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: Anne F. Ackerley, 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: 10/31/2010

Date of reporting period: 01/31/2010

Item 1 – Schedule of Investments

 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Common Stocks

 

Value

 

 

 

 

Biotechnology—10.9%

 

 

 

 

 

31,900

 

3SBio, Inc. - ADR (a)

 

$

364,936

 

 

5,700

 

Abraxis Bioscience, Inc. (a)

 

 

232,845

 

 

9,100

 

Alexion Pharmaceuticals, Inc. (a)

 

 

421,967

 

 

32,100

 

AMAG Pharmaceuticals, Inc. (a)

 

 

1,411,758

 

 

54,200

 

Amgen, Inc. (a)

 

 

3,169,616

 

 

237,200

 

Amylin Pharmaceuticals, Inc. (a)(b)

 

 

4,264,856

 

 

25,700

 

BioMarin Pharmaceutical, Inc. (a)

 

 

499,351

 

 

193,300

 

Celera Corp. (a)

 

 

1,300,909

 

 

37,900

 

Celgene Corp. (a)

 

 

2,151,962

 

 

55,000

 

Dendreon Corp. (a)

 

 

1,523,500

 

 

11,000

 

Facet Biotech Corp. (a)

 

 

173,250

 

 

37,660

 

Gilead Sciences, Inc. (a)

 

 

1,817,848

 

 

65,500

 

Human Genome Sciences, Inc. (a)

 

 

1,733,785

 

 

109,200

 

Incyte Corp. Ltd. (a)

 

 

1,166,256

 

 

12,900

 

Momenta Pharmaceuticals, Inc. (a)

 

 

188,211

 

 

11,200

 

Nanosphere, Inc. (a)

 

 

61,488

 

 

15,700

 

Pharmasset, Inc. (a)

 

 

328,130

 

 

20,600

 

Sinovac Biotech Ltd. (a)

 

 

123,600

 

 

40,990

 

Vertex Pharmaceuticals, Inc. (a)

 

 

1,574,016

 

 

 

 

 

 

 

 

 

 

 

 

 

22,508,284

 

 

 

 

Health Care Equipment & Supplies—28.8%

 

 

 

 

 

20,500

 

Alcon, Inc.

 

 

3,192,055

 

 

27,600

 

Baxter International, Inc. (c)

 

 

1,589,484

 

 

62,180

 

Beckman Coulter, Inc.

 

 

4,064,707

 

 

40,700

 

Becton Dickinson & Co.

 

 

3,067,559

 

 

60,000

 

CareFusion Corp. (a)

 

 

1,545,000

 

 

40,900

 

China Medical Technologies, Inc. - ADR

 

 

534,563

 

 

64,500

 

Cooper Cos., Inc. (The)

 

 

2,278,140

 

 

118,760

 

Coviden Plc

 

 

6,004,506

 

 

26,700

 

CR Bard, Inc. (c)

 

 

2,213,163

 

 

76,100

 

Elekta AB

 

 

1,785,262

 

 

47,800

 

Gen-Probe, Inc. (a)

 

 

2,052,054

 

 

20,500

 

Henry Schein, Inc. (a)

 

 

1,108,025

 

 

104,900

 

Hill-Rom Holdings, Inc.

 

 

2,451,513

 

 

55,100

 

Inverness Medical Innovations, Inc. (a)

 

 

2,224,387

 

 

103,890

 

Medtronic, Inc.

 

 

4,455,842

 

 

30,200

 

ResMed, Inc. (a)

 

 

1,544,428

 

 

15,800

 

Sirona Dental Systems, Inc. (a)

 

 

508,286

 

 

210,700

 

Smith & Nephew Plc

 

 

2,119,631

 

 

25,300

 

Sonova Holding AG

 

 

3,131,371

 

 

97,000

 

Stryker Corp.

 

 

5,036,240

 

 

83,800

 

Varian Medical Systems, Inc. (a)

 

 

4,214,302

 

 

64,800

 

Zimmer Holdings, Inc. (a)

 

 

3,649,536

 

 

27,900

 

Zoll Medical Corp. (a)

 

 

776,736

 

 

 

 

 

 

 

 

 

 

 

 

 

59,546,790

 

 

 

 

Health Care Providers & Services—17.0%

 

 

 

 

 

160,200

 

Aetna, Inc.

