NPORT-EX 2 NPORT_89BM_71812017_0921.htm

BlackRock Health Sciences Trust II

Schedule of Investments  (unaudited)  September 30, 2021 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security		Shares				Value
Common Stocks
Biotechnology — 36.0%
Acceleron Pharma, Inc.(a)(b)			296,199			$	50,975,848
Acumen Pharmaceuticals, Inc., (Acquired 11/20/20, Cost: $5,419,999)(c)			1,426,503				20,673,777
Agios Pharmaceuticals, Inc.(a)(b)			417,428				19,264,302
Akeso, Inc.(b)(d)			954,000				5,221,436
Akouos, Inc.(b)			287,850				3,341,939
Allakos, Inc.(a)(b)			188,974				20,006,677
Allogene Therapeutics, Inc.(b)			138,210				3,551,997
Alnylam Pharmaceuticals, Inc.(a)(b)			262,172				49,500,695
ALX Oncology Holdings, Inc.(b)			71,252				5,262,673
Ambrx Biopharma, Inc., (Acquired 06/22/21, Cost: $14,580,000)(c)			8,860,794				16,611,676
Annexon, Inc.(b)			444,605				8,274,099
Apellis Pharmaceuticals, Inc.(b)			160,886				5,302,803
Applied Molecular Transport, Inc.(b)			156,491				4,048,422
Arcus Biosciences, Inc.(b)			168,455				5,874,026
Arcutis Biotherapeutics, Inc.(b)			462,955				11,059,995
Arena Pharmaceuticals, Inc.(a)(b)			125,360				7,465,188
Argenx SE, ADR(b)			114,339				34,530,378
Arrowhead Pharmaceuticals, Inc.(b)			81,025				5,058,391
Beam Therapeutics, Inc.(b)			35,888				3,122,615
BioAtla, Inc.(b)			138,461				4,076,292
Biohaven Pharmaceutical Holding Co. Ltd.(b)			116,240				16,146,898
BioMarin Pharmaceutical, Inc.(b)			148,083				11,445,335
Biomea Fusion, Inc.(b)(e)			521,404				6,241,206
Blueprint Medicines Corp.(b)			71,730				7,374,561
Bridgebio Pharma, Inc.(b)			210,701				9,875,556
Bright Peak Therapeutics AG, Series B, (Acquired 05/14/21, Cost: $8,000,004)(c)(f)			2,048,132				8,000,004
C4 Therapeutics, Inc.(b)			366,588				16,379,152
Cerevel Therapeutics Holdings, Inc.(b)			266,656				7,866,352
Connect Biopharma Holdings Ltd.(b)			71,128				1,699,959
Connect Biopharma Holdings Ltd., (Acquired 12/01/20, Cost: $14,579,981)(c)			1,330,134				31,790,203
Cytokinetics, Inc.(b)			276,900				9,896,406
Decibel Therapeutics, Inc., (Acquired 11/02/20, Cost: $5,826,937)(c)			636,792				4,909,666
Decibel Therapeutics, Inc.(b)			156,735				1,208,427
Deciphera Pharmaceuticals, Inc.(b)			77,670				2,639,227
Dicerna Pharmaceuticals, Inc.(b)			380,133				7,663,481
Enanta Pharmaceuticals, Inc.(b)			67,443				3,831,437
Everest Medicines Ltd., (Acquired 05/29/20, Cost: $11,209,200)(c)			3,113,667				19,678,780
Everest Medicines Ltd.(b)(d)			433,000				2,734,233
Fate Therapeutics, Inc.(b)			54,634				3,238,157
Forma Therapeutics Holdings, Inc.(b)			513,126				11,899,392
Fusion Pharmaceuticals, Inc.(b)			388,880				3,079,930
Genetron Holdings Ltd., ADR(b)			344,326				4,768,915
Genmab A/S(b)			206,342				90,155,271
Genmab A/S, ADR(b)			731,536				31,968,123
Global Blood Therapeutics, Inc.(b)			382,942				9,757,362
Gracell Biotechnologies, Inc., ADR(b)			820,312				11,377,727
Gritstone bio, Inc.(b)			310,640				3,354,912
HBM Holdings Ltd.(b)(d)(e)			7,328,000				6,347,416
Horizon Therapeutics PLC(b)			221,999				24,317,770
Icosavax, Inc.(b)			728,412				21,553,711
Ideaya Biosciences, Inc.(b)			368,328				9,388,681
Imago Biosciences, Inc.(b)			135,209				2,708,236
Immunocore Holdings PLC, ADR(b)			59,868				2,219,307

