NPORT-EX 2 BRHealthSciencesTrust.HTM EX-BME

Schedule of Investments  (unaudited) 

September 30, 2019

   

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 95.0%

 

Biotechnology — 13.9%            

ACADIA Pharmaceuticals, Inc.(a)(b)

     10,100     $ 363,499  

Acceleron Pharma, Inc.(a)(b)

     43,600       1,722,636  

Acerta Pharma BV, Series B, (Acquired 2/01/16, cost $986,402)(c)(d)

     17,146,440       2,134,732  

Alexion Pharmaceuticals, Inc.(a)(b)

     8,160       799,190  

Allakos, Inc.(a)(b)

     24,491       1,925,727  

Allogene Therapeutics, Inc.(a)(b)

     39,925       1,088,156  

Amgen, Inc.(b)

     57,660       11,157,787  

Apellis Pharmaceuticals, Inc.(a)(b)

     23,047       555,202  

Arena Pharmaceuticals, Inc.(a)(b)

     27,944       1,278,997  

Atreca, Inc.(a)

     18,793       230,026  

Biogen, Inc.(a)(b)

     12,348       2,874,861  

BioMarin Pharmaceutical, Inc.(a)(b)

     54,000       3,639,600  

Blueprint Medicines Corp.(a)(b)

     9,300       683,271  

Checkpoint Therapeutics, Inc.(a)

     38,055       94,757  

Corbus Pharmaceuticals Holdings, Inc.(a)(e)

     33,800       164,606  

Eidos Therapeutics, Inc.(a)(e)

     7,886       283,659  

Exact Sciences Corp.(a)(b)

     4,980       450,043  

Galapagos NV, ADR(a)

     5,600       854,896  

Genmab A/S(a)

     12,500       2,539,795  

Genmab A/S, ADR(a)

     37,591       761,594  

Gilead Sciences, Inc.(b)

     72,700       4,607,726  

Halozyme Therapeutics, Inc.(a)(b)

     25,200       390,852  

Incyte Corp.(a)(b)

     24,600       1,826,058  

Mirati Therapeutics, Inc.(a)(b)

     9,200       716,772  

Neurocrine Biosciences, Inc.(a)(b)

     34,900       3,144,839  

Principia Biopharma, Inc.(a)

     4,047       114,287  

Ra Pharmaceuticals, Inc.(a)(b)

     47,346       1,119,733  

Sarepta Therapeutics, Inc.(a)(b)

     4,020       302,786  

Seattle Genetics, Inc.(a)(b)

     24,267       2,072,402  

Syndax Pharmaceuticals, Inc.(a)(b)

     15,784       117,907  

Vertex Pharmaceuticals, Inc.(a)(b)

     39,305       6,659,053  
   

 

 

  
    54,675,449  
Health Care Equipment & Supplies — 35.6%  

Abbott Laboratories

     299,500       25,059,165  

Baxter International, Inc.(b)

     109,400       9,569,218  

Becton Dickinson & Co.(b)

     36,453       9,221,151  

Boston Scientific Corp.(a)(b)

     390,984       15,909,139  

ConvaTec Group PLC(f)

     1,043,600       2,247,609  

Edwards Lifesciences Corp.(a)(b)

     51,500       11,325,365  

Envista Holdings Corp.(a)

     35,476       989,071  

Intuitive Surgical, Inc.(a)(b)

     17,300       9,340,789  

Masimo Corp.(a)(b)

     41,100       6,115,269  

Medtronic PLC(b)

     132,700       14,413,874  

Nevro Corp.(a)(b)

     12,900       1,109,013  

ResMed, Inc.(b)

     33,100       4,472,141  

SI-BONE, Inc.(a)

     4,147       73,277  

Silk Road Medical, Inc.(a)(b)

     9,094       295,828  

Stryker Corp.(b)

     68,200       14,751,660  

Teleflex, Inc.(b)

     19,900       6,761,025  
Security   Shares     Value  
Health Care Equipment & Supplies (continued)            

Varian Medical Systems, Inc.(a)(b)

     38,900     $ 4,632,601  

Wright Medical Group NV(a)(b)

     72,000       1,485,360  

Zimmer Biomet Holdings, Inc.(b)

     22,200       3,047,394  
   

 

 

  
    140,818,949  
Health Care Providers & Services — 17.1%  

Amedisys, Inc.(a)(b)

     17,060       2,235,030  

Anthem, Inc.

