N-Q 1 c54735_nq.htm bme7-3108periodnqandcerts.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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: 05/01/2008 – 07/31/2008

Item 1 – Schedule of Investments

 

 

Schedule of Investments July 31, 2008 (Unaudited)

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

 

 

 

 

 

 

 

 

Shares

 

Common Stocks

 

Value

 

 

 

 

Biotechnology—27.1%

 

 

 

 

 

127,400

 

Alexion Pharmaceuticals, Inc.(a)

 

$

11,943,750

 

 

177,900

 

Amgen, Inc.

 

 

11,141,877

 

 

20,300

 

ARYx Therapeutics, Inc.

 

 

104,748

 

 

119,300

 

Celera Corp.

 

 

1,628,445

 

 

89,071

 

Celgene Corp.(b)

 

 

6,723,970

 

 

74,600

 

Charles River Laboratories Intl., Inc.(b)(c)

 

 

4,957,916

 

 

78,800

 

Genentech, Inc.(b)

 

 

7,505,700

 

 

100,300

 

Genzyme Corp.(b)

 

 

7,687,995

 

 

38,500

 

Halozyme Therapeutics, Inc.(b)

 

 

308,385

 

 

29,700

 

Incyte Corp. Ltd.(b)

 

 

267,300

 

 

97,400

 

Integra LifeSciences Holdings Corp.(b)(c)

 

 

4,447,284

 

 

467

 

InterMune, Inc.

 

 

8,023

 

 

35,600

 

Millipore Corp.(b)

 

 

2,504,460

 

 

13,200

 

Nanosphere, Inc.(b)

 

 

130,548

 

 

22,300

 

Sequenom, Inc.(b)

 

 

476,328

 

 

63,300

 

Vertex Pharmaceuticals, Inc.(b)

 

 

2,183,850

 

 

 

 

 

 

 

 

 

 

 

 

 

62,020,579

 

 

 

 

Commercial Services—0.6%

 

 

 

 

 

23,600

 

McKesson Corp.

 

 

1,321,364

 

 

 

 

Healthcare Products—31.1%

 

 

 

 

 

50,100

 

Alcon, Inc.

 

 

8,638,743

 

 

70,900

 

Alphatec Holdings, Inc.(b)

 

 

338,902

 

 

176,800

 

Baxter Intl., Inc.(a)

 

 

12,130,248

 

 

15,300

 

Beckman Coulter, Inc.

 

 

1,106,802

 

 

137,500

 

Becton Dickinson & Co.(a)

 

 

11,675,125

 

 

29,900

 

C.R. Bard, Inc.

 

 

2,775,916

 

 

33,700

 

Covidien Ltd.

 

 

1,659,388

 

 

131,100

 

Cyberonics, Inc.(b)

 

 

3,620,982

 

 

6,400

 

Hologic, Inc.(b)

 

 

118,208

 

 

76,800

 

Immucor, Inc.(b)

 

 

2,313,984

 

 

101,800

 

Johnson & Johnson

 

 

6,970,246

 

 

179,500

 

Medtronic, Inc.(a)

 

 

9,482,985

 

 

45,600

 

SenoRx, Inc.(b)

 

 

329,232

 

 

51,100

 

St. Jude Medical, Inc.(b)

 

 

2,380,238

 

 

31,900

 

Stryker Corp.

 

 

2,047,661

 

 

64,200

 

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

 

 

3,852,000

 

 

24,400

 

Zimmer Holdings, Inc.(b)

 

 

1,681,404

 

 

 

 

 

 

 

 

 

 

 

 

 

71,122,064

 

 

 

 

Healthcare Services—3.5%

 

 

 

 

 

68,300

 

Aetna, Inc.(a)

 

 

2,800,983

 

 

44,500

 

DaVita, Inc.(b)

 

 

2,485,325

 

 

48,200

 

Fresenius Medical Care AG & Co. KGaA

 

 

2,655,153

 

 

 

 

 

 

 

 

 

 

 

 

 

7,941,461

 

 

 

 

Pharmaceuticals—21.7%

 

 

 

 

 

52,400

 

Abbott Laboratories(a)

 

 

2,952,216

 

 

113,200

 

Auxilium Pharmaceuticals, Inc.(b)(c)

 

 

4,199,720

 

 

12,800

 

BioForm Medical, Inc.(b)

 

 

64,768

 

 

98,438

 

BioMarin Pharmaceuticals, Inc.(b)

 

 

3,204,157

 

 

100,900

 

Bristol-Myers Squibb Co.

