BlackRock Health Sciences Trust II (BMEZ) NPORT-P BlackRock Health Sciences Trust II (Sep 2022 report)

Schedule of Investments (unaudited)  September 30, 2022 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 37.4%
Abbisko Cayman Ltd., (Acquired 10/29/21, Cost: $14,841,983)(a)		10,378,250	$	4,092,112
Acumen Pharmaceuticals, Inc.(b)(c)		833,448		8,359,483
Affinivax, Inc., (Acquired 08/18/22, Cost: $0)(a)(d)		183,164		2,448,903
Akouos, Inc.(b)		287,850		1,945,866
Alkermes PLC(b)		1,163,110		25,972,246
Alnylam Pharmaceuticals, Inc.(b)(e)		177,747		35,577,840
Ambrx Biopharma, Inc., ADR(b)		1,265,827		1,367,093
Annexon, Inc.(b)		237,835		1,469,820
Arcus Biosciences, Inc.(b)		84,495		2,210,389
Arcutis Biotherapeutics, Inc.(b)		511,332		9,771,555
Argenx SE, ADR(b)		104,304		36,824,527
Arrowhead Pharmaceuticals, Inc.(b)		81,025		2,677,876
Biogen, Inc.(b)		39,865		10,643,955
Biohaven Pharmaceutical Holding Co. Ltd.(b)		198,310		29,978,523
BioMarin Pharmaceutical, Inc.(b)		365,103		30,949,781
Biomea Fusion, Inc.(b)		238,164		2,329,244
Blueprint Medicines Corp.(b)		210,780		13,888,294
Cerevel Therapeutics Holdings, Inc.(b)		266,656		7,535,699
Connect Biopharma Holdings Ltd.(b)		1,125,262		1,451,588
CRISPR Therapeutics AG(b)		94,915		6,202,695
Day One Biopharmaceuticals, Inc.(b)		378,535		7,582,056
Decibel Therapeutics, Inc.(b)		793,527		2,745,603
Design Therapeutics, Inc.(b)		665,581		11,128,514
Enanta Pharmaceuticals, Inc.(b)		20,508		1,063,750
EQRx, Inc.(b)		220,265		1,090,312
Everest Medicines Ltd.		3,113,667		2,954,283
Everest Medicines Ltd.(b)(f)		433,000		410,835
Exact Sciences Corp.(b)		239,870		7,793,376
Exelixis, Inc.(b)		599,520		9,400,474
Fate Therapeutics, Inc.(b)		54,634		1,224,348
FibroGen, Inc.(b)		171,665		2,233,362
Galapagos NV, ADR(b)		74,410		3,172,842
Genmab A/S(b)		34,827		11,203,966
Genmab A/S, ADR(b)		114,086		3,665,583
Gilead Sciences, Inc.		254,765		15,716,453
Gracell Biotechnologies, Inc., ADR(b)		340,846		1,097,524
Halozyme Therapeutics, Inc.(b)		502,750		19,878,735
Horizon Therapeutics PLC(b)		390,184		24,148,488
Imago Biosciences, Inc.(b)		1,120,866		16,869,033
Immuneering Corp., Class A(b)(c)		785,946		11,254,747
Immunocore Holdings PLC, ADR(b)		59,868		2,810,204
Immunocore Holdings PLC		321,900		15,109,986
ImmunoGen, Inc.(b)		497,785		2,379,412
Incyte Corp.(b)		331,720		22,105,821
Insmed, Inc.(b)		125,556		2,704,476
Ionis Pharmaceuticals, Inc.(b)		468,285		20,712,246
Karuna Therapeutics, Inc.(b)		46,950		10,560,463
Keros Therapeutics, Inc.(b)		200,607		7,546,835
Kinnate Biopharma, Inc.(b)		295,538		3,531,679
Kronos Bio, Inc.(b)		284,272		952,311
Krystal Biotech, Inc.(b)		15,647		1,090,596
Legend Biotech Corp., ADR(b)		195,632		7,981,786
LianBio, Series A, ADR(b)		615,188		1,224,224
Monte Rosa Therapeutics, Inc.(b)		764,573		6,246,561
MoonLake Immunotherapeutics(b)(c)		216,150		1,720,554
Neurocrine Biosciences, Inc.(b)		293,280		31,149,269
Omega Therapeutics, Inc.(b)(c)		268,507		1,455,308

