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
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Robert S. Kapito, President, BlackRock Health Sciences Trust, 40 East 52nd Street, New York, NY 10022.
Registrant’s telephone number, including area code: (888) 825-2257
Date of fiscal year end: 10/31/2007
Date of reporting period: 05/01/2007 – 07/31/2007
Item 1 – Schedule of Investments
PORTFOLIO OF INVESTMENTS (unaudited)
JULY 31, 2007
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)
|
Shares
|
Description
|
Value
|
||||
| LONG-TERM INVESTMENTS—94.8% | ||||||
| Common Stocks—94.8% | ||||||
| Biotechnology—21.4% | ||||||
| 186,600 | Alexion Pharmaceuticals, Inc. |
$
|
10,852,656 | |||
| 37,800 | Amgen, Inc. | 2,031,372 | ||||
| 89,900 | Applera Corp. - Celera Group | 1,080,598 | ||||
| 40,700 | Arqule, Inc. | 231,176 | ||||
| 71,300 | 1 | Celgene Corp. | 4,317,928 | |||
| 61,000 | 1 | Charles River Laboratories Intl., Inc. | 3,121,980 | |||
| 78,300 | 1 | Genentech, Inc. | 5,823,954 | |||
| 54,500 | 1 | Halozyme Therapeutics, Inc. | 438,180 | |||
| 85,700 | 1 | Integra LifeSciences Holdings Corp. | 4,255,005 | |||
| 90,167 | 1 | InterMune, Inc. | 1,925,066 | |||
| 191,718 | 1 | Kosan Biosciences, Inc. | 797,547 | |||
| 28,100 | 1 | Millipore Corp. | 2,208,941 | |||
| 144,700 | 1 | Myriad Genetics, Inc. | 5,408,886 | |||
| 87,337 | 1 | NicOx S.A. | 2,036,271 | |||
| 21,300 | 1 | Seattle Genetics, Inc. | 202,989 | |||
| Total Biotechnology | 44,732,549 | |||||
| Commercial Services—0.4% | ||||||
| 28,200 | 1 | PRA Intl. | 815,826 | |||
| Distribution/Wholesale—1.3% | ||||||
| 23,500 | 1 | MWI Veterinary Supply, Inc. | 908,745 | |||
| 48,600 | Owen & Minor, Inc. | 1,868,670 | ||||
| Total Distribution/Wholesale | 2,777,415 | |||||
| Electronics—2.2% | ||||||
| 41,200 | 1 | Varian, Inc. | 2,477,768 | |||
| 35,800 | 1 | Waters Corp. | 2,085,708 | |||
| Total Electronics | 4,563,476 | |||||
| Healthcare Products—27.9% | ||||||
| 31,300 | Alcon, Inc. | 4,272,450 | ||||
| 98,600 | Baxter Intl., Inc. | 5,186,360 | ||||
| 106,500 | Becton Dickinson & Co. | 8,132,340 | ||||
| 97,300 | 1 | Cyberonics, Inc. | 1,362,200 | |||
| 110,700 | Dentsply Intl., Inc. | 4,039,443 | ||||
| 40,100 | Edwards Lifesciences Corp. | 1,842,996 | ||||
| 86,500 | Johnson & Johnson | 5,233,250 | ||||
| 22,500 | 1 | Kyphon, Inc. | 1,476,450 | |||
| 135,200 | Medtronic, Inc. | 6,850,584 | ||||
| 52,600 | 1 | SenoRx, Inc. | 511,798 | |||
| 37,000 | 1 | St. Jude Medical, Inc. | 1,596,180 | |||
| 132,500 | Stryker Corp. | 8,271,975 | ||||
| 133,600 | 1 | Thoratec Corp. | 2,593,176 | |||
| 20,800 | 1 | Ventana Medical Systems, Inc. | 1,733,472 | |||
| 211,500 | 1 | Wright Medical Group, Inc. | 5,120,415 | |||
| Total Healthcare Products | 58,223,089 | |||||
| Healthcare Services—7.6% | ||||||
| 73,700 | Aetna, Inc. | 3,542,759 | ||||
| 27,900 | 1 | Covance, Inc. | 1,968,903 | |||
| 87,800 | Manor Care, Inc. | 5,562,130 | ||||
| 20,600 | 1 | Pediatrix Medical Group, Inc. | 1,111,576 | |||
| 24,083 | 1 | Psychiatric Solutions, Inc. | 820,990 | |||
| 56,300 | UnitedHealth Group, Inc. | 2,726,609 | ||||
| Total Healthcare Services | 15,732,967 | |||||
| Pharmaceuticals—32.3% | ||||||
| 103,100 | Abbott Laboratories | 5,226,139 | ||||
| 199,438 | 1 | BioMarin Pharmaceuticals, Inc. | 3,601,850 | |||
| 101,700 | Bristol-Myers Squibb Co. | 2,889,297 | ||||
| 13,300 | 1 | Cephalon, Inc. | 999,362 | |||
| 137,000 | 1 | Gilead Sciences, Inc. | 5,100,510 | |||
| 69,700 | 1 | ImClone Systems, Inc. | 2,293,130 | |||
