March 31, 2026 
2026 Quarterly Report
(Unaudited)
 
BlackRock Health Sciences Trust (BME)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
March 31, 2026
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Biotechnology — 31.2%
4D Molecular Therapeutics, Inc.(a)
 
11,491
$ 106,981
AbbVie, Inc.(b)
 
100,720
21,905,593
Agios Pharmaceuticals, Inc.(a)
 
30,245
1,023,188
Aktis Oncology, Inc.(a)
 
23,229
415,567
Allogene Therapeutics, Inc.(a)
 
105,465
257,335
Alnylam Pharmaceuticals, Inc.(a)
 
8,378
2,772,029
Amgen, Inc.(b)
 
51,861
18,247,293
Apogee Therapeutics, Inc.(a)
 
17,780
1,496,543
Arcellx, Inc.(a)
 
8,208
942,442
Arcus Biosciences, Inc.(a)
 
39,654
856,526
Argenx SE, ADR(a)
 
10,637
7,767,669
Beam Therapeutics, Inc.(a)
 
14,611
348,180
Bicara Therapeutics, Inc.(a)
 
14,144
281,324
Biogen, Inc.(a)
 
31,869
5,842,544
Biohaven Ltd.(a)
 
30,469
257,768
BioMarin Pharmaceutical, Inc.(a)
 
29,577
1,670,805
BioNTech SE, ADR(a)
 
3,695
328,412
Bridgebio Oncology Therapeutics, Inc., (Acquired
08/08/25, Cost: $167,000)(a)(c)
 
15,582
139,459
BridgeBio Oncology Therapeutics, Inc.(a)
 
60,030
537,268
Bridgebio Pharma, Inc.(a)
 
18,055
1,340,764
Bright Minds Biosciences, Inc.(a)
 
8,368
610,613
CG oncology, Inc.(a)
 
5,095
344,830
Cogent Biosciences, Inc.(a)
 
124,642
4,797,471
Corvus Pharmaceuticals, Inc.(a)
 
9,689
141,750
Cytokinetics, Inc.(a)
 
16,255
1,071,367
Denali Therapeutics, Inc.(a)
 
22,218
426,586
Dianthus Therapeutics, Inc.(a)
 
16,460
1,381,323
Dyne Therapeutics, Inc.(a)
 
23,908
433,452
Eikon Therapeutics, Inc.(a)(d)
 
63,218
668,846
Enanta Pharmaceuticals, Inc.(a)
 
42,512
536,926
Erasca, Inc.(a)
 
62,282
1,007,723
Exelixis, Inc.(a)
 
19,863
851,924
Gilead Sciences, Inc.
 
150,487
20,973,373
Gossamer Bio, Inc.(a)(d)
 
31,955
10,497
Immunocore Holdings PLC, ADR(a)
 
16,565
499,435
Immunome, Inc.(a)
 
25,340
554,186
Incyte Corp.(a)
 
34,568
3,253,540
Insmed, Inc.(a)(d)
 
34,614
5,660,081
Intellia Therapeutics, Inc.(a)(d)
 
45,705
585,938
Ionis Pharmaceuticals, Inc.(a)
 
14,983
1,125,073
Kailera Therapeutics, Inc., Series B, (Acquired 10/31/25,
Cost: $504,000)(a)(c)(e)
 
36,000
504,000
KalVista Pharmaceuticals, Inc.(a)
 
18,705
376,532
Kodiak Sciences, Inc.(a)
 
11,389
434,149
Kymera Therapeutics, Inc.(a)
 
4,712
392,462
Moderna, Inc.(a)
 
48,852
2,481,682
Monte Rosa Therapeutics, Inc.(a)
 
27,954
459,843
MoonLake Immunotherapeutics(a)
 
14,299
266,533
Natera, Inc.(a)
 
11,821
2,364,082
Neurocrine Biosciences, Inc.(a)
 
6,793
894,910
Nuvalent, Inc., Class A(a)(d)
 
28,618
2,931,914
Oruka Therapeutics, Inc.(a)
 
15,986
784,113
Palvella Therapeutics, Inc.(a)
 
4,480
558,432
Protagonist Therapeutics, Inc.(a)
 
32,058
3,378,913
PTC Therapeutics, Inc.(a)
 
4,329
294,935
Regeneron Pharmaceuticals, Inc.
 
