NPORT-EX 1 NPORT_222323200505434.htm EX-BME

Schedule of Investments  (unaudited)

March 31, 2019

   

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Security       
    
Shares		     Value  

Common Stocks — 98.8%

 

Biotechnology — 15.6%  

ACADIA Pharmaceuticals, Inc.(a)(b)

     37,400     $ 1,004,190  

Acceleron Pharma, Inc.(a)(b)

     42,600       1,983,882  

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

     17,146,440       1,976,985  

Agios Pharmaceuticals, Inc.(a)(b)

     15,900       1,072,296  

Alexion Pharmaceuticals, Inc.(a)(b)

     18,200       2,460,276  

Allakos, Inc.(a)

     15,312       620,136  

Allogene Therapeutics, Inc.(a)

     6,919       200,028  

Allogene Therapeutics, Inc.,

(Acquired 10/10/18, cost $505,000)(d)

     33,006       951,288  

Alnylam Pharmaceuticals, Inc.(a)

     8,200       766,290  

Amgen, Inc.(b)

     15,160       2,880,097  

Amicus Therapeutics, Inc.(a)(b)

     22,430       305,048  

AnaptysBio, Inc.(a)(b)

     2,100       153,405  

Apellis Pharmaceuticals, Inc.(a)

     23,047       449,416  

Arena Pharmaceuticals, Inc.(a)(b)

     27,244       1,221,349  

Biogen, Inc.(a)(b)

     12,048       2,847,906  

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

     19,650       1,011,385  

BioMarin Pharmaceutical, Inc.(a)(b)

     32,700       2,904,741  

Blueprint Medicines Corp.(a)(b)

     3,500       280,175  

Cellectis SA, ADR(a)

     15,095       276,842  

Checkpoint Therapeutics, Inc.(a)

     43,100       123,266  

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

     33,800       234,910  

Cytokinetics, Inc.(a)

     11,300       91,417  

Eidos Therapeutics, Inc.(a)(e)

     7,886       184,927  

Exact Sciences Corp.(a)(b)

     14,800       1,281,976  

Galapagos NV, ADR(a)(b)

     5,700       671,346  

Genmab A/S(a)

     5,300       919,643  

Gilead Sciences, Inc.(b)

     85,900       5,584,359  

Halozyme Therapeutics, Inc.(a)(b)

     25,200       405,720  

ImmunoGen, Inc.(a)

     35,500       96,205  

Incyte Corp.(a)(b)

     44,900       3,861,849  

InflaRx NV(a)

     14,196       536,467  

Insmed, Inc.(a)(b)

     51,086       1,485,070  

Mirati Therapeutics, Inc.(a)(b)

     9,200       674,360  

Neurocrine Biosciences, Inc.(a)(b)

     22,100       1,947,010  

Principia Biopharma, Inc.(a)

     4,047       137,598  

Ra Pharmaceuticals, Inc.(a)

     39,457       883,837  

Regeneron Pharmaceuticals, Inc.(a)(b)

     9,158       3,760,458  

Sarepta Therapeutics, Inc.(a)(b)

     14,020       1,671,044  

Seattle Genetics, Inc.(a)(b)

     56,067       4,106,347  

Spark Therapeutics, Inc.(a)

     8,910       1,014,671  

Sutro Biopharma, Inc.(a)

     588       6,697  

Syndax Pharmaceuticals, Inc.(a)

     15,784       82,866  

Ultragenyx Pharmaceutical, Inc.(a)(b)

     17,500       1,213,800  

Vertex Pharmaceuticals, Inc.(a)(b)

     34,205       6,292,010  
   

 

 

  
    60,633,588  
Health Care Equipment & Supplies — 32.9%  

Abbott Laboratories(b)

     301,100       24,069,934  

Align Technology, Inc.(a)(b)

     6,100       1,734,413  

Baxter International, Inc.(b)

     103,300       8,399,323  
Security       
    
Shares		     Value  
Health Care Equipment & Supplies (continued)  

Becton Dickinson & Co.(b)

     24,933     $ 6,226,518  

Boston Scientific Corp.(a)

