BlackRock Health Sciences Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21702

Name of Fund: BlackRock Health Sciences Trust (BME)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Health Sciences Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2013

Date of reporting period: 01/31/2013

Item 1 – Schedule of Investments

    

   

Schedule of Investments January 31, 2013  (Unaudited)

   

 

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

Common Stocks   Shares     Value  

 

  

Biotechnology – 20.0%

    

3SBio, Inc. - ADR (a)

     20,031      $ 266,412   

Acadia Pharmaceuticals, Inc. (a)(b)

     129,200        779,076   

Acorda Therapeutics, Inc. (a)(b)

     68,800        1,986,944   

Alexion Pharmaceuticals, Inc. (a)(b)

     26,560        2,496,374   

Alnylam Pharmaceuticals, Inc. (a)(b)

     60,436        1,458,321   

Amgen, Inc. (b)

     51,500        4,401,190   

BioMarin Pharmaceutical, Inc. (a)(b)

     26,700        1,465,563   

Celgene Corp. (a)(b)

     70,574        6,984,003   

Celldex Therapeutics, Inc. (a)(b)

     84,200        628,132   

ChemoCentryx, Inc. (a)

     16,353        190,022   

CSL Ltd.

     32,375        1,853,241   

Cubist Pharmaceuticals, Inc. (a)(b)

     18,100        779,024   

Dyax Corp. (a)

     55,084        175,167   

Elan Corp. Plc - ADR (a)(b)

     100,600        1,057,306   

Exelixis, Inc. (a)(b)

     70,200        327,132   

Genmab A/S (a)

     28,180        503,056   

Gilead Sciences, Inc. (a)(b)

     176,622        6,967,738   

Infinity Pharmaceuticals, Inc. (a)(b)

     48,800        1,681,160   

InterMune, Inc. (a)(b)

     64,100        631,385   

Ironwood Pharmaceuticals, Inc. (a)(b)

     50,300        644,846   

Isis Pharmaceuticals, Inc. (a)

     31,150        452,610   

Medivation, Inc. (a)(b)

     31,165        1,694,129   

Momenta Pharmaceuticals, Inc. (a)(b)

     38,800        489,268   

Protalix BioTherapeutics, Inc. (a)(b)

     106,500        544,215   

Puma Biotechnology, Inc. (a)

     24,381        564,176   

Seattle Genetics, Inc. (a)(b)

     107,500        3,165,875   

Synageva BioPharma Corp. (a)(b)

     25,503        1,179,769   

Ultragenyx Pharmaceutical, Inc. (a)

     138,700        384,116   

Verastem, Inc. (a)

     15,800        157,368   

Vertex Pharmaceuticals, Inc. (a)(b)

     40,405        1,809,336   
   

 

 

  
      45,716,954   

 

  

Diversified Consumer Services – 0.9%

    

Service Corp. International

     90,800        1,355,644   

Stewart Enterprises, Inc., Class A

     88,400        729,300   
   

 

 

  
      2,084,944   

 

  

Food & Staples Retailing – 1.7%

    

Brazil Pharma SA

     159,500        1,177,417   

CVS Caremark Corp. (b)

     52,300        2,677,760   
   

 

 

  
      3,855,177   

 

  

Health Care Equipment & Supplies – 15.0%

  

Baxter International, Inc. (b)

     38,900        2,638,976   

Becton Dickinson & Co.

     36,200        3,042,248   

Boston Scientific Corp. (a)(b)

     180,200        1,346,094   

CareFusion Corp. (a)(b)

     56,200        1,744,448   

Coloplast A/S, Class B

     23,500        1,240,286   

The Cooper Cos., Inc. (b)

     34,400        3,486,440   

Covidien Plc

     54,300        3,385,062   

DENTSPLY International, Inc. (b)

     62,300        2,601,648   

Given Imaging Ltd. (a)(b)

     26,229        431,467   

Hill-Rom Holdings, Inc.

     44,100        1,463,238   
Common Stocks   Shares     Value  

 

  

Health Care Equipment & Supplies (concluded)

  

Medtronic, Inc.

     97,200      $ 4,529,520   

Sirona Dental Systems, Inc. (a)

     44,800        2,977,856   

Stryker Corp.

     46,200        2,894,430   

Teleflex, Inc.