Security	Shares		Value
Biotechnology (continued)
PMV Pharmaceuticals, Inc.(b)		305,830	$	3,639,377
Point Biopharma Global, Inc.(b)(c)		394,898		3,052,562
Prometheus Biosciences, Inc.(b)		57,820		3,411,958
Prothena Corp. PLC(b)		126,646		7,678,547
PTC Therapeutics, Inc.(b)		79,210		3,976,342
RAPT Therapeutics, Inc.(b)		178,545		4,295,793
Revolution Medicines, Inc.(b)		377,632		7,446,903
Rhythm Pharmaceuticals, Inc.(b)		683,675		16,750,037
Rocket Pharmaceuticals, Inc.(b)		69,055		1,102,118
Sage Therapeutics, Inc.(b)		272,895		10,686,568
Sarepta Therapeutics, Inc.(b)(e)		354,174		39,150,394
Seagen, Inc.(b)(e)(g)		79,130		10,827,358
Sigilon Therapeutics, Inc.(b)		564,538		285,092
Syndax Pharmaceuticals, Inc.(b)		89,480		2,150,204
Talaris Therapeutics, Inc.(b)		748,614		1,968,855
Tenaya Therapeutics, Inc.(b)		165,729		480,614
TScan Therapeutics, Inc.(b)		855,317		2,608,717
Twist Bioscience Corp.(b)		204,550		7,208,342
Ultragenyx Pharmaceutical, Inc.(b)		99,375		4,115,119
United Therapeutics Corp.(b)(e)(g)		55,704		11,663,304
Vertex Pharmaceuticals, Inc.(b)(g)		235,570		68,206,938
Viridian Therapeutics, Inc.(b)		214,035		4,389,858
				744,708,504
Diversified Financial Services(b) — 2.4%
DA32 Life Science Tech Acquisition Corp., Class A(h)		1,496,819		14,504,176
Eucrates Biomedical Acquisition Corp.(h)		897,657		9,003,500
Health Assurance Acquisition Corp., Class A		1,361,273		13,585,505
Health Sciences Acquisitions Corp. 2		233,344		2,311,272
MedTech Acquisition Corp., Class A		917,284		9,108,630
				48,513,083
Electronic Equipment, Instruments & Components — 0.2%
908 Devices, Inc.(b)		274,084		4,508,682
Health Care Equipment & Supplies — 21.4%
ABIOMED, Inc.(b)(e)		98,636		24,230,920
Alcon, Inc.		736,189		42,831,476
Align Technology, Inc.(b)		36,710		7,603,008
Bausch & Lomb Corp.(b)(c)		505,947		7,761,227
Boston Scientific Corp.(b)		261,030		10,109,692
ConvaTec Group PLC(f)		4,411,215		10,024,799
Cooper Cos., Inc.		73,600		19,423,040
DexCom, Inc.(b)		361,853		29,143,641
Edwards Lifesciences Corp.(b)		173,153		14,307,632
Glaukos Corp.(b)		55,300		2,944,172
Globus Medical, Inc., Class A(b)		104,070		6,199,450
Hologic, Inc.(b)(e)		233,820		15,086,066
Insulet Corp.(b)		127,880		29,335,672
Intuitive Surgical, Inc.(b)(g)		99,818		18,709,886
iRhythm Technologies, Inc.(b)		59,920		7,506,777
Masimo Corp.(b)		71,155		10,044,240
Nevro Corp.(b)(e)		511,890		23,854,074
Novocure Ltd.(b)		127,530		9,689,729
Nyxoah SA(b)(c)		648,041		4,082,658
Omnicell, Inc.(b)		140,725		12,247,297
Penumbra, Inc.(b)		111,508		21,141,917
Pulmonx Corp.(b)		183,221		3,052,462
ResMed, Inc.(e)		196,756		42,951,835
Shockwave Medical, Inc.(b)		53,670		14,924,017
SI-BONE, Inc.(b)		204,910		3,577,729
Silk Road Medical, Inc.(b)		204,932		9,221,940

1

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
STAAR Surgical Co.(b)		73,525	$	5,187,189
Tandem Diabetes Care, Inc.(b)(e)		238,345		11,404,808
Teleflex, Inc.		45,452		9,156,760
				425,754,113
Health Care Providers & Services — 9.3%
Agilon Health, Inc.(b)		282,683		6,620,436
Amedisys, Inc.(b)		164,226		15,895,435
AmerisourceBergen Corp.		193,455		26,180,265
Cano Health, Inc.(b)		887,562		7,695,163
CareMax, Inc.		1,407,700		9,980,593
Chemed Corp.		10,662		4,654,603
Elevance Health, Inc.		45,345		20,597,513
Encompass Health Corp.(e)		370,028		16,736,366
Guardant Health, Inc.(b)		233,615		12,575,495
Henry Schein, Inc.(b)		66,567		4,378,112
Kindstar Globalgene Technology, Inc.(b)(f)		4,092,500		925,727
LHC Group, Inc.(b)(e)		138,534		22,672,474
R1 RCM, Inc.(b)		690,615		12,797,096
UnitedHealth Group, Inc.(e)		45,900		23,181,336
				184,890,614
Health Care Technology — 0.1%
Sophia Genetics SA(b)		291,485		766,605
Life Sciences Tools & Services — 12.5%
10X Genomics, Inc., Class A(b)		231,905		6,604,654
Agilent Technologies, Inc.		218,710		26,584,201
Avantor, Inc.(b)(e)		560,319		10,982,252
Bio-Techne Corp.		34,055		9,671,620
Bruker Corp.		208,102		11,041,892
Cytek Biosciences, Inc.(b)		840,842		12,377,194
Danaher Corp.		62,605		16,170,246
Gerresheimer AG		243,305		11,879,570
IQVIA Holdings, Inc.(b)		127,062		23,016,011
IsoPlexis Corp.(b)(c)		1,601,113		2,753,914
Lonza Group AG, Registered Shares		19,017		9,259,205
Mettler-Toledo International, Inc.(b)(e)		17,050		18,484,246
QIAGEN NV(b)		645,525		26,647,272
Rapid Micro Biosystems, Inc., Class A(b)(c)		549,778		1,775,783
Thermo Fisher Scientific, Inc.		29,690		15,058,471
Waters Corp.(b)		109,980		29,642,910
West Pharmaceutical Services, Inc.		39,055		9,610,654
Wuxi Biologics Cayman, Inc.(b)(f)		1,233,303		7,341,658
				248,901,753
Pharmaceuticals — 6.5%
Antengene Corp. Ltd.		5,019,274		2,206,021
AstraZeneca PLC, ADR		245,200		13,446,768
Catalent, Inc.(b)		121,330		8,779,439
Daiichi Sankyo Co. Ltd.		1,462,400		40,875,323
Nuvation Bio, Inc.(b)		200,496		449,111
Reata Pharmaceuticals, Inc., Class A(b)		40,405		1,015,378
Roche Holding AG		30,730		10,003,616

