BlackRock Health Sciences Trust II (BMEZ) NPORT-P BlackRock Health Sciences Trust II (Mar 2021 report)

Schedule of Investments  (unaudited) March 31, 2021 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 33.3%
Acceleron Pharma, Inc.(a)(b)		306,307	$	41,538,292
Agios Pharmaceuticals, Inc.(a)(b)		430,220		22,216,561
Akeso, Inc.(b)(c)		2,608,000		16,606,969
Akouos, Inc.(b)		296,671		4,114,827
Allakos, Inc.(a)(b)		228,970		26,281,177
Alnylam Pharmaceuticals, Inc.(a)(b)		270,206		38,150,385
ALX Oncology Holdings, Inc.(b)		73,436		5,415,171
Annexon, Inc.(b)		115,174		3,206,444
Annexon, Inc., (Acquired 06/26/20, Cost: $4,170,549)(d)		332,856		9,266,711
Antengene Corp. Ltd., (Acquired 11/18/20, Cost: $7,091,948)(d)		5,019,274		10,377,775
Apellis Pharmaceuticals, Inc.(b)		165,816		7,115,165
Applied Molecular Transport, Inc.(b)		161,287		7,098,241
Arcutis Biotherapeutics, Inc.(b)		477,143		13,803,747
Arena Pharmaceuticals, Inc.(a)(b)		129,202		8,965,327
Argenx SE, ADR(a)(b)		117,843		32,452,784
Arrowhead Pharmaceuticals, Inc.(b)		83,508		5,537,415
Avidity Biosciences, Inc.(b)		288,706		6,296,678
Beam Therapeutics, Inc.(b)		36,988		2,960,520
BioAtla, Inc.(b)		142,704		7,255,071
Biohaven Pharmaceutical Holding Co. Ltd.(b)		80,537		5,504,704
BioMarin Pharmaceutical, Inc.(b)		106,412		8,035,170
Blueprint Medicines Corp.(b)		73,928		7,188,019
Bridgebio Pharma, Inc.(b)		217,158		13,376,933
C4 Therapeutics, Inc.(b)		377,822		13,975,636
CareDx, Inc.(b)		220,971		15,045,915
Cerevel Therapeutics Holdings, Inc.(b)		204,554		2,808,526
ChemoCentryx, Inc.(b)		83,405		4,273,672
Connect Biopharma Holdings Ltd.(b)		73,308		1,356,198
Constellation Pharmaceuticals, Inc.(b)		64,570		1,510,292
Cytokinetics, Inc.(b)		285,386		6,638,078
Decibel Therapeutics, Inc., (Acquired 11/02/20, Cost: $5,826,938)(d)		636,792		6,966,703
Decibel Therapeutics, Inc.(b)		161,538		1,835,072
Deciphera Pharmaceuticals, Inc.(b)		80,050		3,589,442
Dicerna Pharmaceuticals, Inc.(b)		391,882		10,020,423
Enanta Pharmaceuticals, Inc.(b)		69,510		3,428,233
Everest Medicines LTD, (Acquired 09/30/20, Cost: $3,200,620)(d)		446,500		4,213,732
Everest Medicines Ltd., (Acquired 05/29/20, Cost: $11,209,200)(d)		3,113,667		29,384,454
Fate Therapeutics, Inc.(b)		56,308		4,642,595
Forma Therapeutics Holdings, Inc.(b)		528,851		14,818,405
Fusion Pharmaceuticals, Inc.(b)		425,054		4,556,579
Galecto, Inc.(b)		526,477		3,198,348
Genetron Holdings Ltd.(b)		944,676		20,272,747
Genmab A/S(b)		212,666		69,944,507
Genmab A/S, ADR(a)(b)		753,955		24,752,343
Global Blood Therapeutics, Inc.(b)		276,243		11,256,902
Gracell Biotechnologies, Inc., ADR(b)		845,451		13,019,945
Gritstone Oncology, Inc.(b)		320,160		3,019,109
Halozyme Therapeutics, Inc.(b)		220,954		9,211,572
HBM Holdings Ltd., (Acquired 12/04/20, Cost: $12,186,104)(d)		7,553,000		8,495,391
Immunocore Holdings PLC, ADR(b)		61,703		2,626,697
Insmed, Inc.(b)		129,404		4,407,500
Intellia Therapeutics, Inc.(b)		129,208		10,369,588
Iovance Biotherapeutics, Inc.(b)		418,674		13,255,219
Kadmon Holdings, Inc.(b)		2,455,865		9,553,315

Security	Shares		Value
Biotechnology (continued)
Karyopharm Therapeutics, Inc.(b)		395,613	$	4,161,849
Keros Therapeutics, Inc.(b)		206,755		12,725,770
Kinnate Biopharma, Inc.(b)		304,595		9,491,180
Kodiak Sciences, Inc.(b)		175,481		19,897,791
Kronos Bio, Inc., (Acquired 10/09/20, Cost: $4,591,000), 8/20/2020(d)		284,272		8,304,462
Krystal Biotech, Inc.(b)		113,540		8,747,122
Kymera Therapeutics, Inc.(b)		738,191		28,686,102
MacroGenics, Inc.(b)		98,169		3,126,683
Mersana Therapeutics, Inc.(b)		1,518,223		24,564,848
Mirati Therapeutics, Inc.(a)(b)		97,655		16,728,301
Molecular Templates, Inc.(b)		198,262		2,502,066
Morphic Holding, Inc.(b)		97,810		6,189,417
Nkarta, Inc.(b)		143,410		4,718,189
Olema Pharmaceuticals, Inc.(b)		401,892		13,334,777
Olema Pharmaceuticals, Inc., (Acquired 09/30/20, Cost: $2,939,996)(d)		265,767		8,700,574
Olink Holding AB, ADR(b)		30,344		1,092,384
ORIC Pharmaceuticals, Inc.(b)		191,303		4,686,923
Passage Bio, Inc.(b)		185,056		3,234,779
PMV Pharmaceuticals, Inc.(b)		472,036		15,525,264
Praxis Precision Medicines, Inc.(b)		431,269		14,128,372
Prometheus Biosciences, Inc.(b)		316,988		5,788,201
Prothena Corp. PLC(b)		353,623		8,883,010
PTC Therapeutics, Inc.(b)		211,663		10,022,243
Rapt Therapeutics, Inc.(b)		184,017		4,085,177
Relay Therapeutics, Inc.(b)		59,826		2,068,185
Remegen Co. Ltd., (Acquired 11/03/20, Cost: $3,624,770), 11/3/2021(d)		534,000		6,556,739
Revolution Medicines, Inc.(b)		100,563		4,613,830
Rubius Therapeutics, Inc.(b)		165,785		4,393,303
Sage Therapeutics, Inc.(b)		67,025		5,016,821
Sarepta Therapeutics, Inc.(a)(b)		70,856		5,280,898
Seagen, Inc.(a)(b)(e)		531,710		73,833,251
Seres Therapeutics, Inc.(b)		348,666		7,179,033
Sigilon Therapeutics, Inc.(b)		355,780		7,951,683
Sigilon Therapeutics, Inc., (Acquired 02/14/20, Cost: $3,051,798)(d)		226,059		4,964,001
Stoke Therapeutics, Inc.(b)		209,137		8,122,881
Taysha Gene Therapies, Inc.(b)		174,037		3,532,951
Taysha Gene Therapies, Inc.		274,502		5,572,391
TCR2 Therapeutics, Inc.(b)		222,535		4,913,573
Translate Bio, Inc.(b)		186,305		3,072,169
United Therapeutics Corp.(a)(b)		57,411		9,603,138
Voyager Therapeutics, Inc.(b)		255,970		1,205,619
Zai Lab Ltd., ADR(b)		189,238		25,250,026
Zentalis Pharmaceuticals, Inc.(b)		221,186		9,597,261
Zymeworks, Inc.(b)		245,566		7,754,974
				1,075,019,435
Diversified Financial Services(b) — 1.8%
ARYA Sciences Acquisition Corp. III, Class A		324,000		4,464,720
BCTG Acquisition Corp.		167,744		1,865,313
Deerfield Healthcare Technology Acquisitions Corp., Class A(f)		319,040		3,866,765
Eucrates Biomedical Acquisition Corp.		897,657		8,877,828
Health Assurance Acquisition Corp., Class A		1,361,273		13,912,210
Health Sciences Acquisitions Corp.		233,344		2,620,453
Helix Acquisition Corp., Class A		216,150		2,206,892
Lifesci Acquisition II Corp.		728,200		7,383,948

