp.		2
SambaNova Systems, Inc., Series C		2
Square, Inc.		2
Delivery Hero SE		2
RingCentral, Inc.		2
Meituan Dianping		2

* Figures exclude assets held in money market funds and option positions.

INDUSTRY ALLOCATION

Industry	6/30/20			12/31/19
Software		29	%		26	%
Semiconductors & Semiconductor Equipment		20			20
IT Services		18			17
Internet & Direct Marketing Retail		7			7
Interactive Media & Services		5			5
Entertainment		4			3
Health Care Technology		4			2
Diversified Consumer Services		3			3
Electronic Equipment, Instruments & Components		3			6
Automobiles		2			1
Multiline Retail		1			2
Banks		1			1
Diversified Telecommunication Services		1			1
Capital Markets		1			1
Professional Services		1			1
Road & Rail		—	(a)		1
Communications Equipment		—			2
Hotels, Restaurants & Leisure		—			1

^(a)  Represents less than 1% of the Trust’s total investments.

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 25

Trust Information  as of June 30, 2020 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Investment Objective

BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing 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 employing a strategy of writing (selling) call and put options. The Trust considers the “Utilities” business segment to include products, technologies and services connected to the management, ownership, operation, construction, development or financing of facilities used to generate, transmit or distribute electricity, water, natural resources or telecommunications, the “Infrastructure” business segment to include companies that own or operate infrastructure assets or that are involved in the development, construction, distribution or financing of infrastructure assets and the “Power Opportunities” business segment to include companies with a significant involvement in, supporting, or necessary to renewable energy technology and development, alternative fuels, energy efficiency, automotive and sustainable mobility and technologies that enable or support the growth and adoption of new power and energy sources. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information

Symbol on NYSE	BUI
Initial Offering Date	November 25, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2020 ($21.25)(a)	6.83%
Current Monthly Distribution per Common Share(b)	$0.1210
Current Annualized Distribution per Common Share(b)	$1.4520

^(a)  Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate consists of income, net realized gains and/or a return of capital. 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 the six months ended June 30, 2020 were as follows:

	Returns Based On
	Market Price			Net Asset Value
BUI(a)(b)		(1.17	)%		(5.75	)%
MSCI World Select Energy, Utilities and Industry Call Overwrite Index(c)		N/A			(16.07	)

^(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)  MSCI World Select Energy, Utilities and Industry Call Overwrite Index incorporates an option overlay component on the MSCI World Select Energy, Utilities and Industry Index with a 33% overwrite level.

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 contributors to relative returns were the Trust’s positions in clean-power utility companies. These positions benefited from resilient earnings during a challenging environment in which movement restrictions to fight the spread of the coronavirus had a negative impact on economic growth. Among individual clean-power utilities, U.S.-based NextEra Energy, Inc., Spanish utility EDP Renovaveis SA, Italy’s Enel SpA, and RWE AG in Germany made the most notable positive contributions.

The largest detractor from relative returns came from the Trust’s positions in companies with exposure to the automotive industry. In particular, specialty chemical manufacturer Johnson Matthey PLC weighed on performance. Among other individual positions, midstream energy services provider Enterprise Products Partners LP was a notable detractor, as volatility in oil prices had a negative impact on its business. U.S.-based electric power holding company Duke Energy Corp. also detracted from relative returns.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed positively to relative performance for the six-month period.

Describe recent portfolio activity.

During the period, the Trust took advantage of heightened market volatility to increase its exposure to companies that are playing a role in the energy transition from fossil-fuel based energy sources to renewable energy. In particular, the Trust added to positions in clean-power utilities, as well as companies in the solar power value chain.

26 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Information  as of June 30, 2020 (continued) BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Describe portfolio positioning at period end.

At period end, the utilities sector accounted for approximately 56% of the Trust’s assets. The Trust had approximately 23% and 10% of its assets invested in the industrials and energy sectors, respectively, and the remainder was invested in other infrastructure- and power-related sectors.

As of June 30, 2020, the Trust had an options overwriting program in place whereby 34% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 4.4% out of the money) with an average time until expiration of 50 days.

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

Market Price and Net Asset Value Per Share Summary

	06/30/20		12/31/19		Change			High		Low
Market Price	$	21.25	$	22.31		(4.75	)%	$	23.31	$	12.48
Net Asset Value		20.00		22.02		(9.17	)		22.96		15.06

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security	6/30/20
NextEra Energy, Inc.		9	%
Enel SpA		6
Iberdrola SA		4
EDP Renováveis, S.A.		4
RWE AG		4
Dominion Energy, Inc.		3
Kinder Morgan, Inc.		3
TC Energy Corp.		3
Williams Cos., Inc.		3
Vinci SA		3

* Excludes option positions and money market funds.

INDUSTRY ALLOCATION

Industry	6/30/20			12/31/19
Electric Utilities		33	%		31	%
Multi-Utilities		15			17
Oil, Gas & Consumable Fuels		10			11
Independent Power and Renewable Electricity Producers		8			8
Building Products		6			5
Electrical Equipment		6			9
Chemicals		5			6
Commercial Services & Supplies		5			2
Semiconductors & Semiconductor Equipment		4			3
Construction & Engineering		4			5
Machinery		2			1
Electronic Equipment, Instruments & Components		2			2

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 27

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.

28 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 97.6%
Energy Equipment & Services — 4.0%
Baker Hughes Co.(a)		224,200	$	3,450,438
Schlumberger Ltd.(a)		344,030		6,326,711
				9,777,149
Oil, Gas & Consumable Fuels — 93.6%
Aker BP ASA		133,000		2,461,270
BP PLC		4,694,080		17,983,214
Cairn Energy PLC(c)		1,276,691		1,857,938
Canadian Natural Resources Ltd.		112,410		1,949,952
Chevron Corp.(a)(b)		363,975		32,477,489
CNOOC Ltd.		3,007,000		3,374,838
Concho Resources, Inc.(a)		71,699		3,692,499
ConocoPhillips(a)		297,700		12,509,354
Enbridge, Inc.		155,950		4,741,909
EOG Resources, Inc.(a)		129,190		6,544,765
Exxon Mobil Corp.(a)(b)		87,562		3,915,773
Galp Energia SGPS SA		374,735		4,346,919
Gazprom PJSC — ADR		215,460		1,163,468
Hess Corp.(a)		136,990		7,097,452
Kinder Morgan, Inc.(a)		648,239		9,833,786
Kosmos Energy Ltd.(c)		1,301,228		2,160,038
Lukoil PJSC — ADR		30,810		2,290,234
Lundin Petroleum AB		218,040		5,321,402
Marathon Petroleum Corp.(a)		154,475		5,774,276
Oil Search Ltd.		1,025,118		2,271,824
Petroleo Brasileiro SA — ADR(a)(c)		288,821		2,388,550
Pioneer Natural Resources Co.(a)		76,646		7,488,314
Royal Dutch Shell PLC — ADR, Class A(a)		738,550		24,143,200
Santos Ltd.		702,130		2,609,518
Suncor Energy, Inc.		538,740		9,083,499
TC Energy Corp.		241,350		10,311,064
TOTAL SA		573,653		22,119,147
Valero Energy Corp.(a)		95,068		5,591,900

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc.(a)		501,490	$	9,538,340
				225,041,932
Total Long-Term Investments — 97.6% (Cost — $294,948,738)				234,819,081
Short-Term Securities — 3.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(d)(e)		7,415,401		7,415,401
Total Short-Term Securities — 3.1% (Cost — $7,415,401)				7,415,401
Total Investments Before Options Written — 100.7% (Cost — $302,364,139)				242,234,482
Options Written — (0.7)% (Premiums Received — $2,894,347)				(1,754,336	)
Total Investments, Net of Options Written — 100.0% (Cost — $299,469,792)				240,480,146
Liabilities in Excess of Other Assets — (0.0)%				(70,763	)
Net Assets — 100.0%			$	240,409,383

^(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)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased		Shares Sold			Shares Held at 06/30/20		Value at 06/30/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		12,745,390		—		(5,329,989	)(b)		7,415,401	$	7,415,401	$	39,731	$	—		—

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

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

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
Kinder Morgan, Inc.		330		07/02/20	USD	16.00	USD	501	$	(331	)
Royal Dutch Shell PLC — ADR, Class A		229		07/02/20	USD	34.50	USD	749		(2,290	)
Royal Dutch Shell PLC — ADR, Class A		229		07/02/20	USD	39.00	USD	749		(3,435	)
Chevron Corp.		426		07/10/20	USD	106.00	USD	3,801		(3,834	)
EOG Resources, Inc.		303		07/10/20	USD	59.00	USD	1,535		(1,969	)
Kinder Morgan, Inc.		27		07/10/20	USD	17.50	USD	41		(243	)

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Marathon Petroleum Corp.		18		07/10/20	USD	44.00	USD	67	$	(333	)
Suncor Energy, Inc.		96		07/10/20	CAD	26.50	CAD	220		(354	)
TC Energy Corp.		370		07/10/20	CAD	60.50	CAD	2,146		(3,679	)
Baker Hughes Co.		430		07/17/20	USD	14.00	USD	662		(81,700	)
Baker Hughes Co.		354		07/17/20	USD	18.00	USD	545		(2,655	)
Canadian Natural Resources Ltd.		300		07/17/20	CAD	26.00	CAD	707		(4,530	)
Chevron Corp.		199		07/17/20	USD	97.50	USD	1,776		(9,652	)
ConocoPhillips		253		07/17/20	USD	50.00	USD	1,063		(2,909	)
Enbridge, Inc.		162		07/17/20	CAD	46.00	CAD	669		(716	)
Exxon Mobil Corp.		57		07/17/20	USD	50.00	USD	255		(1,453	)
Hess Corp.		270		07/17/20	USD	50.00	USD	1,399		(99,225	)
Hess Corp.		7		07/17/20	USD	65.00	USD	36		(70	)
Kinder Morgan, Inc.		620		07/17/20	USD	16.00	USD	941		(12,090	)
Marathon Petroleum Corp.		384		07/17/20	USD	37.50	USD	1,435		(83,136	)
Petroleo Brasileiro SA — ADR		135		07/17/20	USD	8.00	USD	112		(7,627	)
Pioneer Natural Resources Co.		148		07/17/20	USD	110.00	USD	1,446		(11,100	)
Pioneer Natural Resources Co.		9		07/17/20	USD	100.00	USD	88		(3,060	)
Royal Dutch Shell PLC — ADR, Class A		631		07/17/20	USD	32.50	USD	2,063		(82,030	)
Suncor Energy, Inc.		253		07/17/20	CAD	27.00	CAD	579		(1,491	)
Suncor Energy, Inc.		253		07/17/20	CAD	28.00	CAD	579		(1,305	)
Suncor Energy, Inc.		58		07/17/20	CAD	26.00	CAD	133		(619	)
TC Energy Corp.		116		07/17/20	CAD	64.00	CAD	673		(513	)
Williams Cos., Inc.		468		07/17/20	USD	20.00	USD	890		(12,636	)
Chevron Corp.		100		07/24/20	USD	94.00	USD	892		(18,800	)
Concho Resources, Inc.		130		07/24/20	USD	59.00	USD	670		(7,800	)
ConocoPhillips		254		07/24/20	USD	50.50	USD	1,067		(6,223	)
EOG Resources, Inc.		149		07/24/20	USD	63.00	USD	755		(2,086	)
Exxon Mobil Corp.		113		07/24/20	USD	50.50	USD	505		(3,898	)
Hess Corp.		202		07/24/20	USD	55.00	USD	1,047		(36,057	)
Kinder Morgan, Inc.		330		07/24/20	USD	17.50	USD	501		(3,960	)
Marathon Petroleum Corp.		30		07/24/20	USD	46.50	USD	112		(1,170	)
Petroleo Brasileiro SA — ADR		261		07/24/20	USD	8.50	USD	216		(10,571	)
Pioneer Natural Resources Co.		49		07/24/20	USD	105.00	USD	479		(13,598	)
Royal Dutch Shell PLC — ADR, Class A		863		07/24/20	USD	38.00	USD	2,821		(23,733	)
Schlumberger Ltd.		388		07/24/20	USD	23.00	USD	714		(6,208	)
TC Energy Corp.		234		07/24/20	CAD	59.50	CAD	1,357		(14,392	)
Valero Energy Corp.		121		07/24/20	USD	67.50	USD	712		(8,833	)
Williams Cos., Inc.		291		07/24/20	USD	21.50	USD	553		(4,219	)
Williams Cos., Inc.		361		07/24/20	USD	19.50	USD	687		(21,480	)
Chevron Corp.		151		07/31/20	USD	97.50	USD	1,347		(18,271	)
Concho Resources, Inc.		105		07/31/20	USD	56.00	USD	541		(18,375	)
ConocoPhillips		534		07/31/20	USD	44.50	USD	2,244		(81,702	)
Exxon Mobil Corp.		136		07/31/20	USD	47.50	USD	608		(15,980	)
Kinder Morgan, Inc.		331		07/31/20	USD	17.00	USD	502		(2,813	)
Marathon Petroleum Corp.		41		07/31/20	USD	43.50	USD	153		(3,833	)
Petroleo Brasileiro SA — ADR		614		07/31/20	USD	10.00	USD	508		(7,368	)
Pioneer Natural Resources Co.		54		07/31/20	USD	99.50	USD	528		(32,940	)
Royal Dutch Shell PLC — ADR, Class A		632		07/31/20	USD	34.00	USD	2,066		(88,480	)
Valero Energy Corp.		71		07/31/20	USD	62.00	USD	418		(18,460	)
Williams Cos., Inc.		93		07/31/20	USD	20.00	USD	177		(3,487	)
Chevron Corp.		127		08/07/20	USD	92.00	USD	1,133		(43,879	)
Concho Resources, Inc.		15		08/07/20	USD	55.00	USD	77		(3,562	)
Kinder Morgan, Inc.		630		08/07/20	USD	15.00	USD	956		(51,345	)
Schlumberger Ltd.		410		08/07/20	USD	19.50	USD	754		(47,560	)
Williams Cos., Inc.		117		08/07/20	USD	19.00	USD	223		(15,561	)
Canadian Natural Resources Ltd.		93		08/21/20	CAD	30.00	CAD	219		(1,747	)
Chevron Corp.		270		08/21/20	USD	95.00	USD	2,409		(81,000	)
Enbridge, Inc.		383		08/21/20	USD	44.00	USD	1,581		(13,400	)
Marathon Petroleum Corp.		67		08/21/20	USD	37.50	USD	250		(24,623	)
Schlumberger Ltd.		410		08/21/20	USD	20.00	USD	754		(48,380	)
Suncor Energy, Inc.		952		08/21/20	CAD	27.00	CAD	2,179		(32,608	)
Suncor Energy, Inc.		268		08/21/20	CAD	26.00	CAD	613		(12,930	)

30 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
TC Energy Corp.		124		08/21/20	CAD	60.00	CAD	719	$	(14,340	)
Valero Energy Corp.		140		08/21/20	USD	65.00	USD	823		(32,200	)
Williams Cos., Inc.		425		08/21/20	USD	20.00	USD	808		(33,363	)
									$	(1,366,220	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Galp Energia SGPS SA	Credit Suisse International		49,800		07/07/20	EUR	10.31	EUR	514	$	(18,057	)
Lundin Petroleum AB	Credit Suisse International		16,800		07/07/20	SEK	234.42	SEK	3,821		(5,049	)
TOTAL SA	Credit Suisse International		39,400		07/07/20	EUR	33.55	EUR	1,352		(54,528	)
BP PLC	Credit Suisse International		542,500		07/09/20	GBP	3.37	GBP	1,676		(7,398	)
BP PLC	Credit Suisse International		304,000		07/14/20	GBP	3.30	GBP	939		(13,680	)
CNOOC Ltd.	Goldman Sachs International		222,000		07/14/20	HKD	9.26	HKD	1,931		(2,808	)
CNOOC Ltd.	Goldman Sachs International		520,000		07/14/20	HKD	9.15	HKD	4,524		(7,700	)
Gazprom PJSC — ADR	UBS AG		8,500		07/14/20	USD	5.78	USD	46		(91	)
Lukoil PJSC — ADR	Morgan Stanley & Co. International PLC		7,300		07/14/20	USD	79.98	USD	543		(213	)
Oil Search Ltd.	Goldman Sachs International		208,900		07/14/20	AUD	3.60	AUD	671		(5,581	)
TOTAL SA	Credit Suisse International		22,200		07/14/20	EUR	35.12	EUR	762		(16,804	)
Galp Energia SGPS SA	Goldman Sachs International		23,500		07/15/20	EUR	12.21	EUR	243		(728	)
Gazprom PJSC — ADR	Credit Suisse International		14,300		07/15/20	USD	6.03	USD	77		(127	)
Gazprom PJSC — ADR	Credit Suisse International		47,000		07/15/20	USD	5.69	USD	254		(564	)
TOTAL SA	Credit Suisse International		75,800		07/21/20	EUR	38.25	EUR	2,601		(15,490	)
Aker BP ASA	Citibank N.A.		23,000		07/23/20	NOK	191.11	NOK	4,097		(6,538	)
BP PLC	Credit Suisse International		603,200		07/23/20	GBP	3.58	GBP	1,864		(8,462	)
Gazprom PJSC — ADR	Credit Suisse International		11,500		07/23/20	USD	6.09	USD	62		(70	)
Lukoil PJSC — ADR	Credit Suisse International		5,300		07/23/20	USD	81.54	USD	394		(193	)
TOTAL SA	Goldman Sachs International		51,200		07/23/20	EUR	38.50	EUR	1,757		(9,789	)
Lundin Petroleum AB	Credit Suisse International		38,400		07/24/20	SEK	224.76	SEK	8,733		(46,602	)
Aker BP ASA	Goldman Sachs International		23,000		07/29/20	NOK	193.94	NOK	4,097		(6,292	)
CNOOC Ltd.	Goldman Sachs International		252,000		07/29/20	HKD	9.37	HKD	2,192		(5,209	)
TOTAL SA	Morgan Stanley & Co. International PLC		14,400		07/29/20	EUR	38.34	EUR	494		(4,764	)
BP PLC	Credit Suisse International		206,100		08/05/20	GBP	3.28	GBP	637		(26,001	)
Galp Energia SGPS SA	Goldman Sachs International		64,200		08/05/20	EUR	10.90	EUR	663		(31,220	)
Lundin Petroleum AB	Goldman Sachs International		21,700		08/12/20	SEK	241.61	SEK	4,935		(15,991	)
Oil Search Ltd.	Morgan Stanley & Co. International PLC		150,000		08/12/20	AUD	3.36	AUD	482		(18,718	)
Santos Ltd.	Morgan Stanley & Co. International PLC		245,700		08/12/20	AUD	5.40	AUD	1,324		(59,449	)
										$	(388,116	)

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	$	1,333,298	$	(193,287	)	$	(1,754,336	)

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Energy and Resources Trust (BGR)

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	$	—	$	—	$	1,754,336	$	—	$	—	$	—	$	1,754,336

For the six months ended June 30, 2020, 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	$	—	$	—	($	815,024	)	$	—	$	—	$	—	($	815,024	)

	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	$	—	$	—	$	2,253,788	$	—	$	—	$	—	$	2,253,788

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts written	$	2,772,269

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	$	—	$	1,754,336
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,366,220	)
Total derivative assets and liabilities subject to an MNA	$	—	$	388,116

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged (a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities  (b)
Citibank N.A.	$	6,538	$	—	$	—		$	—		6,538
Credit Suisse International		213,025		—		(213,025	)		—		—
Goldman Sachs International		85,318		—		(85,318	)		—		—
Morgan Stanley & Co. International PLC		83,144		—		(27,458	)		—		55,686
UBS AG		91		—		—			—		91
	$	388,116	$	—	$	(325,801	)	$	—	$	62,315

^(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.

32 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Energy and Resources Trust (BGR)

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	$	9,777,149		$	—		$	—	$	9,777,149
Oil, Gas & Consumable Fuels		159,242,160			65,799,772			—		225,041,932
Short-Term Securities		7,415,401			—			—		7,415,401
	$	176,434,710		$	65,799,772		$	—	$	242,234,482
Derivative Financial Instruments(a)
Liabilities:
Equity contracts	$	(1,366,220	)	$	(388,116	)	$	—	$	(1,754,336	)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

^(a)  Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Enhanced Capital and Income Fund (CII) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 100.3%
Aerospace & Defense — 1.2%
BAE Systems PLC—ADR		345,362	$	8,288,688
Automobiles — 1.2%
General Motors Co.		339,495		8,589,224
Banks — 4.5%
Bank of America Corp.(a)		480,935		11,422,206
JPMorgan Chase & Co.		139,233		13,096,256
U.S. Bancorp		192,429		7,085,236
				31,603,698
Biotechnology — 1.3%
Biogen, Inc.(b)		33,223		8,888,814
Capital Markets — 1.5%
E*Trade Financial Corp.		104,690		5,206,234
Raymond James Financial, Inc.		77,318		5,321,798
				10,528,032
Chemicals — 2.6%
Axalta Coating Systems Ltd.(b)		226,922		5,117,091
Corteva, Inc.(b)		509,553		13,650,925
				18,768,016
Communications Equipment — 2.5%
Cisco Systems, Inc.		379,539		17,701,699
Construction & Engineering — 2.0%
Quanta Services, Inc.		364,421		14,296,236
Consumer Finance — 0.9%
Ally Financial, Inc.		309,680		6,140,954
Diversified Financial Services — 2.3%
Berkshire Hathaway, Inc., Class B(b)		90,204		16,102,316
Diversified Telecommunication Services — 1.0%
Verizon Communications, Inc.		130,379		7,187,794
Electrical Equipment — 1.2%
Hubbell, Inc.		67,650		8,480,604
Food & Staples Retailing — 1.6%
Walmart, Inc.		93,940		11,252,133
Health Care Equipment & Supplies — 1.4%
Koninklijke Philips NV—ADR(b)		217,062		10,167,184
Health Care Providers & Services — 6.2%
Anthem, Inc.		45,210		11,889,326
Laboratory Corp. of America Holdings(b)		77,439		12,863,392
UnitedHealth Group, Inc.		65,930		19,446,054
				44,198,772
Household Durables — 0.5%
D.R. Horton, Inc.		69,646		3,861,871
Independent Power and Renewable Electricity Producers — 1.1%
AES Corp.		530,186		7,682,395
Insurance — 0.3%
Fidelity National Financial, Inc.		61,839		1,895,984
Interactive Media & Services — 8.9%
Alphabet, Inc., Class A(a)(b)		26,728		37,901,640
Facebook, Inc., Class A(b)		110,667		25,129,156
				63,030,796
Internet & Direct Marketing Retail — 6.5%
Alibaba Group Holding Ltd.—ADR(b)		46,126		9,949,378
Amazon.com, Inc.(b)		11,597		31,994,035
Booking Holdings, Inc.(b)		2,690		4,283,395
				46,226,808

Security	Shares		Value
IT Services — 5.1%
Cognizant Technology Solutions Corp., Class A		217,777	$	12,374,089
FleetCor Technologies, Inc.(b)		6,036		1,518,235
Visa, Inc., Class A		115,046		22,223,436
				36,115,760
Machinery — 2.5%
Fortive Corp.		141,953		9,604,540
Otis Worldwide Corp.		147,987		8,414,541
				18,019,081
Media — 3.6%
Comcast Corp., Class A		461,744		17,998,781
Fox Corp., Class A		272,700		7,313,814
				25,312,595
Multiline Retail — 3.3%
Dollar General Corp.		44,435		8,465,312
Dollar Tree, Inc.(b)		159,737		14,804,425
				23,269,737
Oil, Gas & Consumable Fuels — 3.4%
BP PLC — ADR		284,859		6,642,912
Chevron Corp.		102,513		9,147,235
ConocoPhillips		191,127		8,031,156
				23,821,303
Personal Products — 2.0%
Unilever NV — NY Shares		260,598		13,882,055
Pharmaceuticals — 4.7%
Novo Nordisk A/S — ADR		106,483		6,972,507
Pfizer, Inc.		393,514		12,867,908
Sanofi — ADR		268,542		13,709,069
				33,549,484
Professional Services — 1.3%
Robert Half International, Inc.		169,613		8,960,655
Real Estate Management & Development — 0.5%
CBRE Group, Inc., Class A(b)		84,047		3,800,605
Road & Rail — 1.3%
Norfolk Southern Corp.		50,828		8,923,872
Semiconductors & Semiconductor Equipment — 2.3%
NXP Semiconductors NV		35,979		4,103,045
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		217,838		12,366,663
				16,469,708
Software — 8.5%
CDK Global, Inc.		202,094		8,370,734
Microsoft Corp.(a)		254,853		51,865,134
				60,235,868
Specialty Retail — 3.4%
Lowe’s Cos., Inc.		74,579		10,077,115
O’Reilly Automotive, Inc.(b)		18,841		7,944,684
Ross Stores, Inc.		71,558		6,099,604
				24,121,403
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc.(a)(c)		142,306		51,913,229
Textiles, Apparel & Luxury Goods — 0.5%
Skechers U.S.A., Inc., Class A(b)		123,711		3,882,051
Tobacco — 1.9%
Altria Group, Inc.(a)		350,669		13,763,758
Total Long-Term Investments — 100.3% (Cost — $557,686,874)				710,933,182

34 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced Capital and Income Fund (CII) (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities — 1.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(d)(e)		11,280,090	$	11,280,090
Total Short-Term Securities — 1.6% (Cost — $11,280,090)				11,280,090
Total Investments Before Options Written — 101.9% (Cost — $568,966,964)				722,213,272
Options Written — (1.9)% (Premiums Received — $11,792,720)				(13,728,981	)
Total Investments, Net of Options Written — 100.0% (Cost — $557,174,244)				708,484,291
Other Assets Less Liabilities — 0.0%				354,060
Net Assets — 100.0%			$	708,838,351

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

^(b)  Non-income producing security.

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

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

^(e)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased			Shares Sold		Shares Held at 06/30/20		Value at 06/30/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		4,423,595		6,856,495	(b)		—		11,280,090	$	11,280,090	$	19,932	$	—	$	—

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

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
Alphabet, Inc., Class A		52		07/02/20	USD	1,450.00	USD	7,374		$	(9,360	)
Altria Group, Inc.		195		07/02/20	USD	40.50	USD	765			(780	)
Amazon.com, Inc.		14		07/02/20	USD	2,475.00	USD	3,862			(397,390	)
BP PLC — ADR		92		07/02/20	USD	25.00	USD	215			(276	)
Bank of America Corp.		286		07/02/20	USD	26.50	USD	679			(429	)
Bank of America Corp.		158		07/02/20	USD	25.00	USD	375			(869	)
Bank of America Corp.		81		07/02/20	USD	25.50	USD	192			(202	)
Cisco Systems, Inc.		219		07/02/20	USD	47.00	USD	1,021			(5,256	)
Cognizant Technology Solutions Corp., Class A		73		07/02/20	USD	55.00	USD	415			(16,060	)
Fox Corp., Class A		486		07/02/20	USD	29.00	USD	1,303			(109,350	)
General Motors Co.		356		07/02/20	USD	27.00	USD	901			(2,314	)
Microsoft Corp.		172		07/02/20	USD	185.00	USD	3,500			(320,780	)
Norfolk Southern Corp.		85		07/02/20	USD	175.00	USD	1,492			(30,388	)
Skechers U.S.A., Inc., Class A		130		07/02/20	USD	29.50	USD	408			(26,325	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		51		07/02/20	USD	56.50	USD	290			(3,442	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		40		07/02/20	USD	53.50	USD	227			(12,800	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		20		07/02/20	USD	54.50	USD	114			(4,600	)
U.S. Bancorp		173		07/02/20	USD	36.00	USD	637	��		(19,809	)
Visa, Inc., Class A		2		07/02/20	USD	195.00	USD	39			(153	)
Alibaba Group Holding Ltd. — ADR		25		07/10/20	USD	210.00	USD	539			(20,000	)
Altria Group, Inc.		196		07/10/20	USD	40.00	USD	769			(8,526	)

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Anthem, Inc.		77		07/10/20	USD	300.00	USD	2,025		$	(3,619	)
Apple, Inc.		193		07/10/20	USD	337.50	USD	7,041			(544,260	)
Bank of America Corp.		456		07/10/20	USD	26.00	USD	1,083			(4,560	)
Bank of America Corp.		286		07/10/20	USD	27.00	USD	679			(1,144	)
Bank of America Corp.		59		07/10/20	USD	29.50	USD	140			(118	)
Berkshire Hathaway, Inc., Class B		40		07/10/20	USD	185.00	USD	714			(1,440	)
BP PLC — ADR		114		07/10/20	USD	26.50	USD	266			(342	)
BP PLC — ADR		83		07/10/20	USD	28.00	USD	194			(498	)
Chevron Corp.		193		07/10/20	USD	106.00	USD	1,722			(1,737	)
Cisco Systems, Inc.		276		07/10/20	USD	47.00	USD	1,287			(16,284	)
Cognizant Technology Solutions Corp., Class A		264		07/10/20	USD	59.00	USD	1,500			(12,540	)
Cognizant Technology Solutions Corp., Class A		21		07/10/20	USD	57.00	USD	119			(2,730	)
Comcast Corp., Class A		907		07/10/20	USD	43.00	USD	3,535			(1,814	)
Comcast Corp., Class A		362		07/10/20	USD	41.50	USD	1,411			(3,620	)
ConocoPhillips		120		07/10/20	USD	52.00	USD	504			(840	)
Facebook, Inc., Class A		317		07/10/20	USD	237.50	USD	7,198			(51,037	)
General Motors Co.		119		07/10/20	USD	29.50	USD	301			(773	)
JPMorgan Chase & Co.	��	123		07/10/20	USD	114.00	USD	1,157			(799	)
Microsoft Corp.		343		07/10/20	USD	187.50	USD	6,980			(583,100	)
Microsoft Corp.		142		07/10/20	USD	200.00	USD	2,890			(75,615	)
Pfizer, Inc.		85		07/10/20	USD	34.50	USD	278			(1,190	)
Ross Stores, Inc.		11		07/10/20	USD	105.00	USD	94			(1,650	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		20		07/10/20	USD	57.00	USD	114			(1,750	)
U.S. Bancorp		179		07/10/20	USD	43.00	USD	659			(1,074	)
UnitedHealth Group, Inc.		135		07/10/20	USD	312.50	USD	3,982			(12,487	)
Verizon Communications, Inc.		139		07/10/20	USD	57.00	USD	766			(1,668	)
Verizon Communications, Inc.		61		07/10/20	USD	58.00	USD	336			(366	)
Visa, Inc., Class A		94		07/10/20	USD	200.00	USD	1,816			(7,661	)
Walmart, Inc.		157		07/10/20	USD	127.00	USD	1,881			(1,334	)
AES Corp.		502		07/17/20	USD	14.00	USD	727			(42,670	)
Alibaba Group Holding Ltd. — ADR		115		07/17/20	USD	215.00	USD	2,481			(73,025	)
Ally Financial, Inc.		933		07/17/20	USD	17.00	USD	1,850			(303,225	)
Ally Financial, Inc.		150		07/17/20	USD	24.00	USD	297			(2,625	)
Alphabet, Inc., Class A		34		07/17/20	USD	1,380.00	USD	4,821			(193,290	)
Alphabet, Inc., Class A		31		07/17/20	USD	1,465.00	USD	4,396			(33,945	)
Altria Group, Inc.		488		07/17/20	USD	42.50	USD	1,915			(8,540	)
Amazon.com, Inc.		14		07/17/20	USD	2,460.00	USD	3,862			(424,865	)
Anthem, Inc.		14		07/17/20	USD	290.00	USD	368			(1,127	)
Apple, Inc.		315		07/17/20	USD	320.00	USD	11,491			(1,415,138	)
Axalta Coating Systems Ltd.		156		07/17/20	USD	23.00	USD	352			(9,360	)
BP PLC — ADR		182		07/17/20	USD	26.00	USD	424	��		(2,275	)
BP PLC — ADR		83		07/17/20	USD	29.00	USD	194			(830	)
Bank of America Corp.		150		07/17/20	USD	25.00	USD	356			(7,725	)
Bank of America Corp.		46		07/17/20	USD	26.00	USD	109			(1,288	)
Bank of America Corp.		285		07/17/20	USD	27.00	USD	677			(4,417	)
Berkshire Hathaway, Inc., Class B		41		07/17/20	USD	185.00	USD	732			(3,505	)
Biogen, Inc.		56		07/17/20	USD	335.00	USD	1,498			(5,320	)
Booking Holdings, Inc.		3		07/17/20	USD	1,750.00	USD	478			(3,960	)
CBRE Group, Inc., Class A		54		07/17/20	USD	45.00	USD	244			(10,935	)
CDK Global, Inc.		354		07/17/20	USD	45.00	USD	1,466			(7,965	)
Chevron Corp.		117		07/17/20	USD	97.50	USD	1,044			(5,674	)
Cisco Systems, Inc.		146		07/17/20	USD	46.00	USD	681			(20,148	)
Cognizant Technology Solutions Corp., Class A		84		07/17/20	USD	55.00	USD	477			(21,840	)
Comcast Corp., Class A		439		07/17/20	USD	37.50	USD	1,711			(89,995	)
ConocoPhillips		205		07/17/20	USD	50.00	USD	861			(2,357	)
Corteva, Inc.		418		07/17/20	USD	29.00	USD	1,120			(10,450	)
D.R. Horton, Inc.		306		07/17/20	USD	60.00	USD	1,697			(11,934	)
Dollar Tree, Inc.		134		07/17/20	USD	95.00	USD	1,242			(22,445	)
E*Trade Financial Corp.		337		07/17/20	USD	40.00	USD	1,676			(337,843	)
Facebook, Inc., Class A		93		07/17/20	USD	250.00	USD	2,112			(7,812	)
Facebook, Inc., Class A		43		07/17/20	USD	240.00	USD	976			(9,761	)
Fortive Corp.		258		07/17/20	USD	60.00	USD	1,746			(212,205	)

36 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
General Motors Co.		401		07/17/20	USD	27.00	USD	1,015	$	(20,652	)
Hubbell, Inc.		122		07/17/20	USD	125.00	USD	1,529		(48,495	)
JPMorgan Chase & Co.		96		07/17/20	USD	115.00	USD	903		(1,296	)
Laboratory Corp. of America Holdings		491		07/17/20	USD	180.00	USD	8,156		(38,053	)
Lowe’s Cos., Inc.		272		07/17/20	USD	125.00	USD	3,675		(303,960	)
Lowe’s Cos., Inc.		44		07/17/20	USD	120.00	USD	595		(68,200	)
Lowe’s Cos., Inc.		43		07/17/20	USD	130.00	USD	581		(30,423	)
Microsoft Corp.		289		07/17/20	USD	190.00	USD	5,881		(400,265	)
Norfolk Southern Corp.		123		07/17/20	USD	190.00	USD	2,160		(28,598	)
Norfolk Southern Corp.		61		07/17/20	USD	185.00	USD	1,071		(14,335	)
Novo Nordisk A/S — ADR		339		07/17/20	USD	70.00	USD	2,220		(9,322	)
NXP Semiconductors NV		126		07/17/20	USD	105.00	USD	1,437		(142,065	)
Otis Worldwide Corp.		238		07/17/20	USD	60.00	USD	1,353		(14,875	)
Pfizer, Inc.		928		07/17/20	USD	38.00	USD	3,035		(3,248	)
Quanta Services, Inc.		599		07/17/20	USD	42.00	USD	2,350		(19,468	)
Raymond James Financial, Inc.		169		07/17/20	USD	65.00	USD	1,163		(88,725	)
Robert Half International, Inc.		674		07/17/20	USD	50.00	USD	3,561		(259,490	)
Ross Stores, Inc.		103		07/17/20	USD	90.00	USD	878		(14,677	)
Ross Stores, Inc.		11		07/17/20	USD	105.00	USD	94		(247	)
Sanofi — ADR		301		07/17/20	USD	55.00	USD	1,537		(6,772	)
Skechers U.S.A., Inc., Class A		219		07/17/20	USD	35.00	USD	687		(6,022	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		61		07/17/20	USD	55.00	USD	346		(15,403	)
U.S. Bancorp		146		07/17/20	USD	40.00	USD	538		(8,176	)
UnitedHealth Group, Inc.		8		07/17/20	USD	300.00	USD	236		(5,480	)
Verizon Communications, Inc.		179		07/17/20	USD	57.50	USD	987		(2,685	)
Visa, Inc., Class A		94		07/17/20	USD	195.00	USD	1,816		(31,584	)
Walmart, Inc.		284		07/17/20	USD	125.00	USD	3,402		(11,928	)
Alibaba Group Holding Ltd. — ADR		13		07/24/20	USD	235.00	USD	280		(1,703	)
Altria Group, Inc.		488		07/24/20	USD	43.50	USD	1,915		(39,528	)
Anthem, Inc.		77		07/24/20	USD	300.00	USD	2,025		(4,158	)
Apple, Inc.		208		07/24/20	USD	355.00	USD	7,588		(346,840	)
Bank of America Corp.		50		07/24/20	USD	25.50	USD	119		(2,450	)
Bank of America Corp.		38		07/24/20	USD	30.50	USD	90		(133	)
Bank of America Corp.		29		07/24/20	USD	27.00	USD	69		(652	)
Berkshire Hathaway, Inc., Class B		222		07/24/20	USD	185.00	USD	3,963		(34,410	)
Biogen, Inc.		14		07/24/20	USD	280.00	USD	375		(9,310	)
Booking Holdings, Inc.		7		07/24/20	USD	1,650.00	USD	1,115		(35,210	)
BP PLC — ADR		186		07/24/20	USD	26.00	USD	434		(4,185	)
Chevron Corp.		48		07/24/20	USD	94.00	USD	428		(9,024	)
Cisco Systems, Inc.		147		07/24/20	USD	48.50	USD	686		(8,085	)
Cognizant Technology Solutions Corp., Class A		141		07/24/20	USD	56.50	USD	801		(34,545	)
Comcast Corp., Class A		419		07/24/20	USD	42.00	USD	1,633		(11,103	)
ConocoPhillips		205		07/24/20	USD	50.50	USD	861		(5,022	)
Dollar General Corp.		275		07/24/20	USD	195.00	USD	5,239		(68,063	)
D.R. Horton, Inc.		180		07/24/20	USD	59.50	USD	998		(17,550	)
General Motors Co.		120		07/24/20	USD	30.00	USD	304		(1,740	)
JPMorgan Chase & Co.		96		07/24/20	USD	115.00	USD	903		(1,728	)
Microsoft Corp.		143		07/24/20	USD	192.50	USD	2,910		(186,258	)
Pfizer, Inc.		928		07/24/20	USD	38.00	USD	3,035		(4,640	)
Skechers U.S.A., Inc., Class A		420		07/24/20	USD	34.00	USD	1,318		(48,300	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		241		07/24/20	USD	57.50	USD	1,368		(36,150	)
U.S. Bancorp		208		07/24/20	USD	42.00	USD	766		(7,280	)
UnitedHealth Group, Inc.		24		07/24/20	USD	305.00	USD	708		(15,060	)
Verizon Communications, Inc.		168		07/24/20	USD	58.00	USD	926		(4,200	)
Alibaba Group Holding Ltd. — ADR		135		07/31/20	USD	220.00	USD	2,912		(86,400	)
Alphabet, Inc., Class A		48		07/31/20	USD	1,450.00	USD	6,807		(198,000	)
Altria Group, Inc.		391		07/31/20	USD	43.00	USD	1,535		(13,880	)
Amazon.com, Inc.		31		07/31/20	USD	2,685.00	USD	8,552		(509,408	)
Apple, Inc.		176		07/31/20	USD	362.50	USD	6,420		(270,160	)
Bank of America Corp.		180		07/31/20	USD	26.00	USD	428		(9,000	)
Berkshire Hathaway, Inc., Class B		12		07/31/20	USD	185.00	USD	214		(2,550	)
Biogen, Inc.		46		07/31/20	USD	280.00	USD	1,231		(36,340	)

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Booking Holdings, Inc.		3		07/31/20	USD	1,730.00	USD	478	$	(10,455	)
BP PLC — ADR		83		07/31/20	USD	25.50	USD	194		(3,527	)
Chevron Corp.		43		07/31/20	USD	97.50	USD	384		(5,203	)
Cisco Systems, Inc.		231		07/31/20	USD	48.00	USD	1,077		(19,866	)��
Cisco Systems, Inc.		83		07/31/20	USD	47.00	USD	387		(10,790	)
Comcast Corp., Class A		70		07/31/20	USD	41.00	USD	273		(5,670	)
ConocoPhillips		244		07/31/20	USD	46.00	USD	1,025		(25,986	)
Dollar Tree, Inc.		508		07/31/20	USD	93.00	USD	4,708		(200,660	)
Facebook, Inc., Class A		108		07/31/20	USD	232.50	USD	2,452		(103,140	)
General Motors Co.		119		07/31/20	USD	30.00	USD	301		(3,153	)
JPMorgan Chase & Co.		105		07/31/20	USD	106.00	USD	988		(9,135	)
Lowe’s Cos., Inc.		103		07/31/20	USD	135.00	USD	1,392		(52,788	)
Microsoft Corp.		112		07/31/20	USD	202.50	USD	2,279		(83,720	)
Pfizer, Inc.		501		07/31/20	USD	34.50	USD	1,638		(28,056	)
Ross Stores, Inc.		94		07/31/20	USD	97.00	USD	801		(21,620	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		339		07/31/20	USD	57.00	USD	1,925		(66,953	)
U.S. Bancorp		163		07/31/20	USD	40.50	USD	600		(12,714	)
UnitedHealth Group, Inc.		63		07/31/20	USD	305.00	USD	1,858		(49,298	)
Visa, Inc., Class A		174		07/31/20	USD	200.00	USD	3,361		(61,770	)
Walmart, Inc.		141		07/31/20	USD	121.00	USD	1,689		(32,430	)
Altria Group, Inc.		418		08/07/20	USD	41.00	USD	1,641		(43,681	)
Bank of America Corp.		67		08/07/20	USD	26.00	USD	159		(3,819	)
BP PLC — ADR		91		08/07/20	USD	25.00	USD	212		(6,552	)
Chevron Corp.		96		08/07/20	USD	92.00	USD	857		(33,168	)
Cisco Systems, Inc.		113		08/07/20	USD	45.50	USD	527		(26,160	)
Cisco Systems, Inc.		57		08/07/20	USD	46.00	USD	266		(11,685	)
Cisco Systems, Inc.		56		08/07/20	USD	46.50	USD	261		(9,744	)
Cognizant Technology Solutions Corp., Class A		38		08/07/20	USD	58.00	USD	216		(9,975	)
Comcast Corp., Class A		374		08/07/20	USD	39.50	USD	1,458		(55,913	)
ConocoPhillips		410		08/07/20	USD	44.50	USD	1,723		(69,495	)
Dollar Tree, Inc.		348		08/07/20	USD	100.00	USD	3,225		(39,150	)
JPMorgan Chase & Co.		125		08/07/20	USD	98.00	USD	1,176		(38,000	)
Microsoft Corp.		142		08/07/20	USD	207.50	USD	2,890		(90,525	)
Ross Stores, Inc.		73		08/07/20	USD	87.00	USD	622		(25,733	)
U.S. Bancorp		209		08/07/20	USD	38.50	USD	770		(32,918	)
Verizon Communications, Inc.		28		08/07/20	USD	55.00	USD	154		(4,130	)
AES Corp.		1,671		08/21/20	USD	14.00	USD	2,421		(213,053	)
Amazon.com, Inc.		12		08/21/20	USD	2,780.00	USD	3,311		(169,800	)
Axalta Coating Systems Ltd.		638		08/21/20	USD	23.00	USD	1,439		(81,345	)
Axalta Coating Systems Ltd.		482		08/21/20	USD	25.00	USD	1,087		(27,715	)
Bank of America Corp.		67		08/21/20	USD	27.00	USD	159		(3,316	)
Booking Holdings, Inc.		4		08/21/20	USD	1,710.00	USD	637		(27,740	)
BP PLC — ADR		83		08/21/20	USD	26.00	USD	194		(4,482	)
CBRE Group, Inc., Class A		255		08/21/20	USD	45.00	USD	1,153		(89,250	)
CDK Global, Inc.		354		08/21/20	USD	45.00	USD	1,466		(44,250	)
Chevron Corp.		138		08/21/20	USD	95.00	USD	1,231		(41,400	)
Cognizant Technology Solutions Corp., Class A		141		08/21/20	USD	57.50	USD	801		(41,948	)
Comcast Corp., Class A		291		08/21/20	USD	40.00	USD	1,134		(47,142	)
Corteva, Inc.		237		08/21/20	USD	29.00	USD	635		(21,330	)
Corteva, Inc.		236		08/21/20	USD	28.00	USD	632		(30,090	)
Facebook, Inc., Class A		125		08/21/20	USD	260.00	USD	2,838		(36,250	)
Fidelity National Financial, Inc.		192		08/21/20	USD	36.00	USD	589		(7,200	)
Fidelity National Financial, Inc.		191		08/21/20	USD	34.00	USD	586		(14,802	)
Fortive Corp.		247		08/21/20	USD	69.00	USD	1,671		(91,939	)
General Motors Co.		73		08/21/20	USD	27.00	USD	185		(9,380	)
Hubbell, Inc.		86		08/21/20	USD	135.00	USD	1,078		(26,660	)
JPMorgan Chase & Co.		116		08/21/20	USD	100.00	USD	1,091		(35,612	)
Koninklijke Philips NV — ADR		481		08/21/20	USD	47.83	USD	2,253		(78,403	)
Microsoft Corp.		237		08/21/20	USD	210.00	USD	4,823		(151,088	)
Novo Nordisk A/S — ADR		339		08/21/20	USD	70.00	USD	2,220		(38,985	)
O’Reilly Automotive, Inc.		120		08/21/20	USD	440.00	USD	5,060		(180,000	)
Otis Worldwide Corp.		285		08/21/20	USD	60.00	USD	1,621		(79,800	)

38 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Quanta Services, Inc.		599		08/21/20	USD	42.00	USD	2,350	$	(77,870	)
Quanta Services, Inc.		250		08/21/20	USD	43.00	USD	981		(24,375	)
Quanta Services, Inc.		75		08/21/20	USD	39.00	USD	294		(19,875	)
Raymond James Financial, Inc.		198		08/21/20	USD	80.00	USD	1,363		(22,770	)
Robert Half International, Inc.		377		08/21/20	USD	55.00	USD	1,992		(97,078	)
Ross Stores, Inc.		80		08/21/20	USD	95.00	USD	682		(19,000	)
Ross Stores, Inc.		71		08/21/20	USD	100.00	USD	605		(11,360	)
Sanofi — ADR		1,363		08/21/20	USD	52.26	USD	6,958		(219,428	)
U.S. Bancorp		115		08/21/20	USD	42.50	USD	423		(8,452	)
Unilever NV — NY Shares		235		08/21/20	USD	55.00	USD	1,252		(25,850	)
Verizon Communications, Inc.		315		08/21/20	USD	55.00	USD	1,737		(51,818	)
Visa, Inc., Class A		40		08/21/20	USD	205.00	USD	773		(13,560	)
									$	(12,783,160	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
AES Corp.	Bank of America N.A.		111,400		07/08/20		USD	12.38		USD	1,614	$	(236,490	)
BAE Systems PLC — ADR	JPMorgan Chase Bank N.A.		62,600		07/15/20		USD	25.95		USD	1,502		(25,234	)
BAE Systems PLC — ADR	JPMorgan Chase Bank N.A.		25,000		08/19/20		USD	25.14		USD	600		(15,262	)
BAE Systems PLC — ADR	Bank of America N.A.		17,300		08/06/20		USD	25.46		USD	415		(18,924	)
BAE Systems PLC — ADR	JPMorgan Chase Bank N.A.		15,900		07/28/20		USD	25.88		USD	382		(12,085	)
Hubbell, Inc.	Credit Suisse International		22,600		07/20/20		USD	118.58		USD	2,833		(210,903	)
Koninklijke Philips NV — ADR	Credit Suisse International		29,400		07/15/20		USD	41.97		USD	1,377		(148,118	)
Quanta Services, Inc.	JPMorgan Chase Bank N.A.		73,600		07/29/20		USD	40.64		USD	2,887		(87,368	)
Unilever NV — NY Shares	Bank of America N.A.		25,900		07/08/20		USD	49.61		USD	1,380		(95,787	)
Unilever NV — NY Shares	Credit Suisse International		24,200		09/09/20		USD	53.75		USD	1,289		(44,709	)
Unilever NV — NY Shares	Credit Suisse International		17,600		07/22/20		USD	52.56		USD	938		(50,941	)
												$	(945,821	)

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	$	3,584,763	$	(5,521,024	)	$	(13,728,981	)

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	$	—	$	—	$	13,728,981	$	—	$	—	$	—	$	13,728,981

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced Capital and Income Fund (CII)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the six months ended June 30, 2020, 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	$	—	$	—	$	(20,598,491	)	$	—	$	—	$	—	$	(20,598,491	)
Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	655,814		$	—	$	—	$	—	$	655,814

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts written	$	12,459,696

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	$	—	$	13,728,981
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(12,783,160	)
Total derivative assets and liabilities subject to an MNA	$	—	$	945,821

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged (a)			Cash Collateral Pledged (a)			Net Amount of Derivative Liabilities
Bank of America N.A.	$	351,201	$	—	$	(351,201	)	$	—		$	—
Credit Suisse International		454,671		—		—			(454,671	)		—
JPMorgan Chase Bank N.A.		139,949		—		(139,949	)		—			—
	$	945,821	$	—	$	(491,150	)	$	(454,671	)	$	—

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

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:
Long-Term Investments	$	710,933,182		$	—		$	—	$	710,933,182
Short-Term Securities		11,280,090			—			—		11,280,090
	$	722,213,272		$	—		$	—	$	722,213,272
Derivative Financial Instruments(a)
Liabilities:
Equity contracts	$	(12,393,390	)	$	(1,335,591	)	$	—	$	(13,728,981	)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

^(a)  Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.

40 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.4%
Aerospace & Defense — 2.0%
BAE Systems PLC		5,018,436	$	30,007,541
Air Freight & Logistics — 0.5%
FedEx Corp.(a)		53,750		7,536,825
Automobiles — 1.4%
General Motors Co.(a)		839,680		21,243,904
Banks — 10.7%
Bank of America Corp.(a)		2,233,352		53,042,110
Citigroup, Inc.(a) (b)		1,030,792		52,673,471
JPMorgan Chase & Co.(a) (b)		269,219		25,322,739
Wells Fargo & Co.(a)		1,277,818		32,712,141
				163,750,461
Beverages — 1.4%
Constellation Brands, Inc., Class A(a)		123,741		21,648,488
Capital Markets — 5.8%
Charles Schwab Corp.(a)		598,200		20,183,268
CME Group, Inc.(a)		62,710		10,192,883
Morgan Stanley(a)		697,706		33,699,200
Raymond James Financial, Inc.(a)		354,610		24,407,806
				88,483,157
Chemicals — 1.6%
Corteva, Inc.(a)(c)		364,551		9,766,321
DuPont de Nemours, Inc.(a)		265,974		14,131,199
				23,897,520
Communications Equipment — 2.0%
Cisco Systems, Inc.(a)		339,868		15,851,443
Motorola Solutions, Inc.(a)		100,230		14,045,230
				29,896,673
Consumer Finance — 0.6%
American Express Co.(a)		105,400		10,034,080
Diversified Financial Services — 2.2%
Berkshire Hathaway, Inc., Class B(a) (c)		124,625		22,246,809
Equitable Holdings, Inc.(a)		579,562		11,179,751
				33,426,560
Diversified Telecommunication Services — 4.4%
Verizon Communications, Inc.(a) (b)		1,216,250		67,051,863
Electric Utilities — 3.6%
Edison International(a)		262,790		14,272,125
FirstEnergy Corp.(a) (b)		834,530		32,363,074
PPL Corp.(a)		319,054		8,244,355
				54,879,554
Food Products — 0.9%
Nestle SA, Registered Shares		127,108		14,092,543
Health Care Equipment & Supplies — 5.7%
Alcon, Inc.(c)		265,830		15,274,387
Koninklijke Philips NV(c)		719,193		33,548,701
Medtronic PLC(a)		409,309		37,533,635
				86,356,723
Health Care Providers & Services — 7.2%
Anthem, Inc.(a)(b)		159,101		41,840,381
CVS Health Corp.(a)		414,822		26,950,985
McKesson Corp.(a)		91,066		13,971,346
Quest Diagnostics, Inc.(a)		42,404		4,832,360
UnitedHealth Group, Inc.(a)		73,080		21,554,946
				109,150,018

Security	Shares		Value
Household Durables — 0.7%
Newell Brands, Inc.(a)		667,896	$	10,606,188
Industrial Conglomerates — 2.9%
General Electric Co.(a)		3,246,203		22,171,567
Siemens AG, Registered Shares		186,180		21,957,528
				44,129,095
Insurance — 7.3%
Allstate Corp.(a)		131,757		12,779,111
American International Group, Inc.(a)		1,057,676		32,978,338
Arthur J Gallagher & Co.(a)		277,288		27,032,807
Fidelity National Financial, Inc.(a)		269,940		8,276,360
MetLife, Inc.(a)		624,633		22,811,597
Willis Towers Watson PLC(a)		36,410		7,170,950
				111,049,163
IT Services — 3.6%
Cognizant Technology Solutions Corp., Class A(a)		609,619		34,638,552
Visa, Inc., Class A(a)		104,413		20,169,459
				54,808,011
Media — 3.1%
Comcast Corp., Class A(a)		816,675		31,833,991
Fox Corp., Class A(a)		550,700		14,769,774
Fox Corp., Class B(c)		26,570		713,139
				47,316,904
Multi-Utilities — 2.0%
NiSource, Inc.(a)		193,480		4,399,735
Public Service Enterprise Group, Inc.(a)		524,385		25,778,767
				30,178,502
Multiline Retail — 0.7%
Dollar General Corp.(a)		54,572		10,396,512
Oil, Gas & Consumable Fuels — 8.4%
BP PLC		3,146,820		12,055,597
ConocoPhillips(a)		408,460		17,163,489
Enterprise Products Partners LP(a)		1,157,821		21,037,608
Equinor ASA		1,142,170		16,453,721
Marathon Petroleum Corp.(a)		625,376		23,376,555
Pioneer Natural Resources Co.(a)		225,989		22,079,125
Williams Cos., Inc.(a)		832,029		15,825,192
				127,991,287
Personal Products — 2.2%
Unilever NV — NY Shares(a)		630,160		33,568,623
Pharmaceuticals — 6.5%
AstraZeneca PLC		226,698		23,593,459
Bayer AG, Registered Shares		437,514		32,430,058
Pfizer, Inc.(a)		360,488		11,787,958
Sanofi		301,690		30,767,722
				98,579,197
Road & Rail — 1.0%
Union Pacific Corp.(a)		94,690		16,009,238
Semiconductors & Semiconductor Equipment — 1.3%
Applied Materials, Inc.(a)		137,030		8,283,464
NXP Semiconductors NV(a)		103,750		11,831,650
				20,115,114
Software — 2.3%
CDK Global, Inc.(a)		160,450		6,645,839
Microsoft Corp.(a)		136,540		27,787,255
Open Text Corp.		17,970		763,366
				35,196,460
Specialty Retail — 2.5%
Lowe’s Cos., Inc.(a)		118,770		16,048,203

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Ross Stores, Inc.(a)		163,600	$	13,945,264
TJX Cos., Inc.(a)		153,520		7,761,971
				37,755,438
Technology Hardware, Storage & Peripherals — 1.6%
Samsung Electronics Co. Ltd. — GDR		22,649		24,760,208
Tobacco — 2.4%
Altria Group, Inc.(a)		877,976		34,460,558
Philip Morris International, Inc.(a)		40,940		2,868,256
				37,328,814
Trading Companies & Distributors — 0.9%
Ferguson PLC		178,110		14,563,438
Total Common Stocks — 99.4% (Cost — $1,376,031,397)				1,515,808,102
Preferred Stock — 1.3%
Household Products — 1.3%
Henkel AG & Co. KGaA, Preference Shares, 0.00%		203,170		18,954,477
Total Preferred Securities — 1.3% (Cost — $18,703,928)				18,954,477
Total Long-Term Investments — 100.7% (Cost — $1,394,735,325)				1,534,762,579

Security	Shares		Value
Short-Term Securities — 0.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(d)(e)		8,249,540	$	8,249,540
Total Short-Term Securities — 0.5% (Cost — $8,249,540)				8,249,540
Total Investments Before Options Written — 101.2% (Cost — $1,402,984,865)				1,543,012,119
Options Written — (1.3)% (Premiums Received — $25,160,970)				(19,243,435	)
Total Investments, Net of Options Written — 99.9% (Cost — $1,377,823,895)				1,523,768,684
Other Assets Less Liabilities — 0.1%				925,977
Net Assets — 100.0%			$	1,524,694,661

^(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) Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased			Shares Sold		Shares Held at 06/30/20		Value at 06/30/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		8,249,540	(b)		—		8,249,540	$	8,249,540	$	28,938	$	—	$	—

^(a) Includes net capital gain distributions, if applicable.

