# EDGAR Filing Document

**Accession Number:** 0001836057
**File Stem:** 0001193125-26-093616
**Filing Date:** 2026-3
**Character Count:** 1244334
**Document Hash:** fc6d9f3d090fbdb7e55718bcadd56f7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093616.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093616

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Technology & Private Equity Term Trust
- **CENTRAL INDEX KEY:** 0001836057

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23625
- **FILM NUMBER:** 26725622

**BUSINESS ADDRESS:**
- **STREET 1:** BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19808
- **BUSINESS PHONE:** 800 882 0052

**MAIL ADDRESS:**
- **STREET 1:** BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19808

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Innovation & Growth Term Trust
- **DATE OF NAME CHANGE:** 20230406

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Innovation & Growth Trust
- **DATE OF NAME CHANGE:** 20201210

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number: 811-23625

Name of Fund: BlackRock Technology and Private Equity Term Trust (BTX) (formerly BlackRock Innovation and Growth Term Trust)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust), 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2025

Date of reporting period: 12/31/2025

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Item 1 – Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith.

------

![](g105676img24175e0b1.jpg)

December 31, 2025

2025 Annual Report<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Energy and Resources Trust (BGR)** |
| **BlackRock Enhanced Equity Dividend Trust (BDJ)** |
| **BlackRock Enhanced Global Dividend Trust (BOE)** |
| **BlackRock Enhanced International Dividend Trust (BGY)** |
| **BlackRock Enhanced Large Cap Core Fund, Inc. (CII)** |
| **BlackRock Health Sciences Term Trust (BMEZ)** |
| **BlackRock Health Sciences Trust (BME)** |
| **BlackRock Resources & Commodities Strategy Trust (BCX)** |
| **BlackRock Science and Technology Term Trust (BSTZ)** |
| **BlackRock Science and Technology Trust (BST)** |
| **BlackRock Technology and Private Equity Term Trust (BTX)** |
| **BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Supplemental Information (unaudited)

**Section 19(a) Notices**

BlackRock Energy and Resources Trust's (BGR), BlackRock Enhanced Equity Dividend Trust's (BDJ), BlackRock Enhanced Global Dividend Trust's (BOE), BlackRock Enhanced International Dividend Trust's (BGY), BlackRock Enhanced Large Cap Core Fund, Inc.'s (CII), BlackRock Health Sciences Term Trust's (BMEZ), BlackRock Health Sciences Trust's (BME), BlackRock Resources & Commodities Strategy Trust's (BCX), BlackRock Science and Technology Term Trust's (BSTZ), BlackRock Science and Technology Trust's (BST), BlackRock Technology and Private Equity Term Trust (BTX) and BlackRock Utilities, Infrastructure & Power Opportunities Trust's (BUI) (collectively, the "Trusts" or individually, a "Trust") amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust's investment experience during its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

**December 31, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions <br>for the Fiscal Period  | Total Cumulative Distributions <br>for the Fiscal Period  | Total Cumulative Distributions <br>for the Fiscal Period  | Total Cumulative Distributions <br>for the Fiscal Period  | Total Cumulative Distributions <br>for the Fiscal Period  | % Breakdown of the Total Cumulative <br>Distributions for the Fiscal Period  | % Breakdown of the Total Cumulative <br>Distributions for the Fiscal Period  | % Breakdown of the Total Cumulative <br>Distributions for the Fiscal Period  | % Breakdown of the Total Cumulative <br>Distributions for the Fiscal Period  | % Breakdown of the Total Cumulative <br>Distributions for the Fiscal Period  |
| *Trust Name* | *Net* <br>*Income*<br>| *Net Realized* <br>*Capital Gains* <br>*Short-Term*<br>| *Net Realized* <br>*Capital Gains* <br>*Long-Term*<br>| *Return of* <br>*Capital* <sup>(a)</sup> <br>| *Total Per* <br>*Common* <br>*Share*<br>| *Net* <br>*Income*<br>| *Net Realized* <br>*Capital Gains* <br>*Short-Term*<br>| *Net Realized* <br>*Capital Gains* <br>*Long-Term*<br>| *Return of* <br>*Capital*<br>| *Total Per* <br>*Common* <br>*Share*<br>|
| BGR | &nbsp;&nbsp; $0.338504  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $0.829096  | &nbsp;&nbsp; $1.167600  | &nbsp;&nbsp; 29<br> % <br>| &nbsp;&nbsp; —<br> % <br>| &nbsp;&nbsp; —<br> % <br>| &nbsp;&nbsp; 71<br> % <br>| &nbsp;&nbsp; 100<br> % <br>|
| BDJ | 0.341423 | 0.004629 | 0.509778 | &nbsp;&nbsp; — | 0.855830 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 |
| BOE | 0.146525 | &nbsp;&nbsp; — | 0.845875 | &nbsp;&nbsp; — | 0.992400 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 |
| BGY | 0.072755 | &nbsp;&nbsp; — | 0.361962 | 0.076483 | 0.511200 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 100 |
| CII | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 2.057000 | &nbsp;&nbsp; — | 2.057000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 |
| BMEZ | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.464920 | 1.406140 | 1.871060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 100 |
| BME | 0.119046 | &nbsp;&nbsp; — | 2.868473 | 0.157681 | 3.145200 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 100 |
| BCX | 0.267599 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.568801 | 0.836400 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 100 |
| BSTZ | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 2.817036 | &nbsp;&nbsp; — | 2.817036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 |
| BST | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 4.201471 | &nbsp;&nbsp; — | 4.201471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 |
| BTX | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.901470 | 0.901470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| BUI | 0.259695 | 0.240576 | 2.170008 | &nbsp;&nbsp; — | 2.670279 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Each Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust's investment performance and should not be confused with "yield" or "income." When distributions exceed total return performance, the difference will reduce a Trust's net asset value per share. 

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at **blackrock.com**.

**Section 19(b) Disclosure**

Each Trust, acting pursuant to a U.S. Securities and Exchange Commission ("SEC") exemptive order and with the approval of each Trust's Board of Trustees or Board of Directors, as applicable (the "Board"), has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the "Plan"). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis:

---

| | |
|:---|:---|
| *Trust Name* | *Amount Per* <br>*Common Share*<br>|
| BGR | $0.097300  |
| BDJ | 0.061900 |
| BOE | 0.082700 |
| BGY | 0.042600 |
| CII | 0.141000 |
| BMEZ | 0.110000 |
| BME | 0.262100 |
| BCX | 0.069700 |
| BSTZ | 0.162500 |
| BST | 0.250000 |
| BTX | 0.052500 |
| BUI | 0.136000 |

---

The fixed amounts distributed per share are subject to change at the discretion of each Trust's Board. Under its Plan, each Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the "Code"). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the "1940 Act").

Shareholders should not draw any conclusions about a Trust's investment performance from the amount of these distributions or from the terms of the Plan. Each Trust's total return performance is presented in its financial highlights table.

2025 BlackRock Annual Report to Shareholders

------

Supplemental Information (unaudited) (continued)

The Board may amend, suspend or terminate a Trust's Plan at any time without prior notice to the Trust's shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust's stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to BDJ's and BUI's prospectuses for a more complete description of each Trust's risks.

Supplemental Information

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Supplemental Information](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_c19ab-footer-fundbookname-935_1)  | 2 |
| [Option Over-Writing Strategy](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_rskderiv-footer-fundbookname-935_1)  | 5 |
| [Derivative Financial Instruments](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_rskderiv-footer-fundbookname-935_1)  | 5 |
| **[Annual](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_fsm-footer-fundbookname-935_1)[Report:](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_fsm-footer-fundbookname-935_1)**  |  |
| [Trust Summary](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_fsm-footer-fundbookname-935_1)  | 6 |
| [Financial Statements:](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_soi-footer-fundbookname-935_1)  |  |
| &nbsp;&nbsp;&nbsp; [Schedules of Investments](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_soi-footer-fundbookname-935_1)  | 42 |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_fs-footer-fundbookname-935_1)  | 99 |
| &nbsp;&nbsp;&nbsp; [Statements of Operations](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_fs-footer-fundbookname-935_4)  | 102 |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_fs-footer-fundbookname-935_7)  | 105 |
| &nbsp;&nbsp;&nbsp; [Statements of Cash Flows](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_fs-footer-fundbookname-935_13)  | 111 |
| [Financial Highlights](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_fihi-footer-fundbookname-935_1)  | 117 |
| [Notes to Financial Statements](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_ntf-footer-fundbookname-935_1)  | 129 |
| [Report of Independent Registered Public Accounting Firm](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_audit-footer-fundbookname-935_1)  | 148 |
| [Important Tax Information](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_tax-1-footer-fundbookname-935_1)  | 149 |
| [Investment Objectives, Policies and Risks](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_fiopr-footer-fundbookname-935_1)  | 151 |
| [Shareholder Update](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_cesf-footer-fundbookname-939_1)  | 177 |
| [Automatic Dividend Reinvestment Plan](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_divre-footer-fundbookname-935_1)  | 182 |
| [Trustee and Officer Information](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_off-footer-fundbookname-936_1)  | 183 |
| [Additional Information](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_addinfo-footer-fundbookname-935_1)  | 186 |
| [Glossary of Terms Used in this Report](#xx_1f3697fe-cb8d-467c-903d-bb3efca5c259_terms-footer-fundbookname-935_1)  | 190 |

---

------

Option Over-Writing Strategy

**Overview**

In general, the goal of each of BDJ, BOE, BGY and CII (the "Trust") is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trusts seek to pursue these goals primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options in an effort to generate current gains from option premiums and to enhance each Trust's risk-adjusted return. Each Trust's objectives cannot be achieved in all market conditions.

Each Trust primarily writes single stock covered call options and may also from time to time write single stock put options. When writing (selling) a covered call option, a Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price ("strike price") within an agreed-upon time period. The Trust receives cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trust. During the option term, the counterparty may elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust is obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trust realizes gains equal to the premiums received. Alternatively, an option may be closed out by an offsetting purchase or sale of an option prior to expiration. The Trust realizes a capital gain from a closing purchase or sale transaction if the premium paid is less than the premium received from writing the option. The Trust realizes a capital loss from a closing purchase or sale transaction if the premium received is less than the premium paid to purchase the option.

Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written option (sale by a Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty may result in a sale below the current market value and a gain or loss being realized by the Trust; and limiting the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. The premium that a Trust receives from writing a covered call option may not be sufficient to offset the potential appreciation on the underlying equity security above the strike price of the option that could have otherwise been realized by the Trust. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.

**Option Over-Writing Strategy Illustration**

To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock's value, as a premium. If the stock price remains unchanged, the option expires and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would "break-even" from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust's downside protection is eliminated and the stock could eventually become worthless.

Each Trust intends to write covered call and other options to varying degrees depending upon market conditions. Please refer to each Trust's Schedule of Investments and the Notes to Financial Statements for details of written options.

Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Trusts' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

Option Over-Writing Strategy / Derivative Financial Instruments

------

Trust Summary as of December 31, 2025

**BlackRock Energy and Resources Trust (BGR)**

**Investment Objective**

**BlackRock Energy and Resources Trust's (BGR) (the "Trust")** investment objectives are to provide total return and income through a combination of current income and long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its total assets in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. The Trust may invest directly in such securities or synthetically through the use of derivatives.

On November 10, 2025, the Trust changed its investment objectives and removed the options writing strategy as a principal investment strategy.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BGR |
| Initial Offering Date | December 29, 2004 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($13.54)<sup>(a)</sup> | 8.62% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.097300 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.167600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $13.54  | &nbsp;&nbsp;&nbsp;&nbsp; $12.61  | &nbsp;&nbsp;&nbsp;&nbsp; 7.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $14.03  | &nbsp;&nbsp;&nbsp;&nbsp; $11.27  |
| Net Asset Value | 14.18 | &nbsp;&nbsp;&nbsp;&nbsp;13.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;12.27 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676imgb74fb3fa2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that is designed to capture the large- and mid-cap segments across developed markets countries. All securities in the index are classified in the energy sector as per the Global Industry Classification Standard.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Energy and Resources Trust (BGR)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 12.35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.21<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 17.15 | &nbsp;&nbsp;&nbsp;&nbsp;21.06 | &nbsp;&nbsp;&nbsp;&nbsp;7.95 |
| **MSCI World Energy Index (Net)**<sup>(c)</sup> | 13.32 | &nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp;&nbsp;7.62 |
| **MSCI World Energy Call Overwrite Index**<sup>(d)</sup> | 14.53 | &nbsp;&nbsp;&nbsp;&nbsp;18.99 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> Effective November 10, 2025, the Trust changed its benchmark from MSCI World Energy Call Overwrite Index to MSCI World Energy Index (Net) in connection with the removal of the options writing strategy from the Trust's principal investment strategies. 

<sup>(d)</sup> An index that incorporates an option overlay component on the MSCI World Energy Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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?**

Holdings in oil services and uranium companies were notable contributors to the Trust's performance in the annual period.

An out-of-benchmark position in the oil services company TechnipFMC PLC was a leading positive contributor at the individual holding level. The company exceeded earnings expectations on multiple occasions, and it reported rising profit margins and improving free cash flow. Another out-of-benchmark holding in oil services, the French liquid natural gas tanker operator Gaztransport et Technigaz SA, further contributed. The company announced new orders, supporting its earnings outlook. The Trust also benefited from its zero weighting in the underperforming midstream infrastructure company ONEOK, Inc.

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 ceased the options overwriting strategy on November 10, 2025.

On the negative side, the Trust's underweight in the integrated oil and gas company BP PLC was a notable detractor. The stock rose following an oil discovery at the beginning of August. An out-of-benchmark position in the exploration and production company Kosmos Energy Ltd. underperformed due to the impact of weaker oil prices on its profits. An underweight in the integrated oil company Eni SpA, which exceeded earnings expectations and returned capital to shareholders, also detracted.

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.**

In the first quarter, the Trust rotated out of Canadian midstream pipeline companies and added positions in integrated energy companies and U.S.-based refiners. The second quarter saw a move to reduce sensitivity to oil prices following OPEC's decision to raise production. The investment adviser sold select holdings in European energy stocks and U.S. companies with exposure to the Permian Basin, and it added a U.S. midstream energy company. During the third quarter, the Trust reduced positions in Chevron Corp. and Hess Corp. following the merger of the two companies, and it added to refiners. It also reduced the portfolio's weighting in uranium stocks. Late in 2025, the Trust exited a Canadian oil and gas producer and reduced positions in European integrated energy companies. The Trust initiated an investment in a gas infrastructure stock, and it added select holdings in the LNG, oil services, and U.S. refining subsectors.

**Describe portfolio positioning at period end.**

At the end of the period, 53.8% of the portfolio was invested in the integrated oil & gas industry, 22.1% in distribution, 12.4% in exploration & production, 4.8% in refining & marketing, 3.7% in other oil services, 1.6% in uranium, and 1.7% in cash.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Energy and Resources Trust (BGR)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Exxon Mobil Corp. | 21.0<br> %<br>|
| Chevron Corp. | 11.9 |
| Shell PLC | 10.4 |
| TotalEnergies SE | 6.8 |
| Williams Cos., Inc. | 4.3 |
| TC Energy Corp. | 4.0 |
| Canadian Natural Resources Ltd. | 3.8 |
| ConocoPhillips | 3.5 |
| Kinder Morgan, Inc. | 3.5 |
| Suncor Energy, Inc. | 3.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION** | **INDUSTRY ALLOCATION** |
| *Industry*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Oil, Gas & Consumable Fuels | 94.0<br> %<br>|
| Chemicals | 2.6 |
| Energy Equipment & Services | 2.4 |
| Consumer Staples Distribution & Retail | 1.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any. <br> <sup>(b)</sup> For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**Investment Objective**

**BlackRock Enhanced Equity Dividend Trust's (BDJ) (the "Trust")** primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by utilizing an option writing strategy to enhance distributions to its shareholders. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities and may invest up to 20% of its total assets in equity securities of issuers that do not pay dividends. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BDJ |
| Initial Offering Date | August 31, 2005 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($9.48)<sup>(a)</sup> | 7.84% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.061900 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $0.742800 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $9.48  | &nbsp;&nbsp;&nbsp;&nbsp; $8.28  | &nbsp;&nbsp;&nbsp;&nbsp; 14.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.48  | &nbsp;&nbsp;&nbsp;&nbsp; $7.60  |
| Net Asset Value | 9.74 | &nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;8.17 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676img21080a423.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years).

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 18.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.88<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 25.91 | &nbsp;&nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;11.06 |
| **MSCI USA Value Call Overwrite Index**<sup>(c)</sup> | 12.24 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Russell 1000® Value Index** | 15.91 | &nbsp;&nbsp;&nbsp;&nbsp;11.33 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> An index that incorporates an option overlay component on the MSCI USA Value Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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 relative performance based on NAV:**

**What factors influenced performance?**

Security selection in the consumer discretionary sector, particularly in the retail industry, made the largest contribution to performance. An overweight in the sector contributed, as well. Stock selection in healthcare also helped results, led by the healthcare providers & services industry. Selection in industrials and energy further contributed.

Stock selection in the utilities sector was the largest detractor. Positioning in the semiconductors & semiconductor equipment and media industries also weighed on results.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio's holdings. The 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 Trust's allocations to the materials and consumer staples sectors increased as a result of both investment activity and price movements. Its allocations to financials and consumer discretionary decreased.

**Describe portfolio positioning at period end.**

The Trust's largest absolute allocations were in financials, healthcare, and industrials. Relative to the benchmark, the most significant overweights were in materials, industrials, and healthcare. The Trust's largest underweights were in communication services, consumer discretionary, and information technology.

As of December 31, 2025, the Trust had in place an option overwriting program whereby 50.4% 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 4.5% out of the money).

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Wells Fargo & Co. | 3.5<br> %<br>|
| Citigroup, Inc. | 3.2 |
| SS&C Technologies Holdings, Inc. | 2.6 |
| First Citizens BancShares, Inc. | 2.6 |
| Amazon.com, Inc. | 2.5 |
| Intercontinental Exchange, Inc. | 2.5 |
| Becton Dickinson & Co. | 2.4 |
| Dollar General Corp. | 2.3 |
| Samsung Electronics Co. Ltd. | 2.2 |
| Baxter International, Inc. | 2.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Financials | 22.2<br> %<br>|
| Health Care | 14.3 |
| Industrials | 13.2 |
| Information Technology | 11.0 |
| Communication Services | 7.5 |
| Materials | 7.3 |
| Consumer Staples | 7.2 |
| Energy | 5.7 |
| Consumer Discretionary | 4.2 |
| Utilities | 4.1 |
| Real Estate | 3.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any. <br> <sup>(b)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Trust Summary

------

Trust Summary as of December 31, 2025

**BlackRock Enhanced Global Dividend Trust (BOE)**

**Investment Objective**

**BlackRock Enhanced Global Dividend Trust's (BOE) (the "Trust")** primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies located in countries throughout the world and by employing a strategy of writing (selling) call and put options. Under normal circumstances, the Trust invests at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the U.S. (unless market conditions are not deemed favorable by Trust management, in which case the Trust would invest at least 30% of its assets outside of the U.S.). The Trust may invest in securities of companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BOE |
| Initial Offering Date | May 31, 2005 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($11.71)<sup>(a)</sup> | 8.47% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.082700 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $0.992400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $11.71  | &nbsp;&nbsp;&nbsp;&nbsp; $10.77  | &nbsp;&nbsp;&nbsp;&nbsp; 8.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.82  | &nbsp;&nbsp;&nbsp;&nbsp; $9.66  |
| Net Asset Value | 12.89 | &nbsp;&nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;13.02 | &nbsp;&nbsp;&nbsp;&nbsp;10.68 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676imgf91d12fc4.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that captures large- and mid-cap representation across certain developed and emerging markets.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Enhanced Global Dividend Trust (BOE)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 16.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.85<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 18.62 | &nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;8.01 |
| **MSCI ACWI Call Overwrite Index**<sup>(c)</sup> | 19.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **MSCI ACWI (Net)** | 22.34 | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> An index that incorporates an option overlay component on the MSCI ACWI Index with a 45% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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 relative performance based on NAV:**

**What factors influenced performance?**

In sector terms, positive contributions to the Trust's performance relative to the benchmark were led by stock selection within financials and communication services, while underweights to financials and consumer discretionary also contributed.

In terms of individual positions, Spanish bank, Banco Bilbao Vizcaya Argentaria ("BBVA") led contributions. European banks broadly had very strong performance in 2025 supported by a favorable yield curve, hopes for fiscal stimulus and positive corporate commentary. BBVA continuously reported strong earnings throughout the year and displayed strong capital allocation discipline in announcing further returns to shareholders. While BBVA is a high-quality bank with a potential growth trajectory through its footprint in Mexico, the position was trimmed to reflect the stock's shifting risk-reward profile give the strong price appreciation. General Electric Company (doing business as GE Aerospace) also outperformed as the U.S. aerospace and defense company saw strong order momentum and robust earnings. In addition, the company raised guidance as it is benefiting from structural tailwinds in high-performance propulsion and commercial aerospace demand. Execution strength and a healthy backlog of business help underpin confidence in the company's growth going forward, reinforcing GE Aerospace's strong positioning across next generation platforms and services. Holdings of Broadcom Inc. contributed positively as the U.S. semiconductor company experienced resilient demand across its networking and custom silicon segments, while benefiting from exposure to AI-related workloads. Broadcom remains positioned to benefit as AI infrastructure development spending shifts from graphical processing units ("GPUs") to more tailored application-specific integrated circuits ("ASICs") where Broadcom is a leader. In this vein, Broadcom shares moved steadily higher for much of the year and received an additional boost in September on news that the company had added another major AI customer. While the stock experienced some volatility late in the year, the Trust continues to favor this exposure given the company's leadership in the ASICs which are critical for improving AI model efficiency.

In sector terms, stock selection in healthcare, information technology and industrials weighed most heavily on relative return, while an overweight to healthcare also detracted.

In terms of individual detractors, shares of Danish pharmaceutical company Novo Nordisk A/S came under pressure during the period on pricing concerns and competitive headwinds in diabetes and obesity treatments. The Trust exited the stock as the company's expected market share gains failed to be reflected in prescription data and on concerns around expiring patents and the introduction by competitors of oral treatments that could reduce demand for Novo Nordisk's injectable solutions. Holdings of UnitedHealth Group Inc. detracted as rising medical cost trends and margin compression in Medicare Advantage weighed on sentiment with respect to the U.S. managed care company. In early 2025, the company pulled its earnings guidance after costs rose faster than expected, driven by higher-than-priced utilization of Medicare Advantage plans, and payment cuts under the new Centers for Medicare & Medicaid Services ("CMS") risk model. UnitedHealth subsequently reaffirmed its earnings outlook, achieving strong CMS ratings with 78% of plans scoring four stars or higher, and detailing margin recovery initiatives such as benefit adjustments, refined coverage and improved coding. The Trust added to the position in UnitedHealth on weakness as the managed care industry has structural tailwinds given the lower costs per patient to the government than the alternative fee-for-service model. Accenture, the global professional services and IT consulting company, detracted from relative performance during the period as macro uncertainty weighed on corporate technology budgets, leading to delays in discretionary spending and implementing large transformation projects. Concerns around potential cuts to government spending further pressured the stock, while weakness in consulting demand and slower decision cycles impacted revenue growth. Margin compression from higher costs added to investor caution, and debate around whether AI acts as a tailwind by driving advisory opportunities or a structural headwind by automating services created additional uncertainty.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio's holdings. The Trust's options overlay strategy contributed to relative performance for the 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.

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Enhanced Global Dividend Trust (BOE)**

**Describe recent portfolio activity.**

During the period, the Trust reduced exposure to the information technology, industrials and healthcare sectors, while adding to financials, consumer discretionary and communication services.

**Describe portfolio positioning at period end.**

At the end of the period, the Trust's largest sector overweights were to industrials, financials and consumer staples. In regional terms, the portfolio was most overweight Europe.

As of December 31, 2025, the Trust had in place an option overwriting program whereby 43.2% 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 3.3% out of the money) and for maturities averaging 54.9 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.* <br>*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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Microsoft Corp. | 5.0<br> %<br>|
| Alphabet, Inc. | 4.4 |
| Broadcom, Inc. | 4.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6 |
| AstraZeneca PLC | 3.0 |
| CMS Energy Corp. | 2.8 |
| Coca-Cola Co. | 2.8 |
| Allianz SE | 2.7 |
| Apple, Inc. | 2.4 |
| Applied Materials, Inc. | 2.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
| *Country/Geographic Region* | *Percent of Total* <br>*Investments*<br>|
| United States | 62.8<br> %<br>|
| United Kingdom | 9.3 |
| Taiwan | 5.4 |
| France | 4.5 |
| Germany | 4.1 |
| Spain | 3.6 |
| China | 2.5 |
| Netherlands | 1.9 |
| India | 1.5 |
| Japan | 1.5 |
| South Korea | 1.1 |
| Other<sup>#</sup> | 1.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Excludes short-term securities, short investments and options, if any. |
| <sup>#</sup> <br>| Includes holdings within countries/geographic regions that are less than 1.0% of total investments. Please refer to the Schedule of Investments for such countries/geographic regions. |

---

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025

**BlackRock Enhanced International Dividend Trust (BGY)**

**Investment Objective**

**BlackRock Enhanced International Dividend Trust's (BGY) (the "Trust")** primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal circumstances, at least 80% of its net assets in dividend-paying equity securities issued by non-U.S. companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BGY |
| Initial Offering Date | May 30, 2007 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($5.88)<sup>(a)</sup> | 8.69% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.042600 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $0.511200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $5.88  | &nbsp;&nbsp;&nbsp;&nbsp; $5.31  | &nbsp;&nbsp;&nbsp;&nbsp; 10.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $5.92  | &nbsp;&nbsp;&nbsp;&nbsp; $4.93  |
| Net Asset Value | 6.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676imge7d2cd965.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that captures large- and mid-cap representation across certain developed markets countries (excluding the United States) and certain emerging markets countries.

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Enhanced International Dividend Trust (BGY)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 16.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 21.03 | &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;7.35 |
| **MSCI ACWI ex USA Call Overwrite Index**<sup>(c)</sup> | 28.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **MSCI ACWI ex USA Index (Net)** | 32.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> An index that incorporates an option overlay component on the MSCI ACWI ex USA Index with a 45% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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 relative performance based on NAV:**

**What factors influenced performance?**

In sector terms, a lack of exposure to real estate contributed the most to the Trust's relative return for the 12 months.

In terms of individual positions, Spanish bank, Banco Bilbao Vizcaya Argentaria ("BBVA") led contributions. European banks broadly had very strong performance in 2025 supported by a favorable yield curve, hopes for fiscal stimulus and positive corporate commentary. BBVA continuously reported strong earnings throughout the year and displayed strong capital allocation discipline in announcing further returns to shareholders. While BBVA is a high-quality bank with a potential growth trajectory through its footprint in Mexico, the position was trimmed to reflect the stock's shifting risk-reward profile give the strong price appreciation. General Electric Company (doing business as GE Aerospace) also outperformed as the U.S. aerospace and defense company saw strong order momentum and robust earnings. In addition, the company raised guidance as it is benefiting from structural tailwinds in high-performance propulsion and commercial aerospace demand. Execution strength and a healthy backlog of business help underpin confidence in the company's growth going forward, reinforcing GE Aerospace's strong positioning across next generation platforms and services. Toronto-Dominion Bank (doing business as TD Bank Group) was another leading contributor as the Canadian financial services company benefited from a favorable yield curve and improving U.S. profitability driven by restructuring initiatives. The bank delivered strong execution with revenues above expectations and strong earnings, while management issued an encouraging forecast for fiscal 2026. Confidence in the franchise was further reinforced by capital returns to shareholders highlighted by a dividend increase and announcement of a share buyback program, underscoring the bank's strong positioning and disciplined capital management.

Stock selection in industrials, information technology and healthcare detracted from relative return, along with overweights to information technology and healthcare.

In terms of individual detractors, shares of Danish pharmaceutical company Novo Nordisk A/S came under pressure during the period on pricing concerns and competitive headwinds in diabetes and obesity treatments. The Trust exited the stock as the company's expected market share gains failed to be reflected in prescription data and on concerns around expiring patents and the introduction by competitors of oral treatments which could reduce demand for Novo Nordisk's injectable solutions. Keyence Corp., the Japanese factory automation and sensor technology company, saw its shares decline as slowing global industrial activity and weaker capital expenditure trends weighed on demand for automation solutions. The Trust exited the position on concerns about the pace of recovery in Keyence's core business, as its exposure to China remains a headwind. The proceeds were reallocated to Shin-Etsu Chemical Co., Ltd., the largest chemical company in Japan, based on stronger fundamentals and more compelling growth drivers. Japanese automation company SMC Corp. was another laggard on softer factory automation demand driven by weaker capital investment and broader macroeconomic uncertainty. In August, the Trust exited the position in SMC Corp. following signs of deteriorating end market demand and rising competitive pressures, compounded by the company's recent capacity additions in Vietnam that posed additional risks to profitability.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio's holdings. The Trust's options overlay strategy contributed to relative performance for the reporting period. 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.**

During the period, the Trust reduced its exposure to the consumer staples, healthcare, industrials and information technology sectors, moving from overweight to underweight allocations vs. the benchmark. Conversely, the Trust added to its financials and consumer discretionary allocations, moving from underweights to overweights.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Enhanced International Dividend Trust (BGY)**

**Describe portfolio positioning at period end.**

At the end of the period, the Trust's largest sector overweights were in consumer discretionary, communication services and financials. Regionally, the majority of portfolio assets comprised securities listed in Europe, excluding the United Kingdom.

As of December 31, 2025, the Trust had in place an option overwriting program whereby 43.6% 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 3.2% out of the money) and for maturities averaging 59.7 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.* <br>*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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.2<br> %<br>|
| Shell PLC | 4.2 |
| Teck Resources Ltd. | 3.3 |
| SAP SE | 3.2 |
| Tencent Holdings Ltd. | 3.2 |
| FinecoBank Banca Fineco SpA | 3.1 |
| AstraZeneca PLC | 3.0 |
| Atlas Copco AB | 3.0 |
| Koninklijke KPN NV | 3.0 |
| Sony Group Corp. | 2.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
| *Country/Geographic Region* | *Percent of Total* <br>*Investments*<br>|
| United Kingdom | 11.3<br> %<br>|
| France | 9.4 |
| Japan | 9.3 |
| Germany | 7.8 |
| Netherlands | 7.6 |
| Canada | 7.2 |
| Taiwan | 6.9 |
| China | 6.1 |
| Sweden | 5.6 |
| United States | 5.5 |
| Spain | 4.7 |
| India | 3.9 |
| South Korea | 3.3 |
| Italy | 3.1 |
| Switzerland | 2.8 |
| Finland | 2.1 |
| Singapore | 1.9 |
| Mexico | 1.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any.

Trust Summary

------

Trust Summary as of December 31, 2025

**BlackRock Enhanced Large Cap Core Fund, Inc. (CII)**

**Investment Objective**

**BlackRock Enhanced Large Cap Core Fund, Inc.'s (CII) (the "Trust")** investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options.

No assurance can be given that the Trust's investment objective will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | CII |
| Initial Offering Date | April 30, 2004 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($23.37)<sup>(a)</sup> | 7.24% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.141000 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.692000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $23.37  | &nbsp;&nbsp;&nbsp;&nbsp; $20.10  | &nbsp;&nbsp;&nbsp;&nbsp; 16.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $25.88  | &nbsp;&nbsp;&nbsp;&nbsp; $16.50  |
| Net Asset Value | 22.62 | &nbsp;&nbsp;&nbsp;&nbsp;21.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;24.65 | &nbsp;&nbsp;&nbsp;&nbsp;17.95 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676img9637cc796.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000® Index represents approximately 93% of the Russell 3000® Index.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Enhanced Large Cap Core Fund, Inc. (CII)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 25.43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.91<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 38.16 | &nbsp;&nbsp;&nbsp;&nbsp;16.50 | &nbsp;&nbsp;&nbsp;&nbsp;14.04 |
| **MSCI USA Call Overwrite Index**<sup>(c)</sup> | 14.90 | &nbsp;&nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Russell 1000® Index** | 17.37 | &nbsp;&nbsp;&nbsp;&nbsp;13.59 | &nbsp;&nbsp;&nbsp;&nbsp;14.59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> An index that incorporates an option overlay component on the MSCI USA Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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 relative performance based on NAV:**

**What factors influenced performance?**

The largest contributors to the Trust's performance relative to the benchmark over the period were security selection decisions in the information technology sector, allocation decisions in the financials sector, and selection decisions in the industrials sector. Within information technology, the largest contributor to relative performance was an overweight position in communication equipment company Ciena Corp. In financials, an overweight to mortgage lender Rocket Companies Inc. within the financial services industry proved most beneficial. Within industrials, an overweight to heating, ventilation, and air conditioning company Johnson Controls International plc in the building products industry was most additive.

The largest detractors from the Trust's performance over the period were security selection decisions in the materials and communication services sectors. Within materials, the biggest detractor was an overweight position in Air Products & Chemicals Inc., a provider of gases and chemicals for industrial use. Within communication services, an underweight to Google-parent Alphabet Inc. within media & services proved detrimental. There were no other sector-level detractors for the period.

The Trust utilized 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 for the 12-month period. The Trust's practice of maintaining a specified level of monthly distributions did not have a material impact on its investment strategy.

**Describe recent portfolio activity.**

Due to a combination of market changes and portfolio activity, the Trust's exposure to the industrials and communication services sectors increased while exposure to consumer staples and utilities decreased. The Trust did not add any new private companies during the year.

**Describe portfolio positioning at period end.**

As of December 31, 2025, the Fund had an options overwriting program in place whereby 55.5% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 5.3% out of the money) with an average time until expiration of approximately 54 days. In the public portion of the portfolio, the largest sector overweights were in industrials and communication services while the largest underweights were in consumer staples and utilities.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Enhanced Large Cap Core Fund, Inc. (CII)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Microsoft Corp. | 7.0<br> %<br>|
| Amazon.com, Inc. | 6.9 |
| NVIDIA Corp. | 6.5 |
| Meta Platforms, Inc. | 5.3 |
| Alphabet, Inc. | 5.0 |
| Cardinal Health, Inc. | 4.3 |
| Ciena Corp. | 4.1 |
| Visa, Inc. | 3.6 |
| Apple, Inc. | 3.6 |
| Broadcom, Inc. | 3.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Information Technology | 36.0<br> %<br>|
| Financials | 14.2 |
| Communication Services | 13.4 |
| Industrials | 11.6 |
| Health Care | 10.5 |
| Consumer Discretionary | 9.9 |
| Materials | 2.2 |
| Energy | 2.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any. <br> <sup>(b)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025

**BlackRock Health Sciences Term Trust (BMEZ)**

**Investment Objective**

**BlackRock Health Sciences Term Trust's (BMEZ) (the "Trust")** investment objectives are to provide total return and income primarily through long-term capital appreciation. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities of companies principally engaged in the health sciences group of industries and equity derivatives with exposure to the health sciences group of industries.

On November 10, 2025, the Trust changed its investment objectives and removed the options writing strategy as a principal investment strategy.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BMEZ |
| Initial Offering Date | January 30, 2020 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($15.05)<sup>(a)</sup> | 8.77% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.110000 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.320000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $15.05  | &nbsp;&nbsp;&nbsp;&nbsp; $14.40  | &nbsp;&nbsp;&nbsp;&nbsp; 4.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.60  | &nbsp;&nbsp;&nbsp;&nbsp; $13.25  |
| Net Asset Value | 17.10 | &nbsp;&nbsp;&nbsp;&nbsp;16.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;17.57 | &nbsp;&nbsp;&nbsp;&nbsp;13.73 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676img0ae8b2377.jpg)

BMEZ commenced operations on January 30, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that captures large- and mid-cap representation across certain developed and emerging markets.

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Health Sciences Term Trust (BMEZ)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | &nbsp;&nbsp;&nbsp; *Since* <br>*Inception*<sup>(a)</sup><br>|
| Trust at NAV<sup>(b)(c)</sup> | 17.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.80)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> % <br>|
| Trust at Market Price<sup>(b)(c)</sup> | 18.38 | &nbsp;&nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.30 |
| **STOXX Global Breakthrough Healthcare Index (Net)**<sup>(d)(e)</sup> | 18.84 | &nbsp;&nbsp;&nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.43 |
| **MSCI ACWI (Net)** | 22.34 | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;12.18 |
| **MSCI Custom ACWI SMID Growth HC Call Overwrite Index**<sup>(f)</sup> | 15.65 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> BMEZ commenced operations on January 30, 2020.

<sup>(b)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(c)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(d)</sup> An index that comprise of companies from selected countries exposed to a defined set of themes: Ageing Population, Automation & Robotics, Digitalisation, Breakthrough Healthcare. These companies, or components of their business lines, are positioned to long-term structural trends driving social, economic and environmental change which, in the future, will have a substantial impact on their performance. 

<sup>(e)</sup> Effective November 10, 2025, the Trust changed its benchmark from MSCI Custom ACWI SMID Growth HC Call Overwrite Index to STOXX Global Breakthrough Healthcare Index (Net) in connection with the removal of the options writing strategy from the Trust's principal investment strategies. 

<sup>(f)</sup> An index representing the Health Care sector stocks within the MSCI ACWI SMID Cap Growth Index and incorporating an option overlay component with a 25% overwrite level. The MSCI ACWI SMID Cap Growth Index captures mid- and small-cap securities exhibiting overall growth style characteristics across certain developed and emerging markets countries. The index commenced on March 31, 2022 and therefore the since inception return presented is for the period March 31, 2022 through the current reporting period. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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 relative performance based on NAV:**

**What factors influenced performance?**

Security selection contributed to performance in the annual period. Among individual holdings, an out-of-benchmark position in Alnylam Pharmaceuticals, Inc., which benefited from a better-than-expected product launch, was a top contributor. An out-of-benchmark position in Insmed, Inc. also contributed. The biotech company experienced growth on the strength of major clinical and regulatory milestones in its pipeline, including U.S. Food and Drug Administration approval for a new respiratory drug. An underweight in Sarepta Therapeutics, Inc. also contributed. The stock was pressured by safety concerns for one of its drugs.

Positioning in the pharmaceuticals subsector detracted from relative performance. An out-of-benchmark position in West Pharmaceutical Services, Inc., which was pressured by reduced guidance, was the largest individual detractor. An out-of-benchmark position in Sonova Holding AG also detracted, as the stock struggled due to macroeconomic headwinds and concerns about rising competition. A zero weighting in Intra-Cellular Therapies Inc., which was taken over at a premium, was an additional detractor of note.

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's allocations to the medical devices & supplies, biotechnology, and healthcare providers & services subsectors increased in 2025, while its weighting in the pharmaceuticals subsector fell.

**Describe portfolio positioning at period end.**

The Trust held 39.5% of net assets in the biotechnology subsector, 31.7% in medical devices and supplies, 21.0% in pharmaceuticals, and 3.9% in healthcare providers & services. These industry weightings were a result of bottom-up stock selection. The Trust no longer uses an option overwrite strategy.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Health Sciences Term Trust (BMEZ)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Johnson & Johnson | 2.9<br> %<br>|
| Medtronic PLC | 2.7 |
| Merck & Co., Inc. | 2.6 |
| Roche Holding AG | 2.6 |
| Exact Sciences Corp. | 2.5 |
| Gilead Sciences, Inc. | 2.5 |
| PsiQuantum Corp. | 2.3 |
| Edwards Lifesciences Corp. | 2.3 |
| Guardant Health, Inc. | 2.1 |
| Abbott Laboratories | 2.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION** | **INDUSTRY ALLOCATION** |
| *Industry*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Biotechnology | 40.5<br> %<br>|
| Pharmaceuticals | 20.3 |
| Health Care Equipment & Supplies | 15.8 |
| Life Sciences Tools & Services | 15.6 |
| Health Care Providers & Services | 5.5 |
| Semiconductors & Semiconductor Equipment | 2.3 |
| Health Care Technology | &nbsp;&nbsp; — <br><sup>(c)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any.

<sup>(b)</sup> For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

<sup>(c)</sup> Rounds to less than 0.1%.

Trust Summary

------

Trust Summary as of December 31, 2025

**BlackRock Health Sciences Trust (BME)**

**Investment Objective**

**BlackRock Health Sciences Trust's (BME) (the "Trust")** investment objectives are to provide total return and income primarily through long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry.

On November 10, 2025, the Trust changed its investment objectives and removed the options writing strategy as a principal investment strategy.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BME |
| Initial Offering Date | March 31, 2005 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($41.13)<sup>(a)</sup> | 7.65% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.262100 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $3.145200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $41.13  | &nbsp;&nbsp;&nbsp;&nbsp; $37.93  | &nbsp;&nbsp;&nbsp;&nbsp; 8.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $41.61  | &nbsp;&nbsp;&nbsp;&nbsp; $34.86  |
| Net Asset Value | 43.97 | &nbsp;&nbsp;&nbsp;&nbsp;41.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp;&nbsp;&nbsp;45.28 | &nbsp;&nbsp;&nbsp;&nbsp;37.85 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676imgede302028.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An unmanaged index that features companies involved in medical services or health care in the Russell 3000® Index, which includes the largest 3,000 U.S. companies as determined by total market capitalization.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Health Sciences Trust (BME)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 15.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.99<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 17.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;7.36 |
| **Russell 3000® Health Care Index**<sup>(c)</sup> | 14.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 |
| **MSCI USA Investable Market Index Health Care Call Overwrite Index**<sup>(d)</sup> | 14.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> Effective November 10, 2025, the Trust changed its benchmark from MSCI USA Investable Market Index Health Care Call Overwrite Index to Russell 3000® Health Care Index in connection with the removal of the options writing strategy from the Trust's principal investment strategies. 

<sup>(d)</sup> An index that incorporates an option overlay component on the MSCI USA IMI Health Care Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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 relative performance based on NAV:**

**What factors influenced performance?**

Security selection made a positive contribution to relative performance during the reporting period. An underweight position in UnitedHealth Group, Inc, was the largest contributor at the individual security level. The stock was pressured by rising medical cost trends, management reshuffling, and regulatory headwinds. An overweight in Insmed, Inc. also contributed. The biotech company experienced growth on the strength of major clinical and regulatory milestones in its pipeline, including U.S. Food and Drug Administration approval for a new respiratory drug. An overweight in Alnylam Pharmaceuticals, Inc. which benefited from a better-than-expected product launch, was a further contributor.

On the other hand, an overweight in the medical devices & supplies subsector detracted from relative performance. Among individual positions, an underweight in Eli Lilly & Co. was a key detractor. The stock rallied behind solid financial performance and growth in its GLP-1 franchise. An underweight in Johnson & Johnson, which reported strong quarterly results and benefited from reduced concerns about its patent cliffs, also detracted. An underweight in the hospital operator HCA Healthcare hurt performance, as well. The shares benefited from the company's strong fundamentals and improving outlook.

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's allocations to the pharmaceuticals, biotechnology, and healthcare providers & services subsectors increased in 2025, while its weighting in the medical devices & supplies subsector fell.

**Describe portfolio positioning at period end.**

The Trust held 31.4% of net assets in the pharmaceuticals subsector, 30.1% in medical devices and supplies, 27.5% in biotechnology, and 10.4% in healthcare providers & services. These industry weightings were a result of bottom-up stock selection. The Trust no longer uses an option overwrite strategy.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Health Sciences Trust (BME)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Eli Lilly & Co. | 11.2<br> %<br>|
| Johnson & Johnson | 8.6 |
| AbbVie, Inc. | 4.1 |
| Abbott Laboratories | 4.0 |
| Merck & Co., Inc. | 3.7 |
| UnitedHealth Group, Inc. | 3.6 |
| Gilead Sciences, Inc. | 3.3 |
| Medtronic PLC | 3.1 |
| Amgen, Inc. | 3.0 |
| Thermo Fisher Scientific, Inc. | 2.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION** | **INDUSTRY ALLOCATION** |
| *Industry*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Pharmaceuticals | 31.5<br> %<br>|
| Biotechnology | 27.8 |
| Health Care Equipment & Supplies | 21.2 |
| Health Care Providers & Services | 10.2 |
| Life Sciences Tools & Services | 9.0 |
| Health Care Technology | 0.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any. <br> <sup>(b)</sup> For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025

**BlackRock Resources & Commodities Strategy Trust (BCX)**

**Investment Objective**

**BlackRock Resources & Commodities Strategy Trust's (BCX) (the "Trust")** investment objectives are to provide total return and income through a combination of current income and long-term capital appreciation. The Trust will seek to achieve its investment objectives, under normal market conditions, by investing at least 80% of its total assets in equity securities issued by commodity or natural resources companies, derivatives with exposure to commodity or natural resources companies or investments in securities and derivatives linked to the underlying price movement of commodities or natural resources.

On November 10, 2025, the Trust changed its investment objectives and removed the options writing strategy as a principal investment strategy.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BCX |
| Initial Offering Date | March 30, 2011 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($10.98)<sup>(a)</sup> | 7.62% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.069700 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $0.836400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.98  | &nbsp;&nbsp;&nbsp;&nbsp; $8.54  | &nbsp;&nbsp;&nbsp;&nbsp; 28.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.07  | &nbsp;&nbsp;&nbsp;&nbsp; $8.00  |
| Net Asset Value | 11.54 | &nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;20.46 | &nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676imgb1403f029.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that includes approximately 90 of the largest publicly-traded companies in the natural resources and commodities businesses that meet specific investability requirements across three primary commodity-related sectors: agribusiness, energy, and metals and mining.

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Resources & Commodities Strategy Trust (BCX)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 31.26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.84<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 40.10 | &nbsp;&nbsp;&nbsp;&nbsp;15.54 | &nbsp;&nbsp;&nbsp;&nbsp;12.08 |
| **S&P Global Natural Resources Index (Net)**<sup>(c)</sup> | 28.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.38 |
| **MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index**<sup>(d)</sup> | 31.99 | &nbsp;&nbsp;&nbsp;&nbsp;10.74 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> Effective November 10, 2025, the Trust changed its benchmark from MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index to S&P Global Natural Resources Index (Net) in connection with the removal of the options writing strategy from the Trust's principal investment strategies. 

<sup>(d)</sup> An index that incorporates an option overlay component on the MSCI ACWI Select Liquidity Natural Resources Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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?**

The Trust's overweight position in gold mining stocks contributed to performance in 2025. Gold benefited from continued central bank purchases and its status as a "safe haven" during a period of heightened geopolitical risk, inflation, uncertainty over global growth, and rising government budget deficits and debt levels. The higher gold price, combined with a favorable energy and labor cost environment for mining companies, fueled strong returns for holdings in gold producers and gold royalty companies, such as Wheaton Precious Metals Corp., Barrick Mining Corp., and Kinross Gold Corp.

The Trust's position in the cement and building materials producer Heidelberg Materials AG was also a leading contributor. The stock rose on the strength of positive earnings updates and expectations for increased infrastructure investment in Germany.

U.S. steel producers, which were viewed as beneficiaries of higher tariffs on imported steel, also performed well. In addition, the Trust's holding in United States Steel Corp. was taken over at a premium.

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 ceased the options overwriting strategy on November 10, 2025.

Security selection in integrated energy detracted, as did an overweight in the sector. An underweight in the fertilizer sub-sector detracted, as well.

Paper and packaging stocks, such as Smurfit WestRock PLC, Graphic Packaging Holding Co., and Packaging Corp. of America, were notable detractors. U.S. tariffs depressed packaging volumes, weighing on the companies' results.

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 weightings in the energy and agriculture sectors and increased its allocation to the mining sector.

The Trust exited positions in a North American copper mining company and three European integrated energy companies. In addition, it initiated a position in a North American integrated energy company and a U.S.-focused seed, crop protection, and fertilizer producer.

**Describe portfolio positioning at period end.**

At the end of the period, 48.2% of the portfolio was invested in the mining sector, 20.0% in the agriculture sector, and 28.0% in the energy sector, and 3.8% was held in cash.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Resources & Commodities Strategy Trust (BCX)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Shell PLC | 7.7<br> %<br>|
| Exxon Mobil Corp. | 6.9 |
| Wheaton Precious Metals Corp. | 5.1 |
| Anglo American PLC | 4.9 |
| Chevron Corp. | 4.7 |
| Barrick Mining Corp. | 4.7 |
| Nutrien Ltd. | 4.6 |
| Vale SA | 4.4 |
| Newmont Corp. | 4.2 |
| Corteva, Inc. | 3.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION** | **INDUSTRY ALLOCATION** |
| *Industry*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Metals & Mining | 44.6<br> %<br>|
| Oil, Gas & Consumable Fuels | 27.3 |
| Chemicals | 11.8 |
| Containers & Packaging | 5.1 |
| Construction Materials | 4.1 |
| Food Products | 2.8 |
| Paper & Forest Products | 2.2 |
| Machinery | 1.3 |
| Energy Equipment & Services | 0.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any. <br> <sup>(b)</sup> For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

Trust Summary

------

Trust Summary as of December 31, 2025

**BlackRock Science and Technology Term Trust (BSTZ)**

**Investment Objective**

**BlackRock Science and Technology Term Trust's (BSTZ) (the "Trust")** investment objectives are to provide total return and income primarily through long-term capital appreciation. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities issued by U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology.

On November 10, 2025, the Trust changed its investment objectives and removed the options writing strategy as a principal investment strategy.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BSTZ |
| Initial Offering Date | June 27, 2019 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($22.61)<sup>(a)</sup> | 8.62% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.162500 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.950000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $22.61  | &nbsp;&nbsp;&nbsp;&nbsp; $20.71  | &nbsp;&nbsp;&nbsp;&nbsp; 9.17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.24  | &nbsp;&nbsp;&nbsp;&nbsp; $16.12  |
| Net Asset Value | 24.98 | &nbsp;&nbsp;&nbsp;&nbsp;23.14 | &nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;25.99 | &nbsp;&nbsp;&nbsp;&nbsp;17.48 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676img5182aa7410.jpg)

BSTZ commenced operations on June 27, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that captures large- and mid-cap representation across certain developed and emerging markets.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Science and Technology Term Trust (BSTZ)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | &nbsp;&nbsp;&nbsp; *Since* <br>*Inception*<sup>(a)</sup><br>|
| Trust at NAV<sup>(b)(c)(d)</sup> | 23.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.49<br> % <br>|
| Trust at Market Price<sup>(b)(c)</sup> | 24.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;11.77 |
| **MSCI ACWI SMID Growth/Information Technology Index (Net)**<sup>(e)(f)</sup> | 15.71 | &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;13.75 |
| **MSCI ACWI (Net)** | 22.34 | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;12.58 |
| **MSCI Custom ACWI SMID Growth IT Call Overwrite Index**<sup>(g)</sup> | 12.52 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;7.24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> BSTZ commenced operations on June 27, 2019.

<sup>(b)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(c)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(d)</sup> For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published as of December 31, 2025. 

<sup>(e)</sup> An index that tracks the performance of mid- and small-cap companies within the Information Technology sector, exhibiting growth characteristics, across both developed and emerging markets. 

<sup>(f)</sup> Effective November 10, 2025, the Trust changed its benchmark from MSCI Custom ACWI SMID Growth IT Call Overwrite Index to MSCI ACWI SMID Growth/Information Technology Index (Net) in connection with the removal of the options writing strategy from the Trust's principal investment strategies. 

<sup>(g)</sup> An index representing the Information Technology sector stocks within the MSCI ACWI SMID Cap Growth Index and incorporating an option overlay component with a 25% overwrite level. An index that captures mid- and small-cap securities exhibiting overall growth style characteristics across certain developed and emerging markets. The index commenced on March 31, 2022 and therefore the since inception return presented is for the period March 31, 2022 through the current reporting period. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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 relative performance based on NAV:**

**What factors influenced performance?**

At the subsector level, security selection in the software and hardware categories made the largest contribution to relative performance in the annual period. Selection in semiconductors and IT services detracted.

An out-of-benchmark position in the private company Databricks was the largest contributor to performance at the individual holding level. The company's valuation rose in 2025 amid an emerging consensus that accelerating enterprise AI demand would lead to sizable revenue gains. An overweight in Lumentum Holdings, Inc. also contributed. Shares of the networking components company surged in 2025 as the AI data center buildout drove rising demand for its optical components and transceivers, leading to robust revenue growth and accelerating profitability. An out-of-benchmark position in NVIDIA Corp., which rose on the strength of high demand for its AI chips, further contributed to results.

An underweight in Astera Labs, Inc. was the largest detractor from relative performance. The stock rallied as the AI data-center buildout drove surging demand for the company's rack scale connectivity products, translating to record revenue growth. An underweight position in SanDisk Corp., which rallied on expectations for rising memory demand due to the growth of AI, further detracted. An out-of-benchmark holding in the private company Snyk also hurt results, as investors reassessed its slowing growth, ongoing losses, and the intensifying competition in the developer/application security space.

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 adviser undertook a deliberate repositioning in 2025 to enhance upside potential and align the portfolio with evolving market dynamics. It trimmed positions in crowded trades in the broader technology value chain where near-term return prospects appeared constrained. It redeployed the proceeds into AI infrastructure-related companies, where a mismatch between surging compute demand and constrained capacity created attractive opportunities. In addition, it increased exposure to high-growth themes supported by strong near-term catalysts, including defense technology, gaming, and memory.

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Science and Technology Term Trust (BSTZ)**

**Describe portfolio positioning at period end.**

The Trust held 33% of net assets in semiconductors, 27% in software, 21% in hardware, 10% in IT services, and 8% in the internet subsector. These industry weightings were the result of bottom-up stock selection. The Trust no longer uses an option overwrite strategy.

*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.* <br>*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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Databricks, Inc. | 10.2<br> %<br>|
| NVIDIA Corp. | 8.2 |
| PsiQuantum Corp. | 4.5 |
| Lumentum Holdings, Inc. | 3.9 |
| Databricks, Inc. | 3.8 |
| Databricks, Inc. | 3.5 |
| Celestica, Inc. | 2.9 |
| GrubMarket, Inc. | 2.8 |
| Tower Semiconductor Ltd. | 2.7 |
| Fabrinet | 2.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION** | **INDUSTRY ALLOCATION** |
| *Industry*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Semiconductors & Semiconductor Equipment | 33.2<br> %<br>|
| Software | 26.4 |
| Electronic Equipment, Instruments & Components | 8.1 |
| Communications Equipment | 4.9 |
| IT Services | 3.6 |
| Entertainment | 3.4 |
| Financial Services | 3.1 |
| Consumer Staples Distribution & Retail | 2.8 |
| Technology Hardware, Storage & Peripherals | 2.4 |
| Interactive Media & Services | 2.2 |
| Automobiles | 1.8 |
| Aerospace & Defense | 1.8 |
| Electrical Equipment | 1.7 |
| Capital Markets | 1.1 |
| Other\* | 3.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any.

<sup>(b)</sup> For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

\* Includes one or more investment categories that individually represents less than 1.0% of the Trust's total investments. Please refer to the Consolidated Schedule of Investments for details.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025

**BlackRock Science and Technology Trust (BST)**

**Investment Objective**

**BlackRock Science and Technology Trust's (BST) (the "Trust")** investment objectives are to provide total return and income primarily through long-term capital appreciation. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities issued by U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology (high growth science and technology stocks), and/or potential to generate current income from advantageous dividend yields (cyclical science and technology stocks).

On November 10, 2025, the Fund changed its investment objectives and removed the options writing strategy as a principal investment strategy.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BST |
| Initial Offering Date | October 30, 2014 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($40.54)<sup>(a)</sup> | 7.40% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.250000 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $3.000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $40.54  | &nbsp;&nbsp;&nbsp;&nbsp; $36.56  | &nbsp;&nbsp;&nbsp;&nbsp; 10.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.07  | &nbsp;&nbsp;&nbsp;&nbsp; $29.62  |
| Net Asset Value | 42.62 | &nbsp;&nbsp;&nbsp;&nbsp;39.60 | &nbsp;&nbsp;&nbsp;&nbsp;7.63 | &nbsp;&nbsp;&nbsp;&nbsp;46.92 | &nbsp;&nbsp;&nbsp;&nbsp;31.27 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676imgbe5341e411.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that includes large- and mid-cap securities across certain developed markets countries and certain emerging markets countries. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard.

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Science and Technology Trust (BST)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)(c)</sup> | 19.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.90<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 23.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;17.83 |
| **MSCI ACWI Information Technology 10/40 (2013) Index (Net)**<sup>(d)(e)</sup> | 30.16 | &nbsp;&nbsp;&nbsp;&nbsp;16.68 | &nbsp;&nbsp;&nbsp;&nbsp;21.30 |
| **MSCI ACWI Information Technology Index (Net)** | 26.37 | &nbsp;&nbsp;&nbsp;&nbsp;17.13 | &nbsp;&nbsp;&nbsp;&nbsp;21.59 |
| **MSCI ACWI Information Technology Call Overwrite Index**<sup>(f)</sup> | 21.92 | &nbsp;&nbsp;&nbsp;&nbsp;14.77 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published as of December 31, 2025. 

<sup>(d)</sup> An index that includes large and mid-cap securities across certain developed and emerging markets countries. All securities in the index are classified in the Information Technology as per the Global Industry Classification Standard such that the weight of any single group entity is constrained at 10% of a fund's total assets and the sum of the weights of all group entities representing more than 5% of the fund at 40% of the fund's total assets. 

<sup>(e)</sup> Effective November 10, 2025, the Trust changed its benchmark from MSCI ACWI Information Technology Call Overwrite Index to MSCI ACWI Information Technology 10/40 (2013) Index (Net) in connection with the removal of the options writing strategy from the Trust's principal investment strategies. 

<sup>(f)</sup> An index that incorporates an option overlay component on the MSCI ACWI IT Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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 relative performance based on NAV:**

**What factors influenced performance?**

At the subsector level, security selection in software made the largest contribution to relative performance in the annual period. Selection in the semiconductors and internet subsectors detracted.

An out-of-benchmark position in the private company Databricks was the largest contributor to performance at the individual holding level. The company's valuation rose in 2025 amid an emerging consensus that accelerating enterprise AI demand would lead to sizable revenue gains. Not holding a position in Salesforce, Inc. also contributed. The stock declined with its software-as-a-service peers due to questions about the impact of AI on the industry's near-term growth. An out-of-benchmark position in the private defense technology company Anduril, whose valuation rose at a time of growing investor appetites for companies offering low-cost autonomous defense and sensor/drone platforms, also contributed to results.

An underweight position in Micron Technology, Inc. was the largest detractor from relative performance. The stock surged as the AI data center buildout fueled rising demand for high-performance DRAM and high bandwidth memory, lifting memory pricing and boosting the company's profitability. An underweight in Palantir Technologies, Inc., which moved sharply higher on expectations for rising demand, further detracted. The Trust was also hurt by its underweight in the chip stock Broadcom, Inc., which outperformed behind strong, AI-related growth.

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 trimmed its allocations to areas where expectations were elevated and incremental upside looked harder to achieve. It redeployed the proceeds into AI infrastructure-related companies, where a mismatch between surging demand and constrained capacity created attractive opportunities.

**Describe portfolio positioning at period end.**

The Trust held 39% of net assets in semiconductors, 25% in software, 17% in hardware, 15% in the internet subsector, and 5% in IT services. These industry weightings were the result of bottom-up stock selection. The Trust no longer uses an option overwrite strategy.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Science and Technology Trust (BST)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| NVIDIA Corp. | 11.5<br> %<br>|
| Broadcom, Inc. | 8.4 |
| Microsoft Corp. | 6.7 |
| Apple, Inc. | 5.5 |
| Alphabet, Inc. | 3.8 |
| Databricks, Inc. | 3.6 |
| Anduril Industries, Inc. | 2.8 |
| Anthropic PBC | 2.6 |
| Lam Research Corp. | 2.3 |
| Snowflake, Inc. | 2.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION** | **INDUSTRY ALLOCATION** |
| *Industry*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Semiconductors & Semiconductor Equipment | 38.4<br> %<br>|
| Software | 23.5 |
| Interactive Media & Services | 6.6 |
| Technology Hardware, Storage & Peripherals | 5.8 |
| Aerospace & Defense | 4.7 |
| IT Services | 4.4 |
| Financial Services | 2.0 |
| Entertainment | 1.8 |
| Communications Equipment | 1.8 |
| Broadline Retail | 1.7 |
| Wireless Telecommunication Services | 1.6 |
| Electrical Equipment | 1.5 |
| Automobiles | 1.3 |
| Consumer Staples Distribution & Retail | 1.3 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Other\* | 2.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any.

<sup>(b)</sup> For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

\* Includes one or more investment categories that individually represents less than 1.0% of the Trust's total investments. Please refer to the Consolidated Schedule of Investments for details.

Trust Summary

------

Trust Summary as of December 31, 2025

**BlackRock Technology and Private Equity Term Trust (BTX)**

**Investment Objective**

**BlackRock Technology and Private Equity Term Trust's (BTX) (the "Trust")** (formerly known as BlackRock Innovation and Growth Term Trust (BIGZ)) investment objectives are to provide total return and income primarily through long-term capital appreciation. The Trust will invest, under normal market conditions, at least 80% of its total assets in a combination of equity securities issued by U.S. and non-U.S. technology and privately held companies. These investment objectives were effective on November 10, 2025.

On January 20, 2025, the Board of Trustees (the "Board") approved a proposal to change the name of the Trust to BlackRock Technology and Private Equity Term Trust. In addition, the Trust changed its ticker symbol to BTX. In connection with the name change, the Board approved certain changes to the Trust's investment policies, including removal of the options writing strategy as a principal investment strategy. These changes were effective at the close of business on February 20, 2025.

At a Special Shareholder Meeting held on April 17, 2025, shareholders approved (1) an amendment to the Trust's fundamental investment restriction with respect to industry concentration to allow the Trust to concentrate its investments in companies operating in one or more industries within the technology group of industries and (ii) a change to the Trust's diversification status under the Investment Company Act of 1940 from diversified to non-diversified.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BTX |
| Initial Offering Date | March 29, 2021 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($6.59)<sup>(a)</sup> | 9.56% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.052500 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $0.630000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $6.59  | &nbsp;&nbsp;&nbsp;&nbsp; $7.44  | &nbsp;&nbsp;&nbsp;&nbsp; (11.42)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.25  | &nbsp;&nbsp;&nbsp;&nbsp; $5.50  |
| Net Asset Value | 7.84 | &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp; (6.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.96 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676img5bc3cbc412.jpg)

BTX commenced operations on March 29, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that captures large- and mid-cap representation across certain developed and emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup>

Effective February 20, 2025, the Trust changed its reporting benchmarks from MSCI USA SMID Growth Call Overwrite Index and Russell 2500<sup>TM</sup> Growth Index to MSCI ACWI SMID Growth/Information Technology Index and MSCI ACWI (Net) in connection with certain changes to the Trust's principal investment strategies.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Technology and Private Equity Term Trust (BTX)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | &nbsp;&nbsp;&nbsp; *Since* <br>*Inception*<sup>(a)</sup><br>|
| Trust at NAV<sup>(b)(c)(d)</sup> | 6.49<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.00)% <br>|
| Trust at Market Price<sup>(b)(c)</sup> | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp; (12.26)<br>|
| **MSCI ACWI SMID Growth/Information Technology Index (Net)**<sup>(e)(f)</sup> | 15.71 | &nbsp;&nbsp;&nbsp;&nbsp;8.08 |
| **MSCI ACWI (Net)** | 22.34 | &nbsp;&nbsp;&nbsp;&nbsp;10.79 |
| **MSCI ACWI SMID Growth/Information Technology Index**<sup>(e)(f)</sup> | 15.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 |
| **MSCI USA SMID Growth Call Overwrite Index**<sup>(g)</sup> | 8.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 |
| **Russell 2500™ Growth Index**<sup>(h)</sup> | 10.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> BTX commenced operations on March 29, 2021.

<sup>(b)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(c)</sup> The Trust's discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(d)</sup> For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published as of December 31, 2025. 

<sup>(e)</sup> An index that tracks the performance of mid- and small-cap companies within the Information Technology sector, exhibiting growth characteristics, across both developed and emerging markets. 

<sup>(f)</sup> Effective February 20, 2025, the Trust changed its reporting benchmarks from MSCI USA SMID Growth Call Overwrite Index and Russell 2500<sup>TM</sup> Growth Index to MSCI ACWI SMID Growth/Information Technology Index (Net) and MSCI ACWI (Net) in connection with certain changes to the Trust's principal investment strategies. 

<sup>(g)</sup> A custom benchmark that is made up of the MSCI USA SMID Growth Index, MSCI USA SMID Growth 25% Call Overwrite Cash and MSCI USA SMID Growth 25% Call Overwrite Option. The MSCI USA SMID Growth Index captures mid and small cap representations of securities exhibiting overall growth style characteristics in the U.S. 

<sup>(h)</sup> An index that measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by FTSE Russell's leading style methodology. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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 relative performance based on NAV:**

**What factors influenced performance?**

An off-benchmark position in advanced connectivity solutions provider Lumentum Holdings Inc. was the largest contributor to relative performance for the period. The stock rose sharply in 2025 as investors came to view the Lumentum as a key AI infrastructure winner in the wake of much stronger-than-expected growth in its optical components business and a series of bullish analyst upgrades. An off-benchmark position in Celestica Inc. also contributed notably to relative performance. The stock rose significantly during 2025 driven by strong demand for the company's AI server and networking infrastructure manufacturing services as hyperscaler data center buildouts accelerated. An off-benchmark position in NVIDIA Corp. was among the leading contributors as well. The semiconductor design company's stock continued to rise on explosive demand for its AI chips, particularly the Blackwell and Hopper GPU platforms, with Data Center revenue surging 66% year-over-year as cloud providers and enterprises expanded their AI infrastructure.

The largest detractor from the Trust's performance over the period was an overweight position in private company Dragos Inc. The stock declined as the year's challenging private equity liquidity backdrop led the secondary market to assign lower valuations to late-stage private cybersecurity firms. An underweight position in Sandisk Corp. also detracted from relative return as the stock spiked on surging AI-related demand for high-capacity flash storage and a strong upcycle in pricing for NAND memory devices (which utilize "Not-AND logic gates). Finally, an overweight position in private company Underdog Sports Inc. detracted from relative performance. The stock dipped as regulatory challenges and increased scrutiny around Underdog's shift into prediction market products pressured its valuation.

**Describe recent portfolio activity.**

During the period, the Trust increased its allocations to both U.S. and non-U.S. technology companies as well as to private companies. Most notably, exposure was increased to select semiconductor, software, and hardware companies positioned to benefit from accelerating demand for AI infrastructure, surging processing power requirements and limited capacity.

The Fund's practice of maintaining a specified level of monthly distributions did not have a material impact on its investment strategy.

**Describe portfolio positioning at period end.**

The Trust held 36% of net assets in semiconductors, 23% in software, 21% in hardware, 11% in internet and 6% in services. Industry weightings are the result of bottom-up stock selection.

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Technology and Private Equity Term Trust (BTX)**

*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.* <br>*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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| NVIDIA Corp. | 8.5<br> %<br>|
| PsiQuantum Corp. | 7.3 |
| Lumentum Holdings, Inc. | 4.0 |
| Anthropic PBC | 3.2 |
| Deepgram, Inc. | 3.2 |
| Celestica, Inc. | 3.0 |
| Tower Semiconductor Ltd. | 2.9 |
| Fabrinet | 2.6 |
| Credo Technology Group Holding Ltd. | 2.6 |
| Advantest Corp. | 2.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION** | **INDUSTRY ALLOCATION** |
| *Industry*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Semiconductors & Semiconductor Equipment | 36.7<br> %<br>|
| Software | 22.1 |
| Electronic Equipment, Instruments & Components | 8.3 |
| IT Services | 4.8 |
| Entertainment | 4.4 |
| Communications Equipment | 4.0 |
| Technology Hardware, Storage & Peripherals | 2.5 |
| Media | 2.3 |
| Capital Markets | 2.2 |
| Aerospace & Defense | 2.1 |
| Electrical Equipment | 1.9 |
| Automobiles | 1.9 |
| Diversified Consumer Services | 1.5 |
| Interactive Media & Services | 1.2 |
| Other\* | 4.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any.

<sup>(b)</sup> For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

\* Includes one or more investment categories that individually represents less than 1.0% of the Trust's total investments. Please refer to the Schedule of Investments for details.

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025

**BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)**

**Investment Objective**

**BlackRock Utilities, Infrastructure & Power Opportunities Trust's (BUI) (the "Trust")** investment objectives are to provide total return and income through a combination of current income and long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by companies that are engaged in the utilities, infrastructure and power opportunities business segments anywhere in the world. The Trust may invest directly in such securities or synthetically through the use of derivatives.

On November 10, 2025, the Trust changed its investment objectives and removed the options writing strategy as a principal investment strategy.

No assurance can be given that the Trust's investment objectives will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BUI |
| Initial Offering Date | November 25, 2011 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($25.69)<sup>(a)</sup> | 6.35% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.136000 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.632000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $25.69  | &nbsp;&nbsp;&nbsp;&nbsp; $23.43  | &nbsp;&nbsp;&nbsp;&nbsp; 9.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.37  | &nbsp;&nbsp;&nbsp;&nbsp; $20.72  |
| Net Asset Value | 24.56 | &nbsp;&nbsp;&nbsp;&nbsp;22.65 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;&nbsp;26.33 | &nbsp;&nbsp;&nbsp;&nbsp;20.64 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105676imgacaadcdf13.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

An index that captures large- and mid-cap representation across certain developed and emerging markets.

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 20.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.97<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 22.12 | &nbsp;&nbsp;&nbsp;&nbsp;8.06 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 |
| **FTSE Developed Core Infrastructure 50/50 Index (Net)**<sup>(c)(d)</sup> | 14.44 | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;7.60 |
| **MSCI ACWI (Net)** | 22.34 | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 |
| **MSCI World Select Energy, Utilities and Industry Call Overwrite Index**<sup>(e)</sup> | 22.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect the reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's premium to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> An index that gives participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors. The sectors involved are across Utilities, Transportation and a mix of other sectors including pipelines, satellites, and telecommunication towers. 

<sup>(d)</sup> Effective November 10, 2025, the Trust changed its benchmark from MSCI World Select Energy, Utilities and Industry Call Overwrite Index to FTSE Developed Core Infrastructure 50/50 Index (Net) in connection with the removal of the options writing strategy from the Trust's principal investment strategies. 

<sup>(e)</sup> An index that incorporates an option overlay component on the MSCI World Select Energy, Utilities and Industry Index with a 33% overwrite level.The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns. 

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be 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 relative performance based on NAV:**

**What factors influenced performance?**

During 2025, many of the Trust's holdings benefited from positive investment trends in the power grids and infrastructure in the United States and Europe. At the individual stock level, an out-of-benchmark position in the electric equipment and gas turbine manufacturer GE Vernova, Inc. was the largest contributor. The company benefited from increased sales given its role in powering AI-driven electricity demand and grid modernization. An out-of-benchmark holding in the solar company Nextpower, Inc. was also a notable contributor. The stock benefited from increased demand for power in the United States, and the One Big Beautiful Bill maintained support for utility-scale solar buildout through the end of the decade. The gas turbine manufacturer Siemens AG was another top contributor. The company delivered strong earnings results throughout the year, as rising power demand fueled robust order intake and margin improvements across all segments. Siemens' resumption of its dividend payments further boosted investor confidence.

On the negative side, the Trust's underweight in the airport operator company Aena SME SA was the largest detractor from performance. The stock was boosted by solid traffic growth and rising earnings. An out-of-benchmark position in the building materials company Owens Corning also detracted, reflecting weak market conditions in housing and roofing. An out-of-benchmark holding in the air compression specialist Ingersoll Rand, Inc., which was hurt by a weaker environment for its industrial end markets, further detracted.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio's holdings. This strategy detracted from performance. The Trust ceased the options overwriting strategy on November 10, 2025.

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 exited a position in a North American electric services company, as well as select construction and waste management companies. The Trust also eliminated a position in a European industrial materials producer. Its new purchases included select power and grid-related companies, a North American energy utility, and a European gas turbine manufacturer. The Trust also purchased a Europe-based airport operator.

**Describe portfolio positioning at period end.**

At the end of the period, 53.3% of the portfolio was invested in the utilities sector, 23.9% in the industrials sector, 13.9% in the energy sector, and the remainder was held in other infrastructure and power-related sectors.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| NextEra Energy, Inc. | 7.2<br> %<br>|
| National Grid PLC | 4.4 |
| Duke Energy Corp. | 4.2 |
| Southern Co. | 4.1 |
| Williams Cos., Inc. | 4.0 |
| Union Pacific Corp. | 3.8 |
| TC Energy Corp. | 3.5 |
| American Electric Power Co., Inc. | 3.4 |
| Aena SME SA | 3.4 |
| Cheniere Energy, Inc. | 2.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION** | **INDUSTRY ALLOCATION** |
| *Industry*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Electric Utilities | 34.1<br> %<br>|
| Multi-Utilities | 16.3 |
| Oil, Gas & Consumable Fuels | 14.3 |
| Electrical Equipment | 10.6 |
| Ground Transportation | 6.5 |
| Independent Power and Renewable Electricity Producers | 4.7 |
| Chemicals | 3.6 |
| Transportation Infrastructure | 3.4 |
| Building Products | 2.2 |
| Semiconductors & Semiconductor Equipment | 1.5 |
| Construction & Engineering | 1.0 |
| Commercial Services & Supplies | 1.0 |
| Construction Materials | 0.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any. <br> <sup>(b)</sup> For purposes of this report, industry sub-classifications may differ from those utilized by the Trust for compliance purposes.

Trust Summary

------

Schedule of Investments

December 31, 2025

**BlackRock Energy and Resources Trust (BGR)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** |  |
| Air Liquide SA | 19312 | &nbsp;&nbsp; $3629766  |
| Linde PLC | 13080 | &nbsp;&nbsp; 5577181 |
|  |  | &nbsp;&nbsp; 9206947 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |  |
| Alimentation Couche-Tard, Inc. | 64578 | &nbsp;&nbsp; 3526842 |
| **Energy Equipment & Services — 2.4%** | **Energy Equipment & Services — 2.4%** |  |
| Subsea 7 SA | 61120 | &nbsp;&nbsp; 1226678 |
| TechnipFMC PLC | 141405 | &nbsp;&nbsp; 6301007 |
| Tecnicas Reunidas SA<sup>(a)</sup> | 36712 | &nbsp;&nbsp; 1187150 |
|  |  | &nbsp;&nbsp; 8714835 |
| **Oil, Gas & Consumable Fuels — 92.7%** | **Oil, Gas & Consumable Fuels — 92.7%** |  |
| ARC Resources Ltd. | 191099 | &nbsp;&nbsp; 3585151 |
| California Resources Corp. | 38970 | &nbsp;&nbsp; 1742349 |
| Cameco Corp. | 64021 | &nbsp;&nbsp; 5862198 |
| Canadian Natural Resources Ltd. | 395556 | &nbsp;&nbsp; 13397981 |
| Cheniere Energy, Inc. | 56427 | &nbsp;&nbsp; 10968845 |
| Chevron Corp.<sup>(b)</sup> | 277814 | &nbsp;&nbsp; 42341658 |
| ConocoPhillips<sup>(b)</sup> | 132057 | &nbsp;&nbsp; 12361820 |
| EQT Corp. | 90787 | &nbsp;&nbsp; 4866183 |
| Exxon Mobil Corp.<sup>(b)</sup> | 622517 | &nbsp;&nbsp; 74913696 |
| Gazprom PJSC<sup>(a)(c)</sup> | 879200 | &nbsp;&nbsp; 111 |
| Gaztransport Et Technigaz SA | 26175 | &nbsp;&nbsp; 4802762 |
| HF Sinclair Corp. | 55426 | &nbsp;&nbsp; 2554030 |
| Kinder Morgan, Inc. | 447351 | &nbsp;&nbsp; 12297679 |
| Kosmos Energy Ltd.<sup>(a)</sup> | 837902 | &nbsp;&nbsp; 760312 |
| Pembina Pipeline Corp. | 172358 | &nbsp;&nbsp; 6566318 |
| Permian Resources Corp., Class A | 572780 | &nbsp;&nbsp; 8036103 |
| Repsol SA | 244540 | &nbsp;&nbsp; 4562727 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |  |
| Shell PLC, ADR | 504782 | &nbsp;&nbsp; $37091381  |
| Suncor Energy, Inc. | 262708 | &nbsp;&nbsp; 11660174 |
| Targa Resources Corp. | 61614 | &nbsp;&nbsp; 11367783 |
| TC Energy Corp. | 258460 | &nbsp;&nbsp; 14232200 |
| TotalEnergies SE | 370758 | &nbsp;&nbsp; 24172678 |
| Valero Energy Corp. | 68387 | &nbsp;&nbsp; 11132720 |
| Williams Cos., Inc. | 254879 | &nbsp;&nbsp; 15320777 |
|  |  | &nbsp;&nbsp; 334597636 |
| **Total Long-Term Investments — 98.6%** <br>**(Cost: $241,786,188)** | **Total Long-Term Investments — 98.6%** <br>**(Cost: $241,786,188)** | &nbsp;&nbsp; 356046260 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.5%** | **Money Market Funds — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.65%<sup>(d)(e)</sup><br>| 5573590 | &nbsp;&nbsp; 5573590 |
| **Total Short-Term Securities — 1.5%** <br>**(Cost: $5,573,590)** | **Total Short-Term Securities — 1.5%** <br>**(Cost: $5,573,590)** | &nbsp;&nbsp; 5573590 |
| **Total Investments — 100.1%** <br>**(Cost: $247,359,778)** | **Total Investments — 100.1%** <br>**(Cost: $247,359,778)** | &nbsp;&nbsp; 361619850 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | &nbsp;&nbsp; (535864)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $361083986 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Affiliate of the Trust.

<sup>(e)</sup> Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | &nbsp;&nbsp; $— | $402192 | $(402192)<br>| &nbsp;&nbsp; $— | $— | $— |  | $83 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | &nbsp;&nbsp; 7583996 |  | (2010406 )<sup>(c)</sup><br>| &nbsp;&nbsp; — |  | 5573590 | 5573590 | 282293 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $— | $— | $5573590 |  | $282376 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> Represents net amount purchased (sold).