 

 

4,801,194

 

 

28,000

 

AMERIGROUP Corp. (a)

 

 

712,600

 

 

158,900

 

AmerisourceBergen Corp.

 

 

4,331,614

 

 

19,500

 

Celesio AG

 

 

568,615

 

 

70,900

 

CIGNA Corp.

 

 

2,394,293

 

 

18,500

 

Community Health Systems, Inc. (a)

 

 

603,470

 

 

28,880

 

DaVita, Inc. (a)

 

 

1,725,869

 

 

17,780

 

Express Scripts, Inc. (a)

 

 

1,491,031

 

 

24,600

 

Fresenius Medical Care AG & Co. KGaA

 

 

1,246,894

 

 

66,010

 

Medco Health Solutions, Inc. (a)

 

 

4,058,295

 

 

11,200

 

Mednax, Inc. (a)

 

 

636,832

 

 

28,800

 

Patterson Cos., Inc. (a)

 

 

822,528

 

 

186,000

 

UnitedHealth Group, Inc.

 

 

6,138,000

 

 

88,200

 

WellPoint, Inc. (a)

 

 

5,620,104

 

 

 

 

 

 

 

 

 

 

 

 

 

35,151,339

 

 

 

 

Health Care Technology—5.1%

 

 

 

 

 

109,500

 

Allscripts-Misys Healthcare Solutions, Inc. (a)(b)

 

 

1,802,370

 

 

37,500

 

Biogen Idec, Inc. (a)

 

 

2,015,250

 

 

 

 

 

 

 

 

 

Shares

 

Common Stocks

 

Value

 

 

 

 

Health Care Technology— (concluded)

 

 

 

 

 

31,800

 

Cerner Corp. (a)

 

$

2,405,670

 

 

39,400

 

Genzyme Corp. (a)

 

 

2,137,844

 

 

56,800

 

St. Jude Medical, Inc. (a)

 

 

2,143,064

 

 

 

 

 

 

 

 

 

 

 

 

 

10,504,198

 

 

 

 

Industrial Conglomerates—1.1%

 

 

 

 

 

78,400

 

Koninklijke (Royal) Philips Electronics NV

 

 

2,367,537

 

 

 

 

Life Sciences Tools & Services—6.7%

 

 

 

 

 

11,600

 

Gerresheimer AG

 

 

379,285

 

 

21,700

 

Life Technologies Corp. (a)

 

 

1,078,707

 

 

8,300

 

Mettler-Toledo International, Inc. (a)

 

 

809,001

 

 

42,900

 

Millipore Corp. (a)

 

 

2,958,813

 

 

147,300

 

PerkinElmer, Inc.

 

 

2,966,622

 

 

27,400

 

Tecan Group AG

 

 

1,939,236

 

 

82,100

 

Thermo Fisher Scientific, Inc. (a)

 

 

3,788,915

 

 

 

 

 

 

 

 

 

 

 

 

 

13,920,579

 

 

 

 

Pharmaceuticals—25.6%

 

 

 

 

 

107,340

 

Abbott Laboratories

 

 

5,682,579

 

 

17,600

 

Allergan, Inc.

 

 

1,012,000

 

 

5,300

 

BioForm Medical, Inc. (a)

 

 

28,938

 

 

128,100

 

Bristol-Myers Squibb Co.

 

 

3,120,516

 

 

65,000

 

Cephalon, Inc. (a)

 

 

4,149,600

 

 

60,100

 

Eli Lilly & Co.

 

 

2,115,520

 

 

50,700

 

Endo Pharmaceuticals Holdings, Inc. (a)

 

 

1,019,577

 

 

95,470

 

Johnson & Johnson

 

 

6,001,244

 

 

15,700

 

MAP Pharmaceuticals, Inc. (a)

 

 

235,657

 

 

107,800

 

Merck & Co., Inc.

 

 

4,115,804

 

 

84,500

 

Mylan, Inc. (a)

 

 

1,540,435

 

 

86,800

 

Novartis AG

 

 

4,645,094

 

 

15,190

 

Novartis AG - ADR

 

 

813,121

 

 

480,300

 

Pfizer, Inc.

