Company: BSTZ
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196080
Chunk: 7

Company: BlackRock Science & Technology Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 7
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 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 . The following discussion relates to the Trust’s absolute performance based on NAV: What factors influenced performance? At the sub-sector level, positions in oil services, coal, and uranium companies made positive contributions to relative performance. An out-of-benchmark position in the oil services company TechnipFMC PLC helped relative performance, following strong quarterly results announced in April. An out-of-benchmark holding in the liquid natural gas (LNG) tanker liner specialist Gaztransport & Technigaz SA also contributed to returns, supported by a robust order book and strong annual earnings results. The Trust’s overweight in the uranium fuel producer Cameco Corp. further contributed, driven by favorable market expectations regarding nuclear energy. The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy made a positive contribution to performance.

6 2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025 (continued) BlackRock Energy and Resources Trust (BGR) The Trust’s out-of-benchmark position in the exploration and production company Kosmos Energy Ltd. declined due to weakness in oil prices and lower production growth expectations for its West African Jubilee asset. Positioning in integrated oil companies detracted from returns. An underweight in the European integrated oil company BP PLC detracted as the stock rose following activist investor intervention and the announcement of plans to simplify its portfolio to concentrate on hydrocarbons. Kodiak Gas Services, Inc. and Archrock, Inc., both suppliers of compression infrastructure to the energy sector, lost ground amid broader weakness in energy stocks seen as being higher risk. 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 decreased its overall allocation to the exploration and production sub-sector and increased its weighting in integrated oil companies. The Trust’s purchases focused on companies expected to continue generating positive cash flow in a lower oil price environment, which should allow them to maintain dividends, undertake share buybacks, and invest in production. The Trust exited two exploration and production companies, purchased a Canadian integrated oil producer, and added to a U.S. energy major. It also exited a refining stock and switched into a U.S. refiner with lower expected