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: 10/31/2011

Date of reporting period: 01/31/2011

Item 1    –    Schedule of Investments

Schedule of Investments January 31, 2011 (Unaudited)    BlackRock Health Sciences Trust (BME)
   (Percentages shown are based on Net Assets)

 

     Shares    Value

Common Stocks

          

Biotechnology – 13.9%

          

3SBio, Inc. - ADR(a)(b)

        42,000        $ 675,780  

Alexion Pharmaceuticals, Inc.(a)(b)

        24,800          2,078,736  

Amgen, Inc.(a)(b)

        92,300          5,083,884  

Ariad Pharmaceuticals, Inc.(a)

        39,300          250,538  

Arqule, Inc.(a)

        32,100          196,773  

Biogen Idec, Inc.(a)(b)

        15,500          1,014,785  

BioMarin Pharmaceutical, Inc.(a)(b)

        91,800          2,333,556  

Celera Corp.(a)

        34,100          210,909  

Celgene Corp.(a)(b)

        43,800          2,257,014  

Cepheid, Inc.(a)(b)

        24,900          591,624  

Cubist Pharmaceuticals, Inc.(a)(b)

        28,700          629,678  

Gilead Sciences, Inc.(a)(b)

        136,160          5,225,821  

Human Genome Sciences, Inc.(a)(b)

        79,700          1,933,522  

Ironwood Pharmaceuticals, Inc.(a)

        29,300          316,147  

Momenta Pharmaceuticals, Inc.(b)

        46,200          590,898  

Myriad Genetics, Inc.(a)(b)

        93,100          1,858,276  

United Therapeutics Corp.(a)(b)

        39,900          2,712,402  

Vertex Pharmaceuticals, Inc.(a)(b)

        20,700          805,023  
               
            28,765,366  
               

Health Care Equipment & Supplies – 23.0%

          

ABIOMED, Inc.(a)

        3,400          33,320  

Alere, Inc.(a)(b)

        30,800          1,206,436  

American Medical Systems Holdings, Inc.(a)(b)

        90,500          1,766,560  

Arthrocare Corp.(a)

        7,700          215,523  

Baxter International, Inc.(b)

        105,300          5,105,997  

Becton Dickinson & Co.(b)

        62,400          5,176,080  

Boston Scientific Corp.(a)(b)

        97,600          681,248  

China Medical Technologies, Inc. - ADR(a)(b)

        29,500          362,260  

CONMED Corp.(a)

        23,600          616,196  

Cooper Cos., Inc. (The)(b)

        65,500          3,755,770  

Covidien Plc

        108,900          5,169,483  

CR Bard, Inc.(b)

        11,200          1,056,720  

Edwards Lifesciences Corp.(a)(b)

        17,700          1,491,933  

Gen-Probe, Inc.(a)(b)

        81,400          5,119,246  

Given Imaging Ltd.(a)

        4,000          67,080  

Haemonetics Corp.(a)(b)

        25,100          1,489,434  

Hologic, Inc.(a)(b)

        234,900          4,679,208  

Integra LifeSciences Holdings Corp.(a)(b)

        26,600          1,233,708  

Masimo Corp.(b)

        28,100          842,298  

Medtronic, Inc.(b)

        82,100          3,146,072  

Natus Medical, Inc.(a)

        20,700          311,742  

St. Jude Medical, Inc.(a)(b)

        29,100          1,178,550  

Straumann Holding AG

        4,300          1,053,806  

Sysmex Corp.

        7,800          509,901  

Varian Medical Systems, Inc.(a)(b)

        22,400          1,513,568  
               
            47,782,139  
               

Health Care Providers & Services – 28.1%

          

Aetna, Inc.(b)

        166,800          5,494,392  

AmerisourceBergen Corp.(b)

        34,600          1,240,756  

Cardinal Health, Inc.(b)

        102,300          4,246,473  

Community Health Systems, Inc.(a)(b)

        15,000          526,800  

DaVita, Inc.(a)(b)

        78,600          5,804,610  

Express Scripts, Inc.(a)(b)

        112,360          6,329,239  

Fleury SA(b)