 

 

8,962,398

 

 

26,750

 

Roche Holding AG

 

 

4,487,874

 

 

24,900

 

Simcere Pharmaceutical Group - ADR (a)

 

 

204,180

 

 

63,250

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

3,587,540

 

 

9,300

 

United Therapeutics Corp. (a)

 

 

554,001

 

 

18,500

 

Watson Pharmaceuticals, Inc. (a)

 

 

709,845

 

 

 

 

 

 

 

 

 

 

 

 

 

52,985,923

 

 

 

 

Total Long-Term Investments
(Cost—$174,440,870)—95.2%

 

 

196,984,650

 

 

 

 

 

 

 

 

 

Shares/Beneficial
Interest

 

Short-Term Securities

 

 

 

 

 

 

 

Money Market Fund—3.0%

 

 

 

 

 

5,256,054

 

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

 

 

5,256,054

 

 

    936,400

 

BlackRock Liquidity Series, LLC, Money Market Series, 0.27% (d)(e)(f)

 

 

936,400

 

 

 

 

Total Short-Term Securities
(Cost—$6,192,454)—3.0%

 

 

6,192,454

 

 

 

 

Total investments before outstanding options written
(Cost—$180,633,324*)—98.2%

 

 

203,177,104

 

 

 

 

 

 

 

 

 

Contracts

 

Options Written

 

 

 

 

 

 

 

Exchange-Traded Call Options Written—(0.3)%

 

 

 

 

 

100

 

3SBio, Inc. - ADR, Strike Price USD 15, Expires 3/22/10

 

 

(3,000

)

 

75

 

Abbott Laboratories, Strike Price USD 55, Expires 2/22/10

 

 

(1,500

)

 

150

 

Aetna, Inc., Strike Price USD 32, Expires 2/22/10

 

 

(6,750

)

 

330

 

Aetna, Inc., Strike Price USD 36, Expires 2/22/10

 

 

(2,475

)

 

25

 

Alcon, Inc., Strike Price USD 160, Expires 3/22/10

 

 

(5,688

)


 

 

 

 

 

 

1

 

    JANUARY 31, 2010


 

 

Schedule of Investments (continued)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Options Written

 

Value

 

 

 

 

Exchange-Traded Call Options Written— (continued)

 

 

 

 

 

25

 

Alcon, Inc., Strike Price USD 165, Expires 2/22/10

 

$

(750

)

 

60

 

Allergan, Inc., Strike Price USD 65, Expires 4/19/10

 

 

(3,450

)

 

200

 

AmerisourceBergen Corp., Strike Price USD 25, Expires 2/22/10

 

 

(46,000

)

 

50

 

Amgen, Inc., Strike Price USD 57.50, Expires 4/19/10

 

 

(16,375

)

 

150

 

Amgen, Inc., Strike Price USD 60, Expires 3/22/10

 

 

(20,850

)

 

100

 

Amylin Pharmaceuticals, Inc., Strike Price USD 17.50, Expires 2/22/10

 

 

(10,750

)

 

230

 

Amylin Pharmaceuticals, Inc., Strike Price USD 20, Expires 2/22/10

 

 

(4,600

)

 

480

 

Amylin Pharmaceuticals, Inc., Strike Price USD 20, Expires 3/22/10

 

 

(48,000

)

 

35

 

Baxter International, Inc., Strike Price USD 60, Expires 2/22/10

 

 

(1,225

)

 

50

 

Baxter International, Inc., Strike Price USD 62.50, Expires 3/22/10

 

 

(1,500

)

 

45

 

Beckman Coulter, Inc., Strike Price USD 65, Expires 2/22/10

 

 

(10,463

)

 

100

 

Beckman Coulter, Inc., Strike Price USD 70, Expires 2/22/10

 

 

(4,750

)

 

50

 

Beckman Coulter, Inc., Strike Price USD 70, Expires 3/22/10

 

 

(4,250

)

 

50

 

Becton Dickinson & Co., Strike Price USD 80, Expires 2/22/10

 

 

(875

)

 

430

 

Bristol-Myers Squibb Co., Strike Price USD 26, Expires 3/22/10

 

 

(12,685

)

 

150

 

CareFusion Corp., Strike Price USD 27.50, Expires 3/22/10

 

 

(300

)

 

33

 

Celgene Corp., Strike Price USD 60, Expires 2/22/10

 

 

(1,237

)

 

120

 

Cerner Corp., Strike Price USD 85, Expires 2/22/10

 

 

(5,700

)

 

24

 

China Medical Technologies, Inc. - ADR, Strike Price USD 15, Expires 3/22/10

 

 

(1,020

)

 

400

 

CIGNA Corp., Strike Price USD 39, Expires 2/22/10

 

 

(4,000

)

 

160

 

Cooper Cos., Inc. (The), Strike Price USD 40, Expires 2/22/10

 

 

(4,000

)

 

126

 

Coviden Plc, Strike Price USD 47.50, Expires 2/22/10

 

 

(40,950

)

 

150

 

Coviden Plc, Strike Price USD 51, Expires 4/16/10

 

 

(24,843

)

 

100

 

CR Bard, Inc., Strike Price USD 90, Expires 4/19/10

 

 

(6,500

)

 

74

 

DaVita, Inc., Strike Price USD 65, Expires 4/19/10

 

 

(4,995

)

 

300

 

Dendreon Corp., Strike Price USD 30, Expires 2/22/10

 

 

(16,050

)

 

100

 

Endo Pharmaceuticals Holdings, Inc., Strike Price USD 22.50, Expires 4/19/10

 

 

(4,000

)

 

60

 

Express Scripts, Inc., Strike Price USD 90, Expires 2/22/10

 

 

(2,700

)

 

150

 

Gen-Probe, Inc., Strike Price USD 45, Expires 2/22/10

 

 

(9,375

)

 

150

 

Genzyme Corp., Strike Price USD 57.50, Expires 3/22/10

 

 

(17,250

)

 

100

 

Gilead Sciences, Inc., Strike Price USD 46, Expires 2/22/10

 

 

(26,500

)

 

150

 

Gilead Sciences, Inc., Strike Price USD 47, Expires 2/22/10

 

 

(28,125

)

 

 

 

 

 

 

 

 

Contracts

 

Options Written

 

Value

 

 

 

 

Exchange-Traded Call Options Written— (concluded)

 

 

 

 

 

200

 

Henry Schein, Inc., Strike Price USD 56.25, Expires 2/26/10

 

$

(10,212

)

 

330

 

Hill-Rom Holdings, Inc., Strike Price USD 25, Expires 3/22/10

 

 

(20,625

)

 

110

 

Human Genome Sciences, Inc., Strike Price USD 31, Expires 2/22/10

 

 

(1,485

)

 

50

 

Human Genome Sciences, Inc., Strike Price USD 34, Expires 2/22/10

 

 

(250

)

 

360

 

Incyte Corp. Ltd., Strike Price USD 10, Expires 3/22/10

 

 

(44,100

)

 

80

 

Inverness Medical Innovations, Inc., Strike Price USD 45, Expires 2/22/10

 

 

(1,200

)

 

100

 

Inverness Medical Innovations, Inc., Strike Price USD 45, Expires 3/22/10

 

 

(5,250

)

 

50

 

Mednax, Inc., Strike Price USD 60, Expires 2/22/10

 

 

(2,750

)

 

50

 

Medtronic, Inc., Strike Price USD 45, Expires 2/22/10

 

 

(2,500

)

 

250

 

Merck & Co., Inc., Strike Price USD 41, Expires 2/22/10

 

 

(5,625

)

 

40

 

Mettler-Toledo International, Inc., Strike Price USD 110, Expires 2/22/10

 

 

(1,400

)

 

20

 

Millipore Corp., Strike Price USD 75, Expires 3/22/10

 

 

(1,100

)

 

250

 

Mylan, Inc., Strike Price USD 18, Expires 2/22/10

 

 

(18,750

)

 

151

 

Novartis AG - ADR, Strike Price USD 55, Expires 2/22/10

 

 

(5,662

)

 

200

 

PerkinElmer, Inc., Strike Price USD 22.50, Expires 3/22/10

 

 

(5,000

)

 

530

 

Pfizer, Inc., Strike Price USD 19, Expires 3/22/10

 

 

(28,355

)

 

550

 

Pfizer, Inc., Strike Price USD 20, Expires 3/22/10

 

 

(12,925

)

 

90

 

St. Jude Medical, Inc., Strike Price USD 40, Expires 2/22/10

 

 

(1,800

)

 

100

 

Stryker Corp., Strike Price USD 55, Expires 3/22/10

 

 

(7,000

)

 

200

 

Stryker Corp., Strike Price USD 56, Expires 3/19/10

 

 

(7,671

)

 

100

 

Teva Pharmaceutical Industries Ltd. - ADR, Strike Price USD 52.50, Expires 3/22/10

