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: Donald C. Burke, Chief Executive Officer, BlackRock Health Sciences Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 10/31/2008

Date of reporting period: 11/01/2007 – 01/31/2008

Item 1 – Schedule of Investments


 

 

SCHEDULE OF INVESTMENTS as of January 31, 2008 (unaudited)

BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

 

 

 

LONG-TERM INVESTMENTS—90.7%

 

 

 

 

 

 

 

Common Stocks—90.7%

 

 

 

 

 

 

 

Biotechnology—12.1%

 

 

 

 

 

56,000

1,2

Alexion Pharmaceuticals, Inc.

 

$

3,657,920

 

 

101,700

2

Applera Corp. - Celera Group

 

 

1,558,044

 

 

20,400

2

Arqule, Inc.

 

 

98,940

 

 

20,300

2

ARYx Therapeutics, Inc.

 

 

161,588

 

 

20,400

2

Celgene Corp.

 

 

1,144,644

 

 

61,400

2

Charles River Laboratories Intl., Inc.

 

 

3,812,940

 

 

38,500

2

Halozyme Therapeutics, Inc.

 

 

212,135

 

 

92,700

2,3

Integra LifeSciences Holdings Corp.

 

 

3,856,320

 

 

90,167

2

InterMune, Inc.

 

 

1,512,100

 

 

121,318

2

Kosan Biosciences, Inc.

 

 

327,559

 

 

30,100

2

Millipore Corp.

 

 

2,111,515

 

 

150,800

2

Myriad Genetics, Inc.

 

 

6,485,908

 

 

13,200

2

Nanosphere, Inc.

 

 

158,664

 

 

49,637

2

NicOx S.A.

 

 

695,439

 

 

 

 

 

 

 

 

 

 

Total Biotechnology

 

 

25,793,716

 

 

 

 

 

Distribution/Wholesale—1.4%

 

 

 

 

 

24,500

2

MWI Veterinary Supply, Inc.

 

 

936,635

 

 

50,700

 

Owen & Minor, Inc.

 

 

2,094,924

 

 

 

 

 

 

 

 

 

 

Total Distribution/Wholesale

 

 

3,031,559

 

 

 

 

 

Electronics—2.0%

 

 

 

 

 

71,700

 

Applera Corp. - Applied Biosystems Group

 

 

2,260,701

 

 

20,000

2

Varian, Inc.

 

 

1,085,000

 

 

15,066

2

Waters Corp.

 

 

865,542

 

 

 

 

 

 

 

 

 

 

Total Electronics

 

 

4,211,243

 

 

 

 

 

Healthcare Products—33.3%

 

 

 

 

 

29,300

 

Alcon, Inc.

 

 

4,160,600

 

 

70,900

2

Alphatec Holdings, Inc.

 

 

362,299

 

 

122,700

 

Baxter Intl., Inc.

 

 

7,452,798

 

 

147,200

1

Becton Dickinson & Co.

 

 

12,737,216

 

 

17,700

 

C.R. Bard, Inc.

 

 

1,709,289

 

 

64,900

2

Cepheid, Inc.

 

 

1,982,046

 

 

50,300

 

China Medical Technologies, Inc. (ADR)

 

 

2,397,801

 

 

120,400

2

Cyberonics, Inc.

 

 

1,444,800

 

 

113,600

 

Dentsply Intl., Inc.

 

 

4,692,816

 

 

45,900

2

Edwards Lifesciences Corp.

 

 

2,123,793

 

 

86,200

 

Johnson & Johnson

 

 

5,453,012

 

 

105,700

1

Medtronic, Inc.

 

 

4,922,449

 

 

17,800

2

Power Medical Interventions, Inc.

 

 

231,400

 

 

52,600

2

SenoRx, Inc.

 

 

468,140

 

 

86,600

2

St. Jude Medical, Inc.

 

 

3,508,166

 

 

160,000

 

Stryker Corp.

 

 

10,715,200

 

 

96,300

2

Varian Medical Systems, Inc.

 

 

5,006,637

 

 

21,700

2

Ventana Medical Systems, Inc.

 

 

1,932,385

 

 

 

 

 

 

 

 

 

 

Total Healthcare Products

 

 

71,300,847

 

 

 

 

 

Healthcare Services—5.7%

 

 

 

 

 

78,100

 

Aetna, Inc.

 

 

4,159,606

 

 

30,300

2

Covance, Inc.

 

 

2,519,748

 

 

22,900

 

Fresenius Medical Care AG & Co. KGaA

 

 

1,178,208

 

 

46,783

2

Psychiatric Solutions, Inc.

 

 

1,411,443

 

 

58,700

 

UnitedHealth Group, Inc.

 

 

2,984,308

 

 

 

 

 

 

 

 

 

 

Total Healthcare Services

 

 

12,253,313

 

 

 

 

 

Pharmaceuticals—34.4%

 

 

 

 

 

110,300

1

Abbott Laboratories

 

 

6,209,890

 

 

67,600

2

Auxilium Pharmaceuticals, Inc.

 

 

2,311,920

 

 

25,900

2

BioForm Medical, Inc.

 

 

181,300

 

 

174,438

2,3

BioMarin Pharmaceuticals, Inc.

 

 

6,464,672

 

 

106,100

 

Bristol-Myers Squibb Co.

 

 

2,460,459

 

 

13,300

2

Cephalon, Inc.

 

 

872,879

 

 

46,800

2

Dynavax Technologies Corp.

 

 

265,356

 

 

13,300

2,3

EPIX Pharmaceuticals, Inc.

 

 

38,038

 

 

137,000

2

Gilead Sciences, Inc.

 

 

6,259,530

 

 

270,900

1

Merck & Co., Inc.

 

 

12,537,252

 

 

21,000

 

Novartis AG (ADR)

 

 

1,062,810

 

 

130,900

2

Onyx Pharmaceuticals, Inc.

 

 

6,221,677

 

 

141,100

1

Pfizer, Inc.

 

 

3,300,329

 

 

65,700

2

Pharmion Corp.

 

 

4,530,015

 

 

66,500

2,3

Poniard Pharmaceuticals, Inc.

 

 

347,130

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

 

 

 

Pharmaceuticals— (cont’d)

 

 

 

 

 

30,500

2

Rigel Pharmaceuticals, Inc.

 

$

839,665

 

 

66,450

 

Roche Holding AG

 

 

12,065,409

 

 

71,100

 

Teva Pharmaceutical Industries Ltd. (ADR)

 

 

3,273,444

 

 

30,400

2

Tongjitang Chinese Medicines Co. (ADR)

 

 

253,536

 

 

39,900

2

United Therapeutics Corp.

 

 

3,350,802

 

 

20,022

 

Wyeth

 

 

796,876

 

 

 

 

 

 

 

 

 

 

Total Pharmaceuticals

 

 

73,642,989

 

 

 

 

 

Technology—1.6%

 

 

 

 

 

90,300

 

CVS Caremark Corp.

 

 

3,528,021

 

 

 

 

 

Software—0.2%

 

 

 

 

 

20,800

2

MedAssets, Inc.

 

 

419,120

 

 

 

 

 

Total Common Stocks
(cost $171,985,362)

 

 

194,180,808

 

 

 

 

 

SHORT-TERM INVESTMENTS—12.3%

 

 

 

Money Market Funds—7.4%

 

 

 

 

 

10,711,780

4

Fidelity Institutional Money Market
Prime Portfolio, 3.96%

 

 

10,711,780

 

 

5,173,300

4,5,6

BlackRock Liquidity Series, LLC, Money Market Series, 4.16%

 

 

5,173,300

 

 

 

 

 

Total Money Market Funds
(cost $15,885,080)

 

 

15,885,080

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

 

 

 

 

 

 

 

 

U.S. Government and Agency
Discount Notes—4.9%

 

$

10,400

7

Federal Home Loan Bank Disc.
Notes, 2.00% 2/01/08

 

 

10,400,000

 

 

 

 

Total Short-Term Investments
(cost $26,285,080)

 

 

26,285,080

 

 

 

 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

 

 

 

OUTSTANDING CALL OPTION
PURCHASED—0.0%

 

 

300

 

Merck & Co., Inc., strike price $55, expires 02/18/08 (cost $2,115)

 

 

2,250

 

 

 

 

 

Total investments before outstanding options written
(cost $198,272,5578)

 

 

220,468,138

 

 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(0.7)%

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(0.5)%

 

 

 

 

 

(25,000

)

Abbott Laboratories, strike price $60.15, expires 02/22/08

 

 

(7,797

)

 

(15,000

)

Aetna, Inc., strike price $58, expires
02/15/08

 

 

(1,143

)

 

(50

)

Alcon, Inc., strike price $150, expires
02/18/08

 

 

(6,625

)

 

(400

)

Alexion Pharmaceuticals, Inc., strike price $80, expires 02/18/08

 

 

(13,000

)

 

(10,000

)

Alphatec Holdings, Inc., strike price $5.02, expires 02/11/08

 

 

(1,953

)

 

(200

)

Applera Corp. - Applied Biosystems Group, strike price $35, expires 02/18/08

 

 

(2,500

)

 

(200

)

Applera Corp. - Celera Group, strike price $17.50, expires 03/24/08

 

 

(6,000

)

 

(20

)

Auxilium Pharmaceuticals, Inc., strike price $30, expires 03/24/08

 

 

(11,600

)

 

(10,000

)

