NPORT-EX 2 NPORT_LCXF_93345086_0325.htm EDGAR HTML
March 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Health Sciences Trust (BME)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
March 31, 2025
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Biotechnology — 27.1%
4D Molecular Therapeutics, Inc.(a)
 
11,778
$ 38,043
AbbVie, Inc.(b)
 
176,876
37,059,059
AC Immune SA(a)
 
25,778
48,205
Alkermes PLC(a)
 
12,700
419,354
Allogene Therapeutics, Inc.(a)
 
108,101
157,827
Alnylam Pharmaceuticals, Inc.(a)
 
26,831
7,244,907
Amgen, Inc.(b)
 
52,296
16,292,819
Arcellx, Inc.(a)
 
15,514
1,017,718
Argenx SE, ADR(a)
 
16,263
9,625,500
Ascendis Pharma A/S, ADR(a)
 
9,459
1,474,280
Autolus Therapeutics PLC, ADR(a)
 
64,258
99,600
Avidity Biosciences, Inc.(a)
 
17,918
528,939
Beam Therapeutics, Inc.(a)
 
14,124
275,842
Biogen, Inc.(a)
 
19,041
2,605,570
Biohaven Ltd.(a)
 
17,625
423,705
BioMarin Pharmaceutical, Inc.(a)
 
21,076
1,489,862
BioNTech SE, ADR(a)
 
7,725
703,438
Blueprint Medicines Corp.(a)
 
26,672
2,360,739
Bridgebio Pharma, Inc.(a)
 
16,735
578,529
CG oncology, Inc.(a)
 
5,223
127,911
Denali Therapeutics, Inc.(a)
 
35,343
480,488
Disc Medicine, Inc.(a)
 
7,440
369,322
Dyne Therapeutics, Inc.(a)
 
24,506
256,333
Exact Sciences Corp.(a)
 
31,331
1,356,319
Gilead Sciences, Inc.
 
145,990
16,358,179
Immatics NV(a)
 
21,538
97,136
Incyte Corp.(a)
 
12,036
728,780
Insmed, Inc.(a)
 
49,150
3,749,653
Ionis Pharmaceuticals, Inc.(a)
 
14,080
424,794
Legend Biotech Corp., ADR(a)
 
10,574
358,776
Merus NV(a)
 
28,920
1,217,243
Metsera, Inc.(a)
 
11,612
316,079
Moderna, Inc.(a)
 
30,635
868,502
MoonLake Immunotherapeutics(a)(c)
 
6,057
236,647
Natera, Inc.(a)
 
11,360
1,606,418
Neurocrine Biosciences, Inc.(a)
 
23,103
2,555,192
Neurogene, Inc.(a)
 
16,102
188,554
Nurix Therapeutics, Inc.(a)
 
45,062
535,337
Nuvalent, Inc., Class A(a)
 
28,266
2,004,625
Protagonist Therapeutics, Inc.(a)
 
19,831
959,027
PTC Therapeutics, Inc.(a)
 
19,817
1,009,874
Regeneron Pharmaceuticals, Inc.
 
10,842
6,876,322
REGENXBIO, Inc.(a)
 
18,875
134,956
Rhythm Pharmaceuticals, Inc.(a)
 
49,466
2,620,214
Roivant Sciences Ltd.(a)
 
57,525
580,427
Sagimet Biosciences, Inc., Series A(a)
 
21,965
71,606
Scholar Rock Holding Corp.(a)
 
17,280
555,552
Stoke Therapeutics, Inc.(a)
 
70,495
468,792
TScan Therapeutics, Inc.(a)
 
49,480
68,282
Vaxcyte, Inc.(a)
 
7,730
291,885
Vertex Pharmaceuticals, Inc.(a)
 
28,074
13,610,837
Viking Therapeutics, Inc.(a)
 
9,142
220,779
Vir Biotechnology, Inc.(a)
 
20,570
133,294
Voyager Therapeutics, Inc.(a)
 
32,205
108,853
Xenon Pharmaceuticals, Inc.(a)
 
35,726
1,198,607
Zealand Pharma A/S(a)
 
6,909
518,828
 
 
145,708,359
Security
 
 
Shares
Value
Capital Markets — 0.1%
Helix Acquisition Corp. II, Class A(a)
 
61,530
$ 695,289
Health Care Equipment & Supplies — 26.9%
Abbott Laboratories(b)
 
191,897
25,455,137
Alcon AG
 
32,610
3,095,667
Align Technology, Inc.(a)
 
8,170
1,297,886
Becton Dickinson & Co.
 
42,696
9,779,946
Boston Scientific Corp.(a)
 
288,869
29,141,105
Cooper Cos., Inc.(a)
 
24,363
2,055,019
Dexcom, Inc.(a)
 
26,328
1,797,939
Edwards Lifesciences Corp.(a)
 
130,720
9,474,586
GE HealthCare Technologies, Inc.(a)
 
66,438
5,362,211
Glaukos Corp.(a)
 
14,615
1,438,408
Hologic, Inc.(a)
 
11,900
735,063
IDEXX Laboratories, Inc.(a)
 
6,691
2,809,885
Inspire Medical Systems, Inc.(a)
 
4,482
713,893
Intuitive Surgical, Inc.(a)
 
30,725
15,217,171
Medtronic PLC
 
127,996
11,501,721
Novocure Ltd.(a)
 
48,448
863,343
Nucleix Ltd., (Acquired 04/10/24, Cost: $200,000)(a)(d)(e)
 
200
183,598
Nyxoah SA(a)
 
29,870
208,493
Orchestra BioMed Holdings, Inc.(a)(c)
 
18,076
77,365
Penumbra, Inc.(a)
 
12,105
3,236,998
STERIS PLC
 
9,642
2,185,359
Stryker Corp.
 
48,820
18,173,245
 
 
144,804,038
Health Care Providers & Services — 14.3%
Cencora, Inc.
 
38,513
10,710,080
Cigna Group
 
16,686
5,489,694
Elevance Health, Inc.
 
26,558
11,551,668
Guardant Health, Inc.(a)
 
24,415
1,040,079
HCA Healthcare, Inc.
 
6,153
2,126,169
Humana, Inc.
 
18,525
4,901,715
Labcorp Holdings, Inc.
 
6,745
1,569,831
McKesson Corp.
 
14,508
9,763,739
Quest Diagnostics, Inc.
 
11,479
1,942,247
UnitedHealth Group, Inc.(b)
 
53,793
28,174,084
 
 
77,269,306
Life Sciences Tools & Services — 9.1%
Agilent Technologies, Inc.
 
15,171
1,774,704
Bio-Techne Corp.
 
16,718
980,176
Danaher Corp.
 
64,241
13,169,405
IQVIA Holdings, Inc.(a)
 
6,738
1,187,909
Mettler-Toledo International, Inc.(a)
 
1,170
1,381,665
Repligen Corp.(a)
 
12,836
1,633,253
Thermo Fisher Scientific, Inc.
 
38,164
18,990,406
Waters Corp.(a)
 
20,065
7,395,357
West Pharmaceutical Services, Inc.
 
10,207
2,285,143
 
 
48,798,018
Pharmaceuticals — 20.1%
AstraZeneca PLC
 
24,744
3,633,524
Bristol-Myers Squibb Co.
 
172,080
10,495,159
Daiichi Sankyo Co. Ltd.
 
57,800
1,376,442
Edgewise Therapeutics, Inc.(a)
 
8,490
186,780
Eli Lilly & Co.(b)
 
52,109
43,037,344
Johnson & Johnson
 
97,368
16,147,509
Merck & Co., Inc.(b)
 
83,142
7,462,826
Pfizer, Inc.
 
