March 31, 2026 
2026 Quarterly Report
(Unaudited)
 
BlackRock Science and Technology Term Trust (BSTZ)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Consolidated Schedule of Investments (unaudited)
March 31, 2026
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 2.0%
AeroVironment, Inc.(a)
 
31,261
$ 5,722,326
BWX Technologies, Inc.
 
77,386
15,824,663
Kratos Defense & Security Solutions, Inc.(a)
 
155,852
10,989,125
 
 
32,536,114
Automobiles(a) — 1.7%
Tesla, Inc.
 
59,302
22,045,519
XPeng, Inc., ADR(b)
 
402,648
6,889,307
 
 
28,934,826
Broadline Retail — 0.6%
MercadoLibre, Inc.(a)
 
5,544
9,585,687
Capital Markets — 1.3%
Bullish(a)(b)
 
191,509
6,842,617
Cboe Global Markets, Inc.
 
49,293
13,854,783
 
 
20,697,400
Communications Equipment — 5.7%
Lumentum Holdings, Inc.(a)
 
135,290
95,076,400
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 — 3.3%
Bloom Energy Corp., Class A(a)
 
38,668
5,239,127
Doosan Enerbility Co. Ltd.(a)
 
274,934
17,276,295
Siemens Energy AG(a)
 
110,172
18,999,102
Vertiv Holdings Co., Class A
 
51,675
12,948,722
 
 
54,463,246
Electronic Equipment, Instruments & Components — 10.6%
Advanced Energy Industries, Inc.
 
39,497
12,746,077
Celestica, Inc.(a)
 
93,651
26,379,614
Chroma ATE, Inc.
 
297,000
14,251,370
Coherent Corp.(a)
 
55,291
13,170,869
Elite Material Co. Ltd.
 
416,000
35,504,120
Fabrinet(a)(b)
 
79,526
41,474,399
Flex Ltd.(a)
 
137,011
8,968,740
Gold Circuit Electronics Ltd.
 
842,000
23,742,620
 
 
176,237,809
Entertainment — 1.5%
Konami Group Corp.
 
69,500
8,564,350
Take-Two Interactive Software, Inc.(a)
 
84,006
16,591,185
 
 
25,155,535
Financial Services — 0.8%
Klarna Group PLC(a)(b)
 
1,042,068
13,640,670
Health Care Technology — 0.3%
Pro Medicus Ltd.
 
53,289
4,391,916
IT Services(a) — 3.4%
Automattic, Inc., (Acquired 02/03/21, Cost:
$34,000,000)(c)(d)
 
400,000
6,880,000
Cloudflare, Inc., Class A
 
81,212
16,757,284
Deep Instinct Ltd.(c)
 
197,438
11,846
DigitalOcean Holdings, Inc.
 
145,803
12,506,982
Farmer’s Business Network, Inc.(c)
 
361,834
354,597
Snowflake, Inc., Class A
 
135,426
20,424,949
 
 
56,935,658
Security
 
 
Shares
Value
Life Sciences Tools & Services — 0.4%
Tempus AI, Inc., Class A(a)(b)
 
157,668
$ 7,129,747
Media — 0.7%
EchoStar Corp., Class A(a)
 
101,606
11,895,014
Professional Services — 0.7%
Planet Labs PBC, Class A(a)
 
409,492
11,445,301
Semiconductors & Semiconductor Equipment — 26.8%
Advanced Micro Devices, Inc.(a)
 
70,935
14,430,307
Advantest Corp.
 
190,100
26,235,061
Alchip Technologies Ltd.
 
190,000
15,494,820
ASMPT Ltd.
 
1,805,600
23,371,257
Credo Technology Group Holding Ltd.(a)
 
202,224
18,982,767
Jentech Precision Industrial Co. Ltd.
 
84,000
10,562,048
KLA Corp.
 
21,546
31,724,546
Lasertec Corp.
 
65,500
14,578,561
Lattice Semiconductor Corp.(a)
 
145,261
13,474,410
MACOM Technology Solutions Holdings, Inc.,
Class H(a)
 
82,039
18,218,401
Micron Technology, Inc.
 
81,388
27,496,122
Monolithic Power Systems, Inc.
 
30,064
32,870,474
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost:
$7,000,000)(a)(c)(d)
 
10,189
—
NVIDIA Corp.(e)
 
608,467
106,116,645
Teradyne, Inc.
 
34,106
10,111,065
Tokyo Electron Ltd.
 
