N-CSRS 1 c57977_ncsrs.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-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21656

Name of Fund: BlackRock Energy and Resources Trust (BGR)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Energy and Resources 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: 10/31/2009

Date of reporting period: 04/30/2009


Item 1 – Report to Stockholders

 


 

 

 

 

 

 

 

 

 

 

 

EQUITIES

 

FIXED INCOME

 

REAL ESTATE

 

LIQUIDITY

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 


(BLACKROCK LOGO)

 

Semi-Annual Report

 

 

 

 

 

 

 

 

 

 

 

 

APRIL 30, 2009 | (UNAUDITED)

 

 

 

 

 

 

 

BlackRock Dividend Achievers Trust (BDV)

BlackRock Enhanced Dividend Achievers Trust (BDJ)

BlackRock Strategic Dividend AchieversTrust (BDT)

BlackRock EcoSolutions Investment Trust (BQR)

BlackRock Energy and Resources Trust (BGR)

BlackRock Global Equity Income Trust (BFD)

BlackRock Global Opportunities Equity Trust (BOE)

BlackRock Health Sciences Trust (BME)

BlackRock International Growth and Income Trust (BGY)

BlackRock Real Asset Equity Trust (BCF)

BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)

BlackRock World Investment Trust (BWC)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE


 


 

Table of Contents


 

 

 

 

       

 

 

Page

 

       

Section 19(b) Disclosure

 

2

Dear Shareholder

 

3

 

Semi-Annual Report:

 

 

 

Trust Summaries

 

4

 

Derivative Instruments

 

16

 

Financial Statements:

 

 

 

Schedules of Investments

 

17

 

Statements of Assets and Liabilities

 

74

 

Statements of Operations

 

76

 

Statements of Changes in Net Assets

 

78

 

Financial Highlights

 

82

 

Notes to Financial Statements

 

94

 

Officers and Trustees

 

101

 

Additional Information

 

102

 


 

 

Section 19(b) Disclosure

 

BlackRock Dividend AchieversTM Trust (BDV), BlackRock Enhanced Dividend AchieversTM Trust (BDJ), BlackRock Strategic Dividend AchieversTM Trust (BDT), BlackRock EcoSolutions Investment Trust (BQR), BlackRock Energy and Resources Trust (BGR), BlackRock Global Equity Income Trust (BFD), BlackRock Global Opportunities Equity Trust (BOE), BlackRock Health Sciences Trust (BME), BlackRock International Growth and Income Trust (BGY), BlackRock Real Asset Equity Trust (BCF), BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) and BlackRock World Investment Trust (BWC) (each a “Trust” and collectively, the “Trusts”), acting pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Directors/Trustees (the “Board”), each have adopted a level distribution plan (the “Plan”) that is consistent with its investment objectives and policies. In adopting the Plan, each Trust employs either a managed distribution or option over-write policy to support a level distribution of income, capital gains and/or return of capital. In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a quarterly basis:

 

 

 

Exchange Symbol

 

Amount Per Common Share

 

 

 

BDV

 

$0.162500

BDJ

 

$0.305625

BDT

 

$0.162500

BQR

 

$0.400000

BGR

 

$0.405000

BFD

 

$0.475000

BOE

 

$0.568750

BME

 

$0.384375

BGY

 

$0.455100

BCF

 

$0.271800

BQY

 

$0.187500

BWC

 

$0.341250

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available investment income to its shareholders, consistent with its primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient investment income is not available on a quarterly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each quarterly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases or decreases to enable the Trusts to comply with the distribution requirements imposed by the Code.

Shareholders should not draw any conclusions about the Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance on net asset value is presented in its financial highlights table.

The Board may amend, suspend or terminate a Trust’s Plan without prior notice if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain a level distribution. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to each Trust’s prospectus for a more complete description of its risks.

Please refer to the Notes to Financial Statements for a cumulative summary of the Section 19(a) notices for each Trust’s current fiscal period. Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website www.blackrock.com.

 

 

 

 

 

 

 

 

2

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 


 

Dear Shareholder

The past 12 months reveal a tale of two markets—one of investor pessimism and decided weakness, and another of optimism and some early signs of recovery.

The majority of the past year was characterized by the former as the global financial crisis erupted into the worst recession in decades. Economic data were uniformly poor and daily headlines recounted the downfalls of storied financial firms, volatile swings in global financial markets, and monumental government actions that included widespread (and globally coordinated) monetary and quantitative easing by central banks and large-scale fiscal stimuli. Sentiment improved noticeably in March 2009, however, on the back of new program announcements by the Treasury and Federal Reserve Board, as well as signs of improved economic performance, such as in retail sales, consumer confidence and select areas of the housing market.

Against this backdrop, US equities contended with unprecedented levels of volatility, posting steep declines early, and then pared some of those losses in March and April. The experience in international markets was similar to that in the United States, though there was a marked divergence in regional performance. Notably, emerging economies, which lagged most developed regions through the downturn, were among the market leaders during the late-period rally.

In fixed income markets, while risk aversion remained a dominant theme overall, relatively attractive yields and distressed valuations, alongside a more favorable macro environment, eventually captured investor attention, leading to a modest recovery in non-Treasury assets. A notable example from the opposite end of the credit spectrum was the high yield sector, which generally outperformed in the first four months of 2009 after extraordinary challenges and severe underperformance last year. At the same time, the new year ushered in a return to normalcy for the tax-exempt market, which had registered one of its worst years on record in 2008.

All told, the major benchmark indexes posted mixed results for the current reporting period, reflective of a bifurcated market.

 

 

 

 

 

 

 

 

Total Returns as of April 30, 2009

 

6-month

 

12-month

 

           

US equities (S&P 500 Index)

 

 

(8.53

)%

 

(35.31

)%

               

Small cap US equities (Russell 2000 Index)

 

 

(8.40

)

 

(30.74

)

               

International equities (MSCI Europe, Australasia, Far East Index)

 

 

(2.64

)

 

(42.76

)

               

US Treasury securities (Merrill Lynch 10-Year US Treasury Index)

 

 

8.98

 

 

9.30

 

               

Taxable fixed income (Barclays Capital US Aggregate Bond Index)

 

 

7.74

 

 

3.84

 

               

Tax-exempt fixed income (Barclays Capital Municipal Bond Index)

 

 

8.20

 

 

3.11

 

               

High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)

 

 

16.39

 

 

(12.55

)

               

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

On June 16, 2009, BlackRock, Inc. announced that it received written notice from Barclays PLC (“Barclays”) in which Barclays’ Board of Directors had accepted BlackRock’s offer to acquire Barclays Global Investors (“BGI”). Barclays also notified BlackRock that its Board will recommend the transaction to Barclays’ shareholders for approval at a special meeting to be held in early August 2009. The combination of BlackRock and BGI will bring together market leaders in active and index strategies to create the preeminent asset management firm. The transaction is expected to close in the fourth quarter 2009 following approval by Barclays’ shareholders, the receipt of client consents and regulatory approvals, and satisfaction of customary closing conditions.

Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. We thank you for entrusting BlackRock with your investments and look forward to continuing to serve you in the months and years ahead.

Sincerely,

-s- Rob Kapito

Rob Kapito
President, BlackRock Advisors, LLC

 

 

 

 

 

 

 

 

 

THIS PAGE NOT PART OF YOUR FUND REPORT

 

3



 

 


 

Trust Summary as of April 30, 2009

BlackRock Dividend AchieversTM Trust

 

 

Investment Objective

 

BlackRock Dividend AchieversTM Trust (BDV) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation by investing in common stocks that pay above average dividends and have the potential for capital appreciation. The Trust recently implemented an option writing (selling) strategy to help enhance current gains. No assurance can be given that the Trust’s investment objective will be achieved.

 

Performance

For the six months ended April 30, 2009, the Trust returned (20.91)% based on market price and (17.74)% based on net asset value (“NAV”). For the same period, the Mergent Broad Dividend Achievers Index (“Dividend Achievers Index”) returned (15.01)%, and the broader market, measured by the Russell 1000 Index and the Russell 1000 Value Index, returned (7.39)% and (13.27)%, respectively. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV.

The key investment objective of the BDV portfolio is to generate above-average current income through positions in large-cap stocks with attractive dividend yields, selected primarily from the Dividend Achievers Index. Over period, this strategy was negatively affected by three factors: (1) higher-yielding stocks underperformed the broader market; (2) the drive for yield meant higher exposure to financials, which underperformed; and (3) mid-cap stocks outperformed large-cap stocks and growth stocks outperformed value stocks, each hurting the large-cap, value-oriented BDV portfolio. The enhancement to the BDV strategy, writing calls on approximately 20% of the portfolio, added to current income and total return.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BDV

 

Initial Offering Date

 

December 23, 2003

 

Yield on Closing Market Price as of April 30, 2009 ($6.97)1

 

9.33%

 

Current Quarterly Distribution per Common Share2

 

$0.1625

 

Current Annualized Distribution per Common Share2

 

$0.6500

 

       

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution rate is not constant and is subject to further change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

6.97

 

$

9.20

 

(24.24

)%

 

$

9.84

 

$

5.05

 

Net Asset Value

 

$

8.14

 

$

10.33

 

(21.20

)%

 

$

10.71

 

$

6.69

 

                                 

The following charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

         

International Business Machines Corp.

 

5

%

 

Chevron Corp.

 

5

 

 

AT&T Inc.

 

4

 

 

ExxonMobil Corp.

 

4

 

 

Wal-Mart Stores, Inc.

 

4

 

 

Coca-Cola Co. (The)

 

4

 

 

Wells Fargo & Co.

 

4

 

 

Pfizer, Inc.

 

4

 

 

Johnson & Johnson

 

3

 

 

General Electric Co.

 

3

 

 

         

 

Sector Allocations3


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

           

Consumer Products

 

29

%

 

25

%

 

Industrials

 

21

 

 

8

 

 

Financial Institutions

 

11

 

 

26

 

 

Energy

 

9

 

 

8

 

 

Technology

 

7

 

 

3

 

 

Telecommunications

 

6

 

 

5

 

 

Health Care

 

5

 

 

15

 

 

Utilities

 

5

 

 

6

 

 

Basic Materials

 

3

 

 

1

 

 

Aerospace & Defense

 

2

 

 

1

 

 

Real Estate Investment Trusts

 

1

 

 

2

 

 

Automotive

 

1

 

 

 

 

               

 

 

3

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.


 

 

 

 

 

 

 

 

4

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Trust Summary as of April 30, 2009

BlackRock Enhanced Dividend AchieversTM Trust

 

 

Investment Objective

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (the “Trust”) seeks to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve these objectives by investing in common stocks that pay above average dividends and have the potential for capital appreciation and by utilizing an option writing strategy to enhance distributions paid to the Trust’s shareholders. No assurance can be given that the Trust’s investment objective will be achieved.

 

Performance

For the six months ended April 30, 2009, the Trust returned (14.07)% based on market price and (14.73)% based on NAV. For the same period, the Dividend Achievers Index returned (15.01)%, and the broader market, measured by the Russell 1000 Index and the Russell 1000 Value Index, returned (7.39)% and (13.27)%, respectively. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV.

In addition to covered call writing, the other objective of the BDJ portfolio is to generate above-average current income through positions in large-cap stocks with attractive dividend yields, selected primarily from the Dividend Achievers Index. Over the period, this strategy was negatively affected by three factors: (1) higher-yielding stocks underperformed the market; (2) the drive for yield meant higher exposure to financials, which underperformed; and (3) mid-cap stocks outperformed large-cap stocks and growth stocks outperformed value stocks, each hurting the large-cap, value-oriented BDJ portfolio. Offsetting some of these negative impacts were rich option call premiums received on the covered call portion of the BDJ strategy, driven by the near-record high volatility.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BDJ

 

Initial Offering Date

 

August 31, 2005

 

Yield on Closing Market Price as of April 30, 2009 ($6.72)1

 

18.19%

 

Current Quarterly Distribution per Common Share2

 

$0.305625

 

Current Annualized Distribution per Common Share2

 

$1.222500

 

       

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

                       

Market Price

 

$

6.72

 

$

8.47

 

(20.66)%

 

$

9.26

 

$

5.04

 

Net Asset Value

 

$

7.55

 

$

9.59

 

(21.27)%

 

$

9.93

 

$

6.39

 

                                 

The following charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

       

International Business Machines Corp.

 

5

%

 

Chevron Corp.

 

5

 

 

AT&T Inc.

 

4

 

 

ExxonMobil Corp.

 

4

 

 

Wal-Mart Stores, Inc.

 

4

 

 

Coca-Cola Co. (The)

 

4

 

 

Pfizer, Inc.

 

4

 

 

Wells Fargo & Co.

 

4

 

 

Johnson & Johnson

 

3

 

 

General Electric Co.

 

3

 

 

         

 

Sector Allocations3


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

           

Consumer Products

 

30

%

 

24

%

 

Industrials

 

21

 

 

8

 

 

Financial Institutions

 

11

 

 

25

 

 

Energy

 

9

 

 

9

 

 

Technology

 

7

 

 

3

 

 

Telecommunications

 

6

 

 

6

 

 

Health Care

 

5

 

 

16

 

 

Utilities

 

4

 

 

6

 

 

Basic Materials

 

3

 

 

1

 

 

Aerospace & Defense

 

2

 

 

 

 

Real Estate Investment Trusts

 

1

 

 

2

 

 

Automotive

 

1

 

 

 

 

               

 

 

3

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

5



 

 


 

Trust Summary as of April 30, 2009

BlackRock Strategic Dividend AchieversTM Trust

 

 

Investment Objective

 

BlackRock Strategic Dividend AchieversTM Trust (BDT) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation by investing primarily in common stocks of small to mid-capitalization companies that pay above average dividends and have potential for capital appreciation. The Trust recently implemented an option writing (selling) strategy to help enhance current gains. No assurance can be given that the Trust’s investment objective will be achieved.

 

Performance

For the six months ended April 30, 2009, the Trust returned (12.97)% based on market price and (12.15)% based on NAV. For the same period, the Dividend Achievers Index returned (15.01)%, and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned (7.39)% and (13.27)%, respectively. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV.

The key investment objective of the BDT portfolio is to generate above-average current income through positions in mid- and small-cap stocks with attractive dividend yields, selected primarily from the Dividend Achievers Index. Over the period, this strategy was negatively affected by three factors: (1) higher-yielding stocks underperformed the broader market; (2) the drive for yield meant higher exposure to financials, which underperformed; and (3) growth stocks outperformed value stocks, hurting the value-oriented BDT portfolio. Offsetting some of these negative impacts was the strong outperformance of mid-cap stocks, which represents more than half of the BDT portfolio. Further, the enhancement to the BDT strategy, writing calls on approximately 20% of the portfolio, added to current income and total return.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BDT

 

Initial Offering Date

 

March 30, 2004

 

Yield on Closing Market Price as of April 30, 2009 ($7.52)1

 

8.64%

 

Current Quarterly Distribution per Common Share2

 

$0.1625

 

Current Annualized Distribution per Common Share2

 

$0.6500

 

       

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution rate is not constant and is subject to further change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

7.52

 

$

9.01

 

(16.54)%

 

$

9.42

 

$

5.38

 

Net Asset Value

 

$

8.99

 

$

10.67

 

(15.75)%

 

$

10.92

 

$

6.95

 

                                 

The following charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

       

W.W. Grainger, Inc.

 

3

%

 

Clorox Co.

 

3

 

 

Sherwin-Williams Co. (The)

 

3

 

 

Genuine Parts Co.

 

3

 

 

VF Corp.

 

2

 

 

D.R. Horton, Inc.

 

2

 

 

H&R Block, Inc.

 

2

 

 

Linear Technology Corp.

 

2

 

 

Pitney Bowes, Inc.

 

2

 

 

Vulcan Materials Co.

 

2

 

 

         

 

Sector Allocations3


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

               

Financial Institutions

 

25

%

 

30

%

 

Consumer Products

 

17

 

 

19

 

 

Energy

 

15

 

 

16

 

 

Industrials

 

10

 

 

9

 

 

Real Estate Investment Trusts

 

8

 

 

9

 

 

Basic Materials

 

8

 

 

2

 

 

Technology

 

4

 

 

3

 

 

Building & Development

 

4

 

 

3

 

 

Utilities

 

4

 

 

3

 

 

Automotive

 

3

 

 

3

 

 

Transportation

 

1

 

 

1

 

 

Telecommunications

 

1

 

 

1

 

 

Media

 

 

 

1

 

 

               

 

 

3

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.


 

 

 

 

 

 

 

 

6

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Trust Summary as of April 30, 2009

BlackRock EcoSolutions Investment Trust

 

 

Investment Objective

 

BlackRock EcoSolutions Investment Trust (BQR) (the “Trust”) seeks to provide current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing substantially all of its assets in equity securities issued by companies that are engaged in one or more of the new energy, water resources and agriculture business segments and utilizing an option strategy to enhance current gains. No assurance can be given that the Trust’s investment objective will be achieved.

 

Performance

For the six months ended April 30, 2009, the Trust returned 12.42% based on market price and 3.86% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of (3.23)% on a market price basis and (5.26)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Following on from a torrid end to 2008, the portfolio was up strongly in early 2009. The new energy, agriculture and water sectors benefited over the period under review as equity markets broadly moved up from their lows of last year as investor sentiment began to show signs of improving. The three sectors continue to have compelling fundamentals and some areas, such as new energy, may see a long run benefit (in the form of government stimulus/investment), though volatility is likely to continue to be a feature of the market in the short term.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information


 

 

 

 

 

Symbol on New York Stock Exchange

 

 

BQR

 

Initial Offering Date

 

 

September 28, 2007

 

Yield on Closing Market Price as of April 30, 2009 ($9.52)1

 

 

16.81%

 

Current Quarterly Distribution per Common Share2

 

 

$0.40

 

Current Annualized Distribution per Common Share2

 

 

$1.60

 

         

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

                       

Market Price

 

$

9.52

 

$

9.20

 

3.48

%

 

$

10.80

 

$

5.68

 

Net Asset Value

 

$

9.78

 

$

10.23

 

(4.40

)%

 

$

11.04

 

$

7.94

 

                                 

The following charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

       

Monsanto Co.

 

4

%

 

Vestas Wind Systems A/S

 

3

 

 

Potash Corp. of Saskatchewan, Inc.

 

3

 

 

Tetra Tech, Inc.

 

3

 

 

K+S AG

 

3

 

 

Aqua America, Inc.

 

2

 

 

Plum Creek Timber Co., Inc. — REIT

 

2

 

 

Syngenta AG

 

2

 

 

Agrium, Inc.

 

2

 

 

Itron, Inc.

 

2

 

 

         

 

Sector Allocations


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

           

Chemicals

 

25

%

 

25

%

 

Water

 

19

 

 

19

 

 

Environmental Control

 

8

 

 

7

 

 

Electrical Components & Equipment

 

7

 

 

5

 

 

Agriculture

 

7

 

 

6

 

 

Energy-Alternate Sources

 

6

 

 

6

 

 

Electric

 

5

 

 

5

 

 

Electronics

 

4

 

 

5

 

 

Forest Products & Paper

 

4

 

 

5

 

 

Machinery

 

3

 

 

4

 

 

Miscellaneous Manufacturing

 

2

 

 

2

 

 

Food

 

2

 

 

2

 

 

Engineering & Construction

 

2

 

 

1

 

 

Gas

 

2

 

 

2

 

 

Oil & Gas

 

1

 

 

1

 

 

Biotechnology

 

1

 

 

1

 

 

Transportation

 

1

 

 

 

 

Commercial Services

 

1

 

 

1

 

 

Investment Companies

 

 

 

1

 

 

Metal Fabricate/Hardware

 

 

 

1

 

 

Auto Parts & Equipment

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

7



 

 


 

Trust Summary as of April 30, 2009

BlackRock Energy and Resources Trust

 

 

Investment Objective

 

BlackRock Energy and Resources Trust (BGR) (the “Trust”) (formerly BlackRock Global Energy and Resources Trust) seeks to provide total return through a combination of current income and capital appreciation. The Trust attempts to achieve this objective by investing primarily in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. No assurance can be given that the Trust’s investment objective will be achieved.

 

Performance

For the six months ended April 30, 2009, the Trust returned (1.11)% based on market price and (5.52)% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned (3.23)% on a market price basis and (5.26)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. In a challenging environment, investors favored large cap stocks and “safe havens” like gold. Accordingly, large integrated oil stocks, larger cap energy equipment & service names and the metals complex all outperformed during the period. Holding BHP Billiton gained more than 25% in the diversified metals & mining segment, and gold and other precious metals benefited returns as well, as Silver Standard Resources Inc. gained 45%. Primary detractors from performance included coal & consumable fuels and the smaller cap oil & gas exploration & production segment, both hurt by weak energy prices due to declining global demand. Turnover was typically low over the period, and we added to one of our top exploration & production names (Petrohawk Energy Corp.) on weakness. We also took profits in Silver Standard Resources and swapped into Silver Wheaton Corp. At period-end, we continue to emphasize coal producers and oil & gas exploration & production stocks, as we believe these companies have superior long-term growth prospects when global demand eventually rebounds.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information


 

 

 

 

 

Symbol on New York Stock Exchange

 

 

BGR

 

Initial Offering Date

 

 

December 29, 2004

 

Yield on Closing Market Price as of April 30, 2009 ($16.94)1

 

 

9.56%

 

Current Quarterly Distribution per Common Share2

 

 

$0.405

 

Current Annualized Distribution per Common Share2

 

 

$1.620

 

         

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

                       

Market Price

 

$

16.94

 

$

17.99

 

(5.84

)%

 

$

18.81

 

$

10.50

 

Net Asset Value

 

$

18.63

 

$

20.71

 

(10.04

)%

 

$

21.66

 

$

13.88

 

                                 

The following charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

       

Consol Energy, Inc.

 

4

%

 

Transocean Ltd.

 

4

 

 

PetroHawk Energy Corp.

 

4

 

 

Whiting Petroleum Corp.

 

4

 

 

Penn Virginia Corp.

 

3

 

 

Petroleo Brasileiro SA - ADR

 

3

 

 

EXCO Resources, Inc.

 

3

 

 

Southwestern Energy Co.

 

3

 

 

Enterprise Products Partners LP

 

3

 

 

National Oilwell Varco, Inc.

 

3

 

 

         

 

Sector Allocations


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

           

Oil & Gas

 

50

%

 

49

%

 

Pipelines

 

15

 

 

15

 

 

Oil & Gas Services

 

13

 

 

13

 

 

Coal

 

11

 

 

12

 

 

Mining

 

4

 

 

3

 

 

Chemicals

 

2

 

 

2

 

 

Gas

 

2

 

 

2

 

 

Transportation

 

1

 

 

2

 

 

Electric

 

1

 

 

2

 

 

Commercial Services

 

1

 

 

 

 

               

 

 

 

 

 

 

 

 

8

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Trust Summary as of April 30, 2009

BlackRock Global Equity Income Trust

 

 

Investment Objective

 

BlackRock Global Equity Income Trust (BFD) (the “Trust”) seeks current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve these objectives by investing in equity securities of companies located in countries throughout the world or options on equity securities or indices of equity securities. The policies of the Trust no longer emphasize dividend-paying stocks or index call options. No assurance can be given that the Trust’s investment objective will be achieved.

The Board approved a change to the Trust’s non-fundamental investment policy – please refer to page 102 in the Additional Information section.

 

Performance

For the six months ended April 30, 2009, the Trust returned 5.31% based on market price and (1.00)% based on NAV. For the same period, the MSCI World Index posted a return of (5.45)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. As the global marketplace begins to heal, the overwrite strategy proved challenging, but strategic. In March, we reached new lows and experienced a significant rally. Due to the positioning of the options, shareholders were able to experience the best of both worlds. March and April experienced healthy returns and the strategy allowed the investor to benefit more of the upside than expected. At period end, the Trust’s cash position remains elevated and will be deployed opportunistically.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information


 

 

 

 

 

Symbol on New York Stock Exchange

 

 

BFD

 

Initial Offering Date

 

 

March 30, 2007

 

Yield on Closing Market Price as of April 30, 2009 ($8.43)1

 

 

22.54%

 

Current Quarterly Distribution per Common Share2

 

 

$0.475

 

Current Annualized Distribution per Common Share2

 

 

$1.900

 

         

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

                       

Market Price

 

$

8.43

 

$

9.13

 

(7.67

)%

 

$

9.60

 

$

5.74

 

Net Asset Value

 

$

9.27

 

$

10.68

 

(13.20

)%

 

$

11.20

 

$

7.30

 

                                 

The following charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

       

iShares MSCI EAFE Index Fund

 

3

%

 

SPDR Trust Series 1

 

3

 

 

Partner Communications - ADR

 

1

 

 

Barrick Gold Corp.

 

1

 

 

Amgen, Inc.

 

1

 

 

Nintendo Co. Ltd.

 

1

 

 

Nestle SA

 

1

 

 

Pfizer, Inc.

 

1

 

 

Altria Group, Inc.

 

1

 

 

Yara International ASA

 

1

 

 

         

 

Geographic Allocations


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

           

United States

 

50

%

 

51

%

 

United Kingdom

 

6

 

 

10

 

 

Canada

 

5

 

 

4

 

 

Japan

 

5

 

 

10

 

 

France

 

5

 

 

4

 

 

Germany

 

4

 

 

3

 

 

Hong Kong

 

3

 

 

1

 

 

Switzerland

 

3

 

 

4

 

 

Norway

 

2

 

 

 

 

China

 

2

 

 

 

 

Singapore

 

2

 

 

1

 

 

Brazil

 

2

 

 

 

 

Israel

 

1

 

 

 

 

Bermuda

 

1

 

 

 

 

Italy

 

1

 

 

2

 

 

Finland

 

1

 

 

1

 

 

Australia

 

1

 

 

2

 

 

Taiwan

 

1

 

 

 

 

Mexico

 

1

 

 

 

 

Sweden

 

1

 

 

1

 

 

Spain

 

1

 

 

2

 

 

Cayman Islands

 

1

 

 

 

 

Belgium

 

1

 

 

 

 

Netherlands

 

 

 

2

 

 

Denmark

 

 

 

1

 

 

Greece

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

9



 

 


 

 

Trust Summary as of April 30, 2009

BlackRock Global Opportunities Equity Trust

 

 

Investment Objective

BlackRock Global Opportunities Equity Trust (BOE) (the “Trust”) seeks current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies located in countries throughout the world and utilizing an option writing strategy to enhance current gains. No assurance can be given that the Trust’s investment objective will be achieved.

The Board approved a change to the Trust’s non-fundamental investment policy – please refer to page 102 in the Additional Information section.

 

 

Performance

For the six months ended April 30, 2009, the Trust returned 4.10% based on market price and 0.48% based on NAV. For the same period, the benchmark MSCI World Index posted a return of (5.45)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s outperformance can be primarily attributed to strong stock selection, particularly within energy, financials and healthcare. Sector allocation also contributed positively, as underweights in financials, consumer staples and utilities, along with an overweight in materials, aided return comparisons. By contrast, underweight positions in the consumer discretionary, industrials and telecommunication services sectors detracted from returns for the six months. At period end, the Trust’s cash position remains elevated and will be deployed opportunistically.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

 

Trust Information


 

 

 

 

 

Symbol on New York Stock Exchange

 

 

BOE

 

Initial Offering Date

 

 

May 31, 2005

 

Yield on Closing Market Price as of April 30, 2009 ($15.12)1

 

 

15.05%

 

Current Quarterly Distribution per Common Share2

 

 

$0.56875

 

Current Annualized Distribution per Common Share2

 

 

$2.27500

 

         

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

                       

Market Price

 

$

15.12

 

$

15.89

 

(4.85

)%

 

$

17.40

 

$

10.47

 

Net Asset Value

 

$

16.56

 

$

18.03

 

(8.15

)%

 

$

18.88

 

$

13.60

 

                                 

 

The following charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments:


 

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

       

iShares MSCI EAFE Index Fund

 

3

%

 

SPDR Trust Series 1

 

3

 

 

Partner Communications - ADR

 

1

 

 

Barrick Gold Corp.

 

1

 

 

Amgen, Inc.

 

1

 

 

Nintendo Co. Ltd.

 

1

 

 

Nestle SA

 

1

 

 

Pfizer, Inc.

 

1

 

 

Yara International ASA

 

1

 

 

Altria Group, Inc.

 

1

 

 

         

 

Geographic Allocations


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

           

United States

 

48

%

 

56

%

 

United Kingdom

 

6

 

 

5

 

 

Canada

 

5

 

 

4

 

 

Japan

 

5

 

 

4

 

 

France

 

5

 

 

3

 

 

Germany

 

4

 

 

4

 

 

Hong Kong

 

3

 

 

1

 

 

Switzerland

 

3

 

 

5

 

 

Brazil

 

2

 

 

2

 

 

Norway

 

2

 

 

1

 

 

China

 

2

 

 

1

 

 

Singapore

 

2

 

 

2

 

 

Israel

 

1

 

 

1

 

 

Bermuda

 

1

 

 

1

 

 

Italy

 

1

 

 

2

 

 

Finland

 

1

 

 

1

 

 

Australia

 

1

 

 

1

 

 

South Korea

 

1

 

 

1

 

 

Mexico

 

1

 

 

1

 

 

Taiwan

 

1

 

 

1

 

 

Sweden

 

1

 

 

 

 

India

 

1

 

 

 

 

Spain

 

1

 

 

 

 

Cayman Islands

 

1

 

 

 

 

Belgium

 

1

 

 

1

 

 

Luxembourg

 

 

 

1

 

 

Russia

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

10

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Trust Summary as of April 30, 2009

BlackRock Health Sciences Trust

 

 

Investment Objective

BlackRock Health Sciences Trust (BME) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation. The Trust seeks to achieve this objective by investing primarily in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry. No assurance can be given that the Trust’s investment objective will be achieved.

 

 

Performance

For the six months ended April 30, 2009, the Trust returned (4.42)% based on market price and (2.61)% based on NAV. For the same period, the benchmark Russell 3000 Healthcare Index returned (8.26)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s comparative performance benefited from both stock selection and sector allocation affects. Most notably, selection was strong within the medical devices & supplies, biotechnology and pharmaceuticals subsectors. The Trust’s overweights in biotechnology and healthcare services contributed positively on a relative basis as well. By contrast, an overweight in medical devices & supplies and an underweight in pharmaceuticals detracted from returns for the six months. The Trust maintained moderate levels of cash during the period, which did not significantly impact performance.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

 

Trust Information


 

 

 

 

 

Symbol on New York Stock Exchange

 

 

BME

 

Initial Offering Date

 

 

March 31, 2005

 

Yield on Closing Market Price as of April 30, 2009 ($19.72)1

 

 

7.80%

 

Current Quarterly Distribution per Common Share2

 

 

$0.384375

 

Current Annualized Distribution per Common Share2

 

 

$1.537500

 

         

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

19.72

 

$

21.62

 

(8.79

)%

 

$

22.20

 

$

15.39

 

Net Asset Value

 

$

21.99

 

$

23.66

 

(7.06

)%

 

$

24.10

 

$

20.17

 

                                 

 

The following charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:


 

 

Ten Largest Holdings


 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/09

 

               

Wyeth

 

 

 

 

6

%

 

Amgen, Inc.

 

 

 

 

6

 

 

Medco Health Solutions, Inc.

 

 

 

 

4

 

 

CVS Caremark Corp.

 

 

 

 

4

 

 

Johnson & Johnson

 

 

 

 

4

 

 

Medtronic, Inc.

 

 

 

 

3

 

 

Pfizer, Inc.

 

 

 

 

3

 

 

WellPoint, Inc.

 

 

 

 

3

 

 

Alcon, Inc.

 

 

 

 

3

 

 

Merck & Co., Inc.

 

 

 

 

3

 

 

               

 

 

Sector Allocations


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

               

Healthcare Products

 

35

%

 

34

%

 

Pharmaceuticals

 

34

 

 

29

 

 

Biotechnology

 

14

 

 

29

 

 

Healthcare Services

 

9

 

 

7

 

 

Retail

 

4

 

 

 

 

Electronics

 

3

 

 

 

 

Commercial Services

 

1

 

 

1

 

 

               

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

11



 

 


 

 

Trust Summary as of April 30, 2009

BlackRock International Growth and Income Trust

 

 

Investment Objective

BlackRock International Growth and Income Trust (BGY) (the “Trust”) seeks current income and current gains, and secondarily long-term capital appreciation. The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains. No assurance can be given that the Trust’s investment objective will be achieved.

The Board approved a change to the Trust’s non-fundamental investment policy – please refer to page 102 in the Additional Information section.

 

 

Performance

For the six months ended April 30, 2009, the Trust returned 6.01% based on market price and 2.68% based on NAV. For the same period, the benchmark S&P Global Broad Market Index ex-US returned 2.51%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Allocation effects contributed positively to performance during the six months as underweights in utilities, healthcare and consumer staples added to returns, while an information technology (IT) underweight relative to the benchmark and the Trust’s cash position detracted. The Trust’s comparative performance was also hurt by weak stock selection within financials, consumer staples, IT and industrials, but those effects were somewhat offset by good results within the consumer discretionary, materials and telecommunication services sectors. At period end, the Trust’s cash position remains elevated and will be deployed opportunistically.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

 

Trust Information


 

 

 

 

 

Symbol on New York Stock Exchange

 

 

BGY

 

Initial Offering Date

 

 

May 30, 2007

 

Yield on Closing Market Price as of April 30, 2009 ($8.70)1

 

 

20.92%

 

Current Quarterly Distribution per Common Share2

 

 

$0.4551

 

Current Annualized Distribution per Common Share2

 

 

$1.8204

 

         

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

                       

Market Price

 

$

8.70

 

$

9.09

 

(4.29

)%

 

$

9.66

 

$

6.15

 

Net Asset Value

 

$

9.65

 

$

10.41

 

(7.30

)%

 

$

11.08

 

$

8.40

 

                                 

 

The following charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments:


 

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

         

iShares MSCI Emerging Markets Index Fund

 

2

%

 

iShares MSCI EAFE Index Fund

 

2

 

 

Singapore Telecommunications Ltd.

 

2

 

 

Nintendo Co. Ltd.

 

2

 

 

Barrick Gold Corp.

 

2

 

 

Royal Dutch Shell Plc

 

2

 

 

Linde AG

 

2

 

 

Syngenta AG

 

1

 

 

SES SA

 

1

 

 

Nestle SA

 

1

 

 

         

 

 

Geographic Allocations


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

           

United Kingdom

 

13

%

 

18

%

 

Japan

 

11

 

 

12

 

 

Canada

 

11

 

 

9

 

 

Germany

 

8

 

 

7

 

 

France

 

7

 

 

6

 

 

Hong Kong

 

5

 

 

4

 

 

Singapore

 

5

 

 

4

 

 

Switzerland

 

5

 

 

8

 

 

United States

 

4

 

 

 

 

Taiwan

 

4

 

 

4

 

 

Brazil

 

3

 

 

3

 

 

Norway

 

3

 

 

2

 

 

Australia

 

2

 

 

3

 

 

China

 

2

 

 

1

 

 

Luxembourg

 

2

 

 

2

 

 

South Korea

 

2

 

 

1

 

 

Israel

 

2

 

 

1

 

 

Netherlands

 

1

 

 

2

 

 

Finland

 

1

 

 

 

 

Sweden

 

1

 

 

1

 

 

Greece

 

1

 

 

1

 

 

Italy

 

1

 

 

2

 

 

Belgium

 

1

 

 

1

 

 

Spain

 

1

 

 

1

 

 

Malaysia

 

1

 

 

2

 

 

Chile

 

1

 

 

1

 

 

Turkey

 

1

 

 

1

 

 

Philippines

 

1

 

 

1

 

 

Russia

 

 

 

1

 

 

South Africa

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

12

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Trust Summary as of April 30, 2009

BlackRock Real Asset Equity Trust

 

 

Investment Objective

 

BlackRock Real Asset Equity Trust (BCF) (the “Trust”) seeks to provide total return through a combination of current income, current gains and capital appreciation. The Trust attempts to achieve this objective by investing primarily in equity securities of companies engaged in energy, natural resources and basic materials businesses and companies in associated businesses and equity derivatives with exposure to those companies. No assurance can be given that the Trust’s investment objective will be achieved.

 

Performance

For the six months ended April 30, 2009, the Trust returned 8.73% based on market price and 5.64% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned (3.23)% on a market price basis and (5.26)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. In a challenging market environment, defensive areas of the market performed best, and investors preferred “safe havens” like gold. Accordingly, gold and other precious metals were the primary contributors to performance during the period. Within other precious metals, Impala Platinum Holdings Ltd. was a top performer. Detracting from performance were the coal & consumable fuels and oil & gas exploration & production subsectors, which were hurt by low energy prices due to weak global demand. Turnover was typically low over the period, and we added to some cyclical stocks in anticipation of a potential bottoming out in the economy and the stock market. We added to John Deere Ltd., and within the energy sleeve of the fund, we eliminated Compton Petroleum Corp. At period-end, the Trust remains largely exposed to energy and materials, with an emphasis on oil & gas exploration & production and diversified metals & mining. At period end, the Trust’s cash position remains elevated and will be deployed opportunistically.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BCF

 

Initial Offering Date

 

September 29, 2006

 

Yield on Closing Market Price as of April 30, 2009 ($7.84)1

 

13.87%

 

Current Quarterly Distribution per Common Share2

 

$0.2718

 

Current Annualized Distribution per Common Share2

 

$1.0872

 

       
 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

 

Market Price

 

$

7.84

 

$

7.74

 

1.29

%

 

$

8.37

 

$

4.93

 

Net Asset Value

 

$

9.29

 

$

9.44

 

(1.59

)%

 

$

10.11

 

$

6.53

 

 

The following charts show the ten largest holdings and sector allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

 

BHP Billiton Plc

 

4

%

 

Cia Vale do Rio Doce - ADR

 

3

 

 

Rio Tinto Plc

 

3

 

 

E.I. du Pont de Nemours & Co.

 

3

 

 

Praxair, Inc.

 

3

 

 

Caterpillar, Inc.

 

2

 

 

Xstrata Plc

 

2

 

 

Impala Platinum Holdings Ltd.

 

2

 

 

Weyerhauser Co.

 

2

 

 

MeadWestvaco Corp.

 

2

 

 

 

 

Sector Allocations


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

 

Mining

 

36

%

 

28

%

 

Oil & Gas

 

28

 

 

32

 

 

Chemicals

 

12

 

 

14

 

 

Forest Products & Paper

 

8

 

 

7

 

 

Oil & Gas Services

 

6

 

 

8

 

 

Coal

 

4

 

 

5

 

 

Machinery

 

3

 

 

3

 

 

Iron & Steel

 

1

 

 

1

 

 

Pipelines

 

1

 

 

2

 

 

Metal

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

13



 

 


 

Trust Summary as of April 30, 2009

BlackRock S&P Quality Rankings Global Equity Managed Trust

 

 

Investment Objective

 

BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation investing primarily in equity securities of issuers that pay above average dividends and have the potential for capital appreciation. The Trust recently implemented an option writing (selling) strategy to help enhance current gains. No assurance can be given that the Trust’s investment objective will be achieved.

The Board approved a change to the Trust’s non-fundamental investment policy, please refer to page 102 in the Additional Information section.

 

Performance

For the six months ended April 30, 2009, the Trust returned (5.97)% based on market price and (5.13)% based on NAV. For the same period, the MSCI World Developed Value Index returned (6.41)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV.

One of the key investment objectives of the BQY portfolio is to generate income through positions in stocks with attractive dividend yields. Over the period, this detracted as higher-yielding stocks have underperformed. However, throughout the course of the period, in particular, when the global credit crisis intensified, higher-quality stocks, the other key investment objective, outperformed lower-quality issues internationally. Significant exposure to the Asia/Pacific region also aided results, as this was the best-performing region during the period.

Further, the BQY strategy was enhanced to take advantage of historically-high stock volatility. A modest amount of covered call writing was added to the strategy, capitalizing on very high call premiums. Approximately 20% of the portfolio has calls written against it, initiated at approximately 10% out of the money. The call premiums added to current income and total return.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information


 

 

 

 

Symbol on American Stock Exchange

 

BQY

 

Initial Offering Date

 

May 28, 2004

 

Yield on Closing Market Price as of April 30, 2009 ($9.39)1

 

7.99%

 

Current Quarterly Distribution per Common Share2

 

$0.1875

 

Current Annualized Distribution per Common Share2

 

$0.7500

 

       

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gains.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

 

Market Price

 

$

9.39

 

$

10.50

 

(10.57

)%

 

$

11.25

 

$

7.01

 

Net Asset Value

 

$

11.17

 

$

12.38

 

(9.77

)%

 

$

12.98

 

$

9.02

 

 

The following charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

 

AT&T Inc.

 

4

%

 

ExxonMobil Corp.

 

4

 

 

International Business Machines Corp.

 

3

 

 

Microsoft Corp.

 

2

 

 

Emerson Electric Co.

 

2

 

 

Santos Ltd.

 

2

 

 

Altria Group, Inc.

 

2

 

 

Health Care REIT, Inc.

 

2

 

 

McDonald’s Corp.

 

2

 

 

HongKong Electric Holdings

 

2

 

 

 

 

Geographic Allocations


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

 

United States

 

51

%

 

53

%

 

United Kingdom

 

8

 

 

10

 

 

Australia

 

6

 

 

5

 

 

Japan

 

6

 

 

5

 

 

Canada

 

5

 

 

5

 

 

France

 

5

 

 

4

 

 

Sweden

 

4

 

 

3

 

 

Hong Kong

 

4

 

 

3

 

 

Germany

 

2

 

 

2

 

 

Spain

 

2

 

 

2

 

 

Italy

 

2

 

 

2

 

 

Finland

 

1

 

 

1

 

 

Singapore

 

1

 

 

1

 

 

Switzerland

 

1

 

 

1

 

 

Denmark

 

1

 

 

1

 

 

Netherlands

 

1

 

 

 

 

Austria

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

14

SEMI-ANNUAL REPORT

APRIL 30, 2009

 




 

 


 

Trust Summary as of April 30, 2009

BlackRock World Investment Trust

 

 

Investment Objective

 

BlackRock World Investment Trust (BWC) (the “Trust”) seeks current income, dividends and gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve these objectives by investing in equity securities or options on equity securities or indices or sectors of equity securities. Equity securities in which the Trust anticipates investing include common stocks, preferred stocks, convertible securities, warrants, depository receipts and equity interests in REITs. The Trust may invest in preferred stocks and convertible securities of any rating. The Trust may invest in debt securities of issuers located anywhere in the world and including securities rated below investment grade. No assurance can be given that the Trust’s investment objective will be achieved.

 

Performance

For the six months ended April 30, 2009, the Trust returned 2.64% based on market price and (0.62)% based on NAV. For the same period, the benchmark MSCI World Index posted a return of (5.45)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s comparative performance was enhanced primarily by strong stock selection, particularly within the energy, financials and healthcare sectors. The Trust’s overweight versus the benchmark in the materials sector and its underweight in utilities also benefited relative returns for the trailing six months. By contrast, performance comparisons suffered from the Trust’s underweight exposure to the information technology, industrials and consumer discretionary sectors. At period end, the Trust’s cash position remains elevated and will be deployed opportunistically.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BWC

 

Initial Offering Date

 

October 27, 2005

 

Yield on Closing Market Price as of April 30, 2009 ($8.76)1

 

15.58%

 

Current Quarterly Distribution per Share2

 

$0.34125

 

Current Annualized Distribution per Share2

 

$1.36500

 

       

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

Change

 

High

 

Low

 

 

Market Price

 

$

8.76

 

$

9.22

 

(4.99

)%

 

$

10.23

 

$

6.24

 

Net Asset Value

 

$

9.88

 

$

10.74

 

(8.01

)%

 

$

11.25

 

$

8.42

 

 

The following charts show the ten largest holdings and geographic allocations of the Trust’s long-term investments:

 

Ten Largest Holdings


 

 

 

 

 

 

 

4/30/09

 

 

iShares MSCI EAFE Index Fund

 

3

%

 

SPDR Trust Series 1

 

3

 

 

Partner Communications - ADR

 

1

 

 

Amgen, Inc.

 

1

 

 

Nintendo Co. Ltd.

 

1

 

 

Toyota Motor Corp.

 

1

 

 

Occidental Petroleum Corp.

 

1

 

 

Yara International ASA

 

1

 

 

Pfizer, Inc.

 

1

 

 

Nestle SA

 

1

 

 

 

 

Geographic Allocations


 

 

 

 

 

 

 

 

 

 

4/30/09

 

10/31/08

 

 

United States

 

48

%

 

55

%

 

United Kingdom

 

5

 

 

5

 

 

Japan

 

5

 

 

4

 

 

Canada

 

5

 

 

4

 

 

France

 

5

 

 

3

 

 

Germany

 

4

 

 

4

 

 

Hong Kong

 

3

 

 

1

 

 

Switzerland

 

3

 

 

4

 

 

Singapore

 

2

 

 

2

 

 

Brazil

 

2

 

 

2

 

 

Norway

 

2

 

 

1

 

 

China

 

2

 

 

1

 

 

Israel

 

1

 

 

1

 

 

Bermuda

 

1

 

 

1

 

 

Italy

 

1

 

 

2

 

 

Finland

 

1

 

 

1

 

 

Australia

 

1

 

 

1

 

 

South Korea

 

1

 

 

1

 

 

Mexico

 

1

 

 

1

 

 

Taiwan

 

1

 

 

1

 

 

Sweden

 

1

 

 

 

 

India

 

1

 

 

 

 

Spain

 

1

 

 

1

 

 

Cayman Islands

 

1

 

 

 

 

Belgium

 

1

 

 

1

 

 

Philippines

 

1

 

 

1

 

 

Luxembourg

 

 

 

1

 

 

Russia

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

15



 

 


 

Derivative Instruments

 

The Trusts may invest in various derivative instruments, including swap agreements and futures, and other instruments specified in the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the other party to the transaction and illiquidity of the derivative instrument. The Trusts’ ability to successfully use a derivative instrument depends on the Advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Trusts to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Trusts can realize on an investment or may cause the Trusts to hold a security that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

 

 

 

 

 

 

 

 

16

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Schedule of Investments April 30, 2009 (Unaudited)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Aerospace & Defense—2.3%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

60,000

 

$

3,100,200

 

United Technologies Corp.

 

 

145,100

 

 

7,086,684

 

 

 

 

 

 

     

 

 

 

 

 

 

10,186,884

 

               

Automotive—0.4%

 

 

 

 

 

 

 

Johnson Controls, Inc.

 

 

103,200

 

 

1,961,832

 

           

Basic Materials—2.8%

 

 

 

 

 

 

 

Nucor Corp.

 

 

53,200

 

 

2,164,708

 

PPG Industries, Inc.

 

 

55,300

 

 

2,435,965

 

Praxair, Inc.

 

 

31,600

 

 

2,357,676

 

RPM International, Inc.

 

 

225,500

 

 

3,116,410

 

Sherwin-Williams Co. (The)

 

 

21,000

 

 

1,189,440

 

Vulcan Materials Co.

 

 

24,300

 

 

1,155,465

 

 

 

 

 

 

     

 

 

 

 

 

 

12,419,664

 

               

Building & Development—0.2%

 

 

 

 

 

 

 

Masco Corp.

 

 

94,400

 

 

836,384

 

               

Consumer Products—29.0%

 

 

 

 

 

 

 

Altria Group, Inc.

 

 

586,150

 

 

9,571,829

 

Archer Daniels Midland Co.

 

 

75,600

 

 

1,861,272

 

Clorox Co.

 

 

41,725

 

 

2,338,686

 

Coca-Cola Co. (The)

 

 

406,550

 

 

17,501,977

 

Colgate-Palmolive Co.

 

 

72,500

 

 

4,277,500

 

Family Dollar Stores, Inc.

 

 

32,000

 

 

1,062,080

 

Fastnel Co.

 

 

32,875

 

 

1,261,085

 

H&R Block, Inc.

 

 

54,800

 

 

829,672

 

Harley-Davidson, Inc.

 

 

97,900

 

 

2,169,464

 

Hershey Co. (The)

 

 

30,850

 

 

1,114,919

 

Home Depot, Inc.

 

 

91,275

 

 

2,402,358

 

Kimberly-Clark Corp.

 

 

113,450

 

 

5,574,933

 

Lowe’s Cos., Inc.

 

 

229,400

 

 

4,932,100

 

McDonald’s Corp.

 

 

235,300

 

 

12,539,137

 

PepsiCo, Inc.

 

 

205,875

 

 

10,244,340

 

Philip Morris International, Inc.

 

 

200,900

 

 

7,272,580

 

Procter & Gamble Co. (The)

 

 

266,475

 

 

13,174,524

 

SYSCO Corp.

 

 

91,475

 

 

2,134,112

 

Target Corp.

 

 

126,250

 

 

5,209,075

 

TJX Cos., Inc.

 

 

81,300

 

 

2,273,961

 

Universal Corp.

 

 

67,200

 

 

2,026,752

 

VF Corp.

 

 

18,450

 

 

1,093,532

 

Wal-Mart Stores, Inc.

 

 

348,775

 

 

17,578,260

 

 

 

 

 

 

     

 

 

 

 

 

 

128,444,148

 

               

Energy—8.5%

 

 

 

 

 

 

 

Chevron Corp.

 

 

300,550

 

 

19,866,355

 

ExxonMobil Corp.

 

 

265,100

 

 

17,674,217

 

 

 

 

 

 

     

 

 

 

 

 

 

37,540,572

 

               

Financial Institutions—11.0%

 

 

 

 

 

 

 

Aflac, Inc.

 

 

87,100

 

 

2,516,319

 

Allstate Corp. (The)

 

 

84,600

 

 

1,973,718

 

Associated Banc-Corp

 

 

69,600

 

 

1,076,712

 

Bank of Hawaii Corp.

 

 

63,600

 

 

2,234,904

 

BB&T Corp.

 

 

242,800

 

 

5,666,952

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Financial Institutions (concluded)

 

 

 

 

 

 

 

Chubb Corp.

 

 

51,800

 

$

2,017,610

 

Mercury General Corp.

 

 

36,900

 

 

1,246,482

 

Northern Trust Corp.

 

 

25,600

 

 

1,391,616

 

State Street Corp.

 

 

23,000

 

 

784,990

 

T. Rowe Price Group, Inc.

 

 

71,800

 

 

2,765,736

 

TCF Financial Corp.

 

 

173,500

 

 

2,413,385

 

U.S. Bancorp

 

 

344,800

 

 

6,282,256

 

Valley National Bancorp

 

 

94,682

 

 

1,370,049

 

Wells Fargo & Co.

 

 

851,700

 

 

17,042,517

 

 

 

 

 

 

     

 

 

 

 

 

 

48,783,246

 

               

Health Care—5.2%

 

 

 

 

 

 

 

Becton Dickinson & Co.

 

 

38,000

 

 

2,298,240

 

Johnson & Johnson

 

 

285,800

 

 

14,964,488

 

Medtronic, Inc.

 

 

187,400

 

 

5,996,800

 

 

 

 

 

 

     

 

 

 

 

 

 

23,259,528

 

               

Industrials—20.6%

 

 

 

 

 

 

 

3M Co.

 

 

227,100

 

 

13,080,960

 

Abbott Laboratories

 

 

324,000

 

 

13,559,400

 

Caterpillar, Inc.

 

 

128,500

 

 

4,572,030

 

Dover Corp.

 

 

39,900

 

 

1,228,122

 

Eli Lilly & Co.

 

 

383,500

 

 

12,624,820

 

Emerson Electric Co.

 

 

236,700

 

 

8,057,268

 

General Electric Co.

 

 

1,178,100

 

 

14,902,965

 

Leggett & Platt, Inc.

 

 

93,925

 

 

1,348,763

 

Parker Hannifin Corp.

 

 

30,500

 

 

1,383,175

 

Pfizer, Inc.

 

 

1,229,000

 

 

16,419,440

 

Stanley Works (The)

 

 

75,000

 

 

2,852,250

 

W.W. Grainger, Inc.

 

 

15,000

 

 

1,258,200

 

 

 

 

 

 

     

 

 

 

 

 

 

91,287,393

 

               

Media—0.3%

 

 

 

 

 

 

 

McGraw-Hill Cos., Inc. (The)

 

 

43,600

 

 

1,314,540

 

               

Real Estate Investment Trust—1.3%

 

 

 

 

 

 

 

HCP, Inc.

 

 

60,500

 

 

1,327,975

 

Lexington Realty Trust

 

 

4,592

 

 

17,679

 

Liberty Property Trust

 

 

60,200

 

 

1,465,268

 

Realty Income Corp.

 

 

59,800

 

 

1,335,334

 

Vornado Realty Trust

 

 

29,687

 

 

1,451,398

 

 

 

 

 

 

     

 

 

 

 

 

 

5,597,654

 

               

Technology—6.7%

 

 

 

 

 

 

 

Automatic Data Processing, Inc.

 

 

90,000

 

 

3,168,000

 

International Business Machines Corp.

 

 

194,000

 

 

20,022,740

 

Linear Technology Corp.

 

 

92,100

 

 

2,005,938

 

Paychex, Inc.

 

 

51,000

 

 

1,377,510

 

Pitney Bowes, Inc.

 

 

128,754

 

 

3,159,623

 

 

 

 

 

 

     

 

 

 

 

 

 

29,733,811

 

               

Telecommunications—5.7%

 

 

 

 

 

 

 

AT&T Inc.

 

 

746,700

 

 

19,130,454

 

CenturyTel, Inc.

 

 

228,700

 

 

6,209,205

 

 

 

 

 

 

     

 

 

 

 

 

 

25,339,659

 

               

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the list on the right.

 

 

 

ADR

 

American Depositary Receipt

AUD

 

Australian Dollar

CAD

 

Canadian Dollar

CHF

 

Swiss Franc

DKK

 

Danish Krone

EUR

 

Euro

GBP

 

British Pound

HKD

 

Hong Kong Dollar

IDR

 

Indonesian Rupiah

ILS

 

Israeli Shekel

JPY

 

Japanese Yen

KRW

 

South Korean Won

LIBOR

 

London InterBank Offered Rate

MXN

 

Mexican Peso

NOK

 

Norwegian Krone

REIT

 

Real Estate Investment Trust

SEK

 

Swedish Krona

SGD

 

Singapore Dollar

USD

 

U.S. Dollar

ZAR

 

South African Rand


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

17



 

 


 

 

Schedule of Investments (continued)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Transportation—0.3%

 

 

 

 

 

 

 

C.H. Robinson Worldwide, Inc.

 

 

28,000

 

$

1,488,480

 

               

Utilities—4.4%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

115,000

 

 

2,841,650

 

Consolidated Edison, Inc.

 

 

168,600

 

 

6,260,118

 

FPL Group, Inc.

 

 

58,900

 

 

3,168,231

 

Progress Energy, Inc.

 

 

167,500

 

 

5,715,100

 

Vectren Corp.

 

 

67,300

 

 

1,492,041

 

 

 

 

 

 

     

 

 

 

 

 

 

19,477,140

 

           

Total Long-Term Investments
(Cost—$516,773,099)—98.7%

 

 

 

 

 

437,670,935

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, 0.64% (a)(b)

 

 

8,918,424

 

 

8,918,424

 

               

Total Short-Term Investments
(Cost—$8,918,424)—2.0%

 

 

 

 

 

8,918,424

 

               

Total Investments Before Outstanding Options Written
(Cost—$525,691,523*)—100.7%

 

 

 

 

 

446,589,359

 

               

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

           

Exchange-Traded Call Options Written—(0.6)%

 

 

 

 

 

 

 

3M Co., strike price $55, expires 5/18/09

 

 

(85

)

 

(26,775

)

Aflac, Inc., strike price $25, expires 5/18/09

 

 

(170

)

 

(73,950

)

Allstate Corp. (The), strike price $24, expires 5/18/09

 

 

(170

)

 

(19,125

)

Altria Group, Inc., strike price $18, expires 5/18/09

 

 

(1,180

)

 

(2,360

)

Archer Daniels Midland Co., strike price $30,
expires 5/18/09

 

 

(150

)

 

(1,125

)

Associated Banc-Corp, strike price $17.50, expires 5/18/09

 

 

(140

)

 

(4,200

)

Atmos Energy Corp., strike price $25, expires 5/18/09

 

 

(135

)

 

(4,387

)

Atmos Energy Corp., strike price $25, expires 7/20/09

 

 

(90

)

 

(7,650

)

Automatic Data Processing, Inc., strike price $40,
expires 5/18/09

 

 

(180

)

 

(900

)

BB&T Corp., strike price $22.50, expires 5/18/09

 

 

(485

)

 

(105,488

)

Becton Dickinson & Co., strike price $70, expires 5/18/09

 

 

(80

)

 

(800

)

C.H. Robinson Worldwide, Inc., strike price $50,
expires 5/18/09

 

 

(60

)

 

(23,100

)

Caterpillar, Inc., strike price $32, expires 5/18/09

 

 

(260

)

 

(104,000

)

Chevron Corp., strike price $75, expires 6/22/09

 

 

(610

)

 

(24,400

)

Chubb Corp., strike price $45, expires 5/18/09

 

 

(100

)

 

(500

)

Coca-Cola Co. (The), strike price $45, expires 5/18/09

 

 

(800

)

 

(14,000

)

Colgate-Palmolive Co., strike price $65, expires 8/24/09

 

 

(95

)

 

(13,775

)

Consolidated Edison, Inc., strike price $40, expires 5/18/09

 

 

(340

)

 

(2,550

)

Dover Corp., strike price $30, expires 6/22/09

 

 

(80

)

 

(19,400

)

Eli Lilly & Co., strike price $30, expires 7/20/09

 

 

(945

)

 

(344,925

)

Emerson Electric Co., strike price $34, expires 6/22/09

 

 

(150

)

 

(27,375

)

ExxonMobil Corp., strike price $70, expires 5/18/09

 

 

(360

)

 

(14,400

)

ExxonMobil Corp., strike price $75, expires 5/18/09

 

 

(165

)

 

(660

)

Family Dollar Stores, Inc., strike price $37.50,
expires 5/18/09

 

 

(60

)

 

(600

)

FPL Group, Inc., strike price $50, expires 6/22/09

 

 

(120

)

 

(55,200

)

General Dynamics Corp., strike price $45, expires 5/18/09

 

 

(75

)

 

(51,000

)

General Electric Co., strike price $11, expires 6/22/09

 

 

(380

)

 

(80,750

)

Harley-Davidson, Inc., strike price $15, expires 5/18/09

 

 

(200

)

 

(145,000

)

HCP, Inc., strike price $22.50, expires 5/18/09

 

 

(120

)

 

(9,300

)

International Business Machines Corp., strike price $105,
expires 5/18/09

 

 

(290

)

 

(40,600

)

International Business Machines Corp., strike price $105,
expires 6/22/09

 

 

(100

)

 

(36,000

)

Johnson & Johnson, strike price $55,
expires 6/22/09

 

 

(570

)

 

(27,075

)

Kimberly-Clark Corp., strike price $50, expires 5/18/09

 

 

(235

)

 

(14,100

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Liberty Property Trust, strike price $22.50, expires 5/18/09

 

 

(120

)

$

(31,500

)

Linear Technology Corp., strike price $25, expires 5/18/09

 

 

(185

)

 

(925

)

Lowe’s Cos., Inc., strike price $20, expires 5/18/09

 

 

(470

)

 

(84,600

)

McDonald’s Corp., strike price $57.50, expires 6/22/09

 

 

(265

)

 

(15,238

)

McDonald’s Corp., strike price $60, expires 6/22/09

 

 

(265

)

 

(5,962

)

McGraw-Hill Cos., Inc., strike price $25, expires 5/18/09

 

 

(90

)

 

(46,350

)

Medtronic, Inc., strike price $32.50, expires 5/18/09

 

 

(75

)

 

(4,875

)

Nucor Corp., strike price $45, expires 5/18/09

 

 

(110

)

 

(3,850

)

PepsiCo, Inc., strike price $55, expires 5/18/09

 

 

(120

)

 

(600

)

Pfizer, Inc., strike price $15, expires 5/18/09

 

 

(2,300

)

 

(4,600

)

Pfizer, Inc., strike price $15, expires 6/22/09

 

 

(150

)

 

(1,950

)

Philip Morris International, Inc., strike price $40,
expires 5/18/09

 

 

(405

)

 

(2,025

)

Pitney Bowes, Inc., strike price $25, expires 5/18/09

 

 

(365

)

 

(25,550

)

Procter & Gamble Co. (The), strike price $50,
expires 5/18/09

 

 

(375

)

 

(35,625

)

Realty Income Corp., strike price $20, expires 5/18/09

 

 

(240

)

 

(61,800

)

Stanley Works (The), strike price $32.50, expires 5/18/09

 

 

(150

)

 

(93,000

)

State Street Corp., strike price $30, expires 5/18/09

 

 

(45

)

 

(23,850

)

Sysco Corp., strike price $25, expires 5/18/09

 

 

(180

)

 

(2,700

)

T. Rowe Price Group, Inc., strike price $30, expires 5/18/09

 

 

(145

)

 

(124,700

)

Target Corp., strike price $37.50, expires 5/18/09

 

 

(250

)

 

(106,875

)

United Technologies Corp., strike price $50,
expires 8/24/09

 

 

(70

)

 

(22,400

)

Universal Corp., strike price $35, expires 5/18/09

 

 

(135

)

 

(2,025

)

US Bancorp, strike price $20, expires 6/22/09

 

 

(1,530

)

 

(218,025

)

Vectren Corp., strike price $22.50, expires 5/18/09

 

 

(135

)

 

(5,737

)

VF Corp., strike price $65, expires 5/18/09

 

 

(40

)

 

(1,500

)

Vornado Realty Trust, strike price $45, expires 5/18/09

 

 

(60

)

 

(30,300

)

Vulcan Materials Co., strike price $50, expires 5/18/09

 

 

(50

)

 

(8,125

)

W.W. Grainger, Inc., strike price $75, expires 5/18/09

 

 

(30

)

 

(26,400

)

Wal-Mart Stores, Inc., strike price $57.50,
expires 6/22/09

 

 

(550

)

 

(12,925

)

Wells Fargo & Co., strike price $20, expires 5/18/09

 

 

(1,700

)

 

(297,500

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(2,596,982

)

               

Over-the-Counter Call Options Written—(0.3)%

 

 

 

 

 

 

 

3M Co., strike price $52.61, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(37,000

)

 

(186,169

)

AT&T Inc., strike price $27, expires 5/13/09,
broker Goldman Sachs & Co.

 

 

(181,300

)

 

(19,725

)

Bank of Hawaii Corp., strike price $36.91,
expires 6/09/09, broker Citigroup Global Markets

 

 

(13,000

)

 

(19,126

)

CenturyTel, Inc., strike price $28, expires 6/25/09,
broker Jefferies & Co., Inc.

 

 

(450

)

 

(31,500

)

Clorox Co., strike price $52.59, expires 5/22/09,
broker Goldman Sachs & Co.

 

 

(12,500

)

 

(49,644

)

Colgate-Palmolive Co., strike price $61.75,
expires 6/04/09, broker Jefferies & Co., Inc.

 

 

(50

)

 

(4,610

)

Emerson Electric Co., strike price $30.56,
expires 5/26/09, broker UBS Securities LLC

 

 

(16,500

)

 

(57,420

)

Emerson Electric Co., strike price $32, expires 5/06/09,
broker UBS Securities LLC

 

 

(15,000

)

 

(30,600

)

Fastnel Co., strike price $35.27, expires 6/04/09,
broker UBS Securities LLC

 

 

(7,000

)

 

(26,170

)

General Dynamics Corp., strike price $43,
expires 5/26/09, broker Jefferies & Co., Inc.

 

 

(45

)

 

(39,015

)

General Electric Co., strike price $13.17,
expires 7/10/09, broker UBS Securities LLC

 

 

(200,000

)

 

(186,340

)

Hershey Co., strike price $38, expires 6/05/09,
broker UBS Securities LLC

 

 

(6,000

)

 

(3,606

)

Home Depot, Inc., strike price $23, expires 5/15/09,
broker Citigroup Global Markets

 

 

(77,000

)

 

(258,735

)

Johnson Controls, Inc., strike price $13.44,
expires 6/04/09, broker Citigroup Global Markets

 

 

(21,000

)

 

(119,377

)

Leggett & Platt, Inc., strike price $14.38,
expires 5/26/09, broker UBS Securities LLC

 

 

(47,000

)

 

(27,467

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

18

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


Schedule of Investments (concluded)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Masco Corp., strike price $8, expires 5/22/09,
broker Barclays Capital, Inc.

 

 

(185

)

$

(22,244

)

Medtronic, Inc., strike price $32.50, expires 6/05/09,
broker UBS Securities LLC

 

 

(300

)

 

(27,321

)

Mercury General Corp., strike price $31.63,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(16,000

)

 

(49,083

)

Northern Trust Corp., strike price $66, expires 5/22/09,
broker Jefferies & Co., Inc.

 

 

(50

)

 

(449

)

Parker Hannifin Corp., strike price $37.50,
expires 5/06/09, broker JPMorgan Chase Securities

 

 

(6,000

)

 

(47,100

)

Paychex, Inc., strike price $28.67, expires 6/05/09,
broker UBS Securities LLC

 

 

(10,000

)

 

(2,274

)

PepsiCo, Inc., strike price $52.50, expires 5/21/09,
broker JPMorgan Chase Securities

 

 

(29,500

)

 

(4,115

)

Praxair, Inc., strike price $74.56, expires 6/05/09,
broker Citigroup Global Markets

 

 

(6,300

)

 

(19,351

)

Procter & Gamble Co. (The), strike price $48.82,
expires 5/22/09, broker UBS Securities LLC

 

 

(16,000

)

 

(29,014

)

Progress Energy, Inc., strike price $36.46,
expires 6/09/09, broker Goldman Sachs & Co.

 

 

(34,000

)

 

(7,313

)

RPM International, Inc., strike price $13.45,
expires 5/26/09, broker UBS Securities LLC

 

 

(45,100

)

 

(27,980

)

Sherwin-Williams Co. (The), strike price $58.01,
expires 6/05/09, broker UBS Securities LLC

 

 

(4,200

)

 

(7,293

)

TCF Financial Corp., strike price $14.25,
expires 6/05/09, broker Jefferies & Co., Inc.

 

 

(350

)

 

(30,352

)

TJX Cos., Inc., strike price $28.41, expires 6/05/09,
broker UBS Securities LLC

 

 

(16,300

)

 

(17,523

)

United Technologies Corp., strike price $48.30,
expires 6/09/09, broker Citigroup Global Markets

 

 

(22,000

)

 

(45,672

)

Valley National Bancorp, strike price $11.67,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(19,000

)

 

(51,291

)

Wal-Mart Stores, Inc., strike price $53.25,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(14,000

)

 

(4,383

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(1,452,262

)

               

Total Options Written
(Premiums Received $3,026,320)—(0.9)%

 

 

 

 

 

(4,049,244

)

               

Total Investments Net of Outstanding Options Written—99.8%

 

 

 

 

 

442,540,115

 

Other Assets in Excess of Liabilities—0.2%

 

 

 

 

 

1,002,736

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

443,542,851

 

 

 

 

 

 

     

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

525,493,595

 

 

 

 

     

 

Gross unrealized appreciation

 

$

25,108,607

 

 

Gross unrealized depreciation

 

 

(104,012,843

)

 

 

 

     

 

Net unrealized depreciation

 

$

(78,904,236

)

 

 

 

     

 

 

(a)

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

 

Income

 

 

           

 

BlackRock Liquidity Funds, TempFund

 

 

8,918,424

 

$

77,644

 

 

               

 

 

(b)

Represents the current yield as of report date.


 

 

 

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.

 

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

           

 

Valuation
Inputs

 

Investments in
Securities

 

Other Financial
Instruments**

 

 

           

 

 

 

Assets

 

Liabilities

 

 

 

 

       

 

Level 1

 

$

446,589,359

 

$

(2,596,982

)

 

Level 2

 

 

 

 

(1,452,262

)

 

Level 3

 

 

 

 

 

 

               

 

Total

 

$

446,589,359

 

$

(4,049,244

)

 

 

 

       

 

 

 

 

**

Other financial instruments are options written and are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

19



 

 

 


 

Schedule of Investments April 30, 2009 (Unaudited)

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Aerospace & Defense—2.3%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

71,900

 

$

3,715,073

 

United Technologies Corp.

 

 

173,800

 

 

8,488,392

 

 

 

 

 

 

     

 

 

 

 

 

 

12,203,465

 

               

Automotive—0.5%

 

 

 

 

 

 

 

Johnson Controls, Inc.

 

 

123,700

 

 

2,351,537

 

               

Basic Materials—2.8%

 

 

 

 

 

 

 

Nucor Corp.

 

 

63,700

 

 

2,591,953

 

PPG Industries, Inc.

 

 

73,250

 

 

3,226,663

 

Praxair, Inc.

 

 

37,800

 

 

2,820,258

 

RPM International, Inc.

 

 

250,900

 

 

3,467,438

 

Sherwin-Williams Co. (The)

 

 

25,200

 

 

1,427,328

 

Vulcan Materials Co.

 

 

29,100

 

 

1,383,705

 

 

 

 

 

 

     

 

 

 

 

 

 

14,917,345

 

               

Building & Development—0.2%

 

 

 

 

 

 

 

Masco Corp.

 

 

108,200

 

 

958,652

 

               

Consumer Products—29.1%

 

 

 

 

 

 

 

Altria Group, Inc. (a)

 

 

702,300

 

 

11,468,559

 

Archer Daniels Midland Co.

 

 

90,600

 

 

2,230,572

 

Clorox Co.

 

 

50,000

 

 

2,802,500

 

Coca-Cola Co. (The)

 

 

487,100

 

 

20,969,655

 

Colgate-Palmolive Co.

 

 

86,900

 

 

5,127,100

 

Family Dollar Stores, Inc.

 

 

38,400

 

 

1,274,496

 

Fastnel Co.

 

 

39,400

 

 

1,511,384

 

H&R Block, Inc.

 

 

74,600

 

 

1,129,444

 

Harley-Davidson, Inc.

 

 

108,925

 

 

2,413,778

 

Hershey Co. (The)

 

 

37,000

 

 

1,337,180

 

Home Depot, Inc.

 

 

109,400

 

 

2,879,408

 

Kimberly-Clark Corp.

 

 

135,900

 

 

6,678,126

 

Lowe’s Cos., Inc.

 

 

274,800

 

 

5,908,200

 

McDonald’s Corp.

 

 

281,900

 

 

15,022,451

 

PepsiCo, Inc.

 

 

246,700

 

 

12,275,792

 

Philip Morris International, Inc.

 

 

237,400

 

 

8,593,880

 

Procter & Gamble Co. (The)

 

 

318,800

 

 

15,761,472

 

SYSCO Corp.

 

 

109,600

 

 

2,556,968

 

Target Corp.

 

 

151,300

 

 

6,242,638

 

TJX Cos., Inc.

 

 

97,400

 

 

2,724,278

 

Universal Corp.

 

 

73,961

 

 

2,230,664

 

VF Corp.

 

 

22,000

 

 

1,303,940

 

Wal-Mart Stores, Inc.

 

 

417,900

 

 

21,062,160

 

 

 

 

 

 

     

 

 

 

 

 

 

153,504,645

 

               

Energy—8.5%

 

 

 

 

 

 

 

Chevron Corp.

 

 

360,100

 

 

23,802,610

 

ExxonMobil Corp.

 

 

317,600

 

 

21,174,392

 

 

 

 

 

 

     

 

 

 

 

 

 

44,977,002

 

               

Financial Institutions—10.7%

 

 

 

 

 

 

 

Aflac, Inc.

 

 

104,400

 

 

3,016,116

 

Allstate Corp. (The)

 

 

101,400

 

 

2,365,662

 

Associated Banc-Corp

 

 

78,100

 

 

1,208,207

 

Bank of Hawaii Corp.

 

 

76,200

 

 

2,677,668

 

BB&T Corp. (b)

 

 

289,100

 

 

6,747,594

 

Chubb Corp.

 

 

62,000

 

 

2,414,900

 

Mercury General Corp.

 

 

41,700

 

 

1,408,626

 

Northern Trust Corp.

 

 

27,600

 

 

1,500,336

 

State Street Corp.

 

 

27,000

 

 

921,510

 

T. Rowe Price Group, Inc.

 

 

80,000

 

 

3,081,600

 

TCF Financial Corp.

 

 

207,900

 

 

2,891,889

 

U.S. Bancorp

 

 

393,700

 

 

7,173,214

 

Valley National Bancorp

 

 

103,700

 

 

1,500,539

 

Wells Fargo & Co.

 

 

965,740

 

 

19,324,457

 

 

 

 

 

 

     

 

 

 

 

 

 

56,232,318

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Health Care—5.3%

 

 

 

 

 

 

 

Becton Dickinson & Co.

 

 

45,500

 

$

2,751,840

 

Johnson & Johnson (a)

 

 

342,500

 

 

17,933,300

 

Medtronic, Inc.

 

 

224,500

 

 

7,184,000

 

 

 

 

 

 

     

 

 

 

 

 

 

27,869,140

 

               

Industrials—20.6%

 

 

 

 

 

 

 

3M Co.

 

 

267,000

 

 

15,379,200

 

Abbott Laboratories

 

 

388,200

 

 

16,246,170

 

Caterpillar, Inc.

 

 

151,600

 

 

5,393,928

 

Dover Corp.

 

 

47,800

 

 

1,471,284

 

Eli Lilly & Co.

 

 

459,500

 

 

15,126,740

 

Emerson Electric Co.

 

 

281,200

 

 

9,572,048

 

General Electric Co.

 

 

1,385,500

 

 

17,526,575

 

Leggett & Platt, Inc.

 

 

112,500

 

 

1,615,500

 

Parker Hannifin Corp.

 

 

36,500

 

 

1,655,275

 

Pfizer, Inc.

 

 

1,472,700

 

 

19,675,272

 

Stanley Works (The)

 

 

80,800

 

 

3,072,824

 

W.W. Grainger, Inc.

 

 

18,000

 

 

1,509,840

 

 

 

 

 

 

     

 

 

 

 

 

 

108,244,656

 

               

Media—0.3%

 

 

 

 

 

 

 

McGraw-Hill Cos., Inc. (The)

 

 

52,300

 

 

1,576,845

 

               

Real Estate Investment Trust—1.1%

 

 

 

 

 

 

 

HCP, Inc.

 

 

71,000

 

 

1,558,450

 

Lexington Realty Trust

 

 

7,069

 

 

27,216

 

Liberty Property Trust

 

 

50,900

 

 

1,238,906

 

Realty Income Corp.

 

 

71,600

 

 

1,598,828

 

Vornado Realty Trust

 

 

31,589

 

 

1,544,386

 

 

 

 

 

 

     

 

 

 

 

 

 

5,967,786

 

               

Technology—6.8%

 

 

 

 

 

 

 

Automatic Data Processing, Inc.

 

 

100,460

 

 

3,536,192

 

International Business Machines Corp.

 

 

231,100

 

 

23,851,831

 

Linear Technology Corp.

