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September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Science and Technology Term Trust (BSTZ)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Consolidated Schedule of Investments (unaudited)
September 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 1.2%
Archer Aviation, Inc., Class A(a)
 
586,922
$ 5,622,713
BWX Technologies, Inc.
 
77,728
14,330,711
 
 
19,953,424
Automobiles — 1.1%
Tesla, Inc.(a)
 
40,731
18,113,890
Broadline Retail — 1.7%
MercadoLibre, Inc.(a)
 
11,965
27,961,487
Capital Markets — 1.3%
Bullish(a)(b)
 
157,674
10,029,643
Cboe Global Markets, Inc.
 
46,627
11,435,272
 
 
21,464,915
Communications Equipment — 3.5%
Accton Technology Corp.
 
609,000
21,059,956
Lumentum Holdings, Inc.(a)
 
228,829
37,232,767
 
 
58,292,723
Consumer Finance — 0.7%
SoFi Technologies, Inc.(a)
 
427,215
11,287,020
Diversified Consumer Services — 0.0%
Think & Learn Private Ltd., Class J-B, (Acquired
09/30/20, Cost: $7,113,729)(a)(c)(d)
 
4,651
—
Electrical Equipment(a) — 1.7%
Doosan Enerbility Co. Ltd.
 
287,388
12,842,500
Siemens Energy AG
 
126,544
14,878,932
 
 
27,721,432
Electronic Equipment, Instruments & Components — 5.5%
Celestica, Inc.(a)
 
174,443
42,979,266
Elite Material Co. Ltd.
 
307,000
12,424,665
Fabrinet(a)
 
98,883
36,054,720
 
 
91,458,651
Entertainment — 6.1%
Konami Group Corp.
 
66,900
9,651,125
Nintendo Co. Ltd.
 
133,500
11,550,318
Spotify Technology SA(a)
 
51,844
36,187,112
Take-Two Interactive Software, Inc.(a)
 
104,305
26,948,240
Tencent Music Entertainment Group, ADR
 
721,503
16,839,880
 
 
101,176,675
Financial Services(a) — 2.7%
Chime Financial, Inc., Class A
 
303,989
6,131,458
Klarna 6mo Lock Up
 
1,042,068
38,191,792
 
 
44,323,250
Independent Power and Renewable Electricity Producers — 1.0%
Talen Energy Corp.(a)
 
38,803
16,506,020
IT Services(a) — 4.0%
Automattic, Inc., (Acquired 02/03/21, Cost:
$34,000,000)(c)(d)
 
400,000
10,440,000
Cloudflare, Inc., Class A
 
106,295
22,809,844
Deep Instinct Ltd.(c)
 
197,438
11,846
Farmer’s Business Network, Inc.(c)
 
361,834
383,544
Snowflake, Inc., Class A
 
144,500
32,591,975
 
 
66,237,209
Life Sciences Tools & Services — 0.6%
Tempus AI, Inc., Class A(a)(b)
 
135,216
10,913,283
Security
 
 
Shares
Value
Media — 0.4%
MNTN, Inc., Class A(a)(b)
 
414,940
$ 7,697,137
Professional Services — 0.8%
Thomson Reuters Corp.(b)
 
86,724
13,470,839
Semiconductors & Semiconductor Equipment — 24.4%
Advantest Corp.
 
273,300
27,041,041
Alchip Technologies Ltd.
 
174,000
19,988,253
Amkor Technology, Inc.
 
537,578
15,267,215
ASMPT Ltd.
 
1,441,000
15,196,044
Astera Labs, Inc.(a)
 
213,151
41,734,966
Credo Technology Group Holding Ltd.(a)
 
272,367
39,659,359
KLA Corp.
 
16,613
17,918,782
Monolithic Power Systems, Inc.
 