 

 

2,131,008

 

 

59,000

 

Eli Lilly & Co.

 

 

2,779,490

 

 

120,900

 

Gilead Sciences, Inc.(b)

 

 

6,526,182

 

 

83,800

 

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

 

 

4,154,804

 

 

132,100

 

Merck & Co., Inc.(a)

 

 

4,346,090

 

 

78,000

 

Novartis AG (ADR)

 

 

4,629,300

 

 

174,500

 

Pfizer, Inc.

 

 

3,257,915

 

 

66,500

 

Poniard Pharmaceuticals, Inc.(b)(c)

 

 

256,025

 

 

49,100

 

Rigel Pharmaceuticals, Inc.(b)

 

 

1,249,104

 

 

23,950

 

Roche Holding AG

 

 

4,425,046

 

 

55,100

 

Teva Pharmaceutical Industries Ltd. (ADR)

2,470,684

 

 

17,900

 

United Therapeutics Corp. (b)

 

 

2,029,681

 

 

21,122

 

Wyeth

 

 

855,863

 

 

 

 

 

 

 

 

 

 

 

 

 

49,532,053

 

 

 

 

Technology—2.3%

 

 

 

 

 

146,400

 

CVS Caremark Corp.

 

 

5,343,600

 

 

 

 

Software—0.2%

 

 

 

 

 

22,200

 

MedAssets, Inc.(b)

 

 

335,664

 

 

 

 

Total Common Stocks
(Cost—$167,376,700)—86.5%

 

 

197,616,785

 

 

 

 

 

 

 

 

 

Shares

 

Short-Term Securities

 

 

Value

 

 

 

 

Money Market Funds—9.2%

 

 

 

 

 

10,130,850

 

BlackRock Liquidity Series, LLC Money Market Series, 2.63%(d)(e)(f)

 

$

10,130,850

 

 

10,964,899

 

Fidelity Institutional Money Market Prime Portfolio, 2.45%(d)

 

 

10,964,899

 

 

 

 

Total Money Market Funds

 

 

21,095,749

 

 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 

 

 

 

U.S. Government and Agency Discount Notes—4.1%

 

 

 

 

$

9,400,000

 

Federal Home Loan Bank Discount Notes, 1.82%, 08/01/08(g)

 

 

9,400,000

 

 

 

 

Total Short-Term Securities
(Cost—$30,495,749)—13.3%

 

 

30,495,749

 

 

 

 

 

 

 

 

 

Contracts

 

Options Purchased

 

 

 

 

 

 

 

Outstanding Call Options
Purchased—0.1%

 

 

 

50

 

Alexion Pharmaceuticals, Inc., strike price $70, expires 11/24/08

 

 

130,500

 

 

9,000

 

Teva Pharmaceutical Industries Ltd. (ADR), strike price $52.50, expires 11/21/08

 

 

3,316

 

 

 

 

Total Outstanding Options Purchased
(Cost—$55,075)—0.1%

 

 

133,816

 

 

 

 

Total Investments Before Outstanding Options Written
(Cost—$197,927,524*)—99.9%

 

 

228,246,350

 

 

 

 

 

 

 

 

 

Options Written

 

 

 

Outstanding Call Options Written—(2.0)%

 

 

 

(75

)

Abbott Laboratories, strike price $57.50, expires 11/24/08

 

 

(19,875

)

 

(75

)

Abbott Laboratories, strike price $60, expires 11/24/08

 

 

(12,375

)

 

(100

)

Aetna, Inc., strike price $50, expires 01/19/09

 

 

(13,000

)

 

(5,000

)

Alcon, Inc., strike price $155, expires 11/21/08

 

 

(107,968

)

 

(50

)

Alcon, Inc., strike price $170, expires 11/24/08

 

 

(61,750

)

 

(50

)

Alcon, Inc., strike price $175, expires 11/24/08

 

