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
BlackRock Health Sciences Trust
(Exact name of registrant as specified in charter)
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Robert S. Kapito, President
BlackRock Health Sciences Trust
40 East
52nd Street, New York, NY 10022
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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: October 31, 2006
Date of reporting period: July 31, 2006
Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS
(unaudited)
JULY 31, 2006
BlackRock Health Sciences Trust (BME)
| Shares | Description | Value | |||
| LONG-TERM INVESTMENTS—96.5% | |||||
| Common Stocks—96.5% | |||||
| Biotechnology—15.5% | |||||
| 246,300 | 1,2 | Alexion Pharmaceuticals, Inc. | $ 8,462,868 | ||
| 37,800 | 1,2 | Amgen, Inc. | 2,636,172 | ||
| 92,400 | 1 | Applera Corp. - Celera Genomics Group | 1,247,400 | ||
| 54,000 | 1 | Digene Corp. | 2,279,340 | ||
| 33,242 | 1 | Exelixis, Inc. | 295,854 | ||
| 62,900 | 1 | Genentech, Inc. | 5,083,578 | ||
| 67,700 | 1 | ICOS Corp. | 1,546,268 | ||
| 39,167 | 1 | InterMune, Inc. | 625,497 | ||
| 217,764 | 1 | Keryx Biopharmaceuticals, Inc. | 2,504,286 | ||
| 83,200 | 1 | Kosan Biosciences, Inc. | 290,368 | ||
| 51,589 | 1 | Medimmune, Inc. | 1,309,329 | ||
| 72,000 | Myogen, Inc. | 2,221,920 | |||
| 156,600 | 1 | Regeneron Pharmaceuticals | 2,139,156 | ||
| 26,700 | 1 | Vertex Pharmaceuticals, Inc. | 894,984 | ||
| Total Biotechnology | 31,537,020 | ||||
| Electronics—2.8% | |||||
| 141,900 | 1 | Waters Corp. | 5,772,492 | ||
| Health Care—25.1% | |||||
| 47,000 | Alcon, Inc. | 5,189,740 | |||
| 20,200 | Becton Dickinson & Co. | 1,331,584 | |||
| 98,000 | 1,2 | Community Health Systems, Inc. | 3,553,480 | ||
| 33,800 | Cooper Cos., Inc. (The) | 1,493,960 | |||
| 76,200 | 1 | DaVita, Inc. | 3,811,524 | ||
| 119,600 | Dentsply Intl., Inc. | 3,743,480 | |||
| 87,600 | Edwards Lifesciences Corp. | 3,875,424 | |||
| 148,800 | Manor Care, Inc. | 7,447,440 | |||
| 6,829 | Mentor Corp. | 303,617 | |||
| 21,700 | 1 | Northstar Neuroscience, Inc. | 288,610 | ||
| 82,600 | Quest Diagnostics, Inc. | 4,965,912 | |||
| 146,200 | 1 | Respironics, Inc. | 5,201,796 | ||
| 98,432 | 1 | Varian Medical Systems, Inc. | 4,460,938 | ||
| 195,500 | 1 | Wright Medical Group, Inc. | 4,306,865 | ||
| 18,500 | 1 | Zimmer Holdings, Inc. | 1,169,940 | ||
| Total Health Care | 51,144,310 | ||||
| Pharmaceuticals—51.1% | |||||
| 106,500 | 2 | Abbott Laboratories | 5,087,505 | ||
| 40,900 | Allergan, Inc. | 4,411,065 | |||
| 56,000 | AstraZeneca PLC | 3,417,680 | |||
| 337,238 | 1 | BioMarin Pharmaceuticals, Inc. | 4,927,047 | ||
| 209,900 | Bristol-Myers Squibb Co. | 5,031,303 | |||
| 295,100 | 1 | Cardiome Pharma Corp. | 3,597,269 | ||
| 112,300 | 2 | Caremark Rx, Inc. | 5,929,440 | ||
| 81,900 | 1 | Cortex Pharmaceuticals, Inc. | 221,130 | ||
| 56,900 | 1 | Cubist Pharmaceuticals, Inc. | 1,304,148 | ||
| 91,400 | 1 | Gilead Sciences, Inc. | 5,619,272 | ||
| 92,000 | GlaxoSmithKline PLC (ADR) | 5,090,360 | |||