219,920
5,572,773
Roche Holding AG
 
14,080
4,634,117
1
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Pharmaceuticals (continued)
Sanofi SA
 
45,998
$ 5,092,983
Structure Therapeutics, Inc., ADR(a)
 
14,399
249,247
Teva Pharmaceutical Industries Ltd., ADR(a)
 
227,585
3,497,981
UCB SA
 
8,455
1,488,626
WaVe Life Sciences Ltd.(a)
 
19,104
154,360
Zoetis, Inc., Class A
 
31,654
5,211,831
 
 
108,241,502
Total Common Stocks — 97.6%
(Cost: $344,171,952)
525,516,512
 
 
 
Par
(000)
 
Corporate Bonds
Health Care Equipment & Supplies — 0.0%
EXO Imaging, Inc., (Acquired 07/24/24, Cost: $28,863),
8.00%, 08/14/25(d)(e)
$
29
40,128
Software — 0.0%
Carbon Health Technologies, Inc., Series D2, (Acquired
02/27/24, Cost: $65,000), 12.00%, 02/28/26(d)(e)
 
—
(f)
9,715
Total Corporate Bonds — 0.0%
(Cost: $93,863)
49,843
 
 
 
Benefical
Interest (000)
 
Other Interests
Biotechnology — 0.0%
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —)(d)(e)(g)
$
6
59,385
Health Care Providers & Services — 0.0%
Afferent Pharmaceuticals, Inc., (Acquired 09/30/15,
Cost: $ —)(d)(e)(g)
 
190
2
Total Other Interests — 0.0%
(Cost: $ — )
59,387
 
 
 
 
Shares
 
Preferred Securities
Preferred Stocks — 0.7%(d)(e)
Biotechnology — 0.4%
Adarx Pharamaceuticals, Inc., Series C, (Acquired
08/02/23, Cost: $440,003)(a)
 
52,885
438,946
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost:
$265,002)(a)
 
44,167
94,959
Genesis Therapeutics, Inc., Series B, (Acquired
08/10/23, Cost: $292,001)(a)
 
57,170
333,301
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost:
$224,200)(a)
 
190,000
74,100
Kartos Therapeutics, Inc.
 
Series C, (Acquired 08/22/23, Cost: $485,124)(a)
 
85,817
485,724
Security
 
 
Shares
Value
Biotechnology (continued)
Kartos Therapeutics, Inc. (continued)
 
Series D, (Acquired 02/19/25, Cost: $133,467)
 
23,610
$ 133,633
Laronde, Inc., Series B, (Acquired 07/28/21, Cost:
$590,800)(a)
 
21,100
562,737
 
 
2,123,400
Health Care Equipment & Supplies(a) — 0.1%
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost:
$595,999)
 
101,741
468
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost:
$1,070,001)
 
367,395
727,442
Swift Health Systems, Inc., Series D, (Acquired 08/27/21,
Cost: $286,998)
 
93
207
 
 
728,117
Health Care Providers & Services — 0.1%
Quanta Dialysis Technologies Ltd., Series D, (Acquired
06/18/21, Cost: $515,759)(a)
 
4,243,029
345,299
Pharmaceuticals — 0.1%
Insitro, Inc., Series C, (Acquired 03/10/21, Cost:
$560,000)(a)
 
30,616
283,810
Software — 0.0%
Carbon Health Technologies, Inc., Series D2, (Acquired
02/02/23, Cost: $907,000)(a)
 
89,892
7,191
 
3,487,817
Total Preferred Securities — 0.7%
(Cost: $6,366,354)
3,487,817
Rights
Biotechnology(d) — 0.0%
Korro Bio, Inc., CVR
 
28,060
—
Mirati Therapeutics, Inc. CVR
 
15,747
11,653
 
 
11,653
Health Care Equipment & Supplies — 0.0%
Abiomed, Inc., CVR(d)
 
14,359
30,872
Total Rights — 0.0%
(Cost: $25,669)
42,525
Warrants
Health Care Equipment & Supplies — 0.0%
Nucleix Ltd., (Acquired 04/10/24, Cost: $—), (Issued
04/10/24, Expires 04/10/34, Strike Price USD
3.35)(a)(d)(e)
 
238,856
26,274
Health Care Providers & Services — 0.0%
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for
1 Warrant, Expires 08/06/26, Strike Price USD
11.50)(a)(d)
 