 

 

(48,000

)

 

270

 

Thermo Fisher Scientific, Inc., Strike Price USD 50, Expires 2/22/10

 

 

(4,050

)

 

250

 

UnitedHealth Group, Inc., Strike Price USD 36, Expires 2/22/10

 

 

(3,375

)

 

25

 

UnitedHealth Group, Inc., Strike Price USD 36, Expires 3/22/10

 

 

(1,487

)

 

300

 

Varian Medical Systems, Inc., Strike Price USD 50, Expires 2/22/10

 

 

(40,500

)

 

150

 

Vertex Pharmaceuticals, Inc., Strike Price USD 45, Expires 2/22/10

 

 

(2,250

)

 

100

 

Watson Pharmaceuticals, Inc., Strike Price USD 45, Expires 5/24/10

 

 

(4,000

)

 

150

 

WellPoint, Inc., Strike Price USD 65, Expires 2/22/10

 

 

(18,375

)

 

120

 

WellPoint, Inc., Strike Price USD 75, Expires 3/22/10

 

 

(2,400

)

 

220

 

Zimmer Holdings, Inc., Strike Price USD 60, Expires 2/22/10

 

 

(5,500

)

 

60

 

Zimmer Holdings, Inc., Strike Price USD 65, Expires 2/22/10

 

 

(300

)

 

80

 

Zoll Medical Corp., Strike Price USD 30, Expires 3/22/10

 

 

(5,600

)

 

 

 

Total Exchange-Traded Call Options Written

 

 

(722,978

)



 

 

 

 

 

 

 

 

 

 

    JANUARY 31, 2010

2


 

 

Schedule of Investments (continued)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Contracts

 

Options Written

 

Value

 

 

 

 

Exchange-Traded Put Options Written— (0.1)%

 

 

 

 

 

245

 

Aetna, Inc., Strike Price USD 29, Expires 2/22/10

 

$

(18,375

)

 

180

 

Celgene Corp., Strike Price USD 55, Expires 2/22/10

 

 

(14,400

)

 

200

 

Genzyme Corp., Strike Price USD 52.50, Expires 2/22/10

 

 

(17,500

)

 

 

 

Total Exchange-Traded Put Options Written

 

 

(73,775

)

 

 

 

Over-the-Counter Put Options Written—

 

 

 

 

 

100

 

Vertex Pharmaceuticals, Inc., Strike Price USD 40, Expires 2/22/10

 

 

(23,500

)

 

 

 

Over-the-Counter Call Options Written—(0.2)%

 

 

 

 

 

40,000

 

Abbott Laboratories, Strike Price USD 55.25, Expires 2/18/10, Broker UBS Securities LLC

 

 

(4,129

)

 

10,000

 

AmerisourceBergen Corp., Strike Price USD 26.78, Expires 3/04/10, Broker Morgan Stanley & Co., Inc.

 

 

(9,962

)

 

22,000

 

AmerisourceBergen Corp., Strike Price USD 26.89, Expires 3/12/10, Broker Credit Suisse First Boston

 

 

(22,220

)

 

20,000

 

Amylin Pharmaceuticals, Inc., Strike Price USD 15.70, Expires 2/04/10, Broker Morgan Stanley & Co., Inc.

 

 

(45,609

)

 

8,000

 

Becton Dickinson & Co., Strike Price USD 78.51, Expires 2/26/10, Broker UBS Securities LLC

 

 

(2,783

)

 

34,500

 

Bristol-Myers Squibb Co., Strike Price USD 26.01, Expires 2/25/10, Broker Morgan Stanley & Co., Inc.

 

 

(2,300

)

 

19,500

 

Cephalon, Inc., Strike Price USD 66.03, Expires 3/01/10, Broker Morgan Stanley & Co., Inc.

