BlackRock Health Sciences Trust

NPORT-EX 2 NPORT_LCXF_31506680_0921.htm BlackRock Health Sciences Trust

Schedule of Investments (unaudited)

September 30, 2021

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 20.9%
AbbVie, Inc.		57,235	$	6,173,939
Acceleron Pharma, Inc.^(a)		28,935		4,979,713
Acerta Pharma BV, Series B, (Acquired 05/06/15, Cost: $986,402)^(b)(c)		17,146,440		2,455,885
Acumen Pharmaceuticals, Inc., (Acquired 11/20/20, Cost: $580,000)^(c)		152,651		2,212,314
Agios Pharmaceuticals, Inc.^(a)		21,625		997,994
Allogene Therapeutics, Inc.^(a)		30,786		791,200
Alnylam Pharmaceuticals, Inc.^(a)		34,003		6,420,106
Ambrx Biopharma, Inc., (Acquired 06/22/21, Cost: $500,001)^(c)		303,869		569,675
Amgen, Inc.^(d)		62,397		13,268,722
Annexon, Inc.^(a)		15,164		282,202
Apellis Pharmaceuticals, Inc.^(a)		15,300		504,288
Arcutis Biotherapeutics, Inc.^(a)		42,854		1,023,782
Arena Pharmaceuticals, Inc.^(a)		14,984		892,297
Argenx SE, ADR^(a)		7,110		2,147,220
Biogen, Inc.^(a)		36,118		10,221,033
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		2,290		318,104
BioMarin Pharmaceutical, Inc.^(a)		19,694		1,522,149
Blueprint Medicines Corp.^(a)		11,368		1,168,744
Bridgebio Pharma, Inc.^(a)		13,427		629,323
Cerevel Therapeutics Holdings, Inc.^(a)		16,785		495,157
Connect Biopharma Holdings Ltd.^(a)(e)		12,117		289,596
Connect Biopharma Holdings Ltd., (Acquired 12/01/20, Cost: $250,023)^(c)		22,809		545,135
Cytokinetics, Inc.^(a)		16,280		581,847
Decibel Therapeutics, Inc.^(a)		25,174		194,092
Decibel Therapeutics, Inc., (Acquired 11/02/20, Cost: $198,658)^(c)		21,710		167,384
Design Therapeutics, Inc.^(a)(e)		13,967		205,175
Dicerna Pharmaceuticals, Inc.^(a)		14,790		298,166
Enanta Pharmaceuticals, Inc.^(a)		5,480		311,319
Everest Medicines Ltd.^(a)(f)		30,500		192,596
Exact Sciences Corp.^(a)		14,000		1,336,300
Forma Therapeutics Holdings, Inc.^(a)		11,947		277,051
Genmab A/S^(a)		7,828		3,420,222
Genmab A/S, ADR^(a)		28,261		1,235,006
Gilead Sciences, Inc.		133,519		9,326,302
Global Blood Therapeutics, Inc.^(a)		25,084		639,140
Horizon Therapeutics PLC^(a)		19,295		2,113,574
Ideaya Biosciences, Inc.^(a)		15,835		403,634
Imago Biosciences, Inc.^(a)		24,661		493,960
Immuneering Corp., Class A^(a)(e)		14,456		383,807
Immunocore Holdings PLC, ADR^(a)		9,668		358,393
Incyte Corp.^(a)		23,637		1,625,753
Kronos Bio, Inc., (Acquired 10/09/20, Cost: $260,000), 8/20/2020^(c)		16,099		337,435
Krystal Biotech, Inc.^(a)		3,730		194,743
Mersana Therapeutics, Inc.^(a)		57,220		539,585
Mirati Therapeutics, Inc.^(a)		8,661		1,532,218
Moderna, Inc.^(a)		12,685		4,881,949
Monte Rosa Therapeutics, Inc.^(a)		28,575		636,651
Natera, Inc.^(a)		29,436		3,280,348
Neurocrine Biosciences, Inc.^(a)		18,372		1,762,059
Novavax, Inc.^(a)		9,295		1,926,946
Omega Therapeutics, Inc.^(a)		23,833		449,252
Point Biopharma Global, Inc.^(a)		27,000		207,630
Prothena Corp. PLC^(a)		21,064		1,500,389


