BlackRock Health Sciences Trust II (BMEZ) NPORT-P BlackRock Health Sciences Trust II (Sep 2020 report)

Schedule of Investments  (unaudited)  September 30, 2020 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 35.4%
Acceleron Pharma, Inc.(a)(b)		314,516	$	35,392,486
ADC Therapeutics SA(b)(c)		159,142		5,250,095
Agios Pharmaceuticals, Inc.(a)(b)		441,750		15,461,250
Akeso, Inc.(b)(d)		1,660,000		6,043,315
Akouos, Inc.(b)		426,721		9,759,109
Alector, Inc.(b)		408,845		4,307,182
Alexion Pharmaceuticals, Inc.(a)(b)		168,926		19,330,202
Allakos, Inc.(a)(b)		212,829		17,334,922
Alnylam Pharmaceuticals, Inc.(a)(b)		277,448		40,396,429
ALX Oncology Holdings, Inc.(b)		286,427		10,809,755
Amicus Therapeutics, Inc.(a)(b)		446,017		6,297,760
Annexon, Inc.(b)		183,965		5,561,262
Apellis Pharmaceuticals, Inc.(b)		170,360		5,139,761
Applied Molecular Transport, Inc.(b)		165,609		5,269,678
Arcutis Biotherapeutics, Inc.(b)		155,075		4,543,698
Arena Pharmaceuticals, Inc.(a)(b)		152,180		11,381,542
Argenx SE, ADR(a)(b)		121,001		31,765,183
Arrowhead Pharmaceuticals, Inc.(b)		85,746		3,692,223
Avidity Biosciences, Inc.(b)		367,800		10,353,570
Beam Therapeutics, Inc.(b)		169,779		4,179,959
Biohaven Pharmaceutical Holding Co. Ltd.(b)		158,500		10,304,085
BioMarin Pharmaceutical, Inc.(b)		201,275		15,313,002
Blueprint Medicines Corp.(b)		75,909		7,036,764
CareDx, Inc.(b)		227,093		8,615,908
ChemoCentryx, Inc.(b)		46,630		2,555,324
Constellation Pharmaceuticals, Inc.(b)		66,300		1,343,238
Deciphera Pharmaceuticals, Inc.(b)		82,195		4,216,604
Dicerna Pharmaceuticals, Inc.(b)		402,384		7,238,888
Dyne Therapeutics, Inc.(b)		291,334		5,882,033
Eidos Therapeutics, Inc.(b)		120,728		6,100,386
Fate Therapeutics, Inc.(b)		112,925		4,513,612
FibroGen, Inc.(b)		160,848		6,614,070
Forma Therapeutics Holdings, Inc.(b)		543,025		27,064,366
Fusion Pharmaceuticals, Inc.(b)		436,446		5,246,081
Galapagos NV, ADR(a)(b)		25,042		3,553,710
Genetron Holdings Ltd.(b)		970,000		11,581,800
Genmab A/S(b)		218,365		79,245,862
Genmab A/S, ADR(a)(b)		690,930		25,294,947
Global Blood Therapeutics, Inc.(b)		82,931		4,572,815
Grifols SA, Class A		704,064		20,245,444
Gritstone Oncology, Inc.(b)		197,153		522,455
Halozyme Therapeutics, Inc.(b)		297,201		7,810,442
Humanigen, Inc.(b)		241,224		2,566,623
Immunomedics, Inc.(b)		533,084		45,328,133
Immunovant, Inc.(b)		256,486		9,025,742
Insmed, Inc.(b)		256,527		8,244,778
Intellia Therapeutics, Inc.(b)		147,621		2,934,705
Iovance Biotherapeutics, Inc.(b)		429,994		14,155,402
Kadmon Holdings, Inc.(b)		1,454,723		5,702,514
Karyopharm Therapeutics, Inc.(b)		406,215		5,930,739
Keros Therapeutics, Inc.(b)		212,296		8,188,257
Kodiak Sciences, Inc.(b)		180,183		10,668,635
Krystal Biotech, Inc.(b)		163,538		7,040,311
Kymera Therapeutics, Inc.(b)		271,425		8,769,742
MacroGenics, Inc.(b)		100,800		2,539,152
Mersana Therapeutics, Inc.(b)		1,558,929		29,027,258
Mirati Therapeutics, Inc.(a)(b)		54,382		9,030,131
Molecular Templates, Inc.(b)		203,575		2,223,039
Momenta Pharmaceuticals, Inc.(b)		167,620		8,796,698

Security	Shares		Value
Biotechnology (continued)
Morphic Holding, Inc.(b)		100,431	$	2,745,784
Neurocrine Biosciences, Inc.(b)		173,765		16,709,242
Nkarta, Inc.(b)		422,882		12,711,833
ORIC Pharmaceuticals, Inc.(b)		196,430		4,912,714
Passage Bio, Inc.(b)		190,016		2,491,110
Prothena Corp. PLC(b)		363,100		3,627,369
PTC Therapeutics, Inc.(b)		217,736		10,179,158
Rapt Therapeutics, Inc.(b)		188,948		6,084,126
Regeneron Pharmaceuticals, Inc.(a)(b)		68,020		38,076,236
Relay Therapeutics, Inc.(b)		61,429		2,616,261
Retrophin, Inc.(b)		394,674		7,285,682
Revolution Medicines, Inc.(b)		103,258		3,593,378
Sage Therapeutics, Inc.(b)		157,700		9,638,624
Sarepta Therapeutics, Inc.(a)(b)		72,754		10,216,844
Seattle Genetics, Inc.(b)(e)		499,885		97,822,496
Seres Therapeutics, Inc.(b)		373,800		10,582,278
Stoke Therapeutics, Inc.(b)		103,538		3,467,488
Taysha Gene Therapies, Inc.(b)		178,700		4,002,880
TCR2 Therapeutics, Inc.(b)		228,499		4,643,100
Twist Bioscience Corp.(a)(b)		242,154		18,396,439
United Therapeutics Corp.(a)(b)		59,550		6,014,550
Vertex Pharmaceuticals, Inc.(a)(b)		122,254		33,267,759
Vir Biotechnology, Inc.(b)		132,400		4,545,292
Voyager Therapeutics, Inc.(b)		262,830		2,804,396
Zai Lab Ltd., ADR(b)		194,310		16,160,763
Zentalis Pharmaceuticals, Inc.(b)		227,113		7,424,324
Zymeworks, Inc.(b)		252,147		11,745,007
				1,049,078,209
Diversified Financial Services(b) — 1.0%
ARYA Sciences Acquisition Corp. II		204,554		2,250,094
ARYA Sciences Acquisition Corp. III, Class A		324,000		3,473,280
BCTG Acquisition Corp.		167,744		1,818,345
Deerfield Healthcare Technology Acquisitions Corp.		319,040		3,391,395
FS Development Corp., Class A		285,217		3,194,430
Health Sciences Acquisitions Corp.		233,344		2,566,784
Longview Acquisition Corp.		486,550		4,938,483
Panacea Acquisition Corp.		206,640		2,479,680
Therapeutics Acquisition Corp., Class A		407,000		5,852,660
				29,965,151
Health Care Equipment & Supplies — 26.3%
ABIOMED, Inc.(a)(b)		80,185		22,216,056
Alcon AG(b)		780,009		44,421,513
Baxter International, Inc		624,018		50,183,528
Cardiovascular Systems, Inc.(b)		168,900		6,646,215
Coloplast A/S, Class B		20,658		3,274,065
ConvaTec Group PLC(d)		4,668,285		10,754,324
Demant A/S(b)		700,875		21,980,217
DexCom, Inc.(a)(b)		40,467		16,681,711
Edwards Lifesciences Corp.(a)(b)		281,385		22,460,151
Envista Holdings Corp.(b)		390,050		9,626,434
GN Store Nord A/S		631,506		47,575,588
Haemonetics Corp.(a)(b)		276,008		24,081,698
Hill-Rom Holdings, Inc.(a)		146,385		12,224,611
Insulet Corp.(a)(b)		142,744		33,771,803
Intuitive Surgical, Inc.(a)(b)		74,498		52,859,311
Kangji Medical Holdings Ltd., (Acquired 06/22/2020, Cost: $9,047,060)(b)(f)		5,001,419		12,273,935
Masimo Corp.(a)(b)		237,283		56,013,025
Nevro Corp.(a)(b)		250,151		34,846,034
NuVasive, Inc.(b)		137,340		6,670,604