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Energy and Resources Trust (BGR)** 

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5084261 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5084261 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(919267)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(919267)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; $2403121 |

---

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; $5577181  | &nbsp;&nbsp;&nbsp;&nbsp; $3629766  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $9206947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp; 3526842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3526842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp; 6301007 | &nbsp;&nbsp;&nbsp;&nbsp; 2413828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8714835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 301059358 | &nbsp;&nbsp;&nbsp;&nbsp; 33538167 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 334597636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 5573590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5573590 |
|  | &nbsp;&nbsp; $322037978 | &nbsp;&nbsp;&nbsp;&nbsp; $39581761 | &nbsp;&nbsp;&nbsp;&nbsp; $111 | &nbsp;&nbsp;&nbsp;&nbsp; $361619850 |

---

*See notes to financial statements.*

Schedule of Investments

------

Consolidated Schedule of Investments

December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** |  |
| Airbus SE | 32534 | &nbsp;&nbsp; $7555168  |
| Boeing Co.<sup>(a)</sup> | 46852 | &nbsp;&nbsp; 10172506 |
| L3Harris Technologies, Inc.<sup>(b)</sup> | 41623 | &nbsp;&nbsp; 12219264 |
| Lockheed Martin Corp. | 38380 | &nbsp;&nbsp; 18563255 |
| RTX Corp. | 24755 | &nbsp;&nbsp; 4540067 |
|  |  | &nbsp;&nbsp; 53050260 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |  |
| FedEx Corp. | 35080 | &nbsp;&nbsp; 10133209 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** |  |
| General Motors Co.<sup>(b)</sup> | 116318 | &nbsp;&nbsp; 9458980 |
| **Banks — 12.2%** | **Banks — 12.2%** |  |
| Bank of America Corp. | 393516 | &nbsp;&nbsp; 21643380 |
| Citigroup, Inc.<sup>(b)</sup> | 469185 | &nbsp;&nbsp; 54749198 |
| Citizens Financial Group, Inc. | 149720 | &nbsp;&nbsp; 8745145 |
| First Citizens BancShares, Inc., Class A<sup>(b)</sup> | 20942 | &nbsp;&nbsp; 44945302 |
| JPMorgan Chase & Co.<sup>(b)</sup> | 64311 | &nbsp;&nbsp; 20722290 |
| Wells Fargo & Co.<sup>(b)</sup> | 641551 | &nbsp;&nbsp; 59792553 |
|  |  | &nbsp;&nbsp; 210597868 |
| **Beverages — 1.2%** | **Beverages — 1.2%** |  |
| Keurig Dr. Pepper, Inc. | 462112 | &nbsp;&nbsp; 12943757 |
| PepsiCo, Inc. | 57371 | &nbsp;&nbsp; 8233886 |
|  |  | &nbsp;&nbsp; 21177643 |
| **Broadline Retail — 2.5%** | **Broadline Retail — 2.5%** |  |
| Amazon.com, Inc.<sup>(a)(b)(c)</sup> | 186939 | &nbsp;&nbsp; 43149260 |
| **Building Products — 0.7%** | **Building Products — 0.7%** |  |
| Fortune Brands Innovations, Inc. | 229912 | &nbsp;&nbsp; 11500198 |
| **Capital Markets — 4.2%** | **Capital Markets — 4.2%** |  |
| Carlyle Group, Inc. | 182736 | &nbsp;&nbsp; 10801525 |
| Charles Schwab Corp. | 185794 | &nbsp;&nbsp; 18562679 |
| Intercontinental Exchange, Inc.<sup>(b)</sup> | 261949 | &nbsp;&nbsp; 42425260 |
|  |  | &nbsp;&nbsp; 71789464 |
| **Chemicals — 3.3%** | **Chemicals — 3.3%** |  |
| Air Products and Chemicals, Inc.<sup>(b)</sup> | 75097 | &nbsp;&nbsp; 18550461 |
| International Flavors & Fragrances, Inc. | 173181 | &nbsp;&nbsp; 11670668 |
| LyondellBasell Industries NV, Class A | 151240 | &nbsp;&nbsp; 6548692 |
| PPG Industries, Inc. | 182884 | &nbsp;&nbsp; 18738295 |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 13492 | &nbsp;&nbsp; 655441 |
|  |  | &nbsp;&nbsp; 56163557 |
| **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** |  |
| Rentokil Initial PLC | 4155120 | &nbsp;&nbsp; 24791487 |
| **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** |  |
| Cisco Systems, Inc. | 295866 | &nbsp;&nbsp; 22790558 |
| **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** |  |
| Dollar General Corp. | 295968 | &nbsp;&nbsp; 39295671 |
| **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** |  |
| Crown Holdings, Inc. | 174959 | &nbsp;&nbsp; 18015528 |
| Sealed Air Corp. | 481603 | &nbsp;&nbsp; 19952812 |
|  |  | &nbsp;&nbsp; 37968340 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |  |
| Verizon Communications, Inc. | 248666 | &nbsp;&nbsp; 10128166 |
| **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** |  |
| Edison International | 129926 | &nbsp;&nbsp; 7798158 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** |  |
| Evergy, Inc. | 143095 | &nbsp;&nbsp; $10372957  |
| Exelon Corp. | 501799 | &nbsp;&nbsp; 21873418 |
| PG&E Corp. | 456513 | &nbsp;&nbsp; 7336164 |
|  |  | &nbsp;&nbsp; 47380697 |
| **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** |  |
| CDW Corp./DE | 131747 | &nbsp;&nbsp; 17943942 |
| Ralliant Corp. | 50464 | &nbsp;&nbsp; 2569122 |
|  |  | &nbsp;&nbsp; 20513064 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** |  |
| Electronic Arts, Inc. | 88956 | &nbsp;&nbsp; 18176379 |
| Walt Disney Co. | 108505 | &nbsp;&nbsp; 12344614 |
|  |  | &nbsp;&nbsp; 30520993 |
| **Financial Services — 3.0%** | **Financial Services — 3.0%** |  |
| AP Arsenal Co-Invest LP<sup>(a)(d)</sup> | 15854704 | &nbsp;&nbsp; 18232910 |
| Fidelity National Information Services, Inc. | 512193 | &nbsp;&nbsp; 34040347 |
|  |  | &nbsp;&nbsp; 52273257 |
| **Food Products — 1.6%** | **Food Products — 1.6%** |  |
| Kraft Heinz Co.<sup>(b)</sup> | 700538 | &nbsp;&nbsp; 16988046 |
| Lamb Weston Holdings, Inc. | 78775 | &nbsp;&nbsp; 3299885 |
| The Campbell's Co. | 273626 | &nbsp;&nbsp; 7625957 |
|  |  | &nbsp;&nbsp; 27913888 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |  |
| CSX Corp. | 175110 | &nbsp;&nbsp; 6347738 |
| Union Pacific Corp. | 25120 | &nbsp;&nbsp; 5810758 |
|  |  | &nbsp;&nbsp; 12158496 |
| **Health Care Equipment & Supplies — 6.4%** | **Health Care Equipment & Supplies — 6.4%** |  |
| Baxter International, Inc.<sup>(b)(c)(e)</sup> | 1864999 | &nbsp;&nbsp; 35640131 |
| Becton Dickinson & Co.<sup>(b)(c)</sup> | 212079 | &nbsp;&nbsp; 41158172 |
| Medtronic PLC | 351621 | &nbsp;&nbsp; 33776713 |
|  |  | &nbsp;&nbsp; 110575016 |
| **Health Care Providers & Services**<sup>(b)</sup> **— 5.5%** | **Health Care Providers & Services**<sup>(b)</sup> **— 5.5%** |  |
| Cardinal Health, Inc. | 171719 | &nbsp;&nbsp; 35288255 |
| CVS Health Corp. | 448409 | &nbsp;&nbsp; 35585738 |
| Elevance Health, Inc. | 67364 | &nbsp;&nbsp; 23614450 |
|  |  | &nbsp;&nbsp; 94488443 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |  |
| Healthcare Realty Trust, Inc. | 523889 | &nbsp;&nbsp; 8879919 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |  |
| Honeywell International, Inc. | 60620 | &nbsp;&nbsp; 11826356 |
| **Industrial REITs — 1.3%** | **Industrial REITs — 1.3%** |  |
| Rexford Industrial Realty, Inc. | 388151 | &nbsp;&nbsp; 15029207 |
| STAG Industrial, Inc. | 209935 | &nbsp;&nbsp; 7717210 |
|  |  | &nbsp;&nbsp; 22746417 |
| **Insurance — 2.6%** | **Insurance — 2.6%** |  |
| American International Group, Inc. | 154134 | &nbsp;&nbsp; 13186164 |
| Arthur J Gallagher & Co. | 35870 | &nbsp;&nbsp; 9282797 |
| F&G Annuities & Life, Inc. | 18223 | &nbsp;&nbsp; 562180 |
| Fidelity National Financial, Inc., Class A | 292319 | &nbsp;&nbsp; 15957694 |
| Willis Towers Watson PLC | 17348 | &nbsp;&nbsp; 5700553 |
|  |  | &nbsp;&nbsp; 44689388 |
| **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** |  |
| Alphabet, Inc., Class C<sup>(b)</sup> | 108520 | &nbsp;&nbsp; 34053575 |
| Meta Platforms, Inc., Class A | 29161 | &nbsp;&nbsp; 19248884 |
|  |  | &nbsp;&nbsp; 53302459 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Leisure Products — 1.1%** | **Leisure Products — 1.1%** |  |
| Hasbro, Inc. | 232254 | &nbsp;&nbsp; $19044828 |
| **Machinery — 1.1%** | **Machinery — 1.1%** |  |
| CNH Industrial NV | 972956 | &nbsp;&nbsp; 8970654 |
| Fortive Corp. | 182665 | &nbsp;&nbsp; 10084935 |
|  |  | &nbsp;&nbsp; 19055589 |
| **Media — 1.7%** | **Media — 1.7%** |  |
| Comcast Corp., Class A | 594594 | &nbsp;&nbsp; 17772415 |
| WPP PLC | 2625314 | &nbsp;&nbsp; 11793524 |
|  |  | &nbsp;&nbsp; 29565939 |
| **Metals & Mining — 1.8%** | **Metals & Mining — 1.8%** |  |
| Barrick Mining Corp. | 245080 | &nbsp;&nbsp; 10673234 |
| Teck Resources Ltd., Class B | 414175 | &nbsp;&nbsp; 19834841 |
|  |  | &nbsp;&nbsp; 30508075 |
| **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** |  |
| Dominion Energy, Inc. | 394754 | &nbsp;&nbsp; 23128637 |
| **Oil, Gas & Consumable Fuels — 5.6%** | **Oil, Gas & Consumable Fuels — 5.6%** |  |
| BP PLC | 5959584 | &nbsp;&nbsp; 34756074 |
| Enterprise Products Partners LP<sup>(b)</sup> | 638705 | &nbsp;&nbsp; 20476883 |
| Formentera Partners Fund II LP<sup>(a)(d)(f)</sup> | — <br><sup>(g)</sup><br>| &nbsp;&nbsp; 12534028 |
| Shell PLC | 776670 | &nbsp;&nbsp; 28622042 |
|  |  | &nbsp;&nbsp; 96389027 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |  |
| AstraZeneca PLC | 36486 | &nbsp;&nbsp; 6752075 |
| Merck & Co., Inc. | 100290 | &nbsp;&nbsp; 10556525 |
| Pfizer, Inc. | 163940 | &nbsp;&nbsp; 4082106 |
| Sanofi SA | 179753 | &nbsp;&nbsp; 17392030 |
|  |  | &nbsp;&nbsp; 38782736 |
| **Professional Services — 3.2%** | **Professional Services — 3.2%** |  |
| Leidos Holdings, Inc. | 53754 | &nbsp;&nbsp; 9697221 |
| SS&C Technologies Holdings, Inc.<sup>(b)</sup> | 515333 | &nbsp;&nbsp; 45050411 |
|  |  | &nbsp;&nbsp; 54747632 |
| **Residential REITs — 0.7%** | **Residential REITs — 0.7%** |  |
| AvalonBay Communities, Inc. | 64535 | &nbsp;&nbsp; 11700841 |
| **Semiconductors & Semiconductor Equipment — 1.3%** | **Semiconductors & Semiconductor Equipment — 1.3%** |  |
| Intel Corp.<sup>(a)</sup> | 112450 | &nbsp;&nbsp; 4149405 |
| STMicroelectronics NV, ADR | 188500 | &nbsp;&nbsp; 4889690 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 41772 | &nbsp;&nbsp; 12694093 |
|  |  | &nbsp;&nbsp; 21733188 |
| **Software — 1.7%** | **Software — 1.7%** |  |
| Microsoft Corp.<sup>(b)(c)</sup> | 61575 | &nbsp;&nbsp; 29778901 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |  |
| Crown Castle, Inc.<sup>(b)(c)</sup> | 154838 | &nbsp;&nbsp; 13760453 |
| **Technology Hardware, Storage & Peripherals — 5.3%** | **Technology Hardware, Storage & Peripherals — 5.3%** |  |
| Hewlett Packard Enterprise Co. | 876865 | &nbsp;&nbsp; 21062297 |
| HP, Inc. | 724267 | &nbsp;&nbsp; 16136669 |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd., GDR, Registered <br> Shares<sup>(h)</sup><br>| 18151 | &nbsp;&nbsp; 37292366 |
| Western Digital Corp. | 101267 | &nbsp;&nbsp; 17445266 |
|  |  | &nbsp;&nbsp; 91936598 |
| **Tobacco — 1.0%** | **Tobacco — 1.0%** |  |
| British American Tobacco PLC, ADR | 298143 | &nbsp;&nbsp; 16880857 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** |  |
| WESCO International, Inc.<sup>(b)</sup> | 111572 | &nbsp;&nbsp; $27294974 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |  |
| Rogers Communications, Inc., Class B | 118618 | &nbsp;&nbsp; 4475457 |
| **Total Common Stocks — 98.0%** <br>**(Cost: $1,294,690,850)** | **Total Common Stocks — 98.0%** <br>**(Cost: $1,294,690,850)** | &nbsp;&nbsp; 1688046786 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** |
| **Household Products — 1.0%** | **Household Products — 1.0%** |  |
| Henkel AG & Co. KGaA | 206863 | &nbsp;&nbsp; 16876876 |
|  |  | &nbsp;&nbsp; 16876876 |
| **Total Preferred Securities — 1.0%** <br>**(Cost: $17,119,480)** | **Total Preferred Securities — 1.0%** <br>**(Cost: $17,119,480)** | &nbsp;&nbsp; 16876876 |
| **Total Long-Term Investments — 99.0%** <br>**(Cost: $1,311,810,330)** | **Total Long-Term Investments — 99.0%** <br>**(Cost: $1,311,810,330)** | &nbsp;&nbsp; 1704923662 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(i)(j)(k)</sup><br>| 2125107 | &nbsp;&nbsp; 2126170 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(i)(j)</sup><br>| 40055693 | &nbsp;&nbsp; 40055693 |
| **Total Short-Term Securities — 2.5%** <br>**(Cost: $42,181,863)** | **Total Short-Term Securities — 2.5%** <br>**(Cost: $42,181,863)** | &nbsp;&nbsp; 42181863 |
| **Total Investments Before Options Written — 101.5%** <br>**(Cost: $1,353,992,193)** | **Total Investments Before Options Written — 101.5%** <br>**(Cost: $1,353,992,193)** | &nbsp;&nbsp; 1747105525 |
| **Options Written — (1.3)%** <br>**(Premiums Received: $(20356256))** | **Options Written — (1.3)%** <br>**(Premiums Received: $(20356256))** | &nbsp;&nbsp; (21073724)<br>|
| **Total Investments, Net of Options Written — 100.2%** <br>**(Cost: $1,333,635,937)** | **Total Investments, Net of Options Written — 100.2%** <br>**(Cost: $1,333,635,937)** | &nbsp;&nbsp; 1726031801 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | &nbsp;&nbsp; (3436162)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1722595639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(c)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> All or a portion of this security is on loan.

<sup>(f)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary. 

<sup>(g)</sup> Investment does not issue shares.

<sup>(h)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(i)</sup> Affiliate of the Trust.

<sup>(j)</sup> Annualized 7-day yield as of period end.

<sup>(k)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $— | $2126378 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(208)<br>| $— | $2126170 | 2125107 | $1940 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| 46597729 |  | &nbsp;&nbsp; (6542036 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 40055693 | 40055693 | 1714167 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(208)<br>| $— | $42181863 |  | $1716107 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 01/08/26 | USD | 83.00 | USD | 4100 | &nbsp;&nbsp;&nbsp;&nbsp; $(40978 )<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 330.00 | USD | 9665 | &nbsp;&nbsp;&nbsp;&nbsp; (13398)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 245.00 | USD | 7502 | &nbsp;&nbsp;&nbsp;&nbsp; (5525)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 54.00 | USD | 4131 | &nbsp;&nbsp;&nbsp;&nbsp; (101385)<br>|
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | &nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 41.00 | USD | 2940 | &nbsp;&nbsp;&nbsp;&nbsp; (218362)<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 96.00 | USD | 4526 | &nbsp;&nbsp;&nbsp;&nbsp; (194790)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 112.00 | USD | 4749 | &nbsp;&nbsp;&nbsp;&nbsp; (214692)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 110.00 | USD | 7480 | &nbsp;&nbsp;&nbsp;&nbsp; (456712)<br>|
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 37.00 | USD | 1635 | &nbsp;&nbsp;&nbsp;&nbsp; (9020)<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 81.00 | USD | 4016 | &nbsp;&nbsp;&nbsp;&nbsp; (21505)<br>|
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 135.00 | USD | 4249 | &nbsp;&nbsp;&nbsp;&nbsp; (33760)<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Partners LP | &nbsp;&nbsp; 1802 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 33.00 | USD | 5777 | &nbsp;&nbsp;&nbsp;&nbsp; (4505)<br>|
| &nbsp;&nbsp;&nbsp; FedEx Corp. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 295.00 | USD | 2773 | &nbsp;&nbsp;&nbsp;&nbsp; (15648)<br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 68.00 | USD | 4094 | &nbsp;&nbsp;&nbsp;&nbsp; (20020)<br>|
| &nbsp;&nbsp;&nbsp; HP, Inc. | &nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 27.00 | USD | 1814 | &nbsp;&nbsp;&nbsp;&nbsp; (143264)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 320.00 | USD | 4672 | &nbsp;&nbsp;&nbsp;&nbsp; (65612)<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 483 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 103.00 | USD | 4640 | &nbsp;&nbsp;&nbsp;&nbsp; (10143)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 505.00 | USD | 2370 | &nbsp;&nbsp;&nbsp;&nbsp; (1519)<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 310.00 | USD | 2340 | &nbsp;&nbsp;&nbsp;&nbsp; (20598)<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 858 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 92.00 | USD | 7997 | &nbsp;&nbsp;&nbsp;&nbsp; (164736)<br>|
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 175.00 | USD | 1929 | &nbsp;&nbsp;&nbsp;&nbsp; (50680)<br>|
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 280.00 | USD | 6793 | &nbsp;&nbsp;&nbsp;&nbsp; (5500)<br>|
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 250.00 | USD | 1902 | &nbsp;&nbsp;&nbsp;&nbsp; (17133)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 330.00 | USD | 7312 | &nbsp;&nbsp;&nbsp;&nbsp; (32038)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 290.00 | USD | 2354 | &nbsp;&nbsp;&nbsp;&nbsp; (189750)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 255.00 | USD | 739 | &nbsp;&nbsp;&nbsp;&nbsp; (480)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 240.00 | USD | 4547 | &nbsp;&nbsp;&nbsp;&nbsp; (29649)<br>|
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | &nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 82.50 | USD | 2370 | &nbsp;&nbsp;&nbsp;&nbsp; (96950)<br>|
| &nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 260.00 | USD | 2536 | &nbsp;&nbsp;&nbsp;&nbsp; (44100)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 55.00 | USD | 3641 | &nbsp;&nbsp;&nbsp;&nbsp; (90363)<br>|
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | &nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 38.00 | USD | 1241 | &nbsp;&nbsp;&nbsp;&nbsp; (161737)<br>|
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 41.00 | USD | 1698 | &nbsp;&nbsp;&nbsp;&nbsp; (127725)<br>|
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp; 1729 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 20.00 | USD | 3304 | &nbsp;&nbsp;&nbsp;&nbsp; (47547)<br>|
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 200.00 | USD | 4367 | &nbsp;&nbsp;&nbsp;&nbsp; (25875)<br>|
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | &nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 205.00 | USD | 2271 | &nbsp;&nbsp;&nbsp;&nbsp; (6728)<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 210.00 | USD | 1780 | &nbsp;&nbsp;&nbsp;&nbsp; (76875)<br>|
| &nbsp;&nbsp;&nbsp; British American Tobacco PLC, ADR | &nbsp;&nbsp; 1094 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 60.00 | USD | 6194 | &nbsp;&nbsp;&nbsp;&nbsp; (10940)<br>|
| &nbsp;&nbsp;&nbsp; Campbell's Co. | &nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 33.00 | USD | 2096 | &nbsp;&nbsp;&nbsp;&nbsp; (15040)<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 210.00 | USD | 4151 | &nbsp;&nbsp;&nbsp;&nbsp; (37875)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | &nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 57.50 | USD | 5154 | &nbsp;&nbsp;&nbsp;&nbsp; $(239800 )<br>|
| &nbsp;&nbsp;&nbsp; CDW Corp.DE | &nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 150.00 | USD | 7232 | &nbsp;&nbsp;&nbsp;&nbsp; (53100)<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 97.50 | USD | 2108 | &nbsp;&nbsp;&nbsp;&nbsp; (73322)<br>|
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | &nbsp;&nbsp; 981 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 80.00 | USD | 7557 | &nbsp;&nbsp;&nbsp;&nbsp; (18639)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 1367 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 105.00 | USD | 15952 | &nbsp;&nbsp;&nbsp;&nbsp; (1691662)<br>|
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | &nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 60.00 | USD | 4807 | &nbsp;&nbsp;&nbsp;&nbsp; (24690)<br>|
| &nbsp;&nbsp;&nbsp; CNH Industrial NV | &nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 10.34 | USD | 1371 | &nbsp;&nbsp;&nbsp;&nbsp; (1084)<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp; 1111 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 27.50 | USD | 3321 | &nbsp;&nbsp;&nbsp;&nbsp; (281638)<br>|
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 100.00 | USD | 3892 | &nbsp;&nbsp;&nbsp;&nbsp; (153090)<br>|
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 36.25 | USD | 1856 | &nbsp;&nbsp;&nbsp;&nbsp; (40688)<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 1022 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 85.00 | USD | 8111 | &nbsp;&nbsp;&nbsp;&nbsp; (12264)<br>|
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 130.00 | USD | 7223 | &nbsp;&nbsp;&nbsp;&nbsp; (208080)<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | &nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 62.50 | USD | 3791 | &nbsp;&nbsp;&nbsp;&nbsp; (4853)<br>|
| &nbsp;&nbsp;&nbsp; Edison International | &nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 62.50 | USD | 2143 | &nbsp;&nbsp;&nbsp;&nbsp; (4463)<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 360.00 | USD | 8834 | &nbsp;&nbsp;&nbsp;&nbsp; (115920)<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Partners LP | &nbsp;&nbsp; 1802 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 33.00 | USD | 5777 | &nbsp;&nbsp;&nbsp;&nbsp; (9911)<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp; 1043 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 49.00 | USD | 4546 | &nbsp;&nbsp;&nbsp;&nbsp; (31290)<br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc., Class A | &nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 61.89 | USD | 4749 | &nbsp;&nbsp;&nbsp;&nbsp; (906)<br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 70.00 | USD | 9145 | &nbsp;&nbsp;&nbsp;&nbsp; (24080)<br>|
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 1880.00 | USD | 9014 | &nbsp;&nbsp;&nbsp;&nbsp; (1145550)<br>|
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 2160.00 | USD | 16526 | &nbsp;&nbsp;&nbsp;&nbsp; (264110)<br>|
| &nbsp;&nbsp;&nbsp; Fortive Corp. | &nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 55.00 | USD | 4174 | &nbsp;&nbsp;&nbsp;&nbsp; (98280)<br>|
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 50.00 | USD | 1706 | &nbsp;&nbsp;&nbsp;&nbsp; (60527)<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 67.50 | USD | 4123 | &nbsp;&nbsp;&nbsp;&nbsp; (683182)<br>|
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | &nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 82.50 | USD | 1320 | &nbsp;&nbsp;&nbsp;&nbsp; (25358)<br>|
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | &nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 18.86 | USD | 1627 | &nbsp;&nbsp;&nbsp;&nbsp; (309)<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise, Co. | &nbsp;&nbsp; 2422 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 23.00 | USD | 5818 | &nbsp;&nbsp;&nbsp;&nbsp; (239778)<br>|
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 195.00 | USD | 4663 | &nbsp;&nbsp;&nbsp;&nbsp; (66920)<br>|
| &nbsp;&nbsp;&nbsp; HP, Inc. | &nbsp;&nbsp; 849 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 24.00 | USD | 1892 | &nbsp;&nbsp;&nbsp;&nbsp; (7641)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 40.00 | USD | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; (16068)<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 160.00 | USD | 14139 | &nbsp;&nbsp;&nbsp;&nbsp; (336105)<br>|
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 72.50 | USD | 2379 | &nbsp;&nbsp;&nbsp;&nbsp; (3530)<br>|
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 67.50 | USD | 984 | &nbsp;&nbsp;&nbsp;&nbsp; (17155)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 320.00 | USD | 3544 | &nbsp;&nbsp;&nbsp;&nbsp; (87175)<br>|
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 1489 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 29.00 | USD | 4171 | &nbsp;&nbsp;&nbsp;&nbsp; (18613)<br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | &nbsp;&nbsp; 1288 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 26.00 | USD | 3123 | &nbsp;&nbsp;&nbsp;&nbsp; (9408)<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 300.00 | USD | 4697 | &nbsp;&nbsp;&nbsp;&nbsp; (40400)<br>|
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | &nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 65.00 | USD | 473 | &nbsp;&nbsp;&nbsp;&nbsp; (565)<br>|
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 200.00 | USD | 812 | &nbsp;&nbsp;&nbsp;&nbsp; (3375)<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 490.00 | USD | 2709 | &nbsp;&nbsp;&nbsp;&nbsp; (29960)<br>|
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 50.00 | USD | 1797 | &nbsp;&nbsp;&nbsp;&nbsp; (5188)<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 532 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 95.00 | USD | 5110 | &nbsp;&nbsp;&nbsp;&nbsp; (127148)<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 105.00 | USD | 2895 | &nbsp;&nbsp;&nbsp;&nbsp; (57475)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 685.00 | USD | 4159 | &nbsp;&nbsp;&nbsp;&nbsp; (26933)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 500.00 | USD | 2805 | &nbsp;&nbsp;&nbsp;&nbsp; (12180)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 515.00 | USD | 2805 | &nbsp;&nbsp;&nbsp;&nbsp; (2320)<br>|
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 150.00 | USD | 2325 | &nbsp;&nbsp;&nbsp;&nbsp; (4941)<br>|
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 26.00 | USD | 1086 | &nbsp;&nbsp;&nbsp;&nbsp; (4142)<br>|
| &nbsp;&nbsp;&nbsp; PG&E Corp. | &nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 16.00 | USD | 2121 | &nbsp;&nbsp;&nbsp;&nbsp; (48840)<br>|
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 105.00 | USD | 4734 | &nbsp;&nbsp;&nbsp;&nbsp; (55440)<br>|
| &nbsp;&nbsp;&nbsp; Ralliant Corp. | &nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 47.14 | USD | 1410 | &nbsp;&nbsp;&nbsp;&nbsp; (129959)<br>|
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | &nbsp;&nbsp; 763 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 41.53 | USD | 2954 | &nbsp;&nbsp;&nbsp;&nbsp; (1538)<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 40.00 | USD | 770 | &nbsp;&nbsp;&nbsp;&nbsp; (4080)<br>|
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 50.00 | USD | 359 | &nbsp;&nbsp;&nbsp;&nbsp; (8140)<br>|
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 757 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 85.00 | USD | 6618 | &nbsp;&nbsp;&nbsp;&nbsp; (208175)<br>|
| &nbsp;&nbsp;&nbsp; Stag Industrial, Inc. | &nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 38.50 | USD | 1761 | &nbsp;&nbsp;&nbsp;&nbsp; (2854)<br>|
| &nbsp;&nbsp;&nbsp; STMicroelectronics NV, ADR | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 28.00 | USD | 674 | &nbsp;&nbsp;&nbsp;&nbsp; (3250)<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 320.00 | USD | 2340 | &nbsp;&nbsp;&nbsp;&nbsp; (28875)<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | &nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 45.00 | USD | 1877 | &nbsp;&nbsp;&nbsp;&nbsp; (137200)<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 240.00 | USD | 1596 | &nbsp;&nbsp;&nbsp;&nbsp; (3968)<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 43.00 | USD | 2631 | &nbsp;&nbsp;&nbsp;&nbsp; (2907)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 115.00 | USD | 6963 | &nbsp;&nbsp;&nbsp;&nbsp; (81396)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 857 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 85.00 | USD | 7987 | &nbsp;&nbsp;&nbsp;&nbsp; $(760587 )<br>|
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 3449 | &nbsp;&nbsp;&nbsp;&nbsp; (15863)<br>|
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 160.00 | USD | 4720 | &nbsp;&nbsp;&nbsp;&nbsp; (434975)<br>|
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | &nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 330.00 | USD | 5652 | &nbsp;&nbsp;&nbsp;&nbsp; (84280)<br>|
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 01/22/26 | USD | 86.00 | USD | 4100 | &nbsp;&nbsp;&nbsp;&nbsp; (31980)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 240.00 | USD | 2170 | &nbsp;&nbsp;&nbsp;&nbsp; (21150)<br>|
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | &nbsp;&nbsp; 391 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 86.00 | USD | 3345 | &nbsp;&nbsp;&nbsp;&nbsp; (85042)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 56.00 | USD | 4131 | &nbsp;&nbsp;&nbsp;&nbsp; (78855)<br>|
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | &nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 47.00 | USD | 1058 | &nbsp;&nbsp;&nbsp;&nbsp; (15552)<br>|
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp; 1486 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 20.00 | USD | 2840 | &nbsp;&nbsp;&nbsp;&nbsp; (55725)<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 220.00 | USD | 1976 | &nbsp;&nbsp;&nbsp;&nbsp; (37310)<br>|
| &nbsp;&nbsp;&nbsp; Campbell's Co. | &nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 30.00 | USD | 2096 | &nbsp;&nbsp;&nbsp;&nbsp; (11280)<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 205.00 | USD | 1069 | &nbsp;&nbsp;&nbsp;&nbsp; (20280)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 114.00 | USD | 2240 | &nbsp;&nbsp;&nbsp;&nbsp; (103680)<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp; 2159 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 31.00 | USD | 6453 | &nbsp;&nbsp;&nbsp;&nbsp; (50736)<br>|
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp; 783 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 139.00 | USD | 10396 | &nbsp;&nbsp;&nbsp;&nbsp; (94743)<br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 68.00 | USD | 6074 | &nbsp;&nbsp;&nbsp;&nbsp; (82260)<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 86.00 | USD | 1073 | &nbsp;&nbsp;&nbsp;&nbsp; (8052)<br>|
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 200.00 | USD | 2009 | &nbsp;&nbsp;&nbsp;&nbsp; (17768)<br>|
| &nbsp;&nbsp;&nbsp; HP, Inc. | &nbsp;&nbsp; 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 27.00 | USD | 2584 | &nbsp;&nbsp;&nbsp;&nbsp; (29000)<br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz, Co. | &nbsp;&nbsp; 1614 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 25.00 | USD | 3914 | &nbsp;&nbsp;&nbsp;&nbsp; (30666)<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 295.00 | USD | 1996 | &nbsp;&nbsp;&nbsp;&nbsp; (43520)<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 500.00 | USD | 4837 | &nbsp;&nbsp;&nbsp;&nbsp; (41500)<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 100.00 | USD | 4496 | &nbsp;&nbsp;&nbsp;&nbsp; (16848)<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 102.00 | USD | 2905 | &nbsp;&nbsp;&nbsp;&nbsp; (110124)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 660.00 | USD | 2574 | &nbsp;&nbsp;&nbsp;&nbsp; (63277)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 690.00 | USD | 4225 | &nbsp;&nbsp;&nbsp;&nbsp; (32960)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 505.00 | USD | 4546 | &nbsp;&nbsp;&nbsp;&nbsp; (20069)<br>|
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 26.00 | USD | 1158 | &nbsp;&nbsp;&nbsp;&nbsp; (6278)<br>|
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 105.00 | USD | 2695 | &nbsp;&nbsp;&nbsp;&nbsp; (36163)<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 185.00 | USD | 2494 | &nbsp;&nbsp;&nbsp;&nbsp; (44200)<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 240.00 | USD | 1596 | &nbsp;&nbsp;&nbsp;&nbsp; (7418)<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp; 721 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 41.00 | USD | 2937 | &nbsp;&nbsp;&nbsp;&nbsp; (17665)<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 92.00 | USD | 7586 | &nbsp;&nbsp;&nbsp;&nbsp; (288970)<br>|
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 195.00 | USD | 2929 | &nbsp;&nbsp;&nbsp;&nbsp; (50405)<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; 01/29/26 | USD | 39.11 | USD | 770 | &nbsp;&nbsp;&nbsp;&nbsp; (10310)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 235.00 | USD | 6532 | &nbsp;&nbsp;&nbsp;&nbsp; (142915)<br>|
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 20.50 | USD | 2786 | &nbsp;&nbsp;&nbsp;&nbsp; (40095)<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 225.00 | USD | 1976 | &nbsp;&nbsp;&nbsp;&nbsp; (40722)<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 205.00 | USD | 8261 | &nbsp;&nbsp;&nbsp;&nbsp; (295470)<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 100.00 | USD | 2108 | &nbsp;&nbsp;&nbsp;&nbsp; (69419)<br>|
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | &nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 78.00 | USD | 4976 | &nbsp;&nbsp;&nbsp;&nbsp; (79135)<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 80.00 | USD | 3865 | &nbsp;&nbsp;&nbsp;&nbsp; (92286)<br>|
| &nbsp;&nbsp;&nbsp; FedEx Corp. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 285.00 | USD | 2773 | &nbsp;&nbsp;&nbsp;&nbsp; (101760)<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise, Co. | &nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 26.00 | USD | 2606 | &nbsp;&nbsp;&nbsp;&nbsp; (26583)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 44.00 | USD | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; (19313)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 325.00 | USD | 3544 | &nbsp;&nbsp;&nbsp;&nbsp; (84700)<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 495.00 | USD | 2709 | &nbsp;&nbsp;&nbsp;&nbsp; (61880)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 500.00 | USD | 3821 | &nbsp;&nbsp;&nbsp;&nbsp; (68927)<br>|
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 155.00 | USD | 2325 | &nbsp;&nbsp;&nbsp;&nbsp; (4293)<br>|
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 105.00 | USD | 2869 | &nbsp;&nbsp;&nbsp;&nbsp; (58100)<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 1138 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 97.00 | USD | 10606 | &nbsp;&nbsp;&nbsp;&nbsp; (174114)<br>|
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp; 02/04/26 | USD | 106.85 | USD | 3892 | &nbsp;&nbsp;&nbsp;&nbsp; (70291)<br>|
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 446 | &nbsp;&nbsp;&nbsp;&nbsp; 02/05/26 | USD | 53.75 | USD | 2231 | &nbsp;&nbsp;&nbsp;&nbsp; (62629)<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | USD | 210.00 | USD | 5918 | &nbsp;&nbsp;&nbsp;&nbsp; (168480)<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | USD | 82.00 | USD | 3579 | &nbsp;&nbsp;&nbsp;&nbsp; (71032)<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | USD | 315.00 | USD | 2279 | &nbsp;&nbsp;&nbsp;&nbsp; (71812)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 245.00 | USD | 3278 | &nbsp;&nbsp;&nbsp;&nbsp; (91590)<br>|
| &nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 260.00 | USD | 2536 | &nbsp;&nbsp;&nbsp;&nbsp; (100940)<br>|
| &nbsp;&nbsp;&nbsp; British American Tobacco PLC, ADR | &nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 60.00 | USD | 3301 | &nbsp;&nbsp;&nbsp;&nbsp; (46640)<br>|
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | &nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 62.50 | USD | 839 | &nbsp;&nbsp;&nbsp;&nbsp; (26980)<br>|
| &nbsp;&nbsp;&nbsp; CDW Corp.DE | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 150.00 | USD | 1975 | &nbsp;&nbsp;&nbsp;&nbsp; (38063)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CDW Corp.DE | &nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 150.05 | USD | 967 | &nbsp;&nbsp;&nbsp;&nbsp; $(13855 )<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 105.00 | USD | 1459 | &nbsp;&nbsp;&nbsp;&nbsp; (28835)<br>|
| &nbsp;&nbsp;&nbsp; CNH Industrial NV | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 10.16 | USD | 1383 | &nbsp;&nbsp;&nbsp;&nbsp; (28050)<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | &nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 90.00 | USD | 3777 | &nbsp;&nbsp;&nbsp;&nbsp; (120062)<br>|
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | &nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 97.94 | USD | 2121 | &nbsp;&nbsp;&nbsp;&nbsp; (167705)<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | &nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 61.84 | USD | 3029 | &nbsp;&nbsp;&nbsp;&nbsp; (29732)<br>|
| &nbsp;&nbsp;&nbsp; Edison International | &nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 62.50 | USD | 2143 | &nbsp;&nbsp;&nbsp;&nbsp; (33915)<br>|
| &nbsp;&nbsp;&nbsp; Fortive Corp. | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 56.71 | USD | 1557 | &nbsp;&nbsp;&nbsp;&nbsp; (72926)<br>|
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 87.50 | USD | 1312 | &nbsp;&nbsp;&nbsp;&nbsp; (26800)<br>|
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | &nbsp;&nbsp; 1921 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 17.50 | USD | 3256 | &nbsp;&nbsp;&nbsp;&nbsp; (67235)<br>|
| &nbsp;&nbsp;&nbsp; HP, Inc. | &nbsp;&nbsp; 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 25.00 | USD | 2584 | &nbsp;&nbsp;&nbsp;&nbsp; (30160)<br>|
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 65.00 | USD | 1975 | &nbsp;&nbsp;&nbsp;&nbsp; (142105)<br>|
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 67.50 | USD | 1388 | &nbsp;&nbsp;&nbsp;&nbsp; (71070)<br>|
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 1489 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 29.00 | USD | 4171 | &nbsp;&nbsp;&nbsp;&nbsp; (74450)<br>|
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 195.00 | USD | 4510 | &nbsp;&nbsp;&nbsp;&nbsp; (75625)<br>|
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 47.50 | USD | 1801 | &nbsp;&nbsp;&nbsp;&nbsp; (72800)<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | &nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 37.65 | USD | 921 | &nbsp;&nbsp;&nbsp;&nbsp; (35288)<br>|
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 757 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 88.34 | USD | 6618 | &nbsp;&nbsp;&nbsp;&nbsp; (213430)<br>|
| &nbsp;&nbsp;&nbsp; Stag Industrial, Inc. | &nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 38.21 | USD | 2599 | &nbsp;&nbsp;&nbsp;&nbsp; (37973)<br>|
| &nbsp;&nbsp;&nbsp; STMicroelectronics NV, ADR | &nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 28.00 | USD | 1006 | &nbsp;&nbsp;&nbsp;&nbsp; (37830)<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp; 474 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 165.00 | USD | 7677 | &nbsp;&nbsp;&nbsp;&nbsp; (234630)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(16505731)<br>|

---

**OTC Options Written** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shell PLC | Goldman Sachs International | &nbsp;&nbsp; 152300 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; GBP | 30.20 | &nbsp;&nbsp; GBP | 4164 | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | UBS AG | &nbsp;&nbsp; 13400 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; USD | 183.82 | &nbsp;&nbsp; USD | 2430 | &nbsp;&nbsp; (12214)<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | Goldman Sachs International | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; USD | 334.79 | &nbsp;&nbsp; USD | 806 | &nbsp;&nbsp; (39368)<br>|
| &nbsp;&nbsp;&nbsp; PG&E Corp. | Barclays Bank PLC | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; USD | 16.19 | &nbsp;&nbsp; USD | 95 | &nbsp;&nbsp; (913)<br>|
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | Citibank N.A. | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; USD | 86.94 | &nbsp;&nbsp; USD | 6294 | &nbsp;&nbsp; (101882)<br>|
| &nbsp;&nbsp;&nbsp; PG&E Corp. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 113100 | &nbsp;&nbsp; 01/09/26 | &nbsp;&nbsp; USD | 16.42 | &nbsp;&nbsp; USD | 1818 | &nbsp;&nbsp; (11814)<br>|
| &nbsp;&nbsp;&nbsp; BP PLC | Barclays Bank PLC | &nbsp;&nbsp; 1661300 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; GBP | 4.57 | &nbsp;&nbsp; GBP | 7188 | &nbsp;&nbsp; (20468)<br>|
| &nbsp;&nbsp;&nbsp; Sanofi SA | Bank of America N.A. | &nbsp;&nbsp; 102900 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; EUR | 84.93 | &nbsp;&nbsp; EUR | 8472 | &nbsp;&nbsp; (63000)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC | Barclays Bank PLC | &nbsp;&nbsp; 330100 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; GBP | 28.78 | &nbsp;&nbsp; GBP | 9025 | &nbsp;&nbsp; (8605)<br>|
| &nbsp;&nbsp;&nbsp; WPP PLC | Barclays Bank PLC | &nbsp;&nbsp; 300300 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; GBP | 3.44 | &nbsp;&nbsp; GBP | 1001 | &nbsp;&nbsp; (29740)<br>|
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC | Bank of America N.A. | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; GBP | 4.35 | &nbsp;&nbsp; GBP | 1261 | &nbsp;&nbsp; (69976)<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | UBS AG | &nbsp;&nbsp; 42600 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; USD | 93.65 | &nbsp;&nbsp; USD | 3786 | &nbsp;&nbsp; (15018)<br>|
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 39700 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; USD | 75.36 | &nbsp;&nbsp; USD | 2878 | &nbsp;&nbsp; (11620)<br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc., Class A | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; USD | 57.50 | &nbsp;&nbsp; USD | 4367 | &nbsp;&nbsp; (32886)<br>|
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; GBP | 4.18 | &nbsp;&nbsp; GBP | 2789 | &nbsp;&nbsp; (279763)<br>|
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC | Goldman Sachs International | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 01/22/26 | &nbsp;&nbsp; GBP | 4.35 | &nbsp;&nbsp; GBP | 1261 | &nbsp;&nbsp; (78170)<br>|
| &nbsp;&nbsp;&nbsp; WPP PLC | Goldman Sachs International | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 01/22/26 | &nbsp;&nbsp; GBP | 3.32 | &nbsp;&nbsp; GBP | 2250 | &nbsp;&nbsp; (147844)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd., GDR, Registered <br> Shares<br>| Bank of America N.A. | &nbsp;&nbsp; 7930 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; USD | 1886.96 | &nbsp;&nbsp; USD | 16293 | &nbsp;&nbsp; (1653498)<br>|
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | Barclays Bank PLC | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | 249.87 | &nbsp;&nbsp; USD | 1927 | &nbsp;&nbsp; (49272)<br>|
| &nbsp;&nbsp;&nbsp; Airbus SE | Goldman Sachs International | &nbsp;&nbsp; 17900 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; EUR | 195.44 | &nbsp;&nbsp; EUR | 3537 | &nbsp;&nbsp; (153441)<br>|
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | Goldman Sachs International | &nbsp;&nbsp; 20100 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; GBP | 138.19 | &nbsp;&nbsp; GBP | 2760 | &nbsp;&nbsp; (91830)<br>|
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | Goldman Sachs International | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | 184.44 | &nbsp;&nbsp; USD | 4134 | &nbsp;&nbsp; (68190)<br>|
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | Barclays Bank PLC | &nbsp;&nbsp; 86200 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | 199.05 | &nbsp;&nbsp; USD | 16729 | &nbsp;&nbsp; (317031)<br>|
| &nbsp;&nbsp;&nbsp; BP PLC | Barclays Bank PLC | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; GBP | 4.38 | &nbsp;&nbsp; GBP | 3245 | &nbsp;&nbsp; (94717)<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | UBS AG | &nbsp;&nbsp; 104800 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | 59.50 | &nbsp;&nbsp; USD | 6140 | &nbsp;&nbsp; (85724)<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp. | UBS AG | &nbsp;&nbsp; 85800 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | 45.59 | &nbsp;&nbsp; USD | 3740 | &nbsp;&nbsp; (18853)<br>|
| &nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA, Preference Shares | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 36800 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; EUR | 71.83 | &nbsp;&nbsp; EUR | 2555 | &nbsp;&nbsp; (23078)<br>|
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC | Citibank N.A. | &nbsp;&nbsp; 250600 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; GBP | 4.35 | &nbsp;&nbsp; GBP | 1109 | &nbsp;&nbsp; (74038)<br>|
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC | Goldman Sachs International | &nbsp;&nbsp; 284000 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; GBP | 4.35 | &nbsp;&nbsp; GBP | 1257 | &nbsp;&nbsp; (84503)<br>|
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | Citibank N.A. | &nbsp;&nbsp; 72400 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | 41.91 | &nbsp;&nbsp; USD | 2803 | &nbsp;&nbsp; (7089)<br>|
| &nbsp;&nbsp;&nbsp; STMicroelectronics NV, ADR | UBS AG | &nbsp;&nbsp; 38800 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | 27.31 | &nbsp;&nbsp; USD | 1006 | &nbsp;&nbsp; (29181)<br>|
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | UBS AG | &nbsp;&nbsp; 31800 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | 282.18 | &nbsp;&nbsp; USD | 7780 | &nbsp;&nbsp; (51464)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**OTC Options Written (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of*<br> *Contracts*<br>| *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; USD | 89.97 | &nbsp;&nbsp; USD | 6294 | &nbsp;&nbsp; $(110017 )<br>|
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 39600 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; USD | 74.77 | &nbsp;&nbsp; USD | 2871 | &nbsp;&nbsp; (38642)<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp. | Goldman Sachs International | &nbsp;&nbsp; 85800 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; USD | 45.40 | &nbsp;&nbsp; USD | 3740 | &nbsp;&nbsp; (24565)<br>|
| &nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA, Preference Shares | Goldman Sachs International | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; EUR | 71.47 | &nbsp;&nbsp; EUR | 5554 | &nbsp;&nbsp; (72391)<br>|
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 629950 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; GBP | 4.15 | &nbsp;&nbsp; GBP | 2788 | &nbsp;&nbsp; (327972)<br>|
| &nbsp;&nbsp;&nbsp; WPP PLC | Citibank N.A. | &nbsp;&nbsp; 507700 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; GBP | 3.19 | &nbsp;&nbsp; GBP | 1692 | &nbsp;&nbsp; (189943)<br>|
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 18500 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 52.86 | &nbsp;&nbsp; USD | 925 | &nbsp;&nbsp; (37505)<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 13100 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 166.17 | &nbsp;&nbsp; USD | 2122 | &nbsp;&nbsp; (41768)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(4567993)<br>|

---

**Balances Reported in the Statements of Assets and Liabilities for Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Options Written | &nbsp;&nbsp; $ N/A | &nbsp;&nbsp;&nbsp;&nbsp; $(20356256 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6666323  | &nbsp;&nbsp;&nbsp;&nbsp; $(7383791 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(21073724 )<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Options written <br>Options written at value<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21073724 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21073724 |

---

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(108736 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(108736 )<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (38042201)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (38042201)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(38150937)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(38150937)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10352081)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10352081)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts purchased | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; 23278539 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**Derivative Financial Instruments — Offsetting as of Period End**

The Trust's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp; Options | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21073724 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21073724 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16505731)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4567993 |

---

The following table presents the Trust's derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(a)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(a)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(b)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $1786474  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(1786474 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 520746 | &nbsp;&nbsp; — | &nbsp;&nbsp; (520746)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 372952 | &nbsp;&nbsp; — | &nbsp;&nbsp; (372952)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 760302 | &nbsp;&nbsp; — | &nbsp;&nbsp; (760302)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 23078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23078 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 891987 | &nbsp;&nbsp; — | &nbsp;&nbsp; (891987)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC. | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 212454 | &nbsp;&nbsp; — | &nbsp;&nbsp; (212454)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4567993 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4544915)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $23078 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(b)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $45495092  | &nbsp;&nbsp;&nbsp;&nbsp; $7555168  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $53050260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | &nbsp;&nbsp; 10133209 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10133209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp; 9458980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9458980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; 210597868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210597868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp; 21177643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21177643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; 43149260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43149260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp; 11500198 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11500198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 71789464 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71789464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; 56163557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56163557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24791487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24791487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp; 22790558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22790558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp; 39295671 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39295671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp; 37968340 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37968340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp; 10128166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10128166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp; 47380697 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47380697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 20513064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20513064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 30520993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30520993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; 34040347 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18232910 | &nbsp;&nbsp;&nbsp;&nbsp; 52273257 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp; $27913888  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $27913888  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp; 12158496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12158496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; 110575016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110575016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; 94488443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94488443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp; 8879919 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8879919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | &nbsp;&nbsp; 11826356 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11826356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | &nbsp;&nbsp; 22746417 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22746417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; 44689388 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44689388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp; 53302459 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53302459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp; 19044828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19044828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; 19055589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19055589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 17772415 | &nbsp;&nbsp;&nbsp;&nbsp; 11793524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29565939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 30508075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30508075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp; 23128637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23128637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 20476883 | &nbsp;&nbsp;&nbsp;&nbsp; 63378116 | &nbsp;&nbsp;&nbsp;&nbsp; 12534028 | &nbsp;&nbsp;&nbsp;&nbsp; 96389027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp; 14638631 | &nbsp;&nbsp;&nbsp;&nbsp; 24144105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38782736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp; 54747632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54747632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | &nbsp;&nbsp; 11700841 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11700841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 21733188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21733188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 29778901 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29778901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp; 13760453 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13760453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 54644232 | &nbsp;&nbsp;&nbsp;&nbsp; 37292366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91936598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | &nbsp;&nbsp; 16880857 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16880857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp; 27294974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27294974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp; 4475457 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4475457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16876876 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16876876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 42181863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42181863 |
|  | &nbsp;&nbsp; $1530506945 | &nbsp;&nbsp;&nbsp;&nbsp; $185831642 | &nbsp;&nbsp;&nbsp;&nbsp; $30766938 | &nbsp;&nbsp;&nbsp;&nbsp; $1747105525 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $(15503838)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5569886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(21073724)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value.

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; *Common* <br>*Stocks*<br>|
| **Assets** |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $31090484  |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 945793 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; 953083 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; (2222422)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $30766938 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $945793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $30766938 | Income | Discount Rate | 10% |  |
|  |  | Market | EBITDA Multiple | 8.25x |  |
|  | &nbsp;&nbsp; $30766938 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to financial statements.*

Consolidated Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock Enhanced Global Dividend Trust (BOE)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 0.9%** | **Canada — 0.9%** |  |
| TELUS Corp. | 478856 | &nbsp;&nbsp; $6311249 |
| **China — 2.5%** | **China — 2.5%** |  |
| Alibaba Group Holding Ltd. | 128300 | &nbsp;&nbsp; 2355711 |
| Alibaba Group Holding Ltd., ADR | 108838 | &nbsp;&nbsp; 15953473 |
|  |  | &nbsp;&nbsp; 18309184 |
| **France — 4.6%** | **France — 4.6%** |  |
| Air Liquide SA | 51491 | &nbsp;&nbsp; 9677935 |
| BNP Paribas SA | 129689 | &nbsp;&nbsp; 12269484 |
| Sanofi SA | 111560 | &nbsp;&nbsp; 10794005 |
|  |  | &nbsp;&nbsp; 32741424 |
| **Germany — 4.1%** | **Germany — 4.1%** |  |
| Allianz SE, Registered Shares | 42078 | &nbsp;&nbsp; 19455907 |
| SAP SE | 41666 | &nbsp;&nbsp; 10123527 |
|  |  | &nbsp;&nbsp; 29579434 |
| **India — 1.5%** | **India — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; AceVector Limited, (Acquired 08/31/18, Cost: <br> $2,637,143)<sup>(a)(b)(c)</sup><br>| 566400 | &nbsp;&nbsp; 186974 |
| Kotak Mahindra Bank Ltd. | 441277 | &nbsp;&nbsp; 10824725 |
|  |  | &nbsp;&nbsp; 11011699 |
| **Japan — 1.5%** | **Japan — 1.5%** |  |
| Honda Motor Co. Ltd. | 1077300 | &nbsp;&nbsp; 10573346 |
| **Mexico — 0.9%** | **Mexico — 0.9%** |  |
| Grupo Financiero Banorte SAB de CV, Class O | 716165 | &nbsp;&nbsp; 6639266 |
| **Netherlands — 2.0%** | **Netherlands — 2.0%** |  |
| Koninklijke KPN NV | 3031314 | &nbsp;&nbsp; 14164470 |
| **South Korea — 1.1%** | **South Korea — 1.1%** |  |
| Kia Corp. | 90857 | &nbsp;&nbsp; 7702265 |
| **Spain — 3.6%** | **Spain — 3.6%** |  |
| Banco Bilbao Vizcaya Argentaria SA | 657760 | &nbsp;&nbsp; 15429207 |
| Industria de Diseno Textil SA | 160808 | &nbsp;&nbsp; 10607645 |
|  |  | &nbsp;&nbsp; 26036852 |
| **Taiwan — 5.5%** | **Taiwan — 5.5%** |  |
| MediaTek, Inc. | 286000 | &nbsp;&nbsp; 12985885 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 533000 | &nbsp;&nbsp; 26200817 |
|  |  | &nbsp;&nbsp; 39186702 |
| **United Kingdom — 9.4%** | **United Kingdom — 9.4%** |  |
| AstraZeneca PLC | 116249 | &nbsp;&nbsp; 21512957 |
| BAE Systems PLC | 434178 | &nbsp;&nbsp; 9992633 |
| British American Tobacco PLC | 260694 | &nbsp;&nbsp; 14778919 |
| Shell PLC | 306689 | &nbsp;&nbsp; 11361003 |
| Taylor Wimpey PLC | 6771171 | &nbsp;&nbsp; 9797925 |
|  |  | &nbsp;&nbsp; 67443437 |
| **United States — 62.9%** | **United States — 62.9%** |  |
| Accenture PLC, Class A | 44556 | &nbsp;&nbsp; 11954375 |
| Alphabet, Inc., Class A<sup>(d)(e)</sup> | 101524 | &nbsp;&nbsp; 31777012 |
| Apple, Inc.<sup>(d)</sup> | 63481 | &nbsp;&nbsp; 17257945 |
| Applied Materials, Inc. | 63979 | &nbsp;&nbsp; 16441963 |
| Assurant, Inc.<sup>(e)</sup> | 50499 | &nbsp;&nbsp; 12162684 |
| Baker Hughes Co., Class A | 152275 | &nbsp;&nbsp; 6934604 |
| Broadcom, Inc.<sup>(d)</sup> | 87148 | &nbsp;&nbsp; 30161923 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Carrier Global Corp. | 197617 | &nbsp;&nbsp; $10442082  |
| Charles Schwab Corp. | 114584 | &nbsp;&nbsp; 11448087 |
| Citizens Financial Group, Inc. | 185130 | &nbsp;&nbsp; 10813443 |
| CMS Energy Corp.<sup>(d)</sup> | 293639 | &nbsp;&nbsp; 20534175 |
| Coca-Cola Co. | 287138 | &nbsp;&nbsp; 20073818 |
| Equifax, Inc. | 51095 | &nbsp;&nbsp; 11086593 |
| General Electric Co. | 38456 | &nbsp;&nbsp; 11845602 |
| Home Depot, Inc. | 18637 | &nbsp;&nbsp; 6412992 |
| Hubbell, Inc. | 31605 | &nbsp;&nbsp; 14036097 |
| Intercontinental Exchange, Inc.<sup>(e)</sup> | 63501 | &nbsp;&nbsp; 10284622 |
| M&T Bank Corp. | 53051 | &nbsp;&nbsp; 10688715 |
| Meta Platforms, Inc., Class A<sup>(d)</sup> | 18518 | &nbsp;&nbsp; 12223547 |
| Microsoft Corp.<sup>(e)</sup> | 74544 | &nbsp;&nbsp; 36050969 |
| Moody's Corp. | 20881 | &nbsp;&nbsp; 10667059 |
| Oracle Corp. | 51539 | &nbsp;&nbsp; 10045466 |
| Otis Worldwide Corp.<sup>(e)</sup> | 154519 | &nbsp;&nbsp; 13497235 |
| Parker-Hannifin Corp.<sup>(d)(e)</sup> | 16695 | &nbsp;&nbsp; 14674237 |
| Progressive Corp. | 64128 | &nbsp;&nbsp; 14603228 |
| Republic Services, Inc.<sup>(d)</sup> | 40201 | &nbsp;&nbsp; 8519798 |
| Service Corp. International | 128314 | &nbsp;&nbsp; 10004643 |
| Union Pacific Corp. | 52045 | &nbsp;&nbsp; 12039049 |
| UnitedHealth Group, Inc.<sup>(d)(e)</sup> | 45171 | &nbsp;&nbsp; 14911399 |
| Walmart, Inc. | 127591 | &nbsp;&nbsp; 14214913 |
| Williams Cos., Inc.<sup>(e)</sup> | 242728 | &nbsp;&nbsp; 14590380 |
|  |  | &nbsp;&nbsp; 450398655 |
| **Total Long-Term Investments — 100.5%** <br>**(Cost: $539,412,530)** | **Total Long-Term Investments — 100.5%** <br>**(Cost: $539,412,530)** | &nbsp;&nbsp; 720097983 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.65%<sup>(f)(g)</sup><br>| 5505831 | &nbsp;&nbsp; 5505831 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $5,505,831)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $5,505,831)** | &nbsp;&nbsp; 5505831 |
| **Total Investments Before Options Written — 101.3%** <br>**(Cost: $544,918,361)** | **Total Investments Before Options Written — 101.3%** <br>**(Cost: $544,918,361)** | &nbsp;&nbsp; 725603814 |
| **Options Written — (1.1)%** <br>**(Premiums Received: $(7126747))** | **Options Written — (1.1)%** <br>**(Premiums Received: $(7126747))** | &nbsp;&nbsp; (7965349)<br>|
| **Total Investments, Net of Options Written — 100.2%** <br>**(Cost: $537,791,614)** | **Total Investments, Net of Options Written — 100.2%** <br>**(Cost: $537,791,614)** | &nbsp;&nbsp; 717638465 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | &nbsp;&nbsp; (1135133)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $716503332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $186,974, representing less than 0.05% of its net assets as of period end, and an original cost of $2,637,143. 

<sup>(d)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. 

<sup>(e)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(f)</sup> Affiliate of the Trust.

<sup>(g)</sup> Annualized 7-day yield as of period end.

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Global Dividend Trust (BOE)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | &nbsp;&nbsp; $— | $—<br> $(68 )<sup>(b)</sup><br>| &nbsp;&nbsp; $68 | $— | $— |  | $1486 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | &nbsp;&nbsp; 7033278 | —<br> (1527447 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 5505831 | 5505831 | 320100 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $68 | $— | $5505831 |  | $321586 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | &nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 330.00 | USD | 3474 | &nbsp;&nbsp;&nbsp;&nbsp; $(4163 )<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 395.00 | USD | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; (975)<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 96.00 | USD | 1539 | &nbsp;&nbsp;&nbsp;&nbsp; (66220)<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 73.00 | USD | 3405 | &nbsp;&nbsp;&nbsp;&nbsp; (1461)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 505.00 | USD | 7206 | &nbsp;&nbsp;&nbsp;&nbsp; (4619)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 230.00 | USD | 624 | &nbsp;&nbsp;&nbsp;&nbsp; (304)<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 355.00 | USD | 2278 | &nbsp;&nbsp;&nbsp;&nbsp; (1794)<br>|
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 112.00 | USD | 2830 | &nbsp;&nbsp;&nbsp;&nbsp; (26162)<br>|
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 285.00 | USD | 2307 | &nbsp;&nbsp;&nbsp;&nbsp; (4730)<br>|
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 175.00 | USD | 3503 | &nbsp;&nbsp;&nbsp;&nbsp; (2390)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 305.00 | USD | 3036 | &nbsp;&nbsp;&nbsp;&nbsp; (115915)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 280.00 | USD | 4622 | &nbsp;&nbsp;&nbsp;&nbsp; (20230)<br>|
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | &nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 238.31 | USD | 5577 | &nbsp;&nbsp;&nbsp;&nbsp; (461144)<br>|
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 230.00 | USD | 5347 | &nbsp;&nbsp;&nbsp;&nbsp; (273060)<br>|
| &nbsp;&nbsp;&nbsp; Baker Hughes Co., Class A | &nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 55.00 | USD | 1375 | &nbsp;&nbsp;&nbsp;&nbsp; (3020)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 390.00 | USD | 1523 | &nbsp;&nbsp;&nbsp;&nbsp; (3762)<br>|
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 57.50 | USD | 2299 | &nbsp;&nbsp;&nbsp;&nbsp; (5438)<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 97.50 | USD | 979 | &nbsp;&nbsp;&nbsp;&nbsp; (34055)<br>|
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 70.00 | USD | 4517 | &nbsp;&nbsp;&nbsp;&nbsp; (61370)<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 72.50 | USD | 3405 | &nbsp;&nbsp;&nbsp;&nbsp; (4383)<br>|
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | &nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 220.00 | USD | 2430 | &nbsp;&nbsp;&nbsp;&nbsp; (43120)<br>|
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 310.00 | USD | 4128 | &nbsp;&nbsp;&nbsp;&nbsp; (69345)<br>|
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 365.00 | USD | 1445 | &nbsp;&nbsp;&nbsp;&nbsp; (3129)<br>|
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 450.00 | USD | 2531 | &nbsp;&nbsp;&nbsp;&nbsp; (39900)<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 160.00 | USD | 2980 | &nbsp;&nbsp;&nbsp;&nbsp; (70840)<br>|
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 195.00 | USD | 2357 | &nbsp;&nbsp;&nbsp;&nbsp; (108225)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 685.00 | USD | 4423 | &nbsp;&nbsp;&nbsp;&nbsp; (28642)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 500.00 | USD | 774 | &nbsp;&nbsp;&nbsp;&nbsp; (3360)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 515.00 | USD | 822 | &nbsp;&nbsp;&nbsp;&nbsp; (680)<br>|
| &nbsp;&nbsp;&nbsp; Moody's Corp. | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 510.00 | USD | 2656 | &nbsp;&nbsp;&nbsp;&nbsp; (47840)<br>|
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 90.00 | USD | 1904 | &nbsp;&nbsp;&nbsp;&nbsp; (5995)<br>|
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 880.00 | USD | 6416 | &nbsp;&nbsp;&nbsp;&nbsp; (98550)<br>|
| &nbsp;&nbsp;&nbsp; Progressive Corp. | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 245.00 | USD | 2368 | &nbsp;&nbsp;&nbsp;&nbsp; (20800)<br>|
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 220.00 | USD | 954 | &nbsp;&nbsp;&nbsp;&nbsp; (3150)<br>|
| &nbsp;&nbsp;&nbsp; Service Corporation International | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 79.58 | USD | 2199 | &nbsp;&nbsp;&nbsp;&nbsp; (16345)<br>|
| &nbsp;&nbsp;&nbsp; TELUS Corp. | &nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | CAD | 19.50 | CAD | 391 | &nbsp;&nbsp;&nbsp;&nbsp; (629)<br>|
| &nbsp;&nbsp;&nbsp; TELUS Corp. | &nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | CAD | 18.00 | CAD | 2003 | &nbsp;&nbsp;&nbsp;&nbsp; (22986)<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 240.00 | USD | 2105 | &nbsp;&nbsp;&nbsp;&nbsp; (5233)<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 340.00 | USD | 660 | &nbsp;&nbsp;&nbsp;&nbsp; (7700)<br>|
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 110.00 | USD | 2841 | &nbsp;&nbsp;&nbsp;&nbsp; (70252)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Global Dividend Trust (BOE)** 

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 275.00 | USD | 1851 | &nbsp;&nbsp;&nbsp;&nbsp; $(21218 )<br>|
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 170.00 | USD | 3518 | &nbsp;&nbsp;&nbsp;&nbsp; (9600)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | &nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 310.00 | USD | 3537 | &nbsp;&nbsp;&nbsp;&nbsp; (113000)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 285.00 | USD | 1957 | &nbsp;&nbsp;&nbsp;&nbsp; (6084)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 365.00 | USD | 6334 | &nbsp;&nbsp;&nbsp;&nbsp; (109800)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 690.00 | USD | 924 | &nbsp;&nbsp;&nbsp;&nbsp; (7210)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 505.00 | USD | 3192 | &nbsp;&nbsp;&nbsp;&nbsp; (14091)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 200.00 | USD | 663 | &nbsp;&nbsp;&nbsp;&nbsp; (19380)<br>|
| &nbsp;&nbsp;&nbsp; Progressive Corp. | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 240.00 | USD | 1708 | &nbsp;&nbsp;&nbsp;&nbsp; (17625)<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 240.00 | USD | 3169 | &nbsp;&nbsp;&nbsp;&nbsp; (14728)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 315.00 | USD | 3913 | &nbsp;&nbsp;&nbsp;&nbsp; (115625)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 285.00 | USD | 1006 | &nbsp;&nbsp;&nbsp;&nbsp; (8455)<br>|
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 270.00 | USD | 1645 | &nbsp;&nbsp;&nbsp;&nbsp; (39520)<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 100.00 | USD | 989 | &nbsp;&nbsp;&nbsp;&nbsp; (32571)<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 72.00 | USD | 4230 | &nbsp;&nbsp;&nbsp;&nbsp; (22385)<br>|
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 330.00 | USD | 2372 | &nbsp;&nbsp;&nbsp;&nbsp; (36767)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 500.00 | USD | 3821 | &nbsp;&nbsp;&nbsp;&nbsp; (68927)<br>|
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 118.00 | USD | 590 | &nbsp;&nbsp;&nbsp;&nbsp; (3392)<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos, Inc. | &nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 60.00 | USD | 3210 | &nbsp;&nbsp;&nbsp;&nbsp; (89445)<br>|
| &nbsp;&nbsp;&nbsp; Moody's Corp. | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 02/03/26 | USD | 510.00 | USD | 1992 | &nbsp;&nbsp;&nbsp;&nbsp; (57340)<br>|
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | USD | 360.00 | USD | 1411 | &nbsp;&nbsp;&nbsp;&nbsp; (15498)<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | USD | 350.00 | USD | 2278 | &nbsp;&nbsp;&nbsp;&nbsp; (61582)<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos, Inc. | &nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | USD | 61.00 | USD | 2314 | &nbsp;&nbsp;&nbsp;&nbsp; (40425)<br>|
| &nbsp;&nbsp;&nbsp; Baker Hughes Co., Class A | &nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 48.00 | USD | 1047 | &nbsp;&nbsp;&nbsp;&nbsp; (25875)<br>|
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 57.50 | USD | 2293 | &nbsp;&nbsp;&nbsp;&nbsp; (45570)<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 105.00 | USD | 1529 | &nbsp;&nbsp;&nbsp;&nbsp; (30217)<br>|
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | &nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 60.00 | USD | 2225 | &nbsp;&nbsp;&nbsp;&nbsp; (55245)<br>|
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 70.00 | USD | 4517 | &nbsp;&nbsp;&nbsp;&nbsp; (83980)<br>|
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 470.00 | USD | 3642 | &nbsp;&nbsp;&nbsp;&nbsp; (87740)<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 165.00 | USD | 1328 | &nbsp;&nbsp;&nbsp;&nbsp; (31570)<br>|
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 91.88 | USD | 4027 | &nbsp;&nbsp;&nbsp;&nbsp; (49706)<br>|
| &nbsp;&nbsp;&nbsp; Progressive Corp. | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 230.00 | USD | 2346 | &nbsp;&nbsp;&nbsp;&nbsp; (32445)<br>|
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | &nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 220.00 | USD | 2776 | &nbsp;&nbsp;&nbsp;&nbsp; (36680)<br>|
| &nbsp;&nbsp;&nbsp; Service Corp. International | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 82.82 | USD | 2199 | &nbsp;&nbsp;&nbsp;&nbsp; (29839)<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos, Inc. | &nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 60.00 | USD | 2501 | &nbsp;&nbsp;&nbsp;&nbsp; (96720)<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 165.00 | USD | 1328 | &nbsp;&nbsp;&nbsp;&nbsp; (40590)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(3332761)<br>|

---

**OTC Options Written** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 508300 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; EUR | 4.06 | &nbsp;&nbsp; EUR | 2021 | &nbsp;&nbsp; $(4271 )<br>|
| &nbsp;&nbsp;&nbsp; SAP SE | Goldman Sachs International | &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; EUR | 226.08 | &nbsp;&nbsp; EUR | 3783 | &nbsp;&nbsp; (195)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., <br> Ltd.<br>| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; TWD | 1564.62 | &nbsp;&nbsp; TWD | 115841 | &nbsp;&nbsp; (41661)<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | Goldman Sachs International | &nbsp;&nbsp; 304400 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; EUR | 3.86 | &nbsp;&nbsp; EUR | 1210 | &nbsp;&nbsp; (45135)<br>|
| &nbsp;&nbsp;&nbsp; Sanofi S.A. | Goldman Sachs International | &nbsp;&nbsp; 41300 | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; EUR | 94.06 | &nbsp;&nbsp; EUR | 3400 | &nbsp;&nbsp; (11)<br>|
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | Goldman Sachs International | &nbsp;&nbsp; 11600 | &nbsp;&nbsp; 01/12/26 | &nbsp;&nbsp; USD | 208.00 | &nbsp;&nbsp; USD | 2337 | &nbsp;&nbsp; (18113)<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | UBS AG | &nbsp;&nbsp; 28500 | &nbsp;&nbsp; 01/13/26 | &nbsp;&nbsp; EUR | 68.95 | &nbsp;&nbsp; EUR | 2294 | &nbsp;&nbsp; (399113)<br>|
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | Barclays Bank PLC | &nbsp;&nbsp; 43300 | &nbsp;&nbsp; 01/13/26 | &nbsp;&nbsp; USD | 53.17 | &nbsp;&nbsp; USD | 2529 | &nbsp;&nbsp; (230628)<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 160800 | &nbsp;&nbsp; 01/13/26 | &nbsp;&nbsp; EUR | 4.07 | &nbsp;&nbsp; EUR | 639 | &nbsp;&nbsp; (3127)<br>|
| &nbsp;&nbsp;&nbsp; Air Liquide SA | BNP Paribas SA | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; EUR | 158.54 | &nbsp;&nbsp; EUR | 2207 | &nbsp;&nbsp; (49170)<br>|
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | Bank of America N.A. | &nbsp;&nbsp; 8300 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; GBP | 138.52 | &nbsp;&nbsp; GBP | 1140 | &nbsp;&nbsp; (21096)<br>|
| &nbsp;&nbsp;&nbsp; BAE Systems PLC | Bank of America N.A. | &nbsp;&nbsp; 79900 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; GBP | 17.47 | &nbsp;&nbsp; GBP | 1364 | &nbsp;&nbsp; (17053)<br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | Barclays Bank PLC | &nbsp;&nbsp; 43750 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; EUR | 19.64 | &nbsp;&nbsp; EUR | 873 | &nbsp;&nbsp; (31832)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, <br> Class O<br>| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; MXN | 173.90 | &nbsp;&nbsp; MXN | 24206 | &nbsp;&nbsp; (8150)<br>|
| &nbsp;&nbsp;&nbsp; Sanofi SA | Bank of America N.A. | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; EUR | 84.93 | &nbsp;&nbsp; EUR | 642 | &nbsp;&nbsp; (4775)<br>|
| &nbsp;&nbsp;&nbsp; Taylor Wimpey PLC | Citibank N.A. | &nbsp;&nbsp; 1364000 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; GBP | 1.04 | &nbsp;&nbsp; GBP | 1464 | &nbsp;&nbsp; (75107)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Global Dividend Trust (BOE)** 

**OTC Options Written (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of*<br> *Contracts*<br>| *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Honda Motor Co., Ltd. | Bank of America N.A. | &nbsp;&nbsp; 139500 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; JPY | 1580.61 | &nbsp;&nbsp; JPY | 214463 | &nbsp;&nbsp; $(14678 )<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | UBS AG | &nbsp;&nbsp; 693700 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; EUR | 4.02 | &nbsp;&nbsp; EUR | 2758 | &nbsp;&nbsp; (24889)<br>|
| &nbsp;&nbsp;&nbsp; Allianz SE, Registered Shares | UBS AG | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; EUR | 377.01 | &nbsp;&nbsp; EUR | 7318 | &nbsp;&nbsp; (369507)<br>|
| &nbsp;&nbsp;&nbsp; BAE Systems PLC | UBS AG | &nbsp;&nbsp; 23700 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; GBP | 18.27 | &nbsp;&nbsp; GBP | 405 | &nbsp;&nbsp; (1478)<br>|
| &nbsp;&nbsp;&nbsp; MediaTek, Inc. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; TWD | 1227.65 | &nbsp;&nbsp; TWD | 149799 | &nbsp;&nbsp; (665578)<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | UBS AG | &nbsp;&nbsp; 28500 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; EUR | 69.62 | &nbsp;&nbsp; EUR | 2294 | &nbsp;&nbsp; (384941)<br>|
| &nbsp;&nbsp;&nbsp; Honda Motor Co., Ltd. | BNP Paribas SA | &nbsp;&nbsp; 137000 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; JPY | 1581.29 | &nbsp;&nbsp; JPY | 210620 | &nbsp;&nbsp; (23392)<br>|
| &nbsp;&nbsp;&nbsp; Kia Corp. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 19950 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; KRW | 129858.64 | &nbsp;&nbsp; KRW | 2436303 | &nbsp;&nbsp; (17227)<br>|
| &nbsp;&nbsp;&nbsp; Taylor Wimpey PLC | Barclays Bank PLC | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; GBP | 1.03 | &nbsp;&nbsp; GBP | 268 | &nbsp;&nbsp; (20041)<br>|
| &nbsp;&nbsp;&nbsp; Air Liquide SA | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; EUR | 162.29 | &nbsp;&nbsp; EUR | 1423 | &nbsp;&nbsp; (19450)<br>|
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | Goldman Sachs International | &nbsp;&nbsp; 42900 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; GBP | 138.19 | &nbsp;&nbsp; GBP | 5890 | &nbsp;&nbsp; (195996)<br>|
| &nbsp;&nbsp;&nbsp; BAE Systems PLC | Goldman Sachs International | &nbsp;&nbsp; 135200 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; GBP | 17.34 | &nbsp;&nbsp; GBP | 2308 | &nbsp;&nbsp; (67105)<br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 161100 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; EUR | 19.96 | &nbsp;&nbsp; EUR | 3216 | &nbsp;&nbsp; (110876)<br>|
| &nbsp;&nbsp;&nbsp; Honda Motor Co., Ltd. | BNP Paribas SA | &nbsp;&nbsp; 197500 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; JPY | 1612.21 | &nbsp;&nbsp; JPY | 303631 | &nbsp;&nbsp; (27696)<br>|
| &nbsp;&nbsp;&nbsp; Kia Corp. | Bank of America N.A. | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; KRW | 124873.11 | &nbsp;&nbsp; KRW | 2442409 | &nbsp;&nbsp; (37948)<br>|
| &nbsp;&nbsp;&nbsp; MediaTek, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; TWD | 1476.80 | &nbsp;&nbsp; TWD | 29960 | &nbsp;&nbsp; (16898)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 107400 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; EUR | 31.06 | &nbsp;&nbsp; EUR | 3385 | &nbsp;&nbsp; (107000)<br>|
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | Goldman Sachs International | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; USD | 226.50 | &nbsp;&nbsp; USD | 2430 | &nbsp;&nbsp; (57822)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, <br> Class O<br>| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 170200 | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; MXN | 173.20 | &nbsp;&nbsp; MXN | 28413 | &nbsp;&nbsp; (28164)<br>|
| &nbsp;&nbsp;&nbsp; Taylor Wimpey PLC | Bank of America N.A. | &nbsp;&nbsp; 1365300 | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; GBP | 1.06 | &nbsp;&nbsp; GBP | 1466 | &nbsp;&nbsp; (78142)<br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | Citibank N.A. | &nbsp;&nbsp; 191400 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; EUR | 18.65 | &nbsp;&nbsp; EUR | 3820 | &nbsp;&nbsp; (373009)<br>|
| &nbsp;&nbsp;&nbsp; British American Tobacco PLC | Barclays Bank PLC | &nbsp;&nbsp; 114700 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; GBP | 44.00 | &nbsp;&nbsp; GBP | 4824 | &nbsp;&nbsp; (61866)<br>|
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | Citibank N.A. | &nbsp;&nbsp; 70794 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; EUR | 48.53 | &nbsp;&nbsp; EUR | 3974 | &nbsp;&nbsp; (667836)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., <br> Ltd.<br>| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; TWD | 1525.76 | &nbsp;&nbsp; TWD | 213147 | &nbsp;&nbsp; (311612)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(4632588)<br>|

---

**Balances Reported in the Statements of Assets and Liabilities for Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Options Written | &nbsp;&nbsp; $ N/A | &nbsp;&nbsp;&nbsp;&nbsp; $(7126747 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2569140  | &nbsp;&nbsp;&nbsp;&nbsp; $(3407742 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7965349 )<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Options written <br>Options written at value<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7965349 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7965349 |

---

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14407292)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14407292)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4411254)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4411254)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Global Dividend Trust (BOE)** 

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; $7517473 |

---

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments — Offsetting as of Period End**

The Trust's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp; Options | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7965349 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7965349 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3332761)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4632588 |

---

The following table presents the Trust's derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(a)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(a)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(b)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $173692  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(173692 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 344367 | &nbsp;&nbsp; — | &nbsp;&nbsp; (344367)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 100258 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100258 |
| Citibank N.A. | &nbsp;&nbsp; 1115952 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1115952)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 384377 | &nbsp;&nbsp; — | &nbsp;&nbsp; (384377)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 271451 | &nbsp;&nbsp; — | &nbsp;&nbsp; (271451)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1062563 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1062563)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 1179928 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1179928)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4632588 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4532330)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $100258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(b)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; $6311249  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $6311249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 15953473 | &nbsp;&nbsp;&nbsp;&nbsp; 2355711 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18309184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32741424 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32741424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29579434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29579434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10824725 | &nbsp;&nbsp;&nbsp;&nbsp; 186974 | &nbsp;&nbsp;&nbsp;&nbsp; 11011699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10573346 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10573346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 6639266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6639266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14164470 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14164470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7702265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7702265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26036852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26036852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39186702 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39186702 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Global Dividend Trust (BOE)** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $67443437  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $67443437  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 450398655 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 450398655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 5505831 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5505831 |
|  | &nbsp;&nbsp; $484808474 | &nbsp;&nbsp;&nbsp;&nbsp; $240608366 | &nbsp;&nbsp;&nbsp;&nbsp; $186974 | &nbsp;&nbsp;&nbsp;&nbsp; $725603814 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $(2718387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5246962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(7965349)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock Enhanced International Dividend Trust (BGY)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 7.3%** | **Canada — 7.3%** |  |
| Teck Resources Ltd., Class B | 389739 | &nbsp;&nbsp; $18658519  |
| Toronto-Dominion Bank | 155657 | &nbsp;&nbsp; 14670350 |
| Waste Connections, Inc. | 46497 | &nbsp;&nbsp; 8154718 |
|  |  | &nbsp;&nbsp; 41483587 |
| **China — 6.2%** | **China — 6.2%** |  |
| Alibaba Group Holding Ltd. | 78600 | &nbsp;&nbsp; 1443171 |
| Alibaba Group Holding Ltd., ADR<sup>(a)</sup> | 95910 | &nbsp;&nbsp; 14058487 |
| Tencent Holdings Ltd. | 19800 | &nbsp;&nbsp; 1519522 |
| Tencent Holdings Ltd., ADR<sup>(a)</sup> | 236362 | &nbsp;&nbsp; 18093511 |
|  |  | &nbsp;&nbsp; 35114691 |
| **Finland — 2.1%** | **Finland — 2.1%** |  |
| Kone OYJ, Class B | 171293 | &nbsp;&nbsp; 12134900 |
| **France — 9.5%** | **France — 9.5%** |  |
| Air Liquide SA | 42244 | &nbsp;&nbsp; 7939925 |
| BNP Paribas SA | 124566 | &nbsp;&nbsp; 11784812 |
| EssilorLuxottica SA | 30986 | &nbsp;&nbsp; 9797705 |
| Sanofi SA | 118195 | &nbsp;&nbsp; 11435976 |
| Schneider Electric SE | 49413 | &nbsp;&nbsp; 13518173 |
|  |  | &nbsp;&nbsp; 54476591 |
| **Germany — 7.9%** | **Germany — 7.9%** |  |
| Allianz SE, Registered Shares | 33773 | &nbsp;&nbsp; 15615865 |
| Deutsche Telekom AG, Class N, Registered Shares | 353367 | &nbsp;&nbsp; 11502468 |
| SAP SE | 74577 | &nbsp;&nbsp; 18119864 |
|  |  | &nbsp;&nbsp; 45238197 |
| **India — 4.0%** | **India — 4.0%** |  |
| &nbsp;&nbsp;&nbsp; AceVector Limited, (Acquired 01/25/22, Cost: <br> $3,948,600)<sup>(b)(c)(d)</sup><br>| 848000 | &nbsp;&nbsp; 279932 |
| HDFC Bank Ltd. | 1257951 | &nbsp;&nbsp; 13896449 |
| Kotak Mahindra Bank Ltd. | 350055 | &nbsp;&nbsp; 8587008 |
|  |  | &nbsp;&nbsp; 22763389 |
| **Italy — 3.1%** | **Italy — 3.1%** |  |
| FinecoBank Banca Fineco SpA | 689092 | &nbsp;&nbsp; 17854066 |
| **Japan — 9.4%** | **Japan — 9.4%** |  |
| Honda Motor Co. Ltd. | 1112600 | &nbsp;&nbsp; 10919803 |
| Mitsubishi UFJ Financial Group, Inc. | 706800 | &nbsp;&nbsp; 11217673 |
| Shin-Etsu Chemical Co. Ltd. | 474700 | &nbsp;&nbsp; 14744725 |
| Sony Group Corp. | 644800 | &nbsp;&nbsp; 16539746 |
|  |  | &nbsp;&nbsp; 53421947 |
| **Mexico — 1.5%** | **Mexico — 1.5%** |  |
| Grupo Financiero Banorte SAB de CV, Class O | 917913 | &nbsp;&nbsp; 8509587 |
| **Netherlands — 7.6%** | **Netherlands — 7.6%** |  |
| ASM International NV | 26543 | &nbsp;&nbsp; 16068994 |
| ASR Nederland NV | 149819 | &nbsp;&nbsp; 10659740 |
| Koninklijke KPN NV | 3619107 | &nbsp;&nbsp; 16911060 |
|  |  | &nbsp;&nbsp; 43639794 |
| **Singapore — 1.9%** | **Singapore — 1.9%** |  |
| United Overseas Bank Ltd. | 397000 | &nbsp;&nbsp; 10812499 |
| **South Korea — 3.3%** | **South Korea — 3.3%** |  |
| Kia Corp. | 111170 | &nbsp;&nbsp; 9424269 |
| SK Hynix, Inc. | 21304 | &nbsp;&nbsp; 9648109 |
|  |  | &nbsp;&nbsp; 19072378 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Spain — 4.8%** | **Spain — 4.8%** |  |
| Banco Bilbao Vizcaya Argentaria SA | 520186 | &nbsp;&nbsp; $12202107  |
| Industria de Diseno Textil SA | 225784 | &nbsp;&nbsp; 14893765 |
|  |  | &nbsp;&nbsp; 27095872 |
| **Sweden — 5.7%** | **Sweden — 5.7%** |  |
| Assa Abloy AB, Class B | 405242 | &nbsp;&nbsp; 15654839 |
| Atlas Copco AB, A Shares | 951235 | &nbsp;&nbsp; 16934423 |
|  |  | &nbsp;&nbsp; 32589262 |
| **Switzerland — 2.8%** | **Switzerland — 2.8%** |  |
| UBS Group AG, Registered Shares | 346069 | &nbsp;&nbsp; 15979587 |
| **Taiwan — 7.0%** | **Taiwan — 7.0%** |  |
| MediaTek, Inc. | 232000 | &nbsp;&nbsp; 10534004 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 600000 | &nbsp;&nbsp; 29494354 |
|  |  | &nbsp;&nbsp; 40028358 |
| **United Kingdom — 11.4%** | **United Kingdom — 11.4%** |  |
| AstraZeneca PLC | 92655 | &nbsp;&nbsp; 17146668 |
| British American Tobacco PLC | 261637 | &nbsp;&nbsp; 14832379 |
| Shell PLC | 648441 | &nbsp;&nbsp; 24020882 |
| Taylor Wimpey PLC | 6166586 | &nbsp;&nbsp; 8923087 |
|  |  | &nbsp;&nbsp; 64923016 |
| **United States**<sup>(a)</sup> **— 4.1%** | **United States**<sup>(a)</sup> **— 4.1%** |  |
| General Electric Co. | 39768 | &nbsp;&nbsp; 12249737 |
| Mastercard, Inc., Class A<sup>(e)</sup> | 19341 | &nbsp;&nbsp; 11041390 |
|  |  | &nbsp;&nbsp; 23291127 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $446,346,366)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $446,346,366)** | &nbsp;&nbsp; 568428848 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.5%** | **Money Market Funds — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.65%<sup>(f)(g)</sup><br>| 8533259 | &nbsp;&nbsp; 8533259 |
| **Total Short-Term Securities — 1.5%** <br>**(Cost: $8,533,259)** | **Total Short-Term Securities — 1.5%** <br>**(Cost: $8,533,259)** | &nbsp;&nbsp; 8533259 |
| **Total Investments Before Options Written — 101.1%** <br>**(Cost: $454,879,625)** | **Total Investments Before Options Written — 101.1%** <br>**(Cost: $454,879,625)** | &nbsp;&nbsp; 576962107 |
| **Options Written — (1.5)%** <br>**(Premiums Received: $(5678580))** | **Options Written — (1.5)%** <br>**(Premiums Received: $(5678580))** | &nbsp;&nbsp; (8837872)<br>|
| **Total Investments, Net of Options Written — 99.6%** <br>**(Cost: $449,201,045)** | **Total Investments, Net of Options Written — 99.6%** <br>**(Cost: $449,201,045)** | &nbsp;&nbsp; 568124235 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | &nbsp;&nbsp; 2423596 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $570547831 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $279,932, representing 0.1% of its net assets as of period end, and an original cost of $3,948,600. 