Security	Shares		Value
Pharmaceuticals (continued)
UCB SA		344,377	$	23,899,014
Zoetis, Inc.(e)		191,775		28,438,315
				129,112,985
Total Common Stocks — 89.8% (Cost: $2,018,199,964)				1,787,156,339
	Benefical Interest (000)
Other Interests
Biotechnology — 0.2%
Vividion Therapeutics, Inc.(a)(d)(i)	$	3,810		3,923,810
Total Other Interests — 0.2% (Cost: $ — )				3,923,810
	Shares
Preferred Securities
Preferred Stocks — 8.8%(a)(d)
Biotechnology — 3.4%
Amunix Pharmaceuticals, Inc., Series B, (Acquired 02/08/22, Cost: $0)		5,657,068		3,677,094
Bright Peak Therapeutics AG, Series B, (Acquired 05/14/21, Cost: $8,000,004)		2,048,132		4,301,077
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)		2,430,833		9,723,332
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847)		3,850,718		4,736,383
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156)		482,077		12,148,341
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000)		2,793,833		5,950,864
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $9,549,916)		3,913,900		9,549,916
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996)		1,394,189		6,078,664
Numab Therapeutics AG, (Acquired 05/07/21, Cost: $7,770,441)		815,851		6,722,275
OnKure, Inc., Series B, (Acquired 03/03/21, Cost: $4,500,001)		1,628,488		4,429,488
				67,317,434
Health Care Equipment & Supplies — 1.4%
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003)		2,257,597		8,646,597
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998)		2,379,480		6,733,928
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890)		115,766,240		8,531,080
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930)		2,078,042		4,176,864
				28,088,469

SCHEDULE  OF  INVESTMENTS 2

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services — 1.7%
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000)		10,696,226	$	17,862,697
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)		382,775		16,509,086
				34,371,783
Pharmaceuticals — 0.7%
Insitro, Inc.
Series B, (Acquired 05/21/20, Cost: $4,999,999)		802,478		11,009,998
Series C, (Acquired 03/10/21, Cost: $3,600,018)		196,818		2,700,343
				13,710,341
Semiconductors & Semiconductor Equipment — 0.7%
PsiQuantum Corp., Series C, (Acquired 05/21/21, Cost: $14,999,996)		571,947		14,533,173
Software — 0.9%
Carbon Health Technologies, Inc., (Acquired 07/09/21, Cost: $17,100,000)		17,100		17,103,933
				175,125,133
Total Preferred Securities — 8.8% (Cost: $185,906,179)				175,125,133
Warrants
Diversified Financial Services(b) — 0.0%
Eucrates Biomedical Acquisition Corp., (Issued/Exercisable 12/14/20, 1 Share for 1 Warrant, Expires 12/14/25, Strike Price USD 11.50)		250,440		6,261
Health Assurance Acquisition Corp., (Issued 01/04/21, Exercisable 01/04/22, 1 Share for 1 Warrant, Expires 11/12/25, Strike Price USD 11.50)		199,689		5,991
				12,252
Health Care Providers & Services — 0.0%
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 07/16/25, Strike Price USD 11.50)(b)		63,808		104,645
Pharmaceuticals — 0.0%
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50)(b)		68,880		11,021
Total Warrants — 0.0% (Cost: $1,187,732)				127,918
Total Long-Term Investments — 98.8% (Cost: $2,205,293,875)				1,966,333,200

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%(h)(j)		49,134,733	$	49,134,733
SL Liquidity Series, LLC, Money Market Series, 3.29%(h)(j)(k)		8,512,359		8,512,359
Total Short-Term Securities — 2.9% (Cost: $57,646,916)				57,647,092
Total Investments Before Options Written — 101.7% (Cost: $2,262,940,791)				2,023,980,292
Options Written — (0.5)% (Premiums Received: $(19,968,014))				(9,940,917	)
Total Investments, Net of Options Written — 101.2% (Cost: $2,242,972,777)				2,014,039,375
Liabilities in Excess of Other Assets — (1.2)%				(22,914,415	)
Net Assets — 100.0%			$	1,991,124,960

^(a) Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $185,589,958, representing 9.3% of its net assets as of period end, and an original cost of $200,748,162.

^(b)  Non-income producing security.

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

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

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

^(f) 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.

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

^(h) Affiliate of the Trust.

⁽ⁱ⁾ Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

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

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

For 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.

