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

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 has 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 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.

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.

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.

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

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

An underweight in oilfield services companies detracted from results. The sub-sector’s performance was supported by expectations for increased merger and acquisition activity following Patterson-UTI Energy Inc.’s announced merger with NexTier Oilfield Solutions, Inc. Among individual holdings in the sector, an overweight in Patterson-UTI contributed, while a zero weighting in Baker Hughes Co. detracted. A position in BP PLC, which fell from its highs of early 2023 after announcing a reduced pace of share buybacks, also detracted.

As of June 30, 2023, the Trust had in place an option overwriting program whereby 32.0% 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 3.2% 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.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.

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

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

Conversely, the largest contribution to the Trust’s relative performance came from investment decisions in the communication services sector. Most notably, stock selection and an overweight allocation to the interactive media & services industry boosted relative return, as did an underweight allocation to entertainment companies. Stock selection in the healthcare sector, specifically within the pharmaceuticals industry, also proved beneficial. Avoiding exposure to the utilities sector entirely added to relative performance, as did investment decisions within energy.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 58% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.1% out of the money) with an average time until expiration of 52 days.

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

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 blackrock.com.

Conversely, the largest detractor from relative returns came from stock selection in the information technology (“IT”) sector. Particularly, stock selection in semiconductors proved costly, as did the Trust’s decision not to invest in the electronic equipment, instruments and components industry. Stock selection in consumer staples also hurt performance, with stock decisions in the consumer staples distribution and retail industry weighing on relative return. Other notable detractors included selection decisions in the materials and consumer discretionary sectors.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 49% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.8% out of the money) with an average time until expiration of 51 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.

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 blackrock.com.

Among individual security decisions, the Trust’s lack of a position in Nvidia was the biggest detractor from relative performance, as companies linked to generative artificial intelligence (“AI”) performed strongly as investor sentiment grew favorable amid the potential implications of the technology for businesses across the economy. Citizens Financial Group also detracted, given the backdrop of tightening credit conditions and expectations for stricter regulation following the collapses of SVB Financial and Signature Bank in the first quarter 2023. Apple was a key detractor from performance due to the Trust’s average underweight position following its mid-March 2023 purchase

Conversely, stock selection among financials was the most significant contributor to the Trust’s relative performance. Stock selection within healthcare and an underweight allocation to utilities also contributed. At the individual stock level, Inditex was the top contributor, as the Spanish clothing retailer reported a greater-than-expected rise in profit due to robust sales of summer clothes. The retailer sported high profit margins and sales growth both in-store and online, and its strong performance stemmed from its strategic decision to maintain higher prices in markets outside the Eurozone. Also, Taiwan Semiconductor Manufacturing contributed, as the outlook for semiconductors strengthened on demand from the buildout of generative AI capabilities. Lastly, Microsoft was a key contributor to relative performance, following the strong rally in IT during the reporting period. The software company tapped into positive sentiment surrounding AI with the launch of new tools for developers to integrate generative AI into their business software, reflecting Big Tech’s race to commercialize AI technology.

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. 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, 2023, the Trust had an options overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.8% out of the money) with an average time until expiration of 53 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.

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 blackrock.com.

By contrast, underweight positions in information technology were the most significant detractors from relative performance. An overweight allocation to financials and stock selection in consumer staples also detracted. Among individual stocks, Budweiser Brewing Company APAC was the leading detractor, as it came under pressure during the

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 to relative performance for the reporting period. The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.9% out of the money) with an average time until expiration of 52 days.

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

BlackRock Health Sciences Term Trust’s (BMEZ) (the “Trust”) (formerly known as BlackRock Health Sciences Trust II) 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.

On March 31, 2023 the Board approved a proposal to change the name of BlackRock Health Sciences Trust II, effective as of April 5, 2023, to BlackRock Health Sciences Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.

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 blackrock.com.