^(b) Represents net shares purchased (sold).

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
Altria Group, Inc.		491		07/10/20	USD	40.00	USD	1,927	$	(21,358	)
Altria Group, Inc.		490		07/02/20	USD	40.50	USD	1,923		(1,960	)
American Express Co.		165		07/02/20	USD	104.00	USD	1,571		(2,145	)
American International Group, Inc.		328		07/10/20	USD	36.00	USD	1,023		(3,280	)
Anthem, Inc.		159		07/10/20	USD	300.00	USD	4,181		(7,473	)
Anthem, Inc.		97		07/02/20	USD	290.00	USD	2,551		(17,945	)
AXA Equitable Holdings, Inc.		987		07/10/20	USD	21.01	USD	1,904		(20,133	)
Bank of America Corp.		1,323		07/02/20	USD	26.50	USD	3,142		(1,984	)
Bank of America Corp.		1,051		07/02/20	USD	25.50	USD	2,496		(2,627	)
Bank of America Corp.		1,023		07/02/20	USD	25.00	USD	2,430		(5,626	)
Charles Schwab Corp.		223		07/02/20	USD	35.50	USD	752		(4,460	)
Charles Schwab Corp.		139		07/02/20	USD	36.50	USD	469		(3,475	)
Charles Schwab Corp.		139		07/02/20	USD	38.00	USD	469		(2,780	)

42 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Cisco Systems, Inc.		98		07/02/20	USD	47.00	USD	457	$	(2,352	)
Citigroup, Inc.		702		07/02/20	USD	54.00	USD	3,587		(8,073	)
Citigroup, Inc.		511		07/02/20	USD	49.50	USD	2,611		(96,835	)
CME Group, Inc.		105		07/02/20	USD	187.50	USD	1,707		(2,100	)
Cognizant Technology Solutions Corp., Class A		748		07/02/20	USD	55.00	USD	4,250		(164,560	)
Fox Corp., Class A		530		07/02/20	USD	29.00	USD	1,421		(119,250	)
General Electric Co.		5,004		07/02/20	USD	7.00	USD	3,418		(32,526	)
General Motors Co.		681		07/02/20	USD	27.00	USD	1,723		(4,426	)
MetLife, Inc.		1,232		07/02/20	USD	37.50	USD	4,499		(26,488	)
MetLife, Inc.		406		07/02/20	USD	35.00	USD	1,483		(70,847	)
Microsoft Corp.		71		07/02/20	USD	185.00	USD	1,445		(132,415	)
Ross Stores, Inc.		116		07/02/20	USD	103.00	USD	989		(8,120	)
Union Pacific Corp.		141		07/02/20	USD	175.00	USD	2,384		(16,356	)
Visa, Inc., Class A		110		07/02/20	USD	195.00	USD	2,125		(8,415	)
Wells Fargo & Co.		678		07/02/20	USD	26.50	USD	1,736		(11,187	)
Bank of America Corp.		1,632		07/10/20	USD	26.00	USD	3,876		(16,320	)
Bank of America Corp.		1,324		07/10/20	USD	27.00	USD	3,145		(5,296	)
Bank of America Corp.		384		07/10/20	USD	29.50	USD	912		(768	)
Berkshire Hathaway, Inc., Class B		194		07/10/20	USD	185.00	USD	3,463		(6,984	)
Charles Schwab Corp.		268		07/10/20	USD	39.50	USD	904		(4,020	)
Cisco Systems, Inc.		330		07/10/20	USD	47.00	USD	1,539		(19,470	)
Citigroup, Inc.		405		07/10/20	USD	57.00	USD	2,070		(5,872	)
Cognizant Technology Solutions Corp., Class A		187		07/10/20	USD	57.00	USD	1,063		(24,310	)
Comcast Corp., Class A		634		07/10/20	USD	41.50	USD	2,471		(6,340	)
Comcast Corp., Class A		272		07/10/20	USD	43.00	USD	1,060		(544	)
ConocoPhillips		449		07/10/20	USD	52.00	USD	1,887		(3,143	)
General Electric Co.		4,461		07/10/20	USD	8.50	USD	3,047		(6,691	)
General Motors Co.		227		07/10/20	USD	29.50	USD	574		(1,475	)
JPMorgan Chase & Co.		328		07/10/20	USD	114.00	USD	3,085		(2,132	)
Marathon Petroleum Corp.		345		07/10/20	USD	44.00	USD	1,290		(6,382	)
Microsoft Corp.		142		07/10/20	USD	187.50	USD	2,890		(241,400	)
Microsoft Corp.		66		07/10/20	USD	200.00	USD	1,343		(35,145	)
NXP Semiconductors NV		138		07/10/20	USD	109.00	USD	1,574		(97,635	)
Ross Stores, Inc.		240		07/10/20	USD	105.00	USD	2,046		(36,000	)
Verizon Communications, Inc.		749		07/10/20	USD	57.00	USD	4,129		(8,988	)
Verizon Communications, Inc.		534		07/10/20	USD	58.00	USD	2,944		(3,204	)
Visa, Inc., Class A		140		07/10/20	USD	200.00	USD	2,704		(11,410	)
Wells Fargo & Co.		703		07/10/20	USD	31.00	USD	1,800		(3,515	)
AXA Equitable Holdings, Inc.		927		07/17/20	USD	21.01	USD	1,788		(34,771	)
Allstate Corp.		308		07/17/20	USD	100.00	USD	2,987		(38,808	)
Allstate Corp.		107		07/17/20	USD	105.00	USD	1,038		(3,638	)
Altria Group, Inc.		1,099		07/17/20	USD	42.50	USD	4,314		(19,232	)
American International Group, Inc.		1,019		07/17/20	USD	32.00	USD	3,177		(112,600	)
American International Group, Inc.		814		07/17/20	USD	34.00	USD	2,538		(39,072	)
Anthem, Inc.		221		07/17/20	USD	290.00	USD	5,812		(17,790	)
Applied Materials, Inc.		376		07/17/20	USD	62.50	USD	2,273		(48,128	)
Arthur J Gallagher & Co.		893		07/17/20	USD	90.00	USD	8,706		(763,515	)
Arthur J Gallagher & Co.		536		07/17/20	USD	100.00	USD	5,225		(69,680	)
Arthur J Gallagher & Co.		96		07/17/20	USD	95.00	USD	936		(39,840	)
Bank of America Corp.		1,324		07/17/20	USD	27.00	USD	3,145		(20,522	)
Bank of America Corp.		836		07/17/20	USD	25.00	USD	1,986		(43,054	)
Bank of America Corp.		369		07/17/20	USD	26.00	USD	876		(10,332	)
Berkshire Hathaway, Inc., Class B		253		07/17/20	USD	185.00	USD	4,516		(21,632	)
CVS Health Corp.		460		07/17/20	USD	67.50	USD	2,989		(31,740	)
Charles Schwab Corp.		222		07/17/20	USD	38.00	USD	749		(8,325	)
Charles Schwab Corp.		222		07/17/20	USD	43.00	USD	749		(2,220	)
Cisco Systems, Inc.		358		07/17/20	USD	46.00	USD	1,670		(49,404	)
Citigroup, Inc.		809		07/17/20	USD	55.00	USD	4,134		(80,091	)
CME Group, Inc.		86		07/17/20	USD	185.00	USD	1,398		(4,300	)
CME Group, Inc.		33		07/17/20	USD	190.00	USD	536		(577	)
Cognizant Technology Solutions Corp., Class A		747		07/17/20	USD	55.00	USD	4,244		(194,220	)

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Comcast Corp., Class A		1,604		07/17/20	USD	37.50	USD	6,252	$	(328,820	)
ConocoPhillips		629		07/17/20	USD	46.00	USD	2,643		(35,224	)
ConocoPhillips		85		07/17/20	USD	50.00	USD	357		(977	)
Constellation Brands, Inc., Class A		77		07/17/20	USD	175.00	USD	1,347		(54,285	)
Corteva, Inc.		960		07/17/20	USD	29.00	USD	2,572		(24,000	)
DuPont de Nemours, Inc.		292		07/17/20	USD	50.00	USD	1,551		(116,070	)
Edison International		121		07/17/20	USD	62.50	USD	657		(1,815	)
Edison International		203		07/17/20	USD	65.00	USD	1,102		(2,537	)
Edison International		373		07/17/20	USD	60.00	USD	2,026		(8,392	)
Enterprise Products Partners LP		2,667		07/17/20	USD	20.00	USD	4,846		(20,002	)
FedEx Corp.		149		07/17/20	USD	130.00	USD	2,089		(192,583	)
Fidelity National Financial, Inc.		257		07/17/20	USD	30.00	USD	788		(39,193	)
Fidelity National Financial, Inc.		500		07/17/20	USD	35.00	USD	1,533		(5,000	)
FirstEnergy Corp.		681		07/17/20	USD	47.00	USD	2,641		(6,810	)
FirstEnergy Corp.		1,332		07/17/20	USD	43.00	USD	5,165		(6,660	)
Fox Corp., Class A		530		07/17/20	USD	30.00	USD	1,421		(10,600	)
General Electric Co.		1,520		07/17/20	USD	7.00	USD	1,038		(41,800	)
General Motors Co.		409		07/17/20	USD	27.00	USD	1,035		(21,063	)
JPMorgan Chase & Co.		167		07/17/20	USD	115.00	USD	1,571		(2,254	)
Lowe’s Cos., Inc.		192		07/17/20	USD	120.00	USD	2,594		(297,600	)
Lowe’s Cos., Inc.		334		07/17/20	USD	125.00	USD	4,513		(373,245	)
Marathon Petroleum Corp.		590		07/17/20	USD	37.50	USD	2,205		(127,735	)
McKesson Corp.		323		07/17/20	USD	165.00	USD	4,955		(23,418	)
Medtronic PLC		1,044		07/17/20	USD	97.50	USD	9,573		(48,024	)
MetLife, Inc.		593		07/17/20	USD	35.00	USD	2,166		(144,099	)
Microsoft Corp.		256		07/17/20	USD	190.00	USD	5,210		(354,560	)
Motorola Solutions, Inc.		355		07/17/20	USD	140.00	USD	4,975		(149,100	)
Newell Brands, Inc.		4,341		07/17/20	USD	16.00	USD	6,894		(249,608	)
NiSource, Inc.		416		07/17/20	USD	26.00	USD	946		(49,920	)
NiSource, Inc.		324		07/17/20	USD	24.00	USD	737		(5,670	)
NXP Semiconductors NV		99		07/17/20	USD	115.00	USD	1,129		(44,550	)
PPL Corp.		877		07/17/20	USD	27.00	USD	2,266		(26,310	)
Pfizer, Inc.		809		07/17/20	USD	38.00	USD	2,645		(2,831	)
Philip Morris International, Inc.		158		07/17/20	USD	72.50	USD	1,107		(10,665	)
Pioneer Natural Resources Co.		189		07/17/20	USD	110.00	USD	1,847		(14,175	)
Public Service Enterprise Group, Inc.		1,762		07/17/20	USD	50.00	USD	8,662		(132,150	)
Public Service Enterprise Group, Inc.		244		07/17/20	USD	55.00	USD	1,200		(3,660	)
Quest Diagnostics, Inc.		65		07/17/20	USD	115.00	USD	741		(15,437	)
Raymond James Financial, Inc.		506		07/17/20	USD	65.00	USD	3,483		(265,650	)
Raymond James Financial, Inc.		353		07/17/20	USD	87.50	USD	2,430		(14,120	)
Raymond James Financial, Inc.		110		07/17/20	USD	70.00	USD	757		(23,650	)
Ross Stores, Inc.		240		07/17/20	USD	105.00	USD	2,046		(5,400	)
TJX Cos., Inc.		844		07/17/20	USD	60.00	USD	4,267		(8,440	)
Unilever NV — NY Shares		1,041		07/17/20	USD	51.75	USD	5,545		(232,945	)
UnitedHealth Group, Inc.		225		07/17/20	USD	300.00	USD	6,636		(154,125	)
Verizon Communications, Inc.		972		07/17/20	USD	57.50	USD	5,359		(14,580	)
Visa, Inc., Class A		140		07/17/20	USD	195.00	USD	2,704		(47,040	)
Wells Fargo & Co.		1,199		07/17/20	USD	27.50	USD	3,069		(66,545	)
Williams Cos., Inc.		1,234		07/17/20	USD	20.00	USD	2,347		(33,318	)
Willis Towers Watson PLC		100		07/17/20	USD	200.00	USD	1,970		(33,250	)
AXA Equitable Holdings, Inc.		987		07/24/20	USD	21.01	USD	1,904		(53,309	)
Altria Group, Inc.		1,099		07/24/20	USD	43.50	USD	4,314		(89,019	)
American Express Co.		207		07/24/20	USD	113.00	USD	1,971		(4,450	)
American International Group, Inc.		603		07/24/20	USD	39.00	USD	1,880		(9,949	)
American International Group, Inc.		529		07/24/20	USD	35.00	USD	1,649		(23,805	)
Anthem, Inc.		159		07/24/20	USD	300.00	USD	4,181		(8,586	)
Bank of America Corp.		484		07/24/20	USD	27.00	USD	1,150		(10,890	)
Bank of America Corp.		276		07/24/20	USD	25.50	USD	656		(13,524	)
Bank of America Corp.		253		07/24/20	USD	30.50	USD	601		(885	)
Berkshire Hathaway, Inc., Class B		238		07/24/20	USD	185.00	USD	4,249		(36,890	)
CVS Health Corp.		506		07/24/20	USD	72.00	USD	3,287		(15,180	)
CME Group, Inc.		63		07/24/20	USD	195.00	USD	1,024		(13,860	)

44 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Charles Schwab Corp.		612		07/24/20	USD	39.50	USD	2,065	$	(39,780	)
Cisco Systems, Inc.		347		07/24/20	USD	48.50	USD	1,618		(19,085	)
Citigroup, Inc.		482		07/24/20	USD	56.50	USD	2,463		(43,139	)
Citigroup, Inc.		202		07/24/20	USD	57.00	USD	1,032		(16,261	)
Cognizant Technology Solutions Corp., Class A		494		07/24/20	USD	56.50	USD	2,807		(121,030	)
ConocoPhillips		85		07/24/20	USD	50.50	USD	357		(2,082	)
Constellation Brands, Inc., Class A		242		07/24/20	USD	190.00	USD	4,234		(65,340	)
Dollar General Corp.		300		07/24/20	USD	195.00	USD	5,715		(74,250	)
DuPont de Nemours, Inc.		470		07/24/20	USD	53.50	USD	2,497		(104,575	)
Enterprise Products Partners LP		1,721		07/24/20	USD	19.50	USD	3,127		(43,025	)
Fox Corp., Class A		907		07/24/20	USD	31.50	USD	2,433		(13,605	)
General Electric Co.		887		07/24/20	USD	8.50	USD	606		(3,991	)
General Motors Co.		392		07/24/20	USD	30.00	USD	992		(5,684	)
General Motors Co.		171		07/24/20	USD	33.50	USD	433		(2,565	)
JPMorgan Chase & Co.		167		07/24/20	USD	115.00	USD	1,571		(3,006	)
Marathon Petroleum Corp.		610		07/24/20	USD	46.50	USD	2,280		(23,790	)
Medtronic PLC		221		07/24/20	USD	96.00	USD	2,027		(28,509	)
MetLife, Inc.		405		07/24/20	USD	37.50	USD	1,479		(52,245	)
Microsoft Corp.		67		07/24/20	USD	192.50	USD	1,364		(87,268	)
Morgan Stanley		1,307		07/24/20	USD	52.50	USD	6,313		(91,490	)
NXP Semiconductors NV		166		07/24/20	USD	117.00	USD	1,893		(92,545	)
Pfizer, Inc.		809		07/24/20	USD	38.00	USD	2,645		(4,045	)
Philip Morris International, Inc.		33		07/24/20	USD	76.00	USD	231		(1,485	)
Pioneer Natural Resources Co.		332		07/24/20	USD	105.00	USD	3,244		(92,130	)
Union Pacific Corp.		180		07/24/20	USD	177.50	USD	3,043		(72,900	)
Verizon Communications, Inc.		1,481		07/24/20	USD	58.00	USD	8,165		(37,025	)
Wells Fargo & Co.		648		07/24/20	USD	36.00	USD	1,659		(5,184	)
Wells Fargo & Co.		351		07/24/20	USD	31.50	USD	899		(5,440	)
Williams Cos., Inc.		860		07/24/20	USD	19.50	USD	1,636		(51,170	)
Altria Group, Inc.		812		07/31/20	USD	43.00	USD	3,187		(28,826	)
American Express Co.		207		07/31/20	USD	100.00	USD	1,971		(48,956	)
American International Group, Inc.		2,524		07/31/20	USD	34.00	USD	7,870		(241,042	)
Bank of America Corp.		1,002		07/31/20	USD	26.00	USD	2,380		(50,100	)
Charles Schwab Corp.		714		07/31/20	USD	39.50	USD	2,409		(16,065	)
Cisco Systems, Inc.		389		07/31/20	USD	48.00	USD	1,814		(33,454	)
Citigroup, Inc.		405		07/31/20	USD	59.00	USD	2,070		(26,528	)
Citigroup, Inc.		202		07/31/20	USD	59.50	USD	1,032		(11,716	)
CME Group, Inc.		86		07/31/20	USD	175.00	USD	1,398		(16,770	)
Comcast Corp., Class A		719		07/31/20	USD	41.00	USD	2,803		(58,239	)
ConocoPhillips		705		07/31/20	USD	46.00	USD	2,962		(75,083	)
Constellation Brands, Inc., Class A		361		07/31/20	USD	180.00	USD	6,316		(258,115	)
CVS Health Corp.		277		07/31/20	USD	67.00	USD	1,800		(31,163	)
Enterprise Products Partners LP		631		07/31/20	USD	21.00	USD	1,147		(22,085	)
FedEx Corp.		146		07/31/20	USD	145.00	USD	2,047		(81,760	)
Fox Corp., Class A		1,061		07/31/20	USD	31.00	USD	2,846		(26,525	)
General Electric Co.		5,095		07/31/20	USD	8.50	USD	3,480		(40,760	)
General Motors Co.		682		07/31/20	USD	30.00	USD	1,725		(18,073	)
JPMorgan Chase & Co.		532		07/31/20	USD	106.00	USD	5,004		(46,284	)
Lowe’s Cos., Inc.		127		07/31/20	USD	135.00	USD	1,716		(65,088	)
Marathon Petroleum Corp.		610		07/31/20	USD	43.50	USD	2,280		(57,035	)
McKesson Corp.		41		07/31/20	USD	155.00	USD	629		(23,370	)
Medtronic PLC		766		07/31/20	USD	92.00	USD	7,024		(253,163	)
MetLife, Inc.		176		07/31/20	USD	42.00	USD	643		(10,120	)
Microsoft Corp.		67		07/31/20	USD	202.50	USD	1,364		(50,083	)
Morgan Stanley		942		07/31/20	USD	50.50	USD	4,550		(137,061	)
NXP Semiconductors NV		167		07/31/20	USD	118.00	USD	1,904		(86,840	)
Pfizer, Inc.		364		07/31/20	USD	34.50	USD	1,190		(20,384	)
Philip Morris International, Inc.		33		07/31/20	USD	76.00	USD	231		(2,046	)
Pioneer Natural Resources Co.		440		07/31/20	USD	99.50	USD	4,299		(268,400	)
Ross Stores, Inc.		303		07/31/20	USD	97.00	USD	2,583		(69,690	)
UnitedHealth Group, Inc.		35		07/31/20	USD	305.00	USD	1,032		(27,388	)
Verizon Communications, Inc.		368		07/31/20	USD	58.00	USD	2,029		(11,776	)

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Visa, Inc., Class A		184		07/31/20	USD	200.00	USD	3,554	$	(65,320	)
Wells Fargo & Co.		590		07/31/20	USD	32.00	USD	1,510		(10,325	)
Wells Fargo & Co.		351		07/31/20	USD	31.50	USD	899		(7,722	)
Williams Cos., Inc.		8		07/31/20	USD	20.00	USD	15		(300	)
Altria Group, Inc.		837		08/07/20	USD	41.00	USD	3,285		(87,467	)
Bank of America Corp.		418		08/07/20	USD	26.00	USD	993		(23,826	)
Cisco Systems, Inc.		174		08/07/20	USD	45.50	USD	812		(40,281	)
Cisco Systems, Inc.		87		08/07/20	USD	46.50	USD	406		(15,138	)
Cisco Systems, Inc.		86		08/07/20	USD	46.00	USD	401		(17,630	)
Cognizant Technology Solutions Corp., Class A		683		08/07/20	USD	58.00	USD	3,881		(179,288	)
Comcast Corp., Class A		990		08/07/20	USD	39.50	USD	3,859		(148,005	)
ConocoPhillips		293		08/07/20	USD	44.50	USD	1,231		(49,664	)
DuPont de Nemours, Inc.		272		08/07/20	USD	52.50	USD	1,445		(91,800	)
Enterprise Products Partners LP		1,349		08/07/20	USD	18.50	USD	2,451		(431,680	)
General Electric Co.		887		08/07/20	USD	7.50	USD	606		(25,723	)
JPMorgan Chase & Co.		174		08/07/20	USD	98.00	USD	1,637		(52,896	)
Microsoft Corp.		67		08/07/20	USD	207.50	USD	1,364		(42,713	)
Morgan Stanley		646		08/07/20	USD	51.00	USD	3,120		(91,086	)
Union Pacific Corp.		294		08/07/20	USD	170.00	USD	4,971		(228,585	)
Verizon Communications, Inc.		1,280		08/07/20	USD	55.00	USD	7,057		(188,800	)
Williams Cos., Inc.		1,021		08/07/20	USD	19.00	USD	1,942		(135,793	)
Allstate Corp.		309		08/21/20	USD	105.00	USD	2,997		(53,766	)
American Express Co.		165		08/21/20	USD	105.00	USD	1,571		(36,630	)
Applied Materials, Inc.		376		08/21/20	USD	62.50	USD	2,273		(122,388	)
Bank of America Corp.		418		08/21/20	USD	27.00	USD	993		(20,691	)
CDK Global, Inc.		441		08/21/20	USD	45.00	USD	1,827		(55,125	)
Charles Schwab Corp.		751		08/21/20	USD	35.00	USD	2,534		(142,690	)
Citigroup, Inc.		405		08/21/20	USD	55.00	USD	2,070		(80,798	)
CME Group, Inc.		34		08/21/20	USD	185.00	USD	553		(5,015	)
Cognizant Technology Solutions Corp., Class A		494		08/21/20	USD	57.50	USD	2,807		(146,965	)
Comcast Corp., Class A		272		08/21/20	USD	40.00	USD	1,060		(44,064	)
Corteva, Inc.		523		08/21/20	USD	29.00	USD	1,401		(47,070	)
Corteva, Inc.		522		08/21/20	USD	28.00	USD	1,398		(66,555	)
CVS Health Corp.		416		08/21/20	USD	65.00	USD	2,703		(120,224	)
DuPont de Nemours, Inc.		428		08/21/20	USD	55.00	USD	2,274		(111,280	)
Edison International		374		08/21/20	USD	65.00	USD	2,031		(10,285	)
Edison International		374		08/21/20	USD	62.50	USD	2,031		(21,505	)
Fidelity National Financial, Inc.		364		08/21/20	USD	34.00	USD	1,116		(28,210	)
Fidelity National Financial, Inc.		363		08/21/20	USD	36.00	USD	1,113		(13,612	)
FirstEnergy Corp.		644		08/21/20	USD	42.00	USD	2,497		(30,590	)
General Motors Co.		796		08/21/20	USD	27.00	USD	2,014		(102,286	)
JPMorgan Chase & Co.		112		08/21/20	USD	100.00	USD	1,053		(34,384	)
Marathon Petroleum Corp.		346		08/21/20	USD	37.50	USD	1,293		(127,155	)
Medtronic PLC		220		08/21/20	USD	95.00	USD	2,017		(65,340	)
MetLife, Inc.		623		08/21/20	USD	37.50	USD	2,275		(121,485	)
Microsoft Corp.		14		08/21/20	USD	210.00	USD	285		(8,925	)
Morgan Stanley		942		08/21/20	USD	50.00	USD	4,550		(203,943	)
Motorola Solutions, Inc.		296		08/21/20	USD	150.00	USD	4,148		(118,400	)
NiSource, Inc.		324		08/21/20	USD	24.00	USD	737		(17,010	)
PPL Corp.		877		08/21/20	USD	27.00	USD	2,266		(76,738	)
Pioneer Natural Resources Co.		281		08/21/20	USD	110.00	USD	2,745		(106,780	)
Quest Diagnostics, Inc.		210		08/21/20	USD	120.00	USD	2,393		(66,150	)
Raymond James Financial, Inc.		981		08/21/20	USD	80.00	USD	6,752		(112,815	)
Unilever NV — NY Shares		1,183		08/21/20	USD	55.00	USD	6,302		(130,130	)
UnitedHealth Group, Inc.		141		08/21/20	USD	310.00	USD	4,159		(118,793	)
Verizon Communications, Inc.		1,305		08/21/20	USD	55.00	USD	7,194		(214,673	)
Wells Fargo & Co.		591		08/21/20	USD	30.00	USD	1,513		(33,096	)
Williams Cos., Inc.		1,453		08/21/20	USD	20.00	USD	2,764		(114,061	)
Willis Towers Watson PLC		100		08/21/20	USD	210.00	USD	1,970		(39,000	)
Public Service Enterprise Group, Inc.		878		09/18/20	USD	55.00	USD	4,316		(79,020	)
									$	(15,568,304	)

46 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced Equity Dividend Trust (BDJ)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
BAE Systems PLC	UBS AG		309,200		07/01/20		GBP	5.08		GBP	1,493	$	(419	)
Bayer AG, Registered Shares	Morgan Stanley & Co. International PLC		62,700		07/07/20		EUR	60.76		EUR	4,137		(402,262	)
Nestle SA, Registered Shares	Credit Suisse International		5,900		07/07/20		CHF	109.37		CHF	620		(147	)
Henkel AG & Co. KGaA, Preference Shares	UBS AG		35,600		07/08/20		EUR	80.38		EUR	2,956		(128,739	)
Unilever NV — NY Shares	Bank of America N.A.		47,200		07/08/20		USD	49.61		USD	2,514		(174,562	)
Sanofi	UBS AG		13,400		07/09/20		EUR	91.04		EUR	1,216		(23,179	)
Alcon, Inc.	UBS AG		85,300		07/14/20		CHF	62.26		CHF	4,644		(2,979	)
AstraZeneca PLC	Credit Suisse International		2,400		07/14/20		GBP	89.15		GBP	202		(2,801	)
BAE Systems PLC	UBS AG		213,900		07/14/20		GBP	5.24		GBP	1,033		(3,996	)
Bayer AG, Registered Shares	UBS AG		49,500		07/14/20		EUR	65.84		EUR	3,266		(113,507	)
Sanofi	UBS AG		13,300		07/14/20		EUR	89.69		EUR	1,207		(38,915	)
Statoil ASA	UBS AG		278,700		07/14/20		NOK	156.00		NOK	38,645		(37,926	)
Statoil ASA	Credit Suisse International		120,000		07/14/20		NOK	158.34		NOK	16,639		(13,086	)
Ferguson PLC	UBS AG		65,900		07/15/20		GBP	69.15		GBP	4,349		(74,410	)
Henkel AG & Co. KGaA, Preference Shares	Credit Suisse International		76,100		07/15/20		EUR	87.22		EUR	6,319		(40,753	)
Nestle SA, Registered Shares	Goldman Sachs International		400		07/15/20		CHF	104.74		CHF	42		(650	)
Alcon, Inc.	UBS AG		23,500		07/21/20		CHF	65.04		CHF	1,279		(906	)
BAE Systems PLC	Goldman Sachs International		518,400		07/21/20		GBP	5.27		GBP	2,504		(14,426	)
Bayer AG, Registered Shares	UBS AG		62,800		07/21/20		EUR	68.59		EUR	4,144		(92,272	)
Statoil ASA	Credit Suisse International		146,900		07/21/20		NOK	156.77		NOK	20,369		(31,788	)
BP PLC	Morgan Stanley & Co. International PLC		865,000		07/22/20		GBP	3.31		GBP	2,673		(57,688	)
Sanofi	Goldman Sachs International		93,900		07/22/20		EUR	93.11		EUR	8,523		(136,732	)
Unilever NV — NY Shares	Credit Suisse International		43,600		07/22/20		USD	52.56		USD	2,323		(126,194	)
Koninklijke Philips NV	Goldman Sachs International		143,900		07/23/20		EUR	43.07		EUR	5,975		(102,398	)
Siemens AG, Registered Shares	Credit Suisse International		42,700		07/24/20		EUR	103.07		EUR	4,482		(226,609	)
BAE Systems PLC	Goldman Sachs International		518,400		07/29/20		GBP	5.27		GBP	2,504		(25,384	)
BP PLC	Credit Suisse International		865,000		07/29/20		GBP	3.32		GBP	2,673		(79,101	)
Ferguson PLC	Credit Suisse International		32,000		07/29/20		GBP	68.92		GBP	2,112		(67,353	)
Koninklijke Philips NV	Goldman Sachs International		143,900		07/29/20		EUR	43.07		EUR	5,975		(123,826	)
Siemens AG, Registered Shares	Morgan Stanley & Co. International PLC		59,600		07/29/20		EUR	106.48		EUR	6,256		(218,417	)
FirstEnergy Corp.	JPMorgan Chase Bank N.A.		128,800		08/04/20		USD	42.73		USD	4,995		(26,248	)
AstraZeneca PLC	Goldman Sachs International		122,100		08/05/20		GBP	86.68		GBP	10,255		(440,826	)
BAE Systems PLC	UBS AG		1,200,200		08/05/20		GBP	5.04		GBP	5,797		(186,872	)
Alcon, Inc.	Citibank N.A.		37,350		08/12/20		CHF	55.58		CHF	2,033		(77,076	)
Nestle SA, Registered Shares	Morgan Stanley & Co. International PLC		63,700		08/12/20		CHF	105.83		CHF	6,691		(136,714	)
Samsung Electronics Co. Ltd. — GDR	Morgan Stanley & Co. International PLC		12,400		08/12/20		USD	1,134.69		USD	13,556		(346,208	)
Statoil ASA	UBS AG		82,600		08/12/20		NOK	142.11		NOK	11,453		(38,240	)
Unilever NV — NY Shares	Credit Suisse International		33,300		09/09/20		USD	53.75		USD	1,774		(61,522	)
												$	(3,675,131	)

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	$	10,535,318	$	(4,617,783	)	$	(19,243,435	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	19,243,435	$	—	$	—	$	—	$	19,243,435

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced Equity Dividend Trust (BDJ)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the six months ended June 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Options purchased(a)	$	—	$	—	$	(1,788,785	)	$	—	$	—	$	—	$	(1,788,785	)
Options written		—		—		(15,418,259	)		—		—		—		(15,418,259	)
	$	—	$	—	$	(17,207,044	)	$	—	$	—	$	—	$	(17,207,044	)

^(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 written	$	—	$	—	$	10,833,983	$	—	$	—	$	—	$	10,833,983

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts purchased	$	19,690
Average value of option contracts written	$	22,681,626

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Options	$	—	$	19,243,435
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(15,568,304	)
Total derivative assets and liabilities subject to an MNA	$	—	$	3,675,131

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by

the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged (a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities (b)
Bank of America N.A.	$	174,562	$	—	$	—		$	—	$	174,562
Citibank N.A.		77,076		—		—			—		77,076
Credit Suisse International		649,354		—		(649,354	)		—		—
Goldman Sachs International		844,242		—		(844,242	)		—		—
JPMorgan Chase Bank N.A.		26,248		—		(26,248	)		—		—
Morgan Stanley & Co. International PLC		1,161,289		—		(1,161,289	)		—		—
UBS AG		742,360		—		(742,360	)		—		—
	$	3,675,131	$	—	$	(3,423,493	)	$	—	$	251,638

^(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.

48 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced Equity Dividend Trust (BDJ)

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:
Aerospace & Defense	$	—		$	30,007,541		$	—	$	30,007,541
Air Freight & Logistics		7,536,825			—			—		7,536,825
Automobiles		21,243,904			—			—		21,243,904
Banks		163,750,461			—			—		163,750,461
Beverages		21,648,488			—			—		21,648,488
Capital Markets		88,483,157			—			—		88,483,157
Chemicals		23,897,520			—			—		23,897,520
Communications Equipment		29,896,673			—			—		29,896,673
Consumer Finance		10,034,080			—			—		10,034,080
Diversified Financial Services		33,426,560			—			—		33,426,560
Diversified Telecommunication Services		67,051,863			—			—		67,051,863
Electric Utilities		54,879,554			—			—		54,879,554
Food Products		—			14,092,543			—		14,092,543
Health Care Equipment & Supplies		71,082,336			15,274,387			—		86,356,723
Health Care Providers & Services		109,150,018			—			—		109,150,018
Household Durables		10,606,188			—			—		10,606,188
Industrial Conglomerates		22,171,567			21,957,528			—		44,129,095
Insurance		111,049,163			—			—		111,049,163
IT Services		54,808,011			—			—		54,808,011
Media		47,316,904			—			—		47,316,904
Multi-Utilities		30,178,502			—			—		30,178,502
Multiline Retail		10,396,512			—			—		10,396,512
Oil, Gas & Consumable Fuels		99,481,969			28,509,318			—		127,991,287
Personal Products		33,568,623			—			—		33,568,623
Pharmaceuticals		11,787,958			86,791,239			—		98,579,197
Road & Rail		16,009,238			—			—		16,009,238
Semiconductors & Semiconductor Equipment		20,115,114			—			—		20,115,114
Software		35,196,460			—			—		35,196,460
Specialty Retail		37,755,438			—			—		37,755,438
Technology Hardware, Storage & Peripherals		—			24,760,208			—		24,760,208
Tobacco		37,328,814			—			—		37,328,814
Trading Companies & Distributors		—			14,563,438			—		14,563,438
Preferred Stock		—			18,954,477			—		18,954,477
Short-Term Securities		8,249,540			—			—		8,249,540
	$	1,288,101,440		$	254,910,679		$	—	$	1,543,012,119
Derivative Financial Instruments(a)
Liabilities:
Equity contracts	$	(15,227,147	)	$	(4,016,288	)	$	—	$	(19,243,435	)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

^(a)  Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 49

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Enhanced Global Dividend Trust (BOE) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.4%
Australia — 2.7%
Ansell Ltd.		237,398	$	6,034,646
Ensogo Ltd.(a)(b)		418,198		3
Sonic Healthcare Ltd.		593,197		12,526,423
				18,561,072
Canada — 5.1%
Rogers Communications, Inc., Class B		313,838		12,610,388
TELUS Corp.		1,356,985		22,759,685
				35,370,073
Denmark — 1.6%
Novo Nordisk A/S, Class B		174,231		11,350,755
Finland — 1.2%
Kone OYJ, Class B		124,071		8,557,099
France — 4.5%
Sanofi		207,790		21,191,371
Schneider Electric SE		88,097		9,799,612
				30,990,983
Germany — 1.5%
Deutsche Post AG, Registered Shares		286,210		10,509,588
India — 0.1%
Jasper Infotech Private Ltd., Series I, (Acquired 08/08/15, cost $2,637,143)(a)(c)		3,540		841,210
Netherlands — 4.1%
Heineken NV		170,373		15,707,432
Koninklijke Philips NV		279,337		13,030,429
				28,737,861
Singapore — 2.2%
DBS Group Holdings Ltd.		618,868		9,311,996
United Overseas Bank Ltd.		406,700		5,942,645
				15,254,641
Sweden — 1.1%
Tele2 AB, Class B		553,835		7,372,568
Switzerland — 6.8%
Cie Financiere Richemont SA, Registered Shares		79,365		5,119,067
Nestle SA, Registered Shares		140,895		15,621,117
Novartis AG, Registered Shares		236,620		20,614,574
SGS SA, Registered Shares		2,439		5,974,681
				47,329,439
Taiwan — 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd.		611,000		6,525,182
United Kingdom — 16.3%
AstraZeneca PLC		52,627		5,477,124
BAE Systems PLC		2,825,288		16,893,698
British American Tobacco PLC		512,582		19,658,965
Diageo PLC		296,007		9,838,487
GlaxoSmithKline PLC		717,987		14,503,112
Reckitt Benckiser Group PLC		117,945		10,850,753
RELX PLC		425,736		9,853,273
Unilever PLC		478,800		25,826,990
				112,902,402
United States — 51.3%
AbbVie, Inc.(d)(e)		206,454		20,269,654
Altria Group, Inc.(e)		231,231		9,075,817
Amcor PLC		1,237,447		12,498,389
Carrier Global Corp.(e)		438,780		9,749,692
Cisco Systems, Inc.(d)(e)		231,960		10,818,614
Citizens Financial Group, Inc.(e)		322,324		8,135,458

Security	Shares		Value
United States (continued)
Coca-Cola Co.(e)		508,372	$	22,714,061
Eaton Corp. PLC(e)		99,007		8,661,132
Genuine Parts Co.(d)(e)		155,821		13,550,194
Hasbro, Inc.(d)(e)		227,622		17,060,269
Home Depot, Inc.(e)		55,630		13,935,871
International Paper Co.(e)		335,860		11,825,631
Johnson & Johnson(d)(e)		107,264		15,084,536
Lockheed Martin Corp.(e)		54,739		19,975,356
M&T Bank Corp.(e)		91,363		9,499,011
Medtronic PLC(e)		206,139		18,902,946
Otis Worldwide Corp.(e)		171,178		9,733,181
Paychex, Inc.(d)(e)		298,887		22,640,690
PepsiCo, Inc.(e)		122,130		16,152,914
Pfizer, Inc.(d)(e)		460,718		15,065,479
Philip Morris International, Inc.(d)(e)		269,126		18,854,967
Procter & Gamble Co.(e)		131,545		15,728,836
Raytheon Technologies Corp.(e)		126,376		7,787,289
Texas Instruments, Inc.(e)		145,964		18,533,049
U.S. Bancorp(e)		275,858		10,157,092
				356,410,128
Total Common Stocks — 99.4% (Cost — $663,791,279)				690,713,001
Preferred Stock — 0.5%
United States — 0.5%
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $3,118,944), 0.00%(a)(c)		508,800		3,495,456
Total Preferred Securities — 0.5%				3,495,456
Total Long-Term Investments — 99.9% (Cost — $666,910,223)				694,208,457
Short-Term Securities — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(f)(g)		500,656		500,656
Total Short-Term Securities — 0.1% (Cost — $500,656)				500,656
Total Investments Before Options Written — 100.0% (Cost — $667,410,879)				694,709,113
Options Written — (0.9)% (Premiums Received — $7,024,625)				(6,317,059	)
Total Investments, Net of Options Written — 99.1% (Cost — $660,386,254)				688,392,054
Other Assets Less Liabilities — 0.9%				6,501,368
Net Assets — 100.0%			$	694,893,422

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

^(b)  Non-income producing security.

^(c)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $4,336,666, representing 0.6% of its net assets as of period end, and an original cost of $5,756,087.

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

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

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

50 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced Global Dividend Trust (BOE)

^(g)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased		Shares Sold			Shares Held at 06/30/20		Value at 06/30/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		1,138,392		—		(637,736	)(b)		500,656	$	500,656	$	24,020	$	—	$	—

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

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

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
Altria Group, Inc.		88		07/02/20	USD	40.50	USD	345	$	(352	)
Cisco Systems, Inc.		237		07/02/20	USD	47.00	USD	1,105		(5,688	)
Eaton Corp. PLC		137		07/02/20	USD	90.00	USD	1,198		(4,110	)
Hasbro, Inc.		165		07/02/20	USD	77.00	USD	1,237		(6,600	)
International Paper Co.		446		07/02/20	USD	34.00	USD	1,570		(64,224	)
PepsiCo, Inc.		97		07/02/20	USD	133.00	USD	1,283		(6,353	)
PepsiCo, Inc.		97		07/02/20	USD	135.00	USD	1,283		(1,455	)
U.S. Bancorp		119		07/02/20	USD	36.00	USD	438		(13,626	)
Altria Group, Inc.		89		07/10/20	USD	40.00	USD	349		(3,871	)
Altria Group, Inc.		162		07/10/20	USD	43.50	USD	636		(810	)
Cisco Systems, Inc.		34		07/10/20	USD	47.00	USD	159		(2,006	)
Coca-Cola Co.		323		07/10/20	USD	47.50	USD	1,443		(1,615	)
International Paper Co.		283		07/10/20	USD	37.50	USD	996		(5,801	)
Johnson & Johnson		33		07/10/20	USD	150.00	USD	464		(280	)
PepsiCo, Inc.		46		07/10/20	USD	134.00	USD	608		(4,508	)
Pfizer, Inc.		72		07/10/20	USD	34.50	USD	235		(1,008	)
Texas Instruments, Inc.		74		07/10/20	USD	136.00	USD	940		(703	)
U.S. Bancorp		89		07/10/20	USD	43.00	USD	328		(534	)
Altria Group, Inc.		81		07/17/20	USD	42.50	USD	318		(1,417	)
Carrier Global Corp.		326		07/17/20	USD	22.00	USD	724		(35,860	)
Carrier Global Corp.		827		07/17/20	USD	23.00	USD	1,838		(53,755	)
Cisco Systems, Inc.		196		07/17/20	USD	46.00	USD	914		(27,048	)
Citizens Financial Group, Inc.		503		07/17/20	USD	20.00	USD	1,270		(279,165	)
Citizens Financial Group, Inc.		625		07/17/20	USD	30.00	USD	1,578		(9,375	)
Coca-Cola Co.		99		07/17/20	USD	45.00	USD	442		(8,365	)
Coca-Cola Co.		699		07/17/20	USD	47.50	USD	3,123		(10,835	)
Eaton Corp. PLC		154		07/17/20	USD	90.00	USD	1,347		(34,650	)
Genuine Parts Co.		501		07/17/20	USD	92.50	USD	4,357		(37,575	)
Home Depot, Inc.		68		07/17/20	USD	260.00	USD	1,703		(13,158	)
Johnson & Johnson		107		07/17/20	USD	150.00	USD	1,505		(4,119	)
Lockheed Martin Corp.		82		07/17/20	USD	390.00	USD	2,992		(11,890	)
M&T Bank Corp.		159		07/17/20	USD	120.00	USD	1,653		(5,565	)
M&T Bank Corp.		160		07/17/20	USD	100.00	USD	1,664		(129,600	)
Medtronic PLC		672		07/17/20	USD	97.50	USD	6,162		(30,912	)
Otis Worldwide Corp.		235		07/17/20	USD	55.00	USD	1,336		(69,325	)
Otis Worldwide Corp.		268		07/17/20	USD	60.00	USD	1,524		(16,750	)
Paychex, Inc.		347		07/17/20	USD	75.00	USD	2,629		(114,510	)
Pfizer, Inc.		797		07/17/20	USD	38.00	USD	2,606		(2,789	)
Philip Morris International, Inc.		66		07/17/20	USD	72.50	USD	462		(4,455	)
Raytheon Technologies Corp.		281		07/17/20	USD	63.00	USD	1,732		(51,142	)
Rogers Communications, Inc., Class B		21		07/17/20	CAD	56.00	CAD	115		(975	)
Rogers Communications, Inc., Class B		445		07/17/20	CAD	60.00	CAD	2,427		(1,967	)
TELUS Corp.		1,859		07/17/20	CAD	25.00	CAD	4,233		(5,477	)
Texas Instruments, Inc.		233		07/17/20	USD	125.00	USD	2,958		(106,015	)

SCHEDULES OF INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) June 30, 2020 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		218		07/17/20	USD	40.00	USD	803	$	(12,208	)
AbbVie, Inc.		242		07/24/20	USD	97.00	USD	2,376		(79,860	)
Altria Group, Inc.		81		07/24/20	USD	43.50	USD	318		(6,561	)
Cisco Systems, Inc.		148		07/24/20	USD	48.50	USD	690		(8,140	)
Coca-Cola Co.		117		07/24/20	USD	47.50	USD	523		(4,270	)
Eaton Corp. PLC		154		07/24/20	USD	91.50	USD	1,347		(35,805	)
Hasbro, Inc.		136		07/24/20	USD	82.00	USD	1,019		(13,940	)
Home Depot, Inc.		118		07/24/20	USD	250.00	USD	2,956		(87,910	)
International Paper Co.		446		07/24/20	USD	38.00	USD	1,570		(24,084	)
Medtronic PLC		11		07/24/20	USD	96.00	USD	101		(1,419	)
Pfizer, Inc.		797		07/24/20	USD	38.00	USD	2,606		(3,985	)
Philip Morris International, Inc.		212		07/24/20	USD	73.00	USD	1,485		(24,486	)
Procter & Gamble Co.		196		07/24/20	USD	121.00	USD	2,344		(75,460	)
Texas Instruments, Inc.		175		07/24/20	USD	132.00	USD	2,222		(46,988	)
U.S. Bancorp		158		07/24/20	USD	42.00	USD	582		(5,530	)
Altria Group, Inc.		154		07/31/20	USD	43.00	USD	604		(5,467	)
Cisco Systems, Inc.		35		07/31/20	USD	48.00	USD	163		(3,010	)
Cisco Systems, Inc.		122		07/31/20	USD	47.00	USD	569		(15,860	)
Coca-Cola Co.		541		07/31/20	USD	47.00	USD	2,417		(31,108	)
Hasbro, Inc.		165		07/31/20	USD	81.00	USD	1,237		(40,425	)
Home Depot, Inc.		119		07/31/20	USD	255.00	USD	2,981		(71,698	)
Johnson & Johnson		156		07/31/20	USD	146.00	USD	2,194		(29,016	)
Lockheed Martin Corp.		75		07/31/20	USD	400.00	USD	2,737		(22,500	)
Medtronic PLC		234		07/31/20	USD	92.00	USD	2,146		(77,337	)
PepsiCo, Inc.		216		07/31/20	USD	136.00	USD	2,857		(45,360	)
Pfizer, Inc.		407		07/31/20	USD	34.50	USD	1,331		(22,792	)
Philip Morris International, Inc.		308		07/31/20	USD	76.00	USD	2,158		(19,096	)
Procter & Gamble Co.		318		07/31/20	USD	120.00	USD	3,802		(98,580	)
Raytheon Technologies Corp.		160		07/31/20	USD	70.00	USD	986		(15,360	)
Texas Instruments, Inc.		174		07/31/20	USD	128.00	USD	2,209		(90,393	)
U.S. Bancorp		143		07/31/20	USD	40.50	USD	527		(11,154	)
Altria Group, Inc.		154		08/07/20	USD	41.00	USD	604		(16,093	)
Cisco Systems, Inc.		67		08/07/20	USD	46.00	USD	312		(13,735	)
Cisco Systems, Inc.		68		08/07/20	USD	46.50	USD	317		(31,484	)
Cisco Systems, Inc.		136		08/07/20	USD	45.50	USD	634		(11,832	)
Hasbro, Inc.		330		08/07/20	USD	76.50	USD	2,473		(140,250	)
Johnson & Johnson		29		08/07/20	USD	143.00	USD	408		(9,265	)
Philip Morris International, Inc.		355		08/07/20	USD	72.50	USD	2,487		(67,273	)
U.S. Bancorp		159		08/07/20	USD	38.50	USD	585		(25,043	)
AbbVie, Inc.		687		08/21/20	USD	100.00	USD	6,745		(214,688	)
Carrier Global Corp.		407		08/21/20	USD	21.75	USD	904		(87,801	)
Carrier Global Corp.		414		08/21/20	USD	25.00	USD	920		(43,470	)
Genuine Parts Co.		44		08/21/20	USD	90.00	USD	383		(17,380	)
Johnson & Johnson		264		08/21/20	USD	145.00	USD	3,713		(80,388	)
Lockheed Martin Corp.		89		08/21/20	USD	380.00	USD	3,248		(105,020	)
Medtronic PLC		10		08/21/20	USD	95.00	USD	92		(2,970	)
Otis Worldwide Corp.		267		08/21/20	USD	60.00	USD	1,518		(74,760	)
Paychex, Inc.		337		08/21/20	USD	75.00	USD	2,553		(153,335	)
PepsiCo, Inc.		216		08/21/20	USD	140.00	USD	2,857		(30,888	)
Procter & Gamble Co.		209		08/21/20	USD	120.00	USD	2,499		(80,988	)
Rogers Communications, Inc., Class B		272		08/21/20	CAD	58.00	CAD	1,484		(17,531	)
TELUS Corp.		1,859		08/21/20	CAD	25.00	CAD	4,233		(17,117	)
U.S. Bancorp		79		08/21/20	USD	42.50	USD	291		(5,806	)
Paychex, Inc.		362		09/18/20	USD	85.00	USD	2,742		(50,680	)
									$	(3,517,837	)