        46,200          692,882  

Fresenius Medical Care AG & Co. KGaA(b)

        127,900          7,482,411  

Health Management Associates, Inc., Class A(a)(b)

        90,000          819,000  

Henry Schein, Inc.(a)(b)

        69,500          4,563,370  

Laboratory Corp. of America Holdings(a)(b)

        48,200          4,333,662  

McKesson Corp.(b)

        16,200          1,217,754  

Medco Health Solutions, Inc.(a)(b)

        86,810          5,297,146  

PSS World Medical, Inc.(a)(b)

        36,200          862,646  

Sinopharm Group Co. - H Shares

        218,300          775,507  

Tenet Healthcare Corp.(a)(b)

        313,400          2,084,110  

UnitedHealth Group, Inc.(b)

        159,700          6,555,685  
               
            58,326,443  
               

Life Sciences Tools & Services – 9.1%

          

Agilent Technologies, Inc.(a)(b)

        70,000          2,928,100  

Dionex Corp.(a)

        26,300          3,102,874  

Life Technologies Corp.(a)(b)

        44,100          2,394,189  

Lonza Group AG

        14,500          1,142,898  

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

        34,600          5,161,974  

Pharmaceutical Product Development, Inc.(b)

        37,400          1,089,836  

ShangPharma Corp. - ADR(a)

        27,300          358,176  

Tecan Group AG(b)

        17,600          1,498,051  

Thermo Fisher Scientific, Inc.(a)(b)

        21,500          1,231,305  
               
            18,907,403  
               

Machinery – 1.5%

          

Danaher Corp.(b)

        39,000          1,796,340  

Pall Corp.(b)

        21,800          1,207,938  
               
            3,004,278  
               

Pharmaceuticals – 20.7%

          

Abbott Laboratories(b)

        68,200          3,079,912  

Allergan, Inc.(b)

        57,500          4,060,075  

Bayer AG(b)

        46,300          3,418,767  

Bristol-Myers Squibb Co.(b)

        120,900          3,044,262  

GlaxoSmithKline Plc(b)

        60,900          1,099,629  

Glenmark Pharmaceuticals Ltd.(a)

        81,300          545,442  

Hospira, Inc.(a)(b)

        33,500          1,850,205  

Impax Laboratories, Inc.(a)(b)

        65,600          1,523,232  

Johnson & Johnson(b)

        86,570          5,174,289  

Merck & Co., Inc.(b)

        62,300          2,066,491  

Mylan, Inc.(a)(b)

        198,800          4,604,208  

Novartis AG(b)

        52,200          2,905,964  

Pfizer, Inc.(b)

        371,300          6,765,085  

Watson Pharmaceuticals, Inc.(a)(b)

        51,800          2,824,135  
               
            42,961,696  
               

Total Long-Term Investments
(Cost – $178,551,551) – 96.3%

             199,747,325  
               

Short-Term Securities

          

BlackRock Liquidity Funds, TempFund, Institutional Class,

          

0.17%(c)(d)

        10,580,569          10,580,569  
               

Total Short-Term Securities
(Cost – $10,580,569) – 5.1%

             10,580,569  
               

Total Investments Before Outstanding Options Written
(Cost – $189,132,120*) – 101.4%

             210,327,894  
               
     Contracts     

Options Written

          

Exchange-Traded Call Options Written – (0.6)%

          

3SBio, Inc. - ADR, Strike Price USD 17.50, Expires 3/21/11

        30          (975 )

Abbott Laboratories, Strike Price USD 49, Expires 2/22/11

        375          (750 )

 

         JANUARY 31, 2011   1

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

 

     Contracts    Value

Options Written

          

Exchange-Traded Call Options Written (continued)

          

Aetna, Inc., Strike Price USD 31, Expires 2/22/11

        260        $ (58,110 )

Aetna, Inc., Strike Price USD 34, Expires 3/21/11

        260          (20,800 )

Agilent Technologies, Inc., Strike Price USD 44, Expires 2/22/11

        50          (2,275 )

Agilent Technologies, Inc., Strike Price USD 41, Expires 2/22/11

        40          (7,020 )