3

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Health Sciences Trust II (BMEZ)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	61,616,484	$	—		$	(12,481,751	)(a)	$	—		$	—		$	49,134,733		49,134,733	$	390,160		$	—
DA32 Life Science Tech Acquisition Corp., Class A		14,683,795		—			—			—			(179,619	)		14,504,176		1,496,819		—			—
Eucrates Biomedical Acquisition Corp.		8,761,132		—			—			—			242,368			9,003,500		897,657		—			—
SL Liquidity Series, LLC, Money Market Series		4,939,518		3,573,477	(a)		—			(950	)		314			8,512,359		8,512,359		194,392	(b)		—
									$	(950	)	$	63,063		$	81,154,768			$	584,552		$	—

^(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
Genmab A/S, ADR		365		10/03/22		USD	36.50		USD	1,173	$	(17	)
Arcutis Biotherapeutics, Inc.		545		10/04/22		USD	27.61		USD	1,041		—
Align Technology, Inc.		59		10/07/22		USD	265.00		USD	1,222		(1,475	)
AmerisourceBergen Corp.		162		10/07/22		USD	150.00		USD	2,192		(12,150	)
AstraZeneca PLC, ADR		310		10/07/22		USD	63.00		USD	1,700		(930	)
Biogen, Inc.		81		10/07/22		USD	270.00		USD	2,163		(47,790	)
Intuitive Surgical, Inc.		92		10/07/22		USD	220.00		USD	1,724		(1,380	)
AstraZeneca PLC, ADR		310		10/14/22		USD	61.00		USD	1,700		(2,480	)
Edwards Lifesciences Corp.		228		10/14/22		USD	100.00		USD	1,884		(10,260	)
Intuitive Surgical, Inc.		76		10/14/22		USD	215.00		USD	1,425		(2,850	)
Tandem Diabetes Care, Inc.		132		10/14/22		USD	60.00		USD	632		(5,940	)
10X Genomics, Inc., Class A		144		10/21/22		USD	45.00		USD	410		(15,840	)
908 Devices, Inc.		290		10/21/22		USD	18.75		USD	477		(15,722	)
908 Devices, Inc.		225		10/21/22		USD	20.00		USD	370		(13,500	)
ABIOMED, Inc.		148		10/21/22		USD	280.00		USD	3,636		(18,870	)
Agilent Technologies, Inc.		208		10/21/22		USD	140.00		USD	2,528		(5,200	)
Agilon Health, Inc.		220		10/21/22		USD	22.50		USD	515		(42,900	)
Alcon, Inc.		466		10/21/22		USD	70.00		USD	2,711		(11,650	)
Alkermes PLC		1,066		10/21/22		USD	27.00		USD	2,380		(21,320	)
Alkermes PLC		885		10/21/22		USD	26.00		USD	1,976		(6,638	)
Alnylam Pharmaceuticals, Inc.		105		10/21/22		USD	234.00		USD	2,102		(9,647	)
Alnylam Pharmaceuticals, Inc.		463		10/21/22		USD	210.00		USD	9,267		(270,855	)
Amedisys, Inc.		150		10/21/22		USD	130.00		USD	1,452		(22,500	)
Amedisys, Inc.		112		10/21/22		USD	135.00		USD	1,084		(53,760	)
AmerisourceBergen Corp.		162		10/21/22		USD	145.00		USD	2,192		(9,315	)
Arcutis Biotherapeutics, Inc.		543		10/21/22		USD	30.00		USD	1,038		(70,590	)
Arcutis Biotherapeutics, Inc.		548		10/21/22		USD	25.00		USD	1,047		(21,920	)
Argenx SE, ADR		151		10/21/22		USD	384.00		USD	5,331		(63,374	)
Arrowhead Pharmaceuticals, Inc.		259		10/21/22		USD	47.75		USD	856		(5,979	)
Avantor, Inc.		1,785		10/21/22		USD	27.50		USD	3,499		(17,850	)
Bausch & Lomb Corp.		810		10/21/22		USD	17.50		USD	1,243		(20,250	)
BioMarin Pharmaceutical, Inc.		581		10/21/22		USD	97.00		USD	4,925		(16,204	)
Bio-Techne Corp.		136		10/21/22		USD	370.00		USD	3,862		(65,280	)
Blueprint Medicines Corp.		335		10/21/22		USD	80.00		USD	2,207		(27,638	)
Bruker Corp.		333		10/21/22		USD	62.50		USD	1,767		(133,200	)
Catalent, Inc.		322		10/21/22		USD	115.00		USD	2,330		(3,220	)
Catalent, Inc.		47		10/21/22		USD	100.00		USD	340		(2,585	)
Cerevel Therapeutics Holdings, Inc.		398		10/21/22		USD	40.00		USD	1,125		(13,930	)