| 233,200 | 2 | Merck & Co., Inc. | 11,578,380 | |||
| 31,000 | Novartis AG (ADR) | 1,672,450 | ||||
| 28,065 | 1 | Onyx Pharmaceuticals, Inc. | 780,488 | |||
| 195,500 | 2 | Pfizer, Inc. | 4,596,205 | |||
| 66,500 | 1 | Poniard Pharmaceuticals, Inc. | 385,700 | |||
| 7,200 | 1 | Pozen, Inc. | 119,880 | |||
| 63,650 | Roche Holding AG | 11,272,817 | ||||
| 184,500 | Schering-Plough Corp. | 5,265,630 | ||||
| 37,000 | Teva Pharmaceutical Industries Ltd. (ADR) | 1,554,740 | ||||
| 74,700 | Tongjitang Chinese Medicines Co. (ADR) | 888,183 | ||||
| 10,100 | 1 | United Therapeutics Corp. | 700,536 | |||
| 177,000 | Wyeth | 8,588,040 | ||||
| Total Pharmaceuticals | 67,513,337 | |||||
| Technology—1.5% | ||||||
| 89,100 | CVS Caremark Corp. | 3,135,429 | ||||
| Software—0.2% | ||||||
| 25,200 | 1 | Phase Forward, Inc. | 433,188 | |||
| Total Long-Term Investments | ||||||
| (cost $180,356,720) | 197,927,276 | |||||
| MONEY MARKET FUND—4.2% | ||||||
| 8,809,279 | 3 | Fidelity Institutional Money Market Prime Portfolio, 4.99% (cost $8,809,279) | 8,809,279 | |||
|
Contracts
|
||||||
| OUTSTANDING CALL OPTIONS PURCHASED—0.0% | ||||||
| 10,000 | Elan Corp. Plc (ADR), strike price $23, expires 11/16/07 | 10,626 | ||||
| 10,000 | Regeneron Pharmaceuticals, Inc., strike price $29, expires 11/16/07 | 1,867 | ||||
| 23,500 | Wyeth, strike price $59, expires 11/16/07 | 383 | ||||
| 12,000 | Zimmer Holdings, Inc., strike price $90, expires 11/16/07 | 11,964 | ||||
| Total Outstanding Call Options Purchased | ||||||
| (cost $45,707) | 24,840 | |||||
| Total Investments before outstanding options written | ||||||
| (cost $189,211,7064) | 206,761,395 | |||||
| OUTSTANDING OPTIONS WRITTEN—(1.0)% | ||||||
| OUTSTANDING CALL OPTIONS WRITTEN—(0.9)% | ||||||
| (250 | ) | Abbott Laboratories, strike price $58.50, expires 11/02/07 | (10,632 | ) | ||
| (15,000 | ) | Aetna, Inc., strike price $55.25, expires 11/16/07 | (7,551 | ) | ||
| (50 | ) | Alcon, Inc., strike price $150, expires 11/19/07 | (19,000 | ) | ||
| (450 | ) | Alexion Pharmaceuticals, Inc., strike price $50, expires 08/20/07 | (387,000 | ) | ||
| (150 | ) | Alexion Pharmaceuticals, Inc., strike price $50, expires 11/19/07 | (165,000 | ) | ||
| (25,000 | ) | Alexion Pharmaceuticals, Inc., strike price $61, expires 11/16/07 | (108,735 | ) | ||
| (11,000 | ) | Amgen, Inc., strike price $58.56, expires 11/16/07 | (17,410 | ) | ||
| (150 | ) | Applera Corp. - Celera Group, strike price $15, expires 12/24/07 | (8,250 | ) | ||
| (200 | ) | Baxter Intl., Inc., strike price $57.50, expires 08/20/07 | (3,000 | ) | ||
| (10,000 | ) | Baxter Intl., Inc., strike price $60.50, expires 11/16/07 | (6,903 | ) | ||
| (12,500 | ) | Becton Dickinson & Co., strike price $77.84, expires 11/16/07 | (36,645 | ) | ||
| (100 | ) | Becton Dickinson & Co., strike price $80, expires 12/24/07 | (28,500 | ) | ||
| (250 | ) | BioMarin Pharmaceuticals, Inc., strike price $20, expires 11/02/07 | (18,858 | ) | ||
| (200 | ) | Bristol-Myers Squibb Co., strike price $32.50, expires 12/24/07 | (10,000 | ) | ||
| (11,000 | ) | Celgene Corp., strike price $59.89, expires 11/16/07 | (61,822 | ) | ||
| (20 | ) | Cephalon, Inc., strike price $90, expires 11/19/07 | (1,200 | ) | ||
| (100 | ) | Charles River Laboratories Intl., Inc., strike price $55, expires 08/20/07 | (8,000 | ) | ||
1
BlackRock Health Sciences Trust (BME) (continued)
2
BlackRock Health Sciences Trust (BME) (continued)
3
Item 2 – Controls and Procedures Item 3 – Exhibits Certifications – Attached hereto 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.
