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: 811-21656

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

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 12/31/2023

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 Term Trust (BMEZ)

BlackRock Health Sciences Trust (BME)

BlackRock Innovation and Growth Term Trust (BIGZ)

BlackRock Resources & Commodities Strategy Trust (BCX)

BlackRock Science and Technology Term Trust (BSTZ)

BlackRock Science and Technology Trust (BST)

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

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 Term Trust’s (BMEZ), BlackRock Health Sciences Trust’s (BME), BlackRock Innovation and Growth Term Trust’s (BIGZ), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Term Trust’s (BSTZ), BlackRock Science and Technology Trust’s (BST) 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 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, 2023

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 a 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.

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 BDJ, 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, 2023 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?

Natural resources stocks posted gains as a group in 2023, but they lagged the broader equity market due largely to weakness in commodity prices.

The Trust’s overweight positions in Canadian Natural Resources Ltd. and Diamondback Energy, Inc., which rose on the strength of robust production and positive earnings results, contributed to performance. Zero weightings in Devon Energy Corp. and Occidental Petroleum Corp. also contributed. Devon reported weaker-than-expected profits, and Occidental’s share price fell following the announcement of a debt-trusted acquisition. The U.S. liquified natural gas exporter Cheniere Energy, Inc., which reported strong results and upgraded its earnings guidance throughout the year, was another noteworthy contributor.

On the negative side, an underweight in the oilfield services sub-sector detracted from performance. At the stock level, an overweight position in Patterson-UTI Energy Inc. detracted in the first half of the year. A zero weighting in Baker Hughes, Inc. hurt performance, as well. Elsewhere in the portfolio, zero weightings in Cameco Inc., Neste oyj, and Phillips 66 pressured results. A position in BP PLC also detracted. Although the company reported robust earnings, investors reacted negatively to the company’s decision to reduce its pace of share buybacks.

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 in the annual 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 added to the Trust’s weighting in the oilfield services subsector, and it modestly reduced the allocation to integrated oil companies. The investment adviser also reduced the Trust’s position in U.S. shale exploration and production companies, and it rotated its holdings in the integrated subsector in an effort to capitalize on differences in relative performance.

Describe portfolio positioning at period end.

The investment adviser actively manages the Trust’s positioning to focus on areas where it sees compelling return opportunities and attractive valuations. It believed valuations were favorable at the end of the reporting period given energy companies’ ability to generate profits and deliver high free cash flows. The Trust was overweight in European integrated producers, where the investment advisor saw the most compelling valuations. The Trust maintained selective exposure within the U.S. shale space.

As of December 31, 2023, the Trust had in place an option overwriting program whereby 29.8% 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 3.9% out of the money) and for maturities averaging 48 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, 2023 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 sector was a leading contributor to relative performance, most notably within the pharmaceuticals industry. Investment decisions within communication services also proved additive, most notably an overweight allocation to the sector along with stock selection in interactive media and services. Finally, positioning within the energy sector and a lack of exposure to utilities was beneficial as well.

An underweight allocation to the information technology sector was the largest detractor during the period. Stock selection in materials also detracted, most notably an overweight allocation to and poor selection within the containers and packaging industry. Stock selection within consumer discretionary and industrials detracted as well.

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 detracted from relative performance for the 12-month 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 reporting period, a combination of portfolio trading activity and market price changes resulted in the Trust adding exposure to the information technology and communication services sectors, while the Trust saw reduced exposure to industrials and materials.

Describe portfolio positioning at period end.

As of December 31, 2023, the Trust had an options overwriting program in place whereby 51% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 6.0% out of the money) with an average time until expiration of 53 days.

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

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, 2023 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 produced robust returns in 2023 thanks to stronger-than-expected economic growth and a more favorable outlook for central bank policy. Dividend-paying stocks, while posting gains, lagged the broader market at a time in which investors displayed a preference for faster-growing companies.

