BlackRock Health Sciences Trust

NPORT-EX 2 NPORT_LCXF_64964401_0323.htm BlackRock Health Sciences Trust

Schedule of Investments (unaudited)

March 31, 2023

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 22.0%
AbbVie, Inc.		111,783	$	17,814,857
Affinivax, Inc., (Acquired 08/18/22, Cost: $0)^(a)(b)		6,331		83,126
Alkermes PLC^(c)		32,331		911,411
Alnylam Pharmaceuticals, Inc.^(c)		15,553		3,115,577
Amgen, Inc.^(d)		67,355		16,283,071
Apellis Pharmaceuticals, Inc.^(c)		13,695		903,322
Arcutis Biotherapeutics, Inc.^(c)		42,854		471,394
Argenx SE, ADR^(c)		7,121		2,653,142
Biogen, Inc.^(c)		21,312		5,925,375
BioMarin Pharmaceutical, Inc.^(c)		34,910		3,394,648
Biomea Fusion, Inc.^(c)		17,544		544,039
BioNTech SE, ADR		10,000		1,245,700
Blueprint Medicines Corp.^(c)		26,725		1,202,358
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002)^(a)(b)		44,167		174,460
Cerevel Therapeutics Holdings, Inc.^(c)		16,785		409,386
CureVac NV^(c)(e)		20,488		142,801
Decibel Therapeutics, Inc.^(c)		46,884		141,590
Design Therapeutics, Inc.^(c)		13,967		80,590
Enanta Pharmaceuticals, Inc.^(c)		3,150		127,386
Exact Sciences Corp.^(c)		16,381		1,110,796
Frequency Therapeutics, Inc.^(c)		28,060		14,114
Genmab A/S^(c)		2,498		944,257
Genmab A/S, ADR^(c)(e)		16,911		638,559
Gilead Sciences, Inc.		172,670		14,326,430
Horizon Therapeutics PLC^(c)		7,410		808,727
Immuneering Corp., Class A^(c)(e)		14,456		140,368
Immunocore Holdings PLC, ADR^(c)(e)		9,668		477,986
Incyte Corp.^(c)		33,358		2,410,783
Ionis Pharmaceuticals, Inc.^(c)		18,640		666,194
IVERIC bio, Inc.^(c)		12,230		297,556
Karuna Therapeutics, Inc.^(c)		1,825		331,493
Krystal Biotech, Inc.^(c)		3,135		250,988
Legend Biotech Corp., ADR^(c)		14,146		682,120
Mirati Therapeutics, Inc.^(c)		15,380		571,828
Moderna, Inc.^(c)		28,938		4,444,298
Monte Rosa Therapeutics, Inc.^(c)		28,575		222,599
Morphic Holding, Inc.^(c)		7,120		267,997
Neurocrine Biosciences, Inc.^(c)		23,254		2,353,770
Nuvalent, Inc., Class A^(c)		11,178		291,634
PMV Pharmaceuticals, Inc.^(c)		17,490		83,427
Prime Medicine, Inc.^(c)(e)		22,929		282,027
Prometheus Biosciences, Inc.^(c)		6,920		742,654
Protagonist Therapeutics, Inc.^(c)		19,310		444,130
Prothena Corp. PLC^(c)		8,734		423,337
PTC Therapeutics, Inc.^(c)		6,385		309,289
Regeneron Pharmaceuticals, Inc.^(c)		17,857		14,672,561
Revolution Medicines, Inc.^(c)		18,874		408,811
Rhythm Pharmaceuticals, Inc.^(c)		48,130		858,639
Rocket Pharmaceuticals, Inc.^(c)		17,213		294,859
Sage Therapeutics, Inc.^(c)		21,680		909,693
Sarepta Therapeutics, Inc.^(c)		18,688		2,575,767
Seagen, Inc.^(c)		20,872		4,225,954
Sigilon Therapeutics, Inc.^(c)		19,555		18,188
Tenaya Therapeutics, Inc.^(c)		25,502		72,681
TScan Therapeutics, Inc.^(c)		29,940		62,874
Ultragenyx Pharmaceutical, Inc.^(c)		6,140		246,214


Security	Shares		Value

Biotechnology (continued)
Vertex Pharmaceuticals, Inc.^(c)(e)		47,119	$	14,845,783
Viking Therapeutics, Inc.^(c)		16,970		282,551