     420,284       16,130,500  

ConvaTec Group PLC(f)

     1,018,100       1,878,566  

Edwards Lifesciences Corp.(a)(b)

     47,000       8,992,510  

Intuitive Surgical, Inc.(a)(b)

     19,400       11,069,252  

Masimo Corp.(a)(b)

     40,100       5,545,028  

Medtronic PLC(b)

     129,400       11,785,752  

Nevro Corp.(a)(b)

     12,900       806,379  

ResMed, Inc.(b)

     38,300       3,982,051  

SI-BONE, Inc.(a)

     6,296       118,617  

Stryker Corp.(b)

     64,400       12,720,288  

Teleflex, Inc.(b)

     16,800       5,076,288  

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

     21,400       3,032,808  

Wright Medical Group NV(a)(b)

     62,900       1,978,205  

Zimmer Biomet Holdings, Inc.(b)

     31,200       3,984,240  
   

 

 

  
    127,530,672  

Health Care Providers & Services — 17.4%

 

Amedisys, Inc.(a)(b)

     24,960       3,076,570  

Anthem, Inc.

     36,500       10,474,770  

Centene Corp.(a)

     89,000       4,725,900  

Cigna Corp.(a)(b)

     34,300       5,516,126  

Guardant Health, Inc.(a)

     4,749       364,248  

HCA Healthcare, Inc.(b)

     24,594       3,206,566  

Humana, Inc.(b)

     28,700       7,634,200  

LHC Group, Inc.(a)(b)

     11,227       1,244,625  

Quest Diagnostics, Inc.(b)

     21,200       1,906,304  

UnitedHealth Group, Inc.

     119,402       29,523,338  
   

 

 

  
    67,672,647  

Health Care Technology — 0.5%

 

Teladoc Health, Inc.(a)(b)

     34,500       1,918,200  
   

 

 

  

Life Sciences Tools & Services — 7.2%

 

Agilent Technologies, Inc.(b)

     56,000       4,501,280  

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

     9,600       1,394,400  

Genfit ADR(a)

     10,200       244,800  

Illumina, Inc.(a)(b)

     3,200       994,208  

IQVIA Holdings, Inc.(a)(b)

     23,500       3,380,475  

QIAGEN NV(a)(b)

     50,200       2,042,136  

Thermo Fisher Scientific, Inc.(b)

     47,500       13,001,700  

WuXi AppTec Co. Ltd.(a)(f)

     112,000       1,363,270  

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

     106,500       1,037,459  
   

 

 

  
    27,959,728  
Pharmaceuticals — 25.2%  

Allergan PLC(b)

     28,985       4,243,694  

Assembly Biosciences, Inc.(a)(b)

     5,033       99,100  

AstraZeneca PLC

     74,276       5,928,813  

AstraZeneca PLC — ADR(b)

     38,600       1,560,598  

Bristol-Myers Squibb Co.(b)

     90,962       4,339,797  

Chugai Pharmaceutical Co. Ltd.

     16,100       1,108,952  

Daiichi Sankyo Co. Ltd.

     30,300       1,399,183  

Elanco Animal Health, Inc.(a)(b)

     97,291       3,120,122  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Security       
    
Shares		     Value  
Pharmaceuticals (continued)  

Eli Lilly & Co.(b)

     90,700     $ 11,769,232  

GlaxoSmithKline PLC

     182,900       3,799,891  

Hua Medicine, (Acquired 09/07/18, Cost $342,936)(d)

     405,105       398,399  

Hua Medicine(a)(f)

     314,500       309,294  

Merck & Co., Inc.(b)

     208,079       17,305,930  

Merck KGaA

     17,310       1,976,299  

MyoKardia, Inc.(a)

     7,113       369,805  

Nektar Therapeutics(a)(b)

     7,400       248,640  

Novartis AG — ADR(b)

     22,300       2,143,922  

Novo Nordisk A/S — ADR(b)

     80,800       4,226,648  

Pfizer, Inc.(b)

     409,798       17,404,121  

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

     9,019       770,854  

Roche Holding AG

     7,000       1,928,884  

Sanofi

     32,700       2,891,469  

Sanofi — ADR(b)