Security		Shares				Value
Biotechnology (continued)
Immunocore Ltd., (Acquired 12/21/20, Cost: $5,861,799)(c)			321,900			$	11,932,833
Insmed, Inc.(b)			125,556				3,457,812
Iovance Biotherapeutics, Inc.(b)			226,055				5,574,516
Kadmon Holdings, Inc.(b)			2,380,341				20,732,770
Keros Therapeutics, Inc.(b)			200,607				7,936,013
Kinnate Biopharma, Inc.(b)			295,538				6,803,285
Kodiak Sciences, Inc.(b)			87,252				8,374,447
Kronos Bio, Inc., (Acquired 10/09/20, Cost: $4,591,000), 8/20/2020(c)			284,272				5,958,341
Krystal Biotech, Inc.(b)			110,164				5,751,662
Kymera Therapeutics, Inc.(b)			716,241				42,071,996
Mersana Therapeutics, Inc.(b)			1,473,079				13,891,135
Mirati Therapeutics, Inc.(a)(b)			94,751				16,762,399
Morphic Holding, Inc.(b)			94,902				5,375,249
Natera, Inc.(b)			373,322				41,603,004
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996)(c)(f)			1,394,189				7,999,996
Nkarta, Inc.(b)			139,049				3,866,953
Olema Pharmaceuticals, Inc.(b)			617,801				17,026,596
ORIC Pharmaceuticals, Inc.(b)			185,615				3,881,210
PMV Pharmaceuticals, Inc.(b)			458,000				13,648,400
Point Biopharma Global, Inc.(b)			394,898				3,036,766
Prometheus Biosciences, Inc.(b)			307,562				7,292,295
Prothena Corp. PLC(b)			343,011				24,432,674
PTC Therapeutics, Inc.(b)			205,369				7,641,780
Rapt Therapeutics, Inc.(b)			178,545				5,543,822
Relay Therapeutics, Inc.(b)			58,047				1,830,222
Remegen Co. Ltd., Class H(b)(d)			518,000				6,516,145
Revolution Medicines, Inc.(b)			207,638				5,712,121
Rubius Therapeutics, Inc.(b)			160,855				2,876,087
Sarepta Therapeutics, Inc.(b)			155,099				14,343,556
Seagen, Inc.(a)(b)(g)			515,900				87,599,820
Sigilon Therapeutics, Inc.(b)			564,538				3,189,640
Tango Therapeutics, Inc., (Acquired 08/10/21, Cost: $5,000,000)(c)			500,000				6,470,000
Tango Therapeutics, Inc.(b)			167,744				2,168,930
Taysha Gene Therapies, Inc.(b)			435,201				8,103,443
TCR2 Therapeutics, Inc.(b)			215,918				1,837,462
Tenaya Therapeutics, Inc.(b)			165,729				3,422,304
United Therapeutics Corp.(a)(b)			55,704				10,281,844
Voyager Therapeutics, Inc.(b)			248,359				653,184
Zai Lab Ltd., ADR(b)			183,611				19,350,763
Zentalis Pharmaceuticals, Inc.(b)			221,186				14,739,835
							1,168,430,332
Diversified Financial Services(b) — 1.8%
DA32 Life Science Tech Acquisition Corp., Class A(h)			1,496,819				14,713,731
Eucrates Biomedical Acquisition Corp.(h)			897,657				8,779,085
Health Assurance Acquisition Corp., Class A			1,361,273				13,313,250
Health Sciences Acquisitions Corp.			233,344				2,307,772
Helix Acquisition Corp., Class A			216,150				2,133,401
Lifesci Acquisition II Corp.(h)			728,200				7,136,360
MedTech Acquisition Corp., Class A(e)			917,284				9,108,630
							57,492,229
Electronic Equipment, Instruments & Components — 0.3%
908 Devices, Inc.(b)(h)			274,084				8,913,212
Health Care Equipment & Supplies — 24.2%
ABIOMED, Inc.(a)(b)			84,391				27,470,958
Alcon, Inc.			736,189				59,241,129
ConvaTec Group PLC(d)			4,411,215				12,838,331

1

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security		Shares				Value
Health Care Equipment & Supplies (continued)
Cooper Cos., Inc.			58,900			$	24,343,959
Demant A/S(b)			466,495				23,507,230
DexCom, Inc.(a)(b)			56,427				30,857,669
Edwards Lifesciences Corp.(b)			265,893				30,101,747
GN Store Nord A/S			192,531				13,316,047
Hill-Rom Holdings, Inc.(a)			137,629				20,644,350
Insulet Corp.(b)			134,885				38,338,364
Intuitive Surgical, Inc.(b)			70,396				69,984,183
Kangji Medical Holdings Ltd.			2,371,919				3,146,087
Masimo Corp.(b)			208,281				56,383,750
Nevro Corp.(a)(b)			236,095				27,476,736
Novocure Ltd.(b)			25,115				2,917,610
NuVasive, Inc.(b)			129,778				7,767,213
Nyxoah SA(b)(e)			648,041				18,294,197
Penumbra, Inc.(b)			60,113				16,020,115
Pulmonx Corp.(b)			105,251				3,786,931
ResMed, Inc.(a)			196,756				51,855,044
SI-BONE, Inc.(b)			151,175				3,238,169
Silk Road Medical, Inc.(b)			205,132				11,288,414
Sonova Holding AG, Registered Shares			77,355				29,233,081
STERIS PLC			131,745				26,912,869
Straumann Holding AG, Registered Shares			35,568				63,789,815
Tandem Diabetes Care, Inc.(a)(b)			142,650				17,029,557
Teleflex, Inc.			136,332				51,335,815
Zimmer Biomet Holdings, Inc.			291,793				42,706,823
							783,826,193
Health Care Providers & Services — 10.6%
Addus HomeCare Corp.(b)			42,050				3,353,488
Agilon Health, Inc.(b)			282,683				7,409,121
Alignment Healthcare, Inc.(b)			339,512				5,425,402
Amedisys, Inc.(b)(g)			218,209				32,534,962
Amplifon SpA			610,945				29,035,486
Cano Health, Inc., (Acquired 09/02/21, Cost: $21,741,890)(c)			2,174,189				27,568,717
CareMax, Inc., (Acquired 07/22/21, Cost: $14,077,000)(c)			1,407,700				13,598,382
CareMax, Inc.(b)			309,553				2,990,282
Centene Corp.(a)(b)			410,987				25,608,600
Chemed Corp.			22,962				10,680,085
Encompass Health Corp.(a)			391,213				29,356,624
Guardant Health, Inc.(b)			136,235				17,030,737
Innovage Holding Corp.(b)			81,379				537,915
Jinxin Fertility Group Ltd.(b)(d)			18,437,100				27,343,749
Kindstar Globalgene Technology, Inc., (Acquired 07/08/21, Cost: $5,204,660)(c)			4,092,500				3,039,258
LHC Group, Inc.(a)(b)			233,959				36,710,507
LifeStance Health Group, Inc.(b)			417,013				6,046,688
Oak Street Health, Inc.(b)(g)			1,199,764				51,025,963
Privia Health Group, Inc.(b)			137,329				3,235,471
Rede D’Or Sao Luiz SA(d)			843,563				10,519,463
							343,050,900
Health Care Technology(b) — 1.1%
Definitive Healthcare Corp.			150,428				6,442,831
Sophia Genetics SA			291,485				5,109,732
Teladoc Health, Inc.			184,446				23,389,597
							34,942,160
Life Sciences Tools & Services — 10.9%
Avantor, Inc.(b)			724,709				29,640,598
Berkeley Lights, Inc.(a)(b)			190,554				3,727,236
Bruker Corp.			208,102				16,252,766

