NPORT-EX 2 NPORT_LCXF_1896724870.htm BlackRock Health Sciences Trust

Schedule of Investments  (unaudited) 

March 31, 2021

   

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Biotechnology — 18.9%  

Acceleron Pharma, Inc.(a)(b)

    38,325     $ 5,197,253  

Acerta Pharma BV, Series B, (Acquired 05/06/15, Cost: $986,402)(c)(d)

    17,146,440       2,375,125  

Agios Pharmaceuticals, Inc.(a)(b)

    21,625       1,116,715  

Allakos, Inc.(a)(b)

    22,275       2,556,724  

Allogene Therapeutics, Inc.(a)(b)

    30,786       1,086,746  

Alnylam Pharmaceuticals, Inc.(a)(b)

    34,003       4,800,884  

Amgen, Inc.(a)

    62,397       15,524,998  

Annexon, Inc., (Acquired 06/26/20, Cost: $190,006)(d)

    15,164       422,166  

Apellis Pharmaceuticals, Inc.(a)(b)

    15,300       656,523  

Arcutis Biotherapeutics, Inc.02/03/21(a)(b)

    42,854       1,239,766  

Arena Pharmaceuticals, Inc.(a)(b)

    14,984       1,039,740  

Argenx SE, ADR(a)(b)

    4,800       1,321,872  

Atreca, Inc., Class A(b)

    7,258       111,265  

Biogen, Inc.(a)(b)

    10,940       3,060,465  

Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)

    6,445       440,516  

BioMarin Pharmaceutical, Inc.(a)(b)

    14,814       1,118,605  

Blueprint Medicines Corp.(a)(b)

    9,623       935,644  

Bridgebio Pharma, Inc.(a)(b)

    13,427       827,103  

Cerevel Therapeutics Holdings, Inc.(b)

    12,589       172,847  

ChemoCentryx, Inc.(a)(b)

    9,383       480,785  

Connect Biopharma Holdings Ltd.(b)

    12,117       224,164  

Cytokinetics, Inc.(a)(b)

    16,280       378,673  

Decibel Therapeutics, Inc.(b)

    25,174       285,977  

Decibel Therapeutics, Inc., (Acquired 11/02/20, Cost: $198,658)(d)

    21,710       237,514  

Design Therapeutics, Inc.(b)

    13,967       417,613  

Dicerna Pharmaceuticals, Inc.(a)(b)

    14,790       378,180  

Enanta Pharmaceuticals, Inc.(a)(b)

    5,480       270,274  

Everest Medicines LTD, (Acquired 09/30/20, Cost: $218,631)(d)

    30,500       287,836  

Exact Sciences Corp.(a)(b)

    14,000       1,844,920  

Forma Therapeutics Holdings, Inc.(b)

    11,947       334,755  

Genmab A/S(b)

    14,763       4,855,458  

Genmab A/S, ADR(a)(b)

    51,161       1,679,616  

Gilead Sciences, Inc.(a)

    206,984       13,377,376  

Global Blood Therapeutics, Inc.(a)(b)

    17,269       703,712  

Halozyme Therapeutics, Inc.(a)(b)

    21,055       877,783  

Immunocore Holdings PLC, ADR(b)

    9,668       411,567  

Incyte Corp.(a)(b)

    23,637       1,920,979  

Intellia Therapeutics, Inc.(a)(b)

    6,359       510,341  

Iovance Biotherapeutics, Inc.(a)(b)

    30,790       974,811  

Kodiak Sciences, Inc.(a)(b)

    9,010       1,021,644  

Kronos Bio, Inc., (Acquired 10/09/20, Cost: $260,000), 8/20/2020(d)

    16,099       470,301  

Krystal Biotech, Inc.(b)

    3,730       287,359  

Mersana Therapeutics, Inc.(a)(b)

    57,220       925,820  

Mirati Therapeutics, Inc.(a)(b)

    14,516       2,486,591  

Molecular Templates, Inc.(a)(b)

    21,176       267,241  

Neurocrine Biosciences, Inc.(a)(b)

    18,372       1,786,677  

Prothena Corp. PLC(a)(b)

    21,064       529,128  

PTC Therapeutics, Inc.(b)

    4,745       224,676  

Rapt Therapeutics, Inc.(a)(b)

    8,660       192,252  

Regeneron Pharmaceuticals, Inc.(a)(b)

    11,420       5,403,259  

Relay Therapeutics, Inc.(b)

    10,918       377,435  

Remegen Co. Ltd., (Acquired 11/03/20, Cost: $369,944), 11/3/2021(d)

    54,500       669,180  

Sage Therapeutics, Inc.(a)(b)

    7,085       530,312  

Sarepta Therapeutics, Inc.(a)(b)

    8,718       649,752  
Security   Shares     Value  
Biotechnology (continued)  

Seagen, Inc.(a)(b)

    65,708     $ 9,124,213  

Seres Therapeutics, Inc.(a)(b)

    11,900       245,021  

Sigilon Therapeutics, Inc., (Acquired 02/14/20, Cost: $264,000)(d)

    19,555       429,406  

Stoke Therapeutics, Inc.(a)(b)

    4,431       172,100  

Taysha Gene Therapies, Inc.(b)

    13,722       278,557  

Taysha Gene Therapies, Inc.

     17,214       349,444  

TCR2 Therapeutics, Inc.(a)(b)

    10,160       224,333  

Vertex Pharmaceuticals, Inc.(a)(b)

    21,723       4,668,055  
   

 

 

  
      105,770,047  
Diversified Financial Services(b) — 0.4%            

ARYA Sciences Acquisition Corp. III, Class A

     16,560       228,197  

BCTG Acquisition Corp.

     8,720       96,966  

Deerfield Healthcare Technology Acquisitions Corp., Class A(e)

    21,007       254,605  

Health Assurance Acquisition Corp., Class A

     90,235       922,202  

Health Sciences Acquisitions Corp.