     36,500       8,763,650  

Centene Corp.(a)(b)

     71,200       3,080,112  

Cigna Corp.(a)(b)

     46,500       7,058,235  

Encompass Health Corp.(b)

     34,700       2,195,816  

Guardant Health, Inc.(a)(b)

     4,749       303,129  

HCA Healthcare, Inc.(b)

     45,694       5,502,471  

Humana, Inc.(b)

     28,700       7,337,729  

LHC Group, Inc.(a)(b)

     16,700       1,896,452  

Quest Diagnostics, Inc.(b)

     11,700       1,252,251  

UnitedHealth Group, Inc.

     129,102       28,056,447  
   

 

 

  
    67,681,322  
Health Care Technology — 1.1%  

Cerner Corp.(b)

     28,300       1,929,211  

Teladoc Health, Inc.(a)(b)

     35,300       2,390,516  
   

 

 

  
    4,319,727  
Life Sciences Tools & Services — 8.4%  

10X Genomics, Inc., Class A(a)

     4,677       235,721  

Agilent Technologies, Inc.(b)

     26,600       2,038,358  

Avantor, Inc.(a)

     130,986       1,925,494  

Charles River Laboratories International, Inc.(a)(b)

     10,300       1,363,411  

Genfit ADR(a)(e)

     10,200       177,582  

Illumina, Inc.(a)(b)

     13,400       4,076,548  

IQVIA Holdings, Inc.(a)(b)

     24,900       3,719,562  

QIAGEN NV(a)(b)

     51,900       1,711,143  

Thermo Fisher Scientific, Inc.(b)

     50,900       14,825,643  

WuXi AppTec Co. Ltd., Class H(f)

     160,720       1,755,526  

Wuxi Biologics Cayman, Inc.(a)(f)

     127,000       1,295,006  
   

 

 

  
    33,123,994  
Pharmaceuticals — 18.9%            

AstraZeneca PLC

     76,076       6,792,751  

AstraZeneca PLC — ADR(b)

     43,800       1,952,166  

Bristol-Myers Squibb Co.(b)

     160,962       8,162,383  

Daiichi Sankyo Co. Ltd.

     12,400       783,549  

Eli Lilly & Co.(b)

     65,400       7,313,682  

GlaxoSmithKline PLC

     199,100       4,267,627  

Hansoh Pharmaceutical Group Co. Ltd.(a)

     794,000       2,438,880  

Hua Medicine(a)(f)

     719,605       644,529  

Merck & Co., Inc.(b)

     151,479       12,751,502  

Merck KGaA

     17,710       1,995,027  

MyoKardia, Inc.(a)(b)

     7,113       370,943  

Novo Nordisk A/S — ADR(b)

     39,200       2,026,640  

Pfizer, Inc.(b)

     169,398       6,086,470  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Pharmaceuticals (continued)  

Reata Pharmaceuticals, Inc., Class A(a)(b)

     5,819     $ 467,208  

Roche Holding AG

     7,000       2,038,151  

Sanofi

     34,400       3,186,566  

Sanofi — ADR(b)

     43,400       2,010,722  

Theravance Biopharma, Inc.(a)

     4,700       91,556  

Tricida, Inc.(a)

     12,649       390,475  

Urovant Sciences Ltd.(a)(e)

     6,639       62,871  

Zoetis, Inc.(b)

     87,700       10,926,543  
   

 

 

  
    74,760,241  
   

 

 

  

Total Common Stocks — 95.0%
(Cost — $251,804,135)

 

     375,379,682  
   

 

 

  
    

Par

(000)

         

Other Interests(g) — 0.0%

 

Pharmaceuticals — 0.0%  

Afferent Pharmaceuticals, Inc., Series C (Acquired 9/30/15, Cost $0)(c)

   $ 190       127,407  
   

 

 

  

Total Other Interests — 0.0%
(Cost — $0)

 

     127,407  
   

 

 

  

Total Long-Term Investments — 95.0%
(Cost — $251,804,135)

 

     375,507,089  
   

 

 

  
Security   Shares     Value  

Short-Term Securities — 5.3%

 

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.87%(h)(j)

     20,681,696     $ 20,681,696  

SL Liquidity Series, LLC,
Money Market Series, 2.13%(h)(i)(j)

     127,937       127,963  
   

 

 

  

Total Short-Term Securities — 5.3%
(Cost — $20,809,655)

 

     20,809,659  
   

 

 

  

Total Investments Before Options Written — 100.3%
(Cost — $272,613,790)

 

     396,316,748  
   

 

 

  

Options Written — (0.6)%
(Premiums Received — $3,138,680)

 

     (2,339,341 ) 
   

 

 

  

Total Investments, Net of Options Written — 99.7%
(Cost — $269,475,110)

 

     393,977,407  

Other Assets Less Liabilities — 0.3%

 

     1,290,393  
   

 

 

  

Net Assets — 100.0%

 

   $ 395,267,800  
   

 

 

  
 

 

(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) 

Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $2,134,732, representing 0.5% of its net assets as of period end, and an original cost of $986,402.

