UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-23428

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Science and Technology Trust II, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2022

Date of reporting period: 12/31/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

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 Innovation and Growth Trust (BIGZ)

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 Innovation and Growth Trust’s (BIGZ), 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, 2022

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 has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis:

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

Shareholders should not draw any conclusions about 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. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

Investment Objective

BlackRock Energy and Resources Trust’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.

Trust Information

Market Price and Net Asset Value Per Share Summary

GROWTH OF $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2022 were as follows:

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

An overweight in ConocoPhillips, which benefited from its increased focus on shareholder returns, was the largest positive contributor to the Trust’s performance in 2022. Overweights in companies that stood to benefit from rising liquified natural gas exports stemming from the war in Ukraine, including Cheniere Energy and Tourmaline Oil Corp., also helped results. The exploration and production company Hess Corp. was an additional contributor, due in part to its announcement of new offshore discoveries.

A zero weighting in Occidental Petroleum Corp., which capitalized on stronger oil prices to de-lever its balance sheet, was the largest detractor. An underweight in the oilfield services energy sub-sector detracted, as well. Zero weightings in Schlumberger NV and Halliburton Co. were the leading detractors in this regard.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to results during the reporting period. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

The investment adviser managed the Trust’s overall sensitivity to oil prices given the market’s near-term concerns about oil demand at a time of rising interest rates. The investment adviser initiated new positions in integrated oil companies trading at relatively depressed valuations, which reduced the extent of the Trust’s underweight in Europe. It also sought to rotate the portfolio’s holdings in the midstream distribution industry, and it reduced the portfolio’s allocation to refiners later in the year following continued weakness in global consumer indicators.

Describe portfolio positioning at period end.

The investment adviser maintained a bias towards higher-quality producers that it expects will gain the largest benefit from strength in oil and gas prices. It was also positioned to capitalize on a potential resurgence in the oilfield services sector, as well as the need for increased liquified natural gas output to replace Russian gas exports to Europe.

As of December 31, 2022, the Trust had in place an option overwriting program whereby 36.6% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.1% out of the money) and for maturities averaging 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.

Overview of the Trust’s Total Investments

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.

Trust Information

Market Price and Net Asset Value Per Share Summary

GROWTH OF $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2022 were as follows:

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

The largest contribution to the Trust’s relative performance came from stock selection in the information technology (“IT”) sector. Notably, stock selection in software and IT services boosted relative returns. Stock selection in the consumer discretionary sector also contributed, as investment decisions in the multiline retail and automobiles industries proved additive. Other notable contributors included stock selection within financials and allocation decisions in the energy sector.

Conversely, investment decisions within the healthcare sector detracted the most from the Trust’s relative returns. Notably, the Trust’s lack of exposure to biotechnology and stock selection within the life sciences tools and services industry hurt relative performance. The Trust’s lack of exposure to utilities, which was based on the view that stock valuations in the sector were expensive, also weighed on relative results. Other notable detractors included allocation decisions in consumer staples, and at the industry level, the Trust’s overweight allocation to interactive media and services.

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 reporting period.

The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

During the period, a combination of portfolio trading activity and market price changes resulted in the Trust adding exposure to the consumer staples, healthcare, and industrials sectors. The Trust reduced exposure to IT, communication services, and real estate.

Describe portfolio positioning at period end.

At period end, the Trust’s largest absolute allocations were in IT, consumer discretionary, and healthcare. Relative to the benchmark, the Trust’s most significant overweight exposures were in the consumer discretionary, communication services, and financials sectors. The Trust maintained its most significant relative underweight sector exposures to IT, utilities, and consumer staples.

As of December 31, 2022, the Trust had an options overwriting program in place whereby 53% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.9% out of the money) 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.

Overview of the Trust’s Total Investments

Investment Objective

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

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

Trust Information

Market Price and Net Asset Value Per Share Summary

GROWTH OF $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2022 were as follows:

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

Stock selection in the industrials sector made the largest contribution to the Trust’s relative performance. Notably, stock selection in the aerospace and defense and professional services industries boosted relative results. Stock selection in financials also lifted relative performance, as selection decisions in insurance and an overweight allocation to insurance proved additive. Other notable contributors included the Trust’s lack of exposure to real estate and its overweight allocation to energy.

Conversely, the largest detractor from relative returns came from stock selection in the healthcare sector. Security selection decisions in the healthcare equipment and supplies industry most notably weighed on total return. Allocation decisions in information technology (“IT”) also hurt relative results, particularly in regard to investment decisions in the IT services industry. Other notable detractors included allocation decisions in materials and stock selection within consumer staples.

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

The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

During the period, a combination of portfolio trading activity and market price changes resulted in the Trust adding exposure to the energy, healthcare, and consumer staples sectors. The Trust reduced exposure to financials, industrials, and utilities.