SCHEDULE  OF  INVESTMENTS 4

Schedule of Investments (unaudited) (continued) September 30, 2022 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)
CRISPR Therapeutics AG		303		10/21/22		USD	78.00			USD	1,980	$	(28,785	)
Day One Biopharmaceuticals, Inc.		305		10/21/22		USD	27.37			USD	611		(8,839	)
Day One Biopharmaceuticals, Inc.		305		10/21/22		USD	25.00			USD	611		(53,375	)
Design Therapeutics, Inc.		400		10/21/22		USD	25.00			USD	669		(11,000	)
DexCom, Inc.		529		10/21/22		USD	96.05			USD	4,261		(15,939	)
DexCom, Inc.		628		10/21/22		USD	90.00			USD	5,058		(67,510	)
Edwards Lifesciences Corp.		98		10/21/22		USD	90.00			USD	810		(7,840	)
Elevance Health, Inc.		11		10/21/22		USD	510.00			USD	500		(935	)
Enanta Pharmaceuticals, Inc.		65		10/21/22		USD	70.00			USD	337		(16,575	)
Encompass Health Corp.		592		10/21/22		USD	55.00			USD	2,678		(44,400	)
Exact Sciences Corp.		502		10/21/22		USD	42.50			USD	1,631		(37,650	)
Exelixis, Inc.		959		10/21/22		USD	21.00	��		USD	1,504		(38,360	)
Galapagos NV, ADR		238		10/21/22		USD	55.00			USD	1,015		(4,760	)
Gilead Sciences, Inc.		407		10/21/22		USD	65.00			USD	2,511		(17,908	)
Glaukos Corp.		176		10/21/22		USD	62.50			USD	937		(11,440	)
Globus Medical, Inc., Class A		166		10/21/22		USD	67.50			USD	989		(11,620	)
Guardant Health, Inc.		248		10/21/22		USD	65.00			USD	1,335		(32,860	)
Halozyme Therapeutics, Inc.		402		10/21/22		USD	45.00			USD	1,590		(20,100	)
Henry Schein, Inc.		213		10/21/22		USD	75.00			USD	1,401		(3,195	)
Hologic, Inc.		187		10/21/22		USD	70.00			USD	1,207		(5,143	)
Hologic, Inc.		187		10/21/22		USD	65.00			USD	1,207		(37,867	)
Horizon Therapeutics PLC		550		10/21/22		USD	69.00			USD	3,404		(24,465	)
Immunocore Holdings PLC, ADR		193		10/21/22		USD	55.00			USD	906		(48,250	)
Insulet Corp.		117		10/21/22		USD	290.00			USD	2,684		(5,850	)
Ionis Pharmaceuticals, Inc.		750		10/21/22		USD	50.00			USD	3,317		(24,375	)
IQVIA Holdings, Inc.		232		10/21/22		USD	250.00			USD	4,202		(3,480	)
iRhythm Technologies, Inc.		145		10/21/22		USD	165.00			USD	1,817		(4,350	)
Karuna Therapeutics, Inc.		150		10/21/22		USD	260.00			USD	3,374		(39,375	)
Keros Therapeutics, Inc.		321		10/21/22		USD	45.00			USD	1,208		(28,088	)
Krystal Biotech, Inc.		50		10/21/22		USD	80.00			USD	349		(10,625	)
Legend Biotech Corp., ADR		313		10/21/22		USD	50.00			USD	1,277		(22,693	)
Masimo Corp.		113		10/21/22		USD	171.28			USD	1,595		(7,657	)
Mettler-Toledo International, Inc.		29		10/21/22		USD	1,350.00			USD	3,144		(13,920	)
Neurocrine Biosciences, Inc.		469		10/21/22		USD	110.00			USD	4,981		(117,250	)
Nevro Corp.		409		10/21/22		USD	55.00			USD	1,906		(26,585	)
Novocure Ltd.		204		10/21/22		USD	90.00			USD	1,550		(23,970	)
Omnicell, Inc.		225		10/21/22		USD	112.85			USD	1,958		(35,650	)
Penumbra, Inc.		250		10/21/22		USD	175.00			USD	4,740		(491,250	)
Prometheus Biosciences, Inc.		138		10/21/22		USD	70.00			USD	814		(23,805	)
Pulmonx Corp.		240		10/21/22		USD	25.00			USD	400		(18,000	)
QIAGEN NV		1,266		10/21/22		USD	50.00			USD	5,226		(25,320	)
R1 RCM, Inc.		1,000		10/21/22		USD	25.65			USD	1,853		(3,420	)
RAPT Therapeutics, Inc.		571		10/21/22		USD	28.05			USD	1,374		(69,060	)
ResMed, Inc.		314		10/21/22		USD	240.00			USD	6,855		(51,025	)
Revolution Medicines, Inc.		604		10/21/22		USD	25.00			USD	1,191		(18,120	)
Rhythm Pharmaceuticals, Inc.		931		10/21/22		USD	35.00			USD	2,281		(16,293	)
Sage Therapeutics, Inc.		449		10/21/22		USD	47.50			USD	1,758		(11,225	)
Sarepta Therapeutics, Inc.		325		10/21/22		USD	125.00			USD	3,593		(45,500	)
Seagen, Inc.		126		10/21/22		USD	175.00			USD	1,724		(10,080	)
Shockwave Medical, Inc.		91		10/21/22		USD	320.00			USD	2,530		(37,765	)
SI-BONE, Inc.		327		10/21/22		USD	20.00			USD	571		(21,255	)
Silk Road Medical, Inc.		355		10/21/22		USD	45.00			USD	1,598		(91,412	)
Tandem Diabetes Care, Inc.		165		10/21/22		USD	55.00			USD	790		(11,550	)
Teleflex, Inc.		53		10/21/22		USD	260.00			USD	1,068		(25,440	)
Twist Bioscience Corp.		327		10/21/22		USD	55.00			USD	1,152		(11,445	)
United Therapeutics Corp.		84		10/21/22		USD	230.00			USD	1,759		(13,020	)
UnitedHealth Group, Inc.		146		10/21/22		USD	540.00			USD	7,374		(52,925	)
Vertex Pharmaceuticals, Inc.		171		10/21/22		USD	300.00			USD	4,951		(95,760	)
Viridian Therapeutics, Inc.		569		10/21/22		USD	30.00			USD	1,167		(8,535	)
Waters Corp.		98		10/21/22		USD	340.00			USD	2,641		(1,960	)
West Pharmaceutical Services, Inc.		62		10/21/22		USD	340.00			USD	1,526		(29,760	)
Zoetis, Inc.		307		10/21/22		USD	175.00			USD	4,553		(75,215	)

