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September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Health Sciences Trust (BME)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
September 30, 2025
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Biotechnology — 25.8%
4D Molecular Therapeutics, Inc.(a)
 
11,778
$ 102,351
AbbVie, Inc.(b)
 
106,461
24,649,980
Alkermes PLC(a)
 
12,700
381,000
Allogene Therapeutics, Inc.(a)(c)
 
108,101
134,045
Alnylam Pharmaceuticals, Inc.(a)
 
31,166
14,211,695
Amgen, Inc.(b)
 
59,717
16,852,137
Arcellx, Inc.(a)
 
16,531
1,357,195
Arcus Biosciences, Inc.(a)
 
26,855
365,228
Argenx SE, ADR(a)
 
5,763
4,250,558
Ascendis Pharma A/S, ADR(a)
 
7,949
1,580,341
Autolus Therapeutics PLC, ADR(a)
 
64,258
104,741
Avidity Biosciences, Inc.(a)
 
8,950
389,952
Beam Therapeutics, Inc.(a)
 
14,977
363,492
Biogen, Inc.(a)
 
29,185
4,088,235
Biohaven Ltd.(a)
 
18,429
276,619
BioMarin Pharmaceutical, Inc.(a)
 
30,316
1,641,915
BioNTech SE, ADR(a)
 
3,788
373,573
Bridgebio Oncology Therapeutics, Inc., (Acquired
08/08/25, Cost: $167,000)(a)(d)
 
15,582
180,440
BridgeBio Oncology Therapeutics, Inc.(a)(c)
 
61,530
712,517
Bridgebio Pharma, Inc.(a)
 
18,507
961,254
CG oncology, Inc.(a)
 
5,223
210,382
Denali Therapeutics, Inc.(a)
 
20,283
294,509
Disc Medicine, Inc.(a)
 
7,717
509,939
Dyne Therapeutics, Inc.(a)
 
24,506
310,001
Exact Sciences Corp.(a)
 
49,509
2,708,637
Exelixis, Inc.(a)
 
27,330
1,128,729
Gilead Sciences, Inc.
 
89,782
9,965,802
Incyte Corp.(a)
 
33,103
2,807,465
Insmed, Inc.(a)
 
52,511
7,562,109
Ionis Pharmaceuticals, Inc.(a)
 
15,357
1,004,655
Kymera Therapeutics, Inc.(a)
 
4,830
273,378
Legend Biotech Corp., ADR(a)
 
11,174
364,384
Merus NV(a)
 
18,404
1,732,737
Moderna, Inc.(a)
 
32,542
840,560
Natera, Inc.(a)
 
12,117
1,950,473
Neurocrine Biosciences, Inc.(a)
 
11,545
1,620,687
Nuvalent, Inc., Class A(a)
 
29,333
2,536,718
Protagonist Therapeutics, Inc.(a)
 
32,859
2,182,823
PTC Therapeutics, Inc.(a)
 
12,726
780,995
Regeneron Pharmaceuticals, Inc.
 
8,927
5,019,384
REGENXBIO, Inc.(a)
 
18,875
182,144
Rhythm Pharmaceuticals, Inc.(a)
 
55,078
5,562,327
Roivant Sciences Ltd.(a)
 
42,251
639,258
Scholar Rock Holding Corp.(a)
 
14,670
546,311
Stoke Therapeutics, Inc.(a)
 
69,330
1,629,255
Summit Therapeutics, Inc.(a)(c)
 
24,508
506,335
TScan Therapeutics, Inc.(a)
 
49,480
90,054
United Therapeutics Corp.(a)
 
4,080
1,710,377
Upstream Bio, Inc.(a)(c)
 
17,345
326,259
Vaxcyte, Inc.(a)
 
7,730
278,435
Vertex Pharmaceuticals, Inc.(a)
 
12,835
5,026,699
Viking Therapeutics, Inc.(a)
 
9,491
249,423
Vir Biotechnology, Inc.(a)
 
20,570
117,455
Voyager Therapeutics, Inc.(a)
 
32,205
150,397
Zealand Pharma A/S(a)
 
7,367
543,280
 
 
134,339,644
Health Care Equipment & Supplies — 28.0%
Abbott Laboratories(b)
 
231,527
31,010,726
Alcon AG(c)
 
5,895
439,236
Security
 
 
Shares
Value
Health Care Equipment & Supplies (continued)
Becton Dickinson & Co.
 
