Edgar Filing: BlackRock Health Sciences Trust

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 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2014

Date of reporting period: 07/31/2014

Item 1 – Schedule of Investments


Schedule of Investments July 31, 2014 (Unaudited)			BlackRock Health Sciences Trust (BME)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Biotechnology — 26.2%
Acceleron Pharma, Inc. (a)		12,100	$	358,402
Acorda Therapeutics, Inc. (a)(b)		26,800		784,436
Actelion Ltd.		12,800		1,537,356
Adamas Pharmaceuticals, Inc. (a)		5,700		90,687
Agios Pharmaceuticals, Inc. (a)(b)		11,900		479,570
Alder Biopharmaceuticals, Inc. (a)		17,500		295,575
Alexion Pharmaceuticals, Inc. (a)(b)		50,660		8,054,433
Alkermes PLC (a)(b)		80,700		3,450,732
Amgen, Inc. (b)		53,900		6,866,321
Aquinox Pharmaceuticals, Inc. (a)		6,800		52,632
Array BioPharma, Inc. (a)		88,100		352,400
Avalanche Biotechnologies, Inc. (a)		3,400		95,166
BioCryst Pharmaceuticals, Inc. (a)(b)		16,900		211,588
Biogen Idec, Inc. (a)(b)		29,300		9,797,624
BioMarin Pharmaceutical, Inc. (a)(b)		41,400		2,559,348
Biota Pharmaceuticals, Inc. (a)		38,100		122,301
Bluebird Bio, Inc. (a)		3,200		106,880
Celgene Corp. (a)(b)		103,286		9,001,375
Celldex Therapeutics, Inc. (a)(b)		22,600		295,834
Clovis Oncology, Inc. (a)		14,400		524,880
Conatus Pharmaceuticals, Inc. (a)(b)(c)		8,700		68,643
Concert Pharmaceuticals, Inc. (a)		12,400		101,432
Dyax Corp. (a)(b)		56,027		527,774
Epizyme, Inc. (a)		23,300		729,756
Exelixis, Inc. (a)(c)		34,600		139,784
Genomic Health, Inc. (a)		13,200		336,336
Gilead Sciences, Inc. (a)(b)		48,321		4,423,788
Incyte Corp. (a)(b)		16,600		789,662
Infinity Pharmaceuticals, Inc. (a)		52,700		479,043
InterMune, Inc. (a)(b)		77,900		3,417,473
Isis Pharmaceuticals, Inc. (a)		15,700		486,543
Karyopharm Therapeutics, Inc. (a)(b)		30,953		1,073,760
Kite Pharma, Inc. (a)		12,200		286,700
Kite Pharma, Inc. (Acquired 6/25/14, cost $222,000) (a)(d)		14,655		327,173
Medivation, Inc. (a)(b)		17,900		1,328,717
Neurocrine Biosciences, Inc. (a)(b)		60,362		819,716
Protalix BioTherapeutics, Inc. (a)		122,100		401,709
Puma Biotechnology, Inc. (a)(b)		12,300		2,727,156
Receptos, Inc. (a)(b)		10,800		447,228
Regeneron Pharmaceuticals, Inc. (a)(b)		10,958		3,465,139
Sage Therapeutics, Inc. (a)		4,700		132,634
Sage Therapeutics, Inc. (Acquired 3/10/14, cost $631,483) (a)(d)		47,342		1,269,192
Seattle Genetics, Inc. (a)(b)		75,167		2,645,878
Tekmira Pharmaceuticals Corp. (a)		25,200		322,812
Ultragenyx Pharmaceutical, Inc. (a)(b)		44,249		1,933,681
uniQure B.V. (a)		7,000		71,540
Verastem, Inc. (a)		21,800		161,102
Vertex Pharmaceuticals, Inc. (a)(b)		14,605		1,298,531
Zafgen, Inc. (a)		6,300		110,250