7,712
5,958,600
REGENXBIO, Inc.(a)
 
18,415
154,318
Revolution Medicines, Inc.(a)
 
26,560
2,582,960
Rhythm Pharmaceuticals, Inc.(a)
 
46,799
4,070,109
Security
 
 
Shares
Value
Biotechnology (continued)
Roivant Sciences Ltd.(a)
 
41,221
$ 1,141,822
Scholar Rock Holding Corp.(a)
 
19,764
971,598
Stoke Therapeutics, Inc.(a)
 
41,095
1,338,053
Summit Therapeutics, Inc.(a)(d)
 
80,150
1,519,644
Syndax Pharmaceuticals, Inc.(a)
 
5,165
120,654
TScan Therapeutics, Inc.(a)
 
48,273
48,756
United Therapeutics Corp.(a)
 
4,903
2,907,381
Upstream Bio, Inc.(a)
 
30,052
270,468
Vaxcyte, Inc.(a)
 
7,541
438,207
Vertex Pharmaceuticals, Inc.(a)
 
31,983
14,281,689
Viking Therapeutics, Inc.(a)
 
36,985
1,203,492
Viridian Therapeutics, Inc.(a)
 
45,005
880,298
Vor BioPharma, Inc.(a)
 
10,020
178,757
Voyager Therapeutics, Inc.(a)
 
31,420
121,281
Zealand Pharma A/S(a)
 
7,187
334,699
 
 
166,117,910
Health Care Equipment & Supplies — 15.0%
Abbott Laboratories(b)
 
119,561
12,275,328
Alcon AG
 
5,751
433,338
Boston Scientific Corp.(a)(b)
 
131,399
8,245,287
Cooper Cos., Inc.(a)
 
26,747
1,912,411
Dexcom, Inc.(a)
 
57,910
3,636,748
Edwards Lifesciences Corp.(a)
 
149,905
12,004,392
EXO Imaging, Inc., (Acquired 06/24/21, Cost:
$595,999)(a)(c)(e)
 
1,017
376
Glaukos Corp.(a)
 
7,625
820,908
Hologic, Inc.(a)
 
12,193
921,669
IDEXX Laboratories, Inc.(a)
 
6,712
3,771,406
Intuitive Surgical, Inc.(a)
 
27,505
12,679,530
Medline, Inc., Class A(a)
 
70,645
3,143,703
Medtronic PLC
 
77,050
6,676,382
Novocure Ltd.(a)
 
49,947
544,422
Nucleix Ltd., (Acquired 04/10/24, Cost: $200,000)(a)(c)(e)
 
200
158,504
Nyxoah SA(a)(d)
 
29,659
86,604
Orchestra BioMed Holdings, Inc.(a)
 
17,635
74,949
Penumbra, Inc.(a)
 
11,606
3,811,062
STERIS PLC
 
5,880
1,300,244
Stryker Corp.
 
23,649
7,770,825
 
 
80,268,088
Health Care Providers & Services — 7.6%
Cencora, Inc., Class A
 
15,981
5,020,271
CVS Health Corp.
 
31,771
2,281,793
Elevance Health, Inc.
 
7,713
2,257,981
Guardant Health, Inc.(a)
 
39,876
3,683,346
HCA Healthcare, Inc.
 
10,937
5,175,826
Humana, Inc.
 
6,765
1,172,983
McKesson Corp.
 
2,993
2,590,022
Quest Diagnostics, Inc.
 
7,463
1,462,599
RadNet, Inc.(a)(d)
 
9,485
530,117
UnitedHealth Group, Inc.(b)
 
59,867
16,199,412
 
 
40,374,350
Health Care Technology — 0.3%
Veeva Systems, Inc., Class A(a)
 
8,702
1,528,593
Life Sciences Tools & Services — 6.9%
Agilent Technologies, Inc.
 
