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 811-21784

Name of Fund: BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Enhanced Dividend AchieversTM Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 10/31/2008

Date of reporting period: 11/01/2007 – 04/30/2008


Item 1 – Report to Stockholders

 

 

 

 

 

 

 

 

 

 

 

EQUITIES

 

FIXED INCOME

 

REAL ESTATE

 

LIQUIDITY

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 

 

 

Semi-Annual Report

(BLACKROCK LOGO)

 

 

 

 

 

 

 

 

 

 

 

APRIL 30, 2008 | (UNAUDITED)

 

 

 

 

 

 

 


 

BlackRock Dividend AchieversTM Trust (BDV)

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

BlackRock EcoSolutions Investment Trust (BQR)

 

BlackRock Global Energy and Resources Trust (BGR)

 

BlackRock Global Equity Income Trust (BFD)

 

BlackRock Global Opportunities Equity Trust (BOE)

 

BlackRock Health Sciences Trust (BME)

 

BlackRock International Growth and Income Trust (BGY)

 

BlackRock Real Asset Equity Trust (BCF)

 

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

 

BlackRock World Investment Trust (BWC)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE


 


 

Table of Contents


 

 

 

Page

A Letter to Shareholders

3

Semi-Annual Report:

 

Trust Summaries

4

Financial Statements:

 

Schedules of Investments

16

Statements of Assets and Liabilities

60

Statements of Operations

62

Statements of Changes in Net Assets

64

Financial Highlights

68

Notes to Financial Statements

80

Officers and Trustees

87

Section 19 Notices

87

Additional Information

88


 

 

 

 

 

 

 

 

2

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 


 

A Letter to Shareholders

THIS PAGE NOT PART OF YOUR FUND REPORT

Dear Shareholder

Over the past several months, financial markets have been buffeted by the housing recession, the credit market unraveling and related liquidity freeze and steadily rising commodity prices. Counterbalancing these difficulties were booming export activity, a robust non-financial corporate sector and, notably, aggressive and timely monetary and fiscal policy actions.

Amid the market tumult, the Federal Reserve Board (the “Fed”) intervened with a series of moves to bolster liquidity and ensure financial market stability. Since September 2007, the central bank slashed the target federal funds rate 325 basis points (3.25%), bringing the rate to 2.0% as of period-end. Of greater magnitude, however, were the Fed’s other policy decisions, which included opening the discount window directly to broker dealers and investment banks and backstopping the unprecedented rescue of Bear Stearns.

The Fed’s response to the financial crisis helped to improve credit conditions and investor mood. After hitting a low point on March 17 (coinciding with the collapse of Bear Stearns), equity markets found a welcome respite in April, when the S&P 500 Index of U.S. stocks posted positive monthly performance for the first time since October 2007. International markets, which outpaced those of the U.S. for much of 2007, saw a reversal in that trend, as effects of the credit crisis and downward pressures on growth were far-reaching.

In contrast to equity markets, Treasury securities rallied (yields fell as prices correspondingly rose), as a broad “flight-to–quality” theme persisted. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to 4.04% by year-end and to 3.77% by April 30. Treasury issues relinquished some of their gains in April, however, as investor appetite for risk returned and other high-quality fixed income sectors outperformed.

Problems within the monoline insurance industry and the failure of auctions for auction rate securities plagued the municipal bond market, driving yields higher and prices lower across the curve. However, in conjunction with the more recent shift in sentiment, the sector delivered strong performance in the final month of the reporting period.

Overall, the major benchmark indexes generated results that generally reflected heightened investor risk aversion:

 

 

 

 

 

 

 

 

Total Returns as of April 30, 2008

 

6-month

 

12-month

 

           

U.S. equities (S&P 500 Index)

 

(9.64

)%

 

(4.68

)%

 

               

Small cap U.S. equities (Russell 2000 Index)

 

(12.92

)

 

(10.96

)

 

               

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

 

(9.21

)

 

(1.78

)

 

               

Fixed income (Lehman Brothers U.S. Aggregate Index)

 

4.08

 

 

6.87

 

 

               

Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)

 

1.47

 

 

2.79

 

 

               

High yield bonds
(Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index)

 

(0.73

)

 

(0.80

)

 

               

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only.

You cannot invest directly in an index.

As you navigate today’s volatile markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.

 

Sincerely,

-s- Rob Kapito

Rob Kapito

President, BlackRock Advisors, LLC


 

 

 

 

 

 

 

 

 

 

 

3



 

 


 

 

Trust Summary as of April 30, 2008

BlackRock Dividend AchieversTM Trust

 

 

Investment Objective

BlackRock Dividend AchieversTM Trust (BDV) 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.

 

Performance

For the six months ended April 30, 2008, the Trust returned (12.19)% based on market price, with dividends reinvested. The Trust’s return based on net asset value (“NAV”) was (11.96)%, with dividends reinvested. For the same period, the benchmark Mergent Broad Dividend Achievers Index returned (7.11)% on a NAV basis. The Trust’s performance was hindered by its emphasis on higher-yielding stocks, which underperformed the broad market. The focus on yield also resulted in a relatively significant exposure to financials, the weakest-performing sector during the period. In contrast, the Trust’s performance benefited from a focus on large-capitalization stocks, which outperformed their small-cap counterparts.

 

Trust Information


 

 

 

Symbol on New York Stock Exchange

 

BDV

Initial Offering Date

 

December 23, 2003

Current Quarterly Distribution per Common Share1

 

$0.225

Current Annualized Distribution per Common Share1

 

$0.900

 

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

 

Market Price

 

$11.54

 

$

13.64

 

(15.40

)%

 

$

13.64

 

$

10.61

 

Net Asset Value

 

$13.14

 

$

15.49

 

(15.17

)%

 

$

15.49

 

$

12.53

 

 

The following chart shows the portfolio composition of the Trust’s long-term investments:

 

Portfolio Composition2

 


 

 

 

 

 

 

 

 

Sector

 

4/30/08

 

10/31/07

 

 

Financial Institutions

 

28

%

 

36

%

 

Consumer Products

 

22

 

 

15

 

 

Health Care

 

14

 

 

12

 

 

Energy

 

13

 

 

16

 

 

Industrials

 

10

 

 

7

 

 

Telecommunications

 

5

 

 

6

 

 

Technology

 

3

 

 

2

 

 

Real Estate Investment Trusts

 

3

 

 

4

 

 

Basic Materials

 

1

 

 

1

 

 

Aerospace & Defense

 

1

 

 

 

 

Automotive

 

 

 

1

 

 

 

 

 

2

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


 

 

 

 

 

 

 

 

4

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

Trust Summary as of April 30, 2008

BlackRock Enhanced Dividend AchieversTM Trust

 

 

Investment Objective

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) seeks to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve these objectives by investing in common stocks that pay above average dividends and have the potential for capital appreciation and by utilizing an option writing strategy to enhance distributions paid to the Trust’s shareholders.

 

Performance

For the six months ended April 30, 2008, the Trust returned (5.62)% based on market price, with dividends reinvested. The Trust’s return based on NAV was (10.11)%, with dividends reinvested. For the same period, the benchmark Mergent Broad Dividend Achievers Index returned (7.11)% on a NAV basis. The Trust’s performance was hindered by its emphasis on higher-yielding stocks, which underperformed the broad market. The focus on yield also resulted in a relatively significant exposure to financials, the weakest-performing sector during the period. In contrast, a focus on large-capitalization stocks proved advantageous, as the group outpaced its small-capitalization counterparts. During the market downturn, the income generated from writing (i.e. selling) call options provided additional benefit to the portfolio.

 

Trust Information


 

 

 

Symbol on New York Stock Exchange

 

BDJ

Initial Offering Date

 

August 31, 2005

Current Monthly Distribution per Common Share1

 

$0.101875

Current Annualized Distribution per Common Share1

 

$1.222500

 

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

 

Market Price

 

$

11.35

 

$

12.68

 

(10.49

)%

 

$

12.68

 

$

10.23

 

Net Asset Value

 

$

12.02

 

$

14.10

 

(14.75

)%

 

$

14.10

 

$

11.50

 

 

The following chart shows the portfolio composition of the Trust’s long-term investments:

 

Portfolio Composition2

 


 

 

 

 

 

 

 

 

Sector

 

4/30/08

 

10/31/07

 

 

Financial Institutions

 

28

%

 

37

%

 

Consumer Products

 

21

 

 

15

 

 

Health Care

 

14

 

 

12

 

 

Energy

 

13

 

 

15

 

 

Industrials

 

10

 

 

7

 

 

Telecommunications

 

5

 

 

6

 

 

Technology

 

3

 

 

2

 

 

Real Estate Investment Trusts

 

3

 

 

4

 

 

Basic Materials

 

1

 

 

1

 

 

Aerospace & Defense

 

1

 

 

 

 

Media

 

1

 

 

 

 

Automotive

 

 

 

1

 

 

 

 

 

2

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


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

5



 

 


 

Trust Summary as of April 30, 2008

BlackRock Strategic Dividend AchieversTM Trust

 

 

Investment Objective

 


BlackRock Strategic Dividend AchieversTM Trust (BDT) seeks to provide total return through a combination of current income and capital appreciation.

 

Performance

For the six months ended April 30, 2008, the Trust returned (6.74)% based on market price, with dividends reinvested. The Trust’s return based on NAV was (7.38)%, with dividends reinvested. For the same period, the benchmark Mergent Broad Dividend Achievers Index returned (7.11)% on a NAV basis. The Trust’s performance was hindered by an emphasis on higher-yielding stocks, which underperformed the broad market. A lack of exposure to mega-cap energy stocks also was a detractor. In contrast, the Trust’s considerable exposure to smaller regional banks, and at the same time, avoidance of the largest troubled banks, benefited comparative results for the period.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BDT

 

Initial Offering Date

 

March 30, 2004

 

Current Quarterly Distribution per Common Share1

 

$0.225

 

Current Annualized Distribution per Common Share1

 

$0.900

 

 

 

   

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$11.85

 

$13.19

 

(10.16)%

 

$13.19

 

$10.46

 

Net Asset Value

 

$13.58

 

$15.22

 

(10.78)%

 

$15.22

 

$12.64

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following chart shows the portfolio composition of the Trust’s long-term investments:

 


 

Portfolio Composition2


 

 

 

 

 

 

 

 

Sector

 

4/30/08

 

10/31/07

 

           

Financial Institutions

 

33

%

 

32

%

 

Consumer Products

 

19

 

 

15

 

 

Energy

 

16

 

 

20

 

 

Real Estate Investment Trusts

 

10

 

 

10

 

 

Industrials

 

7

 

 

7

 

 

Technology

 

4

 

 

4

 

 

Building & Development

 

4

 

 

2

 

 

Basic Materials

 

3

 

 

2

 

 

Media

 

2

 

 

3

 

 

Automotive

 

2

 

 

4

 

 

Health Care

 

 

 

1

 

 

 

 

 

2

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


 

 

 

 

 

 

 

 

6

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Trust Summary as of April 30, 2008

BlackRock EcoSolutions Investment Trust

 

 

Investment Objective

 


BlackRock EcoSolutions Investment Trust (BQR) seeks to provide current income, current gains and long-term capital appreciation.

 

Performance

For the six months ended April 30, 2008, the Trust returned (4.84)% based on market price, with dividends reinvested. The Trust’s return based on NAV was 0.60%, with dividends reinvested. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of (5.89)% on a NAV basis. The Trust’s performance was aided by its holdings in fertilizer and crop science companies, as well as those in water-related industrials. Heightened investor risk aversion due to financial market instability caused some areas of the new energy segment to struggle. Trust performance in the water utility sector was lackluster, with some weakness in U.S. companies.

 

Trust Information

 

 

 

 

 

 

 

 

Symbol on New York Stock Exchange

 

BQR

 

Initial Offering Date

 

September 28, 2007

 

Current Quarterly Distribution per Common Share1

 

$0.40

 

Current Annualized Distribution per Common Share1

 

$1.60

 

 

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                                 

Market Price

 

$18.00

 

$19.75

 

(8.86)%

 

$19.79

 

$16.03

 

Net Asset Value

 

$19.57

 

$20.31

 

(3.64)%

 

$20.34

 

$17.19

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following charts show the portfolio composition of the Trust’s long-term investments:

 


 

Portfolio Composition


 

 

 

 

 

 

 

 

Country

 

4/30/08

 

10/31/07

 

               

United States

 

34

%

 

35

%

 

United Kingdom

 

8

 

 

8

 

 

Germany

 

6

 

 

7

 

 

Brazil

 

6

 

 

4

 

 

Belgium

 

6

 

 

7

 

 

Spain

 

5

 

 

4

 

 

Denmark

 

4

 

 

3

 

 

Canada

 

4

 

 

4

 

 

France

 

3

 

 

3

 

 

Australia

 

3

 

 

2

 

 

Bermuda

 

2

 

 

2

 

 

Hong Kong

 

2

 

 

4

 

 

Switzerland

 

2

 

 

2

 

 

Israel

 

2

 

 

1

 

 

Japan

 

2

 

 

1

 

 

Norway

 

1

 

 

2

 

 

Philippines

 

1

 

 

1

 

 

China

 

1

 

 

1

 

 

Singapore

 

1

 

 

1

 

 

Chile

 

1

 

 

1

 

 

South Africa

 

1

 

 

1

 

 

Italy

 

1

 

 

1

 

 

Greece

 

1

 

 

1

 

 

Argentina

 

1

 

 

1

 

 

Malaysia

 

1

 

 

1

 

 

Austria

 

1

 

 

1

 

 

Netherlands

 

 

 

1

 

 

               

 

 

 

 

 

 

Sector

 

4/30/08

 

10/31/07

 

               

Chemicals

 

27

%

 

23

%

 

Water

 

15

 

 

17

 

 

Energy-Alternate Sources

 

8

 

 

9

 

 

Electrical Components & Equipment

 

7

 

 

6

 

 

Environmental Control

 

7

 

 

8

 

 

Agriculture

 

7

 

 

6

 

 

Electric

 

6

 

 

7

 

 

Forest Products & Paper

 

4

 

 

3

 

 

Electronics

 

4

 

 

4

 

 

Machinery

 

4

 

 

4

 

 

Food

 

2

 

 

2

 

 

Engineering & Construction

 

2

 

 

2

 

 

Miscellaneous Manufacturing

 

2

 

 

2

 

 

Oil & Gas

 

1

 

 

1

 

 

Investment Companies

 

1

 

 

 

 

Metal Fabricate/Hardware

 

1

 

 

1

 

 

Biotechnology

 

1

 

 

1

 

 

Semiconductors

 

1

 

 

1

 

 

Auto Parts & Equipment

 

 

 

1

 

 

Transportation

 

 

 

1

 

 

Commercial Services

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

7



 

 


 

Trust Summary as of April 30, 2008

BlackRock Global Energy and Resources Trust

 

 

Investment Objective

 


BlackRock Global Energy and Resources Trust (BGR) 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 companies engaged in the energy and natural resources business and equity derivatives with exposure to the energy and natural resources industry.

 

Performance

For the six months ended April 30, 2008, the Trust returned 13.08% based on market price, with dividends reinvested. The Trust’s return based on NAV was 13.00%, with dividends reinvested. For the same period, the closed-end Lipper Sector Equity Funds category returned (5.89)% on a NAV basis. The Trust’s comparative performance was enhanced mainly by stock selection in oil and gas exploration and production companies, which benefited from higher oil and gas prices. Positions in coal producers also contributed positively to performance amid a favorable supply-and-demand environment for electricity in Asian countries. Holdings in oil and gas refiners and transportation companies slightly hindered the relative return.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BGR

 

Initial Offering Date

 

December 29, 2004

 

Current Quarterly Distribution per Common Share1

 

$0.375

 

Current Annualized Distribution per Common Share1

 

$1.500

 

 

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

33.36

 

$

32.14

 

3.80%

 

$

34.77

 

$

25.50

 

Net Asset Value

 

$

39.00

 

$

37.60

 

3.72%

 

$

40.45

 

$

30.76

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following charts show the portfolio composition of the Trust’s long-term investments:

 


 

Portfolio Composition


 

 

 

 

 

 

 

 

Country

 

4/30/08

 

10/31/07

 

               

United States

 

70

%

 

60

%

 

Canada

 

14

 

 

17

 

 

Greece

 

3

 

 

3

 

 

Brazil

 

2

 

 

2

 

 

Australia

 

2

 

 

2

 

 

Bermuda

 

2

 

 

2

 

 

Norway

 

1

 

 

3

 

 

France

 

1

 

 

2

 

 

Italy

 

1

 

 

2

 

 

United Kingdom

 

1

 

 

3

 

 

Netherlands

 

1

 

 

1

 

 

Hong Kong

 

1

 

 

1

 

 

Luxembourg

 

1

 

 

1

 

 

Denmark

 

 

 

1

 

 

               

 

 

 

 

 

 

Sector

 

4/30/08

 

10/31/07

 

               

Oil & Gas

 

46

%

 

44

%

 

Coal

 

13

 

 

10

 

 

Oil & Gas Services

 

13

 

 

13

 

 

Pipelines

 

12

 

 

14

 

 

Transportation

 

7

 

 

8

 

 

Mining

 

4

 

 

6

 

 

Electric

 

2

 

 

1

 

 

Chemicals

 

2

 

 

1

 

 

Gas

 

1

 

 

1

 

 

Metal Fabricate/Hardware

 

 

 

2

 

 

               

 

 

 

 

 

 

 

 

8

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Trust Summary as of April 30, 2008

BlackRock Global Equity Income Trust

 

 

Investment Objective

 

BlackRock Global Equity Income Trust (BFD) seeks current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve these objectives by investing in a diversified portfolio of domestic and foreign common stocks that pay dividends and writing (selling) stock index call options with respect to a portion of its common stock portfolio.

 

Performance

For the six months ended April 30, 2008, the Trust returned (8.27)% based on market price, with dividends reinvested. The Trust’s return based on NAV was (8.27)%, with dividends reinvested. For the same period, the benchmark MSCI World Index returned (9.37)% on a NAV basis. The Trust’s call-writing strategy offset some of the negative effects of a downturn in the equity markets. Specifically, management has discretion to increase or decrease the percentage of call-writing in the portfolio, and its decisions during this period of market volatility benefited performance. Management believes that these actions also have positioned the Trust to benefit from a market recovery.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BFD

 

Initial Offering Date

 

March 30, 2007

 

Current Quarterly Distribution per Common Share1

 

$0.475

 

Current Annualized Distribution per Common Share1

 

$1.900

 

 

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

15.53

 

$

17.93

 

(13.39)%

 

$

18.03

 

$

14.00

 

Net Asset Value

 

$

17.02

 

$

19.65

 

(13.38)%

 

$

19.65

 

$

15.74

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following charts show the portfolio composition of the Trust’s long-term investments:

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Country

 

4/30/08

 

10/31/07

 

               

United States

 

46

%

 

46

%

 

United Kingdom

 

11

 

 

12

 

 

Japan

 

10

 

 

9

 

 

France

 

4

 

 

3

 

 

Germany

 

4

 

 

4

 

 

Canada

 

4

 

 

5

 

 

Australia

 

4

 

 

2

 

 

Switzerland

 

3

 

 

3

 

 

Italy

 

3

 

 

3

 

 

Spain

 

2

 

 

1

 

 

Netherlands

 

2

 

 

2

 

 

Hong Kong

 

1

 

 

2

 

 

Singapore

 

1

 

 

2

 

 

Luxembourg

 

1

 

 

1

 

 

Sweden

 

1

 

 

1

 

 

Finland

 

1

 

 

2

 

 

Greece

 

1

 

 

1

 

 

Denmark

 

1

 

 

 

 

Norway

 

 

 

1

 

 

               

 

 

 

 

 

 

Sector2

 

4/30/08

 

10/31/07

 

               

Financial Institutions

 

21

%

 

22

%

 

Energy

 

17

 

 

15

 

 

Consumer Products

 

11

 

 

11

 

 

Industrials

 

10

 

 

9

 

 

Technology

 

9

 

 

10

 

 

Health Care

 

8

 

 

8

 

 

Basic Materials

 

8

 

 

6

 

 

Telecommunications

 

6

 

 

8

 

 

Automotive

 

3

 

 

2

 

 

Media

 

2

 

 

3

 

 

Entertainment & Leisure

 

2

 

 

2

 

 

Real Estate

 

1

 

 

2

 

 

Building & Development

 

1

 

 

 

 

Transportation

 

1

 

 

2

 

 

               

 

 

2

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


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

9



 

 


 

 

Trust Summary as of April 30, 2008

BlackRock Global Opportunities Equity Trust

 

 

Investment Objective

 

BlackRock Global Opportunities Equity Trust (BOE) seeks current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies located in countries throughout the world and utilizing an option writing strategy to enhance current gains.

 

 

 

 

Performance

 

For the six months ended April 30, 2008, the Trust returned (3.63)% on a market price basis, with dividends reinvested. The Trust’s return based on NAV was (4.72)%, with dividends reinvested. For the same period, the benchmark MSCI World Index posted a return of (9.37)%. The Trust’s outperformance during the period was primarily attributed to strong stock selection, particularly within the materials sector. Sector allocation also contributed positively, as underweight positions in financials and consumer discretionary and overweights in consumer staples, energy and utilities aided return comparisons.

 

 

 

 

Trust Information

 


 

 

 

 

Symbol on New York Stock Exchange

 

BOE

 

Initial Offering Date

 

May 31, 2005

 

Current Quarterly Distribution per Common Share1

 

$0.56875

 

Current Annualized Distribution per Common Share1

 

$2.27500

 

       

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

25.88

 

$

28.76

 

 

(10.01

)%

$

29.73

 

$

22.45

 

Net Asset Value

 

$

27.66

 

$

31.09

 

 

(11.03

)%

$

31.09

 

$

25.69

 

                                 

The following charts show the portfolio composition of the Trust’s long-term investments:

 

 

 

 

Portfolio Composition

 


 

 

 

 

 

 

 

 

Country

 

4/30/08

 

10/31/07

 

           

United States

 

45

%

 

35

%

 

Japan

 

8

 

 

4

 

 

United Kingdom

 

6

 

 

8

 

 

Germany

 

5

 

 

6

 

 

Norway

 

4

 

 

3

 

 

Canada

 

3

 

 

5

 

 

Hong Kong

 

3

 

 

6

 

 

Italy

 

3

 

 

4

 

 

Switzerland

 

3

 

 

2

 

 

Brazil

 

3

 

 

2

 

 

Singapore

 

2

 

 

2

 

 

Luxembourg

 

2

 

 

1

 

 

Israel

 

2

 

 

1

 

 

France

 

1

 

 

3

 

 

Australia

 

1

 

 

3

 

 

Finland

 

1

 

 

1

 

 

Netherlands

 

1

 

 

4

 

 

Philippines

 

1

 

 

1

 

 

Bermuda

 

1

 

 

 

 

Belgium

 

1

 

 

 

 

Russia

 

1

 

 

 

 

Mexico

 

1

 

 

1

 

 

South Korea

 

1

 

 

 

 

Indonesia

 

1

 

 

 

 

Spain

 

 

 

1

 

 

Greece

 

 

 

1

 

 

Taiwan

 

 

 

1

 

 

Sweden

 

 

 

2

 

 

China

 

 

 

3

 

 


 

 

 

 

 

 

 

 

Sector2

 

4/30/08

 

10/31/07

 

           

Energy

 

22

%

 

23

%

 

Consumer Products

 

15

 

 

17

 

 

Financial Institutions

 

13

 

 

12

 

 

Basic Materials

 

10

 

 

8

 

 

Telecommunications

 

8

 

 

7

 

 

Technology

 

8

 

 

9

 

 

Exchange-Traded Funds

 

7

 

 

 

 

Industrials

 

6

 

 

9

 

 

Health Care

 

6

 

 

5

 

 

Real Estate

 

2

 

 

4

 

 

Transportation

 

2

 

 

2

 

 

Aerospace & Defense

 

1

 

 

1

 

 

Automotive

 

 

 

1

 

 

Building & Development

 

 

 

1

 

 

Entertainment & Leisure

 

 

 

1

 

 

               

 

 

2

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


 

 

 

 

 

 

 

 

10

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

 

Trust Summary as of April 30, 2008

BlackRock Health Sciences Trust

 

 

Investment Objective

 

BlackRock Health Sciences Trust (BME) 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.

 

 

 

 

Performance

 

For the six months ended April 30, 2008, the Trust returned (4.34)% based on market price, with dividends reinvested. The Trust’s return based on NAV was (6.28)%, with dividends reinvested. For the same period, the benchmark Russell 3000 Healthcare Index returned (11.45)% on a NAV basis. The Trust’s comparative performance benefited primarily from strong stock selection, most notably in the biotechnology sub-sector. The Trust’s overweight allocation to healthcare equipment, as well as its underweight in managed healthcare, also had a positive impact on the relative return for the semi-annual period.

 

 

 

 

Trust Information

 


 

 

 

 

Symbol on New York Stock Exchange

 

BME

 

Initial Offering Date

 

March 31, 2005

 

Current Quarterly Distribution per Common Share1

 

$0.384375

 

Current Annualized Distribution per Common Share1

 

$1.537500

 

       

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

24.67

 

$

27.05

 

 

(8.80

)%

$

28.95

 

$

23.21

 

Net Asset Value

 

$

27.10

 

$

30.33

 

 

(10.65

)%

$

30.87

 

$

25.93

 

                                 

The following charts show the portfolio composition of the Trust’s long-term investments:

 

 

 

 

Portfolio Composition

 


 

 

 

 

 

 

 

 

Country

 

4/30/08

 

10/31/07

 

           

United States

 

83

%

 

89

%

 

Switzerland

 

11

 

 

7

 

 

Israel

 

3

 

 

 

 

China

 

1

 

 

2

 

 

Bermuda

 

1

 

 

 

 

Germany

 

1

 

 

1

 

 

France

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

Sector

 

 

4/30/08

 

10/31/07

           

Pharmaceuticals

 

 

39

%

 

37

%

Healthcare Products

 

 

36

 

 

27

 

Biotechnology

 

 

17

 

 

18

 

Healthcare Services

 

 

4

 

 

9

 

Retail

 

 

3

 

 

2

 

Electronics

 

 

1

 

 

6

 

Distribution/Wholesale

 

 

 

 

1

 

               

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

11




 

 


 

 

Trust Summary as of April 30, 2008

BlackRock International Growth and Income Trust

 

 

Investment Objective

 

BlackRock International Growth and Income Trust (BGY) 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 of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains.

 

 

 

 

Performance

 

For the six months ended April 30, 2008, the Trust returned (1.38)% based on market price, with dividends reinvested. The Trust’s return based on NAV was (5.92)%, with dividends reinvested. For the same period, the benchmark S&P/Citigroup Broad Market Index Global ex-U.S. returned (9.65)% on a NAV basis. The Trust’s comparative performance was enhanced primarily by strong stock selection, particularly within the materials sector. The Trust’s underweight exposure versus the benchmark in financials, along with overweight allocations to the consumer staples and utilities sectors, also benefited the relative return for the semi-annual period.

 

 

 

 

Trust Information

 


 

 

 

 

Symbol on New York Stock Exchange

 

BGY

 

Initial Offering Date

 

May 30, 2007

 

Current Monthly Distribution per Common Share1

 

$0.1517

 

Current Annualized Distribution per Common Share1

 

$1.8204

 

       

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

16.60

 

$

17.76

 

 

(6.53

)%

$

17.80

 

$

14.50

 

Net Asset Value

 

$

17.94

 

$

20.12

 

 

(10.83

)%

$

20.12

 

$

16.68

 

                                 

The following charts show the portfolio composition of the Trust’s long-term investments:

 

 

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

Country

 

4/30/08

 

10/31/07

 

           

United Kingdom

 

18

%

 

19

%

 

Japan

 

12

 

 

9

 

 

France

 

7

 

 

4

 

 

Germany

 

6

 

 

6

 

 

Canada

 

6

 

 

4

 

 

Switzerland

 

5

 

 

5

 

 

Singapore

 

4

 

 

4

 

 

Hong Kong

 

4

 

 

5

 

 

Brazil

 

4

 

 

2

 

 

Norway

 

4

 

 

5

 

 

Italy

 

4

 

 

3

 

 

Australia

 

4

 

 

4

 

 

Taiwan

 

3

 

 

5

 

 

Netherlands

 

2

 

 

5

 

 

Luxembourg

 

2

 

 

1

 

 

Spain

 

2

 

 

2

 

 

Belgium

 

1

 

 

1

 

 

Russia

 

1

 

 

 

 

South Africa

 

1

 

 

 

 

Sweden

 

1

 

 

3

 

 

Malaysia

 

1

 

 

1

 

 

Israel

 

1

 

 

1

 

 

Bermuda

 

1

 

 

 

 

Chile

 

1

 

 

1

 

 

Philippines

 

1

 

 

1

 

 

United States

 

1

 

 

 

 

Mexico

 

1

 

 

1

 

 

Finland

 

1

 

 

 

 

South Korea

 

1

 

 

1

 

 

Turkey

 

 

 

1

 

 

Greece

 

 

 

1

 

 

Indonesia

 

 

 

1

 

 

China

 

 

 

3

 

 

Thailand

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

Sector2

 

4/30/08

 

10/31/07

 

           

Energy

 

23

%

 

15

%

 

Financial Institutions

 

18

 

 

17

 

 

Basic Materials

 

13

 

 

13

 

 

Industrials

 

11

 

 

14

 

 

Telecommunications

 

10

 

 

9

 

 

Consumer Products

 

10

 

 

14

 

 

Technology

 

4

 

 

5

 

 

Real Estate

 

3

 

 

5

 

 

Transportation

 

3

 

 

2

 

 

Media

 

2

 

 

2

 

 

Automotive

 

1

 

 

2

 

 

Exchange-Traded Funds

 

1

 

 

 

 

Aerospace & Defense

 

1

 

 

1

 

 

Building & Development

 

 

 

1

 

 

               

 

 

2

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


 

 

 

 

 

 

 

 

12

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

 

Trust Summary as of April 30, 2008

BlackRock Real Asset Equity Trust

 

 

Investment Objective

 

BlackRock Real Asset Equity Trust (BCF) 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 engaged in associated businesses and equity derivatives with exposure to those companies.

 

 

 

 

Performance

 

For the six months ended April 30, 2008, the Trust returned 4.30% based on market price, with dividends reinvested. The Trust’s return based on NAV was 4.57%, with dividends reinvested. For the same period, the closed-end Lipper Sector Equity Funds category returned (5.89)% on a NAV basis. The Trust’s comparative performance was enhanced most notably by stock selection in diversified metals and mining, oil and gas exploration and production and coal producers. Commodity prices have continued to benefit from strong supply-and-demand fundamentals, along with a weaker U.S. dollar and a low interest-rate environment in the U.S.

 

 

 

 

Trust Information

 


 

 

 

 

Symbol on New York Stock Exchange

 

BCF

 

Initial Offering Date

 

September 29, 2006

 

Current Monthly Distribution per Common Share1

 

$0.0906

 

Current Annualized Distribution per Common Share1

 

$1.0872

 

       

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

17.36

 

$

17.59

 

 

(1.31

)%

$

18.13

 

$

13.79

 

Net Asset Value

 

$

20.57

 

$

20.79

 

 

(1.06

)%

$

21.36

 

$

16.90

 

                                 

The following charts show the portfolio composition of the Trust’s long-term investments:

 

 

 

 

Portfolio Composition

 


 

 

 

 

 

 

 

 

Country

 

4/30/08

 

10/31/07

 

           

United States

 

49

%

 

45

%

 

United Kingdom

 

15

 

 

15

 

 

Canada

 

12

 

 

13

 

 

Brazil

 

6

 

 

5

 

 

Australia

 

5

 

 

9

 

 

South Africa

 

4

 

 

3

 

 

France

 

2

 

 

1

 

 

Mexico

 

2

 

 

1

 

 

China

 

1

 

 

2

 

 

Peru

 

1

 

 

1

 

 

Netherlands

 

1

 

 

2

 

 

Norway

 

1

 

 

1

 

 

Russia

 

1

 

 

1

 

 

New Guinea

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

Sector

 

4/30/08

 

10/31/07

 

           

Mining

 

40

%

 

43

%

 

Oil & Gas

 

26

 

 

23

 

 

Chemicals

 

9

 

 

9

 

 

Oil & Gas Services

 

7

 

 

7

 

 

Forest Products & Paper

 

7

 

 

9

 

 

Coal

 

5

 

 

4

 

 

Machinery

 

3

 

 

2

 

 

Pipelines

 

1

 

 

1

 

 

Metal

 

1

 

 

1

 

 

Electric

 

1

 

 

 

 

Iron & Steel

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

13



 

 


 

 

Trust Summary as of April 30, 2008

BlackRock S&P Quality Rankings Global Equity Managed Trust

 

 

Investment Objective

 

BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) 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 issuers that pay above average dividends and have the potential for capital appreciation.

 

Performance

 

For the six months ended April 30, 2008, the Trust returned (8.70)% based on market price, with dividends reinvested. The Trust’s return based on NAV was (10.38)%, with dividends reinvested. For the same period, the benchmark MSCI World Index returned (9.37)% on a NAV basis. An emphasis on higher-yielding stocks hampered the Trust’s performance, as these securities underperformed the broad market for the period. An underweight relative to the benchmark in the materials sector also detracted from results. In contrast, a greater exposure to higher-quality stocks benefited the Trust’s comparative performance, as these issues marginally outperformed lower-quality stocks globally.

 

Trust Information

 


 

 

 

 

Symbol on American Stock Exchange

 

BQY

 

Initial Offering Date

 

May 28, 2004

 

Current Quarterly Distribution per Common Share1

 

$0.225

 

Current Annualized Distribution per Common Share1

 

$0.900

 

       

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change  

 

High

 

Low

 

                       

Market Price

 

$

16.05

 

$

18.07

 

 

(11.18)%

 

$

18.07

 

$

14.62

 

Net Asset Value

 

$

18.31

 

$

21.00

 

 

(12.81)%

 

$

21.00

 

$

17.07

 

                                 

The following charts show the portfolio composition of the Trust’s long-term investments:

 

Portfolio Composition


 

 

 

 

 

 

 

 

Country

 

4/30/08

 

10/31/07

 

               

United States

 

50

%

 

49

%

 

United Kingdom

 

9

 

 

9

 

 

Australia

 

7

 

 

7

 

 

Canada

 

6

 

 

6

 

 

Japan

 

5

 

 

5

 

 

Sweden

 

4

 

 

5

 

 

France

 

4

 

 

4

 

 

Hong Kong

 

3

 

 

3

 

 

Italy

 

3

 

 

3

 

 

Netherlands

 

2

 

 

2

 

 

Singapore

 

2

 

 

2

 

 

Austria

 

1

 

 

1

 

 

Denmark

 

1

 

 

1

 

 

Spain

 

1

 

 

1

 

 

Germany

 

1

 

 

1

 

 

Finland

 

1

 

 

1

 

 

               

 

 

 

 

 

 

 

 

Sector2

 

4/30/08

 

10/31/07

 

           

Financial Institutions

 

20

%

 

22

%

 

Energy

 

19

 

 

17

 

 

Consumer Products

 

12

 

 

11

 

 

Industrials

 

12

 

 

12

 

 

Technology

 

10

 

 

10

 

 

Telecommunications

 

7

 

 

7

 

 

Real Estate

 

6

 

 

6

 

 

Health Care

 

6

 

 

6

 

 

Basic Materials

 

3

 

 

3

 

 

Business Equipment & Services

 

2

 

 

3

 

 

Aerospace & Defense

 

1

 

 

1

 

 

Entertainment & Leisure

 

1

 

 

1

 

 

Automotive

 

1

 

 

1

 

 

               

 

 

2

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


 

 

 

 

 

 

 

 

14

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Trust Summary as of April 30, 2008

BlackRock World Investment Trust

 

 

Investment Objective

 

BlackRock World Investment Trust (BWC) seeks current income, dividends and gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies located in countries throughout the world and utilizing an option writing strategy to enhance current gains. The Trust seeks to generate current dividends and income by investing in equity securities that pay dividends and also by investing up to 25% of its total assets in debt securities from time to time when the Trust believes that it is advantageous to do so.

 

Performance

 

For the six months ended April 30, 2008, the Trust returned (1.03)% based on market price, with dividends reinvested. The Trust’s return based on NAV was (4.18)%, with dividends reinvested. For the same period, the benchmark MSCI World Index returned (9.37)% on a NAV basis. The Trust’s comparative performance was enhanced primarily by strong stock selection, particularly within the materials sector. The Trust’s underweight exposure versus the benchmark in the financials and consumer discretionary sectors, as well as overweight allocations to consumer staples, energy and utilities, also benefited the relative return for the semi-annual period.

 

Trust Information

 


 

 

 

 

Symbol on New York Stock Exchange

 

BWC

 

Initial Offering Date

 

October 27, 2005

 

Current Monthly Distribution per Share1

 

$0.11375

 

Current Annualized Distribution per Share1

 

$1.36500

 

       

 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

15.75

 

$

17.28

 

 

(8.85)%

 

$

17.94

 

$

13.65

 

Net Asset Value

 

$

16.45

 

$

18.64

 

 

(11.75)%

 

$

18.64

 

$

15.40

 

                                 

The following charts show the portfolio composition of the Trust’s long-term investments:

 

Portfolio Composition


 

 

 

 

 

 

 

 

Country

 

4/30/08

 

10/31/07

 

           

United States

 

44

%

 

36

%

 

Japan

 

8

 

 

5

 

 

United Kingdom

 

6

 

 

6

 

 

Germany

 

5

 

 

6

 

 

Norway

 

4

 

 

3

 

 

Canada

 

4

 

 

5

 

 

Italy

 

3

 

 

4

 

 

Singapore

 

3

 

 

3

 

 

Hong Kong

 

3

 

 

4

 

 

Brazil

 

3

 

 

3

 

 

Switzerland

 

3

 

 

3

 

 

Luxembourg

 

2

 

 

1

 

 

Israel

 

2

 

 

1

 

 

France

 

1

 

 

3

 

 

Australia

 

1

 

 

3

 

 

Finland

 

1

 

 

1

 

 

Philippines

 

1

 

 

1

 

 

Bermuda

 

1

 

 

 

 

Belgium

 

1

 

 

 

 

Netherlands

 

1

 

 

4

 

 

Russia

 

1

 

 

 

 

South Korea

 

1

 

 

 

 

Mexico

 

1

 

 

 

 

Spain

 

 

 

1

 

 

Greece

 

 

 

1

 

 

Taiwan

 

 

 

1

 

 

Sweden

 

 

 

2

 

 

China

 

 

 

3

 

 

               

 

 

 

 

 

 

 

 

Sector2

 

4/30/08

 

10/31/07

 

           

Energy

 

22

%

 

24

%

 

Consumer Products

 

15

 

 

17

 

 

Financial Institutions

 

12

 

 

13

 

 

Basic Materials

 

11

 

 

8

 

 

Telecommunications

 

8

 

 

7

 

 

Technology

 

7

 

 

8

 

 

Exchange-Traded Funds

 

6

 

 

 

 

Health Care

 

6

 

 

6

 

 

Industrials

 

6

 

 

8

 

 

Real Estate

 

4

 

 

4

 

 

Transportation

 

2

 

 

2

 

 

Aerospace & Defense

 

1

 

 

1

 

 

Automotive

 

 

 

1

 

 

Entertainment & Leisure

 

 

 

1

 

 

               

 

 

2

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


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

15



 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Aerospace & Defense—0.6%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

21,500

 

$

1,944,030

 

United Technologies Corp.

 

 

34,300

 

 

2,485,721

 

 

 

 

 

 

     

 

 

 

 

 

 

4,429,751

 

               

Basic Materials—1.3%

 

 

 

 

 

 

 

PPG Industries, Inc.

 

 

69,300

 

 

4,252,941

 

RPM Intl., Inc.

 

 

225,500

 

 

5,028,650

 

 

 

 

 

 

     

 

 

 

 

 

 

9,281,591

 

               

Building & Development—0.3%

 

 

 

 

 

 

 

Masco Corp.

 

 

94,400

 

 

1,719,024

 

               

Consumer Products—21.7%

 

 

 

 

 

 

 

Altria Group, Inc.

 

 

453,000

 

 

9,060,000

 

Anheuser-Busch Cos., Inc.

 

 

228,000

 

 

11,217,600

 

Clorox Co.

 

 

63,000

 

 

3,339,000

 

Coca-Cola Co. (The)

 

 

543,100

 

 

31,972,297

 

Colgate-Palmolive Co.

 

 

47,000

 

 

3,322,900

 

Harley-Davidson, Inc.

 

 

97,900

 

 

3,744,675

 

Hillenbrand, Inc.

 

 

35,900

 

 

683,536

 

Home Depot, Inc.

 

 

383,500

 

 

11,044,800

 

Kimberly-Clark Corp.

 

 

168,400

 

 

10,775,916

 

McDonald’s Corp.

 

 

264,600

 

 

15,764,868

 

PepsiCo, Inc.

 

 

102,600

 

 

7,031,178

 

Philip Morris Intl., Inc.

 

 

453,000

 

 

23,116,590

 

Procter & Gamble Co.

 

 

188,200

 

 

12,618,810

 

Stanley Works (The)

 

 

75,000

 

 

3,618,000

 

Universal Corp.

 

 

67,200

 

 

4,313,568

 

Wal-Mart Stores, Inc.

 

 

71,400

 

 

4,139,772

 

 

 

 

 

 

     

 

 

 

 

 

 

155,763,510

 

               

Energy—12.9%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

68,900

 

 

1,907,152

 

Chevron Corp.

 

 

386,700

 

 

37,181,205

 

Consolidated Edison, Inc.

 

 

357,500

 

 

14,872,000

 

Exxon Mobil Corp.

 

 

82,800

 

 

7,706,196

 

FPL Group, Inc.

 

 

58,900

 

 

3,904,481

 

Integrys Energy Group, Inc.

 

 

78,100

 

 

3,740,209

 

Pinnacle West Capital Corp.

 

 

199,700

 

 

6,777,818

 

Progress Energy, Inc.

 

 

339,300

 

 

14,247,207

 

Vectren Corp.

 

 

67,300

 

 

1,903,244

 

 

 

 

 

 

     

 

 

 

 

 

 

92,239,512

 

               

Financial Institutions—27.5%

 

 

 

 

 

 

 

American Capital Strategies Ltd.

 

 

101,400

 

 

3,219,450

 

Associated Banc-Corp

 

 

69,600

 

 

1,967,592

 

Bank of America Corp.

 

 

894,300

 

 

33,572,022

 

BB&T Corp.

 

 

429,600

 

 

14,730,984

 

Citigroup, Inc.

 

 

500,900

 

 

12,657,743

 

Comerica, Inc.

 

 

281,400

 

 

9,773,022

 

Fifth Third Bancorp

 

 

346,000

 

 

7,414,780

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Financial Institutions—(concluded)

 

 

 

 

 

 

 

First Midwest Bancorp, Inc.

 

 

66,400

 

$

1,695,192

 

FirstMerit Corp.

 

 

88,500

 

 

1,816,020

 

FNB Corp.

 

 

123,500

 

 

1,909,310

 

Fulton Financial Corp.

 

 

348,100

 

 

4,340,807

 

KeyCorp

 

 

488,300

 

 

11,782,679

 

Lincoln National Corp.

 

 

99,500

 

 

5,349,120

 

Marshall & Ilsley Corp.

 

 

84,400

 

 

2,108,312

 

Mercury General Corp.

 

 

82,800

 

 

4,130,892

 

National City Corp.

 

 

115,200

 

 

725,760

 

Northern Trust Corp.

 

 

25,600

 

 

1,897,216

 

State Street Corp.

 

 

23,000

 

 

1,659,220

 

SunTrust Banks, Inc.

 

 

121,900

 

 

6,795,925

 

Synovus Financial Corp.

 

 

414,500

 

 

4,907,680

 

T. Rowe Price Group, Inc.

 

 

71,800

 

 

4,204,608

 

U.S. Bancorp

 

 

764,700

 

 

25,915,683

 

Valley National Bancorp

 

 

90,174

 

 

1,730,439

 

Washington Mutual, Inc.

 

 

422,900

 

 

5,197,441

 

Wells Fargo & Co.

 

 

931,500

 

 

27,712,125

 

 

 

 

 

 

     

 

 

 

 

 

 

197,214,022

 

               

Health Care—13.7%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

388,100

 

 

20,472,275

 

Eli Lilly & Co.

 

 

472,400

 

 

22,741,336

 

Hill-Rom Holdings, Inc.

 

 

35,900

 

 

902,167

 

Johnson & Johnson

 

 

316,100

 

 

21,207,149

 

Medtronic, Inc.

 

 

37,400

 

 

1,820,632

 

Pfizer, Inc.

 

 

1,529,500

 

 

30,758,245

 

 

 

 

 

 

     

 

 

 

 

 

 

97,901,804

 

               

Industrials—9.8%

 

 

 

 

 

 

 

3M Co.

 

 

184,200

 

 

14,164,980

 

Caterpillar, Inc.

 

 

128,500

 

 

10,521,580

 

Emerson Electric Co.

 

 

164,300

 

 

8,586,318

 

General Electric Co.

 

 

1,009,900

 

 

33,023,730

 

Leggett & Platt, Inc.

 

 

233,600

 

 

3,877,760

 

 

 

 

 

 

     

 

 

 

 

 

 

70,174,368

 

               

Media—0.5%

 

 

 

 

 

 

 

Gannet Co., Inc.

 

 

60,500

 

 

1,731,510

 

New York Times Co. (The)

 

 

96,500

 

 

1,881,750

 

 

 

 

 

 

     

 

 

 

 

 

 

3,613,260

 

               

Real Estate Investment Trust—2.6%

 

 

 

 

 

 

 

Duke Realty Corp.

 

 

130,500

 

 

3,186,810

 

General Growth Properties, Inc.

 

 

51,200

 

 

2,097,152

 

HCP, Inc.

 

 

60,500

 

 

2,159,850

 

Kimco Realty Corp.

 

 

50,500

 

 

2,015,455

 

Lexington Realty Trust

 

 

94,000

 

 

1,353,600

 

Liberty Property Trust

 

 

60,200

 

 

2,108,806

 

Realty Income Corp.

 

 

118,900

 

 

3,128,259

 

Vornado Realty Trust

 

 

29,200

 

 

2,718,228

 

 

 

 

 

 

     

 

 

 

 

 

 

18,768,160

 

               

 

Portfolio Abbreviations

To simplify the listings of the Trusts’ portfolio holdings in each Trust’s Schedule of Investments, we have abbreviated certain descriptions according to the list on the right.

 

 

 

ADR

 

American Depositary Receipt

AUD

 

Australian Dollar

CAD

 

Canadian Dollar

CHF

 

Swiss Franc

DKK

 

Danish Krone

EUR

 

Euro

GBP

 

British Pound

HKD

 

Hong Kong Dollar

IDR

 

Indonesian Rupiah

ILS

 

Israeli Shekel

JPY

 

Japanese Yen

KRW

 

South Korean Won

LIBOR

 

London InterBank Offered Rate

MXN

 

Mexican Peso

NOK

 

Norwegian Krone

REIT

 

Real Estate Investment Trust

SEK

 

Swedish Krona

SGD

 

Singapore Dollar

USD

 

U.S. Dollar

ZAR

 

South African Rand


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

16

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

Schedule of Investments (concluded)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Technology—2.9%

 

 

 

 

 

Automatic Data Processing, Inc.

 

 

90,000

 

$

3,978,000

 

Intl. Business Machines Corp.

 

 

50,100

 

 

6,047,070

 

Linear Technology Corp.

 

 

118,125

 

 

4,129,650

 

Pitney Bowes, Inc.

 

 

184,000

 

 

6,644,240

 

 

 

 

 

 

     

 

 

 

 

 

 

20,798,960

 

               

Telecommunications—5.3%

 

 

 

 

 

 

 

AT&T, Inc.

 

 

934,700

 

 

36,182,237

 

CenturyTel, Inc.

 

 

62,900

 

 

2,041,105

 

 

 

 

 

 

     

 

 

 

 

 

 

38,223,342

 

               

Total Common Stocks

 

 

 

 

 

 

 

(Cost—$694,664,684)—99.1%

 

 

 

 

 

710,127,304

 

               

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

           

Money Market Fund—0.8%

 

 

 

 

 

 

 

Fidelity Institutional Money Market Prime Portfolio, 2.59% (a)

 

 

5,943,300

 

$

5,943,300

 

               

Total Short-Term Securities

 

 

 

 

 

 

 

(Cost—$5,943,300)—0.8%

 

 

 

 

 

5,943,300

 

               

Total Investments—99.9% (Cost—$700,607,984*)

 

 

 

 

 

716,070,604

 

Other Assets in Excess of Liabilities—0.1%

 

 

 

 

 

454,800

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

716,525,404

 

 

 

 

 

 

     

 

 

   

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

699,347,557

 

 

 

     

Gross unrealized appreciation

 

$

89,345,865

 

Gross unrealized depreciation

 

 

(72,622,818

)

 

 

     

Net unrealized appreciation

 

$

16,723,047

 

 

 

     

 

 

(a)

Represents current yield as of report date.

 

 

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


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

17



 

 


 

 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Aerospace & Defense—0.6%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

25,000

 

$

2,260,500

 

United Technologies Corp.

 

 

38,200

 

 

2,768,354

 

 

 

 

 

 

     

 

 

 

 

 

 

5,028,854

 

               

Basic Materials—1.3%

 

 

 

 

 

 

 

PPG Industries, Inc.(a)

 

 

86,500

 

 

5,308,505

 

RPM Intl., Inc.

 

 

266,800

 

 

5,949,640

 

 

 

 

 

 

     

 

 

 

 

 

 

11,258,145

 

               

Building & Development—0.2%

 

 

 

 

 

 

 

Masco Corp.

 

 

110,800

 

 

2,017,668

 

               

Consumer Products—21.1%

 

 

 

 

 

 

 

Altria Group, Inc.(a)

 

 

532,000

 

 

10,640,000

 

Anheuser-Busch Cos., Inc.

 

 

210,000

 

 

10,332,000

 

Clorox Co.

 

 

74,000

 

 

3,922,000

 

Coca-Cola Co. (The)

 

 

592,900

 

 

34,904,023

 

Colgate-Palmolive Co.

 

 

55,000

 

 

3,888,500

 

Harley-Davidson, Inc.

 

 

114,725

 

 

4,388,231

 

Hillenbrand, Inc.

 

 

42,000

 

 

799,680

 

Home Depot, Inc.

 

 

450,000

 

 

12,960,000

 

Kimberly-Clark Corp.

 

 

198,000

 

 

12,670,020

 

McDonald’s Corp.

 

 

310,700

 

 

18,511,506

 

PepsiCo, Inc.

 

 

120,000

 

 

8,223,600

 

Philip Morris Intl., Inc.(a)

 

 

532,000

 

 

27,147,960

 

Procter & Gamble Co.(a)

 

 

221,000

 

 

14,818,050

 

Stanley Works (The)(a)

 

 

80,800

 

 

3,897,792

 

Universal Corp.

 

 

74,761

 

 

4,798,909

 

Wal-Mart Stores, Inc.

 

 

84,000

 

 

4,870,320

 

 

 

 

 

 

     

 

 

 

 

 

 

176,772,591

 

               

Energy—12.7%

 

 

 

 

 

 

 

Atmos Energy Corp.(a)

 

 

81,000

 

 

2,242,080

 

Chevron Corp.

 

 

448,500

 

 

43,123,275

 

Consolidated Edison, Inc.

 

 

413,000

 

 

17,180,800

 

Exxon Mobil Corp.

 

 

94,300

 

 

8,776,501

 

FPL Group, Inc.

 

 

69,000

 

 

4,574,010

 

Integrys Energy Group, Inc.

 

 

92,000

 

 

4,405,880

 

Pinnacle West Capital Corp.

 

 

231,000

 

 

7,840,140

 

Progress Energy, Inc.

 

 

387,700

 

 

16,279,523

 

Vectren Corp.

 

 

79,000

 

 

2,234,120

 

 

 

 

 

 

     

 

 

 

 

 

 

106,656,329

 

               

Financial Institutions—27.6%

 

 

 

 

 

 

 

American Capital Strategies Ltd.(b)

 

 

119,000

 

 

3,778,250

 

Associated Banc-Corp

 

 

82,000

 

 

2,318,140

 

Bank of America Corp.(a)

 

 

1,050,000

 

 

39,417,000

 

BB&T Corp.(a)

 

 

504,000

 

 

17,282,160

 

Citigroup, Inc.(a)

 

 

588,000

 

 

14,858,760

 

Comerica, Inc.

 

 

330,000

 

 

11,460,900

 

Fifth Third Bancorp

 

 

410,600

 

 

8,799,158

 

First Midwest Bancorp, Inc.

 

 

78,000

 

 

1,991,340

 

FirstMerit Corp.

 

 

104,000

 

 

2,134,080

 

FNB Corp.

 

 

149,700

 

 

2,314,362

 

Fulton Financial Corp.

 

 

409,000

 

 

5,100,230

 

KeyCorp

 

 

573,000

 

 

13,826,490

 

Lincoln National Corp.

 

 

117,000

 

 

6,289,920

 

Marshall & Ilsley Corp.

 

 

99,000

 

 

2,473,020

 

Mercury General Corp.

 

 

95,500

 

 

4,764,495

 

National City Corp.(b)

 

 

135,000

 

 

850,500

 

Northern Trust Corp.

 

 

30,000

 

 

2,223,300

 

State Street Corp.

 

 

27,000

 

 

1,947,780

 

SunTrust Banks, Inc.

 

 

143,000

 

 

7,972,250

 

Synovus Financial Corp.

 

 

487,000

 

 

5,766,080

 

T. Rowe Price Group, Inc.

 

 

84,000

 

 

4,919,040

 

U.S. Bancorp(a)

 

 

898,000

 

 

30,433,220

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Financial Institutions—(concluded)

 

 

 

 

 

 

 

Valley National Bancorp

 

 

106,000

 

$

2,034,140

 

Washington Mutual, Inc.(b)

 

 

496,000

 

 

6,095,840

 

Wells Fargo & Co.

 

 

1,088,000

 

 

32,368,000

 

 

 

 

 

 

     

 

 

 

 

 

 

231,418,455

 

               

Health Care—13.7%

 

 

 

 

 

 

 

Abbott Laboratories(a)

 

 

456,000

 

 

24,054,000

 

Eli Lilly & Co.

 

 

555,000

 

 

26,717,700

 

Hill-Rom Holdings, Inc.

 

 

42,000

 

 

1,055,460

 

Johnson & Johnson

 

 

369,850

 

 

24,813,236

 

Medtronic, Inc.

 

 

44,000

 

 

2,141,920

 

Pfizer, Inc.(a)

 

 

1,796,000

 

 

36,117,560

 

 

 

 

 

 

     

 

 

 

 

 

 

114,899,876

 

               

Industrials—9.8%

 

 

 

 

 

 

 

3M Co.(a)

 

 

213,300

 

 

16,402,770

 

Caterpillar, Inc.

 

 

151,000

 

 

12,363,880

 

Emerson Electric Co.

 

 

193,000

 

 

10,086,180

 

General Electric Co.(a)

 

 

1,186,000

 

 

38,782,200

 

Leggett & Platt, Inc.

 

 

274,000

 

 

4,548,400

 

 

 

 

 

 

     

 

 

 

 

 

 

82,183,430

 

               

Media—0.5%

 

 

 

 

 

 

 

Gannet Co., Inc.

