Schedule of Investments (unaudited)

March 31, 2024

   

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Biotechnology — 23.8%  

4D Molecular Therapeutics, Inc.(a)

    17,173     $ 547,132  

AbbVie, Inc.

     184,866       33,664,099  

AC Immune SA(a)

    78,180       231,413  

Alnylam Pharmaceuticals, Inc.(a)

    24,255       3,624,910  

Amgen, Inc.(b)

    75,441       21,449,385  

Argenx SE, ADR(a)

    15,123       5,954,228  

Autolus Therapeutics PLC, ADR(a)

    64,258       409,966  

Beam Therapeutics, Inc.(a)

    9,264       306,083  

BeiGene Ltd., ADR(a)

    6,675       1,043,903  

Biogen, Inc.(a)

    42,571       9,179,585  

BioMarin Pharmaceutical, Inc.(a)

    45,161       3,944,362  

Blueprint Medicines Corp.(a)

    26,672       2,530,106  

Bridgebio Pharma, Inc.(a)

    16,735       517,446  

Cabaletta Bio, Inc.(a)

    29,605       505,061  

CG oncology, Inc.(a)

    19,778       868,254  

CureVac NV(a)

    29,850       90,446  

Denali Therapeutics, Inc.(a)

    30,843       632,898  

Dyne Therapeutics, Inc.(a)

    11,606       329,494  

Exact Sciences Corp.(a)

    19,226       1,327,748  

Genmab A/S(a)

    2,927       877,598  

Genmab A/S, ADR(a)

    19,943       596,495  

Gilead Sciences, Inc.

     111,030       8,132,947  

Immatics NV(a)

    21,538       226,364  

Immunocore Holdings PLC, ADR(a)

    12,497       812,305  

Incyte Corp.(a)

    15,306       871,983  

Insmed, Inc.(a)

    16,685       452,664  

Ionis Pharmaceuticals, Inc.(a)

    18,725       811,729  

Kyverna Therapeutics, Inc.(a)

    9,645       239,582  

Legend Biotech Corp., ADR(a)

    32,098       1,800,377  

Merus NV(a)

    22,655       1,020,155  

Moderna, Inc.(a)

    33,556       3,575,727  

MoonLake Immunotherapeutics, Class A(a)

    10,337       519,228  

Morphic Holding, Inc.(a)

    7,827       275,510  

Neurocrine Biosciences, Inc.(a)

    9,808       1,352,719  

Neurogene, Inc.(a)

    19,342       984,508  

Nuvalent, Inc., Class A(a)

    13,886       1,042,700  

Prime Medicine, Inc.(a)

    22,929       160,503  

Protagonist Therapeutics, Inc.(a)

    27,836       805,295  

PTC Therapeutics, Inc.(a)

    19,817       576,477  

Regeneron Pharmaceuticals, Inc.(a)

    9,307       8,957,894  

REVOLUTION Medicines, Inc.(a)

    19,714       635,382  

Rhythm Pharmaceuticals, Inc.(a)

    49,466       2,143,362  

Rocket Pharmaceuticals, Inc.(a)

    18,343       494,160  

Roivant Sciences Ltd.(a)

    57,525       606,314  

Sage Therapeutics, Inc.(a)

    13,650       255,801  

Sagimet Biosciences, Inc., Series A(a)

    21,965       119,050  

Sarepta Therapeutics, Inc.(a)

    22,338       2,891,877  

Stoke Therapeutics, Inc.(a)

    65,255       880,942  

Tenaya Therapeutics, Inc.(a)

    58,697       306,985  

Ultragenyx Pharmaceutical, Inc.(a)

    14,268       666,173  

Vaxcyte, Inc.(a)

    28,905       1,974,501  

Vertex Pharmaceuticals, Inc.(a)

    26,679       11,152,089  

Viking Therapeutics, Inc.(a)

    25,612       2,100,184  

Voyager Therapeutics, Inc.(a)

    32,205       299,829  

Xenon Pharmaceuticals, Inc.(a)

    32,241       1,387,975  

Zealand Pharma A/S(a)

    4,395       435,324  
   

 

 

  
      147,599,227  
Security   Shares     Value  
Capital Markets — 0.1%  

Helix Acquisition Corp. II, Class A(a)

    61,530     $ 636,835  
   

 

 

  
Health Care Equipment & Supplies — 24.6%  

Abbott Laboratories(b)

    190,037       21,599,605  

Alcon, Inc.

     54,365       4,528,061  

Align Technology, Inc.(a)

    11,220       3,679,262  

Baxter International, Inc.

     60,439       2,583,163  

Becton Dickinson & Co.

     39,171       9,692,864  

Boston Scientific Corp.(a)

    442,429       30,301,962  

Cooper Cos., Inc.