23,884
2,722,298
Bio-Techne Corp.
 
17,090
893,123
Bruker Corp.
 
43,307
1,564,249
Charles River Laboratories International, Inc.(a)
 
4,936
851,460
Danaher Corp.
 
54,385
10,311,396
Illumina, Inc.(a)
 
13,293
1,638,495
2
Schedule of Investments (unaudited)(continued)
March 31, 2026
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Life Sciences Tools & Services (continued)
IQVIA Holdings, Inc.(a)
 
12,502
$ 2,132,091
Mettler-Toledo International, Inc.(a)
 
395
498,174
Thermo Fisher Scientific, Inc.
 
23,314
11,459,531
Waters Corp.(a)
 
10,927
3,254,061
West Pharmaceutical Services, Inc.
 
5,328
1,335,410
 
 
36,660,288
Pharmaceuticals — 36.2%
Alumis, Inc.(a)
 
25,795
568,264
AstraZeneca PLC
 
33,842
6,617,463
Bristol-Myers Squibb Co.
 
96,259
5,838,108
Daiichi Sankyo Co. Ltd.
 
60,800
1,087,752
Edgewise Therapeutics, Inc.(a)(d)
 
22,279
701,788
Elanco Animal Health, Inc.(a)
 
41,073
982,877
Eli Lilly & Co.(b)
 
59,379
54,615,023
EyePoint, Inc.(a)
 
16,320
210,365
Galderma Group AG
 
16,599
3,262,263
Johnson & Johnson(b)
 
234,293
57,270,581
LB Pharmaceuticals, Inc.(a)(d)
 
48,308
1,191,275
Maze Therapeutics, Inc.(a)(d)
 
15,965
476,555
MBX Biosciences, Inc.(a)
 
28,457
849,441
Merck & Co., Inc.(b)
 
237,354
28,551,313
Novartis AG, ADR
 
21,810
3,331,477
Ocular Therapeutix, Inc.(a)
 
22,645
191,803
Pfizer, Inc.
 
522,250
14,664,780
Terns Pharmaceuticals, Inc.(a)
 
32,290
1,702,329
Teva Pharmaceutical Industries Ltd., ADR(a)
 
304,107
9,159,703
UCB SA
 
4,719
1,421,820
WaVe Life Sciences Ltd.(a)
 
30,090
218,153
 
 
192,913,133
Total Common Stocks — 97.2%
(Cost: $336,974,316)
517,862,362
 
 
 
Benefical
Interest (000)
 
Other Interests
Biotechnology — 0.0%
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —)(c)(e)(f)
$
6
23,235
Total Other Interests — 0.0%
(Cost: $ — )
23,235
 
 
 
 
Shares
 
Preferred Securities
Preferred Stocks — 0.7%(a)(c)(e)
Biotechnology — 0.5%
Adarx Pharamaceuticals, Inc., Series C, (Acquired
08/02/23, Cost: $440,003)
 
52,885
693,322
Angitia Biopharmaceuticals Ltd., Series D, (Acquired
01/27/26, Cost: $567,428)
 
57,448
568,161
Security
 
 
Shares
Value
Biotechnology (continued)
Cellarity, Inc., Series B, Class B, (Acquired 01/15/21,
Cost: $265,002)
 
44,167
$ 107,767
Genesis Therapeutics, Inc., Series B, (Acquired
08/10/23, Cost: $292,001)
 
57,170
312,720
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost:
$175,737)
 
168,216
50,465
Kartos Therapeutics, Inc.
 
