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 |
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Registrant's telephone number, including area code:_888-825-2257__________________
Date of fiscal year end:___October 31, 2007
Date of reporting period:__January 31, 2007
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)
JANUARY 31, 2007
BlackRock Health Sciences Trust (BME)
(Percentage of Net Assets)
| Shares | Description | Value | ||||
| LONG-TERM INVESTMENTS—90.2% | ||||||
| Common Stocks—90.2% | ||||||
| Biotechnology—15.4% | ||||||
| 16,000 | 1 | Affymax, Inc. | $ |
589,440 | ||
| 186,600 | 1 | Alexion Pharmaceuticals, Inc. | 7,756,962 | |||
| 52,000 | 1,2 | Amgen, Inc. | 3,659,240 | |||
| 99,500 | 1 | Applera Corp. - Celera Group | 1,578,070 | |||
| 88,600 | 1 | Biogen Idec, Inc. | 4,282,924 | |||
| 63,500 | 1 | Genentech, Inc. | 5,547,995 | |||
| 12,800 | 1 | Integra LifeSciences Holdings Corp. | 551,040 | |||
| 89,467 | 1 | InterMune, Inc. | 3,131,345 | |||
| 165,700 | 1 | Kosan Biosciences, Inc. | 1,183,098 | |||
| 34,200 | 1 | Myriad Genetics, Inc. | 1,222,308 | |||
| 26,700 | 1 | NicOx S.A. | 678,680 | |||
| 122,300 | 1 | Regeneron Pharmaceuticals, Inc. | 2,432,547 | |||
| Total Biotechnology | 32,613,649 | |||||
| Electronics—3.7% | ||||||
| 139,000 | 1 | Waters Corp. | 7,879,910 | |||
| Healthcare Products—29.8% | ||||||
| 27,400 | Alcon, Inc. | 3,226,624 | ||||
| 91,200 | Baxter Intl., Inc. | 4,528,992 | ||||
| 80,800 | Becton Dickinson & Co. | 6,216,752 | ||||
| 57,600 | Biomet, Inc. | 2,439,936 | ||||
| 24,300 | Cooper Cos., Inc. | 1,159,110 | ||||
| 76,300 | 1 | Cyberonics, Inc. | 1,607,641 | |||
| 96,800 | Dentsply Intl., Inc. | 2,985,312 | ||||
| 45,000 | Edwards Lifesciences Corp. | 2,302,200 | ||||
| 119,700 | Johnson & Johnson | 7,995,960 | ||||
| 118,200 | Medtronic, Inc. | 6,317,790 | ||||
| 50,100 | 1 | Northstar Neuroscience, Inc. | 664,326 | |||
| 27,400 | 1 | St. Jude Medical, Inc. | 1,171,624 | |||
| 132,100 | Stryker Corp. | 8,182,274 | ||||
| 17,100 | 1 | Vanda Pharmaceuticals, Inc. | 510,777 | |||
| 111,332 | 1 | Varian Medical Systems, Inc. | 5,135,745 | |||
| 194,400 | 1 | Wright Medical Group, Inc. | 4,255,416 | |||
| 47,900 | 1 | Zimmer Holdings, Inc. | 4,034,138 | |||
| 4,300 | 1 | Zoll Medical Corp. | 269,696 | |||
| Total Healthcare Products | 63,004,313 | |||||
| Healthcare Services—9.5% | ||||||
| 81,900 | Aetna, Inc. | 3,452,904 | ||||
| 142,900 | 1 | Community Health Systems, Inc. | 5,108,675 | |||
| 56,000 | 1 | DaVita, Inc. | 3,057,600 | |||
| 19,300 | 1 | Humana, Inc. | 1,071,150 | |||
| 84,000 | Manor Care, Inc. | 4,472,160 | ||||
| 4,000 | 1 | Pediatrix Medical Group, Inc. | 210,160 | |||
| 49,200 | UnitedHealth Group, Inc. | 2,571,192 | ||||
| Total Healthcare Services | 19,943,841 | |||||
| Pharmaceuticals—31.8% | ||||||
| 108,200 | Abbott Laboratories | 5,734,600 | ||||
| 17,900 | Allergan, Inc. | 2,089,109 | ||||
| 342,038 | 1,2 | BioMarin Pharmaceuticals, Inc. | 6,478,200 | |||
| 54,800 | 1 | Cardiome Pharma Corp. | 625,816 | |||