Security	Shares		Value

Biotechnology (continued)
PTC Therapeutics, Inc.^(a)		4,745	$	176,561
Rapt Therapeutics, Inc.^(a)		8,660		268,893
Regeneron Pharmaceuticals, Inc.^(a)		11,420		6,911,156
Relay Therapeutics, Inc.^(a)		10,918		344,245
Sarepta Therapeutics, Inc.^(a)		8,718		806,241
Seagen, Inc.^(a)		62,943		10,687,721
Sigilon Therapeutics, Inc.^(a)		19,555		110,486
Talaris Therapeutics, Inc.^(a)		23,939		324,613
Tango Therapeutics, Inc.^(a)(e)		8,720		112,750
Taysha Gene Therapies, Inc.^(a)		30,936		576,028
TCR2 Therapeutics, Inc.^(a)		10,160		86,462
Tenaya Therapeutics, Inc.^(a)(e)		30,572		631,312
TScan Therapeutics, Inc.^(a)(e)		29,940		249,700
Vertex Pharmaceuticals, Inc.^(a)		21,723		3,940,335

				123,948,007

Diversified Financial Services^(a)— 0.3%
Health Assurance Acquisition Corp., Class A		90,235		882,498
Health Sciences Acquisitions Corp.		13,696		135,454
Helix Acquisition Corp., Class A		11,715		115,627
MedTech Acquisition Corp., Class A^(e)		42,753		424,537

				1,558,116

Health Care Equipment & Supplies — 26.4%
Abbott Laboratories^(d)		275,807		32,581,081
ABIOMED, Inc.^(a)		13,964		4,545,561
Alcon, Inc.		57,785		4,649,959
Baxter International, Inc.		94,497		7,600,394
Boston Scientific Corp.^(a)		342,152		14,845,975
Cooper Cos., Inc.		3,510		1,450,718
DENTSPLY SIRONA, Inc.		52,685		3,058,364
Edwards Lifesciences Corp.^(a)		99,620		11,277,980
Intuitive Surgical, Inc.^(a)(d)		16,663		16,565,522
Kangji Medical Holdings Ltd.^(e)		264,936		351,408
Masimo Corp.^(a)		22,110		5,985,398
Medtronic PLC		141,261		17,707,067
Nevro Corp.^(a)		19,693		2,291,871
Novocure Ltd.^(a)		8,970		1,042,045
ResMed, Inc.		18,667		4,919,688
Stryker Corp.		41,981		11,071,229
Teleflex, Inc.		19,140		7,207,167
Zimmer Biomet Holdings, Inc		63,022		9,223,900

				156,375,327

Health Care Providers & Services — 18.0%
Agiliti, Inc.^(a)		75,106		1,430,018
Agilon Health, Inc.^(a)		41,052		1,075,973
Alignment Healthcare, Inc.^(a)		50,071		800,134
Amedisys, Inc.^(a)		19,757		2,945,769
AmerisourceBergen Corp.		24,875		2,971,319
Anthem, Inc.^(d)		24,312		9,063,514
Cano Health, Inc., (Acquired 09/02/21, Cost: $1,485,000)^(c)		148,500		1,882,980
Cardinal Health, Inc.		57,890		2,863,239
CareMax, Inc., (Acquired 07/22/21, Cost: $257,350)^(c)		25,735		248,600
CareMax, Inc.^(a)(e)		21,007		202,928
Centene Corp.^(a)		66,812		4,163,056
Cigna Corp.		72,169		14,445,347
Encompass Health Corp.		40,167		3,014,132
Guardant Health, Inc.^(a)		7,365		920,699
Henry Schein, Inc.^(a)		41,035		3,125,226
Humana, Inc.^(d)		18,990		7,389,958
Innovage Holding Corp.^(a)		13,434		88,799

Schedule of Investments (unaudited) (continued)

September 30, 2021

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)



Security	Shares		Value

Health Care Providers & Services (continued)
LHC Group, Inc.^(a)		20,224	$	3,173,348
LifeStance Health Group, Inc.^(a)		73,455		1,065,097
McKesson Corp.		6,180		1,232,168
Oak Street Health, Inc.^(a)		54,700		2,326,391
Privia Health Group, Inc.^(a)		16,443		387,397
Quest Diagnostics, Inc.		30,305		4,403,619
UnitedHealth Group, Inc.^(d)		94,809		37,045,669

				106,265,380

Health Care Technology — 0.5%
Teladoc Health, Inc.^(a)		21,980		2,787,284


Life Sciences Tools & Services — 11.9%
Agilent Technologies, Inc.		13,960		2,199,119
Avantor, Inc.^(a)		142,704		5,836,594
Danaher Corp.		18,790		5,720,428
ICON PLC^(a)		14,645		3,837,283
Illumina, Inc.^(a)		14,027		5,689,491
IQVIA Holdings, Inc.^(a)		31,163		7,464,785
Nautilus Biotechnology, Inc.^(a)		16,560		101,678
QIAGEN NV^(a)		13,214		682,899
Rapid Micro Biosystems, Inc., Class A^(a)(e)		20,561		379,762
Thermo Fisher Scientific, Inc.^(d)(g)		61,863		35,344,188
WuXi AppTec Co. Ltd., Class H		33,842		787,835
Wuxi Biologics Cayman, Inc.^(a)(f)		148,000		2,400,603