 

 

71,000

 

 

2,032,020

 

New York Times Co. (The)(b)

 

 

113,000

 

 

2,203,500

 

 

 

 

 

 

     

 

 

 

 

 

 

4,235,520

 

               

Real Estate Investment Trust—2.7%

 

 

 

 

 

 

 

Duke Realty Corp.

 

 

142,800

 

 

3,487,176

 

General Growth Properties, Inc.

 

 

72,800

 

 

2,981,888

 

HCP, Inc.

 

 

71,000

 

 

2,534,700

 

Kimco Realty Corp.

 

 

70,200

 

 

2,801,682

 

Lexington Realty Trust

 

 

144,700

 

 

2,083,680

 

Liberty Property Trust

 

 

52,200

 

 

1,828,566

 

Realty Income Corp.

 

 

139,200

 

 

3,662,352

 

Vornado Realty Trust

 

 

32,450

 

 

3,020,771

 

 

 

 

 

 

     

 

 

 

 

 

 

22,400,815

 

               

Technology—3.0%

 

 

 

 

 

 

 

Automatic Data Processing, Inc.

 

 

106,000

 

 

4,685,200

 

Intl. Business Machines Corp.

 

 

56,600

 

 

6,831,620

 

Linear Technology Corp.

 

 

159,300

 

 

5,569,128

 

Pitney Bowes, Inc.

 

 

216,000

 

 

7,799,760

 

 

 

 

 

 

     

 

 

 

 

 

 

24,885,708

 

               

Telecommunications—5.4%

 

 

 

 

 

 

 

AT&T, Inc.(a)

 

 

1,097,000

 

 

42,464,870

 

CenturyTel, Inc.

 

 

74,000

 

 

2,401,300

 

 

 

 

 

 

     

 

 

 

 

 

 

44,866,170

 

               

Total Common Stocks
(Cost—$935,179,200)—98.6%

 

 

 

 

 

826,623,561

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

Money Market Funds—3.7%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC, Money
Market Series, 2.85%(c)(d)(e)

 

 

11,808,800

 

 

11,808,800

 

Fidelity Institutional Money Market Prime
Portfolio, 2.59%(c)

 

 

19,556,739

 

 

19,556,739

 

               

Total Short-Term Securities
(Cost—$31,365,539)—3.7%

 

 

 

 

 

31,365,539

 

               

 

 

 

 

 

 

 

 


Options Purchased

 

Contracts

 

 

 

 

               

Outstanding Call Options Purchased—0.0%

 

 

 

 

 

 

 

General Electric Co., strike price $38,
expires 05/19/08 (cost $9,500)

 

 

1,065

 

 

2,130

 

               

Total Investments Before Outstanding Options Written
(Cost—$966,554,239*)—102.3%

 

 

 

 

 

857,991,230

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

18

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

Schedule of Investments (continued)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(1.2)%

 

 

 

 

 

 

 

3M Co., strike price $80, expires 05/19/08

 

 

(150

)

$

(4,875

)

3M Co., strike price $83, expires 06/20/08

 

 

(81,000

)

 

(36,944

)

3M Co., strike price $85, expires 05/19/08

 

 

(215

)

 

(1,612

)

Abbott Laboratories, strike price $52.55,
expires 05/16/08

 

 

(202,000

)

 

(219,069

)

Abbott Laboratories, strike price $56, expires 05/23/08

 

 

(235

)

 

(5,111

)

Abbott Laboratories, strike price $57.50, expires 05/19/08

 

 

(250

)

 

(1,875

)

Altria Group, Inc., strike price $22.50, expires 06/23/08

 

 

(305

)

 

(1,677

)

Altria Group, Inc., strike price $73.16, expires 05/30/08

 

 

(165,000

)

 

(147,989

)

Altria Group, Inc., strike price $76.75, expires 05/16/08

 

 

(63,000

)

 

(5,248

)

Altria Group, Inc., strike price $77.50, expires 06/20/08

 

 

(34,000

)

 

(14,460

)

American Capital Strategies Ltd., strike price $35.75,
expires 05/30/08

 

 

(65,000

)

 

(16,945

)

Anheuser-Busch Cos., Inc., strike price $47,
expires 05/23/08

 

 

(450

)

 

(110,381

)

Anheuser-Busch Cos., Inc., strike price $47,
expires 05/30/08

 

 

(450

)

 

(114,966

)

Associated Banc-Corp, strike price $25.68,
expires 05/23/08

 

 

(45,000

)

 

(126,698

)

AT&T, Inc., strike price $39, expires 05/16/08

 

 

(48,000

)

 

(26,995

)

AT&T, Inc., strike price $39, expires 05/30/08

 

 

(67,500

)

 

(54,891

)

AT&T, Inc., strike price $39, expires 06/20/08

 

 

(200,000

)

 

(218,260

)

AT&T, Inc., strike price $39.25, expires 06/27/08

 

 

(78,000

)

 

(87,688

)

AT&T, Inc., strike price $40, expires 05/19/08

 

 

(1,100

)

 

(25,850

)

AT&T, Inc., strike price $40, expires 06/23/08

 

 

(500

)

 

(39,250

)

AT&T, Inc., strike pricee $38.50, expires 05/23/08

 

 

(50,000

)

 

(46,730

)

Atmos Energy Corp., strike price $28.25,
expires 06/30/08

 

 

(19,000

)

 

(10,934

)

Automatic Data Processing, Inc., strike price $40.30,
expires 05/12/08

 

 

(58,000

)

 

(230,486

)

Bank of America Corp., strike price $40, expires 05/19/08

 

 

(420

)

 

(8,400

)

Bank of America Corp., strike price $42.50,
expires 05/19/08

 

 

(1,602

)

 

(8,010

)

Bank of America Corp., strike price $45,
expires 05/19/08

 

 

(1,500

)

 

(5,250

)

Bank of America Corp., Strike Price $46,
expires 05/30/08

 

 

(100,000

)

 

(6,550

)

Bank of America Corp., Strike Price $47.50,
expires 05/19/08

 

 

(500

)

 

(1,000

)

BB&T Corp., strike price $33, expires 05/16/08

 

 

(17,000

)

 

(30,947

)

BB&T Corp., strike price $37.50, expires 06/23/08

 

 

(1,350

)

 

(74,250

)

BB&T Corp., strike price $40, expires 05/19/08

 

 

(500

)

 

(2,500

)

BB&T Corp., strike price $40, expires 06/23/08

 

 

(250

)

 

(3,750

)

Caterpillar, Inc., strike price $75.26, expires 05/16/08

 

 

(64,000

)

 

(443,168

)

Caterpillar, Inc., strike price $76.90, expires 05/23/08

 

 

(19,000

)

 

(111,091

)

Centurytel, Inc., strike price $33.92, expires 05/23/08

 

 

(41,000

)

 

(33,960

)

Chevron Corp., strike price $85, expires 05/19/08

 

 

(340

)

 

(382,500

)

Chevron Corp., strike price $93.20, expires 06/20/08

 

 

(213,000

)

 

(1,074,308

)

Citigroup, Inc., strike price $27.50, expires 05/19/08

 

 

(1,000

)

 

(13,500

)

Citigroup, Inc., strike price $27.50, expires 06/23/08

 

 

(2,250

)

 

(126,000

)

Clorox Co., strike price $56.88, expires 05/23/08

 

 

(410

)

 

(5,018

)

Coca-Cola Co. (The), strike price $60, expires 06/30/08

 

 

(183,000

)

 

(187,795

)

Coca-Cola Co. (The), strike price $60.91,
expires 06/09/08

 

 

(44,000

)

 

(21,925

)

Coca-Cola Co. (The), strike price $61, expires 06/20/08

 

 

(43,000

)

 

(35,914

)

Coca-Cola Co. (The), strike price $62.50, expires 05/19/08

 

 

(560

)

 

(4,200

)

Colgate-Palmolive Co., strike price $80, expires 06/23/08

 

 

(300

)

 

(18,000

)

Comerica, Inc., strike price $39.38, expires 05/12/08

 

 

(250

)

 

(4,077

)

Consolidated Edison, Inc., strike price $42.25,
expires 06/20/08

 

 

(44,900

)

 

(28,642

)

Eli Lilly & Co., strike price $55, expires 05/19/08

 

 

(320

)

 

(2,400

)

Eli Lilly & Co., strike price $55, expires 07/21/08

 

 

(1,730

)

 

(69,200

)

Emerson Electric Co., strike price $50.17,
expires 05/16/08

 

 

(49,000

)

 

(125,386

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Emerson Electric Co., strike price $55, expires 06/23/08

 

 

(570

)

$

(57,000

)

Exxon Mobil Corp., strike price $90, expires 05/19/08

 

 

(300

)

 

(114,750

)

Exxon Mobil Corp., strike price $95, expires 06/23/08

 

 

(230

)

 

(55,545

)

First Midwest Bancorp, Inc., strike price $28.62,
expires 05/23/08

 

 

(21,500

)

 

(6,072

)

First Midwest Bancorp, Inc., strike price $28.62,
expires 05/27/08

 

 

(21,500

)

 

(7,538

)

FirstMerit Corp., strike price $22.50, expires 06/23/08

 

 

(340

)

 

(12,750

)

FPL Group, Inc., strike price $61.50, expires 05/23/08

 

 

(38,000

)

 

(186,968

)

Fulton Financial Corp., strike price $13, expires 05/23/08

 

 

(48,600

)

 

(16,845

)

Fulton Financial Corp., strike price $13.24,
expires 05/23/08

 

 

(63,000

)

 

(17,312

)

Gannet Co., Inc., strike price $30, expires 05/16/08

 

 

(39,000

)

 

(19,293

)

General Dynamics Corp., strike price $85, expires 05/19/08

 

 

(140

)

 

(79,100

)

General Electric Co., strike price $37.50, expires 05/23/08

 

 

(60,000

)

 

(222

)

General Electric Co., strike price $37.50, expires 06/23/08

 

 

(1,000

)

 

(7,000

)

General Electric Co., strike price $39, expires 05/23/08

 

 

(108,100

)

 

(3,340

)

General Growth Properties, Inc., strike price $45,
expires 05/19/08

 

 

(200

)

 

(6,000

)

Harley-Davidson, Inc., strike price $37.50, expires 05/19/08

 

 

(230

)

 

(36,800

)

Harley-Davidson, Inc., strike price $40, expires 06/23/08

 

 

(400

)

 

(46,000

)

HCP, Inc., strike price $40, expires 06/23/08

 

 

(90

)

 

(2,025

)

HCP, Inc., strike price $40, expires 07/21/08

 

 

(300

)

 

(15,000

)

Hill-Rom Holdings, Inc., strike price $50.50, expires 05/23/08

 

 

(230

)

 

(2,408

)

Home Depot, Inc., strike price $27.50, expires 05/19/08

 

 

(2,000

)

 

(335,000

)

Home Depot, Inc., strike price $30, expires 05/19/08

 

 

(250

)

 

(8,000

)

Home Depot, Inc., strike price $35, expires 05/19/08

 

 

(250

)

 

(1,750

)

Intl. Business Machines Corp., strike price $118,
expires 06/10/08

 

 

(10,000

)

 

(51,131

)

Intl. Business Machines Corp., strike price $120,
expires 07/21/08

 

 

(50

)

 

(27,000

)

Intl. Business Machines Corp., strike price $125,
expires 06/23/08

 

 

(150

)

 

(28,500

)

Johnson & Johnson, strike price $62.80, expires 05/12/08

 

 

(89,000

)

 

(382,478

)

Johnson & Johnson, strike price $65, expires 05/19/08

 

 

(215

)

 

(48,375

)

Johnson & Johnson, strike price $66.77, expires 05/23/08

 

 

(40,000

)

 

(46,596

)

Johnson & Johnson, strike price $67.17, expires 06/20/08

 

 

(53,000

)

 

(72,944

)

KeyCorp, strike price $22.50, expires 05/23/08

 

 

(1,040

)

 

(203,840

)

KeyCorp, strike price $22.50, expires 05/30/08

 

 

(1,040

)

 

(214,698

)

KeyCorp, strike price $24, expires 05/23/08

 

 

(107,000

)

 

(104,560

)

Kimberly-Clark Corp., strike price $70, expires 07/21/08

 

 

(140

)

 

(2,450

)

Kimco Realty Corp., strike price $40, expires 05/19/08

 

 

(120

)

 

(16,500

)

Kimco Realty Corp., strike price $42, expires 05/16/08

 

 

(26,600

)

 

(13,750

)

Leggett & Platt, Inc., strike price $16.16,
expires 05/23/08

 

 

(151,000

)

 

(140,370

)

Lincoln National Corp., strike price $60, expires 05/19/08

 

 

(235

)

 

(2,350

)

Linear Technology Corp., strike price $32.50,
expires 05/19/08

 

 

(400

)

 

(102,000

)

Linear Technology Corp., strike price $35, expires 06/23/08

 

 

(475

)

 

(59,375

)

Marshall & Ilsley Corp., strike price $22.50, expires 06/23/08

 

 

(550

)

 

(159,500

)

Masco Corp., strike price $20, expires 06/23/08

 

 

(610

)

 

(30,500

)

McDonald’s Corp., strike price $55, expires 06/23/08

 

 

(665

)

 

(335,825

)

McDonald’s Corp., strike price $57.50, expires 05/19/08

 

 

(840

)

 

(205,800

)

McDonald’s Corp., strike price $60, expires 06/23/08

 

 

(210

)

 

(32,025

)

Medtronic, Inc., strike price $48.50, expires 05/12/08

 

 

(240

)

 

(19,603

)

New York Times Co. (The), strike price $19.10,
expires 05/23/08

 

 

(62,000

)

 

(73,582

)

Northern Trust Corp., strike price $69, expires 05/12/08

 

 

(170

)

 

(91,343

)

PepsiCo, Inc., strike price $69.60, expires 05/12/08

 

 

(66,000

)

 

(36,049

)

Pfizer, Inc., strike price $25, expires 06/23/08

 

 

(1,000

)

 

(3,000

)

PPG Industries, Inc., strike price $66.50, expires 06/10/08

 

 

(30,000

)

 

(15,297

)

PPG Industries, Inc., strike price $70, expires 05/19/08

 

 

(175

)

 

(1,750

)

Procter & Gamble Co., strike price $67.50, expires 06/23/08

 

 

(465

)

 

(62,775

)

Procter & Gamble Co., strike price $69, expires 05/23/08

 

 

(750

)

 

(28,875

)

Progress Energy, Inc., strike price $42.75,
expires 06/20/08

 

 

(66,500

)

 

(50,134

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

19



 

 


 

 

 

Schedule of Investments (concluded)

BlackRock Enhanced Dividend AchieversTM
Trust (BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Progress Energy, Inc., strike price $45, expires 07/21/08

 

 

(800

)

$

(32,000

)

Realty Income Corp., strike price $25, expires 06/23/08

 

 

(762

)

 

(154,305

)

RPM Intl., Inc., strike price $20, expires 05/19/08

 

 

(531

)

 

(135,405

)

RPM Intl., Inc., strike price $22.50, expires 05/19/08

 

 

(570

)

 

(38,475

)

RPM Intl., Inc., strike price $22.50, expires 05/30/08

 

 

(370

)

 

(24,801

)

Stanley Works (The), strike price $50, expires 05/16/08

 

 

(22,000

)

 

(9,973

)

Stanley Works (The), strike price $51.50, expires 06/17/08

 

 

(225

)

 

(17,035

)

State Street Corp., strike price $80, expires 05/19/08

 

 

(150

)

 

(2,250

)

SunTrust Banks, Inc., strike price $65, expires 05/19/08

 

 

(400

)

 

(10,000

)

Synovus Financial Corp., strike price $12.42,
expires 05/23/08

 

 

(268,000

)

 

(47,007

)

T. Rowe Price Group, Inc., strike price $55,
expires 05/19/08

 

 

(460

)

 

(195,500

)

U.S. Bancorp, strike price $35, expires 06/23/08

 

 

(2,500

)

 

(187,500

)

U.S. Bancorp, strike price $36, expires 05/16/08

 

 

(159,000

)

 

(10,065

)

U.S. Bancorp, strike price $37.50, expires 06/23/08

 

 

(100

)

 

(1,500

)

United Technologies Corp., strike price $71,
expires 05/30/08

 

 

(210

)

 

(59,048

)

Universal Corp., strike price $55, expires 05/19/08

 

 

(170

)

 

(158,950

)

Universal Corp., strike price $65, expires 06/23/08

 

 

(240

)

 

(79,200

)

Valley National Bancorp, strike price $20, expires 05/23/08

 

 

(58,000

)

 

(19,621

)

Vectren Corp., strike price $28.80, expires 06/16/08

 

 

(43,000

)

 

(25,675

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(concluded)

 

 

 

 

 

 

 

Vornado Realty Trust, strike price $95, expires 06/23/08

 

 

(180

)

$

(63,450

)

Wal-Mart Stores, Inc., strike price $51, expires 05/23/08

 

 

(275

)

 

(198,792

)

Wal-Mart Stores, Inc., strike price $52.50, expires 06/23/08

 

 

(185

)

 

(109,150

)

Washington Mutual, Inc., strike price $17.60,
expires 06/20/08

 

 

(50,000

)

 

(1,450

)

Wells Fargo & Co., strike price $31, expires 06/17/08

 

 

(500

)

 

(46,595

)

Wells Fargo & Co., strike price $32.50, expires 06/23/08

 

 

(750

)

 

(31,875

)

Wells Fargo & Co., strike price $33, expires 06/20/08

 

 

(75,000

)

 

(29,332

)

Wells Fargo & Co., strike price $35, expires 05/23/08

 

 

(118,400

)

 

(11,852

)

               

Total Outstanding Call Options Written

 

 

 

 

 

(9,777,174

)

               

Outstanding Put Options Written—(0.0)%

 

 

 

 

 

 

 

3M Co., strike price $80, expires 05/19/08

 

 

(25

)

 

(8,375

)

Exxon Mobil Corp., strike price $90, expires 05/19/08

 

 

(25

)

 

(2,575

)

Intl. Business Machines Corp., strike price $120,
expires 05/19/08

 

 

(20

)

 

(4,100

)

               

Total Outstanding Put Options Written

 

 

 

 

 

(15,050

)

               

Total Outstanding Options Written
(Premium Received—$11,100,465)—(1.2)%

 

 

 

 

 

(9,792,224

)

               

Total Investments Net of Outstanding Options Written—101.1%

 

 

 

 

 

848,199,006

 

Liabilities in Excess of Other Assets—(1.1)%

 

 

 

 

 

(9,371,637

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

838,827,369

 

 

 

 

 

 

     

 

 

   

 

 

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

975,547,172

 

 

 

 

     

 

Gross unrealized appreciation

 

$

12,472,759

 

 

Gross unrealized depreciation

 

 

(130,028,701

)

 

 

 

     

 

Net unrealized depreciation

 

$

(117,555,942

)

 

 

 

     

 

 

(a)

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

(b)

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

(c)

Represents current yield as of report date.

(d)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 were as follows:

 

 


 

 

 

 

 

 

 

 

 

 

               

 

Affiliate

 

 

Net Activity

 

 

Interest Income

 

 

               

 

BlackRock Liquidity Series, LLC,
Money Market Series

 

$

11,808,800

 

$

108,080

 

 

               

 

 

(e)

Security purchased with the cash proceeds from securities loaned.

 

 •

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

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

20

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock Strategic Dividend AchieversTM
Trust (BDT)

 

       (Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

 

Shares

 

 

Value

 

               

Automotive—2.1%

 

 

 

 

 

 

 

Genuine Parts Co.

 

 

182,400

 

$

7,744,704

 

               

Basic Materials—2.5%

 

 

 

 

 

 

 

RPM Intl., Inc.

 

 

172,000

 

 

3,835,600

 

Sonoco Products Co.

 

 

108,600

 

 

3,578,370

 

Stepan Co.

 

 

47,600

 

 

1,872,584

 

 

 

 

 

 

     

 

 

 

 

 

 

9,286,554

 

               

Building & Development—3.9%

 

 

 

 

 

 

 

ABM Industries, Inc.

 

 

82,200

 

 

1,721,268

 

D.R. Horton, Inc.

 

 

435,100

 

 

6,739,699

 

Masco Corp.

 

 

312,600

 

 

5,692,446

 

 

 

 

 

 

     

 

 

 

 

 

 

14,153,413

 

               

Consumer Products—18.7%

 

 

 

 

 

 

 

Avery Dennison Corp.

 

 

138,800

 

 

6,688,772

 

Clorox Co.

 

 

134,000

 

 

7,102,000

 

H&R Block, Inc.

 

 

343,500

 

 

7,512,345

 

Harley-Davidson, Inc.

 

 

187,800

 

 

7,183,350

 

Hillenbrand, Inc.(a)

 

 

64,000

 

 

1,218,560

 

HNI Corp.

 

 

73,300

 

 

1,595,741

 

Lancaster Colony Corp.

 

 

51,600

 

 

1,970,604

 

Meridian Bioscience, Inc.

 

 

106,000

 

 

2,854,580

 

Polaris Industries, Inc.

 

 

76,800

 

 

3,575,040

 

Sherwin-Williams Co. (The)

 

 

129,000

 

 

7,136,280

 

Stanley Works (The)

 

 

69,800

 

 

3,367,152

 

SUPERVALU, INC.

 

 

195,500

 

 

6,471,050

 

Talbots, Inc.

 

 

130,500

 

 

1,047,915

 

Universal Corp.

 

 

57,400

 

 

3,684,506

 

VF Corp.

 

 

94,100

 

 

6,999,158

 

 

 

 

 

 

     

 

 

 

 

 

 

68,407,053

 

               

Energy—15.9%

 

 

 

 

 

 

 

American States Water Co.

 

 

50,400

 

 

1,765,008

 

Aqua America, Inc.

 

 

216,500

 

 

3,990,095

 

Atmos Energy Corp.

 

 

174,200

 

 

4,821,856

 

Black Hills Corp.

 

 

99,200

 

 

3,869,792

 

California Water Service Group

 

 

46,400

 

 

1,795,680

 

Integrys Energy Group, Inc.

 

 

97,900

 

 

4,688,431

 

MDU Resources Group, Inc.

 

 

146,000

 

 

4,215,020

 

MGE Energy, Inc.

 

 

54,200

 

 

1,885,618

 

National Fuel Gas Co.

 

 

76,800

 

 

3,930,624

 

New Jersey Resources Corp.

 

 

70,500

 

 

2,245,425

 

Northwest Natural Gas Co.

 

 

42,600

 

 

1,911,462

 

Otter Tail Corp.

 

 

51,500

 

 

1,909,620

 

Peidmont Natural Gas Co.

 

 

139,300

 

 

3,662,197

 

Pinnacle West Capital Corp.

 

 

106,700

 

 

3,621,398

 

UGI Corp.

 

 

151,200

 

 

3,931,200

 

Vectren Corp.

 

 

175,300

 

 

4,957,484

 

WGL Holdings, Inc.

 

 

149,000

 

 

4,887,200

 

 

 

 

 

 

     

 

 

 

 

 

 

58,088,110

 

               

Financial Institutions—32.0%

 

 

 

 

 

 

 

American Capital Strategies Ltd.

 

 

212,700

 

 

6,753,225

 

Arthur J. Gallagher & Co.

 

 

115,500

 

 

2,837,835

 

Associated Banc-Corp

 

 

140,800

 

 

3,980,416

 

BancorpSouth, Inc.

 

 

156,900

 

 

3,770,307

 

Bank of Hawaii Corp.

 

 

64,500

 

 

3,536,535

 

Chemical Financial Corp.

 

 

76,600

 

 

1,859,848

 

Cincinnati Financial Corp.

 

 

190,842

 

 

6,851,228

 

Comerica, Inc.

 

 

151,100

 

 

5,247,703

 

Commerce Group, Inc.

 

 

101,200

 

 

3,687,728

 

Community Bank System, Inc.

 

 

74,600

 

 

1,901,554

 

Erie Indemnity Co., Class A

 

 

41,940

 

 

2,240,435

 

First Busey Corp.

 

 

86,200

 

 

1,709,346

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Financial Institutions—(concluded)

 

 

 

 

 

 

 

First Charter Corp.

 

 

84,400

 

$

2,564,072

 

First Financial Holdings, Inc.

 

 

61,000

 

 

1,464,610

 

FirstMerit Corp.

 

 

174,400

 

 

3,578,688

 

FNB Corp.

 

 

114,100

 

 

1,763,986

 

Fulton Financial Corp.

 

 

244,125

 

 

3,044,239

 

Harleysville Group, Inc.

 

 

50,000

 

 

1,822,500

 

Harleysville National Corp.

 

 

63,800

 

 

922,548

 

KeyCorp

 

 

310,500

 

 

7,492,365

 

M&T Bank Corp.

 

 

77,400

 

 

7,216,002

 

Marshall & Ilsley Corp.

 

 

227,198

 

 

5,675,406

 

Mercury General Corp.

 

 

73,600

 

 

3,671,904

 

Old National Bancorp

 

 

101,200

 

 

1,731,532

 

Old Republic Intl. Corp.

 

 

211,000

 

 

3,027,850

 

Park National Corp.

 

 

25,200

 

 

1,915,452

 

S&T Bancorp, Inc.

 

 

59,800

 

 

2,037,386

 

South Financial Group, Inc. (The)

 

 

148,300

 

 

895,732

 

Susquehanna Bancshares, Inc.

 

 

78,900

 

 

1,569,321

 

Synovus Financial Corp.

 

 

285,400

 

 

3,379,136

 

TCF Financial Corp.

 

 

150,000

 

 

2,610,000

 

Trustmark Corp.

 

 

80,900

 

 

1,762,002

 

United Bankshares, Inc.

 

 

67,900

 

 

1,975,211

 

Valley National Bancorp

 

 

183,886

 

 

3,528,772

 

Washington Federal, Inc.

 

 

161,810

 

 

3,852,696

 

WesBanco, Inc.

 

 

68,400

 

 

1,471,284

 

Wilmington Trust Corp.

 

 

112,200

 

 

3,689,136

 

 

 

 

 

 

     

 

 

 

 

 

 

117,037,990

 

               

Health Care—0.4%

 

 

 

 

 

 

 

Hill-Rom Holdings, Inc.

 

 

64,000

 

 

1,608,320

 

               

Industrials—6.9%

 

 

 

 

 

 

 

Bemis Co., Inc.

 

 

146,500

 

 

3,852,950

 

Leggett & Platt, Inc.

 

 

193,300

 

 

3,208,780

 

LSI Industries, Inc.

 

 

131,500

 

 

1,441,240

 

McGrath RentCorp

 

 

74,600

 

 

1,926,918

 

Vulcan Materials Co.

 

 

97,600

 

 

6,716,832

 

W.W. Grainger, Inc.

 

 

92,000

 

 

7,977,320

 

 

 

 

 

 

     

 

 

 

 

 

 

25,124,040

 

               

Media—2.4%

 

 

 

 

 

 

 

Gannet Co., Inc.

 

 

189,900

 

 

5,434,938

 

New York Times Co. (The)

 

 

169,800

 

 

3,311,100

 

 

 

 

 

 

     

 

 

 

 

 

 

8,746,038

 

               

Real Estate Investment Trust—9.7%

 

 

 

 

 

 

 

CBL & Associates Properties, Inc.

 

 

94,000

 

 

2,302,060

 

Developers Diversified Realty Corp.

 

 

62,100

 

 

2,667,195

 

Duke Realty Corp.

 

 

91,000

 

 

2,222,220

 

EastGroup Properties, Inc.

 

 

44,400

 

 

2,118,324

 

HCP, Inc.

 

 

97,300

 

 

3,473,610

 

Lexington Realty Trust

 

 

132,000

 

 

1,900,800

 

Liberty Property Trust

 

 

71,500

 

 

2,504,645

 

National Retail Properties, Inc.

 

 

148,200

 

 

3,395,262

 

Realty Income Corp.

 

 

122,700

 

 

3,228,237

 

UDR, Inc.

 

 

120,800

 

 

3,053,824

 

Universal Health Realty Income Trust

 

 

89,200

 

 

2,991,768

 

Washington Real Estate Investment Trust

 

 

70,500

 

 

2,504,865

 

Weingarten Realty Investors

 

 

81,150

 

 

2,993,623

 

 

 

 

 

 

     

 

 

 

 

 

 

35,356,433

 

               

Technology—4.1%

 

 

 

 

 

 

 

Linear Technology Corp.

 

 

222,800

 

 

7,789,088

 

Pitney Bowes, Inc.

 

 

197,700

 

 

7,138,947

 

 

 

 

 

 

     

 

 

 

 

 

 

14,928,035

 

               

Total Common Stocks

 

 

 

 

 

 

 

(Cost—$362,408,852)—98.6%

 

 

 

 

 

360,480,690

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

21



 

 


 

 

 

Schedule of Investments (concluded)

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

    (Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

               

Money Market Fund—1.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelity Institutional Money Market
Prime Portfolio, 2.59% (b)

 

 

4,918,369

 

$

4,918,369

 

               

Total Short-Term Securities

 

 

 

 

 

 

 

(Cost—$4,918,369)—1.4%

 

 

 

 

 

4,918,369

 

               

Total Investments—100% (Cost—$367,327,221*)

 

 

 

 

 

365,399,059

 

Other Assets in Excess of Liabilities—0.0%

 

 

 

 

 

60,691

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

365,459,750

 

 

 

 

 

 

     

 

 

 

 

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

366,018,356

 

 

 

 

     

 

Gross unrealized appreciation

 

$

37,725,377

 

 

Gross unrealized depreciation

 

 

(38,344,674

)

 

 

 

     

 

Net unrealized depreciation

 

$

(619,297

)

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

Represents current yield as of report date.

 

 •

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

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

22

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Agriculture—6.2%

 

 

 

 

 

 

 

ABB Grain Ltd.

 

 

160,000

 

$

1,506,509

 

Agria Corp. (ADR)(a)

 

 

100,000

 

 

433,000

 

Archer Daniels Midland Co.(b)

 

 

58,500

 

 

2,577,510

 

BrasilAgro - Companhia Brasileira de Propriedades Agricolas(a)

 

 

324,200

 

 

2,106,461

 

Bunge Ltd.

 

 

29,400

 

 

3,354,246

 

Cresud S.A. (ADR)

 

 

75,000

 

 

1,226,250

 

IOI Corp. Bhd

 

 

500,000

 

 

1,154,937

 

SLC Agricola S.A.

 

 

95,400

 

 

1,807,905

 

 

 

 

 

 

     

 

 

 

 

 

 

14,166,818

 

               

Auto Parts & Equipment—0.5%

 

 

 

 

 

 

 

Johnson Controls, Inc.(b)

 

 

33,000

 

 

1,163,580

 

               

Biotechnology—0.5%

 

 

 

 

 

 

 

Novozymes A/S

 

 

13,500

 

 

1,224,252

 

               

Building Materials—0.1%

 

 

 

 

 

 

 

Kingspan Group Plc

 

 

23,600

 

 

272,283

 

               

Chemicals—25.0%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

23,850

 

 

1,884,150

 

CF Industries Holdings, Inc.

 

 

19,600

 

 

2,620,520

 

Incitec Pivot Ltd.

 

 

20,000

 

 

3,042,350

 

Israel Chemicals Ltd.

 

 

117,000

 

 

2,150,873

 

Johnson Matthey Plc

 

 

97,200

 

 

3,847,774

 

K+S AG

 

 

11,400

 

 

4,706,240

 

Makhteshim-Agan Industries Ltd.

 

 

175,000

 

 

1,606,223

 

Monsanto Co.

 

 

48,200

 

 

5,495,764

 

Mosaic Co. (The)(a)

 

 

52,450

 

 

6,425,650

 

Nufarm Ltd.

 

 

100,000

 

 

1,680,932

 

Potash Corp. of Saskatchewan

 

 

35,000

 

 

6,438,250

 

Sinofert Holdings Ltd.

 

 

4,611,000

 

 

3,517,496

 

Syngenta AG

 

 

7,600

 

 

2,258,758

 

Umicore

 

 

224,645

 

 

11,941,708

 

 

 

 

 

 

     

 

 

 

 

 

 

57,616,688

 

               

Commercial Services—0.5%

 

 

 

 

 

 

 

Quanta Services, Inc.(b)

 

 

 

 

 

1,088,140

 

               

Electric—5.3%

 

 

 

 

 

 

 

FPL Group, Inc.(b)

 

 

39,200

 

 

2,598,568

 

Hera S.p.A.

 

 

458,000

 

 

1,725,790

 

Iberdrola S.A.

 

 

188,800

 

 

2,751,104

 

Ormat Technologies, Inc.(b)(c)

 

 

25,000

 

 

1,232,500

 

Suez S.A.(a)

 

 

56,000

 

 

3,945,869

 

 

 

 

 

 

     

 

 

 

 

 

 

12,253,831

 

               

Electrical Components & Equipment—6.8%

 

 

 

 

 

 

 

American Superconductor Corp.(c)

 

 

64,700

 

 

1,635,616

 

Gamesa Corp. Tecnologica S.A.

 

 

87,900

 

 

4,244,341

 

General Cable Corp.(a)(b)

 

 

16,800

 

 

1,125,600

 

Nordex AG(a)

 

 

20,600

 

 

872,134

 

Vestas Wind Systems A/S(a)

 

 

72,200

 

 

7,828,142

 

 

 

 

 

 

     

 

 

 

 

 

 

15,705,833

 

               

Electronics—3.8%

 

 

 

 

 

 

 

Itron, Inc.(a)(b)(c)

 

 

55,700

 

 

5,184,556

 

Trimble Navigation Ltd.(a)

 

 

50,000

 

 

1,639,500

 

Watts Water Technologies, Inc.

 

 

73,100

 

 

1,964,197

 

 

 

 

 

 

     

 

 

 

 

 

 

8,788,253

 

               

Energy-Alternate Sources—7.4%

 

 

 

 

 

 

 

D1 Oils Plc(a)

 

 

360,099

 

 

187,324

 

First Solar, Inc.(a)(b)

 

 

7,800

 

 

2,277,522

 

Iberdrola Renovables(a)

 

 

300,000

 

 

2,178,224

 

Q-Cells AG(a)

 

 

31,400

 

 

3,610,263

 

Renewable Energy Corp. AS(a)

 

 

52,700

 

 

1,783,223

 

Solarworld AG

 

 

82,500

 

 

4,381,765

 


 

 

 

 

 

 

 

 

Common Stocks

 

 

Shares

 

 

Value

 

               

Energy-Alternate Sources—(concluded)

 

 

 

 

 

 

 

SunPower Corp., Class A(a)(c)

 

 

20,000

 

$

1,745,400

 

Suntech Power Holdings Co. Ltd. (ADR)(a)(b)

 

 

21,400

 

 

957,222

 

 

 

 

 

 

     

 

 

 

 

 

 

17,120,943

 

               

Engineering & Construction—1.7%

 

 

 

 

 

 

 

Acciona S.A.

 

 

5,750

 

 

1,632,669

 

Layne Christensen Co.(a)

 

 

13,500

 

 

576,045

 

Shaw Group, Inc. (The)(a)(b)

 

 

35,000

 

 

1,729,700

 

 

 

 

 

 

     

 

 

 

 

 

 

3,938,414

 

               

Environmental Control—6.2%

 

 

 

 

 

 

 

China Water Affairs Group Ltd.(a)

 

 

4,822,000

 

 

1,601,277

 

Christ Water Technology AG(a)

 

 

72,000

 

 

1,112,051

 

Hyflux Ltd.

 

 

844,000

 

 

2,140,176

 

Kurita Water Industries Ltd.

 

 

88,200

 

 

3,154,561

 

Nalco Holding Co.

 

 

88,300

 

 

2,030,017

 

Rentech, Inc.(a)(c)

 

 

500,000

 

 

630,000

 

Tetra Tech, Inc.(a)

 

 

123,900

 

 

2,618,007

 

Tianjin Capital Environmental Protection(a)

 

 

2,420,000

 

 

901,015

 

 

 

 

 

 

     

 

 

 

 

 

 

14,187,104

 

               

Food—2.4%

 

 

 

 

 

 

 

Cosan Ltd.(a)

 

 

135,000

 

 

1,790,100

 

Orkla ASA

 

 

82,200

 

 

1,083,737

 

Sao Martinho S.A.

 

 

132,000

 

 

2,025,027

 

SunOpta, Inc.(a)(c)

 

 

90,000

 

 

497,700

 

 

 

 

 

 

     

 

 

 

 

 

 

5,396,564

 

               

Forest Products & Paper—3.9%

 

 

 

 

 

 

 

Aracruz Celulose S.A. (ADR)

 

 

30,600

 

 

2,466,360

 

Plum Creek Timber Co., Inc. (REIT)

 

 

75,000

 

 

3,063,000

 

Precious Woods Holding AG(a)

 

 

20,000

 

 

2,309,846

 

Rayonier, Inc. (REIT)

 

 

28,000

 

 

1,176,840

 

 

 

 

 

 

     

 

 

 

 

 

 

9,016,046

 

               

Investment Company—0.8%

 

 

 

 

 

 

 

Climate Exchange Plc(a)

 

 

47,500

 

 

1,708,984

 

               

Machinery—3.4%

 

 

 

 

 

 

 

AGCO Corp.(c)

 

 

57,550

 

 

3,460,481

 

CNH Global N.V.

 

 

24,000

 

 

1,035,360

 

Deere & Co.

 

 

30,000

 

 

2,522,100

 

IDEX Corp.

 

 

20,500

 

 

752,145

 

 

 

 

 

 

     

 

 

 

 

 

 

7,770,086

 

               

Metal Fabricate/Hardware—0.7%

 

 

 

 

 

 

 

Mueller Water Products, Inc.

 

 

203,900

 

 

1,618,966

 

               

Miscellaneous Manufacturing—1.5%

 

 

 

 

 

 

 

Pentair, Inc.

 

 

67,200

 

 

2,474,976

 

Roper Industries, Inc.

 

 

17,100

 

 

1,062,252

 

 

 

 

 

 

     

 

 

 

 

 

 

3,537,228

 

               

Oil & Gas—0.9%

 

 

 

 

 

 

 

Cheniere Energy, Inc.(a)(c)

 

 

12,500

 

 

121,750

 

Sasol Ltd.

 

 

33,500

 

 

1,899,702

 

 

 

 

 

 

     

 

 

 

 

 

 

2,021,452

 

               

Semiconductors—0.5%

 

 

 

 

 

 

 

MEMC Electronic Materials, Inc.(a)(b)

 

 

19,000

 

 

1,196,430

 

               

Transportation—0.5%

 

 

 

 

 

 

 

All America Latina Logistica S.A.

 

 

88,000

 

 

1,148,839

 

               

Water—14.1%

 

 

 

 

 

 

 

American States Water Co.

 

 

57,500

 

 

2,013,650

 

American Water Works Co., Inc.

 

 

62,400

 

 

1,314,768

 

Aqua America, Inc.

 

 

150,100

 

 

2,766,343

 

Artesian Resources Corp., Class A

 

 

39,400

 

 

731,264

 

Athens Water Supply & Sewage Co. S.A. (The)

 

 

90,700

 

 

1,518,546

 

California Water Service Group

 

 

58,300

 

 

2,256,210

 

Cia de Saneamento Basico do Estado de Sao Paulo

 

 

54,000

 

 

1,374,528

 

Cia de Saneamento de Minas Gerais-COPASA

 

 

107,000

 

 

1,776,681

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

23



 

 


 

 

Schedule of Investments (continued)

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Water—(concluded)

 

 

 

 

 

 

 

Inversiones Aguas Metropolitanas S.A.

 

 

1,500,000

 

$

1,914,963

 

Manila Water Co., Inc.

 

 

5,610,000

 

 

2,346,275

 

Northumbrian Water Group Plc

 

 

430,900

 

 

2,783,563

 

Pennon Group Plc

 

 

215,200

 

 

2,699,343

 

Severn Trent Plc

 

 

113,500

 

 

3,277,635

 

Southwest Water Co.

 

 

59,200

 

 

659,488

 

United Utilities Plc

 

 

118,000

 

 

1,673,990

 

Veolia Environnement

 

 

45,600

 

 

3,284,595

 

 

 

 

 

 

     

 

 

 

 

 

 

32,391,842

 

               

Total Common Stocks
(Cost—$205,916,205)—92.7%

 

 

 

 

 

213,332,576

 

               

 

 

 

 

 

 

 

 


Short-Term Investments

 

 

 

 

 

 

 

               

Money Market Funds—7.6%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC, Money Market
Series, 2.85%(d)(e)(f)

 

 

9,614,800

 

 

9,614,800

 

Fidelity Institutional Money Market
Prime Portfolio, 2.59%(d)

 

 

7,952,996

 

 

7,952,996

 

               

Total Money Market Funds

 

 

 

 

 

17,567,796

 

               

 

 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

             

U.S. Government and Agency Discount Notes—3.0%

 

 

 

 

 

 

 

Federal Home Loan Bank Discount Notes,1.60%-1.75%, 05/01/08(g)

 

$

6,900,000

 

 

6,900,000

 

               

Total Short-Term Investments
(Cost—$24,467,796)—10.6%

 

 

 

 

 

24,467,796

 

               

 

 

 

 

 

 

 

 

 

Options Purchased

 

Contracts

 

 

 

 

               

Outstanding Call Options Purchased—2.5%

 

 

 

 

 

 

 

All America Latina Logistica S.A., strike price $0.00001,
expires 06/30/08

 

 

45,000

 

 

587,651

 

BrasilAgro - Companhia Brasileira de Propriedades
Agricolas, strike price $0.000001, expires 06/30/08

 

 

201,000

 

 

1,306,379

 

Christ Water Technology AG, strike price 0.000001 EUR,
expires 06/30/08

 

 

30,000

 

 

463,336

 

Cia de Saneamento Basico do Estado de Sao Paulo,
strike price $0.00001, expires 06/30/08

 

 

27,000

 

 

676,096

 

Cia de Saneamento de Minas Gerais-COPASA,
strike price $0.00001, expires 06/30/08

 

 

53,000

 

 

886,679

 

Israel Chemicals Ltd., strike price 0.000001 ILS,
expires 06/30/08

 

 

27,000

 

 

496,339

 

Sao Martinho S.A., strike price $0.00001,
expires 06/30/08

 

 

50,000

 

 

782,330

 

Sao Martinho S.A., strike price $0.00011,
expires 06/30/08

 

 

3,000

 

 

46,940

 

SLC Agricola S.A., strike price $0.000001,
expires 06/30/08

 

 

24,600

 

 

464,849

 

               

Total Outstanding Call Options Purchased
(Cost—$5,199,164)—2.5%

 

 

 

 

 

5,710,599

 

               

Total Investments Before Outstanding Options Written
(Cost—$235,583,165*)—105.8%

 

 

 

 

 

243,510,971

 

               

Options Written

 

 

 

 

 

 

 

               

Outstanding Call Options Written—(1.4)%

 

 

 

 

 

 

 

Acciona S.A., strike price 180 EUR, expires 05/08/08

 

 

(1,900

)

 

(18,594

)

AGCO Corp., strike price $65, expires 05/19/08

 

 

(90

)

 

(6,525

)

AGCO Corp., strike price $70, expires 05/19/08

 

 

(100

)

 

(1,750

)

Agrium, Inc., strike price $100, expires 07/21/08

 

 

(10

)

 

(2,550

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Agrium, Inc., strike price $75, expires 05/19/08

 

 

(33

)

$

(21,615

)

All America Latina Logistica S.A., strike price $18.59,
expires 06/30/08

 

 

(45,000

)

 

(96,962

)

American Superconductor Corp., strike price $25,
expires 05/19/08

 

 

(210

)

 

(30,450

)

Aracruz Celulose S.A. (ADR), strike price $80,
expires 05/19/08

 

 

(70

)

 

(18,550

)

Aracruz Celulose S.A. (ADR), strike price $80,
expires 06/23/08

 

 

(30

)

 

(13,800

)

Archer Daniels Midland Co., strike price $42,
expires 05/23/08

 

 

(19,500

)

 

(56,609

)

Athens Water Supply & Sewage Co. S.A. (The),
strike price 11.02 EUR, expires 05/08/08

 

 

(30,000

)

 

(12,197

)

BrasilAgro - Companhia Brasileira de Propriedades
Agricolas, strike price $11.61, expires 06/30/08

 

 

(201,000

)

 

(29,869

)

Bunge Ltd., strike price $105.88, expires 05/23/08

 

 

(10,000

)

 

(111,708

)

California Water Service Group, strike price $40.20,
expires 05/16/08

 

 

(19,250

)

 

(10,622

)

CF Industries Holdings, Inc., strike price $120,
expires 05/19/08

 

 

(66

)

 

(103,290

)

Cia de Saneamento Basico do Estado de Sao Paulo,
strike price $40.54, expires 06/30/08

 

 

(27,000

)

 

(55,903

)

Cia de Saneamento de Minas Gerias-COPASA,
strike price $27.09, expires 06/30/08

 

 

(53,000

)

 

(69,011

)

Climate Exchange Plc, strike price 10.73 GBP,
expires 05/13/08

 

 

(5,700

)

 

(83,521

)

Climate Exchange Plc, strike price 13.04 GBP,
expires 05/09/08

 

 

(10,000

)

 

(100,580

)

CNH Global N.V., strike price $55, expires 05/19/08

 

 

(80

)

 

(1,400

)

Cosan Ltd., strike price $13.24, expires 05/23/08

 

 

(25,000

)

 

(20,052

)

Cosan Ltd., strike price $14.33, expires 05/16/08

 

 

(20,000

)

 

(5,546

)

Deere & Co., strike price $85, expires 05/19/08

 

 

(100

)

 

(28,750

)

First Solar, Inc., strike price $230, expires 06/23/08

 

 

(15

)

 

(103,125

)

First Solar, Inc., strike price $240, expires 05/19/08

 

 

(10

)

 

(53,150

)

FPL Group, Inc., strike price $67.44,
expires 06/20/08

 

 

(13,000

)

 

(23,754

)

Gamesa Corp. Tecnologica S.A.,
strike price 27.62 EUR, expires 05/09/08

 

 

(29,000

)

 

(152,604

)

General Cable Corp., strike price $70,
expires 05/19/08

 

 

(50

)

 

(6,750

)

Hera S.p.A., strike price 3.10 EUR, expires 05/13/08

 

 

(151,000

)

 

(2

)

Hyflux Ltd., strike price 3.58 SGD, expires 05/28/08

 

 

(280,000

)

 

(27,195

)

Iberdrola S.A., strike price 9.76 EUR,
expires 05/13/08

 

 

(62,000

)

 

(6,880

)

Incitec Pivot Ltd., strike price 140.87 AUD,
expires 05/08/08

 

 

(6,600

)

 

(127,584

)

IOI Corp. Bhd, strike price $8.25, expires 05/28/08

 

 

(165,000

)

 

(5,412

)

Israel Chemicals Ltd., strike price 54.51 ILS,
expires 06/30/08

 

 

(27,000

)

 

(79,892

)

Itron, Inc., strike price $101.83, expires 05/30/08

 

 

(8,500

)

 

(22,334

)

Itron, Inc., strike price $95, expires 05/19/08

 

 

(100

)

 

(52,500

)

Johnson Matthey Plc, strike price 20.25 GBP,
expires 05/13/08

 

 

(13,200

)

 

(12,377

)

Johnson Matthey Plc, strike price 20.52 GBP,
expires 06/17/08

 

 

(19,000

)

 

(34,967

)

K+S AG, strike price 195 EUR, expires 05/16/08

 

 

(10

)

 

(101,028

)

K+S AG, strike price 235 EUR, expires 06/17/08

 

 

(660

)

 

(34,579

)

K+S AG, strike price 280 EUR, expires 06/20/08

 

 

(23

)

 

(51,596

)

Kingspan Group Plc, strike price 9.66 EUR,
expires 05/08/08

 

 

(5,000

)

 

 

Kurita Water Industries Ltd., strike price 3,724.96 JPY,
expires 05/28/08

 

 

(29,100

)

 

(51,551

)

Makhteshim-Agan Industries Ltd., strike price 32.15 ILS,
expires 06/30/08

 

 

(58,000

)

 

(29,171

)

Manila Water Co., Inc., strike price $17.98,
expires 05/07/08

 

 

(1,851,000

)

 

(8,515

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

24

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Schedule of Investments (concluded)

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

MEMC Electronic Materials, Inc., strike price $90,
expires 05/19/08

 

 

(63

)

$

(472

)

Monsanto Co., strike price $125, expires 05/19/08

 

 

(100

)

 

(13,750

)

Monsanto Co., strike price $130, expires 06/23/08

 

 

(60

)

 

(18,900

)

Mosaic Co. (The), strike price $120, expires 05/19/08

 

 

(125

)

 

(96,875

)

Mosaic Co. (The), strike price $135, expires 06/23/08

 

 

(50

)

 

(32,500

)

Northumbrian Water Group Plc, strike price 3.56 GBP,
expires 05/08/08

 

 

(142,000

)

 

(1,111

)

Nufarm Ltd., strike price 15.79 AUD, expires 05/08/08

 

 

(30,000

)

 

(58,092

)

Ormat Technologies, Inc., strike price $50,
expires 06/23/08

 

 

(83

)

 

(20,957

)

Pennon Group Plc, strike price 6.58 GBP,
expires 05/08/08

 

 

(71,000

)

 

(2,132

)

Pentair, Inc., strike price $33.05, expires 05/23/08

 

 

(9,700

)

 

(37,735

)

Pentair, Inc., strike price $37, expires 06/20/08

 

 

(12,500

)

 

(19,269

)

Plum Creek Timber Co., Inc. (REIT),
strike price $42.50, expires 06/20/08

 

 

(6,800

)

 

(7,192

)

Plum Creek Timber Co., Inc. (REIT), strike price $45,
expires 05/19/08

 

 

(180

)

 

(4,050

)

Potash Corp. of Saskatchewan, strike price $170,
expires 05/19/08

 

 

(85

)

 

(154,275

)

Q-Cells AG, strike price 62.27 EUR, expires 05/08/08

 

 

(10,500

)

 

(170,814

)

Quanta Services, Inc., strike price $25,
expires 05/19/08

 

 

(135

)

 

(27,337

)

Rayonier, Inc. (REIT), strike price $45,
expires 05/19/08

 

 

(100

)

 

(2,750

)

Roper Industries, Inc., strike price $65,
expires 05/19/08

 

 

(50

)

 

(3,250

)

Sao Martinho S.A., strike price $27.31,
expires 06/30/08

 

 

(50,000

)

 

(52,140

)

Sao Martinho S.A., strike price $28.65,
expires 06/30/08

 

 

(3,000

)

 

(2,321

)

Severn Trent Plc, strike price 14.65 GBP,
expires 05/08/08

 

 

(37,500

)

 

(14,109

)

Shaw Group, Inc. (The), strike price $57.50,
expires 06/20/08

 

 

(11,500

)

 

(14,894

)

Sinofert Holdings Ltd., strike price 7.55 HKD,
expires 05/07/08

 

 

(650,000

)

 

(7

)

Sinofert Holdings Ltd., strike price 7.87 HKD,
expires 05/28/08

 

 

(870,000

)

 

(7,593

)

SLC Agricola S.A., strike price $26.01,
expires 05/23/08

 

 

(15,000

)

 

(50,556

)

SLC Agricola S.A., strike price $30, expires 06/30/08

 

 

(25

)

 

(53,898

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Solarworld AG, strike price 38 EUR, expires 05/08/08

 

 

(27,200

)

$

(2,118

)

Southwest Water Co., strike price $12.75,
expires 05/23/08

 

 

(19,500

)

 

(778

)

Suez S.A., strike price 43.69 EUR, expires 05/09/08

 

 

(18,500

)

 

(46,744

)

SunPower Corp, Class A, strike price $100,
expires 06/23/08

 

 

(30

)

 

(11,700

)

SunPower Corp, Class A, strike price $95,
expires 05/19/08

 

 

(31

)

 

(6,200

)

Suntech Power Holdings Co. Ltd. (ADR),
strike price $45, expires 05/19/08

 

 

(75

)

 

(18,562

)

Tetra Tech, Inc., strike price $21, expires 05/23/08

 

 

(41,000

)

 

(39,549

)

Trimble Navigation Ltd., strike price $28.29,
expires 06/20/08

 

 

(11,500

)

 

(58,177

)

Trimble Navigation Ltd., strike price $30,
expires 05/19/08

 

 

(50

)

 

(15,750

)

Umicore, strike price 32.98 EUR, expires 06/17/08

 

 

(37,500

)

 

(164,217

)

Umicore, strike price 35.44 EUR, expires 05/13/08

 

 

(75,000

)

 

(77,622

)

United Utilities Plc, strike price 7.30 GBP,
expires 05/08/08

 

 

(39,000

)

 

(3,002

)

Veolia Environnement, strike price 60.48 EUR,
expires 05/08/08

 

 

(13,600

)

 

 

Vestas Wind Systems A/S, strike price 541.30 DKK,
expires 05/08/08

 

 

(23,800

)

 

(17,761

)

Watts Water Technologies, Inc., strike price $31.40,
expires 05/23/08

 

 

(20,000

)

 

(679

)

               

Total Outstanding Call Options Written

 

 

 

 

 

(3,214,658

)

               

Outstanding Put Options Written—(0.0)%

 

 

 

 

 

 

 

Hera S.p.A., strike price 2.50 EUR, expires 05/13/08

 

 

(85,000

)

 

(16,710

)

Potash Corp. of Saskatchewan, strike price $185,
expires 05/19/08

 

 

(45

)

 

(41,175

)

Veolia Environnement, strike price 44 EUR,
expires 05/16/08

 

 

(45

)

 

(3,867

)

               

Total Outstanding Put Options Written

 

 

 

 

 

(61,752

)

               

Total Outstanding Options Written
(Premium Received—$3,065,911)—(1.4)%

 

 

 

 

 

(3,276,410

)

               

Total Investments Net of Outstanding Options Written—104.4%

 

 

 

 

 

240,234,561

 

Liabilities in Excess of Other Assets—(4.4)%

 

 

 

 

 

(10,118,103

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

230,116,458

 

 

 

 

 

 

     

 

 

 

 

 

 

           

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:

 

Aggregate cost

 

$

235,594,943

 

 

 

 

     

 

Gross unrealized appreciation

 

$

24,663,530

 

 

Gross unrealized depreciation

 

 

(16,747,502

)

 

 

 

     

 

Net unrealized appreciation

 

$

7,916,028

 

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

Represents current yield as of report date.

 

 

 

 

 

 

 

 

 

(e)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 were as follows:

 

 

 

 

 

 

 

 

 

 

               

 

Affiliate

 

Net Activity

 

Interest Income

 

 

               

 

BlackRock Liquidity Series, LLC,
Money Market Series

 

$

9,614,800

 

$

17,642

 

 

               

 

 

 

 

 

 

 

 

 

(f)

Security purchased with the cash proceeds from securities loaned.

 

 

 

 

 

 

 

(g)

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

 

 

 

 

 

 

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

25



 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock Global Energy and Resources
Trust (BGR)

 

  (Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Chemicals—1.9%

 

 

 

 

 

 

 

Potash Corp. of Saskatchewan

 

 

117,900

 

$

21,687,705

 

               

Coal—12.2%

 

 

 

 

 

 

 

Arch Coal, Inc.(a)

 

 

507,200

 

 

29,092,992

 

Consol Energy, Inc.(a)

 

 

528,821

 

 

42,813,348

 

Massey Energy Co.(a)

 

 

682,900

 

 

35,736,157

 

Patriot Coal Corp.(b)(c)

 

 

35,500

 

 

2,344,775

 

Peabody Energy Corp.

