March 31, 2026 
2026 Quarterly Report
(Unaudited)
 
BlackRock Science and Technology Trust (BST)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Consolidated Schedule of Investments (unaudited)
March 31, 2026
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 2.0%
Anduril Industries, Inc., Series G, Preference
Shares(a)(b)
 
139,772
$ 9,229,145
BWX Technologies, Inc.
 
54,167
11,076,610
Kratos Defense & Security Solutions, Inc.(b)
 
104,634
7,377,743
 
 
27,683,498
Automobiles — 1.7%
Hyundai Motor Co.
 
22,077
6,801,048
Tesla, Inc.(b)
 
45,377
16,868,900
 
 
23,669,948
Broadline Retail(b) — 1.8%
Amazon.com, Inc.(c)
 
87,871
18,300,893
MercadoLibre, Inc.
 
3,588
6,203,724
 
 
24,504,617
Communications Equipment(b) — 1.8%
Arista Networks, Inc.
 
85,372
10,481,974
Astranis Space Technologies Corp., Series E2(a)
 
259,960
4,991,232
Lumentum Holdings, Inc.
 
13,010
9,142,908
 
 
24,616,114
Diversified Consumer Services(a)(b)(d) — 0.4%
Grammarly, Inc., (Acquired 11/17/21, Cost:
$18,749,975)
 
715,323
5,486,527
Think & Learn Private Ltd., Class J-B, (Acquired
09/30/20, Cost: $1,524,948)
 
997
—
 
 
5,486,527
Electrical Equipment — 2.3%
Siemens Energy AG(b)
 
82,081
14,154,824
Vertiv Holdings Co., Class A
 
66,729
16,720,953
 
 
30,875,777
Electronic Equipment, Instruments & Components — 1.3%
Coherent Corp.(b)
 
34,787
8,286,611
Corning, Inc.
 
73,231
9,957,219
 
 
18,243,830
Entertainment(b) — 1.2%
Spotify Technology SA
 
15,025
7,285,773
Take-Two Interactive Software, Inc.
 
44,181
8,725,747
 
 
16,011,520
Financial Services(b) — 1.2%
Klarna Group PLC(e)
 
317,160
4,151,624
Plaid(a)
 
42,651
12,045,495
 
 
16,197,119
Interactive Media & Services — 5.4%
Alphabet, Inc., Class A
 
178,322
51,278,275
Baidu, Inc., ADR(b)
 
62,888
7,006,981
Meta Platforms, Inc., Class A
 
26,056
14,907,419
Patreon, Inc., (Acquired 08/19/21, Cost:
$3,352,226)(a)(b)(d)
 
59,524
932,146
 
 
74,124,821
IT Services(b) — 2.4%
Automattic, Inc., (Acquired 02/03/21, Cost:
$7,999,945)(a)(d)
 
94,117
1,618,812
Deep Instinct Ltd.(a)
 
49,350
2,961
Security
 
 
Shares
Value
IT Services (continued)
Farmer’s Business Network, Inc.(a)
 
203,366
$ 199,299
Snowflake, Inc., Class A
 
126,675
19,105,124
Waabi Innovation, Inc., Series C(a)
 
1,018,268
11,954,466
 
 
32,880,662
Media — 0.8%
EchoStar Corp., Class A(b)
 
97,271
11,387,516
Semiconductors & Semiconductor Equipment — 34.9%
Advanced Micro Devices, Inc.(b)
 
53,913
10,967,479
Advantest Corp.
 
186,600
25,752,037
ASE Technology Holding Co. Ltd.
 
818,000
9,003,037
ASML Holding NV, Registered Shares
 
9,896
13,070,934
Broadcom, Inc.(c)
 
322,977
99,964,611
Credo Technology Group Holding Ltd.(b)
 
56,824
5,334,069
Intel Corp.(b)
 
281,467
12,421,139
Lam Research Corp.
 
224,596
47,987,181
Monolithic Power Systems, Inc.
 
21,680
23,703,828
NVIDIA Corp.(c)
 
811,339
141,497,522
Rivos, Inc.(a)(b)
 
6,192,446
3,405,845
SK Hynix, Inc.
 
56,261
31,920,509
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
 
128,922
43,569,190
Teradyne, Inc.
 