Auxilium Pharmaceuticals, Inc., strike price $30.66, expires 03/20/08

 

 

(48,915

)

 

(100

)

Baxter Intl., Inc., strike price $60, expires 02/18/08

 

 

(16,750

)

 

(150

)

Baxter Intl., Inc., strike price $62.50, expires 02/18/08

 

 

(6,750

)

 

(100

)

Baxter Intl., Inc., strike price $65, expires 05/19/08

 

 

(19,000

)

 

(125

)

Becton Dickinson & Co., strike price $85, expires 02/18/08

 

 

(32,188

)

 

(100

)

Becton Dickinson & Co., strike price $85, expires 03/24/08

 

 

(41,000

)


 

1

 

 

SCHEDULE OF INVESTMENTS as of January 31, 2008 (unaudited)

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


 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN— (cont’d)

 

 

 

 

 

(100

)

Becton Dickinson & Co., strike price $95, expires 03/24/08

 

$

(4,500

)

 

(25,000

)

BioMarin Pharmaceuticals, Inc., strike price $35, expires 03/20/08

 

 

(100,640

)

 

(100

)

BioMarin Pharmaceuticals, Inc., strike price $40, expires 02/18/08

 

 

(3,750

)

 

(400

)

BioMarin Pharmaceuticals, Inc., strike price $40, expires 03/24/08

 

 

(44,000

)

 

(250

)

BioMarin Pharmaceuticals, Inc., strike price $40, expires 04/21/08

 

 

(45,000

)

 

(25

)

C.R. Bard, Inc., strike price $100, expires 03/24/08

 

 

(6,875

)

 

(204

)

Celgene Corp., strike price $55, expires 02/18/08

 

 

(43,860

)

 

(20

)

Cephalon, Inc., strike price $75, expires 02/18/08

 

 

(200

)

 

(100

)

Cephid, Inc., strike price $30, expires 03/24/08

 

 

(34,000

)

 

(120

)

Charles River Laboratories Intl., Inc., strike price $65, expires 02/18/08

 

 

(9,000

)

 

(82

)

China Medical Technologies, Inc. (ADR), strike price $50, expires 03/22/08

 

 

(27,060

)

 

(100

)

Covance, Inc., strike price $90, expires 02/18/08

 

 

(2,500

)

 

(10

)

Covance, Inc., strike price $90, expires 05/19/08

 

 

(2,550

)

 

(100

)

CVS Caremark Corp., strike price $40, expires 02/18/08

 

 

(3,500

)

 

(50

)

CVS Caremark Corp., strike price $40, expires 03/24/08

 

 

(5,375

)

 

(200

)

Cyberonics, Inc., strike price $15, expires 04/21/08

 

 

(7,500

)

 

(27,000

)

Dentsply Intl., Inc., strike price $47.50, expires 02/22/08

 

 

(2,325

)

 

(20

)

Edwards Lifesciences Corp., strike price $55, expires 02/18/08

 

 

(200

)

 

(7,300

)

Fresenius Medical Care AG & Co. KGaA, strike price 39.83 EUR, expires 04/01/08

 

 

(3,255

)

 

(300

)

Gilead Sciences, Inc., strike price $50, expires 02/18/08

 

 

(3,000

)

 

(150

)

Gilead Sciences, Inc., strike price $50, expires 05/19/08

 

 

(25,875

)

 

(20

)

Integra LifeSciences Holdings Corp., strike price $45, expires 03/24/08

 

 

(1,450

)

 

(13,000

)

Johnson & Johnson, strike price $66.50, expires 03/26/08

 

 

(6,573

)

 

(250

)

Medtronic, Inc., strike price $52.50, expires 02/18/08

 

 

(1,875

)

 

(100

)

Medtronic, Inc., strike price $55, expires 05/19/08

 

 

(2,500

)

 

(30,000

)

Merck & Co., Inc., strike price $61.48, expires 02/22/08

 

 

(6

)

 

(300

)

Myriad Genetics, Inc., strike price $50, expires 02/18/08

 

 

(8,250

)

 

(500

)

Myriad Genetics, Inc., strike price $50, expires 03/24/08

 

 

(43,750

)

 

(113

)

Myriad Genetics, Inc., strike price $85, expires 02/16/08

 

 

(1,695

)

 

(100

)

Novartis AG (ADR), strike price $60, expires 04/21/08

 

 

(1,000

)

 

(250

)

Onyx Pharmaceuticals, Inc., strike price $55, expires 03/24/08

 

 

(58,750

)

 

(10,000

)

Owen & Minor, Inc., strike price $43.50, expires 02/22/08

 

 

(5,819

)

 

(200

)

Pharmion Corp., strike price $65, expires 03/24/08

 

 

(116,000

)

 

(10,000

)