 

 

480,200

 

 

29,354,626

 

Penn Virginia GP Holdings LP

 

 

100,880

 

 

2,801,438

 

 

 

 

 

 

     

 

 

 

 

 

 

142,143,336

 

               

Commercial Services—0.3%

 

 

 

 

 

 

 

MYR Group, Inc.(c)(d)(e)

 

 

269,231

 

 

4,038,465

 

               

Electric—2.1%

 

 

 

 

 

 

 

NRG Energy, Inc.(b)(c)

 

 

542,500

 

 

23,842,875

 

               

Gas—1.1%

 

 

 

 

 

 

 

Keyera Facilities Income Fund

 

 

613,800

 

 

12,768,454

 

               

Metal Fabricate/Hardware—0.5%

 

 

 

 

 

 

 

Tenaris S.A. (ADR)

 

 

104,600

 

 

5,544,846

 

               

Mining—3.4%

 

 

 

 

 

 

 

BHP Billiton Ltd. (ADR)(a)

 

 

207,100

 

 

16,704,686

 

Cameco Corp.

 

 

59,800

 

 

2,092,402

 

Goldcorp, Inc.

 

 

247,736

 

 

8,849,130

 

Silver Wheaton Corp.(c)

 

 

146,700

 

 

1,946,709

 

Teck Cominco Ltd., Class B

 

 

132,600

 

 

5,769,568

 

Zinifex Ltd.

 

 

470,700

 

 

4,478,249

 

 

 

 

 

 

     

 

 

 

 

 

 

39,840,744

 

               

Oil & Gas—44.2%

 

 

 

 

 

 

 

Apache Corp.(a)

 

 

190,000

 

 

25,589,200

 

BG Group Plc

 

 

468,673

 

 

11,438,060

 

BJ Services Co.

 

 

304,300

 

 

8,602,561

 

Cabot Oil & Gas Corp.

 

 

231,000

 

 

13,160,070

 

Canadian Natural Resources Ltd.(a)

 

 

70,200

 

 

5,967,000

 

Chesapeake Energy Corp.(a)

 

 

295,400

 

 

15,272,180

 

Compton Petroleum Corp.(c)

 

 

196,200

 

 

2,255,979

 

Crescent Point Energy Trust

 

 

744,100

 

 

23,872,377

 

Crew Energy, Inc.(c)

 

 

219,400

 

 

3,150,158

 

Delta Petroleum Corp.(b)(c)

 

 

904,600

 

 

22,198,884

 

Devon Energy Corp.

 

 

97,800

 

 

11,090,520

 

Diamond Offshore Drilling, Inc.

 

 

76,000

 

 

9,531,160

 

EnCana Corp.

 

 

84,700

 

 

6,844,607

 

EOG Resources, Inc.

 

 

184,200

 

 

24,034,416

 

EV Energy Partner LP

 

 

111,360

 

 

2,975,539

 

EXCO Resources, Inc.(c)

 

 

1,232,900

 

 

27,518,328

 

Forest Oil Corp.(b)(c)

 

 

219,900

 

 

12,958,707

 

Galleon Energy, Inc.(c)

 

 

258,900

 

 

4,557,936

 

Helmerich & Payne, Inc.

 

 

340,300

 

 

18,291,125

 

Hess Corp.

 

 

90,000

 

 

9,558,000

 

Newfield Exploration Co.(c)

 

 

441,400

 

 

26,819,464

 

Noble Corp.

 

 

293,100

 

 

16,495,668

 

Occidental Petroleum Corp.

 

 

189,700

 

 

15,784,937

 

Penn Virginia Corp.

 

 

676,200

 

 

35,500,500

 

Petroleo Brasileiro S.A. (ADR)

 

 

205,500

 

 

24,951,810

 

Plains Exploration & Production Co.(c)

 

 

293,200

 

 

18,260,496

 

Pride Intl., Inc.(a)(c)

 

 

98,200

 

 

4,168,590

 

Quicksilver Resources, Inc.(b)(c)

 

 

197,200

 

 

8,181,828

 

Range Resources Corp.

 

 

253,900

 

 

16,853,882

 

Southwestern Energy Co.(c)

 

 

400,600

 

 

16,949,386

 

StatoilHydro ASA

 

 

403,957

 

 

14,532,778

 

Suncor Energy, Inc.

 

 

89,100

 

 

10,040,679

 

Talisman Energy, Inc.

 

 

471,100

 

 

9,601,018

 

Total S.A. (ADR)(a)

 

 

139,600

 

 

11,726,400

 

TXCO Resources, Inc.(b)(c)

 

 

65,000

 

 

830,700

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Oil & Gas—(concluded)

 

 

 

 

 

 

 

Vermilion Energy Trust

 

 

399,900

 

$

15,752,192

 

Warren Resources, Inc.(c)

 

 

128,264

 

 

1,575,082

 

XTO Energy, Inc.

 

 

106,650

 

 

6,597,369

 

 

 

 

 

 

     

 

 

 

 

 

 

513,489,586

 

               

Oil & Gas Services—12.0%

 

 

 

 

 

 

 

Cameron Intl. Corp.(c)

 

 

150,800

 

 

7,423,884

 

Core Laboratories N.V.(c)

 

 

51,931

 

 

6,505,916

 

FMC Technologies, Inc.(b)(c)

 

 

144,000

 

 

9,676,800

 

Halliburton Co.

 

 

216,900

 

 

9,957,879

 

Helix Energy Solutions Group, Inc.(b)(c)

 

 

140,800

 

 

4,864,640

 

National Oilwell Varco, Inc.(c)

 

 

292,316

 

 

20,009,030

 

Saipem S.p.A.

 

 

265,200

 

 

11,598,491

 

SBM Offshore N.V.

 

 

115,100

 

 

4,387,120

 

Schlumberger Ltd.

 

 

221,400

 

 

22,261,770

 

Transocean, Inc.(b)(c)

 

 

152,000

 

 

22,413,920

 

Weatherford Intl. Ltd.(c)

 

 

253,624

 

 

20,459,848

 

 

 

 

 

 

     

 

 

 

 

 

 

139,559,298

 

               

Pipelines—11.4%

 

 

 

 

 

 

 

AltaGas Income Trust

 

 

451,400

 

 

10,846,867

 

Atlas Pipeline Partners LP

 

 

70,100

 

 

2,998,878

 

Buckeye Partners LP

 

 

51,600

 

 

2,545,428

 

Enbridge Energy Partners LP

 

 

73,200

 

 

3,668,784

 

Energy Transfer Partners LP

 

 

320,700

 

 

16,204,971

 

Enterprise Products Partners LP(a)

 

 

284,505

 

 

8,885,091

 

Equitable Resources, Inc.

 

 

312,500

 

 

20,740,625

 

MarkWest Energy Partners LP

 

 

128,800

 

 

4,598,160

 

ONEOK Partners LP

 

 

145,800

 

 

8,463,690

 

ONEOK, Inc.

 

 

165,500

 

 

7,963,860

 

Pembina Pipeline Income Fund

 

 

265,500

 

 

4,481,680

 

Plains All American Pipeline LP

 

 

116,400

 

 

5,620,956

 

Questar Corp.

 

 

225,100

 

 

13,962,953

 

Spectra Energy Income Fund

 

 

444,500

 

 

4,965,371

 

Targa Resources Partners LP

 

 

300,000

 

 

7,251,000

 

Williams Partners LP(a)

 

 

245,200

 

 

8,861,528

 

 

 

 

 

 

     

 

 

 

 

 

 

132,059,842

 

               

Transportation—6.8%

 

 

 

 

 

 

 

Genco Shipping & Trading Ltd.(b)

 

 

238,600

 

 

16,141,290

 

OceanFreight, Inc.

 

 

860,100

 

 

19,472,664

 

Paragon Shipping, Inc., Class A

 

 

930,100

 

 

15,988,419

 

Seaspan Corp.

 

 

390,400

 

 

10,376,832

 

Ship Finance Intl. Ltd.

 

 

546,000

 

 

16,554,720

 

 

 

 

 

 

     

 

 

 

 

 

 

78,533,925

 

               

Total Common Stocks
(Cost—$710,034,575)—95.9%

 

 

 

 

 

1,113,509,076

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

Money Market Funds—11.9%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC, Money Market Series,
2.85%(f)(g)(h)

 

 

81,873,600

 

 

81,873,600

 

Fidelity Institutional Money Market Prime Portfolio,
2.59%(f)

 

 

56,160,494

 

 

56,160,494

 

               

Total Money Market Funds

 

 

 

 

 

138,034,094

 

               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

             

U.S. Government and Agency Discount Notes—0.4%

 

 

 

 

 

 

 

Federal Home Loan Bank Disc. Notes, 1.75%,
05/01/08(i)

 

$

4,400,000

 

 

4,400,000

 

               

Total Short-Term Securities
(Cost—$142,434,094)—12.3%

 

 

 

 

 

142,434,094

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

26

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 



 

Schedule of Investments (continued)

BlackRock Global Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Purchased

 

Contracts

 

Value

 

           

Outstanding Call Options Purchaed—0.5%

 

 

 

 

 

 

 

Apache Corp., strike price $140, expires 11/03/08

 

 

50,000

 

$

602,000

 

Devon Energy Corp., strike price $120,
expires 11/03/08

 

 

25,000

 

 

237,552

 

Diamond Offshore Drilling, Inc., strike price $137,
expires 11/03/08

 

 

20,000

 

 

174,558

 

Genco Shipping & Trading Ltd., strike price $60,
expires 07/21/08

 

 

600

 

 

636,000

 

Genco Shipping & Trading Ltd., strike price $66.92,
expires 11/03/08

 

 

170,000

 

 

1,626,169

 

Massey Energy Co., strike price $51.92,
expires 11/03/08

 

 

100,000

 

 

882,450

 

Peabody Energy Corp., strike price $59.45,
expires 11/03/08

 

 

50,000

 

 

472,435

 

Peabody Energy Corp., strike price $60,
expires 06/23/08

 

 

500

 

 

240,000

 

Potash Corp. of Saskatchewan, strike price $150,
expires 06/23/08

 

 

100

 

 

383,000

 

Transocean, Inc., strike price $125, expires 05/19/08

 

 

250

 

 

567,500

 

Transocean, Inc., strike price $135, expires 11/24/08

 

 

250

 

 

595,000

 

           

Total Outstanding Options Purchased
(Cost—$5,984,526)—0.5%

 

 

 

 

 

6,416,664

 

               

Total Investments Before Outstanding Options Written
(Cost—$858,453,195*)—108.7%

 

 

 

 

 

1,262,359,834

 

               

Options Written

 

 

 

 

 

 

 

               

Outstanding Call Options Written—(2.3)%

 

 

 

 

 

 

 

Apache Corp., strike price $155, expires 11/03/08

 

 

(100,000

)

 

(686,160

)

Arch Coal, Inc., strike price $56, expires 11/21/08

 

 

(25,000

)

 

(243,123

)

Arch Coal, Inc., strike price $60, expires 05/19/08

 

 

(500

)

 

(66,250

)

Arch Coal, Inc., strike price $60, expires 07/21/08

 

 

(250

)

 

(110,000

)

Arch Coal, Inc., strike price $65, expires 07/21/08

 

 

(270

)

 

(74,925

)

Arch Coal, Inc., strike price $66, expires 11/21/08

 

 

(25,000

)

 

(146,502

)

BG Group Plc, strike price 12.23 GBP,
expires 05/13/08

 

 

(150,000

)

 

(115,690

)

BG Group Plc, strike price 13.05 GBP,
expires 11/21/08

 

 

(10,000

)

 

(21,393

)

BHP Billiton Ltd. (ADR), strike price $80,
expires 05/19/08

 

 

(400

)

 

(138,000

)

BHP Billiton Ltd. (ADR), strike price $85,
expires 05/19/08

 

 

(100

)

 

(13,250

)

BHP Billiton Ltd. (ADR), strike price $85,
expires 11/24/08

 

 

(100

)

 

(87,000

)

BJ Services Co., strike price $30.67, expires 11/07/08

 

 

(50,000

)

 

(108,865

)

BJ Services Co., strike price $32.50, expires 07/21/08

 

 

(500

)

 

(30,000

)

Cabot Oil & Gas Corp., strike price $56,
expires 11/23/08

 

 

(25,000

)

 

(189,985

)

Cabot Oil & Gas Corp., strike price $65,
expires 07/21/08

 

 

(250

)

 

(41,875

)

Cabot Oil & Gas Corp., strike price $66,
expires 11/21/08

 

 

(25,000

)

 

(90,457

)

Cameco Corp., strike price $40, expires 06/23/08

 

 

(598

)

 

(41,860

)

Cameron Intl. Corp., strike price $51,
expires 11/21/08

 

 

(30,000

)

 

(172,677

)

Cameron Intl. Corp., strike price $56,
expires 11/21/08

 

 

(15,000

)

 

(58,965

)

Canadian Natural Resources Ltd.,
strike price $81, expires 11/21/08

 

 

(10,000

)

 

(124,695

)

Canadian Natural Resources Ltd.,
strike price $91, expires 11/21/08

 

 

(10,000

)

 

(79,236

)

Chesapeake Energy Corp., strike price $50.05,
expires 11/17/08

 

 

(500

)

 

(338,125

)

Chesapeake Energy Corp., strike price $50.05,
expires 11/21/08

 

 

(10,000

)

 

(68,223

)

Chesapeake Energy Corp., strike price $52.50,
expires 07/21/08

 

 

(500

)

 

(165,000

)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

Chesapeake Energy Corp., strike price $55,
expires 07/21/08

 

 

(250

)

$

(57,500

)

Consol Energy, Inc., strike price $81, expires 11/21/08

 

 

(50,000

)

 

(619,370

)

Consol Energy, Inc., strike price $86, expires 11/21/08

 

 

(25,000

)

 

(252,900

)

Consol Energy, Inc., strike price $90, expires 06/23/08

 

 

(250

)

 

(68,125

)

Consol Energy, Inc., strike price $90, expires 07/21/08

 

 

(500

)

 

(202,500

)

Core Laboratories N.V., strike price $136,
expires 11/21/08

 

 

(10,000

)

 

(91,183

)

Core Laboratories N.V., strike price $140,
expires 06/23/08

 

 

(55

)

 

(10,725

)

Devon Energy Corp., strike price $132,
expires 11/03/08

 

 

(50,000

)

 

(274,965

)

Diamond Offshore Drilling, Inc., strike price $151,
expires 11/03/08

 

 

(40,000

)

 

(194,104

)

EnCana Corp., strike price $80.81, expires 11/21/08

 

 

(10,000

)

 

(78,312

)

EnCana Corp., strike price $82, expires 11/07/08

 

 

(15,000

)

 

(105,564

)

EOG Resources, Inc., strike price $145,
expires 06/23/08

 

 

(100

)

 

(26,750

)

EOG Resources, Inc., strike price $150.05,
expires 11/21/08

 

 

(25,000

)

 

(191,987

)

EOG Resources, Inc., strike price $155.05,
expires 11/21/08

 

 

(25,000

)

 

(162,010

)

Equitable Resources, Inc., strike price $60,
expires 06/23/08

 

 

(400

)

 

(288,000

)

Equitable Resources, Inc., strike price $66,
expires 11/21/08

 

 

(40,000

)

 

(250,760

)

Equitable Resources, Inc., strike price $71.81,
expires 11/03/08

 

 

(15,000

)

 

(51,748

)

EXCO Resources, Inc., strike price $25.50,
expires 11/21/08

 

 

(200

)

 

(335,640

)

FMC Technologies, Inc., strike price $66,
expires 11/21/08

 

 

(20,000

)

 

(191,618

)

FMC Technologies, Inc., strike price $70,
expires 07/21/08

 

 

(200

)

 

(84,000

)

Forest Oil Corp., strike price $50.05,
expires 11/21/08

 

 

(20,000

)

 

(183,172

)

Forest Oil Corp., strike price $56, expires 11/21/08

 

 

(30,000

)

 

(259,464

)

Forest Oil Corp., strike price $66, expires 11/21/08

 

 

(20,000

)

 

(82,254

)

Galleon Energy, Inc., strike price 19 CAD,
expires 07/21/08

 

 

(400

)

 

(28,796

)

Genco Shipping & Trading Ltd., strike price $68,
expires 07/18/08

 

 

(120,000

)

 

(773,856

)

Genco Shipping & Trading Ltd., strike price $73.61,
expires 11/03/08

 

 

(340,000

)

 

(2,296,836

)

Goldcorp, Inc., strike price $45, expires 07/21/08

 

 

(450

)

 

(32,625

)

Goldcorp, Inc., strike price $49, expires 11/07/08

 

 

(250

)

 

(31,280

)

Halliburton Co., strike price $42.67,
expires 11/07/08

 

 

(30,000

)

 

(180,333

)

Halliburton Co., strike price $46, expires 11/21/08

 

 

(30,000

)

 

(131,169

)

Helix Energy Solutions Group, Inc.,
strike price $35, expires 05/19/08

 

 

(697

)

 

(78,412

)

Helmerich & Payne, Inc., strike price $57.50,
expires 11/21/08

 

 

(75,000

)

 

(368,198

)

Helmerich & Payne, Inc., strike price $60,
expires 06/23/08

 

 

(250

)

 

(26,875

)

Hess Corp., strike price $100, expires 05/19/08

 

 

(125

)

 

(100,000

)

Hess Corp., strike price $106, expires 11/21/08

 

 

(40,000

)

 

(615,532

)

Hess Corp., strike price $116, expires 11/21/08

 

 

(20,000

)

 

(228,778

)

Massey Energy Co., strike price $59.71,
expires 11/03/08

 

 

(200,000

)

 

(1,114,680

)

National Oilwell Varco, Inc., strike price $76,
expires 11/21/08

 

 

(40,000

)

 

(285,024

)

National Oilwell Varco, Inc., strike price $80,
expires 08/18/08

 

 

(100

)

 

(30,500

)

National Oilwell Varco, Inc., strike price $81,
expires 11/21/08

 

 

(40,000

)

 

(220,920

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

27



 

 


 

Schedule of Investments (continued)

BlackRock Global Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Newfield Exploration Co., strike price $60,
expires 06/23/08

 

 

(320

)

$

(128,000

)

Newfield Exploration Co., strike price $61,
expires 11/21/08

 

 

(25,000

)

 

(183,532

)

Newfield Exploration Co., strike price $66,
expires 11/21/08

 

 

(50,000

)

 

(257,885

)

Newfield Exploration Co., strike price $67,
expires 11/03/08

 

 

(250

)

 

(100,000

)

Noble Corp., strike price $57.55, expires 11/21/08

 

 

(27,000

)

 

(166,250

)

Noble Corp., strike price $60, expires 01/19/09

 

 

(300

)

 

(186,000

)

Noble Corp., strike price $61, expires 11/21/08

 

 

(25,000

)

 

(120,662

)

NRG Energy, Inc., strike price $50, expires 11/21/08

 

 

(100,000

)

 

(197,090

)

Occidental Petroleum Corp., strike price $85,
expires 11/24/08

 

 

(400

)

 

(334,000

)

Occidental Petroleum Corp., strike price $88,
expires 11/21/08

 

 

(20,000

)

 

(142,138

)

ONEOK, Inc., strike price $52.50, expires 07/21/08

 

 

(250

)

 

(14,375

)

Patriot Coal Corp., strike price $70, expires 07/18/08

 

 

(15,000

)

 

(78,762

)

Peabody Energy Corp., strike price $65,
expires 06/23/08

 

 

(1,000

)

 

(252,500

)

Peabody Energy Corp., strike price $66,
expires 11/21/08

 

 

(50,000

)

 

(347,430

)

Peabody Energy Corp., strike price $68.37,
expires 11/03/08

 

 

(100,000

)

 

(557,310

)

Petroleo Brasileiro S.A. (ADR), strike price $63,
expires 11/21/08

 

 

(15,000

)

 

(218,618

)

Petroleo Brasileiro S.A. (ADR), strike price $67.50,
expires 07/21/08

 

 

(250

)

 

(142,500

)

Petroleo Brasileiro S.A. (ADR), strike price $70.50,
expires 11/21/08

 

 

(25,000

)

 

(233,405

)

Plains Exploration & Production Co.,
strike price $61, expires 11/21/08

 

 

(50,000

)

 

(436,105

)

Plains Exploration & Production Co.,
strike price $66, expires 11/21/08

 

 

(50,000

)

 

(314,475

)

Potash Corp. of Saskatchewan, strike price $170,
expires 06/23/08

 

 

(200

)

 

(478,000

)

Potash Corp. of Saskatchewan, strike price $181,
expires 11/21/08

 

 

(12,000

)

 

(436,421

)

Potash Corp. of Saskatchewan, strike price $190,
expires 01/19/09

 

 

(200

)

 

(677,000

)

Pride Intl., Inc., strike price $40, expires 05/19/08

 

 

(125

)

 

(37,187

)

Pride Intl., Inc., strike price $41, expires 05/30/08

 

 

(125

)

 

(33,639

)

Pride Intl., Inc., strike price $46.19, expires 11/03/08

 

 

(10,000

)

 

(30,262

)

Questar Corp., strike price $61, expires 11/21/08

 

 

(55,000

)

 

(356,730

)

Questar Corp., strike price $65, expires 06/23/08

 

 

(20

)

 

(3,050

)

Questar Corp., strike price $66.32, expires 11/03/08

 

 

(10,000

)

 

(37,770

)

Quicksilver Resources, Inc., strike price $39,
expires 11/21/08

 

 

(60,000

)

 

(446,490

)

Quicksilver Resources, Inc., strike price $50,
expires 06/23/08

 

 

(18

)

 

(1,170

)

Range Resources Corp., strike price $70,
expires 01/19/09

 

 

(150

)

 

(127,500

)

Range Resources Corp., strike price $71,
expires 11/21/08

 

 

(38,700

)

 

(277,371

)

Range Resources Corp., strike price $73.21,
expires 11/30/08

 

 

(20,000

)

 

(130,278

)

Saipem S.p.A., strike price 30.59 EUR,
expires 07/01/08

 

 

(65,000

)

 

(60,819

)

SBM Offshore N.V., strike price 22.93 EUR,
expires 06/17/08

 

 

(30,000

)

 

(87,415

)

Schlumberger Ltd., strike price $100, expires 08/18/08

 

 

(100

)

 

(80,500

)

Schlumberger Ltd., strike price $110, expires 11/24/08

 

 

(200

)

 

(139,000

)

Schlumberger Ltd., strike price $95, expires 05/19/08

 

 

(100

)

 

(64,500

)

Schlumberger Ltd., strike price $95, expires 11/24/08

 

 

(200

)

 

(275,000

)

Seaspan Corp., strike price $30, expires 05/19/08

 

 

(400

)

 

(4,000

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(concluded)

 

 

 

 

 

 

 

Ship Finance Intl. Ltd., strike price $30,
expires 05/19/08

 

 

(500

)

$

(40,000

)

Ship Finance Intl. Ltd., strike price $35,
expires 11/24/08

 

 

(500

)

 

(37,500

)

Silver Wheaton Corp., strike price $20.50,
expires 11/21/08

 

 

(25,000

)

 

(14,700

)

Southwestern Energy Co., strike price $37.50,
expires 11/21/08

 

 

(40,000

)

 

(345,704

)

Southwestern Energy Co., strike price $40,
expires 05/19/08

 

 

(300

)

 

(92,250

)

Southwestern Energy Co., strike price $41,
expires 11/21/08

 

 

(30,000

)

 

(204,249

)

Southwestern Energy Co., strike price $45,
expires 06/23/08

 

 

(100

)

 

(18,750

)

Southwestern Energy Co., strike price $32.50,
expires 06/23/08

 

 

(400

)

 

(402,000

)

StatoilHydro ASA, strike price 184.50 NOK,
expires 07/01/08

 

 

(80,000

)

 

(107,555

)

StatoilHydro ASA, strike price 188.64 NOK,
expires 11/04/08

 

 

(40,000

)

 

(128,055

)

Suncor Energy, Inc., strike price $110.05,
expires 11/21/08

 

 

(29,500

)

 

(421,974

)

Talisman Energy, Inc., strike price $21,
expires 11/21/08

 

 

(60,000

)

 

(130,830

)

Talisman Energy, Inc., strike price $22.50,
expires 07/21/08

 

 

(900

)

 

(72,000

)

Teck Cominco Ltd., Class B, strike price 40 CAD,
expires 05/19/08

 

 

(250

)

 

(106,122

)

Teck Cominco Ltd., Class B, strike price 52 CAD,
expires 11/22/08

 

 

(200

)

 

(46,470

)

Tenaris S.A. (ADR), strike price $56, expires 11/21/08

 

 

(35,000

)

 

(212,215

)

Total S.A. (ADR), strike price $80, expires 05/19/08

 

 

(200

)

 

(92,000

)

Total S.A. (ADR), strike price $85, expires 11/24/08

 

 

(200

)

 

(108,000

)

Transocean, Inc., strike price $135, expires 05/19/08

 

 

(500

)

 

(675,000

)

Transocean, Inc., strike price $155, expires 11/24/08

 

 

(500

)

 

(677,500

)

TXCO Resources, Inc., strike price $15,
expires 05/19/08

 

 

(100

)

 

(1,500

)

TXCO Resources, Inc., strike price $16,
expires 11/21/08

 

 

(10,000

)

 

(9,781

)

Warren Resources, Inc., strike price $15,
expires 05/19/08

 

 

(250

)

 

(1,875

)

Weatherford Intl. Ltd., strike price $81,
expires 11/21/08

 

 

(20,000

)

 

(203,168

)

Weatherford Intl. Ltd., strike price $86,
expires 06/20/08

 

 

(30,000

)

 

(85,752

)

Weatherford Intl. Ltd., strike price $90.50,
expires 11/21/08

 

 

(30,000

)

 

(186,876

)

XTO Energy, Inc., strike price $63, expires 05/16/08

 

 

(24,500

)

 

(33,416

)

XTO Energy, Inc., strike price $70, expires 11/24/08

 

 

(100

)

 

(36,000

)

Zinifex Ltd., strike price 10.57 AUD,
expires 05/28/08

 

 

(120,900

)

 

(21,762

)

               

Total Outstanding Call Options Written

 

 

 

 

 

(26,526,864

)

               

Outstanding Put Option Written—(0.0)%

 

 

 

 

 

 

 

Aries Maritime Transport Ltd., strike price $5.75,
expires 05/30/08

 

 

(800,000

)

 

(515,520

)

               

Total Outstanding Options Written

 

 

 

 

 

 

 

(Premium Received—$22,075,699)—(2.3)%

 

 

 

 

 

(27,042,384

)

               

Total Investments Net of Outstanding Options Written—106.4%

 

 

 

 

 

1,235,317,450

 

Liabilities in Excess of Other Assets—(6.4)%

 

 

 

 

 

(74,340,264

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

1,160,977,186

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

28

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Schedule of Investments (concluded)

BlackRock Global Energy and Resources Trust (BGR)


 

 

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

843,515,180

 

 

 

     

Gross unrealized appreciation

 

$

421,446,034

 

Gross unrealized depreciation

 

 

(2,601,380

)

 

 

     

Net unrealized appreciation

 

$

418,844,654

 

 

 

     

 

 

(a)

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

(b)

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

(c)

Non-income producing security.

(d)

Illiquid security.

(e)

Security is fair valued.

(f)

Represents current yield as of report date.

(g)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 were as follows:


 

 

 

 

 

 

 

 

           

Affiliate

 

Net Activity

 

Interest Income

 

           

BlackRock Liquidity Series, LLC,
Money Market Series

 

$

81,873,600

 

$

220,250

 

               

 

 

(h)

Security purchased with the cash proceeds from securities loaned.

(i)

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

 

 

Swaps outstanding as of April 30, 2008 were as follows:


 

 

 

 

 

 

 

 

               

 

 

Notional
Amount (000)

 

Unrealized
Appreciation
(Depreciation)

 

               

Pay a floating rate based on 6-month USD LIBOR plus 25 basis points and receive a fixed rate based on the return of the underlying equity baskets. Broker, Credit Suisse International Expires October 2008

 

$

275,445

 

$

14,618

 

 

 

 

 

 

 

 

 

Pay a floating rate based on 6-month USD LIBOR plus 25 basis points and receive a fixed rate based on the return of the underlying equity baskets. Broker, Credit Suisse International Expires October 2008

 

 

275,445

 

 

(186,513

)

               

Total

 

 

 

 

$

(171,895

)

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

29





 

 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—3.8%

 

 

 

 

 

 

 

Commonwealth Bank of Australia

 

 

194,051

 

$

8,180,058

 

Dexus Property Group (REIT)

 

 

813,846

 

 

1,346,979

 

Goodman Fielder Ltd.

 

 

2,245,238

 

 

3,778,494

 

ING Industrial Fund (REIT)

 

 

149,680

 

 

294,111

 

Insurance Australia Group Ltd.

 

 

1,639,277

 

 

6,717,167

 

Macquarie Airports

 

 

1,545,552

 

 

4,578,069

 

Oxiana Ltd.

 

 

1,084,248

 

 

3,365,985

 

Wesfarmers Ltd.

 

 

12,263

 

 

429,249

 

 

 

 

 

 

     

 

 

 

 

 

 

28,690,112

 

               

Austria—0.2%

 

 

 

 

 

 

 

Voestalpine AG

 

 

17,746

 

 

1,355,103

 

               

Belgium—0.4%

 

 

 

 

 

 

 

Fortis

 

 

100,697

 

 

2,732,783

 

               

Bermuda—0.1%

 

 

 

 

 

 

 

Covidien Ltd.

 

 

17,875

 

 

834,584

 

               

Canada—3.9%

 

 

 

 

 

 

 

Agnico-Eagles Mines Ltd.

 

 

25,600

 

 

1,607,785

 

Bank of Montreal

 

 

138,000

 

 

6,865,058

 

Bank of Nova Scotia

 

 

12,900

 

 

612,529

 

Canadian Imperial Bank of Commerce

 

 

4,000

 

 

294,589

 

Canadian Natural Resources Ltd.

 

 

30,400

 

 

2,582,385

 

EnCana Corp.

 

 

83,700

 

 

6,752,681

 

Manulife Financial Corp.

 

 

10,100

 

 

394,834

 

PAN American Silver Corp.(a)

 

 

87,399

 

 

2,912,432

 

Penn West Energy Trust

 

 

10,737

 

 

323,357

 

Research In Motion Ltd.(a)

 

 

19,500

 

 

2,373,652

 

RioCan (REIT)

 

 

120,923

 

 

2,517,878

 

Royal Bank of Canada

 

 

33,200

 

 

1,583,025

 

Shaw Communications, Inc.

 

 

55,700

 

 

1,165,878

 

 

 

 

 

 

     

 

 

 

 

 

 

29,986,083

 

               

Denmark—0.5%

 

 

 

 

 

 

 

TrygVesta AS

 

 

43,662

 

 

3,729,459

 

               

Finland—0.8%

 

 

 

 

 

 

 

Fortum Oyj

 

 

11,600

 

 

490,726

 

Nokia Oyj(a)

 

 

96,650

 

 

2,905,710

 

Orion Oyj

 

 

134,830

 

 

2,833,619

 

 

 

 

 

 

     

 

 

 

 

 

 

6,230,055

 

               

France—4.0%

 

 

 

 

 

 

 

Air Liquide

 

 

10,307

 

 

1,545,499

 

Alstom

 

 

17,637

 

 

4,052,818

 

AXA S.A.

 

 

54,596

 

 

2,017,198

 

France Telecom S.A.

 

 

161,693

 

 

5,059,524

 

Sanofi-Aventis

 

 

31,795

 

 

2,450,795

 

Societe Generale

 

 

47,249

 

 

5,488,668

 

Total S.A.

 

 

40,411

 

 

3,385,073

 

Vallourec

 

 

16,569

 

 

4,492,075

 

Vivendi(a)

 

 

57,026

 

 

2,299,144

 

 

 

 

 

 

     

 

 

 

 

 

 

30,790,794

 

               

Germany—4.0%

 

 

 

 

 

 

 

Allianz SE(a)

 

 

17,330

 

 

3,521,334

 

BASF AG

 

 

47,000

 

 

6,681,903

 

DaimlerChrysler AG

 

 

58,072

 

 

4,515,480

 

Deutsche Bank AG

 

 

3,365

 

 

401,250

 

Deutsche Post AG

 

 

14,823

 

 

460,620

 

Deutsche Telekom AG(a)

 

 

71,909

 

 

1,286,385

 

E.ON AG

 

 

1,407

 

 

285,404

 

Metro AG

 

 

7,378

 

 

582,426

 

RWE AG

 

 

55,816

 

 

6,418,775

 

Siemens AG

 

 

32,008

 

 

3,745,128

 

Wincor Nixdorf AG

 

 

35,377

 

 

2,684,678

 

 

 

 

 

 

     

 

 

 

 

 

 

30,583,383

 

               

Greece—0.5%

 

 

 

 

 

 

 

OPAP S.A.

 

 

103,423

 

 

4,023,312

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Hong Kong—1.3%

 

 

 

 

 

 

 

BOC Hong Kong Holdings Ltd.

 

 

992,500

 

$

2,561,329

 

Hang Seng Bank Ltd.

 

 

273,100

 

 

5,456,065

 

Hong Kong Exchanges & Clearing Ltd.

 

 

35,500

 

 

725,440

 

Pacific Basin Shipping Ltd.

 

 

615,891

 

 

1,125,609

 

 

 

 

 

 

     

 

 

 

 

 

 

9,868,443

 

               

Ireland—0.2%

 

 

 

 

 

 

 

Bank of Ireland

 

 

31,815

 

 

438,276

 

Elan Corp. Plc(a)

 

 

22,794

 

 

605,566

 

Irish Life & Permanent Plc

 

 

45,572

 

 

722,921

 

 

 

 

 

 

     

 

 

 

 

 

 

1,766,763

 

               

Italy—2.4%

 

 

 

 

 

 

 

Arnoldo Mondadori Editore S.p.A.

 

 

166,129

 

 

1,443,984

 

Enel S.p.A.

 

 

629,482

 

 

6,829,964

 

Eni S.p.A.

 

 

212,553

 

 

8,180,859

 

Mediaset S.p.A.

 

 

204,607

 

 

1,859,413

 

 

 

 

 

 

     

 

 

 

 

 

 

18,314,220

 

               

Japan—9.2%

 

 

 

 

 

 

 

Asahi Kasei Corp.

 

 

51,000

 

 

289,878

 

Astellas Pharma, Inc.

 

 

26,000

 

 

1,070,275

 

Canon, Inc.

 

 

29,000

 

 

1,458,051

 

Daiichi Sankyo Co. Ltd.

 

 

39,200

 

 

1,080,124

 

Daito Trust Construction Co. Ltd.

 

 

72,200

 

 

3,361,943

 

Daiwa Securities Group, Inc.

 

 

420,000

 

 

4,167,045

 

Ebara Corp.

 

 

242,000

 

 

876,820

 

Eisai Co. Ltd.

 

 

24,700

 

 

875,022

 

Fast Retailing Co. Ltd

 

 

21,600

 

 

2,018,108

 

FUJIFILM Holdings Corp.

 

 

7,400

 

 

286,088

 

Fujitsu Ltd.

 

 

76,000

 

 

486,227

 

Hitachi Ltd.

 

 

96,000

 

 

647,458

 

Honda Motor Co. Ltd.

 

 

42,800

 

 

1,366,023

 

Japan Real Estate Investment Corp. (REIT)

 

 

27

 

 

320,060

 

Japan Tobacco, Inc.

 

 

126

 

 

612,689

 

JFE Holdings, Inc.

 

 

53,100

 

 

2,917,205

 

Kansai Electric Power Co., Inc. (The)

 

 

18,300

 

 

437,098

 

Kao Corp.

 

 

50,000

 

 

1,353,753

 

Kobe Steel Ltd.

 

 

429,000

 

 

1,286,475

 

Komatsu Ltd.

 

 

55,800

 

 

1,698,212

 

Konami Corp.

 

 

33,700

 

 

1,212,407

 

Konica Minolta Holdings, Inc.

 

 

18,500

 

 

278,786

 

Marui Co. Ltd.

 

 

62,800

 

 

623,314

 

Millea Holdings, Inc.

 

 

8,600

 

 

364,497

 

Mitsubishi Chemical Holdings Corp.

 

 

202,000

 

 

1,344,383

 

Mitsubishi Corp.

 

 

28,400

 

 

914,234

 

Mitsubishi Electric Corp.

 

 

40,000

 

 

409,843

 

Mitsubishi UFJ Financial Group, Inc.

 

 

227,318

 

 

2,504,813

 

Mitsui & Co. Ltd.

 

 

96,000

 

 

2,254,654

 

Nidec Corp.

 

 

4,600

 

 

347,549

 

Nintendo Co. Ltd.

 

 

9,700

 

 

5,361,899

 

Nippon Building Fund, Inc. (REIT)

 

 

106

 

 

1,391,366

 

Nippon Mining Holdings, Inc.

 

 

375,000

 

 

2,329,605

 

Nippon Steel Corp.

 

 

219,000

 

 

1,232,675

 

Nissan Motor Co. Ltd.

 

 

498,400

 

 

4,444,482

 

Nomura Holdings, Inc.

 

 

120,100

 

 

2,097,157

 

Oracle Corp.

 

 

20,800

 

 

941,314

 

OSG Corp.

 

 

68,600

 

 

965,954

 

Seven & I Holdings Co. Ltd.

 

 

62,100

 

 

1,859,054

 

Shin-Etsu Chemical Co. Ltd.

 

 

11,200

 

 

693,506

 

Shiseido Co. Ltd.

 

 

36,000

 

 

866,904

 

Sumitomo Metal Industries Ltd.

 

 

595,000

 

 

2,506,102

 

Sumitomo Metal Mining Co. Ltd.

 

 

45,000

 

 

818,249

 

Sumitomo Mitsui Financial Group, Inc.

 

 

121

 

 

1,041,254

 

Takeda Pharmaceutical Co. Ltd.

 

 

32,100

 

 

1,697,159

 

TonenGeneral Sekiyu KK

 

 

198,000

 

 

1,710,660

 

Toyota Motor Corp.

 

 

71,600

 

 

3,648,868

 

 

 

 

 

 

     

 

 

 

 

 

 

70,469,242

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

30

SEMI-ANNUAL REPORT

APRIL 30, 2008

 






 

 

Schedule of Investments (continued)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Luxembourg—0.8%

 

 

 

 

 

 

 

ArcelorMittal

 

 

57,015

 

$

5,001,826

 

Oriflame Cosmetics S.A.

 

 

16,650

 

 

1,268,363

 

 

 

 

 

 

     

 

 

 

 

 

 

6,270,189

 

               

Netherlands—1.6%

 

 

 

 

 

 

 

Aegon N.V.

 

 

109,890

 

 

1,751,388

 

Akzo Nobel N.V.

 

 

3,397

 

 

286,797

 

InBev N.V.

 

 

5,141

 

 

423,848

 

ING Groep N.V.

 

 

36,621

 

 

1,387,221

 

Royal KPN N.V.

 

 

100,069

 

 

1,826,922

 

Unilever N.V.

 

 

186,025

 

 

6,210,038

 

 

 

 

 

 

     

 

 

 

 

 

 

11,886,214

 

               

New Zealand—0.1%

 

 

 

 

 

 

 

Fletcher Building Ltd.

 

 

157,631

 

 

1,055,260

 

               

Norway—0.5%

 

 

 

 

 

 

 

Norsk Hydro ASA

 

 

19,831

 

 

291,580

 

Petroleum Geo-Services ASA(a)

 

 

97,371

 

 

2,620,126

 

StatoilHydro ASA

 

 

17,102

 

 

615,263

 

 

 

 

 

 

     

 

 

 

 

 

 

3,526,969

 

               

Portugal—0.1%

 

 

 

 

 

 

 

Energias de Portugal S.A.

 

 

56,332

 

 

355,425

 

               

Singapore—0.8%

 

 

 

 

 

 

 

ComfortDelgro Corp. Ltd.

 

 

429,000

 

 

554,070

 

Parkway Holdings Ltd.

 

 

1,012,000

 

 

2,628,470

 

SembCorp Industries Ltd.

 

 

91,000

 

 

281,109

 

Singapore Telecommunications Ltd.

 

 

983,000

 

 

2,807,230

 

 

 

 

 

 

     

 

 

 

 

 

 

6,270,879

 

               

Spain—1.9%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria S.A.

 

 

92,545

 

 

2,122,533

 

Banco Santander Central Hispano S.A.

 

 

94,189

 

 

2,036,940

 

Gestevision Telecinco S.A.

 

 

256,748

 

 

5,366,453

 

Telefonica S.A.

 

 

180,555

 

 

5,188,238

 

 

 

 

 

 

     

 

 

 

 

 

 

14,714,164

 

               

Sweden—0.8%

 

 

 

 

 

 

 

Hennes & Mauritz AB(a)

 

 

7,425

 

 

437,455

 

Nordea Bank AB

 

 

30,500

 

 

501,601

 

Skanska AB, B Shares

 

 

302,200

 

 

4,968,454

 

Volvo AB, B Shares

 

 

23,953

 

 

362,099

 

 

 

 

 

 

     

 

 

 

 

 

 

6,269,609

 

               

Switzerland—3.0%

 

 

 

 

 

 

 

ABB Ltd.

 

 

199,306

 

 

6,081,901

 

Ciba Specialty Chemicals AG

 

 

56,756

 

 

1,884,182

 

Credit Suisse Group

 

 

38,606

 

 

2,149,849

 

Nestle S.A.

 

 

7,621

 

 

3,637,337

 

SGS S.A.

 

 

809

 

 

1,134,046

 

Swiss Reinsurance

 

 

23,896

 

 

1,975,857

 

Syngenta AG

 

 

7,026

 

 

2,088,163

 

Synthes, Inc.

 

 

2,495

 

 

341,374

 

UBS AG(a)

 

 

87,784

 

 

2,904,964

 

Zurich Financial Services AG

 

 

2,531

 

 

767,070

 

 

 

 

 

 

     

 

 

 

 

 

 

22,964,743

 

               

United Kingdom—10.5%

 

 

 

 

 

 

 

Anglo American Plc

 

 

107,004

 

 

6,916,871

 

AstraZeneca Plc(a)

 

 

19,876

 

 

833,831

 

Aviva Plc

 

 

32,227

 

 

400,352

 

BAE Systems Plc

 

 

40,891

 

 

376,960

 

Barclays Plc

 

 

782,262

 

 

7,073,133

 

BP Plc

 

 

489,678

 

 

5,933,784

 

British American Tobacco Plc

 

 

180,799

 

 

6,782,170

 

BT Group Plc

 

 

216,257

 

 

951,961

 

Diageo Plc

 

 

35,581

 

 

725,697

 

Electrocomponents Plc

 

 

342,319

 

 

1,260,358

 

Friends Provident Plc

 

 

345,157

 

 

810,396

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United Kingdom—(concluded)

 

 

 

 

 

 

 

GlaxoSmithKline Plc(a)

 

 

361,973

 

$

8,007,267

 

HBOS Plc

 

 

48,150

 

 

444,541

 

HSBC Holdings Plc

 

 

542,524

 

 

9,420,325

 

Imperial Tobacco Group Plc

 

 

8,758

 

 

419,413

 

Lloyds TSB Group Plc

 

 

640,837

 

 

5,465,086

 

National Grid Plc

 

 

34,386

 

 

479,080

 

Prudential Plc

 

 

30,699

 

 

416,987

 

Royal Bank of Scotland Group Plc

 

 

121,390

 

 

821,614

 

Royal Dutch Shell Plc

 

 

131,249

 

 

5,250,163

 

Taylor Wimpey Plc(a)

 

 

303,186

 

 

770,259

 

Tesco Plc(a)

 

 

100,177

 

 

848,455

 

Tomkins Plc(a)

 

 

1,643,034

 

 

5,912,626

 

United Utilities Plc

 

 

346,294

 

 

4,912,651

 

Vodafone Group Plc

 

 

1,676,319

 

 

5,304,986

 

 

 

 

 

 

     

 

 

 

 

 

 

80,538,966

 

               

United States—43.8%

 

 

 

 

 

 

 

3M Co.(b)

 

 

69,400

 

 

5,336,860

 

Abbott Laboratories(b)

 

 

43,300

 

 

2,284,075

 

Allstate Corp. (The)

 

 

19,300

 

 

971,948

 

Analog Devices, Inc.(b)

 

 

98,100

 

 

3,159,801

 

Anheuser-Busch Cos., Inc.(b)

 

 

22,300

 

 

1,097,160

 

Apache Corp.(b)

 

 

8,800

 

 

1,185,184

 

Apple, Inc.(b)

 

 

26,800

 

 

4,661,860

 

Applied Materials, Inc.(b)

 

 

15,200

 

 

283,632

 

AT&T, Inc.(b)

 

 

89,300

 

 

3,456,803

 

Autodesk, Inc.(b)

 

 

101,500

 

 

3,857,000

 

Avon Products, Inc.

 

 

16,800

 

 

655,536

 

Baker Hughes, Inc.

 

 

8,500

 

 

687,480

 

Bank of America Corp.(b)

 

 

144,200

 

 

5,413,268

 

BB&T Corp.(b)

 

 

16,000

 

 

548,640

 

Black & Decker Corp.

 

 

15,900

 

 

1,043,517

 

Bristol-Myers Squibb Co.(b)

 

 

259,600

 

 

5,703,412

 

Campbell Soup Co.(b)

 

 

27,800

 

 

967,440

 

Carnival Corp.(b)

 

 

146,600

 

 

5,888,922

 

CBS Corp., Class B(b)

 

 

21,100

 

 

486,777

 

Chesapeake Energy Corp.

 

 

16,600

 

 

858,220

 

Chevron Corp.(b)

 

 

114,900

 

 

11,047,635

 

Chubb Corp.

 

 

15,500

 

 

821,035

 

Cigna Corp.

 

 

11,700

 

 

499,707

 

Cincinnati Financial Corp.(c)

 

 

113,000

 

 

4,056,700

 

Cisco Systems, Inc.(a)(b)

 

 

141,700

 

 

3,633,188

 

CME Group, Inc.

 

 

1,283

 

 

586,908

 

Coca-Cola Co. (The)(b)

 

 

55,500

 

 

3,267,285

 

ConocoPhillips(c)

 

 

38,200

 

 

3,290,930

 

Consolidated Edison, Inc.(b)

 

 

136,700

 

 

5,686,720

 

Corning, Inc.

 

 

46,200

 

 

1,234,002

 

Cummins, Inc.(c)

 

 

11,900

 

 

745,535

 

CVS Caremark Corp.(b)

 

 

26,900

 

 

1,085,953

 

Devon Energy Corp.(b)

 

 

11,200

 

 

1,270,080

 

Dominion Resources, Inc.

 

 

16,900

 

 

733,291

 

Dow Chemical Co. (The)(b)

 

 

40,200

 

 

1,614,030

 

DTE Energy Co.(b)

 

 

89,700

 

 

3,615,807

 

Duke Energy Corp.

 

 

47,400

 

 

867,894

 

E.I. du Pont de Nemours & Co.(b)

 

 

53,400

 

 

2,611,794

 

Eaton Corp.

 

 

3,900

 

 

342,576

 

eBay, Inc.(a)(b)

 

 

113,800

 

 

3,560,802

 

Electronic Arts, Inc.(a)

 

 

11,700

 

 

602,199

 

Eli Lilly & Co.

 

 

29,600

 

 

1,424,944

 

EMC Corp.(a)

 

 

46,000

 

 

708,400

 

Emerson Electric Co.(b)

 

 

36,200

 

 

1,891,812

 

Exxon Mobil Corp.(b)

 

 

120,000

 

 

11,168,400

 

Fannie Mae(b)

 

 

103,000

 

 

2,914,900

 

Fifth Third Bancorp

 

 

18,700

 

 

400,741

 

First Solar, Inc.(a)(b)

 

 

8,400

 

 

2,452,716

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

31



 

 


 

Schedule of Investments (continued)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States—(continued)

 

 

 

 

 

 

 

FirstEnergy Corp.

 

 

11,500

 

$

869,860

 

Fluor Corp.(b)

 

 

16,800

 

 

2,568,216

 

Freeport-McMoRan Copper & Gold, Inc.(b)

 

 

38,300

 

 

4,356,625

 

Genentech, Inc.(a)

 

 

8,500

 

 

579,700

 

General Electric Co.(b)

 

 

410,300

 

 

13,416,810

 

General Mills, Inc.

 

 

13,000

 

 

785,200

 

General Motors Corp.(b)

 

 

78,400

 

 

1,818,880

 

Genuine Parts Co.

 

 

136,100

 

 

5,778,806

 

Gilead Sciences, Inc.(a)

 

 

28,400

 

 

1,469,984

 

Google, Inc.(a)(b)

 

 

12,830

 

 

7,368,141

 

H.J. Heinz Co.

 

 

38,200

 

 

1,796,546

 

Halliburton Co.

 

 

24,500

 

 

1,124,795

 

Hartford Financial Services Group, Inc.

 

 

10,900

 

 

776,843

 

Hewlett-Packard Co.

 

 

22,500

 

 

1,042,875

 

Home Depot, Inc.

 

 

50,200

 

 

1,445,760

 

Host Hotels & Resorts, Inc.

 

 

320,400

 

 

5,510,880

 

Intel Corp.(b)

 

 

152,900

 

 

3,403,554

 

IntercontinentalExchange, Inc.(a)

 

 

8,800

 

 

1,365,320

 

Intl. Paper Co.

 

 

24,900

 

 

651,633

 

Intuitive Surgical, Inc.(a)(b)

 

 

11,600

 

 

3,355,416

 

Johnson & Johnson(b)

 

 

82,700

 

 

5,548,343

 

Joy Global, Inc.(b)

 

 

16,300

 

 

1,210,275

 

JPMorgan Chase & Co.(b)

 

 

107,100

 

 

5,103,315

 

Juniper Networks, Inc.(a)

 

 

20,200

 

 

557,924

 

Kimberly-Clark Corp.

 

 

23,400

 

 

1,497,366

 

Kraft Foods, Inc.

 

 

45,871

 

 

1,450,900

 

Lam Research Corp.(a)

 

 

23,300

 

 

951,572

 

Lincoln National Corp.

 

 

16,800

 

 

903,168

 

Linear Technology Corp.

 

 

80,100

 

 

2,800,296

 

Marathon Oil Corp.

 

 

21,400

 

 

975,198

 

Massey Energy Co.

 

 

8,800

 

 

460,504

 

Mattel, Inc.

 

 

155,700

 

 

2,919,375

 

McDonald’s Corp.(b)

 

 

89,000

 

 

5,302,620

 

Medco Health Solutions, Inc.(a)

 

 

21,800

 

 

1,079,972

 

Medtronic, Inc.

 

 

9,200

 

 

447,856

 

Merck & Co., Inc.

 

 

57,600

 

 

2,191,104

 

Microchip Technology, Inc.

 

 

107,600

 

 

3,954,300

 

Microsoft Corp.

 

 

250,100

 

 

7,132,852

 

Millennium Pharmaceuticals, Inc.(a)

 

 

69,800

 

 

1,735,926

 

Monsanto Co.(b)

 

 

14,400

 

 

1,641,888

 

Motorola, Inc.

 

 

126,200

 

 

1,256,952

 

National Oilwell Varco, Inc.(a)

 

 

13,200

 

 

903,540

 

New York Community Bancorp, Inc.(b)

 

 

147,400

 

 

2,751,958

 

Newell Rubbermaid, Inc.

 

 

20,600

 

 

422,918

 

Oracle Corp.(a)(b)

 

 

115,600

 

 

2,410,260

 

Paychex, Inc.

 

 

13,000

 

 

472,810

 

PepsiCo, Inc.

 

 

14,300

 

 

979,979

 

Pfizer, Inc.(c)

 

 

392,700

 

 

7,897,197

 

Pitney Bowes, Inc.

 

 

62,800

 

 

2,267,708

 

Procter & Gamble Co.(b)

 

 

89,700

 

 

6,014,385

 

Qualcomm, Inc.(b)

 

 

25,000

 

 

1,079,750

 

Regions Financial Corp.

 

 

27,500

 

 

602,800

 

Reynolds American, Inc.

 

 

94,200

 

 

5,072,670

 

Rohm & Haas Co.

 

 

24,300

 

 

1,298,835

 

RR Donnelley & Sons Co.(b)

 

 

13,900

 

 

425,896

 

SanDisk Corp.(a)

 

 

87,900

 

 

2,381,211

 

Sara Lee Corp.

 

 

74,200

 

 

1,076,642

 

Schlumberger Ltd.

 

 

31,200

 

 

3,137,160

 

Smith Intl., Inc.(b)

 

 

64,683

 

 

4,948,896

 

Southern Co.

 

 

28,200

 

 

1,049,886

 

Spectra Energy Corp.

 

 

140,700

 

 

3,475,290

 

Sprint Nextel Corp.

 

 

71,300

 

 

569,687

 

Stryker Corp.

 

 

10,700

 

 

693,681

 

SunTrust Banks, Inc.

 

 

12,700

 

 

708,025

 

SYSCO Corp.(b)

 

 

41,800

 

 

1,277,826

 

Texas Instruments, Inc.(b)

 

 

27,200

 

 

793,152

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States—(concluded)

 

 

 

 

 

 

 

Thermo Fisher Scientific, Inc.(a)

 

 

15,300

 

$

885,411

 

Transocean, Inc.(a)

 

 

3,507

 

 

517,142

 

Travelers Cos., Inc. (The)(b)

 

 

22,100

 

 

1,113,840

 

Tyco Electronics Ltd.

 

 

17,875

 

 

668,704

 

U.S. Bancorp(b)

 

 

211,500

 

 

7,167,735

 

United Parcel Service, Inc., Class B(b)

 

 

51,800

 

 

3,750,838

 

UnitedHealth Group, Inc.

 

 

50,300

 

 

1,641,289

 

UST, Inc.(b)

 

 

104,100

 

 

5,420,487

 

Valero Energy Corp.

 

 

17,300

 

 

845,105

 

Verizon Communications, Inc.(b)

 

 

86,000

 

 

3,309,280

 

VF Corp.

 

 

46,600

 

 

3,466,108

 

Wachovia Corp.(b)

 

 

233,000

 

 

6,791,950

 

Washington Mutual, Inc.

 

 

349,300

 

 

4,292,897

 

Waste Management, Inc.

 

 

32,800

 

 

1,184,080

 

Wells Fargo & Co.

 

 

90,500

 

 

2,692,375

 

Weyerhauser Co.

 

 

27,600

 

 

1,763,088

 

Williams Cos., Inc.

 

 

22,400

 

 

795,200

 

Windstream Corp.

 

 

460,696

 

 

5,408,571

 

Wyeth

 

 

28,800

 

 

1,280,736

 

Yum! Brands, Inc.