				128,636,169

Health Care Equipment & Supplies — 25.1%
Abbott Laboratories^(d)		129,731		13,136,561
Alcon, Inc.		88,739		6,259,649
Align Technology, Inc.^(c)		3,960		1,323,194
Bausch & Lomb Corp.^(c)		75,830		1,320,200
Baxter International, Inc.		111,827		4,535,703
Becton Dickinson and Co.		36,070		8,928,768
Boston Scientific Corp.^(c)		432,925		21,659,238
Cooper Cos., Inc.		12,951		4,835,385
Dexcom, Inc.^(c)		54,892		6,377,353
Edwards Lifesciences Corp.^(c)		37,566		3,107,835
Envista Holdings Corp.^(c)		21,195		866,452
GE HealthCare Technologies, Inc.^(c)		68,490		5,618,235
Glaukos Corp.^(c)		4,880		244,488
Hologic, Inc.^(c)		10,990		886,893
IDEXX Laboratories, Inc.^(c)		7,185		3,593,075
Insulet Corp.^(c)		8,555		2,728,703
Intuitive Surgical, Inc.^(c)		56,844		14,521,937
iRhythm Technologies, Inc.^(c)		2,280		282,788
Masimo Corp.^(c)(e)		8,860		1,635,024
Medtronic PLC		137,740		11,104,599
Novocure Ltd.^(c)(e)		27,700		1,665,878
Omnicell, Inc.^(c)		6,425		376,955
Orchestra BioMed Holdings, Inc.^(c)(e)		13,696		268,031
Penumbra, Inc.^(c)		21,510		5,994,622
ResMed, Inc.		14,439		3,161,997
STERIS PLC		9,590		1,834,375
Stryker Corp.		65,135		18,594,088
Zimmer Biomet Holdings, Inc.		14,617		1,888,516


				146,750,542

Health Care Providers & Services — 15.1%
Agiliti, Inc.^(c)		40,496		647,126
AmerisourceBergen Corp.		55,773		8,929,815
Centene Corp.^(c)		29,311		1,852,748
Cigna Group		13,289		3,395,738
Elevance Health, Inc.^(d)		12,737		5,856,600
Encompass Health Corp.		15,684		848,504
Guardant Health, Inc.^(c)		11,675		273,662
HCA Healthcare, Inc.		14,645		3,861,594
Humana, Inc.		9,185		4,458,950
McKesson Corp.		24,550		8,741,028
Quest Diagnostics, Inc.		40,564		5,738,995
UnitedHealth Group, Inc.^(d)		92,029		43,491,985


				88,096,745

Life Sciences Tools & Services — 13.3%
10X Genomics, Inc., Class A^(c)		9,740		543,395
Agilent Technologies, Inc.		25,861		3,577,611
Avantor, Inc.^(c)		78,897		1,667,883
Danaher Corp.		77,879		19,628,623
Icon PLC^(c)		8,210		1,753,574
Illumina, Inc.^(c)(e)		12,680		2,948,734
IQVIA Holdings, Inc.^(c)		26,058		5,182,676
Mettler-Toledo International, Inc.^(c)		1,055		1,614,371
Nautilus Biotechnology, Inc.^(c)		16,560		45,871
QIAGEN NV^(c)		31,011		1,424,335
Rapid Micro Biosystems, Inc., Class A^(c)		20,561		26,935
Repligen Corp.^(c)		8,190		1,378,868


1

Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Thermo Fisher Scientific, Inc.^(f)		50,138	$	28,898,039
Waters Corp.^(c)		12,225		3,785,227
West Pharmaceutical Services, Inc.		15,420		5,342,567


				77,818,709

Pharmaceuticals — 20.8%
Arvinas, Inc.^(c)		15,330		418,816
AstraZeneca PLC		41,126		5,698,183
AstraZeneca PLC, ADR		24,607		1,707,972
Bristol-Myers Squibb Co.		39,106		2,710,437
Catalent, Inc.^(c)		20,045		1,317,157
Daiichi Sankyo Co. Ltd.		106,000		3,866,629
Eli Lilly and Co.		98,033		33,666,493
Johnson & Johnson^(d)		101,374		15,712,970
Merck & Co., Inc.^(d)		236,240		25,133,574
Novo Nordisk A/S, Class B		26,375		4,188,911
Pfizer, Inc.^(d)		206,621		8,430,137
Pliant Therapeutics, Inc.^(c)		12,594		335,000
Roche Holding AG		6,561		1,874,756
Sanofi		24,587		2,667,166
Structure Therapeutics, Inc.^(c)		13,208		314,218
Zoetis, Inc.		80,144		13,339,167