(Percentages shown are based on Net Assets)
OUTSTANDING CALL OPTIONS WRITTEN— (cont'd)
)
Charles River Laboratories Intl., Inc., strike price $56.50, expires 11/16/07
$
(23,726
)
(50
)
Covance, Inc., strike price $70, expires 11/19/07
(27,500
)
(30
)
Covance, Inc., strike price $75, expires 11/19/07
(8,700
)
(100
)
CVS Caremark Corp., strike price $40, expires 08/20/07
(500
)
(10,000
)
CVS Caremark Corp., strike price $41, expires 11/16/07
(9,518
)
(20,000
)
Cyberonics, Inc., strike price $20.50, expires 11/16/07
(2,844
)
(300
)
Dentsply Intl., Inc., strike price $36, expires 11/02/07
(70,899
)
(50
)
Edwards Lifesciences Corp., strike price $50, expires 08/20/07
(750
)
(50
)
Edwards Lifesciences Corp., strike price $55, expires 11/19/07
(1,500
)
(10,000
)
Elan Corp. Plc (ADR), strike price $23.55, expires 11/16/07
(9,481
)
(20,000
)
Genentech, Inc., strike price $78.25, expires 09/21/07
(16,914
)
(400
)
Gilead Sciences, Inc., strike price $42.50, expires 08/20/07
(4,000
)
(20,000
)
Gilead Sciences, Inc., strike price $45.50, expires 11/16/07
(6,764
)
(100
)
Halozyme Therapeutics, Inc., strike price $10, expires 12/24/07
(7,500
)
(50
)
ImClone Systems, Inc., strike price $50, expires 11/19/07
(1,000
)
(40
)
Integra Lifesciences Holdings Corp., strike price $50, expires 09/24/07
(9,400
)
(15,000
)
Integra Lifesciences Holdings Corp., strike price $55.25, expires 11/16/07
(13,707
)
(20,000
)
InterMune, Inc., strike price $30.50, expires 11/16/07
(3,700
)
(50
)
Kyphon, Inc., strike price $50, expires 12/24/07
(88,500
)
(200
)
Manor Care, Inc., strike price $70, expires 08/20/07
(1,000
)
(250
)
Medtronic, Inc., strike price $55, expires 11/19/07
(28,750
)
(100
)
Medtronic, Inc., strike price $57.50, expires 11/19/07
(6,000
)
(300
)
Merck & Co., Inc., strike price $50.50, expires 11/02/07
(68,883
)
(500
)
Merck & Co., Inc., strike price $57, expires 11/02/07
(27,260
)
(50
)
Millipore Corp., strike price $80, expires 10/22/07
(20,000
)
(250
)
Myriad Genetics, Inc., strike price $40, expires 11/19/07
(57,500
)
(100
)
Myriad Genetics, Inc., strike price $45, expires 11/19/07
(9,000
)
(16,000
)
NicOx S.A., strike price 21.30 EUR, expires 11/06/07
(4,639
)
(10,000
)
Novartis AG (ADR), strike price $57.25, expires 11/16/07
(10,360
)
(10,000
)
Owen & Minor, Inc., strike price $37.50, expires 09/21/07
(20,106
)
(50
)
Pediatrix Medical Group, Inc., strike price $60, expires 11/19/07
(4,750
)
(106,200
)
Pfizer, Inc., strike price $25, expires 10/22/07
(57,114
)
(10,000
)
Poniard Pharmaceuticals, Inc., strike price $10, expires 11/02/07
(114
)
(30
)
Pozen, Inc., strike price $20, expires 12/24/07
(8,850
)
(100
)
Regeneron Pharmaceuticals, Inc., strike price $30, expires 11/19/07
(2,000
)
(11,000
)
Roche Holdings AG, strike price 222 CHF, expires 11/06/07
(49,538
)
(480
)
Schering-Plough Corp., strike price $33.50,
expires 11/09/07
)
(20,000
)
Schering-Plough Corp., strike price $35.25, expires 11/16/07
(4,336
)
(40
)
Seattle Genetics, Inc., strike price $10, expires 12/24/07
(4,600
)
(10,000
)
St. Jude Medical, Inc., strike price $46, expires 11/16/07
(18,328
)
(200
)
Stryker Corp., strike price $70, expires 09/24/07