28,481
26,220,748
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost:
$7,000,000)(a)(c)(d)
 
10,189
—
NVIDIA Corp.(e)(f)
 
934,432
174,346,322
Tower Semiconductor Ltd.(a)(b)
 
404,496
29,245,061
 
 
406,617,791
Software(a) — 12.8%
AppLovin Corp., Class A(f)
 
52,889
38,002,862
Databricks, Inc., (Acquired 07/24/20, Cost:
$5,501,686)(c)(d)
 
343,659
51,548,850
DataRobot, Inc., (Acquired 03/01/21, Cost:
$1,384,813)(c)(d)
 
92,093
110,512
Guidewire Software, Inc.
 
69,048
15,871,373
Palantir Technologies, Inc., Class A
 
93,678
17,088,741
Samsara, Inc., Class A
 
238,413
8,880,884
ServiceTitan, Inc., Class A(b)
 
64,859
6,539,733
SiteMinder Ltd.
 
1,671,714
7,967,181
Snorkel AI, Inc., (Acquired 10/13/20, Cost:
$2,017,593)(c)(d)
 
500,250
3,061,530
Snyk Ltd., Ordinary Shares, (Acquired 11/02/20, Cost:
$9,287,400)(c)(d)
 
1,267,643
6,515,685
Synopsys, Inc.(f)
 
39,462
19,470,156
Unity Software, Inc.
 
328,941
13,170,798
Via Transportation, Inc., Class A(b)
 
125,623
6,039,954
Xero Ltd.
 
180,548
18,839,298
 
 
213,107,557
Technology Hardware, Storage & Peripherals — 2.1%
Asia Vital Components Co. Ltd.
 
390,000
12,685,398
Pure Storage, Inc., Class A(a)
 
269,658
22,600,037
 
 
35,285,435
Total Common Stocks — 71.6%
(Cost: $646,019,658)
1,191,588,738
Preferred Securities
Preferred Stocks — 28.6%(a)(c)
Communications Equipment — 0.5%
Astranis Space Technologies Corp., Series C
 
775,515
8,414,338
Consumer Staples Distribution & Retail — 2.1%
GrubMarket, Inc., Series D, (Acquired 07/23/20, Cost:
$8,000,001)(d)
 
1,762,969
34,889,157
Diversified Consumer Services — 0.0%
Think & Learn Private Ltd., Series F, (Acquired
09/30/20, Cost: $14,251,080)(d)
 
4,920
—
2
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Entertainment — 0.2%
ResearchGate GmbH, Series D, (Acquired 09/24/20,
Cost: $6,999,988)(d)
 
424,688
$ 3,393,257
Financial Services(d)(g) — 1.4%
Trumid Holdings LLC
 
Class J-A, (Acquired 07/24/20, Cost: $9,999,857)
 
20,154
11,390,638
Class J-B, (Acquired 07/24/20, Cost: $5,999,914)
 
20,154
11,390,637
 
 
22,781,275
Interactive Media & Services — 2.3%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost:
$16,961,509)(d)
 
150,113
37,959,074
IT Services(d) — 0.5%
TRAX Ltd.
 
(Acquired 02/18/21, Cost: $9,999,998)
 
191,806
3,212,750
(Acquired 09/12/19, Cost: $10,999,988)
 
293,333
4,913,328
 
 
8,126,078
Professional Services — 0.4%
Rapyd Financial Network Ltd., Series E, (Acquired
03/31/21, Cost: $13,999,978)(d)
 
190,705
6,787,191
Semiconductors & Semiconductor Equipment(d) — 7.3%
PsiQuantum Corp.
 
Series C, (Acquired 09/09/19, Cost: $9,101,310)
 
1,962,335
73,666,056
Series D, (Acquired 05/21/21, Cost: $19,999,969)
 
762,595
31,304,525
SambaNova Systems, Inc.
 
Series C, (Acquired 02/20/20, Cost: $33,904,162)
 
636,800
14,168,800
Series D, (Acquired 04/09/21, Cost: $6,999,979)
 
73,670
2,232,201
 
 
121,371,582
Software(d) — 13.9%
Anthropic PBC, Series F, (Acquired 08/18/25, Cost:
$21,999,965)
 
156,064
22,000,342
Databricks, Inc.
 