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Penumbra, Inc.(a)(b)		113,661	$	22,093,425
ResMed, Inc.(a)		177,227		30,382,025
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		419,520		21,574,822
Silk Road Medical, Inc.(b)		301,640		20,273,224
Sonova Holding AG, Registered Shares(b)		65,278		16,542,431
STERIS PLC.		139,521		24,582,205
Straumann Holding AG, Registered Shares		33,816		34,208,310
Tandem Diabetes Care, Inc.(a)(b)		256,174		29,075,749
Teleflex, Inc.(a)		144,275		49,114,096
Varian Medical Systems, Inc.(b)(e)		241,899		41,606,628
Venus MedTech Hangzhou, Inc., Class H(b)(d)		181,000		1,931,894
				779,945,632
Health Care Providers & Services — 11.8%
Addus HomeCare Corp.(b)		45,200		4,271,852
Amedisys, Inc.(a)(b)		230,923		54,597,125
Amplifon SpA(b)		646,544		23,120,663
Centene Corp.(a)(b)		359,854		20,990,284
Chemed Corp.		24,300		11,672,505
Encompass Health Corp.(a)		415,607		27,006,143
Humana, Inc.(a)		81,306		33,651,740
Jinxin Fertility Group Ltd.(d)		19,509,100		24,755,615
LHC Group, Inc.(a)(b)		247,591		52,627,943
Oak Street Health, Inc.(b)		47,017		2,512,589
Oak Street Health Inc., (Acquired 03/04/2020, Cost: $19,349,483)(f)		1,840,247		94,928,118
				350,134,577
Health Care Technology(b) — 2.3%
American Well Corp., Class A(c)		668,554		19,815,941
GoodRx Holdings, Inc., Class A		69,209		3,848,020
Livongo Health, Inc.(e)		203,790		28,540,789
Teladoc Health, Inc.		74,549		16,344,123
				68,548,873
Insurance(b) — 1.1%
eHealth, Inc.		186,000		14,694,000
GoHealth, Inc., Class A.		416,791		5,428,703
Selectquote, Inc.		559,762		11,335,180
				31,457,883
Life Sciences Tools & Services — 8.9%
10X Genomics, Inc., Class A(b)		48,300		6,022,044
Avantor, Inc.(b)		766,938		17,248,436
Berkeley Lights, Inc.(b)		339,595		25,931,474
Charles River Laboratories International, Inc.(a)(b)		91,264		20,666,733
Gerresheimer AG		156,300		17,491,585
Illumina, Inc.(a)(b)		35,617		11,008,502
IQVIA Holdings, Inc.(a)(b)		144,911		22,842,321
Lonza Group AG, Registered Shares		35,745		22,059,497
PPD, Inc.(b)		1,323,613		48,960,445
WuXi AppTec Co. Ltd., Class H(d)		2,391,060		34,576,554
Wuxi Biologics Cayman, Inc.(b)(d)		1,429,101		35,024,491
				261,832,082
Pharmaceuticals — 7.6%
Astellas Pharma, Inc		1,070,400		15,956,020

Security	Shares		Value
Pharmaceuticals (continued)
Chugai Pharmaceutical Co. Ltd.		307,500	$	13,799,202
Eisai Co. Ltd.		133,400		12,183,729
Hansoh Pharmaceutical Group Ltd.(b)(d)		9,306,068		45,484,692
Harmony Biosciences Holdings, Inc.(b)		96,975		3,287,452
Horizon Therapeutics PLC(b)		167,800		13,034,704
Merck KGaA		200,999		29,304,115
MyoKardia, Inc.(b)		37,465		5,107,603
Nektar Therapeutics(a)(b)		354,718		5,884,772
Ocumension Therapeutics, (Acquired 07/06/2020, Cost: $1,489,361)(b)(d)(f)		779,500		2,282,001
PMV Pharmaceuticals, Inc.(b)		484,687		17,206,388
Relmada Therapeutics, Inc.(b)		262,500		9,875,250
Royalty Pharma PLC, Class A		142,470		5,993,713
UCB SA		390,226		44,319,388
WaVe Life Sciences Ltd.(b)		269,300		2,286,357
				226,005,386
Total Common Stocks — 94.4% (Cost: $2,106,134,937)				2,796,967,793
	Par (000)
Corporate Bonds
Biotechnology — 0.1%
Kronos Bio, Inc, (Acquired: 08/20/2020, Cost: $4,591,000), 0.00%, 02/14/22(f)(g)(h)	$	4,591		4,591,000
Total Corporate Bonds — 0.1% (Cost: $4,591,000)				4,591,000
	Shares
Preferred Securities
Preferred Stocks — 2.7%(f)
Biotechnology — 2.3%
Annexon, Inc., Series D, (Acquired 06/26/2020, Cost: $4,170,549)		332,856		9,749,189
Everest Medicines Ltd., Series C2, (Acquired 05/29/2020, Cost: $11,209,200)		3,113,667	$	21,079,525
Goldfinch Bio, Inc., Series B, (Acquired 06/26/2020, Cost: $3,029,231)(h)		2,567,145		3,029,231
Kymera Therapeutics, Inc., Series C, (Acquired 03/11/2020, Cost: $4,939,996)		473,850		14,714,701
Olema Pharmaceuticals, Inc., Series C, (Acquired 09/30/2020, Cost: $2,939,996)(h)		740,960		2,939,996
Sigilon Therapeutics, Inc., Series B, (Acquired 02/14/2020, Cost: $3,051,798)(h)		508,633		3,077,230
Talaris Therapeutics, Inc., Series B, (Acquired 9/30/2020, Cost: $7,369,358)(h)		4,005,086		7,369,358
Taysha Gene Therapies, Inc., Series B, (Acquired 07/30/2020, Cost: $4,283,184)		274,502		5,851,651
				67,810,881
Pharmaceuticals(h) — 0.4%
Antengene Corporation Limited, C-1, (Acquired 07/13/2020, Cost: $5,396,046)		1,909,506		5,403,902
Antengene Corporation Limited, C-2, (Acquired 07/13/2020, Cost: $1,695,902)		600,131		1,698,371

