BlackRock Science and Technology Trust (BST) N-CSRSCertified semi-annual shareholder report (management investment company)

BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Trust’s (BME), BlackRock Health Sciences Trust II’s (BMEZ), BlackRock Innovation and Growth Trust’s (BIGZ), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Trust’s (BST), BlackRock Science and Technology Trust II’s (BSTZ) and BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (collectively, the“Trusts” or individually, a “Trust”) amounts and sources of distributions reported are estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Formeach calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

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

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

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).

Shareholders should not draw any conclusions abouteach 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.

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.

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.

investment objective is to provide total return through a combination of current income and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

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

investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options.

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

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.

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

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

Positioning in the industrials sector contributed to Fund performance, largely due to the combination of an overweight allocation and favorable stock selection in the aerospace & defense industry. Positioning in information technology also helped relative performance, led by an underweight in semiconductor stocks and selection in the software industry. An overweight in the energy sector and an underweight in real estate further contributed.

An underweight in consumer staples detracted from performance, as did selection in the sector. Most notably, underweights in the food products and beverages industry weighed on relative results. Other notable detractors included an underweight in the utilities sector and allocation decisions within the health care equipment & supplies industry.

As of June 30, 2022, the Trust had an options overwriting program in place whereby 48% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 5.0% out of the money) with an average time until expiration of 47 days.

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

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.

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

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

Stock selection in the health care, information technology and communication services contributed to the Trust’s positive relative performance. AstraZeneca PLC was the largest contributor at the individual security level. The company has proven itself to be highly productive in research and development, allowing it to broaden its revenue base considerably over the last few years. BAE Systems PLC, a British aerospace and defense company, also helped results as European defense stocks surged in reaction to Russia’s invasion of Ukraine in February 2022. The U.S. pharmaceutical stock AbbVie, Inc. was an additional contributor of note amid investors’ rotation into more defensive companies.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for theperiod.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

As of June 30, 2022, the Trust had in place an option overwriting program whereby approximately 43% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 4.5% out of the money) and for maturities averaging 48 days.

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

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 bycompanies 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.

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.

Returns for the period ended June 30, 2022 were as follows:

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

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

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

Stock selection in the biotechnologycontributed to the Trust’s relative performance, as did an underweight allocation to medical devices & supplies. On the other hand, selection in pharmaceuticals, together with an underweight in thedetracted.

At the individual stock level, an underweight in Moderna, Inc. was the leading contributor to performance. The stock lost ground as the tailwinds fromcontinued to slow. In addition, the company indicated that itspipeline candidates may need more time to receive approval.

Anposition in the pharmaceutical giant AstraZeneca PLC was an additional contributor of note. The company reported robust earnings and received positive clinical trial data on a breast cancer treatment. The stock was also helped by the relative strength in defensive companies.

An underweight in the pharmaceutical giant Bristol-Myers Squibb Co. was the largest detractor from relative performance. The company experienced positive momentum earlier in the year after unveiling plans for future product launches across a variety of treatments, and it remained a resilient performer amid the persistent market volatility. Underweight positions in Johnson & Johnson and AbbVie, Inc. also detracted.

The Trust made use of options, principally writing call options on individual stocks, to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to results. The Trust also had an elevated cash position at period end. The cash position contributed positively to performance.

As of June 30, 2022, the Trust’s largest overweight position was in the biotechnologyThe Trust continues to invest in compelling areas of innovation in biotech, particularly in oncology. The Trust also held a large overweight position in the health care providers & serviceswith the goal of adding resiliency and defensive characteristics to the portfolio in anticipation of an economic downturn. The medical devices & supplieswhich may be negatively impacted by supply chain issues and cost inflation, was the largest underweight.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 35.3% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 7.0% out of the money) and for maturities averaging 47 days.

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

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.

Returns for the period ended June 30, 2022 were as follows:

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

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

biotechnology stocks were especially vulnerable to the impact rising rates had on faster-growing companies. An overweight in Kymera Therapeutics, Inc. was a top detractor as the high-growth, development stage biotechnology company traded down amid the broaderin stocks that lack current profits. The investment adviser exited the position on the view that the company no longer offered an attractive risk-reward profile. Similarly, an overweight in the clinical genetic-testing company Natera, Inc. detracted from results. An unfavorable report from a short seller alleged that the company had deceptive billing practices and misleading testing results, leading to an investor class action lawsuit.

An overweight in Tandem Diabetes Care, Inc. was another key detractor. Despite receiving the first FDA approval for an insulin-delivery mobile app, the stock plunged after the company reported weak quarterly results in May 2022.

On the positive side, overweight allocations to the biotechnology and health care providers & services industries contributed to performance. An overweight position in Vertex Pharmaceuticals, Inc. was the largest individual contributor. The biotechnology company paid $60 million for Catalyst Bioscience’s complement pipeline, including preclinical-stage therapies for hemophilia. An overweight in Seagen, Inc. also contributed positively. The U.S. biotechnology company was rumored to be the target of an acquisition by the pharmaceutical giant Merck. The purchase would provide the latter company with access to the suite of antibody-drug conjugates and other oncology therapies that Seagen has pioneered. An overweight in LHC Group Inc. contributed, as well. Shares of thehealthcare provider surged on the news that it would be acquired by UnitedHealth.