     16,300        1,222,500   

Thoratec Corp. (a)(b)

     37,300        1,362,569   
   

 

 

  
      34,366,782   

 

  

Health Care Providers & Services – 17.1%

  

Aetna, Inc. (b)

     53,911        2,600,128   

AmerisourceBergen Corp. (b)

     45,400        2,059,798   

Brookdale Senior Living, Inc. (a)(b)

     69,700        1,882,597   

Capital Senior Living Corp. (a)

     35,164        746,532   

Cardinal Health, Inc.

     70,400        3,084,224   

Catamaran Corp. (a)(b)

     66,900        3,471,441   

CIGNA Corp. (b)

     44,200        2,578,628   

Express Scripts Holding Co. (a)(b)

     107,976        5,768,078   

HCA Holdings, Inc. (b)

     41,900        1,577,535   

Humana, Inc. (b)

     16,943        1,259,881   

McKesson Corp. (b)

     22,500        2,367,675   

Team Health Holdings, Inc. (a)(b)

     33,483        1,134,069   

UnitedHealth Group, Inc.

     89,834        4,959,735   

Universal Health Services, Inc., Class B (b)

     66,500        3,766,560   

WellPoint, Inc. (b)

     27,900        1,808,478   
   

 

 

  
      39,065,359   

 

  

Health Care Technology – 0.6%

    

Cerner Corp. (a)(b)

     17,200        1,419,860   

 

  

Industrial Conglomerates – 0.7%

    

Koninklijke Philips Electronics NV

     50,433        1,570,778   

 

  

Life Sciences Tools & Services – 6.2%

  

Agilent Technologies, Inc. (b)

     7,700        344,806   

ICON Plc - ADR (a)

     62,900        1,843,599   

Illumina, Inc. (a)(b)

     30,900        1,564,467   

Life Technologies Corp. (a)(b)

     27,000        1,746,630   

Mettler-Toledo International, Inc. (a)(b)

     11,633        2,472,362   

Thermo Fisher Scientific, Inc. (b)

     47,200        3,405,008   

Waters Corp. (a)(b)

     29,415        2,693,532   
   

 

 

  
      14,070,404   

 

  

Pharmaceuticals – 36.3%

    

AbbVie, Inc. (b)

     122,900        4,509,201   

Actavis, Inc. (a)(b)

     10,700        924,373   

Allergan, Inc. (b)

     47,700        5,008,977   

Bayer AG

     15,000        1,480,232   

Bristol-Myers Squibb Co. (b)

     119,400        4,315,116   

Eli Lilly & Co.

     130,200        6,990,438   

Forest Laboratories, Inc. (a)(b)

     32,700        1,187,010   

Hospira, Inc. (a)(b)

     40,700        1,388,684   

Johnson & Johnson (b)

     112,970        8,350,742   

Merck & Co., Inc.

     70,100        3,031,825   

Mylan, Inc. (a)(b)

     43,000        1,215,610   

Novartis AG (b)

     107,800        7,327,863   
 

 

 

      Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many securities have been abbreviated according to the following list:    ADR      American Depositary Receipt    DKK      Danish Krone
   AUD      Australian Dollar    EUR      Euro
   BRL      Brazil Real    JPY      Japanese Yen
   CHF      Swiss Franc    USD      US Dollar

 

    

               
        JANUARY 31, 2013    1

    

   

    

Schedule of Investments (continued)

   

 

BlackRock Health Sciences Trust (BME)

(Percentages shown are based on Net Assets)

 

 

Common Stocks   Shares     Value  

 

  

Pharmaceuticals (concluded)

    

Perrigo Co. (b)

     4,500      $ 452,295   

Pfizer, Inc. (b)

     467,300        12,747,944   

Roche Holding AG

     41,000        9,062,604   

Sanofi

     87,500        8,529,986   

Takeda Pharmaceutical Co. Ltd.

