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

Company: BlackRock Science & Technology Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 25
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 AngloGold Ashanti PLC—to be among the largest positive contributors. The cement and building materials producer Heidelberg Materials AG was also a top contributor. The stock was supported by positive earnings updates and the German government’s announcement of a €500 billion package to boost defense and infrastructure spending.

20 2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025 (continued) BlackRock Resources & Commodities Strategy Trust (BCX) Holdings in U.S. steel producers were additional contributors of note. The companies were viewed as beneficiaries of rising steel prices brought about by higher tariffs on imported steel. U.S. Steel, which was taken over at a premium, was a top contributor in the sector. 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. The Trust’s overweight positions in paper and packaging companies in the agriculture sector detracted from returns, as did its overweights in bulk commodity producers in the mining sector. The paper and packaging stocks Smurfit WestRock PLC, Graphic Packaging Holding Co., and Packaging Corp. of America were also notable detractors due in part to concerns about the impact of U.S. tariffs. Additionally, Graphic Packaging reported weaker-than-expected packaging volumes in its quarterly update. Shares of the diversified miner Glencore PLC declined due to the potential negative impact of tariff-related uncertainty on global growth and commodity demand. Glencore was also affected by short-term weakness in its copper production. 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 reduced its weighting in the energy sector and increased its allocations to the agriculture and mining sectors. The Trust exited positions in three European integrated energy companies and initiated positions in two North American energy producers. It also exited two diversified mining companies and added holdings in U.S.-focused seed, crop protection, and fertilizer stocks. Describe portfolio positioning at period end. The portfolio had weightings of 38.3% in the mining sector, 28.5% in agriculture, and 28.0% in energy. The remaining 3.3% was held in cash. As of June 30, 2025, the Trust had in place an option overwriting program whereby 30.5% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written