     60,763       6,165,014  

Dexcom, Inc.(a)

    46,293       6,420,839  

Edwards Lifesciences Corp.(a)

    75,800       7,243,448  

Envista Holdings Corp.(a)

    22,246       475,620  

GE HealthCare Technologies, Inc.(a)

    42,353       3,850,311  

Glaukos Corp.(a)

    5,240       494,080  

IDEXX Laboratories, Inc.(a)

    7,516       4,058,114  

Inspire Medical Systems, Inc.(a)

    5,782       1,241,916  

Intuitive Surgical, Inc.(a)

    43,715       17,446,219  

Masimo Corp.(a)

    15,144       2,223,896  

Medtronic PLC

     79,846       6,958,579  

Novocure Ltd.(a)

    29,303       458,006  

Orchestra BioMed Holdings, Inc.(a)

    18,076       95,261  

Penumbra, Inc.(a)

    12,105       2,701,594  

Shockwave Medical, Inc.(a)

    3,150       1,025,735  

STERIS PLC

     9,642       2,167,714  

Stryker Corp.

     49,107       17,573,922  
   

 

 

  
      152,985,185  
Health Care Providers & Services — 20.8%        

Cencora, Inc.

     62,148       15,101,342  

Centene Corp.(a)

    87,074       6,833,567  

Cigna Group

     31,736       11,526,198  

Elevance Health, Inc.(b)

    30,102       15,609,091  

Guardant Health, Inc.(a)

    15,095       311,410  

HCA Healthcare, Inc.

     21,723       7,245,272  

Humana, Inc.

     14,550       5,044,776  

Laboratory Corp. of America Holdings

     6,745       1,473,513  

McKesson Corp.

     25,023       13,433,597  

Quest Diagnostics, Inc.

     11,479       1,527,970  

UnitedHealth Group, Inc.(b)

    103,608       51,254,878  
   

 

 

  
      129,361,614  
Health Care Technology — 0.0%        

Carbon Health(a)(c)

    65       66,179  
   

 

 

  
Life Sciences Tools & Services — 8.3%        

10X Genomics, Inc., Class A(a)

    15,123       567,566  

Agilent Technologies, Inc.

     23,561       3,428,361  

Avantor, Inc.(a)

    55,614       1,422,050  

Bio-Techne Corp.

     16,718       1,176,780  

Danaher Corp.

     78,006       19,479,658  

IQVIA Holdings, Inc.(a)

    12,013       3,037,968  

Mettler-Toledo International, Inc.(a)

    1,170       1,557,609  

Nautilus Biotechnology, Inc.(a)

    16,560       48,687  

QIAGEN NV

     35,078       1,508,003  

Rapid Micro Biosystems, Inc., Class A(a)

    20,561       19,944  

Repligen Corp.(a)

    8,125       1,494,350  

Thermo Fisher Scientific, Inc.

     24,009       13,954,271  

West Pharmaceutical Services, Inc.

     10,207       4,039,012  
   

 

 

  
      51,734,259  
Pharmaceuticals — 20.7%        

AstraZeneca PLC

     24,269       3,260,389  
 

 

 

S C H E D U L E  O F  I N V E S T M E N T S   1

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Pharmaceuticals (continued)        

Daiichi Sankyo Co. Ltd.

     34,800     $ 1,107,297  

Elanco Animal Health, Inc.(a)

    97,264       1,583,458  

Eli Lilly & Co.

     79,277       61,674,335  

Johnson & Johnson(b)

    70,368       11,131,514  

Longboard Pharmaceuticals, Inc.(a)

    2,931       63,310  

Merck & Co., Inc.(b)

    218,212       28,793,073  

Novo Nordisk A/S, Class B

     47,689       6,117,228  

Pfizer, Inc.(b)

    282,816       7,848,144  

Sanofi SA

     26,788       2,606,055  

Structure Therapeutics, Inc., ADR(a)

    26,914       1,153,534  

Zoetis, Inc., Class A

     20,979       3,549,857  
   

 

 

  
       128,888,194  
   

 

 

  

Total Common Stocks — 98.3%
(Cost: $382,059,970)

 

     611,271,493  
   

 

 

  
     Benefical
Interest (000)		         
Other Interests  
Biotechnology — 0.0%  

Affinivax, Inc., (Acquired 08/18/22,
Cost: $ —)(c)(d)(e)

  $ 6       86,988  
   

 

 

  
Health Care Providers & Services — 0.0%  

Afferent Pharmaceuticals, Inc.,
(Acquired 09/30/15, Cost: $ —)(c)(d)(e)

    190       26,622  
   

 

 

  

Total Other Interests — 0.0%
(Cost: $ —)

 

     113,610  
   

 

 

  
     Shares         
Preferred Securities  
Preferred Stocks — 0.7%(a)(c)(e)  
Biotechnology — 0.3%  

Adarx Pharamaceuticals, Series C, (Acquired 08/02/23, Cost: $440,003)

     52,885       440,003  

Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002)

     44,167       145,309  

Genesis Therapeutics, Series B, (Acquired 08/10/23, Cost: $292,001)