				70,444,665

Pharmaceuticals — 20.1%
AstraZeneca PLC		25,400		3,061,150
Bristol-Myers Squibb Co.		157,283		9,306,435
Daiichi Sankyo Co. Ltd.		67,500		1,794,227
Eli Lilly & Co.		76,468		17,667,931
Hansoh Pharmaceutical Group Co. Ltd.		882,438		2,233,782
Hua Medicine^(a)(f)		735,105		442,877
Johnson & Johnson		151,224		24,422,676
Merck & Co., Inc.		73,837		5,545,897
Nektar Therapeutics^(a)		24,513		440,254
Pfizer, Inc.		717,846		30,874,557
Roche Holding AG		11,467		4,185,108
Sanofi		57,845		5,568,391
Sanofi, ADR		54,625		2,633,471
Zoetis, Inc.		54,489		10,578,495

				118,755,251


Total Common Stocks — 98.1% (Cost: $374,239,399)				580,134,030



Security	Benefical Interest (000)		Value

Other Interests^(h)

Pharmaceuticals — 0.1%
Afferent Pharmaceuticals, Inc.^(b)	$	190	$	273,831


Total Other Interests — 0.1% (Cost: $ — )				273,831


	Shares

Preferred Securities

Preferred Stocks — 1.0%^(c)

Biotechnology — 0.3%
Affinvax, Inc., Series C, (Acquired 01/06/21, Cost: $199,992)^(b)		6,331		219,939
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002)^(b)		44,167		238,502
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $149,465)^(b)		126,665		163,398
Imago Biosciences, Inc., (Acquired 11/12/20, Cost: $235,002)		23,163		450,552
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800)^(b)		21,100		590,800
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $260,567)^(b)		106,790		295,808

				1,958,999

Health Care Equipment & Supplies^(b)— 0.3%
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999)		101,741		596,202
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001)		367,395		1,072,794
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998)		92,580		286,998

				1,955,994

Health Care Providers & Services — 0.1%
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759)^(b)		4,243,029		502,969


Pharmaceuticals — 0.1%
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000)^(b)		30,616		560,000


Software — 0.2%
Carbon Health Technologies, Inc., (Acquired 07/09/21, Cost: $907,000)^(b)		907		907,000


Total Preferred Stocks — 1.0%			5,884,962


Total Preferred Securities — 1.0% (Cost: $5,636,585)				5,884,962


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 (BME)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Warrants

Diversified Financial Services^(a)— 0.0%
Health Assurance Acquisition Corp. (Expires 11/12/2025)		22,558	$	23,235
MedTech Acquisition Corp. (Expires 12/18/2025)		14,251		11,686

				34,921

Health Care Providers & Services — 0.0%
CareMax, Inc. (Expires 06/08/2026)^(a)		4,201		11,133


Pharmaceuticals — 0.0%
Nuvation Bio, Inc. (Expires 07/07/2027)^(a)		4,050		10,246


Total Warrants — 0.0% (Cost: $116,150)				56,300


Total Long-Term Investments — 99.2% (Cost: $379,992,134)				586,349,123


Short-Term Securities

Money Market Funds — 1.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%^(i)(j)		8,816,253		8,816,253
SL Liquidity Series, LLC, Money Market Series, 0.13%^(i)(j)(k)		704,024		704,235


Total Short-Term Securities — 1.6% (Cost: $9,520,488)				9,520,488


Options Purchased — 0.0% (Cost: $250,086)				200,375


Total Investments Before Options Written — 100.8% (Cost: $389,762,708)				596,069,986


Options Written — (0.5)% (Premiums Received: $(5,683,310))				(2,979,941	)


Total Investments, Net of Options Written — 100.3% (Cost: $384,079,398)				593,090,045

Liabilities in Excess of Other Assets — (0.3)%				(1,757,939	)


Net Assets — 100.0%			$	591,332,106

^(a)	Non-income producing security.

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

^(c)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $14,304,370, representing 2.4% of its net assets as of period end, and an original cost of $10,154,019.

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

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

^(h)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(i)	Affiliate of the Trust.

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

^(k)	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.

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
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	13,774,637	$	—		$	(4,958,384	)^(a)	$	—		$	—	$	8,816,253		8,816,253	$	1,180		$	—
SL Liquidity Series, LLC, Money Market Series		102,701		601,543^(a	⁾		—			(9	)		—		704,235		704,024		15,095	^(b)		—

									$	(9	)	$	—	$	9,520,488			$	16,275		$	—

^(a)

Represents net amount purchased (sold).

^(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.

