Schedule of Investments (unaudited)
September 30, 2024
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Biotechnology — 26.7%
4D Molecular Therapeutics, Inc.(a)
 
11,778
$ 127,320
AbbVie, Inc.(b)
 
109,581
21,640,056
AC Immune SA(a)
 
78,180
295,520
Allogene Therapeutics, Inc.(a)
 
108,101
302,683
Alnylam Pharmaceuticals, Inc.(a)
 
35,881
9,868,351
Amgen, Inc.(b)
 
75,401
24,294,956
Arcellx, Inc.(a)
 
27,990
2,337,445
Argenx SE, ADR(a)
 
16,263
8,815,847
Ascendis Pharma A/S, ADR(a)
 
4,719
704,594
Autolus Therapeutics PLC, ADR(a)(c)
 
64,258
233,257
Avidity Biosciences, Inc.(a)
 
17,918
822,974
Beam Therapeutics, Inc.(a)
 
20,739
508,105
BeiGene Ltd., ADR(a)
 
6,675
1,498,604
Biogen, Inc.(a)
 
42,511
8,240,332
Biohaven Ltd.(a)
 
24,215
1,210,024
BioMarin Pharmaceutical, Inc.(a)
 
21,076
1,481,432
BioNTech SE, ADR(a)
 
7,725
917,498
Blueprint Medicines Corp.(a)
 
26,672
2,467,160
Bridgebio Pharma, Inc.(a)
 
16,735
426,073
Cabaletta Bio, Inc.(a)
 
29,605
139,736
CG oncology, Inc.(a)
 
9,773
368,735
Denali Therapeutics, Inc.(a)
 
35,343
1,029,542
Disc Medicine, Inc.(a)
 
7,440
365,602
Dyne Therapeutics, Inc.(a)
 
24,506
880,256
Exact Sciences Corp.(a)
 
23,261
1,584,539
Gilead Sciences, Inc.
 
149,750
12,555,040
Immatics NV(a)
 
21,538
245,749
Immunocore Holdings PLC, ADR(a)
 
12,497
389,032
Incyte Corp.(a)
 
15,306
1,011,727
Insmed, Inc.(a)
 
45,410
3,314,930
Ionis Pharmaceuticals, Inc.(a)
 
18,725
750,123
Kyverna Therapeutics, Inc.(a)
 
9,645
47,164
Legend Biotech Corp., ADR(a)
 
13,053
636,073
Merus NV(a)
 
22,655
1,131,844
MoonLake Immunotherapeutics(a)(c)
 
10,337
521,192
Natera, Inc.(a)
 
27,665
3,512,072
Neurocrine Biosciences, Inc.(a)
 
9,808
1,130,078
Neurogene, Inc.(a)
 
19,342
811,590
Nurix Therapeutics, Inc.(a)
 
45,062
1,012,543
Nuvalent, Inc., Class A(a)
 
28,266
2,891,612
Prime Medicine, Inc.(a)
 
22,929
88,735
Protagonist Therapeutics, Inc.(a)
 
25,174
1,132,830
PTC Therapeutics, Inc.(a)
 
19,817
735,211
Regeneron Pharmaceuticals, Inc.(a)
 
10,727
11,276,651
REGENXBIO, Inc.(a)
 
18,875
197,999
REVOLUTION Medicines, Inc.(a)
 
14,694
666,373
Rhythm Pharmaceuticals, Inc.(a)
 
49,466
2,591,524
Rocket Pharmaceuticals, Inc.(a)
 
18,343
338,795
Roivant Sciences Ltd.(a)
 
57,525
663,838
Sage Therapeutics, Inc.(a)
 
13,650
98,553
Sagimet Biosciences, Inc., Class A(a)
 
21,965
60,843
Sarepta Therapeutics, Inc.(a)
 
34,288
4,282,228
Soleno Therapeutics, Inc.(a)
 
12,300
621,027
Stoke Therapeutics, Inc.(a)
 
70,495
866,384
TScan Therapeutics, Inc.(a)
 