Security		Shares				Value
Life Sciences Tools & Services (continued)
Charles River Laboratories International, Inc.(b)			85,445			$	35,260,588
Cytek Biosciences, Inc.(b)			840,842				18,002,427
Gerresheimer AG			243,305				23,806,580
Illumina, Inc.(b)			33,273				13,495,862
IQVIA Holdings, Inc.(b)			136,077				32,595,885
Lonza Group AG, Registered Shares			33,777				25,336,444
Nautilus Biotechnology, Inc.(b)			314,366				1,930,207
Olink Holding AB, ADR(b)			29,442				713,968
Sotera Health Co.(b)			1,179,907				30,854,568
WuXi AppTec Co. Ltd., Class H(d)			2,711,292				63,118,369
Wuxi Biologics Cayman, Inc.(b)(d)			3,752,303				60,863,435
							355,598,933
Pharmaceuticals — 4.3%
Antengene Corp. Ltd., (Acquired 11/18/20, Cost: $7,091,948)(c)			5,019,274				6,692,666
Antengene Corp. Ltd.(b)(d)			2,462,000				3,274,591
Daiichi Sankyo Co. Ltd.			711,600				18,915,143
Eisai Co. Ltd.			234,200				17,543,326
Hansoh Pharmaceutical Group Co. Ltd.(d)			8,792,068				22,256,023
Marinus Pharmaceuticals, Inc.(b)			320,484				3,647,108
Merck KGaA			99,895				21,621,243
Nektar Therapeutics(b)			335,188				6,019,976
Nuvation Bio, Inc.(b)			200,496				1,992,930
UCB SA			344,377				38,562,384
							140,525,390
Total Common Stocks — 89.2% (Cost: $2,031,141,818)							2,892,779,349
Preferred Securities
Preferred Stocks — 11.2%(c)
Biotechnology — 5.9%
Abbisko Cayman Ltd., (Acquired 12/21/20, Cost: $14,841,983)(f)			1,037,825				14,841,986
Affinvax, Inc., Series C, (Acquired 01/06/21, Cost: $5,786,041)(f)			183,164				6,363,117
Amunix Pharmaceuticals, Inc., Series B, (Acquired 02/26/21, Cost: $9,999,999)(f)			5,657,068				11,483,848
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)(f)			2,430,833				13,126,498
Design Therapeutics, Inc., (Acquired 01/25/21, Cost: $10,000,003)			936,636				13,759,183
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $3,029,231)(f)			2,567,145				3,311,617
Imago Biosciences, Inc., (Acquired 11/12/20, Cost: $10,000,009)			985,657				19,172,365
Immuneering Corp., Series B, (Acquired 12/21/20, Cost: $5,999,982)			817,261				20,987,058
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156)(f)			482,077				13,498,156
LianBio, Series A, (Acquired 10/28/20, Cost: $5,960,632)(f)			105,200				6,823,272
Monte Rosa Therapeutics, Inc., (Acquired 03/11/21, Cost: $7,999,998)			764,573				16,646,674
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $9,549,916)(f)			3,913,900				10,841,503
Numab Therapeutics AG, (Acquired 05/07/21, Cost: $7,770,441)(f)			815,851				7,511,134
Omega Therapeutics, Inc., Series C, (Acquired 03/04/21, Cost: $7,999,998)			705,882				12,869,739

S C H E D U L E   O F   I N V E S T M E N T S 2

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security		Shares				Value
Biotechnology (continued)
OnKure, Inc., Series B, (Acquired 03/03/21, Cost: $2,250,001)(f)			814,244			$	2,250,001
Talaris Therapeutics, Inc., (Acquired 09/30/20, Cost: $7,369,358)			748,614				10,055,333
TScan Therapeutics, Inc., Series C, (Acquired 01/15/21, Cost: $9,999,999)			855,317				6,927,270
							190,468,754
Health Care Equipment & Supplies(f) — 0.8%
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003)			2,257,597				13,229,518
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998)			2,379,480				6,948,082
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930)			2,078,042				6,441,930
							26,619,530
Health Care Providers & Services(f) — 1.5%
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000)			10,696,226				17,434,849
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)			382,775				18,599,037
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890)			115,766,240				13,722,956
							49,756,842
Life Sciences Tools & Services — 0.8%
IsoPlexis Corp., Series D, (Acquired 12/30/20, Cost: $14,800,023)(f)			192,408				17,865,083
Rapid Micro Biosystems, Inc., Series D, (Acquired 03/09/21, Cost: $9,896,004)			549,778				9,863,871
							27,728,954
Pharmaceuticals(f) — 1.2%
Insitro, Inc.
Series B, (Acquired 05/21/20, Cost: $5,000,000)			802,478				14,677,322
Series C, (Acquired 03/10/21, Cost: $3,600,018)			196,818				3,600,018
Vividion Therapeutics, Inc., Series C, (Acquired 02/18/21, Cost: $8,000,000)			3,809,524				19,314,287
							37,591,627
Semiconductors & Semiconductor Equipment — 0.5%
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,997)(f)			571,947				14,985,012
Software — 0.5%
Carbon Health Technologies, Inc., (Acquired 07/09/21, Cost: $17,100,000)(f)			17,100				17,100,000
Total Preferred Stocks — 11.2%							364,250,719
Total Preferred Securities — 11.2% (Cost: $288,545,594)							364,250,719
Warrants
Diversified Financial Services(b) — 0.0%
Eucrates Biomedical Acquisition Corp. (Expires 12/14/2025)			299,219				215,468

Security		Shares				Value
Diversified Financial Services (continued)
Health Assurance Acquisition Corp. (Expires 11/12/2025)			340,318			$	350,527
MedTech Acquisition Corp. (Expires 12/18/2025)			305,761				250,724
							816,719
Health Care Equipment & Supplies — 0.0%
Butterfly Network, Inc. (Expires 05/27/2025)(b)			162,183				446,003
Health Care Providers & Services — 0.0%
CareMax, Inc. (Expires 06/08/2026)(b)			63,808				169,091
Pharmaceuticals — 0.0%
Nuvation Bio, Inc. (Expires 07/07/2027)(b)			68,880				174,267
Total Warrants — 0.0% (Cost: $2,562,552)							1,606,080
Total Long-Term Investments — 100.4% (Cost: $2,322,249,964)							3,258,636,148
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(h)(i)			15,016,319				15,016,319
SL Liquidity Series, LLC, Money Market Series, 0.13%(h)(i)(j)			5,999,412				6,001,211
Total Short-Term Securities — 0.6% (Cost: $21,017,530)							21,017,530
Total Investments Before Options Written — 101.0% (Cost: $2,343,267,494)							3,279,653,678
Options Written — (0.5)% (Premiums Received: $(25,606,224))						(19,240,836)
Total Investments, Net of Options Written — 100.5% (Cost: $2,317,661,270)							3,260,412,842
Liabilities in Excess of Other Assets — (0.5)%							(16,302,043	)
Net Assets — 100.0%						$	3,244,110,799

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

^(b)  Non-income producing security.