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services (continued)
MedTech Acquisition Corp., Class A		917,284	$	8,851,791
Therapeutics Acquisition Corp., Class A		407,000		4,277,570
				58,327,490
Electronic Equipment, Instruments & Components — 0.4%
908 Devices, Inc.(b)		282,484		13,700,474
Health Care Equipment & Supplies — 24.7%
ABIOMED, Inc.(a)(b)		78,093		24,890,582
Alcon, Inc.(b)		758,750		53,249,075
Butterfly Network, Inc.(b)		486,550		8,188,637
Cardiovascular Systems, Inc.(b)		164,491		6,306,585
ConvaTec Group PLC(c)		4,546,400		12,290,888
Demant A/S(b)		682,581		28,894,028
DexCom, Inc.(a)(b)		58,156		20,900,685
Eargo, Inc.(b)		189,127		9,446,894
Edwards Lifesciences Corp.(a)(b)		274,041		22,920,789
Envista Holdings Corp.(b)		378,170		15,429,336
GN Store Nord A/S		529,820		41,701,501
Haemonetics Corp.(a)(b)		268,805		29,840,043
Hill-Rom Holdings, Inc.(a)		142,565		15,750,581
Insulet Corp.(a)(b)		139,019		36,272,837
Intuitive Surgical, Inc.(a)(b)		72,553		53,612,314
Kangji Medical Holdings Ltd.		4,870,919		5,838,505
Masimo Corp.(a)(b)		185,809		42,672,895
Nevro Corp.(a)(b)		243,330		33,944,535
Novocure Ltd.(b)		25,885		3,421,479
NuVasive, Inc.(b)		133,755		8,768,978
Penumbra, Inc.(a)(b)		61,955		16,763,784
Pulmonx Corp.(b)		108,476		4,961,692
ResMed, Inc.(a)		204,886		39,751,982
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		287,653		17,588,819
SI-BONE, Inc.(b)		155,808		4,956,252
Silk Road Medical, Inc.(b)		293,768		14,879,349
SmileDirectClub, Inc.(b)		1,307,619		13,481,552
Sonova Holding AG, Registered Shares(b)		79,726		21,133,376
STERIS PLC		135,782		25,863,755
Straumann Holding AG, Registered Shares		36,658		45,768,156
Tandem Diabetes Care, Inc.(a)(b)		147,331		13,001,961
Teleflex, Inc.(a)		140,510		58,376,285
Zimmer Biomet Holdings, Inc.(a)		300,735		48,141,659
				799,009,789
Health Care Providers & Services — 12.7%
Addus HomeCare Corp.(b)		43,339		4,532,826
Alignment Healthcare, Inc.(b)(f)		349,917		7,673,680
Amedisys, Inc.(a)(b)(e)		224,896		59,550,212
Amplifon SpA(b)		629,668		23,430,342
Centene Corp.(a)(b)		423,582		27,071,126
Chemed Corp.		23,666		10,882,100
Encompass Health Corp.(a)		403,202		33,022,244
Guardant Health, Inc.(b)		58,310		8,901,021
Humana, Inc.(a)		87,998		36,893,161
Innovage Holding Corp.(b)		83,873		2,163,085
Jinxin Fertility Group Ltd.(c)		19,001,100		41,099,278
LHC Group, Inc.(a)(b)		241,129		46,106,276
Oak Street Health, Inc.(b)(e)		1,840,247		99,870,205
Rede D’Or Sao Luiz SA(c)		869,415		10,026,157
				411,221,713

Security	Shares		Value
Health Care Technology(b) — 1.5%
Certara, Inc.		504,495	$	13,772,714
Teladoc Health, Inc.		190,098		34,550,311
				48,323,025
Internet & Direct Marketing Retail — 0.7%
JD Health International, Inc., (Acquired 12/01/20, Cost: $15,336,373)(d)		1,667,600		23,459,127
Life Sciences Tools & Services — 10.7%
Avantor, Inc.(b)		746,918		21,608,338
Berkeley Lights, Inc.(a)(b)		330,537		16,602,873
Bruker Corp.		216,025		13,886,087
Charles River Laboratories International, Inc.(a)(b)		88,882		25,760,670
Gerresheimer AG		152,221		15,118,188
Illumina, Inc.(a)(b)		34,293		13,170,570
IQVIA Holdings, Inc.(a)(b)		140,447		27,125,934
Joinn Laboratories China Co. Ltd., Class H(b)(c)		282,300		4,880,452
Lonza Group AG, Registered Shares		34,812		19,470,334
PPD, Inc.(b)(e)		1,657,943		62,736,563
Sotera Health Co.(b)		1,216,066		30,353,007
WuXi AppTec Co. Ltd., Class H(c)		2,328,660		45,984,725
Wuxi Biologics Cayman, Inc.(b)(c)		3,867,303		48,769,572
				345,467,313
Pharmaceuticals — 5.7%
Antengene Corp. Ltd., (Acquired 03/11/21, Cost: $5,976,889)(d)		2,537,500		5,246,496
Daiichi Sankyo Co. Ltd.		744,900		21,733,022
Eisai Co. Ltd.		241,400		16,225,467
Hansoh Pharmaceutical Group Co. Ltd.(b)(c)		9,062,068		43,470,735
Horizon Therapeutics PLC(b)		228,802		21,058,936
Marinus Pharmaceuticals, Inc.(b)		224,679		3,478,031
Merck KGaA		102,956		17,611,039
Nektar Therapeutics(b)		345,460		6,909,200
Nuvation Bio, Inc.(b)		206,640		2,159,388
Relmada Therapeutics, Inc.(b)		255,648		9,001,366
UCB SA		380,041		36,128,172
				183,021,852
Total Common Stocks — 91.5% (Cost: $2,133,766,347)				2,957,550,218
Preferred Securities
Preferred Stocks — 8.7%(d)
Biotechnology — 6.5%
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)(g)		2,430,833		14,584,998
Abbisko Cayman Ltd., (Acquired 12/21/20, Cost: $14,841,983)(g)		1,037,825		14,841,986
Acumen Pharmaceuticals, Inc., Series B, (Acquired 11/20/20, Cost: $3,252,000)(g)		1,275,294		3,252,000
Affinvax, Inc., (Acquired 01/06/21, Cost: $5,786,041)(g)		183,164		5,786,041
Ambrx Biopharma, Inc.(g)
Series A, (Acquired 11/06/20, Cost: $7,290,000)		4,663,576		8,441,073
Series B, (Acquired 11/06/20, Cost: $7,290,000)		4,197,218		7,596,965
Amunix Pharmaceuticals, Inc., Series B, (Acquired 02/26/21, Cost: $9,999,999)(g)		5,657,068		9,999,999
Connect Biopharma Holdings Ltd., Series C, (Acquired 12/01/20, Cost: $14,579,981)		1,330,134		23,459,130
Design Therapeutics, Inc., Series B, (Acquired 01/25/21, Cost: $10,000,003)(g)		936,636		26,644,042