52 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced Global Dividend Trust (BOE)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
BAE Systems PLC	UBS AG		272,000		07/01/20	GBP	5.08	GBP	1,315	$	(368	)
Novartis AG, Registered Shares	UBS AG		42,800		07/01/20	CHF	84.43	CHF	3,528		(2,139	)
Novo Nordisk A/S, Class B	UBS AG		61,200		07/01/20	DKK	451.07	DKK	26,279		(866	)
Ansell Ltd.	Citibank N.A.		45,600		07/07/20	AUD	32.76	AUD	1,674		(128,265	)
British American Tobacco PLC	UBS AG		89,800		07/07/20	GBP	32.78	GBP	2,788		(8,296	)
DBS Group Holdings Ltd.	Goldman Sachs International		71,600		07/07/20	SGD	20.15	SGD	1,489		(53,210	)
Diageo PLC	Morgan Stanley & Co. International PLC		92,900		07/07/20	GBP	29.99	GBP	2,491		(26	)
GlaxoSmithKline PLC	UBS AG		1,200		07/07/20	GBP	17.58	GBP	20		(5	)
Heineken NV	Credit Suisse International		16,800		07/07/20	EUR	78.77	EUR	1,379		(68,394	)
Koninklijke Philips NV	UBS AG		102,000		07/07/20	EUR	41.14	EUR	4,235		(102,717	)
Nestle SA, Registered Shares	Credit Suisse International		22,100		07/07/20	CHF	109.37	CHF	2,315		(551	)
Sonic Healthcare Ltd.	UBS AG		68,800		07/07/20	AUD	27.62	AUD	2,094		(141,500	)
Kone OYJ, Class B	UBS AG		49,100		07/08/20	EUR	62.97	EUR	3,006		(37,040	)
RELX PLC	UBS AG		52,000		07/08/20	EUR	21.85	EUR	1,071		(2,589	)
Rogers Communications, Inc., Class B	Goldman Sachs International		40,200		07/08/20	CAD	59.04	CAD	2,193		(497	)
Unilever PLC	Credit Suisse International		66,300		07/08/20	GBP	42.46	GBP	2,887		(124,590	)
Amcor PLC	UBS AG		39,400		07/09/20	AUD	15.24	AUD	571		(2,284	)
Sanofi	UBS AG		16,900		07/09/20	EUR	91.04	EUR	1,532		(29,233	)
Schneider Electric SE	Citibank N.A.		13,600		07/09/20	EUR	93.63	EUR	1,345		(93,003	)
Ansell Ltd.	JPMorgan Chase Bank N.A.		12,700		07/14/20	AUD	35.80	AUD	466		(12,878	)
AstraZeneca PLC	Credit Suisse International		17,900		07/14/20	GBP	89.15	GBP	1,507		(20,889	)
BAE Systems PLC	UBS AG		155,900		07/14/20	GBP	5.24	GBP	754		(2,913	)
British American Tobacco PLC	Credit Suisse International		45,000		07/14/20	GBP	34.06	GBP	1,397		(1,360	)
DBS Group Holdings Ltd.	Goldman Sachs International		72,500		07/14/20	SGD	20.22	SGD	1,508		(59,979	)
Novartis AG, Registered Shares	UBS AG		23,400		07/14/20	CHF	84.21	CHF	1,929		(19,236	)
Novo Nordisk A/S, Class B	UBS AG		22,300		07/14/20	DKK	445.26	DKK	9,576		(16,478	)
Sanofi	UBS AG		46,500		07/14/20	EUR	89.69	EUR	4,215		(136,057	)
Sonic Healthcare Ltd.	Morgan Stanley & Co. International PLC		86,400		07/14/20	AUD	29.94	AUD	2,629		(63,038	)
Tele2 AB, Class B	Morgan Stanley & Co. International PLC		83,000		07/14/20	SEK	129.26	SEK	10,255		(9,194	)
Amcor PLC	Morgan Stanley & Co. International PLC		280,000		07/15/20	AUD	15.48	AUD	4,054		(19,516	)
Ansell Ltd.	Citibank N.A.		19,500		07/15/20	AUD	36.77	AUD	716		(12,105	)
Cie Financiere Richemont SA, Registered Shares	UBS AG		15,500		07/15/20	CHF	64.39	CHF	937		(14,046	)
Kone OYJ, Class B	UBS AG		3,000		07/15/20	EUR	64.05	EUR	184		(2,542	)
Nestle SA, Registered Shares	Goldman Sachs International		12,600		07/15/20	CHF	104.74	CHF	1,320		(20,477	)
Reckitt Benckiser Group PLC	Goldman Sachs International		23,000		07/15/20	GBP	72.94	GBP	1,709		(61,469	)
SGS SA, Registered Shares	Credit Suisse International		400		07/15/20	CHF	2,462.73	CHF	926		(1,372	)
Unilever PLC	UBS AG		95,500		07/15/20	GBP	44.18	GBP	4,159		(87,872	)
BAE Systems PLC	Goldman Sachs International		391,700		07/21/20	GBP	5.27	GBP	1,893		(10,900	)
British American Tobacco PLC	UBS AG		44,700		07/21/20	GBP	34.04	GBP	1,388		(3,753	)
Diageo PLC	Credit Suisse International		30,900		07/21/20	GBP	29.81	GBP	829		(3,272	)
Heineken NV	Credit Suisse International		43,000		07/21/20	EUR	90.36	EUR	3,529		(5,979	)
RELX PLC	Goldman Sachs International		139,500		07/21/20	EUR	21.74	EUR	2,874		(32,068	)
Sonic Healthcare Ltd.	JPMorgan Chase Bank N.A.		34,800		07/21/20	AUD	29.70	AUD	1,059		(32,035	)
Tele2 AB, Class B	Credit Suisse International		83,200		07/21/20	SEK	130.96	SEK	10,279		(10,022	)
Unilever PLC	Credit Suisse International		53,700		07/21/20	GBP	44.66	GBP	2,339		(47,804	)
Cie Financiere Richemont SA, Registered Shares	Goldman Sachs International		20,300		07/22/20	CHF	61.80	CHF	1,227		(40,288	)
DBS Group Holdings Ltd.	Citibank N.A.		72,500		07/22/20	SGD	22.20	SGD	1,508		(22,155	)
SGS SA, Registered Shares	Goldman Sachs International		700		07/22/20	CHF	2,300.10	CHF	1,621		(47,057	)
Sanofi	Goldman Sachs International		30,100		07/22/20	EUR	93.11	EUR	2,729		(43,830	)
TELUS Corp.	Credit Suisse International		239,100		07/22/20	CAD	24.50	CAD	5,444		(8,517	)
GlaxoSmithKline PLC	Goldman Sachs International		213,200		07/23/20	GBP	16.89	GBP	3,489		(39,505	)
Koninklijke Philips NV	Goldman Sachs International		14,600		07/23/20	EUR	42.42	EUR	606		(14,444	)
Nestle SA, Registered Shares	Credit Suisse International		46,500		07/23/20	CHF	107.37	CHF	4,870		(38,454	)
Reckitt Benckiser Group PLC	Morgan Stanley & Co. International PLC		11,700		07/23/20	GBP	70.34	GBP	870		(64,760	)
Schneider Electric SE	Goldman Sachs International		26,000		07/24/20	EUR	94.41	EUR	2,571		(192,446	)
United Overseas Bank Ltd.	JPMorgan Chase Bank N.A.		18,571		07/24/20	SGD	22.78	SGD	376		(2,141	)
Amcor PLC	UBS AG		237,400		07/29/20	AUD	15.23	AUD	3,438		(40,597	)
Ansell Ltd.	Morgan Stanley & Co. International PLC		21,600		07/29/20	AUD	36.49	AUD	793		(22,516	)
BAE Systems PLC	Goldman Sachs International		391,700		07/29/20	GBP	5.27	GBP	1,893		(19,180	)
Diageo PLC	Goldman Sachs International		9,400		07/29/20	GBP	29.65	GBP	252		(1,517	)
GlaxoSmithKline PLC	Goldman Sachs International		108,600		07/29/20	GBP	16.90	GBP	1,777		(25,002	)
Koninklijke Philips NV	Goldman Sachs International		9,200		07/29/20	EUR	43.07	EUR	382		(7,917	)

SCHEDULES OF INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced Global Dividend Trust (BOE)

OTC Options Written (continued)

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Reckitt Benckiser Group PLC	Credit Suisse International		30,100		07/29/20	GBP	71.95	GBP	2,237	$	(122,726	)
Taiwan Semiconductor Manufacturing Co. Ltd.	Goldman Sachs International		107,000		07/29/20	TWD	330.72	TWD	33,491		(3,613	)
Tele2 AB, Class B	Credit Suisse International		83,000		07/29/20	SEK	124.83	SEK	10,255		(29,365	)
BAE Systems PLC	UBS AG		60,000		08/05/20	GBP	5.04	GBP	290		(9,342	)
Kone OYJ, Class B	UBS AG		16,200		08/05/20	EUR	62.71	EUR	992		(33,202	)
Novartis AG, Registered Shares	UBS AG		40,300		08/05/20	CHF	86.68	CHF	3,322		(30,658	)
Novo Nordisk A/S, Class B	UBS AG		12,400		08/05/20	DKK	451.17	DKK	5,325		(15,772	)
Sonic Healthcare Ltd.	UBS AG		77,000		08/05/20	AUD	31.24	AUD	2,343		(38,506	)
Taiwan Semiconductor Manufacturing Co. Ltd.	Morgan Stanley & Co. International PLC		168,000		08/05/20	TWD	323.85	TWD	52,584		(15,807	)
United Overseas Bank Ltd.	UBS AG		123,900		08/05/20	SGD	21.04	SGD	2,506		(66,876	)
Ansell Ltd.	UBS AG		31,100		08/12/20	AUD	37.80	AUD	1,141		(18,361	)
AstraZeneca PLC	Goldman Sachs International		11,100		08/12/20	GBP	86.46	GBP	935		(46,701	)
Deutsche Post AG, Registered Shares	Goldman Sachs International		100,200		08/12/20	EUR	31.75	EUR	3,262		(206,412	)
Heineken NV	Goldman Sachs International		16,800		08/12/20	EUR	85.61	EUR	1,379		(28,728	)
										$	(2,799,222	)

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	$	2,533,206	$	(1,825,640	)	$	(6,317,059	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	6,317,059	$	—	$	—	$	—	$	6,317,059

For the six months ended June 30, 2020, 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	$	—	$	—	$	(6,235,765	)	$	—	$	—	$	—	$	(6,235,765	)

	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	$	—	$	—	$	2,499,638	$	—	$	—	$	—	$	2,499,638

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts written	$	7,298,951

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

54 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced Global Dividend Trust (BOE)

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Options	$	—	$	6,317,059
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(3,517,837	)
Total derivative assets and liabilities subject to an MNA	$	—	$	2,799,222

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged (a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities (b)
Citibank N.A.	$	255,528	$	—	$	(26,285	)	$	—	$	229,243
Credit Suisse International		483,295		—		(483,295	)		—		—
Goldman Sachs International		955,240		—		(955,240	)		—		—
JPMorgan Chase Bank N.A.		47,054		—		(47,054	)		—		—
Morgan Stanley & Co. International PLC		194,857		—		(194,857	)		—		—
UBS AG		863,248		—		(863,248	)		—		—
	$	2,799,222	$	—	$	(2,569,979	)	$	—	$	229,243

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

^(b)  Net amount represents the net amount receivable from the 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:
Australia	$	—		$	18,561,069		$	3	$	18,561,072
Canada		35,370,073			—			—		35,370,073
Denmark		—			11,350,755			—		11,350,755
Finland		—			8,557,099			—		8,557,099
France		—			30,990,983			—		30,990,983
Germany		—			10,509,588			—		10,509,588
India		—			—			841,210		841,210
Netherlands		28,737,861			—			—		28,737,861
Singapore		—			15,254,641			—		15,254,641
Sweden		—			7,372,568			—		7,372,568
Switzerland		—			47,329,439			—		47,329,439
Taiwan		—			6,525,182			—		6,525,182
United Kingdom		9,853,273			103,049,129			—		112,902,402
United States		343,911,739			12,498,389			—		356,410,128
Short Term Securities		500,656			—			—		500,656
Preferred Stock		—			—			3,495,456		3,495,456
	$	418,373,602		$	271,998,842		$	4,336,669	$	694,709,113
Derivative Financial Instruments(a)
Liabilities:
Equity contracts	$	(3,430,036	)	$	(2,887,023	)	$	—	$	(6,317,059	)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

^(a)  Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 55

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Enhanced International Dividend Trust (BGY) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 97.6%
Australia — 6.1%
Ansell Ltd.		594,743	$	15,118,340
Sonic Healthcare Ltd.		1,057,925		22,339,991
				37,458,331
Canada — 8.3%
Rogers Communications, Inc., Class B		523,032		21,016,054
TELUS Corp.		1,807,028		30,307,917
				51,323,971
Denmark — 3.4%
Novo Nordisk A/S, Class B		323,908		21,101,872
Finland — 3.2%
Kone OYJ, Class B		286,790		19,779,727
France — 8.0%
Sanofi		289,945		29,569,913
Schneider Electric SE		177,395		19,732,819
				49,302,732
Germany — 3.5%
Deutsche Post AG, Registered Shares		583,422		21,423,167
India — 0.2%
Jasper Infotech Private Ltd., Series I, (Acquired 08/08/15, cost $3,948,600)(a)(b)		5,300		1,259,439
Netherlands — 7.7%
Heineken NV		278,778		25,701,763
Koninklijke Philips NV(c)		464,302		21,658,621
				47,360,384
Singapore — 4.6%
DBS Group Holdings Ltd.		1,013,900		15,255,971
United Overseas Bank Ltd.		916,400		13,390,312
				28,646,283
Sweden — 2.9%
Tele2 AB, Class B		1,323,966		17,624,435
Switzerland — 15.2%
Cie Financiere Richemont SA, Registered Shares		255,698		16,492,601
Nestle SA, Registered Shares		259,588		28,780,684
Novartis AG, Registered Shares		354,161		30,854,866
SGS SA, Registered Shares		7,273		17,816,258
				93,944,409
Taiwan — 2.7%
Taiwan Semiconductor Manufacturing Co. Ltd.		1,535,000		16,393,051
United Kingdom — 28.5%
AstraZeneca PLC		131,433		13,678,811
BAE Systems PLC		3,849,818		23,019,835

Security	Shares		Value
United Kingdom (continued)
British American Tobacco PLC		717,913	$	27,533,987
Diageo PLC		519,826		17,277,637
GlaxoSmithKline PLC		1,056,543		21,341,837
Reckitt Benckiser Group PLC		230,060		21,165,156
RELX PLC		760,217		17,594,532
Unilever PLC		637,151		34,368,614
				175,980,409
United States — 3.3%
Amcor PLC		2,012,711		20,328,665
Total Common Stocks — 97.6% (Cost — $558,224,457)				601,926,875
Preferred Stock — 0.7%
China — 0.7%
Xiaoju Kuaizhi, Inc., Series A-17, (Acquired 07/28/15, cost $ 2,106,332), 0.00%(a)(b)		76,800		3,992,832
Total Preferred Securities— 0.7% (Cost — $2,106,332)				3,992,832
Total Long-Term Investments — 98.3% (Cost — $560,330,789)				605,919,707
Short-Term Securities — 0.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(d)(e)		1,439,314		1,439,314
Total Short-Term Securities — 0.2% (Cost — $1,439,314)				1,439,314
Total Investments Before Options Written — 98.5% (Cost — $561,770,103)				607,359,021
Options Written — (0.9)% (Premiums Received — $5,554,320)				(5,623,423	)
Total Investments, Net of Options Written — 97.6% (Cost — $556,215,783)				601,735,598
Other Assets Less Liabilities — 2.4%				14,814,103
Net Assets — 100.0%			$	616,549,701

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

^(b)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $5,252,271, representing 0.9% of its net assets as of period end, and an original cost of $6,054,932.

^(c)  Non-income producing security.

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

^(e)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased		Shares Sold			Shares Held at 06/30/20		Value at 06/30/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		17,518,842		—		(16,079,528	)(b)		1,439,314	$	1,439,314	$	55,261	$	—	$	—

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

56 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced International Dividend Trust (BGY)

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

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
Rogers Communications, Inc., Class B		715		07/17/20	CAD	60.00	CAD	3,900	$	(3,160	)
Rogers Communications, Inc., Class B		29		07/17/20	CAD	56.00	CAD	158		(1,346	)
TELUS Corp.		2,631		07/17/20	CAD	25.00	CAD	5,991		(7,752	)
Rogers Communications, Inc., Class B		543		08/21/20	CAD	58.00	CAD	2,962		(34,997	)
TELUS Corp.		2,631		08/21/20	CAD	25.00	CAD	5,991		(24,225	)
									$	(71,480	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)			Value
Call
BAE Systems PLC	UBS AG		440,500		07/01/20	GBP	5.08		GBP	2,129	$	(597	)
Novartis AG, Registered Shares	UBS AG		73,400		07/01/20	CHF	84.43		CHF	6,050		(3,668	)
Novo Nordisk A/S, Class B	UBS AG		53,600		07/01/20	DKK	451.07		DKK	23,016		(759	)
Ansell Ltd.	Citibank N.A.		98,900		07/07/20	AUD	32.76		AUD	3,630		(278,189	)
British American Tobacco PLC	UBS AG		84,900		07/07/20	GBP	32.78		GBP	2,636		(7,843	)
DBS Group Holdings Ltd.	Goldman Sachs International		64,200		07/07/20	SGD	20.12		SGD	1,335		(48,167	)
Diageo PLC	Morgan Stanley & Co. International PLC		151,200		07/07/20	GBP	29.99		GBP	4,054		(43	)
Heineken NV	Credit Suisse International		55,900		07/07/20	EUR	78.77		EUR	4,587		(227,573	)
Koninklijke Philips NV	UBS AG		114,500		07/07/20	EUR	41.14		EUR	4,754		(115,304	)
Nestle SA, Registered Shares	Credit Suisse International		25,900		07/07/20	CHF	109.37		CHF	2,713		(645	)
Sonic Healthcare Ltd.	UBS AG		95,000		07/07/20	AUD	27.62		AUD	2,981		(195,385	)
Kone OYJ, Class B	UBS AG		42,100		07/08/20	EUR	62.97		EUR	2,577		(31,759	)
RELX PLC	UBS AG		40,700		07/08/20	EUR	21.85		EUR	838		(2,027	)
Rogers Communications, Inc., Class B	Goldman Sachs International		52,300		07/08/20	CAD	59.04		CAD	2,853		(646	)
Unilever PLC	Credit Suisse International		188,400		07/08/20	GBP	42.46		GBP	8,205		(354,038	)
Amcor PLC	UBS AG		334,800		07/09/20	AUD	15.24		AUD	4,848		(19,405	)
Sanofi	UBS AG		34,900		07/09/20	EUR	91.04		EUR	3,164		(60,369	)
Schneider Electric SE	Citibank N.A.		52,700		07/09/20	EUR	93.63		EUR	5,211		(360,389	)
Ansell Ltd.	JPMorgan Chase Bank N.A.		70,900		07/14/20	AUD	35.80		AUD	2,602		(71,893	)
AstraZeneca PLC	Credit Suisse International		40,200		07/14/20	GBP	89.15		GBP	3,385		(46,914	)
BAE Systems PLC	UBS AG		126,400		07/14/20	GBP	5.24		GBP	611		(2,362	)
British American Tobacco PLC	Credit Suisse International		97,000		07/14/20	GBP	34.06		GBP	3,001		(2,931	)
DBS Group Holdings Ltd.	Goldman Sachs International		145,300		07/14/20	SGD	20.22		SGD	3,022		(120,206	)
Deutsche Post AG, Registered Shares	UBS AG		69,600		07/14/20	EUR	30.09		EUR	2,265		(217,824	)
Novartis AG, Registered Shares	UBS AG		29,400		07/14/20	CHF	84.21		CHF	2,423		(24,168	)
Novo Nordisk A/S, Class B	UBS AG		56,600		07/14/20	DKK	445.26		DKK	24,304		(41,824	)
Sanofi	UBS AG		39,800		07/14/20	EUR	89.69		EUR	3,608		(116,453	)
Sonic Healthcare Ltd.	Morgan Stanley & Co. International PLC		184,800		07/14/20	AUD	29.94		AUD	5,623		(134,831	)
Tele2 AB, Class B	Morgan Stanley & Co. International PLC		81,600		07/14/20	SEK	129.26		SEK	10,082		(9,039	)
Amcor PLC	Morgan Stanley & Co. International PLC		400,000		07/15/20	AUD	15.48		AUD	5,792		(27,879	)
Ansell Ltd.	Citibank N.A.		62,500		07/15/20	AUD	36.77		AUD	2,294		(38,799	)
Cie Financiere Richemont SA, Registered Shares	UBS AG		48,500		07/15/20	CHF	64.39		CHF	2,931		(43,951	)
Kone OYJ, Class B	UBS AG		24,200		07/15/20	EUR	64.05		EUR	1,482		(20,507	)
Nestle SA, Registered Shares	Goldman Sachs International		41,500		07/15/20	CHF	104.74		CHF	4,347		(67,444	)
Reckitt Benckiser Group PLC	Goldman Sachs International		51,000		07/15/20	GBP	72.94		GBP	3,790		(136,301	)
SGS SA, Registered Shares	Credit Suisse International		1,300		07/15/20	CHF	2,462.73		CHF	3,010		(4,460	)
Unilever PLC	UBS AG		28,500		07/15/20	GBP	44.18		GBP	1,241		(26,224	)
BAE Systems PLC	Goldman Sachs International		468,000		07/21/20	GBP	5.27		GBP	2,262		(13,023	)
British American Tobacco PLC	UBS AG		54,000		07/21/20	GBP	34.04		GBP	1,676		(4,534	)
Diageo PLC	Credit Suisse International		20,600		07/21/20	GBP	29.81		GBP	552		(2,182	)
Heineken NV	Credit Suisse International		29,000		07/21/20	EUR	90.36		EUR	2,380		(4,032	)

SCHEDULES OF INVESTMENTS 57

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
RELX PLC	Goldman Sachs International		116,500		07/21/20	EUR	21.74		EUR	2,400	$	(26,781	)
Sonic Healthcare Ltd.	JPMorgan Chase Bank N.A.		109,800		07/21/20	AUD	29.70		AUD	3,341		(101,076	)
Tele2 AB, Class B	Credit Suisse International		268,000		07/21/20	SEK	130.96		SEK	33,111		(32,283	)
Unilever PLC	Credit Suisse International		69,800		07/21/20	GBP	44.66		GBP	3,040		(62,137	)
DBS Group Holdings Ltd.	Citibank N.A.		145,300		07/22/20	SGD	22.20		SGD	3,022		(44,402	)
Cie Financiere Richemont SA, Registered Shares	Goldman Sachs International		57,500		07/22/20	CHF	61.80		CHF	3,475		(114,117	)
SGS SA, Registered Shares	Goldman Sachs International		1,900		07/22/20	CHF	2,300.10		CHF	5,049		(127,726	)
Sanofi	Goldman Sachs International		55,700		07/22/20	EUR	93.11		EUR	4,399		(81,107	)
TELUS Corp.	Credit Suisse International		287,000		07/22/20	CAD	24.50		CAD	6,535		(10,223	)
GlaxoSmithKline PLC	Goldman Sachs International		115,100		07/23/20	GBP	16.89		GBP	1,884		(21,327	)
Koninklijke Philips NV	Goldman Sachs International		59,900		07/23/20	EUR	42.42		EUR	2,487		(59,262	)
Nestle SA, Registered Shares	Credit Suisse International		67,300		07/23/20	CHF	107.37		CHF	7,049		(55,656	)
Reckitt Benckiser Group PLC	Morgan Stanley & Co. International PLC		23,700		07/23/20	GBP	70.34		GBP	1,761		(131,181	)
Schneider Electric SE	Goldman Sachs International		18,800		07/24/20	EUR	94.41		EUR	1,859		(139,153	)
United Overseas Bank Ltd.	JPMorgan Chase Bank N.A.		59,346		07/24/20	SGD	22.78		SGD	1,201		(6,841	)
Amcor PLC	UBS AG		170,900		07/29/20	AUD	15.23		AUD	2,475		(29,225	)
Ansell Ltd.	Morgan Stanley & Co. International PLC		56,400		07/29/20	AUD	36.49		AUD	2,070		(58,792	)
BAE Systems PLC	Goldman Sachs International		468,000		07/29/20	GBP	5.27		GBP	2,262		(22,916	)
Diageo PLC	Goldman Sachs International		62,100		07/29/20	GBP	29.65		GBP	1,665		(10,022	)
GlaxoSmithKline PLC	Goldman Sachs International		360,300		07/29/20	GBP	16.90		GBP	5,897		(82,947	)
Kone OYJ, Class B	Morgan Stanley & Co. International PLC		28,600		07/29/20	EUR	62.44		EUR	1,751		(58,229	)
Koninklijke Philips NV	Goldman Sachs International		34,600		07/29/20	EUR	43.07		EUR	1,437		(29,773	)
Reckitt Benckiser Group PLC	Credit Suisse International		51,800		07/29/20	GBP	71.95		GBP	3,850		(211,203	)
Relx PLC	Goldman Sachs International		184,800		07/29/20	EUR	22.04		EUR	3,807		(36,801	)
Taiwan Semiconductor Manufacturing Co. Ltd.	Goldman Sachs International		425,000		07/29/20	TWD	330.72		TWD	133,025		(14,352	)
Tele2 AB, Class B	Credit Suisse International		199,900		07/29/20	SEK	124.83		SEK	24,698		(70,723	)
United Overseas Bank Ltd.	Goldman Sachs International		50,100		07/29/20	SGD	21.62		SGD	1,014		(16,652	)
BAE Systems PLC	UBS AG		229,500		08/05/20	GBP	5.04		GBP	1,109		(35,733	)
Kone OYJ, Class B	UBS AG		62,800		08/05/20	EUR	62.71		EUR	3,845		(128,711	)
Novartis AG, Registered Shares	UBS AG		66,500		08/05/20	CHF	86.68		CHF	5,481		(50,589	)
Novo Nordisk A/S, Class B	UBS AG		68,000		08/05/20	DKK	451.17		DKK	29,199		(86,490	)
Sonic Healthcare Ltd.	UBS AG		86,400		08/05/20	AUD	31.24		AUD	2,629		(43,206	)
Taiwan Semiconductor Manufacturing Co. Ltd.	Morgan Stanley & Co. International PLC		266,000		08/05/20	TWD	323.85		TWD	83,258		(25,028	)
United Overseas Bank Ltd.	UBS AG		110,700		08/05/20	SGD	21.04		SGD	2,239		(59,751	)
Ansell Ltd.	UBS AG		38,400		08/12/20	AUD	37.80		AUD	1,409		(22,671	)
AstraZeneca PLC	Goldman Sachs International		32,100		08/12/20	GBP	86.46		GBP	2,703		(135,053	)
Deutsche Post AG, Registered Shares	Goldman Sachs International		134,600		08/12/20	EUR	31.75		EUR	4,381		(277,276	)
Heineken NV	Goldman Sachs International		40,500		08/12/20	EUR	85.61		EUR	3,323		(69,255	)
Nestle SA, Registered Shares	Morgan Stanley & Co. International PLC		8,100		08/12/20	CHF	105.83		CHF	848		(17,384	)
Schneider Electric SE	Morgan Stanley & Co. International PLC		8,300		08/12/20	EUR	102.84		EUR	821		(25,256	)
Tele2 AB, Class B	Goldman Sachs International		46,200		08/12/20	SEK	127.26		SEK	5,708		(11,482	)
United Overseas Bank Ltd.	UBS AG		100,000		08/12/20	SGD	20.63		SGD	2,023		(24,564	)
											$	(5,551,943	)

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	$	2,066,866	$	(2,135,969	)	$	(5,623,423	)

58 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced International Dividend Trust (BGY)

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	$	—	$	—	$	5,623,423	$	—	$	—	$	—	$	5,623,423

For the six months ended June 30, 2020, 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	$	—	$	—	$	(7,138,108	)	$	—	$	—	$	—	$	(7,138,108	)

	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	$	—	$	—		1,758,197	$	—	$	—	$	—	$	1,758,197

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts written	$	6,135,486

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Options	$	—	$	5,623,423
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(71,480	)
Total derivative assets and liabilities subject to an MNA	$	—	$	5,551,943

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged (a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities  (b)
Citibank N.A.	$	721,779	$	—	$	(368,000)		$	—	$	353,779
Credit Suisse International		1,085,000		—		(1,085,000	)		—		—
Goldman Sachs International		1,661,789		—		(1,482,000	)		—		179,789
JPMorgan Chase Bank N.A.		179,810		—		(179,810	)		—		—
Morgan Stanley & Co. International PLC		487,662		—		(487,662	)		—		—
UBS AG		1,415,903		—		(1,415,903	)		—		—
	$	5,551,943	$	—	$	(5,018,375	)	$	—	$	533,568

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

^(b) Net amount represents the net amount receivable from the 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.

SCHEDULES OF INVESTMENTS 59

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Enhanced International Dividend Trust (BGY)

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:
Australia	$	—		$	37,458,331		$	—	$	37,458,331
Canada		51,323,971			—			—		51,323,971
Denmark		—			21,101,872			—		21,101,872
Finland		—			19,779,727			—		19,779,727
France		—			49,302,732			—		49,302,732
Germany		—			21,423,167			—		21,423,167
India		—			—			1,259,439		1,259,439
Netherlands		25,701,763			21,658,621			—		47,360,384
Singapore		—			28,646,283			—		28,646,283
Sweden		—			17,624,435			—		17,624,435
Switzerland		—			93,944,409			—		93,944,409
Taiwan		—			16,393,051			—		16,393,051
United Kingdom		17,594,532			158,385,877			—		175,980,409
United States		—			20,328,665			—		20,328,665
Preferred Stock		—			—			3,992,832		3,992,832
Short-Term Securities		1,439,314			—			—		1,439,314
	$	96,059,580		$	506,047,170		$	5,252,271	$	607,359,021
Derivative Financial Instruments(a)
Liabilities:
Equity contracts	$	(71,480	)	$	(5,551,943	)	$	—	$	(5,623,423	)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

^(a)  Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.

60 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 100.2%
Biotechnology — 23.2%
ACADIA Pharmaceuticals, Inc.(a)		10,520	$	509,904
Acceleron Pharma, Inc.(a)(b)		38,131		3,632,740
Acerta Pharma BV, Series B, (Acquired 2/01/16, cost $986,402)(c)(d)		17,146,440		2,256,300
Agios Pharmaceuticals, Inc.(a)(b)		25,150		1,345,022
Alector, Inc.(a)		21,341		521,574
Alexion Pharmaceuticals, Inc.(a)		26,878		3,016,787
Allakos, Inc.(a)(b)		31,025		2,229,457
Allogene Therapeutics, Inc.(a)		30,786		1,318,257
Alnylam Pharmaceuticals, Inc.(a)(b)		31,968		4,734,780
Amgen, Inc.		59,118		13,943,571
Apellis Pharmaceuticals, Inc.(a)(b)		22,450		733,217
Arcutis Biotherapeutics, Inc.(a)		5,322		160,937
Arena Pharmaceuticals, Inc.(a)		29,254		1,841,539
ARYA Sciences Acquisition Corp. II(a)		12,589		146,032
Atreca, Inc., Class A(a)		19,453		413,960
Biogen, Inc.(a)(b)		10,940		2,926,997
BioMarin Pharmaceutical, Inc.(a)(b)		55,788		6,880,892
Blueprint Medicines Corp.(a)(b)		9,623		750,594
ChemoCentryx, Inc.(a)(b)		7,300		420,042
Corbus Pharmaceuticals Holdings, Inc.(a)(b)		29,797		249,997
Dicerna Pharmaceuticals, Inc.(a)(b)		14,790		375,666
Eidos Therapeutics, Inc.(a)(b)		8,058		384,125
FibroGen, Inc.(a)(b)		5,980		242,369
Galapagos NV, ADR(a)(b)		5,792		1,142,704
Genfit ADR(e)		7,123		39,461
Genmab A/S, ADR(a)		14,763		4,977,980
Genmab A/S, ADR(a)(b)		43,661		1,479,671
Gilead Sciences, Inc.(b)		76,057		5,851,826
Halozyme Therapeutics, Inc.(a)		25,850		693,039
Immunomedics, Inc.(a)(b)		32,291		1,144,393
Immunovant, Inc.(a)		34,300		835,205
Incyte Corp.(a)(b)		23,637		2,457,539
Intellia Therapeutics, Inc.(a)(b)		13,519		284,169
Iovance Biotherapeutics, Inc.(a)(b)		30,890		847,931
Kodiak Sciences, Inc.(a)(b)		9,010		487,621
Krystal Biotech, Inc.(a)		5,200		215,384
Longview Acquisition Corp.(a)		35,345		356,985
Mersana Therapeutics, Inc.(a)(b)		57,220		1,338,948
Mirati Therapeutics, Inc.(a)(b)		5,271		601,790
Molecular Templates, Inc.(a)(b)		21,176		292,017
Neurocrine Biosciences, Inc.(a)(b)		32,744		3,994,768
Passage Bio, Inc.(a)		8,140		222,466
Principia Biopharma, Inc.(a)(b)		4,185		250,221
Rapt Therapeutics, Inc.(a)		8,660		251,313
Regeneron Pharmaceuticals, Inc.(a)(b)		12,485		7,786,270
Sarepta Therapeutics, Inc.(a)(b)		8,718		1,397,844
Seattle Genetics, Inc.(a)(b)		62,768		10,665,539
Syndax Pharmaceuticals, Inc.(a)		1,080		16,006
Vertex Pharmaceuticals, Inc.(a)(b)		41,693		12,103,895
Vir Biotechnology, Inc.(a)(b)		12,460		510,486
				109,280,230
Health Care Equipment & Supplies — 28.0%
Abbott Laboratories		236,025		21,579,766
ABIOMED, Inc.(a)		10,647		2,571,889
Alcon, Inc.(a)(b)		115,493		6,620,059
Baxter International, Inc.		125,666		10,819,843
Becton Dickinson & Co.		31,153		7,453,978
Boston Scientific Corp.(a)(b)		366,053		12,852,121
Edwards Lifesciences Corp.(a)		157,245		10,867,202
Envista Holdings Corp.(b)		36,720		774,425

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Intuitive Surgical, Inc.(a)(b)		14,158	$	8,067,653
Kangji Medical Holdings Ltd.(a)(c)		264,936		1,018,656
Masimo Corp.(a)(b)		29,400		6,702,906
Medtronic PLC(b)		140,686		12,900,906
Nevro Corp.(a)(b)		13,352		1,595,163
ResMed, Inc.(b)		25,314		4,860,288
SI-BONE, Inc.(a)		4,237		67,538
Silk Road Medical, Inc.(a)(b)		9,292		389,242
Stryker Corp.(b)		59,696		10,756,622
Teleflex, Inc.(b)		19,140		6,966,577
Varian Medical Systems, Inc.(a)(b)		42,899		5,255,986
				132,120,820
Health Care Providers & Services — 18.6%
Amedisys, Inc.(a)		19,072		3,786,555
AmerisourceBergen Corp.		14,280		1,438,995
Anthem, Inc.		37,297		9,808,365
Arcutis Biotherapeutics, Inc. Series C, (Acquired 2/01/16, cost $431,098)(d)		37,056		1,111,546
Cardinal Health, Inc.(b)		25,630		1,337,630
Centene Corp.(a)(b)		83,954		5,335,277
Cigna Corp.(a)(b)		53,197		9,982,417
Encompass Health Corp.(b)		40,167		2,487,542
Humana, Inc.(b)		29,780		11,547,195
LHC Group, Inc.(a)(b)		20,424		3,560,312
McKesson Corp.(b)		6,180		948,136
Oak Street Health LLC, Series III-E, (Acquired 2/01/16, cost $575,147)(c)(d)		3,680		575,147
Quest Diagnostics, Inc.(b)		12,824		1,461,423
UnitedHealth Group, Inc.(b)(f)		115,262		33,996,527
				87,377,067
Health Care Technology — 2.0%
Livongo Health, Inc.(a)(b)		33,420		2,512,850
Teladoc Health, Inc.(a)(b)		36,970		7,055,354
				9,568,204
Life Sciences Tools & Services — 7.0%
Agilent Technologies, Inc.(b)		13,960		1,233,645
Avantor, Inc.(a)(b)		131,114		2,228,938
Illumina, Inc.(a)(b)		14,172		5,248,600
IQVIA Holdings, Inc.(a)(b)		25,873		3,670,862
PPD, Inc.(a)(b)		79,380		2,127,384
Thermo Fisher Scientific, Inc.(b)		37,181		13,472,164
WuXi AppTec Co. Ltd., Class H(g)		217,028		2,834,312
Wuxi Biologics Cayman, Inc.(a)(g)		120,500		2,211,850
				33,027,755
Pharmaceuticals — 21.4%
AstraZeneca PLC		15,836		1,648,122
Bristol-Myers Squibb Co.(b)		167,123		9,826,832
Eisai Co. Ltd.		30,500		2,423,191
Eli Lilly & Co.(b)		75,883		12,458,471
GlaxoSmithKline PLC		99,782		2,015,565
Hansoh Pharmaceutical Group Co. Ltd.(a)(g)		882,438		4,173,413
Hua Medicine(a)(g)		735,105		671,511
Johnson & Johnson(b)		157,637		22,168,491
Merck & Co., Inc.(b)		103,567		8,008,836
Merck KGaA		25,216		2,936,348
MyoKardia, Inc.(a)(b)		6,691		646,485
Nektar Therapeutics(a)(b)		24,513		567,721
Pfizer, Inc.(b)		313,195		10,241,477
Reata Pharmaceuticals, Inc., Class A(a)(b)		2,863		446,685
Roche Holding AG		12,627		4,374,618
Royalty Pharma PLC, Class A(a)		15,446		749,903
Sanofi		68,455		6,981,353

SCHEDULES OF INVESTMENTS 61

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Sanofi — ADR(b)		54,625	$	2,788,606
Tricida, Inc.(a)		12,925		355,179
Urovant Sciences Ltd.(a)(e)		6,874		67,640
Zoetis, Inc.(b)		54,689		7,494,581
				101,045,028
Total Common Stocks — 100.2% (Cost — $304,510,826)				472,419,104
Other Interests — 0.1%
Pharmaceuticals — 0.1%
Afferent Pharmaceuticals, Inc.(c)		190		249,110
Total Other Interests — 0.1% (Cost — $—)				249,110
Preferred Securities
Preferred Stocks — 0.1%
Biotechnology — 0.1%
Goldfinch Bio, Inc., Series B, (Acquired 2/01/16, cost $149,465), 0.00%(c)(d)		126,665		149,465
Sigilon Therapeutics, Inc., Series B, (Acquired 2/01/16, cost $264,000), 0.00%(c)(d)		44,000		263,120
				412,585
Pharmaceuticals — 0.0%
Annexon, Inc., Series D, (Acquired 2/01/16, cost $190,006), 0.00%(c)(d)		133,600		190,006
Total Preferred Stocks — 0.1% (Cost — $603,470)				602,591
Total Long-Term Investments — 100.4% (Cost — $305,114,296)				473,270,805

Security	Shares		Value
Short-Term Securities — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(h)(j)		4,542,041	$	4,542,041
SL Liquidity Series, LLC, Money Market Series, 0.50%(h)(i)(j)		10,549		10,557
Total Short-Term Securities — 1.0% (Cost — $4,552,583)				4,552,598
Total Investments Before Options Written — 101.4% (Cost — $309,666,879)				477,823,403
Options Written — (1.5)% (Premiums Received — $6,126,482)				(6,911,546	)
Total Investments, Net of Options Written — 99.9% (Cost — $303,540,397)				470,911,857
Other Assets Less Liabilities — 0.1%				449,641
Net Assets — 100.0%			$	471,361,498

^(a)  Non-income producing security.

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

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

^(d)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $4,545,584, representing 1.0% of its net assets of period end, and an original cost of $2,596,118.

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

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

^(g)  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.

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

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

^(j)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased			Shares Sold			Shares Held at 06/30/20		Value at 06/30/20		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		3,489,138		1,052,903	(b)		—			4,542,041	$	4,542,041	$	29,732		$	—		$	—
SL Liquidity Series, LLC, Money Market Series		253,827		—			(243,278	)(b)		10,549		10,557		4,204	(c)		(309	)		11
											$	4,552,598	$	33,936		$	(309	)	$	11

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

62 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust (BME)

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
Abbott Laboratories		336		07/02/20	USD	96.00	USD	3,072	$	(13,440	)
Anthem, Inc.		74		07/02/20	USD	290.00	USD	1,946		(13,690	)
Baxter International, Inc.		145		07/02/20	USD	92.50	USD	1,248		(3,625	)
Boston Scientific Corp.		360		07/02/20	USD	38.00	USD	1,264		(5,400	)
Centene Corp.		2		07/02/20	USD	68.00	USD	13		(190	)
Edwards Lifesciences Corp.		1		07/02/20	USD	75.00	USD	7		(25	)
Intuitive Surgical, Inc.		15		07/02/20	USD	575.00	USD	855		(6,300	)
Vertex Pharmaceuticals, Inc.		11		07/02/20	USD	272.50	USD	319		(19,745	)
Neurocrine Biosciences, Inc.		70		07/06/20	USD	117.00	USD	854		(41,186	)
Abbott Laboratories		188		07/10/20	USD	92.00	USD	1,719		(34,780	)
Amgen, Inc.		58		07/10/20	USD	227.50	USD	1,368		(54,810	)
Boston Scientific Corp.		403		07/10/20	USD	38.00	USD	1,415		(4,231	)
Cardinal Health, Inc.		98		07/10/20	USD	54.00	USD	511		(4,165	)
Centene Corp.		1		07/10/20	USD	67.00	USD	6		(45	)
Eli Lilly & Co.		125		07/10/20	USD	155.00	USD	2,052		(124,375	)
Humana, Inc.		46		07/10/20	USD	405.00	USD	1,784		(8,050	)
Humana, Inc.		25		07/10/20	USD	395.00	USD	969		(14,000	)
Johnson & Johnson		82		07/10/20	USD	150.00	USD	1,153		(697	)
Pfizer, Inc.		83		07/10/20	USD	34.50	USD	271		(1,162	)
UnitedHealth Group, Inc.		54		07/10/20	USD	312.50	USD	1,593		(4,995	)
Vertex Pharmaceuticals, Inc.		42		07/10/20	USD	280.00	USD	1,219		(52,920	)
Neurocrine Biosciences, Inc.		70		07/13/20	USD	117.00	USD	854		(48,852	)
ABIOMED, Inc.		21		07/17/20	USD	200.00	USD	507		(90,615	)
ACADIA Pharmaceuticals, Inc.		42		07/17/20	USD	50.00	USD	204		(7,875	)
Acceleron Pharma, Inc.		94		07/17/20	USD	110.00	USD	896		(4,935	)
Agilent Technologies, Inc.		55		07/17/20	USD	90.00	USD	486		(8,607	)
Agios Pharmaceuticals, Inc.		100		07/17/20	USD	50.00	USD	535		(50,500	)
Alcon, Inc.		447		07/17/20	USD	60.00	USD	2,562		(27,938	)
Alector, Inc.		82		07/17/20	USD	30.00	USD	200		(4,510	)
Alexion Pharmaceuticals, Inc.		31		07/17/20	USD	115.00	USD	348		(7,905	)
Allakos, Inc.		50		07/17/20	USD	75.00	USD	359		(19,250	)
Allakos, Inc.		37		07/17/20	USD	85.00	USD	266		(5,735	)
Alnylam Pharmaceuticals, Inc.		127		07/17/20	USD	140.00	USD	1,881		(156,210	)
Amedisys, Inc.		2		07/17/20	USD	189.00	USD	40		(2,728	)
AmerisourceBergen Corp.		27		07/17/20	USD	100.00	USD	272		(8,505	)
Amgen, Inc.		58		07/17/20	USD	225.00	USD	1,368		(75,400	)
Apellis Pharmaceuticals, Inc.		45		07/17/20	USD	35.00	USD	147		(3,712	)
Arena Pharmaceuticals, Inc.		29		07/17/20	USD	70.00	USD	183		(2,610	)
Arena Pharmaceuticals, Inc.		30		07/17/20	USD	65.00	USD	189		(6,555	)
Avantor, Inc.		259		07/17/20	USD	17.50	USD	440		(9,065	)
Baxter International, Inc.		240		07/17/20	USD	92.50	USD	2,066		(4,200	)
Becton Dickinson & Co.		50		07/17/20	USD	250.00	USD	1,196		(12,125	)
BioMarin Pharmaceutical, Inc.		100		07/17/20	USD	90.00	USD	1,233		(333,000	)
BioMarin Pharmaceutical, Inc.		120		07/17/20	USD	115.00	USD	1,480		(123,000	)
Biogen, Inc.		18		07/17/20	USD	335.00	USD	482		(1,710	)
Blueprint Medicines Corp.		19		07/17/20	USD	85.00	USD	148		(2,517	)
Boston Scientific Corp.		322		07/17/20	USD	38.00	USD	1,131		(6,440	)
Bristol-Myers Squibb Co.		91		07/17/20	USD	60.00	USD	535		(7,917	)
Cardinal Health, Inc.		3		07/17/20	USD	55.00	USD	16		(187	)
Centene Corp.		188		07/17/20	USD	65.00	USD	1,195		(27,730	)
ChemoCentryx, Inc.		15		07/17/20	USD	65.00	USD	86		(2,212	)
ChemoCentryx, Inc.		14		07/17/20	USD	70.00	USD	81		(1,435	)
Cigna Corp.		65		07/17/20	USD	210.00	USD	1,220		(2,535	)
Corbus Pharmaceuticals Holdings, Inc.		59		07/17/20	USD	10.00	USD	50		(3,245	)
Dicerna Pharmaceuticals, Inc.		29		07/17/20	USD	25.00	USD	74		(3,842	)
Edwards Lifesciences Corp.		312		07/17/20	USD	73.33	USD	2,156		(21,840	)
Eidos Therapeutics, Inc.		32		07/17/20	USD	50.00	USD	153		(5,680	)
Encompass Health Corp.		158		07/17/20	USD	70.00	USD	978		(3,950	)
Envista Holdings Corp.		145		07/17/20	USD	22.00	USD	306		(36,975	)
FibroGen, Inc.		23		07/17/20	USD	35.00	USD	93		(14,030	)

SCHEDULES OF INVESTMENTS 63

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Galapagos NV, ADR		11		07/17/20	USD	230.00	USD	217	$	(2,640	)
Gilead Sciences, Inc.		153		07/17/20	USD	80.00	USD	1,177		(13,082	)
IQVIA Holdings, Inc.		51		07/17/20	USD	140.00	USD	724		(20,655	)
Illumina, Inc.		20		07/17/20	USD	370.00	USD	741		(23,300	)
Immunomedics, Inc.		55		07/17/20	USD	35.00	USD	195		(12,650	)
Immunomedics, Inc.		37		07/17/20	USD	36.00	USD	131		(6,382	)
Intellia Therapeutics, Inc.		54		07/17/20	USD	25.00	USD	114		(3,240	)
Intuitive Surgical, Inc.		17		07/17/20	USD	595.00	USD	969		(8,160	)
Iovance Biotherapeutics, Inc.		122		07/17/20	USD	40.00	USD	335		(1,525	)
Kodiak Sciences, Inc.		8		07/17/20	USD	60.00	USD	43		(1,860	)
Kodiak Sciences, Inc.		14		07/17/20	USD	70.00	USD	76		(2,520	)
LHC Group, Inc.		22		07/17/20	USD	145.00	USD	384		(64,460	)
LHC Group, Inc.		23		07/17/20	USD	150.00	USD	401		(56,350	)
Livongo Health, Inc.		16		07/17/20	USD	65.00	USD	120		(18,080	)
Masimo Corp.		15		07/17/20	USD	250.00	USD	342		(1,950	)
McKesson Corp.		12		07/17/20	USD	165.00	USD	184		(870	)
Medtronic PLC		379		07/17/20	USD	97.50	USD	3,475		(17,434	)
Merck & Co., Inc.		154		07/17/20	USD	77.50	USD	1,191		(24,255	)
Mersana Therapeutics, Inc.		225		07/17/20	USD	25.00	USD	527		(30,938	)
Mirati Therapeutics, Inc.		10		07/17/20	USD	110.00	USD	114		(8,850	)
Molecular Templates, Inc.		42		07/17/20	USD	20.00	USD	58		(3,150	)
MyoKardia, Inc.		26		07/17/20	USD	105.00	USD	251		(4,875	)
Nektar Therapeutics		49		07/17/20	USD	24.00	USD	113		(4,410	)
Nevro Corp.		26		07/17/20	USD	125.00	USD	311		(7,930	)
PPD, Inc.		76		07/17/20	USD	30.00	USD	204		(2,660	)
Pfizer, Inc.		508		07/17/20	USD	38.00	USD	1,661		(1,778	)
Principia Biopharma, Inc.		8		07/17/20	USD	70.00	USD	48		(2,100	)
Reata Pharmaceuticals, Inc., Class A		16		07/17/20	USD	170.00	USD	250		(7,120	)
Regeneron Pharmaceuticals, Inc.		4		07/17/20	USD	600.00	USD	249		(14,000	)
ResMed, Inc.		50		07/17/20	USD	170.00	USD	960		(118,000	)
Sanofi — ADR		63		07/17/20	USD	55.00	USD	322		(1,417	)
Silk Road Medical, Inc.		19		07/17/20	USD	45.00	USD	80		(1,425	)
Silk Road Medical, Inc.		9		07/17/20	USD	50.00	USD	38		(765	)
Stryker Corp.		118		07/17/20	USD	195.00	USD	2,126		(14,160	)
Thermo Fisher Scientific, Inc.		41		07/17/20	USD	350.00	USD	1,486		(66,625	)
UnitedHealth Group, Inc.		65		07/17/20	USD	300.00	USD	1,917		(44,525	)
Varian Medical Systems, Inc.		48		07/17/20	USD	120.00	USD	588		(22,800	)
Vir Biotechnology, Inc.		29		07/17/20	USD	40.00	USD	119		(14,935	)
Vir Biotechnology, Inc.		20		07/17/20	USD	45.00	USD	82		(6,650	)
Zoetis, Inc.		90		07/17/20	USD	145.00	USD	1,233		(4,950	)
Abbott Laboratories		219		07/24/20	USD	93.00	USD	2,002		(51,684	)
Amgen, Inc.		60		07/24/20	USD	235.00	USD	1,415		(46,050	)
Baxter International, Inc.		55		07/24/20	USD	87.50	USD	474		(9,020	)
Becton Dickinson & Co.		23		07/24/20	USD	240.00	USD	550		(16,905	)
Biogen, Inc.		25		07/24/20	USD	322.50	USD	669		(3,687	)
Bristol-Myers Squibb Co.		239		07/24/20	USD	58.00	USD	1,405		(50,788	)
Cigna Corp.		72		07/24/20	USD	205.00	USD	1,351		(10,116	)
Eli Lilly & Co.		88		07/24/20	USD	150.00	USD	1,445		(136,840	)
Gilead Sciences, Inc.		151		07/24/20	USD	77.50	USD	1,162		(30,880	)
Humana, Inc.		23		07/24/20	USD	392.50	USD	892		(27,025	)
Illumina, Inc.		35		07/24/20	USD	380.00	USD	1,296		(30,800	)
Masimo Corp.		117		07/24/20	USD	253.00	USD	2,667		(22,485	)
Medtronic PLC		35		07/24/20	USD	96.00	USD	321		(4,515	)
Merck & Co., Inc.		154		07/24/20	USD	78.00	USD	1,191		(27,104	)
Pfizer, Inc.		508		07/24/20	USD	38.00	USD	1,661		(2,540	)
Regeneron Pharmaceuticals, Inc.		33		07/24/20	USD	610.00	USD	2,058		(103,620	)
Teladoc Health, Inc.		75		07/24/20	USD	175.00	USD	1,431		(157,875	)
UnitedHealth Group, Inc.		140		07/24/20	USD	305.00	USD	4,129		(87,850	)
Vertex Pharmaceuticals, Inc.		91		07/24/20	USD	292.50	USD	2,642		(89,180	)
Zoetis, Inc.		125		07/24/20	USD	139.00	USD	1,713		(39,375	)
Abbott Laboratories		189		07/31/20	USD	92.00	USD	1,728		(59,819	)
Alexion Pharmaceuticals, Inc.		1		07/31/20	USD	116.00	USD	11		(350	)

64 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
AmerisourceBergen Corp.		30		07/31/20	USD	103.00	USD	302	$	(9,600	)
Anthem, Inc.		75		07/31/20	USD	285.00	USD	1,972		(28,688	)
Baxter International, Inc.		62		07/31/20	USD	86.50	USD	534		(15,655	)
Bristol-Myers Squibb Co.		170		07/31/20	USD	60.00	USD	1,000		(24,820	)
Centene Corp.		144		07/31/20	USD	65.00	USD	915		(36,360	)
Eli Lilly & Co.		86		07/31/20	USD	148.00	USD	1,412		(154,155	)
Humana, Inc.		23		07/31/20	USD	395.00	USD	892		(27,945	)
Immunomedics, Inc.		37		07/31/20	USD	35.00	USD	131		(13,413	)
Intuitive Surgical, Inc.		24		07/31/20	USD	590.00	USD	1,368		(41,760	)
Johnson & Johnson		160		07/31/20	USD	146.00	USD	2,250		(29,760	)
McKesson Corp.		12		07/31/20	USD	155.00	USD	184		(6,840	)
Medtronic PLC		125		07/31/20	USD	92.00	USD	1,146		(41,313	)
Pfizer, Inc.		154		07/31/20	USD	34.50	USD	504		(8,624	)
Regeneron Pharmaceuticals, Inc.		12		07/31/20	USD	620.00	USD	748		(33,480	)
Sarepta Therapeutics, Inc.		33		07/31/20	USD	170.00	USD	529		(18,810	)
UnitedHealth Group, Inc.		57		07/31/20	USD	305.00	USD	1,681		(44,603	)
Johnson & Johnson		142		08/07/20	USD	143.00	USD	1,997		(45,369	)
Acceleron Pharma, Inc.		56		08/21/20	USD	110.00	USD	534		(18,480	)
Alcon, Inc.		9		08/21/20	USD	62.50	USD	52		(967	)
Alector, Inc.		3		08/21/20	USD	35.00	USD	7		(457	)
Alexion Pharmaceuticals, Inc.		75		08/21/20	USD	120.00	USD	842		(26,250	)
Allakos, Inc.		37		08/21/20	USD	85.00	USD	266		(15,540	)
Allogene Therapeutics, Inc.		151		08/21/20	USD	60.00	USD	647		(24,915	)
Amgen, Inc.		61		08/21/20	USD	245.00	USD	1,439		(37,973	)
Apellis Pharmaceuticals, Inc.		45		08/21/20	USD	35.00	USD	147		(10,913	)
Arena Pharmaceuticals, Inc.		29		08/21/20	USD	70.00	USD	183		(8,468	)
Arena Pharmaceuticals, Inc.		30		08/21/20	USD	65.00	USD	189		(13,650	)
Avantor, Inc.		259		08/21/20	USD	20.00	USD	440		(9,713	)
Becton Dickinson & Co.		50		08/21/20	USD	240.00	USD	1,196		(57,250	)
Blueprint Medicines Corp.		19		08/21/20	USD	85.00	USD	148		(9,785	)
Boston Scientific Corp.		380		08/21/20	USD	36.00	USD	1,334		(60,990	)
Bristol-Myers Squibb Co.		170		08/21/20	USD	60.00	USD	1,000		(37,485	)
Cigna Corp.		75		08/21/20	USD	200.00	USD	1,407		(45,188	)
Corbus Pharmaceuticals Holdings, Inc.		59		08/21/20	USD	10.00	USD	50		(16,225	)
Dicerna Pharmaceuticals, Inc.		29		08/21/20	USD	30.00	USD	74		(3,770	)
Edwards Lifesciences Corp.		315		08/21/20	USD	73.33	USD	2,177		(73,238	)
Galapagos NV, ADR		11		08/21/20	USD	220.00	USD	217		(7,920	)
Genmab A/S, ADR		22		08/21/20	USD	35.00	USD	75		(4,125	)
IQVIA Holdings, Inc.		51		08/21/20	USD	150.00	USD	724		(21,420	)
Incyte Corp.		94		08/21/20	USD	100.00	USD	977		(85,540	)
Johnson & Johnson		246		08/21/20	USD	145.00	USD	3,459		(74,907	)
Kodiak Sciences, Inc.		13		08/21/20	USD	75.00	USD	70		(1,917	)
LHC Group, Inc.		18		08/21/20	USD	170.00	USD	314		(25,020	)
Livongo Health, Inc.		100		08/21/20	USD	55.00	USD	752		(211,000	)
Livongo Health, Inc.		16		08/21/20	USD	70.00	USD	120		(17,840	)
Masimo Corp.		8		08/21/20	USD	230.00	USD	182		(9,600	)
Masimo Corp.		7		08/21/20	USD	240.00	USD	160		(5,880	)
Medtronic PLC		23		08/21/20	USD	95.00	USD	211		(6,831	)
Merck & Co., Inc.		107		08/21/20	USD	80.00	USD	827		(21,935	)
Mirati Therapeutics, Inc.		10		08/21/20	USD	110.00	USD	114		(13,300	)
Molecular Templates, Inc.		21		08/21/20	USD	17.50	USD	29		(1,575	)
Nektar Therapeutics		49		08/21/20	USD	25.00	USD	113		(7,472	)
Nevro Corp.		26		08/21/20	USD	130.00	USD	311		(15,470	)
PPD, Inc.		237		08/21/20	USD	30.00	USD	635		(25,478	)��
Principia Biopharma, Inc.		8		08/21/20	USD	70.00	USD	48		(2,380	)
Quest Diagnostics, Inc.		50		08/21/20	USD	120.00	USD	570	��	(15,750	)
ResMed, Inc.		50		08/21/20	USD	180.00	USD	960		(92,500	)
Sanofi — ADR		152		08/21/20	USD	52.26	USD	776		(24,470	)
Seattle Genetics, Inc.		124		08/21/20	USD	165.00	USD	2,107		(182,900	)
Silk Road Medical, Inc.		9		08/21/20	USD	45.00	USD	38		(2,272	)
Stryker Corp.		118		08/21/20	USD	195.00	USD	2,126		(55,460	)
Teladoc Health, Inc.		72		08/21/20	USD	200.00	USD	1,374		(104,400	)