Series F, (Acquired 10/22/19, Cost: $13,200,019)
 
922,038
138,305,700
Series G, (Acquired 02/01/21, Cost: $18,500,004)
 
312,909
46,936,350
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost:
$11,499,999)
 
875,059
3,272,721
Snorkel AI, Inc., Series B, (Acquired 10/13/20, Cost:
$999,996)
 
247,943
1,591,794
Snyk Ltd., Seed Preferred, (Acquired 11/02/20, Cost:
$13,212,590)
 
2,663,936
13,692,631
Unqork, Inc.
 
Series B, (Acquired 09/19/19, Cost: $6,801,016)
 
597,680
3,520,335
Series C, (Acquired 09/18/20, Cost: $7,994,787)
 
292,000
2,268,840
 
 
231,588,713
 
475,310,665
Total Preferred Securities — 28.6%
(Cost: $278,426,119)
475,310,665
Total Long-Term Investments — 100.2%
(Cost: $924,445,777)
1,666,899,403
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.26%(h)(i)(j)
 
15,097,556
$ 15,105,105
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 4.01%(h)(i)
 
11,699,688
11,699,688
Total Short-Term Securities — 1.6%
(Cost: $26,803,277)
26,804,793
Total Investments Before Options Written — 101.8%
(Cost: $951,249,054)
1,693,704,196
Options Written — (0.6)%
(Premiums Received: $(7,674,501))
(10,344,078
)
Total Investments, Net of Options Written — 101.2%
(Cost: $943,574,553)
1,683,360,118
Liabilities in Excess of Other Assets — (1.2)%
(19,171,737
)
Net Assets — 100.0%
$ 1,664,188,381
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $538,572,904, representing 32.4% of its net assets as of
period end, and an original cost of $327,731,330.
(e)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(f)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(g)
All or a portion of the security is held by a wholly-owned subsidiary.
(h)
Affiliate of the Trust.
(i)
Annualized 7-day yield as of period end.
(j)
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
3
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/25
Shares
Held at
09/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 7,491,149
$ 7,613,760
(a)
$ —
$ 117
$ 79
$ 15,105,105
15,097,556
$ 141,415
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
2,010,552
9,689,136
(a)
—
—
—
11,699,688
11,699,688
627,426
—
 