2

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $3,029,231)(g)		2,567,145	$	3,311,617
Imago Biosciences, Inc., (Acquired 11/12/20, Cost: $10,000,009)(g)		8,279,524		11,011,767
Immunocore Ltd., Series C, (Acquired 12/21/20, Cost: $5,861,799)		321,900		13,223,668
LianBio, Series A, (Acquired 10/28/20, Cost: $5,960,632)(g)		105,200		6,529,764
Monte Rosa Therapeutics, Inc., Series B, (Acquired 03/11/21, Cost: $7,999,998)(g)		2,699,328		7,999,998
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $5,729,950)(g)		2,348,340		5,729,950
Omega Therapeutics, Inc., Series C, (Acquired 03/04/21, Cost: $7,999,998)(g)		2,666,666		7,999,998
OnKure, Inc., Series B, (Acquired 03/03/21, Cost: $2,250,001)(g)		814,244		2,250,001
Rapid Micro Biosystems, Inc., Series D, (Acquired 03/09/21, Cost: $9,896,004)(g)		2,748,890		9,896,004
Talaris Therapeutics, Inc., Series B, (Acquired 09/30/20, Cost: $7,369,358)(g)		4,005,086		8,090,274
TScan Therapeutics, Inc., Series C, (Acquired 01/15/21, Cost: $9,999,999)(g)		7,013,606		9,999,992
Vividion Therapeutics, Inc., Series C, (Acquired 02/18/21, Cost: $8,000,000)(g)		3,809,524		8,000,000
				208,649,267
Health Care Equipment & Supplies — 0.2%
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998)(g)		2,379,480		6,929,997
Health Care Services(g) — 1.4%
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000)		2,139,245,197		17,869,115
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)		382,775		9,967,461
Immuneering Corp, Series B, (Acquired 12/21/20, Cost: $3,599,991)		350,255		3,600,622
IsoPlexis Corp., Series D, (Acquired 12/30/20, Cost: $14,800,024)		192,408		14,800,023
				46,237,221
Pharmaceuticals(g) — 0.6%
Insitro, Inc.
Series B, (Acquired 05/21/20, Cost: $4,999,999)		802,478		14,677,322
Series C, (Acquired , Cost: $3,600,018)		196,818		3,600,018
				18,277,340
Total Preferred Stocks — 8.7%				280,093,825
Total Preferred Securities — 8.7% (Cost: $233,492,000)				280,093,825
Warrants
Biotechnology — 0.0%
Cerevel Therapeutics Holdings, Inc. (Expires 10/27/2025)(b)		68,184		287,737

Security	Shares		Value
Diversified Financial Services(b) — 0.1%
Deerfield Healthcare Technology Acquisitions Corp. (Expires 07/16/2025)		63,808	$	185,043
Eucrates Biomedical Acquisition Corp.		299,219		272,289
Health Assurance Acquisition Corp. (Expires 11/12/2025)		340,318		881,424
MedTech Acquisition Corp. (Expires 12/18/2025)		305,761		336,337
				1,675,093
Health Care Equipment & Supplies — 0.0%
Butterfly Network, Inc. (Expires 05/27/2025)(b)		162,183		1,046,080
Pharmaceuticals — 0.0%
Nuvation Bio, Inc. (Expires 07/07/2025)(b)		68,880		183,910
Total Warrants — 0.1% (Cost: $2,676,284)				3,192,820
Total Long-Term Investments — 100.3% (Cost: $2,369,934,631)				3,240,836,863
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(h)(i)		17,164,755		17,164,755
SL Liquidity Series, LLC, Money Market Series, 0.16%(h)(i)(j)		3,609,319		3,610,401
Total Short-Term Securities — 0.7% (Cost: $20,775,248)				20,775,156
Total Investments Before Options Written — 101.0% (Cost: $2,390,709,879)				3,261,612,019
Options Written — (0.7)% (Premiums Received: $(31,823,093))			(21,835,415)
Total Investments, Net of Options Written — 100.3% (Cost: $2,358,886,786)				3,239,776,604
Liabilities in Excess of Other Assets — (0.3)%				(8,353,547	)
Net Assets — 100.0%			$	3,231,423,057

^(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)  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)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $406,029,990, representing 12.57% of its net assets as of period end, and an original cost of $312,698,185.

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

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

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

^(h)  Affiliate of the Trust.

⁽ⁱ⁾  Annualized 7-day yield as of period end.

^(j)  All or a portion of this security was purchased with the cash collateral from loaned securities.

For 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) March 31, 2021 BlackRock Health Sciences Trust II (BMEZ)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/21		Shares Held at 03/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	18,347,773	$	—	$	(1,183,018	)(a)	$	—	$	—		$	17,164,755		17,164,755	$	1,964		$	—
SL Liquidity Series, LLC, Money Market Series		9,577,689		—		(5,967,427	)(a)		231		(92	)		3,610,401		3,609,319		48,363	(b)		—
								$	231	$	(92	)	$	20,775,156			$	50,327		$	—

^(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.