Describe portfolio positioning at period end.

At period end, the Trust’s largest absolute allocations were to the healthcare, financials, and IT sectors. Relative to the benchmark, the Trust’s most significant overweight exposures were to the communication services, healthcare, and financials sectors. The Trust maintained its most significant relative underweight sector exposures to real estate, consumer staples, and industrials, maintaining no exposure to real estate at period end.

As of December 31, 2022, the Trust had an options overwriting program in place whereby 50% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.4% 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.

Overview of the Trust’s Total Investments

Investment Objective

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

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

Trust Information

Market Price and Net Asset Value Per Share Summary

GROWTH OF $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2022 were as follows:

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

Stock selection within the healthcare, communication services, and consumer discretionary sectors contributed the most to the Trust’s relative performance. At the individual stock level, three healthcare stocks were the top contributors, proving to be defensive in a bearish market environment. AbbVie Inc. contributed the most to relative performance, as it continued to execute well in commercializing drugs coming through its pipeline, such as Skyrizi and Rinvoq. AstraZeneca plc was also a solid contributor as its stock got a boost from weakness in the British pound against the U.S. dollar and from broader outperformance across the pharmaceutical industry. Investors have also increasingly appreciated AstraZeneca’s oncology pipeline, most notably in two drugs co-developed with Japan’s Daiichi Sankyo. Enhertu showed excellent results in fighting breast cancer, and the drug Dato-DXd has generated excitement for potential use in multiple indications, including lung cancer. Lastly, Novo Nordisk A/S contributed, as the drug company posted double-digit percentage sales growth across all geographies except China. Growing demand and limited supply of anti-obesity drug Wegovy also helped boost the stock price. Novo Nordisk’s CEO has promised to relaunch the drug with increased production in early 2023, reassuring investors that supply chain issues from earlier in 2022 have been resolved.

Conversely, security selection in the financials and consumer staples and allocation decisions in energy were the primary detractors from relative performance. Among individual stocks, Fidelity National Information Services detracted the most from relative returns, as the merchant-acquiring company reported extremely disappointing financial results for the latest quarter and delivered a downbeat outlook. Although volumes had recovered, revenue had failed to keep pace, resulting in lost market share in its small and medium-sized business segment. That segment made the greatest contribution to the company’s overall revenue, and the management had highlighted the need to restructure the business entirely. Despite the belief that this was a resilient business that could deliver consistent cash flow, the company’s competitive market position had proven to be weaker than anticipated. Given the wide range of outcomes and management’s lack of clarity concerning the future trajectory of margin levels for the merchant business, the Trust exited its holding.

Mediatek also detracted due to weaker consumer spending in hardware categories such as smartphones, which caused a slowdown in demand in China. The company had made significant investments in the latest-generation chips, which should have ultimately translated to market share gains among Chinese smartphone manufacturers. Nevertheless, the demand slowdown translated into weak share-price performance, and there had also been concerns that a global economic slowdown would also hurt end-market demand. The Trust remained confident in the company’s attractiveness, reflecting the view that some recovery in smartphone volume should lead to further normalization in demand.

Lastly, Taylor Wimpey also detracted. Political controversy in the United Kingdom had a negative impact on share prices, as a previous chancellor’s tax-cutting policies ultimately led to a significant increase in mortgage rates, which in turn adversely affected the volume outlook for the business. More recently, Taylor Wimpey’s comments on cost inflation of 9% to 10% driven by both labor and materials have raised concerns about how sustainable its profit margins are.

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 reporting period.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

During the period, the Trust added exposure to the energy, materials, and industrials sectors. The Trust reduced its exposure to information technology (“IT”), as well as to the utilities and consumer staples sectors.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in IT and healthcare, driven by holdings in the IT services and pharmaceuticals industries respectively. The Trust had no exposure to the real estate sector. 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, 2022, the Trust had an options overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3% 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.

Overview of the Trust’s Total 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.

Trust Information

Market Price and Net Asset Value Per Share Summary

GROWTH OF $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2022 were as follows:

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

From a sector perspective, the Trust’s stock selection in financials, healthcare, and industrials contributed the most to returns. Among individual stocks, Novo Nordisk A/S was the top contributor, benefiting from rising momentum in prescription volumes for its GLP-1 drug. The pharmaceutical company largely worked through manufacturing problems, although it will take some time to resupply the market. BAE Systems also contributed, as the aerospace and defense company benefited from a more constructive industry environment generally, particularly after the Russian invasion of Ukraine prompted expectations that defense spending would increase. Lastly, Bankinter also contributed to relative performance, as the higher-rate environment added to its margin.