^(c)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $549,175,018, representing 16.9% of its net assets as of period end, and an original cost of $419,730,008.

^(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)  All or a portion of this security is on loan.

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

^(g)  All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

^(h)  Affiliate of the Trust.

⁽ⁱ⁾  Annualized 7-day yield as of period end.

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

3

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Health Sciences Trust II (BMEZ)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 12/31/20				Purchases at Cost				Proceeds from Sales				Net Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value at 09/30/21				Shares Held at 09/30/21				Income				Capital Gain Distributions from Underlying Funds
908 Devices, Inc.(a)		$	16,518,575			$	—			$	(738,936	)		$	419,536			$	(7,285,963	)		$	8,913,212				274,084			$	—			$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class			18,347,773				—				(3,331,454	)(b)			—				—				15,016,319				15,016,319				4,563				—
DA32 Life Science Tech Acquisition Corp., Class A(a)			N/A				14,968,190				—				—				(254,459	)			14,713,731				1,496,819				—				—
Eucrates Biomedical Acquisition Corp.(a)			N/A				8,555,569				—				—				223,516				8,779,085				897,657				—				—
Lifesci Acquisition II Corp.(a)			7,733,484				—				—				—				(597,124	)			7,136,360				728,200				—				—
SL Liquidity Series, LLC, Money Market Series			9,577,689				—				(3,576,617	)(b)			139				—				6,001,211				5,999,412				194,012	(c)			—
														$	419,675			$	(7,914,030	)		$	60,559,918							$	198,575			$	—

^(a)  As of the beginning of the period, the entity was not considered an affiliate.

^(b)  Represents net amount purchased (sold).

^(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
Edwards Lifesciences Corp.			79				10/01/21			USD			118.00			USD			894			$	(1,185	)
Intuitive Surgical, Inc.			76				10/01/21			USD			1,060.00			USD			7,556				(25,080	)
Nektar Therapeutics			305				10/01/21			USD			13.92			USD			548				(123,221	)
Tandem Diabetes Care, Inc.			133				10/01/21			USD			118.00			USD			1,588				(28,595	)
LHC Group, Inc.			211				10/06/21			USD			218.00			USD			3,311				—
Centene Corp.			220				10/08/21			USD			66.00			USD			1,371				(7,150	)
Intuitive Surgical, Inc.			36				10/08/21			USD			1,070.00			USD			3,579				(8,010	)
Tandem Diabetes Care, Inc.			106				10/08/21			USD			119.00			USD			1,265				(25,440	)
908 Devices, Inc.			308				10/15/21			USD			45.00			USD			1,002				(3,080	)
Agilon Health, Inc.			212				10/15/21			USD			40.00			USD			556				(10,600	)
Agilon Health, Inc.			212				10/15/21			USD			35.00			USD			556				(2,120	)
Alcon, Inc.			721				10/15/21			USD			85.00			USD			5,802				(19,828	)
Allakos, Inc.			300				10/15/21			USD			110.00			USD			3,176				(142,500	)
ALX Oncology Holdings, Inc.			213				10/15/21			USD			70.00			USD			1,573				(175,725	)
Apellis Pharmaceuticals, Inc.			258				10/15/21			USD			90.00			USD			850				(20,640	)
Arcutis Biotherapeutics, Inc.			307				10/15/21			USD			25.00			USD			733				(29,933	)
Argenx SE, ADR			177				10/15/21			USD			330.00			USD			5,345				(45,135	)
Avantor, Inc.			1,041				10/15/21			USD			40.00			USD			4,258				(184,777	)
Beam Therapeutics, Inc.			110				10/15/21			USD			105.00			USD			957				(6,050	)
Biohaven Pharmaceutical Holding Co. Ltd.			151				10/15/21			USD			135.00			USD			2,098				(126,840	)
BioMarin Pharmaceutical, Inc.			222				10/15/21			USD			80.00			USD			1,716				(34,965	)
Blueprint Medicines Corp.			215				10/15/21			USD			100.00			USD			2,210				(164,475	)
Bruker Corp.			624				10/15/21			USD			87.50			USD			4,873				(46,800	)
C4 Therapeutics, Inc.			355				10/15/21			USD			45.00			USD			1,586				(117,150	)
C4 Therapeutics, Inc.			424				10/15/21			USD			42.81			USD			1,894				(120,196	)
Centene Corp.			274				10/15/21			USD			65.00			USD			1,707				(25,345	)
Cerevel Therapeutics Holdings, Inc.			204				10/15/21			USD			40.00			USD			602				(11,220	)
Cytokinetics, Inc.			419				10/15/21			USD			33.00			USD			1,498				(155,030	)
Dicerna Pharmaceuticals, Inc.			570				10/15/21			USD			25.00			USD			1,149				(21,375	)
Edwards Lifesciences Corp.			425				10/15/21			USD			120.00			USD			4,811				(25,500	)
Enanta Pharmaceuticals, Inc.			101				10/15/21			USD			50.00			USD			574				(72,215	)
Encompass Health Corp.			618				10/15/21			USD			80.00			USD			4,637				(58,710	)
Global Blood Therapeutics, Inc.			579				10/15/21			USD			30.05			USD			1,475				(16,903	)
Guardant Health, Inc.			171				10/15/21			USD			130.00			USD			2,138				(39,757	)
Horizon Pharma PLC			200				10/15/21			USD			105.00			USD			2,191				(136,000	)
Horizon Pharma PLC			465				10/15/21			USD			110.00			USD			5,094				(144,150	)

