BlackRock Health Sciences Trust II (BMEZ) NPORT-P BlackRock Health Sciences Trust II (Mar 2023 report)

Schedule of Investments (unaudited)  March 31, 2023 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 33.1%
Abbisko Cayman Ltd., (Acquired 10/29/21, Cost: $14,841,983)(a)		10,378,250	$	3,900,156
Acumen Pharmaceuticals, Inc.(b)		362,223		1,470,625
Affinivax, Inc., (Acquired 08/18/22, Cost: $0)(a)(c)		183,164		2,404,943
Alkermes PLC(b)		1,163,110		32,788,071
Allakos, Inc.(b)		136,405		607,002
Alnylam Pharmaceuticals, Inc.(b)(d)		177,747		35,606,279
Annexon, Inc.(b)		237,835		915,665
Antengene Corp. Ltd.		5,019,274		1,861,820
Apellis Pharmaceuticals, Inc.(b)		158,565		10,458,947
Arcus Biosciences, Inc.(b)		84,495		1,541,189
Arcutis Biotherapeutics, Inc.(b)(e)		511,332		5,624,652
Argenx SE, ADR(b)		32,964		12,281,727
Arrowhead Pharmaceuticals, Inc.(b)(e)		81,025		2,058,035
BeiGene Ltd., ADR(b)(e)		42,955		9,258,091
Biohaven Ltd.(b)		99,155		1,354,457
BioMarin Pharmaceutical, Inc.(b)		365,103		35,502,616
Biomea Fusion, Inc.(b)		196,945		6,107,264
Blueprint Medicines Corp.(b)(e)		282,940		12,729,471
Bridgebio Pharma, Inc.(b)		66,595		1,104,145
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)(a)(c)		2,430,833		9,601,790
Cerevel Therapeutics Holdings, Inc.(b)		266,656		6,503,740
Connect Biopharma Holdings Ltd.(b)		1,125,262		1,125,149
CRISPR Therapeutics AG(b)(e)		94,915		4,293,005
CureVac NV(b)(e)		257,233		1,792,914
Decibel Therapeutics, Inc.(b)		793,527		2,396,452
Design Therapeutics, Inc.(b)		446,731		2,577,638
Enanta Pharmaceuticals, Inc.(b)		20,508		829,344
EQRx, Inc.(b)		220,265		427,314
Everest Medicines Ltd.		3,113,667		6,112,011
Exact Sciences Corp.(b)		152,750		10,357,977
Exelixis, Inc.(b)		599,520		11,636,683
FibroGen, Inc.(b)		64,395		1,201,611
Frequency Therapeutics, Inc.(b)		231,775		116,583
Galapagos NV, ADR(b)		74,410		2,875,202
Genmab A/S(b)		34,827		13,164,790
Genmab A/S, ADR(b)(e)		114,086		4,307,887
Gilead Sciences, Inc.		254,765		21,137,852
Halozyme Therapeutics, Inc.(b)		224,005		8,554,751
Horizon Therapeutics PLC(b)		75,466		8,236,359
Immuneering Corp., Class A(b)(e)		696,696		6,764,918
Immunocore Holdings PLC, ADR(b)		59,868		2,959,874
Immunocore Holdings PLC		321,900		15,914,736
ImmunoGen, Inc.(b)		497,785		1,911,494
Incyte Corp.(b)		331,720		23,973,404
Ionis Pharmaceuticals, Inc.(b)		468,285		16,736,506
Iovance Biotherapeutics, Inc.(b)		168,215		1,027,794
IVERIC bio, Inc.(b)		86,080		2,094,326
Karuna Therapeutics, Inc.(b)		21,650		3,932,506
Keros Therapeutics, Inc.(b)		200,607		8,565,919
Kinnate Biopharma, Inc.(b)		295,538		1,847,113
Kronos Bio, Inc.(b)		284,272		415,037
Krystal Biotech, Inc.(b)		26,937		2,156,576
Legend Biotech Corp., ADR(b)		195,632		9,433,375
LianBio, Series A, ADR(b)		615,188		1,199,617
MacroGenics, Inc.(b)		190,555		1,366,279
Mirati Therapeutics, Inc.(b)		180,175		6,698,906
Monte Rosa Therapeutics, Inc.(b)(e)		764,573		5,956,024