| 107,800 | 1 | Gilead Sciences, Inc. | 6,933,696 | |||
| 181,8002 | Merck & Co., Inc. | 8,135,550 | ||||
| 88,300 | Novartis AG (ADR) | 5,094,027 | ||||
| 170,800 | Pfizer, Inc. | 4,481,792 | ||||
| 105,300 | 1 | Pharmion Corp. | 3,353,805 | |||
| 55,650 | Roche Holding AG | 10,481,623 | ||||
| 189,300 | Schering-Plough Corp. | 4,732,500 | ||||
| 12,000 | Shire Plc (ADR) | 761,760 | ||||
| 8,800 | 1 | United Therapeutics Corp. | 471,680 |
1
BlackRock Health Sciences Trust (BME) (continued)
(Percentage of Net Assets)
| Shares | Description | Value | ||||
| Pharmaceuticals—(cont'd) | ||||||
| 156,200 | Wyeth | $ |
7,717,842 | |||
| Total Pharmaceuticals | 67,092,000 | |||||
| Total Common Stocks (cost $168,261,738) | 190,533,713 | |||||
| SHORT-TERM INVESTMENTS—8.4% | ||||||
| Money Market Fund—3.0% | ||||||
| 6,370,689 | Fidelity Institutional Money Market Prime Portfolio | 6,370,689 | ||||
| Principal | ||||||
| Amount | ||||||
| U.S. Government and Agency Discount Notes—5.4% | ||||||
| $ 11,500,000 | 3 | Federal Home Loan Bank Discount Notes, 5.00%, 2/01/07 | 11,500,000 | |||
| Total Short-Term Investments (cost $17,870,689) | 17,870,689 | |||||
| Total investments before outstanding options written (cost $186,132,4274) | 208,404,402 | |||||
| Contracts | ||||||
| OUTSTANDING OPTIONS WRITTEN—(0.6)% | ||||||
| OUTSTANDING CALL OPTIONS WRITTEN—(0.6)% | ||||||
| (150) | Abbott Laboratories, strike price $50, expires 02/17/07 | (48,000) | ||||
| (250) | Abbott Laboratories, strike price $51.75, expires 03/30/07 | (59,542) | ||||
| (100) | Abbott Laboratories, strike price $55, expires 03/19/07 | (5,500) | ||||
| (20,000) | Aetna, Inc., strike price $43.50, expires 03/30/07 | (24,720) | ||||
| (40) | Alcon, Inc., strike price $115, expires 02/17/07 | (18,400) | ||||
| (20) | Alcon, Inc., strike price $120, expires 02/19/07 | (4,200) | ||||
| (400) | Alexion Pharmaceuticals, Inc., strike price $45, expires 03/17/07 | (44,000) | ||||
| (45) | Allergan, Inc., strike price $120, expires 03/17/07 | (10,350) | ||||
| (45) | Allergan, Inc., strike price $125, expires 02/17/07 | (1,125) | ||||
| (50) | Amgen, Inc., strike price $72.50, expires 02/19/07 | (1,500) | ||||
| (150) | Amgen, Inc., strike price $75, expires 04/21/07 | (17,250) | ||||
| (100) | Applera Corp. - Celera Group, strike price $15, expires 02/17/07 | (11,000) | ||||
| (50) | Applera Corp. - Celera Group, strike price $15, expires 03/17/07 | (6,500) | ||||
| (100) | Applera Corp. - Celera Group, strike price $17.50, expires 06/16/07 | (7,500) | ||||
| (50) | Baxter Intl., Inc., strike price $47.50, expires 02/17/07 | (11,500) | ||||
| (100) | Baxter Intl., Inc., strike price $50, expires 03/17/07 | (12,000) | ||||
| (100) | Baxter Intl., Inc., strike price $52.50, expires 05/19/07 | (11,000) | ||||
| (80) | Becton Dickinson & Co., strike price $75, expires 02/17/07 | (20,000) | ||||
| (100) | Becton Dickinson & Co., strike price $75, expires 03/17/07 | (34,000) | ||||
| (200) | Biogen Idec, Inc., strike price $55, expires 04/21/07 | (9,000) | ||||
| (250) | BioMarin Pharmaceuticals, Inc., strike price $17.75, expires 02/07/07 | (35,446) | ||||
| (200) | BioMarin Pharmaceuticals, Inc., strike price $20, expires 02/17/07 | (10,000) | ||||
| (500) | BioMarin Pharmaceuticals, Inc., strike price $20, expires 04/21/07 | (100,000) | ||||
| (150) | Cardiome Pharma Corp., strike price $12.50, expires 02/17/07 | (3,750) | ||||
| (150) | Cardiome Pharma Corp., strike price $15, expires 03/17/07 | (3,000) | ||||
| (22,000) | Community Health Systems, Inc., strike price $37, expires 03/16/07 | (14,810) | ||||
| (80,000) | Community Health Systems, Inc., strike price $39, expires 03/30/07 | (25,596) | ||||
| (10) | Community Health Systems, Inc., strike price $40, expires 03/17/07 | (200) | ||||
| (50) | Cooper Cos., Inc., strike price $55, expires 02/17/07 | (500) | ||||
| (115) | Cyberonics, Inc., strike price $25, expires 04/21/07 | (13,225) | ||||
| (100) | DaVita, Inc., strike price $60, expires 04/21/07 | (5,500) | ||||
| (300) | Dentsply Intl., Inc., strike price $32.50, expires 3/23/07 | (12,046) | ||||
| (100) | Edwards Lifesciences Corp., strike price $50, expires 02/17/07 | (18,000) | ||||
| (182) | Edwards Lifesciences Corp., strike price $50, expires 03/17/07 | (43,680) | ||||
| (50) | Genentech, Inc., strike price $90, expires 02/17/07 | (2,000) | ||||
| (100) | Genentech, Inc., strike price $90, expires 03/17/07 | (13,500) | ||||
| (200) | Gilead Sciences, Inc., strike price $67.50, expires 02/17/07 | (12,000) | ||||
| (100) | Gilead Sciences, Inc., strike price $70, expires 02/17/07 | (2,000) | ||||
| (30) | Humana, Inc., strike price $55, expires 02/17/07 | (6,150) | ||||
| (120) | InterMune, Inc., strike price $40, expires 03/17/07 | (12,000) | ||||
| (20,000) | Johnson & Johnson, strike price $67.50, expires 02/16/07 | (3,432) | ||||
| (230) | Manor Care, Inc., strike price $55, expires 05/19/07 | (36,800) | ||||
| (100) | Medtronic, Inc., strike price $55, expires 02/17/07 | (2,500) | ||||
| (100) | Medtronic, Inc., strike price $55, expires 03/17/07 | (8,000) | ||||
| (100) | Medtronic, Inc., strike price $55, expires 05/19/07 | (15,000) | ||||
| (50) | Myriad Genetics, Inc., strike price $35, expires 02/17/07 | (8,000) | ||||
| (100) | Novartis AG (ADR), strike price $60, expires 02/17/07 | (3,000) |
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BlackRock Health Sciences Trust (BME) (continued)
(Percentage of Net Assets)
| Contracts | Description | Value | ||||
| OUTSTANDING CALL OPTIONS WRITTEN—(cont'd) | ||||||
| (250) | Novartis AG (ADR), strike price $60, expires 04/21/07 | $ |
(25,000) | |||
| (330) | Pfizer, Inc., strike price $27.50, expires 02/19/07 | (1,650) | ||||
| (100) | Pharmion Corp., strike price $30, expires 02/17/07 | (25,500) | ||||
| (100) | Pharmion Corp., strike price $30, expires 03/17/07 | (33,000) | ||||
| (11,000) | Roche Holding AG, strike price 242.20 CHF, expires 04/03/07 | (27,481) | ||||
| (53,000) | Schering-Plough Corp., strike price $24, expires 02/16/07 | (52,669) | ||||
| (400) | Schering-Plough Corp., strike price $25, expires 03/17/07 | (28,000) | ||||