2

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Insitro, Inc., Series B, (Acquired 05/21/2020, Cost: $5,000,000)		802,478		5,031,537
				12,133,810
Total Preferred Stocks — 2.7%				79,944,691
Total Preferred Securities — 2.7% (Cost: $53,085,260)				79,944,691
Total Long-Term Investments — 97.2% (Cost: $2,163,811,197)				2,881,503,484
Short-Term Securities
Money Market Funds — 5.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.02%(i)(j)		147,557,801		147,557,801
SL Liquidity Series, LLC, Money Market Series, 0.25%(i)(j)(k)		7,364,049		7,366,994
Total Short-Term Securities — 5.2% (Cost: $154,924,795)				154,924,795
Total Investments Before Options Written — 102.4% (Cost: $2,318,735,992)				3,036,428,279
Options Written — (1.0)% (Premiums Received: $(24,473,292))				(31,101,738	)
Total Investments, Net of Options Written — 101.4% (Cost: $2,294,262,700)				3,005,326,541
Liabilities in Excess of Other Assets — (1.4)%				(42,127,093	)
Net Assets — 100.0%			$	2,963,199,448

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(d)  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.

^(e)  All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

^(f)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $194,019,745, representing 6.55% of its net assets as of period end, and an original cost of $87,562,164.

^(g)  Convertible security.

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

⁽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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/20		Shares Held at 09/30/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	—	$	147,557,801	(a)	$	—	$	—		$	—	$	147,557,801		147,557,801	$	2,375,763		$	—
SL Liquidity Series, LLC, Money Market Series		—		7,367,875	(a)		—		(881	)		—		7,366,994		7,364,049		83,269	(b)		—
								$	(881	)	$	—	$	154,924,795			$	2,459,032		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		NotionalAmount (000)		Value
Call
Livongo Health, Inc.		62		10/02/20	USD	142.00	USD	868	$	(6,665	)
Masimo Corp.		374		10/02/20	USD	229.00	USD	8,829		(287,188	)
Regeneron Pharmaceuticals, Inc.		34		10/02/20	USD	630.00	USD	1,903		(935	)
Sage Therapeutics, Inc.		200		10/02/20	USD	54.50	USD	1,222		(134,000	)
Sarepta Therapeutics, Inc.		91		10/02/20	USD	157.50	USD	1,278		(13,650	)
Tandem Diabetes Care, Inc.		58		10/02/20	USD	109.00	USD	658		(22,330	)
Teladoc Health, Inc.		109		10/02/20	USD	230.00	USD	2,390		(8,993	)
Vertex Pharmaceuticals, Inc.		98		10/02/20	USD	280.00	USD	2,667		(4,900	)
Vertex Pharmaceuticals, Inc.		50		10/02/20	USD	267.50	USD	1,361		(25,250	)
Alexion Pharmaceuticals, Inc.		163		10/09/20	USD	109.00	USD	1,865		(107,580	)
Baxter International, Inc.		501		10/09/20	USD	84.00	USD	4,029		(7,515	)
Centene Corp.		169		10/09/20	USD	64.00	USD	986		(2,704	)
Edwards Lifesciences Corp.		238		10/09/20	USD	86.50	USD	1,900		(8,330	)
Haemonetics Corp.		345		10/09/20	USD	91.00	USD	3,010		(25,371	)
Halozyme Therapeutics, Inc.		505		10/09/20	USD	28.10	USD	1,327		(12,002	)
Hill-Rom Holdings, Inc.		234		10/09/20	USD	95.00	USD	1,954		(962	)
Humana, Inc.		65		10/09/20	USD	425.00	USD	2,690		(21,125	)
Humana, Inc.		19		10/09/20	USD	407.50	USD	786		(23,560	)
Illumina, Inc.		55		10/09/20	USD	357.50	USD	1,700		(3,300	)
Intuitive Surgical, Inc.		29		10/09/20	USD	730.00	USD	2,058		(26,390	)
PPD, Inc.		443		10/09/20	USD	32.25	USD	1,639		(211,373	)
Regeneron Pharmaceuticals, Inc.		51		10/09/20	USD	570.00	USD	2,855		(52,785	)
Sarepta Therapeutics, Inc.		91		10/09/20	USD	157.50	USD	1,278		(10,010	)
Tandem Diabetes Care, Inc.		115		10/09/20	USD	119.00	USD	1,305		(16,963	)
Teladoc Health, Inc.		77		10/09/20	USD	210.00	USD	1,688		(105,490	)
Vertex Pharmaceuticals, Inc.		49		10/09/20	USD	287.50	USD	1,333		(4,778	)
10X Genomics, Inc., Class A		60		10/16/20	USD	110.00	USD	748		(91,500	)
ABIOMED, Inc.		100		10/16/20	USD	280.00	USD	2,771		(79,000	)
Acceleron Pharma, Inc.		267		10/16/20	USD	100.00	USD	3,005		(349,770	)
Addus HomeCare Corp.		77		10/16/20	USD	105.00	USD	728		(7,508	)
Agios Pharmaceuticals, Inc.		552		10/16/20	USD	45.00	USD	1,932		(6,900	)
Alcon AG		975		10/16/20	USD	60.00	USD	5,553		(39,000	)
Alector, Inc.		368		10/16/20	USD	13.74	USD	388		(1,980	)
Alexion Pharmaceuticals, Inc.		96		10/16/20	USD	120.00	USD	1,099		(25,680	)
Allakos, Inc.		223		10/16/20	USD	100.00	USD	1,816		(111,500	)
Alnylam Pharmaceuticals, Inc.		346		10/16/20	USD	150.00	USD	5,038		(121,100	)
Amedisys, Inc.		275		10/16/20	USD	250.00	USD	6,502		(70,812	)
Amicus Therapeutics, Inc.		558		10/16/20	USD	16.00	USD	788		(9,765	)
Amicus Therapeutics, Inc.		557		10/16/20	USD	15.00	USD	786		(16,710	)
Apellis Pharmaceuticals, Inc.		213		10/16/20	USD	30.80	USD	643		(29,473	)
Arena Pharmaceuticals, Inc.		293		10/16/20	USD	70.00	USD	2,191		(183,125	)
Argenx SE, ADR		112		10/16/20	USD	250.00	USD	2,940		(195,440	)
Arrowhead Pharmaceuticals, Inc.		107		10/16/20	USD	45.00	USD	461		(15,248	)
Arrowhead Pharmaceuticals, Inc.		107		10/16/20	USD	55.00	USD	461		(1,605	)
Avantor, Inc.		958		10/16/20	USD	22.50	USD	2,155		(79,035	)
Biohaven Pharmaceutical Holding Co. Ltd.		253		10/16/20	USD	70.00	USD	1,645		(25,932	)
BioMarin Pharmaceutical, Inc.		502		10/16/20	USD	80.00	USD	3,819		(57,730	)
Blueprint Medicines Corp.		30		10/16/20	USD	80.00	USD	278		(40,200	)
Cardiovascular Systems, Inc.		220		10/16/20	USD	35.00	USD	866		(110,000	)
CareDx, Inc.		284		10/16/20	USD	40.00	USD	1,077		(24,140	)
Charles River Laboratories International, Inc.		114		10/16/20	USD	220.00	USD	2,582		(105,450	)
Chemed Corp.		60		10/16/20	USD	490.00	USD	2,882		(31,500	)
ChemoCentryx, Inc..		160		10/16/20	USD	75.00	USD	877		(30,800	)
Constellation Pharmaceuticals, Inc.		90		10/16/20	USD	25.00	USD	182		(45,000	)
Deciphera Pharmaceuticals, Inc.		102		10/16/20	USD	50.00	USD	523		(32,385	)
DexCom, Inc.		69		10/16/20	USD	440.00	USD	2,844		(37,260	)
Dicerna Pharmaceuticals, Inc.		503		10/16/20	USD	22.50	USD	905		(15,090	)
eHealth, Inc.		122		10/16/20	USD	80.00	USD	964		(40,870	)
eHealth, Inc.		171		10/16/20	USD	85.00	USD	1,351		(31,207	)
Eidos Therapeutics, Inc.		205		10/16/20	USD	45.00	USD	1,036		(142,475	)