Stock selection in the financial sector made the largest contribution to the Fund’s relative performance. Selection in health care also boosted results, mainly due to positioning in pharmaceuticals. Stock selection in energy was an additional contributor, led by the oil, gas, and consumable fuels industry group. Positioning in utilities contributed as well.

On the other hand, an underweight in the information technology sector detracted from performance. Stock selection in materials further weighed on results, with the weakest showing in the containers and packaging industry. Positioning in the consumer discretionary and consumer staples sectors also detracted.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The options overlay strategy detracted from 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 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.

The Trust’s allocations to the financials and industrials sectors increased due to a combination of portfolio trading activity and market price changes. The Trust’s weightings in information technology and healthcare sectors decreased.

Describe portfolio positioning at period end.

As of December 31, 2023, the Trust had in place an option overwriting program whereby 50.8% 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 5.0% out of the money) and for maturities averaging 55 days.

At period end, the Trust’s largest absolute allocations were in financials, healthcare, and industrials. Relative to the benchmark, the Trust’s most significant overweight exposures were in financials, communication services and health care. The Trust maintained its most significant relative underweight sector exposures to IT, real estate and materials.

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, 2023 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?

At the individual stock level, a lack of exposure to Nvidia Corp. and Meta Platforms, Inc., along with an underweight position in Apple, Inc. were among the top detractors given the outsized gains posted by these stocks over the year. The Trust’s focus on investing in high quality companies with sustainable growing cash flows that pay a dividend limits its ability to invest in much of the universe of technology-related companies given that these companies typically pay very low dividends or have no dividend policies. The Trust’s position in International Flavors & Fragrances, Inc. also detracted from performance. The company missed earnings estimates and guided lower on full year 2023 growth given an uncertain market environment that led to weaker volumes and industry-wide consumer destocking in the United States. The Fund exited the position in the third quarter of 2023.

In terms of individual holdings, positive contributions were led by MediaTek, Inc. (“MediaTek”), a Taiwanese semiconductor company that supplies chips for smartphones in China. MediaTek shares benefited as expectations for central bank rate cuts supported growth-oriented areas of the market. In addition, the company continued to beat earnings estimates and saw significant improvements in inventory levels and expectations for the recovery in China’s smartphone market where the investment adviser believed it was positioned to continue to gain market share. Holdings of U.K. home construction company Taylor Wimpey PLC also contributed to performance. The shares were supported by expectations for lower U.K. mortgage rates and a more robust U.K. housing market in 2024. The company’s strong balance sheet and attractive land bank along with the structural imbalance between supply and demand in the U.K. housing market continued to make it an attractive holding in the view of the investment adviser. Finally, Spanish clothing retailer Industria de Diseno Textil SA, curator of brands such as Zara, reported strong profits over the year thanks to robust in-store and online sales. The company has been able to maintain pricing strength in markets outside the Eurozone, which has boosted profitability.

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.

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 reporting period, the Trust added exposure to the industrials, information technology and energy sectors. The Trust reduced exposure to the consumer discretionary sector, particularly in relation to the luxury segment, as well as to healthcare and utilities.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector overweights were in industrials, healthcare and consumer staples, while consumer discretionary was the largest underweight. Regionally, the Trust was overweight Europe and underweight the United States.

As of December 31, 2023, the Trust had an options overwriting program in place whereby 44% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.3% out of the money) with an average time until expiration of 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 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, 2023 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 and an overweight to industrials led positive contributions to the Trust’s relative performance during the reporting period. Stock selection within and underweights to materials and consumer discretionary also contributed.