				121,381,586


Total Common Stocks — 96.3% (Cost: $401,309,760)				562,683,751


	Benefical Interest (000)

Other Interests

Health Care Providers & Services — 0.0%
Afferent Pharmaceuticals, Inc.^(a)(b)(g)	$	190		150,226


Total Other Interests — 0.0% (Cost: $ — )				150,226


	Shares

Preferred Securities

Preferred Stocks — 0.7%^(a)(b)

Biotechnology — 0.1%
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $224,200)		190,000		62,700
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800)		21,100		531,720
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $260,568)		106,790		260,568


				854,988

Health Care Equipment & Supplies — 0.2%
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999)		101,741		285,892
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001)		367,395		1,036,054
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998)		92,580		133,315


				1,455,261


Security	Shares		Value


Health Care Providers & Services — 0.1%
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759)		4,243,029	$	366,394


Pharmaceuticals — 0.1%
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000)		30,616		356,064


Software — 0.2%
Carbon Health Technologies, Inc., (Acquired 02/02/23, Cost: $907,000)		89,892		1,066,119


				4,098,826


Total Preferred Securities — 0.7% (Cost: $5,011,325)				4,098,826


Rights

Health Care Equipment & Supplies — 0.0%
Abiomed, Inc.^(a)		14,359		40,062


Total Rights — 0.0% (Cost: $14,646)				40,062


Warrants

Health Care Providers & Services — 0.0%
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 07/16/25, Strike Price USD 11.50)^(c)		4,201		2,136


Pharmaceuticals — 0.0%
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50)^(c)		4,050		486


Total Warrants — 0.0% (Cost: $14,030)				2,622


Total Long-Term Investments — 97.0% (Cost: $406,349,761)				566,975,487


Short-Term Securities

Money Market Funds — 4.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%^(h)(i)		20,478,474		20,478,474
SL Liquidity Series, LLC, Money Market Series, 5.01%^(h)(i)(j)		3,860,355		3,860,355


Total Short-Term Securities — 4.2% (Cost: $24,339,320)				24,338,829


Total Investments Before Options Written — 101.2% (Cost: $430,689,081)				591,314,316


Options Written — (1.1)% (Premiums Received: $(5,139,083))				(5,971,233	)


Total Investments, Net of Options Written — 100.1% (Cost: $425,549,998)				585,343,083

Liabilities in Excess of Other Assets — (0.1)%				(845,797	)


Net Assets — 100.0%			$	584,497,286

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

^(b)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $4,506,638, representing 0.8% of its net assets as of period end, and an original cost of $5,276,327.


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)

March 31, 2023

BlackRock Health Sciences Trust (BME)

^(c)	Non-income producing security.

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

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

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	23,195,315	$	—		$	(2,716,841)	^(a)	$	—	$	—		$	20,478,474		20,478,474	$	229,487		$	—
SL Liquidity Series, LLC, Money Market Series		675,980		3,184,005	^(a)		—			1,126		(756	)		3,860,355		3,860,355		7,829	^(b)		—


									$	1,126	$	(756	)	$	24,338,829			$	237,316		$	—

^(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.