4,201
—
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Pharmaceuticals — 0.0%
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share
for 1 Warrant, Expires 07/07/27, Strike Price USD
11.50)(a)
 
4,050
$         640
Total Warrants — 0.0%
(Cost: $14,030)
26,914
Total Long-Term Investments — 98.3%
(Cost: $350,671,868)
529,182,998
Short-Term Securities
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.50%(h)(i)(j)
 
88,851
88,896
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.22%(h)(i)
 
12,923,887
12,923,887
Total Short-Term Securities — 2.4%
(Cost: $13,012,783)
13,012,783
Total Investments Before Options Written — 100.7%
(Cost: $363,684,651)
542,195,781
Options Written — (0.7)%
(Premiums Received: $(4,778,392))
(3,656,177
)
Total Investments, Net of Options Written — 100.0%
(Cost: $358,906,259)
538,539,604
Other Assets Less Liabilities — 0.0%
93,797
Net Assets — 100.0%
$ 538,633,401
 
(a)
Non-income producing security.
(b)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(c)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $3,806,919, representing 0.7% of its net assets as of
period end, and an original cost of $6,660,217.
(f)
Rounds to less than 1,000.
(g)
Other interests represent beneficial interests in liquidation trusts and other reorganization
or private entities.
(h)
Affiliate of the Trust.
(i)
Annualized 7-day yield as of period end.
(j)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/25
Shares
Held at
03/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 277,709
$ —
$ (188,858
)(a)
$ 61
$ (16
)
$ 88,896
88,851
$ 691
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
26,275,044
—
(13,351,157
)(a)
—
—
12,923,887
12,923,887
188,043
—
 
$ 61
$ (16
)
$ 13,012,783
$ 188,734
$ —
 
(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 collateral investment fees, 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 
 
 
Align Technology, Inc.
31
04/04/25
USD
205.00
USD
492
$ (7,905
)
Biogen, Inc.
57
04/04/25
USD
150.00
USD
780
(1,425
)
Bristol-Myers Squibb Co.
332
04/04/25
USD
59.00
USD
2,025
(73,040
)
Cigna Group
19
04/04/25
USD
315.00
USD
625
(27,550
)
Eli Lilly & Co.
57
04/04/25
USD
925.00
USD
4,708
(2,537
)
Intuitive Surgical, Inc.
61
04/04/25
USD
590.00
USD
3,021
(9,150
)
Medtronic PLC
154
04/04/25
USD
91.00
USD
1,384
(10,780
)
3
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Health Sciences Trust (BME)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Pfizer, Inc.
428
04/04/25
USD
27.00
USD
1,085
$ (1,070
)
Vertex Pharmaceuticals, Inc.
34
04/04/25
USD
495.00
USD
1,648
(11,645
)
Abbott Laboratories
192
04/11/25
USD
141.00
USD
2,547
(3,936
)
Amgen, Inc.
99
04/11/25
USD
325.00
USD
3,084
(13,909
)
Boston Scientific Corp.
141
04/11/25
USD
103.00
USD
1,422
(17,977
)
Boston Scientific Corp.
254
04/11/25
USD
101.00
USD
2,562
(66,675
)
Medtronic PLC
69
04/11/25
USD
95.00
USD
620
(1,070
)
Regeneron Pharmaceuticals, Inc.
27
04/11/25
USD
730.00
USD
1,712
(6,278
)
Abbott Laboratories
193
04/17/25
USD
135.00
USD
2,560
(44,583
)
Abbott Laboratories
152
04/17/25
USD
140.00
USD
2,016
(13,148
)
AbbVie, Inc.
67
04/17/25
USD
230.00
USD
1,404
(1,072
)
Alcon AG
62
04/17/25
USD
92.50
USD
589
(26,350
)
Alkermes PLC
48
04/17/25
USD
38.00
USD
158
(1,200
)
Alnylam Pharmaceuticals, Inc.
67
04/17/25
USD
270.00
USD
1,809
(63,650
)
Arcellx, Inc.
13
04/17/25
USD
70.00
USD
85
(3,055
)
Argenx SE, ADR
30
04/17/25
USD
660.00
USD
1,776
(5,775
)
Ascendis Pharma A/S, ADR
17
04/17/25
USD
165.00
USD
265
(3,528
)
Avidity Biosciences, Inc.
34
04/17/25
USD
34.00
USD
100
(4,590
)
Beam Therapeutics, Inc.
39
04/17/25
USD
37.00
USD
76
(2,535
)
Becton Dickinson & Co.
71
04/17/25
USD
231.09
USD
1,626
(27,432
)
Biohaven Ltd.
20
04/17/25
USD
47.50
USD
48
(2,200
)
BioMarin Pharmaceutical, Inc.
40
04/17/25
USD
72.50
USD
283
(4,000
)
BioNTech SE, ADR
15
04/17/25
USD
125.00
USD
137
(825
)
BioNTech SE, ADR
14
04/17/25
USD
105.00
USD
127
(700
)
Bio-Techne Corp.
23
04/17/25
USD
70.00
USD
135
(805
)
Bio-Techne Corp.
40
04/17/25
USD
65.00
USD
235
(1,700
)
Blueprint Medicines Corp.
50
04/17/25
USD
105.00
USD
443
(7,125
)
Boston Scientific Corp.
140
04/17/25
USD
105.00
USD
1,412
(13,650
)
Bridgebio Pharma, Inc.
31
04/17/25
USD
45.00
USD
107
(1,550
)
Bristol-Myers Squibb Co.
321
04/17/25
USD
60.00
USD
1,958
(59,545
)
Cencora, Inc.
46
04/17/25
USD
250.00
USD
1,279
(135,240
)
Danaher Corp.
78
04/17/25
USD
220.00
USD
1,599
(6,240
)
Dexcom, Inc.
50
04/17/25
USD
100.00
USD
341
(750
)
Edgewise Therapeutics, Inc.
16
04/17/25
USD
31.00
USD
35
(2,920
)
Edwards Lifesciences Corp.
214
04/17/25
USD
77.50
USD
1,551
(5,350
)
Elevance Health, Inc.
12
04/17/25
USD
400.00
USD
522
(48,300
)
Elevance Health, Inc.
44
04/17/25
USD
460.00
USD
1,914
(17,820
)
Eli Lilly & Co.
141
04/17/25
USD
900.00
USD
11,645
(46,248
)
Exact Sciences Corp.
83
04/17/25
USD
57.50
USD
359
(5,395
)
GE HealthCare Technologies, Inc.
48
04/17/25
USD
90.00
USD
387
(720
)
Gilead Sciences, Inc.
284
04/17/25
USD
115.00
USD
3,182
(42,032
)
Guardant Health, Inc.
46
04/17/25
USD
43.00
USD
196
(10,235
)
HCA Healthcare, Inc.
23
04/17/25
USD
340.00
USD
795
(28,980
)
Humana, Inc.
15
04/17/25
USD
290.00
USD
397
(17,850
)
IDEXX Laboratories, Inc.
13
04/17/25
USD
460.00
USD
546
(3,900
)
Insmed, Inc.
86
04/17/25
USD
85.00
USD
656
(4,085
)
Inspire Medical Systems, Inc.
6
04/17/25
USD
190.00
USD
96
(375
)
Ionis Pharmaceuticals, Inc.
53
04/17/25
USD
35.00
USD
160
(2,120
)
IQVIA Holdings, Inc.
12
04/17/25
USD
200.00
USD
212
(600
)
Labcorp Holdings, Inc.
12
04/17/25
USD
260.00
USD
279
(600
)
Medtronic PLC
154
04/17/25
USD
92.50
USD
1,384
(12,474
)
Merus NV
43
04/17/25
USD
50.00
USD
181
(1,290
)
Mettler-Toledo International, Inc.
2
04/17/25
USD
1,300.00
USD
236
(805
)
Natera, Inc.
52
04/17/25
USD
180.00
USD
735
(8,320
)
Neurocrine Biosciences, Inc.
52
04/17/25
USD
120.46
USD
575
(6,348
)
Nuvalent, Inc., Class A
53
04/17/25
USD
85.25
USD
376
(6,434
)
Penumbra, Inc.
23
04/17/25
USD
300.00
USD
615
(2,070
)
Protagonist Therapeutics, Inc.
37
04/17/25
USD
60.00
USD
179
(740
)
PTC Therapeutics, Inc.
37
04/17/25
USD
51.93
USD
189
(8,344
)
Quest Diagnostics, Inc.
21
04/17/25
USD
185.00
USD
355
(210
)
Repligen Corp.
31
04/17/25
USD
180.00
USD
394
(2,325
)
Repligen Corp.
2
04/17/25
USD
150.00
USD
25
(290
)
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Health Sciences Trust (BME)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Rhythm Pharmaceuticals, Inc.
51
04/17/25
USD
60.00
USD
270
$ (15,810
)
STERIS PLC
36
04/17/25
USD
230.00
USD
816
(12,690
)
Stryker Corp.
59
04/17/25
USD
390.00
USD
2,196
(9,882
)
Thermo Fisher Scientific, Inc.
58
04/17/25
USD
570.00
USD
2,886
(12,905
)
Thermo Fisher Scientific, Inc.
43
04/17/25
USD
535.00
USD
2,140
(8,385
)
UnitedHealth Group, Inc.
90
04/17/25
USD
535.00
USD
4,714
(123,300
)
Vaxcyte, Inc.
30
04/17/25
USD
90.00
USD
113
(150
)
Viking Therapeutics, Inc.
34
04/17/25
USD
37.50
USD
82
(527
)
Waters Corp.
55
04/17/25
USD
390.00
USD
2,027
(23,237
)
WaVe Life Sciences Ltd.
36
04/17/25
USD
15.00
USD
29
(720
)
West Pharmaceutical Services, Inc.
20
04/17/25
USD
230.00
USD
448
(9,900
)
Xenon Pharmaceuticals, Inc.
68
04/17/25
USD
38.20
USD
228
(4,553
)
Zoetis, Inc., Class A
76
04/17/25
USD
165.00
USD
1,251
(20,330
)
Abbott Laboratories
192
04/25/25
USD
131.00
USD
2,547
(90,240
)
AbbVie, Inc.
290
04/25/25
USD
220.00
USD
6,076
(61,335
)
Amgen, Inc.
99
04/25/25
USD
310.00
USD
3,084
(93,060
)
Biogen, Inc.
15
04/25/25
USD
150.00
USD
205
(1,163
)
Medtronic PLC
68
04/25/25
USD
95.00
USD
611
(2,788
)
Merck & Co., Inc.
157
04/25/25
USD
99.00
USD
1,409
(8,635
)
UnitedHealth Group, Inc.
114
04/25/25
USD
515.00
USD
5,971
(298,110
)
Vertex Pharmaceuticals, Inc.
73
04/25/25
USD
510.00
USD
3,539
(36,500
)
AbbVie, Inc.
248
05/02/25
USD
205.00
USD
5,196
(216,380
)
Boston Scientific Corp.
281
05/02/25
USD
107.00
USD
2,835
(41,447
)
Danaher Corp.
107
05/02/25
USD
225.00
USD
2,194
(17,655
)
Dexcom, Inc.
50
05/02/25
USD
74.00
USD
341
(9,000
)
Gilead Sciences, Inc.
270
05/02/25
USD
113.00
USD
3,025
(96,390
)
Humana, Inc.
12
05/02/25
USD
300.00
USD
318
(13,800
)
Intuitive Surgical, Inc.
55
05/02/25
USD
530.00
USD
2,724
(51,150
)
Johnson & Johnson
210
05/02/25
USD
165.00
USD
3,483
(91,350
)
Medtronic PLC
41
05/02/25
USD
90.00
USD
368
(7,975
)
Pfizer, Inc.
407
05/02/25
USD
27.00
USD
1,031
(11,396
)
Thermo Fisher Scientific, Inc.
44
05/02/25
USD
550.00
USD
2,189
(11,880
)
Cigna Group
44
05/09/25
USD
330.00
USD
1,448
(60,940
)
Johnson & Johnson
159
05/09/25
USD
170.00
USD
2,637
(34,980
)
Merck & Co., Inc.
158
05/09/25
USD
95.00
USD
1,418
(25,359
)
AbbVie, Inc.
67
05/16/25
USD
230.00
USD
1,404
(8,911
)
Agilent Technologies, Inc.
57
05/16/25
USD
130.00
USD
667
(5,558
)
Alnylam Pharmaceuticals, Inc.
34
05/16/25
USD
290.00
USD
918
(27,200
)
Arcellx, Inc.
45
05/16/25
USD
75.00
USD
295
(9,000
)
Argenx SE, ADR
31
05/16/25
USD
660.00
USD
1,835
(20,925
)
Ascendis Pharma A/S, ADR
18
05/16/25
USD
170.00
USD
281
(9,000
)
Avidity Biosciences, Inc.
34
05/16/25
USD
38.00
USD
100
(9,690
)
Beam Therapeutics, Inc.
39
05/16/25
USD
26.00
USD
76
(1,755
)
Becton Dickinson & Co.
91
05/16/25
USD
245.00
USD
2,084
(21,385
)
Biohaven Ltd.
46
05/16/25
USD
30.57
USD
111
(5,939
)
BioMarin Pharmaceutical, Inc.
40
05/16/25
USD
77.50
USD
283
(4,500
)
Blueprint Medicines Corp.
51
05/16/25
USD
95.00
USD
451
(22,185
)
Boston Scientific Corp.
281
05/16/25
USD
110.00
USD
2,835
(30,910
)
Bridgebio Pharma, Inc.
32
05/16/25
USD
40.00
USD
111
(3,280
)
Cencora, Inc.
100
05/16/25
USD
270.00
USD
2,781
(148,500
)
Cooper Cos., Inc.
92
05/16/25
USD
85.00
USD
776
(26,910
)
Danaher Corp.
60
05/16/25
USD
220.00
USD
1,230
(20,700
)
Edwards Lifesciences Corp.
282
05/16/25
USD
75.00
USD
2,044
(70,500
)
Elevance Health, Inc.
44
05/16/25
USD
440.00
USD
1,914
(84,480
)
Exact Sciences Corp.
36
05/16/25
USD
49.50
USD
156
(4,967
)
GE HealthCare Technologies, Inc.
210
05/16/25
USD
85.00
USD
1,695
(39,900
)
Guardant Health, Inc.
46
05/16/25
USD
50.00
USD
196
(9,545
)
IDEXX Laboratories, Inc.
12
05/16/25
USD
450.00
USD
504
(12,840
)
Incyte Corp.
46
05/16/25
USD
65.00
USD
279
(7,475
)
Insmed, Inc.
100
05/16/25
USD
82.50
USD
763
(27,000
)
Inspire Medical Systems, Inc.
11
05/16/25
USD
180.00
USD
175
(6,490
)
IQVIA Holdings, Inc.
13
05/16/25
USD
195.00
USD
229
(3,770
)
5
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Health Sciences Trust (BME)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Labcorp Holdings, Inc.
13
05/16/25
USD
250.00
USD
303
$ (3,315
)
McKesson Corp.
55
05/16/25
USD
680.00
USD
3,701
(137,500
)
Mettler-Toledo International, Inc.
2
05/16/25
USD
1,270.00
USD
236
(4,450
)
Neurocrine Biosciences, Inc.
35
05/16/25
USD
120.00
USD
387
(12,250
)
Nuvalent, Inc., Class A
54
05/16/25
USD
90.00
USD
383
(12,690
)
Penumbra, Inc.
22
05/16/25
USD
300.00
USD
588
(12,430
)
PTC Therapeutics, Inc.
38
05/16/25
USD
60.00
USD
194
(10,260
)
Quest Diagnostics, Inc.
21
05/16/25
USD
190.00
USD
355
(2,730
)
Rhythm Pharmaceuticals, Inc.
84
05/16/25
USD
60.00
USD
445
(21,420
)
Structure Therapeutics, Inc., ADR
54
05/16/25
USD
25.00
USD
93
(2,835
)
Vaxcyte, Inc.
30
05/16/25
USD
85.00
USD
113
(2,250
)
Waters Corp.
21
05/16/25
USD
390.00
USD
774
(23,940
)
WaVe Life Sciences Ltd.
36
05/16/25
USD
10.88
USD
29
(1,830
)
West Pharmaceutical Services, Inc.
18
05/16/25
USD
250.00
USD
403
(10,350
)
Xenon Pharmaceuticals, Inc.
67
05/16/25
USD
37.50
USD
225
(15,912
)
Zoetis, Inc., Class A
44
05/16/25
USD
170.00
USD
724
(16,060
)
Stryker Corp.
126
06/20/25
USD
390.00
USD
4,690
(126,000
)
 