     42,400       1,877,472  

Teva Pharmaceutical Industries Ltd. — ADR(a)(b)

     59,000       925,120  

Theravance Biopharma, Inc.(a)

     4,700       106,549  

Tricida, Inc.(a)

     9,249       357,196  

Urovant Sciences Ltd.(a)

     6,639       66,722  

Zoetis, Inc.(b)

     70,000       7,046,900  
   

 

 

  
    97,723,606  
   

 

 

  

Total Common Stocks — 98.8%
(Cost — $257,261,399)

 

     383,438,441  
   

 

 

  
Security   Investment
Value
(000)		     Value  

Other Interests(g) — 0.0%

 

Pharmaceuticals — 0.0%  

Afferent Pharmaceuticals, Inc., Series C(c)

   $ 190     $ 123,604  
   

 

 

  

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

 

     123,604  
   

 

 

  

Total Long-Term Investments — 98.8%
(Cost — $257,261,399)

 

     383,562,045  
   

 

 

  
     Shares         
Short-Term Securities — 4.3%  

BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.37%(h)(i)

     16,640,395       16,640,395  

SL Liquidity Series, LLC, Money Market Series, 2.67%(h)(i)

     144,477       144,506  
   

 

 

  

Total Short-Term Securities — 4.3%
(Cost — $16,784,899)

 

     16,784,901  
   

 

 

  

Total Investments Before Options Written — 103.1%
(Cost — $274,046,298)

 

     400,346,946  
   

 

 

  

Options Written — (0.9)%
(Premiums Received — $2,771,745)

 

     (3,507,702 ) 
   

 

 

  

Total Investments, Net of Options Written — 102.2%
(Cost — $271,274,553)

 

     396,839,244  

Liabilities in Excess of Other Assets — (2.2)%

 

     (8,679,459 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 388,159,785  
   

 

 

  
 
(a) 

Non-income producing security.

(b) 

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

(c) 

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

(d) 

Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $3,326,672, representing 0.9% of its net assets as of period end, and an original cost of $1,834,338.

(e) 

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

(f) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(g) 

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

(h) 

Annualized 7-day yield as of period end.

 

 

2   

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Health Sciences Trust (BME)

 

(i) 

During the period ended March 31, 2019, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
12/31/18		      Net
Activity		      Shares
Held at
03/31/19		      Value at
03/31/19		      Income      Net Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      25,967,520        (9,327,125 )       16,640,395      $ 16,640,395      $ 130,624      $ —      $ —  

SL Liquidity Series, LLC, Money Market Series

      4,665        139,812        144,477        144,506        41,971 (b)       103        2  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 16,784,901      $ 172,595      $ 103      $ 2  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector 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 sector sub sector classifications for reporting ease.

 

Currency Abbreviations
CHF    Swiss Franc
DKK    Danish Krone
EUR    Euro
GBP    British Pound
HKD    Hong Kong Dollar
JPY    Japanese Yen
USD    United States Dollar

 

Portfolio Abbreviations

ADR    American Depositary Receipts
OTC    Over-the-Counter

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

 

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

Allergan PLC

      23          04/05/19        USD     144.00        USD     337        $ (7,878 ) 

Baxter International, Inc.

      55          04/05/19        USD     75.00        USD     447          (34,100 ) 

Biogen, Inc.

      8          04/05/19        USD     342.50        USD     189          (160 ) 

Humana, Inc.

      45          04/05/19        USD     312.50        USD     1,197          (675 ) 

Medtronic PLC

      106          04/05/19        USD     93.50        USD     965          (2,120 ) 

Merck & Co., Inc.

      18          04/05/19        USD     80.50        USD     150          (4,941 ) 

Pfizer, Inc.

      58          04/05/19        USD     43.50        USD     246          (174 ) 

Pfizer, Inc.

      57          04/05/19        USD     44.00        USD     242          (228 ) 

Pfizer, Inc.

      39          04/05/19        USD     42.50        USD     166          (1,306 ) 

Pfizer, Inc.

      171          04/05/19        USD     42.04        USD     726          (11,021 ) 

Vertex Pharmaceuticals, Inc.