     13,696       153,806  

Helix Acquisition Corp., Class A

     11,715       119,610  

MedTech Acquisition Corp., Class A

     42,753       412,566  

Therapeutics Acquisition Corp., Class A

     27,000       283,770  
   

 

 

  
      2,471,722  
Health Care Equipment & Supplies — 30.1%            

Abbott Laboratories(a)

    241,542       28,946,393  

ABIOMED, Inc.(a)(b)

    10,709       3,413,280  

Alcon, Inc.(a)(b)

    103,355       7,253,454  

Baxter International, Inc.(a)

    71,417       6,023,310  

Becton Dickinson and Co.(a)

    31,871       7,749,434  

Boston Scientific Corp.(a)(b)

    372,187       14,385,028  

Butterfly Network, Inc.(b)

    35,345       594,856  

DENTSPLY SIRONA, Inc.(a)

    58,050       3,704,171  

DexCom, Inc.(a)(b)

    9,385       3,372,875  

Edwards Lifesciences Corp.(a)(b)

    143,505       12,002,758  

Envista Holdings Corp.(a)(b)

    36,720       1,498,176  

Intuitive Surgical, Inc.(a)(b)

    16,663       12,312,957  

Kangji Medical Holdings Ltd.(b)

    264,936       317,564  

Masimo Corp.(a)(b)

    22,110       5,077,783  

Medtronic PLC(a)

    152,096       17,967,100  

Nevro Corp.(a)(b)

    13,928       1,942,956  

Novocure Ltd.(a)(b)

    5,958       787,528  

ResMed, Inc.(a)

    29,932       5,807,407  

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

    9,077       459,750  

Straumann Holding AG, Registered Shares

     2,745       3,427,181  

Stryker Corp.(a)

    55,111       13,423,937  

Teleflex, Inc.(a)

    19,140       7,951,904  

Zimmer Biomet Holdings, Inc.(a)

    60,537       9,690,763  
   

 

 

  
      168,110,565  
Health Care Providers & Services — 20.5%            

Alignment Healthcare, Inc.(b)(e)

    50,071       1,098,057  

Amedisys, Inc.(a)(b)

    19,757       5,231,456  

AmerisourceBergen Corp.(a)

    14,280       1,686,040  

Anthem, Inc.(a)

    35,497       12,741,648  

Cardinal Health, Inc.(a)

    64,565       3,922,324  

Centene Corp.(a)(b)

    99,507       6,359,492  

Cigna Corp.(a)

    63,694       15,397,388  

Encompass Health Corp.(a)

    40,167       3,289,677  

Guardant Health, Inc.(a)(b)

    7,365       1,124,267  

Henry Schein, Inc.(a)(b)

    34,520       2,390,165  

Humana, Inc.(a)

    35,650       14,946,263  

Innovage Holding Corp.(b)

    13,434       346,463  

LHC Group, Inc.(a)(b)

    20,224       3,867,031  
 

 

 

SCHEDULE OF INVESTMENTS

   1

Schedule of Investments  (unaudited) (continued)

March 31, 2021

   

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Health Care Providers & Services (continued)        

McKesson Corp.(a)

    6,180     $ 1,205,347  

Oak Street Health, Inc.(a)(b)

    54,700       2,968,569  

Quest Diagnostics, Inc.(a)

    12,824       1,645,832  

UnitedHealth Group, Inc.(a)(f)

    97,849       36,406,677  
   

 

 

  
      114,626,696  
Health Care Technology — 0.7%            

Teladoc Health, Inc.(a)(b)

    21,980       3,994,865  
   

 

 

  
Insurance — 0.1%            

GoHealth, Inc., Class A(b)

    36,551       427,281  
   

 

 

  
Internet & Direct Marketing Retail — 0.4%            

JD Health International, Inc., (Acquired 12/01/20,
Cost: $1,501,357)(d)

    163,250       2,296,536  
   

 

 

  
Life Sciences Tools & Services — 8.2%            

Agilent Technologies, Inc.(a)

    13,960       1,774,874  

Avantor, Inc.(a)(b)

    115,584       3,343,845  

Illumina, Inc.(a)(b)

    14,027       5,387,210  

IQVIA Holdings, Inc.(a)(b)

    37,863       7,312,860  

PPD, Inc.(a)(b)

    95,400       3,609,936  

Thermo Fisher Scientific, Inc.(a)

    36,003       16,431,049  

WuXi AppTec Co. Ltd., Class H(g)

    210,485       4,156,508  

Wuxi Biologics Cayman, Inc.(b)(g)

    297,500       3,751,697  
   

 

 

  
      45,767,979  
Pharmaceuticals — 18.7%            

Bristol-Myers Squibb Co.(a)

    167,023       10,544,162  

Daiichi Sankyo Co. Ltd

     37,100       1,082,421  

Eisai Co. Ltd.

     24,300       1,633,301  

Elanco Animal Health, Inc.(b)

    65,535       1,930,006  

Eli Lilly & Co.(a)

    91,878       17,164,648  

Hansoh Pharmaceutical Group Co. Ltd.(b)(g)

    882,438       4,233,055  

Horizon Therapeutics PLC(a)(b)

    19,295       1,775,912  

Hua Medicine(b)(e)(g)

    735,105       420,784  

Johnson & Johnson(a)

    151,324       24,870,099  

Merck & Co., Inc.(a)

    73,837       5,692,094  

Merck KGaA

     17,316       2,961,972  

Nektar Therapeutics(a)(b)

    24,513       490,260  

Pfizer, Inc.(a)

    309,548       11,214,924  

Roche Holding AG

     7,972       2,582,474  

Sanofi

     68,800       6,803,230  

Sanofi, ADR(a)

    54,625       2,701,752  

Zoetis, Inc.(a)

    54,489       8,580,928  
   

 

 

  
      104,682,022  
   

 

 

  

Total Common Stocks — 98.0%
(Cost: $337,754,669)

       548,147,713  
   

 

 

  
Security  

Benefical

Interest (000)

      Value  

Other Interests

     
Pharmaceuticals — 0.1%             

Afferent Pharmaceuticals, Inc.(c)