By contrast, underweight positions in materials and energy were the largest detractors from relative performance. Stock selection in consumer staples also detracted. Among individual stocks, Taiwanese semiconductor company Mediatek was the leading detractor, as it struggled amid challenges within the semiconductor value chain. Markets were concerned about weaker consumer spending, which could feed into weaker demand for consumer durables in China and thereby prevent Mediatek from gaining market share in Chinese smartphone markets. Taylor Wimpey also detracted, as shares of the United Kingdom homebuilder weakened as the mortgage market deteriorated. Rising interest rates weakened the outlook for sales volume. Lastly, Kering also detracted from relative performance, as multiple stock analysts downgraded target prices on the stock.

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

The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

During the period, the Trust reduced its exposure to information technology (“IT”), particularly within the IT services industry. It also reduced exposure to consumer staples, notably in the personal products and textile and apparel industries. Conversely, the Trust added exposure to the healthcare, consumer discretionary, and financials sectors.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in healthcare, industrials, and consumer staples. Regionally, the majority of the portfolio’s securities were listed in Europe, with particularly significant exposure in Europe excluding the United Kingdom.

As of December 31, 2022, the Trust had an options overwriting program in place whereby 40.4% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.0% 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.

Overview of the Trust’s Total Investments

Investment Objective

BlackRock Health Sciences Trust’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.

Trust Information

Market Price and Net Asset Value Per Share Summary

GROWTH OF $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2022 were as follows:

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

The global equity markets fell sharply in 2022, reflecting the combination of elevated inflation and rising interest rates. While defensive, large-cap stocks in the healthcare sector held up reasonably well, faster-growing companies—particularly those on the smaller end of the capitalization range—generally lagged the broader market.

Stock selection in the medical devices and supplies and biotechnology sub-sectors were the largest sector-level contributors to the Trust’s relative performance.

An overweight in the managed-care provider Cigna Corp., which benefited from investors’ flight to higher-quality stocks, was the leading individual contributor to the Trust’s relative performance. Additionally, the company delivered multiple strong earnings reports that demonstrated revenue growth across its health services businesses. An underweight in Moderna, Inc., which lagged due to slowing demand for COVID-19 vaccines, also helped performance. An out-of-benchmark position in the pharmaceutical giant AstraZeneca PLC was another top contributor. The company received approval for its breast cancer treatment from the Food and Drug Administration. Consistently strong quarterly financials and a robust oncology pipeline also supported the stock.

Security selection in the pharmaceuticals sub-sector was the largest detractor at the industry level. An underweight allocation to the sub-sector detracted, as well.

An underweight in biotechnology company AbbVie, Inc. was the most significant detractor. The company provided a positive outlook for 2023, highlighting strong demand for some of its flagship treatments. Similarly, underweights in the health insurance provider Humana, Inc. and the mega-cap pharmaceutical company Johnson & Johnson were key detractors.

The Trust made use of options, principally writing call options on individual stocks, to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to results.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

The investment adviser continued to seek opportunities in companies with attractive valuations, stable growth, and promising product pipelines over the medium-to-long term. It also considered new innovations and technological developments for selective growth opportunities in the biotechnology, pharmaceuticals and medical devices industries

The investment adviser was encouraged by the healthcare sector’s resilience in the midst of the extraordinary macroeconomic and geopolitical challenges that characterized 2022. It believed the longer-term, secular drivers for the sector—innovation in medical technology and aging demographics in both developed and developing countries—remain in place. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the sector.

As of December 31, 2022, the Trust’s largest overweight position was in the biotechnology sub-sector. The investment adviser continued to seek compelling areas of innovation in biotech, particularly in oncology. The Trust also held an overweight position in the medical devices and supplies sub-sector, which the investment adviser believed

could benefit from easing supply chain concerns following China’s decision to end its zero-COVID policy. The Trust’s largest underweight was in the pharmaceuticals sub-sector, which could be vulnerable to a rotation back into riskier assets once investors gain more clarity regarding the macroeconomic environment.

As of December 31, 2022, the Trust had in place an option overwriting program whereby 35.6% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 6.5% out of the money) and for maturities averaging 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.

Overview of the Trust’s Total Investments

Investment Objective

BlackRock Health Sciences Trust 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.

Trust Information

Market Price and Net Asset Value Per Share Summary

GROWTH OF $10,000 INVESTMENT

BMEZ commenced operations on January 30, 2020.

Performance

Returns for the period ended December 31, 2022 were as follows:

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

The global equity markets fell sharply in 2022, reflecting the combination of elevated inflation and rising interest rates. While defensive, large-cap stocks in the healthcare sector held up reasonably well, faster-growing companies—particularly those on the smaller end of the capitalization range—generally lagged the broader market.

Security selection in the biotechnology sub-sector was the largest detractor from the Trust’s relative performance, followed by an underweight allocation to the medical devices and supplies sub-sector.

An overweight position in Masimo Corp. was the largest detractor at the individual security level. Masimo’s unexpected acquisition of the consumer electronics company Sound United was not well received by market participants. Investors struggled to see how the unlikely pairing would fit together given the latter company’s focus outside of medical technology.