     24,100        1,238,419   

Teva Pharmaceutical Industries Ltd. - ADR (b)

     43,700        1,660,163   

Valeant Pharmaceuticals International, Inc. (a)(b)

     32,400        2,148,768   

Zoetis, Inc. (a)

     52,300        1,359,800   
   

 

 

  
      82,930,050   

 

  

Total Long-Term Investments

(Cost – $185,902,102) – 98.5%

       225,080,308   

 

  
   
   

Short-Term Securities

    

 

  

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (c)(d)

     4,268,367        4,268,367   

 

  

Total Short-Term Securities

(Cost – $4,268,367) – 1.9%

       4,268,367   

 

  

Total Investments Before Options Written

(Cost – $190,170,469*) – 100.4%

  

  

     229,348,675   

 

  
   
   
Options Written   Value  

 

  

(Premiums Received – $1,752,236) – (1.2)%

   $ (2,668,756 ) 

 

  

Total Investments Net of Options Written – 99.2%

     226,679,919   

Other Assets Less Liabilities – 0.8%

     1,771,171   
 

 

 

  

Net Assets – 100.0%

   $ 228,451,090   
 

 

 

  
 

 

 

    Notes to Schedule of Investments

 

 

* As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 192,988,079   
  

 

 

  

Gross unrealized appreciation

    $ 39,551,496   

Gross unrealized depreciation

      (3,190,900 ) 
  

 

 

  

Net unrealized appreciation

    $ 36,360,596   
  

 

 

  

 

(a) Non-income producing security.
(b) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(c) Represents the current yield as of report date.
(d) Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliate   

Shares/
Beneficial Interest
Held at

October 31,

2012

     

Net

Activity

    

Shares/
Beneficial Interest
Held at

January 31,

2013

      Income      Realized
Gain		  

BlackRock Liquidity Funds, TempFund, Institutional Class

      4,024,895         243,472        4,268,367       $ 3,811         $44   

BlackRock Liquidity Series, LLC Money Market Series

      $4,185,923       $ (4,185,923 )      –       $ 538         –   

 

    

               

2

         JANUARY 31, 2013   

    

   

 

Schedule of Investments  (continued)

   

 

BlackRock Health Sciences Trust (BME)

 

 

— Exchange-Traded options written as of January 31, 2013 were as follows:

 

  
Description    Put/
Call		     

Strike

Price

     

Expiration

Date

    Contracts     

Market

Value

  

 

  

Baxter International, Inc.

      Call         USD        66.50       2/04/13      195       $ (26,156 ) 

Exelixis, Inc.

      Call         USD        4.75       2/05/13      235         (958 ) 

Novartis AG

      Call         CHF        58       2/15/13      325         (138,058 ) 

Hospira, Inc.

      Call         USD        30.50       2/16/13      140         (51,671 ) 

Aetna, Inc.

      Call         USD        46       2/18/13      175         (43,138 ) 

Brookdale Senior Living, Inc.

      Call         USD        27.50       2/18/13      240         (25,800 ) 

CareFusion Corp.

      Call         USD        31       2/18/13      185         (12,025 ) 

Celgene Corp.

      Call         USD        82.50       2/18/13      100         (166,000 ) 

Celgene Corp.

      Call         USD        100       2/18/13      130         (26,195 ) 

Celldex Therapeutics, Inc.

      Call         USD        7       2/18/13      215         (14,512 ) 

Cerner Corp.

      Call         USD        85       2/18/13      55         (11,412 ) 

Elan Corp. Plc - ADR

      Call         USD        12       2/18/13      200         (2,000 ) 

Gilead Sciences, Inc.

      Call         USD        38.75       2/18/13      450         (58,275 ) 

Given Imaging Ltd.

      Call         USD        20       2/18/13      79         (790 ) 

HCA Holdings, Inc.

      Call         USD        35       2/18/13      60         (18,300 ) 

Humana, Inc.

      Call         USD        72.50       2/18/13      45         (12,488 ) 

Ironwood Pharmaceuticals, Inc.

      Call         USD        15       2/18/13      165         (1,650 ) 

Perrigo Co.

      Call         USD        110       2/18/13      45         (1,350 ) 

Waters Corp.

      Call         USD        90       2/18/13      40         (9,000 ) 

The Cooper Cos., Inc.

      Call         USD        97.50       3/04/13      115         (57,873 ) 

Thermo Fisher Scientific, Inc.

      Call         USD        66.50       3/07/13      147         (85,319 ) 

CVS Caremark Corp.

      Call         USD        52.25       3/16/13      160         (13,124 ) 

AbbVie, Inc.

      Call         USD        37.50       3/18/13      380         (30,400 ) 

Acadia Pharmaceuticals, Inc.

      Call         USD        5.50       3/18/13      296         (25,160 ) 

Acadia Pharmaceuticals, Inc.