(e) 

Security, or a portion of the security, is on loan.

(f) 

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.

(g)

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

(h) 

Annualized 7-day yield as of period end.

(i) 

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

(j) 

During the period ended September 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate   

Shares

Held at

12/31/18

     

Net

Activity

     

Shares

Held at
09/30/19

     

Value at

09/30/19

      Income     

Net

Realized

Gain (Loss) (a)

     

Change in

Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      25,967,520        (5,285,824 )       20,681,696      $ 20,681,696      $ 318,202      $ —      $ —  

SL Liquidity Series, LLC,
Money Market Series

      4,665        123,272        127,937        127,963        47,892 (b)       81        4  
           

 

 

     

 

 

     

 

 

     

 

 

  
   $ 20,809,659      $ 366,094      $ 81      $ 4  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)

Includes net capital gain distributions, if applicable.

 

 

 

2   

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Health Sciences Trust (BME)

 

  (b) 

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.

 

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.

 

Currency Abbreviations
CHF    Swiss Franc
DKK    Danish Krone
EUR    Euro
GBP    British Pound
HKD    Hong Kong Dollar
JPY    Japanese Yen
USD    United States Dollar
Portfolio Abbreviations
ADR    American Depositary Receipts
OTC    Over-the-Counter

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                                                   

Alexion Pharmaceuticals, Inc.

      37          10/04/19        USD     120.00        USD     362        $ (555 ) 

Baxter International, Inc.

      168          10/04/19        USD     87.50        USD     1,469          (12,516 ) 

Becton Dickinson & Co.

      94          10/04/19        USD     260.00        USD     2,378          (4,230 ) 

Boston Scientific Corp.

      367          10/04/19        USD     44.00        USD     1,493          (6,606 ) 

Edwards Lifesciences Corp.

      80          10/04/19        USD     225.00        USD     1,759          (4,600 ) 

Gilead Sciences, Inc.

      153          10/04/19        USD     65.50        USD     970          (1,147 ) 

HCA Healthcare, Inc.

      66          10/04/19        USD     124.00        USD     795          (1,485 ) 

Humana, Inc.

      45          10/04/19        USD     285.00        USD     1,151          (675 ) 

Intuitive Surgical, Inc.

      16          10/04/19        USD     515.00        USD     864          (41,600 ) 

Medtronic PLC

      141          10/04/19        USD     110.00        USD     1,532          (3,596 ) 

Pfizer, Inc.

      114          10/04/19        USD     36.00        USD     410          (3,306 ) 

Zoetis, Inc.

      146          10/04/19        USD     127.00        USD     1,819          (2,555 ) 

Biogen, Inc.

      25          10/11/19        USD     230.00        USD     582          (16,750 ) 

Bristol-Myers Squibb Co.

      123          10/11/19        USD     49.00        USD     624          (22,017 ) 

Edwards Lifesciences Corp.

      177          10/11/19        USD     222.50        USD     3,892          (46,020 ) 

HCA Healthcare, Inc.

      91          10/11/19        USD     127.00        USD     1,096          (2,502 ) 

Intuitive Surgical, Inc.

      35          10/11/19        USD     530.00        USD     1,890          (54,600 ) 

Medtronic PLC

      83          10/11/19        USD     110.00        USD     902          (5,561 ) 

Pfizer, Inc.

      7          10/11/19        USD     37.50        USD     25          (38 ) 

Pfizer, Inc.

      73          10/11/19        USD     35.63        USD     262          (5,152 ) 

Acceleron Pharma, Inc.

      87          10/18/19        USD     45.00        USD     344          (7,395 ) 

Agilent Technologies, Inc.

      53          10/18/19        USD     80.00        USD     406          (1,669 ) 

Agilent Technologies, Inc.

      53          10/18/19        USD     70.78        USD     406          (32,123 ) 

Allakos, Inc.

      25          10/18/19        USD     90.00        USD     197          (2,563 ) 

Allogene Therapeutics, Inc.

      27          10/18/19        USD     30.00        USD     74          (1,282 ) 

Amedisys, Inc.

      68          10/18/19        USD     135.00        USD     891          (12,546 ) 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Health Sciences Trust (BME)

 

Exchange-Traded Options Written (continued)

 

Description   

Number of

Contracts

       

Expiration

Date

       

Exercise

Price

       

Notional

Amount (000)

        Value  
Call (continued)                                  

Apellis Pharmaceuticals, Inc.

      92          10/18/19        USD     35.00        USD     222        $ (43,240 ) 

AstraZeneca PLC — ADR

      87          10/18/19        USD     45.00        USD     388          (5,873 ) 

Baxter International, Inc.