30,896
9,159,428
 
 
477,756,809
Software — 13.5%
AppLovin Corp., Class A(b)
 
9,720
3,868,560
Cadence Design Systems, Inc.(b)
 
19,957
5,545,452
Canva, Inc.(a)(b)
 
9,375
11,262,469
Crowdstrike Holdings, Inc., Class A(b)
 
35,116
13,709,637
Databricks, Inc., (Acquired 07/24/20, Cost:
$960,476)(a)(b)(d)
 
59,997
9,688,915
Datadog, Inc., Class A(b)
 
46,001
5,430,418
DataRobot, Inc., (Acquired 03/01/21, Cost:
$583,275)(a)(b)(d)
 
38,789
30,643
Deepgram, Inc., Series C(a)(b)
 
125,168
2,298,084
Microsoft Corp.(c)
 
170,321
63,047,725
Minimax Group, Inc.(b)
 
14,760
1,749,658
OpenAI, Series C(a)(b)
 
43,625
30,000,341
Palantir Technologies, Inc., Class A(b)
 
47,936
7,012,078
Palo Alto Networks, Inc.(b)
 
70,534
11,308,011
Snorkel AI, Inc., (Acquired 06/30/21, Cost:
$997,636)(a)(b)(d)
 
66,422
482,888
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost:
$5,192,307)(a)(b)(d)
 
361,972
771,000
Teya Services Ltd., Series C, (Acquired 12/17/21, Cost:
$24,999,987)(a)(b)(d)
 
12,871
2,912,707
World Labs Technologies, Inc., Series C(a)(b)
 
48,771
16,041,620
 
 
185,160,206
Specialty Retail — 0.0%
AceVector Limited, (Acquired 08/31/18, Cost:
$1,998,435)(a)(b)(d)
 
168,640
44,770
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc.
 
291,818
74,060,490
Samsung Electronics Co. Ltd.
 
140,576
16,441,951
2
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2026
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Technology Hardware, Storage & Peripherals (continued)
Sandisk Corp.(b)
 
10,605
$ 6,737,781
Western Digital Corp.
 
28,309
7,657,301
 
 
104,897,523
Total Common Stocks — 78.4%
(Cost: $638,968,622)
1,073,541,257
 
 
 
Par
(000)
 
Convertible Notes
IT Services — 0.0%
Voltron Capital, 0.00%(a)
$
1,663
17
Total Convertible Notes — 0.0%
(Cost: $1,662,535)
17
 
 
 
 
Shares
 
Preferred Securities
Preferred Stocks — 21.0%(a)
Aerospace & Defense — 4.4%
Anduril Industries, Inc., Series F(b)
 
920,107
60,754,665
Chemicals — 0.3%
Solugen, Inc., Series C, (Acquired 09/02/21, Cost:
$9,999,977)(b)(d)
 
269,284
3,322,965
Communications Equipment — 1.1%
Astranis, Series D(b)
 
856,310
14,848,415
Consumer Staples Distribution & Retail — 1.4%
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost:
$6,999,994)(b)(d)
 
709,724
19,105,770
Diversified Consumer Services(b)(d) — 0.1%
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost:
$6,249,992)
 
238,441
1,828,842
Think & Learn Private Ltd., Series F, (Acquired
09/30/20, Cost: $3,052,975)
 
1,054
—
 
 
1,828,842
Diversified Telecommunication Services — 0.2%
Discord, Inc., Series I, (Acquired 09/13/21, Cost:
$7,000,088)(b)(d)
 
12,713
2,882,164
Financial Services(b)(d)(f) — 0.8%
Trumid Holdings LLC
 
Class J-A, (Acquired 07/24/20, Cost: $2,499,716)
 
5,038
2,636,688
Class J-B, (Acquired 07/24/20, Cost: $1,499,830)
 
5,038
2,636,688
Class L, (Acquired 09/15/21, Cost: $9,999,695)
 
11,420
5,976,771
 
 
11,250,147
Interactive Media & Services(b)(d) — 0.7%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost:
$2,081,831)
 
24,110
6,968,513
Patreon, Inc., Series D, (Acquired 07/14/21, Cost:
$6,666,632)
 
119,047
1,864,276
 
 
8,832,789
Security
 
 
Shares
Value
IT Services(b)(d) — 0.0%
TRAX Ltd.
 
