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September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Health Sciences Term Trust (BMEZ)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
September 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Biotechnology(a) — 34.1%
4D Molecular Therapeutics, Inc.
 
63,685
$ 553,423
Abbisko Cayman Ltd.
 
4,562,250
10,547,128
Abcuro, Inc., Series C(b)
 
241,900
1,451,400
Akeso, Inc.(c)
 
548,000
9,956,111
Alkermes PLC(d)
 
162,816
4,884,480
Allogene Therapeutics, Inc.
 
425,415
527,515
Alnylam Pharmaceuticals, Inc.(e)
 
118,016
53,815,296
Annexon, Inc.
 
144,084
439,456
Arcellx, Inc.
 
26,392
2,166,783
Arcus Biosciences, Inc.
 
99,007
1,346,495
Ascendis Pharma A/S, ADR
 
20,428
4,061,291
Autolus Therapeutics PLC, ADR
 
463,993
756,309
Avidity Biosciences, Inc.
 
36,258
1,579,761
Beam Therapeutics, Inc.(d)
 
95,917
2,327,906
Bicycle Therapeutics PLC, ADR
 
53,067
410,739
Biogen, Inc.
 
37,120
5,199,770
Biohaven Ltd.
 
88,609
1,330,021
BioMarin Pharmaceutical, Inc.
 
84,744
4,589,735
BioNTech SE, ADR
 
18,918
1,865,693
Black Diamond Therapeutics, Inc.(d)
 
504,978
1,913,867
BridgeBio Oncology Therapeutics, Inc.(d)
 
544,465
6,304,905
Bridgebio Pharma, Inc.
 
102,653
5,331,797
CG oncology, Inc.
 
25,078
1,010,142
Denali Therapeutics, Inc.
 
169,834
2,465,990
Disc Medicine, Inc.
 
28,021
1,851,628
Dyne Therapeutics, Inc.
 
116,674
1,475,926
Exact Sciences Corp.
 
263,762
14,430,419
Exelixis, Inc.
 
227,940
9,413,922
Genmab A/S
 
50,248
15,503,932
Halozyme Therapeutics, Inc.
 
58,978
4,325,446
Immatics NV(d)
 
162,650
1,385,778
Immunocore Ltd., Series C, ADR
 
321,900
11,694,627
Incyte Corp.
 
87,390
7,411,546
Insmed, Inc.(f)
 
180,581
26,005,470
Ionis Pharmaceuticals, Inc.
 
59,102
3,866,453
Kiniksa Pharmaceuticals International PLC
 
84,235
3,270,845
Kymera Therapeutics, Inc.
 
15,237
862,414
Legend Biotech Corp., ADR
 
42,405
1,382,827
Merus NV
 
21,187
1,994,756
Moderna, Inc.
 
45,375
1,172,036
Monte Rosa Therapeutics, Inc.
 
155,206
1,150,076
Natera, Inc.
 
67,562
10,875,455
Neurocrine Biosciences, Inc.
 
91,508
12,845,893
Neurogene, Inc.
 
82,832
1,435,479
Nuvalent, Inc., Class A
 
134,486
11,630,349
Olema Pharmaceuticals, Inc.
 
57,725
565,128
OnKure Therapeutics, Inc., Class A
 
463,586
1,274,861
ORIC Pharmaceuticals, Inc.
 
138,524
1,662,288
Protagonist Therapeutics, Inc.
 
132,647
8,811,740
PTC Therapeutics, Inc.
 
81,756
5,017,366
REGENXBIO, Inc.
 
64,920
626,478
ReNAgade Therapeutics, Inc., Series A-2(b)
 
3,584,906
8,890,567
Revolution Medicines, Inc.
 
24,290
1,134,343
Rhythm Pharmaceuticals, Inc.
 
185,663
18,750,106
Roivant Sciences Ltd.
 
245,238
3,710,451
Sagimet Biosciences, Inc., Series A
 
237,980
1,632,543
Scholar Rock Holding Corp.
 
42,838
1,595,287
Stoke Therapeutics, Inc.(d)
 
309,103
7,263,920
Summit Therapeutics, Inc.(d)
 
47,320
977,631
TScan Therapeutics, Inc.
 
609,800
1,109,836
Security
 
 
Shares
Value
Biotechnology (continued)
Twist Bioscience Corp.
 