<sup>(e)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. 

<sup>(f)</sup> Affiliate of the Trust.

<sup>(g)</sup> Annualized 7-day yield as of period end.

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced International Dividend Trust (BGY)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | &nbsp;&nbsp; $—<br> $301 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— | $(301)<br>| $— | $— |  | $4222 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | &nbsp;&nbsp; 3742337<br> 4790922 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |  |  | 8533259 | 8533259 | 296590 | &nbsp;&nbsp; — |
|  |  |  | $(301)<br>| $— | $8533259 |  | $300812 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 175.00 | USD | 2653 | &nbsp;&nbsp;&nbsp;&nbsp; $(1810 )<br>|
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 310.00 | USD | 2218 | &nbsp;&nbsp;&nbsp;&nbsp; (37260)<br>|
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 555.00 | USD | 2055 | &nbsp;&nbsp;&nbsp;&nbsp; (69300)<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | &nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | CAD | 60.00 | CAD | 2688 | &nbsp;&nbsp;&nbsp;&nbsp; (183261)<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | CAD | 115.00 | CAD | 3622 | &nbsp;&nbsp;&nbsp;&nbsp; (295289)<br>|
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | CAD | 260.00 | CAD | 3081 | &nbsp;&nbsp;&nbsp;&nbsp; (3730)<br>|
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 170.00 | USD | 3665 | &nbsp;&nbsp;&nbsp;&nbsp; (10000)<br>|
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 315.00 | USD | 1448 | &nbsp;&nbsp;&nbsp;&nbsp; (36425)<br>|
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 550.00 | USD | 2911 | &nbsp;&nbsp;&nbsp;&nbsp; (128903)<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | CAD | 63.00 | CAD | 3943 | &nbsp;&nbsp;&nbsp;&nbsp; (177043)<br>|
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 330.00 | USD | 3049 | &nbsp;&nbsp;&nbsp;&nbsp; (47273)<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | &nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | CAD | 64.00 | CAD | 2333 | &nbsp;&nbsp;&nbsp;&nbsp; (95698)<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | CAD | 126.00 | CAD | 1824 | &nbsp;&nbsp;&nbsp;&nbsp; (39550)<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | &nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | CAD | 115.00 | CAD | 3609 | &nbsp;&nbsp;&nbsp;&nbsp; (294235)<br>|
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | &nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | CAD | 250.00 | CAD | 3057 | &nbsp;&nbsp;&nbsp;&nbsp; (24057)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1443834)<br>|

---

**OTC Options Written** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG, Class N, Registered <br> Shares<br>| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 81800 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; EUR | 28.45 | &nbsp;&nbsp; EUR | 2266 | &nbsp;&nbsp; $(4554 )<br>|
| &nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | Bank of America N.A. | &nbsp;&nbsp; 140800 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; EUR | 22.21 | &nbsp;&nbsp; EUR | 3104 | &nbsp;&nbsp; (26958)<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 522200 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; EUR | 4.06 | &nbsp;&nbsp; EUR | 2076 | &nbsp;&nbsp; (4388)<br>|
| &nbsp;&nbsp;&nbsp; SAP SE | Goldman Sachs International | &nbsp;&nbsp; 33500 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; EUR | 226.07 | &nbsp;&nbsp; EUR | 6926 | &nbsp;&nbsp; (358)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., <br> Ltd.<br>| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 224000 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; TWD | 1564.62 | &nbsp;&nbsp; TWD | 345978 | &nbsp;&nbsp; (124427)<br>|
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | BNP Paribas SA | &nbsp;&nbsp; 167600 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; SGD | 34.50 | &nbsp;&nbsp; SGD | 5867 | &nbsp;&nbsp; (76106)<br>|
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | UBS AG | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; SGD | 35.11 | &nbsp;&nbsp; SGD | 385 | &nbsp;&nbsp; (1196)<br>|
| &nbsp;&nbsp;&nbsp; Honda Motor Co., Ltd. | Goldman Sachs International | &nbsp;&nbsp; 109100 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; JPY | 1556.41 | &nbsp;&nbsp; JPY | 167727 | &nbsp;&nbsp; (8699)<br>|
| &nbsp;&nbsp;&nbsp; Honda Motor Co., Ltd. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; JPY | 1586.14 | &nbsp;&nbsp; JPY | 299787 | &nbsp;&nbsp; (8366)<br>|
| &nbsp;&nbsp;&nbsp; Kia Corp. | Bank of America N.A. | &nbsp;&nbsp; 17650 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; KRW | 124740.00 | &nbsp;&nbsp; KRW | 2155426 | &nbsp;&nbsp; (10860)<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | Goldman Sachs International | &nbsp;&nbsp; 151100 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; EUR | 3.86 | &nbsp;&nbsp; EUR | 601 | &nbsp;&nbsp; (22404)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC | Goldman Sachs International | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; EUR | 34.03 | &nbsp;&nbsp; EUR | 1538 | &nbsp;&nbsp; (64)<br>|
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd., ADR | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 35500 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; USD | 82.45 | &nbsp;&nbsp; USD | 2718 | &nbsp;&nbsp; (308)<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Registered Shares | Goldman Sachs International | &nbsp;&nbsp; 71700 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; CHF | 31.28 | &nbsp;&nbsp; CHF | 2622 | &nbsp;&nbsp; (514502)<br>|
| &nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | Citibank N.A. | &nbsp;&nbsp; 109900 | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; SEK | 370.76 | &nbsp;&nbsp; SEK | 39086 | &nbsp;&nbsp; (2874)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced International Dividend Trust (BGY)** 

**OTC Options Written (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of*<br> *Contracts*<br>| *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sanofi S.A. | Goldman Sachs International | &nbsp;&nbsp; 53200 | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; EUR | 94.06 | &nbsp;&nbsp; EUR | 4380 | &nbsp;&nbsp; $(14)<br>|
| &nbsp;&nbsp;&nbsp; SK Hynix, Inc. | Goldman Sachs International | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; KRW | 646300.00 | &nbsp;&nbsp; KRW | 2087658 | &nbsp;&nbsp; (50940)<br>|
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | Bank of America N.A. | &nbsp;&nbsp; 172600 | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; JPY | 4949.14 | &nbsp;&nbsp; JPY | 693501 | &nbsp;&nbsp; (350)<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Registered Shares | Goldman Sachs International | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; CHF | 32.59 | &nbsp;&nbsp; CHF | 3072 | &nbsp;&nbsp; (463186)<br>|
| &nbsp;&nbsp;&nbsp; Atlas Copco AB, A Shares | Bank of America N.A. | &nbsp;&nbsp; 109600 | &nbsp;&nbsp; 01/09/26 | &nbsp;&nbsp; SEK | 156.94 | &nbsp;&nbsp; SEK | 17963 | &nbsp;&nbsp; (110645)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG, Class N, Registered <br> Shares<br>| UBS AG | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 01/09/26 | &nbsp;&nbsp; EUR | 28.35 | &nbsp;&nbsp; EUR | 2493 | &nbsp;&nbsp; (8833)<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | Goldman Sachs International | &nbsp;&nbsp; 159000 | &nbsp;&nbsp; 01/09/26 | &nbsp;&nbsp; JPY | 2475.41 | &nbsp;&nbsp; JPY | 395281 | &nbsp;&nbsp; (42315)<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 802200 | &nbsp;&nbsp; 01/13/26 | &nbsp;&nbsp; EUR | 4.07 | &nbsp;&nbsp; EUR | 3190 | &nbsp;&nbsp; (15602)<br>|
| &nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | BNP Paribas SA | &nbsp;&nbsp; 72500 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; SEK | 355.44 | &nbsp;&nbsp; SEK | 25785 | &nbsp;&nbsp; (49288)<br>|
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | Bank of America N.A. | &nbsp;&nbsp; 24400 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; GBP | 138.52 | &nbsp;&nbsp; GBP | 3350 | &nbsp;&nbsp; (62017)<br>|
| &nbsp;&nbsp;&nbsp; Atlas Copco AB, A Shares | Bank of America N.A. | &nbsp;&nbsp; 88400 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; SEK | 172.22 | &nbsp;&nbsp; SEK | 14489 | &nbsp;&nbsp; (5198)<br>|
| &nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | BNP Paribas SA | &nbsp;&nbsp; 238300 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; EUR | 21.30 | &nbsp;&nbsp; EUR | 5254 | &nbsp;&nbsp; (271167)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, <br> Class O<br>| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 204000 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; MXN | 173.90 | &nbsp;&nbsp; MXN | 34056 | &nbsp;&nbsp; (11466)<br>|
| &nbsp;&nbsp;&nbsp; Taylor Wimpey PLC | Citibank N.A. | &nbsp;&nbsp; 1272000 | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; GBP | 1.04 | &nbsp;&nbsp; GBP | 1365 | &nbsp;&nbsp; (70041)<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | Citibank N.A. | &nbsp;&nbsp; 28100 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; EUR | 76.58 | &nbsp;&nbsp; EUR | 2262 | &nbsp;&nbsp; (149088)<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | UBS AG | &nbsp;&nbsp; 318300 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; EUR | 4.02 | &nbsp;&nbsp; EUR | 1266 | &nbsp;&nbsp; (11420)<br>|
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | Citibank N.A. | &nbsp;&nbsp; 11100 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; EUR | 234.56 | &nbsp;&nbsp; EUR | 2584 | &nbsp;&nbsp; (69300)<br>|
| &nbsp;&nbsp;&nbsp; Allianz SE, Registered Shares | UBS AG | &nbsp;&nbsp; 15200 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; EUR | 377.01 | &nbsp;&nbsp; EUR | 5980 | &nbsp;&nbsp; (301963)<br>|
| &nbsp;&nbsp;&nbsp; Atlas Copco AB, A Shares | Barclays Bank PLC | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; SEK | 159.65 | &nbsp;&nbsp; SEK | 37697 | &nbsp;&nbsp; (187247)<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | Barclays Bank PLC | &nbsp;&nbsp; 196700 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; EUR | 3.90 | &nbsp;&nbsp; EUR | 782 | &nbsp;&nbsp; (27279)<br>|
| &nbsp;&nbsp;&nbsp; MediaTek, Inc. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; TWD | 1227.65 | &nbsp;&nbsp; TWD | 119839 | &nbsp;&nbsp; (532462)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC | Barclays Bank PLC | &nbsp;&nbsp; 163400 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; EUR | 32.74 | &nbsp;&nbsp; EUR | 5151 | &nbsp;&nbsp; (23541)<br>|
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd., ADR | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 31600 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; USD | 80.67 | &nbsp;&nbsp; USD | 2419 | &nbsp;&nbsp; (13850)<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | Barclays Bank PLC | &nbsp;&nbsp; 16400 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; EUR | 79.09 | &nbsp;&nbsp; EUR | 1320 | &nbsp;&nbsp; (63383)<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | Goldman Sachs International | &nbsp;&nbsp; 159000 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; JPY | 2523.01 | &nbsp;&nbsp; JPY | 395281 | &nbsp;&nbsp; (53649)<br>|
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | Barclays Bank PLC | &nbsp;&nbsp; 11100 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; EUR | 237.51 | &nbsp;&nbsp; EUR | 2584 | &nbsp;&nbsp; (75846)<br>|
| &nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co., Ltd. | Bank of America N.A. | &nbsp;&nbsp; 106800 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; JPY | 4797.25 | &nbsp;&nbsp; JPY | 519627 | &nbsp;&nbsp; (119553)<br>|
| &nbsp;&nbsp;&nbsp; Taylor Wimpey PLC | Barclays Bank PLC | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; GBP | 1.03 | &nbsp;&nbsp; GBP | 247 | &nbsp;&nbsp; (18437)<br>|
| &nbsp;&nbsp;&nbsp; Air Liquide SA | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 19100 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; EUR | 162.29 | &nbsp;&nbsp; EUR | 3055 | &nbsp;&nbsp; (41741)<br>|
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | Goldman Sachs International | &nbsp;&nbsp; 17300 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; GBP | 138.19 | &nbsp;&nbsp; GBP | 2375 | &nbsp;&nbsp; (79038)<br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 44300 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; EUR | 19.96 | &nbsp;&nbsp; EUR | 884 | &nbsp;&nbsp; (30489)<br>|
| &nbsp;&nbsp;&nbsp; EssilorLuxottica SA | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 13950 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; EUR | 281.46 | &nbsp;&nbsp; EUR | 3753 | &nbsp;&nbsp; (67330)<br>|
| &nbsp;&nbsp;&nbsp; Honda Motor Co., Ltd. | BNP Paribas SA | &nbsp;&nbsp; 196500 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; JPY | 1612.21 | &nbsp;&nbsp; JPY | 302093 | &nbsp;&nbsp; (27555)<br>|
| &nbsp;&nbsp;&nbsp; Kia Corp. | Bank of America N.A. | &nbsp;&nbsp; 32300 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; KRW | 124873.11 | &nbsp;&nbsp; KRW | 3944491 | &nbsp;&nbsp; (61286)<br>|
| &nbsp;&nbsp;&nbsp; Kone Oyj, Class B | Barclays Bank PLC | &nbsp;&nbsp; 77000 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; EUR | 61.34 | &nbsp;&nbsp; EUR | 4642 | &nbsp;&nbsp; (60385)<br>|
| &nbsp;&nbsp;&nbsp; MediaTek, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; TWD | 1476.80 | &nbsp;&nbsp; TWD | 29960 | &nbsp;&nbsp; (16898)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 14700 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; EUR | 31.06 | &nbsp;&nbsp; EUR | 463 | &nbsp;&nbsp; (14645)<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 11500 | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; EUR | 82.02 | &nbsp;&nbsp; EUR | 926 | &nbsp;&nbsp; (27197)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, <br> Class O<br>| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 209000 | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; MXN | 173.20 | &nbsp;&nbsp; MXN | 34890 | &nbsp;&nbsp; (34584)<br>|
| &nbsp;&nbsp;&nbsp; Taylor Wimpey PLC | Bank of America N.A. | &nbsp;&nbsp; 1272900 | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; GBP | 1.06 | &nbsp;&nbsp; GBP | 1366 | &nbsp;&nbsp; (72853)<br>|
| &nbsp;&nbsp;&nbsp; ASM International NV | Barclays Bank PLC | &nbsp;&nbsp; 11500 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; EUR | 483.28 | &nbsp;&nbsp; EUR | 5924 | &nbsp;&nbsp; (626588)<br>|
| &nbsp;&nbsp;&nbsp; ASR Nederland N.V. | Citibank N.A. | &nbsp;&nbsp; 67400 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; EUR | 58.23 | &nbsp;&nbsp; EUR | 4081 | &nbsp;&nbsp; (244482)<br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | Citibank N.A. | &nbsp;&nbsp; 241900 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; EUR | 18.65 | &nbsp;&nbsp; EUR | 4828 | &nbsp;&nbsp; (471426)<br>|
| &nbsp;&nbsp;&nbsp; British American Tobacco PLC | Barclays Bank PLC | &nbsp;&nbsp; 117700 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; GBP | 44.00 | &nbsp;&nbsp; GBP | 4950 | &nbsp;&nbsp; (63484)<br>|
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | Citibank N.A. | &nbsp;&nbsp; 102653 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; EUR | 48.53 | &nbsp;&nbsp; EUR | 5762 | &nbsp;&nbsp; (968378)<br>|
| &nbsp;&nbsp;&nbsp; SK Hynix, Inc. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; KRW | 570900.00 | &nbsp;&nbsp; KRW | 4175316 | &nbsp;&nbsp; (404918)<br>|
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | Goldman Sachs International | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; JPY | 4646.41 | &nbsp;&nbsp; JPY | 233042 | &nbsp;&nbsp; (10483)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., <br> Ltd.<br>| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; TWD | 1525.76 | &nbsp;&nbsp; TWD | 146732 | &nbsp;&nbsp; (214516)<br>|
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; HKD | 624.36 | &nbsp;&nbsp; HKD | 5316 | &nbsp;&nbsp; (7651)<br>|
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd., ADR | Citibank N.A. | &nbsp;&nbsp; 39200 | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; USD | 80.07 | &nbsp;&nbsp; USD | 3001 | &nbsp;&nbsp; (38750)<br>|
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | BNP Paribas SA | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; JPY | 4234.58 | &nbsp;&nbsp; JPY | 220988 | &nbsp;&nbsp; (34970)<br>|
| &nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co., Ltd. | Bank of America N.A. | &nbsp;&nbsp; 106800 | &nbsp;&nbsp; 02/12/26 | &nbsp;&nbsp; JPY | 4797.25 | &nbsp;&nbsp; JPY | 519627 | &nbsp;&nbsp; (160247)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(7394038)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced International Dividend Trust (BGY)** 

**Balances Reported in the Statements of Assets and Liabilities for Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Options Written | &nbsp;&nbsp; $ N/A | &nbsp;&nbsp;&nbsp;&nbsp; $(5678580 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1798973  | &nbsp;&nbsp;&nbsp;&nbsp; $(4958265 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(8837872 )<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Options written <br>Options written at value<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8837872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8837872 |

---

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8810613)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8810613)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4744066)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4744066)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; $6160539 |

---

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments — Offsetting as of Period End**

The Trust's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp; Options | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8837872 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8837872 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1443834)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7394038 |

---

The following table presents the Trust's derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(a)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(a)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(b)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $629967  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(629967 )<br>| &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 1146190 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1146190)<br>| &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 459086 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (430000)<br>| &nbsp;&nbsp; 29086 |
| Citibank N.A. | &nbsp;&nbsp; 2014339 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1960000)<br>| &nbsp;&nbsp; 54339 |
| Goldman Sachs International | &nbsp;&nbsp; 1245652 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1035000)<br>| &nbsp;&nbsp; 210652 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 214317 | &nbsp;&nbsp; — | &nbsp;&nbsp; (31399)<br>| &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp; 82918 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced International Dividend Trust (BGY)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<br>| *Non-Cash*<br> *Collateral*<br> *Pledged*<sup>(a)</sup><br>| *Cash*<br> *Collateral*<br> *Pledged*<sup>(a)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Liabilities*<sup>(b)</sup><br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; $1361075  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(1005000 )<br>| &nbsp;&nbsp; $356075  |
| UBS AG | &nbsp;&nbsp; 323412 | &nbsp;&nbsp; — | &nbsp;&nbsp; (55946)<br>| &nbsp;&nbsp; (267466)<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $7394038 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(87345)<br>| &nbsp;&nbsp; $(6573623)<br>| &nbsp;&nbsp; $733070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(b)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; $41483587  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $41483587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 32151998 | &nbsp;&nbsp;&nbsp;&nbsp; 2962693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35114691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12134900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12134900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54476591 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54476591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45238197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45238197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22483457 | &nbsp;&nbsp;&nbsp;&nbsp; 279932 | &nbsp;&nbsp;&nbsp;&nbsp; 22763389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17854066 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17854066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53421947 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53421947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 8509587 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8509587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43639794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43639794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10812499 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10812499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19072378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19072378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27095872 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27095872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32589262 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32589262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15979587 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15979587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40028358 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40028358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64923016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64923016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 23291127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23291127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 8533259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8533259 |
|  | &nbsp;&nbsp; $113969558 | &nbsp;&nbsp;&nbsp;&nbsp; $462712617 | &nbsp;&nbsp;&nbsp;&nbsp; $279932 | &nbsp;&nbsp;&nbsp;&nbsp; $576962107 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $(1443834)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7394038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(8837872)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments

December 31, 2025

**BlackRock Enhanced Large Cap Core Fund, Inc. (CII)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |  |
| Howmet Aerospace, Inc. | 128475 | &nbsp;&nbsp; $26339945 |
| **Banks — 2.6%** | **Banks — 2.6%** |  |
| Wells Fargo & Co. | 259538 | &nbsp;&nbsp; 24188942 |
| **Broadline Retail — 7.5%** | **Broadline Retail — 7.5%** |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 300609 | &nbsp;&nbsp; 69386569 |
| **Building Products — 3.1%** | **Building Products — 3.1%** |  |
| Johnson Controls International PLC | 235696 | &nbsp;&nbsp; 28224596 |
| **Capital Markets — 5.8%** | **Capital Markets — 5.8%** |  |
| Intercontinental Exchange, Inc. | 186433 | &nbsp;&nbsp; 30194689 |
| S&P Global, Inc. | 44436 | &nbsp;&nbsp; 23221809 |
|  |  | &nbsp;&nbsp; 53416498 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** |  |
| Air Products and Chemicals, Inc. | 91611 | &nbsp;&nbsp; 22629749 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |  |
| Rentokil Initial PLC, ADR<sup>(c)</sup> | 507970 | &nbsp;&nbsp; 14964796 |
| **Communications Equipment — 4.5%** | **Communications Equipment — 4.5%** |  |
| Ciena Corp.<sup>(b)</sup> | 176361 | &nbsp;&nbsp; 41245547 |
| **Entertainment — 3.4%** | **Entertainment — 3.4%** |  |
| Spotify Technology SA<sup>(b)</sup> | 30570 | &nbsp;&nbsp; 17752305 |
| TKO Group Holdings, Inc., Class A | 66337 | &nbsp;&nbsp; 13864433 |
|  |  | &nbsp;&nbsp; 31616738 |
| **Financial Services — 7.0%** | **Financial Services — 7.0%** |  |
| Rocket Cos., Inc., Class A | 1474652 | &nbsp;&nbsp; 28549263 |
| Visa, Inc., Class A<sup>(a)</sup> | 103773 | &nbsp;&nbsp; 36394229 |
|  |  | &nbsp;&nbsp; 64943492 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |  |
| Medtronic PLC | 192108 | &nbsp;&nbsp; 18453894 |
| **Health Care Providers & Services — 8.3%** | **Health Care Providers & Services — 8.3%** |  |
| Cardinal Health, Inc. | 208800 | &nbsp;&nbsp; 42908400 |
| Cencora, Inc. | 13044 | &nbsp;&nbsp; 4405611 |
| Elevance Health, Inc. | 56005 | &nbsp;&nbsp; 19632553 |
| Humana, Inc. | 40367 | &nbsp;&nbsp; 10339199 |
|  |  | &nbsp;&nbsp; 77285763 |
| **Interactive Media & Services — 11.1%** | **Interactive Media & Services — 11.1%** |  |
| Alphabet, Inc., Class A<sup>(d)</sup> | 160028 | &nbsp;&nbsp; 50088764 |
| Meta Platforms, Inc., Class A<sup>(a)</sup> | 80088 | &nbsp;&nbsp; 52865288 |
|  |  | &nbsp;&nbsp; 102954052 |
| **IT Services — 1.5%** | **IT Services — 1.5%** |  |
| Snowflake, Inc., Class A<sup>(b)</sup> | 63910 | &nbsp;&nbsp; 14019298 |
| **Leisure Products — 3.3%** | **Leisure Products — 3.3%** |  |
| Hasbro, Inc. | 367301 | &nbsp;&nbsp; 30118682 |
| **Oil, Gas & Consumable Fuels — 2.3%** | **Oil, Gas & Consumable Fuels — 2.3%** |  |
| Chevron Corp. | 142454 | &nbsp;&nbsp; 21711414 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |  |
| Eli Lilly & Co. | 8739 | &nbsp;&nbsp; 9391629 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Professional Services — 2.3%** | **Professional Services — 2.3%** |  |
| SS&C Technologies Holdings, Inc. | 244279 | &nbsp;&nbsp; $21354870 |
| **Semiconductors & Semiconductor Equipment — 15.2%** | **Semiconductors & Semiconductor Equipment — 15.2%** |  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 29521 | &nbsp;&nbsp; 6322217 |
| Broadcom, Inc. | 88863 | &nbsp;&nbsp; 30755484 |
| Intel Corp.<sup>(b)</sup> | 349291 | &nbsp;&nbsp; 12888838 |
| Micron Technology, Inc. | 89324 | &nbsp;&nbsp; 25493963 |
| NVIDIA Corp.<sup>(a)</sup> | 350755 | &nbsp;&nbsp; 65415808 |
|  |  | &nbsp;&nbsp; 140876310 |
| **Software — 11.7%** | **Software — 11.7%** |  |
| AppLovin Corp., Class A<sup>(b)</sup> | 40287 | &nbsp;&nbsp; 27146186 |
| Intuit, Inc. | 17178 | &nbsp;&nbsp; 11379051 |
| Microsoft Corp.<sup>(a)</sup> | 145068 | &nbsp;&nbsp; 70157786 |
|  |  | &nbsp;&nbsp; 108683023 |
| **Technology Hardware, Storage & Peripherals — 6.1%** | **Technology Hardware, Storage & Peripherals — 6.1%** |  |
| Apple, Inc. | 133616 | &nbsp;&nbsp; 36324846 |
| Western Digital Corp. | 115059 | &nbsp;&nbsp; 19821214 |
|  |  | &nbsp;&nbsp; 56146060 |
| **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** |  |
| WESCO International, Inc. | 105982 | &nbsp;&nbsp; 25927436 |
| **Total Long-Term Investments — 108.3%** <br>**(Cost: $606,617,452)** | **Total Long-Term Investments — 108.3%** <br>**(Cost: $606,617,452)** | &nbsp;&nbsp; 1003879303 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.8%** | **Money Market Funds — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(e)(f)(g)</sup><br>| 4643053 | &nbsp;&nbsp; 4645374 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(e)(f)</sup><br>| 12032078 | &nbsp;&nbsp; 12032078 |
| **Total Short-Term Securities — 1.8%** <br>**(Cost: $16,677,452)** | **Total Short-Term Securities — 1.8%** <br>**(Cost: $16,677,452)** | &nbsp;&nbsp; 16677452 |
| **Total Investments Before Options Written — 110.1%** <br>**(Cost: $623,294,904)** | **Total Investments Before Options Written — 110.1%** <br>**(Cost: $623,294,904)** | &nbsp;&nbsp; 1020556755 |
| **Options Written — (1.4)%** <br>**(Premiums Received: $(15654259))** | **Options Written — (1.4)%** <br>**(Premiums Received: $(15654259))** | &nbsp;&nbsp; (13085321)<br>|
| **Total Investments, Net of Options Written — 108.7%** <br>**(Cost: $607,640,645)** | **Total Investments, Net of Options Written — 108.7%** <br>**(Cost: $607,640,645)** | &nbsp;&nbsp; 1007471434 |
| **Liabilities in Excess of Other Assets — (8.7)%** | **Liabilities in Excess of Other Assets — (8.7)%** | &nbsp;&nbsp; (80275317)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $927196117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. 

<sup>(e)</sup> Affiliate of the Trust.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Large Cap Core Fund, Inc. (CII)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $435128<br> $4210774 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(569)<br>| $41 | $4645374 | 4643053 | $2683 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | 6320794<br> 5711284 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 12032078 | 12032078 | 579856 | &nbsp;&nbsp; — |
|  |  |  | $(569)<br>| $41 | $16677452 |  | $582539 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | USD | 1075.00 | USD | 3546 | &nbsp;&nbsp;&nbsp;&nbsp; $(19635 )<br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos, Inc., Class A | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | USD | 19.50 | USD | 1936 | &nbsp;&nbsp;&nbsp;&nbsp; (13000)<br>|
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | &nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp; 01/08/26 | USD | 83.00 | USD | 3059 | &nbsp;&nbsp;&nbsp;&nbsp; (30570)<br>|
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. | &nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 255.00 | USD | 1735 | &nbsp;&nbsp;&nbsp;&nbsp; (648)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 330.00 | USD | 4695 | &nbsp;&nbsp;&nbsp;&nbsp; (5625)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 245.00 | USD | 3070 | &nbsp;&nbsp;&nbsp;&nbsp; (2261)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 290.00 | USD | 9243 | &nbsp;&nbsp;&nbsp;&nbsp; (1190)<br>|
| &nbsp;&nbsp;&nbsp; Applovin Corp., Class A | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 750.00 | USD | 4649 | &nbsp;&nbsp;&nbsp;&nbsp; (10523)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 395.00 | USD | 865 | &nbsp;&nbsp;&nbsp;&nbsp; (313)<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 155.00 | USD | 5776 | &nbsp;&nbsp;&nbsp;&nbsp; (22551)<br>|
| &nbsp;&nbsp;&nbsp; Ciena Corp. | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 205.00 | USD | 11694 | &nbsp;&nbsp;&nbsp;&nbsp; (1447500)<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 200.00 | USD | 5331 | &nbsp;&nbsp;&nbsp;&nbsp; (180700)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 48.00 | USD | 841 | &nbsp;&nbsp;&nbsp;&nbsp; (684)<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 102.00 | USD | 5206 | &nbsp;&nbsp;&nbsp;&nbsp; (31978)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 280.00 | USD | 7107 | &nbsp;&nbsp;&nbsp;&nbsp; (308760)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 505.00 | USD | 9431 | &nbsp;&nbsp;&nbsp;&nbsp; (6045)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 200.00 | USD | 4178 | &nbsp;&nbsp;&nbsp;&nbsp; (7952)<br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos, Inc., Class A | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 21.52 | USD | 1936 | &nbsp;&nbsp;&nbsp;&nbsp; (7920)<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A | &nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 340.00 | USD | 3823 | &nbsp;&nbsp;&nbsp;&nbsp; (131072)<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 92.00 | USD | 522 | &nbsp;&nbsp;&nbsp;&nbsp; (10752)<br>|
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 175.00 | USD | 4806 | &nbsp;&nbsp;&nbsp;&nbsp; (126247)<br>|
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 280.00 | USD | 6447 | &nbsp;&nbsp;&nbsp;&nbsp; (5220)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 340.00 | USD | 1221 | &nbsp;&nbsp;&nbsp;&nbsp; (1619)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 305.00 | USD | 4695 | &nbsp;&nbsp;&nbsp;&nbsp; (179250)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 255.00 | USD | 3762 | &nbsp;&nbsp;&nbsp;&nbsp; (2445)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 240.00 | USD | 9394 | &nbsp;&nbsp;&nbsp;&nbsp; (61254)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 390.00 | USD | 10591 | &nbsp;&nbsp;&nbsp;&nbsp; (26163)<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 210.00 | USD | 5631 | &nbsp;&nbsp;&nbsp;&nbsp; (51375)<br>|
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 370.00 | USD | 1216 | &nbsp;&nbsp;&nbsp;&nbsp; (8460)<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 360.00 | USD | 9850 | &nbsp;&nbsp;&nbsp;&nbsp; (129260)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 1100.00 | USD | 1719 | &nbsp;&nbsp;&nbsp;&nbsp; (24080)<br>|
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | &nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 82.50 | USD | 5437 | &nbsp;&nbsp;&nbsp;&nbsp; (104423)<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | &nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 200.00 | USD | 5925 | &nbsp;&nbsp;&nbsp;&nbsp; (234090)<br>|
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 265.00 | USD | 3791 | &nbsp;&nbsp;&nbsp;&nbsp; (86580)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 55.00 | USD | 845 | &nbsp;&nbsp;&nbsp;&nbsp; (1832)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 50.00 | USD | 1565 | &nbsp;&nbsp;&nbsp;&nbsp; (4240)<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 160.00 | USD | 10349 | &nbsp;&nbsp;&nbsp;&nbsp; (246015)<br>|
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 700.00 | USD | 3047 | &nbsp;&nbsp;&nbsp;&nbsp; (12305)<br>|
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | &nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 115.00 | USD | 5628 | &nbsp;&nbsp;&nbsp;&nbsp; (260850)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 685.00 | USD | 17492 | &nbsp;&nbsp;&nbsp;&nbsp; (113287)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 500.00 | USD | 5949 | &nbsp;&nbsp;&nbsp;&nbsp; (25830)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Large Cap Core Fund, Inc. (CII)** 

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 515.00 | USD | 5949 | &nbsp;&nbsp;&nbsp;&nbsp; $(4920 )<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 571 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 200.00 | USD | 10649 | &nbsp;&nbsp;&nbsp;&nbsp; (62239)<br>|
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | &nbsp;&nbsp; 953 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 28.19 | USD | 2808 | &nbsp;&nbsp;&nbsp;&nbsp; (158782)<br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos, Inc., Class A | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 21.20 | USD | 1936 | &nbsp;&nbsp;&nbsp;&nbsp; (22500)<br>|
| &nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 280.00 | USD | 2106 | &nbsp;&nbsp;&nbsp;&nbsp; (1296)<br>|
| &nbsp;&nbsp;&nbsp; Spotify Technology SA | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 640.00 | USD | 3252 | &nbsp;&nbsp;&nbsp;&nbsp; (11984)<br>|
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 85.00 | USD | 935 | &nbsp;&nbsp;&nbsp;&nbsp; (29425)<br>|
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc., Class A | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 190.00 | USD | 1986 | &nbsp;&nbsp;&nbsp;&nbsp; (187625)<br>|
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc., Class A | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 210.00 | USD | 5894 | &nbsp;&nbsp;&nbsp;&nbsp; (118440)<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 345.00 | USD | 8768 | &nbsp;&nbsp;&nbsp;&nbsp; (213750)<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 85.00 | USD | 2265 | &nbsp;&nbsp;&nbsp;&nbsp; (215662)<br>|
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; (5175)<br>|
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 160.00 | USD | 6460 | &nbsp;&nbsp;&nbsp;&nbsp; (595312)<br>|
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | &nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp;&nbsp; 01/22/26 | USD | 86.00 | USD | 3067 | &nbsp;&nbsp;&nbsp;&nbsp; (23921)<br>|
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. | &nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 225.00 | USD | 1735 | &nbsp;&nbsp;&nbsp;&nbsp; (42728)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | &nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 310.00 | USD | 5415 | &nbsp;&nbsp;&nbsp;&nbsp; (173000)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 240.00 | USD | 8056 | &nbsp;&nbsp;&nbsp;&nbsp; (78525)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 285.00 | USD | 5655 | &nbsp;&nbsp;&nbsp;&nbsp; (17576)<br>|
| &nbsp;&nbsp;&nbsp; Applovin Corp., Class A | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 740.00 | USD | 4649 | &nbsp;&nbsp;&nbsp;&nbsp; (75210)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 365.00 | USD | 6022 | &nbsp;&nbsp;&nbsp;&nbsp; (104400)<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 205.00 | USD | 3350 | &nbsp;&nbsp;&nbsp;&nbsp; (63570)<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 150.00 | USD | 6523 | &nbsp;&nbsp;&nbsp;&nbsp; (182970)<br>|
| &nbsp;&nbsp;&nbsp; Ciena Corp. | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 225.00 | USD | 13097 | &nbsp;&nbsp;&nbsp;&nbsp; (960400)<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 205.00 | USD | 3629 | &nbsp;&nbsp;&nbsp;&nbsp; (102660)<br>|
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 280.00 | USD | 2228 | &nbsp;&nbsp;&nbsp;&nbsp; (26970)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 50.00 | USD | 1568 | &nbsp;&nbsp;&nbsp;&nbsp; (11475)<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 102.00 | USD | 5206 | &nbsp;&nbsp;&nbsp;&nbsp; (26829)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 690.00 | USD | 11552 | &nbsp;&nbsp;&nbsp;&nbsp; (90125)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 275.00 | USD | 7421 | &nbsp;&nbsp;&nbsp;&nbsp; (548600)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 505.00 | USD | 8802 | &nbsp;&nbsp;&nbsp;&nbsp; (38857)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 703 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 190.00 | USD | 13111 | &nbsp;&nbsp;&nbsp;&nbsp; (344470)<br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos, Inc., Class A | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 21.00 | USD | 1936 | &nbsp;&nbsp;&nbsp;&nbsp; (34500)<br>|
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 520.00 | USD | 7369 | &nbsp;&nbsp;&nbsp;&nbsp; (176955)<br>|
| &nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 235.00 | USD | 3619 | &nbsp;&nbsp;&nbsp;&nbsp; (38775)<br>|
| &nbsp;&nbsp;&nbsp; Spotify Technology SA | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 600.00 | USD | 3368 | &nbsp;&nbsp;&nbsp;&nbsp; (63075)<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 340.00 | USD | 2385 | &nbsp;&nbsp;&nbsp;&nbsp; (92820)<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 350.00 | USD | 5611 | &nbsp;&nbsp;&nbsp;&nbsp; (104800)<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | USD | 92.00 | USD | 6449 | &nbsp;&nbsp;&nbsp;&nbsp; (245660)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | &nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 315.00 | USD | 11518 | &nbsp;&nbsp;&nbsp;&nbsp; (340400)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 235.00 | USD | 9256 | &nbsp;&nbsp;&nbsp;&nbsp; (202505)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 285.00 | USD | 5057 | &nbsp;&nbsp;&nbsp;&nbsp; (42501)<br>|
| &nbsp;&nbsp;&nbsp; Applovin Corp., Class A | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 730.00 | USD | 5593 | &nbsp;&nbsp;&nbsp;&nbsp; (151060)<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 205.00 | USD | 9474 | &nbsp;&nbsp;&nbsp;&nbsp; (338835)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 44.00 | USD | 841 | &nbsp;&nbsp;&nbsp;&nbsp; (14250)<br>|
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 710.00 | USD | 3180 | &nbsp;&nbsp;&nbsp;&nbsp; (14880)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 500.00 | USD | 8415 | &nbsp;&nbsp;&nbsp;&nbsp; (151815)<br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos, Inc., Class A | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 21.50 | USD | 2904 | &nbsp;&nbsp;&nbsp;&nbsp; (48000)<br>|
| &nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 240.00 | USD | 2281 | &nbsp;&nbsp;&nbsp;&nbsp; (26104)<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 478 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 97.00 | USD | 4455 | &nbsp;&nbsp;&nbsp;&nbsp; (73134)<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | USD | 210.00 | USD | 5138 | &nbsp;&nbsp;&nbsp;&nbsp; (146250)<br>|
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | USD | 540.00 | USD | 5435 | &nbsp;&nbsp;&nbsp;&nbsp; (46280)<br>|
| &nbsp;&nbsp;&nbsp; Spotify Technology SA | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | USD | 610.00 | USD | 3136 | &nbsp;&nbsp;&nbsp;&nbsp; (74790)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 245.00 | USD | 4616 | &nbsp;&nbsp;&nbsp;&nbsp; (129000)<br>|
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 350.00 | USD | 1216 | &nbsp;&nbsp;&nbsp;&nbsp; (29340)<br>|
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | &nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 87.50 | USD | 5420 | &nbsp;&nbsp;&nbsp;&nbsp; (110717)<br>|
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | &nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 125.00 | USD | 9999 | &nbsp;&nbsp;&nbsp;&nbsp; (254675)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 195.00 | USD | 8038 | &nbsp;&nbsp;&nbsp;&nbsp; (310320)<br>|
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | &nbsp;&nbsp; 954 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 30.00 | USD | 2810 | &nbsp;&nbsp;&nbsp;&nbsp; (83475)<br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos, Inc., Class A | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 21.00 | USD | 2904 | &nbsp;&nbsp;&nbsp;&nbsp; (133500)<br>|
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 88.34 | USD | 3549 | &nbsp;&nbsp;&nbsp;&nbsp; (114468)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Large Cap Core Fund, Inc. (CII)** 

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | &nbsp;&nbsp; 556 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 270.00 | USD | 13602 | &nbsp;&nbsp;&nbsp;&nbsp; $(364180 )<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 165.00 | USD | 4260 | &nbsp;&nbsp;&nbsp;&nbsp; (130185)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(12571149)<br>|

---

**OTC Options Written** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | Goldman Sachs International | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; USD | 334.79 | &nbsp;&nbsp; USD | 1192 | &nbsp;&nbsp; $(58196 )<br>|
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | Citibank N.A. | &nbsp;&nbsp; 41500 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; USD | 86.94 | &nbsp;&nbsp; USD | 3628 | &nbsp;&nbsp; (58724)<br>|
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | Citibank N.A. | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp; USD | 28.91 | &nbsp;&nbsp; USD | 1438 | &nbsp;&nbsp; (64686)<br>|
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | Barclays Bank PLC | &nbsp;&nbsp; 25700 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | 249.87 | &nbsp;&nbsp; USD | 6348 | &nbsp;&nbsp; (162346)<br>|
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | Citibank N.A. | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; USD | 29.48 | &nbsp;&nbsp; USD | 1438 | &nbsp;&nbsp; (57069)<br>|
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 41500 | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; USD | 89.97 | &nbsp;&nbsp; USD | 3628 | &nbsp;&nbsp; (63412)<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; USD | 166.17 | &nbsp;&nbsp; USD | 2527 | &nbsp;&nbsp; (49739)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(514172)<br>|

---

**Balances Reported in the Statements of Assets and Liabilities for Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Options Written | &nbsp;&nbsp; $ N/A | &nbsp;&nbsp;&nbsp;&nbsp; $(15654259 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5061001  | &nbsp;&nbsp;&nbsp;&nbsp; $(2492063 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(13085321 )<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Options written <br>Options written at value<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13085321 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13085321 |

---

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(43839334)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(43839334)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(584130)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(584130)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; $18540340 |

---

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Enhanced Large Cap Core Fund, Inc. (CII)** 

**Derivative Financial Instruments — Offsetting as of Period End**

The Trust's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp; Options | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13085321 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13085321 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12571149)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $514172 |

---

The following table presents the Trust's derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(a)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(a)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(b)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $162346  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $162346  |
| Citibank N.A. | &nbsp;&nbsp; 180479 | &nbsp;&nbsp; — | &nbsp;&nbsp; (180479)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 58196 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58196 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 113151 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 113151 |
|  | &nbsp;&nbsp; $514172 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(180479)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $333693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(b)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $1003879303  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1003879303  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 16677452 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16677452 |
|  | &nbsp;&nbsp; $1020556755 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1020556755 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $(12235488)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(849833)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(13085321)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock Health Sciences Term Trust (BMEZ)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Biotechnology — 33.5%** | **Biotechnology — 33.5%** |  |
| 4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 41862 | &nbsp;&nbsp; $313965  |
| Abbisko Cayman Ltd.<sup>(a)</sup> | 2250000 | &nbsp;&nbsp; 3767023 |
| AbbVie, Inc. | 59784 | &nbsp;&nbsp; 13660046 |
| Abcuro, Inc., Series C<sup>(a)(b)</sup> | 241900 | &nbsp;&nbsp; 1582026 |
| Abivax SA, ADR<sup>(a)</sup> | 8695 | &nbsp;&nbsp; 1172564 |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 99595 | &nbsp;&nbsp; 2710976 |
| Akeso, Inc.<sup>(a)(c)</sup> | 204000 | &nbsp;&nbsp; 2969001 |
| Alkermes PLC<sup>(a)</sup> | 128760 | &nbsp;&nbsp; 3602705 |
| Allogene Therapeutics, Inc.<sup>(a)</sup> | 348877 | &nbsp;&nbsp; 477961 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)(d)</sup> | 6196 | &nbsp;&nbsp; 2463839 |
| Amgen, Inc. | 45282 | &nbsp;&nbsp; 14821251 |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | 40862 | &nbsp;&nbsp; 3084264 |
| Arcellx, Inc.<sup>(a)</sup> | 52210 | &nbsp;&nbsp; 3404092 |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 165805 | &nbsp;&nbsp; 3951133 |
| Argenx SE, ADR<sup>(a)</sup> | 11933 | &nbsp;&nbsp; 10035056 |
| Ascendis Pharma A/S, ADR<sup>(a)</sup> | 4166 | &nbsp;&nbsp; 888358 |
| Autolus Therapeutics PLC, ADR<sup>(a)</sup> | 361229 | &nbsp;&nbsp; 718846 |
| Avalo Therapeutics, Inc.<sup>(a)</sup> | 30621 | &nbsp;&nbsp; 556077 |
| Avidity Biosciences, Inc.<sup>(a)</sup> | 13083 | &nbsp;&nbsp; 943677 |
| Beam Therapeutics, Inc.<sup>(a)(e)</sup> | 76864 | &nbsp;&nbsp; 2130670 |
| BeOne Medicines Ltd., ADR<sup>(a)</sup> | 15019 | &nbsp;&nbsp; 4562922 |
| Bicycle Therapeutics PLC, ADR<sup>(a)</sup> | 28374 | &nbsp;&nbsp; 200888 |
| Biogen, Inc.<sup>(a)(d)</sup> | 91947 | &nbsp;&nbsp; 16181753 |
| Biohaven Ltd.<sup>(a)</sup> | 46808 | &nbsp;&nbsp; 528462 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 31662 | &nbsp;&nbsp; 1881673 |
| BioNTech SE, ADR<sup>(a)</sup> | 11340 | &nbsp;&nbsp; 1079568 |
| BridgeBio Oncology Therapeutics, Inc.<sup>(a)(e)</sup> | 263669 | &nbsp;&nbsp; 3301136 |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 136783 | &nbsp;&nbsp; 10462532 |
| Bright Minds Biosciences, Inc.<sup>(a)</sup> | 15493 | &nbsp;&nbsp; 1209074 |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 70345 | &nbsp;&nbsp; 2498654 |
| Cytokinetics, Inc.<sup>(a)</sup> | 34876 | &nbsp;&nbsp; 2216021 |
| Denali Therapeutics, Inc.<sup>(a)</sup> | 192433 | &nbsp;&nbsp; 3177069 |
| Disc Medicine, Inc.<sup>(a)</sup> | 19760 | &nbsp;&nbsp; 1569142 |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 80931 | &nbsp;&nbsp; 1583010 |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 69729 | &nbsp;&nbsp; 1099626 |
| Exact Sciences Corp.<sup>(a)(d)</sup> | 263843 | &nbsp;&nbsp; 26795895 |
| Exelixis, Inc.<sup>(a)</sup> | 210176 | &nbsp;&nbsp; 9212014 |
| Genmab A/S<sup>(a)</sup> | 53839 | &nbsp;&nbsp; 16689221 |
| Gilead Sciences, Inc.<sup>(d)</sup> | 214745 | &nbsp;&nbsp; 26357801 |
| Gossamer Bio, Inc.<sup>(a)</sup> | 60195 | &nbsp;&nbsp; 186605 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 63226 | &nbsp;&nbsp; 4255110 |
| Immunocore Ltd., Series C, ADR<sup>(a)</sup> | 321900 | &nbsp;&nbsp; 11173149 |
| Immunome, Inc.<sup>(a)</sup> | 71450 | &nbsp;&nbsp; 1534746 |
| Incyte Corp.<sup>(a)</sup> | 40489 | &nbsp;&nbsp; 3999099 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 148696 | &nbsp;&nbsp; 11763341 |
| &nbsp;&nbsp;&nbsp; Kailera Therapeutics, Inc., (Acquired 10/31/25, Cost: <br> $3,504,004)<sup>(a)(b)(f)</sup><br>| 250286 | &nbsp;&nbsp; 3504004 |
| KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 70390 | &nbsp;&nbsp; 1136798 |
| Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | 64037 | &nbsp;&nbsp; 2641526 |
| Kodiak Sciences, Inc.<sup>(a)</sup> | 36966 | &nbsp;&nbsp; 1033569 |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 13937 | &nbsp;&nbsp; 1084438 |
| Moderna, Inc.<sup>(a)</sup> | 396289 | &nbsp;&nbsp; 11686563 |
| Natera, Inc.<sup>(a)</sup> | 82862 | &nbsp;&nbsp; 18982856 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 79676 | &nbsp;&nbsp; 11300447 |
| Neurogene, Inc.<sup>(a)</sup> | 36199 | &nbsp;&nbsp; 745699 |
| Nuvalent, Inc., Class A<sup>(a)</sup> | 52024 | &nbsp;&nbsp; 5233094 |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 98993 | &nbsp;&nbsp; 2474825 |
| ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | 99005 | &nbsp;&nbsp; 809861 |
| Oruka Therapeutics, Inc.<sup>(a)</sup> | 48426 | &nbsp;&nbsp; 1467792 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 68855 | &nbsp;&nbsp; 6013796 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 34361 | &nbsp;&nbsp; $2610062  |
| REGENXBIO, Inc.<sup>(a)</sup> | 81282 | &nbsp;&nbsp; 1170461 |
| ReNAgade Therapeutics, Inc., Series A-2<sup>(a)(b)</sup> | 3584906 | &nbsp;&nbsp; 9141510 |
| Revolution Medicines, Inc.<sup>(a)</sup> | 46968 | &nbsp;&nbsp; 3741001 |
| Rezolute, Inc.<sup>(a)</sup> | 108605 | &nbsp;&nbsp; 256308 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 111452 | &nbsp;&nbsp; 11929822 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 240456 | &nbsp;&nbsp; 5217895 |
| Sagimet Biosciences, Inc., Series A<sup>(a)(e)</sup> | 220227 | &nbsp;&nbsp; 1303744 |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 30077 | &nbsp;&nbsp; 1324892 |
| Stoke Therapeutics, Inc.<sup>(a)(e)</sup> | 132656 | &nbsp;&nbsp; 4210501 |
| Summit Therapeutics, Inc.<sup>(a)(e)</sup> | 116250 | &nbsp;&nbsp; 2033212 |
| TScan Therapeutics, Inc.<sup>(a)</sup> | 407010 | &nbsp;&nbsp; 407010 |
| uniQure NV<sup>(a)</sup> | 44663 | &nbsp;&nbsp; 1068786 |
| Upstream Bio, Inc.<sup>(a)</sup> | 56530 | &nbsp;&nbsp; 1534789 |
| Viking Therapeutics, Inc.<sup>(a)(e)</sup> | 56322 | &nbsp;&nbsp; 1981408 |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 82723 | &nbsp;&nbsp; 498820 |
| Vor BioPharma, Inc.<sup>(a)</sup> | 43710 | &nbsp;&nbsp; 571727 |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | 141787 | &nbsp;&nbsp; 557223 |
| Zealand Pharma A/S<sup>(a)</sup> | 46920 | &nbsp;&nbsp; 3408844 |
|  |  | &nbsp;&nbsp; 357855324 |
| **Health Care Equipment & Supplies — 15.3%** | **Health Care Equipment & Supplies — 15.3%** |  |
| Abbott Laboratories<sup>(d)</sup> | 175604 | &nbsp;&nbsp; 22001425 |
| Boston Scientific Corp.<sup>(a)(d)</sup> | 133803 | &nbsp;&nbsp; 12758116 |
| Dexcom, Inc.<sup>(a)(d)</sup> | 173259 | &nbsp;&nbsp; 11499200 |
| Edwards Lifesciences Corp.<sup>(a)(d)</sup> | 277879 | &nbsp;&nbsp; 23689185 |
| EssilorLuxottica SA | 12836 | &nbsp;&nbsp; 4058715 |
| &nbsp;&nbsp;&nbsp; EXO Imaging, Inc., (Acquired 06/24/21, Cost: <br> $13,225,003)<sup>(a)(b)(f)</sup><br>| 22576 | &nbsp;&nbsp; 8353 |
| Glaukos Corp.<sup>(a)</sup> | 12098 | &nbsp;&nbsp; 1365985 |
| Hologic, Inc.<sup>(a)</sup> | 137197 | &nbsp;&nbsp; 10219804 |
| Insulet Corp.<sup>(a)</sup> | 59978 | &nbsp;&nbsp; 17048147 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 23573 | &nbsp;&nbsp; 13350804 |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 48294 | &nbsp;&nbsp; 3213966 |
| Medline, Inc., Class A<sup>(a)(e)</sup> | 141863 | &nbsp;&nbsp; 5958246 |
| Medtronic PLC | 298077 | &nbsp;&nbsp; 28633277 |
| Novocure Ltd.<sup>(a)</sup> | 210016 | &nbsp;&nbsp; 2715507 |
| &nbsp;&nbsp;&nbsp; Nucleix Ltd., (Acquired 04/10/24, Cost: <br> $1,300,000)<sup>(a)(b)(f)</sup><br>| 1300 | &nbsp;&nbsp; 998335 |
| Nyxoah SA<sup>(a)(e)</sup> | 112019 | &nbsp;&nbsp; 515287 |
| Penumbra, Inc.<sup>(a)</sup> | 18775 | &nbsp;&nbsp; 5837335 |
|  |  | &nbsp;&nbsp; 163871687 |
| **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** |  |
| Cencora, Inc. | 15383 | &nbsp;&nbsp; 5195608 |
| Guardant Health, Inc.<sup>(a)</sup> | 221348 | &nbsp;&nbsp; 22608485 |
| McKesson Corp. | 6394 | &nbsp;&nbsp; 5244934 |
| RadNet, Inc.<sup>(a)</sup> | 46906 | &nbsp;&nbsp; 3346743 |
|  |  | &nbsp;&nbsp; 36395770 |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Carbon Health Technologies, Inc., (Acquired <br> 05/28/25, Cost: $18,326,000)<sup>(a)(b)(f)</sup><br>| 2759320 | &nbsp;&nbsp; 27593 |
| **Life Sciences Tools & Services — 14.2%** | **Life Sciences Tools & Services — 14.2%** |  |
| Agilent Technologies, Inc. | 124041 | &nbsp;&nbsp; 16878259 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 23548 | &nbsp;&nbsp; 7134809 |
| Bio-Techne Corp. | 169594 | &nbsp;&nbsp; 9973823 |
| Bruker Corp. | 64684 | &nbsp;&nbsp; 3047263 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 60883 | &nbsp;&nbsp; 12144941 |
| Danaher Corp. | 60106 | &nbsp;&nbsp; 13759465 |
| Illumina, Inc.<sup>(a)</sup> | 116338 | &nbsp;&nbsp; 15258892 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 46747 | &nbsp;&nbsp; 10537241 |
| Lonza Group AG, Registered Shares | 23258 | &nbsp;&nbsp; 15681001 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Health Sciences Term Trust (BMEZ)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |  |
| Qiagen NV | 163286 | &nbsp;&nbsp; $7342971  |
| Repligen Corp.<sup>(a)</sup> | 96337 | &nbsp;&nbsp; 15785781 |
| Tempus AI, Inc., Class A<sup>(a)(e)</sup> | 77823 | &nbsp;&nbsp; 4595448 |
| Thermo Fisher Scientific, Inc. | 9062 | &nbsp;&nbsp; 5250976 |
| West Pharmaceutical Services, Inc.<sup>(d)</sup> | 33461 | &nbsp;&nbsp; 9206460 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(c)</sup> | 1152500 | &nbsp;&nbsp; 4660495 |
|  |  | &nbsp;&nbsp; 151257825 |
| **Pharmaceuticals — 18.8%** | **Pharmaceuticals — 18.8%** |  |
| Arvinas, Inc.<sup>(a)</sup> | 94854 | &nbsp;&nbsp; 1124968 |
| AstraZeneca PLC, ADR | 115738 | &nbsp;&nbsp; 10639794 |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 28760 | &nbsp;&nbsp; 5252726 |
| Bristol-Myers Squibb Co. | 177819 | &nbsp;&nbsp; 9591557 |
| Daiichi Sankyo Co. Ltd. | 93900 | &nbsp;&nbsp; 1993923 |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 89151 | &nbsp;&nbsp; 2212282 |
| Eisai Co. Ltd. | 304900 | &nbsp;&nbsp; 9052737 |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 210509 | &nbsp;&nbsp; 4763819 |
| Enliven Therapeutics, Inc.<sup>(a)</sup> | 54885 | &nbsp;&nbsp; 845229 |
| EyePoint Pharmaceuticals, Inc.<sup>(a)</sup> | 75092 | &nbsp;&nbsp; 1371931 |
| Galderma Group AG | 29482 | &nbsp;&nbsp; 6003498 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 53126 | &nbsp;&nbsp; 1987975 |
| Johnson & Johnson<sup>(d)</sup> | 145639 | &nbsp;&nbsp; 30139991 |
| LB Pharmaceuticals, Inc.<sup>(a)</sup> | 207987 | &nbsp;&nbsp; 4629791 |
| Maze Therapeutics, Inc.<sup>(a)</sup> | 44725 | &nbsp;&nbsp; 1852957 |
| MBX Biosciences, Inc.<sup>(a)</sup> | 128549 | &nbsp;&nbsp; 4054435 |
| Merck & Co., Inc. | 264989 | &nbsp;&nbsp; 27892742 |
| Novartis AG, Class N, Registered Shares | 104397 | &nbsp;&nbsp; 14385477 |
| Nuvation Bio, Inc., Class A<sup>(a)</sup> | 283833 | &nbsp;&nbsp; 2543144 |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | 76913 | &nbsp;&nbsp; 933724 |
| Pfizer, Inc. | 166019 | &nbsp;&nbsp; 4133873 |
| Roche Holding AG | 67291 | &nbsp;&nbsp; 27789175 |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 140311 | &nbsp;&nbsp; 5668564 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | 212205 | &nbsp;&nbsp; 6622918 |
| UCB SA | 44287 | &nbsp;&nbsp; 12339526 |
| Ventyx Biosciences, Inc.<sup>(a)</sup> | 222620 | &nbsp;&nbsp; 2010259 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | 96283 | &nbsp;&nbsp; 1636811 |
|  |  | &nbsp;&nbsp; 201473826 |
| **Total Common Stocks — 85.2%** <br>**(Cost: $806,029,910)** | **Total Common Stocks — 85.2%** <br>**(Cost: $806,029,910)** | &nbsp;&nbsp; 910882025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Benefical* <br>*Interest (000)*<br>|  |
| **Other Interests** | **Other Interests** | **Other Interests** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Amunix Pharmaceuticals, Inc., (Acquired 02/08/22, <br> Cost: $—)<sup>(b)(f)(g)</sup><br>| $5657 | &nbsp;&nbsp; 282853 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |  |
| Affinivax, Inc., (Acquired 08/18/22, Cost: $—)<sup>(b)(f)(g)</sup> | 183 | &nbsp;&nbsp; 1873768 |
| **Total Other Interests — 0.2%** <br>**(Cost: $—)** | **Total Other Interests — 0.2%** <br>**(Cost: $—)** | &nbsp;&nbsp; 2156621 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 13.1%** | **Preferred Stocks — 13.1%** | **Preferred Stocks — 13.1%** |
| **Biotechnology**<sup>(a)(b)</sup> **— 6.4%** | **Biotechnology**<sup>(a)(b)</sup> **— 6.4%** |  |
| Abcuro, Inc., Series B | 1092954 | &nbsp;&nbsp; $7016765  |
| &nbsp;&nbsp;&nbsp; Adarx Pharamaceuticals, Inc., Series C, (Acquired <br> 08/02/23, Cost: $7,160,001)<sup>(f)</sup><br>| 860577 | &nbsp;&nbsp; 10757213 |
| &nbsp;&nbsp;&nbsp; Bright Peak Therapeutics, Inc., Series B, (Acquired <br> 05/14/21, Cost: $8,000,004)<sup>(f)</sup><br>| 3191830 | &nbsp;&nbsp; 3638686 |
| &nbsp;&nbsp;&nbsp; Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: <br> $14,584,998)<sup>(f)</sup><br>| 2430833 | &nbsp;&nbsp; 5736766 |
| &nbsp;&nbsp;&nbsp; Genesis Therapeutics, Inc., Series B, (Acquired <br> 08/10/23, Cost: $6,999,996)<sup>(f)</sup><br>| 1370506 | &nbsp;&nbsp; 8085985 |
| &nbsp;&nbsp;&nbsp; Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, <br> Cost: $4,543,847)<sup>(f)</sup><br>| 3850718 | &nbsp;&nbsp; 1540287 |
| Kartos Therapeutics, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 08/22/23, Cost: $7,539,875) | 1333783 | &nbsp;&nbsp; 7575887 |
| &nbsp;&nbsp;&nbsp; Series D, (Acquired 02/19/25, Cost: $2,074,436) | 366962 | &nbsp;&nbsp; 2084344 |
| &nbsp;&nbsp;&nbsp; Laronde, Inc., Series B, (Acquired 07/28/21, Cost: <br> $13,498,156)<sup>(f)</sup><br>| 482077 | &nbsp;&nbsp; 10475533 |
| Mirvie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series B, (Acquired 10/15/21, Cost: $6,250,000)<sup>(f)</sup> | 2793833 | &nbsp;&nbsp; 4078996 |
| &nbsp;&nbsp;&nbsp; Series C | 724806 | &nbsp;&nbsp; 1630814 |
| &nbsp;&nbsp;&nbsp; NiKang Therapeutics, Inc., Series C, (Acquired <br> 05/20/21, Cost: $7,999,996)<sup>(f)</sup><br>| 1394189 | &nbsp;&nbsp; 5325802 |
|  |  | &nbsp;&nbsp; 67947078 |
| **Health Care Equipment & Supplies**<sup>(a)(b)(f)</sup> **— 0.2%** | **Health Care Equipment & Supplies**<sup>(a)(b)(f)</sup> **— 0.2%** |  |
| &nbsp;&nbsp;&nbsp; EXO Imaging, Inc., Series D, (Acquired 07/24/24, <br> Cost: $640,450)<br>| 1053928 | &nbsp;&nbsp; 779907 |
| &nbsp;&nbsp;&nbsp; Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: <br> $6,929,998)<br>| 2379480 | &nbsp;&nbsp; 1522867 |
| &nbsp;&nbsp;&nbsp; Swift Health Systems, Inc., Series D, (Acquired <br> 08/27/21, Cost: $6,441,930)<br>| 2078 | &nbsp;&nbsp; 4634 |
|  |  | &nbsp;&nbsp; 2307408 |
| **Health Care Providers & Services**<sup>(a)(b)(f)</sup> **— 2.0%** | **Health Care Providers & Services**<sup>(a)(b)(f)</sup> **— 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: <br> $9,999,986)<br>| 382775 | &nbsp;&nbsp; 4876554 |
| &nbsp;&nbsp;&nbsp; Numab Therapeutics AG, Series C, (Acquired <br> 05/07/21, Cost: $9,204,219)<br>| 1139305 | &nbsp;&nbsp; 8184125 |
| &nbsp;&nbsp;&nbsp; Quanta Dialysis Technologies Ltd., Series D, <br> (Acquired 06/18/21, Cost: $14,071,890)<br>| 115766240 | &nbsp;&nbsp; 8114452 |
|  |  | &nbsp;&nbsp; 21175131 |
| **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |  |
| Sartorius AG | 47229 | &nbsp;&nbsp; 13600265 |
| **Pharmaceuticals**<sup>(a)(b)(f)</sup> **— 0.9%** | **Pharmaceuticals**<sup>(a)(b)(f)</sup> **— 0.9%** |  |
| Insitro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series B, (Acquired 05/21/20, Cost: $5,000,000) | 802478 | &nbsp;&nbsp; 8032805 |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 03/10/21, Cost: $3,600,018) | 196818 | &nbsp;&nbsp; 1970148 |
|  |  | &nbsp;&nbsp; 10002953 |
| **Semiconductors & Semiconductor Equipment — 2.3%** | **Semiconductors & Semiconductor Equipment — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series D, (Acquired 05/21/21, <br> Cost: $14,999,996)<sup>(a)(b)(f)</sup><br>| 571947 | &nbsp;&nbsp; 24639477 |
|  |  | &nbsp;&nbsp; 139672312 |
| **Total Preferred Securities — 13.1%** <br>**(Cost: $169,735,648)** | **Total Preferred Securities — 13.1%** <br>**(Cost: $169,735,648)** | &nbsp;&nbsp; 139672312 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Health Sciences Term Trust (BMEZ)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Rights** | **Rights** | **Rights** |
| **Biotechnology**<sup>(b)</sup> **— 0.0%** | **Biotechnology**<sup>(b)</sup> **— 0.0%** |  |
| Blueprint Medicines Corp., CVR | 36582 | &nbsp;&nbsp; $35850  |
| Korro Bio, Inc., CVR | 231775 | &nbsp;&nbsp; 2 |
| Mirati Therapeutics, Inc. CVR<sup>(e)</sup> | 180175 | &nbsp;&nbsp; 142338 |
| Vigil Neuroscience, Inc., CVR | 131344 | &nbsp;&nbsp; 6567 |
|  |  | &nbsp;&nbsp; 184757 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |  |
| Abiomed, Inc., CVR<sup>(b)</sup> | 98636 | &nbsp;&nbsp; 227849 |
| **Total Rights — 0.0%** <br>**(Cost: $250,126)** | **Total Rights — 0.0%** <br>**(Cost: $250,126)** | &nbsp;&nbsp; 412606 |
| **Warrants** | **Warrants** | **Warrants** |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, <br> 1 Share for 1 Warrant, Expires 07/07/27, Strike <br> Price USD 11.50)<sup>(a)</sup><br>| 68880 | &nbsp;&nbsp; 22731 |
| **Total Warrants — 0.0%** <br>**(Cost: $137,002)** | **Total Warrants — 0.0%** <br>**(Cost: $137,002)** | &nbsp;&nbsp; 22731 |
| **Total Long-Term Investments — 98.5%** <br>**(Cost: $976,152,686)** | **Total Long-Term Investments — 98.5%** <br>**(Cost: $976,152,686)** | &nbsp;&nbsp; 1053146295 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.1%** | **Money Market Funds — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(h)(i)(j)</sup><br>| 4821938 | &nbsp;&nbsp; 4824349 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(h)(i)</sup><br>| 17470438 | &nbsp;&nbsp; 17470438 |
| **Total Short-Term Securities — 2.1%** <br>**(Cost: $22,294,787)** | **Total Short-Term Securities — 2.1%** <br>**(Cost: $22,294,787)** | &nbsp;&nbsp; 22294787 |
| **Total Investments — 100.6%** <br>**(Cost: $998,447,473)** | **Total Investments — 100.6%** <br>**(Cost: $998,447,473)** | &nbsp;&nbsp; 1075441082 |
| **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | &nbsp;&nbsp; (6552098)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1068888984 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(e)</sup> All or a portion of this security is on loan.

<sup>(f)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $124,119,374, representing 11.6% of its net assets as of period end, and an original cost of $185,894,803. 

<sup>(g)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. 

<sup>(h)</sup> Affiliate of the Trust.

<sup>(i)</sup> Annualized 7-day yield as of period end.