$ 117
$ 79
$ 26,804,793
$ 768,841
$ —
 
(a)
Represents net amount purchased (sold).
(b)
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
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
NVIDIA Corp.
225
10/03/25
USD
185.00
USD
4,198
$ (79,875
)
NVIDIA Corp.
107
10/03/25
USD
180.00
USD
1,996
(79,180
)
AppLovin Corp., Class A
50
10/10/25
USD
550.00
USD
3,593
(848,750
)
Celestica, Inc.
86
10/10/25
USD
245.00
USD
2,119
(94,170
)
Celestica, Inc.
120
10/10/25
USD
255.00
USD
2,957
(75,600
)
NVIDIA Corp.
226
10/10/25
USD
185.00
USD
4,217
(124,300
)
Snowflake, Inc., Class A
96
10/10/25
USD
235.00
USD
2,165
(25,680
)
Spotify Technology SA
101
10/10/25
USD
735.00
USD
7,050
(67,417
)
Tesla, Inc.
17
10/10/25
USD
365.00
USD
756
(137,870
)
Amkor Technology, Inc.
824
10/17/25
USD
26.00
USD
2,340
(222,480
)
AppLovin Corp., Class A
39
10/17/25
USD
510.00
USD
2,802
(822,900
)
Astera Labs, Inc.
150
10/17/25
USD
185.00
USD
2,937
(279,750
)
BWX Technologies, Inc.
129
10/17/25
USD
185.00
USD
2,378
(82,560
)
Cboe Global Markets, Inc.
46
10/17/25
USD
250.00
USD
1,128
(11,845
)
Chime Financial, Inc., Class A
516
10/17/25
USD
25.00
USD
1,041
(6,450
)
Cloudflare, Inc., Class A
180
10/17/25
USD
200.00
USD
3,863
(337,950
)
Credo Technology Group Holding Ltd.
209
10/17/25
USD
160.36
USD
3,043
(96,878
)
Fabrinet
168
10/17/25
USD
370.00
USD
6,126
(228,480
)
Guidewire Software, Inc.
121
10/17/25
USD
230.00
USD
2,781
(79,255
)
Lumentum Holdings, Inc.
197
10/17/25
USD
141.47
USD
3,205
(457,897
)
MercadoLibre, Inc.
10
10/17/25
USD
2,650.00
USD
2,337
(3,750
)
MNTN, Inc., Class A
705
10/17/25
USD
22.50
USD
1,308
(17,625
)
Monolithic Power Systems, Inc.
47
10/17/25
USD
910.00
USD
4,327
(174,605
)
NVIDIA Corp.
154
10/17/25
USD
190.00
USD
2,873
(70,070
)
NVIDIA Corp.
307
10/17/25
USD
175.00
USD
5,728
(431,335
)
Pure Storage, Inc., Class A
451
10/17/25
USD
95.00
USD
3,780
(12,403
)
ServiceTitan, Inc., Class A
93
10/17/25
USD
110.00
USD
938
(7,208
)
Take-Two Interactive Software, Inc.
90
10/17/25
USD
240.00
USD
2,325
(179,550
)
Tempus AI, Inc., Class A
90
10/17/25
USD
80.00
USD
726
(48,150
)
Tencent Music Entertainment Group, ADR
574
10/17/25
USD
24.00
USD
1,340
(34,440
)
Tesla, Inc.
29
10/17/25
USD
355.00
USD
1,290
(266,727
)
Thomson Reuters Corp.
20
10/17/25
USD
185.00
USD
311
(700
)
Tower Semiconductor Ltd.
240
10/17/25
USD
48.00
USD
1,735
(585,600
)
Unity Software, Inc.
580
10/17/25
USD
38.00
USD
2,322
(203,000
)
Cboe Global Markets, Inc.
33
10/24/25
USD
240.00
USD
809
(28,875
)
Celestica, Inc.
90
10/24/25
USD
240.00
USD
2,217
(173,700
)
MercadoLibre, Inc.
10
10/24/25
USD
2,500.00
USD
2,337
(33,000
)
Samsara, Inc., Class A
209
10/24/25
USD
43.00
USD
779
(5,748
)
SoFi Technologies, Inc.
350
10/24/25
USD
26.00
USD
925
(66,850
)
Archer Aviation, Inc., Class A
1,089
10/31/25
USD
11.00
USD
1,043
(47,916
)
Credo Technology Group Holding Ltd.
254
10/31/25
USD
170.00
USD
3,698
(153,670
)
4
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
NVIDIA Corp.
144
10/31/25
USD
185.00
USD
2,687
$ (136,440
)
Palantir Technologies, Inc., Class A
81
10/31/25
USD
187.50
USD
1,478
(72,090
)
Snowflake, Inc., Class A
74
10/31/25
USD
240.00
USD
1,669
(39,590
)
Synopsys, Inc.
35
10/31/25
USD
450.00
USD
1,727
(188,650
)
Take-Two Interactive Software, Inc.
87
10/31/25
USD
255.00
USD
2,248
(97,440
)
Tempus AI, Inc., Class A
68
10/31/25
USD
90.00
USD
549
(23,800
)
Tesla, Inc.
23
10/31/25
USD
425.00
USD
1,023
(99,475
)
Thomson Reuters Corp.
161
11/06/25
USD
164.27
USD
2,501
(33,904
)
Bullish
268
11/07/25
USD
72.00
USD
1,705
(104,520
)
Palantir Technologies, Inc., Class A
81
11/07/25
USD
185.00
USD
1,478
(113,602
)
Samsara, Inc., Class A
172
11/07/25
USD
40.00
USD
641
(20,640
)
Snowflake, Inc., Class A
75
11/07/25
USD
245.00
USD
1,692
(33,188
)
SoFi Technologies, Inc.
354
11/07/25
USD
32.50
USD
935
(29,205
)
Synopsys, Inc.
32
11/07/25
USD
540.00
USD
1,579
(38,240
)
Talen Energy Corp.
65
11/07/25
USD
425.00
USD
2,765
(181,675
)
Tempus AI, Inc., Class A
68
11/07/25
USD
91.00
USD
549
(33,320
)
Astera Labs, Inc.
212
11/21/25
USD
280.00
USD
4,151
(147,340
)
KLA Corp.
28
11/21/25
USD
1,060.00
USD
3,020
(224,280
)
Lumentum Holdings, Inc.
225
12/19/25
USD
210.00
USD
3,661
(157,500
)
 