      Call         USD        6       3/18/13      125         (7,500 ) 

Acorda Therapeutics, Inc.

      Call         USD        30       3/18/13      230         (36,225 ) 

Agilent Technologies, Inc.

      Call         USD        45       3/18/13      75         (10,425 ) 

Alexion Pharmaceuticals, Inc.

      Call         USD        100       3/18/13      170         (39,525 ) 

Allergan, Inc.

      Call         USD        105       3/18/13      150         (44,250 ) 

Alnylam Pharmaceuticals, Inc.

      Call         USD        25       3/18/13      200         (19,500 ) 

AmerisourceBergen Corp.

      Call         USD        46       3/18/13      150         (7,875 ) 

Amgen, Inc.

      Call         USD        85       3/18/13      130         (32,435 ) 

BioMarin Pharmaceutical, Inc.

      Call         USD        55       3/18/13      85         (22,950 ) 

Boston Scientific Corp.

      Call         USD        7       3/18/13      277         (16,482 ) 

Bristol-Myers Squibb Co.

      Call         USD        35       3/18/13      210         (30,660 ) 

Bristol-Myers Squibb Co.

      Call         USD        36       3/18/13      100         (7,850 ) 

Bristol-Myers Squibb Co.

      Call         USD        37       3/18/13      85         (2,890 ) 

Catamaran Corp.

      Call         USD        52.50       3/18/13      220         (47,850 ) 

Celldex Therapeutics, Inc.

      Call         USD        8       3/18/13      65         (1,950 ) 

CIGNA Corp.

      Call         USD        57.50       3/18/13      120         (27,000 ) 

Cubist Pharmaceuticals, Inc.

      Call         USD        45       3/18/13      85         (4,888 ) 

Express Scripts Holding Co.

      Call         USD        57.50       3/18/13      380         (20,900 ) 

Forest Laboratories, Inc.

      Call         USD        37       3/18/13      110         (7,975 ) 

Gilead Sciences, Inc.

      Call         USD        40       3/18/13      338         (37,518 ) 

HCA Holdings, Inc.

      Call         USD        38.50       3/18/13      70         (8,925 ) 

Illumina, Inc.

      Call         USD        55       3/18/13      85         (7,225 ) 

Infinity Pharmaceuticals, Inc.

      Call         USD        35       3/18/13      160         (29,200 ) 

Intermune, Inc.

      Call         USD        11       3/18/13      210         (6,825 ) 

Life Technologies Corp.

      Call         USD        65       3/18/13      100         (34,500 ) 

McKesson Corp.

      Call         USD        105       3/18/13      75         (18,375 ) 

Medivation, Inc.

      Call         USD        57.50       3/18/13      125         (39,375 ) 

Mettler-Toledo International, Inc.

      Call         USD        210       3/18/13      30         (24,450 ) 

 

    

               
        JANUARY 31, 2013    3

    

   

Schedule of Investments (continued)

   

 

BlackRock Health Sciences Trust (BME)

 

 

— Exchange-Traded options written as of January 31, 2013 were as follows: (concluded)

 

  
Description    Put/
Call		     

Strike

Price

      Expiration
Date		    Contracts      Market
Value		  

 

  

Momenta Pharmaceuticals, Inc.

      Call         USD         14       3/18/13      130       $ (2,600 ) 

Pfizer, Inc.

      Call         USD         27       3/18/13      315         (22,365 ) 

Seattle Genetics, Inc.

      Call         USD         30       3/18/13      330         (44,550 ) 

Team Health Holdings, Inc.

      Call         USD         35       3/18/13      110         (14,025 ) 

Teva Pharmaceutical Industries Ltd. - ADR

      Call         USD         40       3/18/13      145         (3,842 ) 

Thoratec Corp.

      Call         USD         38       3/18/13      115         (12,362 ) 

Valeant Pharmaceuticals International, Inc.

      Call         USD         65       3/18/13      100         (41,500 ) 

Vertex Pharmaceuticals, Inc.

      Call         USD         50       3/18/13      130         (10,400 ) 

Waters Corp.

      Call         USD         95       3/18/13      57         (4,845 ) 

WellPoint, Inc.

      Call         USD         65       3/18/13      75         (12,375 ) 

Protalix BioTherapeutics, Inc.

      Call         USD         5.50       3/21/13      350         (3,928 ) 

DENTSPLY International, Inc.