S C H E D U L E   O F   I N V E S T M E N T S 4

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description		Number of Contracts				Expiration Date				Exercise Price						Notional Amount (000)						Value
Call (continued)
Insulet Corp.			150				10/15/21			USD			310.00			USD			4,263			$	(16,500	)
Kymera Therapeutics, Inc.			550				10/15/21			USD			65.00			USD			3,231				(269,500	)
Kymera Therapeutics, Inc.			532				10/15/21			USD			75.00			USD			3,125				(266,000	)
LHC Group, Inc.			227				10/15/21			USD			185.00			USD			3,562				(17,025	)
Marinus Pharmaceuticals, Inc.			330				10/15/21			USD			21.00			USD			376				(29,700	)
Masimo Corp.			168				10/15/21			USD			295.00			USD			4,548				(37,800	)
Mersana Therapeutics, Inc.			969				10/15/21			USD			17.50			USD			914				(14,535	)
Natera, Inc.			163				10/15/21			USD			125.00			USD			1,816				(38,305	)
NuVasive, Inc.			200				10/15/21			USD			60.00			USD			1,197				(54,500	)
Oak Street Health, Inc.			1,822				10/15/21			USD			60.00			USD			7,749				(109,320	)
Penumbra, Inc.			180				10/15/21			USD			260.00			USD			4,797				(242,100	)
Prothena Corp. PLC			249				10/15/21			USD			70.00			USD			1,774				(126,990	)
Rapt Therapeutics, Inc.			405				10/15/21			USD			35.00			USD			1,258				(36,450	)
ResMed, Inc.			295				10/15/21			USD			290.00			USD			7,775				(13,275	)
Rubius Therapeutics, Inc.			12				10/15/21			USD			30.00			USD			21				(1,020	)
Seagen, Inc.			796				10/15/21			USD			164.93			USD			13,516				(632,708	)
SI-BONE, Inc.			300				10/15/21			USD			35.00			USD			643				(28,500	)
Silk Road Medical, Inc.			252				10/15/21			USD			55.00			USD			1,387				(44,730	)
Sotera Health Co.			600				10/15/21			USD			25.00			USD			1,569				(147,000	)
STERIS PLC			196				10/15/21			USD			220.00			USD			4,004				(19,600	)
Teleflex, Inc.			272				10/15/21			USD			390.00			USD			10,242				(160,480	)
Zentalis Pharmaceuticals, Inc.			165				10/15/21			USD			55.00			USD			1,100				(205,425	)
Zentalis Pharmaceuticals, Inc.			165				10/15/21			USD			60.00			USD			1,100				(128,700	)
Zimmer Biomet Holdings, Inc.			290				10/15/21			USD			148.80			USD			4,244				(62,625	)
Illumina, Inc.			36				10/22/21			USD			490.00			USD			1,460				(16,560	)
Intuitive Surgical, Inc.			31				10/22/21			USD			1,100.00			USD			3,082				(26,040	)
Teladoc Health, Inc.			113				10/22/21			USD			150.00			USD			1,433				(8,023	)
Encompass Health Corp.			555				10/25/21			USD			80.00			USD			4,165				(57,075	)
Biohaven Pharmaceutical Holding Co. Ltd.			197				11/01/21			USD			134.50			USD			2,737				(242,222	)
Alcon, Inc.			702				11/03/21			USD			86.50			USD			5,649				(152,851	)
Masimo Corp.			228				11/03/21			USD			275.00			USD			6,172				(187,705	)
Centene Corp.			288				11/05/21			USD			65.00			USD			1,795				(47,642	)
Edwards Lifesciences Corp.			293				11/05/21			USD			122.00			USD			3,317				(57,135	)
Illumina, Inc.			63				11/05/21			USD			460.00			USD			2,555				(17,168	)
Intuitive Surgical, Inc.			29				11/05/21			USD			1,070.00			USD			2,883				(50,170	)
Teladoc Health, Inc.			154				11/05/21			USD			145.00			USD			1,953				(39,039	)
PTC Therapeutics, Inc.			432				11/16/21			USD			45.00			USD			1,607				(9,129	)
908 Devices, Inc.			514				11/19/21			USD			40.00			USD			1,672				(42,405	)
ABIOMED, Inc.			252				11/19/21			USD			354.50			USD			8,203				(200,863	)
Addus HomeCare Corp.			126				11/19/21			USD			90.00			USD			1,005				(28,350	)
Agilon Health, Inc.			424				11/19/21			USD			30.00			USD			1,111				(24,380	)
Agios Pharmaceuticals, Inc.			626				11/19/21			USD			55.00			USD			2,889				(42,255	)
Alcon, Inc.			785				11/19/21			USD			85.00			USD			6,317				(111,862	)
Allakos, Inc.			266				11/19/21			USD			145.00			USD			2,816				(86,450	)
Allogene Therapeutics, Inc.			414				11/19/21			USD			30.00			USD			1,064				(49,680	)
Alnylam Pharmaceuticals, Inc.			428				11/19/21			USD			192.00			USD			8,081				(531,846	)
Amedisys, Inc.			425				11/19/21			USD			165.00			USD			6,337				(160,650	)
Arcus Biosciences, Inc.			505				11/19/21			USD			50.00			USD			1,761				(47,975	)
Arcutis Biotherapeutics, Inc.			540				11/19/21			USD			30.00			USD			1,290				(40,500	)
Arena Pharmaceuticals, Inc.			376				11/19/21			USD			70.00			USD			2,239				(51,700	)
Argenx SE, ADR			166				11/19/21			USD			350.00			USD			5,013				(90,470	)
Arrowhead Pharmaceuticals, Inc.			243				11/19/21			USD			80.00			USD			1,517				(21,263	)
Avantor, Inc.			1,133				11/19/21			USD			45.00			USD			4,634				(79,310	)
BioMarin Pharmaceutical, Inc.			222				11/19/21			USD			85.00			USD			1,716				(34,965	)
Bridgebio Pharma, Inc.			629				11/19/21			USD			60.00			USD			2,948				(77,052	)
Centene Corp.			450				11/19/21			USD			67.50			USD			2,804				(73,125	)
Cerevel Therapeutics Holdings, Inc.			595				11/19/21			USD			40.00			USD			1,755				(53,550	)
Charles River Laboratories International, Inc.			256				11/19/21			USD			440.00			USD			10,564				(266,240	)
Chemed Corp.			68				11/19/21			USD			500.00			USD			3,163				(37,740	)
Cooper Cos., Inc.			176				11/19/21			USD			450.00			USD			7,274				(69,520	)
Cytokinetics, Inc.			411				11/19/21			USD			35.00			USD			1,469				(168,510	)
DexCom, Inc.			169				11/19/21			USD			551.00			USD			9,242				(508,703	)

