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

Schedule of Investments  (unaudited)  September 30, 2023 BlackRock Health Sciences Term Trust (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 42.4%
4D Molecular Therapeutics, Inc.(a)		95,330	$	1,213,551
Abbisko Cayman Ltd., (Acquired 10/29/21, Cost: $14,841,983)(b)		10,378,250		3,538,514
Abcam PLC, ADR(a)		976,460		22,097,290
ABCURO, Series B(c)		546,477		3,000,159
Acumen Pharmaceuticals, Inc.(a)		72,721		301,792
Affinivax, Inc., (Acquired 08/18/22, Cost: $0)(b)(c)		183,164		2,425,090
Alkermes PLC(a)		1,056,985		29,606,150
Allakos, Inc.(a)		136,405		309,639
Alnylam Pharmaceuticals, Inc.(a)(d)		153,792		27,236,563
Amgen, Inc.		151,320		40,668,763
Annexon, Inc.(a)		237,835		561,291
Antengene Corp. Ltd.		5,019,274		766,264
Apellis Pharmaceuticals, Inc.(a)		51,390		1,954,876
Apogee Therapeutics, Inc.		218,677		4,657,820
Arcturus Therapeutics Holdings, Inc.(a)		103,675		2,648,896
Arcus Biosciences, Inc.(a)		169,790		3,047,731
Argenx SE, ADR(a)		96,877		47,627,640
Arrowhead Pharmaceuticals, Inc.(a)		81,025		2,177,142
Aura Biosciences, Inc.(a)		165,565		1,485,118
Bavarian Nordic A/S(a)(e)		75,320		1,685,322
BeiGene Ltd., ADR(a)		68,555		12,330,988
Biogen, Inc.(a)		83,480		21,455,195
Biohaven Ltd.(a)		99,155		2,579,022
BioMarin Pharmaceutical, Inc.(a)		420,758		37,228,668
Biomea Fusion, Inc.(a)(e)		146,215		2,011,918
Black Diamond Therapeutics, Inc.(a)		833,550		2,392,289
Blueprint Medicines Corp.(a)		322,440		16,192,937
Bridgebio Pharma, Inc.(a)		66,595		1,756,110
Cabaletta Bio, Inc.(a)		85,340		1,298,875
Cerevel Therapeutics Holdings, Inc.(a)		266,656		5,821,100
Connect Biopharma Holdings Ltd.(a)		1,125,262		872,641
CRISPR Therapeutics AG(a)(e)		47,805		2,169,869
CureVac NV(a)		257,233		1,756,901
Everest Medicines Ltd.		3,113,667		9,903,749
Exact Sciences Corp.(a)		129,770		8,852,909
Exelixis, Inc.(a)		599,320		13,095,142
Frequency Therapeutics, Inc.(a)		231,775		84,853
Galapagos NV, ADR(a)		74,410		2,570,866
Genesis Therapeutics, Series B, (Acquired 08/10/23, Cost: $6,999,996)(b)(c)		1,370,506		7,003,286
Genmab A/S(a)		34,827		12,330,519
Genmab A/S, ADR(a)(e)		114,086		4,023,813
Gilead Sciences, Inc.		254,765		19,092,089
Halozyme Therapeutics, Inc.(a)		158,300		6,047,060
Horizon Therapeutics PLC(a)		75,466		8,730,662
Immuneering Corp., Class A(a)		696,696		5,350,625
Immunocore Holdings PLC, ADR(a)		59,868		3,107,149
Immunocore Holdings PLC		321,900		16,706,610
ImmunoGen, Inc.(a)		333,839		5,298,025
Incyte Corp.(a)		227,420		13,138,053
Ionis Pharmaceuticals, Inc.(a)		468,185		21,236,872
Iovance Biotherapeutics, Inc.(a)		168,215		765,378
Kartos Therapeutics, Series C, (Acquired 08/22/23, Cost: $7,539,875)(b)(c)		1,333,783		7,535,874
Karuna Therapeutics, Inc.(a)		21,650		3,660,798
Keros Therapeutics, Inc.(a)		124,317		3,963,226
Kinnate Biopharma, Inc.(a)		196,773		275,482
Kronos Bio, Inc.(a)		284,272		369,554