Agilent Technologies, Inc., Strike Price USD 43, Expires 2/22/11

        10          (755 )

Agilent Technologies, Inc., Strike Price USD 44, Expires 3/21/11

        130          (11,375 )

Alere, Inc., Strike Price USD 36, Expires 2/22/11

        100          (37,000 )

Alexion Pharmaceuticals, Inc., Strike Price USD 85, Expires 2/21/11

        35          (8,575 )

Alexion Pharmaceuticals, Inc., Strike Price USD 80, Expires 2/22/11

        50          (26,750 )

Allergan, Inc., Strike Price USD 70, Expires 2/22/11

        30          (5,925 )

Allergan, Inc., Strike Price USD 72.50, Expires 3/21/11

        160          (24,000 )

American Medical Systems Holdings, Inc., Strike Price USD 20, Expires 2/22/11

        285          (10,688 )

AmerisourceBergen Corp., Strike Price USD 34, Expires 2/22/11

        110          (23,650 )

Amgen, Inc., Strike Price USD 57.50, Expires 2/22/11

        50          (925 )

Amgen, Inc., Strike Price USD 57.50, Expires 3/21/11

        310          (19,065 )

Baxter International, Inc., Strike Price USD 52.50, Expires 2/22/11

        300          (1,500 )

Baxter International, Inc., Strike Price USD 50, Expires 2/22/11

        50          (1,500 )

Becton Dickinson & Co., Strike Price USD 85, Expires 2/22/11

        70          (3,150 )

Becton Dickinson & Co., Strike Price USD 85, Expires 3/21/11

        130          (10,075 )

Biogen Idec, Inc., Strike Price USD 70, Expires 4/18/11

        50          (6,875 )

Boston Scientific Corp., Strike Price USD 8, Expires 2/22/11

        976          (3,904 )

Bristol-Myers Squibb Co., Strike Price USD 26, Expires 2/22/11

        445          (4,673 )

Cardinal Health, Inc., Strike Price USD 40, Expires 2/22/11

        35          (7,263 )

Cardinal Health, Inc., Strike Price USD 41, Expires 3/21/11

        100          (18,750 )

Cardinal Health, Inc., Strike Price USD 42, Expires 3/21/11

        205          (27,163 )

Celgene Corp., Strike Price USD 60, Expires 2/22/11

        150          (975 )

Cepheid, Inc., Strike Price USD 25, Expires 3/21/11

        80          (8,200 )

China Medical Technologies, Inc. - ADR, Strike Price USD 12, Expires 2/22/11

        100          (7,500 )

Community Health Systems, Inc., Strike Price USD 36, Expires 3/21/11

        50          (7,125 )

Cooper Cos., Inc. (The), Strike Price USD 60, Expires 2/21/11

        60          (2,400 )

Cooper Cos., Inc. (The), Strike Price USD 60, Expires 5/23/11

        150          (34,500 )

Covidien Plc, Strike Price USD 50, Expires 3/21/11

        140          (11,550 )

Covidien Plc, Strike Price USD 47.50, Expires 4/18/11

        220          (48,400 )

CR Bard, Inc., Strike Price USD 95, Expires 3/21/11

        45          (10,575 )

Cubist Pharmaceuticals, Inc., Strike Price USD 23, Expires 3/21/11

        95          (6,175 )

Danaher Corp., Strike Price USD 47, Expires 2/21/11

        115          (5,175 )

Danaher Corp., Strike Price USD 48, Expires 2/22/11

        20          (300 )

Edwards Lifesciences Corp., Strike Price USD 70, Expires 2/22/11

        50          (73,500 )

Express Scripts, Inc., Strike Price USD 57.50, Expires 2/22/11

        250          (25,750 )

Express Scripts, Inc., Strike Price USD 55, Expires 2/22/11

        60          (14,400 )

Gen-Probe, Inc., Strike Price USD 60, Expires 2/22/11

        207          (75,555 )

Gilead Sciences, Inc., Strike Price USD 40, Expires 2/21/11

        270          (6,075 )