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
Avantor, Inc.		75		04/03/23		USD	25.29		USD	159	$	—
Revolution Medicines, Inc.		18		04/03/23		USD	26.50		USD	39		—
Amgen, Inc.		126		04/06/23		USD	240.00		USD	3,046		(42,210	)
BioNTech SE, ADR		38		04/06/23		USD	140.00		USD	473		(380	)
Bristol-Myers Squibb Co.		74		04/06/23		USD	70.00		USD	513		(1,739	)
Centene Corp.		111		04/06/23		USD	70.00		USD	702		(1,665	)
Gilead Sciences, Inc.		38		04/06/23		USD	82.00		USD	315		(5,396	)
Intuitive Surgical, Inc.		48		04/06/23		USD	245.00		USD	1,226		(56,160	)
Johnson & Johnson		18		04/06/23		USD	155.00		USD	279		(2,097	)
Medtronic PLC		65		04/06/23		USD	83.00		USD	524		(618	)
Merck & Co., Inc.		234		04/06/23		USD	109.00		USD	2,490		(4,446	)
Moderna, Inc.		72		04/06/23		USD	145.00		USD	1,106		(68,220	)
UnitedHealth Group, Inc.		65		04/06/23		USD	500.00		USD	3,072		(1,625	)
Abbott Laboratories		246		04/14/23		USD	107.00		USD	2,491		(2,091	)
AbbVie, Inc.		105		04/14/23		USD	150.00		USD	1,673		(102,112	)
AstraZeneca PLC, ADR		93		04/14/23		USD	67.00		USD	646		(26,133	)
Baxter International, Inc.		53		04/14/23		USD	41.00		USD	215		(3,180	)
Danaher Corp.		161		04/14/23		USD	250.00		USD	4,058		(111,895	)
Elevance Health, Inc.		34		04/14/23		USD	480.00		USD	1,563		(7,225	)
Eli Lilly & Co.		119		04/14/23		USD	335.00		USD	4,087		(132,090	)
GE HealthCare Technologies, Inc.		260		04/14/23		USD	80.00		USD	2,133		(76,700	)
Gilead Sciences, Inc.		295		04/14/23		USD	81.00		USD	2,448		(72,422	)
Intuitive Surgical, Inc.		72		04/14/23		USD	245.00		USD	1,839		(90,000	)
McKesson Corp.		39		04/14/23		USD	350.00		USD	1,389		(38,025	)
Pfizer, Inc.		83		04/14/23		USD	41.00		USD	339		(4,773	)
Thermo Fisher Scientific, Inc.		89		04/14/23		USD	560.00		USD	5,130		(176,220	)
Vertex Pharmaceuticals, Inc.		40		04/14/23		USD	300.00		USD	1,260		(67,600	)
Cerevel Therapeutics Holdings, Inc.		32		04/17/23		USD	37.38		USD	78		(102	)


3

Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)



Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
10X Genomics, Inc., Class A		15		04/21/23		USD	50.00		USD	84	$	(10,425	)
Agilent Technologies, Inc.		94		04/21/23		USD	159.00		USD	1,300		(617	)
Alcon, Inc.		66		04/21/23		USD	75.00		USD	466		(3,960	)
Alkermes PLC		22		04/21/23		USD	29.00		USD	62		(880	)
Alnylam Pharmaceuticals, Inc.		16		04/21/23		USD	250.00		USD	321		(3,200	)
Alnylam Pharmaceuticals, Inc.		43		04/21/23		USD	200.00		USD	861		(38,270	)
AmerisourceBergen Corp.		23		04/21/23		USD	160.00		USD	368		(7,302	)
AmerisourceBergen Corp.		81		04/21/23		USD	157.50		USD	1,297		(38,070	)
Amgen, Inc.		129		04/21/23		USD	245.00		USD	3,119		(39,990	)
Apellis Pharmaceuticals, Inc.		44		04/21/23		USD	65.00		USD	290		(16,060	)
Arcutis Biotherapeutics, Inc.		162		04/21/23		USD	12.50		USD	178		(5,670	)
Argenx SE, ADR		27		04/21/23		USD	400.00		USD	1,006		(10,057	)
Arvinas, Inc.		26		04/21/23		USD	40.00		USD	71		(12,480	)
Avantor, Inc.		75		04/21/23		USD	25.29		USD	159		(245	)
BioMarin Pharmaceutical, Inc.		52		04/21/23		USD	115.00		USD	506		(3,640	)
Boston Scientific Corp.		111		04/21/23		USD	47.74		USD	555		(30,034	)
Boston Scientific Corp.		767		04/21/23		USD	49.00		USD	3,837		(118,885	)
Catalent, Inc.		38		04/21/23		USD	75.00		USD	250		(5,415	)
Cooper Cos., Inc.		18		04/21/23		USD	350.00		USD	672		(46,710	)
Danaher Corp.		134		04/21/23		USD	260.00		USD	3,377		(32,495	)
Design Therapeutics, Inc.		26		04/21/23		USD	10.00		USD	15		(520	)
Dexcom, Inc.		109		04/21/23		USD	120.00		USD	1,266		(24,252	)
Edwards Lifesciences Corp.		47		04/21/23		USD	83.52		USD	389		(8,138	)
Encompass Health Corp.		156		04/21/23		USD	65.00		USD	844		(5,460	)
Envista Holdings Corp.		80		04/21/23		USD	39.00		USD	327		(23,200	)
Exact Sciences Corp.		27		04/21/23		USD	72.50		USD	183		(2,970	)
Gilead Sciences, Inc.		182		04/21/23		USD	82.00		USD	1,510		(41,223	)
Glaukos Corp.		9		04/21/23		USD	52.50		USD	45		(1,103	)
HCA Healthcare, Inc.		30		04/21/23		USD	265.00		USD	791		(25,950	)
Hologic, Inc.		21		04/21/23		USD	80.00		USD	169		(4,305	)
Horizon Therapeutics PLC		28		04/21/23		USD	110.00		USD	306		(1,750	)
Humana, Inc.		32		04/21/23		USD	515.00		USD	1,553		(7,600	)
Icon PLC		31		04/21/23		USD	240.00		USD	662		(7,750	)
Illumina, Inc.		48		04/21/23		USD	230.00		USD	1,116		(53,040	)
Immunocore Holdings PLC, ADR		36		04/21/23		USD	70.00		USD	178		(3,060	)
Incyte Corp.		102		04/21/23		USD	82.50		USD	737		(510	)
Insulet Corp.		14		04/21/23		USD	320.00		USD	447		(12,810	)
Insulet Corp.		6		04/21/23		USD	312.52		USD	191		(8,516	)
Ionis Pharmaceuticals, Inc.		41		04/21/23		USD	40.00		USD	147		(205	)
IQVIA Holdings, Inc.		69		04/21/23		USD	220.00		USD	1,372		(2,243	)
iRhythm Technologies, Inc.		4		04/21/23		USD	120.00		USD	50		(3,220	)
Johnson & Johnson		110		04/21/23		USD	170.00		USD	1,705		(605	)
Krystal Biotech, Inc.		6		04/21/23		USD	85.00		USD	48		(2,520	)
Legend Biotech Corp., ADR		27		04/21/23		USD	50.00		USD	130		(2,160	)
Masimo Corp.		17		04/21/23		USD	165.00		USD	314		(36,465	)
Medtronic PLC		126		04/21/23		USD	87.50		USD	1,016		(882	)
Medtronic PLC		44		04/21/23		USD	82.00		USD	355		(4,444	)
Merck & Co., Inc.		209		04/21/23		USD	115.00		USD	2,224		(2,195	)
Mettler-Toledo International, Inc.		4		04/21/23		USD	1,610.00		USD	612		(3,800	)
Moderna, Inc.		23		04/21/23		USD	190.00		USD	353		(633	)
Novocure Ltd.		51		04/21/23		USD	100.00		USD	307		(3,570	)
Novocure Ltd.		54		04/21/23		USD	75.00		USD	325		(2,970	)
Omnicell, Inc.		12		04/21/23		USD	60.00		USD	70		(3,960	)
Penumbra, Inc.		81		04/21/23		USD	270.00		USD	2,257		(122,715	)
Prometheus Biosciences, Inc.		13		04/21/23		USD	145.00		USD	140		(4,550	)
PTC Therapeutics, Inc.		24		04/21/23		USD	48.00		USD	116		(8,580	)
QIAGEN NV		74		04/21/23		USD	50.00		USD	340		(14,800	)
Quest Diagnostics, Inc.		156		04/21/23		USD	140.00		USD	2,207		(50,700	)
Regeneron Pharmaceuticals, Inc.		21		04/21/23		USD	785.00		USD	1,726		(92,715	)
ResMed, Inc.		33		04/21/23		USD	220.00		USD	723		(14,850	)
Revolution Medicines, Inc.		35		04/21/23		USD	30.10		USD	76		(188	)
Rhythm Pharmaceuticals, Inc.		83		04/21/23		USD	30.00		USD	148		(1,453	)


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)

March 31, 2023

BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)



Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Rocket Pharmaceuticals, Inc.		65		04/21/23		USD	22.50		USD	111	$	(975	)
Sage Therapeutics, Inc.		20		04/21/23		USD	47.50		USD	84		(1,050	)
Sarepta Therapeutics, Inc.		9		04/21/23		USD	150.00		USD	124		(1,665	)
STERIS PLC		31		04/21/23		USD	200.00		USD	593		(8,447	)
STERIS PLC		5		04/21/23		USD	185.00		USD	96		(4,550	)
Stryker Corp.		14		04/21/23		USD	270.00		USD	400		(23,450	)
Thermo Fisher Scientific, Inc.		101		04/21/23		USD	570.00		USD	5,821		(167,660	)
Ultragenyx Pharmaceutical, Inc.		23		04/21/23		USD	50.00		USD	92		(1,093	)
UnitedHealth Group, Inc.		75		04/21/23		USD	495.00		USD	3,544		(25,875	)
Vertex Pharmaceuticals, Inc.		69		04/21/23		USD	315.00		USD	2,174		(51,750	)
Waters Corp.		40		04/21/23		USD	340.00		USD	1,239		(6,600	)
West Pharmaceutical Services, Inc.		10		04/21/23		USD	320.00		USD	346		(28,350	)
Zimmer Biomet Holdings, Inc.		28		04/21/23		USD	128.33		USD	362		(8,031	)
Zoetis, Inc.		138		04/21/23		USD	172.00		USD	2,297		(16,206	)
Zoetis, Inc.		166		04/27/23		USD	167.00		USD	2,763		(82,039	)
Abbott Laboratories		15		04/28/23		USD	100.00		USD	152		(4,988	)
AbbVie, Inc.		118		04/28/23		USD	155.00		USD	1,881		(73,160	)
Align Technology, Inc.		15		04/28/23		USD	330.00		USD	501		(32,475	)
AmerisourceBergen Corp.		23		04/28/23		USD	155.00		USD	368		(15,870	)
AmerisourceBergen Corp.		81		04/28/23		USD	160.00		USD	1,297		(24,907	)
Baxter International, Inc.		194		04/28/23		USD	41.00		USD	787		(28,615	)
Becton Dickinson and Co.		105		04/28/23		USD	245.00		USD	2,599		(67,200	)
Biogen, Inc.		80		04/28/23		USD	275.00		USD	2,224		(101,600	)
Bristol-Myers Squibb Co.		74		04/28/23		USD	69.00		USD	513		(11,248	)
Elevance Health, Inc.		61		04/28/23		USD	480.00		USD	2,805		(30,042	)
Eli Lilly & Co.		139		04/28/23		USD	345.00		USD	4,774		(148,730	)
Gilead Sciences, Inc.		141		04/28/23		USD	81.00		USD	1,170		(44,274	)
Intuitive Surgical, Inc.		38		04/28/23		USD	265.00		USD	971		(22,610	)
McKesson Corp.		22		04/28/23		USD	350.00		USD	783		(27,170	)
Medtronic PLC		53		04/28/23		USD	78.00		USD	427		(17,278	)
Medtronic PLC		85		04/28/23		USD	82.00		USD	685		(12,622	)
Merck & Co., Inc.		244		04/28/23		USD	109.00		USD	2,596		(43,188	)
Moderna, Inc.		21		04/28/23		USD	155.00		USD	323		(16,222	)
Moderna, Inc.		5		04/28/23		USD	170.00		USD	77		(1,240	)
Pfizer, Inc.		275		04/28/23		USD	42.00		USD	1,122		(12,100	)
Regeneron Pharmaceuticals, Inc.		20		04/28/23		USD	790.00		USD	1,643		(86,500	)
Sarepta Therapeutics, Inc.		62		04/28/23		USD	141.00		USD	855		(35,030	)
UnitedHealth Group, Inc.		209		04/28/23		USD	485.00		USD	9,877		(173,470	)
Vertex Pharmaceuticals, Inc.		70		04/28/23		USD	315.00		USD	2,205		(65,800	)
Alcon, Inc.		136		05/01/23		USD	68.50		USD	959		(52,767	)
Abbott Laboratories		231		05/05/23		USD	101.00		USD	2,339		(69,300	)
AbbVie, Inc.		101		05/05/23		USD	160.00		USD	1,610		(37,117	)
Baxter International, Inc.		177		05/05/23		USD	40.00		USD	718		(40,267	)
Cigna Group		50		05/05/23		USD	260.00		USD	1,278		(38,500	)
Eli Lilly & Co.		114		05/05/23		USD	350.00		USD	3,915		(107,445	)
Exact Sciences Corp.		35		05/05/23		USD	71.00		USD	237		(10,325	)
Intuitive Surgical, Inc.		58		05/05/23		USD	255.00		USD	1,482		(65,830	)
Johnson & Johnson		96		05/05/23		USD	160.00		USD	1,488		(20,688	)
McKesson Corp.		32		05/05/23		USD	365.00		USD	1,139		(18,560	)
Medtronic PLC		75		05/05/23		USD	83.00		USD	605		(7,800	)
Merck & Co., Inc.		210		05/05/23		USD	108.00		USD	2,234		(52,710	)
Pfizer, Inc.		427		05/05/23		USD	42.00		USD	1,742		(29,676	)
Bausch & Lomb Corp.		80		05/09/23		USD	17.50		USD	139		(7,236	)
AmerisourceBergen Corp.		3		05/12/23		USD	165.00		USD	48		(788	)
BioMarin Pharmaceutical, Inc.		80		05/12/23		USD	96.50		USD	778		(40,647	)
Regeneron Pharmaceuticals, Inc.		26		05/12/23		USD	840.00		USD	2,136		(58,370	)
10X Genomics, Inc., Class A		22		05/19/23		USD	55.00		USD	123		(12,100	)
AbbVie, Inc.		100		05/19/23		USD	160.00		USD	1,594		(44,250	)
Agilent Technologies, Inc.		63		05/19/23		USD	150.00		USD	872		(8,820	)
Alcon, Inc.		136		05/19/23		USD	70.00		USD	959		(46,580	)
Alkermes PLC		19		05/19/23		USD	29.00		USD	54		(2,043	)
Arvinas, Inc.		15		05/19/23		USD	31.65		USD	41		(2,562	)