  $ 190      $ 270,027  
    

 

 

  

Total Other Interests — 0.1%
(Cost: $ — )

        270,027  
    

 

 

  
     Shares          

Preferred Securities

     
Preferred Stocks — 0.7%(d)             
Biotechnology — 0.4%             

Cellarity, Inc., Series B, (Acquired 01/15/21,
Cost: $265,002)(c)

    44,167        265,002  

Acumen Pharmaceuticals, Inc., Series B, (Acquired 11/20/20, Cost: $348,001)(c)

    136,471        348,001  

Affinvax, Inc., (Acquired 01/06/21, Cost: $199,992)(c)

    6,331        199,992  

Ambrx Biopharma, Inc.(c)

    

Series A, (Acquired 11/06/20, Cost: $250,001)

     159,931        289,475  

Series B, (Acquired 11/06/20, Cost: $250,001)

     143,938        260,528  

Connect Biopharma Holdings Ltd., Series C, (Acquired 12/01/20, Cost: $250,023)

     22,809        402,275  

Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $149,465)(c)

    126,665        163,398  

Imago Biosciences, Inc., (Acquired 11/12/20, Cost: $235,002)(c)

    194,570        258,778  

Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $156,340)(c)

    64,074        156,341  
    

 

 

  
       2,343,790  
Health Care Equipment & Supplies — 0.2%         

Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001)(c)

    367,395        1,070,001  
    

 

 

  
Pharmaceuticals — 0.1%             

Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,001)(c)

    30,616        560,000  
    

 

 

  
Total Preferred Stocks — 0.7%          3,973,791  
    

 

 

  

Total Preferred Securities — 0.7%
(Cost: $3,733,829)

        3,973,791  
    

 

 

  

Warrants

     
Biotechnology — 0.0%             

Cerevel Therapeutics Holdings, Inc.
(Expires 10/27/2025)(b)

    4,196        17,707  
    

 

 

  
Diversified Financial Services(b) — 0.0%         

Deerfield Healthcare Technology Acquisitions Corp. (Expires 07/16/2025)

     4,201        12,183  

Health Assurance Acquisition Corp. (Expires 11/12/2025)

     22,558        58,425  

MedTech Acquisition Corp. (Expires 12/18/2025)

     14,251        15,676  
    

 

 

  
       86,284  
 

 

 

2  

Schedule of Investments  (unaudited) (continued)

March 31, 2021

   

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Health Care Equipment & Supplies — 0.0%

 

   

Butterfly Network, Inc. (Expires 05/27/2025)(b)

    11,781      $ 75,988  
    

 

 

  

Pharmaceuticals — 0.0%

     

Nuvation Bio, Inc. (Expires 07/07/2025)(b)

    4,050        10,814  
    

 

 

  

Total Warrants — 0.0%
(Cost: $134,776)

        190,793  
    

 

 

  

Total Long-Term Investments — 98.8%
(Cost: $341,623,274)

        552,582,324  
    

 

 

  

Short-Term Securities

     

Money Market Funds — 2.2%

     

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(h)(i)

    11,483,604        11,483,604  

SL Liquidity Series, LLC, Money Market Series, 0.16%(h)(i)(j)

    525,809        525,967  
    

 

 

  

Total Short-Term Securities — 2.2%
(Cost: $12,009,581)

 

      12,009,571  
    

 

 

  

Total Investments Before Options Written — 101.0%
(Cost: $353,632,855)

 

      564,591,895  
    

 

 

  

Options Written — (1.1)%
(Premiums Received: $(5,945,964))

 

      (5,981,283 ) 
    

 

 

  

Total Investments, Net of Options Written — 99.9%
(Cost: $347,686,891)

 

      558,610,612  

Other Assets Less Liabilities — 0.1%

        476,322  
    

 

 

  

Net Assets — 100.0%

      $ 559,086,934  
    

 

 

  

 

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $11,161,855, representing 2.00% of its net assets as of period end, and an original cost of $7,722,827.

(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) 

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.

(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, 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
03/31/21		      Shares
Held at
03/31/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $  13,774,637      $ —     $  (2,291,033 )(a)    $ —      $ —      $  11,483,604        11,483,604      $ 526      $ —  

SL Liquidity Series, LLC, Money Market Series

      102,701        423,275 (a)      —       —        (9 )       525,967        525,809        760(b )        —  
         

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  
          $ —      $ (9 )     $ 12,009,571         $  1,286      $ —  
         

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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                                                   

Baxter International, Inc.

      59          04/01/21        USD     80.50        USD     498        $  (24,190 ) 

Boston Scientific Corp.

      351          04/01/21        USD     39.00        USD     1,357          (2,457 ) 

Edwards Lifesciences Corp.

      112          04/01/21        USD     90.00        USD     937          (10,640 ) 

 

 

SCHEDULE OF INVESTMENTS

   3

Schedule of Investments  (unaudited) (continued)

March 31, 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)                                                   

Gilead Sciences, Inc.

      398          04/01/21        USD     66.50        USD     2,572        $ (995 ) 

Intuitive Surgical, Inc.

      12          04/01/21        USD     797.50        USD     887          (5,160 ) 

McKesson Corp.

      6          04/01/21        USD     187.50        USD     117          (4,800 ) 

Abbott Laboratories

      174          04/09/21        USD     125.74        USD     2,085          (3,193 ) 

AmerisourceBergen Corp.

      27          04/09/21        USD     107.00        USD     319          (30,105 ) 

Amgen, Inc.

      50          04/09/21        USD     230.00        USD     1,244          (95,250 ) 

Anthem, Inc.

      51          04/09/21        USD     335.00        USD     1,831          (126,990 ) 

Becton Dickinson and Co.

      24          04/09/21        USD     255.00        USD     584          (600 ) 

Biogen, Inc.

      25          04/09/21        USD     282.50        USD     699          (13,875 ) 

Bristol-Myers Squibb Co.