      132          10/18/19        USD     87.50        USD     1,155          (19,338 ) 

Baxter International, Inc.

      159          10/18/19        USD     90.00        USD     1,391          (7,473 ) 

BioMarin Pharmaceutical, Inc.

      116          10/18/19        USD     75.00        USD     782          (4,060 ) 

Blueprint Medicines Corp.

      37          10/18/19        USD     90.00        USD     272          (3,145 ) 

Boston Scientific Corp.

      366          10/18/19        USD     44.00        USD     1,489          (2,379 ) 

Bristol-Myers Squibb Co.

      24          10/18/19        USD     50.00        USD     122          (2,832 ) 

Bristol-Myers Squibb Co.

      114          10/18/19        USD     49.00        USD     578          (21,888 ) 

Centene Corp.

      174          10/18/19        USD     50.25        USD     753          (176 ) 

Cerner Corp.

      140          10/18/19        USD     70.00        USD     954          (7,000 ) 

Charles River Laboratories International, Inc.

      20          10/18/19        USD     145.00        USD     265          (400 ) 

Cigna Corp.

      52          10/18/19        USD     170.00        USD     789          (832 ) 

Eidos Therapeutics, Inc.

      31          10/18/19        USD     50.00        USD     112          (775 ) 

Eli Lilly & Co.

      180          10/18/19        USD     115.00        USD     2,013          (17,550 ) 

Encompass Health Corp.

      138          10/18/19        USD     65.00        USD     873          (8,280 ) 

Galapagos NV, ADR

      22          10/18/19        USD     170.00        USD     336          (3,630 ) 

Gilead Sciences, Inc.

      32          10/18/19        USD     67.50        USD     203          (464 ) 

Guardant Health, Inc.

      18          10/18/19        USD     105.00        USD     115          (270 ) 

HCA Healthcare, Inc.

      25          10/18/19        USD     130.00        USD     301          (312 ) 

Halozyme Therapeutics, Inc.

      100          10/18/19        USD     17.00        USD     155          (1,500 ) 

Humana, Inc.

      45          10/18/19        USD     285.00        USD     1,151          (2,250 ) 

IQVIA Holdings, Inc.

      25          10/18/19        USD     160.00        USD     373          (750 ) 

Illumina, Inc.

      10          10/18/19        USD     290.00        USD     304          (18,300 ) 

Incyte Corp.

      100          10/18/19        USD     85.00        USD     742          (1,000 ) 

LHC Group, Inc.

      66          10/18/19        USD     120.00        USD     749          (4,785 ) 

Masimo Corp.

      164          10/18/19        USD     160.00        USD     2,440          (40,590 ) 

Medtronic PLC

      30          10/18/19        USD     110.00        USD     326          (3,060 ) 

Merck & Co., Inc.

      141          10/18/19        USD     90.00        USD     1,187          (846 ) 

MyoKardia, Inc.

      28          10/18/19        USD     60.00        USD     146          (2,940 ) 

Neurocrine Biosciences, Inc.

      139          10/18/19        USD     105.00        USD     1,253          (4,170 ) 

Nevro Corp.

      51          10/18/19        USD     90.00        USD     438          (7,905 ) 

Novo Nordisk A/S — ADR

      15          10/18/19        USD     51.72        USD     78          (1,613 ) 

Pfizer, Inc.

      115          10/18/19        USD     36.00        USD     413          (7,245 ) 

Pfizer, Inc.

      8          10/18/19        USD     36.50        USD     29          (316 ) 

QIAGEN NV

      97          10/18/19        USD     35.10        USD     320          (399 ) 

Quest Diagnostics, Inc.

      33          10/18/19        USD     102.61        USD     353          (14,746 ) 

Ra Pharmaceuticals, Inc.

      189          10/18/19        USD     35.00        USD     447          (4,725 ) 

ResMed, Inc.

      83          10/18/19        USD     135.00        USD     1,121          (23,240 ) 

Sarepta Therapeutics, Inc.

      16          10/18/19        USD     90.00        USD     121          (1,512 ) 

Seattle Genetics, Inc.

      48          10/18/19        USD     85.00        USD     410          (20,160 ) 

Silk Road Medical, inc.

      31          10/18/19        USD     50.00        USD     101          (2,170 ) 

Teladoc Health, Inc.

      71          10/18/19        USD     65.00        USD     481          (31,240 ) 

Teleflex, Inc.

      40          10/18/19        USD     380.00        USD     1,359          (20,000 ) 

Thermo Fisher Scientific, Inc.

      108          10/18/19        USD     279.56        USD     3,146          (155,078 ) 

Varian Medical Systems, Inc.

