Company: BSTZ
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196080
Chunk: 30

Company: BlackRock Science & Technology Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 30
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 AI infrastructure buildouts. An overweight in Spotify Technology SA contributed, as well. Shares of the media services provider continued to rise due to rapid subscriber growth, strong revenue gains, sustained cost control, and bullish investor sentiment on its long-term profitability. An out-of-benchmark position in the private gaming and technology company Underdog Sports was the largest detractor from relative performance. Its valuation declined due to significant legal uncertainty in California, where the Attorney General may declare certain daily fantasy sports activities illegal. The Trust was also hurt by having an underweight position in the cloud services provider Cloudflare, Inc. The stock rose behind robust financial performance that included accelerated revenue and customer growth, major enterprise contract wins, and upbeat forward guidance. An overweight in the space infrastructure company Loft Orbital was an additional detractor of note. The company reported weak earnings due to broader pressures on space and satellite service providers, as well as concerns about satellite launch schedules. 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 detracted from relative performance. The options overlay strategy was closed during the first quarter. 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. The investment advisor increased the Trust’s allocations to the semiconductors and internet sub-sectors, and it reduced the allocations to hardware, services, and software. Describe portfolio positioning at period end. The Trust held 28% of net asset value in semiconductors, 29% in software, 10% in hardware, 12% in internet, 8% in services and 13% in other areas of the technology sector. These industry weightings were the result of bottom-up stock selection. 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.             |                          10.5% |
| PsiQuantum Corp.         |                            4.0 |
| Spotify Technology SA    |                            3.3 |
| MercadoLibre, Inc.       |                            2.4 |
| SK Hynix, Inc.