				75,360,692


Common Stocks	Shares		Value
Chemicals — 0.7%
Sigma-Aldrich Corp. (b)		19,800	$	1,988,316
Health Care Equipment & Supplies — 18.2%
Abbott Laboratories (b)		112,000		4,717,440
Alere, Inc. (a)(b)		35,600		1,424,000
Align Technology, Inc. (a)(b)		5,200		281,892
AtriCure, Inc. (a)		25,562		421,006
Baxter International, Inc. (b)		47,100		3,517,899
Becton Dickinson and Co. (b)		27,300		3,173,352
Boston Scientific Corp. (a)(b)		220,400		2,816,712
CareFusion Corp. (a)(b)		54,900		2,404,071
Coloplast A/S, Class B		24,900		2,105,361
The Cooper Cos., Inc. (b)		13,000		2,091,440
Covidien PLC (b)		82,900		7,171,679
DENTSPLY International, Inc. (b)		12,800		594,176
DexCom, Inc. (a)(b)		22,800		859,104
Edwards Lifesciences Corp. (a)(b)		36,599		3,303,060
Masimo Corp. (a)		13,400		322,672
Medtronic, Inc. (b)		65,600		4,050,144
PW Medtech Group Ltd. (a)		928,400		482,860
St. Jude Medical, Inc. (b)		52,300		3,409,437
Stryker Corp. (b)		67,900		5,416,383
Varian Medical Systems, Inc. (a)(b)		28,900		2,374,135
Zimmer Holdings, Inc. (b)		13,300		1,330,931

				52,267,754
Health Care Providers & Services — 14.4%
Aetna, Inc. (b)		28,211		2,187,199
AmerisourceBergen Corp. (b)		19,100		1,468,981
Cardinal Health, Inc. (b)		59,130		4,236,666
Cigna Corp. (b)		48,800		4,393,952
Envision Healthcare Holdings, Inc. (a)(b)		57,300		2,048,475
Express Scripts Holding Co. (a)(b)		20,876		1,454,013
HCA Holdings, Inc. (a)(b)		75,800		4,950,498
HealthEquity, Inc. (a)		6,200		109,120
McKesson Corp. (b)		26,800		5,141,848
Premier, Inc., Class A (a)		30,900		874,470
Team Health Holdings, Inc. (a)(b)		28,900		1,634,295
UnitedHealth Group, Inc. (b)		88,634		7,183,786
Universal Health Services, Inc., Class B (b)		39,800		4,242,680
WellPoint, Inc. (b)		13,400		1,471,454

				41,397,437
Health Care Technology — 0.7%
Cerner Corp. (a)(b)		35,500		1,959,600
Life Sciences Tools & Services — 4.9%
Agilent Technologies, Inc. (b)		57,000		3,197,130
Charles River Laboratories International, Inc. (a)(b)		46,700		2,531,607
ICON PLC (a)(b)		14,000		725,200
Illumina, Inc. (a)(b)		25,500		4,077,705
Thermo Fisher Scientific, Inc. (b)		30,000		3,645,000

				14,176,642


Portfolio Abbreviations
ADR	American Depositary Receipt	GBP	British Pound
CHF	Swiss Franc	HKD	Hong Kong Dollar
DKK	Danish Krone	JPY	Japanese Yen
EUR	Euro	USD	US Dollar