Security	Shares		Value
Biotechnology (continued)
MoonLake Immunotherapeutics(b)(e)		113,635	$	2,430,653
Morphic Holding, Inc.(b)		49,995		1,881,812
Neurocrine Biosciences, Inc.(b)		268,575		27,185,161
Nuvalent, Inc., Class A(b)		158,475		4,134,613
Omega Therapeutics, Inc.(b)		151,887		915,879
PMV Pharmaceuticals, Inc.(b)		305,830		1,458,809
Prime Medicine, Inc.(b)(e)		412,139		5,069,310
Prometheus Biosciences, Inc.(b)		83,554		8,967,015
Protagonist Therapeutics, Inc.(b)		403,975		9,291,425
Prothena Corp. PLC(b)		126,646		6,138,532
PTC Therapeutics, Inc.(b)		72,150		3,494,946
Regeneron Pharmaceuticals, Inc.(b)(e)		37,070		30,459,307
Revolution Medicines, Inc.(b)(e)		377,632		8,179,509
Rhythm Pharmaceuticals, Inc.(b)		683,675		12,196,762
Rocket Pharmaceuticals, Inc.(b)(e)		252,097		4,318,422
Sage Therapeutics, Inc.(b)(e)		272,895		11,450,674
Sarepta Therapeutics, Inc.(b)(d)		114,544		15,787,600
Seagen, Inc.(b)(d)(f)		79,130		16,021,451
Sigilon Therapeutics, Inc.(b)		564,538		525,077
Swedish Orphan Biovitrum AB(b)		238,605		5,559,633
Tenaya Therapeutics, Inc.(b)		165,729		472,328
TScan Therapeutics, Inc.(b)		855,317		1,796,166
Twist Bioscience Corp.(b)		204,550		3,084,614
Ultragenyx Pharmaceutical, Inc.(b)		99,375		3,984,938
United Therapeutics Corp.(b)(d)		55,704		12,475,468
Vaxcyte, Inc.(b)		45,420		1,702,342
Vertex Pharmaceuticals, Inc.(b)(f)		176,460		55,597,252
Viking Therapeutics, Inc.(b)		235,245		3,916,829
Viridian Therapeutics, Inc.(b)		120,615		3,068,446
				669,343,584
Electronic Equipment, Instruments & Components — 0.1%
908 Devices, Inc.(b)(e)		274,084		2,357,123
Financial Services — 0.7%
DA32 Life Science Tech Acquisition Corp., Class A(b)(g)		1,496,819		15,147,808
Health Care Equipment & Supplies — 30.6%
Alcon, Inc.		736,189		51,930,772
Align Technology, Inc.(b)		59,390		19,844,575
Bausch & Lomb Corp.(b)		523,547		9,114,953
Boston Scientific Corp.(b)		455,830		22,805,175
CONMED Corp.		98,215		10,200,610
ConvaTec Group PLC(h)		4,411,215		12,465,270
Cooper Cos., Inc.		99,160		37,022,378
Dexcom, Inc.(b)		361,853		42,040,081
Glaukos Corp.(b)(e)		110,325		5,527,282
Heska Corp.(b)		100,565		9,817,155
Hologic, Inc.(b)(d)		382,175		30,841,522
Inspire Medical Systems, Inc.(b)		48,555		11,365,269
Insulet Corp.(b)		116,725		37,230,606
Intuitive Surgical, Inc.(b)		126,638		32,352,210
iRhythm Technologies, Inc.(b)		59,920		7,431,878
Masimo Corp.(b)(e)		126,490		23,342,465
Novocure Ltd.(b)(e)		213,335		12,829,967
Nyxoah SA(b)(e)		648,041		4,795,503
Omnicell, Inc.(b)		140,725		8,256,336
Orchestra BioMed Holdings, Inc.(b)(e)		233,344		4,566,542
Penumbra, Inc.(b)(e)		175,178		48,820,357
Pulmonx Corp.(b)		335,566		3,751,628
ResMed, Inc.(d)		209,646		45,910,377
Shockwave Medical, Inc.(b)		53,670		11,637,266

1

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
SI-BONE, Inc.(b)		204,910	$	4,030,580
Silk Road Medical, Inc.(b)		204,932		8,018,989
STAAR Surgical Co.(b)		73,525		4,701,924
STERIS PLC		158,875		30,389,610
Straumann Holding AG, Registered Shares		110,675		16,599,540
Stryker Corp.		127,940		36,523,032
Tandem Diabetes Care, Inc.(b)(d)		346,200		14,059,182
				618,223,034
Health Care Providers & Services — 3.2%
Amedisys, Inc.(b)		82,761		6,087,071
AmerisourceBergen Corp.		193,455		30,974,080
Chemed Corp.		10,662		5,733,490
Encompass Health Corp.(d)		128,868		6,971,759
Guardant Health, Inc.(b)		181,915		4,264,088
Kindstar Globalgene Technology, Inc.(b)(h)		4,092,500		1,039,999
R1 RCM, Inc.(b)		690,615		10,359,225
				65,429,712
Health Care Technology — 0.1%
Sophia Genetics SA(b)(e)		291,485		1,448,681
Life Sciences Tools & Services — 16.5%
10X Genomics, Inc., Class A(b)		196,435		10,959,109
Agilent Technologies, Inc.		74,530		10,310,480
Avantor, Inc.(b)(d)		664,444		14,046,346
Bio-Rad Laboratories, Inc., Class A(b)		20,190		9,671,414
Bio-Techne Corp.		136,220		10,106,162
Bruker Corp.		207,802		16,383,110
Cytek Biosciences, Inc.(b)(e)		506,752		4,657,051
Danaher Corp.		57,370		14,459,535
Gerresheimer AG		243,305		24,125,160
IQVIA Holdings, Inc.(b)		127,062		25,271,361
Mettler-Toledo International, Inc.(b)(d)		21,545		32,968,374
Pacific Biosciences of California, Inc.(b)		428,585		4,963,014
QIAGEN NV(b)		645,525		29,648,963
Rapid Micro Biosystems, Inc., Class A(b)		549,778		720,209
Repligen Corp.(b)(e)		138,220		23,270,719
Thermo Fisher Scientific, Inc.		29,690		17,112,425
Waters Corp.(b)		97,630		30,229,177
West Pharmaceutical Services, Inc.		134,085		46,456,430
Wuxi Biologics Cayman, Inc.(b)(h)		1,233,303		7,599,561
				332,958,600
Pharmaceuticals — 6.8%
Arvinas, Inc.(b)(e)		232,960		6,364,467
AstraZeneca PLC, ADR		245,200		17,019,332
Catalent, Inc.(b)		347,125		22,809,584
Daiichi Sankyo Co. Ltd.		561,200		20,471,249
Novo Nordisk A/S, Class B		68,565		10,889,580
Nuvation Bio, Inc.(b)		200,496		332,823
Pliant Therapeutics, Inc.(b)		134,378		3,574,455
Reata Pharmaceuticals, Inc., Class A(b)		40,405		3,673,623
Structure Therapeutics, Inc.(b)		164,062		3,903,035
UCB SA		344,377		30,779,084