80,595
$ 2,267,943
Ultragenyx Pharmaceutical, Inc.
 
26,815
806,595
United Therapeutics Corp.
 
3,060
1,282,783
Upstream Bio, Inc.
 
55,965
1,052,702
Vaxcyte, Inc.
 
32,817
1,182,068
Viking Therapeutics, Inc.
 
24,596
646,383
Vir Biotechnology, Inc.
 
44,171
252,216
Voyager Therapeutics, Inc.
 
211,857
989,372
Zealand Pharma A/S
 
29,510
2,176,216
 
 
342,500,113
Health Care Equipment & Supplies — 18.0%
Abbott Laboratories(f)
 
184,653
24,732,423
Becton Dickinson & Co.
 
24,837
4,648,741
Boston Scientific Corp.(a)(e)(f)
 
68,525
6,690,096
Dexcom, Inc.(a)(e)(f)
 
308,482
20,757,754
Edwards Lifesciences Corp.(a)
 
216,810
16,861,314
EXO Imaging, Inc., (Acquired 06/24/21, Cost:
$13,225,003)(a)(b)(g)
 
22,576
8,127
Glaukos Corp.(a)
 
26,050
2,124,377
IDEXX Laboratories, Inc.(a)
 
36,740
23,472,819
Inspire Medical Systems, Inc.(a)
 
39,579
2,936,762
Insulet Corp.(a)
 
58,827
18,161,660
Intuitive Surgical, Inc.(a)
 
3,135
1,402,066
Lantheus Holdings, Inc.(a)
 
41,510
2,129,048
Medtronic PLC
 
165,394
15,752,124
Novocure Ltd.(a)
 
155,581
2,010,106
Nucleix Ltd., (Acquired 04/10/24, Cost:
$1,300,000)(a)(b)(g)
 
1,300
965,510
Nyxoah SA(a)(d)
 
254,299
1,169,775
Orchestra BioMed Holdings, Inc.(a)(d)
 
136,066
337,444
Penumbra, Inc.(a)
 
36,577
9,265,686
Sonova Holding AG, Registered Shares
 
57,600
15,800,033
Stryker Corp.
 
29,432
10,880,127
 
 
180,105,992
Health Care Providers & Services — 8.0%
Cencora, Inc.
 
31,471
9,835,632
Chemed Corp.
 
6,754
3,024,036
Encompass Health Corp.
 
60,613
7,699,063
Guardant Health, Inc.(a)
 
215,976
13,494,181
Labcorp Holdings, Inc.
 
36,336
10,430,612
McKesson Corp.
 
13,076
10,101,733
Quest Diagnostics, Inc.
 
41,442
7,898,016
RadNet, Inc.(a)
 
38,559
2,938,581
Tenet Healthcare Corp.(a)
 
70,897
14,394,927
 
 
79,816,781
Health Care Technology — 4.2%
Carbon Health Technologies, Inc., (Acquired
05/28/25, Cost: $18,326,000)(a)(b)(g)
 
2,759,320
27,593
HeartFlow, Inc.(a)
 
4,301
144,772
M3, Inc.
 
462,800
7,491,947
Veeva Systems, Inc., Class A(a)(e)(f)
 
116,456
34,693,407
 
 
42,357,719
Life Sciences Tools & Services — 12.6%
Agilent Technologies, Inc.
 
40,785
5,234,755
Bio-Techne Corp.
 
119,215
6,631,930
Bruker Corp.
 
196,940
6,398,581
Charles River Laboratories International, Inc.(a)
 
32,635
5,106,072
Gerresheimer AG
 
29,709
1,237,625
Lonza Group AG, Registered Shares
 
14,800
9,895,847
Mettler-Toledo International, Inc.(a)
 
5,824
7,149,601
2
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Life Sciences Tools & Services (continued)
QIAGEN NV
 
169,456
$ 7,571,294
Rapid Micro Biosystems, Inc., Class A(a)
 
333,064
1,112,434
Repligen Corp.(a)
 
119,498
15,973,298
Tempus AI, Inc., Class A(a)
 
49,915
4,028,640
Waters Corp.(a)(e)
 
25,346
7,598,984
West Pharmaceutical Services, Inc.(e)
 
94,164
24,702,042
Wuxi Biologics Cayman, Inc.(a)(c)
 
4,546,000
24,005,216
 
 
126,646,319
Pharmaceuticals — 8.8%
Arvinas, Inc.(a)
 
147,562
1,257,228
AstraZeneca PLC, ADR
 
62,740
4,813,413
Axsome Therapeutics, Inc.(a)
 
42,781
5,195,753
Daiichi Sankyo Co. Ltd.
 