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
Edwards Lifesciences Corp.		168		04/01/21	USD	90.00	USD	1,405	$	(15,960	)
Intuitive Surgical, Inc.		29		04/01/21	USD	797.50	USD	2,143		(12,470	)
Tandem Diabetes Care, Inc.		104		04/01/21	USD	99.00	USD	918		(5,200	)
Humana, Inc.		45		04/09/21	USD	410.00	USD	1,887		(55,125	)
Illumina, Inc.		39		04/09/21	USD	455.00	USD	1,498		(10,920	)
Nektar Therapeutics		471		04/09/21	USD	24.50	USD	942		(37,680	)
ABIOMED, Inc.		121		04/16/21	USD	340.00	USD	3,857		(30,855	)
Acceleron Pharma, Inc.		527		04/16/21	USD	140.00	USD	7,147		(205,530	)
Addus HomeCare Corp.		90		04/16/21	USD	120.00	USD	941		(4,950	)
Agios Pharmaceuticals, Inc.		684		04/16/21	USD	55.00	USD	3,532		(71,820	)
Alcon, Inc.		530		04/16/21	USD	75.00	USD	3,719		(50,350	)
Allakos, Inc.		343		04/16/21	USD	130.00	USD	3,937		(95,182	)
Alnylam Pharmaceuticals, Inc.		382		04/16/21	USD	170.00	USD	5,393		(51,570	)
ALX Oncology Holdings, Inc.		70		04/16/21	USD	95.00	USD	516		(5,600	)
Amedisys, Inc.		328		04/16/21	USD	280.00	USD	8,685		(175,480	)
Apellis Pharmaceuticals, Inc.		258		04/16/21	USD	50.00	USD	1,107		(9,030	)
Arcutis Biotherapeutics, Inc.		507		04/16/21	USD	40.00	USD	1,467		(31,688	)
Arena Pharmaceuticals, Inc.		371		04/16/21	USD	80.00	USD	2,574		(9,275	)
Argenx SE		177		04/16/21	USD	320.00	USD	4,874		(86,730	)
Arrowhead Pharmaceuticals, Inc.		130		04/16/21	USD	100.00	USD	862		(3,250	)
Avantor, Inc.		1,133		04/16/21	USD	30.00	USD	3,278		(42,487	)
Beam Therapeutics, Inc.		232		04/16/21	USD	117.85	USD	1,857		(3,863	)
Berkeley Lights, Inc.		354		04/16/21	USD	75.00	USD	1,778		(8,850	)
Berkeley Lights, Inc.		250		04/16/21	USD	85.00	USD	1,256		(1,250	)
Biohaven Pharmaceutical Holding Co. Ltd.		151		04/16/21	USD	90.00	USD	1,032		(13,590	)
BioMarin Pharmaceutical, Inc.		402		04/16/21	USD	95.00	USD	3,035		(3,015	)
Blueprint Medicines Corp.		101		04/16/21	USD	110.00	USD	982		(37,370	)
Bridgebio Pharma, Inc.		452		04/16/21	USD	75.00	USD	2,784		(94,920	)
Bruker Corp.		648		04/16/21	USD	65.00	USD	4,165		(90,720	)
Cardiovascular Systems, Inc.		260		04/16/21	USD	50.00	USD	997		(42,900	)
CareDx, Inc.		170		04/16/21	USD	90.00	USD	1,157		(14,450	)
Centene Corp.		288		04/16/21	USD	62.50	USD	1,841		(71,280	)
Certara, Inc.		186		04/16/21	USD	40.00	USD	508		(2,790	)
Chartara River Laboratories International		140		04/16/21	USD	300.00	USD	4,058		(52,150	)
ChemoCentryx, Inc.		120		04/16/21	USD	75.00	USD	615		(60,000	)
Constellation Pharmaceuticals, Inc.		190		04/16/21	USD	35.00	USD	444		(42,750	)
Cytokinetics, Inc.		422		04/16/21	USD	24.00	USD	982		(59,080	)
Deciphera Pharmaceuticals, Inc.		240		04/16/21	USD	45.00	USD	1,076		(57,600	)
DexCom, Inc.		69		04/16/21	USD	401.00	USD	2,480		(6,080	)
Dicerna Pharmaceuticals, Inc.		621		04/16/21	USD	30.00	USD	1,588		(18,630	)
Eargo, Inc.		284		04/16/21	USD	70.00	USD	1,419		(49,700	)

4

Schedule of Investments  (unaudited) (continued) March 31, 2021 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)
Edwards Lifesciences Corp.		104		04/16/21	USD	85.00	USD	870	$	(11,960	)
Encompass Health Corp.		560		04/16/21	USD	85.00	USD	4,586		(40,600	)
Envista Holdings Corp.		670		04/16/21	USD	41.00	USD	2,734		(118,255	)
Fate Therapeutics, Inc.		93		04/16/21	USD	125.00	USD	767		(93,000	)
Genmab A/S, ADR		475		04/16/21	USD	45.23	USD	1,559		(219	)
Global Blood Therapeutics, Inc.		265		04/16/21	USD	60.00	USD	1,080		(6,625	)
Guardant Health, Inc.		173		04/16/21	USD	155.00	USD	2,641		(89,960	)
Haemonetics Corp.		422		04/16/21	USD	135.00	USD	4,685		(147,700	)
Halozyme Therapeutics, Inc.		327		04/16/21	USD	50.00	USD	1,363		(29,430	)
Hill-Rom Holdings, Inc.		175		04/16/21	USD	110.00	USD	1,933		(29,750	)
Horizon Therapeutics PLC		200		04/16/21	USD	90.00	USD	1,841		(88,000	)
Humana, Inc.		85		04/16/21	USD	410.00	USD	3,564		(123,250	)
Insmed, Inc.		279		04/16/21	USD	45.00	USD	950		(6,975	)
Insulet Corp.		300		04/16/21	USD	280.00	USD	7,828		(123,750	)
Intellia Therapeutics, Inc.		204		04/16/21	USD	75.00	USD	1,637		(183,600	)
Intuitive Surgical, Inc.		31		04/16/21	USD	730.00	USD	2,291		(66,805	)
Iovance Biotherapeutics, Inc.		509		04/16/21	USD	50.00	USD	1,611		(20,360	)
IQVIA Holdings, Inc.		146		04/16/21	USD	190.00	USD	2,820		(85,410	)
Kadmon Holdings, Inc.		1,000		04/16/21	USD	7.50	USD	389		(10,000	)
Karyopharm Therapeutics, Inc.		757		04/16/21	USD	15.00	USD	796		(5,678	)
Kodiak Sciences, Inc.		137		04/16/21	USD	155.00	USD	1,553		(19,865	)
LHC Group, Inc.		263		04/16/21	USD	209.00	USD	5,029		(30,860	)
MacroGenics, Inc.		159		04/16/21	USD	25.00	USD	506		(118,455	)
Masimo Corp.		554		04/16/21	USD	275.00	USD	12,723		(24,930	)
Masimo Corp.		189		04/16/21	USD	240.00	USD	4,341		(43,942	)
Mersana Therapeutics, Inc.		650		04/16/21	USD	22.50	USD	1,052		(9,750	)
Molecular Templates, Inc.		274		04/16/21	USD	15.00	USD	346		(10,275	)
Nevro Corp.		376		04/16/21	USD	190.00	USD	5,245		(56,400	)
Nkarta, Inc.		295		04/16/21	USD	60.00	USD	971		(147,500	)
NuVasive, Inc.		234		04/16/21	USD	60.00	USD	1,534		(128,700	)
NuVasive, Inc.		167		04/16/21	USD	70.00	USD	1,095		(10,020	)
ORIC Pharmaceuticals, Inc.		147		04/16/21	USD	35.00	USD	360		(29,400	)
ORIC Pharmaceuticals, Inc.		113		04/16/21	USD	40.00	USD	277		(56,500	)
Penumbra, Inc.		128		04/16/21	USD	300.00	USD	3,463		(17,280	)
PPD, Inc.		443		04/16/21	USD	40.00	USD	1,676		(14,398	)
Prothena PLC		229		04/16/21	USD	23.05	USD	575		(74,127	)
PTC Therapeutics, Inc.		320		04/16/21	USD	65.00	USD	1,515		(160,000	)
Pulmonx Corp.		136		04/16/21	USD	70.00	USD	622		(27,200	)
Rapt Therapeutics, Inc.		258		04/16/21	USD	22.50	USD	573		(56,760	)
Relmada Therapeutics, Inc.		313		04/16/21	USD	45.00	USD	1,102		(50,080	)
ResMed, Inc.		166		04/16/21	USD	210.00	USD	3,221		(3,320	)
Revolution Medicines, Inc.		109		04/16/21	USD	50.00	USD	500		(16,623	)
Sage Therapeutics, Inc.		100		04/16/21	USD	87.50	USD	748		(9,500	)
Sarepta Therapeutics, Inc.		198		04/16/21	USD	95.00	USD	1,476		(11,880	)
Seagen, Inc.		791		04/16/21	USD	174.00	USD	10,984		(3,734	)
Seres Therapeutics, Inc.		487		04/16/21	USD	30.00	USD	1,003		(9,740	)
Seres Therapeutics, Inc.		558		04/16/21	USD	25.00	USD	1,149		(26,505	)
SI-BONE, Inc.		300		04/16/21	USD	35.00	USD	954		(12,000	)
Silk Road Medical, Inc.		499		04/16/21	USD	60.00	USD	2,527		(24,950	)
STERIS PLC		208		04/16/21	USD	190.00	USD	3,962		(93,600	)
Stoke Therapeutics, Inc.		310		04/16/21	USD	65.00	USD	1,204		(155,000	)
TCR2 Therapeutics, Inc.		320		04/16/21	USD	35.00	USD	707		(48,000	)
Teladoc Health, Inc.		55		04/16/21	USD	300.00	USD	1,000		(358	)
Teleflex, Inc.		272		04/16/21	USD	420.00	USD	11,300		(218,960	)
United Therapeutics Corp.		83		04/16/21	USD	185.00	USD	1,388		(8,508	)
Voyager Therapeutics, Inc.		407		04/16/21	USD	12.50	USD	192		(6,105	)
Zai Lab Ltd., ADR		370		04/16/21	USD	182.60	USD	4,937		(753	)
Zimmer Biomet Holdings, Inc.		452		04/16/21	USD	165.00	USD	7,236		(85,880	)
Zimmer Biomet Holdings, Inc.		60		04/16/21	USD	170.00	USD	960		(3,600	)
Zymeworks, Inc.		340		04/16/21	USD	50.00	USD	1,074		(47,600	)
Centene Corp.		450		04/23/21	USD	62.00	USD	2,876		(136,350	)
Humana, Inc.		54		04/23/21	USD	415.00	USD	2,264		(69,390	)