5

Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)



Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Avantor, Inc.		149		05/19/23		USD	22.50		USD	315	$	(10,430	)
Bausch & Lomb Corp.		55		05/19/23		USD	17.50		USD	96		(5,913	)
Blueprint Medicines Corp.		50		05/19/23		USD	50.00		USD	225		(13,125	)
Boston Scientific Corp.		767		05/19/23		USD	49.00		USD	3,837		(185,997	)
Catalent, Inc.		38		05/19/23		USD	70.50		USD	250		(20,284	)
Cerevel Therapeutics Holdings, Inc.		31		05/19/23		USD	25.00		USD	76		(5,813	)
Cooper Cos., Inc.		31		05/19/23		USD	370.00		USD	1,157		(52,855	)
Dexcom, Inc.		99		05/19/23		USD	125.00		USD	1,150		(39,600	)
Edwards Lifesciences Corp.		42		05/19/23		USD	85.00		USD	347		(13,230	)
Genmab A/S, ADR		64		05/19/23		USD	40.00		USD	242		(11,360	)
Glaukos Corp.		9		05/19/23		USD	52.50		USD	45		(2,115	)
Hologic, Inc.		21		05/19/23		USD	80.01		USD	169		(6,964	)
IDEXX Laboratories, Inc.		27		05/19/23		USD	510.00		USD	1,350		(59,670	)
Insulet Corp.		12		05/19/23		USD	340.00		USD	383		(11,160	)
Ionis Pharmaceuticals, Inc.		29		05/19/23		USD	40.00		USD	104		(1,378	)
IQVIA Holdings, Inc.		30		05/19/23		USD	210.00		USD	597		(14,100	)
iRhythm Technologies, Inc.		4		05/19/23		USD	125.00		USD	50		(3,640	)
Johnson & Johnson		161		05/19/23		USD	160.00		USD	2,496		(35,098	)
Karuna Therapeutics, Inc.		6		05/19/23		USD	220.00		USD	109		(780	)
Krystal Biotech, Inc.		6		05/19/23		USD	95.00		USD	48		(1,920	)
Legend Biotech Corp., ADR		26		05/19/23		USD	55.00		USD	125		(6,565	)
Masimo Corp.		16		05/19/23		USD	175.00		USD	295		(27,120	)
Medtronic PLC		75		05/19/23		USD	85.00		USD	605		(7,125	)
Omnicell, Inc.		12		05/19/23		USD	60.00		USD	70		(4,620	)
Prometheus Biosciences, Inc.		13		05/19/23		USD	125.00		USD	140		(6,825	)
Prothena Corp. PLC		33		05/19/23		USD	55.00		USD	160		(5,445	)
QIAGEN NV		43		05/19/23		USD	50.00		USD	197		(2,903	)
Repligen Corp.		31		05/19/23		USD	190.00		USD	522		(14,260	)
ResMed, Inc.		21		05/19/23		USD	220.00		USD	460		(18,795	)
Revolution Medicines, Inc.		18		05/19/23		USD	25.00		USD	39		(1,260	)
Rhythm Pharmaceuticals, Inc.		32		05/19/23		USD	20.00		USD	57		(4,160	)
Sage Therapeutics, Inc.		62		05/19/23		USD	47.50		USD	260		(8,835	)
Stryker Corp.		233		05/19/23		USD	280.00		USD	6,651		(329,695	)
Waters Corp.		6		05/19/23		USD	330.00		USD	186		(4,170	)
West Pharmaceutical Services, Inc.		10		05/19/23		USD	360.00		USD	346		(13,050	)
West Pharmaceutical Services, Inc.		38		05/19/23		USD	329.00		USD	1,317		(111,866	)
Alkermes PLC		22		06/06/23		USD	29.12		USD	62		(2,921	)
Edwards Lifesciences Corp.		53		06/16/23		USD	85.00		USD	438		(20,670	)

											$	(5,516,287	)

