Company: BSTZ
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196080
Chunk: 29

Company: BlackRock Science & Technology Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 29
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 AI chips. 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. 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 investment adviser increased the Trust’s allocations to the services and internet sub-sectors. It reduced the portfolio’s weightings in the semiconductors, content and infrastructure, hardware, and software sub-sectors. The Trust made four additional investments in private technology companies. Describe portfolio positioning at period end. The Trust held 33% of net asset value in semiconductors, 29% in software, 16% in internet, 11% in hardware, 8% in services, 3% in other areas of the technology sector. These industry weightings were the result of bottom-up stock selection. As of June 30, 2025, the Trust had in place an option overwriting program whereby 15.8% 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 5.4% 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. Overview of the Trust’s Total Investments

| TEN LARGEST HOLDINGS     |                                |
| Security                 | Percent of TotalInvestments(a) |
| NVIDIA Corp.             |                          13.7% |
| Microsoft Corp.          |                            8.5 |
| Broadcom, Inc.           |                            6.9 |
| Apple, Inc.              |                            5.0 |
| Meta Platforms, Inc.     |                            3.8 |
| Oracle Corp.             |                            2.9 |
| Amazon.com, Inc.         |                            2.7 |
| Anduril Industries, Inc. |                            2.6 |
| Snowflake, Inc.          |                            2.3 |
| Databricks, Inc.         |                            2.1 |

| INDUSTRY ALLOCATION                        |                                |
| Industry(b)                                | Percent of TotalInvest