 

 

110,400

 

 

2,404,512

 

Paychex, Inc.

 

 

61,100

 

 

1,650,311

 

Pitney Bowes, Inc.

 

 

167,546

 

 

4,111,579

 

 

 

 

 

 

     

 

 

 

 

 

 

35,554,425

 

               

Telecommunications—5.8%

 

 

 

 

 

 

 

AT&T Inc.

 

 

894,600

 

 

22,919,652

 

CenturyTel, Inc.

 

 

274,000

 

 

7,439,100

 

 

 

 

 

 

     

 

 

 

 

 

 

30,358,752

 

               

Transportation—0.3%

 

 

 

 

 

 

 

C.H. Robinson Worldwide, Inc.

 

 

33,500

 

 

1,780,860

 

               

Utilities—4.4%

 

 

 

 

 

 

 

Atmos Energy Corp. (a)

 

 

137,900

 

 

3,407,509

 

Consolidated Edison, Inc.

 

 

202,000

 

 

7,500,260

 

FPL Group, Inc.

 

 

66,700

 

 

3,587,793

 

Progress Energy, Inc.

 

 

200,700

 

 

6,847,883

 

Vectren Corp.

 

 

79,000

 

 

1,751,430

 

 

 

 

 

 

     

 

 

 

 

 

 

23,094,875

 

               

Total Long-Term Investments
(Cost—$680,141,823)—98.7%

 

 

 

 

 

519,592,303

 

               

 

 

 

 

 

 

 

 









Short-Term Securities

 

Shares/Beneficial
Interest

 

 

 

 

             

BlackRock Liquidity Funds, TempFund, 0.64% (c)(d)

 

 

17,324,473

 

 

17,324,473

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.80% (c)(d)(e)

 

 

4,375,000

 

 

4,375,000

 

               

Total Short-Term Securities
(Cost—$21,699,473)—4.1%

 

 

 

 

 

21,699,473

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

20

SEMI-ANNUAL REPORT

APRIL 30, 2009

 




 

 

 


 

Schedule of Investments (continued)

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Purchased

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Purchased—0.0%

 

 

 

 

 

 

 

Abbott Laboratories, strike price $52.50, expires 5/18/09

 

 

750

 

$

3,750

 

Bank of America Corp., strike price $15, expires 5/18/09

 

 

1,000

 

 

4,000

 

FNB Corp., strike price $12.50, expires 5/18/09

 

 

200

 

 

1,000

 

               

Total Options Purchased
(Cost—$11,700)—0.0%

 

 

 

 

 

8,750

 

               

Total Investments Before Outstanding Options Written
(Cost—$701,852,996*)—102.8%

 

 

 

 

 

541,300,526

 

               

 

 

 

 

 

 

 

 









Options Written

 

 

 

 

 

 

 

               

Exchange-Traded Call Options Written—(1.3)%

 

 

 

 

 

 

 

3M Co., strike price $55, expires 5/18/09

 

 

(220

)

 

(69,300

)

3M Co., strike price $55, expires 6/22/09

 

 

(600

)

 

(243,000

)

Abbott Laboratories, strike price $47.50, expires 6/22/09

 

 

(885

)

 

(22,125

)

Abbott Laboratories, strike price $57.50, expires 5/18/09

 

 

(750

)

 

(3,750

)

Aflac, Inc., strike price $25, expires 5/18/09

 

 

(570

)

 

(247,950

)

Allstate Corp. (The), strike price $24, expires 5/18/09

 

 

(560

)

 

(63,000

)

Altria Group, Inc., strike price $18, expires 5/18/09

 

 

(260

)

 

(520

)

Altria Group, Inc., strike price $18, expires 6/22/09

 

 

(1,900

)

 

(21,850

)

Archer Daniels Midland Co., strike price $30, expires 5/18/09

 

 

(500

)

 

(3,750

)

Associated Banc-Corp, strike price $17.50, expires 5/18/09

 

 

(180

)

 

(5,400

)

AT&T Inc., strike price $26, expires 5/18/09

 

 

(3,500

)

 

(154,000

)

Atmos Energy Corp., strike price $25, expires 5/18/09

 

 

(445

)

 

(14,463

)

Atmos Energy Corp., strike price $25, expires 7/20/09

 

 

(310

)

 

(26,350

)

Automatic Data Processing, Inc., strike price $37.50, expires 5/18/09

 

 

(250

)

 

(5,000

)

Automatic Data Processing, Inc., strike price $38,
expires 6/22/09

 

 

(300

)

 

(14,250

)

Bank of America Corp., strike price $16, expires 5/18/09

 

 

(1,000

)

 

(3,000

)

BB&T Corp., strike price $22.50, expires 5/18/09

 

 

(940

)

 

(204,450

)

BB&T Corp., strike price $25, expires 6/22/09

 

 

(180

)

 

(33,300

)

Becton Dickinson & Co., strike price $70, expires 5/18/09

 

 

(250

)

 

(2,500

)

C.H. Robinson Worldwide, Inc., strike price $50, expires 5/18/09

 

 

(180

)

 

(69,300

)

Caterpillar, Inc., strike price $32, expires 5/18/09

 

 

(550

)

 

(220,000

)

Caterpillar, Inc., strike price $34, expires 5/18/09

 

 

(285

)

 

(70,253

)

CenturyTel, Inc., strike price $30, expires 5/18/09

 

 

(400

)

 

(6,000

)

Chevron Corp., strike price $70, expires 5/18/09

 

 

(530

)

 

(21,200

)

Chevron Corp., strike price $75, expires 6/22/09

 

 

(1,200

)

 

(48,000

)

Chubb Corp., strike price $45, expires 5/18/09

 

 

(340

)

 

(1,700

)

Clorox Co., strike price $55, expires 5/18/09

 

 

(75

)

 

(16,875

)

Coca-Cola Co. (The), strike price $45, expires 5/18/09

 

 

(1,000

)

 

(17,500

)

Coca-Cola Co. (The), strike price $45, expires 6/22/09

 

 

(79

)

 

(5,135

)

Coca-Cola Co. (The), strike price $47.50, expires 5/18/09

 

 

(600

)

 

(3,000

)

Colgate-Palmolive Co., strike price $60, expires 5/18/09

 

 

(150

)

 

(14,250

)

Colgate-Palmolive Co., strike price $65, expires 8/24/09

 

 

(150

)

 

(21,750

)

Consolidated Edison, Inc., strike price $40, expires 5/18/09

 

 

(1,111

)

 

(8,332

)

Dover Corp., strike price $30, expires 6/22/09

 

 

(260

)

 

(63,050

)

Eli Lilly & Co., strike price $30, expires 7/20/09

 

 

(650

)

 

(237,250

)

Eli Lilly & Co., strike price $35, expires 5/18/09

 

 

(575

)

 

(7,187

)

Eli Lilly & Co., strike price $35, expires 6/22/09

 

 

(1,300

)

 

(81,250

)

Emerson Electric Co., strike price $34, expires 6/22/09

 

 

(950

)

 

(173,375

)

ExxonMobil Corp., strike price $70, expires 5/18/09

 

 

(1,230

)

 

(49,200

)

ExxonMobil Corp., strike price $75, expires 5/18/09

 

 

(165

)

 

(660

)

Family Dollar Stores, Inc., strike price $35, expires 5/18/09

 

 

(210

)

 

(7,350

)

FNB Corp., strike price $15, expires 5/18/09

 

 

(200

)

 

(4,000

)

FPL Group, Inc., strike price $50, expires 5/18/09

 

 

(180

)

 

(70,200

)

General Dynamics Corp., strike price $45, expires 5/18/09

 

 

(270

)

 

(183,600

)

General Electric Co., strike price $10, expires 6/22/09

 

 

(290

)

 

(85,405

)

General Electric Co., strike price $15, expires 6/22/09

 

 

(1,000

)

 

(26,000

)

H&R Block, Inc., strike price $20, expires 5/18/09

 

 

(410

)

 

(2,050

)


 

 

 

 

 

 

 

 

Options Written

 

 

Contracts

 

 

Value

 

               

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Harley-Davidson, Inc., strike price $15, expires 5/18/09

 

 

(350

)

$

(253,750

)

HCP, Inc., strike price $22.50, expires 5/18/09

 

 

(120

)

 

(9,300

)

HCP, Inc., strike price $25, expires 5/18/09

 

 

(120

)

 

(2,700

)

HCP, Inc., strike price $25, expires 6/22/09

 

 

(150

)

 

(13,875

)

International Business Machines Corp., strike price $105,
expires 5/18/09

 

 

(940

)

 

(131,600

)

International Business Machines Corp., strike price $105,
expires 6/22/09

 

 

(330

)

 

(118,800

)

Johnson & Johnson, strike price $55, expires 5/18/09

 

 

(185

)

 

(2,312

)

Johnson & Johnson, strike price $55, expires 6/22/09

 

 

(1,350

)

 

(64,125

)

Johnson & Johnson, strike price $55, expires 7/20/09

 

 

(355

)

 

(37,275

)

Kimberly-Clark Corp., strike price $50, expires 5/18/09

 

 

(390

)

 

(23,400

)

Leggett & Platt, Inc., strike price $15, expires 5/18/09

 

 

(331

)

 

(10,757

)

Liberty Property Trust, strike price $22.50, expires 5/18/09

 

 

(275

)

 

(72,188

)

Linear Technology Corp., strike price $25, expires 5/18/09

 

 

(425

)

 

(2,125

)

Lowe’s Cos., Inc., strike price $20, expires 5/18/09

 

 

(1,530

)

 

(275,400

)

Masco Corp., strike price $10, expires 6/22/09

 

 

(300

)

 

(20,250

)

McDonald’s Corp., strike price $57.50, expires 5/18/09

 

 

(620

)

 

(7,750

)

McDonald’s Corp., strike price $57.50, expires 6/22/09

 

 

(465

)

 

(26,738

)

McDonald’s Corp., strike price $60, expires 6/22/09

 

 

(465

)

 

(10,462

)

McGraw-Hill Cos., Inc., strike price $25, expires 5/18/09

 

 

(290

)

 

(149,350

)

Medtronic, Inc., strike price $34, expires 6/22/09

 

 

(225

)

 

(21,375

)

Mercury General Corp., strike price $35, expires 6/22/09

 

 

(230

)

 

(44,850

)

Nucor Corp., strike price $45, expires 5/18/09

 

 

(350

)

 

(12,250

)

Paychex, Inc., strike price $27.50, expires 5/18/09

 

 

(340

)

 

(15,300

)

PepsiCo, Inc., strike price $52.50, expires 6/22/09

 

 

(650

)

 

(45,500

)

PepsiCo, Inc., strike price $55, expires 5/18/09

 

 

(400

)

 

(2,000

)

Pfizer, Inc., strike price $15, expires 5/18/09

 

 

(2,000

)

 

(4,000

)

Pfizer, Inc., strike price $15, expires 6/22/09

 

 

(2,100

)

 

(27,300

)

Philip Morris International, Inc., strike price $40,
expires 5/18/09

 

 

(625

)

 

(3,125

)

Pitney Bowes, Inc., strike price $25, expires 5/18/09

 

 

(500

)

 

(35,000

)

PPG Industries, Inc., strike price $40, expires 5/18/09

 

 

(100

)

 

(42,500

)

Procter & Gamble Co. (The), strike price $50,
expires 5/18/09

 

 

(300

)

 

(28,500

)

Procter & Gamble Co. (The), strike price $55,
expires 7/20/09

 

 

(390

)

 

(25,350

)

Progress Energy, Inc., strike price $35, expires 5/18/09

 

 

(500

)

 

(17,500

)

Realty Income Corp., strike price $20, expires 5/18/09

 

 

(700

)

 

(180,250

)

RPM International, Inc., strike price $15, expires 5/18/09

 

 

(500

)

 

(7,500

)

Stanley Works (The), strike price $32.50, expires 5/18/09

 

 

(300

)

 

(186,000

)

Sysco Corp., strike price $25, expires 5/18/09

 

 

(600

)

 

(9,000

)

T. Rowe Price Group, Inc., strike price $30, expires 5/18/09

 

 

(220

)

 

(189,200

)

T. Rowe Price Group, Inc., strike price $40, expires 6/22/09

 

 

(220

)

 

(60,500

)

Target Corp., strike price $37.50, expires 5/18/09

 

 

(830

)

 

(354,825

)

United Technologies Corp., strike price $45, expires 5/18/09

 

 

(100

)

 

(40,000

)

United Technologies Corp., strike price $50, expires 8/24/09

 

 

(100

)

 

(32,000

)

Universal Corp., strike price $35, expires 5/18/09

 

 

(100

)

 

(1,500

)

Universal Corp., strike price $35, expires 6/22/09

 

 

(275

)

 

(12,375

)

Universal Corp., strike price $40, expires 5/18/09

 

 

(30

)

 

(450

)

US Bancorp, strike price $20, expires 5/18/09

 

 

(1,000

)

 

(55,000

)

US Bancorp, strike price $20, expires 6/22/09

 

 

(1,000

)

 

(142,500

)

Valley National Bancorp, strike price $12.50,
expires 5/18/09

 

 

(570

)

 

(148,200

)

Vectren Corp., strike price $22.50, expires 5/18/09

 

 

(415

)

 

(17,638

)

Vectren Corp., strike price $22.50, expires 6/22/09

 

 

(20

)

 

(1,650

)

VF Corp., strike price $60, expires 5/18/09

 

 

(120

)

 

(20,100

)

Vulcan Materials Co., strike price $50, expires 5/18/09

 

 

(160

)

 

(26,000

)

W.W. Grainger, Inc., strike price $75, expires 5/18/09

 

 

(100

)

 

(88,000

)

Wal-Mart Stores, Inc., strike price $55, expires 6/22/09

 

 

(1,840

)

 

(102,120

)

Wells Fargo & Co., strike price $20, expires 5/18/09

 

 

(1,570

)

 

(274,750

)

Wells Fargo & Co., strike price $21, expires 7/20/09

 

 

(600

)

 

(172,500

)

Wells Fargo & Co., strike price $22, expires 6/22/09

 

 

(2,400

)

 

(444,000

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(6,774,595

)

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

21




 

 

 


 

Schedule of Investments (continued)

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written—(0.9)%

 

 

 

 

 

 

 

3M Co., strike price $52.61, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(65,000

)

$

(327,054

)

Altria Group, Inc., strike price $16.39, expires 5/15/09,
broker UBS Securities LLC

 

 

(105,000

)

 

(32,088

)

Altria Group, Inc., strike price $17.24, expires 6/25/09,
broker Citigroup Global Markets

 

 

(66,000

)

 

(17,252

)

Associated Banc-Corp, strike price $17.35,
expires 5/21/09, broker UBS Securities LLC

 

 

(25,000

)

 

(3,808

)

AT&T Inc., strike price $27, expires 5/13/09,
broker Goldman Sachs & Co.

 

 

(160,000

)

 

(17,408

)

Bank of Hawaii Corp., strike price $34.56,
expires 6/09/09, broker Citigroup Global Markets

 

 

(42,000

)

 

(102,866

)

BB&T Corp., strike price $24, expires 5/21/09,
broker Morgan Stanley & Co., Inc.

 

 

(47,000

)

 

(60,437

)

CenturyTel, Inc., strike price $27, expires 6/25/09,
broker UBS Securities LLC

 

 

(500

)

 

(42,045

)

CenturyTel, Inc., strike price $27.91, expires 6/19/09,
broker Citigroup Global Markets

 

 

(36,000

)

 

(20,826

)

CenturyTel, Inc., strike price $28, expires 6/25/09,
broker Jefferies & Co., Inc.

 

 

(250

)

 

(17,500

)

Chevron Corp., strike price $68.41, expires 6/19/09,
broker Goldman Sachs & Co.

 

 

(25,000

)

 

(46,290

)

Clorox Co., strike price $52.59, expires 5/22/09,
broker Goldman Sachs & Co.

 

 

(20,000

)

 

(79,430

)

Coca-Cola Co. (The), strike price $44, expires 6/30/09,
broker Barclays Capital, Inc.

 

 

(1,000

)

 

(108,350

)

Colgate-Palmolive Co., strike price $61.75,
expires 6/04/09, broker Jefferies & Co., Inc.

 

 

(180

)

 

(16,594

)

Emerson Electric Co., strike price $30.56,
expires 5/26/09, broker UBS Securities LLC

 

 

(15,000

)

 

(52,200

)

Emerson Electric Co., strike price $32, expires 5/06/09,
broker UBS Securities LLC

 

 

(45,000

)

 

(91,800

)

ExxonMobil Corp., strike price $71, expires 5/29/09,
broker UBS Securities LLC

 

 

(26,000

)

 

(15,961

)

ExxonMobil Corp., strike price $75, expires 5/15/09,
broker Credit Suisse

 

 

(9,500

)

 

(218

)

Fastnel Co., strike price $33.66, expires 6/04/09,
broker UBS Securities LLC

 

 

(22,000

)

 

(110,000

)

FPL Group, Inc., strike price $53, expires 6/09/09,
broker UBS Securities LLC

 

 

(19,000

)

 

(41,540

)

General Dynamics Corp., strike price $43,
expires 5/26/09, broker Jefferies & Co., Inc.

 

 

(125

)

 

(108,375

)

General Electric Co., strike price $13.11,
expires 5/15/09, broker Citigroup Global Markets

 

 

(265,000

)

 

(86,576

)

General Electric Co., strike price $13.17,
expires 7/10/09, broker UBS Securities LLC

 

 

(375,000

)

 

(349,388

)

Harley-Davidson, Inc., strike price $20, expires 6/09/09,
broker Jefferies & Co., Inc.

 

 

(250

)

 

(83,548

)

Hershey Co., strike price $38, expires 6/05/09,
broker UBS Securities LLC

 

 

(20,000

)

 

(12,020

)

Home Depot, Inc., strike price $23, expires 5/15/09,
broker Citigroup Global Markets

 

 

(109,400

)

 

(367,606

)

Johnson Controls, Inc., strike price $12.83,
expires 6/04/09, broker Citigroup Global Markets

 

 

(68,000

)

 

(427,516

)

Kimberly-Clark Corp., strike price $48.84,
expires 5/15/09, broker Citigroup Global Markets

 

 

(50,000

)

 

(52,665

)

Leggett & Platt, Inc., strike price $14.38,
expires 5/26/09, broker UBS Securities LLC

 

 

(79,400

)

 

(46,401

)

Masco Corp., strike price $7, expires 5/21/09,
broker Jefferies & Co., Inc.

 

 

(300

)

 

(58,365

)

Medtronic, Inc., strike price $31, expires 6/05/09,
broker UBS Securities LLC

 

 

(1,010

)

 

(182,194

)

Northern Trust Corp., strike price $66, expires 5/22/09,
broker Jefferies & Co., Inc.

 

 

(150

)

 

(1,345

)


 

 

 

 

 

 

 

 

Options Written

 

 

Contracts

 

 

Value

 

               

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Parker Hannifin Corp., strike price $37.50,
expires 5/06/09, broker JPMorgan Chase Securities

 

 

(20,000

)

$

(157,000

)

PepsiCo, Inc., strike price $52.50, expires 5/21/09,
broker JPMorgan Chase Securities

 

 

(30,000

)

 

(4,185

)

Pfizer, Inc., strike price $14.06, expires 7/17/09,
broker UBS Securities LLC

 

 

(400,000

)

 

(200,000

)

Philip Morris International, Inc., strike price $39,
expires 5/21/09, broker UBS Securities LLC

 

 

(30,000

)

 

(3,609

)

Philip Morris International, Inc., strike price $40,
expires 5/21/09, broker Goldman Sachs & Co.

 

 

(41,000

)

 

(1,406

)

Pitney Bowes, Inc., strike price $25.75,
expires 5/21/09, broker Jefferies & Co., Inc.

 

 

(500

)

 

(24,995

)

PPG Industries, Inc., strike price $35.50,
expires 5/12/09, broker UBS Securities LLC

 

 

(250

)

 

(213,750

)

Praxair, Inc., strike price $74.56, expires 6/05/09,
broker Citigroup Global Markets

 

 

(20,700

)

 

(63,580

)

Procter & Gamble Co. (The), strike price $48.82,
expires 5/22/09, broker UBS Securities LLC

 

 

(52,000

)

 

(94,297

)

Procter & Gamble Co. (The), strike price $50.87,
expires 5/29/09, broker Credit Suisse

 

 

(54,000

)

 

(48,735

)

RPM International, Inc., strike price $13.45,
expires 5/26/09, broker UBS Securities LLC

 

 

(25,000

)

 

(15,510

)

RPM International, Inc., strike price $15,
expires 6/12/09, broker UBS Securities LLC

 

 

(630

)

 

(18,513

)

Sherwin-Williams Co. (The), strike price $58.01,
expires 6/05/09, broker UBS Securities LLC

 

 

(13,900

)

 

(24,137

)

Stanley Works (The), strike price $35, expires 6/18/09,
broker Morgan Stanley & Co., Inc.

 

 

(19,000

)

 

(78,176

)

State Street Corp., strike price $32.50, expires 5/21/09,
broker Jefferies & Co., Inc.

 

 

(150

)

 

(60,093

)

TCF Financial Corp., strike price $14.25,
expires 6/05/09, broker Jefferies & Co., Inc.

 

 

(1,140

)

 

(98,861

)

TJX Cos., Inc., strike price $27.38, expires 6/05/09,
broker UBS Securities LLC

 

 

(53,500

)

 

(84,123

)

United Technologies Corp., strike price $48.30,
expires 6/09/09, broker Citigroup Global Markets

 

 

(75,000

)

 

(155,700

)

US Bancorp, strike price $20, expires 5/12/09,
broker Jefferies & Co., Inc.

 

 

(400

)

 

(14,092

)

Vornado Realty Trust, strike price $51, expires 6/25/09,
broker UBS Securities LLC

 

 

(175

)

 

(75,294

)

Wal-Mart Stores, Inc., strike price $53.25,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(46,000

)

 

(14,403

)

Wells Fargo & Co., strike price $20, expires 5/06/09,
broker Jefferies & Co., Inc.

 

 

(750

)

 

(73,013

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(4,503,138

)

               

Total Options Written
(Premiums Received $9,995,012)—(2.2)%

 

 

 

 

 

(11,277,733

)

               

Total Investments Net of Outstanding Options Written—100.6%

 

 

 

 

 

530,022,793

 

Liabilities in Excess of Other Assets—(0.6)%

 

 

 

 

 

(3,351,536

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

526,671,257

 

 

 

 

 

 

     

 

 

 

 

 

 

 

 

 

                 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

726,025,603

 

 

 

 

 

 

 

     

 

Gross unrealized appreciation

 

 

 

 

$

7,960,094

 

 

Gross unrealized depreciation

 

 

 

 

 

(192,685,171

)

 

 

 

 

 

 

     

 

Net unrealized depreciation

 

 

 

 

$

(184,725,077

)

 

 

 

 

 

 

     

 

 

(a)

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

(b)

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

(c)

Represents the current yield as of report date.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

22

SEMI-ANNUAL REPORT

APRIL 30, 2009

 




 

 

 


 

Schedule of Investments (concluded)

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

(d)

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

 

Income

 

             

 

BlackRock Liquidity Funds,
TempFund

 

 

17,324,473

 

$

211,601

 

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

(17,549,000

)

$

33,421

 

                 

 

 

(e)

Security purchased with the cash proceeds from securities loans.

 

 

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.

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

           

Valuation
Inputs

 

Investments in Securities

 

Other Financial Instruments**

 

           

 

 

Assets

 

Assets

 

Liabilities

 

 

 

           

Level 1

 

$

536,916,776

 

$

8,750

 

$

(6,774,595

)

Level 2

 

 

4,375,000

 

 

 

 

(4,503,138

)

Level 3

 

 

 

 

 

 

 

                     

Total

 

$

541,291,776

 

$

8,750

 

$

(11,277,733

)

 

 

                 

 

 

 

 

**

Other financial instruments are options written and are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

23



 

 


 

Schedule of Investments April 30, 2009 (Unaudited)

BlackRock Strategic Dividend AchieversTM Trust (BDT)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Automotive—2.6%

 

 

 

 

 

 

 

Genuine Parts Co.

 

 

182,400

 

$

6,194,304

 

               

Basic Materials—7.8%

 

 

 

 

 

 

 

RPM International, Inc.

 

 

172,000

 

 

2,377,040

 

Sherwin-Williams Co. (The)

 

 

128,200

 

 

7,261,248

 

Sonoco Products Co.

 

 

108,600

 

 

2,650,926

 

Stepan Co.

 

 

47,600

 

 

1,883,532

 

Vulcan Materials Co.

 

 

97,600

 

 

4,640,880

 

 

 

 

 

 

     

 

 

 

 

 

 

18,813,626

 

               

Building & Development—3.9%

 

 

 

 

 

 

 

ABM Industries, Inc.

 

 

82,200

 

 

1,440,144

 

D.R. Horton, Inc. (a)

 

 

408,400

 

 

5,329,620

 

Masco Corp.

 

 

312,600

 

 

2,769,636

 

 

 

 

 

 

     

 

 

 

 

 

 

9,539,400

 

               

Consumer Products—16.8%

 

 

 

 

 

 

 

Avery Dennison Corp.

 

 

147,800

 

 

4,247,772

 

Clorox Co.

 

 

134,000

 

 

7,510,700

 

H&R Block, Inc.

 

 

343,500

 

 

5,200,590

 

Harley-Davidson, Inc.

 

 

187,800

 

 

4,161,648

 

Hillenbrand, Inc.

 

 

64,000

 

 

1,163,520

 

HNI Corp.

 

 

73,300

 

 

1,136,150

 

Lancaster Colony Corp.

 

 

49,800

 

 

2,181,240

 

Meridian Bioscience, Inc.

 

 

106,000

 

 

1,842,280

 

Polaris Industries, Inc.

 

 

76,800

 

 

2,568,960

 

SUPERVALU, INC.

 

 

195,500

 

 

3,196,425

 

Universal Corp.

 

 

57,400

 

 

1,731,184

 

VF Corp.

 

 

94,100

 

 

5,577,307

 

 

 

 

 

 

     

 

 

 

 

 

 

40,517,776

 

               

Energy—14.7%

 

 

 

 

 

 

 

American States Water Co.

 

 

50,400

 

 

1,740,312

 

Aqua America, Inc.

 

 

216,500

 

 

3,972,775

 

Black Hills Corp.

 

 

99,200

 

 

1,972,096

 

California Water Service Group

 

 

46,400

 

 

1,810,992

 

Integrys Energy Group, Inc.

 

 

97,900

 

 

2,585,539

 

MDU Resources Group, Inc.

 

 

146,000

 

 

2,565,220

 

MGE Energy, Inc.

 

 

54,200

 

 

1,662,856

 

National Fuel Gas Co.

 

 

76,800

 

 

2,512,128

 

New Jersey Resources Corp.

 

 

70,500

 

 

2,320,860

 

Northwest Natural Gas Co.

 

 

42,600

 

 

1,742,340

 

Otter Tail Corp.

 

 

51,500

 

 

1,142,270

 

Peidmont Natural Gas Co.

 

 

139,300

 

 

3,401,706

 

UGI Corp.

 

 

151,200

 

 

3,468,528

 

WGL Holdings, Inc.

 

 

149,000

 

 

4,639,860

 

 

 

 

 

 

     

 

 

 

 

 

 

35,537,482

 

               

Financial Institutions—24.9%

 

 

 

 

 

 

 

Arthur J. Gallagher & Co.

 

 

115,500

 

 

2,596,440

 

Associated Banc-Corp

 

 

140,800

 

 

2,178,176

 

BancorpSouth, Inc.

 

 

156,900

 

 

3,647,925

 

Bank of Hawaii Corp.

 

 

64,500

 

 

2,266,530

 

Chemical Financial Corp.

 

 

76,600

 

 

1,635,410

 

Cincinnati Financial Corp.

 

 

190,842

 

 

4,570,666

 

Comerica, Inc.

 

 

146,200

 

 

3,067,276

 

Community Bank System, Inc.

 

 

74,600

 

 

1,227,170

 

Erie Indemnity Co., Class A

 

 

41,940

 

 

1,481,321

 

FirstMerit Corp.

 

 

174,400

 

 

3,385,104

 

FNB Corp.

 

 

114,100

 

 

858,032

 

Fulton Financial Corp.

 

 

244,125

 

 

1,613,666

 

Harleysville Group, Inc.

 

 

50,000

 

 

1,446,000

 

Harleysville National Corp.

 

 

63,800

 

 

559,526

 

M&T Bank Corp.

 

 

75,500

 

 

3,959,975

 

Marshall & Ilsley Corp.

 

 

227,198

 

 

1,313,204

 

Mercury General Corp.

 

 

73,600

 

 

2,486,208

 

Old National Bancorp

 

 

101,200

 

 

1,379,356

 

Old Republic International Corp.

 

 

211,000

 

 

1,977,070

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Financial Institutions (concluded)

 

 

 

 

 

 

 

Park National Corp.

 

 

25,200

 

$

1,687,140

 

Pinnacle West Capital Corp.

 

 

106,700

 

 

2,921,446

 

S&T Bancorp, Inc.

 

 

59,800

 

 

1,068,626

 

Susquehanna Bancshares, Inc.

 

 

78,900

 

 

635,934

 

Synovus Financial Corp.

 

 

285,400

 

 

921,842

 

TCF Financial Corp.

 

 

150,000

 

 

2,086,500

 

Trustmark Corp.

 

 

80,900

 

 

1,758,766

 

United Bankshares, Inc.

 

 

67,900

 

 

1,761,326

 

Valley National Bancorp

 

 

193,080

 

 

2,793,868

 

WesBanco, Inc.

 

 

68,400

 

 

1,360,476

 

Wilmington Trust Corp.

 

 

112,200

 

 

1,628,022

 

 

 

 

 

 

     

 

 

 

 

 

 

60,273,001

 

               

Health Care—0.3%

 

 

 

 

 

 

 

Hill-Rom Holdings, Inc.

 

 

64,000

 

 

830,720

 

               

Industrials—9.6%

 

 

 

 

 

 

 

A.O. Smith Corp.

 

 

31,675

 

 

984,776

 

Bemis Co., Inc.

 

 

146,500

 

 

3,521,860

 

Dover Corp.

 

 

133,575

 

 

4,111,438

 

Leggett & Platt, Inc.

 

 

193,300

 

 

2,775,788

 

McGrath RentCorp

 

 

74,600

 

 

1,577,044

 

Stanley Works (The)

 

 

69,800

 

 

2,654,494

 

W.W. Grainger, Inc.

 

 

90,900

 

 

7,624,692

 

 

 

 

 

 

     

 

 

 

 

 

 

23,250,092

 

               

Real Estate Investment Trust—7.9%

 

 

 

 

 

 

 

Duke Realty Corp.

 

 

91,000

 

 

889,070

 

EastGroup Properties, Inc.

 

 

44,400

 

 

1,492,284

 

HCP, Inc.

 

 

97,300

 

 

2,135,735

 

Lexington Realty Trust

 

 

138,449

 

 

533,029

 

Liberty Property Trust

 

 

71,500

 

 

1,740,310

 

National Retail Properties, Inc.

 

 

148,200

 

 

2,629,068

 

Realty Income Corp.

 

 

122,700

 

 

2,739,891

 

UDR, Inc.

 

 

130,559

 

 

1,314,729

 

Universal Health Realty Income Trust

 

 

89,200

 

 

2,856,184

 

Washington Real Estate Investment Trust

 

 

70,500

 

 

1,503,765

 

Weingarten Realty Investors

 

 

81,150

 

 

1,261,071

 

 

 

 

 

 

     

 

 

 

 

 

 

19,095,136

 

               

Technology—4.0%

 

 

 

 

 

 

 

Linear Technology Corp.

 

 

222,800

 

 

4,852,584

 

Pitney Bowes, Inc.

 

 

197,700

 

 

4,851,558

 

 

 

 

 

 

     

 

 

 

 

 

 

9,704,142

 

               

Telecommunications—1.1%

 

 

 

 

 

 

 

CenturyTel, Inc.

 

 

100,000

 

 

2,715,000

 

               

Transportation—1.4%

 

 

 

 

 

 

 

C.H. Robinson Worldwide, Inc.

 

 

62,300

 

 

3,311,868

 

               

Utilities—3.4%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

174,200

 

 

4,304,482

 

Vectren Corp.

 

 

175,300

 

 

3,886,401

 

 

 

 

 

 

     

 

 

 

 

 

 

8,190,883

 

               

Total Long-Term Investments
(Cost—$324,511,301)—98.4%

 

 

 

 

 

237,973,430

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, 0.64% (b)(c)

 

 

6,752,474

 

 

6,752,474

 

               

Total Short-Term Investments
(Cost—$6,752,474)—2.8.%

 

 

 

 

 

6,752,474

 

               

Total Investments Before Outstanding Options Written
(Cost—$331,263,775*)—101.2%

 

 

 

 

 

244,725,904

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

24

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Schedule of Investments (continued)

BlackRock Strategic Dividend AchieversTM Trust (BDT)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written—(0.5)%

 

 

 

 

 

 

 

Associated Banc-Corp, strike price $17.50,
expires 5/18/09

 

 

(280

)

$

(8,400

)

Atmos Energy Corp., strike price $25, expires 5/18/09

 

 

(350

)

 

(11,375

)

BancorpSouth, Inc., strike price $22.50, expires 5/18/09

 

 

(315

)

 

(49,613

)

Bemis Co., strike price $22.50, expires 5/18/09

 

 

(290

)

 

(60,900

)

C.H. Robinson Worldwide, Inc., strike price $50,
expires 5/18/09

 

 

(130

)

 

(50,050

)

Cincinnati Financial Corp., strike price $25,
expires 5/18/09

 

 

(380

)

 

(21,850

)

Comerica, Inc., strike price $22.50, expires 5/18/09

 

 

(295

)

 

(30,237

)

D.R. Horton, Inc., strike price $12.50, expires 5/18/09

 

 

(695

)

 

(86,875

)

Harley-Davidson, Inc., strike price $15, expires 5/18/09

 

 

(380

)

 

(275,500

)

Harleysville National Corp., strike price $7.50,
expires 5/18/09

 

 

(130

)

 

(20,475

)

HCP, Inc., strike price $22.50, expires 5/18/09

 

 

(195

)

 

(15,112

)

Lancaster Colony Corp., strike price $45, expires 5/18/09

 

 

(100

)

 

(8,500

)

Liberty Property Trust, strike price $22.50, expires 5/18/09

 

 

(145

)

 

(38,062

)

Linear Technology Corp., strike price $25, expires 5/18/09

 

 

(445

)

 

(2,225

)

M&T Bank Corp., strike price $55, expires 5/18/09

 

 

(150

)

 

(27,000

)

Meridian Bioscience, Inc., strike price $17.50,
expires 6/22/09

 

 

(100

)

 

(11,500

)

Meridian Bioscience, Inc., strike price $20,
expires 6/22/09

 

 

(100

)

 

(4,250

)

National Retail Properties, Inc., strike price $17.50,
expires 5/18/09

 

 

(300

)

 

(29,250

)

Pitney Bowes, Inc., strike price $25, expires 5/18/09

 

 

(400

)

 

(28,000

)

Polaris Industries, Inc., strike price $30, expires 6/22/09

 

 

(155

)

 

(79,050

)

Realty Income Corp., strike price $20, expires 5/18/09

 

 

(245

)

 

(63,088

)

Sherwin-Williams Co. (The), strike price $60,
expires 6/22/09

 

 

(255

)

 

(38,888

)

Sonoco Products Co., strike price $22.50, expires 5/18/09

 

 

(217

)

 

(45,028

)

Stanley Works (The), strike price $32.50, expires 5/18/09

 

 

(140

)

 

(86,800

)

SUPERVALU, Inc., strike price $17.50, expires 5/18/09

 

 

(390

)

 

(9,750

)

TCF Financial Corp., strike price $15, expires 5/18/09

 

 

(300

)

 

(11,250

)

Trustmark Corp., strike price $20, expires 5/18/09

 

 

(160

)

 

(35,600

)

United Bankshares, Inc., strike price $20, expires 5/18/09

 

 

(135

)

 

(81,000

)

Universal Corp., strike price $35, expires 5/18/09

 

 

(115

)

 

(1,725

)

Vectren Corp., strike price $22.50, expires 5/18/09

 

 

(350

)

 

(14,875

)

VF Corp., strike price $60, expires 5/18/09

 

 

(190

)

 

(31,825

)

Vulcan Materials Co., strike price $50, expires 5/18/09

 

 

(195

)

 

(31,687

)

W.W. Grainger, Inc., strike price $85, expires 6/22/09

 

 

(180

)

 

(62,100

)

WGL Holdings, Inc., strike price $35, expires 5/18/09

 

 

(300

)

 

(6,000

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(1,377,840

)

               

Over-the-Counter Call Options Written—(0.7)%

 

 

 

 

 

 

 

A.O. Smith Corp., strike price $27.19, expires 5/26/09,
broker Citigroup Global Markets

 

 

(6,000

)

 

(24,003

)

ABM Industries, Inc., strike price $17.80,
expires 5/26/09, broker UBS Securities LLC

 

 

(16,000

)

 

(10,800

)

American States Water Co., strike price $36.64,
expires 5/21/09, broker Goldman Sachs & Co.

 

 

(10,000

)

 

(6,673

)

Aqua America, Inc., strike price $19.95, expires 5/21/09,
broker Goldman Sachs & Co.

 

 

(43,400

)

 

(3,663

)

Arthur J. Gallagher & Co., strike price $19.24,
expires 6/09/09, broker Goldman Sachs & Co.

 

 

(23,000

)

 

(74,785

)

Avery Denninson Corp., strike price $24.35,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(29,500

)

 

(133,458

)

Bank of Hawaii Corp., strike price $35.94,
expires 5/26/09, broker Citigroup Global Markets

 

 

(13,000

)

 

(16,039

)

Black Hills Corp., strike price $19.23, expires 5/26/09,
broker Citigroup Global Markets

 

 

(20,000

)

 

(18,920

)

California Water Service Group, strike price $45.16,
expires 5/15/09, broker JPMorgan Chase Securities

 

 

(10,000

)

 

(642

)

CenturyTel, Inc., strike price $28, expires 6/25/09,
broker Jefferies & Co., Inc.

 

 

(200

)

 

(14,000

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

Chemical Financial Corp., strike price $22.44,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(15,000

)

$

(17,572

)

Clorox Co., strike price $52.59, expires 5/22/09,
broker Goldman Sachs & Co.

 

 

(26,500

)

 

(105,245

)

Community Bank System, Inc., strike price $18.48,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(15,000

)

 

(8,032

)

D.R. Horton, Inc., strike price $15.50, expires 6/25/09,
broker Morgan Stanley & Co., Inc.

 

 

(12,000

)

 

(16,254

)

Dover Corp., strike price $28.42, expires 5/26/09,
broker UBS Securities LLC

 

 

(26,700

)

 

(77,307

)

Duke Realty Corp., strike price $7.75, expires 5/22/09,
broker Goldman Sachs & Co.

 

 

(18,200

)

 

(38,704

)

EastGroup Properties, Inc., strike price $26.79,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(9,000

)

 

(65,951

)

Erie Indemnity Co. - Class A, strike price $36.04,
expires 5/26/09, broker UBS Securities LLC

 

 

(9,000

)

 

(14,457

)

FirstMerit Corp., strike price $20.25, expires 5/22/09,
broker Goldman Sachs & Co.

 

 

(35,000

)

 

(20,660

)

FNB Corp., strike price $8.52, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(23,000

)

 

(9,202

)

Fulton Financial Corp., strike price $7.75,
expires 5/21/09, broker Goldman Sachs & Co.

 

 

(24,500

)

 

(575

)

Fulton Financial Corp., strike price $8, expires 6/09/09,
broker Goldman Sachs & Co.

 

 

(24,500

)

 

(1,703

)

Genuine Parts Co., strike price $32.50, expires 5/15/09,
broker Citigroup Global Markets

 

 

(36,500

)

 

(62,444

)

Harleysville Group, Inc., strike price $34.07,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(10,000

)

 

(2,298

)

Hill-Rom Holdings, Inc., strike price $10.47,
expires 5/26/09, broker Citigroup Global Markets

 

 

(12,800

)

 

(32,709

)

Hillenbrand, Inc., strike price $16.59, expires 5/26/09,
broker Citigroup Global Markets

 

 

(13,000

)

 

(26,186

)

HNI Corp., strike price $12.75, expires 5/15/09,
broker Citigroup Global Markets

 

 

(15,000

)

 

(41,250

)

Integrys Energy Group, Inc., strike price $28.95,
expires 5/26/09, broker UBS Securities LLC

 

 

(19,600

)

 

(1,870

)

Leggett & Platt, Inc., strike price $14.38,
expires 5/26/09, broker UBS Securities LLC

 

 

(39,000

)

 

(22,792

)

Marshall & Ilsley Corp., strike price $10,
expires 5/21/09, broker Goldman Sachs & Co.

 

 

(45,000

)

 

(4,882

)

Masco Corp., strike price $8, expires 5/22/09,
broker Barclays Capital, Inc.

 

 

(625

)

 

(75,150

)

McGrath Rentcorp, strike price $19.39,
expires 5/26/09, broker UBS Securities LLC

 

 

(15,000

)

 

(34,384

)

MDU Resources Group, Inc., strike price $17.13,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(29,000

)

 

(23,374

)

Mercury General Corp., strike price $31.63,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(15,000

)

 

(46,016

)

MGE Energy, Inc., strike price $32.93, expires 5/26/09,
broker Citigroup Global Markets

 

 

(11,000

)

 

(2,684

)

National Fuel Gas Co., strike price $34,
expires 5/22/09, broker UBS Securities LLC

 

 

(150

)

 

(5,499

)

New Jersey Resources Corp., strike price $36.69,
expires 5/26/09, broker Citigroup Global Markets

 

 

(14,100

)

 

(523

)

Northwest Natural Gas Co., strike price $43.50,
expires 6/01/09, broker Morgan Stanley & Co., Inc.

 

 

(8,500

)

 

(5,135

)

Old National Bancorp, strike price $13.83,
expires 6/5/09, broker Goldman Sachs & Co.

 

 

(20,000

)

 

(14,054

)

Old Republic International Corp., strike price $11.55,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(42,000

)

 

(1,170

)

Otter Tail Corp., strike price $24.13, expires 5/21/09,
broker Deutsche Bank

 

 

(10,000

)

 

(1,918

)

Park National Corp., strike price $61.18,
expires 5/21/09, broker Goldman Sachs & Co.

 

 

(5,000

)

 

(47,839

)

Peidmont Natural Gas Co., Inc., strike price $27,
expires 5/22/09, broker Goldman Sachs & Co.

 

 

(28,000

)

 

(974

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

25



 

 


 

Schedule of Investments (concluded)

BlackRock Strategic Dividend AchieversTM Trust (BDT)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

Pinnacle West Capital Corp., strike price $28.16,
expires 5/22/09, broker Citigroup Global Markets

 

 

(21,000

)

$

(14,797

)

RPM International, Inc., strike price $13.45,
expires 5/26/09, broker UBS Securities LLC

 

 

(34,400

)

 

(21,342

)

S&T Bancorp, Inc., strike price $24.19, expires 5/26/09,
broker UBS Securities LLC

 

 

(12,000

)

 

(2,896

)

Stepan Co., strike price $31.86, expires 5/26/09,
broker Goldman Sachs & Co.

 

 

(10,000

)

 

(81,170

)

Susquehanna Bancshares, Inc., strike price $11.44,
expires 6/5/09, broker Citigroup Global Markets

 

 

(15,800

)

 

(1,025

)

UDR, Inc., strike price $11, expires 6/12/09,
broker Jefferies & Co., Inc.

 

 

(260

)

 

(8,377

)

UGI Corp., strike price $24.82, expires 5/22/09,
broker Goldman Sachs & Co.

 

 

(30,000

)

 

(2,994

)

Universal Health Realty Income Trust, strike price $29.87,
expires 5/26/09, broker UBS Securities LLC

 

 

(18,000

)

 

(64,373

)

Valley National Bancorp, strike price $11.67,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(39,000

)

 

(105,281

)

Washington REIT, strike price $21.10, expires 6/09/09,
broker Goldman Sachs & Co.

 

 

(14,100

)

 

(23,512

)

Weingarten Realty Investors - REIT, strike price $11.76,
expires 6/09/09, broker Goldman Sachs & Co.

 

 

(16,200

)

 

(62,992

)

Wesbanco, Inc., strike price $23.60, expires 5/26/09,
broker Goldman Sachs & Co.

 

 

(14,000

)

 

(6,817

)

Wilmington Trust Corp., strike price $10.62,
expires 5/26/09, broker Goldman Sachs & Co.

 

 

(22,000

)

 

(93,773

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(1,621,145

)

               

Total Options Written
(Premiums Received $1,796,066)—(1.2)%

 

 

 

 

 

(2,998,985

)

               

Total Investments Net of Outstanding Options Written—100.0%

 

 

 

 

 

241,726,919

 

Other Assets in Excess of Liabilities—0.0%

 

 

 

 

 

73,283

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

241,800,202

 

 

 

 

 

 

     

 

 

   

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

330,677,820

 

 

 

 

 

 

   

 

Gross unrealized appreciation

 

 

 

 

$

10,845,142

 

Gross unrealized depreciation

 

 

 

 

 

(96,797,058

)

 

 

 

 

 

   

 

Net unrealized depreciation

 

 

 

 

$

(85,951,916

)

 

 

 

 

 

   

 


 

 

(a)

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

(b)

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

 

 

Income

 

               

BlackRock Liquidity Funds, TempFund

 

 

6,752,474

 

 

$34,686

 

               

 

 

(c)

Represents the current yield as of report date.


 

 

 

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.

 

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

               

Valuation
Inputs

 

Investments in
Securities

 

Other Financial
Instruments**

 

           

 

 

Assets

 

Liabilities

 

 

 

       

Level 1

 

$

244,725,904

 

$

(1,377,840

)

Level 2

 

 

 

 

(1,621,145

)

Level 3

 

 

 

 

 

               

Total

 

$

244,725,904

 

$

(2,998,985

)

 

 

           

 

 

**

Other financial instruments are options written and are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

26

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 

 


 

Schedule of Investments April 30, 2009 (Unaudited)

 

BlackRock EcoSolutions Investment Trust (BQR)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Agriculture—6.7%

 

 

 

 

 

 

 

ABB Grain Ltd.

 

 

158,200

 

$

1,003,534

 

Agria Corp. - ADR (a)

 

 

100,000

 

 

177,000

 

Archer Daniels Midland Co.

 

 

57,300

 

 

1,410,726

 

BrasilAgro - Companhia Brasileira de Propriedades
Agricolas

 

 

525,200

 

 

1,535,567

 

Bunge Ltd.

 

 

33,900

 

 

1,627,539

 

Cresud SACIF y A - ADR

 

 

74,900

 

 

610,435

 

IOI Corp. Bhd

 

 

500,000

 

 

599,297

 

SLC Agricola SA

 

 

120,000

 

 

816,830

 

 

 

 

 

 

     

 

 

 

 

 

 

7,780,928

 

               

Auto Parts & Equipment—0.5%

 

 

 

 

 

 

 

Johnson Controls, Inc.

 

 

32,000

 

 

608,320

 

               

Biotechnology—0.8%

 

 

 

 

 

 

 

Novozymes A/S

 

 

13,500

 

 

910,223

 

               

Building Materials—0.1%

 

 

 

 

 

 

 

Kingspan Group Plc

 

 

23,600

 

 

121,238

 

               

Chemicals—24.7%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

52,450

 

 

2,256,399

 

CF Industries Holdings, Inc.

 

 

14,250

 

 

1,026,713

 

Incitec Pivot Ltd.

 

 

400,000

 

 

608,001

 

Israel Chemicals Ltd.

 

 

90,000

 

 

740,387

 

Johnson Matthey Plc

 

 

112,200

 

 

1,981,302

 

K+S AG

 

 

48,360

 

 

2,909,186

 

Makhteshim-Agan Industries Ltd.

 

 

190,000

 

 

836,431

 

Monsanto Co.

 

 

53,700

 

 

4,558,593

 

Mosaic Co. (The)

 

 

54,950

 

 

2,222,727

 

Nufarm Ltd.

 

 

99,500

 

 

955,344

 

Potash Corp. of Saskatchewan, Inc.

 

 

35,500

 

 

3,070,395

 

Sinofert Holdings Ltd.

 

 

4,611,000

 

 

2,138,403

 

Syngenta AG

 

 

11,320

 

 

2,416,712

 

Umicore

 

 

100,000

 

 

1,959,833

 

Wacker Chemie AG

 

 

8,000

 

 

828,031

 

 

 

 

 

 

     

 

 

 

 

 

 

28,508,457

 

               

Commercial Services—0.6%

 

 

 

 

 

 

 

Quanta Services, Inc. (a)

 

 

27,900

 

 

634,167

 

               

Electric—4.7%

 

 

 

 

 

 

 

FPL Group, Inc. (b)

 

 

36,700

 

 

1,974,093

 

Hera SpA

 

 

543,000

 

 

1,092,048

 

Iberdrola SA

 

 

188,400

 

 

1,483,616

 

Ormat Technologies, Inc. (b)

 

 

24,500

 

 

862,400

 

 

 

 

 

 

     

 

 

 

 

 

 

5,412,157

 

               

Electrical Components & Equipment—6.8%

 

 

 

 

 

 

 

American Superconductor Corp. (a)(c)

 

 

63,500

 

 

1,631,950

 

Gamesa Corp. Tecnologica SA

 

 

83,800

 

 

1,581,680

 

General Cable Corp. (a)

 

 

16,600

 

 

450,524

 

Nordex AG (a)

 

 

19,300

 

 

332,110

 

Vestas Wind Systems A/S (a)

 

 

60,000

 

 

3,894,690

 

 

 

 

 

 

     

 

 

 

 

 

 

7,890,954

 

               

Electronics—4.3%

 

 

 

 

 

 

 

Itron, Inc. (a)

 

 

48,700

 

 

2,240,200

 

Trimble Navigation Ltd. (a)

 

 

52,510

 

 

1,125,814

 

Watts Water Technologies, Inc.

 

 

73,100

 

 

1,627,206

 

 

 

 

 

 

     

 

 

 

 

 

 

4,993,220

 

               

Energy-Alternate Sources—5.8%

 

 

 

 

 

 

 

D1 Oils Plc (a)

 

 

360,099

 

 

52,784

 

EDF Energies Nouvelles SA

 

 

15,000

 

 

531,139

 

First Solar, Inc. (a)

 

 

7,200

 

 

1,348,488

 

Iberdrola Renovables SA (a)

 

 

331,600

 

 

1,346,566

 

Q-Cells SE (a)

 

 

20,000

 

 

426,938

 

Renewable Energy Corp. AS (a)

 

 

52,700

 

 

476,065

 

Solarworld AG

 

 

60,000

 

 

1,710,174

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Energy-Alternate Sources (concluded)

 

 

 

 

 

 

 

SunPower Corp., Class A(a)

 

 

19,650

 

$

538,017

 

Suntech Power Holdings Co. Ltd. - ADR (a)(c)

 

 

17,700

 

 

264,261

 

 

 

 

 

 

     

 

 

 

 

 

 

6,694,432

 

               

Engineering & Construction—1.8%

 

 

 

 

 

 

 

Acciona SA

 

 

5,750

 

 

587,876

 

Layne Christensen Co. (a)

 

 

15,500

 

 

335,730

 

Shaw Group, Inc. (The) (a)

 

 

33,700

 

 

1,129,961

 

 

 

 

 

 

     

 

 

 

 

 

 

2,053,567

 

               

Environmental Control—8.2%

 

 

 

 

 

 

 

China Water Affairs Group Ltd. (a)

 

 

5,322,000

 

 

1,089,286

 

Hyflux Ltd.

 

 

838,000

 

 

1,023,739

 

Kurita Water Industries Ltd.

 

 

87,300

 

 

2,126,563

 

Nalco Holding Co.

 

 

88,100

 

 

1,437,792

 

Rentech, Inc. (a)

 

 

500,000

 

 

295,000

 

Tetra Tech, Inc. (a)

 

 

122,600

 

 

3,011,056

 

Tianjin Capital Environmental Protection Group Co. Ltd.

 

 

2,420,000

 

 

464,088

 

 

 

 

 

 

     

 

 

 

 

 

 

9,447,524

 

               

Food—2.1%

 

 

 

 

 

 

 

Cosan Ltd. (a)

 

 

133,200

 

 

468,864

 

Orkla ASA

 

 

81,600

 

 

584,183

 

Sao Martinho SA (a)

 

 

185,000

 

 

1,140,958

 

SunOpta, Inc. (a)

 

 

90,000

 

 

162,000

 

 

 

 

 

 

     

 

 

 

 

 

 

2,356,005

 

               

Forest Products & Paper—3.9%

 

 

 

 

 

 

 

Aracruz Celulose SA - ADR

 

 

33,500

 

 

399,990

 

Plum Creek Timber Co., Inc. - REIT

 

 

75,600

 

 

2,609,712

 

Precious Woods Holding AG (a)

 

 

20,000

 

 

447,048

 

Rayonier, Inc. - REIT

 

 

27,050

 

 

1,044,671

 

 

 

 

 

 

     

 

 

 

 

 

 

4,501,421

 

               

Gas—1.6%

 

 

 

 

 

 

 

GDF Suez

 

 

52,395

 

 

1,881,729

 

               

Investment Company—0.4%

 

 

 

 

 

 

 

Climate Exchange Plc (a)

 

 

47,500

 

 

483,586

 

               

Machinery—3.5%

 

 

 

 

 

 

 

AGCO Corp. (a)

 

 

65,000

 

 

1,579,500

 

CNH Global NV (a)

 

 

52,400

 

 

836,304

 

Deere & Co.

 

 

28,800

 

 

1,188,288

 

IDEX Corp.

 

 

18,200

 

 

459,550

 

 

 

 

 

 

     

 

 

 

 

 

 

4,063,642

 

               

Miscellaneous Manufacturing—2.3%

 

 

 

 

 

 

 

Pentair, Inc.

 

 

69,200

 

 

1,843,488

 

Roper Industries, Inc.

 

 

17,100

 

 

779,589

 

 

 

 

 

 

     

 

 

 

 

 

 

2,623,077

 

               

Oil & Gas—1.3%

 

 

 

 

 

 

 

Cheniere Energy, Inc. (a)(c)

 

 

12,500

 

 

49,250

 

Sasol Ltd.

 

 

33,500

 

 

1,008,693

 

Sasol Ltd. - ADR

 

 

15,900

 

 

478,749

 

 

 

 

 

 

     

 

 

 

 

 

 

1,536,692

 

               

Semiconductors—0.3%

 

 

 

 

 

 

 

MEMC Electronic Materials, Inc. (a)

 

 

24,000

 

 

388,800

 

               

Transportation—0.6%

 

 

 

 

 

 

 

All America Latina Logistica SA

 

 

133,000

 

 

682,939

 

               

Water—18.5%

 

 

 

 

 

 

 

American States Water Co.

 

 

57,500

 

 

1,985,475

 

American Water Works Co., Inc.

 

 

63,400

 

 

1,141,200

 

Aqua America, Inc.

 

 

145,000

 

 

2,660,750

 

Artesian Resources Corp., Class A

 

 

39,400

 

 

577,604

 

Athens Water Supply & Sewage Co. SA (The)

 

 

89,950

 

 

723,770

 

California Water Service Group

 

 

55,300

 

 

2,158,359

 

Cia de Saneamento Basico do Estado de Sao Paulo

 

 

81,000

 

 

1,152,676

 

Cia de Saneamento de Minas Gerais-COPASA

 

 

160,000

 

 

1,733,068

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

27



 

 

 


 

Schedule of Investments (continued)

 

BlackRock EcoSolutions Investment Trust (BQR)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Water (concluded)

 

 

 

 

 

 

 

Inversiones Aguas Metropolitanas SA

 

 

1,500,000

 

$

1,452,918

 

Manila Water Co., Inc.

 

 

5,610,000

 

 

1,562,050

 

Northumbrian Water Group Plc

 

 

430,900

 

 

1,415,694

 

Pennon Group Plc

 

 

215,200

 

 

1,407,343

 

Severn Trent Plc

 

 

113,500

 

 

1,746,322

 

Southwest Water Co.

 

 

59,200

 

 

339,808

 

Suez Environnement SA (a)

 

 

13,725

 

 

209,216

 

United Utilities Group Plc

 

 

91,181

 

 

681,884

 

Veolia Environnement

 

 

13,600

 

 

372,553

 

 

 

 

 

 

     

 

 

 

 

 

 

21,320,690

 

               

Total Long-Term Investments
(Cost—$202,049,574)—99.5%

 

 

 

 

 

114,893,768

 

               

 

 

 

 

 

 

 

 

 


Short-Term Securities

 

Shares/Beneficial
Interest

 

 

 

           

BlackRock Liquidity Funds, TempFund, 0.64% (d)(e)

 

 

3,657,752

 

 

3,657,752

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.80% (d)(e)(f)

 

 

1,200,500

 

 

1,200,500

 

               

Total Short-Term Securities
(Cost—$4,858,252)—4.2%

 

 

 

 

 

4,858,252

 

               

Total Investments Before Outstanding Options Written
(Cost—$206,907,826*)—103.7%

 

 

 

 

 

119,752,020

 

               

 

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.8)%

 

 

 

 

 

 

 

AGCO Corp., strike price $20, expires 5/18/09

 

 

(125

)

 

(56,250

)

Agrium, Inc., strike price $45, expires 5/18/09

 

 

(30

)

 

(2,925

)

American Superconductor Corp., strike price $22.50,
expires 5/18/09

 

 

(54

)

 

(21,330

)

Aqua America, Inc., strike price $20, expires 5/18/09

 

 

(100

)

 

(2,000

)

Aqua America, Inc., strike price $20, expires 6/22/09

 

 

(100

)

 

(2,750

)

Archer Daniels Midland Co., strike price $28,
expires 6/22/09

 

 

(50

)

 

(2,875

)

Archer Daniels Midland Co., strike price $30,
expires 5/18/09

 

 

(180

)

 

(1,350

)

Bunge Ltd., strike price $60, expires 6/22/09

 

 

(135

)

 

(4,725

)

CF Industries Holdings, Inc., strike price $75,
expires 6/22/09

 

 

(57

)

 

(17,955

)

Cheniere Energy, Inc., strike price $5, expires 6/22/09

 

 

(50

)

 

(1,000

)

CNH Global NV, strike price $12.50, expires 5/18/09

 

 

(135

)

 

(47,925

)

CNH Global NV, strike price $17.50, expires 6/22/09

 

 

(75

)

 

(9,563

)

Cosan Ltd., strike price $5, expires 5/18/09

 

 

(265

)

 

(6,625

)

Deere & Co., strike price $35, expires 5/18/09

 

 

(45

)

 

(29,700

)

Deere & Co., strike price $40, expires 6/22/09

 

 

(25

)

 

(10,500

)

Deere & Co., strike price $43, expires 6/22/09

 

 

(45

)

 

(11,925

)

First Solar, Inc., strike price $160, expires 6/22/09

 

 

(24

)

 

(83,520

)

First Solar, Inc., strike price $185, expires 5/18/09

 

 

(5

)

 

(5,550

)

General Cable Corp., strike price $20, expires 5/18/09

 

 

(35

)

 

(25,725

)

General Cable Corp., strike price $30, expires 6/22/09

 

 

(31

)

 

(6,433

)

Idex Corp., strike price $25, expires 5/18/09

 

 

(35

)

 

(3,587

)

Idex Corp., strike price $25, expires 6/22/09

 

 

(38

)

 

(7,030

)

Itron, Inc., strike price $50, expires 5/18/09

 

 

(50

)

 

(2,750

)

Itron, Inc., strike price $55, expires 5/18/09

 

 

(50

)

 

(500

)

Layne Christensen Co., strike price $22.50, expires 6/22/09

 

 

(26

)

 

(6,825

)

Layne Christensen Co., strike price $25, expires 6/22/09

 

 

(36

)

 

(5,400

)

MEMC Electronic Materials, Inc., strike price $17.50,
expires 5/18/09

 

 

(96

)

 

(4,320

)

Monsanto Co., strike price $90, expires 5/18/09

 

 

(50

)

 

(3,875

)

Ormat Technologies, Inc., strike price $30, expires 5/18/09

 

 

(100

)

 

(53,000

)

Pentair, Inc., strike price $25, expires 5/18/09

 

 

(45

)

 

(9,113

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

             

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Plum Creek Timber Co., Inc. - REIT, strike price $30,
expires 5/18/09

 

 

(50

)

$

(23,250

)

Plum Creek Timber Co., Inc. - REIT, strike price $35,
expires 6/22/09

 

 

(130

)

 

(31,200

)

Potash Corp. of Saskatchewan, Inc., strike price $100,
expires 6/22/09

 

 

(100

)

 

(26,250

)

Potash Corp. of Saskatchewan, Inc., strike price $95,
expires 5/18/09

 

 

(42

)

 

(3,990

)

Quanta Services, Inc., strike price $25, expires 5/18/09

 

 

(110

)

 

(6,050

)

Rayonier, Inc. - REIT, strike price $30, expires 5/18/09

 

 

(90

)

 

(78,750

)

Rayonier, Inc. REIT, strike price $35, expires 5/18/09

 

 

(20

)

 

(8,200

)

Roper Industries, Inc., strike price $50, expires 5/18/09

 

 

(69

)

 

(1,897

)

Sasol Ltd. - ADR, strike price $35, expires 5/18/09

 

 

(84

)

 

(1,260

)

Sasol Ltd. - ADR, strike price $35, expires 6/22/09

 

 

(75

)

 

(5,250

)

Shaw Group, Inc., strike price $31, expires 5/18/09

 

 

(135

)

 

(45,225

)

SunPower Corp. - Class A, strike price $30, expires 5/18/09

 

 

(35

)

 

(3,062

)

SunPower Corp. - Class A, strike price $35, expires 5/18/09

 

 

(8

)

 

(120

)

SunPower Corp. - Class A, strike price $35, expires 6/22/09

 

 

(35

)

 

(2,975

)

Suntech Power Holdings Co. Ltd. - Class A - ADR,
strike price $10, expires 5/18/09

 

 

(55

)

 

(28,325

)

Tetra Tech, Inc., strike price $25, expires 5/18/09

 

 

(90

)

 

(6,750

)

Trimble Navigation Ltd., strike price $17.50, expires 5/18/09

 

 

(200

)

 

(82,000

)

Watts Industries, Inc., strike price $20, expires 5/18/09

 

 

(150

)

 

(39,375

)

Watts Industries, Inc., strike price $22.50, expires 6/22/09

 

 

(150

)

 

(23,250

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(864,205

)

               

Over the Counter Call Options Written—(2.5)%

 

 

 

 

 

 

 

ABB Grain Ltd., strike price 6.30 AUD, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(63,200

)

 

(111,741

)

Acciona SA, strike price 88 EUR, expires 5/15/09,
broker Citigroup Global Markets

 

 

(20

)

 

(6,764

)

AGCO Corp., strike price $27.30, expires 6/19/09,
broker Morgan Stanley & Co., Inc.

 

 

(13,500

)

 

(14,183

)

Agrium, Inc., strike price $45, expires 6/19/09,
broker Citigroup Global Markets

 

 

(18,000

)

 

(37,683

)

All America Latina Logistica SA, strike price $11.96,
expires 6/01/09, broker Citigroup Global Markets

 

 

(53,200

)

 

(14,768

)

American States Water Co., strike price $36.64,
expires 5/21/09, broker Goldman Sachs & Co.

 

 

(4,000

)

 

(2,669

)

American States Water Co., strike price $36.66,
expires 5/29/09, broker Credit Suisse

 

 

(19,000

)

 

(16,836

)

American Superconductor Corp., strike price $22.50,
expires 6/19/09, broker UBS Securities LLC

 

 

(20,000

)

 

(88,290

)

American Water Works Co., Inc., strike price $19,
expires 5/22/09, broker Goldman Sachs & Co.

 

 

(25,000

)

 

(9,055

)

Aqua America, Inc., strike price $20.15, expires 6/19/09,
broker Citigroup Global Markets

 

 

(15,000

)

 

(2,081

)

Aracruz Celulose SA - ADR, strike price $8.14,
expires 6/01/09, broker UBS Securities LLC

 

 

(13,400

)

 

(50,920

)

California Water Service Group, strike price $40.28,
expires 6/25/09, broker Citigroup Global Markets

 

 

(18,000

)

 

(19,701

)

California Water Service Group, strike price $45.16,
expires 5/15/09, broker JPMorgan Chase Securities

 

 

(4,100

)

 

(263

)

China Water Affairs Group Ltd., strike price 1.12 HKD,
expires 5/12/09, broker Credit Suisse

 

 

(1,750,000

)

 

(104,516

)

Cia de Saneamento Basico do Estado de Sao Paulo,
strike price $26.66, expires 6/01/09,
broker Citigroup Global Markets

 

 

(27,000

)

 

(59,519

)

Cia de Saneamento de Minas Gerais-COPASA,
strike price $20.43, expires 6/01/09,
broker Goldman Sachs & Co.

 

 

(64,000

)

 

(103,066

)

Climate Exchange Plc, strike price 7.68 GBP,
expires 7/7/09, broker Credit Suisse

 

 

(19,000

)

 

(24,826

)

Cresud SACIF y A - ADR, strike price $8.15,
expires 5/21/09, broker Goldman Sachs & Co.

 

 

(30,000

)

 

(10,596

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

28

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 

 


 

Schedule of Investments (continued)

 

BlackRock EcoSolutions Investment Trust (BQR)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over the Counter Call Options Written (continued)

 

 

 

 

 

 

 

EDF Energies Nouvelles SA, strike price 31.75 EUR,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(5,000

)

$

(220

)

FPL Group, Inc., strike price $53, expires 5/12/09,
broker Morgan Stanley & Co., Inc.

 

 

(65

)

 

(8,074

)

FPL Group, Inc., strike price $53, expires 6/09/09,
broker UBS Securities LLC

 

 

(8,200

)

 

(17,928

)

Gamesa Corp. Tecnologica SA, strike price 10.76 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(33,500

)

 

(162,178

)

GDF Suez, strike price 27.18 EUR, expires 6/19/09,
broker Citigroup Global Markets

 

 

(110

)

 

(14,394

)

GDF Suez, strike price 28 EUR, expires 5/15/09,
broker Morgan Stanley & Co., Inc.

 

 

(100

)

 

(4,470

)

Hera SpA, strike price 1.37 EUR, expires 5/27/09,
broker UBS Securities LLC

 

 

(217,000

)

 

(48,141

)

Hyflux Ltd., strike price 1.69 SGD, expires 5/20/09,
broker Deutsche Bank

 

 

(150,000

)

 

(14,016

)

Hyflux Ltd., strike price 1.77 SGD, expires 6/03/09,
broker JPMorgan Chase Securities

 

 

(185,000

)

 

(13,641

)

Iberdrola Renovables SA, strike price 3.50 EUR,
expires 6/10/09, broker Goldman Sachs & Co.

 

 

(132,600

)

 

(15,537

)

Iberdrola SA, strike price 5.68 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(75,400

)

 

(39,843

)

Incitec Pivot Ltd., strike price 2.41 AUD, expires 5/20/09,
broker JPMorgan Chase Securities

 

 

(66,000

)

 

(1,009

)

Incitec Pivot Ltd., strike price 2.72 AUD, expires 5/20/09,
broker JPMorgan Chase Securities

 

 

(66,000

)

 

(60

)

Inversiones Aguas Metropolitanas SA, strike price $566.50,
expires 6/09/09, Broker Goldman Sachs & Co.

 

 

(600,000

)

 

(10,800

)

IOI Corp. Bhd, strike price $3.99, expires 5/12/09,
broker Deutsche Bank

 

 

(155,000

)

 

(13,966

)

IOI Corp. Bhd, strike price $4.41, expires 6/03/09,
broker Deutsche Bank

 

 

(45,000

)

 

(1,607

)

Israel Chemicals Ltd., strike price 35.93 ILS,
expires 6/02/09, broker Goldman Sachs & Co.

 

 

(36,000

)

 

(2,033

)

Itron, Inc., strike price $52.50, expires 6/16/09,
broker UBS Securities LLC

 

 

(50

)

 

(3,682

)

Johnson Controls, Inc., strike price $16.225,
expires 6/04/09, broker Morgan Stanley & Co., Inc.

 

 

(12,800

)

 

(41,112

)

Johnson Matthey Plc, strike price 11.32 GBP,
expires 6/02/09, broker UBS Securities LLC

 

 

(26,400

)

 

(42,591

)

Johnson Matthey Plc, strike price 12.84 GBP,
expires 6/02/09, broker Deutsche Bank

 

 

(18,500

)

 

(10,296

)

K&S AG, strike price 36.57 EUR, expires 5/15/09,
broker UBS Securities LLC

 

 

(8,000

)

 

(91,533

)

K&S AG, strike price 37.62 EUR, expires 5/27/09,
broker Goldman Sachs & Co.

 

 

(8,000

)

 

(80,496

)

K&S AG, strike price 38 EUR, expires 5/15/09,
broker Morgan Stanley & Co., Inc.

 

 

(35

)

 

(33,424

)

Kingspan Group Plc, strike price 3.81 EUR,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(9,500

)

 

(5,648

)

Kurita Water Industries Ltd., strike price 1,827.85 JPY,
expires 5/12/09, broker Deutsche Bank

 

 

(14,800

)

 

(86,223

)

Kurita Water Industries Ltd., strike price 2,048.37 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(20,000

)

 

(77,499

)

Makhteshim-Agan Industries Ltd., strike price 18.56 ILS,
expires 6/02/09, broker Goldman Sachs & Co.

 

 

(76,000

)

 

(5,192

)

Manila Water Co., Inc., strike price $11.24,
expires 5/12/09, broker Deutsche Bank

 

 

(1,850,000

)

 

(88,060

)

Monsanto Co., strike price $85, expires 5/29/09,
broker UBS Securities LLC

 

 

(17,000

)

 

(57,387

)

Mosaic Co. (The), strike price $47, expires 6/25/09,
broker Barclays Capital, Inc.

 

 

(220

)

 

(30,177

)

Nalco Holding Co., strike price $15, expires 5/22/09,
broker Goldman Sachs & Co.

 

 

(16,000

)

 

(21,931

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over the Counter Call Options Written (continued)

 

 

 

 

 

 

 

Nalco Holding Co., strike price $16, expires 6/30/09,
broker UBS Securities LLC

 

 

(190

)

$

(28,035

)

Nordex AG, strike price 13.86 EUR, expires 6/02/09,
broker UBS Securities LLC

 

 

(7,800

)

 

(7,623

)

Northumbrian Water Group Plc, strike price 2.15 GBP,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(86,200

)

 

(18,833

)

Northumbrian Water Group Plc, strike price 2.28 GBP,
expires 6/10/09, broker Deutsche Bank

 

 

(86,200

)

 

(8,010

)

Novozymes A/S, strike price 394.85 DKK,
expires 6/10/09, broker Goldman Sachs & Co.

 

 

(5,400

)

 

(14,375

)

Nufarm Ltd., strike price 12.94 AUD, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(39,800

)

 

(30,053

)

Orkla ASA, strike price 47.41 NOK, expires 6/02/09,
broker UBS Securities LLC

 

 

(18,600

)

 

(7,326

)

Orkla ASA, strike price 50 NOK, expires 6/23/09,
broker UBS Securities LLC

 

 

(14,000

)

 

(4,771

)

Pennon Group Plc, strike price 4.27 GBP, expires 7/7/09,
broker Credit Suisse

 

 

(86,000

)

 

(42,044

)

Pentair, Inc., strike price $24, expires 5/21/09,
broker Barclays Capital, Inc.

 

 

(230

)

 

(65,251

)

Plum Creek Timber Co., Inc. - REIT, strike price $32.50,
expires 5/04/09, broker Jefferies & Co., Inc.

 

 

(125

)

 

(25,250

)

Q-Cells SE, strike price 15 EUR, expires 5/15/09,
broker Citigroup Global Markets

 

 

(105

)

 

(20,280

)

Renewable Energy Corp. AS, strike price 60.72 NOK,
expires 5/27/09, broker Citigroup Global Markets

 

 

(12,000

)

 

(9,498

)

Renewable Energy Corp. AS, strike price 61.31 NOK,
expires 6/02/09, broker Citigroup Global Markets

 

 

(9,000

)

 

(7,670

)

Sao Martinho SA, strike price $16.11, expires 6/30/09,
broker Goldman Sachs & Co.

 

 

(37,000

)

 

(13,120

)

Severn Trent Plc, strike price 10.11 GBP, expires 6/10/09,
broker Citigroup Global Markets

 

 

(45,400

)

 

(36,579

)

Sinofert Holdings Ltd., strike price 3.79 HKD,
expires 5/20/09, broker Goldman Sachs & Co.

 

 

(1,500,000

)

 

(21,814

)

Sinofert Holdings Ltd., strike price 3.79 HKD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(344,500

)

 

(7,304

)

SLC Agricola SA, strike price $17.32, expires 6/30/09,
broker Citigroup Global Markets

 

 

(24,000

)

 

(7,154

)

Solarworld AG, strike price 17.92 EUR, expires 6/10/09,
broker Goldman Sachs & Co.

 

 

(24,000

)

 

(109,446

)

Southwest Water Co., strike price $6.02, expires 6/09/09,
broker Credit Suisse

 

 

(23,700

)

 

(11,916

)

Suez Environment SA, strike price 12 EUR,
expires 6/19/09, broker Goldman Sachs & Co.

 

 

(55

)

 

(2,846

)

Syngenta AG, strike price 250 CHF, expires 5/15/09,
broker Citigroup Global Markets

 

 

(250

)

 

(9,773

)

Syngenta AG, strike price 257.15 CHF, expires 6/19/09,
broker Citigroup Global Markets

 

 

(1,000

)

 

(6,351

)

Syngenta AG, strike price 260 CHF, expires 6/19/09,
broker Goldman Sachs & Co.

 

 

(100

)

 

(5,756

)

Tetra Tech, Inc., strike price $23, expires 5/22/09,
broker Barclays Capital, Inc.

 

 

(400

)

 

(79,352

)

Tianjin Capital Environmental Protection Group Co.
Ltd. - Class H, strike price 1.39 HKD, expires 5/12/09,
broker Credit Suisse

 

 

(799,000

)

 

(12,487

)

Umicore SA, strike price 13.65 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(25,000

)

 

(38,669

)

Umicore SA, strike price 15.19 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(15,000

)

 

(14,543

)

United Utilities Group Plc, strike price 5.11 GBP,
expires 6/23/09, broker UBS Securities LLC

 

 

(15,000

)

 

(3,707

)

United Utilities Group Plc, strike price 5.20 GBP,
expires 5/6/09, broker Morgan Stanley & Co., Inc.