      84          04/09/21        USD     63.00        USD     530          (6,636 ) 

Cigna Corp.

      33          04/09/21        USD     237.50        USD     798          (21,697 ) 

Humana, Inc.

      37          04/09/21        USD     410.00        USD     1,551          (45,325 ) 

Illumina, Inc.

      22          04/09/21        USD     455.00        USD     845          (6,160 ) 

Johnson & Johnson

      273          04/09/21        USD     162.50        USD     4,487          (77,805 ) 

McKesson Corp.

      6          04/09/21        USD     190.00        USD     117          (4,185 ) 

Medtronic PLC

      142          04/09/21        USD     121.00        USD     1,677          (7,455 ) 

Nektar Therapeutics

      98          04/09/21        USD     24.50        USD     196          (7,840 ) 

Vertex Pharmaceuticals, Inc.

      70          04/09/21        USD     222.50        USD     1,504          (13,825 ) 

ABIOMED, Inc.

      21          04/16/21        USD     340.00        USD     669          (5,355 ) 

Acceleron Pharma, Inc.

      96          04/16/21        USD     140.00        USD     1,302          (37,440 ) 

Agilent Technologies, Inc.

      55          04/16/21        USD     135.00        USD     699          (1,650 ) 

Agios Pharmaceuticals, Inc.

      36          04/16/21        USD     55.00        USD     186          (3,780 ) 

Alcon, Inc.

      117          04/16/21        USD     75.00        USD     821          (11,115 ) 

Allakos, Inc.

      42          04/16/21        USD     130.00        USD     482          (11,655 ) 

Allogene Therapeutics, Inc.

      123          04/16/21        USD     35.00        USD     434          (29,520 ) 

Alnylam Pharmaceuticals, Inc.

      72          04/16/21        USD     170.00        USD     1,017          (9,720 ) 

Amedisys, Inc.

      72          04/16/21        USD     280.00        USD     1,906          (38,520 ) 

Amgen, Inc

      71          04/16/21        USD     240.00        USD     1,767          (76,325 ) 

Anthem, Inc.

      51          04/16/21        USD     330.00        USD     1,831          (155,040 ) 

Apellis Pharmaceuticals, Inc.

      17          04/16/21        USD     50.00        USD     73          (595 ) 

Arcutis Biotherapeutics, Inc.

      21          04/16/21        USD     40.00        USD     61          (1,313 ) 

Arena Pharmaceuticals, Inc.

      59          04/16/21        USD     80.00        USD     409          (1,475 ) 

Argenx SE

      6          04/16/21        USD     320.00        USD     165          (2,940 ) 

Avantor, Inc.

      259          04/16/21        USD     30.00        USD     749          (9,713 ) 

Baxter International, Inc.

      145          04/16/21        USD     82.50        USD     1,223          (41,325 ) 

Becton Dickinson and Co.

      49          04/16/21        USD     260.00        USD     1,191          (1,715 ) 

Biohaven Pharmaceutical Holding Co. Ltd.

      25          04/16/21        USD     90.00        USD     171          (2,250 ) 

BioMarin Pharmaceutical, Inc.

      34          04/16/21        USD     95.00        USD     257          (255 ) 

BioMarin Pharmaceutical, Inc.

      101          04/16/21        USD     85.00        USD     763          (1,515 ) 

Blueprint Medicines Corp.

      19          04/16/21        USD     110.00        USD     185          (7,030 ) 

Bridgebio Pharma, Inc.

      39          04/16/21        USD     75.00        USD     240          (8,190 ) 

Bristol-Myers Squibb Co.

      170          04/16/21        USD     62.50        USD     1,073          (24,650 ) 

Centene Corp.

      72          04/16/21        USD     62.50        USD     460          (17,820 ) 

ChemoCentryx, Inc.

      20          04/16/21        USD     75.00        USD     102          (10,000 ) 

Cigna Corp.

      80          04/16/21        USD     220.00        USD     1,934          (179,600 ) 

Cytokinetics, Inc.

      32          04/16/21        USD     24.00        USD     74          (4,480 ) 

DENTSPLY SIRONA, Inc.

      135          04/16/21        USD     57.50        USD     861          (85,050 ) 

Dicerna Pharmaceuticals, Inc.

      29          04/16/21        USD     30.00        USD     74          (870 ) 

Edwards Lifesciences Corp.

      148          04/16/21        USD     85.00        USD     1,238          (17,020 ) 

Encompass Health Corp.

      80          04/16/21        USD     85.00        USD     655          (5,800 ) 

Envista Holdings Corp.

      130          04/16/21        USD     41.00        USD     530          (22,945 ) 

Exact Sciences Corp.

      28          04/16/21        USD     150.00        USD     369          (1,820 ) 

Genmab A/S, ADR

      88          04/16/21        USD     45.23        USD     289          (41 ) 

Global Blood Therapeutics, Inc.

      13          04/16/21        USD     60.00        USD     53          (325 ) 

Guardant Health, Inc.

      27          04/16/21        USD     155.00        USD     412          (14,040 ) 

Halozyme Therapeutics, Inc.

      103          04/16/21        USD     50.00        USD     429          (9,270 ) 

Henry Schein, Inc.

      61          04/16/21        USD     65.00        USD     422          (27,450 ) 

Henry Schein, Inc.

      61          04/16/21        USD     67.50        USD     422          (15,707 ) 

Humana, Inc.

      43          04/16/21        USD     410.00        USD     1,803          (62,350 ) 

Incyte Corp.

      118          04/16/21        USD     82.50        USD     959          (20,945 ) 

Intellia Therapeutics, Inc.

      8          04/16/21        USD     75.00        USD     64          (7,200 ) 

Intuitive Surgical, Inc.

      14          04/16/21        USD     730.00        USD     1,035          (30,170 ) 

 

 

4  

  

Schedule of Investments  (unaudited) (continued)

March 31, 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)                                                   

Iovance Biotherapeutics, Inc.

      61          04/16/21        USD     50.00        USD     193        $ (2,440 ) 

IQVIA Holdings, Inc.