 

 

20,000

 

 

813,600

 

 

 

 

 

 

     

 

 

 

 

 

 

335,811,667

 

               

Total Common Stocks

 

 

 

 

 

729,038,421

 

               

 



 

 

 

 

 

 

 

 

Rights

 

 

 

 

 

 

 

               

Switzerland—0.0%

 

 

 

 

 

 

 

UBS AG(a)

 

 

87,784

 

 

148,262

 

               

Total Rights—0.0%

 

 

 

 

 

148,262

 

               

Total Long-Term Investments
(Cost—$743,654,946)—95.2%

 

 

 

 

 

729,186,683

 

               

 



 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

Money Market Funds–2.4%

 

 

 

 

 

 

 

Fidelity Institutional Money Market Prime Portfolio,
2.59%(d)

 

 

18,211,568

 

 

18,211,568

 

               

Total Short-Term Securities
(Cost—$18,211,568)—2.4%

 

 

 

 

 

18,211,568

 

               

 



 

 

 

 

 

 

 

 

Options Purchased

 

Contracts

 

 

 

               

Outstanding Call Options Purchased—0.2%

 

 

 

 

 

 

 

3M Co., strike price $85, expires 07/21/08

 

 

80

 

 

3,400

 

Abbott Laboratories, strike price $52.50, expires 08/18/08

 

 

40

 

 

11,100

 

Apple, Inc., strike price $150, expires 07/21/08

 

 

70

 

 

199,500

 

AT&T, Inc., strike price $37.50, expires 07/21/08

 

 

450

 

 

109,350

 

Autodesk, Inc., strike price $40, expires 07/21/08

 

 

170

 

 

31,025

 

Bank of America Corp., strike price $45, expires 08/18/08

 

 

130

 

 

3,640

 

Chevron Corp., strike price $90, expires 06/23/08

 

 

160

 

 

113,600

 

Cigna Corp., strike price $50, expires 07/21/08

 

 

30

 

 

1,950

 

Coca-Cola Co. (The), strike price $62.50, expires 08/18/08

 

 

50

 

 

5,000

 

ConocoPhillips, strike price $85, expires 08/18/08

 

 

60

 

 

32,400

 

Corning, Inc., strike price $25, expires 08/18/08

 

 

60

 

 

17,700

 

E.I. du Pont de Nemours & Co., strike price $50,
expires 07/21/08

 

 

70

 

 

12,250

 

eBay, Inc., strike price $30, expires 07/21/08

 

 

150

 

 

41,175

 

Electronic Arts, Inc., strike price $50, expires 06/23/08

 

 

20

 

 

6,900

 

Eli Lilly & Co., strike price $55, expires 07/21/08

 

 

50

 

 

2,000

 

Emerson Electric Co., strike price $55, expires 06/23/08

 

 

140

 

 

14,000

 

Exxon Mobil Corp., strike price $90, expires 06/23/08

 

 

120

 

 

60,900

 

Fluor Corp., strike price $135, expires 07/21/08

 

 

30

 

 

70,950

 

Freeport-McMoRan Copper & Gold, Inc.,
strike price $95, expires 08/18/08

 

 

80

 

 

188,600

 

Gilead Sciences, Inc., strike price $55, expires 08/18/08

 

 

40

 

 

8,300

 


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

32

SEMI-ANNUAL REPORT

APRIL 30, 2008



 

 


 

Schedule of Investments (concluded)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Purchased

 

Contracts

 

Value

 

           

Outstanding Call Options Purchased—(concluded)

 

 

 

 

 

 

 

Halliburton Co., strike price $37.50, expires 07/21/08

 

 

50

 

$

44,250

 

Hewlett-Packard Co., strike price $45, expires 08/18/08

 

 

50

 

 

18,500

 

Intel Corp., strike price $20, expires 07/21/08

 

 

400

 

 

110,800

 

JPMorgan Chase & Co., strike price $50, expires 06/23/08

 

 

70

 

 

8,715

 

Juniper Networks, Inc., strike price $26, expires 07/21/08

 

 

50

 

 

14,500

 

Linear Technology Corp., strike price $35, expires 06/23/08

 

 

120

 

 

15,000

 

Marathon Oil Corp., strike price $55, expires 07/21/08

 

 

50

 

 

2,500

 

McDonald’s Corp., strike price $60, expires 06/23/08

 

 

80

 

 

12,200

 

Medco Health Solutions, Inc., strike price $45,
expires 07/21/08

 

 

40

 

 

24,400

 

Merck & Co., Inc., strike price $47.50, expires 07/21/08

 

 

120

 

 

1,200

 

National Oilwell Varco, Inc., strike price $60,
expires 08/18/08

 

 

20

 

 

24,300

 

Nvidia Corp., strike price $25, expires 06/23/08

 

 

40

 

 

1,500

 

Oracle Corp., strike price $21, expires 06/23/08

 

 

110

 

 

9,075

 

Qualcomm, Inc., strike price $42.50, expires 07/21/08

 

 

30

 

 

8,340

 

Reynolds American, Inc., strike price $60, expires 08/18/08

 

 

100

 

 

6,000

 

RR Donnelley & Sons Co., strike price $35, expires 06/23/08

 

 

30

 

 

525

 

Schlumberger Ltd., strike price $90, expires 08/18/08

 

 

50

 

 

70,500

 

Smith Intl., Inc., strike price $62.50, expires 07/21/08

 

 

140

 

 

216,300

 

Texas Instruments, Inc., strike price $30, expires 07/21/08

 

 

60

 

 

6,510

 

Travelers Cos., Inc. (The), strike price $50, expires 07/21/08

 

 

40

 

 

10,300

 

U.S. Bancorp, strike price $35, expires 06/23/08

 

 

130

 

 

9,750

 

United Parcel Service, Inc., Class B, strike price $75,
expires 07/21/08

 

 

60

 

 

8,100

 

UST, Inc., strike price $55, expires 07/21/08

 

 

200

 

 

23,500

 

Valero Energy Corp., strike price $60, expires 06/23/08

 

 

40

 

 

1,380

 

Verizon Communications, Inc., strike price $40,
expires 07/21/08

 

 

180

 

 

18,090

 

Verizon Communications, Inc., strike price $42.50,
expires 07/21/08

 

 

60

 

 

1,950

 

VF Corp., strike price $80, expires 08/18/08

 

 

70

 

 

18,025

 

Waste Management, Inc., strike price $35,
expires 07/21/08

 

 

20

 

 

4,200

 

Wells Fargo & Co., strike price $35, expires 07/21/08

 

 

80

 

 

2,000

 

Williams Cos., Inc., strike price $37.50, expires 06/23/08

 

 

40

 

 

3,200

 

               

Total Outstanding Call Options Purchased
(Cost—$1,440,823)—0.2%

 

 

 

 

 

1,629,350

 

               

Total Investments Before Outstanding Options Written
(Cost—$763,307,337*)—97.8%

 

 

 

 

 

749,027,601

 

               

Outstanding Call Options Written—(0.9)%

 

 

 

 

 

 

 

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

 

 

(80

)

 

(13,000

)

Apple, Inc., strike price $170, expires 07/21/08

 

 

(140

)

 

(213,150

)

AT&T Inc., strike price $40, expires 07/21/08

 

 

(900

)

 

(98,100

)

Autodesk, Inc., strike price $45, expires 07/21/08

 

 

(340

)

 

(17,000

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(concluded)

 

 

 

 

 

 

 

Chevron Corp., strike price $95, expires 06/23/08

 

 

(320

)

$

(118,400

)

ConocoPhillips, strike price $90, expires 08/18/08

 

 

(120

)

 

(37,800

)

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

 

 

(120

)

 

(8,400

)

Dow Jones Euro Stoxx, strike price 3,850 EUR,
expires 05/16/08

 

 

(1,375

)

 

(712,802

)

eBay, Inc., strike price $35, expires 07/21/08

 

 

(300

)

 

(19,050

)

Electronic Arts, Inc., strike price $55, expires 06/23/08

 

 

(40

)

 

(4,800

)

Emerson Electric Co., strike price $60, expires 06/23/08

 

 

(120

)

 

(2,100

)

Exxon Mobil Corp., strike price $95, expires 06/23/08

 

 

(240

)

 

(57,960

)

Fluor Corp., strike price $155, expires 07/21/08

 

 

(60

)

 

(69,300

)

Freeport-McMoRan Copper & Gold, Inc., strike price $110,
expires 08/16/08

 

 

(160

)

 

(228,000

)

FTSE 100 Index, strike price 6,100 GBP, expires 05/16/08

 

 

(300

)

 

(514,475

)

FTSE 100 Index, strike price 6,200 GBP, expires 05/16/08

 

 

(125

)

 

(104,386

)

Gilead Sciences, Inc., strike price $60, expires 08/18/08

 

 

(80

)

 

(6,000

)

Halliburton Co., strike price $42.50, expires 07/21/08

 

 

(100

)

 

(47,500

)

Hewlett-Packard Co., strike price $50, expires 08/18/08

 

 

(100

)

 

(14,000

)

Intel Corp., strike price $22.50, expires 07/21/08

 

 

(800

)

 

(94,800

)

JPMorgan Chase & Co., strike price $52.50,
expires 06/23/08

 

 

(140

)

 

(7,840

)

Juniper Networks, Inc., strike price $29, expires 07/21/08

 

 

(200

)

 

(27,000

)

Linear Technology Corp., strike price $37.50,
expires 06/23/08

 

 

(240

)

 

(9,600

)

McDonald’s Corp., strike price $62.50, expires 06/23/08

 

 

(160

)

 

(9,600

)

Medco Health Solutions, Inc., strike price $50,
expires 07/21/08

 

 

(80

)

 

(24,000

)

National Oilwell Varco, Inc., strike price $70,
expires 08/18/08

 

 

(40

)

 

(26,200

)

Nikkei, strike price 13,000 JPY, expires 05/09/08

 

 

(335

)

 

(2,690,052

)

Oracle Corp., strike price $22.50, expires 06/23/08

 

 

(220

)

 

(6,050

)

Qualcomm, Inc., strike price $47.50, expires 07/21/08

 

 

(60

)

 

(5,040

)

S&P 500, strike price $1,410, expires 05/19/08

 

 

(675

)

 

(658,125

)

S&P 500, strike price $1,415, expires 05/19/08

 

 

(865

)

 

(704,975

)

Schlumberger Ltd., strike price $100, expires 08/18/08

 

 

(100

)

 

(80,500

)

Smith Intl., Inc., strike price $70, expires 07/21/08

 

 

(280

)

 

(273,000

)

Travelers Cos., Inc. (The), strike price $55,
expires 07/21/08

 

 

(80

)

 

(5,200

)

UST, Inc., strike price $60, expires 07/21/08

 

 

(400

)

 

(12,000

)

VF Corp., strike price $85, expires 08/18/08

 

 

(140

)

 

(18,550

)

Waste Management, Inc., strike price $37.50,
expires 07/21/08

 

 

(40

)

 

(3,400

)

               

Total Outstanding Call Options Written
(Premium Received—$6,177,730)—(0.9)%

 

 

 

 

 

(6,942,155

)

               

Total Investments Net of Outstanding Options Written—96.9%

 

 

 

 

 

742,085,446

 

Other Assets in Excess of Liabilities—3.1%

 

 

 

 

 

23,870,133

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

765,955,579

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

763,364,708

 

 

 

     

Gross unrealized appreciation

 

$

38,816,354

 

Gross unrealized depreciation

 

 

(53,153,461

)

 

 

     

Net unrealized depreciation

 

$

(14,337,107

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

All or a portion of a security has been pledged as collateral in connection with open financial futures contracts.

(d)

Represents current yield as of report date.

 

Financial futures contracts purchased as of April 30, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

                       

Contracts

 

Issue

 

Expiration
Date

 

 

Face Value

 

 

Unrealized
Appreciation

 

                       

111

 

Dow Jones Euro Stoxx

 

June-2008

 

$

6,208,946

 

$

309,659

 

43

 

FTSE 100 Index

 

June-2008

 

$

4,947,667

 

$

265,102

 

55

 

Nikkei

 

June-2008

 

$

3,510,728

 

$

159,994

 

                       

Total Net Unrealized Appreciation on Forward Foreign
Exchange Contracts

 

 

 

 

$

734,755

 

 

 

 

 

 

 

 

 

 

     

 

 

Forward foreign exchange contracts as of April 30, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

Currency Purchased

 

Currency Sold

 

Settlement
Date

 

Unrealized
Depreciation

 

               

 

JPY

 

14,550,000

 

USD

 

139,127

 

5/8/08

 

$

(869

)

SGD

 

11,250

 

USD

 

8,286

 

5/8/08

 

$

(14

)

                         

 

Total Net Unrealized Depreciation on Forward Foreign
Exchange Contracts

 

 

 

$

(883

)

 

 

 

 

     

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

33





 

 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—1.1%

 

 

 

 

 

 

 

Lion Nathan Ltd.

 

 

234,600

 

$

1,847,590

 

Sims Group Ltd.

 

 

68,800

 

 

2,146,092

 

 

 

 

 

 

     

 

 

 

 

 

 

3,993,682

 

               

Belgium—0.7%

 

 

 

 

 

 

 

Belgacom S.A.

 

 

56,100

 

 

2,575,941

 

               

Bermuda—0.7%

 

 

 

 

 

 

 

Arch Capital Group Ltd.(a)

 

 

7,300

 

 

515,745

 

Bunge Ltd.

 

 

18,400

 

 

2,099,256

 

 

 

 

 

 

     

 

 

 

 

 

 

2,615,001

 

               

Brazil—2.4%

 

 

 

 

 

 

 

Aracruz Celulose S.A. (ADR)

 

 

27,000

 

 

2,176,200

 

Bovespa Holding S.A.

 

 

57,300

 

 

870,428

 

Cia Energetica de Minas Gerais (ADR)

 

 

107,631

 

 

2,207,514

 

Petroleo Brasileiro S.A. (ADR)

 

 

25,200

 

 

3,059,784

 

 

 

 

 

 

     

 

 

 

 

 

 

8,313,926

 

               

Canada—3.5%

 

 

 

 

 

 

 

Barrick Gold Corp.(b)

 

 

97,400

 

 

3,761,588

 

Potash Corp. of Saskatchewan

 

 

8,000

 

 

1,471,600

 

Research In Motion Ltd.(a)

 

 

11,300

 

 

1,374,419

 

TELUS Corp.

 

 

64,400

 

 

2,961,978

 

Ultra Petroleum Corp.(a)

 

 

31,900

 

 

2,649,933

 

 

 

 

 

 

     

 

 

 

 

 

 

12,219,518

 

               

Finland—1.1%

 

 

 

 

 

 

 

Fortum Oyj

 

 

40,598

 

 

1,717,454

 

Wartsila Oyj, B Shares

 

 

30,300

 

 

2,063,533

 

 

 

 

 

 

     

 

 

 

 

 

 

3,780,987

 

               

France—1.3%

 

 

 

 

 

 

 

AXA S.A.

 

 

17,200

 

 

635,501

 

BNP Paribas

 

 

6,300

 

 

671,610

 

Total S.A.

 

 

38,800

 

 

3,250,126

 

 

 

 

 

 

     

 

 

 

 

 

 

4,557,237

 

               

Germany—4.4%

 

 

 

 

 

 

 

Adidas AG

 

 

32,700

 

 

2,074,672

 

E.ON AG

 

 

10,845

 

 

2,199,860

 

Fresenius Medical Care AG & Co. KGaA

 

 

36,200

 

 

1,910,536

 

Hannover Rueckversicherung AG

 

 

17,100

 

 

929,550

 

K+S AG

 

 

12,500

 

 

5,160,351

 

Linde AG

 

 

21,900

 

 

3,192,234

 

 

 

 

 

 

     

 

 

 

 

 

 

15,467,203

 

               

Greece—0.3%

 

 

 

 

 

 

 

Piraeus Bank S.A.

 

 

28,000

 

 

950,852

 

               

Hong Kong—3.0%

 

 

 

 

 

 

 

ASM Pacific Technology

 

 

428,000

 

 

2,915,542

 

China Mobile Ltd.

 

 

146,200

 

 

2,515,725

 

Esprit Holdings Ltd.

 

 

134,000

 

 

1,650,146

 

New World Development Co. Ltd.

 

 

729,000

 

 

1,883,952

 

Sun Hung Kai Properties Ltd.

 

 

77,000

 

 

1,345,694

 

 

 

 

 

 

     

 

 

 

 

 

 

10,311,059

 

               

Indonesia—0.5%

 

 

 

 

 

 

 

Bank Rakyat Indonesia

 

 

2,586,000

 

 

1,670,080

 

               

Israel—1.6%

 

 

 

 

 

 

 

Partner Communications (ADR)(b)

 

 

166,300

 

 

3,869,801

 

Teva Pharmaceutical Industries Ltd. (ADR)

 

 

36,300

 

 

1,698,114

 

 

 

 

 

 

     

 

 

 

 

 

 

5,567,915

 

               

Italy—2.9%

 

 

 

 

 

 

 

AEM S.p.A.

 

 

424,746

 

 

1,561,039

 

Assicurazioni Generali S.p.A.

 

 

15,100

 

 

667,495

 

Enel S.p.A.

 

 

276,900

 

 

3,004,402

 

Eni S.p.A.

 

 

109,200

 

 

4,202,951

 

Intesa Sanpaolo S.p.A.

 

 

97,600

 

 

687,783

 

 

 

 

 

 

     

 

 

 

 

 

 

10,123,670

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Japan—6.8%

 

 

 

 

 

 

 

Bank of Yokohama Ltd. (The)

 

 

328,300

 

$

2,410,771

 

Daito Trust Construction Co. Ltd.

 

 

36,000

 

 

1,676,315

 

Fanuc Ltd.

 

 

22,500

 

 

2,371,572

 

ITOCHU Corp.

 

 

206,300

 

 

2,160,684

 

Japan Real Estate Investment Corp. (REIT)

 

 

140

 

 

1,659,573

 

Konica Minolta Holdings, Inc.

 

 

109,000

 

 

1,642,574

 

Mizuho Financial Group, Inc.

 

 

240

 

 

1,210,641

 

Nintendo Co. Ltd.

 

 

11,100

 

 

6,135,781

 

Shizuoka Bank Ltd. (The)

 

 

218,000

 

 

2,676,399

 

Sumitomo Corp.

 

 

134,000

 

 

1,804,082

 

 

 

 

 

 

     

 

 

 

 

 

 

23,748,392

 

               

Luxembourg—1.8%

 

 

 

 

 

 

 

ArcelorMittal(b)

 

 

39,000

 

 

3,474,510

 

Oriflame Cosmetics S.A.

 

 

38,976

 

 

2,969,113

 

 

 

 

 

 

     

 

 

 

 

 

 

6,443,623

 

               

Mexico—0.7%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV (ADR)

 

 

40,100

 

 

1,742,345

 

Kimberly-Clark de Mexico SAB de CV

 

 

159,300

 

 

757,866

 

 

 

 

 

 

     

 

 

 

 

 

 

2,500,211

 

               

Netherlands—0.8%

 

 

 

 

 

 

 

Akzo Nobel N.V.

 

 

26,200

 

 

2,211,978

 

ING Groep N.V.

 

 

12,900

 

 

488,658

 

 

 

 

 

 

     

 

 

 

 

 

 

2,700,636

 

               

Norway—3.4%

 

 

 

 

 

 

 

Fred Olsen Energy ASA

 

 

33,200

 

 

2,098,262

 

Orkla ASA

 

 

158,000

 

 

2,083,096

 

Yara Intl. ASA

 

 

107,100

 

 

7,764,785

 

 

 

 

 

 

     

 

 

 

 

 

 

11,946,143

 

               

Philippines—0.8%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. (ADR)

 

 

44,000

 

 

2,688,400

 

               

Russia—0.7%

 

 

 

 

 

 

 

Gazprom OAO (ADR)

 

 

47,300

 

 

2,502,723

 

               

Singapore—2.1%

 

 

 

 

 

 

 

Singapore Airlines Ltd.

 

 

183,000

 

 

2,155,570

 

Singapore Telecommunications Ltd.

 

 

827,520

 

 

2,363,213

 

United Overseas Bank Ltd.

 

 

184,796

 

 

2,777,447

 

 

 

 

 

 

     

 

 

 

 

 

 

7,296,230

 

               

South Korea—0.5%

 

 

 

 

 

 

 

Samsung Electronics Co. Ltd.

 

 

2,700

 

 

1,914,051

 

               

Spain—0.4%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria S.A.

 

 

29,600

 

 

678,880

 

Banco Santander Central Hispano S.A.

 

 

32,600

 

 

705,011

 

 

 

 

 

 

     

 

 

 

 

 

 

1,383,891

 

               

Sweden—0.1%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

29,600

 

 

486,800

 

               

Switzerland—2.5%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

11,200

 

 

1,769,600

 

Nestle S.A.

 

 

6,700

 

 

3,197,764

 

Syngenta AG

 

 

5,800

 

 

1,723,789

 

UBS AG(a)

 

 

40,700

 

 

1,346,851

 

Zurich Financial Services AG

 

 

2,100

 

 

636,447

 

 

 

 

 

 

     

 

 

 

 

 

 

8,674,451

 

               

Taiwan—0.3%

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

80,000

 

 

899,200

 

               

United Kingdom—5.3%

 

 

 

 

 

 

 

Cobham Plc

 

 

588,200

 

 

2,561,761

 

De La Rue Plc

 

 

165,066

 

 

2,791,645

 

HSBC Holdings Plc

 

 

79,800

 

 

1,385,638

 

ICAP Plc

 

 

127,700

 

 

1,474,230

 

Imperial Tobacco Group Plc

 

 

45,800

 

 

2,193,323

 

Legal & General Group Plc

 

 

745,200

 

 

1,868,577

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

34

SEMI-ANNUAL REPORT

APRIL 30, 2008

 





 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United Kingdom—(concluded)

 

 

 

 

 

 

 

National Express Group Plc

 

 

100,000

 

$

1,827,988

 

Standard Chartered Plc

 

 

18,800

 

 

664,262

 

Vodafone Group Plc (ADR)(b)

 

 

116,000

 

 

3,672,560

 

 

 

 

 

 

     

 

 

 

 

 

 

18,439,984

 

               

United States—34.2%

 

 

 

 

 

 

 

Allstate Corp. (The)

 

 

10,600

 

 

533,816

 

Altria Group, Inc.(b)

 

 

130,300

 

 

2,606,000

 

American Electric Power Co., Inc.(b)

 

 

48,700

 

 

2,173,481

 

Aon Corp.

 

 

40,300

 

 

1,829,217

 

Apple, Inc.(b)

 

 

12,700

 

 

2,209,165

 

Archer Daniels Midland Co.(b)

 

 

54,900

 

 

2,418,894

 

AT&T, Inc.(b)

 

 

46,900

 

 

1,815,499

 

Bank of America Corp.

 

 

25,400

 

 

953,516

 

Baxter Intl., Inc.

 

 

39,900

 

 

2,486,568

 

BB&T Corp.(b)

 

 

46,800

 

 

1,604,772

 

Becton Dickinson & Co.

 

 

30,300

 

 

2,708,820

 

C.R. Bard, Inc.

 

 

18,200

 

 

1,713,894

 

Chesapeake Energy Corp.

 

 

62,900

 

 

3,251,930

 

Chevron Corp.(b)

 

 

78,000

 

 

7,499,700

 

Cisco Systems, Inc.(a)(b)

 

 

67,600

 

 

1,733,264

 

Citigroup, Inc.

 

 

28,500

 

 

720,195

 

Colgate-Palmolive Co.

 

 

39,300

 

 

2,778,510

 

ConocoPhillips(b)

 

 

34,100

 

 

2,937,715

 

CVS Caremark Corp.(b)

 

 

75,500

 

 

3,047,935

 

Diamond Offshore Drilling, Inc.

 

 

21,400

 

 

2,683,774

 

Dime Community Bancshares

 

 

126,400

 

 

2,359,888

 

EOG Resources, Inc.

 

 

21,500

 

 

2,805,320

 

Exxon Mobil Corp.(b)

 

 

78,900

 

 

7,343,223

 

FPL Group, Inc.

 

 

35,400

 

 

2,346,666

 

Gilead Sciences, Inc.(a)(c)

 

 

66,400

 

 

3,436,864

 

Google, Inc.(a)(b)

 

 

3,900

 

 

2,239,731

 

Greenhill & Co., Inc.(c)

 

 

17,300

 

 

1,125,365

 

H.J. Heinz Co.(b)

 

 

34,700

 

 

1,631,941

 

Intl. Business Machines Corp.(b)

 

 

21,300

 

 

2,570,910

 

Johnson & Johnson(b)

 

 

20,200

 

 

1,355,218

 

JPMorgan Chase & Co.

 

 

22,100

 

 

1,053,065

 

Kellogg Co.(b)

 

 

51,100

 

 

2,614,787

 

Lincoln National Corp.

 

 

9,500

 

 

510,720

 

Linear Technology Corp.

 

 

2,500

 

 

87,400

 

McDonald’s Corp.(b)

 

 

34,000

 

 

2,025,720

 

Medtronic, Inc.

 

 

68,800

 

 

3,349,184

 

MetLife, Inc.

 

 

8,400

 

 

511,140

 

Microsoft Corp.(b)

 

 

138,950

 

 

3,962,854

 

Molson Coors Brewing Co.

 

 

39,000

 

 

2,138,760

 

Motorola, Inc.

 

 

70,000

 

 

697,200

 

Newmont Mining Corp.

 

 

34,000

 

 

1,503,140

 

Nike, Inc.

 

 

41,500

 

 

2,772,200

 

Norfolk Southern Corp.

 

 

35,600

 

 

2,121,048

 

Northern Trust Corp.

 

 

19,500

 

 

1,445,145

 

Occidental Petroleum Corp.(b)

 

 

69,200

 

 

5,758,132

 

Public Service Enterprise Group, Inc.

 

 

42,600

 

 

1,870,566

 

Qualcomm, Inc.

 

 

28,900

 

 

1,248,191

 

Starwood Hotels & Resorts Worldwide, Inc.

 

 

29,700

 

 

1,550,637

 

Torchmark Corp.

 

 

8,300

 

 

537,342

 

Union Pacific Corp.

 

 

16,900

 

 

2,453,711

 

United States Steel Corp.(b)

 

 

11,500

 

 

1,770,425

 

Wal-Mart Stores, Inc.

 

 

24,300

 

 

1,408,914

 

Yum! Brands, Inc.

 

 

79,500

 

 

3,234,060

 

 

 

 

 

 

     

 

 

 

 

 

 

119,546,132

 

               

Total Common Stocks—83.9%

 

 

 

 

 

293,317,938

 

               

 

 

 

 

 

 

 

 

Rights

 

Shares

 

Value

 

           

Switzerland—0.0%

 

 

 

 

 

 

 

UBS AG(a)

 

 

40,700

 

$

68,740

 

               

Total Rights—0.0%

 

 

 

 

 

68,740

 

               


 

 

 

 

 

 

 

 

Exchange-Traded Funds

 

 

 

 

 

 

 

               

United States—6.2%

 

 

 

 

 

 

 

Financial Select Sector SPDR Fund

 

 

118,900

 

 

3,163,929

 

iShares Dow Jones EURO Stoxx Banks

 

 

78,700

 

 

4,465,561

 

iShares Dow Jones Stoxx 600 Banks

 

 

74,700

 

 

4,350,686

 

iShares Dow Jones U.S. Real Estate Index Fund

 

 

37,900

 

 

2,610,552

 

KBW Insurance

 

 

65,200

 

 

3,153,724

 

KBW Regional Banking(c)

 

 

37,400

 

 

1,301,894

 

Lyxor Dow Jones Stoxx 600 Financial Services

 

 

30,700

 

 

1,750,163

 

Lyxor Dow Jones Stoxx 600 Insurance

 

 

25,500

 

 

936,894

 

               

Total Exchange-Traded Funds—6.2%

 

 

 

 

 

21,733,403

 

               

Total Long-Term Investments
(Cost—$280,317,813)—90.1%

 

 

 

 

 

315,120,081

 

               


 

 

 

 

 

 

 

 

Short-Term Investments

 

 

 

 

 

 

 

               

Money Market Funds—6.2%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC, Money Market Series,
2.85%(d)(e)(f)

 

 

4,070,700

 

 

4,070,700

 

Fidelity Institutional Money Market Prime Portfolio,
2.59%(d)

 

 

17,462,692

 

 

17,462,692

 

               

Total Money Market Funds

 

 

 

 

 

21,533,392

 

               

 

 

 

Principal

 

 

 

 

 

 

Amount

 

 

 

 

             

U.S. Government and Agency Discount Notes—6.5%

 

 

 

 

 

 

 

Federal Home Loan Bank Disc. Notes,
1.75%, 05/01/08(g)

 

$

22,800,000

 

 

22,800,000

 

               

Total Short-Term Investments
(Cost—$44,333,392)—12.7%

 

 

 

 

 

44,333,392

 

               


 

 

 

 

 

 

 

 

 

Options Purchased

 

Contracts

 

 

 

 

             

Outstanding Call Option Purchased—0.1%

 

 

 

 

 

 

 

United States Steel Corp., strike price $155,
expires 07/21/08 (cost $179,881)

 

 

115

 

 

155,825

 

               

Total Investments Before Outstanding Options Written
(Cost—$324,831,086*)—102.9%

 

 

 

 

 

359,609,298

 

               

Options Written

 

 

 

 

 

 

 

               

Outstanding Call Options Written—(2.7)%

 

 

 

 

 

 

 

Adidas AG, strike price 43.83 EUR, expires 05/27/08

 

 

(18,000

)

 

(8,172

)

AEM S.p.A., strike price 2.40 EUR, expires 06/17/08

 

 

(235,000

)

 

(22,402

)

Akzo Nobel N.V., strike price 49.91 EUR,
expires 05/27/08

 

 

(3,000

)

 

(22,107

)

Akzo Nobel N.V., strike price 52.88 EUR,
expires 06/17/08

 

 

(10,000

)

 

(45,766

)

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

 

 

(2,500

)

 

(38,719

)

Alcon, Inc., strike price $160, expires 05/19/08

 

 

(75

)

 

(13,312

)

Allstate Corp. (The), strike price $52.50, expires 07/21/08

 

 

(50

)

 

(5,125

)

Altria Group, Inc., strike price $22.25, expires 11/21/08

 

 

(52,000

)

 

(21,388

)

American Electric Power Co., Inc., strike price $47.50,
expires 11/24/08

 

 

(130

)

 

(25,675

)

American Electric Power Co., Inc., strike price $50,
expires 05/19/08

 

 

(120

)

 

(900

)

Aon Corp., strike price $45, expires 07/21/08

 

 

(100

)

 

(24,250

)

Aon Corp., strike price $51, expires 11/21/08

 

 

(10,000

)

 

(14,044

)

Apple, Inc., strike price $165, expires 11/07/08

 

 

(50

)

 

(133,857

)

Aracruz Celulose S.A. (ADR), strike price $80,
expires 05/19/08

 

 

(150

)

 

(39,750

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

35



 

 


 

 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

ArcelorMittal, strike price $85, expires 06/23/08

 

 

(105

)

$

(79,800

)

ArcelorMittal, strike price $95.50, expires 11/21/08

 

 

(10,500

)

 

(76,743

)

Arch Capital Group Ltd., strike price $75,
expires 06/23/08

 

 

(35

)

 

(2,712

)

Archer Daniels Midland Co., strike price $45,
expires 06/23/08

 

 

(110

)

 

(20,350

)

Archer Daniels Midland Co., strike price $46,
expires 11/21/08

 

 

(17,000

)

 

(73,911

)

ASM Pacific Technology, strike price 50 HKD,
expires 05/08/08

 

 

(235,000

)

 

(106,940

)

Assicurazioni Generali S.p.A., strike price 29.85 EUR,
expires 06/17/08

 

 

(7,500

)

 

(3,107

)

AT&T, Inc., strike price $39, expires 06/20/08

 

 

(13,000

)

 

(14,187

)

AT&T, Inc., strike price $41, expires 11/20/08

 

 

(10,500

)

 

(19,494

)

AXA S.A., strike price 26.58 EUR, expires 06/17/08

 

 

(8,600

)

 

(2,610

)

Banco Bilbao Vizcaya Argentaria S.A.,
strike price 15.31 EUR, expires 06/17/08

 

 

(14,800

)

 

(12,674

)

Banco Santander Central Hispano S.A.,
strike price 13.95 EUR, expires 06/17/08

 

 

(16,300

)

 

(11,448

)

Bank of America Corp., strike price $45,
expires 06/20/08

 

 

(12,700

)

 

(794

)

Bank of Yokohama Ltd. (The), strike price 731.45 JPY,
expires 05/08/08

 

 

(180,000

)

 

(69,483

)

Bank Rakyat Indonesia, strike price 7,823.73 IDR,
expires 05/28/08

 

 

(1,300,000

)

 

(2,210

)

Barrick Gold Corp., strike price $51, expires 11/21/08

 

 

(25,000

)

 

(37,937

)

Baxter Intl., Inc., strike price $62.50, expires 05/19/08

 

 

(100

)

 

(10,750

)

Baxter Intl., Inc., strike price $65, expires 11/22/08

 

 

(100

)

 

(33,000

)

BB&T Corp., strike price $37.50, expires 06/23/08

 

 

(233

)

 

(12,815

)

Becton Dickinson & Co., strike price $90.05,
expires 11/21/08

 

 

(11,500

)

 

(71,506

)

Becton Dickinson & Co., strike price $90.55,
expires 06/20/08

 

 

(9,000

)

 

(22,487

)

BNP Paribas, strike price 71.61 EUR, expires 06/17/08

 

 

(3,100

)

 

(6,735

)

Bunge Ltd., strike price $115, expires 07/21/08

 

 

(46

)

 

(50,370

)

Bunge Ltd., strike price $125, expires 06/23/08

 

 

(90

)

 

(40,050

)

C.R. Bard, Inc., strike price $106, expires 11/21/08

 

 

(10,000

)

 

(22,600

)

Chesapeake Energy Corp., strike price $51,
expires 11/21/08

 

 

(30,000

)

 

(190,788

)

Chevron Corp., strike price $91, expires 11/21/08

 

 

(39,000

)

 

(397,500

)

Chevron Corp., strike price $93.50, expires 06/17/08

 

 

(120

)

 

(57,172

)

China Mobile Ltd., strike price 124.84 HKD,
expires 05/28/08

 

 

(65,200

)

 

(107,119

)

China Mobile Ltd., strike price 130 HKD,
expires 05/08/08

 

 

(81,000

)

 

(63,450

)

Cia Energetica de Minas Gera (ADR),
strike price $21.50, expires 06/27/08

 

 

(380

)

 

(19,380

)

Cisco Systems, Inc., strike price $27, expires 05/19/08

 

 

(180

)

 

(4,950

)

Citigroup, Inc., strike price $27.50, expires 06/23/08

 

 

(140

)

 

(7,840

)

Cobham Plc, strike price 2.12 GBP, expires 06/17/08

 

 

(117,000

)

 

(36,933

)

Cobham Plc, strike price 2.27 GBP, expires 07/01/08

 

 

(206,000

)

 

(41,823

)

Colgate-Palmolive Co., strike price $80,
expires 05/19/08

 

 

(115

)

 

(3,737

)

Colgate-Palmolive Co., strike price $80,
expires 08/18/08

 

 

(100

)

 

(3,000

)

ConocoPhillips, strike price $85, expires 11/24/08

 

 

(105

)

 

(79,013

)

ConocoPhillips, strike price $90, expires 08/18/08

 

 

(70

)

 

(22,050

)

CVS Caremark Corp., strike price $42.50,
expires 05/19/08

 

 

(65

)

 

(1,950

)

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

 

 

(34,000

)

 

(55,519

)

Daito Trust Construction Co. Ltd.,
strike price 5,603.49 JPY, expires 05/07/08

 

 

(9,000

)

 

(90

)

Daito Trust Construction Co. Ltd.,
strike price 6,063.47 JPY, expires 05/28/08

 

 

(11,000

)

 

(680

)

De La Rue Plc, strike price 8.75 GBP, expires 07/01/08

 

 

(21,000

)

 

(11,046

)

De La Rue Plc, strike price 8.89 GBP, expires 06/17/08

 

 

(111,000

)

 

(38,421

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Diamond Offshore Drilling, Inc., strike price $141,
expires 11/21/08

 

 

(10,000

)

$

(81,951

)

Dime Community Bancshares, strike price $16.75,
expires 05/16/08

 

 

(70,000

)

 

(144,683

)

Enel S.p.A., strike price 7.20 EUR, expires 07/01/08

 

 

(72,000

)

 

(9,776

)

Eni S.p.A., strike price 25.50 EUR, expires 07/01/08

 

 

(55,000

)

 

(35,589

)

EOG Resources, Inc., strike price $116.19,
expires 05/16/08

 

 

(5,000

)

 

(75,540

)

EOG Resources, Inc., strike price $150.05,
expires 11/21/08

 

 

(3,500

)

 

(26,878

)

EOG Resources, Inc., strike price $155.05,
expires 11/21/08

 

 

(3,500

)

 

(22,681

)

Esprit Holdings Ltd., strike price 101.98 HKD,
expires 05/07/08

 

 

(23,000

)

 

(4,115

)

Esprit Holdings Ltd., strike price 103.60 HKD,
expires 05/07/08

 

 

(24,200

)

 

(3,160

)

Esprit Holdings Ltd., strike price 111.38 HKD,
expires 05/28/08

 

 

(26,500

)

 

(6,704

)

Exxon Mobil Corp., strike price $95, expires 07/21/08

 

 

(135

)

 

(43,537

)

Exxon Mobil Corp., strike price $96, expires 11/21/08

 

 

(27,000

)

 

(152,348

)

Exxon Mobil Corp., strike price $99, expires 11/21/08

 

 

(13,500

)

 

(58,138

)

Fanuc Ltd., strike price 11,412.50 JPY, expires 05/28/08

 

 

(8,000

)

 

(22,507

)

Financial Select Sector SPDR Fund, strike price $26.91,
expires 05/23/08

 

 

(23,800

)

 

(15,827

)

Financial Select Sector SPDR Fund, strike price $28,
expires 06/23/08

 

 

(350

)

 

(19,250

)

Formento Economico Mexicana SAB de CV (ADR),
strike price $49, expires 11/07/08

 

 

(16,000

)

 

(34,854

)

Fortum Oyj, strike price 30.63 EUR, expires 05/13/08

 

 

(22,810

)

 

(1,459

)

FPL Group, Inc., strike price $70, expires 06/23/08

 

 

(75

)

 

(5,062

)

FPL Group, Inc., strike price $71, expires 11/21/08

 

 

(10,000

)

 

(27,976

)

Fred Olson Energy ASA, strike price 315.04 NOK,
expires 05/13/08

 

 

(10,000

)

 

(24,621

)

Fred Olson Energy ASA, strike price 327.23 NOK,
expires 07/01/08

 

 

(8,000

)

 

(25,809

)

Fresenius Medical Care AG & Co. KGaA,
strike price 33.46 EUR, expires 06/17/08

 

 

(20,400

)

 

(34,907

)

Gazprom OAO (ADR), strike price $53.45,
expires 05/13/08

 

 

(16,500

)

 

(22,948

)

Gilead Sciences, Inc., strike price $52.50,
expires 05/19/08

 

 

(115

)

 

(10,637

)

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

 

 

(25,000

)

 

(110,125

)

Google, Inc., strike price $500, expires 05/19/08

 

 

(10

)

 

(75,900

)

Google, Inc., strike price $600, expires 12/22/08

 

 

(10

)

 

(59,100

)

Greenhill & Co., Inc., strike price $76.81, expires 05/16/08

 

 

(8,700

)

 

(2,672

)

H.J. Heinz Co., strike price $50.05, expires 11/21/08

 

 

(10,000

)

 

(15,540

)

Hannover Rueckversicherung AG, strike price 32.86 EUR,
expires 07/01/08

 

 

(10,000

)

 

(24,338

)

HSBC Holdings Plc, strike price 8.93 GBP,
expires 06/17/08

 

 

(39,900

)

 

(14,214

)

ICAP Plc, strike price 6.30 GBP, expires 06/17/08

 

 

(71,000

)

 

(50,276

)

Imperial Tobacco Group Plc, strike price 24 GBP,
expires 06/17/08

 

 

(10,000

)

 

(19,213

)

Imperial Tobacco Group Plc, strike price 24.11 GBP,
expires 05/13/08

 

 

(15,100

)

 

(14,243

)

Imperial Tobacco Group Plc, strike price 25.79 GBP,
expires 07/01/08

 

 

(10,000

)

 

(7,580

)

ING Groep N.V., strike price 27.06 EUR,
expires 06/17/08

 

 

(6,400

)

 

(1,725

)

Intesa Sanpaolo S.p.A., strike price 4.62 EUR,
expires 06/17/08

 

 

(48,800

)

 

(11,292

)

Intl. Business Machines Corp., strike price $125,
expires 07/21/08

 

 

(25

)

 

(7,625

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

36

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Intl. Business Machines Corp., strike price $125.25,
expires 11/17/08

 

 

(75

)

$

(48,038

)

iShares Dow Jones U.S. Real Estate Index Fund,
strike price $75, expires 06/23/08

 

 

(190

)

 

(14,725

)

ITOCHU Corp., strike price 1,286.45 JPY,
expires 05/28/08

 

 

(110,000

)

 

(10,920

)

Japan Real Estate Investment Corp. (REIT),
strike price 1,298,000 JPY, expires 05/28/08

 

 

(70

)

 

(26,473

)

Johnson & Johnson, strike price $68, expires 11/07/08

 

 

(100

)

 

(23,262

)

JPMorgan Chase & Co., strike price $52.50,
expires 06/23/08

 

 

(105

)

 

(5,880

)

K+S AG, strike price 210.56 EUR, expires 05/13/08

 

 

(3,700

)

 

(279,090

)

K+S AG, strike price 240 EUR, expires 12/19/08

 

 

(32

)

 

(286,004

)

K+S AG, strike price 260 EUR, expires 12/19/08

 

 

(56

)

 

(423,505

)

KBW Insurance, strike price $48.38,
expires 05/23/08

 

 

(13,000

)

 

(19,599

)

KBW Insurance, strike price $50, expires 06/23/08

 

 

(196

)

 

(20,580

)

KBW Regional Banking, strike price $37.85,
expires 05/23/08

 

 

(7,500

)

 

(2,065

)

Kellogg Co., strike price $55, expires 05/19/08

 

 

(130

)

 

(1,950

)

Konica Minolta Holdings, Inc., strike price 1,652.11 JPY,
expires 07/08/08

 

 

(27,300

)

 

(22,447

)

Konica Minolta Holdings, Inc., strike price 1,787.36 JPY,
expires 05/07/08

 

 

(27,300

)

 

(1,458

)

Legal & General Group Plc, strike price 1.271 GBP,
expires 07/01/08

 

 

(110,000

)

 

(13,385

)

Legal & General Group Plc, strike price 1.379 GBP,
expires 06/17/08

 

 

(300,000

)

 

(11,157

)

Lincoln National Corp., strike price $60,
expires 07/21/08

 

 

(50

)

 

(3,375

)

Linde AG, strike price 93.84 EUR, expires 06/17/08

 

 

(8,700

)

 

(42,602

)

Linde AG, strike price 97.82 EUR, expires 07/01/08

 

 

(3,400

)

 

(9,917

)

McDonald’s Corp., strike price $61, expires 11/21/08

 

 

(17,000

)

 

(59,595

)

Medtronic, Inc., strike price $51.50, expires 06/27/08

 

 

(275

)

 

(17,825

)

Medtronic, Inc., strike price $52.50, expires 05/19/08

 

 

(100

)

 

(1,500

)

MetLife, Inc., strike price $65, expires 06/23/08

 

 

(40

)

 

(3,900

)

Microsoft Corp., strike price $32, expires 05/19/08

 

 

(650

)

 

(4,225

)

Mizuho Financial Group, Inc.,
strike price 550,762.08 JPY, expires 07/08/08

 

 

(120

)

 

(36,380

)

Molson Coors Brewing Co., strike price $57.50,
expires 06/25/08

 

 

(115

)

 

(21,761

)

Molson Coors Brewing Co., strike price $58,
expires 11/21/08

 

 

(10,000

)

 

(35,345

)

National Express Group Plc, strike price 13 GBP,
expires 05/08/08

 

 

(55,000

)

 

(1

)

Nestle S.A., strike price 528.39 CHF, expires 06/17/08

 

 

(3,700

)

 

(9,108

)

New World Development Co. Ltd., strike price 26.06 HKD,
expires 05/07/08

 

 

(255,000

)

 

(7

)

Newmont Mining Corp., strike price $56.94,
expires 11/21/08

 

 

(12,000

)

 

(16,626

)

Nike, Inc., strike price $70, expires 06/23/08

 

 

(100

)

 

(12,500

)

Nike, Inc., strike price $71, expires 11/21/08

 

 

(13,000

)

 

(52,021

)

Nintendo Co. Ltd., strike price 51,909.06 JPY,
expires 05/08/08

 

 

(2,200

)

 

(123,825

)

Nintendo Co. Ltd., strike price 59,000 JPY,
expires 07/09/08

 

 

(2,300

)

 

(58,906

)

Nintendo Co. Ltd., strike price 62,325.23 JPY,
expires 05/28/08

 

 

(3,400

)

 

(63,873

)

Nordea Bank AB, strike price 108.37 SEK,
expires 06/17/08

 

 

(14,800

)

 

(5,007

)

Norfolk Southern Corp., strike price $62.99,
expires 11/03/08

 

 

(18,000

)

 

(71,071

)

Northern Trust Corp., strike price $75, expires 05/30/08

 

 

(195

)

 

(43,809

)

Occidental Petroleum Corp., strike price $80,
expires 05/19/08

 

 

(140

)

 

(63,000

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Occidental Petroleum Corp., strike price $85,
expires 11/24/08

 

 

(155

)

$

(129,425

)

Occidental Petroleum Corp., strike price $88,
expires 11/21/08

 

 

(9,500

)

 

(67,516

)

Oriflame Cosmetics S.A., strike price 424.86 SEK,
expires 05/15/08

 

 

(20,500

)

 

(135,816

)

Oriflame Cosmetics S.A., strike price 432.55 SEK,
expires 06/16/08

 

 

(18,476

)

 

(115,473

)

Orkla ASA, strike price 68.80 NOK, expires 05/09/08

 

 

(158,000

)

 

(37,161

)

Partner Communications (ADR), strike price $22.50,
expires 05/16/08

 

 

(67,000

)

 

(84,179

)

Partner Communications (ADR), strike price $25,
expires 11/24/08

 

 

(245

)

 

(26,337

)

Petroleo Brasileiro S.A. (ADR), strike price $67.50,
expires 07/21/08

 

 

(95

)

 

(54,150

)

Petroleo Brasileiro S.A. (ADR), strike price $70.50,
expires 11/21/08

 

 

(9,500

)

 

(88,694

)

Piraeus Bank S.A., strike price 21.95 EUR,
expires 06/17/08

 

 

(18,900

)

 

(44,104

)

Potash Corp. of Saskatchewan, strike price $181,
expires 11/21/08

 

 

(5,200

)

 

(189,116

)

Potash Corp. of Saskatchewan, strike price $200,
expires 06/23/08

 

 

(28

)

 

(28,280

)

Public Service Enterprise Group, Inc., strike price $45,

 

 

 

 

 

 

 

expires 06/21/08

 

 

(105

)

 

(11,550

)

Qualcomm, Inc., strike price $45, expires 06/23/08

 

 

(145

)

 

(15,370

)

Research In Motion Ltd., strike price $140,
expires 06/23/08

 

 

(55

)

 

(13,970

)

Samsung Electronics Co. Ltd., strike price 609,000 KRW,
expires 05/08/08

 

 

(1,450

)

 

(147,711

)

Shizuoka Bank Ltd. (The), strike price 1,214.75 JPY,
expires 05/08/08

 

 

(54,500

)

 

(36,306

)

Shizuoka Bank Ltd. (The), strike price 1,311.77 JPY,
expires 07/08/08

 

 

(54,500

)

 

(38,062

)

Sims Group Ltd., strike price 31.83 AUD,
expires 05/07/08

 

 

(37,900

)

 

(59,184

)

Singapore Telecommunications Ltd.,
strike price 4.097 SGD, expires 05/07/08

 

 

(372,000

)

 

(2,910

)

Standard Chartered Plc, strike price 19.48 GBP,
expires 06/17/08

 

 

(9,400

)

 

(4,526

)

Starwood Hotels & Resorts Worldwide, Inc.,
strike price $60, expires 05/19/08

 

 

(297

)

 

(5,197

)

Sumitomo Corp., strike price 1,779.80 JPY,
expires 05/28/08

 

 

(74,000

)

 

(1,236

)

Sun Hung Kai Properties Ltd., strike price 154.616 HKD,
expires 05/28/08

 

 

(38,500

)

 

(9,884

)

Syngenta AG, strike price 334.41 CHF, expires 11/04/08

 

 

(5,800

)

 

(102,171

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $10.85, expires 06/27/08

 

 

(80,000

)

 

(53,776

)

TELUS Corp., strike price 48 CAD, expires 05/19/08

 

 

(140

)

 

(7,298

)

TELUS Corp., strike price 52 CAD, expires 11/22/08

 

 

(200

)

 

(33,264

)

Teva Pharmaceutical Industries Ltd. (ADR),
strike price $50, expires 06/23/08

 

 

(160

)

 

(6,400

)

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

 

 

(10,000

)

 

(12,598

)

Torchmark Corp., strike price $65, expires 05/19/08

 

 

(40

)

 

(4,400

)

Total S.A., strike price 52.89 EUR, expires 11/04/08

 

 

(10,000

)

 

(63,796

)

Total S.A., strike price 54.32 EUR, expires 07/01/08

 

 

(10,000

)

 

(25,823

)

UBS AG, strike price 36 CHF, expires 05/16/08

 

 

(20,000

)

 

(11,646

)

Ultra Petroleum Corp., strike price $86, expires 06/30/08

 

 

(12,000

)

 

(46,583

)

Ultra Petroleum Corp., strike price $91, expires 11/21/08

 

 

(12,000

)

 

(77,881

)

Union Pacific Corp., strike price $135, expires 05/19/08

 

 

(30

)

 

(33,450

)

Union Pacific Corp., strike price $150, expires 11/24/08

 

 

(60

)

 

(65,400

)

United Overseas Bank Ltd., strike price 18.85 SGD,
expires 05/07/08

 

 

(46,200

)

 

(52,563

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

37



 

 


 

 

Schedule of Investments (concluded)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(concluded)

 

 

 

 

 

 

 

United States Steel Corp., strike price $170,
expires 07/21/08

 

 

(230

)

$

(171,350

)

Vodafone Group Plc (ADR), strike price $35.25,
expires 11/21/08

 

 

(28,000

)

 

(35,470

)

Wal-Mart Stores, Inc., strike price $60, expires 06/25/08

 

 

(120

)

 

(13,168

)

Wartsila Oyj, B Shares, strike price 45.74 EUR,
expires 05/13/08

 

 

(17,490

)

 

(11,604

)

Yara Intl. ASA, strike price 304.50 NOK,
expires 05/27/08

 

 

(36,000

)

 

(483,620

)

Yara Intl. ASA, strike price 320 NOK, expires 06/16/08

 

 

(13,600

)

 

(151,715

)

Yara Intl. ASA, strike price 332.72 NOK,
expires 11/04/08

 

 

(57,500

)

 

(925,710

)

Yum! Brands, Inc., strike price $40.25, expires 11/17/08

 

 

(210

)

 

(82,730

)

Yum! Brands, Inc., strike price $40.50, expires 11/07/08

 

 

(22,000

)

 

(81,974

)

Zurich Financial Services AG, strike price 346.24 CHF,
expires 06/17/08

 

 

(1,000

)

 

(1,680

)

               

Total Outstanding Call Options Written

 

 

 

 

 

(9,556,385

)

               

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Put Options Written—(0.0)%

 

 

 

 

 

 

 

Apple, Inc., strike price $155, expires 05/23/08

 

 

(50

)

$

(5,161

)

H.J. Heinz Co., strike price $46.75, expires 05/12/08

 

 

(165

)

 

(7,795

)

Linear Technology Corp., strike price $32,
expires 05/09/08

 

 

(530

)

 

(1,187

)

               

Total Outstanding Put Options Written

 

 

 

 

 

(14,143

)

               

Total Outstanding Options Written
(Premium Received—$8,042,146)—(2.7)%

 

 

 

 

 

(9,570,528

)

               

Total Investments Net of Outstanding Options Written—100.2%

 

 

 

 

 

350,038,770

 

Liabilities in Excess of Other Assets—(0.2)%

 

 

 

 

 

(526,103

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

349,512,667

 

 

 

 

 

 

     

 

 

   

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

326,114,246

 

 

 

 

     

 

Gross unrealized appreciation

 

$

42,486,712

 

 

Gross unrealized depreciation

 

 

(8,991,660

)

 

 

 

     

 

Net unrealized appreciation

 

$

33,495,052

 

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

Represents current yield as of report date.

(e)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 were as follows:


 

 

 

 

 

 

 

 

 

 

               

 

Affiliate

 

Net
Activity

 

Interest
Income

 

 

               

 

BlackRock Liquidity Series, LLC,
Money Market Series

 

$

4,070,700

 

$

16,474

 

 

               

 

 

(f)

Security purchased with the cash proceeds from securities loaned.

(g)

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

 

 

Forward foreign exchange contracts as of April 30, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

                   

Currency Purchased

 

Currency Sold

 

Settlement
Date

 

Unrealized
Depreciation

 

                   

USD

1,071,374

 

JPY

111,380,000

 

5/7/08

 

$(258

)

                   

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

38

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Biotechnology—15.3%

 

 

 

 

 

 

 

Alexion Pharmaceuticals, Inc.(a)(b)

 

 

125,500

 

$

8,832,690

 

Amgen, Inc.

 

 

51,200

 

 

2,143,744

 

Applera Corp. - Celera Group(b)

 

 

114,300

 

 

1,529,334

 

ARYx Therapeutics, Inc.

 

 

20,300

 

 

123,221

 

Celgene Corp.(c)

 

 

61,771

 

 

3,838,450

 

Charles River Laboratories Intl., Inc.(c)

 

 

74,600

 

 

4,330,530

 

Genentech, Inc.(c)

 

 

22,600

 

 

1,541,320

 

Genzyme Corp.(c)

 

 

50,400

 

 

3,545,640

 

Halozyme Therapeutics, Inc.(c)

 

 

38,500

 

 

190,190

 

Integra LifeSciences Holdings Corp.(b)(c)

 

 

65,000

 

 

2,754,050

 

InterMune, Inc.(b)(c)

 

 

15,467

 

 

245,152

 

Kosan Biosciences, Inc.(c)

 

 

41,800

 

 

69,388

 

Millipore Corp.(c)

 

 

31,700

 

 

2,222,170

 

Nanosphere, Inc.(c)

 

 

13,200

 

 

87,912

 

 

 

 

 

 

     

 

 

 

 

 

 

31,453,791

 

               

Electronics—0.5%

 

 

 

 

 

 

 

Varian, Inc.(c)

 

 

20,000

 

 

1,018,600

 

               

Healthcare Products—31.0%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

39,200

 

 

6,193,600

 

Alphatec Holdings, Inc.(c)

 

 

70,900

 

 

342,447

 

Baxter Intl., Inc.

 

 

137,800

 

 

8,587,696

 

Beckman Coulter, Inc.

 

 

5,800

 

 

396,140

 

Becton Dickinson & Co.(a)

 

 

117,800

 

 

10,531,320

 

C.R. Bard, Inc.

 

 

28,300

 

 

2,665,011

 

China Medical Technologies, Inc. (ADR)

 

 

69,700

 

 

2,606,780

 

Covidien Ltd.

 

 

33,700

 

 

1,573,453

 

Cyberonics, Inc.(c)

 

 

70,000

 

 

1,106,000

 

Johnson & Johnson

 

 

96,800

 

 

6,494,312

 

Medtronic, Inc.(a)

 

 

152,300

 

 

7,413,964

 

SenoRx, Inc.(c)

 

 

45,600

 

 

332,880

 

St. Jude Medical, Inc.(c)

 

 

111,000

 

 

4,859,580

 

Stryker Corp.