 

 

(15,000

)

 

(506

)

United Utilities Group Plc, strike price 5.24 GBP,
expires 6/23/09, broker Citigroup Global Markets

 

 

(6,500

)

 

(1,200

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

29



 

 

 


 

Schedule of Investments (concluded)

 

BlackRock EcoSolutions Investment Trust (BQR)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over the Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Veolia Environnement, strike price 18 EUR,
expires 5/15/09, broker Citigroup Global Markets

 

 

(45

)

$

(16,102

)

Vestas Wind Systems A/S, strike price 269.86 DKK,
expires 6/10/09, broker Citigroup Global Markets

 

 

(24,000

)

 

(426,225

)

Wacker Chemie AG, strike price 66 EUR,
expires 6/19/09, broker Morgan Stanley & Co., Inc.

 

 

(28

)

 

(45,757

)

               

Total Over the Counter Call Options Written

 

 

 

 

 

(2,880,271

)

               

Total Options Written
(Premiums Received $1,806,016)—(3.3)%

 

 

 

 

 

(3,744,476

)

               

Total Investments Net of Outstanding Options Written—100.4%

 

 

 

 

 

116,007,544

 

Liabilities in Excess of Other Assets—(0.4)%

 

 

 

 

 

(498,124

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

115,509,420

 

 

 

 

 

 

     

 

 

   

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

206,837,988

 

 

 

 

 

 

     

Gross unrealized appreciation

 

 

 

 

$

585,862

 

Gross unrealized depreciation

 

 

 

 

 

(87,671,830

)

 

 

 

 

 

     

Net unrealized depreciation

 

 

 

 

$

(87,085,968

)

 

 

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

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

 

Income

 

           

BlackRock Liquidity Funds, TempFund

 

 

3,657,752

 

$

69,471

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

(539,000

)

$

16,607

 

               

 

 

 

(e)

Represents the current yield as of report date.

(f)

Security purchased with the cash proceeds from securities loans.

 

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

           

Valuation
Inputs

 

Investments in
Securities

 

Other Financial
Instruments**

 

           

 

 

Assets

 

Liabilities

 

 

 

       

Level 1

 

$

71,283,782

 

$

(864,205

)

Level 2

 

 

48,468,238

 

 

(2,880,271

)

Level 3

 

 

 

 

 

               

Total

 

$

119,752,020

 

$

(3,744,476

)

 

 

           

 

 

**

Other financial instruments are options written and are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

30

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Schedule of Investments April 30, 2009 (Unaudited)

BlackRock Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Chemicals—1.7%

 

 

 

 

 

 

 

Potash Corp. of Saskatchewan, Inc.

 

 

111,300

 

$

9,626,337

 

               

Coal—11.0%

 

 

 

 

 

 

 

Arch Coal, Inc.

 

 

632,600

 

 

8,837,422

 

Consol Energy, Inc.

 

 

752,821

 

 

23,548,241

 

Massey Energy Co.

 

 

859,200

 

 

13,669,872

 

Patriot Coal Corp. (a)

 

 

71,000

 

 

447,300

 

Peabody Energy Corp.

 

 

550,900

 

 

14,538,251

 

 

 

 

 

 

     

 

 

 

 

 

 

61,041,086

 

               

Commercial Services—0.7%

 

 

 

 

 

 

 

MYR Group, Inc. (a)(b)

 

 

269,231

 

 

4,014,234

 

               

Electric—1.1%

 

 

 

 

 

 

 

NRG Energy, Inc. (a)(c)

 

 

320,200

 

 

5,757,196

 

               

Gas—1.4%

 

 

 

 

 

 

 

Keyera Facilities Income Fund

 

 

613,800

 

 

7,936,759

 

               

Mining—4.2%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd.

 

 

64,500

 

 

2,845,095

 

BHP Billiton Ltd. - ADR

 

 

200,900

 

 

9,671,326

 

Goldcorp, Inc.

 

 

242,736

 

 

6,680,095

 

Silver Wheaton Corp. (a)

 

 

546,100

 

 

4,161,282

 

 

 

 

 

 

     

 

 

 

 

 

 

23,357,798

 

               

Oil & Gas—48.1%

 

 

 

 

 

 

 

Apache Corp. (d)

 

 

190,000

 

 

13,843,400

 

BG Group Plc

 

 

468,673

 

 

7,483,716

 

Brigham Exploration Co. (a)

 

 

565,700

 

 

1,323,738

 

Cabot Oil & Gas Corp.

 

 

377,700

 

 

11,402,763

 

Canadian Natural Resources Ltd.

 

 

68,600

 

 

3,163,146

 

Crescent Point Energy Trust

 

 

323,700

 

 

7,630,672

 

Delta Petroleum Corp. (a)

 

 

748,100

 

 

2,199,414

 

Devon Energy Corp.

 

 

128,900

 

 

6,683,465

 

Diamond Offshore Drilling, Inc.

 

 

75,600

 

 

5,474,196

 

EQT Corp.

 

 

406,700

 

 

13,677,321

 

EXCO Resources, Inc. (a)

 

 

1,410,900

 

 

16,620,402

 

Galleon Energy, Inc. (a)

 

 

1,040,800

 

 

4,134,243

 

GMX Resources, Inc. (a)

 

 

115,000

 

 

1,258,100

 

Goodrich Petroleum Corp. (a)

 

 

166,100

 

 

3,808,673

 

Hess Corp.

 

 

90,000

 

 

4,931,100

 

Noble Corp.

 

 

314,000

 

 

8,581,620

 

Occidental Petroleum Corp.

 

 

189,700

 

 

10,678,213

 

Penn Virginia Corp.

 

 

1,259,200

 

 

17,716,944

 

PetroHawk Energy Corp. (a)(d)

 

 

968,700

 

 

22,861,320

 

Petroleo Brasileiro SA - ADR

 

 

506,700

 

 

17,009,919

 

Plains Exploration & Production Co. (a)

 

 

293,200

 

 

5,532,684

 

Range Resources Corp.

 

 

321,900

 

 

12,866,343

 

Southwestern Energy Co. (a)

 

 

452,200

 

 

16,215,892

 

StatoilHydro ASA

 

 

334,358

 

 

6,231,596

 

Talisman Energy, Inc.

 

 

215,000

 

 

2,696,100

 

Transocean Ltd. (a)

 

 

347,600

 

 

23,456,048

 

Whiting Petroleum Corp. (a)

 

 

585,800

 

 

19,190,808

 

 

 

 

 

 

     

 

 

 

 

 

 

266,671,836

 

               

Oil & Gas Services—12.4%

 

 

 

 

 

 

 

Cameron International Corp. (a)

 

 

347,800

 

 

8,896,724

 

Core Laboratories NV

 

 

51,931

 

 

4,322,217

 

Halliburton Co.

 

 

345,800

 

 

6,992,076

 

National Oilwell Varco, Inc. (a)

 

 

496,016

 

 

15,019,364

 

Petrofac Ltd.

 

 

491,600

 

 

4,146,957

 

Saipem SpA

 

 

265,200

 

 

5,668,469

 

SBM Offshore NV

 

 

113,459

 

 

1,828,704

 

Schlumberger Ltd.

 

 

270,900

 

 

13,271,391

 

Weatherford International Ltd. (a)

 

 

514,700

 

 

8,559,461

 

 

 

 

 

 

     

 

 

 

 

 

 

68,705,363

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Pipelines—14.7%

 

 

 

 

 

 

 

AltaGas Income Trust

 

 

451,400

 

$

5,579,611

 

Buckeye Partners LP

 

 

51,600

 

 

1,984,536

 

Enbridge Energy Partners LP

 

 

73,200

 

 

2,654,964

 

Energy Transfer Partners LP

 

 

316,800

 

 

12,529,440

 

Enterprise Products Partners LP

 

 

653,105

 

 

15,406,747

 

MarkWest Energy Partners LP

 

 

666,400

 

 

9,549,512

 

ONEOK Partners LP

 

 

145,800

 

 

6,852,600

 

Pembina Pipeline Income Fund

 

 

265,500

 

 

2,992,521

 

Plains All American Pipeline LP

 

 

220,400

 

 

9,331,736

 

Questar Corp.

 

 

223,500

 

 

6,642,420

 

Targa Resources Partners LP

 

 

300,000

 

 

3,456,000

 

Williams Partners LP

 

 

245,200

 

 

4,205,180

 

 

 

 

 

 

     

 

 

 

 

 

 

81,185,267

 

               

Transportation—1.3%

 

 

 

 

 

 

 

Seaspan Corp.

 

 

387,100

 

 

2,539,376

 

Ship Finance International Ltd.

 

 

546,000

 

 

4,711,980

 

 

 

 

 

 

     

 

 

 

 

 

 

7,251,356

 

               

Total Long-Term Investments
(Cost—$688,139,603)—96.6%

 

 

 

 

 

535,547,232

 

               

 

 

 

 

 

 

 

 









Short-Term Securities

 

Shares/Beneficial
Interest

 

 

 

 

             

BlackRock Liquidity Funds, TempFund, 0.64% (e)(f)

 

 

19,515,707

 

 

19,515,707

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.80% (e)(f)(g)

 

 

3,567,600

 

 

3,567,600

 

               

Total Short-Term Securities
(Cost—$23,083,307)—4.1%

 

 

 

 

 

23,083,307

 

               

 

 

 

 

 

 

 

 









Options Purchased

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Purchased—0.0%

 

 

 

 

 

 

 

GMX Resources, Inc., strike price $17.50, expires 5/18/09

 

 

20

 

 

200

 

               

Total Options Purchased
(Cost—$220)—0.0%

 

 

 

 

 

200

 

               

Total Investments Before Outstanding Options Written
(Cost—$711,223,130*)—100.7%

 

 

 

 

 

558,630,739

 

               

 

 

 

 

 

 

 

 









Options Written

 

 

 

 

 

 

 

               

Exchange-Traded Call Options Written—(0.8)%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd., strike price $55, expires 5/18/09

 

 

(220

)

 

(2,200

)

Apache Corp., strike price $75, expires 7/20/09

 

 

(100

)

 

(47,000

)

Apache Corp., strike price $80, expires 5/18/09

 

 

(200

)

 

(7,000

)

Arch Coal, Inc., strike price $16, expires 5/18/09

 

 

(500

)

 

(8,750

)

Arch Coal, Inc., strike price $17.50, expires 5/18/09

 

 

(500

)

 

(5,000

)

Arch Coal, Inc., strike price $20, expires 7/20/09

 

 

(500

)

 

(10,000

)

BHP Billiton Ltd. - ADR, strike price $50, expires 5/18/09

 

 

(360

)

 

(41,400

)

BHP Billiton Ltd. - ADR, strike price $52.50,
expires 6/22/09

 

 

(100

)

 

(17,750

)

BHP Billiton Ltd. - ADR, strike price $55, expires 5/18/09

 

 

(290

)

 

(4,350

)

Cabot Oil & Gas Corp., strike price $30, expires 5/18/09

 

 

(250

)

 

(35,000

)

Cabot Oil & Gas Corp., strike price $30, expires 6/22/09

 

 

(250

)

 

(64,375

)

Cabot Oil & Gas Corp., strike price $35, expires 6/22/09

 

 

(39

)

 

(3,022

)

Cabot Oil & Gas Corp., strike price $35, expires 7/20/09

 

 

(250

)

 

(33,125

)

Canadian Natural Resources Ltd., strike price $48,
expires 5/18/09

 

 

(50

)

 

(6,375

)

Canadian Natural Resources Ltd., strike price $49,
expires 6/22/09

 

 

(75

)

 

(17,812

)

Canadian Natural Resources Ltd., strike price $50,
expires 5/18/09

 

 

(100

)

 

(6,250

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

31



 

 

 


 

Schedule of Investments (continued)

 

BlackRock Energy and Resources Trust (BGR)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

Canadian Natural Resources Ltd., strike price $55,
expires 6/22/09

 

 

(50

)

$

(3,875

)

Consol Energy, Inc., strike price $30, expires 6/22/09

 

 

(500

)

 

(175,000

)

Consol Energy, Inc., strike price $35, expires 5/18/09

 

 

(825

)

 

(28,875

)

Consol Energy, Inc., strike price $35, expires 6/22/09

 

 

(300

)

 

(42,000

)

Consol Energy, Inc., strike price $40, expires 5/18/09

 

 

(600

)

 

(4,500

)

Core Laboratories NV, strike price $80, expires 5/18/09

 

 

(50

)

 

(23,000

)

Core Laboratories NV, strike price $85, expires 6/22/09

 

 

(145

)

 

(56,550

)

Delta Petroleum Corp., strike price $7.50, expires 6/22/09

 

 

(900

)

 

(9,000

)

Devon Energy Corp., strike price $60, expires 5/18/09

 

 

(100

)

 

(1,500

)

Devon Energy Corp., strike price $60, expires 6/22/09

 

 

(300

)

 

(26,250

)

Devon Energy Corp., strike price $60, expires 7/20/09

 

 

(50

)

 

(7,750

)

Diamond Offshore Drilling, Inc., strike price $73.13,
expires 5/18/09

 

 

(115

)

 

(25,588

)

Diamond Offshore Drilling, Inc., strike price $73.13,
expires 6/22/09

 

 

(150

)

 

(68,250

)

Diamond Offshore Drilling, Inc., strike price $78.13,
expires 6/22/09

 

 

(75

)

 

(18,937

)

Energy Transfer Partners LP, strike price $40,
expires 5/18/09

 

 

(350

)

 

(14,875

)

Energy Transfer Partners LP, strike price $40,
expires 6/22/09

 

 

(700

)

 

(57,750

)

Enterprise Products Partners LP, strike price $25,
expires 6/22/09

 

 

(325

)

 

(12,187

)

EQT Corp., strike price $35, expires 6/22/09

 

 

(500

)

 

(75,000

)

EXCO Resources, Inc., strike price $12.50, expires 5/18/09

 

 

(1,000

)

 

(55,000

)

EXCO Resources, Inc., strike price $15, expires 6/22/09

 

 

(2,000

)

 

(100,000

)

EXCO Resources, Inc., strike price $17.50, expires 6/22/09

 

 

(1,000

)

 

(20,000

)

GMX Resources, Inc., strike price $30, expires 5/18/09

 

 

(20

)

 

(200

)

Goldcorp, Inc., strike price $32, expires 6/22/09

 

 

(400

)

 

(33,000

)

Goldcorp, Inc., strike price $40, expires 7/20/09

 

 

(400

)

 

(11,000

)

Goodrich Petroleum Corp., strike price $25, expires 5/18/09

 

 

(200

)

 

(15,500

)

Goodrich Petroleum Corp., strike price $25, expires 6/22/09

 

 

(200

)

 

(42,500

)

Goodrich Petroleum Corp., strike price $30, expires 5/18/09

 

 

(200

)

 

(3,000

)

Halliburton Co., strike price $21, expires 6/22/09

 

 

(430

)

 

(47,085

)

Hess Corp., strike price $60, expires 6/22/09

 

 

(200

)

 

(43,500

)

Massey Energy Co., strike price $17.50, expires 6/22/09

 

 

(425

)

 

(61,625

)

Massey Energy Co., strike price $17.50, expires 7/20/09

 

 

(1,290

)

 

(187,050

)

National-Oilwell Varco, Inc., strike price $35,
expires 5/18/09

 

 

(1,250

)

 

(18,750

)

National-Oilwell Varco, Inc., strike price $35,
expires 6/22/09

 

 

(250

)

 

(26,250

)

National-Oilwell Varco, Inc., strike price $39,
expires 6/22/09

 

 

(240

)

 

(8,400

)

Noble Corp., strike price $30, expires 6/22/09

 

 

(740

)

 

(74,000

)

Noble Corp., strike price $31, expires 5/18/09

 

 

(315

)

 

(3,150

)

Noble Corp., strike price $35, expires 6/22/09

 

 

(46

)

 

(690

)

Occidental Petroleum Corp., strike price $65,
expires 5/18/09

 

 

(100

)

 

(750

)

Occidental Petroleum Corp., strike price $70,
expires 5/18/09

 

 

(100

)

 

(500

)

Peabody Energy Corp., strike price $29, expires 6/22/09

 

 

(500

)

 

(65,000

)

Peabody Energy Corp., strike price $35, expires 5/18/09

 

 

(500

)

 

(5,000

)

Peabody Energy Corp., strike price $35, expires 6/22/09

 

 

(800

)

 

(20,000

)

Penn Virginia Corp., strike price $12.50, expires 5/18/09

 

 

(500

)

 

(101,250

)

Penn Virginia Corp., strike price $15, expires 5/18/09

 

 

(500

)

 

(35,000

)

Penn Virginia Corp., strike price $17.50, expires 6/22/09

 

 

(500

)

 

(32,500

)

PetroHawk Energy Corp., strike price $24, expires 5/18/09

 

 

(500

)

 

(47,500

)

PetroHawk Energy Corp., strike price $25, expires 5/18/09

 

 

(1,000

)

 

(60,000

)

PetroHawk Energy Corp., strike price $25, expires 6/22/09

 

 

(750

)

 

(110,625

)

PetroHawk Energy Corp., strike price $26, expires 6/22/09

 

 

(500

)

 

(55,000

)

PetroHawk Energy Corp., strike price $27, expires 6/22/09

 

 

(250

)

 

(20,625

)

PetroHawk Energy Corp., strike price $30, expires 6/22/09

 

 

(1,000

)

 

(32,500

)

Petroleo Brasileiro SA - ADR, strike price $34,
expires 6/22/09

 

 

(600

)

 

(144,000

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Petroleo Brasileiro SA - ADR, strike price $35,
expires 5/18/09

 

 

(715

)

$

(58,988

)

Petroleo Brasileiro SA - ADR, strike price $37.5,
expires 5/18/09

 

 

(470

)

 

(11,750

)

Petroleo Brasileiro SA - ADR, strike price $39,
expires 7/20/09

 

 

(250

)

 

(30,625

)

Plains All American Pipeline LP, strike price $45,
expires 8/24/09

 

 

(220

)

 

(16,500

)

Plains Exploration & Production Co., strike price $22.50,
expires 5/18/09

 

 

(70

)

 

(875

)

Plains Exploration & Production Co., strike price $22.50,
expires 6/22/09

 

 

(640

)

 

(36,800

)

Potash Corp. of Saskatchewan, Inc., strike price $100,
expires 6/22/09

 

 

(74

)

 

(19,425

)

Potash Corp. of Saskatchewan, Inc., strike price $95,
expires 5/18/09

 

 

(260

)

 

(24,700

)

Potash Corp. of Saskatchewan, Inc., strike price $95,
expires 6/22/09

 

 

(6

)

 

(2,340

)

Questar Corp., strike price $30, expires 6/22/09

 

 

(500

)

 

(91,250

)

Questar Corp., strike price $35, expires 6/22/09

 

 

(500

)

 

(17,500

)

Range Resources Corp., strike price $45, expires 5/18/09

 

 

(150

)

 

(2,625

)

Range Resources Corp., strike price $45, expires 6/22/09

 

 

(1,130

)

 

(141,250

)

Schlumberger Ltd., strike price $45, expires 5/18/09

 

 

(250

)

 

(115,000

)

Schlumberger Ltd., strike price $50, expires 5/18/09

 

 

(280

)

 

(40,600

)

Schlumberger Ltd., strike price $50, expires 6/22/09

 

 

(150

)

 

(45,375

)

Schlumberger Ltd., strike price $55, expires 5/18/09

 

 

(250

)

 

(5,000

)

Schlumberger Ltd., strike price $55, expires 6/22/09

 

 

(150

)

 

(19,125

)

Ship Finance International Ltd., strike price $7.50,
expires 5/18/09

 

 

(500

)

 

(62,500

)

Silver Wheaton Corp., strike price $7.50, expires 6/22/09

 

 

(645

)

 

(53,213

)

Southwestern Energy Co., strike price $40, expires 5/18/09

 

 

(500

)

 

(12,500

)

Southwestern Energy Co., strike price $40, expires 6/22/09

 

 

(700

)

 

(75,250

)

Talisman Energy, Inc., strike price $10, expires 7/20/09

 

 

(100

)

 

(28,500

)

Talisman Energy, Inc., strike price $12.50, expires 7/20/09

 

 

(500

)

 

(60,000

)

Transocean, Inc., strike price $65, expires 5/18/09

 

 

(175

)

 

(72,625

)

Transocean, Inc., strike price $70, expires 5/18/09

 

 

(525

)

 

(81,375

)

Transocean, Inc., strike price $70, expires 6/22/09

 

 

(435

)

 

(147,900

)

Transocean, Inc., strike price $75, expires 6/22/09

 

 

(200

)

 

(34,000

)

Weatherford International Ltd., strike price $19,
expires 6/22/09

 

 

(300

)

 

(21,000

)

Weatherford International Ltd., strike price $15,
expires 5/18/09

 

 

(1,300

)

 

(247,000

)

Whiting Petroleum Corp., strike price $30, expires 5/18/09

 

 

(750

)

 

(262,500

)

Whiting Petroleum Corp., strike price $35, expires 6/22/09

 

 

(250

)

 

(58,125

)

Whiting Petroleum Corp., strike price $40, expires 5/18/09

 

 

(450

)

 

(5,625

)

Whiting Petroleum Corp., strike price $40, expires 6/22/09

 

 

(500

)

 

(45,000

)

           

Total Exchange-Traded Call Options Written

 

 

 

 

 

(4,388,087

)

           

Exchange-Traded Put Option Written—(0.0)%

 

 

 

 

 

 

 

ExxonMobil Corp., strike price $65, expires 6/22/09

 

 

(630

)

 

(144,270

)

           

Over-the-Counter Call Options Written—(0.2)%

 

 

 

 

 

 

 

Apache Corp., strike price $70, expires 6/15/09,
broker Goldman Sachs & Co.

 

 

(30,000

)

 

(174,459

)

BG Group Plc, strike price 11 GBP, expires 6/19/09,
broker Goldman Sachs & Co.

 

 

(25

)

 

(23,350

)

BG Group Plc, strike price 11.37 GBP, expires 6/19/09,
broker Credit Suisse

 

 

(140,000

)

 

(94,140

)

Cabot Oil & Gas Corp., strike price $31, expires 5/15/09,
broker UBS Securities LLC

 

 

(50,000

)

 

(43,587

)

Cameron International Corp., strike price $27,
expires 5/29/09, broker Morgan Stanley & Co., Inc.

 

 

(67,000

)

 

(74,752

)

Cameron International Corp., strike price $27.76,
expires 6/19/09, broker UBS Securities LLC

 

 

(47,500

)

 

(54,293

)

Consol Energy, Inc., strike price $33, expires 6/19/09,
broker UBS Securities LLC

 

 

(30,000

)

 

(61,545

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

32

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 

 


 

Schedule of Investments (concluded)

 

BlackRock Energy and Resources Trust (BGR)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Put Option Written (concluded)

 

 

 

 

 

 

 

Consol Energy, Inc., strike price $35, expires 5/29/09,
broker Morgan Stanley & Co., Inc.

 

 

(31,000

)

$

(21,570

)

EQT Corp., strike price $39, expires 5/15/09,
broker Citigroup Global Markets

 

 

(85,000

)

 

(1,207

)

Halliburton Co., strike price $20, expires 5/6/09,
broker Jefferies & Co., Inc.

 

 

(350

)

 

(20,094

)

Halliburton Co., strike price $21, expires 5/12/09,
broker Jefferies & Co., Inc.

 

 

(350

)

 

(13,972

)

Hess Corp., strike price $61.17, expires 5/29/09,
broker Citigroup Global Markets

 

 

(10,000

)

 

(9,550

)

Occidental Petroleum Corp., strike price $63,
expires 6/19/09, broker Goldman Sachs & Co.

 

 

(80,000

)

 

(82,952

)

Petrofac Ltd., strike price 6.25 GBP, expires 6/17/09,
broker Morgan Stanley & Co., Inc.

 

 

(123,000

)

 

(47,281

)

Saipem SpA, strike price 14.32 EUR, expires 6/02/09,
broker Goldman Sachs & Co.

 

 

(80,000

)

 

(214,667

)

SBM Offshore NV, strike price 12 EUR, expires 6/19/09,
broker Morgan Stanley & Co., Inc.

 

 

(113

)

 

(10,511

)

Seaspan Corp., strike price $11.50, expires 5/28/09,
broker Jefferies & Co., Inc.

 

 

(600

)

 

(5,099

)

Ship Finance International Ltd., strike price $8.33,
expires 6/04/09, broker Goldman Sachs & Co.

 

 

(50,000

)

 

(33,320

)

Silver Wheaton Corp., strike price $8.13, expires 5/19/09,
broker Goldman Sachs & Co.

 

 

(200,000

)

 

(74,100

)

Southwestern Energy Co., strike price $37,
expires 6/18/09, broker Jefferies & Co., Inc.

 

 

(500

)

 

(100,100

)

StatoilHydro ASA, strike price 125 NOK, expires 6/18/09,
broker UBS Securities LLC

 

 

(650

)

 

(44,559

)

StatoilHydro ASA, strike price 130.52 NOK, expires 5/7/09,
broker UBS Securities LLC

 

 

(35,000

)

 

(3,219

)

Talisman Energy, Inc., strike price $12.80, expires 6/26/09,
broker Morgan Stanley & Co., Inc.

 

 

(80,000

)

 

(67,888

)

           

Total Over-the-Counter Call Options Written

 

 

 

 

 

(1,276,215

)

           

Over-the-Counter Put Option Written—(0.0)%

 

 

 

 

 

 

 

National-Oilwell Varco, Inc., strike price $27,
expires 6/19/09, broker Goldman Sachs & Co.

 

 

(55,000

)

 

(71,588

)

           

Total Options Written
(Premiums Received $7,293,829)—(1.0)%

 

 

 

 

 

(5,880,160

)

           

Total Investments Net of Outstanding Options Written—99.7%

 

 

 

 

 

552,750,579

 

Other Assets in Excess of Liabilities—0.3%

 

 

 

 

 

1,711,437

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

554,462,016

 

 

 

 

 

 

     

 

 

   

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

697,272,784

 

 

 

     

Gross unrealized appreciation

 

$

45,756,320

 

Gross unrealized depreciation

 

 

(184,398,365

)

 

 

     

Net unrealized depreciation

 

$

(138,642,045

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

Restricted security as to resale acquired 12/20/07. As of report date the Trust held 0.7% of its net assets, with a current market value of $4,014,234 and an original cost of $3,500,003 in these securities.

(c)

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

(d)

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

(e)

Represents the current yield as of report date.

(f)

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

 

Income

 

           

BlackRock Liquidity Funds, TempFund

 

 

19,515,707

 

$

140,584

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

(22,167,850

)

$

79,743

 

           

 

 

(g)

Security purchased with the cash proceeds from securities loans.

 

 

Foreign currency exchange contracts as of April 30, 2009 were as follows:


 

 

 

 

 

         

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation

         

USD 6,627

EUR 5,000

Citigroup Global Markets

5/04/09

$12

         

 

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

           

Valuation
Inputs

 

Investments in
Securities

 

Other Financial Instruments**

 

           

 

 

Assets

 

Assets

 

Liabilities

 

 

 

           

Level 1

 

$

529,703,497

 

$

200

 

$

(4,532,357

)

Level 2

 

 

28,927,042

 

 

12

 

 

(1,347,803

)

Level 3

 

 

 

 

 

 

 

           

Total

 

$

558,630,539

 

$

212

 

$

(5,880,160

)

 

 

                 

 

 

**

Other financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

33



 

 



 

 

Schedule of Investments April 30, 2009 (Unaudited)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—1.0%

 

 

 

 

 

 

 

BHP Billiton Ltd.

 

 

17,913

 

$

432,734

 

BHP Billiton Ltd. - ADR

 

 

4,400

 

 

211,816

 

Foster’s Group Ltd.

 

 

669,700

 

 

2,560,677

 

Woodside Petroleum Ltd.

 

 

31,800

 

 

874,306

 

 

 

 

 

 

     

 

 

 

 

 

 

4,079,533

 

               

Austria—0.3%

 

 

 

 

 

 

 

OMV AG

 

 

36,700

 

 

1,136,970

 

               

Belgium—0.5%

 

 

 

 

 

 

 

Belgacom SA

 

 

70,700

 

 

2,055,089

 

               

Bermuda—1.2%

 

 

 

 

 

 

 

Allied World Assurance Co. Holdings Ltd.

 

 

28,400

 

 

1,054,776

 

Invesco Ltd.

 

 

105,400

 

 

1,551,488

 

Nabors Industries Ltd. (a)

 

 

83,900

 

 

1,276,119

 

RenaissanceRe Holdings Ltd.

 

 

25,800

 

 

1,255,428

 

 

 

 

 

 

     

 

 

 

 

 

 

5,137,811

 

               

Brazil—1.4%

 

 

 

 

 

 

 

Banco Bradesco SA - ADR

 

 

29,800

 

 

365,944

 

Cia Energetica de Minas Gerais - ADR

 

 

155,800

 

 

2,344,790

 

Cia Siderurgica Nacional SA - ADR

 

 

65,500

 

 

1,213,060

 

Petroleo Brasileiro SA - ADR

 

 

59,000

 

 

1,980,630

 

 

 

 

 

 

     

 

 

 

 

 

 

5,904,424

 

               

Canada—4.7%

 

 

 

 

 

 

 

Barrick Gold Corp.

 

 

186,200

 

 

5,418,420

 

Bombardier, Inc., Class B

 

 

503,700

 

 

1,595,564

 

Canadian Natural Resources Ltd.

 

 

53,000

 

 

2,443,830

 

EnCana Corp.

 

 

34,800

 

 

1,594,915

 

Husky Energy, Inc.

 

 

71,500

 

 

1,732,226

 

Petro-Canada

 

 

64,300

 

 

2,027,379

 

Potash Corp. of Saskatchewan, Inc.

 

 

16,100

 

 

1,392,489

 

Research In Motion Ltd. (a)

 

 

22,800

 

 

1,576,865

 

Royal Bank of Canada

 

 

26,200

 

 

928,735

 

Talisman Energy, Inc.

 

 

87,600

 

 

1,098,504

 

 

 

 

 

 

     

 

 

 

 

 

 

19,808,927

 

               

Cayman Islands—0.5%

 

 

 

 

 

 

 

Herbalife Ltd.

 

 

109,100

 

 

2,162,362

 

               

China—1.8%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

4,533,000

 

 

2,616,984

 

China Life Insurance Co. Ltd., Class H

 

 

277,000

 

 

972,800

 

Industrial & Commercial Bank of China

 

 

4,343,000

 

 

2,470,655

 

PetroChina Co. Ltd. - ADR

 

 

14,900

 

 

1,294,959

 

 

 

 

 

 

     

 

 

 

 

 

 

7,355,398

 

               

Finland—1.1%

 

 

 

 

 

 

 

Fortum Oyj

 

 

127,366

 

 

2,569,001

 

Wartsila Oyj, B Shares

 

 

58,200

 

 

1,918,862

 

 

 

 

 

 

     

 

 

 

 

 

 

4,487,863

 

               

France—4.5%

 

 

 

 

 

 

 

Alstom SA

 

 

46,300

 

 

2,886,227

 

BNP Paribas

 

 

35,500

 

 

1,868,858

 

Compagnie Generale des Etablissements Michelin, Class B

 

 

50,600

 

 

2,590,134

 

Lafarge SA (a)

 

 

744

 

 

39,868

 

PPR

 

 

19,100

 

 

1,463,309

 

Sanofi-Aventis SA

 

 

35,675

 

 

2,066,016

 

Technip SA

 

 

53,600

 

 

2,302,668

 

Total SA

 

 

58,809

 

 

2,942,555

 

Unibail-Rodamco - REIT

 

 

2,800

 

 

417,552

 

Vivendi

 

 

83,254

 

 

2,238,623

 

 

 

 

 

 

     

 

 

 

 

 

 

18,815,810

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Germany—3.5%

 

 

 

 

 

 

 

Adidas AG

 

 

65,900

 

$

2,489,857

 

Allianz SE

 

 

16,700

 

 

1,540,960

 

Fresenius Medical Care AG & Co. KGaA

 

 

72,900

 

 

2,828,974

 

K+S AG

 

 

53,400

 

 

3,212,377

 

Linde AG

 

 

44,100

 

 

3,516,879

 

ThyssenKrupp AG

 

 

47,998

 

 

1,026,857

 

 

 

 

 

 

     

 

 

 

 

 

 

14,615,904

 

               

Hong Kong—3.0%

 

 

 

 

 

 

 

ASM Pacific Technology Ltd.

 

 

763,400

 

 

3,413,092

 

Bank of East Asia Ltd.

 

 

30,240

 

 

71,777

 

China Mobile Ltd.

 

 

131,000

 

 

1,131,215

 

CNOOC Ltd. - ADR

 

 

15,900

 

 

1,770,465

 

Esprit Holdings Ltd.

 

 

131,000

 

 

802,669

 

Hong Kong Exchanges & Clearing Ltd.

 

 

108,100

 

 

1,245,137

 

Hutchison Whampoa Ltd.

 

 

343,300

 

 

2,022,025

 

New World Development Ltd.

 

 

1,468,000

 

 

1,920,053

 

 

 

 

 

 

     

 

 

 

 

 

 

12,376,433

 

               

Israel—1.3%

 

 

 

 

 

 

 

Partner Communications - ADR

 

 

335,100

 

 

5,445,375

 

               

Italy—1.2%

 

 

 

 

 

 

 

AEM SpA

 

 

855,800

 

 

1,406,670

 

Assicurazioni Generali SpA

 

 

30,400

 

 

618,514

 

Intesa Sanpaolo SpA

 

 

342,700

 

 

761,077

 

Parmalat SpA

 

 

1,026,200

 

 

2,038,158

 

 

 

 

 

 

     

 

 

 

 

 

 

4,824,419

 

               

Japan—4.7%

 

 

 

 

 

 

 

Canon, Inc.

 

 

65,300

 

 

1,954,149

 

Honda Motor Co. Ltd.

 

 

67,300

 

 

1,972,356

 

ITOCHU Corp.

 

 

407,000

 

 

2,182,352

 

Konica Minolta Holdings, Inc.

 

 

201,500

 

 

1,664,501

 

Nintendo Co. Ltd.

 

 

16,100

 

 

4,328,664

 

NSK Ltd.

 

 

115,000

 

 

509,582

 

Sumitomo Corp.

 

 

265,600

 

 

2,311,923

 

T&D Holdings, Inc.

 

 

16,350

 

 

488,824

 

Toyota Motor Corp.

 

 

106,000

 

 

4,195,349

 

 

 

 

 

 

     

 

 

 

 

 

 

19,607,700

 

               

Luxembourg—0.4%

 

 

 

 

 

 

 

ArcelorMittal

 

 

63,300

 

 

1,492,614

 

               

Mexico—0.8%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV - ADR

 

 

116,700

 

 

3,303,777

 

               

Netherlands—0.1%

 

 

 

 

 

 

 

Corio NV - REIT

 

 

7,811

 

 

346,680

 

               

Norway—2.1%

 

 

 

 

 

 

 

Fred Olsen Energy ASA

 

 

66,900

 

 

2,108,984

 

Orkla ASA

 

 

318,300

 

 

2,278,743

 

Yara International ASA

 

 

158,300

 

 

4,242,548

 

 

 

 

 

 

     

 

 

 

 

 

 

8,630,275

 

               

Philippines—0.5%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. - ADR

 

 

43,700

 

 

2,004,519

 

               

Singapore—1.7%

 

 

 

 

 

 

 

Singapore Airlines Ltd.

 

 

222,000

 

 

1,596,643

 

Singapore Telecommunications Ltd.

 

 

1,667,200

 

 

2,864,717

 

United Overseas Bank Ltd.

 

 

360,600

 

 

2,779,393

 

 

 

 

 

 

     

 

 

 

 

 

 

7,240,753

 

               

Spain—0.6%

 

 

 

 

 

 

 

Banco Santander SA

 

 

255,645

 

 

2,459,036

 

               

Sweden—0.6%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

263,900

 

 

1,962,979

 

Skanska AB, B Shares

 

 

59,800

 

 

645,005

 

 

 

 

 

 

     

 

 

 

 

 

 

2,607,984

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

34

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 



 

 

Schedule of Investments (continued)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Switzerland—2.7%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

22,600

 

$

2,079,426

 

Nestle SA

 

 

131,999

 

 

4,302,736

 

Novartis AG

 

 

46,836

 

 

1,772,663

 

Syngenta AG

 

 

11,700

 

 

2,497,839

 

Zurich Financial Services AG

 

 

4,268

 

 

793,125

 

 

 

 

 

 

     

 

 

 

 

 

 

11,445,789

 

               

Taiwan—0.8%

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

 

 

304,900

 

 

3,222,793

 

               

United Kingdom—5.1%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

53,238

 

 

1,864,153

 

Bellway Plc

 

 

100,500

 

 

1,058,800

 

Catlin Group Ltd.

 

 

335,100

 

 

1,734,114

 

De La Rue Plc

 

 

143,400

 

 

2,032,614

 

GlaxoSmithKline Plc

 

 

67,336

 

 

1,037,192

 

HSBC Holdings Plc

 

 

157,272

 

 

1,118,434

 

Imperial Tobacco Group Plc

 

 

138,391

 

 

3,157,565

 

Persimmon Plc

 

 

201,100

 

 

1,121,678

 

Rio Tinto Plc - ADR

 

 

2,400

 

 

391,080

 

Standard Chartered Plc

 

 

69,108

 

 

1,069,053

 

Unilever Plc

 

 

170,500

 

 

3,319,907

 

Vodafone Group Plc

 

 

1,568,393

 

 

2,882,663

 

Vodafone Group Plc - ADR

 

 

34,300

 

 

629,406

 

 

 

 

 

 

     

 

 

 

 

 

 

21,416,659

 

               

United States—40.9%

 

 

 

 

 

 

 

3M Co.

 

 

43,300

 

 

2,494,080

 

Allstate Corp. (The)

 

 

21,400

 

 

499,262

 

Altera Corp.

 

 

145,100

 

 

2,366,581

 

Altria Group, Inc. (b)

 

 

262,500

 

 

4,286,625

 

Amgen, Inc. (a)(b)

 

 

97,300

 

 

4,716,131

 

Anadarko Petroleum Corp.

 

 

29,500

 

 

1,270,270

 

Analog Devices, Inc.

 

 

106,200

 

 

2,259,936

 

Aon Corp.

 

 

80,800

 

 

3,409,760

 

Apple, Inc. (a)

 

 

20,400

 

 

2,566,932

 

Applied Materials, Inc.

 

 

81,600

 

 

996,336

 

Arch Coal, Inc.

 

 

66,300

 

 

926,211

 

AvalonBay Communities, Inc. - REIT

 

 

15,400

 

 

874,874

 

Bank of America Corp.

 

 

131,500

 

 

1,174,295

 

Bank of New York Mellon Corp. (The)

 

 

55,200

 

 

1,406,496

 

Becton Dickinson & Co.

 

 

65,300

 

 

3,949,344

 

Boston Properties, Inc. - REIT

 

 

18,500

 

 

914,270

 

Bristol-Myers Squibb Co.

 

 

86,600

 

 

1,662,720

 

Broadcom Corp. (a)

 

 

120,900

 

 

2,803,671

 

Campbell Soup Co.

 

 

64,900

 

 

1,669,228

 

Charles Schwab Corp. (The)

 

 

121,400

 

 

2,243,472

 

Chesapeake Energy Corp.

 

 

101,500

 

 

2,000,565

 

Chevron Corp.

 

 

46,100

 

 

3,047,210

 

Cisco Systems, Inc. (a)

 

 

45,100

 

 

871,332

 

Colgate-Palmolive Co.

 

 

27,200

 

 

1,604,800

 

Comcast Corp., Class A

 

 

163,600

 

 

2,529,256

 

ConocoPhillips

 

 

19,500

 

 

799,500

 

Consol Energy, Inc.

 

 

80,400

 

 

2,514,912

 

Corning, Inc.

 

 

70,700

 

 

1,033,634

 

CVS Caremark Corp.

 

 

26,800

 

 

851,704

 

Diamond Offshore Drilling, Inc.

 

 

23,200

 

 

1,679,912

 

Eagle Bulk Shipping, Inc.

 

 

381,900

 

 

2,489,988

 

ExxonMobil Corp.

 

 

58,400

 

 

3,893,528

 

FPL Group, Inc.

 

 

24,300

 

 

1,307,097

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

43,500

 

 

1,855,275

 

General Electric Co.

 

 

118,900

 

 

1,504,085

 

Genzyme Corp. (a)

 

 

39,900

 

 

2,127,867

 

Goldman Sachs Group, Inc. (The)

 

 

21,800

 

 

2,801,300

 

Google, Inc., Class A(a)

 

 

7,900

 

 

3,128,163

 

Greenhill & Co., Inc.

 

 

21,000

 

 

1,628,130

 

H.J. Heinz Co.

 

 

56,400

 

 

1,941,288

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States (concluded)

 

 

 

 

 

 

 

Halliburton Co.

 

 

134,200

 

$

2,713,524

 

Helmerich & Payne, Inc.

 

 

58,200

 

 

1,793,724

 

Hess Corp.

 

 

24,800

 

 

1,358,792

 

Hewlett-Packard Co.

 

 

44,900

 

 

1,615,502

 

Hudson City Bancorp, Inc.

 

 

35,500

 

 

445,880

 

Intel Corp. (b)

 

 

183,400

 

 

2,894,052

 

IntercontinentalExchange, Inc. (a)

 

 

19,200

 

 

1,681,920

 

International Business Machines Corp.

 

 

28,800

 

 

2,972,448

 

J.M. Smucker Co. (The)

 

 

49,100

 

 

1,934,540

 

JPMorgan Chase & Co.

 

 

86,200

 

 

2,844,600

 

Kellogg Co.

 

 

56,600

 

 

2,383,426

 

Kohl’s Corp. (a)

 

 

47,300

 

 

2,145,055

 

Linear Technology Corp.

 

 

105,800

 

 

2,304,324

 

McDonald’s Corp.

 

 

45,000

 

 

2,398,050

 

Medco Health Solutions, Inc. (a)

 

 

56,400

 

 

2,456,220

 

Medtronic, Inc.

 

 

79,600

 

 

2,547,200

 

MetLife, Inc.

 

 

16,100

 

 

478,975

 

Microsoft Corp. (b)

 

 

112,200

 

 

2,273,172

 

Molson Coors Brewing Co., Class B

 

 

54,400

 

 

2,080,800

 

Morgan Stanley

 

 

42,500

 

 

1,004,700

 

Motorola, Inc.

 

 

141,000

 

 

779,730

 

NASDAQ OMX Group, Inc. (The) (a)

 

 

59,400

 

 

1,142,262

 

Newmont Mining Corp.

 

 

66,500

 

 

2,675,960

 

Nike, Inc.

 

 

29,400

 

 

1,542,618

 

Nucor Corp. (b)

 

 

52,400

 

 

2,132,156

 

Occidental Petroleum Corp.

 

 

74,600

 

 

4,199,234

 

Pfizer, Inc.

 

 

321,800

 

 

4,299,248

 

Procter & Gamble Co. (The) (b)

 

 

28,500

 

 

1,409,040

 

Qualcomm, Inc.

 

 

58,200

 

 

2,463,024

 

Qwest Communications International, Inc.

 

 

856,900

 

 

3,333,341

 

T. Rowe Price Group, Inc.

 

 

30,600

 

 

1,178,712

 

Target Corp.

 

 

66,700

 

 

2,752,042

 

Texas Instruments, Inc.

 

 

49,200

 

 

888,552

 

U.S. Bancorp

 

 

54,400

 

 

991,168

 

Ultra Petroleum Corp. (a)

 

 

64,300

 

 

2,752,040

 

Wal-Mart Stores, Inc.

 

 

49,000

 

 

2,469,600

 

Walt Disney Co. (The)

 

 

107,400

 

 

2,352,060

 

Weatherford International Ltd. (a)

 

 

219,800

 

 

3,655,274

 

Wells Fargo & Co.

 

 

73,600

 

 

1,472,736

 

Wyeth

 

 

68,300

 

 

2,895,920

 

Yum! Brands, Inc.

 

 

86,600

 

 

2,888,111

 

 

 

 

 

 

     

 

 

 

 

 

 

170,699,772

 

               

Total Common Stocks—87.0%

 

 

 

 

 

362,684,669

 

               

 

 

 

 

 

 

 

 









Exchange-Traded Funds

 

 

 

 

 

 

 

               

United States—5.4%

 

 

 

 

 

 

 

iShares MSCI EAFE Index Fund

 

 

251,500

 

 

10,542,880

 

iShares MSCI Emerging Markets Index Fund

 

 

57,400

 

 

1,644,510

 

SPDR Trust Series 1

 

 

117,900

 

 

10,322,145

 

               

Total Exchange-Traded Funds—5.4%

 

 

 

 

 

22,509,535

 

               

Total Long-Term Investments
(Cost—$405,914,732)—92.4%

 

 

 

 

 

385,194,204

 

               

 

 

 

 

 

 

 

 









Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, 0.64% (c)(d)

 

 

24,786,437

 

 

24,786,437

 

               

Total Short-Term Investments
(Cost—$24,786,437)—5.9%

 

 

 

 

 

24,786,437

 

               

Total Investments Before Outstanding Options Written
(Cost—$430,701,169*)—98.3%

 

 

 

 

 

409,980,641

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

35



 

 



 

 

Schedule of Investments (continued)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Exchange-Traded Call Options Written—(1.2)%

 

 

 

 

 

 

 

3M Co., strike price $60, expires 7/20/09

 

 

(220

)

$

(46,200

)

Alcon, Inc., strike price $95, expires 5/18/09

 

 

(135

)

 

(12,825

)

Allied World Assurance Co., strike price $40,
expires 6/22/09

 

 

(170

)

 

(20,400

)

Allstate Corp., strike price $27.50, expires 5/18/09

 

 

(130

)

 

(2,600

)

Altera Corp., strike price $17.50, expires 5/18/09

 

 

(870

)

 

(6,525

)

Altria Group, Inc., strike price $17, expires 5/18/09

 

 

(1,575

)

 

(16,537

)

Amgen, Inc., strike price $50, expires 5/18/09

 

 

(585

)

 

(44,753

)

Anadarko Petroleum Corp., strike price $46,
expires 6/22/09

 

 

(180

)

 

(32,400

)

Analog Devices, Inc., strike price $22.50, expires 6/22/09

 

 

(640

)

 

(41,600

)

Aon Corp., strike price $42.50, expires 7/20/09

 

 

(485

)

 

(117,613

)

Apple, Inc., strike price $125, expires 6/22/09

 

 

(87

)

 

(65,903

)

Apple, Inc., strike price $130, expires 5/18/09

 

 

(117

)

 

(21,177

)

Applied Materials, Inc., strike price $13, expires 5/18/09

 

 

(490

)

 

(13,475

)

ArcelorMittal, strike price $32.50, expires 6/22/09

 

 

(380

)

 

(14,250

)

Arch Coal, Inc., strike price $16, expires 5/18/09

 

 

(400

)

 

(7,000

)

AvalonBay Communities, Inc., strike price $60,
expires 7/20/09

 

 

(90

)

 

(49,950

)

Banco Bradesco SA - ADR, strike price $12.50,
expires 5/18/09

 

 

(180

)

 

(8,550

)

Bank of America Corp., strike price $16, expires 5/18/09

 

 

(1,315

)

 

(3,945

)

Bank of New York Mellon Corp., strike price $35,
expires 6/22/09

 

 

(330

)

 

(6,600

)

Barrick Gold Corp., strike price $32.50, expires 5/18/09

 

 

(1,120

)

 

(25,200

)

Becton Dickinson & Co., strike price $70, expires 5/18/09

 

 

(400

)

 

(4,000

)

Boston Properties, Inc. - REIT, strike price $45,
expires 7/20/09

 

 

(110

)

 

(93,500

)

Bristol-Myers Squibb Co., strike price $21, expires 5/18/09

 

 

(520

)

 

(3,900

)

Broadcom Corp., strike price $23, expires 5/18/09

 

 

(725

)

 

(83,375

)

Canadian Natural Resources Ltd., strike price $48,
expires 5/18/09

 

 

(320

)

 

(40,800

)

Canadian Natural Resources Ltd., strike price $55,
expires 6/22/09

 

 

(210

)

 

(16,275

)

Charles Schwab Corp., strike price $19, expires 5/18/09

 

 

(275

)

 

(12,375

)

Charles Schwab Corp., strike price $19, expires 6/22/09

 

 

(450

)

 

(48,375

)

Chesapeake Energy Corp., strike price $21, expires 6/22/09

 

 

(305

)

 

(38,125

)

Chesapeake Energy Corp., strike price $25, expires 5/18/09

 

 

(300

)

 

(2,250

)

Chevron Corp., strike price $75, expires 6/22/09

 

 

(461

)

 

(18,440

)

Cisco Systems, Inc., strike price $18, expires 5/18/09

 

 

(270

)

 

(42,525

)

Cnoc Ltd. - ADR, strike price $125, expires 5/18/09

 

 

(95

)

 

(4,750

)

Colgate-Palmolive Co., strike price $60, expires 5/18/09

 

 

(160

)

 

(15,200

)

Comcast Corp. - Class A, strike price $15, expires 5/18/09

 

 

(1,000

)

 

(90,000

)

ConocoPhillips, strike price $43, expires 5/18/09

 

 

(195

)

 

(8,190

)

Consol Energy, Inc., strike price $28, expires 5/18/09

 

 

(480

)

 

(172,800

)

CVS Caremark Corp., strike price $30, expires 5/18/09

 

 

(160

)

 

(36,000

)

Eagle Bulk Shipping, Inc., strike price $7.50,
expires 6/22/09

 

 

(2,300

)

 

(143,750

)

ExxonMobil Corp., strike price $70, expires 5/18/09

 

 

(350

)

 

(14,000

)

Freeport-McMoRan Copper & Gold, Inc., strike price $45,
expires 6/22/09

 

 

(175

)

 

(48,825

)

Freeport-McMoRan Copper & Gold, Inc., strike price $47,
expires 5/18/09

 

 

(260

)

 

(16,120

)

General Electric Co., strike price $13, expires 6/22/09

 

 

(700

)

 

(60,200

)

Genzyme Corp., strike price $60, expires 5/18/09

 

 

(240

)

 

(1,800

)

Goldman Sachs Group, Inc., strike price $140,
expires 5/18/09

 

 

(83

)

 

(7,304

)

Goldman Sachs Group, Inc., strike price $145,
expires 5/18/09

 

 

(82

)

 

(3,239

)

Google, Inc., strike price $380, expires 5/18/09

 

 

(47

)

 

(97,525

)

Greenhill & Co., strike price $85, expires 6/22/09

 

 

(210

)

 

(61,425

)

H.J. Heinz Co., strike price $35, expires 6/22/09

 

 

(564

)

 

(70,500

)

Halliburton Co., strike price $19, expires 5/18/09

 

 

(800

)

 

(126,800

)

Hewlett-Packard Co., strike price $37.50, expires 5/18/09

 

 

(270

)

 

(12,150

)

Intel Corp., strike price $16, expires 5/18/09

 

 

(1,100

)

 

(36,300

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

IntercontinentalExchange, Inc., strike price $90,
expires 6/22/09

 

 

(145

)

$

(92,800

)

International Business Machines Corp., strike price $105,
expires 5/18/09

 

 

(125

)

 

(17,500

)

International Business Machines Corp., strike price $105,
expires 6/22/09

 

 

(63

)

 

(22,680

)

International Business Machines Corp., strike price $110,
expires 6/22/09

 

 

(100

)

 

(17,250

)

Invesco Ltd., strike price $17.50, expires 5/18/09

 

 

(630

)

 

(11,025

)

iShares MSCI EAFE Index Fund, strike price $41,
expires 5/18/09

 

 

(2,515

)

 

(433,838

)

iShares MSCI Emerging Markets Index Fund,
strike price $28, expires 5/18/09

 

 

(574

)

 

(79,786

)

J.M. Smuckers Co., strike price $40, expires 7/20/09

 

 

(295

)

 

(54,575

)

JPMorgan Chase & Co., strike price $34, expires 5/18/09

 

 

(590

)

 

(81,715

)

Kellogg Co., strike price $40, expires 5/18/09

 

 

(566

)

 

(130,180

)

Kohl’s Corp., strike price $46, expires 5/18/09

 

 

(280

)

 

(40,600

)

Linear Technology Corp., strike price $24, expires 5/18/09

 

 

(640

)

 

(6,400

)

Linear Technology Corp., strike price $24, expires 6/22/09

 

 

(418

)

 

(13,585

)

McDonald’s Corp., strike price $57.50, expires 6/22/09

 

 

(450

)

 

(25,875

)

Medco Health Solutions, Inc., strike price $45,
expires 5/18/09

 

 

(340

)

 

(22,100

)

MetLife, Inc., strike price $31, expires 6/22/09

 

 

(95

)

 

(27,312

)

Morgan Stanley, strike price $26, expires 5/18/09

 

 

(255

)

 

(11,475

)

NASDAQ OMX Group, Inc. (The), strike price $20,
expires 5/18/09

 

 

(350

)

 

(28,000

)

Newmont Mining Corp., strike price $44, expires 6/22/09

 

 

(400

)

 

(54,000

)

Nike, Inc., strike price $55, expires 5/18/09

 

 

(294

)

 

(22,050

)

Occidental Petroleum Corp., strike price $60,
expires 5/18/09

 

 

(450

)

 

(24,750

)

PetroChina Co. Ltd. - ADR, strike price $95,
expires 6/22/09

 

 

(90

)

 

(19,800

)

Petroleo Brasileiro SA - ADR, strike price $36,
expires 5/18/09

 

 

(590

)

 

(29,500

)

Pfizer, Inc., strike price $14, expires 6/22/09

 

 

(1,288

)

 

(45,724

)

Pfizer, Inc., strike price $15, expires 6/22/09

 

 

(1,930

)

 

(25,090

)

Philippine Long Distance Telephone Co. - ADR,
strike price $50, expires 7/20/09

 

 

(260

)

 

(24,050

)

Potash Corp. of Saskatchewan, Inc., strike price $100,
expires 6/22/09

 

 

(96

)

 

(25,200

)

Procter & Gamble Co. (The), strike price $50,
expires 5/18/09

 

 

(170

)

 

(16,150

)

Research In Motion Ltd., strike price $75, expires 6/22/09

 

 

(27

)

 

(10,867

)

Rio Tinto Plc - ADR, strike price $170, expires 7/20/09

 

 

(14

)

 

(24,920

)

SPDR Trust Series 1, strike price $85, expires 5/18/09

 

 

(1,179

)

 

(427,388

)

T. Rowe Price Group, Inc., strike price $35, expires 5/18/09

 

 

(180

)

 

(76,500

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
strike price $10, expires 5/18/09

 

 

(1,850

)

 

(138,750

)

Talisman Energy, Inc., strike price $12.50, expires 5/18/09

 

 

(525

)

 

(27,562

)

Target Corp., strike price $40, expires 5/18/09

 

 

(400

)

 

(96,400

)

Texas Instruments, Inc., strike price $17.50,
expires 5/18/09

 

 

(300

)

 

(28,650

)

Ultra Petroleum Corp., strike price $45, expires 6/22/09

 

 

(385

)

 

(81,813

)

US Bancorp, strike price $17.50, expires 5/18/09

 

 

(544

)

 

(93,840

)

Vodafone Group Plc - ADR, strike price $20,
expires 7/20/09

 

 

(343

)

 

(18,865

)

Wal-Mart Stores, Inc., strike price $55, expires 6/22/09

 

 

(295

)

 

(16,372

)

Walt Disney Co. (The), strike price $21, expires 5/18/09

 

 

(645

)

 

(93,525

)

Weatherford International Ltd., strike price $15,
expires 5/18/09

 

 

(1,310

)

 

(248,900

)

Wells Fargo & Co., strike price $22.50, expires 5/18/09

 

 

(660

)

 

(47,850

)

Yum! Brands, Inc., strike price $33, expires 7/20/09

 

 

(520

)

 

(140,400

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(4,963,933

)

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

36

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Schedule of Investments (continued)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Anadarko Petroleum Corp., strike price $40,
expires 5/18/09

 

 

(300

)

$

(25,500

)

eBay, Inc., strike price $16, expires 5/18/09

 

 

(750

)

 

(28,500

)

iShares MSCI EAFE Index Fund, strike price $36,
expires 6/22/09

 

 

(150

)

 

(8,250

)

iShares MSCI EAFE Index Fund, strike price $37,
expires 5/18/09

 

 

(2,000

)

 

(30,000

)

iShares MSCI EAFE Index Fund, strike price $38,
expires 5/18/09

 

 

(200

)

 

(4,500

)

SPDR Trust Series 1, strike price $75, expires 5/18/09

 

 

(30

)

 

(570

)

SPDR Trust Series 1, strike price $79, expires 5/18/09

 

 

(1,180

)

 

(51,330

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(148,650

)

               

Over-the-Counter Call Options Written—(1.5)%

 

 

 

 

 

 

 

Adidas AG, strike price 28.65 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(39,500

)

 

(79,229

)

AEM SpA, strike price 1.21 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(513,500

)

 

(53,434

)

Allianz SE, trike price 74.25 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(10,000

)

 

(34,702

)

Alstom SA, strike price 46.18 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(27,800

)

 

(138,337

)

ASM Pacific Technology, strike price 32.70 HKD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(458,000

)

 

(255,443

)

Assicurazioni Generali SpA, strike price 14.72 EUR,
expires 6/10/09, broker Morgan Stanley & Co., Inc.

 

 

(18,200

)

 

(39,585

)

AstraZeneca Plc, strike price 23.91 GBP, expires 6/10/09,
broker Citigroup Global Markets

 

 

(31,900

)

 

(43,436

)

AstraZeneca Plc, strike price 24.90 GBP, expires 6/10/09,
broker Citigroup Global Markets

 

 

(21,338

)

 

(17,763

)

Banco Santander SA, strike price 6.80 EUR,
expires 6/10/09, broker Citigroup Global Markets

 

 

(153,000

)

 

(141,826

)

Banco Santander SA, strike price 7 EUR,
expires 6/17/09, broker UBS Securities LLC

 

 

(102,600

)

 

(82,713

)

Belgacom SA, strike price 22.71 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(42,400

)

 

(23,631

)

Bellway Plc, strike price 7.88 GBP, expires 6/10/09,
broker UBS Securities LLC

 

 

(60,300

)

 

(20,555

)

BHP Billiton Ltd., strike price 35.57 AUD, expires 6/03/09,
broker JPMorgan Chase Securities

 

 

(16,000

)

 

(11,492

)

BNP Paribas, strike price 39.22 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(21,300

)

 

(103,560

)

Bombardier,, Inc. - Class B, strike price 3.91 CAD,
expires 6/18/09, broker Goldman Sachs & Co.

 

 

(302,300

)

 

(106,095

)

Campbell Soup Co., strike price $26.57,
expires 6/19/09, broker UBS Securities LLC

 

 

(39,000

)

 

(23,111

)

Cannon, Inc., strike price 3,151.20 JPY, expires 6/03/09,
broker Deutsche Bank

 

 

(39,200

)

 

(46,672

)

Catlin Group Ltd., strike price 3.52 GBP, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(201,100

)

 

(76,532

)

China Construction Bank Corp. - Class H,
strike price 4.75 HKD, expires 7/14/09,
broker JPMorgan Chase Securities

 

 

(680,000

)

 

(20,382

)

China Construction Bank Corp. - Class H,
strike price 4.91 HKD, expires 6/03/09,
broker Goldman Sachs & Co., Inc.

 

 

(2,720,000

)

 

(44,745

)

China Life Insurance Co. - Class H,
strike price 28.48 HKD, expires 6/03/09,
broker Goldman Sachs & Co., Inc.

 

 

(166,000

)

 

(24,678

)

China Mobile Ltd., strike price 71.76 HKD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(78,500

)

 

(16,065

)

China Mobile Ltd., strike price 73.97 HKD,
expires 7/14/09, broker JPMorgan Chase Securities

 

 

(52,500

)

 

(15,451

)

Cia Energetica de Minas Gerais - ADR,
strike price $16.09, expires 6/9/09,
broker Goldman Sachs & Co., Inc.

 

 

(130,100

)

 

(53,055

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Cia Siderurgica Nacional SA - ADR, strike price $18.96,
expires 6/9/09, broker Citigroup Global Markets

 

 

(39,300

)

$

(42,334

)

Compagnie Generale Des Etablissements Michelin - Class B,
strike price 35.88 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(30,400

)

 

(186,549

)

Corning, Inc., strike price $16, expires 6/01/09,
broker Jefferies & Co., Inc.

 

 

(425

)

 

(13,736

)

De La Rue Plc, strike price 9.40 GBP, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(28,700

)

 

(16,933

)

De La Rue Plc, strike price 9.40 GBP, expires 7/7/09,
broker Morgan Stanley & Co., Inc.

 

 

(28,700

)

 

(21,532

)

De La Rue Plc, strike price 9.44 GBP, expires 6/23/09,
broker UBS Securities LLC

 

 

(86,000

)

 

(55,151

)

Diamond Offshore Drilling, Inc., strike price $76.84,
expires 5/29/09, broker Citigroup Global Markets

 

 

(14,000

)

 

(20,058

)

EnCana Corp., strike price $48.09, expires 5/29/09,
broker Goldman Sachs & Co.

 

 

(34,800

)

 

(32,566

)

Esprit Holdings Ltd., strike price 39.55 HKD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(78,600

)

 

(88,046

)

ExxonMobil Corp., strike price $71, expires 5/29/09,
broker UBS Securities LLC

 

 

(23,400

)

 

(14,365

)

Fomento Economico Mexicano SAB de CV - ADR,
strike price $29.58, expires 6/19/09,
broker UBS Securities LLC

 

 

(70,000

)

 

(90,426

)

Fortum Oyj, strike price 13.66 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(76,400

)

 

(183,922

)

Foster’s Group Ltd., strike price 5.12 AUD,
expires 6/03/09, broker Morgan Stanley & Co., Inc.

 

 

(401,000

)

 

(70,523

)

FPL Group, Inc., strike price $52.10, expires 6/19/09,
broker Citigroup Global Markets

 

 

(24,300

)

 

(70,215

)

Fred Olsen Energy ASA, strike price 192.17 NOK,
expires 6/10/09, broker Goldman Sachs & Co.

 

 

(40,100

)

 

(118,817

)

Fresenius Medical Care AG & Co. KGaA,
strike price 29.66 EUR, expires 6/10/09,
broker Morgan Stanley & Co.

 

 

(43,700

)

 

(56,912

)

GlaxoSmithKline Plc, strike price 10.26 GBP,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(67,300

)

 

(61,379

)

Helmerich & Payne, Inc., strike price $33.16,
expires 5/29/09, broker UBS Securities LLC

 

 

(35,000

)

 

(40,355

)

Herbalife Ltd., strike price $21.25, expires 8/21/09,
broker Goldman Sachs & Co.

 

 

(65,000

)

 

(119,444

)

Hess Corp., strike price $61.17, expires 5/29/09,
broker Citigroup Global Markets

 

 

(15,000

)

 

(14,325

)

Honda Motor Co. Ltd., strike price 2,850.75 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(40,400

)

 

(95,022

)

Hong Kong Exchanges and Clearing Ltd.,
strike price 91.13 HKD, expires 6/03/09,
broker JPMorgan Chase

 

 

(64,900

)

 

(44,946

)

HSBC Holdings Plc, strike price 5.23 GBP,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(82

)

 

(11,913

)

Hudson City Bancorp, strike price $13.30,
expires 6/18/09, broker Goldman Sachs & Co.

 

 

(21,000

)

 

(9,677

)

Husky Energy, Inc., strike price 32 CAD, expires 7/18/09,
broker National Bank Financial

 

 

(430

)

 

(18,918

)

Hutchison Whampoa Ltd., strike price 48.72 HKD,
expires 7/14/09, broker Deutsche Bank

 

 

(223,000

)

 

(39,586

)

Imperial Tobacco Group Plc, strike price 15.25 GBP,
expires 6/10/09, broker UBS Securities LLC

 

 

(83,000

)

 

(97,176

)

Imperial Tobacco Group Plc, strike price 15.87 GBP,
expires 6/23/09, broker UBS Securities LLC

 

 

(55,300

)

 

(49,307

)

Industrial & Commercial Bank of China,
strike price 4.64 HKD, expires 6/03/09,
broker JPMorgan Chase Securities

 

 

(2,605,000

)

 

(63,231

)

Industrial & Commercial Bank of China,
strike price 4.90 HKD, expires 7/14/09,
broker Deutsche Bank

 

 

(650,000

)

 

(9,331

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

37



 

 


 

 

Schedule of Investments (continued)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Intesa Sanpaolo SpA, strike price 1.76 EUR,
expires 6/23/09, broker Citigroup Global Markets

 

 

(206,000

)

$

(19,705

)

ITOCHU Corp., strike price 576.80 JPY, expires 6/03/09,
broker Deutsche Bank

 

 

(244,000

)

 

(39,435

)

K&S AG, strike price 46.16 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(32,000

)

 

(93,781

)

Konica Minolta Holdings, Inc., strike price 788.55 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(121,000

)

 

(95,800

)

Linde AG, strike price 60.40 EUR, expires 6/10/09,
broker Goldman Sachs & Co.

 

 

(26,500

)

 

(93,852

)

Medtronic, Inc., strike price $34, expires 6/01/09,
broker Jefferies & Co., Inc.

 

 

(475

)

 

(25,645

)

Microsoft Corp., strike price $20.24, expires 6/9/09,
broker UBS Securities LLC

 

 

(67,500

)

 

(62,033

)

Molson Coors Brewing Co. - Class B, strike price $37.50,
expires 6/30/09, broker UBS Securities LLC

 

 

(325

)

 

(77,201

)

Motorola, Inc., strike price $5.78, expires 5/21/09,
broker UBS Securities LLC

 

 

(84,600

)

 

(15,465

)

Nabors Industries Ltd., strike price $18.50,
expires 6/25/09, broker UBS Securities LLC

 

 

(50,500

)

 

(17,781

)

Nestle SA, strike price 39.87 CHF, expires 6/10/09,
broker Citigroup Global Markets

 

 

(79,200

)

 

(24,445

)

New World Development Ltd., strike price 9.61 HKD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(881,000

)

 

(118,424

)

Nintendo Co. Ltd., strike price 27,913 JPY,
expires 6/03/09, broker Deutsche Bank

 

 

(9,700

)

 

(115,743

)

Nordea Bank AB, strike price 55.65 SEK,
expires 6/10/09, broker Morgan Stanley & Co., Inc.

 

 

(110,200

)

 

(89,383

)

Novartis AG - ADR, strike price 43 CHF, expires 6/19/09,
broker Goldman Sachs & Co.

 

 

(187

)

 

(27,590

)

Novartis AG, strike price 44 CHF, expires 6/02/09,
broker Morgan Stanley & Co., Inc.

 

 

(28,100

)

 

(21,562

)

Nucor Corp., strike price $46.20, expires 6/19/09,
broker UBS Securities LLC

 

 

(31,500

)

 

(37,926

)

Occidental Petroleum Corp., strike price $63,
expires 6/19/09, broker Goldman Sachs & Co.

 

 

(29,600

)

 

(30,692

)

OMV AG, strike price 26.45 EUR, expires 6/10/09,
broker Goldman Sachs & Co.

 

 

(22,000

)

 

(22,848

)

Orkla ASA, strike price 47.58 NOK, expires 6/10/09,
broker UBS Securities LLC

 

 

(191,000

)

 

(80,748

)

Paramalat SpA, strike price 1.63 EUR, expires 6/10/09,
broker Goldman Sachs & Co.

 

 

(615,700

)

 

(12,612

)

Partner Communications - ADR, strike price $18.81,
expires 7/17/09, broker UBS Securities LLC

 

 

(200,000

)

 

(63,960

)

Persimmon Plc, strike price 4.01 GBP, expires 6/10/09,
broker UBS Securities LLC

 

 

(120,700

)

 

(42,876

)

Petro-Canada, strike price $33.94, expires 5/29/09,
broker UBS Securities LLC

 

 

(38,500

)

 

(24,501

)

PPR, strike price 59.65 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(11,500

)

 

(47,192

)

QUALCOMM, Inc., strike price $42.50, expires 6/18/09,
broker UBS Securities LLC

 

 

(350

)

 

(72,072

)

Qwest Communications International, Inc.,
strike price $3.90, expires 7/17/09,
broker UBS Securities LLC

 

 

(515,000

)

 

(221,038

)

RenaissanceRe Holdings Ltd., strike price $50.50,
expires 6/18/09, broker Goldman Sachs & Co.

 

 

(15,500

)

 

(26,280

)

Royal Bank of Canada, strike price 42 CAD,
expires 5/16/09, broker TD Securities

 

 

(160

)

 

(18,906

)

Sanofi-Aventis SA, strike price 42.55 EUR,
expires 6/10/09, broker Morgan Stanley & Co., Inc.

 

 

(21,400

)

 

(68,634

)

Singapore Airlines Ltd., strike price 11.04 SGD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(221,400

)

 

(40,082

)

Singapore Telecommunications Ltd., strike price 2.66 SGD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(1,000,000

)

 

(40,869

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Standard Chartered Plc, strike price 10.32 GBP,
expires 6/02/09, broker Morgan Stanley & Co., Inc.

 

 

(41,000

)

$

(53,714

)

Sumitomo Corp., strike price 974.48 JPY, expires 6/03/09,
broker Deutsche Bank

 

 

(159,400

)

 

(21,742

)

Syngenta AG, strike price 247.50 CHF, expires 6/10/09,
broker UBS Securities LLC

 

 

(7,000

)

 

(61,553

)

T&D Holdings, Inc., strike price 3,454 JPY, expires 6/03/09,
broker UBS Securities LLC

 

 

(9,800

)

 

(14,600

)

Technip SA, strike price 28.23 EUR, expires 6/10/09,
broker Goldman Sachs & Co.

 

 

(32,200

)

 

(209,233

)

ThyssenKrupp AG, strike price 17.49 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(29,000

)

 

(29,867

)

Total SA, strike price 37.01 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(35,300

)

 

(97,017

)

Total SA, strike price 39 EUR, expires 6/19/09,
broker Morgan Stanley & Co., Inc.

 

 

(235

)

 

(30,146

)

Toyota Motor Corp., strike price 3,934.60 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(63,600

)

 

(127,206

)

Unibail-Rodamco - REIT, strike price 119.18 EUR,
expires 6/10/09, broker Morgan Stanley & Co., Inc.

 

 

(1,700

)

 

(7,186

)

Unilever Plc, strike price 13.34 GBP, expires 6/23/09,
broker UBS Securities LLC

 

 

(102,000

)

 

(64,792

)

United Overseas Bank, strike price 11.13 SGD,
expires 6/03/09, broker Deutsche Bank

 

 

(216,400

)

 

(114,790

)

Vivendi, strike price 19.92 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(50,000

)

 

(67,675

)

Wartsila Oyj - B Shares, strike price 20.31 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(34,900

)

 

(229,142

)

Woodside Petroleum Ltd., strike price 40.17 AUD,
expires 6/03/09, broker Citigroup Global Markets

 

 

(19,100

)

 

(10,040

)

Yara International ASA, strike price 157.50 NOK,
expires 6/10/09, broker Goldman Sachs & Co.

 

 

(50,000

)

 

(177,201

)

Yara International ASA, strike price 186.01 NOK,
expires 6/30/09, broker UBS Securities LLC

 

 

(29,000

)

 

(38,916

)

Zurich Financial Services AG, strike price 202.76 CHF,
expires 6/10/09, broker Morgan Stanley & Co., Inc.

 

 

(2,600

)

 

(41,963

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(6,415,051

)

               

Over-the-Counter Put Options Written—(0.1)%

 

 

 

 

 

 

 

Nabors Industries Ltd., strike price $13, expires 6/25/09,
broker UBS Securities LLC

 

 

(84,000

)

 

(46,788

)

Xstrata Plc, strike price 5.45 GBP, expires 6/19/09,
broker UBS Securities LLC

 

 

(295,000

)

 

(195,424

)

               

Total Over-the-Counter Put Options Written

 

 

 

 

 

(242,212

)

               

Total Options Written
(Premiums Received $11,220,346)—(2.8)%

 

 

 

 

 

(11,769,846

)

               

Total Investments Net of Outstanding Options Written—95.5%

 

 

 

 

 

398,210,795

 

Other Assets in Excess of Liabilities—4.5%

 

 

 

 

 

18,851,388

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

417,062,183

 

 

 

 

 

 

     

 

 

   

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

434,086,317

 

 

 

 

     

 

Gross unrealized appreciation

 

$

13,785,014

 

 

Gross unrealized depreciation

 

 

(37,890,690

)

 

 

 

     

 

Net unrealized depreciation

 

$

(24,105,676

)

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

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


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

38

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Schedule of Investments (concluded)

BlackRock Global Equity Income Trust (BFD)


 

 

(c)

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

 

Income

 

           

BlackRock Liquidity Funds, TempFund

 

 

24,786,437

 

$

170,599

 

               

 

 

(d)

Represents the current yield as of report date.

 

 

Foreign currency exchange contracts as of April 30, 2009 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Currency
Purchased

 

Currency
Sold

 

Counterparty     

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                                 

HKD

 

14,741,000

 

USD

 

1,902,089

 

UBS Securities LLC

 

5/05/09

 

 

$

44

 

 

JPY

 

50,742,000

 

USD

 

514,216

 

Citigroup Global Markets

 

5/08/09

 

 

 

365

 

 

NOK

 

11,018,000

 

USD

 

1,682,070

 

Citigroup Global Markets

 

5/06/09

 

 

 

(4,277

)

 

NOK

 

2,066,000

 

USD

 

313,707

 

Citigroup Global Markets

 

5/06/09

 

 

 

898

 

 

SEK

 

10,094,000

 

USD

 

1,256,067

 

Citigroup Global Markets

 

5/06/09

 

 

 

(1,278

)

 

USD

 

1,676

 

CAD

 

2,000

 

Citigroup Global Markets

 

5/04/09

 

 

 

 

 

USD

 

105,272

 

CHF

 

120,000

 

Citigroup Global Markets

 

5/05/09

 

 

 

126

 

 

USD

 

88,809

 

EUR

 

67,000

 

Citigroup Global Markets

 

5/04/09

 

 

 

162

 

 

USD

 

222,755

 

GBP

 

151,000

 

Citigroup Global Markets

 

5/05/09

 

 

 

(626

)

 

USD

 

708,634

 

SGD

 

1,061,000

 

Deutsche Bank Securities

 

5/04/09

 

 

 

(8,006

)

 

USD

 

289,497

 

SGD

 

430,000

 

Citigroup Global Markets

 

5/05/09

 

 

 

(941

)

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

$

(13,533

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       

 

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

           

Valuation
Inputs

 

Investments in
Securities

 

Other Financial Instruments**

 

               

 

 

Assets

 

Assets

 

Liabilities

 

 

 

           

Level 1

 

$

277,011,923

 

 

 

$

(5,112,583

)

Level 2

 

 

132,968,718

 

$

1,595

 

 

(6,672,391

)

Level 3

 

 

 

 

 

 

 

                     

Total

 

$

409,980,641

 

$

1,595

 

$

(11,784,974

)

 

 

                 

 

 

**

Other financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

39



 

 


 

Schedule of Investments April 30, 2009 (Unaudited)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Australia—1.0%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR

 

 

6,700

 

$

322,538

 

Foster’s Group Ltd.