Security	Shares		Value
Pharmaceuticals (continued)
Ventyx Biosciences, Inc.(b)		29,855	$	1,000,142
Zoetis, Inc.(d)		101,710		16,928,612
				137,745,986
Total Common Stocks — 91.1% (Cost: $1,860,307,235)				1,842,654,528
	Benefical Interest (000)
Other Interests
Biotechnology — 0.2%
Vividion Therapeutics, Inc.(a)(c)(i)	$	3,810		4,266,667
Total Other Interests — 0.2% (Cost: $ — )				4,266,667
	Shares
Preferred Securities
Preferred Stocks — 8.5%
Biotechnology(a) — 2.4%
Amunix Pharmaceuticals, Inc., Series B, (Acquired 02/08/22, Cost: $0)(c)		5,657,068		3,620,524
Bright Peak Therapeutics AG, Series B, (Acquired 05/14/21, Cost: $8,000,004)(c)		2,048,132		4,219,152
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847)(c)		3,850,718		1,270,737
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156)(c)		482,077		12,148,341
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000)(c)		2,793,833		5,783,234
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $9,549,916)(c)		3,913,900		9,549,916
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996)(c)		1,394,189		6,050,780
OnKure, Inc., (Acquired 03/24/23, Cost: $7,022,595)		2,541,380		7,022,595
				49,665,279
Financial Services — 1.1%
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000)(a)(c)		10,696,226		23,210,810
Health Care Equipment & Supplies(a)(c) — 0.8%
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003)		2,257,597		6,343,848
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998)		2,379,480		6,710,134
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930)		2,078,042		2,992,380
				16,046,362
Health Care Providers & Services(a)(c) — 1.4%
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)		382,775		10,403,824

SCHEDULE  OF  INVESTMENTS 2

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Numab Therapeutics AG, Series C, (Acquired 05/07/21, Cost: $7,770,441)		815,851	$	7,632,859
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890)		115,766,240		9,996,641
				28,033,324
Life Sciences Tools & Services — 0.5%
Sartorius AG, Preference Shares		22,700		9,567,056
Pharmaceuticals(a)(c) — 0.6%
Insitro, Inc.
Series B, (Acquired 05/21/20, Cost: $4,999,999)		802,478		9,332,819
Series C, (Acquired 03/10/21, Cost: $3,600,018)		196,818		2,288,994
				11,621,813
Semiconductors & Semiconductor Equipment — 0.7%
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,996)(a)(c)		571,947		13,715,289
Software — 1.0%
Carbon Health Technologies, Inc., (Acquired 02/02/23, Cost: $17,100,000)(a)(c)		1,694,781		20,100,103
				171,960,036
Total Preferred Securities — 8.5% (Cost: $184,215,589)				171,960,036
Rights
Health Care Equipment & Supplies — 0.0%
Abiomed, Inc.(c)		98,636		275,194
Total Rights — 0.0% (Cost: $100,609)				275,194
Warrants
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		32,440
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		8,265
Total Warrants — 0.0% (Cost: $227,725)				40,705
Total Long-Term Investments — 99.8% (Cost: $2,044,851,158)				2,019,197,130

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%(g)(j)		26,850,983	$	26,850,983
SL Liquidity Series, LLC, Money Market Series, 5.01%(g)(j)(k)		23,448,750		23,448,750
Total Short-Term Securities — 2.5% (Cost: $50,300,840)				50,299,733
Total Investments Before Options Written — 102.3% (Cost: $2,095,151,998)				2,069,496,863
Options Written — (1.0)% (Premiums Received: $(19,213,428))				(20,411,251	)
Total Investments, Net of Options Written — 101.3% (Cost: $2,075,938,570)				2,049,085,612
Liabilities in Excess of Other Assets — (1.3)%				(25,624,973	)
Net Assets — 100.0%			$	2,023,460,639

^(a)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $182,566,536, representing 9.0% of its net assets as of period end, and an original cost of $203,270,756.

^(b)  Non-income producing security.

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

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

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

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

^(g)  Affiliate of the Trust.

^(h)  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.