<sup>(j)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $10228113 | $—<br> $(5405490 )<sup>(a)</sup><br>| &nbsp;&nbsp; $947 | $779 | $4824349 | 4821938 | $79658 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| 51121570 | —<br> (33651132 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 17470438 | 17470438 | 2050139 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $947 | $779 | $22294787 |  | $2129797 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Health Sciences Term Trust (BMEZ)** 

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(3866 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(3866 )<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7024020)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7024020)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7027886)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7027886)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5450619)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5450619)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts purchased | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; $316793695  | &nbsp;&nbsp;&nbsp;&nbsp; $26834089  | &nbsp;&nbsp;&nbsp;&nbsp; $14227540  | &nbsp;&nbsp;&nbsp;&nbsp; $357855324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; 158806284 | &nbsp;&nbsp;&nbsp;&nbsp; 4058715 | &nbsp;&nbsp;&nbsp;&nbsp; 1006688 | &nbsp;&nbsp;&nbsp;&nbsp; 163871687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; 36395770 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36395770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27593 | &nbsp;&nbsp;&nbsp;&nbsp; 27593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp; 130916329 | &nbsp;&nbsp;&nbsp;&nbsp; 20341496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151257825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp; 129909490 | &nbsp;&nbsp;&nbsp;&nbsp; 71564336 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201473826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2156621 | &nbsp;&nbsp;&nbsp;&nbsp; 2156621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13600265 | &nbsp;&nbsp;&nbsp;&nbsp; 126072047 | &nbsp;&nbsp;&nbsp;&nbsp; 139672312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 412606 | &nbsp;&nbsp;&nbsp;&nbsp; 412606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; 22731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 22294787 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22294787 |
|  | &nbsp;&nbsp; $795139086 | &nbsp;&nbsp;&nbsp;&nbsp; $136398901 | &nbsp;&nbsp;&nbsp;&nbsp; $143903095 | &nbsp;&nbsp;&nbsp;&nbsp; $1075441082 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Health Sciences Term Trust (BMEZ)** 

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Common* <br>*Stocks*<br>| *Corporate* <br>*Bonds*<br>| *Other* <br>*Interests*<br>| *Preferred* <br>*Stocks* <br>| *Rights* | *Warrants* | *Total*  |
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9980354  | $2185644  | $3207232  | $118719968  | $346386  | 217359 | $134656943  |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |  |  |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |  |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |  |  |
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (31234301)<br>| (319194)<br>| (1050611)<br>| 31906976 | 42827 | (217359)<br>| (871662)<br>|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; 36515768 |  |  | 5770106 | 23393 |  | 42309267 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — | (1866450)<br>|  | (30325003)<br>|  |  | (32191453)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $15261821 | $— | $2156621 | $126072047 | $412606 |  | $143903095 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held at <br> December 31, 2025<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $(31234301)<br>| $— | $(1050612)<br>| $3310523 | $42827 |  | $(28931563)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; $126072047 | Market | Revenue Multiple | 3.11x - 8.89x | 3.24x |
|  |  |  | Volatility | 60%-90% | 77% |
|  |  |  | Time to Exit | 1.0 -3.0 years | 2.8 years |
|  |  |  | Market Adjustment Multiple | 0.60x -1.70x | 1.00x |
|  |  | Income | Discount Rate | 4% |  |
| Common Stocks | &nbsp;&nbsp; 15261822 | Market | Revenue Multiple | 0.94x - 3.11x | 1.44x |
|  |  |  | Volatility | 60% -90% | 82% |
|  |  |  | Time to Exit | 1.0 - 3.0 years | 2.8 years |
|  |  |  | Market Adjustment Multiple | 1.00x - 1.20x | 1.14x |
| Other Interests | &nbsp;&nbsp; 2156621 | Income | Discount Rate | 4% -4% | 4% |
| Rights | &nbsp;&nbsp; 412605 | Income | Discount Rate | 4% -5% | 4% |
|  | &nbsp;&nbsp; $143903095 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments

December 31, 2025

**BlackRock Health Sciences Trust (BME)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Biotechnology — 27.2%** | **Biotechnology — 27.2%** |  |
| 4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 11491 | &nbsp;&nbsp; $86183  |
| AbbVie, Inc.<sup>(b)</sup> | 100720 | &nbsp;&nbsp; 23013513 |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 30245 | &nbsp;&nbsp; 823269 |
| Allogene Therapeutics, Inc.<sup>(a)</sup> | 105465 | &nbsp;&nbsp; 144487 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 23741 | &nbsp;&nbsp; 9440609 |
| Amgen, Inc.<sup>(b)</sup> | 51861 | &nbsp;&nbsp; 16974624 |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | 17780 | &nbsp;&nbsp; 1342034 |
| Arcellx, Inc.<sup>(a)</sup> | 16128 | &nbsp;&nbsp; 1051546 |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 39654 | &nbsp;&nbsp; 944955 |
| Argenx SE, ADR<sup>(a)</sup> | 9652 | &nbsp;&nbsp; 8116849 |
| Autolus Therapeutics PLC, ADR<sup>(a)</sup> | 62690 | &nbsp;&nbsp; 124753 |
| Avidity Biosciences, Inc.<sup>(a)</sup> | 8732 | &nbsp;&nbsp; 629839 |
| Beam Therapeutics, Inc.<sup>(a)</sup> | 14611 | &nbsp;&nbsp; 405017 |
| Biogen, Inc.<sup>(a)</sup> | 19524 | &nbsp;&nbsp; 3436029 |
| Biohaven Ltd.<sup>(a)</sup> | 30469 | &nbsp;&nbsp; 343995 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 29577 | &nbsp;&nbsp; 1757761 |
| BioNTech SE, ADR<sup>(a)</sup> | 3695 | &nbsp;&nbsp; 351764 |
| &nbsp;&nbsp;&nbsp; Bridgebio Oncology Therapeutics, Inc., (Acquired <br> 08/08/25, Cost: $167,000)<sup>(a)(c)</sup><br>| 15582 | &nbsp;&nbsp; 195087 |
| BridgeBio Oncology Therapeutics, Inc.<sup>(a)(d)</sup> | 60030 | &nbsp;&nbsp; 751576 |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 18055 | &nbsp;&nbsp; 1381027 |
| Bright Minds Biosciences, Inc.<sup>(a)</sup> | 6680 | &nbsp;&nbsp; 521307 |
| CG oncology, Inc.<sup>(a)</sup> | 5095 | &nbsp;&nbsp; 211544 |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 37385 | &nbsp;&nbsp; 1327915 |
| Cytokinetics, Inc.<sup>(a)</sup> | 21435 | &nbsp;&nbsp; 1361980 |
| Denali Therapeutics, Inc.<sup>(a)</sup> | 28638 | &nbsp;&nbsp; 472813 |
| Disc Medicine, Inc.<sup>(a)</sup> | 7529 | &nbsp;&nbsp; 597878 |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 23908 | &nbsp;&nbsp; 467640 |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 42512 | &nbsp;&nbsp; 670414 |
| Exact Sciences Corp.<sup>(a)</sup> | 47810 | &nbsp;&nbsp; 4855584 |
| Exelixis, Inc.<sup>(a)</sup> | 19863 | &nbsp;&nbsp; 870595 |
| Gilead Sciences, Inc. | 150487 | &nbsp;&nbsp; 18470774 |
| Gossamer Bio, Inc.<sup>(a)</sup> | 31955 | &nbsp;&nbsp; 99061 |
| Immunome, Inc.<sup>(a)</sup> | 25340 | &nbsp;&nbsp; 544303 |
| Incyte Corp.<sup>(a)</sup> | 34568 | &nbsp;&nbsp; 3414281 |
| Insmed, Inc.<sup>(a)</sup> | 17245 | &nbsp;&nbsp; 3001320 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 14983 | &nbsp;&nbsp; 1185305 |
| &nbsp;&nbsp;&nbsp; Kailera Therapeutics, Inc., (Acquired 10/31/25, Cost: <br> $504,000)<sup>(a)(c)(e)</sup><br>| 36000 | &nbsp;&nbsp; 504000 |
| KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 18705 | &nbsp;&nbsp; 302086 |
| Kodiak Sciences, Inc.<sup>(a)</sup> | 16563 | &nbsp;&nbsp; 463101 |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 4712 | &nbsp;&nbsp; 366641 |
| Moderna, Inc.<sup>(a)</sup> | 48852 | &nbsp;&nbsp; 1440645 |
| Natera, Inc.<sup>(a)</sup> | 11821 | &nbsp;&nbsp; 2708073 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 6793 | &nbsp;&nbsp; 963451 |
| Nuvalent, Inc., Class A<sup>(a)</sup> | 28618 | &nbsp;&nbsp; 2878685 |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 22205 | &nbsp;&nbsp; 555125 |
| Oruka Therapeutics, Inc.<sup>(a)</sup> | 15986 | &nbsp;&nbsp; 484536 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 32058 | &nbsp;&nbsp; 2799946 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 7270 | &nbsp;&nbsp; 552229 |
| Regeneron Pharmaceuticals, Inc. | 7712 | &nbsp;&nbsp; 5952661 |
| REGENXBIO, Inc.<sup>(a)</sup> | 18415 | &nbsp;&nbsp; 265176 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 46799 | &nbsp;&nbsp; 5009365 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 41221 | &nbsp;&nbsp; 894496 |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 19764 | &nbsp;&nbsp; 870604 |
| Stoke Therapeutics, Inc.<sup>(a)</sup> | 41095 | &nbsp;&nbsp; 1304355 |
| Summit Therapeutics, Inc.<sup>(a)(d)</sup> | 80150 | &nbsp;&nbsp; 1401823 |
| TScan Therapeutics, Inc.<sup>(a)</sup> | 48273 | &nbsp;&nbsp; 48273 |
| uniQure NV<sup>(a)</sup> | 12960 | &nbsp;&nbsp; 310133 |
| United Therapeutics Corp.<sup>(a)</sup> | 3543 | &nbsp;&nbsp; 1726327 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Upstream Bio, Inc.<sup>(a)</sup> | 30052 | &nbsp;&nbsp; $815912  |
| Vaxcyte, Inc.<sup>(a)</sup> | 7541 | &nbsp;&nbsp; 347942 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 22073 | &nbsp;&nbsp; 10007015 |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 36985 | &nbsp;&nbsp; 1301132 |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 20069 | &nbsp;&nbsp; 121016 |
| Vor BioPharma, Inc.<sup>(a)</sup> | 10020 | &nbsp;&nbsp; 131062 |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | 31420 | &nbsp;&nbsp; 123481 |
| Zealand Pharma A/S<sup>(a)</sup> | 7187 | &nbsp;&nbsp; 522152 |
|  |  | &nbsp;&nbsp; 154559074 |
| **Health Care Equipment & Supplies — 21.0%** | **Health Care Equipment & Supplies — 21.0%** |  |
| Abbott Laboratories<sup>(b)</sup> | 181376 | &nbsp;&nbsp; 22724599 |
| Alcon AG | 5751 | &nbsp;&nbsp; 453236 |
| Boston Scientific Corp.<sup>(a)(b)</sup> | 150556 | &nbsp;&nbsp; 14355515 |
| Cooper Cos., Inc.<sup>(a)</sup> | 26747 | &nbsp;&nbsp; 2192184 |
| Dexcom, Inc.<sup>(a)</sup> | 57910 | &nbsp;&nbsp; 3843487 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 149905 | &nbsp;&nbsp; 12779401 |
| &nbsp;&nbsp;&nbsp; EXO Imaging, Inc., (Acquired 06/24/21, Cost: <br> $595,999)<sup>(a)(c)(e)</sup><br>| 1017 | &nbsp;&nbsp; 376 |
| GE HealthCare Technologies, Inc.<sup>(a)</sup> | 20917 | &nbsp;&nbsp; 1715612 |
| Glaukos Corp.<sup>(a)</sup> | 7625 | &nbsp;&nbsp; 860939 |
| Hologic, Inc.<sup>(a)</sup> | 12193 | &nbsp;&nbsp; 908257 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 6712 | &nbsp;&nbsp; 4540869 |
| Insulet Corp.<sup>(a)</sup> | 7809 | &nbsp;&nbsp; 2219630 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 27505 | &nbsp;&nbsp; 15577732 |
| Medline, Inc., Class A<sup>(a)</sup> | 70645 | &nbsp;&nbsp; 2967090 |
| Medtronic PLC | 184666 | &nbsp;&nbsp; 17739016 |
| Novocure Ltd.<sup>(a)</sup> | 49947 | &nbsp;&nbsp; 645815 |
| Nucleix Ltd., (Acquired 04/10/24, Cost: $200,000)<sup>(a)(c)(e)</sup> | 200 | &nbsp;&nbsp; 153590 |
| Nyxoah SA<sup>(a)(d)</sup> | 29659 | &nbsp;&nbsp; 136431 |
| Orchestra BioMed Holdings, Inc.<sup>(a)</sup> | 17635 | &nbsp;&nbsp; 73185 |
| Penumbra, Inc.<sup>(a)</sup> | 11606 | &nbsp;&nbsp; 3608422 |
| STERIS PLC | 5880 | &nbsp;&nbsp; 1490698 |
| Stryker Corp. | 29628 | &nbsp;&nbsp; 10413353 |
|  |  | &nbsp;&nbsp; 119399437 |
| **Health Care Providers & Services — 10.0%** | **Health Care Providers & Services — 10.0%** |  |
| Cencora, Inc. | 20687 | &nbsp;&nbsp; 6987034 |
| Centene Corp.<sup>(a)</sup> | 47936 | &nbsp;&nbsp; 1972566 |
| CVS Health Corp. | 31771 | &nbsp;&nbsp; 2521347 |
| Elevance Health, Inc. | 7713 | &nbsp;&nbsp; 2703792 |
| Guardant Health, Inc.<sup>(a)</sup> | 30762 | &nbsp;&nbsp; 3142031 |
| HCA Healthcare, Inc. | 10937 | &nbsp;&nbsp; 5106048 |
| Humana, Inc. | 6765 | &nbsp;&nbsp; 1732719 |
| McKesson Corp. | 10344 | &nbsp;&nbsp; 8485080 |
| Quest Diagnostics, Inc. | 7463 | &nbsp;&nbsp; 1295054 |
| RadNet, Inc.<sup>(a)</sup> | 9485 | &nbsp;&nbsp; 676755 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 9334 | &nbsp;&nbsp; 1854853 |
| UnitedHealth Group, Inc.<sup>(b)</sup> | 62322 | &nbsp;&nbsp; 20573115 |
|  |  | &nbsp;&nbsp; 57050394 |
| **Health Care Technology**<sup>(a)</sup> **— 0.3%** | **Health Care Technology**<sup>(a)</sup> **— 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Carbon Health Technologies, Inc., (Acquired 05/28/25, <br> Cost: $972,000)<sup>(c)(e)</sup><br>| 146332 | &nbsp;&nbsp; 1463 |
| Veeva Systems, Inc., Class A | 8702 | &nbsp;&nbsp; 1942547 |
|  |  | &nbsp;&nbsp; 1944010 |
| **Life Sciences Tools & Services — 9.0%** | **Life Sciences Tools & Services — 9.0%** |  |
| Agilent Technologies, Inc. | 34724 | &nbsp;&nbsp; 4724895 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 2181 | &nbsp;&nbsp; 660821 |
| Bio-Techne Corp. | 17090 | &nbsp;&nbsp; 1005063 |
| Bruker Corp. | 43307 | &nbsp;&nbsp; 2040193 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 4936 | &nbsp;&nbsp; 984633 |
| Danaher Corp. | 57673 | &nbsp;&nbsp; 13202503 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Health Sciences Trust (BME)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |  |
| Illumina, Inc.<sup>(a)</sup> | 13293 | &nbsp;&nbsp; $1743510  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 8817 | &nbsp;&nbsp; 1987440 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 395 | &nbsp;&nbsp; 550705 |
| Repligen Corp.<sup>(a)</sup> | 12523 | &nbsp;&nbsp; 2052019 |
| Thermo Fisher Scientific, Inc. | 27058 | &nbsp;&nbsp; 15678758 |
| Waters Corp.<sup>(a)</sup> | 9522 | &nbsp;&nbsp; 3616741 |
| West Pharmaceutical Services, Inc. | 9928 | &nbsp;&nbsp; 2731590 |
|  |  | &nbsp;&nbsp; 50978871 |
| **Pharmaceuticals — 31.3%** | **Pharmaceuticals — 31.3%** |  |
| AstraZeneca PLC | 39479 | &nbsp;&nbsp; 7305956 |
| Bristol-Myers Squibb Co. | 96259 | &nbsp;&nbsp; 5192210 |
| Daiichi Sankyo Co. Ltd. | 60800 | &nbsp;&nbsp; 1291060 |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 22279 | &nbsp;&nbsp; 552853 |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 41073 | &nbsp;&nbsp; 929482 |
| Eli Lilly & Co.<sup>(b)</sup> | 58825 | &nbsp;&nbsp; 63218052 |
| EyePoint Pharmaceuticals, Inc.<sup>(a)</sup> | 16320 | &nbsp;&nbsp; 298166 |
| Galderma Group AG | 13362 | &nbsp;&nbsp; 2720940 |
| Johnson & Johnson | 234293 | &nbsp;&nbsp; 48486936 |
| LB Pharmaceuticals, Inc.<sup>(a)</sup> | 48308 | &nbsp;&nbsp; 1075336 |
| Maze Therapeutics, Inc.<sup>(a)</sup> | 15965 | &nbsp;&nbsp; 661430 |
| MBX Biosciences, Inc.<sup>(a)</sup> | 28457 | &nbsp;&nbsp; 897534 |
| Merck & Co., Inc.<sup>(b)</sup> | 196949 | &nbsp;&nbsp; 20730852 |
| Novartis AG, ADR | 21810 | &nbsp;&nbsp; 3006945 |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | 22645 | &nbsp;&nbsp; 274910 |
| Pfizer, Inc. | 103734 | &nbsp;&nbsp; 2582977 |
| Roche Holding AG | 18400 | &nbsp;&nbsp; 7598651 |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 28220 | &nbsp;&nbsp; 1140088 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | 234887 | &nbsp;&nbsp; 7330823 |
| UCB SA | 4719 | &nbsp;&nbsp; 1314838 |
| Ventyx Biosciences, Inc.<sup>(a)</sup> | 51450 | &nbsp;&nbsp; 464593 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | 30090 | &nbsp;&nbsp; 511530 |
|  |  | &nbsp;&nbsp; 177586162 |
| **Total Common Stocks — 98.8%** <br>**(Cost: $341,084,957)** | **Total Common Stocks — 98.8%** <br>**(Cost: $341,084,957)** | &nbsp;&nbsp; 561517948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Benefical* <br>*Interest (000)*<br>|  |
| **Other Interests** | **Other Interests** | **Other Interests** |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Afferent Pharmaceuticals, Inc., (Acquired 09/30/15, <br> Cost: $—)<sup>(c)(e)(f)</sup><br>| $190 | &nbsp;&nbsp; 2 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |  |
| Affinivax, Inc., (Acquired 08/18/22, Cost: $—)<sup>(c)(e)(f)</sup> | 6 | &nbsp;&nbsp; 64766 |
| **Total Other Interests — 0.0%** <br>**(Cost: $—)** | **Total Other Interests — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 64768 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.6%**<sup>(a)(c)(e)</sup> | **Preferred Stocks — 0.6%**<sup>(a)(c)(e)</sup> | **Preferred Stocks — 0.6%**<sup>(a)(c)(e)</sup> |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Adarx Pharamaceuticals, Inc., Series C, (Acquired <br> 08/02/23, Cost: $440,003)<br>| 52885 | &nbsp;&nbsp; $661063  |
| &nbsp;&nbsp;&nbsp; Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: <br> $265,002)<br>| 44167 | &nbsp;&nbsp; 104234 |
| &nbsp;&nbsp;&nbsp; Genesis Therapeutics, Inc., Series B, (Acquired 08/10/23, <br> Cost: $292,001)<br>| 57170 | &nbsp;&nbsp; 337303 |
| &nbsp;&nbsp;&nbsp; Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: <br> $224,200)<br>| 190000 | &nbsp;&nbsp; 76000 |
| Kartos Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 08/22/23, Cost: $485,124) | 85817 | &nbsp;&nbsp; 487441 |
| &nbsp;&nbsp;&nbsp; Series D, (Acquired 02/19/25, Cost: $133,467) | 23610 | &nbsp;&nbsp; 134105 |
| &nbsp;&nbsp;&nbsp; Laronde, Inc., Series B, (Acquired 07/28/21, Cost: <br> $590,800)<br>| 21100 | &nbsp;&nbsp; 458503 |
|  |  | &nbsp;&nbsp; 2258649 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; EXO Imaging, Inc., Series D, (Acquired 07/24/24, Cost: <br> $28,863)<br>| 47496 | &nbsp;&nbsp; 35147 |
| &nbsp;&nbsp;&nbsp; Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: <br> $1,070,001)<br>| 367395 | &nbsp;&nbsp; 235133 |
| &nbsp;&nbsp;&nbsp; Swift Health Systems, Inc., Series D, (Acquired 08/27/21, <br> Cost: $286,998)<br>| 93 | &nbsp;&nbsp; 206 |
|  |  | &nbsp;&nbsp; 270486 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Quanta Dialysis Technologies Ltd., Series D, (Acquired <br> 06/18/21, Cost: $515,759)<br>| 4243029 | &nbsp;&nbsp; 297408 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Insitro, Inc., Series C, (Acquired 03/10/21, Cost: <br> $560,000)<br>| 30616 | &nbsp;&nbsp; 306466 |
|  |  | &nbsp;&nbsp; 3133009 |
| **Total Preferred Securities — 0.6%** <br>**(Cost: $4,892,218)** | **Total Preferred Securities — 0.6%** <br>**(Cost: $4,892,218)** | &nbsp;&nbsp; 3133009 |
| **Rights** | **Rights** | **Rights** |
| **Biotechnology**<sup>(e)</sup> **— 0.0%** | **Biotechnology**<sup>(e)</sup> **— 0.0%** |  |
| Blueprint Medicines Corp., CVR | 15552 | &nbsp;&nbsp; 15241 |
| Korro Bio, Inc., CVR | 28060 | &nbsp;&nbsp; — |
| Mirati Therapeutics, Inc. CVR | 15747 | &nbsp;&nbsp; 12440 |
|  |  | &nbsp;&nbsp; 27681 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |  |
| Abiomed, Inc., CVR<sup>(e)</sup> | 14359 | &nbsp;&nbsp; 33169 |
| **Total Rights — 0.0%** <br>**(Cost: $32,823)** | **Total Rights — 0.0%** <br>**(Cost: $32,823)** | &nbsp;&nbsp; 60850 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Health Sciences Trust (BME)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share <br> for 1 Warrant, Expires 07/07/27, Strike Price USD <br> 11.50)<sup>(a)</sup><br>| 4050 | &nbsp;&nbsp; $1337 |
| **Total Warrants — 0.0%** <br>**(Cost: $8,057)** | **Total Warrants — 0.0%** <br>**(Cost: $8,057)** | &nbsp;&nbsp; 1337 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $346,018,055)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $346,018,055)** | &nbsp;&nbsp; 564777912 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.89%<sup>(g)(h)(i)</sup><br>| 893153 | &nbsp;&nbsp; 893600 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.65%<sup>(g)(h)</sup><br>| 4021533 | &nbsp;&nbsp; 4021533 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $4,915,133)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $4,915,133)** | &nbsp;&nbsp; 4915133 |
| **Total Investments — 100.2%** <br>**(Cost: $350,933,188)** | **Total Investments — 100.2%** <br>**(Cost: $350,933,188)** | &nbsp;&nbsp; 569693045 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | &nbsp;&nbsp; (1388805)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $568304240 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $4,052,293, representing 0.7% of its net assets as of period end, and an original cost of $7,331,217. 

<sup>(d)</sup> All or a portion of this security is on loan.

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(f)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. 

<sup>(g)</sup> Affiliate of the Trust.

<sup>(h)</sup> Annualized 7-day yield as of period end.

<sup>(i)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $277709 | $616275 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(368)<br>| $(16)<br>| $893600 | 893153 | $15085 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | 26275044 |  | &nbsp;&nbsp; (22253511 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 4021533 | 4021533 | 660657 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(368)<br>| $(16)<br>| $4915133 |  | $675742 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Categorized by Risk Exposure** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(2303 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(2303 )<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1593541)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1593541)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1595844)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1595844)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2523829)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2523829)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Health Sciences Trust (BME)** 

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; $153337835  | &nbsp;&nbsp;&nbsp;&nbsp; $717239  | &nbsp;&nbsp;&nbsp;&nbsp; $504000  | &nbsp;&nbsp;&nbsp;&nbsp; $154559074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; 119245471 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153966 | &nbsp;&nbsp;&nbsp;&nbsp; 119399437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; 57050394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57050394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp; 1942547 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1463 | &nbsp;&nbsp;&nbsp;&nbsp; 1944010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp; 50978871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50978871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp; 157354717 | &nbsp;&nbsp;&nbsp;&nbsp; 20231445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177586162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64768 | &nbsp;&nbsp;&nbsp;&nbsp; 64768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3133009 | &nbsp;&nbsp;&nbsp;&nbsp; 3133009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60850 | &nbsp;&nbsp;&nbsp;&nbsp; 60850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; 1337 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 4915133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4915133 |
|  | &nbsp;&nbsp; $544826305 | &nbsp;&nbsp;&nbsp;&nbsp; $20948684 | &nbsp;&nbsp;&nbsp;&nbsp; $3918056 | &nbsp;&nbsp;&nbsp;&nbsp; $569693045 |

---

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments

December 31, 2025

**BlackRock Resources & Commodities Strategy Trust (BCX)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Chemicals — 11.3%** | **Chemicals — 11.3%** |  |
| Air Liquide SA | 47704 | &nbsp;&nbsp; $8966153  |
| Corteva, Inc. | 462192 | &nbsp;&nbsp; 30980730 |
| Linde PLC | 27502 | &nbsp;&nbsp; 11726578 |
| Novonesis Novozymes B, Class B | 146061 | &nbsp;&nbsp; 9345058 |
| Nutrien Ltd. | 630065 | &nbsp;&nbsp; 38887612 |
|  |  | &nbsp;&nbsp; 99906131 |
| **Construction Materials — 3.9%** | **Construction Materials — 3.9%** |  |
| CRH PLC | 137435 | &nbsp;&nbsp; 17151888 |
| Heidelberg Materials AG | 33766 | &nbsp;&nbsp; 8754065 |
| Martin Marietta Materials, Inc. | 13463 | &nbsp;&nbsp; 8382872 |
|  |  | &nbsp;&nbsp; 34288825 |
| **Containers & Packaging — 4.9%** | **Containers & Packaging — 4.9%** |  |
| Packaging Corp. of America<sup>(a)</sup> | 78241 | &nbsp;&nbsp; 16135641 |
| Smurfit WestRock PLC | 694876 | &nbsp;&nbsp; 26870855 |
|  |  | &nbsp;&nbsp; 43006496 |
| **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** |  |
| TechnipFMC PLC | 146639 | &nbsp;&nbsp; 6534234 |
| **Food Products — 2.7%** | **Food Products — 2.7%** |  |
| Bunge Global SA | 198856 | &nbsp;&nbsp; 17714093 |
| &nbsp;&nbsp;&nbsp; Hofseth International, (Acquired 05/26/21, Cost: <br> $10,198,056)<sup>(b)(c)(d)</sup><br>| 18993283 | &nbsp;&nbsp; 6312252 |
|  |  | &nbsp;&nbsp; 24026345 |
| **Machinery — 1.3%** | **Machinery — 1.3%** |  |
| Deere & Co. | 24430 | &nbsp;&nbsp; 11373875 |
| **Metals & Mining — 41.8%** | **Metals & Mining — 41.8%** |  |
| Anglo American PLC | 1011917 | &nbsp;&nbsp; 41855420 |
| ArcelorMittal SA, ADR, Registered Shares<sup>(e)</sup> | 420743 | &nbsp;&nbsp; 19173258 |
| Barrick Mining Corp. | 904682 | &nbsp;&nbsp; 39398901 |
| Glencore PLC | 5060231 | &nbsp;&nbsp; 27662565 |
| Kinross Gold Corp. | 633430 | &nbsp;&nbsp; 17837389 |
| Newmont Corp. | 357687 | &nbsp;&nbsp; 35715047 |
| Norsk Hydro ASA | 2722388 | &nbsp;&nbsp; 21014576 |
| Pan American Silver Corp. | 98640 | &nbsp;&nbsp; 5110538 |
| Polyus PJSC<sup>(b)(c)</sup> | 1047320 | &nbsp;&nbsp; 13 |
| Rio Tinto PLC | 376527 | &nbsp;&nbsp; 30329633 |
| Southern Copper Corp. | 60747 | &nbsp;&nbsp; 8715372 |
| Teck Resources Ltd., Class B | 333048 | &nbsp;&nbsp; 15949669 |
| Vale SA, ADR | 2883034 | &nbsp;&nbsp; 37565933 |
| Valterra Platinum Ltd. | 127621 | &nbsp;&nbsp; 10808032 |
| Wheaton Precious Metals Corp.<sup>(e)</sup> | 363537 | &nbsp;&nbsp; 42722868 |
| Zijin Mining Group Co. Ltd., Class H | 2984000 | &nbsp;&nbsp; 13662047 |
|  |  | &nbsp;&nbsp; 367521261 |
| **Oil, Gas & Consumable Fuels — 26.3%** | **Oil, Gas & Consumable Fuels — 26.3%** |  |
| Cameco Corp. | 110174 | &nbsp;&nbsp; 10079819 |
| Chevron Corp.<sup>(a)</sup> | 263057 | &nbsp;&nbsp; 40092491 |
| EQT Corp. | 155898 | &nbsp;&nbsp; 8356133 |
| Exxon Mobil Corp.<sup>(a)</sup> | 488018 | &nbsp;&nbsp; 58728086 |
| Gazprom PJSC<sup>(b)(c)</sup> | 5430000 | &nbsp;&nbsp; 686 |
| HF Sinclair Corp. | 135181 | &nbsp;&nbsp; 6229140 |
| Permian Resources Corp., Class A | 478120 | &nbsp;&nbsp; 6708024 |
| Shell PLC, ADR<sup>(a)</sup> | 884869 | &nbsp;&nbsp; 65020183 |
| Suncor Energy, Inc. | 622287 | &nbsp;&nbsp; 27619922 |
| Williams Cos., Inc. | 139864 | &nbsp;&nbsp; 8407225 |
|  |  | &nbsp;&nbsp; 231241709 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Paper & Forest Products — 2.1%** | **Paper & Forest Products — 2.1%** |  |
| Mondi PLC | 650284 | &nbsp;&nbsp; $7933598  |
| Precious Woods Holding AG, Registered Shares<sup>(c)</sup> | 20000 | &nbsp;&nbsp; 126247 |
| UPM-Kymmene OYJ | 354222 | &nbsp;&nbsp; 10240348 |
|  |  | &nbsp;&nbsp; 18300193 |
| **Total Common Stocks — 95.0%** <br>**(Cost: $651,761,431)** | **Total Common Stocks — 95.0%** <br>**(Cost: $651,761,431)** | &nbsp;&nbsp; 836199069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** |
| Allied Gold Corp., 8.75%, 09/07/28<sup>(f)(g)</sup> | $7200 | &nbsp;&nbsp; 10512000 |
| **Total Corporate Bonds — 1.2%** <br>**(Cost: $7,200,000)** | **Total Corporate Bonds — 1.2%** <br>**(Cost: $7,200,000)** | &nbsp;&nbsp; 10512000 |
| **Total Long-Term Investments — 96.2%** <br>**(Cost: $658,961,431)** | **Total Long-Term Investments — 96.2%** <br>**(Cost: $658,961,431)** | &nbsp;&nbsp; 846711069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.89%<sup>(h)(i)(j)</sup><br>| 19034 | &nbsp;&nbsp; 19044 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.65%<sup>(h)(i)</sup><br>| 35543763 | &nbsp;&nbsp; 35543763 |
| **Total Short-Term Securities — 4.1%** <br>**(Cost: $35,562,807)** | **Total Short-Term Securities — 4.1%** <br>**(Cost: $35,562,807)** | &nbsp;&nbsp; 35562807 |
| **Total Investments — 100.3%** <br>**(Cost: $694,524,238)** | **Total Investments — 100.3%** <br>**(Cost: $694,524,238)** | &nbsp;&nbsp; 882273876 |
| **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | &nbsp;&nbsp; (2257939)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $880015937 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $6,312,252, representing 0.7% of its net assets as of period end, and an original cost of $10,198,056. 

<sup>(e)</sup> All or a portion of this security is on loan.

<sup>(f)</sup> Convertible security.

<sup>(g)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(h)</sup> Affiliate of the Trust.

<sup>(i)</sup> Annualized 7-day yield as of period end.

<sup>(j)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Resources & Commodities Strategy Trust (BCX)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1847286 | $— | &nbsp;&nbsp; $(1825409 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(2973)<br>| $140 | $19044 | 19034 | $23211 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| 28918529 | 6625234 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 35543763 | 35543763 | 860592 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(2973)<br>| $140 | $35562807 |  | $883803 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3938209 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3938209 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3017539)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3017539)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; $81594920  | &nbsp;&nbsp;&nbsp;&nbsp; $18311211  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $99906131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp; 25534760 | &nbsp;&nbsp;&nbsp;&nbsp; 8754065 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34288825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp; 43006496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43006496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp; 6534234 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6534234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp; 17714093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6312252 | &nbsp;&nbsp;&nbsp;&nbsp; 24026345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; 11373875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11373875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 222188975 | &nbsp;&nbsp;&nbsp;&nbsp; 145332273 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 367521261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 231241023 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp;&nbsp; 231241709 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Resources & Commodities Strategy Trust (BCX)** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $18300193  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $18300193  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10512000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10512000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 35562807 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35562807 |
|  | &nbsp;&nbsp; $674751183 | &nbsp;&nbsp;&nbsp;&nbsp; $201209742 | &nbsp;&nbsp;&nbsp;&nbsp; $6312951 | &nbsp;&nbsp;&nbsp;&nbsp; $882273876 |

---

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; *Common* <br>*Stocks*<br>|
| **Assets** |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8643354  |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) |  |
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (2330403)<br>|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $6312951 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $(2330403)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

*See notes to financial statements.*

Schedule of Investments

------

Consolidated Schedule of Investments

December 31, 2025

**BlackRock Science and Technology Term Trust (BSTZ)**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |  |
| AeroVironment, Inc.<sup>(a)(b)</sup> | 25655 | &nbsp;&nbsp; $6205688  |
| BWX Technologies, Inc. | 75693 | &nbsp;&nbsp; 13082778 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 146083 | &nbsp;&nbsp; 11089160 |
|  |  | &nbsp;&nbsp; 30377626 |
| **Automobiles**<sup>(a)</sup> **— 1.9%** | **Automobiles**<sup>(a)</sup> **— 1.9%** |  |
| Tesla, Inc. | 56100 | &nbsp;&nbsp; 25229292 |
| XPeng, Inc., ADR<sup>(b)</sup> | 330845 | &nbsp;&nbsp; 6709536 |
|  |  | &nbsp;&nbsp; 31938828 |
| **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 5800 | &nbsp;&nbsp; 11682708 |
| **Capital Markets — 1.1%** | **Capital Markets — 1.1%** |  |
| Bullish<sup>(a)(b)</sup> | 176856 | &nbsp;&nbsp; 6697537 |
| Cboe Global Markets, Inc. | 48685 | &nbsp;&nbsp; 12219935 |
|  |  | &nbsp;&nbsp; 18917472 |
| **Communications Equipment — 3.9%** | **Communications Equipment — 3.9%** |  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 184030 | &nbsp;&nbsp; 67831618 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 445142 | &nbsp;&nbsp; 11653817 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Think & Learn Private Ltd., Class J-B, (Acquired <br> 09/30/20, Cost: $7,113,729)<sup>(a)(c)(d)</sup><br>| 4651 | &nbsp;&nbsp; — |
| **Electrical Equipment**<sup>(a)</sup> **— 1.8%** | **Electrical Equipment**<sup>(a)</sup> **— 1.8%** |  |
| Doosan Enerbility Co. Ltd. | 278199 | &nbsp;&nbsp; 14550936 |
| Siemens Energy AG | 111394 | &nbsp;&nbsp; 15627303 |
|  |  | &nbsp;&nbsp; 30178239 |
| **Electronic Equipment, Instruments & Components — 8.1%** | **Electronic Equipment, Instruments & Components — 8.1%** |  |
| Celestica, Inc.<sup>(a)</sup> | 168954 | &nbsp;&nbsp; 49944492 |
| Elite Material Co. Ltd. | 361000 | &nbsp;&nbsp; 18913473 |
| Fabrinet<sup>(a)</sup> | 97503 | &nbsp;&nbsp; 44391166 |
| Flex Ltd.<sup>(a)</sup> | 253977 | &nbsp;&nbsp; 15345290 |
| Gold Circuit Electronics Ltd. | 500000 | &nbsp;&nbsp; 10922044 |
|  |  | &nbsp;&nbsp; 139516465 |
| **Entertainment — 3.2%** | **Entertainment — 3.2%** |  |
| Konami Group Corp. | 79200 | &nbsp;&nbsp; 10755928 |
| Spotify Technology SA<sup>(a)</sup> | 33498 | &nbsp;&nbsp; 19452624 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 99615 | &nbsp;&nbsp; 25504428 |
|  |  | &nbsp;&nbsp; 55712980 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** |  |
| Klarna 6mo Lock Up<sup>(a)</sup> | 1042068 | &nbsp;&nbsp; 30126186 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |  |
| Pro Medicus Ltd. | 32188 | &nbsp;&nbsp; 4727231 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |  |
| Navan, Inc., Class A<sup>(a)</sup> | 342889 | &nbsp;&nbsp; 5856544 |
| **IT Services**<sup>(a)</sup> **— 3.6%** | **IT Services**<sup>(a)</sup> **— 3.6%** |  |
| &nbsp;&nbsp;&nbsp; Automattic, Inc., (Acquired 02/03/21, Cost: <br> $34,000,000)<sup>(c)(d)</sup><br>| 400000 | &nbsp;&nbsp; 9196000 |
| Cloudflare, Inc., Class A | 98938 | &nbsp;&nbsp; 19505626 |
| Deep Instinct Ltd.<sup>(c)</sup> | 197438 | &nbsp;&nbsp; 11846 |
| Farmer's Business Network, Inc.<sup>(c)</sup> | 361834 | &nbsp;&nbsp; 372689 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 147130 | &nbsp;&nbsp; 32274437 |
|  |  | &nbsp;&nbsp; 61360598 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |  |
| Tempus AI, Inc., Class A<sup>(a)(b)</sup> | 142935 | &nbsp;&nbsp; $8440312 |
| **Media**<sup>(a)</sup> **— 0.3%** | **Media**<sup>(a)</sup> **— 0.3%** |  |
| EchoStar Corp., Class A | 13612 | &nbsp;&nbsp; 1479625 |
| MNTN, Inc., Class A<sup>(b)</sup> | 371763 | &nbsp;&nbsp; 4438850 |
|  |  | &nbsp;&nbsp; 5918475 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** |  |
| Planet Labs PBC, Class A<sup>(a)</sup> | 260905 | &nbsp;&nbsp; 5145047 |
| **Semiconductors & Semiconductor Equipment — 25.7%** | **Semiconductors & Semiconductor Equipment — 25.7%** |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 54470 | &nbsp;&nbsp; 11665295 |
| Advantest Corp. | 269100 | &nbsp;&nbsp; 34027109 |
| Alchip Technologies Ltd. | 198000 | &nbsp;&nbsp; 22101826 |
| Amkor Technology, Inc. | 602032 | &nbsp;&nbsp; 23768223 |
| ASMPT Ltd. | 1518700 | &nbsp;&nbsp; 15126204 |
| Astera Labs, Inc.<sup>(a)</sup> | 127051 | &nbsp;&nbsp; 21136204 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 298966 | &nbsp;&nbsp; 43018218 |
| KLA Corp. | 20852 | &nbsp;&nbsp; 25336848 |
| Kokusai Electric Corp. | 445100 | &nbsp;&nbsp; 15566102 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc., <br> Class H<sup>(a)</sup><br>| 29639 | &nbsp;&nbsp; 5076568 |
| Micron Technology, Inc. | 38070 | &nbsp;&nbsp; 10865559 |
| Monolithic Power Systems, Inc. | 27851 | &nbsp;&nbsp; 25243032 |
| &nbsp;&nbsp;&nbsp; Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: <br> $7,000,000)<sup>(a)(c)(d)</sup><br>| 10189 | &nbsp;&nbsp; — |
| NVIDIA Corp.<sup>(e)</sup> | 760938 | &nbsp;&nbsp; 141914938 |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 395132 | &nbsp;&nbsp; 46396400 |
|  |  | &nbsp;&nbsp; 441242526 |
| **Software — 9.5%** | **Software — 9.5%** |  |
| AppLovin Corp., Class A<sup>(a)(e)</sup> | 48182 | &nbsp;&nbsp; 32465995 |
| BitMine Immersion Technologies, Inc. | 209788 | &nbsp;&nbsp; 5695744 |
| &nbsp;&nbsp;&nbsp; Databricks, Inc., (Acquired 07/24/20, Cost: <br> $5,501,686)<sup>(a)(c)(d)</sup><br>| 343659 | &nbsp;&nbsp; 65295210 |
| &nbsp;&nbsp;&nbsp; DataRobot, Inc., (Acquired 03/01/21, Cost: <br> $1,384,813)<sup>(a)(c)(d)</sup><br>| 92093 | &nbsp;&nbsp; 109591 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 108340 | &nbsp;&nbsp; 19257435 |
| Samsara, Inc., Class A<sup>(a)</sup> | 242403 | &nbsp;&nbsp; 8593187 |
| SiteMinder Ltd.<sup>(a)</sup> | 1706674 | &nbsp;&nbsp; 6893287 |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., (Acquired 10/13/20, Cost: <br> $2,017,593)<sup>(a)(c)(d)</sup><br>| 500250 | &nbsp;&nbsp; 3061530 |
| &nbsp;&nbsp;&nbsp; Snyk Ltd., Ordinary Shares, (Acquired 11/02/20, Cost: <br> $9,287,400)<sup>(a)(c)(d)</sup><br>| 1267643 | &nbsp;&nbsp; 3840958 |
| Synopsys, Inc.<sup>(a)(e)</sup> | 29836 | &nbsp;&nbsp; 14014566 |
| Via Transportation, Inc., Class A<sup>(a)</sup> | 136112 | &nbsp;&nbsp; 3948609 |
|  |  | &nbsp;&nbsp; 163176112 |
| **Technology Hardware, Storage & Peripherals — 2.4%** | **Technology Hardware, Storage & Peripherals — 2.4%** |  |
| Asia Vital Components Co. Ltd. | 523000 | &nbsp;&nbsp; 25101201 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | 232362 | &nbsp;&nbsp; 15570578 |
|  |  | &nbsp;&nbsp; 40671779 |
| **Total Common Stocks — 67.9%** <br>**(Cost: $677,479,885)** | **Total Common Stocks — 67.9%** <br>**(Cost: $677,479,885)** | &nbsp;&nbsp; 1164474563 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 32.4%**<sup>(a)(c)</sup> | **Preferred Stocks — 32.4%**<sup>(a)(c)</sup> | **Preferred Stocks — 32.4%**<sup>(a)(c)</sup> |
| **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |  |
| Astranis Space Technologies Corp., Series C | 775515 | &nbsp;&nbsp; 16650307 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Science and Technology Term Trust (BSTZ)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; GrubMarket, Inc., Series D, (Acquired 07/23/20, Cost: <br> $8,000,001)<sup>(d)</sup><br>| 1762969 | &nbsp;&nbsp; $47459125 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Think & Learn Private Ltd., Series F, (Acquired <br> 09/30/20, Cost: $14,251,080)<sup>(d)</sup><br>| 4920 | &nbsp;&nbsp; — |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; ResearchGate GmbH, Series D, (Acquired 09/24/20, <br> Cost: $6,999,988)<sup>(d)</sup><br>| 424688 | &nbsp;&nbsp; 3083235 |
| **Financial Services**<sup>(d)(f)</sup> **— 1.3%** | **Financial Services**<sup>(d)(f)</sup> **— 1.3%** |  |
| Trumid Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; Class J-A, (Acquired 07/24/20, Cost: $9,999,857) | 20154 | &nbsp;&nbsp; 11239080 |
| &nbsp;&nbsp;&nbsp; Class J-B, (Acquired 07/24/20, Cost: $5,999,914) | 20154 | &nbsp;&nbsp; 11239080 |
|  |  | &nbsp;&nbsp; 22478160 |
| **Interactive Media & Services — 2.2%** | **Interactive Media & Services — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: <br> $16,961,509)<sup>(d)</sup><br>| 150113 | &nbsp;&nbsp; 38829730 |
| **IT Services**<sup>(d)</sup> **— 0.0%** | **IT Services**<sup>(d)</sup> **— 0.0%** |  |
| TRAX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; (Acquired 02/18/21, Cost: $9,999,998) | 191806 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; (Acquired 09/12/19, Cost: $10,999,988) | 293333 | &nbsp;&nbsp; 3 |
|  |  | &nbsp;&nbsp; 5 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Rapyd Financial Network Ltd., Series E, (Acquired <br> 03/31/21, Cost: $13,999,978)<sup>(d)</sup><br>| 190705 | &nbsp;&nbsp; 6787191 |
| **Semiconductors & Semiconductor Equipment**<sup>(d)</sup> **— 7.6%** | **Semiconductors & Semiconductor Equipment**<sup>(d)</sup> **— 7.6%** |  |
| PsiQuantum Corp. |  |  |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 09/09/19, Cost: $9,101,310) | 1962335 | &nbsp;&nbsp; 78061686 |
| &nbsp;&nbsp;&nbsp; Series D, (Acquired 05/21/21, Cost: $19,999,969) | 762595 | &nbsp;&nbsp; 32852593 |
| SambaNova Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 02/20/20, Cost: $33,904,162) | 636800 | &nbsp;&nbsp; 15760800 |
| &nbsp;&nbsp;&nbsp; Series D, (Acquired 04/09/21, Cost: $6,999,979) | 73670 | &nbsp;&nbsp; 3715178 |
|  |  | &nbsp;&nbsp; 130390257 |
| **Software**<sup>(d)</sup> **— 16.9%** | **Software**<sup>(d)</sup> **— 16.9%** |  |
| &nbsp;&nbsp;&nbsp; Anthropic PBC, Series F, (Acquired 08/18/25, Cost: <br> $21,999,968)<br>| 156064 | &nbsp;&nbsp; 37985978 |
| Databricks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series F, (Acquired 10/22/19, Cost: $13,200,019) | 922038 | &nbsp;&nbsp; 175187220 |
| &nbsp;&nbsp;&nbsp; Series G, (Acquired 02/01/21, Cost: $18,500,004) | 312909 | &nbsp;&nbsp; 59452710 |
| &nbsp;&nbsp;&nbsp; DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: <br> $11,499,999)<br>| 875059 | &nbsp;&nbsp; 3263970 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., Series B, (Acquired 10/13/20, Cost: <br> $999,996)<br>| 247943 | &nbsp;&nbsp; $1591794  |
| &nbsp;&nbsp;&nbsp; Snyk Ltd., Seed Preferred, (Acquired 11/02/20, Cost: <br> $13,212,590)<br>| 2663936 | &nbsp;&nbsp; 8098365 |
| Unqork, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series B, (Acquired 09/19/19, Cost: $6,801,016) | 597680 | &nbsp;&nbsp; 3215518 |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 09/18/20, Cost: $7,994,787) | 292000 | &nbsp;&nbsp; 2099480 |
|  |  | &nbsp;&nbsp; 290895035 |
|  |  | &nbsp;&nbsp; 556573045 |
| **Total Preferred Securities — 32.4%** <br>**(Cost: $278,426,122)** | **Total Preferred Securities — 32.4%** <br>**(Cost: $278,426,122)** | &nbsp;&nbsp; 556573045 |
| **Total Long-Term Investments — 100.3%** <br>**(Cost: $955,906,007)** | **Total Long-Term Investments — 100.3%** <br>**(Cost: $955,906,007)** | &nbsp;&nbsp; 1721047608 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(g)(h)(i)</sup><br>| 17501746 | &nbsp;&nbsp; 17510497 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(g)(h)</sup><br>| 12114497 | &nbsp;&nbsp; 12114497 |
| **Total Short-Term Securities — 1.7%** <br>**(Cost: $29,624,496)** | **Total Short-Term Securities — 1.7%** <br>**(Cost: $29,624,496)** | &nbsp;&nbsp; 29624994 |
| **Total Investments — 102.0%** <br>**(Cost: $985,530,503)** | **Total Investments — 102.0%** <br>**(Cost: $985,530,503)** | &nbsp;&nbsp; 1750672602 |
| **Liabilities in Excess of Other Assets — (2.0)%** | **Liabilities in Excess of Other Assets — (2.0)%** | &nbsp;&nbsp; (33571119)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1717101483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $621,426,027, representing 36.2% of its net assets as of period end, and an original cost of $327,731,333. 

<sup>(e)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(f)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary. 

<sup>(g)</sup> Affiliate of the Trust.

<sup>(h)</sup> Annualized 7-day yield as of period end.

<sup>(i)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Science and Technology Term Trust (BSTZ)**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $7491149<br> $10019062 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $1226 | $(940)<br>| $17510497 | 17501746 | $169184 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | 2010552<br> 10103945 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 12114497 | 12114497 | 704550 | &nbsp;&nbsp; — |
|  |  |  | $1226 | $(940)<br>| $29624994 |  | $873734 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15013375)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15013375)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2912112)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2912112)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; $5807522 |

---

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $30377626  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $30377626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp; 31938828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31938828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; 11682708 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11682708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 18917472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18917472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp; 67831618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67831618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp; 11653817 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11653817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30178239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30178239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 109680948 | &nbsp;&nbsp;&nbsp;&nbsp; 29835517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139516465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 44957052 | &nbsp;&nbsp;&nbsp;&nbsp; 10755928 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55712980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30126186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30126186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4727231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4727231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp; 5856544 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5856544 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Science and Technology Term Trust (BSTZ)**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; $51780063  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $9580535  | &nbsp;&nbsp;&nbsp;&nbsp; $61360598  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp; 8440312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8440312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 5918475 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5918475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp; 5145047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5145047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 354421285 | &nbsp;&nbsp;&nbsp;&nbsp; 86821241 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 441242526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 83975536 | &nbsp;&nbsp;&nbsp;&nbsp; 6893287 | &nbsp;&nbsp;&nbsp;&nbsp; 72307289 | &nbsp;&nbsp;&nbsp;&nbsp; 163176112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 15570578 | &nbsp;&nbsp;&nbsp;&nbsp; 25101201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40671779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 556573045 | &nbsp;&nbsp;&nbsp;&nbsp; 556573045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 29624994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29624994 |
|  | &nbsp;&nbsp; $887772903 | &nbsp;&nbsp;&nbsp;&nbsp; $224438830 | &nbsp;&nbsp;&nbsp;&nbsp; $638460869 | &nbsp;&nbsp;&nbsp;&nbsp; $1750672602 |

---

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Common* <br>*Stocks*<br>| *Preferred* <br>*Stocks* <br>| *Total*  |
| **Assets** |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $107161463  | $419768363  | $526929826  |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (5699998)<br>| (11988162)<br>| (17688160)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3769511 | 126804723 | 130574234 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; 11845 | 21999967 | 22011812 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; (23354997)<br>| (11846)<br>| (23366843)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $81887824 | $556573045 | $638460869 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $18158085 | $123334010 | $141492095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $5.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Common Stocks<sup>(b)</sup> | &nbsp;&nbsp; $81887824 | Market | Revenue Multiple | 1.00x -7.50x | 5.01x |
|  |  |  | Volatility | 70% - 80% | 74% |
|  |  |  | Time to Exit | 3.0 - 3.0 years | 3.0 years |
| Preferred Stocks<sup>(b)</sup> | &nbsp;&nbsp; 556573040 | Market | Revenue Multiple | 1.45x - 19.00x | 9.89x |
|  |  |  | Time to Exit | 1.0 - 4.0 years | 3.5 years |
|  |  |  | Volatility | 36% - 90% | 73% |
|  |  |  | Market Adjustment Multiple | 0.85x |  |
|  |  |  | Gross Profit Multiple | 10.10x |  |
|  | &nbsp;&nbsp; $638460864 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

<sup>(b)</sup> The Trust valued certain of its Level 3 Common Stocks and Preferred Stocks using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $299,935,140 as of December 31, 2025. 

*See notes to financial statements.*

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments

December 31, 2025

**BlackRock Science and Technology Trust (BST)**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |  |
| AeroVironment, Inc.<sup>(a)</sup> | 20964 | &nbsp;&nbsp; $5070981  |
| Anduril Industries, Inc., Preference Shares<sup>(a)(b)</sup> | 139772 | &nbsp;&nbsp; 6235229 |
| BWX Technologies, Inc. | 58358 | &nbsp;&nbsp; 10086597 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 94360 | &nbsp;&nbsp; 7162867 |
|  |  | &nbsp;&nbsp; 28555674 |
| **Automobiles — 1.3%** | **Automobiles — 1.3%** |  |
| Tesla, Inc.<sup>(a)</sup> | 43302 | &nbsp;&nbsp; 19473776 |
| **Broadline Retail**<sup>(a)</sup> **— 1.7%** | **Broadline Retail**<sup>(a)</sup> **— 1.7%** |  |
| Amazon.com, Inc.<sup>(c)</sup> | 77009 | &nbsp;&nbsp; 17775217 |
| MercadoLibre, Inc. | 3598 | &nbsp;&nbsp; 7247308 |
|  |  | &nbsp;&nbsp; 25022525 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |  |
| Arista Networks, Inc.<sup>(a)</sup> | 93046 | &nbsp;&nbsp; 12191817 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 204033 | &nbsp;&nbsp; 5341584 |
| **Diversified Consumer Services**<sup>(a)(b)(d)</sup> **— 0.5%** | **Diversified Consumer Services**<sup>(a)(b)(d)</sup> **— 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Grammarly, Inc., (Acquired 11/17/21, Cost: <br> $18,749,975)<br>| 715323 | &nbsp;&nbsp; 7296295 |
| &nbsp;&nbsp;&nbsp; Think & Learn Private Ltd., Class J-B, (Acquired <br> 09/30/20, Cost: $1,524,948)<br>| 997 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 7296295 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |  |
| Siemens Energy AG<sup>(a)</sup> | 85808 | &nbsp;&nbsp; 12037880 |
| Vertiv Holdings Co., Class A | 59248 | &nbsp;&nbsp; 9598768 |
|  |  | &nbsp;&nbsp; 21636648 |
| **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** |  |
| Flex Ltd.<sup>(a)</sup> | 233484 | &nbsp;&nbsp; 14107103 |
| **Entertainment**<sup>(a)</sup> **— 1.8%** | **Entertainment**<sup>(a)</sup> **— 1.8%** |  |
| Spotify Technology SA | 18771 | &nbsp;&nbsp; 10900507 |
| Stubhub Holdings, Inc., Class A<sup>(e)</sup> | 225218 | &nbsp;&nbsp; 3047200 |
| Take-Two Interactive Software, Inc. | 50603 | &nbsp;&nbsp; 12955886 |
|  |  | &nbsp;&nbsp; 26903593 |
| **Financial Services**<sup>(a)</sup> **— 1.2%** | **Financial Services**<sup>(a)</sup> **— 1.2%** |  |
| Klarna 6mo Lock Up | 317160 | &nbsp;&nbsp; 9169096 |
| Plaid<sup>(b)</sup> | 42651 | &nbsp;&nbsp; 8986566 |
|  |  | &nbsp;&nbsp; 18155662 |
| **Interactive Media & Services — 6.1%** | **Interactive Media & Services — 6.1%** |  |
| Alphabet, Inc., Class A | 177657 | &nbsp;&nbsp; 55606639 |
| Meta Platforms, Inc., Class A | 50066 | &nbsp;&nbsp; 33048066 |
| &nbsp;&nbsp;&nbsp; Patreon, Inc., (Acquired 08/19/21, Cost: <br> $3,352,226)<sup>(a)(b)(d)</sup><br>| 59524 | &nbsp;&nbsp; 1038099 |
|  |  | &nbsp;&nbsp; 89692804 |
| **IT Services**<sup>(a)</sup> **— 4.4%** | **IT Services**<sup>(a)</sup> **— 4.4%** |  |
| &nbsp;&nbsp;&nbsp; Automattic, Inc., (Acquired 02/03/21, Cost: <br> $7,999,945)<sup>(b)(d)</sup><br>| 94117 | &nbsp;&nbsp; 2163750 |
| Deep Instinct Ltd.<sup>(b)</sup> | 49350 | &nbsp;&nbsp; 2961 |
| Farmer's Business Network, Inc.<sup>(b)</sup> | 203366 | &nbsp;&nbsp; 209467 |
| Shopify, Inc., Class A | 106704 | &nbsp;&nbsp; 17176143 |
| Snowflake, Inc., Class A | 151057 | &nbsp;&nbsp; 33135864 |
| Waabi Innovation, Inc. | 1018268 | &nbsp;&nbsp; 12000492 |
|  |  | &nbsp;&nbsp; 64688677 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Media**<sup>(a)</sup> **— 0.8%** | **Media**<sup>(a)</sup> **— 0.8%** |  |
| EchoStar Corp., Class A | 13624 | &nbsp;&nbsp; $1480929  |
| MNTN, Inc., Class A<sup>(e)</sup> | 856424 | &nbsp;&nbsp; 10225702 |
|  |  | &nbsp;&nbsp; 11706631 |
| **Semiconductors & Semiconductor Equipment — 32.2%** | **Semiconductors & Semiconductor Equipment — 32.2%** |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 43890 | &nbsp;&nbsp; 9399483 |
| Advantest Corp. | 227400 | &nbsp;&nbsp; 28754235 |
| Broadcom, Inc.<sup>(c)</sup> | 356296 | &nbsp;&nbsp; 123314046 |
| Celestial Asia Securities Holdings Ltd.<sup>(a)(b)</sup> | 29105 | &nbsp;&nbsp; 835896 |
| Celestial Asia Securities Holdings Ltd., Series C-1<sup>(a)(b)</sup> | 559391 | &nbsp;&nbsp; 16065710 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 165133 | &nbsp;&nbsp; 23760987 |
| Intel Corp.<sup>(a)</sup> | 237079 | &nbsp;&nbsp; 8748215 |
| Lam Research Corp. | 195278 | &nbsp;&nbsp; 33427688 |
| Monolithic Power Systems, Inc. | 19784 | &nbsp;&nbsp; 17931426 |
| NVIDIA Corp.<sup>(c)</sup> | 914124 | &nbsp;&nbsp; 170484126 |
| SK Hynix, Inc. | 28970 | &nbsp;&nbsp; 13119870 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 101673 | &nbsp;&nbsp; 30897408 |
|  |  | &nbsp;&nbsp; 476739090 |
| **Software — 15.8%** | **Software — 15.8%** |  |
| AppLovin Corp., Class A<sup>(a)</sup> | 31726 | &nbsp;&nbsp; 21377613 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 28230 | &nbsp;&nbsp; 8824133 |
| Canva, Inc.<sup>(a)(b)</sup> | 9375 | &nbsp;&nbsp; 15432563 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 32802 | &nbsp;&nbsp; 15376266 |
| &nbsp;&nbsp;&nbsp; Databricks, Inc., (Acquired 07/24/20, Cost: <br> $960,476)<sup>(a)(b)(d)</sup><br>| 59997 | &nbsp;&nbsp; 11399430 |
| Databricks, Inc.<sup>(a)(b)</sup> | 5263 | &nbsp;&nbsp; 999970 |
| &nbsp;&nbsp;&nbsp; DataRobot, Inc., (Acquired 03/01/21, Cost: <br> $583,275)<sup>(a)(b)(d)</sup><br>| 38789 | &nbsp;&nbsp; 46159 |
| Deepgram, Inc.<sup>(a)(b)</sup> | 125168 | &nbsp;&nbsp; 2308098 |
| Microsoft Corp.<sup>(c)</sup> | 203825 | &nbsp;&nbsp; 98573846 |
| Oracle Corp. | 144847 | &nbsp;&nbsp; 28232129 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 37374 | &nbsp;&nbsp; 6643229 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 52785 | &nbsp;&nbsp; 9722997 |
| Rubrik, Inc., Class A<sup>(a)</sup> | 124040 | &nbsp;&nbsp; 9486579 |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., (Acquired 06/30/21, Cost: <br> $997,636)<sup>(a)(b)(d)</sup><br>| 66422 | &nbsp;&nbsp; 406503 |
| &nbsp;&nbsp;&nbsp; Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost: <br> $5,192,307)<sup>(a)(b)(d)</sup><br>| 361972 | &nbsp;&nbsp; 1096775 |
| &nbsp;&nbsp;&nbsp; Teya Services Ltd., (Acquired 12/17/21, Cost: <br> $24,999,987)<sup>(a)(b)(d)</sup><br>| 12871 | &nbsp;&nbsp; 4022445 |
|  |  | &nbsp;&nbsp; 233948735 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; AceVector Limited, (Acquired 08/31/18, Cost: <br> $1,998,435)<sup>(a)(b)(d)</sup><br>| 168640 | &nbsp;&nbsp; 55670 |
| **Technology Hardware, Storage & Peripherals — 5.4%** | **Technology Hardware, Storage & Peripherals — 5.4%** |  |
| Apple, Inc. | 296431 | &nbsp;&nbsp; 80587732 |
| **Wireless Telecommunication Services — 1.6%** | **Wireless Telecommunication Services — 1.6%** |  |
| SoftBank Group Corp. | 850000 | &nbsp;&nbsp; 23845317 |
| **Total Common Stocks — 78.4%** <br>**(Cost: $561,687,376)** | **Total Common Stocks — 78.4%** <br>**(Cost: $561,687,376)** | &nbsp;&nbsp; 1159949333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Science and Technology Trust (BST)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Convertible Notes** | **Convertible Notes** | **Convertible Notes** |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Voltron Capital, 0.00%<sup>(b)</sup> | $1663 | &nbsp;&nbsp; $17 |
| **Total Convertible Notes — 0.0%** <br>**(Cost: $1,662,535)** | **Total Convertible Notes — 0.0%** <br>**(Cost: $1,662,535)** | &nbsp;&nbsp; 17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 21.4%**<sup>(b)</sup> | **Preferred Stocks — 21.4%**<sup>(b)</sup> | **Preferred Stocks — 21.4%**<sup>(b)</sup> |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |  |
| Anduril Industries, Inc., Series F<sup>(a)</sup> | 920107 | &nbsp;&nbsp; 41045973 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Solugen, Inc., Series C, (Acquired 09/02/21, Cost: <br> $9,999,977)<sup>(a)(d)</sup><br>| 269284 | &nbsp;&nbsp; 3290650 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |  |
| Astranis, Series D<sup>(a)</sup> | 856310 | &nbsp;&nbsp; 14009232 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost: <br> $6,999,994)<sup>(a)(d)</sup><br>| 709724 | &nbsp;&nbsp; 19105770 |
| **Diversified Consumer Services**<sup>(a)(d)</sup> **— 0.2%** | **Diversified Consumer Services**<sup>(a)(d)</sup> **— 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: <br> $6,249,992)<br>| 238441 | &nbsp;&nbsp; 2432098 |
| &nbsp;&nbsp;&nbsp; Think & Learn Private Ltd., Series F, (Acquired 09/30/20, <br> Cost: $3,052,975)<br>| 1054 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 2432098 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Discord, Inc., Series I, (Acquired 09/13/21, Cost: <br> $7,000,088)<sup>(a)(d)</sup><br>| 12713 | &nbsp;&nbsp; 3008023 |
| **Financial Services**<sup>(a)(d)(f)</sup> **— 0.8%** | **Financial Services**<sup>(a)(d)(f)</sup> **— 0.8%** |  |
| Trumid Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; Class J-A, (Acquired 07/24/20, Cost: $2,499,716) | 5038 | &nbsp;&nbsp; 2809491 |
| &nbsp;&nbsp;&nbsp; Class J-B, (Acquired 07/24/20, Cost: $1,499,830) | 5038 | &nbsp;&nbsp; 2809491 |
| &nbsp;&nbsp;&nbsp; Class L, (Acquired 09/15/21, Cost: $9,999,695) | 11420 | &nbsp;&nbsp; 6368477 |
|  |  | &nbsp;&nbsp; 11987459 |
| **Interactive Media & Services**<sup>(a)(d)</sup> **— 0.6%** | **Interactive Media & Services**<sup>(a)(d)</sup> **— 0.6%** |  |
| &nbsp;&nbsp;&nbsp; ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: <br> $2,857,834)<br>| 24110 | &nbsp;&nbsp; 6236534 |
| &nbsp;&nbsp;&nbsp; Patreon, Inc., Series D, (Acquired 07/14/21, Cost: <br> $6,666,632)<br>| 119047 | &nbsp;&nbsp; 2076180 |
|  |  | &nbsp;&nbsp; 8312714 |
| **IT Services**<sup>(a)(d)</sup> **— 0.0%** | **IT Services**<sup>(a)(d)</sup> **— 0.0%** |  |
| TRAX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; (Acquired 02/18/21, Cost: $1,999,989) | 38361 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; (Acquired 09/12/19, Cost: $4,000,013) | 106667 | &nbsp;&nbsp; 1 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** |  |
| Voltron Data, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (Acquired 01/18/22, Cost: $10,000,000) | 6201935 | &nbsp;&nbsp; $62 |
| &nbsp;&nbsp;&nbsp; Series SEED, (Acquired 07/14/21, Cost: $5,000,000) | 9090909 | &nbsp;&nbsp; 91 |
|  |  | &nbsp;&nbsp; 154 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** |  |
| ANT Group Co. Ltd. | 1703548 | &nbsp;&nbsp; 4258870 |
| **Semiconductors & Semiconductor Equipment**<sup>(a)</sup> **— 6.1%** | **Semiconductors & Semiconductor Equipment**<sup>(a)</sup> **— 6.1%** |  |
| Celestial Asia Securities Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; Series A | 185582 | &nbsp;&nbsp; 5329915 |
| &nbsp;&nbsp;&nbsp; Series B | 139646 | &nbsp;&nbsp; 4010633 |
| PsiQuantum Corp.<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 09/09/19, Cost: $3,200,234) | 690003 | &nbsp;&nbsp; 27448319 |
| &nbsp;&nbsp;&nbsp; Series D, (Acquired 05/21/21, Cost: $5,000,025) | 190650 | &nbsp;&nbsp; 8213202 |
| Rivos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series A1 | 2700558 | &nbsp;&nbsp; 16851482 |
| &nbsp;&nbsp;&nbsp; Series A2 | 2464862 | &nbsp;&nbsp; 15380739 |
| &nbsp;&nbsp;&nbsp; Series A3 | 1027026 | &nbsp;&nbsp; 6408642 |
| SambaNova Systems, Inc.<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (Acquired 10/22/25, Cost: $2,000,000) | 2000000 | &nbsp;&nbsp; 2164200 |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 02/20/20, Cost: $9,972,125) | 187300 | &nbsp;&nbsp; 4635675 |
|  |  | &nbsp;&nbsp; 90442807 |
| **Software**<sup>(a)(d)</sup> **— 7.6%** | **Software**<sup>(a)(d)</sup> **— 7.6%** |  |
| &nbsp;&nbsp;&nbsp; Anthropic PBC, Series F, (Acquired 08/18/25, Cost: <br> $21,999,968)<br>| 156064 | &nbsp;&nbsp; 37985978 |
| &nbsp;&nbsp;&nbsp; Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: <br> $0)<br>| 598682 | &nbsp;&nbsp; 6 |
| Databricks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series F, (Acquired 10/22/19, Cost: $3,999,999) | 279405 | &nbsp;&nbsp; 53086950 |
| &nbsp;&nbsp;&nbsp; Series G, (Acquired 02/01/21, Cost: $4,500,001) | 76113 | &nbsp;&nbsp; 14461470 |
| &nbsp;&nbsp;&nbsp; DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: <br> $2,999,996)<br>| 228276 | &nbsp;&nbsp; 851469 |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: <br> $4,999,985)<br>| 332896 | &nbsp;&nbsp; 2543325 |
| &nbsp;&nbsp;&nbsp; Snyk Ltd., Series F, (Acquired 09/02/21, Cost: <br> $4,807,688)<br>| 337018 | &nbsp;&nbsp; 2200728 |
| Unqork, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series B, (Acquired 09/19/19, Cost: $3,198,416) | 281080 | &nbsp;&nbsp; 1512210 |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 09/18/20, Cost: $1,303,260) | 47600 | &nbsp;&nbsp; 342244 |
|  |  | &nbsp;&nbsp; 112984380 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |  |
| PsiQuantum Corp., Series E<sup>(a)</sup> | 121615 | &nbsp;&nbsp; 5640504 |
|  |  | &nbsp;&nbsp; 316518634 |
| **Total Preferred Securities — 21.4%** <br>**(Cost: $204,077,704)** | **Total Preferred Securities — 21.4%** <br>**(Cost: $204,077,704)** | &nbsp;&nbsp; 316518634 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Science and Technology Trust (BST)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Software — 0.0%** | **Software — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc., (Issued 08/29/23, 1 Share <br> for 1 Warrant, Expires 03/31/40, Strike Price CAD <br> 11.50)<sup>(a)(b)</sup><br>| 3923 | &nbsp;&nbsp; $— |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; — |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $767,427,615)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $767,427,615)** | &nbsp;&nbsp; 1476467984 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(g)(h)(i)</sup><br>| 1771362 | &nbsp;&nbsp; 1772248 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.65%<sup>(g)(h)</sup><br>| 9275567 | &nbsp;&nbsp; 9275567 |
| **Total Short-Term Securities — 0.7%** <br>**(Cost: $11,047,816)** | **Total Short-Term Securities — 0.7%** <br>**(Cost: $11,047,816)** | &nbsp;&nbsp; 11047815 |
| **Total Investments — 100.5%** <br>**(Cost: $778,475,431)** | **Total Investments — 100.5%** <br>**(Cost: $778,475,431)** | &nbsp;&nbsp; 1487515799 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | &nbsp;&nbsp; (7765552)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1479750247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(c)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(d)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $231,107,770, representing 15.6% of its net assets as of period end, and an original cost of $212,167,642. 

<sup>(e)</sup> All or a portion of this security is on loan.

<sup>(f)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary. 

<sup>(g)</sup> Affiliate of the Trust.

<sup>(h)</sup> Annualized 7-day yield as of period end.

<sup>(i)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $565400<br> $1206548 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $300 | $— | $1772248 | 1771362 | $40547 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | 1644863<br> 7630704 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 9275567 | 9275567 | 387925 | &nbsp;&nbsp; — |
|  |  |  | $300 | $— | $11047815 |  | $428472 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(19319611)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(19319611)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4373060)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4373060)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Science and Technology Trust (BST)**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; $6076172 |

---

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $22320445  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $6235229  | &nbsp;&nbsp;&nbsp;&nbsp; $28555674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp; 19473776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19473776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; 25022525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25022525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp; 12191817 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12191817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp; 5341584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5341584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7296295 | &nbsp;&nbsp;&nbsp;&nbsp; 7296295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; 9598768 | &nbsp;&nbsp;&nbsp;&nbsp; 12037880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21636648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 14107103 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14107103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 26903593 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26903593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9169096 | &nbsp;&nbsp;&nbsp;&nbsp; 8986566 | &nbsp;&nbsp;&nbsp;&nbsp; 18155662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp; 88654705 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1038099 | &nbsp;&nbsp;&nbsp;&nbsp; 89692804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; 50312007 | &nbsp;&nbsp;&nbsp;&nbsp; 12000492 | &nbsp;&nbsp;&nbsp;&nbsp; 2376178 | &nbsp;&nbsp;&nbsp;&nbsp; 64688677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 11706631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11706631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 417963379 | &nbsp;&nbsp;&nbsp;&nbsp; 41874105 | &nbsp;&nbsp;&nbsp;&nbsp; 16901606 | &nbsp;&nbsp;&nbsp;&nbsp; 476739090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 198236792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35711943 | &nbsp;&nbsp;&nbsp;&nbsp; 233948735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55670 | &nbsp;&nbsp;&nbsp;&nbsp; 55670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 80587732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80587732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23845317 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23845317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Notes | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316518634 | &nbsp;&nbsp;&nbsp;&nbsp; 316518634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 11047815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11047815 |
|  | &nbsp;&nbsp; $993468672 | &nbsp;&nbsp;&nbsp;&nbsp; $98926890 | &nbsp;&nbsp;&nbsp;&nbsp; $395120237 | &nbsp;&nbsp;&nbsp;&nbsp; $1487515799 |

---

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Common* <br>*Stocks*<br>| *Convertible* <br>*Notes*<br>| *Preferred* <br>*Stocks*<br>| *Warrants* | *Total*  |
| **Assets** |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $55665715  | $1695787  | $220068321  | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $277429823  |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  | &nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (7996429)<br>|  | &nbsp;&nbsp; (7996429)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3001896 | (1695770)<br>| 125629627 |  | &nbsp;&nbsp; 126935753 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; 27905953 |  | 33820011 |  | &nbsp;&nbsp; 61725964 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; (7971978)<br>|  | (55002896)<br>|  | &nbsp;&nbsp; (62974874)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $78601586 | $17 | $316518634 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $395120237 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $8252240 | $(1695770)<br>| $113389963 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $119946433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rounds to less than $1.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Science and Technology Trust (BST)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(b)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(c)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $180.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| Common Stocks<sup>(b)</sup> | &nbsp;&nbsp; 78601582 | Market | Revenue Multiple | 1.00x - 42.00x | 21.69x |
|  |  |  | Volatility | 60% - 80% | 65% |
|  |  |  | Time to Exit | 3.0- 3.0 years | 3.0 years |
|  |  |  | Gross Profit Multiple | 7.25x -17.25x | 14.16x |
| Preferred Stock<sup>(b)</sup> | &nbsp;&nbsp; 316518475 | Market | Revenue Multiple | 1.45x - 42.00x | 18.12x |
|  |  |  | Volatility | 70% - 90% | 74% |
|  |  |  | Time to Exit | 1.0-4.0 years | 3.4 years |
|  |  |  | Market Adjustment Multiple | 0.85x-0.85x | 0.85x |
|  |  |  | Terminal Growth Rate | 5% |  |
|  |  |  | Gross Profit Multiple | 10.10x |  |
|  |  | Income | Discount Rate | 10%-17% | 12% |
|  | &nbsp;&nbsp; $395120057 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

<sup>(b)</sup> The fund valued certain of its Level 3 Common Stock and Preferred Stock using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $79,947,820 as of December 31, 2025. 

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments

December 31, 2025

**BlackRock Technology and Private Equity Term Trust (BTX)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |  |
| AeroVironment, Inc.<sup>(a)</sup> | 14077 | &nbsp;&nbsp; $3405085  |
| BWX Technologies, Inc.<sup>(b)</sup> | 45961 | &nbsp;&nbsp; 7943899 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 77960 | &nbsp;&nbsp; 5917944 |
| Relativity Space, Inc.<sup>(a)(c)</sup> | 30412 | &nbsp;&nbsp; 31324 |
|  |  | &nbsp;&nbsp; 17298252 |
| **Automobiles**<sup>(a)</sup> **— 1.9%** | **Automobiles**<sup>(a)</sup> **— 1.9%** |  |
| Tesla, Inc. | 30283 | &nbsp;&nbsp; 13618871 |
| XPeng, Inc., ADR | 178373 | &nbsp;&nbsp; 3617404 |
|  |  | &nbsp;&nbsp; 17236275 |
| **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 3328 | &nbsp;&nbsp; 6703457 |
| **Capital Markets — 1.1%** | **Capital Markets — 1.1%** |  |
| Bullish<sup>(a)(b)</sup> | 92904 | &nbsp;&nbsp; 3518274 |
| Cboe Global Markets, Inc. | 26570 | &nbsp;&nbsp; 6669070 |
|  |  | &nbsp;&nbsp; 10187344 |
| **Communications Equipment — 4.0%** | **Communications Equipment — 4.0%** |  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 98740 | &nbsp;&nbsp; 36394577 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 251594 | &nbsp;&nbsp; 6586731 |
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Grammarly, Inc., (Acquired 11/17/21, Cost: <br> $26,250,012)<sup>(a)(c)(d)</sup><br>| 1001454 | &nbsp;&nbsp; 10214831 |
| **Electrical Equipment**<sup>(a)</sup> **— 1.9%** | **Electrical Equipment**<sup>(a)</sup> **— 1.9%** |  |
| Doosan Enerbility Co. Ltd. | 168001 | &nbsp;&nbsp; 8787134 |
| Siemens Energy AG | 61888 | &nbsp;&nbsp; 8682178 |
|  |  | &nbsp;&nbsp; 17469312 |
| **Electronic Equipment, Instruments & Components — 8.2%** | **Electronic Equipment, Instruments & Components — 8.2%** |  |
| Celestica, Inc.<sup>(a)</sup> | 90533 | &nbsp;&nbsp; 26762460 |
| Elite Material Co. Ltd. | 194000 | &nbsp;&nbsp; 10164027 |
| Fabrinet<sup>(a)(b)</sup> | 51675 | &nbsp;&nbsp; 23526594 |
| Flex Ltd.<sup>(a)</sup> | 140997 | &nbsp;&nbsp; 8519039 |
| Gold Circuit Electronics Ltd. | 293000 | &nbsp;&nbsp; 6400318 |
|  |  | &nbsp;&nbsp; 75372438 |
| **Entertainment — 3.4%** | **Entertainment — 3.4%** |  |
| Konami Group Corp. | 43100 | &nbsp;&nbsp; 5853289 |
| Spotify Technology SA<sup>(a)</sup> | 19163 | &nbsp;&nbsp; 11128146 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 56313 | &nbsp;&nbsp; 14417817 |
|  |  | &nbsp;&nbsp; 31399252 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |  |
| Pro Medicus Ltd. | 16632 | &nbsp;&nbsp; 2442628 |
| **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** |  |
| Navan, Inc., Class A<sup>(a)</sup> | 187982 | &nbsp;&nbsp; 3210733 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Patreon, Inc., (Acquired 08/19/21, Cost: <br> $11,732,736)<sup>(a)(c)(d)</sup><br>| 208333 | &nbsp;&nbsp; 3633328 |
| **IT Services — 4.8%** | **IT Services — 4.8%** |  |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 59692 | &nbsp;&nbsp; 11768278 |
| NEC Corp. | 177200 | &nbsp;&nbsp; 5995648 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** |  |
| Snowflake, Inc., Class A<sup>(a)</sup> | 82643 | &nbsp;&nbsp; $18128568  |
| Waabi Innovation, Inc.<sup>(a)</sup> | 678777 | &nbsp;&nbsp; 7999523 |
|  |  | &nbsp;&nbsp; 43892017 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |  |
| Tempus AI, Inc., Class A<sup>(a)(b)</sup> | 85535 | &nbsp;&nbsp; 5050842 |
| **Media**<sup>(a)</sup> **— 2.2%** | **Media**<sup>(a)</sup> **— 2.2%** |  |
| EchoStar Corp., Class A | 8484 | &nbsp;&nbsp; 922211 |
| MNTN, Inc., Class A<sup>(b)</sup> | 308733 | &nbsp;&nbsp; 3686272 |
| Via 6m Lock Up | 549357 | &nbsp;&nbsp; 15936846 |
|  |  | &nbsp;&nbsp; 20545329 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** |  |
| Planet Labs PBC, Class A<sup>(a)</sup> | 162605 | &nbsp;&nbsp; 3206571 |
| **Semiconductors & Semiconductor Equipment — 27.0%** | **Semiconductors & Semiconductor Equipment — 27.0%** |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 30946 | &nbsp;&nbsp; 6627395 |
| Advantest Corp. | 165900 | &nbsp;&nbsp; 20977693 |
| Alchip Technologies Ltd. | 105000 | &nbsp;&nbsp; 11720665 |
| Amkor Technology, Inc. | 354585 | &nbsp;&nbsp; 13999016 |
| ASMPT Ltd. | 882100 | &nbsp;&nbsp; 8785688 |
| Astera Labs, Inc.<sup>(a)</sup> | 68221 | &nbsp;&nbsp; 11349246 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 163372 | &nbsp;&nbsp; 23507597 |
| KLA Corp. | 11777 | &nbsp;&nbsp; 14309997 |
| Kokusai Electric Corp. | 243100 | &nbsp;&nbsp; 8501729 |
| MACOM Technology Solutions Holdings, Inc., Class H<sup>(a)</sup> | 18472 | &nbsp;&nbsp; 3163884 |
| Micron Technology, Inc. | 22370 | &nbsp;&nbsp; 6384622 |
| Monolithic Power Systems, Inc. | 16149 | &nbsp;&nbsp; 14636808 |
| NVIDIA Corp.<sup>(e)</sup> | 413660 | &nbsp;&nbsp; 77147590 |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 221672 | &nbsp;&nbsp; 26028726 |
|  |  | &nbsp;&nbsp; 247140656 |
| **Software — 9.5%** | **Software — 9.5%** |  |
| AppLovin Corp., Class A<sup>(a)</sup> | 25969 | &nbsp;&nbsp; 17498432 |
| BitMine Immersion Technologies, Inc. | 111070 | &nbsp;&nbsp; 3015550 |
| Databricks, Inc.<sup>(a)(c)</sup> | 105263 | &nbsp;&nbsp; 19999970 |
| Deepgram, Inc.<sup>(a)(c)</sup> | 125167 | &nbsp;&nbsp; 2308079 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 57649 | &nbsp;&nbsp; 10247110 |
| Samsara, Inc., Class A<sup>(a)</sup> | 133918 | &nbsp;&nbsp; 4747393 |
| SiteMinder Ltd.<sup>(a)</sup> | 1002116 | &nbsp;&nbsp; 4047565 |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., (Acquired 06/30/21, Cost: <br> $2,999,997)<sup>(a)(c)(d)</sup><br>| 199738 | &nbsp;&nbsp; 1222397 |
| &nbsp;&nbsp;&nbsp; Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost: <br> $25,961,537)<sup>(a)(c)(d)</sup><br>| 1809860 | &nbsp;&nbsp; 5483876 |
| Synopsys, Inc.<sup>(a)</sup> | 16925 | &nbsp;&nbsp; 7950011 |
| &nbsp;&nbsp;&nbsp; Teya Services Ltd., (Acquired 11/16/21, Cost: <br> $49,999,974)<sup>(a)(c)(d)</sup><br>| 25742 | &nbsp;&nbsp; 8044890 |
| Via Transportation, Inc., Class A<sup>(a)</sup> | 74144 | &nbsp;&nbsp; 2150917 |
|  |  | &nbsp;&nbsp; 86716190 |
| **Technology Hardware, Storage & Peripherals — 2.5%** | **Technology Hardware, Storage & Peripherals — 2.5%** |  |
| Asia Vital Components Co. Ltd. | 284000 | &nbsp;&nbsp; 13630480 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | 137119 | &nbsp;&nbsp; 9188344 |
|  |  | &nbsp;&nbsp; 22818824 |
| **Total Common Stocks — 72.9%** <br>**(Cost: $642,231,766)** | **Total Common Stocks — 72.9%** <br>**(Cost: $642,231,766)** | &nbsp;&nbsp; 667519587 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Technology and Private Equity Term Trust (BTX)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 25.9%**<sup>(c)</sup> | **Preferred Stocks — 25.9%**<sup>(c)</sup> | **Preferred Stocks — 25.9%**<sup>(c)</sup> |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: <br> $4,999,999)<sup>(a)(d)</sup><br>| 909438 | &nbsp;&nbsp; $1455101 |
| **Capital Markets**<sup>(a)(d)</sup> **— 1.1%** | **Capital Markets**<sup>(a)(d)</sup> **— 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: <br> $9,999,995)<br>| 428785 | &nbsp;&nbsp; 3829050 |
| &nbsp;&nbsp;&nbsp; Varo Money, Inc., Series E, (Acquired 08/27/21, Cost: <br> $40,000,001)<br>| 4316904 | &nbsp;&nbsp; 5784651 |
|  |  | &nbsp;&nbsp; 9613701 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: <br> $8,750,004)<sup>(a)(d)</sup><br>| 333818 | &nbsp;&nbsp; 3404944 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Discord, Inc., Series I, (Acquired 09/13/21, Cost: <br> $17,999,912)<sup>(a)(d)</sup><br>| 32690 | &nbsp;&nbsp; 7734781 |
| **Entertainment — 0.9%** | **Entertainment — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: <br> $49,999,983)<sup>(a)(d)</sup><br>| 2172486 | &nbsp;&nbsp; 8255447 |
| **Food Products — 0.0%** | **Food Products — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Motif Food Works, Inc., Series B, (Acquired 06/08/21, <br> Cost: $30,567,892)<sup>(d)</sup><br>| 1972240 | &nbsp;&nbsp; 20 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: <br> $29,999,946)<sup>(a)(d)</sup><br>| 191067 | &nbsp;&nbsp; 1562928 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Patreon, Inc., Series D, (Acquired 07/14/21, Cost: <br> $23,333,352)<sup>(a)(d)</sup><br>| 416667 | &nbsp;&nbsp; 7266672 |
| **Semiconductors & Semiconductor Equipment**<sup>(a)</sup> **— 9.2%** | **Semiconductors & Semiconductor Equipment**<sup>(a)</sup> **— 9.2%** |  |
| &nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: <br> $39,999,990)<sup>(d)</sup><br>| 1525192 | &nbsp;&nbsp; 65705270 |
| Rivos, Inc., Series A1 | 2997684 | &nbsp;&nbsp; 18705548 |
|  |  | &nbsp;&nbsp; 84410818 |
| **Software**<sup>(d)</sup> **— 12.3%** | **Software**<sup>(d)</sup> **— 12.3%** |  |
| &nbsp;&nbsp;&nbsp; Anthropic PBC, Series F, (Acquired 08/18/25, Cost: <br> $16,999,988)<sup>(a)</sup><br>| 120595 | &nbsp;&nbsp; 29352823 |
| &nbsp;&nbsp;&nbsp; AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: <br> $14,999,995)<sup>(a)</sup><br>| 2745894 | &nbsp;&nbsp; 7880716 |
| &nbsp;&nbsp;&nbsp; Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: <br> $0)<sup>(a)</sup><br>| 898024 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: <br> $11,999,997)<sup>(a)</sup><br>| 2165400 | &nbsp;&nbsp; 28908090 |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: <br> $25,259,768)<br>| 3916230 | &nbsp;&nbsp; 14098428 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp; Open Space Labs, Inc., Series D, (Acquired 01/31/22, <br> Cost: $15,000,003)<sup>(a)</sup><br>| 1687916 | &nbsp;&nbsp; $9891188  |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: <br> $10,999,993)<sup>(a)</sup><br>| 732373 | &nbsp;&nbsp; 5595330 |
| &nbsp;&nbsp;&nbsp; Snyk Ltd., Series F, (Acquired 09/02/21, Cost: <br> $24,038,470)<sup>(a)</sup><br>| 1685092 | &nbsp;&nbsp; 11003651 |
| &nbsp;&nbsp;&nbsp; Validere Technologies, Inc., Series B, (Acquired <br> 10/21/21, Cost: $10,000,000)<sup>(a)</sup><br>| 4684060 | &nbsp;&nbsp; 6276640 |
|  |  | &nbsp;&nbsp; 113006875 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Super73, Inc., Series C-1, (Acquired 10/25/22, Cost: <br> $12,000,000)<sup>(a)(d)</sup><br>| 1400669 | &nbsp;&nbsp; 14 |
|  |  | &nbsp;&nbsp; 236711301 |
| **Total Preferred Securities — 25.9%** <br>**(Cost: $404,945,580)** | **Total Preferred Securities — 25.9%** <br>**(Cost: $404,945,580)** | &nbsp;&nbsp; 236711301 |
| **Total Long-Term Investments — 98.8%** <br>**(Cost: $1,047,177,346)** | **Total Long-Term Investments — 98.8%** <br>**(Cost: $1,047,177,346)** | &nbsp;&nbsp; 904230888 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.89%<sup>(f)(g)(h)</sup><br>| 12665280 | &nbsp;&nbsp; 12671613 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.65%<sup>(f)(g)</sup><br>| 20680975 | &nbsp;&nbsp; 20680975 |
| **Total Short-Term Securities — 3.6%** <br>**(Cost: $33,352,588)** | **Total Short-Term Securities — 3.6%** <br>**(Cost: $33,352,588)** | &nbsp;&nbsp; 33352588 |
| **Total Investments — 102.4%** <br>**(Cost: $1,080,529,934)** | **Total Investments — 102.4%** <br>**(Cost: $1,080,529,934)** | &nbsp;&nbsp; 937583476 |
| **Liabilities in Excess of Other Assets — (2.4)%** | **Liabilities in Excess of Other Assets — (2.4)%** | &nbsp;&nbsp; (22114089)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $915469387 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $246,605,075, representing 26.9% of its net assets as of period end, and an original cost of $513,893,544. 