Schedule of Investments (unaudited) (continued)

September 30, 2021

BlackRock Health Sciences Trust (BME)

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Purchased

Description

Number of
Contracts

Expiration
Date

Exercise Price

Notional

Amount (000)

Value

Call

Moderna, Inc.

11/19/21

USD

400.00

USD

2,694

200,375

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Biogen, Inc.		124		10/01/21		USD	355.00		USD	3,509	$	(53,320	)
Cardinal Health, Inc.		124		10/01/21		USD	54.00		USD	613		(620	)
Edwards Lifesciences Corp.		133		10/01/21		USD	118.00		USD	1,506		(1,995	)
Humana, Inc.		31		10/01/21		USD	420.00		USD	1,206		(930	)
Intuitive Surgical, Inc.		19		10/01/21		USD	1,060.00		USD	1,889		(6,270	)
McKesson Corp.		6		10/01/21		USD	205.00		USD	120		(180	)
Nektar Therapeutics		53		10/01/21		USD	13.92		USD	95		(21,412	)
LHC Group, Inc.		29		10/06/21		USD	218.00		USD	455		—
Abbott Laboratories		86		10/08/21		USD	127.25		USD	1,016		(112	)
AbbVie, Inc.		94		10/08/21		USD	113.00		USD	1,014		(1,927	)
Amgen, Inc.		54		10/08/21		USD	225.00		USD	1,148		(999	)
Baxter International, Inc.		156		10/08/21		USD	85.00		USD	1,255		(6,240	)
Boston Scientific Corp.		108		10/08/21		USD	46.00		USD	469		(1,890	)
Bristol-Myers Squibb Co.		102		10/08/21		USD	68.00		USD	604		(510	)
Cardinal Health, Inc.		40		10/08/21		USD	55.00		USD	198		(1,200	)
Exact Sciences Corp.		11		10/08/21		USD	107.00		USD	105		(248	)
Intuitive Surgical, Inc.		9		10/08/21		USD	356.63		USD	895		(2,003	)
Medtronic PLC		68		10/08/21		USD	134.00		USD	852		(1,530	)
Merck & Co., Inc.		140		10/08/21		USD	77.00		USD	1,052		(5,810	)
Sarepta Therapeutics, Inc.		29		10/08/21		USD	80.00		USD	268		(38,135	)
UnitedHealth Group, Inc.		45		10/08/21		USD	425.00		USD	1,758		(1,305	)
Stryker Corp.		50		10/14/21		USD	268.75		USD	1,319		(12,219	)
Abbott Laboratories		187		10/15/21		USD	130.00		USD	2,209		(1,964	)
Agilon Health, Inc.		39		10/15/21		USD	40.00		USD	102		(1,950	)
Agilon Health, Inc.		38		10/15/21		USD	35.00		USD	100		(380	)
Alcon, Inc.		39		10/15/21		USD	85.00		USD	314		(1,073	)
Amgen, Inc.		53		10/15/21		USD	235.00		USD	1,127		(504	)
Anthem, Inc.		14		10/15/21		USD	390.00		USD	522		(3,465	)
Apellis Pharmaceuticals, Inc.		17		10/15/21		USD	90.00		USD	56		(1,360	)
Arcutis Biotherapeutics, Inc.		31		10/15/21		USD	25.00		USD	74		(3,023	)
Argenx SE, ADR		15		10/15/21		USD	330.00		USD	453		(3,825	)
Avantor, Inc.		177		10/15/21		USD	40.00		USD	724		(31,417	)
BioMarin Pharmaceutical, Inc.		37		10/15/21		USD	80.00		USD	286		(5,827	)
Blueprint Medicines Corp.		36		10/15/21		USD	100.00		USD	370		(27,540	)
Boston Scientific Corp.		375		10/15/21		USD	45.00		USD	1,627		(12,000	)
Bristol-Myers Squibb Co.		170		10/15/21		USD	66.25		USD	1,006		(1,518	)
Centene Corp.		106		10/15/21		USD	65.00		USD	660		(9,805	)
Cerevel Therapeutics Holdings, Inc.		16		10/15/21		USD	40.00		USD	47		(880	)
Cytokinetics, Inc.		31		10/15/21		USD	33.00		USD	111		(11,470	)
DENTSPLY SIRONA, Inc.		135		10/15/21		USD	62.50		USD	784		(1,350	)
Dicerna Pharmaceuticals, Inc.		28		10/15/21		USD	25.00		USD	56		(1,050	)
Enanta Pharmaceuticals, Inc.		10		10/15/21		USD	50.00		USD	57		(7,150	)
Encompass Health Corp.		72		10/15/21		USD	80.00		USD	540		(6,840	)
Gilead Sciences, Inc.		179		10/15/21		USD	72.50		USD	1,250		(9,039	)
Global Blood Therapeutics, Inc.		47		10/15/21		USD	30.05		USD	120		(1,372	)
Guardant Health, Inc.		27		10/15/21		USD	130.00		USD	338		(6,277	)
Henry Schein, Inc.		155		10/15/21		USD	80.00		USD	1,180		(10,462	)
Horizon Pharma PLC		73		10/15/21		USD	110.00		USD	800		(22,630	)
Humana, Inc.		16		10/15/21		USD	420.00		USD	623		(920	)
Humana, Inc.		37		10/15/21		USD	425.00		USD	1,440		(1,573	)
Incyte Corp.		45		10/15/21		USD	77.50		USD	310		(675	)
Johnson & Johnson		302		10/15/21		USD	175.00		USD	4,877		(2,718	)