      Call         USD         41.20       3/22/13      190         (26,777 ) 

Elan Corp. Plc - ADR

      Call         USD         10.50       3/22/13      130         (6,126 ) 

Johnson & Johnson

      Call         USD         73       3/25/13      40         (5,961 ) 

Actavis, Inc.

      Call         USD         90       4/01/13      36         (3,600 ) 

Pfizer, Inc.

      Call         USD         27.85       4/04/13      375         (12,503 ) 

Mylan, Inc.

      Call         USD         28       4/22/13      130         (15,990 ) 

Synageva BioPharma Corp.

      Call         USD         55       4/22/13      100         (9,250 ) 

Universal Health Services, Inc., Class B

      Call         USD         54.60       4/22/13      175         (63,875 ) 

Humana, Inc.

      Call         USD         75       5/20/13      11         (3,685 ) 

 

  

Total

                   $ (1,747,736 ) 
                 

 

 

  

 

— Over-the-counter options written as of January 31, 2013 were as follows:

 

  
Description    Counterparty    Put/
Call		     

Strike

Price

      Expiration
Date		    Contracts      Market
Value		  

 

  

Pfizer, Inc.

    Morgan Stanley & Co., Inc.      Call       USD      24.35       2/04/13      33,800       $ (99,034 ) 

Hill-Rom Holdings, Inc.

    UBS Securities LLC      Call       USD      28.39       2/05/13      13,000         (62,270 ) 

Brazil Pharma SA

    Citigroup Global Markets, Inc.      Call       BRL      13.60       2/07/13      30,000         (16,608 ) 

Merck & Co., Inc.

    Morgan Stanley & Co., Inc.      Call       USD      44.84       2/08/13      20,500         (589 ) 

Pfizer, Inc.

    Goldman Sachs & Co.      Call       USD      25.66       2/08/13      28,000         (45,360 ) 

Bayer AG

    Goldman Sachs & Co.      Call       EUR      73.58       2/12/13      5,000         (10,044 ) 

Becton Dickinson & Co.

    Goldman Sachs & Co.      Call       USD      79.84       2/13/13      2,500         (10,500 ) 

Isis Pharmaceuticals, Inc.

    Banc of America Securities      Call       USD      10       2/13/13      23,000         (104,256 ) 

Covidien Plc

    UBS Securities LLC      Call       USD      60.60       2/22/13      19,000         (38,480 ) 

ICON Plc - ADR

    Citigroup Global Markets, Inc.      Call       USD      29.53       2/25/13      21,000         (14,080 ) 

Sirona Dental Systems, Inc.

    Goldman Sachs & Co.      Call       USD      68.14       2/25/13      16,000         (18,219 ) 

Becton Dickinson & Co.

    Goldman Sachs & Co.      Call       USD      82.23       2/28/13      7,000         (17,792 ) 

Eli Lilly & Co.

    Credit Suisse First Boston      Call       USD      53.34       2/28/13      16,500         (17,706 ) 

CSL Ltd.

    JPMorgan Chase Securities      Call       AUD      52.61       3/04/13      10,700         (33,285 ) 

Takeda Pharmaceutical Co. Ltd.

    Goldman Sachs & Co.      Call       JPY      4,494.50       3/04/13      7,500         (17,563 ) 

Brazil Pharma SA

    Deutsche Bank Securities Corp.      Call       BRL      14.79       3/08/13      22,700         (4,847 ) 

Cardinal Health, Inc.

    Goldman Sachs & Co.      Call       USD      42.79       3/08/13      23,000         (32,864 ) 

Eli Lilly & Co.

    UBS Securities LLC      Call       USD      54       3/11/13      50,000         (43,736 ) 

Coloplast A/S, Class B

    Morgan Stanley & Co., Inc.      Call       DKK      288.86       3/12/13      7,300         (10,198 ) 

Koninklijke Philips Electronics NV

    Goldman Sachs & Co.      Call       EUR      21.24       3/12/13      16,700         (38,771 ) 

Roche Holding AG

    Deutsche Bank Securities Corp.      Call       CHF      195.28       3/12/13      13,500         (103,788 ) 

Sanofi

    Goldman Sachs & Co.      Call       EUR      74.07       3/12/13      28,900         (27,070 ) 

Boston Scientific Corp.