 

 

332,400

 

 

1,270,971

 

Woodside Petroleum Ltd.

 

 

15,800

 

 

434,403

 

 

 

 

 

 

     

 

 

 

 

 

 

2,027,912

 

               

Austria—0.2%

 

 

 

 

 

 

 

OMV AG

 

 

15,780

 

 

488,866

 

               

Belgium—0.5%

 

 

 

 

 

 

 

Belgacom SA

 

 

35,100

 

 

1,020,277

 

               

Bermuda—1.2%

 

 

 

 

 

 

 

Allied World Assurance Co. Holdings Ltd.

 

 

14,100

 

 

523,674

 

Invesco Ltd.

 

 

50,500

 

 

743,360

 

Nabors Industries Ltd. (a)

 

 

42,000

 

 

638,820

 

RenaissanceRe Holdings Ltd.

 

 

12,800

 

 

622,848

 

 

 

 

 

 

     

 

 

 

 

 

 

2,528,702

 

               

Brazil—1.6%

 

 

 

 

 

 

 

Banco Bradesco SA - ADR

 

 

14,800

 

 

181,744

 

BM&FBOVESPA SA

 

 

81,644

 

 

335,684

 

Cia Energetica de Minas Gerais - ADR

 

 

78,134

 

 

1,175,917

 

Cia Siderurgica Nacional SA - ADR

 

 

32,500

 

 

601,900

 

Petroleo Brasileiro SA - ADR

 

 

28,500

 

 

956,745

 

 

 

 

 

 

     

 

 

 

 

 

 

3,251,990

 

               

Canada—4.7%

 

 

 

 

 

 

 

Barrick Gold Corp.

 

 

92,400

 

 

2,688,840

 

Bombardier, Inc., Class B

 

 

250,000

 

 

791,921

 

Canadian Natural Resources Ltd.

 

 

26,300

 

 

1,212,693

 

EnCana Corp.

 

 

17,100

 

 

781,983

 

Husky Energy, Inc.

 

 

35,511

 

 

860,323

 

Petro-Canada

 

 

31,900

 

 

1,005,807

 

Potash Corp. of Saskatchewan, Inc.

 

 

8,000

 

 

691,920

 

Research In Motion Ltd. (a)

 

 

11,300

 

 

785,350

 

Royal Bank of Canada

 

 

11,700

 

 

414,741

 

Talisman Energy, Inc.

 

 

43,500

 

 

545,490

 

 

 

 

 

 

     

 

 

 

 

 

 

9,779,068

 

               

Cayman Islands—0.5%

 

 

 

 

 

 

 

Herbalife Ltd.

 

 

54,700

 

 

1,084,154

 

               

China—1.7%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

2,250,100

 

 

1,299,024

 

China Life Insurance Co. Ltd., Class H

 

 

137,700

 

 

483,591

 

Industrial & Commercial Bank of China

 

 

2,155,600

 

 

1,226,282

 

PetroChina Co. Ltd. - ADR

 

 

7,400

 

 

643,134

 

 

 

 

 

 

     

 

 

 

 

 

 

3,652,031

 

               

Finland—1.1%

 

 

 

 

 

 

 

Fortum Oyj

 

 

63,198

 

 

1,274,718

 

Wartsila Oyj, B Shares

 

 

28,900

 

 

952,837

 

 

 

 

 

 

     

 

 

 

 

 

 

2,227,555

 

               

France—4.4%

 

 

 

 

 

 

 

Alstom SA

 

 

22,700

 

 

1,415,062

 

BNP Paribas

 

 

17,600

 

 

926,532

 

Compagnie Generale des Etablissements Michelin, Class B

 

 

25,000

 

 

1,279,710

 

PPR

 

 

9,000

 

 

689,518

 

Sanofi-Aventis SA

 

 

17,700

 

 

1,025,045

 

Technip SA

 

 

26,600

 

 

1,142,742

 

Total SA

 

 

29,200

 

 

1,461,045

 

Unibail-Rodamco - REIT

 

 

1,400

 

 

208,776

 

Vivendi

 

 

41,300

 

 

1,110,519

 

 

 

 

 

 

     

 

 

 

 

 

 

9,258,949

 

               

Germany—3.4%

 

 

 

 

 

 

 

Adidas AG

 

 

32,700

 

 

1,235,483

 

Allianz SE

 

 

8,300

 

 

765,867

 

Fresenius Medical Care AG & Co. KGaA

 

 

36,200

 

 

1,404,785

 

K+S AG

 

 

25,900

 

 

1,558,063

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Germany (concluded)

 

 

 

 

 

 

 

Linde AG

 

 

21,900

 

$

1,746,477

 

ThyssenKrupp AG

 

 

23,800

 

 

509,171

 

 

 

 

 

 

     

 

 

 

 

 

 

7,219,846

 

               

Hong Kong—2.9%

 

 

 

 

 

 

 

ASM Pacific Technology Ltd.

 

 

378,900

 

 

1,694,028

 

China Mobile Ltd.

 

 

65,200

 

 

563,017

 

CNOOC Ltd. - ADR

 

 

7,900

 

 

879,665

 

Esprit Holdings Ltd.

 

 

65,015

 

 

398,363

 

Hong Kong Exchanges & Clearing Ltd.

 

 

53,650

 

 

617,961

 

Hutchison Whampoa Ltd.

 

 

172,100

 

 

1,013,663

 

New World Development Ltd.

 

 

729,000

 

 

953,486

 

 

 

 

 

 

     

 

 

 

 

 

 

6,120,183

 

               

India—0.6%

 

 

 

 

 

 

 

State Bank of India Ltd.

 

 

47,900

 

 

1,236,223

 

               

Israel—1.3%

 

 

 

 

 

 

 

Partner Communications - ADR (b)

 

 

166,300

 

 

2,702,375

 

               

Italy—1.1%

 

 

 

 

 

 

 

AEM SpA

 

 

424,746

 

 

698,151

 

Assicurazioni Generali SpA

 

 

15,100

 

 

307,222

 

Intesa Sanpaolo SpA

 

 

170,100

 

 

377,762

 

Parmalat SpA

 

 

509,300

 

 

1,011,532

 

 

 

 

 

 

     

 

 

 

 

 

 

2,394,667

 

               

Japan—4.7%

 

 

 

 

 

 

 

Canon, Inc.

 

 

32,400

 

 

969,593

 

Honda Motor Co. Ltd.

 

 

33,400

 

 

978,851

 

ITOCHU Corp.

 

 

202,300

 

 

1,084,741

 

Konica Minolta Holdings, Inc.

 

 

100,000

 

 

826,055

 

Nintendo Co. Ltd.

 

 

8,000

 

 

2,150,889

 

NSK Ltd.

 

 

58,000

 

 

257,007

 

Sumitomo Corp.

 

 

131,800

 

 

1,147,257

 

T&D Holdings, Inc.

 

 

8,100

 

 

242,170

 

Toyota Motor Corp.

 

 

52,600

 

 

2,081,843

 

 

 

 

 

 

     

 

 

 

 

 

 

9,738,406

 

               

Luxembourg—0.3%

 

 

 

 

 

 

 

ArcelorMittal

 

 

31,400

 

 

740,412

 

               

Mexico—0.7%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV - ADR

 

 

54,800

 

 

1,551,388

 

               

Netherlands—0.1%

 

 

 

 

 

 

 

Corio NV - REIT

 

 

3,900

 

 

173,096

 

               

Norway—2.1%

 

 

 

 

 

 

 

Fred Olsen Energy ASA

 

 

33,200

 

 

1,046,611

 

Orkla ASA

 

 

158,000

 

 

1,131,139

 

Yara International ASA

 

 

79,450

 

 

2,129,314

 

 

 

 

 

 

     

 

 

 

 

 

 

4,307,064

 

               

Philippines—0.5%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. - ADR

 

 

21,700

 

 

995,379

 

               

Singapore—1.7%

 

 

 

 

 

 

 

Singapore Airlines Ltd.

 

 

110,000

 

 

791,130

 

Singapore Telecommunications Ltd.

 

 

827,520

 

 

1,421,911

 

United Overseas Bank Ltd.

 

 

179,296

 

 

1,381,958

 

 

 

 

 

 

     

 

 

 

 

 

 

3,594,999

 

               

South Korea—0.9%

 

 

 

 

 

 

 

Samsung Electronics Co. Ltd.

 

 

2,700

 

 

1,246,744

 

Samsung Securities Co. Ltd. (a)

 

 

11,300

 

 

579,397

 

 

 

 

 

 

     

 

 

 

 

 

 

1,826,141

 

               

Spain—0.6%

 

 

 

 

 

 

 

Banco Santander SA

 

 

126,900

 

 

1,220,644

 

               

Sweden—0.6%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

132,400

 

 

984,837

 

Skanska AB, B Shares

 

 

30,000

 

 

323,581

 

 

 

 

 

 

     

 

 

 

 

 

 

1,308,418

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

40

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Switzerland—2.7%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

11,200

 

$

1,030,512

 

Nestle SA

 

 

65,500

 

 

2,135,086

 

Novartis AG - ADR

 

 

22,500

 

 

852,975

 

Syngenta AG

 

 

5,800

 

 

1,238,245

 

Zurich Financial Services AG

 

 

2,100

 

 

390,244

 

 

 

 

 

 

     

 

 

 

 

 

 

5,647,062

 

               

Taiwan—0.7%

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

 

 

133,803

 

 

1,414,298

 

               

United Kingdom—5.1%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

26,400

 

 

924,408

 

Bellway Plc

 

 

49,900

 

 

525,713

 

Catlin Group Ltd.

 

 

166,320

 

 

860,692

 

De La Rue Plc

 

 

71,153

 

 

1,008,553

 

GlaxoSmithKline Plc

 

 

33,400

 

 

514,468

 

HSBC Holdings Plc

 

 

78,058

 

 

555,107

 

Imperial Tobacco Group Plc

 

 

68,700

 

 

1,567,477

 

Persimmon Plc

 

 

99,800

 

 

556,656

 

Rio Tinto Plc - ADR

 

 

1,180

 

 

192,281

 

Standard Chartered Plc

 

 

34,300

 

 

530,597

 

Unilever Plc

 

 

84,600

 

 

1,647,297

 

Vodafone Group Plc - ADR (b)

 

 

94,800

 

 

1,739,580

 

 

 

 

 

 

     

 

 

 

 

 

 

10,622,829

 

               

United States—38.9%

 

 

 

 

 

 

 

3M Co.

 

 

21,700

 

 

1,249,920

 

Allstate Corp. (The)

 

 

10,600

 

 

247,298

 

Altera Corp.

 

 

72,000

 

 

1,174,320

 

Altria Group, Inc. (b)

 

 

130,300

 

 

2,127,799

 

Amgen, Inc. (a)(b)

 

 

48,300

 

 

2,341,101

 

Anadarko Petroleum Corp.

 

 

14,800

 

 

637,288

 

Analog Devices, Inc.

 

 

52,700

 

 

1,121,456

 

Aon Corp. (b)

 

 

40,100

 

 

1,692,220

 

Apple, Inc. (a)

 

 

9,000

 

 

1,132,470

 

Applied Materials, Inc.

 

 

38,700

 

 

472,527

 

Arch Coal, Inc.

 

 

32,900

 

 

459,613

 

AvalonBay Communities, Inc. - REIT (b)

 

 

7,433

 

 

422,269

 

Bank of America Corp.

 

 

65,700

 

 

586,701

 

Bank of New York Mellon Corp. (The)

 

 

27,400

 

 

698,152

 

Becton Dickinson & Co.

 

 

32,400

 

 

1,959,552

 

Boston Properties, Inc. - REIT

 

 

8,900

 

 

439,838

 

Bristol-Myers Squibb Co.

 

 

43,000

 

 

825,600

 

Broadcom Corp. (a)

 

 

60,000

 

 

1,391,400

 

Campbell Soup Co.

 

 

32,200

 

 

828,184

 

Charles Schwab Corp. (The)

 

 

58,500

 

 

1,081,080

 

Chesapeake Energy Corp.

 

 

50,600

 

 

997,326

 

Chevron Corp.

 

 

8,900

 

 

588,290

 

Cisco Systems, Inc. (a)

 

 

22,000

 

 

425,040

 

Colgate-Palmolive Co.

 

 

13,500

 

 

796,500

 

Comcast Corp., Class A

 

 

81,200

 

 

1,255,352

 

ConocoPhillips

 

 

8,000

 

 

328,000

 

Consol Energy, Inc.

 

 

39,900

 

 

1,248,072

 

Corning, Inc.

 

 

35,100

 

 

513,162

 

CVS Caremark Corp.

 

 

13,300

 

 

422,674

 

Diamond Offshore Drilling, Inc.

 

 

10,000

 

 

724,100

 

Eagle Bulk Shipping, Inc.

 

 

189,566

 

 

1,235,970

 

ExxonMobil Corp.

 

 

29,000

 

 

1,933,430

 

FPL Group, Inc.

 

 

12,200

 

 

656,238

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

21,600

 

 

921,240

 

General Electric Co.

 

 

55,300

 

 

699,545

 

Genzyme Corp. (a)

 

 

19,800

 

 

1,055,934

 

Goldman Sachs Group, Inc. (The)

 

 

10,300

 

 

1,323,550

 

Google, Inc., Class A(a)(b)

 

 

3,700

 

 

1,465,089

 

Greenhill & Co., Inc.

 

 

7,300

 

 

565,969

 

H.J. Heinz Co.

 

 

28,000

 

 

963,760

 

Halliburton Co.

 

 

66,600

 

 

1,346,652

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

United States (concluded)

 

 

 

 

 

 

 

Helmerich & Payne, Inc.

 

 

28,900

 

$

890,698

 

Hess Corp.

 

 

12,300

 

 

673,917

 

Hewlett-Packard Co.

 

 

21,000

 

 

755,580

 

Hudson City Bancorp, Inc.

 

 

17,400

 

 

218,544

 

Intel Corp.

 

 

90,300

 

 

1,424,934

 

IntercontinentalExchange, Inc. (a)

 

 

9,700

 

 

849,720

 

International Business Machines Corp.

 

 

13,900

 

 

1,434,619

 

J.M. Smucker Co. (The)

 

 

24,369

 

 

960,138

 

JPMorgan Chase & Co.

 

 

41,300

 

 

1,362,900

 

Kellogg Co.

 

 

28,100

 

 

1,183,291

 

Kohl’s Corp. (a)

 

 

22,100

 

 

1,002,235

 

Linear Technology Corp.

 

 

29,000

 

 

631,620

 

McDonald’s Corp.

 

 

22,500

 

 

1,199,025

 

Medco Health Solutions, Inc. (a)

 

 

28,000

 

 

1,219,400

 

Medtronic, Inc.

 

 

39,500

 

 

1,264,000

 

MetLife, Inc.

 

 

7,400

 

 

220,150

 

Microsoft Corp.

 

 

55,700

 

 

1,128,482

 

Molson Coors Brewing Co., Class B

 

 

27,000

 

 

1,032,750

 

Morgan Stanley

 

 

19,100

 

 

451,524

 

Motorola, Inc.

 

 

70,000

 

 

387,100

 

NASDAQ OMX Group, Inc. (The) (a)

 

 

29,500

 

 

567,285

 

Newmont Mining Corp.

 

 

33,000

 

 

1,327,920

 

Nucor Corp.

 

 

25,400

 

 

1,033,526

 

Occidental Petroleum Corp.

 

 

37,000

 

 

2,082,730

 

Pfizer, Inc.

 

 

159,700

 

 

2,133,592

 

Procter & Gamble Co. (The)

 

 

14,156

 

 

699,873

 

Qualcomm, Inc.

 

 

27,500

 

 

1,163,800

 

Qwest Communications International, Inc.

 

 

425,300

 

 

1,654,417

 

T. Rowe Price Group, Inc.

 

 

15,200

 

 

585,504

 

Target Corp.

 

 

32,700

 

 

1,349,202

 

Texas Instruments, Inc.

 

 

24,400

 

 

440,664

 

U.S. Bancorp

 

 

27,200

 

 

495,584

 

Ultra Petroleum Corp. (a)

 

 

31,800

 

 

1,361,040

 

Wal-Mart Stores, Inc.

 

 

24,300

 

 

1,224,720

 

Walt Disney Co. (The)

 

 

53,300

 

 

1,167,270

 

Weatherford International Ltd. (a)

 

 

106,000

 

 

1,762,780

 

Wells Fargo & Co.

 

 

36,900

 

 

738,369

 

Wyeth

 

 

33,900

 

 

1,437,360

 

Yum! Brands, Inc.

 

 

43,000

 

 

1,434,050

 

 

 

 

 

 

     

 

 

 

 

 

 

81,304,994

 

               

Total Common Stocks—85.8%

 

 

 

 

 

179,437,928

 

               

 

 

 

 

 

 

 

 


Preferred Stocks

 

 

 

 

 

 

 

               

Brazil—0.3%

 

 

 

 

 

 

 

Usinas Siderurgicas de Minas Gerais SA, 1.21%

 

 

40,000

 

 

593,344

 

               

 

 

 

 

 

 

 

 


Exchange-Traded Funds

 

 

 

 

 

 

 

               

United States—5.3%

 

 

 

 

 

 

 

iShares MSCI EAFE Index Fund

 

 

125,800

 

 

5,273,536

 

iShares MSCI Emerging Markets Index Fund

 

 

20,000

 

 

573,000

 

SPDR Trust Series 1

 

 

58,900

 

 

5,156,695

 

               

Total Exchange-Traded Funds—5.3%

 

 

 

 

 

11,003,231

 

               

Total Long-Term Investments
(Cost—$235,178,469)—91.4%

 

 

 

 

 

191,034,503

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

Money Market Fund—4.8%

 

 

 

 

 

 

 

BlackRock Liquidity Funds, TempFund, 0.64% (c)(d)

 

 

10,090,076

 

 

10,090,076

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

41



 

 

 


 

Schedule of Investments (continued)

 

BlackRock Global Opportunities Equity Trust (BOE)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Principal
Amount

 

Value

 

           

U.S. Government and Agency Sponsored Discount Notes—2.9%

 

 

 

 

 

 

 

Federal Home Loan Bank Discount Notes,
0.10%, 5/01/09 (a)(e)

 

$

6,100,000

 

$

6,100,000

 

           

Total Short-Term Securities
(Cost—$16,190,076)—7.7%

 

 

 

 

 

16,190,076

 

           

Total Investments Before Outstanding Options Written
(Cost—$251,368,545*)—99.1%

 

 

 

 

 

207,224,579

 

           

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(1.6)%

 

 

 

 

 

 

 

3M Co., strike price $60, expires 7/20/09

 

 

(110

)

 

(23,100

)

Alcon, Inc., strike price $95, expires 8/24/09

 

 

(67

)

 

(33,500

)

Allied World Assurance Co., strike price $40,
expires 5/18/09

 

 

(112

)

 

(4,480

)

Allstate Corp., strike price $25, expires 5/18/09

 

 

(55

)

 

(3,987

)

Allstate Corp., strike price $27.50, expires 5/18/09

 

 

(8

)

 

(160

)

Altera Corp., strike price $19, expires 6/22/09

 

 

(220

)

 

(3,300

)

Altera Corp., strike price $20, expires 5/18/09

 

 

(185

)

 

(925

)

Amgen, Inc., strike price $50, expires 5/18/09

 

 

(25

)

 

(1,912

)

Amgen, Inc., strike price $50, expires 6/22/09

 

 

(50

)

 

(9,400

)

Amgen, Inc., strike price $57.50, expires 5/18/09

 

 

(50

)

 

(225

)

Amgen, Inc., strike price $57.50, expires 7/20/09

 

 

(165

)

 

(13,035

)

Anadarko Petroleum Corp., strike price $46,
expires 6/22/09

 

 

(90

)

 

(16,200

)

Analog Devices, Inc., strike price $22.50, expires 5/18/09

 

 

(260

)

 

(3,900

)

Aon Corp., strike price $45, expires 7/20/09

 

 

(60

)

 

(7,800

)

Apple, Inc., strike price $125, expires 6/22/09

 

 

(90

)

 

(68,175

)

Applied Materials, Inc., strike price $13, expires 7/20/09

 

 

(230

)

 

(17,825

)

ArcelorMittal, strike price $27.50, expires 6/22/09

 

 

(80

)

 

(9,400

)

Arch Coal, Inc., strike price $17.50, expires 5/18/09

 

 

(180

)

 

(1,800

)

AvalonBay Communities, Inc. - REIT, strike price $60,
expires 5/18/09

 

 

(25

)

 

(5,125

)

AvalonBay Communities, Inc. - REIT, strike price $65,
expires 6/22/09

 

 

(20

)

 

(5,600

)

Banco Bradesco SA - ADR, strike price $12.50,
expires 5/18/09

 

 

(59

)

 

(2,802

)

Banco Bradesco SA - ADR, strike price $12.50,
expires 6/22/09

 

 

(30

)

 

(3,150

)

Bank of America Corp., strike price $10, expires 5/18/09

 

 

(625

)

 

(30,625

)

Bank of New York Mellon Corp., strike price $30,
expires 6/22/09

 

 

(165

)

 

(15,675

)

Barrick Gold Corp., strike price $37.50, expires 5/18/09

 

 

(490

)

 

(2,450

)

Becton Dickinson & Co., strike price $70, expires 5/18/09

 

 

(88

)

 

(880

)

Becton Dickinson & Co., strike price $75, expires 6/22/09

 

 

(105

)

 

(1,575

)

BHP Billiton Ltd. - ADR, strike price $50, expires 5/18/09

 

 

(17

)

 

(1,955

)

BHP Billiton Ltd. - ADR, strike price $50, expires 6/22/09

 

 

(11

)

 

(2,997

)

BHP Billiton Ltd. - ADR, strike price $55, expires 5/18/09

 

 

(12

)

 

(180

)

Boston Properties, Inc. - REIT, strike price $50,
expires 7/20/09

 

 

(50

)

 

(28,500

)

Bristol-Myers Squibb Co., strike price $21, expires 6/22/09

 

 

(150

)

 

(5,100

)

Bristol-Myers Squibb Co., strike price $22.50,
expires 6/22/09

 

 

(105

)

 

(1,260

)

Broadcom Corp., strike price $19, expires 5/18/09

 

 

(100

)

 

(43,000

)

Broadcom Corp., strike price $21, expires 5/18/09

 

 

(250

)

 

(63,750

)

Campbell Soup Co., strike price $27.50, expires 5/18/09

 

 

(322

)

 

(3,220

)

Canadian Natural Resources Ltd., strike price $45,
expires 5/18/09

 

 

(145

)

 

(39,513

)

Canadian Natural Resources Ltd., strike price $48,
expires 5/18/09

 

 

(10

)

 

(1,275

)

Canadian Natural Resources Ltd., strike price $55,
expires 6/22/09

 

 

(108

)

 

(8,370

)

Charles Schwab Corp., strike price $17.50, expires 5/18/09

 

 

(60

)

 

(7,200

)

Charles Schwab Corp., strike price $19, expires 5/18/09

 

 

(125

)

 

(5,625

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

Charles Schwab Corp., strike price $19, expires 6/22/09

 

 

(165

)

$

(17,738

)

Chesapeake Energy Corp., strike price $21,
expires 6/22/09

 

 

(153

)

 

(19,125

)

Chesapeake Energy Corp., strike price $22.50,
expires 5/18/09

 

 

(140

)

 

(3,150

)

Chesapeake Energy Corp., strike price $25,
expires 5/18/09

 

 

(10

)

 

(75

)

Chevron Corp., strike price $75, expires 6/22/09

 

 

(89

)

 

(3,560

)

Cia Energetica de Minas Gerais - ADR, strike price $15,
expires 6/22/09

 

 

(300

)

 

(39,000

)

Cisco Systems, Inc., strike price $18, expires 5/18/09

 

 

(15

)

 

(2,362

)

Cisco Systems, Inc., strike price $19, expires 6/22/09

 

 

(110

)

 

(14,740

)

CNOOC Ltd. - ADR, strike price $105, expires 6/22/09

 

 

(40

)

 

(42,400

)

CNOOC Ltd. - ADR, strike price $110, expires 5/18/09

 

 

(8

)

 

(4,160

)

Colgate-Palmolive Co., strike price $60, expires 5/18/09

 

 

(75

)

 

(7,125

)

Comcast Corp. - Class A, strike price $15, expires 5/18/09

 

 

(450

)

 

(40,500

)

Comcast Corp. - Class A, strike price $16, expires 5/18/09

 

 

(40

)

 

(1,500

)

ConocoPhillips, strike price $60, expires 5/18/09

 

 

(80

)

 

(240

)

Consol Energy, Inc., strike price $30, expires 6/22/09

 

 

(240

)

 

(84,000

)

Corning, Inc., strike price $16, expires 5/18/09

 

 

(200

)

 

(3,500

)

CVS Caremark Corp., strike price $30, expires 5/18/09

 

 

(25

)

 

(5,625

)

CVS Caremark Corp., strike price $31, expires 6/22/09

 

 

(55

)

 

(12,100

)

Diamond Offshore Drilling, Inc., strike price $73.13,
expires 5/18/09

 

 

(100

)

 

(22,250

)

Eagle Bulk Shipping, Inc., strike price $10, expires 6/22/09

 

 

(190

)

 

(2,850

)

Eagle Bulk Shipping, Inc., strike price $7.50,
expires 6/22/09

 

 

(460

)

 

(28,750

)

EnCana Corp., strike price $50, expires 6/22/09

 

 

(171

)

 

(20,948

)

Fomento Economico Mexicano SAB de CV - ADR,
strike price $30, expires 7/20/09

 

 

(180

)

 

(32,400

)

FPL Group, Inc., strike price $50, expires 6/22/09

 

 

(95

)

 

(43,700

)

Freeport-McMoRan Copper & Gold, Inc., strike price $45,
expires 5/18/09

 

 

(101

)

 

(11,262

)

Freeport-McMoRan Copper & Gold, Inc., strike price $50,
expires 5/18/09

 

 

(115

)

 

(2,875

)

Genzyme Corp., strike price $57.50, expires 6/22/09

 

 

(120

)

 

(16,500

)

Goldman Sachs Group, Inc., strike price $125,
expires 5/18/09

 

 

(32

)

 

(20,800

)

Goldman Sachs Group, Inc., strike price $125,
expires 6/22/09

 

 

(22

)

 

(23,375

)

Goldman Sachs Group, Inc., strike price $140,
expires 5/18/09

 

 

(11

)

 

(968

)

Goldman Sachs Group, Inc., strike price $145,
expires 5/18/09

 

 

(12

)

 

(474

)

Google, Inc., strike price $380, expires 5/18/09

 

 

(3

)

 

(6,225

)

Google, Inc., strike price $380, expires 6/22/09

 

 

(10

)

 

(28,450

)

Google, Inc., strike price $400, expires 6/22/09

 

 

(9

)

 

(15,300

)

Greenhill & Co., strike price $80, expires 5/18/09

 

 

(73

)

 

(17,338

)

H.J. Heinz Co., strike price $35, expires 6/22/09

 

 

(280

)

 

(35,000

)

Halliburton Co., strike price $21, expires 6/22/09

 

 

(180

)

 

(19,710

)

Halliburton Co., strike price $22.50, expires 7/20/09

 

 

(145

)

 

(13,123

)

Helmerich & Payne, Inc., strike price $30, expires 5/18/09

 

 

(160

)

 

(34,800

)

Hess Corp., strike price $65, expires 5/18/09

 

 

(70

)

 

(1,050

)

Hewlett-Packard Co., strike price $35, expires 5/18/09

 

 

(15

)

 

(2,437

)

Hewlett-Packard Co., strike price $39, expires 6/22/09

 

 

(110

)

 

(9,900

)

Hudson City Bancorp, strike price $12.50, expires 5/18/09

 

 

(55

)

 

(2,750

)

Intel Corp., strike price $16, expires 6/22/09

 

 

(450

)

 

(34,200

)

IntercontinentalExchange, Inc., strike price $85,
expires 5/18/09

 

 

(50

)

 

(29,500

)

IntercontinentalExchange, Inc., strike price $90,
expires 6/22/09

 

 

(20

)

 

(12,800

)

International Business Machines Corp., strike price $105,
expires 6/22/09

 

 

(139

)

 

(50,040

)

Invesco Ltd., strike price $17.50, expires 5/18/09

 

 

(25

)

 

(437

)

Invesco Ltd., strike price $17.50, expires 7/20/09

 

 

(270

)

 

(23,625

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

42

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 

 


 

Schedule of Investments (continued)

 

BlackRock Global Opportunities Equity Trust (BOE)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

iShares MSCI EAFE Index Fund, strike price $41,
expires 5/18/09

 

 

(1,258

)

$

(217,005

)

iShares MSCI Emerging Markets Index Fund,
strike price $27, expires 5/18/09

 

 

(200

)

 

(41,900

)

J.M. Smuckers Co., strike price $40, expires 5/18/09

 

 

(135

)

 

(7,087

)

JPMorgan Chase & Co., strike price $32, expires 5/18/09

 

 

(135

)

 

(32,198

)

JPMorgan Chase & Co., strike price $34, expires 6/22/09

 

 

(115

)

 

(31,453

)

Kellogg Co., strike price $40, expires 5/18/09

 

 

(281

)

 

(64,630

)

Kohl’s Corp., strike price $46, expires 6/22/09

 

 

(130

)

 

(34,775

)

Linear Technology Corp., strike price $24, expires 6/22/09

 

 

(210

)

 

(6,825

)

Linear Technology Corp., strike price $25, expires 5/18/09

 

 

(80

)

 

(400

)

McDonald’s Corp., strike price $57.50, expires 5/18/09

 

 

(40

)

 

(500

)

McDonald’s Corp., strike price $57.50, expires 6/22/09

 

 

(110

)

 

(6,325

)

McDonald’s Corp., strike price $60, expires 6/22/09

 

 

(75

)

 

(1,687

)

Medco Health Solutions, Inc., strike price $45,
expires 5/18/09

 

 

(168

)

 

(10,920

)

Medtronic, Inc., strike price $32.50, expires 5/18/09

 

 

(200

)

 

(13,000

)

Molson Coors Brewing Co. - Class B, strike price $35,
expires 5/18/09

 

 

(150

)

 

(54,750

)

Morgan Stanley, strike price $26, expires 5/18/09

 

 

(5

)

 

(225

)

Morgan Stanley, strike price $27, expires 6/22/09

 

 

(110

)

 

(11,825

)

Motorola, Inc., strike price $5, expires 5/18/09

 

 

(400

)

 

(24,400

)

NASDAQ OMX Group, Inc. (The), strike price $20,
expires 6/22/09

 

 

(170

)

 

(25,075

)

Newmont Mining Corp., strike price $45, expires 6/22/09

 

 

(70

)

 

(7,595

)

Novartis AG - ADR, strike price $40, expires 5/18/09

 

 

(120

)

 

(2,400

)

Nucor Corp., strike price $47, expires 6/22/09

 

 

(150

)

 

(15,000

)

Occidental Petroleum Corp., strike price $60,
expires 5/18/09

 

 

(170

)

 

(9,350

)

Partner Communications - ADR, strike price $17.50,
expires 5/18/09

 

 

(500

)

 

(15,000

)

Petro-Canada, strike price $30, expires 6/22/09

 

 

(190

)

 

(61,750

)

Petro-Canada, strike price $35, expires 5/18/09

 

 

(129

)

 

(3,870

)

PetroChina Co. Ltd. - ADR, strike price $90,
expires 5/18/09

 

 

(40

)

 

(7,200

)

Petroleo Brasileiro SA - ADR, strike price $34,
expires 6/22/09

 

 

(145

)

 

(34,800

)

Petroleo Brasileiro SA - ADR, strike price $35,
expires 5/18/09

 

 

(140

)

 

(11,550

)

Pfizer, Inc., strike price $14, expires 6/22/09

 

 

(642

)

 

(22,791

)

Pfizer, Inc., strike price $15, expires 5/18/09

 

 

(475

)

 

(950

)

Pfizer, Inc., strike price $15, expires 6/22/09

 

 

(480

)

 

(6,240

)

Philippine Long Distance Telephone Co. - ADR,
strike price $45, expires 5/18/09

 

 

(125

)

 

(21,250

)

Potash Corp. of Saskatchewan, Inc., strike price $100,
expires 6/22/09

 

 

(33

)

 

(8,662

)

Potash Corp. of Saskatchewan, Inc., strike price $95,
expires 5/18/09

 

 

(15

)

 

(1,425

)

Procter & Gamble Co. (The), strike price $50,
expires 5/18/09

 

 

(20

)

 

(1,900

)

Procter & Gamble Co. (The), strike price $55,
expires 7/20/09

 

 

(80

)

 

(5,200

)

QUALCOMM, Inc., strike price $42, expires 6/22/09

 

 

(165

)

 

(39,848

)

Research In Motion Ltd., strike price $50, expires 5/18/09

 

 

(60

)

 

(116,850

)

Rio Tinto Plc - ADR, strike price $130, expires 5/18/09

 

 

(5

)

 

(17,025

)

Rio Tinto Plc - ADR, strike price $150, expires 6/22/09

 

 

(2

)

 

(4,800

)

SPDR Trust Series 1, strike price $85, expires 5/18/09

 

 

(289

)

 

(104,763

)

SPDR Trust Series 1, strike price $87, expires 5/18/09

 

 

(300

)

 

(71,850

)

T. Rowe Price Group, Inc., strike price $30, expires 5/18/09

 

 

(85

)

 

(73,100

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
strike price $10, expires 5/18/09

 

 

(105

)

 

(7,875

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
strike price $10, expires 6/22/09

 

 

(700

)

 

(70,000

)

Talisman Energy, Inc., strike price $12.50, expires 5/18/09

 

 

(260

)

 

(13,650

)

Target Corp., strike price $42.50, expires 7/20/09

 

 

(45

)

 

(13,568

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Ultra Petroleum Corp., strike price $45, expires 6/22/09

 

 

(160

)

$

(34,000

)

US Bancorp, strike price $17.50, expires 5/18/09

 

 

(272

)

 

(46,920

)

Vodafone Group Plc - ADR, strike price $20,
expires 5/18/09

 

 

(220

)

 

(2,200

)

Wal-Mart Stores, Inc., strike price $55, expires 6/22/09

 

 

(80

)

 

(4,440

)

Walt Disney Co. (The), strike price $20, expires 5/18/09

 

 

(100

)

 

(22,000

)

Walt Disney Co. (The), strike price $21, expires 5/18/09

 

 

(19

)

 

(2,755

)

Walt Disney Co. (The), strike price $21, expires 6/22/09

 

 

(200

)

 

(40,000

)

Weatherford International Ltd., strike price $12.50,
expires 5/18/09

 

 

(450

)

 

(184,500

)

Weatherford International Ltd., strike price $16,
expires 6/22/09

 

 

(180

)

 

(34,200

)

Wells Fargo & Co., strike price $18, expires 5/18/09

 

 

(300

)

 

(90,000

)

Wells Fargo & Co., strike price $22.50, expires 5/18/09

 

 

(28

)

 

(2,030

)

Yum! Brands, Inc., strike price $30, expires 5/18/09

 

 

(190

)

 

(68,400

)

Yum! Brands, Inc., strike price $33, expires 7/20/09

 

 

(65

)

 

(17,550

)

           

Total Exchange-Traded Call Options Written

 

 

 

 

 

(3,267,925

)

           

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Anadarko Petroleum Corp., strike price $40,
expires 5/18/09

 

 

(150

)

 

(12,750

)

eBay, Inc., strike price $16, expires 5/18/09

 

 

(375

)

 

(14,250

)

iShares MSCI EAFE Index Fund, strike price $36,
expires 6/22/09

 

 

(125

)

 

(6,875

)

iShares MSCI EAFE Index Fund, strike price $37,
expires 5/18/09

 

 

(1,000

)

 

(15,000

)

iShares MSCI EAFE Index Fund, strike price $38,
expires 5/18/09

 

 

(100

)

 

(2,250

)

SPDR Trust Series 1, strike price $75, expires 5/18/09

 

 

(15

)

 

(285

)

SPDR Trust Series 1, strike price $79, expires 5/18/09

 

 

(590

)

 

(25,665

)

           

Total Exchange-Traded Put Options Written

 

 

 

 

 

(77,075

)

           

Over-the-Counter Call Options Written—(1.7)%

 

 

 

 

 

 

 

Adidas AG, strike price 26.80 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(1,700

)

 

(5,905

)

Adidas AG, strike price 27 EUR, expires 5/27/09,
broker Credit Suisse

 

 

(18,000

)

 

(56,113

)

AEM SpA, strike price 1.21 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(127,500

)

 

(13,267

)

Aem SpA, strike price 1.21 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(127,500

)

 

(13,010

)

Allianz SE, strike price 65.20 EUR, expires 5/27/09,
broker UBS Securities LLC

 

 

(5,000

)

 

(42,843

)

Alstom SA, strike price 41.92 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(6,800

)

 

(57,679

)

Alstom SA, strike price 48.63 EUR, expires 6/23/09,
broker Citigroup Global Markets

 

 

(6,800

)

 

(26,078

)

Altria Group, Inc., strike price $16.39, expires 5/15/09,
broker UBS Securities LLC

 

 

(26,000

)

 

(7,946

)

Altria Group, Inc., strike price $17.24, expires 6/25/09,
broker Citigroup Global Markets

 

 

(52,000

)

 

(13,593

)

Analog Devices, Inc., strike price $21.54, expires 6/9/09,
broker Credit Suisse

 

 

(5,500

)

 

(4,234

)

Aon Corp., strike price $42.50, expires 5/22/09,
broker Barclays Capital, Inc.

 

 

(80

)

 

(11,249

)

Aon Corp., strike price $43, expires 6/25/09,
broker Barclays Capital, Inc.

 

 

(160

)

 

(27,544

)

ArcelorMittal, strike price $25, expires 5/22/09,
broker Jefferies & Co., Inc.

 

 

(100

)

 

(18,968

)

ASM Pacific Technology, strike price 24.31 HKD,
expires 5/20/09, broker JPMorgan Chase Securities

 

 

(69,000

)

 

(92,071

)

ASM Pacific Technology, strike price 32.91 HKD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(158,000

)

 

(84,500

)

Assicurazioni Generali SpA, strike price 13.25 EUR,
expires 6/10/09, broker Citigroup Global Markets

 

 

(4,500

)

 

(16,001

)

Assicurazioni Generali SpA, strike price 15 EUR,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(45

)

 

(4,702

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

43



 

 

 


 

Schedule of Investments (continued)

 

BlackRock Global Opportunities Equity Trust (BOE)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

AstraZeneca Plc, strike price 24.90 GBP, expires 6/10/09,
broker Citigroup Global Markets

 

 

(10,600

)

$

(8,824

)

AstraZeneca Plc, strike price 25.50 GBP, expires 6/02/09,
broker Morgan Stanley & Co., Inc.

 

 

(15,800

)

 

(7,255

)

Banco Santander SA, strike price 5.79 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(26,200

)

 

(53,877

)

Banco Santander SA, strike price 6.75 EUR,
expires 7/7/09, broker Goldman Sachs & Co.

 

 

(22,000

)

 

(24,288

)

Banco Santander SA, strike price 6.80 EUR,
expires 6/10/09, broker Citigroup Global Markets

 

 

(5,500

)

 

(5,098

)

Banco Santander SA, strike price 6.97 EUR,
expires 5/27/09, broker UBS Securities LLC

 

 

(22,000

)

 

(15,264

)

Banco Santander SA, strike price 7 EUR,
expires 6/17/09, broker UBS Securities LLC

 

 

(51,200

)

 

(41,276

)

Belgacom SA, strike price 25.12 EUR, expires 5/27/09,
broker Citigroup Global Markets

 

 

(10,000

)

 

(1,013

)

Belgacom SA, strike price 25.12 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(11,000

)

 

(602

)

Bellway Plc, strike price 7.21 GBP, expires 5/27/09,
broker UBS Securities LLC

 

 

(30,000

)

 

(16,203

)

BNP Paribas, strike price 39.38 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(10,000

)

 

(45,320

)

Bombardier, Inc. - Class B, strike price 3.50 CAD,
expires 5/16/09, broker National Bank Financial

 

 

(700

)

 

(18,185

)

Cannon, Inc., strike price 3,074.50 JPY, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(11,000

)

 

(16,034

)

Cannon, Inc., strike price 3,233.14 JPY, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(8,400

)

 

(8,071

)

Catlin Group Ltd., strike price 3.41 GBP, expires 5/7/09,
broker UBS Securities LLC

 

 

(42,500

)

 

(9,661

)

Catlin Group Ltd., strike price 3.72 GBP, expires 5/6/09,
broker Goldman Sachs & Co.

 

 

(21,753

)

 

(1,163

)

Catlin Group Ltd., strike price 3.72 GBP, expires 5/27/09,
broker Goldman Sachs & Co.

 

 

(21,753

)

 

(4,223

)

China Construction Bank Corp. - Class H,
strike price 4.16 HKD, expires 5/20/09,
broker Credit Suisse

 

 

(563,000

)

 

(29,133

)

China Construction Bank Corp. - Class H,
strike price 4.91 HKD, expires 6/03/09,
broker JPMorgan Chase Securities

 

 

(787,000

)

 

(12,551

)

China Construction Bank Corp. - Class H,
strike price 4.93 HKD, expires 6/10/09,
broker Credit Suisse

 

 

(337,000

)

 

(6,343

)

China Life Insurance Co. - Class H,
strike price 24.45 HKD, expires 5/12/09,
broker Credit Suisse

 

 

(41,500

)

 

(15,569

)

China Life Insurance Co. - Class H,
strike price 28.55 HKD, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(42,000

)

 

(6,105

)

China Mobile Ltd., strike price 73.50 HKD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(29,200

)

 

(4,412

)

China Mobile Ltd., strike price 75.91 HKD,
expires 5/20/09, broker Credit Suisse

 

 

(36,000

)

 

(1,465

)

Cia Energetica de Minas Gerais - ADR,
strike price $16.12, expires 6/22/09,
broker Goldman Sachs & Co.

 

 

(17,000

)

 

(8,614

)

Cia Energetica de Minas Gerais - ADR,
strike price $16.12, expires 7/01/09,
broker Goldman Sachs & Co.

 

 

(17,000

)

 

(15,329

)

Cia Siderurgica Nacional SA - ADR, strike price $15,
expires 5/7/09, broker Barclays Capital, Inc.

 

 

(200

)

 

(70,400

)

Compagnie Generale Des Etablissements Michelin - Class B,
strike price 36 EUR, expires 5/15/09, broker

 

 

(45

)

 

(21,554

)

Compagnie Generale Des Etablissements Michelin - Class B,
strike price 37.14 EUR, expires 7/7/09, broker

 

 

(7,000

)

 

(44,411

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Compagnie Generale Des Etablissements Michelin - Class B,
strike price 37.50 EUR, expires 5/15/09, broker

 

 

(3,500

)

$

(11,885

)

Corio NV - REIT, strike price 31.75 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(2,300

)

 

(8,014

)

De La Rue Plc, strike price 9.44 GBP, expires 6/23/09,
broker UBS Securities LLC

 

 

(71,100

)

 

(45,596

)

Eagle Bulk Shipping, Inc., strike price $8.50,
expires 5/12/09, broker Jefferies & Co., Inc.

 

 

(190

)

 

(701

)

Eagles Bulk Shipping, Inc., strike price $9,
expires 6/25/09, broker UBS Securities LLC

 

 

(30,000

)

 

(6,228

)

Esprit Holdings Ltd., strike price 46.66 HKD,
expires 5/20/09, broker Credit Suisse

 

 

(22,000

)

 

(9,381

)

Esprit Holdings Ltd., strike price 52.39 HKD,
expires 7/14/09, broker JPMorgan Chase Securities

 

 

(17,000

)

 

(5,380

)

ExxonMobil Corp., strike price $71, expires 5/29/09,
broker UBS Securities LLC

 

 

(29,000

)

 

(17,803

)

Fomento Economico Mexicano SAB de CV - ADR,
strike price $27.50, expires 5/21/09,
broker Barclays Capital, Inc.

 

 

(85

)

 

(12,889

)

Fomento Economico Mexicano SAB de CV - ADR,
strike price $29.58, expires 6/19/09,
broker UBS Securities LLC

 

 

(6,300

)

 

(8,138

)

Fortum Oyj, strike price 14.27 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(14,900

)

 

(27,580

)

Fortum Oyj, strike price 14.88 EUR, expires 6/17/09,
broker UBS Securities LLC

 

 

(23,000

)

 

(33,304

)

Foster’s Group Ltd., strike price 5.22 AUD,
expires 6/03/09, broker Citigroup Global Markets

 

 

(99,700

)

 

(13,830

)

Fred Olsen Energy ASA, strike price 198.42 NOK,
expires 6/10/09, broker Goldman Sachs & Co.

 

 

(8,400

)

 

(20,010

)

Fred Olsen Energy ASA, strike price 204.01 NOK,
expires 7/7/09, broker UBS Securities LLC

 

 

(11,500

)

 

(26,960

)

Fresenius Medical Care AG & Co. KGaA,
strike price 29.66 EUR, expires 6/10/09,
broker Morgan Stanley & Co.

 

 

(18,000

)

 

(23,442

)

Fresenius Medical Care AG & Co. KGaA,
strike price 30.57 EUR, expires 6/30/09,
broker Deutsche Bank

 

 

(3,700

)

 

(4,510

)

General Electric Co., strike price $13.17,
expires 7/10/09, broker UBS Securities LLC

 

 

(33,500

)

 

(31,212

)

GlaxoSmithKline Plc, strike price 10.26 GBP,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(33,400

)

 

(30,462

)

Halliburton Co., strike price $20, expires 5/6/09,
broker Jefferies & Co., Inc.

 

 

(75

)

 

(4,306

)

Herbalife Ltd., strike price $21.25, expires 8/21/09,
broker Goldman Sachs & Co.

 

 

(32,000

)

 

(58,803

)

Honda Motor Co. Ltd., strike price 3,083.91 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(20,000

)

 

(27,727

)

Hong Kong Exchanges and Clearing Ltd.,
strike price 67.64 HKD, expires 5/20/09,
broker JPMorgan Chase Securities

 

 

(29,000

)

 

(81,036

)

Hong Kong Exchanges and Clearing Ltd.,
strike price 87.94 HKD, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(3,200

)

 

(2,820

)

HSBC Holdings Plc, strike price 4.53 GBP,
expires 6/10/09, broker Citigroup Global Markets

 

 

(33,100

)

 

(24,516

)

HSBC Holdings Plc, strike price 5.23 GBP,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(12

)

 

(1,743

)

Hudson City Bancorp, strike price $12.25,
expires 6/18/09, broker Goldman Sachs & Co.

 

 

(5,000

)

 

(4,238

)

Husky Energy, Inc., strike price 31.21 CAD,
expires 6/19/09, broker Citigroup Global Markets

 

 

(20,000

)

 

(17,583

)

Husky Energy, Inc., strike price 32 CAD,
expires 7/18/09, broker National Bank Financial

 

 

(10

)

 

(440

)

Hutchison Whampoa Ltd., strike price 48.72 HKD,
expires 7/14/09, broker Deutsche Bank

 

 

(112,000

)

 

(19,882

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

44

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Imperial Tobacco Group Plc, strike price 16.09 GBP,
expires 6/10/09, broker UBS Securities LLC

 

 

(31,700

)

$

(20,281

)

Imperial Tobacco Group Plc, strike price 17.50 GBP,
expires 5/27/09, broker UBS Securities LLC

 

 

(37,000

)

 

(2,436

)

Industrial & Commercial Bank of China,
strike price 3.83 HKD, expires 6/03/09,
broker Credit Suisse

 

 

(800,000

)

 

(66,205

)

Industrial & Commercial Bank of China,
strike price 4.42 HKD, expires 6/10/09,
broker JPMorgan Chase Securities

 

 

(800,000

)

 

(30,695

)

Intel Corp., strike price $15.50, expires 5/12/09,
broker Jefferies & Co., Inc.

 

 

(90

)

 

(6,680

)

Intesa Sanpaolo SpA, strike price 1.76 EUR,
expires 6/23/09, broker Citigroup Global Markets

 

 

(51,000

)

 

(4,879

)

ITOCHU Corp., strike price 477.22 JPY, expires 5/20/09,
broker Credit Suisse

 

 

(63,000

)

 

(37,149

)

ITOCHU Corp., strike price 554.27 JPY, expires 6/03/09,
broker Deutsche Bank

 

 

(58,000

)

 

(13,453

)

K&S AG, strike price 36.57 EUR, expires 5/15/09,
broker UBS Securities LLC

 

 

(7,000

)

 

(80,091

)

K&S AG, strike price 37.62 EUR, expires 5/27/09,
broker Goldman Sachs & Co.

 

 

(9,000

)

 

(90,557

)

Konica Minolta Holdings, Inc., strike price 1,039.72 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(30,000

)

 

(3,116

)

Konica Minolta Holdings, Inc., strike price 880.74 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(30,000

)

 

(12,125

)

Linde AG, strike price 57.83 EUR, expires 7/7/09,
broker UBS Securities LLC

 

 

(13,100

)

 

(83,927

)

Medtronic, Inc., strike price $34, expires 6/01/09,
broker Jefferies & Co., Inc.

 

 

(35

)

 

(1,890

)

MetLife, Inc., strike price $30, expires 6/01/09,
broker Jefferies & Co., Inc.

 

 

(40

)

 

(10,251

)

Microsoft Corp., strike price $18.93, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(22,000

)

 

(31,647

)

Microsoft Corp., strike price $20, expires 6/10/09,
broker UBS Securities LLC

 

 

(11,000

)

 

(11,126

)

Nabors Industries Ltd., strike price $18.50,
expires 6/25/09, broker UBS Securities LLC

 

 

(25,000

)

 

(8,802

)

Nestle SA, strike price 39.87 CHF, expires 6/10/09,
broker Citigroup Global Markets

 

 

(39,000

)

 

(12,037

)

New World Development Ltd., strike price 7.58 HKD,
expires 5/20/09, broker Goldman Sachs & Co.

 

 

(240,000

)

 

(79,095

)

New World Development Ltd., strike price 9.47 HKD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(197,500

)

 

(28,718

)

Newmont Mining Corp., strike price $50, expires 5/13/09,
broker Credit Suisse

 

 

(7,500

)

 

(31

)

Nintendo Co. Ltd., strike price 30,228.65 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(800

)

 

(4,661

)

Nintendo Co. Ltd., strike price 30,490.90 JPY,
expires 5/20/09, broker Credit Suisse

 

 

(4,000

)

 

(10,550

)

Nordea Bank AB, strike price 46.46 SEK, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(54,700

)

 

(95,070

)

Novartis AG - ADR, strike price 43 CHF, expires 6/19/09,
broker Goldman Sachs & Co.

 

 

(105

)

 

(15,492

)

Occidental Petroleum Corp., strike price $63,
expires 6/19/09, broker Goldman Sachs & Co.

 

 

(20,000

)

 

(20,738

)

OMV AG, strike price 26.45 EUR, expires 6/10/09,
broker Goldman Sachs & Co.

 

 

(9,500

)

 

(9,866

)

Orkla ASA, strike price 47.58 NOK, expires 6/10/09,
broker UBS Securities LLC

 

 

(87,000

)

 

(36,781

)

Orkla ASA, strike price 50 NOK, expires 6/23/09,
broker UBS Securities LLC

 

 

(8,000

)

 

(2,726

)

Paramalat SpA, strike price 1.50 EUR, expires 5/7/09,
broker UBS Securities LLC

 

 

(147,000

)

 

(4,137

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Paramalat SpA, strike price 1.58, expires 6/10/09,
broker UBS Securities LLC

 

 

(158,600

)

$

(4,537

)

Partner Communications - ADR, strike price $18.81,
expires 7/17/09, broker UBS Securities LLC

 

 

(50,000

)

 

(15,990

)

Persimmon Plc, strike price 3.60 GBP, expires 5/27/09,
broker JPMorgan Chase Securities

 

 

(60,000

)

 

(33,809

)

PPR, strike price 59.77 EUR, expires 7/7/09,
broker Morgan Stanley & Co., Inc.

 

 

(2,800

)

 

(15,514

)

PPR, strike price 60 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(26

)

 

(3,060

)

Qwest Communications International, Inc.,
strike price $3.58, expires 5/12/09,
broker Goldman Sachs & Co.

 

 

(234,000

)

 

(111,407

)

RenaissanceRe Holdings Ltd., strike price $53.50,
expires 5/21/09, broker Barclays Capital, Inc.

 

 

(70

)

 

(2,943

)

Royal Bank of Canada, strike price 44 CAD,
expires 6/20/09, broker National Bank Financial

 

 

(70

)

 

(9,092

)

Samsung Electronics Co. Ltd., strike price 524,038.92 KRW,
expires 5/20/09, broker Goldman Sachs & Co.

 

 

(1,500

)

 

(82,548

)

Samsung Electronics Co. Ltd., strike price 614,250 KRW,
expires 5/20/09, broker Credit Suisse

 

 

(500

)

 

(5,207

)

Samsung Securities Co. Ltd., strike price 65,645.95 KRW,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(6,800

)

 

(19,270

)

Sanofi-Aventis SA, strike price 43.55 EUR, expires 6/23/09,
broker Morgan Stanley & Co., Inc.

 

 

(10,600

)

 

(29,577

)

Singapore Airlines Ltd., strike price 10.32 SGD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(55,000

)

 

(21,796

)

Singapore Airlines Ltd., strike price 10.93 SGD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(55,000

)

 

(11,245

)

Singapore Telecommunications Ltd., strike price 2.54 SGD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(60,000

)

 

(4,252

)

Singapore Telecommunications Ltd., strike price 2.63 SGD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(436,000

)

 

(19,530

)

Standard Chartered Plc, strike price 10.70 GBP,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(8,000

)

 

(13,545

)

Standard Chartered Plc, strike price 9.32 GBP,
expires 6/02/09, broker Deutsche Bank

 

 

(12,600

)

 

(32,284

)

Sumitomo Corp., strike price 856.90 JPY,
expires 5/12/09, broker Deutsche Bank

 

 

(36,300

)

 

(11,368

)

Sumitomo Corp., strike price 986.35 JPY,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(42,800

)

 

(5,120

)

Syngenta AG, strike price 250.36 CHF, expires 7/7/09,
broker Deutsche Bank

 

 

(3,500

)

 

(38,822

)

T&D Holdings, Inc., strike price 2,570.25 JPY,
expires 5/12/09, broker Deutsche Bank

 

 

(2,450

)

 

(10,657

)

T&D Holdings, Inc., strike price 2,926.44 JPY,
expires 6/03/09, broker UBS Securities LLC

 

 

(2,400

)

 

(7,865

)

Target Corp., strike price $43.50, expires 6/16/09,
broker UBS Securities LLC

 

 

(150

)

 

(28,935

)

Technip SA, strike price 29.24 EUR, expires 5/7/09,
broker UBS Securities LLC

 

 

(16,000

)

 

(71,168

)

Texas Instruments, Inc., strike price $18, expires 5/22/09,
broker Jefferies & Co., Inc.

 

 

(145

)

 

(11,005

)

ThyssenKrupp AG, strike price 15.06 EUR, expires 5/7/09,
broker Deutsche Bank

 

 

(14,300

)

 

(24,590

)

Total SA, strike price 37.59 EUR, expires 5/27/09,
broker Citigroup Global Markets

 

 

(19,000

)

 

(37,723

)

Total SA, strike price 40 EUR, expires 6/23/09,
broker JPMorgan Chase Securities

 

 

(10,200

)

 

(12,540

)

Toyota Motor Corp., strike price 3,827 JPY,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(31,500

)

 

(79,844

)

Ultra Petroleum Corp., strike price $42.50,
expires 6/18/09, broker Morgan Stanley & Co., Inc.

 

 

(3,000

)

 

(8,906

)

Unibail-Rodamco SA - REIT, strike price 111.16 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(800

)

 

(6,905

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

45



 

 


 

 

Schedule of Investments (concluded)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Unilever Plc, strike price 13.26 GBP, expires 6/10/09,
broker UBS Securities LLC

 

 

(27,800

)

$

(15,645

)

Unilever Plc, strike price 13.34 GBP, expires 6/23/09,
broker UBS Securities LLC

 

 

(23,000

)

 

(14,610

)

United Overseas Bank, strike price 11.32 SGD,
expires 6/03/09, broker Credit Suisse

 

 

(87,000

)

 

(40,593

)

United Overseas Bank, strike price 11.59 SGD,
expires 6/03/09, broker Credit Suisse

 

 

(20,000

)

 

(7,754

)

Usinas Siderurgicas de Minas Gerais SA,
strike price $35.41, expires 6/17/09,
broker Goldman Sachs & Co.

 

 

(24,000

)

 

(15,838

)

Vivendi, strike price 20.79 EUR, expires 6/23/09,
broker JPMorgan Chase Securities

 

 

(12,400

)

 

(5,577

)

Wal-Mart Stores, Inc., strike price $53.25,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(6,500

)

 

(2,035

)

Wartsila Oyj - B Shares, strike price 24.72 EUR,
expires 6/30/09, broker UBS Securities LLC

 

 

(17,300

)

 

(60,899

)

Woodside Petroleum Ltd., strike price 38.51 AUD,
expires 5/20/09, broker JPMorgan Chase Securities

 

 

(9,500

)

 

(6,162

)

Yara International ASA, strike price 167.42 NOK,
expires 5/27/09, broker Deutsche Bank

 

 

(22,000

)

 

(44,794

)

Yara International ASA, strike price 186.01 NOK,
expires 6/30/09, broker UBS Securities LLC

 

 

(17,000

)

 

(22,813

)

Zurich Financial Services AG, strike price 195.31 CHF,
expires 6/10/09, broker Citigroup Global Markets

 

 

(600

)

 

(12,204

)

Zurich Financial Services AG, strike price 207.23 CHF,
expires 7/7/09, broker Citigroup Global Markets

 

 

(660

)

 

(10,763

)

               

Total Over-the-Counter Call Options Written—(1.7)%

 

 

 

 

 

(3,474,318

)

               

Over-the-Counter Put Options Written—(0.1)%

 

 

 

 

 

 

 

Nabors Industries Ltd., strike price $13, expires 6/25/09,
broker UBS Securities LLC

 

 

(42,000

)

 

(23,394

)

OMV AG, strike price 24.92 EUR, expires 5/14/09,
broker Goldman Sachs & Co.

 

 

(25,000

)

 

(69,017

)

Usinas Siderurgicas de Minas Gerais SA,
strike price $33.35, expires 5/19/09,
broker Goldman Sachs & Co.

 

 

(40,000

)

 

(42,204

)

Woodside Petroleum Ltd., strike price 35.52 AUD,
expires 5/20/09, broker JPMorgan Chase Securities

 

 

(15,800

)

 

(2,629

)

Xstrata Plc, strike price 5.45 GBP, expires 6/19/09,
broker UBS Securities LLC

 

 

(145,000

)

 

(96,056

)

               

Total Over-the-Counter Put Options Written

 

 

 

 

 

(233,300

)

               

Total Options Written
(Premiums Received $5,516,772)—(3.4)%

 

 

 

 

 

(7,052,618

)

               

Total Investments Net of Outstanding Options Written—95.7%

 

 

 

 

 

200,171,961

 

Other Assets in Excess of Liabilities—4.3%

 

 

 

 

 

9,060,197

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

209,232,158

 

 

 

 

 

 

     

 

 

   

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

252,339,280

 

 

 

     

Gross unrealized appreciation

 

$

6,609,493

 

Gross unrealized depreciation

 

 

(51,724,194

)

 

 

     

Net unrealized depreciation

 

$

(45,114,701

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

Represents the current yield as of report date.

(d)

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

 

Income

 

           

BlackRock Liquidity Funds, TempFund

 

 

10,090,076

 

$

66,759

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

(1,130,500

)

$

18,974

 

               

 

 

(e)

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

 

 

Foreign currency exchange contracts as of April 30, 2009 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                   

HKD

7,397,000

 

USD

954,464

 

UBS Securities LLC

 

5/05/09

 

 

$

22

 

 

JPY

25,591,000

 

USD

259,338

 

Citigroup Global Markets

 

5/08/09

 

 

 

184

 

 

NOK

1,199,000

 

USD

182,059

 

Citigroup Global Markets

 

5/06/09

 

 

 

521

 

 

NOK

5,416,000

 

USD

826,837

 

Citigroup Global Markets

 

5/06/09

 

 

 

(2,103

)

 

SEK

5,126,000

 

USD

637,864

 

Citigroup Global Markets

 

5/06/09

 

 

 

(649

)

 

USD

46,561

 

CHF

53,000

 

Citigroup Global Markets

 

5/04/09

 

 

 

122

 

 

USD

36,845

 

CHF

42,000

 

Citigroup Global Markets

 

5/05/09

 

 

 

44

 

 

USD

43,742

 

EUR

33,000

 

Citigroup Global Markets

 

5/04/09

 

 

 

80

 

 

USD

2,648

 

EUR

2,000

 

Citigroup Global Markets

 

5/04/09

 

 

 

1

 

 

USD

109,165

 

GBP

74,000

 

Citigroup Global Markets

 

5/05/09

 

 

 

(307

)

 

USD

351,311

 

SGD

526,000

 

Deutsche Bank Securities

 

5/04/09

 

 

 

(3,969

)

 

USD

144,748

 

SGD

215,000

 

Citigroup Global Markets

 

5/05/09

 

 

 

(470

)

 

                           

 

Total

 

 

 

 

 

 

 

 

 

 

$

(6,524

)

 

 

 

 

 

 

 

 

 

 

 

       

 


 

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

           

Valuation
Inputs

 

Investments in
Securities

 

Other Financial Instruments**

 

           

 

 

Assets

 

Assets

 

Liabilities

 

 

 

           

Level 1

 

$

134,748,014

 

 

 

$

(3,345,000

)

Level 2

 

 

72,476,565

 

$

974

 

 

(3,715,116

)

Level 3

 

 

 

 

 

 

 

                     

Total

 

$

207,224,579

 

$

974

 

$

(7,060,116

)

 

 

                 

 

 

**

Other financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

46

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Schedule of Investments April 30, 2009 (Unaudited)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Biotechnology—12.9%

 

 

 

 

 

 

 

3SBio, Inc. - ADR (a)

 

 

22,500

 

$

159,300

 

Alexion Pharmaceuticals, Inc. (a)

 

 

92,000

 

 

3,074,640

 

Amgen, Inc. (a)

 

 

181,100

 

 

8,777,917

 

ARYx Therapeutics, Inc. (a)

 

 

20,300

 

 

77,140

 

Biogen Idec, Inc. (a)

 

 

5,300

 

 

256,202

 

Celera Corp. (a)

 

 

193,300

 

 

1,563,797

 

Dendreon Corp. (a)

 

 

73,200

 

 

1,551,840

 

Genzyme Corp. (a)

 

 

23,430

 

 

1,249,522

 

Immunogen, Inc. (a)

 

 

16,200

 

 

112,590

 

Incyte Corp. Ltd. (a)

 

 

35,700

 

 

84,252

 

Millipore Corp. (a)

 

 

33,800

 

 

1,997,580

 

Nanosphere, Inc. (a)

 

 

14,000

 

 

49,000

 

Vertex Pharmaceuticals, Inc. (a)

 

 

86,590

 

 

2,668,704

 

 

 

 

 

 

     

 

 

 

 

 

 

21,622,484

 

               

Commercial Services—1.1%

 

 

 

 

 

 

 

McKesson Corp.

 

 

47,410

 

 

1,754,170

 

               

Electronics—2.7%

 

 

 

 

 

 

 

Agilent Technologies, Inc. (a)

 

 

35,600

 

 

650,056

 

Mettler-Toledo International, Inc. (a)

 

 

28,500

 

 

1,756,455

 

PerkinElmer, Inc.

 

 

76,400

 

 

1,113,148

 

Thermo Fisher Scientific, Inc. (a)

 

 

27,800

 

 

975,224

 

 

 

 

 

 

     

 

 

 

 

 

 

4,494,883

 

               

Healthcare Products—33.0%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

45,700

 

 

4,204,857

 

Baxter International, Inc.

 

 

50,550

 

 

2,451,675

 

Beckman Coulter, Inc.

 

 

32,380

 

 

1,701,893

 

Becton Dickinson & Co.

 

 

63,800

 

 

3,858,624

 

Boston Scientific Corp. (a)

 

 

453,700

 

 

3,815,617

 

Cie Generale d’Optique Essilor International SA

 

 

53,800

 

 

2,317,934

 

Cooper Cos., Inc. (The)

 

 

64,000

 

 

1,840,000

 

Covidien Ltd.

 

 

96,260

 

 

3,174,655

 

DENTSPLY International, Inc.

 

 

30,100

 

 

861,462

 

DiaSorin SpA

 

 

43,500

 

 

964,780

 

Gen-Probe, Inc. (a)

 

 

70,700

 

 

3,404,912

 

Hill-Rom Holdings, Inc.

 

 

40,100

 

 

520,498

 

Immucor, Inc. (a)

 

 

24,500

 

 

399,105

 

Intuitive Surgical, Inc. (a)

 

 

14,100

 

 

2,026,593

 

Johnson & Johnson

 

 

109,770

 

 

5,747,557

 

Medtronic, Inc.

 

 

165,490

 

 

5,295,680

 

Patterson Cos., Inc. (a)

 

 

20,900

 

 

427,614

 

QIAGEN NV (a)

 

 

147,200

 

 

2,425,856

 

ResMed, Inc. (a)

 

 

139,300

 

 

959,506

 

Sonova Holding AG

 

 

26,200

 

 

1,702,269

 

St. Jude Medical, Inc. (a)

 

 

23,700

 

 

794,424

 

Tecan Group AG

 

 

24,300

 

 

771,843

 

West Pharmaceutical Services, Inc.

 

 

7,700

 

 

251,405

 

William Demant Holding (a)

 

 

45,200

 

 

2,137,675

 

Zimmer Holdings, Inc. (a)

 

 

68,000

 

 

2,991,320

 

 

 

 

 

 

     

 

 

 

 

 

 

55,047,754

 

               

Healthcare Services—9.0%

 

 

 

 

 

 

 

AMERIGROUP Corp. (a)

 

 

37,900

 

 

1,132,073

 

Centene Corp. (a)

 

 

25,400

 

 

466,598

 

Coventry Health Care, Inc. (a)

 

 

81,700

 

 

1,299,847

 

DaVita, Inc. (a)

 

 

77,580

 

 

3,597,384

 

Fresenius Medical Care AG & Co. KGaA

 

 

24,200

 

 

939,111

 

Mednax, Inc. (a)

 

 

50,200

 

 

1,802,180

 

UnitedHealth Group, Inc.

 

 

49,000

 

 

1,152,480

 

WellPoint, Inc. (a)

 

 

108,900

 

 

4,656,564

 

 

 

 

 

 

     

 

 

 

 

 

 

15,046,237

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Pharmaceuticals—31.8%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

88,940

 

$

3,722,139

 

Allergan Inc

 

 

58,000

 

 

2,706,280

 

AmerisourceBergen Corp.

 

 

18,990

 

 

638,824

 

AstraZeneca Plc

 

 

12,700

 

 

444,696

 

Auxilium Pharmaceuticals, Inc. (a)

 

 

34,100

 

 

780,890

 

BioForm Medical, Inc. (a)

 

 

12,800

 

 

14,336

 

BioMarin Pharmaceutical, Inc. (a)

 

 

90,028

 

 

1,157,760

 

Bristol-Myers Squibb Co.

 

 

62,500

 

 

1,200,000

 

Express Scripts, Inc. (a)

 

 

36,680

 

 

2,346,420

 

Gilead Sciences, Inc. (a)

 

 

34,760

 

 

1,592,008

 

Medco Health Solutions, Inc. (a)

 

 

160,810

 

 

7,003,275

 

Medivation, Inc. (a)(b)

 

 

30,600

 

 

591,498

 

Merck & Co., Inc.

 

 

172,800

 

 

4,188,672

 

Novartis AG - ADR

 

 

28,790

 

 

1,091,429

 

Optimer Pharmaceuticals, Inc. (a)

 

 

400

 

 

5,588

 

Pfizer, Inc.

 

 

356,500

 

 

4,762,840

 

Pharmasset, Inc. (a)

 

 

15,700

 

 

141,300

 

Poniard Pharmaceuticals, Inc. (a)

 

 

38,600

 

 

123,134

 

Rigel Pharmaceuticals, Inc. (a)

 

 

63,230

 

 

419,847

 

Roche Holding Ltd.

 

 

8,950

 

 

1,128,632

 

Sanofi-Aventis SA

 

 

32,100

 

 

1,858,980

 

Shire Plc - ADR

 

 

62,800

 

 

2,340,556

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

74,550

 

 

3,271,999

 

VCA Antech, Inc. (a)

 

 

69,500

 

 

1,738,890

 

Wyeth

 

 

233,232

 

 

9,889,037

 

 

 

 

 

 

     

 

 

 

 

 

 

53,159,030

 

               

Technology—3.5%

 

 

 

 

 

 

 

CVS Caremark Corp.

 

 

183,700

 

 

5,837,986

 

               

Software—0.5%

 

 

 

 

 

 

 

Allscripts-Misys Healthcare Solutions, Inc.