49,480
246,410
Ultragenyx Pharmaceutical, Inc.(a)
 
14,268
792,587
Vaxcyte, Inc.(a)
 
23,860
2,726,482
Vertex Pharmaceuticals, Inc.(a)
 
26,679
12,407,869
Viking Therapeutics, Inc.(a)
 
9,142
578,780
Security
 
 
Shares
Value
Biotechnology (continued)
Voyager Therapeutics, Inc.(a)
 
32,205
$ 188,399
Xenon Pharmaceuticals, Inc.(a)
 
35,726
1,406,533
Zealand Pharma A/S(a)
 
10,466
1,273,413
 
 
163,762,874
Capital Markets — 0.1%
Helix Acquisition Corp. II, Class A(a)
 
61,530
642,988
Health Care Equipment & Supplies — 22.6%
Abbott Laboratories(b)
 
121,092
13,805,699
Align Technology, Inc.(a)
 
8,170
2,077,794
Becton Dickinson & Co.
 
33,686
8,121,695
Boston Scientific Corp.(a)
 
442,429
37,075,550
Cooper Cos., Inc.(a)
 
46,363
5,115,693
Dexcom, Inc.(a)
 
28,188
1,889,724
Edwards Lifesciences Corp.(a)
 
101,760
6,715,142
GE HealthCare Technologies, Inc.(a)
 
67,233
6,309,817
Glaukos Corp.(a)
 
5,240
682,667
IDEXX Laboratories, Inc.(a)
 
6,691
3,380,427
Inari Medical, Inc.(a)
 
7,005
288,886
Inspire Medical Systems, Inc.(a)
 
5,782
1,220,291
Intuitive Surgical, Inc.(a)
 
45,978
22,587,612
Medtronic PLC
 
71,671
6,452,540
Novocure Ltd.(a)
 
29,303
458,006
Nucleix Ltd., (Acquired 04/10/24, Cost: $200,000)(a)(d)(e)
 
200
173,716
Nyxoah SA(a)
 
29,870
285,259
Orchestra BioMed Holdings, Inc.(a)
 
18,076
92,911
Penumbra, Inc.(a)
 
12,105
2,352,123
STERIS PLC
 
9,642
2,338,571
Stryker Corp.
 
48,820
17,636,713
 
 
139,060,836
Health Care Providers & Services — 21.3%
Cencora, Inc.
 
62,148
13,988,272
Centene Corp.(a)
 
58,019
4,367,670
Cigna Group
 
31,736
10,994,620
Elevance Health, Inc.
 
34,273
17,821,960
Guardant Health, Inc.(a)
 
24,415
560,080
HCA Healthcare, Inc.
 
19,158
7,786,386
Humana, Inc.
 
14,550
4,608,567
Labcorp Holdings, Inc.
 
6,745
1,507,373
McKesson Corp.
 
18,118
8,957,901
Quest Diagnostics, Inc.
 
11,479
1,782,115
UnitedHealth Group, Inc.(b)
 
100,528
58,776,711
 
 
131,151,655
Life Sciences Tools & Services — 8.9%
Agilent Technologies, Inc.
 
15,171
2,252,590
Bio-Techne Corp.
 
16,718
1,336,270
Danaher Corp.
 
78,006
21,687,229
IQVIA Holdings, Inc.(a)
 
6,738
1,596,704
Mettler-Toledo International, Inc.(a)
 
1,170
1,754,649
Repligen Corp.(a)
 
13,935
2,073,807
Thermo Fisher Scientific, Inc.
 
30,324
18,757,517
Waters Corp.(a)
 
6,260
2,252,911
West Pharmaceutical Services, Inc.
 
10,207
3,063,733
 
 
54,775,410
Pharmaceuticals — 20.0%
AstraZeneca PLC
 
25,594
3,987,197
Daiichi Sankyo Co. Ltd.
 