      67          04/05/19        USD     180.00        USD     1,232          (38,190 ) 

Agios Pharmaceuticals, Inc.

      31          04/09/19        USD     62.79        USD     209          (16,159 ) 

Abbott Laboratories

      56          04/12/19        USD     78.50        USD     448          (11,172 ) 

Alexion Pharmaceuticals, Inc.

      35          04/12/19        USD     130.00        USD     473          (22,925 ) 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Health Sciences Trust (BME)

 

Exchange-Traded Options Written (continued)

 

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

Amgen, Inc.

      6          04/12/19        USD     197.50        USD     114        $ (537 ) 

Edwards Lifesciences Corp.

      70          04/12/19        USD     177.50        USD     1,339          (100,800 ) 

Novartis AG — ADR

      35          04/12/19        USD     91.25        USD     336          (17,750 ) 

Pfizer, Inc.

      57          04/12/19        USD     44.50        USD     242          (285 ) 

Pfizer, Inc.

      39          04/12/19        USD     43.00        USD     166          (1,072 ) 

Pfizer, Inc.

      182          04/12/19        USD     43.18        USD     773          (4,321 ) 

ACADIA Pharmaceuticals, Inc.

      149          04/18/19        USD     30.00        USD     400          (5,215 ) 

Abbott Laboratories

      205          04/18/19        USD     77.50        USD     1,639          (65,600 ) 

Acceleron Pharma, Inc.

      85          04/18/19        USD     45.00        USD     396          (19,550 ) 

Agilent Technologies, Inc.

      105          04/18/19        USD     82.50        USD     844          (7,035 ) 

Agios Pharmaceuticals, Inc.

      32          04/18/19        USD     70.00        USD     216          (6,240 ) 

Alexion Pharmaceuticals, Inc.

      35          04/18/19        USD     140.00        USD     473          (5,775 ) 

Align Technology, Inc.

      16          04/18/19        USD     260.00        USD     455          (42,960 ) 

Allergan PLC

      22          04/18/19        USD     150.00        USD     322          (3,971 ) 

Amgen, Inc.

      54          04/18/19        USD     195.00        USD     1,026          (11,880 ) 

Amicus Therapeutics, Inc.

      89          04/18/19        USD     14.00        USD     121          (3,782 ) 

AnaptysBio, Inc.

      4          04/18/19        USD     85.00        USD     29          (320 ) 

Arena Pharmaceuticals, Inc.

      108          04/18/19        USD     49.00        USD     484          (5,346 ) 

Assembly Biosciences, Inc.

      20          04/18/19        USD     25.00        USD     39          (3,500 ) 

AstraZeneca PLC — ADR

      154          04/18/19        USD     42.50        USD     623          (3,080 ) 

Becton Dickinson & Co.

      44          04/18/19        USD     250.00        USD     1,099          (16,500 ) 

BioMarin Pharmaceutical, Inc.

      65          04/18/19        USD     100.00        USD     577          (2,437 ) 

Biogen, Inc.

      20          04/18/19        USD     340.00        USD     473          (300 ) 

Biohaven Pharmaceutical Holding Co. Ltd.

      28          04/18/19        USD     40.00        USD     144          (33,040 ) 

Biohaven Pharmaceutical Holding Co. Ltd.

      36          04/18/19        USD     50.00        USD     185          (15,120 ) 

Blueprint Medicines Corp.

      7          04/18/19        USD     70.00        USD     56          (7,665 ) 

Blueprint Medicines Corp.

      7          04/18/19        USD     85.00        USD     56          (1,172 ) 

Bristol-Myers Squibb Co.

      62          04/18/19        USD     52.50        USD     296          (620 ) 

Charles River Laboratories International, Inc.

      18          04/18/19        USD     145.00        USD     261          (5,940 ) 

Cigna Corp.

      14          04/18/19        USD     180.00        USD     225          (147 ) 

Edwards Lifesciences Corp.

      59          04/18/19        USD     180.00        USD     1,129          (72,275 ) 

Elanco Animal Health, Inc.

      43          04/18/19        USD     35.00        USD     138          (537 ) 

Elanco Animal Health, Inc.

      346          04/18/19        USD     32.00        USD     1,110          (32,870 ) 

Eli Lilly & Co.

      28          04/18/19        USD     125.00        USD     363          (15,820 ) 

Eli Lilly & Co.

      67          04/18/19        USD     130.00        USD     869          (14,774 ) 

Exact Sciences Corp.

      59          04/18/19        USD     95.00        USD     511          (4,573 ) 

Galapagos NV

      22          04/18/19        USD     105.00        USD     259          (31,680 ) 

Gilead Sciences, Inc.

      144          04/18/19        USD     67.50        USD     936          (5,976 ) 

HCA Healthcare, Inc.

      45          04/18/19        USD     135.00        USD     587          (4,163 ) 

Halozyme Therapeutics, Inc.

      100          04/18/19        USD     17.00        USD     161          (4,250 ) 

IQVIA Holdings, Inc.

      40          04/18/19        USD     140.00        USD     575          (21,600 ) 

Illumina, Inc.

      12          04/18/19        USD     320.00        USD     373          (4,560 ) 

Incyte Corp.

      103          04/18/19        USD     90.00        USD     886          (11,330 ) 

Insmed, Inc.

      99          04/18/19        USD     34.00        USD     288          (990 ) 

Intuitive Surgical, Inc.

      70          04/18/19        USD     560.00        USD     3,994          (144,200 ) 

LHC Group, Inc.

      35          04/18/19        USD     115.00        USD     388          (4,375 ) 

Masimo Corp.

      156          04/18/19        USD     135.00        USD     2,157          (78,000 ) 

Medtronic PLC

      53          04/18/19        USD     92.50        USD     483          (4,028 ) 

Merck & Co., Inc.

      178          04/18/19        USD     82.50        USD     1,480          (28,480 ) 

Mirati Therapeutics, Inc.

      36          04/18/19        USD     85.00        USD     264          (4,320 ) 

 

 

4   

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Health Sciences Trust (BME)

 

Exchange-Traded Options Written (continued)

 

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

Neurocrine Biosciences, Inc.

      44          04/18/19        USD     90.00        USD     388        $ (12,650 ) 

Nevro Corp.

      25          04/18/19        USD     45.00        USD     156          (43,750 ) 

Novartis AG — ADR

      6          04/18/19        USD     91.50        USD     58          (3,082 ) 

Novartis AG — ADR

      7          04/18/19        USD     90.00        USD     67          (4,515 ) 

Pfizer, Inc.

      105          04/18/19        USD     43.00        USD     446          (4,042 ) 

Pfizer, Inc.

      83          04/18/19        USD     42.00        USD     353          (7,761 ) 

Pfizer, Inc.

      57          04/18/19        USD     42.50        USD     242          (3,562 ) 

QIAGEN NV

      98          04/18/19        USD     40.00        USD     399          (23,520 ) 

Quest Diagnostics, Inc.

      56          04/18/19        USD     90.00        USD     504          (7,700 ) 

Reata Pharmaceuticals, Inc.

      19          04/18/19        USD     110.00        USD     162          (1,045 ) 

Regeneron Pharmaceuticals, Inc.

      24          04/18/19        USD     425.00        USD     985          (9,000 ) 

ResMed, Inc.

      150          04/18/19        USD     105.00        USD     1,560          (24,750 ) 

Sanofi

      82          04/18/19        USD     45.00        USD     363          (3,280 ) 

Sanofi

      85          04/18/19        USD     44.00        USD     376          (7,650 ) 

Sarepta Therapeutics, Inc.

      56          04/18/19        USD     140.00        USD     667          (2,884 ) 

Seattle Genetics, Inc.

      124          04/18/19        USD     80.00        USD     908          (5,890 ) 

Stryker Corp.

      123          04/18/19        USD     186.00        USD     2,429          (150,587 ) 

Teladoc Health, Inc.

      60          04/18/19        USD     70.00        USD     334          (750 ) 

Teladoc Health, Inc.

      74          04/18/19        USD     65.00        USD     411          (2,960 ) 

Teleflex, Inc.