SCHEDULE OF INVESTMENTS 5

Schedule of Investments  (unaudited) (continued) March 31, 2021 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)
Intuitive Surgical, Inc.		42		04/23/21	USD	755.00	USD	3,103	$	(66,570	)
Nektar Therapeutics		496		04/23/21	USD	23.00	USD	992		(16,120	)
SmileDirectClub, Inc.		950		04/23/21	USD	11.00	USD	979		(42,750	)
Tandem Diabetes Care, Inc.		145		04/23/21	USD	89.50	USD	1,280		(60,900	)
Teladoc Health, Inc.		231		04/23/21	USD	212.50	USD	4,198		(37,768	)
Centene Corp.		312		04/30/21	USD	64.50	USD	1,994		(95,004	)
Edwards Lifesciences Corp.		293		04/30/21	USD	84.00	USD	2,451		(93,027	)
Illumina, Inc.		63		04/30/21	USD	440.00	USD	2,420		(22,050	)
Intuitive Surgical, Inc.		42		04/30/21	USD	760.00	USD	3,103		(63,630	)
Intuitive Surgical, Inc.		34		04/30/21	USD	755.00	USD	2,512		(62,900	)
SmileDirectClub, Inc.		1,211		04/30/21	USD	13.50	USD	1,248		(16,954	)
Teladoc Health, Inc.		171		04/30/21	USD	225.00	USD	3,108		(20,264	)
Alcon AG		873		05/04/21	USD	73.97	USD	6,127		(171,241	)
Centene Corp.		220		05/07/21	USD	66.00	USD	1,406		(70,180	)
Humana, Inc.		79		05/07/21	USD	432.50	USD	3,312		(71,100	)
SmileDirectClub, Inc.		1,761		05/07/21	USD	11.50	USD	1,816		(99,496	)
ABIOMED, Inc.		113		05/21/21	USD	320.00	USD	3,602		(240,125	)
Acceleron Pharma, Inc.		391		05/21/21	USD	145.00	USD	5,302		(281,520	)
Addus HomeCare Corp.		40		05/21/21	USD	110.00	USD	418		(14,900	)
Agios Pharmaceuticals, Inc.		604		05/21/21	USD	55.00	USD	3,119		(226,500	)
Alcon, Inc.		873		05/21/21	USD	75.00	USD	6,127		(102,577	)
Allakos, Inc.		343		05/21/21	USD	135.00	USD	3,937		(149,205	)
Alnylam Pharmaceuticals, Inc.		423		05/21/21	USD	150.00	USD	5,972		(315,135	)
Amedisys, Inc.		346		05/21/21	USD	280.00	USD	9,162		(280,260	)
Apellis Pharmaceuticals, Inc.		239		05/21/21	USD	50.00	USD	1,026		(65,725	)
Arcutis Biotherapeutics, Inc.		615		05/21/21	USD	35.00	USD	1,779		(121,462	)
Argenx SE		177		05/21/21	USD	320.00	USD	4,874		(90,270	)
Avantor, Inc.		479		05/21/21	USD	32.50	USD	1,386		(22,753	)
Avantor, Inc.		628		05/21/21	USD	30.00	USD	1,817		(73,790	)
Berkeley Lights, Inc.		390		05/21/21	USD	60.00	USD	1,959		(79,950	)
Biohaven Pharmaceutical Holding Co. Ltd.		90		05/21/21	USD	80.00	USD	615		(17,775	)
Blueprint Medicines Corp.		120		05/21/21	USD	105.00	USD	1,167		(56,400	)
Bridgebio Pharma, Inc.		199		05/21/21	USD	70.00	USD	1,226		(42,287	)
Butterfly Network, Inc.		729		05/21/21	USD	22.50	USD	1,227		(27,338	)
Cardiovascular Systems, Inc.		230		05/21/21	USD	45.00	USD	882		(28,175	)
CareDx, Inc.		170		05/21/21	USD	85.00	USD	1,157		(46,325	)
Chartara River Laboratories International		126		05/21/21	USD	300.00	USD	3,652		(143,010	)
Chemed Corp.		70		05/21/21	USD	470.00	USD	3,219		(91,350	)
ChemoCentryx, Inc.		130		05/21/21	USD	65.00	USD	666		(33,150	)
Cytokinetics, Inc.		431		05/21/21	USD	26.00	USD	1,002		(101,285	)
DexCom, Inc.		105		05/21/21	USD	370.00	USD	3,774		(222,600	)
Dicerna Pharmaceuticals, Inc.		554		05/21/21	USD	30.00	USD	1,417		(66,480	)
Eargo, Inc.		283		05/21/21	USD	55.00	USD	1,414		(149,990	)
Edwards Lifesciences Corp.		257		05/21/21	USD	85.00	USD	2,149		(75,172	)
Enanta Pharmaceuticals, Inc.		45		05/21/21	USD	55.00	USD	222		(10,800	)
Encompass Health Corp.		649		05/21/21	USD	85.00	USD	5,315		(134,667	)
Envista Holdings Corp.		464		05/21/21	USD	44.00	USD	1,893		(68,208	)
Fate Therapeutics, Inc.		75		05/21/21	USD	115.00	USD	618		(34,688	)
Genmab A/S, ADR		937		05/21/21	USD	35.00	USD	3,076		(149,920	)
Global Blood Therapeutics, Inc.		563		05/21/21	USD	50.00	USD	2,294		(49,262	)
Haemonetics Corp.		384		05/21/21	USD	120.00	USD	4,263		(150,720	)
Halozyme Therapeutics, Inc.		335		05/21/21	USD	46.00	USD	1,397		(97,150	)
Hill-Rom Holdings, Inc.		252		05/21/21	USD	115.00	USD	2,784		(96,390	)
Horizon Therapeutics PLC		243		05/21/21	USD	105.00	USD	2,237		(69,255	)
Horizon Therapeutics PLC		243		05/21/21	USD	100.00	USD	2,237		(104,490	)
Insmed, Inc.		109		05/21/21	USD	41.00	USD	371		(30,248	)
Insulet Corp.		120		05/21/21	USD	280.00	USD	3,131		(144,600	)
Intellia Therapeutics, Inc.		184		05/21/21	USD	72.00	USD	1,477		(300,834	)
Intuitive Surgical, Inc.		39		05/21/21	USD	750.00	USD	2,882		(101,595	)
IQVIA Holdings, Inc.		275		05/21/21	USD	195.00	USD	5,311		(199,375	)
Kodiak Sciences, Inc.		379		05/21/21	USD	150.00	USD	4,297		(129,807	)
LHC Group, Inc.		460		05/21/21	USD	210.00	USD	8,796		(172,500	)