4

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Eidos Therapeutics, Inc.		96		10/16/20	USD	50.00	USD	485	$	(25,920	)
Encompass Health Corp.		375		10/16/20	USD	65.00	USD	2,437		(75,000	)
Envista Holdings Corp.		350		10/16/20	USD	25.00	USD	864		(24,150	)
Fate Therapeutics, Inc.		91		10/16/20	USD	40.00	USD	364		(20,020	)
FibroGen, Inc.		402		10/16/20	USD	47.50	USD	1,653		(180,900	)
Galapagos NV, ADR		42		10/16/20	USD	155.00	USD	596		(8,295	)
Genmab A/S, ADR		500		10/16/20	USD	40.00	USD	1,830		(15,000	)
Global Blood Therapeutics, Inc.		100		10/16/20	USD	69.00	USD	551		(902	)
GoodRx Holdings, Inc., Class A		86		10/16/20	USD	65.00	USD	478		(13,975	)
Haemonetics Corp.		345		10/16/20	USD	95.00	USD	3,010		(13,800	)
Hill-Rom Holdings, Inc.		131		10/16/20	USD	90.00	USD	1,094		(4,258	)
Horizon Therapeutics PLC		210		10/16/20	USD	80.00	USD	1,631		(51,450	)
Immunomedics, Inc.		213		10/16/20	USD	48.00	USD	1,811		(798,750	)
Insmed, Inc.		356		10/16/20	USD	30.00	USD	1,144		(163,760	)
Insulet Corp.		160		10/16/20	USD	220.00	USD	3,785		(317,600	)
Intellia Therapeutics, Inc.		184		10/16/20	USD	25.00	USD	366		(6,440	)
Intuitive Surgical, Inc.		49		10/16/20	USD	760.00	USD	3,477		(39,200	)
Iovance Biotherapeutics, Inc.		537		10/16/20	USD	30.00	USD	1,768		(230,910	)
IQVIA Holdings, Inc.		249		10/16/20	USD	160.00	USD	3,925		(65,362	)
Karyopharm Therapeutics, Inc.		505		10/16/20	USD	17.50	USD	737		(6,313	)
Kodiak Sciences, Inc.		150		10/16/20	USD	50.00	USD	888		(155,250	)
LHC Group, Inc.		225		10/16/20	USD	210.00	USD	4,783		(156,375	)
Livongo Health, Inc.		447		10/16/20	USD	140.00	USD	6,260		(333,015	)
Masimo Corp.		290		10/16/20	USD	240.00	USD	6,846		(169,650	)
Mersana Therapeutics, Inc.		2,000		10/16/20	USD	20.00	USD	3,724		(165,000	)
Mirati Therapeutics, Inc.		68		10/16/20	USD	145.00	USD	1,129		(177,480	)
MyoKardia, Inc.		47		10/16/20	USD	110.00	USD	641		(126,195	)
MyoKardia, Inc.		46		10/16/20	USD	130.00	USD	627		(46,920	)
Nektar Therapeutics		321		10/16/20	USD	19.50	USD	533		(8,025	)
Neurocrine Biosciences, Inc.		311		10/16/20	USD	115.00	USD	2,991		(10,885	)
Nevro Corp.		314		10/16/20	USD	135.00	USD	4,374		(248,060	)
NuVasive, Inc.		193		10/16/20	USD	60.00	USD	937		(96,500	)
Penumbra, Inc.		179		10/16/20	USD	240.00	USD	3,479		(89,500	)
PPD, Inc.		613		10/16/20	USD	35.00	USD	2,267		(162,445	)
Prothena Corp. PLC		907		10/16/20	USD	11.00	USD	906		(24,943	)
PTC Therapeutics, Inc.		272		10/16/20	USD	55.00	USD	1,272		(12,240	)
Relmada Therapeutics, Inc.		236		10/16/20	USD	45.00	USD	888		(18,290	)
ResMed, Inc.		300		10/16/20	USD	185.00	USD	5,143		(22,500	)
Retrophin, Inc.		493		10/16/20	USD	20.00	USD	910		(226,780	)
Royalty Pharma PLC, Class A		178		10/16/20	USD	50.00	USD	749		(3,560	)
Sage Therapeutics, Inc.		200		10/16/20	USD	57.50	USD	1,222		(111,000	)
Seattle Genetics, Inc.		623		10/16/20	USD	170.00	USD	12,191		(1,657,180	)
Seattle Genetics, Inc.		626		10/16/20	USD	180.00	USD	12,250		(1,092,370	)
Selectquote, Inc.		703		10/16/20	USD	25.00	USD	1,424		(7,030	)
Silk Road Medical, Inc.		420		10/16/20	USD	55.00	USD	2,823		(512,400	)
STERIS PLC		174		10/16/20	USD	160.00	USD	3,066		(306,240	)
Stoke Therapeutics, Inc.		165		10/16/20	USD	30.00	USD	553		(94,875	)
TCR2 Therapeutics, Inc.		286		10/16/20	USD	22.50	USD	581		(19,305	)
Teleflex, Inc.		245		10/16/20	USD	380.00	USD	8,340		(36,750	)
Twist Bioscience Corp.		218		10/16/20	USD	70.00	USD	1,656		(189,660	)
Twist Bioscience Corp.		193		10/16/20	USD	75.00	USD	1,466		(121,590	)
United Therapeutics Corp.		74		10/16/20	USD	110.00	USD	747		(2,590	)
Vir Biotechnology, Inc.		317		10/16/20	USD	55.00	USD	1,088		(4,755	)
Zai Lab Ltd., ADR		330		10/16/20	USD	85.00	USD	2,745		(103,125	)
Zymeworks, Inc.		315		10/16/20	USD	35.00	USD	1,467		(370,125	)
Baxter International, Inc.		560		10/23/20	USD	83.50	USD	4,503		(40,600	)
Centene Corp.		471		10/23/20	USD	59.50	USD	2,747		(81,012	)
Edwards Lifesciences Corp.		240		10/23/20	USD	83.50	USD	1,916		(68,400	)
Humana, Inc.		19		10/23/20	USD	407.50	USD	786		(31,255	)
Humana, Inc.		18		10/23/20	USD	402.50	USD	745		(35,280	)
Intuitive Surgical, Inc.		78		10/23/20	USD	720.00	USD	5,534		(189,150	)
Tandem Diabetes Care, Inc.		205		10/23/20	USD	113.00	USD	2,327		(143,500	)