<sup>(e)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(f)</sup> Affiliate of the Trust.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Technology and Private Equity Term Trust (BTX)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $14267970 | $— | &nbsp;&nbsp; $(1596637 )<sup>(a)</sup><br>| &nbsp;&nbsp; $717 | $(437)<br>| $12671613 | 12665280 | $107265 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| 2002846 | 18678129 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 20680975 | 20680975 | 1668843 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $717 | $(437)<br>| $33352588 |  | $1776108 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4924967 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4924967 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4189091)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4189091)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $17266928  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $31324  | &nbsp;&nbsp;&nbsp;&nbsp; $17298252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp; 17236275 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17236275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; 6703457 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6703457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 10187344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10187344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp; 36394577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36394577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp; 6586731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6586731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10214831 | &nbsp;&nbsp;&nbsp;&nbsp; 10214831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17469312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17469312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 58808093 | &nbsp;&nbsp;&nbsp;&nbsp; 16564345 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75372438 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Technology and Private Equity Term Trust (BTX)** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; $25545963  | &nbsp;&nbsp;&nbsp;&nbsp; $5853289  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $31399252  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2442628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2442628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp; 3210733 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3210733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3633328 | &nbsp;&nbsp;&nbsp;&nbsp; 3633328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; 29896846 | &nbsp;&nbsp;&nbsp;&nbsp; 13995171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43892017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp; 5050842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5050842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 4608483 | &nbsp;&nbsp;&nbsp;&nbsp; 15936846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20545329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp; 3206571 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3206571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 197154881 | &nbsp;&nbsp;&nbsp;&nbsp; 49985775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 247140656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 45609413 | &nbsp;&nbsp;&nbsp;&nbsp; 4047565 | &nbsp;&nbsp;&nbsp;&nbsp; 37059212 | &nbsp;&nbsp;&nbsp;&nbsp; 86716190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 9188344 | &nbsp;&nbsp;&nbsp;&nbsp; 13630480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22818824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236711301 | &nbsp;&nbsp;&nbsp;&nbsp; 236711301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 33352588 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33352588 |
|  | &nbsp;&nbsp; $510008069 | &nbsp;&nbsp;&nbsp;&nbsp; $139925411 | &nbsp;&nbsp;&nbsp;&nbsp; $287649996 | &nbsp;&nbsp;&nbsp;&nbsp; $937583476 |

---

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Common* <br>*Stocks*<br>| *Preferred* <br>*Stocks* <br>| *Total*  |
| **Assets** |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $48285769  | $394763266  | $443049035  |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — | (52086590)<br>| (52086590)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (65654471)<br>| 93150822 | 27496352 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; 68307397 | 16999988 | 85307385 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — | (216116185)<br>| (216116185)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $50938695 | $236711301 | $287649996 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $(65654471)<br>| $43033795 | $(22620675)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $43.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Common Stocks<sup>(b)</sup> | &nbsp;&nbsp; $50938695 | Market | Revenue Multiple | 1.05x - 20.91x | 8.13x |
|  |  |  | Gross Profit Multiple | 7.25x |  |
|  |  |  | Time to Exit | 3.0 years - 3.0 years | 3.0 years |
|  |  |  | Volatility | 60%-80% | 69% |
| Preferred Stocks | &nbsp;&nbsp; 236711258 | Market | Revenue Multiple | 2.45x - 27.83x | 13.26x |
|  |  |  | Time to Exit | 0.5 - 4.0 years | 3.2 years |
|  |  |  | Volatility | 40% - 90% | 66% |
|  |  |  | Market Adjustment Multiple | 0.85x |  |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Technology and Private Equity Term Trust (BTX)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Value* | &nbsp;&nbsp;&nbsp; *Valuation*<br> *Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable*<br> *Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of*<br> *Unobservable*<br> *Inputs*<br> *Utilized*<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; *Weighted*<br> *Average of*<br> *Unobservable*<br> *Inputs Based*<br> *on Fair Value* <br>|
| &nbsp;&nbsp; $287649953 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

<sup>(b)</sup> The fund valued certain of its Level 3 Common Stock using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $19,999,970 as of December 31, 2025. 

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Building Products — 2.2%** | **Building Products — 2.2%** |  |
| Kingspan Group PLC | 97846 | &nbsp;&nbsp; $8431285  |
| Trane Technologies PLC | 11137 | &nbsp;&nbsp; 4334521 |
|  |  | &nbsp;&nbsp; 12765806 |
| **Chemicals — 3.5%** | **Chemicals — 3.5%** |  |
| Air Liquide SA | 46269 | &nbsp;&nbsp; 8696439 |
| Linde PLC | 27440 | &nbsp;&nbsp; 11700142 |
|  |  | &nbsp;&nbsp; 20396581 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |  |
| Republic Services, Inc. | 27257 | &nbsp;&nbsp; 5776576 |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |  |
| Vinci SA | 41314 | &nbsp;&nbsp; 5812180 |
| **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |  |
| Heidelberg Materials AG | 16742 | &nbsp;&nbsp; 4340478 |
| **Electric Utilities — 33.0%** | **Electric Utilities — 33.0%** |  |
| American Electric Power Co., Inc.<sup>(a)</sup> | 169000 | &nbsp;&nbsp; 19487391 |
| Constellation Energy Corp. | 8328 | &nbsp;&nbsp; 2942032 |
| Duke Energy Corp.<sup>(a)</sup> | 203782 | &nbsp;&nbsp; 23885288 |
| Elia Group SA | 101407 | &nbsp;&nbsp; 13049331 |
| Enel SpA | 854253 | &nbsp;&nbsp; 8881953 |
| Entergy Corp. | 151858 | &nbsp;&nbsp; 14036235 |
| Exelon Corp. | 333330 | &nbsp;&nbsp; 14529855 |
| FirstEnergy Corp. | 239884 | &nbsp;&nbsp; 10739607 |
| NextEra Energy, Inc.<sup>(a)</sup> | 511008 | &nbsp;&nbsp; 41023722 |
| PG&E Corp. | 710082 | &nbsp;&nbsp; 11411018 |
| Southern Co. | 268292 | &nbsp;&nbsp; 23395062 |
| SSE PLC | 401814 | &nbsp;&nbsp; 11780348 |
|  |  | &nbsp;&nbsp; 195161842 |
| **Electrical Equipment — 10.2%** | **Electrical Equipment — 10.2%** |  |
| Hubbell, Inc. | 16170 | &nbsp;&nbsp; 7181259 |
| Nexans SA | 49071 | &nbsp;&nbsp; 7213436 |
| Nextpower, Inc., Class A<sup>(b)</sup> | 97330 | &nbsp;&nbsp; 8478416 |
| Prysmian SpA | 85971 | &nbsp;&nbsp; 8576233 |
| Schneider Electric SE | 26117 | &nbsp;&nbsp; 7144964 |
| Siemens Energy AG<sup>(b)</sup> | 61204 | &nbsp;&nbsp; 8586220 |
| Vertiv Holdings Co., Class A | 17574 | &nbsp;&nbsp; 2847164 |
| Vestas Wind Systems A/S | 385690 | &nbsp;&nbsp; 10431834 |
|  |  | &nbsp;&nbsp; 60459526 |
| **Ground Transportation — 6.2%** | **Ground Transportation — 6.2%** |  |
| Canadian Pacific Kansas City Ltd. | 202262 | &nbsp;&nbsp; 14890951 |
| Union Pacific Corp. | 95192 | &nbsp;&nbsp; 22019814 |
|  |  | &nbsp;&nbsp; 36910765 |
| **Independent Power and Renewable Electricity Producers — 4.5%** | **Independent Power and Renewable Electricity Producers — 4.5%** |  |
| Boralex, Inc., Class A | 315578 | &nbsp;&nbsp; 5823897 |
| EDP Renovaveis SA | 633260 | &nbsp;&nbsp; 8943077 |
| Northland Power, Inc. | 577080 | &nbsp;&nbsp; 7504920 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** |  |
| Orron Energy AB<sup>(b)</sup> | 3401100 | &nbsp;&nbsp; $1701566  |
| Vistra Corp. | 17863 | &nbsp;&nbsp; 2881838 |
|  |  | &nbsp;&nbsp; 26855298 |
| **Multi-Utilities — 15.8%** | **Multi-Utilities — 15.8%** |  |
| CenterPoint Energy, Inc. | 360256 | &nbsp;&nbsp; 13812215 |
| CMS Energy Corp.<sup>(a)</sup> | 185832 | &nbsp;&nbsp; 12995232 |
| Dominion Energy, Inc. | 268760 | &nbsp;&nbsp; 15746648 |
| National Grid PLC | 1647298 | &nbsp;&nbsp; 25267045 |
| NiSource, Inc. | 235484 | &nbsp;&nbsp; 9833812 |
| Sempra | 178938 | &nbsp;&nbsp; 15798436 |
|  |  | &nbsp;&nbsp; 93453388 |
| **Oil, Gas & Consumable Fuels — 13.9%** | **Oil, Gas & Consumable Fuels — 13.9%** |  |
| Cheniere Energy, Inc. | 82844 | &nbsp;&nbsp; 16104045 |
| Hess Midstream LP, Class A | 89722 | &nbsp;&nbsp; 3095409 |
| Pembina Pipeline Corp. | 217560 | &nbsp;&nbsp; 8288377 |
| Targa Resources Corp. | 60652 | &nbsp;&nbsp; 11190294 |
| TC Energy Corp. | 366690 | &nbsp;&nbsp; 20191928 |
| Williams Cos., Inc. | 384681 | &nbsp;&nbsp; 23123175 |
|  |  | &nbsp;&nbsp; 81993228 |
| **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** |  |
| First Solar, Inc.<sup>(b)</sup> | 32610 | &nbsp;&nbsp; 8518710 |
| **Transportation Infrastructure — 3.3%** | **Transportation Infrastructure — 3.3%** |  |
| Aena SME SA<sup>(c)</sup> | 686820 | &nbsp;&nbsp; 19190341 |
| **Total Long-Term Investments — 96.7%** <br>**(Cost: $419,146,779)** | **Total Long-Term Investments — 96.7%** <br>**(Cost: $419,146,779)** | &nbsp;&nbsp; 571634719 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.0%** | **Money Market Funds — 3.0%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.65%<sup>(d)(e)</sup><br>| 17392414 | &nbsp;&nbsp; 17392414 |
| **Total Short-Term Securities — 3.0%** <br>**(Cost: $17,392,414)** | **Total Short-Term Securities — 3.0%** <br>**(Cost: $17,392,414)** | &nbsp;&nbsp; 17392414 |
| **Total Investments — 99.7%** <br>**(Cost: $436,539,193)** | **Total Investments — 99.7%** <br>**(Cost: $436,539,193)** | &nbsp;&nbsp; 589027133 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | &nbsp;&nbsp; 2021430 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $591048563 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Trust.

<sup>(e)</sup> Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $—<br> $554 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— | $(554)<br>| $— | $— |  | $923 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | &nbsp;&nbsp; 13062505<br> 4329909 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |  |  | 17392414 | 17392414 | 550367 | &nbsp;&nbsp; — |
|  |  |  | $(554)<br>| $— | $17392414 |  | $551290 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8706944)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8706944)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2168942)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2168942)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp; $4334521  | &nbsp;&nbsp;&nbsp;&nbsp; $8431285  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $12765806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; 11700142 | &nbsp;&nbsp;&nbsp;&nbsp; 8696439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20396581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp; 5776576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5776576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5812180 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5812180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4340478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4340478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp; 161450210 | &nbsp;&nbsp;&nbsp;&nbsp; 33711632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195161842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; 18506839 | &nbsp;&nbsp;&nbsp;&nbsp; 41952687 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60459526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp; 36910765 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36910765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 17912221 | &nbsp;&nbsp;&nbsp;&nbsp; 8943077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26855298 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp; $68186343  | &nbsp;&nbsp;&nbsp;&nbsp; $25267045  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $93453388  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 81993228 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81993228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 8518710 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8518710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19190341 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19190341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 17392414 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17392414 |
|  | &nbsp;&nbsp; $432681969 | &nbsp;&nbsp;&nbsp;&nbsp; $156345164 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $589027133 |

---

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BGR | BDJ<sup>(a)</sup> <br>| BOE | BGY |
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(b)(c)</sup> | $356046260 | $1704923662 | $720097983 | $568428848 |
| Investments, at value — affiliated<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5573590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42181863 | &nbsp;&nbsp;&nbsp;&nbsp; 5505831 | &nbsp;&nbsp;&nbsp;&nbsp; 8533259 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash pledged as collateral for OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6845349 |
| Foreign currency, at value<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42495 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Securities lending income — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1827333 | &nbsp;&nbsp;&nbsp;&nbsp; 1410867 | &nbsp;&nbsp;&nbsp;&nbsp; 1255304 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31965 |
| Deferred offering costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets | &nbsp;&nbsp; 362447881 | &nbsp;&nbsp; 1749377887 | &nbsp;&nbsp; 727206291 | &nbsp;&nbsp; 585138251 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9028 |
| Collateral on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Options written, at value<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21073724 | &nbsp;&nbsp;&nbsp;&nbsp; 7965349 | &nbsp;&nbsp;&nbsp;&nbsp; 8837872 |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12246 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26629 |
| &nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118960 | &nbsp;&nbsp;&nbsp;&nbsp; 2460170 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182628 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1172779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480491 |
| &nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526592 | &nbsp;&nbsp;&nbsp;&nbsp; 1760371 |
| &nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517786 |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18458 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101153 |
| &nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183588 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 1363895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26782248 | &nbsp;&nbsp;&nbsp;&nbsp; 10702959 | &nbsp;&nbsp;&nbsp;&nbsp; 14590420 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $361083986 | $1722595639 | $716503332 | $570547831 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital<sup>(g)(h)(i)</sup> | $443975513 | $1225948323 | $542965361 | $473028597 |
| Accumulated earnings (loss) | &nbsp;&nbsp;&nbsp; (82891527) | &nbsp;&nbsp;&nbsp;&nbsp; 496647316 | &nbsp;&nbsp; 173537971 | &nbsp;&nbsp;&nbsp;&nbsp; 97519234 |
| NET ASSETS | $361083986 | $1722595639 | $716503332 | $570547831 |
| Net asset value | $14.18 | $9.74 | $12.89 | $6.30 |
| <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. |
| <sup>(b)</sup> Investments, at cost—unaffiliated | $241786188 | $1311810330 | $539412530 | $446346366 |
| <sup>(c)</sup> Securities loaned, at value | $— | $2057211 | $— | $— |
| <sup>(d)</sup> Investments, at cost—affiliated | $5573590 | $42181863 | $5505831 | $8533259 |
| <sup>(e)</sup> Foreign currency, at cost | $74574 | $839 | $6370 | $42519 |
| &nbsp;&nbsp; <sup>(f)</sup> Premiums received | $— | $20356256 | $7126747 | $5678580 |
| <sup>(g)</sup> Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 25456171 | &nbsp;&nbsp;&nbsp;&nbsp; 176944689 | &nbsp;&nbsp;&nbsp;&nbsp; 55600125 | &nbsp;&nbsp;&nbsp;&nbsp; 90614455 |
| <sup>(h)</sup> Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp; <sup>(i)</sup> Par value | $0.001 | $0.001 | $0.001 | $0.001 |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Assets and Liabilities (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CII | BMEZ | BME | BCX<sup>(a)</sup> <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(b)(c)</sup> | $1003879303 | $1053146295 | $564777912 | $846711069 |
| Investments, at value — affiliated<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16677452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22294787 | &nbsp;&nbsp;&nbsp;&nbsp; 4915133 | &nbsp;&nbsp;&nbsp;&nbsp; 35562807 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15766 |
| Foreign currency, at value<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1648 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Securities lending income — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795 |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1262251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403998 | &nbsp;&nbsp;&nbsp;&nbsp; 2524989 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69809 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159250 |
| &nbsp;&nbsp;&nbsp; Foreign withholding tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621434 |
| Deferred offering costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets | &nbsp;&nbsp; 1021305721 | &nbsp;&nbsp; 1077177987 | &nbsp;&nbsp; 570137528 | &nbsp;&nbsp; 885667567 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Collateral on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4645374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4822843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19044 |
| Options written, at value<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13085321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3566337 |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14764 |
| &nbsp;&nbsp;&nbsp; Capital gains distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75026946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10040 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230273 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734387 |
| &nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108294 |
| &nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257121 |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72102 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156887 |
| &nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187558 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294823 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94109604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8289003 | &nbsp;&nbsp;&nbsp;&nbsp; 1833288 | &nbsp;&nbsp;&nbsp;&nbsp; 5651630 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $927196117 | $1068888984 | $568304240 | $880015937 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital<sup>(g)(h)(i)</sup> | $495298027 | $1011445318 | $357612495 | $860782570 |
| Accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp; 431898090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57443666 | &nbsp;&nbsp; 210691745 | &nbsp;&nbsp;&nbsp;&nbsp; 19233367 |
| NET ASSETS | $927196117 | $1068888984 | $568304240 | $880015937 |
| Net asset value | $22.62 | $17.10 | $43.97 | $11.54 |
| <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. |
| <sup>(b)</sup> Investments, at cost—unaffiliated | $606617452 | $976152686 | $346018055 | $658961431 |
| <sup>(c)</sup> Securities loaned, at value | $4486758 | $4714531 | $873779 | $18581 |
| <sup>(d)</sup> Investments, at cost—affiliated | $16677452 | $22294787 | $4915133 | $35562807 |
| <sup>(e)</sup> Foreign currency, at cost | $620 | $759 | $542 | $31 |
| &nbsp;&nbsp; <sup>(f)</sup> Premiums received | $15654259 | $— | $— | $— |
| <sup>(g)</sup> Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40983552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62501404 | &nbsp;&nbsp;&nbsp;&nbsp; 12924103 | &nbsp;&nbsp;&nbsp;&nbsp; 76238090 |
| <sup>(h)</sup> Shares authorized | 200 million | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp; <sup>(i)</sup> Par value | $0.10 | $0.001 | $0.001 | $0.001 |

---

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Assets and Liabilities (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BSTZ<sup>(a)</sup> <br>| BST<sup>(a)</sup> <br>| BTX | BUI |
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(b)(c)</sup> | $1721047608 | $1476467984 | $904230888 | $571634719 |
| Investments, at value — affiliated<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29624994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11047815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33352588 | &nbsp;&nbsp;&nbsp;&nbsp; 17392414 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5472 |
| Cash pledged as collateral for exchange-traded options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign currency, at value<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100561 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1553712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Securities lending income — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1533619 |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47236 | &nbsp;&nbsp;&nbsp;&nbsp; 1025365 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62416 |
| Deferred offering costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99092 |
| Total assets | &nbsp;&nbsp; 1753109018 | &nbsp;&nbsp; 1488128002 | &nbsp;&nbsp;&nbsp;&nbsp; 938970763 | &nbsp;&nbsp; 591853658 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17504892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1772457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12664020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9369994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2318638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7988118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12247 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10156 |
| &nbsp;&nbsp;&nbsp; Deferred capital gain tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1749165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Income dividend distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4696000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2479469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1834347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1280430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508888 |
| &nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90089 |
| &nbsp;&nbsp;&nbsp; Offering costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70692 |
| &nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60703 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41206 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11114 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36007535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8377755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23501376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805095 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $1717101483 | $1479750247 | $915469387 | $591048563 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital<sup>(f)(g)(h)</sup> | $942673325 | $729492325 | $2834242223 | $409502439 |
| Accumulated earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 774428158 | &nbsp;&nbsp;&nbsp;&nbsp; 750257922 | &nbsp;&nbsp; (1918772836) | &nbsp;&nbsp; 181546124 |
| NET ASSETS | $1717101483 | $1479750247 | $915469387 | $591048563 |
| Net asset value | $24.98 | $42.62 | $7.84 | $24.56 |
| <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. |
| <sup>(b)</sup> Investments, at cost—unaffiliated | $955906007 | $767427616 | $1047177346 | $419146779 |
| <sup>(c)</sup> Securities loaned, at value | $16836594 | $1694926 | $12194821 | $— |
| <sup>(d)</sup> Investments, at cost—affiliated | $29624496 | $11047815 | $33352588 | $17392414 |
| <sup>(e)</sup> Foreign currency, at cost | $721874 | $5361 | $448985 | $100766 |
| &nbsp;&nbsp; <sup>(f)</sup> Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68744150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34720019 | &nbsp;&nbsp;&nbsp;&nbsp; 116710298 | &nbsp;&nbsp;&nbsp;&nbsp; 24064735 |
| <sup>(g)</sup> Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| <sup>(h)</sup> Par value | $0.001 | $0.001 | $0.001 | $0.001 |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BGR | BDJ<sup>(a)</sup> <br>| BOE | BGY |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; $13091788 | &nbsp;&nbsp;&nbsp;&nbsp; $42137230 | &nbsp;&nbsp;&nbsp;&nbsp; $15594289 | &nbsp;&nbsp;&nbsp;&nbsp; $15333956 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 282293 | &nbsp;&nbsp;&nbsp;&nbsp; 1714167 | &nbsp;&nbsp;&nbsp;&nbsp; 320100 | &nbsp;&nbsp;&nbsp;&nbsp; 296590 |
| &nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 1940 | &nbsp;&nbsp;&nbsp;&nbsp; 1486 | &nbsp;&nbsp;&nbsp;&nbsp; 4222 |
| &nbsp;&nbsp;&nbsp; Other income — unaffiliated | &nbsp;&nbsp; 33581 | &nbsp;&nbsp;&nbsp;&nbsp; 35737 | &nbsp;&nbsp;&nbsp;&nbsp; 68264 | &nbsp;&nbsp;&nbsp;&nbsp; 91300 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld | &nbsp;&nbsp; (404028)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (353413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (708688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1198027)<br>|
| &nbsp;&nbsp;&nbsp; Foreign withholding tax claims | &nbsp;&nbsp; 686134 | &nbsp;&nbsp;&nbsp;&nbsp; 686700 | &nbsp;&nbsp;&nbsp;&nbsp; 798001 | &nbsp;&nbsp;&nbsp;&nbsp; 1064994 |
| &nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; (197543)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (526593)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110238)<br>|
| Total investment income | &nbsp;&nbsp; 13492308 | &nbsp;&nbsp;&nbsp;&nbsp; 44222361 | &nbsp;&nbsp;&nbsp;&nbsp; 15546859 | &nbsp;&nbsp;&nbsp;&nbsp; 15482797 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 3554542 | &nbsp;&nbsp;&nbsp;&nbsp; 13197164 | &nbsp;&nbsp;&nbsp;&nbsp; 6962886 | &nbsp;&nbsp;&nbsp;&nbsp; 5641231 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 228825 | &nbsp;&nbsp;&nbsp;&nbsp; 153347 | &nbsp;&nbsp;&nbsp;&nbsp; 503815 | &nbsp;&nbsp;&nbsp;&nbsp; 429308 |
| &nbsp;&nbsp;&nbsp; Reorganization | &nbsp;&nbsp; 219471 | &nbsp;&nbsp;&nbsp;&nbsp; 390236 | &nbsp;&nbsp;&nbsp;&nbsp; 339730 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 149736 | &nbsp;&nbsp;&nbsp;&nbsp; 217119 | &nbsp;&nbsp;&nbsp;&nbsp; 198446 | &nbsp;&nbsp;&nbsp;&nbsp; 242726 |
| &nbsp;&nbsp;&nbsp; Trustees and Officer | &nbsp;&nbsp; 56251 | &nbsp;&nbsp;&nbsp;&nbsp; 188654 | &nbsp;&nbsp;&nbsp;&nbsp; 108651 | &nbsp;&nbsp;&nbsp;&nbsp; 84792 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 44046 | &nbsp;&nbsp;&nbsp;&nbsp; 94046 | &nbsp;&nbsp;&nbsp;&nbsp; 59024 | &nbsp;&nbsp;&nbsp;&nbsp; 49022 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 41124 | &nbsp;&nbsp;&nbsp;&nbsp; 59958 | &nbsp;&nbsp;&nbsp;&nbsp; 61164 | &nbsp;&nbsp;&nbsp;&nbsp; 61799 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 24538 | &nbsp;&nbsp;&nbsp;&nbsp; 89493 | &nbsp;&nbsp;&nbsp;&nbsp; 63776 | &nbsp;&nbsp;&nbsp;&nbsp; 103371 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 9316 | &nbsp;&nbsp;&nbsp;&nbsp; 63135 | &nbsp;&nbsp;&nbsp;&nbsp; 20869 | &nbsp;&nbsp;&nbsp;&nbsp; 34011 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 45409 | &nbsp;&nbsp;&nbsp;&nbsp; 169277 | &nbsp;&nbsp;&nbsp;&nbsp; 104020 | &nbsp;&nbsp;&nbsp;&nbsp; 147950 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 4373258 | &nbsp;&nbsp;&nbsp;&nbsp; 14622429 | &nbsp;&nbsp;&nbsp;&nbsp; 8422381 | &nbsp;&nbsp;&nbsp;&nbsp; 6794210 |
| &nbsp;&nbsp;&nbsp; Interest expense — unaffiliated | &nbsp;&nbsp; 1128 | &nbsp;&nbsp;&nbsp;&nbsp; 4608 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 3393 |
| Total expenses | &nbsp;&nbsp; 4374386 | &nbsp;&nbsp;&nbsp;&nbsp; 14627037 | &nbsp;&nbsp;&nbsp;&nbsp; 8423616 | &nbsp;&nbsp;&nbsp;&nbsp; 6797603 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (5162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1224348)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5426)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 4369224 | &nbsp;&nbsp;&nbsp;&nbsp; 14595693 | &nbsp;&nbsp;&nbsp;&nbsp; 7199268 | &nbsp;&nbsp;&nbsp;&nbsp; 6792177 |
| Net investment income | &nbsp;&nbsp; 9123084 | &nbsp;&nbsp;&nbsp;&nbsp; 29626668 | &nbsp;&nbsp;&nbsp;&nbsp; 8347591 | &nbsp;&nbsp;&nbsp;&nbsp; 8690620 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 25398617 | &nbsp;&nbsp;&nbsp;&nbsp; 190756732 | &nbsp;&nbsp;&nbsp;&nbsp; 83079553 | &nbsp;&nbsp;&nbsp;&nbsp; 39323140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (208)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; (301)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; (63821)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 117294 | &nbsp;&nbsp;&nbsp;&nbsp; 66551 | &nbsp;&nbsp;&nbsp;&nbsp; (260090)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; 5084261 | &nbsp;&nbsp;&nbsp;&nbsp; (38042201)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14407292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8810613)<br>|
|  | &nbsp;&nbsp; 30419057 | &nbsp;&nbsp;&nbsp;&nbsp; 152831617 | &nbsp;&nbsp;&nbsp;&nbsp; 68738880 | &nbsp;&nbsp;&nbsp;&nbsp; 30252136 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 1764843 | &nbsp;&nbsp;&nbsp;&nbsp; 105303645 | &nbsp;&nbsp;&nbsp;&nbsp; 29722147 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 48906302 <br><sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp; 8245 | &nbsp;&nbsp;&nbsp;&nbsp; 11918 | &nbsp;&nbsp;&nbsp;&nbsp; 107555 | &nbsp;&nbsp;&nbsp;&nbsp; 99773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; (919267)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10352081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4411254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4744066)<br>|
|  | &nbsp;&nbsp; 853821 | &nbsp;&nbsp;&nbsp;&nbsp; 94963482 | &nbsp;&nbsp;&nbsp;&nbsp; 25418448 | &nbsp;&nbsp;&nbsp;&nbsp; 44262009 |
| Net realized and unrealized gain | &nbsp;&nbsp; 31272878 | &nbsp;&nbsp;&nbsp;&nbsp; 247795099 | &nbsp;&nbsp;&nbsp;&nbsp; 94157328 | &nbsp;&nbsp;&nbsp;&nbsp; 74514145 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $40395962 | &nbsp;&nbsp;&nbsp;&nbsp; $277421767 | &nbsp;&nbsp;&nbsp;&nbsp; $102504919 | &nbsp;&nbsp;&nbsp;&nbsp; $83204765 |
| <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. |
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(118960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2450400)<br>|

---

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Operations (continued)

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CII | BMEZ | BME | BCX<sup>(a)</sup> <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; $7653636 | &nbsp;&nbsp;&nbsp;&nbsp; $10147785 | &nbsp;&nbsp;&nbsp;&nbsp; $6926768 | &nbsp;&nbsp;&nbsp;&nbsp; $24915340 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 579856 | &nbsp;&nbsp;&nbsp;&nbsp; 2050139 | &nbsp;&nbsp;&nbsp;&nbsp; 660657 | &nbsp;&nbsp;&nbsp;&nbsp; 860592 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 630000 |
| &nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | &nbsp;&nbsp; 2683 | &nbsp;&nbsp;&nbsp;&nbsp; 79658 | &nbsp;&nbsp;&nbsp;&nbsp; 15085 | &nbsp;&nbsp;&nbsp;&nbsp; 23211 |
| &nbsp;&nbsp;&nbsp; Other income — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13512 | &nbsp;&nbsp;&nbsp;&nbsp; 108748 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld | &nbsp;&nbsp; (60094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (292011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1215701)<br>|
| &nbsp;&nbsp;&nbsp; Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165446 | &nbsp;&nbsp;&nbsp;&nbsp; 1802034 |
| &nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (108293)<br>|
| Total investment income | &nbsp;&nbsp; 8176081 | &nbsp;&nbsp;&nbsp;&nbsp; 11985571 | &nbsp;&nbsp;&nbsp;&nbsp; 7735751 | &nbsp;&nbsp;&nbsp;&nbsp; 27015931 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 7766595 | &nbsp;&nbsp;&nbsp;&nbsp; 14837561 | &nbsp;&nbsp;&nbsp;&nbsp; 5315722 | &nbsp;&nbsp;&nbsp;&nbsp; 7996810 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 289775 | &nbsp;&nbsp;&nbsp;&nbsp; 366409 | &nbsp;&nbsp;&nbsp;&nbsp; 259243 | &nbsp;&nbsp;&nbsp;&nbsp; 667152 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 120850 | &nbsp;&nbsp;&nbsp;&nbsp; 173287 | &nbsp;&nbsp;&nbsp;&nbsp; 130617 | &nbsp;&nbsp;&nbsp;&nbsp; 289612 |
| &nbsp;&nbsp;&nbsp; Trustees and Officer | &nbsp;&nbsp; 87369 | &nbsp;&nbsp;&nbsp;&nbsp; 110310 | &nbsp;&nbsp;&nbsp;&nbsp; 34571 | &nbsp;&nbsp;&nbsp;&nbsp; 73371 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 67559 | &nbsp;&nbsp;&nbsp;&nbsp; 52269 | &nbsp;&nbsp;&nbsp;&nbsp; 46755 | &nbsp;&nbsp;&nbsp;&nbsp; 68021 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 49023 | &nbsp;&nbsp;&nbsp;&nbsp; 146068 | &nbsp;&nbsp;&nbsp;&nbsp; 28998 | &nbsp;&nbsp;&nbsp;&nbsp; 59044 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 32387 | &nbsp;&nbsp;&nbsp;&nbsp; 48059 | &nbsp;&nbsp;&nbsp;&nbsp; 45601 | &nbsp;&nbsp;&nbsp;&nbsp; 47855 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 14974 | &nbsp;&nbsp;&nbsp;&nbsp; 36128 | &nbsp;&nbsp;&nbsp;&nbsp; 8703 | &nbsp;&nbsp;&nbsp;&nbsp; 28615 |
| &nbsp;&nbsp;&nbsp; Offering | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84599 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 192828 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 49063 | &nbsp;&nbsp;&nbsp;&nbsp; 456958 | &nbsp;&nbsp;&nbsp;&nbsp; 59209 | &nbsp;&nbsp;&nbsp;&nbsp; 130556 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 8477595 | &nbsp;&nbsp;&nbsp;&nbsp; 16227049 | &nbsp;&nbsp;&nbsp;&nbsp; 6014018 | &nbsp;&nbsp;&nbsp;&nbsp; 9553864 |
| &nbsp;&nbsp;&nbsp; Interest expense — unaffiliated | &nbsp;&nbsp; 1041 | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 6371 |
| Total expenses | &nbsp;&nbsp; 8478636 | &nbsp;&nbsp;&nbsp;&nbsp; 16227256 | &nbsp;&nbsp;&nbsp;&nbsp; 6014105 | &nbsp;&nbsp;&nbsp;&nbsp; 9560235 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (10613)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15704)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 8468023 | &nbsp;&nbsp;&nbsp;&nbsp; 16189786 | &nbsp;&nbsp;&nbsp;&nbsp; 6002166 | &nbsp;&nbsp;&nbsp;&nbsp; 9544531 |
| Net investment income (loss) | &nbsp;&nbsp; (291942)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4204215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1733585 | &nbsp;&nbsp;&nbsp;&nbsp; 17471400 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 161692380 | &nbsp;&nbsp;&nbsp;&nbsp; 65799983 | &nbsp;&nbsp;&nbsp;&nbsp; 30017606 | &nbsp;&nbsp;&nbsp;&nbsp; 57256842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; (569)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 947 | &nbsp;&nbsp;&nbsp;&nbsp; (368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2973)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; 98414 | &nbsp;&nbsp;&nbsp;&nbsp; 3458 | &nbsp;&nbsp;&nbsp;&nbsp; 11163 | &nbsp;&nbsp;&nbsp;&nbsp; 340653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; (43839334)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7024020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1593541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3938209 |
|  | &nbsp;&nbsp; 117950891 | &nbsp;&nbsp;&nbsp;&nbsp; 58780368 | &nbsp;&nbsp;&nbsp;&nbsp; 28434860 | &nbsp;&nbsp;&nbsp;&nbsp; 61532731 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 90798112 | &nbsp;&nbsp;&nbsp;&nbsp; 50730406 | &nbsp;&nbsp;&nbsp;&nbsp; 49317787 | &nbsp;&nbsp;&nbsp;&nbsp; 138777574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 80714 | &nbsp;&nbsp;&nbsp;&nbsp; 6830 | &nbsp;&nbsp;&nbsp;&nbsp; 23579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; (584130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5450619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2523829)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3017539)<br>|
|  | &nbsp;&nbsp; 90213573 | &nbsp;&nbsp;&nbsp;&nbsp; 45361280 | &nbsp;&nbsp;&nbsp;&nbsp; 46800772 | &nbsp;&nbsp;&nbsp;&nbsp; 135783754 |
| Net realized and unrealized gain | &nbsp;&nbsp; 208164464 | &nbsp;&nbsp;&nbsp;&nbsp; 104141648 | &nbsp;&nbsp;&nbsp;&nbsp; 75235632 | &nbsp;&nbsp;&nbsp;&nbsp; 197316485 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $207872522 | &nbsp;&nbsp;&nbsp;&nbsp; $99937433 | &nbsp;&nbsp;&nbsp;&nbsp; $76969217 | &nbsp;&nbsp;&nbsp;&nbsp; $214787885 |
| <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Operations (continued)

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BSTZ<sup>(a)</sup> <br>| BST<sup>(a)</sup> <br>| BTX | BUI |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; $2572422 | &nbsp;&nbsp;&nbsp;&nbsp; $4642662 | &nbsp;&nbsp;&nbsp;&nbsp; $7027718 | &nbsp;&nbsp;&nbsp;&nbsp; $12329059 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 704550 | &nbsp;&nbsp;&nbsp;&nbsp; 387925 | &nbsp;&nbsp;&nbsp;&nbsp; 1668843 | &nbsp;&nbsp;&nbsp;&nbsp; 550367 |
| &nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | &nbsp;&nbsp; 169184 | &nbsp;&nbsp;&nbsp;&nbsp; 40547 | &nbsp;&nbsp;&nbsp;&nbsp; 107265 | &nbsp;&nbsp;&nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld | &nbsp;&nbsp; (248388)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (121245)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (200127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (363471)<br>|
| &nbsp;&nbsp;&nbsp; Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 138225 |
| &nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (90089)<br>|
| Total investment income | &nbsp;&nbsp; 3197768 | &nbsp;&nbsp;&nbsp;&nbsp; 4949889 | &nbsp;&nbsp;&nbsp;&nbsp; 8603699 | &nbsp;&nbsp;&nbsp;&nbsp; 12565014 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 19690395 | &nbsp;&nbsp;&nbsp;&nbsp; 13970561 | &nbsp;&nbsp;&nbsp;&nbsp; 15799149 | &nbsp;&nbsp;&nbsp;&nbsp; 5579980 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 416430 | &nbsp;&nbsp;&nbsp;&nbsp; 409203 | &nbsp;&nbsp;&nbsp;&nbsp; 504007 | &nbsp;&nbsp;&nbsp;&nbsp; 62138 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 228850 | &nbsp;&nbsp;&nbsp;&nbsp; 450841 | &nbsp;&nbsp;&nbsp;&nbsp; 679086 | &nbsp;&nbsp;&nbsp;&nbsp; 92681 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 173496 | &nbsp;&nbsp;&nbsp;&nbsp; 49018 | &nbsp;&nbsp;&nbsp;&nbsp; 145361 | &nbsp;&nbsp;&nbsp;&nbsp; 49018 |
| &nbsp;&nbsp;&nbsp; Trustees and Officer | &nbsp;&nbsp; 128384 | &nbsp;&nbsp;&nbsp;&nbsp; 90404 | &nbsp;&nbsp;&nbsp;&nbsp; 116080 | &nbsp;&nbsp;&nbsp;&nbsp; 34588 |
| &nbsp;&nbsp;&nbsp; Proxy | &nbsp;&nbsp; 102186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 80739 | &nbsp;&nbsp;&nbsp;&nbsp; 37479 | &nbsp;&nbsp;&nbsp;&nbsp; 53750 | &nbsp;&nbsp;&nbsp;&nbsp; 42825 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 65925 | &nbsp;&nbsp;&nbsp;&nbsp; 9825 | &nbsp;&nbsp;&nbsp;&nbsp; 224683 | &nbsp;&nbsp;&nbsp;&nbsp; 10095 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 25802 | &nbsp;&nbsp;&nbsp;&nbsp; 13369 | &nbsp;&nbsp;&nbsp;&nbsp; 76120 | &nbsp;&nbsp;&nbsp;&nbsp; 8699 |
| &nbsp;&nbsp;&nbsp; Offering | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71340 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124006 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 313923 | &nbsp;&nbsp;&nbsp;&nbsp; 355251 | &nbsp;&nbsp;&nbsp;&nbsp; 827196 | &nbsp;&nbsp;&nbsp;&nbsp; 109143 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 21226130 | &nbsp;&nbsp;&nbsp;&nbsp; 15457291 | &nbsp;&nbsp;&nbsp;&nbsp; 18425432 | &nbsp;&nbsp;&nbsp;&nbsp; 6113173 |
| &nbsp;&nbsp;&nbsp; Interest expense — unaffiliated | &nbsp;&nbsp; 546 | &nbsp;&nbsp;&nbsp;&nbsp; 4946 | &nbsp;&nbsp;&nbsp;&nbsp; 2516 | &nbsp;&nbsp;&nbsp;&nbsp; 744 |
| Total expenses | &nbsp;&nbsp; 21226676 | &nbsp;&nbsp;&nbsp;&nbsp; 15462237 | &nbsp;&nbsp;&nbsp;&nbsp; 18427948 | &nbsp;&nbsp;&nbsp;&nbsp; 6113917 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (13828)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30586)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10109)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 21212848 | &nbsp;&nbsp;&nbsp;&nbsp; 15455105 | &nbsp;&nbsp;&nbsp;&nbsp; 18397362 | &nbsp;&nbsp;&nbsp;&nbsp; 6103808 |
| Net investment income (loss) | &nbsp;&nbsp; (18015080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10505216)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9793663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6461206 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 277775406 | &nbsp;&nbsp;&nbsp;&nbsp; 239354213 | &nbsp;&nbsp;&nbsp;&nbsp; 83300756 | &nbsp;&nbsp;&nbsp;&nbsp; 107735180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 717 | &nbsp;&nbsp;&nbsp;&nbsp; (554)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; (436795)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 137891 | &nbsp;&nbsp;&nbsp;&nbsp; (882193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4143)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; (15013375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19319611)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4924967 | &nbsp;&nbsp;&nbsp;&nbsp; (8706944)<br>|
|  | &nbsp;&nbsp; 262326462 | &nbsp;&nbsp;&nbsp;&nbsp; 220172793 | &nbsp;&nbsp;&nbsp;&nbsp; 87344247 | &nbsp;&nbsp;&nbsp;&nbsp; 99023539 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 72957078 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 45451139 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (64674591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 167648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; (940)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp; 3642 | &nbsp;&nbsp;&nbsp;&nbsp; 3384 | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 29621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; (2912112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4373060)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4189091)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2168942)<br>|
|  | &nbsp;&nbsp; 70047668 | &nbsp;&nbsp;&nbsp;&nbsp; 41081463 | &nbsp;&nbsp;&nbsp;&nbsp; (68864058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1971673)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 332374130 | &nbsp;&nbsp;&nbsp;&nbsp; 261254256 | &nbsp;&nbsp;&nbsp;&nbsp; 18480189 | &nbsp;&nbsp;&nbsp;&nbsp; 97051866 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $314359050 | &nbsp;&nbsp;&nbsp;&nbsp; $250749040 | &nbsp;&nbsp;&nbsp;&nbsp; $8686526 | &nbsp;&nbsp;&nbsp;&nbsp; $103513072 |
| <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. |
| <sup>(b)</sup> Net of reduction in deferred capital gain tax of | &nbsp;&nbsp; $1809434 | &nbsp;&nbsp;&nbsp;&nbsp; $421779 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BGR | BGR | BDJ<sup>(a)</sup>  | BDJ<sup>(a)</sup>  |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $9123084 | &nbsp;&nbsp;&nbsp;&nbsp; $8902650 | &nbsp;&nbsp;&nbsp;&nbsp; $29626668 | &nbsp;&nbsp;&nbsp;&nbsp; $31964398 |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 30419057 | &nbsp;&nbsp;&nbsp;&nbsp; 17018043 | &nbsp;&nbsp;&nbsp;&nbsp; 152831617 | &nbsp;&nbsp;&nbsp;&nbsp; 71556715 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 853821 | &nbsp;&nbsp;&nbsp;&nbsp; (11777785)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 94963482 | &nbsp;&nbsp;&nbsp;&nbsp; 61248610 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 40395962 | &nbsp;&nbsp;&nbsp;&nbsp; 14142908 | &nbsp;&nbsp;&nbsp;&nbsp; 277421767 | &nbsp;&nbsp;&nbsp;&nbsp; 164769723 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income and net realized gain | &nbsp;&nbsp; (9274490)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8876987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (151434573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (125237041)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (20575155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13896512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (29849645)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22773499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (151434573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (125237041)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; (9032106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19781491)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84525360)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1514211 | &nbsp;&nbsp;&nbsp;&nbsp; (28412082)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125987194 | &nbsp;&nbsp;&nbsp;&nbsp; (44992678)<br>|
| Beginning of year | &nbsp;&nbsp; 359569775 | &nbsp;&nbsp;&nbsp;&nbsp; 387981857 | &nbsp;&nbsp;&nbsp;&nbsp; 1596608445 | &nbsp;&nbsp;&nbsp;&nbsp; 1641601123 |
| End of year | &nbsp;&nbsp; $361083986 | &nbsp;&nbsp;&nbsp;&nbsp; $359569775 | &nbsp;&nbsp;&nbsp;&nbsp; $1722595639 | &nbsp;&nbsp;&nbsp;&nbsp; $1596608445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Statements of Changes in Net Assets. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Financial Statements

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BOE | BOE | BGY | BGY |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $8347591 | &nbsp;&nbsp;&nbsp;&nbsp; $10995449 | &nbsp;&nbsp;&nbsp;&nbsp; $8690620 | &nbsp;&nbsp;&nbsp;&nbsp; $8892803 |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 68738880 | &nbsp;&nbsp;&nbsp;&nbsp; 20894699 | &nbsp;&nbsp;&nbsp;&nbsp; 30252136 | &nbsp;&nbsp;&nbsp;&nbsp; 34431931 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 25418448 | &nbsp;&nbsp;&nbsp;&nbsp; 30507659 | &nbsp;&nbsp;&nbsp;&nbsp; 44262009 | &nbsp;&nbsp;&nbsp;&nbsp; (31544308)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 102504919 | &nbsp;&nbsp;&nbsp;&nbsp; 62397807 | &nbsp;&nbsp;&nbsp;&nbsp; 83204765 | &nbsp;&nbsp;&nbsp;&nbsp; 11780426 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income and net realized gain | &nbsp;&nbsp; (56008915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10955631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38848700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41087555)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (36227997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8171337)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (56008915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47183628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47020037)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41087555)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; (34701871)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36994167)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28595928)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30215690)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 11794133 | &nbsp;&nbsp;&nbsp;&nbsp; (21779988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7588800 | &nbsp;&nbsp;&nbsp;&nbsp; (59522819)<br>|
| Beginning of year | &nbsp;&nbsp; 704709199 | &nbsp;&nbsp;&nbsp;&nbsp; 726489187 | &nbsp;&nbsp;&nbsp;&nbsp; 562959031 | &nbsp;&nbsp;&nbsp;&nbsp; 622481850 |
| End of year | &nbsp;&nbsp; $716503332 | &nbsp;&nbsp;&nbsp;&nbsp; $704709199 | &nbsp;&nbsp;&nbsp;&nbsp; $570547831 | &nbsp;&nbsp;&nbsp;&nbsp; $562959031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CII | CII | BMEZ | BMEZ |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(291942)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1804768 | &nbsp;&nbsp;&nbsp;&nbsp; $(4204215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3882343 |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 117950891 | &nbsp;&nbsp;&nbsp;&nbsp; 131087223 | &nbsp;&nbsp;&nbsp;&nbsp; 58780368 | &nbsp;&nbsp;&nbsp;&nbsp; 17150385 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 90213573 | &nbsp;&nbsp;&nbsp;&nbsp; (8234771)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45361280 | &nbsp;&nbsp;&nbsp;&nbsp; 2716794 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 207872522 | &nbsp;&nbsp;&nbsp;&nbsp; 124657220 | &nbsp;&nbsp;&nbsp;&nbsp; 99937433 | &nbsp;&nbsp;&nbsp;&nbsp; 23749522 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income and net realized gain | &nbsp;&nbsp; (159497832)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53906727)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24338179)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (119956518)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (177775924)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (159497832)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53906727)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (144294697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (177775924)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp; 1509986 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; (22239867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45649966)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (550636007)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89462275)<br>|
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (20729881)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45649966)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (550636007)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89462275)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 27644809 | &nbsp;&nbsp;&nbsp;&nbsp; 25100527 | &nbsp;&nbsp;&nbsp;&nbsp; (594993271)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (243488677)<br>|
| Beginning of year | &nbsp;&nbsp; 899551308 | &nbsp;&nbsp;&nbsp;&nbsp; 874450781 | &nbsp;&nbsp;&nbsp;&nbsp; 1663882255 | &nbsp;&nbsp;&nbsp;&nbsp; 1907370932 |
| End of year | &nbsp;&nbsp; $927196117 | &nbsp;&nbsp;&nbsp;&nbsp; $899551308 | &nbsp;&nbsp;&nbsp;&nbsp; $1068888984 | &nbsp;&nbsp;&nbsp;&nbsp; $1663882255 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Financial Statements

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BME | BME | BCX | BCX |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $1733585 | &nbsp;&nbsp;&nbsp;&nbsp; $927098 | &nbsp;&nbsp;&nbsp;&nbsp; $17471400 | &nbsp;&nbsp;&nbsp;&nbsp; $18418123 |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 28434860 | &nbsp;&nbsp;&nbsp;&nbsp; 28763776 | &nbsp;&nbsp;&nbsp;&nbsp; 61532731 | &nbsp;&nbsp;&nbsp;&nbsp; 22404202 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 46800772 | &nbsp;&nbsp;&nbsp;&nbsp; (6236087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135783754 | &nbsp;&nbsp;&nbsp;&nbsp; (67679275)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 76969217 | &nbsp;&nbsp;&nbsp;&nbsp; 23454787 | &nbsp;&nbsp;&nbsp;&nbsp; 214787885 | &nbsp;&nbsp;&nbsp;&nbsp; (26856950)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income and net realized gain | &nbsp;&nbsp; (31246920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28577659)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22217066)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20754349)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (9575682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7344579)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42509217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32577896)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (40822602)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35922238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64726283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53332245)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; (13977639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29532715)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38612680)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42582282)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 22168976 | &nbsp;&nbsp;&nbsp;&nbsp; (42000166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 111448922 | &nbsp;&nbsp;&nbsp;&nbsp; (122771477)<br>|
| Beginning of year | &nbsp;&nbsp; 546135264 | &nbsp;&nbsp;&nbsp;&nbsp; 588135430 | &nbsp;&nbsp;&nbsp;&nbsp; 768567015 | &nbsp;&nbsp;&nbsp;&nbsp; 891338492 |
| End of year | &nbsp;&nbsp; $568304240 | &nbsp;&nbsp;&nbsp;&nbsp; $546135264 | &nbsp;&nbsp;&nbsp;&nbsp; $880015937 | &nbsp;&nbsp;&nbsp;&nbsp; $768567015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Statements of Changes in Net Assets. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BSTZ<sup>(a)</sup>  | BSTZ<sup>(a)</sup>  | BST<sup>(a)</sup>  | BST<sup>(a)</sup>  |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | &nbsp;&nbsp; $(18015080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(20600953)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(10505216)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(9647335)<br>|
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 262326462 | &nbsp;&nbsp;&nbsp;&nbsp; 127452088 | &nbsp;&nbsp;&nbsp;&nbsp; 220172793 | &nbsp;&nbsp;&nbsp;&nbsp; 49084701 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 70047668 | &nbsp;&nbsp;&nbsp;&nbsp; 170688787 | &nbsp;&nbsp;&nbsp;&nbsp; 41081463 | &nbsp;&nbsp;&nbsp;&nbsp; 232842089 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 314359050 | &nbsp;&nbsp;&nbsp;&nbsp; 277539922 | &nbsp;&nbsp;&nbsp;&nbsp; 250749040 | &nbsp;&nbsp;&nbsp;&nbsp; 272279455 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income and net realized gain | &nbsp;&nbsp; (196402227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76763205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (145875153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54438359)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (74781695)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49592586)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (196402227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (151544900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (145875153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104030945)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from the issuance of shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8635484 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1567740 |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from a repurchase offer | &nbsp;&nbsp; (74446790)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (82227801)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (74446790)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (82227801)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10203224 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 43510033 | &nbsp;&nbsp;&nbsp;&nbsp; 43767221 | &nbsp;&nbsp;&nbsp;&nbsp; 104873887 | &nbsp;&nbsp;&nbsp;&nbsp; 178451734 |
| Beginning of year | &nbsp;&nbsp; 1673591450 | &nbsp;&nbsp;&nbsp;&nbsp; 1629824229 | &nbsp;&nbsp;&nbsp;&nbsp; 1374876360 | &nbsp;&nbsp;&nbsp;&nbsp; 1196424626 |
| End of year | &nbsp;&nbsp; $1717101483 | &nbsp;&nbsp;&nbsp;&nbsp; $1673591450 | &nbsp;&nbsp;&nbsp;&nbsp; $1479750247 | &nbsp;&nbsp;&nbsp;&nbsp; $1374876360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Statements of Changes in Net Assets. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Financial Statements

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BTX | BTX | BUI | BUI |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(9793663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(23510738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6461206 | &nbsp;&nbsp;&nbsp;&nbsp; $6477896 |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 87344247 | &nbsp;&nbsp;&nbsp;&nbsp; 50880406 | &nbsp;&nbsp;&nbsp;&nbsp; 99023539 | &nbsp;&nbsp;&nbsp;&nbsp; 25208486 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (68864058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8335555 | &nbsp;&nbsp;&nbsp;&nbsp; (1971673)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3928824 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 8686526 | &nbsp;&nbsp;&nbsp;&nbsp; 35705223 | &nbsp;&nbsp;&nbsp;&nbsp; 103513072 | &nbsp;&nbsp;&nbsp;&nbsp; 35615206 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income and net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62079407)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25151530)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (154204051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (184726032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7834340)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (154204051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (184726032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (62079407)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32985870)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from the issuance of shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35318486 | &nbsp;&nbsp;&nbsp;&nbsp; 1263628 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3442438 | &nbsp;&nbsp;&nbsp;&nbsp; 499080 |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; (723974503)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92487614)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (723974503)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92487614)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38760924 | &nbsp;&nbsp;&nbsp;&nbsp; 1762708 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (869492028)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (241508423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 80194589 | &nbsp;&nbsp;&nbsp;&nbsp; 4392044 |
| Beginning of period | &nbsp;&nbsp; 1784961415 | &nbsp;&nbsp;&nbsp;&nbsp; 2026469838 | &nbsp;&nbsp;&nbsp;&nbsp; 510853974 | &nbsp;&nbsp;&nbsp;&nbsp; 506461930 |
| End of period | &nbsp;&nbsp; $915469387 | &nbsp;&nbsp;&nbsp;&nbsp; $1784961415 | &nbsp;&nbsp;&nbsp;&nbsp; $591048563 | &nbsp;&nbsp;&nbsp;&nbsp; $510853974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Cash Flows

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BGR | BDJ<sup>(a)</sup> <br>| BOE | BGY |
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |  |  |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $40395962 | &nbsp;&nbsp; $277421767 | &nbsp;&nbsp; $102504919 | &nbsp;&nbsp; $83204765 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating <br> activities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 230993843 | &nbsp;&nbsp; 1070568611 | &nbsp;&nbsp; 423359179 | &nbsp;&nbsp; 428248179 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (206309288)<br>| &nbsp;&nbsp; (919603349)<br>| &nbsp;&nbsp; (329309956)<br>| &nbsp;&nbsp; (341036913)<br>|
| &nbsp;&nbsp;&nbsp; Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp; 2010406 | &nbsp;&nbsp; 4415658 | &nbsp;&nbsp; 1527515 | &nbsp;&nbsp; (4791223)<br>|
| &nbsp;&nbsp;&nbsp; Premiums paid on closing options written | &nbsp;&nbsp; (13678167)<br>| &nbsp;&nbsp; (201295796)<br>| &nbsp;&nbsp; (74484380)<br>| &nbsp;&nbsp; (54253327)<br>|
| &nbsp;&nbsp;&nbsp; Premiums received from options written | &nbsp;&nbsp; 16277628 | &nbsp;&nbsp; 163490271 | &nbsp;&nbsp; 59443433 | &nbsp;&nbsp; 45205409 |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments and options written | &nbsp;&nbsp; (30295166)<br>| &nbsp;&nbsp; (152101647)<br>| &nbsp;&nbsp; (68501790)<br>| &nbsp;&nbsp; (30496137)<br>|
| &nbsp;&nbsp;&nbsp; Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | &nbsp;&nbsp; (845775)<br>| &nbsp;&nbsp; (94951570)<br>| &nbsp;&nbsp; (25430447)<br>| &nbsp;&nbsp; (46612551)<br>|
| (Increase) Decrease in Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 10887 | &nbsp;&nbsp; (19391)<br>| &nbsp;&nbsp; 3414 | &nbsp;&nbsp; (14859)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; (407549)<br>| &nbsp;&nbsp; 72515 | &nbsp;&nbsp; (3931)<br>| &nbsp;&nbsp; 120866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | &nbsp;&nbsp; (83)<br>| &nbsp;&nbsp; (455)<br>| &nbsp;&nbsp; (576)<br>| &nbsp;&nbsp; (1031)<br>|
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; — | &nbsp;&nbsp; 7440 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Deferred offering costs. | &nbsp;&nbsp; — | &nbsp;&nbsp; (2258)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Increase (Decrease) in Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 2126170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; (7317)<br>| &nbsp;&nbsp; (15651)<br>| &nbsp;&nbsp; (9838)<br>| &nbsp;&nbsp; (8174)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; (3579)<br>| &nbsp;&nbsp; (12852)<br>| &nbsp;&nbsp; (14821)<br>| &nbsp;&nbsp; (23825)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 118960 | &nbsp;&nbsp; 2450400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; (2822)<br>| &nbsp;&nbsp; 64556 | &nbsp;&nbsp; (2630)<br>| &nbsp;&nbsp; (8540)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; 197543 | &nbsp;&nbsp; — | &nbsp;&nbsp; 526592 | &nbsp;&nbsp; 110239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp; (9264)<br>| &nbsp;&nbsp; 55695 | &nbsp;&nbsp; 18372 | &nbsp;&nbsp; 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; 1173 | &nbsp;&nbsp; (6167)<br>| &nbsp;&nbsp; 534 | &nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (25639)<br>| &nbsp;&nbsp; 52504 | &nbsp;&nbsp; (6378)<br>| &nbsp;&nbsp; (42549)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp; 214201 | &nbsp;&nbsp; 385401 | &nbsp;&nbsp; 334895 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 73692 | &nbsp;&nbsp; (14062)<br>| &nbsp;&nbsp; 200838 | &nbsp;&nbsp; 168694 |
| Net cash provided by operating activities | &nbsp;&nbsp; 38590686 | &nbsp;&nbsp; 150637390 | &nbsp;&nbsp; 90273904 | &nbsp;&nbsp; 82221915 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |  |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp; (29713189)<br>| &nbsp;&nbsp; (150661368)<br>| &nbsp;&nbsp; (55839592)<br>| &nbsp;&nbsp; (46837409)<br>|
| Net payments on redemption of capital shares | &nbsp;&nbsp; (9032106)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (34701871)<br>| &nbsp;&nbsp; (28595928)<br>|
| Increase in bank overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11013 | &nbsp;&nbsp; 9028 |
| Net cash used for financing activities | &nbsp;&nbsp; (38745295)<br>| &nbsp;&nbsp; (150661368)<br>| &nbsp;&nbsp; (90530450)<br>| &nbsp;&nbsp; (75424309)<br>|
| **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |  |  |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 594 | &nbsp;&nbsp; (85)<br>|
| **CASH AND FOREIGN CURRENCY** |  |  |  |  |
| Net increase (decrease) in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; (154410)<br>| &nbsp;&nbsp; (23972)<br>| &nbsp;&nbsp; (255952)<br>| &nbsp;&nbsp; 6797521 |
| Restricted and unrestricted cash and foreign currency at beginning of year | &nbsp;&nbsp; 228832 | &nbsp;&nbsp; 47948 | &nbsp;&nbsp; 262325 | &nbsp;&nbsp; 90323 |
| Restricted and unrestricted cash and foreign currency at end of year | &nbsp;&nbsp; $74422 | &nbsp;&nbsp; $23976 | &nbsp;&nbsp; $6373 | &nbsp;&nbsp; $6887844 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |  |  |
| Cash paid during the year for interest expense | &nbsp;&nbsp; $1128 | &nbsp;&nbsp; $4608 | &nbsp;&nbsp; $1235 | &nbsp;&nbsp; $3393 |

---

Financial Statements

------

Statements of Cash Flows (continued)

Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BGR | BDJ<sup>(a)</sup> | BOE | BGY |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY** <br> **AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES**<br>|  |  |  |  |
| Cash | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23282 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Cash pledged |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6845349 |
| Foreign currency at value | &nbsp;&nbsp; 74422 | &nbsp;&nbsp; 694 | &nbsp;&nbsp; 6373 | &nbsp;&nbsp; 42495 |
|  | &nbsp;&nbsp; $74422 | &nbsp;&nbsp; $23976 | &nbsp;&nbsp; $6373 | &nbsp;&nbsp; $6887844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Statement of Cash Flows.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Cash Flows (continued)

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CII | BMEZ | BME | BCX<sup>(a)</sup> <br>|
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |  |  |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $207872522 | &nbsp;&nbsp; $99937433 | &nbsp;&nbsp; $76969217 | &nbsp;&nbsp; $214787885 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating <br> activities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 767354108 | &nbsp;&nbsp; 1751767436 | &nbsp;&nbsp; 324805619 | &nbsp;&nbsp; 856307305 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (613495893)<br>| &nbsp;&nbsp; (1064680869)<br>| &nbsp;&nbsp; (287508927)<br>| &nbsp;&nbsp; (765138144)<br>|
| &nbsp;&nbsp;&nbsp; Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp; (9922058)<br>| &nbsp;&nbsp; 39056622 | &nbsp;&nbsp; 21637236 | &nbsp;&nbsp; (4799825)<br>|
| &nbsp;&nbsp;&nbsp; Premiums paid on closing options written | &nbsp;&nbsp; (178850677)<br>| &nbsp;&nbsp; (83708082)<br>| &nbsp;&nbsp; (36938357)<br>| &nbsp;&nbsp; (43501166)<br>|
| &nbsp;&nbsp;&nbsp; Premiums received from options written | &nbsp;&nbsp; 135948519 | &nbsp;&nbsp; 61122732 | &nbsp;&nbsp; 30001811 | &nbsp;&nbsp; 41582590 |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments and options written | &nbsp;&nbsp; (117537615)<br>| &nbsp;&nbsp; (58439033)<br>| &nbsp;&nbsp; (28329609)<br>| &nbsp;&nbsp; (56992448)<br>|
| &nbsp;&nbsp;&nbsp; Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | &nbsp;&nbsp; (90189868)<br>| &nbsp;&nbsp; (45280616)<br>| &nbsp;&nbsp; (46793952)<br>| &nbsp;&nbsp; (135762069)<br>|
| (Increase) Decrease in Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; (12137)<br>| &nbsp;&nbsp; 192054 | &nbsp;&nbsp; 77565 | &nbsp;&nbsp; 4518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; (130608)<br>| &nbsp;&nbsp; (489134)<br>| &nbsp;&nbsp; (104421)<br>| &nbsp;&nbsp; (1563591)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp; 22060 | &nbsp;&nbsp; 2168 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax reclaims | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (621434)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | &nbsp;&nbsp; (739)<br>| &nbsp;&nbsp; 2595 | &nbsp;&nbsp; (741)<br>| &nbsp;&nbsp; (290)<br>|
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 8652 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Deferred offering costs. | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68802 | &nbsp;&nbsp; — |
| Increase (Decrease) in Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collateral on securities loaned | &nbsp;&nbsp; 4210209 | &nbsp;&nbsp; (5405489)<br>| &nbsp;&nbsp; 616274 | &nbsp;&nbsp; (1828456)<br>|
| &nbsp;&nbsp;&nbsp; Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; (8173)<br>| &nbsp;&nbsp; (38432)<br>| &nbsp;&nbsp; (4864)<br>| &nbsp;&nbsp; (9818)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; (7326)<br>| &nbsp;&nbsp; (74881)<br>| &nbsp;&nbsp; (9739)<br>| &nbsp;&nbsp; (12916)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; 17389 | &nbsp;&nbsp; (682025)<br>| &nbsp;&nbsp; 10648 | &nbsp;&nbsp; 63469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 108294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp; 36393 | &nbsp;&nbsp; 62983 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 15233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; 2724 | &nbsp;&nbsp; 72767 | &nbsp;&nbsp; 3323 | &nbsp;&nbsp; 36037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (13914)<br>| &nbsp;&nbsp; 17311 | &nbsp;&nbsp; (5231)<br>| &nbsp;&nbsp; 70858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | &nbsp;&nbsp; — | &nbsp;&nbsp; (167274)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 187558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; 434436 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 94531 | &nbsp;&nbsp; 101800 | &nbsp;&nbsp; 85420 | &nbsp;&nbsp; 271342 |
| Net cash provided by operating activities | &nbsp;&nbsp; 105368090 | &nbsp;&nbsp; 693833046 | &nbsp;&nbsp; 54582772 | &nbsp;&nbsp; 103204932 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |  |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp; (82960900)<br>| &nbsp;&nbsp; (143324458)<br>| &nbsp;&nbsp; (40610643)<br>| &nbsp;&nbsp; (64496010)<br>|
| Net payments on redemption of capital shares | &nbsp;&nbsp; (22239867)<br>| &nbsp;&nbsp; (550636007)<br>| &nbsp;&nbsp; (13977639)<br>| &nbsp;&nbsp; (38612680)<br>|
| Decrease in bank overdraft | &nbsp;&nbsp; (167323)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (152061)<br>|
| Net cash used for financing activities | &nbsp;&nbsp; (105368090)<br>| &nbsp;&nbsp; (693960465)<br>| &nbsp;&nbsp; (54588282)<br>| &nbsp;&nbsp; (103260751)<br>|
| **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |  |  |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1894 |
| **CASH AND FOREIGN CURRENCY** |  |  |  |  |
| Net increase (decrease) in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; 47 | &nbsp;&nbsp; (127369)<br>| &nbsp;&nbsp; (5500)<br>| &nbsp;&nbsp; (53925)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of year | &nbsp;&nbsp; 617 | &nbsp;&nbsp; 128147 | &nbsp;&nbsp; 6048 | &nbsp;&nbsp; 71339 |
| Restricted and unrestricted cash and foreign currency at end of year | &nbsp;&nbsp; $664 | &nbsp;&nbsp; $778 | &nbsp;&nbsp; $548 | &nbsp;&nbsp; $17414 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |  |  |
| Cash paid during the year for interest expense | &nbsp;&nbsp; $1041 | &nbsp;&nbsp; $207 | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $6371 |
| **NON-CASH FINANCING ACTIVITIES** |  |  |  |  |
| Reinvestment of distributions | &nbsp;&nbsp; $1509986 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

Financial Statements

------

Statements of Cash Flows (continued)

Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CII | BMEZ | BME | BCX<sup>(a)</sup> |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY** <br> **AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES**<br>|  |  |  |  |
| Cash | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15766 |
| Foreign currency at value | &nbsp;&nbsp; 664 | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 548 | &nbsp;&nbsp; 1648 |
|  | &nbsp;&nbsp; $664 | &nbsp;&nbsp; $778 | &nbsp;&nbsp; $548 | &nbsp;&nbsp; $17414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Statement of Cash Flows.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Cash Flows (continued)

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BSTZ<sup>(a)</sup> <br>| BST<sup>(a)</sup> <br>| BTX | BUI |
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |  |  |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $314359050 | &nbsp;&nbsp; $250749040 | &nbsp;&nbsp; $8686526 | &nbsp;&nbsp; $103513072 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating <br> activities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments | &nbsp;&nbsp; 1202167449 | &nbsp;&nbsp; 759680351 | &nbsp;&nbsp; 2743827959 | &nbsp;&nbsp; 450698378 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (877831029)<br>| &nbsp;&nbsp; (564086824)<br>| &nbsp;&nbsp; (1833583124)<br>| &nbsp;&nbsp; (415675757)<br>|
| &nbsp;&nbsp;&nbsp; Net purchases of short-term securities | &nbsp;&nbsp; (20123007)<br>| &nbsp;&nbsp; (8837252)<br>| &nbsp;&nbsp; (11789974)<br>| &nbsp;&nbsp; (4330463)<br>|
| &nbsp;&nbsp;&nbsp; Premiums paid on closing options written | &nbsp;&nbsp; (80195325)<br>| &nbsp;&nbsp; (85317907)<br>| &nbsp;&nbsp; (12568731)<br>| &nbsp;&nbsp; (41805628)<br>|
| &nbsp;&nbsp;&nbsp; Premiums received from options written | &nbsp;&nbsp; 50800583 | &nbsp;&nbsp; 50696992 | &nbsp;&nbsp; 7321542 | &nbsp;&nbsp; 28562495 |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments and options written | &nbsp;&nbsp; (262754202)<br>| &nbsp;&nbsp; (220014586)<br>| &nbsp;&nbsp; (90253305)<br>| &nbsp;&nbsp; (98643913)<br>|
| &nbsp;&nbsp;&nbsp; Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | &nbsp;&nbsp; (68234882)<br>| &nbsp;&nbsp; (40656474)<br>| &nbsp;&nbsp; 68864078 | &nbsp;&nbsp; 2001392 |
| (Increase) Decrease in Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; (12415)<br>| &nbsp;&nbsp; (48488)<br>| &nbsp;&nbsp; (21815)<br>| &nbsp;&nbsp; (27205)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; (24106)<br>| &nbsp;&nbsp; (11428)<br>| &nbsp;&nbsp; 2433 | &nbsp;&nbsp; (344230)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | &nbsp;&nbsp; 9473 | &nbsp;&nbsp; (11469)<br>| &nbsp;&nbsp; (917)<br>| &nbsp;&nbsp; 397 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; 6466 | &nbsp;&nbsp; 4122 | &nbsp;&nbsp; 8742 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Deferred offering costs. | &nbsp;&nbsp; — | &nbsp;&nbsp; 46025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6973 |
| Increase (Decrease) in Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collateral on securities loaned | &nbsp;&nbsp; 10019062 | &nbsp;&nbsp; 1207057 | &nbsp;&nbsp; (1596637)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; (18006)<br>| &nbsp;&nbsp; (8178)<br>| &nbsp;&nbsp; (46471)<br>| &nbsp;&nbsp; (8178)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; (36166)<br>| &nbsp;&nbsp; (6630)<br>| &nbsp;&nbsp; (17180)<br>| &nbsp;&nbsp; (8579)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred capital gain tax | &nbsp;&nbsp; (1809434)<br>| &nbsp;&nbsp; (421779)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; 19796 | &nbsp;&nbsp; 96722 | &nbsp;&nbsp; (995372)<br>| &nbsp;&nbsp; 64443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp; 68682 | &nbsp;&nbsp; 43634 | &nbsp;&nbsp; 70767 | &nbsp;&nbsp; (246)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; (7226)<br>| &nbsp;&nbsp; 27515 | &nbsp;&nbsp; (133292)<br>| &nbsp;&nbsp; 23874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (25929)<br>| &nbsp;&nbsp; 14453 | &nbsp;&nbsp; (36332)<br>| &nbsp;&nbsp; (25848)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 103316 | &nbsp;&nbsp; 134092 | &nbsp;&nbsp; 79768 | &nbsp;&nbsp; (3000)<br>|
| Net cash provided by operating activities | &nbsp;&nbsp; 266482150 | &nbsp;&nbsp; 143278988 | &nbsp;&nbsp; 877818665 | &nbsp;&nbsp; 24088066 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |  |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp; (191706227)<br>| &nbsp;&nbsp; (143395684)<br>| &nbsp;&nbsp; (153395177)<br>| &nbsp;&nbsp; (58636969)<br>|
| Payments for offering costs | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70692 |
| Net payments on redemption of capital shares | &nbsp;&nbsp; (74446790)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (723974503)<br>| &nbsp;&nbsp; — |
| Proceeds from issuance of capital shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34359167 |
| Net cash used for financing activities | &nbsp;&nbsp; (266153017)<br>| &nbsp;&nbsp; (143395684)<br>| &nbsp;&nbsp; (877369680)<br>| &nbsp;&nbsp; (24207110)<br>|
| **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |  |  |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; (98)<br>|
| **CASH AND FOREIGN CURRENCY** |  |  |  |  |
| Net increase (decrease) in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; 329423 | &nbsp;&nbsp; (116521)<br>| &nbsp;&nbsp; 449080 | &nbsp;&nbsp; (119142)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of year | &nbsp;&nbsp; 392742 | &nbsp;&nbsp; 136393 | &nbsp;&nbsp; — | &nbsp;&nbsp; 225175 |
| Restricted and unrestricted cash and foreign currency at end of year | &nbsp;&nbsp; $722165 | &nbsp;&nbsp; $19872 | &nbsp;&nbsp; $449080 | &nbsp;&nbsp; $106033 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |  |  |
| Cash paid during the year for interest expense | &nbsp;&nbsp; $546 | &nbsp;&nbsp; $4946 | &nbsp;&nbsp; $2516 | &nbsp;&nbsp; $744 |
| **NON-CASH FINANCING ACTIVITIES** |  |  |  |  |
| Reinvestment of distributions | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3442438 |

---

Financial Statements

------

Statements of Cash Flows (continued)

Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BSTZ<sup>(a)</sup> | BST<sup>(a)</sup> | BTX | BUI |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY** <br> **AT THE END OF YEAR TO THE CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**<br>|  |  |  |  |
| Cash | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14549 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5472 |
| Cash pledged |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collateral — exchange-traded options written | &nbsp;&nbsp; 25 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency at value | &nbsp;&nbsp; 722140 | &nbsp;&nbsp; 5323 | &nbsp;&nbsp; 449080 | &nbsp;&nbsp; 100561 |
|  | &nbsp;&nbsp; $722165 | &nbsp;&nbsp; $19872 | &nbsp;&nbsp; $449080 | &nbsp;&nbsp; $106033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Statement of Cash Flows.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BGR | BGR | BGR | BGR | BGR |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp;&nbsp; $14.13 | &nbsp;&nbsp;&nbsp;&nbsp; $14.21 | &nbsp;&nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp;&nbsp; $8.17 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Net increase from investment operations | 1.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>|
| Total distributions | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.18 | &nbsp;&nbsp;&nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp;&nbsp; $14.13 | &nbsp;&nbsp;&nbsp;&nbsp; $14.21 | &nbsp;&nbsp;&nbsp;&nbsp; $10.77 |
| **Market price, end of year** | &nbsp;&nbsp; $13.54 | &nbsp;&nbsp;&nbsp;&nbsp; $12.61 | &nbsp;&nbsp;&nbsp;&nbsp; $12.45 | &nbsp;&nbsp;&nbsp;&nbsp; $12.53 | &nbsp;&nbsp;&nbsp;&nbsp; $9.48 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.36 %<sup>(d)</sup><br>|
| Based on market price | 17.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.14<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.23 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.23 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding reorganization costs and excluding <br> professional fees for foreign withholding taxes<br>| 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>|
| Net investment income | 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $361084 | &nbsp;&nbsp;&nbsp;&nbsp; $359570 | &nbsp;&nbsp;&nbsp;&nbsp; $387982 | &nbsp;&nbsp;&nbsp;&nbsp; $398493 | &nbsp;&nbsp;&nbsp;&nbsp; $313503 |
| Portfolio turnover rate | &nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 61<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Trust's total return.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.17% and 1.17%,respectively. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BDJ | BDJ | BDJ | BDJ | BDJ |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp;&nbsp;&nbsp; $8.82 | &nbsp;&nbsp;&nbsp;&nbsp; $8.74 | &nbsp;&nbsp;&nbsp;&nbsp; $10.23 | &nbsp;&nbsp;&nbsp;&nbsp; $9.35 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Net increase (decrease) from investment operations | 1.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>|
| Total distributions | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp;&nbsp;&nbsp; $9.02 | &nbsp;&nbsp;&nbsp;&nbsp; $8.82 | &nbsp;&nbsp;&nbsp;&nbsp; $8.74 | &nbsp;&nbsp;&nbsp;&nbsp; $10.23 |
| **Market price, end of year** | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp;&nbsp;&nbsp; $8.28 | &nbsp;&nbsp;&nbsp;&nbsp; $7.69 | &nbsp;&nbsp;&nbsp;&nbsp; $9.01 | &nbsp;&nbsp;&nbsp;&nbsp; $10.08 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 18.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.89 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.71 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.33<br> %<br>|
| Based on market price | 25.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.80<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.89 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.88 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding reorganization costs and excluding <br> professional fees for foreign withholding taxes<br>| 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Net investment income | 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1722596 | &nbsp;&nbsp;&nbsp;&nbsp; $1596608 | &nbsp;&nbsp;&nbsp;&nbsp; $1641601 | &nbsp;&nbsp;&nbsp;&nbsp; $1629642 | &nbsp;&nbsp;&nbsp;&nbsp; $1902838 |
| Portfolio turnover rate | &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Trust's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.87% and 0.86%,respectively. 