6

Schedule of Investments  (unaudited) (continued) March 31, 2021 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)
MacroGenics, Inc.		135		05/21/21	USD	35.00	USD	430	$	(48,937	)
Mersana Therapeutics, Inc.		1,000		05/21/21	USD	20.00	USD	1,618		(47,500	)
Mirati Therapeutics, Inc.		295		05/21/21	USD	190.00	USD	5,053		(178,475	)
Molecular Templates, Inc.		321		05/21/21	USD	15.00	USD	405		(29,693	)
Nevro Corp.		352		05/21/21	USD	160.00	USD	4,910		(119,680	)
Nkarta, Inc.		244		05/21/21	USD	60.00	USD	803		(25,620	)
Novocure Ltd.		76		05/21/21	USD	165.00	USD	1,005		(26,790	)
Oak Street Health, Inc.		1,380		05/21/21	USD	65.00	USD	7,489		(172,500	)
ORIC Pharmaceuticals, Inc.		155		05/21/21	USD	40.00	USD	380		(77,500	)
Penumbra, Inc.		60		05/21/21	USD	284.75	USD	1,623		(69,225	)
PPD, Inc.		1,901		05/21/21	USD	40.00	USD	7,193		(242,377	)
Prothena PLC		279		05/21/21	USD	25.25	USD	701		(103,595	)
PTC Therapeutics, Inc.		310		05/21/21	USD	63.00	USD	1,468		(4,101	)
Rapt Therapeutics, Inc.		147		05/21/21	USD	25.00	USD	326		(53,287	)
Relmada Therapeutics, Inc.		453		05/21/21	USD	45.00	USD	1,595		(144,960	)
ResMed, Inc.		448		05/21/21	USD	195.00	USD	8,692		(396,480	)
Revolution Medicines, Inc.		192		05/21/21	USD	55.00	USD	881		(43,200	)
Rubius Therapeutics, Inc.		497		05/21/21	USD	35.00	USD	1,317		(106,855	)
Sage Therapeutics, Inc.		100		05/21/21	USD	100.00	USD	748		(70,500	)
SI-BONE, Inc.		170		05/21/21	USD	40.00	USD	541		(36,550	)
Silk Road Medical, Inc.		382		05/21/21	USD	55.00	USD	1,935		(76,400	)
STERIS PLC		200		05/21/21	USD	195.00	USD	3,810		(108,000	)
Stoke Therapeutics, Inc.		207		05/21/21	USD	70.00	USD	804		(21,735	)
Stoke Therapeutics, Inc.		110		05/21/21	USD	55.00	USD	427		(55,000	)
Tandem Diabetes Care, Inc.		190		05/21/21	USD	100.00	USD	1,677		(59,375	)
TCR2 Therapeutics, Inc.		342		05/21/21	USD	25.00	USD	755		(64,980	)
Teladoc Health, Inc.		113		05/21/21	USD	195.00	USD	2,054		(112,435	)
Teleflex, Inc.		149		05/21/21	USD	420.00	USD	6,190		(234,675	)
United Therapeutics Corp.		89		05/21/21	USD	180.00	USD	1,489		(45,390	)
Zai Lab Ltd.		197		05/21/21	USD	145.00	USD	2,629		(121,155	)
Zimmer Biomet Holdings, Inc.		390		05/21/21	USD	165.00	USD	6,243		(208,650	)
Zymeworks, Inc.		396		05/21/21	USD	40.00	USD	1,251		(48,510	)
Arcutis Biotherapeutics, Inc.		107		06/18/21	USD	40.00	USD	310		(26,483	)
Arrowhead Pharmaceuticals, Inc.		120		06/18/21	USD	85.00	USD	796		(38,400	)
CareDx, Inc.		310		06/18/21	USD	74.00	USD	2,111		(159,975	)
Iovance Biotherapeutics, Inc.		734		06/18/21	USD	40.00	USD	2,324		(128,450	)
Prothena Corp. PLC		552		06/18/21	USD	24.00	USD	1,387		(267,720	)
Rapt Therapeutics, Inc.		147		06/18/21	USD	25.00	USD	326		(55,492	)
Seagen, Inc.		800		06/18/21	USD	170.00	USD	11,109		(236,000	)
									$	(15,388,887	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Akouos, Inc.	JPMorgan Chase Bank N.A.		20,000		04/06/21	USD	21.77	USD	277	$	—
ALX Oncology Holdings, Inc.	Barclays Bank PLC		26,600		04/06/21	USD	80.04	USD	1,962		(25,434	)
Annexon, Inc.	JPMorgan Chase Bank N.A.		25,100		04/06/21	USD	31.63	USD	699		(5,541	)
BioAtla, Inc.	JPMorgan Chase Bank N.A.		19,400		04/06/21	USD	57.54	USD	986		(4,332	)
C4 Therapeutics, Inc.	Bank of America N.A.		25,600		04/06/21	USD	41.98	USD	947		(5,317	)
C4 Therapeutics, Inc.	JPMorgan Chase Bank N.A.		24,500		04/06/21	USD	43.66	USD	906		(2,173	)
Forma Therapeutics Holdings, Inc.	Barclays Bank PLC		52,000		04/06/21	USD	38.05	USD	1,457		(18	)
Genetron Holdings, ADR	Bank of America N.A.		50,000		04/06/21	USD	26.23	USD	1,073		(1,884	)
Genetron Holdings, ADR	Barclays Bank PLC		35,000		04/06/21	USD	27.54	USD	751		(415	)
Akeso, Inc.	JPMorgan Chase Bank N.A.		222,000		04/07/21	HKD	56.32	HKD	10,990		(8,370	)
Sonova Holding AG	Citibank N.A.		10,200		04/07/21	CHF	244.01	CHF	2,556		(85,918	)
Akouos, Inc.	JPMorgan Chase Bank N.A.		20,000		04/08/21	USD	22.19	USD	277		—
Avidity Biosciences, Inc.	Bank of America N.A.		25,000		04/08/21	USD	28.08	USD	545		(83	)
C4 Therapeutics, Inc.	Bank of America N.A.		25,600		04/08/21	USD	42.78	USD	947		(6,268	)