34,800
1,149,525
Eli Lilly & Co.(f)
 
65,647
58,159,303
Johnson & Johnson
 
83,583
13,545,461
Longboard Pharmaceuticals, Inc.(a)
 
10,161
338,666
Schedule of Investments
1
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Pharmaceuticals (continued)
Merck & Co., Inc.(b)
 
146,187
$ 16,600,996
Novo Nordisk A/S, Class B
 
24,309
2,883,327
Pfizer, Inc.
 
321,776
9,312,198
Roche Holding AG
 
9,695
3,102,566
Sanofi SA
 
44,338
5,105,040
Structure Therapeutics, Inc., ADR(a)(c)
 
14,399
631,972
Zoetis, Inc., Class A
 
39,924
7,800,351
 
 
122,616,602
Total Common Stocks — 99.6%
(Cost: $366,537,540)
612,010,365
 
 
 
Par
(000)
 
Corporate Bonds
Health Care Equipment & Supplies — 0.0%
EXO Imaging, Inc., (Acquired: 07/24/24, Cost: $28,863),
8.00%, 08/14/25(d)(e)
$
29
115,595
Health Care Technology — 0.0%
Carbon Health Technologies, Inc., (Acquired: 02/27/24,
Cost: $65,000), 12.00%, 02/28/26(d)(e)
 
—
(g)
70,596
Total Corporate Bonds — 0.0%
(Cost: $93,863)
186,191
 
 
 
Benefical
Interest (000)
 
Other Interests
Biotechnology — 0.0%
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —)(d)(e)(h)
$
6
86,798
Health Care Providers & Services — 0.0%
Afferent Pharmaceuticals, Inc., (Acquired 09/30/15,
Cost: $ —)(d)(e)(h)
 
190
2
Total Other Interests — 0.0%
(Cost: $ — )
86,800
 
 
 
 
Shares
 
Preferred Securities
Preferred Stocks — 0.7%(a)(d)(e)
Biotechnology — 0.3%
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost:
$265,002)
 
44,167
153,259
Genesis Therapeutics, Inc., Series B, (Acquired
08/10/23, Cost: $292,001)
 
57,170
360,171
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost:
$224,200)
 
190,000
74,100
Security
 
 
Shares
Value
Biotechnology (continued)
Kartos Therapeutics, Inc., Series C, (Acquired 08/22/23,
Cost: $485,124)
 
85,817
$ 541,505
Laronde, Inc., Series B, (Acquired 07/28/21, Cost:
$590,800)
 
21,100
590,800
 
 
1,719,835
Health Care Equipment & Supplies — 0.2%
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost:
$595,999)
 
101,741
200,430
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost:
$1,070,001)
 
367,395
775,203
Swift Health Systems, Inc., Series D, (Acquired 08/27/21,
Cost: $286,998)
 
92,580
1
 
 
975,634
Health Care Providers & Services — 0.1%
Quanta Dialysis Technologies Ltd., Series D, (Acquired
06/18/21, Cost: $515,759)
 
4,243,029
329,018
Health Care Technology — 0.0%
Carbon Health Technologies, Inc., Series D2, (Acquired
02/02/23, Cost: $907,000)
 
89,892
74,610
Pharmaceuticals — 0.1%
Adarx Pharamaceuticals, Inc., Series C, (Acquired
08/02/23, Cost: $440,003)
 
52,885
475,965
Insitro, Inc., Series C, (Acquired 03/10/21, Cost:
$560,000)
 
30,616
317,488
 
 
793,453
 
3,892,550
Total Preferred Securities — 0.7%
(Cost: $6,232,887)
3,892,550
Rights
Biotechnology — 0.0%
Korro Bio, Inc., CVR(d)
 
43,807
11,810
Health Care Equipment & Supplies — 0.0%
Abiomed, Inc., CVR(d)
 
14,359
23,262
Total Rights — 0.0%
(Cost: $25,669)
35,072
Warrants
Health Care Equipment & Supplies — 0.0%
Nucleix Ltd., (Acquired 04/10/24, Cost: $0), (Issued
04/10/24, Expires 04/10/34, Strike Price USD
3.35)(a)(d)(e)
 
238,856
35,828
Health Care Providers & Services — 0.0%
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for
1 Warrant, Expires 08/06/26, Strike Price USD
11.50)(a)
 