38,538
$ 7,213,158
Boston Scientific Corp.(a)(b)
 
215,674
21,056,253
Cooper Cos., Inc.(a)
 
27,416
1,879,641
Dexcom, Inc.(a)
 
38,114
2,564,691
Edwards Lifesciences Corp.(a)
 
205,137
15,953,505
EXO Imaging, Inc., (Acquired 06/24/21, Cost:
$595,999)(a)(d)(e)
 
1,017
366
GE HealthCare Technologies, Inc.(a)
 
21,440
1,610,144
Glaukos Corp.(a)
 
7,815
637,313
Hologic, Inc.(a)
 
12,498
843,490
IDEXX Laboratories, Inc.(a)
 
6,922
4,422,397
Inspire Medical Systems, Inc.(a)
 
4,705
349,111
Insulet Corp.(a)
 
8,004
2,471,075
Intuitive Surgical, Inc.(a)
 
30,454
13,619,942
Medtronic PLC
 
187,946
17,899,977
Novocure Ltd.(a)
 
51,195
661,439
Nucleix Ltd., (Acquired 04/10/24, Cost: $200,000)(a)(d)(e)
 
200
148,540
Nyxoah SA(a)(c)
 
29,870
137,402
Orchestra BioMed Holdings, Inc.(a)(c)
 
18,076
44,829
Penumbra, Inc.(a)
 
11,896
3,013,495
STERIS PLC
 
6,027
1,491,321
Stryker Corp.
 
48,820
18,047,289
 
 
145,515,340
Health Care Providers & Services — 13.2%
Cencora, Inc.
 
26,637
8,324,861
Centene Corp.(a)
 
49,135
1,753,137
Cigna Group
 
9,313
2,684,472
CVS Health Corp.
 
32,565
2,455,075
Elevance Health, Inc.
 
7,850
2,536,492
Guardant Health, Inc.(a)
 
31,531
1,970,057
HCA Healthcare, Inc.
 
12,565
5,355,203
Labcorp Holdings, Inc.
 
20,462
5,873,822
McKesson Corp.
 
11,805
9,119,835
Quest Diagnostics, Inc.
 
24,219
4,615,657
Tenet Healthcare Corp.(a)
 
9,500
1,928,880
UnitedHealth Group, Inc.(b)
 
63,340
21,871,302
 
 
68,488,793
Health Care Technology(a) — 0.5%
Carbon Health Technologies, Inc., (Acquired 05/28/25,
Cost: $972,000)(d)(e)
 
146,332
1,463
HeartFlow, Inc.
 
1,890
63,618
Veeva Systems, Inc., Class A
 
8,920
2,657,357
 
 
2,722,438
Life Sciences Tools & Services — 9.3%
Agilent Technologies, Inc.
 
37,005
4,749,592
Bio-Rad Laboratories, Inc., Class A(a)
 
2,236
626,952
Bio-Techne Corp.
 
17,518
974,526
Bruker Corp.
 
44,389
1,442,199
Charles River Laboratories International, Inc.(a)
 
5,060
791,688
Danaher Corp.
 
44,278
8,778,556
Illumina, Inc.(a)
 
13,625
1,293,966
IQVIA Holdings, Inc.(a)
 
16,167
3,070,760
Mettler-Toledo International, Inc.(a)
 
635
779,532
Repligen Corp.(a)
 
12,836
1,715,788
Thermo Fisher Scientific, Inc.
 
37,523
18,199,406
Waters Corp.(a)
 
10,495
3,146,506
West Pharmaceutical Services, Inc.
 
10,207
2,677,602
 
 
48,247,073
Pharmaceuticals — 22.5%
AstraZeneca PLC
 
32,707
5,010,745
Bristol-Myers Squibb Co.
 
97,755
4,408,751
2
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Pharmaceuticals (continued)
Daiichi Sankyo Co. Ltd.
 