      17          04/18/19        USD     280.00        USD     514          (39,100 ) 

Teleflex, Inc.

      39          04/18/19        USD     290.00        USD     1,178          (52,650 ) 

Thermo Fisher Scientific, Inc.

      55          04/18/19        USD     250.00        USD     1,505          (131,450 ) 

Thermo Fisher Scientific, Inc.

      113          04/18/19        USD     260.00        USD     3,093          (171,760 ) 

Ultragenyx Pharmaceutical, Inc.

      70          04/18/19        USD     70.00        USD     486          (20,825 ) 

Varian Medical Systems, Inc.

      6          04/18/19        USD     135.00        USD     85          (4,500 ) 

Varian Medical Systems, Inc.

      50          04/18/19        USD     140.00        USD     709          (17,750 ) 

Vertex Pharmaceuticals, Inc.

      69          04/18/19        USD     195.00        USD     1,269          (11,213 ) 

Wright Medical Group NV

      61          04/18/19        USD     32.50        USD     192          (1,982 ) 

Zoetis, Inc.

      72          04/18/19        USD     95.00        USD     725          (43,920 ) 

Abbott Laboratories

      223          04/26/19        USD     80.50        USD     1,783          (31,889 ) 

Baxter International, Inc.

      198          04/26/19        USD     78.50        USD     1,610          (74,745 ) 

Becton Dickinson & Co.

      55          04/26/19        USD     250.00        USD     1,374          (23,925 ) 

Cigna Corp.

      77          04/26/19        USD     172.50        USD     1,238          (5,852 ) 

Eli Lilly & Co.

      99          04/26/19        USD     125.00        USD     1,285          (59,648 ) 

Gilead Sciences, Inc.

      23          04/26/19        USD     66.50        USD     150          (2,185 ) 

HCA Healthcare, Inc.

      50          04/26/19        USD     141.00        USD     652          (1,500 ) 

Medtronic PLC

      88          04/26/19        USD     94.50        USD     802          (3,608 ) 

Merck & Co., Inc.

      307          04/26/19        USD     82.50        USD     2,553          (54,339 ) 

Pfizer, Inc.

      56          04/26/19        USD     42.50        USD     238          (4,172 ) 

Pfizer, Inc.

      114          04/26/19        USD     43.00        USD     484          (5,586 ) 

Regeneron Pharmaceuticals, Inc.

      11          04/26/19        USD     425.00        USD     452          (6,160 ) 

Teva Pharmaceutical Industries Ltd. — ADR

      118          04/26/19        USD     17.50        USD     185          (767 ) 

Novartis AG — ADR

      35          04/29/19        USD     89.25        USD     336          (25,823 ) 

Novo Nordisk A/S — ADR

      103          04/30/19        USD     52.45        USD     539          (13,453 ) 

Wright Medical Group NV

      61          04/30/19        USD     32.25        USD     192          (3,706 ) 

Abbott Laboratories

      258          05/03/19        USD     80.51        USD     2,062          (40,720 ) 

Allergan PLC

      70          05/03/19        USD     150.00        USD     1,025          (23,030 ) 

Amedisys, Inc.

      49          05/03/19        USD     130.95        USD     604          (16,758 ) 

Baxter International, Inc.

      105          05/03/19        USD     81.00        USD     854          (23,835 ) 

Bristol-Myers Squibb Co.

      170          05/03/19        USD     50.00        USD     811          (13,345 ) 

Cigna Corp.

      46          05/03/19        USD     172.50        USD     740          (7,015 ) 

Eli Lilly & Co.

      158          05/03/19        USD     133.00        USD     2,050          (33,022 ) 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Health Sciences Trust (BME)

 

Exchange-Traded Options Written (continued)

 

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

Gilead Sciences, Inc.

      23          05/03/19        USD     66.50        USD     150        $ (3,300 ) 

Medtronic PLC

      141          05/03/19        USD     91.50        USD     1,284          (24,675 ) 

Nektar Therapeutics

      14          05/03/19        USD     36.00        USD     47          (1,925 ) 

Pfizer, Inc.