| 83,600 | 1 | Medco Health Solutions, Inc. | 4,959,988 | ||
| 266,600 | Merck & Co., Inc. | 10,735,982 | |||
| 172,000 | Novartis AG (ADR) | 9,669,840 | |||
| 178,400 | Pfizer, Inc. | 4,636,616 | |||
| 85,000 | Roche Holding AG | 9,740,317 | |||
| 482,000 | Schering-Plough Corp. | 9,852,080 | |||
| 21,800 | Shire PLC | 1,057,518 | |||
| 179,800 | Wyeth | 8,714,906 | |||
| Total Pharmaceuticals | 104,003,466 | ||||
| Retail—2.0% | |||||
| 125,900 | CVS Corp. | 4,119,448 | |||
| Total Common Stocks (cost $184,461,660) | 196,576,736 | ||||
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BlackRock Health Sciences Trust (BME) (continued)
| Shares | Description | Value | |||
| SHORT-TERM INVESTMENTS—5.3% | |||||
| Money Market Fund—3.0% | |||||
| 6,137,631 | Fidelity Institutional Money Market Prime Portfolio | $ 6,137,631 | |||
| Principal | |||||
| Amount | |||||
| U.S. Government and Agency Discount Notes—2.3% | |||||
| $4,800,000 | 3 | Federal Home Loan Bank Disc. Notes, 4.95%, 8/1/06 | 4,800,000 | ||
| Total Short-Term Investments (cost $10,937,631) | 10,937,631 | ||||
| Contracts | |||||
| OUTSTANDING PUT OPTION PURCHASED—0.0% | |||||
| 929 | Waters Corp., strike price $40, expires 08/19/06 (cost $73,662) | 55,740 | |||
| Total investments before outstanding options written (cost $195,472,9534) | 207,570,107 | ||||
| OUTSTANDING OPTIONS WRITTEN—(0.9)% | |||||
| OUTSTANDING CALL OPTIONS WRITTEN—(0.9)% | |||||
| (100 | ) | Abbott Laboratories, strike price $45, expires 08/19/06 | (30,000 | ) | |
| (100 | ) | Abbott Laboratories, strike price $47.50, expires 11/18/06 | (23,000 | ) | |
| (561 | ) | Alexion Pharmaceuticals, Inc., strike price $35, expires 08/19/06 | (56,100 | ) | |
| (72 | ) | Alexion Pharmaceuticals, Inc., strike price $45, expires 11/18/06 | (4,320 | ) | |
| (10,000 | ) | Allergan, Inc., strike price $106, expires 09/15/06 | (51,969 | ) | |
| (50 | ) | Amgen, Inc., strike price $70, expires 08/19/06 | (5,750 | ) | |
| (150 | ) | Applera Corp. - Celera Genomics Group, strike price $15, expires 12/16/06 | (11,250 | ) | |
| (135 | ) | AstraZeneca PLC, strike price $65, expires 09/16/06 | (8,775 | ) | |
| (50 | ) | Becton Dickinson & Co., strike price $65, expires 08/19/06 | (8,750 | ) | |
| (250 | ) | BioMarin Pharmaceuticals, Inc., strike price $15, expires 09/16/06 | (16,250 | ) | |
| (250 | ) | BioMarin Pharmaceuticals, Inc., strike price $16, expires 11/10/06 | (18,125 | ) | |
| (30,000 | ) | Bristol-Myers Squibb Co., strike price $26, expires 09/15/06 | (7,371 | ) | |
| (20,000 | ) | Bristol-Myers Squibb Co., strike price $27.60, expires 11/17/06 | (5,420 | ) | |
| (750 | ) | Cardiome Pharma Corp., strike price $12.50, expires 09/16/06 | (93,750 | ) | |
| (20,000 | ) | Caremark Rx, Inc., strike price $52.50, expires 09/15/06 | (50,680 | ) | |
| (15,000 | ) | Community Health Systems, Inc., strike price $38, expires 09/15/06 | (9,030 | ) | |
| (20 | ) | Cooper Cos., Inc. (The), strike price $50, expires 11/18/06 | (2,700 | ) | |
| (300 | ) | CVS Corp., strike price $30, expires 08/19/06 | (84,000 | ) | |