Security	Shares		Value
Biotechnology (continued)
Legend Biotech Corp., ADR(a)(e)		316,032	$	21,227,869
LianBio, Series A, ADR(a)		615,188		916,630
MacroGenics, Inc.(a)		190,555		887,986
Merus NV(a)		411,972		9,714,300
Mirati Therapeutics, Inc.(a)		180,175		7,848,423
Monte Rosa Therapeutics, Inc.(a)		764,573		3,662,305
MoonLake Immunotherapeutics, Class A(a)(e)		256,816		14,638,512
Morphic Holding, Inc.(a)		75,190		1,722,603
MorphoSys AG(a)		50,810		1,382,284
Neurocrine Biosciences, Inc.(a)		165,520		18,621,000
Nuvalent, Inc., Class A(a)		241,500		11,101,755
Omega Therapeutics, Inc.(a)		55,871		120,123
PMV Pharmaceuticals, Inc.(a)		305,830		1,877,796
Prime Medicine, Inc.(a)		412,139		3,931,806
Protagonist Therapeutics, Inc.(a)		421,725		7,034,373
Prothena Corp. PLC(a)		72,791		3,512,166
PTC Therapeutics, Inc.(a)(e)		225,815		5,060,514
REVOLUTION Medicines, Inc.(a)		377,632		10,452,854
Rhythm Pharmaceuticals, Inc.(a)(e)		683,675		15,673,249
Rocket Pharmaceuticals, Inc.(a)		252,097		5,165,468
Sarepta Therapeutics, Inc.(a)(d)		237,759		28,821,146
Seagen, Inc.(a)(d)(f)		106,455		22,584,428
Tenaya Therapeutics, Inc.(a)		165,729		422,609
TScan Therapeutics, Inc.(a)		1,204,397		3,083,256
Twist Bioscience Corp.(a)		130,265		2,639,169
Ultragenyx Pharmaceutical, Inc.(a)		99,375		3,542,719
United Therapeutics Corp.(a)(d)		55,704		12,581,862
Vaxcyte, Inc.(a)(e)		148,645		7,577,922
Vertex Pharmaceuticals, Inc.(a)(d)(f)		176,460		61,362,200
Viking Therapeutics, Inc.(a)		235,245		2,604,162
Voyager Therapeutics, Inc.(a)(e)		164,865		1,277,704
				769,067,911
Electronic Equipment, Instruments & Components — 0.1%
908 Devices, Inc.(a)		274,084		1,825,399
Health Care Equipment & Supplies — 22.6%
Alcon, Inc.		668,915		51,546,590
Align Technology, Inc.(a)(f)		135,670		41,422,764
Becton Dickinson & Co.		40,325		10,425,222
Boston Scientific Corp.(a)		455,830		24,067,824
CONMED Corp.		98,215		9,904,983
ConvaTec Group PLC(g)		4,411,215		11,690,025
Cooper Cos., Inc.		99,160		31,533,872
Dexcom, Inc.(a)		119,929		11,189,376
Glaukos Corp.(a)		110,325		8,301,956
Hologic, Inc.(a)(d)		194,620		13,506,628
Inspire Medical Systems, Inc.(a)		48,555		9,635,254
Intuitive Surgical, Inc.(a)(d)		136,568		39,917,461
Masimo Corp.(a)		145,470		12,754,810
Novocure Ltd.(a)		213,335		3,445,360
Nyxoah SA(a)(e)		648,041		4,471,483
Omnicell, Inc.(a)		122,670		5,525,057
Orchestra BioMed Holdings, Inc.(a)(e)		233,344		2,034,760
Penumbra, Inc.(a)		118,808		28,740,843
Pulmonx Corp.(a)		335,566		3,466,397
Shockwave Medical, Inc.(a)		65,120		12,965,392
SI-BONE, Inc.(a)		204,910		4,352,288
STAAR Surgical Co.(a)		73,525		2,954,234
STERIS PLC		158,575		34,794,526

1

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Health Sciences Term Trust (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Straumann Holding AG, Registered Shares		96,155	$	12,238,506
Stryker Corp.		68,240		18,647,945
				409,533,556
Health Care Providers & Services — 5.8%
Adicon Holdings Ltd., (Acquired 07/19/23, Cost: $17,840,000)(b)		10,696,226		21,301,833
Adicon Holdings Ltd.		1,431,000		2,923,783
Cencora, Inc.		193,455		34,816,096
Chemed Corp.		10,662		5,541,042
Encompass Health Corp.(d)		112,563		7,559,731
Guardant Health, Inc.(a)		196,470		5,823,371
Humana, Inc.		18,270		8,888,721
Kindstar Globalgene Technology, Inc.(a)(g)		4,092,500		825,717
McKesson Corp.		38,905		16,917,839
				104,598,133
Health Care Technology — 0.0%
Sophia Genetics SA(a)(e)		291,485		743,287
Life Sciences Tools & Services — 11.3%
10X Genomics, Inc., Class A(a)		196,435		8,102,944
Avantor, Inc.(a)(d)		664,444		14,006,480
Bio-Rad Laboratories, Inc., Series L, Class A(a)		20,190		7,237,105
Bio-Techne Corp.		201,360		13,706,575
Bruker Corp., Series A		185,257		11,541,511
Gerresheimer AG		243,305		25,493,789
Mettler-Toledo International, Inc.(a)		11,590		12,842,531
Pacific Biosciences of California, Inc.(a)		428,585		3,578,685
QIAGEN NV(a)		645,525		26,143,762
Rapid Micro Biosystems, Inc., Class A(a)		549,778		593,760
Repligen Corp.(a)(e)		69,535		11,056,760
Waters Corp.(a)		57,155		15,672,473
West Pharmaceutical Services, Inc.(f)		146,255		54,876,339
				204,852,714
Pharmaceuticals — 7.6%
Adarx Pharamaceuticals, Series C, (Acquired 08/02/23, Cost: $7,160,001)(b)(c)		860,577		7,160,001
Arvinas, Inc.(a)		232,960		4,575,334
Catalent, Inc.(a)		347,125		15,804,601
Elanco Animal Health, Inc.(a)		1,234,695		13,877,972
Eli Lilly & Co.		57,585		30,930,631
Novo Nordisk A/S, Class B		123,080		11,206,579
Nuvation Bio, Inc., Class A(a)		200,496		268,665
Sanofi, ADR		261,850		14,045,634
Structure Therapeutics, Inc.(a)		164,062		8,272,006
Structure Therapeutics, Inc.		283,239		3,537,655
UCB SA		344,377		28,207,660
Ventyx Biosciences, Inc.(a)		29,855		1,036,864
				138,923,602
Total Common Stocks — 89.8% (Cost: $1,668,079,907)				1,629,544,602