    Credit Suisse First Boston      Call       USD      6.82       3/13/13      28,000         (20,146 ) 

Stewart Enterprises, Inc., Class A

    UBS Securities LLC      Call       USD      8.33       3/22/13      29,000         (12,347 ) 

Medtronic, Inc.

    Credit Suisse First Boston      Call       USD      46.26       3/25/13      28,500         (41,816 ) 

Service Corp. International

    Banc of America Securities      Call       USD      14.68       3/25/13      30,000         (16,572 ) 

 

    

               

4

         JANUARY 31, 2013   

    

   

 

Schedule of Investments  (continued)

   

 

BlackRock Health Sciences Trust (BME)

 

— Over-the-counter options written as of January 31, 2013 were as follows: (concluded)

 

  
Description    Counterparty    Put/
Call		   

Strike

Price

      Expiration
Date		    Contracts      Market
Value		  

 

  

Pfizer, Inc.

    Credit Suisse First Boston    Call      USD         27.27       3/27/13      23,200       $ (12,654 ) 

Johnson & Johnson

    Morgan Stanley & Co., Inc.    Call      USD         74.94       4/11/13      33,200         (26,361 ) 

UnitedHealth Group, Inc.

    Goldman Sachs & Co.    Call      USD         57.24       4/11/13      29,600         (24,064 ) 

 

  

Total

                      $ (921,020 ) 
                    

 

 

  

 

— For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

 

— Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  —  

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and 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)

 

  —  

Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative 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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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 investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2013:

 

 

  
     Level 1      Level 2      Level 3      Total  

 

  

Assets:

            

Investments:

            

Long-Term Investments:

            

Common Stocks:

            

Biotechnology

    $ 42,976,541       $ 2,356,297       $ 384,116       $ 45,716,954   

Diversified Consumer Services

      2,084,944         –         –         2,084,944   

Food & Staples Retailing

      3,855,177         –         –         3,855,177   

Health Care Equipment & Supplies

      34,366,782         –         –         34,366,782   

Health Care Providers & Services

      39,065,359         –         –         39,065,359   

Health Care Technology

      1,419,860         –         –         1,419,860   

Industrial Conglomerates

      –         1,570,778         –         1,570,778   

Life Sciences Tools & Services

      14,070,404         –         –         14,070,404   

Pharmaceuticals

      55,290,946         27,639,104         –         82,930,050   

Short-Term Securities

      4,268,367         –         –         4,268,367   

 

  

Total

    $ 197,398,380       $ 31,566,179       $ 384,116       $ 229,348,675   
  

 

 

  

 

    

               
        JANUARY 31, 2013    5

    

   

Schedule of Investments (concluded)

   

 

BlackRock Health Sciences Trust (BME)

 

 

 

  
       Level 1      Level 2      Level 3      Total  

 

  

Derivative Financial Instruments1

                

Liabilities:

                

Equity contracts

      $ (1,315,682 )     $ (1,353,074 )     –      $ (2,668,756 ) 

 

  

Total

      $ (1,315,682 )     $ (1,353,074 )     –      $ (2,668,756 ) 
    

 

 

  

1   Derivative financial instruments are options written, which are shown at value.

 

Certain of the Trust’s assets are held at carrying amount, which approximates fair value for financial reporting purposes. As of January 31, 2013, such assets are categorized within the disclosure hierarchy as follows:

 

      

   

 

  
       Level 1      Level 2      Level 3      Total  

 

  

Assets:

                

Cash.

      $ 224,563         –       –      $ 224,563   

Foreign currency at value.

        2,170         –       –        2,170   

 

  

Total

      $ 226,733         –       –      $ 226,733   
    

 

 

  

Certain of the Fund’s investments that are categorized as Level 3 were valued utilizing transaction prices or third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.

There were no transfers between levels during the period ended January 31, 2013.

 

    

               

6

         JANUARY 31, 2013   

Item 2 – Controls and Procedures

 

2(a) –

    The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –

    There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

 

   Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Health Sciences Trust

 

By:

  

  /s/ John M. Perlowski

  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock Health Sciences Trust

Date: March 26, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

  

  /s/ John M. Perlowski

  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock Health Sciences Trust

Date: March 26, 2013

 

By:

  

  /s/ Neal J. Andrews

  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Health Sciences Trust

Date: March 26, 2013