      84          10/18/19        USD     113.66        USD     1,000          (53,581 ) 

Vertex Pharmaceuticals, Inc.

      157          10/18/19        USD     185.00        USD     2,660          (6,280 ) 

Wright Medical Group NV

      288          10/18/19        USD     22.50        USD     594          (5,040 ) 

Zimmer Biomet Holdings, Inc.

      111          10/18/19        USD     145.00        USD     1,524          (3,608 ) 

Zoetis, Inc.

      104          10/18/19        USD     128.00        USD     1,296          (7,020 ) 

Amgen, Inc.

      137          10/25/19        USD     200.00        USD     2,651          (24,660 ) 

Arena Pharmaceuticals, Inc.

      54          10/25/19        USD     54.00        USD     247          (5,400 ) 

 

 

4   

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Health Sciences Trust (BME)

 

Exchange-Traded Options Written (continued)

 

Description   

Number of

Contracts

       

Expiration

Date

       

Exercise

Price

       

Notional

Amount (000)

        Value  
Call (continued)                                  

Biogen, Inc.

      24          10/25/19        USD     242.50        USD     559        $ (13,440 ) 

Boston Scientific Corp.

      218          10/25/19        USD     44.00        USD     887          (6,322 ) 

Bristol-Myers Squibb Co.

      359          10/25/19        USD     51.00        USD     1,820          (29,977 ) 

Intuitive Surgical, Inc.

      35          10/25/19        USD     545.00        USD     1,890          (53,375 ) 

Medtronic PLC

      159          10/25/19        USD     112.00        USD     1,727          (9,779 ) 

Merck & Co., Inc.

      169          10/25/19        USD     85.00        USD     1,423          (23,069 ) 

Novo Nordisk A/S — ADR

      16          10/25/19        USD     51.73        USD     83          (2,179 ) 

Pfizer, Inc.

      167          10/25/19        USD     37.50        USD     600          (3,340 ) 

Pfizer, Inc.

      8          10/25/19        USD     37.00        USD     29          (260 ) 

Seattle Genetics, Inc.

      49          10/25/19        USD     84.86        USD     418          (24,968 ) 

Zoetis, Inc.

      100          10/25/19        USD     125.00        USD     1,246          (22,750 ) 

Resmed, Inc.

      83          10/30/19        USD     138.00        USD     1,121          (28,407 ) 

Thermo Fisher Scientific, Inc.

      95          10/30/19        USD     296.00        USD     2,767          (56,263 ) 

ACADIA Pharmaceuticals, Inc.

      40          11/01/19        USD     45.00        USD     144          (4,600 ) 

Arena Pharmaceuticals, Inc.

      57          11/01/19        USD     50.00        USD     261          (7,695 ) 

AstraZeneca PLC — ADR

      88          11/01/19        USD     44.50        USD     392          (12,320 ) 

Baxter International, Inc.

      44          11/01/19        USD     89.00        USD     385          (7,282 ) 

Becton Dickinson & Co.

      51          11/01/19        USD     260.00        USD     1,290          (19,635 ) 

Boston Scientific Corp.

      217          11/01/19        USD     44.00        USD     883          (8,029 ) 

Bristol-Myers Squibb Co.

      23          11/01/19        USD     51.00        USD     117          (2,806 ) 

Cigna Corp.

      126          11/01/19        USD     167.50        USD     1,913          (16,947 ) 

Edwards Lifesciences Corp.

      16          11/01/19        USD     212.50        USD     352          (8,800 ) 

Eli Lilly & Co.

      81          11/01/19        USD     115.00        USD     906          (15,957 ) 

Eli Lilly & Co.

      21          11/01/19        USD     109.00        USD     235          (4,557 ) 

Gilead Sciences, Inc.

      105          11/01/19        USD     68.00        USD     665          (5,408 ) 

Gilead Sciences, Inc.

      24          11/01/19        USD     61.50        USD     152          (3,000 ) 

HCA Healthcare, Inc.

      15          11/01/19        USD     118.00        USD     181          (4,575 ) 

Humana, Inc.

      24          11/01/19        USD     282.50        USD     614          (3,240 ) 

Illumina, Inc.

      10          11/01/19        USD     312.50        USD     304          (10,900 ) 

Illumina, Inc.

      4          11/01/19        USD     295.00        USD     122          (4,300 ) 

Intuitive Surgical, Inc.

      6          11/01/19        USD     525.00        USD     324          (7,620 ) 

Medtronic PLC

      29          11/01/19        USD     113.00        USD     315          (1,682 ) 

Medtronic PLC

      88          11/01/19        USD     108.00        USD     956          (23,760 ) 

Medtronic PLC

      42          11/01/19        USD     105.00        USD     456          (4,095 ) 

Merck & Co., Inc.