SCHEDULES OF INVESTMENTS 65

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Teleflex, Inc.		75		08/21/20	USD	380.00	USD	2,730	$	(87,375	)
Thermo Fisher Scientific, Inc.		105		08/21/20	USD	360.00	USD	3,805		(177,975	)
UnitedHealth Group, Inc.		145		08/21/20	USD	310.00	USD	4,277		(122,163	)
Varian Medical Systems, Inc.		48		08/21/20	USD	125.00	USD	588		(29,280	)
Vertex Pharmaceuticals, Inc.		22		08/21/20	USD	310.00	USD	639		(18,590	)
ABIOMED, Inc.		21		09/18/20	USD	260.00	USD	507		(29,505	)
Amedisys, Inc.		73		09/18/20	USD	190.00	USD	1,449		(155,308	)
LHC Group, Inc.		18		09/18/20	USD	175.00	USD	314		(24,210	)
Molecular Templates, Inc.		21		09/18/20	USD	17.50	USD	29		(2,257	)
Seattle Genetics, Inc.		124		09/18/20	USD	170.00	USD	2,107		(189,100	)
									$	(6,161,469	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Tricida, Inc.	JPMorgan Chase Bank N.A.		5,100		07/06/20	USD	29.00	USD	140	$	(2,410	)
GlaxoSmithKline PLC	UBS AG		20,400		07/07/20	GBP	17.58	GBP	334		(83	)
Hansoh Pharmaceutical Group Co. Ltd.	Goldman Sachs International		100,000		07/07/20	HKD	31.96	HKD	3,650		(60,646	)
Merck & Co., Inc.	Goldman Sachs International		5,000		07/07/20	EUR	105.55	EUR	517		(5,408	)
Wuxi Biologics Cayman, Inc.	UBS AG		48,000		07/08/20	HKD	138.03	HKD	6,806		(49,968	)
Sanofi	UBS AG		8,300		07/09/20	EUR	91.04	EUR	752		(14,357	)
AstraZeneca PLC	Credit Suisse International		7,800		07/14/20	GBP	89.15	GBP	657		(9,103	)
Roche Holding AG	UBS AG		2,900		07/14/20	CHF	348.11	CHF	952		(1,601	)
Sanofi	UBS AG		7,600		07/14/20	EUR	89.69	EUR	689		(22,237	)
WuXi AppTec Co. Ltd., Class H	Morgan Stanley & Co. International PLC		27,000		07/14/20	HKD	85.90	HKD	2,719		(55,057	)
Eisai Co., Ltd.	JPMorgan Chase Bank N.A.		12,000		07/15/20	JPY	8,831.68	JPY	102,552		(22,471	)
Genmab A/S, ADR	Credit Suisse International		15,000		07/15/20	USD	28.75	USD	508		(77,696	)
Halozyme Therapeutics, Inc.	JPMorgan Chase Bank N.A.		10,300		07/15/20	USD	24.95	USD	276		(22,957	)
Passage Bio, Inc.	JPMorgan Chase Bank N.A.		1,600		07/15/20	USD	26.00	USD	44		(4,953	)
Rapt Therapeutics, Inc.	Credit Suisse International		3,400		07/15/20	USD	24.59	USD	99		(18,478	)
WuXi AppTec Co. Ltd., Class H	JPMorgan Chase Bank N.A.		46,000		07/15/20	HKD	92.20	HKD	4,632		(63,358	)
Krystal Biotech, Inc.	JPMorgan Chase Bank N.A.		2,000		07/16/20	USD	59.75	USD	83		(56	)
Genmab A/S, ADR	Credit Suisse International		3,200		07/21/20	DKK	2,026.96	DKK	7,104		(110,454	)
Hansoh Pharmaceutical Group Co. Ltd.	Goldman Sachs International		162,000		07/21/20	HKD	37.96	HKD	5,913		(15,884	)
Immunovant, Inc.	Credit Suisse International		13,700		07/21/20	USD	22.87	USD	334		(41,635	)
Passage Bio, Inc.	Bank of America N.A.		1,600		07/22/20	USD	26.21	USD	44		(5,559	)
Roche Holding AG	Credit Suisse International		2,100		07/22/20	CHF	337.33	CHF	690		(7,566	)
Sanofi	Goldman Sachs International		11,100		07/22/20	EUR	93.11	EUR	1,006		(16,163	)
WuXi AppTec Co. Ltd., Class H	UBS AG		13,800		07/23/20	HKD	91.27	HKD	1,390		(21,393	)
Merck & Co., Inc.	Credit Suisse International		4,900		07/24/20	EUR	107.91	EUR	506		(7,560	)
GlaxoSmithKline PLC	Goldman Sachs International		19,500		07/29/20	GBP	16.90	GBP	319		(4,489	)
Genmab A/S, ADR	UBS AG		2,600		08/05/20	DKK	2,291.10	DKK	5,772		(32,644	)
Hansoh Pharmaceutical Group Co. Ltd.	UBS AG		90,000		08/12/20	HKD	37.60	HKD	3,285		(13,503	)
Arcutis Biotherapeutics, Inc.	Goldman Sachs International		1,000		08/13/20	USD	32.55	USD	30		(2,941	)
Varian Medical Systems, Inc.	Bank of America N.A.		7,300		09/08/20	USD	130.17	USD	894		(39,447	)
										$	(750,077	)

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		N/A	$	1,675,762	$	(2,460,826	)	$	(6,911,546	)

66 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust (BME)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—		6,911,546	$	—	$	—	$	—		6,911,546

For the six months ended June 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Conracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Options written	$	—	$	—	$	(8,068,279	)	$	—	$	—	$	—		(8,068,279	)

	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	$	—	$	—	$	744,026	$	—	$	—	$	—		744,026

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts written	$	6,850,594

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Options	$	—	$	6,911,546
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(6,161,469	)
Total derivative assets and liabilities subject to an MNA	$	—	$	750,077

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities  (a)
Bank of America N.A.	$	45,006	$	—	$	—	$	—	$	45,006
Credit Suisse International		272,492		—		—		—		272,492
Goldman Sachs International		105,531		—		—		—		105,531
JPMorgan Chase Bank N.A.		116,205		—		—		—		116,205
Morgan Stanley & Co. International PLC		55,057		—		—		—		55,057
UBS AG		155,786		—		—		—		155,786
	$	750,077	$	—	$	—	$	—	$	750,077

^(a) 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.

SCHEDULES OF INVESTMENTS 67

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust (BME)

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:
Biotechnology	$	102,045,950		$	4,977,980		$	2,256,300	$	109,280,230
Health Care Equipment & Supplies		131,102,164			—			1,018,656		132,120,820
Health Care Providers & Services		85,690,374			1,111,546			575,147		87,377,067
Health Care Technology		9,568,204			—			—		9,568,204
Life Sciences Tools & Services		27,981,593			5,046,162			—		33,027,755
Pharmaceuticals		76,492,418			24,552,610			—		101,045,028
Other Interests		—			—			249,110		249,110
Preferred Stocks		—			—			602,591		602,591
Short-Term Securities		4,542,041			—			—		4,542,041
Subtotal	$	437,422,744		$	35,688,298		$	4,701,804	$	477,812,846
Investments Valued at NAV(a)										10,557
Total Investments									$	477,823,403
Derivative Financial Instruments(b)
Liabilities:
Equity contracts	$	(6,021,748	)	$	(889,798	)	$	—	$	(6,911,546	)

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

^(b)  Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.

68 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.5%
Biotechnology — 40.5%
ACADIA Pharmaceuticals, Inc.(a)		115,400	$	5,593,438
Acceleron Pharma, Inc.(a)(b)		314,516		29,963,939
ADC Therapeutics SA(a)(c)		159,142		7,449,437
Agios Pharmaceuticals, Inc.(a)(b)		482,750		25,817,470
Akeso, Inc.(a)(d)		1,815,000		8,688,020
Akouos, Inc.(a)		426,721		9,601,223
Alector, Inc.(a)		408,845		9,992,172
Alexion Pharmaceuticals, Inc.(a)		168,926		18,960,254
Allakos, Inc.(a)(b)		212,829		15,293,892
Alnylam Pharmaceuticals, Inc.(a)(b)		277,848		41,152,067
Amicus Therapeutics, Inc.(a)(b)		591,017		8,912,536
Apellis Pharmaceuticals, Inc.(a)		170,360		5,563,958
Applied Molecular Transport, Inc.(a)		165,609		4,163,410
Arcutis Biotherapeutics, Inc.(a)		155,075		4,689,468
Arena Pharmaceuticals, Inc.(a)		234,580		14,766,811
Argenx SE, ADR(a)(b)		121,001		27,253,055
Arrowhead Pharmaceuticals, Inc.(a)		85,746		3,703,370
ARYA Sciences Acquisition Corp. II(a)		204,554		2,372,826
Avidity Biosciences, Inc.(a)		581,400		16,430,364
Beam Therapeutics, Inc.(a)		169,779		4,753,812
Biohaven Pharmaceutical Holding Co. Ltd.(a)		158,500		11,587,935
BioMarin Pharmaceutical, Inc.(a)		352,397		43,464,646
Blueprint Medicines Corp.(a)		75,909		5,920,902
CareDx, Inc.(a)		227,093		8,045,905
ChemoCentryx, Inc.(a)		109,330		6,290,848
Constellation Pharmaceuticals, Inc.(a)		66,300		1,992,315
Deciphera Pharmaceuticals, Inc.(a)		82,195		4,908,685
Dicerna Pharmaceuticals, Inc.(a)		402,384		10,220,554
Eidos Therapeutics, Inc.(a)		120,728		5,755,104
Fate Therapeutics, Inc.(a)		112,925		3,874,457
FibroGen, Inc.(a)(b)		477,348		19,346,915
Forma Therapeutics Holdings, Inc.(a)		543,025		25,245,232
Fusion Pharmaceuticals, Inc.(a)		436,446		7,624,712
Galapagos NV, ADR(a)(b)		25,042		4,940,536
Generation Bio Co.(a)		18,910		397,110
Genetron Holdings Ltd.(a)		970,000		11,707,900
Genmab A/S, ADR(a)		218,365		73,631,145
Genmab A/S, ADR(a)(b)		690,930		23,415,618
Global Blood Therapeutics, Inc.(a)		82,931		5,235,434
Grifols SA		704,064		21,409,182
Gritstone Oncology, Inc.(a)		197,153		1,309,096
Halozyme Therapeutics, Inc.(a)		297,201		7,967,959
Immunomedics, Inc.(a)		533,084		18,892,497
Immunovant, Inc.(a)		207,798		5,059,881
Insmed, Inc.(a)		422,927		11,647,410
Intellia Therapeutics, Inc.(a)		147,621		3,102,993
Iovance Biotherapeutics, Inc.(a)		429,994		11,803,335
Kadmon Holdings, Inc.(a)		1,454,723		7,448,182
Karyopharm Therapeutics, Inc.(a)		406,215		7,693,712
Keros Therapeutics, Inc.(a)		212,296		7,963,223
Kodiak Sciences, Inc.(a)		210,683		11,402,164
Krystal Biotech, Inc.(a)		163,538		6,773,744
Longview Acquisition Corp.(a)		486,550		4,914,155
Mersana Therapeutics, Inc.(a)		1,752,329		41,004,499
Mirati Therapeutics, Inc.(a)(b)		54,382		6,208,793
Molecular Templates, Inc.(a)		203,575		2,807,299
Momenta Pharmaceuticals, Inc.(a)		167,620		5,576,717
Morphic Holding, Inc.(a)		100,431		2,716,659
Neurocrine Biosciences, Inc.(a)		330,903		40,370,166
ORIC Pharmaceuticals, Inc.(a)		237,730		8,018,633
Passage Bio, Inc.(a)		190,016		5,193,137
Prevail Therapeutics, Inc.(a)		85,400		1,272,460
Principia Biopharma, Inc.(a)		104,353		6,239,266

Security	Shares		Value
Biotechnology (continued)
Prothena Corp. PLC(a)		64,169	$	671,208
PTC Therapeutics, Inc.(a)		217,736		11,047,925
Rapt Therapeutics, Inc.(a)		188,948		5,483,271
Regeneron Pharmaceuticals, Inc.(a)(b)		68,120		42,483,038
Retrophin, Inc.(a)		394,674		8,055,296
Revolution Medicines, Inc.(a)		130,658		4,124,873
Sage Therapeutics, Inc.(a)		157,700		6,557,166
Sarepta Therapeutics, Inc.(a)(b)		72,754		11,665,376
Seattle Genetics, Inc.(a)(e)		499,885		84,940,459
Stoke Therapeutics, Inc.(a)		103,538		2,467,311
Syndax Pharmaceuticals, Inc.(a)		260,073		3,854,282
Twist Bioscience Corp.(a)(b)		242,154		10,969,576
uniQure NV(a)		127,900		5,763,174
United Therapeutics Corp.(a)(b)		59,550		7,205,550
Vertex Pharmaceuticals, Inc.(a)(b)		122,254		35,491,559
Vir Biotechnology, Inc.(a)		198,700		8,140,739
Voyager Therapeutics, Inc.(a)		262,830		3,316,915
Zai Lab Ltd., ADR(a)		194,310		15,958,680
Zentalis Pharmaceuticals, Inc.(a)		227,113		10,905,966
Zymeworks, Inc.(a)		252,147		9,094,942
				1,073,719,943
Health Care Equipment & Supplies — 28.4%
ABIOMED, Inc.(a)		80,185		19,369,489
Alcon, Inc.(a)		780,009		44,710,116
Baxter International, Inc.		624,018		53,727,950
Cardiovascular Systems, Inc.(a)		168,900		5,328,795
Coloplast A/S, Class B		20,658		3,219,919
ConvaTec Group PLC(d)		4,668,285		11,274,352
Cooper Cos., Inc.(b)		40,050		11,359,782
Demant A/S(a)		700,875		18,573,959
DexCom, Inc.(a)(b)		40,467		16,405,322
Edwards Lifesciences Corp.(a)		281,385		19,446,517
Envista Holdings Corp.(a)		390,350		8,232,482
GN Store Nord A/S		631,506		33,804,745
Haemonetics Corp.(a)(b)		276,008		24,719,276
Hill-Rom Holdings, Inc.(b)		146,385		16,070,145
Insulet Corp.(a)(b)		142,744		27,729,449
Intuitive Surgical, Inc.(a)(b)		74,498		42,451,195
Kangji Medical Holdings Ltd.(a)		5,001,419		19,230,022
Masimo Corp.(a)(b)		237,283		54,098,151
Nevro Corp.(a)(b)		250,151		29,885,540
NuVasive, Inc.(a)		137,340		7,644,344
Penumbra, Inc.(a)(b)		113,661		20,324,860
ResMed, Inc.(b)		177,327		34,046,784
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		419,520		18,139,316
Silk Road Medical, Inc.(a)		301,640		12,635,700
Sonova Holding AG, Registered Shares		65,278		13,067,036
STERIS PLC		139,521		21,408,102
Straumann Holding AG, Registered Shares		33,816		29,233,463
Tandem Diabetes Care, Inc.(a)(b)		256,274		25,350,624
Teleflex, Inc.(b)		144,275		52,513,215
Varian Medical Systems, Inc.(a)(e)		458,449		56,169,171
Venus MedTech Hangzhou, Inc., Class H(a)(d)		181,000		1,788,095
				751,957,916
Health Care Providers & Services — 9.5%
Addus HomeCare Corp.(a)		45,200		4,183,712
Amedisys, Inc.(a)		230,923		45,847,452
Amplifon SpA(a)		646,544		17,272,422
Centene Corp.(a)(b)		359,854		22,868,722
Chemed Corp.		24,300		10,961,001
Encompass Health Corp.(b)		415,607		25,738,542
Humana, Inc.(b)		81,306		31,526,402
Jinxin Fertility Group Ltd.(d)		19,509,100		29,652,948

SCHEDULES OF INVESTMENTS 69

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
LHC Group, Inc.(a)(b)		247,691	$	43,177,495
Oak Street Health LLC, Series III-E, (Acquired 02/04/20, cost $19,349,483)(f)(g)		123,805		19,349,483
				250,578,179
Health Care Technology — 4.9%
Livongo Health, Inc.(a)		908,900		68,340,191
Ping An Healthcare and Technology Co. Ltd.(a)(d)		1,024,074		15,700,625
Teladoc Health, Inc.(a)		245,349		46,822,403
				130,863,219
Insurance — 0.9%
eHealth, Inc.(a)		97,800		9,607,872
Selectquote, Inc.(a)		559,762		14,178,771
				23,786,643
Life Sciences Tools & Services — 6.4%
10X Genomics, Inc., Class A(a)		48,300		4,313,673
Avantor, Inc.(a)		766,938		13,037,946
Charles River Laboratories International, Inc.(a)(b)		91,464		15,946,749
Gerresheimer AG		156,300		14,444,527
Illumina, Inc.(a)(b)		35,617		13,190,756
IQVIA Holdings, Inc.(a)(b)		145,011		20,574,161
Lonza Group AG, Registered Shares		35,745		18,934,028
PPD, Inc.(a)		422,964		11,335,435
WuXi AppTec Co. Ltd., Class H(d)		2,391,060		31,226,434
Wuxi Biologics Cayman, Inc.(a)(d)		1,429,101		26,232,011
				169,235,720
Pharmaceuticals — 8.9%
Astellas Pharma, Inc.		1,070,400		17,875,209
Chugai Pharmaceutical Co. Ltd.		307,500		16,463,531
Eisai Co. Ltd.		133,400		10,598,479
GW Pharmaceuticals PLC — ADR(a)		178,345		21,886,498
Hansoh Pharmaceutical Group Co. Ltd.(a)(d)		9,306,068		44,012,229
Horizon Therapeutics PLC(a)		171,600		9,537,528
Merck KGaA		200,999		23,405,893
MyoKardia, Inc.(a)		37,765		3,648,854
Nektar Therapeutics(a)(b)		354,718		8,215,269
Reata Pharmaceuticals, Inc., Class A(a)(b)		21,264		3,317,609
Relmada Therapeutics, Inc.(a)		262,500		11,746,875
Royalty Pharma PLC, Class A(a)		142,470		6,916,919
Tricida, Inc.(a)		144,303		3,965,446
UCB SA		449,726		52,189,084
WaVe Life Sciences Ltd.(a)		269,300		2,803,413
				236,582,836
Total Common Stocks — 99.5% (Cost — $2,173,928,487)				2,636,724,456
Preferred Securities — 1.2%
Preferred Stocks — 1.2%
Biotechnology — 0.2%
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, cost $3,029,231), 0.00%(f)(g)		2,567,145		3,029,231
Sigilon Therapeutics, Inc., Series B, (Acquired 2/01/20, cost $3,051,798), 0.00%(f)(g)		508,633		3,041,626
				6,070,857
Pharmaceuticals — 1.0%
Annexon, Inc., Series D, (Acquired 06/26/20, cost $4,170,549), 0.00%(f)(g)		2,932,463		4,170,549
Everest Medicines Ltd., Series C2, (Acquired 05/29/20 cost $11,209,200), 0.00%(f)(g)		3,113,667		11,209,201
Insitro, Inc., Series B, (Acquired 05/21/20 cost $5,000,000), 0.00%(f)(g)		802,478		5,000,000

Security	Shares		Value
Pharmaceuticals (continued)
Kymera Therapeutics, Inc., Series C, (Acquired 03/11/20 cost $4,939,996), 0.00%(f)(g)		755,744	$	4,897,221
				25,276,971
Total Preferred Stocks — 1.2% (Cost — $31,400,774)				31,347,828
Total Long-Term Investments — 100.7% (Cost — $2,205,329,261)				2,668,072,284
Short-Term Securities — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(h)(j)		8,235,706		8,235,706
SL Liquidity Series, LLC, Money Market Series, 0.50%(h)(i)(j)		1,888,090		1,889,600
Total Short-Term Securities — 0.4% (Cost — $10,125,306)				10,125,306
Total Investments Before Options Written — 101.1% (Cost — $2,215,454,567)				2,678,197,590
Options Written — (1.4)% (Premiums Received — $28,539,374)				(38,441,548	)
Total Investments, Net of Options Written — 99.7% (Cost — $2,186,915,193)				2,639,756,042
Other Assets Less Liabilities — 0.3%				9,098,294
Net Assets — 100.0%			$	2,648,854,336

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

^(d)  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.

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

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

^(g)  Restricted security as to resale, excluding 144A securities. The trust held restricted securities with a current value of $50,697,311 representing 1.9% of its net assets as of period end, and an original cost of $40,750,257.

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

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

70 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

^(j)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased			Shares Sold		Shares Held at 06/30/20		Value at 06/30/20		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		8,235,706	(b)		—		8,235,706	$	8,235,706	$	2,362,043		$	—	$	—
SL Liquidity Series, LLC, Money Market Series		—		1,888,090	(b)		—		1,888,090		1,889,600		13,473	(c)		—		—
										$	10,125,306	$	2,375,516		$	—	$	—

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

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
Baxter International, Inc.		499		07/02/20	USD	92.50	USD	4,296	$	(12,475	)
Centene Corp.		169		07/02/20	USD	68.00	USD	1,074		(16,055	)
Edwards Lifesciences Corp.		238		07/02/20	USD	75.00	USD	1,645		(5,950	)
Intuitive Surgical, Inc.		49		07/02/20	USD	575.00	USD	2,792		(20,580	)
Sarepta Therapeutics, Inc.		65		07/02/20	USD	162.50	USD	1,042		(12,675	)
Tandem Diabetes Care, Inc.		58		07/02/20	USD	84.50	USD	574		(85,550	)
Vertex Pharmaceuticals, Inc.		49		07/02/20	USD	272.50	USD	1,423		(87,955	)
Neurocrine Biosciences, Inc.		321		07/06/20	USD	117.00	USD	3,916		(188,868	)
Centene Corp.		471		07/10/20	USD	67.00	USD	2,993		(21,195	)
Humana, Inc.		73		07/10/20	USD	395.00	USD	2,831		(40,880	)
Regeneron Pharmaceuticals, Inc.		62		07/10/20	USD	600.00	USD	3,867		(178,870	)
Tandem Diabetes Care, Inc.		57		07/10/20	USD	85.50	USD	564		(82,365	)
Teladoc Health, Inc.		220		07/10/20	USD	185.00	USD	4,198		(233,200	)
Neurocrine Biosciences, Inc.		321		07/13/20	USD	117.00	USD	3,916		(224,021	)
10X Genomics, Inc., Class A		60		07/17/20	USD	95.00	USD	536		(7,650	)
ABIOMED, Inc.		104		07/17/20	USD	200.00	USD	2,512		(448,760	)
ACADIA Pharmaceuticals, Inc.		288		07/17/20	USD	50.00	USD	1,396		(54,000	)
Acceleron Pharma, Inc.		519		07/17/20	USD	110.00	USD	4,945		(27,247	)
Addus HomeCare Corp.		36		07/17/20	USD	90.00	USD	333		(18,720	)
Agios Pharmaceuticals, Inc.		1,206		07/17/20	USD	50.00	USD	6,450		(609,030	)
Alcon, Inc.		1,092		07/17/20	USD	60.00	USD	6,259		(68,250	)
Alector, Inc.		654		07/17/20	USD	30.00	USD	1,598		(35,970	)
Alexion Pharmaceuticals, Inc.		163		07/17/20	USD	115.00	USD	1,830		(41,565	)
Allakos, Inc.		224		07/17/20	USD	85.00	USD	1,610		(34,720	)
Allakos, Inc.		85		07/17/20	USD	75.00	USD	611		(32,725	)
Alnylam Pharmaceuticals, Inc.		694		07/17/20	USD	140.00	USD	10,279		(853,620	)
Amedisys, Inc.		275		07/17/20	USD	189.00	USD	5,460		(375,130	)
Amicus Therapeutics, Inc.		847		07/17/20	USD	15.00	USD	1,277		(44,468	)
Amicus Therapeutics, Inc.		630		07/17/20	USD	13.00	USD	950		(137,025	)
Apellis Pharmaceuticals, Inc.		213		07/17/20	USD	35.00	USD	696		(17,572	)
Arena Pharmaceuticals, Inc.		188		07/17/20	USD	70.00	USD	1,183		(16,920	)
Arena Pharmaceuticals, Inc.		105		07/17/20	USD	65.00	USD	661		(22,942	)
Argenx SE, ADR		190		07/17/20	USD	175.00	USD	4,279		(953,800	)
Arrowhead Pharmaceuticals, Inc.		214		07/17/20	USD	42.00	USD	924		(73,830	)
Avantor, Inc.		959		07/17/20	USD	17.50	USD	1,630		(33,565	)
Biohaven Pharmaceutical Holding Co. Ltd.		253		07/17/20	USD	55.00	USD	1,850		(471,845	)
BioMarin Pharmaceutical, Inc.		570		07/17/20	USD	115.00	USD	7,030		(584,250	)
Blueprint Medicines Corp.		30		07/17/20	USD	85.00	USD	234		(3,975	)
Cardiovascular Systems, Inc.		200		07/17/20	USD	40.00	USD	631		(5,000	)
CareDx, Inc.		367		07/17/20	USD	30.25	USD	1,300		(207,485	)

SCHEDULES OF INVESTMENTS 71

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Centene Corp.		259		07/17/20	USD	65.00	USD	1,646	$	(38,203	)
Charles River Laboratories International, Inc.		146		07/17/20	USD	165.00	USD	2,546		(156,950	)
Chemed Corp.		38		07/17/20	USD	460.00	USD	1,714		(31,350	)
ChemoCentryx, Inc.		87		07/17/20	USD	65.00	USD	501		(12,832	)
ChemoCentryx, Inc.		87		07/17/20	USD	70.00	USD	501		(8,917	)
Constellation Pharmaceuticals, Inc.		49		07/17/20	USD	49.50	USD	147		(83	)
Cooper Cos., Inc.		100		07/17/20	USD	310.00	USD	2,836		(28,500	)
Deciphera Pharmaceuticals, Inc.		131		07/17/20	USD	55.00	USD	782		(80,565	)
Deciphera Pharmaceuticals, Inc.		74		07/17/20	USD	65.00	USD	442		(11,655	)
DexCom, Inc.		37		07/17/20	USD	410.00	USD	1,500		(56,240	)
DexCom, Inc.		32		07/17/20	USD	390.00	USD	1,297		(84,800	)
Dicerna Pharmaceuticals, Inc.		643		07/17/20	USD	25.00	USD	1,633		(85,198	)
Edwards Lifesciences Corp.		225		07/17/20	USD	73.33	USD	1,555		(15,750	)
Eidos Therapeutics, Inc.		96		07/17/20	USD	50.00	USD	458		(17,040	)
Encompass Health Corp.		664		07/17/20	USD	70.00	USD	4,112		(16,600	)
Envista Holdings Corp.		625		07/17/20	USD	22.00	USD	1,318		(159,375	)
Fate Therapeutics, Inc.		100		07/17/20	USD	35.00	USD	343		(16,500	)
Fate Therapeutics, Inc.		91		07/17/20	USD	30.00	USD	312		(45,045	)
FibroGen, Inc.		380		07/17/20	USD	40.00	USD	1,540		(81,700	)
FibroGen, Inc.		347		07/17/20	USD	35.00	USD	1,406		(211,670	)
GW Pharmaceuticals PLC — ADR		223		07/17/20	USD	125.00	USD	2,737		(82,510	)
Galapagos NV, ADR		20		07/17/20	USD	230.00	USD	395		(4,800	)
Global Blood Therapeutics, Inc.		66		07/17/20	USD	79.75	USD	417		(1,195	)
Haemonetics Corp.		345		07/17/20	USD	110.00	USD	3,090		(6,900	)
Hill-Rom Holdings, Inc.		131		07/17/20	USD	105.00	USD	1,438		(91,700	)
Horizon Therapeutics PLC		140		07/17/20	USD	48.00	USD	778		(115,500	)
Horizon Therapeutics PLC		95		07/17/20	USD	50.00	USD	528		(59,375	)
IQVIA Holdings, Inc.		113		07/17/20	USD	140.00	USD	1,603		(45,765	)
Illumina, Inc.		33		07/17/20	USD	370.00	USD	1,222		(38,445	)
Immunomedics, Inc.		213		07/17/20	USD	36.00	USD	755		(36,742	)
Insmed, Inc.		345		07/17/20	USD	24.75	USD	950		(117,929	)
Insulet Corp.		160		07/17/20	USD	220.00	USD	3,108		(13,200	)
Intellia Therapeutics, Inc.		369		07/17/20	USD	25.00	USD	776		(22,140	)
Intuitive Surgical, Inc.		78		07/17/20	USD	595.00	USD	4,445		(37,440	)
Iovance Biotherapeutics, Inc.		357		07/17/20	USD	40.00	USD	980		(4,462	)
Iovance Biotherapeutics, Inc.		230		07/17/20	USD	45.00	USD	631		(5,175	)
Kadmon Holdings, Inc.		1,682		07/17/20	USD	5.00	USD	861		(71,485	)
Karyopharm Therapeutics, Inc.		505		07/17/20	USD	22.50	USD	956		(16,412	)
Kodiak Sciences, Inc.		225		07/17/20	USD	70.00	USD	1,218		(40,500	)
Kodiak Sciences, Inc.		75		07/17/20	USD	60.00	USD	406		(17,437	)
LHC Group, Inc.		90		07/17/20	USD	145.00	USD	1,569		(263,700	)
LHC Group, Inc.		90		07/17/20	USD	150.00	USD	1,569		(220,500	)
Livongo Health, Inc.		1,320		07/17/20	USD	65.00	USD	9,925		(1,491,600	)
Masimo Corp.		285		07/17/20	USD	250.00	USD	6,498		(37,050	)
Mersana Therapeutics, Inc.		500		07/17/20	USD	22.50	USD	1,170		(120,000	)
Mersana Therapeutics, Inc.		580		07/17/20	USD	25.00	USD	1,357		(79,750	)
Mersana Therapeutics, Inc.		1,300		07/17/20	USD	30.00	USD	3,042		(48,750	)
Mirati Therapeutics, Inc.		68		07/17/20	USD	110.00	USD	776		(60,180	)
Molecular Templates, Inc.		162		07/17/20	USD	20.00	USD	223		(12,150	)
Momenta Pharmaceuticals, Inc.		145		07/17/20	USD	35.00	USD	482		(35,525	)
MyoKardia, Inc.		64		07/17/20	USD	115.00	USD	618		(10,880	)
MyoKardia, Inc.		30		07/17/20	USD	105.00	USD	290		(5,625	)
Nektar Therapeutics		566		07/17/20	USD	24.00	USD	1,311		(50,940	)
Nevro Corp.		314		07/17/20	USD	125.00	USD	3,751		(95,770	)
NuVasive, Inc.		150		07/17/20	USD	60.00	USD	835		(20,250	)
Penumbra, Inc.		105		07/17/20	USD	180.00	USD	1,878		(59,325	)
Principia Biopharma, Inc.		130		07/17/20	USD	70.00	USD	777		(34,125	)
PPD, Inc.		338		07/17/20	USD	28.25	USD	906		(23,570	)
PPD, Inc.		275		07/17/20	USD	30.00	USD	737		(9,625	)
PTC Therapeutics, Inc.		182		07/17/20	USD	50.00	USD	923		(52,780	)
Reata Pharmaceuticals, Inc., Class A		34		07/17/20	USD	170.00	USD	530		(15,130	)
Regeneron Pharmaceuticals, Inc.		34		07/17/20	USD	600.00	USD	2,120		(119,000	)

72 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Relmada Therapeutics, Inc.		420		07/17/20	USD	45.00	USD	1,880	$	(149,100	)
ResMed, Inc.		140		07/17/20	USD	170.00	USD	2,688		(330,400	)
Retrophin, Inc.		315		07/17/20	USD	17.50	USD	643		(77,175	)
Royalty Pharma PLC, Class A		356		07/17/20	USD	55.00	USD	1,728		(25,810	)
STERIS PLC		174		07/17/20	USD	160.00	USD	2,670		(23,055	)
Sage Therapeutics, Inc.		200		07/17/20	USD	40.00	USD	832		(76,500	)
Selectquote, Inc.		700		07/17/20	USD	30.00	USD	1,773		(7,000	)
Silk Road Medical, Inc.		223		07/17/20	USD	45.00	USD	934		(16,725	)
Silk Road Medical, Inc.		111		07/17/20	USD	50.00	USD	465		(9,435	)
Stoke Therapeutics, Inc.		93		07/17/20	USD	25.00	USD	222		(9,532	)
Stoke Therapeutics, Inc.		83		07/17/20	USD	30.00	USD	198		(4,150	)
Syndax Pharmaceuticals, Inc.		562		07/17/20	USD	22.50	USD	833		(56,200	)
Syndax Pharmaceuticals, Inc.		317		07/17/20	USD	20.00	USD	470		(7,925	)
Tandem Diabetes Care, Inc.		58		07/17/20	USD	85.00	USD	574		(87,290	)
Tandem Diabetes Care, Inc.		57		07/17/20	USD	90.00	USD	564		(62,130	)
Teladoc Health, Inc.		77		07/17/20	USD	180.00	USD	1,469		(122,045	)
Teleflex, Inc.		115		07/17/20	USD	350.00	USD	4,186		(228,850	)
Twist Bioscience Corp.		194		07/17/20	USD	45.00	USD	879		(60,625	)
United Therapeutics Corp.		95		07/17/20	USD	120.00	USD	1,150		(39,425	)
Varian Medical Systems, Inc.		367		07/17/20	USD	120.00	USD	4,496		(174,325	)
Vertex Pharmaceuticals, Inc.		108		07/17/20	USD	270.00	USD	3,135		(252,180	)
Vir Biotechnology, Inc.		317		07/17/20	USD	40.00	USD	1,299		(163,255	)
Vir Biotechnology, Inc.		179		07/17/20	USD	45.00	USD	733		(59,518	)
Voyager Therapeutics, Inc.		328		07/17/20	USD	15.00	USD	414		(9,020	)
Zai Lab Ltd., ADR		155		07/17/20	USD	73.00	USD	1,273		(155,627	)
Zymeworks, Inc.		315		07/17/20	USD	45.00	USD	1,136		(37,013	)
uniQure NV		101		07/17/20	USD	65.00	USD	455		(1,262	)
eHealth, Inc.		122		07/17/20	USD	120.00	USD	1,199		(7,625	)
Baxter International, Inc.		560		07/24/20	USD	87.50	USD	4,822		(91,840	)
Humana, Inc.		65		07/24/20	USD	392.50	USD	2,520		(76,375	)
Illumina, Inc.		56		07/24/20	USD	375.00	USD	2,074		(63,000	)
Masimo Corp.		379		07/24/20	USD	253.00	USD	8,641		(72,837	)
Regeneron Pharmaceuticals, Inc.		24		07/24/20	USD	610.00	USD	1,497		(75,360	)
Teladoc Health, Inc.		119		07/24/20	USD	175.00	USD	2,271		(250,495	)
Vertex Pharmaceuticals, Inc.		49		07/24/20	USD	292.50	USD	1,423		(48,020	)
Alexion Pharmaceuticals, Inc.		96		07/31/20	USD	116.00	USD	1,078		(33,600	)
Baxter International, Inc.		501		07/31/20	USD	86.50	USD	4,314		(126,503	)
Edwards Lifesciences Corp.		240		07/31/20	USD	74.00	USD	1,659		(34,200	)
Humana, Inc.		65		07/31/20	USD	395.00	USD	2,520		(78,975	)
Immunomedics, Inc.		213		07/31/20	USD	35.00	USD	755		(77,213	)
Intuitive Surgical, Inc.		59		07/31/20	USD	590.00	USD	3,362		(102,660	)
Regeneron Pharmaceuticals, Inc.		50		07/31/20	USD	620.00	USD	3,118		(139,500	)
Sage Therapeutics, Inc.		200		07/31/20	USD	42.00	USD	832		(77,500	)
Sarepta Therapeutics, Inc.		116		07/31/20	USD	170.00	USD	1,860		(66,120	)
Tandem Diabetes Care, Inc.		410		07/31/20	USD	95.00	USD	4,056		(416,150	)
Teladoc Health, Inc.		77		07/31/20	USD	200.00	USD	1,469		(89,705	)
10X Genomics, Inc., Class A		60		08/21/20	USD	100.00	USD	536		(16,650	)
Acceleron Pharma, Inc.		267		08/21/20	USD	110.00	USD	2,544		(88,110	)
Addus HomeCare Corp.		77		08/21/20	USD	100.00	USD	713		(34,265	)
Alcon, Inc.		858		08/21/20	USD	62.50	USD	4,918		(92,235	)
Alector, Inc.		368		08/21/20	USD	35.00	USD	899		(56,120	)
Alexion Pharmaceuticals, Inc.		163		08/21/20	USD	120.00	USD	1,830		(57,050	)
Allakos, Inc.		224		08/21/20	USD	85.00	USD	1,610		(94,080	)
Apellis Pharmaceuticals, Inc.		213		08/21/20	USD	35.00	USD	696		(51,653	)
Arena Pharmaceuticals, Inc.		188		08/21/20	USD	70.00	USD	1,183		(54,896	)
Arena Pharmaceuticals, Inc.		105		08/21/20	USD	65.00	USD	661		(47,775	)
Argenx SE, ADR		112		08/21/20	USD	240.00	USD	2,523		(118,160	)
Avantor, Inc.		959		08/21/20	USD	20.00	USD	1,630		(35,962	)
BioMarin Pharmaceutical, Inc.		310		08/21/20	USD	120.00	USD	3,824		(337,900	)
Blueprint Medicines Corp.		30		08/21/20	USD	85.00	USD	234		(15,450	)
Cardiovascular Systems, Inc.		220		08/21/20	USD	37.50	USD	694		(22,550	)
CareDx, Inc.		200		08/21/20	USD	40.00	USD	709		(36,000	)

SCHEDULES OF INVESTMENTS 73

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Charles River Laboratories International, Inc.		82		08/21/20	USD	185.00	USD	1,430	$	(42,230	)
Chemed Corp.		22		08/21/20	USD	480.00	USD	992		(25,300	)
ChemoCentryx, Inc.		99		08/21/20	USD	80.00	USD	570		(48,510	)
Constellation Pharmaceuticals, Inc.		60		08/21/20	USD	35.00	USD	180		(14,700	)
Dicerna Pharmaceuticals, Inc.		362		08/21/20	USD	30.00	USD	919		(47,060	)
eHealth, Inc.		122		08/21/20	USD	130.00	USD	1,199		(31,415	)
Eidos Therapeutics, Inc.		205		08/21/20	USD	55.00	USD	977		(46,638	)
Encompass Health Corp.		375		08/21/20	USD	70.00	USD	2,322		(43,125	)
Envista Holdings Corp.		350		08/21/20	USD	23.00	USD	738		(41,125	)
Fate Therapeutics, Inc.		91		08/21/20	USD	35.00	USD	312		(30,940	)
FibroGen, Inc.		466		08/21/20	USD	42.50	USD	1,889		(142,130	)
GW Pharmaceuticals PLC — ADR		133		08/21/20	USD	120.00	USD	1,632		(136,990	)
GW Pharmaceuticals PLC — ADR		90		08/21/20	USD	125.00	USD	1,104		(74,250	)
Galapagos NV, ADR		42		08/21/20	USD	220.00	USD	829		(30,240	)
Genmab A/S, ADR		811		08/21/20	USD	35.00	USD	2,748		(152,063	)
Genmab A/S, ADR		416		08/21/20	USD	30.00	USD	1,410		(203,840	)
Global Blood Therapeutics, Inc.		66		08/21/20	USD	70.00	USD	417		(21,120	)
Haemonetics Corp.		345		08/21/20	USD	95.00	USD	3,090		(181,125	)
Halozyme Therapeutics, Inc.		505		08/21/20	USD	25.00	USD	1,354		(157,813	)
Hill-Rom Holdings, Inc.		234		08/21/20	USD	105.00	USD	2,569		(209,430	)
Horizon Therapeutics PLC		194		08/21/20	USD	50.00	USD	1,078		(156,170	)
Insmed, Inc.		380		08/21/20	USD	29.00	USD	1,047		(82,650	)
Insmed, Inc.		330		08/21/20	USD	26.00	USD	909		(118,800	)
IQVIA Holdings, Inc.		249		08/21/20	USD	150.00	USD	3,533		(104,580	)
Iovance Biotherapeutics, Inc.		244		08/21/20	USD	35.00	USD	670		(31,110	)
Kadmon Holdings, Inc.		977		08/21/20	USD	5.00	USD	500		(195,400	)
Karyopharm Therapeutics, Inc.		340		08/21/20	USD	25.00	USD	644		(26,350	)
Karyopharm Therapeutics, Inc.		170		08/21/20	USD	22.50	USD	322		(20,825	)
Kodiak Sciences, Inc.		226		08/21/20	USD	75.00	USD	1,223		(33,335	)
Krystal Biotech, Inc.		277		08/21/20	USD	50.00	USD	1,147		(135,730	)
LHC Group, Inc.		220		08/21/20	USD	170.00	USD	3,835		(305,800	)
Livongo Health, Inc.		492		08/21/20	USD	70.00	USD	3,699		(548,580	)
Livongo Health, Inc.		460		08/21/20	USD	55.00	USD	3,459		(970,600	)
Masimo Corp.		143		08/21/20	USD	240.00	USD	3,260		(120,120	)
Masimo Corp.		142		08/21/20	USD	230.00	USD	3,237		(170,400	)
Mersana Therapeutics, Inc.		1,500		08/21/20	USD	25.00	USD	3,510		(442,500	)
Mersana Therapeutics, Inc.		500		08/21/20	USD	22.50	USD	1,170		(205,000	)
Mirati Therapeutics, Inc.		68		08/21/20	USD	110.00	USD	776		(90,440	)
Molecular Templates, Inc.		173		08/21/20	USD	17.50	USD	239		(12,975	)
Momenta Pharmaceuticals, Inc.		274		08/21/20	USD	43.00	USD	912		(60,965	)
Nektar Therapeutics		320		08/21/20	USD	25.00	USD	741	��	(48,800	)
Neurocrine Biosciences, Inc.		362		08/21/20	USD	125.00	USD	4,416		(246,160	)
Nevro Corp.		314		08/21/20	USD	130.00	USD	3,751		(186,830	)
NuVasive, Inc.		193		08/21/20	USD	65.00	USD	1,074		(54,040	)
PPD, Inc.		444		08/21/20	USD	30.00	USD	1,190		(47,730	)
Penumbra, Inc.		179		08/21/20	USD	190.00	USD	3,201		(136,935	)
Principia Biopharma, Inc.		130		08/21/20	USD	70.00	USD	777		(38,675	)
PTC Therapeutics, Inc.		182		08/21/20	USD	60.00	USD	923		(27,300	)
PTC Therapeutics, Inc.		180		08/21/20	USD	55.00	USD	913		(46,350	)
Reata Pharmaceuticals, Inc., Class A		19		08/21/20	USD	180.00	USD	296		(17,955	)
Relmada Therapeutics, Inc.		236		08/21/20	USD	50.00	USD	1,056		(92,630	)
ResMed, Inc.		300		08/21/20	USD	180.00	USD	5,760		(555,000	)
Retrophin, Inc.		335		08/21/20	USD	17.50	USD	684		(123,950	)
Seattle Genetics, Inc.		626		08/21/20	USD	165.00	USD	10,637		(923,350	)
Selectquote, Inc.		699		08/21/20	USD	30.00	USD	1,771		(40,193	)
Silk Road Medical, Inc.		420		08/21/20	USD	45.00	USD	1,759		(106,050	)
STERIS PLC		174		08/21/20	USD	160.00	USD	2,670		(84,390	)
Stoke Therapeutics, Inc.		82		08/21/20	USD	30.00	USD	195		(12,300	)
Teladoc Health, Inc.		120		08/21/20	USD	200.00	USD	2,290		(174,000	)
Teleflex, Inc.		245		08/21/20	USD	380.00	USD	8,918		(285,425	)
Tricida, Inc.		130		08/21/20	USD	30.00	USD	357		(34,450	)
Twist Bioscience Corp.		218		08/21/20	USD	45.00	USD	988		(150,420	)

74 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
United Therapeutics Corp.		53		08/21/20	USD	125.00	USD	641	$	(30,210	)
uniQure NV		218		08/21/20	USD	70.00	USD	982		(9,265	)
Varian Medical Systems, Inc.		367		08/21/20	USD	125.00	USD	4,496		(223,870	)
Vertex Pharmaceuticals, Inc.		98		08/21/20	USD	310.00	USD	2,845		(82,810	)
Voyager Therapeutics, Inc.		329		08/21/20	USD	15.00	USD	415		(157,920	)
Zai Lab Ltd., ADR		330		08/21/20	USD	80.00	USD	2,710		(247,500	)
Zymeworks, Inc.		315		08/21/20	USD	45.00	USD	1,136		(92,138	)
ABIOMED, Inc.		96		09/18/20	USD	260.00	USD	2,319		(134,880	)
Amedisys, Inc.		302		09/18/20	USD	190.00	USD	5,996		(642,505	)
Biohaven Pharmaceutical Holding Co. Ltd.		143		09/18/20	USD	70.00	USD	1,045		(161,590	)
Constellation Pharmaceuticals, Inc.		56		09/18/20	USD	45.00	USD	168		(6,300	)
DexCom, Inc.		32		09/18/20	USD	400.00	USD	1,297		(136,800	)
Global Blood Therapeutics, Inc.		75		09/18/20	USD	70.00	USD	473		(37,500	)
Insulet Corp.		200		09/18/20	USD	210.00	USD	3,885		(224,000	)
Iovance Biotherapeutics, Inc.		244		09/18/20	USD	35.00	USD	670		(47,580	)
LHC Group, Inc.		220		09/18/20	USD	175.00	USD	3,835		(295,900	)
Molecular Templates, Inc.		173		09/18/20	USD	17.50	USD	239		(18,597	)
Retrophin, Inc.		335		09/18/20	USD	17.50	USD	684		(143,213	)
Seattle Genetics, Inc.		626		09/18/20	USD	170.00	USD	10,637		(954,650	)
									$	(29,169,654	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Jinxin Fertility Group Ltd.	Morgan Stanley & Co. International PLC		1,344,000		07/02/20	HKD	11.12	HKD	15,832	$	(121,310	)
Tricida, Inc.	JPMorgan Chase Bank N.A.		11,500		07/06/20	USD	29.00	USD	316		(5,434	)
Amplifon SpA	UBS AG		51,700		07/07/20	EUR	24.33	EUR	1,229		(31,558	)
Chugai Pharmaceutical Co., Ltd.	JPMorgan Chase Bank N.A.		24,600		07/07/20	JPY	4,483.66	JPY	142,212		(292,305	)
Eisai Co., Ltd.	Goldman Sachs International		10,600		07/07/20	JPY	7,799.64	JPY	90,932		(84,623	)
GN Store Nord A/S	Credit Suisse International		45,600		07/07/20	DKK	352.35	DKK	16,190		(63,132	)
Grifols SA	UBS AG		176,000		07/07/20	EUR	30.97	EUR	4,764		(27	)
Hansoh Pharmaceutical Group Co. Ltd.	Goldman Sachs International		600,000		07/07/20	HKD	31.96	HKD	21,996		(363,874	)
Jinxin Fertility Group Ltd.	Goldman Sachs International		1,318,000		07/07/20	HKD	10.12	HKD	15,526		(283,962	)
Lonza Group AG, Registered Shares	Morgan Stanley & Co. International PLC		2,800		07/07/20	CHF	473.20	CHF	1,405		(95,609	)
Merck KGaA	UBS AG		14,800		07/07/20	EUR	110.86	EUR	1,534		(1,365	)
Ping An Healthcare and Technology Co. Ltd.	JPMorgan Chase Bank N.A.		81,900		07/07/20	HKD	120.33	HKD	9,732		(36,381	)
Ping An Healthcare and Technology Co. Ltd.	JPMorgan Chase Bank N.A.		81,900		07/07/20	HKD	108.07	HKD	9,732		(122,048	)
Straumann Holding AG, Registered Shares	UBS AG		2,400		07/07/20	CHF	756.50	CHF	1,966		(165,453	)
UCB SA	Credit Suisse International		33,200		07/07/20	EUR	89.19	EUR	3,429		(527,404	)
Wuxi Biologics Cayman, Inc.	Morgan Stanley & Co. International PLC		228,000		07/08/20	HKD	130.73	HKD	32,438		(396,697	)
Coloplast A/S, Class B	Credit Suisse International		1,700		07/14/20	DKK	1,111.63	DKK	—		(1,664	)
Coloplast A/S, Class B	UBS AG		3,400		07/14/20	DKK	1,149.72	DKK	—		(1,268	)
Genmab A/S, ADR	Credit Suisse International		35,000		07/14/20	DKK	2,124.83	DKK	78,275		(745,957	)
Morphic Holding, Inc.	Credit Suisse International		6,300		07/14/20	USD	24.65	USD	170		(22,237	)
WuXi AppTec Co. Ltd., Class H	Morgan Stanley & Co. International PLC		220,000		07/14/20	HKD	85.90	HKD	22,268		(448,616	)
Astellas Pharma, Inc.	JPMorgan Chase Bank N.A.		96,400		07/15/20	JPY	1,993.95	JPY	173,822		(5,029	)
Demant A/S	Goldman Sachs International		87,100		07/15/20	DKK	198.22	DKK	15,310		(23,830	)
Eisai Co., Ltd.	Goldman Sachs International		12,000		07/15/20	JPY	9,144.45	JPY	102,942		(12,760	)
Genmab A/S, ADR	Credit Suisse International		50,000		07/15/20	USD	28.75	USD	1,695		(258,986	)
GN Store Nord A/S	Credit Suisse International		56,800		07/15/20	DKK	380.42	DKK	20,166		(16,602	)
Gritstone Oncology, Inc.	Citibank N.A.		16,800		07/15/20	USD	7.05	USD	112		(4,773	)
Halozyme Therapeutics, Inc.	JPMorgan Chase Bank N.A.		23,800		07/15/20	USD	24.95	USD	638		(53,046	)
Immunovant, Inc.	JPMorgan Chase Bank N.A.		9,300		07/15/20	USD	25.75	USD	226		(12,745	)
Keros Therapeutics, Inc.	Bank of America N.A.		26,500		07/15/20	USD	36.79	USD	994		(65,208	)
Merck KGaA	Goldman Sachs International		18,100		07/15/20	EUR	109.02	EUR	1,876		(12,695	)
Passage Bio, Inc.	JPMorgan Chase Bank N.A.		23,700		07/15/20	USD	26.00	USD	648		(73,373	)
Rapt Therapeutics, Inc.	Credit Suisse International		47,200		07/15/20	USD	24.59	USD	1,370		(256,524	)
Revolution Medicines, Inc.	Credit Suisse International		10,900		07/15/20	USD	36.12	USD	344		(9,908	)
Sonova Holding AG, Registered Shares	UBS AG		7,800		07/15/20	CHF	221.66	CHF	1,479		(158	)

SCHEDULES OF INVESTMENTS 75

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

OTC Options Written (continued)