4,201
42
2
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Pharmaceuticals — 0.0%
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20,
1 Share for 1 Warrant, Expires 07/07/27, Strike Price
USD 11.50)(a)
 
4,050
$         396
Total Warrants — 0.0%
(Cost: $14,030)
36,266
Total Long-Term Investments — 100.3%
(Cost: $372,903,989)
616,247,244
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.05%(i)(j)(k)
 
419,195
419,572
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.83%(i)(j)
 
3,364,869
3,364,869
Total Short-Term Securities — 0.6%
(Cost: $3,784,285)
3,784,441
Total Investments Before Options Written — 100.9%
(Cost: $376,688,274)
620,031,685
Options Written — (0.9)%
(Premiums Received: $(6,476,686))
(5,347,187
)
Total Investments, Net of Options Written — 100.0%
(Cost: $370,211,588)
614,684,498
Liabilities in Excess of Other Assets — 0.0%
(211,468
)
Net Assets — 100.0%
$ 614,473,030
 
(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)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $4,375,085, representing 0.7% of its net assets as of
period end, and an original cost of $6,526,750.
(f)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(g)
Rounds to less than 1,000.
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/23
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/24
Shares
Held at
09/30/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ —
$ 419,280
(a)
$ —
$ 136
$ 156
$ 419,572
419,195
$ 2,021
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
31,396,977
—
(28,032,108
)(a)
—
—
3,364,869
3,364,869
802,113
—
SL Liquidity Series, LLC, Money Market Series(c)
—
463
(a)
—
(463
)
—
—
—
690
(b)
—
 
$ (327
)
$ 156
$ 3,784,441
$ 804,824
$ —
 
(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.
(c)
As of period end, the entity is no longer held.
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 
 
