Company: BSTZ
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196080
Chunk: 20

Company: BlackRock Science & Technology Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 20
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 found in the “Closed End Funds” section of blackrock.com . The following discussion relates to the Trust’s relative performance based on NAV: What factors influenced performance? At the industry level, security selection in the healthcare facilities and healthcare services sub-sectors contributed to performance. On the other hand, selection in biotechnology and healthcare equipment detracted.

16 2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025 (continued) BlackRock Health Sciences Term Trust (BMEZ) At the individual holding level, an underweight position in Illumina Inc. was the largest contributor to relative performance. Shares of the genomics company dropped due to an analyst downgrade and concerns about regulatory challenges. An out-of-benchmark position in the biopharmaceutical firm Abbisko Cayman Ltd. also contributed positively. The stock rose sharply due to its large revenue and profit turnaround in 2024, which was fueled by the signing of a major out-licensing agreement with Merck for a key drug. An underweight in Sarepta Therapeutics, Inc., which lost ground due to layoffs and safety concerns about its Duchenne muscular dystrophy gene therapy Elevidys, further contributed. An out-of-benchmark position in West Pharmaceuticals Services, Inc. was the largest detractor from performance. The stock came under pressure from continued weak sentiment after its full-year outlook missed analysts’ expectations. A zero weighting in Innovent Biologics, Inc.—which rose on investor optimism tied to its expanding oncology and immunology biologics portfolio, together with recent regulatory and commercial progress—also hurt relative performance. Not holding a position in the biopharmaceutical company Intra-Cellular Therapies, Inc. was an additional detractor. The stock rose due to ongoing clinical progress and increasing attention on its pipeline of treatments for neuropsychiatric and neurological disorders. 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. Describe recent portfolio activity. The Trust’s allocations to the healthcare providers and services and pharmaceuticals sub-sectors increased, while its weightings in the biotechnology and medical devices and supplies subsectors decreased. The Trust made two additional investments in private technology companies. Describe portfolio positioning at period end. At the end of the reporting period, the