62,300
$ 1,401,762
Edgewise Therapeutics, Inc.(a)
 
22,836
370,400
Elanco Animal Health, Inc.(a)
 
42,100
847,894
Eli Lilly & Co.(b)
 
53,254
40,632,802
Galderma Group AG
 
13,599
2,404,306
Johnson & Johnson
 
230,823
42,799,201
LB Pharmaceuticals, Inc.(a)(c)
 
48,308
762,783
MBX Biosciences, Inc.(a)
 
29,168
510,440
Merck & Co., Inc.(b)
 
88,682
7,443,080
Pfizer, Inc.
 
106,328
2,709,237
Teva Pharmaceutical Industries Ltd., ADR(a)
 
243,163
4,911,893
UCB SA
 
10,073
2,811,726
WaVe Life Sciences Ltd.(a)
 
24,727
181,002
 
 
117,206,022
Total Common Stocks — 99.3%
(Cost: $337,049,669)
516,519,310
 
 
 
Benefical
Interest (000)
 
Other Interests
Biotechnology — 0.0%
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —)(d)(e)(f)
$
6
62,677
Health Care Providers & Services — 0.0%
Afferent Pharmaceuticals, Inc., (Acquired 09/30/15,
Cost: $ —)(d)(e)(f)
 
190
2
Total Other Interests — 0.0%
(Cost: $ — )
62,679
 
 
 
 
Shares
 
Preferred Securities
Preferred Stocks — 0.6%(a)(d)(e)
Biotechnology — 0.4%
Adarx Pharamaceuticals, Inc., Series C, (Acquired
08/02/23, Cost: $440,003)
 
52,885
628,803
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost:
$265,002)
 
44,167
90,542
Genesis Therapeutics, Inc., Series B, (Acquired 08/10/23,
Cost: $292,001)
 
57,170
316,722
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost:
$224,200)
 
190,000
76,000
Kartos Therapeutics, Inc.
 
Series C, (Acquired 08/22/23, Cost: $485,124)
 
85,817
487,440
Series D, (Acquired 02/19/25, Cost: $133,467)
 
23,610
134,105
Laronde, Inc., Series B, (Acquired 07/28/21, Cost:
$590,800)
 
21,100
512,730
 
 
2,246,342
Health Care Equipment & Supplies — 0.1%
EXO Imaging, Inc., Series D, (Acquired 07/24/24, Cost:
$28,863)
 
47,496
35,147
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost:
$1,070,001)
 
367,395
224,111
Security
 
 
Shares
Value
Health Care Equipment & Supplies (continued)
Quanta Dialysis Technologies Ltd., Series D, (Acquired
06/18/21, Cost: $515,759)
 
4,243,029
$ 302,442
Swift Health Systems, Inc., Series D, (Acquired 08/27/21,
Cost: $286,998)
 
93
206
 
 
561,906
Pharmaceuticals — 0.1%
Insitro, Inc., Series C, (Acquired 03/10/21, Cost:
$560,000)
 
30,616
280,443
 
3,088,691
Total Preferred Securities — 0.6%
(Cost: $4,892,218)
3,088,691
Rights
Biotechnology(e) — 0.0%
Blueprint Medicines Corp., CVR
 
15,552
15,085
Korro Bio, Inc., CVR
 
28,060
—
Mirati Therapeutics, Inc. CVR
 
15,747
12,283
 
 
27,368
Health Care Equipment & Supplies — 0.0%
Abiomed, Inc., CVR(e)
 
14,359
32,308
Total Rights — 0.0%
(Cost: $32,823)
59,676
Warrants
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
818
Total Warrants — 0.0%
(Cost: $8,057)
818
Total Long-Term Investments — 99.9%
(Cost: $341,982,767)
519,731,174
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.26%(g)(h)(i)
 
962,199
962,680
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.01%(g)(h)
 
7,130,620
7,130,620
Total Short-Term Securities — 1.6%
(Cost: $8,093,364)
8,093,300
Total Investments Before Options Written — 101.5%
(Cost: $350,076,131)
527,824,474
Options Written — (1.3)%
(Premiums Received: $(4,866,731))
(6,446,061
)
Total Investments, Net of Options Written — 100.2%
(Cost: $345,209,400)
521,378,413
Liabilities in Excess of Other Assets — (0.2)%
(996,276
)
Net Assets — 100.0%
$ 520,382,137
 
(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.
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Health Sciences Trust (BME)
 