      295          11/01/19        USD     86.00        USD     2,483          (42,480 ) 

Merck & Co., Inc.

      48          11/01/19        USD     82.50        USD     404          (7,272 ) 

Pfizer, Inc.

      7          11/01/19        USD     37.00        USD     25          (371 ) 

Pfizer, Inc.

      55          11/01/19        USD     35.00        USD     198          (3,273 ) 

Sarepta Therapeutics, Inc.

      2          11/01/19        USD     70.00        USD     15          (780 ) 

UnitedHealth Group, Inc.

      40          11/01/19        USD     215.00        USD     869          (24,200 ) 

Vertex Pharmaceuticals, Inc.

      13          11/01/19        USD     165.00        USD     220          (6,045 ) 

Zoetis, Inc.

      28          11/01/19        USD     121.00        USD     349          (4,620 ) 

Pfizer, Inc.

      162          11/08/19        USD     37.45        USD     582          (5,693 ) 

ACADIA Pharmaceuticals, Inc.

      3          11/15/19        USD     35.00        USD     11          (802 ) 

Abbott Laboratories

      97          11/15/19        USD     82.50        USD     812          (21,389 ) 

Acceleron Pharma, Inc.

      87          11/15/19        USD     45.00        USD     344          (12,180 ) 

Acceleron Pharma, Inc.

      14          11/15/19        USD     35.00        USD     55          (1,225 ) 

Agilent Technologies, Inc.

      9          11/15/19        USD     75.00        USD     69          (1,750 ) 

Alexion Pharmaceuticals, Inc.

      3          11/15/19        USD     95.00        USD     29          (1,335 ) 

Allakos, Inc.

      8          11/15/19        USD     70.00        USD     63          (3,560 ) 

Allogene Therapeutics, Inc.

      13          11/15/19        USD     25.00        USD     35          (1,527 ) 

Amedisys, Inc.

      6          11/15/19        USD     125.00        USD     79          (2,625 ) 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Health Sciences Trust (BME)

 

Exchange-Traded Options Written (continued)

 

           
Description   

Number of

Contracts

       

Expiration

Date

       

Exercise

Price

       

Notional

Amount (000)

        Value  
Call (continued)                                  

Amgen, Inc.

      93          11/15/19        USD     200.00        USD     1,800        $ (34,875 ) 

Amgen, Inc.

      18          11/15/19        USD     190.00        USD     348          (10,170 ) 

Anthem, Inc.

      12          11/15/19        USD     230.00        USD     288          (7,110 ) 

Apellis Pharmaceuticals, Inc.

      7          11/15/19        USD     22.50        USD     17          (2,170 ) 

Arena Pharmaceuticals, Inc.

      9          11/15/19        USD     41.00        USD     41          (981 ) 

AstraZeneca PLC — ADR

      64          11/15/19        USD     42.50        USD     285          (4,960 ) 

Avantor, Inc.

      43          11/15/19        USD     12.50        USD     63          (1,290 ) 

Baxter International, Inc.

      44          11/15/19        USD     87.50        USD     385          (12,276 ) 

Baxter International, Inc.

      36          11/15/19        USD     85.00        USD     315          (6,192 ) 

Becton Dickinson & Co.

      12          11/15/19        USD     240.00        USD     304          (4,500 ) 

BioMarin Pharmaceutical, Inc.

      100          11/15/19        USD     80.00        USD     674          (6,500 ) 

BioMarin Pharmaceutical, Inc.

      18          11/15/19        USD     60.00        USD     121          (2,475 ) 

Biogen, Inc.

      4          11/15/19        USD     225.00        USD     93          (3,060 ) 

Blueprint Medicines Corp.

      3          11/15/19        USD     65.00        USD     22          (885 ) 

Boston Scientific Corp.

      200          11/15/19        USD     44.00        USD     814          (9,600 ) 

Boston Scientific Corp.

      125          11/15/19        USD     39.00        USD     509          (11,875 ) 

Bristol-Myers Squibb Co.

      52          11/15/19        USD     50.00        USD     264          (8,112 ) 

Centene Corp.

      23          11/15/19        USD     40.00        USD     99          (2,472 ) 

Cerner Corp.

      9          11/15/19        USD     65.00        USD     61          (1,147 ) 

Charles River Laboratories International, Inc.

      21          11/15/19        USD     145.00        USD     278          (3,098 ) 

Charles River Laboratories International, Inc.

      3          11/15/19        USD     125.00        USD     40          (877 ) 

Cigna Corp.

      15          11/15/19        USD     145.00        USD     228          (6,450 ) 

Eidos Therapeutics, Inc.

      3          11/15/19        USD     35.00        USD     11          (765 ) 

Encompass Health Corp.