Security	Benefical Interest (000)		Value
Other Interests
Biotechnology — 0.1%
Vividion Therapeutics, Inc.(b)(c)(h)	$	3,810	$	1,142,857
Total Other Interests — 0.1% (Cost: $ — )				1,142,857
	Shares
Preferred Securities
Preferred Stocks — 7.6%
Biotechnology(b)(c) — 2.7%
Amunix Pharmaceuticals, Inc., Series B, (Acquired 02/08/22, Cost: $0)		5,657,068		3,563,953
Bright Peak Therapeutics, Inc., Series B, (Acquired 05/14/21, Cost: $8,000,004)		2,048,132		3,870,970
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)		2,430,833		9,237,165
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847)		3,850,718		1,309,244
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156)		482,077		7,033,503
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000)		2,793,833		5,727,358
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $9,549,916)		3,913,900		5,596,877
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996)		1,394,189		5,674,349
OnKure, Inc., Series C, (Acquired 03/24/23, Cost: $7,022,595)		2,541,380		7,014,209
				49,027,628
Health Care Equipment & Supplies(b)(c) — 0.8%
Exo Imaging, Inc., Series C, (Acquired 06/24/21,
Cost: $13,225,003)		2,257,597		5,463,385
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost:
$6,929,998)		2,379,480		7,447,772
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930)		2,078,042		2,555,992
				15,467,149
Health Care Providers & Services(b)(c) — 1.2%
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)		382,775		6,021,051
Numab Therapeutics AG, Series C, (Acquired 05/07/21, Cost: $7,770,441)		815,851		7,647,350
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890)		115,766,240		7,486,058
				21,154,459
Health Care Technology — 0.9%
Carbon Health Technologies, Inc., Series D2, (Acquired 02/02/23, Cost: $17,100,000)(b)(c)		1,694,781		16,880,019
Life Sciences Tools & Services — 0.4%
Sartorius AG		22,700		7,688,349

SCHEDULES OF INVESTMENTS 2

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Health Sciences Term Trust (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals(b)(c) — 0.7%
Insitro, Inc.
Series B, (Acquired 05/21/20, Cost: $4,999,999)		802,478	$	9,774,182
Series C, (Acquired 03/10/21, Cost: $3,600,018)		196,818		2,397,243
				12,171,425
Semiconductors & Semiconductor Equipment — 0.9%
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,996)(b)(c)		571,947		16,031,674
				138,420,703
Total Preferred Securities — 7.6% (Cost: $180,960,587)				138,420,703
Rights
Health Care Equipment & Supplies — 0.0%
Abiomed, Inc., CVR(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 08/06/26, Strike Price USD 11.50)(a)		63,808		12,762
Pharmaceuticals — 0.0%
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50)(a)		68,880		6,888
Total Warrants — 0.0% (Cost: $227,724)				19,650
Total Long-Term Investments — 97.5% (Cost: $1,849,368,827)				1,769,403,006
Short-Term Securities
Money Market Funds — 3.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.23%(i)(j)		58,337,342		58,337,342
SL Liquidity Series, LLC, Money Market Series, 5.52%(i)(j)(k)		11,372,637		11,376,049
Total Short-Term Securities — 3.9% (Cost: $69,709,706)				69,713,391
Total Investments Before Options Written — 101.4% (Cost: $1,919,078,533)				1,839,116,397
Options Written — (0.5)% (Premiums Received: $(13,878,334))				(8,510,795	)
Total Investments, Net of Options Written — 100.9% (Cost: $1,905,200,199)				1,830,605,602
Liabilities in Excess of Other Assets — (0.9)%				(16,266,317	)
Net Assets — 100.0%			$	1,814,339,285

^(a)  Non-income producing security.

^(b)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $180,839,809, representing 10.0% of its net assets as of period end, and an original cost of $224,970,628.

^(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)  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.

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

⁽ⁱ⁾  Affiliate of the Trust.