| (12,000 | ) | CVS Corp., strike price $34, expires 11/10/06 | (17,085 | ) | |
| (120 | ) | DaVita, Inc., strike price $55, expires 09/16/06 | (6,000 | ) | |
| (30,000 | ) | Dentsply Intl., Inc., strike price $30.50, expires 09/15/06 | (42,210 | ) | |
| (10,000 | ) | Digene Corp., strike price $41, expires 09/15/06 | (35,500 | ) | |
| (100 | ) | Edwards Lifesciences Corp., strike price $45, expires 08/19/06 | (6,250 | ) | |
| (100 | ) | Edwards Lifesciences Corp., strike price $50, expires 11/18/06 | (5,000 | ) | |
| (100 | ) | Genentech, Inc., strike price $85, expires 09/16/06 | (14,000 | ) | |
| (170 | ) | Gilead Sciences, Inc., strike price $60, expires 08/19/06 | (40,800 | ) | |
| (50 | ) | Gilead Sciences, Inc., strike price $70, expires 11/18/06 | (7,500 | ) | |
| (200 | ) | GlaxoSmithKline PLC (ADR), strike price $55, expires 08/19/06 | (18,000 | ) | |
| (100 | ) | ICOS Corp., strike price $22.50, expires 08/19/06 | (10,750 | ) | |
| (100 | ) | InterMune, Inc., strike price $15, expires 08/19/06 | (13,000 | ) | |
| (101 | ) | Keryx Biopharmaceuticals, Inc., strike price $17.50, expires 09/16/06 | (1,010 | ) | |
| (250 | ) | Manor Care, Inc., strike price $45, expires 08/22/06 | (132,500 | ) | |
| (250 | ) | Manor Care, Inc., strike price $50, expires 11/18/06 | (85,000 | ) | |
| (130 | ) | Medco Health Solutions, Inc., strike price $55, expires 08/19/06 | (62,400 | ) | |
| (40,000 | ) | Merck & Co., Inc., strike price $35, expires 08/21/06 | (215,231 | ) | |
| (100 | ) | Merck & Co., Inc., strike price $37.50, expires 08/19/06 | (30,000 | ) | |
| (250 | ) | Merck & Co., Inc., strike price $39, expires 11/10/06 | (73,750 | ) | |
| (50 | ) | Myogen, Inc., strike price $30, expires 08/19/06 | (10,750 | ) | |
| (50 | ) | Myogen, Inc., strike price $30, expires 09/16/06 | (14,250 | ) | |
| (25,000 | ) | Novartis AG (ADR), strike price $56.50, expires 09/15/06 | (39,412 | ) | |
| (18,000 | ) | Pfizer, Inc., strike price $24, expires 09/28/06 | (40,752 | ) | |
| (90 | ) | Pfizer, Inc., strike price $25, expires 09/16/06 | (12,150 | ) | |
| (100 | ) | Quest Diagnostics, Inc., strike price $60, expires 08/19/06 | (12,750 | ) | |
| (100 | ) | Quest Diagnostics, Inc., strike price $65, expires 11/18/06 | (13,750 | ) | |
| (230 | ) | Regeneron Pharmaceuticals, strike price $12.50, expires 08/19/06 | (35,075 | ) | |
| (32,000 | ) | Respironics, Inc., strike price $36, expires 09/15/06 | (40,941 | ) | |
| (130 | ) | Roche Holding AG, strike price 230 CHF, expires 09/15/06 | (22,925 | ) | |
| (550 | ) | Schering-Plough Corp., strike price $20, expires 08/19/06 | (35,750 | ) | |
| (45,000 | ) | Schering-Plough Corp., strike price $21, expires 11/17/06 | (38,240 | ) | |
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BlackRock Health Sciences Trust (BME) (continued)
| Shares | Description | Value | ||||
| OUTSTANDING CALL OPTIONS WRITTEN—(cont’d) | ||||||
| (100 | ) | Shire PLC, strike price $47.50, expires 10/21/06 | $ (44,000 | ) | ||
