Company: BSTZ
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196080
Chunk: 17

Company: BlackRock Science & Technology Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 17
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 of Dutch telecommunications company Koninklike KPN N.V. were boosted by a recent dividend increase and progress on a share buyback program launched in February 2025. The company’s leadership remains focused on long term growth indicated by its investments in fiber, cybersecurity (including free security licenses for retail customers), and tower infrastructure. The company has seen strong revenue growth in both consumer and business segments while successfully managing operating expenses. 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. Describe recent portfolio activity. During the reporting period, the Trust reduced exposure to the information technology, consumer staples and consumer discretionary sectors, while increasing exposure to financials, materials and healthcare. Describe portfolio positioning at period end. At the end of the period, the Trust’s largest sector overweights were in industrials, communication services and healthcare. Regionally, the majority of the portfolio was listed in Europe, with significant exposure in Europe ex U.K. as well. As of June 30, 2025, 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 2.6% out of the money) and for maturities averaging 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. Overview of the Trust’s Total Investments

| TEN LARGEST HOLDINGS                        |                                |
| Security                                    | Percent of TotalInvestments(a) |
| Taiwan Semiconductor Manufacturing Co. Ltd. |                           5.6% |
| Shell PLC                                   |                            4.0 |
| HDFC Bank Ltd.                              |                            3.7 |
| Air Liquide SA                              |                            3.5 |
| SAP SE                                      |                            3.2 |
| Sony Group Corp.                            |                            3.1 |
| Koninklijke KPN NV                          |                            3.1 |
| FinecoBank Banca Fineco SpA                 |                            3.1 |
| RELX PLC