121,700
2,738,274
Edgewise Therapeutics, Inc.(a)
 
109,871
1,782,108
Eisai Co. Ltd.
 
79,400
2,682,354
Elanco Animal Health, Inc.(a)
 
270,205
5,441,929
Galderma Group AG
 
112,660
19,918,314
Harmony Biosciences Holdings, Inc.(a)
 
41,120
1,133,267
Johnson & Johnson(f)
 
86,520
16,042,538
LB Pharmaceuticals, Inc.(a)
 
210,898
3,330,079
MBX Biosciences, Inc.(a)
 
164,091
2,871,593
Nuvation Bio, Inc., Class A(a)(d)
 
191,533
708,672
Roche Holding AG
 
10,284
3,424,402
Teva Pharmaceutical Industries Ltd., ADR(a)
 
446,565
9,020,613
UCB SA
 
25,950
7,243,551
WaVe Life Sciences Ltd.(a)
 
151,116
1,106,169
 
 
88,710,257
Total Common Stocks — 85.7%
(Cost: $728,494,181)
860,137,181
 
 
 
Benefical
Interest (000)
 
Other Interests
Biotechnology(b)(g)(h) — 0.2%
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —)
$
183
1,813,324
Amunix Pharmaceuticals, Inc., (Acquired 02/08/22,
Cost: $ —)
 
5,657
282,853
Total Other Interests — 0.2%
(Cost: $ — )
2,096,177
 
 
 
 
Shares
 
Preferred Securities
Preferred Stocks — 13.1%
Biotechnology(a)(b) — 6.6%
Abcuro, Inc., Series B
 
1,092,954
6,448,429
Adarx Pharamaceuticals, Inc., Series C, (Acquired
08/02/23, Cost: $7,160,001)(g)
 
860,577
10,232,261
Bright Peak Therapeutics, Inc., Series B, (Acquired
05/14/21, Cost: $8,000,004)(g)
 
3,191,830
3,287,585
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost:
$14,584,998)(g)
 
2,430,833
4,983,208
Security
 
 
Shares
Value
Biotechnology (continued)
Genesis Therapeutics, Inc., Series B, (Acquired
08/10/23, Cost: $6,999,996)(g)
 
1,370,506
$ 7,592,603
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20,
Cost: $4,543,847)(g)
 
3,850,718
1,540,287
Kartos Therapeutics, Inc.(g)
 
Series C, (Acquired 08/22/23, Cost: $7,539,875)
 
1,333,783
7,575,887
Series D, (Acquired 02/19/25, Cost: $2,074,436)
 
366,962
2,084,344
Laronde, Inc., Series B, (Acquired 07/28/21, Cost:
$13,498,156)(g)
 
482,077
11,714,471
Mirvie, Inc.
 
Series B, (Acquired 10/15/21, Cost: $6,250,000)(g)
 
2,793,833
4,078,996
Series C
 
724,806
1,623,565
NiKang Therapeutics, Inc., Series C, (Acquired
05/20/21, Cost: $7,999,996)(g)
 
1,394,189
4,977,255
 
 
66,138,891
Health Care Equipment & Supplies(a)(b)(g) — 1.1%
EXO Imaging, Inc., Series D, (Acquired 07/24/24,
Cost: $640,450)
 
1,053,928
779,907
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost:
$6,929,998)
 
2,379,480
1,451,483
Quanta Dialysis Technologies Ltd., Series D,
(Acquired 06/18/21, Cost: $14,071,890)
 
115,766,240
8,251,779
Swift Health Systems, Inc., Series D, (Acquired
08/27/21, Cost: $6,441,930)
 
2,078
4,634
 
 
10,487,803
Health Care Providers & Services(a)(b)(g) — 1.5%
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost:
$9,999,986)
 
382,775
5,642,104
Numab Therapeutics AG, Series C, (Acquired
05/07/21, Cost: $9,204,219)
 
1,139,305
8,916,362
 
 
14,558,466
Life Sciences Tools & Services — 0.7%
Sartorius AG
 
31,307
7,318,843
Pharmaceuticals(a)(b)(g) — 0.9%
Insitro, Inc.
 