 

 

50,500

 

 

627,210

 

Cerner Corp. (a)

 

 

5,100

 

 

274,380

 

 

 

 

 

 

     

 

 

 

 

 

 

901,590

 

               

Total Long-Term Investments
(Cost—$166,563,779)—94.5%

 

 

 

 

 

157,864,134

 

               

 

 

 

 

 

 

 

 






Short-Term Securities

 

Shares/Beneficial
Interest

 

 

         

BlackRock Liquidity Funds, TempFund, 0.64% (c)(d)

 

 

7,622,735

 

 

7,622,735

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.80% (c)(d)(e)

 

 

64,500

 

 

64,500

 

               

Total Short-Term Securities
(Cost—$7,687,235)—4.6%

 

 

 

 

 

7,687,235

 

               

 

 

 

 

 

 

 

 









Options Purchased

 

Contracts

 

 

 

 

             

Exchange-Traded Call Option Purchased—0.0%

 

 

 

 

 

 

 

Hologic, Inc., strike price $15, expires 5/18/09

 

 

55

 

 

4,400

 

               

Total Options Purchased
(Cost—$5,005)—0.0%

 

 

 

 

 

4,400

 

               

Total investments before outstanding options written
(Cost—$174,256,019*)—99.1%

 

 

 

 

 

165,555,769

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

47



 

 


 

Schedule of Investments (continued)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written—(0.7)%

 

 

 

 

 

 

 

3SBio, Inc. - ADR, strike price $7.50, expires 6/22/09

 

 

(50

)

$

(2,750

)

Abbott Laboratories, strike price $47.50, expires 6/22/09

 

 

(300

)

 

(7,500

)

Agilent Technologies, strike price $17.50, expires 5/18/09

 

 

(100

)

 

(13,450

)

Alcon, Inc., strike price $95, expires 5/18/09

 

 

(100

)

 

(9,500

)

Alcon, Inc., strike price $95, expires 8/24/09

 

 

(40

)

 

(20,000

)

Alexion Pharmaceuticals, Inc., strike price $40,
expires 5/18/09

 

 

(100

)

 

(1,750

)

Alexion Pharmaceuticals, Inc., strike price $45,
expires 5/18/09

 

 

(180

)

 

(900

)

Allergan, Inc., strike price $45, expires 7/20/09

 

 

(100

)

 

(51,000

)

Allergan, Inc., strike price $50, expires 6/22/09

 

 

(24

)

 

(4,920

)

Allergan, Inc., strike price $55, expires 5/18/09

 

 

(50

)

 

(1,125

)

Allscripts-Misys Healthcare Solutions, Inc.,
strike price $12.50, expires 6/22/09

 

 

(150

)

 

(15,000

)

AMERIGROUP, Inc., strike price $30, expires 6/22/09

 

 

(50

)

 

(13,000

)

AMERIGROUP, Inc., strike price $35, expires 6/22/09

 

 

(50

)

 

(5,000

)

Amgen, Inc., strike price $50, expires 6/22/09

 

 

(230

)

 

(43,240

)

Amgen, Inc., strike price $57.50, expires 5/18/09

 

 

(200

)

 

(900

)

Amgen, Inc., strike price $57.50, expires 7/20/09

 

 

(250

)

 

(19,750

)

AstraZeneca Plc, strike price $35, expires 5/18/09

 

 

(127

)

 

(13,017

)

Auxilium Pharmaceuticals, Inc., strike price $25,
expires 6/22/09

 

 

(100

)

 

(18,500

)

Beckman Coulter, Inc., strike price $55, expires 5/18/09

 

 

(130

)

 

(5,525

)

Beckman Coulter, Inc., strike price $60, expires 8/24/09

 

 

(20

)

 

(2,900

)

Becton Dickinson & Co., strike price $70, expires 5/18/09

 

 

(80

)

 

(800

)

Becton Dickinson & Co., strike price $75, expires 6/22/09

 

 

(100

)

 

(1,500

)

Becton Dickinson & Co., strike price $80, expires 6/22/09

 

 

(100

)

 

(2,000

)

Biogen Idec, Inc., strike price $55, expires 7/20/09

 

 

(10

)

 

(1,625

)

BioMarin Pharmaceuticals, Inc., strike price $15,
expires 5/18/09

 

 

(115

)

 

(2,300

)

BioMarin Pharmaceuticals, Inc., strike price $15,
expires 7/20/09

 

 

(100

)

 

(8,250

)

Boston Scientific Corp., strike price $10, expires 5/18/09

 

 

(410

)

 

(2,050

)

Boston Scientific Corp., strike price $10, expires 8/24/09

 

 

(320

)

 

(14,400

)

Bristol-Myers Squibb Co., strike price $21, expires 6/22/09

 

 

(100

)

 

(3,400

)

Bristol-Myers Squibb Co., strike price $22.50,
expires 6/22/09

 

 

(525

)

 

(6,300

)

Celera Corp., strike price $12.50, expires 6/22/09

 

 

(100

)

 

(1,500

)

Centene Corp., strike price $20, expires 5/18/09

 

 

(60

)

 

(1,500

)

Cooper Cos., Inc. (The), strike price $30, expires 8/24/09

 

 

(120

)

 

(38,100

)

Coventry Health Care, Inc., strike price $15,
expires 6/22/09

 

 

(175

)

 

(33,688

)

Coventry Health Care, Inc., strike price $17.50,
expires 6/22/09

 

 

(80

)

 

(6,400

)

CVS Caremark Corp., strike price $30, expires 5/18/09

 

 

(400

)

 

(90,000

)

CVS Caremark Corp., strike price $34, expires 6/22/09

 

 

(180

)

 

(14,850

)

DaVita, Inc., strike price $50, expires 5/18/09

 

 

(200

)

 

(5,500

)

Dendreon Corp., strike price $27, expires 6/20/09

 

 

(63

)

 

(6,804

)

Dentsply International, Inc., strike price $30,
expires 7/18/09

 

 

(76

)

 

(9,880

)

Express Scripts, Inc., strike price $55, expires 5/18/09

 

 

(120

)

 

(110,400

)

Gen-Probe, Inc., strike price $45, expires 5/18/09

 

 

(50

)

 

(19,250

)

Gen-Probe, Inc., strike price $50, expires 5/18/09

 

 

(90

)

 

(10,350

)

Gen-Probe, Inc., strike price $50, expires 6/22/09

 

 

(100

)

 

(20,000

)

Genzyme Corp., strike price $57.50, expires 6/22/09

 

 

(70

)

 

(9,625

)

Gilead Sciences, Inc., strike price $50, expires 6/22/09

 

 

(200

)

 

(19,000

)

Hill-Rom Holdings, Inc., strike price $12.50,
expires 6/22/09

 

 

(30

)

 

(3,600

)

Hologic, Inc., strike price $17.50, expires 5/18/09

 

 

(55

)

 

(825

)

Immucor, Inc., strike price $17.50, expires 6/22/09

 

 

(245

)

 

(28,788

)

Immunogen, Inc., strike price $7.50, expires 7/20/09

 

 

(30

)

 

(2,250

)

Intuitive Surgical, Inc., strike price $165, expires 7/20/09

 

 

(30

)

 

(19,800

)

Johnson & Johnson, strike price $55, expires 6/22/09

 

 

(330

)

 

(15,675

)

Johnson & Johnson, strike price $55, expires 7/20/09

 

 

(40

)

 

(4,200

)

Mckesson Corp., strike price $45, expires 5/18/09

 

 

(100

)

 

(1,000

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

Medco Health Solutions, Inc., strike price $45,
expires 5/18/09

 

 

(365

)

$

(23,725

)

Medco Health Solutions, Inc., strike price $45,
expires 6/22/09

 

 

(175

)

 

(30,188

)

Medivation, Inc., strike price $22.50, expires 5/18/09

 

 

(50

)

 

(1,625

)

Mednax, Inc., strike price $40, expires 5/18/09

 

 

(30

)

 

(900

)

Mednax, Inc., strike price $40, expires 6/22/09

 

 

(100

)

 

(9,750

)

Medtronic, Inc., strike price $27.50, expires 5/18/09

 

 

(50

)

 

(23,000

)

Medtronic, Inc., strike price $30, expires 5/18/09

 

 

(20

)

 

(4,600

)

Medtronic, Inc., strike price $32.50, expires 5/18/09

 

 

(100

)

 

(6,500

)

Medtronic, Inc., strike price $34, expires 6/22/09

 

 

(150

)

 

(14,250

)

Merck & Co., Inc., strike price $27.50, expires 7/20/09

 

 

(75

)

 

(3,562

)

Merck & Co., Inc., strike price $30, expires 5/18/09

 

 

(275

)

 

(1,375

)

Mettler-Toledo International, Inc., strike price $60,
expires 6/22/09

 

 

(60

)

 

(30,600

)

Millipore Corp., strike price $60, expires 7/20/09

 

 

(20

)

 

(7,200

)

Millipore Corp., strike price $65, expires 5/18/09

 

 

(50

)

 

(2,125

)

Millipore Corp., strike price $65, expires 6/22/09

 

 

(100

)

 

(11,250

)

Novartis AG - ADR, strike price $40, expires 5/18/09

 

 

(100

)

 

(2,000

)

PerkinElmer, Inc., strike price $15, expires 6/22/09

 

 

(150

)

 

(10,875

)

Pfizer, Inc., strike price $14, expires 5/18/09

 

 

(240

)

 

(2,880

)

Pfizer, Inc., strike price $15, expires 5/18/09

 

 

(200

)

 

(400

)

Pfizer, Inc., strike price $15, expires 6/22/09

 

 

(500

)

 

(6,500

)

QIAGEN NV, strike price $17.50, expires 6/22/09

 

 

(150

)

 

(10,125

)

QIAGEN NV, strike price $20, expires 5/18/09

 

 

(150

)

 

(1,500

)

ResMed, Inc., strike price $40, expires 6/22/09

 

 

(25

)

 

(4,750

)

Rigel Pharmaceuticals, Inc., strike price $7.50,
expires 6/22/09

 

 

(150

)

 

(6,375

)

Shire Plc - ADR, strike price $42.50, expires 7/20/09

 

 

(110

)

 

(9,625

)

St. Jude Medical, Inc., strike price $35, expires 7/20/09

 

 

(50

)

 

(8,750

)

Teva Pharmaceutical Industries Ltd. - ADR, strike price $45,
expires 6/22/09

 

 

(200

)

 

(26,000

)

Teva Pharmaceutical Industries Ltd. - ADR,
strike price $47.50, expires 6/22/09

 

 

(50

)

 

(2,875

)

Thermo Fisher Scientific, Inc., strike price $40, expires 6/22/09

 

 

(60

)

 

(2,100

)

UnitedHealth Group, Inc., strike price $25, expires 6/22/09

 

 

(100

)

 

(12,750

)

VCA Antech, Inc., strike price $25, expires 6/22/09

 

 

(80

)

 

(12,600

)

Vertex Pharmaceuticals, Inc., strike price $30,
expires 6/22/09

 

 

(115

)

 

(34,500

)

Vertex Pharmaceuticals, Inc., strike price $35,
expires 6/22/09

 

 

(150

)

 

(15,750

)

WellPoint, Inc., strike price $40, expires 6/22/09

 

 

(180

)

 

(82,800

)

WellPoint, Inc., strike price $45, expires 5/18/09

 

 

(100

)

 

(8,000

)

WellPoint, Inc., strike price $45, expires 6/22/09

 

 

(45

)

 

(9,112

)

West Pharmaceutical Services, Inc., strike price $35,
expires 6/22/09

 

 

(20

)

 

(2,750

)

Wyeth, strike price $45, expires 7/20/09

 

 

(200

)

 

(6,500

)

Zimmer Holdings, Inc., strike price $45, expires 5/18/09

 

 

(60

)

 

(4,800

)

Zimmer Holdings, Inc., strike price $45, expires 6/22/09

 

 

(60

)

 

(10,950

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(1,231,254

)

               

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Alcon, Inc., strike price $80, expires 5/18/09

 

 

(25

)

 

(750

)

Alcon, Inc., strike price $85, expires 5/18/09

 

 

(40

)

 

(4,400

)

Amgen, Inc., strike price $42.50, expires 5/18/09

 

 

(100

)

 

(1,400

)

Becton Dickinson & Co., strike price $65, expires 5/18/09

 

 

(50

)

 

(22,750

)

CVS Caremark Corp., strike price $27.50, expires 5/18/09

 

 

(300

)

 

(3,750

)

CVS Caremark Corp., strike price $29, expires 5/18/09

 

 

(100

)

 

(3,000

)

Medco Health Solutions, Inc., strike price $40,
expires 5/18/09

 

 

(120

)

 

(3,300

)

Pfizer, Inc., strike price $13, expires 5/18/09

 

 

(240

)

 

(6,360

)

Teva Pharmaceutical Industries Ltd. - ADR,
strike price $42.50, expires 5/18/09

 

 

(40

)

 

(2,100

)

Vertex Pharmaceuticals, Inc., strike price $25, expires 5/18/09

 

 

(115

)

 

(1,725

)

Wyeth, strike price $42.50, expires 5/18/09

 

 

(185

)

 

(11,100

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(60,635

)

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

48

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Schedule of Investments (concluded)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written—(0.1)%

 

 

 

 

 

 

 

Baxter International, Inc., strike price $55,
expires 6/01/09, broker UBS Securities LLC

 

 

(100

)

$

(2,522

)

Boston Scientific Corp., strike price $10, expires 6/19/09,
broker Barclays Capital, Inc.

 

 

(400

)

 

(10,892

)

Cie Generale d’Optique Essilor International SA,
strike price 34.16 EUR, expires 6/30/09,
broker Credit Suisse

 

 

(13,500

)

 

(14,263

)

Coviden Ltd., strike price $37, expires 5/19/09,
broker Barclays Capital, Inc.

 

 

(240

)

 

(5,957

)

DiaSorin SpA, strike price 16.63 EUR, expires 6/30/09,
broker Credit Suisse

 

 

(10,000

)

 

(12,872

)

Fresenius Medical Care AG & Co. KGaA,
strike price 30.57 EUR, expires 6/30/09,
broker Deutsche Bank

 

 

(6,000

)

 

(7,313

)

Medtronic, Inc., strike price $34, expires 6/01/09,
broker Jefferies & Co., Inc.

 

 

(150

)

 

(8,099

)

Pfizer, Inc., strike price $14.06, expires 7/17/09,
broker UBS Securities LLC

 

 

(30,000

)

 

(15,000

)

ResMed, Inc., strike price 5.39 AUD, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(30,000

)

 

(7,302

)

Sonova Holding AG, strike price 79.82 CHF,
expires 7/7/09, broker Deutsche Bank

 

 

(6,600

)

 

(15,797

)

William Demant Holding, strike price 271.62 DKK,
expires 7/22/09, broker Credit Suisse

 

 

(7,000

)

 

(30,607

)

Wyeth, strike price $43, expires 6/15/09,
broker UBS Securities LLC

 

 

(300

)

 

(16,170

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(146,794

)

               

Total Options Written
(Premiums Received $1,657,048)—(0.8)%

 

 

 

 

 

(1,438,683

)

               

Total investments net of outstanding options written—98.3%

 

 

 

 

 

164,117,086

 

Other Assets in Excess of Liabilities—1.7%

 

 

 

 

 

2,856,882

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

166,973,968

 

 

 

 

 

 

     

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

175,749,632

 

 

 

     

Gross unrealized appreciation

 

$

7,035,313

 

Gross unrealized depreciation

 

 

(17,229,176

)

 

 

     

Net unrealized depreciation

 

$

(10,193,863

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

Represents the current yield as of report date.

(d)

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

 

Income

 

           

BlackRock Liquidity Funds, TempFund

 

 

7,622,735

 

$

91,601

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

(2,162,000

)

$

4,590

 

               

 

 

(e)

Security purchased with the cash proceeds from securities loans.

 

 

Foreign currency exchange contracts as of April 30, 2009 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                   

CHF

20,000

 

USD

17,547

 

UBS Securities LLC        

 

5/04/09

 

$

(23

)

DKK

265,000

 

USD

47,081

 

Citigroup Global Markets

 

5/04/09

 

 

(15

)

DKK

224,000

 

USD

39,774

 

UBS Securities LLC        

 

5/05/09

 

 

8

 

USD

16,692

 

CHF

19,000

 

Citigroup Global Markets

 

5/04/09

 

 

44

 

USD

11,405

 

CHF

13,000

 

Citigroup Global Markets

 

5/05/09

 

 

14

 

USD

79,530

 

EUR

60,000

 

Citigroup Global Markets

 

5/04/09

 

 

145

 

USD

26,476

 

EUR

20,000

 

Citigroup Global Markets

 

5/04/09

 

 

14

 

                         

Total

 

 

 

 

 

 

 

 

 

$

187

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

           

Valuation
Inputs

 

Investments in
Securities

 

Other Financial Instruments**

 

           

 

 

Assets

 

Assets

 

Liabilities

 

 

 

           

Level 1

 

$

154,577,978

 

$

4,400

 

$

(1,291,889

)

Level 2

 

 

10,973,391

 

 

225

 

 

(146,832

)

Level 3

 

 

 

 

 

 

 

                     

Total

 

$

165,551,369

 

$

4,625

 

$

(1,438,721

)

 

 

                 

 

 

**

Other financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

49



 

 



 

Schedule of Investments April 30, 2009 (Unaudited)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—2.3%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR (a)

 

 

206,700

 

$

9,950,538

 

Santos Ltd.

 

 

610,900

 

 

7,200,545

 

Woodside Petroleum Ltd.

 

 

147,800

 

 

4,063,593

 

WorleyParsons Ltd.

 

 

165,900

 

 

2,188,255

 

 

 

 

 

 

     

 

 

 

 

 

 

23,402,931

 

               

Austria—0.2%

 

 

 

 

 

 

 

OMV AG

 

 

81,740

 

 

2,532,315

 

               

Belgium—0.8%

 

 

 

 

 

 

 

Belgacom SA

 

 

171,900

 

 

4,996,743

 

Compagnie Maritime Belge SA

 

 

137,000

 

 

3,463,209

 

 

 

 

 

 

     

 

 

 

 

 

 

8,459,952

 

               

Brazil—2.3%

 

 

 

 

 

 

 

BM&FBOVESPA SA

 

 

377,444

 

 

1,551,884

 

Cia Energetica de Minas Gerais - ADR (a)

 

 

440,000

 

 

6,622,000

 

Cia Siderurgica Nacional SA - ADR

 

 

168,400

 

 

3,118,768

 

Itau Unibanco Banco Multiplo SA - ADR

 

 

413,432

 

 

5,676,421

 

Petroleo Brasileiro SA - ADR

 

 

206,500

 

 

6,932,205

 

 

 

 

 

 

     

 

 

 

 

 

 

23,901,278

 

               

Canada—9.8%

 

 

 

 

 

 

 

Barrick Gold Corp. (a)

 

 

501,600

 

 

14,596,560

 

Bombardier, Inc., Class B

 

 

1,400,000

 

 

4,434,761

 

Canadian Natural Resources Ltd.

 

 

186,100

 

 

8,579,034

 

Canadian Oil Sands Trust

 

 

188,300

 

 

3,888,136

 

EnCana Corp.

 

 

143,400

 

 

6,557,682

 

Goldcorp, Inc.

 

 

216,000

 

 

5,904,567

 

Husky Energy, Inc.

 

 

277,276

 

 

6,717,547

 

Kinross Gold Corp.

 

 

820,000

 

 

12,637,057

 

Potash Corp. of Saskatchewan, Inc.

 

 

17,400

 

 

1,504,926

 

Royal Bank of Canada

 

 

122,500

 

 

4,342,370

 

Shoppers Drug Mart Corp.

 

 

170,000

 

 

6,147,239

 

Suncor Energy, Inc.

 

 

312,300

 

 

7,919,928

 

Talisman Energy, Inc.

 

 

522,200

 

 

6,548,388

 

Teck Cominco Ltd., Class B

 

 

34,765

 

 

366,423

 

TELUS Corp.

 

 

237,600

 

 

5,804,106

 

Toronto-Dominion Bank (The)

 

 

110,000

 

 

4,341,741

 

 

 

 

 

 

     

 

 

 

 

 

 

100,290,465

 

               

Chile—0.6%

 

 

 

 

 

 

 

Banco Santander Chile - ADR (a)

 

 

169,100

 

 

5,987,831

 

               

China—2.0%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

11,412,500

 

 

6,588,645

 

China Life Insurance Co. Ltd., Class H

 

 

700,400

 

 

2,459,745

 

Industrial & Commercial Bank of China

 

 

10,570,100

 

 

6,013,141

 

PetroChina Co. Ltd. - ADR

 

 

59,600

 

 

5,179,836

 

 

 

 

 

 

     

 

 

 

 

 

 

20,241,367

 

               

Denmark—0.3%

 

 

 

 

 

 

 

TrygVesta AS

 

 

55,200

 

 

3,021,138

 

               

Finland—1.1%

 

 

 

 

 

 

 

Fortum Oyj

 

 

311,200

 

 

6,276,974

 

Wartsila Oyj, B Shares

 

 

151,600

 

 

4,998,273

 

 

 

 

 

 

     

 

 

 

 

 

 

11,275,247

 

               

France—6.9%

 

 

 

 

 

 

 

Alstom SA

 

 

123,000

 

 

7,667,515

 

BNP Paribas

 

 

86,400

 

 

4,548,431

 

Cap Gemini SA

 

 

203,500

 

 

7,606,883

 

Casino Guichard Perrachon SA

 

 

78,800

 

 

4,915,798

 

France Telecom SA

 

 

291,900

 

 

6,480,188

 

GDF Suez

 

 

162,300

 

 

5,828,888

 

Sanofi-Aventis SA

 

 

93,000

 

 

5,385,830

 

Technip SA

 

 

130,300

 

 

5,597,716

 

Total SA

 

 

145,000

 

 

7,255,191

 

Unibail-Rodamco - REIT

 

 

29,600

 

 

4,414,120

 

Vivendi

 

 

416,100

 

 

11,188,545

 

 

 

 

 

 

     

 

 

 

 

 

 

70,889,105

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Germany—7.7%

 

 

 

 

 

 

 

Adidas AG

 

 

264,100

 

$

9,978,321

 

Allianz SE

 

 

41,700

 

 

3,847,788

 

BASF SE

 

 

248,100

 

 

9,362,705

 

Deutsche Post AG

 

 

561,300

 

 

6,476,168

 

E.ON AG

 

 

50,000

 

 

1,690,849

 

Fresenius Medical Care AG & Co. KGaA

 

 

95,500

 

 

3,705,995

 

Linde AG

 

 

179,800

 

 

14,338,657

 

MAN AG

 

 

99,200

 

 

6,148,833

 

RWE AG

 

 

137,800

 

 

9,933,794

 

Salzgitter AG

 

 

72,500

 

 

5,157,089

 

ThyssenKrupp AG

 

 

394,400

 

 

8,437,691

 

 

 

 

 

 

     

 

 

 

 

 

 

79,077,890

 

               

Greece—1.0%

 

 

 

 

 

 

 

OPAP SA

 

 

320,000

 

 

9,872,075

 

               

Hong Kong—4.7%

 

 

 

 

 

 

 

China Mobile Ltd.

 

 

690,000

 

 

5,958,310

 

CNOOC Ltd. - ADR (a)

 

 

79,400

 

 

8,841,190

 

Esprit Holdings Ltd.

 

 

932,300

 

 

5,712,433

 

Hong Kong Exchanges & Clearing Ltd.

 

 

427,300

 

 

4,921,804

 

Hutchison Whampoa Ltd.

 

 

837,700

 

 

4,934,024

 

New World Development Ltd.

 

 

3,713,000

 

 

4,856,371

 

Sun Hung Kai Properties Ltd.

 

 

300,000

 

 

3,101,327

 

Yue Yuen Industrial Holdings Ltd.

 

 

4,707,100

 

 

10,461,258

 

 

 

 

 

 

     

 

 

 

 

 

 

48,786,717

 

               

Indonesia—0.4%

 

 

 

 

 

 

 

Telekomunikasi Indonesia Tbk PT - ADR

 

 

155,800

 

 

4,477,692

 

               

Israel—1.4%

 

 

 

 

 

 

 

Cellcom Israel Ltd.

 

 

431,400

 

 

9,400,206

 

Teva Pharmaceutical Industries Ltd. - ADR (a)

 

 

104,900

 

 

4,604,061

 

 

 

 

 

 

     

 

 

 

 

 

 

14,004,267

 

               

Italy—0.9%

 

 

 

 

 

 

 

Assicurazioni Generali SpA

 

 

126,800

 

 

2,579,853

 

Intesa Sanpaolo SpA

 

 

694,300

 

 

1,541,919

 

Saipem SpA

 

 

223,300

 

 

4,772,885

 

 

 

 

 

 

     

 

 

 

 

 

 

8,894,657

 

               

Japan—10.6%

 

 

 

 

 

 

 

Bank of Yokohama Ltd. (The)

 

 

1,172,500

 

 

4,971,970

 

Canon, Inc.

 

 

179,600

 

 

5,374,657

 

Daito Trust Construction Co. Ltd.

 

 

103,200

 

 

4,303,248

 

Fanuc Ltd.

 

 

174,200

 

 

12,570,660

 

Honda Motor Co. Ltd.

 

 

321,300

 

 

9,416,317

 

INPEX CORP.

 

 

400

 

 

2,545,464

 

ITOCHU Corp.

 

 

1,113,300

 

 

5,969,564

 

Japan Tobacco, Inc.

 

 

2,380

 

 

5,979,495

 

Konica Minolta Holdings, Inc.

 

 

926,500

 

 

7,653,398

 

Matsui Securities Co. Ltd.

 

 

680,500

 

 

4,823,974

 

Nintendo Co. Ltd.

 

 

60,100

 

 

16,158,552

 

NSK Ltd.

 

 

281,000

 

 

1,245,153

 

Sumitomo Corp.

 

 

1,121,100

 

 

9,758,650

 

T&D Holdings, Inc.

 

 

41,100

 

 

1,228,786

 

Toyo Suisan Kaisha Ltd.

 

 

308,500

 

 

6,031,523

 

Toyota Motor Corp.

 

 

272,800

 

 

10,797,087

 

 

 

 

 

 

     

 

 

 

 

 

 

108,828,498

 

               

Luxembourg—1.7%

 

 

 

 

 

 

 

ArcelorMittal

 

 

190,000

 

 

4,450,631

 

SES SA

 

 

724,490

 

 

13,078,322

 

 

 

 

 

 

     

 

 

 

 

 

 

17,528,953

 

               

Malaysia—0.7%

 

 

 

 

 

 

 

Sime Darby Bhd

 

 

3,737,000

 

 

6,900,527

 

               

Netherlands—1.3%

 

 

 

 

 

 

 

ASML Holding NV

 

 

167,000

 

 

3,532,050

 

Corio NV - REIT

 

 

20,400

 

 

905,425

 

InBev NV

 

 

195,100

 

 

5,972,445

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

50

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 



 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Netherlands (concluded)

 

 

 

 

 

 

 

Koninklijke Ahold NV

 

 

252,600

 

$

2,767,521

 

 

 

 

 

 

     

 

 

 

 

 

 

13,177,441

 

               

Norway—2.5%

 

 

 

 

 

 

 

Fred Olsen Energy ASA

 

 

289,116

 

 

9,114,216

 

Orkla ASA

 

 

154,200

 

 

1,103,934

 

StatoilHydro ASA

 

 

278,300

 

 

5,186,815

 

Yara International ASA

 

 

386,450

 

 

10,357,124

 

 

 

 

 

 

     

 

 

 

 

 

 

25,762,089

 

               

Philippines—0.5%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. - ADR

 

 

105,100

 

 

4,820,937

 

               

Singapore—4.4%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

4,008,716

 

 

7,394,891

 

Singapore Airlines Ltd.

 

 

606,000

 

 

4,358,404

 

Singapore Technologies Engineering Ltd.

 

 

4,626,000

 

 

7,981,064

 

Singapore Telecommunications Ltd.

 

 

10,041,100

 

 

17,253,425

 

United Overseas Bank Ltd.

 

 

1,028,800

 

 

7,929,670

 

 

 

 

 

 

     

 

 

 

 

 

 

44,917,454

 

               

South Africa—0.3%

 

 

 

 

 

 

 

Telkom SA Ltd.

 

 

234,300

 

 

2,952,130

 

               

South Korea—1.6%

 

 

 

 

 

 

 

Samsung Electronics Co. Ltd.

 

 

25,900

 

 

11,959,510

 

Samsung Securities Co. Ltd. (b)

 

 

89,900

 

 

4,609,539

 

 

 

 

 

 

     

 

 

 

 

 

 

16,569,049

 

               

Spain—0.8%

 

 

 

 

 

 

 

Banco Popular Espanol SA

 

 

231,100

 

 

1,904,720

 

Banco Santander SA

 

 

622,300

 

 

5,985,870

 

 

 

 

 

 

     

 

 

 

 

 

 

7,890,590

 

               

Sweden—1.1%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

644,124

 

 

4,791,218

 

Skanska AB, B Shares

 

 

145,900

 

 

1,573,682

 

TeliaSonera AB

 

 

970,000

 

 

4,551,206

 

 

 

 

 

 

     

 

 

 

 

 

 

10,916,106

 

               

Switzerland—4.3%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

28,800

 

 

2,649,888

 

Nestle SA

 

 

392,000

 

 

12,777,919

 

Novartis AG

 

 

239,000

 

 

9,045,747

 

Sonova Holding AG

 

 

55,200

 

 

3,586,459

 

Syngenta AG

 

 

65,000

 

 

13,876,882

 

Zurich Financial Services AG

 

 

14,800

 

 

2,750,292

 

 

 

 

 

 

     

 

 

 

 

 

 

44,687,187

 

               

Taiwan—3.3%

 

 

 

 

 

 

 

Nan Ya Plastics Corp.

 

 

8,936,000

 

 

11,823,260

 

Siliconware Precision Industries Co. - ADR

 

 

1,245,400

 

 

9,303,138

 

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

 

 

1,181,113

 

 

12,484,365

 

 

 

 

 

 

     

 

 

 

 

 

 

33,610,763

 

               

Turkey—0.5%

 

 

 

 

 

 

 

Turkcell Iletisim Hizmet AS - ADR (a)

 

 

407,400

 

 

5,173,980

 

               

United Kingdom—12.3%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

110,800

 

 

3,879,712

 

Beazley Group Plc

 

 

1,847,400

 

 

2,750,417

 

Bellway Plc

 

 

247,400

 

 

2,606,439

 

British American Tobacco Plc

 

 

481,703

 

 

11,617,162

 

Catlin Group Ltd.

 

 

802,900

 

 

4,154,940

 

De La Rue Plc

 

 

336,538

 

 

4,770,237

 

Firstgroup Plc

 

 

300,000

 

 

1,467,684

 

GlaxoSmithKline Plc

 

 

432,400

 

 

6,660,359

 

HSBC Holdings Plc

 

 

367,200

 

 

2,611,330

 

Imperial Tobacco Group Plc

 

 

251,300

 

 

5,733,725

 

Intercontinental Hotels Group Plc

 

 

466,550

 

 

4,432,636

 

International Power Plc

 

 

2,033,400

 

 

7,431,029

 

Northumbrian Water Group Plc

 

 

1,084,000

 

 

3,561,411

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United Kingdom (concluded)

 

 

 

 

 

 

 

Persimmon Plc

 

 

494,400

 

$

2,757,622

 

Rio Tinto Plc - ADR (a)

 

 

35,000

 

 

5,703,250

 

Royal Dutch Shell Plc, Class B

 

 

636,600

 

 

14,406,635

 

Smiths Group Plc

 

 

590,700

 

 

6,347,801

 

Standard Chartered Plc

 

 

400,600

 

 

6,197,007

 

Standard Life Plc

 

 

966,300

 

 

2,686,693

 

Unilever Plc

 

 

525,000

 

 

10,222,586

 

United Business Media Ltd.

 

 

801,100

 

 

5,425,257

 

Vodafone Group Plc

 

 

3,441,600

 

 

6,325,565

 

Vodafone Group Plc - ADR

 

 

264,600

 

 

4,855,410

 

 

 

 

 

 

     

 

 

 

 

 

 

126,604,907

 

               

Total Common Stocks—88.3%

 

 

 

 

 

905,455,538

 

               

 

 

 

 

 

 

 

 


Preferred Stocks

 

 

 

 

 

 

 

               

Brazil—0.3%

 

 

 

 

 

 

 

Usinas Siderurgicas de Minas Gerais SA, 1.21%

 

 

195,600

 

 

2,901,451

 

               

 

 

 

 

 

 

 

 


Exchange-Traded Funds

 

 

 

 

 

 

 

               

United States—4.1%

 

 

 

 

 

 

 

iShares MSCI EAFE Index Fund

 

 

500,000

 

 

20,960,000

 

iShares MSCI Emerging Markets Index Fund

 

 

736,800

 

 

21,109,320

 

               

Total Exchange-Traded Funds

 

 

 

 

 

42,069,320

 

               

Total Long-Term Investments
(Cost—$1,442,813,998)—92.7%

 

 

 

 

 

950,426,309

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, 0.64% (c)(d)

 

 

23,098,357

 

 

23,098,357

 

               

Total Short-Term Investments
(Cost—$23,098,357)—2.2%

 

 

 

 

 

23,098,357

 

               

Total Investments Before Outstanding Options Written
(Cost—$1,465,912,355*)—94.9%

 

 

 

 

 

973,524,666

 

               

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

               

Exchange-Traded Call Options Written—(0.6)%

 

 

 

 

 

 

 

Alcon, Inc., strike price $90, expires 5/18/09

 

 

(175

)

 

(53,812

)

Barrick Gold Corp., strike price $33, expires 6/22/09

 

 

(1,500

)

 

(127,500

)

Barrick Gold Corp., strike price $37.50, expires 5/18/09

 

 

(1,360

)

 

(6,800

)

BHP Billiton Ltd. - ADR, strike price $50, expires 5/18/09

 

 

(385

)

 

(44,275

)

BHP Billiton Ltd. - ADR, strike price $50, expires 6/22/09

 

 

(505

)

 

(137,613

)

BHP Billiton Ltd. - ADR, strike price $55, expires 5/18/09

 

 

(350

)

 

(5,250

)

Cellcom Israel Ltd., strike price $22.50, expires 5/18/09

 

 

(1,300

)

 

(42,250

)

Cellcom Israel Ltd., strike price $22.50, expires 6/22/09

 

 

(1,300

)

 

(61,750

)

Cia Energetica de Minas Gerais - ADR, strike price $15,
expires 6/22/09

 

 

(2,400

)

 

(312,000

)

CNOOC Ltd. - ADR, strike price $110, expires 5/18/09

 

 

(400

)

 

(208,000

)

CNOOC Ltd. - ADR, strike price $120, expires 6/22/09

 

 

(75

)

 

(27,375

)

iShares MSCI EAFE Index Fund, strike price $41,
expires 5/18/09

 

 

(5,000

)

 

(862,500

)

iShares MSCI Emerging Markets Index Fund,
strike price $27, expires 5/18/09

 

 

(1,575

)

 

(329,963

)

iShares MSCI Emerging Markets Index Fund,
strike price $28, expires 5/18/09

 

 

(5,793

)

 

(805,227

)

Itau Unibanco Banco Multiplo SA - ADR,
strike price $12.50, expires 6/22/09

 

 

(1,000

)

 

(195,000

)

Itau Unibanco Banco Multiplo SA - ADR, strike price $15,
expires 6/22/09

 

 

(1,000

)

 

(57,500

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

51



 

 


 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

PetroChina Co. Ltd. - ADR, strike price $90, expires 5/18/09

 

 

(220

)

$

(39,600

)

PetroChina Co. Ltd. - ADR, strike price $95, expires 6/22/09

 

 

(140

)

 

(30,800

)

Petroleo Brasileiro SA - ADR, strike price $34,
expires 6/22/09

 

 

(1,115

)

 

(267,600

)

Petroleo Brasileiro SA - ADR, strike price $35,
expires 5/18/09

 

 

(950

)

 

(78,375

)

Philippine Long Distance Telephone Co. - ADR,
strike price $45, expires 5/18/09

 

 

(710

)

 

(120,700

)

Potash Corp. of Saskatchewan, Inc., strike price $100,
expires 6/22/09

 

 

(105

)

 

(27,562

)

Rio Tinto Plc - ADR, strike price $130, expires 5/18/09

 

 

(190

)

 

(646,950

)

Rio Tinto Plc - ADR, strike price $150, expires 6/22/09

 

 

(20

)

 

(48,000

)

Suncor Energy, Inc., strike price $25, expires 6/22/09

 

 

(450

)

 

(99,000

)

Suncor Energy, Inc., strike price $26, expires 6/22/09

 

 

(480

)

 

(81,600

)

Suncor Energy, Inc., strike price $30, expires 5/18/09

 

 

(950

)

 

(9,500

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
strike price $10, expires 5/18/09

 

 

(590

)

 

(44,250

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
strike price $10, expires 6/22/09

 

 

(6,550

)

 

(655,000

)

Talisman Energy, Inc., strike price $12.50, expires 5/18/09

 

 

(2,150

)

 

(112,875

)

Telekomunikasi Indonesia Tbk PT - ADR, strike price $30,
expires 7/18/09

 

 

(850

)

 

(114,750

)

Teva Pharmaceutical Industries Ltd. - ADR, strike price $45,
expires 6/22/09

 

 

(200

)

 

(26,000

)

Teva Pharmaceutical Industries Ltd. - ADR,
strike price $47.50, expires 6/22/09

 

 

(440

)

 

(25,300

)

Vodafone Group Plc - ADR, strike price $20,
expires 5/18/09

 

 

(660

)

 

(6,600

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(5,711,277

)

               

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

iShares MSCI EAFE Index Fund, strike price $36,
expires 6/22/09

 

 

(1,200

)

 

(66,000

)

iShares MSCI EAFE Index Fund, strike price $37,
expires 5/18/09

 

 

(5,140

)

 

(77,100

)

iShares MSCI EAFE Index Fund, strike price $38,
expires 5/18/09

 

 

(500

)

 

(11,250

)

iShares MSCI Emerging Markets Index Fund,
strike price $24, expires 6/22/09

 

 

(188

)

 

(10,340

)

iShares MSCI Emerging Markets Index Fund,
strike price $25, expires 5/18/09

 

 

(9,000

)

 

(148,500

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(313,190

)

               

Over-the-Counter Call Options Written—(2.9)%

 

 

 

 

 

 

 

Adidas AG, strike price 26.80 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(44,000

)

 

(152,835

)

Adidas AG, strike price 27 EUR, expires 5/27/09,
broker Credit Suisse

 

 

(65,000

)

 

(202,631

)

Adidas AG, strike price 31 EUR, expires 7/7/09,
broker Credit Suisse

 

 

(49,000

)

 

(64,132

)

Allianz SE, strike price 65.20 EUR, expires 5/27/09,
broker UBS Securities LLC

 

 

(25,000

)

 

(214,217

)

Alstom SA, strike price 41.92 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(38,000

)

 

(322,324

)

Alstom SA, strike price 48.63 EUR, expires 6/23/09,
broker Citigroup Global Markets

 

 

(35,800

)

 

(137,292

)

ArcelorMittal, strike price 17.08 EUR, expires 5/27/09,
broker Deutsche Bank

 

 

(60,000

)

 

(147,876

)

ArcelorMittal, strike price 19.23 EUR, expires 5/27/09,
broker UBS Securities LLC

 

 

(54,000

)

 

(69,595

)

ASML Holding NV, strike price $17.09, expires 5/13/09,
broker Deutsche Bank

 

 

(100,000

)

 

(406,420

)

Assicurazioni Generali SpA, strike price 13.25 EUR,
expires 6/10/09, broker Citigroup Global Markets

 

 

(38,000

)

 

(135,120

)

Assicurazioni Generali SpA, strike price 15 EUR,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(380

)

 

(39,705

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

AstraZeneca Plc, strike price 24.90 GBP, expires 6/10/09,
broker Citigroup Global Markets

 

 

(44,300

)

$

(36,877

)

AstraZeneca Plc, strike price 25.50 GBP, expires 6/02/09,
broker Morgan Stanley & Co., Inc.

 

 

(66,500

)

 

(30,537

)

Banco Popular Espanol SA, strike price 5.53 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(66,000

)

 

(77,227

)

Banco Popular Espanol SA, strike price 7.11 EUR,
expires 7/7/09, broker UBS Securities LLC

 

 

(72,700

)

 

(36,314

)

Banco Santander Chile - ADR, strike price $36.49,
expires 5/19/09, broker Citigroup Global Markets

 

 

(101,500

)

 

(88,559

)

Banco Santander SA, strike price 5.79 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(146,000

)

 

(300,229

)

Banco Santander SA, strike price 6.75 EUR,
expires 7/7/09, broker Goldman Sachs & Co.

 

 

(124,000

)

 

(136,895

)

Banco Santander SA, strike price 6.97 EUR,
expires 5/27/09, broker UBS Securities LLC

 

 

(104,000

)

 

(72,159

)

Banco Santander SA, strike price 7 EUR,
expires 6/17/09, broker UBS Securities LLC

 

 

(248,300

)

 

(200,171

)

Bank of Yokohama Ltd. (The), strike price 474.95 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(483,000

)

 

(22,478

)

BASF AG, strike price 26 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(491

)

 

(168,419

)

BASF AG, strike price 26.95 EUR, expires 7/7/09,
broker UBS Securities LLC

 

 

(99,400

)

 

(391,262

)

Beazley Group Plc, strike price 0.90 GBP,
expires 6/10/09, broker Morgan Stanley & Co., Inc.

 

 

(554,000

)

 

(99,829

)

Beazley Group Plc, strike price 0.97 GBP,
expires 6/10/09, broker UBS Securities LLC

 

 

(461,000

)

 

(55,915

)

Belgacom SA, strike price 25.12 EUR, expires 5/27/09,
broker Citigroup Global Markets

 

 

(51,000

)

 

(5,164

)

Belgacom SA, strike price 25.12 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(52,000

)

 

(2,846

)

Bellway Plc, strike price 7.21 GBP, expires 5/27/09,
broker UBS Securities LLC

 

 

(148,500

)

 

(80,206

)

BNP Paribas, strike price 39.38 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(52,000

)

 

(235,666

)

Bombardier, Inc. - Class B, strike price 3.50 CAD,
expires 5/16/09, broker National Bank Financial

 

 

(3,850

)

 

(100,017

)

British American Tobacco Plc, strike price 16.87 GBP,
expires 6/10/09, broker UBS Securities LLC

 

 

(196,700

)

 

(119,405

)

British American Tobacco Plc, strike price 17.64 GBP,
expires 5/27/09, broker Deutsche Bank

 

 

(285,000

)

 

(51,029

)

Canadian Natural Resources Ltd., strike price 46 CAD,
expires 5/16/09, broker TD Newcrest

 

 

(175

)

 

(136,753

)

Canadian Natural Resources Ltd., strike price 58 CAD,
expires 5/16/09, broker TD Securities

 

 

(500

)

 

(43,996

)

Canadian Natural Resources Ltd., strike price 58 CAD,
expires 6/20/09, broker TD Securities

 

 

(440

)

 

(93,103

)

Canadian Natural Resources Ltd., strike price 64 CAD,
expires 6/20/09, broker National Bank Financial

 

 

(746

)

 

(56,264

)

Canadian Oil Sands Trust, strike price 29 CAD,
expires 7/18/09, broker TD Securities

 

 

(1,130

)

 

(56,817

)

Cannon, Inc., strike price 2,363.94 JPY, expires 5/12/09,
broker Goldman Sachs & Co.

 

 

(69,800

)

 

(416,124

)

Cannon, Inc., strike price 3,074.50 JPY, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(38,000

)

 

(55,390

)

Cap Gemini SA, strike price 28.34 EUR, expires 6/23/09,
broker Deutsche Bank

 

 

(47,100

)

 

(112,586

)

Cap Gemini SA, strike price 30 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(250

)

 

(10,390

)

CapitaLand Ltd., strike price 2.10 SGD, expires 5/12/09,
broker Credit Suisse

 

 

(412,000

)

 

(173,220

)

CapitaLand Ltd., strike price 2.56 SGD, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(1,280,000

)

 

(270,002

)

CapitaLand Ltd., strike price 2.82 SGD, expires 6/03/09,
broker Credit Suisse

 

 

(713,000

)

 

(90,399

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

52

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Casino Guichard Perrachon SA, strike price 47.29 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(34,000

)

$

(74,101

)

Casino Guichard Perrachon SA, strike price 56 EUR,
expires 5/18/09, broker UBS Securities LLC

 

 

(53

)

 

(506

)

Catlin Group Ltd., strike price 3.41 GBP, expires 5/7/09,
broker UBS Securities LLC

 

 

(216,000

)

 

(49,098

)

Catlin Group Ltd., strike price 3.72 GBP, expires 5/6/09,
broker Goldman Sachs & Co.

 

 

(108,764

)

 

(5,814

)

Catlin Group Ltd., strike price 3.72 GBP, expires 5/27/09,
broker Goldman Sachs & Co.

 

 

(108,764

)

 

(21,114

)

China Construction Bank Corp. - Class H, strike price
4.16 HKD, expires 5/20/09, broker Credit Suisse

 

 

(3,362,000

)

 

(173,972

)

China Construction Bank Corp. - Class H, strike price
4.28 HKD, expires 5/12/09, broker Credit Suisse

 

 

(3,485,000

)

 

(127,155

)

China Construction Bank Corp. - Class H, strike price
4.93 HKD, expires 6/10/09, broker Credit Suisse

 

 

(1,712,000

)

 

(32,224

)

China Life Insurance Co. - Class H, strike price
24.45 HKD, expires 5/12/09, broker Credit Suisse

 

 

(211,000

)

 

(79,160

)

China Life Insurance Co. - Class H, strike price 28.55 HKD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(210,000

)

 

(30,527

)

China Mobile Ltd., strike price 73.50 HKD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(380,000

)

 

(57,415

)

China Mobile Ltd., strike price 75.91 HKD,
expires 5/20/09, broker Credit Suisse

 

 

(310,000

)

 

(12,614

)

Cia Energetica de Minas Gerais - ADR, strike price $16.12,
expires 6/22/09, broker Goldman Sachs & Co.

 

 

(100,000

)

 

(50,670

)

Cia Energetica de Minas Gerais - ADR, strike price $16.12,
expires 7/01/09, broker Goldman Sachs & Co.

 

 

(100,000

)

 

(90,170

)

Cia Siderurgica Nacional SA - ADR, strike price $15,
expires 5/7/09, broker Barclays Capital, Inc.

 

 

(1,000

)

 

(352,000

)

Compagnie Maritime Belge SA, strike price 17.50 EUR,
expires 5/27/09, broker UBS Securities LLC

 

 

(20,000

)

 

(56,828

)

Compagnie Maritime Belge SA, strike price 17.54 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(21,000

)

 

(65,775

)

Compagnie Maritime Belge SA, strike price 17.94 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(24,140

)

 

(67,846

)

Corio NV - REIT, strike price 31.75 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(12,200

)

 

(42,509

)

Daito Trust Construction Co. Ltd., strike price 3,398.03 JPY,
expires 5/20/09, broker Goldman Sachs & Co.

 

 

(60,000

)

 

(444,206

)

De La Rue Plc, strike price 10.06 GBP, expires 6/10/09,
broker UBS Securities LLC

 

 

(11,500

)

 

(2,751

)

De La Rue Plc, strike price 9.40 GBP, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(100,000

)

 

(59,001

)

De La Rue Plc, strike price 9.40 GBP, expires 7/7/09,
broker Morgan Stanley & Co., Inc.

 

 

(100,000

)

 

(75,024

)

De La Rue Plc, strike price 9.68 GBP, expires 6/30/09,
broker UBS Securities LLC

 

 

(125,000

)

 

(66,293

)

Deutsche Post AG, strike price 8.43 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(187,000

)

 

(158,412

)

Deutsche Post AG, strike price 9.29 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(150,000

)

 

(54,698

)

E.ON AG, strike price 23.54 EUR, expires 7/7/09,
broker Goldman Sachs & Co.

 

 

(50,000

)

 

(157,201

)

EnCana Corp., strike price $48.09, expires 5/29/09,
broker Goldman Sachs & Co.

 

 

(143,400

)

 

(134,194

)

Esprit Holdings Ltd., strike price 42.39 HKD,
expires 5/12/09, broker Credit Suisse

 

 

(256,000

)

 

(184,410

)

Esprit Holdings Ltd., strike price 46.66 HKD,
expires 5/20/09, broker Credit Suisse

 

 

(303,000

)

 

(129,198

)

Fanuc Ltd., strike price 6,142.50 JPY,
expires 5/12/09, broker Credit Suisse

 

 

(69,500

)

 

(706,536

)

Fanuc Ltd., strike price 7,526.44 JPY, expires 6/03/09,
broker JPMorgan Chase Securities

 

 

(35,000

)

 

(126,523

)

Firstgroup Plc, strike price 3.29 GBP, expires 6/23/09,
broker UBS Securities LLC

 

 

(165,000

)

 

(90,936

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Fortum Oyj, strike price 14.27 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(18,700

)

$

(34,614

)

Fortum Oyj, strike price 14.88 EUR, expires 6/17/09,
broker UBS Securities LLC

 

 

(168,000

)

 

(243,261

)

France Telecom SA, strike price 17.11 EUR,
expires 6/30/09, broker Citigroup Global Markets

 

 

(87,600

)

 

(67,410

)

Fred Olsen Energy ASA, strike price 198.42 NOK,
expires 6/10/09, broker Goldman Sachs & Co.

 

 

(49,500

)

 

(117,914

)

Fred Olsen Energy ASA, strike price 204.01 NOK,
expires 7/7/09, broker UBS Securities LLC

 

 

(124,000

)

 

(290,699

)

Fresenius Medical Care AG & Co. KGaA, strike price
29.66 EUR, expires 6/10/09, Broker
Morgan Stanley & Co.

 

 

(57,300

)

 

(74,624

)

GDF Suez, strike price 25.01 EUR, expires 7/7/09,
broker Citigroup Global Markets

 

 

(97,400

)

 

(381,733

)

GlaxoSmithKline Plc, strike price 10.26 GBP,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(432,400

)

 

(394,359

)

Goldcorp, Inc., strike price 40 CAD, expires 6/20/09,
broker TD Securities

 

 

(650

)

 

(39,491

)

Honda Motor Co. Ltd., strike price 2,495.50 JPY,
expires 5/12/09, broker Deutsche Bank

 

 

(60,000

)

 

(248,585

)

Honda Motor Co. Ltd., strike price 3,083.91 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(133,000

)

 

(184,382

)

Hong Kong Exchanges and Clearing Ltd., strike price
67.64 HKD, expires 5/20/09, broker JPMorgan
Chase Securities

 

 

(103,000

)

 

(287,817

)

Hong Kong Exchanges and Clearing Ltd.,
strike price 77.72 HKD, expires 6/03/09, broker
JPMorgan Chase Securities

 

 

(153,400

)

 

(262,318

)

HSBC Holdings Plc, strike price 4.53 GBP,
expires 6/10/09, broker Citigroup Global Markets

 

 

(155,500

)

 

(115,171

)

HSBC Holdings Plc, strike price 5.23 GBP,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(56

)

 

(8,136

)

Husky Energy, Inc., strike price 31.21 CAD,
expires 6/19/09, broker Citigroup Global Markets

 

 

(152,000

)

 

(133,632

)

Husky Energy, Inc., strike price 32 CAD,
expires 7/18/09, broker National Bank Financial

 

 

(145

)

 

(6,379

)

Hutchison Whampoa Ltd., strike price 48.72 HKD,
expires 7/14/09, broker Deutsche Bank

 

 

(544,000

)

 

(96,569

)

Imperial Tobacco Group Plc, strike price 15.88 GBP,
expires 6/23/09, broker Credit Suisse

 

 

(70,000

)

 

(61,973

)

Imperial Tobacco Group Plc, strike price 16.09 GBP,
expires 6/10/09, broker UBS Securities LLC

 

 

(113,300

)

 

(72,487

)

Imperial Tobacco Group Plc, strike price 17.50 GBP,
expires 5/27/09, broker UBS Securities LLC

 

 

(68,000

)

 

(4,477

)

InBev NV, strike price 22.72 EUR, expires 6/17/09,
broker Morgan Stanley & Co., Inc.

 

 

(160,000

)

 

(408,094

)

Industrial & Commercial Bank of China, strike price
3.51 HKD, expires 5/12/09, broker Credit Suisse

 

 

(4,100,000

)

 

(477,091

)

Industrial & Commercial Bank of China, strike price
4.42 HKD, expires 6/10/09, broker JPMorgan
Chase Securities

 

 

(4,100,000

)

 

(157,311

)

Inpex Corp., strike price 736,450 JPY,
expires 6/10/09, broker JPMorgan Chase Securities

 

 

(240

)

 

(32,272

)

Intercontinental Hotels Group Plc, strike price 5.79 GBP,
expires 5/7/09, broker UBS Securities LLC

 

 

(128,300

)

 

(121,531

)

Intercontinental Hotels Group Plc, strike price
6.61 GBP, expires 7/7/09, broker Credit Suisse

 

 

(151,600

)

 

(102,338

)

International Power Plc, strike price 2.24 GBP,
expires 6/10/09, broker Citigroup Global Markets

 

 

(601,500

)

 

(253,124

)

International Power Plc, strike price 2.50 GBP,
expires 7/7/09, broker Credit Suisse

 

 

(618,500

)

 

(140,934

)

Intesa Sanpaolo SpA, strike price 1.76 EUR,
expires 6/23/09, broker Citigroup Global Markets

 

 

(208,000

)

 

(19,897

)

ITOCHU Corp., strike price 477.22 JPY,
expires 5/20/09, broker Credit Suisse

 

 

(306,000

)

 

(180,438

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

53



 

 


 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

ITOCHU Corp., strike price 554.27 JPY, expires 6/03/09,
broker Deutsche Bank

 

 

(362,000

)

$

(83,967

)

Japan Tobacco, Inc., strike price 283,334.87 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(1,400

)

 

(35,724

)

Kinross Gold Corp., strike price 24 CAD, expires 5/16/09,
broker TD Securities

 

 

(1,500

)

 

(20,112

)

Kinross Gold Corp., strike price 25 CAD, expires 5/18/09,
broker National Bank Financial

 

 

(3,700

)

 

(43,409

)

Konica Minolta Holdings, Inc., strike price 1,039.72 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(167,000

)

 

(17,347

)

Konica Minolta Holdings, Inc., strike price 869 JPY,
expires 5/12/09, broker Deutsche Bank

 

 

(389,000

)

 

(77,584

)

Koninklijke Ahold NV, strike price 8.67 EUR,
expires 6/02/09, broker UBS Securities LLC

 

 

(252,600

)

 

(54,847

)

Linde AG, strike price 57.83 EUR, expires 7/7/09,
broker UBS Securities LLC

 

 

(107,800

)

 

(690,640

)

MAN AG, strike price 35.76 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(32,000

)

 

(467,606

)

MAN AG, strike price 42 EUR, expires 7/7/09,
broker UBS Securities LLC

 

 

(27,500

)

 

(255,209

)

Matsui Securities Co. Ltd., strike price 685.42 JPY,
expires 6/03/09, broker Deutsche Bank

 

 

(408,300

)

 

(174,135

)

Nestle SA, strike price 39.87 CHF, expires 6/10/09,
broker Citigroup Global Markets

 

 

(170,000

)

 

(52,470

)

Nestle SA, strike price 40.20 CHF, expires 6/10/09,
broker Citigroup Global Markets

 

 

(65,000

)

 

(16,749

)

New World Development Ltd., strike price 7.24 HKD,
expires 5/12/09, broker Goldman Sachs & Co.

 

 

(1,040,000

)

 

(389,096

)

New World Development Ltd., strike price 7.58 HKD,
expires 5/20/09, broker Goldman Sachs & Co.

 

 

(1,187,000

)

 

(391,190

)

Nintendo Co. Ltd., strike price 30,490.90 JPY,
expires 5/20/09, broker Credit Suisse

 

 

(36,000

)

 

(94,952

)

Nordea Bank AB, strike price 46.46 SEK,
expires 6/10/09, broker Morgan Stanley & Co., Inc.

 

 

(132,500

)

 

(230,289

)

Nordea Bank AB, strike price 58.09 SEK,
expires 6/10/09, broker Morgan Stanley & Co., Inc.

 

 

(150,000

)

 

(93,213

)

Northumbrian Water Group Plc, strike price 2.15 GBP,
expires 6/30/09, broker Morgan Stanley & Co., Inc.

 

 

(334,000

)

 

(68,386

)

Northumbrian Water Group Plc, strike price 2.15 GBP,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(250,000

)

 

(54,620

)

Northumbrian Water Group Plc, strike price 2.28 GBP,
expires 5/27/09, broker Deutsche Bank

 

 

(250,000

)

 

(18,763

)

Northumbrian Water Group Plc, strike price 2.28 GBP,
expires 6/10/09, broker Deutsche Bank

 

 

(250,000

)

 

(23,231

)

Novartis AG - ADR, strike price 43 CHF, expires 6/19/09,
broker Goldman Sachs & Co.

 

 

(956

)

 

(141,050

)

Novartis AG, strike price 44 CHF, expires 6/02/09,
broker Morgan Stanley & Co., Inc.

 

 

(143,400

)

 

(110,037

)

OMV AG, strike price 26.45 EUR, expires 6/10/09,
broker Goldman Sachs & Co.

 

 

(49,000

)

 

(50,888

)

Orkla ASA, strike price 47.41 NOK, expires 6/02/09,
broker UBS Securities LLC

 

 

(45,500

)

 

(17,920

)

Orkla ASA, strike price 50 NOK, expires 6/23/09,
broker UBS Securities LLC

 

 

(47,000

)

 

(16,018

)

Persimmon Plc, strike price 3.60 GBP, expires 5/27/09,
broker JPMorgan Chase Securities

 

 

(297,000

)

 

(167,354

)

Royal Bank of Canada, strike price 44 CAD,
expires 6/20/09, broker National Bank Financial

 

 

(735

)

 

(95,471

)

Royal Dutch Shell Plc, strike price 14.92 GBP,
expires 7/7/09, broker Goldman Sachs & Co.

 

 

(300,000

)

 

(372,384

)

Royal Dutch Shell Plc, strike price 16 GBP,
expires 6/23/09, broker Deutsche Bank

 

 

(336,600

)

 

(150,098

)

RWE AG, strike price 54.23 EUR, expires 7/7/09,
broker Citigroup Global Markets

 

 

(47,700

)

 

(191,821

)

RWE AG, strike price 58 EUR, expires 6/19/09,
broker Morgan Stanley & Co., Inc.

 

 

(350

)

 

(44,201

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Saipem SpA, strike price 14 EUR, expires 5/27/09,
broker UBS Securities LLC

 

 

(134,000

)

$

(409,357

)

Salzgitter AG, strike price 43.94 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(21,500

)

 

(298,426

)

Salzgitter AG, strike price 50.81 EUR, expires 5/7/09,
broker UBS Securities LLC

 

 

(22,000

)

 

(100,195

)

Samsung Electronics Co. Ltd., strike price 524,038.92 KRW,
expires 5/20/09, broker Goldman Sachs & Co.

 

 

(6,000

)

 

(330,191

)

Samsung Electronics Co. Ltd., strike price 543,774 KRW,
expires 5/12/09, broker Credit Suisse

 

 

(3,000

)

 

(119,036

)

Samsung Electronics Co. Ltd., strike price 614,250 KRW,
expires 5/20/09, broker Credit Suisse

 

 

(10,400

)

 

(108,296

)

Samsung Securities Co. Ltd., strike price 65,645.95 KRW,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(54,000

)

 

(153,025

)

Sanofi-Aventis SA, strike price 43.55 EUR,
expires 6/23/09, broker Morgan Stanley & Co., Inc.

 

 

(55,800

)

 

(155,698

)

Santos Ltd., strike price 18.37 AUD, expires 6/03/09,
broker Citigroup Global Markets

 

 

(366,500

)

 

(62,162

)

SES SA, strike price 14.04 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(200,000

)

 

(177,749

)

SES SA, strike price 14.25 EUR, expires 6/30/09,
broker Morgan Stanley & Co., Inc.

 

 

(200,000

)

 

(213,443

)

SES SA, strike price 14.66 EUR, expires 5/6/09,
broker Goldman Sachs & Co.

 

 

(215,000

)

 

(2,289

)

Shoppers Drug Mart Corp., strike price 46 CAD,
expires 5/16/09, broker National Bank Financial

 

 

(350

)

 

(5,866

)

Siliconware Precision Industries Co. - ADR,
strike price $5.46, expires 5/19/09,
broker UBS Securities LLC

 

 

(250,000

)

 

(502,500

)

Siliconware Precision Industries Co. - ADR,
strike price $5.46, expires 5/26/09,
broker UBS Securities LLC

 

 

(250,000

)

 

(502,500

)

Siliconware Precision Industries Co. - ADR,
strike price $5.46, expires 6/9/09,
broker UBS Securities LLC

 

 

(250,000

)

 

(502,500

)

Singapore Airlines Ltd., strike price 10.32 SGD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(250,000

)

 

(99,074

)

Singapore Airlines Ltd., strike price 10.41 SGD,
expires 5/12/09, broker JPMorgan Chase Securities

 

 

(356,000

)

 

(95,303

)

Singapore Technologies Engineering Ltd.,
strike price 2.29 SGD, expires 5/12/09,
broker Deutsche Bank

 

 

(1,529,629

)

 

(278,794

)

Singapore Technologies Engineering Ltd.,
strike price 2.39 SGD, expires 6/03/09,
broker JPMorgan Chase Securities

 

 

(1,347,234

)

 

(194,695

)

Singapore Telecommunications Ltd.,
strike price 2.54 SGD, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(2,200,000

)

 

(155,901

)

Singapore Telecommunications Ltd.,
strike price 2.59 SGD, expires 5/12/09,
broker Deutsche Bank

 

 

(3,825,000

)

 

(116,535

)

Smiths Group Plc, strike price 7.58 GBP, expires 7/7/09,
broker Morgan Stanley & Co., Inc.

 

 

(177,200

)

 

(107,453

)

Sonova Holding AG, strike price 60 CHF, expires 5/7/09,
broker UBS Securities LLC

 

 

(30,000

)

 

(372,100

)

Standard Chartered Plc, strike price 10.22 GBP,
expires 7/7/09, broker Citigroup Global Markets

 

 

(145,000

)

 

(286,898

)

Standard Chartered Plc, strike price 9.32 GBP,
expires 6/02/09, broker Deutsche Bank

 

 

(95,400

)

 

(244,438

)

Standard Life Plc, strike price 1.84 GBP,
expires 6/10/09, broker UBS Securities LLC

 

 

(290,000

)

 

(71,161

)

Standard Life Plc, strike price 200 GBP,
expires 6/19/09, broker Goldman Sachs & Co.

 

 

(5

)

 

(989

)

Standard Life Plc, strike price 210 GBP,
expires 6/19/09, broker Goldman Sachs & Co.

 

 

(32

)

 

(4,379

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

54

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

StatoilHydro ASA, strike price 125.40 NOK,
expires 7/7/09, broker Citigroup Global Markets

 

 

(75,000

)

$

(79,084

)

StatoilHydro ASA, strike price 127.18 NOK,
expires 5/15/09, broker JPMorgan Chase Securities

 

 

(92,000

)

 

(30,274

)

Sumitomo Corp., strike price 856.90 JPY,
expires 5/12/09, broker Deutsche Bank

 

 

(336,500

)

 

(105,381

)

Sumitomo Corp., strike price 986.35 JPY,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(336,000

)

 

(40,197

)

Sun Hung Kai Properties Ltd., strike price 64.03 HKD,
expires 5/12/09, broker Deutsche Bank

 

 

(90,000

)

 

(187,034

)

Sun Hung Kai Properties Ltd., strike price 84.53 HKD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(90,000

)

 

(37,665

)

Syngenta AG, strike price 250.36 CHF, expires 7/7/09,
broker Deutsche Bank

 

 

(18,000

)

 

(199,654

)

Syngenta AG, strike price 257.15 CHF, expires 6/19/09,
broker Citigroup Global Markets

 

 

(21,000

)

 

(133,379

)

T&D Holdings, Inc., strike price 2,570.25 JPY,
expires 5/12/09, broker Deutsche Bank

 

 

(12,350

)

 

(53,719

)

T&D Holdings, Inc., strike price 2,926.44 JPY,
expires 6/03/09, broker UBS Securities LLC

 

 

(12,300

)

 

(40,307

)

Talisman Energy, Inc., strike price $12.92,
expires 6/9/09, broker Credit Suisse

 

 

(98,000

)

 

(65,533

)

Technip SA, strike price 29.24 EUR, expires 5/7/09,
broker UBS Securities LLC

 

 

(78,200

)

 

(347,835

)

Telekom SA Ltd., strike price 108.18 ZAR,
expires 5/27/09, broker Goldman Sachs & Co.

 

 

(150,000

)

 

(87,563

)

TeliaSonera AB, strike price 39.73 SEK, expires 6/10/09,
broker UBS Securities LLC

 

 

(267,000

)

 

(27,662

)

TeliaSonera AB, strike price 40.42 SEK, expires 6/10/09,
broker Goldman Sachs & Co.

 

 

(315,000

)

 

(14,206

)

TELUS Corp., strike price 36 CAD, expires 5/15/09,
broker TD Newcrest

 

 

(700

)

 

(8,799

)

ThyssenKrupp AG, strike price 14.11 EUR,
expires 6/10/09, broker Citigroup Global Markets

 

 

(80,000

)

 

(269,528

)

ThyssenKrupp AG, strike price 16.90 EUR,
expires 6/10/09, broker Credit Suisse

 

 

(80,000

)

 

(106,392

)

ThyssenKrupp AG, strike price 19.46 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(80,000

)

 

(37,102

)

Toronto-Dominion Bank (The), strike price 46 CAD,
expires 5/16/09, broker TD Securities

 

 

(330

)

 

(56,000

)

Toronto-Dominion Bank, strike price 48 CAD,
expires 5/16/09, broker National Bank Financial

 

 

(330

)

 

(28,346

)

Total SA, strike price 37.59 EUR, expires 5/27/09,
broker Citigroup Global Markets

 

 

(96,000

)

 

(190,602

)

Total SA, strike price 40 EUR, expires 6/23/09,
broker JPMorgan Chase Securities

 

 

(49,000

)

 

(60,242

)

Toyo Suisan Kaisha Ltd., strike price 2,438.25 JPY,
expires 5/12/09, broker Deutsche Bank

 

 

(186,000

)

 

(67

)

Toyota Motor Corp., strike price 3,827 JPY,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(163,700

)

 

(414,934

)

TrygVesta AS, strike price 336.77 DKK, expires 6/02/09,
broker UBS Securities LLC

 

 

(33,100

)

 

(31,440

)

Unibail-Rodamco SA - REIT, strike price 111.16 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(17,800

)

 

(153,634

)

Unilever Plc, strike price 13.26 GBP, expires 6/10/09,
broker UBS Securities LLC

 

 

(27,000

)

 

(15,195

)

Unilever Plc, strike price 13.34 GBP, expires 6/23/09,
broker UBS Securities LLC

 

 

(288,000

)

 

(182,943

)

United Business Media Ltd., strike price 4.94 GBP,
expires 5/6/09, broker UBS Securities LLC

 

 

(320,600

)

 

(8,099

)

United Overseas Bank Ltd., strike price 10.87 SGD,
expires 6/03/09, broker Deutsche Bank

 

 

(257,000

)

 

(161,179

)

United Overseas Bank, strike price 11.32 SGD,
expires 6/03/09, broker Credit Suisse

 

 

(360,000

)

 

(167,973

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Usinas Siderurgicas de Minas Gerais SA,
strike price $35.41, expires 6/17/09,
broker Goldman Sachs & Co.

 

 

(117,000

)

$

(77,208

)

Vivendi, strike price 20.79 EUR, expires 6/23/09,
broker JPMorgan Chase Securities

 

 

(124,800

)

 

(56,128

)

Vodafone Group Plc - ADR, strike price $19.09,
expires 5/15/09, broker Citigroup Global Markets

 

 

(80,000

)

 

(13,432

)

Vodafone Group Plc, strike price 1.30 GBP,
expires 6/23/09, broker Citigroup Global Markets

 

 

(1,050,000

)

 

(67,441

)

Wartsila Oyj - B Shares, strike price 24.72 EUR,
expires 6/30/09, broker UBS Securities LLC

 

 

(90,900

)

 

(319,983

)

Woodside Petroleum Ltd., strike price 38.51 AUD,
expires 5/20/09, broker JPMorgan Chase Securities

 

 

(46,500

)

 

(30,161

)

Woodside Petroleum Ltd., strike price 40.17 AUD,
expires 6/03/09, broker Citigroup Global Markets

 

 

(42,200

)

 

(22,183

)

WorleyParsons Ltd., strike price 18.83 AUD,
expires 5/20/09, broker Johnson Rice & Co.

 

 

(100,000

)

 

(57,080

)

Yara International ASA, strike price 167.42 NOK,
expires 5/27/09, broker Deutsche Bank

 

 

(126,000

)

 

(256,546

)

Yara International ASA, strike price 186.01 NOK,
expires 6/30/09, broker UBS Securities LLC

 

 

(67,000

)

 

(89,908

)

Yue Yuen Industrial Holdings Ltd.,
strike price 15.96 HKD, expires 5/12/09,
broker Deutsche Bank

 

 

(2,171,500

)

 

(425,570

)

Yue Yuen Industrial Holdings Ltd., strike price 18.27 HKD,
expires 6/03/09, broker Deutsche Bank

 

 

(2,171,500

)

 

(223,363

)

Zurich Financial Services AG, strike price 195.31 CHF,
expires 6/10/09, broker Citigroup Global Markets

 

 

(800

)

 

(16,272

)

Zurich Financial Services AG, strike price 207.23 CHF,
expires 7/7/09, broker Citigroup Global Markets

 

 

(8,100

)

 

(132,090

)

               

Total Over-the-Counter Call Options Written—(2.9%)

 

 

 

 

 

(30,027,404

)

               

Over-the-Counter Put Options Written—(0.1)%

 

 

 

 

 

 

 

Inpex Corp., strike price 693,550 JPY, expires 5/12/09,
broker JPMorgan Chase Securities

 

 

(400

)

 

(284,257

)

OMV AG, strike price 24.92 EUR, expires 5/14/09,
broker Goldman Sachs & Co.

 

 

(132,000

)

 

(364,411

)

Usinas Siderurgicas de Minas Gerais SA,
strike price $33.35, expires 5/19/09,
broker Goldman Sachs & Co.

 

 

(195,000

)

 

(205,745

)

Woodside Petroleum Ltd., strike price 35.52 AUD,
expires 5/20/09, broker JPMorgan Chase Securities

 

 

(77,600

)

 

(12,913

)

Worleyparsons Ltd., strike price 17.03 AUD,
expires 5/20/09, broker JPMorgan Chase Securities

 

 

(165,900

)

 

(41,506

)

Xstrata Plc, strike price 5.45 GBP, expires 6/19/09,
broker UBS Securities LLC

 

 

(720,000

)

 

(476,968

)

               

Total Over-the-Counter Put Options Written

 

 

 

 

 

(1,385,800

)

               

Total Options Written
(Premiums Received $26,601,695)—(3.6)%

 

 

 

 

 

(37,437,671

)

               

Total Investments Net of Outstanding Options Written—91.3%

 

 

 

 

 

936,086,995

 

Other Assets in Excess of Liabilities—8.7%

 

 

 

 

 

89,417,529

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

1,025,504,524

 

 

 

 

 

 

     

 

 

   

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

1,467,936,336

 

 

 

     

Gross unrealized appreciation

 

$

19,088,026

 

Gross unrealized depreciation

 

 

(513,499,696

)

 

 

     

Net unrealized depreciation

 

$

(494,411,670

)

 

 

     

 

 

(a)

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

(b)

Non-income producing security.

(c)

Represents the current yield as of report date.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

55



 

 



 

 

Schedule of Investments (concluded)

BlackRock International Growth and Income Trust (BGY)


 

 

(d)

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

 

Income

 

               

BlackRock Liquidity Funds,
TempFund

 

 

23,098,357

 

$

323,978

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

 

$

3,203

 

               

 

 

Foreign currency exchange contracts as of April 30, 2009 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                             

HKD

 

37,132,000

 

USD

 

4,791,288

 

UBS Securities LLC

 

5/05/09

 

 

$

110

 

 

JPY

 

123,987,000

 

USD

 

1,256,477

 

Citigroup Global Markets

 

5/08/09

 

 

 

892

 

 

NOK

 

22,562,000

 

USD

 

3,444,442

 

Citigroup Global Markets

 

5/06/09

 

 

 

(8,758

)

 

NOK

 

4,703,000

 

USD

 

714,115

 

Citigroup Global Markets

 

5/06/09

 

 

 

2,046

 

 

SEK

 

23,257,000

 

USD

 

2,894,030

 

Citigroup Global Markets

 

5/06/09

 

 

 

(2,945

)

 

USD

 

238,953

 

CHF

 

272,000

 

Citigroup Global Markets

 

5/04/09

 

 

 

625

 

 

USD

 

236,863

 

CHF

 

270,000

 

Citigroup Global Markets

 

5/04/09

 

 

 

283

 

 

USD

 

389,197

 

EUR

 

294,000

 

Citigroup Global Markets

 

5/04/09

 

 

 

210

 

 

USD

 

1,255,395

 

GBP

 

851,000

 

Citigroup Global Markets

 

5/05/09

 

 

 

(3,527

)

 

USD

 

1,936,888

 

SGD

 

2,900,000

 

Deutsche Bank Securities

 

5/04/09

 

 

 

(21,883

)

 

USD

 

898,114

 

SGD

 

1,334,000

 

Citigroup Global Markets

 

5/05/09

 

 

 

(2,918

)

 

USD

 

247,494

 

ZAR

 

2,153,000

 

UBS Securities LLC

 

5/04/09

 

 

 

(6,538

)

 

                                 

Total

 

 

 

 

 

 

 

 

 

 

 

 

$

(42,403

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       

 

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

           

Valuation
Inputs

 

Investments in
Securities

 

Other Financial Instruments**

 

               

 

 

Assets

 

Assets

 

Liabilities

 

 

 

           

Level 1

 

$

299,704,013

 

 

 

$

(6,024,467

)

Level 2

 

 

673,820,653

 

$

4,166

 

 

(31,459,773

)

Level 3

 

 

 

 

 

 

 

                     

Total

 

$

973,524,666

 

$

4,166

 

$

(37,484,240

)

 

 

                 

 

 

**

Other financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

56

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 

 


 

Schedule of Investments April 30, 2009 (Unaudited)

 

BlackRock Real Asset Equity Trust (BCF)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Chemicals—11.5%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

98,500

 

$

4,237,470

 

Air Products & Chemicals, Inc.

 

 

110,400

 

 

7,275,360

 

Celanese Corp., Series A

 

 

131,800

 

 

2,746,712

 

Dow Chemical Co. (The)

 

 

231,025

 

 

3,696,400

 

E.I. du Pont de Nemours & Co.

 

 

523,479

 

 

14,605,064

 

Monsanto Co.

 

 

40,000

 

 

3,395,600

 

Mosaic Co. (The)

 

 

23,900

 

 

966,755

 

Olin Corp.

 

 

229,000

 

 

2,885,400

 

Potash Corp. of Saskatchewan, Inc.

 

 

82,000

 

 

7,092,180

 

Praxair, Inc.

 

 

182,900

 

 

13,646,169

 

 

 

 

 

 

     

 

 

 

 

 

 

60,547,110

 

           

Coal—4.1%

 

 

 

 

 

 

 

Arch Coal, Inc.

 

 

165,300

 

 

2,309,241

 

Consol Energy, Inc.

 

 

270,079

 

 

8,448,071

 

Massey Energy Co. (a)

 

 

325,500

 

 

5,178,705

 

Patriot Coal Corp. (b)

 

 

31,560

 

 

198,828

 

Peabody Energy Corp. (a)

 

 

207,400

 

 

5,473,286

 

 

 

 

 

 

     

 

 

 

 

 

 

21,608,131

 

           

Forest Products & Paper—6.9%

 

 

 

 

 

 

 

International Paper Co.

 

 

556,000

 

 

7,038,960

 

MeadWestvaco Corp.

 

 

598,200

 

 

9,367,812

 

Mondi Ltd.

 

 

19,005

 

 

58,694

 

Mondi Plc

 

 

322,512

 

 

836,328

 

Temple-Inland, Inc.

 

 

434,183

 

 

5,184,145

 

Votorantim Celulose e Papel SA - ADR (b)

 

 

471,200

 

 

4,118,288

 

Weyerhauser Co.

 

 

277,100

 

 

9,770,546

 

 

 

 

 

 

     

 

 

 

 

 

 

36,374,773

 

           

Iron & Steel—1.0%

 

 

 

 

 

 

 

Allegheny Technologies, Inc.

 

 

50,800

 

 

1,662,684

 

Carpenter Technology Corp.

 

 

51,366

 

 

1,061,735

 

Cliffs Natural Resources, Inc.

 

 

40,000

 

 

922,400

 

United States Steel Corp.

 

 

49,500

 

 

1,314,225

 

 

 

 

 

 

     

 

 

 

 

 

 

4,961,044

 

           

Machinery—2.9%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

313,625

 

 

11,158,778

 

Deere & Co.

 

 

92,266

 

 

3,806,895

 

 

 

 

 

 

     

 

 

 

 

 

 

14,965,673

 

           

Metal—0.5%

 

 

 

 

 

 

 

Jiangxi Copper Co. Ltd. (b)

 

 

2,413,600

 

 

2,818,971

 

           

Mining—33.8%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd.

 

 

278,750

 

 

3,766,039

 

Agnico-Eagle Mines Ltd.

 

 

143,650

 

 

6,336,401

 

Alamos Gold, Inc. (b)

 

 

1,000,000

 

 

6,494,595

 

Alcoa, Inc.

 

 

322,050

 

 

2,920,994

 

Alumina Ltd.

 

 

1,951,400

 

 

2,113,087

 

Anglo American Plc

 

 

127,945

 

 

2,753,160

 

Anglo Platinum Ltd.

 

 

45,700

 

 

2,444,657

 

Barrick Gold Corp.

 

 

106,600

 

 

3,102,060

 

BHP Billiton Plc

 

 

936,700

 

 

19,441,223

 

Cia de Minas Buenaventura SA - ADR

 

 

257,300

 

 

5,444,468

 

Cia Vale do Rio Doce - ADR

 

 

980,000

 

 

16,179,800

 

Eramet

 

 

19,150

 

 

4,112,026

 

First Quantum Minerals Ltd.

 

 

183,200

 

 

7,085,125

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

93,900

 

 

4,004,835

 

Fresnillo Plc

 

 

500,000

 

 

3,927,589

 

Goldcorp, Inc.

 

 

200,650

 

 

5,521,888

 

Harry Winston Diamond Corp.

 

 

197,750

 

 

830,242

 

Iluka Resources Ltd. (b)

 

 

1,990,286

 

 

4,733,481

 

Impala Platinum Holdings Ltd.

 

 

560,200

 

 

10,703,761

 

Industrias Penoles SA de CV

 

 

513,569

 

 

5,579,846

 

Kazakhmys Plc

 

 

251,400

 

 

1,953,123

 

Lihir Gold Ltd. (b)

 

 

1,294,650

 

 

2,797,560

 

Minara Resources Ltd. (b)

 

 

1,856,150

 

 

774,614

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Mining (concluded)

 

 

 

 

 

 

 

Minsur SA

 

 

1,504,804

 

$

2,351,887

 

MMC Norilsk Nickel

 

 

17,866

 

 

1,473,494

 

MMC Norilsk Nickel - ADR

 

 

26,623

 

 

218,694

 

Newmont Mining Corp.

 

 

73,350

 

 

2,951,604

 

OZ Minerals Ltd.

 

 

7,827,357

 

 

4,223,624

 

Rio Tinto Plc

 

 

362,036

 

 

14,710,025

 

Southern Copper Corp.

 

 

99,700

 

 

1,851,429

 

Straits Resources Ltd. (b)

 

 

804,450

 

 

894,771

 

Teck Cominco Ltd., Class B

 

 

390,300

 

 

4,098,264

 

Vedanta Resources Plc

 

 

432,700

 

 

6,768,266

 

Xstrata Plc

 

 

1,257,996

 

 

11,090,700

 

Zijin Mining Group Co. Ltd.

 

 

5,755,750

 

 

4,408,370

 

 

 

 

 

 

     

 

 

 

 

 

 

178,061,702

 

           

Oil & Gas—25.8%

 

 

 

 

 

 

 

Apache Corp.

 

 

90,700

 

 

6,608,402

 

BG Group Plc

 

 

375,000

 

 

5,987,957

 

Bill Barrett Corp. (b)

 

 

217,100

 

 

5,640,258

 

Canadian Natural Resources Ltd.