5

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description		Number of Contracts				Expiration Date				Exercise Price						Notional Amount (000)						Value
Call (continued)
Enanta Pharmaceuticals, Inc.			101				11/19/21			USD			59.00			USD			574			$	(35,250	)
Genmab A/S, ADR			877				11/19/21			USD			45.00			USD			3,832				(223,635	)
Guardant Health, Inc.			237				11/19/21			USD			135.00			USD			2,963				(114,945	)
Ideaya Biosciences, Inc.			570				11/19/21			USD			30.00			USD			1,453				(145,350	)
Insulet Corp.			254				11/19/21			USD			300.00			USD			7,219				(279,400	)
Intuitive Surgical, Inc.			39				11/19/21			USD			1,080.00			USD			3,877				(77,025	)
IQVIA Holdings, Inc.			135				11/19/21			USD			260.00			USD			3,234				(37,462	)
Kodiak Sciences, Inc.			261				11/19/21			USD			105.00			USD			2,505				(142,245	)
Krystal Biotech, Inc.			330				11/19/21			USD			90.00			USD			1,723				(96,525	)
Kymera Therapeutics, Inc.			532				11/19/21			USD			80.00			USD			3,125				(135,660	)
Kymera Therapeutics, Inc.			532				11/19/21			USD			75.00			USD			3,125				(135,660	)
Masimo Corp.			228				11/19/21			USD			275.00			USD			6,172				(247,380	)
Mirati Therapeutics, Inc.			142				11/19/21			USD			190.00			USD			2,512				(129,930	)
Morphic Holding, Inc.			147				11/19/21			USD			70.00			USD			833				(38,220	)
Morphic Holding, Inc.			137				11/19/21			USD			65.00			USD			776				(43,497	)
Natera, Inc.			135				11/19/21			USD			130.00			USD			1,504				(43,537	)
Nektar Therapeutics			350				11/19/21			USD			20.00			USD			629				(42,000	)
Nektar Therapeutics			350				11/19/21			USD			22.00			USD			629				(34,125	)
Nevro Corp.			708				11/19/21			USD			140.00			USD			8,240				(148,680	)
Nkarta, Inc.			200				11/19/21			USD			35.00			USD			556				(70,000	)
NuVasive, Inc.			189				11/19/21			USD			65.00			USD			1,131				(54,810	)
Oak Street Health, Inc.			1,777				11/19/21			USD			60.00			USD			7,558				(124,390	)
Prometheus Biosciences, Inc.			300				11/19/21			USD			30.00			USD			711				(34,500	)
Prothena Corp. PLC			780				11/19/21			USD			76.50			USD			5,556				(456,795	)
Pulmonx Corp.			105				11/19/21			USD			45.00			USD			378				(50,400	)
Rapt Therapeutics, Inc.			130				11/19/21			USD			40.00			USD			404				(17,875	)
Relay Therapeutics, Inc.			174				11/19/21			USD			50.00			USD			549				(87,000	)
ResMed, Inc.			295				11/19/21			USD			300.00			USD			7,775				(70,062	)
Revolution Medicines, Inc.			292				11/19/21			USD			35.00			USD			803				(28,470	)
Rubius Therapeutics, Inc.			470				11/19/21			USD			25.00			USD			840				(77,550	)
Sarepta Therapeutics, Inc.			465				11/19/21			USD			100.00			USD			4,300				(197,625	)
Seagen, Inc.			751				11/19/21			USD			160.00			USD			12,752				(1,182,825	)
Silk Road Medical, Inc.			363				11/19/21			USD			61.50			USD			1,998				(87,267	)
Sotera Health Co.			500				11/19/21			USD			25.00			USD			1,308				(116,250	)
STERIS PLC			99				11/19/21			USD			210.00			USD			2,022				(54,945	)
STERIS PLC			100				11/19/21			USD			220.00			USD			2,043				(22,250	)
Tandem Diabetes Care, Inc.			188				11/19/21			USD			125.00			USD			2,244				(111,860	)
Teladoc Health, Inc.			231				11/19/21			USD			160.00			USD			2,929				(31,763	)
Teladoc Health, Inc.			55				11/19/21			USD			155.00			USD			697				(10,038	)
Teleflex, Inc.			136				11/19/21			USD			400.00			USD			5,121				(160,480	)
United Therapeutics Corp.			81				11/19/21			USD			210.00			USD			1,495				(25,515	)
United Therapeutics Corp.			86				11/19/21			USD			200.00			USD			1,587				(34,615	)
Zimmer Biomet Holdings, Inc.			585				11/19/21			USD			150.00			USD			8,562				(277,875	)
Mirati Therapeutics, Inc.			142				12/17/21			USD			200.00			USD			2,512				(130,640	)
																						$	(14,354,937	)