In terms of individual holdings, positive contributions were led by MediaTek Inc.(“MediaTek”), a Taiwanese semiconductor company that supplies chips for smartphones in China. MediaTek shares benefited as expectations for central bank rate cuts supported growth-oriented areas of the market. In addition, the company continued to beat earnings estimates and is seeing significant improvements in inventory levels and expectations for the recovery in China’s smartphone market where it is positioned to continue to gain market share. Spanish clothing retailer Industria de Diseno Textil SA, curator of brands such as Zara, reported strong profits during the period thanks to robust sales both in-store and online. The company has been able to maintain pricing strength in markets outside the eurozone, aiding profitability. Novo Nordisk A/S, the Danish multinational pharmaceutical company, also contributed to returns. The stock reacted positively as Novo Nordisk A/S reported that its latest trial resulted in a 20% decrease in cardiovascular events in obese patients using Wegovy, – the GLP-1 weight-loss drug manufactured by the company. This result was expected to help unlock reimbursement of the product in commercial plans and potentially lead to Medicare reimbursement, while differentiating Wegovy from competing products.

Stock selection in financials was the main detractor from relative performance during the period. Stock selection within and an overweight to consumer staples and stock selection within communication services also detracted.

Lonza Group AG, the Swiss pharmaceutical and biotech company and largest biologics contract manufacturer in the world, was the top detractor from relative performance over the period. Following the unexpected departure of the CEO in September 2023, the company held its Capital Markets Day in October 2023 and downgraded 2024 guidance. The reduced guidance was centered on Lonza Group AG’s Biologics business that management had previously indicated was “sold out for the foreseeable future”. The Trust subsequently exited the position. Prudential PLC, the U.K.-based multinational insurance company and leading provider of insurance products and services in Asia, also detracted during the period as the shares came under pressure due to weaker sentiment in China. The company posted strong new business profits for the first half of 2023 and the new CEO announced plans for a $1 billion organic investment program through 2025 to drive an increase in new business premiums growth. Finally, brewer Budweiser Brewing Co. APAC Ltd. had significant exposure to the on-premise and nightlife channels in China and saw its shares come under pressure due to increasing concerns over the strength of China’s post-pandemic reopening.

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 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 reporting period, the Trust reduced its exposure to the materials, energy and information technology sectors, while adding to consumer staples, consumer discretionary and industrials.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector overweights were in industrials, healthcare and information technology. Regionally, the majority of portfolio assets comprised securities listed in Europe, with particularly significant exposure in Europe excluding the United Kingdom.

As of December 31, 2023, 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 2.3% out of the money) with an average time until expiration of 60 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 Term Trust’s (BMEZ) (the “Trust”) (formerly known as BlackRock Health Sciences Trust II) 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.

On March 31, 2023 the Board approved a proposal to change the name of BlackRock Health Sciences Trust II, effective as of April 5, 2023, to BlackRock Health Sciences Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.

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, 2023 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?

Selection in the biotechnology and pharmaceuticals sub-sectors contributed to the Fund’s relative performance in 2023.

At the individual security level, an out-of-benchmark position in Vertex Pharmaceuticals, Inc. was the largest contributor. The biotechnology company reported consistently strong earnings during the reporting period and released promising trial results for its non-opioid pain medicine. An overweight position in Reata Pharmaceuticals, Inc. (“Reata”) was another top contributor. The biotechnology giant Biogen, Inc. announced it would acquire the company for $7.3 billion to obtain Reata’s pipeline of rare disease treatments. An overweight in Blueprint Medicines also contributed positively. The precision therapy company reported increased sales of its hematological disorder treatment, Avyakit. Performance was further bolstered by a year-end rally in small- and mid-cap stocks after the Fed signaled it was likely to begin easing interest rates in 2024.

Security selection in the healthcare providers and services and medical devices and supplies sub-sectors detracted from relative performance.

An overweight in the oncology company Novocure, Ltd., which reported disappointing trial results for its ovarian cancer therapy, was the largest individual detractor from performance. Additionally, a separate trial caused market participants to question the commercial viability of the company’s experimental lung cancer treatment. An underweight in Align Technology, Inc. detracted, as well. The dental device company missed earnings expectations and provided negative future guidance, citing decreased orthodontic case starts and longer sales cycles for capital equipment purchases. An out-of-benchmark position in the Chinese medical devices company Adicon Holdings, Ltd., which declined due to the broader weakness in the nation’s stock market, also detracted.