 

 

82,200

 

 

3,790,242

 

Crescent Point Energy Trust

 

 

121,400

 

 

2,861,797

 

Denbury Resources, Inc. (b)

 

 

289,100

 

 

4,706,548

 

Devon Energy Corp.

 

 

96,100

 

 

4,982,785

 

EnCana Corp.

 

 

101,550

 

 

4,643,881

 

ENSCO International, Inc.

 

 

41,300

 

 

1,167,964

 

EOG Resources, Inc. (a)

 

 

108,700

 

 

6,900,276

 

EQT Corp.

 

 

105,200

 

 

3,537,876

 

Forest Oil Corp. (b)

 

 

102,100

 

 

1,633,600

 

Galleon Energy, Inc. (b)

 

 

380,000

 

 

1,509,428

 

Gasco Energy, Inc. (b)

 

 

579,700

 

 

289,850

 

Helmerich & Payne, Inc. (c)

 

 

143,900

 

 

4,434,998

 

Heritage Oil Ltd. (b)

 

 

445,500

 

 

2,511,387

 

Hess Corp.

 

 

104,900

 

 

5,747,471

 

Murphy Oil Corp.

 

 

47,800

 

 

2,280,538

 

Nexen, Inc.

 

 

173,900

 

 

3,310,993

 

Noble Corp.

 

 

87,500

 

 

2,391,375

 

Noble Energy, Inc.

 

 

82,900

 

 

4,704,575

 

Occidental Petroleum Corp.

 

 

109,600

 

 

6,169,384

 

OGX Petroleo e Gas Participacoes SA (b)

 

 

4,200

 

 

1,763,292

 

PetroChina Co. Ltd. - ADR

 

 

15,600

 

 

1,355,796

 

Petroleo Brasileiro SA - ADR

 

 

173,500

 

 

5,824,395

 

Plains Exploration & Production Co. (b)

 

 

144,300

 

 

2,722,941

 

Pride International, Inc. (b)

 

 

101,300

 

 

2,299,510

 

Range Resources Corp.

 

 

185,500

 

 

7,414,435

 

Rex Energy Corp. (b)

 

 

144,600

 

 

550,926

 

Southwestern Energy Co. (b)

 

 

178,300

 

 

6,393,838

 

StatoilHydro ASA

 

 

116,836

 

 

2,177,531

 

StatoilHydro ASA - ADR

 

 

91,300

 

 

1,698,180

 

Suncor Energy, Inc.

 

 

77,500

 

 

1,965,400

 

Transocean Ltd. (b)

 

 

85,200

 

 

5,749,296

 

TriStar Oil & Gas Ltd. (b)

 

 

136,400

 

 

1,228,777

 

Unit Corp. (b)

 

 

47,800

 

 

1,304,462

 

Whiting Petroleum Corp. (b)

 

 

77,500

 

 

2,538,900

 

XTO Energy, Inc.

 

 

152,625

 

 

5,289,982

 

 

 

 

 

 

     

 

 

 

 

 

 

136,089,246

 

           

Oil & Gas Services—5.8%

 

 

 

 

 

 

 

Cameron International Corp. (b)

 

 

107,200

 

 

2,742,176

 

Core Laboratories NV

 

 

77,700

 

 

6,466,971

 

FMC Technologies, Inc. (b)

 

 

117,878

 

 

4,034,964

 

Halliburton Co.

 

 

115,800

 

 

2,341,476

 

Oceaneering International, Inc. (b)

 

 

52,500

 

 

2,392,425

 

Schlumberger Ltd. (a)

 

 

116,300

 

 

5,697,537

 

Smith International, Inc.

 

 

67,300

 

 

1,739,705

 

Weatherford International Ltd. (b)

 

 

294,700

 

 

4,900,861

 

 

 

 

 

 

     

 

 

 

 

 

 

30,316,115

 

           

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

57



 

 

 


 

Schedule of Investments (continued)

 

BlackRock Real Asset Equity Trust (BCF)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Pipelines—0.8%

 

 

 

 

 

 

 

Questar Corp.

 

 

142,600

 

$

4,238,072

 

           

Total Long-Term Investments
(Cost—$727,550,199)—93.1%

 

 

 

 

 

489,980,837

 

           

 

 

 

 

 

 

 

 


Short-Term Securities

 

Shares/Beneficial
Interest

 

 

 

 

           

Money Market Funds—4.9%

 

 

 

 

 

 

 

BlackRock Liquidity Funds,
TempFund, 0.64% (d)(e)

 

 

23,020,225

 

 

23,020,225

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.80% (d)(e)(f)

 

 

2,932,500

 

 

2,932,500

 

           

Total Money Market Funds

 

 

 

 

 

25,952,725

 

           

 

 

 

 

 

 

 

 


Short-Term Securities

 

Principal
Amount

 

 

 

 

           

U.S. Government and Agency Sponsored Discount Notes—1.9%

 

 

 

 

 

 

 

Federal Home Loan Bank Discount Notes,
0.10%, 5/01/09 (b)(g)

 

$

10,200,000

 

 

10,200,000

 

           

Total Short-Term Securities
(Cost—$36,152,725)—6.8%

 

 

 

 

 

36,152,725

 

           

 

 

 

 

 

 

 

 


Options Purchased

 

Contracts

 

 

 

 

           

Exchange-Traded Call Options Purchased—0.0%

 

 

 

 

 

 

 

Olin Corp., strike price $17.50, expires 5/18/09

 

 

250

 

 

5,625

 

           

Total Options Purchased
(Cost—$2,750)—0.0%

 

 

 

 

 

5,625

 

           

Total Investments Before Outstanding Options Written
(Cost—$763,705,674*)—99.9%

 

 

 

 

 

526,139,187

 

           

 

 

 

 

 

 

 

 


Options Written

 

 

 

 

 

 

 

           

Exchange-Traded Call Options Written—(1.2)%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd., strike price $60, expires 5/18/09

 

 

(200

)

 

(2,000

)

Agnico-Eagle Mines Ltd., strike price $65, expires 5/18/09

 

 

(275

)

 

(1,375

)

Air Products & Chemicals, Inc., strike price $55,
expires 5/18/09

 

 

(160

)

 

(172,800

)

Air Products & Chemicals, Inc., strike price $60,
expires 5/18/09

 

 

(200

)

 

(123,000

)

Alcoa, Inc., strike price $10, expires 5/18/09

 

 

(10

)

 

(165

)

Alcoa, Inc., strike price $10, expires 6/22/09

 

 

(275

)

 

(12,925

)

Alcoa, Inc., strike price $11, expires 6/22/09

 

 

(275

)

 

(6,188

)

Allegheny Technologies, Inc., strike price $25,
expires 5/18/09

 

 

(100

)

 

(79,000

)

Allegheny Technologies, Inc., strike price $30,
expires 5/18/09

 

 

(70

)

 

(24,500

)

Apache Corp., strike price $75, expires 7/20/09

 

 

(100

)

 

(47,000

)

Apache Corp., strike price $80, expires 5/18/09

 

 

(50

)

 

(1,750

)

Arch Coal, Inc., strike price $16, expires 5/18/09

 

 

(125

)

 

(2,187

)

Arch Coal, Inc., strike price $17.50, expires 5/18/09

 

 

(125

)

 

(1,250

)

Arch Coal, Inc., strike price $20, expires 7/20/09

 

 

(125

)

 

(2,500

)

Barrick Gold Corp., strike price $37.50, expires 5/18/09

 

 

(300

)

 

(1,500

)

Bill Barrett Corp., strike price $25, expires 5/18/09

 

 

(250

)

 

(45,625

)

Bill Barrett Corp., strike price $25, expires 6/22/09

 

 

(100

)

 

(30,000

)

Bill Barrett Corp., strike price $30, expires 6/22/09

 

 

(350

)

 

(32,375

)

Canadian Natural Resources Ltd., strike price $49,
expires 6/22/09

 

 

(120

)

 

(28,500

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

Carpenter Technology Corp., strike price $22.50,
expires 6/22/09

 

 

(170

)

$

(15,300

)

Caterpillar, Inc., strike price $32, expires 5/18/09

 

 

(800

)

 

(320,000

)

Caterpillar, Inc., strike price $38, expires 5/18/09

 

 

(200

)

 

(12,700

)

Celanese Corp. - Series A, strike price $15, expires 5/18/09

 

 

(432

)

 

(252,720

)

Cia de Minas Buenaventura SA - ADR, strike price $25,
expires 6/22/09

 

 

(330

)

 

(19,800

)

Cia Vale do Rio Doce - ADR, strike price $18,
expires 5/18/09

 

 

(750

)

 

(16,125

)

Cia Vale do Rio Doce - ADR, strike price $18,
expires 6/22/09

 

 

(1,352

)

 

(101,400

)

Cia Vale do Rio Doce - ADR, strike price $19,
expires 6/22/09

 

 

(250

)

 

(11,375

)

Cliffs Natural Resources, Inc., strike price $22.50,
expires 5/18/09

 

 

(132

)

 

(23,100

)

Consol Energy, Inc., strike price $30, expires 6/22/09

 

 

(300

)

 

(105,000

)

Consol Energy, Inc., strike price $35, expires 5/18/09

 

 

(175

)

 

(6,125

)

Consol Energy, Inc., strike price $35, expires 6/22/09

 

 

(100

)

 

(14,000

)

Consol Energy, Inc., strike price $40, expires 5/18/09

 

 

(175

)

 

(1,312

)

Core Laboratories NV, strike price $80, expires 5/18/09

 

 

(100

)

 

(46,000

)

Core Laboratories NV, strike price $85, expires 6/22/09

 

 

(170

)

 

(66,300

)

Deere & Co., strike price $35, expires 5/18/09

 

 

(115

)

 

(75,900

)

Deere & Co., strike price $41, expires 6/22/09

 

 

(5

)

 

(1,800

)

Deere & Co., strike price $43, expires 6/22/09

 

 

(185

)

 

(49,025

)

Denbury Resources, Inc., strike price $17.50,
expires 6/22/09

 

 

(500

)

 

(51,250

)

Denbury Resources, Inc., strike price $20, expires 6/22/09

 

 

(250

)

 

(8,750

)

Devon Energy Corp., strike price $60, expires 5/18/09

 

 

(200

)

 

(3,000

)

Devon Energy Corp., strike price $60, expires 7/20/09

 

 

(100

)

 

(15,500

)

Dow Chemical Co. (The), strike price $10, expires 6/22/09

 

 

(265

)

 

(161,650

)

Dow Chemical Co. (The), strike price $14, expires 6/22/09

 

 

(260

)

 

(70,200

)

E. I. du Pont de Nemours & Co., strike price $25,
expires 5/18/09

 

 

(250

)

 

(76,250

)

E. I. du Pont de Nemours & Co., strike price $25,
expires 7/20/09

 

 

(1,060

)

 

(402,800

)

E. I. du Pont de Nemours & Co., strike price $28,
expires 6/22/09

 

 

(250

)

 

(38,750

)

EnCana Corp., strike price $50, expires 5/18/09

 

 

(205

)

 

(5,125

)

ENSCo International, Inc., strike price $35, expires 5/18/09

 

 

(100

)

 

(750

)

ENSCO International, Inc., strike price $35, expires 6/22/09

 

 

(50

)

 

(2,000

)

EOG Resources, Inc., strike price $60, expires 5/18/09

 

 

(275

)

 

(134,750

)

EOG Resources, Inc., strike price $70, expires 5/18/09

 

 

(100

)

 

(6,250

)

EOG Resources, Inc., strike price $70, expires 6/22/09

 

 

(200

)

 

(42,000

)

EQT Corp., strike price $45, expires 6/22/09

 

 

(200

)

 

(3,000

)

FMC Technologies, Inc., strike price $35, expires 5/18/09

 

 

(200

)

 

(24,000

)

FMC Technologies, Inc., strike price $35, expires 6/20/09

 

 

(225

)

 

(55,125

)

Forest Oil Corp., strike price $15, expires 5/18/09

 

 

(175

)

 

(25,375

)

Forest Oil Corp., strike price $20, expires 6/22/09

 

 

(175

)

 

(6,125

)

Freeport McMoRan Copper & Gold, Inc., strike price $40,
expires 5/18/09

 

 

(100

)

 

(37,000

)

Freeport-McMoRan Copper & Gold, Inc., strike price $45,
expires 6/22/09

 

 

(100

)

 

(27,900

)

Freeport-McMoRan Copper & Gold, Inc., strike price $46,
expires 6/22/09

 

 

(100

)

 

(24,250

)

Freeport-McMoRan Copper & Gold, Inc., strike price $50,
expires 5/18/09

 

 

(100

)

 

(2,500

)

Goldcorp, Inc., strike price $32, expires 6/22/09

 

 

(600

)

 

(49,500

)

Goldcorp, Inc., strike price $40, expires 7/20/09

 

 

(100

)

 

(2,750

)

Halliburton Co., strike price $21, expires 6/22/09

 

 

(200

)

 

(21,900

)

Helmerich & Payne, Inc., strike price $30, expires 6/22/09

 

 

(220

)

 

(70,400

)

Hess Corp., strike price $60, expires 6/22/09

 

 

(100

)

 

(21,750

)

Hess Corp., strike price $65, expires 6/22/09

 

 

(100

)

 

(10,000

)

Hess Corp., strike price $70, expires 5/18/09

 

 

(100

)

 

(500

)

International Paper Co., strike price $10, expires 5/18/09

 

 

(500

)

 

(138,750

)

International Paper Co., strike price $10, expires 7/20/09

 

 

(250

)

 

(85,000

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

58

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 

 


 

Schedule of Investments (continued)

 

BlackRock Real Asset Equity Trust (BCF)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

International Paper Co., strike price $11, expires 6/22/09

 

 

(542

)

$

(134,145

)

International Paper Co., strike price $12, expires 6/22/09

 

 

(542

)

 

(100,270

)

Massey Energy Co., strike price $17.50, expires 6/22/09

 

 

(160

)

 

(23,200

)

Massey Energy Co., strike price $17.50, expires 7/20/09

 

 

(485

)

 

(70,325

)

MeadWestvaco Corp., strike price $15, expires 6/22/09

 

 

(1,010

)

 

(159,075

)

Murphy Oil Corp., strike price $55, expires 5/18/09

 

 

(100

)

 

(2,000

)

Murphy Oil Corp., strike price $60, expires 5/18/09

 

 

(100

)

 

(1,000

)

Newmont Mining Corp., strike price $45, expires 6/22/09

 

 

(100

)

 

(10,850

)

Noble Corp., strike price $30, expires 5/18/09

 

 

(100

)

 

(2,000

)

Noble Corp., strike price $30, expires 6/22/09

 

 

(185

)

 

(18,500

)

Noble Corp., strike price $35, expires 6/22/09

 

 

(15

)

 

(225

)

Noble Energy, Inc., strike price $55, expires 5/18/09

 

 

(100

)

 

(30,250

)

Noble Energy, Inc., strike price $60, expires 6/22/09

 

 

(200

)

 

(48,500

)

Occidental Petroleum Corp., strike price $65,
expires 5/18/09

 

 

(100

)

 

(750

)

Occidental Petroleum Corp., strike price $70,
expires 5/18/09

 

 

(50

)

 

(250

)

Oceaneering International, Inc., strike price $45,
expires 5/18/09

 

 

(35

)

 

(7,788

)

Oceaneering International, Inc., strike price $45,
expires 6/22/09

 

 

(130

)

 

(49,400

)

Olin Corp., strike price $15, expires 5/18/09

 

 

(500

)

 

(3,750

)

Olin Corp., strike price $20, expires 5/18/09

 

 

(250

)

 

(1,250

)

Peabody Energy Corp., strike price $29, expires 6/22/09

 

 

(200

)

 

(26,000

)

Peabody Energy Corp., strike price $35, expires 5/18/09

 

 

(200

)

 

(2,000

)

Peabody Energy Corp., strike price $35, expires 6/22/09

 

 

(200

)

 

(5,000

)

Peabody Energy Corp., strike price $40, expires 6/22/09

 

 

(100

)

 

(750

)

PetroChina Co. Ltd. - ADR, strike price $90, expires 5/18/09

 

 

(50

)

 

(9,000

)

Petroleo Brasileiro SA - ADR, strike price $34,
expires 6/22/09

 

 

(200

)

 

(48,000

)

Petroleo Brasileiro SA - ADR, strike price $35,
expires 5/18/09

 

 

(370

)

 

(30,525

)

Petroleo Brasileiro SA - ADR, strike price $37.5,
expires 5/18/09

 

 

(35

)

 

(875

)

Plains Exploration & Production Co., strike price $22.50,
expires 5/18/09

 

 

(30

)

 

(375

)

Plains Exploration & Production Co., strike price $25,
expires 5/18/09

 

 

(250

)

 

(1,250

)

Plains Exploration & Production Co., strike price $30,
expires 5/18/09

 

 

(250

)

 

(1,250

)

Potash Corp. of Saskatchewan, Inc., strike price $100,
expires 6/22/09

 

 

(170

)

 

(44,625

)

Potash Corp. of Saskatchewan, Inc., strike price $95,
expires 5/18/09

 

 

(100

)

 

(9,500

)

Praxair, Inc., strike price $70, expires 6/22/09

 

 

(420

)

 

(279,300

)

Praxair, Inc., strike price $70, expires 7/20/09

 

 

(100

)

 

(74,500

)

Praxair, Inc., strike price $75, expires 7/20/09

 

 

(70

)

 

(31,150

)

Pride International, Inc., strike price $22.50, expires 5/18/09

 

 

(100

)

 

(11,500

)

Pride International, Inc., strike price $25, expires 6/22/09

 

 

(200

)

 

(20,000

)

Questar Corp., strike price $35, expires 5/18/09

 

 

(100

)

 

(750

)

Range Resources Corp., strike price $45, expires 5/18/09

 

 

(100

)

 

(1,750

)

Range Resources Corp., strike price $45, expires 6/22/09

 

 

(490

)

 

(61,250

)

Schlumberger Ltd., strike price $50, expires 5/18/09

 

 

(75

)

 

(10,875

)

Schlumberger Ltd., strike price $50, expires 6/22/09

 

 

(380

)

 

(114,950

)

Smith International, Inc., strike price $30, expires 6/22/09

 

 

(220

)

 

(19,800

)

Southern Copper Corp., strike price $20, expires 6/22/09

 

 

(150

)

 

(15,750

)

Southern Copper Corp., strike price $22.50, expires 6/22/09

 

 

(200

)

 

(8,500

)

Southwestern Energy Co., strike price $40, expires 5/18/09

 

 

(400

)

 

(10,000

)

Suncor Energy, Inc., strike price $25, expires 6/22/09

 

 

(100

)

 

(22,000

)

Suncor Energy, Inc., strike price $30, expires 5/18/09

 

 

(70

)

 

(700

)

Suncor Energy, Inc., strike price $30, expires 6/22/09

 

 

(100

)

 

(5,000

)

Temple-Inland, Inc., strike price $12.50, expires 6/22/09

 

 

(700

)

 

(99,750

)

Temple-Inland, Inc., strike price $7.50, expires 5/18/09

 

 

(1,430

)

 

(636,350

)

Transocean, Inc., strike price $65, expires 5/18/09

 

 

(40

)

 

(16,600

)

Transocean, Inc., strike price $70, expires 5/18/09

 

 

(125

)

 

(19,375

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Transocean, Inc., strike price $70, expires 6/22/09

 

 

(115

)

$

(39,100

)

Unit Corp., strike price $25, expires 5/18/09

 

 

(400

)

 

(116,000

)

Weatherford International Ltd., strike price $12.50,
expires 5/18/09

 

 

(100

)

 

(41,000

)

Weatherford International Ltd., strike price $15,
expires 5/18/09

 

 

(200

)

 

(38,000

)

Weatherford International Ltd., strike price $16,
expires 6/22/09

 

 

(470

)

 

(89,300

)

Weyerhauser Co., strike price $35, expires 5/18/09

 

 

(23

)

 

(4,658

)

Whiting Petroleum Corp., strike price $30, expires 5/18/09

 

 

(250

)

 

(87,500

)

XTO Energy, Inc., strike price $45, expires 5/18/09

 

 

(100

)

 

(500

)

           

Total Exchange-Traded Call Options Written

 

 

 

 

 

(6,096,058

)

           

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Bill Barrett Corp., strike price $22.50, expires 5/18/09

 

 

(250

)

 

(6,250

)

Bill Barrett Corp., strike price $22.50, expires 6/22/09

 

 

(100

)

 

(10,500

)

Denbury Resources, Inc., strike price $12.50,
expires 6/22/09

 

 

(100

)

 

(3,500

)

Denbury Resources, Inc., strike price $15, expires 5/18/09

 

 

(250

)

 

(10,000

)

EnCana Corp., strike price $40, expires 5/18/09

 

 

(100

)

 

(2,000

)

ENSCO International, Inc., strike price $30, expires 5/18/09

 

 

(50

)

 

(11,500

)

EQT Corp., strike price $30, expires 5/18/09

 

 

(100

)

 

(2,500

)

FMC Technologies, Inc., strike price $30, expires 5/18/09

 

 

(200

)

 

(5,000

)

FMC Technologies, Inc., strike price $30, expires 6/22/09

 

 

(245

)

 

(27,563

)

Forest Oil Corp., strike price $15, expires 6/22/09

 

 

(175

)

 

(20,125

)

Helmerich & Payne, Inc., strike price $25, expires 6/22/09

 

 

(150

)

 

(12,000

)

Helmerich & Payne, Inc., strike price $30, expires 5/18/09

 

 

(11

)

 

(1,457

)

Murphy Oil Corp., strike price $40, expires 5/18/09

 

 

(100

)

 

(2,000

)

Murphy Oil Corp., strike price $45, expires 5/18/09

 

 

(100

)

 

(10,250

)

Newfield Exploration Co., strike price $22.50,
expires 5/18/09

 

 

(200

)

 

(2,000

)

Newfield Exploration Co., strike price $25, expires 5/18/09

 

 

(800

)

 

(8,000

)

Newfield Exploration Co., strike price $25, expires 6/22/09

 

 

(50

)

 

(3,250

)

Newfield Exploration Co., strike price $30, expires 5/18/09

 

 

(100

)

 

(10,500

)

Oceaneering International, Inc., strike price $40,
expires 5/18/09

 

 

(130

)

 

(3,575

)

Pride International, Inc., strike price $20, expires 5/18/09

 

 

(200

)

 

(6,000

)

Smith International, Inc., strike price $20, expires 6/22/09

 

 

(100

)

 

(5,000

)

Southwestern Energy Co., strike price $27, expires 5/18/09

 

 

(150

)

 

(750

)

Southwestern Energy Co., strike price $29, expires 5/18/09

 

 

(50

)

 

(375

)

Suncor Energy, Inc., strike price $21, expires 5/18/09

 

 

(100

)

 

(1,000

)

Suncor Energy, Inc., strike price $22.50, expires 5/18/09

 

 

(300

)

 

(6,750

)

Unit Corp., strike price $25, expires 5/18/09

 

 

(230

)

 

(14,950

)

Whiting Petroleum Corp., strike price $25, expires 5/18/09

 

 

(250

)

 

(3,750

)

Whiting Petroleum Corp., strike price $30, expires 5/18/09

 

 

(500

)

 

(35,000

)

           

Total Exchange-Traded Put Options Written

 

 

 

 

 

(225,545

)

           

Over-the-Counter Call Options Written—(1.0)%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd., strike price 146.88 ZAR,
expires 6/23/09, broker UBS Securities LLC

 

 

(47,000

)

 

(23,126

)

African Rainbow Minerals Ltd., strike price 154.80 ZAR,
expires 5/28/09, broker UBS Securities LLC

 

 

(47,000

)

 

(5,508

)

Agrium, Inc., strike price $45, expires 6/19/09,
broker Citigroup Global Markets

 

 

(33,000

)

 

(69,085

)

Alcoa, Inc., strike price $8.50, expires 5/15/09,
broker Jefferies & Co., Inc.

 

 

(500

)

 

(39,710

)

Alumina Ltd., strike price 1.32 AUD, expires 5/20/09,
broker JPMorgan Chase Securities

 

 

(330,000

)

 

(48,037

)

Alumina Ltd., strike price 1.56 AUD, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(314,000

)

 

(20,241

)

Anglo American Plc, strike price 14.55 GBP,
expires 6/10/09, broker Credit Suisse

 

 

(21,000

)

 

(47,903

)

Anglo American Plc, strike price 16.74 GBP,
expires 6/23/09, broker Citigroup Global Markets

 

 

(21,000

)

 

(32,780

)

Anglo Platinum Ltd., strike price 563.68 ZAR,
expires 5/28/09, broker Deutsche Bank

 

 

(15,000

)

 

(11,834

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

59



 

 

 


 

Schedule of Investments (continued)

 

BlackRock Real Asset Equity Trust (BCF)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Apache Corp., strike price $70, expires 6/15/09,
broker Goldman Sachs & Co.

 

 

(15,000

)

$

(87,230

)

BG Group Plc, strike price 11 GBP, expires 6/19/09,
broker Goldman Sachs & Co.

 

 

(10

)

 

(9,340

)

BG Group Plc, strike price 11.37 GBP,
expires 6/19/09, broker Credit Suisse

 

 

(115,000

)

 

(77,329

)

BHP Billiton Plc, strike price 14.60 GBP,
expires 5/27/09, broker Morgan Stanley & Co., Inc.

 

 

(210,000

)

 

(188,383

)

BHP Billiton Plc, strike price 15.03 GBP,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(100,000

)

 

(147,233

)

Cameron International Corp., strike price $27,
expires 5/29/09, broker Morgan Stanley & Co., Inc.

 

 

(15,000

)

 

(16,735

)

Cameron International Corp., strike price $27.76,
expires 6/19/09, broker UBS Securities LLC

 

 

(20,000

)

 

(22,860

)

Canadian Natural Resources Ltd., strike price $40,
expires 5/12/09, broker UBS Securities LLC

 

 

(15,000

)

 

(97,887

)

Cia de Minas Buenaventura SA - ADR, strike price $28,
expires 5/22/09, broker Goldman Sachs & Co.

 

 

(36,000

)

 

(352

)

Cia Vale do Rio Doce - ADR, strike price $17,
expires 5/15/09, broker Citigroup Global Markets

 

 

(100,000

)

 

(82,710

)

Consol Energy, Inc., strike price $35, expires 5/29/09,
broker Morgan Stanley & Co., Inc.

 

 

(24,000

)

 

(16,699

)

Denbury Resources, Inc., strike price $16.50,
expires 5/29/09, broker UBS Securities LLC

 

 

(25,000

)

 

(27,250

)

Dow Chemical Co. (The), strike price $15.53,
expires 6/17/09, broker UBS Securities LLC

 

 

(24,000

)

 

(45,341

)

EnCana Corp., strike price $48.09, expires 5/29/09,
broker Goldman Sachs & Co.

 

 

(15,000

)

 

(14,037

)

EQT Corp., strike price $39, expires 5/15/09,
broker Citigroup Global Markets

 

 

(15,000

)

 

(213

)

Eramet, strike price 191.75 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(6,300

)

 

(60,938

)

First Quantum Minerals Ltd., strike price 42 CAD,
expires 5/16/09, broker TD Securities

 

 

(265

)

 

(118,809

)

First Quantum Minerals Ltd., strike price 44 CAD,
expires 5/16/09, broker TD Securities

 

 

(50

)

 

(16,027

)

First Quantum Minerals Ltd., strike price 46 CAD,
expires 6/20/09, broker TD Securities

 

 

(290

)

 

(118,474

)

Fresnillo Plc, strike price 5.02 GBP, expires 6/02/09,
broker UBS Securities LLC

 

 

(165,000

)

 

(151,869

)

Halliburton Co., strike price $20, expires 5/6/09,
broker Jefferies & Co., Inc.

 

 

(200

)

 

(11,482

)

Helmerich & Payne, Inc., strike price $27.50,
expires 5/22/09, broker UBS Securities LLC

 

 

(275

)

 

(112,896

)

Heritage Oil Ltd., strike price 3.49 GBP, expires 6/02/09,
broker Goldman Sachs & Co.

 

 

(181,500

)

 

(128,506

)

Hess Corp., strike price $61.17, expires 5/29/09,
broker Citigroup Global Markets

 

 

(10,000

)

 

(9,550

)

Iluka Resources Ltd., strike price 4.61 AUD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(660,000

)

 

(15,219

)

Impala Platinum Holdings Ltd., strike price 149.78 ZAR,
expires 5/27/09, broker Morgan Stanley & Co.

 

 

(95,000

)

 

(227,810

)

Impala Platinum Holdings Ltd., strike price 174.08 ZAR,
expires 5/27/09, broker Morgan Stanley & Co.

 

 

(90,000

)

 

(94,251

)

Industrias Penoles SAB de CV, strike price 155.22 MXN,
expires 5/6/09, broker Goldman Sachs & Co.

 

 

(85,000

)

 

(17,017

)

Industrias Penoles SAB de CV, strike price 165 MXN,
expires 6/25/09, broker Goldman Sachs & Co.

 

 

(85,000

)

 

(65,541

)

Jiangxi Copper Co. Ltd., strike price 6.38 HKD,
expires 5/20/09, broker Credit Suisse

 

 

(423,000

)

 

(146,343

)

Jiangxi Copper Co. Ltd., strike price 6.76 HKD,
expires 5/12/09, broker Credit Suisse

 

 

(374,000

)

 

(110,466

)

Kazakhmys Plc, strike price 4.20 GBP, expires 5/27/09,
broker Morgan Stanley & Co., Inc.

 

 

(42,000

)

 

(66,178

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Kazakhmys Plc, strike price 6.16 GBP, expires 6/23/09,
broker UBS Securities LLC

 

 

(42,000

)

$

(17,058

)

Lihir Gold Ltd., strike price 3.54 AUD, expires 5/20/09,
broker Deutsche Bank

 

 

(428,000

)

 

(4,618

)

MeadWestvaco Corp., strike price $16.81,
expires 6/30/09, broker JPMorgan Chase Securities

 

 

(96,400

)

 

(67,702

)

MMC Norilsk Nickel - ADR, strike price $9.66,
expires 7/7/09, broker UBS Securities LLC

 

 

(26,600

)

 

(25,640

)

Mondi Plc, strike price 1.73 GBP, expires 6/10/09,
broker UBS Securities LLC

 

 

(106,500

)

 

(29,130

)

Monsanto Co., strike price $85, expires 5/29/09,
broker UBS Securities LLC

 

 

(40,000

)

 

(135,028

)

Mosaic Co. (The), strike price $47, expires 6/25/09,
broker Barclays Capital, Inc.

 

 

(80

)

 

(10,974

)

Newmont Mining Corp., strike price $50, expires 5/13/09,
broker Credit Suisse

 

 

(14,500

)

 

(61

)

Nexen, Inc., strike price 20 CAD, expires 5/18/09,
broker TD Securities

 

 

(200

)

 

(49,443

)

Nexen, Inc., strike price 24 CAD, expires 6/20/09,
broker TD Securities

 

 

(200

)

 

(20,112

)

Nexen, Inc., strike price 26 CAD, expires 6/20/09,
broker Prebon Securities, Inc.

 

 

(200

)

 

(9,637

)

Occidental Petroleum Corp., strike price $63,
expires 6/19/09, broker Goldman Sachs & Co.

 

 

(40,000

)

 

(41,476

)

OZ Minerals Ltd., strike price 0.69 AUD, expires 5/20/09,
broker JPMorgan Chase Securities

 

 

(1,300,000

)

 

(60,486

)

Questar Corp., strike price $32.58, expires 6/19/09,
broker Morgan Stanley & Co., Inc.

 

 

(50,000

)

 

(38,455

)

Rio Tinto Plc, strike price 27.07 GBP, expires 6/23/09,
broker Credit Suisse

 

 

(60,000

)

 

(238,788

)

Rio Tinto Plc, strike price 27.90 GBP, expires 6/02/09,
broker UBS Securities LLC

 

 

(60,000

)

 

(151,970

)

Southwestern Energy Co., strike price $37,
expires 6/18/09, broker Jefferies & Co., Inc.

 

 

(200

)

 

(40,040

)

StatoilHydro ASA, strike price $19, expires 5/21/09,
broker UBS Securities LLC

 

 

(250

)

 

(12,072

)

StatoilHydro ASA, strike price 125.40 NOK,
expires 7/7/09, broker Citigroup Global Markets

 

 

(38,500

)

 

(40,596

)

Teck Resources Ltd., strike price 10 CAD,
expires 5/16/09, broker Prebon Securities, Inc.

 

 

(390

)

 

(86,935

)

Tristar Oil & Gas Ltd., strike price 12 CAD,
expires 6/20/09, broker Prebon Securities, Inc.

 

 

(135

)

 

(4,525

)

United States Steel Corp., strike price $32.50,
expires 5/13/09, broker Morgan Stanley & Co., Inc.

 

 

(16,300

)

 

(7,953

)

Vedanta Resources Plc, strike price 11.03 GBP,
expires 7/7/09, broker UBS Securities LLC

 

 

(65,300

)

 

(118,841

)

Vedanta Resources Plc, strike price 12.10 GBP,
expires 6/23/09, broker Morgan Stanley & Co., Inc.

 

 

(79,000

)

 

(81,071

)

Votorantim Celulose e Papel SA - ADR, strike price $5.64,
expires 5/21/09, broker UBS Securities LLC

 

 

(50,000

)

 

(155,710

)

Votorantim Celulose e Papel SA - ADR, strike price $5.80,
expires 6/5/09, broker Credit Suisse

 

 

(50,000

)

 

(147,480

)

Weyerhauser Co., strike price $37.72, expires 6/25/09,
broker Morgan Stanley & Co., Inc.

 

 

(89,000

)

 

(166,154

)

Xstrata Plc, strike price 5.23 GBP, expires 5/7/09,
broker UBS Securities LLC

 

 

(125,000

)

 

(142,052

)

Xstrata Plc, strike price 5.81 GBP, expires 6/10/09,
broker Credit Suisse

 

 

(50,000

)

 

(63,676

)

Xstrata Plc, strike price 6 GBP, expires 7/7/09,
broker UBS Securities LLC

 

 

(125,000

)

 

(185,058

)

Xstrata Plc, strike price 7.36 GBP, expires 6/23/09,
broker Morgan Stanley & Co., Inc.

 

 

(118,000

)

 

(44,738

)

XTO Energy, Inc., strike price $36, expires 5/15/09,
broker UBS Securities LLC

 

 

(400

)

 

(28,592

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

60

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 

 


 

Schedule of Investments (concluded)

 

BlackRock Real Asset Equity Trust (BCF)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Zijin Mining Group Co. Ltd., strike price 4.83 HKD,
expires 5/20/09, broker Deutsche Bank

 

 

(1,900,000

)

$

(285,207

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(5,114,477

)

               

Over-the-Counter Put Options Written—(0.0)%

 

 

 

 

 

 

 

BASF SE, strike price 25 EUR, expires 5/15/09,
broker UBS Securities LLC

 

 

(340

)

 

(30,723

)

Monsanto Co., strike price $75, expires 5/29/09,
broker UBS Securities LLC

 

 

(40,000

)

 

(26,140

)

Nexen, Inc., strike price 19 CAD, expires 5/15/09,
broker TD Securities

 

 

(300

)

 

(2,640

)

Nexen, Inc., strike price 20 CAD, expires 6/20/09,
broker Prebon Securities

 

 

(500

)

 

(31,425

)

Nexen, Inc., strike price 21 CAD, expires 5/16/09,
broker TD Securities

 

 

(200

)

 

(4,609

)

           

Total Over-the-Counter Put Options Written

 

 

 

 

 

(95,537

)

           

Total Options Written
(Premiums Received $8,946,975)—(2.2)%

 

 

 

 

 

(11,531,617

)

           

Total Investments Net of Outstanding Options Written—97.7%

 

 

 

 

 

514,607,570

 

Other Assets in Excess of Liabilities—2.3%

 

 

 

 

 

12,022,685

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

526,630,255

 

 

 

 

 

 

     

 

 

   

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

Aggregate cost

 

$

765,931,603

 

 

 

     

Gross unrealized appreciation

 

$

15,211,785

 

Gross unrealized depreciation

 

 

(255,004,201

)

 

 

     

Net unrealized depreciation

 

$

(239,792,416

)

 

 

     

 

 

(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 the 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

 

Income

 

           

BlackRock Liquidity Funds,
TempFund

 

 

23,020,225

 

$

147,572

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

1,637,400

 

$

1,393

 

           

 

 

 

(f)

Security purchased with the cash proceeds from securities loans.

(g)

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

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

           

Valuation
Inputs

 

Investments in
Securities

 

Other Financial Instruments**

 

           

 

 

Assets

 

Assets

 

Liabilities

 

 

 

           

Level 1

 

$

397,415,017

 

$

5,625

 

$

(6,321,603

)

Level 2

 

 

128,718,545

 

 

 

 

(5,210,014

)

Level 3

 

 

 

 

 

 

 

           

Total

 

$

526,133,562

 

$

5,625

 

$

(11,531,617

)

 

 

           

 

 

**

Other financial instruments are options written and are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

61



 

 


 

 

Schedule of Investments April 30, 2009 (Unaudited)

BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—5.8%

 

 

 

 

 

 

 

Foster’s Group Ltd.

 

 

117,200

 

$

448,128

 

National Australia Bank Ltd.

 

 

63,500

 

 

949,658

 

Santos Ltd.

 

 

123,800

 

 

1,459,204

 

TABCORP Holdings Ltd.

 

 

84,400

 

 

455,703

 

Wesfarmers Ltd.

 

 

36,450

 

 

598,861

 

 

 

 

 

 

     

 

 

 

 

 

 

3,911,554

 

               

Canada—4.7%

 

 

 

 

 

 

 

Bank of Montreal

 

 

24,700

 

 

817,607

 

Bank of Nova Scotia

 

 

14,100

 

 

401,034

 

Enbridge, Inc.

 

 

16,000

 

 

494,092

 

National Bank of Canada

 

 

7,600

 

 

278,002

 

Royal Bank of Canada

 

 

30,300

 

 

1,074,072

 

Suncor Energy, Inc.

 

 

4,550

 

 

114,503

 

 

 

 

 

 

     

 

 

 

 

 

 

3,179,310

 

               

Denmark—0.5%

 

 

 

 

 

 

 

Danske Bank A/S (a)

 

 

32,400

 

 

355,368

 

               

Finland—1.3%

 

 

 

 

 

 

 

Kesko Oyj, B Shares

 

 

19,200

 

 

499,257

 

Nokia Oyj

 

 

26,900

 

 

382,073

 

 

 

 

 

 

     

 

 

 

 

 

 

881,330

 

               

France—4.5%

 

 

 

 

 

 

 

AXA SA

 

 

15,000

 

 

252,025

 

Bouygues

 

 

11,400

 

 

486,323

 

Schneider Electric SA

 

 

4,300

 

 

327,224

 

Societe Generale

 

 

5,300

 

 

270,875

 

Total SA

 

 

17,200

 

 

860,616

 

Vinci SA

 

 

18,200

 

 

815,368

 

 

 

 

 

 

     

 

 

 

 

 

 

3,012,431

 

               

Germany—2.4%

 

 

 

 

 

 

 

Allianz SE

 

 

2,900

 

 

267,592

 

BASF SE

 

 

11,000

 

 

415,114

 

SAP AG

 

 

15,200

 

 

584,384

 

Siemens AG

 

 

5,000

 

 

336,174

 

 

 

 

 

 

     

 

 

 

 

 

 

1,603,264

 

               

Hong Kong—3.5%

 

 

 

 

 

 

 

Esprit Holdings Ltd.

 

 

71,000

 

 

435,035

 

Hang Seng Bank Ltd.

 

 

22,600

 

 

250,492

 

HongKong Electric Holdings

 

 

204,500

 

 

1,207,265

 

Hopewell Holdings

 

 

191,000

 

 

491,683

 

 

 

 

 

 

     

 

 

 

 

 

 

2,384,475

 

               

Italy—1.8%

 

 

 

 

 

 

 

Eni SpA

 

 

42,400

 

 

909,868

 

Intesa Sanpaolo SpA

 

 

83,000

 

 

264,427

 

 

 

 

 

 

     

 

 

 

 

 

 

1,174,295

 

               

Japan—5.5%

 

 

 

 

 

 

 

Canon, Inc.

 

 

11,600

 

 

347,138

 

Mitsui & Co. Ltd.

 

 

53,000

 

 

562,148

 

Mitsui Mining & Smelting Co. Ltd. (a)

 

 

150,000

 

 

296,949

 

Nintendo Co. Ltd.

 

 

600

 

 

161,317

 

Oracle Corp.

 

 

15,000

 

 

530,768

 

Ricoh Co. Ltd.

 

 

53,000

 

 

655,285

 

Sharp Corp.

 

 

42,000

 

 

442,249

 

Toyota Motor Corp.

 

 

17,100

 

 

676,797

 

 

 

 

 

 

     

 

 

 

 

 

 

3,672,651

 

               

Netherlands—0.5%

 

 

 

 

 

 

 

Royal KPN NV

 

 

29,100

 

 

349,849

 

               

Portugal—0.5%

 

 

 

 

 

 

 

Portugal Telecom SGPS SA

 

 

44,000

 

 

335,500

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Singapore—1.2%

 

 

 

 

 

 

 

Singapore Petroleum Co. Ltd.

 

 

212,000

 

$

475,660

 

Singapore Technologies Engineering Ltd.

 

 

177,000

 

 

305,372

 

 

 

 

 

 

     

 

 

 

 

 

 

781,032

 

               

Spain—2.2%

 

 

 

 

 

 

 

ACS Actividades de Construccion y Servicios SA

 

 

3,275

 

 

163,797

 

Banco Santander SA

 

 

39,297

 

 

368,260

 

Endesa SA

 

 

15,000

 

 

322,550

 

Indra Sistemas SA

 

 

32,600

 

 

644,770

 

 

 

 

 

 

     

 

 

 

 

 

 

1,499,377

 

               

Sweden—4.3%

 

 

 

 

 

 

 

Axfood AB

 

 

16,000

 

 

332,590

 

Hennes & Mauritz AB

 

 

15,200

 

 

676,702

 

Ratos AB, B Shares

 

 

27,300

 

 

467,368

 

Scania AB, B Shares

 

 

108,000

 

 

1,145,138

 

TeliaSonera AB

 

 

63,000

 

 

295,594

 

 

 

 

 

 

     

 

 

 

 

 

 

2,917,392

 

               

Switzerland—0.8%

 

 

 

 

 

 

 

Nestle SA

 

 

16,000

 

 

521,548

 

               

United Kingdom—8.1%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

18,000

 

 

630,278

 

BP Plc

 

 

73,000

 

 

515,866

 

British American Tobacco Plc

 

 

17,300

 

 

417,222

 

GlaxoSmithKline Plc

 

 

64,100

 

 

987,348

 

HSBC Holdings Plc

 

 

71,200

 

 

506,336

 

Rio Tinto Plc

 

 

5,700

 

 

231,599

 

Royal Dutch Shell Plc, A Shares

 

 

46,300

 

 

1,061,879

 

Scottish & Southern Energy Plc

 

 

69,183

 

 

1,127,434

 

 

 

 

 

 

     

 

 

 

 

 

 

5,477,962

 

               

United States—48.7%

 

 

 

 

 

 

 

3M Co.

 

 

7,100

 

 

408,960

 

Abbott Laboratories

 

 

14,625

 

 

612,056

 

Altria Group, Inc.

 

 

80,725

 

 

1,318,239

 

Ameren Corp.

 

 

28,000

 

 

644,560

 

AT&T Inc. (b)

 

 

110,480

 

 

2,830,498

 

Automatic Data Processing, Inc.

 

 

12,400

 

 

436,480

 

Bank of America Corp.

 

 

47,200

 

 

421,496

 

Bristol-Myers Squibb Co.

 

 

49,500

 

 

950,400

 

CenturyTel, Inc.

 

 

17,800

 

 

483,270

 

Chevron Corp.

 

 

12,800

 

 

846,080

 

Coca-Cola Co. (The)

 

 

17,000

 

 

731,850

 

Consolidated Edison, Inc.

 

 

24,600

 

 

913,398

 

Eli Lilly & Co.

 

 

18,800

 

 

618,896

 

Emerson Electric Co.

 

 

45,200

 

 

1,538,608

 

Equity Residential - REIT

 

 

14,400

 

 

329,616

 

ExxonMobil Corp.

 

 

35,800

 

 

2,386,786

 

General Electric Co.

 

 

74,400

 

 

941,160

 

Harley-Davidson, Inc.

 

 

8,500

 

 

188,360

 

Health Care REIT, Inc.

 

 

37,600

 

 

1,281,032

 

Hewlett-Packard Co.

 

 

27,300

 

 

982,254

 

Home Depot, Inc.

 

 

10,400

 

 

273,728

 

Hospitality Properties Trust - REIT

 

 

12,700

 

 

155,448

 

Intel Corp.

 

 

56,300

 

 

888,414

 

International Business Machines Corp.

 

 

16,100

 

 

1,661,681

 

Johnson & Johnson

 

 

9,300

 

 

486,948

 

Kimco Realty Corp. - REIT

 

 

25,000

 

 

300,500

 

Kraft Foods, Inc.

 

 

16,108

 

 

376,927

 

Liberty Property Trust - REIT

 

 

10,800

 

 

262,872

 

McDonald’s Corp.

 

 

23,000

 

 

1,225,670

 

Merck & Co., Inc.

 

 

25,000

 

 

606,000

 

Microchip Technology, Inc.

 

 

25,500

 

 

586,500

 

Microsoft Corp.

 

 

79,700

 

 

1,614,722

 

Nationwide Health Properties, Inc. - REIT

 

 

34,400

 

 

849,336

 

PepsiCo, Inc.

 

 

13,150

 

 

654,344

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

62

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Schedule of Investments (continued)

BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States (concluded)

 

 

 

 

 

 

 

Pfizer, Inc.

 

 

38,300

 

$

511,688

 

Philip Morris International, Inc.

 

 

32,300

 

 

1,169,260

 

Reynolds American, Inc.

 

 

12,600

 

 

478,548

 

United Technologies Corp.

 

 

13,600

 

 

664,224

 

Wal-Mart Stores, Inc.

 

 

12,100

 

 

609,840

 

Wells Fargo & Co.

 

 

30,100

 

 

602,301

 

 

 

 

 

 

     

 

 

 

 

 

 

32,842,950

 

               

Total Long-Term Investments
(Cost—$78,140,465)—96.3%

 

 

 

 

 

64,900,288

 

               

 

 

 

 

 

 

 

 









Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, 0.64% (c)(d)

 

 

2,749,855

 

 

2,749,855

 

               

Total Short-Term Investments
(Cost—$2,749,855)—4.1%

 

 

 

 

 

2,749,855

 

               

Total Investments Before Outstanding Options Written
(Cost—$80,890,320*)—100.4%

 

 

 

 

 

67,650,143

 

               

 

 

 

 

 

 

 

 









Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.2)%

 

 

 

 

 

 

 

3M Co., strike price $55, expires 6/22/09

 

 

(15

)

 

(6,075

)

Altria Group, Inc., strike price $18, expires 6/22/09

 

 

(160

)

 

(1,840

)

Ameren Corp., strike price $22.50, expires 6/22/09

 

 

(55

)

 

(7,425

)

AT&T Inc., strike price $27, expires 6/22/09

 

 

(220

)

 

(13,530

)

Automatic Data Processing, Inc., strike price $42.50,
expires 5/18/09

 

 

(25

)

 

(125

)

Bank of America Corp., strike price $9, expires 5/18/09

 

 

(90

)

 

(7,785

)

Bristol-Myers Squibb Co., strike price $21, expires 6/22/09

 

 

(100

)

 

(3,400

)

Chevron Corp., strike price $75, expires 6/22/09

 

 

(25

)

 

(1,000

)

Coca-Cola Co. (The), strike price $45, expires 5/18/09

 

 

(34

)

 

(595

)

Consolidated Edison, Inc., strike price $40, expires 5/18/09

 

 

(50

)

 

(375

)

Eli Lilly & Co., strike price $30, expires 7/20/09

 

 

(40

)

 

(14,600

)

Emerson Electric Co., strike price $34, expires 6/22/09

 

 

(90

)

 

(16,425

)

Equity Residential - REIT, strike price $25, expires 5/18/09

 

 

(30

)

 

(2,250

)

ExxonMobil Corp., strike price $75, expires 5/18/09

 

 

(75

)

 

(300

)

Harley-Davidson, Inc., strike price $15, expires 5/18/09

 

 

(20

)

 

(14,500

)

Health Care REIT, Inc., strike price $35, expires 5/18/09

 

 

(75

)

 

(9,000

)

Hewlett-Packard Co., strike price $39, expires 6/22/09

 

 

(50

)

 

(4,500

)

Hospitality Properties Trust - REIT, strike price $12.50,
expires 6/22/09

 

 

(25

)

 

(2,875

)

Intel Corp., strike price $16, expires 6/22/09

 

 

(110

)

 

(8,360

)

International Business Machines Corp., strike price $105,
expires 6/22/09

 

 

(32

)

 

(11,520

)

Johnson & Johnson, strike price $55, expires 7/20/09

 

 

(18

)

 

(1,890

)

Kimco Realty Corp. - REIT, strike price $15, expires 6/22/09

 

 

(50

)

 

(2,625

)

Kraft Food, Inc. - Class A, strike price $24, expires 6/22/09

 

 

(30

)

 

(2,400

)

Liberty Property Trust - REIT, strike price $25, expires 7/20/09

 

 

(22

)

 

(6,160

)

McDonald’s Corp., strike price $57.50, expires 6/22/09

 

 

(25

)

 

(1,438

)

McDonald’s Corp., strike price $60, expires 6/22/09

 

 

(25

)

 

(562

)

Merck & Co., Inc., strike price $30, expires 5/18/09

 

 

(50

)

 

(250

)

Microchip Technology, Inc., strike price $22.50, expires 5/18/09

 

 

(51

)

 

(4,845

)

Pfizer, Inc., strike price $15, expires 5/18/09

 

 

(75

)

 

(150

)

Reynolds American, Inc., strike price $40, expires 5/18/09

 

 

(26

)

 

(650

)

United Technologies Corp., strike price $50, expires 8/24/09

 

 

(25

)

 

(8,000

)

Wells Fargo & Co., strike price $20, expires 5/18/09

 

 

(60

)

 

(10,500

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(165,950

)

               

Over-the-Counter Call Options Written—(0.5)%

 

 

 

 

 

 

 

ACS Actividades de Construccion y Servicios SA,
strike price 36 EUR, expires 5/15/09, broker
Goldman Sachs & Co.

 

 

(6

)

 

(2,020

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Allianz SE, strike price 74 EUR, expires 5/15/09, broker
Goldman Sachs & Co.

 

 

(60

)

$

(1,203

)

AstraZeneca Plc, strike price 23.92 GBP, expires 6/02/09,
broker Citigroup Global Markets

 

 

(3,600

)

 

(4,474

)

AXA SA, strike price 13 EUR, expires 5/15/09, broker
Goldman Sachs & Co.

 

 

(30

)

 

(1,989

)

Axfood AB, strike price 169.05 SEK, expires 7/7/09,
broker UBS Securities LLC

 

 

(3,200

)

 

(3,121

)

Bank of Montreal, strike price 40 CAD, expires 7/18/09,
broker TD Securities

 

 

(50

)

 

(10,014

)

Bank of Nova Scotia, strike price 36 CAD, expires 5/15/09,
broker TD Securities

 

 

(28

)

 

(821

)

BASF AG, strike price 26 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(22

)

 

(7,546

)

Bouygues SA, strike price 32 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(20

)

 

(4,092

)

BP Plc, strike price 4.75 GBP, expires 7/7/09,
broker Citigroup Global Markets

 

 

(14,600

)

 

(4,557

)

British American Tobacco Plc, strike price 16.74 GBP,
expires 5/27/09, broker Citigroup Global Markets

 

 

(3,400

)

 

(1,731

)

Cannon, Inc., strike price 3,233.14 JPY, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(2,300

)

 

(2,210

)

CenturyTel, Inc., strike price $27, expires 6/25/09,
broker UBS Securities LLC

 

 

(35

)

 

(2,943

)

Danske Bank A/S, strike price 60 DKK, expires 6/19/09,
broker Goldman Sachs & Co.

 

 

(65

)

 

(6,338

)

Enbridge, Inc., strike price 38 CAD, expires 6/20/09,
broker National Bank Financial

 

 

(32

)

 

(1,341

)

Eni SpA, strike price 16.50 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(17

)

 

(3,215

)

Esprit Holdings Ltd., strike price 47.92 HKD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(14,200

)

 

(6,504

)

Foster’s Group Ltd., strike price 5.22 AUD,
expires 6/03/09, broker Citigroup Global Markets

 

 

(23,400

)

 

(3,246

)

General Electric Co., strike price $13.17,
expires 7/10/09, broker UBS Securities LLC

 

 

(15,000

)

 

(13,976

)

GlaxoSmithKline Plc, strike price 10.26 GBP,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(12,800

)

 

(11,674

)

Hang Seng Bank Ltd., strike price 85.90 HKD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(4,500

)

 

(2,645

)

Hennes & Mauritz AB, strike price 330 SEK,
    expires 5/15/09, broker Goldman Sachs & Co.

 

 

(20

)

 

(7,096

)

Hennes & Mauritz AB, strike price 363.37 SEK,
expires 6/30/09, broker Morgan Stanley & Co., Inc.

 

 

(1,000

)

 

(1,770

)

Home Depot, Inc., strike price $23, expires 5/15/09,
broker Citigroup Global Markets

 

 

(2,000

)

 

(6,720

)

HongKong Electric Holdings, strike price 47.26 HKD,
expires 7/14/09, broker Deutsche Bank

 

 

(41,000

)

 

(3,398

)

Hopewell Holdings Ltd., strike price 21.11 HKD,
expires 7/14/09, broker JPMorgan Chase Securities

 

 

(38,000

)

 

(4,257

)

HSBC Holdings Plc, strike price 5.23 GBP,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(12

)

 

(1,743

)

Indra Sistemas SA, strike price 15.50 EUR,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(65

)

 

(2,322

)

Intesa Sanpaolo SpA, strike price 2.30 EUR,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(80

)

 

(19,139

)

Koninklijke KPN NV, strike price 9.98 EUR,
expires 6/02/09, broker UBS Securities LLC

 

 

(5,800

)

 

(413

)

Microsoft Corp., strike price $18.93, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(16,000

)

 

(23,016

)

Mitsui & Co. Ltd., strike price 1,210.54 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(11,000

)

 

 

Mitsui Mining & Smelting Co. Ltd., strike price 190.41 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(30,000

)

 

(4,844

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

63



 

 


 

 

Schedule of Investments (continued)

BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

National Australia Bank Ltd., strike price 23.96 AUD,
expires 6/03/09, broker Citigroup Global Markets

 

 

(12,700

)

$

(797

)

National Bank of Canada, strike price 46 CAD,
expires 5/16/09, broker TD Securities

 

 

(15

)

 

(471

)

Nationwide Health Properties, Inc. - REIT, strike price $26,
expires 6/26/09, broker Morgan Stanley & Co., Inc.

 

 

(6,800

)

 

(10,152

)

Nestle SA, strike price 40.20 CHF, expires 6/10/09,
broker Citigroup Global Markets

 

 

(3,200

)

 

(825

)

Nintendo Co. Ltd., strike price 30,228.65 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(100

)

 

(583

)

Nokia Oyj, strike price 12.50 EUR, expires 7/17/09,
broker Morgan Stanley & Co., Inc.

 

 

(53

)

 

(4,137

)

Oracle Corp. Japan, strike price 3,976.50 JPY,
expires 6/10/09, broker Goldman Sachs & Co.

 

 

(3,000

)

 

(833

)

PepsiCo, Inc., strike price $52.50, expires 5/21/09,
broker JPMorgan Chase Securities

 

 

(2,500

)

 

(349

)

Philip Morris International, Inc., strike price $40,
expires 5/21/09, broker Goldman Sachs & Co.

 

 

(6,500

)

 

(223

)

Portugal Telecom SGPS SA, strike price 6.10 EUR,
expires 6/02/09, broker Goldman Sachs & Co.

 

 

(8,800

)

 

(1,415

)

Ratos AB - B Shares, strike price 144 SEK,
expires 6/02/09, broker UBS Securities LLC

 

 

(5,400

)

 

(3,974

)

Ricoh Co. Ltd., strike price 1,320.28 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(11,000

)

 

(5,655

)

Rio Tinto Plc, strike price 27.90 GBP, expires 6/02/09,
broker UBS Securities LLC

 

 

(1,100

)

 

(2,786

)

Royal Bank of Canada, strike price 40 CAD,
expires 5/16/09, broker Towa International Ltd.

 

 

(60

)

 

(14,028

)

Royal Dutch Shell Plc - A Shares, strike price 17.60 EUR,
expires 7/7/09, broker Citigroup Global Markets

 

 

(9,200

)

 

(8,722

)

Santos Ltd., strike price 18.37 AUD, expires 6/03/09,
broker Citigroup Global Markets

 

 

(24,700

)

 

(4,189

)

SAP AG, strike price 29 EUR, expires 5/15/09,
broker Morgan Stanley & Co., Inc.

 

 

(60

)

 

(1,703

)

Scania AB - B Shares, strike price 82.50 SEK,
expires 6/02/09, broker Goldman Sachs & Co.

 

 

(21,600

)

 

(16,423

)

Schneider Electric SA, strike price 56 EUR,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(7

)

 

(2,008

)

Scottish & Southern Energy Plc, strike price 11.18 GBP,
expires 6/02/09, broker Citigroup Global Markets

 

 

(13,800

)

 

(8,213

)

Sharp Corp., strike price 903.83 JPY, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(9,000

)

 

(14,586

)

Siemens AG, strike price 50 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(10

)

 

(512

)

Singapore Petroleum Co. Ltd., strike price 3.18 SGD,
expires 6/03/09, broker Deutsche Bank

 

 

(43,000

)

 

(7,657

)

Singapore Technologies Engineering Ltd., strike price 2.63
SGD, expires 6/03/09, broker JPMorgan Chase Securities

 

 

(37,308

)

 

(2,138

)

Societe Generale, strike price 34 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(11

)

 

(8,135

)

Suncor Energy, Inc., strike price 34 CAD, expires 5/16/09,
broker Towa International Ltd.

 

 

(10

)

 

(138

)

Tabcorp Holdings Ltd., strike price 7.34 AUD,
expires 6/03/09, broker Citigroup Global Markets

 

 

(16,900

)

 

(3,872

)

TeliaSonera AB, strike price 39.73 SEK, expires 6/10/09,
broker UBS Securities LLC

 

 

(12,600

)

 

(1,305

)

Total SA, strike price 42 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(34

)

 

(244

)

Toyota Motor Corp., strike price 3,827 JPY, expires 6/03/09,
broker JPMorgan Chase Securities

 

 

(3,400

)

 

(8,618

)

Vinci SA, strike price 34 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(36

)

 

(6,312

)

Wal-Mart Stores, Inc., strike price $53.25, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(2,500

)

 

(783

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Wesfarmers Ltd., strike price 20.59 AUD, expires 6/03/09,
broker Citigroup Global Markets

 

 

(7,300

)

$

(11,933

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(324,097

)

               

Total Options Written
(Premiums Received $424,661)—(0.7)%

 

 

 

 

 

(490,047

)

               

Total Investments Net of Outstanding Options Written—99.7%

 

 

 

 

 

67,160,096

 

Other Assets in Excess of Liabilities—0.3%

 

 

 

 

 

234,524

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

67,394,620

 

 

 

 

 

 

     

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

80,933,886

 

 

 

 

     

 

Gross unrealized appreciation

 

$

6,249,577

 

 

Gross unrealized depreciation

 

 

(19,533,320

)

 

 

 

     

 

Net unrealized depreciation

 

$

(13,283,743

)

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

Represents the current yield as of report date.

(d)

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

 

Income

 

           

BlackRock Liquidity Funds,
TempFund

 

 

2,749,855

 

$

4,504

 

               

 

 

Foreign currency exchange contracts as of April 30, 2009 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation

 

                     

USD

13,159

 

CHF

15,000

 

Citigroup Global Markets

 

5/05/09

 

 

$

15

 

 

USD

11,930

 

EUR

9,000

 

Citigroup Global Markets

 

5/04/09

 

 

 

22

 

 

                             

Total

 

 

 

 

 

 

 

 

 

 

$

37

 

 

 

 

 

 

 

 

 

 

 

 

         

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

64

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Schedule of Investments (concluded)

BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)


 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

           

Valuation
Inputs

 

Investments in
Securities

 

Other Financial Instruments**

 

           

 

 

Assets

 

Assets

 

Liabilities

 

 

 

           

Level 1

 

$

39,039,707

 

 

 

$

(165,950

)

Level 2

 

 

28,610,436

 

$

37

 

 

(324,097

)

Level 3

 

 

 

 

 

 

 

                     

Total

 

$

67,650,143

 

$

37

 

$

(490,047

)

 

 

                 

 

 

 

 

**

Other financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

65



 

 


 

Schedule of Investments April 30, 2009 (Unaudited)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—1.0%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR

 

 

16,700

 

$

803,938

 

Foster’s Group Ltd.

 

 

834,800

 

 

3,191,957

 

Woodside Petroleum Ltd.

 

 

40,300

 

 

1,108,002

 

 

 

 

 

 

     

 

 

 

 

 

 

5,103,897

 

               

Austria—0.2%

 

 

 

 

 

 

 

OMV AG

 

 

40,360

 

 

1,250,358

 

               

Belgium—0.5%

 

 

 

 

 

 

 

Belgacom SA

 

 

86,100

 

 

2,502,732

 

               

Bermuda—1.2%

 

 

 

 

 

 

 

Allied World Assurance Co. Holdings Ltd.

 

 

36,200

 

 

1,344,468

 

Invesco Ltd.

 

 

125,200

 

 

1,842,944

 

Nabors Industries Ltd. (a)

 

 

103,400

 

 

1,572,714

 

RenaissanceRe Holdings Ltd.

 

 

31,900

 

 

1,552,254

 

 

 

 

 

 

     

 

 

 

 

 

 

6,312,380

 

               

Brazil—1.7%

 

 

 

 

 

 

 

Banco Bradesco SA - ADR

 

 

36,600

 

 

449,448

 

BM&FBOVESPA SA

 

 

172,692

 

 

710,033

 

Cia Energetica de Minas Gerais - ADR (b)

 

 

192,798

 

 

2,901,610

 

Cia Siderurgica Nacional SA - ADR

 

 

83,300

 

 

1,542,716

 

Petroleo Brasileiro SA - ADR

 

 

93,000

 

 

3,122,010

 

 

 

 

 

 

     

 

 

 

 

 

 

8,725,817

 

               

Canada—4.8%

 

 

 

 

 

 

 

Barrick Gold Corp.

 

 

111,700

 

 

3,234,086

 

Barrick Gold Corp. (b)

 

 

127,000

 

 

3,695,700

 

Bombardier, Inc., Class B

 

 

650,000

 

 

2,058,996

 

Canadian Natural Resources Ltd.

 

 

64,600

 

 

2,978,706

 

EnCana Corp.

 

 

46,100

 

 

2,108,153

 

Husky Energy, Inc.

 

 

87,213

 

 

2,112,903

 

Petro-Canada

 

 

77,800

 

 

2,453,034

 

Potash Corp. of Saskatchewan, Inc.

 

 

18,700

 

 

1,617,363

 

Research In Motion Ltd. (a)

 

 

27,500

 

 

1,911,250

 

Royal Bank of Canada

 

 

29,500

 

 

1,045,714

 

Talisman Energy, Inc.

 

 

107,300

 

 

1,345,542

 

 

 

 

 

 

     

 

 

 

 

 

 

24,561,447

 

               

Cayman Islands—0.5%

 

 

 

 

 

 

 

Herbalife Ltd.

 

 

135,000

 

 

2,675,700

 

               

China—1.7%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

5,537,100

 

 

3,196,669

 

China Life Insurance Co. Ltd., Class H

 

 

339,900

 

 

1,193,700

 

Industrial & Commercial Bank of China

 

 

5,316,000

 

 

3,024,177

 

PetroChina Co. Ltd. - ADR

 

 

18,200

 

 

1,581,762

 

 

 

 

 

 

     

 

 

 

 

 

 

8,996,308

 

               

Finland—1.1%

 

 

 

 

 

 

 

Fortum Oyj

 

 

156,227

 

 

3,151,134

 

Wartsila Oyj, B Shares

 

 

72,200

 

 

2,380,444

 

 

 

 

 

 

     

 

 

 

 

 

 

5,531,578

 

               

France—4.4%

 

 

 

 

 

 

 

Alstom SA

 

 

55,500

 

 

3,459,732

 

BNP Paribas

 

 

43,500

 

 

2,290,009

 

Compagnie Generale des Etablissements Michelin, Class B

 

 

63,000

 

 

3,224,870

 

PPR

 

 

22,200

 

 

1,700,810

 

Sanofi-Aventis SA

 

 

44,900

 

 

2,600,255

 

Technip SA

 

 

68,200

 

 

2,929,887

 

Total SA

 

 

73,800

 

 

3,692,642

 

Vivendi

 

 

103,600

 

 

2,785,708

 

 

 

 

 

 

     

 

 

 

 

 

 

22,683,913

 

               

Germany—3.7%

 

 

 

 

 

 

 

Adidas AG

 

 

81,500

 

 

3,079,262

 

Allianz SE

 

 

20,300

 

 

1,873,144

 

Deutsche Boerse AG

 

 

13,300

 

 

982,534

 

Fresenius Medical Care AG & Co. KGaA

 

 

90,900

 

 

3,527,486

 

K+S AG

 

 

62,700

 

 

3,771,836

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Germany (concluded)

 

 

 

 

 

 

 

Linde AG

 

 

56,300

 

$

4,489,802

 

ThyssenKrupp AG

 

 

61,000

 

 

1,305,018

 

 

 

 

 

 

     

 

 

 

 

 

 

19,029,082

 

               

Hong Kong—2.9%

 

 

 

 

 

 

 

China Mobile Ltd.

 

 

362,400

 

 

3,129,408

 

CNOOC Ltd. - ADR

 

 

19,200

 

 

2,137,920

 

Esprit Holdings Ltd.

 

 

168,830

 

 

1,034,463

 

Hong Kong Exchanges & Clearing Ltd.

 

 

135,350

 

 

1,559,013

 

Hutchison Whampoa Ltd.

 

 

423,900

 

 

2,496,757

 

Kerry Properties Ltd.

 

 

698,600

 

 

2,109,519

 

New World Development Ltd.

 

 

1,927,800

 

 

2,521,441

 

 

 

 

 

 

     

 

 

 

 

 

 

14,988,521

 

               

India—0.6%

 

 

 

 

 

 

 

State Bank of India Ltd.

 

 

118,000

 

 

3,045,392

 

               

Israel—1.3%

 

 

 

 

 

 

 

Partner Communications - ADR (b)

 

 

418,500

 

 

6,800,625

 

               

Italy—1.2%

 

 

 

 

 

 

 

AEM SpA

 

 

1,046,488

 

 

1,720,102

 

Assicurazioni Generali SpA

 

 

37,300

 

 

758,900

 

Intesa Sanpaolo SpA

 

 

428,900

 

 

952,512

 

Parmalat SpA

 

 

1,279,200

 

 

2,540,647

 

 

 

 

 

 

     

 

 

 

 

 

 

5,972,161

 

               

Japan—4.8%

 

 

 

 

 

 

 

Canon, Inc.

 

 

79,600

 

 

2,382,086

 

Honda Motor Co. Ltd.

 

 

86,100

 

 

2,523,327

 

ITOCHU Corp.

 

 

509,100

 

 

2,729,817

 

Konica Minolta Holdings, Inc.

 

 

247,500

 

 

2,044,486

 

Nintendo Co. Ltd.

 

 

20,700

 

 

5,565,425

 

NSK Ltd.

 

 

142,000

 

 

629,223

 

Sumitomo Corp.

 

 

330,600

 

 

2,877,718

 

T&D Holdings, Inc.

 

 

20,000

 

 

597,949

 

Toyota Motor Corp.

 

 

135,500

 

 

5,362,923

 

 

 

 

 

 

     

 

 

 

 

 

 

24,712,954

 

               

Luxembourg—0.4%

 

 

 

 

 

 

 

ArcelorMittal

 

 

93,600

 

 

2,207,088

 

               

Mexico—0.7%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV - ADR

 

 

134,200

 

 

3,799,202

 

               

Netherlands—0.3%

 

 

 

 

 

 

 

ASML Holding NV

 

 

85,900

 

 

1,816,785

 

               

Norway—1.9%

 

 

 

 

 

 

 

Fred Olsen Energy ASA

 

 

83,600

 

 

2,635,442

 

Orkla ASA

 

 

253,300

 

 

1,813,401

 

Yara International ASA

 

 

195,600

 

 

5,242,214

 

 

 

 

 

 

     

 

 

 

 

 

 

9,691,057

 

               

Philippines—0.5%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. - ADR

 

 

53,400

 

 

2,449,458

 

               

Singapore—2.3%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

1,304,603

 

 

2,406,605

 

Singapore Airlines Ltd.

 

 

276,000

 

 

1,985,016

 

Singapore Telecommunications Ltd.

 

 

2,182,035

 

 

3,749,348

 

United Overseas Bank Ltd.

 

 

452,538

 

 

3,488,022

 

 

 

 

 

 

     

 

 

 

 

 

 

11,628,991

 

               

South Korea—0.9%

 

 

 

 

 

 

 

Samsung Electronics Co. Ltd.

 

 

6,700

 

 

3,093,773

 

Samsung Securities Co. Ltd. (a)

 

 

28,200

 

 

1,445,929

 

 

 

 

 

 

     

 

 

 

 

 

 

4,539,702

 

               

Spain—0.6%

 

 

 

 

 

 

 

Banco Santander SA

 

 

312,800

 

 

3,008,807

 

               

Sweden—0.6%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

326,000

 

 

2,424,901

 

Skanska AB, B Shares

 

 

73,900

 

 

797,088

 

 

 

 

 

 

     

 

 

 

 

 

 

3,221,989

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

66

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Switzerland—2.7%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

27,800

 

$

2,557,878

 

Nestle SA

 

 

150,500

 

 

4,905,808

 

Novartis AG - ADR

 

 

57,200

 

 

2,168,452

 

Syngenta AG

 

 

15,200

 

 

3,245,055

 

Zurich Financial Services AG

 

 

5,100

 

 

947,736

 

 

 

 

 

 

     

 

 

 

 

 

 

13,824,929

 

               

Taiwan—0.7%

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

 

 

335,709

 

 

3,548,444

 

               

United Kingdom—5.0%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

64,600

 

 

2,261,998

 

Bellway Plc

 

 

127,700

 

 

1,345,361

 

Catlin Group Ltd.

 

 

413,000

 

 

2,137,240

 

De La Rue Plc

 

 

64,102

 

 

908,610

 

GlaxoSmithKline Plc

 

 

142,200

 

 

2,190,340

 

HSBC Holdings Plc

 

 

188,700

 

 

1,341,933

 

Imperial Tobacco Group Plc

 

 

169,200

 

 

3,860,511

 

Persimmon Plc

 

 

255,300

 

 

1,423,991

 

Rio Tinto Plc - ADR

 

 

2,950

 

 

480,702

 

Standard Chartered Plc

 

 

98,300

 

 

1,520,634

 

Unilever Plc

 

 

212,600

 

 

4,139,661

 

Vodafone Group Plc - ADR

 

 

235,200

 

 

4,315,920

 

 

 

 

 

 

     

 

 

 

 

 

 

25,926,901

 

               

United States—39.7%

 

 

 

 

 

 

 

3M Co.

 

 

53,500

 

 

3,081,600

 

Allstate Corp. (The)

 

 

26,200

 

 

611,246

 

Altera Corp.

 

 

178,000

 

 

2,903,180

 

Altria Group, Inc. (b)

 

 

299,800

 

 

4,895,734

 

Ameriprise Financial, Inc.

 

 

46,600

 

 

1,227,910

 

Amgen, Inc. (a)(b)

 

 

117,500

 

 

5,695,225

 

Anadarko Petroleum Corp.

 

 

36,300

 

 

1,563,078

 

Analog Devices, Inc.

 

 

129,500

 

 

2,755,760

 

Aon Corp.

 

 

101,500

 

 

4,283,300

 

Apple, Inc. (a)

 

 

21,900

 

 

2,755,677

 

Applied Materials, Inc.

 

 

95,900

 

 

1,170,939

 

Arch Coal, Inc.

 

 

81,200

 

 

1,134,364

 

AvalonBay Communities, Inc. - REIT

 

 

18,687

 

 

1,061,609

 

Bank of America Corp.

 

 

162,000

 

 

1,446,660

 

Bank of New York Mellon Corp. (The)

 

 

67,400

 

 

1,717,352

 

Becton Dickinson & Co.

 

 

79,800

 

 

4,826,304

 

Boston Properties, Inc. - REIT

 

 

22,600

 

 

1,116,892

 

Bristol-Myers Squibb Co.

 

 

110,000

 

 

2,112,000

 

Broadcom Corp. (a)

 

 

150,000

 

 

3,478,500

 

Campbell Soup Co.

 

 

79,000

 

 

2,031,880

 

Charles Schwab Corp. (The)

 

 

87,300

 

 

1,613,304

 

Chesapeake Energy Corp.

 

 

124,800

 

 

2,459,808

 

Chevron Corp.

 

 

21,600

 

 

1,427,760

 

Cisco Systems, Inc. (a)

 

 

55,200

 

 

1,066,464

 

Colgate-Palmolive Co.

 

 

33,900

 

 

2,000,100

 

Comcast Corp., Class A

 

 

204,000

 

 

3,153,840

 

ConocoPhillips

 

 

22,000

 

 

902,000

 

Consol Energy, Inc.

 

 

101,700

 

 

3,181,176

 

Corning, Inc.

 

 

86,400

 

 

1,263,168

 

CVS Caremark Corp.

 

 

103,900

 

 

3,301,942

 

Diamond Offshore Drilling, Inc.

 

 

24,000

 

 

1,737,840

 

Eagle Bulk Shipping, Inc. (c)

 

 

467,760

 

 

3,049,795

 

ExxonMobil Corp.

 

 

65,000

 

 

4,333,550

 

FPL Group, Inc.

 

 

30,100

 

 

1,619,079

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

52,800

 

 

2,251,920

 

General Electric Co.

 

 

135,000

 

 

1,707,750

 

Genzyme Corp. (a)

 

 

48,400

 

 

2,581,172

 

Goldman Sachs Group, Inc. (The)

 

 

25,300

 

 

3,251,050

 

Google, Inc., Class A(a)

 

 

9,600

 

 

3,801,312

 

Greenhill & Co., Inc.

 

 

18,500

 

 

1,434,305

 

H.J. Heinz Co.

 

 

70,000

 

 

2,409,400

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States (concluded)

 

 

 

 

 

 

 

Halliburton Co.

 

 

170,700

 

$

3,451,554

 

Helmerich & Payne, Inc.

 

 

71,200

 

 

2,194,384

 

Hess Corp.

 

 

30,000

 

 

1,643,700

 

Hewlett-Packard Co.