5

Schedule of Investments (unaudited) (continued) September 30, 2022 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)
Align Technology, Inc.		58		10/28/22		USD	280.00		USD	1,201	$	(10,585	)
AmerisourceBergen Corp.		295		10/28/22		USD	142.00		USD	3,992		(54,575	)
AstraZeneca PLC, ADR		164		10/28/22		USD	59.00		USD	899		(7,872	)
Biogen, Inc.		46		10/28/22		USD	245.00		USD	1,228		(132,250	)
Boston Scientific Corp.		417		10/28/22		USD	40.00		USD	1,615		(38,572	)
Danaher Corp.		100		10/28/22		USD	280.00		USD	2,583		(27,000	)
Intuitive Surgical, Inc.		75		10/28/22		USD	235.00		USD	1,406		(6,750	)
Sarepta Therapeutics, Inc.		404		10/28/22		USD	120.00		USD	4,466		(151,500	)
Vertex Pharmaceuticals, Inc.		222		10/28/22		USD	300.00		USD	6,428		(188,700	)
SI-BONE, Inc.		327		11/03/22		USD	19.00		USD	571		(44,912	)
Danaher Corp.		100		11/04/22		USD	280.00		USD	2,583		(43,000	)
Elevance Health, Inc.		124		11/04/22		USD	490.00		USD	5,633		(76,260	)
Gilead Sciences, Inc.		408		11/04/22		USD	67.00		USD	2,517		(20,400	)
Intuitive Surgical, Inc.		76		11/04/22		USD	205.00		USD	1,425		(36,860	)
Tandem Diabetes Care, Inc.		165		11/04/22		USD	55.00		USD	790		(30,938	)
Thermo Fisher Scientific, Inc.		95		11/04/22		USD	540.00		USD	4,818		(73,625	)
Vertex Pharmaceuticals, Inc.		180		11/04/22		USD	300.00		USD	5,212		(194,400	)
Agilent Technologies, Inc.		284		11/09/22		USD	133.00		USD	3,452		(48,040	)
Waters Corp.		96		11/09/22		USD	288.00		USD	2,587		(70,403	)
Sarepta Therapeutics, Inc.		404		11/11/22		USD	125.00		USD	4,466		(167,660	)
10X Genomics, Inc., Class A		144		11/18/22		USD	40.00		USD	410		(17,640	)
908 Devices, Inc.		190		11/18/22		USD	22.50		USD	313		(8,550	)
ABIOMED, Inc.		167		11/18/22		USD	280.00		USD	4,103		(94,355	)
Agilent Technologies, Inc.		207		11/18/22		USD	145.00		USD	2,516		(11,385	)
Agilon Health, Inc.		684		11/18/22		USD	30.00		USD	1,602		(37,620	)
Alcon, Inc.		709		11/18/22		USD	72.50		USD	4,125		(14,180	)
Alkermes PLC		884		11/18/22		USD	27.00		USD	1,974		(24,310	)
Amedisys, Inc.		263		11/18/22		USD	130.00		USD	2,546		(23,013	)
Argenx SE, ADR		182		11/18/22		USD	410.00		USD	6,426		(128,310	)
Avantor, Inc.		8		11/18/22		USD	30.00		USD	16		(120	)
BioMarin Pharmaceutical, Inc.		587		11/18/22		USD	92.00		USD	4,976		(145,696	)
Bio-Techne Corp.		7		11/18/22		USD	343.00		USD	199		(2,048	)
Blueprint Medicines Corp.		334		11/18/22		USD	80.00		USD	2,201		(85,170	)
Boston Scientific Corp.		418		11/18/22		USD	41.00		USD	1,619		(38,665	)
Bruker Corp.		332		11/18/22		USD	57.50		USD	1,762		(69,720	)
Catalent, Inc.		365		11/18/22		USD	100.50		USD	2,641		(8,008	)
Cerevel Therapeutics Holdings, Inc.		455		11/18/22		USD	35.00		USD	1,286		(62,562	)
Chemed Corp.		34		11/18/22		USD	500.00		USD	1,484		(9,860	)
Cooper Cos., Inc.		235		11/18/22		USD	320.00		USD	6,202		(79,900	)
Day One Biopharmaceuticals, Inc.		300		11/18/22		USD	25.00		USD	601		(37,500	)
Design Therapeutics, Inc.		535		11/18/22		USD	25.00		USD	895		(219,350	)
Edwards Lifesciences Corp.		228		11/18/22		USD	105.00		USD	1,884		(7,980	)
Elevance Health, Inc.		10		11/18/22		USD	510.00		USD	454		(4,400	)
Encompass Health Corp.		592		11/18/22		USD	53.75		USD	2,678		(101,594	)
Exact Sciences Corp.		265		11/18/22		USD	42.50		USD	861		(41,075	)
Fate Therapeutics, Inc.		174		11/18/22		USD	35.00		USD	390		(20,010	)
Guardant Health, Inc.		499		11/18/22		USD	70.00		USD	2,686		(214,570	)
Halozyme Therapeutics, Inc.		452		11/18/22		USD	44.75		USD	1,787		(43,764	)
Hologic, Inc.		187		11/18/22		USD	70.00		USD	1,207		(20,570	)
Hologic, Inc.		187		11/18/22		USD	65.00		USD	1,207		(57,035	)
Horizon Therapeutics PLC		405		11/18/22		USD	75.00		USD	2,507		(37,463	)
Insmed, Inc.		401		11/18/22		USD	30.00		USD	864		(16,040	)
Insulet Corp.		117		11/18/22		USD	270.00		USD	2,684		(59,085	)
IQVIA Holdings, Inc.		174		11/18/22		USD	230.00		USD	3,152		(18,270	)
iRhythm Technologies, Inc.		46		11/18/22		USD	170.00		USD	576		(7,015	)
Legend Biotech Corp., ADR		313		11/18/22		USD	50.00		USD	1,277		(57,122	)
Masimo Corp.		114		11/18/22		USD	158.00		USD	1,609		(62,462	)
Neurocrine Biosciences, Inc.		469		11/18/22		USD	110.00		USD	4,981		(208,705	)
Novocure Ltd.		204		11/18/22		USD	95.00		USD	1,550		(67,830	)
Omnicell, Inc.		225		11/18/22		USD	110.00		USD	1,958		(22,500	)
Penumbra, Inc.		106		11/18/22		USD	204.00		USD	2,010		(96,141	)
PTC Therapeutics, Inc.		253		11/18/22		USD	60.00		USD	1,270		(27,830	)