				JULY 31, 2014		1


Schedule of Investments (continued)			BlackRock Health Sciences Trust (BME)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Pharmaceuticals — 33.5%
AbbVie, Inc. (b)(e)		165,084	$	8,640,497
Achaogen, Inc. (a)		13,794		149,113
Actavis PLC (b)		28,724		6,154,404
Allergan, Inc. (b)		26,800		4,445,048
AstraZeneca PLC		67,400		4,921,327
Bayer AG		31,800		4,194,615
Bristol-Myers Squibb Co. (b)		99,200		5,021,504
Catalent, Inc. (a)		61,200		1,223,388
Chugai Pharmaceutical Co. Ltd.		55,500		1,847,201
Eli Lilly & Co. (b)		81,900		5,000,814
Intra-Cellular Therapies, Inc. (a)		66,181		958,963
Johnson & Johnson (b)		80,770		8,084,269
Mallinckrodt PLC (a)(b)(c)		29,500		2,053,790
Merck & Co., Inc. (b)		153,500		8,709,590
Mylan, Inc. (a)(b)		64,500		3,184,365
Novartis AG		88,900		7,734,180
Pacira Pharmaceuticals, Inc. (a)(b)		3,300		303,600
Perrigo Co PLC (b)		26,600		4,001,970
Pfizer, Inc. (b)		146,700		4,210,290
Phibro Animal Health Corp., Class A (a)		21,000		398,160
Roche Holding AG		14,300		4,149,942
Salix Pharmaceuticals Ltd. (a)(b)		11,600		1,530,156
Shire PLC — ADR (b)		14,700		3,623,550
Teva Pharmaceutical Industries Ltd. — ADR (b)		39,900		2,134,650
Valeant Pharmaceuticals International, Inc. (a)(b)		21,300		2,500,407
Zoetis, Inc. (b)		27,100		891,861

				96,067,654
Total Common Stocks — 98.6%				283,218,095


Preferred Stocks	Shares		Value
Biotechnology — 0.1%
ProNAi Therapeutics, Inc., Series D (Acquired 4/15/14, cost $270,735) (a)(d)		386,764	$	270,735
Spark Therapeutics (Acquired 5/23/14, cost $154,641) (a)(d)		96,050		154,642

				425,377
Total Preferred Stocks — 0.1%				425,377
Total Long-Term Investments (Cost — $199,944,676) — 98.7%				283,643,472

Short-Term Securities
Blackrock Liquidity Funds, TempFund, Institutional Class, 0.03% (f)(g)		2,202,390		2,202,390



	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.19% (f)(g)(h)	$	952		951,623
Total Short-Term Securities (Cost — $3,154,013) — 1.1%				3,154,013
Total Investments Before Options Written (Cost — $203,098,689) — 99.8%				286,797,485

Options Written
(Premiums Received — $2,605,323) — (0.7)%				(2,107,710	)
Total Investments Net of Options Written — 99.1%				284,689,775
Other Assets Less Liabilities — 0.9%				2,571,437

Net Assets — 100.0%			$	287,261,212


Notes to Schedule of Investments
* As of July 31, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
Tax cost	$	205,650,469

Gross unrealized appreciation	$	85,937,338
Gross unrealized depreciation		(4,790,322	)

Net unrealized appreciation	$	81,147,016

(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)	Security, or a portion of security, is on loan.

(d)	Restricted securities as to resale. As of July 31, 2014 the Trust held 0.7% of its net assets, with current market value of $2,021,742 and the original cost of $1,278,859, in these securities.

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

(f)	Represents the current yield as of report date.

(g)	Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2014, 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, 2013		Net Activity		Shares/ Beneficial Interest Held at July 31, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		1,144,662		1,057,728		2,202,390	$	2,026
BlackRock Liquidity Series, LLC Money Market Series		—	$	951,623	$	951,623	$	4,153


2				JULY 31, 2014


Schedule of Investments (continued)			BlackRock Health Sciences Trust (BME)

(h)	Security was purchased with the cash collateral from loaned securities. The Trust may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

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 the investment advisor. These definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