 
 
$ (3,556,834
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
Zealand Pharma A/S
Bank of America N.A.
3,000
04/03/25
DKK
794.13
DKK
1,554
$ —
Denali Therapeutics, Inc.
Bank of America N.A.
6,700
04/23/25
USD
17.24
USD
91
(2,842
)
AstraZeneca PLC
Goldman Sachs International
6,200
04/25/25
GBP
124.24
GBP
705
(2,285
)
Sanofi SA
BNP Paribas SA
5,400
04/25/25
EUR
112.06
EUR
553
(1,616
)
Zealand Pharma A/S
Bank of America N.A.
300
04/25/25
DKK
611.60
DKK
155
(89
)
AstraZeneca PLC
Bank of America N.A.
3,300
04/29/25
GBP
120.00
GBP
375
(4,214
)
Roche Holding AG
Goldman Sachs International
5,300
04/30/25
CHF
297.04
CHF
1,543
(27,885
)
UCB SA
Barclays Bank PLC
3,200
04/30/25
EUR
188.71
EUR
521
(2,998
)
Alcon AG
Morgan Stanley & Co. International PLC
6,100
05/07/25
USD
93.27
USD
579
(27,787
)
Sanofi SA
Barclays Bank PLC
12,000
05/08/25
EUR
105.79
EUR
1,229
(23,520
)
Daiichi Sankyo Co. Ltd.
UBS AG
21,900
05/13/25
JPY
3,924.90
JPY
78,223
(6,107
)
 
