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: Anne F. Ackerley, Chief Executive Officer, BlackRock Energy and Resources Trust, 55 East 52nd Street, New York, NY 10055.

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

Date of fiscal year end: 10/31/2010

Date of reporting period: 04/30/2010



 

 

Item 1 –

Report to Stockholders


 

 

 

 

 

 

 

Semi-Annual Report

(BLACKROCK LOGO)

 

 

 

 

 

 

 

 

 

 

 

APRIL 30, 2010 | (UNAUDITED)

 

 

 

 

 


 

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 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)

 

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 Financial Instruments

 

14

 

Financial Statements:

 

 

 

Schedules of Investments

 

15

 

Statements of Assets and Liabilities

 

60

 

Statements of Operations

 

62

 

Statements of Changes in Net Assets

 

64

 

Financial Highlights

 

68

 

Notes to Financial Statements

 

78

 

Officers and Trustees

 

86

 

Additional Information

 

87

 


 

 

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 Opportunities Equity Trust (BOE), BlackRock Health Sciences Trust (BME), BlackRock International Growth and Income Trust (BGY), BlackRock Real Asset Equity Trust (BCF) and BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) (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 plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (“Plan”). 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

 

$0.245000

BDT

 

$0.162500

BQR

 

$0.300000

BGR

 

$0.405000

BOE

 

$0.568750

BME

 

$0.384375

BGY

 

$0.340000

BCF

 

$0.271800

BQY

 

$0.187500

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 level distributions. 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 Additional Information 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, 2010




 

 

 

 





 

 

 

 

Dear Shareholder

 

 

 

Although overall global economic and financial conditions have generally improved over the past year, the period ended with high levels of market volatility and diminishing investor confidence sparked by the sovereign debt crisis in Europe, concerns over the strength of the economic recovery and uncertainty surrounding the future of interest rate policies. Additionally, as the period drew to a close, the increasing likelihood of more stringent financial market regulations added to the overall sense of investment uncertainty. Despite the uneven nature of recent market conditions, we continue to believe that the “Great Recession” likely ended at some point last summer, thanks primarily to massive fiscal and monetary stimulus, and that the global economy remains in recovery mode.

Global equity markets bottomed in early 2009 and since that time have moved unevenly higher as investors were lured back into the markets by depressed valuations, desire for higher yields and improvements in corporate earnings prospects. There have been several corrections along the way and volatility levels have remained elevated—reflections of mixed economic data, lingering deflation issues (especially in Europe) and uncertainty surrounding financial regulations. On balance, however, improving corporate revenues and profits and a positive macro backdrop helped push stock prices higher over the last twelve and six months. From a geographic perspective, US equities have outpaced their international counterparts in recent months, as the domestic economic recovery has been more pronounced and as credit-related issues have held European markets down.

Within fixed income markets, yields have been moving unevenly as improving economic conditions have been acting to push Treasury yields higher (and prices correspondingly lower), while concerns over ongoing deflation threats have acted as a counterweight. As the period drew to a close, Treasury yields were falling as investors flocked to the “safe haven” asset class in the face of escalating uncertainty. Over the course of the last twelve and six months, however, Treasuries underperformed other areas of the bond market, particularly the high yield sector, which has been benefiting from increased investor demand. Meanwhile, municipal bonds slightly outperformed taxable sectors over both the six- and twelve-month periods thanks to continued high demand levels, but have continued to face the headwinds of ongoing state and local budget problems. As in the taxable arena, high yield municipals have been outperforming the rest of the market.

Regarding cash investments, yields on money market securities remain near all-time lows (producing returns only marginally above zero percent), with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.”

Against this backdrop, the major market averages posted the following returns:

 

 

 

 

 

 

Total Returns as of April 30, 2010

 

6-month

 

12-month

 

 

US equities (S&P 500 Index)

 

15.66

%

38.84

%

 

Small cap US equities (Russell 2000 Index)

 

28.17

 

48.95

 

 

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

 

2.48

 

34.43

 

 

3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)

 

0.04

 

0.15

 

 

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

 

(0.54

)

(1.32

)

 

Taxable fixed income (Barclays Capital US Aggregate Bond Index)

 

2.54

 

8.30

 

 

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

 

3.68

 

8.85

 

 

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

 

11.60

 

42.53

 

 

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

Global financial markets continue to show signs of improvement, but questions about the strength and sustainability of the recovery abound. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership 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, 2010

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 utilizes 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, 2010, the Trust returned 16.39% based on market price and 12.78% based on net asset value (“NAV”). For the same period, the Mergent Broad Dividend Achievers Index (“Dividend Achievers Index”) returned 14.31% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 16.77% and 17.77%, 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. The biggest individual contributor to Trust performance relative to the Dividend Achievers Index was a combination of security selection and an underweight in the utilities sector. Despite the overall underweight to the utilities sector, the allocation to the electric utilities sub-sector provided the largest amount of relative return. Stock selection within materials also contributed to performance, with securities in the chemicals industry providing the most support. While the Trust carried a neutral weight in the telecommunication services sector versus the benchmark, security selection was beneficial, especially in diversified telecommunication services. The largest detractor from performance was the Trust’s overweight in the health care sector. Security selection in the pharmaceuticals industry also detracted from relative performance, along with weaker stock selection in the information technology and consumer staples sectors. The Trust’s cash weighting, though minimal, detracted marginally as markets appreciated, as did the covered call option strategy.

 

 

Trust Information


 

 

Symbol on New York Stock Exchange (“NYSE”)

BDV

Initial Offering Date

December 23, 2003

Yield based on Closing Market Price as of April 30, 2010 ($9.30)1

6.99%

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 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

9.30

 

$

8.27

 

12.45

%

 

$

9.63

 

$

8.15

 

Net Asset Value

 

$

9.96

 

$

9.14

 

8.97

%

 

$

10.11

 

$

9.14

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/10

 

             

International Business Machines Corp.

 

 

 

 

4

%

 

Chevron Corp.

 

 

 

 

4

 

 

Exxon Mobil Corp.

 

 

 

 

4

 

 

Johnson & Johnson

 

 

 

 

3

 

 

Abbott Laboratories

 

 

 

 

3

 

 

McDonald’s Corp.

 

 

 

 

3

 

 

Procter & Gamble Co. (The)

 

 

 

 

3

 

 

AT&T Inc.

 

 

 

 

3

 

 

General Dynamics Corp.

 

 

 

 

2

 

 

Coca-Cola Co. (The)

 

 

 

 

2

 

 

               

 

 

 

 

 

 

 

 

Sector Allocations

 

 

 

 

 

 

 

 

 

 

4/30/10

 

10/31/09

 

           

Consumer Staples

 

20

%

 

22

%

 

Industrials

 

15

 

 

15

 

 

Health Care

 

12

 

 

15

 

 

Energy

 

11

 

 

9

 

 

Utilities

 

10

 

 

4

 

 

Consumer Discretionary

 

8

 

 

8

 

 

Financials

 

7

 

 

13

 

 

Information Technology

 

7

 

 

6

 

 

Materials

 

6

 

 

3

 

 

Telecommunication Services

 

4

 

 

5

 

 

               

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 Trust 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, 2010




 

 


 

 

Trust Summary as of April 30, 2010

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 (selling) 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, 2010, the Trust returned 18.13% based on market price and 11.13% based on NAV. For the same period, the Dividend Achievers Index returned 14.31% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 16.77% and 17.77%, respectively. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period-end, which accounts for the difference between performance based on price and performance based on NAV. The Trust’s covered call option strategy was the largest detractor from returns relative to the Dividend Achievers Index, followed by the combination of an underweight and stock selection in the health care sector. Stock selection in the information technology sector, specifically within the computers & peripherals industry, also detracted from relative performance. Weaker stock selection in industrials was largely offset by an overweight in that sector, but the aggregate effect was still negative. Finally, an underweight in the financials sector detracted. Strong individual stock selection in the utilities sector was the largest contributor to relative performance, specifically within the electric and gas segments of the market. The Trust’s underweight in utilities also aided performance. Stock selection within the telecommunication services and materials sectors also enhanced relative returns during the period, helped mostly by holdings within the diversified telecommunication and chemicals industries, respectively.

 

 

Trust Information


 

 

Symbol on NYSE

BDJ

Initial Offering Date

August 31, 2005

Yield based on Closing Market Price as of April 30, 2010 ($8.80)1

11.14%

Current Quarterly Distribution per Common Share2

$0.245

Current Annualized Distribution per Common Share2

$0.980

   

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/10

 

10/31/09

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

8.80

 

$

7.89

 

11.53

%

 

$

9.28

 

$

7.77

 

Net Asset Value

 

$

8.53

 

$

8.13

 

4.92

%

 

$

8.64

 

$

8.13

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/10

 

               

International Business Machines Corp.

 

 

 

 

4

%

 

Chevron Corp.

 

 

 

 

4

 

 

Exxon Mobil Corp.

 

 

 

 

4

 

 

Johnson & Johnson

 

 

 

 

3

 

 

Abbott Laboratories

 

 

 

 

3

 

 

Procter & Gamble Co. (The)

 

 

 

 

3

 

 

McDonald’s Corp.

 

 

 

 

3

 

 

AT&T Inc.

 

 

 

 

3

 

 

General Dynamics Corp.

 

 

 

 

3

 

 

Coca-Cola Co. (The)

 

 

 

 

3

 

 

               

 

 

 

 

 

 

 

 

Sector Allocations

 

 

 

 

 

 

 

 

 

 

4/30/10

 

10/31/09

 

           

Consumer Staples

 

20

%

 

22

%

 

Industrials

 

14

 

 

14

 

 

Health Care

 

12

 

 

16

 

 

Energy

 

11

 

 

9

 

 

Utilities

 

10

 

 

4

 

 

Consumer Discretionary

 

8

 

 

8

 

 

Financials

 

8

 

 

12

 

 

Information Technology

 

7

 

 

6

 

 

Materials

 

6

 

 

3

 

 

Telecommunication Services

 

4

 

 

6

 

 

               

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 Trust 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, 2010

5




 

 


 

 

Trust Summary as of April 30, 2010

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 utilizes 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, 2010, the Trust returned 25.93% based on market price and 21.00% based on NAV. For the same period, the Dividend Achievers Index returned 14.31% and the broader market, as measured by the Russell 1000 Index and the Russell 1000 Value Index, returned 16.77% and 17.77%, 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. Stock selection in the financials sector provided the biggest boost to Trust performance relative to the Dividend Achievers Index, specifically within the commercial banking and insurance industries. The next largest contributor overall was security selection in the industrials sector, especially within the commercial services & supplies industry. A Trust overweight in industrials was also beneficial. Lastly, stock selection in materials played a key role in performance for the period. The Trust had positive absolute total returns in all 10 economic sectors. The aggregate effect of the Trust’s option positions was the largest single detractor from relative performance. Elsewhere, stock selection in consumer staples and utilities weighed on relative returns. Stock selection in consumer discretionary detracted, although a small sector underweight contributed slightly to returns. A marginal overweight in information technology also hurt returns.

 

 

Trust Information


 

 

Symbol on NYSE

BDT

Initial Offering Date

March 30, 2004

Yield based on Closing Market Price as of April 30, 2010 ($10.19)1

6.38%

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 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:

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

10.19

 

$

8.37

 

21.74

%

 

$

10.43

 

$

8.25

 

Net Asset Value

 

$

11.37

 

$

9.72

 

16.98

%

 

$

11.65

 

$

9.69

 

                       

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

 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/10

 

             

Nordstrom, Inc.

 

 

 

 

3

%

 

Dover Corp.

 

 

 

 

2

 

 

Black & Decker, Inc.

 

 

 

 

2

 

 

M&T Bank Corp.

 

 

 

 

2

 

 

J.M. Smucker Co. (The)

 

 

 

 

2

 

 

Fastenal Co.

 

 

 

 

2

 

 

Masco Corp.

 

 

 

 

2

 

 

Linear Technology Corp.

 

 

 

 

2

 

 

Avery Dennison Corp.

 

 

 

 

2

 

 

Genuine Parts Co.

 

 

 

 

2

 

 

               

 

 

 

 

 

 

 

 

Sector Allocations

 

 

 

 

 

 

 

 

 

 

4/30/10

 

10/31/09

 

           

Financials

 

34

%

 

33

%

 

Industrials

 

18

 

 

20

 

 

Consumer Discretionary

 

14

 

 

11

 

 

Utilities

 

12

 

 

13

 

 

Consumer Staples

 

8

 

 

9

 

 

Materials

 

6

 

 

6

 

 

Information Technology

 

3

 

 

3

 

 

Health Care

 

3

 

 

3

 

 

Energy

 

1

 

 

1

 

 

Telecommunication Services

 

1

 

 

1

 

 

               

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 Trust 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, 2010




 

 


 

 

Trust Summary as of April 30, 2010

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 writing (selling) 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, 2010, the Trust returned 14.91% based on market price and 6.22% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of 23.36% on a market price basis and 18.41% on a NAV basis. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period-end, which accounts for the difference between performance based on price and performance based on NAV. The agriculture sleeve of the portfolio was the strongest performer during the period. Fertilizer companies, such as Potash Corp. and Agrium, were key drivers of performance as they made gains on volume recovery. The dominant contributor in the water resources sleeve was the nearly 60% of net assets invested in water utilities, particularly the non-US-based utilities that had significant price appreciation. Also contributing in the water resources sleeve were names in the commercial services & supplies industry and in the chemicals industry. The new energy sleeve was the portfolio laggard as this segment struggled to keep pace with broader equity markets due to four factors: the availability/cost of debt; the timing of stimulus package support; weak power prices; and a perceived loss of legislative momentum. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the rising market.

 

 

Trust Information


 

 

 

Symbol on NYSE

 

BQR

Initial Offering Date

 

September 28, 2007

Yield based on Closing Market Price as of April 30, 2010 ($11.14)1

 

10.77%

Current Quarterly Distribution per Common Share2

 

$0.30

Current Annualized Distribution per Common Share2

 

$1.20

     

 

 

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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

4/30/10

 

10/31/09

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

11.14

 

$

10.23

 

 

8.90

%

$

12.02

 

$

9.90

 

Net Asset Value

 

$

10.63

 

$

10.56

 

 

0.66

%

$

11.67

 

$

10.26

 

                                 

 

 

 

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


 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

 

 

 

 

 

 

4/30/10

 

             

Potash Corp. of Saskatchewan, Inc.

 

 

 

 

3

%

 

Itron, Inc.

 

 

 

 

3

 

 

Monsanto Co.

 

 

 

 

3

 

 

Agrium, Inc.

 

 

 

 

2

 

 

Syngenta AG

 

 

 

 

2

 

 

BrasilAgro - Companhia Brasileira de
Propriedades Agricolas

 

 

 

 

2

 

 

Johnson Matthey Plc

 

 

 

 

2

 

 

Vestas Wind Systems A/S

 

 

 

 

2

 

 

Tetra Tech, Inc.

 

 

 

 

2

 

 

Aqua America, Inc.

 

 

 

 

2

 

 

               

 

 

 

 

 

 

 

 

Industry Allocations

 

 

 

 

 

 

 

 

 

 

4/30/10

 

10/31/09

 

           

Chemicals

 

25

%

 

26

%

 

Water Utilities

 

22

 

 

21

 

 

Food Products

 

12

 

 

11

 

 

Machinery

 

8

 

 

8

 

 

Electrical Equipment

 

8

 

 

9

 

 

Electronic Equipment, Instruments
& Components

 

4

 

 

3

 

 

Electric Utilities

 

3

 

 

3

 

 

Commercial Services & Supplies

 

3

 

 

3

 

 

Independent Power Producers &
Energy Traders

 

2

 

 

3

 

 

Oil, Gas & Consumable Fuels

 

2

 

 

2

 

 

Real Estate Investment Trusts (REITs)

 

2

 

 

3

 

 

Construction & Engineering

 

2

 

 

2

 

 

Multi-Utilities

 

2

 

 

3

 

 

Other1

 

5

 

 

3

 

 

               

 

 

1

Other includes a 1% holding in each of the following industries; for 4/30/10, Paper & Forest Products, Road & Rail, Auto Components, Industrial Conglomerates and Diversified Financial Services and for 10/31/09, Paper & Forest Products, Road & Rail and Industrial Conglomerates.

 

 

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


 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

7




 

 


 

 

Trust Summary as of April 30, 2010

BlackRock Energy and Resources Trust


 

 

Investment Objective

 

 

 

BlackRock Energy and Resources Trust (BGR) (the “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, 2010, the Trust returned 18.52% based on market price and 15.73% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned 23.36% on a market price basis and 18.41% 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. During the reporting period, coal stocks overall rallied sharply amidst a global economic rebound and increased steel demand in China. Notably, metallurgical coal (the high-quality cooking coal used in steel production) prices in Asia rallied over the six months due to the increased Chinese steel demand. Precious metals also performed well. Conversely, oil & gas drilling was a relatively weak sub-sector for the fund, with Transocean declining notably toward the end of the period on the heels of the BP oil spill in the Gulf of Mexico. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the rising market.

 

 

Trust Information


 

 

 

Symbol on NYSE

 

BGR

Initial Offering Date

 

December 29, 2004

Yield based on Closing Market Price as of April 30, 2010 ($25.50)1

 

6.35%

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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

25.50

 

$

22.18

 

 

14.97

%

$

27.43

 

$

22.01

 

Net Asset Value

 

$

26.73

 

$

23.81

 

 

12.26

%

$

27.97

 

$

23.81

 

                       

 

 

 

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


 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/10

 

             

Petrohawk Energy Corp.

 

 

 

 

6

%

 

Whiting Petroleum Corp.

 

 

 

 

6

 

 

EOG Resources, Inc.

 

 

 

 

4

 

 

Occidental Petroleum Corp.

 

 

 

 

4

 

 

Massey Energy Co.

 

 

 

 

3

 

 

Penn Virginia Corp.

 

 

 

 

3

 

 

Transocean Ltd.

 

 

 

 

3

 

 

Peabody Energy Corp.

 

 

 

 

3

 

 

Schlumberger Ltd.

 

 

 

 

3

 

 

Enterprise Products Partners LP

 

 

 

 

3

 

 

               

 

 

 

 

 

 

 

 

Industry Allocations

 

 

 

 

 

 

 

 

 

 

4/30/10

 

10/31/09

 

               

Oil, Gas & Consumable Fuels

 

71

%

 

70

%

 

Energy Equipment & Services

 

19

 

 

20

 

 

Gas Utilities

 

4

 

 

4

 

 

Metals & Mining

 

3

 

 

4

 

 

Transportation

 

1

 

 

 

 

Pipelines

 

1

 

 

 

 

Construction & Engineering

 

1

 

 

1

 

 

Chemicals

 

 

 

1

 

 

               

 

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


 

 

 

 

 

8

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Trust Summary as of April 30, 2010

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 (selling) 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, 2010, the Trust returned 15.44% based on market price and 9.00% based on NAV. For the same period, the benchmark MSCI All Country World Index posted a return of 9.78%. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period-end, which accounts for the difference between performance based on price and performance based on NAV. On an absolute return basis, holdings within industrials and consumer discretionary led all sector returns, with each appreciating nearly 20% in US dollar terms over the trailing six months. Overall stock selection effects were positive and led by positioning across energy, industrials and utilities, where we favored more defensive, regulated players. With approximately half the portfolio overwritten during the time period, the impact of individual stock options was negative in instances where overwritten securities were called away below their market values. Outside of covered call writing, other negative effects came from stock selection in information technology and an underweight in materials. Cash held by the Trust at period-end was 6%. The performance impact of the Trust holding such cash in a positive market was negative.

 

 

Trust Information


 

 

 

Symbol on NYSE

 

BOE

Initial Offering Date

 

May 31, 2005

Yield based on Closing Market Price as of April 30, 2010 ($20.00)1

 

11.38%

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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

4/30/10

 

10/31/09

 

Change

 

High

 

Low

 

                       

Market Price

 

$

20.00

 

$

18.40

 

 

8.70

%

$

20.61

 

$

17.71

 

Net Asset Value

 

$

19.13

 

$

18.64

 

 

2.63

%

$

19.97

 

$

17.84

 

                                 

 

 

 

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


 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

4/30/10

 

               

General Electric Co.

 

 

 

 

2

%

 

Microsoft Corp.

 

 

 

 

2

 

 

United Parcel Service, Inc., Class B

 

 

 

 

1

 

 

Apple, Inc.

 

 

 

 

1

 

 

JTEKT Corp.

 

 

 

 

1

 

 

Exxon Mobil Corp.

 

 

 

 

1

 

 

Deere & Co.

 

 

 

 

1

 

 

Honda Motor Co. Ltd.

 

 

 

 

1

 

 

Siemens AG

 

 

 

 

1

 

 

PepsiCo, Inc.

 

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

Geographic Allocations

 

 

 

4/30/10

 

10/31/09

 

               

United States

 

50

%

 

46

%

 

Japan

 

11

 

 

6

 

 

Germany

 

6

 

 

3

 

 

United Kingdom

 

5

 

 

7

 

 

Canada

 

4

 

 

4

 

 

France

 

3

 

 

5

 

 

Switzerland

 

2

 

 

5

 

 

Spain

 

2

 

 

2

 

 

Brazil

 

2

 

 

1

 

 

Netherlands

 

2

 

 

1

 

 

Singapore

 

1

 

 

2

 

 

Hong Kong

 

1

 

 

2

 

 

South Korea

 

1

 

 

2

 

 

Other3

 

10

 

 

14

 

 

               

 

 

3

Other includes a 1% holding in each of the following countries; for 4/30/10, Sweden, China, Mexico, Australia, Finland, Thailand, India, Belgium, Taiwan and Ireland and for 10/31/09, Italy, Taiwan, India, China, Bermuda, South Africa, Russia, Israel, Belgium, Mexico, Sweden, New Zealand, Luxembourg and Finland.


 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

9



 

 



 

 

Trust Summary as of April 30, 2010

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, 2010, the Trust returned 24.73% based on market price and 14.00% based on NAV. For the same period, the benchmark Russell 3000 Healthcare Index returned 13.63%. 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. Stock selection was the main driver of performance, in addition to the premium income collected from written options. Positive relative returns were achieved primarily by positioning within the biotechnology, life sciences tools & services, and health care equipment sub-industries. Factors that detracted from results included an underweight positioning in health care services and stock selection within pharmaceuticals. The impact of individual stock options was negative in instances where overwritten securities were called away below their market values.

 

 

Trust Information


 

 

 

Symbol on NYSE

 

BME

Initial Offering Date

 

March 31, 2005

Yield based on Closing Market Price as of April 30, 2010 ($27.41)1

 

5.61%

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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/10

 

10/31/09

 

Change

 

High

 

Low

 

Market Price

 

$

27.41

 

$

22.61

 

 

21.23

%

$

27.54

 

$

22.29

 

Net Asset Value

 

$

28.11

 

$

25.37

 

 

10.80

%

$

28.74

 

$

25.37

 


 

 

 

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


 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

4/30/10

 

Amgen, Inc.

 

 

 

 

3

%

 

Novartis AG

 

 

 

 

3

 

 

Johnson & Johnson

 

 

 

 

3

 

 

Stryker Corp.

 

 

 

 

3

 

 

Thermo Fisher Scientific, Inc.

 

 

 

 

3

 

 

Bristol-Myers Squibb Co.

 

 

 

 

2

 

 

AmerisourceBergen Corp.

 

 

 

 

2

 

 

Genzyme Corp.

 

 

 

 

2

 

 

Express Scripts, Inc.

 

 

 

 

2

 

 

McKesson Corp.

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

Industry Allocations

 

 

 

4/30/10

 

10/31/09

 

Health Care Equipment & Supplies

 

28

%

 

28

%

 

Pharmaceuticals

 

22

 

 

28

 

 

Health Care Providers & Services

 

20

 

 

14

 

 

Biotechnology

 

11

 

 

13

 

 

Life Sciences Tools & Services

 

8

 

 

11

 

 

Health Care Technology

 

7

 

 

2

 

 

Electronic Equipment,
Instruments & Components

 

2

 

 

 

 

Industrial Conglomerates

 

2

 

 

1

 

 

Food & Staples Retailing

 

 

 

3

 

 

 

 

 

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


 

 

 

 

 

10

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 



 

 

Trust Summary as of April 30, 2010

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.

 

 

Performance

 

 

 

For the six months ended April 30, 2010, the Trust returned 9.54% based on market price and 5.17% based on NAV. For the same period, the benchmark MSCI All Country World Index ex-US returned 5.76%. All returns reflect reinvestment of dividends. The Trust began the period with neither a discount nor a premium to NAV, and ended the period with a premium to NAV, which accounts for the difference between performance based on price and performance based on NAV. On an absolute basis, contribution to performance was led by industrials and information technology holdings, which appreciated meaningfully during the past six months. From a relative perspective, stock selection within industrials was strongest, led by our exposure to Japanese exporters;holding an underweight in financials also helped. With approximately half the portfolio overwritten during the time period, the impact of individual stock options was negative in instances where overwritten securities were called away below their market values. Outside of covered call writing, other negative effects came from our stock selection decisions within the financials and materials sectors.

 

 

Trust Information


 

 

 

Symbol on NYSE

 

BGY

Initial Offering Date

 

May 30, 2007

Yield based on Closing Market Price as of April 30, 2010 ($11.03)1

 

16.50%

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 Quarterly Distribution per Common Share, declared on June 1, 2010, was decreased to $0.3400 per share. The yield on Closing Market Price, Current Quarterly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. 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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/10

 

10/31/09

 

Change

 

High

 

Low

 

Market Price

 

$

11.03

 

$

10.92

 

 

1.01

%

$

12.67

 

$

9.87

 

Net Asset Value

 

$

10.59

 

$

10.92

 

 

(3.02

)%

$

11.67

 

$

10.27

 


 

 

 

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


 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

4/30/10

 

Singapore Telecommunications Ltd.

 

 

 

 

2

%

 

HSBC Holdings Plc

 

 

 

 

1

 

 

Royal Dutch Shell Plc - ADR

 

 

 

 

1

 

 

RWE AG

 

 

 

 

1

 

 

Total SA

 

 

 

 

1

 

 

Novartis AG

 

 

 

 

1

 

 

NSK Ltd.

 

 

 

 

1

 

 

Nestle SA

 

 

 

 

1

 

 

Honda Motor Co. Ltd.

 

 

 

 

1

 

 

Imperial Tobacco Group Plc

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

Geographic Allocations

 

 

 

4/30/10

 

10/31/09

 

United Kingdom

 

17

%

 

17

%

 

Japan

 

14

 

 

12

 

 

Germany

 

9

 

 

7

 

 

Canada

 

9

 

 

11

 

 

Switzerland

 

8

 

 

8

 

 

France

 

6

 

 

9

 

 

Singapore

 

4

 

 

3

 

 

Hong Kong

 

3

 

 

4

 

 

Brazil

 

3

 

 

1

 

 

Taiwan

 

3

 

 

2

 

 

Australia

 

2

 

 

3

 

 

Spain

 

2

 

 

2

 

 

Netherlands

 

2

 

 

2

 

 

Italy

 

2

 

 

2

 

 

South Korea

 

2

 

 

2

 

 

China

 

2

 

 

2

 

 

Russia

 

 

 

2

 

 

Other3

 

12

 

 

11

 

 

 

 

 

 

3

Other includes a 1% holding in each of the following countries; for 4/30/10, Denmark, Sweden, Mexico, Malaysia, Thailand, Belgium, South Africa, India, Cayman Islands, United States, Finland and Indonesia and for 10/31/09, Luxembourg, Norway, Malaysia, Denmark, Sweden, United States, Belgium, Israel, Greece, India and Mexico.


 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

11




 

 



 

 

Trust Summary as of April 30, 2010

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, 2010, the Trust returned 18.61% based on market price and 16.49% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned 23.36% on a market price basis and 18.41% 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. On the whole, commodity prices rallied amidst an economic recovery in 2009. Oil &gas exploration &production and diversified metals &mining stocks contributed the most to fund performance over the six months. While almost every sub-sector performed well during the period, oil &gas drillers lagged on a relative basis.The Trust’s investments in the energy sector, particularly in the drilling industry, contributed to underperformance relative to its Lipper group, which includes funds whose investments are focused in equity sectors that had higher returns. The Trust’s call writing strategy added to current earnings, but at the expense of some capital appreciation, given the rising market.

 

 

Trust Information


 

 

 

Symbol on NYSE

 

BCF

Initial Offering Date

 

September 29, 2006

Yield based on Closing Market Price as of April 30, 2010 ($13.04)1

 

8.34%

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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/10

 

10/31/09

 

Change

 

High

 

Low

 

Market Price

 

$

13.04

 

$

11.45

 

 

13.89

%

$

14.05

 

$

10.57

 

Net Asset Value

 

$

13.12

 

$

11.73

 

 

11.85

%

$

13.66

 

$

11.70

 


 

 

 

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


 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

4/30/10

 

BHP Billiton Plc

 

 

 

 

4

%

 

Rio Tinto Plc

 

 

 

 

4

 

 

Vale SA - ADR

 

 

 

 

4

 

 

E.I. du Pont de Nemours & Co.

 

 

 

 

3

 

 

Xstrata Plc

 

 

 

 

3

 

 

Caterpillar, Inc.

 

 

 

 

3

 

 

Vedanta Resources Plc

 

 

 

 

2

 

 

Praxair, Inc.

 

 

 

 

2

 

 

Impala Platinum Holdings Ltd.

 

 

 

 

2

 

 

Alamos Gold, Inc.

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

Industry Allocations

 

 

 

4/30/10

 

10/31/09

 

Metals & Mining

 

42

%

 

43

%

 

Oil, Gas & Consumable Fuels

 

28

 

 

26

 

 

Chemicals

 

10

 

 

10

 

 

Energy Equipment & Services

 

7

 

 

9

 

 

Paper & Forest Products

 

6

 

 

6

 

 

Machinery

 

3

 

 

3

 

 

Gas Utilities

 

2

 

 

2

 

 

Containers & Packaging

 

1

 

 

1

 

 

Oil &Gas Services

 

1

 

 

 

 

 

 

 

 

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


 

 

 

 

 

12

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 



 

 

Trust Summary as of April 30, 2010

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 by investing primarily in equity securities of issuers that pay above average dividends and have the potential for capital appreciation. The Trust utilizes 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, 2010, the Trust returned 12.24% based on market price and 8.83% based on NAV. For the same period, the MSCI World Value Index returned 8.31%. 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. Trust performance relative to the MSCI World Value Index was generated through stock selection in the financials sector, specifically within the commercial banking and capital markets industries. Strong security selection in the integrated utilities sub-sector also contributed to relative performance. Finally, an overweight position in the information technology sector helped bolster Trust performance. The Trust’s option writing strategy was a notable detractor from relative performance during the period, given the rising market. Stock selection in the consumer discretionary sector also hurt performance, as the Trust’s selections in the household durables and specialty retail industries performed more poorly than their index counterparts. In addition, stock selection in the weaker-performing oil, gas & consumable fuels industry, housed within the energy sector, hurt relative performance. Lastly, the Trust’s relative underweight in the materials sector weighed on performance.

 

 

Trust Information


 

 

 

Symbol on NYSE Amex

 

BQY

Initial Offering Date

 

May 28, 2004

Yield based on Closing Market Price as of April 30, 2010 ($12.56)1

 

5.97%

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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/10

 

10/31/09

 

Change

 

High

 

Low

 

Market Price

 

$

12.56

 

$

11.54

 

 

8.84

%

$

12.95

 

$

11.24

 

Net Asset Value

 

$

14.12

 

$

13.38

 

 

5.53

%

$

14.62

 

$

13.06

 


 

 

 

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


 

 

 

 

 

 

 

 

Ten Largest Holdings

 

 

 

 

 

 

4/30/10

 

Exxon Mobil Corp.

 

 

 

 

3

%

 

AT&T Inc.

 

 

 

 

2

 

 

Chevron Corp.

 

 

 

 

2

 

 

Royal Bank of Canada

 

 

 

 

2

 

 

Emerson Electric Co.

 

 

 

 

2

 

 

BP Plc

 

 

 

 

2

 

 

Bank of Montreal

 

 

 

 

2

 

 

Microsoft Corp.

 

 

 

 

2

 

 

International Business Machines Corp.

 

 

 

 

2

 

 

HSBC Holdings Plc

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

Geographic Allocations

 

 

 

4/30/10

 

10/31/09

 

United States

 

48

%

 

46

%

 

United Kingdom

 

9

 

 

11

 

 

Canada

 

7

 

 

6

 

 

Japan

 

7

 

 

6

 

 

Australia

 

5

 

 

5

 

 

France

 

5

 

 

5

 

 

Sweden

 

4

 

 

4

 

 

Germany

 

3

 

 

3

 

 

Hong Kong

 

3

 

 

3

 

 

Spain

 

2

 

 

3

 

 

Singapore

 

2

 

 

1

 

 

Italy

 

1

 

 

2

 

 

Other3

 

4

 

 

5

 

 

 

 

 

 

3

Other includes a 1% holding in each of the following countries; for 4/30/10, Finland, Belgium, Switzerland and Greece and for 10/31/09, Greece, Switzerland, Finland, Netherlands and Portugal.


 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

13




 

 



 

 

Derivative Financial Instruments

The Trusts may invest in various derivative instruments, including foreign currency exchange contracts and options, as specified in Note 2 of 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, equity and/or foreign currency exchange 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 counterparty to the transaction or illiquidity of the derivative instrument.

The Trusts’ ability to successfully use a derivative instrument depends on the investment 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 distressed 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.

 

 

 

 

 

14

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Aerospace & Defense—5.9%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

176,400

 

$

13,469,904

 

Raytheon Co.

 

 

129,700

 

 

7,561,510

 

United Technologies Corp.

 

 

147,200

 

 

11,032,640

 

 

 

 

 

 

     

 

 

 

 

 

 

32,064,054

 

               

Beverages—6.1%

 

 

 

 

 

 

 

Brown-Forman Corp., Class B

 

 

119,700

 

 

6,964,146

 

Coca-Cola Co. (The)

 

 

249,550

 

 

13,338,447

 

PepsiCo, Inc.

 

 

195,875

 

 

12,774,968

 

 

 

 

 

 

     

 

 

 

 

 

 

33,077,561

 

               

Capital Markets—0.7%

 

 

 

 

 

 

 

T. Rowe Price Group, Inc.

 

 

63,600

 

 

3,657,636

 

               

Chemicals—3.7%

 

 

 

 

 

 

 

Air Products & Chemicals, Inc.

 

 

27,400

 

 

2,103,772

 

E.I. du Pont de Nemours & Co.

 

 

191,200

 

 

7,617,408

 

PPG Industries, Inc.

 

 

62,200

 

 

4,377,014

 

RPM International, Inc.

 

 

202,800

 

 

4,477,824

 

Valspar Corp.

 

 

55,300

 

 

1,731,996

 

 

 

 

 

 

     

 

 

 

 

 

 

20,308,014

 

               

Commercial Banks—2.1%

 

 

 

 

 

 

 

Bank of Hawaii Corp.

 

 

56,500

 

 

2,987,720

 

Cullen/Frost Bankers, Inc.

 

 

47,700

 

 

2,831,472

 

Toronto-Dominion Bank (The)

 

 

35,900

 

 

2,673,114

 

U.S. Bancorp

 

 

105,600

 

 

2,826,912

 

 

 

 

 

 

     

 

 

 

 

 

 

11,319,218

 

               

Commercial Services & Supplies—0.6%

 

 

 

 

 

 

 

Pitney Bowes, Inc.

 

 

134,754

 

 

3,422,752

 

               

Computers & Peripherals—4.7%

 

 

 

 

 

 

 

Hewlett-Packard Co.

 

 

51,500

 

 

2,676,455

 

International Business Machines Corp.

 

 

177,300

 

 

22,871,700

 

 

 

 

 

 

     

 

 

 

 

 

 

25,548,155

 

               

Diversified Financial Services—2.0%

 

 

 

 

 

 

 

JPMorgan Chase & Co.

 

 

257,700

 

 

10,972,866

 

               

Diversified Telecommunication—4.3%

 

 

 

 

 

 

 

AT&T Inc.

 

 

627,600

 

 

16,355,256

 

CenturyTel, Inc.

 

 

209,000

 

 

7,128,990

 

 

 

 

 

 

     

 

 

 

 

 

 

23,484,246

 

               

Electric Utilities—4.5%

 

 

 

 

 

 

 

FPL Group, Inc.

 

 

172,100

 

 

8,957,805

 

Northeast Utilities

 

 

253,900

 

 

7,055,881

 

PPL Corp.

 

 

77,600

 

 

1,921,376

 

Progress Energy, Inc.

 

 

167,500

 

 

6,686,600

 

 

 

 

 

 

     

 

 

 

 

 

 

24,621,662

 

               

Electrical Equipment—2.1%

 

 

 

 

 

 

 

Emerson Electric Co.

 

 

220,500

 

 

11,516,715

 

               

Energy Equipment & Services—0.7%

 

 

 

 

 

 

 

Halliburton Co.

 

 

124,100

 

 

3,803,665

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Food & Staples Retailing—1.7%

 

 

 

 

 

 

 

Sysco Corp.

 

 

94,875

 

$

2,992,357

 

Wal-Mart Stores, Inc.

 

 

119,575

 

 

6,415,199

 

 

 

 

 

 

     

 

 

 

 

 

 

9,407,556

 

               

Food Products—1.4%

 

 

 

 

 

 

 

General Mills, Inc.

 

 

66,200

 

 

4,712,116

 

Kraft Food, Inc.

 

 

90,600

 

 

2,681,760

 

 

 

 

 

 

     

 

 

 

 

 

 

7,393,876

 

               

Gas Utilities—3.4%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

117,000

 

 

3,460,860

 

National Fuel Gas Co.

 

 

51,200

 

 

2,663,424

 

Questar Corp.

 

 

195,800

 

 

9,388,610

 

UGI Corp.

 

 

103,600

 

 

2,847,964

 

 

 

 

 

 

     

 

 

 

 

 

 

18,360,858

 

               

Health Care Equipment & Supplies—2.3%

 

 

 

 

 

 

 

Becton Dickinson & Co.

 

 

40,900

 

 

3,123,533

 

Medtronic, Inc.

 

 

213,200

 

 

9,314,708

 

 

 

 

 

 

     

 

 

 

 

 

 

12,438,241

 

               

Hotels Restaurants & Leisure—3.1%

 

 

 

 

 

 

 

McDonald’s Corp.

 

 

235,500

 

 

16,623,945

 

               

Household Products—6.3%

 

 

 

 

 

 

 

Clorox Co.

 

 

89,700

 

 

5,803,590

 

Colgate-Palmolive Co.

 

 

61,600

 

 

5,180,560

 

Kimberly-Clark Corp.

 

 

105,950

 

 

6,490,497

 

Procter & Gamble Co. (The)

 

 

265,575

 

 

16,508,142

 

 

 

 

 

 

     

 

 

 

 

 

 

33,982,789

 

               

Industrial Conglomerates—2.9%

 

 

 

 

 

 

 

3M Co.

 

 

135,000

 

 

11,970,450

 

General Electric Co.

 

 

188,400

 

 

3,553,224

 

 

 

 

 

 

     

 

 

 

 

 

 

15,523,674

 

               

Insurance—2.6%

 

 

 

 

 

 

 

Chubb Corp.

 

 

111,400

 

 

5,889,718

 

Travelers Cos., Inc. (The)

 

 

163,400

 

 

8,290,916

 

 

 

 

 

 

     

 

 

 

 

 

 

14,180,634

 

               

IT Services—0.7%

 

 

 

 

 

 

 

Automatic Data Processing, Inc.

 

 

55,500

 

 

2,406,480

 

Paychex, Inc.

 

 

51,500

 

 

1,575,900

 

 

 

 

 

 

     

 

 

 

 

 

 

3,982,380

 

               

Machinery—3.6%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

131,200

 

 

8,933,408

 

Deere & Co.

 

 

155,100

 

 

9,278,082

 

Pentair, Inc.

 

 

43,000

 

 

1,554,880

 

 

 

 

 

 

     

 

 

 

 

 

 

19,766,370

 

               

Media—0.3%

 

 

 

 

 

 

 

McGraw-Hill Cos., Inc. (The)

 

 

41,700

 

 

1,406,124

 

               

Metals & Mining—1.8%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR

 

 

92,100

 

 

6,703,959

 

Nucor Corp.

 

 

73,600

 

 

3,335,552

 

 

 

 

 

 

     

 

 

 

 

 

 

10,039,511

 

               

 

Portfolio Abbreviations

 

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


 

 

ADR

American Depositary Receipt

AUD

Australian Dollar

BRL

Brazil Real

CAD

Canadian Dollar

CHF

Swiss Franc

CLP

Chilean Peso

DKK

Danish Krone

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

ILS

Israeli Shekel

IDR

Indonesian Rupiah

JPY

Japanese Yen

KRW

South Korean Won

MYR

Malaysian Ringgit

NOK

Norwegian Krone

PEN

Peruvian Neuvo Sol

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

TWD

Taiwan Dollar

USD

US Dollar

ZAR

South African Rand

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

15




 

 


 

 

Schedule of Investments (continued)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)



 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Multi-Utilities—0.8%

 

 

 

 

 

 

 

NSTAR

 

 

75,300

 

$

2,755,980

 

Vectren Corp.

 

 

68,700

 

 

1,718,187

 

 

 

 

 

 

     

 

 

 

 

 

 

4,474,167

 

               

Multiline Retail—1.5%

 

 

 

 

 

 

 

Family Dollar Stores, Inc.

 

 

30,100

 

 

1,190,756

 

Target Corp.

 

 

120,750

 

 

6,867,052

 

 

 

 

 

 

     

 

 

 

 

 

 

8,057,808

 

               

Oil, Gas & Consumable Fuels—10.4%

 

 

 

 

 

 

 

Chevron Corp.

 

 

253,050

 

 

20,608,392

 

Exxon Mobil Corp.

 

 

280,100

 

 

19,004,785

 

Marathon Oil Corp.

 

 

144,400

 

 

4,642,460

 

Murphy Oil Corp.

 

 

206,100

 

 

12,396,915

 

 

 

 

 

 

     

 

 

 

 

 

 

56,652,552

 

               

Personal Products—0.8%

 

 

 

 

 

 

 

Avon Products, Inc.

 

 

126,400

 

 

4,086,512

 

               

Pharmaceuticals—9.4%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

338,800

 

 

17,333,008

 

Eli Lilly & Co.

 

 

150,700

 

 

5,269,979

 

Johnson & Johnson

 

 

290,500

 

 

18,679,150

 

Merck & Co., Inc.

 

 

160,000

 

 

5,606,400

 

Pfizer, Inc.

 

 

243,000

 

 

4,062,960

 

 

 

 

 

 

     

 

 

 

 

 

 

50,951,497

 

               

Semiconductors & Semiconductor Equipment—1.2%

 

 

 

 

 

 

 

Intel Corp.

 

 

176,200

 

 

4,022,646

 

Linear Technology Corp.

 

 

87,000

 

 

2,615,220

 

 

 

 

 

 

     

 

 

 

 

 

 

6,637,866

 

               

Specialty Retail—2.5%

 

 

 

 

 

 

 

Lowe’s Cos., Inc.

 

 

273,200

 

 

7,409,184

 

Sherwin-Williams Co. (The)

 

 

21,100

 

 

1,647,277

 

TJX Cos., Inc.

 

 

92,000

 

 

4,263,280

 

 

 

 

 

 

     

 

 

 

 

 

 

13,319,741

 

               

Textiles, Apparel & Luxury Goods—1.1%

 

 

 

 

 

 

 

VF Corp.

 

 

67,500

 

 

5,833,350

 

               

Tobacco—3.5%

 

 

 

 

 

 

 

Altria Group, Inc.

 

 

617,700

 

 

13,089,063

 

Philip Morris International, Inc.

 

 

50,200

 

 

2,463,816

 

Universal Corp.

 

 

61,300

 

 

3,174,114

 

 

 

 

 

 

     

 

 

 

 

 

 

18,726,993

 

               

Water Utilities—0.8%

 

 

 

 

 

 

 

Aqua America, Inc.

 

 

155,800

 

 

2,855,814

 

California Water Service Group

 

 

42,500

 

 

1,646,025

 

 

 

 

 

 

     

 

 

 

 

 

 

4,501,839

 

               

Total Long-Term Investments
(Cost—$505,050,526)—99.5%

 

 

 

 

 

540,144,827

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, Institutional Class,
0.13% (a)(b)

 

 

4,740,064

 

 

4,740,064

 

               

Total Short-Term Securities
(Cost—$4,740,064)—0.9%

 

 

 

 

 

4,740,064

 

               

Total Investments Before Outstanding Options Written
(Cost—$509,790,590*)—100.4%

 

 

 

 

 

544,884,891

 

               

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written—(0.1)%

 

 

 

 

 

 

 

Altria Group, Inc., Strike Price USD 21, Expires 6/21/10

 

 

9

 

$

(517

)

Becton Dickinson & Co., Strike Price USD 80, Expires 5/24/10

 

 

81

 

 

(1,822

)

Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10

 

 

230

 

 

(93,150

)

Chubb Corp., Strike Price USD 53.50, Expires 5/28/10

 

 

92

 

 

(7,536

)

Clorox Co., Strike Price USD 65, Expires 5/24/10

 

 

180

 

 

(17,550

)

Coca-Cola Co. (The), Strike Price USD 55, Expires 5/24/10

 

 

500

 

 

(16,750

)

Eli Lilly & Co., Strike Price USD 36.55, Expires 5/20/10

 

 

300

 

 

(3,420

)

Family Dollar Stores, Inc., Strike Price USD 39, Expires 5/24/10

 

 

60

 

 

(7,350

)

FPL Group, Inc., Strike Price USD 50, Expires 5/24/10

 

 

100

 

 

(23,250

)

General Electric Co., Strike Price USD 20, Expires 5/24/10

 

 

34

 

 

(561

)

International Business Machines Corp., Strike Price USD 130,
Expires 6/21/10

 

 

15

 

 

(3,968

)

Kimberly-Clark Corp., Strike Price USD 63.50, Expires 5/24/10

 

 

110

 

 

(1,390

)

Medtronic, Inc., Strike Price USD 46, Expires 5/24/10

 

 

425

 

 

(14,875

)

Paychex, Inc., Strike Price USD 32.50, Expires 5/24/10

 

 

100

 

 

(1,000

)

PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10

 

 

390

 

 

(6,435

)

Pfizer, Inc., Strike Price USD 18, Expires 5/24/10

 

 

1,100

 

 

(6,050

)

Philip Morris International, Inc., Strike Price USD 52.50,
Expires 5/24/10

 

 

318

 

 

(3,339

)

Pitney Bowes, Inc., Strike Price USD 25, Expires 5/24/10

 

 

270

 

 

(20,250

)

Progress Energy, Inc., Strike Price USD 40, Expires 6/21/10

 

 

335

 

 

(25,963

)

RPM International, Inc., Strike Price USD 20.25,
Expires 5/07/10

 

 

420

 

 

(76,860

)

Sherwin-Williams Co. (The), Strike Price USD 75,
Expires 6/21/10

 

 

42

 

 

(18,690

)

U.S. Bancorp, Strike Price USD 27, Expires 5/24/10

 

 

540

 

 

(35,370

)

United Technologies Corp., Strike Price USD 77.25,
Expires 6/01/10

 

 

40

 

 

(3,890

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(389,986

)

               

Over-the-Counter Call Options Written—(0.4)%

 

 

 

 

 

 

 

3M Co., Strike Price USD 82.02, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

28,000

 

 

(187,718

)

Abbott Laboratories, Strike Price USD 53.18,
Expires 5/14/10, Broker UBS Securities LLC

 

 

62,000

 

 

(5,599

)

Abbott Laboratories, Strike Price USD 53.37,
Expires 5/10/10, Broker UBS Securities LLC

 

 

6,000

 

 

(216

)

Air Products & Chemicals, Inc., Strike Price USD 73.91,
Expires 5/10/10, Broker UBS Securities LLC

 

 

6,000

 

 

(18,110

)

Altria Group, Inc., Strike Price USD 20.78,
Expires 5/10/10, Broker UBS Securities LLC

 

 

11,000

 

 

(4,852

)

Altria Group, Inc., Strike Price USD 21.58,
Expires 6/09/10, Broker UBS Securities LLC

 

 

111,600

 

 

(35,712

)

Aqua America, Inc., Strike Price USD 17.72,
Expires 5/17/10, Broker Credit Suisse First Boston

 

 

32,000

 

 

(21,562

)

AT&T Inc., Strike Price USD 25.97, Expires 5/21/10,
Broker UBS Securities LLC

 

 

72,000

 

 

(29,634

)

AT&T Inc., Strike Price USD 26.72, Expires 5/28/10,
Broker Morgan Stanley & Co., Inc.

 

 

72,000

 

 

(8,929

)

Atmos Energy Corp., Strike Price USD 29.82,
Expires 5/13/10, Broker JPMorgan Chase Securities

 

 

23,500

 

 

(38,145

)

Automatic Data Processing, Inc., Strike Price USD 44.72,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

11,000

 

 

(555

)

Avon Products, Inc., Strike Price USD 34.17,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

25,000

 

 

(2,213

)

Bank of Hawaii Corp., Strike Price USD 51.20,
Expires 6/25/10, Broker UBS Securities LLC

 

 

11,000

 

 

(29,949

)

BHP Billiton Ltd. - ADR, Strike Price USD 80.86,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

19,000

 

 

(538

)

Brown-Forman Corp., Class B, Strike Price USD 59.53,
Expires 5/17/10, Broker Morgan Stanley & Co., Inc.

 

 

24,000

 

 

(7,742

)

California Water Service Group, Strike Price USD 38.08,
Expires 5/14/10, Broker Credit Suisse First Boston

 

 

4,300

 

 

(3,748

)

California Water Service Group, Strike Price USD 38.08,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

4,300

 

 

(5,000

)

See Notes to Financial Statements.

 

 

 

 

 

16

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Schedule of Investments (continued)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Caterpillar, Inc., Strike Price USD 63.73,
Expires 5/10/10, Broker UBS Securities LLC

 

 

4,000

 

$

(18,217

)

CenturyTel, Inc., Strike Price USD 36.51, Expires 6/25/10,
Broker Goldman Sachs & Co.

 

 

42,000

 

 

(3,927

)

Chevron Corp., Strike Price USD 81.13, Expires 6/02/10,
Broker UBS Securities LLC

 

 

50,500

 

 

(103,666

)

Chubb Corp., Strike Price USD 52.67, Expires 5/10/10,
Broker UBS Securities LLC

 

 

13,000

 

 

(9,957

)

Clorox Co., Strike Price USD 65.22, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

10,000

 

 

(4,507

)

Colgate-Palmolive Co., Strike Price USD 85.73,
Expires 5/17/10, Broker UBS Securities LLC

 

 

12,500

 

 

(5,532

)

Cullen/Frost Bankers, Inc., Strike Price USD 56.38,
Expires 5/17/10, Broker Credit Suisse First Boston

 

 

10,000

 

 

(30,546

)

Deere & Co., Strike Price USD 61.49, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

32,000

 

 

(25,276

)

E.I. du Pont de Nemours & Co., Strike Price USD 37.71,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

39,000

 

 

(83,968

)

Emerson Electric Co., Strike Price USD 49.25,
Expires 5/21/10, Broker Credit Suisse First Boston

 

 

44,000

 

 

(136,683

)

Exxon Mobil Corp., Strike Price USD 69.03,
Expires 6/10/10, Broker JPMorgan Chase Securities

 

 

56,000

 

 

(66,220

)

FPL Group, Inc., Strike Price USD 48.64, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

24,000

 

 

(81,792

)

General Dynamics Corp., Strike Price USD 76.51,
Expires 6/02/10, Broker UBS Securities LLC

 

 

10,000

 

 

(19,332

)

General Dynamics Corp., Strike Price USD 78.75,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

25,000

 

 

(5,385

)

General Electric Co., Strike Price USD 19.18,
Expires 6/11/10, Broker Credit Suisse First Boston

 

 

34,000

 

 

(19,330

)

General Mills, Inc., Strike Price USD 71.17,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

14,000

 

 

(8,166

)

Halliburton Co., Strike Price USD 30, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

25,000

 

 

(34,595

)

Hewlett-Packard Co., Strike Price USD 53.27,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

21,000

 

 

(9,025

)

Intel Corp., Strike Price USD 22.41, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

36,000

 

 

(21,779

)

International Business Machines Corp., Strike Price
USD 131.91, Expires 6/08/10, Broker UBS Securities LLC

 

 

34,000

 

 

(55,780

)

Johnson & Johnson, Strike Price USD 65.70,
Expires 6/14/10, Broker Citigroup Global Markets

 

 

58,000

 

 

(35,048

)

JPMorgan Chase & Co., Strike Price USD 44.88,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

52,000

 

 

(10,051

)

Kimberly-Clark Corp., Strike Price USD 62.69,
Expires 6/10/10, Broker JPMorgan Chase Securities

 

 

10,000

 

 

(5,198

)

Kraft Food, Inc., Class A, Strike Price USD 30.65,
Expires 5/10/10, Broker UBS Securities LLC

 

 

29,000

 

 

(1,565

)

Linear Technology Corp., Strike Price USD 29.44,
Expires 5/27/10, Broker Morgan Stanley & Co., Inc.

 

 

17,500

 

 

(18,912

)

Lowe’s Cos., Inc., Strike Price USD 24.48,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

12,000

 

 

(31,972

)

Lowe’s Cos., Inc., Strike Price USD 25.96,
Expires 6/14/10, Broker Morgan Stanley & Co., Inc.

 

 

42,500

 

 

(73,999

)

Marathon Oil Corp., Strike Price USD 31.60,
Expires 5/10/10, Broker UBS Securities LLC

 

 

29,000

 

 

(25,799

)

McDonald’s Corp., Strike Price USD 67.63,
Expires 5/14/10, Broker Morgan Stanley & Co., Inc.

 

 

24,000

 

 

(71,173

)

McDonald’s Corp., Strike Price USD 71.03,
Expires 6/25/10, Broker Credit Suisse First Boston

 

 

23,000

 

 

(33,928

)

McGraw-Hill Cos., Inc., Strike Price USD 35.96,
Expires 5/17/10, Broker Credit Suisse First Boston

 

 

4,500

 

 

(445

)

McGraw-Hill Cos., Inc., Strike Price USD 36.16,
Expires 5/05/10, Broker Credit Suisse First Boston

 

 

4,000

 

 

(10

)

Merck & Co., Inc., Strike Price USD 38.19,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

32,000

 

 

(305

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Murphy Oil Corp., Strike Price USD 56.70,
Expires 5/17/10, Broker Credit Suisse First Boston

 

 

42,000

 

$

(164,424

)

National Fuel Gas Co., Strike Price USD 51.15,
Expires 5/17/10, Broker UBS Securities LLC

 

 

10,000

 

 

(17,710

)

Northeast Utilities, Strike Price USD 28.26,
Expires 5/14/10, Broker Credit Suisse First Boston

 

 

26,000

 

 

(7,973

)

Northeast Utilities, Strike Price USD 28.26,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

26,000

 

 

(20,376

)

NSTAR, Strike Price USD 35.83, Expires 5/17/10,
Broker Credit Suisse First Boston

 

 

15,000

 

 

(14,730

)

Nucor Corp., Strike Price USD 46.31, Expires 5/10/10,
Broker UBS Securities LLC

 

 

15,000

 

 

(6,225

)

Pentair, Inc., Strike Price USD 35.03, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

9,000

 

 

(11,543

)

PPG Industries, Inc., Strike Price USD 66.94,
Expires 5/14/10, Broker Goldman Sachs & Co.

 

 

12,500

 

 

(44,278

)

PPL Corp., Strike Price USD 28.02, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

16,000

 

 

(933

)

Procter & Gamble Co. (The), Strike Price USD 63.42,
Expires 5/18/10, Broker Credit Suisse First Boston

 

 

38,000

 

 

(12,509

)

Procter & Gamble Co. (The), Strike Price USD 63.75,
Expires 5/04/10, Broker Deutsche Bank Securities

 

 

15,000

 

 

(419

)

Questar Corp., Strike Price USD 43.47, Expires 5/17/10,
Broker Credit Suisse First Boston

 

 

40,000

 

 

(179,934

)

Raytheon Co., Strike Price USD 57.88, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

27,000

 

 

(23,943

)

Sysco Corp., Strike Price USD 30.95, Expires 7/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

19,000

 

 

(25,128

)

T. Rowe Price Group, Inc., Strike Price USD 53.81,
Expires 5/05/10, Broker Morgan Stanley & Co., Inc.

 

 

13,500

 

 

(50,355

)

Target Corp., Strike Price USD 54.34, Expires 6/04/10,
Broker Citigroup Global Markets

 

 

24,000

 

 

(80,057

)

TJX Cos., Inc., Strike Price USD 43.24, Expires 5/10/10,
Broker UBS Securities LLC

 

 

4,000

 

 

(12,545

)

TJX Cos., Inc., Strike Price USD 43.58, Expires 5/17/10,
Broker Goldman Sachs & Co.

 

 

15,000

 

 

(43,163

)

Toronto-Dominion Bank (The), Strike Price USD 73.86,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

7,000

 

 

(9,470

)

Travelers Cos., Inc. (The), Strike Price USD 54.97,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

33,000

 

 

(78

)

UGI Corp., Strike Price USD 26.83, Expires 5/17/10,
Broker UBS Securities LLC

 

 

21,000

 

 

(20,221

)

United Technologies Corp., Strike Price USD 76.26,
Expires 6/01/10, Broker Morgan Stanley & Co., Inc.

 

 

25,500

 

 

(31,724

)

Universal Corp., Strike Price USD 54.79, Expires 5/07/10,
Broker Citigroup Global Markets

 

 

12,700

 

 

(2,358

)

Valspar Corp., Strike Price USD 29.48, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

11,000

 

 

(20,525

)

Vectren Corp., Strike Price USD 24.82, Expires 6/25/10,
Broker Goldman Sachs & Co.

 

 

6,000

 

 

(3,307

)

Vectren Corp., Strike Price USD 25.22, Expires 6/08/10,
Broker Citigroup Global Markets

 

 

8,000

 

 

(2,508

)

VF Corp., Strike Price USD 80.67, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

10,000

 

 

(57,500

)

VF Corp., Strike Price USD 83.33, Expires 5/27/10,
Broker Morgan Stanley & Co., Inc.

 

 

3,500

 

 

(12,565

)

Wal-Mart Stores, Inc., Strike Price USD 54.77,
Expires 6/10/10, Broker Morgan Stanley & Co., Inc.

 

 

8,000

 

 

(4,907

)

Wal-Mart Stores, Inc., Strike Price USD 54.96,
Expires 6/10/10, Broker Citigroup Global Markets

 

 

16,000

 

 

(8,885

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(2,342,603

)

               

Total Options Written
(Premiums Received $2,619,240)—(0.5)%

 

 

 

 

 

(2,732,589

)

               

Total Investments Net of Outstanding Options Written—99.9%

 

 

 

 

 

542,152,302

 

Other Assets Less Liabilities—0.1%

 

 

 

 

 

710,674

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

542,862,976

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

17




 

 


 

 

Schedule of Investments (concluded)

BlackRock Dividend AchieversTM Trust (BDV)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

515,871,960

 

 

 

     

Gross unrealized appreciation

 

$

43,331,341

 

Gross unrealized depreciation

 

 

(14,318,410

)

 

 

     

Net unrealized appreciation

 

$

29,012,931

 

 

 

     

 

 

(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

 

Shares
Held at
October
31, 2009

 

Net Activity

 

Shares
Held at
April 30,
2010

 

Income

 

                           

BlackRock Liquidity Funds,
TempFund, Institutional Class

 

 

7,282,466

 

 

(2,542,402

)

 

4,740,064

 

$

4,931

 

                           

 

 

 

(b)

Represents current yield as of report date.

 

 

 

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

 

 

 

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 assets and liabilities

 

 

 

 

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 or liabilities 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 circumstances, 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 methodologies 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 tables summarize the inputs used as of April 30, 2010 in determining the investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

540,144,827

 

 

 

 

 

$

540,144,827

 

Short-Term Securities

 

 

4,740,064

 

 

 

 

 

 

4,740,064

 

                           

Total

 

$

544,884,891

 

 

 

 

 

$

544,884,891

 

 

 

                       

 

 

1

See above Schedule of Investments for values in each industry.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments2

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Liabilities:

 

$

(296,890

)

$

(2,435,699

)

 

 

$

(2,732,589

)

                           

Total

 

$

(296,890

)

$

(2,435,699

)

 

 

$

(2,732,589

)

 

 

                       

 

 

2

Other financial instruments are options which are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

18

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Aerospace & Defense—4.9%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

195,500

 

$

14,928,380

 

Raytheon Co.

 

 

144,900

 

 

8,447,670

 

United Technologies Corp.

 

 

84,000

 

 

6,295,800

 

 

 

 

 

 

     

 

 

 

 

 

 

29,671,850

 

               

Beverages—6.1%

 

 

 

 

 

 

 

Brown-Forman Corp., Class B

 

 

133,700

 

 

7,778,666

 

Coca-Cola Co. (The)

 

 

278,700

 

 

14,896,515

 

PepsiCo, Inc.

 

 

219,000

 

 

14,283,180

 

 

 

 

 

 

     

 

 

 

 

 

 

36,958,361

 

               

Capital Markets—0.7%

 

 

 

 

 

 

 

T. Rowe Price Group, Inc.

 

 

71,100

 

 

4,088,961

 

               

Chemicals—3.7%

 

 

 

 

 

 

 

Air Products & Chemicals, Inc.

 

 

30,500

 

 

2,341,790

 

E.I. du Pont de Nemours & Co.

 

 

213,600

 

 

8,509,824

 

PPG Industries, Inc.

 

 

68,450

 

 

4,816,826

 

RPM International, Inc.

 

 

219,400

 

 

4,844,352

 

Valspar Corp.

 

 

61,800

 

 

1,935,576

 

 

 

 

 

 

     

 

 

 

 

 

 

22,448,368

 

               

Commercial Banks—2.0%

 

 

 

 

 

 

 

Bank of Hawaii Corp.

 

 

61,400

 

 

3,246,832

 

Cullen/Frost Bankers, Inc.

 

 

53,300

 

 

3,163,888

 

Toronto-Dominion Bank (The)

 

 

40,000

 

 

2,978,400

 

U.S. Bancorp

 

 

108,400

 

 

2,901,868

 

 

 

 

 

 

     

 

 

 

 

 

 

12,290,988

 

               

Commercial Services & Supplies—0.6%

 

 

 

 

 

 

 

Pitney Bowes, Inc.

 

 

147,146

 

 

3,737,508

 

               

Computers & Peripherals—4.7%

 

 

 

 

 

 

 

Hewlett-Packard Co.

 

 

57,800

 

 

3,003,866

 

International Business Machines Corp.

 

 

197,600

 

 

25,490,400

 

 

 

 

 

 

     

 

 

 

 

 

 

28,494,266

 

               

Diversified Financial Services—2.0%

 

 

 

 

 

 

 

JPMorgan Chase & Co.

 

 

287,900

 

 

12,258,782

 

               

Diversified Telecommunication—4.3%

 

 

 

 

 

 

 

AT&T Inc.

 

 

701,200

 

 

18,273,272

 

CenturyTel, Inc.

 

 

231,000

 

 

7,879,410

 

 

 

 

 

 

     

 

 

 

 

 

 

26,152,682

 

               

Electric Utilities—4.6%

 

 

 

 

 

 

 

FPL Group, Inc.

 

 

190,900

 

 

9,936,345

 

Northeast Utilities

 

 

283,700

 

 

7,884,023

 

PPL Corp.

 

 

86,700

 

 

2,146,692

 

Progress Energy, Inc.

 

 

186,300

 

 

7,437,096

 

 

 

 

 

 

     

 

 

 

 

 

 

27,404,156

 

               

Electrical Equipment—2.1%

 

 

 

 

 

 

 

Emerson Electric Co.

 

 

246,300

 

 

12,864,249

 

               

Energy Equipment & Services—0.7%

 

 

 

 

 

 

 

Halliburton Co.

 

 

138,700

 

 

4,251,155

 

               

Food & Staples Retailing—1.8%

 

 

 

 

 

 

 

Sysco Corp.

 

 

104,300

 

 

3,289,622

 

Wal-Mart Stores, Inc.

 

 

145,400

 

 

7,800,710

 

 

 

 

 

 

     

 

 

 

 

 

 

11,090,332

 

               

Food Products—1.4%

 

 

 

 

 

 

 

General Mills, Inc.

 

 

74,000

 

 

5,267,320

 

Kraft Food, Inc.

 

 

101,500

 

 

3,004,400

 

 

 

 

 

 

     

 

 

 

 

 

 

8,271,720

 

               

Gas Utilities—3.4%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

127,900

 

 

3,783,282

 

National Fuel Gas Co.

 

 

57,200

 

 

2,975,544

 

Questar Corp.

 

 

218,700

 

 

10,486,665

 

UGI Corp.

 

 

115,700

 

 

3,180,593

 

 

 

 

 

 

     

 

 

 

 

 

 

20,426,084

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Health Care Equipment & Supplies—2.3%

 

 

 

 

 

 

 

Becton Dickinson & Co.

 

 

45,600

 

$

3,482,472

 

Medtronic, Inc.

 

 

236,700

 

 

10,341,423

 

 

 

 

 

 

     

 

 

 

 

 

 

13,823,895

 

               

Hotels Restaurants & Leisure—3.0%

 

 

 

 

 

 

 

McDonald’s Corp.

 

 

259,400

 

 

18,311,046

 

               

Household Products—6.3%

 

 

 

 

 

 

 

Clorox Co.

 

 

99,400

 

 

6,431,180

 

Colgate-Palmolive Co.

 

 

69,900

 

 

5,878,590

 

Kimberly-Clark Corp.

 

 

117,700

 

 

7,210,302

 

Procter & Gamble Co. (The)

 

 

296,600

 

 

18,436,656

 

 

 

 

 

 

     

 

 

 

 

 

 

37,956,728

 

               

Industrial Conglomerates—2.9%

 

 

 

 

 

 

 

3M Co.

 

 

150,800

 

 

13,371,436

 

General Electric Co.

 

 

209,000

 

 

3,941,740

 

 

 

 

 

 

     

 

 

 

 

 

 

17,313,176

 

               

Insurance—2.6%

 

 

 

 

 

 

 

Chubb Corp.

 

 

124,400

 

 

6,577,028

 

Travelers Cos., Inc. (The)

 

 

182,600

 

 

9,265,124

 

 

 

 

 

 

     

 

 

 

 

 

 

15,842,152

 

               

IT Services—0.8%

 

 

 

 

 

 

 

Automatic Data Processing, Inc.

 

 

62,060

 

 

2,690,922

 

Paychex, Inc.

 

 

57,500

 

 

1,759,500

 

 

 

 

 

 

     

 

 

 

 

 

 

4,450,422

 

               

Machinery—3.6%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

143,800

 

 

9,791,342

 

Deere & Co.

 

 

173,200

 

 

10,360,824

 

Pentair, Inc.

 

 

48,100

 

 

1,739,296

 

 

 

 

 

 

     

 

 

 

 

 

 

21,891,462

 

               

Media—0.3%

 

 

 

 

 

 

 

McGraw-Hill Cos., Inc. (The)

 

 

46,600

 

 

1,571,352

 

               

Metals & Mining—1.9%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR

 

 

102,900

 

 

7,490,091

 

Nucor Corp.

 

 

82,200

 

 

3,725,304

 

 

 

 

 

 

     

 

 

 

 

 

 

11,215,395

 

               

Multi-Utilities—0.8%

 

 

 

 

 

 

 

NSTAR

 

 

84,100

 

 

3,078,060

 

Vectren Corp.

 

 

75,700

 

 

1,893,257

 

 

 

 

 

 

     

 

 

 

 

 

 

4,971,317

 

               

Multiline Retail—1.5%

 

 

 

 

 

 

 

Family Dollar Stores, Inc.

 

 

32,500

 

 

1,285,700

 

Target Corp.

 

 

132,200

 

 

7,518,214

 

 

 

 

 

 

     

 

 

 

 

 

 

8,803,914

 

               

Oil, Gas & Consumable Fuels—10.3%

 

 

 

 

 

 

 

Chevron Corp.

 

 

271,800

 

 

22,135,392

 

Exxon Mobil Corp.

 

 

311,300

 

 

21,121,705

 

Marathon Oil Corp.

 

 

161,400

 

 

5,189,010

 

Murphy Oil Corp.

 

 

230,300

 

 

13,852,545

 

 

 

 

 

 

     

 

 

 

 

 

 

62,298,652

 

               

Personal Products—0.8%

 

 

 

 

 

 

 

Avon Products, Inc.

 

 

141,100

 

 

4,561,763

 

               

Pharmaceuticals—9.4%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

378,500

 

 

19,364,060

 

Eli Lilly & Co.

 

 

171,900

 

 

6,011,343

 

Johnson & Johnson (a)

 

 

322,000

 

 

20,704,600

 

Merck & Co., Inc.

 

 

178,800

 

 

6,265,152

 

Pfizer, Inc.

 

 

272,200

 

 

4,551,184

 

 

 

 

 

 

     

 

 

 

 

 

 

56,896,339

 

               

Semiconductors & Semiconductor Equipment—1.2%

 

 

 

 

 

 

 

Intel Corp.

 

 

196,800

 

 

4,492,944

 

Linear Technology Corp.

 

 

96,200

 

 

2,891,772

 

 

 

 

 

 

     

 

 

 

 

 

 

7,384,716

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

19




 

 


 

 

Schedule of Investments (continued)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Specialty Retail—2.4%

 

 

 

 

 

 

 

Lowe’s Cos., Inc.

 

 

298,600

 

$

8,098,032

 

Sherwin-Williams Co. (The)

 

 

22,700

 

 

1,772,189

 

TJX Cos., Inc.

 

 

102,700

 

 

4,759,118

 

 

 

 

 

 

     

 

 

 

 

 

 

14,629,339

 

               

Textiles, Apparel & Luxury Goods—1.1%

 

 

 

 

 

 

 

VF Corp.

 

 

75,100

 

 

6,490,142

 

               

Tobacco—3.5%

 

 

 

 

 

 

 

Altria Group, Inc.

 

 

686,200

 

 

14,540,578

 

Philip Morris International, Inc.

 

 

56,000

 

 

2,748,480

 

Universal Corp.

 

 

68,461

 

 

3,544,911

 

 

 

 

 

 

     

 

 

 

 

 

 

20,833,969

 

               

Water Utilities—0.8%

 

 

 

 

 

 

 

Aqua America, Inc.

 

 

174,000

 

 

3,189,420

 

California Water Service Group

 

 

47,500

 

 

1,839,675

 

 

 

 

 

 

     

 

 

 

 

 

 

5,029,095

 

               

Total Long-Term Investments
(Cost—$594,125,343)—98.5%

 

 

 

 

 

594,684,336

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, Institutional Class,
0.13% (b)(c)

 

 

13,025,768

 

 

13,025,768

 

               

Total Short-Term Securities
(Cost—$13,025,768)—2.2%

 

 

 

 

 

13,025,768

 

               

Total Investments Before Outstanding Options Written
(Cost—$607,151,111*)—100.7%

 

 

 

 

 

607,710,104

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.2)%

 

 

 

 

 

 

 

Abbott Laboratories, Strike Price USD 52.50, Expires 5/24/10

 

 

200

 

 

(7,100

)

Abbott Laboratories, Strike Price USD 55, Expires 5/24/10

 

 

1,300

 

 

(7,150

)

Becton Dickinson & Co., Strike Price USD 80, Expires 5/24/10

 

 

255

 

 

(5,737

)

Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10

 

 

640

 

 

(259,200

)

Chubb Corp., Strike Price USD 53.50, Expires 5/28/10

 

 

315

 

 

(25,803

)

Clorox Co., Strike Price USD 65, Expires 5/24/10

 

 

250

 

 

(24,375

)

Coca-Cola Co. (The), Strike Price USD 55, Expires 5/24/10

 

 

980

 

 

(32,830

)

Coca-Cola Co. (The), Strike Price USD 55, Expires 6/02/10

 

 

550

 

 

(24,370

)

Eli Lilly & Co., Strike Price USD 36, Expires 6/21/10

 

 

425

 

 

(16,575

)

Eli Lilly & Co., Strike Price USD 36.50, Expires 5/22/10

 

 

519

 

 

(7,110

)

Emerson Electric Co., Strike Price USD 49, Expires 5/10/10

 

 

250

 

 

(81,414

)

Family Dollar Stores, Inc., Strike Price USD 39, Expires 5/24/10

 

 

180

 

 

(22,050

)

FPL Group, Inc., Strike Price USD 50, Expires 5/24/10

 

 

340

 

 

(79,050

)

International Business Machines Corp., Strike Price USD 130,
Expires 6/21/10

 

 

60

 

 

(15,870

)

Kimberly-Clark Corp., Strike Price USD 63.50, Expires 5/24/10

 

 

340

 

 

(4,295

)

Lowe’s Cos., Inc., Strike Price USD 25, Expires 5/24/10

 

 

110

 

 

(26,455

)

Medtronic, Inc., Strike Price USD 46, Expires 5/24/10

 

 

1,295

 

 

(45,325

)

Paychex, Inc., Strike Price USD 32.50, Expires 5/24/10

 

 

300

 

 

(3,000

)

PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10

 

 

1,200

 

 

(19,800

)

Pfizer, Inc., Strike Price USD 18, Expires 5/24/10

 

 

2,700

 

 

(14,850

)

Philip Morris International, Inc., Strike Price USD 52.50,
Expires 5/24/10

 

 

550

 

 

(5,775

)

Pitney Bowes, Inc., Strike Price USD 25, Expires 5/24/10

 

 

810

 

 

(60,750

)

Progress Energy, Inc., Strike Price USD 40, Expires 6/21/10

 

 

1,025

 

 

(79,438

)

RPM International, Inc., Strike Price USD 20.25,
Expires 5/07/10

 

 

210

 

 

(38,430

)

Sherwin-Williams Co. (The), Strike Price USD 75,
Expires 6/21/10

 

 

125

 

 

(55,625

)

U.S. Bancorp, Strike Price USD 27, Expires 5/24/10

 

 

130

 

 

(8,515

)

U.S. Bancorp, Strike Price USD 28, Expires 5/24/10

 

 

141

 

 

(3,736

)

U.S. Bancorp, Strike Price USD 28, Expires 6/21/10

 

 

320

 

 

(19,840

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

United Technologies Corp., Strike Price USD 77.25,
Expires 6/01/10

 

 

100

 

$

(9,726

)

Universal Corp., Strike Price USD 55, Expires 5/24/10

 

 

35

 

 

(2,975

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(1,007,169

)

               

Over-the-Counter Call Options Written—(1.1)%

 

 

 

 

 

 

 

3M Co., Strike Price USD 82, Expires 5/07/10,
Broker JPMorgan Chase Securities

 

 

33,000

 

 

(220,110

)

3M Co., Strike Price USD 82.02, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

50,000

 

 

(335,211

)

Abbott Laboratories, Strike Price USD 53.18,
Expires 5/14/10, Broker UBS Securities LLC

 

 

43,000

 

 

(3,883

)

Abbott Laboratories, Strike Price USD 53.37,
Expires 5/10/10, Broker UBS Securities LLC

 

 

17,000

 

 

(613

)

Air Products & Chemicals, Inc., Strike Price USD 73.91,
Expires 5/10/10, Broker UBS Securities LLC

 

 

17,000

 

 

(51,312

)

Altria Group, Inc., Strike Price USD 20.78,
Expires 5/10/10, Broker UBS Securities LLC

 

 

26,000

 

 

(11,469

)

Altria Group, Inc., Strike Price USD 21.58,
Expires 6/09/10, Broker UBS Securities LLC

 

 

351,400

 

 

(112,448

)

Aqua America, Inc., Strike Price USD 17.72,
Expires 5/17/10, Broker Credit Suisse First Boston

 

 

96,000

 

 

(64,685

)

AT&T Inc., Strike Price USD 25.97, Expires 5/21/10,
Broker UBS Securities LLC

 

 

127,000

 

 

(52,271

)

AT&T Inc., Strike Price USD 26.51, Expires 6/04/10,
Broker Credit Suisse First Boston

 

 

26,500

 

 

(5,477

)

AT&T Inc., Strike Price USD 26.72, Expires 5/28/10,
Broker Morgan Stanley & Co., Inc.

 

 

232,000

 

 

(28,770

)

Atmos Energy Corp., Strike Price USD 29.82,
Expires 5/13/10, Broker JPMorgan Chase Securities

 

 

70,500

 

 

(114,435

)

Automatic Data Processing, Inc., Strike Price USD 44.72,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

34,000

 

 

(1,717

)

Avon Products, Inc., Strike Price USD 34.17,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

77,000

 

 

(6,818

)

Bank of Hawaii Corp., Strike Price USD 51.20,
Expires 6/25/10, Broker UBS Securities LLC

 

 

34,000

 

 

(92,570

)

BHP Billiton Ltd. - ADR, Strike Price USD 80.86,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

56,000

 

 

(1,586

)

Brown-Forman Corp., Class B, Strike Price USD 59.53,
Expires 5/17/10, Broker Morgan Stanley & Co., Inc.

 

 

73,000

 

 

(23,549

)

California Water Service Group, Strike Price USD 38.08,
Expires 5/14/10, Broker Credit Suisse First Boston

 

 

13,100

 

 

(11,419

)

California Water Service Group, Strike Price USD 38.08,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

13,100

 

 

(15,232

)

Caterpillar, Inc., Strike Price USD 63.73,
Expires 5/10/10, Broker UBS Securities LLC

 

 

15,000

 

 

(68,312

)

CenturyTel, Inc., Strike Price USD 36.51,
Expires 6/25/10, Broker Goldman Sachs & Co.

 

 

127,000

 

 

(11,873

)

Chevron Corp., Strike Price USD 81.13,
Expires 6/02/10, Broker UBS Securities LLC

 

 

133,500

 

 

(274,049

)

Chevron Corp., Strike Price USD 81.35,
Expires 5/27/10, Broker Credit Suisse First Boston

 

 

16,000

 

 

(27,459

)

Chubb Corp., Strike Price USD 52.67,
Expires 5/10/10, Broker UBS Securities LLC

 

 

37,000

 

 

(28,338

)

Clorox Co., Strike Price USD 65.22,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

30,000

 

 

(13,521

)

Colgate-Palmolive Co., Strike Price USD 85.73,
Expires 5/17/10, Broker UBS Securities LLC

 

 

38,500

 

 

(17,039

)

Cullen/Frost Bankers, Inc., Strike Price USD 56.38,
Expires 5/17/10, Broker Credit Suisse First Boston

 

 

29,000

 

 

(88,583

)

Deere & Co., Strike Price USD 61.49, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

95,000

 

 

(75,038

)

E.I. du Pont de Nemours & Co., Strike Price USD 37.71,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

118,000

 

 

(254,056

)

Emerson Electric Co., Strike Price USD 49.25,
Expires 5/21/10, Broker Credit Suisse First Boston

 

 

106,000

 

 

(329,282

)

See Notes to Financial Statements.

 

 

 

 

 

20

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

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 (continued)

 

 

 

 

 

 

 

Exxon Mobil Corp., Strike Price USD 69.03,
Expires 6/10/10, Broker JPMorgan Chase Securities

 

 

171,000

 

$

(202,207

)

FPL Group, Inc., Strike Price USD 48.64, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

71,000

 

 

(241,968

)

General Dynamics Corp., Strike Price USD 76.51,
Expires 6/02/10, Broker UBS Securities LLC

 

 

30,500

 

 

(58,962

)

General Dynamics Corp., Strike Price USD 78.75,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

77,000

 

 

(16,586

)

General Electric Co., Strike Price USD 19.18,
Expires 6/11/10, Broker Credit Suisse First Boston

 

 

115,000

 

 

(65,380

)

General Mills, Inc., Strike Price USD 71.17,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

41,000

 

 

(23,914

)

Halliburton Co., Strike Price USD 30, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

76,000

 

 

(105,168

)

Hewlett-Packard Co., Strike Price USD 53.27,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

57,000

 

 

(24,496

)

Intel Corp., Strike Price USD 22.41, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

108,000

 

 

(65,338

)

International Business Machines Corp., Strike Price
USD 131.91, Expires 6/08/10, Broker UBS Securities LLC

 

 

103,000

 

 

(168,982

)

Johnson & Johnson, Strike Price USD 65.70,
Expires 6/14/10, Broker Citigroup Global Markets

 

 

177,000

 

 

(106,956

)

JPMorgan Chase & Co., Strike Price USD 44.88,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

158,000

 

 

(30,538

)

Kimberly-Clark Corp., Strike Price USD 62.69,
Expires 6/10/10, Broker JPMorgan Chase Securities

 

 

31,000

 

 

(16,112

)

Kraft Food, Inc., Class A, Strike Price USD 30.65,
Expires 5/10/10, Broker UBS Securities LLC

 

 

66,000

 

 

(3,562

)

Linear Technology Corp., Strike Price USD 29.44,
Expires 5/27/10, Broker Morgan Stanley & Co., Inc.

 

 

53,000

 

 

(57,276

)

Lowe’s Cos., Inc., Strike Price USD 24.48,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

29,000

 

 

(77,266

)

Lowe’s Cos., Inc., Strike Price USD 25.96,
Expires 6/14/10, Broker Morgan Stanley & Co., Inc.

 

 

124,500

 

 

(216,774

)

Marathon Oil Corp., Strike Price USD 31.60,
Expires 5/10/10, Broker UBS Securities LLC

 

 

89,000

 

 

(79,177

)

McDonald’s Corp., Strike Price USD 67.63,
Expires 5/14/10, Broker Morgan Stanley & Co., Inc.

 

 

71,000

 

 

(210,553

)

McDonald’s Corp., Strike Price USD 71.03,
Expires 6/25/10, Broker Credit Suisse First Boston

 

 

71,000

 

 

(104,734

)

McGraw-Hill Cos., Inc., Strike Price USD 35.96,
Expires 5/17/10, Broker Credit Suisse First Boston

 

 

13,500

 

 

(1,336

)

McGraw-Hill Cos., Inc., Strike Price USD 36.16,
Expires 5/05/10, Broker Credit Suisse First Boston

 

 

12,000

 

 

(31

)

Merck & Co., Inc., Strike Price USD 38.19,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

98,000

 

 

(935

)

Murphy Oil Corp., Strike Price USD 56.70,
Expires 5/17/10, Broker Credit Suisse First Boston

 

 

126,000

 

 

(493,271

)

National Fuel Gas Co., Strike Price USD 51.15,
Expires 5/17/10, Broker UBS Securities LLC

 

 

31,000

 

 

(54,902

)

Northeast Utilities, Strike Price USD 28.26,
Expires 5/14/10, Broker Credit Suisse First Boston

 

 

78,000

 

 

(23,920

)

Northeast Utilities, Strike Price USD 28.26,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

78,000

 

 

(61,127

)

NSTAR, Strike Price USD 35.83, Expires 5/17/10,
Broker Credit Suisse First Boston

 

 

46,000

 

 

(45,172

)

Nucor Corp., Strike Price USD 46.31, Expires 5/10/10,
Broker UBS Securities LLC

 

 

45,000

 

 

(18,676

)

Pentair, Inc., Strike Price USD 35.03, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

26,000

 

 

(33,347

)

PPG Industries, Inc., Strike Price USD 66.94,
Expires 5/14/10, Broker Goldman Sachs & Co.

 

 

37,500

 

 

(132,834

)

PPL Corp., Strike Price USD 28.02, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

48,000

 

 

(2,800

)

Procter & Gamble Co. (The), Strike Price USD 63.42,
Expires 5/18/10, Broker Credit Suisse First Boston

 

 

67,000

 

 

(22,055

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Procter & Gamble Co. (The), Strike Price USD 63.75,
Expires 5/04/10, Broker Deutsche Bank Securities

 

 

96,000

 

$

(2,681

)

Questar Corp., Strike Price USD 43.47, Expires 5/17/10,
Broker Credit Suisse First Boston

 

 

120,000

 

 

(539,801

)

Raytheon Co., Strike Price USD 57.88, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

80,000

 

 

(70,942

)

RPM International, Inc., Strike Price USD 21.17,
Expires 5/14/10, Broker Credit Suisse First Boston

 

 

45,500

 

 

(43,489

)

RPM International, Inc., Strike Price USD 22.88,
Expires 5/27/10, Broker Citigroup Global Markets

 

 

54,000

 

 

(9,026

)

Sysco Corp., Strike Price USD 30.95, Expires 7/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

57,000

 

 

(75,385

)

T. Rowe Price Group, Inc., Strike Price USD 53.81,
Expires 5/05/10, Broker Morgan Stanley & Co., Inc.

 

 

38,000

 

 

(141,740

)

Target Corp., Strike Price USD 54.34, Expires 6/04/10,
Broker Citigroup Global Markets

 

 

73,000

 

 

(243,506

)

TJX Cos., Inc., Strike Price USD 43.24, Expires 5/10/10,
Broker UBS Securities LLC

 

 

14,000

 

 

(43,907

)

TJX Cos., Inc., Strike Price USD 43.58, Expires 5/17/10,
Broker Goldman Sachs & Co.

 

 

43,000

 

 

(123,735

)

Toronto-Dominion Bank (The), Strike Price USD 73.86,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

22,000

 

 

(29,764

)

Travelers Cos., Inc. (The), Strike Price USD 54.97,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

100,000

 

 

(237

)

UGI Corp., Strike Price USD 26.83, Expires 5/17/10,
Broker UBS Securities LLC

 

 

64,000

 

 

(61,626

)

Universal Corp., Strike Price USD 54.79, Expires 5/07/10,
Broker Citigroup Global Markets

 

 

34,000

 

 

(6,314

)

Valspar Corp., Strike Price USD 29.48, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

34,000

 

 

(63,441

)

Vectren Corp., Strike Price USD 24.82, Expires 6/25/10,
Broker Goldman Sachs & Co.

 

 

20,000

 

 

(11,023

)

Vectren Corp., Strike Price USD 25.22, Expires 6/08/10,
Broker Citigroup Global Markets

 

 

21,300

 

 

(6,678

)

VF Corp., Strike Price USD 80.67, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

30,000

 

 

(172,500

)

VF Corp., Strike Price USD 83.33, Expires 5/27/10,
Broker Morgan Stanley & Co., Inc.

 

 

11,500

 

 

(41,285

)

Wal-Mart Stores, Inc., Strike Price USD 54.77,
Expires 6/10/10, Broker Morgan Stanley & Co., Inc.

 

 

30,500

 

 

(18,707

)

Wal-Mart Stores, Inc., Strike Price USD 54.96,
Expires 6/10/10, Broker Citigroup Global Markets

 

 

49,500

 

 

(27,483

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(6,840,750

)

               

Total Options Written
(Premiums Received $7,635,169)—(1.3)%

 

 

 

 

 

(7,847,919

)

               

Total Investments Net of Outstanding Options Written—99.4%

 

 

 

 

 

599,862,185

 

Other Assets Less Liabilities—0.6%

 

 

 

 

 

3,840,543

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

603,702,728

 

 

 

 

 

 

     

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

626,106,142

 

 

 

 

     

 

Gross unrealized appreciation

 

$

21,364,784

 

 

Gross unrealized depreciation

 

 

(39,760,822

)

 

 

 

     

 

Net unrealized depreciation

 

$

(18,396,038

)

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

21




 

 


 

 

Schedule of Investments (concluded)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

(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

 

Shares/
Beneficial Interest
Held at
October
31, 2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
April 30,
2010

 

Income

 

 

                   

 

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

 

16,074,127

 

 

(3,048,359

)

 

13,025,768

 

$

12,914

 

 

BlackRock Liquidity
Series, LLC
Money Market
Series

 

 

1,991,000

 

 

(1,991,000

)

 

 

$

29,864

 

 

                           

 

 

 

(c)

Represents current yield as of report date.

 

 

 

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

 

 

 

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 assets and liabilities

 

 

 

 

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 or liabilities 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 circumstances, 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 methodologies 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 tables summarize the inputs used as of April 30, 2010 in determining the investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

                   

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

594,684,336

 

 

 

 

 

$

594,684,336

 

 

Short-Term Securities

 

 

13,025,768

 

 

 

 

 

 

13,025,768

 

 

                           

 

Total

 

$

607,710,104

 

 

 

 

 

$

607,710,104

 

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

See above Schedule of Investments for values in each industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments2

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

                           

 

Liabilities:

 

$

(816,021

)

$

(7,031,898

)

 

 

$

(7,847,919

)

 

                           

 

Total

 

$

(816,021

)

$

(7,031,898

)

 

 

$

(7,847,919

)

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

Other financial instruments are options which are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

22

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010



 

 


 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Building Products—2.3%

 

 

 

 

 

 

 

Masco Corp.

 

 

425,500

 

$

6,905,865

 

               

Capital Markets—2.9%

 

 

 

 

 

 

 

Eaton Vance Corp.

 

 

173,824

 

 

6,125,558

 

Federated Investors, Inc.

 

 

106,946

 

 

2,579,537

 

 

 

 

 

 

     

 

 

 

 

 

 

8,705,095

 

               

Chemicals—1.8%

 

 

 

 

 

 

 

RPM International, Inc.

 

 

159,600

 

 

3,523,968

 

Stepan Co.

 

 

27,150

 

 

2,056,612

 

 

 

 

 

 

     

 

 

 

 

 

 

5,580,580

 

               

Commercial Banks—13.8%

 

 

 

 

 

 

 

BancFirst Corp.

 

 

28,699

 

 

1,266,774

 

BancorpSouth, Inc.

 

 

123,554

 

 

2,735,486

 

Bank of Hawaii Corp.

 

 

60,900

 

 

3,220,392

 

Bank of the Ozarks, Inc.

 

 

45,459

 

 

1,748,808

 

Chemical Financial Corp.

 

 

56,145

 

 

1,330,636

 

Community Bank System, Inc.

 

 

72,700

 

 

1,793,509

 

Community Trust Bancorp, Inc.

 

 

42,115

 

 

1,264,292

 

Cullen/Frost Bankers, Inc.

 

 

96,738

 

 

5,742,368

 

Iberiabank Corp.

 

 

24,585

 

 

1,515,419

 

M&T Bank Corp.

 

 

84,855

 

 

7,412,084

 

Park National Corp.

 

 

35,300

 

 

2,418,050

 

S&T Bancorp, Inc.

 

 

55,900

 

 

1,344,395

 

Sterling Bancshares, Inc.

 

 

176,778

 

 

1,039,455

 

Trustmark Corp.

 

 

107,608

 

 

2,634,244

 

United Bankshares, Inc.

 

 

95,775

 

 

2,781,306

 

Valley National Bancorp

 

 

160,100

 

 

2,600,024

 

WesBanco, Inc.

 

 

65,500

 

 

1,262,840

 

 

 

 

 

 

     

 

 

 

 

 

 

42,110,082

 

               

Commercial Services & Supplies—6.5%

 

 

 

 

 

 

 

ABM Industries, Inc.

 

 

139,330

 

 

2,994,202

 

Avery Dennison Corp.

 

 

161,941

 

 

6,320,557

 

HNI Corp.

 

 

47,825

 

 

1,484,488

 

McGrath RentCorp

 

 

58,461

 

 

1,519,401

 

Mine Safety Appliances Co.

 

 

72,700

 

 

2,136,653

 

Pitney Bowes, Inc.

 

 

215,675

 

 

5,478,145

 

 

 

 

 

 

     

 

 

 

 

 

 

19,933,446

 

               

Computers & Peripherals—0.9%

 

 

 

 

 

 

 

Diebold, Inc.

 

 

88,130

 

 

2,762,875

 

               

Construction Materials—1.8%

 

 

 

 

 

 

 

Vulcan Materials Co.

 

 

93,600

 

 

5,361,408

 

               

Containers & Packaging—2.5%

 

 

 

 

 

 

 

Bemis Co., Inc.

 

 

95,162

 

 

2,893,877

 

Myers Industries, Inc.

 

 

120,148

 

 

1,304,807

 

Sonoca Products Co.

 

 

103,700

 

 

3,435,581

 

 

 

 

 

 

     

 

 

 

 

 

 

7,634,265

 

               

Distributors—2.0%

 

 

 

 

 

 

 

Genuine Parts Co.

 

 

144,954

 

 

6,204,031

 

               

Diversified Consumer Services—1.9%

 

 

 

 

 

 

 

H&R Block, Inc.

 

 

312,321

 

 

5,718,598

 

               

Diversified Telecommunication—0.9%

 

 

 

 

 

 

 

CenturyTel, Inc.

 

 

81,000

 

 

2,762,910

 

               

Electric Utilities—0.5%

 

 

 

 

 

 

 

MGE Energy, Inc.

 

 

40,771

 

 

1,498,742

 

               

Electrical Equipment—1.9%

 

 

 

 

 

 

 

AO Smith Corp.

 

 

37,214

 

 

1,921,359

 

Brady Corp.

 

 

113,991

 

 

3,916,731

 

 

 

 

 

 

     

 

 

 

 

 

 

5,838,090

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Energy Equipment & Services—0.9%

 

 

 

 

 

 

 

Helmerich & Payne, Inc.

 

 

70,940

 

$

2,881,583

 

               

Food & Staples Retailing—1.6%

 

 

 

 

 

 

 

SUPERVALU, Inc.

 

 

327,400

 

 

4,878,260

 

               

Food Products—5.1%

 

 

 

 

 

 

 

Hormel Foods Corp.

 

 

143,144

 

 

5,834,550

 

J.M. Smucker Co. (The)

 

 

117,405

 

 

7,169,923

 

Lancaster Colony Corp.

 

 

47,100

 

 

2,589,087

 

 

 

 

 

 

     

 

 

 

 

 

 

15,593,560

 

               

Gas Utilities—6.8%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

94,562

 

 

2,797,144

 

National Fuel Gas Co.

 

 

72,800

 

 

3,787,056

 

New Jersey Resources Corp.

 

 

75,059

 

 

2,831,976

 

Northwest Natural Gas Co.

 

 

58,621

 

 

2,778,049

 

Piedmont Natural Gas Co.

 

 

100,900

 

 

2,774,750

 

UGI Corp.

 

 

105,822

 

 

2,909,047

 

WGL Holdings, Inc.

 

 

80,585

 

 

2,880,108

 

 

 

 

 

 

     

 

 

 

 

 

 

20,758,130

 

               

Health Care Equipment & Supplies—2.4%

 

 

 

 

 

 

 

Beckman Coulter, Inc.

 

 

44,191

 

 

2,757,519

 

Meridian Bioscience, Inc.

 

 

67,081

 

 

1,340,949

 

Teleflex, Inc.

 

 

52,600

 

 

3,225,432

 

 

 

 

 

 

     

 

 

 

 

 

 

7,323,900

 

               

Household Durables—4.7%

 

 

 

 

 

 

 

Fortune Brands, Inc.

 

 

57,889

 

 

3,034,541

 

Leggett & Platt, Inc.

 

 

158,833

 

 

3,896,174

 

Stanley Black & Decker, Inc.

 

 

120,548

 

 

7,492,058

 

 

 

 

 

 

     

 

 

 

 

 

 

14,422,773

 

               

Industrial Conglomerates—0.9%

 

 

 

 

 

 

 

Otter Tail Corp.

 

 

58,061

 

 

1,290,116

 

Raven Industries, Inc.

 

 

48,181

 

 

1,462,775

 

 

 

 

 

 

     

 

 

 

 

 

 

2,752,891

 

               

Insurance—6.5%

 

 

 

 

 

 

 

Arthur J. Gallagher & Co.

 

 

109,400

 

 

2,873,938

 

Cincinnati Financial Corp.

 

 

186,242

 

 

5,289,273

 

Erie Indemnity Co., Class A

 

 

71,076

 

 

3,291,530

 

Harleysville Group, Inc.

 

 

49,000

 

 

1,568,980

 

Mercury General Corp.

 

 

72,200

 

 

3,248,278

 

Old Republic International Corp.

 

 

240,120

 

 

3,604,201

 

 

 

 

 

 

     

 

 

 

 

 

 

19,876,200

 

               

Leisure Equipment & Products—1.3%

 

 

 

 

 

 

 

Polaris Industries, Inc.

 

 

69,300

 

 

4,100,481

 

               

Machinery—4.1%

 

 

 

 

 

 

 

Dover Corp.

 

 

143,975

 

 

7,518,375

 

NACCO Industries, Inc.

 

 

30,426

 

 

2,645,236

 

Tennant Co.

 

 

71,002

 

 

2,448,859

 

 

 

 

 

 

     

 

 

 

 

 

 

12,612,470

 

               

Media—1.6%

 

 

 

 

 

 

 

Gannet Co., Inc.

 

 

101,200

 

 

1,722,424

 

Harte-Hanks, Inc.

 

 

123,912

 

 

1,784,333

 

Meredith Corp.

 

 

36,093

 

 

1,296,821

 

 

 

 

 

 

     

 

 

 

 

 

 

4,803,578

 

               

Multi-Utilities—3.8%

 

 

 

 

 

 

 

Black Hills Corp.

 

 

59,700

 

 

1,963,533

 

Integrys Energy Group, Inc.

 

 

80,000

 

 

3,968,800

 

MDU Resources Group, Inc.

 

 

140,100

 

 

2,970,120

 

Vectren Corp.

 

 

111,250

 

 

2,782,362

 

 

 

 

 

 

     

 

 

 

 

 

 

11,684,815

 

               

Multiline Retail—2.6%

 

 

 

 

 

 

 

Nordstrom, Inc.

 

 

192,526

 

 

7,957,100

 

               

 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

23




 

 


 

 

Schedule of Investments (continued)

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Real Estate Investment Trusts (REITs)—9.7%

 

 

 

 

 

 

 

EastGroup Properties, Inc.

 

 

42,000

 

$

1,716,960

 

Getty Realty Corp.

 

 

92,790

 

 

2,298,408

 

HCP, Inc.

 

 

75,663

 

 

2,430,296

 

Home Properties, Inc.

 

 

48,734

 

 

2,421,592

 

Liberty Property Trust

 

 

66,400

 

 

2,244,984

 

National Retail Properties, Inc.

 

 

94,741

 

 

2,229,256

 

Realty Income Corp.

 

 

72,518

 

 

2,377,865

 

Regency Centers Corp.

 

 

44,182

 

 

1,813,671

 

Sovran Self Storage, Inc.

 

 

75,780

 

 

2,795,524

 

UDR, Inc.

 

 

153,300

 

 

3,113,523

 

Universal Health Realty Income Trust

 

 

53,925

 

 

1,791,389

 

Washington REIT

 

 

66,800

 

 

2,100,860

 

Weingarten Realty Investors

 

 

99,132

 

 

2,291,932

 

 

 

 

 

 

     

 

 

 

 

 

 

29,626,260

 

               

Semiconductors & Semiconductor Equipment—2.1%

 

 

 

 

 

 

 

Linear Technology Corp. (a)

 

 

215,900

 

 

6,489,954

 

               

Thrifts & Mortgage Finance—0.9%

 

 

 

 

 

 

 

First Niagara Financial Group, Inc.

 

 

189,515

 

 

2,634,258

 

               

Tobacco—1.6%

 

 

 

 

 

 

 

Universal Corp.

 

 

36,308

 

 

1,880,028

 

Vector Group Ltd.

 

 

190,468

 

 

3,121,771

 

 

 

 

 

 

     

 

 

 

 

 

 

5,001,799

 

               

Trading Companies & Distributors—2.3%

 

 

 

 

 

 

 

Fastenal Co.

 

 

130,592

 

 

7,142,076

 

               

Water Utilities—0.8%

 

 

 

 

 

 

 

American States Water Co.

 

 

33,425

 

 

1,247,421

 

California Water Service Group

 

 

33,659

 

 

1,303,613

 

 

 

 

 

 

     

 

 

 

 

 

 

2,551,034

 

               

Total Long-Term Investments
(Cost—$287,314,420)—99.4%

 

 

 

 

 

304,107,109

 

           

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund, Institutional
Class, 0.13% (b)(c)

 

 

5,868,505

 

 

5,868,505

 

               

Total Short-Term Securities
(Cost—$5,868,505)—1.9%

 

 

 

 

 

5,868,505

 

               

Total Investments Before Outstanding Options Written
(Cost—$293,182,925*)—101.3%

 

 

 

 

 

309,975,614

 

           

 


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.4)%

 

 

 

 

 

 

 

AO Smith Corp., Strike Price USD 55, Expires 6/21/10

 

 

75

 

 

(4,687

)

BancorpSouth, Inc., Strike Price USD 22.50, Expires 5/24/10

 

 

250

 

 

(8,750

)

Beckman Coulter, Inc., Strike Price USD 65, Expires 5/24/10

 

 

88

 

 

(2,640

)

Bemis Co., Inc., Strike Price USD 30, Expires 5/24/10

 

 

190

 

 

(15,675

)

Brady Corp., Strike Price USD 30, Expires 5/24/10

 

 

230

 

 

(115,000

)

Community Bank System, Inc., Strike Price USD 25,
Expires 6/21/10

 

 

145

 

 

(19,213

)

Cullen/Frost Bankers, Inc., Strike Price USD 58.75,
Expires 6/21/10

 

 

195

 

 

(33,825

)

Diebold, Inc., Strike Price USD 35, Expires 5/24/10

 

 

30

 

 

(450

)

Dover Corp., Strike Price USD 47.25, Expires 5/24/10

 

 

290

 

 

(145,153

)

EastGroup Properties, Inc., Strike Price USD 40,
Expires 6/21/10

 

 

84

 

 

(14,700

)

Fortune Brands, Inc., Strike Price USD 50, Expires 5/24/10

 

 

115

 

 

(31,338

)

Gannet Co., Inc., Strike Price USD 19, Expires 5/24/10

 

 

200

 

 

(2,000

)

Genuine Parts Co., Strike Price USD 42.75, Expires 7/06/10

 

 

290

 

 

(35,957

)

H&R Block, Inc., Strike Price USD 19, Expires 5/24/10

 

 

220

 

 

(5,500

)

H&R Block, Inc., Strike Price USD 19, Expires 6/21/10

 

 

315

 

 

(17,701

)

Helmerich & Payne, Inc., Strike Price USD 40,
Expires 5/24/10

 

 

140

 

 

(26,600

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

HNI Corp., Strike Price USD 30, Expires 6/21/10

 

 

95

 

$

(19,000

)

Home Properties, Inc., Strike Price USD 50, Expires 6/21/10

 

 

100

 

 

(13,500

)

Iberiabank Corp., Strike Price USD 60, Expires 5/24/10

 

 

50

 

 

(16,500

)

Lancaster Colony Corp., Strike Price USD 60, Expires 5/24/10

 

 

100

 

 

(6,000

)

Liberty Property Trust - REIT, Strike Price USD 35,
Expires 5/24/10

 

 

130

 

 

(5,200

)

M&T Bank Corp., Strike Price USD 85, Expires 5/24/10

 

 

170

 

 

(68,000

)

Meridian Bioscience, Inc., Strike Price USD 20,
Expires 6/21/10

 

 

135

 

 

(12,488

)

Mine Safety Appliances Co., Strike Price USD 30,
Expires 6/21/10

 

 

145

 

 

(12,325

)

National Fuel Gas Co., Strike Price USD 55, Expires 5/24/10

 

 

145

 

 

(8,337

)

Nordstrom, Inc., Strike Price USD 44, Expires 5/24/10

 

 

385

 

 

(27,143

)

Old Republic International Corp., Strike Price USD 12.50,
Expires 5/24/10

 

 

480

 

 

(122,400

)

Pitney Bowes, Inc., Strike Price USD 25, Expires 5/24/10

 

 

430

 

 

(32,250

)

Polaris Industries, Inc., Strike Price USD 55, Expires 6/21/10

 

 

139

 

 

(79,925

)

Regency Centers Corp., Strike Price USD 40, Expires 5/24/10

 

 

88

 

 

(16,060

)

RPM International, Inc., Strike Price USD 20.25,
Expires 5/07/10

 

 

320

 

 

(58,560

)

Sovran Self Storage, Inc., Strike Price USD 35,
Expires 5/24/10

 

 

152

 

 

(34,200

)

Sterling Bancshares, Inc., Strike Price USD 6.10,
Expires 5/13/10

 

 

175

 

 

(2,819

)

Sterling Bancshares, Inc., Strike Price USD 6.20,
Expires 6/14/10

 

 

178

 

 

(7,118

)

United Bankshares, Inc., Strike Price USD 30,
Expires 5/24/10

 

 

10

 

 

(375

)

Vulcan Materials Co., Strike Price USD 50, Expires 5/24/10

 

 

187

 

 

(143,055

)

Weingarten Realty Investors, Strike Price USD 25,
Expires 7/19/10

 

 

202

 

 

(12,120

)

WGL Holdings, Inc., Strike Price USD 35, Expires 5/24/10

 

 

160

 

 

(16,400

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(1,192,964

)

               

Over-the-Counter Call Options Written—(0.4)%

 

 

 

 

 

 

 

ABM Industries, Inc., Strike Price USD 21.58,
Expires 6/14/10, Broker Credit Suisse First Boston

 

 

28,000

 

 

(15,943

)

American States Water Co., Strike Price USD 38.38,
Expires 5/18/10, Broker Morgan Stanley & Co., Inc.

 

 

6,700

 

 

(1,962

)

Arthur J. Gallagher & Co., Strike Price USD 25.32,
Expires 5/28/10, Broker UBS Securities LLC

 

 

21,900

 

 

(26,415

)

Atmos Energy Corp., Strike Price USD 29.82,
Expires 5/13/10, Broker JPMorgan Chase Securities

 

 

19,000

 

 

(30,841

)

Avery Dennison Corp., Strike Price USD 37.87,
Expires 6/04/10, Broker Credit Suisse First Boston

 

 

32,500

 

 

(57,123

)

BancFirst Corp., Strike Price USD 44.37,
Expires 6/08/10, Broker Citigroup Global Markets

 

 

5,500

 

 

(6,104

)

Bank of Hawaii Corp., Strike Price USD 51.20,
Expires 6/25/10, Broker UBS Securities LLC

 

 

12,000

 

 

(32,672

)

Bank of the Ozarks, Inc., Strike Price USD 37.74,
Expires 6/08/10, Broker Morgan Stanley & Co., Inc.

 

 

9,000

 

 

(15,714

)

Black Hills Corp., Strike Price USD 31.94,
Expires 5/13/10, Broker Morgan Stanley & Co., Inc.

 

 

12,000

 

 

(13,143

)

California Water Service Group, Strike Price USD 38.08,
Expires 5/14/10, Broker Credit Suisse First Boston

 

 

3,400

 

 

(2,964

)

California Water Service Group, Strike Price USD 38.08,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

3,400

 

 

(3,953

)

CenturyTel, Inc., Strike Price USD 36.51,
Expires 6/25/10, Broker Goldman Sachs & Co.

 

 

16,000

 

 

(1,496

)

Chemical Financial Corp., Strike Price USD 24.33,
Expires 6/16/10, Broker Morgan Stanley & Co., Inc.

 

 

11,500

 

 

(8,742

)

Cincinnati Financial Corp., Strike Price USD 29.65,
Expires 6/01/10, Broker Citigroup Global Markets

 

 

37,000

 

 

(6,161

)

Community Trust Bancorp, Inc., Strike Price USD 27.77,
Expires 5/28/10, Broker Morgan Stanley & Co., Inc.

 

 

8,500

 

 

(19,813

)

Diebold, Inc., Strike Price USD 35.68,
Expires 6/16/10, Broker Credit Suisse First Boston

 

 

14,500

 

 

(1,209

)


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

24

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010



 

 



 

 

Schedule of Investments (continued)

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Eaton Vance Corp., Strike Price USD 34.69,
Expires 6/08/10, Broker Deutsche Bank Securities

 

 

35,000

 

$

(56,238

)

Erie Indemnity Co., Class A, Strike Price USD 43.18,
Expires 5/05/10, Broker Morgan Stanley & Co., Inc.

 

 

14,200

 

 

(40,214

)

Fastnel Co., Strike Price USD 57.58,
Expires 6/24/10, Broker Morgan Stanley & Co., Inc.

 

 

26,000

 

 

(25,740

)

First Niagara Financial Group, Inc., Strike Price USD 14.15,
Expires 6/10/10, Broker Morgan Stanley & Co., Inc.

 

 

37,900

 

 

(10,669

)

Getty Realty Corp., Strike Price USD 24.34,
Expires 5/10/10, Broker Morgan Stanley & Co., Inc.

 

 

18,600

 

 

(9,265

)

Harleysville Group, Inc., Strike Price USD 33.13,
Expires 5/28/10, Broker Morgan Stanley & Co., Inc.

 

 

9,800

 

 

(2,500

)

Harte-Hanks, Inc., Strike Price USD 13.08,
Expires 6/01/10, Broker Credit Suisse First Boston

 

 

25,000

 

 

(36,138

)

HCP, Inc., Strike Price USD 32,
Expires 6/25/10, Broker Deutsche Bank Securities

 

 

15,000

 

 

(20,125

)

Hormel Foods Corp., Strike Price USD 42.12,
Expires 5/12/10, Broker JPMorgan Chase Securities

 

 

29,000

 

 

(3,553

)

Integrys Energy Group, Inc., Strike Price USD 50.18,
Expires 6/29/10, Broker Goldman Sachs & Co.

 

 

16,000

 

 

(23,542

)

J.M. Smucker Co. (The), Strike Price USD 60.82,
Expires 5/14/10, Broker UBS Securities LLC

 

 

23,500

 

 

(16,398

)

Leggett & Platt, Inc., Strike Price USD 21.59,
Expires 5/12/10, Broker Morgan Stanley & Co., Inc.

 

 

32,000

 

 

(93,952

)

Linear Technology Corp., Strike Price USD 29.44,
Expires 5/27/10, Broker Morgan Stanley & Co., Inc.

 

 

43,000

 

 

(46,469

)

Masco Corp., Strike Price USD 16.69,
Expires 6/01/10, Broker Credit Suisse First Boston

 

 

85,000

 

 

(45,024

)

McGrath RentCorp, Strike Price USD 25.35,
Expires 5/28/10, Broker Morgan Stanley & Co., Inc.

 

 

11,500

 

 

(12,154

)

MDU Resources Group, Inc., Strike Price USD 22,
Expires 5/27/10, Broker Goldman Sachs & Co.

 

 

14,000

 

 

(3,025

)

MDU Resources Group, Inc., Strike Price USD 22.57,
Expires 5/27/10, Broker Citigroup Global Markets

 

 

14,000

 

 

(1,467

)

Mercury General Corp., Strike Price USD 42.96,
Expires 5/07/10, Broker Citigroup Global Markets

 

 

14,500

 

 

(29,435

)

MGE Energy, Inc., Strike Price USD 35.20,
Expires 5/07/10, Broker UBS Securities LLC

 

 

8,100

 

 

(12,636

)

Myers Industries, Inc., Strike Price USD 11.44,
Expires 6/25/10, Broker UBS Securities LLC

 

 

24,000

 

 

(8,171

)

Nacco Industries, Inc., Strike Price USD 90.90,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

6,100

 

 

(24,482

)

National Retail Properties, Inc., Strike Price USD 23.27,
Expires 5/26/10, Broker Deutsche Bank Securities

 

 

19,000

 

 

(12,200

)

New Jersey Resources Corp., Strike Price USD 38.27,
Expires 5/20/10, Broker Morgan Stanley & Co., Inc.

 

 

15,000

 

 

(16,186

)

Northwest Natural Gas Co., Strike Price USD 47.31,
Expires 5/05/10, Broker Credit Suisse First Boston

 

 

11,700

 

 

(5,908

)

Otter Tail Corp., Strike Price USD 23.05,
Expires 5/27/10, Broker Morgan Stanley & Co., Inc.

 

 

11,600

 

 

(1,783

)

Park National Corp., Strike Price USD 69.74,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

7,100

 

 

(10,331

)

Piedmont Natural Gas Co., Inc., Strike Price USD 28.50,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

20,200

 

 

(11,487

)

Raven Industries, Inc., Strike Price USD 30.39,
Expires 5/28/10, Broker Morgan Stanley & Co., Inc.

 

 

9,600

 

 

(9,560

)

Realty Income Corp., Strike Price USD 31.96,
Expires 6/08/10, Broker Deutsche Bank Securities

 

 

14,500

 

 

(16,865

)

S&T Bancorp, Inc., Strike Price USD 24.46,
Expires 6/15/10, Broker Credit Suisse First Boston

 

 

11,000

 

 

(8,646

)

Sonoca Products Co., Strike Price USD 32.26,
Expires 6/08/10, Broker Morgan Stanley & Co., Inc.

 

 

21,000

 

 

(27,126

)

Stanley Black & Decker, Inc., Strike Price USD 59.59,
Expires 5/13/10, Broker Deutsche Bank Securities

 

 

22,000

 

 

(62,942

)

Stepan Co., Strike Price USD 58.25,
Expires 6/01/10, Broker Morgan Stanley & Co., Inc.

 

 

5,400

 

 

(94,792

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

SUPERVALU, Inc., Strike Price USD 16.30,
Expires 5/06/10, Broker Credit Suisse First Boston

 

 

65,500

 

$

(370

)

Teleflex, Inc., Strike Price USD 67.12,
Expires 6/15/10, Broker Credit Suisse First Boston

 

 

10,500

 

 

(516

)

Tennant Co., Strike Price USD 26.88,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

14,000

 

 

(106,731

)

Trustmark Corp., Strike Price USD 25.25,
Expires 5/27/10, Broker UBS Securities LLC

 

 

21,500

 

 

(5,471

)

UDR, Inc., Strike Price USD 19.35,
Expires 6/01/10, Broker Credit Suisse First Boston

 

 

30,500

 

 

(36,526

)

UGI Corp., Strike Price USD 27.14,
Expires 6/23/10, Broker Citigroup Global Markets

 

 

21,200

 

 

(21,343

)

United Bankshares, Inc., Strike Price USD 26.87,
Expires 5/14/10, Broker Morgan Stanley & Co., Inc.

 

 

17,500

 

 

(38,275

)

Universal Corp., Strike Price USD 54.79,
Expires 5/07/10, Broker Citigroup Global Markets

 

 

7,300

 

 

(1,356

)

Universal Health Realty Income Trust, Strike Price USD 36,
Expires 5/12/10, Broker Credit Suisse First Boston

 

 

11,000

 

 

(164

)

Valley National Bancorp, Strike Price USD 14.61,
Expires 5/07/10, Broker UBS Securities LLC

 

 

31,000

 

 

(50,530

)

Vector Group Ltd., Strike Price USD 16.06,
Expires 6/23/10, Broker Citigroup Global Markets

 

 

38,000

 

 

(18,465

)

Vectren Corp., Strike Price USD 24.82,
Expires 6/25/10, Broker Goldman Sachs & Co.

 

 

9,000

 

 

(4,960

)

Vectren Corp., Strike Price USD 25.22,
Expires 6/08/10, Broker Citigroup Global Markets

 

 

13,300

 

 

(4,170

)

Washington REIT, Strike Price USD 31.57,
Expires 6/15/10, Broker Credit Suisse First Boston

 

 

13,500

 

 

(13,328

)

WesBanco, Inc., Strike Price USD 16.40,
Expires 5/14/10, Broker Morgan Stanley & Co., Inc.

 

 

13,000

 

 

(37,440

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(1,382,923

)

               

Total Options Written
(Premiums Received $1,601,503)—(0.8)%

 

 

 

 

 

(2,575,887

)

               

Total Investments Net of Outstanding Options Written—100.5%

 

 

 

 

 

307,399,727

 

Liabilities in Excess of Other Assets—(0.5)%

 

 

 

 

 

(1,466,693

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

305,933,034

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

295,116,990

 

 

 

     

Gross unrealized appreciation

 

$

39,211,355

 

Gross unrealized depreciation

 

 

(24,352,731

)

 

 

     

Net unrealized appreciation

 

$

14,858,624

 

 

 

     

 

 

(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

 

Shares
Held at
October
31, 2009

 

Net Activity

 

Shares
Held at
April 30,
2010

 

Income

 

                   

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

 

3,951,206

 

 

1,917,299

 

 

5,868,505

 

$

2,938

 

                           

 

 

(c)

Represents current yield as of report date.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

25




 

 



 

 

Schedule of Investments (concluded)

BlackRock Strategic Dividend AchieversTM Trust (BDT)


 

 

 

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

 

 

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 assets and liabilities

 

 

 

 

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 or liabilities 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 circumstances, 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 methodologies 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 tables summarize the inputs used as of April 30, 2010 in determining the investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

304,107,109

 

 

 

 

 

$

304,107,109

 

Short-Term Securities

 

 

5,868,505

 

 

 

 

 

 

5,868,505

 

                           

Total

 

$

309,975,614

 

 

 

 

 

$

309,975,614

 

 

 

                       

 

 

1

See above Schedule of Investments for values in each industry.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments2

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Liabilities:

 

$

(891,831

)

$

(1,684,056

)

 

 

$

(2,575,887

)

                           

Total

 

$

(891,831

)

$

(1,684,056

)

 

 

$

(2,575,887

)

 

 

                       

 

 

2

Other financial instruments are options which are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

26

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 



 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Auto Components—0.9%

 

 

 

 

 

 

 

Johnson Controls, Inc. (a)

 

 

34,700

 

$

1,165,573

 

               

Building Products—0.2%

 

 

 

 

 

 

 

Kingspan Group Plc (b)

 

 

23,600

 

 

220,070

 

               

Chemicals—23.9%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

47,150

 

 

2,942,631

 

CF Industries Holdings, Inc.

 

 

13,650

 

 

1,142,095

 

Incitec Pivot Ltd.

 

 

349,600

 

 

1,033,611

 

Israel Chemicals Ltd.

 

 

90,000

 

 

1,077,252

 

Johnson Matthey Plc

 

 

100,000

 

 

2,659,507

 

K+S AG

 

 

20,000

 

 

1,150,177

 

Makhteshim-Agan Industries Ltd.

 

 

190,000

 

 

797,504

 

Monsanto Co.

 

 

50,300

 

 

3,171,918

 

Mosaic Co. (The)

 

 

47,700

 

 

2,439,378

 

Nalco Holding Co.

 

 

53,800

 

 

1,330,474

 

Novozymes A/S

 

 

6,400

 

 

769,484

 

Nufarm Ltd.

 

 

90,360

 

 

634,370

 

Potash Corp. of Saskatchewan, Inc.

 

 

30,400

 

 

3,359,200

 

Sinofert Holdings Ltd.

 

 

3,661,500

 

 

1,961,158

 

Syngenta AG

 

 

11,600

 

 

2,939,089

 

Umicore

 

 

54,000

 

 

1,974,538

 

Wacker Chemie AG (b)

 

 

9,700

 

 

1,416,902

 

 

 

 

 

 

     

 

 

 

 

 

 

30,799,288

 

               

Commercial Services & Supplies—2.6%

 

 

 

 

 

 

 

Tetra Tech, Inc. (b)

 

 

107,600

 

 

2,620,060

 

Tianjin Capital Environmental Protection Group Co. Ltd.

 

 

2,083,000

 

 

700,684

 

 

 

 

 

 

     

 

 

 

 

 

 

3,320,744

 

               

Construction & Engineering—2.0%

 

 

 

 

 

 

 

Insituform Technologies, Inc. (b)

 

 

20,400

 

 

488,988

 

Layne Christensen Co. (b)

 

 

14,000

 

 

383,320

 

Quanta Services, Inc. (b)

 

 

27,400

 

 

551,562

 

Shaw Group, Inc. (The) (b)

 

 

29,200

 

 

1,117,776

 

 

 

 

 

 

     

 

 

 

 

 

 

2,541,646

 

               

Diversified Financial Services—0.4%

 

 

 

 

 

 

 

Climate Exchange Plc (b)

 

 

47,500

 

 

539,632

 

               

Electric Utilities—3.1%

 

 

 

 

 

 

 

Acciona SA

 

 

5,450

 

 

540,208

 

FPL Group, Inc.

 

 

37,200

 

 

1,936,260

 

Iberdrola SA

 

 

183,500

 

 

1,456,265

 

 

 

 

 

 

     

 

 

 

 

 

 

3,932,733

 

               

Electrical Equipment—7.0%

 

 

 

 

 

 

 

American Superconductor Corp. (b)

 

 

54,000

 

 

1,575,720

 

First Solar, Inc. (b)(c)

 

 

6,200

 

 

890,010

 

Gamesa Corp. Tecnologica SA

 

 

75,100

 

 

922,822

 

General Cable Corp. (b)

 

 

12,900

 

 

368,553

 

Nordex SE (b)

 

 

18,900

 

 

195,923

 

Renewable Energy Corp. AS (b)

 

 

47,300

 

 

160,708

 

Roper Industries, Inc.

 

 

15,900

 

 

970,218

 

Solarworld AG

 

 

55,700

 

 

805,202

 

SunPower Corp., Class A(b)

 

 

18,350

 

 

303,693

 

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

 

 

15,700

 

 

213,520

 

Vestas Wind Systems A/S (b)

 

 

43,200

 

 

2,635,960

 

 

 

 

 

 

     

 

 

 

 

 

 

9,042,329

 

               

Electronic Equipment, Instruments & Components—3.5%

 

 

 

 

 

 

 

Itron, Inc. (b)(a)

 

 

41,100

 

 

3,271,971

 

Trimble Navigation Ltd. (b)

 

 

36,210

 

 

1,184,429

 

 

 

 

 

 

     

 

 

 

 

 

 

4,456,400

 

               

Food Products—11.3%

 

 

 

 

 

 

 

Agria Corp. - ADR (b)

 

 

100,000

 

 

183,000

 

Archer-Daniels-Midland Co. (a)

 

 

54,800

 

 

1,531,112

 

BrasilAgro - Companhia Brasileira de Propriedades
Agricolas (b)

 

 

525,200

 

 

2,776,694

 

Bunge Ltd.

 

 

32,900

 

 

1,742,055

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Food Products (concluded)

 

 

 

 

 

 

 

Cosan Ltd. (b)

 

 

113,400

 

$

1,204,308

 

Cresud SACIF y A - ADR

 

 

63,240

 

 

887,257

 

Illovo Sugar Ltd.

 

 

234,900

 

 

924,476

 

IOI Corp. Bhd

 

 

533,333

 

 

905,253

 

Sao Martinho SA

 

 

200,000

 

 

1,800,661

 

SLC Agricola SA

 

 

150,000

 

 

1,408,313

 

SunOpta, Inc. (b)

 

 

90,000

 

 

407,700

 

Viterra, Inc. (b)

 

 

62,346

 

 

527,836

 

Wilmar International Ltd.

 

 

55,000

 

 

276,158

 

 

 

 

 

 

     

 

 

 

 

 

 

14,574,823

 

               

Independent Power Producers & Energy Traders—2.3%

 

 

 

 

 

 

 

EDF Energies Nouvelles SA

 

 

17,800

 

 

803,364

 

Iberdrola Renovables SA

 

 

351,600

 

 

1,363,092

 

Ormat Technologies, Inc. (a)

 

 

23,300

 

 

742,338

 

 

 

 

 

 

     

 

 

 

 

 

 

2,908,794

 

               

Industrial Conglomerates—0.5%

 

 

 

 

 

 

 

Orkla ASA

 

 

72,500

 

 

610,862

 

               

Machinery—8.0%

 

 

 

 

 

 

 

AGCO Corp. (b)

 

 

30,500

 

 

1,068,110

 

CNH Global NV (b)

 

 

38,900

 

 

1,179,837

 

Deere & Co.

 

 

25,800

 

 

1,543,356

 

Duoyuan Global Water, Inc. - ADR (b)

 

 

6,900

 

 

184,092

 

IDEX Corp.

 

 

16,400

 

 

551,040

 

Kurita Water Industries Ltd.

 

 

71,900

 

 

2,079,101

 

Pentair, Inc.

 

 

60,300

 

 

2,180,448

 

Watts Water Technologies, Inc.

 

 

40,500

 

 

1,436,940

 

 

 

 

 

 

     

 

 

 

 

 

 

10,222,924

 

               

Multi-Utilities—1.9%

 

 

 

 

 

 

 

Hera SpA

 

 

486,500

 

 

1,032,697

 

Suez Environnement Co.

 

 

12,425

 

 

269,290

 

United Utilities Group Plc

 

 

91,181

 

 

746,163

 

Veolia Environnement

 

 

11,700

 

 

367,561

 

 

 

 

 

 

     

 

 

 

 

 

 

2,415,711

 

               

Oil, Gas & Consumable Fuels—2.0%

 

 

 

 

 

 

 

Cheniere Energy, Inc. (b)

 

 

12,500

 

 

51,875

 

D1 Oils Plc (b)

 

 

360,099

 

 

24,794

 

Rentech, Inc. (b)

 

 

500,000

 

 

625,000

 

Sasol Ltd.

 

 

33,500

 

 

1,355,477

 

Sasol Ltd. - ADR (a)

 

 

13,900

 

 

565,035

 

 

 

 

 

 

     

 

 

 

 

 

 

2,622,181

 

               

Paper & Forest Products—0.9%

 

 

 

 

 

 

 

Fibria Celulose SA - ADR (b)

 

 

29,800

 

 

591,530

 

Precious Woods Holding AG (b)

 

 

20,000

 

 

613,672

 

 

 

 

 

 

     

 

 

 

 

 

 

1,205,202

 

               

Real Estate Investment Trusts (REITs)—2.0%

 

 

 

 

 

 

 

Plum Creek Timber Co., Inc.

 

 

37,500

 

 

1,492,500

 

Rayonier, Inc.

 

 

22,850

 

 

1,119,193

 

 

 

 

 

 

     

 

 

 

 

 

 

2,611,693

 

               

Road & Rail—0.9%

 

 

 

 

 

 

 

All America Latina Logistica SA

 

 

133,000

 

 

1,189,788

 

               

Semiconductors & Semiconductor Equipment—0.2%

 

 

 

 

 

 

 

MEMC Electronic Materials, Inc. (b)

 

 

21,800

 

 

282,746

 

               

Water Utilities—20.8%

 

 

 

 

 

 

 

American States Water Co.

 

 

52,700

 

 

1,966,764

 

American Water Works Co., Inc

 

 

74,100

 

 

1,613,898

 

Aqua America, Inc.

 

 

134,200

 

 

2,459,886

 

Artesian Resources Corp., Class A

 

 

39,400

 

 

746,236

 

Athens Water Supply & Sewage Co. SA (The)

 

 

89,950

 

 

745,037

 

California Water Service Group

 

 

54,300

 

 

2,103,039

 

Cascal NV

 

 

62,200

 

 

419,228

 

China Water Affairs Group Ltd.

 

 

4,556,000

 

 

1,824,935

 

Cia de Saneamento Basico do Estado de Sao Paulo

 

 

81,000

 

 

1,562,917

 


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

27




 

 



 

 

Schedule of Investments (continued)

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Water Utilities (concluded)

 

 

 

 

 

 

 

Cia de Saneamento de Minas Gerias-COPASA

 

 

160,000

 

$

2,319,574

 

Hyflux Ltd.

 

 

665,000

 

 

1,669,356

 

Inversiones Aguas Metropolitanas SA

 

 

1,500,000

 

 

1,965,507

 

Manila Water Co., Inc.

 

 

5,610,000

 

 

1,916,030

 

Northumbrian Water Group Plc

 

 

430,900

 

 

1,781,654

 

Pennon Group Plc

 

 

215,200

 

 

1,709,549

 

Severn Trent Plc

 

 

113,500

 

 

2,007,008

 

 

 

 

 

 

     

 

 

 

 

 

 

26,810,618

 

               

Total Common Stocks—94.4%

 

 

 

 

 

121,473,757

 

               

 









Rights—0.0%

 

 

 

 

 

 

 

               

Electrical Equipment—0.0%

 

 

 

 

 

 

 

Renewable Energy Corp. ASA (b)

 

 

23,650

 

 

32,795

 

               

Total Long-Term Investments
(Cost—$165,028,045)—94.4%

 

 

 

 

 

121,506,552

 

               

 









Short-Term Securities

 

Shares/
Beneficial Interest

 

 

 

 

             

BlackRock Liquidity Funds, TempFund, Institutional
Class, 0.13% (d)(e)

 

 

5,681,918

 

 

5,681,918

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.24% (d)(e)(f)

 

 

646,850

 

 

646,850

 

               

Total Short-Term Securities
(Cost—$6,328,768)—4.9%

 

 

 

 

 

6,328,768

 

               

Total Investments Before Outstanding Options Written
(Cost—$171,356,813*)—99.3%

 

 

 

 

 

127,835,320

 

               

 









Options Written

 

Contracts

 

 

 

 

               

Exchange-Traded Call Options Written—(0.3)%

 

 

 

 

 

 

 

Agrium, Inc., Strike Price USD 70, Expires 5/24/10

 

 

222

 

 

(7,770

)

American Superconductor Corp., Strike Price USD 30,
Expires 5/24/10

 

 

124

 

 

(18,290

)

American Superconductor Corp., Strike Price USD 31,
Expires 5/24/10

 

 

120

 

 

(12,900

)

Archer-Daniels-Midland Co., Strike Price USD 30,
Expires 5/24/10

 

 

250

 

 

(4,375

)

CF Industries Holdings, Inc., Strike Price USD 90,
Expires 5/24/10

 

 

62

 

 

(6,975

)

Cheniere Energy, Inc., Strike Price USD 5, Expires 5/24/10

 

 

56

 

 

(840

)

CNH Global NV, Strike Price USD 30, Expires 5/24/10

 

 

10

 

 

(1,425

)

Deere & Co., Strike Price USD 60, Expires 5/24/10

 

 

120

 

 

(24,120

)

First Solar, Inc., Strike Price USD 120, Expires 5/24/10

 

 

15

 

 

(35,925

)

First Solar, Inc., Strike Price USD 140, Expires 5/24/10

 

 

13

 

 

(9,978

)

FPL Group, Inc., Strike Price USD 50, Expires 5/24/10

 

 

170

 

 

(39,525

)

Itron, Inc., Strike Price USD 70, Expires 5/24/10

 

 

10

 

 

(10,650

)

Itron, Inc., Strike Price USD 75, Expires 5/24/10

 

 

175

 

 

(105,875

)

Johnson Controls, Inc., Strike Price USD 33, Expires 5/24/10

 

 

57

 

 

(8,265

)

Johnson Controls, Inc., Strike Price USD 34, Expires 5/24/10

 

 

99

 

 

(8,910

)

MEMC Electronic Materials, Inc., Strike Price USD 17,
Expires 5/24/10

 

 

98

 

 

(294

)

Mosaic Co. (The), Strike Price USD 60, Expires 5/24/10

 

 

215

 

 

(3,977

)

Nalco Holding Co., Strike Price USD 25, Expires 5/24/10

 

 

245

 

 

(14,700

)

Ormat Technologies, Inc., Strike Price USD 30,
Expires 5/24/10

 

 

105

 

 

(24,150

)

Potash Corp. of Saskatchewan, Inc., Strike Price USD 115,
Expires 5/24/10

 

 

135

 

 

(25,853

)

Quanta Services, Inc., Strike Price USD 20, Expires 5/24/10

 

 

125

 

 

(9,687

)

Shaw Group, Inc. (The), Strike Price USD 36, Expires 5/24/10

 

 

132

 

 

(35,310

)

SunOpta, Inc., Strike Price USD 5, Expires 6/21/10

 

 

400

 

 

(12,000

)

SunPower Corp., Class A, Strike Price USD 20, Expires 5/24/10

 

 

82

 

 

(1,025

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Suntech Power Holdings Co. Ltd. - ADR, Strike Price
USD 15, Expires 5/24/10

 

 

70

 

$

(1,575

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(424,394

)

               

Over-the-Counter Call Options Written—(0.8)%

 

 

 

 

 

 

 

Acciona SA, Strike Price EUR 84.23, Expires 6/03/10,
Broker UBS Securities LLC

 

 

2,500

 

 

(809

)

All America Latina Logistica SA, Strike Price BRL 15.44,
Expires 6/09/10, Broker Goldman Sachs & Co.

 

 

59,900

 

 

(29,282

)

American States Water Co., Strike Price USD 38.38,
Expires 5/18/10, Broker Morgan Stanley & Co., Inc.

 

 

23,700

 

 

(6,942

)

American Water Works Co., Inc., Strike Price USD 21.46,
Expires 5/27/10, Broker Citigroup Global Markets

 

 

33,400

 

 

(25,796

)

Aqua America, Inc., Strike Price USD 18.28,
Expires 5/18/10, Broker Citigroup Global Markets

 

 

60,400

 

 

(19,074

)

Artesian Resources Corp., Class A, Strike Price USD 17.75,
Expires 5/17/10, Broker Morgan Stanley & Co., Inc.

 

 

17,700

 

 

(21,152

)

Athens Water Supply & Sewage Co. SA (The), Strike
Price EUR 6.06, Expires 6/03/10, Broker Citigroup
Global Markets

 

 

20,000

 

 

(9,982

)

Athens Water Supply & Sewage Co. SA (The), Strike Price
EUR 6.20, Expires 5/19/10, Broker Citigroup
Global Markets

 

 

20,500

 

 

(6,090

)

BrasilAgro - Companhia Brasileira de Propriedades
Agricolas, Strike Price BRL 8.79, Expires 6/09/10,
Broker Goldman Sachs & Co.

 

 

118,200

 

 

(45,291

)

BrasilAgro - Companhia Brasileira de Propriedades
Agricolas, Strike Price BRL 8.79, Expires 6/16/10,
Broker Goldman Sachs & Co.

 

 

118,200

 

 

(47,643

)

Bunge Ltd., Strike Price USD 62.35, Expires 5/05/10,
Broker Goldman Sachs & Co.

 

 

14,800

 

 

 

California Water Service Group, Strike Price USD 38.08,
Expires 5/14/10, Broker Credit Suisse First Boston

 

 

12,200

 

 

(10,635

)

California Water Service Group, Strike Price USD 38.08,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

12,200

 

 

(14,186

)

Cascal NV, Strike Price USD 6.72, Expires 5/27/10,
Broker Citigroup Global Markets

 

 

9,100

 

 

(3,020

)

Cascal NV, Strike Price USD 7.32, Expires 5/18/10,
Broker Credit Suisse First Boston

 

 

18,900

 

 

(1,455

)

China Water Affairs Group Ltd., Strike Price HKD 3.41,
Expires 6/07/10, Broker Morgan Stanley & Co., Inc.

 

 

2,050,000

 

 

(13,195

)

Cia de Saneamento Basico do Estado de Sao Paulo,
Strike Price BRL 34.74, Expires 6/09/10,
Broker Credit Suisse First Boston

 

 

36,500

 

 

(12,885

)

Cia de Saneamento de Minas Gerais-COPASA,
Strike Price BRL 25.54, Expires 6/09/10,
Broker Goldman Sachs & Co.

 

 

72,000

 

 

(29,376

)

Climate Exchange Plc, Strike Price GBP 4.72,
Expires 5/19/10, Broker UBS Securities LLC

 

 

21,400

 

 

(88,971

)

CNH Global NV, Strike Price USD 33.37,
Expires 5/13/10, Broker Morgan Stanley & Co., Inc.

 

 

16,500

 

 

(1,024

)

Cosan Ltd., Strike Price USD 9.50, Expires 5/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

50,000

 

 

(56,018

)

Cresud SACIF y A - ADR, Strike Price USD 14.02,
Expires 5/13/10, Broker Citigroup Global Markets

 

 

28,500

 

 

(11,334

)

Duoyuan Global Water, Inc. - ADR, Strike Price USD 28.56,
Expires 5/18/10, Broker Morgan Stanley & Co., Inc.

 

 

3,100

 

 

(2,195

)

EDF Energies Nouvelles SA, Strike Price EUR 35.72,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

8,000

 

 

(1,006

)

Fibria Celulose SA - ADR, Strike Price USD 23,
Expires 5/18/10, Broker Credit Suisse First Boston

 

 

13,500

 

 

(1,516

)

Gamesa Corp. Tecnologica SA, Strike Price EUR 10.43,
Expires 5/12/10, Broker BNP Paribas

 

 

33,800

 

 

(2,446

)

General Cable Corp., Strike Price USD 29.80,
Expires 5/20/10, Broker UBS Securities LLC

 

 

5,800

 

 

(4,243

)

Hera SpA, Strike Price EUR 1.76, Expires 5/12/10,
Broker Morgan Stanley & Co., Inc.

 

 

219,000

 

 

(3

)


See Notes to Financial Statements.

 

 

 

 

 

28

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 



 

 

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)

 

 

 

 

 

 

 

Hyflux Ltd., Strike Price SGD 3.51, Expires 6/07/10,
Broker Goldman Sachs & Co.

 

 

300,000

 

$

(16,068

)

Iberdrola Renovables SA, Strike Price EUR 3.17,
Expires 5/12/10, Broker Morgan Stanley & Co., Inc.

 

 

158,000

 

 

(330

)

Iberdrola SA, Strike Price EUR 6.01, Expires 6/03/10,
Broker Credit Suisse First Boston

 

 

82,000

 

 

(10,469

)

Idex Corp., Strike Price USD 33.04, Expires 5/10/10,
Broker Credit Suisse First Boston

 

 

7,400

 

 

(5,393

)

Illovo Sugar Ltd., Strike Price ZAR 30.60, Expires 5/26/10,
Broker Credit Suisse First Boston

 

 

105,700

 

 

(2,911

)

Incitec Pivot Ltd., Strike Price AUD 3.35, Expires 6/07/10,
Broker JPMorgan Chase Securities

 

 

157,000

 

 

(15,054

)

Insituform Technologies, Inc., Strike Price USD 28.22,
Expires 5/13/10, Broker Citigroup Global Markets

 

 

9,000

 

 

(35

)

Inversiones Aguas Metropolitanas SA, Strike Price
CLP 656.60, Expires 6/09/10, Broker Credit Suisse
First Boston

 

 

675,000

 

 

(42,734

)

IOI Corp. Bhd, Strike Price MYR 5.48, Expires 6/28/10,
Broker JPMorgan Chase Securities

 

 

240,000

 

 

(6,552

)

Israel Chemicals Ltd., Strike Price ILS 48.63,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

40,000

 

 

(954

)

Johnson Matthey Plc, Strike Price GBP 18.13,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

45,000

 

 

(6,156

)

K+S AG, Strike Price EUR 43.62, Expires 5/19/10,
Broker BNP Paribas

 

 

9,000

 

 

(10,047

)

Kingspan Group Plc, Strike Price EUR 6.99,
Expires 5/19/10, Broker Morgan Stanley & Co., Inc.

 

 

10,600

 

 

(4,667

)

Kurita Water Industries Ltd., Strike Price JPY 2,652.77,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

32,000

 

 

(39,050

)

Layne Christensen Co., Strike Price USD 27.89,
Expires 5/05/10, Broker UBS Securities LLC

 

 

6,300

 

 

(615

)

Makhteshim-Agan Industries Ltd., Strike Price ILS 16.59,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

85,000

 

 

(1,567

)

Manila Water Co., Inc., Strike Price PHP 15.40,
Expires 6/28/10, Broker Deutsche Bank Securities

 

 

2,500,000

 

 

(24,325

)

Monsanto Co., Strike Price USD 66.56, Expires 6/01/10,
Broker Credit Suisse First Boston

 

 

22,600

 

 

(19,130

)

Nordex SE, Strike Price EUR 8.57, Expires 5/19/10,
Broker UBS Securities LLC

 

 

8,500

 

 

(325

)

Northumbrian Water Group Plc, Strike Price GBP 2.92,
Expires 5/26/10, Broker Deutsche Bank Securities

 

 

194,000

 

 

(4,950

)

Nufarm Ltd., Strike Price AUD 8.40, Expires 5/11/10,
Broker Citigroup Global Markets

 

 

45,761

 

 

(562

)

Orkla ASA, Strike Price NOK 51.86, Expires 5/19/10,
Broker Citigroup Global Markets

 

 

32,600

 

 

(2,548

)

Pennon Group Plc, Strike Price GBP 5.37,
Expires 5/17/10, Broker BNP Paribas

 

 

95,000

 

 

(3,480

)

Pentair, Inc., Strike Price USD 35.96, Expires 5/17/10,
Broker Credit Suisse First Boston

 

 

27,100

 

 

(22,609

)

Rayonier, Inc., Strike Price USD 48.17, Expires 5/13/10,
Broker JPMorgan Chase Securities

 

 

10,500

 

 

(14,748

)

Renewable Energy Corp. ASA, Strike Price NOK 22.87,
Expires 5/19/10, Broker BNP Paribas

 

 

25,438

 

 

(2,787

)

Roper Industries, Inc., Strike Price USD 58.09,
Expires 5/05/10, Broker Morgan Stanley & Co., Inc.

 

 

7,200

 

 

(21,176

)

Sao Martinho SA, Strike Price BRL 15.71,
Expires 6/09/10, Broker Credit Suisse First Boston

 

 

6,750

 

 

(2,248

)

Sao Martinho SA, Strike Price BRL 16.17,
Expires 6/09/10, Broker Goldman Sachs & Co.

 

 

41,700

 

 

(8,650

)

Sao Martinho SA, Strike Price BRL 16.75,
Expires 5/17/10, Broker Credit Suisse First Boston

 

 

41,600

 

 

(1,501

)

Sasol Ltd. - ADR, Strike Price USD 41.50,
Expires 5/04/10, Broker Citigroup Global Markets

 

 

13,900

 

 

(3,243

)

Severn Trent Plc, Strike Price GBP 12.18,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

51,000

 

 

(1,075

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Sinofert Holdings Ltd., Strike Price HKD 4.68,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

1,800,000

 

$

(5,620

)

SLC Agricola SA, Strike Price BRL 15.25,
Expires 6/09/10, Broker Credit Suisse First Boston

 

 

54,000

 

 

(47,576

)

SLC Agricola SA, Strike Price BRL 15.33,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

13,500

 

 

(10,770

)

Solarworld AG, Strike Price EUR 11.50,
Expires 5/21/10, Broker Citigroup Global Markets

 

 

250

 

 

(2,749

)

Solarworld AG, Strike Price EUR 12.50,
Expires 5/21/10, Broker Citigroup Global Markets

 

 

250

 

 

(556

)

Suez Environnement Co., Strike Price EUR 16.54,
Expires 6/03/10, Broker Citigroup Global Markets

 

 

5,600

 

 

(1,721

)

Syngenta AG, Registered Shares, Strike Price CHF 287.04,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

5,200

 

 

(4,731

)

Tetra Tech, Inc., Strike Price USD 24, Expires 6/04/10,
Broker UBS Securities LLC

 

 

48,000

 

 

(48,138

)

Tianjin Capital Environmental Protection Group Co. Ltd.,
Strike Price HKD 2.95, Expires 6/07/10,
Broker Deutsche Bank Securities

 

 

938,000

 

 

(2,228

)

Trimble Navigation Ltd., Strike Price USD 28.17,
Expires 5/13/10, Broker Credit Suisse First Boston

 

 

16,500

 

 

(74,851

)

Umicore, Strike Price EUR 27.19, Expires 5/19/10,
Broker UBS Securities LLC

 

 

24,300

 

 

(23,472

)

United Utilities Group Plc, Strike Price GBP 5.68,
Expires 5/12/10, Broker Morgan Stanley & Co., Inc.

 

 

14,000

 

 

(62

)

United Utilities Group Plc, Strike Price GBP 5.72,
Expires 5/19/10, Broker BNP Paribas

 

 

27,000

 

 

(247

)

Veolia Environnement, Strike Price EUR 25.38,
Expires 6/03/10, Broker Citigroup Global Markets

 

 

5,300

 

 

(1,226

)

Vestas Wind Systems A/S, Strike Price DKK 328.96,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

19,500

 

 

(57,713

)

Viterra, Inc., Strike Price CAD 9.66, Expires 5/04/10,
Broker Morgan Stanley & Co., Inc.

 

 

28,000

 

 

 

Wacker Chemie AG, Strike Price EUR 110,
Expires 5/21/10, Broker Morgan Stanley & Co., Inc.

 

 

11

 

 

(3,867

)

Wacker Chemie AG, Strike Price EUR 112.77,
Expires 6/16/10, Broker Credit Suisse First Boston

 

 

3,300

 

 

(18,200

)

Watts Industries, Inc., Strike Price USD 32.75,
Expires 5/13/10, Broker JPMorgan Chase Securities

 

 

18,000

 

 

(50,187

)

Wilmar International Ltd., Strike Price SGD 6.74,
Expires 6/07/10, Broker Deutsche Bank Securities

 

 

25,000

 

 

(5,213

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(1,120,655

)

               

Total Options Written (Premiums Received $1,678,874)—(1.1)%

 

 

 

 

 

(1,545,049

)

               

Total Investments Net of Outstanding Options Written—98.2%

 

 

 

 

 

126,290,271

 

Other Assets Less Liabilities—1.8%

 

 

 

 

 

2,371,959

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

128,662,230

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

177,373,252

 

 

 

 

     

 

Gross unrealized appreciation

 

$

1,113,123

 

 

Gross unrealized depreciation

 

 

(50,651,055

)

 

 

 

     

 

Net unrealized depreciation

 

$

(49,537,932

)

 

 

 

     

 

 

(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.


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

29



 

 


 

 

Schedule of Investments (concluded)

BlackRock EcoSolutions Investment Trust (BQR)


 

 

(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

 

Shares/
Beneficial Interest
Held at
October
31, 2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
April 30,
2010

 

Income

 

                   

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

7,177,667

 

 

 

(1,495,749

)

5,681,918

 

 

$

2,195

 

BlackRock Liquidity
Series, LLC Money
Market Series

 

2,141,500

 

 

 

(1,494,650

)

646,850

 

 

$

6,062

 

                           

 

 

(e)

Represents current yield as of report date.

(f)

Security purchased with the cash collateral from securities loans.

 

 

Foreign currency exchange contracts as of April 30, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                   

AUD

87,000

 

USD

80,684

 

Citigroup Global Markets

 

5/05/10

 

$

(229

)

EUR

289,000

 

USD

384,718

 

Deutsche Bank Securities

 

5/05/10

 

 

79

 

USD

563,625

 

DKK

3,148,000

 

Deutsche Bank Securities

 

5/05/10

 

 

497

 

USD

419,738

 

EUR

315,000

 

UBS Securities LLC

 

5/04/10

 

 

324

 

USD

6,663

 

EUR

5,000

 

UBS Securities LLC

 

5/04/10

 

 

5

 

                         

Total

 

 

 

 

 

 

 

$

676

 

 

 

 

 

 

 

 

 

     

 

 

 

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

 

 

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 assets and liabilities

 

 

 

 

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 or liabilities 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 circumstances, 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 methodologies 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 tables summarize the inputs used as of April 30, 2010 in determining the investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                         

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

Auto Components

 

$

1,165,573

 

 

 

 

$

1,165,573

 

Building Products

 

 

 

$

220,070

 

 

 

220,070

 

Chemicals

 

 

14,385,696

 

 

16,413,592

 

 

 

30,799,288

 

Commercial Services & Supplies

 

 

2,620,060

 

 

700,684

 

 

 

3,320,744

 

Construction & Engineering

 

 

2,541,646

 

 

 

 

 

2,541,646

 

Diversified Financial Services

 

 

539,632

 

 

 

 

 

539,632

 

Electric Utilities

 

 

1,936,260

 

 

1,996,473

 

 

 

3,932,733

 

Electrical Equipment

 

 

4,321,714

 

 

4,720,615

 

 

 

9,042,329

 

Electronic Equipment, Instruments & Components

 

 

4,456,400

 

 

 

 

 

4,456,400

 

Food Products

 

 

12,468,936

 

 

2,105,887

 

 

 

14,574,823

 

Independent Power Producers & Energy Traders

 

 

742,338

 

 

2,166,456

 

 

 

2,908,794

 

Industrial Conglomerates

 

 

 

 

610,862

 

 

 

610,862

 

Machinery

 

 

8,143,823

 

 

2,079,101

 

 

 

10,222,924

 

Multi-Utilities

 

 

 

 

2,415,711

 

 

 

2,415,711

 

Oil, Gas & Consumable Fuels

 

 

1,266,704

 

 

1,355,477

 

 

 

2,622,181

 

Paper & Forest Products

 

 

591,530

 

 

613,672

 

 

 

1,205,202

 

Real Estate Investment Trusts (REITs)

 

 

2,611,693

 

 

 

 

 

2,611,693

 

Road & Rail

 

 

1,189,788

 

 

 

 

 

1,189,788

 

Semiconductors & Semiconductor Equipment

 

 

282,746

 

 

 

 

 

282,746

 

Water Utilities

 

 

15,157,049

 

 

11,653,569

 

 

 

26,810,618

 

Rights:

 

 

 

 

 

 

 

 

 

 

 

 

Electrical Equipment

 

 

 

 

32,795

 

 

 

32,795

 

Short-Term Securities

 

 

5,681,918

 

 

646,850

 

 

 

6,328,768

 

                         

Total

 

$

80,103,506

 

$

47,731,814

 

 

$

127,835,320

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

$

905

 

 

$

905

 

Liabilities:

 

$

(424,394

)

 

(1,120,884

)

 

 

(1,545,278

)

                         

Total

 

$

(424,394

)

$

(1,119,979

)

 

$

(1,544,373

)

 

 

                     

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

30

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Construction & Engineering—0.6%

 

 

 

 

 

 

 

MYR Group, Inc. (a)(b)

 

 

269,231

 

$

4,827,312

 

               

Energy Equipment & Services—19.6%

 

 

 

 

 

 

 

Cameron International Corp. (a)

 

 

315,000

 

 

12,429,900

 

Core Laboratories NV

 

 

44,500

 

 

6,670,105

 

Halliburton Co.

 

 

561,300

 

 

17,203,845

 

National Oilwell Varco, Inc.

 

 

429,700

 

 

18,919,691

 

Noble Corp. (a)

 

 

530,800

 

 

20,961,292

 

Schlumberger Ltd.

 

 

325,600

 

 

23,254,352

 

Technip SA

 

 

212,000

 

 

16,951,733

 

Transocean Ltd. (a)

 

 

335,900

 

 

24,335,955

 

Weatherford International Ltd. (a)

 

 

833,900

 

 

15,101,929

 

 

 

 

 

 

     

 

 

 

 

 

 

155,828,802

 

               

Gas Utilities—3.9%

 

 

 

 

 

 

 

EQT Corp.

 

 

486,000

 

 

21,136,140

 

Questar Corp.

 

 

208,700

 

 

10,007,165

 

 

 

 

 

 

     

 

 

 

 

 

 

31,143,305

 

               

Metals & Mining—3.3%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR (c)

 

 

177,800

 

 

12,942,062

 

Goldcorp, Inc.

 

 

98,836

 

 

4,272,680

 

Silver Wheaton Corp. (a)

 

 

450,000

 

 

8,784,000

 

 

 

 

 

 

     

 

 

 

 

 

 

25,998,742

 

               

Oil, Gas & Consumable Fuels—70.9%

 

 

 

 

 

 

 

Alpha Natural Resources, Inc. (a)

 

 

436,000

 

 

20,526,880

 

AltaGas Income Trust

 

 

451,400

 

 

7,696,641

 

Apache Corp.

 

 

187,000

 

 

19,029,120

 

Arch Coal, Inc.

 

 

554,800

 

 

14,979,600

 

Cabot Oil & Gas Corp. (c)

 

 

361,400

 

 

13,057,382

 

Cimarex Energy Co.

 

 

125,300

 

 

8,530,424

 

Consol Energy, Inc.

 

 

482,621

 

 

21,563,506

 

Copano Energy LLC

 

 

260,100

 

 

6,814,620

 

Crescent Point Energy Corp.

 

 

313,400

 

 

13,300,526

 

Diamond Offshore Drilling, Inc.

 

 

70,200

 

 

5,552,820

 

Enbridge Energy Partners LP

 

 

73,200

 

 

3,752,964

 

Enterprise Products Partners LP

 

 

653,105

 

 

23,159,103

 

EOG Resources, Inc.

 

 

286,500

 

 

32,122,380

 

EXCO Resources, Inc.

 

 

1,161,200

 

 

21,540,260

 

Galleon Energy, Inc. (a)

 

 

1,024,400

 

 

7,109,687

 

Keyera Facilities Income Fund

 

 

619,867

 

 

16,628,643

 

MarkWest Energy Partners LP

 

 

589,000

 

 

18,111,750

 

Massey Energy Co.

 

 

716,500

 

 

26,245,395

 

Occidental Petroleum Corp.

 

 

340,700

 

 

30,206,462

 

ONEOK Partners LP

 

 

144,800

 

 

8,924,024

 

Peabody Energy Corp.

 

 

503,700

 

 

23,532,864

 

Pembina Pipeline Income Fund

 

 

265,500

 

 

4,772,623

 

Penn Virginia Corp.

 

 

994,500

 

 

25,369,695

 

Petrohawk Energy Corp. (a)

 

 

2,312,400

 

 

49,924,716

 

Petroleo Brasileiro SA - ADR

 

 

603,600

 

 

22,900,584

 

Plains All American Pipeline LP

 

 

165,400

 

 

9,591,546

 

Range Resources Corp.

 

 

307,000

 

 

14,662,320

 

Ship Finance International Ltd.

 

 

471,200

 

 

9,329,760

 

Southwestern Energy Co. (a)

 

 

445,000

 

 

17,657,600

 

St. Mary Land & Exploration Co.

 

 

93,100

 

 

3,746,344

 

Targa Resources Partners LP

 

 

300,000

 

 

8,028,000

 

Whiting Petroleum Corp. (a)(d)

 

 

501,220

 

 

45,275,203

 

Williams Partners LP

 

 

245,200

 

 

10,374,412

 

 

 

 

 

 

     

 

 

 

 

 

 

564,017,854

 

               

Pipelines—0.8%

 

 

 

 

 

 

 

Magellan Midstream Partners LP

 

 

134,200

 

 

6,386,578

 

               

Transportation—1.0%

 

 

 

 

 

 

 

Nordic American Tanker Shipping

 

 

266,400

 

 

8,322,336

 

               

Total Long-Term Investments
(Cost—$714,554,865)—100.1%

 

 

 

 

 

796,524,929

 

               

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares/
Beneficial Interest

 

Value

 

           

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.13% (e)(f)

 

 

13,799,937

 

$

13,799,937

 

BlackRock Liquidity Series, LLC,
Money Market Series, 0.24% (e)(f)(g)

 

 

430,050

 

 

430,050

 

               

Total Short-Term Securities
(Cost—$14,229,987)—1.8%

 

 

 

 

 

14,229,987

 

               

Total Investments Before Outstanding Options Written
(Cost—$728,784,852*)—101.9%

 

 

 

 

 

810,754,916

 

               

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

               

Exchange-Traded Call Options Written—(0.8)%

 

 

 

 

 

 

 

Alpha Natural Resources, Inc., Strike Price USD 50,
Expires 5/24/10

 

 

1,040

 

 

(163,800

)

Alpha Natural Resources, Inc., Strike Price USD 50,
Expires 6/21/10

 

 

550

 

 

(141,625

)

Alpha Natural Resources, Inc., Strike Price USD 55,
Expires 5/24/10

 

 

100

 

 

(5,000

)

Apache Corp., Strike Price USD 105, Expires 5/24/10

 

 

280

 

 

(53,900

)

Apache Corp., Strike Price USD 110, Expires 5/24/10

 

 

280

 

 

(18,200

)

Apache Corp., Strike Price USD 110, Expires 6/21/10

 

 

100

 

 

(19,250

)

Arch Coal, Inc., Strike Price USD 25, Expires 5/24/10

 

 

300

 

 

(75,000

)

Arch Coal, Inc., Strike Price USD 28, Expires 5/24/10

 

 

200

 

 

(16,000

)

BHP Billiton Ltd. - ADR, Strike Price USD 82.50,
Expires 5/18/10

 

 

350

 

 

(2,445

)

BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 5/24/10

 

 

180

 

 

(1,350

)

BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 6/21/10

 

 

100

 

 

(4,250

)

Cabot Oil & Gas Corp., Strike Price USD 40, Expires 5/24/10

 

 

690

 

 

(29,325

)

Cameron International Corp., Strike Price USD 45,
Expires 5/24/10

 

 

400

 

 

(19,000

)

Cameron International Corp., Strike Price USD 45,
Expires 6/21/10

 

 

700

 

 

(77,000

)

Cimarex Energy Co., Strike Price USD 60, Expires 5/24/10

 

 

50

 

 

(42,000

)

Cimarex Energy Co., Strike Price USD 65, Expires 5/24/10

 

 

100

 

 

(45,500

)

Cimarex Energy Co., Strike Price USD 65, Expires 6/21/10

 

 

300

 

 

(162,000

)

Diamond Offshore Drilling, Inc., Strike Price USD 88.63,
Expires 5/24/10

 

 

275

 

 

(12,375

)

EOG Resources, Inc., Strike Price USD 100, Expires 5/24/10

 

 

200

 

 

(261,000

)

EOG Resources, Inc., Strike Price USD 100, Expires 7/19/10

 

 

100

 

 

(151,500

)

EOG Resources, Inc., Strike Price USD 110, Expires 5/24/10

 

 

360

 

 

(185,400

)

EOG Resources, Inc., Strike Price USD 115, Expires 6/21/10

 

 

100

 

 

(46,000

)

EQT Corp., Strike Price USD 45, Expires 6/21/10

 

 

420

 

 

(45,150

)

EXCO Resources, Inc., Strike Price USD 20, Expires 5/24/10

 

 

1,000

 

 

(42,500

)

EXCO Resources, Inc., Strike Price USD 22.50,
Expires 5/24/10

 

 

1,000

 

 

(10,000

)

EXCO Resources, Inc., Strike Price USD 22.50,
Expires 6/21/10

 

 

100

 

 

(2,750

)

Goldcorp, Inc., Strike Price USD 42, Expires 6/21/10

 

 

125

 

 

(35,813

)

Halliburton Co., Strike Price USD 32, Expires 5/24/10

 

 

1,100

 

 

(102,850

)

Massey Energy Co., Strike Price USD 47, Expires 5/24/10

 

 

500

 

 

(8,750

)

Massey Energy Co., Strike Price USD 49, Expires 5/24/10

 

 

200

 

 

(2,500

)

Massey Energy Co., Strike Price USD 55, Expires 5/24/10

 

 

300

 

 

(1,500

)

Massey Energy Co., Strike Price USD 55, Expires 7/19/10

 

 

1,550

 

 

(42,625

)

National Oilwell Varco, Inc., Strike Price USD 42,
Expires 5/24/10

 

 

250

 

 

(69,375

)

National Oilwell Varco, Inc., Strike Price USD 45,
Expires 5/24/10

 

 

625

 

 

(75,000

)

National Oilwell Varco, Inc., Strike Price USD 46,
Expires 5/24/10

 

 

100

 

 

(8,000

)

National Oilwell Varco, Inc., Strike Price USD 46,
Expires 6/21/10

 

 

425

 

 

(65,875

)

National Oilwell Varco, Inc., Strike Price USD 47,
Expires 6/21/10

 

 

250

 

 

(30,000

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

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 (concluded)

 

 

 

 

 

 

 

Noble Corp., Strike Price USD 42, Expires 5/24/10

 

 

875

 

$

(50,313

)

Noble Corp., Strike Price USD 43, Expires 5/24/10

 

 

200

 

 

(8,000

)

Noble Corp., Strike Price USD 43, Expires 6/21/10

 

 

500

 

 

(43,750

)

Noble Corp., Strike Price USD 45, Expires 6/21/10

 

 

250

 

 

(11,250

)

Occidental Petroleum Corp., Strike Price USD 85,
Expires 5/24/10

 

 

175

 

 

(89,688

)

Occidental Petroleum Corp., Strike Price USD 86.50,
Expires 5/24/10

 

 

175

 

 

(70,264

)

Peabody Energy Corp., Strike Price USD 48, Expires 5/24/10

 

 

500

 

 

(65,750

)

Peabody Energy Corp., Strike Price USD 49, Expires 5/24/10

 

 

475

 

 

(46,075

)

Peabody Energy Corp., Strike Price USD 49, Expires 6/21/10

 

 

500

 

 

(93,500

)

Peabody Energy Corp., Strike Price USD 50, Expires 5/24/10

 

 

425

 

 

(30,387

)

Penn Virginia Corp., Strike Price USD 25, Expires 5/24/10

 

 

500

 

 

(77,500

)

Penn Virginia Corp., Strike Price USD 30, Expires 6/21/10

 

 

82

 

 

(3,485

)

Petrohawk Energy Corp., Strike Price USD 22,
Expires 5/24/10

 

 

1,000

 

 

(80,000

)

Petrohawk Energy Corp., Strike Price USD 23,
Expires 5/24/10

 

 

500

 

 

(22,500

)

Petrohawk Energy Corp., Strike Price USD 24,
Expires 5/24/10

 

 

3,000

 

 

(67,500

)

Petrohawk Energy Corp., Strike Price USD 25,
Expires 5/24/10

 

 

500

 

 

(5,000

)

Petrohawk Energy Corp., Strike Price USD 25,
Expires 6/21/10

 

 

762

 

 

(28,575

)

Petrohawk Energy Corp., Strike Price USD 26,
Expires 6/21/10

 

 

1

 

 

(25

)

Petroleo Brasileiro SA - ADR, Strike Price USD 40,
Expires 5/24/10

 

 

275

 

 

(17,187

)

Petroleo Brasileiro SA - ADR, Strike Price USD 40,
Expires 6/21/10

 

 

250

 

 

(30,625

)

Questar Corp., Strike Price USD 45, Expires 5/24/10

 

 

500

 

 

(167,500

)

Questar Corp., Strike Price USD 46, Expires 5/18/10

 

 

300

 

 

(68,260

)

Range Resources Corp., Strike Price USD 52.50,
Expires 5/24/10

 

 

420

 

 

(14,700

)

Range Resources Corp., Strike Price USD 55,
Expires 5/24/10

 

 

250

 

 

(3,750

)

Schlumberger Ltd., Strike Price USD 65, Expires 5/24/10

 

 

795

 

 

(554,513

)

Schlumberger Ltd., Strike Price USD 66, Expires 5/22/10

 

 

350

 

 

(211,526

)

Ship Finance International Ltd., Strike Price USD 18.75,
Expires 5/24/10

 

 

250

 

 

(31,965

)

Silver Wheaton Corp., Strike Price USD 16, Expires 5/24/10

 

 

200

 

 

(71,500

)

Silver Wheaton Corp., Strike Price USD 17, Expires 6/21/10

 

 

640

 

 

(183,040

)

Silver Wheaton Corp., Strike Price USD 18, Expires 5/24/10

 

 

640

 

 

(113,600

)

Silver Wheaton Corp., Strike Price USD 18, Expires 6/19/10

 

 

300

 

 

(63,150

)

Southwestern Energy Co., Strike Price USD 41,
Expires 5/24/10

 

 

325

 

 

(31,687

)

Southwestern Energy Co., Strike Price USD 42,
Expires 5/24/10

 

 

325

 

 

(21,937

)

Southwestern Energy Co., Strike Price USD 43,
Expires 5/24/10

 

 

750

 

 

(33,750

)

Southwestern Energy Co., Strike Price USD 44,
Expires 5/24/10

 

 

200

 

 

(6,000

)

St. Mary Land & Exploration Co., Strike Price USD 40,
Expires 5/24/10

 

 

100

 

 

(19,500

)

Transocean Ltd., Strike Price USD 90, Expires 5/24/10

 

 

1,180

 

 

(21,830

)

Weatherford International Ltd., Strike Price USD 18,
Expires 5/24/10

 

 

1,500

 

 

(124,500

)

Weatherford International Ltd., Strike Price USD 18,
Expires 6/21/10

 

 

500

 

 

(60,000

)

Weatherford International Ltd., Strike Price USD 19,
Expires 5/24/10

 

 

500

 

 

(21,250

)

Whiting Petroleum Corp., Strike Price USD 80,
Expires 6/21/10

 

 

1,375

 

 

(1,670,625

)

Whiting Petroleum Corp., Strike Price USD 85,
Expires 5/24/10

 

 

700

 

 

(472,500

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(6,883,065

)

               

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written—(0.4)%

 

 

 

 

 

 

 

Arch Coal, Inc., Strike Price USD 26.25,
Expires 6/07/10, Broker Barclays Capital, Inc.

 

 

450

 

$

(84,355

)

Arch Coal, Inc., Strike Price USD 27.04,
Expires 6/15/10, Broker UBS Securities LLC

 

 

108,000

 

 

(179,898

)

Cabot Oil & Gas Corp., Strike Price USD 39.52,
Expires 5/28/10, Broker Goldman Sachs & Co.

 

 

50,000

 

 

(30,502

)

Consol Energy, Inc., Strike Price USD 45.2,
Expires 5/28/10, Broker UBS Securities LLC

 

 

100,000

 

 

(182,365

)

Consol Energy, Inc., Strike Price USD 48.54,
Expires 5/28/10, Broker UBS Securities LLC

 

 

40,000

 

 

(29,641

)

Core Laboratories NV, Strike Price USD 151,
Expires 6/04/10, Broker Citigroup Global Markets

 

 

15,000

 

 

(56,944

)

Crescent Point Energy Corp., Strike Price CAD 39.21,
Expires 5/10/10, Broker Deutsche Bank Securities

 

 

56,000

 

 

(215,003

)

Crescent Point Energy Corp., Strike Price CAD 40,
Expires 5/24/10, Broker National Financial Services

 

 

509

 

 

(152,830

)

EOG Resources, Inc., Strike Price USD 110.23,
Expires 6/02/10, Broker UBS Securities LLC

 

 

34,000

 

 

(190,176

)

EQT Corp., Strike Price USD 45,
Expires 5/28/10, Broker UBS Securities LLC

 

 

75,000

 

 

(43,861

)

EQT Corp., Strike Price USD 46.49,
Expires 5/28/10, Broker Goldman Sachs & Co.

 

 

44,000

 

 

(11,501

)

EXCO Resources, Inc., Strike Price USD 19.75,
Expires 5/28/10, Broker Goldman Sachs & Co.

 

 

50,000

 

 

(28,360

)

EXCO Resources, Inc., Strike Price USD 20.37,
Expires 6/04/10, Broker UBS Securities LLC

 

 

50,000

 

 

(20,649

)

EXCO Resources, Inc., Strike Price USD 20.65,
Expires 5/28/10, Broker UBS Securities LLC

 

 

50,000

 

 

(17,200

)

Galleon Energy, Inc., Strike Price CAD 7.14,
Expires 6/02/10, Broker Goldman Sachs & Co.

 

 

310,000

 

 

(91,114

)

Galleon Energy, Inc., Strike Price CAD 7.52,
Expires 5/05/10, Broker UBS Securities LLC

 

 

28,000

 

 

(705

)

Goldcorp, Inc., Strike Price USD 40.31,
Expires 5/14/10, Broker UBS Securities LLC

 

 

24,500

 

 

(76,604

)

Halliburton Co., Strike Price USD 35.27,
Expires 6/11/10, Broker UBS Securities LLC

 

 

75,000

 

 

(27,428

)

Nordic American Tanker Shipping, Strike Price USD 31.09,
Expires 5/10/10, Broker JPMorgan Chase Securities

 

 

88,000

 

 

(52,897

)

Occidental Petroleum Corp., Strike Price USD 86,
Expires 7/06/10, Broker UBS Securities LLC

 

 

84,000

 

 

(523,821

)

Penn Virginia Corp., Strike Price USD 25.25,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

250,000

 

 

(225,325

)

Penn Virginia Corp., Strike Price USD 26.70,
Expires 5/28/10, Broker UBS Securities LLC

 

 

50,000

 

 

(40,312

)

Petroleo Brasileiro SA - ADR, Strike Price USD 41.19,
Expires 5/14/10, Broker Deutsche Bank Securities

 

 

80,000

 

 

(11,678

)

Petroleo Brasileiro SA - ADR, Strike Price USD 42.02,
Expires 5/21/10, Broker Morgan Stanley & Co., Inc.

 

 

100,000

 

 

(17,210

)

Plains All American Pipeline LP, Strike Price USD 59.10,
Expires 6/14/10, Broker Credit Suisse First Boston

 

 

64,500

 

 

(41,774

)

Range Resources Corp., Strike Price USD 49.94,
Expires 5/28/10, Broker UBS Securities LLC

 

 

20,000

 

 

(19,869

)

Ship Finance International Ltd., Strike Price USD 18.41,
Expires 5/14/10, Broker Goldman Sachs & Co.

 

 

60,000

 

 

(87,704

)

Ship Finance International Ltd., Strike Price USD 18.59,
Expires 5/28/10, Broker Goldman Sachs & Co.

 

 

60,000

 

 

(81,059

)

Ship Finance International Ltd., Strike Price USD 20.65,
Expires 6/17/10, Broker UBS Securities LLC

 

 

50,000

 

 

(30,327

)

St. Mary Land & Exploration Co., Strike Price USD 36.31,
Expires 5/10/10, Broker UBS Securities LLC

 

 

30,000

 

 

(120,441

)

Technip SA, Strike Price EUR 57.32,
Expires 5/12/10, Broker Morgan Stanley & Co., Inc.

 

 

64,000

 

 

(251,941

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(2,943,494

)

               

See Notes to Financial Statements.

 

 

 

 

 

32

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Schedule of Investments (concluded)

BlackRock Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

 

 

 

Value

 

             

Total Options Written (Premiums Received $8,391,310)—(1.2)%

 

 

 

 

$

(9,826,559

)

               

Total Investments Net of Outstanding Options Written—100.7%

 

 

 

 

 

800,928,357

 

Liabilities in Excess of Other Assets—(0.7)%

 

 

 

 

 

(5,211,669

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

795,716,688

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

711,073,044

 

 

 

     

Gross unrealized appreciation

 

$

118,329,812

 

Gross unrealized depreciation

 

 

(18,647,940

)

 

 

     

Net unrealized appreciation

 

$

99,681,872

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

Restricted security as to resale acquired 12/20/07. As of report date the Trust held 0.6% of its net assets, with a current market value of $4,827,312 and an original cost of $3,500,003 in these securities.

(c)

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

(d)

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

(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

 

Shares/
Beneficial Interest
Held at
October 31,
2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
April 30,
2010

 

Income

 

                   

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

18,701,414

 

 

(4,901,477

)

13,799,937

 

 

$

10,225

 

BlackRock Liquidity
Series, LLC Money
Market Series

 

5,894,700

 

 

(5,464,650

)

430,050

 

 

$

10,882

 

                         

 

 

(f)

Represents current yield as of report date.

(g)

Security purchased with the cash collateral from securities loans.

 

 

Foreign currency exchange contracts as of April 30, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

                     

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation

 

                     

USD

2,986

 

CAD

3,000

 

Credit Agricole Securities

 

5/04/10

 

$

32

 

                         

 

 

 

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

 

 

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 assets and liabilities

 

 

 

 

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 or liabilities 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 circumstances, 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 methodologies 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 tables summarize the inputs used as of April 30, 2010 in determining the investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks1

 

$

779,573,196

 

$

16,951,733

 

 

 

$

796,524,929

 

Short-Term Securities

 

 

13,799,937

 

 

430,050

 

 

 

 

14,229,987

 

                           

Total

 

$

793,373,133

 

$

17,381,783

 

 

 

$

810,754,916

 

 

 

                       

 

 

1

See above Schedule of Investments for values in each industry excluding Level 2, Energy Equipment & Services, within the table.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments2

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

$

32

 

 

 

$

32

 

Liabilities:

 

$

(6,651,435

)

 

(3,175,124

)

 

 

 

(9,826,559

)

                           

Total

 

$

(6,651,435

)

$

(3,175,092

)

 

 

$

(9,826,527

)

 

 

                       

 

 

2

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

33



 

 


 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

 

Australia—0.8%

 

 

 

 

 

 

 

Australia & New Zealand Banking Group Ltd.

 

 

165,000

 

$

3,654,631

 

BHP Billiton Ltd. - ADR

 

 

98,500

 

 

7,169,815

 

 

 

 

 

 

     

 

 

 

 

 

 

10,824,446

 

               

Austria—0.5%

 

 

 

 

 

 

 

Erste Group Bank AG

 

 

142,900

 

 

6,344,555

 

               

Belgium—0.5%

 

 

 

 

 

 

 

Anheuser-Busch InBev NV

 

 

143,400

 

 

6,956,560

 

               

Bermuda—0.3%

 

 

 

 

 

 

 

Bunge Ltd.

 

 

83,300

 

 

4,410,735

 

               

Brazil—1.6%

 

 

 

 

 

 

 

Banco Santander Brasil SA - ADR

 

 

203,800

 

 

2,370,194

 

BM&FBOVESPA SA

 

 

395,144

 

 

2,602,847

 

Cia de Bebidas das Americas - ADR

 

 

47,500

 

 

4,645,500

 

Cia Siderurgica Nacional SA - ADR

 

 

272,600

 

 

5,083,990

 

Usinas Siderurgicas de Minas Gerais SA, Class A -
Preference Shares

 

 

189,400

 

 

6,190,027

 

 

 

 

 

 

     

 

 

 

 

 

 

20,892,558

 

               

Canada—3.7%

 

 

 

 

 

 

 

Canadian Natural Resources Ltd.

 

 

33,000

 

 

2,539,020

 

Canadian Natural Resources Ltd.

 

 

110,900

 

 

8,540,763

 

Crescent Point Energy Corp.

 

 

134,600

 

 

5,712,351

 

Enbridge, Inc.

 

 

114,500

 

 

5,560,430

 

Pan American Silver Corp.

 

 

341,300

 

 

9,037,624

 

Potash Corp. of Saskatchewan, Inc.

 

 

55,300

 

 

6,110,650

 

Toronto-Dominion Bank (The)

 

 

67,400

 

 

5,009,549

 

TransCanada Corp.

 

 

181,300

 

 

6,396,724

 

 

 

 

 

 

     

 

 

 

 

 

 

48,907,111

 

               

China—0.9%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

3,818,800

 

 

3,101,143

 

Focus Media Holding Ltd. - ADR (a)

 

 

279,000

 

 

4,681,620

 

Industrial & Commercial Bank of China

 

 

4,911,100

 

 

3,579,443

 

 

 

 

 

 

     

 

 

 

 

 

 

11,362,206

 

               

Finland—0.8%

 

 

 

 

 

 

 

Fortum Oyj

 

 

193,000

 

 

4,986,976

 

Nokia Oyj - ADR

 

 

462,700

 

 

5,626,432

 

 

 

 

 

 

     

 

 

 

 

 

 

10,613,408

 

               

France—2.7%

 

 

 

 

 

 

 

AXA SA

 

 

326,900

 

 

6,496,299

 

BNP Paribas

 

 

86,180

 

 

5,919,380

 

Renault SA (a)

 

 

98,300

 

 

4,554,247

 

Societe Generale

 

 

49,500

 

 

2,643,266

 

Total SA

 

 

199,209

 

 

10,838,440

 

Unibail-Rodamco SE - REIT

 

 

29,300

 

 

5,537,717

 

 

 

 

 

 

     

 

 

 

 

 

 

35,989,349

 

               

Germany—6.1%

 

 

 

 

 

 

 

Allianz SE

 

 

58,600

 

 

6,718,207

 

Bayerische Motoren Werke AG

 

 

138,300

 

 

6,839,911

 

Deutsche Boerse AG

 

 

48,800

 

 

3,788,467

 

Deutsche Lufthansa AG (a)

 

 

636,500

 

 

10,584,629

 

Deutsche Post AG

 

 

465,600

 

 

7,551,834

 

Deutsche Telekom AG

 

 

483,100

 

 

6,290,090

 

Merck KGaA

 

 

40,800

 

 

3,353,770

 

RWE AG

 

 

78,900

 

 

6,490,171

 

SAP AG - ADR

 

 

136,100

 

 

6,457,945

 

Siemens AG

 

 

125,100

 

 

12,338,159

 

Volkswagen AG - Preference Shares

 

 

95,627

 

 

9,238,826

 

 

 

 

 

 

     

 

 

 

 

 

 

79,652,009

 

               

Hong Kong—1.0%

 

 

 

 

 

 

 

Cheung Kong Holdings Ltd.

 

 

541,000

 

 

6,671,532

 

CNOOC Ltd. - ADR

 

 

15,500

 

 

2,726,760

 

Wing Hang Bank Ltd.

 

 

312,600

 

 

3,168,833

 

 

 

 

 

 

     

 

 

 

 

 

 

12,567,125

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

 

India—0.7%

 

 

 

 

 

 

 

Punjab National Bank Ltd.

 

 

232,500

 

$

5,400,986

 

Sterlite Industries India Ltd. - ADR

 

 

224,200

 

 

4,066,988

 

 

 

 

 

 

     

 

 

 

 

 

 

9,467,974

 

               

Ireland—0.5%

 

 

 

 

 

 

 

Accenture Plc, Class A

 

 

155,500

 

 

6,786,020

 

               

Israel—0.3%

 

 

 

 

 

 

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

59,000

 

 

3,465,070

 

               

Italy—0.4%

 

 

 

 

 

 

 

Intesa Sanpaolo SpA (a)

 

 

1,547,900

 

 

5,101,755

 

               

Japan—10.0%

 

 

 

 

 

 

 

Amada Co. Ltd.

 

 

969,000

 

 

7,955,618

 

Asahi Breweries Ltd.

 

 

233,000

 

 

4,185,471

 

Canon, Inc.

 

 

184,600

 

 

8,444,212

 

Fujitsu Ltd.

 

 

468,000

 

 

3,290,959

 

Honda Motor Co. Ltd.

 

 

366,200

 

 

12,391,312

 

ITOCHU Corp.

 

 

1,028,300

 

 

8,908,840

 

Japan Tobacco, Inc.

 

 

2,650

 

 

9,183,430

 

JTEKT Corp.

 

 

1,177,700

 

 

13,532,419

 

Marubeni Corp.

 

 

1,615,300

 

 

9,530,833

 

Mitsubishi Heavy Industries Ltd.

 

 

1,670,600

 

 

6,729,308

 

Mitsubishi UFJ Financial Group, Inc.

 

 

1,007,800

 

 

5,251,681

 

Mitsui & Co. Ltd.

 

 

556,100

 

 

8,357,680

 

Nitto Denko Corp.

 

 

171,300

 

 

6,693,379

 

Nomura Holdings, Inc.

 

 

864,900

 

 

5,978,288

 

Sumitomo Mitsui Financial Group, Inc.

 

 

206,200

 

 

6,819,414

 

T&D Holdings, Inc.

 

 

279,600

 

 

7,303,828

 

Tokio Marine Holdings, Inc.

 

 

218,800

 

 

6,513,811

 

 

 

 

 

 

     

 

 

 

 

 

 

131,070,483

 

               

Malaysia—0.4%

 

 

 

 

 

 

 

Bumiputra-Commerce Holdings Bhd

 

 

1,074,400

 

 

4,757,438

 

               

Mexico—0.8%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV - ADR

 

 

96,200

 

 

4,553,146

 

Grupo Mexico SAB de CV

 

 

2,492,200

 

 

6,576,505

 

 

 

 

 

 

     

 

 

 

 

 

 

11,129,651

 

               

Netherlands—1.5%

 

 

 

 

 

 

 

Aegon NV (a)

 

 

846,000

 

 

5,916,931

 

Corio NV - REIT

 

 

47,400

 

 

2,742,216

 

ING Groep NV (a)

 

 

743,500

 

 

6,562,377

 

VimpelCom Ltd. - ADR (a)

 

 

247,700

 

 

4,314,934

 

 

 

 

 

 

     

 

 

 

 

 

 

19,536,458

 

               

New Zealand—0.4%

 

 

 

 

 

 

 

Telecom Corp. of New Zealand Ltd.

 

 

3,107,100

 

 

4,859,048

 

               

Singapore—1.0%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

1,100,451

 

 

2,972,565

 

DBS Group Holdings Ltd.

 

 

334,000

 

 

3,677,671

 

Wilmar International Ltd.

 

 

1,329,900

 

 

6,677,491

 

 

 

 

 

 

     

 

 

 

 

 

 

13,327,727

 

               

South Africa—0.4%

 

 

 

 

 

 

 

Naspers Ltd.

 

 

124,500

 

 

5,017,441

 

               

South Korea—0.7%

 

 

 

 

 

 

 

Samsung Electronics Co. Ltd.

 

 

12,900

 

 

9,808,371

 

               

Spain—1.7%

 

 

 

 

 

 

 

Banco Santander SA

 

 

694,900

 

 

8,835,905

 

Inditex SA

 

 

94,500

 

 

5,848,913

 

Telefonica SA

 

 

351,800

 

 

7,963,081

 

 

 

 

 

 

     

 

 

 

 

 

 

22,647,899

 

               

Sweden—1.0%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

584,200

 

 

5,699,591

 

Svenska Cellulosa AB, B Shares

 

 

558,800

 

 

7,281,116

 

 

 

 

 

 

     

 

 

 

 

 

 

12,980,707

 

               

Switzerland—2.3%

 

 

 

 

 

 

 

ACE Ltd.

 

 

127,700

 

 

6,792,363

 

Nestle SA

 

 

166,299

 

 

8,137,163

 

See Notes to Financial Statements.

 

 

 

 

 

34

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

 

Switzerland (concluded)

 

 

 

 

 

 

 

Novartis AG

 

 

182,900

 

$

9,325,112

 

Swiss Life Holding AG (a)

 

 

52,100

 

 

6,333,051

 

 

 

 

 

 

     

 

 

 

 

 

 

30,587,689

 

               

Taiwan—0.5%

 

 

 

 

 

 

 

Mega Financial Holding Co. Ltd.

 

 

6,493,800

 

 

3,792,468

 

Siliconware Precision Industries Co. - ADR

 

 

502,400

 

 

3,089,760

 

 

 

 

 

 

     

 

 

 

 

 

 

6,882,228

 

               

Thailand—0.7%

 

 

 

 

 

 

 

Bangkok Bank PCL

 

 

849,700

 

 

3,113,117

 

Banpu PCL

 

 

341,200

 

 

6,683,332

 

 

 

 

 

 

     

 

 

 

 

 

 

9,796,449

 

               

United Kingdom—4.6%

 

 

 

 

 

 

 

Barclays Plc - ADR

 

 

382,400

 

 

7,808,608

 

BP Plc

 

 

550,000

 

 

4,797,065

 

Cairn Energy Plc (a)

 

 

368,852

 

 

2,251,040

 

GlaxoSmithKline Plc

 

 

364,136

 

 

6,758,747

 

HSBC Holdings Plc

 

 

659,130

 

 

6,711,563

 

Royal Dutch Shell Plc - ADR

 

 

164,900

 

 

10,347,475

 

Unilever Plc

 

 

236,800

 

 

7,115,905

 

Vodafone Group Plc - ADR

 

 

370,700

 

 

8,229,540

 

WPP Plc

 

 

622,600

 

 

6,601,038

 

 

 

 

 

 

     

 

 

 

 

 

 

60,620,981

 

               

United States—47.8%

 

 

 

 

 

 

 

Adobe Systems, Inc. (a)

 

 

179,400

 

 

6,026,046

 

American Electric Power Co., Inc.

 

 

173,500

 

 

5,951,050

 

Amerprise Financial, Inc.

 

 

181,600

 

 

8,418,976

 

Amgen, Inc. (a)

 

 

110,500

 

 

6,338,280

 

Apple, Inc. (a)

 

 

52,100

 

 

13,604,352

 

Applied Materials, Inc.

 

 

382,300

 

 

5,268,094

 

Arch Coal, Inc.

 

 

289,900

 

 

7,827,300

 

AT&T Inc. (b)

 

 

259,900

 

 

6,772,994

 

Avon Products, Inc.

 

 

196,800

 

 

6,362,544

 

Becton Dickinson & Co.

 

 

18,800

 

 

1,435,756

 

Bristol-Myers Squibb Co.

 

 

333,700

 

 

8,439,273

 

Chevron Corp.

 

 

78,400

 

 

6,384,896

 

Cisco Systems, Inc. (a)

 

 

226,700

 

 

6,102,764

 

Citigroup, Inc. (a)

 

 

1,171,700

 

 

5,120,329

 

Colgate-Palmolive Co.

 

 

131,400

 

 

11,050,740

 

Comerica, Inc.

 

 

161,000

 

 

6,762,000

 

ConAgra Foods, Inc.

 

 

275,000

 

 

6,729,250

 

ConocoPhillips

 

 

195,000

 

 

11,542,050

 

Continental Airlines, Inc., Class B (a)

 

 

276,500

 

 

6,179,775

 

Corning, Inc.

 

 

502,500

 

 

9,673,125

 

Deere & Co.

 

 

209,900

 

 

12,556,218

 

DIRECTV, Class A (a)

 

 

194,400

 

 

7,043,112

 

Dominion Resources, Inc.

 

 

144,900

 

 

6,056,820

 

Dow Chemical (The)

 

 

264,500

 

 

8,154,535

 

E.I. du Pont de Nemours & Co.

 

 

120,700

 

 

4,808,688

 

eBay, Inc. (a)

 

 

360,900

 

 

8,593,029

 

EMC Corp. (a)

 

 

421,300

 

 

8,008,913

 

Express Scripts, Inc. (a)

 

 

45,400

 

 

4,545,902

 

Exxon Mobil Corp.

 

 

197,100

 

 

13,373,235

 

Federal Realty Investment Trust - REIT

 

 

51,500

 

 

3,985,585

 

FMC Corp.

 

 

134,500

 

 

8,559,580

 

General Electric Co.

 

 

1,122,900

 

 

21,177,894

 

General Mills, Inc.

 

 

80,300

 

 

5,715,754

 

Genzyme Corp. (a)

 

 

102,700

 

 

5,467,748

 

Goodrich Corp.

 

 

157,700

 

 

11,698,186

 

Google, Inc., Class A (a)

 

 

15,800

 

 

8,301,952

 

Hewlett-Packard Co.

 

 

150,400

 

 

7,816,288

 

Home Depot, Inc.

 

 

197,700

 

 

6,968,925

 

Hudson City Bancorp, Inc.

 

 

235,400

 

 

3,130,820

 

Intel Corp. (b)

 

 

391,700

 

 

8,942,511

 

International Business Machines Corp.

 

 

82,800

 

 

10,681,200

 


 

 

 

 

 

 

 

 

Common Stocks

 

 

Shares

 

 

Value

 

 

United States (concluded)

 

 

 

 

 

 

 

International Paper Co.

 

 

426,900

 

$

11,415,306

 

Johnson & Johnson

 

 

81,600

 

 

5,246,880

 

KeyCorp

 

 

904,700

 

 

8,160,394

 

Kohl’s Corp. (a)(b)

 

 

107,500

 

 

5,911,425

 

Las Vegas Sands Corp. (a)

 

 

267,600

 

 

6,652,536

 

Liberty Global, Inc., Class A (a)(c)

 

 

238,800

 

 

6,545,508

 

Lincoln National Corp.

 

 

215,300

 

 

6,586,027

 

Manpower, Inc.

 

 

96,000

 

 

5,385,600

 

McKesson Corp.

 

 

50,200

 

 

3,253,462

 

Microsoft Corp. (b)

 

 

645,900

 

 

19,725,786

 

Morgan Stanley

 

 

145,700

 

 

4,403,054

 

Newmont Mining Corp.

 

 

178,000

 

 

9,982,240

 

News Corp., Class A

 

 

456,500

 

 

7,039,230

 

NII Holdings, Inc. (a)

 

 

114,800

 

 

4,869,816

 

Nike, Inc.

 

 

87,800

 

 

6,664,898

 

Norfolk Southern Corp.

 

 

174,300

 

 

10,341,219

 

Occidental Petroleum Corp.

 

 

131,400

 

 

11,649,924

 

Oracle Corp.

 

 

318,700

 

 

8,235,208

 

Owens-Illinois, Inc. (a)

 

 

241,600

 

 

8,562,304

 

Parametric Technology Corp. (a)

 

 

189,100

 

 

3,515,369

 

Peabody Energy Corp.

 

 

116,400

 

 

5,438,208

 

PepsiCo, Inc.

 

 

183,200

 

 

11,948,304

 

Piper Jaffray Cos. (a)

 

 

65,500

 

 

2,578,080

 

QUALCOMM, Inc.

 

 

111,000

 

 

4,300,140

 

St. Jude Medical, Inc. (a)

 

 

78,800

 

 

3,216,616

 

Stanley Black & Decker, Inc.

 

 

105,257

 

 

6,541,723

 

State Street Corp.

 

 

65,800

 

 

2,862,300

 

Stryker Corp.

 

 

128,500

 

 

7,381,040

 

SunTrust Banks, Inc.

 

 

306,400

 

 

9,069,440

 

T. Rowe Price Group, Inc.

 

 

90,200

 

 

5,187,402

 

Target Corp.

 

 

123,100

 

 

7,000,697

 

Temple-Inland, Inc.

 

 

310,600

 

 

7,243,192

 

Texas Instruments, Inc.

 

 

328,400

 

 

8,541,684

 

Textron, Inc.

 

 

392,300

 

 

8,960,132

 

Thermo Fisher Scientific, Inc. (a)

 

 

94,600

 

 

5,229,488

 

U.S. Bancorp

 

 

260,300

 

 

6,968,231

 

United Parcel Service, Inc., Class B

 

 

211,400

 

 

14,616,196

 

Urban Outfitters, Inc. (a)

 

 

140,600

 

 

5,273,906

 

Validus Holdings Ltd.

 

 

192,500

 

 

4,922,225

 

Wal-Mart Stores, Inc.

 

 

179,500

 

 

9,630,175

 

Yum! Brands, Inc.

 

 

202,700

 

 

8,598,534

 

Zions Bancorp.

 

 

261,200

 

 

7,504,276

 

 

 

 

 

 

     

 

 

 

 

 

 

628,734,664

 

               

Total Long-Term Investments
(Cost—$1,204,996,150)—94.6%

 

 

 

 

 

1,245,098,115

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

Shares/Beneficial
Interest

 

 

 

 

 

BlackRock Liquidity Funds, TempFund, Institutional Class,
0.13% (d)(e)

 

 

71,034,824

 

 

71,034,824

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.24% (d)(e)(f)

 

 

2,850,000

 

 

2,850,000

 

               

Total Short-Term Securities
(Cost—$73,884,824)—5.6%

 

 

 

 

 

73,884,824

 

               

Total Investments Before Outstanding Options Written
(Cost—$1,278,880,974*)—100.2%

 

 

 

 

 

1,318,982,939

 

               

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

 

Exchange-Traded Call Options Written—(0.5)%

 

 

 

 

 

 

 

ACE Ltd., Strike Price USD 53, Expires 5/13/10

 

 

700

 

 

(50,260

)

Adobe Systems, Inc., Strike Price USD 35, Expires 5/24/10

 

 

1,000

 

 

(40,000

)

American Electric Power Co., Inc., Strike Price USD 34,
Expires 5/24/10

 

 

475

 

 

(23,750

)

Amgen, Inc., Strike Price USD 62.50, Expires 5/24/10

 

 

310

 

 

(1,860

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

35




 

 


 

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)

 

 

 

 

 

 

 

Amgen, Inc., Strike Price USD 62.50, Expires 6/21/10

 

 

300

 

$

(12,300

)

Apple, Inc., Strike Price USD 250, Expires 5/24/10

 

 

200

 

 

(300,000

)

Apple, Inc., Strike Price USD 280, Expires 6/21/10

 

 

85

 

 

(52,063

)

Applied Materials, Inc., Strike Price USD 13.75,
Expires 5/24/10

 

 

455

 

 

(20,752

)

Applied Materials, Inc., Strike Price USD 14, Expires 5/24/10

 

 

480

 

 

(17,760

)

Arch Coal, Inc., Strike Price USD 27, Expires 5/24/10

 

 

435

 

 

(52,200

)

Arch Coal, Inc., Strike Price USD 28, Expires 5/24/10

 

 

150

 

 

(12,000

)

AT&T Inc., Strike Price USD 26, Expires 5/24/10

 

 

386

 

 

(16,791

)

Banco Santander Brasil SA - ADR, Strike Price USD 12.50,
Expires 5/24/10

 

 

560

 

 

(8,400

)

Barclays Plc - ADR, Strike Price USD 22.50, Expires 5/24/10

 

 

650

 

 

(13,000

)

Barclays Plc - ADR, Strike Price USD 22.50, Expires 6/21/10

 

 

650

 

 

(26,000

)

BHP Billiton Ltd. - ADR, Strike Price USD 82.50,
Expires 5/18/10

 

 

270

 

 

(1,886

)

BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 5/24/10

 

 

270

 

 

(2,025

)

Bristol-Myers Squibb Co., Strike Price USD 27,
Expires 6/21/10

 

 

1,350

 

 

(39,150

)

Canadian Natural Resources Ltd., Strike Price USD 80,
Expires 5/24/10

 

 

330

 

 

(40,425

)

Cisco Systems, Inc., Strike Price USD 27, Expires 5/24/10

 

 

260

 

 

(19,500

)

Colgate-Palmolive Co., Strike Price USD 85, Expires 5/24/10

 

 

160

 

 

(15,200

)

Comerica, Inc., Strike Price USD 40, Expires 5/24/10

 

 

665

 

 

(186,200

)

Comerica, Inc., Strike Price USD 42.50, Expires 5/24/10

 

 

220

 

 

(29,150

)

ConAgra Foods, Inc., Strike Price USD 25, Expires 5/24/10

 

 

435

 

 

(7,612

)

ConocoPhillips, Strike Price USD 60, Expires 6/21/10

 

 

1,070

 

 

(171,200

)

Continental Airlines, Inc., Class B, Strike Price USD 22.50,
Expires 6/21/10

 

 

1,520

 

 

(266,760

)

Deere & Co., Strike Price USD 60, Expires 5/24/10

 

 

880

 

 

(176,880

)

Dow Chemical Co., Strike Price USD 31, Expires 5/24/10

 

 

1,450

 

 

(134,850

)

eBay, Inc., Strike Price USD 27, Expires 6/21/10

 

 

1,130

 

 

(15,820

)

eBay, Inc., Strike Price USD 29, Expires 5/24/10

 

 

860

 

 

(1,720

)

EMC Corp., Strike Price USD 20, Expires 6/21/10

 

 

420

 

 

(13,650

)

Express Scripts, Inc., Strike Price USD 105, Expires 5/24/10

 

 

250

 

 

(21,875

)

Exxon Mobil Corp., Strike Price USD 70, Expires 5/24/10

 

 

700

 

 

(25,550

)

Focus Media Holding Ltd. - ADR, Strike Price USD 18,
Expires 5/24/10

 

 

800

 

 

(32,000

)

Fomento Economico Mexicano SAB de CV - ADR,
Strike Price USD 50, Expires 5/24/10

 

 

90

 

 

(2,025

)

General Electric Co., Strike Price USD 20, Expires 6/21/10

 

 

2,500

 

 

(92,500

)

General Mills, Inc., Strike Price USD 75, Expires 5/24/10

 

 

440

 

 

(3,300

)

Genzyme Corp., Strike Price USD 55, Expires 5/24/10

 

 

550

 

 

(31,625

)

Google, Inc., Class A, Strike Price USD 560, Expires 5/24/10

 

 

40

 

 

(10,900

)

Hewlett-Packard Co., Strike Price USD 52.50,
Expires 5/24/10

 

 

1,150

 

 

(133,400

)

Home Depot, Inc., Strike Price USD 35, Expires 5/24/10

 

 

210

 

 

(24,150

)

Intel Corp., Strike Price USD 25, Expires 6/21/10

 

 

650

 

 

(10,725

)

International Paper Co., Strike Price USD 28, Expires 5/24/10

 

 

550

 

 

(27,500

)

Johnson & Johnson, Strike Price USD 65, Expires 6/21/10

 

 

450

 

 

(38,700

)

Las Vegas Sands Corp., Strike Price USD 22,
Expires 5/24/10

 

 

420

 

 

(144,900

)

Las Vegas Sands Corp., Strike Price USD 23,
Expires 5/24/10

 

 

750

 

 

(206,250

)

Las Vegas Sands Corp., Strike Price USD 24,
Expires 5/24/10

 

 

750

 

 

(160,875

)

Lincoln National Corp., Strike Price USD 32,
Expires 5/24/10

 

 

1,185

 

 

(79,988

)

McKesson Corp., Strike Price USD 65, Expires 5/24/10

 

 

275

 

 

(48,813

)

Microsoft Corp., Strike Price USD 32, Expires 5/24/10

 

 

1,400

 

 

(14,700

)

Morgan Stanley, Strike Price USD 30, Expires 5/24/10

 

 

715

 

 

(93,308

)

Morgan Stanley, Strike Price USD 31, Expires 5/24/10

 

 

85

 

 

(6,757

)

Newmont Mining Corp., Strike Price USD 52.50,
Expires 5/24/10

 

 

300

 

 

(124,500

)

Newmont Mining Corp., Strike Price USD 55, Expires 5/24/10

 

 

710

 

 

(170,045

)

Newmont Mining Corp., Strike Price USD 55, Expires 6/21/10

 

 

770

 

 

(254,100

)

Nike, Inc., Strike Price USD 75, Expires 5/24/10

 

 

220

 

 

(48,400

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

 

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Norfolk Southern Corp., Strike Price USD 55, Expires 5/24/10

 

 

650

 

$

(286,000

)

Occidental Petroleum Corp., Strike Price USD 90,
Expires 6/21/10

 

 

250

 

 

(85,625

)

Oracle Corp., Strike Price USD 26.25, Expires 5/27/10

 

 

1,730

 

 

(60,372

)

Pan American Silver Corp., Strike Price USD 25,
Expires 6/21/10

 

 

670

 

 

(154,100

)

Parametric Technology Corp., Strike Price USD 20,
Expires 6/21/10

 

 

220

 

 

(7,700

)

Peabody Energy Corp., Strike Price USD 48, Expires 5/24/10

 

 

650

 

 

(85,475

)

PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10

 

 

1,010

 

 

(16,665

)

Piper Jaffray Cos., Strike Price USD 39.50, Expires 5/12/10

 

 

655

 

 

(58,207

)

Potash Corp. of Saskatchewan, Inc., Strike Price USD 115,
Expires 5/24/10

 

 

55

 

 

(10,532

)

Potash Corp. of Saskatchewan, Inc., Strike Price USD 123,
Expires 5/24/10

 

 

250

 

 

(13,321

)

QUALCOMM, Inc., Strike Price USD 43, Expires 5/24/10

 

 

300

 

 

(1,350

)

QUALCOMM, Inc., Strike Price USD 44, Expires 5/24/10

 

 

160

 

 

(480

)

QUALCOMM, Inc., Strike Price USD 44, Expires 6/21/10

 

 

150

 

 

(1,650

)

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 60,
Expires 5/24/10

 

 

783

 

 

(229,028

)

Stanley Black & Decker, Inc., Strike Price USD 65,
Expires 6/21/10

 

 

349

 

 

(39,263

)

Sterlite Industries India Ltd. - ADR, Strike Price USD 20,
Expires 5/24/10

 

 

750

 

 

(11,250

)

Stryker Corp., Strike Price USD 56.50, Expires 5/24/10

 

 

700

 

 

(116,299

)

SunTrust Banks, Inc., Strike Price USD 30, Expires 5/24/10

 

 

215

 

 

(22,575

)

Target Corp., Strike Price USD 57.50, Expires 5/24/10

 

 

700

 

 

(77,350

)

Temple-Inland, Inc., Strike Price USD 25, Expires 6/21/10

 

 

1,710

 

 

(132,525

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price USD 65, Expires 5/24/10

 

 

590

 

 

(5,605

)

Texas Instruments, Inc., Strike Price USD 26, Expires 5/24/10

 

 

950

 

 

(72,675

)

Texas Instruments, Inc., Strike Price USD 27, Expires 5/24/10

 

 

850

 

 

(31,025

)

Textron, Inc., Strike Price USD 23, Expires 5/24/10

 

 

2,150

 

 

(182,750

)

Thermo Fisher Scientific, Inc., Strike Price USD 53,
Expires 6/21/10

 

 

350

 

 

(114,681

)

U.S. Bancorp, Strike Price USD 27, Expires 5/24/10

 

 

500

 

 

(32,750

)

U.S. Bancorp, Strike Price USD 28, Expires 5/24/10

 

 

39

 

 

(1,033

)

U.S. Bancorp, Strike Price USD 28, Expires 6/21/10

 

 

890

 

 

(55,180

)

United Parcel Service, Inc., Class B, Strike Price USD 65,
Expires 5/24/10

 

 

750

 

 

(326,250

)

Wal-Mart Stores, Inc., Strike Price USD 55, Expires 5/24/10

 

 

200

 

 

(6,200

)

Yum! Brands, Inc., Strike Price USD 43, Expires 5/24/10

 

 

1,150

 

 

(80,500

)

Zions Bancorp., Strike Price USD 30, Expires 6/21/10

 

 

1,430

 

 

(239,525

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(6,133,991

)

               

Exchange-Traded Put Option Written—(0.0)%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR, Strike Price USD 75, Expires 5/24/10

 

 

830

 

 

(307,100

)

               

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

 

 

 

 

 

 

 

Accenture Plc, Class A, Strike Price USD 43.42,
Expires 6/14/10, Broker Goldman Sachs & Co.

 

 

85,600

 

 

(93,662

)

Aegon NV, Strike Price EUR 5.14, Expires 5/12/10,
Broker Citigroup Global Markets

 

 

465,300

 

 

(121,310

)

Allianz SE, Strike Price EUR 88.06, Expires 6/03/10,
Broker Citigroup Global Markets

 

 

32,300

 

 

(41,247

)

Amada Co. Ltd., Strike Price JPY 793.47,
Expires 6/28/10, Broker Goldman Sachs & Co.

 

 

533,000

 

 

(184,523

)

Amerprise Financial, Inc., Strike Price USD 45.54,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

100,000

 

 

(186,120

)

Anheuser-Busch InBev NV, Strike Price EUR 38.26,
Expires 5/12/10, Broker Citigroup Global Markets

 

 

78,900

 

 

(12,414

)

Applied Materials, Inc., Strike Price USD 14.19,
Expires 5/20/10, Broker UBS Securities LLC

 

 

117,000

 

 

(29,840

)

Arch Coal, Inc., Strike Price USD 26.25,
Expires 6/07/10, Broker Barclays Capital, Inc.

 

 

620

 

 

(116,222

)

Arch Coal, Inc., Strike Price USD 27.04,
Expires 6/15/10, Broker UBS Securities LLC

 

 

40,000

 

 

(66,629

)

See Notes to Financial Statements.

 

 

 

 

 

36

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

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)

 

 

 

 

 

 

 

Asahi Breweries Ltd., Strike Price JPY 1,804.03,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

128,000

 

$

(2,030

)

AT&T Inc., Strike Price USD 26.51, Expires 6/04/10,
Broker Credit Suisse First Boston

 

 

104,500

 

 

(21,597

)

Australia & New Zealand Banking Group Ltd.,
Strike Price AUD 25.85, Expires 6/07/10,
Broker JPMorgan Chase Securities

 

 

91,000

 

 

(15,131

)

Avon Products, Inc., Strike Price USD 33.50,
Expires 6/14/10, Broker Goldman Sachs & Co.

 

 

108,000

 

 

(82,133

)

AXA SA, Strike Price EUR 15.55, Expires 6/16/10,
Broker Citigroup Global Markets

 

 

88,300

 

 

(64,615

)

AXA SA, Strike Price EUR 16.52, Expires 5/26/10,
Broker BNP Paribas

 

 

92,400

 

 

(16,590

)

Banco Santander SA, Strike Price EUR 10.30,
Expires 5/26/10, Broker UBS Securities LLC

 

 

382,200

 

 

(79,848

)

Barclays Plc - ADR, Strike Price USD 22.50,
Expires 6/04/10, Broker Goldman Sachs & Co.

 

 

40,000

 

 

(8,978

)

Barclays Plc - ADR, Strike Price USD 23.09,
Expires 6/10/10, Broker JPMorgan Chase Securities

 

 

40,500

 

 

(7,410

)

Bayerische Motoren Werke AG, Strike Price EUR 34.94,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

51,000

 

 

(169,385

)

Bayerische Motoren Werke AG, Strike Price EUR 35.75,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

14,300

 

 

(38,935

)

Bayerische Motoren Werke AG, Strike Price EUR 37.48,
Expires 6/03/10, Broker Credit Suisse First Boston

 

 

10,800

 

 

(15,961

)

BM&FBOVESPA SA, Strike Price BRL 11.82,
Expires 6/09/10, Broker Credit Suisse First Boston

 

 

217,400

 

 

(42,339

)

BNP Paribas, Strike Price EUR 58, Expires 5/21/10,
Broker Morgan Stanley & Co., Inc.

 

 

250

 

 

(8,738

)

BNP Paribas, Strike Price EUR 59.07, Expires 5/12/10,
Broker BNP Paribas

 

 

18,500

 

 

(809

)

BP Plc, Strike Price GBP 6.49, Expires 5/26/10,
Broker UBS Securities LLC

 

 

134,700

 

 

(790

)

BP Plc, Strike Price GBP 6.55, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

385,000

 

 

(1,701

)

Bunge Ltd., Strike Price USD 60.47, Expires 6/01/10,
Broker Goldman Sachs & Co.

 

 

46,000

 

 

(5,317

)

Canadian Natural Resources Ltd., Strike Price CAD 74,
Expires 5/24/10, Broker T.D. Securities

 

 

500

 

 

(233,806

)

Cannon, Inc., Strike Price JPY 4,193.39, Expires 5/11/10,
Broker Goldman Sachs & Co.

 

 

101,000

 

 

(199,470

)

CapitaLand Ltd., Strike Price SGD 4.11, Expires 6/07/10,
Broker Goldman Sachs & Co.

 

 

612,888

 

 

(8,366

)

Cheung Kong Holdings Ltd., Strike Price HKD 98.06,
Expires 6/28/10, Broker Goldman Sachs & Co.

 

 

298,000

 

 

(107,466

)

Chevron Corp., Strike Price USD 81.13, Expires 6/02/10,
Broker UBS Securities LLC

 

 

12,500

 

 

(25,660

)

Chevron Corp., Strike Price USD 82.82, Expires 6/10/10,
Broker Credit Suisse First Boston

 

 

25,000

 

 

(35,881

)

China Construction Bank Corp., Class H,
Strike Price HKD 6.86, Expires 6/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

2,100,000

 

 

(15,601

)

Cia Siderurgica Nacional SA - ADR,
Strike Price USD 19.50, Expires 5/20/10,
Broker Goldman Sachs & Co.

 

 

170,000

 

 

(27,815

)

CIMB Group Holdings Bhd, Strike Price MYR 14.34,
Expires 6/07/10, Broker Deutsche Bank Securities

 

 

805,000

 

 

(64,440

)

Citigroup, Inc., Strike Price USD 4.28, Expires 5/07/10,
Broker Credit Suisse First Boston

 

 

297,500

 

 

(50,248

)

Citigroup, Inc., Strike Price USD 4.56, Expires 5/28/10,
Broker Goldman Sachs & Co.

 

 

350,000

 

 

(54,989

)

Colgate-Palmolive Co., Strike Price USD 85.95,
Expires 6/04/10, Broker Morgan Stanley & Co., Inc.

 

 

56,000

 

 

(55,985

)

ConAgra Foods, Inc., Strike Price USD 25.27,
Expires 5/13/10, Broker Credit Suisse First Boston

 

 

108,000

 

 

(2,697

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Corio NV - REIT, Strike Price EUR 49.17, Expires 6/03/10,
Broker UBS Securities LLC

 

 

26,000

 

$

(3,027

)

Corning, Inc., Strike Price USD 20.08, Expires 6/16/10,
Broker Citigroup Global Markets

 

 

276,000

 

 

(133,959

)

Crescent Point Energy Corp., Strike Price CAD 42.60,
Expires 6/18/10, Broker Goldman Sachs & Co.

 

 

86,000

 

 

(93,869

)

DBS Group Holdings Ltd., Strike Price SGD 15.34,
Expires 6/28/10, Broker JPMorgan Chase Securities

 

 

184,000

 

 

(58,535

)

Deere & Co., Strike Price USD 61, Expires 5/28/10,
Broker UBS Securities LLC

 

 

28,000

 

 

(46,967

)

Deutsche Boerse AG, Strike Price EUR 55.96,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

26,900

 

 

(91,151

)

Deutsche Lufthansa AG, Strike Price EUR 12.28,
Expires 5/12/10, Broker UBS Securities LLC

 

 

135,000

 

 

(63,056

)

Deutsche Lufthansa AG, Strike Price EUR 12.95,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

215,000

 

 

(58,601

)

Deutsche Post AG, Strike Price EUR 12.81,
Expires 6/15/10, Broker Citigroup Global Markets

 

 

256,000

 

 

(75,131

)

DIRECTV, Class A, Strike Price USD 34.11,
Expires 5/10/10, Broker Citigroup Global Markets

 

 

107,000

 

 

(235,400

)

Dominion Resources, Inc., Strike Price USD 41.95,
Expires 5/14/10, Broker UBS Securities LLC

 

 

40,000

 

 

(11,982

)

Dominion Resources, Inc., Strike Price USD 41.95,
Expires 5/28/10, Broker UBS Securities LLC

 

 

40,000

 

 

(17,329

)

E.I. du Pont de Nemours & Co., Strike Price USD 39.38,
Expires 5/05/10, Broker Morgan Stanley & Co., Inc.

 

 

66,400

 

 

(42,608

)

EMC Corp., Strike Price USD 19.50, Expires 5/28/10,
Broker Citigroup Global Markets

 

 

190,000

 

 

(57,397

)

Enbridge, Inc., Strike Price CAD 48.80, Expires 5/14/10,
Broker Morgan Stanley & Co., Inc.

 

 

30,000

 

 

(23,827

)

Enbridge, Inc., Strike Price CAD 49.56, Expires 5/10/10,
Broker Goldman Sachs & Co.

 

 

84,500

 

 

(31,850

)

Erste Group Bank AG, Strike Price EUR 33.89,
Expires 6/04/10, Broker Morgan Stanley & Co., Inc.

 

 

78,600

 

 

(104,178

)

Exxon Mobil Corp., Strike Price USD 69.59,
Expires 6/01/10, Broker UBS Securities LLC

 

 

65,000

 

 

(49,400

)

Federal Realty Investment Trust - REIT,
Strike Price USD 75.80, Expires 6/08/10,
Broker Morgan Stanley & Co., Inc.

 

 

28,000

 

 

(92,823

)

FMC Corp., Strike Price USD 64.16, Expires 6/08/10,
Broker Goldman Sachs & Co.

 

 

74,000

 

 

(142,623

)

Focus Media Holding Ltd. - ADR, Strike Price USD 18.39,
Expires 6/02/10, Broker Morgan Stanley & Co., Inc.

 

 

73,500

 

 

(27,333

)

Fomento Economico Mexicano SAB de CV - ADR,
Strike Price USD 49.24, Expires 6/04/10,
Broker Morgan Stanley & Co., Inc.

 

 

44,000

 

 

(20,149

)

Fortum Oyj, Strike Price EUR 18.42, Expires 5/26/10,
Broker Citigroup Global Markets

 

 

106,200

 

 

(141,236

)

Fujitsu Ltd., Strike Price JPY 557.83, Expires 5/11/10,
Broker JPMorgan Chase Securities

 

 

468,000

 

 

(533,932

)

General Electric Co., Strike Price USD 16.50,
Expires 5/07/10, Broker Deutsche Bank Securities

 

 

112,000

 

 

(264,320

)

General Electric Co., Strike Price USD 18.10,
Expires 5/13/10, Broker UBS Securities LLC

 

 

195,000

 

 

(175,504

)

General Electric Co., Strike Price USD 19.18,
Expires 6/11/10, Broker Credit Suisse First Boston

 

 

60,500

 

 

(34,395

)

GlaxoSmithKline Plc, Strike Price GBP 12.84,
Expires 5/12/10, Broker Morgan Stanley & Co., Inc.

 

 

48,000

 

 

(204

)

GlaxoSmithKline Plc, Strike Price GBP 12.87,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

152,000

 

 

(5,276

)

Goodrich Corp., Strike Price USD 72.18,
Expires 5/13/10, Broker UBS Securities LLC

 

 

87,000

 

 

(209,963

)

Grupo Mexico SAB de CV, Series B, Strike Price MXN 35.51,
Expires 6/04/10, Broker Credit Suisse First Boston

 

 

1,370,700

 

 

(44,195

)

Home Depot, Inc., Strike Price USD 35.55,
Expires 6/04/10, Broker UBS Securities LLC

 

 

88,000

 

 

(75,174

)


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

37




 

 


 

 

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)

 

 

 

 

 

 

 

Honda Motor Co. Ltd., Strike Price JPY 3,267.35,
Expires 6/28/10, Broker JPMorgan Chase Securities

 

 

201,400

 

$

(249,694

)

HSBC Holdings Plc, Strike Price GBP 6.99,
Expires 5/26/10, Broker Credit Suisse First Boston

 

 

363,000

 

 

(31,018

)

Hudson City Bancorp, Inc., Strike Price USD 14.63,
Expires 6/10/10, Broker Morgan Stanley & Co., Inc.

 

 

129,500

 

 

(15,935

)

Inditex SA, Strike Price EUR 49.57, Expires 5/26/10,
Broker UBS Securities LLC

 

 

52,000

 

 

(10,980

)

Industrial & Commercial Bank of China,
Strike Price HKD 5.77, Expires 6/28/10,
Broker Deutsche Bank Securities

 

 

2,700,000

 

 

(70,594

)

Intel Corp., Strike Price USD 22.41, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

150,500

 

 

(91,049

)

International Business Machines Corp.,
Strike Price USD 131.91, Expires 6/08/10,
Broker UBS Securities LLC

 

 

46,000

 

 

(75,468

)

International Paper Co., Strike Price USD 27.87,
Expires 6/02/10, Broker UBS Securities LLC

 

 

180,000

 

 

(133,907

)

Intesa Sanpaolo SpA, Strike Price EUR 2.73,
Expires 5/26/10, Broker BNP Paribas

 

 

139,200

 

 

(4,184

)

Intesa Sanpaolo SpA, Strike Price EUR 2.84,
Expires 5/12/10, Broker BNP Paribas

 

 

712,200

 

 

(1,062

)

ITOCHU Corp., Strike Price JPY 774.33,
Expires 5/11/10, Broker UBS Securities LLC

 

 

566,000

 

 

(303,009

)

Japan Tobacco, Inc., Strike Price JPY 329,260,
Expires 6/28/10, Broker JPMorgan Chase Securities

 

 

1,460

 

 

(200,143

)

JTEKT Corp., Strike Price JPY 1,176.06,
Expires 5/11/10, Broker Morgan Stanley & Co., Inc.

 

 

522,000

 

 

(32,301

)

KeyCorp, Strike Price USD 9.28, Expires 6/09/10,
Broker Citigroup Global Markets

 

 

497,500

 

 

(209,816

)

Kohl’s Corp., Strike Price USD 54, Expires 5/07/10,
Broker Credit Suisse First Boston

 

 

59,000

 

 

(80,536

)

Liberty Global, Inc., Class A, Strike Price USD 27.48,
Expires 6/11/10, Broker Credit Suisse First Boston

 

 

131,500

 

 

(135,775

)

Manpower, Inc., Strike Price USD 58.64, Expires 5/14/10,
Broker Morgan Stanley & Co., Inc.

 

 

28,000

 

 

(10,253

)

Manpower, Inc., Strike Price USD 59.13, Expires 5/04/10,
Broker Morgan Stanley & Co., Inc.

 

 

25,000

 

 

(602

)

Marubeni Corp., Strike Price JPY 569.21, Expires 5/11/10,
Broker UBS Securities LLC

 

 

748,000

 

 

(56,271

)

Marubeni Corp., Strike Price JPY 598.93, Expires 6/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

140,000

 

 

(10,504

)

Mega Financial Holdings Co. Ltd., Strike Price TWD 18.27,
Expires 6/28/10, Broker Goldman Sachs & Co.

 

 

3,572,000

 

 

(79,013

)

Merck KGaA, Strike Price EUR 65.11, Expires 6/03/10,
Broker Credit Suisse First Boston

 

 

22,500

 

 

(15,143

)

Microsoft Corp., Strike Price USD 29.43, Expires 5/05/10,
Broker Credit Suisse First Boston

 

 

143,000

 

 

(158,664

)

Microsoft Corp., Strike Price USD 29.54, Expires 5/05/10,
Broker Credit Suisse First Boston

 

 

72,000

 

 

(72,164

)

Mitsubishi Heavy Industries Ltd., Strike Price JPY 386.31,
Expires 6/28/10, Broker Morgan Stanley & Co., Inc.

 

 

919,000

 

 

(147,827

)

Mitsubishi UFJ Financial Group, Inc.,
Strike Price JPY 509.04, Expires 6/28/10,
Broker JPMorgan Chase Securities

 

 

554,300

 

 

(118,962

)

Mitsui & Co. Ltd., Strike Price JPY 1,648.32,
Expires 6/07/10, Broker Morgan Stanley & Co., Inc.

 

 

306,000

 

 

(22,835

)

Naspers Ltd., Strike Price ZAR 309.06, Expires 5/26/10,
Broker Credit Suisse First Boston

 

 

68,500

 

 

(33,025

)

Nestle SA, Strike Price CHF 52.42, Expires 6/03/10,
Broker Goldman Sachs & Co.

 

 

28,300

 

 

(28,682

)

Nestle SA, Strike Price CHF 53.93, Expires 5/19/10,
Broker UBS Securities LLC

 

 

63,200

 

 

(16,116

)

News Corp., Class A, Strike Price USD 14.25,
Expires 5/27/10, Broker Goldman Sachs & Co.

 

 

251,000

 

 

(325,083

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

NII Holdings, Inc., Strike Price USD 41.66,
Expires 6/25/10, Broker Deutsche Bank Securities

 

 

63,000

 

$

(171,276

)

Nike, Inc., Strike Price USD 77.06, Expires 6/25/10,
Broker Deutsche Bank Securities

 

 

26,000

 

 

(52,558

)

Nitto Denko Corp., Strike Price JPY 3,747.99,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

94,000

 

 

(113,130

)

Nokia Oyj - ADR, Strike Price USD 14.30,
Expires 5/12/10, Broker Deutsche Bank Securities

 

 

255,000

 

 

(382

)

Nomura Holdings, Inc., Strike Price JPY 663.57,
Expires 6/28/10, Broker JPMorgan Chase Securities

 

 

475,000

 

 

(139,534

)

Nordea Bank AB, Strike Price SEK 73.17,
Expires 5/12/10, Broker BNP Paribas

 

 

321,300

 

 

(12,688

)

Norfolk Southern Corp., Strike Price USD 58.96,
Expires 6/01/10, Broker Morgan Stanley & Co., Inc.

 

 

31,000

 

 

(55,703

)

Novartis AG, Registered Shares, Strike Price CHF 57.73,
Expires 5/12/10, Broker UBS Securities LLC

 

 

128,000

 

 

(3,736

)

Occidental Petroleum Corp., Strike Price USD 83.61,
Expires 5/06/10, Broker Craig-Hallum, Inc.

 

 

44,000

 

 

(225,783

)

Owens-Illinois, Inc., Strike Price USD 37.63,
Expires 6/04/10, Broker Dresdner Bank AG

 

 

132,000

 

 

(62,705

)

Pan American Silver Corp., Strike Price USD 23.35,
Expires 5/13/10, Broker UBS Securities LLC

 

 

121,000

 

 

(374,611

)

Renault SA, Strike Price EUR 35.87, Expires 6/16/10,
Broker Credit Suisse First Boston

 

 

54,000

 

 

(121,019

)

Royal Dutch Shell Plc, Class A - ADR,
Strike Price USD 62.17, Expires 7/06/10,
Broker UBS Securities LLC

 

 

32,000

 

 

(76,037

)

RWE AG, Strike Price EUR 66.28, Expires 6/03/10,
Broker Citigroup Global Markets

 

 

43,400

 

 

(9,189

)

Samsung Electronics Co. Ltd.,
Strike Price KRW 827,237.04, Expires 6/28/10,
Broker Deutsche Bank Securities

 

 

7,100

 

 

(304,033

)

SAP AG - ADR, Strike Price USD 49.11, Expires 6/02/10,
Broker Credit Suisse First Boston

 

 

75,000

 

 

(53,273

)

Siemens AG, Strike Price EUR 70.75, Expires 5/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

69,000

 

 

(247,708

)

Siliconware Precision Industries Co. - ADR,
Strike Price USD 6.91, Expires 6/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

176,000

 

 

(25,634

)

Societe Generale, Strike Price EUR 45.41,
Expires 6/03/10, Broker Citigroup Global Markets

 

 

27,300

 

 

(16,352

)

St. Jude Medical, Inc., Strike Price USD 43.23,
Expires 5/18/10, Broker Goldman Sachs & Co.

 

 

43,500

 

 

(11,377

)

Stanley Black & Decker, Inc., Strike Price USD 59.59,
Expires 5/13/10, Broker Deutsche Bank Securities

 

 

23,000

 

 

(65,803

)

Sterlite Industries India Ltd. - ADR, Strike Price USD 19.53,
Expires 6/02/10, Broker UBS Securities LLC

 

 

48,500

 

 

(11,584

)

Sumitomo Mitsui Financial Group, Inc.,
Strike Price JPY 3,211.80, Expires 5/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

63,000

 

 

(15,189

)

Sumitomo Mitsui Financial Group, Inc.,
Strike Price JPY 3,264.32, Expires 6/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

50,000

 

 

(25,880

)

SunTrust Banks, Inc., Strike Price USD 29.25,
Expires 6/25/10, Broker UBS Securities LLC

 

 

147,000

 

 

(305,847

)

Svenska Cellulosa AB, B Shares, Strike Price SEK 101.89,
Expires 5/12/10, Broker UBS Securities LLC

 

 

308,000

 

 

(21

)

Swiss Life Holding AG, Strike Price CHF 133.83,
Expires 6/03/10, Broker Credit Suisse First Boston

 

 

28,700

 

 

(79,822

)

T&D Holdings, Inc., Strike Price JPY 2,445.21,
Expires 6/07/10, Broker Morgan Stanley & Co., Inc.

 

 

154,000

 

 

(165,142

)

T. Rowe Price Group, Inc., Strike Price USD 53.81,
Expires 5/05/10, Broker Morgan Stanley & Co., Inc.

 

 

50,000

 

 

(186,500

)

Telefonica SA, Strike Price EUR 16.94, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

66,200

 

 

(48,911

)

Telefonica SA, Strike Price EUR 17.82, Expires 5/26/10,
Broker BNP Paribas

 

 

127,300

 

 

(24,550

)


 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

38

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

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 (concluded)

 

 

 

 

 

 

 

Tokio Marine Holdings, Inc., Strike Price JPY 2,573.77,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

120,000

 

$

(304,334

)

Toronto-Dominion Bank (The), Strike Price CAD 76,
Expires 5/22/10, Broker T.D. Securities

 

 

67

 

 

(6,695

)

Toronto-Dominion Bank (The), Strike Price CAD 76,
Expires 6/21/10, Broker T.D. Securities

 

 

304

 

 

(55,665

)

Total SA, Strike Price EUR 42.95, Expires 6/03/10,
Broker Credit Suisse First Boston

 

 

23,000

 

 

(8,834

)

Total SA, Strike Price EUR 43.39, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

50,500

 

 

(14,210

)

Total SA, Strike Price EUR 43.64, Expires 5/12/10,
Broker Morgan Stanley & Co., Inc.

 

 

36,100

 

 

(1,709

)

Unibail-Rodamco SE - REIT, Strike Price EUR 144.13,
Expires 6/16/10, Broker Morgan Stanley & Co., Inc.

 

 

22,000

 

 

(29,263

)

Unilever Plc, Strike Price GBP 19.86, Expires 5/26/10,
Broker UBS Securities LLC

 

 

130,000

 

 

(42,114

)

United Parcel Service, Inc., Class B, Strike Price USD 64.98,
Expires 5/14/10, Broker JPMorgan Chase Securities

 

 

42,000

 

 

(175,024

)

Urban Outfitters, Inc., Strike Price USD 40.70,
Expires 6/10/10, Broker Goldman Sachs & Co.

 

 

77,500

 

 

(49,655

)

Usinas Siderurgicas de Minas Gerais SA, Class A -
Preference Shares, Strike Price BRL 57.07, Expires
5/28/10, Broker Deutsche Bank Securities

 

 

104,200

 

 

(97,147

)

Validus Holdings Ltd., Strike Price USD 26.86,
Expires 5/12/10, Broker JPMorgan Chase Securities

 

 

106,000

 

 

(2,662

)

VimpelCom Ltd. - ADR, Strike Price USD 17.88,
Expires 6/11/10, Broker UBS Securities LLC

 

 

70,000

 

 

(46,307

)

Vodafone Group Plc - ADR, Strike Price USD 23.16,
Expires 5/27/10, Broker Credit Suisse First Boston

 

 

35,000

 

 

(11,689

)

Vodafone Group Plc - ADR, Strike Price USD 23.42,
Expires 5/27/10, Broker Citigroup Global Markets

 

 

123,000

 

 

(33,126

)

Vodafone Group Plc - ADR, Strike Price USD 23.50,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

50,000

 

 

(6,908

)

Volkswagen AG - Preference Shares, Strike Price EUR 68.24,
Expires 5/12/10, Broker Morgan Stanley & Co., Inc.

 

 

37,726

 

 

(186,142

)

Volkswagen AG - Preference Shares, Strike Price EUR 72.22,
Expires 6/16/10, Broker Citigroup Global Markets

 

 

14,900

 

 

(58,441

)

Wal-Mart Stores, Inc., Strike Price USD 54.96,
Expires 6/10/10, Broker Citigroup Global Markets

 

 

79,000

 

 

(43,862

)

Wilmar International Ltd., Strike Price SGD 7.02,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

732,000

 

 

(77,922

)

Wing Hang Bank Ltd., Strike Price HKD 80.79,
Expires 6/07/10, Broker JPMorgan Chase Securities

 

 

172,000

 

 

(45,756

)

WPP Plc, Strike Price GBP 7.02, Expires 5/26/10,
Broker Citigroup Global Markets

 

 

342,400

 

 

(69,548

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(12,395,697

)

               

Total Options Written (Premiums Received $19,999,063)—(1.4)%

 

 

 

 

 

(18,836,788

)

               

Total Investments Net of Outstanding Options Written—98.8%

 

 

 

 

 

1,300,146,151

 

Other Assets Less Liabilities—1.2%

 

 

 

 

 

15,863,386

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

1,316,009,537

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

1,295,773,777

 

 

 

     

Gross unrealized appreciation

 

$

70,252,399

 

Gross unrealized depreciation

 

 

(47,043,237

)

 

 

     

Net unrealized appreciation

 

$

23,209,162

 

 

 

     

 

 

(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

 

Shares/
Beneficial Interest
Held at
October 31,
2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
April 30,
2010

 

Income

 

                           

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

5,139,633

 

 

 

65,895,191

 

71,034,824

 

 

$

19,780

 

BlackRock Liquidity
Series, LLC Money
Market Series

 

7,602,800

 

 

 

(4,752,800

)

2,850,000

 

 

$

6,256

 

                           

 

 

(e)

Represents current yield as of report date.

(f)

Security purchased with the cash collateral from securities loans.

 

 

Foreign currency exchange contracts as of April 30, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

 

CAD

 

2,470,000

 

USD

 

2,461,424

 

Citigroup Global Markets

 

5/03/10

 

$

(29,822

)

CHF

 

2,578,500

 

USD

 

2,380,447

 

Citigroup Global Markets

 

5/03/10

 

 

15,693

 

MXN

 

3,197,000

 

USD

 

2,260,971

 

Citigroup Global Markets

 

5/03/10

 

 

(1,394

)

CAD

 

2,224,000

 

USD

 

2,212,726

 

Citigroup Global Markets

 

5/04/10

 

 

(23,293

)

GBP

 

17,000

 

USD

 

25,984

 

Citigroup Global Markets

 

5/06/10

 

 

26

 

EUR

 

15,330,000

 

USD

 

20,407,342

 

Deutsche Bank Securities

 

5/05/10

 

 

4,173

 

USD

 

100,280

 

CHF

 

108,000

 

Deutsche Bank Securities

 

5/05/10

 

 

(84

)

USD

 

121,720

 

HKD

 

945,000

 

Morgan Stanley & Co., Inc.

 

5/04/10

 

 

2

 

USD

 

187,080

 

SGD

 

256,000

 

Morgan Stanley & Co., Inc.

 

5/04/10

 

 

259

 

USD

 

3,411,930

 

GBP

 

2,229,000

 

Royal Bank of Scotland

 

5/05/10

 

 

1,509

 

USD

 

4,249,343

 

EUR

 

3,189,000

 

UBS Securities LLC

 

5/04/10

 

 

3,283

 

                             

Total

 

 

 

 

 

 

 

 

 

 

 

$

(29,648

)

 

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

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 assets and liabilities

 

 

 

 

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 or liabilities 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 circumstances, 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 methodologies 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.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

39




 

 


 

 

Schedule of Investments (concluded)

BlackRock Global Opportunities Equity Trust (BOE)

The following tables summarize the inputs used as of April 30, 2010 in determining the investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

$

7,169,815

 

$

3,654,631

 

 

 

$

10,824,446

 

Austria

 

 

 

 

6,344,555

 

 

 

 

6,344,555

 

Belgium

 

 

 

 

6,956,560

 

 

 

 

6,956,560

 

Bermuda

 

 

4,410,735

 

 

 

 

 

 

4,410,735

 

Brazil

 

 

20,892,558

 

 

 

 

 

 

20,892,558

 

Canada

 

 

48,907,111

 

 

 

 

 

 

48,907,111

 

China

 

 

4,681,620

 

 

6,680,586

 

 

 

 

11,362,206

 

Finland

 

 

5,626,432

 

 

4,986,976

 

 

 

 

10,613,408

 

France

 

 

 

 

35,989,349

 

 

 

 

35,989,349

 

Germany

 

 

12,748,035

 

 

66,903,974

 

 

 

 

79,652,009

 

Hong Kong

 

 

2,726,760

 

 

9,840,365

 

 

 

 

12,567,125

 

India

 

 

4,066,988

 

 

5,400,986

 

 

 

 

9,467,974

 

Ireland

 

 

6,786,020

 

 

 

 

 

 

6,786,020

 

Israel

 

 

3,465,070

 

 

 

 

 

 

3,465,070

 

Italy

 

 

 

 

5,101,755

 

 

 

 

5,101,755

 

Japan

 

 

 

 

131,070,483

 

 

 

 

131,070,483

 

Malaysia

 

 

 

 

4,757,438

 

 

 

 

4,757,438

 

Mexico

 

 

11,129,651

 

 

 

 

 

 

11,129,651

 

Netherlands

 

 

4,314,934

 

 

15,221,524

 

 

 

 

19,536,458

 

New Zealand

 

 

 

 

4,859,048

 

 

 

 

4,859,048

 

Singapore

 

 

 

 

13,327,727

 

 

 

 

13,327,727

 

South Africa

 

 

 

 

5,017,441

 

 

 

 

5,017,441

 

South Korea

 

 

 

 

9,808,371

 

 

 

 

9,808,371

 

Spain

 

 

 

 

22,647,899

 

 

 

 

22,647,899

 

Sweden

 

 

 

 

12,980,707

 

 

 

 

12,980,707

 

Switzerland

 

 

6,792,363

 

 

23,795,326

 

 

 

 

30,587,689

 

Taiwan

 

 

3,089,760

 

 

3,792,468

 

 

 

 

6,882,228

 

Thailand

 

 

 

 

9,796,449

 

 

 

 

9,796,449

 

United Kingdom

 

 

26,385,623

 

 

34,235,358

 

 

 

 

60,620,981

 

United States

 

 

628,734,664

 

 

 

 

 

 

628,734,664

 

Short-Term
Securities

 

 

71,034,824

 

 

2,850,000

 

 

 

 

73,884,824

 

                           

Total

 

$

872,962,963

 

$

446,019,976

 

 

 

$

1,318,982,939

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

$

24,945

 

 

 

$

24,945

 

Liabilities:

 

$

(6,301,479

)

 

(12,589,902

)

 

 

 

(18,891,381

)

                           

Total

 

$

(6,301,479

)

$

(12,564,957

)

 

 

$

(18,866,436

)

 

 

                       

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

40

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Biotechnology—10.4%

 

 

 

 

 

 

 

3SBio, Inc. - ADR (a)

 

 

31,900

 

$

380,248

 

Amgen, Inc. (a)

 

 

121,300

 

 

6,957,768

 

BioMarin Pharmaceutical, Inc. (a)

 

 

29,500

 

 

689,415

 

Celgene Corp. (a)

 

 

36,600

 

 

2,267,370

 

Dendreon Corp. (a)

 

 

66,500

 

 

3,605,630

 

Gilead Sciences, Inc. (a)

 

 

40,560

 

 

1,609,015

 

Human Genome Sciences, Inc. (a)

 

 

78,800

 

 

2,181,972

 

Incyte Corp. Ltd. (a)

 

 

113,400

 

 

1,521,828

 

Ironwood Pharmaceuticals, Inc. (a)

 

 

35,500

 

 

458,660

 

Momenta Pharmaceuticals, Inc. (a)

 

 

12,900

 

 

179,052

 

OSI Pharmaceuticals, Inc. (a)

 

 

30,200

 

 

1,771,834

 

Pharmasset, Inc. (a)

 

 

15,700

 

 

508,680

 

Sinovac Biotech Ltd. (a)

 

 

20,600

 

 

119,274

 

 

 

 

 

 

     

 

 

 

 

 

 

22,250,746

 

               

Electronic Equipment, Instruments & Components—1.7%

 

 

 

 

 

 

 

Agilent Technologies, Inc. (a)

 

 

100,400

 

 

3,640,504

 

               

Health Care Equipment & Supplies—26.9%

 

 

 

 

 

 

 

Alcon, Inc. (a)

 

 

13,800

 

 

2,150,868

 

Baxter International, Inc. (b)

 

 

21,800

 

 

1,029,396

 

Becton Dickinson & Co.

 

 

43,600

 

 

3,329,732

 

China Medical Technologies, Inc. - ADR

 

 

43,000

 

 

596,840

 

Cooper Cos., Inc. (The)

 

 

67,900

 

 

2,640,631

 

CR Bard, Inc. (b)

 

 

25,700

 

 

2,223,821

 

DENTSPLY International, Inc.

 

 

41,100

 

 

1,505,904

 

Edwards Lifesciences Corp.

 

 

12,400

 

 

1,278,192

 

Elekta AB

 

 

55,600

 

 

1,443,883

 

Gen-Probe, Inc. (a)

 

 

49,000

 

 

2,322,110

 

Getinge AB

 

 

46,000

 

 

1,028,250

 

Henry Schein, Inc. (a)

 

 

46,800

 

 

2,829,996

 

Hill-Rom Holdings, Inc.

 

 

110,400

 

 

3,500,784

 

Hologic, Inc. (a)

 

 

83,600

 

 

1,493,932

 

Inverness Medical Innovations, Inc. (a)

 

 

43,100

 

 

1,714,518

 

Medtronic, Inc.

 

 

68,890

 

 

3,009,804

 

Mindray Medical International Ltd. - ADR

 

 

57,400

 

 

2,192,680

 

Nobel Biocare Holding AG

 

 

67,800

 

 

1,486,052

 

Sirona Dental Systems, Inc. (a)

 

 

82,100

 

 

3,422,749

 

Smith & Nephew Plc

 

 

335,100

 

 

3,474,194

 

Sonova Holding AG

 

 

5,100

 

 

632,214

 

Stryker Corp.

 

 

115,400

 

 

6,628,576

 

Thoratec Corp. (a)

 

 

20,900

 

 

931,931

 

Varian Medical Systems, Inc. (a)

 

 

65,000

 

 

3,664,700

 

Zimmer Holdings, Inc. (a)

 

 

46,900

 

 

2,856,679

 

 

 

 

 

 

     

 

 

 

 

 

 

57,388,436

 

               

Health Care Providers & Services—19.4%

 

 

 

 

 

 

 

Aetna, Inc.

 

 

70,400

 

 

2,080,320

 

AmerisourceBergen Corp.

 

 

160,300

 

 

4,945,255

 

CIGNA Corp.

 

 

47,600

 

 

1,526,056

 

Community Health Systems, Inc. (a)

 

 

56,200

 

 

2,296,332

 

DaVita, Inc. (a)

 

 

29,480

 

 

1,840,436

 

Express Scripts, Inc. (a)

 

 

45,180

 

 

4,523,874

 

Fresenius Medical Care AG & Co. KGaA

 

 

62,400

 

 

3,378,578

 

McKesson Corp.

 

 

69,500

 

 

4,504,295

 

Medco Health Solutions, Inc. (a)

 

 

34,810

 

 

2,051,005

 

Mednax, Inc. (a)

 

 

14,500

 

 

796,630

 

Patterson Cos., Inc.

 

 

111,700

 

 

3,573,283

 

Tenet Healthcare Corp. (a)

 

 

231,400

 

 

1,446,250

 

UnitedHealth Group, Inc.

 

 

142,700

 

 

4,325,237

 

VCA Antech, Inc. (a)

 

 

78,400

 

 

2,231,264

 

WellPoint, Inc. (a)

 

 

35,200

 

 

1,893,760

 

 

 

 

 

 

     

 

 

 

 

 

 

41,412,575

 

               

Health Care Technology—6.9%

 

 

 

 

 

 

 

Allscripts-Misys Healthcare Solutions, Inc. (a)

 

 

92,100

 

 

1,857,657

 

Biogen Idec, Inc. (a)

 

 

52,500

 

 

2,795,625

 

Genzyme Corp. (a)

 

 

87,900

 

 

4,679,796

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Health Care Technology (concluded)

 

 

 

 

 

 

 

Quest Diagnostics, Inc.

 

 

19,800

 

$

1,131,768

 

St. Jude Medical, Inc. (a)

 

 

105,000

 

 

4,286,100

 

 

 

 

 

 

     

 

 

 

 

 

 

14,750,946

 

               

Industrial Conglomerates—1.4%

 

 

 

 

 

 

 

Koninklijke (Royal) Philips Electronics NV

 

 

89,200

 

 

2,995,262

 

               

Insurance—0.1%

 

 

 

 

 

 

 

Amil Participacoes SA

 

 

13,800

 

 

113,131

 

               

Life Sciences Tools & Services—7.7%

 

 

 

 

 

 

 

Dionex Corp. (a)

 

 

31,900

 

 

2,602,083

 

Life Technologies Corp. (a)

 

 

40,800

 

 

2,232,168

 

Mettler-Toledo International, Inc. (a)

 

 

19,900

 

 

2,497,052

 

Millipore Corp. (a)

 

 

22,500

 

 

2,388,375

 

Tecan Group AG

 

 

22,100

 

 

1,468,098

 

Thermo Fisher Scientific, Inc. (a)

 

 

93,600

 

 

5,174,208

 

 

 

 

 

 

     

 

 

 

 

 

 

16,361,984

 

               

Pharmaceuticals—21.4%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

75,540

 

 

3,864,626

 

Allergan, Inc.

 

 

21,100

 

 

1,343,859

 

Bristol-Myers Squibb Co.

 

 

196,100

 

 

4,959,369

 

Cephalon, Inc. (a)

 

 

31,000

 

 

1,990,200

 

Eli Lilly & Co.

 

 

22,200

 

 

776,334

 

GlaxoSmithKline Plc

 

 

179,500

 

 

3,331,709

 

Johnson & Johnson

 

 

103,270

 

 

6,640,261

 

Merck & Co., Inc.

 

 

77,100

 

 

2,701,584

 

Merck KGaA

 

 

41,100

 

 

3,378,430

 

Novartis AG

 

 

135,600

 

 

6,913,533

 

Pfizer, Inc.

 

 

255,900

 

 

4,278,648

 

Roche Holding AG

 

 

50

 

 

7,894

 

Simcere Pharmaceutical Group - ADR (a)

 

 

24,900

 

 

198,204

 

Somaxon Pharmaceuticals, Inc. (a)

 

 

35,000

 

 

251,650

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

46,150

 

 

2,710,390

 

Watson Pharmaceuticals, Inc. (a)

 

 

56,000

 

 

2,397,920

 

 

 

 

 

 

     

 

 

 

 

 

 

45,744,611

 

               

Total Long-Term Investments
(Cost—$184,537,875)—95.9%

 

 

 

 

 

204,658,195

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.13% (c)(d)

 

 

12,895,249

 

 

12,895,249

 

               

Total Short-Term Securities
(Cost—$12,895,249)—6.1%

 

 

 

 

 

12,895,249

 

               

Total investments before outstanding options written
(Cost—$197,433,124*)—102.0%

 

 

 

 

 

217,553,444

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Options Written

 

 

Contracts

 

 

 

 

               

Exchange-Traded Call Options Written—(0.5)%

 

 

 

 

 

 

 

3SBio, Inc., - ADR, Strike Price USD 15, Expires 6/21/10

 

 

80

 

 

(1,600

)

Aetna, Inc., Strike Price USD 33, Expires 5/24/10

 

 

230

 

 

(3,105

)

Agilent Technologies, Inc., Strike Price USD 35,
Expires 5/24/10

 

 

260

 

 

(46,540

)

Alcon, Inc., Strike Price USD 160, Expires 5/24/10

 

 

25

 

 

(1,500

)

Alcon, Inc., Strike Price USD 165, Expires 5/24/10

 

 

30

 

 

(450

)

Allergan, Inc., Strike Price USD 65, Expires 5/24/10

 

 

65

 

 

(5,525

)

Allscripts-Misys Healthcare Solutions, Inc.,
Strike Price USD 22.50, Expires 6/21/10

 

 

300

 

 

(7,500

)

AmerisourceBergen Corp., Strike Price USD 28.75,
Expires 5/10/10

 

 

200

 

 

(42,000

)

AmerisourceBergen Corp., Strike Price USD 30,
Expires 5/24/10

 

 

300

 

 

(35,250

)

Amgen, Inc., Strike Price USD 62.50, Expires 5/24/10

 

 

200

 

 

(1,200

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

41




 

 


 

 

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 (continued)

 

 

 

 

 

 

 

Amgen, Inc., Strike Price USD 62.50, Expires 6/21/10

 

 

200

 

$

(8,200

)

Baxter International, Inc., Strike Price USD 60,
Expires 5/24/10

 

 

75

 

 

(375

)

Becton Dickinson & Co., Strike Price USD 80,
Expires 5/24/10

 

 

65

 

 

(1,462

)

Becton Dickinson & Co., Strike Price USD 80,
Expires 6/21/10

 

 

100

 

 

(6,750

)

Biogen Idec, Inc., Strike Price USD 60, Expires 5/24/10

 

 

135

 

 

(2,025

)

BioMarin Pharmaceutical, Inc., Strike Price USD 25,
Expires 5/24/10

 

 

100

 

 

(3,250

)

Bristol-Myers Squibb Co., Strike Price USD 27,
Expires 5/24/10

 

 

288

 

 

(1,872

)

Bristol-Myers Squibb Co., Strike Price USD 27,
Expires 6/21/10

 

 

260

 

 

(7,540

)

Celgene Corp., Strike Price USD 65, Expires 5/24/10

 

 

100

 

 

(5,000

)

Cephalon, Inc., Strike Price USD 70, Expires 5/24/10

 

 

100

 

 

(3,750

)

CIGNA Corp., Strike Price USD 36, Expires 5/24/10

 

 

150

 

 

(3,000

)

Community Health Systems, Inc., Strike Price USD 45,
Expires 5/24/10

 

 

150

 

 

(2,250

)

Community Health Systems, Inc., Strike Price USD 45,
Expires 6/21/10

 

 

50

 

 

(3,000

)

Cooper Cos., Inc. (The), Strike Price USD 42.50,
Expires 5/22/10

 

 

220

 

 

(5,994

)

CR Bard, Inc., Strike Price USD 87, Expires 6/10/10

 

 

100

 

 

(18,031

)

DaVita, Inc., Strike Price USD 65, Expires 5/24/10

 

 

74

 

 

(2,775

)

Eli Lilly & Co., Strike Price USD 36, Expires 6/21/10

 

 

60

 

 

(2,340

)

Eli Lilly & Co., Strike Price USD 37, Expires 5/24/10

 

 

50

 

 

(225

)

Express Scripts, Inc., Strike Price USD 105, Expires 5/24/10

 

 

60

 

 

(5,250

)

Express Scripts, Inc., Strike Price USD 95, Expires 5/24/10

 

 

60

 

 

(36,900

)

Gen-Probe, Inc., Strike Price USD 50, Expires 6/21/10

 

 

165

 

 

(11,138

)

Genzyme Corp., Strike Price USD 55, Expires 5/24/10

 

 

150

 

 

(8,625

)

Genzyme Corp., Strike Price USD 60, Expires 5/24/10

 

 

125

 

 

(1,563

)

Gilead Sciences, Inc., Strike Price USD 42, Expires 5/24/10

 

 

130

 

 

(3,640

)

Gilead Sciences, Inc., Strike Price USD 47, Expires 6/21/10

 

 

175

 

 

(1,400

)

Henry Schein, Inc., Strike Price USD 60, Expires 7/19/10

 

 

100

 

 

(31,750

)

Hill-Rom Holdings, Inc., Strike Price USD 30, Expires 5/24/10

 

 

100

 

 

(25,000

)

Hologic, Inc., Strike Price USD 20, Expires 6/21/10

 

 

250

 

 

(10,000

)

Human Genome Sciences, Inc., Strike Price USD 30,
Expires 5/24/10

 

 

170

 

 

(7,565

)

Human Genome Sciences, Inc., Strike Price USD 33,
Expires 5/24/10

 

 

50

 

 

(575

)

Human Genome Sciences, Inc., Strike Price USD 35,
Expires 5/24/10

 

 

250

 

 

(1,750

)

Incyte Corp. Ltd., Strike Price USD 15, Expires 5/24/10

 

 

250

 

 

(7,500

)

Incyte Corp. Ltd., Strike Price USD 15, Expires 6/21/10

 

 

125

 

 

(7,500

)

Inverness Medical Innovations, Inc., Strike Price USD 45,
Expires 5/24/10

 

 

150

 

 

(1,125

)

Ironwood Pharmaceuticals, Inc., Strike Price USD 15,
Expires 5/24/10

 

 

50

 

 

(1,250

)

Johnson & Johnson, Strike Price USD 65, Expires 5/24/10

 

 

100

 

 

(5,250

)

Johnson & Johnson, Strike Price USD 65, Expires 6/21/10

 

 

170

 

 

(14,620

)

Johnson & Johnson, Strike Price USD 67.50, Expires 5/24/10

 

 

50

 

 

(300

)

Life Technologies Corp., Strike Price USD 55, Expires 6/21/10

 

 

80

 

 

(14,600

)

McKesson Corp., Strike Price USD 65, Expires 5/24/10

 

 

90

 

 

(15,975

)

McKesson Corp., Strike Price USD 67.25, Expires 5/14/10

 

 

85

 

 

(4,587

)

Medco Health Solutions, Inc., Strike Price USD 66,
Expires 5/27/10

 

 

230

 

 

(2,235

)

Mednax, Inc., Strike Price USD 60, Expires 5/24/10

 

 

50

 

 

(2,750

)

Medtronic, Inc., Strike Price USD 45, Expires 6/21/10

 

 

200

 

 

(23,000

)

Merck & Co., Inc., Strike Price USD 37, Expires 5/24/10

 

 

100

 

 

(2,700

)

Merck & Co., Inc., Strike Price USD 38, Expires 5/24/10

 

 

195

 

 

(2,145

)

Merck & Co., Inc., Strike Price USD 39, Expires 5/24/10

 

 

100

 

 

(499

)

Mettler-Toledo International, Inc., Strike Price USD 120,
Expires 6/21/10

 

 

40

 

 

(30,600

)

Mindray Medical International Ltd. - ADR, Strike Price USD 37,
Expires 5/21/10

 

 

185

 

 

(33,521

)

Momenta Pharmaceuticals, Inc., Strike Price USD 17.50,
Expires 6/21/10

 

 

40

 

 

(2,000

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

OSI Pharmaceuticals, Inc., Strike Price USD 60,
Expires 5/24/10

 

 

100

 

$

(10,000

)

Patterson Cos., Inc., Strike Price USD 30, Expires 5/24/10

 

 

100

 

 

(23,250

)

Patterson Cos., Inc., Strike Price USD 32.50, Expires 5/24/10

 

 

150

 

 

(9,000

)

Patterson Cos., Inc., Strike Price USD 32.50, Expires 6/21/10

 

 

100

 

 

(10,000

)

Pfizer, Inc., Strike Price USD 18, Expires 5/24/10

 

 

350

 

 

(1,925

)

Sirona Dental Systems, Inc., Strike Price USD 35,
Expires 6/21/10

 

 

100

 

 

(72,000

)

Sirona Dental Systems, Inc., Strike Price USD 40,
Expires 5/24/10

 

 

150

 

 

(40,875

)

Somaxon Pharmaceuticals, Inc., Strike Price USD 10,
Expires 5/24/10

 

 

115

 

 

(862

)

St. Jude Medical, Inc., Strike Price USD 40, Expires 5/24/10

 

 

150

 

 

(22,500

)

St. Jude Medical, Inc., Strike Price USD 45, Expires 6/21/10

 

 

100

 

 

(3,000

)

Stryker Corp., Strike Price USD 55, Expires 6/21/10

 

 

100

 

 

(33,500

)

Stryker Corp., Strike Price USD 56.50, Expires 5/24/10

 

 

200

 

 

(33,228

)

Stryker Corp., Strike Price USD 60, Expires 5/24/10

 

 

100

 

 

(2,750

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price USD 62.50, Expires 5/24/10

 

 

75

 

 

(2,025

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price USD 65, Expires 5/24/10

 

 

150

 

 

(1,425

)

Thermo Fisher Scientific, Inc., Strike Price USD 55,
Expires 5/24/10

 

 

290

 

 

(42,775

)

Thoratec Corp., Strike Price USD 35, Expires 5/24/10

 

 

50

 

 

(49,500

)

Thoratec Corp., Strike Price USD 37.50, Expires 6/21/10

 

 

25

 

 

(19,125

)

UnitedHealth Group, Inc., Strike Price USD 34,
Expires 6/21/10

 

 

300

 

 

(8,700

)

Varian Medical Systems, Inc., Strike Price USD 55,
Expires 5/24/10

 

 

200

 

 

(41,500

)

Watson Pharmaceuticals, Inc., Strike Price USD 45,
Expires 5/24/10

 

 

100

 

 

(3,500

)

Watson Pharmaceuticals, Inc., Strike Price USD 45,
Expires 6/21/10

 

 

100

 

 

(6,250

)

WellPoint, Inc., Strike Price USD 62.50, Expires 5/24/10

 

 

110

 

 

(1,155

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(978,667

)

               

Exchange-Traded Put Option Written—(0.0)%

 

 

 

 

 

 

 

Dendreon Corp., Strike Price USD 50, Expires 5/24/10

 

 

270

 

 

(28,755

)

               

Over-the-Counter Call Options Written—(0.1)%

 

 

 

 

 

 

 

Abbott Laboratories, Strike Price USD 53.18,
Expires 5/14/10, Broker UBS Securities LLC

 

 

60,500

 

 

(5,463

)

Elekta AB, Strike Price SEK 192.86, Expires 6/16/10,
Broker Credit Suisse First Boston

 

 

17,000

 

 

(17,166

)

Fresenius Medical Care AG & Co. KGaA,
Strike Price EUR 41.93, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

15,700

 

 

(8,274

)

Fresenius Medical Care AG & Co. KGaA,
Strike Price EUR 42, Expires 5/21/10,
Broker Morgan Stanley & Co., Inc.

 

 

25

 

 

(644

)

Getinge AB, Strike Price SEK 180, Expires 6/18/10,
Broker UBS Securities LLC

 

 

150

 

 

(1,739

)

GlaxoSmithKline Plc, Strike Price GBP 12.97,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

52,300

 

 

(3,012

)

Hill-Rom Holdings, Inc., Strike Price USD 27.50,
Expires 5/10/10, Broker UBS Securities LLC

 

 

21,000

 

 

(88,410

)

Koninklijke (Royal) Philips Electronics NV,
Strike Price EUR 24.24, Expires 5/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

7,900

 

 

(10,609

)

Koninklijke (Royal) Philips Electronics NV,
Strike Price EUR 25.25, Expires 5/05/10,
Broker Citigroup Global Markets

 

 

18,500

 

 

(9,122

)

Merck KGaA, Strike Price EUR 61.61, Expires 5/06/10,
Broker UBS Securities LLC

 

 

4,300

 

 

(3,579

)

Merck KGaA, Strike Price EUR 65.11, Expires 6/03/10,
Broker Credit Suisse First Boston

 

 

9,000

 

 

(6,057

)

Nobel Biocare Holding AG, Strike Price CHF 26,
Expires 6/18/10, Broker Morgan Stanley & Co., Inc.

 

 

44

 

 

(1,463

)

Nobel Biocare Holding AG, Strike Price CHF 30.32,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

10,300

 

 

(111

)

See Notes to Financial Statements.

 

 

 

 

 

42

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Schedule of Investments (continued)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Nobel Biocare Holding AG, Strike Price CHF 33,
Expires 6/18/10, Broker UBS Securities LLC

 

 

100

 

$

(787

)

Novartis AG, Registered Shares, Strike Price CHF 57,
Expires 5/21/10, Broker Credit Suisse First Boston

 

 

420

 

 

(7,973

)

Novartis AG, Registered Shares, Strike Price CHF 57.79,
Expires 6/03/10, Broker BNP Paribas

 

 

15,000

 

 

(3,055

)

Novartis AG, Registered Shares, Strike Price CHF 58,
Expires 5/21/10, Broker Morgan Stanley & Co., Inc.

 

 

180

 

 

(1,428

)

Smith & Nephew Plc, Strike Price GBP 6.89,
Expires 6/16/10, Broker Morgan Stanley & Co., Inc.

 

 

85,000

 

 

(15,413

)

Sonova Holding AG, Strike Price CHF 135.51,
Expires 5/12/10, Broker UBS Securities LLC

 

 

4,100

 

 

(5,937

)

St. Jude Medical, Inc., Strike Price USD 43.23,
Expires 5/18/10, Broker Goldman Sachs & Co.

 

 

8,000

 

 

(2,092

)

Tecan Group AG, Registered Shares, Strike Price CHF 76.19,
Expires 5/12/10, Broker Citigroup Global Markets

 

 

8,200

 

 

(740

)

Tenet Healthcare Corp., Strike Price USD 6.17,
Expires 6/01/10, Broker Credit Suisse First Boston

 

 

61,000

 

 

(27,059

)

Zimmer Holdings, Inc., Strike Price USD 61,
Expires 5/18/10, Broker Morgan Stanley & Co., Inc.

 

 

12,500

 

 

(13,005

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(233,138

)

               

Total Options Written (Premiums Received $1,604,894)—(0.6)%

 

 

 

 

 

(1,240,560

)

               

Total investments net of outstanding options written—101.4%

 

 

 

 

 

216,312,884

 

Liabilities in Excess of Other Assets—(1.4)%

 

 

 

 

 

(2,936,620

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

213,376,264

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

199,514,139

 

 

 

     

Gross unrealized appreciation

 

$

21,685,211

 

Gross unrealized depreciation

 

 

(3,645,906

)

 

 

     

Net unrealized appreciation

 

$

18,039,305

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(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

 

Shares/
Beneficial Interest
Held at
October 31,
2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
April 30,
2010

 

Income

 

                           

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

9,732,338

 

 

3,162,911

 

 

12,895,249

 

 

$

3,840

 

BlackRock Liquidity
Series, LLC Money
Market Series

 

2,152,000

 

 

(2,152,000

)

 

 

 

$

726

 

                           

 

 

(d)

Represents current yield as of report date.

 

 

Foreign currency exchange contracts as of April 30, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                             

EUR

 

90,000

 

USD

 

119,396

 

Citigroup Global Markets

 

5/03/10

 

$

436

 

SEK

 

313,000

 

USD

 

42,857

 

Citigroup Global Markets

 

5/03/10

 

 

356

 

GBP

 

77,000

 

USD

 

117,092

 

Citigroup Global Markets

 

5/04/10

 

 

720

 

USD

 

79,777

 

SEK

 

575,000

 

Citigroup Global Markets

 

5/05/10

 

 

391

 

USD

 

124,421

 

CHF

 

134,000

 

Deutsche Bank Securities

 

5/05/10

 

 

(105)

 

USD

 

1,073,850

 

CHF

 

1,156,000

 

Royal Bank of Scotland

 

5/04/10

 

 

(408)

 

USD

 

69,290

 

EUR

 

52,000

 

UBS Securities LLC

 

5/04/10

 

 

53

 

                             

Total

 

 

 

 

 

 

 

 

 

 

 

$

1,443

 

 

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

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

 

 

 

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 assets and liabilities

 

 

 

 

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 or liabilities 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 circumstances, 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 methodologies 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 tables summarize the inputs used as of April 30, 2010 in determining the investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

22,250,746

 

 

 

 

 

$

22,250,746

 

Electronic Equipment,
Instruments &
Components

 

 

3,640,504

 

 

 

 

 

 

3,640,504

 

Health Care
Equipment &
Supplies

 

 

49,323,843

 

$

8,064,593

 

 

 

 

57,388,436

 

Health Care
Providers &
Services

 

 

38,033,997

 

 

3,378,578

 

 

 

 

41,412,575

 

Health Care
Technology

 

 

14,750,946

 

 

 

 

 

 

14,750,946

 

Industrial
Conglomerates

 

 

 

 

2,995,262

 

 

 

 

2,995,262

 

Insurance

 

 

113,131

 

 

 

 

 

 

113,131

 

Life Sciences
Tools & Services

 

 

14,893,886

 

 

1,468,098

 

 

 

 

16,361,984

 

Pharmaceuticals

 

 

32,113,045

 

 

13,631,566

 

 

 

 

45,744,611

 

Short-Term Securities

 

 

12,895,249

 

 

 

 

 

 

12,895,249

 

                           

Total

 

$

188,015,347

 

$

29,538,097

 

 

 

$

217,553,444

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

                           

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Assets:

 

 

 

$

1,956

 

 

 

$

1,956

 

Liabilities:

 

$

(867,327

)

 

(373,746

)

 

 

$

(1,241,073

)

                           

Total

 

$

(867,327

)

$

(371,790

)

 

 

$

(1,239,117

)

 

 

                       

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

43




 

 



 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—2.3%

 

 

 

 

 

 

 

Australia & New Zealand Banking Group Ltd.

 

 

245,300

 

$

5,433,218

 

BHP Billiton Ltd. - ADR (a)

 

 

87,900

 

 

6,398,241

 

Commonwealth Bank of Australia

 

 

113,000

 

 

6,046,012

 

National Australia Bank Ltd.

 

 

285,100

 

 

7,283,988

 

ResMed, Inc. (b)

 

 

316,000

 

 

2,069,300

 

 

 

 

 

 

     

 

 

 

 

 

 

27,230,759

 

               

Austria—0.5%

 

 

 

 

 

 

 

Erste Group Bank AG

 

 

127,600

 

 

5,665,257

 

               

Belgium—0.7%

 

 

 

 

 

 

 

Anheuser-Busch InBev NV

 

 

131,400

 

 

6,374,421

 

Belgacom SA

 

 

60,000

 

 

2,107,154

 

 

 

 

 

 

     

 

 

 

 

 

 

8,481,575

 

               

Brazil—2.9%

 

 

 

 

 

 

 

Banco Santander Brasil SA - ADR

 

 

191,100

 

 

2,222,493

 

BM&FBOVESPA SA

 

 

377,444

 

 

2,486,255

 

Cia de Bebidas das Americas - ADR

 

 

42,000

 

 

4,107,600

 

Cia Energetica de Minas Gerais - ADR

 

 

293,820

 

 

4,745,193

 

Cia Siderurgica Nacional SA - ADR

 

 

240,400

 

 

4,483,460

 

Hypermarcas SA (b)

 

 

421,600

 

 

5,774,944

 

Usinas Siderurgicas de Minas Gerais SA, Class A -
Preference Shares

 

 

166,300

 

 

5,435,066

 

Vale SA - ADR

 

 

143,000

 

 

4,380,090

 

 

 

 

 

 

     

 

 

 

 

 

 

33,635,101

 

               

Canada—8.7%

 

 

 

 

 

 

 

Bombardier, Inc., Class B

 

 

1,912,200

 

 

9,977,023

 

Canadian National Railway Co.

 

 

132,100

 

 

7,905,453

 

Canadian Natural Resources Ltd.

 

 

97,100

 

 

7,477,981

 

Canadian Natural Resources Ltd.

 

 

43,000

 

 

3,308,420

 

Canadian Pacific Railway Ltd.

 

 

137,400

 

 

8,099,539

 

Cenovus Energy, Inc.

 

 

234,400

 

 

6,892,624

 

Crescent Point Energy Corp.

 

 

131,000

 

 

5,559,569

 

Eldorado Gold Corp. (b)

 

 

590,800

 

 

9,073,125

 

Enbridge, Inc.

 

 

135,000

 

 

6,555,966

 

Magna International, Inc., Class A (b)

 

 

87,200

 

 

5,725,552

 

Pacific Rubiales Energy Corp. (b)

 

 

222,000

 

 

5,004,725

 

Pan American Silver Corp.

 

 

315,200

 

 

8,346,496

 

Potash Corp. of Saskatchewan, Inc. (a)

 

 

48,600

 

 

5,370,300

 

Toronto-Dominion Bank (The)

 

 

76,270

 

 

5,668,818

 

TransCanada Corp.

 

 

161,000

 

 

5,680,488

 

 

 

 

 

 

     

 

 

 

 

 

 

100,646,079

 

               

Cayman Islands—0.6%

 

 

 

 

 

 

 

Hidili Industry International Development Ltd. (b)

 

 

6,505,600

 

 

7,090,650

 

               

China—1.6%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

6,170,800

 

 

5,011,138

 

China Life Insurance Co. Ltd., Class H

 

 

942,900

 

 

4,341,580

 

Focus Media Holding Ltd. - ADR (b)

 

 

224,200

 

 

3,762,076

 

Industrial & Commercial Bank of China

 

 

7,184,800

 

 

5,236,623

 

 

 

 

 

 

     

 

 

 

 

 

 

18,351,417

 

               

Denmark—1.2%

 

 

 

 

 

 

 

FLSmidth & Co. A/S

 

 

136,200

 

 

10,262,470

 

TrygVesta AS

 

 

65,500

 

 

4,043,463

 

 

 

 

 

 

     

 

 

 

 

 

 

14,305,933

 

               

Finland—0.6%

 

 

 

 

 

 

 

Fortum Oyj

 

 

246,800

 

 

6,377,128

 

               

France—5.5%

 

 

 

 

 

 

 

AXA SA

 

 

289,800

 

 

5,759,031

 

BNP Paribas

 

 

76,540

 

 

5,257,245

 

Cap Gemini SA (b)

 

 

100,400

 

 

5,057,060

 

Eramet

 

 

16,250

 

 

5,864,205

 

GDF Suez

 

 

203,760

 

 

7,246,419

 

Renault SA (b)

 

 

93,200

 

 

4,317,964

 

Societe Generale

 

 

95,000

 

 

5,072,934

 

Total SA

 

 

252,700

 

 

13,748,745

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

France (concluded)

 

 

 

 

 

 

 

Unibail-Rodamco SE - REIT

 

 

28,000

 

$

5,292,016

 

Vivendi

 

 

219,600

 

 

5,760,650

 

 

 

 

 

 

     

 

 

 

 

 

 

63,376,269

 

               

Germany—9.0%

 

 

 

 

 

 

 

Allianz SE

 

 

51,400

 

 

5,892,761

 

BASF SE

 

 

153,300

 

 

8,912,663

 

Bayerische Motoren Werke AG

 

 

122,400

 

 

6,053,544

 

Deutsche Lufthansa AG (b)

 

 

497,000

 

 

8,264,824

 

Deutsche Post AG

 

 

412,600

 

 

6,692,197

 

Deutsche Telekom AG

 

 

598,800

 

 

7,796,534

 

Fresenius Medical Care AG & Co. KGaA

 

 

160,500

 

 

8,690,092

 

Merck KGaA

 

 

108,100

 

 

8,885,846

 

Muenchener Rueckversicherungs AG

 

 

14,300

 

 

2,015,354

 

RWE AG

 

 

172,800

 

 

14,214,216

 

SAP AG - ADR

 

 

121,000

 

 

5,741,450

 

Siemens AG

 

 

110,800

 

 

10,927,802

 

Software AG (b)

 

 

24,100

 

 

2,770,694

 

Volkswagen AG - Preference Shares

 

 

79,120

 

 

7,644,033

 

 

 

 

 

 

     

 

 

 

 

 

 

104,502,010

 

               

Gibraltar—0.2%

 

 

 

 

 

 

 

PartyGaming Plc (b)

 

 

492,700

 

 

2,311,164

 

               

Hong Kong—3.0%

 

 

 

 

 

 

 

Cathay Pacific Airways Ltd.

 

 

3,730,000

 

 

7,769,689

 

Cheung Kong Holdings Ltd.

 

 

666,000

 

 

8,213,013

 

China Mobile Ltd.

 

 

623,000

 

 

6,098,576

 

CNOOC Ltd. - ADR

 

 

24,200

 

 

4,257,264

 

Melco Crown Entertainment Ltd. - ADR (b)(c)

 

 

742,400

 

 

3,533,824

 

New World Development Ltd.

 

 

2,697,900

 

 

4,785,293

 

 

 

 

 

 

     

 

 

 

 

 

 

34,657,659

 

               

India—0.6%

 

 

 

 

 

 

 

Sterlite Industries India Ltd. - ADR

 

 

395,200

 

 

7,168,928

 

               

Indonesia—0.5%

 

 

 

 

 

 

 

Adaro Energy PT

 

 

25,520,400

 

 

6,117,241

 

               

Israel—0.3%

 

 

 

 

 

 

 

Teva Pharmaceutical Industries Ltd. - ADR

 

 

53,000

 

 

3,112,690

 

               

Italy—2.1%

 

 

 

 

 

 

 

Enel SpA

 

 

998,500

 

 

5,231,065

 

Fondiaria-Sai SpA

 

 

383,300

 

 

5,309,533

 

Intesa Sanpaolo SpA (b)

 

 

1,322,400

 

 

4,358,525

 

Paramalat SpA

 

 

1,515,200

 

 

3,988,610

 

Telecom Italia SpA (b)

 

 

1,600,000

 

 

2,236,962

 

UniCredit SpA (b)

 

 

1,031,665

 

 

2,703,690

 

 

 

 

 

 

     

 

 

 

 

 

 

23,828,385

 

               

Japan—13.8%

 

 

 

 

 

 

 

Asahi Breweries Ltd.

 

 

206,700

 

 

3,713,034

 

Bank of Yokohama Ltd. (The)

 

 

468,500

 

 

2,435,924

 

Bridgestone Corp.

 

 

264,100

 

 

4,401,496

 

Canon, Inc.

 

 

126,100

 

 

5,768,230

 

Chiba Bank Ltd.

 

 

567,900

 

 

3,596,489

 

Fujitsu Ltd.

 

 

561,000

 

 

3,944,932

 

Honda Motor Co. Ltd.

 

 

342,500

 

 

11,589,362

 

Hoya Corp.

 

 

228,100

 

 

6,309,010

 

ITOCHU Corp.

 

 

828,900

 

 

7,181,307

 

Japan Tobacco, Inc.

 

 

2,238

 

 

7,755,667

 

JSR Corp.

 

 

284,800

 

 

5,765,767

 

KDDI Corp.

 

 

710

 

 

3,423,282

 

Konica Minolta Holdings, Inc.

 

 

502,700

 

 

6,358,757

 

Marubeni Corp.

 

 

1,400,500

 

 

8,263,438

 

Matsui Securities Co. Ltd.

 

 

555,800

 

 

4,174,453

 

Mitsubishi Heavy Industries Ltd.

 

 

1,670,600

 

 

6,729,308

 

Mitsubishi UFJ Financial Group, Inc.

 

 

1,075,700

 

 

5,605,510

 

Mitsui & Co. Ltd.

 

 

428,900

 

 

6,445,979

 

Mizuho Securities Co. Ltd.

 

 

1,033,000

 

 

2,861,162

 

Nikon Corp.

 

 

294,400

 

 

6,683,199

 

Nomura Holdings, Inc.

 

 

825,400

 

 

5,705,259

 


See Notes to Financial Statements.

 

 

 

 

 

44

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Japan (concluded)

 

 

 

 

 

 

 

NSK Ltd.

 

 

1,590,000

 

$

12,128,622

 

NTT Data Corp.

 

 

1,685

 

 

6,083,672

 

Panasonic Corp.

 

 

314,900

 

 

4,614,818

 

Sumitomo Mitsui Financial Group, Inc.

 

 

172,500

 

 

5,704,893

 

T&D Holdings, Inc.

 

 

247,000

 

 

6,452,237

 

Tokio Marine Holdings, Inc.

 

 

208,600

 

 

6,210,151

 

 

 

 

 

 

     

 

 

 

 

 

 

159,905,958

 

               

Malaysia—0.8%

 

 

 

 

 

 

 

Bumiputra-Commerce Holdings Bhd

 

 

2,115,600

 

 

9,367,866

 

               

Mexico—1.0%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV - ADR

 

 

113,100

 

 

5,353,023

 

Grupo Mexico SAB de CV

 

 

2,185,300

 

 

5,766,647

 

 

 

 

 

 

     

 

 

 

 

 

 

11,119,670

 

               

Netherlands—2.1%

 

 

 

 

 

 

 

Aegon NV (b)

 

 

820,700

 

 

5,739,983

 

Corio NV - REIT

 

 

19,700

 

 

1,139,697

 

ING Groep NV (b)

 

 

650,900

 

 

5,745,059

 

Koninklijke (Royal) KPN NV

 

 

357,800

 

 

5,368,072

 

Koninklijke (Royal) Philips Electronics NV

 

 

87,300

 

 

2,931,462

 

VimpelCom Ltd. - ADR (b)

 

 

222,000

 

 

3,867,240

 

 

 

 

 

 

     

 

 

 

 

 

 

24,791,513

 

               

New Zealand—0.2%

 

 

 

 

 

 

 

Telecom Corp. of New Zealand Ltd. - ADR

 

 

325,000

 

 

2,544,750

 

               

Philippines—0.3%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. - ADR (a)

 

 

67,900

 

 

3,818,696

 

               

Portugal—0.2%

 

 

 

 

 

 

 

Portugal Telecom SGPS SA

 

 

209,000

 

 

2,127,045

 

               

Singapore—3.4%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

1,113,771

 

 

3,008,545

 

DBS Group Holdings Ltd.

 

 

416,000

 

 

4,580,573

 

Singapore Telecommunications Ltd.

 

 

8,506,100

 

 

18,762,639

 

Straits Asia Resources Ltd.

 

 

4,450,200

 

 

6,520,597

 

Wilmar International Ltd.

 

 

1,389,000

 

 

6,974,235

 

 

 

 

 

 

     

 

 

 

 

 

 

39,846,589

 

               

South Africa—0.7%

 

 

 

 

 

 

 

MTN Group Ltd.

 

 

288,000

 

 

4,236,785

 

Naspers Ltd.

 

 

105,000

 

 

4,231,577

 

 

 

 

 

 

     

 

 

 

 

 

 

8,468,362

 

               

South Korea—1.8%

 

 

 

 

 

 

 

Hynix Semiconductor, Inc. (b)

 

 

286,600

 

 

7,253,987

 

Samsung Electronics Co. Ltd.

 

 

13,800

 

 

10,492,676

 

Samsung Securities Co. Ltd.

 

 

50,000

 

 

2,760,690

 

 

 

 

 

 

     

 

 

 

 

 

 

20,507,353

 

               

Spain—2.2%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria SA

 

 

392,500

 

 

5,162,237

 

Banco Santander SA

 

 

712,850

 

 

9,064,146

 

Inditex SA

 

 

73,400

 

 

4,542,965

 

Telefonica SA

 

 

310,600

 

 

7,030,509

 

 

 

 

 

 

     

 

 

 

 

 

 

25,799,857

 

               

Sweden—1.2%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

531,124

 

 

5,181,769

 

Svenska Cellulosa AB, B Shares

 

 

673,300

 

 

8,773,041

 

 

 

 

 

 

     

 

 

 

 

 

 

13,954,810

 

               

Switzerland—7.9%

 

 

 

 

 

 

 

Adecco SA

 

 

174,800

 

 

10,281,371

 

Alcon, Inc. (b)

 

 

26,100

 

 

4,067,946

 

Credit Suisse Group AG

 

 

115,600

 

 

5,305,783

 

GAM Holding Ltd. (b)

 

 

453,700

 

 

5,635,637

 

Givaudan SA

 

 

5,700

 

 

4,960,004

 

Julius Baer Group Ltd.

 

 

157,400

 

 

5,409,555

 

Nestle SA

 

 

242,300

 

 

11,855,961

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Switzerland (concluded)

 

 

 

 

 

 

 

Nobel Biocare Holding AG

 

 

98,400

 

$

2,156,747

 

Novartis AG

 

 

257,800

 

 

13,143,870

 

Sonova Holding AG

 

 

1,222

 

 

151,483

 

Swiss Life Holding AG (b)

 

 

46,100

 

 

5,603,717

 

Swiss Reinsurance Co. Ltd.

 

 

93,500

 

 

4,054,951

 

Swisscom AG

 

 

6,400

 

 

2,171,921

 

Syngenta AG

 

 

8,400

 

 

2,128,306

 

Tyco Electronics Ltd.

 

 

239,300

 

 

7,686,316

 

UBS AG (b)

 

 

239,500

 

 

3,710,377

 

Zurich Financial Services AG

 

 

13,400

 

 

2,970,711

 

 

 

 

 

 

     

 

 

 

 

 

 

91,294,656

 

               

Taiwan—2.4%

 

 

 

 

 

 

 

AU Optronics Corp. - ADR (a)

 

 

544,407

 

 

6,309,677

 

Hon Hai Precision Industry Co. Ltd.

 

 

1,299,900

 

 

6,102,417

 

Mega Financial Holding Co. Ltd.

 

 

7,811,100

 

 

4,561,789

 

Siliconware Precision Industries Co. - ADR

 

 

762,500

 

 

4,689,375

 

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

 

 

621,484

 

 

6,581,515

 

 

 

 

 

 

     

 

 

 

 

 

 

28,244,773

 

               

Thailand—0.8%

 

 

 

 

 

 

 

Bangkok Bank PCL

 

 

800,500

 

 

2,932,859

 

Banpu PCL

 

 

302,700

 

 

5,929,205

 

 

 

 

 

 

     

 

 

 

 

 

 

8,862,064

 

               

United Kingdom—16.3%

 

 

 

 

 

 

 

Aegis Group Plc

 

 

2,166,000

 

 

4,303,184

 

Antofagasta Plc

 

 

395,200

 

 

5,991,979

 

Barclays Plc - ADR (a)

 

 

336,700

 

 

6,875,414

 

BP Plc

 

 

975,600

 

 

8,509,121

 

British Airways Plc (b)

 

 

3,078,800

 

 

10,674,528

 

Britvic Plc

 

 

1,051,000

 

 

7,702,978

 

Cairn Energy Plc (b)

 

 

317,400

 

 

1,937,037

 

Catlin Group Ltd.

 

 

121,100

 

 

651,369

 

Domino’s Pizza UK & IRL Plc

 

 

600,000

 

 

3,187,356

 

Firstgroup Plc

 

 

1,271,900

 

 

7,391,256

 

GKN Plc (b)

 

 

1,402,500

 

 

2,909,686

 

GlaxoSmithKline Plc

 

 

338,000

 

 

6,273,636

 

HSBC Holdings Plc

 

 

1,482,500

 

 

15,095,494

 

Imperial Tobacco Group Plc (b)

 

 

395,000

 

 

11,252,816

 

Inchcape Plc (b)

 

 

10,259,200

 

 

5,371,823

 

Intercontinental Hotels Group Plc

 

 

441,650

 

 

7,786,677

 

International Power Plc

 

 

906,400

 

 

4,587,931

 

Johnson Matthey Plc

 

 

390,400

 

 

10,382,714

 

Next Plc

 

 

130,800

 

 

4,571,109

 

Royal Bank of Scotland Group Plc (b)

 

 

8,686,000

 

 

7,107,803

 

Royal Dutch Shell Plc - ADR

 

 

228,200

 

 

14,319,550

 

Tesco Plc

 

 

1,048,900

 

 

6,957,076

 

Unilever Plc

 

 

261,000

 

 

7,843,122

 

Vedanta Resources Plc

 

 

200,300

 

 

7,656,753

 

Vodafone Group Plc - ADR

 

 

386,000

 

 

8,569,200

 

WPP Plc

 

 

996,700

 

 

10,567,385

 

 

 

 

 

 

     

 

 

 

 

 

 

188,476,997

 

               

United States—0.6%

 

 

 

 

 

 

 

Amkor Technology, Inc. (b)

 

 

643,800

 

 

4,854,252

 

NII Holdings, Inc. (b)(a)

 

 

41,600

 

 

1,764,672

 

 

 

 

 

 

     

 

 

 

 

 

 

6,618,924

 

               

Total Long-Term Investments
(Cost—$1,139,220,387)—96.0%

 

 

 

 

 

1,112,608,128

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

45




 

 



 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares/
Beneficial Interest

 

Value

 

           

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.13% (d)(e)

 

 

35,015,955

 

$

35,015,955

 

BlackRock Liquidity Series, LLC, Money Market Series,
0.24% (d)(e)(f)

 

 

1,000,000

 

 

1,000,000

 

               

Total Short-Term Securities
(Cost—$36,015,955)—3.1%

 

 

 

 

 

36,015,955

 

               

Total Investments Before Outstanding Options Written
(Cost—$1,175,236,342*)—99.1%

 

 

 

 

 

1,148,624,083

 

               

 

 

 

 

 

 

 

 









 

Options Written

 

Contracts

 

 

 

 

             

Exchange-Traded Call Options Written—(0.1)%

 

 

 

 

 

 

 

Alcon, Inc., Strike Price USD 165, Expires 5/24/10

 

 

220

 

 

(3,300

)

Banco Santander Brasil SA - ADR, Strike Price USD 12.50,
Expires 5/24/10

 

 

570

 

 

(8,550

)

Barclays Plc - ADR, Strike Price USD 22.50, Expires 5/24/10

 

 

775

 

 

(15,500

)

Barclays Plc - ADR, Strike Price USD 22.50, Expires 6/21/10

 

 

775

 

 

(31,000

)

BHP Billiton Ltd. - ADR, Strike Price USD 80, Expires 5/24/10

 

 

90

 

 

(3,150

)

BHP Billiton Ltd. - ADR, Strike Price USD 85, Expires 5/24/10

 

 

440

 

 

(3,300

)

Canadian Natural Resources Ltd., Strike Price USD 80,
Expires 5/24/10

 

 

430

 

 

(52,675

)

Focus Media Holding Ltd. - ADR, Strike Price USD 18,
Expires 5/24/10

 

 

750

 

 

(30,000

)

Pan American Silver Corp., Strike Price USD 25,
Expires 6/21/10

 

 

660

 

 

(151,800

)

Potash Corp. of Saskatchewan, Inc., Strike Price USD 115,
Expires 5/24/10

 

 

25

 

 

(4,787

)

Potash Corp. of Saskatchewan, Inc., Strike Price USD 123,
Expires 5/24/10

 

 

260

 

 

(13,854

)

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 60,
Expires 5/24/10

 

 

1,097

 

 

(320,873

)

Teva Pharmaceutical Industries Ltd. - ADR,
Strike Price USD 65, Expires 5/24/10

 

 

530

 

 

(5,035

)

Vale SA - ADR, Strike Price USD 33, Expires 5/24/10

 

 

850

 

 

(29,750

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(673,574

)

               

Exchange-Traded Put Option Written—(0.0)%

 

 

 

 

 

 

 

BHP Billiton Ltd. - ADR, Strike Price USD 75,
Expires 5/24/10

 

 

730

 

 

(270,100

)

               

Over-the-Counter Call Options Written—(1.4)%

 

 

 

 

 

 

 

Adaro Energy Tbk PT, Strike Price IDR 2,193,
Expires 6/28/10, Broker JPMorgan Chase Securities

 

 

10,800,000

 

 

(122,148

)

Adaro Energy Tbk PT, Strike Price IDR 2,253.72,
Expires 6/07/10, Broker JPMorgan Chase Securities

 

 

4,500,000

 

 

(28,125

)

Adecco SA, Strike Price CHF 61.41, Expires 5/19/10,
Broker UBS Securities LLC

 

 

18,500

 

 

(48,194

)

Adecco SA, Strike Price CHF 65.97, Expires 6/16/10,
Broker Credit Suisse First Boston

 

 

86,400

 

 

(109,719

)

Aegis Group Plc, Strike Price GBP 1.31,
Expires 5/26/10, Broker BNP Paribas

 

 

1,300,000

 

 

(50,355

)

Aegon NV, Strike Price EUR 5.14, Expires 5/12/10,
Broker Citigroup Global Markets

 

 

493,000

 

 

(128,531

)

Allianz SE, Strike Price EUR 88.06, Expires 6/03/10,
Broker Citigroup Global Markets

 

 

15,000

 

 

(19,155

)

Allianz SE, Strike Price EUR 89.69, Expires 6/03/10,
Broker Credit Suisse First Boston

 

 

15,900

 

 

(27,605

)

Amkor Technology, Inc., Strike Price USD 6.81,
Expires 5/05/10, Broker Credit Suisse First Boston

 

 

183,500

 

 

(134,061

)

Amkor Technology, Inc., Strike Price USD 8.43,
Expires 5/27/10, Broker Citigroup Global Markets

 

 

168,800

 

 

(54,847

)

Amkor Technology, Inc., Strike Price USD 8.59,
Expires 6/01/10, Broker Morgan Stanley & Co., Inc.

 

 

34,000

 

 

(3,520

)

Anheuser-Busch InBev NV, Strike Price EUR 38.26,
Expires 5/12/10, Broker Citigroup Global Markets

 

 

78,900

 

 

(12,414

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Antofagasta Plc, Strike Price GBP 10.31,
Expires 5/12/10, Broker Citigroup Global Markets

 

 

145,000

 

$

(23,650

)

Antofagasta Plc, Strike Price GBP 10.68,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

250,200

 

 

(33,092

)

Asahi Breweries Ltd., Strike Price JPY 1,804.03,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

124,000

 

 

(1,966

)

AU Optronics Corp. - ADR, Strike Price USD 11.69,
Expires 6/01/10, Broker Citigroup Global Markets

 

 

326,500

 

 

(102,198

)

Australia & New Zealand Banking Group, Strike
Price AUD 25.70, Expires 6/07/10,
Broker JPMorgan Chase Securities

 

 

147,000

 

 

(26,781

)

AXA SA, Strike Price EUR 15.55, Expires 6/16/10,
Broker Citigroup Global Markets

 

 

173,100

 

 

(126,669

)

Banco Bilbao Vizcaya Argentaria SA,
Strike Price EUR 11.60, Expires 5/19/10,
Broker Citigroup Global Markets

 

 

235,000

 

 

(2,085

)

Banco Santander SA, Strike Price EUR 10.30,
Expires 5/26/10, Broker UBS Securities LLC

 

 

428,000

 

 

(89,417

)

Barclays Plc - ADR, Strike Price USD 22.50,
Expires 6/04/10, Broker Goldman Sachs & Co.

 

 

24,000

 

 

(5,387

)

Barclays Plc - ADR, Strike Price USD 23.09,
Expires 6/10/10, Broker JPMorgan Chase Securities

 

 

23,000

 

 

(4,208

)

BASF SE, Strike Price EUR 46.55, Expires 5/12/10,
Broker UBS Securities LLC

 

 

69,800

 

 

(8,445

)

BASF SE, Strike Price EUR 47.67, Expires 5/11/10,
Broker Deutsche Bank Securities

 

 

37,000

 

 

(912

)

Bayerische Motoren Werke AG, Strike Price EUR 34.94,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

41,500

 

 

(137,833

)

Bayerische Motoren Werke AG, Strike Price EUR 35.75,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

18,300

 

 

(49,826

)

Bayerische Motoren Werke AG, Strike Price EUR 37.48,
Expires 6/03/10, Broker Credit Suisse First Boston

 

 

13,600

 

 

(20,100

)

Belgacom SA, Strike Price EUR 29.08, Expires 5/11/10,
Broker UBS Securities LLC

 

 

60,000

 

 

(2,923

)

BM&FBOVESPA SA, Strike Price BRL 11.82,
Expires 6/09/10, Broker Credit Suisse First Boston

 

 

226,500

 

 

(44,111

)

BNP Paribas, Strike Price EUR 56, Expires 5/21/10,
Broker Morgan Stanley & Co., Inc.

 

 

300

 

 

(21,895

)

BNP Paribas, Strike Price EUR 58, Expires 5/21/10,
Broker Citigroup Global Markets

 

 

28,000

 

 

(13,390

)

BNP Paribas, Strike Price EUR 59.07, Expires 5/12/10,
Broker BNP Paribas

 

 

17,500

 

 

(766

)

Bombardier, Inc., Class B, Strike Price CAD 5.51,
Expires 6/29/10, Broker UBS Securities LLC

 

 

315,600

 

 

(67,181

)

Bombardier, Inc., Class B, Strike Price CAD 5.58,
Expires 5/27/10, Broker Morgan Stanley & Co., Inc.

 

 

832,000

 

 

(59,521

)

BP Plc, Strike Price GBP 6.49, Expires 5/26/10,
Broker UBS Securities LLC

 

 

656,500

 

 

(3,849

)

Bridgestone Corp., Strike Price JPY 1,538.63,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

158,000

 

 

(111,036

)

British Airways Plc, Strike Price GBP 2.41,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

765,000

 

 

(32,981

)

British Airways Plc, Strike Price GBP 2.45,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

1,080,000

 

 

(47,040

)

Britvic Plc, Strike Price GBP 4.81, Expires 5/19/10,
Broker UBS Securities LLC

 

 

630,600

 

 

(91,689

)

Canadian National Railway Co., Strike Price CAD 62,
Expires 5/24/10, Broker T.D. Securities

 

 

550

 

 

(28,967

)

Canadian National Railway Co., Strike Price CAD 62.70,
Expires 6/04/10, Broker UBS Securities LLC

 

 

24,000

 

 

(11,602

)

Canadian Natural Resources Ltd., Strike Price CAD 74,
Expires 5/24/10, Broker T.D. Securities

 

 

475

 

 

(222,116

)

Canadian Pacific Railway Ltd., Strike Price CAD 55,
Expires 5/07/10, Broker Morgan Stanley & Co., Inc.

 

 

83,000

 

 

(398,740

)

Cannon, Inc., Strike Price JPY 4,322.80,
Expires 5/11/10, Broker Morgan Stanley & Co., Inc.

 

 

75,600

 

 

(80,473

)


See Notes to Financial Statements.

 

 

 

 

 

46

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

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)

 

 

 

 

 

 

 

Cap Gemini SA, Strike Price EUR 36.24,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

60,000

 

$

(170,378

)

CapitaLand Ltd., Strike Price SGD 4.11,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

676,709

 

 

(9,238

)

Cathay Pacific Airways Ltd., Strike Price HKD 16.65,
Expires 6/07/10, Broker Deutsche Bank Securities

 

 

2,238,000

 

 

(109,635

)

Cenovus Energy, Inc., Strike Price CAD 30,
Expires 5/24/10, Broker T.D. Securities

 

 

1,255

 

 

(92,661

)

Cheung Kong Holdings Ltd., Strike Price HKD 98.06,
Expires 6/28/10, Broker Goldman Sachs & Co.

 

 

400,000

 

 

(144,250

)

Chiba Bank Ltd. (The), Strike Price JPY 606.81,
Expires 6/28/10, Broker Morgan Stanley & Co., Inc.

 

 

341,000

 

 

(81,788

)

China Construction Bank Corp., Class H,
Strike Price HKD 6.86, Expires 6/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

3,700,000

 

 

(27,487

)

China Life Insurance Co. Ltd., Class H,
Strike Price HKD 38.57, Expires 6/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

565,000

 

 

(15,521

)

China Mobile Ltd., Strike Price HKD 80.17,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

374,000

 

 

(43,104

)

Cia Energetica de Minas Gerais - ADR,
Strike Price USD 15.99, Expires 6/30/10,
Broker Deutsche Bank Securities

 

 

130,000

 

 

(85,202

)

Cia Siderurgica Nacional SA - ADR,
Strike Price USD 19.50, Expires 5/20/10,
Broker Goldman Sachs & Co.

 

 

162,000

 

 

(26,506

)

CIMB Group Holdings Bhd, Strike Price MYR 14.34,
Expires 6/07/10, Broker Deutsche Bank Securities

 

 

1,586,000

 

 

(126,959

)

Commonwealth Bank of Australia, Strike Price AUD 58,
Expires 6/28/10, Broker Deutsche Bank Securities

 

 

84,800

 

 

(168,792

)

Corio NV - REIT, Strike Price EUR 49.17, Expires 6/03/10,
Broker UBS Securities LLC

 

 

11,800

 

 

(1,374

)

Credit Suisse Group AG, Strike Price CHF 52.82,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

69,400

 

 

(25,069

)

Crescent Point Energy Corp., Strike Price CAD 42.60,
Expires 6/18/10, Broker Goldman Sachs & Co.

 

 

83,000

 

 

(90,594

)

DBS Group Holdings Ltd., Strike Price SGD 15.34,
Expires 6/28/10, Broker JPMorgan Chase Securities

 

 

250,000

 

 

(79,532

)

Deutsche Lufthansa AG, Strike Price EUR 12.28,
Expires 5/12/10, Broker UBS Securities LLC

 

 

14,100

 

 

(6,586

)

Deutsche Lufthansa AG, Strike Price EUR 12.88,
Expires 6/16/10, Broker Credit Suisse First Boston

 

 

96,200

 

 

(43,930

)

Deutsche Lufthansa AG, Strike Price EUR 12.95,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

187,900

 

 

(51,215

)

Deutsche Post AG, Strike Price EUR 12.81,
Expires 6/15/10, Broker Citigroup Global Markets

 

 

114,600

 

 

(33,633

)

Deutsche Post AG, Strike Price EUR 13.12,
Expires 5/11/10, Broker Morgan Stanley & Co., Inc.

 

 

133,000

 

 

(3,437

)

Deutsche Telekom AG, Strike Price EUR 10.11,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

170,000

 

 

(6,985

)

Domino’s Pizza UK & IRL Plc, Strike Price GBP 3.42,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

360,000

 

 

(64,312

)

Eldorado Gold Corp., Strike Price CAD 14,
Expires 5/22/10, Broker Bank of Montreal

 

 

1,000

 

 

(158,988

)

Eldorado Gold Corp., Strike Price CAD 15,
Expires 5/24/10, Broker T.D. Securities

 

 

1,300

 

 

(108,141

)

Eldorado Gold Corp., Strike Price CAD 15,
Expires 6/19/10, Broker Bank of Montreal

 

 

1,000

 

 

(111,242

)

Eldorado Gold Corp., Strike Price CAD 16,
Expires 6/21/10, Broker T.D. Securities

 

 

250

 

 

(15,751

)

Enbridge, Inc., Strike Price CAD 48.80,
Expires 5/14/10, Broker Morgan Stanley & Co., Inc.

 

 

51,000

 

 

(40,506

)

Enbridge, Inc., Strike Price CAD 49.56,
Expires 5/10/10, Broker Goldman Sachs & Co.

 

 

84,000

 

 

(31,662

)

Enel SpA, Strike Price EUR 4.22,
Expires 5/12/10, Broker Citigroup Global Markets

 

 

599,000

 

 

(4,066

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Eramet, Strike Price EUR 283.96, Expires 6/16/10,
Broker Credit Suisse First Boston

 

 

9,800

 

$

(153,344

)

Erste Group Bank AG, Strike Price EUR 33.89,
Expires 6/04/10, Broker Morgan Stanley & Co., Inc.

 

 

76,600

 

 

(101,527

)

Firstgroup Plc, Strike Price GBP 3.89, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

763,100

 

 

(90,951

)

FLSmidth & Co. A/S, Strike Price DKK 439.96,
Expires 5/26/10, Broker UBS Securities LLC

 

 

81,800

 

 

(69,776

)

Focus Media Holding Ltd. - ADR, Strike Price USD 18.39,
Expires 6/02/10, Broker Morgan Stanley & Co., Inc.

 

 

59,500

 

 

(22,127

)

Fomento Economico Mexicano SAB de CV - ADR,
Strike Price USD 49.24, Expires 6/04/10,
Broker Morgan Stanley & Co., Inc.

 

 

68,000

 

 

(31,139

)

Fondiaria-Sai SpA, Strike Price EUR 11.55,
Expires 6/15/10, Broker Credit Suisse First Boston

 

 

230,000

 

 

(39,073

)

Fortum Oyj, Strike Price EUR 18.39, Expires 5/12/10,
Broker BNP Paribas

 

 

148,000

 

 

(200,539

)

Fresenius Medical Care AG & Co. KGaA,
Strike Price EUR 41.79, Expires 5/12/10,
Broker UBS Securities LLC

 

 

30,400

 

 

(5,265

)

Fresenius Medical Care AG & Co. KGaA,
Strike Price EUR 41.93, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

66,000

 

 

(34,781

)

Fujitsu Ltd., Strike Price JPY 557.83,
Expires 5/11/10, Broker JPMorgan Chase Securities

 

 

561,000

 

 

(640,034

)

GAM Holding Ltd., Strike Price CHF 13.22,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

216,000

 

 

(73,477

)

GAM Holding Ltd., Strike Price CHF 13.63,
Expires 6/16/10, Broker Citigroup Global Markets

 

 

124,300

 

 

(48,616

)

GDF Suez, Strike Price EUR 27.68, Expires 6/16/10,
Broker Credit Suisse First Boston

 

 

32,400

 

 

(18,500

)

GDF Suez, Strike Price EUR 29.43, Expires 5/12/10,
Broker UBS Securities LLC

 

 

89,900

 

 

(2,616

)

Givaudan SA, Strike Price CHF 962.09, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

3,400

 

 

(43,987

)

GKN Plc, Strike Price GBP 1.50, Expires 6/29/10,
Broker Morgan Stanley & Co., Inc.

 

 

841,000

 

 

(34,888

)

GlaxoSmithKline Plc, Strike Price GBP 12.87,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

202,800

 

 

(7,039

)

Grupo Mexico SAB de CV, Series B,
Strike Price MXN 35.51, Expires 6/04/10,
Broker Credit Suisse First Boston

 

 

1,311,200

 

 

(42,277

)

Hidili Industry International Development Ltd.,
Strike Price HKD 8.54, Expires 5/11/10,
Broker Goldman Sachs & Co.

 

 

816,000

 

 

(17,725

)

Hidili Industry International Development Ltd.,
Strike Price HKD 8.86, Expires 6/28/10,
Broker JPMorgan Chase Securities

 

 

2,217,000

 

 

(99,369

)

Hidili Industry International Development Ltd.,
Strike Price HKD 9.39, Expires 6/07/10,
Broker Credit Suisse First Boston

 

 

870,000

 

 

(9,386

)

Hon Hai Precision Industry Co. Ltd.,
Strike Price TWD 143.93, Expires 6/07/10,
Broker Credit Suisse First Boston

 

 

117,000

 

 

(30,168

)

Hon Hai Precision Industry Co. Ltd.,
Strike Price TWD 155.04, Expires 6/28/10,
Broker Goldman Sachs & Co.

 

 

662,000

 

 

(94,812

)

Honda Motor Co. Ltd., Strike Price JPY 3,267.35,
Expires 6/28/10, Broker JPMorgan Chase Securities

 

 

205,500

 

 

(254,778

)

Hoya Corp., Strike Price JPY 2,627.01, Expires 6/28/10,
Broker Morgan Stanley & Co., Inc.

 

 

136,900

 

 

(137,228

)

HSBC Holdings Plc, Strike Price GBP 6.84,
Expires 5/19/10, Broker BNP Paribas

 

 

889,500

 

 

(105,625

)

Hynix Semiconductor, Inc., Strike Price KRW 27,863.19,
Expires 6/28/10, Broker Deutsche Bank Securities

 

 

172,000

 

 

(348,871

)


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

47




 

 


 

 

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)

 

 

 

 

 

 

 

Hypermarcas SA, Strike Price BRL 24.24,
Expires 6/09/10, Broker Credit Suisse First Boston

 

 

253,000

 

$

(178,618

)

Imperial Tobacco Group Plc, Strike Price GBP 20.51,
Expires 5/19/10, Broker UBS Securities LLC

 

 

237,000

 

 

(2,420

)

Inchcape Plc, Strike Price GBP 0.31, Expires 5/19/10,
Broker BNP Paribas

 

 

6,100,000

 

 

(335,528

)

Inditex SA, Strike Price EUR 49.32, Expires 5/26/10,
Broker Morgan Stanley & Co., Inc.

 

 

44,000

 

 

(25,011

)

Industrial & Commercial Bank of China,
Strike Price HKD 5.77, Expires 6/28/10,
Broker Deutsche Bank Securities

 

 

1,600,000

 

 

(41,833

)

Industrial & Commercial Bank of China,
Strike Price HKD 6.32, Expires 6/07/10,
Broker JPMorgan Chase Securities

 

 

2,710,000

 

 

(6,389

)

Intercontinental Hotels Group Plc,
Strike Price GBP 10.64, Expires 5/17/10,
Broker Citigroup Global Markets

 

 

265,000

 

 

(367,532

)

International Power Plc, Strike Price GBP 3.22,
Expires 5/12/10, Broker UBS Securities LLC

 

 

544,000

 

 

(90,781

)

Intesa Sanpaolo SpA, Strike Price EUR 2.84,
Expires 5/12/10, Broker BNP Paribas

 

 

793,500

 

 

(1,183

)

ITOCHU Corp., Strike Price JPY 774.33, Expires 5/11/10,
Broker UBS Securities LLC

 

 

153,000

 

 

(81,909

)

ITOCHU Corp., Strike Price JPY 888.80, Expires 6/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

344,000

 

 

(38,530

)

Japan Tobacco, Inc., Strike Price JPY 329,260,
Expires 6/28/10, Broker JPMorgan Chase Securities

 

 

1,340

 

 

(183,693

)

Johnson Matthey Plc, Strike Price GBP 17.75,
Expires 5/12/10, Broker Morgan Stanley & Co., Inc.

 

 

234,000

 

 

(47,990

)

JSR Corp., Strike Price JPY 1,980.58, Expires 6/07/10,
Broker Goldman Sachs & Co.

 

 

171,000

 

 

(70,909

)

Julius Baer Group Ltd., Strike Price CHF 37.98,
Expires 6/16/10, Broker Morgan Stanley & Co., Inc.

 

 

34,000

 

 

(39,809

)

Julius Baer Group Ltd., Strike Price CHF 38.56,
Expires 5/12/10, Broker Morgan Stanley & Co., Inc.

 

 

61,000

 

 

(10,944

)

KDDI Corp., Strike Price JPY 464,117.73, Expires 6/28/10,
Broker Morgan Stanley & Co., Inc.

 

 

425

 

 

(70,065

)

Konica Minolta Holdings, Inc., Strike Price JPY 1,105.95,
Expires 5/11/10, Broker Morgan Stanley & Co., Inc.

 

 

301,500

 

 

(275,258

)

Koninklijke (Royal) KPN NV, Strike Price EUR 11.26,
Expires 6/03/10, Broker UBS Securities LLC

 

 

59,200

 

 

(20,860

)

Koninklijke (Royal) KPN NV, Strike Price EUR 11.72,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

155,500

 

 

(9,557

)

Koninklijke (Royal) Philips Electronics NV,
Strike Price EUR 25.53, Expires 5/05/10,
Broker Deutsche Bank Securities

 

 

52,500

 

 

(16,027

)

Magna International Inc., Class A, Strike Price USD 64.18,
Expires 6/11/10, Broker Credit Suisse First Boston

 

 

52,500

 

 

(155,303

)

Marubeni Corp., Strike Price JPY 565.60, Expires 6/28/10,
Broker JPMorgan Chase Securities

 

 

840,000

 

 

(215,332

)

Matsui Securities Co. Ltd., Strike Price JPY 713.82,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

333,000

 

 

(73,360

)

Mega Financial Holdings Co. Ltd., Strike Price TWD 18.27,
Expires 6/28/10, Broker Goldman Sachs & Co.

 

 

2,000,000

 

 

(44,240

)

Mega Financial Holdings Co. Ltd., Strike Price TWD 18.73,
Expires 6/07/10, Broker Credit Suisse First Boston

 

 

2,687,000

 

 

(31,411

)

Melco Crown Entertainment Ltd. - ADR,
Strike Price USD 5.56, Expires 6/08/10,
Broker Credit Suisse First Boston

 

 

445,000

 

 

(72,450

)

Merck KGaA, Strike Price EUR 61.61, Expires 5/06/10,
Broker UBS Securities LLC

 

 

39,400

 

 

(32,793

)

Merck KGaA, Strike Price EUR 65.11, Expires 6/03/10,
Broker Credit Suisse First Boston

 

 

25,500

 

 

(17,162

)

Mitsubishi Heavy Industries Ltd., Strike Price JPY 386.31,
Expires 6/28/10, Broker Morgan Stanley & Co., Inc.

 

 

1,002,000

 

 

(161,178

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Mitsubishi UFJ Financial Group, Inc.,
Strike Price JPY 509.04, Expires 6/28/10,
Broker JPMorgan Chase Securities

 

 

645,500

 

$

(138,535

)

Mitsui & Co. Ltd., Strike Price JPY 1,648.32,
Expires 6/07/10, Broker Morgan Stanley & Co., Inc.

 

 

257,000

 

 

(19,178

)

Mizuho Securities Co. Ltd., Strike Price JPY 289.91,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

620,000

 

 

(15,554

)

MTN Group Ltd., Strike Price ZAR 114.33,
Expires 5/19/10, Broker Morgan Stanley & Co., Inc.

 

 

172,800

 

 

(17,323

)

Muenchener Rueckversicherungs AG, Registered
Shares, Strike Price EUR 122.91, Expires 5/11/10,
Broker Deutsche Bank Securities

 

 

14,300

 

 

(10

)

Naspers Ltd., Strike Price ZAR 319.87, Expires 5/05/10,
Broker Citigroup Global Markets

 

 

63,000

 

 

(169

)

National Australia Bank Ltd., Strike Price AUD 28.59,
Expires 6/28/10, Broker Morgan Stanley & Co., Inc.

 

 

213,800

 

 

(139,483

)

Nestle SA, Strike Price CHF 53.33, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

100,400

 

 

(71,464

)

Nestle SA, Strike Price CHF 53.97, Expires 5/11/10,
Broker UBS Securities LLC

 

 

45,000

 

 

(5,359

)

New World Development Ltd., Strike Price HKD 16.10,
Expires 6/07/10, Broker Deutsche Bank Securities

 

 

1,618,000

 

 

(5,593

)

Nikon Corp., Strike Price JPY 2,190.86, Expires 6/28/10,
Broker UBS Securities LLC

 

 

176,700

 

 

(181,009

)

Nobel Biocare Holding AG, Strike Price CHF 30.32,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

75,700

 

 

(813

)

Nomura Holdings, Inc., Strike Price JPY 663.57,
Expires 6/28/10, Broker JPMorgan Chase Securities

 

 

495,000

 

 

(145,409

)

Nordea Bank AB, Strike Price SEK 73.17,
Expires 5/12/10, Broker BNP Paribas

 

 

318,700

 

 

(12,585

)

Novartis AG, Registered Shares, Strike Price CHF 57,
Expires 5/21/10, Broker Credit Suisse First Boston

 

 

745

 

 

(14,143

)

Novartis AG, Registered Shares, Strike Price CHF 57.73,
Expires 5/12/10, Broker UBS Securities LLC

 

 

101,000

 

 

(2,948

)

Novartis AG, Registered Shares, Strike Price CHF 58,
Expires 5/21/10, Broker Morgan Stanley & Co., Inc.

 

 

780

 

 

(6,187

)

NSK Ltd., Strike Price JPY 739.97, Expires 6/28/10,
Broker UBS Securities LLC

 

 

954,000

 

 

(307,234

)

NTT Data Corp., Strike Price JPY 325,220,
Expires 6/07/10, Broker Morgan Stanley & Co., Inc.

 

 

240

 

 

(55,148

)

NTT Data Corp., Strike Price JPY 350,427.67,
Expires 6/28/10, Broker UBS Securities LLC

 

 

770

 

 

(123,717

)

NXT Plc, Strike Price GBP 22.76, Expires 5/19/10,
Broker Morgan Stanley & Co., Inc.

 

 

78,500

 

 

(70,877

)

Pacific Rubiales Energy Corp., Strike Price CAD 20,
Expires 6/21/10, Broker T.D. Securities

 

 

1,130

 

 

(369,881

)

Pacific Rubiales Energy Corp., Strike Price CAD 21,
Expires 5/22/10, Broker RBC Capital Markets

 

 

1,086

 

 

(224,513

)

Pan American Silver Corp., Strike Price USD 23.35,
Expires 5/13/10, Broker UBS Securities LLC

 

 

123,000

 

 

(380,803

)

Panasonic Corp., Strike Price JPY 1,417.03,
Expires 6/07/10, Broker Morgan Stanley & Co., Inc.

 

 

189,000

 

 

(83,775

)

Paramalat SpA, Strike Price EUR 2.08, Expires 5/19/10,
Broker Citigroup Global Markets

 

 

909,100

 

 

(20,274

)

PartyGaming Plc, Strike Price GBP 3.19, Expires 6/03/10,
Broker Credit Suisse First Boston

 

 

148,000

 

 

(15,284

)

PartyGaming Plc, Strike Price GBP 3.20, Expires 5/26/10,
Broker Citigroup Global Markets

 

 

148,000

 

 

(11,658

)

Portugal Telecom SGPS SA, Strike Price EUR 8.37,
Expires 5/11/10, Broker BNP Paribas

 

 

209,000

 

 

(708

)

Renault SA, Strike Price EUR 35.87, Expires 6/16/10,
Broker Credit Suisse First Boston

 

 

56,000

 

 

(125,502

)

ResMed, Inc., Strike Price AUD 6.99, Expires 5/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

316,000

 

 

(45,215

)

Royal Bank of Scotland Group Plc, Strike Price GBP 0.47,
Expires 5/19/10, Broker Citigroup Global Markets

 

 

5,200,000

 

 

(554,024

)


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

48

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

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)

 

 

 

 

 

 

 

Royal Dutch Shell Plc, Class A - ADR,
Strike Price USD 60.19, Expires 5/13/10,
Broker Citigroup Global Markets

 

 

45,000

 

$

(123,458

)

RWE AG, Strike Price EUR 63, Expires 6/03/10,
Broker Credit Suisse First Boston

 

 

12,000

 

 

(17,938

)

RWE AG, Strike Price EUR 66, Expires 5/21/10,
Broker Deutsche Bank Securities

 

 

250

 

 

(5,436

)

RWE AG, Strike Price EUR 66.28, Expires 6/03/10,
Broker Citigroup Global Markets

 

 

66,700

 

 

(14,122

)

Samsung Electronics Co. Ltd.,
Strike Price KRW 827,237.04, Expires 6/28/10,
Broker Deutsche Bank Securities

 

 

8,300

 

 

(355,418

)

SAP AG - ADR, Strike Price USD 49.11, Expires 6/02/10,
Broker Credit Suisse First Boston

 

 

72,500

 

 

(51,497

)

Siemens AG, Strike Price EUR 70.75, Expires 5/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

66,000

 

 

(236,938

)

Siliconware Precision Industries Co. - ADR,
Strike Price USD 6.91, Expires 6/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

291,000

 

 

(42,384

)

Singapore Telecommunications Ltd., Strike Price SGD 3.18,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

5,103,000

 

 

(76,810

)

Societe Generale, Strike Price EUR 45.41,
Expires 6/03/10, Broker Citigroup Global Markets

 

 

57,000

 

 

(34,141

)

Software AG, Strike Price EUR 86.77, Expires 6/16/10,
Broker Citigroup Global Markets

 

 

14,500

 

 

(60,708

)

Sterlite Industries India Ltd. - ADR, Strike Price USD 18.23,
Expires 5/04/10, Broker Morgan Stanley & Co., Inc.

 

 

99,000

 

 

(21,748

)

Sterlite Industries India Ltd. - ADR, Strike Price USD 18.53,
Expires 5/05/10, Broker JPMorgan Chase Securities

 

 

78,500

 

 

(13,616

)

Sterlite Industries India Ltd. - ADR, Strike Price USD 19.53,
Expires 6/02/10, Broker UBS Securities LLC

 

 

87,200

 

 

(20,827

)

Straits Asia Resources Ltd., Strike Price SGD 2.12,
Expires 6/07/10, Broker Morgan Stanley & Co., Inc.

 

 

1,305,000

 

 

(58,260

)

Straits Asia Resources Ltd., Strike Price SGD 2.33,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

1,365,000

 

 

(18,372

)

Sumitomo Mitsui Financial Group, Inc.,
Strike Price JPY 3,211.80, Expires 5/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

63,000

 

 

(15,189

)

Sumitomo Mitsui Financial Group, Inc.,
Strike Price JPY 3,264.32, Expires 6/07/10,
Broker Morgan Stanley & Co., Inc.

 

 

40,000

 

 

(20,704

)

Svenska Cellulosa AB, B Shares, Strike Price SEK 101.81,
Expires 5/11/10, Broker BNP Paribas

 

 

165,000

 

 

(7

)

Svenska Cellulosa AB, B Shares, Strike Price SEK 101.89,
Expires 5/12/10, Broker UBS Securities LLC

 

 

305,000

 

 

(21

)

Swiss Life Holding AG, Strike Price CHF 133.83,
Expires 6/03/10, Broker Credit Suisse First Boston

 

 

27,700

 

 

(77,040

)

Swiss Reinsurance Co. Ltd., Strike Price CHF 48.56,
Expires 6/16/10, Broker Citigroup Global Markets

 

 

56,100

 

 

(100,257

)

Swisscom AG, Registered Shares, Strike Price CHF 389.44,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

6,400

 

 

(181

)

Syngenta AG, Registered Shares, Strike Price CHF 296.74,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

8,400

 

 

(556

)

T&D Holdings, Inc., Strike Price JPY 2,445.21,
Expires 6/07/10, Broker Morgan Stanley & Co., Inc.

 

 

148,000

 

 

(158,708

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
Strike Price USD 10.40, Expires 5/14/10,
Broker Deutsche Bank Securities

 

 

225,000

 

 

(50,177

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
Strike Price USD 11.08, Expires 5/28/10,
Broker Credit Suisse First Boston

 

 

90,000

 

 

(2,260

)

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR,
Strike Price USD 11.11, Expires 5/28/10,
Broker Credit Suisse First Boston

 

 

58,000

 

 

(4,178

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

Telecom Corp. of New Zealand Ltd. - ADR,
Strike Price USD 7.92, Expires 5/27/10,
Broker Citigroup Global Markets

 

 

97,500

 

$

(15,839

)

Telecom Italia SpA, Strike Price EUR 1.09,
Expires 5/11/10, Broker BNP Paribas

 

 

1,600,000

 

 

(13,280

)

Telefonica SA, Strike Price EUR 16.94,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

9,400

 

 

(6,945

)

Telefonica SA, Strike Price EUR 17.82,
Expires 5/26/10, Broker BNP Paribas

 

 

177,000

 

 

(34,135

)

Tesco Plc, Strike Price GBP 4.59, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

629,400

 

 

(15,421

)

Tokio Marine Holdings, Inc., Strike Price JPY 2,573.77,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

125,000

 

 

(317,014

)

Toronto-Dominion Bank (The), Strike Price CAD 76,
Expires 5/22/10, Broker T.D. Securities

 

 

38

 

 

(3,797

)

Toronto-Dominion Bank (The), Strike Price CAD 76,
Expires 6/21/10, Broker T.D. Securities

 

 

420

 

 

(76,905

)

Total SA, Strike Price EUR 42.95, Expires 6/03/10,
Broker Credit Suisse First Boston

 

 

16,000

 

 

(6,145

)

Total SA, Strike Price EUR 43.39, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

135,600

 

 

(38,157

)

TrygVesta AS, Strike Price DKK 367.74,
Expires 5/12/10, Broker Morgan Stanley & Co., Inc.

 

 

39,300

 

 

(1,626

)

Tyco Electronics Ltd., Strike Price USD 26.95,
Expires 5/05/10, Broker Credit Suisse First Boston

 

 

75,000

 

 

(387,750

)

Tyco Electronics Ltd., Strike Price USD 27.83,
Expires 5/06/10, Broker Morgan Stanley & Co., Inc.

 

 

68,500

 

 

(294,173

)

UBS AG, Strike Price CHF 17.42, Expires 5/19/10,
Broker UBS Securities LLC

 

 

143,700

 

 

(36,435

)

Unibail-Rodamco SE - REIT, Strike Price EUR 144.13,
Expires 6/16/10, Broker Morgan Stanley & Co., Inc.

 

 

21,000

 

 

(27,933

)

UniCredit SpA, Strike Price EUR 2.04, Expires 6/16/10,
Broker Credit Suisse First Boston

 

 

619,000

 

 

(74,175

)

Unilever Plc, Strike Price GBP 19.86, Expires 5/26/10,
Broker UBS Securities LLC

 

 

156,600

 

 

(50,732

)

Usinas Siderurgicas de Minas Gerais SA, Class A -
Preference Shares, Strike Price BRL 57.07,
Expires 5/28/10, Broker Deutsche Bank Securities

 

 

99,800

 

 

(93,045

)

Vedanta Resources Plc, Strike Price GBP 28.22,
Expires 5/26/10, Broker Goldman Sachs & Co.

 

 

40,200

 

 

(9,799

)

Vedanta Resources Plc, Strike Price GBP 29,
Expires 5/26/10, Broker Morgan Stanley & Co., Inc.

 

 

80,000

 

 

(10,327

)

VimpelCom Ltd. - ADR, Strike Price USD 17.88,
Expires 6/11/10, Broker UBS Securities LLC

 

 

62,500

 

 

(41,346

)

Vivendi SA, Strike Price EUR 20.05, Expires 5/05/10,
Broker Citigroup Global Markets

 

 

132,000

 

 

(15,923

)

Vodafone Group Plc - ADR, Strike Price USD 23.42,
Expires 5/27/10, Broker Citigroup Global Markets

 

 

148,000

 

 

(39,859

)

Vodafone Group Plc - ADR, Strike Price USD 23.50,
Expires 5/28/10, Broker Credit Suisse First Boston

 

 

80,000

 

 

(11,052

)

Volkswagen AG - Preference Shares, Strike Price EUR 68.24,
Expires 5/12/10, Broker Morgan Stanley & Co., Inc.

 

 

29,276

 

 

(144,449

)

Volkswagen AG - Preference Shares, Strike Price EUR 72.22,
Expires 6/16/10, Broker Citigroup Global Markets

 

 

18,200

 

 

(71,384

)

Wilmar International Ltd., Strike Price SGD 7.02,
Expires 6/07/10, Broker Goldman Sachs & Co.

 

 

833,000

 

 

(88,673

)

WPP Plc, Strike Price GBP 7.02, Expires 5/26/10,
Broker Citigroup Global Markets

 

 

598,000

 

 

(121,467

)

Zurich Financial Services AG, Strike Price CHF 273.24,
Expires 6/03/10, Broker BNP Paribas

 

 

8,000

 

 

(678

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(16,857,850

)

               

Total Options Written (Premiums Received $19,953,384)—(1.5)%

 

 

 

 

 

(17,801,524

)

               

Total Investments Net of Outstanding Options Written—97.6%

 

 

 

 

 

1,130,822,559

 

Other Assets Less Liabilities—2.4%

 

 

 

 

 

27,759,649

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

1,158,582,208

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

49




 

 


 

Schedule of Investments (concluded)

BlackRock International Growth and Income Trust (BGY)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

1,212,822,979

 

 

 

     

Gross unrealized appreciation

 

$

41,841,768

 

Gross unrealized depreciation

 

 

(106,040,664

)

 

 

     

Net unrealized depreciation

 

$

(64,198,896

)

 

 

     

 

 

(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)

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

 

Shares/
Beneficial Interest
Held at
October
31, 2009

 

Net Activity

 

Shares/
Beneficial Interest
Held at
April 30,
2010

 

Income

 

                   

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

73,117,275

 

 

(38,101,320

)

35,015,955

 

 

$

19,208

 

BlackRock Liquidity
Series, LLC Money
Market Series

 

4,855,000

 

 

(3,855,000

)

1,000,000

 

 

$

3,588

 

                   

 

 

(e)

Represents current yield as of report date.

(f)

Security purchased with the cash collateral from securities loans.

 

 

Foreign currency exchange contracts as of April 30, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                   

CAD

3,509,500

 

USD

3,497,315

 

Citigroup Global Markets

 

5/03/10

 

$

(42,372

)

CAD

3,506,000

 

USD

3,488,227

 

Citigroup Global Markets

 

5/04/10

 

 

(36,720

)

CAD

1,074,000

 

USD

1,057,510

 

Citigroup Global Markets

 

5/03/10

 

 

(206

)

CHF

1,342,000

 

USD

1,238,922

 

Citigroup Global Markets

 

5/03/10

 

 

8,168

 

CHF

1,215,000

 

USD

1,128,883

 

Citigroup Global Markets

 

5/05/10

 

 

219

 

EUR

13,763,000

 

USD

18,321,347

 

Deutsche Bank Securities

 

5/05/10

 

 

3,746

 

GBP

14,000

 

USD

21,399

 

Citigroup Global Markets

 

5/06/10

 

 

21

 

JPY

41,690,000

 

USD

441,723

 

Deutsche Bank Securities

 

5/06/10

 

 

2,120

 

MXN

2,721,000

 

USD

222,115

 

Citigroup Global Markets

 

5/03/10

 

 

(1,187

)

USD

38,766

 

AUD

42,000

 

UBS Securities LLC

 

5/03/10

 

 

(83

)

USD

301,741

 

AUD

324,000

 

Citigroup Global Markets

 

5/04/10

 

 

2,084

 

USD

2,175,569

 

CHF

2,342,000

 

Royal Bank of Scotland

 

5/04/10

 

 

(826

)

USD

11,965,850

 

EUR

8,980,000

 

UBS Securities LLC

 

5/04/10

 

 

9,245

 

USD

4,152,789

 

GBP

2,713,000

 

Royal Bank of Scotland

 

5/05/10

 

 

1,837

 

USD

250,911

 

HKD

1,948,000

 

Morgan Stanley & Co., Inc.

 

5/04/10

 

 

4

 

USD

57,001

 

SGD

78,000

 

Morgan Stanley & Co., Inc.

 

5/04/10

 

 

79

 

                         

Total

 

 

 

 

 

 

 

 

 

$

(53,871

)

 

 

 

 

 

 

 

 

 

 

     

 

 

 

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 assets and liabilities

 

 

 

 

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 or liabilities 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 circumstances, 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 methodologies 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 tables summarize the inputs used as of April 30, 2010 in determining the investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

       

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

 

Total

 

                     

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

$

6,398,241

 

$

20,832,518

 

 

$

27,230,759

 

Austria

 

 

 

 

5,665,257

 

 

 

5,665,257

 

Belgium

 

 

 

 

8,481,575

 

 

 

8,481,575

 

Brazil

 

 

33,635,101

 

 

 

 

 

33,635,101

 

Canada

 

 

100,646,079

 

 

 

 

 

100,646,079

 

Cayman Islands

 

 

 

 

7,090,650

 

 

 

7,090,650

 

China

 

 

8,103,656

 

 

10,247,761

 

 

 

18,351,417

 

Denmark

 

 

 

 

14,305,933

 

 

 

14,305,933

 

Finland

 

 

 

 

6,377,128

 

 

 

6,377,128

 

France

 

 

 

 

63,376,269

 

 

 

63,376,269

 

Germany

 

 

13,537,984

 

 

90,964,026

 

 

 

104,502,010

 

Gibraltar

 

 

 

 

2,311,164

 

 

 

2,311,164

 

Hong Kong

 

 

7,791,088

 

 

26,866,571

 

 

 

34,657,659

 

India

 

 

7,168,928

 

 

 

 

 

7,168,928

 

Indonesia

 

 

 

 

6,117,241

 

 

 

6,117,241

 

Israel

 

 

3,112,690

 

 

 

 

 

3,112,690

 

Italy

 

 

 

 

23,828,385

 

 

 

23,828,385

 

Japan

 

 

 

 

159,905,958

 

 

 

159,905,958

 

Malaysia

 

 

 

 

9,367,866

 

 

 

9,367,866

 

Mexico

 

 

11,119,670

 

 

 

 

 

11,119,670

 

Netherlands

 

 

3,867,240

 

 

20,924,273

 

 

 

24,791,513

 

New Zealand

 

 

2,544,750

 

 

 

 

 

2,544,750

 

Philippines

 

 

3,818,696

 

 

 

 

 

3,818,696

 

Portugal

 

 

 

 

2,127,045

 

 

 

2,127,045

 

Singapore

 

 

 

 

39,846,589

 

 

 

39,846,589

 

South Africa

 

 

 

 

8,468,362

 

 

 

8,468,362

 

South Korea

 

 

 

 

20,507,353

 

 

 

20,507,353

 

Spain

 

 

 

 

25,799,857

 

 

 

25,799,857

 

Sweden

 

 

 

 

13,954,810

 

 

 

13,954,810

 

Switzerland

 

 

11,754,262

 

 

79,540,394

 

 

 

91,294,656

 

Taiwan

 

 

17,580,567

 

 

10,664,206

 

 

 

28,244,773

 

Thailand

 

 

 

 

8,862,064

 

 

 

8,862,064

 

United Kingdom

 

 

29,764,164

 

 

158,712,833

 

 

 

188,476,997

 

United States

 

 

6,618,924

 

 

 

 

 

6,618,924

 

Short-Term Securities

 

 

35,015,955

 

 

1,000,000

 

 

 

36,015,955

 

                         

Total

 

$

302,477,995

 

$

846,146,088

 

 

$

1,148,624,083

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

   

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                   

Assets:

 

 

 

$

27,523

 

 

$

27,523

 

Liabilities:

 

$

(2,342,782

)

 

(15,540,136

)

 

 

(17,882,918

)

                         

Total

 

$

(2,342,782

)

$

(15,512,613

)

 

$

(17,855,395

)

 

 

                     

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

50

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Chemicals—10.2%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

90,200

 

$

5,629,382

 

Air Products & Chemicals, Inc.

 

 

101,000

 

 

7,754,780

 

Celanese Corp., Series A

 

 

114,800

 

 

3,672,452

 

Dow Chemical (The)

 

 

189,825

 

 

5,852,305

 

E.I. du Pont de Nemours & Co.

 

 

496,079

 

 

19,763,787

 

Monsanto Co.

 

 

80,000

 

 

5,044,800

 

Mosaic Co. (The)

 

 

22,500

 

 

1,150,650

 

Olin Corp.

 

 

171,500

 

 

3,601,500

 

Potash Corp. of Saskatchewan, Inc.

 

 

77,200

 

 

8,530,600

 

Praxair, Inc.

 

 

174,500

 

 

14,617,865

 

 

 

 

 

 

     

 

 

 

 

 

 

75,618,121

 

               

Containers & Packaging—1.1%

 

 

 

 

 

 

 

Temple-Inland, Inc.

 

 

347,183

 

 

8,096,308

 

               

Energy Equipment & Services—6.3%

 

 

 

 

 

 

 

Calfrac Well Services Ltd.

 

 

19,700

 

 

419,095

 

Core Laboratories NV

 

 

69,736

 

 

10,452,729

 

FMC Technologies, Inc. (a)

 

 

129,000

 

 

8,732,010

 

Halliburton Co. (b)

 

 

201,700

 

 

6,182,105

 

Key Energy Services, Inc. (a)

 

 

294,800

 

 

3,201,528

 

Noble Corp. (a)

 

 

54,900

 

 

2,168,001

 

Schlumberger Ltd. (b)

 

 

102,200

 

 

7,299,124

 

Smith International, Inc.

 

 

47,400

 

 

2,263,824

 

Technip SA

 

 

30,500

 

 

2,438,811

 

Transocean Ltd. (a)

 

 

53,000

 

 

3,839,850

 

 

 

 

 

 

     

 

 

 

 

 

 

46,997,077

 

               

Gas Utilities—1.7%

 

 

 

 

 

 

 

EQT Corp.

 

 

161,100

 

 

7,006,239

 

Questar Corp.

 

 

122,900

 

 

5,893,055

 

 

 

 

 

 

     

 

 

 

 

 

 

12,899,294

 

               

Machinery—3.2%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

275,925

 

 

18,787,733

 

Deere & Co.

 

 

84,900

 

 

5,078,718

 

 

 

 

 

 

     

 

 

 

 

 

 

23,866,451

 

               

Metals & Mining—41.0%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd.

 

 

278,750

 

 

7,459,012

 

Agnico-Eagle Mines Ltd.

 

 

113,650

 

 

7,178,134

 

Alamos Gold, Inc.

 

 

915,000

 

 

13,592,587

 

Alcoa, Inc.

 

 

319,150

 

 

4,289,376

 

Allegheny Technologies, Inc.

 

 

43,100

 

 

2,304,557

 

Alumina, Ltd.

 

 

1,714,266

 

 

2,420,891

 

Anglo American Plc (a)

 

 

97,945

 

 

4,160,305

 

Anglo Platinum Ltd. (a)

 

 

50,444

 

 

5,474,164

 

Barrick Gold Corp.

 

 

104,100

 

 

4,533,555

 

BHP Billiton Plc

 

 

878,600

 

 

26,824,127

 

Carpenter Technology Corp.

 

 

46,766

 

 

1,836,501

 

Cia de Minas Buenaventura SA - ADR

 

 

228,600

 

 

7,518,654

 

Cliffs Natural Resources, Inc.

 

 

32,400

 

 

2,025,972

 

Eramet

 

 

16,450

 

 

5,936,380

 

First Quantum Minerals Ltd.

 

 

130,000

 

 

9,974,601

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

75,900

 

 

5,732,727

 

Fresnillo Plc

 

 

500,000

 

 

6,085,982

 

Goldcorp, Inc.

 

 

195,550

 

 

8,453,627

 

Harry Winston Diamond Corp. (a)

 

 

174,000

 

 

1,913,349

 

Iluka Resources Ltd. (a)

 

 

1,981,586

 

 

8,438,077

 

Impala Platinum Holdings Ltd.

 

 

510,200

 

 

14,385,131

 

Industrias Penoles SAB de CV

 

 

513,569

 

 

10,907,697

 

Jiangxi Copper Co. Ltd.

 

 

1,874,600

 

 

3,931,924

 

Kazakhmys Plc

 

 

251,400

 

 

5,326,108

 

Lihir Gold Ltd.

 

 

1,245,250

 

 

4,400,514

 

Minara Resources Ltd. (a)

 

 

1,761,350

 

 

1,408,542

 

Minsur SA

 

 

1,504,804

 

 

3,859,150

 

MMC Norilsk Nickel (a)

 

 

17,866

 

 

3,421,749

 

MMC Norilsk Nickel - ADR (a)

 

 

17,523

 

 

330,741

 

Newmont Mining Corp.

 

 

70,950

 

 

3,978,876

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Metals & Mining (concluded)

 

 

 

 

 

 

 

OZ Minerals Ltd. (a)

 

 

6,370,957

 

$

6,705,979

 

Rio Tinto Plc

 

 

517,104

 

 

26,734,618

 

Southern Copper Corp.

 

 

85,500

 

 

2,614,590

 

Straits Resources Ltd. (a)

 

 

804,450

 

 

919,084

 

Teck Resources Ltd., Class B (a)

 

 

308,800

 

 

12,135,554

 

United States Steel Corp.

 

 

42,800

 

 

2,339,448

 

Vale SA - ADR

 

 

851,700

 

 

26,087,571

 

Vedanta Resources Plc

 

 

432,700

 

 

16,540,574

 

Xstrata Plc

 

 

1,177,996

 

 

19,323,774

 

Zijin Mining Group Co. Ltd.

 

 

4,823,750

 

 

3,759,163

 

 

 

 

 

 

     

 

 

 

 

 

 

305,263,365

 

               

Oil & Gas Services—0.7%

 

 

 

 

 

 

 

Exterran Holdings, Inc. (a)

 

 

124,900

 

 

3,640,835

 

Trican Well Service Ltd.

 

 

123,100

 

 

1,563,290

 

 

 

 

 

 

     

 

 

 

 

 

 

5,204,125

 

               

Oil, Gas & Consumable Fuels—26.9%

 

 

 

 

 

 

 

Alpha Natural Resources, Inc. (a)

 

 

81,200

 

 

3,822,896

 

Apache Corp.

 

 

100,300

 

 

10,206,528

 

Arch Coal, Inc.

 

 

156,300

 

 

4,220,100

 

Cabot Oil & Gas Corp.

 

 

96,700

 

 

3,493,771

 

Cenovus Energy, Inc.

 

 

129,200

 

 

3,785,560

 

Consol Energy, Inc.

 

 

232,879

 

 

10,405,034

 

Crescent Point Energy Corp.

 

 

173,100

 

 

7,346,270

 

Denbury Resources, Inc. (a)

 

 

215,300

 

 

4,122,995

 

EnCana Corp.

 

 

160,250

 

 

5,299,467

 

EOG Resources, Inc.

 

 

103,200

 

 

11,570,784

 

Forest Oil Corp. (a)

 

 

151,700

 

 

4,444,810

 

Galleon Energy, Inc. (a)

 

 

322,900

 

 

2,241,037

 

Gasco Energy, Inc. (a)

 

 

579,700

 

 

260,285

 

Hess Corp.

 

 

59,800

 

 

3,800,290

 

Massey Energy Co. (b)

 

 

293,200

 

 

10,739,916

 

Newfield Exploration Co. (a)

 

 

143,200

 

 

8,332,808

 

Noble Energy, Inc.

 

 

81,500

 

 

6,226,600

 

Occidental Petroleum Corp.

 

 

121,300

 

 

10,754,458

 

OGX Petroleo e Gas Participacoes SA (a)

 

 

610,000

 

 

6,099,123

 

Patriot Coal Corp. (a)

 

 

18,960

 

 

373,322

 

Peabody Energy Corp.

 

 

191,600

 

 

8,951,552

 

Penn West Energy Trust

 

 

395,100

 

 

7,929,657

 

PetroBakken Energy Ltd.

 

 

38,710

 

 

1,051,397

 

PetroChina Co. Ltd. - ADR

 

 

15,200

 

 

1,749,976

 

Petroleo Brasileiro SA - ADR

 

 

120,300

 

 

5,104,329

 

Plains Exploration & Production Co. (a)

 

 

191,500

 

 

5,612,865

 

Premier Oil Plc (a)

 

 

112,700

 

 

2,182,563

 

Quicksilver Resources, Inc. (a)(c)

 

 

357,400

 

 

4,957,138

 

Range Resources Corp.

 

 

154,000

 

 

7,355,040

 

Southwestern Energy Co. (a)

 

 

193,900

 

 

7,693,952

 

StatoilHydro ASA

 

 

204,700

 

 

4,949,587

 

Suncor Energy, Inc.

 

 

138,500

 

 

4,732,545

 

Talisman Energy, Inc.

 

 

340,200

 

 

5,797,008

 

Ultra Petroleum Corp. (a)

 

 

66,100

 

 

3,157,597

 

Whiting Petroleum Corp. (a)

 

 

129,500

 

 

11,697,735

 

 

 

 

 

 

     

 

 

 

 

 

 

200,468,995

 

               

Paper & Forest Products—6.3%

 

 

 

 

 

 

 

Fibria Celulose SA - ADR (a)

 

 

332,200

 

 

6,594,170

 

International Paper Co.

 

 

446,400

 

 

11,936,736

 

MeadWestvaco Corp.

 

 

492,000

 

 

13,367,640

 

Mondi Ltd.

 

 

19,005

 

 

116,315

 

Mondi Plc

 

 

322,512

 

 

2,177,022

 

Weyerhauser Co.

 

 

250,500

 

 

12,404,760

 

 

 

 

 

 

     

 

 

 

 

 

 

46,596,643

 

               

Total Long-Term Investments
(Cost—$669,349,110)—97.4%

 

 

 

 

 

725,010,379

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

51




 

 


 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares/
Beneficial Interest

 

Value

 

           

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.13% (d)(e)

 

 

26,609,462

 

$

26,609,462

 

BlackRock Liquidity Series, LLC, Money
Market Series, 0.24% (d)(e)(f)

 

 

2,175,000

 

 

2,175,000

 

               

Total Short-Term Securities
(Cost—$28,784,462)—3.9%

 

 

 

 

 

28,784,462

 

               

Total Investments Before Outstanding Options Written
(Cost—$698,133,572*)—101.3%

 

 

 

 

 

753,794,841

 

               

 

 

 

 

 

 

 

 


Options Written

 

Contracts

 

 

 

 

           

Exchange-Traded Call Options Written—(0.6)%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd., Strike Price USD 60,
Expires 5/24/10

 

 

350

 

 

(147,000

)

Agnico-Eagle Mines Ltd., Strike Price USD 65,
Expires 5/24/10

 

 

100

 

 

(14,350

)

Agrium, Inc., Strike Price USD 70, Expires 5/24/10

 

 

315

 

 

(11,025

)

Air Products & Chemicals, Inc., Strike Price USD 75,
Expires 5/24/10

 

 

380

 

 

(106,400

)

Alcoa, Inc., Strike Price USD 15, Expires 5/24/10

 

 

100

 

 

(650

)

Alcoa, Inc., Strike Price USD 15, Expires 6/21/10

 

 

1,100

 

 

(24,200

)

Allegheny Technologies, Inc., Strike Price USD 55,
Expires 5/24/10

 

 

161

 

 

(26,565

)

Alpha Natural Resources, Inc., Strike Price USD 50,
Expires 5/24/10

 

 

140

 

 

(22,050

)

Alpha Natural Resources, Inc., Strike Price USD 50,
Expires 6/21/10

 

 

155

 

 

(39,913

)

Apache Corp., Strike Price USD 105, Expires 5/24/10

 

 

125

 

 

(24,062

)

Apache Corp., Strike Price USD 110, Expires 5/24/10

 

 

256

 

 

(16,640

)

Arch Coal, Inc., Strike Price USD 25, Expires 5/24/10

 

 

50

 

 

(12,500

)

Barrick Gold Corp., Strike Price USD 41, Expires 5/24/10

 

 

180

 

 

(54,000

)

Barrick Gold Corp., Strike Price USD 42, Expires 5/24/10

 

 

180

 

 

(40,770

)

Cabot Oil & Gas Corp., Strike Price USD 40, Expires 5/24/10

 

 

40

 

 

(1,700

)

Carpenter Technology Corp., Strike Price USD 36.25,
Expires 5/10/10

 

 

155

 

 

(49,634

)

Caterpillar, Inc., Strike Price USD 62.50, Expires 5/24/10

 

 

370

 

 

(223,850

)

Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10

 

 

600

 

 

(243,000

)

Caterpillar, Inc., Strike Price USD 70, Expires 6/21/10

 

 

125

 

 

(28,938

)

Celanese Corp., Series A, Strike Price USD 35,
Expires 5/24/10

 

 

275

 

 

(11,000

)

Celanese Corp., Series A, Strike Price USD 35,
Expires 6/21/10

 

 

125

 

 

(10,312

)

Cia de Minas Buenaventura SA - ADR, Strike Price USD 35,
Expires 5/24/10

 

 

400

 

 

(27,000

)

Cliff Natural Resources, Inc., Strike Price USD 75,
Expires 5/24/10

 

 

115

 

 

(5,750

)

Core Laboratories NV, Strike Price USD 140, Expires 5/24/10

 

 

100

 

 

(110,500

)

Deere & Co., Strike Price USD 60, Expires 5/24/10

 

 

280

 

 

(56,280

)

Dow Chemical Co., Strike Price USD 31, Expires 6/21/10

 

 

410

 

 

(63,140

)

E.I. du Pont de Nemours & Co., Strike Price USD 39,
Expires 5/24/10

 

 

170

 

 

(21,760

)

E.I. du Pont de Nemours & Co., Strike Price USD 40,
Expires 6/21/10

 

 

990

 

 

(121,275

)

EnCana Corp., Strike Price USD 31, Expires 5/24/10

 

 

40

 

 

(9,500

)

EnCana Corp., Strike Price USD 32, Expires 5/24/10

 

 

40

 

 

(6,600

)

EnCana Corp., Strike Price USD 33, Expires 6/21/10

 

 

250

 

 

(38,125

)

EnCana Corp., Strike Price USD 34, Expires 6/21/10

 

 

200

 

 

(21,000

)

EOG Resources, Inc., Strike Price USD 100, Expires 5/24/10

 

 

50

 

 

(65,250

)

EOG Resources, Inc., Strike Price USD 100, Expires 7/19/10

 

 

110

 

 

(166,650

)

EOG Resources, Inc., Strike Price USD 110, Expires 5/24/10

 

 

165

 

 

(84,975

)

EOG Resources, Inc., Strike Price USD 115, Expires 5/24/10

 

 

25

 

 

(6,812

)

EOG Resources, Inc., Strike Price USD 115, Expires 6/21/10

 

 

50

 

 

(23,000

)

EQT Corp., Strike Price USD 45, Expires 6/21/10

 

 

100

 

 

(10,750

)

FMC Technologies, Inc., Strike Price USD 70, Expires 5/24/10

 

 

450

 

 

(76,500

)

Forest Oil Corp., Strike Price USD 28, Expires 5/24/10

 

 

150

 

 

(31,500

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Exchange-Traded Call Options Written (continued)

 

 

 

 

 

 

 

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 80,
Expires 5/24/10

 

 

200

 

$

(24,600

)

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 85,
Expires 5/24/10

 

 

85

 

 

(3,570

)

Goldcorp, Inc., Strike Price USD 40, Expires 5/24/10

 

 

350

 

 

(124,250

)

Halliburton Co., Strike Price USD 32, Expires 5/24/10

 

 

400

 

 

(37,400

)

Hess Corp., Strike Price USD 65, Expires 5/24/10

 

 

200

 

 

(25,200

)

International Paper Co., Strike Price USD 28, Expires 5/24/10

 

 

215

 

 

(10,750

)

Massey Energy Co., Strike Price USD 55, Expires 7/19/10

 

 

1,050

 

 

(28,875

)

MeadWestvaco Corp., Strike Price USD 26, Expires 5/05/10

 

 

800

 

 

(95,970

)

Mosaic Co. (The), Strike Price USD 60, Expires 5/24/10

 

 

85

 

 

(1,572

)

Newfield Exploration Co., Strike Price USD 55, Expires 5/24/10

 

 

150

 

 

(66,000

)

Newfield Exploration Co., Strike Price USD 55, Expires 6/21/10

 

 

300

 

 

(159,000

)

Newmont Mining Corp., Strike Price USD 55, Expires 5/24/10

 

 

250

 

 

(59,875

)

Noble Corp., Strike Price USD 42, Expires 5/24/10

 

 

125

 

 

(7,187

)

Noble Corp., Strike Price USD 43, Expires 6/21/10

 

 

150

 

 

(13,125

)

Noble Energy, Inc., Strike Price USD 80, Expires 5/24/10

 

 

305

 

 

(32,788

)

Occidental Petroleum Corp., Strike Price USD 86.50,
Expires 5/24/10

 

 

25

 

 

(10,038

)

Olin Corp., Strike Price USD 20, Expires 5/24/10

 

 

100

 

 

(11,250

)

Patriot Coal Corp., Strike Price USD 25, Expires 5/24/10

 

 

60

 

 

(450

)

Peabody Energy Corp., Strike Price USD 48, Expires 5/24/10

 

 

260

 

 

(34,190

)

Peabody Energy Corp., Strike Price USD 49, Expires 5/24/10

 

 

205

 

 

(19,885

)

Peabody Energy Corp., Strike Price USD 49, Expires 6/21/10

 

 

100

 

 

(18,700

)

Peabody Energy Corp., Strike Price USD 50, Expires 5/24/10

 

 

100

 

 

(7,150

)

PetroChina Co. Ltd. - ADR, Strike Price USD 120,
Expires 5/24/10

 

 

57

 

 

(7,410

)

Petroleo Brasileiro SA - ADR, Strike Price USD 47,
Expires 5/24/10

 

 

450

 

 

(7,425

)

Plains Exploration & Production Co., Strike Price USD 33,
Expires 5/24/10

 

 

240

 

 

(8,400

)

Plains Exploration & Production Co., Strike Price USD 36,
Expires 5/24/10

 

 

430

 

 

(5,375

)

Potash Corp. of Saskatchewan, Inc., Strike Price USD 115,
Expires 5/24/10

 

 

150

 

 

(28,725

)

Potash Corp. of Saskatchewan, Inc., Strike Price USD 123,
Expires 5/24/10

 

 

150

 

 

(7,993

)

Praxair, Inc., Strike Price USD 85, Expires 5/24/10

 

 

130

 

 

(16,900

)

Questar Corp., Strike Price USD 45, Expires 5/24/10

 

 

225

 

 

(75,375

)

Questar Corp., Strike Price USD 46, Expires 5/18/10

 

 

235

 

 

(53,470

)

Quicksilver Resources, Inc., Strike Price USD 15,
Expires 5/24/10

 

 

400

 

 

(12,000

)

Quicksilver Resources, Inc., Strike Price USD 16,
Expires 5/24/10

 

 

400

 

 

(4,000

)

Quicksilver Resources, Inc., Strike Price USD 16,
Expires 6/21/10

 

 

400

 

 

(12,000

)

Range Resources Corp., Strike Price USD 52.50,
Expires 5/24/10

 

 

105

 

 

(3,675

)

Range Resources Corp., Strike Price USD 55, Expires 5/24/10

 

 

200

 

 

(3,000

)

Schlumberger Ltd., Strike Price USD 65, Expires 5/24/10

 

 

275

 

 

(191,813

)

Schlumberger Ltd., Strike Price USD 66, Expires 5/22/10

 

 

100

 

 

(60,436

)

Smith International, Inc., Strike Price USD 43, Expires 5/24/10

 

 

100

 

 

(51,500

)

Smith International, Inc., Strike Price USD 44, Expires 5/24/10

 

 

78

 

 

(32,760

)

Southwestern Energy Co., Strike Price USD 41, Expires 5/24/10

 

 

175

 

 

(17,062

)

Southwestern Energy Co., Strike Price USD 42, Expires 5/24/10

 

 

175

 

 

(11,812

)

Southwestern Energy Co., Strike Price USD 43, Expires 5/24/10

 

 

350

 

 

(15,750

)

Suncor Energy, Inc., Strike Price USD 34, Expires 5/24/10

 

 

400

 

 

(55,800

)

Suncor Energy, Inc., Strike Price USD 37, Expires 6/21/10

 

 

110

 

 

(8,690

)

Talisman Energy, Inc., Strike Price USD 17.50, Expires 5/24/10

 

 

400

 

 

(17,000

)

Transocean Ltd., Strike Price USD 90, Expires 5/24/10

 

 

200

 

 

(3,700

)

Ultra Petroleum Corp., Strike Price USD 49, Expires 6/21/10

 

 

230

 

 

(45,425

)

United States Steel Corp., Strike Price USD 65,
Expires 5/24/10

 

 

160

 

 

(6,720

)

Vale SA - ADR, Strike Price USD 30, Expires 5/24/10

 

 

235

 

 

(37,248

)

Vale SA - ADR, Strike Price USD 32, Expires 6/21/10

 

 

1,480

 

 

(167,980

)

See Notes to Financial Statements.

 

 

 

 

 

52

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 



 

 

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 (concluded)

 

 

 

 

 

 

 

Vale SA - ADR, Strike Price USD 33, Expires 6/21/10

 

 

1,480

 

$

(119,140

)

Weyerhauser Co., Strike Price USD 48, Expires 6/21/10

 

 

940

 

 

(305,500

)

Whiting Petroleum Corp., Strike Price USD 80, Expires 6/21/10

 

 

400

 

 

(486,000

)

Whiting Petroleum Corp., Strike Price USD 85, Expires 5/24/10

 

 

120

 

 

(81,000

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(4,807,835

)

               

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Consol Energy, Inc., Strike Price USD 41, Expires 5/24/10

 

 

140

 

 

(9,100

)

               

Over-the-Counter Call Options Written—(0.6)%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd., Strike Price ZAR 186.75,
Expires 6/03/10, Broker Citigroup Global Markets

 

 

50,000

 

 

(103,773

)

African Rainbow Minerals Ltd., Strike Price ZAR 202.47,
Expires 6/03/10, Broker UBS Securities LLC

 

 

55,000

 

 

(47,882

)

Alumina Ltd., Strike Price AUD 1.71, Expires 5/11/10,
Broker Citigroup Global Markets

 

 

565,700

 

 

(895

)

Anglo American Plc, Strike Price GBP 29.96,
Expires 6/16/10, Broker Citigroup Global Markets

 

 

36,800

 

 

(38,043

)

Anglo Platinum Ltd., Strike Price ZAR 842.55,
Expires 6/16/10, Broker UBS Securities LLC

 

 

18,900

 

 

(73,234

)

Arch Coal, Inc., Strike Price USD 26.25, Expires 6/07/10,
Broker Barclays Capital, Inc.

 

 

120

 

 

(22,495

)

Arch Coal, Inc., Strike Price USD 27.04, Expires 6/15/10,
Broker UBS Securities LLC

 

 

38,000

 

 

(63,297

)

BHP Billiton Plc, Strike Price GBP 21.73, Expires 6/16/10,
Broker Citigroup Global Markets

 

 

329,500

 

 

(145,775

)

Cabot Oil & Gas Corp., Strike Price USD 37.17,
Expires 5/05/10, Broker UBS Securities LLC

 

 

31,500

 

 

(9,500

)

Cenovus Energy, Inc., Strike Price USD 29.78,
Expires 6/29/10, Broker Morgan Stanley & Co., Inc.

 

 

39,500

 

 

(48,427

)

Cia de Minas Buenaventura - ADR, Strike Price USD 33.27,
Expires 5/14/10, Broker JPMorgan Chase Securities

 

 

40,000

 

 

(33,934

)

Consol Energy, Inc., Strike Price USD 45.2,
Expires 5/28/10, Broker UBS Securities LLC

 

 

50,000

 

 

(91,183

)

Consol Energy, Inc., Strike Price USD 48.54,
Expires 5/28/10, Broker UBS Securities LLC

 

 

10,000

 

 

(7,410

)

Core Laboratories NV, Strike Price USD 151,
Expires 6/04/10, Broker Citigroup Global Markets

 

 

18,000

 

 

(68,333

)

Crescent Point Energy Corp., Strike Price CAD 39.21,
Expires 5/10/10, Broker Deutsche Bank Securities

 

 

65,000

 

 

(249,557

)

Deere & Co., Strike Price USD 61, Expires 5/28/10,
Broker UBS Securities LLC

 

 

2,000

 

 

(3,355

)

Dow Chemical Co., Strike Price USD 30.66,
Expires 5/27/10, Broker Morgan Stanley & Co., Inc.

 

 

30,000

 

 

(35,330

)

E.I. du Pont de Nemours & Co., Strike Price USD 39.38,
Expires 5/05/10, Broker Morgan Stanley & Co., Inc.

 

 

70,000

 

 

(44,918

)

EQT Corp., Strike Price USD 45, Expires 5/28/10,
Broker UBS Securities LLC

 

 

16,000

 

 

(9,357

)

EQT Corp., Strike Price USD 46.49, Expires 5/28/10,
Broker Goldman Sachs & Co.

 

 

26,000

 

 

(6,796

)

Eramet, Strike Price EUR 237.08, Expires 5/12/10,
Broker Morgan Stanley & Co., Inc.

 

 

3,400

 

 

(157,031

)

Eramet, Strike Price EUR 285.66, Expires 6/16/10,
Broker Citigroup Global Markets

 

 

2,800

 

 

(33,210

)

Exterran Holdings, Inc., Strike Price USD 29.75,
Expires 7/06/10, Broker UBS Securities LLC

 

 

41,000

 

 

(64,196

)

Fibria Celulose SA - ADR, Strike Price USD 23,
Expires 5/18/10, Broker Credit Suisse First Boston

 

 

122,500

 

 

(13,756

)

First Quantum Minerals Ltd., Strike Price CAD 84,
Expires 5/24/10, Broker T.D. Securities

 

 

260

 

 

(27,515

)

Forest Oil Corp., Strike Price USD 29.01, Expires 5/28/10,
Broker UBS Securities LLC

 

 

35,000

 

 

(55,781

)

Fresnillo Plc, Strike Price GBP 8.61, Expires 6/16/10,
Broker Citigroup Global Markets

 

 

187,500

 

 

(62,610

)

Galleon Energy, Inc., Strike Price CAD 7.14,
Expires 6/02/10, Broker Goldman Sachs & Co.

 

 

90,000

 

 

(26,452

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Galleon Energy, Inc., Strike Price CAD 7.52, Expires 5/05/10,
Broker UBS Securities LLC

 

 

23,000

 

$

(579

)

Goldcorp, Inc., Strike Price USD 40.31, Expires 5/14/10,
Broker UBS Securities LLC

 

 

38,500

 

 

(120,377

)

Halliburton Co., Strike Price USD 35.27, Expires 6/11/10,
Broker UBS Securities LLC

 

 

43,000

 

 

(15,726

)

Harry Winston Diamond Corp., Strike Price CAD 11,
Expires 5/22/10, Broker RBC Capital Markets

 

 

250

 

 

(12,921

)

Harry Winston Diamond Corp., Strike Price CAD 11.12,
Expires 5/17/10, Broker Morgan Stanley & Co., Inc.

 

 

39,400

 

 

(16,338

)

Iluka Resources Ltd., Strike Price AUD 3.83,
Expires 5/11/10, Broker JPMorgan Chase Securities

 

 

653,900

 

 

(471,007

)

Impala Platinum Holdings Ltd., Strike Price ZAR 217.79,
Expires 6/16/10, Broker UBS Securities LLC

 

 

191,500

 

 

(192,290

)

Industrias Penoles SAB de CV, Strike Price MXN 263.67,
Expires 5/12/10, Broker Goldman Sachs & Co.

 

 

151,000

 

 

(31,652

)

Industrias Penoles SAB de CV, Strike Price MXN 281.41,
Expires 5/26/10, Broker Credit Suisse First Boston

 

 

41,500

 

 

(4,840

)

International Paper Co., Strike Price USD 27.87,
Expires 6/02/10, Broker UBS Securities LLC

 

 

135,000

 

 

(100,431

)

Jiangxi Copper Co. Ltd., Strike Price HKD 16.97,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

300,000

 

 

(7,918

)

Jiangxi Copper Co. Ltd., Strike Price HKD 17.62,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

318,000

 

 

(3,345

)

Kazakhmys Plc, Strike Price GBP 15.17, Expires 6/16/10,
Broker UBS Securities LLC

 

 

94,300

 

 

(41,360

)

Key Energy Services, Inc., Strike Price USD 10.75,
Expires 5/10/10, Broker UBS Securities LLC

 

 

100,000

 

 

(20,508

)

MeadWestvaco Corp., Strike Price USD 25.62,
Expires 5/06/10, Broker Morgan Stanley & Co., Inc.

 

 

104,500

 

 

(161,969

)

Minara Resources Ltd., Strike Price AUD 0.86,
Expires 5/11/10, Broker Citigroup Global Markets

 

 

660,500

 

 

(22,026

)

Minsur SA, Strike Price PEN 6.82, Expires 6/09/10,
Broker Credit Suisse First Boston

 

 

250,000

 

 

(46,403

)

Minsur SA, Strike Price PEN 6.83, Expires 5/17/10,
Broker Deutsche Bank Securities

 

 

250,000

 

 

(41,965

)

MMC Norilsk Nickel - ADR, Strike Price USD 19.72,
Expires 6/16/10, Broker Credit Suisse First Boston

 

 

17,500

 

 

(10,459

)

Modi Plc, Strike Price GBP 4.69, Expires 6/16/10,
Broker UBS Securities LLC

 

 

121,000

 

 

(12,889

)

Monsanto Co., Strike Price USD 66.56, Expires 6/01/10,
Broker Credit Suisse First Boston

 

 

30,000

 

 

(25,394

)

Occidental Petroleum Corp., Strike Price USD 86,
Expires 7/06/10, Broker UBS Securities LLC

 

 

43,000

 

 

(268,147

)

OGX Petroleo e Gas Participacoes SA, Strike Price BRL 17.95,
Expires 5/17/10, Broker Deutsche Bank Securities

 

 

200,000

 

 

(40,600

)

Olin Corp., Strike Price USD 20.67, Expires 6/08/10,
Broker Morgan Stanley & Co., Inc.

 

 

30,000

 

 

(34,527

)

OZ Minerals Ltd., Strike Price AUD 1.15, Expires 5/11/10,
Broker UBS Securities LLC

 

 

2,100,000

 

 

(44,526

)

Penn West Energy Trust, Strike Price USD 20.81,
Expires 6/02/10, Broker UBS Securities LLC

 

 

46,000

 

 

(15,841

)

Penn West Energy Trust, Strike Price USD 21.05,
Expires 5/10/10, Broker Credit Suisse First Boston

 

 

14,500

 

 

(782

)

Praxair, Inc., Strike Price USD 87.54, Expires 5/20/10,
Broker Morgan Stanley & Co., Inc.

 

 

52,500

 

 

(21,539

)

Premier Oil Plc, Strike Price GBP 13.27, Expires 6/16/10,
Broker Citigroup Global Markets

 

 

42,200

 

 

(18,794

)

Range Resources Corp., Strike Price USD 49.94,
Expires 5/28/10, Broker UBS Securities LLC

 

 

10,000

 

 

(9,934

)

Rio Tinto Plc, Strike Price GBP 38.99, Expires 6/16/10,
Broker Citigroup Global Markets

 

 

194,000

 

 

(98,020

)

Southern Copper Corp., Strike Price USD 35.72,
Expires 5/20/10, Broker Morgan Stanley & Co., Inc.

 

 

32,000

 

 

(1,431

)

Statoil ASA, Strike Price NOK 138.81, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

76,700

 

 

(68,054

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

53




 

 



 

 

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)

 

 

 

 

 

 

 

Straits Resources Ltd., Strike Price AUD 1.36,
Expires 5/11/10, Broker UBS Securities LLC

 

 

265,000

 

$

(577

)

Talisman Energy, Inc., Strike Price USD 18.59,
Expires 5/28/10, Broker UBS Securities LLC

 

 

40,000

 

 

(15,058

)

Technip SA, Strike Price EUR 57.32, Expires 5/12/10,
Broker Morgan Stanley & Co., Inc.

 

 

11,500

 

 

(45,271

)

Teck Resources Ltd., Strike Price CAD 44, Expires 5/24/10,
Broker T.D. Securities

 

 

1,020

 

 

(38,157

)

Temple-Inland, Inc., Strike Price USD 20.83, Expires 5/21/10,
Broker Credit Suisse First Boston

 

 

66,900

 

 

(179,388

)

Temple-Inland, Inc., Strike Price USD 23.69,
Expires 6/02/10, Broker JPMorgan Chase Securities

 

 

61,500

 

 

(70,301

)

Trican Well Service Ltd., Strike Price CAD 14,
Expires 5/22/10, Broker T.D. Securities

 

 

360

 

 

(3,544

)

Vedanta Resources Plc, Strike Price GBP 28.51,
Expires 6/16/10, Broker Citigroup Global Markets

 

 

162,300

 

 

(76,219

)

Xstrata Plc, Strike Price GBP 12.30, Expires 6/16/10,
Broker Citigroup Global Markets

 

 

440,000

 

 

(123,639

)

Zijin Mining Group Co. Ltd., Strike Price HKD 7.03,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

1,592,000

 

 

(422

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(4,079,213

)

               

Total Options Written
(Premiums Received—$9,316,659)—(1.2)%

 

 

 

 

 

(8,896,148

)

               

Total Investments Net of Outstanding Options Written—100.1%

 

 

 

 

 

744,898,693

 

Liabilities in Excess of Other Assets—(0.1)%

 

 

 

 

 

(895,691

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

744,003,002

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

715,498,365

 

 

 

 

 

 

     

Gross unrealized appreciation

 

 

 

 

$

123,584,773

 

Gross unrealized depreciation

 

 

 

 

 

(85,288,297

)

 

 

 

 

 

     

Net unrealized appreciation

 

 

 

 

$

38,296,476

 

 

 

 

 

 

     

 

 

(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

 

Shares/
Beneficial Interest
Held at
October 31,
2009

 

Net
Activity

 

Shares/
Beneficial Interest
Held at
April 30,
2010

 

Income

 

                   

BlackRock Liquidity Funds,
TempFund, Institutional
Class

 

 

35,341,819

 

 

(8,732,357

)

 

26,609,462

 

$

16,636

 

BlackRock Liquidity Series,
LLC Money Market Series

 

 

1,360,000

 

 

815,000

 

 

2,175,000

 

$

2,171

 

                           

 

 

(e)

Represents current yield as of report date.

(f)

Security purchased with the cash collateral from securities loans.

 

 

Foreign currency exchange contracts as of April 30, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Depreciation

 

                   

ZAR

1,367,000

 

USD

185,009

 

Citigroup Global Markets

 

5/04/10

 

$

(72

)

                         

 

 

 

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

 

 

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 assets and liabilities

 

 

 

 

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 or liabilities 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 circumstances, 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 methodologies 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 tables summarize the inputs used as of April 30, 2010 in determining the investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

$

75,618,121

 

 

 

 

 

$

75,618,121

 

Containers & Packaging

 

 

8,096,308

 

 

 

 

 

 

8,096,308

 

Energy Equipment & Services

 

 

44,558,266

 

$

2,438,811

 

 

 

 

46,997,077

 

Gas Utilities

 

 

12,899,294

 

 

 

 

 

 

12,899,294

 

Machinery

 

 

23,866,451

 

 

 

 

 

 

23,866,451

 

Metals & Mining

 

 

158,011,144

 

 

147,252,221

 

 

 

 

305,263,365

 

Oil & Gas Services

 

 

5,204,125

 

 

 

 

 

 

5,204,125

 

Oil, Gas & Consumable Fuels

 

 

193,336,845

 

 

7,132,150

 

 

 

 

200,468,995

 

Paper & Forest Products

 

 

44,419,621

 

 

2,177,022

 

 

 

 

46,596,643

 

Short-Term Securities

 

 

26,609,462

 

 

2,175,000

 

 

 

 

28,784,462

 

                           

Total

 

$

592,619,637

 

$

161,175,204

 

 

 

$

753,794,841

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

                           

Liabilities:

 

$

(4,621,531

)

$

(4,274,689

)

 

 

$

(8,896,220

)

                           

Total

 

$

(4,621,531

)

$

(4,274,689

)

 

 

$

(8,896,220

)

 

 

                       

 

 

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

54

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Schedule of Investments April 30, 2010 (Unaudited)

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—4.7%

 

 

 

 

 

 

 

Australia & New Zealand Banking Group Ltd.

 

 

22,700

 

$

502,789

 

BHP Billiton Ltd.

 

 

18,125

 

 

662,582

 

Foster’s Group Ltd.

 

 

116,100

 

 

581,800

 

National Australia Bank Ltd.

 

 

43,800

 

 

1,119,041

 

Santos Ltd.

 

 

91,300

 

 

1,158,316

 

 

 

 

 

 

     

 

 

 

 

 

 

4,024,528

 

               

Belgium—0.9%

 

 

 

 

 

 

 

Mobistar SA

 

 

5,500

 

 

338,069

 

Solvay SA

 

 

4,200

 

 

401,081

 

 

 

 

 

 

     

 

 

 

 

 

 

739,150

 

               

Canada—7.0%

 

 

 

 

 

 

 

Bank of Montreal

 

 

22,800

 

 

1,416,078

 

Bank of Nova Scotia

 

 

13,500

 

 

688,157

 

Enbridge, Inc.

 

 

15,250

 

 

740,581

 

Manulife Financial Corp.

 

 

18,700

 

 

337,256

 

National Bank of Canada

 

 

7,200

 

 

440,166

 

Royal Bank of Canada

 

 

28,900

 

 

1,752,265

 

Suncor Energy, Inc.

 

 

4,450

 

 

152,232

 

TransCanada Corp.

 

 

12,300

 

 

433,975

 

 

 

 

 

 

     

 

 

 

 

 

 

5,960,710

 

               

Finland—0.9%

 

 

 

 

 

 

 

Kesko Oyj, B Shares

 

 

10,900

 

 

422,547

 

Nokia Oyj

 

 

26,300

 

 

321,532

 

 

 

 

 

 

     

 

 

 

 

 

 

744,079

 

               

France—4.7%

 

 

 

 

 

 

 

AXA SA

 

 

14,500

 

 

288,150

 

Bouygues SA

 

 

10,700

 

 

530,183

 

PPR (a)

 

 

1,800

 

 

241,920

 

Sanofi-Aventis SA (a)

 

 

4,600

 

 

313,806

 

Schneider Electric SA

 

 

5,670

 

 

643,707

 

Societe Generale

 

 

4,900

 

 

261,657

 

Total SA

 

 

17,200

 

 

935,807

 

Vinci SA

 

 

13,700

 

 

763,438

 

 

 

 

 

 

     

 

 

 

 

 

 

3,978,668

 

               

Germany—3.2%

 

 

 

 

 

 

 

Allianz SE

 

 

5,800

 

 

664,942

 

BASF SE

 

 

14,200

 

 

825,569

 

RWE AG

 

 

4,300

 

 

353,710

 

SAP AG

 

 

8,050

 

 

388,398

 

Siemens AG

 

 

4,800

 

 

473,407

 

 

 

 

 

 

     

 

 

 

 

 

 

2,706,026

 

               

Greece—0.5%

 

 

 

 

 

 

 

National Bank of Greece SA (a)

 

 

11,000

 

 

176,857

 

OPAP SA

 

 

14,650

 

 

297,558

 

 

 

 

 

 

     

 

 

 

 

 

 

474,415

 

               

Hong Kong—2.5%

 

 

 

 

 

 

 

Esprit Holdings Ltd.

 

 

68,860

 

 

493,260

 

Hang Seng Bank Ltd.

 

 

21,400

 

 

291,659

 

Hongkong Electric Holdings Ltd.

 

 

132,500

 

 

781,848

 

Hopewell Holdings Ltd.

 

 

183,000

 

 

533,350

 

 

 

 

 

 

     

 

 

 

 

 

 

2,100,117

 

               

Italy—1.5%

 

 

 

 

 

 

 

Enel SpA

 

 

62,700

 

 

328,480

 

ENI SpA

 

 

41,800

 

 

934,203

 

 

 

 

 

 

     

 

 

 

 

 

 

1,262,683

 

               

Japan—6.4%

 

 

 

 

 

 

 

Canon, Inc.

 

 

11,300

 

 

516,899

 

Hitachi Koki Co. Ltd.

 

 

38,400

 

 

425,336

 

Mitsui & Co. Ltd.

 

 

50,600

 

 

760,472

 

Nintendo Co. Ltd.

 

 

600

 

 

201,556

 

Oracle Corp. Japan

 

 

14,400

 

 

713,634

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Japan (concluded)

 

 

 

 

 

 

 

Ricoh Co. Ltd.

 

 

51,000

 

$

866,369

 

Sharp Corp.

 

 

37,000

 

 

479,225

 

Takeda Pharmaceutical Co. Ltd.

 

 

14,000

 

 

601,095

 

Toyota Motor Corp.

 

 

24,300

 

 

938,902

 

 

 

 

 

 

     

 

 

 

 

 

 

5,503,488

 

               

Netherlands—0.5%

 

 

 

 

 

 

 

Koninklijke (Royal) KPN NV

 

 

28,000

 

 

420,084

 

               

Portugal—0.5%

 

 

 

 

 

 

 

Portugal Telecom SGPS SA

 

 

41,700

 

 

424,391

 

               

Singapore—1.5%

 

 

 

 

 

 

 

Keppel Corp. Ltd.

 

 

72,000

 

 

510,874

 

Singapore Technologies Engineering Ltd.

 

 

169,000

 

 

388,157

 

United Overseas Bank Ltd.

 

 

26,400

 

 

386,230

 

 

 

 

 

 

     

 

 

 

 

 

 

1,285,261

 

               

Spain—2.1%

 

 

 

 

 

 

 

ACS Actividades de Construccion y Servicios SA

 

 

7,900

 

 

358,232

 

Banco Santander SA (a)

 

 

18,433

 

 

228,077

 

Banco Santander SA

 

 

43,700

 

 

555,661

 

Iberdrola SA

 

 

40,600

 

 

322,204

 

Indra Sistemas SA

 

 

15,900

 

 

318,748

 

 

 

 

 

 

     

 

 

 

 

 

 

1,782,922

 

               

Sweden—3.8%

 

 

 

 

 

 

 

Axfood AB

 

 

9,500

 

 

271,443

 

Hennes & Mauritz AB

 

 

14,200

 

 

906,083

 

Ratos AB, B Shares

 

 

24,800

 

 

776,096

 

Scania AB, B Shares

 

 

48,800

 

 

851,585

 

TeliaSonera AB

 

 

60,800

 

 

416,734

 

 

 

 

 

 

     

 

 

 

 

 

 

3,221,941

 

               

Switzerland—0.8%

 

 

 

 

 

 

 

Nestle SA

 

 

6,900

 

 

337,623

 

Zurich Financial Services AG

 

 

1,649

 

 

365,575

 

 

 

 

 

 

     

 

 

 

 

 

 

703,198

 

               

United Kingdom—9.3%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

18,000

 

 

795,364

 

Barclays Plc

 

 

53,300

 

 

273,793

 

BHP Billiton Plc

 

 

14,150

 

 

432,007

 

BP Plc

 

 

191,150

 

 

1,667,198

 

British American Tobacco Plc

 

 

17,300

 

 

543,995

 

GlaxoSmithKline Plc

 

 

32,425

 

 

601,842

 

HSBC Holdings Plc

 

 

128,100

 

 

1,304,373

 

Man Group Plc

 

 

76,400

 

 

282,049

 

Royal Dutch Shell A Shares

 

 

16,700

 

 

524,013

 

Scottish & Southern Energy Plc

 

 

35,000

 

 

580,438

 

Standard Chartered Plc

 

 

33,550

 

 

894,933

 

 

 

 

 

 

     

 

 

 

 

 

 

7,900,005

 

               

United States—47.5%

 

 

 

 

 

 

 

3M Co. (b)

 

 

6,600

 

 

585,222

 

Abbott Laboratories

 

 

14,225

 

 

727,751

 

Aflac, Inc.

 

 

8,950

 

 

456,092

 

Altria Group, Inc.

 

 

54,700

 

 

1,159,093

 

Ameren Corp.

 

 

27,200

 

 

706,112

 

American Express Co.

 

 

11,200

 

 

516,544

 

AT&T Inc. (b)

 

 

80,050

 

 

2,086,103

 

Automatic Data Processing, Inc.

 

 

11,700

 

 

507,312

 

Bank of America Corp.

 

 

23,475

 

 

418,559

 

Bristol-Myers Squibb Co. (b)

 

 

38,300

 

 

968,607

 

Caterpillar, Inc.

 

 

14,950

 

 

1,017,945

 

CenturyTel, Inc.

 

 

16,600

 

 

566,226

 

Chevron Corp.

 

 

21,625

 

 

1,761,140

 

Chubb Corp.

 

 

8,100

 

 

428,247

 

Cincinnati Financial Corp.

 

 

15,000

 

 

426,000

 

Coca-Cola Co. (The)

 

 

13,600

 

 

726,920

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

55




 

 


 

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)

 

 

 

 

 

 

 

Consolidated Edison, Inc.

 

 

19,000

 

$

858,800

 

Dominion Resources, Inc.

 

 

11,300

 

 

472,340

 

Eaton Vance Corp.

 

 

13,700

 

 

482,788

 

Emerson Electric Co.

 

 

33,300

 

 

1,739,259

 

Equity Residential - REIT

 

 

13,700

 

 

620,199

 

Exxon Mobil Corp. (b)

 

 

35,400

 

 

2,401,890

 

General Electric Co.

 

 

68,900

 

 

1,299,454

 

Genuine Parts Co.

 

 

8,300

 

 

355,240

 

Goldman Sachs Group, Inc. (The)

 

 

3,650

 

 

529,980

 

HCP, Inc. - REIT

 

 

14,025

 

 

450,483

 

Health Care REIT, Inc.

 

 

13,200

 

 

593,076

 

Hewlett-Packard Co.

 

 

8,100

 

 

420,957

 

Home Depot, Inc.

 

 

15,000

 

 

528,750

 

Hudson City Bancorp, Inc.

 

 

30,625

 

 

407,313

 

Intel Corp.

 

 

52,800

 

 

1,205,424

 

International Business Machines Corp.

 

 

10,225

 

 

1,319,025

 

Johnson & Johnson

 

 

8,900

 

 

572,270

 

Kraft Food, Inc.

 

 

15,208

 

 

450,157

 

Liberty Property Trust - REIT

 

 

10,000

 

 

338,100

 

M&T Bank Corp.

 

 

6,100

 

 

532,835

 

McDonald’s Corp.

 

 

16,900

 

 

1,192,971

 

Merck & Co., Inc.

 

 

24,100

 

 

844,464

 

MetLife, Inc.

 

 

10,300

 

 

469,474

 

Microchip Technology, Inc.

 

 

23,900

 

 

698,119

 

Microsoft Corp.

 

 

46,000

 

 

1,404,840

 

Nationwide Health Properties, Inc. - REIT

 

 

18,225

 

 

638,240

 

PepsiCo, Inc.

 

 

9,800

 

 

639,156

 

Pfizer, Inc.

 

 

37,400

 

 

625,328

 

Philip Morris International, Inc.

 

 

15,600

 

 

765,648

 

PPG Industries, Inc.

 

 

9,625

 

 

677,311

 

Reynolds American, Inc.

 

 

8,600

 

 

459,412

 

Southern Co.

 

 

12,000

 

 

414,720

 

T. Rowe Price Group, Inc.

 

 

8,500

 

 

488,835

 

United Technologies Corp.

 

 

12,700

 

 

951,865

 

Wal-Mart Stores, Inc.

 

 

11,700

 

 

627,705

 

Wells Fargo & Co.

 

 

27,700

 

 

917,147

 

 

 

 

 

 

     

 

 

 

 

 

 

40,451,448

 

               

Total Long-Term Investments
(Cost—$82,494,139)—98.3%

 

 

 

 

 

83,683,114

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.13% (c)(d)

 

 

2,212,905

 

 

2,212,905

 

               

Total Short-Term Securities
(Cost—$2,212,905)—2.6%

 

 

 

 

 

2,212,905

 

               

Total Investments Before Outstanding Options Written
(Cost—$84,707,044*)—100.9%

 

 

 

 

 

85,896,019

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

 

 

 

               

Exchange-Traded Call Options Written—(0.3)%

 

 

 

 

 

 

 

3M Co., Strike Price USD 85, Expires 5/24/10

 

 

25

 

 

(10,375

)

Abbott Laboratories, Strike Price USD 55, Expires 5/24/10

 

 

27

 

 

(148

)

Aflac, Inc., Strike Price USD 55, Expires 5/24/10

 

 

20

 

 

(560

)

Aflac, Inc., Strike Price USD 55, Expires 6/21/10

 

 

15

 

 

(1,275

)

Altria Group, Inc., Strike Price USD 21, Expires 6/21/10

 

 

110

 

 

(6,325

)

Ameren Corp., Strike Price USD 26.75, Expires 6/25/10

 

 

110

 

 

(3,249

)

American Express Co., Strike Price USD 47, Expires 6/21/10

 

 

45

 

 

(7,583

)

Automatic Data Processing, Inc., Strike Price USD 45,
Expires 5/24/10

 

 

47

 

 

(822

)

Bank of America Corp., Strike Price USD 17, Expires 5/24/10

 

 

95

 

 

(10,593

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Exchange-Traded Call Options Written (concluded)

 

 

 

 

 

 

 

Bristol-Myers Squibb Co., Strike Price USD 27,
Expires 6/21/10

 

 

95

 

$

(2,755

)

Caterpillar, Inc., Strike Price USD 62.50, Expires 5/24/10

 

 

15

 

 

(9,075

)

Caterpillar, Inc., Strike Price USD 65, Expires 5/24/10

 

 

45

 

 

(18,225

)

Chubb Corp., Strike Price USD 53.50, Expires 5/28/10

 

 

21

 

 

(1,720

)

Chubb Corp., Strike Price USD 55, Expires 7/19/10

 

 

12

 

 

(1,230

)

Coca-Cola Co. (The), Strike Price USD 55,
Expires 5/24/10

 

 

55

 

 

(1,842

)

Consolidated Edison, Inc., Strike Price USD 45,
Expires 5/24/10

 

 

76

 

 

(4,180

)

Dominion Resources, Inc., Strike Price USD 41.50,
Expires 5/28/10

 

 

23

 

 

(1,490

)

Equity Residential - REIT, Strike Price USD 40,
Expires 5/24/10

 

 

55

 

 

(31,075

)

General Electric Co., Strike Price USD 19,
Expires 5/24/10

 

 

70

 

 

(3,360

)

Genuine Parts Co., Strike Price USD 42.75,
Expires 7/06/10

 

 

33

 

 

(4,092

)

Goldman Sachs Group, Inc. (The), Strike Price USD 165,
Expires 6/21/10

 

 

15

 

 

(4,350

)

HCP, Inc. - REIT, Strike Price USD 35, Expires 5/24/10

 

 

56

 

 

(840

)

Health Care REIT, Inc., Strike Price USD 45.75,
Expires 5/10/10

 

 

52

 

 

(1,824

)

Hewlett-Packard Co., Strike Price USD 52.50,
Expires 5/24/10

 

 

15

 

 

(1,740

)

Hewlett-Packard Co., Strike Price USD 55,
Expires 5/24/10

 

 

17

 

 

(637

)

Home Depot, Inc., Strike Price USD 34, Expires 5/24/10

 

 

21

 

 

(3,749

)

Home Depot, Inc., Strike Price USD 35, Expires 5/24/10

 

 

5

 

 

(575

)

Hudson City Bancorp, Inc., Strike Price USD 15,
Expires 7/19/10

 

 

4

 

 

(50

)

Intel Corp., Strike Price USD 25, Expires 6/21/10

 

 

170

 

 

(2,805

)

Kraft Food, Inc., Class A, Strike Price USD 30,
Expires 5/24/10

 

 

47

 

 

(1,880

)

Liberty Property Trust - REIT, Strike Price USD 35,
Expires 5/24/10

 

 

40

 

 

(1,600

)

M&T Bank Corp., Strike Price USD 85, Expires 5/24/10

 

 

24

 

 

(9,600

)

Merck & Co., Inc., Strike Price USD 39, Expires 5/24/10

 

 

100

 

 

(499

)

MetLife, Inc., Strike Price USD 42, Expires 5/24/10

 

 

40

 

 

(16,300

)

Microchip Technology, Inc., Strike Price USD 30,
Expires 7/19/10

 

 

100

 

 

(10,500

)

Nationwide Health Properties, Inc. - REIT, Strike Price
USD 40, Expires 6/21/10

 

 

75

 

 

(3,000

)

PepsiCo, Inc., Strike Price USD 67.50, Expires 5/24/10

 

 

40

 

 

(660

)

Pfizer, Inc., Strike Price USD 18, Expires 5/24/10

 

 

100

 

 

(550

)

Philip Morris International, Inc., Strike Price USD 52.50,
Expires 5/24/10

 

 

62

 

 

(651

)

PPG Industries, Inc., Strike Price USD 70, Expires 5/24/10

 

 

38

 

 

(5,985

)

Reynolds American, Inc., Strike Price USD 55,
Expires 5/24/10

 

 

35

 

 

(1,225

)

Southern Co., Strike Price USD 34, Expires 6/21/10

 

 

23

 

 

(2,587

)

Southern Co., Strike Price USD 35, Expires 6/21/10

 

 

25

 

 

(1,437

)

T. Rowe Price Group, Inc., Strike Price USD 60,
Expires 7/19/10

 

 

17

 

 

(3,018

)

United Technologies Corp., Strike Price USD 75,
Expires 5/24/10

 

 

25

 

 

(3,525

)

Wells Fargo & Co., Strike Price USD 32, Expires 5/24/10

 

 

55

 

 

(9,020

)

Wells Fargo & Co., Strike Price USD 33, Expires 5/24/10

 

 

56

 

 

(5,656

)

               

Total Exchange-Traded Call Options Written

 

 

 

 

 

(214,237

)

               

Over-the-Counter Call Options Written—(0.5)%

 

 

 

 

 

 

 

Abbott Laboratories, Strike Price USD 53.18,
Expires 5/14/10, Broker UBS Securities LLC

 

 

3,500

 

 

(316

)

ACS Actividades de Construccion y Servicios SA,
Strike Price EUR 35.79, Expires 6/03/10,
Broker UBS Securities LLC

 

 

3,200

 

 

(2,045

)

See Notes to Financial Statements.

 

 

 

 

 

56

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

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)

 

 

 

 

 

 

 

Allianz SE, Strike Price EUR 93.09, Expires 6/03/10,
Broker UBS Securities LLC

 

 

2,300

 

$

(1,741

)

Altria Group, Inc., Strike Price USD 21.58,
Expires 6/09/10, Broker UBS Securities LLC

 

 

10,900

 

 

(3,488

)

AstraZeneca Plc, Strike Price GBP 29.30,
Expires 6/18/10, Broker UBS Securities LLC

 

 

3,600

 

 

(3,422

)

AstraZeneca Plc, Strike Price GBP 30, Expires 6/21/10,
Broker Morgan Stanley & Co., Inc.

 

 

3

 

 

(2,275

)

AT&T Inc., Strike Price USD 25.97, Expires 5/21/10,
Broker UBS Securities LLC

 

 

8,000

 

 

(3,293

)

AT&T Inc., Strike Price USD 26.72, Expires 5/28/10,
Broker Morgan Stanley & Co., Inc.

 

 

24,000

 

 

(2,976

)

Australia & New Zealand Banking Group Ltd., Strike Price
AUD 24.57, Expires 5/11/10, Broker Morgan Stanley
& Co., Inc.

 

 

4,500

 

 

(765

)

AXA SA, Strike Price EUR 16.52, Expires 5/26/10,
Broker BNP Paribas

 

 

5,800

 

 

(1,041

)

Axfood AB, Strike Price SEK 220.18, Expires 6/03/10,
Broker UBS Securities LLC

 

 

3,800

 

 

(782

)

Banco Santander SA, Strike Price EUR 10.14,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

24,900

 

 

(4,659

)

Bank of Montreal, Strike Price CAD 64, Expires 5/24/10,
Broker T.D. Securities

 

 

67

 

 

(3,727

)

Bank of Montreal, Strike Price CAD 66, Expires 6/21/10,
Broker T.D. Securities

 

 

24

 

 

(1,205

)

Bank of Nova Scotia, Strike Price CAD 54,
Expires 6/21/10, Broker T.D. Securities

 

 

54

 

 

(2,499

)

Barclays Plc, Strike Price GBP 3.73, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

21,400

 

 

(901

)

BASF AG, Strike Price EUR 46.55, Expires 6/03/10,
Broker UBS Securities LLC

 

 

5,700

 

 

(2,948

)

BHP Billiton Ltd., Strike Price AUD 42.93,
Expires 5/11/10, Broker JPMorgan Chase Securities

 

 

3,600

 

 

(139

)

BHP Billiton Plc, Strike Price GBP 21.73,
Expires 6/16/10, Broker Citigroup Global Markets

 

 

5,700

 

 

(2,522

)

Bouygues, Strike Price EUR 39.79, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

4,300

 

 

(4,405

)

BP Plc, Strike Price GBP 6.33, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

76,500

 

 

(1,199

)

British American Tobacco Plc, Strike Price GBP 22.16,
Expires 6/16/10, Broker Morgan Stanley & Co., Inc.

 

 

6,900

 

 

(897

)

Cannon, Inc., Strike Price JPY 3,957.20, Expires 5/11/10,
Broker Goldman Sachs & Co.

 

 

2,300

 

 

(9,740

)

Cannon, Inc., Strike Price JPY 4,322.80, Expires 5/11/10,
Broker Morgan Stanley & Co., Inc.

 

 

2,200

 

 

(2,342

)

CenturyTel, Inc., Strike Price USD 36.51, Expires 6/25/10,
Broker Goldman Sachs & Co.

 

 

7,000

 

 

(654

)

Chevron Corp., Strike Price USD 81.13, Expires 6/02/10,
Broker UBS Securities LLC

 

 

2,500

 

 

(5,132

)

Chevron Corp., Strike Price USD 82.82, Expires 6/10/10,
Broker Credit Suisse First Boston

 

 

6,000

 

 

(8,611

)

Cincinnati Financial Corp., Strike Price USD 29.65,
Expires 6/01/10, Broker Citigroup Global Markets

 

 

6,000

 

 

(999

)

Dominion Resources, Inc., Strike Price USD 41.95,
Expires 5/14/10, Broker UBS Securities LLC

 

 

1,100

 

 

(329

)

Dominion Resources, Inc., Strike Price USD 41.95,
Expires 5/28/10, Broker UBS Securities LLC

 

 

1,100

 

 

(477

)

Eaton Vance Corp., Strike Price USD 34.69,
Expires 6/08/10, Broker Deutsche Bank Securities

 

 

5,500

 

 

(8,837

)

Emerson Electric Co., Strike Price USD 49.25,
Expires 5/21/10, Broker Credit Suisse First Boston

 

 

13,000

 

 

(40,384

)

Enbridge, Inc., Strike Price CAD 49.56, Expires 5/10/10,
Broker Goldman Sachs & Co.

 

 

6,000

 

 

(2,262

)

Enel SpA, Strike Price EUR 4.20, Expires 5/21/10,
Broker Citigroup Global Markets

 

 

50

 

 

(379

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (continued)

 

 

 

 

 

 

 

Eni SpA, Strike Price EUR 18, Expires 5/21/10,
Broker Citigroup Global Markets

 

 

33

 

$

(2,149

)

Exxon Mobil Corp., Strike Price USD 69.03,
Expires 6/10/10, Broker JPMorgan Chase Securities

 

 

14,000

 

 

(16,555

)

Foster’s Group Ltd., Strike Price AUD 5.52,
Expires 5/11/10, Broker Morgan Stanley & Co., Inc.

 

 

23,300

 

 

(559

)

General Electric Co., Strike Price USD 18.10,
Expires 5/13/10, Broker UBS Securities LLC

 

 

17,000

 

 

(15,300

)

General Electric Co., Strike Price USD 19.18,
Expires 6/11/10, Broker Credit Suisse First Boston

 

 

3,500

 

 

(1,990

)

GlaxoSmithKline Plc, Strike Price GBP 12.59,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

13,000

 

 

(1,866

)

Hang Seng Bank Ltd., Strike Price HKD 110.29,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

4,300

 

 

(8

)

Hennes & Mauritz AB, Strike Price SEK 494.57,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

5,700

 

 

(1,165

)

Hitachi Koki Co. Ltd., Strike Price JPY 1,007.88,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

7,700

 

 

(3,468

)

Home Depot, Inc., Strike Price USD 35.55,
Expires 6/04/10, Broker UBS Securities LLC

 

 

3,500

 

 

(2,990

)

Hongkong Electric Holdings Ltd., Strike Price HKD 44.84,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

26,500

 

 

(3,695

)

Hopewell Holdings Ltd., Strike Price HKD 23.21,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

36,500

 

 

(426

)

HSBC Holdings Plc, Strike Price GBP 6.93,
Expires 5/26/10, Broker Citigroup Global Markets

 

 

51,200

 

 

(5,523

)

Hudson City Bancorp, Inc., Strike Price USD 14.63,
Expires 6/10/10, Broker Morgan Stanley & Co., Inc.

 

 

12,000

 

 

(1,477

)

Iberdrola SA, Strike Price EUR 6.01, Expires 6/03/10,
Broker Credit Suisse First Boston

 

 

16,200

 

 

(2,068

)

Indra Sistemas SA, Strike Price EUR 15.75,
Expires 6/03/10, Broker Citigroup Global Markets

 

 

6,400

 

 

(2,191

)

Intel Corp., Strike Price USD 22.41, Expires 5/10/10,
Broker Morgan Stanley & Co., Inc.

 

 

4,500

 

 

(2,722

)

International Business Machines Corp.,
Strike Price USD 131.91, Expires 6/08/10,
Broker UBS Securities LLC

 

 

4,000

 

 

(6,562

)

Johnson & Johnson, Strike Price USD 65.70,
Expires 6/14/10, Broker Citigroup Global Markets

 

 

3,500

 

 

(2,115

)

Keppel Corp. Ltd., Strike Price SGD 8.47,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

14,000

 

 

(12,765

)

Kesko Oyj, B Shares, Strike Price EUR 27.88,
Expires 5/12/10, Broker Citigroup Global Markets

 

 

2,200

 

 

(4,031

)

Kesko Oyj, B Shares, Strike Price EUR 29.03,
Expires 6/16/10, Broker UBS Securities LLC

 

 

2,200

 

 

(3,361

)

Koninklijke (Royal) KPN NV, Strike Price EUR 11.88,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

11,200

 

 

(1,175

)

Kraft Food, Inc., Class A, Strike Price USD 30.45,
Expires 5/27/10, Broker Goldman Sachs & Co.

 

 

1,500

 

 

(391

)

Man Group Plc, Strike Price GBP 2.41, Expires 5/05/10,
Broker BNP Paribas

 

 

30,500

 

 

(1,616

)

Manulife Financial Corp., Strike Price CAD 20,
Expires 5/24/10, Broker T.D. Securities

 

 

74

 

 

(546

)

McDonald’s Corp., Strike Price USD 67.63,
Expires 5/14/10, Broker Morgan Stanley & Co., Inc.

 

 

7,000

 

 

(20,759

)

Microsoft Corp., Strike Price USD 29.43, Expires 5/05/10,
Broker Credit Suisse First Boston

 

 

18,000

 

 

(19,972

)

Mitsui & Co. Ltd., Strike Price JPY 1,519.35,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

10,100

 

 

(672

)

Mobistar SA, Strike Price EUR 46.99, Expires 6/03/10,
Broker UBS Securities LLC

 

 

2,200

 

 

(1,536

)

National Australia Bank Ltd., Strike Price AUD 27.32,
Expires 5/11/10, Broker Citigroup Global Markets

 

 

8,800

 

 

(4,873

)

National Bank of Canada, Strike Price CAD 64,
Expires 7/19/10, Broker T.D. Securities

 

 

29

 

 

(2,627

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

57




 

 


 

 

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)

 

 

 

 

 

 

 

Nestle SA, Strike Price CHF 53.93, Expires 5/19/10,
Broker UBS Securities LLC

 

 

1,400

 

$

(357

)

Nestle SA, Strike Price CHF 54.29, Expires 5/12/10,
Broker Credit Suisse First Boston

 

 

1,400

 

 

(152

)

Nintendo Co. Ltd., Strike Price JPY 26,482.20,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

100

 

 

(5,557

)

Nokia Oyj, Strike Price EUR 11.34, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

10,600

 

 

(126

)

OPAP SA, Strike Price EUR 16.88, Expires 6/03/10,
Broker Citigroup Global Markets

 

 

5,900

 

 

(2,578

)

Oracle Corp. Japan, Strike Price JPY 4,165.89,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

2,900

 

 

(15,100

)

Portugal Telecom SGPS SA, Strike Price EUR 8.32,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

16,700

 

 

(900

)

PPR, Strike Price EUR 105.50, Expires 6/03/10,
Broker Citigroup Global Markets

 

 

700

 

 

(1,742

)

Ratos AB, B Shares, Strike Price SEK 240.33,
Expires 6/03/10, Broker UBS Securities LLC

 

 

9,900

 

 

(2,799

)

Ricoh Co. Ltd., Strike Price JPY 1,323.66,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

10,000

 

 

(30,057

)

Royal Bank of Canada, Strike Price CAD 62,
Expires 6/21/10, Broker T.D. Securities

 

 

115

 

 

(15,623

)

Royal Dutch Shell Plc, A Shares, Strike Price EUR 22.75,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

6,700

 

 

(8,516

)

RWE AG, Strike Price EUR 66.28, Expires 6/03/10,
Broker Citigroup Global Markets

 

 

1,700

 

 

(360

)

Sanofi-Aventis SA, Strike Price EUR 56, Expires 5/21/10,
Broker Citigroup Global Markets

 

 

19

 

 

(198

)

Santos Ltd., Strike Price AUD 13.69, Expires 5/11/10,
Broker JPMorgan Chase Securities

 

 

18,200

 

 

(5,264

)

SAP AG, Strike Price EUR 34.83, Expires 5/06/10,
Broker Morgan Stanley & Co., Inc.

 

 

3,200

 

 

(4,656

)

Scania AB, B Shares, Strike Price SEK 113.73,
Expires 5/12/10, Broker Citigroup Global Markets

 

 

9,800

 

 

(17,168

)

Scania AB, B Shares, Strike Price SEK 125.05,
Expires 6/16/10, Broker Morgan Stanley & Co., Inc.

 

 

9,700

 

 

(7,603

)

Schneider Electric SA, Strike Price EUR 86.19,
Expires 6/03/10, Broker Morgan Stanley & Co., Inc.

 

 

2,300

 

 

(8,091

)

Scottish & Southern Energy Plc, Strike Price GBP 11.35,
Expires 6/16/10, Broker UBS Securities LLC

 

 

14,000

 

 

(1,083

)

Sharp Corp., Strike Price JPY 1,092.24, Expires 5/11/10,
Broker UBS Securities LLC

 

 

7,000

 

 

(9,968

)

Siemens AG, Strike Price EUR 72.54, Expires 6/03/10,
Broker UBS Securities LLC

 

 

1,900

 

 

(7,038

)

Singapore Technologies Engineering Ltd.,
Strike Price SGD 3.15, Expires 5/11/10,
Broker JPMorgan Chase Securities

 

 

34,664

 

 

(314

)

Societe Generale, Strike Price EUR 45.41,
Expires 6/03/10, Broker Citigroup Global Markets

 

 

2,000

 

 

(1,198

)

Solvay SA, Strike Price EUR 78.15, Expires 6/03/10,
Broker Citigroup Global Markets

 

 

1,700

 

 

(350

)

Standard Chartered Plc, Strike Price GBP 18.27,
Expires 6/03/10, Broker UBS Securities LLC

 

 

13,400

 

 

(6,426

)

Suncor Energy, Inc., Strike Price CAD 32, Expires 5/24/10,
Broker T.D. Securities

 

 

18

 

 

(5,148

)

T. Rowe Price Group, Inc., Strike Price USD 53.81,
Expires 5/05/10, Broker Morgan Stanley & Co., Inc.

 

 

1,700

 

 

(6,341

)

Takeda Pharmaceutical Co. Ltd., Strike Price JPY 4,075.35,
Expires 5/11/10, Broker JPMorgan Chase Securities

 

 

2,800

 

 

(1,007

)

TeliaSonera AB, Strike Price SEK 53.18, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

24,300

 

 

(310

)

Total SA, Strike Price EUR 43.39, Expires 6/03/10,
Broker Morgan Stanley & Co., Inc.

 

 

6,900

 

 

(1,942

)

Toyota Motor Corp., Strike Price JPY 3,615.80,
Expires 5/11/10, Broker Goldman Sachs & Co.

 

 

5,000

 

 

(5,427

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Over-the-Counter Call Options Written (concluded)

 

 

 

 

 

 

 

United Overseas Bank Ltd., Strike Price SGD 18.56,
Expires 5/11/10, Broker Deutsche Bank Securities

 

 

5,000

 

$

(5,460

)

United Technologies Corp., Strike Price USD 76.26,
Expires 6/01/10, Broker Morgan Stanley & Co., Inc.

 

 

2,500

 

 

(3,110

)

Vinci SA, Strike Price EUR 43, Expires 5/21/10,
Broker Morgan Stanley & Co., Inc.

 

 

27

 

 

(2,012

)

Vinci SA, Strike Price EUR 43.67, Expires 6/29/10,
Broker Credit Suisse First Boston

 

 

2,700

 

 

(3,699

)

Wal-Mart Stores, Inc., Strike Price USD 54.96,
Expires 6/10/10, Broker Citigroup Global Markets

 

 

4,500

 

 

(2,498

)

Zurich Financial Services AG, Strike Price CHF 260,
Expires 5/21/10, Broker Morgan Stanley & Co., Inc.

 

 

49

 

 

(172

)

Zurich Financial Services AG, Strike Price CHF 273.24,
Expires 6/03/10, Broker BNP Paribas

 

 

170

 

 

(14

)

               

Total Over-the-Counter Call Options Written

 

 

 

 

 

(464,908

)

               

Total Options Written
(Premiums Received—$676,046)—(0.8)%

 

 

 

 

 

(679,145

)

               

Total Investments Net of Outstanding Options Written—100.1%

 

 

 

 

 

85,216,874

 

Liabilities in Excess of Other Assets—(0.1)%

 

 

 

 

 

(45,433

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

85,171,441

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

85,782,857

 

 

 

     

Gross unrealized appreciation

 

$

7,854,868

 

Gross unrealized depreciation

 

 

(7,741,706

)

 

 

     

Net unrealized appreciation

 

$

113,162

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(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

 

Shares
Held at
October 31,
2009

 

Net
Activity

 

Shares
Held at
April 30,
2010

 

Income

 

 

BlackRock Liquidity Funds,
TempFund, Institutional
Class

 

2,037,764

 

 

 

175,141

 

 

2,212,905

 

$

661

 

 

 

 

(d)

Represents current yield as of report date.

 

 

Foreign currency exchange contracts as of April 30, 2010 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation

 

 

USD

 

 

4,976

 

CAD

 

5,000

 

Credit Agricole Securities

 

5/04/10

 

$

54

 

USD

 

 

2,665

 

EUR

 

2,000

 

UBS Securities LLC

 

5/04/10

 

 

2

 

                               

Total

 

 

 

 

 

 

 

 

 

 

 

 

$

56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

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 assets and liabilities

 

 

 

 

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 or liabilities 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

See Notes to Financial Statements.

 

 

 

 

 

58

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Schedule of Investments (concluded)

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


 

 

 

The inputs or methodologies 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 tables summarize the inputs used as of April 30, 2010 in determining the investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

$

4,024,528

 

 

 

$

4,024,528

 

Belgium

 

 

 

 

739,150

 

 

 

 

739,150

 

Canada

 

$

5,960,710

 

 

 

 

 

 

5,960,710

 

Finland

 

 

 

 

744,079

 

 

 

 

744,079

 

France

 

 

 

 

3,978,668

 

 

 

 

3,978,668

 

Germany

 

 

 

 

2,706,026

 

 

 

 

2,706,026

 

Greece

 

 

 

 

474,415

 

 

 

 

474,415

 

Hong Kong

 

 

 

 

2,100,117

 

 

 

 

2,100,117

 

Italy

 

 

 

 

1,262,683

 

 

 

 

1,262,683

 

Japan

 

 

 

 

5,503,488

 

 

 

 

5,503,488

 

Netherlands

 

 

 

 

420,084

 

 

 

 

420,084

 

Portugal

 

 

 

 

424,391

 

 

 

 

424,391

 

Singapore

 

 

 

 

1,285,261

 

 

 

 

1,285,261

 

Spain

 

 

 

 

1,782,922

 

 

 

 

1,782,922

 

Sweden

 

 

 

 

3,221,941

 

 

 

 

3,221,941

 

Switzerland

 

 

 

 

703,198

 

 

 

 

703,198

 

United Kingdom

 

 

 

 

7,900,005

 

 

 

 

7,900,005

 

United States

 

 

40,451,448

 

 

 

 

 

 

40,451,448

 

Short-Term Securities

 

 

2,212,905

 

 

 

 

 

 

2,212,905

 

                           

Total

 

$

48,625,063

 

$

37,270,956

 

 

 

$

85,896,019

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Instruments1

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

Assets:

 

 

 

$

56

 

 

 

$

56

 

Liabilities:

 

$

(232,738

)

 

(446,407

)

 

 

 

(679,145

)

                           

Total

 

$

(232,738

)

$

(446,351

)

 

 

$

(679,089

)

 

 

                       

 

 

1

Other financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options are shown at value.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

59




 


 

Statements of Assets and Liabilities


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2010

 

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

 

$

540,144,827

 

$

594,684,336

 

$

304,107,109

 

$

121,506,552

 

$

796,524,929

 

Investments at value - affiliated3

 

 

4,740,064

 

 

13,025,768

 

 

5,868,505

 

 

6,328,768

 

 

14,229,987

 

Cash

 

 

18,647

 

 

20,742

 

 

13,429

 

 

 

 

752

 

Foreign currency at value4

 

 

 

 

 

 

 

 

156,468

 

 

753,340

 

Investments sold receivable

 

 

2,466,527

 

 

13,414,296

 

 

311,479

 

 

3,087,381

 

 

4,044,772

 

Cash collateral pledged for options written

 

 

1,983,158

 

 

2,538,000

 

 

617,677

 

 

270,000

 

 

1,422,000

 

Unrealized appreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

905

 

 

32

 

Dividend and interest receivable

 

 

1,021,566

 

 

1,133,570

 

 

318,097

 

 

232,029

 

 

1,752,203

 

Securities lending income receivable - affiliated

 

 

 

 

11,233

 

 

 

 

3,205

 

 

1,220

 

Other assets

 

 

229,953

 

 

252,089

 

 

78,290

 

 

14,149

 

 

289,391

 

 

 

                             

Total assets

 

 

550,604,742

 

 

625,080,034

 

 

311,314,586

 

 

131,599,457

 

 

819,018,626

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Collateral at value - securities loaned

 

 

 

 

 

 

 

 

646,850

 

 

430,050

 

Investments purchased payable

 

 

4,175,967

 

 

12,360,457

 

 

2,317,433

 

 

482,573

 

 

11,806,497

 

Options written at value5

 

 

2,732,589

 

 

7,847,919

 

 

2,575,887

 

 

1,545,049

 

 

9,826,559

 

Unrealized depreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

229

 

 

 

Investment advisory fee payable

 

 

290,602

 

 

497,158

 

 

186,518

 

 

127,540

 

 

786,666

 

Officer’s and Trustees’ fees payable

 

 

152,524

 

 

144,233

 

 

41,153

 

 

2,002

 

 

171,915

 

Licensing fee payable

 

 

44,346

 

 

49,304

 

 

24,691

 

 

 

 

 

Other accrued expenses payable

 

 

345,738

 

 

478,235

 

 

235,870

 

 

132,984

 

 

280,251

 

 

 

                             

Total liabilities

 

 

7,741,766

 

 

21,377,306

 

 

5,381,552

 

 

2,937,227

 

 

23,301,938

 

 

 

                             

Net Assets

 

$

542,862,976

 

$

603,702,728

 

$

305,933,034

 

$

128,662,230

 

$

795,716,688

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Paid-in capital

 

$

695,895,859

 

$

900,841,730

 

$

350,660,160

 

$

211,833,095

 

$

680,602,964

 

Distributions in excess of net investment income

 

 

(11,350,896

)

 

(28,375,578

)

 

(4,364,444

)

 

(7,010,547

)

 

(13,104,402

)

Accumulated net realized gain (loss)

 

 

(176,662,939

)

 

(269,124,264

)

 

(56,180,987

)

 

(32,777,416

)

 

47,681,176

 

Net unrealized appreciation/depreciation

 

 

34,980,952

 

 

360,840

 

 

15,818,305

 

 

(43,382,902

)

 

80,536,950

 

 

 

                             

Net Assets

 

$

542,862,976

 

$

603,702,728

 

$

305,933,034

 

$

128,662,230

 

$

795,716,688

 

 

 

                             

Net asset value6

 

$

9.96

 

$

8.53

 

$

11.37

 

$

10.63

 

$

26.73

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

505,050,526

 

$

594,125,343

 

$

287,314,420

 

$

165,028,045

 

$

714,554,865

 

2 Securities on loan at value

 

$

 

$

 

$

 

$

603,670

 

$

424,551

 

3 Investments at cost - affiliated

 

$

4,740,064

 

$

13,025,768

 

$

5,868,505

 

$

6,328,768

 

$

14,229,987

 

4 Foreign currency at cost

 

$

 

$

 

$

 

$

157,139

 

$

753,412

 

5 Premiums received

 

$

2,619,240

 

$

7,635,169

 

$

1,601,503

 

$

1,678,874

 

$

8,391,310

 

6 Shares outstanding, unlimited number of shares authorized, $0.001 par value

 

 

54,518,315

 

 

70,753,700

 

 

26,908,028

 

 

12,105,863

 

 

29,766,217

 


See Notes to Financial Statements.

 

 

 

 

 

60

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2010

 

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)

 

                       

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Investments at value - unaffiliated1,2

 

$

1,245,098,115

 

$

204,658,195

 

$

1,112,608,128

 

$

725,010,379

 

$

83,683,114

 

Investments at value - affiliated3

 

 

73,884,824

 

 

12,895,249

 

 

36,015,955

 

 

28,784,462

 

 

2,212,905

 

Cash

 

 

199,607

 

 

1,417,596

 

 

202,488

 

 

8,927,274

 

 

1,386

 

Foreign currency at value4

 

 

893,910

 

 

105,120

 

 

8,918,177

 

 

131,840

 

 

36,113

 

Investments sold receivable

 

 

63,281,778

 

 

9,173,101

 

 

77,928,277

 

 

10,516,264

 

 

558,667

 

Cash collateral pledged for options written

 

 

17,153,707

 

 

 

 

19,889,934

 

 

2,762,700

 

 

 

Unrealized appreciation on foreign currency exchange contracts

 

 

24,945

 

 

1,956

 

 

27,523

 

 

 

 

56

 

Dividend and interest receivable

 

 

3,377,699

 

 

333,412

 

 

4,707,327

 

 

945,506

 

 

295,557

 

Securities lending income receivable - affiliated

 

 

2,003

 

 

125

 

 

2,271

 

 

593

 

 

 

Other assets

 

 

865,949

 

 

24,379

 

 

298,461

 

 

486,905

 

 

11,788

 

 

 

                             

Total assets

 

 

1,404,782,537

 

 

228,609,133

 

 

1,260,598,541

 

 

777,565,923

 

 

86,799,586

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Collateral at value - securities loaned

 

 

2,850,000

 

 

 

 

1,000,000

 

 

2,175,000

 

 

 

Investments purchased payable

 

 

64,908,697

 

 

13,694,697

 

 

81,551,669

 

 

21,327,430

 

 

745,592

 

Options written at value5

 

 

18,836,788

 

 

1,240,560

 

 

17,801,524

 

 

8,896,148

 

 

679,145

 

Unrealized depreciation on foreign currency exchange contracts

 

 

54,593

 

 

513

 

 

81,394

 

 

72

 

 

 

Investment advisory fee payable

 

 

1,098,043

 

 

177,600

 

 

972,580

 

 

758,989

 

 

53,553

 

Officer’s and Trustees’ fees payable

 

 

258,726

 

 

12,548

 

 

231,449

 

 

137,920

 

 

10,444

 

Licensing fee payable

 

 

 

 

 

 

8,984

 

 

 

 

41,425

 

Other accrued expenses payable

 

 

766,153

 

 

106,951

 

 

368,733

 

 

267,362

 

 

97,986

 

 

 

                             

Total liabilities

 

 

88,773,000

 

 

15,232,869

 

 

102,016,333

 

 

33,562,921

 

 

1,628,145

 

 

 

                             

Net Assets

 

$

1,316,009,537

 

$

213,376,264

 

$

1,158,582,208

 

$

744,003,002

 

$

85,171,441

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Paid-in capital

 

$

1,569,867,327

 

$

176,834,894

 

$

1,848,546,170

 

$

755,745,036

 

$

82,951,843

 

Distributions in excess of net investment income

 

 

(72,843,888

)

 

(5,414,912

)

 

(91,708,204

)

 

(30,326,192

)

 

(1,239,889

)

Accumulated net realized gain (loss)

 

 

(222,867,802

)

 

21,463,802

 

 

(573,993,209

)

 

(37,687,487

)

 

2,273,704

 

Net unrealized appreciation/depreciation

 

 

41,853,900

 

 

20,492,480

 

 

(24,262,549

 

 

56,271,645

 

 

1,185,783

 

 

 

                             

Net Assets

 

$

1,316,009,537

 

$

213,376,264

 

$

1,158,582,208

 

$

744,003,002

 

$

85,171,441

 

 

 

                             

Net asset value6

 

$

19.13

 

$

28.11

 

$

10.59

 

$

13.12

 

$

14.12

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

1,204,996,150

 

$

184,537,875

 

$

1,139,220,387

 

$

669,349,110

 

$

82,494,139

 

2 Securities on loan at value

 

$

2,741,000

 

$

 

$

952,000

 

$

2,080,500

 

$

 

3 Investments at cost - affiliated

 

$

73,884,824

 

$

12,895,249

 

$

36,015,955

 

$

28,784,462

 

$

2,212,905

 

4 Foreign currency at cost

 

$

890,665

 

$

104,505

 

$

8,839,210

 

$

131,823

 

$

36,126

 

5 Premiums received

 

$

19,999,063

 

$

1,604,894

 

$

19,953,384

 

$

9,316,659

 

$

676,046

 

6 Shares outstanding, unlimited number of shares authorized, $0.001 par value

 

 

68,810,161

 

 

7,591,500

 

 

109,392,789

 

 

56,708,028

 

 

6,033,028

 


 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

61




 


 

Statements of Operations


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period Ended April 30, 2010

 

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

 

$

8,578,471

 

$

9,627,722

 

$

5,396,950

 

$

1,169,600

 

$

8,944,919

 

Foreign taxes withheld

 

 

(3,185

)

 

(3,549

)

 

 

 

(54,295

)

 

(290,837

)

Interest

 

 

4,931

 

 

12,914

 

 

2,938

 

 

2,195

 

 

10,225

 

Securities lending income - affiliated

 

 

 

 

29,864

 

 

 

 

6,062

 

 

10,882

 

 

 

                             

Total income

 

 

8,580,217

 

 

9,666,951

 

 

5,399,888

 

 

1,123,562

 

 

8,675,189

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Investment advisory

 

 

1,699,320

 

 

2,952,430

 

 

1,050,531

 

 

783,135

 

 

4,626,932

 

Licensing

 

 

261,434

 

 

295,243

 

 

140,071

 

 

 

 

 

Printing

 

 

65,851

 

 

78,541

 

 

32,082

 

 

22,717

 

 

82,218

 

Custodian

 

 

52,658

 

 

57,982

 

 

43,911

 

 

59,641

 

 

65,848

 

Officer and Trustees

 

 

37,435

 

 

52,502

 

 

10,033

 

 

6,530

 

 

62,397

 

Professional

 

 

34,504

 

 

40,720

 

 

30,153

 

 

30,937

 

 

35,567

 

Insurance

 

 

19,826

 

 

22,809

 

 

10,396

 

 

5,226

 

 

28,183

 

Registration

 

 

11,617

 

 

11,557

 

 

6,147

 

 

221

 

 

6,979

 

Transfer agent

 

 

6,299

 

 

6,311

 

 

6,131

 

 

5,960

 

 

6,518

 

Miscellaneous

 

 

2,481

 

 

4,957

 

 

4,958

 

 

22,316

 

 

7,438

 

 

 

                             

Total expenses excluding interest expense

 

 

2,191,425

 

 

3,523,052

 

 

1,334,413

 

 

936,683

 

 

4,922,080

 

 

 

                             

Interest expense

 

 

 

 

 

 

 

 

780

 

 

13,486

 

 

 

                             

Total expenses

 

 

2,191,425

 

 

3,523,052

 

 

1,334,413

 

 

937,463

 

 

4,935,566

 

 

 

                             

Less fees waived by advisor

 

 

(2,763

)

 

(7,311

)

 

(1,693

)

 

(1,826

)

 

(648,582

)

 

 

                             

Total expenses after fees waived

 

 

2,188,662

 

 

3,515,741

 

 

1,332,720

 

 

935,637

 

 

4,286,984

 

 

 

                             

Net investment income

 

 

6,391,555

 

 

6,151,210

 

 

4,067,168

 

 

187,925

 

 

4,388,205

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

95,789

 

 

(35,274,158

)

 

4,164,207

 

 

(8,019,568

)

 

36,440,473

 

Foreign currency transactions

 

 

 

 

 

 

 

 

(37,019

)

 

38,034

 

Options written

 

 

3,690,684

 

 

11,226,815

 

 

2,724,120

 

 

2,445,519

 

 

15,902,150

 

 

 

                             

 

 

 

3,786,473

 

 

(24,047,343

)

 

6,888,327

 

 

(5,611,068

)

 

52,380,657

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

53,305,273

 

 

83,301,231

 

 

44,125,889

 

 

13,847,517

 

 

55,845,523

 

Foreign currency transactions

 

 

 

 

 

 

 

 

9,564

 

 

5,219

 

Options written

 

 

(1,076,165

)

 

(2,822,397

)

 

(1,874,888

)

 

(455,760

)

 

(1,381,140

)

 

 

                             

 

 

 

52,229,108

 

 

80,478,834

 

 

42,251,001

 

 

13,401,321

 

 

54,469,602

 

 

 

                             

Total realized and unrealized gain (loss)

 

 

56,015,581

 

 

56,431,491

 

 

49,139,328

 

 

7,790,253

 

 

106,850,259

 

 

 

                             

Net Increase in Net Assets Resulting from Operations

 

$

62,407,136

 

$

62,582,701

 

$

53,206,496

 

$

7,978,178

 

$

111,238,464

 

 

 

                             

 

 

1

Net of $(313,474) and $(17,181) foreign capital gain tax for BOE and BCF, respectively.


See Notes to Financial Statements.

 

 

 

 

 

62

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

                       

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Dividends

 

$

13,270,181

 

$

1,693,725

 

$

15,385,912

 

$

4,626,278

 

$

1,587,135

 

Foreign taxes withheld

 

 

(779,324

)

 

(79,792

)

 

(1,512,369

)

 

(109,486

)

 

(71,947

)

Interest

 

 

19,780

 

 

3,840

 

 

19,208

 

 

16,636

 

 

661

 

Securities lending income - affiliated

 

 

6,256

 

 

726

 

 

3,588

 

 

2,171

 

 

 

 

 

                             

Total income

 

 

12,516,893

 

 

1,618,499

 

 

13,896,339

 

 

4,535,599

 

 

1,515,849

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Investment advisory

 

 

6,490,706

 

 

1,041,498

 

 

5,923,752

 

 

4,341,981

 

 

312,112

 

Licensing

 

 

 

 

 

 

 

 

 

 

62,423

 

Printing

 

 

173,006

 

 

24,194

 

 

136,729

 

 

78,454

 

 

11,886

 

Custodian

 

 

295,014

 

 

53,319

 

 

251,100

 

 

85,693

 

 

55,213

 

Officer and Trustees

 

 

102,598

 

 

10,886

 

 

112,756

 

 

59,308

 

 

4,534

 

Professional

 

 

45,929

 

 

31,719

 

 

55,824

 

 

38,555

 

 

25,939

 

Insurance

 

 

38,384

 

 

7,082

 

 

47,729

 

 

26,392

 

 

3,143

 

Registration

 

 

6,339

 

 

4,442

 

 

21,973

 

 

13,997

 

 

997

 

Transfer agent

 

 

7,421

 

 

5,969

 

 

6,274

 

 

5,986

 

 

5,997

 

Miscellaneous

 

 

57,028

 

 

7,440

 

 

53,594

 

 

14,877

 

 

14,875

 

 

 

                             

Total expenses excluding interest expense

 

 

7,216,425

 

 

1,186,549

 

 

6,609,731

 

 

4,665,243

 

 

497,119

 

 

 

                             

Interest expense

 

 

 

 

5,845

 

 

486

 

 

 

 

 

 

 

                             

Total expenses

 

 

7,216,425

 

 

1,192,394

 

 

6,610,217

 

 

4,665,243

 

 

497,119

 

 

 

                             

Less fees waived by advisor

 

 

(11,284

)

 

(3,040

)

 

(13,237

)

 

(733,766

)

 

(428

)

 

 

                             

Total expenses after fees waived

 

 

7,205,141

 

 

1,189,354

 

 

6,596,980

 

 

3,931,477

 

 

496,691

 

 

 

                             

Net investment income

 

 

5,311,752

 

 

429,145

 

 

7,299,359

 

 

604,122

 

 

1,019,158

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

58,813,320

1

 

20,103,278

 

 

(45,015,496

)

 

1,090,192

1

 

2,707,270

 

Foreign currency transactions

 

 

(671,764

)

 

(63,577

)

 

(1,947,963

)

 

(69,632

)

 

(37,443

)

Options written

 

 

44,529,408

 

 

3,509,058

 

 

36,490,780

 

 

14,128,094

 

 

696,615

 

 

 

                             

 

 

 

102,670,964

 

 

23,548,759

 

 

(10,472,679

)

 

15,148,654

 

 

3,366,442

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

12,901,021

 

 

2,681,392

 

 

73,939,779

 

 

96,738,634

 

 

2,519,464

 

Foreign currency transactions

 

 

(60,240

)

 

(4,878

)

 

125,185

 

 

(16,139

)

 

5,632

 

Options written

 

 

(9,403,646

)

 

(43,978

)

 

(8,317,705

)

 

(2,574,077

)

 

(193,348

)

 

 

                             

 

 

 

3,437,135

 

 

2,632,536

 

 

65,747,259

 

 

94,148,418

 

 

2,331,748

 

 

 

                             

Total realized and unrealized gain (loss)

 

 

106,108,099

 

 

26,181,295

 

 

55,274,580

 

 

109,297,072

 

 

5,698,190

 

 

 

                             

Net Increase in Net Assets Resulting from Operations

 

$

111,419,851

 

$

26,610,440

 

$

62,573,939

 

$

109,901,194

 

$

6,717,348

 

 

 

                             

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

63




 


 

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, 2010
(Unaudited)

 

Year Ended
October 31, 2009

 

Six Months Ended
April 30, 2010
(Unaudited)

 

Year Ended
October 31, 2009

 

                   

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income

 

$

6,391,555

 

$

16,343,361

 

$

6,151,210

 

$

17,340,895

 

Net realized gain (loss)

 

 

3,786,473

 

 

(127,871,946

)

 

(24,047,343

)

 

(190,657,567

)

Net change in unrealized appreciation/depreciation

 

 

52,229,108

 

 

82,109,730

 

 

80,478,834

 

 

153,236,724

 

 

 

         
 
           

Net increase (decrease) in net assets resulting from operations

 

 

62,407,136

 

 

(29,418,855

)

 

62,582,701

 

 

(20,079,948

)

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income

 

 

(17,718,452

)

 

(16,244,237

)

 

(34,513,772

)

 

(17,467,300

)

Net realized gains

 

 

 

 

 

 

 

 

 

Tax return of capital

 

 

 

 

(19,192,668

)

 

 

 

(63,684,763

)

 

 

         
 
           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(17,718,452

)

 

(35,436,905

)

 

(34,513,772

)

 

(81,152,063

)

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Reinvestment of dividends

 

 

 

 

 

 

3,568,270

 

 

4,328,556

 

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Total increase (decrease) in net assets

 

 

44,688,684

 

 

(64,855,760

)

 

31,637,199

 

 

(96,903,455

)

Beginning of period

 

 

498,174,292

 

 

563,030,052

 

 

572,065,529

 

 

668,968,984

 

 

 

         
 
           

End of period

 

$

542,862,976

 

$

498,174,292

 

$

603,702,728

 

$

572,065,529

 

 

 

         
 
           

Undistributed (distributions in excess of) net investment income

 

$

(11,350,896

)

$

(23,999

)

$

(28,375,578

)

$

(13,016

)

 

 

         
 
           

See Notes to Financial Statements.

 

 

 

 

 

64

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Strategic Dividend
Achievers™ Trust (BDT)

 

BlackRock
EcoSolutions
Investment Trust (BQR)

 

BlackRock
Energy and
Resources Trust (BGR)

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2010
(Unaudited)

 

Year Ended
October 31, 2009

 

Six Months Ended
April 30, 2010
(Unaudited)

 

Year Ended
October 31, 2009

 

Six Months Ended
April 30, 2010
(Unaudited)

 

Year Ended
October 31, 2009

 

                           

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net investment income

 

$

4,067,168

 

$

9,100,829

 

$

187,925

 

$

770,652

 

$

4,388,205

 

$

10,362,915

 

Net realized gains (loss)

 

 

6,888,327

 

 

(54,399,830

)

 

(5,611,068

)

 

(27,169,059

)

 

52,380,657

 

 

7,812,418

 

Net change in unrealized appreciation/depreciation

 

 

42,251,001

 

 

37,119,870

 

 

13,401,321

 

 

48,078,825

 

 

54,469,602

 

 

122,155,453

 

 

 

         
 
         
 
           

Net increase (decrease) in net assets resulting from operations

 

 

53,206,496

 

 

(8,179,131

)

 

7,978,178

 

 

21,680,418

 

 

111,238,464

 

 

140,330,786

 

 

 

         
 
         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net investment income

 

 

(8,745,109

)

 

(8,355,545

)

 

(7,214,594

)

 

(776,099

)

 

(24,110,636

)

 

(13,891,389

)

Net realized gains

 

 

 

 

 

 

 

 

(1,032,348

)

 

 

 

(5,568,031

)

Tax return of capital

 

 

 

 

(9,134,673

)

 

 

 

(15,909,385

)

 

 

 

(28,761,852

)

 

 

         
 
         
 
           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(8,745,109

)

 

(17,490,218

)

 

(7,214,594

)

 

(17,717,832

)

 

(24,110,636

)

 

(48,221,272

)

 

 

         
 
         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Reinvestment of dividends

 

 

 

 

 

 

873,283

 

 

2,781,185

 

 

 

 

 

 

 

         
 
         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Total increase (decrease) in net assets

 

 

44,461,387

 

 

(25,669,349

)

 

1,636,867

 

 

6,743,771

 

 

87,127,828

 

 

92,109,514

 

Beginning of period

 

 

261,471,647

 

 

287,140,996

 

 

127,025,363

 

 

120,281,592

 

 

708,588,860

 

 

616,479,346

 

 

 

         
 
         
 
           

End of period

 

$

305,933,034

 

$

261,471,647

 

$

128,662,230

 

$

127,025,363

 

$

795,716,688

 

$

708,588,860

 

 

 

         
 
         
 
           

Undistributed (distributions in excess of) net investment income

 

$

(4,364,444

)

$

313,497

 

$

(7,010,547

)

$

16,122

 

$

(13,104,402

)

$

6,618,029

 

 

 

         
 
         
 
           

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

65




 


 

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, 2010
(Unaudited)

 

Year Ended
October 31, 2009

 

 

Six Months Ended
April 30, 2010
(Unaudited)

 

Year Ended
October 31, 2009

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

5,311,752

 

$

5,271,647

 

 

$

429,145

 

$

662,563

 

Net realized gain (loss)

 

 

102,670,964

 

 

(31,644,052

)

 

 

23,548,759

 

 

3,321,376

 

Net change in unrealized appreciation/depreciation

 

 

3,437,135

 

 

112,160,357

 

 

 

2,632,536

 

 

21,947,983

 

Net increase (decrease) in net assets resulting from operations

 

 

111,419,851

 

 

85,787,952

 

 

 

26,610,440

 

 

25,931,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

Net investment income

 

 

(77,998,016

)

 

(5,179,012

)

 

 

(5,835,966

)

 

(949,596

)

Net realized gains

 

 

 

 

 

 

 

 

 

(7,700,487

)

Tax return of capital

 

 

 

 

(55,376,808

)

 

 

 

 

(4,321,847

)

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(77,998,016

)

 

(60,555,820

)

 

 

(5,835,966

)

 

(12,971,930

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares due to reorganization

 

 

 

 

1,025,103,621

 

 

 

 

 

 

Reinvestment of dividends

 

 

4,417,379

 

 

 

 

 

 

 

 

Net increase in net assets derived from share transactions

 

 

4,417,379

 

 

1,025,103,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

37,839,214

 

 

1,050,335,753

 

 

 

20,774,474

 

 

12,959,992

 

Beginning of period

 

 

1,278,170,323

 

 

227,834,570

 

 

 

192,601,790

 

 

179,641,798

 

End of period

 

$

1,316,009,537

 

$

1,278,170,323

 

 

$

213,376,264

 

$

192,601,790

 

Undistributed (distributions in excess of) net investment income

 

$

(72,843,888

)

$

(157,624

)

 

$

(5,414,912

)

$

(8,091

)

See Notes to Financial Statements.

 

 

 

 

 

66

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
International Growth
and Income Trust (BGY)

 

BlackRock
Real Asset
Equity Trust (BCF)

 

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

Net Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2010
(Unaudited)

 

Year Ended
October 31, 2009

 

 

Six Months Ended
April 30, 2010
(Unaudited)

 

Year Ended
October 31, 2009

 

 

Six Months Ended
April 30, 2010
(Unaudited)

 

Year Ended
October 31, 2009

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

7,299,359

 

$

28,958,213

 

 

$

604,122

 

$

3,691,683

 

 

$

1,019,158

 

$

2,403,578

 

Net realized gain (loss)

 

 

(10,472,679

)

 

(559,616,464

)

 

 

15,148,654

 

 

(49,027,390

)

 

 

3,366,442

 

 

1,092,426

 

Net change in unrealized appreciation/depreciation

 

 

65,747,259

 

 

779,184,105

 

 

 

94,148,418

 

 

236,659,541

 

 

 

2,331,748

 

 

7,255,058

 

Net increase (decrease) in net assets resulting from operations

 

 

62,573,939

 

 

248,525,854

 

 

 

109,901,194

 

 

191,323,834

 

 

 

6,717,348

 

 

10,751,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to
Shareholders From

Net investment income

 

 

(98,578,140

)

 

(32,190,952

)

 

 

(30,826,484

)

 

(6,325,350

)

 

 

(2,262,386

)

 

(2,343,114

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,969,353

)

Tax return of capital

 

 

 

 

(161,725,283

)

 

 

 

 

(55,327,618

)

 

 

 

 

(438,543

)

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(98,578,140

)

 

(193,916,235

)

 

 

(30,826,484

)

 

(61,652,968

)

 

 

(2,262,386

)

 

(4,751,010

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares due to reorganization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

15,939,001

 

 

17,521,775

 

 

 

 

 

 

 

 

 

 

 

Net increase in net assets derived from share transactions

 

 

15,939,001

 

 

17,521,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

(20,065,200

)

 

72,131,394

 

 

 

79,074,710

 

 

129,670,866

 

 

 

4,454,962

 

 

6,000,052

 

Beginning of period

 

 

1,178,647,408

 

 

1,106,516,014

 

 

 

664,928,292

 

 

535,257,426

 

 

 

80,716,479

 

 

74,716,427

 

End of period

 

$

1,158,582,208

 

$

1,178,647,408

 

 

$

744,003,002

 

$

664,928,292

 

 

$

85,171,441

 

$

80,716,479

 

Undistributed (distributions in excess of) net investment income

 

$

(91,708,204

)

$

(429,423

)

 

$

(30,326,192

)

$

(103,830

)

 

$

(1,239,889

)

$

3,339

 


 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

67




 

 



 

 

Financial Highlights

BlackRock Dividend AchieversTM Trust (BDV)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2010
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

2009

 

2008

 

2007

 

2006

 

2005

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

9.14

 

$

10.33

 

$

15.49

 

$

15.95

 

$

14.21

 

$

14.67

 

Net investment income

 

 

0.11

 

 

0.30

 

 

0.41

 

 

0.45

 

 

0.42

 

 

0.43

 

Net realized and unrealized gain (loss)

 

 

1.04

 

 

(0.84

)

 

(4.67

)

 

(0.01

)

 

2.21

 

 

0.01

 

Net increase (decrease) from investment operations

 

 

1.15

 

 

(0.54

)

 

(4.26

)

 

0.44

 

 

2.63

 

 

0.44

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.33

)1

 

(0.30

)

 

(0.43

)

 

(0.44

)

 

(0.41

)

 

(0.43

)

Net realized gain

 

 

 

 

 

 

 

 

(0.38

)

 

(0.32

)

 

(0.28

)

Tax return of capital

 

 

 

 

(0.35

)

 

(0.47

)

 

(0.08

)

 

(0.16

)

 

(0.19

)

Total dividends and distributions

 

 

(0.33

)

 

(0.65

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.90

)

Net asset value, end of period

 

$

9.96

 

$

9.14

 

$

10.33

 

$

15.49

 

$

15.95

 

$

14.21

 

Market price, end of period

 

$

9.30

 

$

8.27

 

$

9.20

 

$

13.64

 

$

14.86

 

$

12.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

12.78

%3

 

(3.75

)%

 

(27.56

)%

 

3.15

%

 

19.89

%

 

3.11

%

Based on market price

 

 

16.39

%3

 

(2.21

)%

 

(26.73

)%

 

(2.50

)%

 

24.31

%

 

(9.25

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.84

%4

 

0.85

%

 

0.83

%

 

0.82

%

 

0.84

%

 

0.84

%

Total expenses after fees waived

 

 

0.84

%4

 

0.85

%

 

0.83

%

 

0.82

%

 

0.84

%

 

0.84

%

Net investment income

 

 

2.44

%4

 

3.46

%

 

3.46

%

 

2.87

%

 

2.90

%

 

2.93

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

542,863

 

$

498,174

 

$

563,030

 

$

844,633

 

$

869,703

 

$

774,691

 

Portfolio turnover

 

 

66

%

 

56

%

 

23

%

 

12

%

 

11

%

 

27

%


 

 

1

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.

2

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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

3

Aggregate total investment return.

4

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

68

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 



 

 

Financial Highlights

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2010
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Period
August 31, 20051
through October 31,
2005

 

 

 

 

 

 

Year Ended October 31,

 

 

 

2009

 

2008

 

2007

 

2006

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

8.13

 

$

9.59

 

$

14.10

 

$

14.88

 

$

14.01

 

$

14.33 2

 

Net investment income

 

 

0.09

 

 

0.25

 

 

0.34

 

 

0.39

 

 

0.37

 

 

0.06

 

Net realized and unrealized gain (loss)

 

 

0.80

 

 

(0.55

)

 

(3.73

)

 

0.06

 

 

1.71

 

 

(0.26

)

Net increase (decrease) from investment operations

 

 

0.89

 

 

(0.30

)

 

(3.39

)

 

0.45

 

 

2.08

 

 

(0.20

)

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.49

)3

 

(0.25

)

 

(0.52

)

 

(0.43

)

 

(0.15

)

 

(0.06

)

Net realized gain

 

 

 

 

 

 

 

 

(0.80

)

 

(1.06

)

 

(0.04

)

Tax return of capital

 

 

 

 

(0.91

)

 

(0.60

)

 

 

 

 

 

 

Total dividends and distributions

 

 

(0.49

)

 

(1.16

)

 

(1.12

)

 

(1.23

)

 

(1.21

)

 

(0.10

)

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

Net asset value, end of period

 

$

8.53

 

$

8.13

 

$

9.59

 

$

14.10

 

$

14.88

 

$

14.01

 

Market price, end of period

 

$

8.80

 

$

7.89

 

$

8.47

 

$

12.68

 

$

14.92

 

$

13.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

11.13

%5

 

(1.63

)%

 

(24.35

)%

 

3.21

%

 

15.72

%

 

(1.42

)%5

Based on market price

 

 

18.13

%5

 

8.08

%

 

(25.70

)%

 

(7.43

)%

 

17.97

%

 

(7.40

)%5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.19

%6

 

1.20

%

 

1.18

%

 

1.17

%

 

1.19

%

 

1.25

%6

Total expenses after fees waived

 

 

1.19

%6

 

1.20

%

 

1.18

%

 

1.17

%

 

1.19

%

 

1.25

%6

Net investment income

 

 

2.08

%6

 

3.11

%

 

3.20

%

 

2.76

%

 

2.73

%

 

2.44

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

603,703

 

$

572,066

 

$

668,969

 

$

983,762

 

$

1,033,127

 

$

968,245

 

Portfolio turnover

 

 

118

%

 

117

%

 

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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

5

Aggregate total investment return.

6

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

69




 

 



 

 

Financial Highlights

BlackRock Strategic Dividend AchieversTM Trust (BDT)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2010
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

9.72

 

$

10.67

 

$

15.22

 

$

16.13

 

$

15.14

 

$

14.96

 

Net investment income

 

 

0.15

 

 

0.30

 

 

0.37

 

 

0.40

 

 

0.37

 

 

0.46

 

Net realized and unrealized gain (loss)

 

 

1.83

 

 

(0.60

)

 

(4.02

)

 

(0.41

)

 

1.52

 

 

0.62

 

Net increase (decrease) from investment operations

 

 

1.98

 

 

(0.30

)

 

(3.65

)

 

(0.01

)

 

1.89

 

 

1.08

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.33

)1

 

(0.31

)

 

(0.40

)

 

(0.40

)

 

(0.35

)

 

(0.46

)

Net realized gain

 

 

 

 

 

 

 

 

(0.38

)

 

(0.55

)

 

(0.42

)

Tax return of capital

 

 

 

 

(0.34

)

 

(0.50

)

 

(0.12

)

 

 

 

(0.02

)

Total dividends and distributions

 

 

(0.33

)

 

(0.65

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

Net asset value, end of period

 

$

11.37

 

$

9.72

 

$

10.67

 

$

15.22

 

$

16.13

 

$

15.14

 

Market price, end of period

 

$

10.19

 

$

8.37

 

$

9.01

 

$

13.19

 

$

14.53

 

$

13.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

21.00

%3

 

(1.10

)%

 

(23.93

)%

 

0.24

%

 

13.65

%

 

7.62

%

Based on market price

 

 

25.93

%3

 

0.86

%

 

(25.88

)%

 

(3.56

)%

 

17.43

%

 

(3.46

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.95

%4

 

0.97

%

 

0.94

%

 

0.95

%

 

0.96

%

 

0.96

%

Total expenses after fees waived

 

 

0.95

%4

 

0.97

%

 

0.94

%

 

0.95

%

 

0.96

%

 

0.96

%

Net investment income

 

 

2.90

%4

 

3.68

%

 

3.40

%

 

2.75

%

 

2.57

%

 

3.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

305,933

 

$

261,472

 

$

287,141

 

$

409,646

 

$

433,938

 

$

407,366

 

Portfolio turnover

 

 

26

%

 

66

%

 

20

%

 

18

%

 

18

%

 

24

%


 

 

1

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.

2

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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

3

Aggregate total investment return.

4

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

70

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 



 

 

Financial Highlights

BlackRock EcoSolutions Investment Trust (BQR)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2010
(unaudited)

 

 

 

 

Period
September 28, 20071
through October 31,
2007

 

 

 

 

 

 

 

 

Year Ended October 31

 

 

 

2009

 

2008

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

10.56

 

$

10.23

 

$

20.31

 

$

19.10

2

Net investment income

 

 

0.02

 

 

0.06

 

 

0.03

 

 

 

Net realized and unrealized gain (loss)

 

 

0.65

 

 

1.78

 

 

(8.51

)

 

1.25

 

Net increase (decrease) from investment operations

 

 

0.67

 

 

1.84

 

 

(8.48

)

 

1.25

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.60

)3

 

(0.07

)

 

(0.02

)

 

 

Net realized gain

 

 

 

 

(0.09

)

 

(1.58

)

 

 

Tax return of capital

 

 

 

 

(1.35

)

 

 

 

 

Total dividends and distributions

 

 

(0.60

)

 

(1.51

)

 

(1.60

)

 

 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

(0.04

)

Net asset value, end of period

 

$

10.63

 

$

10.56

 

$

10.23

 

$

20.31

 

Market price, end of period

 

$

11.14

 

$

10.23

 

$

9.20

 

$

19.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

6.22

%5

 

19.64

%

 

(43.99

)%

 

6.28

%5

Based on market price

 

 

14.91

%5

 

28.88

%

 

(48.20

)%

 

(1.25

)%5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.44

%6

 

1.51

%

 

1.36

%

 

1.70

%6

Total expenses after fees waived and paid indirectly

 

 

1.43

%6

 

1.50

%

 

1.35

%

 

1.68

%6

Net investment income

 

 

0.29

%6

 

0.65

%

 

0.38

%

 

0.97

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

128,662

 

$

127,025

 

$

120,282

 

$

238,731

 

Portfolio turnover

 

 

55

%

 

62

%

 

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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

5

Aggregate total investment return.

6

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

71




 

 


 

 

Financial Highlights

BlackRock Energy and Resources Trust (BGR)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2010
(unaudited)

 

 

 

 

 

 

 

 

 

Period
December 29, 20041
through October 31,
2005

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

2009

 

2008

 

2007

 

2006

 

 

Per Share Operating Performance

 

Net asset value, beginning of period

 

 

$

23.81

 

 

$

20.71

 

$

37.60

 

$

29.67

 

$

28.12

 

 

$

23.88

2

 

Net investment income

 

 

 

0.15

 

 

 

0.41

 

 

1.18

 

 

0.49

 

 

0.75

 

 

 

0.56

 

 

Net realized and unrealized gain (loss)

 

 

 

3.58

 

 

 

4.32

 

 

(14.63

)

 

9.27

 

 

3.65

 

 

 

4.85

 

 

Net increase (decrease) from investment operations

 

 

 

3.73

 

 

 

4.73

 

 

(13.45

)

 

9.76

 

 

4.40

 

 

 

5.41

 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.81

)3

 

 

(0.47

)

 

(0.96

)

 

(0.70

)

 

(0.49

)

 

 

(0.54

)

 

Net realized gain

 

 

 

 

 

 

(0.19

)

 

(2.48

)

 

(1.13

)

 

(2.36

)

 

 

(0.59

)

 

Tax return of capital

 

 

 

 

 

 

(0.97

)

 

 

 

 

 

 

 

 

 

 

Total dividends and distributions

 

 

 

(0.81

)

 

 

(1.63

)

 

(3.44

)

 

(1.83

)

 

(2.85

)

 

 

(1.13

)

 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

Net asset value, end of period

 

 

$

26.73

 

 

$

23.81

 

$

20.71

 

$

37.60

 

$

29.67

 

 

$

28.12

 

 

Market price, end of period

 

 

$

25.50

 

 

$

22.18

 

$

17.99

 

$

32.14

 

$

26.73

 

 

$

25.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

 

15.73

%5

 

 

25.54

%

 

(38.15

)%

 

34.98

%

 

17.30

%

 

 

22.99

%5

 

Based on market price

 

 

 

18.52

%5

 

 

34.63

%

 

(37.14

)%

 

28.07

%

 

18.11

%

 

 

5.10

%5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.28

%6

 

 

1.30

%

 

1.27

%

 

1.27

%

 

1.28

%

 

 

1.30

%6

 

Total expenses after fees waived and paid indirectly

 

 

 

1.11

%6

 

 

1.10

%

 

1.07

%

 

1.07

%

 

1.08

%

 

 

1.10

%6

 

Net investment income

 

 

 

1.14

%6

 

 

1.77

%

 

1.38

%

 

1.69

%

 

2.47

%

 

 

2.59

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

 

$

795,717

 

 

$

708,589

 

$

616,479

 

$

1,119,310

 

$

883,104

 

 

$

836,924

 

 

Portfolio turnover

 

 

 

55

%

 

 

62

%

 

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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

72

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Financial Highlights

BlackRock Global Opportunities Equity Trust (BOE)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2010
(unaudited)

 

 

 

 

 

 

 

 

 

Period
May 31, 20051
through October 31,

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

2009

 

2008

 

2007

 

2006

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

18.64

 

 

$

18.03

 

$

31.09

 

$

26.72

 

$

23.77

 

 

$

23.88

2

 

Net investment income

 

 

 

0.07

 

 

 

0.19

 

 

0.39

 

 

0.55

 

 

0.58

 

 

 

0.37

 

 

Net realized and unrealized gain (loss)

 

 

 

1.56

 

 

 

2.70

 

 

(10.39

)

 

6.32

 

 

4.64

 

 

 

0.13

 

 

Net increase (decrease) from investment operations

 

 

 

1.63

 

 

 

2.89

 

 

(10.00

)

 

6.87

 

 

5.22

 

 

 

0.50

 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(1.14

)3

 

 

(0.20

)

 

(0.56

)

 

(0.36

)

 

(0.59

)

 

 

(0.23

)

 

Net realized gain

 

 

 

 

 

 

 

 

(2.48

)

 

(2.14

)

 

(1.68

)

 

 

(0.33

)

 

Tax return of capital

 

 

 

 

 

 

(2.08

)

 

(0.02

)

 

 

 

 

 

 

 

 

Total dividends and distributions

 

 

 

(1.14

)

 

 

(2.28

)

 

(3.06

)

 

(2.50

)

 

(2.27

)

 

 

(0.56

)

 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.05

)

 

Net asset value, end of period

 

 

$

19.13

 

 

$

18.64

 

$

18.03

 

$

31.09

 

$

26.72

 

 

$

23.77

 

 

Market price, end of period

 

 

$

20.00

 

 

$

18.40

 

$

15.89

 

$

28.76

 

$

27.61

 

 

$

23.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

 

9.00

%5

 

 

20.50

%

 

(35.08

)%

 

27.47

%

 

24.48

%

 

 

0.81

%5

 

Based on market price

 

 

 

15.44

%5

 

 

34.97

%

 

(38.15

)%

 

14.11

%

 

26.64

%

 

 

(2.21

)%5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.11

%6

 

 

1.21

%

 

1.14

%

 

1.15

%

 

1.16

%

 

 

1.19

%6

 

Total expenses after fees waived

 

 

 

1.11

%6

 

 

1.20

%

 

1.14

%

 

1.15

%

 

1.16

%

 

 

1.19

%6

 

Net investment income

 

 

 

0.82

%6

 

 

1.05

%

 

1.60

%

 

1.87

%

 

2.45

%

 

 

3.66

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

 

$

1,316,010

 

 

$

1,278,170

 

$

227,835

 

$

389,741

 

$

331,744

 

 

$

294,195

 

 

Portfolio turnover

 

 

 

158

%

 

 

300

%

 

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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

73




 

 


 

 

Financial Highlights

BlackRock Health Sciences Trust (BME)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2010
(unaudited)

 

 

 

 

 

 

 

 

 

Period
March 31, 20051
through October 31,
2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

2009

 

2008

 

2007

 

2006

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

25.37

 

 

$

23.66

 

$

30.33

 

$

27.74

 

$

26.38

 

 

$

23.88

2

 

Net investment income

 

 

 

0.06

 

 

 

0.10

 

 

0.10

 

 

0.05

 

 

0.00

3

 

 

(0.03

)

 

Net realized and unrealized gain (loss)

 

 

 

3.45

 

 

 

3.32

 

 

(4.70

)

 

4.76

 

 

3.28

 

 

 

3.34

 

 

Net increase (decrease) from investment operations

 

 

 

3.51

 

 

 

3.42

 

 

(4.60

)

 

4.81

 

 

3.28

 

 

 

3.31

 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.77

)4

 

 

(0.13

)

 

(0.09

)

 

(0.02

)

 

 

 

 

 

 

Net realized gain

 

 

 

 

 

 

(1.01

)

 

(1.98

)

 

(2.20

)

 

(1.92

)

 

 

(0.77

)

 

Tax return of capital

 

 

 

 

 

 

(0.57

)

 

 

 

 

 

 

 

 

 

 

Total dividends and distributions

 

 

 

(0.77

)

 

 

(1.71

)

 

(2.07

)

 

(2.22

)

 

(1.92

)

 

 

(0.77

)

 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

Net asset value, end of period

 

 

$

28.11

 

 

$

25.37

 

$

23.66

 

$

30.33

 

$

27.74

 

 

$

26.38

 

 

Market price, end of period

 

 

$

27.41

 

 

$

22.61

 

$

21.62

 

$

27.05

 

$

27.32

 

 

$

25.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

 

14.00

%6

 

 

16.31

%

 

(15.55

)%

 

18.62

%

 

13.00

%

 

 

13.88

%6

 

Based on market price

 

 

 

24.73

%6

 

 

13.44

%

 

(13.47

)%

 

7.42

%

 

16.59

%

 

 

3.81

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.14

%7

 

 

1.15

%

 

1.13

%

 

1.13

%

 

1.15

%

 

 

1.18

%7

 

Total expenses after fees waived

 

 

 

1.14

%7

 

 

1.15

%

 

1.13

%

 

1.13

%

 

1.15

%

 

 

1.18

%7

 

Net investment income

 

 

 

0.41

%7

 

 

0.37

%

 

0.20

%

 

0.15

%

 

(0.11

)%

 

 

(0.19

)%7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

 

$

213,376

 

 

$

192,602

 

$

179,642

 

$

230,280

 

$

208,151

 

 

$

198,005

 

 

Portfolio turnover

 

 

 

132

%

 

 

167

%

 

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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

6

Aggregate total investment return.

7

Annualized.


 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

74

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Financial Highlights

BlackRock International Growth and Income Trust (BGY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2010
(unaudited)

 

 

 

 

 

 

 

Period
May 30, 20071
through October 31,
2007

 

 

 

 

Year Ended October 31,

 

 

 

 

 

2009

 

2008

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

10.92

 

 

$

10.41

 

$

20.12

 

 

$

19.10

2

 

Net investment income

 

 

 

0.07

 

 

 

0.29

 

 

0.27

 

 

 

0.14

 

 

Net realized and unrealized gain (loss)

 

 

 

0.51

 

 

 

2.04

 

 

(8.31

)

 

 

1.50

 

 

Net increase (decrease) from investment operations

 

 

 

0.58

 

 

 

2.33

 

 

(8.04

)

 

 

1.64

 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.91

)3

 

 

(0.30

)

 

(0.30

)

 

 

(0.10

)

 

Net realized gain

 

 

 

 

 

 

 

 

(0.88

)

 

 

(0.50

)

 

Tax return of capital

 

 

 

 

 

 

(1.52

)

 

(0.49

)

 

 

 

 

Total dividends and distributions

 

 

 

(0.91

)

 

 

(1.82

)

 

(1.67

)

 

 

(0.60

)

 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

Net asset value, end of period

 

 

$

10.59

 

 

$

10.92

 

$

10.41

 

 

$

20.12

 

 

Market price, end of period

 

 

$

11.03

 

 

$

10.92

 

$

9.09

 

 

$

17.76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

 

5.17

%5

 

 

26.28

%

 

(41.76

)%

 

 

8.93

%5

 

Based on market price

 

 

 

9.54

%5

 

 

44.62

%

 

(42.39

)%

 

 

(8.17

)%5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.12

%6

 

 

1.12

%

 

1.11

%

 

 

1.07

%6

 

Total expenses after fees waived

 

 

 

1.11

%6

 

 

1.12

%

 

1.11

%

 

 

1.07

%6

 

Net investment income

 

 

 

1.23

%6

 

 

2.68

%

 

2.34

%

 

 

1.75

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

 

$

1,158,582

 

 

$

1,178,647

 

$

1,106,516

 

 

$

2,138,523

 

 

Portfolio turnover

 

 

 

142

%

 

 

198

%

 

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

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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

5

Aggregate total investment return.

6

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

75




 

 


 

 

Financial Highlights

BlackRock Real Asset Equity Trust (BCF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2010
(unaudited)

 

 

 

 

 

 

 

 

 

 

Period
September 29, 20061
through October 31,
2006

 

 

 

 

Year Ended October 31,

 

 

 

 

 

2009

 

2008

 

2007

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

11.73

 

 

$

9.44

 

$

20.79

 

$

15.33

 

 

$

14.33

2

 

Net investment income

 

 

 

0.01

 

 

 

0.08

 

 

0.20

 

 

0.20

 

 

 

0.04

 

 

Net realized and unrealized gain (loss)

 

 

 

1.92

 

 

 

3.30

 

 

(10.16

)

 

6.35

 

 

 

0.98

 

 

Net increase (decrease) from investment operations

 

 

 

1.93

 

 

 

3.38

 

 

(9.96

)

 

6.55

 

 

 

1.02

 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.54

)3

 

 

(0.11

)

 

(0.17

)

 

(0.29

)

 

 

 

 

Net realized gain

 

 

 

 

 

 

 

 

(1.22

)

 

(0.80

)

 

 

 

 

Tax return of capital

 

 

 

 

 

 

(0.98

)

 

 

 

 

 

 

 

 

Total dividends and distributions

 

 

 

(0.54

)

 

 

(1.09

)

 

(1.39

)

 

(1.09

)

 

 

 

 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

Net asset value, end of period

 

 

$

13.12

 

 

$

11.73

 

$

9.44

 

$

20.79

 

 

$

15.33

 

 

Market price, end of period

 

 

$

13.04

 

 

$

11.45

 

$

7.74

 

$

17.59

 

 

$

15.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

 

16.49

%5

 

 

40.96

%

 

(50.14

)%

 

45.34

%

 

 

6.98

%5

 

Based on market price

 

 

 

18.61

%5

 

 

67.81

%

 

(51.69

)%

 

25.67

%

 

 

%5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.29

%6

 

 

1.32

%

 

1.29

%

 

1.21

%

 

 

1.42

%6

 

Total expenses after fees waived and paid indirectly

 

 

 

1.09

%6

 

 

1.12

%

 

1.09

%

 

1.08

%

 

 

1.22

%6

 

Net investment income

 

 

 

0.17

%6

 

 

0.68

%

 

1.14

%

 

1.37

%

 

 

2.63

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

 

$

744,003

 

 

$

664,928

 

$

535,257

 

$

1,179,087

 

 

$

820,283

 

 

Portfolio turnover

 

 

 

46

%

 

 

58

%

 

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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

5

Aggregate total investment return.

6

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

76

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 

 


 

 

Financial Highlights

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2010
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

13.38

 

 

$

12.38

 

$

21.00

 

$

18.55

 

$

15.98

 

$

15.29

 

Net investment income

 

 

 

0.17

 

 

 

0.36

 

 

0.50

 

 

0.46

 

 

0.39

 

 

0.56

 

Net realized and unrealized gain (loss)

 

 

 

0.95

 

 

 

1.43

 

 

(8.22

)

 

2.90

 

 

3.22

 

 

0.88

 

Net increase (decrease) from investment operations

 

 

 

1.12

 

 

 

1.79

 

 

(7.72

)

 

3.36

 

 

3.61

 

 

1.44

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.38

)1

 

 

(0.39

)

 

(0.52

)

 

(0.44

)

 

(0.49

)

 

(0.37

)

Net realized gain

 

 

 

 

 

 

(0.33

)

 

 

 

(0.40

)

 

(0.55

)

 

(0.38

)

Tax return of capital

 

 

 

 

 

 

(0.07

)

 

(0.38

)

 

(0.07

)

 

0.00

2

 

 

Total dividends and distributions

 

 

 

(0.38

)

 

 

(0.79

)

 

(0.90

)

 

(0.91

)

 

(1.04

)

 

(0.75

)

Net asset value, end of period

 

 

$

14.12

 

 

$

13.38

 

$

12.38

 

$

21.00

 

$

18.55

 

$

15.98

 

Market price, end of period

 

 

$

12.56

 

 

$

11.54

 

$

10.50

 

$

18.07

 

$

16.36

 

$

14.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

 

8.83

%4

 

 

17.64

%

 

(37.53

)%

 

19.10

%

 

24.34

%

 

10.08

%

Based on market price

 

 

 

12.24

%4

 

 

19.63

%

 

(38.42

) %

 

16.20

%

 

20.52

%

 

10.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.19

%5

 

 

1.17

%

 

0.96

%

 

1.20

%

 

1.13

%

 

1.14

%

Total expenses after fees waived

 

 

 

1.19

%5

 

 

1.16

%

 

0.96

%

 

1.20

%

 

1.13

%

 

1.14

%

Net investment income

 

 

 

2.45

%5

 

 

3.39

%

 

3.11

%

 

2.45

%

 

2.45

%

 

3.35

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

 

$

85,171

 

 

$

80,716

 

$

74,716

 

$

126,706

 

$

111,925

 

$

96,402

 

Portfolio turnover

 

 

 

29

%

 

 

64

%

 

10

%

 

12

%

 

10

%

 

38

%


 

 

1

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.

2

Amounted to less than $0.01 per share outstanding.

3

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. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions.

4

Aggregate total investment return.

5

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

77




 


 

Notes to Financial Statements

1. Organization and Significant Accounting Policies:

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 Opportunities Equity Trust (“BOE”), BlackRock Health Sciences Trust (“BME”), BlackRock International Growth and Income Trust (“BGY”), BlackRock Real Asset Equity Trust (“BCF”) and BlackRock S&P Quality Rankings Global Equity Managed Trust (“BQY”) (collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except BQR, BGR, BME, BGY and BCF, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). BQR, BGR, BME, BGY and BCF 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 (“US GAAP”), 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.

BOE Reorganization: The Board of Trustees (the “Board”) and the shareholders of each of BlackRock Global Equity Income Trust (“BFD”), BlackRock World Investment Trust (“BWC”) (the “Target Trusts”) and BOE approved the reorganization of each Target Trust into BOE (the “Reorganizations”). The Reorganizations were tax-free events and were effective as of the opening for business of the New York Stock Exchange (“NYSE”) on July 27, 2009.

 

 

   

Target Trusts

Acquiring Trust

   

BFD

BOE

BWC

BOE

   

Under the agreement and plan of reorganization between each Target Trust and BOE, the shares of each Target Trust (“Target Trust Shares”) were exchanged for BOE shares. The conversion ratios for Target Trust Shares were as follows:

 

 

 

 

 

         

BFD/BOE

 

 

0.55125638

 

BWC/BOE

 

 

0.59681881

 

         

The net assets of BOE before and after the Reorganizations and BOE shares issued and Target Trust Shares redeemed in connection with the Reorganizations were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Acquiring
Trust

 

Net Assets
After the
Reorganizations

 

Net Assets
Prior to the
Reorganizations

 

Shares Issued

 

Target
Trusts
Shares
Redeemed

 

                           

BOE

 

$

1,256,641,195

 

$

231,537,574

 

 

55,935,668

 

 

97,158,060

 

                           

Included in the net assets acquired by BOE were the following components:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Target
Trusts

 

Paid-In
Capital

 

Distributions in
Excess of Net
Investment
Income

 

Realized
Loss

 


Net Unrealized
Appreciation
(Depreciation)

 

Net Assets

 

 

BFD

 

$

707,107,343

 

$

(46,391

)

$

(277,649,990

)

$

25,155,884

 

$

454,566,846

 

 

BWC

 

$

702,754,061

 

$

(60,604

)

$

(105,511,570

)

$

(26,645,112

)

$

570,536,775

 

 

The following is a summary of significant accounting policies followed by the Trusts:

Valuation: The Trusts’ policy is to fair value their financial instruments at market value using independent dealers or pricing services selected under supervision of the Board. 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. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

The Trusts value their investments in BlackRock Liquidity Series, LLC Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the net assets of the underlying fund. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 promulgated by the SEC under the 1940 Act. The Trusts may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

Securities and other assets and liabilities denominated in foreign currencies are translated into US dollars using exchange rates determined as of the close of business on the NYSE. Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

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 the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by an independent pricing service using a mathematical model which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

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 or is not available, the investment will be valued by a method approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that

 

 

 

 

 

78

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010



 


 

Notes to Financial Statements (continued)

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 instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of each 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 instruments, those instruments may be Fair Value Assets and be valued at their fair value as determined in good faith by the Board or by the investment advisor using a pricing service and/or procedures approved by the Board. Each business day, the Trusts use a pricing service selected under the supervision of the Trusts’ Board to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and OTC options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

Foreign Currency Transactions: Each Trust’s books and records are maintained in US dollars. Foreign currency amounts are translated into US dollars as follows: (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. Generally, when the US dollar rises in value against foreign currency, each Trust’s investments denominated in that currency will lose value because its currency is worth fewer US dollars; the opposite effect occurs if the US dollar falls in relative value.

Each Trust reports foreign currency related transactions as components of realized gain (loss) 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 a Trust either delivers collateral or segregates assets in connection with certain investments (e.g., written options or foreign currency exchange contracts), each Trust will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its 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 party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, 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 a Trust has determined the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, some of the 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.

Dividends and Distributions: Dividends from net investment income are declared and paid quarterly. Distributions of capital gains are recorded on the ex-dividend dates. If the total dividends and distributions made in any tax year exceeds net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a tax return of capital. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

Securities Lending: The Trusts may lend securities to financial institutions that provide cash as collateral, 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. Securities lending income, as disclosed in the Statements of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. 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. 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 or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Income Taxes: It is the Trusts’ policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, 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.

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 Trusts’ US federal tax returns remains open for the year ended October 31, 2009 and the preceding three taxable years of the respective Trust, if applicable. The statute of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. There are no uncertain tax positions that require recognition of a tax liability.

Recent Accounting Standard: In January 2010, Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require additional disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggre-

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

79



 


 

Notes to Financial Statements (continued)

gation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009, and interim periods within those fiscal years, except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The impact of this guidance on the Trusts’ financial statements and disclosures is currently being assessed.

Dividend Achievers Universe: BDV, BDJ and BDT 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 BDV, BDJ, and BDT. The products are not sponsored, endorsed, managed, 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 in the Statements of Operations as licensing.

S&P Quality Rankings: BQY 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 S&P and have been licensed for use by the Trust. The Trust is not sponsored, endorsed, managed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in the Trust. The Trust is required to pay a quarterly licensing fee, which is shown in the Statements of Operations as licensing.

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 other certain 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 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 in 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. Derivative Financial Instruments:

The Trusts may engage in various portfolio investment strategies both to increase the returns of the Trusts and to economically hedge, or protect, their exposure to certain risks such as equity risk and foreign currency exchange rate risk. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying instrument or if the counterparty does not perform under the contract. The Trusts may mitigate counterparty risk through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Trust and separately each of its counterparties. The ISDA Master Agreement allows each Trust to offset with its counterparty certain derivative financial instrument’s payables and/or receivables with collateral held with each separate counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $500,000. To the extent amounts due to the Trusts from their counterparties are not fully collateralized contractually or otherwise, the Trusts bear the risk of loss from counterparty non-performance. See Note 1 “Segregation and Collateralization” for information with respect to collateral practices. In addition, the Trusts manage counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

The Trusts’ maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Trusts. For OTC options purchased, the Trusts bear the risk of loss in the amount of the premiums paid and change in market value of the options should the counterparty not perform under the contracts. Options written by the Trusts do not give rise to counterparty credit risk, as options written obligate the Trusts to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Trust’s net assets decline by a stated percentage or a Trust fails to meet the terms of its ISDA Master Agreements, which would cause the Trust to accelerate payment of any net liability owed to the counterparty. Counterparty risk related to exchange-traded financial futures contracts and options is minimal because of the protection against defaults provided by the exchange on which they trade.

Foreign Currency Exchange Contracts: Certain Trusts may enter into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to gain exposure to foreign currencies (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts,

 

 

 

 

 

80

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 


Notes to Financial Statements (continued)

when used by a Trust, help to manage the overall exposure to the currency backing some of the investments held by a Trust. The contract is marked-to-market daily and the change in market value is recorded by a Trust as an unrealized gain or loss. When the contract is closed, a 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 foreign currency exchange contracts involves the risk that counterparties may not meet the terms of the agreement or unfavorable movements in the value of a currency relative to the US dollar.

Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to underlying instruments (equity risk) and/or, in the case of options written, to generate gains from options premiums. 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 instrument 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 instrument at the exercise price at any time or at a specified time during the option period. When a Trust purchases (writes) an option, an amount equal to the premium paid (received) by a Trust is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument 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 instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Trust enters into a closing transaction), a Trust realizes 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 a Trust writes a call option, such option is “covered,” meaning that a Trust holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Trust writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, a Trust bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Trusts may not be able to enter into a closing transaction due to an illiquid market. Exercise of a option written could result in a Trust purchasing or selling a security at a price different from the current market value. The Trusts may execute transactions in both listed and OTC options.

Derivatives Instruments Categorized by Risk Exposure:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Derivative Instruments as of April 30, 2010

 

 

Asset Derivatives

 

 

 

Statements of
Assets and
Liabilities Location

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BQY

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                     

Foreign currency exchange contracts

 

Unrealized appreciation on foreign currency exchange contracts

 

$

905

 

$

32

 

$

24,945

 

$

1,956

 

$

27,523

 

$

56

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities Derivatives

 

 

 

Statements of
Assets and
Liabilities Location

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

BQY

                                               

Equity contracts

 

Options written at value

 

$

2,732,589

 

$

7,847,919

 

$

2,575,887

 

$

1,545,049

 

$

9,826,559

 

$

18,836,788

 

$

1,240,560

 

$

17,801,524

 

$

8,896,148

 

$

679,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

Unrealized depreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

229

 

 

 

 

54,593

 

 

513

 

 

81,394

 

 

72

 

 

 

 

                                                             

Total

 

 

 

$

2,732,589

 

$

7,847,919

 

$

2,575,887

 

$

1,545,278

 

$

9,826,559

 

$

18,891,381

 

$

1,241,073

 

$

17,882,918

 

$

8,896,220

 

$

679,145

 

 

 

 

                                                             

The Effect of Derivative Instruments on the Statements of Operations Period Ended April 30, 2010

 

 

Net Realized Gain (Loss) from

 

 

 

 

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

 

Equity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options

 

$

3,690,684

 

$

11,226,815

 

$

2,724,120

 

$

2,445,519

 

$

15,902,150

 

$

44,529,408

 

$

3,509,058

 

$

36,490,780

 

$

14,128,094

 

$

696,615

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency transactions

 

 

 

 

 

 

 

 

5,003

 

 

(99,113

)

 

(160,575

)

 

34,908

 

 

855,732

 

 

(6,599

)

 

(10,964

)

 

                                                             

Total

 

$

3,690,684

 

$

11,226,815

 

$

2,724,120

 

$

2,450,522

 

$

15,803,037

 

$

44,368,833

 

$

3,543,966

 

$

37,346,512

 

$

14,121,495

 

$

685,651

 

 

 

                                                           

Net Change in Unrealized Appreciation/Depreciation on

 

 

 

 

 

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

 

Equity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options

 

$

(1,076,165

)

$

(2,822,397

)

$

(1,874,888

)

$

(455,760

)

$

(1,381,140

)

$

(9,403,646

)

$

(43,978

)

$

(8,317,705

)

$

(2,574,077

)

$

(193,348

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency transactions

 

 

 

 

 

 

 

 

675

 

 

32

 

 

(29,648

)

 

1,443

 

 

(53,871

)

 

(72

)

 

56

 

 

                                                             

Total

 

 

 

$

(1,076,165

)

$

(2,822,397

)

$

(1,874,888

)

$

(455,085

)

$

(1,381,108

)

$

(9,433,294

)

$

(42,535

)

$

(8,371,576

)

$

(2,574,149

)

$

(193,292

)

 

 

                                                           

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

81




 


 

Notes to Financial Statements (continued)

For the six months ended April 30, 2010, the average quarterly balance of outstanding derivative financial instruments was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDV

 

BDJ

 

BDT

 

BQR

 

BGR

 

BOE

 

BME

 

BGY

 

BCF

 

BQY

 

                                           

Foreign currency transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average number of contracts - US dollars purchased

 

 

 

 

 

 

 

 

2

 

 

1

 

 

4

 

 

4

 

 

8

 

 

1

 

 

2

 

Average number of contracts - US dollars sold

 

 

 

 

 

 

 

 

2

 

 

1

 

 

5

 

 

2

 

 

10

 

 

1

 

 

 

Average US dollar amounts purchased

 

 

 

 

 

 

 

$

495,013

 

$

1,493

 

$

13,447,110

 

$

704,217

 

$

14,507,597

 

$

22,639

 

$

10,355

 

Average US dollar amounts sold

 

 

 

 

 

 

 

$

450,643

 

$

6,597,129

 

$

16,773,629

 

$

370,607

 

$

18,878,892

 

$

92,505

 

 

 

Options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average number of contracts written

 

 

1,580,912

 

 

4,624,876

 

 

1,184,931

 

 

11,323,347

 

 

1,679,567

 

 

36,576,757

 

 

516,468

 

 

95,596,495

 

 

11,289,776

 

 

680,109

 

Average notional value of contracts written

 

$

110,492,911

 

$

328,736,227

 

$

57,789,536

 

$

55,888,366

 

$

239,071,331

 

$

697,766,485

 

$

69,108,712

 

$

690,001,226

 

$

263,958,989

 

$

23,894,392

 

                                           

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Fund for 1940 Act purposes, but BAC and Barclays are not.

Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager 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 Manager a monthly fee at the following annual rates of the average weekly value of each Trust’s net assets: 0.65% for BDV, 1.00% for BDJ, 0.75% for BDT, 1.20% for BQR, 1.20% for BGR, 1.00% for BOE, 1.00% for BME, 1.00% for BGY, 1.20% for BCF and 0.75% for BQY. The Manager has voluntarily agreed to waive a portion of the investment advisory fees on BGR and BCF 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 BGR and 2006 through 2011 for BCF), 0.15% in 2010 for BGR and in 2012 for BCF, 0.10% in 2011 for BGR and in 2013 for BCF and 0.05% in 2012 for BGR and in 2014 for BCF.

The Manager has entered into separate sub-advisory agreements with BlackRock Financial Management, Inc. for BDV, BDJ, BDT and BQY, State Street Research & Management Company for BGR, BlackRock Investment Management, LLC (“BIM”) and BlackRock Capital Management, Inc. for BGY and BCF, and BlackRock International Limited for BQR and BCF, each an affiliate of the Manager. The Manager 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 Manager.

The Trusts have received an exemptive order from the SEC permitting, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. 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 Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral are shown on the Statements of Assets and Liabilities as securities loaned and collateral at value — securities loaned, respectively. The cash collateral invested by BIM is disclosed in the Schedules of Investments. The share of income earned by the Trusts on such investments is shown as securities lending — affiliated in the Statements of Operations. For the six months ended April 30, 2010, BIM received $14,518 in securities lending agent fees related to securities lending activities for the Trusts.

Certain officers and/or trustees of the Trusts are officers and/or trustees of BlackRock, Inc. or its affiliates. The Trusts reimburse the Manager for compensation paid to the Trusts’ Chief Compliance Officer.

4. Investments:

Purchases and sales of investment securities, excluding short-term securities for the period ended April 30, 2010, were as follows:

 

 

 

 

 

 

 

 

           

 

 

Purchases

 

Sales

 

           

BDV

 

$

340,460,412

 

$

342,749,642

 

BDJ

 

$

684,504,015

 

$

687,547,162

 

BDT

 

$

72,338,066

 

$

73,368,382

 

BQR

 

$

68,956,820

 

$

73,322,598

 

BGR

 

$

443,408,023

 

$

415,543,045

 

BOE

 

$

2,001,180,653

 

$

2,048,935,457

 

BME

 

$

267,330,512

 

$

262,744,625

 

BGY

 

$

1,606,812,085

 

$

1,602,054,600

 

BCF

 

$

322,835,702

 

$

315,663,111

 

BQY

 

$

23,696,391

 

$

24,336,081

 

               

Transactions in options written for the period ended April 30, 2010, were as follows:

 

 

 

 

 

 

 

 

 

 

Calls

 

 

 

   

 

 

Contracts

 

Premiums
Received

 

 

 

       

BDV

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

980,495

 

$

2,834,966

 

Options written

 

 

5,007,911

 

 

9,056,243

 

Options expired

 

 

(1,544,669

)

 

(3,130,038

)

Options closed

 

 

(600,586

)

 

(2,240,383

)

Options exercised

 

 

(1,912,570

)

 

(3,901,548

)

 

 

   

 

   

 

Options outstanding at end of period

 

 

1,930,581

 

$

2,619,240

 

 

 

   

 

   

 


 

 

 

 

 

82

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 


 

Notes to Financial Statements (continued)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

 

Contracts

 

Premiums
Received

 

Contracts

 

Premiums
Received

 

                           

BDJ

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

3,073,157

 

$

8,463,610

 

 

 

 

 

 

 

Options written

 

 

14,927,396

 

 

25,966,355

 

 

 

 

 

 

 

Options expired

 

 

(4,744,128

)

 

(9,576,416

)

 

 

 

 

 

 

Options closed

 

 

(1,668,014

)

 

(4,877,133

)

 

 

 

 

 

 

Options exercised

 

 

(5,975,856

)

 

(12,341,247

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of period

 

 

5,612,555

 

$

7,635,169

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDT

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

1,022,895

 

$

1,745,202

 

 

 

 

 

 

 

Options written

 

 

3,762,315

 

 

5,301,867

 

 

 

 

 

 

 

Options expired

 

 

(1,339,140

)

 

(1,706,554

)

 

 

 

 

 

 

Options closed

 

 

(691,191

)

 

(1,609,548

)

 

 

 

 

 

 

Options exercised

 

 

(1,520,046

)

 

(2,129,464

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of period

 

 

1,234,833

 

$

1,601,503

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BQR

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

10,345,421

 

$

1,871,244

 

 

 

 

 

 

 

Options written

 

 

38,975,722

 

 

6,676,263

 

 

 

 

 

 

 

Options expired

 

 

(16,310,790

)

 

(2,981,018

)

 

 

 

 

 

 

Options closed

 

 

(15,264,066

)

 

(1,356,163

)

 

 

 

 

 

 

Options exercised

 

 

(6,512,017

)

 

(2,531,452

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of period

 

 

11,234,270

 

$

1,678,874

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BGR

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

3,663,582

 

$

11,556,677

 

 

182,350

 

$

336,126

 

Options written

 

 

5,985,358

 

 

31,072,024

 

 

 

 

 

Options expired

 

 

(2,095,281

)

 

(11,771,121

)

 

(182,350

)

 

(336,126

)

Options closed

 

 

(1,306,260

)

 

(6,954,202

)

 

 

 

 

Options exercised

 

 

(4,098,695

)

 

(15,512,068

)

 

 

 

 

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

2,148,704

 

$

8,391,310

 

 

 

 

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOE

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

46,910,987

 

$

30,037,519

 

 

183,933

 

$

352,704

 

Options written

 

 

161,741,085

 

 

91,051,451

 

 

160,372

 

 

1,205,382

 

Options expired

 

 

(75,916,458

)

 

(37,346,591

)

 

(128,205

)

 

(581,868

)

Options closed

 

 

(49,321,697

)

 

(28,297,534

)

 

(41,113

)

 

(570,291

)

Options exercised

 

 

(51,131,710

)

 

(35,552,045

)

 

(174,157

)

 

(299,664

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

32,282,207

 

$

19,892,800

 

 

830

 

$

106,263

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BME

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

728,973

 

$

2,351,438

 

 

730

 

$

82,955

 

Options written

 

 

1,966,215

 

 

6,433,036

 

 

3,203

 

 

351,762

 

Options expired

 

 

(792,074

)

 

(2,333,445

)

 

(2,353

)

 

(262,276

)

Options closed

 

 

(780,684

)

 

(2,192,135

)

 

(1,295

)

 

(110,904

)

Options exercised

 

 

(699,954

)

 

(2,714,427

)

 

(15

)

 

(1,110

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

422,476

 

$

1,544,467

 

 

270

 

$

60,427

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

 

Contracts

 

Premiums
Received

 

Contracts

 

Premiums
Received

 

                   

BGY

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

64,862,070

 

$

25,657,264

 

 

1,250

 

$

89,435

 

Options written

 

 

317,410,354

 

 

82,192,018

 

 

1,673,629

 

 

3,456,145

 

Options expired

 

 

(119,315,295

)

 

(35,993,088

)

 

(1,376,045

)

 

(1,793,479

)

Options closed

 

 

(89,708,690

)

 

(22,443,480

)

 

(137,687

)

 

(859,060

)

Options exercised

 

 

(74,293,328

)

 

(29,552,790

)

 

(160,417

)

 

(799,581

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

98,955,111

 

$

19,859,924

 

 

730

 

$

93,460

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCF

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

10,919,345

 

$

10,544,926

 

 

675

 

$

111,522

 

Options written

 

 

36,714,004

 

 

35,953,587

 

 

87,097

 

 

553,293

 

Options expired

 

 

(19,821,336

)

 

(15,492,218

)

 

(85,865

)

 

(436,622

)

Options closed

 

 

(6,684,819

)

 

(11,298,977

)

 

(1,347

)

 

(125,394

)

Options exercised

 

 

(10,082,512

)

 

(10,419,219

)

 

(420

)

 

(74,239

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of period

 

 

11,044,682

 

$

9,288,099

 

 

140

 

$

28,560

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BQY

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

512,889

 

$

465,726

 

 

 

 

 

 

 

Options written

 

 

1,954,864

 

 

1,713,530

 

 

 

 

 

 

 

Options expired

 

 

(867,416

)

 

(618,140

)

 

 

 

 

 

 

Options closed

 

 

(223,219

)

 

(319,537

)

 

 

 

 

 

 

Options exercised

 

 

(501,071

)

 

(565,533

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of period

 

 

876,047

 

$

676,046

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

As of April 30, 2010, the value of portfolio securities subject to covered call options written were as follows:

 

 

 

 

 

 

 

 

Value

 

 

BDV

 

$

113,713,762

 

BDJ

 

$

328,712,595

 

BDT

 

$

59,771,994

 

BQR

 

$

52,402,851

 

BGR

 

$

235,818,022

 

BOE

 

$

664,223,591

 

BME

 

$

63,505,312

 

BGY

 

$

668,908,448

 

BCF

 

$

249,827,545

 

BQY

 

$

30,391,184

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

83




 


 

Notes to Financial Statements (continued)

5. Capital Loss Carryforwards:

As of October 31, 2009, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                             

Expires October 31,

 

BDV

 

BDJ

 

BDT

 

BQR

 

BOE

 

BGY

 

BCF

 

                               

2015

 

 

 

 

 

 

 

 

 

$

67,573,002

 

 

 

 

 

2016

 

$

52,785,280

 

$

29,702,025

 

$

9,636,519

 

 

 

 

188,242,686

 

 

 

 

 

2017

 

 

121,777,683

 

 

196,333,943

 

 

51,139,976

 

$

21,140,114

 

 

51,563,300

 

$

525,935,486

 

$

35,164,443

 

                                             

Total

 

$

174,562,963

 

$

226,035,968

 

$

60,776,495

 

$

21,140,114

 

$

307,378,988

 

$

525,935,486

 

$

35,164,443

 

                                             

6. Concentration, Market and Credit Risk:

BOE and BQY invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When such Trusts concentrate their investments in this manner, they assume the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance.

In the normal course of business, the Trusts invest in securities and enter 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 counterparty risks with respect to these financial assets is generally approximated by their value recorded in the Trusts’ Statement of Assets and Liabilities, less any collateral held by the Trusts.

The Trusts listed below invest a significant portion of their assets in securities in the following sectors:

 

 

 

     

Consumer Staples

 

BDV, BDJ

Financials

 

BDT, BOE, BGY, BQY

Utilities

 

BQR

Materials

 

BQR, BCF

Industrials

 

BQR

Energy

 

BGR, BCF

Health Care

 

BME

     

Changes in economic conditions affecting these sectors would have a greater impact on these Trusts, and could affect the value, income and/or liquidity of positions in such securities.

As of April 30, 2010, the Trusts listed below had the following industry classifications:

 

 

 

 

 

 

 

 

 

 

 

               

Industry

 

BOE

 

BGY

 

BQY

 

               

Commercial Banks

 

11

%

 

13

%

 

14

%

 

Oil, Gas & Consumable Fuels

 

10

 

 

9

 

 

13

 

 

Insurance

 

3

 

 

5

 

 

4

 

 

Pharmaceuticals

 

3

 

 

3

 

 

7

 

 

Metals & Mining

 

3

 

 

6

 

 

1

 

 

Diversified Telecommunication

 

2

 

 

5

 

 

5

 

 

Other*

 

68

 

 

59

 

 

56

 

 

                     
* All other industries held were each less than 5% of long-term investments.

7. 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, 2010, the shares owned by an affiliate of the Manager of the Trusts were as follows:

 

 

 

 

 

       

 

 

Common
Shares Owned

 

       

BDV

 

8,028

 

 

BDJ

 

8,028

 

 

BDT

 

8,028

 

 

BQR

 

6,964

 

 

BGR

 

4,817

 

 

BOE

 

12,927

 

 

BME

 

4,817

 

 

BGY

 

6,178

 

 

BCF

 

8,028

 

 

BQY

 

8,028

 

 

         

Shares issued and outstanding during the period ended April 30, 2010 and the year ended October 31, 2009 increased by the following amounts as a result of dividend reinvestments:

 

 

 

 

 

 

 

 

           

 

 

Period Ended
April 30, 2010

 

Year Ended
October 31, 2009

 

           

BDJ

 

424,569

 

 

550,993

 

 

BQR

 

81,539

 

 

267,360

 

 

BOE

 

240,467

 

 

 

 

BGY

 

1,448,717

 

 

1,637,894

 

 

               

Shares issued and outstanding remained constant for BDV, BDT, BGR, BME, BCF and BQY for the period ended April 30, 2010 and the year ended October 31, 2009.

 

 

 

 

 

84

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 


 

Notes to Financial Statements (concluded)

For the year ended October 31, 2009, shares issued and outstanding for BOE increased 55,935,668 as a result of a reorganization as discussed in Note 1 “BOE Reorganization”.

8. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

Subsequent to April 30, 2010, the Board declared distributions per common share as follows:

 

 

 

 

 

 

 

 

 

 

 

                 

 

 

Ex-Date

 

Record
Date

 

Payable
Date

 

Distribution
per Common
Share

 

                   

BDV

 

6/11/10

 

6/15/10

 

6/30/10

 

$

0.162500

 

BDJ

 

6/11/10

 

6/15/10

 

6/30/10

 

$

0.245000

 

BDT

 

6/11/10

 

6/15/10

 

6/30/10

 

$

0.162500

 

BQR

 

6/11/10

 

6/15/10

 

6/30/10

 

$

0.300000

 

BGR

 

6/11/10

 

6/15/10

 

6/30/10

 

$

0.405000

 

BOE

 

5/12/10

 

5/14/10

 

5/28/10

 

$

0.568750

 

BME

 

6/11/10

 

6/15/10

 

6/30/10

 

$

0.384375

 

BGY

 

6/11/10

 

6/15/10

 

6/30/10

 

$

0.340000

 

BCF

 

6/11/10

 

6/15/10

 

6/30/10

 

$

0.271800

 

BQY

 

5/12/10

 

5/14/10

 

5/28/10

 

$

0.187500

 

                     

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

85




 


 

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

Richard S. Davis, Trustee

Frank J. Fabozzi, Trustee and Member of the Audit Committee

Kathleen F. Feldstein, Trustee

James T. Flynn, Trustee and Member of the Audit Committee

Henry Gabbay, Trustee

Jerrold B. Harris, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee and Member of the Audit Committee

Anne Ackerley, President and Chief Executive Officer

Brendan Kyne, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Brian P. Kindelan, Chief Compliance Officer of the Trusts

Howard Surloff, Secretary

 

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

 

Sub-Advisors

BlackRock Financial

Management, Inc.1

New York, NY 10022

 

State Street Research &

Management Co.2

One Financial Center

Boston, MA 02111

 

BlackRock Capital

Management, Inc.3

Wilmington, DE 19809

 

BlackRock Investment

Management, LLC4

Plainsboro, NJ 08536

 

BlackRock International Ltd.4

Edinburgh, EH3 8JB

United Kingdom

 

Accounting Agent

The Bank of New York Mellon

Brooklyn, NY 11217

 

Custodian

The Bank of New York Mellon

New York, NY 10286

 

Transfer Agent

BNY Mellon Shareowner Services

Jersey City, NJ 07310

 

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

New York, NY 10281

 

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

New York, NY 10036

 

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809


 

 

1

For BDV, BDJ, BDT and BQY.

2

For BGR.

3

For BGY and BCF.

4

For BQR and BCF.


 


Effective January 1, 2010, Kent Dixon, a Trustee of the Trusts, retired.

 

Effective March 31, 2010, G. Nicholas Beckwith, III, a Trustee of the Trusts, resigned.

 

The Trusts’ Board of Trustees extends its best wishes to both Mr. Dixon and Mr. Beckwith.


 


BDV, BDJ, BDT and BQY are managed by a team of investment professionals. Effective February 16, 2010, Robert Shearer, Kathleen Anderson and Kyle G. McClements are the Trusts’ co-portfolio managers responsible for the day-to-day management of each Trust’s portfolio and the selection of their investments. Mr. McClements has been a member of the Trusts’ management team since 2005.

 

Robert Shearer is Managing Director of BlackRock, Inc. since 2006.

 

Kathleen Anderson is Managing Director of BlackRock, Inc. since 2008 and Director thereof 2006 to 2007.

 

Kyle G. McClements is Managing Director of BlackRock, Inc. since 2010, Director thereof from 2006 to 2009 and Vice President thereof from 2005 to 2006.


 

 

 

 

 

86

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010




 


 

Additional Information


 

Section 19(a) Notices

These reported amounts and sources of distributions are 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 year and may be subject to changes based on the tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will explain the character of these dividends and distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

BDV*

 

$

0.10334

 

$

 

$

0.22166

 

$

0.32500

 

32

%

 

0

%

 

68

%

 

100

%

 

BDJ*

 

$

0.08001

 

$

 

$

0.40999

 

$

0.49000

 

16

%

 

0

%

 

84

%

 

100

%

 

BDT*

 

$

0.13127

 

$

 

$

0.19373

 

$

0.32500

 

40

%

 

0

%

 

60

%

 

100

%

 

BQR*

 

$

0.01265

 

$

 

$

0.58735

 

$

0.60000

 

2

%

 

0

%

 

98

%

 

100

%

 

BGR

 

$

0.11535

 

$

0.69465

 

$

 

$

0.81000

 

14

%

 

86

%

 

0

%

 

100

%

 

BOE*

 

$

0.08592

 

$

 

$

1.05158

 

$

1.13750

 

8

%

 

0

%

 

92

%

 

100

%

 

BME

 

$

0.03190

 

$

0.73685

 

$

 

$

0.76875

 

4

%

 

96

%

 

0

%

 

100

%

 

BGY*

 

$

0.02084

 

$

 

$

0.88936

 

$

0.91020

 

2

%

 

0

%

 

98

%

 

100

%

 

BCF*

 

$

0.00903

 

$

 

$

0.53457

 

$

0.54360

 

2

%

 

0

%

 

98

%

 

100

%

 

BQY

 

$

0.12676

 

$

0.24824

 

$

 

$

0.37500

 

34

%

 

66

%

 

0

%

 

100

%

 


 

 

*

The Trust estimates that it has distributed more than the amount of earned 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 shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with ‘yield’ or ‘income.’


 

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

BDV’s, BDJ’s, BDT’s and BQY’s Boards each approved a change to the investment strategy employed by each Trust. The Trusts have previously utilized a quantitative, index-based investment style in selecting equity investments. Pursuant to the new investment strategy, effective February 16, 2010, the Trusts will now utilize an investment style based on a fundamental analysis of individual securities that is not index-based. As a result, under the Trusts’ new investment strategy, the Trusts are particularly dependent on the analytical abilities of BlackRock. There have been no changes to the Trusts’ investment objectives, guidelines and/or policies apart from the method used to implement their investment strategies. Each Trust will continue to emphasize dividend-paying and/or quality equities, as described in its prospectus, and will continue to utilize an option-writing strategy to enhance current gains.

Other than the revisions to BDV’s, BDJ’s, BDT’s and BQY’s investment strategy 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 88, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ websites 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.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010

87




 


 

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 Securities and Exchange Commission (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 (800) 441-7762; (2) at www.blackrock.com; and (3) on the SEC’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 SEC’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 non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated 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.

 

 

 

 

 

88

 

SEMI-ANNUAL REPORT

 

APRIL 30, 2010



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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.

 

 

(PAPERLESS LOGO)

(BLACKROCK)


 


 

#CEF-SAR-BK10-0410




 

 

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

 

 

12(c) –

Notices to the registrant’s common shareholders in accordance with 1940 Act Section 19(a) and Rule 19a-11


 

 

 

 

1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.



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/ Anne F. Ackerley

 

 

 

 

 

Anne F. Ackerley

 

Chief Executive Officer of

 

BlackRock Energy and Resources Trust

 

Date: June 28, 2010

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/ Anne F. Ackerley

 

 

 

 

 

Anne F. Ackerley

 

Chief Executive Officer (principal executive officer) of

 

 

BlackRock Energy and Resources Trust

Date: June 28, 2010

 

 

 

By:

/s/ Neal J. Andrews

 

 

 

 

 

Neal J. Andrews

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock Energy and Resources Trust

Date: June 28, 2010