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 increased its allocations to the biotechnology, healthcare providers and services, and pharmaceuticals sub-sectors, while reducing its weighting in the medical devices and supplies sub-sector.

Describe portfolio positioning at period end.

At the end of the period, the Trust held 41% of net asset value in biotechnology, 36% in medical devices and supplies, 11% in healthcare providers and services, and 10% in pharmaceuticals. These industry weightings were the result of bottom-up stock selection.

As of December 31, 2023, the Trust had in place an option overwriting program whereby 25% 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 6.8% 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 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, 2023 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?

Security selection in the pharmaceuticals sub-sector contributed to the Trust’s performance in 2023, as did an overweight allocation to the biotechnology sub-sector.

At the individual security level, an underweight position in the pharmaceutical giant Pfizer, Inc. was the largest contributor to relative performance. The company experienced decreased demand for its COVID-19 products, and it provided negative guidance for 2024. Additionally, it reported negative trial results for its oral obesity and diabetes treatment program, adding to uncertainty about its ability to compete in the weight loss market. An underweight in Bristol-Myers Squibb Co. was another top contributor to relative returns. The drugmaker reported disappointing earnings as impending patent expirations put pricing pressure on the company’s offerings. An overweight position in Boston Scientific Corp. further helped results. The medical device company reported strong earnings as elective surgical procedure volume continued to normalize following the pandemic. The company also achieved positive trial results for its Farapulse pulsed-field ablation system, which offers a faster treatment for atrial fibrillation than the current procedure and potentially expands the company’s market share in this area.

On the negative side, an underweight allocation to the healthcare providers and services sub-sector and an overweight in the medical devices and supplies sub-sector detracted from relative performance.

An overweight position in the oncology company Novocure, Ltd., which reported disappointing trial results for its ovarian cancer therapy, was the largest detractor from performance. Additionally, a separate trial caused market participants to question the commercial viability of the company’s experimental lung cancer treatment. An overweight in Biogen, Inc. detracted on concerns about the company’s ability to commercialize its new Alzheimer’s treatment, Leqembi. Obstacles, including limited health insurance reimbursement and testing prerequisites for patients, contributed to the drug’s slow uptake. An underweight in Thermo Fisher Scientific, Inc., was another detractor of note. The Trust moved from an overweight in Thermo Fisher to an underweight in the third quarter 2023 due to a weak biotechnology funding market and uncertainty about China. However, a year-end rally in the biotechnology sector lifted the stock as market participants responded positively to signals of easing interest rates.

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 increased its allocations to the biotechnology and healthcare providers and services sub-sectors and reduced its weightings in the pharmaceuticals and medical devices and supplies sub-sectors.

The Trust held a 5.3% cash position at the end of the period, reflecting the investment adviser’s decision to take some profits on select positions in pharmaceutical and medical device companies. The elevated cash balance did not have a material impact on performance, and the Trust was not in a defensive investment position.

Describe portfolio positioning at period end.

At the end of the period, the Trust held 31% of net asset value in medical devices and supplies, 25% in biotechnology, 21% in healthcare providers and services, and 19% in pharmaceuticals. These industry weightings were the result of bottom-up stock selection.

As of December 31, 2023, the Trust had in place an option overwriting program whereby 34% 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 5.3% out of the money) and for maturities averaging 55 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 Term Trust’s (BIGZ) (the “Trust”) (formerly known as BlackRock Innovation and Growth 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.

On March 31, 2023 the Board approved a proposal to change the name of BlackRock Innovation and Growth Trust, effective as of April 5, 2023, to BlackRock Innovation and Growth Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.

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, 2023 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?

Shares of smaller, innovative growth companies generally performed well in 2023, a time characterized by hearty investor risk appetites and outperformance for the growth style more broadly.