 

(48,000

)

 

(195

)

Alexion Pharmaceuticals, Inc., strike price $100, expires 09/22/08

 

 

(88,725

)

 

(60

)

Alexion Pharmaceuticals, Inc., strike price $70, expires 08/18/08

 

 

(900

)

 

(200

)

Alexion Pharmaceuticals, Inc., strike price $80, expires 11/24/08

 

 

(372,000

)

 

(200

)

Alexion Pharmaceuticals, Inc., strike price $85, expires 11/24/08

 

 

(309,000

)

 

(67

)

Alexion Pharmaceuticals, Inc., strike price $90, expires 08/18/08

 

 

(40,200

)

 

(65

)

Alexion Pharmaceuticals, Inc., strike price $90, expires 09/22/08

 

 

(55,900

)

 

(10,000

)

Alphatec Holdings, Inc., strike price $6.03, expires 11/21/08

 

 

(2,939

)

 

(10,000

)

Amgen, Inc., strike price $50.05, expires 11/21/08

 

 

(139,467

)

 

(10,000

)

Amgen, Inc., strike price $60, expires 11/07/08

 

 

(57,848

)

 

(100

)

Auxilium Pharmaceuticals, Inc., strike price $40, expires 09/22/08

 

 

(16,750

)

 

(235

)

Auxilium Pharmaceuticals, Inc., strike price $42.50, expires 11/14/08

 

 

(51,700

)

 

(75

)

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

 

 

(562

)

 

(200

)

Baxter Intl., Inc., strike price $67.50, expires 11/24/08

 

 

(89,000

)

 

(300

)

Baxter Intl., Inc., strike price $70, expires 11/24/08

 

 

(93,000

)

 

(50

)

Beckman Coulter, Inc., strike price $75, expires 11/24/08

 

 

(15,625

)


1

 

 

Schedule of Investments July 31, 2008 (Unaudited) (continued)

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

 

 

 

 

 

 

 

 

Contracts

 

Options Written

 

Value

 

 

 

 

Outstanding Call Options Written— (cont’d)

 

 

 

 

 

(10,000

)

Becton Dickinson & Co., strike price $85.05, expires 11/17/08

 

$

(42,724

)

 

(200

)

Becton Dickinson & Co., strike price $90, expires 12/22/08

 

 

(56,000

)

 

(100

)

Becton Dickinson & Co., strike price $95, expires 12/22/08

 

 

(12,750

)

 

(25,000

)

BioMarin Pharmaceuticals, Inc., strike price $41, expires 11/21/08

 

 

(26,332

)

 

(10,000

)

BioMarin Pharmaceuticals, Inc., strike price $43, expires 11/21/08

 

 

(6,773

)

 

(250

)

Bristol-Myers Squibb Co., strike price $25, expires 12/22/08

 

 

(9,125

)

 

(25

)

C.R. Bard, Inc., strike price $110, expires 01/19/09

 

 

(2,437

)

 

(190

)

Celgene Corp., strike price $71.50, expires 11/14/08

 

 

(166,235

)

 

(300

)

Celgene Corp., strike price $75, expires 08/18/08

 

 

(75,000

)

 

(200

)

Charles River Laboratories Intl., Inc., strike price $65, expires 11/24/08

 

 

(110,000

)

 

(26

)

Charles River Laboratories Intl., Inc., strike price $70, expires 11/24/08

 

 

(7,930

)

 

(8,500

)

Coviden Ltd., strike price $51.32, expires 11/21/08

 

 

(19,730

)

 

(5,000

)

CVS Caremark Corp., strike price $44, expires 11/21/08

 

 

(1,950

)

 

(200

)

CVS Caremark Corp., strike price $45, expires 11/24/08

 

 

(4,000

)

 

(150

)

Cyberonics, Inc., strike price $25, expires 11/03/08

 

 

(64,731

)

 

(200

)

Cyberonics, Inc., strike price $27.50, expires 01/19/09

 

 

(82,000

)

 

(180

)

Cyberonics, Inc., strike price $30, expires 08/18/08

 

 

(6,300

)

 

(125

)

Cyberonics, Inc., strike price $30, expires 09/22/08

 

 