      100          04/16/21        USD     190.00        USD     1,931          (58,500 ) 

Kodiak Sciences, Inc.

      13          04/16/21        USD     155.00        USD     147          (1,885 ) 

LHC Group, Inc.

      18          04/16/21        USD     209.00        USD     344          (2,112 ) 

Masimo Corp.

      19          04/16/21        USD     275.00        USD     436          (855 ) 

Masimo Corp.

      91          04/16/21        USD     240.00        USD     2,090          (21,157 ) 

Medtronic PLC

      95          04/16/21        USD     120.00        USD     1,122          (12,160 ) 

Merck & Co., Inc.

      148          04/16/21        USD     77.50        USD     1,141          (14,356 ) 

Mersana Therapeutics, Inc.

      35          04/16/21        USD     22.50        USD     57          (525 ) 

Molecular Templates, Inc.

      42          04/16/21        USD     15.00        USD     53          (1,575 ) 

Neurocrine Biosciences, Inc.

      46          04/16/21        USD     115.00        USD     447          (1,035 ) 

Nevro Corp.

      24          04/16/21        USD     190.00        USD     335          (3,600 ) 

PPD, Inc.

      237          04/16/21        USD     40.00        USD     897          (7,703 ) 

Prothena PLC

      21          04/16/21        USD     23.05        USD     53          (6,798 ) 

Rapt Therapeutics, Inc.

      17          04/16/21        USD     22.50        USD     38          (3,740 ) 

ResMed, Inc.

      51          04/16/21        USD     210.00        USD     990          (1,020 ) 

Sage Therapeutics, Inc.

      13          04/16/21        USD     87.50        USD     97          (1,235 ) 

Sanofi — ADR

      109          04/16/21        USD     48.45        USD     539          (16,418 ) 

Sarepta Therapeutics, Inc.

      34          04/16/21        USD     95.00        USD     253          (2,040 ) 

Seagen, Inc.

      129          04/16/21        USD     174.00        USD     1,791          (609 ) 

Seres Therapeutics, Inc.

      43          04/16/21        USD     30.00        USD     89          (860 ) 

Seres Therapeutics, Inc.

      2          04/16/21        USD     25.00        USD     4          (95 ) 

Silk Road Medical, Inc.

      6          04/16/21        USD     60.00        USD     30          (300 ) 

Stryker Corp.

      100          04/16/21        USD     248.25        USD     2,436          (23,490 ) 

TCR2 Therapeutics, Inc.

      20          04/16/21        USD     35.00        USD     44          (3,000 ) 

Teladoc Health, Inc.

      39          04/16/21        USD     300.00        USD     709          (254 ) 

Teleflex, Inc.

      38          04/16/21        USD     420.00        USD     1,579          (30,590 ) 

Thermo Fisher Scientific, Inc.

      75          04/16/21        USD     500.00        USD     3,423          (7,875 ) 

UnitedHealth Group, Inc.

      194          04/16/21        USD     340.00        USD     7,218          (663,480 ) 

Zimmer Biomet Holdings, Inc.

      74          04/16/21        USD     165.00        USD     1,185          (14,060 ) 

Zoetis, Inc.

      81          04/16/21        USD     160.00        USD     1,276          (15,187 ) 

Amgen, Inc.

      53          04/23/21        USD     250.00        USD     1,319          (26,765 ) 

Centene Corp.

      75          04/23/21        USD     62.00        USD     479          (22,725 ) 

Cigna Corp.

      74          04/23/21        USD     242.50        USD     1,789          (47,175 ) 

Eli Lilly & Co.

      45          04/23/21        USD     220.00        USD     841          (4,500 ) 

Eli Lilly & Co.

      217          04/23/21        USD     197.50        USD     4,054          (30,380 ) 

Humana, Inc.

      16          04/23/21        USD     415.00        USD     671          (20,560 ) 

Intuitive Surgical, Inc.

      9          04/23/21        USD     755.00        USD     665          (14,265 ) 

Johnson & Johnson

      93          04/23/21        USD     165.00        USD     1,528          (25,389 ) 

McKesson Corp.

      6          04/23/21        USD     192.50        USD     117          (4,515 ) 

Medtronic PLC

      56          04/23/21        USD     118.00        USD     662          (12,740 ) 

Regeneron Pharmaceuticals, Inc.

      33          04/23/21        USD     485.00        USD     1,561          (31,680 ) 

Regeneron Pharmaceuticals, Inc.

      10          04/23/21        USD     500.00        USD     473          (5,550 ) 

Teladoc Health, Inc.

      23          04/23/21        USD     212.50        USD     418          (3,761 ) 

UnitedHealth Group, Inc.

      56          04/23/21        USD     355.00        USD     2,084          (120,260 ) 

Abbott Laboratories

      140          04/30/21        USD     122.00        USD     1,678          (35,770 ) 

AmerisourceBergen Corp.

      27          04/30/21        USD     122.00        USD     319          (6,008 ) 

Becton Dickinson and Co.

      48          04/30/21        USD     252.50        USD     1,167          (13,560 ) 

Biogen, Inc.

      16          04/30/21        USD     282.50        USD     448          (20,560 ) 

Boston Scientific Corp.

      781          04/30/21        USD     40.00        USD     3,019          (48,422 ) 

Bristol-Myers Squibb Co.

      203          04/30/21        USD     62.00        USD     1,282          (47,908 ) 

Cardinal Health, Inc.

      65          04/30/21        USD     59.50        USD     395          (18,037 ) 

Centene Corp.

      103          04/30/21        USD     64.50        USD     658          (31,363 ) 

Edwards Lifesciences Corp.

      285          04/30/21        USD     84.00        USD     2,384          (90,487 ) 

Eli Lilly & Co.

      87          04/30/21        USD     187.50        USD     1,625          (53,505 ) 

Exact Sciences Corp.

      25          04/30/21        USD     145.00        USD     329          (8,313 ) 

Illumina, Inc.