 

 

64,000

 

 

4,149,120

 

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

 

 

96,300

 

 

4,514,544

 

Zimmer Holdings, Inc.(c)

 

 

28,400

 

 

2,106,144

 

 

 

 

 

 

     

 

 

 

 

 

 

63,872,991

 

               

Healthcare Services—3.1%

 

 

 

 

 

 

 

Aetna, Inc.

 

 

50,100

 

 

2,184,360

 

Covance, Inc.(c)

 

 

34,000

 

 

2,848,860

 

Fresenius Medical Care AG & Co. KGaA

 

 

25,700

 

 

1,356,375

 

 

 

 

 

 

     

 

 

 

 

 

 

6,389,595

 

               

Pharmaceuticals—34.4%

 

 

 

 

 

 

 

Abbott Laboratories(a)

 

 

50,300

 

 

2,653,325

 

Auxilium Pharmaceuticals, Inc.(c)

 

 

125,200

 

 

3,849,900

 

BioForm Medical, Inc.(c)

 

 

12,800

 

 

65,024

 

BioMarin Pharmaceuticals, Inc.(c)

 

 

73,738

 

 

2,688,487

 

Bristol-Myers Squibb Co.

 

 

311,700

 

 

6,848,049

 

Eli Lilly & Co.

 

 

59,000

 

 

2,840,260

 

Gilead Sciences, Inc.(b)(c)

 

 

268,600

 

 

13,902,736

 

Medco Health Solutions, Inc.(c)

 

 

75,800

 

 

3,755,132

 

Merck & Co., Inc.(a)

 

 

125,500

 

 

4,774,020

 

Novartis AG (ADR)

 

 

23,600

 

 

1,187,788

 

Onyx Pharmaceuticals, Inc.(c)

 

 

43,300

 

 

1,522,428

 

Pfizer, Inc.(a)

 

 

107,100

 

 

2,153,781

 

Poniard Pharmaceuticals, Inc.(b)(c)

 

 

66,500

 

 

244,055

 

Progenics Pharmaceuticals, Inc.(c)

 

 

20,700

 

 

278,829

 

Rigel Pharmaceuticals, Inc.(c)

 

 

49,100

 

 

1,104,750

 

Roche Holding AG

 

 

74,650

 

 

12,352,798

 

Teva Pharmaceutical Industries Ltd. (ADR)

 

 

116,100

 

 

5,431,158

 

United Therapeutics Corp.(c)

 

 

51,300

 

 

4,334,850

 

Wyeth

 

 

16,900

 

 

751,543

 

 

 

 

 

 

     

 

 

 

 

 

 

70,738,913

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Technology—2.7%

 

 

 

 

 

 

 

CVS Caremark Corp.

 

 

139,100

 

$

5,615,467

 

               

Software—0.2%

 

 

 

 

 

 

 

MedAssets, Inc.(c)

 

 

22,200

 

 

333,222

 

               

Total Common Stocks
(Cost—$164,741,832)—87.2%

 

 

 

 

 

179,422,579

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

Money Market Funds—13.6%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC,
Money Market Series, 2.85%(d)(e)(f)

 

 

17,518,150

 

 

17,518,150

 

Fidelity Institutional Money Market Prime Portfolio,
2.59%(d)

 

 

10,484,509

 

 

10,484,509

 

               

Total Money Market Funds

 

 

 

 

 

28,002,659

 

               

 

 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

               

U.S. Government and Agency Discount Notes—8.2%

 

 

 

 

 

 

 

Federal Home Loan Bank Disc. Notes,
1.60%-1.75%, 05/01/08(g)

 

$

17,000,000

 

 

17,000,000

 

               

Total Short-Term Investments
(Cost—$45,002,659)—21.8%

 

 

 

 

 

45,002,659

 

               

 

 

 

 

 

 

 

 


Options Purchased

 

Contracts

 

 

 

 

               

Outstanding Call Option Purchased—0.0%

 

 

 

 

 

 

 

Alexion Pharmaceuticals, Inc., strike price $70,
expires 11/24/08 (cost $52,150)

 

 

50

 

 

51,500

 

               

Total Investments Before Outstanding Options Written
(Cost—$209,796,641*)—109.0%

 

 

 

 

 

224,476,738

 

               

Options Written

 

 

 

 

 

 

 

               

Outstanding Call Options Written—(0.5)%

 

 

 

 

 

 

 

Abbott Laboratories, strike price $55, expires 06/23/08

 

 

(75

)

 

(6,750

)

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

 

 

(5,000

)

 

(77,438

)

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

 

 

(11

)

 

(9,130

)

Alexion Pharmaceuticals, Inc., strike price $70,
expires 05/19/08

 

 

(200

)

 

(54,500

)

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

 

 

(100

)

 

(61,000

)

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

 

 

(10,000

)

 

(3,378

)

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

 

 

(10,000

)

 

(14,736

)

Applera Corp. - Celera Group, strike price $17.50,
expires 06/23/08

 

 

(61

)

 

(1,067

)

Auxilium Pharmaceuticals, Inc., strike price $35,
expires 06/21/08

 

 

(175

)

 

(44,188

)

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

 

 

(200

)

 

(7,000

)

Baxter Intl., Inc., strike price $65, expires 11/22/08

 

 

(100

)

 

(33,000

)

Becton Dickinson & Co., strike price $85,
expires 05/19/08

 

 

(235

)

 

(111,625

)

Becton Dickinson & Co., strike price $90.55,
expires 06/20/08

 

 

(10,000

)

 

(24,986

)

Becton Dickinson & Co., strike price $95,
expires 06/23/08

 

 

(100

)

 

(8,750

)

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

 

 

(25,000

)

 

(87,498

)

Bristol-Myers Squibb Co., strike price $23.99,
expires 11/21/08

 

 

(45,000

)

 

(38,619

)

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

 

 

(25

)

 

(5,750

)

Celgene Corp., strike price $65, expires 07/21/08

 

 

(200

)

 

(74,000

)

China Medical Technologies, Inc. (ADR),
strike price $50, expires 06/23/08

 

 

(40

)

 

(1,500

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

39



 

 


 

 

Schedule of Investments (concluded)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

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

 

 

(10

)

$

(350

)

Covance, Inc., strike price $95, expires 11/24/08

 

 

(50

)

 

(14,375

)

CVS Caremark Corp., strike price $42.50,
expires 05/19/08

 

 

(200

)

 

(6,000

)

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

 

 

(5,000

)

 

(8,165

)

Cyberonics, Inc., strike price $17.50, expires 07/21/08

 

 

(200

)

 

(12,500

)

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

 

 

(10,000

)

 

(9,464

)

Fresenius Medical Care AG & Co. KGaA,
strike price 33.46 EUR, expires 06/17/08

 

 

(7,300

)

 

(12,491

)

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

 

 

(150

)

 

(36,375

)

Gilead Sciences, Inc., strike price $52.50,
expires 05/19/08

 

 

(200

)

 

(18,500

)

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

 

 

(15,000

)

 

(66,075

)

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

 

 

(150

)

 

(37,875

)

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

 

 

(10

)

 

(2,525

)

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

 

 

(100

)

 

(20,750

)

Medtronic, Inc., strike price $51.50, expires 06/27/08

 

 

(200

)

 

(12,964

)

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

 

 

(100

)

 

(750

)

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

 

 

(48

)

 

(5,760

)

Millipore Corp., strike price $75, expires 06/23/08

 

 

(50

)

 

(7,625

)

Poniard Pharmaceuticals, Inc., strike price $6.52,
expires 05/16/08

 

 

(10,000

)

 

 

St. Jude Medical, Inc., strike price $47.50,
expires 07/18/08

 

 

(13,000

)

 

(11,262

)

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

 

 

(205

)

 

(43,878

)

Teva Pharmaceutical Industries Ltd. (ADR),
strike price $50, expires 06/23/08

 

 

(100

)

 

(4,000

)

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

 

 

(9,000

)

 

(11,338

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(concluded)

 

 

 

 

 

 

 

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

 

 

(100

)

$

(72,500

)

Varian Medical Systems, Inc., strike price $50,
expires 05/19/08

 

 

(240

)

 

(6,000

)

Varian Medical Systems, Inc., strike price $55,
expires 05/19/08

 

 

(50

)

 

(1,625

)

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

 

 

(40

)

 

(7,600

)

               

Total Outstanding Call Options Written

 

 

 

 

 

(1,095,662

)

               

Outstanding Put Options Written—(0.0)%

 

 

 

 

 

 

 

Becton Dickinson & Co., strike price $80,
expires 05/19/08

 

 

(70

)

 

(2,100

)

Charles River Laboratories Intl., Inc., strike price $55,
expires 05/19/08

 

 

(50

)

 

(3,375

)

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

 

 

(48

)

 

(8,880

)

Millipore Corp., strike price $60, expires 05/19/08

 

 

(50

)

 

(1,500

)

Pfizer, Inc., strike price $20, expires 05/19/08

 

 

(50

)

 

(2,125

)

United Therapeutics Corp., strike price $85,
expires 06/23/08

 

 

(50

)

 

(29,250

)

Wyeth, strike price $40, expires 05/19/08

 

 

(50

)

 

(625

)

               

Total Outstanding Put Options Written

 

 

 

 

 

(47,855

)

               

Total Outstanding Options Written
(Premium Received—$1,307,592)—(0.5)%

 

 

 

 

 

(1,143,517

)

               

Total Investments Net of Outstanding Options Written—108.5%

 

 

 

 

 

223,333,221

 

Liabilities in Excess of Other Assets—(8.5)%

 

 

 

 

 

(17,588,357

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

205,744,864

 

 

 

 

 

 

     

 

 

   


*


The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

210,208,136

 

 

 

 

     

 

Gross unrealized appreciation

 

$

18,298,866

 

 

Gross unrealized depreciation

 

 

(4,030,264

)

 

 

 

     

 

Net unrealized appreciation

 

$

14,268,602

 

 

 

 

     

 

 

(a)

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

(b)

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

(c)

Non-income producing security.

(d)

Represents current yield as of report date.

(e)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 were as follows:


 

 

 

 

 

 

 

 

 

 

               

 

Affiliate

 

Net
Activity

 

Interest
Income

 

 

               

 

BlackRock Liquidity Series, LLC,
Money Market Series

 

$

17,518,150

 

$

33,055

 

 

               

 

 

(f)

Security purchased with the cash proceeds from securities loaned.

(g)

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

 

 

Swaps outstanding as of April 30, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

               

 

 

 

Notional
Amount (000)

 

Unrealized
Depreciation

 

 

               

 

Pay a floating rate based on 6-month
USD LIBOR minus 20 basis points and
receive a fixed rate based on the return
of the underlying equity baskets.
Broker, Credit Suisse International
Expires October 2008

 

$

155,809

 

$

(142,410

)

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

40

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—3.3%

 

 

 

 

 

 

 

BHP Billiton Ltd. (ADR)

 

 

155,800

 

$

12,566,828

 

Lion Nathan Ltd.

 

 

892,700

 

 

7,030,452

 

Santos Ltd.

 

 

736,517

 

 

11,062,623

 

Sims Group Ltd.

 

 

609,350

 

 

19,007,572

 

Zinifex Ltd.

 

 

1,327,400

 

 

12,628,910

 

 

 

 

 

 

     

 

 

 

 

 

 

62,296,385

 

               

Belgium—1.4%

 

 

 

 

 

 

 

Belgacom S.A.

 

 

304,100

 

 

13,963,347

 

Compagnie Maritime Belge S.A.

 

 

47,600

 

 

3,311,309

 

KBC Groep N.V.

 

 

63,400

 

 

8,533,942

 

 

 

 

 

 

     

 

 

 

 

 

 

25,808,598

 

               

Bermuda—0.8%

 

 

 

 

 

 

 

Invesco Ltd.

 

 

596,400

 

 

15,297,660

 

               

Brazil—3.9%

 

 

 

 

 

 

 

Aracruz Celulose S.A. (ADR)(a)

 

 

147,000

 

 

11,848,200

 

Bovespa Holding S.A.

 

 

264,900

 

 

4,024,019

 

Cia Energetica de Minas Gerais (ADR)

 

 

808,611

 

 

16,584,602

 

Petroleo Brasileiro S.A. (ADR)

 

 

178,850

 

 

21,715,967

 

Unibanco - Uniao de Bancos Brasileiros S.A. (ADR)(a)

 

 

133,500

 

 

19,412,235

 

 

 

 

 

 

     

 

 

 

 

 

 

73,585,023

 

               

Canada—5.8%

 

 

 

 

 

 

 

Barrick Gold Corp.(a)

 

 

515,400

 

 

19,904,748

 

Canadian Natural Resources Ltd.

 

 

242,200

 

 

20,574,134

 

EnCana Corp.(a)

 

 

124,100

 

 

10,028,521

 

Goldcorp, Inc.

 

 

307,700

 

 

10,941,055

 

Kinross Gold Corp.

 

 

1,102,300

 

 

20,828,884

 

Potash Corp. of Saskatchewan

 

 

23,600

 

 

4,341,220

 

Suncor Energy, Inc.

 

 

119,750

 

 

13,494,627

 

TELUS Corp.

 

 

237,600

 

 

10,928,043

 

 

 

 

 

 

     

 

 

 

 

 

 

111,041,232

 

               

Chile—0.8%

 

 

 

 

 

 

 

Banco Santander-Chile (ADR)(a)

 

 

291,200

 

 

15,293,824

 

               

Denmark—0.3%

 

 

 

 

 

 

 

TrygVesta AS

 

 

56,100

 

 

4,791,870

 

               

Finland—0.6%

 

 

 

 

 

 

 

Wartsila Oyj, B Shares

 

 

159,100

 

 

10,835,250

 

               

France—6.4%

 

 

 

 

 

 

 

AXA S.A.

 

 

340,100

 

 

12,565,924

 

BNP Paribas

 

 

107,900

 

 

11,502,661

 

Cap Gemini S.A.

 

 

163,500

 

 

9,820,048

 

Casino Guichard Perrachon S.A.

 

 

102,000

 

 

12,792,056

 

France Telecom S.A.

 

 

291,900

 

 

9,133,821

 

Societe Generale

 

 

79,800

 

 

9,269,947

 

Total S.A.

 

 

490,500

 

 

41,087,285

 

Vivendi(b)

 

 

418,100

 

 

16,856,735

 

 

 

 

 

 

     

 

 

 

 

 

 

123,028,477

 

               

Germany—5.9%

 

 

 

 

 

 

 

Adidas AG

 

 

177,400

 

 

11,255,254

 

BASF AG

 

 

87,800

 

 

12,482,364

 

DaimlerChrysler AG

 

 

130,200

 

 

10,123,906

 

Deutsche Post AG(a)

 

 

470,200

 

 

14,611,330

 

E.ON AG

 

 

75,002

 

 

15,213,820

 

Hannover Rueckversicherung AG

 

 

93,900

 

 

5,104,372

 

Linde AG

 

 

179,800

 

 

26,208,392

 

RWE AG

 

 

92,600

 

 

10,648,892

 

SAP AG

 

 

153,700

 

 

7,692,178

 

 

 

 

 

 

     

 

 

 

 

 

 

113,340,508

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Greece—0.4%

 

 

 

 

 

 

 

National Bank of Greece S.A.

 

 

132,100

 

$

7,266,090

 

               

Hong Kong—3.9%

 

 

 

 

 

 

 

China Mobile Ltd.

 

 

829,700

 

 

14,276,996

 

Esprit Holdings Ltd.

 

 

938,700

 

 

11,559,642

 

Kerry Properties Ltd.

 

 

1,663,300

 

 

11,261,377

 

New World Development Co. Ltd.

 

 

4,073,000

 

 

10,525,842

 

Sun Hung Kai Properties Ltd.

 

 

619,200

 

 

10,821,474

 

Yue Yuen Industrial Holdings Ltd.

 

 

5,204,500

 

 

15,789,404

 

 

 

 

 

 

     

 

 

 

 

 

 

74,234,735

 

               

Indonesia—0.3%

 

 

 

 

 

 

 

Telekomunikasi Indonesia Tbk PT (ADR)

 

 

155,800

 

 

6,048,156

 

               

Israel—0.8%

 

 

 

 

 

 

 

Cellcom Israel Ltd.

 

 

466,900

 

 

15,435,714

 

               

Italy—3.3%

 

 

 

 

 

 

 

Assicurazioni Generali S.p.A.

 

 

126,800

 

 

5,605,192

 

Enel S.p.A.

 

 

1,749,390

 

 

18,981,115

 

Eni S.p.A.

 

 

726,400

 

 

27,958,093

 

Intesa Sanpaolo S.p.A.

 

 

1,471,900

 

 

10,372,405

 

 

 

 

 

 

     

 

 

 

 

 

 

62,916,805

 

               

Japan—10.9%

 

 

 

 

 

 

 

Bank of Yokohama Ltd. (The)

 

 

1,770,500

 

 

13,001,124

 

Daito Trust Construction Co. Ltd.

 

 

209,500

 

 

9,755,223

 

Fanuc Ltd.

 

 

126,200

 

 

13,301,883

 

Honda Motor Co. Ltd.

 

 

529,400

 

 

16,896,554

 

ITOCHU Corp.

 

 

1,144,300

 

 

11,984,829

 

Japan Real Estate Investment Corp. (REIT)

 

 

760

 

 

9,009,110

 

Japan Tobacco, Inc.

 

 

2,380

 

 

11,573,009

 

Komatsu Ltd.

 

 

769,400

 

 

23,415,844

 

Konica Minolta Holdings, Inc.

 

 

989,000

 

 

14,903,724

 

Mizuho Financial Group, Inc.

 

 

1,320

 

 

6,658,524

 

Nintendo Co. Ltd.

 

 

60,100

 

 

33,221,662

 

Shin-Etsu Chemical Co. Ltd.

 

 

227,500

 

 

14,086,832

 

Shizuoka Bank Ltd. (The)

 

 

1,180,000

 

 

14,486,932

 

Sumitomo Corp.

 

 

1,154,600

 

 

15,544,726

 

 

 

 

 

 

     

 

 

 

 

 

 

207,839,976

 

               

Luxembourg—1.8%

 

 

 

 

 

 

 

Oriflame Cosmetics S.A.

 

 

214,786

 

 

16,361,964

 

SES S.A.

 

 

752,190

 

 

18,442,708

 

 

 

 

 

 

     

 

 

 

 

 

 

34,804,672

 

               

Malaysia—1.0%

 

 

 

 

 

 

 

IOI Corp. Bhd

 

 

144,725

 

 

334,296

 

Sime Darby Bhd

 

 

3,737,000

 

 

11,356,505

 

Telekom Malaysia Bhd

 

 

2,111,200

 

 

2,420,132

 

TM Intl. Bhd(b)

 

 

2,111,200

 

 

4,778,436

 

 

 

 

 

 

     

 

 

 

 

 

 

18,889,369

 

               

Mexico—0.6%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV

 

 

2,177,200

 

 

9,440,501

 

Kimberly-Clark de Mexico SAB de CV

 

 

543,800

 

 

2,587,117

 

 

 

 

 

 

     

 

 

 

 

 

 

12,027,618

 

               

Netherlands—1.9%

 

 

 

 

 

 

 

Akzo Nobel N.V.

 

 

186,000

 

 

15,703,355

 

Heineken N.V.

 

 

199,300

 

 

11,550,087

 

Koninklijke Ahold N.V.(a)

 

 

632,600

 

 

9,343,837

 

 

 

 

 

 

     

 

 

 

 

 

 

36,597,279

 

               

Norway—3.6%

 

 

 

 

 

 

 

DnB NOR ASA

 

 

574,900

 

 

8,534,541

 

Fred Olsen Energy ASA

 

 

315,600

 

 

19,946,127

 

Orkla ASA

 

 

156,000

 

 

2,056,727

 

ProSafe SE(b)

 

 

847,000

 

 

14,590,044

 

Yara Intl. ASA

 

 

332,100

 

 

24,077,359

 

 

 

 

 

 

     

 

 

 

 

 

 

69,204,798

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

41



 

 


 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Philippines—0.8%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. (ADR)(a)

 

 

247,500

 

$

15,122,250

 

               

Russia—1.3%

 

 

 

 

 

 

 

Gazprom OAO (ADR)

 

 

257,900

 

 

13,645,924

 

NovaTek OAO (ADR)

 

 

143,700

 

 

10,823,616

 

 

 

 

 

 

     

 

 

 

 

 

 

24,469,540

 

               

Singapore—4.0%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

2,819,000

 

 

14,207,764

 

Singapore Airlines Ltd.

 

 

1,014,000

 

 

11,943,977

 

Singapore Technologies Engineering Ltd.

 

 

4,781,000

 

 

11,382,824

 

Singapore Telecommunications Ltd.

 

 

7,941,100

 

 

22,678,020

 

United Overseas Bank Ltd.

 

 

1,047,600

 

 

15,745,218

 

 

 

 

 

 

     

 

 

 

 

 

 

75,957,803

 

               

South Africa—1.2%

 

 

 

 

 

 

 

Sasol Ltd. (ADR)(a)

 

 

398,000

 

 

22,546,700

 

               

South Korea—0.6%

 

 

 

 

 

 

 

Samsung Electronics Co. Ltd.

 

 

14,900

 

 

10,562,727

 

               

Spain—1.6%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria S.A.

 

 

466,200

 

 

10,692,365

 

Banco Popular Espanol S.A.

 

 

481,500

 

 

8,271,352

 

Banco Santander Central Hispano S.A.

 

 

546,200

 

 

11,812,173

 

 

 

 

 

 

     

 

 

 

 

 

 

30,775,890

 

               

Sweden—1.2%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

518,700

 

 

8,530,512

 

SSAB Svenskt Stal AB, Ser. A

 

 

151,800

 

 

5,010,911

 

TeliaSonera AB

 

 

970,000

 

 

8,618,632

 

 

 

 

 

 

     

 

 

 

 

 

 

22,160,055

 

               

Switzerland—4.5%

 

 

 

 

 

 

 

Compagnie Financiere Richemont S.A.

 

 

243,391

 

 

14,631,875

 

Nestle S.A.

 

 

19,600

 

 

9,354,652

 

Novartis AG

 

 

470,400

 

 

23,710,611

 

Swiss Life Holding(b)

 

 

19,200

 

 

5,706,765

 

Syngenta AG

 

 

66,600

 

 

19,793,856

 

UBS AG(b)

 

 

224,000

 

 

7,412,647

 

Zurich Financial Services AG

 

 

14,800

 

 

4,485,436

 

 

 

 

 

 

     

 

 

 

 

 

 

85,095,842

 

               

Taiwan—2.7%

 

 

 

 

 

 

 

Nan Ya Plastics Corp.

 

 

3,600,000

 

 

8,459,516

 

Taiwan Fertlizer Co. Ltd.

 

 

3,428,800

 

 

16,633,755

 

Taiwan Mobile Co. Ltd.

 

 

5,700,333

 

 

10,825,485

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)(a)

 

 

700,000

 

 

7,868,000

 

Via Technologies, Inc.(b)

 

 

13,673,000

 

 

8,582,119

 

 

 

 

 

 

     

 

 

 

 

 

 

52,368,875

 

               

Turkey—0.4%

 

 

 

 

 

 

 

Turkcell Iletisim Hizmet AS (ADR)(a)(b)

 

 

407,400

 

 

8,209,110

 

               

United Kingdom—17.2%

 

 

 

 

 

 

 

Arriva Plc(a)

 

 

736,500

 

 

10,263,248

 

Aviva Plc

 

 

386,500

 

 

4,801,438

 

Barclays Plc

 

 

710,200

 

 

6,421,556

 

BP Plc

 

 

3,019,700

 

 

36,591,896

 

British American Tobacco Plc

 

 

443,600

 

 

16,640,417

 

British Energy Group Plc

 

 

940,000

 

 

14,029,779

 

De La Rue Plc(a)

 

 

385,973

 

 

6,527,689

 

Firstgroup Plc

 

 

1,075,200

 

 

12,053,506

 

HSBC Holdings Plc

 

 

684,900

 

 

11,892,526

 

ICAP Plc(a)

 

 

948,000

 

 

10,944,164

 

Imperial Tobacco Group Plc

 

 

251,300

 

 

12,034,545

 

Intercontinental Hotels Group Plc

 

 

466,550

 

 

7,477,800

 

Intl. Power Plc(a)

 

 

1,371,200

 

 

11,895,423

 

Meggitt Plc

 

 

1,696,800

 

 

9,954,154

 

National Express Group Plc(a)

 

 

618,200

 

 

11,300,623

 

Northumbrian Water Group Plc(a)

 

 

1,806,100

 

 

11,667,193

 

Prudential Plc

 

 

356,500

 

 

4,842,370

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United Kingdom—(concluded)

 

 

 

 

 

 

 

Rio Tinto Plc (ADR)

 

 

25,100

 

$

11,797,000

 

Royal Bank of Scotland Group Plc

 

 

1,036,720

 

 

7,016,900

 

Royal Dutch Shell Plc, Class B

 

 

748,600

 

 

29,828,918

 

Shire Plc(a)

 

 

646,100

 

 

11,869,203

 

Smiths Group Plc

 

 

590,700

 

 

11,315,739

 

Standard Chartered Plc

 

 

254,900

 

 

9,006,397

 

Standard Life Plc

 

 

966,300

 

 

4,772,971

 

United Business Media Plc

 

 

899,100

 

 

10,226,874

 

Vodafone Group Plc

 

 

6,444,500

 

 

20,394,676

 

Vodafone Group Plc (ADR)

 

 

178,000

 

 

5,635,480

 

Willis Group Holdings Ltd.(a)

 

 

219,400

 

 

7,624,150

 

 

 

 

 

 

     

 

 

 

 

 

 

328,826,635

 

               

Total Common Stocks—93.2%

 

 

 

 

 

1,776,679,466

 

               

 

 

 

 

 

 

 

 


Rights

 

 

 

 

 

 

 

               

Switzerland—0.0%

 

 

 

 

 

 

 

UBS AG(b)

 

 

224,000

 

 

378,324

 

               

Total Rights—0.0%

 

 

 

 

 

378,324

 

               

 

 

 

 

 

 

 

 


Exchange-Traded Funds

 

 

 

 

 

 

 

               

United States—0.8%

 

 

 

 

 

 

 

iShares Dow Jones EURO Stoxx Banks

 

 

72,100

 

 

4,091,067

 

iShares Dow Jones Stoxx 600 Banks

 

 

102,500

 

 

5,969,817

 

Lyxor Dow Jones Stoxx 600 Financial Services

 

 

33,900

 

 

1,932,591

 

Lyxor Dow Jones Stoxx 600 Insurance

 

 

67,200

 

 

2,468,991

 

               

Total Exchange-Traded Funds—0.8%

 

 

 

 

 

14,462,466

 

               

Total Long-Term Investments
(Cost—$1,833,436,131)—94.0%

 

 

 

 

 

1,791,520,256

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

Money Market Fund—5.8%

 

 

 

 

 

 

 

Fidelity Institutional Money Market Prime Portfolio,
2.59% (cost $110,135,753)(c)

 

 

110,135,753

 

 

110,135,753

 

               

Total Investments Before Outstanding Options Written
(Cost—$1,943,571,884*)—99.8%

 

 

 

 

 

1,901,656,009

 

               

 

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

 

 

 

             

Outstanding Call Options Written—(2.2)%

 

 

 

 

 

 

 

Adidas AG, strike price 43.83 EUR, expires 05/27/08

 

 

(97,600

)

 

(44,310

)

Akzo Nobel N.V., strike price 49.91 EUR,
expires 05/27/08

 

 

(81,000

)

 

(596,882

)

Akzo Nobel N.V., strike price 52.88 EUR,
expires 06/17/08

 

 

(11,000

)

 

(50,343

)

Aracruz Celulose S.A. (ADR), strike price $80,
expires 05/19/08

 

 

(800

)

 

(212,000

)

Arriva Plc, strike price 6.98 GBP, expires 05/13/08

 

 

(467,000

)

 

(210,885

)

Arriva Plc, strike price 7.20 GBP, expires 06/17/08

 

 

(87,000

)

 

(54,555

)

Assicurazioni Generali S.p.A., strike price 28.11 EUR,
expires 05/27/08

 

 

(63,400

)

 

(75,239

)

Aviva Plc, strike price 6.22 GBP, expires 05/27/08

 

 

(193,300

)

 

(87,105

)

AXA S.A., strike price 24.60 EUR, expires 05/13/08

 

 

(97,000

)

 

(38,191

)

Banco Bilbao Vizcaya Argentaria S.A.,
strike price 13.92 EUR, expires 05/27/08

 

 

(170,800

)

 

(280,354

)

Banco Bilbao Vizcaya Argentaria S.A.,
strike price 14.63 EUR, expires 06/17/08

 

 

(62,000

)

 

(79,760

)

Banco Popular Espanol S.A., strike price 11.42 EUR,
expires 06/17/08

 

 

(86,000

)

 

(63,840

)

Banco Popular Espanol S.A., strike price 11.68 EUR,
expires 05/27/08

 

 

(155,000

)

 

(58,245

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

42

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Banco Santander Central Hispano S.A.,
strike price 12.18 EUR, expires 05/27/08

 

 

(196,000

)

$

(511,614

)

Banco Santander Central Hispano S.A.,
strike price 13.82 EUR, expires 05/13/08

 

 

(196,000

)

 

(84,132

)

Banco Santander Central Hispano S.A.,
strike price 13.86 EUR, expires 06/17/08

 

 

(77,000

)

 

(58,841

)

Banco Santander-Chile (ADR), strike price $52.79,
expires 06/20/08

 

 

(160,000

)

 

(181,888

)

Bank of Yokohama Ltd. (The), strike price 731.45 JPY,
expires 05/08/08

 

 

(974,000

)

 

(375,978

)

Barclays Plc, strike price 4.39 GBP, expires 05/27/08

 

 

(161,000

)

 

(101,880

)

Barclays Plc, strike price 5 GBP, expires 06/20/08

 

 

(100

)

 

(23,114

)

Barclays Plc, strike price 5.08 GBP, expires 06/17/08

 

 

(194,000

)

 

(30,481

)

Barrick Gold Corp., strike price $47.50,
expires 05/19/08

 

 

(1,250

)

 

(9,375

)

Barrick Gold Corp., strike price $47.50,
expires 06/23/08

 

 

(1,550

)

 

(62,000

)

BASF AG, strike price 86.76 EUR, expires 05/13/08

 

 

(37,000

)

 

(226,854

)

BASF AG, strike price 90.44 EUR, expires 06/17/08

 

 

(11,000

)

 

(47,287

)

Belgacom S.A., strike price 31.83 EUR,
expires 06/17/08

 

 

(100,000

)

 

(36,065

)

Belgacom S.A., strike price 32.37 EUR,
expires 05/13/08

 

 

(67,300

)

 

(6,175

)

BHP Billiton Ltd. (ADR), strike price $80,
expires 05/19/08

 

 

(850

)

 

(293,250

)

BNP Paribas, strike price 62.23 EUR, expires 05/27/08

 

 

(37,600

)

 

(404,022

)

BNP Paribas, strike price 70.16 EUR, expires 06/17/08

 

 

(16,400

)

 

(49,519

)

BNP Paribas, strike price 72 EUR, expires 05/16/08

 

 

(37,500

)

 

(32,709

)

BP Plc, strike price 5.53 GBP, expires 05/13/08

 

 

(247,500

)

 

(289,128

)

BP Plc, strike price 5.84 GBP, expires 05/13/08

 

 

(790,000

)

 

(514,592

)

BP Plc, strike price 6 GBP, expires 06/17/08

 

 

(470,000

)

 

(248,330

)

British American Tobacco Plc, strike price 18.98 GBP,
expires 05/13/08

 

 

(185,200

)

 

(114,385

)

British American Tobacco Plc, strike price 19.36 GBP,
expires 06/17/08

 

 

(52,600

)

 

(47,001

)

British American Tobacco Plc, strike price 20.28 GBP,
expires 07/01/08

 

 

(100,000

)

 

(56,773

)

British Energy Group Plc, strike price 7.81 GBP,
expires 05/13/08

 

 

(470,000

)

 

(159,686

)

Canadian Natural Resources Ltd., strike price 76 CAD,
expires 05/19/08

 

 

(1,200

)

 

(1,206,434

)

Canadian Natural Resources Ltd., strike price 80 CAD,
expires 05/19/08

 

 

(120

)

 

(80,429

)

Canadian Natural Resources Ltd., strike price 90 CAD,
expires 05/19/08

 

 

(600

)

 

(81,918

)

Cap Gemini S.A., strike price 38.39 EUR,
expires 06/17/08

 

 

(40,000

)

 

(134,307

)

Cap Gemini S.A., strike price 44.12 EUR,
expires 07/01/08

 

 

(40,000

)

 

(42,923

)

CapitaLand Ltd., strike price 7.12 SGD,
expires 05/28/08

 

 

(563,800

)

 

(136,522

)

CapitaLand Ltd., strike price 7.25 SGD,
expires 05/07/08

 

 

(1,000,000

)

 

(70,497

)

Casino Guichard Perrachon S.A.,
strike price 77.85 EUR, expires 05/13/08

 

 

(43,000

)

 

(208,629

)

Casino Guichard Perrachon S.A.,
strike price 78.43 EUR, expires 05/13/08

 

 

(7,500

)

 

(31,261

)

Casino Guichard Perrachon S.A.,
strike price 81.09 EUR, expires 06/17/08

 

 

(16,800

)

 

(73,660

)

Cellcom Israel Ltd., strike price $33.58,
expires 05/23/08

 

 

(100,000

)

 

(78,610

)

Cellcom Israel Ltd., strike price $34, expires 05/30/08

 

 

(157,000

)

 

(119,869

)

China Mobile Ltd., strike price 124.84 HKD,
expires 05/28/08

 

 

(506,700

)

 

(832,473

)

China Mobile Ltd., strike price 130 HKD,
expires 05/08/08

 

 

(138,000

)

 

(108,099

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

China Mobile Ltd., strike price 144 HKD,
expires 05/07/08

 

 

(185,000

)

$

(18,775

)

Cia Energetica de Minas Gerais (ADR),
strike price $20.50, expires 05/30/08

 

 

(218,000

)

 

(336,788

)

Cia Energetica de Minas Gerais (ADR),
strike price $20.75, expires 06/20/08

 

 

(218,000

)

 

(373,587

)

Compagnie Financiere Richemont S.A.,
strike price 61.30 CHF, expires 06/17/08

 

 

(12,000

)

 

(55,842

)

Compagnie Financiere Richemont S.A.,
strike price 62.94 CHF, expires 05/13/08

 

 

(122,000

)

 

(232,317

)

DaimlerChrysler AG, strike price 59.85 EUR,
expires 05/27/08

 

 

(29,500

)

 

(2,957

)

DaimlerChrysler AG, strike price 60.91 EUR,
expires 05/13/08

 

 

(17,600

)

 

(27

)

Daito Trust Construction Co. Ltd.,
strike price 5,575.58 JPY, expires 07/08/08

 

 

(84,250

)

 

(95,832

)

Daito Trust Construction Co. Ltd.,
strike price 6,063.47 JPY, expires 05/28/08

 

 

(31,000

)

 

(1,917

)

De La Rue Plc, strike price 9.20 GBP, expires 05/13/08

 

 

(201,000

)

 

(3,758

)

De La Rue Plc, strike price 9.87 GBP, expires 05/13/08

 

 

(43,000

)

 

(14

)

Deutsche Post AG, strike price 20.22 EUR,
expires 07/01/08

 

 

(141,000

)

 

(161,122

)

Deutsche Post AG, strike price 22.38 EUR,
expires 05/13/08

 

 

(117,000

)

 

(2,084

)

DnB NOR ASA, strike price 77.43 NOK,
expires 06/17/08

 

 

(99,000

)

 

(69,315

)

DnB NOR ASA, strike price 79.27 NOK,
expires 05/27/08

 

 

(188,400

)

 

(70,477

)

E.ON AG, strike price 123.72 EUR, expires 05/13/08

 

 

(14,300

)

 

(98,518

)

EnCana Corp., strike price $78.25, expires 05/07/08

 

 

(410

)

 

(125,120

)

EnCana Corp., strike price $90, expires 05/19/08

 

 

(400

)

 

(6,000

)

Enel S.p.A., strike price 7.20 EUR, expires 07/01/08

 

 

(880,000

)

 

(119,484

)

Eni S.p.A., strike price 23.30 EUR, expires 05/27/08

 

 

(242,000

)

 

(548,026

)

Eni S.p.A., strike price 24.34 EUR, expires 05/13/08

 

 

(157,000

)

 

(126,538

)

Esprit Holdings Ltd., strike price 101.98 HKD,
expires 05/07/08

 

 

(136,000

)

 

(24,330

)

Esprit Holdings Ltd., strike price 103.60 HKD,
expires 05/07/08

 

 

(192,000

)

 

(25,074

)

Esprit Holdings Ltd., strike price 111.38 HKD,
expires 05/28/08

 

 

(188,000

)

 

(47,560

)

Fanuc Ltd., strike price 11,412.50 JPY,
expires 05/28/08

 

 

(42,000

)

 

(118,159

)

Firstgroup Plc, strike price 5.79 GBP, expires 05/27/08

 

 

(590,000

)

 

(251,675

)

Fomento Economico Mexicano SAB de CV,
strike price 48.34 MXN, expires 05/13/08

 

 

(2,177,200

)

 

(69,434

)

France Telecom S.A., strike price 23 EUR,
expires 06/16/08

 

 

(100,000

)

 

(17,267

)

Fred Olson Energy ASA, strike price 315.04 NOK,
expires 05/13/08

 

 

(90,000

)

 

(221,590

)

Fred Olson Energy ASA, strike price 327.23 NOK,
expires 07/01/08

 

 

(83,000

)

 

(267,767

)

Gazprom OAO (ADR), strike price $53.45,
expires 05/13/08

 

 

(90,300

)

 

(125,589

)

Gazprom OAO (ADR), strike price $56.76,
expires 06/17/08

 

 

(51,600

)

 

(37,534

)

Goldcorp, Inc., strike price 44 CAD, expires 06/23/08

 

 

(1,700

)

 

(59,081

)

Hannover Rueckversicherung AG, strike price 31.55 EUR,
expires 05/27/08

 

 

(47,000

)

 

(143,025

)

Heineken N.V., strike price 38 EUR, expires 05/23/08

 

 

(100,000

)

 

(92,210

)

Honda Motor Co. Ltd., strike price 3,431.83 JPY,
expires 05/07/08

 

 

(132,350

)

 

(74,183

)

Honda Motor Co. Ltd., strike price 3,847.25 JPY,
expires 05/28/08

 

 

(159,000

)

 

(25,390

)

HSBC Holdings Plc, strike price 8.34 GBP,
expires 05/27/08

 

 

(225,000

)

 

(207,622

)

HSBC Holdings Plc, strike price 8.72 GBP,
expires 06/17/08

 

 

(117,400

)

 

(62,925

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

43



 

 


 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

ICAP Plc, strike price 6.535 GBP, expires 05/13/08

 

 

(840,000

)

$

(116,662

)

ICAP Plc, strike price 7.109 GBP, expires 05/13/08

 

 

(108,300

)

 

(3,723

)

Imperial Tobacco Group Plc, strike price 24 GBP,
expires 06/17/08

 

 

(55,200

)

 

(106,057

)

Imperial Tobacco Group Plc, strike price 24.11 GBP,
expires 05/13/08

 

 

(83,000

)

 

(78,288

)

Imperial Tobacco Group Plc, strike price 25.79 GBP,
expires 07/01/08

 

 

(59,000

)

 

(44,720

)

Intercontinental Hotels Group Plc, strike price 8.11 GBP,
expires 05/13/08

 

 

(140,000

)

 

(50,042

)

Intesa Sanpaolo S.p.A., strike price 4.12 EUR,
expires 05/27/08

 

 

(517,600

)

 

(320,645

)

Intl. Power Plc, strike price 4.31 GBP, expires 06/17/08

 

 

(99,500

)

 

(44,841

)

Intl. Power Plc, strike price 4.40 GBP, expires 07/17/08

 

 

(487,600

)

 

(178,127

)

Intl. Power Plc, strike price 4.47 GBP, expires 05/13/08

 

 

(167,000

)

 

(19,468

)

Invesco Ltd., strike price $25, expires 07/21/08

 

 

(1,200

)

 

(273,000

)

Invesco Ltd., strike price $26, expires 05/23/08

 

 

(130,000

)

 

(146,653

)

IOI Corp. Bhd, strike price $8.05, expires 05/07/08

 

 

(1,750,000

)

 

(9,100

)

IOI Corp. Bhd, strike price $8.25, expires 05/28/08

 

 

(1,750,000

)

 

(57,400

)

ITOCHU Corp., strike price 1,286.45 JPY,
expires 05/28/08

 

 

(630,000

)

 

(62,539

)

Japan Real Estate Investment Corp. (REIT),
strike price 1,298,000 JPY, expires 05/28/08

 

 

(380

)

 

(143,713

)

Japan Tobacco, Inc., strike price 602,550 JPY,
expires 05/07/08

 

 

(1,700

)

 

(379

)

KBC Groep N.V., strike price 81.09 EUR,
expires 05/27/08

 

 

(21,700

)

 

(215,484

)

KBC Groep N.V., strike price 89.20 EUR,
expires 06/17/08

 

 

(10,000

)

 

(32,061

)

Kerry Properties Ltd., strike price 52.10 HKD,
expires 05/08/08

 

 

(200,000

)

 

(57,984

)

Kerry Properties Ltd., strike price 54.07 HKD,
expires 05/07/08

 

 

(382,000

)

 

(49,431

)

Kinross Gold Corp., strike price 24 CAD,
expires 05/19/08

 

 

(1,200

)

 

(8,937

)

Kinross Gold Corp., strike price 26 CAD,
expires 06/23/08

 

 

(3,000

)

 

(35,746

)

Kinross Gold Corp., strike price 26 CAD,
expires 08/18/08

 

 

(1,800

)

 

(71,492

)

Komatsu Ltd., strike price 3,122.09 JPY,
expires 05/28/08

 

 

(411,000

)

 

(939,010

)

Konica Minolta Holdings, Inc., strike price 1,652.11 JPY,
expires 07/08/08

 

 

(296,700

)

 

(243,956

)

Konica Minolta Holdings, Inc., strike price 1,787.36 JPY,
expires 05/07/08

 

 

(247,200

)

 

(13,205

)

Koninklijke Ahold N.V., strike price 9.47 EUR,
expires 05/15/08

 

 

(380,000

)

 

(115,058

)

Koninklijke Ahold N.V., strike price 9.83 EUR,
expires 06/17/08

 

 

(252,600

)

 

(88,177

)

Linde AG, strike price 88.71 EUR, expires 05/13/08

 

 

(57,000

)

 

(448,136

)

Linde AG, strike price 93.84 EUR, expires 06/17/08

 

 

(10,000

)

 

(48,968

)

Linde AG, strike price 97.82 EUR, expires 07/01/08

 

 

(32,000

)

 

(93,335

)

Meggitt Plc, strike price 3.04 GBP, expires 05/13/08

 

 

(730,000

)

 

(71,464

)

Mizuho Financial Group, Inc.,
strike price 550,762.08 JPY, expires 07/08/08

 

 

(660

)

 

(200,089

)

Nan Ya Plastics Corp., strike price $68.18,
expires 05/08/08

 

 

(2,000,000

)

 

(244,000

)

Nan Ya Plastics Corp., strike price $87.78,
expires 05/28/08

 

 

(2,000,000

)

 

(2,600

)

National Bank of Greece S.A., strike price 34.13 EUR,
expires 06/17/08

 

 

(13,800

)

 

(59,862

)

National Bank of Greece S.A., strike price 35.47 EUR,
expires 05/27/08

 

 

(52,200

)

 

(157,952

)

National Express Group Plc, strike price 11.08 GBP,
expires 05/13/08

 

 

(45,000

)

 

(6

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

National Express Group Plc, strike price 11.46 GBP,
expires 05/13/08

 

 

(295,000

)

$

(176

)

Nestle S.A., strike price 497.32 CHF, expires 05/13/08

 

 

(4,500

)

 

(24,803

)

Nestle S.A., strike price 510 CHF, expires 06/17/08

 

 

(6,300

)

 

(39,118

)

New World Development Co. Ltd., strike price 22.071 HKD,
expires 05/07/08

 

 

(500,000

)

 

(12,546

)

New World Development Co. Ltd., strike price 26.06 HKD,
expires 05/07/08

 

 

(935,000

)

 

(27

)

Nintendo Co. Ltd., strike price 51,909.06 JPY,
expires 05/08/08

 

 

(19,000

)

 

(1,069,396

)

Nintendo Co. Ltd., strike price 62,325.23 JPY,
expires 05/28/08

 

 

(17,000

)

 

(319,363

)

Nordea Bank AB, strike price 100.01 SEK,
expires 05/27/08

 

 

(178,000

)

 

(99,487

)

Nordea Bank AB, strike price 100.57 SEK,
expires 06/17/08

 

 

(81,400

)

 

(60,796

)

Northumbrian Water Group Plc, strike price 3.46 GBP,
expires 07/01/08

 

 

(946,000

)

 

(214,578

)

Northumbrian Water Group Plc, strike price 3.67 GBP,
expires 05/13/08

 

 

(860,000

)

 

(7,881

)

Novartis AG, strike price 52.75 CHF, expires 05/13/08

 

 

(100,000

)

 

(65,028

)

NovaTeck OAO (ADR), strike price $80.556,
expires 05/13/08

 

 

(47,000

)

 

(36,801

)

NovaTeck OAO (ADR), strike price $81.06,
expires 06/17/08

 

 

(32,000

)

 

(84,176

)

Oriflame Cosmetics S.A., strike price 408.96 SEK,
expires 05/13/08

 

 

(17,000

)

 

(144,427

)

Oriflame Cosmetics S.A., strike price 424.86 SEK,
expires 05/15/08

 

 

(89,600

)

 

(593,615

)

Oriflame Cosmetics S.A., strike price 432.55 SEK,
expires 06/16/08

 

 

(98,186

)

 

(613,653

)

Orkla ASA, strike price 68.80 NOK, expires 05/09/08

 

 

(156,000

)

 

(36,690

)

Petroleo Brasileiro S.A. (ADR), strike price $120,
expires 07/21/08

 

 

(450

)

 

(515,250

)

Petroleo Brasileiro S.A. (ADR), strike price $130,
expires 06/23/08

 

 

(900

)

 

(504,000

)

Philippine Long Distance Telephone Co. (ADR),
strike price $65, expires 05/19/08

 

 

(450

)

 

(49,500

)

Philippine Long Distance Telephone Co. (ADR),
strike price $68.25, expires 06/20/08

 

 

(46,000

)

 

(30,728

)

Potash Corp. of Saskatchewan, strike price $155,
expires 05/19/08

 

 

(236

)

 

(725,700

)

ProSafe SE, strike price 84.98 NOK, expires 06/17/08

 

 

(116,100

)

 

(154,831

)

ProSafe SE, strike price 94.99 NOK, expires 05/27/08

 

 

(286,000

)

 

(82,289

)

ProSafe SE, strike price 95.76 NOK, expires 05/13/08

 

 

(64,000

)

 

(6,335

)

Prudential Plc, strike price 6.55 GBP, expires 05/27/08

 

 

(178,300

)

 

(159,253

)

Prudential Plc, strike price 7 GBP, expires 06/17/08

 

 

(178,200

)

 

(108,067

)

Rio Tinto Plc (ADR), strike price $460, expires 05/19/08

 

 

(140

)

 

(322,000

)

Royal Bank of Scotland Group Plc, strike price 3.30 GBP,
expires 05/16/08

 

 

(227

)

 

(98,168

)

Royal Bank of Scotland Group Plc, strike price 3.98 GBP,
expires 06/17/08

 

 

(305,000

)

 

(16,421

)

Royal Dutch Shell Plc, Class B, strike price 18.83 GBP,
expires 05/13/08

 

 

(280,000

)

 

(700,766

)

Royal Dutch Shell Plc, Class B, strike price 19.82 GBP,
expires 07/01/08

 

 

(195,000

)

 

(341,853

)

RWE AG, strike price 78 EUR, expires 07/01/08

 

 

(41,600

)

 

(71,806

)

RWE AG, strike price 80 EUR, expires 05/27/08

 

 

(51,000

)

 

(30,781

)

Samsung Electronics Co. Ltd., strike price 609,000 KRW,
expires 05/08/08

 

 

(7,450

)

 

(758,927

)

Santos Ltd., strike price 14.651 AUD, expires 05/08/08

 

 

(450,000

)

 

(576,928

)

SAP AG, strike price 32.19 EUR, expires 05/13/08

 

 

(138,000

)

 

(280,152

)

Sasol Ltd. (ADR), strike price $57.51, expires 05/16/08

 

 

(70,000

)

 

(135,569

)

Sasol Ltd. (ADR), strike price $60, expires 05/30/08

 

 

(690

)

 

(129,120

)

Sasol Ltd. (ADR), strike price $60, expires 06/23/08

 

 

(800

)

 

(174,000

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

44

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

SES S.A., strike price 15.14 EUR, expires 05/27/08

 

 

(350,000

)

$

(488,506

)

Shin-Etsu Chemical Co. Ltd., strike price 6,062.14 JPY,
expires 05/07/08

 

 

(56,900

)

 

(240,279

)

Shin-Etsu Chemical Co. Ltd., strike price 6,284.89 JPY,
expires 07/08/08

 

 

(68,200

)

 

(353,128

)

Shire Plc, strike price 10.15 GBP, expires 05/13/08

 

 

(308,000

)

 

(24,816

)

Shire Plc, strike price 10.47 GBP, expires 05/13/08

 

 

(47,000

)

 

(1,500

)

Shizuoka Bank Ltd. (The), strike price 1,214.75 JPY,
expires 05/08/08

 

 

(295,000

)

 

(196,520

)

Shizuoka Bank Ltd. (The), strike price 1,311.77 JPY,
expires 07/08/08

 

 

(354,000

)

 

(247,227

)

Sims Group Ltd., strike price 32.58 AUD,
expires 05/08/08

 

 

(395,000

)

 

(426,748

)

Singapore Technologies Engineering Ltd.,
strike price 3.342 SGD, expires 05/07/08

 

 

(1,239,064

)

 

(7,586

)

Singapore Technologies Engineering Ltd.,
strike price 3.78 SGD, expires 05/28/08

 

 

(1,446,707

)

 

(7,695

)

Singapore Telecommunications Ltd.,
strike price 3.87 SGD, expires 05/07/08

 

 

(2,100,000

)

 

(118,838

)

Singapore Telecommunications Ltd.,
strike price 4.097 SGD, expires 05/07/08

 

 

(2,100,000

)

 

(16,426

)

Smiths Group Plc, strike price 10.23 GBP,
expires 05/13/08

 

 

(235,000

)

 

(13,165

)

Smiths Group Plc, strike price 10.47 GBP,
expires 05/13/08

 

 

(88,600

)

 

(2,393

)

Societe Generale, strike price 63.32 EUR,
expires 05/27/08

 

 

(27,900

)

 

(508,279

)

Societe Generale, strike price 74.64 EUR,
expires 06/17/08

 

 

(12,000

)

 

(74,459

)

Societe Generale, strike price 80.85 EUR,
expires 06/30/08

 

 

(25,000

)

 

(70,913

)

SSAB Svenskt Stal AB, Series A,
strike price 195.80 SEK, expires 05/13/08

 

 

(38,000

)

 

(59,051

)

Standard Chartered Plc, strike price 17.24 GBP,
expires 05/27/08

 

 

(81,100

)

 

(157,745

)

Standard Chartered Plc, strike price 17.81 GBP,
expires 06/17/08

 

 

(46,200

)

 

(76,303

)

Standard Chartered Plc, strike price 18.50 GBP,
expires 07/01/08

 

 

(80,000

)

 

(106,573

)

Standard Life Plc, strike price 2.47 GBP,
expires 05/27/08

 

 

(4,800

)

 

(1,151

)

Standard Life Plc, strike price 2.57 GBP,
expires 05/27/08

 

 

(525,000

)

 

(74,780

)

Sumitomo Corp., strike price 1,562.87 JPY,
expires 05/07/08

 

 

(288,650

)

 

(15,456

)

Sumitomo Corp., strike price 1,779.80 JPY,
expires 05/28/08

 

 

(346,000

)

 

(5,779

)

Sun Hung Kai Properties Ltd., strike price 154.62 HKD,
expires 05/28/08

 

 

(310,000

)

 

(79,588

)

Suncor Energy, Inc., strike price $110,
expires 06/23/08

 

 

(280

)

 

(222,600

)

Suncor Energy, Inc., strike price $119.25,
expires 06/25/08

 

 

(380

)

 

(143,264

)

Swiss Life Holding, strike price 248.85 CHF,
expires 05/27/08

 

 

(9,600

)

 

(558,409

)

Swiss Life Holding, strike price 308.93 CHF,
expires 05/13/08

 

 

(9,600

)

 

(53,241

)

Syngenta AG, strike price 298.69 CHF, expires 06/17/08

 

 

(5,200

)

 

(103,892

)

Syngenta AG, strike price 311.55 CHF, expires 05/13/08

 

 

(36,000

)

 

(227,085

)

Syngenta AG, strike price 319.21 CHF, expires 05/13/08

 

 

(25,400

)

 

(81,425

)

Taiwan Fertilizer Co. Ltd., strike price $124.57,
expires 05/08/08

 

 

(500,000

)

 

(377,900

)

Taiwan Mobile Co. Ltd., strike price $59.38,
expires 07/08/08

 

 

(2,850,000

)

 

(255,645

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $10.85, expires 06/27/08

 

 

(566,000

)

 

(380,465

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $11.40, expires 06/27/08

 

 

(134,000

)

$

(40,200

)

Telekom Malaysia Bhd, strike price $11.95,
expires 05/07/08

 

 

(2,000,000

)

 

(8,000

)

TeliaSonera AB, strike price 51.96 SEK,
expires 07/01/08

 

 

(400,000

)

 

(295,434

)

TELUS Corp., strike price 48 CAD, expires 05/19/08

 

 

(510

)

 

(26,586

)

Total S.A., strike price 49.25 EUR, expires 05/23/08

 

 

(63,000

)

 

(447,839

)

Total S.A., strike price 51.63 EUR, expires 05/13/08

 

 

(63,000

)

 

(229,698

)

Total S.A., strike price 54.32 EUR, expires 07/01/08

 

 

(63,000

)

 

(162,687

)

Total S.A., strike price 54.39 EUR, expires 05/13/08

 

 

(50,000

)

 

(49,264

)

TrygVesta AS, strike price 409.94 DKK, expires 05/27/08

 

 

(28,000

)

 

(74,415

)

Turkcell Iletisim Hizmet AS (ADR), strike price $20.47,
expires 06/20/08

 

 

(200,000

)

 

(293,520

)

UBS AG, strike price 32 CHF, expires 05/27/08

 

 

(112,000

)

 

(376,283

)

Unibanco - Uniao de Bancos Brasileiros S.A. (ADR),
strike price $140, expires 05/19/08

 

 

(1,335

)

 

(1,154,775

)

United Business Media Plc, strike price 5.56 GBP,
expires 05/13/08

 

 

(270,000

)

 

(154,112

)

United Overseas Bank Ltd., strike price 18.85 SGD,
expires 05/07/08

 

 

(157,200

)

 

(178,850

)

United Overseas Bank Ltd., strike price 19.79 SGD,
expires 05/28/08

 

 

(100,000

)

 

(79,386

)

United Overseas Bank Ltd., strike price 20.71 SGD,
expires 07/08/08

 

 

(318,000

)

 

(243,726

)

Vivendi, strike price 26 EUR, expires 05/23/08

 

 

(72,000

)

 

(56,459

)

Vivendi, strike price 27.31 EUR, expires 05/13/08

 

 

(71,000

)

 

(8,559

)

Vivendi, strike price 27.82 EUR, expires 05/13/08

 

 

(50,000

)

 

(3,471

)

Vodafone Group Plc, strike price 1.62 GBP,
expires 05/13/08

 

 

(1,525,000

)

 

(76,411

)

Vodafone Group Plc, strike price 1.79 GBP,
expires 05/13/08

 

 

(2,000,000

)

 

(589

)

Wartsila Oyj, B Shares, strike price 47.08 EUR,
expires 05/13/08

 

 

(83,595

)

 

(35,928

)

Willis Group Holdings Ltd., strike price $37.04,
expires 06/20/08

 

 

(21,000

)

 

(15,578

)

Yara Intl. ASA, strike price 304.50 NOK,
expires 05/27/08

 

 

(71,000

)

 

(953,806

)

Yara Intl. ASA, strike price 315 NOK,
expires 06/16/08

 

 

(158,400

)

 

(1,887,581

)

Yara Intl. ASA, strike price 323.47 NOK,
expires 05/13/08

 

 

(30,000

)

 

(276,212

)

Yara Intl. ASA, strike price 415.51 NOK,
expires 07/01/08

 

 

(72,700

)

 

(158,503

)

Yue Yuen Industrial Holdings Ltd.,
strike price 24.29 HKD, expires 05/07/08

 

 

(720,000

)

 

(34,263

)

Yue Yuen Industrial Holdings Ltd.,
strike price 25.17 HKD, expires 05/28/08

 

 

(1,900,000

)

 

(150,474

)

Zinifex Ltd., strike price 10.89 AUD, expires 05/28/08

 

 

(660,000

)

 

(63,805

)

Zurich Financial Services AG, strike price 309.98 CHF,
expires 05/27/08

 

 

(7,400

)

 

(86,688

)

               

Total Outstanding Call Options Written

 

 

 

 

 

(40,990,579

)

               

Outstanding Put Option Written—(0.0)%

 

 

 

 

 

 

 

Potash Corp. of Saskatchewan, strike price $185,
expires 05/19/08

 

 

(165

)

 

(150,975

)

               

Total Outstanding Options Written
(Premium Received—$39,606,238)—(2.2)%

 

 

 

 

 

(41,141,554

)

               

Total Investments Net of Outstanding Options Written—97.6%

 

 

 

 

 

1,860,514,455

 

Other Assets in Excess of Liabilities—2.4%

 

 

 

 

 

46,543,645

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

1,907,058,100

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

45



 

 


 

 

 

Schedule of Investments (concluded)

BlackRock International Growth and Income Trust (BGY)


 

 

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

1,943,744,866

 

 

 

 

     

 

Gross unrealized appreciation

 

$

65,251,784

 

 

Gross unrealized depreciation

 

 

(107,340,641

)

 

 

 

     

 

Net unrealized depreciation

 

$

(42,088,857

)

 

 

 

     

 

 

(a)

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

(b)

Non-income producing security.