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 (BME)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
LHC Group, Inc.		29		10/15/21	USD	185.00	USD	455	$	(2,175	)
Masimo Corp.		28		10/15/21	USD	295.00	USD	758		(6,300	)
McKesson Corp.		6		10/15/21	USD	200.00	USD	120		(2,190	)
Medtronic PLC		125		10/15/21	USD	135.00	USD	1,567		(3,688	)
Mersana Therapeutics, Inc.		41		10/15/21	USD	17.50	USD	39		(615	)
Natera, Inc.		24		10/15/21	USD	125.00	USD	267		(5,640	)
Oak Street Health, Inc.		83		10/15/21	USD	60.00	USD	353		(4,980	)
Pfizer, Inc.		605		10/15/21	USD	47.00	USD	2,602		(3,328	)
Prothena Corp. PLC		21		10/15/21	USD	70.00	USD	150		(10,710	)
Rapt Therapeutics, Inc.		25		10/15/21	USD	35.00	USD	78		(2,250	)
ResMed, Inc.		35		10/15/21	USD	290.00	USD	922		(1,575	)
Seagen, Inc.		120		10/15/21	USD	164.93	USD	2,038		(95,383	)
Teleflex, Inc.		38		10/15/21	USD	390.00	USD	1,431		(22,420	)
Thermo Fisher Scientific, Inc.		46		10/15/21	USD	560.00	USD	2,628		(89,470	)
UnitedHealth Group, Inc.		194		10/15/21	USD	430.00	USD	7,580		(10,864	)
Vertex Pharmaceuticals, Inc.		82		10/15/21	USD	200.00	USD	1,487		(4,305	)
Zimmer Biomet Holdings, Inc.		136		10/15/21	USD	148.80	USD	1,990		(29,369	)
Zoetis, Inc.		207		10/15/21	USD	210.00	USD	4,019		(5,693	)
AbbVie, Inc.		94		10/22/21	USD	113.00	USD	1,014		(5,593	)
Boston Scientific Corp.		375		10/22/21	USD	46.00	USD	1,627		(12,000	)
Bristol-Myers Squibb Co.		139		10/22/21	USD	67.72	USD	822		(1,674	)
Cardinal Health, Inc.		73		10/22/21	USD	55.00	USD	361		(1,095	)
Cigna Corp.		80		10/22/21	USD	215.00	USD	1,601		(6,800	)
Eli Lilly & Co.		155		10/22/21	USD	260.00	USD	3,581		(10,385	)
Illumina, Inc.		22		10/22/21	USD	490.00	USD	892		(10,120	)
Intuitive Surgical, Inc.		14		10/22/21	USD	366.62	USD	1,392		(11,760	)
Medtronic PLC		101		10/22/21	USD	135.00	USD	1,266		(5,404	)
Merck & Co., Inc.		140		10/22/21	USD	77.00	USD	1,052		(11,410	)
Novavax, Inc.		35		10/22/21	USD	290.00	USD	726		(5,827	)
Pfizer, Inc.		252		10/22/21	USD	47.00	USD	1,084		(2,520	)
Regeneron Pharmaceuticals, Inc.		21		10/22/21	USD	690.00	USD	1,271		(5,565	)
Teladoc Health, Inc.		12		10/22/21	USD	150.00	USD	152		(852	)
UnitedHealth Group, Inc.		51		10/22/21	USD	415.00	USD	1,993		(16,039	)
Encompass Health Corp.		80		10/25/21	USD	80.00	USD	600		(8,227	)
Amgen, Inc.		59		10/29/21	USD	220.00	USD	1,255		(16,697	)
Anthem, Inc.		51		10/29/21	USD	395.00	USD	1,901		(26,265	)
Bristol-Myers Squibb Co.		43		10/29/21	USD	65.00	USD	254		(1,333	)
Cardinal Health, Inc.		73		10/29/21	USD	54.00	USD	361		(1,095	)
Eli Lilly & Co.		180		10/29/21	USD	245.00	USD	4,159		(49,320	)
Pfizer, Inc.		833		10/29/21	USD	47.00	USD	3,583		(12,078	)
Alcon, Inc.		53		11/03/21	USD	86.50	USD	426		(11,540	)
DENTSPLY SIRONA, Inc.		65		11/03/21	USD	63.50	USD	377		(2,431	)
Masimo Corp.		28		11/03/21	USD	275.00	USD	758		(23,051	)
Anthem, Inc.		27		11/05/21	USD	385.00	USD	1,007		(25,515	)
Boston Scientific Corp.		351		11/05/21	USD	45.00	USD	1,523		(36,157	)
Bristol-Myers Squibb Co.		122		11/05/21	USD	63.00	USD	722		(8,723	)
Centene Corp.		72		11/05/21	USD	65.00	USD	449		(11,911	)
Cigna Corp.		70		11/05/21	USD	210.00	USD	1,401		(28,000	)
Edwards Lifesciences Corp.		245		11/05/21	USD	122.00	USD	2,774		(47,775	)
Exact Sciences Corp.		17		11/05/21	USD	103.00	USD	162		(6,460	)
Gilead Sciences, Inc.		328		11/05/21	USD	73.00	USD	2,291		(44,277	)
Illumina, Inc.		31		11/05/21	USD	460.00	USD	1,257		(8,447	)
Intuitive Surgical, Inc.		12		11/05/21	USD	1,070.00	USD	1,193		(20,760	)
Medtronic PLC		126		11/05/21	USD	132.00	USD	1,579		(16,443	)
Moderna, Inc.		19		11/05/21	USD	470.00	USD	731		(12,777	)
Pfizer, Inc.		520		11/05/21	USD	46.00	USD	2,237		(21,840	)
Teladoc Health, Inc.		9		11/05/21	USD	145.00	USD	114		(2,282	)
UnitedHealth Group, Inc.		70		11/05/21	USD	420.00	USD	2,735		(28,105	)
PTC Therapeutics, Inc.		18		11/16/21	USD	45.00	USD	67		(380	)
Abbott Laboratories		144		11/19/21	USD	125.00	USD	1,701		(20,376	)
ABIOMED, Inc.		48		11/19/21	USD	354.50	USD	1,562		(38,260	)
Agilent Technologies, Inc.		53		11/19/21	USD	175.00	USD	835		(4,903	)

Schedule of Investments (unaudited) (continued)

September 30, 2021

BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Agilon Health, Inc.		78		11/19/21	USD	30.00	USD	204	$	(4,485	)
Agios Pharmaceuticals, Inc.		51		11/19/21	USD	55.00	USD	235		(3,443	)
Alcon, Inc.		131		11/19/21	USD	85.00	USD	1,054		(18,667	)
Allogene Therapeutics, Inc.		116		11/19/21	USD	30.00	USD	298		(13,920	)
Alnylam Pharmaceuticals, Inc.		57		11/19/21	USD	192.00	USD	1,076		(70,830	)
Amedisys, Inc.		75		11/19/21	USD	165.00	USD	1,118		(28,350	)
AmerisourceBergen Corp.		94		11/19/21	USD	130.00	USD	1,123		(11,045	)
Amgen, Inc.		71		11/19/21	USD	225.00	USD	1,510		(21,832	)
Arcutis Biotherapeutics, Inc.		65		11/19/21	USD	30.00	USD	155		(4,875	)
Arena Pharmaceuticals, Inc.		56		11/19/21	USD	70.00	USD	333		(7,700	)
Argenx SE, ADR		12		11/19/21	USD	350.00	USD	362		(6,540	)
Avantor, Inc.		365		11/19/21	USD	45.00	USD	1,493		(25,550	)
Baxter International, Inc.		200		11/19/21	USD	82.50	USD	1,609		(38,500	)
BioMarin Pharmaceutical, Inc.		37		11/19/21	USD	85.00	USD	286		(5,828	)
Boston Scientific Corp.		91		11/19/21	USD	47.00	USD	395		(4,414	)
Bridgebio Pharma, Inc.		51		11/19/21	USD	60.00	USD	239		(6,247	)
Bristol-Myers Squibb Co.		21		11/19/21	USD	65.00	USD	124		(1,040	)
Centene Corp.		75		11/19/21	USD	67.50	USD	467		(12,187	)
Cerevel Therapeutics Holdings, Inc.		47		11/19/21	USD	40.00	USD	139		(4,230	)
Cigna Corp.		124		11/19/21	USD	220.00	USD	2,482		(31,000	)
Cytokinetics, Inc.		30		11/19/21	USD	35.00	USD	107		(12,300	)
Danaher Corp.		71		11/19/21	USD	340.00	USD	2,162		(13,312	)
Enanta Pharmaceuticals, Inc.		10		11/19/21	USD	59.00	USD	57		(3,490	)
Exact Sciences Corp.		25		11/19/21	USD	120.00	USD	239		(3,188	)
Genmab A/S, ADR		26		11/19/21	USD	45.00	USD	114		(6,630	)
Icon PLC		55		11/19/21	USD	280.00	USD	1,441		(34,375	)
Ideaya Biosciences, Inc.		30		11/19/21	USD	30.00	USD	76		(7,650	)
Incyte Corp.		44		11/19/21	USD	82.50	USD	303		(2,310	)
Intuitive Surgical, Inc.		9		11/19/21	USD	360.00	USD	895		(17,775	)
IQVIA Holdings, Inc.		75		11/19/21	USD	260.00	USD	1,797		(20,812	)