SCHEDULE  OF  INVESTMENTS 6

Schedule of Investments (unaudited) (continued) September 30, 2022 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)
QIAGEN NV		799		11/18/22		USD	50.00		USD	3,298	$	(45,942	)
R1 RCM, Inc.		1,210		11/18/22		USD	25.00		USD	2,242		(24,200	)
ResMed, Inc.		315		11/18/22		USD	250.00		USD	6,876		(101,587	)
Revolution Medicines, Inc.		604		11/18/22		USD	25.00		USD	1,191		(147,980	)
Rhythm Pharmaceuticals, Inc.		673		11/18/22		USD	30.00		USD	1,649		(116,092	)
Rhythm Pharmaceuticals, Inc.		583		11/18/22		USD	35.00		USD	1,428		(56,842	)
Sage Therapeutics, Inc.		424		11/18/22		USD	47.50		USD	1,660		(34,980	)
Seagen, Inc.		126		11/18/22		USD	155.00		USD	1,724		(68,670	)
Shockwave Medical, Inc.		80		11/18/22		USD	340.00		USD	2,225		(64,000	)
Silk Road Medical, Inc.		300		11/18/22		USD	45.00		USD	1,350		(127,500	)
STAAR Surgical Co.		235		11/18/22		USD	115.00		USD	1,658		(7,050	)
Tandem Diabetes Care, Inc.		300		11/18/22		USD	55.00		USD	1,436		(76,500	)
Teleflex, Inc.		92		11/18/22		USD	270.00		USD	1,853		(42,320	)
Twist Bioscience Corp.		327		11/18/22		USD	46.00		USD	1,152		(60,628	)
Ultragenyx Pharmaceutical, Inc.		317		11/18/22		USD	55.00		USD	1,313		(30,115	)
United Therapeutics Corp.		94		11/18/22		USD	240.00		USD	1,968		(26,790	)
Vertex Pharmaceuticals, Inc.		180		11/18/22		USD	300.00		USD	5,212		(196,200	)
Waters Corp.		157		11/18/22		USD	330.00		USD	4,232		(34,540	)
West Pharmaceutical Services, Inc.		62		11/18/22		USD	320.00		USD	1,526		(4,030	)
Zoetis, Inc.		306		11/18/22		USD	171.00		USD	4,538		(30,746	)
Horizon Therapeutics PLC		290		11/28/22		USD	72.50		USD	1,795		(44,650	)
Incyte Corp.		415		12/08/22		USD	72.50		USD	2,766		(79,188	)
Insulet Corp.		175		12/16/22		USD	260.00		USD	4,015		(181,125	)
											$	(8,572,233	)