| (50) | St. Jude Medical, Inc., strike price $45, expires 04/21/07 | (7,500) | ||||
| (150) | Stryker Corp., strike price $60, expires 02/17/07 | (37,500) | ||||
| (100) | Stryker Corp., strike price $60, expires 03/19/07 | (33,000) | ||||
| (50) | Stryker Corp., strike price $65, expires 06/16/07 | (10,500) | ||||
| (100) | UnitedHealth Group, Inc., strike price $60, expires 03/17/07 | (1,000) | ||||
| (165) | Varian Medical Systems, Inc., strike price $50, expires 02/17/07 | (1,650) | ||||
| (130) | Waters Corp., strike price $50, expires 02/17/07 | (92,300) | ||||
| (100) | Waters Corp., strike price $55, expires 03/17/07 | (29,000) | ||||
| (29) | Waters Corp., strike price $60, expires 05/19/07 | (5,510) | ||||
| (400) | Wright Medical Group, Inc., strike price $25, expires 02/17/07 | (6,000) | ||||
| (250) | Wyeth, strike price $52.50, expires 04/21/07 | (10,000) | ||||
| (100) | Zimmer Holdings, Inc., strike price $80, expires 03/17/07 | (54,000) | ||||
| (75) | Zimmer Holdings, Inc., strike price $85, expires 03/19/07 | (14,250) | ||||
| Total Outstanding Call Options Written (premium received ($1,231,039)) | (1,262,732) | |||||
| OUTSTANDING PUT OPTIONS WRITTEN—0.0% | ||||||
| (130) | Aetna, Inc., strike price $40, expires 02/17/07 | (5,200) | ||||
| (130) | Amgen, Inc., strike price $70, expires 02/17/07 | (10,400) | ||||
| (80) | Becton Dickinson & Co., strike price $70, expires 02/17/07 | (800) | ||||
| (100) | Biogen Idec, Inc., strike price $45, expires 02/17/07 | (3,500) | ||||
| (250) | BioMarin Pharmaceuticals, Inc., strike price $17.50, expires 02/17/07 | (10,000) | ||||
| (50) | Genentech, Inc., strike price $85, expires 02/17/07 | (2,500) | ||||
| (120) | Johnson & Johnson, strike price $65, expires 02/17/07 | (1,200) | ||||
| (50) | Stryker Corp., strike price $55, expires 02/17/07 | (250) | ||||
| (20,000) | Varian Medical Systems, Inc., strike price $47.50, expires 02/16/07 | (35,760) | ||||
| Total Outstanding Put Options Written (premium received ($75,933)) | (69,610) | |||||
| Total outstanding options written (premium received ($1,306,972)) | (1,332,342) | |||||
| Total investments net of outstanding options written—98.0% | $ 207,072,060 | |||||
| Other assets in excess of liabilities—2.0% | 4,190,935 | |||||
| Net Assets—100.0% | $ |
211,262,995 | ||||
| 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 the date of purchase. |
| 4 |
Cost for federal income tax purposes is $187,375,525. The net unrealized appreciation on a tax basis is $21,028,877, consisting of $21,715,519 gross unrealized appreciation and $686,642 gross unrealized depreciation. |
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| ADR | — American Depositary 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.
SIGNATURES
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/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: March 28, 2007
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: March 28, 2007
By: /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: March 28, 2007