      342          05/03/19        USD     43.00        USD     1,452          (25,821 ) 

Zoetis, Inc.

      100          05/03/19        USD     102.00        USD     1,007          (20,500 ) 

Amedisys, Inc.

      50          05/07/19        USD     130.96        USD     616          (18,702 ) 

Humana, Inc.

      45          05/10/19        USD     275.00        USD     1,197          (25,200 ) 

Abbott Laboratories

      172          05/17/19        USD     77.50        USD     1,375          (66,650 ) 

Abbott Laboratories

      258          05/17/19        USD     80.00        USD     2,062          (59,340 ) 

Acceleron Pharma, Inc.

      85          05/17/19        USD     50.00        USD     396          (26,350 ) 

Agilent Technologies, Inc.

      113          05/17/19        USD     82.50        USD     908          (20,453 ) 

Align Technology, Inc.

      7          05/17/19        USD     290.00        USD     199          (11,095 ) 

AnaptysBio, Inc.

      4          05/17/19        USD     85.00        USD     29          (1,250 ) 

Bristol-Myers Squibb Co.

      131          05/17/19        USD     52.50        USD     625          (6,354 ) 

Charles River Laboratories International, Inc.

      18          05/17/19        USD     145.00        USD     261          (11,430 ) 

Gilead Sciences, Inc.

      144          05/17/19        USD     67.50        USD     936          (20,736 ) 

Humana, Inc.

      24          05/17/19        USD     295.00        USD     638          (3,840 ) 

IQVIA Holdings, Inc.

      41          05/17/19        USD     145.00        USD     590          (20,295 ) 

Insmed, Inc.

      99          05/17/19        USD     34.00        USD     288          (8,663 ) 

Medtronic PLC

      115          05/17/19        USD     92.50        USD     1,047          (18,745 ) 

Merck & Co., Inc.

      165          05/17/19        USD     82.50        USD     1,372          (43,313 ) 

Merck & Co., Inc.

      141          05/17/19        USD     85.00        USD     1,173          (17,202 ) 

Nektar Therapeutics

      15          05/17/19        USD     36.00        USD     50          (2,437 ) 

Neurocrine Biosciences, Inc.

      44          05/17/19        USD     90.00        USD     388          (24,420 ) 

Nevro Corp.

      26          05/17/19        USD     45.00        USD     163          (46,410 ) 

Novartis AG — ADR

      6          05/17/19        USD     97.50        USD     58          (1,080 ) 

Novo Nordisk A/S — ADR

      117          05/17/19        USD     49.75        USD     612          (38,858 ) 

Pfizer, Inc.

      279          05/17/19        USD     43.00        USD     1,185          (22,041 ) 

QIAGEN NV

      97          05/17/19        USD     40.00        USD     395          (27,160 ) 

Quest Diagnostics, Inc.

      28          05/17/19        USD     90.00        USD     252          (7,420 ) 

Reata Pharmaceuticals, Inc.

      18          05/17/19        USD     100.00        USD     154          (4,770 ) 

Seattle Genetics, Inc.

      100          05/17/19        USD     80.00        USD     732          (20,250 ) 

Stryker Corp.

      123          05/17/19        USD     190.50        USD     2,429          (126,672 ) 

Teva Pharmaceutical Industries Ltd. — ADR

      118          05/17/19        USD     18.00        USD     185          (2,596 ) 

Wright Medical Group NV

      122          05/17/19        USD     35.00        USD     384          (7,015 ) 

Zimmer Biomet Holdings, Inc.

      78          05/17/19        USD     135.00        USD     996          (11,505 ) 

Zoetis, Inc.

      100          05/17/19        USD     100.00        USD     1,007          (35,000 ) 

Novo Nordisk A/S — ADR

      94          06/03/19        USD     52.50        USD     492          (18,213 ) 

BioMarin Pharmaceutical, Inc.

      65          06/21/19        USD     105.00        USD     577          (14,463 ) 
                          

 

 

  
     $ (3,187,570 ) 
    

 

 

  

 

 

6   

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Health Sciences Trust (BME)

 

OTC Options Written

 

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

Call

                      

AstraZeneca PLC

    Goldman Sachs International      27,400        04/03/19        GBP       62.20        GBP       1,679      $ (12,671 ) 

Chugai Pharmaceutical Co. Ltd.