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BOE | BOE | BOE | BOE | BOE |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp;&nbsp; $11.81 | &nbsp;&nbsp;&nbsp;&nbsp; $10.97 | &nbsp;&nbsp;&nbsp;&nbsp; $13.40 | &nbsp;&nbsp;&nbsp;&nbsp; $12.28 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Net increase (decrease) from investment operations | 1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp;&nbsp; $11.81 | &nbsp;&nbsp;&nbsp;&nbsp; $10.97 | &nbsp;&nbsp;&nbsp;&nbsp; $13.40 |
| **Market price, end of year** | &nbsp;&nbsp; $11.71 | &nbsp;&nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp;&nbsp; $12.18 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.21<br> %<br>|
| Based on market price | 18.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.89<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.21 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.03 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding reorganization costs and excluding <br> professional fees for foreign withholding taxes<br>| 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Net investment income | 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $716503 | &nbsp;&nbsp;&nbsp;&nbsp; $704709 | &nbsp;&nbsp;&nbsp;&nbsp; $726489 | &nbsp;&nbsp;&nbsp;&nbsp; $688464 | &nbsp;&nbsp;&nbsp;&nbsp; $857721 |
| Portfolio turnover rate | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(e)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.16% and 0.99%,respectively. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BGY | BGY | BGY | BGY | BGY |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $5.91 | &nbsp;&nbsp;&nbsp;&nbsp; $6.21 | &nbsp;&nbsp;&nbsp;&nbsp; $5.78 | &nbsp;&nbsp;&nbsp;&nbsp; $6.81 | &nbsp;&nbsp;&nbsp;&nbsp; $6.49 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net increase (decrease) from investment operations | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>|
| Total distributions | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $6.30 | &nbsp;&nbsp;&nbsp;&nbsp; $5.91 | &nbsp;&nbsp;&nbsp;&nbsp; $6.21 | &nbsp;&nbsp;&nbsp;&nbsp; $5.78 | &nbsp;&nbsp;&nbsp;&nbsp; $6.81 |
| **Market price, end of year** | &nbsp;&nbsp; $5.88 | &nbsp;&nbsp;&nbsp;&nbsp; $5.31 | &nbsp;&nbsp;&nbsp;&nbsp; $5.27 | &nbsp;&nbsp;&nbsp;&nbsp; $5.02 | &nbsp;&nbsp;&nbsp;&nbsp; $6.28 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.92<br> %<br>|
| Based on market price | 21.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.11<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding <br> taxes<br>| 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| Net investment income | 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $570548 | &nbsp;&nbsp;&nbsp;&nbsp; $562959 | &nbsp;&nbsp;&nbsp;&nbsp; $622482 | &nbsp;&nbsp;&nbsp;&nbsp; $593471 | &nbsp;&nbsp;&nbsp;&nbsp; $709510 |
| Portfolio turnover rate | &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | CII | CII | CII | CII | CII |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $21.43 | &nbsp;&nbsp;&nbsp;&nbsp; $19.81 | &nbsp;&nbsp;&nbsp;&nbsp; $17.55 | &nbsp;&nbsp;&nbsp;&nbsp; $22.10 | &nbsp;&nbsp;&nbsp;&nbsp; $19.12 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.04 |
| Net increase (decrease) from investment operations | 5.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.08 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (3.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>|
| Total distributions | &nbsp;&nbsp; (3.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $22.62 | &nbsp;&nbsp;&nbsp;&nbsp; $21.43 | &nbsp;&nbsp;&nbsp;&nbsp; $19.81 | &nbsp;&nbsp;&nbsp;&nbsp; $17.55 | &nbsp;&nbsp;&nbsp;&nbsp; $22.10 |
| **Market price, end of year** | &nbsp;&nbsp; $23.37 | &nbsp;&nbsp;&nbsp;&nbsp; $20.10 | &nbsp;&nbsp;&nbsp;&nbsp; $19.00 | &nbsp;&nbsp;&nbsp;&nbsp; $17.12 | &nbsp;&nbsp;&nbsp;&nbsp; $22.12 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 25.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.97<br> %<br>|
| Based on market price | 38.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.15<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $927196 | &nbsp;&nbsp;&nbsp;&nbsp; $899551 | &nbsp;&nbsp;&nbsp;&nbsp; $874451 | &nbsp;&nbsp;&nbsp;&nbsp; $774667 | &nbsp;&nbsp;&nbsp;&nbsp; $975479 |
| Portfolio turnover rate | &nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BMEZ | BMEZ | BMEZ | BMEZ | BMEZ |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $16.43 | &nbsp;&nbsp;&nbsp;&nbsp; $17.91 | &nbsp;&nbsp;&nbsp;&nbsp; $18.76 | &nbsp;&nbsp;&nbsp;&nbsp; $26.47 | &nbsp;&nbsp;&nbsp;&nbsp; $30.73 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>|
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; (5.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.23)<br>|
| Net increase (decrease) from investment operations | 2.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp; (5.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.55)<br>|
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.71)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.71)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $17.10 | &nbsp;&nbsp;&nbsp;&nbsp; $16.43 | &nbsp;&nbsp;&nbsp;&nbsp; $17.91 | &nbsp;&nbsp;&nbsp;&nbsp; $18.76 | &nbsp;&nbsp;&nbsp;&nbsp; $26.47 |
| **Market price, end of year** | &nbsp;&nbsp; $15.05 | &nbsp;&nbsp;&nbsp;&nbsp; $14.40 | &nbsp;&nbsp;&nbsp;&nbsp; $14.65 | &nbsp;&nbsp;&nbsp;&nbsp; $15.43 | &nbsp;&nbsp;&nbsp;&nbsp; $25.36 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.31)%<br>|
| Based on market price | 18.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.76)%<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.10)%<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1068889 | &nbsp;&nbsp;&nbsp;&nbsp; $1663882 | &nbsp;&nbsp;&nbsp;&nbsp; $1907371 | &nbsp;&nbsp;&nbsp;&nbsp; $2056419 | &nbsp;&nbsp;&nbsp;&nbsp; $2981886 |
| Portfolio turnover rate | &nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(e)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.34% and 1.34%, respectively.

<sup>(f)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.31% and 1.30%, respectively.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BME | BME | BME | BME | BME |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $41.20 | &nbsp;&nbsp;&nbsp;&nbsp; $42.18 | &nbsp;&nbsp;&nbsp;&nbsp; $43.30 | &nbsp;&nbsp;&nbsp;&nbsp; $47.96 | &nbsp;&nbsp;&nbsp;&nbsp; $45.66 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| Net increase (decrease) from investment operations | 5.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.44)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (3.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.44)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $43.97 | &nbsp;&nbsp;&nbsp;&nbsp; $41.20 | &nbsp;&nbsp;&nbsp;&nbsp; $42.18 | &nbsp;&nbsp;&nbsp;&nbsp; $43.30 | &nbsp;&nbsp;&nbsp;&nbsp; $47.96 |
| **Market price, end of year** | &nbsp;&nbsp; $41.13 | &nbsp;&nbsp;&nbsp;&nbsp; $37.93 | &nbsp;&nbsp;&nbsp;&nbsp; $40.46 | &nbsp;&nbsp;&nbsp;&nbsp; $43.58 | &nbsp;&nbsp;&nbsp;&nbsp; $48.50 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.66 %<sup>(e)</sup><br>|
| Based on market price | 17.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.64)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.37<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.13 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.13 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding amortization of offering costs and <br> excluding professional fees for foreign withholding taxes<br>| 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>|
| Net investment income | 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $568304 | &nbsp;&nbsp;&nbsp;&nbsp; $546135 | &nbsp;&nbsp;&nbsp;&nbsp; $588135 | &nbsp;&nbsp;&nbsp;&nbsp; $600197 | &nbsp;&nbsp;&nbsp;&nbsp; $625775 |
| Portfolio turnover rate | &nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Trust's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.11% and 1.11%, respectively.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BCX | BCX | BCX | BCX | BCX |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp;&nbsp; $10.57 | &nbsp;&nbsp;&nbsp;&nbsp; $11.23 | &nbsp;&nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp;&nbsp; $8.45 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.57 | &nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Net increase (decrease) from investment operations | 2.80 | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| Total distributions | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp;&nbsp;&nbsp; $9.58 | &nbsp;&nbsp;&nbsp;&nbsp; $10.57 | &nbsp;&nbsp;&nbsp;&nbsp; $11.23 | &nbsp;&nbsp;&nbsp;&nbsp; $10.21 |
| **Market price, end of year** | &nbsp;&nbsp; $10.98 | &nbsp;&nbsp;&nbsp;&nbsp; $8.54 | &nbsp;&nbsp;&nbsp;&nbsp; $8.88 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $9.35 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 31.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.80 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.20<br> %<br>|
| Based on market price | 40.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.84)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.83<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.20 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding reorganization costs and excluding <br> professional fees for foreign withholding taxes<br>| 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| Net investment income | 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $880016 | &nbsp;&nbsp;&nbsp;&nbsp; $768567 | &nbsp;&nbsp;&nbsp;&nbsp; $891338 | &nbsp;&nbsp;&nbsp;&nbsp; $983181 | &nbsp;&nbsp;&nbsp;&nbsp; $901782 |
| Portfolio turnover rate | &nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Trust's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.18% and 1.17%, respectively. 

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BSTZ<sup>(a)</sup>  | BSTZ<sup>(a)</sup>  | BSTZ<sup>(a)</sup>  | BSTZ<sup>(a)</sup>  | BSTZ<sup>(a)</sup>  |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.14 | &nbsp;&nbsp;&nbsp;&nbsp; $21.43 | &nbsp;&nbsp;&nbsp;&nbsp; $19.53 | &nbsp;&nbsp;&nbsp;&nbsp; $38.82 | &nbsp;&nbsp;&nbsp;&nbsp; $38.72 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>|
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp; (16.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.69 |
| Net increase (decrease) from investment operations | 4.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp; (16.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.08)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.08)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $24.98 | &nbsp;&nbsp;&nbsp;&nbsp; $23.14 | &nbsp;&nbsp;&nbsp;&nbsp; $21.43 | &nbsp;&nbsp;&nbsp;&nbsp; $19.53 | &nbsp;&nbsp;&nbsp;&nbsp; $38.82 |
| **Market price, end of year** | &nbsp;&nbsp; $22.61 | &nbsp;&nbsp;&nbsp;&nbsp; $20.71 | &nbsp;&nbsp;&nbsp;&nbsp; $16.71 | &nbsp;&nbsp;&nbsp;&nbsp; $15.64 | &nbsp;&nbsp;&nbsp;&nbsp; $38.94 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 23.37 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.74 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (43.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.41<br> %<br>|
| Based on market price | 24.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.75<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>|
| Net investment loss | &nbsp;&nbsp; (1.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.25)%<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1717101 | &nbsp;&nbsp;&nbsp;&nbsp; $1673591 | &nbsp;&nbsp;&nbsp;&nbsp; $1629824 | &nbsp;&nbsp;&nbsp;&nbsp; $1524658 | &nbsp;&nbsp;&nbsp;&nbsp; $3048962 |
| Portfolio turnover rate | &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(e)</sup> For financial reporting purposes, the market value of a certain investment was adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on December 31, 2025. 

<sup>(f)</sup> Includes payment from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been 21.68%.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.34% and 1.34%, respectively.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BST<sup>(a)</sup>  | BST<sup>(a)</sup>  | BST<sup>(a)</sup>  | BST<sup>(a)</sup>  | BST<sup>(a)</sup>  |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $39.60 | &nbsp;&nbsp;&nbsp;&nbsp; $34.74 | &nbsp;&nbsp;&nbsp;&nbsp; $29.11 | &nbsp;&nbsp;&nbsp;&nbsp; $52.40 | &nbsp;&nbsp;&nbsp;&nbsp; $51.94 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>|
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7.52 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;&nbsp;&nbsp; (20.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.84 |
| Net increase (decrease) from investment operations | 7.22 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp; (20.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.41 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.27)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.27)<br>|
| Dilutive effect of rights offer (Note 10) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $42.62 | &nbsp;&nbsp;&nbsp;&nbsp; $39.60 | &nbsp;&nbsp;&nbsp;&nbsp; $34.74 | &nbsp;&nbsp;&nbsp;&nbsp; $29.11 | &nbsp;&nbsp;&nbsp;&nbsp; $52.40 |
| **Market price, end of year** | &nbsp;&nbsp; $40.54 | &nbsp;&nbsp;&nbsp;&nbsp; $36.56 | &nbsp;&nbsp;&nbsp;&nbsp; $33.66 | &nbsp;&nbsp;&nbsp;&nbsp; $28.37 | &nbsp;&nbsp;&nbsp;&nbsp; $49.97 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.77 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39.56 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.44<br> %<br>|
| Based on market price | 23.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.11 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.11 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding offering cost and dividend expense | 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Net investment loss | &nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1479750 | &nbsp;&nbsp;&nbsp;&nbsp; $1374876 | &nbsp;&nbsp;&nbsp;&nbsp; $1196425 | &nbsp;&nbsp;&nbsp;&nbsp; $960703 | &nbsp;&nbsp;&nbsp;&nbsp; $1681166 |
| Portfolio turnover rate | &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(e)</sup> For financial reporting purposes, the market value of a certain investment was adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on December 31, 2025. 

<sup>(f)</sup> Includes payment from an affiliate, which had no impact on the Trust's total return.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.10% and 1.10%, respectively. 

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BTX | BTX | BTX | BTX | BTX |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Period from <br>03/29/21<sup>(a)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Period from <br>03/29/21<sup>(a)</sup> <br>to 12/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp;&nbsp;&nbsp; $9.03 | &nbsp;&nbsp;&nbsp;&nbsp; $8.82 | &nbsp;&nbsp;&nbsp;&nbsp; $16.72 | &nbsp;&nbsp;&nbsp;&nbsp; $20.00 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>|
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.43)<br>|
| Net increase (decrease) from investment operations | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp; (6.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.58)<br>|
| Distribution from return of capital<sup>(c)</sup> | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $7.84 | &nbsp;&nbsp;&nbsp;&nbsp; $8.37 | &nbsp;&nbsp;&nbsp;&nbsp; $9.03 | &nbsp;&nbsp;&nbsp;&nbsp; $8.82 | &nbsp;&nbsp;&nbsp;&nbsp; $16.72 |
| **Market price, end of period** | &nbsp;&nbsp; $6.59 | &nbsp;&nbsp;&nbsp;&nbsp; $7.44 | &nbsp;&nbsp;&nbsp;&nbsp; $7.33 | &nbsp;&nbsp;&nbsp;&nbsp; $6.81 | &nbsp;&nbsp;&nbsp;&nbsp; $14.54 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 6.49 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41.14 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.03 )%<sup>(g)</sup><br>|
| Based on market price | 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47.74)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.37 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %<sup>(k)</sup><br>|
| Net investment loss | &nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02 )%<sup>(k)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $915469 | &nbsp;&nbsp;&nbsp;&nbsp; $1784961 | &nbsp;&nbsp;&nbsp;&nbsp; $2026470 | &nbsp;&nbsp;&nbsp;&nbsp; $2026488 | &nbsp;&nbsp;&nbsp;&nbsp; $3981653 |
| Portfolio turnover rate | &nbsp;&nbsp; 146<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(e)</sup> For financial reporting purposes, the market value of a certain investment was adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on December 31, 2025. 

<sup>(f)</sup> Includes payment from an affiliate, which had no impact on the Trust's total return.

<sup>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.37% and 1.37%, respectively.

<sup>(j)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.33% and 1.33%, respectively.

<sup>(k)</sup> Annualized.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BUI | BUI | BUI | BUI | BUI |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $22.65 | &nbsp;&nbsp;&nbsp;&nbsp; $22.53 | &nbsp;&nbsp;&nbsp;&nbsp; $22.37 | &nbsp;&nbsp;&nbsp;&nbsp; $25.86 | &nbsp;&nbsp;&nbsp;&nbsp; $23.80 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| Net increase (decrease) from investment operations | 4.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>|
| Total distributions | &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $24.56 | &nbsp;&nbsp;&nbsp;&nbsp; $22.65 | &nbsp;&nbsp;&nbsp;&nbsp; $22.53 | &nbsp;&nbsp;&nbsp;&nbsp; $22.37 | &nbsp;&nbsp;&nbsp;&nbsp; $25.86 |
| **Market price, end of year** | &nbsp;&nbsp; $25.69 | &nbsp;&nbsp;&nbsp;&nbsp; $23.43 | &nbsp;&nbsp;&nbsp;&nbsp; $21.82 | &nbsp;&nbsp;&nbsp;&nbsp; $20.77 | &nbsp;&nbsp;&nbsp;&nbsp; $26.62 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 20.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.13<br> %<br>|
| Based on market price | 22.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.65<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.10 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.09 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding <br> taxes<br>| 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| Net investment income | 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $591049 | &nbsp;&nbsp;&nbsp;&nbsp; $510854 | &nbsp;&nbsp;&nbsp;&nbsp; $506462 | &nbsp;&nbsp;&nbsp;&nbsp; $498393 | &nbsp;&nbsp;&nbsp;&nbsp; $559805 |
| Portfolio turnover rate | &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(e)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.08% and 1.07%,respectively.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

The following are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as closed-end management investment companies and are referred to herein collectively as the "Trusts", or individually as a "Trust":

---

| | | | |
|:---|:---|:---|:---|
| *Trust Name*  | *Herein Referred To As*  | *Organized*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock Energy and Resources Trust | BGR | Delaware | Non-diversified |
| BlackRock Enhanced Equity Dividend Trust | BDJ | Delaware | Diversified |
| BlackRock Enhanced Global Dividend Trust | BOE | Delaware | Diversified |
| BlackRock Enhanced International Dividend Trust | BGY | Delaware | Diversified |
| BlackRock Enhanced Large Cap Core Fund, Inc. | CII | Maryland | Diversified |
| BlackRock Health Sciences Term Trust | BMEZ | Maryland | Diversified |
| BlackRock Health Sciences Trust | BME | Delaware | Diversified |
| BlackRock Resources & Commodities Strategy Trust | BCX | Delaware | Non-diversified |
| BlackRock Science and Technology Term Trust | BSTZ | Delaware | Diversified |
| BlackRock Science and Technology Trust | BST | Delaware | Diversified |
| BlackRock Technology and Private Equity Term Trust | BTX | Maryland | Non-diversified\* |
| BlackRock Utilities, Infrastructure & Power Opportunities Trust | BUI | Delaware | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Trust's classification changed from diversified to non- diversified during the reporting period.

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the "Board," and the trustees thereof are collectively referred to throughout this report as "Trustees". The Trusts determine and make available for publication the net asset values ("NAVs") of their Common Shares on a daily basis.

On February 20, 2025, the Board approved certain changes to the investment policies of BTX (formerly BIGZ). The Board approved the adoption of a non-fundamental investment policy to invest, under normal market conditions, at least 80% of its total assets in a combination of equity securities issued by U.S. and non-U.S. technology and privately held companies. In connection with the 80% policy change, the Board approved changing the Trust's name to BlackRock Technology and Private Equity Term Trust. In addition, the Trust changed its ticker symbol to BTX.

On April 17, 2025, BTX shareholders approved certain changes to the Trust's investment strategies, the Trust's fundamental investment restriction with respect to industry concentration to allow the Trust to concentrate its investments in companies operating in one or more industries within the technology group of industries. These changes were effective on April 17, 2025.

Effective November 10, 2025, BGR, BMEZ, BME, BCX, BSTZ, BST and BUI removed their option overwriting strategy as a principal investment strategy.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

**Basis of Consolidation:** The accompanying consolidated financial statements of BDJ include the accounts of BDJ Subsidiary, LLC (the "BDJ Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of BDJ. The BDJ Taxable Subsidiary enables BDJ to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BDJ Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BDJ. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BDJ. Taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BDJ may invest up to 25% of its total assets in the BDJ Taxable Subsidiary. The net assets of the BDJ Taxable Subsidiary as of period end were $12,534,028, which is 0.7% of BDJ's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BDJ Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BDJ.

The accompanying consolidated financial statements of BCX include the accounts of BCX Subsidiary, LLC (the "BCX Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of BCX. The BCX Taxable Subsidiary enables BCX to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BCX Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BCX . A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BCX. Taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BCX may invest up to 25% of its total assets in the BCX Taxable Subsidiary. The net assets of the BCX Taxable Subsidiary as of period end were $15,749, which is less than 0.1% BCX's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BCX Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BCX.

The accompanying consolidated financial statements of BSTZ include the accounts of BSTZ Subsidiary, LLC (the "BSTZ Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of BSTZ. The BSTZ Taxable Subsidiary enables BSTZ to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BSTZ Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BSTZ. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BSTZ. Taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BSTZ may invest up to 25% of its total assets in the BSTZ Taxable Subsidiary. The net assets of the BSTZ Taxable Subsidiary as of period end were $22,478,159, which is 1.3% of BSTZ's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BSTZ Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BSTZ.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

The accompanying consolidated financial statements of BST include the accounts of BST Subsidiary, LLC (the "BST Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of BST. The BST Taxable Subsidiary enables BST to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BST Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BST. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BST. Taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BST may invest up to 25% of its total assets in the BST Taxable Subsidiary. The net assets of the BST Taxable Subsidiary as of period end were $11,987,459, which is 0.8% of BST's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BST Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BST.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

Certain Russian securities held by BCX declared dividends during the period. However, there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities. Any future recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictions imposed by Russia or other government agencies, could have a material accretive effect on the Fund's net asset value per share.

**Foreign Currency Translation:** Each Trust's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments.

**Foreign Taxes:** The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Trust recognizes tax reclaims when the Fund determines that it is more likely than not that each Trust will sustain its position that it is due the reclaim.

The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Trusts may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Trusts may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Trusts are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to the Trusts' managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

2025 BlackRock Annual Report to Shareholders

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Notes to Financial Statements (continued)

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust's current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital. See Income Tax Information note for the tax character of each Trust's distributions paid during the year.

Net income and realized gains from investments held by the Cayman Subsidiaries are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiaries in any taxable year, the loss will generally not be available to offset the Trusts' ordinary income and/or capital gains for that year.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by each Trust's Board, the trustees who are not "interested persons" of the Trusts, as defined in the 1940 Act ("Independent Trustees"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees' and Officer's fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

**Indemnifications:** In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust's maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Trusts' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Trust. The CODM has concluded that each Trust operates as a single operating segment since each Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Trust' s financial statements.

**Recent Accounting Standard:** The Trusts adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Trusts' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Trust's financial position or results of operations.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Trust' s investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Trust's Manager as the valuation designee for each Trust. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Trust's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

Notes to Financial Statements

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Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded options (except ETF options, equity index options or those that are customized) are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day's price will be used, unless it is determined that the prior day's price no longer reflects the fair value of the option. Customized exchange-traded equity options, ETF options, equity index options and Over-the-counter ("OTC") options and options on swaps ("swaptions") are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Certain information made available by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that each Trust has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable

2025 BlackRock Annual Report to Shareholders

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Notes to Financial Statements (continued)

inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Commitments:** Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate a fund to make future cash payments. As of December 31, 2025, BDJ had outstanding commitments of $7,418,474. These commitments are not included in the net assets of BDJ as of December 31, 2025.

**Securities Lending:** Certain Trusts may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Trusts collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Trust is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Trust and any additional required collateral is delivered to the Trust, or excess collateral returned by the Trust, on the next business day. During the term of the loan, the Trusts are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Trust, except in the event of borrower default. The securities on loan, if any, are disclosed in the Trusts' Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Trusts under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Trusts can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Trusts' securities on loan by counterparty which are subject to offset under an MSLA:

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| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name/Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| BDJ |  |  |  |  |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | &nbsp;&nbsp; $1641549  | &nbsp;&nbsp; $(1641549 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | &nbsp;&nbsp; 415662 | &nbsp;&nbsp; (415662)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2057211 | &nbsp;&nbsp; $(2057211)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| CII |  |  |  |  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | &nbsp;&nbsp; $4486758 | &nbsp;&nbsp; $(4486758)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BMEZ |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | &nbsp;&nbsp; $2031357  | &nbsp;&nbsp; $(2031357 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | &nbsp;&nbsp; 737789 | &nbsp;&nbsp; (737789)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

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Notes to Financial Statements

------

Notes to Financial Statements (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name/Counterparty* | *Securities*<br> *Loaned at Value*<br>| *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net*<br> *Amount*<br>|
| BMEZ (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; $1393295  | &nbsp;&nbsp; $(1393295 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | &nbsp;&nbsp; 552090 | &nbsp;&nbsp; (552090)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4714531 | &nbsp;&nbsp; $(4714531)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BME |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | &nbsp;&nbsp; $300630  | &nbsp;&nbsp; $(300630 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | &nbsp;&nbsp; 573149 | &nbsp;&nbsp; (573149)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $873779 | &nbsp;&nbsp; $(873779)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BCX |  |  |  |  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | &nbsp;&nbsp; $18228  | &nbsp;&nbsp; $(18228 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; SG Americas Securities LLC | &nbsp;&nbsp; 353 | &nbsp;&nbsp; (353)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $18581 | &nbsp;&nbsp; $(18581)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BSTZ |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BofA Securities, Inc. | &nbsp;&nbsp; $1346847  | &nbsp;&nbsp; $(1346847 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | &nbsp;&nbsp; 11694133 | &nbsp;&nbsp; (11694133)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | &nbsp;&nbsp; 440076 | &nbsp;&nbsp; (440076)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | &nbsp;&nbsp; 995110 | &nbsp;&nbsp; (995110)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | &nbsp;&nbsp; 1775538 | &nbsp;&nbsp; (1775538)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | &nbsp;&nbsp; 584890 | &nbsp;&nbsp; (584890)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $16836594 | &nbsp;&nbsp; $(16836594)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BST |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BofA Securities, Inc. | &nbsp;&nbsp; $225275  | &nbsp;&nbsp; $(225275 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | &nbsp;&nbsp; 4708 | &nbsp;&nbsp; (4708)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | &nbsp;&nbsp; 179557 | &nbsp;&nbsp; (179557)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; 809338 | &nbsp;&nbsp; (809338)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | &nbsp;&nbsp; 476048 | &nbsp;&nbsp; (476048)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1694926 | &nbsp;&nbsp; $(1694926)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BTX |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | &nbsp;&nbsp; $860 | &nbsp;&nbsp; $(860)<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | &nbsp;&nbsp; 8977984 | &nbsp;&nbsp; (8977984)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | &nbsp;&nbsp; 1250506 | &nbsp;&nbsp; (1250506)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Jefferies LLC | &nbsp;&nbsp; 737892 | &nbsp;&nbsp; (737892)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC | &nbsp;&nbsp; 1227579 | &nbsp;&nbsp; (1227579)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $12194821 | &nbsp;&nbsp; $(12194821)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Trust is disclosed in the Trust's Consolidated Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Trust benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Trust could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Trust.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

**Options:** The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to

2025 BlackRock Annual Report to Shareholders

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Notes to Financial Statements (continued)

the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts' investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BCX, pays the Manager a monthly fee at the following annual rates:

Average weekly value of each Trust's net assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *BGR* | *BDJ* | *BOE* | *BME* |
| Investment advisory fees | 1.00<br> % <br>| 0.80<br> % <br>| 1.00<br> % <br>| 1.00<br> % <br>|

---

Average daily value of each Trust's net assets, plus the proceeds of any outstanding debt securities or borrowings for leverage:

---

| | |
|:---|:---|
|  | *CII* |
| Investment advisory fees | 0.85<br> % <br>|

---

Average daily value of each Trust's net assets:

---

| | | |
|:---|:---|:---|
|  | *BGY* | *BUI* |
| Investment advisory fees | 1.00<br> % <br>| 1.00<br> % <br>|

---

Average daily value of each Trust's managed assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *BMEZ* | *BSTZ* | *BST* | *BTX* |
| Investment advisory fees | 1.25<br> % <br>| 1.25<br> % <br>| 1.00<br> % <br>| 1.25<br> % <br>|

---

For such services, BCX pays the Manager a monthly fee at an annual rate equal to 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust's interest in the BCX Subsidiary, LLC (the "BCX Taxable Subsidiary") which is a majority-owned taxable subsidiary of BCX) and the average daily value of the

Notes to Financial Statements

------

Notes to Financial Statements (continued)

net assets of its subsidiary, which fee is allocated pro rata between the Trust and the BCX Taxable Subsidiary based on the average daily value of their respective net assets (excluding, in the case of the Trust, the value of the Trust's interest in the BCX Taxable Subsidiary). The BCX Taxable Subsidiary had no net assets or activity during the period ended December 31, 2025.

For purposes of calculating these fees, "net assets" mean the total assets of BGR, BDJ, BOE, BGY, CII, BME, BCX and BUI minus the sum of its accrued liabilities.

For purposes of calculating these fees, "managed assets" are determined as total assets of BMEZ, BTX, BSTZ and BST (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

The Manager provides investment management and other services to BDJ Taxable Subsidiary, BSTZ Taxable Subsidiary and BST Taxable Subsidiary. The Manager does not receive separate compensation from the BDJ Taxable Subsidiary, BSTZ Taxable Subsidiary or BST Taxable Subsidiary for providing investment management or administrative services. However, BDJ pays the Manager based on the Trust's net assets, which includes the assets of the BDJ Taxable Subsidiary, and BSTZ and BST pay the Manager based on the Trust's managed assets, which includes the assets of the BSTZ Taxable Subsidiary and BST Taxable Subsidiary, respectively.

With respect to BGR, BOE, BGY, BCX and BUI, the Manager entered into separate sub-advisory agreements with BlackRock International Limited ("BIL"), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of each Trust for which BIL acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.

**Distribution Fees:** BDJ, BME, BST and BUI have each entered into Distribution Agreements with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager, to provide for distribution of BDJ's, BME's, BST's and BUI's common shares on a reasonable best efforts basis through an equity shelf offering (a "Shelf Offering") (the "Distribution Agreement"). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BDJ's, BME's, BST's and BUI's common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the year ended December 31, 2025 amounted to $0, $0, $0 and $70,353 for each of BDJ, BME, BST and BUI, respectively.

**Expense Limitations, Waivers and Reimbursements:** The Manager voluntarily agreed to waive investment advisory fees on the following Trusts as a percentage of their average weekly net assets, as follows:

---

| |
|:---|
| *BOE* |
| 0.175<br> % <br>|

---

These voluntary waivers may be reduced or discontinued at any time without notice.

For the year ended December 31, 2025, the investment advisory fees waived, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations, were as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BOE | &nbsp;&nbsp; $1218505  |

---

With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BGR | &nbsp;&nbsp; $5162  |
| BDJ | &nbsp;&nbsp; 31344 |
| BOE | &nbsp;&nbsp; 5843 |
| BGY | &nbsp;&nbsp; 5426 |
| CII | &nbsp;&nbsp; 10613 |
| BMEZ | &nbsp;&nbsp; 37470 |
| BME | &nbsp;&nbsp; 11939 |
| BCX | &nbsp;&nbsp; 15704 |
| BSTZ | &nbsp;&nbsp; 13828 |
| BST | &nbsp;&nbsp; 7132 |
| BTX | &nbsp;&nbsp; 30586 |
| BUI | &nbsp;&nbsp; 10109 |

---

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days' notice, each subject to approval by a majority of the Trusts' Independent Trustees. For the year ended December 31, 2025, there were no fees waived by the Manager pursuant to this arrangement.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is

2025 BlackRock Annual Report to Shareholders

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Notes to Financial Statements (continued)

invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Trusts bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Trust retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of BDJ, CII, BMEZ, BME, BIGZ and BST retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, each of BDJ, CII, BMEZ, BME, BIGZ and BST, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of BGR, BOE, BGY, BCX, BSTZ and BUI retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, each of BGR, BOE, BGY, BCX, BSTZ and BUI, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Trust is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended December 31, 2025, each Trust paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Trust Name*  | *Amounts* |
| BGR | &nbsp;&nbsp; $15 |
| BDJ | &nbsp;&nbsp; 387 |
| BOE | &nbsp;&nbsp; 262 |
| BGY | &nbsp;&nbsp; 799 |
| CII | &nbsp;&nbsp; 533 |
| BMEZ | &nbsp;&nbsp; 16240 |
| BME | &nbsp;&nbsp; 3016 |
| BCX | &nbsp;&nbsp; 4530 |
| BSTZ | &nbsp;&nbsp; 36585 |
| BST | &nbsp;&nbsp; 7714 |
| BTX | &nbsp;&nbsp; 23540 |
| BUI | &nbsp;&nbsp; 158 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts' Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

**Other Transactions:** The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended December 31, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Trust Name* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| BGY | &nbsp;&nbsp; $2820003  | &nbsp;&nbsp;&nbsp; $5776078  | &nbsp;&nbsp;&nbsp; $160391  |
| BTX | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27757473 | &nbsp;&nbsp;&nbsp; 6657019 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***7.*** ***PURCHASES AND SALES*** 

For the year ended December 31, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Trust Name*  | *Purchases* | *Sales* |
| BGR | &nbsp;&nbsp; $206309130  | &nbsp;&nbsp;&nbsp; $230993843  |
| BDJ | &nbsp;&nbsp; 916042573 | &nbsp;&nbsp;&nbsp; 1068130564 |
| BOE | &nbsp;&nbsp; 329309956 | &nbsp;&nbsp;&nbsp; 423359179 |
| BGY | &nbsp;&nbsp; 341036913 | &nbsp;&nbsp;&nbsp; 428248179 |
| CII | &nbsp;&nbsp; 613495893 | &nbsp;&nbsp;&nbsp; 767354108 |
| BMEZ | &nbsp;&nbsp; 1064677003 | &nbsp;&nbsp;&nbsp; 1752184767 |
| BME | &nbsp;&nbsp; 287013517 | &nbsp;&nbsp;&nbsp; 324803905 |
| BCX | &nbsp;&nbsp; 768704481 | &nbsp;&nbsp;&nbsp; 856307305 |
| BSTZ | &nbsp;&nbsp; 887201023 | &nbsp;&nbsp;&nbsp; 1203721161 |
| BST | &nbsp;&nbsp; 566405462 | &nbsp;&nbsp;&nbsp; 758820662 |
| BTX | &nbsp;&nbsp; 1841571242 | &nbsp;&nbsp;&nbsp; 2744679178 |
| BUI | &nbsp;&nbsp; 415675493 | &nbsp;&nbsp;&nbsp; 450697671 |

---

***8.*** ***INCOME TAX INFORMATION*** 

It is each Trust's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required, except with respect to any taxes related to the Taxable Subsidiaries.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of December 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Trusts' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses and net operating losses were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| BGR | &nbsp;&nbsp; $(219471 )<br>| &nbsp;&nbsp;&nbsp; $219471  |
| BDJ | &nbsp;&nbsp; (393675)<br>| &nbsp;&nbsp;&nbsp; 393675 |
| CII | &nbsp;&nbsp; (155077)<br>| &nbsp;&nbsp;&nbsp; 155077 |
| BMEZ | &nbsp;&nbsp; (3203131)<br>| &nbsp;&nbsp;&nbsp; 3203131 |
| BME | &nbsp;&nbsp; 32536 | &nbsp;&nbsp;&nbsp; (32536)<br>|
| BCX | &nbsp;&nbsp; (192828)<br>| &nbsp;&nbsp;&nbsp; 192828 |
| BSTZ | &nbsp;&nbsp; (12131270)<br>| &nbsp;&nbsp;&nbsp; 12131270 |
| BST | &nbsp;&nbsp; (70401)<br>| &nbsp;&nbsp;&nbsp; 70401 |
| BTX | &nbsp;&nbsp; (11119899)<br>| &nbsp;&nbsp;&nbsp; 11119899 |
| BUI | &nbsp;&nbsp; (124190)<br>| &nbsp;&nbsp;&nbsp; 124190 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Year Ended* <br>*12/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*12/31/24*<br>|
| BGR |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $9274490 | &nbsp;&nbsp;&nbsp;&nbsp; $8876987 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; 20575155 | &nbsp;&nbsp;&nbsp;&nbsp; 13896512 |
|  | &nbsp;&nbsp; $29849645 | &nbsp;&nbsp;&nbsp;&nbsp; $22773499 |
| BDJ |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $45289162 | &nbsp;&nbsp;&nbsp;&nbsp; $53926860 |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp; 106145411 | &nbsp;&nbsp;&nbsp;&nbsp; 71310181 |
|  | &nbsp;&nbsp; $151434573 | &nbsp;&nbsp;&nbsp;&nbsp; $125237041 |

---

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Year Ended*<br> *12/31/25*<br>| &nbsp;&nbsp; *Year Ended*<br> *12/31/24*<br>|
| BOE |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $9231686 | &nbsp;&nbsp;&nbsp;&nbsp; $10955631 |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp; 46777229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36227997 |
|  | &nbsp;&nbsp; $56008915 | &nbsp;&nbsp;&nbsp;&nbsp; $47183628 |
| BGY |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $13362262 | &nbsp;&nbsp;&nbsp;&nbsp; $26539165 |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp; 25486438 | &nbsp;&nbsp;&nbsp;&nbsp; 14548390 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; 8171337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $47020037 | &nbsp;&nbsp;&nbsp;&nbsp; $41087555 |
| CII |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $1202600 | &nbsp;&nbsp;&nbsp;&nbsp; $1420313 |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp; 158295232 | &nbsp;&nbsp;&nbsp;&nbsp; 52486414 |
|  | &nbsp;&nbsp; $159497832 | &nbsp;&nbsp;&nbsp;&nbsp; $53906727 |
| BMEZ |  |  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp; $24338179 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; 119956518 | &nbsp;&nbsp;&nbsp;&nbsp; 177775924 |
|  | &nbsp;&nbsp; $144294697 | &nbsp;&nbsp;&nbsp;&nbsp; $177775924 |
| BME |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $1435632 | &nbsp;&nbsp;&nbsp;&nbsp; $932858 |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp; 29811288 | &nbsp;&nbsp;&nbsp;&nbsp; 27644801 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; 9575682 | &nbsp;&nbsp;&nbsp;&nbsp; 7344579 |
|  | &nbsp;&nbsp; $40822602 | &nbsp;&nbsp;&nbsp;&nbsp; $35922238 |
| BCX |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $22217066 | &nbsp;&nbsp;&nbsp;&nbsp; $20754349 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; 42509217 | &nbsp;&nbsp;&nbsp;&nbsp; 32577896 |
|  | &nbsp;&nbsp; $64726283 | &nbsp;&nbsp;&nbsp;&nbsp; $53332245 |
| BSTZ |  |  |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp; $196402227  | &nbsp;&nbsp;&nbsp;&nbsp; $76763205 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74781695 |
|  | &nbsp;&nbsp; $196402227 | &nbsp;&nbsp;&nbsp;&nbsp; $151544900 |
| BST |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $490696 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp; 145384457 | &nbsp;&nbsp;&nbsp;&nbsp; 54438359 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49592586 |
|  | &nbsp;&nbsp; $145875153 | &nbsp;&nbsp;&nbsp;&nbsp; $104030945 |
| BTX |  |  |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; $154204051 | &nbsp;&nbsp;&nbsp;&nbsp; $184726032 |
| BUI |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $12635567 | &nbsp;&nbsp;&nbsp;&nbsp; $5606511 |
| &nbsp;&nbsp;&nbsp; Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp; 49443840 | &nbsp;&nbsp;&nbsp;&nbsp; 19545019 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7834340 |
|  | &nbsp;&nbsp; $62079407 | &nbsp;&nbsp;&nbsp;&nbsp; $32985870 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Trust Name* | *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term* <br>*Capital Gains*<br>| *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| BGR | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(179186685)<br>| &nbsp;&nbsp; $96299680 | &nbsp;&nbsp; $(4522)<br>| &nbsp;&nbsp; $(82891527 )<br>|
| BDJ | &nbsp;&nbsp; 34509028 | &nbsp;&nbsp; 99236915 | &nbsp;&nbsp; — | &nbsp;&nbsp; 362901373 | &nbsp;&nbsp; — | &nbsp;&nbsp; 496647316 |
| BOE | &nbsp;&nbsp; — | &nbsp;&nbsp; 13554310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 159983661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 173537971 |
| BGY | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97519752 | &nbsp;&nbsp; (518)<br>| &nbsp;&nbsp; 97519234 |
| CII | &nbsp;&nbsp; — | &nbsp;&nbsp; 43223316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 388674774 | &nbsp;&nbsp; — | &nbsp;&nbsp; 431898090 |
| BMEZ | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58951176 | &nbsp;&nbsp; (1507510)<br>| &nbsp;&nbsp; 57443666 |
| BME | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 210691745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210691745 |
| BCX | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (162416660)<br>| &nbsp;&nbsp; 181660646 | &nbsp;&nbsp; (10619)<br>| &nbsp;&nbsp; 19233367 |
| BSTZ | &nbsp;&nbsp; — | &nbsp;&nbsp; 45259427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 729168731 | &nbsp;&nbsp; — | &nbsp;&nbsp; 774428158 |
| BST | &nbsp;&nbsp; — | &nbsp;&nbsp; 66221779 | &nbsp;&nbsp; — | &nbsp;&nbsp; 684036143 | &nbsp;&nbsp; — | &nbsp;&nbsp; 750257922 |
| BTX | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1763849346)<br>| &nbsp;&nbsp; (154915541)<br>| &nbsp;&nbsp; (7949)<br>| &nbsp;&nbsp; (1918772836)<br>|
| BUI | &nbsp;&nbsp; 8575962 | &nbsp;&nbsp; 33558327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139411835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 181546124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains (losses) on certain foreign currency exchange contracts and options contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income, the characterization of corporate actions and the deferral of compensation to Trustees. 

<sup>(c)</sup> The Trust has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

During the year ended December 31, 2025, the Trusts listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *Trust Name*  | *Utilized* |
| BGR | &nbsp;&nbsp; $24601208  |
| BOE | &nbsp;&nbsp; 5383743 |
| BMEZ | &nbsp;&nbsp; 27330573 |
| BCX | &nbsp;&nbsp; 47826365 |
| BTX | &nbsp;&nbsp; 86035436 |

---

As of December 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BGR | &nbsp;&nbsp; $258921818  | &nbsp;&nbsp;&nbsp; $109106712  | &nbsp;&nbsp;&nbsp; $(6408680 )<br>| &nbsp;&nbsp;&nbsp; $102698032  |
| BDJ | &nbsp;&nbsp; 1358485150 | &nbsp;&nbsp;&nbsp; 472302535 | &nbsp;&nbsp;&nbsp; (84579040)<br>| &nbsp;&nbsp;&nbsp; 387723495 |
| BOE | &nbsp;&nbsp; 545796873 | &nbsp;&nbsp;&nbsp; 191794113 | &nbsp;&nbsp;&nbsp; (12825760)<br>| &nbsp;&nbsp;&nbsp; 178968353 |
| BGY | &nbsp;&nbsp; 456127176 | &nbsp;&nbsp;&nbsp; 129481953 | &nbsp;&nbsp;&nbsp; (11806295)<br>| &nbsp;&nbsp;&nbsp; 117675658 |
| CII | &nbsp;&nbsp; 625294126 | &nbsp;&nbsp;&nbsp; 412300881 | &nbsp;&nbsp;&nbsp; (14469314)<br>| &nbsp;&nbsp;&nbsp; 397831567 |
| BMEZ | &nbsp;&nbsp; 1013102477 | &nbsp;&nbsp;&nbsp; 178493422 | &nbsp;&nbsp;&nbsp; (116154817)<br>| &nbsp;&nbsp;&nbsp; 62338605 |
| BME | &nbsp;&nbsp; 352811180 | &nbsp;&nbsp;&nbsp; 228748658 | &nbsp;&nbsp;&nbsp; (11866793)<br>| &nbsp;&nbsp;&nbsp; 216881865 |
| BCX | &nbsp;&nbsp; 698533936 | &nbsp;&nbsp;&nbsp; 236246974 | &nbsp;&nbsp;&nbsp; (52489167)<br>| &nbsp;&nbsp;&nbsp; 183757807 |
| BSTZ | &nbsp;&nbsp; 1009749466 | &nbsp;&nbsp;&nbsp; 911385576 | &nbsp;&nbsp;&nbsp; (170462128)<br>| &nbsp;&nbsp;&nbsp; 740923448 |
| BST | &nbsp;&nbsp; 790806861 | &nbsp;&nbsp;&nbsp; 842178118 | &nbsp;&nbsp;&nbsp; (145464462)<br>| &nbsp;&nbsp;&nbsp; 696713656 |
| BTX | &nbsp;&nbsp; 1092108671 | &nbsp;&nbsp;&nbsp; 243237360 | &nbsp;&nbsp;&nbsp; (397762552)<br>| &nbsp;&nbsp;&nbsp; (154525192)<br>|
| BUI | &nbsp;&nbsp; 437984144 | &nbsp;&nbsp;&nbsp; 156229660 | &nbsp;&nbsp;&nbsp; (5186671)<br>| &nbsp;&nbsp;&nbsp; 151042989 |

---

***9.*** ***PRINCIPAL RISKS*** 

In the normal course of business, each Trust invests in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments. BDJ' s, BME's, BST's and BUI's prospectuses provide details of the risks to which each Trust is subject.

The Trusts may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Illiquidity Risk:** Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust's NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

**Market Risk:** Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust's portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio's current earnings rate.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests. A Trust's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.

With exchange-traded options purchased, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency).

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust's portfolio are disclosed in its Schedule of Investments.

As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:

---

| | |
|:---|:---|
| *Sectors* | *Trust Name* |
| Energy | BGR, BCX |
| Financials | BDJ, BTX |
| Health Care | BMEZ, BME |
| Information Technology | CII, BSTZ, BST |
| Materials | BCX |
| Utilities | BUI |

---

Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.

Certain Trusts invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, or the value or liquidity of, the Trust's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

Certain Trusts invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Trust's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Trust's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Certain Trusts invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.

Certain Trusts invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trusts' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Trusts invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

***10.*** ***CAPITAL SHARE TRANSACTIONS*** 

Each Trust is authorized to issue an unlimited number of shares, with the exception of CII, all of which were initially classified as Common Shares. CII is authorized to issue 200 million Common Shares. The par value for each Trust's Common Shares is $0.001, except for CII, which is $0.10. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

BDJ and BUI have each filed a prospectus with the SEC allowing them to issue an additional 40,000,000 and 8,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offerings, BDJ and BUI, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust's NAV per Common Share (calculated within 48 hours of pricing). As of period end, 40,000,000 and 6,159,012 Common Shares, respectively, remain available for issuance under the Shelf Offerings. During the year ended December 31, 2025, BDJ and BUI issued 0 and 1,373,141 shares, respectively, under the Trust's respective current Shelf Offering and the Trust's prior Shelf Offering. See Additional Information — Shelf Offering Program for additional information.

BME and BST had previously filed a prospectus with the SEC allowing the Funds to issue an additional 4,000,000 and 18,000,000 Common Shares, respectively, through a Shelf Offering. The Funds are no longer actively engaged in a Shelf Offering and have no effective registration statement or current prospectus for the sale of Common Shares.

Initial costs incurred by each of BDJ and BUI in connection with their Shelf Offerings are recorded as "Deferred offering costs" in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

For the periods shown, shares issued and outstanding increased by the following amounts as a result of shares issued through the Shelf Offering:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
| *Trust Name* | *12/31/25* | *12/31/24* |
| BST | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 236,917 |
| BUI | &nbsp;&nbsp; 1,373,141 | &nbsp;&nbsp;&nbsp; 55,243 |

---

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
| *Trust Name* | *12/31/25* | *12/31/24* |
| CII | &nbsp;&nbsp; 65,565 | &nbsp;&nbsp;&nbsp; — |
| BST | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43,442 |
| BUI | &nbsp;&nbsp; 139,744 | &nbsp;&nbsp;&nbsp; 21,581 |

---

Each Trust had previously adopted a one-year discount management program (the "Program") that was comprised of four 3-month measurement periods, expiring with the measurement period ending March 31, 2025. Under the Program, each Trust offered to repurchase a portion of its common shares via tender offer if the Trust's common shares traded at an average daily discount to NAV of more than 7.5% during a 3-month measurement period. As a result of the discount trigger being met during the respective measurement periods under the Program, certain Trusts conducted a tender offer for 2.5% of its outstanding common shares, at a price equal to 98% of the NAV per share, determined on the business day after the tender offer expired. The results of the tender offers were as follows:

BGR

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 01/22/25 | 02/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3894759 | &nbsp;&nbsp;&nbsp;&nbsp; 14.9<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 652722 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $13.8376 | &nbsp;&nbsp;&nbsp;&nbsp; $9032106 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BOE

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 01/23/25 | 02/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13246807 | &nbsp;&nbsp;&nbsp;&nbsp; 22.7<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1462199 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.1520 | &nbsp;&nbsp;&nbsp;&nbsp; $17768642 |
| 04/16/25 | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12288978 | &nbsp;&nbsp;&nbsp;&nbsp;21.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1425644 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;11.8776 | &nbsp;&nbsp;&nbsp;&nbsp; 16933229 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BGY

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 01/23/25 | 02/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; 31046841 | &nbsp;&nbsp;&nbsp;&nbsp; 32.6<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2383023 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $6.0662 | &nbsp;&nbsp;&nbsp;&nbsp; $14455894 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement*<br> *Date of Tender*<br> *Offer Period*<sup>(a)</sup><br>| &nbsp;&nbsp; *Valuation*<br> *Date*<br>| &nbsp;&nbsp; *Number of Shares*<br> *Tendered*<br>| &nbsp;&nbsp; *Tendered Shares*<br> *as a Percentage of*<br> *Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered*<br> *Shares*<br> *Purchased*<br>| &nbsp;&nbsp; *Tendered Shares*<br> *Purchased*<br> *as a Percentage of*<br> *Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of*<br> *Purchases*<br>|
| 04/17/25 | 05/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 22873636 | &nbsp;&nbsp;&nbsp;&nbsp; 24.6<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2323447 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.0858 | &nbsp;&nbsp;&nbsp;&nbsp; 14140034 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CII

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 01/22/25 | 02/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4275883 | &nbsp;&nbsp;&nbsp;&nbsp; 10.2<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1049179 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.1974 | &nbsp;&nbsp;&nbsp;&nbsp; $22239867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BME

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 01/22/25 | 02/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1188063 | &nbsp;&nbsp;&nbsp;&nbsp; 9.0<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 331387 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.1792 | &nbsp;&nbsp;&nbsp;&nbsp; $13977639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BCX

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 01/23/25 | 02/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17748385 | &nbsp;&nbsp;&nbsp;&nbsp; 22.1<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2004946 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.7706 | &nbsp;&nbsp;&nbsp;&nbsp; $19589525 |
| 04/16/25 | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 14138859 | &nbsp;&nbsp;&nbsp;&nbsp;18.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1954822 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;9.7314 | &nbsp;&nbsp;&nbsp;&nbsp; 19023155 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BSTZ

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 01/23/25 | 02/25/25 | &nbsp;&nbsp;&nbsp;&nbsp; 16170310 | &nbsp;&nbsp;&nbsp;&nbsp; 22.4<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1807867 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.6776 | &nbsp;&nbsp;&nbsp;&nbsp; $39190218 |
| 04/17/25 | 05/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12715932 | &nbsp;&nbsp;&nbsp;&nbsp;18.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1762670 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;20.0018 | &nbsp;&nbsp;&nbsp;&nbsp; 35256573 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Date the tender offer period began.

Repurchase offers results for the year ended December 31, 2024 were as follows:

BGR

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/17/24 | 08/19/24 | &nbsp;&nbsp;&nbsp;&nbsp; 7466508 | &nbsp;&nbsp;&nbsp;&nbsp; 27.2<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 686624 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $14.5824 | &nbsp;&nbsp;&nbsp;&nbsp; $10012626 |
| 10/15/24 | 11/18/24 | &nbsp;&nbsp;&nbsp;&nbsp; 6002507 | &nbsp;&nbsp;&nbsp;&nbsp;22.4 | &nbsp;&nbsp;&nbsp;&nbsp; 669458 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;14.5922 | &nbsp;&nbsp;&nbsp;&nbsp; 9768865 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BDJ

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/17/24 | 08/19/24 | &nbsp;&nbsp;&nbsp;&nbsp; 22908137 | &nbsp;&nbsp;&nbsp;&nbsp; 12.3<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4653377 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.1826 | &nbsp;&nbsp;&nbsp;&nbsp; $42730100 |

---

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement*<br> *Date of Tender*<br> *Offer Period*<sup>(a)</sup><br>| &nbsp;&nbsp; *Valuation*<br> *Date*<br>| &nbsp;&nbsp; *Number of Shares*<br> *Tendered*<br>| &nbsp;&nbsp; *Tendered Shares*<br> *as a Percentage of*<br> *Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered*<br> *Shares*<br> *Purchased*<br>| &nbsp;&nbsp; *Tendered Shares*<br> *Purchased*<br> *as a Percentage of*<br> *Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of*<br> *Purchases*<br>|
| 10/15/24 | 11/18/24 | &nbsp;&nbsp;&nbsp;&nbsp; 18268902 | &nbsp;&nbsp;&nbsp;&nbsp; 10.1<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4537043 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;9.2120 | &nbsp;&nbsp;&nbsp;&nbsp; 41795240 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BOE

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/19/24 | 08/21/24 | &nbsp;&nbsp;&nbsp;&nbsp; 14942512 | &nbsp;&nbsp;&nbsp;&nbsp; 24.3<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1538145 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.2794 | &nbsp;&nbsp;&nbsp;&nbsp; $18887498 |
| 10/17/24 | 11/20/24 | &nbsp;&nbsp;&nbsp;&nbsp; 14941364 | &nbsp;&nbsp;&nbsp;&nbsp;24.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1499691 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;12.0736 | &nbsp;&nbsp;&nbsp;&nbsp; 18106669 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BGY

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/18/24 | 08/20/24 | &nbsp;&nbsp;&nbsp;&nbsp; 33752225 | &nbsp;&nbsp;&nbsp;&nbsp; 33.7<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2506796 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $6.3014 | &nbsp;&nbsp;&nbsp;&nbsp; $15796324 |
| 10/16/24 | 11/19/24 | &nbsp;&nbsp;&nbsp;&nbsp; 33315326 | &nbsp;&nbsp;&nbsp;&nbsp;34.1 | &nbsp;&nbsp;&nbsp;&nbsp; 2444126 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;5.8996 | &nbsp;&nbsp;&nbsp;&nbsp; 14419366 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CII

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/17/24 | 08/19/24 | &nbsp;&nbsp;&nbsp;&nbsp; 5850437 | &nbsp;&nbsp;&nbsp;&nbsp; 13.3<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1103672 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.9524 | &nbsp;&nbsp;&nbsp;&nbsp; $23124577 |
| 10/15/24 | 11/18/24 | &nbsp;&nbsp;&nbsp;&nbsp; 5713692 | &nbsp;&nbsp;&nbsp;&nbsp;13.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1076081 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;20.9328 | &nbsp;&nbsp;&nbsp;&nbsp; 22525388 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BMEZ

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/18/24 | 08/20/24 | &nbsp;&nbsp;&nbsp;&nbsp; 24040558 | &nbsp;&nbsp;&nbsp;&nbsp; 22.6<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2662856 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.6204 | &nbsp;&nbsp;&nbsp;&nbsp; $46920588 |
| 10/16/24 | 11/19/24 | &nbsp;&nbsp;&nbsp;&nbsp; 21043412 | &nbsp;&nbsp;&nbsp;&nbsp;20.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2596285 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;16.3856 | &nbsp;&nbsp;&nbsp;&nbsp; 42541687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BME

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/18/24 | 08/20/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1279599 | &nbsp;&nbsp;&nbsp;&nbsp; 9.2<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 348599 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.4822 | &nbsp;&nbsp;&nbsp;&nbsp; $15506450 |
| 10/16/24 | 11/19/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1360222 | &nbsp;&nbsp;&nbsp;&nbsp;10.0 | &nbsp;&nbsp;&nbsp;&nbsp; 339884 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;41.2678 | &nbsp;&nbsp;&nbsp;&nbsp; 14026265 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BCX

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/19/24 | 08/21/24 | &nbsp;&nbsp;&nbsp;&nbsp; 22521822 | &nbsp;&nbsp;&nbsp;&nbsp; 26.7<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2109082 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.3292 | &nbsp;&nbsp;&nbsp;&nbsp; $21785130 |
| 10/17/24 | 11/20/24 | &nbsp;&nbsp;&nbsp;&nbsp; 20587371 | &nbsp;&nbsp;&nbsp;&nbsp;25.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2056355 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;10.1136 | &nbsp;&nbsp;&nbsp;&nbsp; 20797152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BSTZ

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/19/24 | 08/21/24 | &nbsp;&nbsp;&nbsp;&nbsp; 23251771 | &nbsp;&nbsp;&nbsp;&nbsp; 30.6<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1901766 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.4522 | &nbsp;&nbsp;&nbsp;&nbsp; $40797065 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement*<br> *Date of Tender*<br> *Offer Period*<sup>(a)</sup><br>| &nbsp;&nbsp; *Valuation*<br> *Date*<br>| &nbsp;&nbsp; *Number of Shares*<br> *Tendered*<br>| &nbsp;&nbsp; *Tendered Shares*<br> *as a Percentage of*<br> *Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered*<br> *Shares*<br> *Purchased*<br>| &nbsp;&nbsp; *Tendered Shares*<br> *Purchased*<br> *as a Percentage of*<br> *Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of*<br> *Purchases*<br>|
| 10/17/24 | 11/20/24 | &nbsp;&nbsp;&nbsp;&nbsp; 19714994 | &nbsp;&nbsp;&nbsp;&nbsp; 26.6<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1854222 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;22.3440 | &nbsp;&nbsp;&nbsp;&nbsp; 41430736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BTX

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/22/24 | 08/22/24 | &nbsp;&nbsp;&nbsp;&nbsp; 42424300 | &nbsp;&nbsp;&nbsp;&nbsp; 18.9<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5610470 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.1242 | &nbsp;&nbsp;&nbsp;&nbsp; $45580580 |
| 10/18/24 | 11/21/24 | &nbsp;&nbsp;&nbsp;&nbsp; 35904019 | &nbsp;&nbsp;&nbsp;&nbsp;16.4 | &nbsp;&nbsp;&nbsp;&nbsp; 5470208 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;8.5750 | &nbsp;&nbsp;&nbsp;&nbsp; 46907034 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Date the tender offer period began.

On January 20, 2025, the Board approved tender offers to repurchase 50% of BTX's outstanding shares and 40% of BMEZ's outstanding shares, at a price per share equal to 99.5% of the applicable Trust's net asset value per common share determined following the expiration of the tender offer. In connection with the approval of these tender offers, the discount management program was terminated for each of BTX and BMEZ and the respective tender offers for the quarterly measurement period ended December 31, 2024 were cancelled.

Tender offer results were as follows:

BMEZ

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 03/21/25 | 04/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 38753713 | &nbsp;&nbsp;&nbsp;&nbsp; 38.3<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38753713 | &nbsp;&nbsp;&nbsp;&nbsp; 38.3<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $14.2086 | &nbsp;&nbsp;&nbsp;&nbsp; $550636007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BTX

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 06/09/25 | 07/09/25 | &nbsp;&nbsp;&nbsp;&nbsp; 96627850 | &nbsp;&nbsp;&nbsp;&nbsp; 45.3<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 96627850 | &nbsp;&nbsp;&nbsp;&nbsp; 45.3<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.4924 | &nbsp;&nbsp;&nbsp;&nbsp; $723974503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Date the tender offer period began.

On February 28, 2025, the Board approved the renewal of each Trust's Program (excluding BMEZ and BTX), which consisted of one measurement period beginning on January 1, 2025 and ending on September 30, 2025. Under the renewed Program, each Trust intended to offer to repurchase a portion of its common shares via tender offer if the Trust's common shares traded at an average daily discount to NAV of more than 10% during the 9-month measurement period. The discount trigger was not met and therefore no tender offers were conducted with respect to this measurement period.

On November 14, 2025, the Board approved the renewal of each Trust's Program (excluding BTX), which will consist of one measurement period beginning on January 1, 2026 and ending on September 30, 2026. Under the renewed Program, each Trust intends to offer to repurchase a portion of its common shares via tender offer if the Trust's common shares trade at an average daily discount to NAV of more than 10% during the 9-month measurement period. If the discount trigger is met and a tender offer is conducted, there is no guarantee that shareholders will be able to sell all of the shares that they desire to sell in such tender offer and there can be no assurance as to the effect that the Program will have on the market for a Trust's shares or the discount at which a Trust's shares may trade relative to its NAV.

As of December 31, 2025, BlackRock Financial Management, Inc., an affiliate of the Trust, owned 5,000, 5,000 and 5,000 Shares of BMEZ, BSTZ and BTX respectively.

***11.*** ***FOREIGN WITHHOLDINGS TAX CLAIMS*** 

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which BGY is able to pass through to shareholders as a foreign tax credit in the current year, the Trust will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Trust.

Certain of the outstanding foreign tax reclaims are not deemed by the Trust to meet the recognition criteria under U.S. GAAP as of December 31, 2025, and have not been recorded in the applicable Trust's net asset value. The recognition by the Trust of these amounts would have a positive impact on the applicable Trust's performance. If a Trust receives a tax refund that has not been previously recorded, investors in the Trust at the time the claim is successful will benefit from any resulting increase in the Trust's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

BGR, BOE, BGY BCX and BUI are each seeking a closing agreement with the Internal Revenue Service ("IRS") to address any prior years' U.S. income tax liabilities attributable to Trust shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Trust paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Trust shareholders on their tax returns in prior years. The Trust has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

***12.*** ***SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Trusts' financial statements was completed through the date the financial statements were issued and the following items were noted:

On January 16, 2026, CII issued 2,645,220 shares at a NAV of $22.69 in connection with its previously announced special distribution.

The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name* | *Declaration* <br>*Date*<br>| &nbsp;&nbsp; *Record* <br>*Date*<br>| &nbsp;&nbsp; *Payable/* <br>*Paid Date*<br>| &nbsp;&nbsp; *Dividend Per* <br>*Common Share*<br>|
| BGR | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp; $0.097300  |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.097300 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.097300 |
| BDJ | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.061900 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.061900 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.061900 |
| BOE | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.082700 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.082700 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.082700 |
| BGY | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.042600 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.042600 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.042600 |
| CII | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.141000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.141000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.141000 |
| BMEZ | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.110000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.110000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.110000 |
| BME | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.262100 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.262100 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.262100 |
| BCX | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.069700 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.069700 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.069700 |
| BSTZ | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.162500 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.162500 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.162500 |
| BST | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.250000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.250000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.250000 |
| BTX | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.052500 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.052500 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.052500 |
| BUI | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.136000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.136000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.136000 |

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Notes to Financial Statements

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees/Directors of BlackRock Energy and Resources Trust, BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Enhanced Large Cap Core Fund, Inc., BlackRock Health Sciences Term Trust, BlackRock Health Sciences Trust, BlackRock Technology and Private Equity Term Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Term Trust, BlackRock Science and Technology Trust and BlackRock Utilities, Infrastructure & Power Opportunities Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of BlackRock Energy and Resources Trust, BlackRock Enhanced Equity Dividend Trust and subsidiary, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Enhanced Large Cap Core Fund, Inc., BlackRock Health Sciences Term Trust, BlackRock Health Sciences Trust, BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust), BlackRock Resources & Commodities Strategy Trust and subsidiary, BlackRock Science and Technology Term Trust and subsidiary, BlackRock Science and Technology Trust and subsidiary, and BlackRock Utilities, Infrastructure & Power Opportunities Trust (the "Funds"), including the schedules of investments, as of December 31, 2025, the related statements of operations and cash flows for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). Such financial statements and financial highlights of BlackRock Science and Technology Trust and BlackRock Science and Technology Term Trust are consolidated for all periods presented. Such financial statements and financial highlights of BlackRock Enhanced Equity Dividend Trust are consolidated as of and for the four years in the period ended December 31, 2025. Such financial statements and financial highlights are consolidated for BlackRock Resources & Commodities Strategy Trust as of and for the year ended December 31, 2025. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, and the results of their operations and their cash flows for the year then ended, the statements of changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | |
|:---|:---|
| Fund | Financial Highlights |
| &nbsp;&nbsp;&nbsp; BlackRock Energy and Resources Trust, BlackRock Enhanced Equity Dividend Trust, <br> BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend <br> Trust, BlackRock Enhanced Large Cap Core Fund, Inc., BlackRock Health <br> Sciences Term Trust, BlackRock Health Sciences Trust, BlackRock Resources & <br> Commodities Strategy Trust, BlackRock Science and Technology Term Trust, BlackRock <br> Science and Technology Trust and BlackRock Utilities, Infrastructure & Power <br> Opportunities Trust<br>| For each of the five years in the period ended December 31, 2025. |
| BlackRock Technology and Private Equity Term Trust | For each of the four years in the period ended December 31, 2025, and for the period from <br> March 29, 2021 (commencement of operations) through December 31, 2021.<br>|

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**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP <br>Boston, Massachusetts <br>February 24, 2026

We have served as the auditor of one or more BlackRock investment companies since 1992.

2025 BlackRock Annual Report to Shareholders

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2025:

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| | |
|:---|:---|
| *Trust Name*  | *Qualified Dividend* <br>*Income*<br>|
| BGR | &nbsp;&nbsp; $9274489  |
| BDJ | &nbsp;&nbsp; 32352590 |
| BOE | &nbsp;&nbsp; 11111205 |
| BGY | &nbsp;&nbsp; 8020134 |
| CII | &nbsp;&nbsp; 6861796 |
| BME | &nbsp;&nbsp; 1435631 |
| BCX | &nbsp;&nbsp; 22217066 |
| BST | &nbsp;&nbsp; 4014755 |
| BUI | &nbsp;&nbsp; 10784769 |

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The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended December 31, 2025:

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| | |
|:---|:---|
| *Trust Name*  | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| BDJ | &nbsp;&nbsp; $106145411  |
| BOE | &nbsp;&nbsp; 46777229 |
| BGY | &nbsp;&nbsp; 25486438 |
| CII | &nbsp;&nbsp; 158295232 |
| BMEZ | &nbsp;&nbsp; 24338179 |
| BME | &nbsp;&nbsp; 29811288 |
| BSTZ | &nbsp;&nbsp; 196402227 |
| BST | &nbsp;&nbsp; 145384457 |
| BUI | &nbsp;&nbsp; 49443840 |

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The Trusts intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended December 31, 2025:

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| | | |
|:---|:---|:---|
| *Trust Name*  | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| BGY | &nbsp;&nbsp; $7646949  | &nbsp;&nbsp;&nbsp; $40455  |
| BCX | &nbsp;&nbsp; 15304133 | &nbsp;&nbsp;&nbsp; — |

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The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2025:

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| | |
|:---|:---|
| *Trust Name*  | *Federal Obligation* <br>*Interest*<br>|
| BGR | &nbsp;&nbsp; $94038  |
| BDJ | &nbsp;&nbsp; 610991 |
| BOE | &nbsp;&nbsp; 87388 |
| BGY | &nbsp;&nbsp; 76116 |
| BME | &nbsp;&nbsp; 65128 |
| BCX | &nbsp;&nbsp; 305069 |
| BST | &nbsp;&nbsp; 6052 |
| BUI | &nbsp;&nbsp; 158396 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

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| | |
|:---|:---|
| *Trust Name*  | *Dividends-Received* <br>*Deduction*<br>|
| BGR | 74.78<br> % <br>|
| BDJ | 65.24 |
| BOE | 66.08 |
| BGY | 2.45 |
| CII | 100.00 |
| BME | 100.00 |
| BCX | 31.25 |

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Important Tax Information

------

Important Tax Information (unaudited) (continued)

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| | |
|:---|:---|
| *Trust Name*  | *Dividends-Received*<br> *Deduction*<br>|
| BST | 100.00<br> % <br>|
| BUI | 31.88 |

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The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2025:

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| | |
|:---|:---|
| *Trust Name*  | *Interest* <br>*Dividends*<br>|
| BGR | &nbsp;&nbsp; $186225  |
| BDJ | &nbsp;&nbsp; 1208458 |
| BOE | &nbsp;&nbsp; 173476 |
| BGY | &nbsp;&nbsp; 151114 |
| BME | &nbsp;&nbsp; 128879 |
| BCX | &nbsp;&nbsp; 1042960 |
| BST | &nbsp;&nbsp; 7188 |
| BUI | &nbsp;&nbsp; 314465 |

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The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2025:

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| | | |
|:---|:---|:---|
| *Trust Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>| &nbsp;&nbsp; *Qualified* <br>*Short-Term* <br>*Capital Gains*<br>|
| BGR | &nbsp;&nbsp; $186225  | &nbsp;&nbsp;&nbsp; $—  |
| BDJ | &nbsp;&nbsp; 1212903 | &nbsp;&nbsp;&nbsp; 4232235 |
| BOE | &nbsp;&nbsp; 173476 | &nbsp;&nbsp;&nbsp; 92350 |
| BGY | &nbsp;&nbsp; 151114 | &nbsp;&nbsp;&nbsp; 3266480 |
| BME | &nbsp;&nbsp; 128879 | &nbsp;&nbsp;&nbsp; — |
| BCX | &nbsp;&nbsp; 605656 | &nbsp;&nbsp;&nbsp; — |
| BST | &nbsp;&nbsp; 12013 | &nbsp;&nbsp;&nbsp; — |
| BUI | &nbsp;&nbsp; 314465 | &nbsp;&nbsp;&nbsp; 7527525 |

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2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks

**Recent Changes** 

**The following information is a summary of certain changes since December 31, 2024. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.**

On February 20, 2025, BlackRock Innovation and Growth Term Trust (BIGZ) changed its name and ticker symbol to "BlackRock Technology and Private Equity Term Trust" and "BTX", respectively. In addition, effective February 20, 2025, the Trust adopted a new non-fundamental investment policy to invest, under normal market conditions, at least 80% of its total assets in a combination of equity securities issued by U.S. and non-U.S. technology and privately held companies (the "80% Policy Change") and implemented certain other changes to the Trust's investment policies.

Effective November 10, 2025, the investment objective(s) of each of BlackRock Energy and Resources Trust (BGR), BlackRock Resources and Commodities Strategy Trust (BCX), BlackRock Utilities, Infrastructure and Power Opportunities Trust (BUI), BlackRock Health Sciences Trust (BME), BlackRock Health Sciences Term Trust (BMEZ), BlackRock Science and Technology Trust (BST), BlackRock Science and Technology Term Trust (BSTZ) and BlackRock Technology and Private Equity Term Trust (BTX) (collectively, the "Sector Funds") changed as indicated below:

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| | | | |
|:---|:---|:---|:---|
| *Sector Trust* | *Ticker* | *Previous Investment Objective(s)* | *New Investment Objectives* |
| BlackRock Resources and Commodities Strategy Trust | BCX | &nbsp;&nbsp;&nbsp; The Trust's primary investment objective is to seek high <br> current income and current gains, with a secondary <br> objective of capital appreciation.<br>| &nbsp;&nbsp;&nbsp; The Trust's investment objectives are to provide total <br> return and income through a combination of current <br> income and long-term capital appreciation.<br>|
| BlackRock Energy and Resources Trust | BGR | &nbsp;&nbsp;&nbsp; The Trust's investment objective is to provide total <br> return through a combination of current income and <br> capital appreciation.<br>| &nbsp;&nbsp;&nbsp; The Trust's investment objectives are to provide total <br> return and income through a combination of current <br> income and long-term capital appreciation.<br>|
| BlackRock Utilities, Infrastructure and Power <br> Opportunities Trust<br>| BUI | &nbsp;&nbsp;&nbsp; The Trust's investment objective is to provide total <br> return through a combination of current income, current <br> gains and long-term capital appreciation.<br>| &nbsp;&nbsp;&nbsp; The Trust's investment objectives are to provide total <br> return and income through a combination of current <br> income and long-term capital appreciation.<br>|
| BlackRock Health Sciences Trust | BME | &nbsp;&nbsp;&nbsp; The Trust's investment objective is to provide total <br> return through a combination of current income, current <br> gains and long-term capital appreciation.<br>| &nbsp;&nbsp;&nbsp; The Trust's investment objectives are to provide total <br> return and income primarily through long-term capital <br> appreciation.<br>|
| BlackRock Health Sciences Term Trust <br>BlackRock Science and Technology Trust <br>BlackRock Science and Technology Term Trust <br>BlackRock Technology and Private Equity Term Trust<br>| BMEZ <br>BST <br>BSTZ <br>BTX<br>| &nbsp;&nbsp;&nbsp; The Trust's investment objectives are to provide total <br> return and income through a combination of current <br> income, current gains and long-term capital <br> appreciation.<br>| &nbsp;&nbsp;&nbsp; The Trust's investment objectives are to provide total <br> return and income primarily through long-term capital <br> appreciation.<br>|

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In addition, effective November 10, 2025, the options writing strategy was removed from each Sector Trust's investment strategies.

Except as noted above, during each Trust's most recent fiscal year, there were no material changes in the Trust's investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Trust

**Investment Objectives and Policies**

**BlackRock Energy and Resources Trust (BGR)**

The Trust's investment objectives are to provide total return and income through a combination of current income and long-term capital appreciation. The Trust seeks to achieve this objectives by investing primarily in equity securities of companies engaged in the energy and natural resources business and equity derivatives with exposure to the energy and natural resources industry.

Under normal market conditions, the Trust invests at least 80% of its total assets in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Trust will not invest, under normal market conditions, less than 25% of its total assets in securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry without shareholder approval. Companies in the energy and natural resources industry include those companies involved in the exploration, production or distribution of energy or natural resources, such as gas, oil, metals and minerals as well as related transportation companies and equipment manufacturers. These equity securities may include common stocks, preferred shares, convertible securities, warrants, depositary receipts, equity interests in Canadian Royalty Trusts and equity interests in master limited partnerships ("MLPs"). The Trust will not invest more than 25% of its total assets in MLPs. The Trust may invest in companies located anywhere in the world. The Trust expects to invest primarily in companies located in developed countries, but may invest in companies located in emerging markets. Under normal market conditions, the Trust will invest at least 30% of its total assets in at least two countries other than the United States. The Trust may invest in companies of any market capitalization, including small capitalization and mid-capitalization companies. The Trust does not intend to invest directly in commodities.

The Trust may invest up to 20% of its total assets in other U.S. and other non-U.S. investments. These investments may include equity and debt securities of companies not engaged in the energy and natural resources industry. The Trust reserves the right to invest up to 10% of its total assets in non-investment grade debt securities, commonly known as "junk bonds."

The Trust may engage in transactions such as options, futures, swaps, foreign currency transactions including forward foreign currency contracts, currency swaps or options on currency and currency futures and other derivatives transactions for hedging purposes or to enhance total return. The Trust may also engage in short sales of securities.

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

The percentage limitations applicable to the Trust's portfolio described herein apply only at the time of investment and the Trust will not be required to sell securities due to subsequent changes in the value of securities it owns.

Application of the Trust's investment philosophy, from time to time, may cause the Trust to invest a significant portion of its assets in a particular country or region of the world. The Trust anticipates that its investment strategy will cause it to invest in a number of countries throughout the world, but the actual number of countries represented in the Trust's portfolio will vary over time. The Trust anticipates that application of its investment philosophy currently would cause it to invest in issuers located in 10 countries globally, including the United States. Under normal market conditions, the Trust will invest in the equity securities of issuers in at least three different countries, including the United States, and will invest at least 30% of its total assets at the time of investment in the equity securities of non-United States issuers. However, the Trust may invest in the securities of non-United States issuers without limit.

**Leverage:** The Trust may, but does not currently intend to, incur indebtedness or issue preferred shares for investment purposes.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

**BlackRock Enhanced Large Cap Core Fund, Inc. (CII)**

The Trust's investment objective is to provide current income and capital appreciation. The Trust's investment objective is a fundamental policy and may not be changed without the approval of a majority of the outstanding voting securities of the Trust (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act")).

The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. BlackRock Advisors, LLC (the "Manager") from time to time may vary the percentage of the Trust's assets invested in any particular type of equity security based on such factors as market and economic conditions, fiscal and monetary policy and the relative security valuation of the various equity asset classes.

Under normal circumstances, the Trust seeks to invest at least 80% of the its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Trust's 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Russell 1000® Index (the "Russell 1000 Index"). The Russell 1000 Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. The 80% policy noted above is a non-fundamental policy of the Trust and may not be changed without 60 days' prior notice to shareholders.

The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options on indices of securities and sectors of securities. In addition to its option strategy on indices, the Trust may pursue a strategy that includes the writing (selling) of both call and put options on individual common stocks. These option strategies are intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust's stockholders. As the Trust writes calls and puts over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.

To the extent the Trust invests in dividend-paying common stocks, the Manager currently intends to emphasize those securities that: (i) are eligible to pay "qualified dividend" income and/or (ii) make payments that are eligible for the dividends received deduction allowed to corporate taxpayers ("Dividends Received Deduction") pursuant to Section 243 of the Internal Revenue Code of 1986, as amended (the "Code"). Long-term capital gains and qualified dividend income are currently eligible for reduced U.S. federal income tax rates for individuals. Long-term capital gains and qualified dividend income included in distributions of a regulated investment company (a "RIC") to its individual stockholders are generally passed through to such stockholders and taxed at such reduced rates. Pursuant to Section 243 of the Code, corporations generally may deduct a portion of the dividend income they receive from domestic corporations. Corporate stockholders of a RIC generally are permitted to claim a deduction with respect to that portion of their dividend distributions attributable to amounts that the RIC designates as qualifying for the Dividends Received Deduction. Although the Trust has the ability to borrow money for investment purposes, it has no current intention to do so. If, however, the Trust did use leverage, the use of leverage through borrowings may reduce the amount of dividends it can designate as qualifying for the Dividends Received Deduction which will, in turn, limit the tax benefit to a corporate stockholder of investing in the Trust. Corporate stockholders should consider whether an investment in the Trust is appropriate in light of the Trust's ability to borrow. No assurance can be given as to what percentage of the dividends paid on the Trust's common stock will be eligible for: (i) the reduced U.S. federal income tax rate for qualified dividend income and long-term capital gains for individuals or (ii) the Dividends Received Deduction for corporate stockholders of the Trust.

Investment in the Trust's common stock offers the individual investor several potential benefits. The Trust offers investors the opportunity to invest in a professionally managed portfolio which contains common stocks and preferred securities of U.S. and foreign issuers. The Manager provides professional management, which includes the extensive securities and credit analysis needed to invest in common stocks, preferred securities and foreign securities. The Trust also relieves the investor of the burdensome administrative details involved in managing a portfolio of such investments. These benefits are at least partially offset by the expenses involved in running an investment company. Such expenses primarily consist of advisory fees and operational costs. The use of leverage also involves certain expenses and risk considerations.

The Trust may engage in various portfolio strategies to seek to increase its return or to hedge its portfolio against movements in interest rates, in currency rates and in the securities markets through the use of derivatives, such as indexed and inverse securities, options, futures, options on futures, total return swaps, short selling and foreign exchange transactions. No assurance can be given that the Trust will employ these strategies or that, if employed, they will be effective.

The Trust may vary its investment objective and policies for temporary defensive purposes during periods in which the Manager believes that conditions in the securities markets or other economic, financial or political conditions warrant and in order to keep the Trust's cash fully invested, including during the periods which the net proceeds of the offering are being invested. Under such conditions, the Trust may invest up to 100% of its total assets in securities issued or guaranteed by the United States government or its instrumentalities or agencies, certificates of deposit, bankers' acceptances and other bank obligations, commercial paper rated in the highest category by an established rating service, or other debt securities deemed by the Manager to be consistent with a defensive posture, or may hold its assets in cash.

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

**Leverage:** The Trust does not currently intend to, but may, leverage its portfolio through borrowings, the issuance of debt securities, the issuance of preferred stock or a combination thereof.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

The Trust's primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust's investment objectives are not fundamental and may be changed by the Board of Trustees without shareholder approval.

The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by utilizing an option writing strategy to enhance distributions to its shareholders. The Trust uses an option strategy that writes options on approximately 50-60% of its total assets.

Under normal market conditions, the Trust invests at least 80% of its total assets in dividend-paying equities. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. Under normal market conditions, the Trust may invest up to 20% of its total assets in equity securities of issuers that do not pay dividends. The Trust may invest directly in such securities or synthetically through the use of derivatives.

To the extent the Trust invests in dividend-paying common stocks, BlackRock Advisors, LLC (the "Manager") may emphasize those securities that: (i) are eligible to pay "qualified dividend" income, and/or (ii) make payments that are eligible for the dividends received deduction allowed to corporate taxpayers pursuant to Section 243 of the Internal Revenue Code of 1986, as amended (the "Code"). Long-term capital gains and qualified dividend income are currently eligible for reduced U.S. federal income tax rates for individuals. Long-term capital gains and qualified dividend income properly reported as being included in distributions of a regulated investment company (a "RIC") to its individual shareholders are generally passed through to such shareholders and taxed at such reduced rates. Pursuant to Section 243 of the Code, corporations generally may deduct a portion of the dividend income they receive from domestic corporations. Corporate shareholders of a RIC generally are permitted to claim a deduction with respect to that portion of their dividend distributions attributable to amounts that the RIC reports as qualifying for the dividends received deduction. Although the Trust has the ability to borrow money for investment purposes, it has no current intention to do so. If, however, the Trust did use leverage, the use of leverage through borrowings may reduce the amount of dividends it can designate as qualifying for the dividends received deduction which will, in turn, limit the tax benefit to a corporate shareholder of investing in the Trust. Corporate shareholders should consider whether an investment in the Trust is appropriate in light of the Trust's ability to borrow. No assurance can be given as to what percentage of the dividends paid on the Trust's common stock will be eligible for: (i) the reduced U.S. federal income tax rate for qualified dividend income and long-term capital gains for individuals, or (ii) the dividends received deduction for corporate shareholders of the Trust.

The Trust may invest up to 20% of its total assets in preferred securities.

The Trust may invest up to 10% of its total assets in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies.

The Trust may invest in shares of real estate investment trusts.

The Trust may invest up to 20% of its total assets in non-U.S. securities, which may include securities denominated in U.S. dollars or in foreign currencies or multinational currency units. The Trust may invest in foreign securities of emerging market issuers, but investments in such securities will not comprise more than 10% of its total assets. The Trust will consider a company a U.S. company and not a foreign company if it meets one or more of the following tests: (i) such company was organized in the United States; (ii) such company's primary business office is in the United States; (iii) the principal trading market for such company's assets are located in the United States; (iv) 50% or more of such company's assets are located in the United States; or (v) 50% or more of such issuer's revenues are derived from the United States.

The Trust may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of U.S. dollars or another foreign currency.

The Trust may enter into are interest rate swaps and the purchase or sale of interest rate caps and floors. The Trust expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio as a duration management technique or to protect against any increase in the price of securities the Trust anticipates purchasing at a later date. The Trust intends to use these transactions for hedging and risk management purposes and not as a speculative investment. The Trust will not sell interest rate caps or floors that it does not own. The Trust will only enter into interest rate swap, cap or floor transactions with counterparties the Investment Advisor believes to be creditworthy at the time they enter into such transactions.

The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of the Trust's total assets or the Trust's aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may also make short sales "against the box" without respect to such limitations.

**Leverage:** The Trust may borrow funds for investment purposes and/or issue debt securities or preferred shares to purchase additional securities. These practices are known as "leverage." The Trust may borrow from banks and other financial institutions and may also borrow additional funds using such investment techniques as the Manager may from time to time determine. The Trust may borrow in an amount up to 5% of its total assets for temporary or emergency purposes.

The Trust currently does not intend to incur indebtedness or issue preferred shares for investment purposes, except in connection with derivative instruments such as exchange listed and over-the-counter put and call options on securities, financial futures, equity indices, and other financial instruments, purchase and sell futures contracts and options thereon, swaps, forward foreign currency contracts and various interest rate transactions, short sales, repurchase agreements, reverse repurchase agreements, when issued or forward commitment transactions and similar investment strategies.

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

The Trust may enter into derivative securities transactions that have leverage embedded in them.

**BlackRock Enhanced Global Dividend Trust (BOE)**

The Trust's investment objective is primarily to seek current income and current gains, with a secondary objective of long-term capital appreciation. The Trust's investment objectives are not fundamental and may be changed without prior shareholder approval.

The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies located in countries throughout the world and by utilizing an option writing strategy to enhance current gains. BlackRock Advisors, LLC (the "Manager") or BlackRock International Limited ("BIL" and together with the Manager, the "Advisors"), the Trust's sub-advisor, from time to time may vary the percentage of the Trust's assets invested in any particular type of equity security, based on factors such as market and economic conditions, fiscal and monetary policy and the relative security valuation of the various equity asset classes.

The Trust also seeks to achieve its investment objectives by employing a strategy of writing (selling) call and put options on indices of securities and sectors of securities. The Trust intends to write covered put and call options with respect to approximately 30% to 45% of its total assets, although this percentage may vary from time to time with market conditions. In addition to its option strategy on indices, the Trust may pursue a strategy that includes the writing (selling) of both call and put options on individual common stocks. These option strategies are intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust's shareholders. As the Trust writes calls and puts over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.

Under normal market conditions, the Trust is required to invest at least 80% of its net assets in dividend-paying equity securities. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. Under normal market conditions, the Trust is required to invest at least 40% of its assets outside of the U.S. (unless market conditions are not deemed favorable by Trust management, in which case the Trust would invest at least 30% of its assets outside of the U.S.). The Trust may invest directly in such securities or synthetically through the use of derivatives. Equity securities in which the Trust invests include common stocks, preferred stocks, convertible securities, warrants, depositary receipts and equity interests in real estate investment trusts. The Trust may invest in companies located anywhere in the world. The Trust may invest in companies of any size market capitalization, but intends to invest primarily in the securities of large capitalization companies. The Trust may invest in companies conducting initial public offerings. The Trust may invest up to 25% of its total assets in equity securities of issuers in emerging countries. The Trust may invest up to 20% of its total assets in debt securities, including debt securities issued by companies located in emerging markets. The Trust may invest up to 10% of its total assets in non-investment grade debt securities, commonly known as "junk bonds."

Application of the Trust's investment philosophy, from time to time, may cause the Trust to invest a significant portion of its assets in a particular country or region of the world. The Trust's investment strategy causes it to invest in issuers located in a number of countries throughout the world, but the actual number of countries represented in the Trust's portfolio will vary over time. Under normal market conditions, the Trust invests in the equity securities of issuers in at least three different countries, including the United States. However, the Trust may invest in the securities of non-U.S. issuers without limit.

The Trust may engage in various portfolio strategies to seek to increase its return or to hedge its portfolio against movements in interest rates, in currency rates and in the securities markets through the use of derivatives, such as indexed and inverse securities, options, futures, options on futures, interest rate transactions, including interest rate swaps, total return swaps and credit default swaps and short selling and foreign exchange transactions. Each of these portfolio strategies is described below. No assurance can be given that the Trust will employ these strategies or that, if employed, they will be effective.

The percentage limitations applicable to the Trust's portfolio described herein apply only at the time of investment, and the Trust will not be required to sell securities due to subsequent changes in the value of securities it owns.

To the extent the Trust invests in dividend-paying common stocks, the Advisors currently intend to emphasize those securities that: (i) are eligible to pay "qualified dividend" income and/or (ii) make payments that are eligible for the dividends received deduction allowed to corporate taxpayers pursuant to Section 243 of the Internal Revenue Code of 1986, as amended (the "Code"). Long-term capital gains and qualified dividend income are currently eligible for reduced U.S. federal income tax rates for individuals. Long-term capital gains and qualified dividend income included in distributions of a regulated investment company (a "RIC") to its individual shareholders are generally passed through to such shareholders and taxed at such reduced rates. Pursuant to Section 243 of the Code, corporations generally may deduct a portion of the dividend income they receive from domestic corporations. Corporate shareholders of a RIC generally are permitted to claim a deduction with respect to that portion of their dividend distributions attributable to amounts that the RIC designates as qualifying for the Dividends Received Deduction. Although the Trust has the ability to borrow money for investment purposes, it has no current intention to do so. If, however, the Trust did use leverage, the use of leverage through borrowings may reduce the amount of dividends it can designate as qualifying for the Dividends Received Deduction which will, in turn, limit the tax benefit to a corporate shareholder of investing in the Trust. Corporate shareholders should consider whether an investment in the Trust is appropriate in light of the Trust's ability to borrow. No assurance can be given as to what percentage of the dividends paid on the Trust's common stock will be eligible for: (i) the reduced U.S. federal income tax rate for qualified dividend income and long-term capital gains for individuals or (ii) the Dividends Received Deduction for corporate shareholders of the Trust.

In selecting investments for the Trust, the Advisors combine fundamental research with a top-down strategy, analyzing 70 sub-industry groups on an ongoing basis. The Advisors seek to identify companies that it believes have the potential to outperform the market. The Advisors' investment techniques for the Trust include assessing industry structure and dynamics, evaluating growth catalysts on an industry and individual company basis and assessing a company's valuation relative to the broad market and its respective industry group. The Advisors seek to invest in companies that it believes have sizeable market opportunities, global, regional or local competitive advantages, sound business models and financial strength, proven management teams and compelling relative and absolute valuations.

**Leverage:** The Trust may, but does not currently intend to, incur indebtedness or issue preferred shares for investment purposes.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

**BlackRock Enhanced International Dividend Trust (BGY)**

The Trust's primary investment objective is to seek current income and current gains, with a secondary objective of long-term capital appreciation. "Current gains" means gains realized from the Trust's option strategy (described below) pursuant to which the Trust seeks to enhance monthly distributions to investors. The Trust's investment objectives may be changed without shareholder approval.

The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains. Under normal circumstances, the Trust invests at least 80% of its net assets in dividend-paying equity securities issued by non-U.S. companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Trust may invest up to 20% of its total assets in equity securities of issuers located in the United States. The Trust may invest up to 50% of its total assets in equity securities of issuers located in emerging market countries. Emerging market countries generally include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries in Western Europe. Equity securities in which the Trust anticipates investing include common stocks, preferred stocks, convertible securities, warrants, depositary receipts and equity interests in real estate investment trusts.

Under normal circumstances, the Trust anticipates it will allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by BlackRock Advisors, LLC (the "Manager") or BlackRock International Limited ("BIL" and together with the Manager, the "Advisors"), the Trust's sub-advisor, in which case the Trust would invest at least 30%) — of its total assets in securities of (i) foreign government issuers, (ii) issuers organized or located outside the U.S., (iii) issuers which primarily trade in a market located outside the U.S., or (iv) issuers doing a substantial amount of business outside the U.S., which the Trust considers to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Trust will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). For temporary defensive purposes, the Trust may deviate very substantially from the allocation described above.

The Trust seeks to generate current dividends and income by investing in equity securities that pay dividends. The Trust will seek income a portion of which is classified as "qualified dividend income," which is dividend income that is eligible to be taxed at a maximum U.S. federal income tax rate of generally 20%. The lower U.S. federal tax rates generally apply to dividend income from taxable domestic corporations and certain qualified foreign corporations, provided that holding period and other requirements are met by both the Trust and the shareholder.

As part of its investment strategy, the Trust intends to write (sell) covered call and put options on individual common stocks, stock indices and stock sectors. The Trust may utilize over-the-counter options to a significant extent in order to employ its option strategy. This option strategy is intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust's shareholders. As the Trust writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.

A call option written by the Trust on a security is "covered" if the Trust owns the security underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration (or, if additional cash consideration is required, the Trust's custodian segregates sufficient cash or other assets determined to be liquid by the Advisors (in accordance with procedures established by the Board of Trustees (the "Board"))) upon conversion or exchange of other securities held by the Trust. A call option is also covered if the Trust holds a call on the same security as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written or (ii) greater than the exercise price of the call written, provided the difference is maintained by the Trust in segregated assets determined to be liquid by the Advisors as described above.

A put option written by the Trust on a security is "covered" if the Trust segregates assets determined to be liquid by the Advisors (in accordance with procedures established by the Board) equal to the exercise price. A put option is also covered if the Trust holds a put on the same security as the put written where the exercise price of the put held is (i) equal to or greater than the exercise price of the put written or (ii) less than the exercise price of the put written, provided the difference is maintained by the Trust in segregated assets determined to be liquid by the Advisors as described above.

An index- or sector-oriented option is considered "covered" if the Trust maintains with its custodian assets determined to be liquid in an amount equal to the contract value of the applicable basket of securities. An index or sector call option also is covered if the Trust holds a call on the same basket of securities as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written or (ii) greater than the exercise price of the call written, provided the difference is maintained by the Trust in segregated assets determined to be liquid. An index or sector put option also is covered if the Trust holds a put on the same basket of securities as the put written where the exercise price of the put held is (i) equal to or more than the exercise price of the put written or (ii) less than the exercise price of the put written, provided the difference is maintained by the Trust in segregated assets determined to be liquid. Because index and sector options both refer to options on baskets of securities and generally have similar characteristics, we refer to these types of options collectively as "index options."

The Trust generally intends to write covered put and call options with respect to approximately 30% to 45% of its total assets, although this percentage may vary from time to time with market conditions. As the Trust writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.

The Trust may hold or have exposure to equity securities of issuers of any size, including small and medium capitalization companies, and to issuers in any industry or sector. The Trust will not invest 25% or more of its total assets in securities of issuers in any single industry.

The Trust may invest in the securities of smaller, less seasoned companies. The Trust also may engage in short sales of securities and may lend its portfolio securities to banks or dealers which meet the creditworthiness standards established by the Board.

Although not intended to be a significant element in the Trust's investment strategy, from time to time the Trust may purchase and sell derivative instruments such as exchange-listed and over-the-counter put and call options on securities, financial futures, equity indices and other financial instruments, purchase and sell financial futures

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

contracts and options thereon, engage in swaps and purchase derivative instruments that combine features of these instruments for hedging and risk management purposes or to enhance total return. The percentage limitations set herein apply at the time of investment, and the Trust will not be required to sell securities because of subsequent changes in market values.

**Leverage:** Although the Agreement and Declaration of Trust of the Trust provides that the Board of the Trust may authorize the Trust to issue preferred shares or incur indebtedness, the Trust currently does not intend to issue preferred shares or incur indebtedness for investment purposes.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

**BlackRock Health Sciences Term Trust (BMEZ)**

The Trust's investment objectives are to provide total return and income primarily through long-term capital appreciation. The Trust's investment objectives may be changed by the Board of Trustees of the Trust (the "Board") without prior shareholder approval.

BlackRock Advisors, LLC (the "Manager") believes that the knowledge and experience of its Health Sciences Team enable it to evaluate the macro environment and assess its impact on health sciences companies and the various sub-industries within the health sciences group of industries. Within this framework, the Manager identifies stocks with attractive characteristics, evaluates the use of options and provides ongoing portfolio risk management.

The top-down or macro component of the investment process is designed to assess the various interrelated macro variables affecting the health sciences group of industries as a whole. The Manager evaluates health sciences sub-industries (i.e., pharmaceuticals, biotechnology, medical devices, healthcare services, etc.). Selection of sub-industries within the health sciences group of industries is a result of both the Manager's sub-industry analysis, as well as the Manager's bottom-up fundamental company analysis. Risk/reward analysis is a key component of both top-down and bottom-up analysis.

Bottom-up security selection is focused on identifying companies with the most attractive characteristics within each sub-industry of the health sciences group of industries. The Manager seeks to identify companies with strong product potential, solid earnings growth and/or earnings power which are under appreciated by investors, a quality management team and compelling relative and absolute valuation. The Manager believes that the knowledge and experience of its Health Sciences Team enables it to identify attractive health sciences securities.

Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities of companies principally engaged in the health sciences group of industries and equity derivatives with exposure to the health sciences group of industries. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.

The Trust will consider a company to be principally engaged in the health sciences group of industries if (i) it is classified in an industry within the health sciences group of industries by a third-party industry classification system or (ii) it is not classified in any industry by such third-party industry classification system and the Manager determines that the company is principally engaged in the health sciences group of industries.

Companies in the health sciences group of industries include health care providers as well as businesses involved in researching, developing, producing, distributing or delivering medical, dental, optical, pharmaceutical or biotechnology products, supplies, equipment or services or that provide support services to these companies. These companies also include those that own or operate health facilities and hospitals or provide related administrative, management or financial support. Other companies in the health sciences group of industries in which the Trust may invest include: clinical testing laboratories; diagnostics; hospital, laboratory or physician ancillary products and support services; rehabilitation services; employer health insurance management services; and vendors of goods and services specifically to companies engaged in the health sciences. The Trust will concentrate its investments in the health sciences group of industries.

While the Trust will invest primarily in companies providing products and services for human health, it may also invest in companies whose products or services relate to the growth or survival of animals and plants. Non-human health sciences companies include those engaged in the development, production or distribution of products or services that: increase crop, animal and animal product yields by enhancing growth or increasing disease resistance; improve agricultural product characteristics, such as taste, appearance, nutritional content and shelf life; reduce the cost of producing agricultural products; or improve pet health.

The Trust may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. The Trust will focus its investments in mid- and small-capitalization companies. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.

The Trust invests primarily in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of health sciences companies and limited partnership interests in REITs that own hospitals.

The Trust may invest in shares of companies through IPOs. The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended. The Trust intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. The Trust expects certain of such investments to be in "late-stage private securities," which are securities of private companies that have demonstrated sustainable business operations and generally have a well-known product or service with a strong market presence. Late-stage private companies have generally had large cash flows from their core business operations and are expanding into new markets with their products or services. Late-stage private companies may also be referred to as "pre-IPO companies."

The Trust may invest up to 20% of its total assets in other investments, including equity securities issued by companies that are not principally engaged in the health sciences group of industries and debt securities issued by any issuer, including non-investment grade debt securities. The Trust's investments in non-investment grade securities and

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

those deemed to be of similar quality are considered speculative with respect to the issuer's capacity to pay interest and repay principal and are commonly referred to as "junk" or "high yield" securities. The Trust has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold, and such securities may be of any maturity.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager's determination that it is temporarily unable to follow the Trust's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust's investment strategy is extremely limited or absent.

The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust's portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust's unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as "equity securities" for purposes of its investment policies based upon such investment companies' stated investment objectives, policies and restrictions.

The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Trust's aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may make short sales "against the box" without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security. "Managed Assets" means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust's accrued liabilities (other than money borrowed for investment purposes).

Unless otherwise stated herein, the Trust's investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust's portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust's investment objectives may be changed by the Board without prior shareholder approval; however, the Trust will not change its policy of investing, under normal market conditions, at least 80% of its total assets in equity securities of companies principally engaged in the health sciences group of industries and equity derivatives with exposure to the health sciences group of industries unless it provides shareholders at least 60 days' written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.

**Leverage:** The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust's investment objectives and policies.

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.

The Trust may enter into "dollar roll" transactions.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

**BlackRock Health Sciences Trust (BME)**

The Trust's investment objectives are to provide total return and income primarily through long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its total assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.

The Trust's investment objectives may be changed by the Board of Trustees without prior shareholder approval; however, the Trust will not change its policy of investing, under normal market conditions, at least 80% of its total assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry unless it provides shareholders with notice at least 60 days prior to changing this non-fundamental policy, or unless such change was previously approved by shareholders.

Companies in the health sciences industry include health care providers as well as businesses involved in researching, developing, producing, distributing or delivering medical, dental, optical, pharmaceutical or biotechnology products, supplies, equipment or services or that provide support services to these companies. These companies also include those that own or operate health facilities and hospitals or provide related administrative, management or financial support. Other health sciences industries in which the Trust may invest include: clinical testing laboratories; diagnostics; hospital, laboratory or physician ancillary products and support services; rehabilitation services; employer health insurance management services; and vendors of goods and services specifically to companies engaged in the health sciences. BlackRock Advisors, LLC (the "Manager") determines, in its discretion, whether a company is engaged in the health sciences and related industries.

While the Trust will invest primarily in companies providing products and services for human health, it may also invest in companies whose products or services relate to the growth or survival of animals and plants. Non-human health sciences industries include companies engaged in the development, production or distribution of products or services that: increase crop, animal and animal product yields by enhancing growth or increasing disease resistance, improve agricultural product characteristics, such as taste, appearance, nutritional content and shelf life; reduce the cost of producing agricultural products; or improve pet health.

The Trust will consider a company to be principally engaged in a health sciences or related industry if 50% or more of its revenues are derived from, or 50% or more of its assets are related to, its health sciences business. Although the Trust generally will invest in companies included in the Russell 3000® Index, the Trust may invest in equity securities of health sciences companies with any size market capitalization, including small and mid-cap health sciences companies and companies that are not included in the Russell 3000® Index.

The Trust invests primarily in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of issuers engaged in the health sciences or related industries and equity interests in real estate investment trusts ("REITs") that own hospitals. The Trust may invest in companies of any size market capitalization.

The Trust may invest in preferred securities, including preferred securities that may be converted into common stock or other securities of the same or a different issuer. The types of preferred securities in which the Trust may invest include trust preferred securities.

The Trust may invest in convertible securities. A convertible security is a bond, debenture, note, preferred security or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula.

The Trust may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time.

The Trust may invest in sponsored and unsponsored American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and other similar global instruments.

The Trust may invest in equity interests of REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investor's capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types (i.e., hotels, shopping malls, residential complexes and office buildings).

The Trust may invest without limitation in securities of U.S. issuers and non-U.S. issuers located in countries throughout the world, including in developed and emerging markets. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated. For purposes of the Trust, a company is deemed to be a non-U.S. company if it meets the following tests: (i) such company was not organized in the United States; (ii) such company's primary business office is not in the United States; (iii) the principal trading market for such company's securities is not located in the United States; (iv) less than 50% of such company's assets are located in the United States; or (v) 50% or more of such issuer's revenues are derived from outside the United States.

The Trust may invest up to 20% of its total assets in other investments. These investments may include equity and debt securities of companies not engaged in the health sciences industry. Fixed-income securities in which the Trust may invest include bonds or other debt securities issued by U.S. or foreign (non-U.S.) corporations or other business entities and U.S. Government and agency securities. The Trust has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold, and such securities may be of any maturity.

The Trust reserves the right to invest up to 10% of its total assets in securities rated, at the time of investment, below investment grade quality, such as those rated "Ba" or below by Moody's Investors Service, Inc. and "BB" or below by S&P Global Ratings, or securities comparably rated by other rating agencies or in securities determined by the Manager to be of comparable quality. Such securities commonly are referred to as "high yield" or "junk" bonds.

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

The Trust may invest in registered investment companies in accordance with the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Investment Company Act generally prohibits the Trust from investing more than 5% of its assets in any one other investment company or more than 10% of its assets in all other investment companies.

The Trust may engage in strategic transactions to facilitate portfolio management, mitigate risks and generate total return. The Trust may use a variety of other investment management techniques and instruments. The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques. The Trust also may purchase derivative instruments that combine features of these instruments.

In connection with its hedging and other risk management strategies, the Trust may also enter into contracts for the purchase or sale for future delivery ("future contracts") of securities, aggregates of securities, financial indices, and U.S. Government debt securities or options on the foregoing to hedge the value of its portfolio securities that might result from a change in interest rates or market movements. The Trust may engage in such transactions for bona fide hedging, risk management and other appropriate portfolio management purposes.

The Trust may enter into such transactions without limit for bona fide strategic purposes, including risk management and duration management and other portfolio strategies. The Trust may also engage in transactions in futures contracts or related options for non-strategic purposes to enhance income or gain provided that the Trust will not enter into a futures contract or related option (except for closing transactions) for purposes other than bona fide strategic purposes, or risk management including duration management unless it does so consistent with the rules of the Commodities Futures Trading Commission (the "CFTC").

The Trust may engage in options and futures transactions on exchanges and options in the over-the-counter ("OTC") markets.

The Trust intends to enter into options and futures transactions only with banks or dealers the Manager believes to be creditworthy at the time they enter into such transactions.

The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps ("CFTC Derivatives"), or (ii) markets itself as providing investment exposure to such instruments. To the extent the Trust uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a "commodity pool" or a vehicle for trading such instruments. Accordingly, the Manager has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA") pursuant to Rule 4.5 under the CEA. The Manager is not, therefore, subject to registration or regulation as a "commodity pool operator" under the CEA in respect of the Trust.

The Trust may enter into interest rate swaps and the purchase or sale of interest rate caps and floors. The Trust expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio as a duration management technique or to protect against any increase in the price of securities the Trust anticipates purchasing at a later date. The Trust may enter into interest rate swaps, caps and floors on either an asset-based or liability-based basis.

The Trust intends to use these transactions for risk management purposes and not as a speculative investment. The Trust will not sell interest rate caps or floors that it does not own. The Trust will only enter into interest rate swap, cap or floor transactions with counterparties the Manager believes to be creditworthy at the time they enter into such transactions.

The Trust may engage in credit derivative transactions. There are two broad categories of credit derivatives: default price risk derivatives and market spread derivatives. Default price risk derivatives are linked to the price of reference securities or loans after a default by the issuer or borrower, respectively. Market spread derivatives are based on the risk that changes in market factors, such as credit spreads, can cause a decline in the value of a security, loan or index. There are three basic transactional forms for credit derivatives: swaps, options and structured instruments.

The Trust may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of U.S. dollars or another foreign currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time the forward currency contract is entered into. Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers.

The Trust may make short sales of securities for risk management, in order to maintain portfolio flexibility or to enhance income or gain. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its total assets or the Trust's aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may also make short sales "against the box" without respect to such limitations. In this type of short sale, at the time of the sale, the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security.

The Trust may invest in illiquid investments. Illiquid investments are subject to legal or contractual restrictions on disposition or lack an established secondary market. The sale of restricted and illiquid investments often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of investments eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted investments may sell at a price lower than similar investments that are not subject to restrictions on resale.

The Trust may purchase securities on a "when-issued" basis and may purchase or sell securities on a "forward commitment" basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices. When-issued securities and forward commitments may be sold prior to the settlement date, but the Trust will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be.

The Trust may lend securities with a value up to 33 1/3% of its total assets (including such loans) to banks, brokers and other financial institutions.

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

As temporary investments, the Trust may invest in repurchase agreements. The Trust will only enter into repurchase agreements with registered securities dealers or domestic banks that, in the opinion of the Manager, present minimal credit risk.

The Trust may deviate from its investment strategy and invest all or any portion of its assets in cash, cash equivalents or short-term debt securities when the Manager determines that it is temporarily unable to follow the Trust's investment strategy or that it is impractical to do so or pending re-investment of proceeds received in connection with the sale of a security. The Trust may not achieve its investment objectives when it does so. The Manager's determination that it is temporarily unable to follow the Trust's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust's investment strategy is extremely limited or absent. Short-term debt investments include U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities, certificates of deposit issued against funds deposited in a bank or a savings and loan association, repurchase agreements, which involve purchases of debt securities, and commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a major rating agency and which mature within one year of the date of purchase or carry a variable or floating rate of interest.

**Leverage:** The Trust does not currently borrow money for investment purposes or have preferred shares outstanding, and has no present intention of borrowing money for investment purposes or issuing preferred shares in the future.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

The Trust may enter into reverse repurchase agreements and "dollar roll" transactions.

**BlackRock Technology and Private Equity Term Trust (BTX) (formerly, BlackRock Innovation and Growth Term Trust)**

The Trust's investment objectives are to provide total return and income primarily through long-term capital appreciation. The Trust is not intended as, and you should not construe it to be, a complete investment program. There can be no assurance that the Trust's investment objectives will be achieved or that the Trust's investment program will be successful. The Trust's investment objectives may be changed by the Board of Trustees of the Trust (the "Board") without prior shareholder approval.

Under normal market conditions, the Trust will invest at least 80% of its total assets in a combination of equity securities issued by U.S. and non-U.S. technology companies and privately held companies. These investments can be in any market capitalization range and will be selected for their rapid and sustainable growth potential.

Technology and technology-related companies may include companies operating in any industry, including, but not limited to software, internet software & services, IT services, hardware, communications equipment, semiconductors and semiconductor equipment, media, internet retail, consumer finance, life sciences tools & services, biotechnology, defense/aerospace, diversified telecom services and wireless telecom services. The Trust may invest in both developed and emerging markets. BlackRock Advisors, LLC, the Trust's investment adviser (the "Adviser"), determines, in its discretion, whether a company is a technology or technology-related company.

The Trust may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. Equity securities in which the Trust may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds and equity interests in real estate investment trusts and master limited partnerships.

The Trust may invest in shares of companies through initial public offerings. The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Exchange Act.

The Trust will concentrate its investments in companies operating in one or more industries within the technology group of industries.

The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as "equity securities" for purposes of its investment policies based upon such investment companies' stated investment objectives, policies and restrictions.

The Trust may also purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter ("OTC") put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust's portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust's unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

The Trust may not concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Trust will concentrate its investments in companies operating in one or more industries within the technology group of industries.

Unless otherwise stated herein, the Trust's investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust's portfolio described in this prospectus apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust's investment objectives may be changed by the Board without prior shareholder approval.

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager's determination that it is temporarily unable to follow the Trust's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust's investment strategy is extremely limited or absent.

The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may engage in active and frequent trading of portfolio securities to achieve its investment objectives.

Unless otherwise stated herein, the Trust's investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust's portfolio described in this prospectus apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust's investment objectives may be changed by the Board without prior shareholder approval.

**Leverage:** The Trust currently does not intend to borrow money or issue debt securities or preferred shares. The Trust is, however, permitted to borrow money or issue debt securities in an amount up to 33 1/3% of its Managed Assets (50% of its net assets), and issue preferred shares in an amount up to 50% of its Managed Assets (100% of its net assets). "Managed Assets" means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust's accrued liabilities (other than money borrowed for investment purposes). Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares.

The Trust is permitted to leverage its portfolio by entering into one or more credit facilities.

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to the Trust's investment restrictions.

The Trust may enter into "dollar roll" transactions.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

**BlackRock Resources & Commodities Strategy Trust (BCX)**

The Trust's investment objectives are to provide total return and income through a combination of current income and long-term capital appreciation. The Trust will seek to achieve its objectives by investing substantially all of its assets in equity securities issued by commodity or natural resources companies, derivatives with exposure to commodity or natural resources companies or investments in securities and derivatives linked to the underlying price movement of commodities or natural resources, including commodity-linked derivatives such as commodity-linked notes, commodity futures, forward contracts and swaps and other similar derivative instruments and investment vehicles that invest in commodities, natural resources or commodity-linked derivatives. The Trust's investment objectives are not fundamental and may be changed by the Board of Trustees of the Trust (the "Board").

The Trust will seek to achieve its investment objectives, under normal market conditions, by investing at least 80% of its total assets in equity securities issued by commodity or natural resources companies, derivatives with exposure to commodity or natural resources companies or investments in securities and derivatives linked to the underlying price movement of commodities or natural resources, including commodity-linked derivatives such as commodity-linked notes, commodity futures, forward contracts and swaps and other similar derivative instruments and investment vehicles that invest in commodities, natural resources or commodity-linked derivatives. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. Commodities and natural resources include, without limitation, minerals, metals (including precious, industrial and rare metals), steel, agricultural products and commodities, livestock, environmental commodities, wool, ethanol, chemicals, forest products (including wood, pulp and paper), plastic, rubber, sugar, cotton, cocoa, coffee, basic materials, building materials, water, oil, gas, consumable fuel, energy and other natural resources. Commodity and natural resources companies, include, but are not limited to, companies in commodities, natural resources and energy businesses and in associated businesses and companies that provide services or have exposure to such businesses (collectively, the "Commodities and Natural Resources Sector"). These companies include, without limitation, companies engaged in the exploration, ownership, production, refinement, processing, transportation, distribution or marketing of commodities or natural resources, companies that use commodities and natural resources extensively in their products, including companies that are engaged in businesses such as integrated oil, oil and gas exploration and production, gold, metals and minerals, steel and iron ore production, aluminum and related products, energy services, and technology, metal production, forest products, including timber and related wood and paper products, chemicals, fertilizer and agricultural chemicals, building materials, coal and other consumable fuel, alternative energy sources, environmental services and agricultural products (including crop growers, owners of plantations, and companies that produce and process foods), as well as related transportation companies and equipment manufacturers. The Trust will consider a company to be a commodity or natural resources company if: (i) at least 50% of the company's assets, income, sales or profits are committed to or derived from the Commodities and Natural Resources Sector; or (ii) a third party classification (such as (a) Standard Industry Classifications and the North American Industry Classification System, each of which is published by the Executive Office of the President, Office of Management and Budget and (b) classifications used by third party data providers including, without limitation, FactSet Research Systems Inc. and MSCI Barra), has given the company an industry or sector classification consistent with the Commodities and Natural Resources Sector.

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

Equity securities held by the Trust may include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, equity interests in Canadian Royalty Trusts, and equity interests in master limited partnerships ("MLPs"). The Trust will not invest more than 25% of the value of its total assets in MLPs. The Trust's economic exposure to securities and derivatives linked to the underlying price movements of commodities or natural resources, including commodity-linked derivatives such as commodity-linked notes, commodity futures, forward contracts and swaps and other similar derivative instruments and investment vehicles that invest in commodities, natural resources or commodity-linked derivatives ("Commodity-Related Instruments") will not exceed 20% of its total assets. Commodity-Related Instruments may include, but will not be limited to, investments in structured notes, partnership interests, exchange-traded funds that make commodity-related or natural resources-related investments, mutual funds and strategic transactions, including futures contracts on commodities and natural resources, forward contracts on commodities and natural resources and swap contracts on commodities and natural resources.

The Trust may invest in such Commodity-Related Instruments either directly or indirectly through the BlackRock Cayman Resources & Commodities Strategy Fund, Ltd., a wholly-owned subsidiary of the Trust formed in the Cayman Islands (the "Subsidiary"). Investments in the Subsidiary are intended to provide the Trust with exposure to commodities market returns within the limitations of the federal tax requirements that apply to the Trust. The Trust may gain exposure to certain Commodity-Related Instruments and certain other commodity-related and natural resources-related investments that, if the Trust invested in such investments directly, would not produce qualifying income for purposes of the income tests applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, by investing in the Subsidiary. The Manager is the manager of the Subsidiary. The Subsidiary (unlike the Trust) may invest without limitation in commodity-related instruments. <br>

The Subsidiary will be managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and procedures adopted by the Trust. As a result, the Manager, in managing the Subsidiary's portfolio, will be subject to the same investment policies and restrictions that apply to the management of the Trust, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the valuation of the Subsidiary's portfolio investments and shares of the Subsidiary. The Trust and Subsidiary will test for compliance with certain investment restrictions on a consolidated basis, except that with respect to the Subsidiary's investments in certain securities that may involve leverage, the Subsidiary will comply with asset segregation requirements to the same extent as the Trust.

The Manager will provide investment management and other services to the Subsidiary pursuant to the investment management agreement among the Manager, the Trust and the Subsidiary. The Trust and the Subsidiary will pay the Manager based on the Trust's assets (excluding the value of the Trust's interest in the Subsidiary) and the Subsidiary's assets, respectively. The Subsidiary has also entered into separate contracts for the provision of custody and audit services with the same or with affiliates of the same service providers that provide those services to the Trust. The financial statements of the Subsidiary are consolidated with the Trust's financial statements in the Trust's annul and semi-annual reports.

Although the Trust is permitted to invest up to 20% of its total assets in Commodity-Related Instruments, the Trust is not required to invest in Commodity-Related Instruments and does not currently expect to invest in securities and derivatives linked to the underlying price movement of commodities or natural resources. The Trust may invest in Commodity-Related Instruments (either directly or through the Subsidiary) when BlackRock Advisors, LLC (the "Manager") or BlackRock International Limited ("BIL" and together with the Manager, the "Advisors"), the Trust's sub-advisor, believes it is advantageous for the Trust to do so.

While permitted, the Trust does not currently expect to invest in securities and derivatives linked to the underlying price movement of commodities or natural resources; therefore, the Trust does not currently intend to invest any assets in the Subsidiary.

The Commodity Futures Trading Commission (the "CFTC") subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests directly or indirectly more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps ("CFTC Derivatives"), or (ii) markets itself as providing investment exposure to such instruments. To the extent the Trust uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a "commodity pool" or a vehicle for trading such instruments. Accordingly, the Manager has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA") pursuant to Rule 4.5 under the CEA. The Manager is not, therefore, subject to registration or regulation as a "commodity pool operator" under the CEA in respect of the Trust.

The Trust may invest in companies of any market capitalization located anywhere in the world. The Trust expects to invest primarily in companies located in developed countries, but may invest in companies located in emerging markets.

The Trust may invest up to 20% of its total assets in debt securities issued by companies in the Commodities and Natural Resources Sector or any type of securities issued by companies that are not in the Commodities and Natural Resources Sector.

The Trust may engage in strategic transactions for hedging purposes or to enhance total return. The Trust may also engage in short sales of securities.

The Trust may lend securities with a value up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may implement various temporary "defensive" strategies at times when the Advisors determine that conditions in the markets make pursuing the Trust's basic investment strategy inconsistent with the best interests of its shareholders. These strategies may include investing all or a portion of the Trust's assets in U.S. Government obligations and short-term debt securities that may be either tax-exempt or taxable.

Under current market conditions, the Trust currently does not intend to engage in short sales or incur indebtedness or issue preferred shares for investment purposes, except the Trust may engage for hedging purposes, risk management, or to enhance total return, including engaging in transactions, such as options, futures, swaps, foreign currency transactions, such as forward foreign currency contracts, currency swaps or options on currency and currency futures and other derivatives transactions , repurchase agreements, reverse repurchase agreements, when issued or forward commitment transactions and similar investment strategies, which may give rise to a form of leverage.

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

Unless otherwise stated herein, the Trust's investment objectives and investment policies are non-fundamental policies and may be changed by the Board. In addition, the percentage limitations applicable to the Trust's portfolio described herein apply only at the time of investment, and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns.

**BlackRock Science and Technology Term Trust (BSTZ)**

The Trust's investment objectives are to provide total return and income primarily through long-term capital appreciation. The Trust's investment objectives may be changed by the Board of Trustees of the Trust (the "Board") without prior shareholder approval.

BlackRock Advisors, LLC (the "Manager") may consider a variety of factors when choosing investments for the Trust, but expects to select companies with the potential for rapid and sustainable growth from the development, advancement and use of science and/or technology.

In addition, a variety of countries, including emerging market countries, and industries are likely to be represented in the Trust's portfolio.

The Trust generally will sell a stock when, in the Manager's opinion, the stock is fully valued, there is a need to rebalance the portfolio or there is a better opportunity elsewhere.

The Trust may engage in active and frequent trading of portfolio securities to seek to achieve its investment objectives.

Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities issued by U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.

Science and technology companies are companies whose products, processes or services, in the Manager's view, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. These companies include companies that, in the Manager's view, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage, as well as companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities.

Science, technology and science- or technology-related companies may include companies operating in any industry, including, but not limited to software, internet software & services, IT services, hardware, communications equipment, semiconductors and semiconductor equipment, media, internet retail, consumer finance, life sciences tools & services, biotechnology, pharmaceuticals, energy, defense/aerospace, diversified telecom services and wireless telecom services. It is anticipated that the Trust's investments will be focused on companies within such industries that the Manager expects will generate a majority of their revenues from the development, advancement, use or sale of new and emerging, or "next generation," science- or technology-related products, processes or services. There is no assurance, however, that any of the Trust's assets will be invested in such companies at any time. The Manager determines, in its discretion, whether a company is a science, technology or science- or technology-related company.

The Trust may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. Equity securities in which the Trust may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds ("ETFs") and equity interests in real estate investment trusts ("REITs") and master limited partnerships. The Trust may invest in shares of companies through initial public offerings ("IPOs"). The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended. Under normal market conditions, the Trust intends to invest in illiquid privately placed or restricted securities. The Trust expects certain of such investments to be in "pre-IPO securities," which are securities of new and early stage companies, often funded by venture capital, whose securities have not been offered to the public and are not publicly traded. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.

The Trust may also invest in securities of other open- or closed-end investment companies, including ETFs and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as "equity securities" for purposes of its investment policies based upon such investment companies' stated investment objectives, policies and restrictions.

The Trust will concentrate its investments in companies operating in one or more industries within the technology group of industries.

The Trust may invest up to 20% of its total assets in equity securities issued by companies that are not science or technology companies and in debt securities issued by any issuer, including non-investment grade debt securities. The Trust's investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer's capacity to pay interest and repay principal and are commonly referred to as "junk" or "high yield" securities.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager's determination that it is temporarily unable to follow the Trust's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust's investment strategy is extremely limited or absent.

The Trust may invest in structured instruments (such as equity-linked notes) for investment purposes or for risk management or leveraging purposes.

The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other

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**Investment Objectives and Policies** (continued)

derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust's portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust's unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Trust's aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may make short sales "against the box" without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security. "Managed Assets" means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust's accrued liabilities (other than money borrowed for investment purposes).

Unless otherwise stated herein, the Trust's investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust's portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust's policy to invest at least 80% of its total assets in equity securities issued by U.S. and non-U.S. science and technology companies in any market capitalization range may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days' written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.

**Leverage:** The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust's investment objectives and policies.

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.

The Trust may enter into "dollar roll" transactions.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

**BlackRock Science and Technology Trust (BST)**

The Trust's investment objectives are to provide total return and income primarily through long-term capital appreciation. The Trust's investment objectives may be changed by the Board of Trustees (the "Board") without prior shareholder approval.

BlackRock Advisors, LLC (the "Manager") may consider a variety of factors when choosing investments for the Trust, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•selecting companies with the potential for rapid and sustainable growth from the development, advancement and use of science and/or technology (high growth science and technology stocks); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifying companies that have above-average return potential based on factors such as revenue and earnings growth, profitability, valuation and dividend yield (cyclical science and technology stocks).

In addition, a variety of countries, including emerging market countries, and industries are likely to be represented in the Trust's portfolio.

The Trust generally will sell a stock when, in the Manager's opinion, the stock is fully valued, there is a need to rebalance the portfolio or there is a better opportunity elsewhere.

The Trust may engage in active and frequent trading of portfolio securities to seek to achieve its investment objectives.

Under normal market conditions, the Trust invests at least 80% of its total assets in equity securities issued by U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology (high growth science and technology stocks), and/or potential to generate current income from advantageous dividend yields (cyclical science and technology stocks). The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.

Science and technology companies are companies whose products, processes or services, in the Manager's view, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. These companies include companies that, in the Manager's view, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage, as well as companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities.

Science, technology and science- or technology-related companies may include companies operating in any industry, including, but not limited to software, internet software & services, IT services, hardware, communications equipment, semiconductors and semiconductor equipment, media, internet retail, consumer finance, life sciences tools &

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**Investment Objectives and Policies** (continued)

services, biotechnology, pharmaceuticals, energy, defense/aerospace, diversified telecom services and wireless telecom services. Examples of potential high growth companies include those operating in IT services, the internet, software and sciences; examples of potential cyclical companies include those operating in hardware, telecom, semiconductors and components. The Manager determines, in its discretion, whether a company is a science, technology or science- or technology-related company.

The Trust may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. Equity securities in which the Trust may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds and equity interests in real estate investment trusts and master limited partnerships. From time to time, the Trust may invest in shares of companies through initial public offerings. The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended. The Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.

The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as "equity securities" for purposes of its investment policies based upon such investment companies' stated investment objectives, policies and restrictions.

The Trust will concentrate its investments in companies operating in one or more industries within the technology group of industries.

The Trust may invest up to 20% of its total assets in equity securities issued by companies that are not science or technology companies and in debt securities issued by any issuer, including non-investment grade debt securities. The Trust's investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer's capacity to pay interest and repay principal and are commonly referred to as "junk" or "high yield" securities.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager's determination that it is temporarily unable to follow the Trust's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust's investment strategy is extremely limited or absent.

The Trust may invest in structured instruments (such as equity-linked notes) for investment purposes or for risk management or leveraging purposes.

The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust's portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust's unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Trust's aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may make short sales "against the box" without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security. "Managed Assets" means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust's accrued liabilities (other than money borrowed for investment purposes).

Unless otherwise stated herein, the Trust's investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust's portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust's policy to invest at least 80% of its total assets in equity securities issued by U.S. and non-U.S. science and technology companies in any market capitalization range may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days' written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.

**Leverage:** The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares.

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.

The Trust may enter into "dollar roll" transactions.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

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**Investment Objectives and Policies** (continued)

**BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)**

The Trust's investment objectives are to provide total return and income through a combination of current income and long-term capital appreciation. The Trust's investment objectives may be changed by the Board of Trustees of the Trust (the "Board") without prior shareholder approval.

The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies that are engaged in the Utilities, Infrastructure or Power Opportunities business segments (as defined below) anywhere in the world.

Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities issued by companies that are engaged in the Utilities, Infrastructure or Power Opportunities business segments. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Trust considers the "Utilities" business segment to include products, technologies and services connected to the management, ownership operation, construction, development or financing of facilities used to generate, transmit or distribute electricity, water, natural resources or telecommunications, the "Infrastructure" business segment to include companies that own or operate infrastructure assets or that are involved in the development, construction, distribution or financing of infrastructure assets (as described herein), and the "Power Opportunities" business segment to include companies with a significant involvement in, supporting, or necessary to renewable energy technology and development, alternative fuels, energy efficiency, automotive and sustainable mobility and technologies that enable or support the growth and adoption of new power and energy sources. Such companies may include, among others, electrical equipment producers (such as wind turbine manufacturers), producers of industrial and specialty chemicals (such as building insulation producers) and semi-conductor and equipment companies (such as solar panel manufacturers).

The Trust may invest in companies of any market capitalization. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. Although the Trust expects to invest primarily in companies located in developed countries, it may invest in companies located in emerging markets. Equity securities in which the Trust may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds, equity interests in real estate investment trusts, Canadian Royalty Trusts and master limited partnerships ("MLPs"). The Trust will not invest more than 25% of the value of its total assets in MLPs. The Trust may invest directly in equity securities or synthetically through the use of derivatives.

The Trust may invest up to 20% of its total assets in equity securities issued by companies that are not engaged in the Utilities, Infrastructure or Power Opportunities business segments and debt securities issued by any issuer, including up to 10% of its total assets in non-investment grade debt securities. The Trust's investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer's capacity to pay interest and repay principal and are commonly referred to as "junk" or "high yield" securities.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. BlackRock Advisors, LLC's (the "Manager") and BlackRock International Limited's ("BIL" and together with the Manager, the "Advisors"), the Trust's sub-advisor, determination that they are temporarily unable to follow the Trust's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust's investment strategy is extremely limited or absent.

The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust's portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust's unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

The Trust may lend securities with a value up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 15% of the value of its total assets or the Trust's aggregate short sales of a particular class of securities exceeds 15% of the outstanding securities of that class. The Trust may make short sales "against the box" without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security.

Unless otherwise stated herein, the Trust's investment objectives and policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The Trust's policy to invest at least 80% of its total assets in equity securities issued by companies that are engaged in the Utilities, Infrastructure and Power Opportunities business segments may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days' written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.

**Leverage:** The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust's investment objectives and policies.

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.

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Investment Objectives, Policies and Risks (continued)

**Investment Objectives and Policies** (continued)

The Trust may enter into derivative securities transactions that have leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

**Risk Factors**

This section contains a discussion of the general risks of investing in each Trust. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Trust will meet its investment objective or that the Trust's performance will be positive for any period of time. Each risk noted below is applicable to each Trust unless the specific Trust or Trusts are noted in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Non-Diversification Risk (BGR, BCX and BTX):** The Trust is a non-diversified fund. Because the Trust may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.

**Limited Term Risk (BMEZ, BTX and BSTZ):** In accordance with the Trust's Agreement and Declaration of Trust, the Trust intends to dissolve as of the first business day following the twelfth anniversary of the effective date of the Trust's initial registration statement (the "Dissolution Date"); provided that the Board may, by a vote of a majority of the Board and seventy-five percent (75%) of the members of the Board who either (i) have been a member of the Board for a period of at least thirty-six months (or since the commencement of the Trust's operations, if less than thirty-six months) or (ii) were nominated to serve as a member of the Board by a majority of the Continuing Trustees then members of the Board (a "Board Action Vote"), without shareholder approval, extend the Dissolution Date: (i) once for up to one year, and (ii) once for up to an additional six months, to a date up to and including eighteen months after the initial Dissolution Date (which date shall then become the Dissolution Date). As of a date within twelve months preceding the Dissolution Date (as may be extended as described above), the Board may, by a Board Action Vote, cause the Trust to conduct a tender offer to all common shareholders to purchase 100% of the then outstanding common shares of the Trust at a price equal to the net asset value ("NAV") per common share on the expiration date of the tender offer (an "Eligible Tender Offer"). The Board has established that the Trust must have at least $200 million of aggregate net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Trust (the "Dissolution Threshold"). In an Eligible Tender Offer, the Trust will offer to purchase all common shares held by each common shareholder; provided that if the payment for properly tendered common shares would result in the Trust having aggregate net assets below the Dissolution Threshold, the Eligible Tender Offer will be canceled and no common shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Trust will begin (or continue) liquidating its portfolio and proceed to dissolve on or about the Dissolution Date. If the payment for properly tendered common shares would result in the Trust having aggregate net assets greater than or equal to the Dissolution Threshold, all common shares properly tendered and not withdrawn will be purchased by the Trust pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and provide for the Trust's perpetual existence.

Unless the limited term provision of the Trust's Agreement and Declaration of Trust is amended by shareholders in accordance with the Agreement and Declaration of Trust, or unless the Trust completes an Eligible Tender Offer and converts to perpetual existence, the Trust will dissolve on or about the first business day following the Dissolution Date. **The Trust is not a so called "target date" or "life cycle" fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Trust is not a "target term" fund and thus does not seek to return its initial public offering price per common share upon dissolution.** As the assets of the Trust will be liquidated in connection with its dissolution, the Trust may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Trust to lose money. In addition, as the Trust approaches the Dissolution Date, the Manager may invest the proceeds of sold, matured or called securities in money market mutual funds, cash, cash equivalents, securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, high quality, short-term money market instruments, short-term debt securities, certificates of deposit, bankers' acceptances and other bank obligations, commercial paper or other liquid debt securities, which may adversely affect the Trust's investment performance. Rather than reinvesting proceeds received from sales of or payments received in respect of portfolio securities, the Trust may distribute such proceeds in one or more liquidating distributions prior to the final dissolution, which may cause the Trust's fixed expenses to increase when expressed as a percentage of net assets attributable to common shares, or the Trust may invest the proceeds in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the Trust. The final distribution of net assets upon dissolution may be more than, equal to or less than $20.00 per common share. Because the Trust may adopt a plan of liquidation and make liquidating distributions in advance of the Dissolution Date, the total value of the Trust's assets returned to common shareholders upon dissolution will be impacted by decisions of the Board and the Manager regarding the timing of adopting a plan of liquidation and making liquidating distributions. This may result in common shareholders receiving liquidating distributions with a value more or less than the value that would have been received if the Trust had liquidated all of its assets on the Dissolution Date, or any other potential date for liquidation, and distributed the proceeds thereof to shareholders.

If the Trust conducts an Eligible Tender Offer, the Trust anticipates that funds to pay the aggregate purchase price of shares accepted for purchase pursuant to the tender offer will be first derived from any cash on hand and then from the proceeds from the sale of portfolio investments held by the Trust. The risks related to the disposition of securities in connection with the Trust's dissolution also would be present in connection with the disposition of securities in connection with an Eligible Tender Offer. It is likely that during the pendency of a tender offer, and possibly for a time thereafter, the Trust will hold a greater than normal percentage of its total assets in cash and cash equivalents, which may impede the Trust's ability to achieve its investment objectives and decrease returns to shareholders. The tax effect of any such dispositions of portfolio investments will depend on the difference between the price at which the investments are sold and the tax basis of the Trust in the investments.

Any capital gains recognized on such dispositions, as reduced by any capital losses the Trust realizes in the year of such dispositions and by any available capital loss carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) or ordinary dividends (to the extent of net short-term capital gains over net long-term capital losses) during or with respect to such year, and such distributions will generally be taxable to common shareholders. If the Trust's tax basis for the investments sold is less than the sale proceeds, the Trust will recognize capital gains, which the Trust intends to distribute to common shareholders. In addition, the Trust's purchase of tendered common shares pursuant to an Eligible Tender Offer will have tax consequences for tendering common shareholders and may have tax consequences for non-tendering common shareholders.

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Investment Objectives, Policies and Risks (continued)

**Risk Factors** (continued)

The purchase of common shares by the Trust pursuant to an Eligible Tender Offer will have the effect of increasing the proportionate interest in the Trust of non-tendering common shareholders. All common shareholders remaining after an Eligible Tender Offer will be subject to any increased risks associated with the reduction in the Trust's assets resulting from payment for the tendered common shares, such as greater volatility due to decreased diversification and proportionately higher expenses. The reduced assets of the Trust as a result of an Eligible Tender Offer may result in less investment flexibility for the Trust and may have an adverse effect on the Trust's investment performance. Such reduction in the Trust's assets may also cause common shares of the Trust to become thinly traded or otherwise negatively impact secondary trading of common shares. A reduction in assets, and the corresponding increase in the Trust's expense ratio, could result in lower returns and put the Trust at a disadvantage relative to its peers and potentially cause the Trust's common shares to trade at a wider discount, or smaller premium, to NAV than they otherwise would. Furthermore, the portfolio of the Trust following an Eligible Tender Offer could be significantly different and, therefore, common shareholders retaining an investment in the Trust could be subject to greater risk. For example, the Trust may be required to sell its more liquid, higher quality portfolio investments to purchase common shares that are tendered in an Eligible Tender Offer, which would leave a less liquid, lower quality portfolio for remaining shareholders. The prospects of an Eligible Tender Offer may attract arbitrageurs who would purchase the common shares prior to the tender offer for the sole purpose of tendering those shares which could have the effect of exacerbating the risks described herein for shareholders retaining an investment in the Trust following an Eligible Tender Offer.

The Trust is not required to conduct an Eligible Tender Offer. If the Trust conducts an Eligible Tender Offer, there can be no assurance that the payment for tendered common shares would not result in the Trust having aggregate net assets below the Dissolution Threshold, in which case the Eligible Tender Offer will be canceled, no common shares will be repurchased pursuant to the Eligible Tender Offer and the Trust will liquidate on the Dissolution Date (subject to possible extensions). Following the completion of an Eligible Tender Offer in which the payment for tendered common shares would result in the Trust having aggregate net assets greater than or equal to the Dissolution Threshold, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and provide for the Trust's perpetual existence. Thereafter, the Trust will have a perpetual existence. There is no guarantee that the Board will eliminate the Dissolution Date following the completion of an Eligible Tender Offer so that the Trust will have a perpetual existence. The Manager may have a conflict of interest in recommending to the Board that the Dissolution Date be eliminated and the Trust have a perpetual existence. The Trust is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to perpetual existence. Therefore, remaining common shareholders may not have another opportunity to participate in a tender offer. Shares of closed-end management investment companies frequently trade at a discount from their NAV, and as a result remaining common shareholders may only be able to sell their shares at a discount to NAV.

Although it is anticipated that the Trust will have distributed substantially all of its net assets to shareholders as soon as practicable after the Dissolution Date, securities for which no market exists or securities trading at depressed prices, if any, may be placed in a liquidating trust. Securities placed in a liquidating trust may be held for an indefinite period of time, potentially several years or longer, until they can be sold or pay out all of their cash flows. During such time, the shareholders will continue to be exposed to the risks associated with the Trust and the value of their interest in the liquidating trust will fluctuate with the value of the liquidating trust's remaining assets. Additionally, the tax treatment of the liquidating trust's assets may differ from the tax treatment applicable to such assets when held by the Trust. To the extent the costs associated with a liquidating trust exceed the value of the remaining securities, the liquidating trust trustees may determine to dispose of the remaining securities in a manner of their choosing. The Trust cannot predict the amount, if any, of securities that will be required to be placed in a liquidating trust or how long it will take to sell or otherwise dispose of such securities.

**Investment and Market Discount Risk:** An investment in the Trust's common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Trust's common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust's net asset value could decrease as a result of its investment activities. At any point in time an investment in the Trust's common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust's investment, market discount and certain other risks will be magnified.

**Equity Securities Risk:** Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions.

**Common Stock Risk:** Common stocks represent equity ownership in a company. Stock markets are volatile. The price of common stock will fluctuate and can decline and reduce the value of a portfolio investing in equities. The value of common stock purchased by the Trust could decline if the financial condition of the companies the Trust invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation, interest or currency rates or generally adverse investor sentiment.

**Small and Mid-Capitalization Company Risk:** Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.

**Preferred Securities Risk:** Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.

**Convertible Securities Risk (BGR, BDJ, BOE, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):** The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the

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Investment Objectives, Policies and Risks (continued)

**Risk Factors** (continued)

issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.

**Warrants Risk (BGR, BOE, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):** If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Depositary Receipts Risk (BGR, BOE, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):** Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose the Trust to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their respective markets and currencies, they continue to be subject to many of the risks associated with investing directly in foreign securities, including political, economic, and currency risk.

**REIT Investment Risk (BDJ, BOE, BGY, BMEZ, BME, BSTZ, BST and BUI):** Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

**Master Limited Partnerships Risk (BGR, BCX, BSTZ, BST and BUI):** The common units of a master limited partnership ("MLP") are listed and traded on U.S. securities exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.

**Canadian Royalty Trust Risk (BGR, BCX and BUI):** Canadian Royalty Trusts are exposed to many of the same risks as energy and natural resources companies, such as commodity pricing risk, supply and demand risk and depletion and exploration risk.

**Initial Public Offerings ("IPOs") Risk (BOE, BMEZ, BME, BTX, BSTZ and BST):** The Trust may invest in shares of companies through IPOs. Securities issued in IPOs have no trading history, and information about the companies may be available for limited periods of time. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO.

**Investments in Unseasoned Companies (BDJ, BOE, BGY, BMEZ, BME, BTX, BCX and BSTZ):** The Trust may invest in the securities of smaller, less seasoned companies. These investments may present greater opportunities for growth, but also involve greater risks than customarily are associated with investments in securities of more established companies. Some of the companies in which the Trust may invest may be start-up companies which may have insubstantial operational or earnings histories or may have limited products, markets, financial resources or management depth. Some may also be emerging companies at the research and development stage with no products or technologies to market or approved for marketing. Securities of emerging companies may lack an active secondary market and may be subject to more abrupt or erratic price movements than securities of larger, more established companies or stock market averages in general. Competitors of certain companies may have substantially greater financial resources than many of the companies in which the Trust may invest. Further, an unseasoned company is more at risk of loss in an adverse market due to its lack of financial resources and ability to sustain itself for an extended period of time in such a market.

**Dividend-Paying Equity Securities Risk (CII, BDJ, BOE, BGY and BME):** Dividends on common equity securities that the Trust may hold are not fixed but are declared at the discretion of an issuer's board of directors. Companies that have historically paid dividends on their securities are not required to continue to pay dividends on such securities. There is no guarantee that the issuers of the common equity securities in which the Trust invests will declare dividends in the future or that, if declared, they will remain at current levels or increase over time. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. Dividend producing equity securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity to interest rate changes. The Trust's investments in dividend producing equity securities may also limit its potential for appreciation during a broad market advance.

The prices of dividend producing equity securities can be highly volatile. Investors should not assume that the Trust's investments in these securities will necessarily reduce the volatility of the Trust's NAV or provide "protection," compared to other types of equity securities, when markets perform poorly.

**Investment Style Risk:** Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Trust is out of favor, the Trust may underperform other equity funds that use different investment styles.

**Debt Securities Risk (BGR, BOE, BMEZ, BME, BCX, BSTZ, BST and BUI):** Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in further detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Trust's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

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Investment Objectives, Policies and Risks (continued)

**Risk Factors** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Trust's investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust's investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust's net asset value. The Trust may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.

To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Trust to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the "full faith and credit" of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and could hurt the Trust's performance.

&nbsp;&nbsp;&nbsp;&nbsp;•Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest the proceeds in securities with lower yields.

**High Yield Bonds Risk (BGR, BOE, BMEZ, BME, BCX, BSTZ, BST and BUI):** Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Trust.

**U.S. Government Obligations Risk (CII, BMEZ, BME, BCX, BSTZ and BUI):** Certain securities in which the Trust may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative "debt ceiling." Such non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.

**Structured Securities Risk (BMEZ, BME, BCX, BSTZ and BST):** Because structured securities of the type in which the Trust may invest typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterparty risk. The Trust may have the right to receive payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured securities are subordinate to other classes. The Trust is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. Structured securities are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be "investment companies" as defined in the Investment Company Act. As a result, the Trust's investment in such securities may be limited by certain investment restrictions contained in the Investment Company Act.

**Derivatives Risk**: The Trust's use of derivatives may increase its costs, reduce the Trust's returns and/or increase volatility. Derivatives involve significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leverage Risk — The Trust's use of derivatives can magnify the Trust's gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust's derivatives positions to lose value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.

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Investment Objectives, Policies and Risks (continued)

**Risk Factors** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.

&nbsp;&nbsp;&nbsp;&nbsp;•Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Trust's use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Trust's hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.

**Foreign Securities Risk:** Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;•Changes in foreign currency exchange rates can affect the value of the Trust's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Trust's claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust's net asset value for such refunds may be written down partially or in full, which will adversely affect the Trust's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trust's investments.

**Foreign Currency Transactions Risk (BGR, BDJ, BME and BCX):** The Trust may invest in forward foreign currency exchange contracts. Forward foreign currency exchange contracts do not eliminate movements in the value of non-U.S. currencies and securities but rather allow the Trust to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.

**Emerging Markets Risk:** Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.

**China Investments Risk (BGR):** Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. Despite significant economic and market reforms in recent decades, the Chinese government's control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other countries, including military conflicts in response to such events, may disrupt China's economy and markets and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

**Risk Factors** (continued)

China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China's economy and Chinese issuers in which the Fund invests. Incidents involving China's or the region's security may adversely affect the Chinese economy and markets and the Fund's investments. The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or a trade war between China and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. Certain companies may be subject to economic or trade restrictions (but not investment restrictions) imposed by the United States or other governments due to national security, human rights or other concerns of such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in such companies. Other economic challenges for China include indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its exporting of its excess industrial capacity and overall approach to economic management.

The United States and China have been engaged in an ongoing trade war with one another, which has led to trade frictions between their economies and negative flow-on consequences on global markets and other nations closely affiliated with those countries. The current political climate has intensified concerns about an ongoing trade war between China and the United States, as each country has imposed tariffs on the other country's products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, which could have a negative impact on the Fund's performance. In addition, there is a risk that further capital controls and/or sanctions may be imposed, which could include the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory actions, such as seizure of assets. Any of these actions could severely impair the Fund's ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to Chinese securities and assets, including the ability to transfer the Fund's assets or income back into the United States, and could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund's operations, causing the Fund to decline in value. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. From time to time, China has experienced outbreaks of infectious illnesses. The country may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund's investments.

Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may have limited legal remedies. Many Chinese companies listed on U.S. exchanges use variable interest entities or "VIEs" in their structure as a result of foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection considerations.

**China Risk — Risk of Investing through Stock Connect (BGR):** Investing in eligible ETFs and A-shares ("Stock Connect Securities") through Stock Connect is subject to trading, clearance, settlement and other procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to the Daily Quota, which may restrict the Fund's ability to invest in Stock Connect Securities through Stock Connect on a timely basis and could affect the Fund's ability to effectively pursue its investment strategy. Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock Connect Securities through Stock Connect may subject the Fund to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading.

**China Risk — Withholding Income Tax Risk (BGR):** According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.

There are however certain tax exemptions available, some temporary in nature, highlighted below.

On November 14, 2014, the Ministry of Finance ("MoF"), China Securities Regulatory Commission and the State Taxation Administration ("STA"), acting with State Council's approval, jointly released Circular 79, which temporarily exempts Qualified Foreign Institutional Investors ("QFIIs") and Renminbi Qualified Foreign Institutional Investors ("RQFIIs") from tax on capital gains derived from the trading of shares and other equity interest investments on or after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock exchanges ("A-Shares") through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a "Stock Connect" and collectively, "Stock Connects"). The duration of the temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or without notice.

On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On January 15, 2026, it was announced via Public Notice 5 of 2026 that the exemption was extended through December 31, 2027.

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks (continued)

**Risk Factors** (continued)

**China Risk — Value Added Tax ("VAT") Risk (BGR):** From May 1, 2016, VAT applies to certain income derived by the Fund, including PRC sourced interest income on non-government bonds and trading gains. There are however certain tax exemptions available, some temporary in nature, highlighted below. VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the Stock Connects and debt securities traded in the China Interbank Bond Market.

On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to interest income derived from treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for foreign institutional investors. This exemption was extended through December 31, 2027.

Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There will be no retrospective restatement of the Fund's net asset value.

BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by the PRC in notifications.

**Concentration Risk (BGR, BMEZ, BME, BTX, BCX, BSTZ and BST):** The Trust's strategy of concentrating in a particular industry means that its performance will be closely tied to the performance of a particular market segment. The Trust's concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Trust than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.

**Science and Technology Risk (BSTZ and BST):** The Trust's investments in science and technology companies expose the Trust to special risks. For example, rapid advances in science and technology might cause existing products to become obsolete, and the Trust's returns could suffer to the extent it holds an affected company's shares. Companies in a number of science and technology industries are also subject to more government regulations and approval processes than many other industries. This fact may affect a company's overall profitability and cause its stock price to be more volatile. Earnings disappointments and intense competition for market share can result in sharp price declines. Profitability of science and technology companies can be negatively impacted by aggressive pricing from competitors, research and development costs, and the availability and prices of components. Additionally, science and technology companies are dependent upon consumer and business acceptance as new technologies evolve.

**Health Sciences and Healthcare Companies Risk (BMEZ and BME):** The Trust's investments in health sciences companies are subject to a number of risks, including the adverse impact of legislative actions and government regulations. These actions and regulations can affect the approval process for patents, medical devices and drugs, the funding of research and medical care programs, and the operation and licensing of facilities and personnel. The goods and services of health sciences companies are subject to risks of rapid technological change and obsolescence, product liability litigation, and intense price and other competitive pressures.

**Energy Sector Risk (BGR):** The market value of securities in the energy sector may decline for many reasons, including, among others, changes in energy prices, energy supply and demand, government regulations and energy conservation efforts. Energy companies can be significantly affected by the supply of, and demand for, specific products (e.g., oil and natural gas) and services, exploration and production spending, government subsidization, world events and general economic conditions. In 2020, the energy sector has experienced increased volatility. In particular, significant market volatility occurred and is continuing in the crude oil markets as well as the oil futures markets, which resulted in the market price of the front month futures contract falling fell below zero for a period of time.

**Energy and Natural Resources Risk (BCX):** The Trust's investments in energy and natural resources companies are especially affected by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may lack the resources and the broad business lines to weather hard times. Energy companies can be significantly affected by the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, world events and economic conditions. Natural resources companies can be significantly affected by events relating to international political developments, energy conservation, the success of exploration projects, commodity prices, and tax and government regulations.

**Commodities Related Investments Risk (BCX):** Exposure to the commodities markets may subject the Trust to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.

**Commodities Market Risk (BCX):** Stocks of companies engaged in commodities related industries, such as energy or natural resources companies, are especially affected by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may lack the resources and the broad business lines to weather hard times.

**Risks of Investing in Utilities, Infrastructure and Power Opportunities Issuers (BUI):** Investments in issuers in the Utilities, Infrastructure and Power Opportunities business segments are subject to certain risks, including the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Utilities Companies Risk — A variety of factors may adversely affect the business or operations of Utilities issuers, including, but not limited to: high interest costs in connection with capital construction and improvement programs; governmental regulation of rates charged to customers (including the potential that costs incurred by

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

**Risk Factors** (continued)

the utility change more rapidly than the rate the utility is permitted to charge its customers); costs associated with compliance with and changes in environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition from other providers of utility services; inexperience with and potential losses resulting from a developing deregulatory environment; costs associated with reduced availability of certain types of fuel; the effects of energy conservation policies; effects of a national energy policy; technological innovations; potential impact of terrorist activities; the impact of natural or man-made disasters; regulation by various governmental authorities, including the imposition of special tariffs; and changes in tax laws, regulatory policies and accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Infrastructure Companies Risk — Infrastructure issuers may be susceptible to a variety of factors that may adversely affect their business and operations, including, but not limited to: high interest costs in connection with capital construction programs; high leverage; costs associated with environmental and other regulations; surplus capacity costs; and reduced investment in public and private infrastructure projects. A slowdown in new infrastructure projects in developing or developed markets may constrain the abilities of Infrastructure issuers to grow in global markets. Other developments, such as significant changes in population levels or changes in the urbanization and industrialization of developing countries, may reduce demand for products or services provided by Infrastructure issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Power Opportunities Companies Risk — A variety of factors may adversely affect the business or operations of Power Opportunities issuers, including, but not limited to: research and development costs related to new technologies; the success or failure of efforts to develop or implement new or existing technologies; government regulation (including environmental regulation); world events and economic conditions, the cyclical nature of the energy sector; intense competition; events relating to domestic and international political developments; energy conservation; environmental costs and liabilities; and the success of exploration projects.

**Innovative Securities Risk (BTX)**: There can be no assurance that a company identified as innovative by the Manager will ultimately introduce a new product or service or that such product or service may not be significantly delayed.

**Supply and Demand Risk (BGR):** A decrease in the production of natural gas, natural gas liquids ("NGLs"), crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution may adversely impact the financial performance of energy and natural resources companies. Production declines and volume decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources, labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance problems, import supply disruption, increased competition from alternative energy sources or commodity prices. Alternatively, a sustained decline in demand for such commodities could also adversely affect the financial performance of energy and natural resources companies. Factors which could lead to a decline in demand include economic recession or other adverse economic conditions, higher fuel taxes or governmental regulations, increases in fuel economy, consumer shifts to the use of alternative fuel sources, changes in commodity prices, or weather.

**Depletion and Exploration Risk (BGR):** Many energy and natural resources companies are either engaged in the production of natural gas, NGLs, crude oil, refined petroleum products or coal, or are engaged in transporting, storing, distributing and processing these items on behalf of shippers. To maintain or grow their revenues, these companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through acquisitions, or through long-term contracts to acquire reserves. The financial performance of energy and natural resources companies may be adversely affected if they, or the companies to whom they provide the service, are unable to cost-effectively acquire additional reserves sufficient to replace the natural decline.

**Commodity Pricing Risk (BGR):** The operations and financial performance of energy and natural resources companies may be directly affected by energy commodity prices, especially those energy and natural resources companies which own the underlying energy commodity. Commodity prices fluctuate for several reasons, including changes in market and economic conditions, the impact of weather on demand, levels of domestic production and imported commodities, energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices, which may lead to a reduction in production or supply, may also negatively impact the performance of energy and natural resources companies which are solely involved in the transportation, processing, storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more difficult for energy and natural resources companies to raise capital to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.

**Leverage Risk:** The Trust's use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.

The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.

Leverage involves risks and special considerations for common shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;•the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;•the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, which may result in a greater decline in the market price of the common shares;

&nbsp;&nbsp;&nbsp;&nbsp;•leverage may increase operating costs, which may reduce total return.

Any decline in the net asset value of the Trust's investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust's portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.

2025 BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks (continued)

**Risk Factors** (continued)

**Reverse Repurchase Agreements Risk (BDJ, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):** Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.

**Dollar Rolls Risk (BMEZ, BME, BTX, BSTZ and BST):** Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of the securities the Trust has sold. These transactions may involve leverage.

**When-Issued and Delayed Delivery Securities and Forward Commitments Risk (BDJ, BMEZ, BME, BCX and BSTZ):** When-issued and delayed delivery securities and forward commitments involve the risk that the security the Trust buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Trust may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

**Short Sales Risk (BDJ, BGY, BMEZ, BME, BCX, BSTZ, BST and BUI):** Because making short sales in securities that it does not own exposes the Trust to the risks associated with those securities, such short sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Trust replaces the security sold short.

**Repurchase Agreements and Purchase and Sale Contracts Risk (BDJ, BMEZ, BME, BCX and BSTZ):** If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Trust may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Trust may lose money.

**Risks Associated with Private Company Investments (BDJ, BMEZ, BTX, BSTZ and BST):** Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the Manager may not have timely or accurate information about the business, financial condition and results of operations of the private companies in which the Trust invests. There is risk that the Trust may invest on the basis of incomplete or inaccurate information, which may adversely affect the Trust's investment performance. Private companies in which the Trust may invest may have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors' actions and market conditions, as well as general economic downturns.

These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity. In addition, the Trust's investment also may be structured as pay-in-kind securities with minimal or no cash interest or dividends until the company meets certain growth and liquidity objectives.

Typically, investments in private companies are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Trust may not be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Trust will be able to realize the value of private company investments in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Late-Stage Private Companies Risk (BMEZ and BTX) — Investments in late-stage private companies involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. The Trust may not be able to sell such investments when the Manager deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company's public offering (which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Trust from selling its shares of these companies for a period of time. See "Illiquid Investments Risk." Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect a late-stage private company and delay or prevent such a company from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust's investment to decrease significantly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pre-IPO Securities Risk — Investments in pre-IPO securities involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. Issuers of pre-IPO securities may not have established products, experienced management or earnings history. The Trust may not be able to sell such investments when the Manager deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company's public offering (which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Trust from selling its shares of these companies for a period of time. See "Illiquid Investments Risk." Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect an issuer of pre-IPO securities and delay or prevent such an issuer from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust's investment to decrease significantly.

**Illiquid Investments Risk:** The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust's net asset

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks (continued)

**Risk Factors** (continued)

value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

**Investment Companies and ETFs Risk (BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):** Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Trust may acquire shares in other investment companies and in ETFs, some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that entity's expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).

The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market value of such securities and the possibility that the Trust's long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.

As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated fund, the ability of the Trust itself to hold other investment companies may be limited.

**Subsidiary Risk (BCX):** By investing in the Subsidiary, the Trust is indirectly exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Trust and are subject to the same risks that apply to similar investments if held directly by the Trust (see "Commodities Related Investments Risk" above). There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted, is not subject to all the investor protections of the Investment Company Act. However, the Trust wholly owns and controls the Subsidiary, and the Trust and the Subsidiary are both managed by the Manager, making it unlikely that the Subsidiary will take action contrary to the interests of the Trust and its shareholders. The Board has oversight responsibility for the investment activities of the Trust, including its investment in the Subsidiary, and the Trust's role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Trust. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Trust and/or the Subsidiary to operate as described and could adversely affect the Trust.

**Securities Lending Risk (BDJ, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):** The Trust may engage in securities lending. Securities lending involves the risk that the Trust may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Trust.

**Risk of Investing in the United States (BGR, CII, BDJ, BOE, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):** Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Trust has exposure.

**Market Risk and Selection Risk:** Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

**Shareholder Activism Risk**: Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust's corporate governance and/or management, commencing proxy contests to attempt to elect the activists' representatives or others to the Trust's Board of Trustees, or to seek other actions such as a termination of the Trust's investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur substantial costs defending against such activism if management and the Board determine that the activist's demands are not in the best interest of the Trust. Further, the Trust's share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.

2025 BlackRock Annual Report to Shareholders

------

Shareholder Update (unaudited)

The following information is presented for BDJ and BUI, in conformance with annual reporting requirements for funds that have filed a shelf offering registration statement pursuant to General Instruction A.2 of Form N-2.

**Summary of Expenses**

**BlackRock Enhanced Equity Dividend Trust (BDJ)**

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BDJ's common shares.

---

| | |
|:---|:---|
|  | *BDJ* |
| **Shareholder Transaction Expenses** |  |
| Maximum sales load (as a percentage of offering price)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% |
| Offering expenses borne by the Trust (as a percentage of offering price)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% |
| Dividend reinvestment plan fees | $0.02 per share <br>for open market <br>purchases of <br>common shares<sup>(b)</sup> <br>|
| **Estimated Annual Expenses** (as a percentage of net assets attributable to common shares) |  |
| Investment advisory fees<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 |
| Total annual expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88 |
| Fee waivers<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total annual Trust operating expenses after fee waivers<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders

will pay all offering expenses involved with an offering.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BDJ. However, shareholders will pay a

$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDJ currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.80% of its average weekly value of BDJ's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDJ and the Manager have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Manager has contractually agreed to waive the investment

advisory fees with respect to any portion of BDJ's assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds ("ETFs") managed by the

Manager or its affiliates that have a contractual fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BDJ pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BDJ (upon the vote of a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act"), of BDJ (the "Independent Trustees")) or a majority of the outstanding voting securities of BDJ), upon 90 days' written notice by BDJ to the Manager.

The following example illustrates BDJ's expenses (including the sales load of $10.00 and offering costs of $0.13) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 0.88% of net assets attributable to common shares and (ii) a 5% annual return:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total expenses incurred | $19 | $38 | $58 | $117 |

---

The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BDJ's actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

Shareholder Update

------

Shareholder Update (unaudited)(continued)

**BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)**

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BUI's common shares.

---

| | |
|:---|:---|
|  | *BUI* |
| **Shareholder Transaction Expenses** |  |
| Maximum sales load (as a percentage of offering price)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% |
| Offering expenses borne by the Trust (as a percentage of offering price)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% |
| Dividend reinvestment plan fees | $0.02 per share <br>for open market <br>purchases of <br>common shares<sup>(b)</sup> <br>|
| **Estimated Annual Expenses** (as a percentage of net assets attributable to common shares) |  |
| Investment advisory fees<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%  |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09 |
| Total annual expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09 |
| Fee waivers<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total annual Trust operating expenses after fee waivers<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders

will pay all offering expenses involved with an offering.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare Trust Company, N.A.'s (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BUI. However, shareholders will pay a

$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUI currently pays the Manager a contractual investment advisory fee at an annual rate of 1.00% based on BUI's average daily managed assets. "Managed Assets" means the total

assets of BUI (including any assets attributable to money borrowed for investment purposes) minus the sum of BUI's accrued liabilities (other than money borrowed for investment

purposes).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUI and the Manager have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Manager has contractually agreed to waive the investment

advisory fees with respect to any portion of BUI's assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager

or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BUI pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BUI (upon the vote of a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) of BUI or a majority of the outstanding voting securities of BUI), upon 90 days' written notice by BUI to the Manager.

The following example illustrates BUI's expenses (including the sales load of $10.00 and offering costs of $0.16) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 1.09% of net assets attributable to common shares and (ii) a 5% annual return:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total expenses incurred | $21 | $44 | $70 | $142 |

---

The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BUI's actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

2025 BlackRock Annual Report to Shareholders

------

Shareholder Update (unaudited)(continued)

**Share Price Data**

The following tables summarize each Trust's highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to or discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the respective quarters.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *NYSE Market Price* <br>*Per Common Share* | *NYSE Market Price* <br>*Per Common Share* | *NAV per Common* <br>*Share on Date of* <br>*Market Price* | *NAV per Common* <br>*Share on Date of* <br>*Market Price* | *Premium/* <br>*(Discount)* <br>*on Date of* <br>*Market Price*  | *Premium/* <br>*(Discount)* <br>*on Date of* <br>*Market Price*  |  |
| BDJ — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
| December 31, 2025 | &nbsp;&nbsp; $9.48  | &nbsp;&nbsp;&nbsp;&nbsp; $8.68  | &nbsp;&nbsp;&nbsp;&nbsp; $9.74  | &nbsp;&nbsp;&nbsp;&nbsp; $9.33  | &nbsp;&nbsp;&nbsp;&nbsp; (2.67)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.97)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28202428 |
| September 30, 2025 | 9.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23593805 |
| June 30, 2025 | 8.89 | &nbsp;&nbsp;&nbsp;&nbsp;7.60 | &nbsp;&nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;&nbsp;&nbsp;8.29 | &nbsp;&nbsp;&nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27340750 |
| March 31, 2025 | 8.97 | &nbsp;&nbsp;&nbsp;&nbsp;8.29 | &nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27405351 |
| December 31, 2024 | 9.04 | &nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30703948 |
| September 30, 2024 | 8.65 | &nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp; (8.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33016032 |
| June 30, 2024 | 8.32 | &nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp; (10.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25713056 |
| March 31, 2024 | 8.27 | &nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;9.18 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp; (9.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34122416 |

---

As of December 31, 2025, BDJ's market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $9.48, $9.74, and (2.67)%, respectively.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *NYSE Market Price* <br>*Per Common Share* | *NYSE Market Price* <br>*Per Common Share* | *NAV per Common* <br>*Share on Date of* <br>*Market Price* | *NAV per Common* <br>*Share on Date of* <br>*Market Price* | *Premium/* <br>*(Discount)* <br>*on Date of* <br>*Market Price*  | *Premium/* <br>*(Discount)* <br>*on Date of* <br>*Market Price*  |  |
| BUI — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
| December 31, 2025 | &nbsp;&nbsp; $27.27  | &nbsp;&nbsp;&nbsp;&nbsp; $24.90  | &nbsp;&nbsp;&nbsp;&nbsp; $26.12  | &nbsp;&nbsp;&nbsp;&nbsp; $24.66  | &nbsp;&nbsp;&nbsp;&nbsp; 4.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4536542 |
| September 30, 2025 | 27.37 | &nbsp;&nbsp;&nbsp;&nbsp;25.63 | &nbsp;&nbsp;&nbsp;&nbsp;25.38 | &nbsp;&nbsp;&nbsp;&nbsp;25.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 3757000 |
| June 30, 2025 | 25.75 | &nbsp;&nbsp;&nbsp;&nbsp;20.72 | &nbsp;&nbsp;&nbsp;&nbsp;24.95 | &nbsp;&nbsp;&nbsp;&nbsp;20.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 3636815 |
| March 31, 2025 | 23.74 | &nbsp;&nbsp;&nbsp;&nbsp;22.20 | &nbsp;&nbsp;&nbsp;&nbsp;23.92 | &nbsp;&nbsp;&nbsp;&nbsp;22.28 | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3240144 |
| December 31, 2024 | 24.37 | &nbsp;&nbsp;&nbsp;&nbsp;22.12 | &nbsp;&nbsp;&nbsp;&nbsp;24.41 | &nbsp;&nbsp;&nbsp;&nbsp;22.44 | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3031403 |
| September 30, 2024 | 24.83 | &nbsp;&nbsp;&nbsp;&nbsp;22.14 | &nbsp;&nbsp;&nbsp;&nbsp;24.43 | &nbsp;&nbsp;&nbsp;&nbsp;22.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2940462 |
| June 30, 2024 | 23.03 | &nbsp;&nbsp;&nbsp;&nbsp;20.20 | &nbsp;&nbsp;&nbsp;&nbsp;22.97 | &nbsp;&nbsp;&nbsp;&nbsp;21.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; (4.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3430077 |
| March 31, 2024 | 22.24 | &nbsp;&nbsp;&nbsp;&nbsp;20.57 | &nbsp;&nbsp;&nbsp;&nbsp;22.28 | &nbsp;&nbsp;&nbsp;&nbsp;21.47 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3733789 |

---

As of December 31, 2025, BUI's market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $25.69, $24.56, and 4.60%, respectively.