 

 

53,600

 

 

1,928,528

 

Hudson City Bancorp, Inc.

 

 

43,100

 

 

541,336

 

Intel Corp. (b)

 

 

229,700

 

 

3,624,666

 

IntercontinentalExchange, Inc. (a)

 

 

24,700

 

 

2,163,720

 

International Business Machines Corp.

 

 

33,900

 

 

3,498,819

 

J.M. Smucker Co. (The)

 

 

59,868

 

 

2,358,799

 

JPMorgan Chase & Co.

 

 

101,300

 

 

3,342,900

 

Kellogg Co.

 

 

70,500

 

 

2,968,755

 

Kohl’s Corp. (a)(b)

 

 

54,200

 

 

2,457,970

 

Linear Technology Corp.

 

 

76,900

 

 

1,674,882

 

McDonald’s Corp.

 

 

62,500

 

 

3,330,625

 

Medco Health Solutions, Inc. (a)

 

 

70,300

 

 

3,061,565

 

Medtronic, Inc.

 

 

101,100

 

 

3,235,200

 

MetLife, Inc.

 

 

18,300

 

 

544,425

 

Microsoft Corp.

 

 

143,200

 

 

2,901,232

 

Molson Coors Brewing Co., Class B

 

 

67,000

 

 

2,562,750

 

Morgan Stanley

 

 

47,100

 

 

1,113,444

 

Motorola, Inc.

 

 

180,000

 

 

995,400

 

NASDAQ OMX Group, Inc. (The) (a)

 

 

72,700

 

 

1,398,021

 

Newmont Mining Corp.

 

 

83,500

 

 

3,360,040

 

Nucor Corp.

 

 

65,100

 

 

2,648,919

 

Occidental Petroleum Corp.

 

 

95,000

 

 

5,347,550

 

Pfizer, Inc.

 

 

391,300

 

 

5,227,768

 

Procter & Gamble Co. (The)

 

 

34,943

 

 

1,727,582

 

Qualcomm, Inc.

 

 

65,500

 

 

2,771,960

 

Qwest Communications International, Inc.

 

 

1,090,500

 

 

4,242,045

 

T. Rowe Price Group, Inc.

 

 

38,300

 

 

1,475,316

 

Target Corp.

 

 

79,300

 

 

3,271,918

 

Texas Instruments, Inc.

 

 

60,100

 

 

1,085,406

 

U.S. Bancorp

 

 

67,000

 

 

1,220,740

 

Ultra Petroleum Corp. (a)

 

 

78,600

 

 

3,364,080

 

Wal-Mart Stores, Inc.

 

 

60,100

 

 

3,029,040

 

Walt Disney Co. (The)

 

 

133,800

 

 

2,930,220

 

Weatherford International Ltd. (a)

 

 

272,500

 

 

4,531,675

 

Wells Fargo & Co.

 

 

90,700

 

 

1,814,907

 

Wyeth

 

 

85,200

 

 

3,612,480

 

Yum! Brands, Inc.

 

 

106,500

 

 

3,551,775

 

 

 

 

 

 

     

 

 

 

 

 

 

204,622,041

 

               

Total Common Stocks—87.9%

 

 

 

 

 

453,178,259

 

               

 

 

 

 

 

 

 

 


Preferred Stocks

 

 

 

 

 

 

 

               

Brazil—0.3%

 

 

 

 

 

 

 

Usinas Siderurgicas de Minas Gerais SA, 1.21%

 

 

98,200

 

 

1,456,659

 

               

 

 

 

 

 

 

 

 


Exchange-Traded Funds

 

 

 

 

 

 

 

               

United States—5.3%

 

 

 

 

 

 

 

iShares MSCI EAFE Index Fund

 

 

309,700

 

 

12,982,624

 

iShares MSCI Emerging Markets Index Fund

 

 

51,500

 

 

1,475,475

 

SPDR Trust Series 1

 

 

145,150

 

 

12,707,883

 

               

Total Exchange-Traded Funds—5.3%

 

 

 

 

 

27,165,982

 

               

Total Long-Term Investments
(Cost—$597,765,018)—93.5%

 

 

 

 

 

481,800,900

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

67



 

 


 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares/Beneficial
Interest

 

Value

 

           

Money Market Funds—5.1%

 

 

 

 

 

 

 

BlackRock Liquidity Funds, TempFund, 0.64% (d)(e)

 

 

25,295,154

 

$

25,295,154

 

BlackRock Liquidity Series, LLC, Money Market
Series, 0.80% (d)(e)(f)

 

 

863,850

 

 

863,850

 

               

Total Money Market Funds

 

 

 

 

 

26,159,004

 

               

 

 

 

 

 

 

 

 


 

 

Principal
Amount

 

 

 

 

             

U.S. Government and Agency Sponsored Discount Notes—0.2%

 

 

 

 

 

 

 

Federal Home Loan Bank Discount Notes, 0.10%,
5/01/09 (a)(g)

 

$

1,200,000

 

 

1,200,000

 

               

Total Short-Term Securities
(Cost—$27,359,004)—5.3%

 

 

 

 

 

27,359,004

 

               

Total Investments Before Outstanding Options Written
(Cost—$625,124,022*)—98.8%

 

 

 

 

 

509,159,904

 

               

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

               

Exchange-Traded Call Options Written—(1.6)%

 

 

 

 

 

 

 

3M Co., strike price $60, expires 7/20/09

 

 

(270

)

 

(56,700

)

Alcon, Inc., strike price $95, expires 8/24/09

 

 

(168

)

 

(84,000

)

Allied World Assurance Co., strike price $40, expires 5/18/09

 

 

(272

)

 

(10,880

)

Allstate Corp., strike price $25, expires 5/18/09

 

 

(145

)

 

(10,512

)

Allstate Corp., strike price $27.50, expires 5/18/09

 

 

(12

)

 

(240

)

Altera Corp., strike price $19, expires 6/22/09

 

 

(580

)

 

(8,700

)

Altera Corp., strike price $20, expires 5/18/09

 

 

(415

)

 

(2,075

)

Amerprise Financial, Inc., strike price $25, expires 5/18/09

 

 

(280

)

 

(63,000

)

Amgen, Inc., strike price $50, expires 5/18/09

 

 

(60

)

 

(4,590

)

Amgen, Inc., strike price $50, expires 6/22/09

 

 

(120

)

 

(22,560

)

Amgen, Inc., strike price $57.50, expires 5/18/09

 

 

(125

)

 

(562

)

Amgen, Inc., strike price $57.50, expires 7/20/09

 

 

(400

)

 

(31,600

)

Anadarko Petroleum Corp., strike price $46, expires 6/22/09

 

 

(220

)

 

(39,600

)

Analog Devices, Inc., strike price $22.50, expires 5/18/09

 

 

(650

)

 

(9,750

)

Aon Corp., strike price $45, expires 7/20/09

 

 

(150

)

 

(19,500

)

Apple, Inc., strike price $125, expires 6/22/09

 

 

(219

)

 

(165,893

)

Applied Materials, Inc., strike price $13, expires 7/20/09

 

 

(570

)

 

(44,175

)

ArcelorMittal, strike price $27.50, expires 6/22/09

 

 

(245

)

 

(28,787

)

Arch Coal, Inc., strike price $17.50, expires 5/18/09

 

 

(450

)

 

(4,500

)

AvalonBay Communities, Inc. - REIT, strike price $60,
expires 5/18/09

 

 

(65

)

 

(13,325

)

AvalonBay Communities, Inc. - REIT, strike price $65,
expires 6/22/09

 

 

(45

)

 

(12,600

)

Banco Bradesco SA - ADR, strike price $12.50,
expires 5/18/09

 

 

(150

)

 

(7,125

)

Banco Bradesco SA - ADR, strike price $12.50,
expires 6/22/09

 

 

(70

)

 

(7,350

)

Bank of America Corp., strike price $10, expires 5/18/09

 

 

(1,525

)

 

(74,725

)

Bank of New York Mellon Corp., strike price $30,
expires 6/22/09

 

 

(400

)

 

(38,000

)

Barrick Gold Corp., strike price $37.50, expires 5/18/09

 

 

(780

)

 

(3,900

)

Becton Dickinson & Co., strike price $70, expires 5/18/09

 

 

(225

)

 

(2,250

)

Becton Dickinson & Co., strike price $75, expires 6/22/09

 

 

(250

)

 

(3,750

)

BHP Billiton Ltd. - ADR, strike price $50, expires 5/18/09

 

 

(43

)

 

(4,945

)

BHP Billiton Ltd. - ADR, strike price $50, expires 6/22/09

 

 

(14

)

 

(3,815

)

BHP Billiton Ltd. - ADR, strike price $55, expires 5/18/09

 

 

(43

)

 

(645

)

Boston Properties, Inc. - REIT, strike price $50, expires 7/20/09

 

 

(130

)

 

(74,100

)

Bristol-Myers Squibb Co., strike price $21, expires 6/22/09

 

 

(380

)

 

(12,920

)

Bristol-Myers Squibb Co., strike price $22.50, expires 6/22/09

 

 

(275

)

 

(3,300

)

Broadcom Corp., strike price $19, expires 5/18/09

 

 

(225

)

 

(96,750

)

Broadcom Corp., strike price $21, expires 5/18/09

 

 

(625

)

 

(159,375

)

Campbell Soup Co., strike price $27.50, expires 5/18/09

 

 

(790

)

 

(7,900

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

Canadian Natural Resources Ltd., strike price $45,
expires 5/18/09

 

 

(355

)

$

(96,738

)

Canadian Natural Resources Ltd., strike price $48,
expires 5/18/09

 

 

(30

)

 

(3,825

)

Canadian Natural Resources Ltd., strike price $55,
expires 6/22/09

 

 

(261

)

 

(20,227

)

Charles Schwab Corp., strike price $17.50, expires 5/18/09

 

 

(150

)

 

(18,000

)

Charles Schwab Corp., strike price $19, expires 6/22/09

 

 

(375

)

 

(40,313

)

Chesapeake Energy Corp., strike price $21, expires 6/22/09

 

 

(377

)

 

(47,125

)

Chesapeake Energy Corp., strike price $22.50, expires 5/18/09

 

 

(340

)

 

(7,650

)

Chesapeake Energy Corp., strike price $25, expires 5/18/09

 

 

(30

)

 

(225

)

Chevron Corp., strike price $75, expires 6/22/09

 

 

(216

)

 

(8,640

)

Cia Energetica de Minas Gerais - ADR, strike price $15,
expires 6/22/09

 

 

(800

)

 

(104,000

)

Cisco Systems, Inc., strike price $18, expires 5/18/09

 

 

(35

)

 

(5,512

)

Cisco Systems, Inc., strike price $19, expires 6/22/09

 

 

(290

)

 

(38,860

)

CNOOC Ltd. - ADR, strike price $105, expires 6/22/09

 

 

(110

)

 

(116,600

)

CNOOC Ltd. - ADR, strike price $110, expires 5/18/09

 

 

(5

)

 

(2,600

)

Colgate-Palmolive Co., strike price $60, expires 5/18/09

 

 

(185

)

 

(17,575

)

Comcast Corp. - Class A, strike price $15, expires 5/18/09

 

 

(1,100

)

 

(99,000

)

Comcast Corp. - Class A, strike price $16, expires 5/18/09

 

 

(125

)

 

(4,687

)

ConocoPhillips, strike price $60, expires 5/18/09

 

 

(220

)

 

(660

)

Consol Energy, Inc., strike price $30, expires 6/22/09

 

 

(610

)

 

(213,500

)

Corning, Inc., strike price $16, expires 5/18/09

 

 

(500

)

 

(8,750

)

CVS Caremark Corp., strike price $30, expires 5/18/09

 

 

(205

)

 

(46,125

)

CVS Caremark Corp., strike price $31, expires 6/22/09

 

 

(418

)

 

(91,960

)

Diamond Offshore Drilling, Inc., strike price $73.13,
expires 5/18/09

 

 

(240

)

 

(53,400

)

Eagle Bulk Shipping, Inc., strike price $10, expires 6/22/09

 

 

(480

)

 

(7,200

)

Eagle Bulk Shipping, Inc., strike price $7.50,
expires 6/22/09

 

 

(1,150

)

 

(71,875

)

Fomento Economico Mexicano SAB de CV - ADR,
strike price $30, expires 7/20/09

 

 

(520

)

 

(93,600

)

FPL Group, Inc., strike price $50, expires 6/22/09

 

 

(300

)

 

(138,000

)

Freeport-McMoRan Copper & Gold, Inc., strike price $45,
expires 5/18/09

 

 

(243

)

 

(27,094

)

Freeport-McMoRan Copper & Gold, Inc., strike price $50,
expires 5/18/09

 

 

(285

)

 

(7,125

)

Genzyme Corp., strike price $57.50, expires 6/22/09

 

 

(290

)

 

(39,875

)

Goldman Sachs Group, Inc., strike price $125,
expires 5/18/09

 

 

(79

)

 

(51,350

)

Goldman Sachs Group, Inc., strike price $125,
expires 6/22/09

 

 

(55

)

 

(58,438

)

Goldman Sachs Group, Inc., strike price $140,
expires 5/18/09

 

 

(27

)

 

(2,376

)

Goldman Sachs Group, Inc., strike price $145,
expires 5/18/09

 

 

(28

)

 

(1,106

)

Google, Inc., strike price $380, expires 5/18/09

 

 

(10

)

 

(20,750

)

Google, Inc., strike price $380, expires 6/22/09

 

 

(25

)

 

(71,125

)

Google, Inc., strike price $400, expires 6/22/09

 

 

(21

)

 

(35,700

)

Greenhill & Co., strike price $80, expires 5/18/09

 

 

(185

)

 

(43,938

)

H.J. Heinz Co., strike price $35, expires 6/22/09

 

 

(700

)

 

(87,500

)

Halliburton Co., strike price $21, expires 6/22/09

 

 

(450

)

 

(49,275

)

Halliburton Co., strike price $22.50, expires 7/20/09

 

 

(345

)

 

(31,222

)

Helmerich & Payne, Inc., strike price $30, expires 5/18/09

 

 

(400

)

 

(87,000

)

Hess Corp., strike price $65, expires 5/18/09

 

 

(180

)

 

(2,700

)

Hewlett-Packard Co., strike price $35, expires 5/18/09

 

 

(30

)

 

(4,875

)

Hewlett-Packard Co., strike price $39, expires 6/22/09

 

 

(290

)

 

(26,100

)

Hudson City Bancorp, strike price $12.50, expires 5/18/09

 

 

(130

)

 

(6,500

)

Intel Corp., strike price $16, expires 6/22/09

 

 

(1,150

)

 

(87,400

)

IntercontinentalExchange, Inc., strike price $85,
expires 5/18/09

 

 

(150

)

 

(88,500

)

IntercontinentalExchange, Inc., strike price $90,
expires 6/22/09

 

 

(35

)

 

(22,400

)

International Business Machines Corp., strike price $105,
expires 6/22/09

 

 

(339

)

 

(122,040

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

68

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

Invesco Ltd., strike price $17.50, expires 5/18/09

 

 

(65

)

$

(1,137

)

Invesco Ltd., strike price $17.50, expires 7/20/09

 

 

(680

)

 

(59,500

)

iShares MSCI EAFE Index Fund, strike price $41,
expires 5/18/09

 

 

(3,097

)

 

(534,233

)

iShares MSCI Emerging Markets Index Fund,
strike price $27, expires 5/18/09

 

 

(515

)

 

(107,893

)

J.M. Smuckers Co., strike price $40, expires 5/18/09

 

 

(330

)

 

(17,325

)

JPMorgan Chase & Co., strike price $32, expires 5/18/09

 

 

(335

)

 

(79,898

)

JPMorgan Chase & Co., strike price $34, expires 6/22/09

 

 

(275

)

 

(75,213

)

Kellogg Co., strike price $40, expires 5/18/09

 

 

(705

)

 

(162,150

)

Kohl’s Corp., strike price $46, expires 6/22/09

 

 

(320

)

 

(85,600

)

Linear Technology Corp., strike price $24, expires 6/22/09

 

 

(559

)

 

(18,167

)

Linear Technology Corp., strike price $25, expires 5/18/09

 

 

(210

)

 

(1,050

)

McDonald’s Corp., strike price $57.50, expires 5/18/09

 

 

(90

)

 

(1,125

)

McDonald’s Corp., strike price $57.50, expires 6/22/09

 

 

(335

)

 

(19,262

)

McDonald’s Corp., strike price $60, expires 6/22/09

 

 

(200

)

 

(4,500

)

Medco Health Solutions, Inc., strike price $45,
expires 5/18/09

 

 

(422

)

 

(27,430

)

Medtronic, Inc., strike price $32.50, expires 5/18/09

 

 

(500

)

 

(32,500

)

Molson Coors Brewing Co. - Class B, strike price $35,
expires 5/18/09

 

 

(370

)

 

(135,050

)

Morgan Stanley, strike price $26, expires 5/18/09

 

 

(20

)

 

(900

)

Morgan Stanley, strike price $27, expires 6/22/09

 

 

(260

)

 

(27,950

)

Motorola, Inc., strike price $5, expires 5/18/09

 

 

(1,100

)

 

(67,100

)

NASDAQ OMX Group, Inc. (The), strike price $20,
expires 6/22/09

 

 

(430

)

 

(63,425

)

Newmont Mining Corp., strike price $45, expires 6/22/09

 

 

(170

)

 

(18,445

)

Novartis AG - ADR, strike price $40, expires 5/18/09

 

 

(310

)

 

(6,200

)

Nucor Corp., strike price $47, expires 6/22/09

 

 

(390

)

 

(39,000

)

Occidental Petroleum Corp., strike price $60,
expires 5/18/09

 

 

(430

)

 

(23,650

)

Partner Communications - ADR, strike price $17.50,
expires 5/18/09

 

 

(1,200

)

 

(36,000

)

Petro-Canada, strike price $30, expires 6/22/09

 

 

(460

)

 

(149,500

)

Petro-Canada, strike price $35, expires 5/18/09

 

 

(318

)

 

(9,540

)

PetroChina Co. Ltd. - ADR, strike price $90, expires 5/18/09

 

 

(100

)

 

(18,000

)

Petroleo Brasileiro SA - ADR, strike price $34,
expires 6/22/09

 

 

(650

)

 

(156,000

)

Petroleo Brasileiro SA - ADR, strike price $35,
expires 5/18/09

 

 

(280

)

 

(23,100

)

Pfizer, Inc., strike price $14, expires 6/22/09

 

 

(1,563

)

 

(55,487

)

Pfizer, Inc., strike price $15, expires 5/18/09

 

 

(1,150

)

 

(2,300

)

Pfizer, Inc., strike price $15, expires 6/22/09

 

 

(1,200

)

 

(15,600

)

Philippine Long Distance Telephone Co. - ADR,
strike price $45, expires 5/18/09

 

 

(315

)

 

(53,550

)

Potash Corp. of Saskatchewan, Inc., strike price $100,
expires 6/22/09

 

 

(73

)

 

(19,162

)

Potash Corp. of Saskatchewan, Inc., strike price $95,
expires 5/18/09

 

 

(40

)

 

(3,800

)

Procter & Gamble Co. (The), strike price $50, expires 5/18/09

 

 

(45

)

 

(4,275

)

Procter & Gamble Co. (The), strike price $55, expires 7/20/09

 

 

(160

)

 

(10,400

)

QUALCOMM, Inc., strike price $42, expires 6/22/09

 

 

(395

)

 

(95,393

)

Research In Motion Ltd., strike price $50, expires 5/18/09

 

 

(150

)

 

(292,125

)

Rio Tinto Plc - ADR, strike price $130, expires 5/18/09

 

 

(15

)

 

(51,075

)

Rio Tinto Plc - ADR, strike price $150, expires 6/22/09

 

 

(3

)

 

(7,200

)

SPDR Trust Series 1, strike price $85, expires 5/18/09

 

 

(891

)

 

(322,988

)

SPDR Trust Series 1, strike price $87, expires 5/18/09

 

 

(560

)

 

(134,120

)

T. Rowe Price Group, Inc., strike price $30, expires 5/18/09

 

 

(210

)

 

(180,600

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
strike price $10, expires 5/18/09

 

 

(275

)

 

(20,625

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
strike price $10, expires 6/22/09

 

 

(1,750

)

 

(175,000

)

Talisman Energy, Inc., strike price $12.50, expires 5/18/09

 

 

(635

)

 

(33,337

)

Target Corp., strike price $42.50, expires 7/20/09

 

 

(125

)

 

(37,688

)

Ultra Petroleum Corp., strike price $45, expires 6/22/09

 

 

(400

)

 

(85,000

)

US Bancorp, strike price $17.50, expires 5/18/09

 

 

(657

)

 

(113,333

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Vodafone Group Plc - ADR, strike price $20, expires 5/18/09

 

 

(540

)

$

(5,400

)

Wal-Mart Stores, Inc., strike price $55, expires 6/22/09

 

 

(200

)

 

(11,100

)

Walt Disney Co. (The), strike price $20, expires 5/18/09

 

 

(220

)

 

(48,400

)

Walt Disney Co. (The), strike price $21, expires 5/18/09

 

 

(61

)

 

(8,845

)

Walt Disney Co. (The), strike price $21, expires 6/22/09

 

 

(525

)

 

(105,000

)

Weatherford International Ltd., strike price $12.50,
expires 5/18/09

 

 

(1,180

)

 

(483,800

)

Weatherford International Ltd., strike price $16,
expires 6/22/09

 

 

(450

)

 

(85,500

)

Wells Fargo & Co., strike price $18, expires 5/18/09

 

 

(740

)

 

(222,000

)

Wells Fargo & Co., strike price $22.50, expires 5/18/09

 

 

(67

)

 

(4,857

)

Yum! Brands, Inc., strike price $30, expires 5/18/09

 

 

(460

)

 

(165,600

)

Yum! Brands, Inc., strike price $33, expires 7/20/09

 

 

(175

)

 

(47,250

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(8,367,088

)

               

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Anadarko Petroleum Corp., strike price $40, expires 5/18/09

 

 

(370

)

 

(31,450

)

eBay, Inc., strike price $16, expires 5/18/09

 

 

(930

)

 

(35,340

)

iShares MSCI EAFE Index Fund, strike price $36,
expires 6/22/09

 

 

(305

)

 

(16,775

)

iShares MSCI EAFE Index Fund, strike price $37,
expires 5/18/09

 

 

(2,500

)

 

(37,500

)

iShares MSCI EAFE Index Fund, strike price $38,
expires 5/18/09

 

 

(250

)

 

(5,625

)

SPDR Trust Series 1, strike price $75, expires 5/18/09

 

 

(37

)

 

(703

)

SPDR Trust Series 1, strike price $79, expires 5/18/09

 

 

(1,450

)

 

(63,075

)

               

Total Exchange-Traded Put Options Written

 

 

 

 

 

(190,468

)

               

Over-the-Counter Call Options Written—(1.8)%

 

 

 

 

 

 

 

Adidas AG, strike price 26.80 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(3,900

)

 

(13,547

)

Adidas AG, strike price 27 EUR, expires 5/27/09,
broker Credit Suisse

 

 

(45,000

)

 

(140,283

)

AEM SpA, strike price 1.21 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(314,000

)

 

(32,674

)

Aem SpA, strike price 1.21 EUR, expires 6/10/09,
broker UBS Securities LLC

 

 

(314,000

)

 

(32,040

)

Allianz SE, strike price 65.20 EUR, expires 5/27/09,
broker UBS Securities LLC

 

 

(12,000

)

 

(102,824

)

Alstom SA, strike price 41.92 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(17,200

)

 

(145,894

)

Alstom SA, strike price 48.63 EUR, expires 6/23/09,
broker Citigroup Global Markets

 

 

(16,100

)

 

(61,743

)

Altria Group, Inc., strike price $16.39, expires 5/15/09,
broker UBS Securities LLC

 

 

(60,000

)

 

(18,336

)

Altria Group, Inc., strike price $17.24, expires 6/25/09,
broker Citigroup Global Markets

 

 

(120,000

)

 

(31,368

)

Analog Devices, Inc., strike price $21.54, expires 6/9/09,
broker Credit Suisse

 

 

(12,500

)

 

(9,624

)

Aon Corp., strike price $42.50, expires 5/22/09,
broker Barclays Capital, Inc.

 

 

(150

)

 

(21,092

)

Aon Corp., strike price $43, expires 6/25/09,
broker Barclays Capital, Inc.

 

 

(460

)

 

(79,189

)

ArcelorMittal, strike price $25, expires 5/22/09,
broker Jefferies & Co., Inc.

 

 

(280

)

 

(53,110

)

ASML Holding NV, strike price $17.09, expires 5/13/09,
broker Deutsche Bank

 

 

(50,000

)

 

(203,210

)

Assicurazioni Generali SpA, strike price 13.25 EUR,
expires 6/10/09, broker Citigroup Global Markets

 

 

(11,100

)

 

(39,469

)

Assicurazioni Generali SpA, strike price 15 EUR,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(111

)

 

(11,598

)

AstraZeneca Plc, strike price 24.90 GBP,
expires 6/10/09, broker Citigroup Global Markets

 

 

(25,800

)

 

(21,477

)

AstraZeneca Plc, strike price 25.50 GBP,
expires 6/02/09, broker Morgan Stanley & Co., Inc.

 

 

(38,800

)

 

(17,817

)

Banco Santander SA, strike price 5.79 EUR,
expires 6/10/09, broker UBS Securities LLC

 

 

(64,800

)

 

(133,252

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

69



 

 


 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Banco Santander SA, strike price 6.75 EUR,
expires 7/7/09, broker Goldman Sachs & Co.

 

 

(55,000

)

$

(60,720

)

Banco Santander SA, strike price 6.80 EUR,
expires 6/10/09, broker Citigroup Global Markets

 

 

(15,500

)

 

(14,368

)

Banco Santander SA, strike price 6.97 EUR,
expires 5/27/09, broker UBS Securities LLC

 

 

(52,500

)

 

(36,426

)

Banco Santander SA, strike price 7 EUR,
expires 6/17/09, broker UBS Securities LLC

 

 

(125,000

)

 

(100,771

)

Barrick Gold Corp., strike price 48 CAD,
expires 5/16/09, broker Towa International Ltd.

 

 

(310

)

 

(4,157

)

Belgacom SA, strike price 25.12 EUR,
expires 5/27/09, broker Citigroup Global Markets

 

 

(25,800

)

 

(2,612

)

Belgacom SA, strike price 25.12 EUR,
expires 6/10/09, broker Citigroup Global Markets

 

 

(25,900

)

 

(1,417

)

Bellway Plc, strike price 7.21 GBP, expires 5/27/09,
broker UBS Securities LLC

 

 

(76,500

)

 

(41,318

)

BNP Paribas, strike price 39.38 EUR, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(24,000

)

 

(108,769

)

Bombardier, Inc. - Class B, strike price 3.50 CAD,
expires 5/16/09, broker National Bank Financial

 

 

(1,800

)

 

(46,761

)

Cannon, Inc., strike price 3,074.50 JPY, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(28,000

)

 

(40,814

)

Cannon, Inc., strike price 3,233.14 JPY, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(19,700

)

 

(18,927

)

CapitaLand Ltd., strike price 2.56 SGD, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(624,000

)

 

(131,626

)

CapitaLand Ltd., strike price 2.82 SGD, expires 6/03/09,
broker Credit Suisse

 

 

(159,000

)

 

(20,159

)

Catlin Group Ltd., strike price 3.41 GBP, expires 5/7/09,
broker UBS Securities LLC

 

 

(112,500

)

 

(25,572

)

Catlin Group Ltd., strike price 3.72 GBP, expires 5/6/09,
broker Goldman Sachs & Co.

 

 

(56,100

)

 

(2,999

)

Catlin Group Ltd., strike price 3.72 GBP, expires 5/27/09,
broker Goldman Sachs & Co.

 

 

(56,100

)

 

(10,890

)

China Construction Bank Corp. - Class H, strike price
4.16 HKD, expires 5/20/09, broker Credit Suisse

 

 

(1,384,000

)

 

(71,617

)

China Construction Bank Corp. - Class H, strike price
4.91 HKD, expires 6/03/09,
broker JPMorgan Chase Securities

 

 

(1,938,000

)

 

(30,908

)

China Construction Bank Corp. - Class H, strike price
4.93 HKD, expires 6/10/09, broker Credit Suisse

 

 

(831,000

)

 

(15,641

)

China Life Insurance Co. - Class H, strike price
24.45 HKD, expires 5/12/09, broker Credit Suisse

 

 

(102,000

)

 

(38,267

)

China Life Insurance Co. - Class H, strike price 28.55 HKD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(102,000

)

 

(14,828

)

China Mobile Ltd., strike price 73.50 HKD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(200,400

)

 

(30,279

)

China Mobile Ltd., strike price 75.91 HKD,
expires 5/20/09, broker Credit Suisse

 

 

(162,000

)

 

(6,592

)

Cia Energetica de Minas Gerais - ADR, strike price
$16.12, expires 6/22/09, broker Goldman Sachs & Co.

 

 

(40,500

)

 

(20,521

)

Cia Energetica de Minas Gerais - ADR, strike price
$16.12, expires 7/01/09, broker Goldman Sachs & Co.

 

 

(40,500

)

 

(36,519

)

Cia Siderurgica Nacional SA - ADR, strike price $15,
expires 5/7/09, broker Barclays Capital, Inc.

 

 

(500

)

 

(176,000

)

Compagnie Generale Des Etablissements Michelin -
Class B, strike price 36 EUR, expires 5/15/09, broker

 

 

(115

)

 

(55,084

)

Compagnie Generale Des Etablissements Michelin -
Class B, strike price 37.14 EUR, expires 7/7/09, broker

 

 

(17,300

)

 

(109,758

)

Compagnie Generale Des Etablissements Michelin -
Class B, strike price 37.50 EUR, expires 5/15/09, broker

 

 

(9,000

)

 

(30,561

)

De La Rue Plc, strike price 10.06 GBP, expires 6/10/09,
broker UBS Securities LLC

 

 

(14,000

)

 

(3,349

)

De La Rue Plc, strike price 9.40 GBP, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(25,100

)

 

(14,809

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

De La Rue Plc, strike price 9.40 GBP, expires 7/7/09,
broker Morgan Stanley & Co., Inc.

 

 

(25,000

)

$

(18,756

)

Deutche Borse AG, strike price 45 EUR, expires 5/15/09,
broker Morgan Stanley & Co., Inc.

 

 

(45

)

 

(60,667

)

Deutche Borse AG, strike price 49.47 EUR,
expires 6/02/09, broker Citigroup Global Markets

 

 

(3,500

)

 

(30,947

)

Eagle Bulk Shipping, Inc., strike price $8.50,
expires 5/12/09, broker Jefferies & Co., Inc.

 

 

(480

)

 

(1,771

)

Eagles Bulk Shipping, Inc., strike price $9,
expires 6/25/09, broker UBS Securities LLC

 

 

(70,000

)

 

(14,532

)

EnCana Corp., strike price $48.09, expires 5/29/09,
broker Goldman Sachs & Co.

 

 

(46,100

)

 

(43,140

)

Esprit Holdings Ltd., strike price 46.66 HKD,
expires 5/20/09, broker Credit Suisse

 

 

(56,000

)

 

(23,878

)

Esprit Holdings Ltd., strike price 52.39 HKD,
expires 7/14/09, broker JPMorgan Chase Securities

 

 

(45,000

)

 

(14,241

)

ExxonMobil Corp., strike price $71, expires 5/29/09,
broker UBS Securities LLC

 

 

(65,000

)

 

(39,904

)

Fomento Economico Mexicano SAB de CV - ADR,
strike price $27.50, expires 5/21/09,
broker Barclays Capital, Inc.

 

 

(215

)

 

(32,600

)

Fomento Economico Mexicano SAB de CV - ADR,
strike price $29.58, expires 6/19/09,
broker UBS Securities LLC

 

 

(7,700

)

 

(9,947

)

Fortum Oyj, strike price 14.27 EUR, expires 6/10/09,
broker Citigroup Global Markets

 

 

(36,900

)

 

(68,303

)

Fortum Oyj, strike price 14.88 EUR, expires 6/17/09,
broker UBS Securities LLC

 

 

(57,000

)

 

(82,535

)

Foster’s Group Ltd., strike price 5.22 AUD,
expires 6/03/09, broker Citigroup Global Markets

 

 

(250,000

)

 

(34,678

)

Fred Olsen Energy ASA, strike price 198.42 NOK,
expires 6/10/09, broker Goldman Sachs & Co.

 

 

(21,200

)

 

(50,501

)

Fred Olsen Energy ASA, strike price 204.01 NOK,
expires 7/7/09, broker UBS Securities LLC

 

 

(29,000

)

 

(67,986

)

Fresenius Medical Care AG & Co. KGaA, strike price
29.66 EUR, expires 6/10/09, Broker Morgan
Stanley & Co.

 

 

(33,000

)

 

(42,977

)

Fresenius Medical Care AG & Co. KGaA, strike price
30.57 EUR, expires 6/30/09, broker Deutsche Bank

 

 

(21,500

)

 

(26,205

)

General Electric Co., strike price $13.17,
expires 7/10/09, broker UBS Securities LLC

 

 

(81,500

)

 

(75,934

)

GlaxoSmithKline Plc, strike price 10.26 GBP,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(142,200

)

 

(129,690

)

Halliburton Co., strike price $20, expires 5/6/09,
broker Jefferies & Co., Inc.

 

 

(125

)

 

(7,176

)

Halliburton Co., strike price $21, expires 5/12/09,
broker Jefferies & Co., Inc.

 

 

(100

)

 

(3,992

)

Herbalife Ltd., strike price $21.25, expires 8/21/09,
broker Goldman Sachs & Co.

 

 

(81,000

)

 

(148,846

)

Honda Motor Co. Ltd., strike price 3,083.91 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(51,700

)

 

(71,673

)

Hong Kong Exchanges and Clearing Ltd., strike price
67.64 HKD, expires 5/20/09, broker JPMorgan
Chase Securities

 

 

(74,000

)

 

(206,781

)

Hong Kong Exchanges and Clearing Ltd., strike price
87.94 HKD, expires 6/03/09,
broker Goldman Sachs & Co.

 

 

(7,200

)

 

(6,345

)

HSBC Holdings Plc, strike price 4.53 GBP, expires
6/10/09, broker Citigroup Global Markets

 

 

(79,900

)

 

(59,178

)

HSBC Holdings Plc, strike price 5.23 GBP,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(29

)

 

(4,213

)

Hudson City Bancorp, strike price $12.25,
expires 6/18/09, broker Goldman Sachs & Co.

 

 

(13,000

)

 

(11,019

)

Husky Energy, Inc., strike price 31.21 CAD,
expires 6/19/09, broker Citigroup Global Markets

 

 

(48,000

)

 

(42,200

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

70

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 

 


 

Schedule of Investments (continued)

 

BlackRock World Investment Trust (BWC)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Husky Energy, Inc., strike price 32 CAD, expires 7/18/09,
broker National Bank Financial

 

 

(45

)

$

(1,980

)

Hutchison Whampoa Ltd., strike price 48.72 HKD,
expires 7/14/09, broker Deutsche Bank

 

 

(275,000

)

 

(48,817

)

Imperial Tobacco Group Plc, strike price 16.09 GBP,
expires 6/10/09, broker UBS Securities LLC

 

 

(76,200

)

 

(48,752

)

Imperial Tobacco Group Plc, strike price 17.50 GBP,
expires 5/27/09, broker UBS Securities LLC

 

 

(93,000

)

 

(6,123

)

Industrial & Commercial Bank of China, strike price
3.83 HKD, expires 6/03/09, broker Credit Suisse

 

 

(2,000,000

)

 

(165,512

)

Industrial & Commercial Bank of China, strike price
4.42 HKD, expires 6/10/09,
broker JPMorgan Chase Securities

 

 

(2,000,000

)

 

(76,737

)

Intel Corp., strike price $15.50, expires 5/12/09,
broker Jefferies & Co., Inc.

 

 

(230

)

 

(17,071

)

Intesa Sanpaolo SpA, strike price 1.76 EUR,
expires 6/23/09, broker Citigroup Global Markets

 

 

(129,000

)

 

(12,340

)

ITOCHU Corp., strike price 477.22 JPY, expires 5/20/09,
broker Credit Suisse

 

 

(160,000

)

 

(94,347

)

ITOCHU Corp., strike price 554.27 JPY, expires 6/03/09,
broker Deutsche Bank

 

 

(145,000

)

 

(33,633

)

K&S AG, strike price 36.57 EUR, expires 5/15/09,
broker UBS Securities LLC

 

 

(18,000

)

 

(205,949

)

K&S AG, strike price 37.62 EUR, expires 5/27/09,
broker Goldman Sachs & Co.

 

 

(21,000

)

 

(211,301

)

Kerry Properties Ltd., Strike Price $15.829,
Expires 5/20/09, Broker Goldman Sachs & Co.,
strike price 15.83 HKD, expires 5/20/09

 

 

(384,000

)

 

(375,269

)

Konica Minolta Holdings, Inc., strike price 1,039.72 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(74,000

)

 

(7,687

)

Konica Minolta Holdings, Inc., strike price 880.74 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(74,500

)

 

(30,111

)

Linde AG, strike price 57.83 EUR, expires 7/7/09,
broker UBS Securities LLC

 

 

(33,700

)

 

(215,905

)

Medtronic, Inc., strike price $34, expires 6/01/09,
broker Jefferies & Co., Inc.

 

 

(105

)

 

(5,669

)

MetLife, Inc., strike price $30, expires 6/01/09,
broker Jefferies & Co., Inc.

 

 

(110

)

 

(28,191

)

Microsoft Corp., strike price $18.93, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(62,000

)

 

(89,187

)

Microsoft Corp., strike price $20, expires 6/10/09,
broker UBS Securities LLC

 

 

(24,000

)

 

(24,276

)

Nabors Industries Ltd., strike price $18.50,
expires 6/25/09, broker UBS Securities LLC

 

 

(62,000

)

 

(21,830

)

Nestle SA, strike price 39.87 CHF, expires 6/10/09,
broker Citigroup Global Markets

 

 

(90,000

)

 

(27,778

)

New World Development Ltd., strike price 7.58 HKD,
expires 5/20/09, broker Goldman Sachs & Co.

 

 

(636,000

)

 

(209,601

)

New World Development Ltd., strike price 9.47 HKD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(520,500

)

 

(75,684

)

Newmont Mining Corp., strike price $50, expires 5/13/09,
broker Credit Suisse

 

 

(17,500

)

 

(74

)

Nintendo Co. Ltd., strike price 30,228.65 JPY,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(2,400

)

 

(13,983

)

Nintendo Co. Ltd., strike price 30,490.90 JPY,
expires 5/20/09, broker Credit Suisse

 

 

(10,000

)

 

(26,376

)

Nordea Bank AB, strike price 46.46 SEK, expires 6/10/09,
broker Morgan Stanley & Co., Inc.

 

 

(137,800

)

 

(239,501

)

Novartis AG - ADR, strike price 43 CHF, expires 6/19/09,
broker Goldman Sachs & Co.

 

 

(262

)

 

(38,656

)

Occidental Petroleum Corp., strike price $63,
expires 6/19/09, broker Goldman Sachs & Co.

 

 

(52,000

)

 

(53,919

)

OMV AG, strike price 26.45 EUR, expires 6/10/09,
broker Goldman Sachs & Co.

 

 

(24,200

)

 

(25,132

)

Orkla ASA, strike price 47.41 NOK, expires 6/02/09,
broker UBS Securities LLC

 

 

(71,500

)

 

(28,160

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Orkla ASA, strike price 47.58 NOK, expires 6/10/09,
broker UBS Securities LLC

 

 

(80,000

)

$

(33,821

)

Paramalat SpA, strike price 1.50 EUR, expires 5/7/09,
broker UBS Securities LLC

 

 

(369,000

)

 

(10,384

)

Paramalat SpA, strike price 1.58, expires 6/10/09,
broker UBS Securities LLC

 

 

(398,500

)

 

(11,401

)

Partner Communications - ADR, strike price $18.81,
expires 7/17/09, broker UBS Securities LLC

 

 

(130,000

)

 

(41,574

)

Persimmon Plc, strike price 3.60 GBP, expires 5/27/09,
broker JPMorgan Chase Securities

 

 

(153,000

)

 

(86,212

)

PPR, strike price 59.77 EUR, expires 7/7/09,
broker Morgan Stanley & Co., Inc.

 

 

(7,000

)

 

(38,784

)

PPR, strike price 60 EUR, expires 5/15/09,
broker Goldman Sachs & Co.

 

 

(63

)

 

(7,414

)

Qwest Communications International, Inc., strike price
$3.58, expires 5/12/09, broker Goldman Sachs & Co.

 

 

(834,000

)

 

(397,067

)

RenaissanceRe Holdings Ltd., strike price $53.50,
expires 5/21/09, broker Barclays Capital, Inc.

 

 

(180

)

 

(7,567

)

Royal Bank of Canada, strike price 44 CAD,
expires 6/20/09, broker National Bank Financial

 

 

(175

)

 

(22,731

)

Samsung Electronics Co. Ltd., strike price 524,038.92 KRW,
expires 5/20/09, broker Goldman Sachs & Co.

 

 

(3,700

)

 

(203,618

)

Samsung Electronics Co. Ltd., strike price 614,250 KRW,
expires 5/20/09, broker Credit Suisse

 

 

(1,300

)

 

(13,537

)

Samsung Securities Co. Ltd., strike price 65,645.95 KRW,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(17,000

)

 

(48,175

)

Sanofi-Aventis SA, strike price 43.55 EUR,
expires 6/23/09, broker Morgan Stanley & Co., Inc.

 

 

(26,900

)

 

(75,059

)

Singapore Airlines Ltd., strike price 10.32 SGD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(136,000

)

 

(53,896

)

Singapore Airlines Ltd., strike price 10.93 SGD,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(140,000

)

 

(28,623

)

Singapore Telecommunications Ltd., strike price 2.54 SGD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(160,000

)

 

(11,338

)

Singapore Telecommunications Ltd., strike price 2.63 SGD,
expires 6/03/09, broker Goldman Sachs & Co.

 

 

(1,149,000

)

 

(51,468

)

Standard Chartered Plc, strike price 10.70 GBP,
expires 7/7/09, broker Morgan Stanley & Co., Inc.

 

 

(23,200

)

 

(39,281

)

Standard Chartered Plc, strike price 9.32 GBP,
expires 6/02/09, broker Deutsche Bank

 

 

(35,800

)

 

(91,728

)

Sumitomo Corp., strike price 856.90 JPY,
expires 5/12/09, broker Deutsche Bank

 

 

(99,200

)

 

(31,066

)

Sumitomo Corp., strike price 986.35 JPY,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(99,100

)

 

(11,856

)

Syngenta AG, strike price 250.36 CHF, expires 7/7/09,
broker Deutsche Bank

 

 

(9,100

)

 

(100,936

)

T&D Holdings, Inc., strike price 2,570.25 JPY,
expires 5/12/09, broker Deutsche Bank

 

 

(6,000

)

 

(26,098

)

T&D Holdings, Inc., strike price 2,926.44 JPY,
expires 6/03/09, broker UBS Securities LLC

 

 

(6,000

)

 

(19,662

)

Target Corp., strike price $43.50, expires 6/16/09,
broker UBS Securities LLC

 

 

(350

)

 

(67,514

)

Technip SA, strike price 29.24 EUR, expires 5/7/09,
broker UBS Securities LLC

 

 

(41,000

)

 

(182,369

)

Texas Instruments, Inc., strike price $18,
expires 5/22/09, broker Jefferies & Co., Inc.

 

 

(360

)

 

(27,324

)

ThyssenKrupp AG, strike price 15.06 EUR, expires 5/7/09,
broker Deutsche Bank

 

 

(36,700

)

 

(63,108

)

Total SA, strike price 37.59 EUR, expires 5/27/09,
broker Citigroup Global Markets

 

 

(49,000

)

 

(97,286

)

Total SA, strike price 40 EUR, expires 6/23/09,
broker JPMorgan Chase Securities

 

 

(24,800

)

 

(30,490

)

Toyota Motor Corp., strike price 3,827 JPY,
expires 6/03/09, broker JPMorgan Chase Securities

 

 

(81,300

)

 

(206,073

)

Ultra Petroleum Corp., strike price $42.50,
expires 6/18/09, broker Morgan Stanley & Co., Inc.

 

 

(7,000

)

 

(20,781

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

71



 

 

 


 

Schedule of Investments (concluded)

 

BlackRock World Investment Trust (BWC)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Unilever Plc, strike price 13.26 GBP, expires 6/10/09,
broker UBS Securities LLC

 

 

(69,500

)

$

(39,113

)

Unilever Plc, strike price 13.34 GBP, expires 6/23/09,
broker UBS Securities LLC

 

 

(58,000

)

 

(36,843

)

United Overseas Bank, strike price 11.32 SGD,
expires 6/03/09, broker Credit Suisse

 

 

(226,000

)

 

(105,450

)

United Overseas Bank, strike price 11.59 SGD,
expires 6/03/09, broker Credit Suisse

 

 

(45,000

)

 

(17,446

)

Usinas Siderurgicas de Minas Gerais SA,
strike price $35.41, expires 6/17/09,
broker Goldman Sachs & Co.

 

 

(59,000

)

 

(38,934

)

Vivendi, strike price 20.79 EUR, expires 6/23/09,
broker JPMorgan Chase Securities

 

 

(62,000

)

 

(27,884

)

Wal-Mart Stores, Inc., strike price $53.25,
expires 5/15/09, broker Goldman Sachs & Co.

 

 

(16,000

)

 

(5,010

)

Wartsila Oyj - B Shares, strike price 24.72 EUR,
expires 6/30/09, broker UBS Securities LLC

 

 

(43,300

)

 

(152,423

)

Woodside Petroleum Ltd., strike price 38.51 AUD,
expires 5/20/09, broker JPMorgan Chase Securities

 

 

(24,200

)

 

(15,697

)

Yara International ASA, strike price 167.42 NOK,
expires 5/27/09, broker Deutsche Bank

 

 

(55,000

)

 

(111,985

)

Yara International ASA, strike price 186.01 NOK,
expires 6/30/09, broker UBS Securities LLC

 

 

(42,000

)

 

(56,360

)

Zurich Financial Services AG, strike price 195.31 CHF,
expires 6/10/09, broker Citigroup Global Markets

 

 

(1,700

)

 

(34,578

)

Zurich Financial Services AG, strike price 207.23 CHF,
expires 7/7/09, broker Citigroup Global Markets

 

 

(1,400

)

 

(22,830

)

           

Total Over-the-Counter Call Options Written—(1.8)%

 

 

 

 

 

(9,204,546

)

           

Over-the-Counter Put Options Written—(0.1)%

 

 

 

 

 

 

 

Nabors Industries Ltd., strike price $13, expires 6/25/09,
broker UBS Securities LLC

 

 

(103,000

)

 

(57,371

)

OMV AG, strike price 24.92 EUR, expires 5/14/09,
broker Goldman Sachs & Co.

 

 

(66,000

)

 

(182,206

)

Usinas Siderurgicas de Minas Gerais SA,
strike price $33.35, expires 5/19/09,
broker Goldman Sachs & Co.

 

 

(98,000

)

 

(103,400

)

Woodside Petroleum Ltd., strike price 35.52 AUD,
expires 5/20/09, broker JPMorgan Chase Securities

 

 

(40,300

)

 

(6,706

)

Xstrata Plc, strike price 5.45 GBP, expires 6/19/09,
broker UBS Securities LLC

 

 

(365,000

)

 

(241,796

)

           

Total Over-the-Counter Put Options Written

 

 

 

 

 

(591,479

)

           

Total Options Written
(Premiums Received $14,029,617)—(3.5)%

 

 

 

 

 

(18,353,581

)

           

Total Investments Net of Outstanding Options Written—95.3%

 

 

 

 

 

490,806,323

 

Other Assets in Excess of Liabilities—4.7%

 

 

 

 

 

24,401,233

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

515,207,556

 

 

 

 

 

 

     

 

 

   

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

627,280,047

 

 

 

     

Gross unrealized appreciation

 

$

15,748,557

 

Gross unrealized depreciation

 

 

(133,868,700

)

 

 

     

Net unrealized depreciation

 

$

(118,120,143

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

Represents the 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

 

Income

 

           

BlackRock Liquidity Funds, TempFund

 

 

25,295,154

 

$

165,015

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

(2,015,550

)

$

75,647

 

           

 

 

(f)

Security purchased with the cash proceeds from securities loans.

(g)

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

 

Foreign currency exchange contracts as of April 30, 2009 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                     

HKD

 

 

18,679,000

 

 

USD

 

 

2,410,225

 

 

UBS Securities LLC

 

 

5/05/09

 

$

56

 

JPY

 

 

62,656,000

 

 

USD

 

 

634,952

 

 

Citigroup Global Markets

 

 

5/08/09

 

 

451

 

NOK

 

 

13,464,000

 

 

USD

 

 

2,055,490

 

 

Citigroup Global Markets

 

 

5/06/09

 

 

(5,226

)

NOK

 

 

2,992,000

 

 

USD

 

 

454,313

 

 

Citigroup Global Markets

 

 

5/06/09

 

 

1,301

 

SEK

 

 

12,301,000

 

 

USD

 

 

1,530,699

 

 

Citigroup Global Markets

 

 

5/06/09

 

 

(1,557

)

USD

 

 

120,355

 

 

CHF

 

 

137,000

 

 

Citigroup Global Markets

 

 

5/04/09

 

 

314

 

USD

 

 

81,586

 

 

CHF

 

 

93,000

 

 

Citigroup Global Markets

 

 

5/05/09

 

 

98

 

USD

 

 

209,429

 

 

EUR

 

 

158,000

 

 

Citigroup Global Markets

 

 

5/04/09

 

 

382

 

USD

 

 

21,181

 

 

EUR

 

 

16,000

 

 

Citigroup Global Markets

 

 

5/04/09

 

 

11

 

USD

 

 

275,862

 

 

GBP

 

 

187,000

 

 

Citigroup Global Markets

 

 

5/05/09

 

 

(775

)

USD

 

 

890,301

 

 

SGD

 

 

1,333,000

 

 

Deutsche Bank Securities

 

 

5/04/09

 

 

(10,059

)

USD

 

 

365,574

 

 

SGD

 

 

543,000

 

 

Citigroup Global Markets

 

 

5/05/09

 

 

(1,188

)

                     

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(16,192

)

                     

 

 

 

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

           

Valuation
Inputs

 

Investments in
Securities

 

Other Financial Instruments**

 

           

 

 

Assets

 

Assets

 

Liabilities

 

 

             

Level 1

 

$

340,585,978

 

 

 

$

(8,557,556

)

Level 2

 

 

168,573,926

 

$

2,613

 

 

(9,814,830

)

Level 3

 

 

 

 

 

 

 

                     

Total

 

$

509,159,904

 

$

2,613

 

$

(18,372,386

)

 

             

 

 

 **

Other financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at market value.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

72

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



[This Page Intentionally Left Blank]


 


 

Statements of Assets and Liabilities


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2009

 

BlackRock
Dividend
Achievers™
Trust (BDV)

 

BlackRock
Enhanced
Dividend
Achievers™
Trust (BDJ)

 

BlackRock
Strategic
Dividend
Achievers™
Trust (BDT)

 

BlackRock
EcoSolutions
Investment
Trust (BQR)

 

BlackRock
Energy and
Resources
Trust (BGR)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value - unaffiliated1,2

 

$

437,670,935

 

$

519,601,053

 

$

237,973,430

 

$

114,893,768

 

$

535,547,432

 

Investments at value - affiliated3

 

 

8,918,424

 

 

21,699,473

 

 

6,752,474

 

 

4,858,252

 

 

23,083,307

 

Cash

 

 

 

 

 

 

41,580

 

 

 

 

 

Cash collateral pledged for options written contracts

 

 

 

 

 

 

 

 

 

 

 

Foreign currency at value4

 

 

 

 

 

 

 

 

10,163

 

 

7,915

 

Investments sold receivable

 

 

548,896

 

 

706,312

 

 

21,875

 

 

819,135

 

 

5,378,402

 

Unrealized appreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

 

 

12

 

Dividend and interest receivable

 

 

994,054

 

 

1,153,662

 

 

411,393

 

 

359,126

 

 

1,025,162

 

Securities lending income receivable - affiliated

 

 

 

 

6,414

 

 

 

 

3,783

 

 

2,931

 

Other assets

 

 

178,521

 

 

105,060

 

 

75,545

 

 

3,051

 

 

201,403

 

 

 

                             

 

 

 

448,310,830

 

 

543,271,974

 

 

245,276,297

 

 

120,947,278

 

 

565,246,564

 

 

 

                             

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral at value - securities loaned

 

 

 

 

4,375,000

 

 

 

 

1,200,500

 

 

3,567,600

 

Investments purchased payable

 

 

4,140

 

 

1,500

 

 

1,200

 

 

284,046

 

 

88,762

 

Options written at value5

 

 

4,049,244

 

 

11,277,733

 

 

2,998,985

 

 

3,744,476

 

 

5,880,160

 

Foreign currency at value4

 

 

 

 

 

 

 

 

 

 

 

Unrealized depreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

 

 

 

Investment advisory fees payable

 

 

233,783

 

 

426,467

 

 

145,390

 

 

108,318

 

 

523,198

 

Officer’s and Trustees’ fees payable

 

 

88,284

 

 

73,751

 

 

31,133

 

 

 

 

89,158

 

Licensing fee payable

 

 

35,605

 

 

42,226

 

 

19,207

 

 

 

 

 

Other liabilities

 

 

 

 

 

 

 

 

21,562

 

 

372,869

 

Other accrued expenses payable

 

 

356,923

 

 

404,040

 

 

280,180

 

 

78,956

 

 

262,801

 

 

 

                             

 

 

 

4,767,979

 

 

16,600,717

 

 

3,476,095

 

 

5,437,858

 

 

10,784,548

 

 

 

                             

Net Assets

 

$

443,542,851

 

$

526,671,257

 

$

241,800,202

 

$

115,509,420

 

$

554,462,016

 

 

 

                             

 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid-in capital

 

$

715,088,527

 

$

956,629,667

 

$

359,794,833

 

$

224,629,644

 

$

709,364,816

 

Distributions in excess of net investment income

 

 

(7,652,226

)

 

(31,488,444

)

 

(3,256,220

)

 

(8,951,059

)

 

(12,783,850

)

Accumulated net realized gain (loss)

 

 

(183,768,362

)

 

(236,634,775

)

 

(26,997,621

)

 

(11,052,640

)

 

9,051,846

 

Net unrealized appreciation/depreciation

 

 

(80,125,088

)

 

(161,835,191

)

 

(87,740,790

)

 

(89,116,525

)

 

(151,170,796

)

 

 

                             

Net Assets

 

$

443,542,851

 

$

526,671,257

 

$

241,800,202

 

$

115,509,420

 

$

554,462,016

 

 

 

                             

Net asset value6

 

$

8.14

 

$

7.55

 

$

8.99

 

$

9.78

 

$

18.63

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

516,773,099

 

$

680,153,523

 

$

324,511,301

 

$

202,049,574

 

$

688,139,823

 

2 Securities on loan at value

 

$

 

$

4,084,500

 

$

 

$

1,175,420

 

$

3,563,636

 

3 Investments at cost - affiliated

 

$

8,918,424

 

$

21,699,473

 

$

6,752,474

 

$

4,858,252

 

$

23,083,307

 

4 Foreign currency at cost

 

$

 

$

 

$

 

$

10,068

 

$

7,926

 

5 Premiums received

 

$

3,026,320

 

$

9,995,012

 

$

1,796,066

 

$

1,806,016

 

$

7,293,829

 

6 Shares outstanding, unlimited number of shares authorized, $0.001 par value

 

 

54,518,315

 

 

69,778,138

 

 

26,908,028

 

 

11,812,573

 

 

29,766,217

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

74

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2009

 

BlackRock
Global Equity
Income
Trust (BFD)

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

BlackRock
S&P Quality
Rankings
Global Equity
Managed
Trust (BQY)

 

BlackRock
World
Investment
Trust (BWC)

 

                                             

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value - unaffiliated1,2

 

$

385,194,204

 

$

197,134,503

 

$

157,868,534

 

$

950,426,309

 

$

500,186,462

 

$

64,900,288

 

$

483,000,900

 

Investments at value - affiliated3

 

 

24,786,437

 

 

10,090,076

 

 

7,687,235

 

 

23,098,357

 

 

25,952,725

 

 

2,749,855

 

 

26,159,004

 

Cash

 

 

23,546,149

 

 

11,814,300

 

 

4,047,225

 

 

63,892,287

 

 

13,406,624

 

 

11,400

 

 

31,085,375

 

Cash collateral pledged for options written contracts

 

 

 

 

 

 

 

 

10,000,000

 

 

 

 

 

 

 

Foreign currency at value4

 

 

406,332

 

 

113,983

 

 

81,261

 

 

17,719,604

 

 

 

 

81,218

 

 

243,965

 

Investments sold receivable

 

 

2,661,438

 

 

1,327,719

 

 

4,505,755

 

 

6,602,367

 

 

1,506,470

 

 

79,531

 

 

3,427,757

 

Unrealized appreciation on foreign currency exchange contracts

 

 

1,595

 

 

974

 

 

225

 

 

4,166

 

 

 

 

37

 

 

2,613

 

Dividend and interest receivable

 

 

1,932,735

 

 

630,440

 

 

234,184

 

 

6,892,348

 

 

972,784

 

 

241,058

 

 

1,734,169

 

Securities lending income receivable - affiliated

 

 

 

 

1,089

 

 

16

 

 

261

 

 

400

 

 

 

 

2,372

 

Other assets

 

 

53,843

 

 

133,747

 

 

19,063

 

 

160,667

 

 

781,177

 

 

8,776

 

 

790,604

 

 

 

                                         

 

 

 

438,582,733

 

 

221,246,831

 

 

174,443,498

 

 

1,078,796,366

 

 

542,806,642

 

 

68,072,163

 

 

546,446,759

 

 

 

                                         

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral at value - securities loaned

 

 

 

 

 

 

64,500

 

 

 

 

2,932,500

 

 

 

 

863,850

 

Investments purchased payable

 

 

9,085,463

 

 

4,518,546

 

 

5,554,692

 

 

14,499,696

 

 

691,629

 

 

45,101

 

 

11,125,029

 

Options written at value5

 

 

11,769,846

 

 

7,052,618

 

 

1,438,683

 

 

37,437,671

 

 

11,531,617

 

 

490,047

 

 

18,353,581

 

Foreign currency at value4

 

 

 

 

 

 

 

 

 

 

205,558

 

 

 

 

 

Unrealized depreciation on foreign currency exchange contracts

 

 

15,128

 

 

7,498

 

 

38

 

 

46,569

 

 

 

 

 

 

18,805

 

Investment advisory fees payable

 

 

334,817

 

 

167,827

 

 

136,196

 

 

820,031

 

 

495,246

 

 

40,730

 

 

412,954

 

Officer’s and Trustees’ fees payable

 

 

43,032

 

 

20,391

 

 

9,231

 

 

106,180

 

 

67,927

 

 

7,509

 

 

62,982

 

Licensing fee payable

 

 

 

 

 

 

 

 

5,911

 

 

 

 

8,146

 

 

 

Other liabilities

 

 

 

 

 

 

161,605

 

 

13,418

 

 

 

 

 

 

 

Other accrued expenses payable

 

 

272,264

 

 

247,793

 

 

104,585

 

 

362,366

 

 

251,910

 

 

86,010

 

 

402,002

 

 

 

                                         

 

 

 

21,520,550

 

 

12,014,673

 

 

7,469,530

 

 

53,291,842

 

 

16,176,387

 

 

677,543

 

 

31,239,203

 

 

 

                                         

Net Assets

 

$

417,062,183

 

$

209,232,158

 

$

166,973,968

 

$

1,025,504,524

 

$

526,630,255

 

$

67,394,620

 

$

515,207,556

 

 

 

                                         

 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid-in capital

 

$

764,272,677

 

$

301,565,206

 

$

181,156,741

 

$

1,976,810,677

 

$

811,072,654

 

$

83,390,386

 

$

746,538,931

 

Distributions in excess of net investment income

 

 

(36,800,503

)

 

(11,803,218

)

 

(6,643,033

)

 

(80,005,419

)

 

(26,847,600

)

 

(976,402

)

 

(28,744,983

)

Accumulated net realized gain (loss)

 

 

(289,073,887

)

 

(34,848,861

)

 

944,449

 

 

(368,206,208

)

 

(17,453,858

)

 

(1,719,958

)

 

(82,303,530

)

Net unrealized appreciation/depreciation

 

 

(21,336,104

)

 

(45,680,969

)

 

(8,484,189

)

 

(503,094,526

)

 

(240,140,941

)

 

(13,299,406

)

 

(120,282,862

)

 

 

                                         

Net Assets

 

$

417,062,183

 

$

209,232,158

 

$

166,973,968

 

$

1,025,504,524

 

$

526,630,255

 

$

67,394,620

 

$

515,207,556

 

 

 

                                         

Net asset value6

 

$

9.27

 

$

16.56

 

$

21.99

 

$

9.65

 

$

9.29

 

$

11.17

 

$

9.88

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

405,914,732

 

$

241,278,469

 

$

166,568,784

 

$

1,442,813,998

 

$

737,752,949

 

$

78,140,465

 

$

598,965,018

 

2 Securities on loan at value

 

$

 

$

 

$

57,990

 

$

 

$

2,619,700

 

$

 

$

866,508

 

3 Investments at cost - affiliated

 

$

24,786,437

 

$

10,090,076

 

$

7,687,235

 

$

23,098,357

 

$

25,952,725

 

$

2,749,855

 

$

26,159,004

 

4 Foreign currency at cost

 

$

405,875

 

$

114,825

 

$

80,707

 

$

17,401,425

 

$

(203,656

)

$

81,059

 

$

244,356

 

5 Premiums received

 

$

11,220,346

 

$

5,516,772

 

$

1,657,048

 

$

26,601,695

 

$

8,946,975

 

$

424,661

 

$

14,029,617

 

6 Shares outstanding, unlimited number of shares authorized, $0.001 par value

 

 

44,995,192

 

 

12,634,026

 

 

7,591,500

 

 

106,306,178

 

 

56,708,028

 

 

6,033,028

 

 

52,162,868

 


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

75



 


 

Statements of Operations


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period Ended April 30, 2009

 

BlackRock
Dividend
Achievers™
Trust (BDV)

 

BlackRock
Enhanced
Dividend
Achievers™
Trust (BDJ)

 

BlackRock
Strategic
Dividend
Achievers™
Trust (BDT)

 

BlackRock
EcoSolutions
Investment
Trust (BQR)

 

BlackRock
Energy and
Resources
Trust (BGR)

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

11,864,296

 

$

13,965,670

 

$

6,084,191

 

$

1,105,725

 

$

5,877,898

 

Income - affiliated

 

 

77,644

 

 

211,601

 

 

34,686

 

 

69,471

 

 

140,584

 

Securities lending income - affiliated

 

 

 

 

33,421

 

 

 

 

16,607

 

 

79,743

 

Foreign taxes withheld

 

 

 

 

 

 

 

 

(61,104

)

 

(301,385

)

 

 

                             

Total income

 

 

11,941,940

 

 

14,210,692

 

 

6,118,877

 

 

1,130,699

 

 

5,796,840

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

1,501,530

 

 

2,772,581

 

 

900,831

 

 

651,548

 

 

3,050,683

 

License

 

 

231,005

 

 

277,258

 

 

120,111

 

 

 

 

 

Printing

 

 

81,633

 

 

93,251

 

 

37,751

 

 

25,931

 

 

89,765

 

Professional

 

 

49,170

 

 

56,628

 

 

37,794

 

 

34,631

 

 

61,398

 

Custodian

 

 

36,289

 

 

44,398

 

 

31,734

 

 

52,028

 

 

61,035

 

Officer and Trustees

 

 

30,150

 

 

37,049

 

 

19,286

 

 

9,202

 

 

35,324

 

Insurance

 

 

19,866

 

 

23,446

 

 

9,964

 

 

4,705

 

 

23,292

 

Transfer agent

 

 

5,042

 

 

5,233

 

 

4,981

 

 

4,966

 

 

4,886

 

Registration

 

 

3,266

 

 

11,089

 

 

333

 

 

8,983

 

 

454

 

Miscellaneous

 

 

2,454

 

 

8,293

 

 

2,453

 

 

15,645

 

 

8,775

 

 

 

                             

Total expenses

 

 

1,960,405

 

 

3,329,226

 

 

1,165,238

 

 

807,639

 

 

3,335,612

 

 

 

                             

Less fees waived by advisor

 

 

 

 

 

 

 

 

 

 

(508,447

)

 

 

                             

Total expenses after fees waived

 

 

1,960,405

 

 

3,329,226

 

 

1,165,238

 

 

807,639

 

 

2,827,165

 

 

 

                             

Net investment income

 

 

9,981,535

 

 

10,881,466

 

 

4,953,639

 

 

323,060

 

 

2,969,675

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(134,554,043

)

 

(209,329,626

)

 

(19,238,058

)

 

(14,651,986

)

 

(21,954,290

)

Foreign currency

 

 

 

 

 

 

 

 

35,669

 

 

(24,017

)

Futures

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

3,570,961

 

 

27,282,793

 

 

1,876,958

 

 

2,638,501

 

 

36,184,629

 

Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

 

 

 

(130,983,082

)

 

(182,046,833

)

 

(17,361,100

)

 

(11,977,816

)

 

14,206,322

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

20,255,722

 

 

77,466,280

 

 

(22,985,305

)

 

18,716,267

 

 

(28,819,414

)

Foreign currency

 

 

 

 

 

 

 

 

5,799

 

 

4,334

 

Futures

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

(1,022,924

)

 

(5,946,753

)

 

(1,202,919

)

 

(2,975,543

)

 

(26,267,611

)

Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

 

 

 

19,232,798

 

 

71,519,527

 

 

(24,188,224

)

 

15,746,523

 

 

(55,082,691

)

 

 

                             

Total realized and unrealized gain (loss)

 

 

(111,750,284

)

 

(110,527,306

)

 

(41,549,324

)

 

3,768,707

 

 

(40,876,369

)

 

 

                             

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

(101,768,749

)

$

(99,645,840

)

$

(36,595,685

)

$

4,091,767

 

$

(37,906,694

)

 

 

                             

 

 

1

Net of $(34,502) and $(84,994) foreign capital gain tax for BlackRock Global Opportunities Equity Trust (BOE) and BlackRock World Investment Trust (BWC), respectively.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

76

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period Ended April 30, 2009

 

BlackRock
Global Equity
Income
Trust (BFD)

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

BlackRock
S&P Quality
Rankings
Global Equity
Managed
Trust (BQY)

 

BlackRock
World
Investment
Trust (BWC)

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

8,519,737

 

$

3,876,499

 

$

1,173,517

 

$

22,894,889

 

$

5,039,125

 

$

1,808,759

 

$

8,707,815

 

Income - affiliated

 

 

170,599

 

 

66,759

 

 

91,601

 

 

323,978

 

 

147,572

 

 

4,504

 

 

165,015

 

Securities lending income - affiliated

 

 

 

 

18,974

 

 

4,590

 

 

3,203

 

 

1,393

 

 

 

 

75,647

 

Foreign taxes withheld

 

 

(395,461

)

 

(190,075

)

 

(54,827

)

 

(1,786,049

)

 

(68,134

)

 

(79,170

)

 

(473,330

)

 

 

                                         

Total income

 

 

8,294,875

 

 

3,772,157

 

 

1,214,881

 

 

21,436,021

 

 

5,119,956

 

 

1,734,093

 

 

8,475,147

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

2,057,840

 

 

1,002,379

 

 

837,679

 

 

5,038,939

 

 

2,751,942

 

 

245,333

 

 

2,496,459

 

License

 

 

 

 

 

 

 

 

1,524

 

 

 

 

49,066

 

 

 

Printing

 

 

73,446

 

 

35,326

 

 

24,082

 

 

152,375

 

 

91,030

 

 

12,534

 

 

85,685

 

Professional

 

 

53,380

 

 

40,174

 

 

33,909

 

 

91,583

 

 

54,456

 

 

27,412

 

 

57,961

 

Custodian

 

 

86,376

 

 

65,912

 

 

42,432

 

 

204,506

 

 

91,552

 

 

28,509

 

 

76,585

 

Officer and Trustees

 

 

26,819

 

 

18,721

 

 

11,670

 

 

64,059

 

 

32,327

 

 

5,239

 

 

31,672

 

Insurance

 

 

18,246

 

 

8,420

 

 

6,027

 

 

42,834

 

 

21,867

 

 

2,748

 

 

20,804

 

Transfer agent

 

 

4,861

 

 

4,861

 

 

4,871

 

 

5,010

 

 

4,968

 

 

4,864

 

 

4,980

 

Registration

 

 

4,999

 

 

334

 

 

4,290

 

 

8,105

 

 

1,940

 

 

997

 

 

3,535

 

Miscellaneous

 

 

9,725

 

 

49,570

 

 

4,484

 

 

25,275

 

 

14,684

 

 

2,576

 

 

100,062

 

 

 

                                         

Total expenses

 

 

2,335,692

 

 

1,225,697

 

 

969,444

 

 

5,634,210

 

 

3,064,766

 

 

379,278

 

 

2,877,743

 

 

 

                                         

Less fees waived by advisor

 

 

 

 

 

 

 

 

 

 

(458,657

)

 

 

 

 

 

 

                                         

Total expenses after fees waived

 

 

2,335,692

 

 

1,225,697

 

 

969,444

 

 

5,634,210

 

 

2,606,109

 

 

379,278

 

 

2,877,743

 

 

 

                                         

Net investment income

 

 

5,959,183

 

 

2,546,460

 

 

245,437

 

 

15,801,811

 

 

2,513,847

 

 

1,354,815

 

 

5,597,404

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(227,712,066

)

 

(50,510,892

)

 

(7,948,628

)

 

(428,321,050

)

 

(42,793,884

)

 

(1,665,293

)

 

(121,089,968

)

Foreign currency

 

 

(1,620,845

)

 

(16,427

)

 

(7,833

)

 

484,883

 

 

(57,199

)

 

33,402

 

 

(71,314

)

Futures

 

 

(10,002,169

)

 

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

19,703,635

 

 

17,176,256

 

 

6,575,308

 

 

62,033,301

 

 

28,141,176

 

 

342,276

 

 

42,244,916

 

Swaps

 

 

 

 

 

 

 

 

(349,939

)

 

 

 

 

 

 

 

 

                                         

 

 

 

(219,631,445

)

 

(33,351,063

)

 

(1,381,153

)

 

(366,152,805

)

 

(14,709,907

)

 

(1,289,615

)

 

(78,916,366

)

 

 

                                         

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

184,398,661

 

 

34,765,840

1

 

(3,017,181

)

 

377,520,822

 

 

54,321,968

 

 

(4,835,255

)

 

83,934,473

1

Foreign currency

 

 

1,158,361

 

 

(7,588

)

 

(12,499

)

 

339,628

 

 

244

 

 

2,258

 

 

1,046

 

Futures

 

 

4,527,836

 

 

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

2,989,836

 

 

(8,184,856

)

 

(1,366,470

)

 

(12,823,011

)

 

(19,926,839

)

 

(65,386

)

 

(20,168,315

)

Swaps

 

 

 

 

 

 

 

 

1,061,948

 

 

 

 

 

 

 

 

 

                                         

 

 

 

193,074,694

 

 

26,573,396

 

 

(4,396,150

)

 

366,099,387

 

 

34,395,373

 

 

(4,898,383

)

 

63,767,204

 

 

 

                                         

Total realized and unrealized gain (loss)

 

 

(26,556,751

)

 

(6,777,667

)

 

(5,777,303

)

 

(53,418

)

 

19,685,466

 

 

(6,187,998

)

 

(15,149,162

)

 

 

                                         

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

(20,597,568

)

$

(4,231,207

)

$

(5,531,866

)

$

15,748,393

 

$

22,199,313

 

$

(4,833,183

)

$

(9,551,758

)

 

 

                                         

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

77



 


 

Statements of Changes in Net Assets


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Dividend Achievers™
Trust (BDV)

 

 

BlackRock
Enhanced Dividend
Achievers™ Trust (BDJ)

 

 

 

   

 

   

Net Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Year Ended
October 31, 2008

 

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Year Ended
October 31, 2008

 

Operations

Net investment income

 

$

9,981,535

 

$

24,232,203

 

 

$

10,881,466

 

$

26,271,376

 

Net realized gain (loss)

 

 

(130,983,082

)

 

(54,852,838

)

 

 

(182,046,833

)

 

(46,984,333

)

Net change in unrealized appreciation/depreciation

 

 

19,232,798

 

 

(201,915,360

)

 

 

71,519,527

 

 

(215,885,148

)

 

 

           

 

           

Net increase (decrease) in net assets resulting from operations

 

 

(101,768,749

)

 

(232,535,995

)

 

 

(99,645,840

)

 

(236,598,105

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

Net investment income

 

 

(17,718,452

)

 

(23,269,463

)

 

 

(42,651,887

)

 

(36,568,327

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

Tax return of capital

 

 

 

 

(25,797,022

)

 

 

 

 

(41,626,799

)

 

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(17,718,452

)

 

(49,066,485

)

 

 

(42,651,887

)

 

(78,195,126

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

Reinvestment of dividends

 

 

 

 

 

 

 

 

 

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

Total decrease in net assets

 

 

(119,487,201

)

 

(281,602,480

)

 

 

(142,297,727

)

 

(314,793,231

)

Beginning of period

 

 

563,030,052

 

 

844,632,532

 

 

 

668,968,984

 

 

983,762,215

 

 

 

           

 

           

End of period

 

$

443,542,851

 

$

563,030,052

 

 

$

526,671,257

 

$

668,968,984

 

 

 

           

 

           

End of period undistributed (distributions in excess of) net investment income

 

$

(7,652,226

)

$

84,691

 

 

$

(31,488,444

)

$

281,977

 

 

 

           

 

           

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

78

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Strategic Dividend
Achievers™ Trust (BDT)

 

BlackRock
EcoSolutions
Investment Trust (BQR)

 

 

 

 

 

   

Net Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Period Ended
October 31, 2008

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Year Ended
October 31, 2008

 

Operations

Net investment income

 

$

4,953,639

 

 

$

12,034,545

 

 

$

323,060

 

 

$

818,561

 

Net realized gain (loss)

 

 

(17,361,100

)

 

 

(11,706,289

)

 

 

(11,977,816

)

 

 

18,966,066

 

Net change in unrealized appreciation/depreciation

 

 

(24,188,224

)

 

 

(98,616,276

)

 

 

15,746,523

 

 

 

(119,422,702

)

 

 

             

 

             

Net increase (decrease) in net assets resulting from operations

 

 

(36,595,685

)

 

 

(98,288,020

)

 

 

4,091,767

 

 

 

(99,638,075

)

 

 

             

 

             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

Net investment income

 

 

(8,745,109

)

 

 

(10,691,257

)

 

 

(9,405,571

)

 

 

(197,349

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

 