 
Amgen, Inc.
276
10/04/24
USD
335.00
USD
8,893
$ (12,696
)
Danaher Corp.
107
10/04/24
USD
275.00
USD
2,975
(49,755
)
Eli Lilly & Co.
50
10/04/24
USD
965.00
USD
4,430
(1,075
)
Intuitive Surgical, Inc.
58
10/04/24
USD
500.00
USD
2,849
(10,585
)
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Health Sciences Trust (BME)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Johnson & Johnson
317
10/04/24
USD
165.00
USD
5,137
$ (7,291
)
Medtronic PLC
95
10/04/24
USD
90.00
USD
855
(6,697
)
Pfizer, Inc.
408
10/04/24
USD
29.00
USD
1,181
(10,200
)
Sarepta Therapeutics, Inc.
49
10/04/24
USD
145.00
USD
612
(7,350
)
UnitedHealth Group, Inc.
90
10/04/24
USD
590.00
USD
5,262
(34,425
)
Abbott Laboratories
304
10/11/24
USD
114.00
USD
3,466
(49,856
)
Centene Corp.
62
10/11/24
USD
76.00
USD
467
(6,820
)
GE HealthCare Technologies, Inc.
47
10/11/24
USD
87.00
USD
441
(33,370
)
Intuitive Surgical, Inc.
54
10/11/24
USD
485.00
USD
2,653
(61,290
)
McKesson Corp.
43
10/11/24
USD
530.00
USD
2,126
(18,920
)
Pfizer, Inc.
407
10/11/24
USD
29.00
USD
1,178
(17,094
)
Vertex Pharmaceuticals, Inc.
46
10/11/24
USD
485.00
USD
2,139
(3,565
)
AbbVie, Inc.
277
10/18/24
USD
195.00
USD
5,470
(132,267
)
Agilent Technologies, Inc.
89
10/18/24
USD
145.00
USD
1,321
(48,060
)
Align Technology, Inc.
11
10/18/24
USD
260.00
USD
280
(7,865
)
Alnylam Pharmaceuticals, Inc.
67
10/18/24
USD
272.00
USD
1,843
(75,682
)
Amgen, Inc.
10
10/18/24
USD
335.00
USD
322
(2,000
)
Argenx SE, ADR
30
10/18/24
USD
540.00
USD
1,626
(46,500
)
Avidity Biosciences, Inc.
68
10/18/24
USD
50.00
USD
312
(12,240
)
Becton Dickinson & Co.
64
10/18/24
USD
240.00
USD
1,543
(33,600
)
BeiGene Ltd., ADR
25
10/18/24
USD
190.00
USD
561
(88,625
)
Biogen, Inc.
71
10/18/24
USD
210.00
USD
1,376
(5,858
)
Biohaven Ltd.
92
10/18/24
USD
45.00
USD
460
(56,120
)
BioMarin Pharmaceutical, Inc.
130
10/18/24
USD
90.00
USD
914
(3,250
)
BioNTech SE, ADR
29
10/18/24
USD
125.00
USD
344
(5,583
)
Bio-Techne Corp.
23
10/18/24
USD
75.00
USD
184
(15,870
)
Blueprint Medicines Corp.
101
10/18/24
USD
100.00
USD
934
(11,867
)
Bridgebio Pharma, Inc.
63
10/18/24
USD
30.00
USD
160
(1,260
)
Cencora, Inc.
65
10/18/24
USD
240.00
USD
1,463
(3,738
)
Centene Corp.
158
10/18/24
USD
80.00
USD
1,189
(5,135
)
Cigna Group
81
10/18/24
USD
360.00
USD
2,806
(18,225
)
Cooper Cos., Inc.
177
10/18/24
USD
105.00
USD
1,953
(107,970
)
Danaher Corp.
111
10/18/24
USD
280.00
USD
3,086
(51,060
)
Dexcom, Inc.
38
10/18/24
USD
80.01
USD
255
(739
)
Dyne Therapeutics, Inc.
93
10/18/24
USD
40.00
USD
334
(6,742
)
Edwards Lifesciences Corp.
232
10/18/24
USD
70.00
USD
1,531
(11,020
)
Elevance Health, Inc.
93
10/18/24
USD
550.00
USD
4,836
(30,690
)
Exact Sciences Corp.
37
10/18/24
USD
75.00
USD
252
(2,128
)
Glaukos Corp.
19
10/18/24
USD
130.00
USD
248
(9,785
)
Guardant Health, Inc.
46
10/18/24
USD
35.00
USD
106
(690
)
HCA Healthcare, Inc.
32
10/18/24
USD
365.00
USD
1,301
(138,720
)
Humana, Inc.
3
10/18/24
USD
380.00
USD
95
(368
)
IDEXX Laboratories, Inc.
13
10/18/24
USD
520.00
USD
657
(7,995
)
Incyte Corp.
37
10/18/24
USD
62.85
USD
245
(17,653
)
Insmed, Inc.
172
10/18/24
USD
80.00
USD
1,256
(28,380
)
Inspire Medical Systems, Inc.
10
10/18/24
USD
210.00
USD
211
(10,400
)
Intuitive Surgical, Inc.
54
10/18/24
USD
510.00
USD
2,653
(44,820
)
Ionis Pharmaceuticals, Inc.
71
10/18/24
USD
47.50
USD
284
(2,485
)
IQVIA Holdings, Inc.
25
10/18/24
USD
250.00
USD
592
(3,688
)
Labcorp Holdings, Inc.
12
10/18/24
USD
230.00
USD
268
(2,160
)
Legend Biotech Corp., ADR
61
10/18/24
USD
61.10
USD
297
(3,496
)
Medtronic PLC
68
10/18/24
USD
87.50
USD
612
(20,876
)
Merck & Co., Inc.
239
10/18/24
USD
120.00
USD
2,714
(4,541
)
Merus NV
43
10/18/24
USD
52.54
USD
215
(5,348
)
Neurocrine Biosciences, Inc.
15
10/18/24
USD
155.00
USD
173
(1,125
)
Nurix Therapeutics, Inc.
19
10/18/24
USD
30.00
USD
43
(618
)
Nuvalent, Inc., Class A
54
10/18/24
USD
80.00
USD
552
(121,230
)
Penumbra, Inc.
22
10/18/24
USD
190.00
USD
427
(21,670
)
PTC Therapeutics, Inc.
37
10/18/24
USD
34.50
USD
137
(16,010
)
Quest Diagnostics, Inc.
21
10/18/24
USD
152.23
USD
326
(9,312
)
Repligen Corp.
31
10/18/24
USD
166.00
USD
461
(5,040
)
REVOLUTION Medicines, Inc.
37
10/18/24
USD
45.00
USD
168
(9,250
)
4
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Health Sciences Trust (BME)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
REVOLUTION Medicines, Inc.
18
10/18/24
USD
48.00
USD
82
$ (2,520
)
Rhythm Pharmaceuticals, Inc.
103
10/18/24
USD
50.00
USD
540
(34,762
)
Rocket Pharmaceuticals, Inc.
35
10/18/24
USD
20.00
USD
65
(2,625
)
Soleno Therapeutics, Inc.
23
10/18/24
USD
50.00
USD
116
(5,463
)
STERIS PLC
18
10/18/24
USD
230.00
USD
437
(25,560
)
Structure Therapeutics, Inc., ADR
27
10/18/24
USD
45.00
USD
119
(5,873
)
Stryker Corp.
59
10/18/24
USD
338.00
USD
2,131
(145,070
)