⁽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) March 31, 2023 BlackRock Health Sciences Trust II (BMEZ)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	83,001,707	$	—		$	(56,150,724	)(a)	$	—		$	—		$	26,850,983		26,850,983	$	490,561		$	—
DA32 Life Science Tech Acquisition Corp., Class A		14,818,508		—			—			—			329,300			15,147,808		1,496,819		—			—
SL Liquidity Series, LLC, Money Market Series		1,828,050		21,622,029	(a)		—			(23	)		(1,306	)		23,448,750		23,448,750		133,149	(b)		—
									$	(23	)	$	327,994		$	65,447,541			$	623,710		$	—

^(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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	34,753,900		USD	23,250,307	BNP Paribas SA		06/15/23	$	41,661
DKK	66,913,000		USD	9,703,078	BNP Paribas SA		06/15/23		84,268
EUR	13,184,700		USD	14,227,610	BNP Paribas SA		06/15/23		129,231
EUR	30,956,300		USD	33,396,145	BNP Paribas SA		06/15/23		312,218
GBP	651,000		USD	793,862	BNP Paribas SA		06/15/23		10,356
JPY	1,672,358,400		USD	12,723,361	BNP Paribas SA		06/15/23		4,822
JPY	2,040,830,600		USD	15,529,157	BNP Paribas SA		06/15/23		3,437
									585,993
CHF	37,402,900		USD	41,480,426	BNP Paribas SA		06/15/23		(282,965	)
								$	303,028

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Avantor, Inc.		333		04/03/23		USD	24.50		USD	704	$	—
Avantor, Inc.		448		04/03/23		USD	25.29		USD	947		—
Revolution Medicines, Inc.		302		04/03/23		USD	26.50		USD	654		(2	)
Gilead Sciences, Inc.		204		04/06/23		USD	82.00		USD	1,693		(28,968	)
Intuitive Surgical, Inc.		76		04/06/23		USD	245.00		USD	1,942		(88,920	)
Align Technology, Inc.		133		04/14/23		USD	360.00		USD	4,444		(25,270	)
AstraZeneca PLC, ADR		620		04/14/23		USD	67.00		USD	4,303		(174,220	)
Danaher Corp.		100		04/14/23		USD	250.00		USD	2,520		(69,500	)
Intuitive Surgical, Inc.		165		04/14/23		USD	245.00		USD	4,215		(206,250	)
Thermo Fisher Scientific, Inc.		47		04/14/23		USD	560.00		USD	2,709		(93,060	)
Vertex Pharmaceuticals, Inc.		166		04/14/23		USD	300.00		USD	5,230		(280,540	)
Cerevel Therapeutics Holdings, Inc.		398		04/17/23		USD	37.38		USD	971		(1,266	)
10X Genomics, Inc., Class A		335		04/21/23		USD	50.00		USD	1,869		(232,825	)
Agilent Technologies, Inc.		208		04/21/23		USD	159.00		USD	2,877		(1,364	)
Agilent Technologies, Inc.		151		04/21/23		USD	155.00		USD	2,089		(12,080	)
Alcon, Inc.		714		04/21/23		USD	75.00		USD	5,037		(42,840	)
Alkermes PLC		976		04/21/23		USD	29.00		USD	2,751		(39,040	)
Alnylam Pharmaceuticals, Inc.		105		04/21/23		USD	250.00		USD	2,103		(21,000	)
Alnylam Pharmaceuticals, Inc.		463		04/21/23		USD	200.00		USD	9,275		(412,070	)
Amedisys, Inc.		262		04/21/23		USD	100.00		USD	1,927		(17,030	)
Amedisys, Inc.		263		04/21/23		USD	105.00		USD	1,934		(21,040	)