OTC Options Written

Description		Counterparty		Number of Contracts				Expiration Date				Exercise Price						Notional Amount (000)						Value
Call
Genmab A/S, ADR		Citibank N.A.			84,700				10/04/21			USD			45.75			USD			3,701			$	(18,675	)
Amplifon SpA		Morgan Stanley & Co. International PLC			61,800				10/05/21			EUR			44.25			EUR			2,546				(863	)
Antengene Corp. Ltd.		JPMorgan Chase Bank N.A.			738,000				10/05/21			HKD			13.54			HKD			7,660				(3	)
Genmab A/S		Goldman Sachs International			14,600				10/05/21			DKK			3,022.26			DKK			41,011				(4,796	)
Gerresheimer AG		Morgan Stanley & Co. International PLC			53,900				10/05/21			EUR			89.93			EUR			4,571				(17,881	)
Sonova Holding AG		Goldman Sachs International			10,200				10/05/21			CHF			369.25			CHF			3,623				(10,804	)
Alnylam Pharmaceuticals, Inc.		Barclays Bank PLC			35,800				10/07/21			USD			201.96			USD			6,759				(66,612	)
Genmab A/S		Credit Suisse International			14,600				10/07/21			DKK			3,069.40			DKK			41,011				(4,259	)
Genmab A/S, ADR		Bank of America N.A.			47,000				10/07/21			USD			48.60			USD			2,054				(12,544	)

S C H E D U L E   O F   I N V E S T M E N T S 6

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Health Sciences Trust II (BMEZ)

OTC Options Written (continued)

Description		Counterparty		Number of Contracts				Expiration Date				Exercise Price								Notional Amount (000)								Value
Call (continued)
GN Store Nord A/S		Credit Suisse International			48,300				10/07/21				DKK				557.58				DKK				21,498			$	—
Akeso, Inc.		Morgan Stanley & Co. International PLC			276,000				10/08/21				HKD				51.83				HKD				11,813				(1,787	)
Eisai Co. Ltd.		JPMorgan Chase Bank N.A.			35,700				10/08/21				JPY				9,528.48				JPY				299,737				(6,043	)
GN Store Nord A/S		Credit Suisse International			9,500				10/08/21				DKK				580.71				DKK				4,228				—
Convatec Group PLC		Morgan Stanley & Co. International PLC			500,000				10/12/21				GBP				2.36				GBP				1,080				(600	)
IQVIA Holdings, Inc.		Citibank N.A.			27,400				10/13/21				USD				258.80				USD				6,563				(19,647	)
Wuxi Biologics Cayman, Inc.		Morgan Stanley & Co. International PLC			450,000				10/13/21				HKD				132.16				HKD				56,925				(147,395	)
Amplifon SpA		UBS AG			20,000				10/14/21				EUR				45.63				EUR				824				(764	)
Eisai Co. Ltd.		JPMorgan Chase Bank N.A.			34,600				10/14/21				JPY				9,755.74				JPY				290,502				(32,573	)
Lonza Group AG		UBS AG			2,800				10/14/21				CHF				792.69				CHF				1,964				(2,642	)
Lonza Group AG		UBS AG			900				10/14/21				CHF				792.54				CHF				631				(855	)
Convatec Group PLC		Goldman Sachs International			323,300				10/15/21				GBP				2.31				GBP				698				(1,851	)
Demant A/S		Morgan Stanley & Co. International PLC			70,000				10/15/21				DKK				374.51				DKK				22,652				(4,943	)
Hansoh Pharmaceutical Group Co. Ltd.		JPMorgan Chase Bank N.A.			436,000				10/15/21				HKD				28.94				HKD				8,633				(19	)
Jinxin Fertility Group Ltd.		Morgan Stanley & Co. International PLC			794,000				10/15/21				HKD				15.25				HKD				9,210				(1,589	)
Straumann Holding AG		UBS AG			3,600				10/15/21				CHF				1,687.66				CHF				6,061				(159,256	)
UCB SA		Morgan Stanley & Co. International PLC			46,000				10/15/21				EUR				99.85				EUR				4,453				(46,038	)
WuXi AppTec Co. Ltd., Class H		JPMorgan Chase Bank N.A.			300,000				10/15/21				HKD				175.35				HKD				54,630				(449,113	)
Akeso, Inc.		Morgan Stanley & Co. International PLC			222,000				10/19/21				HKD				48.39				HKD				9,502				(21,399	)
Amplifon SpA		Morgan Stanley & Co. International PLC			26,400				10/26/21				EUR				45.00				EUR				1,088				(5,938	)
Genmab A/S		Credit Suisse International			15,600				10/26/21				DKK				2,979.79				DKK				43,820				(85,950	)
Jinxin Fertility Group Ltd.		JPMorgan Chase Bank N.A.			2,000,000				10/26/21				HKD				14.10				HKD				23,200				(42,317	)
Straumann Holding AG		UBS AG			3,800				10/26/21				CHF				1,833.40				CHF				6,397				(32,175	)
UCB SA		Credit Suisse International			35,000				10/26/21				EUR				97.13				EUR				3,388				(89,755	)
Gerresheimer AG		Goldman Sachs International			19,000				10/29/21				EUR				93.16				EUR				1,611				(9,478	)
Hansoh Pharmaceutical Group Co. Ltd.		Morgan Stanley & Co. International PLC			528,000				10/29/21				HKD				23.27				HKD				10,454				(22,468	)
Merck KGaA		Goldman Sachs International			30,000				10/29/21				EUR				210.02				EUR				5,630				(27,154	)
Rede D’or Sao Luiz SA		Morgan Stanley & Co. International PLC			253,000				10/29/21				USD				70.04				USD				17,181				(73,537	)
SI-BONE, Inc.		BNP Paribas SA			15,300				11/01/21				USD				24.24				USD				328				(9,961	)
Genmab A/S		Morgan Stanley & Co. International PLC			17,200				11/02/21				DKK				2,796.00				DKK				48,315				(305,665	)
Jinxin Fertility Group Ltd.		JPMorgan Chase Bank N.A.			1,600,000				11/02/21				HKD				12.75				HKD				18,560				(102,352	)
WuXi AppTec Co. Ltd., Class H		Morgan Stanley & Co. International PLC			461,400				11/02/21				HKD				178.91				HKD				84,021				(810,688	)
Agios Pharmaceuticals, Inc.		Bank of America N.A.			62,600				11/03/21				USD				51.32				USD				2,889				(44,482	)
C4 Therapeutics, Inc.		Morgan Stanley & Co. International PLC			32,000				11/03/21				USD				49.75				USD				1,430				(31,053	)
Sotera Health Co.		Citibank N.A.			50,000				11/03/21				USD				26.06				USD				1,308				(72,707	)
Zentalis Pharmaceuticals, Inc.		Citibank N.A.			33,300				11/03/21				USD				75.92				USD				2,219				(46,694	)
Wuxi Biologics Cayman, Inc.		Morgan Stanley & Co. International PLC			675,000				11/09/21				HKD				122.17				HKD				85,388				(925,681	)
Convatec Group PLC		Morgan Stanley & Co. International PLC			500,000				11/10/21				GBP				2.18				GBP				1,080				(40,334	)
Hansoh Pharmaceutical Group Co. Ltd.		Morgan Stanley & Co. International PLC			616,000				11/10/21				HKD				20.46				HKD				12,197				(101,583	)
Lonza Group AG		Goldman Sachs International			6,400				11/10/21				CHF				703.45				CHF				4,490				(161,454	)
Straumann Holding AG		Goldman Sachs International			3,300				11/10/21				CHF				1,739.23				CHF				5,556				(149,284	)
UCB SA		UBS AG			22,400				11/10/21				EUR				95.11				EUR				2,168				(102,372	)
Amplifon SpA		Morgan Stanley & Co. International PLC			75,000				11/11/21				EUR				42.58				EUR				3,090				(93,487	)
Daiichi Sankyo Co. Ltd.		Goldman Sachs International			213,400				11/11/21				JPY				3,098.32				JPY				635,825				(159,944	)
Demant A/S		UBS AG			70,000				11/11/21				DKK				337.69				DKK				22,652				(79,197	)
Remegen Co. Ltd., Class H		JPMorgan Chase Bank N.A.			155,000				11/11/21				HKD				101.04				HKD				15,283				(92,855	)
Sonova Holding AG		Goldman Sachs International			13,100				11/11/21				CHF				364.71				CHF				4,653				(134,383	)
																												$	(4,885,899	)