     57,170       287,565  

Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $224,200)

     190,000       68,400  

Kartos Therapeutics, Series C, (Acquired 08/22/23, Cost: $485,124)

     85,817       520,909  

Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800)

     21,100       590,800  
   

 

 

  
      2,052,986  
Health Care Equipment & Supplies — 0.2%  

Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999)

     101,741       293,014  

Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001)

     367,395       804,595  

Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998)

     92,580       20  
   

 

 

  
      1,097,629  
Security   Shares     Value  
Health Care Providers & Services — 0.0%  

Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759)

     4,243,029     $ 283,833  
   

 

 

  
Health Care Technology — 0.1%  

Carbon Health Technologies, Inc., Series D2, (Acquired 02/02/23, Cost: $907,000)

     89,892       302,037  
   

 

 

  
Pharmaceuticals — 0.1%  

Insitro, Inc., Series C, (Acquired 03/10/21,
Cost: $560,000)

     30,616       345,042  
   

 

 

  
      4,081,527  
   

 

 

  

Total Preferred Securities — 0.7%
(Cost: $6,232,887)

 

     4,081,527  
   

 

 

  

Rights

 

Biotechnology — 0.0%  

Korro Bio, Inc., CVR(c)

    15,747       11,023  

Korro Bio, Inc., CVR

     28,060       382  
   

 

 

  
      11,405  
Health Care Equipment & Supplies — 0.0%  

Abiomed, Inc., CVR(c)

    14,359       41,067  
   

 

 

  

Total Rights — 0.0%
(Cost: $25,669)

 

     52,472  
   

 

 

  

Warrants

 

Health Care Providers & Services — 0.0%  

CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 08/06/26, Strike Price
USD 11.50)(a)

    4,201       72  
   

 

 

  
Pharmaceuticals — 0.0%  

Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price
USD 11.50)(a)

    4,050       1,225  
   

 

 

  

Total Warrants — 0.0%
(Cost: $14,030)

 

     1,297  
   

 

 

  

Total Long-Term Investments — 99.0%
(Cost: $388,332,556)

 

     615,520,399  
   

 

 

  

Short-Term Securities

 

Money Market Funds — 2.4%            

BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.50%(f)(g)(h)

    1,343,068       1,343,605  

BlackRock Liquidity Funds, T-Fund, Institutional
Class, 5.19%(f)(g)

    13,687,033       13,687,033  
   

 

 

  

Total Short-Term Securities — 2.4%
(Cost: $15,030,773)

 

     15,030,638  
   

 

 

  

Total Investments Before Options Written — 101.4%
(Cost: $403,363,329)

 

     630,551,037  
   

 

 

  

Options Written — (1.1)%
(Premiums Received: $(6,859,904))

 

     (7,058,820 ) 
   

 

 

  

Total Investments, Net of Options Written — 100.3%
(Cost: $396,503,425)

 

     623,492,217  

Liabilities in Excess of Other Assets — (0.3)%

 

     (1,935,730 ) 
   

 

 

  

Net Assets — 100.0%

 

   $ 621,556,487  
   

 

 

  
 

 

 

2  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Health Sciences Trust (BME)

 

(a) 

Non-income producing security.

(b) 

All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

(c) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) 

Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(e) 

Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $4,195,137, representing 0.7% of its net assets as of period end, and an original cost of $6,232,887.

(f) 

Affiliate of the Trust.

(g) 

Annualized 7-day yield as of period end.

(h) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
12/31/23		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
03/31/24		    

Shares

Held at
03/31/24

     Income     Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Cash Funds: Institutional, SL Agency Shares

    $ —     $ 1,343,740 (a)    $ —     $ —     $ (135 )    $ 1,343,605       1,343,068     $ —     $ —  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      31,396,977       —       (17,709,944 )(a)      —       —       13,687,033       13,687,033       272,992       —  

SL Liquidity Series, LLC, Money Market Series(b)

     —       517 (a)       —       (517 )      —       —       —       270 (c)       —  
        

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  
         $ (517 )    $ (135 )    $ 15,030,638       $ 273,262     $ —  
        

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

As of period end, the entity is no longer held.

 
  (c) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

 

Description   

Number of

Contracts

       

Expiration

Date

        Exercise Price        Notional
Amount (000)		        Value  
Call                                                   

Cencora, Inc.

      23          04/01/24        USD     218.00        USD     559        $ (57,805 ) 

Alcon, Inc.

      135          04/03/24        USD     81.25        USD     1,124          (30,726 ) 

Abbott Laboratories

      156          04/05/24        USD     123.00        USD     1,773          (390 ) 

AbbVie, Inc.

      204          04/05/24        USD     185.00        USD     3,715          (8,976 ) 

Align Technology, Inc.

      10          04/05/24        USD     320.00        USD     328          (10,700 ) 

Baxter International, Inc.

      101          04/05/24        USD     44.00        USD     432          (758 ) 

Humana, Inc.