(d)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $3,482,179, representing 0.7% of its net assets as of
period end, and an original cost of $6,827,217.
(e)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(f)
Other interests represent beneficial interests in liquidation trusts and other reorganization
or private entities.
(g)
Affiliate of the Trust.
(h)
Annualized 7-day yield as of period end.
(i)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 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
09/30/25
Shares
Held at
09/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 277,709
$ 685,380
(a)
$ —
$ (329
)
$ (80
)
$ 962,680
962,199
$ 7,582
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
26,275,044
—
(19,144,424
)(a)
—
—
7,130,620
7,130,620
608,395
—
 
$ (329
)
$ (80
)
$ 8,093,300
$ 615,977
$ —
 
(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 
 
 
Eli Lilly & Co.
63
10/03/25
USD
740.00
USD
4,807
$ (160,807
)
Johnson & Johnson
417
10/03/25
USD
180.00
USD
7,732
(237,690
)
Teva Pharmaceutical Industries Ltd., ADR
462
10/03/25
USD
19.50
USD
933
(41,811
)
Abbott Laboratories
246
10/10/25
USD
136.00
USD
3,295
(27,921
)
Boston Scientific Corp.
290
10/10/25
USD
108.00
USD
2,831
(14,500
)
Dexcom, Inc.
42
10/10/25
USD
85.00
USD
283
(2,310
)
Medtronic PLC
69
10/10/25
USD
94.00
USD
657
(15,353
)
Pfizer, Inc.
106
10/10/25
USD
25.50
USD
270
(5,194
)
AbbVie, Inc.
248
10/17/25
USD
210.00
USD
5,742
(542,500
)
Agilent Technologies, Inc.
70
10/17/25
USD
130.00
USD
898
(19,775
)
Agilent Technologies, Inc.
70
10/17/25
USD
135.00
USD
898
(7,350
)
Alcon AG
22
10/17/25
USD
80.00
USD
164
(440
)
Alkermes PLC
48
10/17/25
USD
29.00
USD
144
(8,280
)
Alnylam Pharmaceuticals, Inc.
50
10/17/25
USD
470.00
USD
2,280
(41,750
)
Alnylam Pharmaceuticals, Inc.
68
10/17/25
USD
490.00
USD
3,101
(21,930
)
Arcellx, Inc.
62
10/17/25
USD
75.00
USD
509
(50,530
)
Argenx SE, ADR
21
10/17/25
USD
760.00
USD
1,549
(25,725
)
Beam Therapeutics, Inc.
26
10/17/25
USD
19.96
USD
63
(11,785
)
Becton Dickinson & Co.
146
10/17/25
USD
195.00
USD
2,733
(18,615
)
Biogen, Inc.
74
10/17/25
USD
150.00
USD
1,037
(9,250
)
Biohaven Ltd.
35
10/17/25
USD
22.50
USD
53
(2,100
)
Biohaven Ltd.
35
10/17/25
USD
20.00
USD
53
(3,150
)
BioMarin Pharmaceutical, Inc.
75
10/17/25
USD
62.50
USD
406
(938
)
BioMarin Pharmaceutical, Inc.
40
10/17/25
USD
57.50
USD
217
(2,900
)
BioNTech SE, ADR
14
10/17/25
USD
105.00
USD
138
(1,610
)
Boston Scientific Corp.
140
10/17/25
USD
105.00
USD
1,367
(2,800
)
Bruker Corp.
100
10/17/25
USD
40.00
USD
325
(1,500
)
Bruker Corp.
68
10/17/25
USD
35.00
USD
221
(5,440
)
4
Schedule of Investments (unaudited)(continued)
September 30, 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)
 