SCHEDULE OF INVESTMENTS 5

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Vertex Pharmaceuticals, Inc.		108		10/23/20	USD	277.50	USD	2,939	$	(72,900	)
Baxter International, Inc.		499		10/30/20	USD	82.00	USD	4,013		(101,047	)
Centene Corp.		259		10/30/20	USD	57.00	USD	1,511		(91,945	)
Humana, Inc.		63		10/30/20	USD	410.00	USD	2,607		(106,470	)
Humana, Inc.		18		10/30/20	USD	400.00	USD	745		(42,210	)
Regeneron Pharmaceuticals, Inc.		24		10/30/20	USD	590.00	USD	1,343		(28,560	)
Tandem Diabetes Care, Inc.		205		10/30/20	USD	115.00	USD	2,327		(144,525	)
Intuitive Surgical, Inc.		30		11/06/20	USD	700.00	USD	2,129		(131,400	)
Zymeworks, Inc.		315		11/16/20	USD	42.00	USD	1,467		(204,836	)
10X Genomics, Inc., Class A		60		11/20/20	USD	120.00	USD	748		(72,600	)
ABIOMED, Inc.		100		11/20/20	USD	290.00	USD	2,771		(159,000	)
Acceleron Pharma, Inc.		519		11/20/20	USD	110.00	USD	5,840		(537,165	)
Addus HomeCare Corp.		36		11/20/20	USD	105.00	USD	340		(10,260	)
Agios Pharmaceuticals, Inc.		552		11/20/20	USD	45.00	USD	1,932		(40,020	)
Alector, Inc.		654		11/20/20	USD	22.50	USD	689		(49,050	)
Alexion Pharmaceuticals, Inc.		163		11/20/20	USD	135.00	USD	1,865		(46,455	)
Allakos, Inc.		309		11/20/20	USD	85.00	USD	2,517		(268,830	)
Amedisys, Inc.		302		11/20/20	USD	240.00	USD	7,140		(440,920	)
Apellis Pharmaceuticals, Inc.		212		11/20/20	USD	35.00	USD	640		(37,100	)
Arena Pharmaceuticals, Inc.		87		11/20/20	USD	80.00	USD	651		(71,775	)
Argenx SE, ADR		190		11/20/20	USD	260.00	USD	4,988		(378,100	)
Biohaven Pharmaceutical Holding Co. Ltd.		143		11/20/20	USD	75.00	USD	930		(52,910	)
Blueprint Medicines Corp.		159		11/20/20	USD	85.00	USD	1,474		(191,595	)
Cardiovascular Systems, Inc.		202		11/20/20	USD	35.00	USD	795		(144,430	)
Charles River Laboratories International, Inc.		114		11/20/20	USD	230.00	USD	2,582		(131,100	)
Deciphera Pharmaceuticals, Inc.		103		11/20/20	USD	60.00	USD	528		(19,570	)
DexCom, Inc.		32		11/20/20	USD	420.00	USD	1,319		(104,000	)
Dicerna Pharmaceuticals, Inc.		503		11/20/20	USD	22.50	USD	905		(38,982	)
Edwards Lifesciences Corp.		225		11/20/20	USD	85.00	USD	1,796		(51,187	)
eHealth, Inc.		171		11/20/20	USD	85.00	USD	1,351		(121,410	)
Encompass Health Corp.		660		11/20/20	USD	70.00	USD	4,289		(118,800	)
Fate Therapeutics, Inc.		191		11/20/20	USD	40.00	USD	763		(78,310	)
Galapagos NV, ADR		20		11/20/20	USD	155.00	USD	284		(13,000	)
Genmab A/S, ADR		1,227		11/20/20	USD	40.00	USD	4,492		(196,320	)
Global Blood Therapeutics, Inc.		107		11/20/20	USD	59.00	USD	590		(25,791	)
GoodRx Holdings, Inc., Class A		87		11/20/20	USD	70.00	USD	484		(35,235	)
Halozyme Therapeutics, Inc.		238		11/20/20	USD	30.00	USD	625		(20,230	)
Horizon Therapeutics PLC		210		11/20/20	USD	80.00	USD	1,631		(136,500	)
Illumina, Inc.		33		11/20/20	USD	290.00	USD	1,020		(106,095	)
Insmed, Inc.		356		11/20/20	USD	30.00	USD	1,144		(199,360	)
Intellia Therapeutics, Inc.		184		11/20/20	USD	25.00	USD	366		(92,000	)
Iovance Biotherapeutics, Inc.		537		11/20/20	USD	37.00	USD	1,768		(62,976	)
Karyopharm Therapeutics, Inc.		510		11/20/20	USD	17.50	USD	745		(30,600	)
LHC Group, Inc.		180		11/20/20	USD	210.00	USD	3,826		(261,900	)
MacroGenics, Inc.		252		11/20/20	USD	30.00	USD	635		(123,480	)
Mersana Therapeutics, Inc.		1,897		11/20/20	USD	30.00	USD	3,532		(246,610	)
Mirati Therapeutics, Inc.		68		11/20/20	USD	165.00	USD	1,129		(176,460	)
Molecular Templates, Inc.		173		11/20/20	USD	15.00	USD	189		(6,920	)
Nektar Therapeutics		566		11/20/20	USD	22.00	USD	939		(26,885	)
Neurocrine Biosciences, Inc.		202		11/20/20	USD	120.00	USD	1,942		(19,190	)
Nevro Corp.		311		11/20/20	USD	145.00	USD	4,332		(279,900	)
NuVasive, Inc.		150		11/20/20	USD	55.00	USD	729		(29,250	)
PTC Therapeutics, Inc.		182		11/20/20	USD	50.00	USD	851		(58,240	)
PTC Therapeutics, Inc.		90		11/20/20	USD	49.00	USD	421		(31,725	)
Regeneron Pharmaceuticals, Inc.		61		11/20/20	USD	595.00	USD	3,415		(123,830	)
Relmada Therapeutics, Inc.		240		11/20/20	USD	45.00	USD	903		(55,800	)
Retrophin, Inc.		493		11/20/20	USD	19.90	USD	910		(38,873	)
Selectquote, Inc.		696		11/20/20	USD	25.00	USD	1,409		(43,500	)
Seres Therapeutics, Inc.		467		11/20/20	USD	30.00	USD	1,322		(158,780	)
Silk Road Medical, Inc.		334		11/20/20	USD	70.50	USD	2,245		(154,705	)
STERIS PLC		174		11/20/20	USD	180.00	USD	3,066		(124,410	)
Stoke Therapeutics, Inc.		93		11/20/20	USD	35.00	USD	311		(37,200	)