(6,000
)
(10,000
)
Stryker Corp., strike price $71, expires 11/16/07
(8,856
)
(75
)
Teva Pharmaceutical Industries Ltd. (ADR), strike price $45, expires 12/24/07
(15,000
)
(200
)
Thoratec Corp., strike price $22.50, expires 10/22/07
(10,000
)
(10,000
)
Thoratec Corp., strike price $23, expires 11/16/07
(6,519
)
(12,000
)
Tongjitang Chinese Medicines Co. (ADR), strike price $12.50, expires 11/09/07
(9,487
)
(10
)
United Therapeutics Corp., strike price $75, expires 11/19/07
(6,500
)
(10,000
)
UnitedHealth Group, Inc., strike price $60.25, expires 11/16/07
(638
)
(30
)
Varian, Inc., strike price $60, expires 08/20/07
(7,500
)
(30
)
Varian, Inc., strike price $65, expires 08/20/07
(900
)
(25
)
Varian, Inc., strike price $65, expires 11/19/07
(5,375
)
(100
)
Waters Corp., strike price $65, expires 08/20/07
(1,000
)
(200
)
Wright Medical Group, Inc., strike price $25, expires 08/20/07
(16,000
)
(800
)
Wright Medical Group, Inc., strike price $25, expires 11/19/07
(140,000
)
(300
)
Wyeth, strike price $52.50, expires 08/20/07
(6,000
)
(300
)
Wyeth, strike price $52.50, expires 09/24/07
(25,500
)
(200
)
Wyeth, strike price $60, expires 10/22/07
(5,000
)
(23,500
)
Wyeth, strike price $60, expires 11/16/07
(273
)
(12,000
)
Zimmer Holdings, Inc., strike price $90.50, expires 11/16/07
(11,099
)
Total Outstanding Call Options Written
(premium received $(2,262,954))
(1,908,030
)
OUTSTANDING PUT OPTIONS WRITTEN—(0.1)%
(100
)
Abbott Laboratories, strike price $50, expires 08/20/07
(8,500
)
(100
)
Abbott Laboratories, strike price $55, expires 08/20/07
(39,000
)
(275
)
Aetna, Inc., strike price $49.50, expires 08/10/07
(43,769
)
(100
)
Becton Dickinson & Co., strike price $75, expires 08/20/07
(2,000
)
(200
)
Gilead Sciences, Inc., strike price $36.25, expires 08/20/07
(11,000
)
(200
)
Gilead Sciences, Inc., strike price $37.50, expires 08/20/07
(18,000
)
(240
)
Manor Care, Inc., strike price $60, expires 08/20/07
(14,400
)
(140
)
St. Jude Medical, Inc., strike price $45, expires 08/20/07
(33,600
)
Total Outstanding Put Options Written
(premium received $(116,049))
(170,269
)
Total Outstanding Options Written
(cost $(2,379,003))
(2,078,299
)
Total Investments net of outstanding options written—98.0%
$
204,683,096
Other assets in excess of liabilities—2.0%
4,267,683
$
208,950,779
(Percentages shown are based on Net Assets)
1
Non-income producing security.
2
Security, or a portion thereof, pledged as
collateral for outstanding options written.
3
Represents current yield as of July 31, 2007.
4
Cost for federal income tax purposes is $189,211,705.
The net unrealized appreciation on a tax basis is $17,549,690, consisting
of $22,387,587 gross unrealized appreciation and $4,837,897 gross
unrealized depreciation.
ADR
American Depositary Receipt
CHF
Swiss Franc
EUR
Euro
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 and 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 (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.
By:
BlackRock Health Sciences
Trust
September 20, 2007
September 20, 2007
Donald C. Burke,
Treasurer (principal financial
officer) of
September 20, 2007