SCHEDULE OF INVESTMENTS 7

Schedule of Investments  (unaudited) (continued) March 31, 2021 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)
Forma Therapeutics Holdings, Inc.	Barclays Bank PLC		52,000		04/08/21	USD	38.77	USD	1,457	$	(55	)
Genetron Holdings, ADR	Bank of America N.A.		50,000		04/08/21	USD	26.73	USD	1,073		(2,776	)
Genetron Holdings, ADR	Barclays Bank PLC		35,000		04/08/21	USD	27.54	USD	751		(1,093	)
Morphic Holding, Inc.	Bank of America N.A.		16,200		04/08/21	USD	75.13	USD	1,025		(41,566	)
PPD, Inc.	Citibank N.A.		80,000		04/08/21	USD	37.48	USD	3,027		(88,918	)
Sotera Health Co.	Credit Suisse International		50,000		04/08/21	USD	27.79	USD	1,248		(1,144	)
Pulmonx Corp.	Bank of America N.A.		16,700		04/09/21	USD	57.68	USD	764		(1,100	)
Akouos, Inc.	JPMorgan Chase Bank N.A.		21,500		04/13/21	USD	19.48	USD	298		(86	)
Avidity Biosciences, Inc.	Barclays Bank PLC		35,100		04/13/21	USD	26.67	USD	766		(2,221	)
BioAtla, Inc.	Barclays Bank PLC		20,500		04/13/21	USD	54.24	USD	1,042		(30,952	)
ConvaTec Group PLC	Barclays Bank PLC		500,000		04/13/21	GBP	1.90	GBP	981		(47,513	)
GN Store Nord A/S	Barclays Bank PLC		55,400		04/13/21	DKK	543.22	DKK	27,660		(9,882	)
Hansoh Pharmaceutical Group Co. Ltd.	JPMorgan Chase Bank N.A.		580,000		04/13/21	HKD	42.90	HKD	21,630		(530	)
Jinxin Fertility Group Ltd.	Morgan Stanley & Co. International PLC		1,190,000		04/13/21	HKD	21.03	HKD	20,010		(10,072	)
Applied Molecular Transport	Barclays Bank PLC		26,300		04/14/21	USD	70.67	USD	1,158		(327	)
C4 Therapeutics, Inc.	Bank of America N.A.		30,000		04/14/21	USD	44.42	USD	1,110		(11,030	)
Eisai Co. Ltd.	UBS AG		36,700		04/14/21	JPY	7,556.02	JPY	273,131		(40,619	)
Gerresheimer AG	Morgan Stanley & Co. International PLC		19,000		04/14/21	EUR	86.53	EUR	1,609		(23,831	)
Krystal Biotech, Inc.	Bank of America N.A.		31,700		04/14/21	USD	81.28	USD	2,442		(50,636	)
Morphic Holding, Inc.	Bank of America N.A.		11,100		04/14/21	USD	68.20	USD	702		(71,930	)
ORIC Pharmaceuticals, Inc.	Morgan Stanley & Co. International PLC		12,000		04/14/21	USD	36.86	USD	294		(7	)
PPD, Inc.	Bank of America N.A.		77,000		04/14/21	USD	37.10	USD	2,914		(90,591	)
Zentalis Pharmaceuticals, Inc.	Barclays Bank PLC		33,000		04/14/21	USD	53.28	USD	1,432		(7,826	)
Akouos, Inc.	JPMorgan Chase Bank N.A.		21,500		04/15/21	USD	20.04	USD	298		(88	)
Amplifon SpA	UBS AG		77,500		04/15/21	EUR	34.33	EUR	2,459		(13,080	)
Demant A/S	Credit Suisse International		48,000		04/15/21	DKK	266.56	DKK	12,889		(71,444	)
Genmab A/S	UBS AG		25,300		04/15/21	DKK	2,179.08	DKK	52,782		(108,177	)
Lonza Group AG	Goldman Sachs International		3,900		04/15/21	CHF	601.31	CHF	2,062		(485	)
Hansoh Pharmaceutical Group Co. Ltd.	JPMorgan Chase Bank N.A.		486,000		04/20/21	HKD	35.95	HKD	18,124		(115,216	)
Amplifon SpA	Credit Suisse International		52,000		04/21/21	EUR	35.65	EUR	1,650		(5,912	)
Demant A/S	Credit Suisse International		44,100		04/21/21	DKK	269.14	DKK	11,841		(67,919	)
Genmab A/S	Barclays Bank PLC		34,300		04/21/21	DKK	2,165.06	DKK	71,559		(221,459	)
Jinxin Fertility Group Ltd.	Morgan Stanley & Co. International PLC		1,342,000		04/21/21	HKD	17.93	HKD	22,566		(125,444	)
Lonza Group AG	Goldman Sachs International		2,900		04/21/21	CHF	598.32	CHF	1,533		(1,344	)
Straumann Holding AG	Barclays Bank PLC		4,000		04/21/21	CHF	1,165.96	CHF	4,720		(147,122	)
UCB SA	Barclays Bank PLC		38,100		04/21/21	EUR	87.00	EUR	3,089		(10,378	)
Jinxin Fertility Group Ltd.	Morgan Stanley & Co. International PLC		1,274,000		04/27/21	HKD	15.78	HKD	21,423		(302,898	)
WuXi AppTec Co. Ltd., Class H	JPMorgan Chase Bank N.A.		235,600		04/27/21	HKD	159.05	HKD	36,169		(260,559	)
Wuxi Biologics Cayman, Inc.	JPMorgan Chase Bank N.A.		710,000		04/27/21	HKD	94.73	HKD	69,606		(542,209	)
Gerresheimer AG	Credit Suisse International		23,700		04/29/21	EUR	87.33	EUR	2,007		(39,882	)
Merck KGaA	Goldman Sachs International		28,900		04/29/21	EUR	137.30	EUR	4,215		(290,375	)
Applied Molecular Transport, Inc.	JPMorgan Chase Bank N.A.		22,000		05/04/21	USD	78.39	USD	968		(3,171	)
Certara, Inc.	Bank of America N.A.		66,300		05/04/21	USD	31.71	USD	1,810		(65,742	)
GN Store Nord A/S	UBS AG		36,400		05/04/21	DKK	501.82	DKK	18,173		(113,126	)
Hansoh Pharmaceutical Group Co. Ltd.	Goldman Sachs International		766,000		05/04/21	HKD	36.67	HKD	28,566		(170,761	)
Jinxin Fertility Group Ltd.	Morgan Stanley & Co. International PLC		1,100,000		05/04/21	HKD	16.28	HKD	18,497		(245,121	)
Lonza Group AG	UBS AG		3,600		05/04/21	CHF	566.52	CHF	1,903		(14,511	)
Straumann Holding AG	UBS AG		3,300		05/04/21	CHF	1,147.42	CHF	3,894		(194,505	)
UCB SA	Goldman Sachs International		30,000		05/04/21	EUR	82.14	EUR	2,432		(54,790	)
Akeso, Inc.	UBS AG		560,000		05/06/21	HKD	49.95	HKD	27,722		(306,565	)
Certara, Inc.	Bank of America N.A.		66,300		05/06/21	USD	31.71	USD	1,810		(70,105	)
ConvaTec Group PLC	UBS AG		319,000		05/06/21	GBP	2.02	GBP	626		(10,194	)
Demant A/S	Morgan Stanley & Co. International PLC		60,000		05/06/21	DKK	273.42	DKK	16,111		(101,864	)
Eisai Co. Ltd.	Goldman Sachs International		16,000		05/06/21	JPY	7,759.54	JPY	119,076		(19,497	)
Eisai Co. Ltd.	Morgan Stanley & Co. International PLC		19,700		05/06/21	JPY	7,736.11	JPY	146,613		(30,704	)
GN Store Nord A/S	UBS AG		67,100		05/06/21	DKK	517.49	DKK	33,501		(143,828	)
Hansoh Pharmaceutical Group Co. Ltd.	Citibank N.A.		434,000		05/06/21	HKD	36.95	HKD	16,185		(90,891	)
Straumann Holding AG	UBS AG		3,600		05/06/21	CHF	1,172.08	CHF	4,248		(151,526	)
UCB SA	UBS AG		46,000		05/06/21	EUR	82.39	EUR	3,729		(71,969	)
WuXi AppTec Co. Ltd.	Morgan Stanley & Co. International PLC		250,000		05/06/21	HKD	153.18	HKD	38,379		(410,109	)
Wuxi Biologics Cayman, Inc.	Morgan Stanley & Co. International PLC		373,000		05/06/21	HKD	97.13	HKD	36,568		(274,344	)
Amplifon SpA	Credit Suisse International		59,400		05/11/21	EUR	32.85	EUR	1,885		(67,059	)