Exchange-traded options written as of July 31, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date	Contracts		Market Value
Envision Healthcare Holdings, Inc.		Call		USD	36.50	8/01/14		133	$	(912	)
Medtronic, Inc.		Call		USD	66.00	8/01/14		98		(490	)
Merck & Co., Inc.		Call		USD	58.50	8/01/14		64		(160	)
Merck & Co., Inc.		Call		USD	59.00	8/01/14		113		(226	)
Pfizer, Inc.		Call		USD	30.00	8/01/14		106		(212	)
Pfizer, Inc.		Call		USD	30.50	8/01/14		136		(272	)
Pfizer, Inc.		Call		USD	31.00	8/01/14		38		(38	)
Amgen, Inc.		Call		USD	121.00	8/04/14		65		(43,712	)
Celgene Corp.		Call		USD	86.25	8/04/14		357		(45,875	)
Bristol-Myers Squibb Co.		Call		USD	50.00	8/08/14		18		(1,782	)
Charles River Laboratories International, Inc.		Call		USD	53.15	8/08/14		49		(7,367	)
Express Scripts Holding Co.		Call		USD	72.00	8/08/14		37		(536	)
Johnson & Johnson		Call		USD	106.00	8/08/14		300		(1,200	)
Medtronic, Inc.		Call		USD	64.50	8/08/14		131		(852	)
Pfizer, Inc.		Call		USD	30.00	8/08/14		106		(371	)
Regeneron Pharmaceuticals, Inc.		Call		USD	287.50	8/08/14		45		(138,600	)
WellPoint, Inc.		Call		USD	109.00	8/08/14		57		(12,398	)
Zoetis, Inc.		Call		USD	32.50	8/08/14		94		(7,520	)
Stryker Corp.		Call		USD	86.75	8/16/14		119		(2,041	)
Abbott Laboratories		Call		USD	41.00	8/18/14		196		(27,048	)
AbbVie, Inc.		Call		USD	55.00	8/18/14		290		(6,525	)
Acorda Therapeutics, Inc.		Call		USD	38.00	8/18/14		90		(3,600	)
Actavis PLC		Call		USD	210.00	8/18/14		54		(52,920	)
Agilent Technologies, Inc.		Call		USD	57.50	8/18/14		200		(19,100	)
Agios Pharmaceuticals, Inc.		Call		USD	50.00	8/18/14		40		(1,300	)
Alere, Inc.		Call		USD	38.00	8/18/14		125		(35,000	)
Alexion Pharmaceuticals, Inc.		Call		USD	165.00	8/18/14		180		(39,600	)
Align Technology, Inc.		Call		USD	60.00	8/18/14		18		(180	)
Alkermes PLC		Call		USD	49.00	8/18/14		141		(4,935	)
Alkermes PLC		Call		USD	50.00	8/18/14		141		(4,935	)
Allergan, Inc.		Call		USD	170.00	8/18/14		94		(19,035	)
AmerisourceBergen Corp.		Call		USD	72.50	8/18/14		33		(15,840	)
Amgen, Inc.		Call		USD	120.00	8/18/14		125		(97,500	)
Baxter International, Inc.		Call		USD	75.00	8/18/14		35		(2,958	)
Baxter International, Inc.		Call		USD	77.50	8/18/14		129		(2,838	)
Becton Dickinson and Co.		Call		USD	118.50	8/18/14		46		(3,716	)
Biogen Idec, Inc.		Call		USD	325.00	8/18/14		53		(71,550	)
Boston Scientific Corp.		Call		USD	13.00	8/18/14		370		(6,290	)
Bristol-Myers Squibb Co.		Call		USD	50.00	8/18/14		18		(2,016	)
Cardinal Health, Inc.		Call		USD	72.50	8/18/14		207		(24,322	)
CareFusion Corp.		Call		USD	45.00	8/18/14		200		(14,000	)
Celldex Therapeutics, Inc.		Call		USD	20.00	8/18/14		80		(400	)
Cerner Corp.		Call		USD	55.00	8/18/14		125		(15,625	)
Charles River Laboratories International, Inc.		Call		USD	55.00	8/18/14		114		(10,260	)
Cigna Corp.		Call		USD	97.50	8/18/14		170		(1,870	)
Conatus Pharmaceuticals, Inc.		Call		USD	10.00	8/18/14		30		(1,575	)