Psychiatric Solutions, Inc., strike price $37, expires 02/22/08

 

 

(215

)

 

(260

)

Rigel Pharmaceuticals, Inc., strike price $25, expires 02/18/08

 

 

(80,600

)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN— (cont’d)

 

 

 

 

 

(45

)

Rigel Pharmaceuticals, Inc., strike price $30, expires 02/18/08

 

$

(3,375

)

 

(250

)

Roche Holding AG, strike price 210 CHF, expires 04/18/08

 

 

(93,259

)

 

(10,000

)

Roche Holding AG, strike price 218.36 CHF, expires 02/20/08

 

 

(6,935

)

 

(130

)

St. Jude Medical, Inc., strike price $45, expires 04/21/08

 

 

(12,675

)

 

(200

)

Stryker Corp., strike price $75, expires 03/24/08

 

 

(7,000

)

 

(100

)

Stryker Corp., strike price $80, expires 03/24/08

 

 

(1,000

)

 

(100

)

Teva Pharmaceutical Industries Ltd. (ADR), strike price $47.50, expires 03/24/08

 

 

(12,250

)

 

(45

)

United Therapeutics Corp., strike price $120, expires 02/18/08

 

 

(900

)

 

(100

)

UnitedHealth Group, Inc., strike price $60, expires 02/18/08

 

 

(1,500

)

 

(150

)

Varian Medical Systems, Inc., strike price $55, expires 02/18/08

 

 

(3,750

)

 

(20

)

Varian Medical Systems, Inc., strike price $55, expires 03/24/08

 

 

(1,950

)

 

(50

)

Varian, Inc., strike price $75, expires 02/18/08

 

 

(500

)

 

(40

)

Waters Corp., strike price $75, expires 02/18/08

 

 

(9,000

)

 

(60

)

Waters Corp., strike price $80, expires 02/18/08

 

 

(4,200

)

 

 

 

 

Total Outstanding Call Options Written
(premium received $1,697,050)

 

 

(1,076,963

)

 

 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(0.2)%

 

 

(250

)

Abbott Laboratories, strike price $55, expires 02/18/08

 

 

(20,000

)

 

(420

)

Aetna, Inc., strike price $55, expires 02/18/08

 

 

(116,550

)

 

(50

)

Charles River Laboratories Intl., Inc., strike price $60, expires 02/18/08

 

 

(4,875

)

 

(38

)

China Medical Technologies, Inc. (ADR), strike price $50, expires 02/18/08

 

 

(12,730

)

 

(150

)

Dentsply Intl., Inc., strike price $45, expires 02/18/08

 

 

(59,250

)

 

(165

)

Genentech, Inc., strike price $70, expires 02/18/08

 

 

(18,562

)

 

(560

)

Incyte Corp., strike price $10, expires 02/16/08

 

 

(14,000

)

 

(25

)

Millipore Corp., strike price $65, expires 02/18/08

 

 

(2,500

)

 

(100

)

United Therapeutics Corp., strike price $90, expires 02/18/08

 

 

(70,000

)

 

 

 

 

Total Outstanding Put Options Written
(premium received $194,205)

 

 

(318,467

)

 

 

 

 

Total Outstanding Options Written
(premium received $1,891,255)

 

 

(1,395,430

)

 

Total investments net of outstanding options
written— 102.3%

 

$

219,072,708

 

Other assets in excess of liabilities—(2.3)%

 

 

(5,035,120

)

 

 

 

Net Assets—100.0%

 

$

214,037,588

 

 

 

 

 

 

 

 

 

 

 

1

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

 

2

Non-income producing security.

 

3

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

 

4

Represents current yield as of January 31, 2008.

 

5

Represents an investment in an affiliate.

 

6

Security purchased with the cash proceeds from securities loaned.

 

7

Rate shown is the yield to maturity as of the date of purchase.


 

2


 

 

SCHEDULE OF INVESTMENTS as of January 31, 2008 (unaudited)

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


 

 

8

Cost for federal income tax purposes is $198,684,052. The net unrealized appreciation on a tax basis is $21,784,086, consisting of $27,889,056 gross unrealized appreciation and $6,104,970 gross unrealized depreciation.

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

 

 

 

 

KEY TO ABBREVIATIONS

 

 

ADR — American Depositary Receipt

 

 

CHF — Swiss Franc

 

 

EUR — Euro

 


 

3

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/ Donald C. Burke
  Donald C. Burke
 
Chief Executive Officer of
  BlackRock Health Sciences Trust

Date: March 24, 2008

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/ Donald C. Burke
  Donald C. Burke
  Chief Executive Officer (principal executive officer) of
  BlackRock Health Sciences Trust
   
Date: March 24, 2008
   
By:   
/s/ Neal J. Andrews
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Health Sciences Trust
   
Date: March 24, 2008