      11          11/15/19        USD     60.00        USD     70          (1,402 ) 

Galapagos NV, ADR

      2          11/15/19        USD     145.00        USD     31          (940 ) 

Guardant Health, Inc.

      2          11/15/19        USD     60.00        USD     13          (840 ) 

Halozyme Therapeutics, Inc.

      8          11/15/19        USD     15.00        USD     12          (580 ) 

IQVIA Holdings, Inc.

      99          11/15/19        USD     165.00        USD     1,479          (13,613 ) 

IQVIA Holdings, Inc.

      8          11/15/19        USD     145.00        USD     120          (3,360 ) 

Incyte Corp.

      8          11/15/19        USD     72.50        USD     59          (2,800 ) 

LHC Group, Inc.

      5          11/15/19        USD     110.00        USD     57          (1,787 ) 

Masimo Corp.

      13          11/15/19        USD     145.00        USD     193          (6,370 ) 

Mirati Therapeutics, Inc.

      36          11/15/19        USD     95.00        USD     280          (29,340 ) 

Mirati Therapeutics, Inc.

      3          11/15/19        USD     75.00        USD     23          (3,675 ) 

MyoKardia, Inc.

      2          11/15/19        USD     50.00        USD     10          (725 ) 

Neurocrine Biosciences, Inc.

      11          11/15/19        USD     85.00        USD     99          (3,685 ) 

Nevro Corp.

      4          11/15/19        USD     82.50        USD     34          (1,860 ) 

Novo Nordisk A/S — ADR

      13          11/15/19        USD     50.00        USD     67          (1,430 ) 

Novo Nordisk A/S — ADR

      81          11/15/19        USD     53.33        USD     419          (9,167 ) 

Pfizer, Inc.

      16          11/15/19        USD     37.00        USD     57          (992 ) 

QIAGEN NV

      110          11/15/19        USD     36.00        USD     363          (3,300 ) 

QIAGEN NV

      17          11/15/19        USD     32.00        USD     56          (1,402 ) 

Quest Diagnostics, Inc.

      25          11/15/19        USD     105.00        USD     268          (10,875 ) 

Quest Diagnostics, Inc.

      4          11/15/19        USD     105.00        USD     43          (1,020 ) 

Ra Pharmaceuticals, Inc.

      15          11/15/19        USD     22.50        USD     35          (3,338 ) 

Reata Pharmaceuticals, Inc., Class A

      23          11/15/19        USD     95.00        USD     185          (18,975 ) 

Reata Pharmaceuticals, Inc., Class A

      2          11/15/19        USD     75.00        USD     16          (2,280 ) 

ResMed, Inc.

      11          11/15/19        USD     130.00        USD     149          (3,905 ) 

Sanofi

      36          11/15/19        USD     46.00        USD     167          (3,960 ) 

Seattle Genetics, Inc.

      8          11/15/19        USD     80.00        USD     68          (2,800 ) 

Silk Road Medical, inc.

      3          11/15/19        USD     30.00        USD     10          (525 ) 

Stryker Corp.

      22          11/15/19        USD     210.00        USD     476          (9,350 ) 

 

 

6   

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Health Sciences Trust (BME)

 

Exchange-Traded Options Written (continued)

 

           
Description   

Number of

Contracts

       

Expiration

Date

       

Exercise

Price

       

Notional

Amount (000)

        Value  
Call (continued)                                  

Syndax Pharmaceuticals, Inc.

      63          11/15/19        USD     12.50        USD     47        $ (5,985 ) 

Teladoc Health, Inc.

      11          11/15/19        USD     65.00        USD     74          (4,125 ) 

Teleflex, Inc.

      6          11/15/19        USD     330.00        USD     204          (5,460 ) 

Thermo Fisher Scientific, Inc.

      17          11/15/19        USD     280.00        USD     495          (9,605 ) 

Varian Medical Systems, Inc.

      71          11/15/19        USD     125.00        USD     846          (18,283 ) 

Varian Medical Systems, Inc.

      13          11/15/19        USD     115.00        USD     155          (4,030 ) 

Wright Medical Group NV

      23          11/15/19        USD     20.00        USD     47          (2,588 ) 

Zimmer Biomet Holdings, Inc.

      7          11/15/19        USD     130.00        USD     96          (1,645 ) 

Novo Nordisk A/S — ADR

      44          12/02/19        USD     53.00        USD     227          (6,454 ) 

Centene Corp.

      110          12/20/19        USD     50.00        USD     476          (8,250 ) 

Sanofi

      173          12/20/19        USD     46.00        USD     802          (32,438 ) 

Stryker Corp.