 
 
 
 
 
$ (99,343
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have 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.
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Health Sciences Trust (BME)
 
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks 
Biotechnology
$ 145,189,531
$ 518,828
$ —
$ 145,708,359
Capital Markets
695,289
—
—
695,289
Health Care Equipment & Supplies
144,620,440
—
183,598
144,804,038
Health Care Providers & Services
77,269,306
—
—
77,269,306
Life Sciences Tools & Services
48,798,018
—
—
48,798,018
Pharmaceuticals
92,015,810
16,225,692
—
108,241,502
Corporate Bonds
—
—
49,843
49,843
Other Interests
—
—
59,387
59,387
Preferred Securities
Preferred Stocks
—
—
3,487,817
3,487,817
Rights
—
—
42,525
42,525
Warrants
640
—
26,274
26,914
Short-Term Securities 
Money Market Funds
13,012,783
—
—
13,012,783
 
$521,601,817
$16,744,520
$3,849,444
$542,195,781
Derivative Financial Instruments(a)
Equity Contracts
$ —
$ —
$ —
$ —
Liabilities 
Equity Contracts
(3,490,987
)
(165,190
)
—
(3,656,177
)
 
$(3,490,987
)
$(165,190
)
$—
$(3,656,177
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
 
Currency Abbreviation 
CHF
Swiss Franc
DKK
Danish Krone
EUR
Euro
GBP
British Pound
JPY
Japanese Yen
USD
United States Dollar
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
CVR
 Contingent Value Right
7