(18,613,793

)

Tax return of capital

 

 

 

 

 

(13,525,968

)

 

 

 

 

 

 

 

 

             

 

             

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(8,745,109

)

 

 

(24,217,225

)

 

 

(9,405,571

)

 

 

(18,811,142

)

 

 

             

 

             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

Reinvestment of dividends

 

 

 

 

 

 

 

 

541,632

 

 

 

 

 

 

             

 

             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

Total decrease in net assets

 

 

(45,340,794

)

 

 

(122,505,245

)

 

 

(4,772,172

)

 

 

(118,449,217

)

Beginning of period

 

 

287,140,996

 

 

 

409,646,241

 

 

 

120,281,592

 

 

 

238,730,809

 

 

 

             

 

             

End of period

 

$

241,800,202

 

 

$

287,140,996

 

 

$

115,509,420

 

 

$

120,281,592

 

 

 

             

 

             

End of period undistributed (distributions in excess of) net investment income

 

$

(3,256,220

)

 

$

535,250

 

 

$

(8,951,059

)

 

$

131,452

 

 

 

             

 

             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Energy and
Resources Trust (BGR)

 

 

BlackRock
Global Equity
Income Trust (BFD)

 

 

 

   

 

   

Net Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Year Ended
October 31, 2008

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Year Ended
October 31, 2008

 

Operations

Net investment income

 

$

2,969,675

 

 

$

14,442,007

 

 

$

5,959,183

 

 

$

19,038,174

 

Net realized gain (loss)

 

 

14,206,322

 

 

 

43,477,431

 

 

 

(219,631,445

)

 

 

(69,240,742

)

Net change in unrealized appreciation/depreciation

 

 

(55,082,691

)

 

 

(458,340,416

)

 

 

193,074,694

 

 

 

(268,111,010

)

 

 

             

 

             

Net increase (decrease) in net assets resulting from operations

 

 

(37,906,694

)

 

 

(400,420,978

)

 

 

(20,597,568

)

 

 

(318,313,578

)

 

 

             

 

             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

Net investment income

 

 

(24,110,636

)

 

 

(28,642,573

)

 

 

(42,745,432

)

 

 

(18,288,211

)

Net realized gain

 

 

 

 

 

(73,767,114

)

 

 

 

 

 

 

Tax return of capital

 

 

 

 

 

 

 

 

 

 

 

(67,202,654

)

 

 

             

 

             

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(24,110,636

)

 

 

(102,409,687

)

 

 

(42,745,432

)

 

 

(85,490,865

)

 

 

             

 

             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

Reinvestment of dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

             

 

             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

Total decrease in net assets

 

 

(62,017,330

)

 

 

(502,830,665

)

 

 

(63,343,000

)

 

 

(403,804,443

)

Beginning of period

 

 

616,479,346

 

 

 

1,119,310,011

 

 

 

480,405,183

 

 

 

884,209,626

 

 

 

             

 

             

End of period

 

$

554,462,016

 

 

$

616,479,346

 

 

$

417,062,183

 

 

$

480,405,183

 

 

 

             

 

             

End of period undistributed (distributions in excess of) net investment income

 

$

(12,783,850

)

 

$

8,357,111

 

 

$

(36,800,503

)

 

$

(14,254

)

 

 

             

 

             

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

79



 


 

Statements of Changes in Net Assets (concluded)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Global Opportunities
Equity Trust (BOE)

 

 

BlackRock
Health Sciences
Trust (BME)

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Year Ended
October 31, 2008

 

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Year Ended
October 31, 2008

 

Operations

Net investment income

 

$

2,546,460

 

$

5,279,605

 

 

$

245,437

 

$

428,710

 

Net realized gain (loss)

 

 

(33,351,063

)

 

23,855,281

 

 

 

(1,381,153

)

 

11,657,369

 

Net change in unrealized appreciation/depreciation

 

 

26,573,396

 

 

(155,095,659

)

 

 

(4,396,150

)

 

(46,993,721

)

 

 

           

 

           

Net increase (decrease) in net assets resulting from operations

 

 

(4,231,207

)

 

(125,960,773

)

 

 

(5,531,866

)

 

(34,907,642

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

Net investment income

 

 

(14,371,205

)

 

(7,049,171

)

 

 

(7,135,964

)

 

(706,588

)

Net realized gain

 

 

 

 

(31,369,148

)

 

 

 

 

(15,024,124

)

Tax return of capital

 

 

 

 

(305,125

)

 

 

 

 

 

 

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(14,371,205

)

 

(38,723,444

)

 

 

(7,135,964

)

 

(15,730,712

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

Reinvestment of dividends

 

 

 

 

2,777,501

 

 

 

 

 

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

Total decrease in net assets

 

 

(18,602,412

)

 

(161,906,716

)

 

 

(12,667,830

)

 

(50,638,354

)

Beginning of period

 

 

227,834,570

 

 

389,741,286

 

 

 

179,641,798

 

 

230,280,152

 

 

 

           

 

           

End of period

 

$

209,232,158

 

$

227,834,570

 

 

$

166,973,968

 

$

179,641,798

 

 

 

           

 

           

End of period undistributed (distributions in excess of) net investment income

 

$

(11,803,218

)

$

21,527

 

 

$

(6,643,033

)

$

247,494

 

 

 

           

 

           

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

80

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
International Growth
and Income Trust (BGY)

 

 

BlackRock
Real Asset
Equity Trust (BCF)

 

 

 

 

 

 

   

Net Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Period Ended
October 31, 2008

 

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Year Ended
October 31, 2008

 

Operations

Net investment income

 

$

15,801,811

 

$

41,662,352

 

 

$

2,513,847

 

$

11,960,821

 

Net realized gain (loss)

 

 

(366,152,805

)

 

81,394,441

 

 

 

(14,709,907

)

 

48,498,401

 

Net change in unrealized appreciation/depreciation

 

 

366,099,387

 

 

(977,670,522

)

 

 

34,395,373

 

 

(625,770,770

)

 

 

           

 

           

Net increase (decrease) in net assets resulting from operations

 

 

15,748,393

 

 

(854,613,729

)

 

 

22,199,313

 

 

(565,311,548

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

Net investment income

 

 

(96,759,883

)

 

(31,621,671

)

 

 

(30,826,484

)

 

(9,394,325

)

Net realized gain

 

 

 

 

(93,583,511

)

 

 

 

 

(69,123,611

)

Tax return of capital

 

 

 

 

(52,187,938

)

 

 

 

 

 

 

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(96,759,883

)

 

(177,393,120

)

 

 

(30,826,484

)

 

(78,517,936

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

Reinvestment of dividends

 

 

 

 

 

 

 

 

 

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

Total decrease in net assets

 

 

(81,011,490

)

 

(1,032,006,849

)

 

 

(8,627,171

)

 

(643,829,484

)

Beginning of period

 

 

1,106,516,014

 

 

2,138,522,863

 

 

 

535,257,426

 

 

1,179,086,910

 

 

 

           

 

           

End of period

 

$

1,025,504,524

 

$

1,106,516,014

 

 

$

526,630,255

 

$

535,257,426

 

 

 

           

 

           

End of period undistributed (distributions in excess of) net investment income

 

$

(80,005,419

)

$

952,653

 

 

$

(26,847,600

)

$

1,465,037

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock S&P Quality
Rankings Global Equity
Managed Trust (BQY)

 

 

BlackRock
World Investment
Trust (BWC)

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Year Ended
October 31, 2008

 

 

Six Months Ended
April 30, 2009
(Unaudited)

 

Year Ended
October 31, 2008

 

Operations

Net investment income

 

$

1,354,815

 

$

3,270,350

 

 

$

5,597,404

 

$

12,986,868

 

Net realized gain (loss)

 

 

(1,289,615

)

 

(482,350

)

 

 

(78,916,366

)

 

57,554,814

 

Net change in unrealized appreciation/depreciation

 

 

(4,898,383

)

 

(49,347,668

)

 

 

63,767,204

 

 

(380,892,213

)

 

 

           

 

           

Net increase (decrease) in net assets resulting from operations

 

 

(4,833,183

)

 

(46,559,668

)

 

 

(9,551,758

)

 

(310,350,531

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

Net investment income

 

 

(2,488,624

)

 

(3,107,404

)

 

 

(35,601,157

)

 

(12,477,040

)

Net realized gain

 

 

 

 

 

 

 

 

 

(89,138,804

)

Tax return of capital

 

 

 

 

(2,322,321

)

 

 

 

 

 

 

 

           

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(2,488,624

)

 

(5,429,725

)

 

 

(35,601,157

)

 

(101,615,844

)

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

Reinvestment of dividends

 

 

 

 

 

 

 

 

 

1,506,138

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

Total decrease in net assets

 

 

(7,321,807

)

 

(51,989,393

)

 

 

(45,152,915

)

 

(410,460,237

)

Beginning of period

 

 

74,716,427

 

 

126,705,820

 

 

 

560,360,471

 

 

970,820,708

 

 

 

           

 

           

End of period

 

$

67,394,620

 

$

74,716,427

 

 

$

515,207,556

 

$

560,360,471

 

 

 

           

 

           

End of period undistributed (distributions in excess of) net investment income

 

$

(976,402

)

$

157,407

 

 

$

(28,744,983

)

$

1,258,770

 

 

 

           

 

           

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

81



 

 


 

 

Financial Highlights

BlackRock Dividend AchieversTM Trust (BDV)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
December 23, 20031
through October 31,
2004

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

2005

 

 

                                               

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Net asset value, beginning of period

 

 

$

10.33

 

 

$

15.49

 

$

15.95

 

$

14.21

 

$

14.67

 

 

$

14.33

2

 

 

 

                                           

Net investment income

 

 

 

0.18

 

 

 

0.41

 

 

0.45

 

 

0.42

 

 

0.43

 

 

 

0.37

 

 

Net realized and unrealized gain (loss)

 

 

 

(2.04

)

 

 

(4.67

)

 

(0.01

)

 

2.21

 

 

0.01

 

 

 

0.66

 

 

 

 

                                           

Net increase (decrease) from investment operations

 

 

 

(1.86

)

 

 

(4.26

)

 

0.44

 

 

2.63

 

 

0.44

 

 

 

1.03

 

 

 

 

                                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.33

)3

 

 

(0.43

)

 

(0.44

)

 

(0.41

)

 

(0.43

)

 

 

(0.38

)

 

Net realized gain

 

 

 

 

 

 

 

 

(0.38

)

 

(0.32

)

 

(0.28

)

 

 

 

 

Tax return of capital

 

 

 

 

 

 

(0.47

)

 

(0.08

)

 

(0.16

)

 

(0.19

)

 

 

(0.29

)

 

 

 

                                           

Total dividends and distributions

 

 

 

(0.33

)

 

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.90

)

 

 

(0.67

)

 

 

 

                                           

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                                           

Net asset value, end of period

 

 

$

8.14

 

 

$

10.33

 

$

15.49

 

$

15.95

 

$

14.21

 

 

$

14.67

 

 

 

 

                                           

Market price, end of period

 

 

$

6.97

 

 

$

9.20

 

$

13.64

 

$

14.86

 

$

12.77

 

 

$

14.98

 

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Total Investment Returns4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Based on net asset value

 

 

 

(17.74

)%5

 

 

(27.56

)%

 

3.15

%

 

19.89

%

 

3.11

%

 

 

7.28

%5

 

 

 

                                           

Based on market price

 

 

 

(20.91

)%5

 

 

(26.73

)%

 

(2.50

)%

 

24.31

%

 

(9.25

)%

 

 

4.62

%5

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Total expenses

 

 

 

0.85

%6

 

 

0.83

%

 

0.82

%

 

0.84

%

 

0.84

%

 

 

0.83

%6

 

 

 

                                           

Net investment income

 

 

 

4.32

%6

 

 

3.46

%

 

2.87

%

 

2.90

%

 

2.93

%

 

 

3.00

%6

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Net assets, end of period (000)

 

 

$

443,543

 

 

$

563,030

 

$

844,633

 

$

869,703

 

$

774,691

 

 

$

800,200

 

 

 

 

                                           

Portfolio turnover

 

 

 

27

%

 

 

23

%

 

12

%

 

11

%

 

27

%

 

 

6

%

 

 

 

                                           

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

82

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Financial Highlights

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

 

 

 

 

 

 

 

 

 

Period
August 31, 20051
through October 31,
2005

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

 

                                         

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net asset value, beginning of period

 

 

$

9.59

 

 

$

14.10

 

$

14.88

 

$

14.01

 

 

$

14.33

2

 

 

 

                                     

Net investment income

 

 

 

0.15

 

 

 

0.34

 

 

0.39

 

 

0.37

 

 

 

0.06

 

 

Net realized and unrealized gain (loss)

 

 

 

(1.58

)

 

 

(3.73

)

 

0.06

 

 

1.71

 

 

 

(0.26

)

 

 

 

                                     

Net increase (decrease) from investment operations

 

 

 

(1.43

)

 

 

(3.39

)

 

0.45

 

 

2.08

 

 

 

(0.20

)

 

 

 

                                     

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.61

)3

 

 

(0.52

)

 

(0.43

)

 

(0.15

)

 

 

(0.06

)

 

Net realized gain

 

 

 

 

 

 

(0.60

)

 

(0.80

)

 

(1.06

)

 

 

(0.04

)

 

 

 

                                     

Total dividends and distributions

 

 

 

(0.61

)

 

 

(1.12

)

 

(1.23

)

 

(1.21

)

 

 

(0.10

)

 

 

 

                                     

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                                     

Net asset value, end of period

 

 

$

7.55

 

 

$

9.59

 

$

14.10

 

$

14.88

 

 

$

14.01

 

 

 

 

                                     

Market price, end of period

 

 

$

6.72

 

 

$

8.47

 

$

12.68

 

$

14.92

 

 

$

13.79

 

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Based on net asset value

 

 

 

(14.73

)%5

 

 

(24.35

)%

 

3.21

%

 

15.72

%

 

 

(1.42

)%5

 

 

 

                                     

Based on market price

 

 

 

(14.07

)%5

 

 

(25.70

)%

 

(7.43

)%

 

17.97

%

 

 

(7.40

)%5

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Total expenses

 

 

 

1.20

%6

 

 

1.18

%

 

1.17

%

 

1.19

%

 

 

1.25

%6

 

 

 

                                     

Net investment income

 

 

 

3.92

%6

 

 

3.20

%

 

2.76

%

 

2.73

%

 

 

2.44

%6

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net assets, end of period (000)

 

 

$

526,671

 

 

$

668,969

 

$

983,762

 

$

1,033,127

 

 

$

968,245

 

 

 

 

                                     

Portfolio turnover

 

 

 

35

%

 

 

86

%

 

91

%

 

138

%

 

 

5

%

 

 

 

                                     

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

83



 

 


 

 

Financial Highlights

BlackRock Strategic Dividend AchieversTM Trust (BDT)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

 

 

Period
March 30, 20041
through October 31,
2004

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

2005

 

 

                           

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Net asset value, beginning of period

 

 

$

10.67

 

 

$

15.22

 

$

16.13

 

$

15.14

 

$

14.96

 

 

$

14.33

2

 

 

 

                                           

Net investment income

 

 

 

0.18

 

 

 

0.37

 

 

0.40

 

 

0.37

 

 

0.46

 

 

 

0.18

 

 

Net realized and unrealized gain (loss)

 

 

 

(1.53

)

 

 

(4.02

)

 

(0.41

)

 

1.52

 

 

0.62

 

 

 

0.92

 

 

 

 

                                           

Net increase (decrease) from investment operations

 

 

 

(1.35

)

 

 

(3.65

)

 

(0.01

)

 

1.89

 

 

1.08

 

 

 

1.10

 

 

 

 

                                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.33

)3

 

 

(0.40

)

 

(0.40

)

 

(0.35

)

 

(0.46

)

 

 

(0.17

)

 

Net realized gain

 

 

 

 

 

 

 

 

(0.38

)

 

(0.55

)

 

(0.42

)

 

 

 

 

Tax return of capital

 

 

 

 

 

 

(0.50

)

 

(0.12

)

 

 

 

(0.02

)

 

 

(0.28

)

 

 

 

                                           

Total dividends and distributions

 

 

 

(0.33

)

 

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

 

(0.45

)

 

 

 

                                           

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                                           

Net asset value, end of period

 

 

$

8.99

 

 

$

10.67

 

$

15.22

 

$

16.13

 

$

15.14

 

 

$

14.96

 

 

 

 

                                           

Market price, end of period

 

 

$

7.52

 

 

$

9.01

 

$

13.19

 

$

14.53

 

$

13.20

 

 

$

14.54

 

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Based on net asset value

 

 

 

(12.15

)%5

 

 

(23.93

)%

 

0.24

%

 

13.65

%

 

7.62

%

 

 

7.75

%5

 

 

 

                                           

Based on market price

 

 

 

(12.97

)%5

 

 

(25.88

)%

 

(3.56

)%

 

17.43

%

 

(3.46

)%

 

 

0.01

%5

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Total expenses

 

 

 

0.97

%6

 

 

0.94

%

 

0.95

%

 

0.96

%

 

0.96

%

 

 

0.99

%6

 

 

 

                                           

Net investment income

 

 

 

4.12

%6

 

 

3.40

%

 

2.75

%

 

2.57

%

 

3.01

%

 

 

2.18

%6

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Net assets, end of period (000)

 

 

$

241,800

 

 

$

287,141

 

$

409,646

 

$

433,938

 

$

407,366

 

 

$

402.570

 

 

 

 

                                           

Portfolio turnover

 

 

 

2

%

 

 

20

%

 

18

%

 

18

%

 

24

%

 

 

1

%

 

 

 

                                           

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

84

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Financial Highlights

BlackRock EcoSolutions Investment Trust (BQR)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

Year Ended
October 31,
2008

 

Period
September 28, 20071
through October 31,
2007

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of period

 

 

$

10.23

 

 

 

$

20.31

 

 

 

$

19.10

2

 

 

 

                             

Net investment income

 

 

 

0.03

 

 

 

 

0.03

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

 

0.32

 

 

 

 

(8.51

)

 

 

 

1.25

 

 

 

 

                             

Net increase (decrease) from investment operations

 

 

 

0.35

 

 

 

 

(8.48

)

 

 

 

1.25

 

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.80

)3

 

 

 

(0.02

)

 

 

 

 

 

Net realized gain

 

 

 

 

 

 

 

(1.58

)

 

 

 

 

 

 

 

                             

Total dividends and distributions

 

 

 

(0.80

)

 

 

 

(1.60

)

 

 

 

 

 

 

 

                             

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

                             

Net asset value, end of period

 

 

$

9.78

 

 

 

$

10.23

 

 

 

$

20.31

 

 

 

 

                             

Market price, end of period

 

 

$

9.52

 

 

 

$

9.20

 

 

 

$

19.75

 

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

 

3.86

%5

 

 

 

(43.99

)%

 

 

 

6.28

%5

 

 

 

                             

Based on market price

 

 

 

12.42

%5

 

 

 

(48.20

)%

 

 

 

(1.25

)%5

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses after fees paid indirectly

 

 

 

1.49

%6

 

 

 

1.35

%

 

 

 

1.68

%6

 

 

 

                             

Total expenses

 

 

 

1.49

%6

 

 

 

1.36

%

 

 

 

1.70

%6

 

 

 

                             

Net investment income

 

 

 

0.60

%6

 

 

 

0.38

%

 

 

 

0.97

%6

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of period (000)

 

 

$

115,509

 

 

 

$

120,282

 

 

 

$

238,731

 

 

 

 

                             

Portfolio turnover

 

 

 

11

%

 

 

 

45

%

 

 

 

4

%

 

 

 

                             

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

85



 

 



 

Financial Highlights

BlackRock Energy and Resources Trust (BGR)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

 

 

 

 

 

 

Period
December 29, 20041
through October 31,
2005

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net asset value, beginning of period

 

 

$

20.71

 

 

$

37.60

 

$

29.67

 

$

28.12

 

 

$

23.88

2

 

 

 

                                     

Net investment income

 

 

 

0.10

 

 

 

1.18

 

 

0.49

 

 

0.75

 

 

 

0.56

 

 

Net realized and unrealized gain (loss)

 

 

 

(1.37

)

 

 

(14.63

)

 

9.27

 

 

3.65

 

 

 

4.85

 

 

 

 

                                     

Net increase (decrease) from investment operations

 

 

 

(1.27

)

 

 

(13.45

)

 

9.76

 

 

4.40

 

 

 

5.41

 

 

 

 

                                     

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.81

)3

 

 

(0.96

)

 

(0.70

)

 

(0.49

)

 

 

(0.54

)

 

Net realized gain

 

 

 

 

 

 

(2.48

)

 

(1.13

)

 

(2.36

)

 

 

(0.59

)

 

 

 

                                     

Total dividends and distributions

 

 

 

(0.81

)

 

 

(3.44

)

 

(1.83

)

 

(2.85

)

 

 

(1.13

)

 

 

 

                                     

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

                                     

Net asset value, end of period

 

 

$

18.63

 

 

$

20.71

 

$

37.60

 

$

29.67

 

 

$

28.12

 

 

 

 

                                     

Market price, end of period

 

 

$

16.94

 

 

$

17.99

 

$

32.14

 

$

26.73

 

 

$

25.16

 

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Based on net asset value

 

 

 

(5.52

)%5

 

 

(38.15

)%

 

34.98

%

 

17.30

%

 

 

22.99

%5

 

 

 

                                     

Based on market price

 

 

 

(1.11

)%5

 

 

(37.14

)%

 

28.07

%

 

18.11

%

 

 

5.10

%5

 

 

 

                                     

 

                                         

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Total expenses after fees waived and paid indirectly

 

 

 

1.11

%6

 

 

1.07

%

 

1.07

%

 

1.08

%

 

 

1.10

%6

 

 

 

                                     

Total expenses

 

 

 

1.31

%6

 

 

1.27

%

 

1.27

%

 

1.28

%

 

 

1.30

%6

 

 

 

                                     

Net investment income

 

 

 

1.17

%6

 

 

1.38

%

 

1.69

%

 

2.47

%

 

 

2.59

%6

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net assets, end of period (000)

 

 

$

554,462

 

 

$

616,479

 

$

1,119,310

 

$

883,104

 

 

$

836,924

 

 

 

 

                                     

Portfolio turnover

 

 

 

25

%

 

 

54

%

 

47

%

 

40

%

 

 

64

%

 

 

 

                                     

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

86

SEMI-ANNUAL REPORT

APRIL 30, 2009

 




 

 



 

Financial Highlights

BlackRock Global Equity Income Trust (BFD)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

Year Ended
October 31,
2008

 

Period
March 30, 20071
through October 31,
2007

 

Per Share Operating Performance

Net asset value, beginning of period

 

 

$

10.68

 

 

 

$

19.65

 

 

 

$

19.10

2

 

 

 

                             

Net investment income

 

 

 

0.13

 

 

 

 

0.41

 

 

 

 

0.28

 

 

Net realized and unrealized gain (loss)

 

 

 

(0.59

)

 

 

 

(7.48

)

 

 

 

1.25

 

 

 

 

                             

Net increase (decrease) from investment operations

 

 

 

(0.46

)

 

 

 

(7.07

)

 

 

 

1.53

 

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.95

)3

 

 

 

(0.41

)

 

 

 

(0.28

)

 

Net realized gain

 

 

 

 

 

 

 

 

 

 

 

(0.08

)

 

Tax return of capital

 

 

 

 

 

 

 

(1.49

)

 

 

 

(0.59

)

 

 

 

                             

Total dividends and distributions

 

 

 

(0.95

)

 

 

 

(1.90

)

 

 

 

(0.95

)

 

 

 

                             

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

 

 

                             

Net asset value, end of period

 

 

$

9.27

 

 

 

$

10.68

 

 

 

$

19.65

 

 

 

 

                             

Market price, end of period

 

 

$

8.43

 

 

 

$

9.13

 

 

 

$

17.93

 

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

Based on net asset value

 

 

 

(1.00

)%5

 

 

 

(38.56

)%

 

 

 

8.09

%5

 

 

 

                             

Based on market price

 

 

 

5.31

%5

 

 

 

(42.44

)%

 

 

 

(5.81

)%5

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

Total expenses

 

 

 

1.14

%6

 

 

 

1.11

%

 

 

 

1.11

%6

 

 

 

                             

Net investment income

 

 

 

2.90

%6

 

 

 

2.66

%

 

 

 

2.12

%6

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

Net assets, end of period (000)

 

 

$

417,062

 

 

 

$

480,405

 

 

 

$

884,210

 

 

 

 

                             

Portfolio turnover

 

 

 

120

%

 

 

 

72

%

 

 

 

39

%

 

 

 

                             

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

87



 

 


 

Financial Highlights

BlackRock Global Opportunities Equity Trust (BOE)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

 

 

 

 

 

 

 

 

 

Period
March 31, 20051
through October 31,
2005

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net asset value, beginning of period

 

 

$

18.03

 

 

$

31.09

 

$

26.72

 

$

23.77

 

 

$

23.88

2

 

 

 

                                     

Net investment income

 

 

 

0.20

 

 

 

0.39

 

 

0.55

 

 

0.58

 

 

 

0.37

 

 

Net realized and unrealized gain (loss)

 

 

 

(0.53

)

 

 

(10.39

)

 

6.32

 

 

4.64

 

 

 

0.13

 

 

 

 

                                     

Net increase (decrease) from investment operations

 

 

 

(0.33

)

 

 

(10.00

)

 

6.87

 

 

5.22

 

 

 

0.50

 

 

 

 

                                     

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(1.14

)3

 

 

(0.56

)

 

(0.36

)

 

(0.59

)

 

 

(0.23

)

 

Net realized gain

 

 

 

 

 

 

(2.48

)

 

(2.14

)

 

(1.68

)

 

 

(0.33

)

 

Tax return of capital

 

 

 

 

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

                                     

Total dividends and distributions

 

 

 

(1.14

)

 

 

(3.06

)

 

(2.50

)

 

(2.27

)

 

 

(0.56

)

 

 

 

                                     

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.05

)

 

 

 

                                     

Net asset value, end of period

 

 

$

16.56

 

 

$

18.03

 

$

31.09

 

$

26.72

 

 

$

23.77

 

 

 

 

                                     

Market price, end of period

 

 

$

15.12

 

 

$

15.89

 

$

28.76

 

$

27.61

 

 

$

23.88

 

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Based on net asset value

 

 

 

0.48

%5

 

 

(35.08

)%

 

27.47

%

 

24.48

%

 

 

0.81

%5

 

 

 

                                     

Based on market price

 

 

 

4.10

%5

 

 

(38.15

)%

 

14.11

%

 

26.64

%

 

 

(2.21

)%5

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Total expenses

 

 

 

1.22

%6

 

 

1.14

%

 

1.15

%

 

1.16

%

 

 

1.19

%6

 

 

 

                                     

Net investment income

 

 

 

2.54

%6

 

 

1.60

%

 

1.87

%

 

2.45

%

 

 

3.66

%6

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net assets, end of period (000)

 

 

$

209,232

 

 

$

227,835

 

$

389,741

 

$

331,744

 

 

$

294,195

 

 

 

 

                                     

Portfolio turnover

 

 

 

59

%

 

 

120

%

 

111

%

 

184

%

 

 

55

%

 

 

 

                                     

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

88

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Financial Highlights

BlackRock Health Sciences Trust (BME)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

 

 

 

 

 

 

 

 

 

Period
March 31, 20051
through October 31,
2005

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

 

                       

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net asset value, beginning of period

 

 

$

23.66

 

 

$

30.33

 

$

27.74

 

$

26.38

 

 

$

23.88

2

 

 

 

                                     

Net investment income

 

 

 

0.03

 

 

 

0.10

 

 

0.05

 

 

0.00

3

 

 

(0.03

)

 

Net realized and unrealized gain (loss)

 

 

 

(0.76

)

 

 

(4.70

)

 

4.76

 

 

3.28

 

 

 

3.34

 

 

 

 

                                     

Net increase (decrease) from investment operations

 

 

 

(0.73

)

 

 

(4.60

)

 

4.81

 

 

3.28

 

 

 

3.31

 

 

 

 

                                     

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.94

)4

 

 

(0.09

)

 

(0.02

)

 

 

 

 

 

 

Net realized gain

 

 

 

 

 

 

(1.98

)

 

(2.20

)

 

(1.92

)

 

 

(0.77

)

 

 

 

                                     

Total dividends and distributions

 

 

 

(0.94

)

 

 

(2.07

)

 

(2.22

)

 

(1.92

)

 

 

(0.77

)

 

 

 

                                     

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

                                     

Net asset value, end of period

 

 

$

21.99

 

 

$

23.66

 

$

30.33

 

$

27.74

 

 

$

26.38

 

 

 

 

                                     

Market price, end of period

 

 

$

19.72

 

 

$

21.62

 

$

27.05

 

$

27.32

 

 

$

25.19

 

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Total Investment Return5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Based on net asset value

 

 

 

(2.61

)%6

 

 

(15.55

)%

 

18.62

%

 

13.00

%

 

 

13.88

%6

 

 

 

                                     

Based on market price

 

 

 

(4.42

)%6

 

 

(13.47

)%

 

7.42

%

 

16.59

%

 

 

3.81

%6

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Total expenses

 

 

 

1.16

%7

 

 

1.13

%

 

1.13

%

 

1.15

%

 

 

1.18

%7

 

 

 

                                     

Net investment income

 

 

 

0.29

%7

 

 

0.20

%

 

0.15

%

 

(0.11

)%

 

 

(0.19

)%7

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net assets, end of period (000)

 

 

$

166,974

 

 

$

179,642

 

$

230,280

 

$

208,151

 

 

$

198,005

 

 

 

 

                                     

Portfolio turnover

 

 

 

76

%

 

 

121

%

 

89

%

 

181

%

 

 

104

%

 

 

 

                                     

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Amounted to less than $0.01 per share outstanding.

4

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

5

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

6

Aggregate total investment return.

7

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

89



 

 


 

 

Financial Highlights

BlackRock International Growth and Income Trust (BGY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

Year Ended
October 31,
2008

 

Period
May 30, 20071
through October 31,
2007

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of period

 

 

$

10.41

 

 

 

$

20.12

 

 

 

$

19.10

2

 

 

 

                             

Net investment income

 

 

 

0.15

 

 

 

 

0.27

 

 

 

 

0.14

 

 

Net realized and unrealized gain (loss)

 

 

 

(0.00

)3

 

 

 

(8.31

)

 

 

 

1.50

 

 

 

 

                             

Net increase (decrease) from investment operations

 

 

 

0.15

 

 

 

 

(8.04

)

 

 

 

1.64

 

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.91

)4

 

 

 

(0.30

)

 

 

 

(0.10

)

 

Net realized gain

 

 

 

 

 

 

 

(0.88

)

 

 

 

(0.50

)

 

Tax return of capital

 

 

 

 

 

 

 

(0.49

)

 

 

 

 

 

 

 

                             

Total dividends and distributions

 

 

 

(0.91

)

 

 

 

(1.67

)

 

 

 

(0.60

)

 

 

 

                             

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                             

Net asset value, end of period

 

 

$

9.65

 

 

 

$

10.41

 

 

 

$

20.12

 

 

 

 

                             

Market price, end of period

 

 

$

8.70

 

 

 

$

9.09

 

 

 

$

17.76

 

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Based on net asset value

 

 

 

2.68

%6

 

 

 

(41.76

)%

 

 

 

8.93

%6

 

 

 

                             

Based on market price

 

 

 

6.01

%6

 

 

 

(42.39

)%

 

 

 

(8.17

)%6

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses

 

 

 

1.12

%7

 

 

 

1.11

%

 

 

 

1.07

%7

 

 

 

                             

Net investment income

 

 

 

3.14

%7

 

 

 

2.34

%

 

 

 

1.75

%7

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net assets, end of period (000)

 

 

$

1,025,505

 

 

 

$

1,106,516

 

 

 

$

2,138,523

 

 

 

 

                             

Portfolio turnover

 

 

 

48

%

 

 

 

123

%

 

 

 

46

%

 

 

 

                             

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Amounted to less than $(0.01) per share outstanding.

4

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

5

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

6

Aggregate total investment return.

7

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

90

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

 

Financial Highlights

BlackRock Real Asset Equity Trust (BCF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

 

 

 

 

Period
September 29, 20061
through October 31,
2006

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

 

                                   

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Net asset value, beginning of period

 

 

$

9.44

 

 

$

20.79

 

$

15.33

 

 

$

14.33

2

 

 

 

                               

Net investment income

 

 

 

0.04

 

 

 

0.20

 

 

0.20

 

 

 

0.04

 

 

Net realized and unrealized gain (loss)

 

 

 

0.35

 

 

 

(10.16

)

 

6.35

 

 

 

0.98

 

 

 

 

                               

Net increase (decrease) from investment operations

 

 

 

0.39

 

 

 

(9.96

)

 

6.55

 

 

 

1.02

 

 

 

 

                               

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.54

)3

 

 

(0.17

)

 

(0.29

)

 

 

 

 

Net realized gain

 

 

 

 

 

 

(1.22

)

 

(0.80

)

 

 

 

 

 

 

                               

Total dividends and distributions

 

 

 

(0.54

)

 

 

(1.39

)

 

(1.09

)

 

 

 

 

 

 

                               

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                               

Net asset value, end of period

 

 

$

9.29

 

 

$

9.44

 

$

20.79

 

 

$

15.33

 

 

 

 

                               

Market price, end of period

 

 

$

7.84

 

 

$

7.74

 

$

17.59

 

 

$

15.00

 

 

 

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Based on net asset value

 

 

 

5.64

%5

 

 

(50.14

)%

 

45.34

%

 

 

6.98

%5

 

 

 

                               

Based on market price

 

 

 

8.73

%5

 

 

(51.69

)%

 

25.67

%

 

 

%5

 

 

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Total expenses after fees waived and paid indirectly

 

 

 

1.14

%6

 

 

1.09

%

 

1.08

%

 

 

1.22

%6

 

 

 

                               

Total expenses

 

 

 

1.34

%6

 

 

1.29

%

 

1.21

%

 

 

1.42

%6

 

 

 

                               

Net investment income

 

 

 

1.10

%6

 

 

1.14

%

 

1.37

%

 

 

2.63

%6

 

 

 

                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Net assets, end of period (000)

 

 

$

526,630

 

 

$

535,257

 

$

1,179,087

 

 

$

820,283

 

 

 

 

                               

Portfolio turnover

 

 

 

10

%

 

 

29

%

 

61

%

 

 

%

 

 

 

                               

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

91



 

 


 

 

Financial Highlights

BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

 

 

 

 

 

 

 

 

Period
May 28, 20041
through October 31,
2004

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

2005

 

 

                                               

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Net asset value, beginning of period

 

 

$

12.38

 

 

$

21.00

 

$

18.55

 

$

15.98

 

$

15.29

 

 

$

14.33

2

 

 

 

                                           

Net investment income

 

 

 

0.22

 

 

 

0.50

 

 

0.46

 

 

0.39

 

 

0.56

 

 

 

0.21

 

 

Net realized and unrealized gain (loss)

 

 

 

(1.02

)

 

 

(8.22

)

 

2.90

 

 

3.22

 

 

0.88

 

 

 

0.96

 

 

 

 

                                           

Net increase (decrease) from investment operations

 

 

 

(0.80

)

 

 

(7.72

)

 

3.36

 

 

3.61

 

 

1.44

 

 

 

1.17

 

 

 

 

                                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.41

)3

 

 

(0.52

)

 

(0.44

)

 

(0.49

)

 

(0.37

)

 

 

(0.17

)

 

Net realized gain

 

 

 

 

 

 

 

 

(0.40

)

 

(0.55

)

 

(0.38

)

 

 

 

 

Tax return of capital

 

 

 

 

 

 

(0.38

)

 

(0.07

)

 

(0.00

)

 

 

 

 

(0.02

)

 

 

 

                                           

Total dividends and distributions

 

 

 

(0.41

)

 

 

(0.90

)

 

(0.91

)

 

(1.04

)

 

(0.75

)

 

 

(0.19

)

 

 

 

                                           

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                                           

Net asset value, end of period

 

 

$

11.17

 

 

$

12.38

 

$

21.00

 

$

18.55

 

$

15.98

 

 

$

15.29

 

 

 

 

                                           

Market price, end of period

 

 

$

9.39

 

 

$

10.50

 

$

18.07

 

$

16.36

 

$

14.54

 

 

$

13.80

 

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Based on net asset value

 

 

 

(5.13

)%5

 

 

(37.53

)%

 

19.10

%

 

24.34

%

 

10.08

%

 

 

8.13

%5

 

 

 

                                           

Based on market price

 

 

 

(5.97

)%5

 

 

(38.42

)%

 

16.20

%

 

20.52

%

 

10.97

%

 

 

(6.80

)%5

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Total expenses

 

 

 

1.16

%6

 

 

0.96

%

 

1.20

%

 

1.13

%

 

1.14

%

 

 

1.23

%6

 

 

 

                                           

Net investment income

 

 

 

4.14

%6

 

 

3.11

%

 

2.45

%

 

2.45

%

 

3.35

%

 

 

3.27

%6

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Net assets, end of period (000)

 

 

$

67,395

 

 

$

74,716

 

$

126,706

 

$

111,925

 

$

96,402

 

 

$

92,243

 

 

 

 

                                           

Portfolio turnover

 

 

 

7

%

 

 

10

%

 

12

%

 

10

%

 

38

%

 

 

4

%

 

 

 

                                           

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

92

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Financial Highlights

BlackRock World Investment Trust (BWC)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2009
(unaudited)

 

 

 

 

 

 

 

Period
October 27, 20051
through October 31,
2005

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

 

                                 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net asset value, beginning of period

 

 

$

10.74

 

 

$

18.64

 

$

16.35

 

$

14.42

 

 

$

14.332

 

 

 

 

                                     

Net investment income

 

 

 

0.10

 

 

 

0.25

 

 

0.30

 

 

0.30

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

 

(0.28

)

 

 

(6.20

)

 

3.74

 

 

2.88

 

 

 

0.11

 

 

 

 

                                     

Net increase (decrease) from investment operations

 

 

 

(0.18

)

 

 

(5.95

)

 

4.04

 

 

3.18

 

 

 

0.11

 

 

 

 

                                     

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.68

)3

 

 

(0.24

)

 

(0.25

)

 

(0.34

)

 

 

 

 

Net realized gain

 

 

 

 

 

 

(1.71

)

 

(1.50

)

 

(0.91

)

 

 

 

 

 

 

                                     

Total dividends and distributions

 

 

 

(0.68

)

 

 

(1.95

)

 

(1.75

)

 

(1.25

)

 

 

 

 

 

 

                                     

Capital charges with respect to the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                                     

Net asset value, end of period

 

 

$

9.88

 

 

$

10.74

 

$

18.64

 

$

16.35

 

 

$

14.42

 

 

 

 

                                     

Market price, end of period

 

 

$

8.76

 

 

$

9.22

 

$

17.28

 

$

16.59

 

 

$

15.08

 

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Based on net asset value

 

 

 

(0.62

)%5

 

 

(34.34

)%

 

26.48

%

 

22.47

%

 

 

0.80

%5

 

 

 

                                     

Based on market price

 

 

 

2.64

%5

 

 

(39.20

)%

 

15.56

%

 

18.99

%

 

 

0.53

%5

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Total expenses

 

 

 

1.15

%6

 

 

1.10

%

 

1.11

%

 

1.10

%

 

 

1.23

%6

 

 

 

                                     

Net investment income

 

 

 

2.24

%6

 

 

1.58

%

 

1.62

%

 

2.04

%

 

 

2.59

%6

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net assets, end of period (000)

 

 

$

515,208

 

 

$

560,360

 

$

970,821

 

$

849,947

 

 

$

672,981

 

 

 

 

                                     

Portfolio turnover

 

 

 

58

%

 

 

123

%

 

110

%

 

153

%

 

 

%

 

 

 

                                     

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

93



 

 


 

Notes to Financial Statements

 

1. Organization and Significant Accounting Policies:

BlackRock Dividend AchieversTM Trust (“Dividend Achievers”), BlackRock Enhanced Dividend AchieversTM Trust (“Enhanced Dividend Achievers”), BlackRock Strategic Dividend AchieversTM Trust (“Strategic Dividend Achievers”), BlackRock EcoSolutions Investment Trust (“EcoSolutions”), BlackRock Energy and Resources Trust (“Energy and Resources”) (formerly known as BlackRock Global Energy and Resources Trust), BlackRock Global Equity Income Trust (“Global Equity Income”), BlackRock Global Opportunities Equity Trust (“Global Opportunities”), BlackRock Health Sciences Trust (“Health Sciences”), BlackRock International Growth and Income Trust (“International Growth”), BlackRock Real Asset Equity Trust (“Real Asset”), BlackRock S&P Quality Rankings Global Equity Managed Trust (“S&P Quality Rankings”) and BlackRock World Investment Trust (“World Investment”) (collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except EcoSolutions, Energy and Resources, Global Equity Income, Health Sciences, International Growth and Real Asset, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). EcoSolutions, Energy and Resources, Global Equity Income, Health Sciences, International Growth and Real Asset are registered as non-diversified, closed-end management investment companies under the 1940 Act. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The Trusts determine and make available for publication the net asset values of their shares on a daily basis.

The following is a summary of significant accounting policies followed by the Trusts:

Valuation of Investments: Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the security. Investments in open-end investment companies are valued at net asset value each business day. Financial futures contracts traded on exchanges are valued at their last sale price. Swap agreements are valued utilizing quotes received daily by the Trusts’ pricing service or through brokers, which are derived using daily swap curves and trades of underlying securities. Short-term securities with maturities less than 60 days may be valued at amortized cost, which approximates market value. The Trusts value their investments in the BlackRock Liquidity Series, LLC Money Market Series at fair value, which is ordinarily based upon their pro-rata ownership in the net assets of the underlying fund.

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the option. Over-the-counter options are valued by an independent pricing service using a mathematical model which incorporates a number of market data factors.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by the Board of Trustees (the “Board”) as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of business on the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net assets of the Trusts are determined as of such times. Foreign currency exchange rates will be determined as of the close of business on the NYSE. Occasionally, events affecting the values of such securities and such exchange rates may occur between the times at which they are determined and the close of business on the NYSE that may not be reflected in the computation of the Trust’s net assets. If events (for example, a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such securities, those securities may be valued at their fair value as determined in good faith by the Board or by the Advisor using a pricing service and/or procedures approved by the Board. Foreign currency exchange contracts are valued at the mean between the bid and ask prices. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

Derivative Financial Instruments: The Trusts may engage in various portfolio investment strategies both to increase the return of the Trusts and to hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security, or if the counterparty does not perform under the contract.

 

 

Financial Futures Contracts — Each Trust may purchase or sell financial futures contracts and options on financial futures contracts for investment purposes or to manage its interest rate risk. Futures are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recognized by the Trust as unrealized gains or losses. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the value of the contract at the


 

 

 

 

 

 

 

 

94

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Notes to Financial Statements (continued)

 


 

 

 

time it was opened and the value at the time it was closed. The use of futures transactions involves the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and the underlying assets, and the possible inability of counterparties to meet the terms of their contracts.

 

 

Forward Currency Contracts — A forward currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Each Trust may enter into foreign currency exchange contracts as a hedge against either specific transactions or portfolio positions. Forward currency exchange contracts, when used by the Trust, help to manage the overall exposure to the foreign currency backing some of the investments held by the Trust. The contract is marked-to-market daily and the change in market value is recorded by the Trust as an unrealized gain or loss. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward currency contracts involves the risk that counterparties may not meet the terms of the agreement and market risk of unanticipated movements in the value of a foreign currency relative to the US dollar.

 

 

Options — The Trusts may purchase and write call and put options. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying position at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying position at the exercise price at any time or at a specified time during the option period.

 

 

 

When the Trusts purchase (write) an option, an amount equal to the premium paid (received) by the Trusts is reflected as an asset and an equivalent liability. The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Trusts enter into a closing transaction), the Trusts realize a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When the Trust writes a call option, such option is “covered,” meaning that the Trust holds the underlying security subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When the Trust writes a put option, such option is covered by cash or liquid securities in an amount sufficient to cover the obligation.

 

 

 

In purchasing and writing options, the Trusts bear the market risk of an unfavorable change in the price of the underlying security. Exercise of a written option could result in the Trusts purchasing a security at a price different from the current market value. The Trust may execute transactions in both listed and over-the-counter options. Transactions in certain over-the-counter options may expose the Trust to the risk of default by the counterparty to the transaction.

 

 

Total Return Swaps — The Trusts may enter into total return swaps for investment purposes or to manage its interest rate risk. Total return swaps are agreements in which one party commits to pay interest in exchange for a market-linked return. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Trusts will receive a payment from or make a payment to the counterparty. These periodic payments received or made by the Trusts are recorded in the accompanying Statements of Operations as realized gains or losses, respectively. Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). When the swap is terminated, the Trusts will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts’ basis in the contract, if any. Swap transactions involve, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Foreign Currency Transactions: Foreign currency amounts are translated into United States dollars on the following basis: (i) market value of investment securities, assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the rates of exchange prevailing on the respective dates of such transactions.

Each Trust reports foreign currency related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that each Trust segregate assets in connection with certain investments (e.g., options, swaps, written options, forward currency contracts or financial futures contracts), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on their books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each Trust may also be required to deliver or deposit securities as collateral for certain investments (e.g., financial futures contracts, swaps and written options).

Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Trust has determined the ex-dividend date. Upon notification from issuers, some of the

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

95



 

 


 

Notes to Financial Statements (continued)

 

dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income is recognized on the accrual basis. The Trusts amortize all premiums and discounts on debt securities.

Dividends and Distributions: All Trusts declare and pay dividends and distributions to shareholders quarterly from net investment income, net realized short-term capital gains and, if necessary, other sources. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. Dividends and distributions are recorded on the ex-dividend dates.

Securities Lending: The Trusts may lend securities to financial institutions that provide cash, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Trusts and any additional required collateral is delivered to the Trusts on the next business day. The Trusts typically receive income on the loaned securities but do not receive the income on the collateral. The Trusts may invest cash collateral and retain the amount earned on such investment, net of any amount rebated to the borrower. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Trusts may pay reasonable lending agent, administrative and custodial fees in connection with their loans. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Trusts could experience delays and costs in gaining access to the collateral. The Trusts also could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities.

Income Taxes: It is the Trusts’ policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income tax provisions are required. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

The Trusts file US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Dividend Achievers, Enhanced Dividend Achievers, Strategic Dividend Achievers, Energy and Resources, Global Opportunities, Health Sciences, Real Asset, S&P Quality Rankings and World Investment’s US federal tax returns remains open for the four years ended October 31, 2008. The statute of limitations on EcoSolutions, Global Equity Income and International Growth’s US federal tax returns remains open for the two years ended October 31, 2008. The statute of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Pronouncement: In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133” (“FAS 161”), was issued. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for and how derivative instruments affect an entity’s results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.

Dividend Achievers Universe: Dividend Achievers, Enhanced Dividend Achievers and Strategic Dividend Achievers have been granted a revocable license by Mergent®, Inc. (“Mergent”) to use the Dividend AchieversTM universe of common stocks. If Mergent revokes each Trust’s license to use the Dividend AchieversTM universe, the Board of that Trust may need to adopt a new investment strategy and/or new investment policies. There is no assurance that a Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. “Mergent” and “Dividend AchieversTM” are trademarks of Mergent and have been licensed for use by Dividend AchieversTM, Enhanced Dividend AchieversTM and Strategic Dividend AchieversTM. The products are not sponsored, endorsed, sold or promoted by Mergent and Mergent makes no representation regarding the advisability of investing in any of these three Trusts. The Trusts are required to pay a quarterly licensing fee, which is shown on their Statement of Operations.

S&P Quality Rankings: S&P Quality Rankings has been granted a license by Standard & Poor’s®, (“S&P”) to use the S&P Quality Rankings and the S&P International Quality Rankings. If S&P terminates the license to use either the S&P Quality Rankings or the S&P International Quality Rankings, the Board may need to adopt a new investment strategy and/or new investment policies. There is no assurance that the Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. “Standard & Poor’s”, “S&P”, “Standard & Poor’s Earnings and Dividend Rankings”, “S&P Earnings and Dividend Rankings”, “Standard & Poor’s Quality Rankings”, “Standard & Poor’s International Quality Rankings”, “S&P International Quality Rankings” and “S&P Quality Rankings” are trademarks of Standard & Poor’s and have been licensed for use by the Trust. The Trust is not sponsored, managed, advised, sold or promoted by Standard & Poor’s. The Trust is required to pay a quarterly licensing fee, which is shown on its Statement of Operations.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“Independent Trustees”) defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in the other BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover the

 

 

 

 

 

 

 

 

96

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Notes to Financial Statements (continued)

 

Trusts’ deferred compensation liability are included in other assets on the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income - affiliated on the Statements of Operations.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of BlackRock, Inc., (“BlackRock”) to provide investment advisory and administration services. The PNC Financial Services Group, Inc. (“PNC”) and Bank of America Corporation (“BAC”) are the largest stockholders of BlackRock. BAC became a stockholders of BlackRock following its acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”) on January 1, 2009. Prior to that date, both PNC and Merrill Lynch were considered affiliates of the Fund under the 1940 Act. Subsequent to the acquisition, PNC remains an affiliate, but due to the restructuring of Merrill Lynch’s ownership interest of BlackRock, BAC is not deemed to be an affiliate under the 1940 Act.

The Advisor is responsible for the management of the each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Trusts. For such services, the Trusts pay the Advisor a monthly fee at the following annual rates of the average weekly value of each Trust’s net assets: 0.65% for Dividend Achievers, 1.00% for Enhanced Dividend Achievers, 0.75% for Strategic Dividend Achievers, 1.20% for EcoSolutions, 1.20% for Energy and Resources, 1.00% for Global Equity Income, 1.00% for Global Opportunities, 1.00% for Health Sciences, 1.00% for International Growth, 1.20% for Real Asset, 0.75% for S&P Quality Rankings and 1.00% for World Investment. The Advisor has voluntarily agreed to waive a portion of the investment advisory fees on Energy and Resources and Real Asset as a percentage of their average weekly net assets as follows: 0.20% for the first five years of the Trusts’ operations (2004 through 2009 for Energy and Resources and 2006 through 2011 for Real Asset), 0.15% in 2010 for Energy and Resources and in 2012 for Real Asset, 0.10% in 2011 for Energy and Resources and in 2013 for Real Asset and 0.05% in 2012 for Energy and Resources and in 2014 for Real Asset.

The Advisor has entered into separate sub-advisory agreements with BlackRock Financial Management, Inc. (“BFM”) for Dividend Achievers, Enhanced Dividend Achievers, Strategic Dividend Achievers, S&P Quality Rankings and World Investment, State Street Research & Management Company (“SSRM”) for Energy and Resources, BlackRock Investment Management, LLC (“BIM”) and BlackRock International Limited (“BIL”) for Real Asset and EcoSolutions, BlackRock Capital Management, Inc. (“BCM”) and BIM for Global Equity Income, each an affiliate of the Advisor. The Advisor pays each sub-advisor for services they provide, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Advisor.

During the two months ended December 31, 2008 (after which it was no longer considered affiliated), Merrill Lynch, through its affiliated broker-dealer, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), earned commissions on transactions of securities as follows:

 

 

 

 

 

 

 

 

Commission
Amount

 

 

Dividend Achievers

 

$

1,900

 

Enhanced Dividend Achievers

 

 

3,021

 

Strategic Dividend Achievers

 

 

1,370

 

EcoSolutions

 

 

583

 

Energy and Resources

 

 

2,015

 

Global Equity Income

 

 

34,735

 

Global Opportunities

 

 

5,585

 

Health Sciences

 

 

8,619

 

International Growth

 

 

695

 

Real Asset

 

 

1,689

 

World Investment

 

 

13,969

 

 

The Trusts have received an exemptive order from the SEC permitting them to lend portfolio securities to MLPF&S, a wholly owned subsidiary of Merrill Lynch, or its affiliates. Pursuant to that order, the Trusts have retained BIM as the securities lending agent for a fee based on a share of the returns on investment of cash collateral. BIM may, on behalf of the Trusts, invest cash collateral received by the Trusts for such loans, among other things, in a private investment company managed by the Advisor or in registered money market funds advised by the Advisor or its affiliates. The share of income earned by the Trusts on such investments is shown as securities lending - affiliated on the Statements of Operations. For the period ended April 30, 2009, BIM received $58,663 in securities lending agent fees.

Certain officers and/or trustees of the Trusts are officers and/or trustees of BlackRock, Inc. or its affiliates. The Trusts reimburse the Advisor for compensation paid to the Trusts’ Chief Compliance Officer.

3. Investments:

Purchases and sales of investment securities, excluding short-term securities for the six months ended April 30, 2009, were as follows:

 

 

 

 

 

 

 

 

 

 

 

Purchases

 

Sales

 

 

Dividend Achievers

 

$

127,766,458

 

$

134,338,607

 

Enhanced Dividend Achievers

 

 

204,741,567

 

 

192,727,149

 

Strategic Dividend Achievers

 

 

5,790,205

 

 

8,684,894

 

EcoSolutions

 

 

11,738,224

 

 

12,975,952

 

Energy and Resources

 

 

128,736,545

 

 

128,993,659

 

Global Equity Income

 

 

458,431,622

 

 

456,364,241

 

Global Opportunities

 

 

113,542,617

 

 

123,619,139

 

Health Sciences

 

 

147,964,888

 

 

115,555,698

 

International Growth

 

 

466,205,997

 

 

520,895,499

 

Real Asset

 

 

46,638,112

 

 

83,131,114

 

S&P Quality Rankings

 

 

4,267,418

 

 

6,173,161

 

World Investment

 

 

281,467,128

 

 

299,210,839

 

 

Transactions in options written during the six months ended April 30, 2009 were as follows:

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

97



 

 


 

Notes to Financial Statements (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

   

 

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 

 

Dividend Achievers

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

 

$

 

 

 

$

 

Options written

 

 

1,706,453

 

 

7,425,765

 

 

3,056

 

 

867,537

 

Options expired

 

 

(409,087

)

 

(2,911,876

)

 

 

 

 

Options exercised

 

 

(3,038

)

 

(197,971

)

 

 

 

 

Options closed

 

 

(401,613

)

 

(1,289,598

)

 

(3,056

)

 

(867,537

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

892,715

 

$

3,026,320

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enhanced Dividend Achievers

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

2,302,738

 

$

11,580,993

 

 

 

$

 

Options written

 

 

6,249,313

 

 

29,953,459

 

 

3,549

 

 

1,007,519

 

Options expired

 

 

(4,434,844

)

 

(25,129,802

)

 

 

 

 

Options exercised

 

 

(342,308

)

 

(1,468,015

)

 

 

 

 

Options closed

 

 

(1,133,328

)

 

(4,941,623

)

 

(3,549

)

 

(1,007,519

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

2,641,571

 

$

9,995,012

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strategic Dividend Achievers

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

 

$

 

 

 

 

 

 

 

Options written

 

 

1,986,296

 

 

4,046,599

 

 

 

 

 

 

 

Options expired

 

 

(688,665

)

 

(1,726,499

)

 

 

 

 

 

 

Options exercised

 

 

(97,902

)

 

(243,126

)

 

 

 

 

 

 

Options closed

 

 

(145,687

)

 

(280,908

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of period

 

 

1,054,042

 

$

1,796,066

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EcoSolutions

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

991,747

 

$

1,793,449

 

 

30,243

 

$

42,102

 

Options written

 

 

15,610,163

 

 

5,205,304

 

 

398

 

 

46,551

 

Options expired

 

 

(4,042,927

)

 

(3,786,665

)

 

(378

)

 

(44,952

)

Options exercised

 

 

(312,391

)

 

(358,156

)

 

(30,263

)

 

(43,701

)

Options closed

 

 

(2,968,544

)

 

(1,047,916

)

 

 

 

 

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

9,278,048

 

$

1,806,016

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy and Resources

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

2,819,111

 

$

29,384,101

 

 

2,750

 

$

690,995

 

Options written

 

 

3,619,129

 

 

18,733,291

 

 

218,105

 

 

2,204,301

 

Options expired

 

 

(4,233,195

)

 

(35,307,289

)

 

(73,735

)

 

(827,161

)

Options exercised

 

 

(199,217

)

 

(1,318,828

)

 

(87,015

)

 

(910,902

)

Options closed

 

 

(822,320

)

 

(4,450,742

)

 

(4,475

)

 

(903,937

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

1,183,508

 

$

7,040,533

 

 

55,630

 

$

253,296

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Equity Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

3,840

 

$

9,618,280

 

 

 

$

 

Options written

 

 

16,885,669

 

 

53,353,603

 

 

401,130

 

 

785,163

 

Options expired

 

 

(7,035

)

 

(10,205,032

)

 

(16,675

)

 

(18,375

)

Options exercised

 

 

(2,620

)

 

(263,698

)

 

(25

)

 

(600

)

Options closed

 

 

(104,955

)

 

(41,952,653

)

 

(720

)

 

(96,342

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

16,774,899

 

$

10,550,500

 

 

383,710

 

$

669,846

 

 

 

   

 

   

 

   

 

   

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

   

 

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 

 

Global Opportunities

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

5,903,329

 

$

8,394,632

 

 

145

 

$

59,055

 

Options written

 

 

17,278,572

 

 

16,355,478

 

 

491,699

 

 

1,554,612

 

Options expired

 

 

(12,846,162

)

 

(14,551,443

)

 

(113,359

)

 

(412,834

)

Options exercised

 

 

(1,361,244

)

 

(1,876,858

)

 

(105,536

)

 

(474,909

)

Options closed

 

 

(1,058,793

)

 

(3,220,132

)

 

(2,794

)

 

(310,829

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

7,915,702

 

$

5,101,677

 

 

270,155

 

$

415,095

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

111,442

 

$

2,513,406

 

 

154,677

 

$

3,039,139

 

Options written

 

 

512,535

 

 

6,027,361

 

 

7,432

 

 

864,847

 

Options expired

 

 

(326,580

)

 

(4,628,802

)

 

(3,547

)

 

(389,966

)

Options exercised

 

 

(22,850

)

 

(455,733

)

 

(65,037

)

 

(2,635,929

)

Options closed

 

 

(158,237

)

 

(1,892,187

)

 

(92,210

)

 

(785,088

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

116,310

 

$

1,564,045

 

 

1,315

 

$

93,003

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Growth

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

48,073,175

 

$

19,940,508

 

 

 

$

 

Options written

 

 

155,828,187

 

 

80,673,631

 

 

2,301,073

 

 

6,588,362

 

Options expired

 

 

(97,300,022

)

 

(54,276,947

)

 

(309,525

)

 

(1,473,980

)

Options exercised

 

 

(19,271,796

)

 

(7,635,969

)

 

(672,820

)

 

(1,515,897

)

Options closed

 

 

(26,325,881

)

 

(14,418,220

)

 

(11,800

)

 

(1,279,793

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

61,003,663

 

$

24,283,003

 

 

1,306,928

 

$

2,318,692

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

7,954,427

 

$

19,707,535

 

 

15,650

 

$

320,858

 

Options written

 

 

22,561,687

 

 

23,697,862

 

 

88,392

 

 

2,677,669

 

Options expired

 

 

(14,630,711

)

 

(29,391,283

)

 

(38,712

)

 

(1,314,826

)

Options exercised

 

 

(4,596,204

)

 

(1,983,429

)

 

(17,111

)

 

(555,386

)

Options closed

 

 

(2,511,006

)

 

(3,878,822

)

 

(1,788

)

 

(333,203

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

8,778,193

 

$

8,151,863

 

 

46,431

 

$

795,112

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S&P Quality Rankings

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

 

$

 

 

 

 

 

 

 

Options written

 

 

1,148,074

 

 

862,882

 

 

 

 

 

 

 

Options expired

 

 

(423,341

)

 

(300,821

)

 

 

 

 

 

 

Options exercised

 

 

(51,885

)

 

(61,235

)

 

 

 

 

 

 

Options closed

 

 

(166,024

)

 

(76,165

)

 

 

 

 

 

 

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

506,824

 

$

424,661

 

 

 

 

 

 

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

14,800,869

 

$

20,233,897

 

 

345

 

$

141,903

 

Options written

 

 

46,998,738

 

 

40,863,873

 

 

1,182,094

 

 

3,814,297

 

Options expired

 

 

(33,961,160

)

 

(35,669,361

)

 

(283,864

)

 

(1,066,453

)

Options exercised

 

 

(3,046,685

)

 

(4,478,834

)

 

(212,959

)

 

(995,354

)

Options closed

 

 

(3,936,546

)

 

(7,958,348

)

 

(7,474

)

 

(856,003

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

20,855,216

 

$

12,991,227

 

 

678,142

 

$

1,038,390

 

 

 

   

 

   

 

   

 

   

 


 

 

 

 

 

 

 

 

98

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 

 


 

Notes to Financial Statements (continued)

 

As of April 30, 2009, the value of portfolio securities subject to covered call options written were as follows:

 

 

 

 

 

 

 

 

Value

 

 

Dividend Achievers

 

$

90,552,035

 

Enhanced Dividend Achievers

 

 

285,842,334

 

Strategic Dividend Achievers

 

 

46,322,201

 

EcoSolutions

 

 

42,747,093

 

Energy and Resources

 

 

151,354,498

 

Global Equity Income

 

 

262,244,896

 

Global Opportunities

 

 

127,100,326

 

Health Sciences

 

 

43,967,445

 

International Growth

 

 

597,195,084

 

Real Asset

 

 

159,819,027

 

S&P Quality Rankings

 

 

12,803,830

 

World Investment

 

 

322,292,844

 

 

4. Concentration, Market and Credit Risk:

In the normal course of business, the Trusts invest in securities and enters into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Trusts may be exposed to counterparty risk, or the risk that an entity with which the Trusts have unsettled or open transactions may default. Financial assets, which potentially expose the Trusts to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Trusts’ exposure to credit and coun-terparty risks with respect to these financial assets is approximated by their value recorded in the Trusts’ Statement of Assets and Liabilities.

As of April 30, 2009, the Trusts listed below had the following sector classifications:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sector

 

Global
Equity
Income

 

Global
Oppor-
tunities

 

S&P
Quality
Rankings

 

World
Investment

 

 

Energy

 

17

%

 

17

%

 

20

%

 

16

%

 

Consumer Products

 

16

 

 

15

 

 

16

 

 

15

 

 

Financial Institutions

 

14

 

 

15

 

 

12

 

 

15

 

 

Technology

 

10

 

 

10

 

 

12

 

 

10

 

 

Health Care

 

8

 

 

8

 

 

6

 

 

8

 

 

Basic Materials

 

8

 

 

8

 

 

1

 

 

8

 

 

Industrials

 

7

 

 

7

 

 

14

 

 

7

 

 

Telecommunications

 

7

 

 

7

 

 

8

 

 

7

 

 

Exchange-Traded Funds

 

6

 

 

6

 

 

 

 

6

 

 

Automotive

 

2

 

 

2

 

 

1

 

 

2

 

 

Media

 

2

 

 

2

 

 

 

 

2

 

 

Real Estate

 

1

 

 

1

 

 

5

 

 

2

 

 

Building & Development

 

1

 

 

1

 

 

 

 

1

 

 

Business Equipment & Services

 

1

 

 

 

 

2

 

 

 

 

Transportation

 

 

 

1

 

 

 

 

1

 

 

Utilities

 

 

 

 

 

1

 

 

 

 

Aerospace & Defense

 

 

 

 

 

1

 

 

 

 

Entertainment & Leisure

 

 

 

 

 

1

 

 

 

 

 

5. Capital Share Transactions:

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for each Trust. At April 30, 2009, the shares owned by an affiliate of the Advisor of the Trusts were as follows:

 

 

 

 

 

 

 

 

Common
Shares Owned

 

 

Dividend Achievers

 

 

8,028

 

Enhanced Dividend Achievers

 

 

8,028

 

Strategic Dividend Achievers

 

 

8,028

 

EcoSolutions

 

 

6,964

 

Energy and Resources

 

 

4,817

 

Global Equity Income

 

 

6,021

 

Global Opportunities

 

 

4,817

 

Health Sciences

 

 

4,817

 

International Growth

 

 

6,178

 

Real Asset

 

 

8,028

 

S&P Quality Rankings

 

 

8,028

 

World Investment

 

 

8,028

 

 

Shares issued and outstanding during the period April 30, 2009 and the year ended October 31, 2008 increased by the following amounts as a result of dividend reinvestments:

 

 

 

 

 

 

 

 

 

 

 

Period Ended
April 30, 2009

 

Year Ended
October 31, 2008

 

 

Strategic Dividend Achievers

 

55,609

 

 

 

 

Global Opportunities

 

 

 

99,860

 

 

World Investment

 

 

 

88,064

 

 

 

6. Capital Loss Carryforwards:

As of October 31, 2008, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

 

 

 

 

 

 

 

 

 

 

Expiring
October 31, 2016

 

 

Dividend Achievers

 

 

$

52,785,280

 

 

Enhanced Dividend Achievers

 

 

 

29,702,025

 

 

Strategic Dividend Achievers

 

 

 

9,636,519

 

 

Global Equity Income

 

 

 

67,573,002

 

 

S&P Quality Rankings

 

 

 

217,452

 

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

99



 

 


 

Notes to Financial Statements (concluded)

 

7. Subsequent Events:

Subsequent to April 30, 2009, the Board declared distributions per common share as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ex-Date

 

Record
Date

 

Payable
Date

 

Distribution
per Common
Share

 

 

Dividend Achievers

 

 

6/11/09

 

 

6/15/09

 

 

6/30/09

 

$

0.162500

 

Enhanced Dividend Achievers

 

 

6/11/09

 

 

6/15/09

 

 

6/30/09

 

 

0.305625

 

Strategic Dividend Achievers

 

 

6/11/09

 

 

6/15/09

 

 

6/30/09

 

 

0.162500

 

EcoSolutions

 

 

6/11/09

 

 

6/15/09

 

 

6/30/09

 

 

0.400000

 

Energy and Resources

 

 

6/11/09

 

 

6/15/09

 

 

6/30/09

 

 

0.405000

 

Global Equity Income

 

 

5/13/09

 

 

5/15/09

 

 

5/29/09

 

 

0.475000

 

Global Opportunities

 

 

5/13/09

 

 

5/15/09

 

 

5/29/09

 

 

0.568750

 

Health Sciences

 

 

6/11/09

 

 

6/15/09

 

 

6/30/09

 

 

0.384375

 

International Growth

 

 

6/11/09

 

 

6/15/09

 

 

6/30/09

 

 

0.455100

 

Real Asset

 

 

6/11/09

 

 

6/15/09

 

 

6/30/09

 

 

0.271800

 

S&P Quality Rankings

 

 

5/13/09

 

 

5/15/09

 

 

5/29/09

 

 

0.187500

 

World Investment

 

 

6/11/09

 

 

6/15/09

 

 

6/30/09

 

 

0.341250

 

 

The June 2, 2009 shareholder meeting to approve the merger of BlackRock Global Equity Income Trust (BFD), BlackRock World Investment Trust (BWC) and BlackRock Global Opportunities Equity Trust (BOE) has been adjourned until June 30, 2009 to allow additional time to solicit the required shareholder votes.

 

 

 

 

 

 

 

 

100

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 


 

Officers and Trustees

 

Richard E. Cavanagh, Chairman of the Board and Trustee

Karen P. Robards, Vice Chair of the Board,
Chair of the Audit Committee and Trustee

G. Nicholas Beckwith, III, Trustee

Richard S. Davis, Trustee

Kent Dixon, Trustee

Frank J. Fabozzi, Trustee

Kathleen F. Feldstein, Trustee

James T. Flynn, Trustee

Henry Gabbay, Trustee

Jerrold B. Harris, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Donald C. Burke, President and Chief Executive Officer

Anne F. Ackerley, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Brian P. Kindelan, Chief Compliance Officer of the Trusts

Howard Surloff, Secretary

 

Accounting Agent

The Bank of New York Mellon

Brooklyn, NY 11217

 

Custodian

The Bank of New York Mellon

Lake Mary, FL 32746

 

Transfer Agent

The Bank of New York Mellon

New York, NY 10286

 

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

New York, NY 10281

 

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

New York, NY 10036

 

Trusts’ Address

BlackRock Closed-End Funds

c/o BlackRock Advisors, LLC

100 Bellevue Parkway

Wilmington, DE 19809

(800) 227-7BFM


 

Effective January 1, 2009, Robert S. Salomon, Jr. retired as Trustee of the Trusts. The Board wishes Mr. Salomon well in his retirement.


 

BlackRock Global Equity Income Trust is managed by a team of investment professionals. Effective April 13, 2009, Thomas P. Callan, Michael D. Carey, Jean M. Rosenbaum and Kyle G. McClements are the Trust’s co-portfolio managers responsible for the day-to-day management of the Trust’s portfolio and the selection of its investments. Messrs. Callan, Carey and McClements and Ms. Rosenbaum have been members of the Trust’s management team since 2009.

Thomas P. Callan is Managing Director of BlackRock Inc. since 1998; head of the BlackRock’s Global Opportunities equity team.

Michael D. Carey is Managing Director of BlackRock, Inc. since 2007 and Director thereof from 2004 to 2007.

Jean M. Rosenbaum is Managing Director of BlackRock, Inc. since 2006 and Director thereof from 2002 to 2006.

Kyle G. McClements is Director of BlackRock, Inc. since 2006 and Vice President thereof from 2005 to 2006; Vice President of State Street Research & Management from 2004 to 2005.


 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

101



 


 

Additional Information

 

 

Section 19(a) Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on the tax regulations. Shareholders should not draw any conclusions about the Trust’s investment performance from the amount of these distributions or from the terms of each Trust’s plan. The Trusts will send you a Form 1099-DIV each calendar year that will tell you how to report these dividends and distributions for federal income tax purposes.

April 30, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

 

 

Total Cumulative Distributions
for the Fiscal Year-to-Date

 

% Breakdown of the Total Cumulative
Distributions for the Fiscal Year-to-Date

 

 

 

 

 

 

 

 

 

Net
Investment
Income

 

Net
Realized
Capital Gains

 

Return
of
Capital

 

Total Per
Common Share

 

Net
Investment
Income

 

Net
Realized
Capital Gains

 

Return
of
Capital

 

Total Per
Common Share

 

                                   

Dividend Achievers*

 

$

0.161

 

$

 

$

0.164

 

$

0.325

 

50

%

 

0

%

 

50

%

 

100

%

 

Enhanced Dividend Achievers*

 

$

0.140

 

$

 

$

0.471

 

$

0.611

 

23

%

 

0

%

 

77

%

 

100

%

 

Strategic Dividend Achievers*

 

$

0.160

 

$

 

$

0.165

 

$

0.325

 

49

%

 

0

%

 

51

%

 

100

%

 

EcoSolutions*

 

$

0.107

 

$

 

$

0.693

 

$

0.800

 

13

%

 

0

%

 

87

%

 

100

%

 

Energy and Resources*

 

$

0.192

 

$

0.227

 

$

0.391

 

$

0.810

 

24

%

 

28

%

 

48

%

 

100

%

 

Global Equity Income*

 

$

0.070

 

$

 

$

0.880

 

$

0.950

 

7

%

 

0

%

 

93

%

 

100

%

 

Global Opportunities*

 

$

0.120

 

$

 

$

1.018

 

$

1.138

 

11

%

 

0

%

 

89

%

 

100

%

 

Health Sciences*

 

$

0.022

 

$

0.539

 

$

0.379

 

$

0.940

 

2

%

 

58

%

 

40

%

 

100

%

 

International Growth & Income*

 

$

0.081

 

$

 

$

0.829

 

$

0.910

 

9

%

 

0

%

 

91

%

 

100

%

 

Real Asset*

 

$

0.061

 

$

 

$

0.483

 

$

0.544

 

11

%

 

0

%

 

89

%

 

100

%

 

S&P Quality Rankings*

 

$

0.120

 

$

 

$

0.293

 

$

0.413

 

29

%

 

0

%

 

71

%

 

100

%

 

World Investment*

 

$

0.092

 

$

 

$

0.590

 

$

0.683

 

14

%

 

0

%

 

86

%

 

100

%

 

                                                   

 

 

*

The Fund estimates that it has distributed more than its income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.


 

General Information

Global Equity Income’s, Global Opportunities’, International Growth’s and S&P Quality Rankings’ Boards approved a change to the Trust’s non-fundamental investment policy. Under normal circumstances, the Trust anticipates it will allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by the Advisor, in which case the Trust would invest at least 30%) — of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the U.S., (iii) of issuers which primarily trade in a market located outside the U.S., or (iv) of issuers doing a substantial amount of business outside the U.S., which the Trust considers to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Trust will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). This change in the Trust’s non-fundamental investment policy may reduce the Trust’s flexibility to respond to global market events. For temporary defensive purposes, the Trust may deviate very substantially from the allocation described above.

Global Equity Income recently implemented a change to one of its non-fundamental investment policies, which was approved by its Board of Directors. Global Equity Income had previously, under normal market conditions, invested at least 80% of its total assets in a combination of (i) dividend-paying domestic and foreign common stocks and (ii) common stocks the value of which is subject to covered written index call options. This non-fundamental policy was revised to allow Global Equity Income, under normal market conditions, to invest at least 80% of its total assets in equity securities of companies located in countries throughout the world or options on equity securities or indices of equity securities. The new non-fundamental policy does not emphasize dividend-paying stocks or index call options.

Energy and Resource’s Board recently approved a change to the Trust’s name from “BlackRock Global Energy and Resources Trust” to “BlackRock Energy and Resources Trust”.

Other than the revisions to Global Equity Income’s, Global Opportunities’, International Growth’s and S&P Quality Rankings’ investment policy discussed above, during the period there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. Other than as disclosed on page 101, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trust’s portfolios.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ web-sites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trusts’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.

 

 

 

 

 

 

 

 

102

SEMI-ANNUAL REPORT

APRIL 30, 2009

 



 


 

Additional Information (concluded)


 

General Information (concluded)

Householding

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 441-7762

Quarterly performance, semi-annual and annual reports and other information regarding each Trust may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding each Trust and does not, and is not intended to, incorporate BlackRock’s website into this report.

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.

Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

 

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively,”Clients”) and to safeguarding their nonpublic personal information.The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates,or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic information about its Clients, except as permitted by law or as necessary to service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2009

103



This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

 

 

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Item 2 –      Code of Ethics – Not Applicable to this semi-annual report
 
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report
 
Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report
 
Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report
 
Item 6 – Investments
  (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
  (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
 
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-annual report
 
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
 
Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
 
Item 11 – Controls and Procedures
 
11(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 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.
 
11(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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 12 – Exhibits attached hereto
 
12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
 
12(a)(2) – Certifications – Attached hereto
 
12(a)(3) – Not Applicable
 
12(b) – 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 Energy and Resources Trust
   
By:      /s/ Donald C. Burke
  Donald C. Burke
  Chief Executive Officer of
  BlackRock Energy and Resources Trust
   
Date: June 19, 2009

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 Energy and Resources Trust
   
Date: June 19, 2009
   
By: /s/ Neal J. Andrews
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Energy and Resources Trust
   
Date: June 19, 2009