(c)

Represents current yield as of report date.

 

Forward foreign exchange contracts as of April 30, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Currency Purchased

 

Currency Sold

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                             

 

USD

 

2,098,906

 

 

AUD

 

2,236,000

 

 

5/1/08

 

 

 

$

        10,766

 

 

USD

 

5,921,537

 

 

JPY

 

615,603,000

 

 

5/7/08

 

 

 

$

        (1,424)

 

 

                             

Total Net Unrealized Appreciation on Forward Foreign
Exchange Contracts

 

 

 

 

 

$

          9,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       

 

 

Swaps outstanding as of April 30, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

                   

 

 

Notional
Amount (000)

 

Unrealized
Appreciation
(Depreciation)

 

               

Pay a floating rate based on 6-month
USD LIBOR plus 25 basis points and
receive a fixed rate based on the return
of the underlying equity baskets.
Broker, Deutsche Bank AG
Expires July 2008

 

$

3,000,000

 

 

 

$

50,572

 

 

 

 

 

 

 

 

 

 

 

 

 

Pay a floating rate based on 1-month
USD LIBOR minus 150 basis points and
receive a fixed rate based on the return
of the underlying equity baskets.
Broker, Deutsche Bank AG
Expires June 2008

 

 

6,000,000

 

 

 

 

166,703

 

 

 

 

 

 

 

 

 

 

 

 

 

Receive (pay) a variable return based on
the change in spread of the Taiwan equity
basket swap and pay a floating rate based
on USD LIBOR minus 275 basis points
Broker, Deutsche Bank AG
Expires June 2008

 

 

3,686,000

 

 

 

 

(647,717

)

 

                   

Total

 

 

 

 

 

$

(430,442

)

 

 

 

 

 

 

 

       

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

46

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 



 

Schedule of Investments  April 30, 2008 (Unaudited)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Chemicals—8.8%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

65,000

 

$

5,135,000

 

Air Products & Chemicals, Inc.(a)

 

 

135,900

 

 

13,376,637

 

Celanese Corp., Series A

 

 

132,100

 

 

5,911,475

 

Dow Chemical Co. (The)

 

 

206,025

 

 

8,271,904

 

E.I. du Pont de Nemours & Co.

 

 

526,479

 

 

25,750,088

 

Mosaic Co. (The)(b)

 

 

11,900

 

 

1,457,869

 

Olin Corp.

 

 

229,000

 

 

4,618,930

 

Potash Corp. of Saskatchewan

 

 

67,000

 

 

12,324,650

 

Praxair, Inc.

 

 

155,800

 

 

14,226,098

 

Rohm & Haas Co.

 

 

210,600

 

 

11,256,570

 

 

 

 

 

 

     

 

 

 

 

 

 

102,329,221

 

               

Coal—5.2%

 

 

 

 

 

 

 

Arch Coal, Inc.(a)

 

 

160,000

 

 

9,177,600

 

Consol Energy, Inc.(a)

 

 

261,379

 

 

21,161,244

 

Massey Energy Co.(a)

 

 

347,000

 

 

18,158,510

 

Patriot Coal Corp.(b)

 

 

15,780

 

 

1,042,269

 

Peabody Energy Corp.(a)

 

 

181,400

 

 

11,088,982

 

 

 

 

 

 

     

 

 

 

 

 

 

60,628,605

 

               

Electric—0.5%

 

 

 

 

 

 

 

NRG Energy, Inc.(b)

 

 

146,500

 

 

6,438,675

 

               

Forest Products & Paper—6.2%

 

 

 

 

 

 

 

Intl. Paper Co.(a)

 

 

561,000

 

 

14,681,370

 

MeadWestvaco Corp.

 

 

610,000

 

 

16,043,000

 

Mondi Ltd.

 

 

19,005

 

 

159,484

 

Mondi Plc

 

 

47,512

 

 

376,543

 

Temple-Inland, Inc.

 

 

482,600

 

 

5,631,942

 

Votorantim Celulose e Papel S.A. (ADR)

 

 

471,200

 

 

14,979,448

 

Weyerhauser Co.

 

 

326,200

 

 

20,837,656

 

 

 

 

 

 

     

 

 

 

 

 

 

72,709,443

 

               

Iron & Steel—0.5%

 

 

 

 

 

 

 

Allegheny Technologies, Inc.

 

 

47,900

 

 

3,296,957

 

Carpenter Technology Corp.

 

 

47,366

 

 

2,428,928

 

 

 

 

 

 

     

 

 

 

 

 

 

5,725,885

 

               

Machinery—2.7%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

313,625

 

 

25,679,615

 

Deere & Co.

 

 

70,966

 

 

5,966,111

 

 

 

 

 

 

     

 

 

 

 

 

 

31,645,726

 

               

Metal—0.6%

 

 

 

 

 

 

 

Jiangxi Copper Co. Ltd.

 

 

2,684,600

 

 

6,524,499

 

               

Mining—37.8%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd.

 

 

278,750

 

 

9,451,865

 

Agnico-Eagle Mines Ltd.(a)

 

 

150,000

 

 

9,367,500

 

Alamos Gold, Inc.(b)

 

 

1,000,000

 

 

6,047,066

 

Alcoa, Inc.(a)

 

 

266,550

 

 

9,270,609

 

Alumina Ltd.

 

 

1,956,400

 

 

10,586,659

 

Anglo American Plc

 

 

172,945

 

 

11,179,379

 

Anglo Platinum Ltd.

 

 

45,700

 

 

7,288,486

 

Barrick Gold Corp.(a)

 

 

107,100

 

 

4,136,202

 

BHP Billiton Plc

 

 

936,700

 

 

33,425,706

 

Cia de Minas Buenaventura S.A. (ADR)(a)

 

 

137,700

 

 

8,615,889

 

Cia Vale do Rio Doce (ADR)(a)

 

 

980,000

 

 

38,298,400

 

Eramet

 

 

20,250

 

 

18,059,046

 

First Quantum Minerals Ltd.

 

 

200,000

 

 

17,561,315

 

Freeport-McMoRan Copper & Gold, Inc.(a)

 

 

96,800

 

 

11,011,000

 

Goldcorp, Inc.(a)

 

 

202,750

 

 

7,242,230

 

Harry Winston Diamond Corp.

 

 

133,000

 

 

3,940,741

 

Iluka Resources Ltd.

 

 

2,046,786

 

 

7,648,730

 

Impala Platinum Holdings Ltd.

 

 

560,200

 

 

22,672,038

 

Industrias Penoles SA de CV

 

 

546,669

 

 

16,026,764

 

Kazakhmys Plc

 

 

251,400

 

 

7,837,305

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Mining—(concluded)

 

 

 

 

 

 

 

Lihir Gold Ltd.(b)

 

 

1,357,650

 

$

3,851,736

 

Lonmin Plc

 

 

60,700

 

 

3,714,728

 

Minara Resources Ltd.

 

 

1,860,950

 

 

10,195,677

 

Minsur S.A.

 

 

1,504,804

 

 

4,943,772

 

MMC Norilsk Nickel

 

 

19,250

 

 

5,162,816

 

MMC Norilsk Nickel (ADR)

 

 

27,000

 

 

724,447

 

Newmont Mining Corp.(a)

 

 

63,900

 

 

2,825,019

 

Oxiana Ltd.

 

 

2,209,050

 

 

6,857,868

 

Rio Tinto Plc

 

 

362,036

 

 

42,203,804

 

Southern Copper Corp.

 

 

34,300

 

 

3,936,268

 

Straits Resources Ltd.

 

 

806,450

 

 

5,238,232

 

Teck Cominco Ltd., Class B

 

 

390,300

 

 

16,982,371

 

Vedanta Resources Plc

 

 

432,700

 

 

19,077,926

 

Xstrata Plc

 

 

419,332

 

 

32,646,479

 

Zijin Mining Group Co. Ltd.(b)

 

 

6,639,750

 

 

6,030,069

 

Zinifex Ltd.

 

 

1,761,300

 

 

16,757,042

 

 

 

 

 

 

     

 

 

 

 

 

 

440,815,184

 

               

Oil & Gas—24.4%

 

 

 

 

 

 

 

Apache Corp.

 

 

87,800

 

 

11,824,904

 

BG Group Plc

 

 

363,000

 

 

8,859,089

 

Bill Barrett Corp.(a)(b)

 

 

102,100

 

 

5,251,003

 

Canadian Natural Resources Ltd.

 

 

84,400

 

 

7,174,000

 

Chesapeake Energy Corp.

 

 

150,884

 

 

7,800,703

 

Compton Petroleum Corp.(b)

 

 

332,600

 

 

3,824,355

 

ConocoPhillips

 

 

58,900

 

 

5,074,235

 

Crescent Point Energy Trust

 

 

235,000

 

 

7,539,321

 

Denbury Resources, Inc.(b)

 

 

122,900

 

 

3,755,824

 

Devon Energy Corp.

 

 

61,600

 

 

6,985,440

 

EnCana Corp.(a)

 

 

67,800

 

 

5,478,918

 

ENSCO Intl., Inc.(a)

 

 

58,900

 

 

3,753,697

 

EOG Resources, Inc.

 

 

129,400

 

 

16,884,112

 

Forest Oil Corp.(b)

 

 

73,700

 

 

4,343,141

 

Galleon Energy, Inc.(b)

 

 

367,800

 

 

6,475,121

 

Helmerich & Payne, Inc.(a)

 

 

253,900

 

 

13,647,125

 

Heritage Oil Ltd.(b)

 

 

862,000

 

 

4,798,982

 

Hess Corp.(a)

 

 

120,900

 

 

12,839,580

 

Marathon Oil Corp.

 

 

145,600

 

 

6,634,992

 

Murphy Oil Corp.

 

 

55,900

 

 

5,050,006

 

Newfield Exploration Co.(b)

 

 

136,500

 

 

8,293,740

 

Nexen, Inc.

 

 

149,000

 

 

5,163,456

 

Noble Corp.

 

 

78,500

 

 

4,417,980

 

Occidental Petroleum Corp.

 

 

106,100

 

 

8,828,581

 

PetroChina Co. Ltd. (ADR)

 

 

15,600

 

 

2,357,784

 

Petroleo Brasileiro S.A. (ADR)

 

 

87,800

 

 

10,660,676

 

Pioneer Natural Resources Co.

 

 

63,100

 

 

3,642,763

 

Plains Exploration & Production Co.(b)

 

 

89,400

 

 

5,567,832

 

Pride Intl., Inc.(b)(c)

 

 

101,300

 

 

4,300,185

 

Quicksilver Resources, Inc.(b)(c)

 

 

225,800

 

 

9,368,442

 

Range Resources Corp.

 

 

179,500

 

 

11,915,210

 

SeaDrill Ltd.

 

 

164,300

 

 

4,948,835

 

Southwestern Energy Co.(b)

 

 

172,600

 

 

7,302,706

 

StatoilHydro ASA

 

 

174,336

 

 

6,271,921

 

StatoilHydro ASA (ADR)

 

 

35,300

 

 

1,276,801

 

Suncor Energy, Inc.

 

 

38,800

 

 

4,372,372

 

Total S.A. (ADR)

 

 

51,100

 

 

4,292,400

 

TriStar Oil & Gas Ltd.(b)

 

 

136,400

 

 

2,305,161

 

TXCO Resources, Inc.(b)(c)

 

 

126,000

 

 

1,610,280

 

Unit Corp.(b)(c)

 

 

138,200

 

 

8,777,082

 

Valero Energy Corp.

 

 

141,800

 

 

6,926,930

 

Warren Resources, Inc.(b)

 

 

191,710

 

 

2,354,199

 

Whiting Petroleum Corp.(b)

 

 

7,900

 

 

604,508

 

XTO Energy, Inc.

 

 

171,625

 

 

10,616,722

 

 

 

 

 

 

     

 

 

 

 

 

 

284,171,114

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

47





 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Oil & Gas Services—6.8%

 

 

 

 

 

 

 

Cameron Intl. Corp.(b)

 

 

107,200

 

$

5,277,456

 

Core Laboratories N.V.(b)

 

 

103,200

 

 

12,928,896

 

Exterran Holdings, Inc.(b)(c)

 

 

97,902

 

 

6,538,874

 

FMC Technologies, Inc.(a)(b)(c)

 

 

146,378

 

 

9,836,602

 

Helix Energy Solutions Group, Inc.(b)

 

 

147,400

 

 

5,092,670

 

Petrofac Ltd.

 

 

398,500

 

 

4,643,323

 

Schlumberger Ltd.(a)

 

 

129,200

 

 

12,991,060

 

Smith Intl., Inc.(a)

 

 

67,300

 

 

5,149,123

 

Trican Well Service Ltd.

 

 

153,840

 

 

3,466,021

 

Weatherford Intl. Ltd.(b)(c)

 

 

166,200

 

 

13,407,354

 

 

 

 

 

 

     

 

 

 

 

 

 

79,331,379

 

               

Pipelines—1.3%

 

 

 

 

 

 

 

Equitable Resources, Inc.

 

 

101,800

 

 

6,756,466

 

Questar Corp.(a)

 

 

138,000

 

 

8,560,140

 

 

 

 

 

 

     

 

 

 

 

 

 

15,316,606

 

               

Savings & Loan—0.1%

 

 

 

 

 

 

 

Guaranty Financial Group, Inc.(b)(c)

 

 

156,000

 

 

1,193,400

 

               

Total Common Stocks
(Cost—$777,041,236)—94.9%

 

 

 

 

 

1,106,829,737

 

               


 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

               

Money Market Funds—7.3%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC, Money Market Series,
2.85%(d)(e)(f)

 

 

38,513,800

 

 

38,513,800

 

Fidelity Institutional Money Market Prime Portfolio,
2.59%(d)

 

 

47,043,667

 

 

47,043,667

 

 

 

 

 

 

     

 

 

 

 

 

 

85,557,467

 

               

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

Amount

 

 

 

 

               

U.S. Government and Agency Discount Notes—2.8%

 

 

 

 

 

 

 

Federal Home Loan Bank Disc. Notes,
1.75%, 05/01/08(g)

 

$

32,800,000

 

 

32,800,000

 

               

Total Short-Term Investments
(Cost—$118,357,467)—10.1%

 

 

 

 

 

118,357,467

 

               


 

 

 

 

 

 

 

 

Options Purchased

 

 

Contracts

 

 

 

 

               

Outstanding Put Option Purchased—0.0%

 

 

 

 

 

 

 

Peabody Energy Corp., strike price $50,
expires 01/19/09

 

 

100

 

 

43,000

 

               

Outstanding Call Options Purchased—0.1%

 

 

 

 

 

 

 

Carpenter Technology Corp., strike price $70,
expires 11/21/08

 

 

15,000

 

 

26,598

 

Cia Vale do Rio Doce (ADR), strike price $32.50,
expires 06/21/08

 

 

1,000

 

 

697,500

 

Peabody Energy Corp., strike price $59.45,
expires 11/03/08

 

 

30,000

 

 

283,461

 

Peabody Energy Corp., strike price $65,
expires 09/22/08

 

 

100

 

 

57,000

 

               

Total Outstanding Call Options Purchased

 

 

 

 

 

1,064,559

 

               

Total Outstanding Options Purchased
(Cost—$839,106)—0.1%

 

 

 

 

 

1,107,559

 

               

Total Investments Before Outstanding Options Written
(Cost—$896,237,809*)—105.1%

 

 

 

 

 

1,226,294,763

 

               

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(1.8)%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd., strike price 225.59 ZAR,
expires 05/13/08

 

 

(92,000

)

$

(400,261

)

Agnico-Eagle Mines Ltd., strike price $85,
expires 11/21/08

 

 

(50,000

)

 

(180,635

)

Agrium, Inc., strike price $90, expires 11/07/08

 

 

(21,500

)

 

(198,015

)

Air Products & Chemicals, Inc., strike price $100,
expires 05/19/08

 

 

(150

)

 

(27,375

)

Air Products & Chemicals, Inc., strike price $101,
expires 11/21/08

 

 

(15,000

)

 

(114,111

)

Air Products & Chemicals, Inc., strike price $106,
expires 11/21/08

 

 

(15,000

)

 

(107,601

)

Alcoa, Inc., strike price $42.50, expires 07/21/08

 

 

(250

)

 

(16,125

)

Alcoa, Inc., strike price $45.05, expires 11/21/08

 

 

(16,500

)

 

(18,784

)

Allegheny Technologies, Inc., strike price $101,
expires 11/21/08

 

 

(10,000

)

 

(17,323

)

Allegheny Technologies, Inc., strike price $80,
expires 05/19/08

 

 

(200

)

 

(6,500

)

Alumina Ltd., strike price 5.29 AUD, expires 05/08/08

 

 

(645,000

)

 

(297,372

)

Anglo American Plc, strike price 34.65 GBP,
expires 05/13/08

 

 

(20,000

)

 

(23,521

)

Anglo American Plc, strike price 34.89 GBP,
expires 07/01/08

 

 

(37,000

)

 

(151,239

)

Anglo Platinum Ltd., strike price 1,460.50 ZAR,
expires 05/13/08

 

 

(15,000

)

 

(5,573

)

Apache Corp., strike price $150, expires 07/21/08

 

 

(100

)

 

(37,500

)

Apache Corp., strike price $155.25, expires 11/17/08

 

 

(200

)

 

(145,750

)

Arch Coal, Inc., strike price $60, expires 05/19/08

 

 

(350

)

 

(46,375

)

Arch Coal, Inc., strike price $60, expires 07/21/08

 

 

(175

)

 

(77,000

)

Arch Coal, Inc., strike price $65, expires 07/21/08

 

 

(50

)

 

(13,875

)

Barrick Gold Corp., strike price $51, expires 11/21/08

 

 

(15,000

)

 

(22,762

)

BG Group Plc, strike price 12.23 GBP, expires 05/13/08

 

 

(59,000

)

 

(45,505

)

BG Group Plc, strike price 12.39 GBP, expires 05/13/08

 

 

(50,000

)

 

(31,187

)

BG Group Plc, strike price 13.05 GBP, expires 11/21/08

 

 

(10,000

)

 

(21,393

)

BHP Billiton Plc, strike price 17.01 GBP,
expires 05/09/08

 

 

(156,000

)

 

(346,649

)

BHP Billiton Plc, strike price 20.23 GBP,
expires 07/01/08

 

 

(153,000

)

 

(177,705

)

Bill Barrett Corp., strike price $55, expires 11/21/08

 

 

(20,000

)

 

(107,738

)

Bill Barrett Corp., strike price $57.16,
expires 07/18/08

 

 

(13,700

)

 

(26,589

)

Cameron Intl. Corp., strike price $51,
expires 11/21/08

 

 

(25,000

)

 

(143,898

)

Cameron Intl. Corp., strike price $56,
expires 11/21/08

 

 

(10,000

)

 

(39,310

)

Canadian Natural Resources Ltd., strike price $81,
expires 11/21/08

 

 

(12,500

)

 

(155,869

)

Canadian Natural Resources Ltd., strike price $91,
expires 11/21/08

 

 

(12,500

)

 

(99,045

)

Carpenter Technology Corp., strike price $70.05,
expires 11/21/08

 

 

(7,500

)

 

(13,249

)

Caterpillar, Inc., strike price $75, expires 05/19/08

 

 

(450

)

 

(322,875

)

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

 

 

(585

)

 

(337,838

)

Celanese Corp., Series A, strike price $45,
expires 06/23/08

 

 

(185

)

 

(40,700

)

Celanese Corp., Series A, strike price $45.25,
expires 11/21/08

 

 

(20,000

)

 

(96,144

)

Chesapeake Energy Corp., strike price $50.05,
expires 11/21/08

 

 

(20,000

)

 

(136,446

)

Chesapeake Energy Corp., strike price $52.50,
expires 07/21/08

 

 

(250

)

 

(82,500

)

Cia de Minas Buenaventura S.A. (ADR), strike price $96,
expires 11/21/08

 

 

(10,000

)

 

(13,379

)

Cia Vale do Rio Doce (ADR), strike price $37.50,
expires 06/23/08

 

 

(2,000

)

 

(655,000

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

48

SEMI-ANNUAL REPORT

APRIL 30, 2008

 





 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Cia Vale do Rio Doce (ADR), strike price $42.50,
expires 01/19/09

 

 

(1,000

)

$

(422,500

)

Cia Vale do Rio Doce (ADR), strike price $42.75,
expires 11/21/08

 

 

(100,000

)

 

(356,150

)

ConocoPhillips, strike price $85, expires 05/19/08

 

 

(100

)

 

(22,600

)

ConocoPhillips, strike price $90, expires 06/23/08

 

 

(100

)

 

(15,750

)

Consol Energy, Inc., strike price $81, expires 11/21/08

 

 

(25,000

)

 

(309,685

)

Consol Energy, Inc., strike price $90, expires 07/21/08

 

 

(500

)

 

(202,500

)

Core Laboratories N.V., strike price $136,
expires 11/21/08

 

 

(10,000

)

 

(91,183

)

Core Laboratories N.V., strike price $140,
expires 06/23/08

 

 

(55

)

 

(10,725

)

Core Laboratories N.V., strike price $140,
expires 07/18/08

 

 

(18,500

)

 

(52,682

)

Deere & Co., strike price $96, expires 11/21/08

 

 

(20,000

)

 

(148,436

)

Denbury Resources, Inc., strike price $35.05,
expires 11/21/08

 

 

(20,000

)

 

(54,246

)

Denbury Resources, Inc., strike price $40.05,
expires 11/21/08

 

 

(20,000

)

 

(28,978

)

Devon Energy Corp., strike price $110,
expires 07/21/08

 

 

(150

)

 

(150,750

)

Devon Energy Corp., strike price $116,
expires 11/21/08

 

 

(10,000

)

 

(119,503

)

Dow Chemical Co. (The), strike price $40,
expires 05/19/08

 

 

(250

)

 

(22,500

)

Dow Chemical Co. (The), strike price $40,
expires 06/23/08

 

 

(250

)

 

(41,875

)

E.I. du Pont de Nemours & Co., strike price $50.05,
expires 11/21/08

 

 

(50,000

)

 

(154,110

)

E.I. du Pont de Nemours & Co., strike price $51.50,
expires 06/20/08

 

 

(32,000

)

 

(26,493

)

E.I. du Pont de Nemours & Co., strike price $53,
expires 11/21/08

 

 

(25,000

)

 

(48,922

)

E.I. du Pont de Nemours & Co., strike price $55,
expires 01/19/09

 

 

(250

)

 

(43,125

)

E.I. du Pont de Nemours & Co., strike price $55,
expires 07/21/08

 

 

(250

)

 

(10,000

)

EnCana Corp., strike price $80.81, expires 11/21/08

 

 

(10,000

)

 

(78,312

)

EnCana Corp., strike price $82, expires 11/07/08

 

 

(12,000

)

 

(84,451

)

ENSCO Intl., Inc., strike price $66, expires 11/21/08

 

 

(10,000

)

 

(61,344

)

ENSCO Intl., Inc., strike price $71.70,
expires 07/18/08

 

 

(10,000

)

 

(15,444

)

EOG Resources, Inc., strike price $130,
expires 05/16/08

 

 

(18,000

)

 

(88,790

)

EOG Resources, Inc., strike price $150.05,
expires 11/21/08

 

 

(12,500

)

 

(95,994

)

EOG Resources, Inc., strike price $155.05,
expires 11/21/08

 

 

(12,500

)

 

(81,005

)

Equitable Resources, Inc., strike price $60,
expires 06/23/08

 

 

(50

)

 

(36,000

)

Equitable Resources, Inc., strike price $66,
expires 11/21/08

 

 

(15,000

)

 

(94,035

)

Equitable Resources, Inc., strike price $71,
expires 11/21/08

 

 

(10,000

)

 

(39,786

)

Eramet, strike price 606.84 EUR, expires 07/01/08

 

 

(6,700

)

 

(513,564

)

First Quantum Minerals Ltd., strike price 100 CAD,
expires 07/21/08

 

 

(150

)

 

(65,907

)

First Quantum Minerals Ltd., strike price 96 CAD,
expires 07/21/08

 

 

(150

)

 

(84,897

)

FMC Technologies, Inc., strike price $71,
expires 11/21/08

 

 

(42,000

)

 

(305,718

)

Forest Oil Corp., strike price $66, expires 11/21/08

 

 

(25,000

)

 

(102,818

)

Freeport-McMoRan Copper & Gold, Inc.,
strike price $105, expires 05/19/08

 

 

(100

)

 

(104,500

)

Freeport-McMoRan Copper & Gold, Inc.,
strike price $115, expires 11/24/08

 

 

(150

)

 

(241,500

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Freeport-McMoRan Copper & Gold, Inc.,
strike price $125, expires 06/23/08

 

 

(100

)

$

(41,750

)

Galleon Energy, Inc., strike price 18 CAD,
expires 07/21/08

 

 

(460

)

 

(52,527

)

Galleon Energy, Inc., strike price 19.05 CAD,
expires 11/21/08

 

 

(75,000

)

 

(105,876

)

Goldcorp, Inc., strike price $45, expires 07/21/08

 

 

(460

)

 

(33,350

)

Goldcorp, Inc., strike price $49, expires 11/07/08

 

 

(350

)

 

(43,792

)

Guaranty Financial Group, Inc., strike price $12.50,
expires 05/19/08

 

 

(1,360

)

 

(17,000

)

Guaranty Financial Group, Inc., strike price $15,
expires 05/19/08

 

 

(200

)

 

(4,000

)

Helix Energy Solutions Group, Inc., strike price $35,
expires 05/19/08

 

 

(414

)

 

(46,575

)

Helmerich & Payne, Inc., strike price $47.05,
expires 05/16/08

 

 

(58,000

)

 

(400,490

)

Helmerich & Payne, Inc., strike price $57.50,
expires 11/21/08

 

 

(25,000

)

 

(122,733

)

Hess Corp., strike price $106, expires 11/21/08

 

 

(20,000

)

 

(307,766

)

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

 

 

(200

)

 

(222,000

)

Impala Platinum Holdings Ltd., strike price 383.02 ZAR,
expires 05/13/08

 

 

(185,000

)

 

(21,204

)

Industrias Penoles SA de CV, strike price 291 MXN,
expires 05/13/08

 

 

(180,000

)

 

(448,984

)

Jiangxi Copper Co. Ltd., strike price 16.09 HKD,
expires 05/08/08

 

 

(886,000

)

 

(329,622

)

Kazakhmys Plc, strike price 15.64 GBP,
expires 05/09/08

 

 

(44,000

)

 

(57,523

)

Kazakhmys Plc, strike price 17.88 GBP,
expires 07/01/08

 

 

(44,000

)

 

(84,055

)

Lihir Gold Ltd., strike price 4.15 AUD, expires 05/07/08

 

 

(448,000

)

 

(4

)

Lonmin Plc, strike price 35.41 GBP, expires 05/13/08

 

 

(20,000

)

 

(3,079

)

Massey Energy Co., strike price $45, expires 05/19/08

 

 

(330

)

 

(254,100

)

MeadWestvaco Corp., strike price $26.50,
expires 06/09/08

 

 

(500

)

 

(58,380

)

MeadWestvaco Corp., strike price $32.55,
expires 11/21/08

 

 

(100,000

)

 

(96,050

)

Minara Resources Ltd., strike price 5.87 AUD,
expires 05/08/08

 

 

(615,000

)

 

(93,766

)

MMC Norilsk Nickel, strike price $30.17,
expires 07/01/08

 

 

(27,000

)

 

(26,187

)

Mosaic Co. (The), strike price $135, expires 05/19/08

 

 

(24

)

 

(5,400

)

Mosaic Co. (The), strike price $135, expires 06/23/08

 

 

(15

)

 

(9,750

)

Murphy Oil Corp., strike price $90.50, expires 11/07/08

 

 

(10,000

)

 

(94,827

)

Murphy Oil Corp., strike price $91, expires 11/21/08

 

 

(10,000

)

 

(96,105

)

Newfield Exploration Co., strike price $60,
expires 06/23/08

 

 

(80

)

 

(32,000

)

Newfield Exploration Co., strike price $61,
expires 11/21/08

 

 

(10,000

)

 

(73,413

)

Newfield Exploration Co., strike price $66,
expires 11/21/08

 

 

(22,500

)

 

(116,048

)

Newmont Mining Corp., strike price $56.94,
expires 11/21/08

 

 

(21,000

)

 

(29,095

)

Nexen, Inc., strike price 32 CAD, expires 05/19/08

 

 

(250

)

 

(79,436

)

Nexen, Inc., strike price 34 CAD, expires 05/19/08

 

 

(250

)

 

(40,339

)

Noble Corp., strike price $57.50, expires 05/19/08

 

 

(160

)

 

(20,400

)

Noble Corp., strike price $57.55, expires 11/21/08

 

 

(16,000

)

 

(98,518

)

NRG Energy, Inc., strike price $47.50, expires 06/23/08

 

 

(200

)

 

(15,000

)

NRG Energy, Inc., strike price $50, expires 11/21/08

 

 

(20,000

)

 

(39,418

)

Occidental Petroleum Corp., strike price $80,
expires 05/19/08

 

 

(100

)

 

(45,000

)

Occidental Petroleum Corp., strike price $85,
expires 11/24/08

 

 

(125

)

 

(104,375

)

Occidental Petroleum Corp., strike price $88,
expires 11/21/08

 

 

(12,500

)

 

(88,836

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

49



 

 


 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Olin Corp., strike price $22.50, expires 05/19/08

 

 

(250

)

$

(2,500

)

Olin Corp., strike price $22.50, expires 11/24/08

 

 

(250

)

 

(33,125

)

Olin Corp., strike price $25, expires 08/18/08

 

 

(250

)

 

(8,125

)

Oxiana Ltd., strike price 3.38 AUD, expires 05/08/08

 

 

(729,000

)

 

(34,058

)

Patriot Coal Corp., strike price $70, expires 07/18/08

 

 

(5,000

)

 

(26,254

)

Peabody Energy Corp., strike price $66,
expires 11/21/08

 

 

(25,000

)

 

(173,715

)

Peabody Energy Corp., strike price $68.37,
expires 11/03/08

 

 

(60,000

)

 

(334,386

)

Peabody Energy Corp., strike price $75,
expires 09/22/08

 

 

(200

)

 

(53,000

)

Petroleo Brasileiro S.A. (ADR), strike price $67.50,
expires 07/21/08

 

 

(150

)

 

(85,500

)

Petroleo Brasileiro S.A. (ADR), strike price $70.50,
expires 11/21/08

 

 

(15,000

)

 

(140,043

)

Pioneer Natural Resources Co., strike price $65,
expires 06/23/08

 

 

(100

)

 

(8,250

)

Plains Exploration & Production Co., strike price $61,
expires 11/21/08

 

 

(20,000

)

 

(174,442

)

Plains Exploration & Production Co., strike price $66,
expires 11/21/08

 

 

(10,000

)

 

(62,895

)

Potash Corp. of Saskatchewan, strike price $181,
expires 11/21/08

 

 

(17,500

)

 

(636,447

)

Potash Corp. of Saskatchewan, strike price $200,
expires 06/23/08

 

 

(46

)

 

(46,460

)

Praxair, Inc., strike price $95, expires 07/21/08

 

 

(200

)

 

(70,000

)

Praxair, Inc., strike price $96, expires 11/21/08

 

 

(25,000

)

 

(157,945

)

Pride Intl., Inc., strike price $41, expires 05/30/08

 

 

(100

)

 

(26,911

)

Pride Intl., Inc., strike price $45.05, expires 11/21/08

 

 

(20,000

)

 

(73,110

)

Questar Corp., strike price $61, expires 11/07/08

 

 

(25,000

)

 

(156,820

)

Questar Corp., strike price $61, expires 11/21/08

 

 

(25,000

)

 

(162,150

)

Quicksilver Resources, Inc., strike price $39,
expires 11/21/08

 

 

(25,000

)

 

(186,038

)

Quicksilver Resources, Inc., strike price $43,
expires 11/21/08

 

 

(25,000

)

 

(138,023

)

Quicksilver Resources, Inc., strike price $45,
expires 06/23/08

 

 

(250

)

 

(43,750

)

Range Resources Corp., strike price $70,
expires 01/19/09

 

 

(100

)

 

(85,000

)

Range Resources Corp., strike price $71,
expires 11/21/08

 

 

(42,800

)

 

(306,756

)

Rio Tinto Plc, strike price 59.92 GBP, expires 05/09/08

 

 

(55,000

)

 

(167,227

)

Rio Tinto Plc, strike price 60.19 GBP, expires 05/13/08

 

 

(64,000

)

 

(245,740

)

Rohm & Haas Co., strike price $60, expires 07/21/08

 

 

(200

)

 

(10,500

)

Rohm & Haas Co., strike price $60, expires 11/21/08

 

 

(20,000

)

 

(38,190

)

Rohm & Haas Co., strike price $62.55,
expires 11/21/08

 

 

(20,000

)

 

(23,182

)

Schlumberger Ltd., strike price $95, expires 05/19/08

 

 

(200

)

 

(129,000

)

Schlumberger Ltd., strike price $95, expires 11/24/08

 

 

(200

)

 

(275,000

)

SeaDrill Ltd., strike price 140 NOK, expires 06/19/08

 

 

(200

)

 

(69,594

)

SeaDrill Ltd., strike price 142.80 NOK,
expires 06/17/08

 

 

(41,000

)

 

(136,297

)

Smith Intl., Inc., strike price $75, expires 07/21/08

 

 

(100

)

 

(66,500

)

Smith Intl., Inc., strike price $77.50, expires 11/21/08

 

 

(10,000

)

 

(89,792

)

Southern Copper Corp., strike price $145.05,
expires 11/21/08

 

 

(11,300

)

 

(71,007

)

Southwestern Energy Co., strike price $37.50,
expires 11/21/08

 

 

(20,000

)

 

(172,852

)

Southwestern Energy Co., strike price $40,
expires 05/19/08

 

 

(60

)

 

(18,450

)

Southwestern Energy Co., strike price $41,
expires 11/21/08

 

 

(6,000

)

 

(40,850

)

Southwestern Energy Co., strike price $65,
expires 06/23/08

 

 

(400

)

 

(402,000

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

StatoilHydro ASA, strike price 172.19 NOK,
expires 05/13/08

 

 

(40,000

)

$

(96,707

)

Straits Resources Ltd., strike price 6.94 AUD,
expires 05/08/08

 

 

(266,000

)

 

(62,377

)

Suncor Energy, Inc., strike price $110.05,
expires 11/21/08

 

 

(12,500

)

 

(178,803

)

Teck Cominco Ltd., Class B, strike price 40 CAD,
expires 05/19/08

 

 

(1,000

)

 

(424,486

)

Teck Cominco Ltd., Class B, strike price 52 CAD,
expires 11/22/08

 

 

(300

)

 

(69,705

)

Total S.A. (ADR), strike price $85, expires 11/24/08

 

 

(100

)

 

(54,000

)

Trican Well Service Ltd., strike price 26 CAD,
expires 11/24/08

 

 

(300

)

 

(51,385

)

TXCO Resources, Inc., strike price $15, expires 05/19/08

 

 

(200

)

 

(3,000

)

TXCO Resources, Inc., strike price $16, expires 11/21/08

 

 

(20,000

)

 

(19,562

)

Unit Corp., strike price $55, expires 06/23/08

 

 

(250

)

 

(223,750

)

Unit Corp., strike price $70.05, expires 11/21/08

 

 

(25,000

)

 

(79,458

)

Valero Energy Corp., strike price $60, expires 06/23/08

 

 

(300

)

 

(10,350

)

Vedanta Resources Plc, strike price 25.35 GBP,
expires 07/01/08

 

 

(143,000

)

 

(350,902

)

Votorantim Celulose e Papel S.A., strike price $32.55,
expires 11/21/08

 

 

(100,000

)

 

(442,770

)

Votorantim Celulose e Papel S.A., strike price $35.25,
expires 11/17/08

 

 

(250

)

 

(84,450

)

Warren Resources, Inc., strike price $15,
expires 05/19/08

 

 

(200

)

 

(1,500

)

Weatherford Intl. Ltd., strike price $81,
expires 11/21/08

 

 

(25,000

)

 

(253,960

)

Weatherford Intl. Ltd., strike price $86,
expires 06/20/08

 

 

(12,500

)

 

(35,730

)

Weatherford Intl. Ltd., strike price $90.50,
expires 11/21/08

 

 

(12,500

)

 

(77,865

)

Weyerhauser Co., strike price $65, expires 05/19/08

 

 

(250

)

 

(38,125

)

Weyerhauser Co., strike price $70, expires 05/19/08

 

 

(300

)

 

(7,500

)

Weyerhauser Co., strike price $70, expires 06/23/08

 

 

(250

)

 

(25,625

)

Xstrata Plc, strike price 41.50 GBP, expires 05/27/08

 

 

(35,000

)

 

(60,993

)

Xstrata Plc, strike price 43.06 GBP, expires 07/01/08

 

 

(100,000

)

 

(229,967

)

XTO Energy, Inc., strike price $63, expires 05/16/08

 

 

(56,500

)

 

(77,060

)

Zijin Mining Group Co. Ltd., strike price 10.45 HKD,
expires 05/07/08

 

 

(1,000,000

)

 

(13

)

Zijin Mining Group Co. Ltd., strike price 10.81 HKD,
expires 05/07/08

 

 

(1,100,000

)

 

(1

)

Zinifex Ltd., strike price 11.58 AUD, expires 05/07/08

 

 

(300,000

)

 

(14

)

               

Total Outstanding Call Options Written

 

 

 

 

 

(21,228,209

)

               

Outstanding Put Options Written—(0.1)%

 

 

 

 

 

 

 

Agrium, Inc., strike price $70, expires 05/19/08

 

 

(320

)

 

(35,200

)

Allegheny Technologies, Inc., strike price $70,
expires 05/19/08

 

 

(120

)

 

(42,600

)

Carpenter Technology Corp., strike price $50,
expires 05/19/08

 

 

(200

)

 

(31,000

)

ConocoPhillips, strike price $80, expires 06/23/08

 

 

(100

)

 

(13,100

)

Deere & Co., strike price $80, expires 05/19/08

 

 

(250

)

 

(41,875

)

Dow Chemical Co. (The), strike price $40,
expires 06/20/08

 

 

(25,000

)

 

(35,000

)

E.I. du Pont de Nemours & Co., strike price $50,
expires 05/30/08

 

 

(22,000

)

 

(45,439

)

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

 

 

(20

)

 

(5,000

)

Harry Winston Diamond Corp., strike price 28 CAD,
expires 05/23/08

 

 

(60,000

)

 

(20,322

)

Peabody Energy Corp., strike price $45,
expires 01/19/09

 

 

(100

)

 

(28,000

)

Schlumberger Ltd., strike price $75, expires 11/24/08

 

 

(300

)

 

(56,250

)

Temple-Inland, Inc., strike price $15, expires 05/19/08

 

 

(234

)

 

(78,390

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

50

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

Schedule of Investments (concluded)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Put Options Written—(concluded)

 

 

 

 

 

 

 

Trican Well Service Ltd., strike price 22 CAD,
expires 06/23/08

 

 

(300

)

$

(35,001

)

Valero Energy Corp., strike price $50, expires 01/19/09

 

 

(200

)

 

(135,500

)

Warren Resources, Inc., strike price $10,
expires 05/19/08

 

 

(150

)

 

(1,500

)

               

Total Outstanding Put Options Written

 

 

 

 

 

(604,177

)

               

 

 

 

 

 

 

 

Value

 

       

Total Outstanding Options Written
(premium received $20,200,662)—(1.9)%

 

$

(21,832,386

)

         

Total Investments Net of Outstanding Options Written—103.2%

 

 

1,204,462,377

 

Liabilities in Excess of Other Assets—(3.2)%

 

 

(37,744,866

)

 

 

     

Net Assets—100.0%

 

$

1,166,717,511

 

 

 

     

 

 

 

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

897,201,168

 

 

 

     

Gross unrealized appreciation

 

$

359,632,816

 

Gross unrealized depreciation

 

 

(30,539,221

)

 

 

     

Net unrealized appreciation

 

$

329,093,595

 

 

 

     

 

 

(a)

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

(b)

Non-income producing security.

(c)

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

(d)

Represents current yield as of report date.

(e)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 were as follows:


 

 

 

 

 

 

 

 

               

Affiliate

 

Net
Activity

 

Interest
Income

 

               

BlackRock Liquidity Series, LLC,
Money Market Series

 

$

38,513,800

 

$

20,392

 

               

 

 

(f)

Security purchased with the cash proceeds from securities loaned.

(g)

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


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

51



 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—6.6%

 

 

 

 

 

 

 

Foster’s Group Ltd.

 

 

117,200

 

$

559,504

 

Gunns Ltd.

 

 

275,000

 

 

767,347

 

National Australia Bank Ltd.

 

 

64,700

 

 

1,831,861

 

Santos Ltd.

 

 

126,100

 

 

1,894,045

 

TABCORP Holdings Ltd.

 

 

84,400

 

 

905,793

 

Wesfarmers Ltd.

 

 

37,350

 

 

1,307,383

 

 

 

 

 

 

     

 

 

 

 

 

 

7,265,933

 

               

Austria—1.4%

 

 

 

 

 

 

 

Boehler-Uddeholm AG

 

 

14,000

 

 

1,572,059

 

               

Canada—6.1%

 

 

 

 

 

 

 

Bank of Montreal

 

 

25,500

 

 

1,268,543

 

Bank of Nova Scotia

 

 

14,100

 

 

669,509

 

Enbridge, Inc.

 

 

16,000

 

 

658,048

 

National Bank of Canada

 

 

7,700

 

 

410,804

 

Royal Bank of Canada

 

 

30,600

 

 

1,459,053

 

Toronto-Dominion Bank

 

 

34,700

 

 

2,277,844

 

 

 

 

 

 

     

 

 

 

 

 

 

6,743,801

 

               

Denmark—1.0%

 

 

 

 

 

 

 

Danske Bank A/S

 

 

32,400

 

 

1,115,472

 

               

Finland—0.6%

 

 

 

 

 

 

 

Kesko Oyj, B Shares

 

 

19,200

 

 

722,319

 

               

France—4.2%

 

 

 

 

 

 

 

Bouygues

 

 

11,700

 

 

867,088

 

M6-Metropole Television(a)

 

 

19,400

 

 

446,126

 

Societe Generale

 

 

5,300

 

 

615,673

 

Total S.A.

 

 

17,200

 

 

1,440,777

 

Vinci S.A.

 

 

18,200

 

 

1,335,140

 

 

 

 

 

 

     

 

 

 

 

 

 

4,704,804

 

               

Germany—0.7%

 

 

 

 

 

 

 

SAP AG

 

 

15,200

 

 

760,710

 

               

Hong Kong—3.1%

 

 

 

 

 

 

 

Esprit Holdings Ltd.

 

 

71,000

 

 

874,331

 

Hang Seng Bank Ltd.

 

 

22,600

 

 

451,509

 

HongKong Electric Holdings

 

 

204,500

 

 

1,283,215

 

Hopewell Holdings

 

 

191,000

 

 

831,187

 

 

 

 

 

 

     

 

 

 

 

 

 

3,440,242

 

               

Italy—3.0%

 

 

 

 

 

 

 

Enel S.p.A.

 

 

156,200

 

 

1,694,791

 

Eni S.p.A.

 

 

42,400

 

 

1,631,915

 

 

 

 

 

 

     

 

 

 

 

 

 

3,326,706

 

               

Japan—5.0%

 

 

 

 

 

 

 

Canon, Inc.

 

 

11,700

 

 

588,248

 

Mitsui & Co. Ltd.

 

 

53,000

 

 

1,244,757

 

Mitsui Mining & Smelting Co. Ltd.

 

 

150,000

 

 

510,693

 

Oracle Corp.

 

 

15,000

 

 

678,832

 

Ricoh Co. Ltd.

 

 

53,000

 

 

917,476

 

Sharp Corp.

 

 

42,000

 

 

707,461

 

Toyota Motor Corp.

 

 

17,300

 

 

881,640

 

 

 

 

 

 

     

 

 

 

 

 

 

5,529,107

 

               

Netherlands—1.7%

 

 

 

 

 

 

 

Royal KPN N.V.

 

 

104,100

 

 

1,900,514

 

               

Norway—0.4%

 

 

 

 

 

 

 

Ekornes ASA

 

 

22,900

 

 

413,621

 

               

Singapore—1.6%

 

 

 

 

 

 

 

Jaya Holdings Ltd.

 

 

615,000

 

 

635,972

 

Singapore Petroleum Co. Ltd.

 

 

212,000

 

 

1,131,874

 

 

 

 

 

 

     

 

 

 

 

 

 

1,767,846

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Spain—0.8%

 

 

 

 

 

 

 

Indra Sistemas S.A.

 

 

32,600

 

$

885,690

 

               

Sweden—4.4%

 

 

 

 

 

 

 

Axfood AB

 

 

16,000

 

 

513,400

 

Hennes & Mauritz AB(a)

 

 

15,300

 

 

901,423

 

Kungsleden AB

 

 

26,500

 

 

263,505

 

Ratos AB, B Shares

 

 

27,300

 

 

948,130

 

Scania AB, B Shares

 

 

108,000

 

 

2,206,654

 

 

 

 

 

 

     

 

 

 

 

 

 

4,833,112

 

               

United Kingdom—8.6%

 

 

 

 

 

 

 

Alliance & Leicester Plc

 

 

55,300

 

 

564,690

 

Barclays Plc

 

 

141,100

 

 

1,275,812

 

British American Tobacco Plc

 

 

17,300

 

 

648,961

 

Full Circle Future Ltd.(a)(b)

 

 

79,200

 

 

 

GlaxoSmithKline Plc(a)

 

 

64,100

 

 

1,417,967

 

HSBC Holdings Plc

 

 

71,200

 

 

1,236,309

 

Rentokil Initial Plc

 

 

193,500

 

 

367,794

 

Royal Bank of Scotland Group Plc

 

 

6,156

 

 

41,666

 

Royal Dutch Shell Plc, A Shares

 

 

46,300

 

 

1,855,733

 

Scottish & Southern Energy Plc

 

 

69,183

 

 

1,906,489

 

Taylor Wimpey Plc(a)

 

 

55,656

 

 

141,397

 

 

 

 

 

 

     

 

 

 

 

 

 

9,456,818

 

               

United States—49.5%

 

 

 

 

 

 

 

3M Co.

 

 

7,100

 

 

545,990

 

Abbott Laboratories

 

 

17,100

 

 

902,025

 

Agree Realty Corp. (REIT)

 

 

16,500

 

 

439,560

 

Allied Capital Corp.

 

 

55,700

 

 

1,119,570

 

Altria Group, Inc.

 

 

32,300

 

 

646,000

 

Ameren Corp.

 

 

28,000

 

 

1,270,080

 

American Intl. Group, Inc.

 

 

11,100

 

 

512,820

 

AT&T, Inc.

 

 

110,480

 

 

4,276,681

 

Automatic Data Processing, Inc.

 

 

12,400

 

 

548,080

 

Bank of America Corp.

 

 

47,200

 

 

1,771,888

 

Bristol-Myers Squibb Co.

 

 

49,500

 

 

1,087,515

 

Chevron Corp.

 

 

12,800

 

 

1,230,720

 

Cisco Systems, Inc.(a)

 

 

13,200

 

 

338,448

 

Citigroup, Inc.

 

 

11,500

 

 

290,605

 

Coca-Cola Co. (The)

 

 

17,000

 

 

1,000,790

 

Consolidated Edison, Inc.

 

 

24,600

 

 

1,023,360

 

Eli Lilly & Co.

 

 

18,800

 

 

905,032

 

Emerson Electric Co.

 

 

45,200

 

 

2,362,152

 

Equity Residential (REIT)

 

 

14,400

 

 

597,888

 

Exxon Mobil Corp.

 

 

35,800

 

 

3,331,906

 

First Industrial Realty Trust, Inc. (REIT)

 

 

25,900

 

 

782,439

 

General Electric Co.

 

 

76,100

 

 

2,488,470

 

Harley-Davidson, Inc.

 

 

8,500

 

 

325,125

 

Health Care REIT, Inc.

 

 

37,600

 

 

1,821,720

 

Hewlett-Packard Co.

 

 

31,000

 

 

1,436,850

 

Home Depot, Inc.

 

 

10,400

 

 

299,520

 

Hospitality Properties Trust (REIT)

 

 

12,700

 

 

408,051

 

Intel Corp.

 

 

56,300

 

 

1,253,238

 

Intl. Business Machines Corp.

 

 

16,400

 

 

1,979,480

 

Johnson & Johnson

 

 

9,300

 

 

623,937

 

KeyCorp

 

 

17,300

 

 

417,449

 

Kimco Realty Corp. (REIT)

 

 

25,000

 

 

997,750

 

Kraft Foods, Inc.

 

 

20,483

 

 

647,877

 

Liberty Properties Trust (REIT)

 

 

10,800

 

 

378,324

 

Maxim Integrated Products, Inc.

 

 

20,200

 

 

424,806

 

McDonald’s Corp.

 

 

23,000

 

 

1,370,340

 

Merck & Co., Inc.

 

 

25,000

 

 

951,000

 

Microchip Technology, Inc.

 

 

25,500

 

 

937,125

 

Microsoft Corp.

 

 

79,700

 

 

2,273,044

 

Morgan Stanley

 

 

17,100

 

 

831,060

 

Nationwide Health Properties, Inc. (REIT)

 

 

34,400

 

 

1,239,088

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

52

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Schedule of Investments (concluded)

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States—(concluded)

 

 

 

 

 

 

 

PepsiCo, Inc.

 

 

7,900

 

$

541,387

 

Pfizer, Inc.

 

 

38,300

 

 

770,213

 

Philip Morris Intl., Inc.(a)

 

 

32,300

 

 

1,648,269

 

Pitney Bowes, Inc.

 

 

9,300

 

 

335,823

 

Rohm & Haas Co.

 

 

8,500

 

 

454,325

 

Trustco Bank Corp

 

 

63,800

 

 

556,974

 

United Technologies Corp.

 

 

13,800

 

 

1,000,086

 

UST, Inc.

 

 

21,900

 

 

1,140,333

 

Wachovia Corp.

 

 

17,500

 

 

510,125

 

Wal-Mart Stores, Inc.

 

 

12,100

 

 

701,558

 

Wells Fargo & Co.

 

 

30,100

 

 

895,475

 

 

 

 

 

 

     

Total United States

 

 

 

 

 

54,642,371

 

               

Total Common Stocks
(Cost—$84,048,035)—98.7%

 

 

 

 

 

109,081,125

 

               

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

           

Money Market Fund—1.2%

 

 

 

 

 

 

 

Fidelity Institutional Money Market Prime Portfolio, 2.59%
(cost $1,285,698)(c)

 

 

1,285,698

 

$

1,285,698

 

               

Total Investments—99.9% (Cost—$85,333,733*)

 

 

 

 

 

110,366,823

 

Other Assets in Excess of Liabilities—0.1%

 

 

 

 

 

92,745

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

110,459,568

 

 

 

 

 

 

     

 

 

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

85,275,834

 

 

 

     

Gross unrealized appreciation

 

$

29,466,997

 

Gross unrealized depreciation

 

 

(4,376,008

)

 

 

     

Net unrealized appreciation

 

$

25,090,989

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

Security is fair valued.

(c)

Represents current yield as of report date.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

53



 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—1.2%

 

 

 

 

 

 

 

Lion Nathan Ltd.

 

 

584,300

 

$

4,601,650

 

Sims Group Ltd.

 

 

169,300

 

 

5,281,008

 

 

 

 

 

 

     

 

 

 

 

 

 

9,882,658

 

               

Belgium—0.7%

 

 

 

 

 

 

 

Belgacom S.A.

 

 

140,300

 

 

6,442,149

 

               

Bermuda—0.8%

 

 

 

 

 

 

 

Arch Capital Group Ltd.(a)

 

 

18,100

 

 

1,278,765

 

Bunge Ltd.

 

 

45,800

 

 

5,225,322

 

 

 

 

 

 

     

 

 

 

 

 

 

6,504,087

 

               

Brazil—2.6%

 

 

 

 

 

 

 

Aracruz Celulose S.A. (ADR)(b)

 

 

68,000

 

 

5,480,800

 

Bovespa Holding S.A.

 

 

121,200

 

 

1,841,114

 

Cia Energetica de Minas Gerais (ADR)

 

 

272,291

 

 

5,584,696

 

Petroleo Brasileiro S.A. (ADR)

 

 

80,200

 

 

9,737,884

 

 

 

 

 

 

     

 

 

 

 

 

 

22,644,494

 

               

Canada—3.6%

 

 

 

 

 

 

 

Barrick Gold Corp.