(Acquired 02/12/26, Cost: $34,186)
 
34,186
34,343
Series C, (Acquired 08/22/23, Cost: $485,124)
 
85,817
487,441
Series D, (Acquired 02/19/25, Cost: $133,467)
 
23,610
134,105
Laronde, Inc., Series B, (Acquired 07/28/21, Cost:
$590,800)
 
21,100
407,652
 
 
2,795,976
Health Care Equipment & Supplies — 0.1%
EXO Imaging, Inc., Series D, (Acquired 07/24/24, Cost:
$28,863)
 
47,496
35,147
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost:
$1,070,001)
 
367,395
242,481
Quanta Dialysis Technologies Ltd., Series D, (Acquired
06/18/21, Cost: $515,759)
 
4,243,029
202,179
Swift Health Systems, Inc., Series D, (Acquired 08/27/21,
Cost: $286,998)
 
93
206
 
 
480,013
Pharmaceuticals — 0.1%
Insitro, Inc., Series C, (Acquired 03/10/21, Cost:
$560,000)
 
30,616
255,950
 
3,531,939
Total Preferred Securities — 0.7%
(Cost: $5,445,369)
3,531,939
Rights
Biotechnology(e) — 0.0%
Blueprint Medicines Corp., CVR
 
15,552
15,552
Korro Bio, Inc., CVR
 
28,060
—
Mirati Therapeutics, Inc. CVR
 
15,747
12,440
 
 
27,992
Health Care Equipment & Supplies — 0.0%
Abiomed, Inc., CVR(e)
 
14,359
33,313
Total Rights — 0.0%
(Cost: $32,823)
61,305
Warrants
Biotechnology — 0.0%
Goldfinch Ltd., (Issued/Exercisable 02/10/26, 1 Share for
1 Warrant, Expires 11/20/35, Strike Price USD
1.18)(a)(e)
 
21,784
—
Total Warrants — 0.0%
(Cost: $22,758)
—
Total Long-Term Investments — 97.9%
(Cost: $342,475,266)
521,478,841
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
March 31, 2026
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 3.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.77%(g)(h)(i)
 
4,183,703
$ 4,184,540
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
3.55%(g)(h)
 
15,410,175
15,410,175
Total Short-Term Securities — 3.7%
(Cost: $19,594,715)
19,594,715
Total Investments — 101.6%
(Cost: $362,069,981)
541,073,556
Liabilities in Excess of Other Assets — (1.6)%
(8,441,003
)
Net Assets — 100.0%
$ 532,632,553
 
(a)
Non-income producing security.
(b)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(c)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $4,357,513, representing 0.8% of its net assets as of
period end, and an original cost of $6,912,368.
(d)
All or a portion of this security is on loan.
(e)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(f)
Other interests represent beneficial interests in liquidation trusts and other reorganization
or private entities.
(g)
Affiliate of the Trust.
(h)
Annualized 7-day yield as of period end.
(i)
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, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares
Held at
03/31/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 893,600
$ 3,291,211
(a)
$ —
$ (271
)
$ —
$ 4,184,540
4,183,703
$ 3,193
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
4,021,533
11,388,642
(a)
—
—
—
15,410,175
15,410,175
85,210
—
 
$ (271
)
$ —
$ 19,594,715
$ 88,403
$ —
 
(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 collateral investment fees, and other payments to and
from borrowers of securities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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.
4
Schedule of Investments (unaudited)(continued)
March 31, 2026
BlackRock Health Sciences Trust (BME)
 
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
$ 165,139,752
$ 474,158
$ 504,000
$ 166,117,910
Health Care Equipment & Supplies
80,109,208
—
158,880
80,268,088
Health Care Providers & Services
40,374,350
—
—
40,374,350
Health Care Technology
1,528,593
—
—
1,528,593
Life Sciences Tools & Services
36,660,288
—
—
36,660,288
Pharmaceuticals
180,523,835
12,389,298
—
192,913,133
Other Interests
—
—
23,235
23,235
Preferred Securities
Preferred Stocks
—
—
3,531,939
3,531,939
Rights
—
—
61,305
61,305
Warrants
—
—
—
—
Short-Term Securities 
Money Market Funds
19,594,715
—
—
19,594,715
 
$523,930,741
$12,863,456
$4,279,359
$541,073,556
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
CVR
 Contingent Value Right
Schedule of Investments
5