(17,500

)

 

(65

)

DaVita, Inc., strike price $55, expires 01/19/09

 

 

(34,125

)

 

(250

)

Eli Lilly & Co., strike price $50, expires 09/22/08

 

 

(12,500

)

 

(10,000

)

Eli Lilly & Co., strike price $55.90, expires 11/21/08

 

 

(5,464

)

 

(10,000

)

Fresenius Medical Care AG & Co. KGaA, strike price 35.50 EUR, expires 11/04/08

 

 

(34,138

)

 

(50

)

Genentech, Inc., strike price $75, expires 12/22/08

 

 

(110,750

)

 

(15,000

)

Genentech, Inc., strike price $75.64, expires 11/21/08

 

 

(311,987

)

 

(10,000

)

Genzyme Corp., strike price $72.19, expires 11/21/08

 

 

(80,634

)

 

(501

)

Genzyme Corp., strike price $75, expires 08/18/08

 

 

(134,018

)

 

(100

)

Genzyme Corp., strike price $80, expires 10/20/08

 

 

(30,000

)

 

(15,000

)

Gilead Sciences, Inc., strike price $55, expires 11/21/08

 

 

(56,450

)

 

(35,000

)

Gilead Sciences, Inc., strike price $56, expires 11/21/08

 

 

(117,068

)

 

(150

)

Gilead Sciences, Inc., strike price $57.50, expires 11/24/08

 

 

(40,875

)

 

(100

)

Gilead Sciences, Inc., strike price $60, expires 11/24/08

 

 

(18,750

)

 

(171

)

Hologic, Inc., strike price $22.50, expires 08/18/08

 

 

(68,400

)

 

(12,000

)

Immucor, Inc., strike price $30.25, expires 11/21/08

 

 

(34,613

)

 

(250

)

Integra LifeSciences Holdings Corp., strike price $50, expires 09/22/08

 

 

(23,750

)

 

(10,000

)

Integra LifeSciences Holdings Corp., strike price $50, expires 11/21/08

 

 

(21,321

)

 

 

 

 

 

 

 

 

Contracts

 

Options Written

 

Value

 

 

 

 

Outstanding Call Options Written— (cont’d)

 

 

 

 

 

(135

)

Integra LifeSciences Holdings Corp., strike price $50, expires 12/22/08

 

$

(33,413

)

 

(10

)

Integra LifeSciences Holdings Corp., strike price $50, expires 01/19/09

 

 

(3,150

)

 

(7,000

)

Johnson & Johnson, strike price $68, expires 08/28/08

 

 

(7,887

)

 

(100

)

Johnson & Johnson, strike price $70, expires 01/19/09

 

 

(22,000

)

 

(6

)

Johnson & Johnson, strike price $70, expires 10/20/08

 

 

(750

)

 

(150

)

Johnson & Johnson, strike price $70, expires 11/03/08

 

 

(25,111

)

 

(210

)

Medco Health Solutions, Inc., strike price $53, expires 11/03/08

 

 

(34,511

)

 

(200

)

Medtronic, Inc., strike price $52.50, expires 11/14/08

 

 

(60,256

)

 

(50

)

Medtronic, Inc., strike price $55, expires 01/19/09

 

 

(13,125

)

 

(48

)

Medtronic, Inc., strike price $55, expires 11/24/08

 

 

(9,480

)

 

(200

)

Merck & Co., Inc., strike price $37.50, expires 08/18/08

 

 

(1,500

)

 

(50

)

Millipore Corp., strike price $75, expires 01/19/09

 

 

(19,500

)

 

(150

)

Novartis AG (ADR), strike price $53, expires 11/03/08

 

 

(103,125

)

 

(100

)

Novartis AG (ADR), strike price $60, expires 01/19/09

 

 

(34,500

)

 

(350

)

Pfizer, Inc., strike price $20, expires 12/22/08

 

 

(22,225

)

 

(100

)

Poniard Pharmaceuticals, Inc., strike price $5, expires 12/22/08

 

 

(6,000

)

 

(75

)

Rigel Pharmaceuticals, Inc., strike price $25, expires 12/22/08

 

 

(33,750

)

 

(15,000

)