 
Cooper Cos., Inc.
104
10/17/25
USD
70.00
USD
713
$ (14,040
)
CVS Health Corp.
22
10/17/25
USD
75.00
USD
166
(5,841
)
Danaher Corp.
60
10/17/25
USD
200.00
USD
1,190
(30,600
)
Denali Therapeutics, Inc.
77
10/17/25
USD
14.19
USD
112
(6,394
)
Edwards Lifesciences Corp.
394
10/17/25
USD
77.50
USD
3,064
(70,920
)
Elevance Health, Inc.
32
10/17/25
USD
340.00
USD
1,034
(16,000
)
Elevance Health, Inc.
16
10/17/25
USD
360.00
USD
517
(2,720
)
Exact Sciences Corp.
56
10/17/25
USD
52.50
USD
306
(20,160
)
Exelixis, Inc.
103
10/17/25
USD
41.00
USD
425
(13,133
)
GE HealthCare Technologies, Inc.
43
10/17/25
USD
75.00
USD
323
(9,138
)
Glaukos Corp.
29
10/17/25
USD
90.00
USD
236
(1,885
)
Guardant Health, Inc.
71
10/17/25
USD
60.00
USD
444
(31,240
)
HCA Healthcare, Inc.
47
10/17/25
USD
405.00
USD
2,003
(119,145
)
Illumina, Inc.
51
10/17/25
USD
105.00
USD
484
(3,953
)
Incyte Corp.
69
10/17/25
USD
90.00
USD
585
(5,003
)
Insmed, Inc.
86
10/17/25
USD
125.00
USD
1,238
(179,310
)
Insmed, Inc.
113
10/17/25
USD
150.00
USD
1,627
(32,487
)
Inspire Medical Systems, Inc.
17
10/17/25
USD
90.00
USD
126
(935
)
Insulet Corp.
30
10/17/25
USD
350.00
USD
926
(10,500
)
Intuitive Surgical, Inc.
115
10/17/25
USD
465.00
USD
5,143
(65,550
)
Ionis Pharmaceuticals, Inc.
58
10/17/25
USD
65.01
USD
379
(22,623
)
IQVIA Holdings, Inc.
61
10/17/25
USD
195.00
USD
1,159
(18,758
)
Johnson & Johnson
460
10/17/25
USD
180.00
USD
8,529
(324,300
)
Kymera Therapeutics, Inc.
18
10/17/25
USD
55.00
USD
102
(7,830
)
Labcorp Holdings, Inc.
67
10/17/25
USD
270.00
USD
1,923
(124,620
)
Labcorp Holdings, Inc.
5
10/17/25
USD
290.00
USD
144
(1,950
)
Medtronic PLC
99
10/17/25
USD
95.00
USD
943
(17,919
)
Mettler-Toledo International, Inc.
2
10/17/25
USD
1,360.00
USD
246
(960
)
Mettler-Toledo International, Inc.
2
10/17/25
USD
1,310.00
USD
246
(955
)
Moderna, Inc.
123
10/17/25
USD
26.00
USD
318
(20,295
)
Natera, Inc.
43
10/17/25
USD
170.00
USD
692
(10,965
)
Neurocrine Biosciences, Inc.
19
10/17/25
USD
135.00
USD
267
(13,870
)
Neurocrine Biosciences, Inc.
24
10/17/25
USD
150.00
USD
337
(1,800
)
Novocure Ltd.
194
10/17/25
USD
15.00
USD
251
(3,395
)
Protagonist Therapeutics, Inc.
43
10/17/25
USD
60.00
USD
286
(32,250
)
PTC Therapeutics, Inc.
83
10/17/25
USD
65.00
USD
509
(10,168
)
Regeneron Pharmaceuticals, Inc.
16
10/17/25
USD
615.00
USD
900
(4,080
)
Repligen Corp.
36
10/17/25
USD
135.00
USD
481
(16,380
)
Rhythm Pharmaceuticals, Inc.
103
10/17/25
USD
95.00
USD
1,040
(88,580
)
Rhythm Pharmaceuticals, Inc.
106
10/17/25
USD
105.00
USD
1,070
(28,090
)
Scholar Rock Holding Corp.
29
10/17/25
USD
40.00
USD
108
(3,770
)
STERIS PLC
4
10/17/25
USD
260.00
USD
99
(620
)
Stoke Therapeutics, Inc.
263
10/17/25
USD
25.00
USD
618
(26,300
)
Stryker Corp.
185
10/17/25
USD
390.00
USD
6,839
(23,125
)
Summit Therapeutics, Inc.
69
10/17/25
USD
21.00
USD
143
(8,280
)
Thermo Fisher Scientific, Inc.
44
10/17/25
USD
500.00
USD
2,134
(35,200
)
United Therapeutics Corp.
15
10/17/25
USD
410.00
USD
629
(22,650
)
UnitedHealth Group, Inc.
227
10/17/25
USD
360.00
USD
7,838
(125,985
)
Veeva Systems, Inc., Class A
33
10/17/25
USD
280.00
USD
983
(69,300
)
Vertex Pharmaceuticals, Inc.
24
10/17/25
USD
430.00
USD
940
(1,740
)
Vertex Pharmaceuticals, Inc.
24
10/17/25
USD
397.50
USD
940
(17,040
)
Waters Corp.
48
10/17/25
USD
310.00
USD
1,439
(19,320
)
WaVe Life Sciences Ltd.
55
10/17/25
USD
8.50
USD
40
(1,055
)
WaVe Life Sciences Ltd.
38
10/17/25
USD
7.50
USD
28
(2,660
)
Abbott Laboratories
220
10/24/25
USD
138.00
USD
2,947
(45,540
)
Amgen, Inc.
99
10/24/25
USD
290.00
USD
2,794
(41,085
)
Biogen, Inc.
36
10/24/25
USD
149.00
USD
504
(7,020
)
Boston Scientific Corp.
281
10/24/25
USD
106.00
USD
2,743
(20,372
)
CVS Health Corp.
101
10/24/25
USD
77.00
USD
761
(19,392
)
GE HealthCare Technologies, Inc.
38
10/24/25
USD
77.00
USD
285
(5,890
)
Medtronic PLC
222
10/24/25
USD
96.00
USD
2,114
(36,852
)
Merck & Co., Inc.
60
10/24/25
USD
87.00
USD
504
(7,920
)
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
September 30, 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)
 