				JULY 31, 2014		3


Schedule of Investments (continued)			BlackRock Health Sciences Trust (BME)

Exchange-traded options written as of July 31, 2014 were as follows: (continued)


Description	Put/ Call		Strike Price			Expiration Date	Contracts		Market Value
Covidien PLC		Call		USD	90.00	8/18/14		290	$	(6,525	)
DENTSPLY International, Inc.		Call		USD	47.75	8/18/14		45		(1,621	)
DexCom, Inc.		Call		USD	45.00	8/18/14		30		(1,500	)
Dyax Corp.		Call		USD	10.00	8/18/14		190		(5,700	)
Edwards Lifesciences Corp.		Call		USD	90.00	8/18/14		128		(26,240	)
Eli Lilly & Co.		Call		USD	62.50	8/18/14		144		(3,888	)
Express Scripts Holding Co.		Call		USD	70.00	8/18/14		36		(3,078	)
Gilead Sciences, Inc.		Call		USD	80.00	8/18/14		85		(99,450	)
HCA Holdings, Inc.		Call		USD	57.50	8/18/14		135		(103,950	)
ICON PLC		Call		USD	50.00	8/18/14		60		(13,800	)
Illumina, Inc.		Call		USD	185.00	8/18/14		90		(2,250	)
Incyte Corp.		Call		USD	62.50	8/18/14		60		(3,900	)
InterMune, Inc.		Call		USD	43.00	8/18/14		146		(42,997	)
InterMune, Inc.		Call		USD	47.00	8/18/14		126		(16,443	)
Karyopharm Therapeutics, Inc.		Call		USD	40.00	8/18/14		100		(3,500	)
Mallinckrodt PLC		Call		USD	80.00	8/18/14		52		(910	)
McKesson Corp.		Call		USD	190.00	8/18/14		96		(42,720	)
Medivation, Inc.		Call		USD	72.50	8/18/14		62		(26,505	)
Merck & Co., Inc.		Call		USD	60.00	8/18/14		56		(336	)
Mylan, Inc.		Call		USD	52.50	8/18/14		25		(912	)
Mylan, Inc.		Call		USD	55.00	8/18/14		100		(1,250	)
Neurocrine Biosciences, Inc.		Call		USD	17.00	8/18/14		210		(4,200	)
Pacira Pharmaceuticals, Inc.		Call		USD	95.00	8/18/14		11		(2,035	)
Perrigo Co PLC		Call		USD	165.00	8/18/14		100		(12,250	)
Puma Biotechnology, Inc.		Call		USD	230.00	8/18/14		50		(59,500	)
Salix Pharmaceuticals Ltd.		Call		USD	130.00	8/18/14		18		(11,430	)
Salix Pharmaceuticals Ltd.		Call		USD	135.00	8/18/14		25		(10,000	)
Shire PLC - ADR		Call		USD	245.00	8/18/14		60		(31,500	)
Sigma-Aldrich Corp.		Call		USD	105.00	8/18/14		19		(238	)
St. Jude Medical, Inc.		Call		USD	70.00	8/18/14		115		(1,150	)
Stryker Corp.		Call		USD	82.50	8/18/14		118		(4,425	)
Teva Pharmaceutical Industries Ltd. — ADR		Call		USD	55.00	8/18/14		139		(6,186	)
UnitedHealth Group, Inc.		Call		USD	82.50	8/18/14		77		(5,698	)
Valeant Pharmaceuticals International, Inc.		Call		USD	135.00	8/18/14		38		(855	)
Vertex Pharmaceuticals, Inc.		Call		USD	105.00	8/18/14		51		(1,148	)
Zimmer Holdings, Inc.		Call		USD	105.00	8/18/14		15		(450	)
Zimmer Holdings, Inc.		Call		USD	105.05	8/18/14		32		(676	)
Team Health Holdings, Inc.		Call		USD	52.25	8/19/14		100		(48,680	)
Thermo Fisher Scientific, Inc.		Call		USD	123.00	8/19/14		105		(16,599	)
Bristol-Myers Squibb Co.		Call		USD	50.00	8/22/14		18		(2,304	)
Abbott Laboratories		Call		USD	41.75	8/26/14		196		(19,767	)
Sigma-Aldrich Corp.		Call		USD	103.05	8/26/14		50		(3,398	)
AbbVie, Inc.		Call		USD	56.00	8/28/14		290		(8,063	)
Actavis PLC		Call		USD	225.00	8/29/14		48		(20,880	)
Aetna, Inc.		Call		USD	84.00	8/29/14		114		(2,166	)
Biogen Idec, Inc.		Call		USD	325.00	8/29/14		53		(85,595	)
Bristol-Myers Squibb Co.		Call		USD	50.00	8/29/14		100		(14,550	)
Gilead Sciences, Inc.		Call		USD	92.00	8/29/14		85		(22,822	)
HCA Holdings, Inc.		Call		USD	63.00	8/29/14		130		(44,200	)
Mallinckrodt PLC		Call		USD	80.00	8/29/14		52		(2,340	)