(Acquired 02/18/21, Cost: $1,999,989)
 
38,361
$ —
(Acquired 09/12/19, Cost: $4,000,013)
 
106,667
1
Voltron Data, Inc.
 
Series A, (Acquired 01/18/22, Cost: $10,000,000)
 
6,201,935
62
Series SEED, (Acquired 07/14/21, Cost:
$5,000,000)
 
9,090,909
91
 
 
154
Professional Services — 0.3%
Ant Group Co., Ltd.
 
1,703,548
3,986,302
Semiconductors & Semiconductor Equipment(b)(d) — 3.6%
Celestial AI, Inc., (Acquired 02/04/26, Cost:
$2,178,096)
 
168,367
6,950,190
PsiQuantum Corp.
 
Series C, (Acquired 09/09/19, Cost: $3,200,234)
 
690,003
26,275,314
Series D, (Acquired 05/21/21, Cost: $5,000,025)
 
190,650
7,883,378
Sambanova Systems, Inc., Series E2, (Acquired
02/05/26, Cost: $2,000,000)
 
92,184
2,741,552
SambaNova Systems, Inc., Series C, (Acquired
02/20/20, Cost: $9,972,125)
 
187,300
5,740,745
 
 
49,591,179
Software(b) — 7.7%
Anthropic PBC, Series F, (Acquired 08/18/25, Cost:
$21,999,968)(d)
 
156,064
40,441,863
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost:
$0)(d)
 
598,682
95,789
Databricks, Inc.
 
Series F, (Acquired 10/22/19, Cost: $3,999,999)(d)
 
279,405
45,121,114
Series G, (Acquired 02/01/21, Cost: $4,500,001)(d)
 
76,113
12,291,488
Series L
 
5,263
849,922
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost:
$2,999,996)(d)
 
228,276
657,435
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost:
$4,999,985)(d)
 
332,896
2,912,840
Snyk Ltd., Series F, (Acquired 09/02/21, Cost:
$4,807,688)(d)
 
337,018
1,809,787
Unqork, Inc.(d)
 
Series B, (Acquired 09/19/19, Cost: $3,198,416)
 
281,080
1,214,266
Series C, (Acquired 09/18/20, Cost: $1,303,260)
 
47,600
283,220
 
 
105,677,724
Technology Hardware, Storage & Peripherals — 0.4%
PsiQuantum Corp., Series E(b)
 
121,615
5,422,813
 
287,503,929
Total Preferred Securities — 21.0%
(Cost: $187,657,583)
287,503,929
Consolidated Schedule of Investments
3
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2026
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Warrants
Software — 0.0%
Constellation Software, Inc., (Issued 08/29/23, 1 Share
for 1 Warrant, Expires 03/31/40, Strike Price CAD
11.50)(a)(b)
 
3,923
$            —
Total Warrants — 0.0%
(Cost: $ — )
—
Total Long-Term Investments — 99.4%
(Cost: $828,288,740)
1,361,045,203
Short-Term Securities
Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.77%(g)(h)(i)
 
1,639,740
1,640,068
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.55%(g)(h)
 
35,169,969
35,169,968
Total Short-Term Securities — 2.7%
(Cost: $36,810,195)
36,810,036
Total Investments — 102.1%
(Cost: $865,098,935)
1,397,855,239
Liabilities in Excess of Other Assets — (2.1)%
(29,231,823
)
Net Assets — 100.0%
$ 1,368,623,416
 
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(b)
Non-income producing security.
(c)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(d)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $223,610,220, representing 16.3% of its net assets as of
period end, and an original cost of $213,569,735.
(e)
All or a portion of this security is on loan.
(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.
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
$ 1,772,248
$ —
$ (131,916
)(a)
$ (106
)
$ (158
)
$ 1,640,068
1,639,740
$ 33,187
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
9,275,567
25,894,401
(a)
—
—
—
35,169,968
35,169,969
182,202
—
 
$ (106
)
$ (158
)
$ 36,810,036
$ 215,389
$ —
 
(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.
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
4
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2026
BlackRock Science and Technology Trust (BST)
 
Fair Value Hierarchy as of Period End (continued)
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
$ 18,454,353
$ —
$ 9,229,145
$ 27,683,498
Automobiles
16,868,900
6,801,048
—
23,669,948
Broadline Retail
24,504,617
—
—
24,504,617
Communications Equipment
19,624,882
—
4,991,232
24,616,114
Diversified Consumer Services
—
—
5,486,527
5,486,527
Electrical Equipment
16,720,953
14,154,824
—
30,875,777
Electronic Equipment, Instruments & Components
18,243,830
—
—
18,243,830
Entertainment
16,011,520
—
—
16,011,520
Financial Services
4,151,624
—
12,045,495
16,197,119
Interactive Media & Services
73,192,675
—
932,146
74,124,821
IT Services
19,105,124
—
13,775,538
32,880,662
Media
11,387,516
—
—
11,387,516
Semiconductors & Semiconductor Equipment
407,675,381
66,675,583
3,405,845
477,756,809
Software
111,671,539
—
73,488,667
185,160,206
Specialty Retail
—
—
44,770
44,770
Technology Hardware, Storage & Peripherals
88,455,572
16,441,951
—
104,897,523
Convertible Notes
—
—
17
17
Preferred Securities
Preferred Stocks
—
—
287,503,929
287,503,929
Warrants
—
—
—
—
Short-Term Securities 
Money Market Funds
36,810,036
—
—
36,810,036
 
$882,878,522
$104,073,406
$410,903,311
$1,397,855,239
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
Convertible
Notes
Preferred
Stocks
Warrants
Total
Assets
Opening balance, as of December 31, 2025
$ 78,601,586
$ 17
$ 316,518,634
$ —
(a)
$ 395,120,237
Transfers into Level 3(b)
12,000,492
—
—
—
12,000,492
Transfers out of Level 3(c)
—
—
—
—
—
Other(d)
(999,970
)
—
999,970
—
—
Accrued discounts/premiums
—
—
—
—
—
Net realized gain (loss)
—
—
—
—
—
Net change in unrealized appreciation (depreciation)(e)
(6,021,297
)
—
(12,594,585
)
—
(18,615,882
)
Purchases
50,000,062
—
4,178,096
—
54,178,158
Sales
(10,181,508
)
—
(21,598,186
)
—
(31,779,694
)
Closing balance, as of March 31, 2026
$ 123,399,365
$ 17
$ 287,503,929
$ —
(a)
$ 410,903,311
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026(e)
$ 698,800
$ —
$ 16,728,842
$ —
(a)
$ 17,427,642
 
(a)
Rounds to less than $1.
(b)
As of December 31, 2025, the Trust used observable inputs in determining the value of certain investments. As of March 31, 2026, the Trust used significant unobservable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.
(c)
As of December 31, 2025, the Trust used observable inputs in determining the value of certain investments. As of March 31, 2026, the Trust used significant unobservable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.
(d)
Certain Level 3 investments were re-classified between Common Stocks and Preferred Stocks
Consolidated Schedule of Investments
5
Consolidated Schedule of Investments (unaudited)(continued)
March 31, 2026
BlackRock Science and Technology Trust (BST)
 
(e)
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 $95,960. 
 
Value
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
Assets
 
 
 
 
Common Stocks
$123,399,365
Market
Revenue Multiple
1.00x - 32.14x
20.43x
 
 
Volatility
45% - 70%
56%
 
 
Time to Exit
3.0- 4.0 years
3.8 years
 
 
Gross Profit Multiple
5.25x -20.93x
17.88x
 
 
Risk free rate
4%
 
 
 
 
 
 
Preferred Stocks
287,407,986
Market
Revenue Multiple
1.60x - 20.68x
14.61x
 
 
Volatility
60% - 90%
70%
 
 
Time to Exit
2.9 -4.0 years
3.8 years
 
 
Market Adjustment Multiple
1.10x
—
 
 
Terminal Growth Rate
5%
—
 
 
Gross Profit Multiple
10.10x
—
 
 
Risk free rate
4%
—
 
Income
Discount Rate
5%-10%
7%
 
 
 
 
 
 
 
 
 
 
 
$410,807,351
 
 
 
 
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value.
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
6