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

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

For 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, 2023 BlackRock Health Sciences Term Trust (BMEZ)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 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 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	83,001,707	$	—		$	(24,664,365)	(a)	$	—	$	—	$	58,337,342		58,337,342	$	1,697,063		$	—
DA32 Life Science Tech Acquisition Corp., Class A(b)		14,818,508		—			(15,444,684	)		476,494		149,682		—		—		—			—
SL Liquidity Series, LLC, Money Market Series		1,828,050		9,536,499	(a)		—			8,014		3,486		11,376,049		11,372,637		429,368	(c)		—
									$	484,508	$	153,168	$	69,713,391			$	2,126,431		$	—

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

^(b)  As of period end, the entity is no longer held.

^(c)  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)
USD	6,515,074	EUR	6,050,600	Citibank N.A.		12/14/23	$	97,133
CHF	5,337,000	USD	6,040,258	Barclays Bank PLC		12/14/23		(163,269	)
CHF	9,182,400	USD	10,393,162	Barclays Bank PLC		12/14/23		(281,700	)
JPY	3,312,565,800	USD	22,840,907	BNP Paribas SA		12/14/23		(412,932	)
JPY	3,713,189,000	USD	25,601,141	Royal Bank of Canada		12/14/23		(460,716	)
								(1,318,617	)
							$	(1,221,484	)

Exchange-Traded Options Written    

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Cencora, Inc.		275		10/02/23	USD	191.50	USD	4,949	$	(8)
Avantor, Inc.		839		10/03/23	USD	22.50	USD	1,769		(1,110	)
Align Technology, Inc.		66		10/06/23	USD	380.00	USD	2,015		(17,160	)
Amgen, Inc.		244		10/06/23	USD	265.00	USD	6,558		(134,200	)
Biogen, Inc.		76		10/06/23	USD	280.00	USD	1,953		(27,360	)
Intuitive Surgical, Inc.		73		10/06/23	USD	325.00	USD	2,134		(1,460	)
McKesson Corp.		4		10/06/23	USD	435.00	USD	174		(1,900	)
CRISPR Therapeutics AG		152		10/13/23	USD	53.00	USD	690		(2,280	)
Gilead Sciences, Inc.		204		10/13/23	USD	76.00	USD	1,529		(14,586	)
Intuitive Surgical, Inc.		75		10/13/23	USD	305.00	USD	2,192		(14,625	)
Vertex Pharmaceuticals, Inc.		166		10/13/23	USD	360.00	USD	5,772		(33,615	)
10X Genomics, Inc., Class A		157		10/20/23	USD	50.00	USD	648		(5,103	)
Alcon, Inc.		821		10/20/23	USD	82.50	USD	6,327		(45,155	)
Align Technology, Inc.		133		10/20/23	USD	335.00	USD	4,061		(26,267	)
Alkermes PLC		884		10/20/23	USD	29.00	USD	2,476		(41,990	)
Alkermes PLC		488		10/20/23	USD	31.00	USD	1,367		(51,240	)
Alnylam Pharmaceuticals, Inc.		284		10/20/23	USD	210.00	USD	5,030		(13,490	)
Amgen, Inc.		60		10/20/23	USD	270.00	USD	1,613		(29,250	)
Amgen, Inc.		60		10/20/23	USD	260.00	USD	1,613		(69,450	)
Apellis Pharmaceuticals, Inc.		164		10/20/23	USD	45.00	USD	624		(15,990	)
Arcturus Therapeutics Holdings, Inc.		165		10/20/23	USD	40.00	USD	422		(8,250	)
Argenx SE, ADR		155		10/20/23	USD	540.00	USD	7,620		(62,387	)

SCHEDULES OF INVESTMENTS 4

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Health Sciences Term Trust (BMEZ)

Exchange-Traded Options Written (continued)    

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Arrowhead Pharmaceuticals, Inc.		130		10/20/23	USD	30.00	USD	349	$	(3,250	)
Avantor, Inc.		839		10/20/23	USD	22.50	USD	1,769		(20,975	)
Becton Dickinson & Co.		65		10/20/23	USD	275.00	USD	1,680		(2,763	)
BeiGene Ltd., ADR		94		10/20/23	USD	220.00	USD	1,691		(5,875	)
Biogen, Inc.		76		10/20/23	USD	270.00	USD	1,953		(15,770	)
BioMarin Pharmaceutical, Inc.		335		10/20/23	USD	95.00	USD	2,964		(25,962	)
Biomea Fusion, Inc.		305		10/20/23	USD	22.50	USD	420		(6,863	)
Bio-Rad Laboratories, Inc., Class A		64		10/20/23	USD	420.00	USD	2,294		(30,720	)
Bio-Techne Corp.		400		10/20/23	USD	85.00	USD	2,723		(8,000	)
Blueprint Medicines Corp.		491		10/20/23	USD	60.00	USD	2,466		(8,593	)
Boston Scientific Corp.		753		10/20/23	USD	52.58	USD	3,976		(92,474	)
Bridgebio Pharma, Inc.		213		10/20/23	USD	35.00	USD	562		(2,130	)
Bruker Corp.		332		10/20/23	USD	67.50	USD	2,068		(18,260	)
Bruker Corp.		260		10/20/23	USD	65.00	USD	1,620		(19,500	)
Catalent, Inc.		555		10/20/23	USD	50.00	USD	2,527		(19,425	)
Cencora, Inc.		148		10/20/23	USD	191.71	USD	2,664		(7,934	)
Cerevel Therapeutics Holdings, Inc.		455		10/20/23	USD	22.50	USD	993		(22,750	)
Cooper Cos., Inc.		158		10/20/23	USD	390.00	USD	5,025		(19,750	)
Dexcom, Inc.		383		10/20/23	USD	115.00	USD	3,573		(4,788	)
Elanco Animal Health, Inc.		1,975		10/20/23	USD	13.00	USD	2,220		(14,813	)
Eli Lilly & Co.		92		10/20/23	USD	590.00	USD	4,942		(8,050	)
Encompass Health Corp.		360		10/20/23	USD	75.00	USD	2,418		(63,000	)
Exact Sciences Corp.		411		10/20/23	USD	92.50	USD	2,804		(2,055	)
Exact Sciences Corp.		77		10/20/23	USD	85.00	USD	525		(3,080	)
Exelixis, Inc.		958		10/20/23	USD	23.00	USD	2,093		(21,555	)
Galapagos NV, ADR		119		10/20/23	USD	40.00	USD	411		(59,500	)
Gilead Sciences, Inc.		204		10/20/23	USD	76.00	USD	1,529		(20,706	)
Glaukos Corp.		91		10/20/23	USD	77.50	USD	685		(15,925	)
Guardant Health, Inc.		628		10/20/23	USD	40.00	USD	1,861		(12,560	)
Halozyme Therapeutics, Inc.		377		10/20/23	USD	45.00	USD	1,440		(3,770	)
Hologic, Inc.		311		10/20/23	USD	75.00	USD	2,158		(14,773	)
Immunocore Holdings PLC, ADR		96		10/20/23	USD	65.00	USD	498		(2,400	)
Incyte Corp.		527		10/20/23	USD	65.00	USD	3,044		(113,305	)
Inspire Medical Systems, Inc.		1		10/20/23	USD	240.00	USD	20		(65	)
Intuitive Surgical, Inc.		165		10/20/23	USD	320.00	USD	4,823		(43,312	)
Ionis Pharmaceuticals, Inc.		748		10/20/23	USD	42.50	USD	3,393		(250,580	)
Karuna Therapeutics, Inc.		69		10/20/23	USD	195.00	USD	1,167		(6,555	)
Keros Therapeutics, Inc.		198		10/20/23	USD	37.29	USD	631		(28,983	)
Legend Biotech Corp., ADR		515		10/20/23	USD	75.00	USD	3,459		(57,937	)
Masimo Corp.		295		10/20/23	USD	120.00	USD	2,587		(22,125	)
McKesson Corp.		120		10/20/23	USD	420.00	USD	5,218		(228,600	)
Mettler-Toledo International, Inc.		37		10/20/23	USD	1,280.00	USD	4,100		(8,695	)
MoonLake Immunotherapeutics, Class A		410		10/20/23	USD	70.00	USD	2,337		(42,025	)
Morphic Holding, Inc.		231		10/20/23	USD	60.00	USD	529		(6,930	)
Neurocrine Biosciences, Inc.		371		10/20/23	USD	110.00	USD	4,174		(165,095	)
Nuvalent, Inc., Class A		386		10/20/23	USD	60.00	USD	1,774		(105,185	)
Nuvalent, Inc., Class A		386		10/20/23	USD	65.00	USD	1,774		(64,655	)
Omnicell, Inc.		256		10/20/23	USD	60.00	USD	1,153		(6,400	)
Penumbra, Inc.		244		10/20/23	USD	270.00	USD	5,903		(29,890	)
Prothena Corp. PLC		235		10/20/23	USD	65.00	USD	1,134		(35,250	)
PTC Therapeutics, Inc.		722		10/20/23	USD	42.00	USD	1,618		(346,560	)
Pulmonx Corp.		350		10/20/23	USD	12.50	USD	362		(5,250	)
REVOLUTION Medicines, Inc.		660		10/20/23	USD	35.00	USD	1,827		(330,000	)
Rhythm Pharmaceuticals, Inc.		981		10/20/23	USD	25.75	USD	2,249		(48,369	)
Rocket Pharmaceuticals, Inc.		403		10/20/23	USD	17.50	USD	826		(130,975	)
Sanofi, ADR		418		10/20/23	USD	57.50	USD	2,242		(4,180	)
Seagen, Inc.		170		10/20/23	USD	210.00	USD	3,607		(73,950	)
Shockwave Medical, Inc.		128		10/20/23	USD	230.00	USD	2,548		(5,760	)
STAAR Surgical Co.		118		10/20/23	USD	46.00	USD	474		(4,359	)
STERIS PLC		255		10/20/23	USD	230.00	USD	5,595		(58,012	)
Stryker Corp.		204		10/20/23	USD	290.00	USD	5,575		(22,950	)
Ultragenyx Pharmaceutical, Inc.		159		10/20/23	USD	40.00	USD	567		(23,055	)

5

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Health Sciences Term Trust (BMEZ)

Exchange-Traded Options Written (continued)    

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
United Therapeutics Corp.		94		10/20/23		USD	240.00		USD	2,123	$	(8,695	)
Vaxcyte, Inc.		150		10/20/23		USD	55.00		USD	765		(22,875	)
Ventyx Biosciences, Inc.		95		10/20/23		USD	40.00		USD	330		(14,725	)
Vertex Pharmaceuticals, Inc.		222		10/20/23		USD	360.00		USD	7,720		(63,270	)
Viking Therapeutics, Inc.		752		10/20/23		USD	18.00		USD	832		(56,400	)
Waters Corp.		90		10/20/23		USD	280.00		USD	2,468		(45,000	)
West Pharmaceutical Services, Inc.		62		10/20/23		USD	390.00		USD	2,326		(25,265	)
Align Technology, Inc.		151		10/27/23		USD	365.00		USD	4,610		(36,617	)
Amgen, Inc.		60		10/27/23		USD	270.00		USD	1,613		(35,850	)
Boston Scientific Corp.		705		10/27/23		USD	56.00		USD	3,722		(22,912	)
Eli Lilly & Co.		92		10/27/23		USD	560.00		USD	4,942		(55,660	)
Gilead Sciences, Inc.		407		10/27/23		USD	77.00		USD	3,050		(43,549	)
Alcon, Inc.		821		11/02/23		USD	83.00		USD	6,327		(40,775	)
Biogen, Inc.		115		11/03/23		USD	270.00		USD	2,956		(58,075	)
Intuitive Surgical, Inc.		124		11/03/23		USD	310.00		USD	3,624		(80,600	)
Align Technology, Inc.		84		11/10/23		USD	340.00		USD	2,565		(71,820	)
Amgen, Inc.		60		11/10/23		USD	280.00		USD	1,613		(24,000	)
10X Genomics, Inc., Class A		314		11/17/23		USD	60.00		USD	1,295		(47,100	)
10X Genomics, Inc., Class A		157		11/17/23		USD	55.00		USD	648		(5,103	)
908 Devices, Inc.		220		11/17/23		USD	7.50		USD	147		(13,200	)
Alcon, Inc.		713		11/17/23		USD	85.00		USD	5,494		(190,727	)
Alkermes PLC		885		11/17/23		USD	33.00		USD	2,479		(66,375	)
Alkermes PLC		488		11/17/23		USD	32.00		USD	1,367		(24,400	)
Argenx SE, ADR		155		11/17/23		USD	540.00		USD	7,620		(228,625	)
Arrowhead Pharmaceuticals, Inc.		129		11/17/23		USD	30.30		USD	347		(9,173	)
Avantor, Inc.		448		11/17/23		USD	23.50		USD	944		(17,490	)
Becton Dickinson & Co.		64		11/17/23		USD	270.00		USD	1,655		(24,000	)
BeiGene Ltd., ADR		125		11/17/23		USD	220.00		USD	2,248		(45,937	)
BioMarin Pharmaceutical, Inc.		581		11/17/23		USD	90.00		USD	5,141		(238,210	)
Biomea Fusion, Inc.		162		11/17/23		USD	17.50		USD	223		(19,440	)
Bio-Techne Corp.		244		11/17/23		USD	77.00		USD	1,661		(33,934	)
Blueprint Medicines Corp.		540		11/17/23		USD	55.00		USD	2,712		(89,100	)
Cencora, Inc.		81		11/17/23		USD	185.00		USD	1,458		(30,375	)
Cerevel Therapeutics Holdings, Inc.		398		11/17/23		USD	25.00		USD	869		(15,920	)
Chemed Corp.		34		11/17/23		USD	530.00		USD	1,767		(36,890	)
CONMED Corp.		314		11/17/23		USD	115.00		USD	3,167		(68,295	)
Cooper Cos., Inc.		159		11/17/23		USD	360.00		USD	5,056		(16,695	)
Exelixis, Inc.		959		11/17/23		USD	23.00		USD	2,095		(76,720	)
Galapagos NV, ADR		119		11/17/23		USD	40.00		USD	411		(2,380	)
Halozyme Therapeutics, Inc.		129		11/17/23		USD	45.00		USD	493		(9,030	)
Hologic, Inc.		311		11/17/23		USD	75.00		USD	2,158		(24,102	)
Immunocore Holdings PLC, ADR		95		11/17/23		USD	60.00		USD	493		(18,050	)
Incyte Corp.		415		11/17/23		USD	65.00		USD	2,397		(13,488	)
Inspire Medical Systems, Inc.		154		11/17/23		USD	210.00		USD	3,056		(152,460	)
Ionis Pharmaceuticals, Inc.		750		11/17/23		USD	43.62		USD	3,402		(255,310	)
Keros Therapeutics, Inc.		198		11/17/23		USD	37.29		USD	631		(38,238	)
MoonLake Immunotherapeutics, Class A		411		11/17/23		USD	70.00		USD	2,343		(154,125	)
Morphic Holding, Inc.		260		11/17/23		USD	60.00		USD	596		(39,000	)
Neurocrine Biosciences, Inc.		158		11/17/23		USD	120.00		USD	1,778		(31,995	)
Omnicell, Inc.		257		11/17/23		USD	60.00		USD	1,158		(10,923	)
Penumbra, Inc.		103		11/17/23		USD	308.00		USD	2,492		(26,839	)
Repligen Corp.		222		11/17/23		USD	180.00		USD	3,530		(76,590	)
REVOLUTION Medicines, Inc.		548		11/17/23		USD	30.00		USD	1,517		(238,380	)
Rhythm Pharmaceuticals, Inc.		1,206		11/17/23		USD	25.60		USD	2,765		(145,228	)
Rocket Pharmaceuticals, Inc.		403		11/17/23		USD	30.00		USD	826		(8,060	)
Sanofi, ADR		418		11/17/23		USD	57.50		USD	2,242		(18,810	)
Seagen, Inc.		170		11/17/23		USD	210.00		USD	3,607		(146,200	)
Shockwave Medical, Inc.		80		11/17/23		USD	240.00		USD	1,593		(25,000	)
STAAR Surgical Co.		117		11/17/23		USD	48.00		USD	470		(12,725	)
STERIS PLC		252		11/17/23		USD	240.00		USD	5,529		(83,160	)
Stryker Corp.		169		11/17/23		USD	310.00		USD	4,618		(20,280	)
Ultragenyx Pharmaceutical, Inc.		159		11/17/23		USD	45.00		USD	567		(19,875	)

SCHEDULEOF INVESTMENTS 6

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Health Sciences Term Trust (BMEZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
United Therapeutics Corp.		84		11/17/23	USD	240.00	USD	1,897	$	(35,280	)
Vaxcyte, Inc.		325		11/17/23	USD	55.00	USD	1,657		(78,812	)
Vertex Pharmaceuticals, Inc.		176		11/17/23	USD	370.00	USD	6,120		(90,640	)
West Pharmaceutical Services, Inc.		367		11/17/23	USD	410.00	USD	13,770		(194,510	)
Cencora, Inc.		115		12/15/23	USD	195.00	USD	2,070		(21,563	)
									$	(7,458,702	)

OTC Options Written    

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Alkermes PLC	Goldman Sachs International		63,700		10/02/23		USD	29.71		USD	1,784	$	(503	)
ConvaTec Group PLC	Goldman Sachs International		411,500		10/03/23		GBP	2.31		GBP	894		(60	)
UCB SA	Morgan Stanley & Co. International PLC		13,800		10/03/23		EUR	83.05		EUR	1,069		(25	)
Abcam PLC, ADR	Barclays Bank PLC		78,100		10/05/23		USD	22.98		USD	1,767		(33,756	)
Waters Corp.	Barclays Bank PLC		9,200		10/06/23		USD	286.00		USD	2,523		(5,938	)
Straumann Holding AG, Registered Shares	Goldman Sachs International		30,800		10/13/23		CHF	137.67		CHF	3,588		(256	)
Genmab A/S, ADR	Morgan Stanley & Co. International PLC		36,500		10/17/23		USD	38.68		USD	1,287		(11,351	)
ConvaTec Group PLC	UBS AG		490,000		10/19/23		GBP	2.43		GBP	1,064		(556	)
Genmab A/S, ADR	Goldman Sachs International		1,900		10/19/23		DKK	2,715.07		DKK	4,746		(2,347	)
Gerresheimer AG	UBS AG		20,000		10/19/23		EUR	126.42		EUR	1,982		(1,007	)
908 Devices, Inc.	Barclays Bank PLC		21,900		10/20/23		USD	7.53		USD	146		(2,624	)
Gerresheimer AG	UBS AG		14,900		10/25/23		EUR	108.55		EUR	1,477		(21,291	)
Sartorius AG	Goldman Sachs International		7,200		10/25/23		EUR	340.73		EUR	2,307		(55,726	)
UCB SA	UBS AG		55,000		10/25/23		EUR	84.27		EUR	4,261		(15,989	)
UCB SA	Goldman Sachs International		27,600		10/31/23		EUR	85.31		EUR	2,138		(8,539	)
Elanco Animal Health, Inc.	Goldman Sachs International		98,800		11/01/23		USD	12.97		USD	1,111		(15,916	)
Masimo Corp.	UBS AG		17,000		11/02/23		USD	110.24		USD	1,491		(19,074	)
Legend Biotech Corp., ADR	UBS AG		49,600		11/06/23		USD	69.81		USD	3,332		(177,288	)
Gerresheimer AG	UBS AG		14,900		11/08/23		EUR	110.25		EUR	1,477		(24,021	)
MorphoSys AG	Morgan Stanley & Co. International PLC		16,200		11/08/23		EUR	30.47		EUR	417		(31,419	)
Novo Nordisk A/S, Class B	Goldman Sachs International		19,700		11/08/23		DKK	666.32		DKK	12,654		(48,460	)
ConvaTec Group PLC	Morgan Stanley & Co. International PLC		510,000		11/09/23		GBP	2.24		GBP	1,108		(28,232	)
Gerresheimer AG	UBS AG		28,000		11/09/23		EUR	103.99		EUR	2,775		(97,122	)
QIAGEN NV	Citibank N.A.		206,400		11/13/23		USD	42.94		USD	8,359		(208,204	)
Bavarian Nordic A/S	Goldman Sachs International		12,000		11/14/23		DKK	166.98		DKK	1,894		(11,346	)
Novo Nordisk A/S, Class B	Morgan Stanley & Co. International PLC		19,600		11/14/23		DKK	676.10		DKK	12,589		(46,668	)
Genmab A/S, ADR	Goldman Sachs International		9,200		11/16/23		DKK	2,653.28		DKK	22,978		(79,347	)
UCB SA	Goldman Sachs International		13,800		11/16/23		EUR	81.56		EUR	1,069		(22,815	)
Glaukos Corp.	Citibank N.A.		26,200		11/27/23		USD	81.52		USD	1,972		(82,213	)
												$	(1,052,093	)

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

7

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Health Sciences Term Trust (BMEZ)

Fair Value Hierarchy as of Period End (continued)

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	$	723,035,364		$	26,068,138		$	19,964,409		$	769,067,911
Electronic Equipment, Instruments & Components		1,825,399			—			—			1,825,399
Health Care Equipment & Supplies		385,605,025			23,928,531			—			409,533,556
Health Care Providers & Services		83,296,300			21,301,833			—			104,598,133
Health Care Technology		743,287			—			—			743,287
Life Sciences Tools & Services		179,358,925			25,493,789			—			204,852,714
Pharmaceuticals		88,811,707			42,951,894			7,160,001			138,923,602
Other Interests		—			—			1,142,857			1,142,857
Preferred Securities
Preferred Stocks		—			7,688,349			130,732,354			138,420,703
Rights		—			—			275,194			275,194
Warrants		19,650			—			—			19,650
Short-Term Securities
Money Market Funds		58,337,342			—			—			58,337,342
Liabilities
Investments
Unfunded SPAC PIPE Commitments(a)		—			—			(129,923	)		(129,923	)
	$	1,521,032,999		$	147,432,534		$	159,144,892			1,827,610,425
Investments Valued at NAV(b)											11,376,049
										$	1,838,986,474
Derivative Financial Instruments(c)
Assets
Foreign Currency Exchange Contracts	$	—		$	97,133		$	—		$	97,133
Liabilities
Equity Contracts		(6,695,753	)		(1,815,042	)		—			(8,510,795	)
Foreign Currency Exchange Contracts		—			(1,318,617	)		—			(1,318,617	)
	$	(6,695,753	)	$	(3,036,526	)	$	—		$	(9,732,279	)

^(a)  Unfunded SPAC PIPE commitments are valued at the unrealized appreciation (depreciation) on the commitment.

^(b)  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.

^(c)  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		Unfunded SPAC PIPE Commitments		Total
Assets/Liabilities
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		—		—		—		—		—		—

SCHEDULEOF INVESTMENTS 8

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Health Sciences Term Trust (BMEZ)

	Common Stocks			Other Interests			Preferred Stocks			Rights		Unfunded SPAC PIPE Commitments			Total
Other(a)	$	(9,726,707	)	$	—		$	9,626,098		$	100,609	$	—		$	—
Accrued discounts/premiums		—			—			—			—		—			—
Net realized gain (loss)		—			—			—			—		—			—
Net change in unrealized appreciation (depreciation)(b)		58,064			(2,933,334	)		(22,368,042	)		174,585		(129,923	)		(25,198,650	)
Purchases		24,699,866			—			24,122,597			—		—			48,822,463
Sales		—			—			(39,440,001	)		—		—			(39,440,001	)
Closing balance, as of September 30, 2023	$	27,124,410		$	1,142,857		$	130,732,354		$	275,194	$	(129,923	)	$	159,144,892
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2023(b)	$	58,064		$	(2,933,334	)	$	(16,911,702	)	$	174,585	$	(129,923	)	$	(19,742,310	)

^(a)  Certain Level 3 investments were re-classified between Common Stocks,Preferred 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 September 30, 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 $129,923. 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 Stock	$	27,124,410		Income		Discount Rate		5% - 6%			6	%
				Market		Market Adjustment Multiple		1.00x - 1.00x			1.00x
						Volatility		80% - 90%			84	%
						Time to Exit		2.0 -3.0 years			2.6 years
Preferred Stocks		130,732,354		Market		Revenue Multiple		2.50x - 7.00x			5.82x
						Volatility		50% - 100%			70	%
						Time to Exit		0.3 - 4.0 years			2.4 years
						Market Adjustment Multiple		0.40x - 1.20x			0.89x
				Income		Discount Rate		6% - 6%			6	%
Other Interests		1,142,857		Income		Discount Rate		7	%		—
Rights		275,194		Income		Discount Rate		5	%		—
	$	159,274,815

^(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
JPY	Japanese Yen
USD	United States Dollar

Portfolio Abbreviation
ADR	American Depositary Receipt
CVR	Contingent Value Right
PIPE	Private Investment in Public Equity
SPAC	Special Purpose Acquisition Company

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