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

7

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Health Sciences Trust II (BMEZ)

Fair Value Hierarchy as of Period End (continued)

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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.

Certain investments of the Trust were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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		$	923,430,555			$	228,999,777			$	16,000,000			$	1,168,430,332
Diversified Financial Services			57,492,229				—				—				57,492,229
Electronic Equipment, Instruments & Components			8,913,212				—				—				8,913,212
Health Care Equipment & Supplies			650,833,933				132,992,260				—				783,826,193
Health Care Providers & Services			242,465,308				100,585,592				—				343,050,900
Health Care Technology			34,942,160				—				—				34,942,160
Life Sciences Tools & Services			182,474,105				173,124,828				—				355,598,933
Pharmaceuticals			11,660,014				128,865,376				—				140,525,390
Preferred Securities
Preferred Stocks			—				110,281,493				253,969,226				364,250,719
Warrants			1,606,080				—				—				1,606,080
Short-Term Securities
Money Market Funds			15,016,319				—				—				15,016,319
Unfunded SPAC PIPE Commitments(a)			—				—				—				—
		$	2,128,833,915			$	874,849,326			$	269,969,226				3,273,652,467
Investments Valued at NAV(b)															6,001,211
														$	3,279,653,678
Derivative Financial Instruments(c)
Liabilities
Equity Contracts		$	(10,929,578	)		$	(8,311,258	)		$	—			$	(19,240,836	)

^(a)  Unfunded SPAC PIPE commitments are valued at the unrealized appreciation (depreciation) on the commitment.

^(b)  Certain investments of the Trust were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(c)  Derivative financial instruments are options written. Options written are shown at value.

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

		Common Stocks				Preferred Stocks				Unfunded SPAC PIPE Commitments				Total
Assets
Opening balance, as of December 31, 2020		$	28,744,832			$	112,069,329			$	—			$	140,814,161
Transfers into Level 3			—				—				—				—
Transfers out of Level 3(a)			(13,902,849	)			(34,663,708	)			—				(48,566,557	)
Others(b)			(14,841,983	)			14,841,983				—				—
Accrued discounts/premiums			—				—				—				—
Net realized gain (loss)			—				—				—				—
Net change in unrealized appreciation (depreciation)(c)			—				34,223,185				—				34,223,185

S C H E D U L E  O F  I N V E S T M E N T S 8

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Health Sciences Trust II (BMEZ)

		Common Stocks				Preferred Stocks				Unfunded SPAC PIPE Commitments				Total
Purchases		$	16,000,000			$	142,078,437			$	—			$	158,078,437
Sales			—				(14,580,000	)			—				(14,580,000	)
Closing balance, as of September 30, 2021		$	16,000,000			$	253,969,226			$	—			$	269,969,226
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2021(c)		$	—			$	34,223,435			$	—			$	34,223,435

^(a)  As of December 31, 2020, the Trust used significant unobservable inputs in determining the value of certain investments. As of September 30, 2021, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(b)  Certain Level 3 investments were re-classified between Common Stocks and Preferred Stocks.

^(c)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2021 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end.

Value

Valuation Approach

Unobservable Inputs

Range of Unobservable Inputs Utilized(a)

Weighted Average of Unobservable Inputs Based on Fair Value

Assets

Common Stocks

$

16,000,000

Market

Recent Transactions

$3.91 - $ 5.74

$4.82

Preferred Stocks(b)

253,969,226

Market

Revenue Multiple

7.50x - 8.50x

8.10x

EBITDA Multiple

10.50x

—

Volatility

50% - 80%

66%

Time to Exit

1.0 - 4.0

2.3

Market Adjustment Multiple

0.90x - 2.50x

1.29x

Recent Transactions

$0.12 - $ 1,000.00

$243.19

$

269,969,226

^(a)  A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

^(b)  For the period end September 30, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $64,740,471 changed to Curent Value. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued.

Currency Abbreviation
CHF		Swiss Franc
DKK		Danish Krone
EUR		Euro
GBP		British Pound
HKD		Hong Kong Dollar
JPY		Japanese Yen
USD		United States Dollar
Portfolio Abbreviation
ADR		American Depositary Receipt
PIPE		Private Investment in Public Equity
SPAC		Special Purpose Acquisition Company

9