66,300
16,472,296
Tower Semiconductor Ltd.(a)
 
376,379
66,046,987
 
 
446,185,767
Software(a) — 6.0%
Databricks, Inc., (Acquired 07/24/20, Cost:
$5,501,686)(c)(d)
 
343,659
55,497,492
Datadog, Inc., Class A
 
74,585
8,804,759
DataRobot, Inc., (Acquired 03/01/21, Cost:
$1,384,813)(c)(d)
 
92,093
72,753
Minimax Group, Inc.
 
64,840
7,686,168
Palantir Technologies, Inc., Class A
 
109,638
16,037,847
Snorkel AI, Inc., (Acquired 10/13/20, Cost:
$2,017,593)(c)(d)
 
500,250
3,636,818
Snyk Ltd., Ordinary Shares, (Acquired 11/02/20, Cost:
$9,287,400)(c)(d)
 
1,267,643
2,700,080
World Labs Technologies, Inc., Series C(c)
 
16,257
5,347,214
 
 
99,783,131
Technology Hardware, Storage & Peripherals — 3.1%
Asia Vital Components Co. Ltd.
 
616,000
40,686,462
Sandisk Corp.(a)
 
15,646
9,940,529
 
 
50,626,991
Total Common Stocks — 68.9%
(Cost: $756,671,991)
1,144,721,212
Preferred Securities
Preferred Stocks — 31.3%(a)(c)
Communications Equipment — 1.0%
Astranis Space Technologies Corp., Series C
 
775,515
17,518,884
Consumer Staples Distribution & Retail — 2.8%
GrubMarket, Inc., Series D, (Acquired 07/23/20, Cost:
$8,000,001)(d)
 
1,762,969
47,459,125
2
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2026
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Diversified Consumer Services — 0.0%
Think & Learn Private Ltd., Series F, (Acquired
09/30/20, Cost: $14,251,080)(d)
 
4,920
$ —
Entertainment — 0.2%
ResearchGate GmbH, Series D, (Acquired 09/24/20,
Cost: $6,999,988)(d)
 
424,688
2,679,781
Financial Services(d)(f) — 1.3%
Trumid Holdings LLC
 
Class J-A, (Acquired 07/24/20, Cost: $9,999,857)
 
20,154
10,547,797
Class J-B, (Acquired 07/24/20, Cost: $5,999,914)
 
20,154
10,547,797
 
 
21,095,594
Interactive Media & Services — 2.6%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost:
$15,118,509)(d)
 
150,113
43,387,160
IT Services(d) — 0.0%
TRAX Ltd.
 
(Acquired 02/18/21, Cost: $9,999,998)
 
191,806
2
(Acquired 09/12/19, Cost: $10,999,988)
 
293,333
3
 
 
5
Professional Services — 0.4%
Rapyd Financial Network Ltd., Series E, (Acquired
03/31/21, Cost: $13,999,978)(d)
 
190,705
5,999,579
Semiconductors & Semiconductor Equipment(d) — 7.7%
PsiQuantum Corp.
 
Series C, (Acquired 09/09/19, Cost: $9,101,310)
 
1,962,335
74,725,717
Series D, (Acquired 05/21/21, Cost: $19,999,969)
 
762,595
31,533,303
SambaNova Systems, Inc.
 
Series C, (Acquired 02/20/20, Cost: $33,904,162)
 
636,800
19,517,920
Series D, (Acquired 04/09/21, Cost: $6,999,979)
 
73,670
2,716,213
 
 
128,493,153
Software(d) — 15.3%
Anthropic PBC, Series F, (Acquired 08/18/25, Cost:
$21,999,968)
 
156,064
40,441,863
Databricks, Inc.
 
Series F, (Acquired 10/22/19, Cost: $13,200,019)
 
922,038
148,899,917
Series G, (Acquired 02/01/21, Cost: $18,500,004)
 
312,909
50,531,674
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost:
$11,499,999)
 
875,059
2,520,170
Snorkel AI, Inc., Series B, (Acquired 10/13/20, Cost:
$999,996)
 
247,943
1,871,970
Security
 
 
Shares
Value
Software (continued)
Snyk Ltd., Seed Preferred, (Acquired 11/02/20, Cost:
$13,212,590)
 
2,663,936
$ 5,700,823
Unqork, Inc.
 