    Goldman Sachs International      6,400        04/03/19        JPY       7,137.90        JPY       48,857        (29,230 ) 

Genmab A/S

    Goldman Sachs International      2,100        04/03/19        DKK       1,035.31        DKK       2,425        (38,044 ) 

GlaxoSmithKline PLC

    Goldman Sachs International      19,000        04/09/19        GBP       15.39        GBP       303        (14,824 ) 

Incyte Corp.

    Citibank N.A.      7,600        04/09/19        USD       87.53        USD       654        (9,851 ) 

Centene Corp.

    Citibank N.A.      17,800        04/15/19        USD       63.91        USD       945        (73 ) 

Baxter International, Inc.

    JPMorgan Chase Bank N.A.      4,400        04/18/19        USD       76.28        USD       358        (23,649 ) 

GlaxoSmithKline PLC

    Goldman Sachs International      19,000        04/18/19        GBP       15.46        GBP       303        (14,471 ) 

Daiichi Sankyo Co., Ltd.

    Morgan Stanley & Co. International PLC      6,100        04/23/19        JPY       4,719.75        JPY       31,219        (23,440 ) 

Sanofi

    Goldman Sachs International      6,500        04/24/19        EUR       78.72        EUR       512        (10,511 ) 

Merck KGaA

    Deutsche Bank AG      5,600        04/25/19        EUR       96.37        EUR       570        (38,551 ) 

WuXi Biologics, Inc.

    Goldman Sachs International      20,500        04/26/19        HKD       83.79        HKD       1,568        (6,503 ) 

WuXi Biologics, Inc.

    Goldman Sachs International      22,000        05/02/19        HKD       84.89        HKD       1,682        (7,424 ) 

Daiichi Sankyo Co., Ltd.

    Goldman Sachs International      6,000        05/07/19        JPY       4,562.48        JPY       30,707        (31,667 ) 

Sanofi

    Morgan Stanley & Co. International PLC      6,500        05/07/19        EUR       78.72        EUR       512        (13,046 ) 

Convatec Group PLC

    Credit Suisse International      407,200        05/08/19        GBP       1.50        GBP       578        (33,036 ) 

Merck & Co., Inc.

    Goldman Sachs International      1,400        05/08/19        EUR       100.07        EUR       142        (4,942 ) 

Centene Corp.

    Barclays Bank PLC      17,800        05/13/19        USD       61.04        USD       945        (8,199 ) 
                     

 

 

  
   $ (320,132 ) 
  

 

 

  

Fair Value Hierarchy as of Period End

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

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that 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)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

 

 

     7  

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Health Sciences Trust (BME)

 

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

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Common Stocks:

                  

Biotechnology

   $ 56,785,672        $ 1,870,931        $ 1,976,985        $ 60,633,588  

Health Care Equipment & Supplies

     125,652,106          1,878,566          —          127,530,672  

Health Care Providers & Services

     67,672,647          —          —          67,672,647  

Health Care Technology

     1,918,200          —          —          1,918,200  

Life Sciences Tools & Services

     26,922,269          1,037,459          —          27,959,728  

Pharmaceuticals

     78,291,716          19,431,890          —          97,723,606  

Other Interests

     —          —          123,604          123,604  

Short-Term Securities

      16,640,395          —          —          16,640,395  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $ 373,883,005        $ 24,218,846        $ 2,100,589        $ 400,202,440  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at net asset value (“NAV”)(a)

                     144,506  

Total Investments

                   $ 400,346,946  
                 

 

 

  

Derivative Financial Instruments(b)

 

Liabilities:

 

Equity contracts

   $ (2,681,745 )       $ (825,957 )       $ —        $ (3,507,702 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

As of March 31, 2019, certain of the Trust’s Investments were fair valued using NAV per share and have been excluded from the fair value hierarchy.

 
  (b) 

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

 

During the period ended March 31, 2019, there were no transfers between Levels.

 

 

8