Gilead Sciences, Inc., Strike Price USD 39, Expires 2/21/11

        450          (23,625 )

Haemonetics Corp., Strike Price USD 60, Expires 3/21/11

        22          (3,960 )

Health Management Associates, Inc., Class A, Strike Price USD 9, Expires 2/22/11

        80          (3,400 )

Hologic, Inc., Strike Price USD 19, Expires 2/22/11

        200          (24,500 )

Hologic, Inc., Strike Price USD 20, Expires 3/21/11

        570          (51,300 )

Hospira, Inc., Strike Price USD 60, Expires 5/23/11

        30          (3,675 )

Human Genome Sciences, Inc., Strike Price USD 25, Expires 2/22/11

        130          (6,565 )

Human Genome Sciences, Inc., Strike Price USD 27, Expires 4/18/11

        130          (19,045 )

Impax Laboratories, Inc., Strike Price USD 22.50, Expires 3/21/11

        190          (32,775 )

Integra LifeSciences Holdings Corp., Strike Price USD 50, Expires 6/20/11

        80          (15,200 )

Laboratory Corp. of America Holdings, Strike Price USD 85, Expires 2/22/11

        17          (9,605 )

Laboratory Corp. of America Holdings, Strike Price USD 90, Expires 2/22/11

        75          (15,563 )

Laboratory Corp. of America Holdings, Strike Price USD 95, Expires 5/23/11

        65          (13,975 )

Life Technologies Corp., Strike Price USD 55, Expires 2/22/11

        60          (7,650 )

Life Technologies Corp., Strike Price USD 55, Expires 5/23/11

        85          (25,713 )

Masimo Corp., Strike Price USD 30, Expires 2/21/11

        60          (6,600 )

McKesson Corp., Strike Price USD 75, Expires 5/23/11

        55          (22,275 )

Medco Health Solutions, Inc., Strike Price USD 65, Expires 3/21/11

        285          (22,800 )

Medtronic, Inc., Strike Price USD 37, Expires 2/22/11

        60          (9,750 )

Medtronic, Inc., Strike Price USD 38, Expires 2/22/11

        210          (19,320 )

Merck & Co., Inc., Strike Price USD 34, Expires 2/21/11

        205          (6,150 )

Momenta Pharmaceuticals, Inc., Strike Price USD 15, Expires 2/21/11

        150          (2,250 )

Mylan, Inc., Strike Price USD 22, Expires 2/22/11

        200          (28,200 )

Mylan, Inc., Strike Price USD 24, Expires 3/21/11

        450          (32,175 )

 

2        JANUARY 31, 2011    

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

 

     Contracts    Value

Options Written

          

Exchange-Traded Call Options Written (continued)

          

Myriad Genetics, Inc., Strike Price USD 24, Expires 2/22/11

        100        $ (1,500 )

Myriad Genetics, Inc., Strike Price USD 23, Expires 3/21/11

        150          (3,750 )

Myriad Genetics, Inc., Strike Price USD 24, Expires 3/21/11

        100          (1,500 )

Pall Corp., Strike Price USD 55, Expires 3/21/11

        90          (21,375 )

Pfizer, Inc., Strike Price USD 19, Expires 3/21/11

        150          (3,450 )

Pharmaceutical Product Development, Inc., Strike Price USD 30, Expires 4/18/11

        120          (12,000 )

PSS World Medical, Inc., Strike Price USD 25, Expires 5/23/11

        120          (11,700 )

Tenet Healthcare Corp., Strike Price USD 7, Expires 2/22/11

        250          (1,875 )

UnitedHealth Group, Inc., Strike Price USD 41, Expires 2/21/11

        530          (53,265 )

Varian Medical Systems, Inc., Strike Price USD 75, Expires 5/23/11

        65          (6,013 )

Vertex Pharmaceuticals, Inc., Strike Price USD 41, Expires 3/21/11

        70          (7,000 )

Watson Pharmaceuticals, Inc., Strike Price USD 55, Expires 2/22/11

        20          (2,200 )

Watson Pharmaceuticals, Inc., Strike Price USD 55, Expires 5/23/11

        130          (34,450 )
               