 
 
$ (8,479,108
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
Alchip Technologies Ltd.
JPMorgan Chase Bank N.A.
27,300
10/03/25
TWD
4,441.75
TWD
95,582
$ —
SiteMinder Ltd.
Morgan Stanley & Co. International PLC
46,700
10/03/25
AUD
5.37
AUD
336
(57,023
)
Xero Ltd.
UBS AG
23,000
10/03/25
AUD
174.89
AUD
3,627
—
SiteMinder Ltd.
Morgan Stanley & Co. International PLC
88,000
10/08/25
AUD
5.52
AUD
634
(98,491
)
Asia Vital Components Co. Ltd.
JPMorgan Chase Bank N.A.
73,000
10/09/25
TWD
1,164.80
TWD
72,368
(548
)
Xero Ltd.
Morgan Stanley & Co. International PLC
7,600
10/14/25
AUD
162.00
AUD
1,198
(6,591
)
ASMPT Ltd.
JPMorgan Chase Bank N.A.
244,900
10/16/25
HKD
71.17
HKD
20,098
(341,446
)
SiteMinder Ltd.
Morgan Stanley & Co. International PLC
59,500
10/16/25
AUD
7.02
AUD
429
(14,957
)
Doosan Enerbility Co. Ltd.
Morgan Stanley & Co. International PLC
48,800
10/21/25
KRW
66,077.46
KRW
3,059,665
(62,226
)
Advantest Corp.
JPMorgan Chase Bank N.A.
46,400
10/22/25
JPY
14,700.00
JPY
678,931
(231,640
)
Siemens Energy AG
Goldman Sachs International
14,500
10/22/25
EUR
106.38
EUR
1,452
(24,070
)
Konami Group Corp.
Bank of America N.A.
11,300
10/29/25
JPY
22,982.18
JPY
241,076
(6,919
)
Nintendo Co. Ltd.
BNP Paribas SA
22,600
10/29/25
JPY
14,463.75
JPY
289,165
(20,419
)
Accton Technology Corp.
JPMorgan Chase Bank N.A.
32,000
11/04/25
TWD
1,065.30
TWD
33,727
(56,739
)
Elite Material Co. Ltd.
JPMorgan Chase Bank N.A.
52,000
11/04/25
TWD
1,429.43
TWD
64,141
(26,774
)
Siemens Energy AG
Barclays Bank PLC
7,000
11/04/25
EUR
101.40
EUR
701
(33,139
)
Accton Technology Corp.
JPMorgan Chase Bank N.A.
71,000
11/05/25
TWD
1,015.04
TWD
74,832
(185,111
)
SiteMinder Ltd.
Morgan Stanley & Co. International PLC
90,000
11/05/25
AUD
7.65
AUD
648
(14,673
)
Tencent Music Entertainment Group, ADR
Morgan Stanley & Co. International PLC
65,200
11/06/25
USD
26.75
USD
1,522
(24,266
)
NVIDIA Corp.
Goldman Sachs International
42,500
11/07/25
USD
191.26
USD
7,930
(362,980
)
Tower Semiconductor Ltd.
BNP Paribas SA
44,700
11/07/25
USD
69.94
USD
3,232
(296,958
)
 