 

 

246,000

 

 

9,477,163

 

Potash Corp. of Saskatchewan

 

 

19,600

 

 

3,605,420

 

Research In Motion Ltd.(a)

 

 

28,000

 

 

3,405,640

 

TELUS Corp.

 

 

166,200

 

 

7,644,111

 

Ultra Petroleum Corp.(a)

 

 

78,800

 

 

6,545,916

 

 

 

 

 

 

     

 

 

 

 

 

 

30,678,250

 

               

Finland—1.1%

 

 

 

 

 

 

 

Fortum Oyj

 

 

100,027

 

 

4,231,534

 

Wartsila Oyj, B Shares

 

 

75,800

 

 

5,162,238

 

 

 

 

 

 

     

 

 

 

 

 

 

9,393,772

 

               

France—1.3%

 

 

 

 

 

 

 

AXA S.A.

 

 

42,500

 

 

1,570,279

 

BNP Paribas

 

 

15,500

 

 

1,652,375

 

Total S.A.

 

 

98,200

 

 

8,225,833

 

 

 

 

 

 

     

 

 

 

 

 

 

11,448,487

 

               

Germany—4.9%

 

 

 

 

 

 

 

Adidas AG

 

 

81,500

 

 

5,170,819

 

E.ON AG

 

 

26,721

 

 

5,420,235

 

Fresenius Medical Care AG & Co. KGaA

 

 

90,900

 

 

4,797,451

 

Hannover Rueckversicherung AG

 

 

96,000

 

 

5,218,527

 

K+S AG

 

 

32,100

 

 

13,251,781

 

Linde AG

 

 

56,300

 

 

8,206,521

 

 

 

 

 

 

     

 

 

 

 

 

 

42,065,334

 

               

Greece—0.3%

 

 

 

 

 

 

 

Piraeus Bank S.A.

 

 

79,050

 

 

2,684,458

 

               

Hong Kong—2.8%

 

 

 

 

 

 

 

China Mobile Ltd.

 

 

368,400

 

 

6,339,213

 

Esprit Holdings Ltd.

 

 

348,500

 

 

4,291,611

 

Kerry Properties Ltd.

 

 

720,600

 

 

4,878,824

 

New World Development Co. Ltd.

 

 

1,927,800

 

 

4,982,008

 

Sun Hung Kai Properties Ltd.

 

 

195,000

 

 

3,407,926

 

 

 

 

 

 

     

 

 

 

 

 

 

23,899,582

 

               

Israel—1.6%

 

 

 

 

 

 

 

Partner Communications (ADR)(b)

 

 

418,500

 

 

9,738,495

 

Teva Pharmaceutical Industries Ltd. (ADR)

 

 

89,800

 

 

4,200,844

 

 

 

 

 

 

     

 

 

 

 

 

 

13,939,339

 

               

Italy—3.0%

 

 

 

 

 

 

 

AEM S.p.A.

 

 

1,046,488

 

 

3,846,083

 

Assicurazioni Generali S.p.A.

 

 

37,300

 

 

1,648,846

 

Enel S.p.A.

 

 

693,000

 

 

7,519,142

 

Eni S.p.A.

 

 

279,200

 

 

10,746,007

 

Intesa Sanpaolo S.p.A.

 

 

240,700

 

 

1,696,201

 

 

 

 

 

 

     

 

 

 

 

 

 

25,456,279

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Japan—7.0%

 

 

 

 

 

 

 

Bank of Yokohama Ltd. (The)

 

 

820,200

 

$

6,022,888

 

Daito Trust Construction Co. Ltd.

 

 

103,200

 

 

4,805,437

 

Fanuc Ltd.

 

 

56,400

 

 

5,944,740

 

ITOCHU Corp.

 

 

519,100

 

 

5,436,795

 

Japan Real Estate Investment Corp. (REIT)

 

 

350

 

 

4,148,932

 

Konica Minolta Holdings, Inc.

 

 

270,000

 

 

4,068,762

 

Mizuho Financial Group, Inc.

 

 

600

 

 

3,026,602

 

Nintendo Co. Ltd.

 

 

27,900

 

 

15,422,369

 

Shizuoka Bank Ltd. (The)

 

 

544,000

 

 

6,678,721

 

Sumitomo Corp.

 

 

336,000

 

 

4,523,669

 

 

 

 

 

 

     

 

 

 

 

 

 

60,078,915

 

               

Luxembourg—1.9%

 

 

 

 

 

 

 

ArcelorMittal(b)

 

 

97,700

 

 

8,704,093

 

Oriflame Cosmetics S.A.

 

 

96,218

 

 

7,329,693

 

 

 

 

 

 

     

 

 

 

 

 

 

16,033,786

 

               

Mexico—0.5%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV (ADR)

 

 

99,300

 

 

4,314,585

 

               

Netherlands—0.7%

 

 

 

 

 

 

 

Akzo Nobel N.V.

 

 

60,900

 

 

5,141,583

 

ING Groep N.V.

 

 

31,800

 

 

1,204,599

 

 

 

 

 

 

     

 

 

 

 

 

 

6,346,182

 

               

Norway—4.1%

 

 

 

 

 

 

 

Fred Olsen Energy ASA

 

 

83,600

 

 

5,283,575

 

Orkla ASA

 

 

256,000

 

 

3,375,142

 

Yara Intl. ASA

 

 

364,600

 

 

26,433,620

 

 

 

 

 

 

     

 

 

 

 

 

 

35,092,337

 

               

Philippines—0.8%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. (ADR)

 

 

112,700

 

 

6,885,970

 

               

Russia—0.7%

 

 

 

 

 

 

 

Gazprom OAO (ADR)

 

 

116,500

 

 

6,164,212

 

               

Singapore—2.9%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

1,212,599

 

 

6,111,501

 

Singapore Airlines Ltd.

 

 

461,000

 

 

5,430,151

 

Singapore Telecommunications Ltd.

 

 

2,182,035

 

 

6,231,408

 

United Overseas Bank Ltd.

 

 

466,538

 

 

7,011,972

 

 

 

 

 

 

     

 

 

 

 

 

 

24,785,032

 

               

South Korea—0.6%

 

 

 

 

 

 

 

Samsung Electronics Co. Ltd.

 

 

6,700

 

 

4,749,683

 

               

Spain—0.4%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria S.A.

 

 

72,900

 

 

1,671,972

 

Banco Santander Central Hispano S.A.

 

 

80,400

 

 

1,738,738

 

 

 

 

 

 

     

 

 

 

 

 

 

3,410,710

 

               

Sweden—0.1%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

73,000

 

 

1,200,554

 

               

Switzerland—2.5%

 

 

 

 

 

 

 

Alcon, Inc.

 

 

27,800

 

 

4,392,400

 

Nestle S.A.

 

 

15,400

 

 

7,350,083

 

Syngenta AG

 

 

15,200

 

 

4,517,517

 

UBS AG(a)

 

 

100,300

 

 

3,319,145

 

Zurich Financial Services AG

 

 

5,100

 

 

1,545,657

 

 

 

 

 

 

     

 

 

 

 

 

 

21,124,802

 

               

Taiwan—0.3%

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

220,000

 

 

2,472,800

 

               

United Kingdom—5.1%

 

 

 

 

 

 

 

Cobham Plc

 

 

1,490,800

 

 

6,492,814

 

De La Rue Plc

 

 

180,253

 

 

3,048,492

 

HSBC Holdings Plc

 

 

197,000

 

 

3,420,686

 

ICAP Plc

 

 

314,400

 

 

3,629,583

 

Imperial Tobacco Group Plc

 

 

112,800

 

 

5,401,897

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

54

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United Kingdom—(concluded)

 

 

 

 

 

 

 

Legal & General Group Plc

 

 

2,000,000

 

$

5,014,968

 

National Express Group Plc

 

 

330,100

 

 

6,034,189

 

Standard Chartered Plc

 

 

46,400

 

 

1,639,454

 

Vodafone Group Plc (ADR)

 

 

288,800

 

 

9,143,408

 

 

 

 

 

 

     

 

 

 

 

 

 

43,825,491

 

               

United States—34.2%

 

 

 

 

 

 

 

Allstate Corp. (The)

 

 

26,200

 

 

1,319,432

 

Altria Group, Inc.(b)

 

 

321,900

 

 

6,438,000

 

American Electric Power Co., Inc.(b)

 

 

122,000

 

 

5,444,860

 

Aon Corp.(b)

 

 

102,000

 

 

4,629,780

 

Apple, Inc.(b)

 

 

30,400

 

 

5,288,080

 

Archer Daniels Midland Co.(b)

 

 

183,100

 

 

8,067,386

 

AT&T, Inc.(b)

 

 

115,900

 

 

4,486,489

 

Bank of America Corp.

 

 

62,700

 

 

2,353,758

 

Baxter Intl., Inc.

 

 

98,100

 

 

6,113,592

 

BB&T Corp.

 

 

115,400

 

 

3,957,066

 

Becton Dickinson & Co.(b)

 

 

74,700

 

 

6,678,180

 

C.R. Bard, Inc.

 

 

44,800

 

 

4,218,816

 

Chesapeake Energy Corp.

 

 

156,600

 

 

8,096,220

 

Chevron Corp.(b)

 

 

193,600

 

 

18,614,640

 

Cisco Systems, Inc.(a)(b)

 

 

167,900

 

 

4,304,956

 

Citigroup, Inc.(b)

 

 

70,200

 

 

1,773,954

 

Colgate-Palmolive Co.

 

 

97,800

 

 

6,914,460

 

ConocoPhillips(b)

 

 

88,100

 

 

7,589,815

 

CVS Caremark Corp.(b)

 

 

189,800

 

 

7,662,226

 

Diamond Offshore Drilling, Inc.(b)

 

 

54,000

 

 

6,772,140

 

EOG Resources, Inc.

 

 

53,000

 

 

6,915,440

 

Exxon Mobil Corp.(b)

 

 

193,400

 

 

17,999,738

 

FPL Group, Inc.(b)

 

 

87,900

 

 

5,826,891

 

Gilead Sciences, Inc.(a)(c)

 

 

164,000

 

 

8,488,640

 

Google, Inc.(a)(b)

 

 

9,900

 

 

5,685,471

 

Greenhill & Co., Inc.(c)

 

 

42,600

 

 

2,771,130

 

H.J. Heinz Co.

 

 

89,500

 

 

4,209,185

 

Intl. Business Machines Corp.

 

 

52,700

 

 

6,360,890

 

Johnson & Johnson(b)

 

 

50,400

 

 

3,381,336

 

JPMorgan Chase & Co.

 

 

54,600

 

 

2,601,690

 

Kellogg Co.(b)

 

 

127,900

 

 

6,544,643

 

Lincoln National Corp.

 

 

23,500

 

 

1,263,360

 

Linear Technology Corp.

 

 

6,200

 

 

216,752

 

McDonald’s Corp.(b)

 

 

86,000

 

 

5,123,880

 

Medtronic, Inc.

 

 

169,300

 

 

8,241,524

 

MetLife, Inc.

 

 

20,800

 

 

1,265,680

 

Microsoft Corp.(b)

 

 

349,050

 

 

9,954,906

 

Molson Coors Brewing Co.

 

 

96,000

 

 

5,264,640

 

Motorola, Inc.

 

 

180,000

 

 

1,792,800

 

Newmont Mining Corp.

 

 

86,000

 

 

3,802,060

 

Nike, Inc.

 

 

104,100

 

 

6,953,880

 

Norfolk Southern Corp.

 

 

88,000

 

 

5,243,040

 

Northern Trust Corp.

 

 

48,000

 

 

3,557,280

 

Occidental Petroleum Corp.

 

 

173,800

 

 

14,461,898

 

Public Service Enterprise Group, Inc.

 

 

109,000

 

 

4,786,190

 

Qualcomm, Inc.

 

 

71,300

 

 

3,079,447

 

Starwood Hotels & Resorts Worldwide, Inc.

 

 

77,200

 

 

4,030,612

 

Torchmark Corp.

 

 

20,400

 

 

1,320,696

 

Union Pacific Corp.

 

 

41,700

 

 

6,054,423

 

United States Steel Corp.

 

 

28,000

 

 

4,310,600

 

Wal-Mart Stores, Inc.

 

 

60,100

 

 

3,484,598

 

Yum! Brands, Inc.(b)

 

 

199,700

 

 

8,123,796

 

 

 

 

 

 

     

 

 

 

 

 

 

293,840,966

 

               

Total Common Stocks—85.7%

 

 

 

 

 

735,364,914

 

               

 

 

 

 

 

 

 

 

Rights

 

Shares

 

Value

 

           

Switzerland—0.0%

 

 

 

 

 

 

 

UBS AG(a)

 

 

100,300

 

$

169,401

 

               

Total Rights—0.0%

 

 

 

 

 

169,401

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Exchange-Traded Funds

 

 

 

 

 

 

 

               

United States—5.4%

 

 

 

 

 

 

 

Financial Select Sector SPDR Fund

 

 

377,000

 

 

10,031,970

 

iShares Dow Jones EURO Stoxx Banks

 

 

81,400

 

 

4,618,763

 

iShares Dow Jones Stoxx 600 Banks

 

 

108,100

 

 

6,295,973

 

iShares Dow Jones U.S. Real Estate Index Fund

 

 

94,200

 

 

6,488,496

 

KBW Bank

 

 

184,400

 

 

7,523,520

 

KBW Insurance

 

 

71,900

 

 

3,477,803

 

KBW Regional Banking (c)

 

 

162,100

 

 

5,642,701

 

Lyxor Dow Jones Stoxx 600 Financial Services

 

 

30,500

 

 

1,738,762

 

PowerShares Dynamic Insurance Portfolio

 

 

52,900

 

 

856,451

 

               

Total Exchange-Traded Funds—5.4%

 

 

 

 

 

46,674,439

 

               

Total Long-Term Investments
(Cost—$695,232,594)—91.1%

 

 

 

 

 

782,208,754

 

               

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Short-Term Investments

 

 

 

 

 

 

 

               

Money Market Funds—6.7%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC, Money Market Series,
2.85%(d)(e)(f)

 

 

13,958,000

 

 

13,958,000

 

Fidelity Institutional Money Market Prime Portfolio,
2.59%(d)

 

 

43,319,927

 

 

43,319,927

 

               

Total Money Market Funds

 

 

 

 

 

57,277,927

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

             

U.S. Government and Agency Discount Notes—5.7%

 

 

 

 

 

 

 

Federal Home Loan Bank Disc. Notes,
1.50%, 05/01/08(g)

 

$

200,000

 

 

200,000

 

Federal Home Loan Bank Disc. Notes,
1.98%, 06/25/08(g)

 

 

49,000,000

 

 

48,851,775

 

 

 

 

 

 

     

 

 

 

 

 

 

49,051,775

 

               

Total Short-Term Investments
(Cost—$106,329,702)—12.4%

 

 

 

 

 

106,329,702

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Option Purchased

 

Contracts

 

 

 

           

Outstanding Call Option Purchased—0.1%

 

 

 

 

 

 

 

United States Steel Corp., strike price $155,
expires 07/21/08 (cost $437,970)

 

 

280

 

 

379,400

 

               

Total Investments Before Outstanding Options Written
(Cost—$802,000,266*)—103.6%

 

 

 

 

 

888,917,856

 

               


Options Written

 

 

 

 

 

 

 

               

Outstanding Call Options Written—(2.9)%

 

 

 

 

 

 

 

Adidas AG, strike price 43.83 EUR, expires 05/27/08

 

 

(44,800

)

 

(20,339

)

AEM S.p.A., strike price 2.40 EUR, expires 06/17/08

 

 

(576,000

)

 

(54,908

)

Akzo Nobel N.V., strike price 49.91 EUR,
expires 05/27/08

 

 

(5,000

)

 

(36,845

)

Akzo Nobel N.V., strike price 52.88 EUR,
expires 06/17/08

 

 

(25,000

)

 

(114,416

)

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

 

 

(2,500

)

 

(38,719

)

Alcon, Inc., strike price $160, expires 05/19/08

 

 

(190

)

 

(33,725

)

Allstate Corp. (The), strike price $52.50,
expires 07/21/08

 

 

(130

)

 

(13,325

)

Altria Group, Inc., strike price $22.25, expires 11/21/08

 

 

(128,000

)

 

(52,646

)

American Electric Power Co., Inc., strike price $47.50,
expires 11/24/08

 

 

(320

)

 

(63,200

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

55




 

 


 

 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

American Electric Power Co., Inc., strike price $50,
expires 05/19/08

 

 

(315

)

$

(2,362

)

Aon Corp., strike price $45, expires 07/21/08

 

 

(260

)

 

(63,050

)

Aon Corp., strike price $51, expires 11/21/08

 

 

(26,000

)

 

(36,514

)

Apple, Inc., strike price $165, expires 11/07/08

 

 

(120

)

 

(321,257

)

Aracruz Celulose S.A. (ADR), strike price $80,
expires 05/19/08

 

 

(375

)

 

(99,375

)

ArcelorMittal, strike price $85, expires 06/23/08

 

 

(260

)

 

(197,600

)

ArcelorMittal, strike price $95.50, expires 11/21/08

 

 

(26,000

)

 

(190,031

)

Arch Capital Group Ltd., strike price $75,
expires 06/23/08

 

 

(90

)

 

(6,975

)

Archer Daniels Midland Co., strike price $45,
expires 06/23/08

 

 

(360

)

 

(66,600

)

Archer Daniels Midland Co., strike price $46,
expires 11/21/08

 

 

(55,000

)

 

(239,124

)

Assicurazioni Generali S.p.A., strike price 29.85 EUR,
expires 06/17/08

 

 

(18,600

)

 

(7,705

)

AT&T, Inc., strike price $39, expires 06/20/08

 

 

(60,000

)

 

(65,478

)

AT&T, Inc., strike price $41, expires 11/20/08

 

 

(27,000

)

 

(50,128

)

AXA S.A., strike price 26.58 EUR, expires 06/17/08

 

 

(21,200

)

 

(6,435

)

Banco Bilbao Vizcaya Argentaria S.A.,
strike price 15.31 EUR, expires 06/17/08

 

 

(36,400

)

 

(31,171

)

Banco Santander Central Hispano S.A.,
strike price 13.95 EUR, expires 06/17/08

 

 

(40,200

)

 

(28,234

)

Bank of America Corp., strike price $45,
expires 06/20/08

 

 

(31,300

)

 

(1,956

)

Bank of Yokohama Ltd. (The), strike price 731.45 JPY,
expires 05/08/08

 

 

(451,000

)

 

(174,093

)

Barrick Gold Corp., strike price $60, expires 07/21/08

 

 

(500

)

 

(5,000

)

Baxter Intl., Inc., strike price $62.50, expires 05/19/08

 

 

(250

)

 

(26,875

)

Baxter Intl., Inc., strike price $65, expires 11/22/08

 

 

(250

)

 

(82,500

)

BB&T Corp., strike price $37.50, expires 06/23/08

 

 

(572

)

 

(31,460

)

Becton Dickinson & Co., strike price $90.05,
expires 11/21/08

 

 

(32,000

)

 

(198,973

)

Becton Dickinson & Co., strike price $90.55,
expires 06/20/08

 

 

(22,000

)

 

(54,969

)

BNP Paribas, strike price 71.61 EUR, expires 06/17/08

 

 

(7,700

)

 

(16,729

)

Bunge Ltd., strike price $115, expires 07/21/08

 

 

(114

)

 

(124,830

)

Bunge Ltd., strike price $125, expires 06/23/08

 

 

(230

)

 

(102,350

)

C.R. Bard, Inc., strike price $106, expires 11/21/08

 

 

(25,000

)

 

(56,500

)

CapitaLand Ltd., strike price 7.12 SGD,
expires 05/28/08

 

 

(242,500

)

 

(58,721

)

CapitaLand Ltd., strike price 7.25 SGD,
expires 05/07/08

 

 

(425,000

)

 

(29,961

)

Chesapeake Energy Corp., strike price $51,
expires 11/21/08

 

 

(77,500

)

 

(492,869

)

Chevron Corp., strike price $91, expires 11/21/08

 

 

(95,000

)

 

(968,269

)

Chevron Corp., strike price $93.50, expires 06/17/08

 

 

(310

)

 

(147,693

)

China Mobile Ltd., strike price 124.84 HKD,
expires 05/28/08

 

 

(162,400

)

 

(266,812

)

China Mobile Ltd., strike price 130 HKD,
expires 05/08/08

 

 

(206,000

)

 

(161,366

)

Cia Energetica de Minas Gera (ADR), strike price $21.50,
expires 06/27/08

 

 

(960

)

 

(48,960

)

Cisco Systems, Inc., strike price $27, expires 05/19/08

 

 

(370

)

 

(10,175

)

Citigroup, Inc., strike price $27.50, expires 06/23/08

 

 

(350

)

 

(19,600

)

Cobham Plc, strike price 2.12 GBP, expires 06/17/08

 

 

(149,000

)

 

(47,034

)

Cobham Plc, strike price 2.27 GBP, expires 07/01/08

 

 

(671,000

)

 

(136,229

)

Colgate-Palmolive Co., strike price $80,
expires 05/19/08

 

 

(285

)

 

(9,262

)

Colgate-Palmolive Co., strike price $80,
expires 08/18/08

 

 

(250

)

 

(7,500

)

ConocoPhillips, strike price $85, expires 11/24/08

 

 

(270

)

 

(203,175

)

ConocoPhillips, strike price $90, expires 08/18/08

 

 

(180

)

 

(56,700

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

CVS Caremark Corp., strike price $42.50,
expires 05/19/08

 

 

(160

)

$

(4,800

)

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

 

 

(86,000

)

 

(140,429

)

Daito Trust Construction Co. Ltd.,
strike price 5,603.49 JPY, expires 05/07/08

 

 

(25,800

)

 

(257

)

Daito Trust Construction Co. Ltd.,
strike price 6,063.47 JPY, expires 05/28/08

 

 

(31,000

)

 

(1,917

)

De La Rue Plc, strike price 8.75 GBP, expires 07/01/08

 

 

(144,000

)

 

(75,746

)

Diamond Offshore Drilling, Inc., strike price $141,
expires 11/21/08

 

 

(27,000

)

 

(221,268

)

Enel S.p.A., strike price 7.20 EUR, expires 07/01/08

 

 

(180,000

)

 

(24,440

)

Eni S.p.A., strike price 25.50 EUR, expires 07/01/08

 

 

(140,000

)

 

(90,589

)

EOG Resources, Inc., strike price $116.19,
expires 05/16/08

 

 

(11,000

)

 

(166,187

)

EOG Resources, Inc., strike price $150.05,
expires 11/21/08

 

 

(9,000

)

 

(69,116

)

EOG Resources, Inc., strike price $155.05,
expires 11/21/08

 

 

(9,000

)

 

(58,324

)

Esprit Holdings Ltd., strike price 101.98 HKD,
expires 05/07/08

 

 

(56,000

)

 

(10,018

)

Esprit Holdings Ltd., strike price 103.60 HKD,
expires 05/07/08

 

 

(66,300

)

 

(8,658

)

Esprit Holdings Ltd., strike price 111.38 HKD,
expires 05/28/08

 

 

(69,000

)

 

(17,455

)

Exxon Mobil Corp., strike price $95, expires 07/21/08

 

 

(575

)

 

(185,438

)

Exxon Mobil Corp., strike price $96, expires 11/21/08

 

 

(20,000

)

 

(112,850

)

Exxon Mobil Corp., strike price $99, expires 11/21/08

 

 

(57,500

)

 

(247,624

)

Fanuc Ltd., strike price 11,412.50 JPY,
expires 05/28/08

 

 

(20,000

)

 

(56,266

)

Financial Select Sector SPDR Fund, strike price $26.91,
expires 05/23/08

 

 

(75,400

)

 

(50,141

)

Financial Select Sector SPDR Fund, strike price $28,
expires 06/23/08

 

 

(1,130

)

 

(62,150

)

Formento Economico Mexicana SAB de CV (ADR),
strike price $49, expires 11/07/08

 

 

(40,000

)

 

(87,136

)

Fortum Oyj, strike price 30.63 EUR, expires 05/13/08

 

 

(56,258

)

 

(3,599

)

FPL Group, Inc., strike price $70, expires 06/23/08

 

 

(175

)

 

(11,812

)

FPL Group, Inc., strike price $71, expires 11/21/08

 

 

(26,000

)

 

(72,738

)

Fred Olson Energy ASA, strike price 315.04 NOK,
expires 05/13/08

 

 

(25,000

)

 

(61,553

)

Fred Olson Energy ASA, strike price 327.23 NOK,
expires 07/01/08

 

 

(21,000

)

 

(67,748

)

Fresenius Medical Care AG & Co. KGaA,
strike price 33.46 EUR, expires 06/17/08

 

 

(50,000

)

 

(85,557

)

Gazprom OAO (ADR), strike price $53.45,
expires 05/13/08

 

 

(40,800

)

 

(56,745

)

Gilead Sciences, Inc., strike price $52.50,
expires 05/19/08

 

 

(300

)

 

(27,750

)

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

 

 

(60,000

)

 

(264,300

)

Google, Inc., strike price $500, expires 05/19/08

 

 

(25

)

 

(189,750

)

Google, Inc., strike price $600, expires 12/22/08

 

 

(25

)

 

(147,750

)

Greenhill & Co., Inc., strike price $76.81, expires 05/16/08

 

 

(21,300

)

 

(6,541

)

H.J. Heinz Co., strike price $50.05, expires 11/21/08

 

 

(25,000

)

 

(38,850

)

Hannover Rueckversicherung AG, strike price 32.86 EUR,
expires 07/01/08

 

 

(57,000

)

 

(138,726

)

HSBC Holdings Plc, strike price 8.93 GBP,
expires 06/17/08

 

 

(98,500

)

 

(35,090

)

ICAP Plc, strike price 6.30 GBP, expires 06/17/08

 

 

(173,000

)

 

(122,504

)

Imperial Tobacco Group Plc, strike price 24 GBP,
expires 06/17/08

 

 

(24,800

)

 

(47,649

)

Imperial Tobacco Group Plc, strike price 24.11 GBP,
expires 05/13/08

 

 

(37,200

)

 

(35,088

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

56

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Imperial Tobacco Group Plc, strike price 25.79 GBP,
expires 07/01/08

 

 

(26,000

)

$

(19,707

)

ING Groep N.V., strike price 27.06 EUR,
expires 06/17/08

 

 

(15,900

)

 

(4,286

)

Intesa Sanpaolo S.p.A., strike price 4.62 EUR,
expires 06/17/08

 

 

(120,300

)

 

(27,837

)

Intl. Business Machines Corp., strike price $125,
expires 07/21/08

 

 

(50

)

 

(15,250

)

Intl. Business Machines Corp., strike price $125.25,
expires 11/17/08

 

 

(210

)

 

(134,507

)

iShares Dow Jones U.S. Real Estate Index Fund,
strike price $75, expires 06/23/08

 

 

(470

)

 

(36,425

)

ITOCHU Corp., strike price 1,286.45 JPY,
expires 05/28/08

 

 

(285,000

)

 

(28,292

)

Japan Real Estate Investment Corp. (REIT),
strike price 1,298,000 JPY, expires 05/28/08

 

 

(175

)

 

(66,183

)

Johnson & Johnson, strike price $68,
expires 11/07/08

 

 

(250

)

 

(58,155

)

JPMorgan Chase & Co., strike price $52.50,
expires 06/23/08

 

 

(275

)

 

(15,400

)

K+S AG, strike price 210.56 EUR, expires 05/13/08

 

 

(9,300

)

 

(701,496

)

K+S AG, strike price 240 EUR, expires 12/19/08

 

 

(84

)

 

(750,761

)

K+S AG, strike price 260 EUR, expires 12/19/08

 

 

(144

)

 

(1,089,012

)

KBW Insurance, strike price $48.38,
expires 05/23/08

 

 

(14,400

)

 

(21,709

)

KBW Insurance, strike price $50, expires 06/23/08

 

 

(214

)

 

(22,470

)

KBW Regional Banking, strike price $37.85,
expires 05/23/08

 

 

(32,400

)

 

(8,923

)

Kellogg Co., strike price $55, expires 05/19/08

 

 

(320

)

 

(4,800

)

Kerry Properties Ltd., strike price 52.10 HKD,
expires 05/08/08

 

 

(300,000

)

 

(86,976

)

Konica Minolta Holdings, Inc., strike price 1,652.11 JPY,
expires 07/08/08

 

 

(67,500

)

 

(55,501

)

Konica Minolta Holdings, Inc., strike price 1,787.36 JPY,
expires 05/07/08

 

 

(67,500

)

 

(3,606

)

Legal & General Group Plc, strike price 1.27 GBP,
expires 07/01/08

 

 

(300,000

)

 

(36,505

)

Legal & General Group Plc, strike price 1.38 GBP,
expires 06/17/08

 

 

(800,000

)

 

(29,751

)

Lincoln National Corp., strike price $60,
expires 07/21/08

 

 

(120

)

 

(8,100

)

Linde AG, strike price 93.84 EUR, expires 06/17/08

 

 

(22,100

)

 

(108,219

)

Linde AG, strike price 97.82 EUR, expires 07/01/08

 

 

(8,900

)

 

(25,959

)

McDonald’s Corp., strike price $61, expires 11/21/08

 

 

(43,000

)

 

(150,741

)

Medtronic, Inc., strike price $51.50, expires 06/27/08

 

 

(680

)

 

(44,078

)

Medtronic, Inc., strike price $52.50, expires 05/19/08

 

 

(250

)

 

(3,750

)

MetLife, Inc., strike price $65, expires 06/23/08

 

 

(105

)

 

(10,237

)

Microsoft Corp., strike price $32, expires 05/19/08

 

 

(1,640

)

 

(10,660

)

Mizuho Financial Group, Inc., strike price 550,762.08 JPY,
expires 07/08/08

 

 

(300

)

 

(90,949

)

Molson Coors Brewing Co., strike price $57.50,
expires 06/25/08

 

 

(280

)

 

(52,984

)

Molson Coors Brewing Co., strike price $58,
expires 11/21/08

 

 

(25,000

)

 

(88,363

)

National Express Group Plc, strike price 10.30 GBP,
expires 06/17/08

 

 

(130,000

)

 

(43,014

)

National Express Group Plc, strike price 13 GBP,
expires 05/08/08

 

 

(52,000

)

 

(1

)

Nestle S.A., strike price 528.39 CHF, expires 06/17/08

 

 

(8,500

)

 

(20,924

)

New World Development Co. Ltd., strike price 26.06 HKD,
expires 05/07/08

 

 

(675,000

)

 

(19

)

Newmont Mining Corp., strike price $56.94,
expires 11/21/08

 

 

(30,000

)

 

(41,565

)

Nike, Inc., strike price $70, expires 06/23/08

 

 

(250

)

 

(31,250

)

Nike, Inc., strike price $71, expires 11/21/08

 

 

(32,000

)

 

(128,051

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Nintendo Co. Ltd., strike price 51,909.06 JPY,
expires 05/08/08

 

 

(5,800

)

$

(326,447

)

Nintendo Co. Ltd., strike price 59,000 JPY,
expires 07/09/08

 

 

(5,900

)

 

(151,108

)

Nintendo Co. Ltd., strike price 62,325.23 JPY,
expires 05/28/08

 

 

(8,200

)

 

(154,046

)

Nordea Bank AB, strike price 108.37 SEK,
expires 06/17/08

 

 

(36,500

)

 

(12,349

)

Norfolk Southern Corp., strike price $62.99,
expires 11/03/08

 

 

(44,000

)

 

(173,730

)

Northern Trust Corp., strike price $75,
expires 05/30/08

 

 

(480

)

 

(107,837

)

Occidental Petroleum Corp., strike price $80,
expires 05/19/08

 

 

(360

)

 

(162,000

)

Occidental Petroleum Corp., strike price $85,
expires 11/24/08

 

 

(390

)

 

(325,650

)

Occidental Petroleum Corp., strike price $88,
expires 11/21/08

 

 

(24,000

)

 

(170,566

)

Oriflame Cosmetics S.A., strike price 424.86 SEK,
expires 05/15/08

 

 

(52,100

)

 

(345,171

)

Oriflame Cosmetics S.A., strike price 432.55 SEK,
expires 06/16/08

 

 

(44,118

)

 

(275,733

)

Orkla ASA, strike price 68.80 NOK, expires 05/09/08

 

 

(256,000

)

 

(60,210

)

Partner Communications (ADR), strike price $22.50,
expires 05/16/08

 

 

(168,000

)

 

(211,075

)

Partner Communications (ADR), strike price $25,
expires 11/24/08

 

 

(625

)

 

(67,188

)

Petroleo Brasileiro S.A. (ADR), strike price $67.50,
expires 07/21/08

 

 

(300

)

 

(171,000

)

Petroleo Brasileiro S.A. (ADR), strike price $70.50,
expires 11/21/08

 

 

(30,000

)

 

(280,086

)

Piraeus Bank S.A., strike price 21.95 EUR,
expires 06/17/08

 

 

(50,000

)

 

(116,678

)

Potash Corp. of Saskatchewan, strike price $181,
expires 11/21/08

 

 

(13,000

)

 

(472,789

)

Potash Corp. of Saskatchewan, strike price $200,
expires 06/23/08

 

 

(66

)

 

(66,660

)

Powershares Dynamic Insurance Portfolio,
strike price $16.20, expires 05/23/08

 

 

(10,600

)

 

(4,013

)

Public Service Enterprise Group, Inc., strike price $45,
expires 06/21/08

 

 

(275

)

 

(30,250

)

Qualcomm, Inc., strike price $45, expires 06/23/08

 

 

(355

)

 

(37,630

)

Research In Motion Ltd., strike price $140,
expires 06/23/08

 

 

(140

)

 

(35,560

)

Samsung Electronics Co. Ltd., strike price 609,000 KRW,
expires 05/08/08

 

 

(3,250

)

 

(331,076

)

Shizuoka Bank Ltd. (The), strike price 1,214.75 JPY,
expires 05/08/08

 

 

(136,000

)

 

(90,599

)

Shizuoka Bank Ltd. (The), strike price 1,311.77 JPY,
expires 07/08/08

 

 

(136,000

)

 

(94,980

)

Sims Group Ltd., strike price 31.83 AUD,
expires 05/07/08

 

 

(93,100

)

 

(145,382

)

Singapore Telecommunications Ltd.,
strike price 4.10 SGD, expires 05/07/08

 

 

(982,000

)

 

(7,681

)

Standard Chartered Plc, strike price 19.48 GBP,
expires 06/17/08

 

 

(23,200

)

 

(11,170

)

Starwood Hotels & Resorts Worldwide, Inc.,
strike price $60, expires 05/19/08

 

 

(772

)

 

(13,510

)

Sumitomo Corp., strike price 1,779.80 JPY,
expires 05/28/08

 

 

(185,000

)

 

(3,090

)

Sun Hung Kai Properties Ltd., strike price 154.62 HKD,
expires 05/28/08

 

 

(97,500

)

 

(25,032

)

Syngenta AG, strike price 334.41 CHF,
expires 11/04/08

 

 

(15,200

)

 

(267,758

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

57



 

 


 

 

Schedule of Investments (concluded)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Outstanding Call Options Written—(continued)

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR),
strike price $10.85, expires 06/27/08

 

 

(220,000

)

$

(147,884

)

TELUS Corp., strike price 48 CAD, expires 05/19/08

 

 

(350

)

 

(18,245

)

TELUS Corp., strike price 52 CAD, expires 11/22/08

 

 

(500

)

 

(83,160

)

Teva Pharmaceutical Industries Ltd. (ADR),
strike price $50, expires 06/23/08

 

 

(420

)

 

(16,800

)

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

 

 

(23,000

)

 

(28,975

)

Torchmark Corp., strike price $65, expires 05/19/08

 

 

(100

)

 

(11,000

)

Total S.A., strike price 52.89 EUR, expires 11/04/08

 

 

(24,000

)

 

(153,110

)

Total S.A., strike price 54.32 EUR, expires 07/01/08

 

 

(24,000

)

 

(61,976

)

UBS AG, strike price 36 CHF, expires 05/16/08

 

 

(50,000

)

 

(29,116

)

Ultra Petroleum Corp., strike price $86,
expires 06/30/08

 

 

(29,500

)

 

(114,516

)

Ultra Petroleum Corp., strike price $91,
expires 11/21/08

 

 

(29,500

)

 

(191,458

)

Union Pacific Corp., strike price $135,
expires 05/19/08

 

 

(70

)

 

(78,050

)

Union Pacific Corp., strike price $150,
expires 11/24/08

 

 

(140

)

 

(152,600

)

United Overseas Bank Ltd., strike price 18.85 SGD,
expires 05/07/08

 

 

(116,600

)

 

(132,658

)

United States Steel Corp., strike price $170,
expires 07/21/08

 

 

(560

)

 

(417,200

)

Vodafone Group Plc (ADR), strike price $35.25,
expires 11/21/08

 

 

(72,000

)

 

(91,210

)

Wal-Mart Stores, Inc., strike price $60, expires 06/25/08

 

 

(300

)

 

(32,919

)

Wartsila Oyj, B Shares, strike price 45.74 EUR,
expires 05/13/08

 

 

(43,674

)

 

(28,976

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Outstanding Call Options Written—(concluded)

 

 

 

 

 

 

 

Yara Intl. ASA, strike price 304.50 NOK,
expires 05/27/08

 

 

(89,000

)

$

(1,195,616

)

Yara Intl. ASA, strike price 315 NOK,
expires 06/16/08

 

 

(26,700

)

 

(318,172

)

Yara Intl. ASA, strike price 320 NOK,
expires 06/16/08

 

 

(60,500

)

 

(674,909

)

Yara Intl. ASA, strike price 332.72 NOK,
expires 11/04/08

 

 

(188,400

)

 

(3,033,110

)

Yum! Brands, Inc., strike price $40.25,
expires 11/17/08

 

 

(520

)

 

(204,854

)

Yum! Brands, Inc., strike price $40.50,
expires 11/07/08

 

 

(57,000

)

 

(212,388

)

Zurich Financial Services AG, strike price 346.24 CHF,
expires 06/17/08

 

 

(2,500

)

 

(4,199

)

               

Total Outstanding Call Options Written

 

 

 

 

 

(24,742,853

)

               

Outstanding Put Options Written—(0.0)%

 

 

 

 

 

 

 

Apple, Inc., strike price $155, expires 05/23/08

 

 

(115

)

 

(11,870

)

H.J. Heinz Co., strike price $46.75, expires 05/12/08

 

 

(385

)

 

(18,187

)

Linear Technology Corp., strike price $32,
expires 05/09/08

 

 

(1,310

)

 

(2,935

)

               

Total Outstanding Put Options Written

 

 

 

 

 

(32,992

)

               

Total Outstanding Options Written
(Premium Received—$20,461,940)—(2.9)%

 

 

 

 

 

(24,775,845

)

               

Total Investments Net of Outstanding Options Written—100.7%

 

 

 

 

 

864,142,011

 

Liabilities in Excess of Other Assets—(0.7)%

 

 

 

 

 

(6,011,078

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

858,130,933

 

 

 

 

 

 

     

 

 

 

 

 

 

           

*

The cost and unrealized appreciation/depreciation of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows:

 

Aggregate cost

 

$

805,167,404

 

 

 

 

     

 

Gross unrealized appreciation

 

$

102,552,058

 

 

Gross unrealized depreciation

 

 

(18,801,606

)

 

 

 

     

 

Net unrealized appreciation

 

$

83,750,452

 

 

 

 

     

 

 

 

 

 

 

(a)

Non-income producing security.

 

 

 

 

(b)

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

 

 

 

 

(c)

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

 

 

 

 

(d)

Represents current yield as of report date.

 

 

 

 

(e)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 were as follows:


 

 

 

 

 

 

 

 

 

                 

 

Affiliate

 

Net
Activity

 

Interest
Income

 

                 

 

BlackRock Liquidity Series, LLC,
Money Market Series

 

$

13,958,000

 

$

48,348

 

                 

 

(f)

Security purchased with the cash proceeds from securities loaned.

 

 

 

 

 

 

 

(g)

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

 

 

 

 

 

 

 

Forward foreign exchange contracts as of April 30, 2008 were as follows:

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

Currency

Purchased

 

Currency Sold

 

 

Settlement
Date

 

Unrealized
Depreciation

 

                           

 

USD

2,675,240

 

JPY

278,118,000

 

 

 

5/7/08

 

$

(643

)

                           

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

58

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



[This page intentionally left blank]

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

59



 


 

Statements of Assets and Liabilities


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2008 (unaudited)

 

BlackRock
Dividend
Achievers™
Trust (BDV)

 

BlackRock
Enhanced
Dividend
Achievers™
Trust (BDJ)

 

BlackRock
Strategic
Dividend
Achievers™
Trust (BDT)

 

BlackRock
EcoSolutions

Investment
Trust (BQR)

 

BlackRock
Global
Energy and
Resources
Trust (BGR)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value - unaffiliated1,2

 

$

716,070,604

 

$

846,182,430

 

$

365,399,059

 

$

233,896,171

 

$

1,180,486,234

 

Investments at value – affiliated3

 

 

 

 

11,808,800

 

 

 

 

9,614,800

 

 

81,873,600

 

Cash

 

 

662

 

 

 

 

1,851

 

 

3,280,926

 

 

1,470,075

 

Foreign currency at value4

 

 

 

 

 

 

 

 

74,539

 

 

820,272

 

Receivable for investments sold

 

 

 

 

3,068,404

 

 

 

 

1,174,232

 

 

15,683,386

 

Unrealized appreciation on swaps contracts

 

 

 

 

 

 

 

 

 

 

14,618

 

Variation margin receivable

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on forward currency contracts

 

 

 

 

 

 

 

 

 

 

 

Dividend and interest receivable

 

 

1,325,697

 

 

1,584,850

 

 

640,669

 

 

190,598

 

 

1,560,824

 

Securities lending income receivable

 

 

 

 

48,815

 

 

 

 

10,600

 

 

53,110

 

Other assets

 

 

177,928

 

 

88,158

 

 

90,137

 

 

39,326

 

 

273,859

 

 

 

                             

 

 

 

717,574,891

 

 

862,781,457

 

 

366,131,716

 

 

248,281,192

 

 

1,282,235,978

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral at value - securities loaned

 

 

 

 

11,808,800

 

 

 

 

9,614,800

 

 

81,873,600

 

Payable to custodian

 

 

 

 

922,675

 

 

 

 

 

 

 

Payable for investments purchased

 

 

 

 

 

 

 

 

833,841

 

 

10,733,944

 

Outstanding options written at value5

 

 

 

 

9,792,224

 

 

 

 

3,276,410

 

 

27,042,384

 

Unrealized depreciation on swaps contracts

 

 

 

 

 

 

 

 

 

 

186,513

 

Variation margin payable

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on forward currency contracts

 

 

 

 

 

 

 

 

 

 

 

Cash collateral

 

 

 

 

 

 

 

 

4,100,000

 

 

 

Investment advisory fee payable

 

 

382,531

 

 

690,637

 

 

225,047

 

 

225,271

 

 

1,101,073

 

Officer and Trustees fees payable

 

 

87,959

 

 

56,396

 

 

47,979

 

 

 

 

70,423

 

Licensing fee payable

 

 

240,376

 

 

281,555

 

 

119,541

 

 

 

 

 

Other accrued expenses

 

 

338,621

 

 

401,801

 

 

279,399

 

 

114,412

 

 

250,855

 

 

 

                             

 

 

 

1,049,487

 

 

23,954,088

 

 

671,966

 

 

18,164,734

 

 

121,258,792

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

$

716,525,404

 

$

838,827,369

 

$

365,459,750

 

$

230,116,458

 

$

1,160,977,186

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value ($0.001)

 

$

54,518

 

$

69,778

 

$

26,908

 

$

11,757

 

$

29,766

 

Paid-in capital in excess of par

 

 

740,831,031

 

 

998,186,688

 

 

373,293,893

 

 

224,076,255

 

 

709,335,050

 

Distributions in excess of net investment income

 

 

(10,944,523

)

 

(16,305,697

)

 

(4,771,013

)

 

(9,463,330

)

 

(64,884,894

)

Accumulated net realized gain (loss)

 

 

(28,964,669

)

 

(35,924,091

)

 

(1,209,274

)

 

7,769,344

 

 

117,646,993

 

Net unrealized appreciation (depreciation)

 

 

15,549,047

 

 

(107,199,309

)

 

(1,880,764

)

 

7,722,432

 

 

398,850,271

 

 

 

                             

Net Assets, April 30, 2008

 

$

716,525,404

 

$

838,827,369

 

$

365,459,750

 

$

230,116,458

 

$

1,160,977,186

 

 

 

                             

Net asset value per share6

 

$

13.14

 

$

12.02

 

$

13.58

 

$

19.57

 

$

39.00

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

700,607,984

 

$

954,745,439

 

$

367,327,221

 

$

225,968,365

 

$

776,579,595

 

2 Securities on loan at value

 

$

 

$

11,140,200

 

$

 

$

9,237,313

 

$

80,019,538

 

3 Investments at cost - affiliated

 

$

 

$

11,808,800

 

$

 

$

9,614,800

 

$

81,873,600

 

4 Foreign currency at cost

 

$

 

$

 

$

 

$

72,799

 

$

815,604

 

5 Premiums received

 

$

 

$

11,100,465

 

$

 

$

3,065,911

 

$

22,075,699

 

6 Shares Outstanding

 

 

54,518,315

 

 

69,778,138

 

 

26,908,028

 

 

11,756,964

 

 

29,766,217

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

60

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2008 (unaudited)

 

BlackRock
Global Equity
Income
Trust (BFD)

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

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

 

BlackRock
World
Investment
Trust (BWC)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value - unaffiliated1,2

 

$

749,027,601

 

$

355,538,598

 

$

206,958,588

 

$

1,901,656,009

 

$

1,187,780,963

 

$

110,366,823

 

$

874,959,856

 

Investments at value – affiliated3

 

 

 

 

4,070,700

 

 

17,518,150

 

 

 

 

38,513,800

 

 

 

 

13,958,000

 

Cash

 

 

205,857

 

 

293

 

 

 

 

990,890

 

 

 

 

12

 

 

 

Foreign currency at value4

 

 

21,515,109

 

 

668,727

 

 

1,093

 

 

31,545,556

 

 

535,371

 

 

160,889

 

 

1,585,074

 

Receivable for investments sold

 

 

1,268,085

 

 

4,023,860

 

 

4,360,643

 

 

44,293,400

 

 

2,694,809

 

 

5,918

 

 

9,470,130

 

Unrealized appreciation on swaps contracts

 

 

 

 

 

 

 

 

217,275

 

 

 

 

 

 

 

Variation margin receivable

 

 

131,060

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on forward currency contracts

 

 

 

 

 

 

 

 

10,766

 

 

 

 

 

 

 

Dividend and interest receivable

 

 

3,007,522

 

 

1,149,394

 

 

267,033

 

 

8,394,334

 

 

1,789,071

 

 

431,418

 

 

2,883,864

 

Securities lending income receivable

 

 

 

 

7,764

 

 

8,754

 

 

 

 

11,372

 

 

 

 

22,295

 

Other assets

 

 

37,035

 

 

33,567

 

 

23,558

 

 

99,953

 

 

256,158

 

 

13,546

 

 

64,433

 

 

 

                                         

 

 

 

775,192,269

 

 

365,492,903

 

 

229,137,819

 

 

1,987,208,183

 

 

1,231,581,544

 

 

110,978,606

 

 

902,943,652

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral at value - securities loaned

 

 

 

 

4,070,700

 

 

17,518,150

 

 

 

 

38,513,800

 

 

 

 

13,958,000

 

Payable to custodian

 

 

 

 

 

 

163,050

 

 

 

 

725,004

 

 

 

 

413,062

 

Payable for investments purchased

 

 

1,314,962

 

 

1,840,379

 

 

4,164,881

 

 

36,162,553

 

 

2,357,857

 

 

119,508

 

 

4,593,420

 

Outstanding options written at value5

 

 

6,942,155

 

 

9,570,528

 

 

1,143,517

 

 

41,141,554

 

 

21,832,386

 

 

 

 

24,775,845

 

Unrealized depreciation on swaps contracts

 

 

 

 

 

 

142,410

 

 

647,717

 

 

 

 

 

 

 

Variation margin payable

 

 

2,565

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on forward currency contracts

 

 

883

 

 

258

 

 

 

 

1,424

 

 

 

 

 

 

643

 

Cash collateral

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory fee payable

 

 

622,450

 

 

282,165

 

 

168,793

 

 

1,548,186

 

 

1,134,724

 

 

67,555

 

 

695,210

 

Officer and Trustees fees payable

 

 

20,711

 

 

26,578

 

 

13,943

 

 

50,979

 

 

44,494

 

 

11,342

 

 

43,129

 

Licensing fee payable

 

 

 

 

 

 

 

 

2,838

 

 

 

 

215,093

 

 

 

Other accrued expenses

 

 

332,964

 

 

189,628

 

 

78,211

 

 

594,832

 

 

255,768

 

 

105,540

 

 

333,410

 

 

 

                                         

 

 

 

9,236,690

 

 

15,980,236

 

 

23,392,955

 

 

80,150,083

 

 

64,864,033

 

 

519,038

 

 

44,812,719

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

$

765,955,579

 

$

349,512,667

 

$

205,744,864

 

$

1,907,058,100

 

$

1,166,717,511

 

$

110,459,568

 

$

858,130,933

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value ($0.001)

 

$

44,995

 

$

12,634

 

$

7,592

 

$

106,306

 

$

56,708

 

$

6,033

 

$

52,152

 

Paid-in capital in excess of par

 

 

831,430,336

 

 

301,882,818

 

 

181,149,149

 

 

2,028,892,309

 

 

811,015,946

 

 

85,706,674

 

 

746,381,711

 

Distributions in excess of net investment income

 

 

(33,169,416

)

 

(19,585,929

)

 

(9,325,647

)

 

(73,332,347

)

 

(41,825,902

)

 

(808,885

)

 

(64,741,217

)

Accumulated net realized gain (loss)

 

 

(18,540,491

)

 

33,904,375

 

 

19,193,134

 

 

(5,092,767

)

 

68,997,766

 

 

508,764

 

 

93,746,853

 

Net unrealized appreciation (depreciation)

 

 

(13,809,845

)

 

33,298,769

 

 

14,720,636

 

 

(43,515,401

)

 

328,472,993

 

 

25,046,982

 

 

82,691,434

 

 

 

                                         

Net Assets, April 30, 2008

 

$

765,955,579

 

$

349,512,667

 

$

205,744,864

 

$

1,907,058,100

 

$

1,166,717,511

 

$

110,459,568

 

$

858,130,933

 

 

 

                                         

Net asset value per share6

 

$

17.02

 

$

27.66

 

$

27.10

 

$

17.94

 

$

20.57

 

$

18.31

 

$

16.45

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

763,307,337

 

$

320,760,386

 

$

192,278,491

 

$

1,943,571,884

 

$

857,724,009

 

$

85,333,733

 

$

788,042,266

 

2 Securities on loan at value

 

$

 

$

3,923,584

 

$

17,024,486

 

$

 

$

37,732,177

 

$

 

$

13,477,700

 

3 Investments at cost - affiliated

 

$

 

$

4,070,700

 

$

17,518,150

 

$

 

$

38,513,800

 

$

 

$

13,958,000

 

4 Foreign currency at cost

 

$

21,111,462

 

$

664,329

 

$

1,039

 

$

31,100,937

 

$

532,471

 

$

160,348

 

$

1,569,352

 

5 Premiums received

 

$

6,177,730

 

$

8,042,146

 

$

1,307,592

 

$

39,606,238

 

$

20,200,662

 

$

 

$

20,461,940

 

6 Shares Outstanding

 

 

44,995,192

 

 

12,634,026

 

 

7,591,500

 

 

106,306,178

 

 

56,708,028

 

 

6,033,028

 

 

52,152,086

 


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

61



 


 

Statements of Operations


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended April 30, 2008 (unaudited)

 

BlackRock
Dividend
Achievers™
Trust (BDV)

 

BlackRock
Enhanced
Dividend
Achievers™
Trust (BDJ)

 

BlackRock
Strategic
Dividend
Achievers™
Trust (BDT)

 

BlackRock
EcoSolutions
Investment
Trust (BQR)

 

BlackRock
Global
Energy and
Resources
Trust (BGR)

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

15,324,215

 

$

18,012,628

 

$

7,726,883

 

$

965,348

 

$

17,564,669

 

Interest

 

 

160,770

 

 

524,595

 

 

97,399

 

 

490,444

 

 

821,349

 

Securities lending

 

 

 

 

108,080

 

 

 

 

17,642

 

 

220,250

 

Foreign taxes withheld

 

 

 

 

 

 

 

 

(48,525

)

 

(350,002

)

 

 

                             

Total income

 

 

15,484,985

 

 

18,645,303

 

 

7,824,282

 

 

1,424,909

 

 

18,256,266

 

 

 

                             

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

2,423,152

 

 

4,355,804

 

 

1,386,012

 

 

1,341,255

 

 

6,284,310

 

Transfer agent

 

 

8,258

 

 

9,441

 

 

8,931

 

 

6,807

 

 

8,893

 

Custodian

 

 

57,395

 

 

45,189

 

 

42,093

 

 

70,177

 

 

120,076

 

Reports to shareholders

 

 

84,861

 

 

94,489

 

 

43,414

 

 

26,317

 

 

88,142

 

Officer and Trustees

 

 

46,661

 

 

52,350

 

 

17,945

 

 

9,045

 

 

59,101

 

Registration

 

 

3,103

 

 

8,359

 

 

2,228

 

 

5,091

 

 

1,877

 

Professional

 

 

67,503

 

 

71,117

 

 

50,259

 

 

44,009

 

 

68,848

 

Insurance

 

 

16,505

 

 

19,223

 

 

8,005

 

 

4,665

 

 

21,872

 

License fee

 

 

372,793

 

 

435,580

 

 

184,802

 

 

 

 

 

Miscellaneous

 

 

5,569

 

 

4,724

 

 

4,725

 

 

6,773

 

 

5,496

 

 

 

                             

Total expenses

 

 

3,085,800

 

 

5,096,276

 

 

1,748,414

 

 

1,514,139

 

 

6,658,615

 

 

 

                             

Less fees waived by the Advisor

 

 

 

 

 

 

 

 

 

 

(1,047,385

)

Less fees paid indirectly

 

 

 

 

(984

)

 

 

 

(3,473

)

 

(124

)

 

 

                             

Net expenses

 

 

3,085,800

 

 

5,095,292

 

 

1,748,414

 

 

1,510,666

 

 

5,611,106

 

 

 

                             

Net investment income (loss)

 

 

12,399,185

 

 

13,550,011

 

 

6,075,868

 

 

(85,757

)

 

12,645,160

 

 

 

                             

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(28,964,643

)

 

(52,174,129

)

 

(1,209,272

)

 

3,275,042

 

 

72,089,038

 

Foreign currency

 

 

 

 

 

 

 

 

(24,231

)

 

956,878

 

Futures

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

 

 

26,070,898

 

 

 

 

4,463,388

 

 

(1,429,823

)

 

 

                             

 

 

 

(28,964,643

)

 

(26,103,231

)

 

(1,209,272

)

 

7,714,199

 

 

71,616,093

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(87,008,427

)

 

(90,593,031

)

 

(36,944,474

)

 

(8,000,284

)

 

52,191,498

 

Foreign currency

 

 

 

 

 

 

 

 

(6,505

)

 

(97,708

)

Futures

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

 