Thermo Fisher Scientific, Inc.
47
10/18/24
USD
630.00
USD
2,907
(42,300
)
UnitedHealth Group, Inc.
161
10/18/24
USD
580.00
USD
9,413
(325,622
)
Vaxcyte, Inc.
30
10/18/24
USD
90.00
USD
343
(72,150
)
Vaxcyte, Inc.
60
10/18/24
USD
120.00
USD
686
(7,650
)
Vertex Pharmaceuticals, Inc.
55
10/18/24
USD
500.00
USD
2,558
(4,125
)
Viking Therapeutics, Inc.
34
10/18/24
USD
75.00
USD
215
(3,485
)
West Pharmaceutical Services, Inc.
1
10/18/24
USD
308.00
USD
30
(531
)
Xenon Pharmaceuticals, Inc.
51
10/18/24
USD
40.00
USD
201
(19,380
)
Abbott Laboratories
156
10/25/24
USD
117.00
USD
1,779
(25,428
)
Biogen, Inc.
67
10/25/24
USD
205.00
USD
1,299
(24,287
)
Boston Scientific Corp.
1,681
10/25/24
USD
84.00
USD
14,087
(369,820
)
Dexcom, Inc.
38
10/25/24
USD
76.00
USD
255
(7,600
)
Eli Lilly & Co.
38
10/25/24
USD
935.00
USD
3,367
(38,570
)
GE HealthCare Technologies, Inc.
48
10/25/24
USD
87.00
USD
450
(37,680
)
Gilead Sciences, Inc.
148
10/25/24
USD
83.00
USD
1,241
(37,592
)
Humana, Inc.
31
10/25/24
USD
330.00
USD
982
(36,580
)
McKesson Corp.
38
10/25/24
USD
540.00
USD
1,879
(5,130
)
Merck & Co., Inc.
197
10/25/24
USD
119.00
USD
2,237
(9,653
)
Pfizer, Inc.
407
10/25/24
USD
31.00
USD
1,178
(3,663
)
Regeneron Pharmaceuticals, Inc.
15
10/25/24
USD
1,190.00
USD
1,577
(4,463
)
Thermo Fisher Scientific, Inc.
69
10/25/24
USD
640.00
USD
4,268
(56,235
)
AbbVie, Inc.
139
11/01/24
USD
195.00
USD
2,745
(86,875
)
Align Technology, Inc.
9
11/01/24
USD
270.00
USD
229
(10,935
)
Danaher Corp.
78
11/01/24
USD
275.00
USD
2,169
(90,090
)
Dexcom, Inc.
31
11/01/24
USD
79.00
USD
208
(4,960
)
Eli Lilly & Co.
141
11/01/24
USD
910.00
USD
12,492
(432,165
)
Gilead Sciences, Inc.
136
11/01/24
USD
87.00
USD
1,140
(12,308
)
Medtronic PLC
68
11/01/24
USD
90.00
USD
612
(14,552
)
UnitedHealth Group, Inc.
131
11/01/24
USD
590.00
USD
7,659
(248,572
)
Medtronic PLC
41
11/08/24
USD
90.00
USD
369
(10,086
)
Align Technology, Inc.
11
11/15/24
USD
260.00
USD
280
(20,185
)
Alnylam Pharmaceuticals, Inc.
69
11/15/24
USD
280.00
USD
1,898
(93,150
)
Argenx SE, ADR
31
11/15/24
USD
550.00
USD
1,680
(79,050
)
Beam Therapeutics, Inc.
78
11/15/24
USD
29.00
USD
191
(7,410
)
Becton Dickinson & Co.
64
11/15/24
USD
240.00
USD
1,543
(60,160
)
Biogen, Inc.
23
11/15/24
USD
205.00
USD
446
(13,110
)
Bio-Techne Corp.
40
11/15/24
USD
85.00
USD
320
(11,200
)
Cencora, Inc.
52
11/15/24
USD
230.00
USD
1,170
(29,380
)
Cigna Group
39
11/15/24
USD
370.00
USD
1,351
(21,645
)
Edwards Lifesciences Corp.
232
11/15/24
USD
72.50
USD
1,531
(40,020
)
Elevance Health, Inc.
37
11/15/24
USD
550.00
USD
1,924
(34,965
)
Exact Sciences Corp.
36
11/15/24
USD
75.00
USD
245
(9,630
)
GE HealthCare Technologies, Inc.
160
11/15/24
USD
92.50
USD
1,502
(68,800
)
Gilead Sciences, Inc.
148
11/15/24
USD
85.00
USD
1,241
(41,588
)
Gilead Sciences, Inc.
136
11/15/24
USD
87.50
USD
1,140
(24,480
)
Guardant Health, Inc.
46
11/15/24
USD
28.00
USD
106
(2,875
)
HCA Healthcare, Inc.
40
11/15/24
USD
400.00
USD
1,626
(94,600
)
IDEXX Laboratories, Inc.
12
11/15/24
USD
530.00
USD
606
(16,740
)
Incyte Corp.
21
11/15/24
USD
67.50
USD
139
(5,723
)
Inspire Medical Systems, Inc.
11
11/15/24
USD
220.00
USD
232
(17,710
)
Labcorp Holdings, Inc.
13
11/15/24
USD
230.00
USD
291
(6,890
)
Legend Biotech Corp., ADR
8
11/15/24
USD
55.00
USD
39
(1,720
)
Merck & Co., Inc.
120
11/15/24
USD
120.00
USD
1,363
(20,820
)
Merus NV
43
11/15/24
USD
53.04
USD
215
(10,078
)
Mettler-Toledo International, Inc.
4
11/15/24
USD
1,460.00
USD
600
(38,760
)
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Health Sciences Trust (BME)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Natera, Inc.
105
11/15/24
USD
130.00
USD
1,333
$ (100,275
)
Neurocrine Biosciences, Inc.
22
11/15/24
USD
130.00
USD
253
(2,475
)
Nuvalent, Inc., Class A
53
11/15/24
USD
110.00
USD
542
(16,032
)
Penumbra, Inc.
23
11/15/24
USD
220.00
USD
447
(11,385
)
PTC Therapeutics, Inc.
38
11/15/24
USD
37.00
USD
141
(14,440
)
Quest Diagnostics, Inc.
22
11/15/24
USD
160.00
USD
342
(5,995
)
Regeneron Pharmaceuticals, Inc.
25
11/15/24
USD
1,100.00
USD
2,628
(73,000
)
Repligen Corp.
21
11/15/24
USD
150.00
USD
313
(24,990
)
Rhythm Pharmaceuticals, Inc.
84
11/15/24
USD
55.00
USD
440
(24,360
)
Rocket Pharmaceuticals, Inc.
34
11/15/24
USD
24.29
USD
63
(3,311
)
Soleno Therapeutics, Inc.
23
11/15/24
USD
55.00
USD
116
(7,072
)
STERIS PLC
18
11/15/24
USD
243.50
USD
437
(13,839
)
Structure Therapeutics, Inc., ADR
27
11/15/24
USD
45.00
USD
119
(12,690
)
Stryker Corp.
126
11/15/24
USD
370.00
USD
4,552
(115,290
)
Ultragenyx Pharmaceutical, Inc.
54
11/15/24
USD
60.00
USD
300
(18,495
)
West Pharmaceutical Services, Inc.
37
11/15/24
USD
340.00
USD
1,111
(20,720
)
Xenon Pharmaceuticals, Inc.
42
11/15/24
USD
42.50
USD
165
(6,615
)
Zoetis, Inc., Class A
151
11/15/24
USD
195.00
USD
2,950
(129,105
)
 