4				JULY 31, 2014


Schedule of Investments (continued)			BlackRock Health Sciences Trust (BME)

Exchange-traded options written as of July 31, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date	Contracts		Market Value
Merck & Co., Inc.		Call		USD	59.00	8/29/14		305	$	(9,913	)
UnitedHealth Group, Inc.		Call		USD	83.00	8/29/14		78		(7,137	)
UnitedHealth Group, Inc.		Call		USD	86.00	8/29/14		35		(1,050	)
Bristol-Myers Squibb Co.		Call		USD	50.00	9/05/14		100		(16,000	)
UnitedHealth Group, Inc.		Call		USD	85.00	9/05/14		120		(6,840	)
Universal Health Services, Inc., Class B		Call		USD	97.00	9/08/14		140		(166,027	)
AmerisourceBergen Corp.		Call		USD	77.50	9/22/14		34		(4,590	)
Becton Dickinson and Co.		Call		USD	120.00	9/22/14		50		(5,500	)
BioCryst Pharmaceuticals, Inc.		Call		USD	13.00	9/22/14		60		(7,170	)
BioMarin Pharmaceutical, Inc.		Call		USD	70.00	9/22/14		70		(8,575	)
Boston Scientific Corp.		Call		USD	13.00	9/22/14		400		(14,600	)
The Cooper Cos., Inc.		Call		USD	150.00	9/22/14		46		(62,100	)
Eli Lilly & Co.		Call		USD	65.00	9/22/14		144		(3,816	)
Mylan, Inc.		Call		USD	55.00	9/22/14		100		(4,800	)
Receptos, Inc.		Call		USD	45.00	9/22/14		40		(11,900	)
Seattle Genetics, Inc.		Call		USD	45.00	9/22/14		132		(3,960	)
Varian Medical Systems, Inc.		Call		USD	84.00	9/22/14		100		(15,756	)
Agios Pharmaceuticals, Inc.		Put		USD	35.00	8/18/14		41		(4,408	)
BioCryst Pharmaceuticals, Inc.		Put		USD	10.00	8/18/14		142		(1,988	)
InterMune, Inc.		Put		USD	40.00	8/18/14		72		(6,264	)
Karyopharm Therapeutics, Inc.		Put		USD	35.00	8/18/14		41		(8,405	)
Receptos, Inc.		Put		USD	35.00	8/18/14		36		(17,280	)
Ultragenyx Pharmaceutical, Inc.		Put		USD	40.00	8/18/14		36		(4,410	)
Total									$	(1,992,571	)