Johnson & Johnson		272		11/19/21	USD	170.00	USD	4,393		(41,208	)
Krystal Biotech, Inc.		14		11/19/21	USD	90.00	USD	73		(4,095	)
Masimo Corp.		28		11/19/21	USD	275.00	USD	758		(30,380	)
McKesson Corp.		11		11/19/21	USD	210.00	USD	219		(4,565	)
Medtronic PLC		116		11/19/21	USD	135.00	USD	1,454		(14,094	)
Mirati Therapeutics, Inc.		28		11/19/21	USD	190.00	USD	495		(25,620	)
Moderna, Inc.		140		11/19/21	USD	450.00	USD	5,388		(182,000	)
Natera, Inc.		20		11/19/21	USD	130.00	USD	223		(6,450	)
Nektar Therapeutics		20		11/19/21	USD	20.00	USD	36		(2,400	)
Nektar Therapeutics		20		11/19/21	USD	22.00	USD	36		(1,950	)
Neurocrine Biosciences, Inc.		69		11/19/21	USD	110.00	USD	662		(14,145	)
Nevro Corp.		74		11/19/21	USD	140.00	USD	861		(15,540	)
Oak Street Health, Inc.		124		11/19/21	USD	60.00	USD	527		(8,680	)
Pfizer, Inc.		520		11/19/21	USD	46.00	USD	2,237		(26,780	)
Prothena Corp. PLC		59		11/19/21	USD	76.50	USD	420		(34,552	)
Quest Diagnostics, Inc.		115		11/19/21	USD	160.00	USD	1,671		(8,912	)
Rapt Therapeutics, Inc.		7		11/19/21	USD	40.00	USD	22		(963	)
Regeneron Pharmaceuticals, Inc.		22		11/19/21	USD	685.00	USD	1,331		(10,670	)
Relay Therapeutics, Inc.		41		11/19/21	USD	50.00	USD	129		(20,500	)
ResMed, Inc.		35		11/19/21	USD	300.00	USD	922		(8,312	)
Sanofi, ADR		109		11/19/21	USD	50.00	USD	525		(9,265	)
Sarepta Therapeutics, Inc.		4		11/19/21	USD	100.00	USD	37		(1,700	)
Seagen, Inc.		123		11/19/21	USD	160.00	USD	2,089		(193,725	)
Stryker Corp.		110		11/19/21	USD	260.00	USD	2,901		(128,150	)
Teladoc Health, Inc.		23		11/19/21	USD	160.00	USD	292		(3,163	)
Teladoc Health, Inc.		39		11/19/21	USD	155.00	USD	495		(7,117	)
Teleflex, Inc.		34		11/19/21	USD	400.00	USD	1,280		(40,120	)
Thermo Fisher Scientific, Inc.		46		11/19/21	USD	600.00	USD	2,628		(48,070	)
Zimmer Biomet Holdings, Inc.		103		11/19/21	USD	150.00	USD	1,508		(48,925	)


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 (BME)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Mirati Therapeutics, Inc.		28		12/17/21	USD	200.00	USD	495	$	(25,760	)
Sanofi, ADR		98		12/17/21	USD	50.00	USD	472		(10,535	)