Roche Holding AG, strike price 190 CHF, expires 11/07/08

 

 

(166,882

)

 

(20

)

Sequenom, Inc., strike price $22.50, expires 12/22/08

 

 

(8,200

)

 

(20

)

Sequenom, Inc., strike price $25, expires 12/22/08

 

 

(6,100

)

 

(13,000

)

St. Jude Medical, Inc., strike price $45.25, expires 11/21/08

 

 

(53,658

)

 

 

 

 

 

 

 

 

 

(205

)

Stryker Corp., strike price $72, expires 11/07/08

 

 

(16,095

)

 

(200

)

Teva Pharmaceutical Industries Ltd. (ADR), strike price $47.50, expires 09/22/08

 

 

(15,000

)

 

(100

)

Teva Pharmaceutical Industries Ltd. (ADR), strike price $47.50, expires 12/22/08

 

 

(19,750

)

 

(9,000

)

Teva Pharmaceutical Industries Ltd. (ADR), strike price $53, expires 11/21/08

 

 

(2,866

)

 

(100

)

United Therapeutics Corp., strike price $115, expires 11/24/08

 

 

(161,500

)

 

(150

)

Varian Medical Systems, Inc., strike price $55, expires 11/24/08

 

 

(114,750

)

 

(182

)

Varian Medical Systems, Inc., strike price $60, expires 08/18/08

 

 

(24,570

)

 

(50

)

Varian Medical Systems, Inc., strike price $60, expires 11/24/08

 

 

(22,250

)

 

(6,000

)

Vertex Pharmaceuticals, Inc., strike price $35, expires 11/21/08

 

 

(25,245

)

 

(20

)

Wyeth, strike price $45, expires 08/18/08

 

 

(9,700

)

 

(45

)

Wyeth, strike price $50, expires 08/18/08

 

 

(225

)

 

(122

)

Zimmer Holdings, Inc., strike price $67, expires 08/22/08

 

 

(35,162

)

 

(122

)

Zimmer Holdings, Inc., strike price $67, expires 09/12/08

 

 

(44,104

)

 

 

 

Total Outstanding Call Options Written

 

 

(4,599,284

)

 

 

 

 

 

 

 

 


2

 

 

Schedule of Investments July 31, 2008 (Unaudited) (continued)

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

 

 

 

 

 

 

 

 

Contracts

 

Options Written

 

Value

 

 

 

 

Outstanding Put Options Written—(0.0)%

 

 

 

(80

)

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

 

$

(1,600

)

 

(501

)

Genzyme Corp., strike price $75, expires 08/18/08

 

 

(52,605

)

 

(48

)

Medtronic, Inc., strike price $45, expires 11/24/08

 

 

(2,760

)

 

 

 

Total Outstanding Put Options Written

 

 

(56,965

)

 

 

 

Total Outstanding Options Written
(Premium Received—$3,076,444)—(2.0)%

(4,656,249

)

 

 

 

Total Investments Net of Outstanding Options Written—97.9%

 

 

223,590,101

 

 

 

 

Other Assets in Excess of
Liabilities—2.1%

 

 

4,883,863

 

 

 

 

 

 

 

 

 

 

Net Assets—100.0%

 

$

228,473,964

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of July 31, 2008, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

198,339,019

 

 

 

 

Gross unrealized appreciation

 

$

32,292,873

 

Gross unrealized depreciation

 

 

(2,385,542

)

 

 

 

Net unrealized appreciation

 

$

29,907,331

 

 

 

 

 

 

(a)

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

 

 

(b)

Non-income producing security.

 

 

(c)

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

 

 

(d)

Represents current yield as of report date.

 

 

(e)

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:


 

 

 

 

 

 

 

 

Affiliate

 

Net Activity

 

Interest Income

 

BlackRock Liquidity Series, LLC
Money Market Series

 

6,955,250

 

$56,036

 

 

 

(f)

Security purchased with the cash proceeds from securities loans.

 

 

(g)

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

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: September 19, 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: September 19, 2008
 
    By: /s/ Neal J. Andrews           
      Neal J. Andrews
      Chief Financial Officer (principal financial officer) of
      BlackRock Health Sciences Trust
 
    Date: September 19, 2008