 
Merck & Co., Inc.
276
10/24/25
USD
81.00
USD
2,316
$ (120,750
)
Pfizer, Inc.
105
10/24/25
USD
25.00
USD
268
(10,290
)
Regeneron Pharmaceuticals, Inc.
17
10/24/25
USD
620.00
USD
956
(7,905
)
Teva Pharmaceutical Industries Ltd., ADR
462
10/24/25
USD
20.50
USD
933
(35,574
)
Abbott Laboratories
413
10/31/25
USD
134.00
USD
5,532
(162,102
)
AbbVie, Inc.
156
10/31/25
USD
230.00
USD
3,612
(109,590
)
Danaher Corp.
108
10/31/25
USD
200.00
USD
2,141
(96,120
)
Eli Lilly & Co.
81
10/31/25
USD
775.00
USD
6,180
(262,440
)
Exact Sciences Corp.
132
10/31/25
USD
54.00
USD
722
(45,540
)
Gilead Sciences, Inc.
341
10/31/25
USD
116.00
USD
3,785
(81,328
)
McKesson Corp.
44
10/31/25
USD
710.00
USD
3,399
(302,500
)
Pfizer, Inc.
385
10/31/25
USD
25.50
USD
981
(30,415
)
Viking Therapeutics, Inc.
36
10/31/25
USD
30.00
USD
95
(4,860
)
Cencora, Inc.
39
11/04/25
USD
301.00
USD
1,219
(79,854
)
Charles River Laboratories International, Inc.
19
11/04/25
USD
162.00
USD
297
(12,086
)
Amgen, Inc.
127
11/07/25
USD
285.00
USD
3,584
(125,095
)
Bridgebio Pharma, Inc.
70
11/07/25
USD
55.00
USD
364
(23,881
)
Bristol-Myers Squibb Co.
372
11/07/25
USD
45.00
USD
1,678
(53,010
)
Dexcom, Inc.
102
11/07/25
USD
77.00
USD
686
(16,320
)
Disc Medicine, Inc.
29
11/07/25
USD
65.00
USD
192
(15,521
)
Eli Lilly & Co.
58
11/07/25
USD
760.00
USD
4,425
(242,585
)
Incyte Corp.
55
11/07/25
USD
86.25
USD
466
(19,372
)
Medtronic PLC
324
11/07/25
USD
95.00
USD
3,086
(91,368
)
Protagonist Therapeutics, Inc.
81
11/07/25
USD
65.86
USD
538
(45,895
)
Repligen Corp.
12
11/07/25
USD
130.00
USD
160
(12,669
)
STERIS PLC
18
11/07/25
USD
252.10
USD
445
(11,071
)
IDEXX Laboratories, Inc.
26
11/10/25
USD
643.00
USD
1,661
(78,874
)
Boston Scientific Corp.
163
11/21/25
USD
110.00
USD
1,591
(10,595
)
Edwards Lifesciences Corp.
385
11/21/25
USD
80.00
USD
2,994
(116,462
)
Guardant Health, Inc.
48
11/21/25
USD
60.00
USD
300
(34,320
)
Labcorp Holdings, Inc.
5
11/21/25
USD
280.00
USD
144
(7,550
)
 