Series B, (Acquired 05/21/20, Cost: $5,000,000)
 
802,478
7,350,699
Series C, (Acquired 03/10/21, Cost: $3,600,018)
 
196,818
1,802,853
 
 
9,153,552
Semiconductors & Semiconductor Equipment — 2.3%
PsiQuantum Corp., Series D, (Acquired 05/21/21,
Cost: $14,999,996)(a)(b)(g)
 
571,947
23,478,424
 
131,135,979
Total Preferred Securities — 13.1%
(Cost: $165,481,913)
131,135,979
Rights
Biotechnology(b) — 0.0%
Blueprint Medicines Corp., CVR
 
36,582
35,485
Korro Bio, Inc., CVR
 
231,775
2
Mirati Therapeutics, Inc. CVR(d)
 
180,175
140,536
Vigil Neuroscience, Inc., CVR
 
131,344
6,567
 
 
182,590
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care Equipment & Supplies — 0.0%
Abiomed, Inc., CVR(b)
 
98,636
$       221,931
Total Rights — 0.0%
(Cost: $250,126)
404,521
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)
 
68,880
13,921
Total Warrants — 0.0%
(Cost: $137,002)
13,921
Total Long-Term Investments — 99.0%
(Cost: $894,363,222)
993,787,779
Short-Term Securities
Money Market Funds — 2.9%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.26%(i)(j)(k)
 
4,999,419
5,001,919
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 4.01%(i)(j)
 
23,854,564
23,854,564
Total Short-Term Securities — 2.9%
(Cost: $28,856,760)
28,856,483
Total Investments Before Options Written — 101.9%
(Cost: $923,219,982)
1,022,644,262
Options Written — (1.2)%
(Premiums Received: $(9,709,102))
(11,742,869
)
Total Investments, Net of Options Written — 100.7%
(Cost: $913,510,880)
1,010,901,393
Liabilities in Excess of Other Assets — (0.7)%
(7,315,178
)
Net Assets — 100.0%
$ 1,003,586,215
 
(a)
Non-income producing security.
(b)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(c)
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.
(d)
All or a portion of this security is on loan.
(e)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(f)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(g)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $118,842,549, representing 11.8% of its net assets as of
period end, and an original cost of $182,390,799.
(h)
Other interests represent beneficial interests in liquidation trusts and other reorganization
or private entities.
(i)
Affiliate of the Trust.
(j)
Annualized 7-day yield as of period end.
(k)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 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
$ 10,228,113
$ —
$ (5,227,858
)(a)
$ 1,162
$ 502
$ 5,001,919
4,999,419
$ 48,534
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional
Shares
51,121,570
—
(27,267,006
)(a)
—
—
23,854,564
23,854,564
1,946,635
—
 
$ 1,162
$ 502
$ 28,856,483
$ 1,995,169
$ —
 
(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.
4
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
 