									$	(2,713,210	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Genmab A/S, ADR	Citibank N.A.		4,300		10/04/21	USD	45.75	USD	188	$	(948	)
Alnylam Pharmaceuticals, Inc.	Barclays Bank PLC		7,200		10/07/21	USD	201.96	USD	1,359		(13,397	)
Genmab A/S	Credit Suisse International		900		10/07/21	DKK	3,069.40	DKK	2,528		(331	)
Genmab A/S, ADR	Bank of America N.A.		4,500		10/07/21	USD	48.60	USD	197		(1,201	)
Roche Holding AG	Goldman Sachs International		2,000		10/08/21	CHF	368.90	CHF	684		(45	)
Sanofi	Credit Suisse International		7,100		10/12/21	EUR	91.97	EUR	590		(12	)
IQVIA Holdings, Inc.	Citibank N.A.		4,300		10/13/21	USD	258.80	USD	1,030		(3,083	)
Hansoh Pharmaceutical Group Co. Ltd.	JPMorgan Chase Bank N.A.		58,000		10/15/21	HKD	28.95	HKD	1,148		(3	)
Roche Holding AG	UBS AG		1,100		10/19/21	CHF	377.91	CHF	376		(88	)
Daiichi Sankyo Co. Ltd.	Goldman Sachs International		25,600		10/21/21	JPY	2,665.95	JPY	76,275		(74,317	)
Hansoh Pharmaceutical Group Co. Ltd.	Morgan Stanley & Co. International PLC		112,000		10/29/21	HKD	23.27	HKD	2,218		(4,766	)
Sanofi	UBS AG		8,000		10/29/21	EUR	84.38	EUR	665		(12,364	)
Genmab A/S	Morgan Stanley & Co. International PLC		2,000		11/02/21	DKK	2,796.00	DKK	5,618		(35,542	)
WuXi AppTec Co. Ltd., Class H	Morgan Stanley & Co. International PLC		11,600		11/02/21	HKD	178.91	HKD	2,112		(20,381	)
Agios Pharmaceuticals, Inc.	Bank of America N.A.		3,100		11/03/21	USD	51.32	USD	143		(2,203	)
Wuxi Biologics Cayman, Inc.	Morgan Stanley & Co. International PLC		56,000		11/09/21	HKD	122.17	HKD	7,084		(76,797	)
Hansoh Pharmaceutical Group Co. Ltd.	Morgan Stanley & Co. International PLC		66,000		11/10/21	HKD	20.46	HKD	1,307		(10,884	)
Sanofi	UBS AG		6,800		11/11/21	EUR	84.87	EUR	565		(10,369	)

										$	(266,731	)

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 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.

Schedule of Investments (unaudited) (continued)

September 30, 2021

BlackRock Health Sciences Trust (BME)

Fair Value Hierarchy as of Period End (continued)

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.	$	114,047,361		$	7,444,761		$	2,455,885	$	123,948,007
Diversified Financial Services		1,558,116			—			—		1,558,116
Health Care Equipment & Supplies		156,023,919			351,408			—		156,375,327
Health Care Providers & Services		104,133,800			2,131,580			—		106,265,380
Health Care Technology		2,787,284			—			—		2,787,284
Life Sciences Tools & Services		67,256,227			3,188,438			—		70,444,665
Pharmaceuticals		101,912,593			16,842,658			—		118,755,251
Other Interests		—			—			273,831		273,831
Preferred Securities
Preferred Stocks		—			450,552			5,434,410		5,884,962
Warrants		56,300			—			—		56,300
Short-Term Securities
Money Market Funds		8,816,253			—			—		8,816,253
Options Purchased
Equity Contracts		200,375			—			—		200,375

	$ 556,792,228			$ 30,409,397			$ 8,164,126		595,365,751

Investments Valued at NAV^(a)										704,235

									$ 596,069,986

Derivative Financial Instruments^(b)
Liabilities
Equity Contracts	$	(2,357,390	)	$	(622,551	)	$	—	$	(2,979,941	)

^(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.

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			Other Interests		Preferred Stocks			Total
Assets
Opening balance, as of December 31, 2020	$	2,699,612		$	254,814	$	1,417,773		$	4,372,199
Transfers into Level 3		—			—		—			—
Transfers out of Level 3		(367,867	)		—		(598,024	)		(965,891	)
Accrued discounts/premiums		—			—		—			—
Net realized gain (loss)
Net change in unrealized appreciation (depreciation)^(a)		124,140			19,017		18,884			162,041
Purchases		—			—		5,095,778			5,095,778
Sales		—			—		(500,001	)		(500,001	)

Closing balance, as of September 30, 2021	$	2,455,885		$	273,831	$	5,434,410		$	8,164,126

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2021^(a)	$	124,140		$	19,017	$	18,893		$	162,050

^(a)

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.


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 (BME)

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^(b)
Assets
Common Stocks	$	2,455,885		Income	Discount Rate		0%^(b)		—
Other Interests		273,831		Income	Discount Rate		1% - 2%		1%
Preferred Stocks^(c)		5,434,410		Market	Market Adjustment Multiple		0.90x -1.15x		1.02x
					Revenue Multiple		8.34x		—
					Volatility		70% - 84%		—
					Time to Exit		1.0 - 3.0		1.8
					Recent Transactions	$	0.12 - $1,000.00	$	434.40

	$	8,164,126

^(a)

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

^(b)

Amount is less than 0.5%

^(c)

For the period end September 30, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $855,808 changed to Current Value approach. 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

HKD		Hong Kong Dollar

JPY		Japanese Yen

USD		United States Dollar

Portfolio Abbreviation

ADR		American Depositary Receipt