 

 

(29,217

)

 

6,000

 

Coviden Plc, Strike Price USD 51.80, Expires 3/30/10, Broker Citigroup Global Markets

 

 

(6,407

)

 

26,600

 

Elekta AB, Strike Price SEK 185.64, Expires 2/24/10, Broker Citigroup Global Markets

 

 

(6,899

)

 

20,000

 

Eli Lilly & Co., Strike Price USD 37.97, Expires 3/05/10, Broker UBS Securities LLC

 

 

(3,033

)

 

62

 

Fresenius Medical Care AG & Co. KGgA, Strike Price EUR 39, Expires 2/19/10, Broker Citigroup Global Markets

 

 

(1,048

)

 

17,000

 

Johnson & Johnson, Strike Price USD 65, Expires 2/16/10, Broker Deutsche Bank Securities

 

 

(3,034

)

 

19,000

 

Johnson & Johnson, Strike Price USD 65.25, Expires 3/03/10, Broker Deutsche Bank Securities

 

 

(5,523

)

 

100

 

Koninklijke (Royal) Philips Electronics NV, Strike Price EUR 21.50, Expires 2/19/10, Broker Citigroup Global Markets

 

 

(12,238

)

 

18,000

 

Koninklijke (Royal) Philips Electronics NV, Strike Price EUR 21.50, Expires 3/24/10, Broker Goldman Sachs & Co.

 

 

(25,671

)

 

75

 

Koninklijke (Royal) Philips Electronics NV, Strike Price EUR 24, Expires 2/19/10, Broker Citigroup Global Markets

 

 

(6,736

)

 

25,000

 

Medco Health Solutions, Inc., Strike Price USD 66.52, Expires 2/26/10, Broker UBS Securities LLC

 

 

(6,157

)

 

 

 

 

 

 

 

 

 

Contracts

 

Options Written

 

 

Value

 

 

 

 

Over-the-Counter Call Options Written— (concluded)

 

 

 

 

 

30,000

 

Medtronic, Inc., Strike Price USD 46, Expires 3/08/10, Broker Goldman Sachs & Co.

 

$

(14,587

)

 

9,000

 

Merck & Co., Inc., Strike Price USD 38, Expires 2/10/10, Broker Credit Suisse First Boston

 

 

(7,667

)

 

10,000

 

Millipore Corp., Strike Price USD 72.63, Expires 2/08/10, Broker Morgan Stanley & Co., Inc.

 

 

(1,737

)

 

15,000

 

Novartis AG, Registered Shares, Strike Price CHF 55.39, Expires 2/09/10, Broker UBS Securities LLC

 

 

(22,032

)

 

12,000

 

Novartis AG, Registered Shares, Strike Price CHF 56.85, Expires 3/05/10, Broker Citigroup Global Markets

 

 

(4,740

)

 

45,000

 

PerkinElmer, Inc., Strike Price USD 20.50, Expires 2/19/10, Broker Morgan Stanley & Co., Inc.

 

 

(16,455

)

 

53,000

 

Pfizer, Inc., Strike Price USD 18.50, Expires 2/19/10, Broker UBS Securities LLC

 

 

(28,793

)

 

80

 

Roche Holding AG, Strike Price CHF 180, Expires 3/19/10, Broker Morgan Stanley & Co., Inc.

 

 

(27,882

)

 

65,000

 

Smith & Nephew Plc, Strike Price GBP 6.48, Expires 2/24/10, Broker UBS Securities LLC

 

 

(7,448

)

 

8,400

 

Sonova Holding AG, Strike Price CHF 126.38, Expires 2/09/10, Broker Credit Suisse First Boston

 

 

(45,098

)

 

10,000

 

St. Jude Medical, Inc., Strike Price USD 40.98, Expires 2/25/10, Broker Morgan Stanley & Co., Inc.

 

 

(931

)

 

9,300

 

Tecan Group AG, Registered Shares, Strike Price CHF 80.52, Expires 3/10/10, Broker UBS Securities LLC

 

 

(7,070

)

 

12,500

 

Teva Pharmaceutical Industries Ltd. - ADR, Strike Price USD 58.64, Expires 3/05/10, Broker UBS Securities LLC

 

 

(8,367

)

 

34,000

 

UnitedHealth Group, Inc., Strike Price USD 33.27, Expires 2/08/10, Broker Citigroup Global Markets

 

 

(19,101

)

 

 

 

Total Over-the-Counter Call Options Written

 

 

(404,874

)

 

 

 

Total Options Written (Premiums Received $1,944,830)—(0.6)%

 

 

(1,201,627

)

 

 

 

Total investments net of outstanding options written— 97.6%

 

 

201,975,477

 

 

 

 

Other Assets Less Liabilities—2.4%

 

 

4,879,204

 

 

 

 

 

 

 

 

 

 

Net Assets—100.0%

 

$

206,854,681

 

 

 

 

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

180,631,153

 

 

 

 

 

 

Gross unrealized appreciation

 

$

24,534,347

 

 

Gross unrealized depreciation

 

 

(1,988,396

)

 

 

 

 

 

Net unrealized appreciation

 

$

22,545,951

 

 

 

 

 

 

 

(a)

Non-income producing security.