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 
 
 
Johnson & Johnson
168
10/03/25
USD
180.00
USD
3,115
$ (95,760
)
Teva Pharmaceutical Industries Ltd., ADR
848
10/03/25
USD
19.50
USD
1,713
(76,744
)
Abbott Laboratories
331
10/10/25
USD
136.00
USD
4,433
(37,569
)
Dexcom, Inc.
338
10/10/25
USD
85.00
USD
2,274
(18,590
)
Agilent Technologies, Inc.
77
10/17/25
USD
130.00
USD
988
(21,753
)
Agilent Technologies, Inc.
77
10/17/25
USD
135.00
USD
988
(8,085
)
Alkermes PLC
618
10/17/25
USD
29.00
USD
1,854
(106,605
)
Alnylam Pharmaceuticals, Inc.
225
10/17/25
USD
470.00
USD
10,260
(187,875
)
Alnylam Pharmaceuticals, Inc.
223
10/17/25
USD
490.00
USD
10,169
(71,917
)
Arcellx, Inc.
101
10/17/25
USD
75.00
USD
829
(82,315
)
Arvinas, Inc.
240
10/17/25
USD
7.50
USD
204
(27,600
)
Axsome Therapeutics, Inc.
81
10/17/25
USD
110.00
USD
984
(98,010
)
Beam Therapeutics, Inc.
182
10/17/25
USD
19.96
USD
442
(82,493
)
Becton Dickinson & Co.
94
10/17/25
USD
195.00
USD
1,759
(11,985
)
Biogen, Inc.
94
10/17/25
USD
150.00
USD
1,317
(11,750
)
Biohaven Ltd.
168
10/17/25
USD
22.50
USD
252
(10,080
)
Biohaven Ltd.
168
10/17/25
USD
20.00
USD
252
(15,120
)
BioMarin Pharmaceutical, Inc.
161
10/17/25
USD
62.50
USD
872
(2,013
)
BioMarin Pharmaceutical, Inc.
161
10/17/25
USD
57.50
USD
872
(11,673
)
BioNTech SE, ADR
71
10/17/25
USD
105.00
USD
700
(8,165
)
Boston Scientific Corp.
99
10/17/25
USD
105.00
USD
967
(1,980
)
Bruker Corp.
400
10/17/25
USD
40.00
USD
1,300
(6,000
)
Bruker Corp.
348
10/17/25
USD
35.00
USD
1,131
(27,840
)
Denali Therapeutics, Inc.
645
10/17/25
USD
14.19
USD
937
(53,563
)
Edwards Lifesciences Corp.
350
10/17/25
USD
77.50
USD
2,722
(63,000
)
Encompass Health Corp.
230
10/17/25
USD
130.00
USD
2,921
(34,500
)
Exact Sciences Corp.
478
10/17/25
USD
52.50
USD
2,615
(172,080
)
Exelixis, Inc.
867
10/17/25
USD
41.00
USD
3,581
(110,542
)
Glaukos Corp.
98
10/17/25
USD
90.00
USD
799
(6,370
)
Guardant Health, Inc.
225
10/17/25
USD
60.00
USD
1,406
(99,000
)
Halozyme Therapeutics, Inc.
224
10/17/25
USD
80.00
USD
1,643
(15,120
)
Incyte Corp.
126
10/17/25
USD
90.00
USD
1,069
(9,135
)
Insmed, Inc.
79
10/17/25
USD
125.00
USD
1,138
(164,715
)
Insmed, Inc.
607
10/17/25
USD
150.00
USD
8,741
(174,512
)
Inspire Medical Systems, Inc.
150
10/17/25
USD
90.00
USD
1,113
(8,250
)
Insulet Corp.
223
10/17/25
USD
350.00
USD
6,885
(78,050
)
Intuitive Surgical, Inc.
11
10/17/25
USD
465.00
USD
492
(6,270
)
Ionis Pharmaceuticals, Inc.
224
10/17/25
USD
65.01
USD
1,465
(87,372
)
Johnson & Johnson
160
10/17/25
USD
180.00
USD
2,967
(112,800
)
Kymera Therapeutics, Inc.
57
10/17/25
USD
55.00
USD
323
(24,795
)
Labcorp Holdings, Inc.
73
10/17/25
USD
290.00
USD
2,096
(28,470
)
Medtronic PLC
103
10/17/25
USD
95.00
USD
981
(18,643
)
Mettler-Toledo International, Inc.
36
10/17/25
USD
1,310.00
USD
4,419
(17,190
)
Moderna, Inc.
172
10/17/25
USD
26.00
USD
444
(28,380
)
Natera, Inc.
128
10/17/25
USD
170.00
USD
2,060
(32,640
)
Neurocrine Biosciences, Inc.
176
10/17/25
USD
135.00
USD
2,471
(128,480
)
Neurocrine Biosciences, Inc.
171
10/17/25
USD
150.00
USD
2,400
(12,825
)
Novocure Ltd.
591
10/17/25
USD