      3          04/05/24        USD     380.00        USD     104          (173 ) 

McKesson Corp.

      43          04/05/24        USD     520.00        USD     2,308           (78,690 ) 

Medtronic PLC

      49          04/05/24        USD     87.00        USD     427          (3,773 ) 

Moderna, Inc.

      21          04/05/24        USD     103.00        USD     224          (10,027 ) 

Pfizer, Inc.

      178          04/05/24        USD     28.00        USD     494          (3,916 ) 

Vertex Pharmaceuticals, Inc.

      46          04/05/24        USD     435.00        USD     1,923          (4,600 ) 

Abbott Laboratories

      156          04/12/24        USD     114.00        USD     1,773          (21,840 ) 

Align Technology, Inc.

      11          04/12/24        USD     310.00        USD     361          (21,890 ) 

Biogen, Inc.

      71          04/12/24        USD     230.00        USD     1,531          (6,390 ) 

Centene Corp.

      62          04/12/24        USD     78.00        USD     487          (13,330 ) 

Cigna Group.

      38          04/12/24        USD     345.00        USD     1,380          (75,050 ) 

Danaher Corp.

      111          04/12/24        USD     255.00        USD     2,772          (18,870 ) 

Dexcom, Inc.

      69          04/12/24        USD     140.00        USD     957          (21,562 ) 

Intuitive Surgical, Inc.

      54          04/12/24        USD     395.00        USD     2,155          (47,790 ) 

Johnson & Johnson

      146          04/12/24        USD     165.00        USD     2,310          (1,606 ) 

Medtronic PLC

      59          04/12/24        USD     86.00        USD     514          (10,738 ) 

10X Genomics, Inc., Class A

      28          04/19/24        USD     53.12        USD     105          (163 ) 

Abbott Laboratories

      410          04/19/24        USD     120.00        USD     4,660          (14,555 ) 

AbbVie, Inc.

      90          04/19/24        USD     175.00        USD     1,639          (67,275 ) 

 

 

S C H E D U L E  O F  I N V E S T M E N T S   3

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Health Sciences Trust (BME)

 

Exchange-Traded Options Written (continued)

Description   

Number of

Contracts

       

Expiration

Date

        Exercise Price        Notional
Amount (000)		        Value  
Call (continued)                                                   

Agilent Technologies, Inc.

      44          04/19/24        USD     135.14        USD     640        $ (48,648 ) 

Alcon, Inc.

      143          04/19/24        USD     80.00        USD     1,191          (55,770 ) 

Align Technology, Inc.

      11          04/19/24        USD     310.00        USD     361          (23,430 ) 

Alnylam Pharmaceuticals, Inc.

      67          04/19/24        USD     165.00        USD     1,001          (7,035 ) 

Amgen, Inc.

      166          04/19/24        USD     300.00        USD     4,720          (16,351 ) 

Argenx SE, ADR

      53          04/19/24        USD     430.00        USD     2,087          (20,405 ) 

Avantor, Inc.

      75          04/19/24        USD     23.98        USD     192          (13,840 ) 

Becton Dickinson & Co.

      100          04/19/24        USD     245.00        USD     2,475          (59,500 ) 

BeiGene Ltd., ADR

      13          04/19/24        USD     165.00        USD     203          (4,225 ) 

BioMarin Pharmaceutical, Inc.

      130          04/19/24        USD     90.00        USD     1,135          (13,325 ) 

Bio-Techne Corp.

      23          04/19/24        USD     75.00        USD     162          (6,152 ) 

Blueprint Medicines Corp.

      51          04/19/24        USD     100.00        USD     484          (14,152 ) 

Bridgebio Pharma, Inc.

      33          04/19/24        USD     35.00        USD     102          (4,043 ) 

Cencora, Inc.

      64          04/19/24        USD     234.00        USD     1,555          (68,885 ) 

Centene Corp.

      77          04/19/24        USD     82.50        USD     604          (6,160 ) 

Cigna Group.

      7          04/19/24        USD     340.00        USD     254          (18,025 ) 

Cooper Cos., Inc.

      100          04/19/24        USD     97.50        USD     1,015          (50,000 ) 

Dexcom, Inc.

      53          04/19/24        USD     140.00        USD     735          (21,200 ) 

Elanco Animal Health, Inc.

      138          04/19/24        USD     16.00        USD     225          (9,315 ) 

Elevance Health, Inc.

      54          04/19/24        USD     510.00        USD     2,800          (93,150 ) 

Eli Lilly & Co.

      96          04/19/24        USD     740.00        USD     7,468          (440,400 ) 

Envista Holdings Corp.

      84          04/19/24        USD     22.50        USD     180          (2,100 ) 

Exact Sciences Corp.

      19          04/19/24        USD     65.00        USD     131          (14,630 ) 

Gilead Sciences, Inc.

      170          04/19/24        USD     80.00        USD     1,245          (1,275 ) 

Guardant Health, Inc.