 
 
$ (5,235,881
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
Sanofi SA
UBS AG
12,609
10/01/24
EUR
100.98
EUR
1,304
$ (27,249
)
Cencora, Inc.
Citibank N.A.
11,900
10/03/24
USD
245.00
USD
2,678
(2
)
AstraZeneca PLC
Bank of America N.A.
3,300
10/08/24
GBP
126.01
GBP
385
(2
)
Zealand Pharma A/S
Goldman Sachs International
1,600
10/08/24
DKK
917.46
DKK
1,304
(95
)
Denali Therapeutics, Inc.
Morgan Stanley & Co. International PLC
6,700
10/18/24
USD
32.40
USD
195
(3,279
)
Daiichi Sankyo Co. Ltd.
Citibank N.A.
13,200
10/22/24
JPY
6,171.36
JPY
62,668
(339
)
AstraZeneca PLC
Citibank N.A.
2,500
10/30/24
GBP
119.71
GBP
291
(4,943
)
Denali Therapeutics, Inc.
Morgan Stanley & Co. International PLC
6,700
11/05/24
USD
33.33
USD
195
(7,063
)
Roche Holding AG
Goldman Sachs International
3,600
11/07/24
CHF
274.48
CHF
975
(22,607
)
Novo Nordisk A/S, Class B
Citibank N.A.
9,300
11/12/24
DKK
895.94
DKK
7,387
(11,285
)
Zealand Pharma A/S
Goldman Sachs International
3,000
11/12/24
DKK
992.04
DKK
2,444
(2,025
)
AstraZeneca PLC
Goldman Sachs International
3,900
11/14/24
GBP
118.36
GBP
454
(17,480
)
Sanofi SA
Goldman Sachs International
5,400
11/14/24
EUR
105.04
EUR
559
(14,937
)
 