6

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Tandem Diabetes Care, Inc.		57		11/20/20	USD	125.00	USD	647	$	(35,055	)
Teleflex, Inc.		332		11/20/20	USD	360.00	USD	11,302		(408,360	)
Twist Bioscience Corp.		194		11/20/20	USD	75.00	USD	1,474		(185,270	)
United Therapeutics Corp.		74		11/20/20	USD	110.00	USD	747		(21,830	)
Zai Lab Ltd., ADR		155		11/20/20	USD	90.00	USD	1,289		(73,625	)
									$	(20,610,516	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Beam Therapeutics, Inc.	JPMorgan Chase Bank N.A.		21,200		10/06/20		USD	23.75		USD	522	$	(30,718	)
Amplifon SpA	Credit Suisse International		51,700		10/07/20		EUR	29.17		EUR	1,577		(83,741	)
Genmab A/S, ADR	Credit Suisse International		35,000		10/07/20		DKK	2,407.11		DKK	80,654		(61,673	)
GN Store Nord A/S	Goldman Sachs International		55,400		10/07/20		DKK	401.98		DKK	26,502		(667,082	)
Jinxin Fertility Group Ltd.	JPMorgan Chase Bank N.A.		1,342,000		10/07/20		HKD	11.43		HKD	13,197		(662	)
Lonza Group AG, Registered Shares	UBS AG		2,900		10/07/20		CHF	575.91		CHF	1,648		(26,061	)
Merck KGaA	Credit Suisse International		14,900		10/07/20		EUR	118.04		EUR	1,853		(115,258	)
Passage Bio, Inc.	JPMorgan Chase Bank N.A.		23,700		10/07/20		USD	16.67		USD	311		(477	)
Straumann Holding AG, Registered Shares	UBS AG		3,000		10/07/20		CHF	965.58		CHF	2,795		(10,984	)
UCB SA	Goldman Sachs International		38,700		10/07/20		EUR	113.40		EUR	3,749		(2	)
ADC Therapeutics SA	Credit Suisse International		19,700		10/13/20		USD	43.86		USD	650		(806	)
Keros Therapeutics, Inc.	Credit Suisse International		26,500		10/13/20		USD	56.66		USD	1,022		(370	)
Voyager Therapeutics, Inc.	Barclays Bank PLC		32,800		10/13/20		USD	12.69		USD	350		(3,395	)
Akouos, Inc.	Credit Suisse International		25,000		10/14/20		USD	24.52		USD	572		(26,850	)
ORIC Pharmaceuticals, Inc.	Credit Suisse International		19,100		10/14/20		USD	26.45		USD	478		(21,086	)
Venus MedTech Hangzhou, Inc., Class H	Morgan Stanley & Co. International PLC		22,000		10/14/20		HKD	74.29		HKD	1,820		(29,189	)
Wuxi Biologics Cayman, Inc.	Morgan Stanley & Co. International PLC		114,000		10/14/20		HKD	185.22		HKD	21,653		(143,996	)
Immunovant, Inc.	Credit Suisse International		21,500		10/15/20		USD	38.69		USD	757		(11,382	)
Morphic Holding, Inc.	Credit Suisse International		25,100		10/16/20		USD	27.83		USD	686		(37,091	)
Rapt Therapeutics, Inc.	Credit Suisse International		47,200		10/19/20		USD	25.75		USD	1,520		(333,507	)
Chugai Pharmaceutical Co. Ltd.	JPMorgan Chase Bank N.A.		24,600		10/20/20		JPY	4,786.26		JPY	116,427		(33,946	)
Eisai Co. Ltd.	Goldman Sachs International		10,600		10/20/20		JPY	9,760.28		JPY	102,103		(23,195	)
GN Store Nord A/S	Barclays Bank PLC		46,000		10/20/20		DKK	474.11		DKK	22,006		(104,498	)
Grifols SA, Class A	Barclays Bank PLC		88,000		10/20/20		EUR	22.94		EUR	2,158		(181,123	)
Hansoh Pharmaceutical Group Ltd.	JPMorgan Chase Bank N.A.		600,000		10/20/20		HKD	37.05		HKD	22,728		(122,637	)
Jinxin Fertility Group Ltd.	JPMorgan Chase Bank N.A.		1,320,000		10/20/20		HKD	11.34		HKD	12,981		(7,920	)
Lonza Group AG, Registered Shares	UBS AG		2,800		10/20/20		CHF	585.45		CHF	1,592		(35,171	)
Straumann Holding AG, Registered Shares	Barclays Bank PLC		2,400		10/20/20		CHF	940.60		CHF	2,236		(47,611	)
UCB SA	Goldman Sachs International		19,100		10/20/20		EUR	103.43		EUR	1,850		(14,775	)
Akouos, Inc.	JPMorgan Chase Bank N.A.		25,000		10/21/20		USD	28.01		USD	572		(15,202	)
Amplifon SpA	UBS AG		51,700		10/21/20		EUR	28.68		EUR	1,577		(125,083	)
Avidity Biosciences, Inc.	JPMorgan Chase Bank N.A.		12,820		10/21/20		USD	35.70		USD	361		(2,520	)
Berkeley Lights, Inc.	JPMorgan Chase Bank N.A.		29,900		10/21/20		USD	63.93		USD	2,283		(411,375	)
Convatec Group PLC	Goldman Sachs International		583,500		10/21/20		GBP	1.88		GBP	1,042		(9,165	)
Demant A/S	Goldman Sachs International		44,000		10/21/20		DKK	189.25		DKK	8,762		(88,778	)
Forma Therapeutics Holdings, Inc.	Credit Suisse International		67,900		10/21/20		USD	46.19		USD	3,384		(379,035	)
Keros Therapeutics, Inc.	Credit Suisse International		26,500		10/21/20		USD	57.83		USD	1,022		(1,666	)
Molecular Templates, Inc.	Credit Suisse International		33,500		10/21/20		USD	12.54		USD	366		(5,837	)
Seres Therapeutics, Inc.	Goldman Sachs International		46,700		10/21/20		USD	26.66		USD	1,322		(152,433	)
Sonova Holding AG, Registered Shares	Morgan Stanley & Co. International PLC		8,400		10/21/20		CHF	209.10		CHF	1,961		(240,192	)
TCR2 Therapeutics, Inc.	Credit Suisse International		28,500		10/21/20		USD	19.39		USD	579		(58,125	)
Venus MedTech Hangzhou, Inc., Class H	Morgan Stanley & Co. International PLC		23,000		10/21/20		HKD	74.29		HKD	1,903		(32,886	)
WuXi AppTec Co. Ltd., Class H	Citibank N.A.		220,000		10/22/20		HKD	111.47		HKD	24,656		(147,982	)
Astellas Pharma, Inc.	JPMorgan Chase Bank N.A.		96,400		10/23/20		JPY	1,643.28		JPY	151,553		(16,950	)
Merck KGaA	Credit Suisse International		18,100		10/27/20		EUR	125.05		EUR	2,251		(74,106	)
Alcon AG	Credit Suisse International		97,500		10/28/20		USD	59.95		USD	5,553		(96,160	)
Alnylam Pharmaceuticals, Inc.	Citibank N.A.		34,700		10/28/20		USD	134.39		USD	5,052		(458,809	)
ALX Oncology Holdings, Inc.	Citibank N.A.		25,800		10/28/20		USD	40.55		USD	974		(44,402	)