      29          04/19/24        USD     22.50        USD     60          (3,045 ) 

HCA Healthcare, Inc.

      41          04/19/24        USD     310.00        USD     1,367            (104,550 ) 

Humana, Inc.

      31          04/19/24        USD     355.00        USD     1,075          (22,940 ) 

Immunocore Holdings PLC, ADR

      18          04/19/24        USD     71.75        USD     117          (3,284 ) 

Immunocore Holdings PLC, ADR

      29          04/19/24        USD     65.00        USD     189          (6,235 ) 

Incyte Corp.

      37          04/19/24        USD     62.50        USD     211          (463 ) 

Intuitive Surgical, Inc.

      54          04/19/24        USD     390.00        USD     2,155          (106,920 ) 

IQVIA Holdings, Inc.

      34          04/19/24        USD     260.00        USD     860          (7,735 ) 

Johnson & Johnson

      61          04/19/24        USD     160.00        USD     965          (11,071 ) 

Laboratory Corp. of America Holdings

      25          04/19/24        USD     228.25        USD     546          (3,030 ) 

Legend Biotech Corp., ADR

      61          04/19/24        USD     65.00        USD     342          (5,490 ) 

Masimo Corp.

      16          04/19/24        USD     140.00        USD     235          (13,520 ) 

Masimo Corp.

      9          04/19/24        USD     135.00        USD     132          (11,790 ) 

Merck & Co., Inc.

      278          04/19/24        USD     125.00        USD     3,668          (208,500 ) 

Mettler-Toledo International, Inc.

      1          04/19/24        USD     1,340.00        USD     133          (2,845 ) 

Moderna, Inc.

      31          04/19/24        USD     105.00        USD     330          (17,437 ) 

MoonLake Immunotherapeutics, Class A

      20          04/19/24        USD     55.00        USD     100          (3,850 ) 

Neurocrine Biosciences, Inc.

      15          04/19/24        USD     140.00        USD     207          (4,950 ) 

Nuvalent, Inc., Class A

      26          04/19/24        USD     85.00        USD     195          (5,720 ) 

Penumbra, Inc.

      45          04/19/24        USD     280.00        USD     1,004          (7,425 ) 

Pfizer, Inc.

      537          04/19/24        USD     29.00        USD     1,490          (10,203 ) 

PTC Therapeutics, Inc.

      75          04/19/24        USD     31.00        USD     218          (9,375 ) 

QIAGEN NV

      65          04/19/24        USD     45.00        USD     279          (6,500 ) 

Regeneron Pharmaceuticals, Inc.

      25          04/19/24        USD     970.00        USD     2,406          (42,375 ) 

Repligen Corp.

      30          04/19/24        USD     206.00        USD     552          (2,383 ) 

REVOLUTION Medicines, Inc.

      35          04/19/24        USD     32.00        USD     113          (4,813 ) 

REVOLUTION Medicines, Inc.

      34          04/19/24        USD     34.00        USD     110          (3,655 ) 

Rhythm Pharmaceuticals, Inc.

      89          04/19/24        USD     51.50        USD     386          (4,692 ) 

Rhythm Pharmaceuticals, Inc.

      21          04/19/24        USD     45.00        USD     91          (3,518 ) 

Rocket Pharmaceuticals, Inc.

      37          04/19/24        USD     30.00        USD     100          (1,203 ) 

Shockwave Medical, Inc.

      6          04/19/24        USD     260.00        USD     195          (40,080 ) 

STERIS PLC

      19          04/19/24        USD     240.00        USD     427          (1,663 ) 

Structure Therapeutics Inc., ADR

      50          04/19/24        USD     55.00        USD     214          (1,500 ) 

Stryker Corp.

      60          04/19/24        USD     342.75        USD     2,147          (111,699 ) 

Thermo Fisher Scientific, Inc.

      28          04/19/24        USD     570.00        USD     1,627          (52,920 ) 

Thermo Fisher Scientific, Inc.

      14          04/19/24        USD     600.00        USD     814          (5,740 ) 

Ultragenyx Pharmaceutical, Inc.

      42          04/19/24        USD     50.00        USD     196          (13,965 ) 

UnitedHealth Group, Inc.

      153          04/19/24        USD     510.00        USD     7,569          (91,800 ) 

 

 

4  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Health Sciences Trust (BME)

 

Exchange-Traded Options Written (continued)

Description   

Number of

Contracts

       

Expiration

Date

        Exercise Price        Notional
Amount (000)		        Value  
Call (continued)                                                   

Vaxcyte, Inc.

      109          04/19/24        USD     75.00        USD     745        $ (7,085 ) 

Vertex Pharmaceuticals, Inc.

      55          04/19/24        USD     420.00        USD     2,299          (47,850 ) 

Viking Therapeutics, Inc.

      32          04/19/24        USD     31.00        USD     262           (162,240 ) 

West Pharmaceutical Services, Inc.