 
 
$ (5,479,754
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
Cencora, Inc.
Barclays Bank PLC
6,200
10/01/25
USD
303.98
USD
1,938
$ (53,501
)
Zealand Pharma A/S
Bank of America N.A.
2,700
10/09/25
DKK
354.79
DKK
1,266
(45,208
)
Galderma Group AG
Goldman Sachs International
3,900
10/16/25
CHF
141.68
CHF
549
(8,666
)
UCB SA
Bank of America N.A.
3,800
10/21/25
EUR
215.37
EUR
903
(95,519
)
Galderma Group AG
UBS AG
1,200
10/22/25
CHF
148.09
CHF
169
(1,974
)
AstraZeneca PLC
Barclays Bank PLC
9,100
10/28/25
GBP
115.28
GBP
1,037
(22,673
)
AstraZeneca PLC
Bank of America N.A.
3,300
11/04/25
GBP
114.83
GBP
376
(10,668
)
Daiichi Sankyo Co. Ltd.
UBS AG
23,600
11/05/25
JPY
3,561.94
JPY
78,528
(7,782
)
Beam Therapeutics, Inc.
Morgan Stanley & Co. International PLC
3,000
11/06/25
USD
26.29
USD
73
(4,564
)
Penumbra, Inc.
Morgan Stanley & Co. International PLC
4,500
11/06/25
USD
261.88
USD
1,140
(48,205
)
Ascendis Pharma A/S, ADR
Barclays Bank PLC
3,700
11/07/25
USD
204.97
USD
736
(33,218
)
Bio-Techne Corp.
BNP Paribas SA
6,600
11/07/25
USD
55.83
USD
367
(21,297
)
Merus NV
Morgan Stanley & Co. International PLC
7,000
11/07/25
USD
69.28
USD
659
(176,380
)
Natera, Inc.
Morgan Stanley & Co. International PLC
300
11/07/25
USD
179.01
USD
48
(1,321
)
Nuvalent, Inc., Class A
Morgan Stanley & Co. International PLC
11,100
11/07/25
USD
80.43
USD
960
(130,649
)
Quest Diagnostics, Inc.
Barclays Bank PLC
9,200
11/07/25
USD
190.24
USD
1,753
(56,233
)
Thermo Fisher Scientific, Inc.
Bank of America N.A.
9,800
11/07/25
USD
490.78
USD
4,753
(186,436
)
West Pharmaceutical Services, Inc.
Barclays Bank PLC
3,800
11/07/25
USD
260.59
USD
997
(62,013
)
 
 
 
 
 
 
$ (966,307
)
6
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Health Sciences Trust (BME)
 
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.
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
$ 133,615,924
$ 723,720
$ —
$ 134,339,644
Health Care Equipment & Supplies
145,366,434
—
148,906
145,515,340
Health Care Providers & Services
68,488,793
—
—
68,488,793
Health Care Technology
2,720,975
—
1,463
2,722,438
Life Sciences Tools & Services
48,247,073
—
—
48,247,073
Pharmaceuticals
105,577,483
11,628,539
—
117,206,022
Other Interests
—
—
62,679
62,679
Preferred Securities
Preferred Stocks
—
—
3,088,691
3,088,691
Rights
—
—
59,676
59,676
Warrants
818
—
—
818
Short-Term Securities 
Money Market Funds
8,093,300
—
—
8,093,300
 
$512,110,800
$12,352,259
$3,361,415
$527,824,474
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (5,138,674
)
$ (1,307,387
)
$ —
$ (6,446,061
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
 
Currency Abbreviation 
CHF
Swiss Franc
DKK
Danish Krone
EUR
Euro
GBP
British Pound
JPY
Japanese Yen
USD
United States Dollar
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
CVR
 Contingent Value Right
Schedule of Investments
7