      31          04/30/21        USD     440.00        USD     1,191          (10,850 ) 

Intuitive Surgical, Inc.

      9          04/30/21        USD     760.00        USD     665          (13,635 ) 

Intuitive Surgical, Inc.

      10          04/30/21        USD     755.00        USD     739          (18,500 ) 

Mckesson Corp

      5          04/30/21        USD     197.50        USD     98          (3,063 ) 

Medtronic PLC

      125          04/30/21        USD     117.00        USD     1,477          (44,375 ) 

Pfizer, Inc.

      663          04/30/21        USD     35.50        USD     2,402          (82,543 ) 

 

 

SCHEDULE OF INVESTMENTS

   5

Schedule of Investments  (unaudited) (continued)

March 31, 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)                                                   

Teladoc Health, Inc.

      9          04/30/21        USD     225.00        USD     164        $  (1,067 ) 

UnitedHealth Group, Inc.

      70          04/30/21        USD     370.00        USD     2,604          (81,725 ) 

Alcon AG

      137          05/04/21        USD     73.97        USD     961          (26,873 ) 

Abbott Laboratories

      384          05/07/21        USD     124.11        USD     4,602          (72,315 ) 

Boston Scientific Corp.

      282          05/07/21        USD     40.00        USD     1,090          (20,022 ) 

Bristol-Myers Squibb Co.

      85          05/07/21        USD     64.00        USD     537          (12,112 ) 

Cardinal Health, Inc.

      56          05/07/21        USD     63.00        USD     340          (9,380 ) 

Centene Corp.

      128          05/07/21        USD     66.00        USD     818          (40,832 ) 

Humana, Inc.

      39          05/07/21        USD     432.50        USD     1,635          (35,100 ) 

Abbott Laboratories

      219          05/21/21        USD     125.00        USD     2,625          (41,719 ) 

ABIOMED, Inc.

      19          05/21/21        USD     320.00        USD     606          (40,375 ) 

Acceleron Pharma, Inc.

      49          05/21/21        USD     145.00        USD     664          (35,280 ) 

Agios Pharmaceuticals, Inc.

      46          05/21/21        USD     55.00        USD     238          (17,250 ) 

Alcon, Inc.

      137          05/21/21        USD     75.00        USD     961          (16,097 ) 

Allakos, Inc.

      42          05/21/21        USD     135.00        USD     482          (18,270 ) 

Alnylam Pharmaceuticals, Inc.

      57          05/21/21        USD     150.00        USD     805          (42,465 ) 

Amedisys, Inc.

      4          05/21/21        USD     280.00        USD     106          (3,240 ) 

Amgen, Inc.

      60          05/21/21        USD     260.00        USD     1,493          (25,800 ) 

Anthem, Inc.

      52          05/21/21        USD     360.00        USD     1,867          (80,600 ) 

Apellis Pharmaceuticals, Inc.

      41          05/21/21        USD     50.00        USD     176          (11,275 ) 

Arcutis Biotherapeutics, Inc.

      63          05/21/21        USD     35.00        USD     182          (12,442 ) 

Argenx SE

      12          05/21/21        USD     320.00        USD     330          (6,120 ) 

Avantor, Inc.

      71          05/21/21        USD     32.50        USD     205          (3,373 ) 

Avantor, Inc.

      109          05/21/21        USD     30.00        USD     315          (12,807 ) 

Baxter International, Inc.

      67          05/21/21        USD     82.50        USD     565          (28,810 ) 

Blueprint Medicines Corp.

      17          05/21/21        USD     105.00        USD     165          (7,990 ) 

Bridgebio Pharma, Inc.

      12          05/21/21        USD     70.00        USD     74          (2,550 ) 

Bristol-Myers Squibb Co.

      92          05/21/21        USD     65.00        USD     581          (12,236 ) 

Cardinal Health, Inc.

      124          05/21/21        USD     62.50        USD     753          (25,420 ) 

ChemoCentryx, Inc.

      15          05/21/21        USD     65.00        USD     77          (3,825 ) 

Cigna Corp.

      32          05/21/21        USD     230.00        USD     774          (56,720 ) 

Cigna Corp.

      80          05/21/21        USD     240.00        USD     1,934          (93,600 ) 

Cytokinetics, Inc.

      29          05/21/21        USD     26.00        USD     67          (6,815 ) 

DENTSPLY SIRONA, Inc.

      85          05/21/21        USD     62.50        USD     542          (33,150 ) 

DexCom, Inc.

      35          05/21/21        USD     370.00        USD     1,258          (74,200 ) 

Dicerna Pharmaceuticals, Inc.

      27          05/21/21        USD     30.00        USD     69          (3,240 ) 

Enanta Pharmaceuticals, Inc.

      4          05/21/21        USD     55.00        USD     20          (960 ) 

Encompass Health Corp.

      72          05/21/21        USD     85.00        USD     590          (14,940 ) 

Envista Holdings Corp.

      9          05/21/21        USD     44.00        USD     37          (1,323 ) 

Genmab A/S, ADR

      63          05/21/21        USD     35.00        USD     207          (10,080 ) 

Global Blood Therapeutics, Inc.

      52          05/21/21        USD     50.00        USD     212          (4,550 ) 

Horizon Therapeutics PLC

      37          05/21/21        USD     105.00        USD     341          (10,545 ) 

Horizon Therapeutics PLC

      36          05/21/21        USD     100.00        USD     331          (15,480 ) 

Intellia Therapeutics, Inc.

      16          05/21/21        USD     72.00        USD     128          (26,159 ) 

Intuitive Surgical, Inc.

      9          05/21/21        USD     750.00        USD     665          (23,445 ) 

IQVIA Holdings, Inc.

      43          05/21/21        USD     195.00        USD     831          (31,175 ) 

Johnson & Johnson

      209          05/21/21        USD     165.00        USD     3,435          (86,735 ) 

Kodiak Sciences, Inc.

      21          05/21/21        USD     150.00        USD     238          (7,193 ) 

LHC Group, Inc.