      1          04/19/24        USD     380.00        USD     40          (1,975 ) 

Xenon Pharmaceuticals Inc.

      58          04/19/24        USD     55.00        USD     250          (14,645 ) 

Zoetis, Inc.

      79          04/19/24        USD     200.00        USD     1,337          (1,383 ) 

Align Technology, Inc.

      10          04/26/24        USD     330.00        USD     328          (20,500 ) 

Amgen, Inc.

      110          04/26/24        USD     280.00        USD     3,128          (105,050 ) 

Baxter International, Inc.

      13          04/26/24        USD     42.00        USD     56          (2,990 ) 

Biogen, Inc.

      23          04/26/24        USD     220.00        USD     496          (14,720 ) 

Bridgebio Pharma, Inc.

      30          04/26/24        USD     31.00        USD     93          (7,650 ) 

Centene Corp.

      96          04/26/24        USD     82.00        USD     753          (15,120 ) 

Danaher Corp.

      107          04/26/24        USD     265.00        USD     2,672          (16,317 ) 

Dexcom, Inc.

      53          04/26/24        USD     143.00        USD     735          (26,235 ) 

Eli Lilly & Co.

      64          04/26/24        USD     810.00        USD     4,979          (77,760 ) 

Gilead Sciences, Inc.

      211          04/26/24        USD     75.00        USD     1,546          (23,421 ) 

Johnson & Johnson

      60          04/26/24        USD     160.00        USD     949          (13,380 ) 

McKesson Corp.

      14          04/26/24        USD     545.00        USD     752          (10,220 ) 

Medtronic PLC

      59          04/26/24        USD     86.00        USD     514          (14,543 ) 

Merck & Co., Inc.

      273          04/26/24        USD     123.00        USD     3,602          (273,000 ) 

Moderna, Inc.

      37          04/26/24        USD     113.00        USD     394          (11,655 ) 

Pfizer, Inc.

      359          04/26/24        USD     29.00        USD     996          (9,693 ) 

Thermo Fisher Scientific, Inc.

      14          04/26/24        USD     600.00        USD     814          (8,890 ) 

UnitedHealth Group, Inc.

      120          04/26/24        USD     505.00        USD     5,936          (103,200 ) 

AbbVie, Inc.

      204          05/03/24        USD     185.00        USD     3,715          (75,480 ) 

Amgen, Inc.

      10          05/03/24        USD     290.00        USD     284          (7,050 ) 

Baxter International, Inc.

      14          05/03/24        USD     42.66        USD     60          (2,826 ) 

Biogen, Inc.

      67          05/03/24        USD     220.00        USD     1,445          (43,550 ) 

Centene Corp.

      95          05/03/24        USD     84.00        USD     746          (9,737 ) 

Cigna Group.

      36          05/03/24        USD     380.00        USD     1,307          (20,340 ) 

Danaher Corp.

      78          05/03/24        USD     255.00        USD     1,948          (42,900 ) 

Gilead Sciences, Inc.

      40          05/03/24        USD     75.00        USD     293          (5,880 ) 

Humana, Inc.

      21          05/03/24        USD     360.00        USD     728          (21,105 ) 

Intuitive Surgical, Inc.

      58          05/03/24        USD     415.00        USD     2,315          (51,040 ) 

McKesson Corp.

      38          05/03/24        USD     545.00        USD     2,040          (33,060 ) 

Medtronic PLC

      68          05/03/24        USD     85.00        USD     593          (21,828 ) 

Regeneron Pharmaceuticals, Inc.

      10          05/03/24        USD     1,010.00        USD     962          (13,150 ) 

Sarepta Therapeutics, Inc.

      33          05/03/24        USD     138.00        USD     427          (18,645 ) 

Thermo Fisher Scientific, Inc.

      35          05/03/24        USD     600.00        USD     2,034          (34,300 ) 

Baxter International, Inc.

      50          05/10/24        USD     43.41        USD     214          (10,520 ) 

10X Genomics, Inc., Class A

      28          05/17/24        USD     45.00        USD     105          (3,010 ) 

AbbVie, Inc.

      204          05/17/24        USD     185.00        USD     3,715          (80,070 ) 

Agilent Technologies, Inc.

      45          05/17/24        USD     150.00        USD     655          (15,975 ) 

Alcon, Inc.

      28          05/17/24        USD     90.00        USD     233          (2,380 ) 

Alnylam Pharmaceuticals, Inc.

      25          05/17/24        USD     165.00        USD     374          (9,250 ) 

Argenx SE, ADR

      9          05/17/24        USD     410.00        USD     354          (15,840 ) 

Avantor, Inc.

      144          05/17/24        USD     26.00        USD     368          (14,040 ) 

Baxter International, Inc.

      50          05/17/24        USD     45.00        USD     214          (4,750 ) 

Beam Therapeutics, Inc.

      23          05/17/24        USD     40.00        USD     76          (3,450 ) 

Becton Dickinson & Co.