SCHEDULE  OF  INVESTMENTS 4

Schedule of Investments (unaudited) (continued) March 31, 2023 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)
AmerisourceBergen Corp.		81		04/21/23		USD	160.00		USD	1,297	$	(25,718	)
AmerisourceBergen Corp.		148		04/21/23		USD	157.50		USD	2,370		(69,560	)
Apellis Pharmaceuticals, Inc.		259		04/21/23		USD	65.00		USD	1,708		(94,535	)
Arcutis Biotherapeutics, Inc.		1,636		04/21/23		USD	12.50		USD	1,800		(57,260	)
Argenx SE, ADR		133		04/21/23		USD	400.00		USD	4,955		(49,543	)
Arrowhead Pharmaceuticals, Inc.		130		04/21/23		USD	40.00		USD	330		(5,200	)
Arvinas, Inc.		491		04/21/23		USD	40.00		USD	1,341		(235,680	)
Avantor, Inc.		448		04/21/23		USD	25.29		USD	947		(1,466	)
BioMarin Pharmaceutical, Inc.		581		04/21/23		USD	115.00		USD	5,650		(40,670	)
Biomea Fusion, Inc.		305		04/21/23		USD	30.00		USD	946		(95,312	)
Bio-Techne Corp.		191		04/21/23		USD	82.50		USD	1,417		(56,345	)
Boston Scientific Corp.		49		04/21/23		USD	47.74		USD	245		(13,258	)
Boston Scientific Corp.		704		04/21/23		USD	49.00		USD	3,522		(109,120	)
Bruker Corp.		332		04/21/23		USD	76.25		USD	2,617		(143,347	)
Catalent, Inc.		555		04/21/23		USD	75.00		USD	3,647		(79,087	)
Chemed Corp.		34		04/21/23		USD	530.00		USD	1,828		(47,770	)
Cooper Cos., Inc.		90		04/21/23		USD	350.00		USD	3,360		(233,550	)
Danaher Corp.		83		04/21/23		USD	260.00		USD	2,092		(20,128	)
Design Therapeutics, Inc.		714		04/21/23		USD	10.00		USD	412		(14,280	)
Dexcom, Inc.		580		04/21/23		USD	120.00		USD	6,738		(129,050	)
Encompass Health Corp.		892		04/21/23		USD	65.00		USD	4,826		(31,220	)
Exact Sciences Corp.		77		04/21/23		USD	72.50		USD	522		(8,470	)
Exelixis, Inc.		960		04/21/23		USD	18.39		USD	1,863		(129,708	)
FibroGen, Inc.		318		04/21/23		USD	22.50		USD	593		(12,720	)
Galapagos NV, ADR		119		04/21/23		USD	40.00		USD	460		(5,950	)
Gilead Sciences, Inc.		204		04/21/23		USD	82.00		USD	1,693		(46,206	)
Glaukos Corp.		261		04/21/23		USD	52.50		USD	1,308		(31,973	)
Hologic, Inc.		374		04/21/23		USD	85.00		USD	3,018		(8,415	)
Hologic, Inc.		424		04/21/23		USD	80.00		USD	3,422		(86,920	)
Horizon Therapeutics PLC		241		04/21/23		USD	110.00		USD	2,630		(15,063	)
Immunocore Holdings PLC, ADR		191		04/21/23		USD	70.00		USD	944		(16,235	)
Incyte Corp.		646		04/21/23		USD	82.50		USD	4,669		(3,230	)
Insulet Corp.		175		04/21/23		USD	320.00		USD	5,582		(160,125	)
Insulet Corp.		91		04/21/23		USD	312.52		USD	2,903		(129,166	)
Ionis Pharmaceuticals, Inc.		750		04/21/23		USD	40.00		USD	2,681		(3,750	)
IQVIA Holdings, Inc.		232		04/21/23		USD	220.00		USD	4,614		(7,540	)
iRhythm Technologies, Inc.		96		04/21/23		USD	120.00		USD	1,191		(77,280	)
Keros Therapeutics, Inc.		321		04/21/23		USD	60.00		USD	1,371		(160,500	)
Krystal Biotech, Inc.		44		04/21/23		USD	85.00		USD	352		(18,480	)
Legend Biotech Corp., ADR		312		04/21/23		USD	50.00		USD	1,504		(24,960	)
Masimo Corp.		234		04/21/23		USD	165.00		USD	4,318		(501,930	)
Mettler-Toledo International, Inc.		68		04/21/23		USD	1,610.00		USD	10,405		(64,600	)
Novocure Ltd.		289		04/21/23		USD	100.00		USD	1,738		(20,230	)
Novocure Ltd.		393		04/21/23		USD	75.00		USD	2,364		(21,615	)
Omnicell, Inc.		225		04/21/23		USD	60.00		USD	1,320		(74,250	)
Penumbra, Inc.		560		04/21/23		USD	270.00		USD	15,607		(848,400	)
Prometheus Biosciences, Inc.		175		04/21/23		USD	145.00		USD	1,878		(61,250	)
PTC Therapeutics, Inc.		230		04/21/23		USD	48.00		USD	1,114		(82,225	)
QIAGEN NV		996		04/21/23		USD	50.00		USD	4,575		(199,200	)
R1 RCM, Inc.		1,105		04/21/23		USD	14.25		USD	1,658		(132,378	)
Regeneron Pharmaceuticals, Inc.		63		04/21/23		USD	785.00		USD	5,177		(278,145	)
ResMed, Inc.		220		04/21/23		USD	220.00		USD	4,818		(99,000	)
Revolution Medicines, Inc.		604		04/21/23		USD	30.10		USD	1,308		(3,236	)
Rhythm Pharmaceuticals, Inc.		931		04/21/23		USD	30.00		USD	1,661		(16,293	)
Rocket Pharmaceuticals, Inc.		806		04/21/23		USD	22.50		USD	1,381		(12,090	)
Sage Therapeutics, Inc.		449		04/21/23		USD	47.50		USD	1,884		(23,573	)
Sarepta Therapeutics, Inc.		263		04/21/23		USD	150.00		USD	3,625		(48,655	)
Shockwave Medical, Inc.		80		04/21/23		USD	220.00		USD	1,735		(59,200	)
Silk Road Medical, Inc.		355		04/21/23		USD	55.00		USD	1,389		(1,775	)
STAAR Surgical Co.		118		04/21/23		USD	80.00		USD	755		(8,850	)
STERIS PLC		72		04/21/23		USD	200.00		USD	1,377		(19,620	)
STERIS PLC		436		04/21/23		USD	185.00		USD	8,340		(396,760	)