      58          05/21/21        USD     210.00        USD     1,109          (21,750 ) 

Medtronic PLC

      159          05/21/21        USD     120.00        USD     1,878          (48,495 ) 

Merck & Co., Inc.

      132          05/21/21        USD     77.50        USD     1,018          (31,350 ) 

Mersana Therapeutics, Inc.

      25          05/21/21        USD     20.00        USD     40          (1,188 ) 

Mirati Therapeutics, Inc.

      55          05/21/21        USD     190.00        USD     942          (33,275 ) 

Molecular Templates, Inc.

      39          05/21/21        USD     15.00        USD     49          (3,608 ) 

Neurocrine Biosciences, Inc.

      27          05/21/21        USD     115.00        USD     263          (7,560 ) 

Nevro Corp.

      28          05/21/21        USD     160.00        USD     391          (9,520 ) 

Novocure Ltd.

      34          05/21/21        USD     165.00        USD     449          (11,985 ) 

Oak Street Health, Inc.

      52          05/21/21        USD     65.00        USD     282          (6,500 ) 

Pfizer, Inc.

      513          05/21/21        USD     37.00        USD     1,859          (36,166 ) 

PPD, Inc.

      20          05/21/21        USD     40.00        USD     76          (2,550 ) 

Prothena PLC

      21          05/21/21        USD     25.25        USD     53          (7,797 ) 

Quest Diagnostics, Inc.

      48          05/21/21        USD     125.00        USD     616          (31,680 ) 

 

 

6  

    

Schedule of Investments  (unaudited) (continued)

March 31, 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)                                                   

Rapt Therapeutics, Inc.

      7          05/21/21        USD     25.00        USD     16        $ (2,538 ) 

ResMed, Inc.

      62          05/21/21        USD     195.00        USD     1,203          (54,870 ) 

Sage Therapeutics, Inc.

      13          05/21/21        USD     100.00        USD     97          (9,165 ) 

Silk Road Medical, Inc.

      28          05/21/21        USD     55.00        USD     142          (5,600 ) 

Stoke Therapeutics, Inc.

      25          05/21/21        USD     70.00        USD     97          (2,625 ) 

Stryker Corp

      110          05/21/21        USD     248.00        USD     2,679          (62,623 ) 

TCR2 Therapeutics, Inc.

      18          05/21/21        USD     25.00        USD     40          (3,420 ) 

Teladoc Health, Inc.

      12          05/21/21        USD     195.00        USD     218          (11,940 ) 

Teleflex, Inc.

      34          05/21/21        USD     420.00        USD     1,413          (53,550 ) 

UnitedHealth Group, Inc.

      51          05/21/21        USD     380.00        USD     1,898          (50,872 ) 

Zimmer Biomet Holdings, Inc.

      156          05/21/21        USD     165.00        USD     2,497          (83,460 ) 

Zoetis, Inc.

      126          05/21/21        USD     165.00        USD     1,984          (22,050 ) 

Arcutis Biotherapeutics, Inc.

      43          06/18/21        USD     40.00        USD     124          (10,643 ) 

Iovance Biotherapeutics, Inc.

      56          06/18/21        USD     40.00        USD     177          (9,800 ) 

Prothena Corp. PLC

      38          06/18/21        USD     24.00        USD     95          (18,430 ) 

Rapt Therapeutics, Inc.

      8          06/18/21        USD     25.00        USD     18          (3,020 ) 

Seagen, Inc.

      120          06/18/21        USD     170.00        USD     1,666          (35,400 ) 

Thermo Fisher Scientific, Inc.

      61          06/18/21        USD     480.00        USD     2,784          (71,675 ) 
                          

 

 

  
                           $  (5,374,075 ) 
                          

 

 

  

OTC Options Written

Description    Counterparty    Number of
Contracts		      Expiration
Date		      Exercise Price     

Notional

Amount (000)

      Value  
Call                                                

Forma Therapeutics Holdings, Inc.

    Barclays Bank PLC      1,200        04/06/21      USD     38.05      USD     34      $ —  

Roche Holding AG

    Goldman Sachs International      1,100        04/07/21      CHF     304.77      CHF     337        (4,560 ) 

Forma Therapeutics Holdings, Inc.

    Barclays Bank PLC      1,200        04/08/21      USD     38.77      USD     34        (1 ) 

PPD, Inc.

    Citibank N.A.      6,400        04/08/21      USD     37.48      USD     242        (7,113 ) 

Gilead Sciences, Inc.

    Citibank N.A.      42,900        04/09/21      USD     64.15      USD     2,773        (48,539 ) 

Hansoh Pharmaceutical Group Co. Ltd.

    JPMorgan Chase Bank N.A.      80,000        04/13/21      HKD     42.90      HKD     2,983        (73 ) 

Sanofi

    Barclays Bank PLC      11,300        04/13/21      EUR     78.85      EUR     953        (73,574 ) 

Krystal Biotech, Inc.

    Bank of America N.A.      1,400        04/14/21      USD     81.28      USD     108        (2,236 ) 

PPD, Inc.

    Bank of America N.A.      2,000        04/14/21      USD     37.10      USD     76        (2,353 ) 

Genmab A/S

    UBS AG      3,200        04/15/21      DKK     2,179.08      DKK     6,676        (13,683 ) 

Hansoh Pharmaceutical Group Co. Ltd.

    JPMorgan Chase Bank N.A.      88,000        04/20/21      HKD     35.95      HKD     3,282        (20,862 ) 

Sanofi

    Goldman Sachs International      8,300        04/20/21      EUR     80.91      EUR     700        (36,969 ) 

Genmab A/S

    Barclays Bank PLC      2,700        04/21/21      DKK     2,165.06      DKK     5,633        (17,433 ) 

Merck KGaA

    Barclays Bank PLC      4,300        04/21/21      EUR     140.16      EUR     627        (34,415 ) 

Straumann Holding AG

    Barclays Bank PLC      1,000        04/21/21      CHF     1,165.96      CHF     1,180        (36,781 ) 

Sanofi — ADR

    Barclays Bank PLC      9,800        04/26/21      USD     49.50      USD     485        (8,606 ) 

WuXi AppTec Co. Ltd., Class H

    JPMorgan Chase Bank N.A.      24,400        04/27/21      HKD     159.05      HKD     3,746        (26,985 ) 

Wuxi Biologics Cayman, Inc.