 
 
 
 
 
$ (111,306
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Trust has the ability to access for identical, unrestricted assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (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
6
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Health Sciences Trust (BME)
 
Fair Value Hierarchy as of Period End (continued)
pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks 
Biotechnology
$ 162,489,461
$ 1,273,413
$ —
$ 163,762,874
Capital Markets
642,988
—
—
642,988
Health Care Equipment & Supplies
138,887,120
—
173,716
139,060,836
Health Care Providers & Services
131,151,655
—
—
131,151,655
Life Sciences Tools & Services
54,775,410
—
—
54,775,410
Pharmaceuticals
106,388,947
16,227,655
—
122,616,602
Corporate Bonds
—
—
186,191
186,191
Other Interests
—
—
86,800
86,800
Preferred Securities
Preferred Stocks
—
—
3,892,550
3,892,550
Rights
—
—
35,072
35,072
Warrants
438
—
35,828
36,266
Short-Term Securities 
Money Market Funds
3,784,441
—
—
3,784,441
 
$598,120,460
$17,501,068
$4,410,157
$620,031,685
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (4,929,772
)
$ (417,415
)
$ —
$ (5,347,187
)
 
(a)
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
CVR
 Contingent Value Right
Schedule of Investments
7
BlackRock Health Sciences (NYSE:BME)
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