SCHEDULE OF INVESTMENTS 7

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

OTC Options Written (continued)

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Applied Molecular Transport, Inc.	JPMorgan Chase Bank N.A.		41,400		10/28/20	USD	25.62	USD	1,317	$	(271,041	)
Avantor, Inc.	Credit Suisse International		95,900		10/28/20	USD	23.01	USD	2,157		(106,446	)
Avidity Biosciences, Inc.	Morgan Stanley & Co. International PLC		27,000		10/28/20	USD	36.38	USD	760		(7,545	)
Berkeley Lights, Inc.	JPMorgan Chase Bank N.A.		29,900		10/28/20	USD	77.54	USD	2,283		(187,803	)
CareDx, Inc.	Citibank N.A.		28,300		10/28/20	USD	35.05	USD	1,074		(113,444	)
Demant A/S	Goldman Sachs International		43,600		10/28/20	DKK	197.61	DKK	8,682		(60,866	)
Eisai Co. Ltd.	Morgan Stanley & Co. International PLC		12,000		10/28/20	JPY	9,699.04	JPY	115,588		(38,892	)
Forma Therapeutics Holdings, Inc.	JPMorgan Chase Bank N.A.		67,800		10/28/20	USD	48.60	USD	3,379		(321,298	)
GN Store Nord A/S	Goldman Sachs International		56,500		10/28/20	DKK	484.62	DKK	27,028		(97,392	)
Insulet Corp.	Credit Suisse International		20,000		10/28/20	USD	229.96	USD	4,732		(325,742	)
IQVIA Holdings, Inc.	UBS AG		11,300		10/28/20	USD	161.92	USD	1,781		(50,029	)
Kodiak Sciences, Inc.	Credit Suisse International		30,000		10/28/20	USD	59.67	USD	1,776		(118,477	)
LHC Group, Inc.	Credit Suisse International		21,300		10/28/20	USD	202.88	USD	4,528		(323,758	)
Masimo Corp.	Credit Suisse International		28,500		10/28/20	USD	229.00	USD	6,728		(364,412	)
Oak Street Health, Inc.	JPMorgan Chase Bank N.A.		11,700		10/28/20	USD	44.94	USD	625		(110,971	)
Penumbra, Inc.	Bank of America N.A.		10,500		10/28/20	USD	207.39	USD	2,041		(29,618	)
Relay Therapeutics, Inc.	Morgan Stanley & Co. International PLC		15,300		10/28/20	USD	46.80	USD	652		(38,407	)
Sonova Holding AG, Registered Shares	Goldman Sachs International		7,900		10/28/20	CHF	224.60	CHF	1,844		(121,157	)
Straumann Holding AG, Registered Shares	Morgan Stanley & Co. International PLC		3,000		10/28/20	CHF	958.52	CHF	2,795		(56,176	)
UCB SA	Goldman Sachs International		39,800		10/28/20	EUR	99.58	EUR	3,855		(102,173	)
WuXi AppTec Co. Ltd., Class H	Morgan Stanley & Co. International PLC		240,000		10/28/20	HKD	113.56	HKD	26,897		(149,343	)
Grifols SA, Class A	Credit Suisse International		88,000		10/30/20	EUR	22.95	EUR	2,158		(191,595	)
Arcutis Biotherapeutics, Inc.	Bank of America N.A.		19,300		11/02/20	USD	25.49	USD	565		(89,312	)
Beam Therapeutics, Inc.	Barclays Bank PLC		21,200		11/02/20	USD	23.91	USD	522		(55,153	)
Passage Bio, Inc.	JPMorgan Chase Bank N.A.		23,800		11/02/20	USD	17.07	USD	312		(8,580	)
ResMed, Inc.	UBS AG		14,300		11/02/20	USD	192.25	USD	2,451		(18,209	)
Revolution Medicines, Inc.	Credit Suisse International		14,900		11/02/20	USD	28.35	USD	519		(105,373	)
Kadmon Holdings, Inc.	UBS AG		181,800		11/03/20	USD	4.80	USD	713		(11,742	)
Krystal Biotech, Inc.	Credit Suisse International		13,000		11/03/20	USD	48.64	USD	560		(17,634	)
Merck KGaA	Credit Suisse International		17,300		11/03/20	EUR	126.48	EUR	2,151		(66,425	)
Akouos, Inc.	Morgan Stanley & Co. International PLC		28,000		11/04/20	USD	28.25	USD	640		(29,709	)
Amplifon SpA	Barclays Bank PLC		58,200		11/04/20	EUR	29.77	EUR	1,775		(103,079	)
Avidity Biosciences, Inc.	Morgan Stanley & Co. International PLC		27,000		11/04/20	USD	36.26	USD	760		(11,572	)
Chugai Pharmaceutical Co. Ltd.	Goldman Sachs International		27,600		11/04/20	JPY	4,866.55	JPY	130,625		(42,790	)
Demant A/S	Goldman Sachs International		43,600		11/04/20	DKK	197.61	DKK	8,682		(67,372	)
Genmab A/S, ADR	Goldman Sachs International		19,500		11/04/20	DKK	2,326.11	DKK	44,936		(206,645	)
Hansoh Pharmaceutical Group Ltd.	Citibank N.A.		870,000		11/04/20	HKD	38.71	HKD	32,955		(128,951	)
Jinxin Fertility Group Ltd.	JPMorgan Chase Bank N.A.		872,000		11/04/20	HKD	10.19	HKD	8,575		(44,178	)
Lonza Group AG, Registered Shares	Goldman Sachs International		3,200		11/04/20	CHF	595.57	CHF	1,819		(40,685	)
Relmada Therapeutics, Inc.	Morgan Stanley & Co. International PLC		18,000		11/04/20	USD	39.34	USD	677		(36,474	)
Wuxi Biologics Cayman, Inc.	Morgan Stanley & Co. International PLC		129,000		11/04/20	HKD	199.16	HKD	24,502		(128,986	)
Annexon, Inc.	JPMorgan Chase Bank N.A.		45,900		11/06/20	USD	29.75	USD	1,388		(157,612	)
Coloplast A/S, Class B	Barclays Bank PLC		5,100		11/06/20	DKK	1,041.65	DKK	5,118		(12,492	)
Royalty Pharma PLC, Class A	JPMorgan Chase Bank N.A.		18,000		11/06/20	USD	41.70	USD	757		(54,879	)
Zentalis Pharmaceuticals, Inc.	Barclays Bank PLC		28,000		11/06/20	USD	33.64	USD	915		(71,321	)
Immunovant, Inc.	Barclays Bank PLC		26,000		11/09/20	USD	36.83	USD	915		(53,137	)
ORIC Pharmaceuticals, Inc.	JPMorgan Chase Bank N.A.		27,000		11/09/20	USD	24.07	USD	675		(88,542	)
Convatec Group PLC	Barclays Bank PLC		583,500		11/10/20	GBP	181.39	GBP	1,042		—
Kadmon Holdings, Inc.	UBS AG		181,800		11/10/20	USD	4.80	USD	713		(15,704	)
WuXi AppTec Co. Ltd., Class H	JPMorgan Chase Bank N.A.		137,700		11/10/20	HKD	112.97	HKD	15,432		(97,158	)
Wuxi Biologics Cayman, Inc.	JPMorgan Chase Bank N.A.		114,000		11/10/20	HKD	192.19	HKD	21,653		(156,627	)
ALX Oncology Holdings, Inc.	JPMorgan Chase Bank N.A.		22,000		11/11/20	USD	39.81	USD	830		(18,825	)
Arcutis Biotherapeutics, Inc.	Citibank N.A.		19,400		11/11/20	USD	30.45	USD	568		(17,503	)
Berkeley Lights, Inc.	Citibank N.A.		25,000		11/11/20	USD	79.90	USD	1,909		(123,882	)
Kymera Therapeutics, Inc.	JPMorgan Chase Bank N.A.		22,000		11/11/20	USD	33.88	USD	711		(21,296	)
Astellas Pharma, Inc.	UBS AG		170,000		11/12/20	JPY	1,645.88	JPY	267,261		(55,850	)
Eisai Co. Ltd.	UBS AG		10,700		11/12/20	JPY	9,923.87	JPY	103,066		(31,154	)
Gerresheimer AG	Morgan Stanley & Co. International PLC		20,000		11/12/20	EUR	98.25	EUR	1,909		(53,712	)
ADC Therapeutics SA	Credit Suisse International		20,000		11/13/20	USD	35.14	USD	660		(51,036	)
Envista Holdings Corp.	JPMorgan Chase Bank N.A.		62,400		11/16/20	USD	26.50	USD	1,540		(41,168	)
Chugai Pharmaceutical Co. Ltd.	JPMorgan Chase Bank N.A.		24,600		11/18/20	JPY	4,901.50	JPY	116,427		(31,080	)
Demant A/S	Goldman Sachs International		44,100		11/18/20	DKK	206.08	DKK	8,782		(46,086	)

