Company: BSTZ
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049659
Chunk: 39

Company: BlackRock Science & Technology Term Trust
Filing Date: 2025-03-07
Form: N-CSR
Chunk 39
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 long-term growth prospects and led to a sharp decrease in investor confidence. 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 in the 12-month period. 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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions. Describe recent portfolio activity. The Trust initiated positions in companies that offer energy-efficient solutions for reshoring and grid-related projects, as well as those involved in enhancing energy efficiency in the U.S. building sector. The Trust added to an existing position in a U.K.-based company that specializes in grid infrastructure. The Trust took profits in select companies in the building products and machinery industries, and it scaled back its investments in clean power utilities. Describe portfolio positioning at period end. At the end of the period, 44.2% of the portfolio was invested in the utilities sector, with 37.8% in industrials and 11.5% in energy. The remainder was invested in other infrastructure- and power-related sectors. As of December 31, 2024, the Trust had in place an option overwriting program whereby 33.8% 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 3.6% out of the money) and for maturities averaging 59 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.

Trust Summary 41

Trust Summary as of December 31, 2024 (continued) BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) Overview of the Trust’s Total Investments

| TEN LARGEST HOLDINGS   |                                |
| Security               | Percent of TotalInvestments(a) |
| NextEra Energy, Inc.   |                           5.6% |
| GE Vernova, Inc.       |                            4.2 |
| National Grid PLC      |                            3.5 |
| Trane Technologies PLC |                            3.4 |
| Sempra                 |