OTC Options Written

Description	Counterparty		Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Genmab A/S		Morgan Stanley & Co. International PLC		9,200		10/06/22		DKK	2,830.88		DKK	22,641	$	(207	)
Lonza Group AG		UBS AG		6,100		10/06/22		CHF	607.36		CHF	2,966		—
Convatec Group PLC		UBS AG		490,000		10/12/22		GBP	2.42		GBP	1,007		(22	)
Daiichi Sankyo Co. Ltd.		JPMorgan Chase Bank N.A.		62,000		10/12/22		JPY	3,781.05		JPY	250,604		(129,196	)
UCB SA		UBS AG		55,200		10/12/22		EUR	75.87		EUR	3,926		(7,280	)
Convatec Group PLC		JPMorgan Chase Bank N.A.		411,500		10/18/22		GBP	2.22		GBP	846		(3,731	)
Gerresheimer AG		Goldman Sachs International		22,000		10/18/22		EUR	58.16		EUR	1,107		(3,736	)
Daiichi Sankyo Co. Ltd.		JPMorgan Chase Bank N.A.		62,000		10/19/22		JPY	4,504.50		JPY	250,604		(1,548	)
Gerresheimer AG		Royal Bank of Canada		10,000		10/26/22		EUR	53.36		EUR	503		(12,692	)
Halozyme Therapeutics, Inc.		JPMorgan Chase Bank N.A.		37,700		10/27/22		USD	43.85		USD	1,491		(22,116	)
Halozyme Therapeutics, Inc.		Bank of America N.A.		37,700		11/01/22		USD	43.75		USD	1,491		(27,336	)
Convatec Group PLC		Morgan Stanley & Co. International PLC		510,000		11/02/22		GBP	2.33		GBP	1,049		(4,242	)
Globus Medical, Inc., Class A		Citibank N.A.		16,700		11/02/22		USD	63.12		USD	995		(22,331	)
Keros Therapeutics, Inc.		Barclays Bank PLC		32,000		11/02/22		USD	41.57		USD	1,204		(81,583	)
Bausch & Lomb Corp.		Barclays Bank PLC		80,900		11/03/22		USD	17.68		USD	1,241		(24,560	)
Day One Biopharmaceuticals, Inc.		Goldman Sachs International		30,000		11/03/22		USD	24.82		USD	601		(31,010	)
Alcon, Inc.		Citibank N.A.		46,600		11/04/22		USD	69.87		USD	2,711		(6,886	)
Genmab A/S		JPMorgan Chase Bank N.A.		1,900		11/04/22		DKK	2,836.08		DKK	4,676		(4,924	)
UCB SA		Morgan Stanley & Co. International PLC		55,000		11/04/22		EUR	73.07		EUR	3,912		(78,506	)
Alkermes PLC		Citibank N.A.		88,600		11/09/22		USD	25.41		USD	1,978		(38,733	)
Incyte Corp.		Barclays Bank PLC		64,600		11/11/22		USD	71.43		USD	4,305		(110,505	)
Daiichi Sankyo Co. Ltd.		Morgan Stanley & Co. International PLC		344,000		11/17/22		JPY	4,090.86		JPY	1,390,448		(421,646	)
Ionis Pharmaceuticals, Inc.		JPMorgan Chase Bank N.A.		74,800		11/17/22		USD	48.66		USD	3,308		(117,417	)
Exelixis, Inc.		JPMorgan Chase Bank N.A.		47,900		11/18/22		USD	19.00		USD	751		(22,558	)
Gerresheimer AG		Goldman Sachs International		15,000		11/22/22		EUR	51.43		EUR	755		(44,942	)
Wuxi Biologics Cayman, Inc.		Goldman Sachs International		394,000		11/22/22		HKD	53.44		HKD	18,676		(123,976	)
Alcon, Inc.		JPMorgan Chase Bank N.A.		71,400		11/29/22		USD	68.51		USD	4,154		(27,001	)
													$	(1,368,684	)

7

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Health Sciences Trust II (BMEZ)

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 Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. 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 financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Biotechnology	$	723,598,405		$	18,661,196		$	2,448,903	$	744,708,504
Diversified Financial Services		48,513,083			—			—		48,513,083
Electronic Equipment, Instruments & Components		4,508,682			—			—		4,508,682
Health Care Equipment & Supplies		415,729,314			10,024,799			—		425,754,113
Health Care Providers & Services		173,984,294			10,906,320			—		184,890,614
Health Care Technology		766,605			—			—		766,605
Life Sciences Tools & Services		220,421,320			28,480,433			—		248,901,753
Pharmaceuticals		54,335,032			74,777,953			—		129,112,985
Other Interests		—			—			3,923,810		3,923,810
Preferred Securities
Preferred Stocks		—			—			175,125,133		175,125,133
Warrants
Diversified Financial Services		5,991			6,261			—		12,252
Health Care Providers & Services		104,645			—			—		104,645
Pharmaceuticals		11,021			—			—		11,021
Short-Term Securities
Money Market Funds		49,134,733			—			—		49,134,733
	$	1,691,113,125		$	142,856,962		$	181,497,846		2,015,467,933
Investments Valued at NAV(a)										8,512,359
									$	2,023,980,292
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(7,457,980	)	$	(2,482,937	)	$	—	$	(9,940,917	)

^(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.

SCHEDULE  OF  INVESTMENTS 8

Schedule of Investments  (unaudited) (continued) September 30, 2022 BlackRock Health Sciences Trust II (BMEZ)

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		Other Interests			Preferred Stocks			Total
Assets
Opening balance, as of December 31, 2021	$	—	$	4,000,000		$	232,701,012		$	236,701,012
Transfers into Level 3		—		—			—			—
Transfers out of Level 3		—		—			—			—
Accrued discounts/premiums		—		—			—			—
Net realized gain (loss)		—		—			24,462,564			24,462,564
Net change in unrealized appreciation (depreciation)(a)		2,448,903		(76,190	)		(45,554,455	)		(43,181,742	)
Purchases		—		—			3,764,616			3,764,616
Sales		—		—			(40,248,604	)		(40,248,604	)
Closing balance, as of September 30, 2022	$	2,448,903	$	3,923,810		$	175,125,133		$	181,497,846
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022(a)	$	2,448,903	$	(76,190	)	$	(28,389,159	)	$	(26,016,446	)

^(a) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022 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 Valuation Committee to determine the value of certain of the Trust’s Level 3 financial instruments as of period end.

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Common Stocks	$	2,448,903	Income	Discount Rate	4%		—
Preferred Stocks		175,125,133	Market	Revenue Multiple	1.75x - 6.50x		5.01x
				EBITDA Multiple	10.00x		—
				Volatility	50% - 90%		67%
				Time to Exit	1.0 - 4.0 years		2.4 years
				Market Adjustment Multiple	0.45x - 1.00x		0.87x
			Income	Discount Rate	3%		—
Other Interests		3,923,810	Income	Discount Rate	4%		—
	$	181,497,846

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

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

9