8

Schedule of Investments  (unaudited) (continued) March 31, 2021 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)
Arcutis Biotherapeutics, Inc.	Barclays Bank PLC		20,200		05/11/21		USD	32.91		USD	584	$	(31,397	)
ConvaTec Group PLC	UBS AG		545,000		05/11/21		GBP	2.02		GBP	1,069		(19,324	)
Demant A/S	UBS AG		52,600		05/11/21		DKK	265.74		DKK	14,124		(125,812	)
Hansoh Pharmaceutical Group Co. Ltd.	Citibank N.A.		452,000		05/11/21		HKD	37.88		HKD	16,856		(75,557	)
Jinxin Fertility Group Ltd.	Morgan Stanley & Co. International PLC		794,000		05/11/21		HKD	16.85		HKD	13,351		(162,274	)
Sonova Holding AG	UBS AG		13,700		05/11/21		CHF	252.45		CHF	3,432		(110,222	)
WuXi AppTec Co. Ltd.	Morgan Stanley & Co. International PLC		212,900		05/14/21		HKD	162.41		HKD	32,684		(134,273	)
PPD, Inc.	Bank of America N.A.		105,900		05/26/21		USD	39.32		USD	4,007		(172,838	)
												$	(6,446,528	)

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); and

• 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 table summarizes the Trust’s investments categorized in the fair value 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	$	885,665,026	$	189,354,409	$	—	$	1,075,019,435
Diversified Financial Services.		58,327,490		—		—		58,327,490
Electronic Equipment, Instruments & Components		13,700,474		—		—		13,700,474
Health Care Equipment & Supplies		638,085,404		160,924,385		—		799,009,789
Health Care Providers & Services		346,692,093		64,529,620		—		411,221,713
Health Care Technology		48,323,025		—		—		48,323,025
Internet & Direct Marketing Retail		—		23,459,127		—		23,459,127
Life Sciences Tools & Services		216,124,494		129,342,819		—		345,467,313
Pharmaceuticals		42,606,921		140,414,931		—		183,021,852
Preferred Securities
Preferred Stocks		—		36,682,798		243,411,027		280,093,825
Warrants		3,192,820		—		—		3,192,820

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) March 31, 2021 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	$	17,164,755		$	—		$	—	$	17,164,755
	$	2,269,882,502		$	744,708,089		$	243,411,027		3,258,001,618
Investments Valued at NAV(a)										3,610,401
									$	3,261,612,019
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(14,460,280	)	$	(7,375,135	)	$	—	$	(21,835,415	)

^(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:

	Common Stocks			Preferred Stocks			Total
Assets
Opening balance, as of December 31, 2020	$	28,744,832		$	112,069,329		$	140,814,161
Transfers into Level 3		—			—			—
Transfers out of Level 3		(3,884,625	)		(20,441,729	)		(24,326,354	)
Other(a)		(24,860,207	)		24,860,207			—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)(b)		—			29,876,163			29,876,163
Purchases		—			97,047,057			97,047,057
Sales		—			—			—
Closing balance, as of March 31, 2021	$	—		$	243,411,027		$	243,411,027
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2021(b)	$	—		$	29,876,163		$	29,876,163

^(a)  Certain Level 3 investments were re-classified between Common Stocks and Preferred Stocks.

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2021 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 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third party pricing information in the amount of $30,244,060. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

	Value		Valuation Approach		Unobservable Inputs		Range of Unobservable Inputs Utilized(a)		Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Preferred Stocks(b)(c)(d)	$	213,166,967		Market		Revenue Multiple		2.80x		—
						EBITDA Multiple		10.25x		—
						Volatility		68% - 80%		73%
						Time to Exit		2.0 - 3.0		2.7
						Recent Transactions		—		—
						Market Adjustment Multiple		1.10x		—
	$	213,166,967

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

10

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Health Sciences Trust II (BMEZ)

Fair Value Hierarchy as of Period End (continued)

^(b) For the period end March 31, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $14,677,322 changed to Transaction Price approach. The investments were previously valued utilizing Option Pricing Model. The change was due to consideration of the information that was available at the time the investments were valued.

^(c)  For the period end March 31, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $13,219,461 changed to Option Pricing Model. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued.

^(d) For the period end March 31, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $59,538,957 changed to Current Value approach. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued.

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

SCHEDULE OF INVESTMENTS 11