An underweight in the healthcare providers and services sub-sector detracted from relative performance, as did stock selection in the category. An underweight in the orthodontics company Align Technology, Inc., which rallied after reporting strong earnings, was the largest detractor at the individual security level. An overweight position in the biopharmaceutical company Rhythm Pharmaceuticals, Inc. also detracted amid questions about its near-term product pipeline. An overweight position in Novocure, a United States-based oncology treatment provider, was another notable detractor. The company released weaker-than-expected clinical trial data for its electric field-based lung cancer treatment in June 2023, weighing on its shares.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy detracted 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 was encouraged by the healthcare sector’s resilience in the midst of the extraordinary macroeconomic and geopolitical challenges that characterized the first half of the reporting period believing the longer-term, secular drivers for the sector—innovation in medical technology and aging demographics in both developed and developing countries—remained in place. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the sector.

The Trust’s largest overweight positions in the biotechnology and medical devices and supplies sub-sectors, where it saw compelling innovation and new products.

As of June 30, 2023, 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 7.6% out of the money) and for maturities averaging 57 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.

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.

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 blackrock.com.

An underweight in Pfizer, Inc. was the leading contributor at the individual stock level. The company stated that its 2023 revenues could potentially decrease by 33% as demand for its COVID-19 products wanes. A zero weighting in CVS Corp. also contributed to returns. Shares of the healthcare services company declined on concerns about its ability to integrate its acquisitions into its core business. An overweight in Boston Scientific Corp. was another top contributor in the reporting period. The medical device manufacturer reported strong earnings and revenue growth as elective procedure volumes continued to increase. Hospital staffing shortages and COVID-19 restrictions created a difficult environment for patients to receive non-urgent procedures, but individuals increasingly have sought elective surgeries as these headwinds have eased.

At a sub-sector level, an underweight in the pharmaceuticals industry and security selection in the health care providers and services sub-sector were the largest detractors.

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’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 was encouraged by the healthcare sector’s resilience in the midst of the extraordinary macroeconomic and geopolitical challenges that characterized the first half of the year believing the longer-term, secular drivers for the sector—innovation in medical technology and aging demographics in both developed and developing countries—remained in place. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the sector.

As of June 30, 2023, the Trust’s largest overweight was in the medical devices and supplies sub-sector believing hospitals are particularly attractive in the post-COVID environment. The Trust also held a large overweight position in the biotechnology sub-sector. It continued to emphasize compelling areas of innovation within the category, especially in oncology. The Trust’s largest underweight was in the pharmaceuticals industry, where many flagship medications may face increased competition from biosimilars due to patent expirations.

As of June 30, 2023, the Trust had in place an option overwriting program whereby 36% 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 4.9% 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.

BlackRock Innovation and Growth Term Trust’s (BIGZ) (the “Trust”) (formerly known as BlackRock Innovation and Growth Trust) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust will invest primarily in equity securities issued by mid-and small-capitalization companies that the Trust’s adviser believes have above-average earnings growth potential. In selecting investments for the Trust, the Trust’s adviser focuses on mid- and small-capitalization growth companies that are “innovative.” These are companies that have introduced, or are seeking to introduce, a new product or service that potentially changes the marketplace. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.

On March 31, 2023 the Board approved a proposal to change the name of BlackRock Innovation and Growth Trust, effective as of April 5, 2023, to BlackRock Innovation and Growth Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.

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

Returns for the period ended June 30, 2023 were as follows:

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

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

By contrast, the largest detractor from relative performance from a sector perspective was the Trust’s security selection within the healthcare sector. Most notably, the Trust’s decision to have an overweight position in the life sciences tools and services industry affected relative results negatively. Within this space, Azenta Inc. and Repligen Corp. were the most significant detractors among individual stocks, as both suffered significant share-price declines during the period. Elsewhere, an overweight position to the entertainment sub-sector within communication services also weighed on relative performance. Specifically, an off-benchmark position in upscale camping experience provider Under Canvas Inc. detracted. Stock selection in the consumer discretionary sector also detracted from performance, most notably through the Trust’s overweight exposure to fitness center chain Planet Fitness Inc. within the hotels, restaurants and leisure sub-sector.

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 to relative performance for the period. The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy. However, the Trust’s distributions during the period were classified as a return of capital, which reduced the Trust’s net asset value.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 12.0% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 6.7% out of the money) with an average time until expiration of 58 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.

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.

Returns for the period ended June 30, 2023 were as follows: