Item 1 – Report to Stockholders

BlackRock Energy and Resources Trust (BGR)

BlackRock Enhanced Capital and Income Fund, Inc. (CII)

BlackRock Enhanced Equity Dividend Trust (BDJ)

BlackRock Enhanced Global Dividend Trust (BOE)

BlackRock Enhanced International Dividend Trust (BGY)

BlackRock Health Sciences Trust (BME)

BlackRock Health Sciences Trust II (BMEZ)

BlackRock Resources & Commodities Strategy Trust (BCX)

BlackRock Science and Technology Trust (BST)

BlackRock Science and Technology Trust II (BSTZ)

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Supplemental Information  (unaudited)

Section 19(a) Notices

BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Trust’s (BME), BlackRock Health Sciences Trust II’s (BMEZ), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Trust’s (BST), BlackRock Science and Technology Trust II’s (BSTZ) 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 to you 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, 2020

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

Section 19(b) Disclosure

The Trusts, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees (the “Board”), each have 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:

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 investment income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment 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 each 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.

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 BME, BST and BUI’s prospectuses for a more complete description of each Trust’s risks.

‘Table of Contents

Option Over-Writing Strategy

Overview

In general, the goal of each of the Trusts 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. 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.

Investment Objective

BlackRock Energy and ResourcesTrust’s (BGR) (the “Trust”) investment objective is to provide total return through a combination of current income and long-term capital appreciation. The Trust seeks to achieve its investment objective 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. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also 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.

Market Price and Net Asset Value History for the Past Five Years

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Energy prices fell sharply in the first quarter of 2020, when concerns about the economic impact of COVID-19 led to a significant deterioration of the demand outlook. In combination with the stock market downturn that occurred in February and March, this development resulted in poor returns for energy-related equities. The sector remained under pressure through the year’s second and third quarter calendar quarters despite a gradual improvement in the economic outlook, but it staged an impressive rally in November 2020 following the approval of a vaccine for COVID-19. Still, the category finished with a sizable loss due to the extent of its earlier decline.

Consistent with this environment, the Trust produced a negative absolute return in 2020. However, a number of holdings helped it to outperform on a relative basis. One such investment was Williams Cos., Inc., a provider of gas pipeline services that outpaced the broader energy sector due to stable natural gas transportation volumes. The Trust also benefited from its zero weightings in Occidental Petroleum Corp. and Schlumberger Ltd., both of which finished the year with sizable losses. An overweight position in Cairn Energy PLC, which was boosted by a favorable legal development, was also a large contributor.

On the other hand, a zero weighting in Neste Oyj was the largest detractor from relative performance. The Norwegian refiner has a strong position in renewable diesel and has been benefiting from environmental, social and governance flows and optimism regarding its long-term growth prospects. An underweight position in the pipeline company Enbridge, Inc., which proved resilient relative to the sector as a whole, also detracted. Among stocks the Trust held, Marathon Petroleum Corp. and Suncor Energy, Inc. were notable detractors.

The Trust utilized an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

The investment adviser adopted a more defensive approach in early March 2020 given the risks to oil demand stemming from the coronavirus. The investment adviser sought to achieve this by remaining focused on high-quality producers it saw as having asset bases and balance sheets strong enough to weather the near-term challenges and emerge well-positioned for an eventual upturn. Toward the end of the year, the investment adviser looked to capitalize on weakness by adding to its weighting in international oil companies. In addition, the investment adviser rotated the portfolio’s positioning in the exploration and production (“E&P”) space and looked to add to some of its positions in companies that are engaging in value-accretive merger-and-acquisition transactions.

Describe portfolio positioning at period end.

The integrated energy sub-sector represented the Trust’s largest allocation, followed by the E&P, distribution, refining & marketing and oil services industries, respectively.

As of December 31, 2020, the Trust had in place an option overwriting program whereby 37.3% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 4.4% out of the money) with an average time until expiration of 53 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Investment Objective

BlackRock Enhanced Capital and Income 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.

Market Price and Net Asset Value History for the Past Five Years

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

In the equity allocation of the Trust, the largest contribution to relative performance came from stock selection and allocation decisions in the industrials sector. Most notably, stock selection in the construction & engineering industry and an overweight allocation to aerospace & defense proved beneficial. Within the real estate sector, underweight exposure to equity real estate investment trusts (“REITs”) and overweight exposure to the real estate management & development industry boosted relative return. An underweight exposure to utilities, primarily in the electric utilities and multi-utilities industries, provided an additional tailwind. Other notable contributors included underweight exposure to financials and stock selection in the materials sector.

Conversely, the largest detractor from relative performance was stock selection in the consumer discretionary sector. In particular, selection decisions in automobiles and in the internet & direct marketing retail industry weighed on relative return. Within the energy sector, underweight exposure to and stock selection in the oil, gas & consumable fuels industry hurt relative performance. Other modest detractors included stock selection in health care and an underweight allocation to information technology (“IT”).

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

The Trust increased its exposure to the IT and consumer discretionary sectors. Conversely, the Trust reduced its exposure to health care and energy.

Describe portfolio positioning at period end.

In the equity portion of the portfolio, the Trust’s largest allocations relative to the benchmark were in the communication services, consumer discretionary and financials sectors. Conversely, the Trust’s largest relative underweights were in the utilities, health care and consumer staples sectors.

As of December 31, 2020, the Trust had an option overwriting program in place whereby 51% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 3.8% out of the money) with an average time until expiration of 50 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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 employing a strategy of writing (selling) call and put options. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities. 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.

Market Price and Net Asset Value History for the Past Five Years

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The largest contributions to relative performance during the 12-month period derived from stock selection and allocation decisions within the information technology (“IT”) sector. Notably, stock selection and an overweight to the technology hardware, storage & peripherals industry proved beneficial. Overweight exposure to software as well as stock selection within the IT services industry also boosted relative performance. Within consumer discretionary, strong stock selection in the specialty retail industry added to relative return. Other notable contributors included an underweight to real estate and stock selection within the energy sector.

The largest detractor from relative performance came from stock selection and allocation decisions in the utilities sector. In particular, selection in electric utilities weighed on relative return, as did an underweight to multi-utilities. Within industrials, underweights to both the machinery and air freight & logistics industries detracted from relative performance. Other modest detractors included stock selection in financials and an underweight to materials.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option writing strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

During the period, a combination of portfolio trading activity and market price changes resulted in increased exposure to the IT, utilities and consumer staples sectors. Conversely, the Trust‘s exposures to energy, health care and industrials were reduced.

Describe portfolio positioning at period end.

The Trust’s largest allocations on an absolute basis were in the financials, health care and IT sectors. Relative to the benchmark, the Trust’s largest overweight positions were in the financials, energy and communication services sectors. Conversely, the Trust’s largest relative underweights were in the industrials, real estate and consumer staples sectors.

As of December 31, 2020, the Trust had an option overwriting program in place whereby 53% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 3.1% out of the money) with an average time until expiration of 51 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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.

Market Price and Net Asset Value History for the Past Five Years

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The Trust’s lack of exposure to the energy sector, particularly the oil, gas and consumable fuels industry, contributed to return during the 12-month period. Stock selection within the industrials sector, most notably within building products, also boosted relative performance. In addition, a lack of exposure to the real estate sector contributed to relative performance. At the security level, the Trust’s position in U.S.-based software company Palantir Technologies, Inc. was the top individual contributor during the period. Palantir had a strong debut with its September 2020 initial public offering, and its shares continued to rise during the remainder of the year. In addition, holdings in ventilation systems manufacturer Carrier Global Corp. represented a strong contributor during the period, as the company’s shares rallied on strong earnings growth, increased margins and a raised earnings forecast. Finally, the Trust’s position in the U.S. biotechnology company AbbVie, Inc. was another significant contributor. AbbVie’s shares rose after the company reported strong financial results, with sales for a number of its products exceeding market expectations.

Stock selection within and an underweight to information technology (“IT”), particularly a lack of holdings within the technology hardware, storage and peripherals industry, represented the largest detractor from performance. Stock selection within and an underweight to the consumer discretionary sector, especially within the internet & direct marketing retail industry, also detracted, as did selection within the communication services sector. At the security level, the Trust’s lack of exposure to technology mega-caps Apple, Inc. and Amazon.com, Inc. were two of the largest individual detractors during the period. Both companies represent large positions in the benchmark and performed very strongly during 2020. Additionally, the Trust’s underweight to Microsoft Corp. detracted as the company performed well over the period.

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 positively to relative performance for the 12-month period.

Describe recent portfolio activity.

During the period, the Trust added exposure to the IT sector, mainly within the IT services and software industries. Exposure to the industrials sector also was added, especially within the trading companies & distributors industry. Conversely, positioning within health care was reduced, especially among pharmaceutical stocks. The investment adviser also trimmed exposure to the consumer discretionary sector, mainly within the distributors industry.

Describe portfolio positioning at period end.

At the end of the period, the Trust’s largest sector exposures were in health care and IT, driven by holdings in the pharmaceuticals and IT services industries, respectively. The Trust had no exposure to real estate, utilities or energy at period end. Regionally, the majority of the portfolio was listed in the United States or Europe, with significant exposure in the United Kingdom.

As of December 31, 2020, the Trust had an option overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 2.7% out of the money) with an average time until expiration of 53 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

^(a) Excludes short-term securities and options written.

^(b) Rounds to less than 1% of long-term investments.

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.

Market Price and Net Asset Value History for the Past Five Years

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

During the 12-month period, the Trust’s lack of exposure to the financials sector, particularly to banks and diversified financial services, contributed to return. An overweight to health care, especially within health care equipment and supplies, also added to performance, as did a lack of exposure to the energy sector. At the security level, the Trust’s position in Taiwan Semiconductor Manufacturing Co. Ltd. was the largest individual contributor during the period. The company experienced a strong year due to robust global demand for semiconductor chips based on increased technology usage by consumers and businesses. Lastly, the Trust’s holdings in Finnish engineering firm Kone OYJ represented a strong contributor as the company benefited from strong cash flows and growth in its Asian business due to strength in the Chinese market.

Conversely, stock selection within and an underweight to consumer discretionary, particularly a lack of holdings within the internet and direct marketing retail industry, represented the largest detractor from return. An underweight to the information technology (“IT”) sector, especially within the technology hardware, storage and peripherals industry, also detracted, as did stock selection within communication services. At the security level, the Trust’s exposure to Swedish communications company Tele2 AB was the largest detractor. Tele2 reported lackluster results during the fourth quarter of 2020 and was negatively affected by declining business-to-business revenue. Finally, the Trust’s holdings in United Overseas Bank Ltd. (Singapore) detracted from performance as declining interest rates negatively affected the bank’s net interest margins.

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 positively to relative performance for the 12-month period.

Describe recent portfolio activity.

During the period, the Trust added exposure to the IT sector, mainly within the IT services and semiconductors industries. Exposure to financials was also increased, especially within banks. Conversely, holdings in communication services were reduced, particularly among wireless communications companies. The investment adviser also trimmed exposure to the health care sector, mainly within pharmaceuticals stocks.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in health care and consumer staples, driven by the pharmaceuticals and household products industries. The Trust had no exposure to the real estate, utilities or energy sectors. Regionally, the majority of the portfolio was listed in Europe ex-U.K. and the United Kingdom.

As of December 31, 2020, the Trust had an option overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 2.5% out of the money) with an average time until expiration of 54 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

^(a) Excludes short-term securities and options written.

^(b) Represents less than 1% of the Trust’s long-term investments.

Investment Objective

BlackRock Health SciencesTrust’s (BME) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective 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 seeks to pursue this goal primarily by investing in a portfolio of equity securities and 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.

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The health care sector performed well in 2020 due to the favorable environment for the broader market, continued innovation across a wide range of companies, and robust returns for a number of stocks that were boosted by rising demand for their products and services in the wake of COVID-19.

The Trust benefited from strong stock selection in the biotechnology and health care providers & services sub-sectors. Conversely, selection in the medical devices and supplies and pharmaceuticals industries detracted.

At the individual stock level, the largest contribution came from an overweight in the U.S. telemedicine company Teladoc Health, Inc. The spread of COVID-19, together with the subsequent social distancing and lockdown measures, resulted in unprecedented demand for virtual diagnostics and telemedicine services. In addition, the U.S. government amended certain regulatory measures—including covering telehealth-related expenses and increasing the breadth of available prescriptions—in an effort to reduce the strain on the medical system.

An out-of-benchmark position in Wuxi Biologics Cayman, Inc., a China-based provider of laboratory and manufacturing services for pharmaceutical and biotechnology companies, was also among the Trust’s top contributors. Wuxi benefited from increased demand stemming from the development and manufacturing of COVID-19 vaccines and treatments.

Other notable contributors included the digital health provider Livongo Health, Inc. and the biotechnology companies Seagen, Inc. and Genmab A/S.

A zero weighting in the U.S.-based health care conglomerate Danaher Corp., which rallied due to the high demand for its COVID-19 diagnostic tests, was the largest detractor from relative performance. Not holding a position in the biotechnology giant AbbVie hurt results, as well. The stock rose due its strong third-quarter earnings and investors’ rotation into value stocks late in the period. Other notable detractors included underweights in Idexx Laboratories, Inc. and Align Technology, Inc., as well as an overweight in the medical device company Boston Scientific Corp.

The Trust utilized an option overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

The Trust reduced its weightings in the biotechnology and pharmaceuticals industries, and it increased it allocations to the health care providers & services sub-sector. The Trust’s weighting in the medical devices & supplies category was largely unchanged.

Describe portfolio positioning at period end.

The Trust was overweight in the medical devices & supplies and health care providers & services sub-sectors, and it was underweight in pharmaceuticals and biotechnology.

The investment adviser believes two key trends—aging demographics in both developed and developing countries, together with innovation in medical technology and biopharmaceutical drugs—remain key drivers of performance in the health care sector. In the short-term, the investment adviser is closely watching developments with respect to U.S. health care policy and data related to COVID-19 and the vaccine.

As of December 31, 2020, the Trust had an options overwriting program in place whereby 38% of the underlying equities were overwritten with call options. These options were typically written at prices above prevailing market prices (estimated to be 4.9% out of the money) with an average time until expiration of 51 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Investment Objective

BlackRock Health SciencesTrust II’s (BMEZ) (the “Trust”) investment objective is to provide total return and income through a combination of current income, current gains and 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. Equity derivatives in which the Trust invests include purchased and sold (written) call and put options on equity securities of companies in the health sciences group of industries.

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

Market Price and Net Asset Value History Since Inception

The Fund commenced operations on January 30, 2020.

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The health care sector performed well in 2020 due to the favorable environment for the broader market, continued innovation across a wide range of companies, and robust returns for a number of stocks that were boosted by rising demand for their products and services in the wake of COVID-19.

The Trust was led by innovation in several key themes, including digital health, antibody drug conjugate treatments, and other next-generation therapeutics.

Stock selection was strongest in the biotechnology and health care providers & services sub-sectors. At the individual stock level, the U.S. telemedicine provider Livongo Health, Inc. was the leading contributor to performance. The spread of COVID-19, together with the subsequent social distancing and lockdown measures, resulted in unprecedented demand for virtual diagnostics and telemedicine services. In addition, the U.S. government amended certain regulatory measures—including covering telehealth-related expenses and increasing the breadth of available prescriptions—in an effort to reduce the strain on the medical system. The stock also benefited from an acquisition by the telemedicine provider Teladoc Health, Inc., which created the largest digital health company in the world.

The health care provider Oak Street Health, Inc. was the second largest contributor to the Trust’s return. The Trust initiated an investment in February 2020, when Oak Street was in the private stage. The company, which operates primary care centers for the Medicare-eligible population, subsequently underwent a very successful initial public offering.

Other notable contributors included the biotechnology companies Immunomedics, Inc. and Genmab A/S, as well as the Chinese medical device company Wuxi Biologics Cayman, Inc.

Given that the benchmark is a broad-based index, many of the largest detractors were mega-cap technology stocks that performed well but that fall outside of the Trust’s mandate. With respect to stocks the Trust held, the health care equipment company Baxter International, Inc. and the biotechnology firm Alnylam Pharmaceuticals, Inc. were among the most notable detractors.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy detracted from relative performance for the period.

As the Trust commenced operations on January 30, 2020, it initially had a significant cash balance, which was committed for pending transactions. The Trust’s cash position had no material impact on performance for the period.

Describe recent portfolio activity.

The Trust’s exposure to the pharmaceuticals and medical devices and supplies industries decreased during the period, while its allocations to the health care providers and services and biotechnology sub-sectors increased.

Describe portfolio positioning at period end.

The investment adviser deployed capital in both public and private markets across the next- generation health science universe. Within the public markets, the investment adviser sought opportunities to add exposure to innovative biotechnology and health care providers & services companies. Conversely, the Trust reduced its weightings in certain securities that experienced strong price appreciation and those that suffered clinical development setbacks. The Trust added exposure to innovative therapeutic companies with robust clinical pipelines, as well as attractively valued health care services companies.

At the end of the period, the Trust held 41% of assets in the biotechnology industry, 34% in medical devices & supplies, 16% in health care providers & services, and 6% in pharmaceuticals. These weightings were the result of bottom-up stock selection.

As of December 31, 2020, the Trust had in place an option overwriting program whereby 22% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 5.7% out of the money) with an average time until expiration of 54 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Investment Objective

BlackRock Resources & Commodities Strategy Trust’s (BCX) (the “Trust”) primary investment objective is to seek high current income and current gains, with a secondary objective of 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. 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. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

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

Market Price and Net Asset Value History for the Past Five Years

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Natural resources equities, although performing well in November and December 2020, finished with a small loss for the full year. The sector was hit hard when the emergence of COVID-19 in the first quarter of 2020 led to a significant deterioration in the demand outlook. Both commodities and the broader equity market declined in response, and natural resource equities underperformed both. The sector remained under pressure over the course of the year despite a gradual improvement in the economic outlook, and it only rallied in November 2020 following the approval of a vaccine for COVID-19. However, the recovery was strong enough to bring the category close to the break-even mark for 2020.

An underweight position in Exxon Mobil Corp., which lagged in part due to expectations that the company would take a large write-down of its natural gas assets, contributed to relative performance. Overweight positions in select precious metals stocks, such as Wheaton Precious Metals Corp., also added value due to strong demand for gold at the beginning of the year. An overweight in Vale SA further benefited results. Although the company downgraded its production guidance for 2021, Vale performed well late in the year behind strength in iron ore prices and a broader rotation into Brazil’s stock market.

Underweight positions in the equipment producers Deere & Co. and Kubota Corp. detracted from relative performance. A rally in crop prices to eight-year highs was seen as being supportive for farmer incomes, particularly in the United States. The Trust’s underweight in Newmont Corp., a gold producer that released stronger-than-expected results and increased its quarterly dividend, also detracted. Among stocks the Trust held, BP PLC and WestRock Co. were notable detractors.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option writing strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

Following the outbreak of COVID-19, the investment adviser closely analyzed the portfolio to identify companies facing higher risk due to the combination of above-average debt and dependence on a single asset, and it sold any positions it believed faced these risks. In addition, the investment adviser made some stock-specific changes in an effort to capitalize on relative-value opportunities. Toward the end of the year, the investment adviser started to increase the Trust’s position in the energy sector based on its belief that there was reduced risk for oil demand.

Within the energy sector, the investment adviser remained focused on high-quality producers with the asset bases and balance sheets needed to weather near-term disruptions and emerge well-positioned for the resulting upturn. The investment adviser also favored companies that maintained capital discipline and stayed focused on returning cash flow to shareholders. Similarly, the investment adviser’s approach to the mining sector was to emphasize lower-cost producers with strong balance sheets.

In the agriculture sector, the Trust remained underweight in the paper and packaging industry in order to fund overweights in health and wellness companies with more attractive growth prospects. The investment adviser believes health and wellness companies that are positioned to take advantage of shifting consumer preferences toward food and nutrition could offer compelling opportunities.

Describe portfolio positioning at period end.

The mining and energy industries represented the Trust’s largest allocation, followed by agriculture.

As of December 31, 2020, the Trust had an options overwriting program in place whereby 39% of the underlying equities were overwritten with call options. These options were typically written at levels above prevailing market prices (estimated to be 4.6% out of the money) with an average time until expiration of 52 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Investment Objective

BlackRock Science and Technology Trust’s (BST) (the “Trust”) investment objective is to provide income and total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of 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 seeks to pursue this goal primarily by investing in a portfolio of equity securities and also 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.

Market Price and Net Asset Value History for the Past Five Years

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

During the 12-month period, stock selection within the software sub-sector and an overweight to the internet sub-sector contributed positively to the Trust’s return. The largest individual contributor to performance came from an out-of-benchmark position in the artificial intelligence software company C3 AI, Inc. The Trust initially held C3 AI as a private investment, but the company had a successful initial public offering in December 2020. A private investment in a British commercial electric vehicle maker was also a strong contributor as the company announced a merger with a special purpose acquisition firm.

Conversely, stock selection within the internet sub-sector and an underweight to the hardware sub-sector were the most significant detractors from performance. The Trust’s underweight allocation to Apple, Inc. was the largest individual detractor as Apple continued to experience strong sales growth for its 5G iPhone released in 2020. Additionally, the absence of holding a position in semiconductor manufacturer NVIDIA Corp. was among the largest detractors from performance. NVIDIA’s stock rose throughout the period based on increased data center demand stemming from the COVID-19 pandemic.

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

Describe recent portfolio activity.

During the period, the Trust increased exposure to the software and hardware sub-sectors, while decreasing exposure to the internet, services and semiconductors sub-sectors. From a regional perspective, the Trust’s allocations to the emerging markets and Europe decreased, while exposure to the United States and the United Kingdom increased.

Describe portfolio positioning at period end.

The Trust’s investment process aims to provide a balance of legacy technology firms that can continually innovate, and new disruptive companies displacing those companies failing to innovate. Currently approximately 40% of the portfolio consists of these “core” legacy companies and 60% made up of the “opportunistic,” high-growth portion. At period end, the Trust’s largest sub-sector exposures were to internet and software & services companies, while the Trust held underweight positions in semiconductors and hardware.

As of December 31, 2020, the Trust had in place an option overwriting program whereby 28% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 5.1% out of the money) and with an average time until expiration of 49 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Investment Objective

BlackRock Science and Technology Trust II’s (BSTZ) (the “Trust”) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, 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 seeks to pursue this goal primarily by investing in a portfolio of equity securities and also 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.