15.00
USD
764
(10,343
)
Protagonist Therapeutics, Inc.
164
10/17/25
USD
60.00
USD
1,089
(123,000
)
PTC Therapeutics, Inc.
519
10/17/25
USD
65.00
USD
3,185
(63,577
)
QIAGEN NV
322
10/17/25
USD
50.00
USD
1,439
(6,440
)
Repligen Corp.
324
10/17/25
USD
135.00
USD
4,331
(147,420
)
Revolution Medicines, Inc.
46
10/17/25
USD
40.00
USD
215
(32,660
)
Revolution Medicines, Inc.
46
10/17/25
USD
49.00
USD
215
(5,405
)
Rhythm Pharmaceuticals, Inc.
277
10/17/25
USD
95.00
USD
2,797
(238,220
)
Rhythm Pharmaceuticals, Inc.
428
10/17/25
USD
105.00
USD
4,322
(113,420
)
Scholar Rock Holding Corp.
162
10/17/25
USD
40.00
USD
603
(21,060
)
Stoke Therapeutics, Inc.
1,174
10/17/25
USD
25.00
USD
2,759
(117,400
)
Stryker Corp.
111
10/17/25
USD
390.00
USD
4,103
(13,875
)
Summit Therapeutics, Inc.
108
10/17/25
USD
21.00
USD
223
(12,960
)
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Tenet Healthcare Corp.
269
10/17/25
USD
200.00
USD
5,462
$ (224,615
)
Twist Bioscience Corp.
153
10/17/25
USD
32.50
USD
431
(29,070
)
Ultragenyx Pharmaceutical, Inc.
101
10/17/25
USD
32.50
USD
304
(4,798
)
United Therapeutics Corp.
11
10/17/25
USD
410.00
USD
461
(16,610
)
Veeva Systems, Inc., Class A
442
10/17/25
USD
280.00
USD
13,168
(928,200
)
Waters Corp.
108
10/17/25
USD
310.00
USD
3,238
(43,470
)
WaVe Life Sciences Ltd.
447
10/17/25
USD
8.50
USD
327
(8,573
)
WaVe Life Sciences Ltd.
127
10/17/25
USD
7.50
USD
93
(8,890
)
Abbott Laboratories
257
10/24/25
USD
138.00
USD
3,442
(53,199
)
Biogen, Inc.
47
10/24/25
USD
149.00
USD
658
(9,165
)
Boston Scientific Corp.
161
10/24/25
USD
106.00
USD
1,572
(11,673
)
Medtronic PLC
37
10/24/25
USD
96.00
USD
352
(6,142
)
Teva Pharmaceutical Industries Ltd., ADR
848
10/24/25
USD
20.50
USD
1,713
(65,296
)
Abbott Laboratories
113
10/31/25
USD
134.00
USD
1,514
(44,353
)
Exact Sciences Corp.
524
10/31/25
USD
54.00
USD
2,867
(180,780
)
McKesson Corp.
49
10/31/25
USD
710.00
USD
3,785
(336,875
)
Tempus AI, Inc., Class A
94
10/31/25
USD
90.00
USD
759
(32,900
)
Viking Therapeutics, Inc.
94
10/31/25
USD
30.00
USD
247
(12,690
)
Charles River Laboratories International, Inc.
124
11/04/25
USD
162.00
USD
1,940
(78,879
)
Twist Bioscience Corp.
153
11/06/25
USD
29.47
USD
431
(34,039
)
Axsome Therapeutics, Inc.
81
11/07/25
USD
120.00
USD
984
(60,570
)
Bridgebio Pharma, Inc.
390
11/07/25
USD
55.00
USD
2,026
(133,053
)
Dexcom, Inc.
834
11/07/25
USD
77.00
USD
5,612
(133,440
)
Disc Medicine, Inc.
106
11/07/25
USD
65.00
USD
700
(56,732
)
Incyte Corp.
205
11/07/25
USD
86.25
USD
1,739
(72,204
)
Medtronic PLC
488
11/07/25
USD
95.00
USD
4,648
(137,616
)
Protagonist Therapeutics, Inc.
340
11/07/25
USD
65.86
USD
2,259
(192,645
)
QIAGEN NV
321
11/07/25
USD
46.93
USD
1,434
(41,157
)
Repligen Corp.
130
11/07/25
USD
130.00
USD
1,738
(137,252
)
Tempus AI, Inc., Class A
95
11/07/25
USD
91.00
USD
767
(46,550
)
IDEXX Laboratories, Inc.
139
11/10/25
USD
643.00
USD
8,881
(421,673
)
Edwards Lifesciences Corp.
473
11/21/25
USD
80.00
USD
3,679
(143,082
)
Guardant Health, Inc.
595
11/21/25
USD
60.00
USD
3,718
(425,425
)
Labcorp Holdings, Inc.
65
11/21/25
USD
280.00
USD
1,866
(98,150
)
 