      138          12/20/19        USD     230.00        USD     2,985          (46,920 ) 

Teleflex, Inc.

      40          12/20/19        USD     360.00        USD     1,359          (32,200 ) 
                          

 

 

  
                           $ (1,975,718 ) 
                          

 

 

  

OTC Options Written

 

Description    Counterparty     

Number of

Contracts

       

Expiration

Date

  

Exercise

Price

  

Notional

      Amount (000)

        Value  
Call                                                

Wuxi Biologics Cayman, Inc.

    JPMorgan Chase Bank N.A.        26,000        10/08/19   HKD   83.93   HKD     2,078        $ (1,929 ) 

Boston Scientific Corp.

    Citibank N.A.        19,500        10/11/19   USD   43.42   USD     793          (952 ) 

AstraZeneca PLC — ADR

    UBS AG        15,100        10/17/19   GBP   76.34   GBP     1,097          (5,943 ) 

GlaxoSmithKline PLC

    UBS AG        19,000        10/17/19   GBP   17.36   GBP     331          (7,454 ) 

Hansoh Pharmaceutical Group Co. Ltd.

    Goldman Sachs International        158,000        10/17/19   HKD   30.19   HKD     3,803          (2,802 ) 

Genmab A/S, ADR

    UBS AG        4,400        10/23/19   DKK   1,437.69   DKK     6,124          (11,054 ) 

GlaxoSmithKline PLC

    UBS AG        60,600        10/23/19   GBP   17.71   GBP     1,056          (15,052 ) 

Sanofi

    UBS AG        6,800        10/23/19   EUR   80.97   EUR     578          (33,244 ) 

Teladoc Health, Inc.

    Barclays Bank PLC        7,000        10/28/19   USD   77.20   USD     474          (6,916 ) 

Convatec Group PLC

    Credit Suisse International        209,400        10/29/19   GBP   1.78   GBP     366          (6,717 ) 

AstraZeneca PLC — ADR

    UBS AG        15,300        11/01/19   GBP   70.08   GBP     1,111          (71,277 ) 

Stryker Corp.

    Goldman Sachs International        13,400        11/04/19   USD   221.60   USD     2,898          (49,090 ) 

WuXi AppTec Co. Ltd., Class H

    Goldman Sachs International        64,200        11/05/19   HKD   84.51   HKD     5,496          (40,056 ) 

Avantor, Inc.

    Credit Suisse International        26,200        11/06/19   USD   16.12   USD     385          (10,402 ) 

Convatec Group PLC

    UBS AG        208,000        11/06/19   GBP   1.79   GBP     364          (15,652 ) 

Roche Holding AG

    UBS AG        2,100        11/06/19   CHF   293.34   CHF     610          (9,579 ) 

Sanofi

    Citibank N.A.        6,900        11/06/19   EUR   81.42   EUR     586          (33,868 ) 

Merck & Co., Inc.

    Morgan Stanley & Co. International PLC        7,000        11/07/19   EUR   105.77   EUR     723          (13,291 ) 

WuXi Biologics, Inc.

    Goldman Sachs International        25,000        11/12/19   HKD   82.36   HKD     1,998          (9,297 ) 

Daiichi Sankyo Co.Ltd.

    Goldman Sachs International        5,000        11/14/19   JPY   7,373.77   JPY     34,162          (4,876 ) 

Avantor, Inc.

    Credit Suisse International        26,200        11/20/19   USD   16.12   USD     385          (14,172 ) 
                         

 

 

  
     $ (363,623 ) 
                         

 

 

  

 

 

     7  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Health Sciences Trust (BME)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 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)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                  

Investments:

                  

Common Stocks:

                  

Biotechnology

    $ 50,000,922        $ 2,539,795        $ 2,134,732        $ 54,675,449  

Health Care Equipment & Supplies

      138,571,340          2,247,609          —          140,818,949  

Health Care Providers & Services

      67,681,322          —          —          67,681,322  

Health Care Technology

      4,319,727          —          —          4,319,727  

Life Sciences Tools & Services

      30,073,462          3,050,532          —          33,123,994  

Pharmaceuticals

      53,257,690          21,502,551          —          74,760,241  

Other Interests

      —          —          127,407          127,407  

Short-Term Securities

      20,681,696          —          —          20,681,696  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $ 364,586,159        $ 29,340,487        $ 2,262,139        $ 396,188,785  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at Net Asset Value (“NAV”)(a)

           127,963  
                 

 

 

  

Total Investments

         $ 396,316,748  
                 

 

 

  

Derivative Financial Instruments(b)

                  

Liabilities:

                  

Equity contracts

    $ (1,579,719 )       $ (759,622 )       $ —        $ (2,339,341 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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.

 
  (b) 

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

 

 

 

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