Series B, (Acquired 09/19/19, Cost: $6,801,016)
 
597,680
2,581,978
Series C, (Acquired 09/18/20, Cost: $7,994,787)
 
292,000
1,737,400
 
 
254,285,795
 
520,919,076
Total Preferred Securities — 31.3%
(Cost: $276,583,122)
520,919,076
Total Long-Term Investments — 100.2%
(Cost: $1,033,255,113)
1,665,640,288
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.77%(g)(h)(i)
 
28,709,123
28,714,865
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.55%(g)(h)
 
1,550,875
1,550,875
Total Short-Term Securities — 1.8%
(Cost: $30,266,071)
30,265,740
Total Investments — 102.0%
(Cost: $1,063,521,184)
1,695,906,028
Liabilities in Excess of Other Assets — (2.0)%
(33,657,908
)
Net Assets — 100.0%
$ 1,662,248,120
 
(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 $572,187,335, representing 34.4% of its net assets as of
period end, and an original cost of $325,888,333.
(e)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(f)
All or a portion of the security is held by a wholly-owned subsidiary.
(g)
Affiliate of the Trust.
(h)
Annualized 7-day yield as of period end.
(i)
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)
March 31, 2026
BlackRock Science and Technology Term Trust (BSTZ)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares
Held at
03/31/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 17,510,497
$ 11,211,500
(a)
$ —
$ (6,303
)
$ (829
)
$ 28,714,865
28,709,123
$ 51,694
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional
Shares
12,114,497
—
(10,563,622
)(a)
—
—
1,550,875
1,550,875
102,054
—
 
$ (6,303
)
$ (829
)
$ 30,265,740
$ 153,748
$ —
 
(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
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
• 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
$ 32,536,114
$ —
$ —
$ 32,536,114
Automobiles
28,934,826
—
—
28,934,826
Broadline Retail
9,585,687
—
—
9,585,687
Capital Markets
20,697,400
—
—
20,697,400
Communications Equipment
95,076,400
—
—
95,076,400
Diversified Consumer Services
—
—
—
—
Electrical Equipment
18,187,849
36,275,397
—
54,463,246
Electronic Equipment, Instruments & Components
102,739,699
73,498,110
—
176,237,809
Entertainment
16,591,185
8,564,350
—
25,155,535
Financial Services
13,640,670
—
—
13,640,670
Health Care Technology
—
4,391,916
—
4,391,916
IT Services
49,689,215
—
7,246,443
56,935,658
Life Sciences Tools & Services
7,129,747
—
—
7,129,747
Media
11,895,014
—
—
11,895,014
4
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2026
BlackRock Science and Technology Term Trust (BSTZ)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Common Stocks (continued)
Professional Services
$ 11,445,301
$ —
$ —
$ 11,445,301
Semiconductors & Semiconductor Equipment
339,471,724
106,714,043
—
446,185,767
Software
32,528,774
—
67,254,357
99,783,131
Technology Hardware, Storage & Peripherals
9,940,529
40,686,462
—
50,626,991
Preferred Securities
Preferred Stocks
—
—
520,919,076
520,919,076
Short-Term Securities 
Money Market Funds
30,265,740
—
—
30,265,740
 
$830,355,874
$270,130,278
$595,419,876
$1,695,906,028
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, 2025
$ 81,887,824
$ 556,573,045
$ 638,460,869
Transfers into Level 3
—
—
—
Transfers out of Level 3
—
—
—
Accrued discounts/premiums
—
—
—
Net realized gain (loss)
—
—
—
Net change in unrealized appreciation (depreciation)(a)
(12,386,961
)
(33,810,966
)
(46,197,927
)
Purchases
4,999,937
—
4,999,937
Sales
—
(1,843,003
)
(1,843,003
)
Closing balance, as of March 31, 2026
$ 74,500,800
$ 520,919,076
$ 595,419,876
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026(a)
$ (12,386,961
)
$ (33,810,966
)
$ (46,197,927
)
 
(a)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026 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
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
Assets
 
 
 
 
Common Stocks
$74,500,800
Market
Revenue Multiple
1.00x -20.00x
16.89x
 
 
Volatility
70% - 80%
76%
 
 
Time to Exit
3.0 - 3.0 years
3.0 years
 
 
 
 
 
Preferred Stocks
520,919,071
Market
Revenue Multiple
1.6x - 20.68x
15.42x
 
 
Time to Exit
3.0 - 4.0 years
3.7 years
 
 
Volatility
36% - 90%
91%
 
 
Market Adjustment Multiple
1.10x
—
 
 
Gross profit Multiple
10.10x
 
 
$595,419,871
 
 
 
 
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value.
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
Consolidated Schedule of Investments
5