 

 

(b)

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

 

 

(c)

Security, or a portion thereof, pledged as collateral for outstanding options written.

 

 

(d)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 were as follows:


 

 

 

 

 

 

3

 

    JANUARY 31, 2010



 

 

Schedule of Investments (concluded)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Net Activity

 

 

Income

 

 

 

BlackRock Liquidity Funds, TempFund, Institutional Class

 

$

(4,476,284

)

 

$ 560

 

 

BlackRock Liquidity Series, LLC Money Market Series

 

$

(1,215,600

)

 

$   66

 

 

 

 

(e)

Represents current yield as of report date.

 

 

(f)

Security purchased with the cash collateral from securities loans.

 

 

•

Foreign currency exchange contracts as of January 31, 2010 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

 

 

CHF

 

485,000

 

USD

 

461,869

 

Citigroup
Global
Markets

 

2/01/10

 

 

$

(4,623

)

 

 

USD

 

   4,189

 

EUR

 

   3,000

 

Citigroup
Global
Markets

 

2/02/10

 

 

 

30

 

 

 

USD

 

 38,833

 

EUR

 

 28,000

 

Citigroup
Global
Markets

 

2/03/10

 

 

 

11

 

 

 

USD

 

 18,073

 

CHF

 

 19,000

 

Deutsche
Bank
Securities

 

2/02/10

 

 

 

160

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

$

(4,422

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

•

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 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, 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 Trusts’s own assumptions used in determining the fair value of investments)

 

 

 

The inputs or methodologies 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 other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

22,508,284

 

 

—

 

 

—

 

$

22,508,284

 

Health Care Equipment & Supplies

 

 

52,510,526

 

$

7,036,264

 

 

—

 

 

59,546,790

 

Health Care Providers & Services

 

 

33,335,830

 

 

1,815,509

 

 

—

 

 

35,151,339

 

Health Care Technology

 

 

10,504,198

 

 

—

 

 

—

 

 

10,504,198

 

Industrial Conglomerates

 

 

—

 

 

2,367,537

 

 

—

 

 

2,367,537

 

Life Sciences Tools & Services

 

 

11,602,058

 

 

2,318,521

 

 

—

 

 

13,920,579

 

Pharmaceuticals

 

 

43,852,955

 

 

9,132,968

 

 

—

 

 

52,985,923

 

Short-Term Securities

 

 

5,256,054

 

 

936,400

 

 

—

 

 

6,192,454

 

Total

 

$

179,569,905

 

$

23,607,199

 

 

—

 

$

203,177,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

—

 

$

201

 

 

—

 

$

201

 

Liabilities:

 

$

(754,027

)

 

(452,223

)

 

—

 

 

(1,206,250

)

Total

 

$

(754,027

)

$

(452,022

)

 

—

 

$

(1,206,049

)

 

 

1

Other 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 market value.

KEY TO ABBREVIATIONS

 

 

ADR

— American Depositary Receipt

CHF

— Swiss Franc

EUR

— Euro

GBP

— British Pound

SEK

— Swedish Krona

USD

— U.S. Dollar



 

 

 

 

 

 

 

 

 

 

    JANUARY 31, 2010

4

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 13(a)-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/ Anne F. Ackerley

 

 

 

 

  

 

 

 

 

Anne F. Ackerley

 

 

 

Chief Executive Officer of

 

 

 

BlackRock Health Sciences Trust

 

 

 

 

 

Date: March 19, 2010

 

 

 

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/ Anne F. Ackerley

 

 

 

 

  

 

 

 

 

Anne F. Ackerley

 

 

 

Chief Executive Officer (principal executive officer) of

 

 

 

BlackRock Health Sciences Trust

 

 

 

 

 

 

Date: March 19, 2010

 

 

 

 

 

 

By:

 

/s/ Neal J. Andrews

 

 

 

 

  

 

 

 

 

Neal J. Andrews

 

 

 

Chief Financial Officer (principal financial officer) of

 

 

 

BlackRock Health Sciences Trust

 

 

 

 

 

 

Date: March 19, 2010