Common shares of each Trust have historically traded at both a premium and discount to NAV.

Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of shareholders, the Board might consider from time to time engaging in open-market repurchases, managed distribution plans, or other programs intended to reduce the discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to the NAV.

Shareholder Update

------

Shareholder Update (unaudited)(continued)

**Financial Highlights**

The financial highlights table is intended to help the shareholder to understand BDJ's financial performance for the periods presented. Certain information reflects financial results for a single common share of BDJ.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BDJ | BDJ | BDJ | BDJ | BDJ |
|  | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp;&nbsp; $8.74 | &nbsp;&nbsp;&nbsp;&nbsp; $9.96 | &nbsp;&nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp;&nbsp; $8.70 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>|
| Total distributions | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp;&nbsp; $8.74 | &nbsp;&nbsp;&nbsp;&nbsp; $9.96 | &nbsp;&nbsp;&nbsp;&nbsp; $9.22 |
| **Market price, end of period year** | &nbsp;&nbsp; $8.47 | &nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp;&nbsp; $7.77 | &nbsp;&nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp;&nbsp; $8.15 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.90<br> %<br>|
| Based on market price | &nbsp;&nbsp; (7.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.11<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Net investment income | 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1739122 | &nbsp;&nbsp;&nbsp;&nbsp; $1881675 | &nbsp;&nbsp;&nbsp;&nbsp; $1638237 | &nbsp;&nbsp;&nbsp;&nbsp; $1868457 | &nbsp;&nbsp;&nbsp;&nbsp; $1741649 |
| Portfolio turnover rate | &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.14%, respectively, resulting from a special dividend.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income. 

<sup>(e)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

2025 BlackRock Annual Report to Shareholders

------

Shareholder Update (unaudited)(continued)

**Financial Highlights**

The financial highlights table is intended to help the shareholder to understand BUI's financial performance for the periods presented. Certain information reflects financial results for a single common share of BUI.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BUI | BUI | BUI | BUI | BUI |
|  | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $22.02 | &nbsp;&nbsp;&nbsp;&nbsp; $18.77 | &nbsp;&nbsp;&nbsp;&nbsp; $21.12 | &nbsp;&nbsp;&nbsp;&nbsp; $19.42 | &nbsp;&nbsp;&nbsp;&nbsp; $19.50 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net increase (decrease) from investment operations | 3.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>|
| Total distributions | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $23.80 | &nbsp;&nbsp;&nbsp;&nbsp; $22.02 | &nbsp;&nbsp;&nbsp;&nbsp; $18.77 | &nbsp;&nbsp;&nbsp;&nbsp; $21.12 | &nbsp;&nbsp;&nbsp;&nbsp; $19.42 |
| **Market price, end of period year** | &nbsp;&nbsp; $25.04 | &nbsp;&nbsp;&nbsp;&nbsp; $22.31 | &nbsp;&nbsp;&nbsp;&nbsp; $19.76 | &nbsp;&nbsp;&nbsp;&nbsp; $21.62 | &nbsp;&nbsp;&nbsp;&nbsp; $18.41 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.57<br> %<br>|
| Based on market price | 20.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.50<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>|
| Net investment income | 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $444526 | &nbsp;&nbsp;&nbsp;&nbsp; $383337 | &nbsp;&nbsp;&nbsp;&nbsp; $318933 | &nbsp;&nbsp;&nbsp;&nbsp; $357776 | &nbsp;&nbsp;&nbsp;&nbsp; $328297 |
| Portfolio turnover rate | &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income. 

<sup>(d)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

Shareholder Update

------

Automatic Dividend Reinvestment Plan

Pursuant to BGR, BDJ, BOE, BGY, CII, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI's Dividend Reinvestment Plan (the "Reinvestment Plan"), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") in the respective Trust's Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After BGR, BDJ, BOE, BGY, CII, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants' accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trusts ("newly issued shares") or (ii) by purchase of outstanding shares on the open market or on the Trust's primary exchange ("open-market purchases"). If, on the dividend payment date, the net asset value ("NAV") per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a "market premium"), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant's account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a "market discount"), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent's fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent's open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in BMEZ, BIGZ, BST and BSTZ that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. Participants in BGR, BDJ, BOE, BGY, CII, BME, BCX and BUI that request a sale of shares are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006 Providence, RI 02940-3006, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.

2025 BlackRock Annual Report to Shareholders

------

Trustee and Officer Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees**<sup>(a)</sup>  | **Independent Trustees**<sup>(a)</sup>  | **Independent Trustees**<sup>(a)</sup>  | **Independent Trustees**<sup>(a)</sup>  | **Independent Trustees**<sup>(a)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<sup>(c)</sup> <br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised** <br>**Registered Investment Companies** <br>**("RICs") Consisting of Investment** <br>**Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other** <br>**Investment** <br> **Company** <br>**Directorships Held** <br> **During** <br>**Past 5 Years**<br>|
| **R. Glenn Hubbard** <br>1958<br>| &nbsp;&nbsp; Chair of the Board (Since <br> 2022) <br>Trustee <br>(Since 2007)<br>| &nbsp;&nbsp; Dean, Columbia Business School from 2004 to 2019; <br> Faculty member, Columbia Business School since 1988.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp; ADP (data and <br> information services) <br> from 2004 to 2020; <br> Metropolitan Life <br> Insurance Company <br> (insurance); <br> TotalEnergies SE <br> (multi-energy)<br>|
| **W. Carl Kester**<sup>(d)</sup> <br>1951<br>| &nbsp;&nbsp; Vice Chair of the Board <br> (Since 2022) <br>Trustee <br>(Since 2007)<br>| &nbsp;&nbsp; Baker Foundation Professor and George Fisher Baker Jr. <br> Professor of Business Administration, Emeritus, Harvard <br> Business School since 2022; George Fisher Baker Jr. <br> Professor of Business Administration, Harvard Business <br> School from 2008 to 2022; Deputy Dean for Academic <br> Affairs from 2006 to 2010; Chairman of the Finance Unit, <br> from 2005 to 2006; Senior Associate Dean and Chairman <br> of the MBA Program from 1999 to 2005; Member of the <br> faculty of Harvard Business School since 1981.<br>| 68 RICs consisting of 102 Portfolios |  |
| **Cynthia L. Egan**<sup>(d)</sup> <br>1955<br>| &nbsp;&nbsp; Trustee <br>(Since 2016)<br>| &nbsp;&nbsp; Advisor, U.S. Department of the Treasury from 2014 to <br> 2015; President, Retirement Plan Services, for T. Rowe <br> Price Group, Inc. from 2007 to 2012; executive positions <br> within Fidelity Investments from 1989 to 2007.<br>| 68 RICs consisting of 102 Portfolios | &nbsp;&nbsp; Unum (insurance); <br> The Hanover <br> Insurance Group <br> (Board Chair); <br> Huntsman <br> Corporation (Lead <br> Independent Director <br> and non-Executive <br> Vice Chair of the <br> Board) (chemical <br> products)<br>|
| **Lorenzo A. Flores** <br>1964<br>| &nbsp;&nbsp; Trustee <br>(Since 2021)<br>| &nbsp;&nbsp; Chief Financial Officer, Lattice Semiconductor Corporation <br> (LSCC) since 2025; Chief Financial Officer, Intel Foundry <br> from 2024 to 2025; Vice Chairman, Kioxia, Inc. from <br> 2019 to 2024; Chief Financial Officer, Xilinx, Inc. from <br> 2016 to 2019; Corporate Controller, Xilinx, Inc. from <br> 2008 to 2016.<br>| 66 RICs consisting of 100 Portfolios |  |
| **Stayce D. Harris** <br>1959<br>| &nbsp;&nbsp; Trustee <br>(Since 2021)<br>| &nbsp;&nbsp; Lieutenant General, Inspector General of the United States <br> Air Force from 2017 to 2019; Lieutenant General, Assistant <br> Vice Chief of Staff and Director, Air Staff, United States Air <br> Force from 2016 to 2017; Major General, Commander, <br> 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia <br> from 2014 to 2016; Pilot, United Airlines from 1990 to <br> 2020.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp; KULR Technology <br> Group, Inc. in 2021; <br> The Boeing Company <br> (airplane <br> manufacturer)<br>|
| **J. Phillip Holloman** <br>1955<br>| &nbsp;&nbsp; Trustee <br>(Since 2021)<br>| &nbsp;&nbsp; Interim Executive Chairman, President and Chief <br> Executive Officer of Vestis Corporation since 2025; <br> President and Chief Operating Officer, Cintas Corporation <br> from 2008 to 2018.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp; Vestis Corporation <br> (uniforms and <br> facilities services)<br>|
| **Catherine A. Lynch**<sup>(d)</sup> <br>1961<br>| &nbsp;&nbsp; Trustee <br>(Since 2016)<br>| &nbsp;&nbsp; Chief Executive Officer, Chief Investment Officer and <br> various other positions, National Railroad Retirement <br> Investment Trust from 2003 to 2016; Associate Vice <br> President for Treasury Management, The George <br> Washington University from 1999 to 2003; Assistant <br> Treasurer, Episcopal Church of America from 1995 to <br> 1999.<br>| 68 RICs consisting of 102 Portfolios | &nbsp;&nbsp; PennyMac Mortgage <br> Investment Trust<br>|

---

Trustee and Officer Information

------

Trustee and Officer Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees**<sup>(a)</sup> (continued) | **Independent Trustees**<sup>(a)</sup> (continued) | **Independent Trustees**<sup>(a)</sup> (continued) | **Independent Trustees**<sup>(a)</sup> (continued) | **Independent Trustees**<sup>(a)</sup> (continued) |
| **Name**<br> **Year of Birth**<sup>(b)</sup><br>| &nbsp;&nbsp; **Position(s) Held**<br> **(Length of Service)**<sup>(c)</sup><br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised**<br> **Registered Investment Companies**<br> **("RICs") Consisting of Investment**<br> **Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other**<br> **Investment** <br> **Company**<br> **Directorships Held** <br> **During**<br> **Past 5 Years**<br>|
| **Arthur P. Steinmetz**<sup>(d)</sup> <br>1958<br>| &nbsp;&nbsp; Trustee <br>(Since 2023)<br>| &nbsp;&nbsp; Trustee of Denison University since 2020; Consultant, <br> Posit PBC (enterprise data science) since 2020; Director, <br> ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief <br> Executive Officer and President of OppenheimerFunds, <br> Inc. from 2015, 2014 and 2013, respectively to 2019; <br> Trustee, President and Principal Executive Officer of <br> 104 OppenheimerFunds funds from 2014 to 2019; <br> Portfolio manager of various OppenheimerFunds fixed <br> income mutual funds from 1986 to 2014.<br>| 68 RICs consisting of 102 Portfolios |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interested Trustees**<sup>(a)(e)</sup>  | **Interested Trustees**<sup>(a)(e)</sup>  | **Interested Trustees**<sup>(a)(e)</sup>  | **Interested Trustees**<sup>(a)(e)</sup>  | **Interested Trustees**<sup>(a)(e)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<sup>(c)</sup> <br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised** <br>**Registered Investment Companies** <br>**("RICs") Consisting of Investment** <br>**Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other** <br>**Investment** <br> **Company** <br>**Directorships** <br> **Held During** <br>**Past 5 Years**<br>|
| **Robert Fairbairn** <br>1965<br>| &nbsp;&nbsp; Trustee <br>(Since 2018)<br>| &nbsp;&nbsp; Vice Chairman of BlackRock, Inc. since 2019; Member of <br> BlackRock's Global Operating Committee; Co-Chair <br> of BlackRock's Human Capital Committee; Senior <br> Managing Director of BlackRock, Inc. from 2010 to 2019; <br> oversaw BlackRock's Strategic Partner Program and <br> Strategic Product Management Group from 2012 to 2019; <br> Member of the Board of Managers of BlackRock <br> Investments, LLC from 2011 to 2018; Global Head of <br> BlackRock's Retail and iShares® businesses from 2012 to <br> 2016.<br>| 92 RICs consisting of 268 Portfolios |  |
| **John M. Perlowski**<sup>(d)</sup> <br>1964<br>| &nbsp;&nbsp; Trustee <br>(Since 2015) <br>President and Chief <br>Executive Officer <br>(Since 2010)<br>| &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2009; Head of <br> BlackRock Global Accounting and Product Services since <br> 2009; Advisory Director of Family Resource Network <br> (charitable foundation) since 2009; Member of <br> BlackRock's Global Executive Committee since 2025.<br>| 94 RICs consisting of 270 Portfolios |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

<sup>(b)</sup> Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust's by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are "interested persons," as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust's by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. 

<sup>(c)</sup> Following the combination of Merrill Lynch Investment Managers, L.P. ("MLIM") and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: R. Glenn Hubbard, 2004 and W. Carl Kester, 1995. 

<sup>(d)</sup> Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

<sup>(e)</sup> Mr. Fairbairn and Mr. Perlowski are both "interested persons," as defined in the 1940 Act, of the Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 BlackRock Annual Report to Shareholders

------

Trustee and Officer Information (continued)

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| | | |
|:---|:---|:---|
| **Officers Who Are Not Trustees**<sup>(a)</sup>  | **Officers Who Are Not Trustees**<sup>(a)</sup>  | **Officers Who Are Not Trustees**<sup>(a)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<br>| **Principal Occupation(s) During Past 5 Years** |
| **Stephen Minar** <br>1984<br>| &nbsp;&nbsp; Vice President <br>(Since 2025)<br>| Managing Director of BlackRock, Inc. since 2023; Director of BlackRock, Inc. since 2018. |
| **Trent Walker** <br>1974<br>| &nbsp;&nbsp; Chief Financial Officer <br>(Since 2021)<br>| Managing Director of BlackRock, Inc. since 2019; Executive Vice President of PIMCO from 2016 to 2019. |
| **Jay M. Fife** <br>1970<br>| &nbsp;&nbsp; Treasurer <br>(Since 2007)<br>| Managing Director of BlackRock, Inc. since 2007. |
| **Aaron Wasserman** <br>1974<br>| &nbsp;&nbsp; Chief Compliance Officer <br>(Since 2023)<br>| &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the <br> BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy <br> Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-<br> Income Complex and the iShares Complex from 2014 to 2023. <br>|
| **Janey Ahn** <br>1975<br>| &nbsp;&nbsp; Secretary <br>(Since 2012)<br>| Managing Director of BlackRock, Inc. since 2018. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. <br> <sup>(b)</sup> Officers of the Trust serve at the pleasure of the Board.

Further information about the BDJ's and BUI's Trustees and Officers is available in the Trust's Statement of Additional Information, which can be obtained without charge by calling (800) 882-0052.

---

| |
|:---|
| Effective April 16, 2025, Stephen Andrews became a portfolio manager of BOE and BGY. Mr. Andrews has been employed by BlackRock since 2017. |
| Effective November 19, 2025, Christopher Accettella and Sam Console are no longer a portfolio manager of CII. |
| Effective November 19, 2025, Christopher Accettella is no longer a portfolio manager of BCX, BDJ, BOE, BGR, BGY, BME, BMEZ, BST, BSTZ and BUI. |
| Effective November 10, 2025, Kyle McClement is no longer a portfolio manager of BCX, BGR, BME, BMEZ, BST and BUI. |
| Effective November 19, 2025, Tom Piece is no longer portfolio manager of BDJ. |
| Effective November 28, 2025, Cem Inal became a portfolio manager of BDJ. Mr. Inal has been employed by BlackRock since 2025. |
| Effective December 31, 2025, Tony DeSpirito is no longer a portfolio manager of BDJ. |
| Effective May 8, 2025, Stephen Minar replaced Jonathan Diorio as Vice President of the Trusts. |

---

Trustee and Officer Information

------

Additional Information

**Proxy Results**

The Annual Meeting of Shareholders was held on July 11, 2025 for shareholders of record on May 19, 2025 to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.

Shareholders elected the Class III Trustees as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Cynthia L. Egan | Cynthia L. Egan | Robert Fairbairn | Robert Fairbairn | Stayce D. Harris | Stayce D. Harris |
| *Trust Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
| BDJ | 139340216 | 3054501 | 139436049 | 2958668 | 139419106 | 2975611 |
| BGR | 19641285 | 455139 | 19589185 | 507239 | 19627734 | 468690 |
| BOE | 44028597 | 428263 | 44059185 | 397675 | 43995774 | 461086 |
| BME | 9847732 | 277233 | 9842834 | 282131 | 9840707 | 284258 |
| BGY | 69998340 | 3055644 | 69982206 | 3071778 | 69974874 | 3079110 |
| BCX | 56596869 | 1122000 | 56575458 | 1143411 | 56600096 | 1118773 |
| BUI | 16199624 | 415108 | 16209771 | 404961 | 16188174 | 426558 |
| BST | 26057604 | 582317 | 26022803 | 617118 | 26042837 | 597084 |

---

For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Lorenzo A. Flores, J. Phillip Holloman, Arthur P. Steinmetz, R. Glenn Hubbard, W. Carl Kester, Catherine A. Lynch, and John M. Perlowski.

Shareholders elected the Class II Trustees as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R. Glenn Hubbard | R. Glenn Hubbard | W. Carl Kester | W. Carl Kester | John M. Perlowski | John M. Perlowski |
| *Trust Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
| BMEZ | 51,119,878 | 1,678,631 | 51,117,666 | 1,680,843 | 51,223,573 | 1,574,936 |
| BSTZ | 51,752,204 | 1,825,567 | 51,672,069 | 1,905,702 | 51,898,433 | 1,679,338 |

---

Shareholders elected the Class III Trustees as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Robert Fairbairn | Robert Fairbairn | J. Phillip Holloman | J. Phillip Holloman | Arthur P. Steinmetz | Arthur P. Steinmetz |
| *Trust Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
| BMEZ | 51,227,166 | 1,571,343 | 51,160,625 | 1,637,884 | 51,205,925 | 1,592,584 |
| BSTZ | 51,852,415 | 1,725,356 | 51,584,846 | 1,992,925 | 51,647,625 | 1,930,146 |

---

For the Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, and Catherine A. Lynch.

Shareholders elected the Class III Trustees as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Robert Fairbairn | Robert Fairbairn | J. Phillip Holloman | J. Phillip Holloman | Arthur P. Steinmetz | Arthur P. Steinmetz |
| *Trust Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
| CII | 32,303,395 | 781,864 | 31,853,096 | 1,232,163 | 32,318,591 | 766,668 |

---

For the Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, R. Glenn Hubbard, W. Carl Kester, Catherine A. Lynch, and John M. Perlowski.

Shareholders elected the Class I Trustees as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Cynthia L. Egan | Cynthia L. Egan | Lorenzo A. Flores | Lorenzo A. Flores | Stayce D. Harris | Stayce D. Harris | Catherine A. Lynch | Catherine A. Lynch |
| *Trust Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
| BTX | 175,531,549 | 5,692,176 | 174,878,749 | 6,344,976 | 175,507,898 | 5,715,827 | 174,849,210 | 6,374,515 |

---

Shareholders elected the Class II Trustees as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R. Glenn Hubbard | R. Glenn Hubbard | W. Carl Kester | W. Carl Kester | John M. Perlowski | John M. Perlowski |
| *Trust Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
| BTX | 175,546,257 | 5,677,468 | 175,517,520 | 5,706,205 | 175,652,013 | 5,571,712 |

---

2025 BlackRock Annual Report to Shareholders

------

Additional Information (continued)

Shareholders elected the Class III Trustees as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Robert Fairbairn | Robert Fairbairn | J. Phillip Holloman | J. Phillip Holloman | Arthur P. Steinmetz | Arthur P. Steinmetz |
| *Trust Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
| BTX | 175,639,754 | 5,583,971 | 174,883,002 | 6,340,723 | 174,924,640 | 6,299,085 |

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**Trust Certification**

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE's listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

**Environmental, Social and Governance ("ESG") Integration**

Although the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors as part of the investment process for the Trusts. Trust management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Trusts' particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Trusts' investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Trusts' exposure to certain companies or industries. While Trust management views ESG considerations as having the potential to contribute to the Trusts' long-term performance, there is no guarantee that such results will be achieved.

**Dividend Policy**

Each Trust's policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the "Plan"), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust. <br>

The distributions paid by each Trust for any particular month may be more or less than the amount of net investment income earned by each Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Trust and is reported in each Trust's annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust's taxable net investment income and net realized capital gains ("taxable income") may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust's current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital. <br>

A return of capital is a return of a portion of an investor's original investment. A return of capital is not expected to be taxable, but it reduces a shareholder's tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made. <br>

Such distributions, under certain circumstances, may exceed a Trust's total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust's total assets and net asset value ("NAV") per share and, therefore, could have the effect of increasing the Trust's expense ratio and reducing the amount of assets the Trust has available for long term investment.

**General Information**

The Trusts, other than BDJ and BUI, do not make available copies of their Statements of Additional Information because the Trusts' shares, other than BDJ and BUI, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BDJ and BUI, has not been updated after completion of the respective Trust's offerings and the information contained in each Trust's Statement of Additional Information may have become outdated.

BDJ's and BUI's Statements of Additional Information include additional information about its Board and are available, without charge upon request by calling (800)882-0052.

The following information is a summary of certain changes since December 31, 2024. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

Except if noted otherwise herein, there were no changes to the Trusts' charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts' portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, shareholder reports, current net asset value and other information regarding the Trusts may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock's website in this report.

Additional Information

------

Additional Information (continued)

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BDJ and BUI only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BDJ and BUI only, prospectuses, are available on BlackRock's website.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:**

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

**Householding**

The Trusts will mail only one copy of shareholder documents, including for BDJ and BUI only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

**Availability of Quarterly Schedule of Investments**

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records**

The Board of Trustees of the Trusts has delegated the voting of proxies for the Trusts' securities to BlackRock Advisors, LLC (the "Advisor") pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Trusts. The BAIS Guidelines are available at **www.blackrock.com**.

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**Availability of Trust Updates**

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the "Closed-end Funds" section of **blackrock.com** as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock's website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock's website in this report.

**Shelf Offering Program**

From time to time, BDJ and BUI may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BDJ and BUI may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BDJ's and BUI's net asset value ("NAV") per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BDJ and BUI to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

BDJ and BUI have each filed a prospectus with the SEC in connection with its Shelf Offering. This report and the prospectuses of BDJ and BUI are not offers to sell BDJ and BUI Common Shares or solicitations of an offer to buy BDJ and BUI Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BDJ and BUI contains important information about BDJ and BUI, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BDJ and BUI carefully and in their entirety before investing. Copies of the final prospectuses for BDJ and BUI can be obtained from BlackRock at **blackrock.com**.

**Trust and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC <br>Wilmington, DE 19809

**Sub-Adviser**

BlackRock International Limited<sup>(a)</sup> <br>Edinburgh, EH3 8BL <br>United Kingdom

**Accounting Agent and Custodian**

State Street Bank and Trust Company <br>Boston, MA 02114

**Transfer Agent**

Computershare Trust Company, N.A. <br>Canton, MA 02021

2025 BlackRock Annual Report to Shareholders

------

Additional Information (continued)

**Trust and Service Providers (continued)** 

**Distributor**

BlackRock Investments, LLC<sup>(b)</sup> <br>New York, NY 10001

<sup>(a)</sup> For BGR, BOE, BGY, BCX and BUI. <br><sup>(b)</sup> For BDJ, BME, BST and BUI.

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP <br>Boston, MA 02110

**Legal Counsel**

Willkie Farr & Gallagher LLP <br>New York, NY 10019

**Address of the Trusts**

100 Bellevue Parkway <br>Wilmington, DE 19809

Additional Information

------

Glossary of Terms Used in this Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| GDR | Global Depositary Receipt |
| LP | Limited Partnership  |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SAP | Subject to Appropriations |

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2025 BlackRock Annual Report to Shareholders

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Want to know more?

blackrock.com \| 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

CEF-BK9-12/25-AR

![](g105676img2cdd91ad14.jpg)

![](g105676img24175e0b1.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.  |

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Item 3 – Audit Committee Financial Expert – The registrant's board of trustees (the "board of trustees") has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | **(b) Audit-Related<br>Fees<sup>1</sup>** | **(b) Audit-Related<br>Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp; **Entity Name** | **<u>Current<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) | $54018 | $53754 | $0 | $0 | $17600 | $17648 | $388 | $0 |

---

------

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

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| | | |
|:---|:---|:---|
| |  **<u>Current Fiscal Year End</u>** |  **<u>Previous Fiscal Year End</u>** |
| **(b) Audit-Related Fees<sup>1</sup>** | $0 | $0 |
| **(c) Tax Fees<sup>2</sup>** | $0 | $0 |
| **(d) All Other Fees<sup>3</sup>** | $2149000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored or advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

------

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| **<u>Entity Name</u>** | **Current Fiscal Year End** | **Previous Fiscal Year End** |
|  BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) | $17988 | $17648 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| **Current Fiscal Year End** | **Previous Fiscal Year End** |
| $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals are members of the registrant's separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Lorenzo A. Flores

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Phillip Holloman

Catherine A. Lynch

Arthur P. Steinmetz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – Not Applicable

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

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| | |
|:---|:---|
| Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of trustees has delegated the voting of proxies for the Fund's portfolio securities to the Investment Adviser pursuant to the Closed-End Fund Proxy Voting Policy. The Investment Adviser has adopted the BlackRock Active Investment Stewardship—Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Fund. Copies of the Closed-End Fund Proxy Voting Policy and the BAIS Guidelines are attached as [Exhibit 99.PROXYPOL](d105676dex99proxypol.htm). Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 882-0052, (ii) at www.blackrock.com and (iii) on the SEC's website at http://www.sec.gov.  |

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Item 13 – Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Tony Kim, Managing Director at BlackRock, and Reid Menge, Managing Director at BlackRock. Messrs. Kim and Menge are the Fund's portfolio managers and are jointly responsible for the day-to-day management of the Fund's portfolio and the selection of its investments. Messrs. Kim and Menge have been members of the Fund's portfolio management team since 2014 and 2020, respectively.

---

| | |
|:---|:---|
| **Portfolio Manager** | **Biography** |
| Tony Kim | Managing Director of BlackRock since 2013. |
|  Reid Menge  | Managing Director of BlackRock since 2023; Director of BlackRock, Inc. from 2020 to 2022; Vice President of BlackRock, Inc. from 2014 to 2019. |

---

------

(a)(2) As of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(ii) Number of**<br> **Other Accounts Managed**<br> **and Assets by Account Type** | **(ii) Number of**<br> **Other Accounts Managed**<br> **and Assets by Account Type** | **(ii) Number of**<br> **Other Accounts Managed**<br> **and Assets by Account Type** | **(iii) Number of Other Accounts and**<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** | **(iii) Number of Other Accounts and**<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** | **(iii) Number of Other Accounts and**<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** |
| &nbsp;&nbsp;&nbsp; **(i) Name of Portfolio**<br> **Manager** | **Other Registered<br>Investment<br>Companies** | **Other Pooled<br>Investment Vehicles** | **Other**<br> **Accounts** | **Other<br>Registered<br>Investment<br>Companies** | **Other<br>Pooled<br>Investment**<br> **Vehicles** | **Other**<br> **Accounts** |
| &nbsp;&nbsp;&nbsp; Tony Kim | 6 | 4 | 2 | 0 | 0 | 0 |
|  | $19.44 Billion | $17.14 Billion | $195.0 Million | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; Reid Menge | 16 | 7 | 2 | 0 | 0 | 0 |
|  | $39.42 Billion | $21.27 Billion | $195.0 Million | $0 | $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc. or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.'s (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Kim and Menge may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Kim and Menge may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

------

(a)(3) As of December 31, 2025:

**Portfolio Manager Compensation Overview** 

The discussion below describes the portfolio managers' compensation as of December 31, 2025.

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

**Base Compensation**. Generally, portfolio managers receive base compensation based on their position with the firm.

**Discretionary Incentive Compensation.** Generally, discretionary incentive compensation for Fundamental Equities portfolio managers is based on a formulaic compensation program. BlackRock's formulaic portfolio manager compensation program is based on team revenue and pre-tax investment performance relative to appropriate competitors or benchmarks over 3- and 5-year performance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the funds or other accounts managed by the portfolio managers are measured. BlackRock's global compensation team determines the benchmarks or rankings against which the performance of funds and other accounts managed by each portfolio management team is compared and the period of time over which performance is evaluated. With respect to this portfolio manager, such benchmarks for the Fund and other accounts are: MSCI ACWI 25% Call Overwrite Index; MSCI All Country World Index (Net Total Return); MSCI All Country World Information Technology- Net Return in USD.

A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation. These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.

**Distribution of Discretionary Incentive Compensation**. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-

------

term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

**Other Compensation Benefits**. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans —* BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of December 31, 2025:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity Securities**<br> **of the Fund Beneficially Owned** |
|  Tony Kim | None |
|  Reid Menge | None |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

------

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following table shows the dollar amounts of income, and dollar amounts of fees and/or compensation paid, relating to the Fund's securities lending activities during the fiscal year ended December 31, 2025.

**BlackRock Technology and Private Equity Term Trust** 

**(formerly, Blackrock Innovation & Growth Term Trust)** 

---

| | |
|:---|:---|
| **(1)Gross income from securities lending activities** | $624095 |
| **(2)Fees and/or compensation for securities lending activities and related services** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Securities lending income paid to BIM for services as securities lending agent | 23540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Collateral management expenses (including fees deducted from a polled cash collateral vehicle) not included in (a) | $5393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Administrative fees not included in (a) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Indemnification fees not included in (a) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Rebate (paid to borrowers) | 487897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Other fees not included in (a) | 0 |
| **(3) Aggregate fees/compensation for securities lending activities** | $516830 |
| **(4) Net income from securities lending activities** | $107265 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BlackRock Investment Management, LLC ("BIM") serves as securities lending agent for the Fund and in that role administers the Fund's securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Fund and BIM.

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2105676_500)

------

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d105676dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d105676dex99906cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(c) Notices to the registrant's common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 2009<sup>1</sup>](d105676dex99section19.htm)

<sup>1</sup> The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund's common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust)

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) |

---

Date: February 24, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) |

---

Date: February 24, 2026

---

| | |
|:---|:---|
|  By: | /s/ Trent Walker |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) |

---

Date: February 24, 2026

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust), certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

---

| |
|:---|
| /s/ John M. Perlowski |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) |

---

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

---

| |
|:---|
| /s/ Trent Walker |
| Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 24, 2026

---

| |
|:---|
| /s/ John M. Perlowski |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) |

---

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 24, 2026

---

| |
|:---|
| /s/ Trent Walker |
| Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Technology and Private Equity Term Trust (formerly BlackRock Innovation and Growth Term Trust) |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**

## Ex-99.Proxypol

Closed-End Fund Proxy Voting Policy

August 1, 2021

![LOGO](g105676dsp61_1.jpg)

---

| |
|:---|
| <br> Closed-End Fund Proxy Voting Policy<br> ***Procedures Governing Delegation of Proxy Voting to Fund Adviser***<br>|
| &nbsp;&nbsp;&nbsp; Effective Date: August 1, 2021<br> Last Review Date: September 1, 2024 |

---

&nbsp;&nbsp;&nbsp; **Applies to the following types of Funds registered under the 1940 Act:**<br> ☐ Open-End Mutual Funds (including money market funds)<br> ☐ Money Market Funds<br> ☐ Exchange-Traded Funds<br> ☒ Closed-End Funds<br> ☐ Other<br>

**Objective and Scope** 

Set forth below is the Closed-End Fund Proxy Voting Policy.

**Policy / Document Requirements and Statements** 

The Boards of Trustees/Directors (the "Directors") of the closed-end funds advised by BlackRock Advisors, LLC ("BlackRock"), (the "Funds") have the responsibility for the oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock as part of BlackRock's authority to manage, acquire and dispose of account assets, all as contemplated by the Funds' respective investment management agreements.

BlackRock has adopted guidelines and procedures (together and as from time to time amended, the "BlackRock proxy voting guidelines") governing proxy voting by accounts managed by BlackRock. BlackRock will cast votes on behalf of each of the Funds on specific proxy issues in respect of securities held by each such Fund in accordance with the BlackRock Proxy voting guidelines; provided, however, that in the case of underlying closed-end funds (including business development companies and other similarly-situated asset pools) held by the Funds that have, or are proposing to adopt, a classified board structure, BlackRock will typically (a) vote in favor of proposals to adopt classification and against proposals to eliminate classification, and (b) not vote against directors as a result of their adoption of a classified board structure.

BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as applicable to the Funds in the preceding year together with a representation that all votes were in accordance with the BlackRock proxy voting guidelines (as modified pursuant to the immediately preceding paragraph), and (2) any changes to the BlackRock proxy voting guidelines that have not previously been reported.

![LOGO](g105676dsp61_2.jpg)

Public Page 1 of 1 <br>

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![LOGO](g105676g23i34.jpg)

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## Contents

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| | |
|:---|:---|
|  **[Overview](#proxypol105676_1)** | **3** |
|  **[Introduction to BlackRock](#proxypol105676_2)** | **4** |
|  **[About BlackRock Active Investment Stewardship](#proxypol105676_3)** | **4** |
|  **[Our approach to stewardship within active equities](#proxypol105676_4)** | **5** |
|  **[Our approach to stewardship within fixed income](#proxypol105676_5)** | **5** |
|  **[Boards of Directors](#proxypol105676_6)** | **6** |
|  **[Executive compensation](#proxypol105676_7)** | **9** |
|  **[Non-executive director compensation](#proxypol105676_8)** | **11** |
|  **[Capital structure](#proxypol105676_9)** | **11** |
|  **[Transactions and special situations](#proxypol105676_10)** | **12** |
|  **[Corporate reporting, risk management and audit](#proxypol105676_11)** | **13** |
|  **[Shareholder rights and protections](#proxypol105676_12)** | **14** |
|  **[Shareholder proposals](#proxypol105676_13)** | **15** |
|  **[Corporate political activities](#proxypol105676_14)** | **16** |
|  **[Material sustainability-related risks and opportunities](#proxypol105676_15)** | **16** |
|  **[Key stakeholders](#proxypol105676_16)** | **17** |
|  **[Climate and decarbonization investment objectives](#proxypol105676_17)** | **18** |
|  **[Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities](#proxypol105676_18)** | **19** |

---

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| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 2** |
|  | <br> NM0126U-5113770-2/24 |

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------

**Overview** 

This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers.<sup>1</sup> BAIS works in partnership with BlackRock's investment teams, excluding index equity<sup>2</sup>, providing expertise on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate. The team is responsible for establishing voting guidelines for the active equity platform, providing vote recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS makes to BlackRock's active portfolio managers. It applies to active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these guidelines within their investment processes in light of their clients' or funds' investment objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock's index equity investments by a distinct and independent function, BlackRock Investment Stewardship.

<sup>1</sup> This document includes BAIS' benchmark policy, which covers nearly all active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. This document also includes BAIS' decarbonization policy, which covers holdings in BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.

<sup>2</sup> BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a strategic initiative to unlock the full breadth of the firm's active and private markets capabilities for clients. As a result, there are two stewardship teams, which operate independently of one another and have separate voting policies.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 3** |
|  | <br> NM0126U-5113770-3/24 |

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**Introduction to BlackRock** 

BlackRock's mission is to help more people invest better. The money BlackRock manages is not its own — it belongs to BlackRock's clients, many of whom make their own asset allocation and portfolio construction decisions. As a fiduciary, BlackRock invests on clients' behalf to help them meet their investment objectives. The firm does this by understanding clients' long-term investment objectives and offering choice on how and where they wish to invest their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning this work with research, data and analytics.

At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As stewards of our clients' assets, we engage with companies to discuss the corporate governance and business practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time. We are committed to building strong relationships through constructive, ongoing dialogue with the boards and executive management of the companies in which our clients are invested.

**About BlackRock Active Investment Stewardship** 

BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages BlackRock's stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by these Global Engagement and Voting Guidelines (the "Guidelines") and insights from active investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at shareholder meetings.

Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.<sup>3</sup> Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or independently on material corporate governance matters. Our discussions focus on topics relevant to a company's success over time, including governance and leadership, corporate strategy, capital structure and financial performance, operations and material sustainability-related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual respect.

Different active equity strategies may implement these voting guidelines differently, as a result of the latitude each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each portfolio's investment objectives and strategy.

These guidelines discuss BAIS' views on corporate governance topics on which we may engage with management teams and board directors<sup>4</sup> and on matters that routinely come to a shareholder vote. We

<sup>3</sup> On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act. We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect, of changing or influencing control of the company.

<sup>4</sup> References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where relevant.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 4** |
|  | <br> NM0126U-5113770-4/24 |

---

------

recognize that accepted corporate governance norms can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a company's ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets or, particularly in markets without well-established norms, aspire to widely recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company's strategy or its implementation. We look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial interests of their investors.

**Our approach to stewardship within active equities** 

Voting at a company's shareholder meeting is a right of share ownership and a core principle of corporate governance. The voting rights attached to clients' holdings are an important mechanism for investors to express support for, or concern about, a company's performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with BlackRock's contractual arrangements with clients and funds.

In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may vote against management recommendations when we have concerns about how companies are serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to voting but considers the different corporate governance regulations and norms across markets. Votes are determined on a case-by-case basis, in the context of a company's situation and the investment mandate we have from clients. Please see page 19 for more information about how we fulfill and oversee our investment stewardship responsibilities for BlackRock's non-index equity strategies.<sup>5</sup>

**Our approach to stewardship within fixed income** 

Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed income investment teams may help inform an issuer's approach to structuring specialist issuances and the standard terms and information in bond documentation.

<sup>5</sup> Non-index equity strategies include active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies, as well as holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.

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| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 5** |
|  | <br> NM0126U-5113770-5/24 |

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**Boards of Directors** 

**Roles and responsibilities** 

There is widespread consensus that the foundation of good corporate governance is an effective board of directors that is able to advise and supervise management in an independent and objective manner.<sup>6</sup>

We look to the board of directors (hereafter the "board") to have an oversight role in the establishment and realization of a company's strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.

In overseeing the management of the company, the board ensures the necessary resources, policies and procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.

One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief executive officer ("CEO"). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and engaging with shareholders, and other stakeholders, as necessary.

**Composition and effectiveness** 

***Appointment process***

A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub-committee determines the general criteria given the company's circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures that explain how the board considered different skills and experience to ensure that the directors collectively can be effective in fulfilling their responsibilities. We assess a company's board composition against that of its peer group and local market requirements.

Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board composition in our engagements or voting but seek to understand how well placed a board is to act in investors' interests. We may vote against the election of the most senior independent director, or the chair of the relevant committee, where a company has not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of skills and experience amongst the directors to support strong financial performance over time. We may vote against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board's effectiveness.

<sup>6</sup> See the Corporate Governance Codes of <u>Germany</u>, <u>Japan</u>, and the <u>UK</u>, as well as the corporate governance principles of the US <u>Business Roundtable</u> as examples.

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| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 6** |
|  | <br> NM0126U-5113770-6/24 |

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***Independence***

Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is of paramount importance to the protection of the interests of minority shareholders such as BlackRock's clients. We consider it good practice for at least half the directors to be independent and free from conflicts of interest or undue influence.<sup>7</sup> This also helps to ensure that board committees are composed of a sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board independence should meet those local requirements.

We may vote against the election of non-independent directors if the board does not have a sufficient balance of independence. We may also vote against the election of the chair of the committee responsible for board composition if this is a perennial issue.

***Independent board leadership***

Practices across markets differ, as do board structures, but we observe two main approaches to independent board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other non-executive directors and working closely with the executive chair on the board agenda and other board procedures. In this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO succession, executive pay, and board performance. We look to boards to explain their board leadership model and how it serves the interests of shareholders.

We may vote against the election of the chair of the committee responsible for board composition if there is not an identified independent leader of the board with clear responsibilities for board performance. We may vote against the most senior independent director if the board has a policy of not engaging with shareholders.

***Tenure and succession***

In our view, it is good practice for boards to establish the length of time a director would normally be expected to serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to director tenure particularly around the contributions of directors who have served for longer periods than typically provided for under local practice. In our experience, long-serving directors could become less independent given their long-term relationship with management and involvement in past board decisions.

Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with long-term knowledge of the board and company.

<sup>7</sup> Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director's ability to act in the best interests of the company and shareholders.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 7** |
|  | <br> NM0126U-5113770-7/24 |

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------

In markets where there is not specific director tenure guidance from regulation or corporate governance best practices, we may vote against the election of the chair of the committee responsible for board composition if a company does not clearly disclose its approach to director tenure and board renewal. We may vote against the election of directors who have served for more years than is typical in markets with specific guidance, where the case for their continued service is not evident.

***Capacity***

To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an effective board will assess the ability of its members to maintain an appropriate focus on board matters and the company taking into consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time commitment but note that they are generally more intensive than a standard directorship. We will take local norms and practices into consideration when making our voting determinations across markets.

We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to the board and company.

***Director elections***

Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board structure<sup>8</sup> may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its business model (e.g., a non-operating company such as closed-end funds).

Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look to companies to provide sufficient information on each director standing for election so that shareholders can assess their capabilities and suitability. We will generally not support the election of directors whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.

Each director's appointment should be dependent on receiving a simple majority of the votes cast at the shareholder meeting. Where a company's practices differ, we look to the board to provide a detailed explanation as to how its approach best serves investors' interests.

We may vote for shareholder or management proposals seeking to establish annual election of directors and/or a simple majority vote standard for director elections. We may vote against all the directors standing for election as part of a single slate if we have concerns about the profile or performance of an individual director.

***Committees***

Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees they should establish, but we seek to understand the board's rationale for the committee structure it determines is appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the committees. It is helpful to investor

<sup>8</sup> A classified board divides the directors into classes with different overlapping terms. As a result, only one class of directors stands for election in any one year.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 8** |
|  | <br> NM0126U-5113770-8/24 |

---

------

understanding when the board discloses the structure, membership, proportion of independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance
with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and whistleblowing mechanisms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Nominating, governance and human capital – oversight responsibilities for corporate governance principles and
practices of the company, including the periodic review of board performance; responsibility for succession planning for CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for human capital
management strategies, including corporate culture and purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Executive compensation – determines the compensation policies and programs for the CEO and other executive officers,
approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide compensation policies.

We may vote against the election of the chair of the committee or other directors serving as committee members to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of the most senior non-executive director if there is not a clearly disclosed approach to board committees.

***Board and director evaluation***

We consider it best practice for companies to conduct an annual review of the performance of the board, the committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third party able to bring objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to and the objectives of evaluations, including any changes made to the board's approach as a result.

***Access to independent advice***

To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third parties to advise on critical matters. These might include new industry developments such as emergent and disruptive technology, operating events with material consequences for the company's reputation and/or performance, or significant transactions. Board committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and succession planning.

**Executive compensation** 

Boards play an important role in establishing compensation arrangements that enable the company to recruit, retain and reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus on alignment between variable pay and a company's financial performance.

Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards performance against short-term metrics, incentives - most often share-based- that reward

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performance against long-term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.

Recognizing the unique circumstances of each company, we determine whether to support a company's approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative information in their disclosures to enable shareholders to understand the compensation arrangements and assess the alignment with investors' interests. Features we look for in compensation arrangements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the
company's size, sector and market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variable pay subject to performance metrics that are closely linked to the company's short- and long-term strategic
objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Long-term incentives that motivate sustained performance across a multi-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and equity
awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pay outcomes that are consistent with the returns to investors over the relevant time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and transparently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the company
within a defined time period, as determined by the board or relevant board committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Change of control provisions that appropriately balance the interests of executives and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals whose
awards were based on fraudulent activities, misstated financial reports, or executive misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Severance arrangements that protect the company's interests but do not cost more than is contractual.

We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the compensation report where we do not see alignment between executive compensation arrangements and our clients' financial interests. When there is not an alternative, or where there have been multi-year issues with compensation misaligned with performance, we may vote against the election of the chair of the responsible committee, or the most senior independent director.

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**Non-executive director compensation** 

Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We do not support non-executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and undermine their independence from management, whom they oversee.

**Capital structure** 

Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate capital allocation in support of long-term financial resilience.

Where company practices diverge from those set out below, we look for companies to disclose why they view these practices to be aligned with shareholders' interests. We may vote against management proposals seeking capital-related authorities, or the election of the most senior independent director, if we have concerns about a company's approach. We may also support a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.

**Share issuance** 

We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Share buybacks** 

We assess share buyback proposals in the context of the company's disclosed capital management strategy and management's determination of the appropriate balance between investment that supports the long-term growth of the company and returning cash to investors. We also take into consideration the effect of a buyback program on the company's balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market price. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Dividends** 

We generally defer to management and the board on dividend policy but may engage to seek further clarification where a proposed dividend appears out of line with the company's financial position.

**Differentiated voting rights** 

We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic exposure. Certain companies, particularly those new to public markets, could make the case to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a periodic basis.

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**Transactions and special situations** 

We monitor developments in transactions and special situations closely and undertake our own detailed analyses of proposals.

**Mergers and acquisitions** 

We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders. Management should provide an assessment of the proposed transaction's strategic and financial rationale, along with its execution and operational risks. We review each transaction independently based on these factors and the degree to which the transaction enhances shareholder value. The board might consider establishing an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to shareholders.

We will vote against transactions that, in our assessment, do not advance our clients' financial interests.

**Anti-takeover defenses** 

In principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights plans, as they can entrench management and boards which have not delivered long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also be closely monitored by the independent members of the board. We consider it good practice for companies to put to a shareholder vote any mechanisms expected to be in place for more than 12 months.

**Shareholder activism** 

When companies are the focus of an activism campaign, we may communicate with the activist to understand their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company management and possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the quality of both the activist's and management's plans; and the qualifications of each party's candidates. We evaluate each contested situation by assessing the potential financial outcome for our clients as minority shareholders.

We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders' interests.

**Significant shareholders and related party transactions** 

Boards of companies with affiliated shareholders or directors should give equitable consideration to the interests of all shareholders when evaluating related party transactions.

We consider it good practice for transactions with related parties, such as significant shareholders or companies affiliated with the public company, to be disclosed in detail and conducted on terms similar to

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what would objectively have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the independent members of the board, and if voted on, only disinterested shareholders should vote.

**Corporate reporting, risk management and audit** 

Investors depend on corporate reporting, both regulatory and voluntary, to understand a company's strategy, its implementation and financial performance, as well as to assess the quality of management and operations and potential for the company to create shareholder value over time. We consider it good practice for the board to oversee corporate reporting and the policies and procedures underpinning the internal audit function and external audit.

A company's financial reporting should provide decision-useful information for investors, and other stakeholders, on its financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in accordance with globally developed reporting standards and any divergence from generally accepted accounting principles should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.

In this context, audit committees play a vital role in a company's financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens the quality and reliability of a company's financial statements and provides an important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the independence of the auditor and the quality of the external audit process annually.

Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide robust, standardized disclosures on their material sustainability-related risks and opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards, which may be helpful to companies in preparing such reports.<sup>9</sup> However, we do not mandate any specific disclosure framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under standards specified by policy makers.<sup>10</sup>

Companies should establish robust risk management and internal control processes appropriate to the company's business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior

<sup>9</sup> The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 "General Requirements for Disclosure of Sustainability-related Financial Information" and S2 "Climate-related Disclosures."

<sup>10</sup> See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles-issb- standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en

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management and the board are aware of potential misconduct or breaches in risk management and internal control processes.

A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor remained independent.

We may vote against the election of the responsible directors if corporate reporting is insufficient or there are material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial statements or the discharge of the board when we are concerned about the quality of corporate reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor's independence, the quality of the audit, or there are material misstatements in financial reports and the board has not established reasonable remediation plans.

**Shareholder rights and protections** 

**General shareholder meetings** 

Companies normally have an annual general meeting of shareholders at which routine and non-routine items of business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.

We may vote against directors when materials related to the business of the shareholder meeting are not provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder participation.

**Bylaw amendments** 

We review bylaw amendments proposed by management on a case-by-case basis and will generally support those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put to a shareholder vote.

We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required to exercise this right should balance its utility with the cost to the company of holding special meetings.

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If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to nominate directors to the company's board. The threshold for this right should be set so that shareholders can exercise it without being unduly disruptive to the board's own nomination process.

Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote for a shareholder proposal seeking the addition of either of these provisions to a company's bylaws.

**Change of domicile** 

We generally defer to management on proposals to change a company's domicile as long as the rationale for doing so is consistent with the company's long-term strategy and business model and the related costs are immaterial.

We may vote against directors or a proposal to change a company's domicile where it does not seem aligned with our clients' financial interests.

**Changes to a company's purpose or the nature of its business** 

Plans to materially change the nature of a company's business or its purpose should be disclosed and explained in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor's views on the suitability of a company for their investment strategy or portfolio.

Where relevant, we may vote against proposals to change a company's purpose or the nature of its business if the board has not provided a credible argument for change.

**Shareholder proposals** 

Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general shareholder meeting asking a company to take a particular course of action subject to the proposal being supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be relevant to a company's business.

We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a company's business and its current approach, whether the actions sought are consistent with shareholders' interests, and what impact the proposal being acted upon might have on financial performance.

Our general approach where we have concerns about a company's governance, disclosures or performance is to engage to understand the apparent difference in perspective. If we are concerned a company is not acting in shareholders' financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so is aligned with our clients' financial interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a company's strategy or direct its operations, or are unrelated to how a company manages risk or generates financial returns.

BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.

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**Corporate political activities** 

A corporation's ability to engage in the policy process is subject to rules and regulations set by the jurisdictions in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes, BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how companies engage in corporate political activities and ensure that their participation is consistent with their public statements on policy matters material to the company's long-term strategy. The board should be aware of the approach taken by management on corporate political activities as there can be reputational risks arising from inconsistencies between a company's policy engagement and stated policy positions. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we would like to better understand its approach to policy engagement, where relevant.

To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy priorities and the policy positions of the trade associations of which they are active members and any engagements undertaken by trade associations on behalf of members.

We may support a relevant shareholder proposal, or vote against directors, where a company's disclosures are insufficient to address the material risk it has identified.

**Material sustainability-related risks and opportunities** 

We seek to understand how companies manage the material risks and opportunities inherent in their business operations. In our experience, sustainability-related factors<sup>11</sup> that are relevant to a company's business or material to its financial performance, are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.

We recognize that the specific sustainability-related factors that may be financially material or business relevant will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures and our engagement, we aim to understand how management is identifying, assessing and integrating material sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake a more holistic assessment of a company's potential financial performance and the likely risk-adjusted returns of an investment.

We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is managing or disclosing its approach to material sustainability-related risks that may impact financial returns.

<sup>11</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

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**Key stakeholders** 

In our view, companies should understand and take into consideration the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate. Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to be financially resilient over time.

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**Climate and decarbonization investment objectives** 

Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in those funds differs in some respects from BAIS' benchmark guidelines, which are described above. Specifically, for those funds' holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.

These decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. It is helpful to investors' understanding when these disclosures include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions.

Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or disclosing material climate-related risks, consistent with the parameters set out in these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a company's stated low-carbon transition strategy or targets that the company does not currently provide and that would be helpful to investment decision-making. We would not recommend support for shareholder proposals that seek to constrain board or management decision-making or direct specific business or strategic decisions. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to climate risk and the energy transition is undertaken in line with BAIS' benchmark guidelines.

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**Appendix 1: How we fulfil and oversee our investment stewardship responsibilities for non-index equity investment strategies** 

**Oversight** 

The Global Head of BAIS has primary oversight of and responsibility for the team's activities, including voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the "Guidelines"), which require the application of professional judgment and consideration of each company's unique circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities, reporting lines, and oversight.

The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in BlackRock's legal, public policy, sustainability and communications teams, helps shape the firm's approach to investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments to BAIS' policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.

BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third parties for certain of the foregoing activities and performs oversight of those third parties (see "Use and oversight of third-party vote services providers" below).

**Voting guidelines and vote execution** 

BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the Fund's affiliates (if any), BlackRock or BlackRock's affiliates, or BlackRock employees (see "Conflicts management policies and procedures," below).

When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the investment objective and financial interests of clients invested in the funds they manage.

The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that explain our approach to governance practices most aligned with clients' long-term financial interests.

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In certain markets, proxy voting involves logistical issues which can affect BAIS' ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii) restrictions on a foreigner's ability to exercise votes; iii) requirements to vote proxies in person; iv) "share-blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting has occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

BlackRock votes proxies in these situations on a "best-efforts" basis. In addition, BAIS may determine that it is generally in the interests of BlackRock's clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

**Voting Choice** 

BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy voting process where legally and operationally viable.

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.<sup>12</sup>

As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of Voting Choice.<sup>13</sup>

**Use and oversight of third-party vote services providers** 

Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis' research and analysis as an input into our voting process. It is important to note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company's disclosures, our engagements and voting, investment colleagues' insights and our Guidelines are important inputs into our voting decisions on behalf of clients.

Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting process by making voting recommendations based on BAIS' Guidelines when the items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to

<sup>12</sup> With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client's selected voting policy.

13 BlackRock does not disclose client information, including a client's selection of proxy policy, without client consent.

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assess, escalate as necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.

BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our service level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock's firmwide policies.

**Conflicts management policies and procedures** 

BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS' proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock's affiliates, a Fund or a Fund's affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by
BlackRock

BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adopted these Guidelines which are designed to advance our clients' long-term financial interests in the companies in
which BlackRock invests on their behalf

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Established a reporting structure that separates BAIS from employees with sales, vendor management, or business partnership
roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock's relationship with such parties. Clients or
business partners are not given preferential treatment or differentiated access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a more informed voting decision or to better
understand a company's perspectives on financially material risks and opportunities. Within the normal course of business, BAIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 21** |
|  | <br> NM0126U-5113770-21/24 |

---

------

employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting
recommendations as a further safeguard to avoid perceived or potential conflicts of interest, to satisfy regulatory requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service
provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting recommendations for shares of BlackRock, Inc.
and companies affiliated with BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting recommendations for certain perceived or potential conflicts of interest, including:

<sup>○</sup> public companies that include BlackRock employees on their boards of directors

<sup>○</sup> public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of directors

<sup>○</sup> public companies that are the subject of certain transactions involving BlackRock Funds

<sup>○</sup> public companies that are joint venture partners with BlackRock, and

<sup>○</sup> public companies when legal or regulatory requirements compel BlackRock to use an independent third-party voting service provider

In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider.

**Securities lending** 

If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns which in turn may allow fund providers to offset fund expenses.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan as part of BlackRock's securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with active portfolio managers, as well as colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.

In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 22** |
|  | <br> NM0126U-5113770-22/24 |

---

------

determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

**Reporting and vote transparency** 

BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and disclosure on our <u>website</u>.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 23** |
|  | <br> NM0126U-5113770-23/24 |

---

------

**Want to know more?** 

<u>blackrock.com/stewardship</u> \| <u>ContactActiveStewardship@blackrock.com</u>

The document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.

<sup>©</sup>2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines **\| 24** |
|  | <br> NM0126U-5113770-24/24 |

---

## Ex-99.Section19

100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

![LOGO](g105676dsp_86.jpg)

December 31, 2025

Dear Shareholder,

Section 19(a) of the Investment Company Act of 1940 requires notice to shareholders if the payment of any distribution is made from any source other than the fund's net income. This notice is intended to satisfy the requirements under Section 19(a).

The Funds estimate that they have distributed more than their income and net-realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized short-term capital gains, net realized long-term capital gains and return of capital. All amounts are expressed per common share.

You should not draw any conclusions about the Trust's investment performance from the amount of this distribution or from the terms of the Managed Distribution Plan.

If you have any questions or require additional assistance with your account, please contact BlackRock Funds Investor Services toll-free at 1-800-882-0052. Representatives are available Monday through Friday from 8:00 a.m. to 6:00 p.m., Eastern Time. You may also visit the BlackRock Funds' website at www.blackrock.com/funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Allocations as of December 31, 2025** |  |  |  |  | **Record Date**<br> **Pay Date** | December 22, 2025<br>December 31, 2025 |
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **Current<br>Distribution per<br>Share** | **Net Income** | **Net Realized Short-**<br> **Term Capital Gains** | **Net Realized Long-**<br> **Term Capital Gains** | **Return of Capital** |
| &nbsp;&nbsp;&nbsp;BlackRock Resources & Commodities Strategy Trust | BCX | $0.069700 | $0.037414 (54%) | $0 (0%) | $0 (0%) | $0.032286 (46%) |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Equity Dividend Trust | BDJ | $0.174930 | $0.017832 (10%) | $0.004629 (3%) | $0.152469 (87%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Energy & Resources Trust | BGR | $0.097300 | $0.024169 (25%) | $0 (0%) | $0 (0%) | $0.073131 (75%) |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced International Dividend Trust | BGY | $0.042600 | $0 (0%) | $0 (0%) | $0.042600 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Trust | BME | $0.262100 | $0.019012 (7%) | $0 (0%) | $0.243088 (93%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Term Trust | BMEZ | $0.110000 | $0 (0%) | $0 (0%) | $0.110000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Global Dividend Trust | BOE | $0.082700 | $0.009475 (11%) | $0 (0%) | $0.073225 (89%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | $1.174279 | $0.055973 (5%) | $0.240576 (20%) | $0.877730 (75%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Large Cap Core Fund Inc. | CII | $0.506000 | $0.010835 (2%) | $0 (0%) | $0.495165 (98%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Science & Technology Trust | BST | $1.451471 | $0 (0%) | $0 (0%) | $1.451471 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Science and Technology Term Trust | BSTZ | $0.517116 | $0 (0%) | $0 (0%) | $0.517116 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Technology and Private Equity Term Trust | BTX | $0.052500 | $0 (0%) | $0 (0%) | $0 (0%) | $0.052500 (100%) |
| &nbsp;&nbsp;&nbsp;BlackRock Capital Allocation Term Trust | BCAT | $0.262030 | $0.039275 (15%) | $0 (0%) | $0 (0%) | $0.222755 (85%) |
| &nbsp;&nbsp;&nbsp;BlackRock ESG Capital Allocation Term Trust | ECAT | $0.278540 | $0.032037 (12%) | $0 (0%) | $0.030766 (11%) | $0.215737 (77%) |
| &nbsp;&nbsp;&nbsp;BlackRock Income Trust Inc. | BKT | $0.088200 | $0.044704 (51%) | $0 (0%) | $0 (0%) | $0.043496 (49%) |
| &nbsp;&nbsp;&nbsp;BlackRock Debt Strategies Fund Inc. | DSU | $0.098730 | $0.067915 (69%) | $0 (0%) | $0 (0%) | $0.030815 (31%) |
| &nbsp;&nbsp;&nbsp;BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.123840 | $0.083312 (67%) | $0 (0%) | $0 (0%) | $0.040528 (33%) |
| &nbsp;&nbsp;&nbsp;BlackRock Floating Rate Income Trust | BGT | $0.120280 | $0.081276 (68%) | $0 (0%) | $0 (0%) | $0.039004 (32%) |
| &nbsp;&nbsp;&nbsp;BlackRock Corporate High Yield Fund Inc. | HYT | $0.077900 | $0.067357 (86%) | $0 (0%) | $0 (0%) | $0.010543 (14%) |
| &nbsp;&nbsp;&nbsp;BlackRock Credit Allocation Income Trust | BTZ | $0.083900 | $0.072073 (86%) | $0 (0%) | $0 (0%) | $0.011827 (14%) |
| &nbsp;&nbsp;&nbsp;BlackRock Limited Duration Income Trust | BLW | $0.113200 | $0.097413 (86%) | $0 (0%) | $0 (0%) | $0.015787 (14%) |
| &nbsp;&nbsp;&nbsp;BlackRock Core Bond Trust | BHK | $0.074600 | $0.055211 (74%) | $0 (0%) | $0 (0%) | $0.019389 (26%) |
| &nbsp;&nbsp;&nbsp;BlackRock Multi-Sector Income Trust | BIT | $0.123700 | $0.085093 (69%) | $0 (0%) | $0 (0%) | $0.038607 (31%) |

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1 of 2

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100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

**Estimated Allocations for the fiscal year through December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **Cummulative**<br> **Fiscal Year to**<br> **Date Distribution** | **Net Income** | **Net Realized Short-**<br> **Term Gains** | **Net Realized Long-<br>Term Gains** | **Return of Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | BCX | $0.836400 | $0.267599 (32%) | $0 (0%) | $0 (0%) | $0.568801 (68%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | BDJ | $0.855830 | $0.341423 (40%) | $0.004629 (1%) | $0.509778 (59%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $1.167600 | $0.338504 (29%) | $0 (0%) | $0 (0%) | $0.829096 (71%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.511200 | $0.072755 (14%) | $0 (0%) | $0.361962 (71%) | $0.076483 (15%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $3.145200 | $0.119046 (4%) | $0 (0%) | $2.868473 (91%) | $0.157681 (5%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $1.871060 | $0 (0%) | $0 (0%) | $0.464920 (25%) | $1.406140 (75%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.992400 | $0.146525 (15%) | $0 (0%) | $0.845875 (85%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | $2.670279 | $0.259695 (10%) | $0.240576 (9%) | $2.170008 (81%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $2.057000 | $0 (0%) | $0 (0%) | $2.057000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $4.201471 | $0 (0%) | $0 (0%) | $4.201471 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $2.817036 | $0 (0%) | $0 (0%) | $2.817036 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.901470 | $0 (0%) | $0 (0%) | $0 (0%) | $0.901470 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $3.321040 | $0.338464 (10%) | $0 (0%) | $0 (0%) | $2.982576 (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $3.537140 | $0.219986 (6%) | $0 (0%) | $0.024356 (1%) | $3.292798 (93%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $1.058400 | $0.355004 (34%) | $0 (0%) | $0 (0%) | $0.703396 (66%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $1.184760 | $0.677729 (57%) | $0 (0%) | $0 (0%) | $0.507031 (43%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $1.486080 | $0.932746 (63%) | $0 (0%) | $0 (0%) | $0.553334 (37%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $1.443360 | $0.823490 (57%) | $0 (0%) | $0 (0%) | $0.619870 (43%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.934800 | $0.701384 (75%) | $0 (0%) | $0 (0%) | $0.233416 (25%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $1.006800 | $0.734984 (73%) | $0 (0%) | $0 (0%) | $0.271816 (27%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $1.358400 | $1.028983 (76%) | $0 (0%) | $0 (0%) | $0.329417 (24%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.895200 | $0.488620 (55%) | $0 (0%) | $0 (0%) | $0.406580 (45%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $1.484400 | $0.733441 (49%) | $0 (0%) | $0 (0%) | $0.750959 (51%) |

---

**Fund Performance and Distribution Rate Information for the Period Ended November 28, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **5 Year Average<br>Annual Total<br>Return on NAV** | **Annualized Current<br>Distribution Rate on<br>NAV** | **Cummulative Total<br>Return on NAV** | **Cummulative Fiscal<br>Year Distribution on<br>NAV** |
| &nbsp;&nbsp;&nbsp;BlackRock Resources & Commodities Strategy Trust | BCX | 14.02% | 7.54% | 25.36% | 6.91% |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Equity Dividend Trust | BDJ | 11.08% | 21.60% | 16.35% | 7.01% |
| &nbsp;&nbsp;&nbsp;BlackRock Energy & Resources Trust | BGR | 19.53% | 8.17% | 12.42% | 7.49% |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced International Dividend Trust | BGY | 7.31% | 8.26% | 13.65% | 7.57% |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Trust | BME | 7.25% | 6.97% | 18.15% | 6.39% |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Term Trust | BMEZ | 0.23% | 7.51% | 20.25% | 10.02% |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Global Dividend Trust | BOE | 9.23% | 7.69% | 15.98% | 7.05% |
| &nbsp;&nbsp;&nbsp;BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | 9.26% | 53.78% | 22.95% | 5.71% |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Large Cap Core Fund Inc. | CII | 13.97% | 24.63% | 23.69% | 6.29% |
| &nbsp;&nbsp;&nbsp;BlackRock Science & Technology Trust | BST | 6.75% | 39.69% | 18.96% | 6.27% |
| &nbsp;&nbsp;&nbsp;BlackRock Science and Technology Term Trust | BSTZ | 3.61% | 24.68% | 21.45% | 9.15% |
| &nbsp;&nbsp;&nbsp;BlackRock Technology and Private Equity Term Trust | BTX\* | -9.11% | 7.95% | 6.73% | 10.72% |
| &nbsp;&nbsp;&nbsp;BlackRock Capital Allocation Term Trust | BCAT\* | 6.88% | 20.51% | 14.22% | 19.95% |
| &nbsp;&nbsp;&nbsp;BlackRock ESG Capital Allocation Term Trust | ECAT\* | 8.63% | 20.38% | 13.91% | 19.87% |
| &nbsp;&nbsp;&nbsp;BlackRock Income Trust Inc. | BKT | -1.25% | 9.12% | 6.86% | 8.36% |
| &nbsp;&nbsp;&nbsp;BlackRock Debt Strategies Fund Inc. | DSU | 7.14% | 11.66% | 6.11% | 10.69% |
| &nbsp;&nbsp;&nbsp;BlackRock Floating Rate Income Strategies Fund Inc. | FRA | 7.12% | 12.25% | 4.84% | 11.23% |
| &nbsp;&nbsp;&nbsp;BlackRock Floating Rate Income Trust | BGT | 7.30% | 12.16% | 5.30% | 11.15% |
| &nbsp;&nbsp;&nbsp;BlackRock Corporate High Yield Fund Inc. | HYT | 5.45% | 9.69% | 9.10% | 8.88% |
| &nbsp;&nbsp;&nbsp;BlackRock Credit Allocation Income Trust | BTZ | 2.41% | 8.84% | 9.96% | 8.10% |
| &nbsp;&nbsp;&nbsp;BlackRock Limited Duration Income Trust | BLW | 5.13% | 9.77% | 8.22% | 8.96% |
| &nbsp;&nbsp;&nbsp;BlackRock Core Bond Trust | BHK | -1.75% | 8.85% | 6.63% | 8.11% |
| &nbsp;&nbsp;&nbsp;BlackRock Multi-Sector Income Trust | BIT | 4.47% | 10.65% | 5.84% | 9.76% |

---

\*Portfolio launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception.

2 of 2

------

100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

![LOGO](g105676dsp_86.jpg)

January 30, 2026

Dear Shareholder,

Section 19(a) of the Investment Company Act of 1940 requires notice to shareholders if the payment of any distribution is made from any source other than the fund's net income. This notice is intended to satisfy the requirements under Section 19(a).

The Funds estimate that they have distributed more than their income and net-realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized short-term capital gains, net realized long-term capital gains and return of capital. All amounts are expressed per common share.

You should not draw any conclusions about the Trust's investment performance from the amount of this distribution or from the terms of the Managed Distribution Plan.

If you have any questions or require additional assistance with your account, please contact BlackRock Funds Investor Services toll-free at 1-800-882-0052. Representatives are available Monday through Friday from 8:00 a.m. to 6:00 p.m., Eastern Time. You may also visit the BlackRock Funds' website at www.blackrock.com/funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Allocations as of January 30, 2026** |  |  |  |  | **Record Date**<br> **Pay Date** | January 20, 2026<br>January 30, 2026 |
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **Current<br>Distribution per<br>Share** | **Net Income** | **Net Realized Short-<br>Term Capital Gains** | **Net Realized Long-<br>Term Capital Gains** | **Return of Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | BCX | $0.069700 | $0.017007 (24%) | $0 (0%) | $0 (0%) | $0.052693 (76%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $0.097300 | $0.014293 (15%) | $0 (0%) | $0 (0%) | $0.083007 (85%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.042600 | $0 (0%) | $0.009730 (23%) | $0.006123 (14%) | $0.026747 (63%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $0.262100 | $0.004380 (2%) | $0.034490 (13%) | $0.223230 (85%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $0.110000 | $0 (0%) | $0.006613 (6%) | $0.039717 (36%) | $0.063670 (58%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.082700 | $0.015931 (19%) | $0 (0%) | $0.066769 (81%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $0.141000 | $0 (0%) | $0 (0%) | $0.141000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $0.250000 | $0 (0%) | $0.020699 (8%) | $0.229301 (92%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $0.162500 | $0 (0%) | $0.162500 (100%) | $0 (0%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.052500 | $0 (0%) | $0 (0%) | $0 (0%) | $0.052500 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $0.260730 | $0.023104 (9%) | $0 (0%) | $0 (0%) | $0.237626 (91%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $0.277010 | $0.005348 (2%) | $0 (0%) | $0 (0%) | $0.271662 (98%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $0.088200 | $0.038325 (43%) | $0 (0%) | $0 (0%) | $0.049875 (57%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $0.098730 | $0.052104 (53%) | $0 (0%) | $0 (0%) | $0.046626 (47%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.123840 | $0.063261 (51%) | $0 (0%) | $0 (0%) | $0.060579 (49%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | BBN | $0.098600 | $0.082960 (84%) | $0 (0%) | $0 (0%) | $0.015640 (16%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $0.120280 | $0.058566 (49%) | $0 (0%) | $0 (0%) | $0.061714 (51%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.077900 | $0.053357 (68%) | $0 (0%) | $0 (0%) | $0.024543 (32%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $0.083900 | $0.056156 (67%) | $0 (0%) | $0 (0%) | $0.027744 (33%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $0.113200 | $0.079973 (71%) | $0 (0%) | $0 (0%) | $0.033227 (29%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.074600 | $0.043649 (59%) | $0 (0%) | $0 (0%) | $0.030951 (41%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $0.123700 | $0.068563 (55%) | $0 (0%) | $0 (0%) | $0.055137 (45%) |

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100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Estimated Allocations for the fiscal year through January 30, 2026** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **Cummulative**<br> **Fiscal Year to**<br> **Date Distribution** | **Net Income** | **Net Realized Short-** <br> **Term Gains** | **Net Realized Long-** <br> **Term Gains** | **Return of Capital** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;BlackRock Resources & Commodities Strategy Trust | BCX | $0.069700 | $0.017102 (25%) | $0 (0%) | $0 (0%) | $0.052598 (75%) |
| &nbsp;&nbsp;&nbsp;BlackRock Energy & Resources Trust | BGR | $0.097300 | $0.014116 (15%) | $0 (0%) | $0 (0%) | $0.083184 (85%) |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced International Dividend Trust | BGY | $0.042600 | $0 (0%) | $0.009730 (23%) | $0.006123 (14%) | $0.026747 (63%) |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Trust | BME | $0.262100 | $0.004380 (2%) | $0.034490 (13%) | $0.223230 (85%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Term Trust | BMEZ | $0.110000 | $0 (0%) | $0.006613 (6%) | $0.039717 (36%) | $0.063670 (58%) |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Global Dividend Trust | BOE | $0.082700 | $0.015931 (19%) | $0 (0%) | $0.066769 (81%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Large Cap Core Fund Inc. | CII | $0.141000 | $0 (0%) | $0 (0%) | $0.141000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Science & Technology Trust | BST | $0.250000 | $0 (0%) | $0.020699 (8%) | $0.229301 (92%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Science and Technology Term Trust | BSTZ | $0.162500 | $0 (0%) | $0.162500 (100%) | $0 (0%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;BlackRock Technology and Private Equity Term Trust | BTX | $0.052500 | $0 (0%) | $0 (0%) | $0 (0%) | $0.052500 (100%) |
| &nbsp;&nbsp;&nbsp;BlackRock Capital Allocation Term Trust | BCAT | $0.260730 | $0.023104 (9%) | $0 (0%) | $0 (0%) | $0.237626 (91%) |
| &nbsp;&nbsp;&nbsp;BlackRock ESG Capital Allocation Term Trust | ECAT | $0.277010 | $0.005348 (2%) | $0 (0%) | $0 (0%) | $0.271662 (98%) |
| &nbsp;&nbsp;&nbsp;BlackRock Income Trust Inc. | BKT | $0.088200 | $0.038325 (43%) | $0 (0%) | $0 (0%) | $0.049875 (57%) |
| &nbsp;&nbsp;&nbsp;BlackRock Debt Strategies Fund Inc. | DSU | $0.098730 | $0.052104 (53%) | $0 (0%) | $0 (0%) | $0.046626 (47%) |
| &nbsp;&nbsp;&nbsp;BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.123840 | $0.063261 (51%) | $0 (0%) | $0 (0%) | $0.060579 (49%) |
| &nbsp;&nbsp;&nbsp;BlackRock Taxable Municipal Bond Trust | BBN | $0.098600 | $0.082960 (84%) | $0 (0%) | $0 (0%) | $0.015640 (16%) |
| &nbsp;&nbsp;&nbsp;BlackRock Floating Rate Income Trust | BGT | $0.120280 | $0.058572 (49%) | $0 (0%) | $0 (0%) | $0.061708 (51%) |
| &nbsp;&nbsp;&nbsp;BlackRock Corporate High Yield Fund Inc. | HYT | $0.077900 | $0.053357 (68%) | $0 (0%) | $0 (0%) | $0.024543 (32%) |
| &nbsp;&nbsp;&nbsp;BlackRock Credit Allocation Income Trust | BTZ | $0.083900 | $0.056156 (67%) | $0 (0%) | $0 (0%) | $0.027744 (33%) |
| &nbsp;&nbsp;&nbsp;BlackRock Limited Duration Income Trust | BLW | $0.113200 | $0.079973 (71%) | $0 (0%) | $0 (0%) | $0.033227 (29%) |
| &nbsp;&nbsp;&nbsp;BlackRock Core Bond Trust | BHK | $0.074600 | $0.043649 (59%) | $0 (0%) | $0 (0%) | $0.030951 (41%) |
| &nbsp;&nbsp;&nbsp;BlackRock Multi-Sector Income Trust | BIT | $0.123700 | $0.068563 (55%) | $0 (0%) | $0 (0%) | $0.055137 (45%) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund Performance and Distribution Rate Information for the Period Ended December 31, 2025** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **5 Year Average**<br> **Annual Total<br>Return on NAV** | **Annualized Current**<br> **Distribution Rate on**<br> **NAV** | **Cummulative Total<br>Return on NAV** | **Cummulative Fiscal<br>Year Distribution on<br>NAV** |
| &nbsp;&nbsp;&nbsp;BlackRock Resources & Commodities Strategy Trust | BCX | 13.66% | 7.25% | 31.15% | 0.60% |
| &nbsp;&nbsp;&nbsp;BlackRock Energy & Resources Trust | BGR | 18.80% | 8.23% | 12.35% | 0.69% |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced International Dividend Trust | BGY | 7.28% | 8.11% | 16.51% | 0.68% |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Trust | BME | 5.82% | 7.15% | 15.82% | 0.60% |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Term Trust | BMEZ | -1.80% | 7.72% | 17.89% | 0.64% |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Global Dividend Trust | BOE | 8.77% | 7.70% | 16.71% | 0.64% |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Large Cap Core Fund Inc. | CII | 13.58% | 7.48% | 25.43% | 0.62% |
| &nbsp;&nbsp;&nbsp;BlackRock Science & Technology Trust | BST | 4.98% | 7.07% | 19.15% | 0.59% |
| &nbsp;&nbsp;&nbsp;BlackRock Science and Technology Term Trust | BSTZ | 1.68% | 7.83% | 22.93% | 0.65% |
| &nbsp;&nbsp;&nbsp;BlackRock Technology and Private Equity Term Trust | BTX\* | -9.10% | 8.08% | 5.94% | 0.67% |
| &nbsp;&nbsp;&nbsp;BlackRock Capital Allocation Term Trust | BCAT | 6.18% | 20.54% | 15.55% | 1.71% |
| &nbsp;&nbsp;&nbsp;BlackRock ESG Capital Allocation Term Trust | ECAT\* | 8.54% | 20.56% | 14.33% | 1.71% |
| &nbsp;&nbsp;&nbsp;BlackRock Income Trust Inc. | BKT | -1.30% | 9.20% | 6.78% | 0.77% |
| &nbsp;&nbsp;&nbsp;BlackRock Debt Strategies Fund Inc. | DSU | 6.89% | 11.68% | 6.93% | 0.97% |
| &nbsp;&nbsp;&nbsp;BlackRock Floating Rate Income Strategies Fund Inc. | FRA | 6.87% | 12.29% | 5.59% | 1.02% |
| &nbsp;&nbsp;&nbsp;BlackRock Taxable Municipal Bond Trust | BBN | -0.97% | 6.85% | 7.93% | 0.57% |
| &nbsp;&nbsp;&nbsp;BlackRock Floating Rate Income Trust | BGT | 7.07% | 12.19% | 6.14% | 1.02% |
| &nbsp;&nbsp;&nbsp;BlackRock Corporate High Yield Fund Inc. | HYT | 5.13% | 9.69% | 10.06% | 0.81% |
| &nbsp;&nbsp;&nbsp;BlackRock Credit Allocation Income Trust | BTZ | 2.17% | 8.87% | 10.43% | 0.74% |
| &nbsp;&nbsp;&nbsp;BlackRock Limited Duration Income Trust | BLW | 4.82% | 9.77% | 9.11% | 0.81% |
| &nbsp;&nbsp;&nbsp;BlackRock Core Bond Trust | BHK | -2.10% | 8.98% | 5.87% | 0.75% |
| &nbsp;&nbsp;&nbsp;BlackRock Multi-Sector Income Trust | BIT | 4.24% | 10.67% | 6.60% | 0.89% |

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\*Portfolio launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception.

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