| (15,000 | ) | Varian Medical Systems, Inc., strike price $46.50, expires 09/15/06 | (23,040 | ) | ||
| (350 | ) | Waters Corp., strike price $45, expires 08/19/06 | (1,750 | ) | ||
| (100 | ) | Waters Corp., strike price $50, expires 11/18/06 | (3,000 | ) | ||
| (100 | ) | Wright Medical Group, Inc., strike price $22.50, expires 08/19/06 | (5,750 | ) | ||
| (100 | ) | Wright Medical Group, Inc., strike price $22.50, expires 09/16/06 | (10,250 | ) | ||
| (100 | ) | Wright Medical Group, Inc., strike price $25, expires 11/18/06 | (8,500 | ) | ||
| (675 | ) | Wyeth, strike price $47.50, expires 10/21/06 | (189,000 | ) | ||
| Total Outstanding Call Options Written (premium received ($1,246,309)) | (1,905,261 | ) | ||||
| OUTSTANDING PUT OPTIONS WRITTEN—0.0% | ||||||
| (100 | ) | Allergan, Inc., strike price $100, expires 08/19/06 | (5,500 | ) | ||
| (220 | ) | Amylin Pharmaceuticals, Inc., strike price $40, expires 08/19/06 | (4,400 | ) | ||
| (210 | ) | Amylin Pharmaceuticals, Inc., strike price $45, expires 08/19/06 | (16,275 | ) | ||
| (150 | ) | AstraZeneca PLC, strike price $55, expires 08/19/06 | (1,125 | ) | ||
| (200 | ) | Caremark Rx, Inc., strike price $45, expires 08/19/06 | (4,000 | ) | ||
| (280 | ) | Vertex Pharmaceuticals, Inc., strike price $30, expires 08/19/06 | (16,800 | ) | ||
| (170 | ) | Vertex Pharmaceuticals, Inc., strike price $33.50, expires 08/23/06 | (31,620 | ) | ||
| Total Outstanding Put Options Written (premium received ($126,268)) | (79,720 | ) | ||||
| Total Outstanding Options Written (premium received ($1,372,577)) | (1,984,981 | ) | ||||
| Total investments net of outstanding options written—100.9% | $205,585,126 | |||||
| Liabilities in excess of other assets—(0.9)% | (1,818,128 | ) | ||||
| Net Assets—100.0% | $203,766,998 | |||||
| 1 | Non-income producing security. | ||
| 2 | Security, or a portion thereof, pledged as collateral for outstanding options written. | ||
| 3 | Rate shown is the yield to maturity as of July 31, 2006. | ||
| 4 | Cost for Federal income tax purposes is $198,792,423. The net unrealized appreciation on a tax basis is $8,777,684, consisting of $12,492,701 gross unrealized appreciation and $3,715,017 gross unrealized depreciation. | ||
| A category may contain multiple industries as defined by the SEC’s Standard Industry Codes. | |||
KEY TO ABBREVIATIONS
ADR — American Depository Receipt
CHF — Swiss Franc
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Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.
(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 (17 CFR 270.30a -3(d)) 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.Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
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.
(Registrant) BlackRock Health Sciences Trust
By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: September 27, 2006
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/ Robert S. Kapito
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: September 27, 2006
By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: September 27, 2006