The Japanese pharmaceutical company Daiichi Sankyo Co Ltd. was a further contributor. The FDA approved Enhertu, an antibody-drug conjugate (ADC) developed in partnership with AstraZeneca. The breast cancer drug was found to reduce disease progression or death by 72% compared to legacy ADC therapies.

The Trust’s cash position, while not a core aspect of its strategy, nonetheless contributed positively at a time of poor market performance.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to relative performance.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the health care sector. It remained focused on small andcompanies, where the vast majority of clinical innovation is taking place. It also saw promising developments in medical devices, such as precision surgical tools and minimally invasive procedures. It found the biotechnology industry to be especially fertile ground to find innovative companies, particularly those focused on oncology. As of June 30, 2022, biotechnology was the Trust’s largest sector weighting due to its attractive valuations and robust fundamentals.

The investment adviser believed the long-term, secular drivers for the health care sector—aging global demographics and innovation in medical technology—remained in place. These trends, together with favorable valuations across the sector, act as the foundation for a compelling long-term investment opportunity.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 24% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 9.6% out of the money) and for maturities averaging 48 days.

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

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

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

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

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

From a sector perspective, the Trust’s positioning in health care was the largest detractor from relative performance. The shortfall was most pronounced in the health care equipment & supplies industry, where Masimo Corp. and FIGS, Inc. lagged. The Trust was also hurt by its overweight position in 10X Genomics, Inc. in the life sciences tools & services industry. The company has significant exposure to slowing growth in China, as well as the ongoing supply-chain issues in the country.

Stock selection in the machinery industry made the largest contribution to relative performance. An overweight in Chart Industries, Inc., a leading global manufacturer of highly engineered equipment for the clean energy and industrials gas markets, was a notable contributor.

The Trust also benefited from strong stock selection in the capital markets industry within the financial sector. Tradeweb Markets, Inc., an international financial services company that builds and operates electronicmarketplaces, was a leading contributor. A zero weighting in the alternative asset manager KKR & Co., Inc. also helped relative performance.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from performance over theperiod.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 10.8% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 14.1% out of the money) and for maturities averaging 55 days.

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

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.

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

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

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

Stock selection within the agriculture sector contributed to the Trust’s relative performance, while security selection within the mining sector modestly detracted. At the individual stock level, the Trust’s zero weighting in Norilsk Nickel—which fell to zero due to the sanctions that followed Russia’s invasion of Ukraine—was the leading contributor to relative performance. An underweight in Freeport-McMoRan Inc., which was hurt by the decline in copper prices late in the period, also contributed. Among stocks the Trust held, CF Industries Holdings, Inc. was a notable contributor thanks to rising prices for nitrogen fertilizers.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy detracted from results in the semiannual period.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

In energy, the investment adviser maintained a bias towards higher-quality producers that were expected to benefit the most from strength in oil and gas prices. Given the increased risks to global economic growth, the investment adviser reduced the Trust’s weightings in certain holdings with higher sensitivity to the macroeconomic outlook.

In the mining sector, the investment adviser continued to emphasize companies with stronger balance sheets and lower costs. In agriculture, the Fund was underweight in the paper and packaging industry in favor of health and wellness companies that are positioned to take advantage of consumers’ shifting preferences with respect to food and nutrition.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 31% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 6.1% out of the money) and for maturities averaging 49 days.

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

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. andscience 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.

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

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

An overweight in Marvell Technology, Inc. was another detractor of note. Shares of the richly valued analog semiconductor manufacturer traded down on anticipation of reduced demand and slower medium-term growth. More broadly, investors rotated out of the semiconductor sector amid an uncertain growth outlook.

An underweight in Microsoft Corp. was also a key detractor from relative performance. As was the case with Apple, the stock benefited from investors’ preference for larger, more stable companies.

An overweight in Unity Software, Inc. detracted, as well. The company has created a virtual reality rendering tool that allows users to create their own content, including in the metaverse. However, the shares lagged amid the broader downturn in the stocks of higher-growth companies.

On the positive side, security selection in semiconductors—together with an underweight in the group—contributed to relative performance.

The Trust benefited from itsstructure, with private investments making up three of the top four contributors in the semi-annual period. At an individual position level, anprivate position in GrubMarket, Inc. was the leading contributor. The food-tech company announced the acquisition of Daylight Foods, one of the largest food service businesses in the San Francisco area. Daylight provides produce, dairy, and other products to restaurants, grocery stores and caterers, which will help GrubMarket expand its offerings. Anprivate position in Voltron Data also contributed positively. In February 2022, the open-source coding platform received additional funding that should allow it to bring one of its tools directly to consumers. Anprivate position in PsiQuantum was another contributor of note. The quantum-basedcompany received funding from the U.S. Department of Defense to accelerate its developments in photonic quantum computers. The investment adviser believed PsiQuantum was well positioned to be one of the first movers in the quantum computing space.

An underweight in the semiconductor producer Nvidia Corp. also contributed to relative returns. Investors grew concerned about the sustainability of the company’s sales momentum given the potential impact that slower consumer spending would have on its gaming business.

The Trust’s cash position, while not a core aspect of its strategy, nonetheless contributed positively at a time of poor market performance.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance for theperiod.

From a regional perspective, the Trust’s allocations to the United States and China increased, while its weighting in other emerging markets decreased.

The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.

As of June 30, 2022, the Trust had in place an option overwriting program whereby 28% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 11.6% out of the money) and for maturities averaging 45 days.

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

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. andscience 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.