Over-the-counter options written as of July 31, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date	Contracts		Market Value
PW Medtech Group Ltd.	Bank of America N.A.		Call		HKD	4.07	8/05/14		162,000	$	(1,143	)
Roche Holding AG	UBS AG		Call		CHF	266.14	8/05/14		5,000		(5,145	)
St. Jude Medical, Inc.	Morgan Stanley & Co. International PLC		Call		USD	67.55	8/12/14		11,100		(2,576	)
AstraZeneca PLC	Deutsche Bank AG		Call		GBP	43.97	8/14/14		13,400		(6,113	)
Coloplast A/S, Class B	Morgan Stanley & Co. International PLC		Call		DKK	481.74	8/14/14		8,600		(5,427	)
Actelion Ltd.	Goldman Sachs International		Call		CHF	112.46	8/21/14		3,300		(6,083	)
Johnson & Johnson	Deutsche Bank AG		Call		USD	106.66	8/21/14		3,100		(301	)
Novartis AG	Goldman Sachs International		Call		CHF	81.10	9/03/14		15,500		(10,476	)
AstraZeneca PLC	Goldman Sachs International		Call		GBP	44.72	9/04/14		11,000		(14,637	)
Bayer AG	Bank of America N.A.		Call		EUR	103.23	9/04/14		13,500		(11,007	)
Actelion Ltd.	Bank of America N.A.		Call		CHF	113.16	9/09/14		1,200		(3,199	)
Novartis AG	UBS AG		Call		CHF	81.10	9/10/14		15,500		(12,345	)
Chugai Pharmaceutical Co. Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	3,366.75	9/24/14		19,500		(33,195	)
PW Medtech Group Ltd.	Bank of America N.A.		Call		HKD	4.13	9/24/14		162,000		(3,492	)
Total										$	(115,139	)


				JULY 31, 2014		5


Schedule of Investments (continued)			BlackRock Health Sciences Trust (BME)

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 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)

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 fair value hierarchy classification 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, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of July 31, 2014:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Biotechnology	$	72,226,971		$	3,133,721			—	$	75,360,692
Chemicals		1,988,316			—			—		1,988,316
Health Care Equipment & Supplies		49,679,533			2,588,221			—		52,267,754
Health Care Providers & Services		41,397,437			—			—		41,397,437
Health Care Technology		1,959,600			—			—		1,959,600
Life Sciences Tools & Services		14,176,642			—			—		14,176,642
Pharmaceuticals		73,220,389			22,847,265			—		96,067,654
Preferred Stocks		—			—			425,377		425,377
Short-Term Securities		2,202,390			951,623			—		3,154,013
Total	$	256,851,278		$	29,520,830		$	425,377	$	286,797,485


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Liabilities:
Equity contracts	$	(1,697,946	)	$	(409,764	)		—	$	(2,107,710	)

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


6				JULY 31, 2014


Schedule of Investments (concluded)			BlackRock Health Sciences Trust (BME)

The carrying amount for certain of the Trust’s assets and/or liabilities approximates fair value for financial reporting purposes. As of July 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Assets:
Foreign currency at value		552,037		—			—	$	552,037
Cash collateral on exchange-traded options written		1,036,350		—			—		1,036,350
Liabilities:
Bank overdraft		—	$	(38	)		—		(38	)
Collateral on securities loaned at value		—		(951,623	)		—		(951,623	)
Total	$	1,588,387	$	(951,661	)		—	$	636,726

The Trust’s investments that are categorized as Level 3 were valued utilizing 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.

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Trust values such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. As of October 31, 2013 the Trust did not utilize the external pricing service model adjustments as significant market movements did not occur. As of July 31 2014, securities with a value of $3,642,717 were systematically fair valued due to significant market movements. Therefore, these securities were transferred from Level 1 to Level 2 during the period October 31, 2013 to July 31, 2014.


				JULY 31, 2014		7



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: September 25, 2014

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: September 25, 2014

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

Date: September 25, 2014