Total Exchange-Traded Call Options Written

             (1,247,795 )
               

Exchange-Traded Put Options Written – 0.0%

          

Dendreon Corp., Strike Price USD 35, Expires 2/21/11

        148          (15,318 )

Momenta Pharmaceuticals, Inc., Strike Price USD 13, Expires 2/21/11

        300          (21,750 )

Waters Corp., Strike Price USD 75, Expires 2/21/11

        70          (5,775 )
               

Total Exchange-Traded Put Options Written

             (42,843 )
               

Over-the-Counter Call Options Written – (0.3)%

          

Bayer AG, Strike Price EUR 56, Expires 2/21/11, Broker Morgan Stanley & Co., Inc.

        105          (7,120 )

Bayer AG, Strike Price EUR 55.52, Expires 3/30/11, Broker Societe General Securities Corp.

        3,400          (5,754 )

BioMarin Pharmaceutical, Inc., Strike Price USD 27.50, Expires 2/22/11, Broker Jefferies & Co., Inc.

        75          (2,790 )

BioMarin Pharmaceutical, Inc., Strike Price USD 26, Expires 2/28/11, Broker Barclays Capital, Inc.

        25,000          (16,794 )

DaVita, Inc., Strike Price USD 71.71, Expires 2/03/11, Broker Morgan Stanley & Co., Inc.

        25,500          (54,659 )

Express Scripts, Inc., Strike Price USD 59, Expires 3/21/11, Broker Jefferies & Co., Inc.

        60          (5,646 )

Fleury SA, Strike Price USD 26.16, Expires 3/01/11, Broker Citigroup Global Markets, Inc.

        12,000          (2,868 )

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 42.29, Expires 3/16/11, Broker Societe General Securities Corp.

        19,000          (34,311 )

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 43, Expires 3/21/11, Broker Morgan Stanley & Co., Inc.

        190          (28,709 )

Fresenius Medical Care AG & Co. KGaA, Strike Price EUR 42.29, Expires 3/23/11, Broker Societe General Securities Corp.

        19,000          (36,507 )

Gen-Probe, Inc., Strike Price USD 50.70, Expires 2/03/11, Broker Morgan Stanley & Co., Inc.

        12,200          (148,702 )

GlaxoSmithKline Plc, Strike Price GBP 12.65, Expires 2/08/11, Broker Credit Suisse First Boston

        16,000          (34 )

Health Management Associates, Inc., Class A, Strike Price USD 9.25, Expires 2/22/11, Broker Jefferies & Co., Inc.

        280          (7,851 )

Henry Schein, Inc., Strike Price USD 67.50, Expires 4/18/11, Broker Jefferies & Co., Inc.

        230          (29,146 )

Hospira, Inc., Strike Price USD 56, Expires 2/22/11, Broker Jefferies & Co., Inc.

        80          (9,823 )

Johnson & Johnson, Strike Price USD 62.75, Expires 2/03/11, Broker Jefferies & Co., Inc.

        300          –  

Johnson & Johnson, Strike Price USD 61, Expires 4/08/11, Broker Goldman Sachs & Co.

        7,000          (4,032 )

Mettler-Toledo International, Inc., Strike Price USD 154.02, Expires 2/15/11, Broker Morgan Stanley & Co., Inc.

        13,500          (13,770 )

Novartis AG, Strike Price CHF 56, Expires 2/21/11, Broker Morgan Stanley & Co., Inc.

        170          (1,577 )

Pfizer, Inc., Strike Price USD 17.40, Expires 2/07/11, Broker Jefferies & Co., Inc.

        1,135          (93,855 )

St. Jude Medical, Inc., Strike Price USD 43.25, Expires 2/21/11, Broker Jefferies & Co., Inc.

        95          (1,455 )

Tecan Group AG, Strike Price CHF 75.66, Expires 2/08/11, Broker Citigroup Global Markets, Inc.

        3,100          (15,422 )

Tecan Group AG, Strike Price CHF 77.16, Expires 3/03/11, Broker Citigroup Global Markets, Inc.