      48          05/17/24        USD     245.00        USD     1,188          (47,040 ) 

BeiGene Ltd., ADR

      12          05/17/24        USD     180.00        USD     188          (4,800 ) 

BioMarin Pharmaceutical, Inc.

      41          05/17/24        USD     86.59        USD     358          (18,246 ) 

Blueprint Medicines Corp.

      50          05/17/24        USD     90.00        USD     474          (52,000 ) 

Boston Scientific Corp.

      1,682          05/17/24        USD     67.50        USD     11,520          (491,985 ) 

Cabaletta Bio, Inc.

      60          05/17/24        USD     25.00        USD     102          (5,850 ) 

Cencora, Inc.

      97          05/17/24        USD     240.00        USD     2,357          (86,330 ) 

Cigna Group

      39          05/17/24        USD     350.00        USD     1,416          (86,580 ) 

Cooper Cos., Inc.

      130          05/17/24        USD     105.00        USD     1,319          (19,825 ) 

Edwards Lifesciences Corp.

      213          05/17/24        USD     95.00        USD     2,035          (103,305 ) 

Elevance Health, Inc.

      50          05/17/24        USD     520.00        USD     2,593          (86,000 ) 

Eli Lilly & Co.

      141          05/17/24        USD     800.00        USD     10,969          (421,237 ) 

Exact Sciences Corp.

      37          05/17/24        USD     67.50        USD     256          (29,045 ) 

 

 

S C H E D U L E  O F  I N V E S T M E N T S   5

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Health Sciences Trust (BME)

 

Exchange-Traded Options Written (continued)

Description   

Number of

Contracts

       

Expiration

Date

        Exercise Price        Notional
Amount (000)		        Value  
Call (continued)                                                   

GE HealthCare Technologies, Inc.

      160          05/17/24        USD     90.00        USD     1,455        $ (72,000 ) 

HCA Healthcare, Inc.

      41          05/17/24        USD     325.00        USD     1,367          (80,770 ) 

IDEXX Laboratories, Inc.

      28          05/17/24        USD     560.00        USD     1,512          (42,420 ) 

Incyte Corp.

      21          05/17/24        USD     61.15        USD     120          (2,068 ) 

Inspire Medical Systems, Inc.

      11          05/17/24        USD     210.00        USD     236          (29,260 ) 

Ionis Pharmaceuticals, Inc.

      62          05/17/24        USD     45.00        USD     269          (10,540 ) 

Legend Biotech Corp., ADR

      60          05/17/24        USD     70.00        USD     337          (5,850 ) 

Masimo Corp.

      32          05/17/24        USD     140.00        USD     470          (42,720 ) 

Medtronic PLC

      68          05/17/24        USD     85.00        USD     593          (26,010 ) 

Merck & Co., Inc.

      278          05/17/24        USD     130.00        USD     3,668          (143,865 ) 

Mettler-Toledo International, Inc.

      1          05/17/24        USD     1,340.00        USD     133          (5,410 ) 

Moderna, Inc.

      38          05/17/24        USD     115.00        USD     405          (19,475 ) 

MoonLake Immunotherapeutics, Class A

      19          05/17/24        USD     55.00        USD     95          (6,507 ) 

Neurocrine Biosciences, Inc.

      22          05/17/24        USD     145.00        USD     303          (9,900 ) 

Nuvalent, Inc., Class A

      26          05/17/24        USD     87.65        USD     195          (4,555 ) 

QIAGEN NV

      68          05/17/24        USD     45.00        USD     292          (11,900 ) 

Quest Diagnostics, Inc.

      43          05/17/24        USD     130.00        USD     572          (26,875 ) 

Rhythm Pharmaceuticals, Inc.

      42          05/17/24        USD     50.00        USD     182          (7,455 ) 

Rocket Pharmaceuticals, Inc.

      32          05/17/24        USD     30.00        USD     86          (3,760 ) 

Shockwave Medical, Inc.

      6          05/17/24        USD     270.00        USD     195          (36,240 ) 

Structure Therapeutics Inc., ADR

      52          05/17/24        USD     39.44        USD     223          (40,734 ) 

Stryker Corp.

      126          05/17/24        USD     360.00        USD     4,509          (139,230 ) 

Ultragenyx Pharmaceutical, Inc.

      12          05/17/24        USD     55.00        USD     56          (2,580 ) 

UnitedHealth Group, Inc.

      120          05/17/24        USD     490.00        USD     5,936          (243,300 ) 

West Pharmaceutical Services, Inc.

      37          05/17/24        USD     400.00        USD     1,464          (64,195 ) 

Xenon Pharmaceuticals Inc.

      64          05/17/24        USD     45.00        USD     276          (14,400 ) 

Elevance Health, Inc.