5

Schedule of Investments (unaudited) (continued) March 31, 2023 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)
Stryker Corp.		204		04/21/23		USD	270.00		USD	5,824	$	(341,700	)
Tandem Diabetes Care, Inc.		381		04/21/23		USD	43.78		USD	1,547		(45,932	)
Thermo Fisher Scientific, Inc.		48		04/21/23		USD	570.00		USD	2,767		(79,680	)
Twist Bioscience Corp.		654		04/21/23		USD	30.00		USD	986		(6,540	)
Ultragenyx Pharmaceutical, Inc.		317		04/21/23		USD	50.00		USD	1,271		(15,058	)
United Therapeutics Corp.		94		04/21/23		USD	240.00		USD	2,105		(27,730	)
Vaxcyte, Inc.		145		04/21/23		USD	40.00		USD	543		(11,600	)
Ventyx Biosciences, Inc.		95		04/21/23		USD	50.00		USD	318		(47,500	)
Vertex Pharmaceuticals, Inc.		176		04/21/23		USD	315.00		USD	5,545		(132,000	)
Viridian Therapeutics, Inc.		385		04/21/23		USD	35.00		USD	979		(9,625	)
Waters Corp.		160		04/21/23		USD	340.00		USD	4,954		(26,400	)
West Pharmaceutical Services, Inc.		62		04/21/23		USD	320.00		USD	2,148		(175,770	)
Zoetis, Inc.		19		04/21/23		USD	172.00		USD	316		(2,231	)
Zoetis, Inc.		306		04/27/23		USD	167.00		USD	5,093		(151,228	)
Align Technology, Inc.		57		04/28/23		USD	330.00		USD	1,905		(123,405	)
AmerisourceBergen Corp.		81		04/28/23		USD	155.00		USD	1,297		(55,890	)
AmerisourceBergen Corp.		148		04/28/23		USD	160.00		USD	2,370		(45,510	)
Gilead Sciences, Inc.		407		04/28/23		USD	81.00		USD	3,377		(127,798	)
Intuitive Surgical, Inc.		92		04/28/23		USD	265.00		USD	2,350		(54,740	)
Sarepta Therapeutics, Inc.		103		04/28/23		USD	141.00		USD	1,420		(58,195	)
Vertex Pharmaceuticals, Inc.		222		04/28/23		USD	315.00		USD	6,995		(208,680	)
Alcon, Inc.		821		05/01/23		USD	68.50		USD	5,791		(318,540	)
AstraZeneca PLC, ADR		164		05/05/23		USD	71.00		USD	1,138		(22,550	)
Exact Sciences Corp.		411		05/05/23		USD	71.00		USD	2,787		(121,245	)
Intuitive Surgical, Inc.		75		05/05/23		USD	255.00		USD	1,916		(85,125	)
Bausch & Lomb Corp.		458		05/09/23		USD	17.50		USD	797		(41,429	)
AmerisourceBergen Corp.		161		05/12/23		USD	165.00		USD	2,578		(42,263	)
BioMarin Pharmaceutical, Inc.		587		05/12/23		USD	96.50		USD	5,708		(298,246	)
Regeneron Pharmaceuticals, Inc.		55		05/12/23		USD	840.00		USD	4,519		(123,475	)
10X Genomics, Inc., Class A		293		05/19/23		USD	55.00		USD	1,635		(161,150	)
Agilent Technologies, Inc.		207		05/19/23		USD	150.00		USD	2,864		(28,980	)
Alcon, Inc.		821		05/19/23		USD	70.00		USD	5,791		(281,192	)
Alkermes PLC		885		05/19/23		USD	29.00		USD	2,495		(95,137	)
Arrowhead Pharmaceuticals, Inc.		129		05/19/23		USD	25.00		USD	328		(26,123	)
Arvinas, Inc.		126		05/19/23		USD	31.65		USD	344		(21,524	)
Avantor, Inc.		897		05/19/23		USD	22.50		USD	1,896		(62,790	)
Bausch & Lomb Corp.		325		05/19/23		USD	17.50		USD	566		(34,938	)
BeiGene Ltd., ADR		137		05/19/23		USD	250.00		USD	2,953		(54,457	)
Bio-Techne Corp.		244		05/19/23		USD	76.50		USD	1,810		(63,120	)
Blueprint Medicines Corp.		450		05/19/23		USD	50.00		USD	2,025		(118,125	)
Boston Scientific Corp.		705		05/19/23		USD	49.00		USD	3,527		(170,962	)
Bruker Corp.		332		05/19/23		USD	77.50		USD	2,617		(167,660	)
Catalent, Inc.		555		05/19/23		USD	70.50		USD	3,647		(296,253	)
Cerevel Therapeutics Holdings, Inc.		455		05/19/23		USD	25.00		USD	1,110		(85,312	)
CONMED Corp.		314		05/19/23		USD	110.00		USD	3,261		(153,860	)
Cooper Cos., Inc.		227		05/19/23		USD	370.00		USD	8,475		(387,035	)
CRISPR Therapeutics AG		303		05/19/23		USD	50.00		USD	1,370		(58,327	)
Dexcom, Inc.		577		05/19/23		USD	125.00		USD	6,704		(230,800	)
Exelixis, Inc.		958		05/19/23		USD	18.00		USD	1,859		(189,205	)
Galapagos NV, ADR		119		05/19/23		USD	45.00		USD	460		(6,545	)
Genmab A/S, ADR		365		05/19/23		USD	40.00		USD	1,378		(64,787	)
Glaukos Corp.		91		05/19/23		USD	52.50		USD	456		(21,385	)
Halozyme Therapeutics, Inc.		339		05/19/23		USD	40.00		USD	1,295		(68,647	)
Hologic, Inc.		424		05/19/23		USD	80.01		USD	3,422		(140,609	)
Incyte Corp.		415		05/19/23		USD	75.00		USD	2,999		(52,913	)
Inspire Medical Systems, Inc.		154		05/19/23		USD	280.00		USD	3,605		(38,885	)
Insulet Corp.		108		05/19/23		USD	340.00		USD	3,445		(100,440	)
Ionis Pharmaceuticals, Inc.		748		05/19/23		USD	40.00		USD	2,673		(35,530	)
IQVIA Holdings, Inc.		174		05/19/23		USD	210.00		USD	3,461		(81,780	)
iRhythm Technologies, Inc.		95		05/19/23		USD	125.00		USD	1,178		(86,450	)
Karuna Therapeutics, Inc.		69		05/19/23		USD	220.00		USD	1,253		(8,970	)
Krystal Biotech, Inc.		44		05/19/23		USD	95.00		USD	352		(14,080	)