        3,100          (12,718 )

Thermo Fisher Scientific, Inc., Strike Price USD 56.68, Expires 2/15/11, Broker UBS Securities LLC

        21,500          (29,904 )

United Therapeutics Corp., Strike Price USD 68.14, Expires 3/08/11, Broker UBS Securities LLC

        13,000          (31,847 )
               

Total Over-the-Counter Call Options Written

             (595,294 )
               

Over-the-Counter Put Options Written – 0.0%

          

Zimmer Holdings, Inc., Strike Price USD 58.50, Expires 2/21/11, Broker Jefferies & Co., Inc.

        175          (17,500 )
               

Total Options Written
(Premiums Received – $1,843,904) – (0.9)%

             (1,903,432 )
               

Total Investments Net of Outstanding Options Written – 100.5%

             208,424,462  

Liabilities in Excess of Other Assets – (0.5)%

             (1,096,939 )
               

Net Assets – 100.0%

           $ 207,327,523  
               

 

* The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011 as computed for federal income tax purposes, were as follows:

 

Aggregate cost

      $ 191,549,439  
          

Gross unrealized appreciation

      $ 20,147,245  

Gross unrealized depreciation

        (1,368,790 )
          

Net unrealized appreciation

      $ 18,778,455  
          

 

         JANUARY 31, 2011  

3

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

 

(a) Non-income producing security.
(b) Security, or a portion thereof, pledged/held as collateral for outstanding options written.
(c) Represents the current yield as of report date.
(d) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

    Shares Held at
October  31,
2010		    Net Activity   Shares Held at
January  31,
2011		    Income

BlackRock Liquidity Funds, TempFund, Institutional Class

        14,067,561          (3,486,992 )       10,580,569        $ 5,810  

 

•  

Foreign currency exchange contracts as of January 31, 2011 were as follows:

 

Currency

Purchased

    Currency
Sold		   

Counterparty

    Settlement
Date		    Unrealized
Appreciation
(Depreciation)

CHF

        283,000          USD          298,825      Deutsche Bank Securities        2/01/11        $ 963  

CHF

        326,000          USD          345,430      Deutsche Bank Securities        2/03/11          (81 )

CHF

        398,000          USD          422,420      Citigroup Global Markets        2/02/11          (810 )

USD

        1,371          EUR          1,000      Deutsche Bank Securities        2/02/11          2  
                                 

Total

                             $ 74  
                                 

 

•  

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. This definition 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 derivatives, which are as follows:

 

  •  

Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

 

  •  

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 derivatives)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivatives 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 inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments and derivatives:

 

Valuation Inputs

    Level 1   Level 2   Level 3    Total

Assets:

                  

Investments in Securities:

                  

Long Term Investments:

                  

Common Stocks:

                  

Biotechnology

      $ 28,765,366         –         –        $ 28,765,366  

Health Care Equipment & Supplies

        46,218,432       $ 1,563,707         –          47,782,139  

Health Care Providers & Services

        50,068,525         8,257,918         –          58,326,443  

Life Sciences Tools & Services

        17,764,505         1,142,898         –          18,907,403  

Machinery

        3,004,278         –         –          3,004,278  

Pharmaceuticals

        34,991,894         7,969,802         –          42,961,696  

Short-Term Securities

        10,580,569         –         –          10,580,569  
                                         

Total

      $ 191,393,569       $ 18,934,325         –        $ 210,327,894  
                                         
     Derivative Financial Instruments1

Valuation Inputs

    Level 1   Level 2   Level 3    Total

Assets:

                  

Foreign currency exchange contracts

      $ 2       $ 963         –        $ 965  

Liabilities:

                  

Equity contracts.

        (1,290,635 )       (612,797 )       –          (1,903,432 )

Foreign currency exchange contracts

        –         (891 )       –          (891 )
                                         

Total

      $ (1,290,633 )     $ (612,725 )       –        $ (1,903,358 )
                                         

 

1

Derivative financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options are shown at value.

 

4        JANUARY 31, 2011    

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 25, 2011

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 25, 2011

 

By:  

/s/ Neal J. Andrews

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

Date: March 25, 2011