 
 
 
 
 
$ (1,864,970
)
Fair Value Hierarchy as of Period End
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: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Consolidated Schedule of Investments
5
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
 
Fair Value Hierarchy as of Period End (continued)
• 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 inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds 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. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent 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
Investments 
Long-Term Investments 
Common Stocks 
Aerospace & Defense
$ 19,953,424
$ —
$ —
$ 19,953,424
Automobiles
18,113,890
—
—
18,113,890
Broadline Retail
27,961,487
—
—
27,961,487
Capital Markets
21,464,915
—
—
21,464,915
Communications Equipment
37,232,767
21,059,956
—
58,292,723
Consumer Finance
11,287,020
—
—
11,287,020
Diversified Consumer Services
—
—
—
—
Electrical Equipment
—
27,721,432
—
27,721,432
Electronic Equipment, Instruments & Components
79,033,986
12,424,665
—
91,458,651
Entertainment
79,975,232
21,201,443
—
101,176,675
Financial Services
6,131,458
38,191,792
—
44,323,250
Independent Power and Renewable Electricity Producers
16,506,020
—
—
16,506,020
IT Services
55,401,819
—
10,835,390
66,237,209
Life Sciences Tools & Services
10,913,283
—
—
10,913,283
Media
7,697,137
—
—
7,697,137
Professional Services
13,470,839
—
—
13,470,839
Semiconductors & Semiconductor Equipment
344,392,453
62,225,338
—
406,617,791
Software
125,064,501
26,806,479
61,236,577
213,107,557
Technology Hardware, Storage & Peripherals
22,600,037
12,685,398
—
35,285,435
Preferred Securities
Preferred Stocks
—
—
475,310,665
475,310,665
Short-Term Securities 
Money Market Funds
26,804,793
—
—
26,804,793
 
$924,005,061
$222,316,503
$547,382,632
$1,693,704,196
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (7,890,429
)
$ (2,453,649
)
$ —
$ (10,344,078
)
 
(a)
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 period 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: 
 
Common
Stocks
Preferred
Stocks
Total
Assets
Opening balance, as of December 31, 2024
$ 107,161,463
$ 419,768,363
$ 526,929,826
Transfers into Level 3
—
—
—
Transfers out of Level 3
—
—
—
Accrued discounts/premiums
—
—
—
Net realized gain (loss)
(5,699,998
)
(11,988,162
)
(17,688,160
)
Net change in unrealized appreciation (depreciation)(a)
(6,046,347
)
45,542,343
39,495,996
6
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Term Trust (BSTZ)
 
 
Common
Stocks
Preferred
Stocks
Total
Purchases
$ 11,845
$ 21,999,968
$ 22,011,813
Sales
(23,354,996
)
(11,847
)
(23,366,843
)
Closing balance, as of September 30, 2025
$ 72,071,967
$ 475,310,665
$ 547,382,632
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025(a)
$ 8,342,227
$ 42,071,631
$ 50,413,858
 
(a)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 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
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
Assets
 
 
 
 
Common Stocks
$72,071,967
Market
Revenue Multiple
1.30x - 18.91x
15.39x
 
 
Volatility
70% - 80%
80%
 
 
Time to Exit
3.0 - 3.0 years
3.0 years
 
 
 
 
 
 
 
 
 
 
Preferred Stocks
475,310,665
Market
Revenue Multiple
1.50x - 20.80x
14.45x
 
 
Time to Exit
3.0 - 4.0 years
3.8 years
 
 
Volatility
36% - 90%
72%
 
 
Market Adjustment Multiple
1.00x -1.10x
1.03x
 
 
Gross Profit Multiple
8.50x
—
 
$547,382,632
 
 
 
 
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value.
 
Currency Abbreviation 
AUD
Australian Dollar
EUR
Euro
HKD
Hong Kong Dollar
JPY
Japanese Yen
KRW
South Korean Won
TWD
New Taiwan Dollar
USD
United States Dollar
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
Consolidated Schedule of Investments
7