OTC Options Written



Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value

Call
Daiichi Sankyo Co. Ltd.	JPMorgan Chase Bank N.A.		22,500		04/04/23		JPY	4,374.24		JPY	108,495	$	(77,039	)
Bausch & Lomb Corp.	UBS AG		8,000		04/05/23		USD	17.25		USD	139		(3,382	)
Genmab A/S	Morgan Stanley & Co. International PLC		900		04/05/23		DKK	2,707.91		DKK	2,330		(263	)
Novo Nordisk A/S, Class B	Morgan Stanley & Co. International PLC		5,000		04/05/23		DKK	1,016.12		DKK	5,429		(51,054	)
Sanofi	Morgan Stanley & Co. International PLC		4,700		04/05/23		EUR	90.47		EUR	471		(49,992	)
Neurocrine Biosciences, Inc.	Barclays Bank PLC		4,400		04/11/23		USD	107.00		USD	445		(1,462	)
Roche Holding AG	Morgan Stanley & Co. International PLC		1,300		04/11/23		CHF	288.68		CHF	339		(10	)
Daiichi Sankyo Co. Ltd.	BNP Paribas SA		10,500		04/13/23		JPY	4,411.49		JPY	50,631		(36,864	)
Bausch & Lomb Corp.	JPMorgan Chase Bank N.A.		7,300		04/24/23		USD	18.35		USD	127		(2,671	)
Novo Nordisk A/S, Class B	UBS AG		5,000		04/26/23		DKK	1,026.80		DKK	5,429		(49,310	)
Sanofi	JPMorgan Chase Bank N.A.		4,700		04/27/23		EUR	91.74		EUR	471		(46,230	)
Zimmer Biomet Holdings, Inc.	Citibank N.A.		2,700		04/27/23		USD	126.96		USD	349		(12,425	)
Daiichi Sankyo Co. Ltd.	Citibank N.A.		10,400		05/02/23		JPY	4,526.08		JPY	50,149		(32,367	)
Rhythm Pharmaceuticals, Inc.	Barclays Bank PLC		6,700		05/04/23		USD	28.00		USD	120		(1,496	)
Alkermes PLC	JPMorgan Chase Bank N.A.		5,900		05/08/23		USD	27.31		USD	166		(10,821	)


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)

March 31, 2023

BlackRock Health Sciences Trust (BME)

OTC Options Written (continued)



Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value

Call (continued)
AstraZeneca PLC	Goldman Sachs International		8,900		05/10/23		GBP	114.08		GBP	1,000	$	(28,718	)
Neurocrine Biosciences, Inc.	Barclays Bank PLC		4,400		05/15/23		USD	100.47		USD	445		(19,772	)
Roche Holding AG	UBS AG		1,200		05/16/23		CHF	258.83		CHF	313		(9,183	)
AstraZeneca PLC	Goldman Sachs International		6,700		05/18/23		GBP	114.83		GBP	753		(21,887	)


												$	(454,946	)

Fair Value Hierarchy as of Period End

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

•

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

•

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

•

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

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

Certain investments of the Trust were fair valued using net asset value (“NAV”) as a practical expedient 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	$	127,434,326	$	944,257	$	257,586	$	128,636,169
Health Care Equipment & Supplies		146,750,542		—		—		146,750,542
Health Care Providers & Services		88,096,745		—		—		88,096,745
Life Sciences Tools & Services		77,818,709		—		—		77,818,709
Pharmaceuticals		103,085,941		18,295,645		—		121,381,586
Other Interests		—		—		150,226		150,226
Preferred Securities
Preferred Stocks		—		—		4,098,826		4,098,826
Rights		—		—		40,062		40,062
Warrants		2,622		—		—		2,622
Short-Term Securities
Money Market Funds		20,478,474		—		—		20,478,474


	$	563,667,359	$	19,239,902	$	4,546,700		587,453,961


Investments Valued at NAV^(a)								3,860,355


							$	591,314,316


7

Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Health Sciences Trust (BME)

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2			Level 3		Total


Derivative Financial Instruments^(b)
Liabilities
Equity Contracts	$	(5,116,924	)	$	(854,309	)	$	—	$	(5,971,233	)

^(a)

Certain investments of the Trust were fair valued using NAV as a practical expedient 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.


Currency Abbreviation

CHF		Swiss Franc

DKK		Danish Krone

EUR		Euro

GBP		British Pound

JPY		Japanese Yen

USD		United States Dollar


Portfolio Abbreviation

ADR		American Depositary Receipt


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