SCHEDULE  OF  INVESTMENTS 6

Schedule of Investments (unaudited) (continued) March 31, 2023 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)
Legend Biotech Corp., ADR		314		05/19/23		USD	55.00		USD	1,514	$	(79,285	)
Masimo Corp.		170		05/19/23		USD	175.00		USD	3,137		(288,150	)
Omnicell, Inc.		225		05/19/23		USD	60.00		USD	1,320		(86,625	)
Prometheus Biosciences, Inc.		92		05/19/23		USD	125.00		USD	987		(48,300	)
Prothena Corp. PLC		405		05/19/23		USD	55.00		USD	1,963		(66,825	)
QIAGEN NV		1,069		05/19/23		USD	50.00		USD	4,910		(72,157	)
R1 RCM, Inc.		1,104		05/19/23		USD	15.00		USD	1,656		(126,960	)
Repligen Corp.		442		05/19/23		USD	190.00		USD	7,442		(203,320	)
ResMed, Inc.		450		05/19/23		USD	220.00		USD	9,855		(402,750	)
Revolution Medicines, Inc.		302		05/19/23		USD	25.00		USD	654		(21,140	)
Rhythm Pharmaceuticals, Inc.		583		05/19/23		USD	20.00		USD	1,040		(75,790	)
Sage Therapeutics, Inc.		424		05/19/23		USD	47.50		USD	1,779		(60,420	)
Shockwave Medical, Inc.		91		05/19/23		USD	220.00		USD	1,973		(134,680	)
STAAR Surgical Co.		117		05/19/23		USD	70.00		USD	748		(36,855	)
Stryker Corp.		205		05/19/23		USD	280.00		USD	5,852		(290,075	)
Tandem Diabetes Care, Inc.		381		05/19/23		USD	50.00		USD	1,547		(44,768	)
United Therapeutics Corp.		84		05/19/23		USD	280.00		USD	1,881		(21,840	)
Waters Corp.		157		05/19/23		USD	330.00		USD	4,861		(109,115	)
West Pharmaceutical Services, Inc.		233		05/19/23		USD	360.00		USD	8,073		(304,065	)
West Pharmaceutical Services, Inc.		134		05/19/23		USD	329.00		USD	4,643		(394,475	)
Alkermes PLC		976		06/06/23		USD	29.12		USD	2,751		(129,606	)
											$	(16,444,607	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Pulmonx Corp.	Citibank N.A.		53,000		04/03/23		USD	9.10		USD	593	$	(110,462	)
Daiichi Sankyo Co. Ltd.	JPMorgan Chase Bank N.A.		344,000		04/04/23		JPY	4,374.24		JPY	1,658,768		(1,177,841	)
Bausch & Lomb Corp.	UBS AG		45,900		04/05/23		USD	17.25		USD	799		(19,406	)
ConvaTec Group PLC	Morgan Stanley & Co. International PLC		490,000		04/05/23		GBP	2.27		GBP	1,120		(16,369	)
Genmab A/S	Morgan Stanley & Co. International PLC		9,200		04/05/23		DKK	2,707.91		DKK	23,819		(2,690	)
UCB SA	Royal Bank of Canada		27,600		04/05/23		EUR	83.41		EUR	2,275		(17,105	)
908 Devices, Inc.	Citibank N.A.		43,800		04/10/23		USD	10.12		USD	377		(784	)
Gerresheimer AG	UBS AG		14,900		04/11/23		EUR	78.58		EUR	1,358		(213,265	)
Neurocrine Biosciences, Inc.	Barclays Bank PLC		39,000		04/11/23		USD	107.00		USD	3,948		(12,961	)
Sartorius AG, Preference Shares	Goldman Sachs International		5,000		04/11/23		EUR	463.51		EUR	1,935		(735	)
Wuxi Biologics Cayman, Inc.	JPMorgan Chase Bank N.A.		394,000		04/11/23		HKD	65.46		HKD	19,148		(12	)
Daiichi Sankyo Co. Ltd.	BNP Paribas SA		62,000		04/13/23		JPY	4,411.49		JPY	298,964		(217,673	)
UCB SA	Royal Bank of Canada		27,600		04/13/23		EUR	83.41		EUR	2,275		(35,161	)
Gerresheimer AG	Morgan Stanley & Co. International PLC		14,900		04/18/23		EUR	79.75		EUR	1,358		(208,227	)
Halozyme Therapeutics, Inc.	Citibank N.A.		37,700		04/21/23		USD	51.47		USD	1,440		(512	)
Bausch & Lomb Corp.	JPMorgan Chase Bank N.A.		43,300		04/24/23		USD	18.35		USD	754		(15,841	)
Pulmonx Corp.	Citibank N.A.		53,000		04/24/23		USD	9.25		USD	593		(114,425	)
Novo Nordisk A/S, Class B	JPMorgan Chase Bank N.A.		22,000		04/26/23		DKK	1,050.01		DKK	23,888		(158,731	)
Genmab A/S	JPMorgan Chase Bank N.A.		1,900		04/27/23		DKK	2,591.43		DKK	4,919		(20,910	)
Gerresheimer AG	UBS AG		20,000		04/27/23		EUR	93.73		EUR	1,823		(99,098	)
UCB SA	Morgan Stanley & Co. International PLC		55,000		04/27/23		EUR	79.79		EUR	4,534		(246,716	)
Daiichi Sankyo Co. Ltd.	Citibank N.A.		62,000		05/02/23		JPY	4,526.08		JPY	298,964		(192,958	)
Rhythm Pharmaceuticals, Inc.	Barclays Bank PLC		67,300		05/04/23		USD	28.00		USD	1,201		(15,025	)
908 Devices, Inc.	Citibank N.A.		43,800		05/08/23		USD	10.12		USD	377		(15,704	)
Alkermes PLC	JPMorgan Chase Bank N.A.		88,400		05/08/23		USD	27.31		USD	2,492		(162,134	)
ConvaTec Group PLC	UBS AG		510,000		05/10/23		GBP	2.25		GBP	1,166		(39,705	)
Gerresheimer AG	Goldman Sachs International		28,000		05/10/23		EUR	98.28		EUR	2,552		(108,852	)
Swedish Orphan Biovitrum AB	Morgan Stanley & Co. International PLC		38,200		05/10/23		SEK	247.36		SEK	9,225		(19,934	)
Neurocrine Biosciences, Inc.	Barclays Bank PLC		46,900		05/15/23		USD	100.47		USD	4,747		(210,754	)
Straumann Holding AG, ADR	UBS AG		35,400		05/16/23		CHF	131.04		CHF	4,827		(356,265	)
ConvaTec Group PLC	Morgan Stanley & Co. International PLC		411,500		05/17/23		GBP	2.26		GBP	941		(32,432	)