 
 
$ (7,644,170
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
Cencora, Inc.
Barclays Bank PLC
12,000
10/01/25
USD
303.98
USD
3,750
$ (103,551
)
Akeso, Inc.
JPMorgan Chase Bank N.A.
73,000
10/03/25
HKD
177.12
HKD
10,321
(1
)
M3, Inc.
Bank of America N.A.
175,800
10/03/25
JPY
2,392.52
JPY
420,867
(48,163
)
Roche Holding AG
Barclays Bank PLC
4,000
10/03/25
CHF
247.27
CHF
1,060
(63,627
)
Abbisko Cayman Ltd.
Citibank N.A.
250,000
10/08/25
HKD
15.43
HKD
4,498
(98,724
)
Akeso, Inc.
UBS AG
74,000
10/08/25
HKD
196.08
HKD
10,462
(9
)
Sartorius AG, Preference Shares
Bank of America N.A.
11,900
10/09/25
EUR
202.50
EUR
2,370
(63,990
)
Zealand Pharma A/S
Bank of America N.A.
11,300
10/09/25
DKK
354.79
DKK
5,298
(189,202
)
Abbisko Cayman Ltd.
JPMorgan Chase Bank N.A.
250,000
10/14/25
HKD
19.48
HKD
4,498
(16,151
)
Akeso, Inc.
BNP Paribas SA
61,000
10/14/25
HKD
170.85
HKD
8,624
(4,541
)
Genmab A/S
Goldman Sachs International
19,000
10/14/25
DKK
1,832.25
DKK
37,274
(341,605
)
Abbisko Cayman Ltd.
Bank of America N.A.
642,000
10/16/25
HKD
18.93
HKD
11,550
(62,784
)
Eisai Co. Ltd.
BNP Paribas SA
30,100
10/16/25
JPY
4,948.46
JPY
150,379
(26,360
)
Galderma Group AG
Goldman Sachs International
27,200
10/16/25
CHF
141.68
CHF
3,828
(60,439
)
Wuxi Biologics Cayman, Inc.
JPMorgan Chase Bank N.A.
500,000
10/16/25
HKD
38.41
HKD
20,546
(201,982
)
Abbisko Cayman Ltd.
JPMorgan Chase Bank N.A.
250,000
10/21/25
HKD
18.98
HKD
4,498
(28,391
)
UCB SA
Bank of America N.A.
9,800
10/21/25
EUR
215.37
EUR
2,330
(246,339
)
Galderma Group AG
UBS AG
15,600
10/22/25
CHF
148.09
CHF
2,196
(25,659
)
Wuxi Biologics Cayman, Inc.
Citibank N.A.
500,000
10/22/25
HKD
42.11
HKD
20,546
(102,320
)
6
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
 
OTC Options Written (continued)
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
 
 
 
Abbisko Cayman Ltd.
Citibank N.A.
643,000
10/28/25
HKD
19.67
HKD
11,568
$ (66,061
)
Abbisko Cayman Ltd.
Citibank N.A.
14,000
11/04/25
HKD
20.13
HKD
252
(1,440
)
Wuxi Biologics Cayman, Inc.
Citibank N.A.
727,000
11/05/25
HKD
41.60
HKD
29,874
(226,643
)
Beam Therapeutics, Inc.
Morgan Stanley & Co. International PLC
18,200
11/06/25
USD
26.29
USD
442
(27,687
)
Penumbra, Inc.
Morgan Stanley & Co. International PLC
13,800
11/06/25
USD
261.88
USD
3,496
(147,830
)
Ascendis Pharma A/S, ADR
Barclays Bank PLC
10,700
11/07/25
USD
204.97
USD
2,127
(96,061
)
Bio-Techne Corp.
BNP Paribas SA
45,300
11/07/25
USD
55.83
USD
2,520
(146,172
)
Daiichi Sankyo Co. Ltd.
JPMorgan Chase Bank N.A.
46,200
11/07/25
JPY
3,577.58
JPY
153,728
(14,882
)
Lonza Group AG, Registered Shares
Barclays Bank PLC
5,700
11/07/25
CHF
542.68
CHF
3,034
(66,369
)
Merus NV
Morgan Stanley & Co. International PLC
8,000
11/07/25
USD
69.28
USD
753
(201,577
)
Natera, Inc.
Morgan Stanley & Co. International PLC
12,800
11/07/25
USD
179.01
USD
2,060
(56,380
)
Nuvalent, Inc., Class A
Morgan Stanley & Co. International PLC
51,100
11/07/25
USD
80.43
USD
4,419
(601,458
)
Quest Diagnostics, Inc.
Barclays Bank PLC
29,400
11/07/25
USD
190.24
USD
5,603
(179,702
)
West Pharmaceutical Services, Inc.
Barclays Bank PLC
35,700
11/07/25
USD
260.59
USD
9,365
(582,599
)
 
 
 
 
 
 
$ (4,098,699
)
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
$ 293,974,759
$ 38,183,387
$ 10,341,967
$ 342,500,113
Health Care Equipment & Supplies
163,332,322
15,800,033
973,637
180,105,992
Health Care Providers & Services
79,816,781
—
—
79,816,781
Health Care Technology
34,838,179
7,491,947
27,593
42,357,719
Life Sciences Tools & Services
91,507,631
35,138,688
—
126,646,319
Pharmaceuticals
52,703,362
36,006,895
—
88,710,257
Other Interests
—
—
2,096,177
2,096,177
Preferred Securities
Preferred Stocks
—
7,318,843
123,817,136
131,135,979
Rights
—
—
404,521
404,521
Warrants
13,921
—
—
13,921
Short-Term Securities 
Money Market Funds
28,856,483
—
—
28,856,483
 
$745,043,438
$139,939,793
$137,661,031
$1,022,644,262
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (6,183,965
)
$ (5,558,904
)
$ —
$ (11,742,869
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments 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
Corporate
Bonds
Other
Interests
Preferred
Stocks
Rights
Warrants
Total
Assets
Opening balance, as of December 31, 2024
$ 9,980,354
$ 2,185,644
$ 3,207,232
$ 118,719,968
$ 346,386
$ 217,359
$ 134,656,943
Transfers into Level 3
—
—
—
—
—
—
—
Transfers out of Level 3
—
—
—
—
—
—
—
Accrued discounts/premiums
—
—
—
—
—
—
—
Net realized gain (loss)
—
—
—
—
—
—
—
Net change in unrealized appreciation (depreciation)(a)
(31,648,921
)
(319,194
)
(1,111,055
)
29,652,065
34,741
(217,359
)
(3,609,723
)
Purchases
33,011,764
—
—
5,770,106
23,394
—
38,805,264
Sales
—
(1,866,450
)
—
(30,325,003
)
—
—
(32,191,453
)
Closing balance, as of September 30, 2025
$ 11,343,197
$ —
$ 2,096,177
$ 123,817,136
$ 404,521
—
$ 137,661,031
Net change in unrealized appreciation (depreciation) on investments still held at
September 30, 2025(a)
$ (31,648,921
)
$ —
$ (1,111,055
)
$ 1,055,612
$ 34,741
—
$ (31,669,623
)
 
(a)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025 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 Valuation Committee to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. 
 
Value
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
Assets
 
 
 
 
Preferred Stocks
$123,817,136
Market
Revenue Multiple
0.94x - 3.11x
1.43x
 
 
Volatility
60%-90%
79%
 
 
Time to Exit
1.0 -3.0 years
2.7 years
 
 
Market Adjustment Multiple
0.60x -1.15x
1.08x
 
 
 
 
 
Common Stocks
11,343,197
Market
Revenue Multiple
3.11x - 8.86x
3.46x
 
 
Volatility
60% -90%
77%
 
 
Time to Exit
1.0 - 4.0 years
2.9 years
 
 
Market Adjustment Multiple
0.55x - 1.60x
1.01x
 
 
 
 
 
Other Interests
2,096,177
Income
Discount Rate
5% -5%
5%
 
 
 
 
 
Rights
404,521
Income
Discount Rate
4% -5%
4%
 
 
 
 
 
 
$137,661,031
 
 
 
 
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value.
 
Currency Abbreviation 
CHF
Swiss Franc
DKK
Danish Krone
EUR
Euro
Currency Abbreviation (continued)
HKD
Hong Kong Dollar
JPY
Japanese Yen
USD
United States Dollar
8
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Health Sciences Term Trust (BMEZ)
 
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
CVR
 Contingent Value Right
Schedule of Investments
9