Stock selection in the industrials sector was the largest contributor to the Fund’s relative performance. An overweight position in Saia Inc., a U.S. trucking company that specializes in less-than-truckload (“LTL”) freight shipping methods, was a top contributor. Positioning in the aerospace and defense industry also added to relative performance, primarily as a result of an overweight in Axon Enterprise, Inc. Axon benefited from strong demand for its new products, as well as robust recurring revenues and positive customer retention metrics. In energy, the Fund’s zero weighting in the oil, gas and consumable fuels industry proved beneficial. Notably, the lack of a position in Texas Pacific Land Corp., a natural resource and real estate company, was a positive. Thirdly, avoidance of companies in the materials sector boosted relative return, including underweight allocations to the chemicals and containers and packaging industries.

Stock selection in the communication services sector was the largest detractor from relative performance, largely due to selection decisions among entertainment companies. Notably, an out-of-benchmark position in Under Canvas, Inc., an upscale camping experience provider, hurt results. In consumer discretionary, security selection in the hotels, restaurants and leisure industry proved costly. A key stock level detractor in the industry was the portfolio’s overweight position in Planet Fitness, Inc. Shares of the discount gym operator disappointed amid slowing new store growth, due in part to the impacts of higher interest rates on funding costs. Stock selection in the healthcare sector also dampened relative performance, with the largest adverse effect coming from an overweight in Phreesia, Inc., a software-as-a-service company in the healthcare technology sub-sector.

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

Due to a combination of market changes and portfolio activity, the Trust’s allocations to information technology and real estate increased, while its weightings in communication services and consumer discretionary decreased. The Trust did not add any new private companies during the reporting period.

Describe portfolio positioning at period end.

On a sector basis, the portfolio’s largest overweight allocations were in the information technology and consumer discretionary sectors. The largest underweights were in industrials and energy.

As of December 31, 2023, the Trust had in place an option overwriting program whereby 13.04% 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 6.2% out of the money) and for maturities averaging 60 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

Performance

Returns for the period ended December 31, 2023 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?

Natural resources stocks posted gains as a group in 2023, but they trailed the broader equity market due largely to weakness in commodity prices.

The Trust’s underweight in Nutrien Ltd., which lagged due to a downturn in fertilizer prices, contributed to performance. An out-of-benchmark position in Cameco Corp. was also a strong contributor. Uranium prices rose on expectations for a revival in the nuclear energy industry, leading to a rally in the stock. The U.S. liquified natural gas exporter Cheniere Energy, Inc., which reported robust results and upgraded its earnings guidance throughout the year, was another noteworthy contributor.

First Quantum Minerals Ltd. (“First Quantum”) was a key detractor. In October 2023, the Panamanian government announced a referendum on whether to revoke the company’s mining license in the country. First Quantum’s Cobre Panama mine was subsequently closed in November 2023 after Panama’s Supreme Court ruled that the concession granted to the company was unconstitutional. Weakness in lithium prices impacted the Trust’s holdings in the industrial minerals sector, including Albemarle Corp. The agricultural chemical producer FMC Corp. was another key detractor. The stock came under pressure from the combination of weaker-than-expected earnings, reduced forward guidance, and a negative report from a short seller (an investor who expects the stock will fall).

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 in the annual 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 added to the energy sector in order to maintain an overweight position. It funded this move by reducing the Trust’s allocation to agricultural stocks. The investment adviser remained alert for investment ideas in undervalued energy stocks, companies that can benefit from the adoption of lower-carbon technologies, and longer-term growth opportunities in the nutrition area.

Describe portfolio positioning at period end.

At the end of the reporting period, 38.8% of the portfolio was invested in the energy sector, 38.5% in mining and 22.1% in agriculture. The remaining 0.6% was held in cash.

As of December 31, 2023, the Trust had in place an option overwriting program whereby 30.9% 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 4.0% out of the money) and for maturities averaging 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 Science and Technology Term Trust’s (BSTZ) (the “Trust”) (formerly known as BlackRock Science and Technology Trust II) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

On March 31, 2023 the Board approved a proposal to change the name of BlackRock Science and Technology Trust II, effective as of April 5, 2023, to BlackRock Science and Technology Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.

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

Trust Information