7

Schedule of Investments (unaudited) (continued) March 31, 2023 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)
Swedish Orphan Biovitrum AB	Morgan Stanley & Co. International PLC		38,100		05/23/23		SEK	247.42		SEK	9,201	$	(27,181	)
Tandem Diabetes Care, Inc.	BNP Paribas SA		34,500		06/16/23		USD	45.34		USD	1,401		(96,776	)
												$	(3,966,644	)

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”) as a practical expedient 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	$	630,638,597	$	26,698,254	$	12,006,733	$	669,343,584
Electronic Equipment, Instruments & Components		2,357,123		—		—		2,357,123
Financial Services		15,147,808		—		—		15,147,808
Health Care Equipment & Supplies		589,158,224		29,064,810		—		618,223,034
Health Care Providers & Services		64,389,713		1,039,999		—		65,429,712
Health Care Technology		1,448,681		—		—		1,448,681
Life Sciences Tools & Services		301,233,879		31,724,721		—		332,958,600
Pharmaceuticals		75,606,073		62,139,913		—		137,745,986
Other Interests		—		—		4,266,667		4,266,667
Preferred Securities
Preferred Stocks		—		16,589,651		155,370,385		171,960,036
Rights		—		—		275,194		275,194
Warrants		40,705		—		—		40,705
Short-Term Securities
Money Market Funds		26,850,983		—		—		26,850,983
	$	1,706,871,786	$	167,257,348	$	171,918,979		2,046,048,113
Investments Valued at NAV(a)								23,448,750
							$	2,069,496,863

SCHEDULE  OF  INVESTMENTS 8

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Health Sciences Trust II (BMEZ)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(b)
Assets
Foreign Currency Exchange Contracts	$	—		$	585,993		$	—	$	585,993
Liabilities
Equity Contracts		(13,986,223	)		(6,425,028	)		—		(20,411,251	)
Foreign Currency Exchange Contracts		—			(282,965	)		—		(282,965	)
	$	(13,986,223	)	$	(6,122,000	)	$	—	$	(20,108,223	)

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

^(b)  Derivative financial instruments are forward foreign currency exchange contracts and options written. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

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

	Common Stocks			Other Interests		Preferred Stocks			Rights		Total
Assets
Opening balance, as of December 31, 2022	$	12,093,187		$	4,076,191	$	158,791,702			—	$	174,961,080
Transfers into Level 3		—			—		—			—		—
Transfers out of Level 3		—			—		—			—		—
Other(a)		(100,609	)		—		—			100,609		—
Accrued discounts/premiums		—			—		—			—		—
Net realized gain (loss)		—			—		—			—		—
Net change in unrealized appreciation (depreciation)(b)		14,155			190,476		1,078,682			174,585		1,457,898
Purchases		—			—		17,100,002			—		17,100,002
Sales		—			—		(21,600,001	)		—		(21,600,001	)
Closing balance, as of March 31, 2023	$	12,006,733		$	4,266,667	$	155,370,385			275,194	$	171,918,979
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023(b)	$	14,155		$	190,476	$	1,485,098			174,585	$	1,864,314

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

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023 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 (the “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 $275,194. 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
Common Stocks	$	12,006,733	Income	Discount Rate	5%		—
			Market	Volatility	70%		—
				Time to Exit	2.0 years		—
				Market Adjustment Multiple	1.00x		—
Preferred Stocks		155,370,385	Market	Revenue Multiple	1.50x - 7.25x	��	4.09x
				EBITDA Multiple	10.00x		—
				Volatility	50% - 100%		65%
				Time to Exit	1.0 -  4.0 years		2.4 years
				Market Adjustment Multiple	0.45x - 1.00x		0.90x
			Income	Discount Rate	6%		—
Other Interests		4,266,667	Income	Discount Rate	6%		—

9

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Health Sciences Trust II (BMEZ)

	Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
$	171,643,785

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

Currency Abbreviation
AUD	Australian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
SEK	Swedish Krona
USD	United States Dollar
Portfolio Abbreviation
ADR	American Depositary Receipt

SCHEDULE  OF  INVESTMENTS 10