An overweight in the biopharmaceutical company Kymera Therapeutics, Inc. which reported consistently weak earnings, further detracted. The Trust was also hurt by its overweight in the U.S. genetics testing company Natera, Inc. The stock declined after an unfavorable report from a short seller alleged that the company had deceptive billing practices and misleading testing results.

On the positive side, an overweight in the biotechnology industry and an underweight in healthcare providers and services industries contributed to performance.

An overweight position in Vertex Pharmaceuticals, Inc. was the largest individual contributor. The company reported consistently strong earnings and provided positive clinical trial results for a treatment for sickle cell disease. The Trust also benefited from an overweight in Imago Biosciences, Inc., which was acquired by Merck. An overweight in Daiichi Sankyo Co., Ltd. was an additional contributor. The Japanese biotechnology company received approval from the Food and Drug Administration for a breast cancer treatment it developed in partnership with AstraZeneca.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to relative performance.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

The investment adviser continued to seek opportunities in companies with attractive valuations, stable growth, and promising product pipelines over the medium-to-long term. It also considered new innovations and technological developments for selective growth opportunities in the biotechnology, pharmaceuticals and medical devices industries.

The investment adviser was encouraged by the healthcare sector’s resilience in the midst of the extraordinary macroeconomic and geopolitical challenges that characterized 2022. It believed the longer-term, secular drivers for the sector—innovation in medical technology and aging demographics in both developed and developing countries—remain in place. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the sector.

The Trust’s largest weighting was in the biotechnology sub-sector as of year-end, reflecting the investment adviser’s view that many companies in the industry offered the combination of attractive valuations and robust fundamentals.

As of December 31, 2022, the Trust had in place an option overwriting program whereby 24% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 8.8% out of the money) and for maturities averaging 57 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.

Overview of the Trust’s Total Investments

Investment Objective

BlackRock Innovation and Growth Trust’s (BIGZ) (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 will invest primarily in equity securities issued by mid- and small-capitalization companies that the Trust’s adviser believes have above-average earnings growth potential. In selecting investments for the Trust, the Trust’s adviser focuses on mid- and small-capitalization growth companies that are “innovative.” These are companies that have introduced, or are seeking to introduce, a new product or service that potentially changes the marketplace. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.

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

Trust Information

Market Price and Net Asset Value Per Share Summary

GROWTH OF $10,000 INVESTMENT

BIGZ commenced operations on March 29, 2021.

Performance

Returns for the period ended December 31, 2022 were as follows:

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

The largest detractor from relative performance from a sector perspective was the Trust’s security selection within the healthcare sector, most notably within the healthcare equipment and supplies industry. Within this space, Masimo Corp. and FIGS Inc. were the most significant detractors among individual stocks. Elsewhere in healthcare, an overweight position in life sciences tools and services company, 10X Genomics Inc. weighed on performance, due to its significant exposure to China and the potential impact on its business from worsening macroeconomic conditions and supply chain issues. Stock selection in the information technology (“IT”) sector also weighed on relative performance, mostly within the software industry, where positions in Bill.com Holdings Inc. and Siteminder Ltd. detracted. Lastly, positioning in the energy sector was a significant detractor, most notably due to the Trust’s lack of exposure to the oil, gas and consumable fuels sub-sector.

By contrast, positioning in the real estate sector was the largest contributor to relative performance at the sector level, particularly due to the Trust’s lack of investments in real estate management and development companies. Within industrials, positioning in the aerospace and defense industry was a substantial contributor, stemming largely from an overweight allocation to technology and non-lethal weapons specialist Axon Enterprise Inc. The Trust’s lack of exposure to the media industry within communication services also boosted relative performance, most notably by avoiding programmatic marketing automation technology provider Trade Desk Inc. Lastly, the Trust’s lack of positions in the consumer finance sector boosted relative performance, specifically avoiding AI-powered lending platform company Upstart Holdings Inc.

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

The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

Due to a combination of market changes and portfolio activity since then, the Trust’s exposure to financials and consumer discretionary stocks increased. Conversely, the Trust’s exposure to the healthcare and IT sectors decreased. The Trust also added four new privately held companies during the year, increasing its allocation from 18% to 28% as the management team continued to increase exposure to this investment segment.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector overweight positions in the public equity portion of the portfolio were in the IT and consumer discretionary sectors, while the largest underweight positions were in industrials and materials.

As of December 31, 2022, the Trust had an options overwriting program in place whereby 11.3% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 10% out of the money) with an average time until expiration of 61 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.

Overview of the Trust’s Total Investments

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.

Trust Information

Market Price and Net Asset Value Per Share Summary

GROWTH OF $10,000 INVESTMENT

^(a) Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

Performance

Returns for the period ended December 31, 2022 were as follows: