BlackRock Health Sciences Trust II (BMEZ) NPORT-P BlackRock Health Sciences Term Trust (Mar 2024 report)

Schedule of Investments (unaudited) March 31, 2024 BlackRock Health Sciences Term Trust (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 37.7%
4D Molecular Therapeutics, Inc.(a)(b)		146,438	$	4,665,515
Abbisko Cayman Ltd.(a)		10,378,250		3,821,162
AbbVie, Inc.		176,315		32,106,962
AC Immune SA(a)		752,390		2,227,074
Alkermes PLC(a)		183,485		4,966,939
Alnylam Pharmaceuticals, Inc.(a)(c)		208,667		31,185,283
Amgen, Inc.(c)(d)		132,690		37,726,421
Annexon, Inc.(a)		237,835		1,705,277
Antengene Corp. Ltd.(a)		5,019,274		642,070
Apellis Pharmaceuticals, Inc.(a)(b)		51,390		3,020,704
Arcturus Therapeutics Holdings, Inc.(a)(b)		103,675		3,501,104
Arcus Biosciences, Inc.(a)(b)		169,790		3,205,635
Argenx SE, ADR(a)		69,867		27,508,035
Arrowhead Pharmaceuticals, Inc.(a)		81,025		2,317,315
Astria Therapeutics, Inc.(a)		129,240		1,819,053
Autolus Therapeutics PLC, ADR(a)		765,897		4,886,423
Beam Therapeutics, Inc.(a)		237,542		7,848,388
BeiGene Ltd., ADR(a)		68,555		10,721,316
Bicycle Therapeutics PLC, ADR(a)(b)		278,270		6,928,923
Biogen, Inc.(a)		99,215		21,393,731
Biohaven Ltd.(a)		99,155		5,422,787
BioMarin Pharmaceutical, Inc.(a)(d)		420,758		36,749,004
Biomea Fusion, Inc.(a)(b)		146,215		2,185,914
Black Diamond Therapeutics, Inc.(a)(b)		833,550		4,226,099
Blueprint Medicines Corp.(a)		321,440		30,491,798
Bridgebio Pharma, Inc.(a)		169,445		5,239,239
Cabaletta Bio, Inc.(a)		506,395		8,639,099
CG oncology, Inc.(a)(b)		87,158		3,826,236
Connect Biopharma Holdings Ltd., ADR(a)		1,040,067		1,809,717
CureVac NV(a)		320,123		969,973
Denali Therapeutics, Inc.(a)		197,814		4,059,143
Dyne Therapeutics, Inc.(a)		148,946		4,228,577
Everest Medicines Ltd.(a)		3,113,667		9,361,842
Exact Sciences Corp.(a)(b)		107,880		7,450,193
Exelixis, Inc.(a)		599,320		14,221,864
Galapagos NV, ADR(a)		74,410		2,396,002
Genmab A/S(a)		34,827		10,442,128
Genmab A/S, ADR(a)		114,086		3,412,312
Halozyme Therapeutics, Inc.(a)		158,300		6,439,644
Immatics NV(a)		256,778		2,698,737
Immunocore Holdings PLC, ADR(a)(b)		59,868		3,891,420
Immunocore Holdings PLC, Series C, ADR(a)		321,900		20,923,500
Incyte Corp.(a)		114,060		6,497,998
Insmed, Inc.(a)		166,575		4,519,180
Ionis Pharmaceuticals, Inc.(a)		159,555		6,916,709
Iovance Biotherapeutics, Inc.(a)		168,215		2,492,946
Keros Therapeutics, Inc.(a)		74,602		4,938,652
Kyverna Therapeutics, Inc.(a)		50,458		1,253,377
Legend Biotech Corp., ADR(a)		316,032		17,726,235
Lexeo Therapeutics, Inc.(a)		26,080		408,934
MacroGenics, Inc.(a)		190,555		2,804,970
Merus NV(a)		384,472		17,312,774
Monte Rosa Therapeutics, Inc.(a)		266,168		1,876,484
MoonLake Immunotherapeutics, Class A(a)		114,141		5,733,302
Morphic Holding, Inc.(a)		75,190		2,646,688
Neurocrine Biosciences, Inc.(a)		204,955		28,267,394
Neurogene, Inc.(a)(b)		372,050		18,937,345
Nuvalent, Inc., Class A(a)(b)		240,600		18,066,654
Prime Medicine, Inc.(a)		412,139		2,884,973
Protagonist Therapeutics, Inc.(a)		421,725		12,200,504

Security	Shares		Value
Biotechnology (continued)
PTC Therapeutics, Inc.(a)		225,815	$	6,568,958
REVOLUTION Medicines, Inc.(a)		181,447		5,848,037
Rhythm Pharmaceuticals, Inc.(a)		580,575		25,156,315
Rocket Pharmaceuticals, Inc.(a)		252,097		6,791,493
Roivant Sciences Ltd.(a)		827,625		8,723,168
Sage Therapeutics, Inc.(a)		253,320		4,747,217
Sagimet Biosciences, Inc., Series A(a)(b)		408,120		2,212,010
Sana Biotechnology, Inc.(a)		330,182		3,301,820
Sarepta Therapeutics, Inc.(a)(c)		152,629		19,759,350
Stoke Therapeutics, Inc.(a)		487,988		6,587,838
Tenaya Therapeutics, Inc.(a)		580,851		3,037,851
TScan Therapeutics, Inc.(a)		1,045,767		8,303,390
Twist Bioscience Corp.(a)		130,265		4,469,392
Ultragenyx Pharmaceutical, Inc.(a)		118,142		5,516,050
United Therapeutics Corp.(a)(c)		55,704		12,796,323
Vaxcyte, Inc.(a)		274,070		18,721,722
Vertex Pharmaceuticals, Inc.(a)		20,125		8,412,451
Viking Therapeutics, Inc.(a)		190,020		15,581,640
Voyager Therapeutics, Inc.(a)(b)		349,705		3,255,754
Xenon Pharmaceuticals, Inc.(a)		420,084		18,084,616
Zealand Pharma A/S(a)		84,280		8,347,926
				752,990,998
Capital Markets — 0.3%
Helix Acquisition Corp. II, Class A(a)		544,465		5,635,213
Electronic Equipment, Instruments & Components — 0.1%
908 Devices, Inc.(a)(b)		274,084		2,069,334
Health Care Equipment & Supplies — 21.4%
Abbott Laboratories		127,770		14,522,338
Alcon, Inc.		174,349		14,521,528
Align Technology, Inc.(a)(d)		139,485		45,739,921
Becton Dickinson & Co.		84,050		20,798,173
Boston Scientific Corp.(a)		455,830		31,219,797
CONMED Corp.		98,215		7,865,057
ConvaTec Group PLC(e)		4,411,215		15,935,742
Cooper Cos., Inc.		396,640		40,243,094
Dexcom, Inc.(a)		115,155		15,971,999
Edwards Lifesciences Corp.(a)		171,980		16,434,409
Glaukos Corp.(a)		41,125		3,877,676
Hologic, Inc.(a)(c)		194,620		15,172,575
Inspire Medical Systems, Inc.(a)		89,190		19,157,120
Intuitive Surgical, Inc.(a)(c)		100,308		40,031,920
Masimo Corp.(a)		145,470		21,362,269
Novocure Ltd.(a)		213,335		3,334,426
Nyxoah SA(a)(b)		648,041		8,742,073
Orchestra BioMed Holdings, Inc.(a)		233,344		1,229,723
Penumbra, Inc.(a)		59,993		13,389,238
Pulmonx Corp.(a)		335,566		3,110,697
Shockwave Medical, Inc.(a)		63,915		20,812,641
SI-BONE, Inc.(a)		204,910		3,354,377
STERIS PLC		43,940		9,878,591
Stryker Corp.		70,805		25,338,985
Tandem Diabetes Care, Inc.(a)		129,700		4,592,677
Zimmer Biomet Holdings, Inc.		79,195		10,452,156
				427,089,202
Health Care Providers & Services — 9.7%
Adicon Holdings Ltd., (Acquired 07/19/23, Cost: $17,840,000)(a)(f)		10,696,226		16,399,176
Cencora, Inc.(c)		193,355		46,983,331
Centene Corp.(a)		179,980		14,124,830
Chemed Corp.		10,662		6,844,258

S  C  H  E  D  U  L  E  O  F  I  N  V  E  S  T  M  E  N  T  S 1

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Health Sciences Term Trust (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Elevance Health, Inc.		31,965	$	16,575,131
Encompass Health Corp.(c)		82,323		6,798,233
Guardant Health, Inc.(a)		196,470		4,053,176
Kindstar Globalgene Technology, Inc.(a)(e)		4,092,500		768,628
McKesson Corp.		38,905		20,886,149
Molina Healthcare, Inc.(a)		70,995		29,166,876
RadNet, Inc.(a)		60,875		2,962,178
UnitedHealth Group, Inc.(c)		57,155		28,274,579
				193,836,545
Health Care Technology(a) — 0.1%
Carbon Health(g)		1,226		1,248,240
Sophia Genetics SA		291,485		1,437,021
				2,685,261
Life Sciences Tools & Services — 15.1%
10X Genomics, Inc., Class A(a)		231,935		8,704,521
Bio-Rad Laboratories, Inc., Class A(a)		20,190		6,983,115
Bio-Techne Corp.		415,455		29,243,877
Bruker Corp.		185,257		17,403,043
Charles River Laboratories International, Inc.(a)		102,105		27,665,350
Danaher Corp.		82,550		20,614,386
Gerresheimer AG		263,055		29,612,659
ICON PLC(a)		32,015		10,755,439
Lonza Group AG, Registered Shares		23,365		13,962,885
Mettler-Toledo International, Inc.(a)		15,590		20,754,811
QIAGEN NV		644,060		27,688,139
Rapid Micro Biosystems, Inc., Class A(a)		549,778		533,285
Repligen Corp.(a)		95,255		17,519,300
Waters Corp.(a)		90,145		31,030,613
West Pharmaceutical Services, Inc.(c)(d)		95,900		37,948,589
				300,420,012
Pharmaceuticals — 8.0%
Arvinas, Inc.(a)		232,960		9,616,589
Axsome Therapeutics, Inc.(a)		38,160		3,045,168
Catalent, Inc.(a)		173,410		9,788,995
Elanco Animal Health, Inc.(a)		1,234,695		20,100,835
Eli Lilly & Co.(c)		38,500		29,951,460
Longboard Pharmaceuticals, Inc.(a)		28,227		609,703
Merck & Co., Inc		200,730		26,486,323
Novo Nordisk A/S, Class B		230,375		29,550,975
Nuvation Bio, Inc., Class A(a)		200,496		729,805
Sanofi SA, ADR		276,100		13,418,460
Structure Therapeutics, Inc., ADR(a)		258,475		11,078,239
Tarsus Pharmaceuticals, Inc.(a)(b)		110,978		4,034,050
				158,410,602
Total Common Stocks — 92.4% (Cost: $1,640,397,172)				1,843,137,167

Security	Benefical Interest (000)		Value
Other Interests
Biotechnology(f)(g)(h) — 0.2%
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —)	$	183	$	2,516,673
Amunix Pharmaceuticals, Inc., (Acquired 02/08/22, Cost: $ —)		5,657		2,206,257
Total Other Interests — 0.2% (Cost: $ — )				4,722,930
	Shares
Preferred Securities
Preferred Stocks — 7.8%
Biotechnology(a)(g) — 3.6%
ABCURO, Series B		1,092,954		6,033,106
Adarx Pharamaceuticals, Series C, (Acquired 08/02/23, Cost: $7,160,001)(f)		860,577		7,160,001
Bright Peak Therapeutics, Inc., Series B, (Acquired 05/14/21, Cost: $8,000,004)(f)		2,048,132		3,277,011
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)(f)		2,430,833		7,997,441
Genesis Therapeutics, Series B, (Acquired 08/10/23, Cost: $6,999,996)(f)		1,370,506		6,893,645
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847)(f)		3,850,718		1,386,258
Kartos Therapeutics, Series C, (Acquired 08/22/23, Cost: $7,539,875)(f)		1,333,783		8,096,063
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156)(f)		482,077		13,498,156
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000)(f)		2,793,833		5,000,961
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996)(f)		1,394,189		4,963,313
OnKure, Inc., Series C, (Acquired 03/24/23, Cost: $7,022,595)(f)		2,541,380		6,810,898
				71,116,853
Health Care Equipment & Supplies(a)(f)(g) — 0.6%
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003)		2,257,597		6,501,879
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998)		2,379,480		5,211,061
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930)		2,078,042		457
				11,713,397
Health Care Providers & Services(a)(f)(g) — 1.0%
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)		382,775		3,758,851
Numab Therapeutics AG, Series C, (Acquired 05/07/21, Cost: $7,770,441)		815,851		7,707,546
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890)		115,766,240		7,744,060
				19,210,457
Health Care Technology — 0.3%
Carbon Health Technologies, Inc., Series D2, (Acquired 02/02/23, Cost: $17,100,000)(a)(f)(g)		1,694,781		5,694,464
Life Sciences Tools & Services — 0.9%
Sartorius AG		47,930		19,033,488

2  

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Health Sciences Term Trust (BMEZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals(a)(f)(g) — 0.6%
Insitro, Inc.
Series B, (Acquired 05/21/20, Cost: $5,000,000)		802,478	$	9,043,927
Series C, (Acquired 03/10/21, Cost: $3,600,018)		196,818		2,218,139
				11,262,066
Semiconductors & Semiconductor Equipment — 0.8%
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,996)(a)(f)(g)		571,947		17,084,057
				155,114,782
Total Preferred Securities — 7.8% (Cost: $206,096,024)				155,114,782
Rights
Biotechnology — 0.0%
Korro Bio, Inc., CVR(b)(g)		180,175		126,123
Korro Bio, Inc., CVR		231,775		3,152
				129,275
Health Care Equipment & Supplies — 0.0%
Abiomed, Inc., CVR(g)		98,636		282,099
Total Rights — 0.0% (Cost: $226,731)				411,374
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		1,085
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)(b)		68,880		20,836
Total Warrants — 0.0% (Cost: $227,725)				21,921
Total Long-Term Investments — 100.4% (Cost: $1,846,947,652)				2,003,408,174

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(i)(j)(k)		10,844,798	$	10,849,136
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.19%(i)(j)		31,094,969		31,094,969
Total Short-Term Securities — 2.1% (Cost: $41,945,190)				41,944,105
Total Investments Before Options Written — 102.5% (Cost: $1,888,892,842)				2,045,352,279
Options Written — (1.2)% (Premiums Received: $(21,077,398))				(23,318,810	)
Total Investments, Net of Options Written — 101.3% (Cost: $1,867,815,444)				2,022,033,469
Liabilities in Excess of Other Assets — (1.3)%				(26,326,873	)
Net Assets — 100.0%			$	1,995,706,596

^(a)  Non-income producing security.

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

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

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

^(e)  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.

^(f)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $151,170,294, representing 7.6% of its net assets as of period end, and an original cost of $200,578,730.

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

^(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	10,850,390	(a)	$	—		$	(169	)	$	(1,085	)	$	10,849,136		10,844,798	$	—		$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		40,473,813		—			(9,378,844	)(a)		—			—			31,094,969		31,094,969		441,709			—
SL Liquidity Series, LLC, Money Market Series(b)		12,308,246		—			(12,308,416	)(a)		(410	)		580			—		—		24,199	(c)		—
									$	(579	)	$	(505	)	$	41,944,105			$	465,908		$	—

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

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

S  C  H  E  D  U  L  E  O  F  I  N  V  E  S  T  M  E  N  T  S 3

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Health Sciences Term Trust (BMEZ)

^(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)
JPY	3,981,937,000	USD	27,340,726	Royal Bank of Canada		06/13/24	$	(744,123	)

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Cencora, Inc.		80		04/01/24	USD	218.00	USD	1,944	$	(201,061	)
Alcon, Inc.		280		04/03/24	USD	81.25	USD	2,332		(63,728	)
Abbott Laboratories		204		04/05/24	USD	123.00	USD	2,319		(510	)
AbbVie, Inc.		102		04/05/24	USD	185.00	USD	1,857		(4,488	)
Align Technology, Inc.		133		04/05/24	USD	320.00	USD	4,361		(142,310	)
McKesson Corp.		4		04/05/24	USD	520.00	USD	215		(7,320	)
Vertex Pharmaceuticals, Inc.		50		04/05/24	USD	435.00	USD	2,090		(5,000	)
Abbott Laboratories		204		04/12/24	USD	114.00	USD	2,319		(28,560	)
Align Technology, Inc.		105		04/12/24	USD	310.00	USD	3,443		(208,950	)
Biogen, Inc.		109		04/12/24	USD	230.00	USD	2,350		(9,810	)
Centene Corp.		78		04/12/24	USD	78.00	USD	612		(16,770	)
Danaher Corp.		83		04/12/24	USD	255.00	USD	2,073		(14,110	)
Dexcom, Inc.		124		04/12/24	USD	140.00	USD	1,720		(38,750	)
Intuitive Surgical, Inc.		166		04/12/24	USD	395.00	USD	6,625		(146,910	)
10X Genomics, Inc., Class A		372		04/19/24	USD	53.12	USD	1,396		(2,160	)
AbbVie, Inc.		260		04/19/24	USD	175.00	USD	4,735		(194,350	)
Alcon, Inc.		138		04/19/24	USD	80.00	USD	1,149		(53,820	)
Align Technology, Inc.		103		04/19/24	USD	310.00	USD	3,378		(219,390	)
Alnylam Pharmaceuticals, Inc.		340		04/19/24	USD	165.00	USD	5,081		(35,700	)
Amgen, Inc.		60		04/19/24	USD	300.00	USD	1,706		(5,910	)
Arcturus Therapeutics Holdings, Inc.		166		04/19/24	USD	40.00	USD	561		(8,300	)
Argenx SE, ADR		169		04/19/24	USD	430.00	USD	6,654		(65,065	)
Arrowhead Pharmaceuticals, Inc.		130		04/19/24	USD	33.12	USD	372		(6,977	)
Arvinas, Inc.		372		04/19/24	USD	55.00	USD	1,536		(14,880	)
Becton Dickinson & Co.		190		04/19/24	USD	245.00	USD	4,702		(113,050	)
BeiGene Ltd., ADR		110		04/19/24	USD	165.00	USD	1,720		(35,750	)
Biohaven, Ltd.		158		04/19/24	USD	60.00	USD	864		(75,840	)
BioMarin Pharmaceutical, Inc.		760		04/19/24	USD	90.00	USD	6,638		(77,900	)
Bio-Rad Laboratories, Inc., Class A		64		04/19/24	USD	360.00	USD	2,214		(33,920	)
Bio-Techne Corp.		517		04/19/24	USD	75.00	USD	3,639		(138,297	)
Blueprint Medicines Corp.		514		04/19/24	USD	100.00	USD	4,876		(142,635	)
Bridgebio Pharma, Inc.		107		04/19/24	USD	40.00	USD	331		(2,140	)
Bruker Corp.		296		04/19/24	USD	82.50	USD	2,781		(349,280	)
Bruker Corp.		296		04/19/24	USD	87.50	USD	2,781		(213,120	)
Cencora, Inc.		276		04/19/24	USD	234.00	USD	6,707		(297,068	)
Centene Corp.		109		04/19/24	USD	82.50	USD	855		(8,720	)
Charles River Laboratories International, Inc.		109		04/19/24	USD	260.00	USD	2,953		(154,780	)
Chemed Corp.		34		04/19/24	USD	650.00	USD	2,183		(20,400	)
CONMED Corp.		157		04/19/24	USD	90.00	USD	1,257		(61,230	)
Cooper Cos., Inc.		632		04/19/24	USD	97.50	USD	6,412		(316,000	)
Dexcom, Inc.		122		04/19/24	USD	140.00	USD	1,692		(48,800	)
Elanco Animal Health, Inc.		1,482		04/19/24	USD	16.00	USD	2,413		(100,035	)
Elevance Health, Inc.		56		04/19/24	USD	510.00	USD	2,904		(96,600	)
Eli Lilly & Co.		92		04/19/24	USD	750.00	USD	7,157		(352,820	)
Eli Lilly & Co.		48		04/19/24	USD	740.00	USD	3,734		(220,200	)
Encompass Health Corp.		131		04/19/24	USD	75.00	USD	1,082		(104,800	)
Exact Sciences Corp.		185		04/19/24	USD	65.00	USD	1,278		(142,450	)
Exelixis, Inc.		958		04/19/24	USD	22.29	USD	2,273		(174,050	)

4  

Schedule of Investments (unaudited) (continued) March 31, 2024 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)
Galapagos NV, ADR		118		04/19/24	USD	35.00	USD	380	$	(56,640	)
Guardant Health, Inc.		314		04/19/24	USD	22.50	USD	648		(32,970	)
Halozyme Therapeutics, Inc.		380		04/19/24	USD	47.00	USD	1,546		(7,769	)
Halozyme Therapeutics, Inc.		126		04/19/24	USD	45.00	USD	513		(2,520	)
Hologic, Inc.		311		04/19/24	USD	75.00	USD	2,425		(116,625	)
Immunocore Holdings PLC, ADR		95		04/19/24	USD	71.75	USD	618		(17,333	)
Immunocore Holdings PLC, ADR		96		04/19/24	USD	65.00	USD	624		(20,640	)
Incyte Corp.		228		04/19/24	USD	62.50	USD	1,299		(2,850	)
Inspire Medical Systems, Inc.		130		04/19/24	USD	200.00	USD	2,792		(313,300	)
Intuitive Surgical, Inc.		79		04/19/24	USD	390.00	USD	3,153		(156,420	)
Keros Therapeutics, Inc.		198		04/19/24	USD	65.00	USD	1,311		(108,900	)
Legend Biotech Corp., ADR		505		04/19/24	USD	65.00	USD	2,833		(45,450	)
Masimo Corp.		170		04/19/24	USD	140.00	USD	2,496		(143,650	)
Masimo Corp.		66		04/19/24	USD	135.00	USD	969		(86,460	)
Merck & Co., Inc.		160		04/19/24	USD	125.00	USD	2,111		(120,000	)
Mettler-Toledo International, Inc.		24		04/19/24	USD	1,340.00	USD	3,195		(68,280	)
Molina Healthcare, Inc.		114		04/19/24	USD	420.00	USD	4,683		(68,400	)
MoonLake Immunotherapeutics, Class A		182		04/19/24	USD	55.00	USD	914		(35,035	)
Neurocrine Biosciences, Inc.		320		04/19/24	USD	140.00	USD	4,413		(105,600	)
Nuvalent, Inc., Class A		386		04/19/24	USD	85.00	USD	2,898		(84,920	)
Penumbra, Inc.		191		04/19/24	USD	280.00	USD	4,263		(31,515	)
PTC Therapeutics, Inc.		722		04/19/24	USD	31.00	USD	2,100		(90,250	)
QIAGEN NV		998		04/19/24	USD	45.00	USD	4,290		(99,800	)
Repligen Corp.		222		04/19/24	USD	206.00	USD	4,083		(17,633	)
REVOLUTION Medicines, Inc.		294		04/19/24	USD	32.00	USD	948		(40,425	)
REVOLUTION Medicines, Inc.		286		04/19/24	USD	34.00	USD	922		(30,745	)
Rhythm Pharmaceuticals, Inc.		651		04/19/24	USD	51.50	USD	2,821		(34,317	)
Rhythm Pharmaceuticals, Inc.		261		04/19/24	USD	45.00	USD	1,131		(43,718	)
Rocket Pharmaceuticals, Inc.		403		04/19/24	USD	30.00	USD	1,086		(13,098	)
Sanofi SA, ADR		886		04/19/24	USD	47.50	USD	4,306		(139,545	)
Shockwave Medical, Inc.		184		04/19/24	USD	260.00	USD	5,992		(1,229,120	)
Structure Therapeutics Inc., ADR		410		04/19/24	USD	55.00	USD	1,757		(12,300	)
Stryker Corp.		73		04/19/24	USD	342.75	USD	2,612		(135,901	)
Tandem Diabetes Care, Inc.		207		04/19/24	USD	35.00	USD	733		(46,058	)
Twist Bioscience Corp.		208		04/19/24	USD	42.50	USD	714		(14,560	)
Ultragenyx Pharmaceutical, Inc.		219		04/19/24	USD	50.00	USD	1,023		(72,817	)
United Therapeutics Corp.		94		04/19/24	USD	230.00	USD	2,159		(57,810	)
UnitedHealth Group, Inc.		56		04/19/24	USD	510.00	USD	2,770		(33,600	)
Vaxcyte, Inc.		877		04/19/24	USD	75.00	USD	5,991		(57,005	)
Vertex Pharmaceuticals, Inc.		14		04/19/24	USD	420.00	USD	585		(12,180	)
Viking Therapeutics, Inc.		376		04/19/24	USD	31.00	USD	3,083		(1,906,320	)
Waters Corp.		198		04/19/24	USD	340.00	USD	6,816		(235,620	)
West Pharmaceutical Services, Inc.		57		04/19/24	USD	380.00	USD	2,256		(112,575	)
Xenon Pharmaceuticals Inc.		645		04/19/24	USD	55.00	USD	2,777		(162,862	)
Zimmer Biomet Holdings, Inc.		253		04/19/24	USD	125.00	USD	3,339		(191,015	)
Align Technology, Inc.		105		04/26/24	USD	330.00	USD	3,443		(215,250	)
Amgen, Inc.		60		04/26/24	USD	280.00	USD	1,706		(57,300	)
Biogen, Inc.		115		04/26/24	USD	220.00	USD	2,480		(73,600	)
Bridgebio Pharma, Inc.		435		04/26/24	USD	31.00	USD	1,345		(110,925	)
Centene Corp.		194		04/26/24	USD	82.00	USD	1,523		(30,555	)
Danaher Corp.		91		04/26/24	USD	265.00	USD	2,272		(13,878	)
Dexcom, Inc.		122		04/26/24	USD	143.00	USD	1,692		(60,390	)
McKesson Corp.		60		04/26/24	USD	545.00	USD	3,221		(43,800	)
Merck & Co., Inc.		321		04/26/24	USD	123.00	USD	4,236		(321,000	)
UnitedHealth Group, Inc.		63		04/26/24	USD	505.00	USD	3,117		(54,180	)
AbbVie, Inc.		100		05/03/24	USD	185.00	USD	1,821		(37,000	)
Amgen, Inc.		304		05/03/24	USD	290.00	USD	8,643		(214,320	)
Biogen, Inc.		93		05/03/24	USD	220.00	USD	2,005		(60,450	)
Centene Corp.		194		05/03/24	USD	84.00	USD	1,523		(19,885	)
Danaher Corp.		90		05/03/24	USD	255.00	USD	2,247		(49,500	)
Intuitive Surgical, Inc.		75		05/03/24	USD	415.00	USD	2,993		(66,000	)
McKesson Corp.		60		05/03/24	USD	545.00	USD	3,221		(52,200	)

S  C  H  E  D  U  L  E  O  F  I  N  V  E  S  T  M  E  N  T  S 5

Schedule of Investments (unaudited) (continued) March 31, 2024 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)
Sarepta Therapeutics, Inc.		122		05/03/24	USD	138.00	USD	1,579	$	(68,930	)
10X Genomics, Inc., Class A		371		05/17/24	USD	45.00	USD	1,392		(39,883	)
AbbVie, Inc.		102		05/17/24	USD	185.00	USD	1,857		(40,035	)
Alcon, Inc.		139		05/17/24	USD	90.00	USD	1,158		(11,815	)
Alnylam Pharmaceuticals, Inc.		327		05/17/24	USD	165.00	USD	4,887		(120,990	)
Apellis Pharmaceuticals, Inc.		164		05/17/24	USD	65.00	USD	964		(54,530	)
Arcturus Therapeutics Holdings, Inc.		165		05/17/24	USD	40.00	USD	557		(26,813	)
Argenx SE, ADR		54		05/17/24	USD	410.00	USD	2,126		(95,040	)
Arrowhead Pharmaceuticals, Inc.		130		05/17/24	USD	35.00	USD	372		(13,325	)
Arvinas, Inc.		373		05/17/24	USD	50.00	USD	1,540		(63,410	)
Beam Therapeutics, Inc.		417		05/17/24	USD	40.00	USD	1,378		(62,550	)
Becton Dickinson & Co.		78		05/17/24	USD	245.00	USD	1,930		(76,440	)
BeiGene Ltd., ADR		109		05/17/24	USD	180.00	USD	1,705		(43,600	)
Biohaven, Ltd.		159		05/17/24	USD	60.00	USD	870		(105,735	)
BioMarin Pharmaceutical, Inc.		586		05/17/24	USD	86.59	USD	5,118		(260,783	)
Blueprint Medicines Corp.		514		05/17/24	USD	90.00	USD	4,876		(534,560	)
Boston Scientific Corp.		1,458		05/17/24	USD	67.50	USD	9,986		(426,465	)
Cabaletta Bio, Inc.		660		05/17/24	USD	25.00	USD	1,126		(64,350	)
Cencora, Inc.		148		05/17/24	USD	240.00	USD	3,596		(131,720	)
Charles River Laboratories International, Inc.		217		05/17/24	USD	263.00	USD	5,880		(415,546	)
CONMED Corp.		157		05/17/24	USD	90.00	USD	1,257		(45,923	)
Cooper Cos., Inc.		637		05/17/24	USD	105.00	USD	6,463		(97,142	)
Edwards Lifesciences Corp.		379		05/17/24	USD	95.00	USD	3,622		(183,815	)
Elevance Health, Inc.		46		05/17/24	USD	520.00	USD	2,385		(79,120	)
Encompass Health Corp.		132		05/17/24	USD	80.00	USD	1,090		(69,300	)
Exact Sciences Corp.		81		05/17/24	USD	67.50	USD	559		(63,585	)
Exelixis, Inc.		959		05/17/24	USD	24.00	USD	2,276		(139,055	)
Hologic, Inc.		311		05/17/24	USD	80.00	USD	2,425		(57,535	)
Incyte Corp.		136		05/17/24	USD	61.15	USD	775		(13,392	)
Inspire Medical Systems, Inc.		77		05/17/24	USD	210.00	USD	1,654		(204,820	)
Ionis Pharmaceuticals, Inc.		373		05/17/24	USD	45.00	USD	1,617		(63,410	)
Keros Therapeutics, Inc.		199		05/17/24	USD	70.00	USD	1,317		(105,470	)
Legend Biotech Corp., ADR		506		05/17/24	USD	70.00	USD	2,838		(49,335	)
Masimo Corp.		229		05/17/24	USD	140.00	USD	3,363		(305,715	)
Merck & Co., Inc.		161		05/17/24	USD	130.00	USD	2,124		(83,317	)
Mettler-Toledo International, Inc.		24		05/17/24	USD	1,340.00	USD	3,195		(129,840	)
Molina Healthcare, Inc.		113		05/17/24	USD	410.00	USD	4,642		(227,695	)
MoonLake Immunotherapeutics, Class A		183		05/17/24	USD	55.00	USD	919		(62,677	)
Neurocrine Biosciences, Inc.		335		05/17/24	USD	145.00	USD	4,620		(150,750	)
Nuvalent, Inc., Class A		384		05/17/24	USD	87.65	USD	2,883		(67,280	)
QIAGEN NV		1,062		05/17/24	USD	45.00	USD	4,566		(185,850	)
Repligen Corp.		82		05/17/24	USD	195.00	USD	1,508		(60,270	)
Rhythm Pharmaceuticals, Inc.		518		05/17/24	USD	50.00	USD	2,244		(91,945	)
Rocket Pharmaceuticals, Inc.		403		05/17/24	USD	30.00	USD	1,086		(47,352	)
Shockwave Medical, Inc.		20		05/17/24	USD	270.00	USD	651		(120,800	)
Structure Therapeutics Inc., ADR		417		05/17/24	USD	39.44	USD	1,787		(326,659	)
Stryker Corp.		154		05/17/24	USD	360.00	USD	5,511		(170,170	)
Tandem Diabetes Care, Inc.		208		05/17/24	USD	32.50	USD	737		(107,120	)
Tarsus Pharmaceuticals, Inc.		230		05/17/24	USD	35.00	USD	836		(109,250	)
Twist Bioscience Corp.		208		05/17/24	USD	40.00	USD	714		(43,680	)
Ultragenyx Pharmaceutical, Inc.		159		05/17/24	USD	55.00	USD	742		(34,185	)
United Therapeutics Corp.		84		05/17/24	USD	250.00	USD	1,930		(29,820	)
UnitedHealth Group, Inc.		63		05/17/24	USD	490.00	USD	3,117		(127,732	)
Waters Corp.		90		05/17/24	USD	360.00	USD	3,098		(90,900	)
West Pharmaceutical Services, Inc.		249		05/17/24	USD	400.00	USD	9,853		(432,015	)
Xenon Pharmaceuticals Inc.		699		05/17/24	USD	45.00	USD	3,009		(157,275	)
									$	(19,660,217	)

6  

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Health Sciences Term Trust (BMEZ)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
ConvaTec Group PLC	Bank of America N.A.		510,000		04/03/24		GBP	2.44		GBP	1,460	$	(272,374	)
Gerresheimer AG	Bank of America N.A.		15,000		04/09/24		EUR	99.53		EUR	1,565		(106,343	)
Novo Nordisk A/S, Class B	Morgan Stanley & Co. International PLC		69,200		04/09/24		DKK	829.77		DKK	61,371		(549,344	)
Sartorius AG	Goldman Sachs International		15,300		04/09/24		EUR	359.13		EUR	5,632		(272,385	)
Edwards Lifesciences Corp.	Citibank N.A.		17,100		04/10/24		USD	88.53		USD	1,634		(128,879	)
ConvaTec Group PLC	Morgan Stanley & Co. International PLC		411,500		04/16/24		GBP	2.53		GBP	1,178		(179,610	)
Gerresheimer AG	Morgan Stanley & Co. International PLC		17,100		04/16/24		EUR	116.63		EUR	1,784		(11,747	)
Lonza Group AG, Registered Shares	UBS AG		7,400		04/16/24		CHF	487.20		CHF	3,988		(448,236	)
Gerresheimer AG	Morgan Stanley & Co. International PLC		17,100		04/23/24		EUR	116.63		EUR	1,784		(18,899	)
Cabaletta Bio, Inc.	Barclays Bank PLC		48,000		04/24/24		USD	24.60		USD	819		(22,053	)
ConvaTec Group PLC	Morgan Stanley & Co. International PLC		490,000		04/24/24		GBP	2.57		GBP	1,402		(186,321	)
Galapagos NV, ADR	Citibank N.A.		12,000		04/24/24		USD	36.58		USD	386		(5,207	)
Genmab A/S	Morgan Stanley & Co. International PLC		9,200		04/24/24		DKK	2,028.28		DKK	19,071		(137,118	)
Gerresheimer AG	UBS AG		20,000		04/24/24		EUR	113.61		EUR	2,087		(34,946	)
Novo Nordisk A/S, Class B	Bank of America N.A.		19,600		04/24/24		DKK	880.65		DKK	17,383		(75,998	)
Elanco Animal Health, Inc.	Goldman Sachs International		98,800		04/30/24		USD	16.53		USD	1,608		(50,012	)
Inspire Medical Systems, Inc.	Citibank N.A.		7,800		04/30/24		USD	201.57		USD	1,675		(210,180	)
STERIS PLC	Bank of America N.A.		14,000		04/30/24		USD	234.09		USD	3,147		(41,694	)
Zealand Pharma A/S	Goldman Sachs International		26,900		05/02/24		DKK	726.59		DKK	18,422		(166,564	)
Genmab A/S, ADR	BNP Paribas SA		36,500		05/06/24		USD	30.64		USD	1,092		(47,189	)
Cabaletta Bio, Inc.	Barclays Bank PLC		48,000		05/07/24		USD	24.32		USD	819		(37,637	)
Elanco Animal Health, Inc.	Barclays Bank PLC		148,100		05/07/24		USD	16.00		USD	2,411		(160,643	)
Genmab A/S	JPMorgan Chase Bank N.A.		1,900		05/07/24		DKK	2,054.86		DKK	3,939		(29,891	)
Bio-Techne Corp.	JPMorgan Chase Bank N.A.		81,300		05/13/24		USD	71.95		USD	5,723		(249,906	)
Cencora, Inc.	Citibank N.A.		11,400		05/13/24		USD	236.25		USD	2,770		(125,698	)
Gerresheimer AG	Morgan Stanley & Co. International PLC		14,900		05/16/24		EUR	105.86		EUR	1,555		(89,719	)
												$	(3,658,593	)

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.

S  C  H  E  D  U  L  E  O  F  I  N  V  E  S  T  M  E  N  T  S 7

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Health Sciences Term Trust (BMEZ)

Fair Value Hierarchy as of Period End (continued)

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	$	720,375,870		$	32,615,128		$	—	$	752,990,998
Capital Markets		5,635,213			—			—		5,635,213
Electronic Equipment, Instruments & Components		2,069,334			—			—		2,069,334
Health Care Equipment & Supplies		411,153,460			15,935,742			—		427,089,202
Health Care Providers & Services		177,437,369			16,399,176			—		193,836,545
Health Care Technology		1,437,021			—			1,248,240		2,685,261
Life Sciences Tools & Services		256,844,468			43,575,544			—		300,420,012
Pharmaceuticals		128,859,627			29,550,975			—		158,410,602
Other Interests		—			—			4,722,930		4,722,930
Preferred Securities
Preferred Stocks		—			19,033,488			136,081,294		155,114,782
Rights		—			3,152			408,222		411,374
Warrants		21,921			—			—		21,921
Short-Term Securities
Money Market Funds		41,944,105			—			—		41,944,105
	$	1,745,778,388		$	157,113,205		$	142,460,686	$	2,045,352,279
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(17,618,560	)	$	(5,700,250	)	$	—	$	(23,318,810	)
Foreign Currency Exchange Contracts		—			(744,123	)		—		(744,123	)
	$	(17,618,560	)	$	(6,444,373	)	$	—	$	(24,062,933	)

^(a)  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, 2023	$	—	$	4,664,318	$	143,543,684		$	268,290	$	148,476,292
Transfers into Level 3		—		—		—			—		—
Transfers out of Level 3		—		—		—			—		—
Accrued discounts/premiums		—		—		—			—		—
Net realized gain (loss)		—		—		—			—		—
Net change in unrealized appreciation (depreciation)(a)		22,240		58,612		(7,462,390	)		13,809		(7,367,729	)
Purchases		1,226,000		—		—			126,123		1,352,123
Sales		—		—		—			—		—
Closing balance, as of March 31, 2024	$	1,248,240	$	4,722,930	$	136,081,294		$	408,222	$	142,460,686
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024(a)	$	22,240	$	58,612	$	(7,462,390	)	$	13,809	$	(7,367,729	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

8  

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Health Sciences Term Trust (BMEZ)

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.

		Value	Valuation Approach	Unobservable  Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Preferred Stocks	$	136,081,294	Market	Revenue Multiple	2.00x - 8.02x		3.34x
				Volatility	50% - 100%		75%
				Time to Exit	1.0 - 4.0 years		2.5 years
				Market Adjustment Multiple	0.60x - 1.30x		0.96x
			Income	Discount Rate	5% - 5%		5%
Common Stocks		1,248,240	Market	Revenue Multiple	2.00x		—
				Volatility	75%		—
				Time to Exit	1.0 years		—
Other Interests		4,722,930	Income	Discount Rate	5% - 5%		5%
Rights		408,222	Income	Discount Rate	5% - 5%		5%
	$	142,460,686

^(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

S  C  H  E  D  U  L  E  O  F  I  N  V  E  S  T  M  E  N  T  S 9