8

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

OTC Options Written (continued)

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Jinxin Fertility Group Ltd.	JPMorgan Chase Bank N.A.		1,342,000		11/18/20	HKD	10.07	HKD	13,197	$	(49,939	)
Hansoh Pharmaceutical Group Ltd.	Morgan Stanley & Co. International PLC		856,000		11/19/20	HKD	38.78	HKD	32,425		(107,822	)
Voyager Therapeutics, Inc.	Barclays Bank PLC		33,000		11/19/20	USD	11.50	USD	352		(29,465	)
Immunovant, Inc.	JPMorgan Chase Bank N.A.		16,700		11/23/20	USD	40.00	USD	588		(25,043	)
Krystal Biotech, Inc.	Bank of America N.A.		27,800		11/30/20	USD	44.23	USD	1,197		(107,280	)
Revolution Medicines, Inc.	Credit Suisse International		11,000		12/01/20	USD	36.54	USD	383		(37,243	)
										$	(10,491,222	)

Fair Value Hierarchy as of Period End

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

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Trust were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Biotechnology	$	943,543,588	$	105,534,621	$	—	$	1,049,078,209
Diversified Financial Services		29,965,151		—		—		29,965,151
Health Care Equipment & Supplies		609,830,046		170,115,586		—		779,945,632
Health Care Providers & Services		207,330,181		142,804,396		—		350,134,577
Health Care Technology		68,548,873		—		—		68,548,873
Insurance		31,457,883		—		—		31,457,883
Life Sciences Tools & Services		170,171,540		91,660,542		—		261,832,082
Pharmaceuticals		62,676,239		163,329,147		—		226,005,386
Corporate Bonds		—		—		4,591,000		4,591,000
Preferred Securities
Preferred Stocks		—		51,395,066		28,549,625		79,944,691

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Short-Term Securities
Money Market Funds	$	147,557,801		$	—		$	—	$	147,557,801
	$	2,271,081,302		$	724,839,358		$	33,140,625		3,029,061,285
Investments Valued at NAV(a)										7,366,994
									$	3,036,428,279
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(19,554,084	)	$	(11,547,654	)	$	—	$	(31,101,738	)
	$	(19,554,084	)	$	(11,547,654	)	$	—	$	(31,101,738	)

^(a)  Certain investments of the Trust were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)  Derivative financial instruments are options written. Options written are shown at value.

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Corporate Bonds		Preferred Stocks		Total
Assets
Opening balance, as of December 31, 2019	$	—	$	—	$	—
Transfers into Level 3		—		—		—
Transfers out of Level 3		—		—		—
Accrued discounts/premiums		—		—		—
Net realized gain (loss)		—		—		—
Net change in unrealized appreciation (depreciation)(a)		—		67,294		67,294
Purchases		4,591,000		28,482,331		33,073,331
Sales		—		—		—
Closing balance, as of September 30, 2020	$	4,591,000	$	28,549,625	$	33,140,625
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2020(a)	$	—	$	67,294	$	67,294

^(a) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of period end.

	Value		Valuation Approach		Unobservable Inputs		Range of Unobserable Inputs Utilized(a)		Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Corporate Bonds	$	4,591,000		Market		Recent Transactions		—		—
Preferred Stocks		28,549,625		Market		Volatility		71% - 80%		75%
						Time to Exit		3.0 - 5.0		3.9
						Recent Transactions		—		—
	$	33,140,625

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

10

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Health Sciences Trust II (BMEZ)

Currency Abbreviation
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
USD	United States Dollar
Portfolio Abbreviation
ADR	American Depositary Receipt
OTC	Over-the-Counter

SCHEDULE OF INVESTMENTS 11