    JPMorgan Chase Bank N.A.      119,000        04/27/21      HKD     94.73      HKD     11,666        (90,877 ) 

Merck KGaA

    Goldman Sachs International      2,700        04/29/21      EUR     137.30      EUR     394        (27,129 ) 

Hansoh Pharmaceutical Group Co. Ltd.

    Goldman Sachs International      34,000        05/04/21      HKD     36.67      HKD     1,268        (7,580 ) 

Eisai Co. Ltd.

    Morgan Stanley & Co. International PLC      9,300        05/06/21      JPY     7,736.11      JPY     69,213        (14,495 ) 

Hansoh Pharmaceutical Group Co. Ltd.

    Citibank N.A.      80,000        05/06/21      HKD     36.95      HKD     2,983        (16,754 ) 

Roche Holding AG

    Citibank N.A.      2,000        05/06/21      CHF     306.91      CHF     612        (13,732 ) 

WuXi AppTec Co. Ltd.

    Morgan Stanley & Co. International PLC      40,000        05/06/21      HKD     153.18      HKD     6,141        (65,617 ) 

Arcutis Biotherapeutics, Inc.

    Barclays Bank PLC      3,500        05/11/21      USD     32.91      USD     101        (5,440 ) 

Hansoh Pharmaceutical Group Co. Ltd.

    Citibank N.A.      52,000        05/11/21      HKD     37.88      HKD     1,939        (8,692 ) 

Sanofi

    UBS AG      6,600        05/11/21      EUR     83.46      EUR     556        (9,443 ) 

WuXi AppTec Co. Ltd.

    Morgan Stanley & Co. International PLC      15,600        05/14/21      HKD     162.41      HKD     2,395        (9,839 ) 

PPD, Inc.

    Bank of America N.A.      2,100        05/26/21      USD     39.32      USD     79        (3,427 ) 
                     

 

 

  
                      $ (607,208 ) 
                     

 

 

  

 

 

SCHEDULE OF INVESTMENTS

   7

Schedule of Investments  (unaudited) (continued)

March 31, 2021

  

BlackRock Health Sciences Trust (BME)

 

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.

The following table summarizes the Trust’s investments categorized in the fair value hierarchy. The breakdown of the Trust’s investments 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.

    $ 95,673,617        $ 7,721,305        $ 2,375,125        $ 105,770,047  

Diversified Financial Services

      2,471,722          —          —          2,471,722  

Health Care Equipment & Supplies

      164,365,820          3,744,745          —          168,110,565  

Health Care Providers & Services

      114,626,696          —          —          114,626,696  

Health Care Technology

      3,994,865          —          —          3,994,865  

Insurance

      427,281          —          —          427,281  

Internet & Direct Marketing Retail

      —          2,296,536          —          2,296,536  

Life Sciences Tools & Services

      37,859,774          7,908,205          —          45,767,979  

Pharmaceuticals

      85,385,569          19,296,453          —          104,682,022  

Other Interests

      —          —          270,027          270,027  

Preferred Securities

                  

Preferred Stocks

      —          402,275          3,571,516          3,973,791  

Warrants

      190,793          —          —          190,793  

Short-Term Securities

                  

Money Market Funds

      11,483,604          —          —          11,483,604  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 516,479,741        $  41,369,519        $  6,216,668          564,065,928  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                    525,967  
                 

 

 

  
                  $ 564,591,895  
                 

 

 

  

Derivative Financial Instruments(b)

                 

Liabilities

                  

Equity Contracts

    $ (5,105,625 )       $ (875,658 )       $ —        $ (5,981,283 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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.

 

 

 

8  

    

Schedule of Investments  (unaudited) (continued)

March 31, 2021

  

BlackRock Health Sciences Trust (BME)

 

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

      (132,438 )         —          (250,023 )         (382,461 ) 

Other(a)

     (235,430 )         —          235,430          —  

Accrued discounts/premiums

      —          —          —          —  

Net realized gain (loss)

      —          —          —          —  

Net change in unrealized appreciation (depreciation)(b)

     43,381          15,213          73,341          131,935  

Purchases

      —          —          2,094,995          2,094,995  

Sales

      —          —          —          —  
  

 

 

       

 

 

       

 

 

       

 

 

  

Closing balance, as of March 31, 2021

    $  2,375,125        $  270,027        $  3,571,516        $  6,216,668  
  

 

 

       

 

 

       

 

 

       

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2021(b)

   $ 43,381        $ 15,213        $ 73,341        $ 131,935  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Certain Level 3 investments were re-classified between Common Stocks and Preferred Stocks.

 
  (b) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2021 is generally due to investments no longer held or categorized as Level 3 at period end.

 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $560,001. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.

 

      Value        Valuation
Approach		       

Unobservable

Inputs

       

Range of   

Unobservable   

Inputs   

Utilized(a)

      

Weighted

Average of

Unobservable

Inputs Based on Fair Value

  

Assets

                       

Common Stocks

    $ 2,375,125          Income          Discount Rate          1%             —  

Preferred Stocks(b,c)

     3,281,542          Market          Market Adjustment Multiple          1.10x             —  
               Volatility          80%             —  
               Time to Exit          2.0 - 3.0             2.3  
               Recent Transactions          —             —  
          Income          Discount Rate          1% - 3%             2%  
  

 

 

                      
   $ 5,656,667                      
  

 

 

                      

 

  (a) 

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

 
  (b) 

For the period end March 31, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $348,001 changed to Option Pricing Model. 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.

 
  (c) 

For the period end March 31, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $808,781 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

 

 

SCHEDULE OF INVESTMENTS

   9