      10          06/21/24        USD     530.00        USD     519          (16,550 ) 
                          

 

 

  
                           $ (6,613,003 ) 
                          

 

 

  

OTC Options Written

 

Description    Counterparty   

Number of

Contracts

     

Expiration

Date

      Exercise Price     

Notional

Amount (000)

      Value  
Call                                                    

AstraZeneca PLC

    UBS AG      2,500        04/03/24        GBP       99.25        GBP       266      $ (24,071 ) 

Novo Nordisk A/S, Class B

    Morgan Stanley & Co. International PLC      1,800        04/09/24        DKK       829.77        DKK       1,596        (14,289 ) 

Edwards Lifesciences Corp.

    Citibank N.A.      6,400        04/10/24        USD       88.53        USD       612        (48,236 ) 

Daiichi Sankyo Co. Ltd.

    Citibank N.A.      13,200        04/16/24        JPY       5,290.08        JPY       63,581        (2,244 ) 

AstraZeneca PLC

    Morgan Stanley & Co. International PLC      3,350        04/24/24        GBP       104.21        GBP       357        (17,442 ) 

Cabaletta Bio, Inc.

    Barclays Bank PLC      2,600        04/24/24        USD       24.60        USD       44        (1,195 ) 

Genmab A/S

    Morgan Stanley & Co. International PLC      1,100        04/24/24        DKK       2,028.28        DKK       2,280        (16,395 ) 

Novo Nordisk A/S, Class B

    Bank of America N.A.      1,100        04/24/24        DKK       880.65        DKK       976        (4,265 ) 

Sanofi SA

    Morgan Stanley & Co. International PLC      5,400        04/24/24        EUR       89.75        EUR       487        (14,719 ) 

Elanco Animal Health, Inc.

    Goldman Sachs International      9,200        04/30/24        USD       16.53        USD       150        (4,657 ) 

Inspire Medical Systems, Inc.

    Citibank N.A.      1,000        04/30/24        USD       201.57        USD       215        (26,946 ) 

STERIS PLC

    Bank of America N.A.      1,700        04/30/24        USD       234.09        USD       382        (5,063 ) 

AstraZeneca PLC

    UBS AG      3,350        05/02/24        GBP       104.76        GBP       357        (17,741 ) 

Zealand Pharma A/S

    Goldman Sachs International      1,600        05/02/24        DKK       726.59        DKK       1,096        (9,907 ) 

Genmab A/S, ADR

    BNP Paribas SA      7,500        05/06/24        USD       30.64        USD       224        (9,696 ) 

Cabaletta Bio, Inc.

    Barclays Bank PLC      2,600        05/07/24        USD       24.32        USD       44        (2,039 ) 

Elanco Animal Health, Inc.

    Barclays Bank PLC      13,900        05/07/24        USD       16.00        USD       226        (15,077 ) 

Novo Nordisk A/S, Class B

    JPMorgan Chase Bank N.A.      21,200        05/07/24        DKK       867.46        DKK       18,801        (132,520 ) 

Sanofi SA

    Goldman Sachs International      4,700        05/07/24        EUR       92.50        EUR       424        (9,684 ) 

Bio-Techne Corp.

    JPMorgan Chase Bank N.A.      4,000        05/13/24        USD       71.95        USD       282        (12,295 ) 

Cencora, Inc.

    Citibank N.A.      5,200        05/13/24        USD       236.25        USD       1,264        (57,336 ) 
                     

 

 

  
                      $ (445,817 ) 
                     

 

 

  

 

 

6  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Health Sciences Trust (BME)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access;

 

  •  

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Common Stocks

                  

Biotechnology

    $ 146,286,305        $ 1,312,922        $ —        $ 147,599,227  

Capital Markets

      636,835          —          —          636,835  

Health Care Equipment & Supplies

      152,985,185          —          —          152,985,185  

Health Care Providers & Services

      129,361,614          —          —          129,361,614  

Health Care Technology

      —          —          66,179          66,179  

Life Sciences Tools & Services

      51,734,259          —          —          51,734,259  

Pharmaceuticals

      115,797,225          13,090,969          —          128,888,194  

Other Interests

      —          —          113,610          113,610  

Preferred Securities

                  

Preferred Stocks

      —          —          4,081,527          4,081,527  

Rights

      —          382          52,090          52,472  

Warrants

      1,297          —          —          1,297  

Short-Term Securities

                  

Money Market Funds

      15,030,638          —          —          15,030,638  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $  611,833,358        $  14,404,273        $   4,313,406        $  630,551,037  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Equity Contracts

    $ (6,188,899 )       $ (869,921 )       $ —        $ (7,058,820 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)  

Derivative financial instruments are options written. Options written are shown at value.

 

Currency Abbreviation       Portfolio Abbreviation    

DKK

  

Danish Krone

    

ADR

  

American Depositary Receipt

  

EUR

  

Euro

    

CVR

  

Contingent Value Right

  

GBP

  

British Pound

        

JPY

  

Japanese Yen

        

USD

  

United States Dollar

        

 

 

S C H E D U L E  O F  I N V E S T M E N T S   7
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