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Straumann Holding AG, Registered Shares	UBS AG		3,000		07/15/20		CHF	846.93		CHF	2,457	$	(52,172	)
UCB SA	UBS AG		40,500		07/15/20		EUR	92.78		EUR	4,183		(505,839	)
WuXi AppTec Co. Ltd., Class H	Morgan Stanley & Co. International PLC		240,000		07/15/20		HKD	93.71		HKD	24,293		(295,374	)
Zentalis Pharmaceuticals, Inc.	Bank of America N.A.		28,400		07/15/20		USD	51.17		USD	1,364		(76,005	)
Krystal Biotech, Inc.	JPMorgan Chase Bank N.A.		13,000		07/16/20		USD	59.75		USD	538		(363	)
Amplifon SpA	Goldman Sachs International		58,200		07/21/20		EUR	26.19		EUR	1,384		(30,688	)
Chugai Pharmaceutical Co., Ltd.	Goldman Sachs International		27,600		07/21/20		JPY	5,645.50		JPY	159,555		(69,398	)
Genmab A/S, ADR	Credit Suisse International		19,500		07/21/20		DKK	2,045.40		DKK	43,610		(646,964	)
Hansoh Pharmaceutical Group Co. Ltd.	JPMorgan Chase Bank N.A.		870,000		07/21/20		HKD	38.01		HKD	31,894		(83,467	)
Immunovant, Inc.	Credit Suisse International		16,600		07/21/20		USD	22.87		USD	404		(50,449	)
Jinxin Fertility Group Ltd.	Goldman Sachs International		872,000		07/21/20		HKD	11.49		HKD	10,272		(89,756	)
Lonza Group AG, Registered Shares	UBS AG		3,200		07/21/20		CHF	501.80		CHF	1,606		(46,820	)
Morphic Holding, Inc.	Bank of America N.A.		12,500		07/21/20		USD	22.00		USD	338		(72,029	)
Morphic Holding, Inc.	Credit Suisse International		6,300		07/21/20		USD	24.65		USD	170		(24,986	)
Ping An Healthcare and Technology Co. Ltd.	Morgan Stanley & Co. International PLC		92,200		07/21/20		HKD	115.84		HKD	10,956		(98,618	)
Wuxi Biologics Cayman, Inc.	Morgan Stanley & Co. International PLC		129,000		07/21/20		HKD	138.81		HKD	18,353		(166,887	)
Gritstone Oncology, Inc.	Citibank N.A.		7,900		07/22/20		USD	6.70		USD	52		(4,068	)
Gritstone Oncology, Inc.	Morgan Stanley & Co. International PLC		7,800		07/22/20		USD	7.44		USD	52		(2,036	)
Keros Therapeutics, Inc.	Bank of America N.A.		26,500		07/22/20		USD	37.51		USD	994		(67,501	)
Passage Bio, Inc.	Bank of America N.A.		23,800		07/22/20		USD	26.21		USD	650		(82,690	)
Revolution Medicines, Inc.	Credit Suisse International		10,900		07/22/20		USD	36.12		USD	344		(14,698	)
Convatec Group PLC	Credit Suisse International		583,500		07/23/20		GBP	2.11		GBP	1,138		(22,766	)
WuXi AppTec Co. Ltd., Class H	UBS AG		137,700		07/23/20		HKD	91.27		HKD	13,938		(213,468	)
Zentalis Pharmaceuticals, Inc.	JPMorgan Chase Bank N.A.		28,300		07/23/20		USD	52.28		USD	1,359		(91,340	)
Merck KGaA	Credit Suisse International		17,300		07/24/20		EUR	107.91		EUR	1,793		(26,693	)
ADC Therapeutics SA	Credit Suisse International		20,000		07/29/20		USD	48.83		USD	936		(23,254	)
Amplifon SpA	Credit Suisse International		51,700		07/29/20		EUR	24.89		EUR	1,229		(59,960	)
Convatec Group PLC	Goldman Sachs International		583,500		07/29/20		GBP	2.19		GBP	1,138		(17,414	)
Demant A/S	Goldman Sachs International		44,000		07/29/20		DKK	198.54		DKK	7,734		(25,859	)
GN Store Nord A/S	Credit Suisse International		55,400		07/29/20		DKK	383.78		DKK	19,669		(45,980	)
Lonza Group AG, Registered Shares	Goldman Sachs International		2,900		07/29/20		CHF	509.85		CHF	1,455		(38,201	)
Revolution Medicines, Inc.	Credit Suisse International		10,900		07/29/20		USD	36.12		USD	344		(19,002	)
Sonova Holding AG, Registered Shares	Goldman Sachs International		8,400		07/29/20		CHF	212.78		CHF	1,593		(6,445	)
Straumann Holding AG, Registered Shares	Goldman Sachs International		3,000		07/29/20		CHF	828.03		CHF	2,457		(104,983	)
Tricida, Inc.	JPMorgan Chase Bank N.A.		11,500		07/29/20		USD	28.25		USD	316		(27,318	)
UCB SA	Goldman Sachs International		38,700		07/29/20		EUR	110.60		EUR	3,997		(80,209	)
Venus MedTech Hangzhou, Inc., Class H	JPMorgan Chase Bank N.A.		45,000		07/29/20		HKD	70.92		HKD	3,446		(50,634	)
Immunovant, Inc.	Citibank N.A.		9,300		07/30/20		USD	26.52		USD	226		(17,683	)
ORIC Pharmaceuticals, Inc.	Bank of America N.A.		30,000		07/30/20		USD	38.03		USD	1,012		(48,719	)
Beam Therapeutics, Inc.	Credit Suisse International		21,200		08/05/20		USD	28.04		USD	594		(68,908	)
Immunovant, Inc.	Barclays Bank PLC		16,700		08/05/20		USD	28.60		USD	407		(39,104	)
Jinxin Fertility Group Ltd.	Goldman Sachs International		1,342,000		08/05/20		HKD	10.72		HKD	15,809		(249,522	)
Astellas Pharma, Inc.	Goldman Sachs International		171,200		08/12/20		JPY	1,863.45		JPY	308,696		(114,524	)
Beam Therapeutics, Inc.	Credit Suisse International		21,200		08/12/20		USD	29.56		USD	594		(29,869	)
Chugai Pharmaceutical Co., Ltd.	JPMorgan Chase Bank N.A.		24,600		08/12/20		JPY	5,955.25		JPY	142,212		(40,460	)
Demant A/S	Goldman Sachs International		44,100		08/12/20		DKK	186.90		DKK	7,751		(61,295	)
Eisai Co., Ltd.	Goldman Sachs International		10,700		08/12/20		JPY	8,889.93		JPY	91,790		(38,823	)
Gerresheimer AG	UBS AG		39,000		08/12/20		EUR	85.38		EUR	3,208		(76,731	)
Hansoh Pharmaceutical Group Co. Ltd.	UBS AG		856,000		08/12/20		HKD	37.60		HKD	31,381		(128,425	)
Arcutis Biotherapeutics, Inc.	Goldman Sachs International		19,400		08/13/20		USD	32.55		USD	587		(57,053	)
Prevail Therapeutics, Inc.	Barclays Bank PLC		21,300		08/27/20		USD	15.95		USD	317		(16,982	)
Varian Medical Systems, Inc.	Bank of America N.A.		41,200		09/08/20		USD	130.17		USD	5,048		(222,630	)
Twist Bioscience Corp.	Citibank N.A.		19,300		09/09/20		USD	44.75		USD	874		(110,271	)
												$	(9,271,894	)

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		N/A	$	—	$	(9,902,173	)	$	(38,441,548	)

76 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	38,441,548	$	—	$	—	$	—	$	38,441,548

For the six months ended June 30, 2020, 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)	$	—	$	—	$	(871	)	$	—	$	—	$	—	$	(871	)
Options written		—		—		(22,065,517	)		—		—		—		(22,065,517	)
	$	—	$	—	$	(22,066,388	)	$	—	$	—	$	—	$	(22,066,388	)

^(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 written	$	—	$	—	$	(9,902,174	)	$	—	$	—	$	—	$	(9,902,174	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts purchased	$	—	(a)
Average value of option contracts written	$	34,569,709

^(a)  Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Options	$	—	$	38,441,548
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(29,169,654	)
Total derivative assets and liabilities subject to an MNA	$	—	$	9,271,894

SCHEDULES OF INVESTMENTS 77

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged (a)			Cash Collateral Pledged (a)			Net Amount of Derivative Liabilities  (b)
Bank of America N.A.	$	634,782	$	—	$	—		$	(634,782	)	$	—
Barclays Bank PLC		56,086		—		—			(56,086	)		—
Citibank N.A.		136,795		—		(333	)		—			136,462
Credit Suisse International		2,935,943		—		(25,834	)		(415,000	)		2,495,109
Goldman Sachs International		1,765,914		—		—			(1,440,000	)		325,914
JPMorgan Chase Bank N.A.		893,943		—		—			(893,943	)		—
Morgan Stanley & Co. International PLC		1,625,147		—		—			(546,000	)		1,079,147
UBS AG		1,223,284		—		—			(280,000	)		943,284
	$	9,271,894	$	—	$	(26,167	)	$	(4,265,811	)	$	4,979,916

^(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:
Biotechnology	$	978,679,617		$	95,040,327		$	—	$	1,073,719,944
Health Care Equipment & Supplies		603,627,010			148,330,906			—		751,957,916
Health Care Providers & Services		184,303,325			46,925,370			19,349,483		250,578,178
Health Care Technology		115,162,594			15,700,625			—		130,863,219
Insurance		23,786,643			—			—		23,786,643
Life Sciences Tools & Services		78,398,719			90,837,001			—		169,235,720
Pharmaceuticals		72,038,412			164,544,424			—		236,582,836
Preferred Stocks		—			—			31,347,828		31,347,828
Short-Term Securities		8,235,706			—			—		8,235,706
Subtotal	$	2,064,232,026		$	561,378,653		$	50,697,311	$	2,676,307,990
Investments Valued at NAV(a)										1,889,600
Total Investments									$	2,678,197,590
Derivative Financial Instruments(b)
Liabilities:
Equity contracts	$	(27,802,909	)	$	(10,638,639	)	$	—	$	(38,441,548	)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

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

^(b)  Derivative financial instruments are options written. Options written are shown at value.

78 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

	Common Stocks		Preferred Stocks			Total
Assets:
Opening Balance, as of December 31, 2019	$	—	$	—		$	—
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		—			—
Accrued discounts/premiums		—		—			—
Net realized gain (loss)		—		—			—
Net change in unrealized appreciation (depreciation)(a)(b)		—		(52,948	)		(52,948	)
Purchases		19,349,483		31,400,776			50,750,259
Sales		—		—			—
Closing Balance, as of June 30, 2020	$	19,349,483	$	31,347,828		$	50,697,311
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2020(a)	$	—	$	(52,948	)	$	(52,947	)

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

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee to determine the value of certain of the Trust’s Level 3 investments and derivative financial instruments as of period end.

	Value		Valuation Approach		Unobservable Inputs		Range of Unobservable Inputs Utilized (a)		Weighted Average of Unobservable Inputs Based on Fair Value
Assets:
Common Stocks	$	19,349,483		Market		Recent Transactions		—		—
Preferred Stocks		31,347,828		Market		Volatility		73% - 74%		73	%
						Time to Exit		3.0		—
						Recent Transactions		—		—
	$	50,697,311

^(a) A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 79

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 94.5%
Chemicals — 12.5%
Albemarle Corp.(a)		93,042	$	7,183,773
CF Industries Holdings, Inc.(a)		910,955		25,634,274
FMC Corp.(a)(b)		231,787		23,090,621
Koninklijke DSM NV		112,188		15,573,706
Symrise AG		88,014		10,284,140
				81,766,514
Containers & Packaging — 4.9%
Graphic Packaging Holding Co.(a)		1,134,043		15,865,262
International Paper Co.(a)		197,740		6,962,425
Packaging Corp. of America(a)(b)		91,918		9,173,416
				32,001,103
Electronic Equipment, Instruments & Components — 2.3%
Trimble, Inc.(a)(c)		354,782		15,323,035
Food Products — 7.6%
JBS SA		2,743,503		10,670,103
Kerry Group PLC, Class A		86,494		10,744,909
Nestle SA, Registered Shares		73,636		8,164,069
Salmar ASA(c)		163,209		7,818,596
Tyson Foods, Inc., Class A(a)		205,078		12,245,208
				49,642,885
Metals & Mining — 33.8%
Anglo American PLC		801,982		18,488,258
Barrick Gold Corp.(a)		929,437		25,039,033
BHP Group PLC		1,903,657		38,954,660
First Quantum Minerals Ltd.		1,091,233		8,697,069
Fortescue Metals Group Ltd.		975,116		9,479,757
Franco-Nevada Corp.		37,373		5,220,823
Freeport-McMoRan, Inc.(a)(c)		626,115		7,244,151
MMC Norilsk Nickel PJSC, ADR		323,830		8,464,450
Neo Lithium Corp.(c)		5,045,830		1,728,279
Newcrest Mining Ltd.		384,563		8,527,331
Newmont Corp.(a)		424,920		26,234,561
Polyus PJSC — GDR		97,898		8,237,952
Stelco Holdings, Inc.(c)		1,285,453		7,243,456
Vale SA — ADR(a)		2,455,479		25,315,988
Wheaton Precious Metals Corp.		526,556		23,194,792
				222,070,560
Oil, Gas & Consumable Fuels — 31.7%
BP PLC — ADR(a)		1,210,247		28,222,960
Chevron Corp.(a)(b)		369,600		32,979,408
CNOOC Ltd.		9,650,000		10,830,457
ConocoPhillips(a)		311,436		13,086,541
Gazprom PJSC — ADR		2,054,743		11,095,464
Kosmos Energy Ltd.(c)		1,306,747		2,169,200
Lukoil PJSC — ADR		169,210		12,578,075
Marathon Petroleum Corp.(a)		184,263		6,887,751
Petroleo Brasileiro SA — ADR(a)(c)		742,804		6,142,989
Pioneer Natural Resources Co.(a)		92,680		9,054,836
Royal Dutch Shell PLC — ADR, Class A(a)		523,081		17,099,518
Suncor Energy, Inc.		921,340		15,534,379
TOTAL SA		937,858		36,162,312
Williams Cos., Inc.(a)		333,259		6,338,586
				208,182,476
Paper & Forest Products — 0.0%
Precious Woods Holding AG(c)		20,000		195,261
Specialty Retail — 1.7%
Tractor Supply Co.(a)		86,816		11,441,481
Total Common Stocks — 94.5% (Cost — $613,156,350)				620,623,315

Security	Par (000)		Value
Corporate Bonds — 1.9%
Metals & Mining — 1.9%
Osisko Gold Royalties Ltd., 4.00%, 12/31/22		CAD          5,652	$	4,219,017
Pilgangoora Operations Pty Ltd., 12.00%, 06/21/22		USD          8,438		8,437,706
Total Corporate Bonds — 1.9% (Cost — $12,948,994)				12,656,723
Preferred Stock — 1.4%
Metals & Mining — 1.4%
ArcelorMittal SA, 5.50%(c)		326,377		9,347,437
Total Preferred Stock — 1.4% (Cost — $8,159,425)				9,347,437
Total Long-Term Investments — 97.8% (Cost — $634,264,769)				642,627,475
	Shares
Short-Term Securities — 3.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(d)(e)		21,359,985		21,359,985
Total Short-Term Securities — 3.3% (Cost — $21,359,985)				21,359,985
Total Investments Before Options Written — 101.1% (Cost — $655,624,754)				663,987,460
Options Written — (1.2)% (Premiums Received — $7,484,769)				(8,005,582	)
Total Investments, Net of Options Written — 99.9% (Cost — $648,139,985)				655,981,878
Other Assets Less Liabilities — 0.1%				594,351
Net Assets — 100.0%			$	656,576,229

^(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.

80 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Resources & Commodities Strategy Trust (BCX)

^(e)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased			Shares Sold			Shares Held at 06/30/20		Value at 06/30/20		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		13,708,365		7,651,620	(b)		—			21,359,985	$	21,359,985	$	49,361		$	—	$	—
SL Liquidity Series, LLC, Money Market Series(c)		183,142		—			(183,142	)		—		—		6,091	(d)		84		(42	)
											$	21,359,985	$	55,452		$	84	$	(42	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

^(c)  As of period end, the entity is no longer held by the Trust.

^(d)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

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
BP PLC — ADR		294		07/02/20	USD	25.00	USD	686	$	(882	)
CF Industries Holdings, Inc.		280		07/02/20	USD	30.00	USD	788		(1,540	)
Royal Dutch Shell PLC — ADR, Class A		196		07/02/20	USD	39.00	USD	641		(2,940	)
Royal Dutch Shell PLC — ADR, Class A		195		07/02/20	USD	34.50	USD	637		(1,950	)
Tractor Supply Co.		103		07/02/20	USD	110.00	USD	1,357		(225,055	)
BP PLC — ADR		755		07/10/20	USD	28.00	USD	1,761		(4,530	)
BP PLC — ADR		543		07/10/20	USD	26.50	USD	1,266		(1,629	)
CF Industries Holdings, Inc.		317		07/10/20	USD	35.00	USD	892		(55,792	)
CF Industries Holdings, Inc.		317		07/10/20	USD	33.00	USD	892		(951	)
Chevron Corp.		369		07/10/20	USD	106.00	USD	3,293		(3,321	)
ConocoPhillips		262		07/10/20	USD	52.00	USD	1,101		(1,834	)
Freeport-McMoRan, Inc.		1,012		07/10/20	USD	10.50	USD	1,171		(120,428	)
International Paper Co.		334		07/10/20	USD	37.50	USD	1,176		(6,847	)
Marathon Petroleum Corp.		56		07/10/20	USD	44.00	USD	209		(1,036	)
Suncor Energy, Inc.		362		07/10/20	CAD	26.50	CAD	829		(1,333	)
Tyson Foods, Inc., Class A		200		07/10/20	USD	64.50	USD	1,194		(4,500	)
Vale SA — ADR		1,970		07/10/20	USD	10.00	USD	2,031		(102,440	)
Albemarle Corp.		236		07/17/20	USD	90.00	USD	1,822		(2,950	)
Albemarle Corp.		235		07/17/20	USD	95.00	USD	1,814		(5,875	)
BP PLC — ADR		755		07/17/20	USD	29.00	USD	1,761		(7,550	)
BP PLC — ADR		588		07/17/20	USD	26.00	USD	1,371		(7,350	)
Barrick Gold Corp.		1,290		07/17/20	USD	26.00	USD	3,475		(208,335	)
CF Industries Holdings, Inc.		710		07/17/20	USD	32.50	USD	1,998		(8,165	)
CF Industries Holdings, Inc.		316		07/17/20	USD	30.00	USD	889		(18,960	)
Chevron Corp.		316		07/17/20	USD	97.50	USD	2,820		(15,326	)
ConocoPhillips		217		07/17/20	USD	50.00	USD	912		(2,495	)
FMC Corp.		506		07/17/20	USD	92.50	USD	5,041		(432,630	)
First Quantum Minerals Ltd.		2,500		07/17/20	CAD	9.00	CAD	2,705		(348,961	)
First Quantum Minerals Ltd.		540		07/17/20	CAD	10.00	CAD	584		(41,367	)
Franco-Nevada Corp.		149		07/17/20	CAD	190.00	CAD	2,826		(62,285	)
Freeport-McMoRan, Inc.		1,011		07/17/20	USD	10.00	USD	1,170		(170,354	)
Graphic Packaging Holding Co.		1,651		07/17/20	USD	13.20	USD	2,310		(158,953	)
Marathon Petroleum Corp.		153		07/17/20	USD	37.50	USD	572		(33,125	)
Newmont Corp.		104		07/17/20	USD	65.00	USD	642		(11,440	)
Newmont Corp.		364		07/17/20	USD	60.00	USD	2,247		(117,390	)
Packaging Corp. of America		184		07/17/20	USD	100.00	USD	1,836		(57,960	)

SCHEDULES OF INVESTMENTS 81

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Petroleo Brasileiro SA — ADR		633		07/17/20	USD	8.00	USD	523	$	(35,765	)
Petroleo Brasileiro SA — ADR		159		07/17/20	USD	10.00	USD	131		(556	)
Pioneer Natural Resources Co.		40		07/17/20	USD	100.00	USD	391		(13,600	)
Royal Dutch Shell PLC — ADR, Class A		525		07/17/20	USD	32.50	USD	1,716		(68,250	)
Stelco Holdings, Inc.		1,000		07/17/20	CAD	8.00	CAD	765		(12,890	)
Stelco Holdings, Inc.		1,000		07/17/20	CAD	9.00	CAD	765		(4,420	)
Suncor Energy, Inc.		1,054		07/17/20	CAD	26.00	CAD	2,413		(11,257	)
Suncor Energy, Inc.		660		07/17/20	CAD	28.00	CAD	1,511		(3,403	)
Suncor Energy, Inc.		659		07/17/20	CAD	27.00	CAD	1,508		(3,883	)
Trimble, Inc.		539		07/17/20	USD	40.00	USD	2,328		(196,735	)
Tyson Foods, Inc., Class A		139		07/17/20	USD	62.50	USD	830		(15,637	)
Vale SA — ADR		2,263		07/17/20	USD	9.00	USD	2,333		(312,294	)
Vale SA — ADR		1,970		07/17/20	USD	10.00	USD	2,031		(119,185	)
Williams Cos., Inc.		654		07/17/20	USD	20.00	USD	1,244		(17,658	)
BP PLC — ADR		796		07/24/20	USD	26.00	USD	1,856		(17,910	)
CF Industries Holdings, Inc.		712		07/24/20	USD	31.50	USD	2,004		(24,564	)
Chevron Corp.		159		07/24/20	USD	94.00	USD	1,419		(29,892	)
ConocoPhillips		217		07/24/20	USD	50.50	USD	912		(5,316	)
International Paper Co.		456		07/24/20	USD	38.00	USD	1,606		(24,624	)
Marathon Petroleum Corp.		179		07/24/20	USD	46.50	USD	669		(6,981	)
Newmont Corp.		474		07/24/20	USD	58.50	USD	2,926		(225,150	)
Newmont Corp.		284		07/24/20	USD	60.00	USD	1,753		(104,370	)
Petroleo Brasileiro SA — ADR		859		07/24/20	USD	8.50	USD	710		(34,790	)
Pioneer Natural Resources Co.		165		07/24/20	USD	105.00	USD	1,612		(45,788	)
Royal Dutch Shell PLC — ADR, Class A		651		07/24/20	USD	38.00	USD	2,128		(17,903	)
Vale SA — ADR		1,640		07/24/20	USD	11.00	USD	1,691		(39,360	)
Williams Cos., Inc.		230		07/24/20	USD	21.50	USD	437		(3,335	)
BP PLC — ADR		408		07/31/20	USD	25.50	USD	951		(17,340	)
CF Industries Holdings, Inc.		280		07/31/20	USD	30.00	USD	788		(25,900	)
Chevron Corp.		198		07/31/20	USD	97.50	USD	1,767		(23,958	)
ConocoPhillips		115		07/31/20	USD	46.00	USD	483		(12,247	)
Freeport-McMoRan, Inc.		481		07/31/20	USD	12.50	USD	557		(22,367	)
Marathon Petroleum Corp.		179		07/31/20	USD	43.50	USD	669		(16,737	)
Newmont Corp.		474		07/31/20	USD	58.50	USD	2,926		(248,850	)
Petroleo Brasileiro SA — ADR		1,320		07/31/20	USD	10.00	USD	1,092		(15,840	)
Pioneer Natural Resources Co.		165		07/31/20	USD	99.50	USD	1,612		(100,650	)
Royal Dutch Shell PLC — ADR, Class A		525		07/31/20	USD	34.00	USD	1,716		(73,500	)
Tyson Foods, Inc., Class A		241		07/31/20	USD	68.00	USD	1,439		(24,703	)
BP PLC — ADR		293		08/07/20	USD	25.00	USD	683		(21,096	)
Chevron Corp.		132		08/07/20	USD	92.00	USD	1,178		(45,606	)
ConocoPhillips		434		08/07/20	USD	44.50	USD	1,824		(73,563	)
Tyson Foods, Inc., Class A		240		08/07/20	USD	63.50	USD	1,433		(32,400	)
Williams Cos., Inc.		398		08/07/20	USD	19.00	USD	757		(52,934	)
BP PLC — ADR		408		08/21/20	USD	26.00	USD	951		(22,032	)
Barrick Gold Corp.		1,290		08/21/20	USD	27.00	USD	3,475		(253,485	)
CF Industries Holdings, Inc.		711		08/21/20	USD	35.00	USD	2,001		(14,220	)
Chevron Corp.		304		08/21/20	USD	95.00	USD	2,713		(91,200	)
FMC Corp.		421		08/21/20	USD	105.00	USD	4,194		(145,245	)
First Quantum Minerals Ltd.		1,330		08/21/20	CAD	11.00	CAD	1,439		(89,150	)
Graphic Packaging Holding Co.		2,001		08/21/20	USD	15.00	USD	2,799		(80,040	)
Marathon Petroleum Corp.		170		08/21/20	USD	37.50	USD	635		(62,475	)
Packaging Corp. of America		183		08/21/20	USD	100.00	USD	1,826		(107,970	)
Stelco Holdings, Inc.		1,140		08/21/20	CAD	8.00	CAD	872		(39,887	)
Suncor Energy, Inc.		588		08/21/20	CAD	27.00	CAD	1,346		(20,140	)
Suncor Energy, Inc.		362		08/21/20	CAD	26.00	CAD	829		(17,465	)
Tractor Supply Co.		180		08/21/20	USD	135.00	USD	2,372		(95,400	)
Trimble, Inc.		340		08/21/20	USD	45.00	USD	1,468		(70,550	)
Vale SA — ADR		1,980		08/21/20	USD	11.00	USD	2,041		(91,080	)
Williams Cos., Inc.		51		08/21/20	USD	21.00	USD	97		(2,269	)
									$	(5,654,294	)

82 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Resources & Commodities Strategy Trust (BCX)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
MMC Norilsk Nickel PJSC , ADR	UBS AG		64,700		07/07/20	USD	29.97	USD	1,694	$	(8,056	)
TOTAL SA	Credit Suisse International		65,400		07/07/20	EUR	33.55	EUR	2,222		(90,512	)
BNP Group PLC	Credit Suisse International		219,400		07/08/20	GBP	16.57	GBP	3,630		(102,644	)
Graphic Packaging Holding Co.	Credit Suisse International		88,400		07/08/20	USD	14.15	USD	1,237		(18,972	)
Newcrest Mining Ltd.	JPMorgan Chase Bank N.A.		101,900		07/08/20	AUD	34.07	AUD	3,213		(15,182	)
Symrise AG	Credit Suisse International		35,000		07/10/20	EUR	98.52	EUR	3,623		(234,313	)
CNOOC Ltd.	Goldman Sachs International		1,177,000		07/14/20	HKD	9.26	HKD	10,146		(14,888	)
Gazprom PJSC — ADR	UBS AG		274,100		07/14/20	USD	5.78	USD	1,479		(2,936	)
JBS SA	Morgan Stanley & Co. International PLC		836,000		07/14/20	USD	22.46	BRL	17,681		(36,491	)
Kerry Group PLC, Class A	Goldman Sachs International		21,400		07/14/20	EUR	110.23	EUR	2,360		(56,201	)
Koninkilijke DSM NV	Credit Suisse International		24,500		07/14/20	EUR	118.99	EUR	3,018		(158,192	)
Polyus PJSC — GDR	Credit Suisse International		32,600		07/14/20	USD	81.83	USD	2,743		(161,581	)
Polyus PJSC — GDR	Credit Suisse International		6,500		07/14/20	USD	81.18	USD	547		(34,710	)
TOTAL SA	Credit Suisse International		15,300		07/14/20	EUR	35.12	EUR	520		(11,581	)
Anglo American PLC	Goldman Sachs International		184,300		07/15/20	GBP	18.95	GBP	3,445		(125,740	)
Gazprom PJSC — ADR	Credit Suisse International		295,900		07/15/20	USD	5.69	USD	1,597		(3,548	)
Gazprom PJSC — ADR	Credit Suisse International		76,800		07/15/20	USD	6.03	USD	414		(681	)
Lukoil PJSC — ADR	Credit Suisse International		58,600		07/15/20	USD	82.44	USD	4,352		(222	)
Nestle SA, Registered Shares	Goldman Sachs International		29,500		07/15/20	CHF	104.74	CHF	3,090		(47,942	)
BNP Group PLC	Credit Suisse International		125,500		07/21/20	GBP	17.64	GBP	2,076		(26,007	)
TOTAL SA	Credit Suisse International		113,500		07/21/20	EUR	38.25	EUR	3,856		(23,195	)
MMC Norilsk Nickel PJSC , ADR	Goldman Sachs International		64,800		07/22/20	USD	29.96	USD	1,697		(41,121	)
Salmar ASA	Credit Suisse International		33,100		07/22/20	NOK	458.82	NOK	15,196		(94,202	)
BNP Group PLC	Credit Suisse International		490,002		07/23/20	GBP	17.70	GBP	8,107		(117,976	)
Koninkilijke DSM NV	Credit Suisse International		22,700		07/23/20	EUR	119.85	EUR	2,797		(143,314	)
Lukoil PJSC — ADR	Credit Suisse International		9,000		07/23/20	USD	81.54	USD	668		(328	)
TOTAL SA	Goldman Sachs International		75,400		07/23/20	EUR	38.50	EUR	2,562		(14,415	)
Kerry Group PLC, Class A	UBS AG		13,200		07/24/20	EUR	110.31	EUR	1,456		(45,132	)
Gazprom PJSC — ADR	Credit Suisse International		175,000		07/29/20	USD	6.12	USD	944		(383	)
TOTAL SA	Morgan Stanley & Co. International PLC		92,000		07/29/20	EUR	38.34	EUR	3,126		(30,437	)
Anglo American PLC	Credit Suisse International		66,800		08/05/20	GBP	19.56	GBP	1,249		(54,261	)
CNOOC Ltd.	Societe Generale		2,683,000		08/05/20	HKD	9.42	HKD	23,127		(61,500	)
Fortescue Metals Group Ltd.	UBS AG		390,000		08/05/20	AUD	14.26	AUD	5,402		(111,074	)
Newcrest Mining Ltd.	UBS AG		52,000		08/05/20	AUD	33.77	AUD	1,640		(38,123	)
Stelco Holdings, Inc.	Credit Suisse International		200,000		08/11/20	CAD	8.23	CAD	1,530		(49,782	)
Anglo American PLC	Goldman Sachs International		69,700		08/12/20	GBP	19.63	GBP	1,303		(50,049	)
Fortescue Metals Group Ltd.	UBS AG		390,000		08/12/20	AUD	14.40	AUD	5,402		(114,761	)
Salmar ASA	Morgan Stanley & Co. International PLC		32,200		08/12/20	NOK	477.79	NOK	14,783		(32,793	)
Trimble, Inc.	JPMorgan Chase Bank N.A.		54,000		09/10/20	USD	43.10	USD	2,332		(178,043	)
										$	(2,351,288	)

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		N/A	$	2,344,175	$	(2,864,988	)	$	(8,005,582	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	8,005,582	$	—	$	—	$	—	$	8,005,582

SCHEDULES OF INVESTMENTS 83

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Resources & Commodities Strategy Trust (BCX)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the six months ended June 30, 2020, 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)	$	—	$	—	$	(14,885)		$	—	$	—	$	—	$	(14,885)
Options written		—		—		(5,601,029	)		—		—		—		(5,601,029	)
	$	—	$	—	$	(5,615,914)		$	—	$	—	$	—	$	(5,615,914	)
																��

^(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 written	$	—	$	—	$	669,699	$	—	$	—	$	—	$	669,699

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts purchased	$	—	(a)
Average value of option contracts written	$	8,224,895

^(a)  Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Options	$	—	$	8,005,582
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(5,654,294	)
Total derivative assets and liabilities subject to an MNA	$	—	$	2,351,288

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged (a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities  (b)
Credit Suisse International	$	1,326,404	$	—	$	(1,326,404	)	$	—	$	—
Goldman Sachs International		350,356		—		(350,356	)		—		—
JPMorgan Chase Bank N.A.		193,225		—		(193,225	)		—		—
Morgan Stanley & Co. International PLC		99,721		—		(99,721	)		—		—
Societe Generale		61,500		—		—			—		61,500
UBS AG		320,082		—		(320,082	)		—		—
	$	2,351,288	$	—	$	(2,289,788	)	$	—	$	61,500

^(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.

84 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Resources & Commodities Strategy Trust (BCX)

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:
Chemicals	$	55,908,668		$	25,857,846		$	—	$	81,766,514
Containers & Packaging		32,001,103			—			—		32,001,103
Electronic Equipment, Instruments & Components		15,323,035			—			—		15,323,035
Food Products		22,915,311			26,727,574			—		49,642,885
Metals & Mining		129,918,152			92,152,408			—		222,070,560
Oil, Gas & Consumable Fuels		137,516,168			70,666,308			—		208,182,476
Paper & Forest Products		—			195,261			—		195,261
Specialty Retail		11,441,481			—			—		11,441,481
Corporate Bonds		4,219,017			8,437,706			—		12,656,723
Preferred Stock		9,347,437			—			—		9,347,437
Short-Term Securities		21,359,985			—			—		21,359,985
	$	439,950,357		$	224,037,103		$	—	$	663,987,460
Derivative Financial Instruments(a)
Liabilities:
Equity contracts	$	(5,495,340	)	$	(2,510,242	)	$	—	$	(8,005,582	)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

^(a)  Derivative financial instruments are options written. Options written are shown at value.

See notes to consolidated financial statements.

SCHEDULES OF INVESTMENTS 85

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 95.1%
Automobiles — 0.7%
Tesla, Inc.(a)(b)		6,075	$	6,559,846
Banks — 0.6%
Klarna Holdings AB, (Acquired 08/07/2019, cost $3,966,981) (c)(d)		17,130		5,943,346
Communications Equipment — 0.6%
Accton Technology Corp.		724,000		5,622,295
Diversified Consumer Services — 2.5%
Arco Platform Ltd., Class A(a)		173,064		7,524,823
Chegg, Inc.(a)(b)		120,274		8,089,629
TAL Education Group — ADR(a)(b)		106,831		7,305,104
				22,919,556
Diversified Financial Services — 0.3%
TransferWise, (Acquired 06/03/2019, cost $2,471,478)(c)(d)		27,945		2,980,893
Diversified Telecommunication Services — 0.8%
Bandwidth, Inc., Class A(a)(b)		61,968		7,869,936
Electronic Equipment, Instruments & Components — 1.0%
Samsung SDI Co. Ltd.		10,945		3,346,561
Yageo Corp.		451,000		5,875,549
				9,222,110
Entertainment — 4.2%
Activision Blizzard, Inc.(b)		112,418		8,532,526
NetEase, Inc. — ADR(b)		15,079		6,474,621
Netflix, Inc.(a)(b)		14,805		6,736,867
Roku, Inc.(a)(b)		50,348		5,867,053
Tencent Music Entertainment Group — ADR(a)(b)		375,157		5,049,613
Warner Music Group Corp., Class A(a)(b)(e)		198,164		5,845,838
				38,506,518
Health Care Technology — 1.9%
Ping An Healthcare and Technology Co. Ltd.(a)(f)		500,078		7,666,962
Teladoc Health, Inc.(a)(b)		52,020		9,927,497
				17,594,459
Interactive Media & Services — 10.9%
Alphabet, Inc., Class A(a)(b)		17,418		24,699,595
Facebook, Inc., Class A(a)(b)		47,103		10,695,678
Kakao Corp.		47,217		10,595,610
Snap, Inc., Class A(a)(b)		324,902		7,631,948
Tencent Holdings Ltd.		407,400		26,105,324
Yandex NV, Class A(a)(b)		167,293		8,367,996
ZoomInfo Technologies, Inc., Class A(a)(b)(e)		241,571		12,327,368
				100,423,519
Internet & Direct Marketing Retail — 10.4%
Alibaba Group Holding Ltd. — ADR(a)(b)		120,533		25,998,968
Amazon.com, Inc.(a)(b)		11,616		32,046,453
Delivery Hero SE(a)(f)		102,297		10,512,780
Ensogo Ltd.(a)(c)		173,282		1
Jasper Infotech Private Ltd., Series I, (Acquired 08/08/15, cost $1,998,435)(c)(d)		1,054		250,462
Meituan Dianping, Class B(a)		612,396		13,684,820
MercadoLibre, Inc.(a)(b)		13,943		13,744,591
				96,238,075
IT Services — 18.5%
Adyen NV(a)(f)		5,423		7,893,142
GMO Payment Gateway, Inc.		76,100		7,959,563
Mastercard, Inc., Class A(b)		75,956		22,460,189
MongoDB, Inc.(a)(b)		29,017		6,567,708
Okta, Inc.(a)(b)		69,045		13,824,880

Security	Shares		Value
IT Services (continued)
Pagseguro Digital Ltd., Class A(a)(b)		141,119	$	4,987,146
PayPal Holdings, Inc.(a)(b)		108,253		18,860,920
Shopify, Inc., Class A(a)(b)		21,470		20,379,324
Square, Inc., Class A(a)(b)		147,651		15,494,496
StoneCo Ltd., Class A(a)(b)		166,453		6,451,718
TRAX Ltd., (Acquired 09/12/2019, cost $4,000,013)(c)(d)		106,667		4,125,880
Twilio, Inc., Class A(a)(b)		96,545		21,183,904
Visa, Inc., Class A(b)		106,695		20,610,273
				170,799,143
Semiconductors & Semiconductor Equipment — 12.9%
Advanced Micro Devices, Inc.(a)(b)		247,686		13,030,760
ASML Holding NV		37,418		13,687,985
Cree, Inc.(a)(b)		116,909		6,919,844
Inphi Corp.(a)(b)		89,060		10,464,550
Lam Research Corp.(b)		37,016		11,973,195
Marvell Technology Group Ltd.(b)		365,423		12,811,730
Micron Technology, Inc.(a)(b)		126,024		6,492,757
Monolithic Power Systems, Inc.(b)		32,734		7,757,958
Renesas Electronics Corp.(a)		1,150,900		5,916,089
Skyworks Solutions, Inc.(b)		43,227		5,527,004
SOITEC(a)		77,629		8,647,646
STMicroelectronics NV		290,068		7,906,750
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR(b)		135,563		7,695,912
				118,832,180
Software — 26.0%
Adobe, Inc.(a)(b)		44,474		19,359,977
Altium Ltd.		259,362		5,876,440
Atlassian Corp. PLC, Class A(a)(b)		49,029		8,838,458
Autodesk, Inc.(a)(b)		40,617		9,715,180
Avalara, Inc.(a)(b)		86,159		11,466,901
Cadence Design Systems, Inc.(a)(b)		76,852		7,374,718
Coupa Software, Inc.(a)(b)		48,424		13,415,385
Crowdstrike Holdings, Inc., Class A(a)(b)		55,492		5,565,293
Elastic NV(a)(b)		52,787		4,867,489
Fair Isaac Corp.(a)(b)		12,967		5,420,725
Intuit, Inc.(b)		18,491		5,476,849
Kingdee International Software Group Co. Ltd.(a)		4,483,000		10,489,691
Microsoft Corp.(b)		214,280		43,608,123
Online Ventures Property Ltd., (Acquired 01/21/2020, cost $6,160,136)(c)(d)		53,642		5,580,517
Paycom Software, Inc.(a)(b)		20,035		6,205,441
RingCentral, Inc., Class A(a)(b)		41,643		11,868,671
salesforce.com, Inc.(a)(b)		44,202		8,280,361
ServiceNow, Inc.(a)(b)		29,124		11,796,967
Smartsheet, Inc., Class A(a)(b)		77,288		3,935,505
TeamViewer AG(a)(f)		189,832		10,365,222
Xero Ltd.(a)		114,004		7,161,174
Zendesk, Inc.(a)(b)		72,661		6,432,678
Zoom Video Communications, Inc., Class A(a)(b)		26,152		6,630,578
Zscaler, Inc.(a)(b)		95,801		10,490,209
				240,222,552
Technology Hardware, Storage & Peripherals — 3.8%
Apple, Inc.(b)		97,619		35,611,411
Total Common Stocks — 95.1% (Cost — $321,034,872)				879,345,839
Preferred Stocks — 7.4%
Diversified Financial Services — 1.0%
Databricks, Inc., Series F, (Acquired 10/22/2019, cost $3,999,999), 0.00%(c)(d)		93,135		6,170,194

86 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services (continued)
TransferWise (Seed Preferred), (Acquired 06/03/2019, cost $849,295), 0.00%(c)(d)		9,603	$	1,024,352
TransferWise, Series A, (Acquired 06/03/2019, cost $1,004,242), 0.00%(c)(d)		11,355		1,211,238
TransferWise, Series B, (Acquired 06/03/2019, cost $288,408), 0.00%(c)(d)		3,261		347,851
TransferWise, Series C, (Acquired 06/03/2019, cost $161,315), 0.00%(c)(d)		1,824		194,566
TransferWise, Series D, (Acquired 06/03/2019, cost $44,579), 0.00%(c)(d)		504		53,762
TransferWise, Series E, (Acquired 06/03/2019, cost $4,688), 0.00%(c)(d)		53		5,653
				9,007,616
Electronic Equipment, Instruments & Components — 0.6%
Credo Technology Group Holding Ltd., Series D, (Acquired 03/20/2020, cost $5,000,000), 0.00%(c)(d)		1,001,382		4,996,896
Internet & Direct Marketing Retail — 0.3%
Postmates, Inc., Series F, (Acquired 01/08/19, cost $3,130,001), 0.00%(c)(d)		392,275		2,663,547
Road & Rail — 1.8%
Ant Financial, Series A-18, (Acquired 05/18/18, cost $6,492,863), 0.00%(c)(d)		1,157,373		8,090,037
FlixMobility GmbH, Series F, (Acquired 07/26/2019, cost $5,482,937), 0.00%(c)(d)		275		3,110,763
Xiaoju Kuaizhi, Inc., Series A-17, (Acquired 07/28/15, cost $3,016,964), 0.00%(c)(d)		110,003		5,719,056
				16,919,856
Semiconductors & Semiconductor Equipment — 2.2%
Innovium, Inc. Series F, (Acquired 08/21/19, cost $2,999,996), 0.00%(c)(d)		296,062		3,087,926
Innovium, Inc., Series E, (Acquired 08/21/19, cost $3,000,003), 0.00%(c)(d)		353,478		3,266,137
Psiquantum Corp., Series C, (Acquired 09/09/2019, cost $3,200,234), 0.00%(c)(d)		690,003		3,167,114
SambaNova Systems, Inc., Series C, (Acquired 02/19/2020 , cost $9,972,125), 0.00%(c)(d)		187,300		10,458,832
				19,980,009
Software — 1.5%
C3 AI, Inc., Series H, (Acquired 08/14/2019, cost $7,129,478), 0.00%(c)(d)		1,415,000		7,513,650
GitLab, Inc., Series E, (Acquired 09/10/2019, cost $2,915,501), 0.00%(c)(d)		156,500		3,300,585
Unqork, Inc., Series B, (Acquired 09/19/19, cost $3,198,416), 0.00%(c)(d)		7,027		3,345,766
				14,160,001
Total Preferred Stocks — 7.4% (Cost — $61,891,045)				67,727,925

Security	Shares		Value
Warrants — 0.0%
IT Services — 0.0%
TRAX Ltd., (Acquired 09/12/2019, cost $0)(c)(d)		17,065	$	43,857
Total Warrants — 0.0% (Cost — $ — )				43,857
Total Long-Term Investments — 102.5% (Cost — $382,925,917)				947,117,621
Short-Term Securities — 0.3%
SL Liquidity Series, LLC, Money Market Series, 0.50%(g)(h)(i)		2,827,263		2,829,525
Total Short-Term Securities — 0.3% (Cost — $2,829,525)				2,829,525
Total Investments Before Options Written — 102.8% (Cost — $385,755,442)				949,947,146
Options Written — (2.3)% (Premiums Received — $12,417,299)				(21,192,234	)
Total Investments, Net of Options Written — 100.5% (Cost — $373,338,143)				928,754,912
Liabilities in Excess of Other Assets — (0.5)%				(4,237,645	)
Net Assets — 100.0%			$	924,517,267

^(a)  Non-income producing security.

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

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

^(d)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $86,652,880, representing 9.4% of its net assets as of period end, and an original cost of $80,484,507.

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

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

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

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

⁽ⁱ⁾  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased			Shares Sold			Shares Held at 06/30/20		Value at 06/30/20		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class(c)		8,881,516		—			(8,881,516	)(b)		—	$	—	$	25,107		$	—		$	—
SL Liquidity Series, LLC, Money Market Series		—		2,827,263	(b)		—			2,827,263		2,829,525		14,886	(d)		(472	)		—
											$	2,829,525	$	39,993		$	(472	)	$	—

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

SCHEDULES OF INVESTMENTS 87

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust (BST)

^(c)  As of period end, the entity is no longer held by the Trust.

^(d)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

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.		52		07/02/20	USD	74.00	USD	395	$	(9,906	)
Adobe, Inc.		28		07/02/20	USD	390.00	USD	1,219		(128,100	)
Alphabet, Inc., Class A		16		07/02/20	USD	1,450.00	USD	2,269		(2,880	)
Amazon.com, Inc.		14		07/02/20	USD	2,475.00	USD	3,862		(397,390	)
Atlassian Corp. PLC, Class A		159		07/02/20	USD	180.00	USD	2,866		(31,005	)
Lam Research Corp.		72		07/02/20	USD	282.50	USD	2,329		(295,380	)
Netflix, Inc.		10		07/02/20	USD	440.00	USD	455		(16,800	)
RingCentral, Inc., Class A		17		07/02/20	USD	257.50	USD	485		(47,175	)
Salesforce.com, Inc.		65		07/02/20	USD	177.50	USD	1,218		(61,100	)
ServiceNow, Inc.		42		07/02/20	USD	397.50	USD	1,701		(38,850	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		116		07/02/20	USD	53.50	USD	659		(37,120	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		59		07/02/20	USD	54.50	USD	335		(13,570	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		37		07/02/20	USD	56.50	USD	210		(2,497	)
Tesla, Inc.		6		07/02/20	USD	890.00	USD	648		(113,730	)
Twilio, Inc., Class A		58		07/02/20	USD	205.00	USD	1,273		(84,100	)
Visa, Inc., Class A		28		07/02/20	USD	195.00	USD	541		(2,142	)
Zoom Video Communications, Inc, Class A		50		07/02/20	USD	220.00	USD	1,268		(167,000	)
Activision Blizzard, Inc.		133		07/10/20	USD	77.00	USD	1,009		(14,231	)
Adobe, Inc.		43		07/10/20	USD	402.50	USD	1,872		(147,920	)
Advanced Micro Devices, Inc.		86		07/10/20	USD	56.00	USD	452		(4,644	)
Alibaba Group Holding Ltd. — ADR		67		07/10/20	USD	210.00	USD	1,445		(53,600	)
Apple, Inc.		58		07/10/20	USD	337.50	USD	2,116		(163,560	)
Atlassian Corp. PLC, Class A		6		07/10/20	USD	195.00	USD	108		(525	)
Cree, Inc.		99		07/10/20	USD	61.00	USD	586		(10,048	)
Crowdstrike Holdings, Inc., Class A		79		07/10/20	USD	106.00	USD	792		(13,035	)
Facebook, Inc., Class A		37		07/10/20	USD	237.50	USD	840		(5,957	)
Intuit, Inc.		64		07/10/20	USD	292.50	USD	1,896		(50,560	)
Mastercard, Inc, Class A		38		07/10/20	USD	320.00	USD	1,124		(1,786	)
Microsoft Corp.		11		07/10/20	USD	200.00	USD	224		(5,857	)
Netflix, Inc.		15		07/10/20	USD	465.00	USD	683		(9,937	)
Okta, Inc.		37		07/10/20	USD	190.00	USD	741		(46,990	)
PayPal Holdings, Inc.		76		07/10/20	USD	165.00	USD	1,324		(79,230	)
RingCentral, Inc., Class A		38		07/10/20	USD	277.50	USD	1,083		(56,240	)
Shopify, Inc., Class A		45		07/10/20	USD	735.00	USD	4,271		(964,575	)
Snap, Inc., Class A		273		07/10/20	USD	21.00	USD	641		(70,434	)
Square, Inc., Class A		218		07/10/20	USD	86.00	USD	2,288		(421,285	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		277		07/10/20	USD	57.00	USD	1,573		(24,238	)
Tesla, Inc.		6		07/10/20	USD	900.00	USD	648		(109,410	)
Twilio, Inc., Class A		57		07/10/20	USD	202.50	USD	1,251		(105,023	)
Visa, Inc., Class A		41		07/10/20	USD	200.00	USD	792		(3,341	)
Zscaler, Inc.		84		07/10/20	USD	105.00	USD	920		(53,340	)
Activision Blizzard, Inc.		53		07/17/20	USD	75.00	USD	402		(14,098	)
Adobe, Inc.		22		07/17/20	USD	385.00	USD	958		(114,345	)
Advanced Micro Devices, Inc.		288		07/17/20	USD	60.00	USD	1,515		(12,096	)
Alibaba Group Holding Ltd. — ADR		27		07/17/20	USD	215.00	USD	582		(17,145	)
Alphabet, Inc., Class A		14		07/17/20	USD	1,380.00	USD	1,985		(79,590	)
Alphabet, Inc., Class A		15		07/17/20	USD	1,465.00	USD	2,127		(16,425	)
Amazon.com, Inc.		14		07/17/20	USD	2,460.00	USD	3,862		(424,865	)
Apple, Inc.		31		07/17/20	USD	320.00	USD	1,131		(139,268	)
Autodesk, Inc.		33		07/17/20	USD	200.00	USD	789		(130,763	)
Autodesk, Inc.		8		07/17/20	USD	250.00	USD	191		(2,560	)
Avalara, Inc.		151		07/17/20	USD	103.00	USD	2,010		(456,975	)

88 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Bandwidth, Inc., Class A		111		07/17/20	USD	115.50	USD	1,410	$	(152,424	)
Cadence Design Systems, Inc.		134		07/17/20	USD	95.00	USD	1,286		(39,195	)
Chegg, Inc.		210		07/17/20	USD	65.00	USD	1,412		(93,450	)
Coupa Software, Inc.		89		07/17/20	USD	210.00	USD	2,466		(601,195	)
Cree, Inc.		100		07/17/20	USD	57.50	USD	592		(33,750	)
Elastic NV		86		07/17/20	USD	60.00	USD	793		(280,790	)
Facebook, Inc., Class A		9		07/17/20	USD	240.00	USD	204		(2,043	)
Facebook, Inc., Class A		8		07/17/20	USD	250.00	USD	182		(672	)
Fair Isaac Corp.		22		07/17/20	USD	360.00	USD	920		(131,560	)
Inphi Corp.		156		07/17/20	USD	115.00	USD	1,833		(104,520	)
Lam Research Corp.		30		07/17/20	USD	310.00	USD	970		(65,100	)
Marvell Technology Group Ltd.		52		07/17/20	USD	36.00	USD	182		(4,758	)
Mastercard, Inc, Class A		40		07/17/20	USD	320.00	USD	1,183		(2,300	)
Microsoft Corp.		143		07/17/20	USD	190.00	USD	2,910		(198,055	)
MongoDB, Inc.		56		07/17/20	USD	210.00	USD	1,268		(115,640	)
Monolithic Power Systems, Inc.		55		07/17/20	USD	230.00	USD	1,304		(66,825	)
NetEase, Inc. — ADR		25		07/17/20	USD	420.00	USD	1,073		(53,875	)
Netflix, Inc.		15		07/17/20	USD	475.00	USD	683		(20,212	)
Okta, Inc.		100		07/17/20	USD	190.00	USD	2,002		(142,000	)
Pagseguro Digital Ltd., Class A		282		07/17/20	USD	37.50	USD	997		(24,675	)
PayPal Holdings, Inc.		151		07/17/20	USD	150.00	USD	2,631		(361,645	)
Paycom Software, Inc.		70		07/17/20	USD	330.00	USD	2,168		(36,750	)
RingCentral, Inc., Class A		35		07/17/20	USD	260.00	USD	998		(106,750	)
Roku, Inc.		110		07/17/20	USD	110.00	USD	1,282		(114,125	)
ServiceNow, Inc.		42		07/17/20	USD	410.00	USD	1,701		(49,350	)
Shopify, Inc., Class A		16		07/17/20	USD	775.00	USD	1,519		(284,720	)
Smartsheet, Inc., Class A		135		07/17/20	USD	55.00	USD	687		(13,162	)
Snap, Inc., Class A		181		07/17/20	USD	18.00	USD	425		(100,455	)
Square, Inc., Class A		90		07/17/20	USD	82.50	USD	944		(208,125	)
TAL Education Group — ADR		186		07/17/20	USD	60.00	USD	1,272		(164,610	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		176		07/17/20	USD	55.00	USD	999		(44,440	)
Teladoc Health, Inc.		98		07/17/20	USD	180.00	USD	1,870		(155,330	)
Tencent Music Entertainment Group — ADR		656		07/17/20	USD	14.00	USD	883		(18,040	)
Tesla, Inc.		11		07/17/20	USD	1,030.00	USD	1,188		(93,418	)
Twilio, Inc., Class A		59		07/17/20	USD	200.00	USD	1,295		(131,275	)
Visa, Inc., Class A		41		07/17/20	USD	195.00	USD	792		(13,776	)
Warner Music Group Corp., Class A		347		07/17/20	USD	35.00	USD	1,024		(4,337	)
Warner Music Group Corp., Class A		346		07/17/20	USD	40.00	USD	1,021		(1,730	)
Yandex NV, Class A		41		07/17/20	USD	44.00	USD	205		(26,855	)
Zendesk, Inc.		138		07/17/20	USD	82.50	USD	1,222		(102,120	)
Zoom Video Communications, Inc, Class A		50		07/17/20	USD	230.00	USD	1,268		(139,250	)
ZoomInfo Technologies, Inc., Class A		422		07/17/20	USD	85.00	USD	2,153		(2,110	)
Zscaler, Inc.		167		07/17/20	USD	77.50	USD	1,829		(532,730	)
Activision Blizzard, Inc.		77		07/24/20	USD	77.00	USD	584		(16,516	)
Adobe, Inc.		31		07/24/20	USD	415.00	USD	1,349		(83,700	)
Advanced Micro Devices, Inc.		129		07/24/20	USD	58.00	USD	679		(9,675	)
Advanced Micro Devices, Inc.		35		07/24/20	USD	60.00	USD	184		(2,012	)
Alibaba Group Holding Ltd. — ADR		129		07/24/20	USD	235.00	USD	2,783		(16,899	)
Apple, Inc.		48		07/24/20	USD	355.00	USD	1,751		(80,040	)
Autodesk, Inc.		35		07/24/20	USD	240.00	USD	837		(30,275	)
Cree, Inc.		210		07/24/20	USD	59.00	USD	1,243		(64,260	)
Facebook, Inc., Class A		92		07/24/20	USD	245.00	USD	2,089		(33,350	)
Lam Research Corp.		30		07/24/20	USD	290.00	USD	970		(116,400	)
Marvell Technology Group Ltd.		403		07/24/20	USD	36.00	USD	1,413		(45,338	)
Marvell Technology Group Ltd.		61		07/24/20	USD	38.00	USD	214		(3,141	)
Mastercard, Inc, Class A		40		07/24/20	USD	307.50	USD	1,183		(17,200	)
MercadoLibre, Inc.		25		07/24/20	USD	960.00	USD	2,464		(141,250	)
Micron Technology, Inc.		156		07/24/20	USD	51.50	USD	804		(37,752	)
Microsoft Corp.		10		07/24/20	USD	192.50	USD	204		(13,025	)
MongoDB, Inc.		49		07/24/20	USD	210.00	USD	1,109		(109,025	)
NetEase, Inc. — ADR		27		07/24/20	USD	437.50	USD	1,159		(34,830	)
PayPal Holdings, Inc.		151		07/24/20	USD	180.00	USD	2,631		(47,565	)

SCHEDULES OF INVESTMENTS 89

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
RingCentral, Inc., Class A		55		07/24/20	USD	305.00	USD	1,568	$	(53,350	)
Roku, Inc.		31		07/24/20	USD	120.00	USD	361		(19,995	)
Roku, Inc.		18		07/24/20	USD	135.00	USD	210		(4,536	)
Salesforce.com, Inc.		13		07/24/20	USD	192.50	USD	244		(5,167	)
Shopify, Inc., Class A		45		07/24/20	USD	820.00	USD	4,271		(641,700	)
Skyworks Solutions, Inc.		86		07/24/20	USD	131.00	USD	1,100		(39,560	)
Snap, Inc., Class A		154		07/24/20	USD	24.00	USD	362		(20,636	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		20		07/24/20	USD	57.50	USD	114		(3,000	)
Teladoc Health, Inc.		98		07/24/20	USD	175.00	USD	1,870		(206,290	)
Twilio, Inc., Class A		69		07/24/20	USD	220.00	USD	1,514		(74,693	)
Zoom Video Communications, Inc, Class A		62		07/24/20	USD	270.00	USD	1,572		(48,980	)
Activision Blizzard, Inc.		78		07/31/20	USD	79.00	USD	592		(13,455	)
Adobe, Inc.		31		07/31/20	USD	425.00	USD	1,349		(66,960	)
Advanced Micro Devices, Inc.		158		07/31/20	USD	55.00	USD	831		(39,105	)
Alibaba Group Holding Ltd. — ADR		65		07/31/20	USD	220.00	USD	1,402		(41,600	)
Alphabet, Inc., Class A		15		07/31/20	USD	1,450.00	USD	2,127		(61,875	)
Apple, Inc.		58		07/31/20	USD	362.50	USD	2,116		(89,030	)
Autodesk, Inc.		33		07/31/20	USD	222.50	USD	789		(74,910	)
Coupa Software, Inc.		41		07/31/20	USD	225.00	USD	1,136		(223,450	)
Crowdstrike Holdings, Inc., Class A		80		07/31/20	USD	101.00	USD	802		(53,200	)
Facebook, Inc., Class A		9		07/31/20	USD	232.50	USD	204		(8,595	)
Marvell Technology Group Ltd.		376		07/31/20	USD	37.50	USD	1,318		(30,268	)
Mastercard, Inc, Class A		33		07/31/20	USD	305.00	USD	976		(22,358	)
Micron Technology, Inc.		146		07/31/20	USD	53.00	USD	752		(30,587	)
Microsoft Corp.		150		07/31/20	USD	205.00	USD	3,053		(94,125	)
Microsoft Corp.		9		07/31/20	USD	202.50	USD	183		(6,727	)
MongoDB, Inc.		6		07/31/20	USD	222.50	USD	136		(9,660	)
Netflix, Inc.		11		07/31/20	USD	470.00	USD	501		(21,313	)
Roku, Inc.		117		07/31/20	USD	145.00	USD	1,363		(21,470	)
ServiceNow, Inc.		17		07/31/20	USD	430.00	USD	689		(21,080	)
Snap, Inc., Class A		265		07/31/20	USD	26.50	USD	622		(21,068	)
Square, Inc., Class A		208		07/31/20	USD	115.00	USD	2,183		(59,280	)
StoneCo Ltd., Class A		332		07/31/20	USD	38.50	USD	1,287		(96,280	)
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		60		07/31/20	USD	57.00	USD	341		(11,850	)
Teladoc Health, Inc.		98		07/31/20	USD	200.00	USD	1,870		(114,170	)
Twilio, Inc., Class A		47		07/31/20	USD	220.00	USD	1,031		(70,030	)
Visa, Inc., Class A		27		07/31/20	USD	200.00	USD	522		(9,585	)
Yandex NV, Class A		56		07/31/20	USD	51.00	USD	280		(13,020	)
Zoom Video Communications, Inc, Class A		29		07/31/20	USD	285.00	USD	735		(15,225	)
Zoom Video Communications, Inc, Class A		5		07/31/20	USD	257.50	USD	127		(7,525	)
Zscaler, Inc.		84		07/31/20	USD	106.00	USD	920		(73,920	)
Alibaba Group Holding Ltd. — ADR		133		08/07/20	USD	222.50	USD	2,869		(80,798	)
Micron Technology, Inc.		70		08/07/20	USD	55.00	USD	361		(11,340	)
Microsoft Corp.		11		08/07/20	USD	207.50	USD	224		(7,012	)
Salesforce.com, Inc.		76		08/07/20	USD	195.00	USD	1,424		(35,720	)
Advanced Micro Devices, Inc.		170		08/21/20	USD	57.50	USD	894		(41,650	)
Amazon.com, Inc.		12		08/21/20	USD	2,780.00	USD	3,311		(169,800	)
Atlassian Corp. PLC, Class A		6		08/21/20	USD	195.00	USD	108		(4,470	)
Autodesk, Inc.		33		08/21/20	USD	240.00	USD	789		(47,190	)
Avalara, Inc.		154		08/21/20	USD	110.00	USD	2,050		(408,100	)
Bandwidth, Inc., Class A		108		08/21/20	USD	130.00	USD	1,372		(105,300	)
Cadence Design Systems, Inc.		134		08/21/20	USD	95.00	USD	1,286		(83,080	)
Chegg, Inc.		210		08/21/20	USD	70.00	USD	1,412		(121,800	)
Coupa Software, Inc.		39		08/21/20	USD	280.00	USD	1,080		(74,685	)
Crowdstrike Holdings, Inc., Class A		35		08/21/20	USD	120.00	USD	351		(9,100	)
Elastic NV		98		08/21/20	USD	100.00	USD	904		(42,630	)
Facebook, Inc., Class A		9		08/21/20	USD	260.00	USD	204		(2,610	)
Fair Isaac Corp.		23		08/21/20	USD	429.00	USD	961		(50,364	)
Inphi Corp.		155		08/21/20	USD	115.00	USD	1,821		(184,450	)
Marvell Technology Group Ltd.		386		08/21/20	USD	36.00	USD	1,353		(69,094	)
MercadoLibre, Inc.		24		08/21/20	USD	990.00	USD	2,366		(191,520	)
Micron Technology, Inc.		69		08/21/20	USD	57.50	USD	355		(9,487	)

90 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust (BST)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Microsoft Corp.		94		08/21/20	USD	210.00	USD	1,913	$	(59,925	)
MongoDB, Inc.		49		08/21/20	USD	210.00	USD	1,109		(134,995	)
Monolithic Power Systems, Inc.		58		08/21/20	USD	230.00	USD	1,375		(118,900	)
Okta, Inc.		105		08/21/20	USD	185.00	USD	2,102		(238,350	)
Shopify, Inc., Class A		13		08/21/20	USD	915.00	USD	1,234		(141,310	)
Skyworks Solutions, Inc.		65		08/21/20	USD	130.00	USD	831		(49,075	)
Smartsheet, Inc., Class A		135		08/21/20	USD	55.00	USD	687		(32,738	)
Snap, Inc., Class A		264		08/21/20	USD	24.00	USD	620		(51,084	)
TAL Education Group — ADR		187		08/21/20	USD	70.00	USD	1,279		(79,475	)
Teladoc Health, Inc.		99		08/21/20	USD	200.00	USD	1,889		(143,550	)
Tencent Music Entertainment Group — ADR		657		08/21/20	USD	14.00	USD	884		(45,990	)
Tesla, Inc.		11		08/21/20	USD	980.00	USD	1,188		(187,193	)
Twilio, Inc., Class A		47		08/21/20	USD	230.00	USD	1,031		(72,263	)
Visa, Inc., Class A		76		08/21/20	USD	205.00	USD	1,468		(25,764	)
Yandex NV, Class A		490		08/21/20	USD	46.00	USD	2,451		(284,200	)
Zendesk, Inc.		116		08/21/20	USD	90.00	USD	1,027		(69,600	)
ZoomInfo Technologies, Inc., Class A		423		08/21/20	USD	65.00	USD	2,159		(126,900	)
									$	(17,164,176	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Arco Platform Ltd., Class A	JPMorgan Chase Bank N.A.		11,000		07/02/20	USD	62.02	USD	478	$	—
Kakao Corp.	Morgan Stanley & Co. International PLC		7,400		07/06/20	USD	231,000.00	KRW	1,979,500		(225,618	)
Accton Technology Corp.	Goldman Sachs International		254,000		07/08/20	USD	222.60	TWD	57,912		(89,319	)
Altium Ltd.	UBS AG		37,400		07/08/20	AUD	39.75	AUD	1,215		(286	)
Arco Platform Ltd., Class A	JPMorgan Chase Bank N.A.		11,000		07/08/20	USD	59.45	USD	478		(3	)
Ping An Healthcare and Technology Co. Ltd.	JPMorgan Chase Bank N.A.		94,500		07/08/20	HKD	109.35	HKD	11,142		(128,661	)
Meituan Dianping, Class B	Societe Generale		109,000		07/09/20	HKD	151.60	HKD	18,737		(306,971	)
ASML Holding NV	Goldman Sachs International		7,700		07/14/20	EUR	301.93	EUR	2,517		(238,530	)
GMO Payment Gateway, Inc.	Citibank N.A.		12,600		07/14/20	JPY	11,564.80	JPY	141,624		(36,292	)
Kingdee International Software Group Co. Ltd.	JPMorgan Chase Bank N.A.		368,000		07/14/20	HKD	13.99	HKD	6,631		(197,128	)
SOITEC	Morgan Stanley & Co. International PLC		2,400		07/14/20	EUR	91.82	EUR	238		(21,557	)
STMicroelectronics NV	UBS AG		30,600		07/14/20	EUR	23.20	EUR	741		(53,655	)
TeamViewer AG	Credit Suisse International		29,600		07/14/20	EUR	46.30	EUR	1,439		(103,561	)
Tencent Music Entertainment Group — ADR.	JPMorgan Chase Bank N.A.		73,100		07/14/20	HKD	441.00	HKD	36,448		(525,467	)
Xero Ltd.	Goldman Sachs International		21,000		07/14/20	AUD	88.94	AUD	1,892		(80,755	)
Yageo Corp.	JPMorgan Chase Bank N.A.		115,000		07/14/20	USD	394.80	TWD	43,815		(51,433	)
Arco Platform Ltd., Class A	JPMorgan Chase Bank N.A.		5,200		07/15/20	USD	50.28	USD	226		(1,657	)
Renesas Electronics Corp.	JPMorgan Chase Bank N.A.		209,700		07/15/20	JPY	633.42	JPY	115,545		(1,007	)
Altium Ltd.	Morgan Stanley & Co. International PLC		7,800		07/21/20	AUD	39.14	AUD	253		(1,115	)
Kingdee International Software Group Co. Ltd.	Morgan Stanley & Co. International PLC		577,000		07/21/20	HKD	15.39	HKD	10,398		(213,351	)
Ping An Healthcare and Technology Co. Ltd.	Morgan Stanley & Co. International PLC		82,700		07/21/20	HKD	115.84	HKD	9,750		(88,457	)
SOITEC	UBS AG		6,000		07/21/20	EUR	98.81	EUR	595		(22,768	)
Yageo Corp.	Citibank N.A.		43,000		07/21/20	USD	411.60	TWD	16,383		(17,275	)
Arco Platform Ltd., Class A	Bank of America N.A.		4,500		07/22/20	USD	47.16	USD	196		(5,431	)
STMicroelectronics NV	Goldman Sachs International		27,400		07/22/20	EUR	25.87	EUR	663		(17,059	)
TeamViewer AG	Credit Suisse International		11,900		07/22/20	EUR	47.67	EUR	578		(36,295	)
Adyen NV	Credit Suisse International		1,900		07/23/20	EUR	1,237.60	EUR	2,461		(194,143	)
Delivery Hero SE	Goldman Sachs International		10,500		07/23/20	EUR	88.79	EUR	955		(72,409	)
Xero Ltd.	Goldman Sachs International		19,000		07/23/20	AUD	88.40	AUD	1,712		(92,117	)
Meituan Dianping, Class B	Goldman Sachs International		106,800		07/24/20	HKD	171.60	HKD	18,359		(113,773	)
Tencent Music Entertainment Group — ADR	Goldman Sachs International		70,100		07/24/20	HKD	451.25	HKD	34,952		(445,111	)

SCHEDULES OF INVESTMENTS 91

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Kakao Corp.	Morgan Stanley & Co. International PLC		2,000		07/29/20	USD	269,325.00	KRW	535,000	$	(23,593	)
SOITEC	Credit Suisse International		8,200		07/29/20	EUR	97.86	EUR	813		(42,120	)
SOITEC	Goldman Sachs International		8,100		07/29/20	EUR	95.41	EUR	804		(55,310	)
Samsung SDI Co. Ltd.	JPMorgan Chase Bank N.A.		3,800		07/29/20	USD	402,332.36	KRW	1,381,300		(53,862	)
Arco Platform Ltd., Class A	Bank of America N.A.		12,200		07/30/20	USD	46.46	USD	530		(22,084	)
ASML Holding NV	Morgan Stanley & Co. International PLC		13,000		08/12/20	EUR	339.98	EUR	4,250		(142,060	)
Altium Ltd.	Morgan Stanley & Co. International PLC		45,500		08/12/20	AUD	34.91	AUD	1,478		(51,298	)
Delivery Hero SE	Goldman Sachs International		25,400		08/12/20	EUR	102.33	EUR	2,310		(68,152	)
GMO Payment Gateway, Inc.	Societe Generale		14,400		08/12/20	JPY	11,981.26	JPY	161,856		(41,088	)
Kingdee International Software Group Co. Ltd.	JPMorgan Chase Bank N.A.		624,000		08/12/20	HKD	18.92	HKD	11,224		(47,880	)
Renesas Electronics Corp.	Goldman Sachs International		20,500		08/12/20	JPY	620.06	JPY	11,296		(1,230	)
SOITEC	Morgan Stanley & Co. International PLC		2,400		08/12/20	EUR	99.45	EUR	238		(12,009	)
TeamViewer AG	Morgan Stanley & Co. International PLC		25,000		08/12/20	EUR	51.46	EUR	1,215		(49,376	)
Arco Platform Ltd., Class A	JPMorgan Chase Bank N.A.		10,200		08/13/20	USD	45.68	USD	443		(27,477	)
Arco Platform Ltd., Class A	Barclays Bank PLC		6,400		08/26/20	USD	46.35	USD	278		(9,315	)
										$	(4,028,058	)

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	$	1,329,409	$	(10,104,344	)	$	(21,192,234	)

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	$	—	$	—	$	21,192,234	$	—	$	—	$	—	$	21,192,234

For the six months ended June 30, 2020, 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	$	—	$	—	$	(49,807,751	)	$	—	$	—	$	—	$	(49,807,751	)
Net Change in Unrealized Appreciation (Depreciation) on:
Options written	$	—	$	—	$	(5,868,846	)	$	—	$	—	$	—	$	(5,868,846	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts written	$	15,143,980

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

92 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust (BST)

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	$	—	$	21,192,234
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(17,164,176	)
Total derivative assets and liabilities subject to an MNA	$	—	$	4,028,058

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral

pledged by the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged (a)			Net Amount of Derivative Liabilities  (b)
Bank of America N.A.	$	27,515	$	—	$	—	$	—		$	27,515
Barclays Bank PLC		9,315		—		—		—			9,315
Citibank N.A.		53,567		—		—		(53,567	)		—
Credit Suisse International		376,119		—		—		(90,000	)		286,119
Goldman Sachs International		1,273,765		—		—		(1,210,000	)		63,765
JPMorgan Chase Bank N.A.		1,034,575		—		—		(930,000	)		104,575
Morgan Stanley & Co. International PLC		828,434		—		—		(760,000	)		68,434
Societe Generale		348,059		—		—		(348,059	)		—
UBS AG		76,709		—		—		(70,000	)		6,709
	$	4,028,058	$	—	$	—	$	(3,461,626	)	$	566,432

^(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 Statement 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:
Automobiles	$	6,559,846		$	—		$	—	$	6,559,846
Banks		—			—			5,943,346		5,943,346
Communications Equipment		—			5,622,295			—		5,622,295
Diversified Consumer Services		22,919,556			—			—		22,919,556
Diversified Financial Services		—			—			2,980,893		2,980,893
Diversified Telecommunication Services		7,869,936			—			—		7,869,936
Electronic Equipment, Instruments & Components		—			9,222,110			—		9,222,110
Entertainment		38,506,518			—			—		38,506,518
Health Care Technology		9,927,497			7,666,962			—		17,594,459
Interactive Media & Services		63,722,585			36,700,934			—		100,423,519
Internet & Direct Marketing Retail		71,790,012			24,197,600			250,463		96,238,075
IT Services		158,713,700			7,959,563			4,125,880		170,799,143
Semiconductors & Semiconductor Equipment		82,673,710			36,158,470			—		118,832,180
Software		211,114,730			23,527,305			5,580,517		240,222,552
Technology Hardware, Storage & Peripherals		35,611,411			—			—		35,611,411
Preferred Stocks		—			—			67,727,925		67,727,925
Warrants		—			—			43,857		43,857
Subtotal	$	709,409,501		$	151,055,239		$	86,652,881	$	947,117,621
Investments valued at NAV(a)										2,829,525
Total Investments									$	949,947,146
Derivative Financial Instruments(b)
Liabilities:
Equity contracts	$	(16,504,413	)	$	(4,687,821	)	$	—	$	(21,192,234	)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

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

^(b)  Derivative financial instruments are options written. Options written are shown at value.

SCHEDULES OF INVESTMENTS 93

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust (BST)

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 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		Warrants		Total
Assets:
Opening Balance, as of December 31, 2019	$	11,498,561	$	47,488,016	$	19,454	$	59,006,031
Transfers into Level 3		—		—		—		—
Transfers out of Level 3		—		—		—		—
Accrued discounts/premiums		—		—		—		—
Net realized gain (loss)		—		—		—		—
Net change in unrealized appreciation (depreciation)(a)(b)		1,222,402		2,264,206		24,403		3,511,011
Purchases		6,160,136		17,975,703		—		24,135,839
Sales		—		—		—		—
Closing Balance, as of June 30, 2020	$	18,881,099	$	67,727,925	$	43,857	$	86,652,881
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2020(b)	$	1,222,402	$	2,264,206	$	24,403	$	3,511,011

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

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end.

	Value		Valuation Approach		Unobservable Inputs		Range of unobservable Inputs Utilized  (a)		Weighted Average of Unobservable Inputs Based on Fair Value
Assets:
Common Stocks	$	18,881,099		Market		Revenue Multiple		5.20x – 10.50x		7.73x
						Volatility		46%		—
						Time to Exit		3.0		—
Preferred Stocks(b)		67,727,925		Market		Revenue Multiple		2.75x – 20.75x		8.38x
						EBITDA		19.00x		—
						Volatility		39% – 61%		52	%
						Time to Exit		2.5 – 5.0		3.2
						Recent Transactions		—		—
				Income		Discount Rate		14%		—
Warrants		43,857		Market		Revenue Multiple		5.20x		—
						Volatility		46%		—
						Time to Exit		3.0		—
	$	86,652,881

^(a)  A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

^(b)  For the period end June 30, 2020, the valuation technique for investments classified as Preferred Stocks amounting to $22,513,663 changed Current Value. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued.

See notes to financial statements.

94 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 92.1%
Automobiles — 2.3%
Tesla, Inc.(a)(b)		42,973	$	46,402,675
Banks — 1.2%
Klarna Holdings AB, (Acquired 08/07/19, cost $16,335,486)(c)(d)		70,539		24,473,888
Capital Markets — 0.7%
XP, Inc., Class A(a)		310,824		13,057,716
Diversified Consumer Services — 3.4%
Afya Ltd., Class A(a)		487,844		11,435,063
Arco Platform Ltd., Class A(a)		371,388		16,147,950
Chegg, Inc.(a)		326,477		21,958,843
TAL Education Group — ADR(a)		264,259		18,070,031
				67,611,887
Diversified Telecommunication Services — 0.8%
Bandwidth, Inc., Class A(a)		132,945		16,884,015
Electronic Equipment, Instruments & Components — 2.4%
Samsung Electro-Mechanics Co. Ltd.		115,071		12,484,063
Samsung SDI Co. Ltd.		63,470		19,406,687
Yageo Corp.		1,342,000		17,483,341
				49,374,091
Entertainment — 4.2%
Activision Blizzard, Inc.		300,063		22,774,782
NetEase, Inc. — ADR(b)		53,956		23,167,627
Roku, Inc.(a)(b)		108,969		12,698,158
Tencent Music Entertainment Group, ADR(a)		952,776		12,824,365
Warner Music Group Corp., Class A(a)		426,466		12,580,747
				84,045,679
Health Care Technology — 3.7%
Livongo Health, Inc.(a)		344,008		25,865,962
Ping An Healthcare and Technology Co. Ltd.(a)(e)		1,748,300		26,804,119
Teladoc Health, Inc.(a)		118,736		22,659,578
				75,329,659
Interactive Media & Services — 5.4%
Kakao Corp.		159,682		35,833,031
Snap, Inc., Class A(a)		1,236,254		29,039,606
Yandex NV, Class A(a)		326,806		16,346,836
ZoomInfo Technologies, Inc., Class A(a)(f)		553,685		28,254,546
				109,474,019
Internet & Direct Marketing Retail — 6.8%
Delivery Hero SE(a)(e)		315,146		32,386,683
Farfetch Ltd., Class A(a)		1,225,993		21,172,899
Meituan Dianping, Class B(a)		1,364,700		30,496,073
MercadoLibre, Inc.(a)(b)		28,105		27,705,066
Pinduoduo, Inc., ADR(a)		198,074		17,002,672
Tongcheng-Elong Holdings Ltd.(a)		5,149,600		9,351,235
				138,114,628
IT Services — 18.4%
Adyen NV(a)(e)		16,903		24,602,210
Agora, Inc., ADR(a)		240,744		10,633,663
Endava PLC, ADR(a)		372,171		17,975,859
GDS Holdings Ltd. — ADR(a)		203,767		16,232,079
GMO Payment Gateway, Inc.		242,100		25,322,079
Grid Dynamics Holdings, Inc.(a)		1,273,391		8,786,398
Locaweb Servicos de Internet SA(a)(e)		3,766,151		29,918,119
MongoDB, Inc.(a)		72,841		16,486,832
Okta, Inc.(a)		127,495		25,528,324
Pagseguro Digital Ltd., Class A(a)		293,140		10,359,568
Shift4 Payments, Inc., Class A(a)		117,595		4,174,623
Shopify, Inc., Class A(a)(b)		45,465		43,155,378

Security	Shares		Value
IT Services (continued)
Square, Inc., Class A(a)		324,001	$	34,000,665
StoneCo Ltd., Class A(a)		421,740		16,346,642
TRAX Ltd., (Acquired 09/12/2019, cost $10,999,988)(c)(d)		293,333		11,346,120
Twilio, Inc., Class A(a)		191,341		41,984,042
Tyro Payments Ltd.(a)		4,309,296		10,647,073
Wix.com Ltd.(a)		92,888		23,799,763
				371,299,437
Multiline Retail — 1.2%
Magazine Luiza SA		1,877,085		24,731,642
Professional Services — 0.6%
CoStar Group, Inc.(a)(b)		16,997		12,079,258
Semiconductors & Semiconductor Equipment — 15.6%
ACM Research, Inc., Class A(a)		278,696		17,379,483
Advanced Micro Devices, Inc.(a)		501,680		26,393,385
BE Semiconductor Industries NV		228,711		10,140,978
Cree, Inc.(a)		325,259		19,252,080
Inphi Corp.(a)		252,837		29,708,347
KLA Corp.		58,122		11,303,567
Lasertec Corp.		403,200		38,114,729
Lattice Semiconductor Corp.(a)		515,803		14,643,647
Marvell Technology Group Ltd.		830,514		29,117,821
Monolithic Power Systems, Inc.(b)		90,194		21,375,978
Power Integrations, Inc.		97,599		11,529,370
Qorvo, Inc.(a)		168,429		18,616,457
Silergy Corp.		400,000		26,203,313
SOITEC(a)		168,756		18,798,929
STMicroelectronics NV		783,328		21,352,162
				313,930,246
Software — 25.4%
Alteryx, Inc., Class A(a)		101,298		16,641,236
Altium Ltd.		792,994		17,967,096
Atlassian Corp. PLC, Class A(a)		104,090		18,764,304
Avalara, Inc.(a)		162,203		21,587,597
Cloudflare, Inc., Class A(a)		280,165		10,071,932
Coupa Software, Inc.(a)		79,961		22,152,396
Crowdstrike Holdings, Inc., Class A(a)		172,745		17,324,596
Elastic NV(a)		176,354		16,261,602
Fair Isaac Corp.(a)(b)		35,032		14,644,777
Five9, Inc.(a)		201,887		22,342,834
Freee KK(a)		397,500		18,093,989
Kingdee International Software Group Co. Ltd.(a)		12,211,000		28,572,299
Lightspeed POS, Inc.(a)		667,851		15,953,453
Online Ventures Property Ltd., (Acquired 01/21/20, cost $20,875,811)(c)(d)		181,785		18,911,566
Rakus Co. Ltd.		462,000		8,165,845
RingCentral, Inc., Class A(a)		109,318		31,156,723
Smartsheet, Inc., Class A(a)		266,948		13,592,992
Splunk, Inc., Class A(a)		100,520		19,973,324
SVMK, Inc.(a)		670,157		15,775,496
Synopsys, Inc.(a)		102,130		19,915,350
TeamViewer AG(a)(e)		520,947		28,444,789
Trade Desk, Inc., Class A(a)(b)		40,822		16,594,143
Weimob, Inc.(a)(e)(f)		20,125,000		25,449,643
Xero Ltd.(a)		246,720		15,497,743
Zendesk, Inc.(a)		164,985		14,606,122
Zscaler, Inc.(a)		270,289		29,596,646
Zynga, Inc., Class A(a)		1,622,355		15,477,267
				513,535,760
Total Common Stocks — 92.1% (Cost — $1,156,941,946)				1,860,344,600

SCHEDULES OF INVESTMENTS 95

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks — 8.2%
Diversified Financial Services — 1.0%
Databricks, Inc., Series F, (Acquired 10/22/19, cost $13,200,019), 0.00%(c)(d)		307,346	$	20,361,672
Electronic Equipment, Instruments & Components — 1.0%
Credo Technology Group Holding Ltd., Series D, (Acquired 03/20/20, cost $19,999,997), 0.00%(c)(d)		4,005,527		19,987,580
Road & Rail — 0.5%
FlixMobility GmbH, Series F (Acquired 07/26/19, $16,947,253), 0.00%(c)(d)		850		9,615,086
Semiconductors & Semiconductor Equipment — 3.4%
CNEX Labs, Inc. Series E, (Acquired 02/06/20 , $7,000,000), 0.00%(c)(d)		3,296,755		6,989,120
Innovium, Inc., Series E (Acquired 08/21/19 , $8,999,992), 0.00%(c)(d)		1,060,432		9,798,392
Innovium, Inc. Series F, (Acquired 06/10/20, cost $6,999,998), 0.00%(c)(d)		690,812		7,205,169
Psiquantum Corp., Series C (Acquired 09/09/19 , $9,101,310), 0.00%(c)(d)		1,962,335		9,007,118
SambaNova Systems, Inc., Series C, (Acquired 02/20/20 , cost $33,904,162), 0.00%(c)(d)		636,800		35,558,912
				68,558,711
Software — 2.3%
C3 AI, Inc., Series H, (Acquired 08/14/19, cost $24,890,190), 0.00%(c)(d)		4,940,000		26,231,400
GitLab, Inc., Series E (Acquired 09/10/19 , $11,670,984), 0.00%(c)(d)		626,482		13,212,505
Unqork, Inc., Series B (Acquired 09/19/19 , $6,801,016), 0.00%(c)(d)		14,942		7,114,335
				46,558,240
Total Preferred Stocks — 8.2% (Cost — $159,514,920)				165,081,289
Warrants — 0.0%
IT Services — 0.0%
TRAX Ltd., (Acquired 09/12/19, cost $0)(c)(d)		46,928		120,605
Total Warrants — 0.0% (Cost — $ — )				120,605
Total Long-Term Investments — 100.3% (Cost — $1,316,456,866)				2,025,546,494

Security	Shares		Value
Short-Term Securities — 1.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(g)(i)		27,568,401	$	27,568,401
SL Liquidity Series, LLC, Money Market Series, 0.50%(g)(h)(i)		7,984,771		7,991,159
Total Short-Term Securities — 1.8% (Cost — $35,558,771)				35,559,560
Total Investments Before Options Written — 102.1% (Cost — $1,352,015,637)				2,061,106,054
Options Written — (2.0)% (Premiums Received — $21,546,954)				(39,725,393	)
Total Investments, Net of Options Written — 100.1% (Cost — $1,330,468,683)				2,021,380,661
Liabilities in Excess of Other Assets — (0.1)%				(1,998,862	)
Net Assets — 100.0%			$	2,019,381,799

^(a)  Non-income producing security.

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

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

^(d)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $219,933,468 representing 10.9% of its net assets as of period end, and an original cost of $207,726,206.

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

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

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

^(h)  Security was purchased with the cash collateral from loaned securities.

⁽ⁱ⁾  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased		Shares Sold			Shares Held at 06/30/20		Value at 06/30/20		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		96,230,373		—		(68,661,972	)(b)		27,568,401	$	27,568,401	$	133,771		$	—	$	—
SL Liquidity Series, LLC, Money Market Series		66,921,514		—		(58,936,743	)(b)		7,984,771		7,991,159		273,735	(c)		13,942		789
										$	35,559,560	$	407,506		$	13,942	$	789

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

96 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust II (BSTZ)

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

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.		161		07/02/20	USD	74.00		USD	1,222	$	(30,670	)
RingCentral, Inc., Class A		39		07/02/20	USD	257.50		USD	1,112		(108,225	)
Tesla, Inc.		29		07/02/20	USD	890.00		USD	3,131		(549,695	)
Twilio, Inc., Class A		111		07/02/20	USD	205.00		USD	2,436		(160,950	)
Activision Blizzard, Inc.		67		07/10/20	USD	77.00		USD	509		(7,169	)
Advanced Micro Devices, Inc.		177		07/10/20	USD	56.00		USD	931		(9,558	)
Atlassian Corp. PLC, Class A		108		07/10/20	USD	195.00		USD	1,947		(9,450	)
Cree, Inc.		246		07/10/20	USD	61.00		USD	1,456		(24,969	)
Crowdstrike Holdings, Inc., Class A		147		07/10/20	USD	106.00		USD	1,474		(24,255	)
Okta, Inc.		178		07/10/20	USD	190.00		USD	3,564		(226,060	)
RingCentral, Inc., Class A		50		07/10/20	USD	277.50		USD	1,425		(74,000	)
Shopify, Inc., Class A		76		07/10/20	USD	735.00		USD	7,214		(1,629,060	)
Snap, Inc., Class A		453		07/10/20	USD	21.00		USD	1,064		(116,874	)
Square, Inc., Class A		268		07/10/20	USD	86.00		USD	2,812		(517,910	)
Tesla, Inc.		29		07/10/20	USD	900.00		USD	3,131		(528,815	)
Trade Desk, Inc., Class A		55		07/10/20	USD	360.00		USD	2,236		(267,025	)
Twilio, Inc., Class A		112		07/10/20	USD	202.50		USD	2,458		(206,360	)
Zscaler, Inc.		164		07/10/20	USD	105.00		USD	1,796		(104,140	)
Zynga, Inc., Class A		1,233		07/10/20	USD	10.50		USD	1,176		(5,548	)
ACM Research, Inc., Class A		641		07/17/20	USD	75.00		USD	3,997		(46,473	)
Activision Blizzard, Inc.		160		07/17/20	USD	75.00		USD	1,214		(42,560	)
Advanced Micro Devices, Inc.		312		07/17/20	USD	60.00		USD	1,641		(13,104	)
Afya Ltd., Class A		688		07/17/20	USD	22.50		USD	1,613		(116,960	)
Afya Ltd., Class A		221		07/17/20	USD	25.00		USD	518		(11,050	)
Alteryx, Inc., Class A		232		07/17/20	USD	190.00		USD	3,811		(28,420	)
Avalara, Inc.		169		07/17/20	USD	103.00		USD	2,249		(511,449	)
Bandwidth, Inc., Class A		153		07/17/20	USD	115.50	��	USD	1,943		(210,098	)
Chegg, Inc.		375		07/17/20	USD	65.00		USD	2,522		(166,875	)
Cloudflare, Inc., Class A		644		07/17/20	USD	43.00		USD	2,315		(49,910	)
CoStar Group, Inc.		50		07/17/20	USD	720.00		USD	3,553		(77,250	)
Coupa Software, Inc.		111		07/17/20	USD	210.00		USD	3,075		(749,805	)
Cree, Inc.		200		07/17/20	USD	57.50		USD	1,184		(67,500	)
Elastic NV		138		07/17/20	USD	60.00		USD	1,272		(450,570	)
Fair Isaac Corp.		40		07/17/20	USD	360.00		USD	1,672		(239,200	)
Farfetch Ltd., Class A		760		07/17/20	USD	18.00		USD	1,313		(62,700	)
Five9, Inc.		232		07/17/20	USD	105.00		USD	2,568		(171,680	)
Inphi Corp.		333		07/17/20	USD	115.00		USD	3,913		(223,110	)
KLA Corp.		72		07/17/20	USD	190.00		USD	1,400		(68,400	)
Lattice Semiconductor Corp.		633		07/17/20	USD	30.00		USD	1,797		(33,232	)
Lattice Semiconductor Corp.		553		07/17/20	USD	25.25		USD	1,570		(193,878	)
Lightspeed POS, Inc.		1,540		07/17/20	CAD	36.00		CAD	4,994		(27,225	)
Livongo Health, Inc.		391		07/17/20	USD	65.00		USD	2,940		(441,830	)
Livongo Health, Inc.		9		07/17/20	USD	70.00		USD	68		(6,480	)
Marvell Technology Group Ltd.		62		07/17/20	USD	36.00		USD	217		(5,673	)
MongoDB, Inc.		61		07/17/20	USD	210.00		USD	1,381		(125,965	)
Monolithic Power Systems, Inc.		145		07/17/20	USD	230.00		USD	3,437		(176,175	)
NetEase, Inc. — ADR		56		07/17/20	USD	420.00		USD	2,405		(120,680	)
Pagseguro Digital Ltd., Class A		293		07/17/20	USD	37.50		USD	1,035		(25,637	)
Pinduoduo, Inc., ADR		227		07/17/20	USD	85.00		USD	1,949		(119,175	)
Power Integrations, Inc.		224		07/17/20	USD	120.00		USD	2,646		(53,200	)
Qorvo, Inc.		223		07/17/20	USD	100.00		USD	2,465		(258,680	)
RingCentral, Inc., Class A		68		07/17/20	USD	260.00		USD	1,938		(207,400	)
Roku, Inc.		203		07/17/20	USD	110.00		USD	2,366		(210,613	)
Shift4 Payments, Inc., Class A		270		07/17/20	USD	50.00		USD	959		(6,075	)
Shopify, Inc., Class A		69		07/17/20	USD	775.00		USD	6,549		(1,227,855	)

SCHEDULES OF INVESTMENTS 97

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust II (BSTZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Smartsheet, Inc., Class A		306		07/17/20	USD	55.00	USD	1,558	$	(29,835	)
Snap, Inc., Class A		982		07/17/20	USD	18.00	USD	2,307		(545,010	)
Splunk, Inc., Class A		102		07/17/20	USD	190.00	USD	2,027		(124,950	)
Square, Inc., Class A		280		07/17/20	USD	82.50	USD	2,938		(647,500	)
SVMK, Inc.		1,080		07/17/20	USD	20.00	USD	2,542		(383,400	)
Synopsys, Inc.		234		07/17/20	USD	195.00	USD	4,563		(139,230	)
TAL Education Group — ADR		304		07/17/20	USD	60.00	USD	2,079		(269,040	)
Teladoc Health, Inc.		282		07/17/20	USD	180.00	USD	5,382		(446,970	)
Tencent Music Entertainment Group — ADR		1,096		07/17/20	USD	14.00	USD	1,475		(30,140	)
Tesla, Inc.		44		07/17/20	USD	815.00	USD	4,751		(1,173,040	)
Tesla, Inc.		39		07/17/20	USD	1,030.00	USD	4,211		(331,208	)
Twilio, Inc., Class A		18		07/17/20	USD	200.00	USD	395		(40,050	)
Warner Music Group Corp., Class A		490		07/17/20	USD	35.00	USD	1,446		(6,125	)
Warner Music Group Corp., Class A		490		07/17/20	USD	40.00	USD	1,446		(2,450	)
Wix.com Ltd.		213		07/17/20	USD	220.00	USD	5,457		(817,920	)
XP, Inc., Class A		357		07/17/20	USD	50.00	USD	1,500		(14,280	)
Yandex NV, Class A		365		07/17/20	USD	44.00	USD	1,826		(239,075	)
Zendesk, Inc.		178		07/17/20	USD	82.50	USD	1,576		(131,720	)
ZoomInfo Technologies, Inc., Class A		637		07/17/20	USD	85.00	USD	3,251		(3,185	)
Zscaler, Inc.		341		07/17/20	USD	77.50	USD	3,734		(1,087,790	)
Zynga, Inc., Class A		1,233		07/17/20	USD	11.00	USD	1,176		(4,315	)
Activision Blizzard, Inc.		151		07/24/20	USD	77.00	USD	1,146		(32,389	)
Advanced Micro Devices, Inc.		146		07/24/20	USD	58.00	USD	768		(10,950	)
Advanced Micro Devices, Inc.		93		07/24/20	USD	60.00	USD	489		(5,347	)
Cree, Inc.		302		07/24/20	USD	59.00	USD	1,788		(92,412	)
Marvell Technology Group Ltd.		707		07/24/20	USD	36.00	USD	2,479		(79,538	)
Marvell Technology Group Ltd.		92		07/24/20	USD	38.00	USD	323		(4,738	)
MercadoLibre, Inc.		35		07/24/20	USD	960.00	USD	3,450		(197,750	)
MongoDB, Inc.		112		07/24/20	USD	210.00	USD	2,535		(249,200	)
NetEase, Inc. — ADR		68		07/24/20	USD	437.50	USD	2,920		(87,720	)
Pinduoduo, Inc., ADR		114		07/24/20	USD	85.00	USD	979		(66,690	)
RingCentral, Inc., Class A		94		07/24/20	USD	305.00	USD	2,679		(91,180	)
Roku, Inc.		162		07/24/20	USD	120.00	USD	1,888		(104,490	)
Roku, Inc.		51		07/24/20	USD	135.00	USD	594		(12,852	)
Shopify, Inc., Class A		67		07/24/20	USD	820.00	USD	6,360		(955,420	)
SVMK, Inc.		460		07/24/20	USD	22.50	USD	1,083		(83,860	)
Snap, Inc., Class A		955		07/24/20	USD	24.00	USD	2,243		(127,970	)
Splunk, Inc., Class A		33		07/24/20	USD	185.00	USD	656		(54,285	)
Teladoc Health, Inc.		154		07/24/20	USD	175.00	USD	2,939		(324,170	)
Trade Desk, Inc., Class A		27		07/24/20	USD	370.00	USD	1,098		(124,335	)
Activision Blizzard, Inc.		151		07/31/20	USD	79.00	USD	1,146		(26,047	)
Advanced Micro Devices, Inc.		215		07/31/20	USD	55.00	USD	1,131		(53,213	)
Coupa Software, Inc.		72		07/31/20	USD	225.00	USD	1,995		(392,400	)
Crowdstrike Holdings, Inc., Class A		147		07/31/20	USD	101.00	USD	1,474		(97,755	)
KLA Corp.		61		07/31/20	USD	195.00	USD	1,186		(58,865	)
Marvell Technology Group Ltd.		518		07/31/20	USD	37.50	USD	1,816		(41,699	)
MongoDB, Inc.		116		07/31/20	USD	222.50	USD	2,626		(186,760	)
Pinduoduo, Inc., ADR		114		07/31/20	USD	95.00	USD	979		(32,490	)
Roku, Inc.		183		07/31/20	USD	145.00	USD	2,132		(33,581	)
Snap, Inc., Class A		90		07/31/20	USD	26.50	USD	211		(7,155	)
Splunk, Inc., Class A		96		07/31/20	USD	185.00	USD	1,908		(174,720	)
Square, Inc., Class A		197		07/31/20	USD	115.00	USD	2,067		(56,145	)
StoneCo Ltd., Class A		421		07/31/20	USD	38.50	USD	1,632		(122,090	)
Teladoc Health, Inc.		300		07/31/20	USD	200.00	USD	5,725		(349,500	)
Tesla, Inc.		56		07/31/20	USD	1,000.00	USD	6,047		(789,880	)
Trade Desk, Inc., Class A		12		07/31/20	USD	395.00	USD	488		(40,800	)
Twilio, Inc., Class A		99		07/31/20	USD	220.00	USD	2,172		(147,510	)
Yandex NV, Class A		376		07/31/20	USD	51.00	USD	1,881		(87,420	)
Zscaler, Inc.		116		07/31/20	USD	106.00	USD	1,270		(102,080	)
Advanced Micro Devices, Inc.		210		08/21/20	USD	57.50	USD	1,105		(51,450	)
Afya Ltd., Class A		213		08/21/20	USD	25.00	USD	499		(28,222	)
Atlassian Corp. PLC, Class A		131		08/21/20	USD	195.00	USD	2,362		(97,595	)

98 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust II (BSTZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Avalara, Inc.		206		08/21/20	USD	110.00	USD	2,742	$	(545,900	)
Bandwidth, Inc., Class A		152		08/21/20	USD	130.00	USD	1,930		(148,200	)
Chegg, Inc.		375		08/21/20	USD	70.00	USD	2,522		(217,500	)
Crowdstrike Holdings, Inc., Class A		103		08/21/20	USD	120.00	USD	1,033		(26,780	)
Elastic NV		267		08/21/20	USD	100.00	USD	2,462		(116,145	)
Fair Isaac Corp.		40		08/21/20	USD	429.00	USD	1,672		(87,589	)
Farfetch Ltd., Class A		1,032		08/21/20	USD	16.00	USD	1,782		(288,960	)
Five9, Inc.		232		08/21/20	USD	110.00	USD	2,568		(240,120	)
GDS Holdings Ltd. — ADR		468		08/21/20	USD	75.00	USD	3,728		(404,820	)
Inphi Corp.		251		08/21/20	USD	115.00	USD	2,949		(298,690	)
Livongo Health, Inc.		391		08/21/20	USD	70.00	USD	2,940		(435,965	)
Marvell Technology Group Ltd.		531		08/21/20	USD	36.00	USD	1,862		(95,049	)
MercadoLibre, Inc.		29		08/21/20	USD	990.00	USD	2,859		(231,420	)
MongoDB, Inc.		112		08/21/20	USD	210.00	USD	2,535		(308,560	)
Monolithic Power Systems, Inc.		62		08/21/20	USD	230.00	USD	1,469		(127,100	)
Okta, Inc.		115		08/21/20	USD	185.00	USD	2,303		(261,050	)
Qorvo, Inc.		112		08/21/20	USD	115.00	USD	1,238		(64,400	)
Qorvo, Inc.		52		08/21/20	USD	120.00	USD	575		(19,500	)
Shopify, Inc., Class A		38		08/21/20	USD	915.00	USD	3,607		(413,060	)
Smartsheet, Inc., Class A		306		08/21/20	USD	55.00	USD	1,558		(74,205	)
Snap, Inc., Class A		363		08/21/20	USD	24.00	USD	853		(70,241	)
TAL Education Group — ADR		303		08/21/20	USD	70.00	USD	2,072		(128,775	)
Teladoc Health, Inc.		154		08/21/20	USD	200.00	USD	2,939		(223,300	)
Tencent Music Entertainment Group — ADR		1,095		08/21/20	USD	14.00	USD	1,474		(76,650	)
Tesla, Inc.		39		08/21/20	USD	980.00	USD	4,211		(663,683	)
Twilio, Inc., Class A		100		08/21/20	USD	230.00	USD	2,194		(153,750	)
XP, Inc., Class A		357		08/21/20	USD	50.00	USD	1,500		(71,400	)
Yandex NV, Class A		10		08/21/20	USD	46.00	USD	50		(5,800	)
Zendesk, Inc.		201		08/21/20	USD	90.00	USD	1,779		(120,600	)
ZoomInfo Technologies, Inc., Class A		637		08/21/20	USD	65.00	USD	3,251		(191,100	)
Zynga, Inc., Class A		1,265		08/21/20	USD	10.00	USD	1,207		(66,413	)
									$	(29,474,251	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)		Value
Call
Samsung SDI Ltd	UBS AG		11,000		07/01/20	KRW		307,007.81	KRW	4,045,638	$	(518,019	)
Arco Platform Ltd., Class A	JPMorgan Chase Bank N.A.		5,200		07/02/20	USD		62.02	USD	226		—
Kakao Corp.	Morgan Stanley & Co. International PLC		11,400		07/06/20	KRW		231,000.00	KRW	3,077,116		(347,574	)
Weimob, Inc.	JPMorgan Chase Bank N.A.		788,000		07/07/20	HKD		6.03	HKD	7,722		(383,721	)
Adyen NV	Morgan Stanley & Co. International PLC		1,200		07/08/20	EUR		1,193.05	EUR	1,555		(144,122	)
Altium Ltd.	UBS AG		95,000		07/08/20	AUD		39.75	AUD	3,119		(726	)
Arco Platform Ltd., Class A	JPMorgan Chase Bank N.A.		12,500		07/08/20	USD		59.45	USD	544		(3	)
Endava PLC, ADR	Bank of America N.A.		4,700		07/08/20	USD		49.25	USD	227		(6,453	)
Freee KK	JPMorgan Chase Bank N.A.		46,600		07/08/20	JPY	��	5,012.95	JPY	229,037		(79,398	)
Lasertec Corp.	JPMorgan Chase Bank N.A.		31,100		07/08/20	JPY		9,704.90	JPY	317,436		(192,973	)
Ping An Healthcare and Technology Co. Ltd.	JPMorgan Chase Bank N.A.		166,100		07/08/20	HKD		109.35	HKD	19,738		(226,144	)
Meituan Dianping, Class B	Societe Generale		101,100		07/09/20	HKD		151.60	HKD	17,511		(284,723	)
Delivery Hero SE	Morgan Stanley & Co. International PLC		50,800		07/14/20	EUR		88.54	EUR	4,647		(301,364	)
GMO Payment Gateway, Inc.	Citibank N.A.		23,200		07/14/20	JPY		11,564.80	JPY	262,009		(66,823	)
GMO Payment Gateway, Inc.	JPMorgan Chase Bank N.A.		7,600		07/14/20	JPY		12,442.50	JPY	85,830		(6,560	)
Kingdee International Software Group Co. Ltd.	JPMorgan Chase Bank N.A.		1,244,000		07/14/20	HKD		13.99	HKD	22,566		(666,379	)
Locaweb Servicos de Internet SA	Credit Suisse International		376,600		07/14/20	BRL		28.88	BRL	16,269		(995,486	)
Magazine Luiza SA	Morgan Stanley & Co. International PLC		271,700		07/14/20	BRL		65.46	BRL	19,467		(332,925	)
Magazine Luiza SA	Morgan Stanley & Co. International PLC		160,000		07/14/20	BRL		65.50	BRL	11,464		(195,046	)
Samsung Electro-Mechanics Co. Ltd.	UBS AG		12,200		07/14/20	KRW		127,050.00	KRW	1,592,067		(71,359	)
Silergy Corp.	Goldman Sachs International		12,000		07/14/20	TWD		1,580.25	TWD	23,193		(142,652	)
Silergy Corp.	Morgan Stanley & Co. International PLC		80,000		07/14/20	TWD		1,774.50	TWD	154,623		(526,914	)
SOITEC	Morgan Stanley & Co. International PLC		14,600		07/14/20	EUR		91.82	EUR	1,448		(131,136	)

SCHEDULES OF INVESTMENTS 99

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust II (BSTZ)

OTC Options Written (continued)

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
STMicroelectronics NV	UBS AG		39,400		07/14/20	EUR	23.20	EUR	956	$	(69,086	)
TeamViewer AG	Credit Suisse International		53,800		07/14/20	EUR	46.30	EUR	2,615		(188,229	)
Yageo Corp.	JPMorgan Chase Bank N.A.		150,000		07/14/20	TWD	394.80	TWD	57,657		(67,086	)
Arco Platform Ltd., Class A	JPMorgan Chase Bank N.A.		8,700		07/15/20	USD	50.28	USD	378		(2,771	)
Endava PLC, ADR	JPMorgan Chase Bank N.A.		11,600		07/15/20	USD	52.64	USD	560		(11,054	)
Weimob, Inc.	JPMorgan Chase Bank N.A.		807,000		07/15/20	HKD	7.18	HKD	7,909		(277,340	)
Altium Ltd.	Morgan Stanley & Co. International PLC		40,900		07/21/20	AUD	39.14	AUD	1,343		(5,847	)
Freee KK	JPMorgan Chase Bank N.A.		44,900		07/21/20	JPY	5,638.50	JPY	220,682		(51,766	)
Kingdee International Software Group Co. Ltd.	Morgan Stanley & Co. International PLC		1,258,000		07/21/20	HKD	15.39	HKD	22,820		(465,157	)
Lasertec Corp.	Goldman Sachs International		63,100		07/21/20	JPY	9,796.50	JPY	644,058		(464,700	)
Ping An Healthcare and Technology Co. Ltd.	Morgan Stanley & Co. International PLC		248,400		07/21/20	HKD	115.84	HKD	29,517		(265,692	)
Rakus Co. Ltd.	Goldman Sachs International		42,000		07/21/20	JPY	2,254.88	JPY	80,155		(11,831	)
SOITEC	UBS AG		10,000		07/21/20	EUR	98.81	EUR	992		(37,947	)
Yageo Corp.	Citibank N.A.		159,000		07/21/20	TWD	411.60	TWD	61,116		(63,878	)
Arco Platform Ltd., Class A	Bank of America N.A.		8,700		07/22/20	USD	47.16	USD	378		(10,499	)
Endava PLC, ADR	JPMorgan Chase Bank N.A.		10,300		07/22/20	USD	51.41	USD	497		(18,055	)
STMicroelectronics NV	Goldman Sachs International		39,000		07/22/20	EUR	25.87	EUR	946		(24,282	)
TeamViewer AG	Credit Suisse International		42,200		07/22/20	EUR	47.67	EUR	2,051		(128,709	)
Weimob, Inc.	JPMorgan Chase Bank N.A.		1,234,000		07/22/20	HKD	10.63	HKD	12,093		(78,471	)
Adyen NV	Credit Suisse International		2,700		07/23/20	EUR	1,237.60	EUR	3,498		(275,887	)
Delivery Hero SE	Goldman Sachs International		17,000		07/23/20	EUR	88.79	EUR	1,555		(117,233	)
Xero Ltd.	Goldman Sachs International		19,000		07/23/20	AUD	88.40	AUD	1,729		(92,117	)
Meituan Dianping, Class B	Goldman Sachs International		214,900		07/24/20	HKD	171.60	HKD	37,221		(228,931	)
Tongcheng-Elong Holdings Ltd.	JPMorgan Chase Bank N.A.		534,000		07/24/20	HKD	14.83	HKD	7,513		(33,750	)
Farfetch Ltd., Class A	Bank of America N.A.		103,000		07/27/20	USD	16.50	USD	1,779		(185,440	)
BE Semiconductor Industries NV	UBS AG		42,000		07/29/20	EUR	39.79	EUR	1,658		(85,771	)
Kakao Corp.	Morgan Stanley & Co. International PLC		4,600		07/29/20	KRW	269,325.00	KRW	1,241,643		(54,264	)
Rakus Co. Ltd.	BNP Paribas S.A.		64,200		07/29/20	JPY	2,125.26	JPY	122,523		(43,723	)
SOITEC	Credit Suisse International		5,500		07/29/20	EUR	97.86	EUR	545		(28,251	)
SOITEC	Goldman Sachs International		4,900		07/29/20	EUR	95.41	EUR	486		(33,459	)
Samsung SDI Ltd	JPMorgan Chase Bank N.A.		3,500		07/29/20	KRW	402,332.36	KRW	1,287,249		(49,610	)
Samsung Electro-Mechanics Co. Ltd.	JPMorgan Chase Bank N.A.		14,300		07/29/20	KRW	136,500.00	KRW	1,866,111		(66,660	)
Tyro Payments Ltd.	UBS AG		495,000		07/29/20	AUD	3.73	AUD	1,772		(115,479	)
Weimob, Inc.	Societe Generale		1,000,000		07/29/20	HKD	9.07	HKD	9,800		(168,312	)
Xero Ltd.	Citibank N.A.		29,500		07/29/20	AUD	91.99	AUD	2,685		(121,127	)
Arco Platform Ltd., Class A	Bank of America N.A.		18,500		07/30/20	USD	46.46	USD	804		(33,487	)
Tongcheng-Elong Holdings Ltd.	Societe Generale		650,400		08/05/20	HKD	14.77	HKD	9,151		(57,162	)
Weimob, Inc.	Morgan Stanley & Co. International PLC		800,000		08/05/20	HKD	9.56	HKD	7,840		(118,539	)
Endava PLC, ADR	JPMorgan Chase Bank N.A.		29,500		08/11/20	USD	51.61	USD	1,425		(82,117	)
Altium Ltd.	Morgan Stanley & Co. International PLC		46,500		08/12/20	AUD	34.91	AUD	1,527		(52,426	)
BE Semiconductor Industries NV	Morgan Stanley & Co. International PLC		10,600		08/12/20	EUR	39.60	EUR	418		(27,945	)
Delivery Hero SE	Goldman Sachs International		4,700		08/12/20	EUR	102.33	EUR	430		(12,611	)
GMO Payment Gateway, Inc.	Societe Generale		24,900		08/12/20	JPY	11,981.26	JPY	281,208		(71,048	)
Kingdee International Software Group Co. Ltd.	JPMorgan Chase Bank N.A.		306,000		08/12/20	HKD	18.92	HKD	5,551		(23,479	)
SOITEC	Morgan Stanley & Co. International PLC		3,800		08/12/20	EUR	99.45	EUR	377		(19,015	)
TeamViewer AG	Morgan Stanley & Co. International PLC		23,900		08/12/20	EUR	51.46	EUR	1,162		(47,203	)
Xero Ltd.	Goldman Sachs International		8,300		08/12/20	AUD	93.35	AUD	755		(38,687	)
Arco Platform Ltd., Class A	JPMorgan Chase Bank N.A.		17,200		08/13/20	USD	45.68	USD	748		(46,334	)
Endava PLC, ADR	UBS AG		29,400		08/21/20	USD	50.32	USD	1,420		(36,926	)
Arco Platform Ltd., Class A	Barclays Bank PLC		14,600		08/26/20	USD	46.35	USD	635		(21,249	)
										$(10,251,142)

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		N/A	$	1,984,703	$	(20,163,142	)	$	(39,725,393	)

100 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust II (BSTZ)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the 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	$	—	$	—	$	39,725,393	$	—	$	—	$	—	$	39,725,393

For the six months ended June 30, 2020, 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	$	—	$	—	$	(109,617,139	)	$	—	$	—	$	—	$	(109,617,139	)
	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	$	—	$	—	$	(11,611,659	)	$	—	$	—	$	—	$	(11,611,659	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts written	$	28,313,315

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	$	—	$	39,725,393
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(29,474,251	)
Total derivative assets and liabilities subject to an MNA	$	—	$	10,251,142

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged (a)			Net Amount of Derivative Liabilities  (b)
Bank of America N.A.	$	235,879	$	—	$	—	$	(90,000	)	$	145,879
Barclays Bank PLC		21,249		—		—		—			21,249
BNP Paribas S.A.		43,723		—		—		—			43,723
Citibank N.A.		251,828		—		—		(251,828	)		—
Credit Suisse International		1,616,562		—		—		(1,390,000	)		226,562
Goldman Sachs International		1,166,503		—		—		(1,060,000	)		106,503
JPMorgan Chase Bank N.A.		2,363,671		—		—		(1,840,000	)		523,671
Morgan Stanley & Co. International PLC		3,035,169		—		—		(2,710,000	)		325,169
Societe Generale		581,245		—		—		(581,245	)		—
UBS AG		935,313		—		—		(935,313	)		—
	$	10,251,142	$	—	$	—	$	(8,858,386	)	$	1,392,756

^(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.

SCHEDULES OF INVESTMENTS 101

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust II (BSTZ)

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:
Automobiles	$	46,402,675		$	—		$	—	$	46,402,675
Banks		—			—			24,473,888		24,473,888
Capital Markets		13,057,716			—			—		13,057,716
Diversified Consumer Services		67,611,887			—			—		67,611,887
Diversified Telecommunication Services		16,884,015			—			—		16,884,015
Electronic Equipment, Instruments & Components		—			49,374,091			—		49,374,091
Entertainment		84,045,679			—			—		84,045,679
Health Care Technology		48,525,540			26,804,119			—		75,329,659
Interactive Media & Services		73,640,988			35,833,031			—		109,474,019
Internet & Direct Marketing Retail		65,880,637			72,233,991			—		138,114,628
IT Services		323,984,164			35,969,153			11,346,120		371,299,437
Multiline Retail		24,731,642			—			—		24,731,642
Professional Services		12,079,258			—			—		12,079,258
Semiconductors & Semiconductor Equipment		199,320,135			114,610,111			—		313,930,246
Software		380,877,579			113,746,615			18,911,566		513,535,760
Preferred Stocks		—			—			165,081,289		165,081,289
Short-Term Securities		27,568,401			—			—		27,568,401
Warrants		—			—			120,605		120,605
Subtotal	$	1,384,610,316		$	448,571,111		$	219,933,468	$	2,053,114,895
Investments Valued at NAV(a)										7,991,159
Total Investments									$	2,061,106,054
Derivative Financial Instruments(b)
Liabilities:
Equity contracts	$	(28,387,377	)	$	(11,338,016	)	$	—	$	(39,725,393	)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

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

^(b)  Derivative financial instruments are options written. Options written are shown at value.

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

	Common Stocks		Warrants		Preferred Stocks		Total
Assets:
Opening Balance, as of December 31, 2019	$	29,199,661	$	53,498	$	91,720,586	$	120,973,745
Transfers into Level 3		—		—		—		—
Transfers out of Level 3		—		—		—		—
Accrued discounts/premiums		—		—		—		—
Net realized gain (loss)		—		—		—		—
Net change in unrealized appreciation (depreciation)(a)(b)		4,656,102		67,107		5,445,485		10,168,694
Purchases		20,875,811		—		67,915,218		88,791,029
Sales		—		—		—		—
Closing Balance, as of June 30, 2020	$	54,731,574	$	120,605	$	165,081,289	$	219,933,468
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2020(a)	$	4,656,102	$	67,107	$	5,445,485	$	10,168,694

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2020, is generally due to investments no longer held or categorized as Level 3 at period end.

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

102 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Science and Technology Trust II (BSTZ)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee to determine the value of certain of the Trust’s Level 3 investments and derivative financial instruments as of period end.

	Value		Valuation Approach		Unobservable Inputs		Range of Unobservable Inputs Utilized (a)		Weighted Average of Unobservable Inputs Based on Fair Value
Assets:
Common Stocks	$	54,731,574		Market		Revenue Multiple		5.20x – 10.00x		7.54x
						Volatility		46%		—
						Time to Exit		3.0		—
Preferred Stocks(b)		165,081,289		Market		Revenue Multiple		2.75x – 20.75x		8.62x
						Volatility		39% – 61%		54	%
						Time to Exit		2.5 – 5.0		3.2
						Recent Transactions		—		—
Warrants		120,605		Market		Revenue Multiple		5.20x		—
						Volatility		46%		—
						Time to Exit		3.0		—
	$	219,933,468

^(a)  A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

^(b)  For the period end June 30, 2020, the valuation technique for investments classified as Preferred Stocks amounting to $56,208,158 changed to Current Value Method. The investments were previously valued utilizing Transaction Price approach. 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 103

Schedule of Investments  (unaudited) June 30, 2020 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.3%
Building Products — 6.4%
AO Smith Corp.(a)		89,950	$	4,238,445
Johnson Controls International PLC(a)		187,409		6,398,143
Kingspan Group PLC		102,875		6,641,228
Trane Technologies PLC(a)		62,400		5,552,352
				22,830,168
Chemicals — 5.0%
Air Liquide SA		24,689		3,569,701
Johnson Matthey PLC		104,795		2,729,274
LG Chem Ltd.		4,250		1,753,886
Linde PLC		21,172		4,484,112
Sika AG, Registered Shares		18,190		3,506,528
Umicore SA		39,350		1,857,479
				17,900,980
Commercial Services & Supplies — 5.0%
Waste Connections, Inc.(a)		83,950		7,873,671
Waste Management, Inc.(a)		91,450		9,685,469
				17,559,140
Construction & Engineering — 3.6%
Quanta Services, Inc.(a)		70,110		2,750,415
Vinci SA		106,050		9,833,297
				12,583,712
Electric Utilities — 32.7%
American Electric Power Co., Inc.(a)		66,200		5,272,168
Duke Energy Corp.(a)		98,268		7,850,631
Edison International		96,600		5,246,346
Enel SpA		2,500,575		21,626,076
Entergy Corp.(a)		26,550		2,490,655
Exelon Corp.(a)		130,408		4,732,506
FirstEnergy Corp.(a)		213,100		8,264,018
Iberdrola SA		1,325,068		15,469,744
Neoenergia SA		1,146,100		4,029,612
NextEra Energy, Inc.(a)(b)		130,795		31,413,035
PPL Corp.(a)		206,500		5,335,960
Xcel Energy, Inc.(a)		69,740		4,358,750
				116,089,501
Electrical Equipment — 6.3%
Eaton Corp. PLC(a)		30,400		2,659,392
Schneider Electric SE		81,532		9,069,343
Sunrun, Inc.(a)(c)		88,800		1,751,136
Vestas Wind Systems A/S		88,160		9,027,827
				22,507,698
Electronic Equipment, Instruments & Components — 1.5%
Hexagon AB, Class B(c)		61,750		3,626,304
Samsung SDI Co. Ltd.		5,650		1,727,553
				5,353,857
Independent Power and Renewable Electricity Producers — 7.8%
AES Corp.(a)		351,540		5,093,815
China Longyuan Power Group Corp. Ltd., Class H		12,875,000		7,258,996
EDP Renováveis, S.A.		1,114,750		15,404,780
				27,757,591
Machinery — 1.6%
Atlas Copco AB, Class B		155,000		5,759,492
Multi-Utilities — 15.4%
CMS Energy Corp.(a)		128,310		7,495,870
Dominion Energy, Inc.(a)		143,598		11,657,286
National Grid PLC		747,224		9,116,428
Public Service Enterprise Group, Inc.(a)		176,292		8,666,515

Security	Shares		Value
Multi-Utilities (continued)
RWE AG		377,050	$	13,199,408
Sempra Energy(a)		39,000		4,571,970
				54,707,477
Oil, Gas & Consumable Fuels — 9.9%
Enterprise Products Partners LP(a)		183,363		3,331,706
Kinder Morgan, Inc.(a)		727,950		11,043,001
TC Energy Corp.		246,250		10,520,404
Williams Cos., Inc.(a)		528,605		10,054,067
				34,949,178
Semiconductors & Semiconductor Equipment — 4.1%
Canadian Solar, Inc.(c)		54,070		1,041,929
First Solar, Inc.(a)(c)		100,934		4,996,233
Infineon Technologies AG		126,500		2,964,171
Maxim Integrated Products, Inc.(a)		45,640		2,766,240
ON Semiconductor Corp.(a)(c)		131,580		2,607,916
				14,376,489
Total Long-Term Investments — 99.3% (Cost — $276,588,342)				352,375,283
Short-Term Securities — 2.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(d)(e)		8,334,587		8,334,587
Total Short-Term Securities — 2.3% (Cost — $8,334,587)				8,334,587
Total Investments Before Options Written — 101.6% (Cost — $284,922,929)				360,709,870
Options Written — (1.3)% (Premiums Received — $3,193,621)				(4,681,958	)
Total Investments, Net of Options Written — 100.3% (Cost — $281,729,308)				356,027,912
Liabilities in Excess of Other Assets — (0.3)%				(1,167,479	)
Net Assets — 100.0%			$	354,860,433

^(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.

104 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

^(e)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased		Shares Sold			Shares Held at 06/30/20		Value at 06/30/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		12,716,146		—		(4,381,559	)(b)		8,334,587	$	8,334,587	$	35,677	$	—	$	—

^(a) Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

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

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
Eaton Corp. PLC		53		07/02/20	USD	81.50	USD	464	$	(27,825	)
Kinder Morgan, Inc.		273		07/02/20	USD	16.00	USD	414		(273	)
First Solar, Inc.		84		07/10/20	USD	53.00	USD	416		(2,814	)
Kinder Morgan, Inc.		508		07/10/20	USD	17.50	USD	771		(4,572	)
TC Energy Corp.		478		07/10/20	CAD	60.50	CAD	2,772		(4,753	)
AES Corp.		628		07/17/20	USD	14.00	USD	910		(53,380	)
AO Smith Corp.		157		07/17/20	USD	45.00	USD	740		(43,175	)
American Electric Power Co., Inc.		113		07/17/20	USD	82.50	USD	900		(7,627	)
CMS Energy Corp.		214		07/17/20	USD	55.00	USD	1,250		(82,390	)
CMS Energy Corp.		11		07/17/20	USD	60.00	USD	64		(715	)
Dominion Energy, Inc.		251		07/17/20	USD	87.50	USD	2,038		(3,137	)
Dominion Energy, Inc.		251		07/17/20	USD	90.00	USD	2,038		(3,765	)
Duke Energy Corp.		330		07/17/20	USD	87.50	USD	2,636		(3,300	)
Duke Energy Corp.		13		07/17/20	USD	92.50	USD	104		(130	)
Enterprise Products Partners LP		402		07/17/20	USD	20.00	USD	730		(3,015	)
Exelon Corp.		222		07/17/20	USD	38.00	USD	806		(7,215	)
Exelon Corp.		222		07/17/20	USD	41.00	USD	806		(2,220	)
Exelon Corp.		12		07/17/20	USD	42.00	USD	44		(120	)
First Solar, Inc.		91		07/17/20	USD	47.50	USD	450		(28,165	)
FirstEnergy Corp.		138		07/17/20	USD	47.00	USD	535		(1,380	)
FirstEnergy Corp.		138		07/17/20	USD	43.00	USD	535		(690	)
FirstEnergy Corp.		23		07/17/20	USD	45.00	USD	89		(345	)
Johnson Controls International PLC		158		07/17/20	USD	36.00	USD	539		(5,530	)
Kinder Morgan, Inc.		408		07/17/20	USD	16.00	USD	619		(7,956	)
NextEra Energy, Inc.		292		07/17/20	USD	238.00	USD	7,013		(220,549	)
ON Semiconductor Corp.		226		07/17/20	USD	17.00	USD	448		(71,190	)
PPL Corp.		181		07/17/20	USD	27.00	USD	468		(5,430	)
Public Service Enterprise Group, Inc.		218		07/17/20	USD	50.00	USD	1,072		(16,350	)
Public Service Enterprise Group, Inc.		68		07/17/20	USD	55.00	USD	334		(1,020	)
Quanta Services, Inc.		107		07/17/20	USD	42.00	USD	420		(3,477	)
Sempra Energy		7		07/17/20	USD	140.00	USD	82		(175	)
Sempra Energy		125		07/17/20	USD	130.00	USD	1,465		(3,750	)
Sunrun, Inc.		241		07/17/20	USD	17.00	USD	475		(63,865	)
TC Energy Corp.		95		07/17/20	CAD	64.00	CAD	551		(420	)
Trane Technologies PLC		112		07/17/20	USD	105.00	USD	997		(1,120	)
Waste Connections, Inc.		109		07/17/20	USD	95.00	USD	1,022		(16,350	)
Waste Management, Inc.		160		07/17/20	USD	105.00	USD	1,695		(43,200	)
Williams Cos., Inc.		588		07/17/20	USD	20.00	USD	1,118		(15,876	)
Xcel Energy, Inc.		133		07/17/20	USD	65.00	USD	831		(6,317	)
Eaton Corp. PLC		53		07/24/20	USD	91.50	USD	464		(12,323	)
Enterprise Products Partners LP		79		07/24/20	USD	19.50	USD	144		(1,975	)
First Solar, Inc.		84		07/24/20	USD	55.50	USD	416		(4,116	)

SCHEDULES OF INVESTMENTS 105

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Johnson Controls International PLC		340		07/24/20	USD	37.00	USD	1,161	$	(12,240	)
Kinder Morgan, Inc.		169		07/24/20	USD	17.50	USD	256		(2,028	)
TC Energy Corp.		192		07/24/20	CAD	59.50	CAD	1,114		(11,809	)
Williams Cos., Inc.		254		07/24/20	USD	21.50	USD	483		(3,683	)
Williams Cos., Inc.		180		07/24/20	USD	19.50	USD	342		(10,710	)
First Solar, Inc.		94		07/31/20	USD	56.50	USD	465		(6,862	)
Kinder Morgan, Inc.		781		07/31/20	USD	17.00	USD	1,185		(6,638	)
Williams Cos., Inc.		119		07/31/20	USD	20.00	USD	226		(4,462	)
Enterprise Products Partners LP		160		08/07/20	USD	18.50	USD	291		(51,200	)
Kinder Morgan, Inc.		408		08/07/20	USD	15.00	USD	619		(33,252	)
Williams Cos., Inc.		379		08/07/20	USD	19.00	USD	721		(50,407	)
AES Corp.		23		08/21/20	USD	16.00	USD	33		(920	)
AES Corp.		449		08/21/20	USD	14.00	USD	651		(57,248	)
AO Smith Corp.		157		08/21/20	USD	50.00	USD	740		(19,233	)
American Electric Power Co., Inc.		113		08/21/20	USD	82.50	USD	900		(23,165	)
American Electric Power Co., Inc.		5		08/21/20	USD	87.50	USD	40		(287	)
CMS Energy Corp.		224		08/21/20	USD	60.00	USD	1,309		(36,960	)
Edison International		170		08/21/20	USD	62.50	USD	923		(9,775	)
Entergy Corp.		190		08/21/20	USD	100.00	USD	1,782		(38,950	)
FirstEnergy Corp.		97		08/21/20	USD	42.00	USD	376		(4,607	)
Johnson Controls International PLC		157		08/21/20	USD	36.00	USD	536		(18,762	)
Maxim Integrated Products, Inc.		160		08/21/20	USD	60.50	USD	970		(47,520	)
NextEra Energy, Inc.		165		08/21/20	USD	260.00	USD	3,963		(48,675	)
ON Semiconductor Corp.		234		08/21/20	USD	23.00	USD	464		(19,305	)
PPL Corp.		541		08/21/20	USD	27.00	USD	1,398		(47,338	)
Quanta Services, Inc.		107		08/21/20	USD	42.00	USD	420		(13,910	)
Quanta Services, Inc.		31		08/21/20	USD	39.00	USD	122		(8,215	)
Sunrun, Inc.		120		08/21/20	USD	18.00	USD	237		(36,600	)
TC Energy Corp.		96		08/21/20	CAD	60.00	CAD	557		(11,102	)
Trane Technologies PLC		106		08/21/20	USD	90.00	USD	943		(53,530	)
Waste Management, Inc.		184		08/21/20	USD	95.00	USD	1,726		(59,800	)
Waste Management, Inc.		160		08/21/20	USD	105.00	USD	1,695		(79,200	)
Williams Cos., Inc.		330		08/21/20	USD	20.00	USD	628		(25,905	)
Xcel Energy, Inc.		111		08/21/20	USD	65.00	USD	694	��	(17,483	)
Public Service Enterprise Group, Inc.		308		09/18/20	USD	55.00	USD	1,514		(27,720	)
									$	(1,681,496	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
EDP Renováveis, S.A.	Credit Suisse International		70,000		07/01/20	EUR	10.96	EUR	861	$	(105,247	)
Samsung SDI Co. Ltd.	UBS AG		2,500		07/01/20	KRW	307,007.81	KRW	908,750		(117,732	)
Air Liquide SA	Goldman Sachs International		1,700		07/07/20	EUR	121.00	EUR	218		(15,040	)
Enel SpA	UBS AG		284,900		07/07/20	EUR	6.39	EUR	2,187		(418,568	)
Iberdrola SA	Morgan Stanley & Co. International PLC		347,000		07/07/20	EUR	9.06	EUR	3,581		(520,203	)
Kingspan Group PLC	UBS AG		11,700		07/07/20	EUR	49.67	EUR	671		(102,710	)
National Grid PLC	Credit Suisse International		155,500		07/07/20	GBP	9.77	GBP	1,538		(18,621	)
Sika AG, Registered Shares	UBS AG		3,800		07/07/20	CHF	169.32	CHF	693		(53,555	)
Umicore SA	UBS AG		15,200		07/07/20	EUR	39.36	EUR	637		(47,102	)
AES Corp.	Bank of America N.A.		13,000		07/08/20	USD	12.38	USD	188		(27,598	)
EDP Renováveis, S.A.	Credit Suisse International		60,000		07/08/20	EUR	11.33	EUR	738		(66,931	)
Vestas Wind Systems A/S	Credit Suisse International		16,900		07/08/20	DKK	720.97	DKK	11,414		(5,068	)
EDP Renováveis, S.A.	Credit Suisse International		30,000		07/09/20	EUR	11.91	EUR	369		(17,907	)
LG Chem Ltd.	UBS AG		2,100		07/09/20	KRW	361,643.98	KRW	1,042,421		(225,741	)
Schneider Electric SE	Citibank N.A.		19,100		07/09/20	EUR	93.63	EUR	1,889		(130,615	)
EDP Renováveis, S.A.	Credit Suisse International		30,000		07/14/20	EUR	11.77	EUR	369		(23,383	)
Johnson Matthey PLC	UBS AG		28,500		07/14/20	GBP	22.85	GBP	598		(10,762	)
Linde PLC	Goldman Sachs International		2,700		07/14/20	EUR	184.54	EUR	509		(28,238	)

106 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 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)
Neoenergia SA	Citibank N.A.		422,900		07/14/20	BRL	19.13	BRL	8,086	$	(76,972	)
RWE AG	UBS AG		48,800		07/15/20	EUR	32.93	EUR	1,528		(13,583	)
EDP Renováveis, S.A.	Credit Suisse International		30,000		07/21/20	EUR	13.00	EUR	369		(6,988	)
Kingspan Group PLC	Morgan Stanley & Co. International PLC		24,400		07/22/20	EUR	55.57	EUR	1,399		(73,559	)
Linde PLC	Credit Suisse International		4,750		07/22/20	EUR	194.20	EUR	894		(34,815	)
National Grid PLC	Credit Suisse International		106,100		07/22/20	GBP	9.32	GBP	1,050		(69,148	)
Sika AG, Registered Shares	Morgan Stanley & Co. International PLC		3,400		07/22/20	CHF	182.70	CHF	621		(17,439	)
Air Liquide SA	Credit Suisse International		7,500		07/23/20	EUR	129.93	EUR	965		(24,226	)
Atlas Copco AB, Class B	Goldman Sachs International		26,800		07/23/20	SEK	344.43	SEK	9,235		(56,929	)
EDP Renováveis, S.A.	Credit Suisse International		27,863		07/23/20	EUR	12.38	EUR	343		(13,940	)
Enel SpA	Goldman Sachs International		410,600		07/23/20	EUR	7.74	EUR	3,153		(72,264	)
Hexagon AB, Class B	Goldman Sachs International		12,300		07/23/20	SEK	555.58	SEK	6,691		(18,713	)
Infineon Technologies AG	Credit Suisse International		44,000		07/23/20	EUR	20.77	EUR	919		(55,937	)
Vinci SA	Goldman Sachs International		22,900		07/23/20	EUR	90.09	EUR	1,878		(19,184	)
EDP Renováveis, S.A.	Credit Suisse International		30,000		07/24/20	EUR	13.08	EUR	369		(7,164	)
Schneider Electric SE	Goldman Sachs International		9,500		07/24/20	EUR	94.41	EUR	939		(70,317	)
Vestas Wind Systems A/S	Credit Suisse International		12,700		07/24/20	DKK	693.68	DKK	8,578		(43,337	)
EDP Renováveis, S.A.	Goldman Sachs International		61,400		07/29/20	EUR	11.99	EUR	755		(48,784	)
Enel SpA	Goldman Sachs International		206,900		07/29/20	EUR	7.66	EUR	1,589		(52,194	)
Hexagon AB, Class B	Morgan Stanley & Co. International PLC		12,700		07/29/20	SEK	557.02	SEK	6,909		(22,943	)
Vinci SA	Goldman Sachs International		14,300		07/29/20	EUR	88.50	EUR	1,173		(22,755	)
FirstEnergy Corp.	JPMorgan Chase Bank N.A.		19,400		08/04/20	USD	42.73	USD	752		(3,954	)
EDP Renováveis, S.A.	Goldman Sachs International		20,900		08/05/20	EUR	11.93	EUR	257		(18,764	)
RWE AG	Credit Suisse International		47,300		08/05/20	EUR	32.37	EUR	1,472		(46,915	)
Atlas Copco AB, Class B	Goldman Sachs International		27,500		08/12/20	SEK	352.29	SEK	9,477		(68,665	)
EDP Renováveis, S.A.	Morgan Stanley & Co. International PLC		30,000		08/12/20	EUR	12.67	EUR	369		(9,704	)
Iberdrola SA	Goldman Sachs International		116,700		08/12/20	EUR	10.26	EUR	1,204		(44,375	)
Johnson Matthey PLC	Morgan Stanley & Co. International PLC		8,200		08/12/20	GBP	21.37	GBP	172		(13,980	)
RWE AG	Goldman Sachs International		35,900		08/12/20	EUR	32.35	EUR	1,117		(37,893	)
										$	(3,000,462	)

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		N/A	$	910,485	$	(2,398,822	)	$	(4,681,958	)

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	$	—	$	—	$	4,681,958	$	—	$	—	$	—	$	4,681,958

For the six months ended June 30, 2020, 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	$	—	$	—	$	(7,192,006	)	$	—	$	—	$	—	$	(7,192,006	)

SCHEDULES OF INVESTMENTS 107

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

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 written	$	—	$	—	$	(127,042	)	$	—	$	—	$	—	$	(127,042	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options:
Average value of option contracts written	$	4,023,984

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	$	—	$	4,681,958
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,681,496	)
Total derivative assets and liabilities subject to an MNA	$	—	$	3,000,462

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged (a)			Cash Collateral Pledged (a)			Net Amount of Derivative Liabilities (b)
Bank of America N.A.	$	27,598	$	—	$	—		$	—		$	27,598
Citibank N.A.		207,587		—		(2,516	)		—			205,071
Credit Suisse International		539,627		—		(4,106	)		—			535,521
Goldman Sachs International		574,115		—		—			(220,000	)		354,115
JPMorgan Chase Bank N.A.		3,954		—		—			—			3,954
Morgan Stanley & Co. International PLC		657,828		—		(6,111	)		—			651,717
UBS AG		989,753		—		(10,109	)		—			979,644
	$	3,000,462	$	—	$	(22,842	)	$	(220,000	)	$	2,757,620

^(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.

108 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2020 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

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:
Building Products	$	16,188,939		$	6,641,229		$	—	$	22,830,168
Chemicals		—			17,900,980			—		17,900,980
Commercial Services & Supplies		17,559,140			—			—		17,559,140
Construction & Engineering		2,750,415			9,833,297			—		12,583,712
Electric Utilities		78,993,681			37,095,820			—		116,089,501
Electrical Equipment		4,410,528			18,097,170			—		22,507,698
Electronic Equipment, Instruments & Components		—			5,353,857			—		5,353,857
Independent Power and Renewable Electricity Producers		20,498,595			7,258,996			—		27,757,591
Machinery		—			5,759,492			—		5,759,492
Multi-Utilities		32,391,641			22,315,836			—		54,707,477
Oil, Gas & Consumable Fuels		34,949,178			—			—		34,949,178
Semiconductors & Semiconductor Equipment		11,412,318			2,964,171			—		14,376,489
Short-Term Securities		8,334,587			—			—		8,334,587
	$	227,489,022		$	133,220,848		$	—	$	360,709,870
Derivative Financial Instruments(a)
Liabilities:
Equity contracts	$	(1,413,427	)	$	(3,268,531	)	$	—	$	(4,681,958	)

The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

^(a)  Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 109

Statements of Assets and Liabilities  (unaudited)

June 30, 2020

	BGR			CII		BDJ		BOE			BGY
ASSETS
Investments at value — unaffiliated(a)	$	234,819,081		$	710,933,182	$	1,534,762,579	$	694,208,457		$	605,919,707
Investments at value — affiliated(b)		7,415,401			11,280,090		8,249,540		500,656			1,439,314
Cash		—			2,169		879		—			—
Cash pledged:
Collateral — options written		—			—		—		4,880,000			7,091,000
Collateral — OTC derivatives		—			550,000		—		20,000			5,945,000
Foreign currency at value(c)		11,734			—		1,822		244,618			532,946
Receivables:
Investments sold		—			1,360,915		—		—			—
Options written		37,485			289,722		840,481		28,483			83,973
Dividends — affiliated		781			803		1,223		273			463
Dividends — unaffiliated		754,824			1,078,899		3,116,728		3,056,684			2,910,781
Prepaid expenses		2,109			10,074		54,187		8,937			15,195
Total assets		243,041,415			725,505,854		1,547,027,439		702,948,108			623,938,379
LIABILITIES
Options written at value(d)		1,754,336			13,728,981		19,243,435		6,317,059			5,623,423
Payables:
Investments purchased		102			1,489,254		—		894			1,753
Capital shares redeemed		—			—		—		212,392			221,384
Income dividend distributions		80,854			217,675		334,703		161,515			197,170
Investment advisory fees		200,080			494,583		1,016,713		473,885			457,222
Trustees’ and Officer’s fees		460,542			210,020		958,841		661,215			561,338
Options written		423			400,695		491,720		24,456			149,282
Other accrued expenses		135,695			126,295		287,366		203,270			177,106
Total liabilities		2,632,032			16,667,503		22,332,778		8,054,686			7,388,678
NET ASSETS	$	240,409,383		$	708,838,351	$	1,524,694,661	$	694,893,422		$	616,549,701
NET ASSETS CONSIST OF
Paid-in capital	$	562,214,597		$	561,321,996	$	1,320,628,954	$	760,483,423		$	652,111,708
Accumulated earnings (loss)		(321,805,214	)		147,516,355		204,065,707		(65,590,001	)		(35,562,007	)
NET ASSETS	$	240,409,383		$	708,838,351	$	1,524,694,661	$	694,893,422		$	616,549,701
Net asset value(e)(f)	$	8.06		$	16.07	$	8.13	$	10.69		$	5.87
(a) Investments at cost — unaffiliated	$	294,948,738		$	557,686,874	$	1,394,735,325	$	666,910,223		$	560,330,789
(b) Investments at cost — affiliated	$	7,415,401		$	11,280,090	$	8,249,540	$	500,656		$	1,439,314
(c) Foreign currency at cost	$	11,647		$	—	$	1,950	$	253,446		$	532,908
(d) Premiums received	$	2,894,347		$	11,792,720	$	25,160,970	$	7,024,625		$	5,554,320
(e) Shares outstanding, unlimited number of shares authorized, $0.001 par value		29,825,326			—		187,542,405		64,981,921			104,964,522
(f)  Shares outstanding, 200 million shares authorized, $0.10 par value		—			44,121,400		—		—			—

See notes to financial statements.

110 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

June 30, 2020

	BME		BMEZ		BCX(a)			BST		BSTZ		BUI
ASSETS
Investments at value — unaffiliated(b)(c)	$	473,270,805	$	2,668,072,284	$	642,627,475		$	947,117,621	$	2,025,546,494	$	352,375,283
Investments at value — affiliated(d)		4,552,598		10,125,306		21,359,985			2,829,525		35,559,560		8,334,587
Cash		3,811		56,278		—			—		—		—
Cash pledged Collateral — OTC derivatives		—		3,401,000		—			3,770,000		8,990,000		220,000
Foreign currency at value(e)		521		155,612		86,301			2,239		—		20,785
Receivables:
Investments sold		386,738		12,159,754		802,968			—		300,090		6,212,022
Options written		164,865		471,692		606,386			295,769		203,485		103,940
Securities lending income — affiliated		51		13,473		—			10,019		28,934		—
Capital shares sold		8,044		—		—			—		—		—
Dividends — affiliated		657		5,839		1,176			158		1,813		768
Dividends — unaffiliated		422,425		693,545		2,052,571			281,145		650,015		1,160,264
Deferred offering costs		140,043		—		—			221,745		—		115,407
Prepaid expenses		3,449		—		—			3,284		14,216		—
Total assets		478,954,007		2,695,154,783		667,536,862			954,531,505		2,071,294,607		368,543,056
LIABILITIES
Bank overdraft		—		—		—			4,116,936		110,813		—
Foreign bank overdraft(f)		—		—		—			—		16,678		—
Cash collateral on securities loaned at value		10,780		1,889,600		—			2,829,525		7,981,782		—
Options written at value(g)		6,911,546		38,441,548		8,005,582			21,192,234		39,725,393		4,681,958
Payables:				—
Investments purchased		—		131,456		663,337			—		—		8,403,603
Capital shares redeemed		—		—		418,712			—		—		—
Income dividend distributions		—		2,277,767		124,310			—		1,564,254		—
Investment advisory fees		381,192		2,620,951		541,152			655,928		1,973,714		284,037
Offering costs		—		—		—			49,550		—		34,214
Trustees’ and Officer’s fees		19,656		6,910		272,689			—		23,804		—
Options written		28,871		582,358		674,575			719,759		151,891		171,952
Other accrued expenses		240,464		349,857		260,276			450,306		364,479		106,859
Total liabilities		7,592,509		46,300,447		10,960,633			30,014,238		51,912,808		13,682,623
NET ASSETS	$	471,361,498	$	2,648,854,336	$	656,576,229		$	924,517,267	$	2,019,381,799	$	354,860,433
NET ASSETS CONSIST OF
Paid-in capital	$	319,505,179	$	2,253,396,500	$	1,153,698,159		$	400,681,554	$	1,518,686,036	$	296,478,491
Accumulated earnings (loss)		151,856,319		395,457,836		(497,121,930	)		523,835,713		500,695,763		58,381,942
NET ASSETS	$	471,361,498	$	2,648,854,336	$	656,576,229		$	924,517,267	$	2,019,381,799	$	354,860,433
Net asset value(h)	$	40.93	$	23.51	$	7.29		$	38.26	$	25.86	$	20.00
(a) Consolidated Statement of Assets and Liabilities
(b) Investments at cost — unaffiliated	$	305,114,296	$	2,205,329,261	$	634,264,769		$	382,925,917	$	1,316,456,866	$	276,588,342
(c) Securities loaned at value	$	10,111	$	1,914,529	$	—		$	2,654,839	$	7,472,035	$	—
(d) Investments at cost — affiliated	$	4,552,583	$	10,125,306	$	21,359,985		$	2,829,525	$	35,558,771	$	8,334,587
(e) Foreign currency at cost	$	519	$	155,514	$	85,549		$	2,309	$	—	$	20,812
(f)  Foreign bank overdraft at cost	$	—	$	—	$	—		$	—	$	16,706	$	—
(g) Premiums received	$	6,126,482	$	28,539,374	$	7,484,769		$	12,417,299	$	21,546,954	$	3,193,621
(h) Shares outstanding, unlimited number of shares authorized, $0.001 par value		11,516,598		112,669,825		90,075,315			24,167,135		78,089,962		17,741,194

See notes to financial statements.

FINANCIAL STATEMENTS 111

Statements of Operations  (unaudited)

Six Months Ended June 30, 2020

	BGR			CII			BDJ			BOE			BGY
INVESTMENT INCOME
Dividends — affiliated	$	39,731		$	19,932		$	28,938		$	24,020		$	55,261
Dividends — unaffiliated		7,824,342			7,315,286			27,689,096			13,661,220			11,907,387
Foreign taxes withheld		(555,932)			(180,438)			(851,476)			(623,144)			(1,022,713)
Total investment income		7,308,141			7,154,780			26,866,558			13,062,096			10,939,935
EXPENSES
Investment advisory		1,620,564			2,999,221			6,350,397			3,542,663			3,065,553
Professional		43,043			55,299			94,334			68,088			62,796
Transfer agent		37,334			43,244			92,229			52,420			48,245
Custodian		23,154			18,458			74,140			45,440			39,893
Accounting services		22,388			24,879			—			—			24,880
Registration		5,528			8,178			37,952			12,528			19,879
Rating agency		5,230			7,408			11,817			7,422			6,945
Printing		5,228			10,299			—			—			7,301
Directors and Officer		—			—			—			—			—
Organization and offering		—			—			—			—			—
Miscellaneous		25,061			12,157			42,185			29,811			522
Total expenses excluding interest expense		1,787,530			3,179,143			6,703,054			3,758,372			3,276,014
Total expenses		1,787,530			3,179,143			6,703,054			3,758,372			3,276,014
Less fees waived and/or reimbursed by the Manager		(301,386	)		(3,211	)		(4,485	)		(623,673	)		(311,981	)
Total expenses after fees waived and/or reimbursed		1,486,144			3,175,932			6,698,569			3,134,699			2,964,033
Net investment income (loss)		5,821,997			3,978,848			20,167,989			9,927,397			7,975,902
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Foreign currency transactions		(68,404	)		—			(72,162	)		(191,765	)		(77,116	)
Investments — unaffiliated		(61,891,332	)		39,275,137			30,049,985			(29,729,771	)		(18,609,255	)
Options written		(815,024	)		(20,598,491	)		(15,418,259	)		(6,235,765	)		(7,138,108	)
		(62,774,760	)		18,676,646			14,559,564			(36,157,301	)		(25,824,479	)
Net change in unrealized appreciation (depreciation) on:
Foreign currency translations		(1,571	)		—			6,163			(3,560	)		(6,147	)
Investments — unaffiliated		(68,297,178	)		(83,947,618	)		(346,285,607	)		(58,853,656	)		(25,643,177	)
Options written		2,253,788			655,814			10,833,983			2,499,638			1,758,197
		(66,044,961)			(83,291,804)			(335,445,461)			(56,357,578)			(23,891,127)
Net realized and unrealized gain (loss)		(128,819,721	)		(64,615,158	)		(320,885,897	)		(92,514,879	)		(49,715,606	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(122,997,724	)	$	(60,636,310	)	$	(300,717,908	)	$	(82,587,482	)	$	(41,739,704	)

See notes to financial statements.

112 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited) (continued)

Six Months Ended June 30, 2020

	BME			BMEZ(a)			BCX(b)			BST			BSTZ			BUI
INVESTMENT INCOME
Dividends — affiliated	$	29,732		$	2,362,043		$	49,361		$	25,107		$	133,771		$	35,677
Dividends — unaffiliated		2,820,111			2,811,586			13,663,335			1,329,806			1,892,536			5,886,507
Securities lending income — affiliated — net		4,204			13,473			6,091			14,886			273,735			—
Other income — affiliated		—			—			—			—			25,547
Foreign taxes withheld		(74,670	)		(249,473	)		(807,935	)		(87,598	)		(202,851	)		(364,334	)
Total investment income		2,779,377			4,937,629			12,910,852			1,282,201			2,122,738			5,557,850
EXPENSES
Investment advisory		2,189,539			11,819,707			3,313,909			3,851,876			10,349,418			1,758,554
Professional		41,755			85,812			74,212			58,426			77,505			43,153
Transfer agent		32,695			62,300			56,636			46,366			7,889			29,986
Custodian		34,528			56,716			44,759			61,480			90,338			28,938
Accounting services		14,927			97,493			29,848			24,880			93,804			24,880
Registration		5,603			—			17,365			4,660			3,617			4,763
Rating agency		6,069			12,984			20,816			7,731			12,120			19,261
Printing		5,412			10,374			8,878			7,987			17,052			4,966
Directors and Officer		10,240			47,731			—			22,439			47,965			11,626
Organization and offering		34,000			—			—			34,000			—			34,000
Miscellaneous		17,036			42,366			75,835			78,269			150,376			30,191
Total expenses excluding interest expense		2,391,804			12,235,483			3,642,258			4,198,114			10,850,084			1,990,318
Total expenses		2,391,804			12,235,483			3,642,258			4,198,114			10,850,084			1,990,318
Less fees waived and/or reimbursed by the Manager		(3,526	)		(178,249	)		(4,467	)		(387,481	)		(8,894	)		(47,888	)
Total expenses after fees waived and/or reimbursed		2,388,278			12,057,234			3,637,791			3,810,633			10,841,190			1,942,430
Net investment income (loss)		391,099			(7,119,605	)		9,273,061			(2,528,432	)		(8,718,452	)		3,615,420
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Foreign currency transactions		(10,037	)		266,792			63			(112,193	)		(14,628	)		(18,282	)
Investments — affiliated		(309	)		—			84			(472	)		13,942			—
Investments — unaffiliated		9,068,136			5,332,192			(43,849,508	)		27,399,337			3,403,876			6,647,540
Options written		(8,068,279	)		(22,065,517	)		(5,601,029	)		(49,807,751	)		(109,617,139	)		(7,192,006	)
		989,511			(16,466,533	)		(49,450,390	)		(22,521,079	)		(106,213,949	)		(562,748	)
Net change in unrealized appreciation (depreciation) on:
Foreign currency translations		435			4,073			(192	)		395			(10,581	)		(5,268	)
Investments — affiliated		11			—			(42	)		—			789			—
Investments — unaffiliated		8,485,810			462,743,023			(94,915,983	)		192,731,982			556,823,643			(25,905,487	)
Options written		744,026			(9,902,174	)		669,699			(5,868,846	)		(11,611,659	)		(127,042	)
		9,230,282			452,844,922			(94,246,518	)		186,863,531			545,202,192			(26,037,797	)
Net realized and unrealized gain (loss)		10,219,793			436,378,389			(143,696,908	)		164,342,452			438,988,243			(26,600,545	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,610,892		$	429,258,784		$	(134,423,847	)	$	161,814,020		$	430,269,791		$	(22,985,125	)

^(a)  Commencement of operations January 30, 2020.

^(b)  Consolidated Statement of Operations.

See notes to financial statements.

FINANCIAL STATEMENTS 113

Statements of Changes in Net Assets  

	BGR						CII
	Six Months Ended 06/30/20 (unaudited)			Year Ended 12/31/19			Six Months Ended 06/30/20 (unaudited)			Year Ended 12/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,821,997		$	10,075,651		$	3,978,848		$	8,012,154
Net realized gain (loss)		(62,774,760	)		(24,802,316	)		18,676,647			20,096,351
Net change in unrealized appreciation (depreciation)		(66,044,961	)		60,005,258			(83,291,805	)		134,499,339
Net increase (decrease) in net assets resulting from operations		(122,997,724	)		45,278,593			(60,636,310	)		162,607,844
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain		(11,488,716	)(b)		(10,080,237	)		(23,163,735	)		(27,696,642	)
From return of capital		—			(17,693,107	)		—			(16,349,752	)
Decrease in net assets resulting from distributions to shareholders		(11,488,716	)		(27,773,344	)		(23,163,735	)		(44,046,394	)
NET ASSETS
Total increase (decrease) in net assets		(134,486,440	)		17,505,249			(83,800,045	)		118,561,450
Beginning of period		374,895,823			357,390,574			792,638,396			674,076,946
End of period	$	240,409,383		$	374,895,823		$	708,838,351		$	792,638,396

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

114 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	BDJ						BOE
	Six Months Ended 06/30/20 (unaudited)			Year Ended 12/31/19			Six Months Ended 06/30/20 (unaudited)			Year Ended 12/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	20,167,989		$	35,572,226		$	9,927,397		$	20,684,957
Net realized gain (loss)		14,559,564			79,452,284			(36,157,301	)		(37,889,330	)
Net change in unrealized appreciation (depreciation)		(335,445,461	)		269,293,501			(56,357,578	)		148,014,247
Net increase (decrease) in net assets resulting from operations		(300,717,908	)		384,318,011			(82,587,482	)		130,809,874
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain		(56,262,721	)(b)		(140,879,229	)		(24,742,525	)(b)		(20,682,389	)
From return of capital		—			—			—			(29,979,719	)
Decrease in net assets resulting from distributions to shareholders		(56,262,721	)		(140,879,229	)		(24,742,525	)		(50,662,108	)
CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		—			—			(5,488,353	)		(27,037,545	)
NET ASSETS
Total increase (decrease) in net assets		(356,980,629	)		243,438,782			(112,818,360	)		53,110,221
Beginning of period		1,881,675,290			1,638,236,508			807,711,782			754,601,561
End of period	$	1,524,694,661		$	1,881,675,290		$	694,893,422		$	807,711,782

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

See notes to financial statements.

FINANCIAL STATEMENTS 115

Statements of Changes in Net Assets  (continued)

	BGY						BME
	Six Months Ended 06/30/20 (unaudited)			Year Ended 12/31/19			Six Months Ended 06/30/20 (unaudited)			Year Ended 12/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,975,902		$	16,918,169		$	391,099		$	633,566
Net realized gain (loss)		(25,824,479	)		(36,948,302	)		989,511			23,093,368
Net change in unrealized appreciation (depreciation)		(23,891,127	)		134,495,399			9,230,282			56,152,699
Net increase (decrease) in net assets resulting from operations		(41,739,704	)		114,465,266			10,610,892			79,879,633
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain		(21,402,485	)(b)		(36,797,115	)		(13,379,014	)(b)		(25,002,003	)
From return of capital		—			(6,617,930	)		—			—
Decrease in net assets resulting from distributions to shareholders		(21,402,485	)		(43,415,045	)		(13,379,014	)		(25,002,003	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		—			—			26,739,930			37,463,441
Reinvestment of common distributions		—			—			617,099			1,756,542
Redemption of shares resulting from share repurchase program (including transaction costs)		(3,555,237	)		(11,037,544	)		—			—
Net increase in net assets derived from capital share transactions		(3,555,237	)		(11,037,544	)		27,357,029			39,219,983
NET ASSETS
Total increase (decrease) in net assets		(66,697,426	)		60,012,677			24,588,907			94,097,613
Beginning of period		683,247,127			623,234,450			446,772,591			352,674,978
End of period	$	616,549,701		$	683,247,127		$	471,361,498		$	446,772,591

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

See notes to financial statements.

116 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	BMEZ			BCX(b)
	Period from 01/30/20 (a) to 06/30/20 (unaudited)			Six Months Ended 06/30/20 (unaudited)			Year Ended 12/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment loss	$	(7,119,605	)	$	9,273,061		$	21,201,953
Net realized loss		(16,466,533	)		(49,450,390	)		(20,246,713	)
Net change in unrealized appreciation (depreciation)		452,844,922			(94,246,518	)		108,031,599
Net increase in net assets resulting from operations		429,258,784			(134,423,847	)		108,986,839
DISTRIBUTIONS TO SHAREHOLDERS(c)
From net investment income and net realized gain		(33,800,948	)(d)		(26,039,982	)(d)		(21,302,066	)
From return of capital		—			—			(36,208,319	)
Decrease in net assets resulting from distributions to shareholders		(33,800,948	)		(26,039,982	)		(57,510,385	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		2,253,396,500			—			—
Redemption of shares resulting from share repurchase program (including transaction costs)		—			(5,713,680	)		(27,004,375	)
Net increase in net assets derived from capital share transactions		2,253,396,500			(5,713,680	)		(27,004,375	)
NET ASSETS
Total increase in net assets		2,648,854,336			(166,177,509	)		24,472,079
Beginning of period		—			822,753,738			798,281,659
End of period	$	2,648,854,336		$	656,576,229		$	822,753,738

^(a) Commencement of operations.

^(b)  Consolidated Statements of Changes in Net Assets.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

See notes to financial statements.

FINANCIAL STATEMENTS 117

Statements of Changes in Net Assets  (continued)

	BST						BSTZ
	Six Months Ended 06/30/20 (unaudited)			Year Ended 12/31/19			Six Months Ended 06/30/20 (unaudited)			Period from 06/27/19(a) to 12/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	(2,528,432	)	$	(3,710,069	)	$	(8,718,452	)	$	(3,753,861	)
Net realized gain (loss)		(22,521,079	)		75,947,016			(106,213,949	)		(28,717,347	)
Net change in unrealized appreciation (depreciation)		186,863,531			146,625,953			545,202,192			145,700,507
Net increase (decrease) in net assets resulting from operations		161,814,020			218,862,900			430,269,791			113,229,299
DISTRIBUTIONS TO SHAREHOLDERS(b)
From net investment income and net realized gain		(23,314,553	)(c)		(78,918,792	)		(46,853,977	)(c)		—
From return of capital		—			—			—			(39,001,740	)
Decrease in net assets resulting from distributions to shareholders		(23,314,553	)		(78,918,792	)		(46,853,977	)		(39,001,740	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		42,528,455			9,976,531			—			1,557,499,120
Reinvestment of common distributions		817,827			4,843,194			—			4,139,306
Net increase in net assets derived from capital share transactions		43,346,282			14,819,725			—			1,561,638,426
NET ASSETS
Total increase (decrease) in net assets		181,845,749			154,763,833			383,415,814			1,635,865,985
Beginning of period		742,671,518			587,907,685			1,635,965,985			100,000
End of period	$	924,517,267		$	742,671,518		$	2,019,381,799		$	1,635,965,985

^(a) Commencement of operations.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

See notes to financial statements.

118 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	BUI
	Six Months Ended 06/30/20 (unaudited)			Year Ended 12/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment loss	$	3,615,420		$	6,287,990
Net realized loss		(562,748	)		18,652,295
Net change in unrealized appreciation (depreciation)		(26,037,797	)		54,988,272
Net increase in net assets resulting from operations		(22,985,125	)		79,928,557
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain		(12,824,430	)(b)		(22,233,727	)
From return of capital		—			(2,538,581	)
Decrease in net assets resulting from distributions to shareholders		(12,824,430	)		(24,772,308	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		6,820,714			7,651,380
Reinvestment of common distributions		512,164			1,596,219
Net increase in net assets derived from capital share transactions		7,332,878			9,247,599
NET ASSETS
Total increase in net assets		(28,476,677	)		64,403,848
Beginning of period		383,337,110			318,933,262
End of period	$	354,860,433		$	383,337,110

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

FINANCIAL STATEMENTS 119

Statements of Cash Flows  (unaudited)

Six Months Ended June 30, 2020

	BGR			CII			BDJ			BOE			BGY
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	(122,997,724	)	$	(60,636,310	)	$	(300,717,908	)	$	(82,587,482	)	$	(41,739,704	)
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 and principal paydowns		103,905,812			255,667,506			608,087,328			203,320,055			161,657,689
Purchases of long-term investments		(102,172,080	)		(211,057,441	)		(548,425,765	)		(179,036,290	)		(149,824,874	)
Net proceeds from sales (purchases) of short-term securities		5,329,989			(6,856,495	)		(8,249,540	)		637,736			16,079,528
Premiums received from options written		12,535,019			49,057,238			104,745,890			31,560,853			23,452,086
Premiums paid on closing options written		(12,877,977	)		(66,283,482	)		(115,745,966	)		(36,391,591	)		(29,564,501	)
Net realized (gain) loss on investments and options written		62,706,356			(18,674,330	)		(14,631,726	)		35,999,721			25,808,375
Net unrealized appreciation on investments, options written and foreign currency translations		66,043,306			83,291,804			335,451,647			56,358,964			23,884,980
(Increase) Decrease in Assets:
Receivables:
Dividends — affiliated		14,365			6,100			24,638			3,886			22,518
Dividends — unaffiliated		(463,622	)		(149,552	)		(1,046,664	)		501,722			666,648
Prepaid expenses		577			880			(40,427	)		(3,065	)		(10,259	)
Increase (Decrease) in Liabilities:
Payables:
Investment advisory fees		(397,655	)		(609,547	)		(1,479,549	)		(619,056	)		(543,266	)
Trustees’ and Officer’s fees		(85,154	)		(30,291	)		(137,580	)		(132,350	)		(122,039	)
Other accrued expenses		43,107			4,328			20,899			(4,345	)		377
Net cash provided by (used for) operating activities		11,584,319			23,730,408			57,855,277			29,608,758			29,767,558
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(11,544,979	)		(23,142,465	)		(57,299,886	)		(24,711,328	)		(21,375,850	)
Payments on Common Shares redeemed		—			—			—			(5,275,961	)		(3,333,853	)
Increase (decrease) in bank overdraft		(27,693	)		(35,774	)		(553,855	)		—			—
Net cash (provided by) used for financing activities		(11,572,672	)		(23,178,239	)		(57,853,741	)		(29,987,289	)		(24,709,703	)
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations	$	87		$	—		$	(23	)	$	(4,945	)	$	(5,470	)
CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency		11,734			552,169			1,513			(383,476)			5,052,385
Restricted and unrestricted cash and foreign currency at beginning of period		—			—			1,188			5,528,094			8,516,561
Restricted and unrestricted cash and foreign currency at end of period	$	11,734		$	552,169		$	2,701		$	5,144,618		$	13,568,946
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash		—			2,169			879			—			—
Cash pledged:
Collateral — options written		—			—			—			4,880,000			7,091,000
Collateral — OTC derivatives		—			550,000			—			20,000			5,945,000
Foreign currency at value		11,734			—			1,822			244,618			532,946
	$	11,734		$	552,169		$	2,701		$	5,144,618		$	13,568,946
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash pledged:
Collateral — options written		—			—			—			4,705,000			5,511,000
Collateral — OTC derivatives		—			—			—			450,000			2,493,000
Foreign currency at value		—			—			1,188			373,094			512,561
	$	—		$	—		$	1,188		$	5,528,094		$	8,516,561

See notes to financial statements.

120 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Cash Flows  (unaudited) (continued)

Six Months Ended June 30, 2020

	BME			BMEZ(a)			BCX(b)			BST			BSTZ			BUI
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	10,610,892		$	429,258,784		$	(134,423,847	)	$	161,814,020		$	430,269,791		$	(22,985,125	)
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 and principal paydowns		75,231,715			152,102,484			326,519,435			107,591,089			502,182,381			93,296,986
Purchases of long-term investments		(83,181,087	)		(2,368,794,355	)		(290,945,119	)		(94,926,363	)		(411,605,276	)		(89,428,607	)
Net proceeds from sales (purchases) of short-term securities		(809,881	)		(10,125,306	)		(7,468,399	)		6,051,519			127,607,058			4,149,704
Premiums received from options written		24,681,208			65,762,297			30,837,516			46,433,155			87,453,457			13,367,895
Premiums paid on closing options written		(30,411,608	)		(59,177,774	)		(35,222,849	)		(90,737,918	)		(189,983,717	)		(19,660,818	)
Net realized (gain) loss on investments and options written		(999,502	)		21,403,804			49,637,031			22,409,345			106,163,593			544,466
Net unrealized appreciation on investments, options written and foreign currency translations		(9,229,849	)		(452,844,922	)		94,246,326			(186,863,136	)		(545,212,773	)		26,032,555
(Increase) Decrease in Assets:
Receivables:
Dividends — affiliated		6,173			(5,839	)		19,018			23,847			112,901			14,515
Dividends — unaffiliated		(29,456	)		(693,545	)		(841,930	)		(121,659	)		(378,962	)		(471,349	)
Prepaid expenses		2,161			—			5,949			2,130			(12,228	)		2,754
Securities lending income — affiliated		7,460			(13,473	)		1,300			(3,660)			88,269			—
Deferred offering costs		9,561			—			—			29,683			—			9,952
Increase (Decrease) in Liabilities:
Cash collateral on securities loaned at value		(243,022	)		1,889,600			(180,501	)		2,829,525			(58,945,086	)		—
Payables:
Investment advisory fees		(337,564	)		2,620,951			(796,123	)		(385,696	)		(1,310,143	)		(318,237	)
Trustees’ and Officer’s fees		(3,973	)		6,910			(64,345	)		(405	)		14,981			(66	)
Other accrued expenses		153,863			349,857			54,022			293,249			(23,787	)		1,787
Net cash provided by (used for) operating activities		(14,542,909	)		(2,218,260,527	)		31,377,484			(25,561,275	)		46,420,459			4,556,412
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(12,761,915	)		(31,523,181	)		(26,083,660	)		(22,496,726	)		(46,810,402	)		(12,312,266	)
Payments for offering costs		—			—			—			10,810			—			(1,566	)
Payments on Common Shares redeemed		—			—			(5,294,968	)		—			—			—
Proceeds from issuance of Common Shares		27,183,949			2,253,396,500			—			44,770,013			—			7,176,483
Increase (decrease) in bank overdraft		—			—			—			4,116,936			127,491			—
Net cash (provided by) used for financing activities		14,422,034			2,221,873,319			(31,378,628	)		26,401,033			(46,682,911	)		(5,137,349	)
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations	$	2		$	98		$	394		$	(46	)	$	9		$	(27	)
CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency		(120,873	)		3,612,890			(750	)		839,712			(262,443	)		(580,964	)
Restricted and unrestricted cash and foreign currency at beginning of period		125,205			—			87,051			2,932,527			9,252,443			821,749
Restricted and unrestricted cash and foreign currency at end of period	$	4,332		$	3,612,890		$	86,301		$	3,772,239		$	8,990,000		$	240,785
NON-CASH FINANCING ACTIVITIES
Capital shares issued in reinvestment of distributions paid to Common Shareholders	$	617,099		$	—		$	—		$	817,827		$	—		$	512,164
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash		3,811			56,278			—			—			—			—
Cash pledged:
Collateral — OTC derivatives		—			3,401,000			—			3,770,000			8,990,000			220,000
Foreign currency at value		521			155,612			86,301			2,239			—			20,785
	$	4,332		$	3,612,890		$	86,301		$	3,772,239		$	8,990,000		$	240,785
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash		74,997			—			—			—			501,313			61,749
Cash pledged:
Collateral — options written		50,000			—			—			—			—			—
Collateral — OTC derivatives		—			—			—			2,930,000			8,750,000			760,000
Foreign currency at value		208			—			87,051			2,527			1,130			—
	$	125,205		$	—		$	87,051		$	2,932,527		$	9,252,443		$	821,749

^(a)  Commencement of operations January 30, 2020.

^(b)  Consolidated Statement of Cash Flows.

See notes to financial statements.

FINANCIAL STATEMENTS 121

Financial Highlights

(For a share outstanding throughout each period)

	BGR
	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	12.57		$	11.98		$	15.79		$	16.33		$	14.05		$	21.15
Net investment income(a)		0.20			0.34			0.28			0.40	(b)		0.27			0.29
Net realized and unrealized gain (loss)		(4.32	)		1.18			(3.16	)		(0.01	)		3.01			(5.89	)
Net increase (decrease) from investment operations		(4.12	)		1.52			(2.88	)		0.39			3.28			(5.60	)
Distributions(c)
From net investment income		(0.39	)(d)		(0.34	)		(0.27	)		(0.40	)		(0.27	)		(0.29	)
From return of capital		—			(0.59	)		(0.66	)		(0.53	)		(0.73	)		(1.21	)
Total distributions		(0.39	)		(0.93	)		(0.93	)		(0.93	)		(1.00	)		(1.50	)
Net asset value, end of period	$	8.06		$	12.57		$	11.98		$	15.79		$	16.33		$	14.05
Market price, end of period	$	7.23		$	11.88		$	10.45		$	14.18		$	14.44		$	12.53
Total Return(e)
Based on net asset value		(32.77	)%(f)		13.74	%		(18.84	)%		3.49	%		25.07	%		(27.47	)%
Based on market price		(36.19	)%(f)		23.23	%		(21.16	)%		5.11	%		24.01	%		(31.42	)%
Ratios to Average Net Assets
Total expenses		1.32	%(g)(h)		1.35	%		1.29	%		1.31	%		1.31	%		1.29	%
Total expenses after fees waived and/or reimbursed		1.10	%(g)(h)		1.16	%		1.14	%		1.18	%		1.24	%		1.26	%
Net investment income		4.31	%(g)(h)		2.67	%		1.87	%		2.69	%(b)		1.80	%		1.60	%
Supplemental Data
Net assets, end of period (000)	$	240,409		$	374,896		$	357,391		$	471,062		$	487,064		$	418,981
Portfolio turnover rate		38	%		24	%		32	%		24	%		33	%		56	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include $0.15 per share and 0.99%, respectively, resulting from a special dividend from BakerHughes, Inc. in July 2017.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

^(e)  Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(f)  Aggregate total return.

^(g)  Annualized.

^(h)  Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.01%.

See notes to financial statements.

122 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	CII
	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	17.96		$	15.28		$	17.19		$	15.08		$	15.11		$	15.67
Net investment income(a)		0.09			0.18			0.17			0.15			0.13			0.11
Net realized and unrealized gain (loss)		(1.45	)		3.50			(1.09	)		2.95			0.99			0.53
Net increase (decrease) from investment operations		(1.36	)		3.68			(0.92	)		3.10			1.12			0.64
Distributions(b)
From net investment income		(0.53	)		(0.19	)		(0.17	)(c)		(0.15	)		(0.13	)		(0.14	)
From net realized gain		—			(0.44	)		(0.28	)(c)		—			(0.04	)		(1.06	)
From return of capital		—			(0.37	)		(0.54	)		(0.84	)		(0.98	)		—
Total distributions		(0.53	)		(1.00	)		(0.99	)		(0.99	)		(1.15	)		(1.20	)
Net asset value, end of period	$	16.07		$	17.96		$	15.28		$	17.19		$	15.08		$	15.11
Market price, end of period	$	14.47		$	17.25		$	14.08		$	16.38		$	13.71		$	14.14
Total Return(d)
Based on net asset value		(7.29	)%(e)		25.08	%		(5.44	)%		21.69	%		8.66	%		4.66	%
Based on market price		(13.08	)%(e)		30.38	%		(8.56	)%		27.54	%		5.56	%		9.86	%
Ratios to Average Net Assets
Total expenses		0.90	%(f)		0.91	%		0.90	%		0.93	%		0.95	%		0.94	%
Total expenses after fees waived and/or reimbursed		0.90	%(f)		0.91	%		0.90	%		0.93	%		0.95	%		0.94	%
Net investment income		1.13	%(f)		1.08	%		1.00	%		0.94	%		0.89	%		0.71	%
Supplemental Data
Net assets, end of period (000)	$	708,838		$	792,638		$	674,077		$	758,400		$	665,159		$	666,492
Portfolio turnover rate		30	%		32	%		27	%		32	%		54	%		133	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

^(d) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e) Aggregate total return.

^(f) Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 123

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BDJ
	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	10.03		$	8.74		$	9.96		$	9.22		$	8.70		$	9.24
Net investment income(a)		0.11			0.18			0.18	(b)		0.16			0.17			0.17
Net realized and unrealized gain (loss)		(1.71	)		1.86			(0.84	)		1.14			0.91			(0.15	)
Net increase (decrease) from investment operations		(1.60	)		2.04			(0.66	)		1.30			1.08			0.02
Distributions(c)
From net investment income		(0.30	)		(0.08	)		(0.18	)(d)		(0.17	)		(0.17	)		(0.17	)
From net realized gain		—			(0.67	)		(0.38	)(d)		(0.39	)		—			—
From return of capital		—			—			—			—			(0.39	)		(0.39	)
Total distributions		(0.30	)		(0.75	)		(0.56	)		(0.56	)		(0.56	)		(0.56	)
Net asset value, end of period	$	8.13		$	10.03		$	8.74		$	9.96		$	9.22		$	8.70
Market price, end of period	$	7.34		$	9.92		$	7.77		$	9.23		$	8.15		$	7.61
Total Return(e)
Based on net asset value		(15.70	)%(f)		24.52	%		(6.59	)%		15.06	%		13.90	%		1.10	%
Based on market price		(23.05	)%(f)		38.53	%		(10.39	)%		20.63	%		15.11	%		0.63	%
Ratios to Average Net Assets
Total expenses		0.84	%(g)		0.87	%		0.85	%		0.86	%		0.87	%		0.86	%
Total expenses after fees waived and/or reimbursed		0.84	%(g)		0.87	%		0.85	%		0.86	%		0.85	%		0.85	%
Net investment income		2.54	%(g)		1.99	%		1.85	%(b)		1.73	%		1.91	%		1.85	%
Supplemental Data
Net assets, end of period (000)	$	1,524,695		$	1,881,675		$	1,638,237		$	1,868,457		$	1,741,649		$	1,643,508
Portfolio turnover rate		34	%		40	%		34	%		42	%		33	%		26	%

^(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) Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

^(e) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(f) Aggregate total return.

^(g) Annualized.

See notes to financial statements.

124 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BOE
	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	12.32		$	11.07		$	13.22		$	13.38		$	14.25		$	15.27
Net investment income(a)		0.15			0.30			0.31			0.17			0.15			0.11
Net realized and unrealized gain (loss)		(1.40	)		1.71			(1.61	)		1.96			0.03			0.03
Net increase (decrease) from investment operations		(1.25	)		2.01			(1.30	)		2.13			0.18			0.14
Distributions(b)
From net investment income		(0.38	)(c)		(0.31	)		(0.31	)(d)		(0.19	)		(0.10	)		(0.17	)
In excess of net investment income(e)		—			—			—			—			—			(0.10	)
From net realized gain		—			—			(0.52	)(d)		(2.10	)		—			—
From return of capital		—			(0.45	)		(0.02	)		—			(0.95	)		(0.89	)
Total distributions		(0.38	)		(0.76	)		(0.85	)		(2.29	)		(1.05	)		(1.16	)
Net asset value, end of period	$	10.69		$	12.32		$	11.07		$	13.22		$	13.38		$	14.25
Market price, end of period	$	9.42		$	10.99		$	9.37		$	12.51		$	11.57		$	12.76
Total Return(f)
Based on net asset value		(9.73	)%(g)		19.54	%		(9.63	)%		17.22	%(h)		2.62	%		1.81	%
Based on market price		(10.83	)%(g)		25.98	%		(19.16	)%		28.28	%		(0.90	)%		6.03	%
Ratios to Average Net Assets(i)
Total expenses		1.06	%(j)		1.12	%		1.08	%		1.09	%		1.10	%		1.08	%
Total expenses after fees waived and/or reimbursed		0.88	%(j)		0.94	%		0.94	%		1.02	%		1.05	%		1.05	%
Net investment income		2.80	%(j)		2.62	%		2.52	%		1.20	%		1.15	%		0.73	%
Supplemental Data
Net assets, end of period (000)	$	694,893		$	807,712		$	754,602		$	911,227		$	929,897		$	990,318
Portfolio turnover rate		25	%		26	%		28	%		133	%		64	%		72	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

^(d) Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

^(e) 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) Aggregate total return.

^(h) Includes payment received from an affiliate, which had no impact on the Trust’s total return.

⁽ⁱ⁾ Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Investments in underlying funds		—	%		—	%		—	%		0.01	%		—	%		0.01	%

^(j) Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 125

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BGY
	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	6.47		$	5.79		$	7.06		$	6.28		$	6.95		$	7.61
Net investment income(a)		0.08			0.16			0.17	(b)		0.09			0.09			0.08
Net realized and unrealized gain (loss)		(0.48	)		0.93			(1.00	)		1.15			(0.24	)		(0.15	)
Net increase (decrease) from investment operations		(0.40	)		1.09			(0.83	)		1.24			(0.15	)		(0.07	)
Distributions(c)
From net investment income		(0.20	)(d)		(0.16	)		(0.16	)(e)		(0.09	)		(0.07	)		(0.11	)
From net realized gain		—			(0.19	)		(0.28	)(e)		—			—			—
From return of capital		—			(0.06	)		—			(0.37	)		(0.45	)		(0.48	)
Total distributions		(0.20	)		(0.41	)		(0.44	)		(0.46	)		(0.52	)		(0.59	)
Net asset value, end of period	$	5.87		$	6.47		$	5.79		$	7.06		$	6.28		$	6.95
Market price, end of period	$	5.14		$	5.89		$	4.98		$	6.52		$	5.51		$	6.24
Total Return(f)
Based on net asset value		(5.65	)%(g)		20.20	%		(11.48	)%		20.88	%(h)		(1.12	)%		(0.47	)%
Based on market price		(9.25	)%(g)		27.22	%		(17.55	)%		27.23	%		(3.37	)%		0.90	%
Ratios to Average Net Assets(i)
Total expenses		1.07	%(j)		1.13	%		1.09	%		1.12	%		1.12	%		1.09	%
Total expenses after fees waived and/or reimbursed		0.97	%(j)		1.03	%		0.99	%		1.02	%		1.02	%		1.01	%
Net investment income		2.60	%(j)		2.57	%		2.59	%(b)		1.31	%		1.41	%		1.09	%
Supplemental Data
Net assets, end of period (000)	$	616,550		$	683,247		$	623,234		$	769,678		$	690,628		$	764,154
Portfolio turnover rate		25	%		28	%		60	%		90	%		74	%		67	%

^(a) Based on average shares outstanding.

^(b) Net investment income per share and the ratio of net investment income to average net assets include $0.01 per share and 0.10%, respectively, resulting from a special dividend.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e) Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

^(f) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(g) Aggregate total return.

^(h) Includes payment received from an affiliate, which had no impact on the Trust’s total return.

⁽ⁱ⁾ Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Investments in underlying funds		—	%		—	%		—	%		0.02	%		0.01	%		0.01	%

^(j) Annualized.

See notes to financial statements.

126 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BME
	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	41.19		$	35.87		$	35.69		$	31.30		$	36.19		$	38.61
Net investment income (loss)(a)		0.04			0.06			0.07			0.02			0.02			(0.06	)
Net realized and unrealized gain (loss)		0.90			7.66			2.51			6.77			(1.91	)		4.34
Net increase (decrease) from investment operations		0.94			7.72			2.58			6.79			(1.89	)		4.28
Distributions(b)
From net investment income		(1.20	)(c)		(0.12	)		(0.07	)(d)		(0.04	)		(0.03	)		(0.63	)
From net realized gain		—			(2.28	)		(2.33	)(d)		(2.11	)		(2.97	)		(6.07	)
From return of capital		—			—			—			(0.25	)		—			—
Total distributions		(1.20	)		(2.40	)		(2.40	)		(2.40	)		(3.00	)		(6.70	)
Net asset value, end of period	$	40.93		$	41.19		$	35.87		$	35.69		$	31.30		$	36.19
Market price, end of period	$	40.78		$	42.50		$	36.45		$	36.50		$	31.75		$	39.35
Total Return(e)
Based on net asset value		2.44	%(f)		22.26	%		7.26	%		22.17	%		(5.36	)%		10.70	%
Based on market price		(1.08	)%(f)		24.15	%		6.57	%		23.17	%		(11.71	)%		8.87	%
Ratios to Average Net Assets(g)
Total expenses		1.09	%(h)		1.09	%		1.11	%		1.12	%		1.15	%(i)		1.13	%
Total expenses after fees waived and/or reimbursed and excluding amortization of offering costs		1.09	%(h)		1.09	%		1.11	%		1.12	%		1.14	%		1.12	%
Net investment income (loss)		0.18	%(h)		0.16	%		0.19	%		0.06	%		0.07	%		(0.14	)%
Supplemental Data
Net assets, end of period (000)	$	471,361		$	446,773		$	352,675		$	331,858		$	270,693		$	297,530
Portfolio turnover rate		17	%		47	%		37	%		38	%		59	%		68	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

^(d) Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

^(e) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(f) Aggregate total return.

^(g) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Investments in underlying funds		—	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(h) Annualized.

⁽ⁱ⁾ 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%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 127

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BMEZ
	Period from 01/30/20 (a) to 06/30/20 (unaudited)
Net asset value, beginning of period	$	20.00
Net investment income (loss)(b)		(0.06	)
Net realized and unrealized gain		3.87
Net increase (decrease) from investment operations		3.81
Distribution from net investment income		(0.30	)(c)
Net asset value, end of period	$	23.51
Market price, end of period	$	20.91
Total Return(d)
Based on net asset value		19.29	%(e)
Based on market price		6.10	%(e)
Ratios to Average Net Assets
Total expenses		1.29	%(f)(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		1.28	%(f)(g)
Net investment income (loss)		(0.75	)%(f)(g)
Supplemental Data
Net assets, end of period (000)	$	2,648,854
Portfolio turnover rate		9	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

^(d) 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) Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.04%.

See notes to financial statements.

128 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BCX
	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	9.04		$	8.44		$	10.64		$	9.86		$	8.35		$	11.67
Net investment income(a)		0.10			0.23			0.22			0.20	(b)		0.14			0.25
Net realized and unrealized gain (loss)		(1.56	)		0.99			(1.80	)		1.19			1.95			(2.76	)
Net increase (decrease) from investment operations		(1.46	)		1.22			(1.58	)		1.39			2.09			(2.51	)
Distributions(c)
From net investment income		(0.29	)(d)		(0.23	)		(0.19	)		(0.24	)		(0.15	)		(0.25	)
From return of capital		—			(0.39	)		(0.43	)		(0.37	)		(0.43	)		(0.56	)
Total distributions		(0.29	)		(0.62	)		(0.62	)		(0.61	)		(0.58	)		(0.81	)
Net asset value, end of period	$	7.29		$	9.04		$	8.44		$	10.64		$	9.86		$	8.35
Market price, end of period	$	6.13		$	8.07		$	7.06		$	9.77		$	8.27		$	7.11
Total Return(e)
Based on net asset value		(15.52	)%(f)		15.88	%		(14.90	)%		15.60	%		27.41	%		(21.31	)%
Based on market price		(20.43	)%(f)		23.67	%		(22.47	)%		26.55	%		25.50	%		(19.47	)%
Ratios to Average Net Assets
Total expenses		1.10	%(g)		1.11	%		1.08	%		1.08	%		1.08	%		1.07	%
Total expenses after fees waived and/or reimbursed		1.10	%(g)		1.11	%		1.08	%		1.08	%		1.08	%		1.07	%
Net investment income		2.80	%(g)		2.56	%		2.17	%		2.06	%(b)		1.61	%		2.43	%
Supplemental Data
Net assets, end of period (000)	$	656,576		$	822,754		$	798,282		$	1,027,472		$	976,899		$	827,040
Portfolio turnover rate		44	%		69	%		66	%		73	%		101	%		74	%

^(a) Based on average shares outstanding.

^(b) Net investment income per share and the ratio of net investment income to average net assets include less than $0.04 per share and 0.39% respectively, resulting from a special dividend from Baker Hughes Inc. in July 2017.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

^(e) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(f) Aggregate total return.

^(g) Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 129

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BST
	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	32.45		$	26.21		$	27.73		$	20.10		$	19.70		$	19.43
Net investment income (loss)(a)		(0.11	)		(0.17	)		(0.13	)		(0.05	)		(0.00	)(b)		0.03
Net realized and unrealized gain		6.91			9.92			0.37			8.96			1.60			1.44
Net increase from investment operations		6.80			9.75			0.24			8.91			1.60			1.47
Distributions(c)
From net investment income		(0.99	)(d)		—			—	(e)		(0.05	)		—			(0.03	)
From net realized gain		—			(3.51	)		(1.76	)(e)		(0.22	)		—			(0.01	)
From return of capital		—			—			—			(1.01	)		(1.20	)		(1.16	)
Total distributions		(0.99	)		(3.51	)		(1.76	)		(1.28	)		(1.20	)		(1.20	)
Net asset value, end of period	$	38.26		$	32.45		$	26.21		$	27.73		$	20.10		$	19.70
Market price, end of period	$	37.81		$	33.27		$	27.48		$	26.69		$	17.94		$	17.31
Total Return(f)
Based on net asset value		21.45	%(g)		37.82	%		0.24	%		45.73	%		9.36	%		8.61	%
Based on market price		17.06	%(g)		34.77	%		9.18	%		57.15	%		11.08	%		5.36	%
Ratios to Average Net Assets
Total expenses		1.09	%(h)		1.08	%		1.09	%		1.09	%		1.10	%		1.12	%
Total expenses after fees waived and/or reimbursed		0.99	%(h)		0.92	%		0.89	%		0.89	%		0.90	%		0.92	%
Net investment income (loss)		(0.66	)%(h)		(0.52	)%		(0.43	)%		(0.19	)%		0.02	%		0.15	%
Supplemental Data
Net assets, end of period (000)	$	924,517		$	742,672		$	587,908		$	620,300		$	452,443		$	443,477
Portfolio turnover rate		12	%		32	%		53	%		41	%		74	%		91	%

^(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) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

^(e) Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

^(f) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(g) Aggregate total return.

^(h) Annualized.

See notes to financial statements.

130 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BSTZ
	Six Months Ended 06/30/20 (unaudited)			Period from 06/27/19 (a) to 12/31/19
Net asset value, beginning of period	$	20.95		$	20.00
Net investment income (loss)(b)		(0.11	)		(0.05	)
Net realized and unrealized gain		5.62			1.50
Net increase (decrease) from investment operations		5.51			1.45
Distributions(c)
From net investment income		(0.60	)(d)		—
From return of capital		—			(0.50	)
Total distributions		(0.60	)		(0.50	)
Net asset value, end of period	$	25.86		$	20.95
Market price, end of period	$	22.67		$	20.50
Total Return(e)
Based on net asset value		27.13	%(f)(g)		7.40	%(f)
Based on market price		13.89	%(f)		5.10	%(f)
Ratios to Average Net Assets(h)
Total expenses		1.31	%		1.32	%(i)
Total expenses after fees waived and/or reimbursed		1.31	%		1.30	%(i)
Net investment income (loss)		(1.05	)%		(0.48	)%(i)
Supplemental Data
Net assets, end of period (000)	$	2,019,382		$	1,635,966
Portfolio turnover rate		25	%		16	%

^(a) Commencement of operations. This information includes the initial investment by BlackRock HoldCo2, Inc.

^(b) Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(f) Aggregate total return.

^(g) Includes payment received from an affiliate, which had no impact to the Trust’s total return.

^(h) Annualized.

⁽ⁱ⁾ Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.04%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 131

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BUI
	Six Months Ended 06/30/20 (unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	22.02		$	18.77		$	21.12		$	19.42		$	19.50		$	22.47
Net investment income(a)		0.20			0.37			0.49			0.56			0.56			0.47
Net realized and unrealized gain (loss)		(1.49	)		4.33			(1.39	)		2.59			0.81			(1.99	)
Net increase (decrease) from investment operations		(1.29	)		4.70			(0.90	)		3.15			1.37			(1.52	)
Distributions(b)
From net investment income		(0.73	)(c)		(0.24	)		(0.63	)(d)		(0.47	)		(0.49	)		(0.42	)
From net realized gain		—			(1.06	)		(0.81	)(d)		(0.98	)		(0.53	)		(0.54	)
From return of capital		—			(0.15	)		(0.01	)		—			(0.43	)		(0.49	)
Total distributions		(0.73	)		(1.45	)		(1.45	)		(1.45	)		(1.45	)		(1.45	)
Net asset value, end of period	$	20.00		$	22.02		$	18.77		$	21.12		$	19.42		$	19.50
Market price, end of period	$	21.25		$	22.31		$	19.76		$	21.62		$	18.41		$	16.78
Total Return(e)
Based on net asset value		(5.75	)%(f)		25.63	%		(4.40	)%		16.62	%		7.57	%		(6.09	)%
Based on market price		(1.17	)%(f)		20.91	%		(1.68	)%		25.93	%		18.50	%		(12.45	)%
Ratios to Average Net Assets
Total expenses		1.13	%(g)		1.12	%		1.12	%		1.11	%		1.13	%		1.11	%
Total expenses after fees waived and/or reimbursed		1.10	%(g)		1.10	%		1.09	%		1.09	%		1.13	%		1.11	%
Net investment income		2.06	%(g)		1.78	%		2.46	%		2.70	%		2.83	%		2.24	%
									��
Supplemental Data
Net assets, end of period (000)	$	354,860		$	383,337		$	318,933		$	357,776		$	328,297		$	329,747
Portfolio turnover rate		28	%		39	%		28	%		31	%		8	%		20	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

^(d) Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

^(e) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(f) Aggregate total return.

^(g) Annualized.

See notes to financial statements.

132 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:

Trust Name	Herein Referred To As	Organized	Diversification Classification
BlackRock Energy and Resources Trust	BGR	Delaware	Non-diversified
BlackRock Enhanced Capital and Income Fund, Inc.	CII	Maryland	Diversified
BlackRock Enhanced Equity Dividend Trust	BDJ	Delaware	Diversified
BlackRock Enhanced Global Dividend Trust	BOE	Delaware	Diversified
BlackRock Enhanced International Dividend Trust	BGY	Delaware	Diversified
BlackRock Health Sciences Trust	BME	Delaware	Diversified
BlackRock Health Sciences Trust II *	BMEZ	Delaware	Diversified
BlackRock Resources & Commodities Strategy Trust	BCX	Delaware	Non-diversified
BlackRock Science and Technology Trust	BST	Delaware	Diversified(a)
BlackRock Science and Technology Trust II	BSTZ	Delaware	Non-diversified
BlackRock Utilities, Infrastructure & Power Opportunities Trust	BUI	Delaware	Diversified

* Commenced operations on January 30, 2020.

^(a)  The Trust’s classification changed from non-diversified to diversified during the reporting period.

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as 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 of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

Prior to commencement of operations on January 30, 2020, BMEZ had no operations other than those relating to organizational matters and the sale of 5,000 common shares on November 6, 2019 to BlackRock Financial Management, Inc., an affiliate of BMEZ, for $100,000. Investment operations for BMEZ commenced on January 30, 2020.

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 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 six months ended June 30, 2020, 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 executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income and non-cash dividend income, if any, are recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Trusts are informed of the ex-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.

NOTESTO FINANCIAL STATEMENTS 133

Notes to Financial Statements  (unaudited) (continued)

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 the ex-dividend date. Subject to the Trusts’ managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income and net realized and unrealized gains on investments and/or return of capital.

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.

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 trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities 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.

Organization and Offering Costs: Prior to commencement of operations, organization costs associated with the establishment of BMEZ and offering expenses of BMEZ with respect to the issuance of shares in the amounts of $140,500 and $4,295,804, respectively, were paid by the Manager. BMEZ is not obligated to repay any such organizational costs or offering expenses paid by the Manager.

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. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at 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 and over-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

134 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Investments in open-end U.S. mutual funds are valued at NAV each business day.

• 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 Rule 2a-7 under the 1940 Act.

• Exchange-traded equity options for which market quotations are readily available will be valued at the National Best Bid and Offer quotes (“NBBO”). NBBO represents the mean of the bid and ask prices as quoted on the exchange on which such options are traded. In the event that there is no mean price available, the last bid (long positions) or ask (short positions) price will be used. If no bid or ask price is available, the prior day’s price may be used. 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 investments, 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 an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii)   market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)   relevant news and other public sources; and (iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. 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 the Global Valuation Committee’s assumptions used in determining the fair value of investments and derivative financial instruments)

NOTESTO FINANCIAL STATEMENTS 135

Notes to Financial Statements  (unaudited) (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. 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 June 30, 2020, certain investments of BME, BMEZ, BCX, and BSTZ were fair 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.

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Certain Trusts may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Trusts collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Trust is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Trust and any additional required collateral is delivered to the Trust, or excess collateral returned by the Trust, on the next business day. During the term of the loan, the Trusts are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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 the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and 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 or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

136 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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
Citigroup Global Markets, Inc.	$	271	$	(271	)	$	—
Morgan Stanley & Co. LLC		9,840		(9,840	)		—
	$	10,111	$	(10,111	)	$	—
BMEZ
National Financial Services LLC	$	1,914,529	$	(1,914,529	)	$	—
	$	1,914,529	$	(1,914,529	)	$	—
BST
Credit Suisse Securities (USA) LLC	$	2,654,839	$	(2,654,839	)	$	—
	$	2,654,839	$	(2,654,839	)	$	—
BSTZ
Barclays Capital, Inc.	$	2,413,719	$	(2,413,719	)	$	—
J.P. Morgan Securities LLC		5,058,316		(5,058,316	)		—
	$	7,472,035	$	(7,472,035	)	$	—

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Trust is disclosed in the Trust’s Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Trusts benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Trust could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Trusts.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Options: 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, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Master Netting Arrangements: In order to define 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 the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trust and the counterparty.

NOTESTO FINANCIAL STATEMENTS 137

Notes to Financial Statements  (unaudited) (continued)

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from their counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, 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.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BCX pays the Manager a monthly fee at the following annual rates:

Average weekly value of each Trust’s net assets:

	BGR			BDJ			BOE			BME
Investment advisory fees		1.20	%		0.80	%		1.00	%		1.00	%

Average daily value of each Trusts’s net assets:

	CII			BGY			BSTZ			BUI
Investment advisory fees		0.85	%		1.00	%		1.25	%		1.00	%

Average daily value of each Trusts’s managed assets:

	BMEZ			BST			BSTZ
Investment advisory fees		1.25	%		1.00	%		1.25	%

For purposes of calculating these fees, “net assets” mean the total assets of BGR, CII, BDJ, BOE, BGY, BME, BCX and BUI minus the sum of its accrued liabilities

For such services, BCX pays the Manager a monthly fee of 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust’s interest in the 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 the Subsidiary).

For purposes of calculating these fees, “managed assets” are determined as total assets of BST, BSTZ and BMEZ (including any assets attributable to money borrowed for investment purposes) less 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 separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of each Trust for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.

The Manager provides investment management and other services to 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, BST and BUI have entered into Distribution Agreements with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BME’s, BST’s and BUI’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BME, BST and BUI 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, BST’s and BUI’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended June 30, 2020 amounted to $54,065, $85,978 and $13,800 for BME, BST and BUI, respectively.

Expense Limitations, Waivers and Reimbursements: The Manager 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	0.10	%		December 31, 2020
	0.05			December 31, 2021

138 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The Manager voluntarily agreed to waive a portion of the investment advisory fees on the following Trusts as a percentage of their average weekly net assets (BGR and BOE) or average daily net assets (BUI and BGY), as follows:

BGR	0.220	%
BOE	0.175
BUI	0.025
BGY	0.100

These voluntary waivers may be reduced or discontinued at any time without notice.

For the six months ended June 30, 2020, 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	$	297,103
BOE		619,966
BGY		306,555
BST		385,188
BUI		43,964

With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2021. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by vote of a majority of outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2020, the amounts waived were as follows:

	BGR		CII		BDJ		BOE		BGY
Amounts waived	$	4,283	$	3,211	$	4,485	$	3,707	$	5,426

	BME		BMEZ		BCX		BST		BSTZ		BUI
Amounts waived	$	3,526	$	178,249	$	4,467	$	2,293	$	8,894	$	3,924

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, 2021. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended June 30, 2020, there were no fees waived and/or reimbursed by the Manager pursuant to these arrangements.

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. The private investment company in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Trust retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”). Each Trust retains 82% of securities lending income (which excludes collateral investment expenses).

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each Trust, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income (which excludes collateral investment expenses) in an amount equal to 85% of securities lending income.

The share of securities lending income earned by each Trust is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended June 30, 2020, each Trust paid BIM the following amounts for securities lending agent services:

BME	$	9,223
BMEZ		2,958
BST		3,268
BSTZ		60,088

Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

NOTESTO FINANCIAL STATEMENTS 139

Notes to Financial Statements  (unaudited) (continued)

Other Transactions: During the six months ended June 30, 2020, BSTZ received reimbursement of $25,547 from an affiliate, which is included in other income in the Statements of Operations, related to an operating event.

The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2020, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

	Purchases		Sales		Net Realized Gain (Loss)
BST	$	—	$	19,456	$	(9,222	)
BSTZ		4,681,538		2,569,739		(1,814,360	)

7. PURCHASES AND SALES

For the six months ended June 30, 2020, purchases and sales of investments, excluding short-term securities, were as follows:

	BGR		CII		BDJ		BOE		BGY
Purchases	$	102,172,182	$	212,546,695	$	545,387,372	$	179,022,865	$	149,826,627
Sales		103,907,336		257,171,695		606,937,497		202,746,646		(161,657,689	)

	BME		BMEZ		BCX		BST		BSTZ		BUI
Purchases	$	83,181,087	$	2,368,924,940	$	291,593,571	$	94,926,836	$	411,657,216	$	97,832,210
Sales		75,613,996		164,262,238		327,322,991		107,591,089		507,124,358		99,510,179

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, 2019 except for BSTZ and BMEZ. BSTZ remains open for the period ended December 31, 2019. 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 June 30, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

As of December 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

BGR			BOE			BGY			BCX			BSTZ
$	(185,729,928	)	$	(29,524,908	)	$	(27,853,009	)	$	(426,115,393	)	$	(16,443,625	)

As of June 30, 2020, 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	$	308,789,793		$	570,256,178		$	1,418,818,095		$	673,298,222		$	571,440,789
Gross unrealized appreciation	$	4,904,478		$	188,391,428		$	245,184,309		$	74,063,076		$	73,621,260
Gross unrealized depreciation		(70,319,778	)		(38,370,595	)		(115,072,750	)		(51,944,619	)		(37,772,131	)
Net unrealized appreciation (depreciation)	$	(65,415,300	)	$	150,020,833		$	130,111,559		$	22,118,457		$	35,849,129

	BME			BMEZ			BCX			BST			BSTZ			BUI
Tax cost	$	310,539,919		$	2,215,454,567		$	664,396,410		$	386,735,846		$	1,352,758,881		$	283,528,081
Gross unrealized appreciation	$	171,820,524		$	522,006,474		$	94,538,498		$	571,280,102		$	726,812,587		$	90,146,789
Gross unrealized depreciation		(5,322,104	)		(69,165,625	)		(95,468,261	)		(16,843,737	)		(36,643,853	)		(14,453,338	)
Net unrealized appreciation (depreciation)	$	166,498,420		$	452,840,849		$	(929,763	)	$	554,436,365		$	690,168,734		$	75,693,451

9. PRINCIPAL RISKS

In the normal course of business, certain Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional

140 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and its investments. BME’s, BST’s and BUI’s prospectuses provide details of the risks to which each Trust is subject.

The Trusts may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trusts’ net asset value and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a trust’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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 in exchange-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.

NOTESTO FINANCIAL STATEMENTS 141

Notes to Financial Statements  (unaudited) (continued)

Concentration Risk: As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:

Biotechnology	BMEZ
Energy .	BGR, BCX
Financials	BDJ
Health Care	BME, BMEZ
Information Technology	BST, BSTZ
Materials	BCX
Utilities	BUI

Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.

Certain funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Trusts concentrate their investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their 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. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Certain funds 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 certain of the Trusts’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

10. CAPITAL SHARE TRANSACTIONS

Each Trust is authorized to issue an unlimited number of shares, with the exception of CII, all of which were initially classified as Common Shares. CII is authorized to issue 200 million Common Shares. The par value for each Trust’s Common Shares is $0.001, except for CII, which is $0.10. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

For the periods shown, shares issued and outstanding increased by the following amounts as a result of shares issued through the Shelf Offerings:

	Six Months Ended 06/30/20		Year Ended 12/31/19
BME		653,948		969,840
BST		1,254,673		304,272
BUI		303,401		349,552

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

	Six Months Ended 06/30/20		Year Ended 12/31/19
BME		15,757		46,035
BST		26,121		150,491
BSTZ		—		210,006
BUI		25,365		75,584

For the six months ended June 30, 2020 and year ended December 31, 2019, for BGR, CII and BDJ shares issued and outstanding remained constant.

Shares of BMEZ issued and outstanding for the period January 30, 2020 to June 30, 2020, increased by 105,000,000 from the Trust’s initial public offering and 7,664,825 from the underwriters’ overallotment option. As of June 30, 2020, BlackRock Financial Management, Inc., an affiliate of BMEZ, owned 5,000 shares of BMEZ.

BME, BST and BUI have each filed a prospectus with the SEC allowing it to issue an additional 5,000,000, 12,067,384 and 4,347,047 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offerings, BME, BST and BUI, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 3,859,813, 11,441,055 and 4,347,047 Common Shares, respectively, remain available for issuance under the Shelf Offerings. See Additional Information — Shelf Offering Program for additional information about the Shelf Offerings.

Initial costs incurred by each of BME, BST and BUI in connection with its Shelf Offering are recorded as “Deferred offering cost” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the shelf offering period will be charged to expense. Any subsequent costs incurred to keep the filing active will be charged to expense as incurred.

142 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The Trusts (other than BSTZ and BMEZ) participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2018 through November 30, 2019, the Trusts (other than BSTZ and BMEZ) were permitted to repurchase up to 5% of their outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions. From December 1, 2019 through November 30, 2020, the Trusts (other than BSTZ and BMEZ) may repurchase up to 5% of their outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2019, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts.

The total cost of the shares repurchased is reflected in the Trusts’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

BOE	Shares		Amount
June 30, 2020		601,070	$	5,488,353
December 31, 2019		2,600,735		27,037,545
BGY	Shares		Amount
June 30, 2020		714,993	$	3,555,237
December 31, 2019		2,027,081		11,037,544
BCX	Shares		Amount
June 30, 2020		984,789	$	5,713,680
December 31, 2019		3,485,024		27,004,375

11. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

The Trusts declared and paid distributions to Common Shareholders as follows:

	Common Dividend Per Share
	Paid (a)		Declared (b)
BGR	$	0.047000	$	0.047000
CII		0.087500		0.087500
BDJ		0.050000		0.050000
BOE		0.063000		0.063000
BME		0.200000		0.200000
BMEZ		0.100000		0.100000
BGY		0.033800		0.033800
BCX		0.040000		0.040000
BST		0.165500		0.165500
BSTZ		0.100000		0.100000
BUI		0.121000		0.121000

^(a) Net investment income dividend paid on July 31, 2020 to Common Shareholders of record on July 15, 2020.

^(b)  Net investment income dividend declared on August 3, 2020, payable to Common Shareholders of record on August 14, 2020.

NOTESTO FINANCIAL STATEMENTS 143

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Capital and Income Fund, Inc. (“CII”), BlackRock Enhanced Equity Dividend Trust (“BDJ”), BlackRock Enhanced Global Dividend Trust (“BOE”), BlackRock Enhanced International Dividend Trust (“BGY”), BlackRock Health Sciences Trust (“BME”), BlackRock Resources & Commodities Strategy Trust (“BCX”), BlackRock Science and Technology Trust (“BST”), BlackRock Utilities, Infrastructure & Power Opportunities Trust (“BUI”) and BlackRock Science and Technology Trust II (“BSTZ” and together with BGR, CII, BDJ, BOE, BGY, BME, BCX, BST and BUI, the “Funds” and each, a “Fund”) met on April 16, 2020 (the “April Meeting”) and May 20-21, 2020 (the “May Meeting”) to consider the approval of the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board of each of BGR, BOE, BGY BCX and BUI also considered the approval of the sub-advisory agreements (the “Sub-Advisory Agreements”) between the Manager, BlackRock International Limited (the “Sub-Advisor”) and each of BGR, BOE, BGY BCX and BUI. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

Activities and Composition of the Board

On the date of the May Meeting, the Board consisted of ten individuals, eight of whom were not “interested persons” of each Fund as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of each Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Co-Chairs of the Board are Independent Board Members. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Consistent with the requirements of the 1940 Act, the Board considers the continuation of the Agreements on an annual basis. The Board has four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. While the Board also has a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements, the Board’s consideration entails a year-long deliberative process whereby the Board and its committees assess BlackRock’s services to each Fund. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considers information that is relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. This additional information is discussed further in the section titled “Board Considerations in Approving the Agreements.” Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, applicable benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) the use of brokerage commissions and execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.

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At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting. Topics covered included: (a) the methodology for measuring estimated fund profitability; (b) fund expenses and potential fee waivers; (c) differences in services provided and management fees between closed-end funds and other product channels; and (d) BlackRock’s option overwrite strategy.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third-parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering, registration statements in connection with BME, BUI and BST’s equity shelf program and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of each Fund and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2019, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics including Fund return, Sharpe Ratio, stability of distribution, and yield (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered BGR’s performance relative to BGR’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGR generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGR, and that BlackRock has explained its rationale for this belief to the Board.

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The Board reviewed and considered CII’s performance relative to CII’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, CII generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for CII, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BDJ’s performance relative to BDJ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BDJ generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BDJ, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BOE’s performance relative to BOE’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BOE generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BOE, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BOE’s underperformance relative to the Performance Metrics.

The Board reviewed and considered BGY’s performance relative to BGY’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGY generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGY, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BME’s performance relative to BME’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BME generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BME, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BCX’s performance relative to BCX’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BCX generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BCX, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BST’s performance relative to BST’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BST generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BST, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BUI’s performance relative to BUI’s Performance Metrics. Based on an overall rating relative to the Performance metrics, BUI generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BUI, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BSTZ’s performance relative to BSTZ’s Performance Metrics over the since-inception period. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BSTZ, and that BlackRock has explained its rationale for this belief to the Board.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund: The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2019 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements  (continued)

The Board noted that BGR’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BGR. An advisory fee waiver has been in effect since 2015, the amount of which may have varied from time to time. After discussions between the Board, including Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 22 basis points voluntary advisory fee waiver.

The Board noted that CII’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board noted that BDJ’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board noted that BOE’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BOE. An advisory fee waiver has been in effect since 2015, the amount of which may have varied from time to time. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 17.5 basis points voluntary advisory fee waiver.

The Board noted that BGY’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers. The Board also noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BGY. An advisory fee waiver has been in effect since 2013, the amount of which may have varied from time to time. After discussions between the Board, including Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 10 basis points voluntary advisory fee waiver.

The Board noted that BME’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BCX’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BST’s contractual management fee rate ranked second out of four funds, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. The Board also noted that, in connection with BST’s launch, BlackRock has contractually agreed to waive a portion of the advisory fee payable by BST through December 31, 2021. The contractual advisory fee waiver is 15 basis points through December 31, 2019, will be 10 basis points through December 31, 2020, and then will be 5 basis points through December 31, 2021.

The Board noted that BUI’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers. The Board also noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BUI. An advisory fee waiver has been in effect since 2017, the amount of which may have varied from time to time. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 2.5 basis points voluntary advisory fee waiver.

The Board noted that BSTZ’s contractual management fee rate ranked third out of four funds, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers.

D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee was appropriate.

Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although BME, BUI and BST may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of BME, BUI and BST’s assets will occur primarily through the appreciation of its investment portfolio.

E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex;

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements  (continued)

periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

The Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2021, and the Sub-Advisory Agreements among the Manager, the Sub-Advisors and each of BGR, BOE, BGY BCX and BUI for a one-year term ending June 30, 2021. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

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Disclosure of Investment Advisory Agreement

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Health Sciences Trust II (the “Fund”) met in person on September 5, 2019 (the “Meeting”) to consider the approval of the proposed investment advisory agreement (the “Advisory Agreement” or the “Agreement”) between the Fund and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), the Fund’s investment advisor.

Activities and Composition of the Board

On the date of the Meeting, a majority of the Board Members were not “interested persons” of the Fund as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Co-Chairs of the Board are Independent Board Members. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreement

Pursuant to the 1940 Act, the Board is required to consider the initial approval of the Agreement. In connection with this process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management; accounting, administrative and shareholder services; oversight of the Fund’s service providers; marketing; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements.

Board Considerations in Approving the Agreement

The Approval Process: At the Meeting, the Board reviewed materials relating to its consideration of the Agreement. The Board considered all factors it believed relevant with respect to the Fund, including, among other factors: (a) the nature, extent and quality of the services to be provided by BlackRock; (b) the investment performance of BlackRock portfolio management; (c) the advisory fee and the estimated cost of the services to be provided and profits to be realized by BlackRock and its affiliates from their relationship with the Fund; (d) the sharing of potential economies of scale; (e) potential fall-out benefits to BlackRock and its affiliates as a result of its relationship with the Fund; (f) the policies and practices of BlackRock with respect to portfolio transactions for the Fund; and (g) other factors deemed relevant by the Board Members.

In determining whether to approve the Agreement, the Board met with the relevant investment advisory personnel from BlackRock and considered all information it deemed reasonably necessary to evaluate the terms of the Agreement. The Board received materials in advance of the Meeting relating to its consideration of the Agreement, including, among other things, (a) fees and estimated expense ratios of the Fund in comparison to the fees and expense ratios of a peer group of funds as determined by Broadridge Financial Solutions, Inc. (“Broadridge”) and other metrics, as applicable; (b) information on the composition of the peer group of funds and a description of Broadridge’s methodology; (c) information regarding BlackRock’s economic outlook for the Fund and its general investment outlook for the markets; (d) information regarding fees paid to service providers that are affiliates of BlackRock; and (e) information outlining the legal duties of the Board under the 1940 Act with respect to the consideration and approval of the Agreement. The Board also noted information received at prior Board meetings concerning compliance records and regulatory matters relating to BlackRock.

The Board also considered other matters it deemed important to the approval process, such as other payments to be made to BlackRock or its affiliates relating to securities lending and cash management, services related to the valuation and pricing of Fund portfolio holdings, and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services to be Provided by BlackRock: The Board, including the Independent Board Members, reviewed the nature, extent and quality of services to be provided by BlackRock, including the investment advisory services to be provided to the Fund. The Board received information concerning the investment philosophy and investment process to be used by BlackRock in managing the Fund, as well as a description of the capabilities, personnel and services of BlackRock. In connection with this review, the Board considered BlackRock’s in-house research capabilities as well as other resources available to its personnel. The Board considered the scope of the services to be provided by BlackRock to the Fund under the Agreement relative to services typically provided by third parties to other funds. The Board noted that the standard of care applicable under the Agreement was comparable to that found generally in investment company advisory agreements. The Board concluded that the scope of BlackRock’s services to be provided to the Fund was consistent with the Fund’s operational requirements, including, in addition to seeking to meet its investment objective, compliance with investment restrictions, tax and reporting requirements and related shareholder services.

The Board, including the Independent Board Members, also considered the quality of the administrative and other non-investment advisory services to be provided by BlackRock and its affiliates to the Fund. The Board evaluated the procedures of BlackRock designed to fulfill its fiduciary duty to the Fund with respect to possible conflicts of interest, including BlackRock’s code of ethics (regulating the personal trading of BlackRock’s officers and employees), the procedures by which BlackRock allocates trades among its various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of BlackRock in these matters. The Board also noted information received at prior Board meetings concerning the standards of BlackRock with respect to the execution of portfolio transactions.

The Board, including the Independent Board Members, considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Fund’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board

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Disclosure of Investment Advisory Agreement  (continued)

engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives. The Board also considered the business reputation of BlackRock and its financial resources and concluded that BlackRock would be able to meet any reasonably foreseeable obligation under the Agreement.

In addition to investment advisory services, the Board, including the Independent Board Members, considered the quality of the administrative and other non-investment advisory services to be provided by BlackRock and its affiliates to the Fund. The Board noted that BlackRock and its affiliates will provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, the Board noted that BlackRock and its affiliates will provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Fund and BlackRock: In their capacity as members of the boards of directors or trustees of certain other BlackRock-advised funds, the Board, including the Independent Board Members, previously received and considered information about BlackRock’s investment performance for other funds. The Board, however, could not consider the performance history of the Fund because the Fund was not yet organized and had not yet commenced operations as of the date of the Meeting.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services to be Provided and Estimated Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Fund: In connection with the initial approval of the Agreement, the Board, including the Independent Board Members, reviewed the Fund’s proposed contractual management fee rate compared with the other funds in its Broadridge category. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. In addition, the Board, including the Independent Board Members, considered the Fund’s estimated total net expense ratio, as well as the actual management fee rate as a percentage of total assets, to those of other funds in its Broadridge category. The estimated total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The estimated total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional separate accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board noted that it had previously received and reviewed statements relating to BlackRock’s financial condition in connection with their duties as trustees or directors of other funds in the BlackRock family of closed-end funds. The Board had previously reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock’s estimated profitability with respect to other funds the Board oversees for the year ended December 31, 2018 compared to available aggregate estimated profitability data provided for the prior two years. The Board acknowledged the Manager’s representation that it expected the Fund’s costs of services and profitability to be broadly in line with those of other similar funds managed by the Manager. The Board then noted its previous review of BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board noted that, as a result, calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board then noted its previous review, as described above, of BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Board reviewed its previous consideration of the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Fund in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable.

The Board noted that the Fund’s contractual management fee rate ranked third out of four funds and the Fund’s estimated actual management fee rate and estimated total expense ratio each ranked in the second quartile relative to the Fund’s peers.

Following consideration of this information, the Board, including the Independent Board Members, concluded that the fees to be paid pursuant to the Agreement were fair and reasonable in light of the services to be provided.

As the Fund has not commenced operations as of the date of the Meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Fund. BlackRock, however, will provide the Board with such information at future meetings.

150 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Disclosure of Investment Advisory Agreement  (continued)

D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase. The Board also considered the extent to which the Fund may benefit from such economies in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale.

Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. They are typically priced at scale at a fund’s inception.

E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other potential ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices for BlackRock closed-end funds throughout the year.

The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

The Board, including all of the Independent Board Members, concluded that these potential ancillary benefits that BlackRock and its affiliates could receive with regard to providing investment advisory and other services to the Fund were consistent with those generally available to other fund sponsors.

Conclusion

The Board, including all the Independent Board Members, approved the Advisory Agreement between the Manager and the Fund, for a two-year term beginning on the effective date of the Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT 151

Trustee and Officer Information

Richard E. Cavanagh, Co-Chair of the Board and Trustee

Karen P. Robards, Co-Chair of the Board and Trustee

Michael J. Castellano, Trustee

Cynthia L. Egan, Trustee

Frank J. Fabozzi, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Catherine A. Lynch, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

Effective June 1, 2020, the portfolio managers of BMEZ and BME are Erin Xie, Kyle McClements, Christopher Accettella, Xiang Liu and Jeffrey Lee. Messrs. Liu and Lee joined BMEZ’s and BME’s portfolio management team effective June 1, 2020. Mr. Liu has been a Director of BlackRock, Inc. since 2016 and Vice President thereof from 2008 to 2016. Mr. Lee has been a Vice President of BlackRock, Inc. since 2011.

Effective June 1, 2020, the portfolio managers of BSTZ and BST are Tony Kim, Kyle McClements, Christopher Accettella and Reid Menge. Mr. Menge joined BSTZ’s and BST’s portfolio management team effective June 1, 2020. Mr. Menge has been a Director of BlackRock, Inc. since 2014.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited^(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

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809

^(a)  For BGR, BOE, BGY, BCX and BUI.

^(b)  For BME, BST and BUI.

152 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Information

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, BST and BUI, do not make available copies of their Statements of Additional Information because the Trusts’ shares, except for BME, BST and BUI, are not continuously offered, which means that the Statements of Additional Information of each Trust, other than BME, BST and BUI, 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, BST’s and BUI’s Statements of Additional Information include additional information about the Board and are available, without charge upon request by calling 800-882-0052.

During the period there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders 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 the day-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, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BME, BST and BUI only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports 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, including, for BME, BST and BUI only, prospectuses, 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 as an exhibit to its reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov.

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) at blackrock.com; and (3) on the SEC’s website at 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) at blackrock.com or by calling (800) 882-0052 and (2) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

ADDITIONAL INFORMATION 153

Additional Information  (continued)

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, BST and BUI, 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, BST and BUI 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.

On March 26, 2020 BME, BST and BUI each have filed a final base prospectus and BST and BUI each have filed a final prospectus supplement with the SEC in connection with their Shelf Offering. This report and the base prospectuses of BME, BST and BUI and prospectus supplements of BST and BUI are not offers to sell these Trusts’ Common Shares or solicitations of an offer to buy these Trusts’ Common Shares in any jurisdiction where such offers or sales are not permitted. The base prospectuses of these Trusts and prospectus supplements of BST and BUI contains important information about the Trusts, including its investment objective, risks, charges and expenses. Investors are urged to read the base prospectuses of these Trusts and prospectus supplements of BST and BUI carefully and in its entirety before investing. Copies of the base prospectuses for these Trusts and prospectus supplements of BST and BUI can be obtained from BlackRock at blackrock.com.

Dividend Policy

Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust. The distributions paid by 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. Furthermore, the final tax characterization of distributions is determined after the year-end of the Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. The Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital. A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made. Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value 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.

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.

154 2020 BLACKROCK SEMI-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
KRW	South Korean Won
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
OTC	Over-the-Counter

GLOSSARYOF TERMS USEDINTHIS REPORT 155

Want to know more?

blackrock.com    |    800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

CEF-BK9-6/20-SAR

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 – Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 10 –  Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –  Controls and Procedures

(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable to this semi-annual report

Item 13 –  Exhibits attached hereto

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

(a)(2) – Section 302 Certifications are attached

2

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – Section  906 Certifications are attached

(c) – Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 2009¹

¹ The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

3

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: September 4, 2020

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: September 4, 2020

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Energy and Resources Trust

Date: September 4, 2020

4