 

863,292

 

 

 

 

1,169,567

 

 

508,036

 

Swaps

 

 

 

 

 

 

 

 

 

 

(16,003,866

)

 

 

                             

 

 

 

(87,008,427

)

 

(89,729,739

)

 

(36,944,474

)

 

(6,837,222

)

 

36,597,960

 

 

 

                             

Total realized and unrealized gain (loss)

 

 

(115,973,070

)

 

(115,832,970

)

 

(38,153,746

)

 

876,977

 

 

108,214,053

 

 

 

                             

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

(103,573,885

)

$

(102,282,959

)

$

(32,077,878

)

$

791,220

 

$

120,859,213

 

 

 

                             

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

62

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended April 30, 2008 (unaudited)

 

BlackRock
Global Equity
Income
Trust (BFD)

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

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

 

BlackRock
World
Investment
Trust (BWC)

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

13,906,560

 

$

4,434,428

 

$

1,141,797

 

$

29,868,047

 

$

15,438,992

 

$

2,323,053

 

$

10,698,557

 

Interest

 

 

746,974

 

 

412,251

 

 

454,045

 

 

2,642,443

 

 

1,570,782

 

 

32,163

 

 

1,027,106

 

Securities lending

 

 

 

 

16,474

 

 

33,055

 

 

 

 

20,392

 

 

 

 

48,348

 

Foreign taxes withheld

 

 

(722,080

)

 

(267,873

)

 

(37,271

)

 

(2,986,865

)

 

(36,282

)

 

(102,785

)

 

(685,923

)

 

 

                                         

Total income

 

 

13,931,454

 

 

4,595,280

 

 

1,591,626

 

 

29,523,625

 

 

16,993,884

 

 

2,252,431

 

 

11,088,088

 

 

 

                                         

 

Expenses

 

Investment advisory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transfer agent

 

 

3,853,921

 

 

1,739,633

 

 

1,082,120

 

 

9,527,235

 

 

6,560,612

 

 

419,593

 

 

4,323,793

 

Custodian

 

 

5,903

 

 

8,814

 

 

8,794

 

 

5,929

 

 

4,928

 

 

8,914

 

 

9,447

 

Reports to shareholders

 

 

216,901

 

 

143,360

 

 

48,584

 

 

807,283

 

 

254,363

 

 

37,812

 

 

176,346

 

Officer and Trustees

 

 

79,912

 

 

31,545

 

 

22,593

 

 

110,638

 

 

80,557

 

 

14,478

 

 

81,528

 

Registration

 

 

47,133

 

 

16,299

 

 

9,745

 

 

133,664

 

 

61,410

 

 

5,453

 

 

51,340

 

Professional

 

 

13,876

 

 

1,606

 

 

2,807

 

 

14,837

 

 

13,024

 

 

579

 

 

11,152

 

Insurance

 

 

64,442

 

 

42,321

 

 

35,352

 

 

107,733

 

 

66,340

 

 

27,864

 

 

69,384

 

License fee

 

 

17,277

 

 

7,616

 

 

4,499

 

 

41,788

 

 

23,042

 

 

2,475

 

 

18,970

 

Miscellaneous

 

 

 

 

 

 

 

 

1,532

 

 

 

 

83,919

 

 

 

Total expenses

 

 

6,302

 

 

4,997

 

 

4,724

 

 

19,480

 

 

5,381

 

 

4,725

 

 

10,708

 

 

 

                                         

Less fees waived by the Advisor

 

 

4,305,667

 

 

1,996,191

 

 

1,219,218

 

 

10,770,119

 

 

7,069,657

 

 

605,812

 

 

4,752,668

 

 

 

                                         

Less fees paid indirectly

 

 

 

 

 

 

 

 

 

 

(1,093,435

)

 

 

 

 

Net expenses

 

 

(1,001

)

 

(196

)

 

(85

)

 

(682

)

 

(1,616

)

 

 

 

(294

)

 

 

                                         

Net investment income (loss)

 

 

4,304,666

 

 

1,995,995

 

 

1,219,133

 

 

10,769,437

 

 

5,974,606

 

 

605,812

 

 

4,752,374

 

 

 

                                         

 

 

 

9,626,788

 

 

2,599,285

 

 

372,493

 

 

18,754,188

 

 

11,019,278

 

 

1,646,619

 

 

6,335,714

 

 

 

                                         

 

Realized and Unrealized Gain (Loss)

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(38,546,772

)

 

14,034,488

 

 

9,033,173

 

 

(52,534,850

)

 

49,765,450

 

 

690,567

 

 

33,048,706

 

Foreign currency

 

 

2,431,566

 

 

(164,263

)

 

(2,646

)

 

(693,727

)

 

106,720

 

 

31,088

 

 

(350,819

)

Futures

 

 

(5,336,559

)

 

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

23,826,419

 

 

14,419,135

 

 

4,141,484

 

 

51,761,520

 

 

2,329,815

 

 

 

 

33,050,605

 

 

 

                                         

Net change in unrealized appreciation/depreciation on:

 

 

(17,625,346

)

 

28,289,360

 

 

13,172,011

 

 

(1,467,057

)

 

52,201,985

 

 

721,655

 

 

65,748,492

 

 

 

                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(65,483,444

)

 

(57,005,354

)

 

(26,998,126

)

 

(174,747,459

)

 

(31,233,647

)

 

(15,873,868

)

 

(142,518,995

)

Foreign currency

 

 

(729,340

)

 

(16,287

)

 

2,868

 

 

(37,126

)

 

(91,413

)

 

(25,795

)

 

(35,636

)

Futures

 

 

68,102

 

 

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

(1,365,375

)

 

7,479,116

 

 

(692,641

)

 

23,223,017

 

 

8,563,597

 

 

 

 

28,403,918

 

Swaps

 

 

 

 

 

 

(497,147

)

 

(430,442

)

 

 

 

 

 

 

 

 

                                         

 

 

 

(67,510,057

)

 

(49,542,525

)

 

(28,185,046

)

 

(151,992,010

)

 

(22,761,463

)

 

(15,899,663

)

 

(114,150,713

)

 

 

                                         

Total realized and unrealized gain (loss)

 

 

(85,135,403

)

 

(21,253,165

)

 

(15,013,035

)

 

(153,459,067

)

 

29,440,522

 

 

(15,178,008

)

 

(48,402,221

)

 

 

                                         

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

(75,508,615

)

$

(18,653,880

)

$

(14,640,542

)

$

(134,704,879

)

$

40,459,800

 

$

(13,531,389

)

$

(42,066,507

)

 

 

                                         

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

APRIL 30, 2008

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, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Operations:

 

Net investment income (loss)

 

 

$

12,399,185

 

 

 

$

25,229,409

 

 

 

$

13,550,011

 

 

 

$

28,437,040

 

 

Net realized gain (loss)

 

 

 

(28,964,643

)

 

 

 

20,019,931

 

 

 

 

(26,103,231

)

 

 

 

59,786,766

 

 

Net change in unrealized appreciation/depreciation

 

 

 

(87,008,427

)

 

 

 

(21,252,973

)

 

 

 

(89,729,739

)

 

 

 

(57,684,009

)

 

 

 

 

               

 

 

                 

Net increase (decrease) in net assets resulting from operations

 

 

 

(103,573,885

)

 

 

 

23,996,367

 

 

 

 

(102,282,959

)

 

 

 

30,539,797

 

 

 

 

 

               

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders from:

 

Net investment income2

 

 

 

(24,533,243

)

 

 

 

(24,156,155

)

 

 

 

(42,651,887

)

 

 

 

(29,664,644

)

 

Realized gains

 

 

 

 

 

 

 

(20,789,577

)

 

 

 

 

 

 

 

(55,532,595

)

 

Tax return of capital

 

 

 

 

 

 

 

(4,120,753

)

 

 

 

 

 

 

 

 

 

 

 

 

               

 

 

                 

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

 

(24,533,243

)

 

 

 

(49,066,485

)

 

 

 

(42,651,887

)

 

 

 

(85,197,239

)

 

 

 

 

               

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,292,836

 

 

 

 

 

               

 

 

                 

Net increase in net assets derived from capital share transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,292,836

 

 

 

 

 

               

 

 

                 

Total increase (decrease) in net assets

 

 

 

(128,107,128

)

 

 

 

(25,070,118

)

 

 

 

(144,934,846

)

 

 

 

(49,364,606

)

 

 

 

 

               

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

Beginning of period

 

 

 

844,632,532

 

 

 

 

869,702,650

 

 

 

 

983,762,215

 

 

 

 

1,033,126,821

 

 

 

 

 

               

 

 

                 

End of period

 

 

$

716,525,404

 

 

 

$

844,632,532

 

 

 

$

838,827,369

 

 

 

$

983,762,215

 

 

 

 

 

               

 

 

                 

End of period undistributed (distributions in excess of) net investment income

 

 

$

(10,944,523

)

 

 

$

1,189,535

 

 

 

$

(16,305,697

)

 

 

$

12,796,179

 

 

 

 

 

               

 

 

                 

 

 

1

Commencement of investment operations for BlackRock EcoSolutions Investment Trust (BQR) and BlackRock Global Equity Income Trust (BFD) was September 28, 2007 and March 30, 2007, respectively. This information includes the initial investment by BlackRock Funding, Inc.

2

A portion of the dividends from net investment income for the six months ended April 30, 2008 may be deemed a tax return of capital or net realized gain at fiscal year end.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

64

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Strategic Dividend
Achievers™ Trust (BDT)

 

BlackRock
EcoSolutions
Investment Trust (BQR)

 

BlackRock
Global Energy and
Resources Trust (BGR)

 

BlackRock
Global Equity
Income Trust (BFD)

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Period Ended
October 31, 20071

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Period Ended
October 31, 20071

 

Operations:

Net investment income (loss)

 

$

6,075,868

 

$

12,057,071

 

$

(85,757

)

$

205,295

 

$

12,645,160

 

$

16,146,812

 

$

9,626,788

 

$

10,595,977

 

Net realized gain (loss)

 

 

(1,209,272

)

 

9,048,370

 

 

7,714,199

 

 

(140,152

)

 

71,616,093

 

 

57,549,320

 

 

(17,625,346

)

 

4,771,359

 

Net change in unrealized appreciation/depreciation

 

 

(36,944,474

)

 

(21,179,657

)

 

(6,837,222

)

 

14,559,654

 

 

36,597,960

 

 

217,159,445

 

 

(67,510,057

)

 

53,700,212

 

 

 

         

 

         

 

         

 

           

Net increase (decrease) in net assets resulting from operations

 

 

(32,077,878

)

 

(74,216

)

 

791,220

 

 

14,624,797

 

 

120,859,213

 

 

290,855,577

 

 

(75,508,615

)

 

69,067,548

 

 

 

         

 

         

 

         

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders from:

 

Net investment income2

 

 

(12,108,613

)

 

(10,698,807

)

 

(9,405,571

)

 

 

 

(79,192,038

)

 

(20,878,607

)

 

(42,745,432

)

 

(12,557,245

)

Realized gains

 

 

 

 

(10,317,564

)

 

 

 

 

 

 

 

(33,770,708

)

 

 

 

(3,791,008

)

Tax return of capital

 

 

 

 

(3,200,857

)

 

 

 

 

 

 

 

 

 

 

 

(26,364,301

)

 

 

         

 

         

 

         

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(12,108,613

)

 

(24,217,228

)

 

(9,405,571

)

 

 

 

(79,192,038

)

 

(54,649,315

)

 

(42,745,432

)

 

(42,712,554

)

 

 

         

 

         

 

         

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

224,106,012

 

 

 

 

 

 

 

 

762,561,051

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

93,938,305

 

Reinvestment of dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,355,276

 

 

 

         

 

         

 

         

 

           

Net increase in net assets derived from capital share transactions

 

 

 

 

 

 

 

 

224,106,012

 

 

 

 

 

 

 

 

857,854,632

 

 

 

         

 

         

 

         

 

           

Total increase (decrease) in net assets

 

 

(44,186,491

)

 

(24,291,444

)

 

(8,614,351

)

 

238,730,809

 

 

41,667,175

 

 

236,206,262

 

 

(118,254,047

)

 

884,209,626

 

 

 

         

 

         

 

         

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

Beginning of period

 

 

409,646,241

 

 

433,937,685

 

 

238,730,809

 

 

 

 

1,119,310,011

 

 

883,103,749

 

 

884,209,626

 

 

 

 

 

         

 

         

 

         

 

           

End of period

 

$

365,459,750

 

$

409,646,241

 

$

230,116,458

 

$

238,730,809

 

$

1,160,977,186

 

$

1,119,310,011

 

$

765,955,579

 

$

884,209,626

 

 

 

         

 

         

 

         

 

           

End of period undistributed (distributions in excess of) net investment income

 

$

(4,771,013

)

$

1,261,732

 

$

(9,463,330

)

$

27,998

 

$

(64,884,894

)

$

1,661,984

 

$

(33,169,416

)

$

(50,772

)

 

 

         

 

         

 

         

 

           

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

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, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

                           

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income (loss)

 

$

2,599,285

 

$

6,580,595

 

$

372,493

 

$

318,564

 

Net realized gain (loss)

 

 

28,289,360

 

 

26,942,471

 

 

13,172,011

 

 

15,680,803

 

Net change in unrealized appreciation/depreciation

 

 

(49,542,525

)

 

52,641,050

 

 

(28,185,046

)

 

20,607,289

 

 

 

         

 

           

Net increase (decrease) in net assets resulting from operations

 

 

(18,653,880

)

 

86,164,116

 

 

(14,640,542

)

 

36,606,656

 

 

 

         

 

           

 

                           

Dividends and Distributions to Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income2

 

 

(24,352,240

)

 

(4,563,384

)

 

(9,894,746

)

 

(120,119

)

Realized gains

 

 

 

 

(26,867,198

)

 

 

 

(16,711,918

)

Tax return of capital

 

 

 

 

 

 

 

 

 

 

 

         

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(24,352,240

)

 

(31,430,582

)

 

(9,894,746

)

 

(16,832,037

)

 

 

         

 

           

 

                           

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

2,777,501

 

 

3,263,566

 

 

 

 

2,354,235

 

 

 

         

 

           

Net increase in net assets derived from capital share transactions

 

 

2,777,501

 

 

3,263,566

 

 

 

 

2,354,235

 

 

 

         

 

           

Total increase (decrease) in net assets

 

 

(40,228,619

)

 

57,997,100

 

 

(24,535,288

)

 

22,128,854

 

 

 

         

 

           

 

                           

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Beginning of period

 

 

389,741,286

 

 

331,744,186

 

 

230,280,152

 

 

208,151,298

 

 

 

         

 

           

End of period

 

$

349,512,667

 

$

389,741,286

 

$

205,744,864

 

$

230,280,152

 

 

 

         

 

           

End of period undistributed (distributions in excess of) net investment income

 

$

(19,585,929

)

$

2,167,026

 

$

(9,325,647

)

$

196,606

 

 

 

         

 

           

 

 

1

Commencement of investment operations for BlackRock International Growth and Income Trust (BGY) was May 30, 2007. This information includes the initial investment by BlackRock Funding, Inc.

2

A portion of the dividends from net investment income for the six months ended April 30, 2008 may be deemed a tax return of capital or net realized gain at fiscal year end.


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

66

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
International Growth
and Income Trust (BGY)

 

BlackRock
Real Asset
Equity Trust (BCF)

 

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

 

BlackRock
World Investment
Trust (BWC)

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Period Ended
October 31, 20071

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

                                                   

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Net investment income (loss)

 

$

18,754,188

 

$

14,699,939

 

$

11,019,278

 

$

13,224,594

 

$

1,646,619

 

$

2,911,572

 

$

6,335,714

 

$

14,414,824

 

Net realized gain (loss)

 

 

(1,467,057

)

 

50,836,289

 

 

52,201,985

 

 

62,766,392

 

 

721,655

 

 

2,242,795

 

 

65,748,492

 

 

75,834,432

 

Net change in unrealized appreciation/depreciation

 

 

(151,992,010

)

 

108,476,609

 

 

(22,761,463

)

 

298,625,818

 

 

(15,899,663

)

 

15,055,973

 

 

(114,150,713

)

 

120,020,903

 

 

 

         

 

         

 

         

 

           

Net increase (decrease) in net assets resulting from operations

 

 

(134,704,879

)

 

174,012,837

 

 

40,459,800

 

 

374,616,804

 

 

(13,531,389

)

 

20,210,340

 

 

(42,066,507

)

 

210,270,159

 

 

 

         

 

         

 

         

 

           

 

                                                   

Dividends and Distributions to Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Net investment income2

 

 

(96,759,884

)

 

(11,099,329

)

 

(52,829,199

)

 

(16,196,422

)

 

(2,714,863

)

 

(2,627,580

)

 

(71,949,439

)

 

(12,835,490

)

Realized gains

 

 

 

 

(53,407,260

)

 

 

 

(45,456,547

)

 

 

 

(2,408,434

)

 

 

 

(78,213,020

)

Tax return of capital

 

 

 

 

 

 

 

 

 

 

 

 

(393,713

)

 

 

 

 

 

 

         

 

         

 

         

 

           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(96,759,884

)

 

(64,506,589

)

 

(52,829,199

)

 

(61,652,969

)

 

(2,714,863

)

 

(5,429,727

)

 

(71,949,439

)

 

(91,048,510

)

 

 

         

 

         

 

         

 

           

 

                                                   

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Net proceeds from the issuance of shares

 

 

 

 

1,880,036,615

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

148,980,000

 

 

 

 

45,840,000

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,326,171

 

 

1,652,473

 

 

 

         

 

         

 

         

 

           

Net increase in net assets derived from capital share transactions

 

 

 

 

2,029,016,615

 

 

 

 

45,840,000

 

 

 

 

 

 

1,326,171

 

 

1,652,473

 

 

 

         

 

         

 

         

 

           

Total increase (decrease) in net assets

 

 

(231,464,763

)

 

2,138,522,863

 

 

(12,369,399

)

 

358,803,835

 

 

(16,246,252

)

 

14,780,613

 

 

(112,689,775

)

 

120,874,122

 

 

 

         

 

         

 

         

 

           

 

                                                   

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Beginning of period

 

 

2,138,522,863

 

 

 

 

1,179,086,910

 

 

820,283,075

 

 

126,705,820

 

 

111,925,207

 

 

970,820,708

 

 

849,946,586

 

 

 

         

 

         

 

         

 

           

End of period

 

$

1,907,058,100

 

$

2,138,522,863

 

$

1,166,717,511

 

$

1,179,086,910

 

$

110,459,568

 

$

126,705,820

 

$

858,130,933

 

$

970,820,708

 

 

 

         

 

         

 

         

 

           

End of period undistributed (distributions in excess of) net investment income

 

$

(73,332,347

)

$

4,673,349

 

$

(41,825,902

)

$

(15,981

)

$

(808,885

)

$

259,359

 

$

(64,741,217

)

$

872,508

 

 

 

         

 

         

 

         

 

           

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

67



 

 


 

Financial Highlights

BlackRock Dividend AchieversTM Trust (BDV)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 



Year Ended October 31,

 

Period
December 23, 20031
through October 31,
2004

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.49

 

 

$

15.95

 

$

14.21

 

$

14.67

 

$

14.33

2

 

 

 

                                 

Net investment income

 

 

0.23

 

 

 

0.45

 

 

0.42

 

 

0.43

 

 

0.37

 

 

Net realized and unrealized gain (loss)

 

 

(2.13

)

 

 

(0.01

)

 

2.21

 

 

0.01

 

 

0.66

 

 

 

 

                                 

Net increase (decrease) from investment operations

 

 

(1.90

)

 

 

0.44

 

 

2.63

 

 

0.44

 

 

1.03

 

 

 

 

                                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.45

)3

 

 

(0.44

)

 

(0.41

)

 

(0.43

)

 

(0.38

)

 

Net realized gain

 

 

 

 

 

(0.38

)

 

(0.32

)

 

(0.28

)

 

 

 

Tax return of capital

 

 

 

 

 

(0.08

)

 

(0.16

)

 

(0.19

)

 

(0.29

)

 

 

 

                                 

Total dividends and distributions

 

 

(0.45

)

 

 

(0.90

)

 

(0.89

)

 

(0.90

)

 

(0.67

)

 

 

 

                                 

Capital changes with respect to issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                                 

Net asset value, end of period

 

$

13.14

 

 

$

15.49

 

$

15.95

 

$

14.21

 

$

14.67

 

 

 

 

                                 

Market price, end of period

 

$

11.54

 

 

$

13.64

 

$

14.86

 

$

12.77

 

$

14.98

 

 

 

 

                                 

 

Total Investment Returns4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

(11.96

)%

 

 

3.15

%

 

19.89

%

 

3.11

%

 

7.28

%

 

 

 

                                 

At market value

 

 

(12.19

)%

 

 

(2.50

)%

 

24.31

%

 

(9.25

)%

 

4.62

%

 

 

 

                                 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.83

%5

 

 

0.82

%

 

0.84

%

 

0.84

%

 

0.83

%5

 

 

 

                                 

Net expenses

 

 

0.83

%5

 

 

0.82

%

 

0.84

%

 

0.84

%

 

0.83

%5

 

 

 

                                 

Net investment income

 

 

3.33

%5

 

 

2.87

%

 

2.90

%

 

2.93

%

 

3.00

%5

 

 

 

                                 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover

 

 

20

%

 

 

12

%

 

11

%

 

27

%

 

6

%

 

 

 

                                 

Net assets, end of period (000)

 

$

716,525

 

 

$

844,633

 

$

869,703

 

$

774,691

 

$

800,200

 

 

 

 

                                 

 

 

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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

 

 

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

68

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Financial Highlights

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 




Year Ended October 31,

 

Period
August 31, 20051
through October 31,
2005

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.10

 

 

$

14.88

 

$

14.01

 

$

14.33

2

 

 

 

                           

Net investment income

 

 

0.19

 

 

 

0.39

 

 

0.37

 

 

0.06

 

 

Net realized and unrealized gain (loss)

 

 

(1.66

)

 

 

0.06

 

 

1.71

 

 

(0.26

)

 

 

 

                           

Net increase (decrease) from investment operations

 

 

(1.47

)

 

 

0.45

 

 

2.08

 

 

(0.20

)

 

 

 

                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.61

)3

 

 

(0.43

)

 

(0.15

)

 

(0.06

)

 

Net realized gain

 

 

 

 

 

(0.80

)

 

(1.06

)

 

(0.04

)

 

 

 

                           

Total dividends and distributions

 

 

(0.61

)

 

 

(1.23

)

 

(1.21

)

 

(0.10

)

 

 

 

                           

Capital changes with respect to issuance of shares

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                           

Net asset value, end of period

 

$

12.02

 

 

$

14.10

 

$

14.88

 

$

14.01

 

 

 

 

                           

Market price, end of period

 

$

11.35

 

 

$

12.68

 

$

14.92

 

$

13.79

 

 

 

 

                           

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

(10.11

)%

 

 

3.21

%

 

15.72

%

 

(1.42

)%

 

 

 

                           

At market value

 

 

(5.62

)%

 

 

(7.43

)%

 

17.97

%

 

(7.40

)%

 

 

 

                           

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.17

%5

 

 

1.17

%

 

1.19

%

 

1.25

%5

 

 

 

                           

Net expenses

 

 

1.17

%5

 

 

1.17

%

 

1.19

%

 

1.25

%5

 

 

 

                           

Net investment income

 

 

3.11

%5

 

 

2.76

%

 

2.73

%

 

2.44

%5

 

 

 

                           

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover

 

 

41

%

 

 

91

%

 

138

%

 

5

%

 

 

 

                           

Net assets, end of period (000)

 

$

838,827

 

 

$

983,762

 

$

1,033,127

 

$

968,245

 

 

 

 

                           

 

 

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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

 

 

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

69



 

 


 

 

Financial Highlights

BlackRock Strategic Dividend AchieversTM Trust (BDT)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

Period
March 30, 20041
through October 31,
2004

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

 

Per Share Operating Performance

Net asset value, beginning of period

 

$

 

15.22

 

 

$

16.13

 

$

15.14

 

$

14.96

 

 

$

14.33

2

 

 

 

                                     

Net investment income

 

 

 

0.23

 

 

 

0.40

 

 

0.37

 

 

0.46

 

 

 

0.18

 

 

Net realized and unrealized gain (loss)

 

 

 

(1.42

)

 

 

(0.41

)

 

1.52

 

 

0.62

 

 

 

0.92

 

 

 

 

                                     

Net increase (decrease) from investment operations

 

 

 

(1.19

)

 

 

(0.01

)

 

1.89

 

 

1.08

 

 

 

1.10

 

 

 

 

                                     

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.45

)3

 

 

(0.40

)

 

(0.35

)

 

(0.46

)

 

 

(0.17

)

 

Net realized gain

 

 

 

 

 

 

(0.38

)

 

(0.55

)

 

(0.42

)

 

 

 

 

Tax return of capital

 

 

 

 

 

 

(0.12

)

 

 

 

(0.02

)

 

 

(0.28

)

 

Total dividends and distributions

 

 

 

(0.45

)

 

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

 

(0.45

)

 

 

 

                                     

Capital changes with respect to issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                                     

Net asset value, end of period

 

$

 

13.58

 

 

$

15.22

 

$

16.13

 

$

15.14

 

 

$

14.96

 

 

 

 

                                     

Market price, end of period

 

$

 

11.85

 

 

$

13.19

 

$

14.53

 

$

13.20

 

 

$

14.54

 

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

 

(7.38

)%

 

 

0.24

%

 

13.65

%

 

7.62

%

 

 

7.75

%

 

 

 

                                     

At market value

 

 

 

(6.74

)%

 

 

(3.56

)%

 

17.43

%

 

(3.46

)%

 

 

0.01

%

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

Total expenses

 

 

 

0.95

%5

 

 

0.95

%

 

0.96

%

 

0.96

%

 

 

0.99

%5

 

 

 

                                     

Net expenses

 

 

 

0.95

%5

 

 

0.95

%

 

0.96

%

 

0.96

%

 

 

0.99

%5

 

 

 

                                     

Net investment income

 

 

 

3.29

%5

 

 

2.75

%

 

2.57

%

 

3.01

%

 

 

2.18

%5

 

 

 

                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

Portfolio turnover

 

 

 

15

%

 

 

18

%

 

18

%

 

24

%

 

 

1

%

 

 

 

                                     

Net assets, end of period (000)

 

$

 

365,460

 

 

$

409,646

 

$

433,938

 

$

407,366

 

 

$

402.570

 

 

 

 

                                     

 

 

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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

70

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

Financial Highlights

BlackRock EcoSolutions Investment Trust (BQR)


 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Period
September 28, 20071
through October 31,
2007

 

Per Share Operating Performance

 

Net asset value, beginning of period

 

$

20.31

 

$

19.10

2

 

 

           

Net investment income

 

 

(0.01

)

 

 

Net realized and unrealized gain

 

 

0.07

 

 

1.25

 

 

 

           

Net increase from investment operations

 

 

0.06

 

 

1.25

 

 

 

           

Dividends from net investment income

 

 

(0.80

)

 

 

 

 

           

Capital changes with respect to issuance of shares

 

 

 

 

(0.04

)

 

 

           

Net asset value, end of period

 

$

19.57

 

$

20.31

 

 

 

           

Market price, end of period

 

$

18.00

 

$

19.75

 

 

 

           

 

 

 

 

 

 

 

 

Total Investment Return3

 

At net asset value

 

 

0.60

%

 

6.28

%

 

 

           

At market value

 

 

(4.84

)%

 

(1.25

)%

 

 

           

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

Total expenses

 

 

1.35

%4

 

1.70

%4

 

 

           

Net expenses

 

 

1.35

%4

 

1.68

%4

 

 

           

Net investment income

 

 

(0.07

)%4

 

0.97

%4

 

 

           

 

 

 

 

 

 

 

 

Supplemental Data

 

Portfolio turnover

 

 

20

%

 

4

%

 

 

           

Net assets, end of period (000)

 

$

230,116

 

$

238,731

 

 

 

           

 

 

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

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

71



 

 


Financial Highlights

BlackRock Global Energy and Resources Trust (BGR)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

 

 

 

 

Period
December 29, 20041
through October 31,
2005

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

 

Per Share Operating Performance

Net asset value, beginning of period

 

$

 

37.60

 

 

$

29.67

 

$

28.12

 

$

 

23.88

2

 

 

 

                               

Net investment income

 

 

 

0.42

 

 

 

0.49

 

 

0.75

 

 

 

0.56

 

 

Net realized and unrealized gain

 

 

 

3.64

 

 

 

9.27

 

 

3.65

 

 

 

4.85

 

 

 

 

                               

Net increase from investment operations

 

 

 

4.06

 

 

 

9.76

 

 

4.40

 

 

 

5.41

 

 

 

 

                               

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(2.66

) 3

 

 

(0.70

)

 

(0.49

)

 

 

(0.54

)

 

Net realized gain

 

 

 

 

 

 

(1.13

)

 

(2.36

)

 

 

(0.59

)

 

 

 

                               

Total dividends and distributions

 

 

 

(2.66

)

 

 

(1.83

)

 

(2.85

)

 

 

(1.13

)

 

 

 

                               

Capital changes with respect to issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

                               

Net asset value, end of period

 

$

 

39.00

 

 

$

37.60

 

$

29.67

 

$

 

28.12

 

 

 

 

                               

Market price, end of period

 

$

 

33.36

 

 

$

32.14

 

$

26.73

 

$

 

25.16

 

 

 

 

                               

 

Total Investment Return4

 

At net asset value

 

 

 

13.00

%

 

 

34.98

%

 

17.30

%

 

 

22.99

%

 

 

 

                               

At market value

 

 

 

13.08

%

 

 

28.07

%

 

18.11

%

 

 

5.10

%

 

 

 

                               

 

Ratios to Average Net Assets

 

Total expenses

 

 

 

1.27

%5

 

 

1.27

%

 

1.28

%

 

 

1.30

%5

 

 

 

                               

Net expenses

 

 

 

1.07

%5

 

 

1.07

%

 

1.08

%

 

 

1.10

%5

 

 

 

                               

Net investment income

 

 

 

2.42

%5

 

 

1.69

%

 

2.47

%

 

 

2.59

%5

 

 

 

                               

 

Supplemental Data

 

Portfolio turnover

 

 

 

34

%

 

 

47

%

 

40

%

 

 

64

%

 

 

 

                               

Net assets, end of period (000)

 

$

 

1,160,977

 

 

$

1,119,310

 

$

883,104

 

$

 

836,924

 

 

 

 

                               

 

 

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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

 

 

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

72

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Financial Highlights

BlackRock Global Equity Income Trust (BFD)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Period
March 30, 20071
through October 31,
2007

 

Per Share Operating Performance

Net asset value, beginning of period

 

$

 

19.65

 

$

 

19.10

2

 

 

                   

Net investment income

 

 

 

0.21

 

 

 

0.28

 

Net realized and unrealized gain (loss)

 

 

 

(1.89

)

 

 

1.25

 

 

 

                   

Net increase (decrease) from investment operations

 

 

 

(1.68

)

 

 

1.53

 

 

 

                   

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.95

)3

 

 

(0.28

)

Net realized gain

 

 

 

 

 

 

(0.08

)

Tax return of capital

 

 

 

 

 

 

(0.59

)

 

 

                   

Total dividends and distributions

 

 

 

(0.95

)

 

 

(0.95

)

 

 

                   

Capital changes with respect to issuance of shares

 

 

 

 

 

 

(0.03

)

 

 

                   

Net asset value, end of period

 

$

 

17.02

 

$

 

19.65

 

 

 

                   

Market price, end of period

 

$

 

15.53

 

$

 

17.93

 

 

 

                   

 

Total Investment Return4

 

At net asset value

 

 

 

(8.27

)%

 

 

8.09

%

 

 

                   

At market value

 

 

 

(8.27

)%

 

 

(5.81

)%

 

 

                   

 

Ratios to Average Net Assets

Total expenses

 

 

 

1.12

%5

 

 

1.11

%5

 

 

                   

Net expenses

 

 

 

1.12

%5

 

 

1.11

%5

 

 

                   

Net investment income

 

 

 

2.50

%5

 

 

2.12

%5

 

 

                   

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover

 

 

 

42

%

 

 

39

%

 

 

                   

Net assets, end of period (000)

 

$

 

765,956

 

$

 

884,210

 

 

 

                   

 

 

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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

 

 

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

73



 

 


 

Financial Highlights

BlackRock Global Opportunities Equity Trust (BOE)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

 

 

 

 

Period
May 31, 20051
through October 31,
2005

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

 

Per Share Operating Performance

 

Net asset value, beginning of period

 

$

 

31.09

 

 

$

26.72

 

$

23.77

 

$

 

23.88

2

 

 

 

                               

Net investment income

 

 

 

0.21

 

 

 

0.55

 

 

0.58

 

 

 

0.37

 

 

Net realized and unrealized gain (loss)

 

 

 

(1.71

)

 

 

6.32

 

 

4.64

 

 

 

0.13

 

 

 

 

                               

Net increase (decrease) from investment operations

 

 

 

(1.50

)

 

 

6.87

 

 

5.22

 

 

 

0.50

 

 

 

 

                               

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(1.93

)3

 

 

(0.36

)

 

(0.59

)

 

 

(0.23

)

 

Net realized gain

 

 

 

 

 

 

(2.14

)

 

(1.68

)

 

 

(0.33

)

 

 

 

                               

Total dividends and distributions

 

 

 

(1.93

)

 

 

(2.50

)

 

(2.27

)

 

 

(0.56

)

 

 

 

                               

Capital changes with respect to issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.05

)

 

 

 

                               

Net asset value, end of period

 

$

 

27.66

 

 

$

31.09

 

$

26.72

 

$

 

23.77

 

 

 

 

                               

Market price, end of period

 

$

 

25.88

 

 

$

28.76

 

$

27.61

 

$

 

23.88

 

 

 

 

                               

 

Total Investment Return4

 

At net asset value

 

 

 

(4.72

)%

 

 

27.47

%

 

24.48

%

 

 

0.81

%

 

 

 

                               

At market value

 

 

 

(3.63

)%

 

 

14.11

%

 

26.64

%

 

 

(2.21

)%

 

 

 

                               

 

Ratios to Average Net Assets

 

Total expenses

 

 

 

1.15

%5

 

 

1.15

%

 

1.16

%

 

 

1.19

%5

 

 

 

                               

Net expenses

 

 

 

1.15

%5

 

 

1.15

%

 

1.16

%

 

 

1.19

%5

 

 

 

                               

Net investment income

 

 

 

1.49

%5

 

 

1.87

%

 

2.45

%

 

 

3.66

%5

 

 

 

                               

 

Supplemental Data

 

Portfolio turnover

 

 

 

70

%

 

 

111

%

 

184

%

 

 

55

%

 

 

 

                               

Net assets, end of period (000)

 

$

 

349,513

 

 

$

389,741

 

$

331,744

 

$

 

294,195

 

 

 

 

                               

 

 

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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

 

 

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

74

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

 

Financial Highlights

BlackRock Health Sciences Trust (BME)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

 

 

 

 

 

 

Period
March 31, 20051
through October 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

         

 

 

 

 

 

2007

 

2006

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

30.33

 

 

$

27.74

 

$

26.38

 

$

23.88

2

 

 

 

                           

Net investment income

 

 

0.05

 

 

 

0.05

 

 

3

 

(0.03

)

 

Net realized and unrealized gain (loss)

 

 

(1.98

)

 

 

4.76

 

 

3.28

 

 

3.34

 

 

 

 

                           

Net increase (decrease) from investment operations

 

 

(1.93

)

 

 

4.81

 

 

3.28

 

 

3.31

 

 

 

 

                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1.30

)4

 

 

(0.02

)

 

 

 

 

 

Net realized gain

 

 

 

 

 

(2.20

)

 

(1.92

)

 

(0.77

)

 

 

 

                           

Total dividends and distributions

 

 

(1.30

)

 

 

(2.22

)

 

(1.92

)

 

(0.77

)

 

Capital changes with respect to issuance of shares

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

                           

Net asset value, end of period

 

$

27.10

 

 

$

30.33

 

$

27.74

 

$

26.38

 

 

 

 

                           

Market price, end of period

 

$

24.67

 

 

$

27.05

 

$

27.32

 

$

25.19

 

 

 

 

                           

 

Total Investment Return5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

(6.28

)%

 

 

18.62

%

 

13.00

%

 

13.88

%

 

 

 

                           

At market value

 

 

(4.34

)%

 

 

7.42

%

 

16.59

%

 

3.81

%

 

 

 

                           

 

Ratios to Average Net Assets

 

Total expenses

 

 

1.13

%6

 

 

1.13

%

 

1.15

%

 

1.18

%6

 

 

 

                           

Net expenses

 

 

1.13

%6

 

 

1.13

%

 

1.15

%

 

1.18

%6

 

 

 

                           

Net investment income

 

 

0.35

%6

 

 

0.15

%

 

(0.11

)%

 

(0.19

)%6

 

 

 

                           

 

Supplemental Data

 

Portfolio turnover

 

 

62

%

 

 

89

%

 

181

%

 

104

%

 

 

 

                           

Net assets, end of period (000)

 

$

205,745

 

 

$

230,280

 

$

208,151

 

$

198,005

 

 

 

 

                           

 

 

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 common 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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

6

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

75



 

 


 

 

Financial Highlights

BlackRock International Growth and Income Trust (BGY)


 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Period
May 30, 20071
through October 31,
2007

 

Per Share Operating Performance

Net asset value, beginning of period

 

$

20.12

 

 

$

19.10

2

 

 

 

               

Net investment income

 

 

0.18

 

 

 

0.14

 

 

Net realized and unrealized gain (loss)

 

 

(1.45

)

 

 

1.50

 

 

 

 

               

Net increase (decrease) from investment operations

 

 

(1.27

)

 

 

1.64

 

 

 

 

               

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.91

)3

 

 

(0.10

)

 

Net realized gain

 

 

 

 

 

(0.50

)

 

 

 

               

Total dividends and distributions

 

 

(0.91

)

 

 

(0.60

)

 

 

 

               

Capital changes with respect to issuance of shares

 

 

 

 

 

(0.02

)

 

 

 

               

Net asset value, end of period

 

$

17.94

 

 

$

20.12

 

 

 

 

               

Market price, end of period

 

$

16.60

 

 

$

17.76

 

 

 

 

               

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

(5.92

) %

 

 

8.93

%

 

 

 

               

At market value

 

 

(1.38

) %

 

 

(8.17

) %

 

 

 

               

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.13

%5

 

 

1.07

%5

 

 

 

               

Net expenses

 

 

1.13

%5

 

 

1.07

%5

 

 

 

               

Net investment income

 

 

1.97

%5

 

 

1.75

%5

 

 

 

               

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

Portfolio turnover

 

 

71

%

 

 

46

%

 

 

 

               

Net assets, end of period (000)

 

$

1,907,058

 

 

$

2,138,523

 

 

 

 

               

 

 

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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

76

SEMI-ANNUAL REPORT

APRIL 30, 2008

 





 

 

Financial Highlights

BlackRock Real Asset Equity Trust (BCF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31,
2007

 

Period
September 29, 20061
through October 31,
2006

 

Per Share Operating Performance

 

Net asset value, beginning of period

 

$

 

20.79

 

 

 

$

15.33

 

 

$

 

14.33

2

 

 

 

                             

Net investment income

 

 

 

0.19

 

 

 

 

0.20

 

 

 

 

0.04

 

 

Net realized and unrealized gain

 

 

 

0.52

 

 

 

 

6.35

 

 

 

 

0.98

 

 

 

 

                             

Net increase from investment operations

 

 

 

0.71

 

 

 

 

6.55

 

 

 

 

1.02

 

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.93

) 3

 

 

 

(0.29

)

 

 

 

 

 

Net realized gain

 

 

 

 

 

 

 

(0.80

)

 

 

 

 

 

 

 

                             

Total dividends and distributions

 

 

 

(0.93

)

 

 

 

(1.09

)

 

 

 

 

 

 

 

                             

Capital changes with respect to issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                             

Net asset value, end of period

 

$

 

20.57

 

 

 

$

20.79

 

 

$

 

15.33

 

 

 

 

                             

Market price, end of period

 

$

 

17.36

 

 

 

$

17.59

 

 

$

 

15.00

 

 

 

 

                             

 

Total Investment Return4

 

At net asset value

 

 

 

4.57

%

 

 

 

45.34

%

 

 

 

6.98

%

 

 

 

                             

At market value

 

 

 

4.30

%

 

 

 

25.67

%

 

 

 

%

 

 

 

                             

 

Ratios to Average Net Assets

 

Total expenses

 

 

 

1.29

%5

 

 

 

1.21

%

 

 

 

1.42

%5

 

 

 

                             

Net expenses

 

 

 

1.09

%5

 

 

 

1.08

%

 

 

 

1.22

%5

 

 

 

                             

Net investment income

 

 

 

2.02

%5

 

 

 

1.37

%

 

 

 

2.63

%5

 

 

 

                             

 

Supplemental Data

 

Portfolio turnover

 

 

 

18

%

 

 

 

61

%

 

 

 

%

 

 

 

                             

Net assets, end of period (000)

 

$

 

1,166,718

 

 

 

$

1,179,087

 

 

$

 

820,283

 

 

 

 

                             

 

 

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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

77





 

 

Financial Highlights

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

Period
May 28, 20041
through October 31,
2004

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

 

Per Share Operating Performance

 

Net asset value, beginning of period

 

$

 

21.00

 

 

$

18.55

 

$

15.98

 

$

15.29

 

$

 

14.33

2

 

 

 

                                     

Net investment income

 

 

 

0.27

 

 

 

0.46

 

 

0.39

 

 

0.56

 

 

 

0.21

 

 

Net realized and unrealized gain (loss)

 

 

 

(2.51

)

 

 

2.90

 

 

3.22

 

 

0.88

 

 

 

0.96

 

 

 

 

                                     

Net increase (decrease) from investment operations

 

 

 

(2.24

)

 

 

3.36

 

 

3.61

 

 

1.44

 

 

 

1.17

 

 

 

 

                                     

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.45

) 3

 

 

(0.44

)

 

(0.49

)

 

(0.37

)

 

 

(0.17

)

 

Net realized gain

 

 

 

 

 

 

(0.40

)

 

(0.55

)

 

(0.38

)

 

 

 

 

Tax return of capital

 

 

 

 

 

 

(0.07

)

 

4

 

 

 

 

(0.02

)

 

 

 

                                     

Total dividends and distributions

 

 

 

(0.45

)

 

 

(0.91

)

 

(1.04

)

 

(0.75

)

 

 

(0.19

)

 

 

 

                                     

Capital changes with respect to issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                                     

Net asset value, end of period

 

$

 

18.31

 

 

$

21.00

 

$

18.55

 

$

15.98

 

$

 

15.29

 

 

 

 

                                     

Market price, end of period

 

$

 

16.05

 

 

$

18.07

 

$

16.36

 

$

14.54

 

$

 

13.80

 

 

 

 

                                     

 

Total Investment Return5

 

At net asset value

 

 

 

(10.38

)%

 

 

19.10

%

 

24.34

%

 

10.08

%

 

 

8.13

%

 

 

 

                                     

At market value

 

 

 

(8.70

)%

 

 

16.20

%

 

20.52

%

 

10.97

%

 

 

(6.80

)%

 

 

 

                                     

 

Ratios to Average Net Assets

 

Total expenses

 

 

 

1.08

%6

 

 

1.20

%

 

1.13

%

 

1.14

%

 

 

1.23

%6

 

 

 

                                     

Net expenses

 

 

 

1.08

%6

 

 

1.20

%

 

1.13

%

 

1.14

%

 

 

1.23

%6

 

 

 

                                     

Net investment income

 

 

 

2.94

%6

 

 

2.45

%

 

2.45

%

 

3.35

%

 

 

3.27

%6

 

 

 

                                     

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover

 

 

 

%

 

 

12

%

 

10

%

 

38

%

 

 

4

%

 

 

 

                                     

Net assets, end of period (000)

 

$

 

110,460

 

 

$

126,706

 

$

111,925

 

$

96,402

 

$

 

92,243

 

 

 

 

                                     

 

 

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

Amounted to less than $0.01 per common share outstanding.

5

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

6

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

78

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Financial Highlights

BlackRock World Investment Trust (BWC)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

 

 

Period
October 27, 20051
through October 31,
2005

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

 

Per Share Operating Performance

 

Net asset value, beginning of period

 

$

18.64

 

 

$

16.35

 

 

$

14.42

 

 

$

14.33

2

 

 

                                 

Net investment income

 

 

0.12

 

 

 

0.30

 

 

 

0.30

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

(0.93

)

 

 

3.74

 

 

 

2.88

 

 

 

0.11

 

 

 

                                 

Net increase (decrease) from investment operations

 

 

(0.81

)

 

 

4.04

 

 

 

3.18

 

 

 

0.11

 

 

 

                                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1.38

)3

 

 

(0.25

)

 

 

(0.34

)

 

 

 

 

Net realized gain

 

 

 

 

 

(1.50

)

 

 

(0.91

)

 

 

 

 

 

                                 

Total dividends and distributions

 

 

(1.38

)

 

 

(1.75

)

 

 

(1.25

)

 

 

 

 

 

                                 

Capital changes with respect to issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

                                 

Net asset value, end of period

 

$

16.45

 

 

$

18.64

 

 

$

16.35

 

 

$

14.42

 

 

 

                                 

Market price, end of period

 

$

15.75

 

 

$

17.28

 

 

$

16.59

 

 

$

15.08

 

 

 

                                 

 

Total Investment Return4

 

At net asset value

 

 

(4.18

)%

 

 

26.48

%

 

 

22.47

%

 

 

0.80

%

 

 

                                 

At market value

 

 

(1.03

)%

 

 

15.56

%

 

 

18.99

%

 

 

0.53

%

 

 

                                 

 

Ratios to Average Net Assets

Total expenses

 

 

1.10

%5

 

 

1.11

%

 

 

1.10

%

 

 

1.23

%5

 

 

                                 

Net expenses

 

 

1.10

%5

 

 

1.11

%

 

 

1.10

%

 

 

1.23

%5

 

 

                                 

Net investment income

 

 

1.47

%5

 

 

1.62

%

 

 

2.04

%

 

 

2.59

%5

 

 

                                 

 

Supplemental Data

 

Portfolio turnover

 

 

71

%

 

 

110

%

 

 

153

%

 

 

%

 

 

                                 

Net assets, end of period (000)

 

$

858,131

 

 

$

970,821

 

 

$

849,947

 

 

$

672,981

 

 

 

                                 

 

 

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 at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

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APRIL 30, 2008

79



 

 


 

Notes to Financial Statements

1. Significant Accounting Policies:

BlackRock Dividend AchieversTM Trust (“Dividend Achievers”), BlackRock Enhanced Dividend AchieversTM Trust (“Enhanced Dividend Achievers”), BlackRock Strategic Dividend AchieversTM Trust (“Strategic Dividend Achievers”), BlackRock EcoSolutions Investment Trust (“EcoSolutions”), BlackRock Global Energy and Resources Trust (“Global Energy and Resources”), BlackRock Global Equity Income Trust (“Global Equity Income”), BlackRock Global Opportunities Equity Trust (“Global Opportunities”), BlackRock Health Sciences Trust (“Health Sciences”), BlackRock International Growth and Income Trust (“International Growth”), BlackRock Real Asset Equity Trust (“Real Asset”), BlackRock S&P Quality Rankings Global Equity Managed Trust (“S&P Quality Rankings”) and BlackRock World Investment Trust (“World Investment”) (each, a Trust and collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except EcoSolutions, Global Energy and Resources, Global Equity Income, Health Sciences, International Growth and Real Asset, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). EcoSolutions, Global Energy and Resources, Global Equity Income, Health Sciences, International Growth and Real Asset are registered as non-diversified, closed-end management investment companies under the 1940 Act. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates.

Global Equity Income was organized on January 10, 2007, and had no transactions until February 22, 2007, when the Trust sold 6,021 common shares for $115,001 to BlackRock Funding, Inc. Investment operations for Global Equity Income commenced on March 30, 2007. The Trust incurred organization costs which were deferred from the organization date until the commencement of operations.

International Growth was organized on March 13, 2007, and had no transactions until April 18, 2007, when the Trust sold 6,178 common shares for $118,001 to BlackRock Funding, Inc. Investment operations for International Growth commenced on May 30, 2007. The Trust incurred organization costs which were deferred from the organization date until the commencement of operations.

EcoSolutions was organized on June 13, 2007, and had no transactions until July 16, 2007, when the Trust sold 6,964 common shares for $133,002 to BlackRock Funding, Inc. Investment operations for EcoSolutions commenced on September 28, 2007. The Trust incurred organization costs which were deferred from the organization date until the commencement of operations.

The following is a summary of significant accounting policies followed by the Trusts:

Investment Valuation: Equity investments traded on a recognized securities exchange or on the NASDAQ Global Market System are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. Equity investments traded on a recognized securities exchange for which there were no sales on that day are valued at the last available bid price. Investments in open-end investment companies are valued at net asset value each business day. Financial futures contracts are traded on exchanges and are valued at their last sale price. Short-term securities may be valued at amortized cost.

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 and previously were valued at the last sales price as of the close of options trading on applicable exchanges. Over-the-counter options are valued by an independent pricing service using a mathematical model which incorporates a number of market data factors.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seek to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deem relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of business on the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net assets of the Trusts are determined as of such times. Foreign currency exchange rates will generally be determined as of the close of business on the NYSE. Occasionally, events affecting the values of such securities and such exchange rates may occur between the times at which they are determined and the close of business on the NYSE that may not be reflected in the computation of a Trust’s net assets. If events (for example, a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such securities, those securities will 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.

Derivative Financial Instruments: The Trusts may engage in various portfolio investment strategies to increase the return of the Trusts and to hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security, or if the counterparty does not perform under the contract.

 

 

Financial futures contracts — The Trusts may purchase or sell financial or index futures contracts and options on such futures contracts. Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Upon entering into a contract, the Trusts deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is


 

 

 

 

 

 

 

 

80

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Notes to Financial Statements (continued)

 

 

 

effected. Pursuant to the contract, the Trusts agree to receive from, or pay to, the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Trusts as unrealized gains or losses. When the contract is closed, the Trusts recognize a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

 

 

Forward foreign exchange contracts — The Trusts may enter into forward foreign exchange contracts as a hedge against either specific transactions or portfolio positions. Forward currency contracts, when used by a Trust, help to manage the overall exposure to the foreign currency backing some of the investments held by the Trust. The contract is marked-to-market daily and the change in market value is recorded by the Trusts as an unrealized gain or loss. When the contract is closed, the Trusts recognize 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.

 

 

Options — The Trusts may purchase and write call and put options. When a Trust writes an option, an amount equal to the premium received by the Trust is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Trust enters into a closing transaction), the 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).

 

 

 

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying position at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying position at the exercise price at any time or at a specified time during the option period.

 

 

Swaps — Each Trust may enter into swap agreements, which are OTC contracts in which the Trust and a counterparty agree to make periodic net payments on a specified notional amount. These periodic payments received or made by the Trust are recorded in the accompanying Statements of Operations as realized gains or losses, respectively. Gains or losses are realized upon termination of the swap agreements. Swaps are marked-to market daily and changes in value are recorded as unrealized appreciation (depreciation).

 

 

Total return swaps — Total return swaps are agreements in which one party commits to pay interest in exchange for a market-linked return. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Trust will receive a payment from or make a payment to the counterparty.

Foreign Currency Transactions: Foreign currency amounts are translated into United States dollars on the following basis: (i) market value of investment securities, assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the rates of exchange prevailing on the respective dates of such transactions.

The Trusts report foreign currency related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

Segregation: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that each Trust segregate assets in connection with certain investments (e.g., swaps or futures contracts), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on its books and records cash or other liquid debt securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual basis. The Trusts amortize all premiums and discounts on debt securities.

Dividends and Distributions: All Trusts except Enhanced Dividend AchieversTM, Real Asset and World Investment declare and pay dividends and distributions to shareholders quarterly from net investment income, net realized short-term capital gains and, if necessary, other sources. Enhanced Dividend AchieversTM, Real Asset and World Investment declare and pay dividends and distributions to shareholders monthly from net investment income, net realized short-term capital gains and, if necessary, other sources. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. Dividends and distributions are recorded on the ex-dividend dates. If the total dividends and distributions made in any tax year exceed net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a tax return of capital.

Securities Lending: The Trusts may lend securities to financial institutions that provide cash or securities issued or guaranteed by the U.S. government 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. The Fund typically receives the income on the loaned securities but does not receive the income on the collateral. The Trusts may receive a flat fee for its loans. Where the Trusts receive cash collateral, they may invest such collateral and retain the amount earned on such investment, net of any amount rebated to the borrower.

Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Trusts may pay reasonable finder’s, lending agent, administrative and custodial fees in connection

 

 

 

 

 

 

 

 

 

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Notes to Financial Statements (continued)

with its loans. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Trusts could experience delays and costs in gaining access to the collateral. The Trusts also could suffer a loss where the value of the collateral falls below the market value of the borrowed securities, in the event of borrower default or in the event of losses on investments made with cash collateral.

Federal Income Taxes: It is each Trust’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provisions is required. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various.

The Trusts have implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to EcoSolutions, Global Equity Income and International Growth and has determined that the adoption of FIN 48 does not have a material impact on the financial statements. The EcoSolutions, Global Equity Income and International Growth will file their first Federal and state tax returns in 2008 for the period ended October 31, 2007.

Recent Accounting Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.

In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.

In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for and how derivative instruments affect an entity’s results of operations and financial position. The investment advisor is currently evaluating the implications of FAS 161 and the impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trusts’ Board, non-interested Trustees (“Independent Trustees”) may 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 certain BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in the other 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 Trusts. Each Trust may, however, elect to invest in common shares of other certain BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Trust’s deferred compensation liability are included in other assets on the Statement of Assets and Liabilities.

Other: Expenses directly related to one of the Trusts are charged to that Trust. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. (“BFM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Dividend AchieversTM, Enhanced Dividend AchieversTM, Strategic Dividend AchieversTM, S&P Quality Rankings and World Investment. State Street Research & Management Company (“SSRM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Global Energy and Resources. BlackRock Investment Management, LLC (“BIM”) and BlackRock Investment Management International Limited (“BII”), each a wholly owned subsidiary of BlackRock, Inc., serve as sub-advisors to Real Asset. BlackRock Capital Management, Inc. (“BCM”), a wholly owned subsidiary of BlackRock, Inc., and BIM serve as sub-advisor to Global Equity Income. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. (“PNC”) are principal owners of BlackRock, Inc. The Investment Management Agreement covers both investment advisory and administration services.

Each Trust’s investment advisory fees paid to the Advisor are computed weekly, accrued daily and payable monthly, based on an annual rate of 0.65% for Dividend AchieversTM, 1.00% for Enhanced Dividend AchieversTM, 0.75% for Strategic Dividend AchieversTM, 1.20% for EcoSolutions,

 

 

 

 

 

 

 

 

82

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Notes to Financial Statements (continued)

1.20% for Global Energy and Resources, 1.00% for Global Equity Income, 1.00% for Global Opportunities, 1.00% for Health Sciences, 1.00% for International Growth, 1.20% for Real Asset, 0.75% for S&P Quality Rankings and 1.00% for World Investment, of the Trust’s average weekly net assets. “Net assets” means the total assets of the Trust minus the sum of accrued liabilities. The Advisor has voluntarily agreed to waive a portion of the investment advisory fees or some other expenses for Global Energy and Resources and Real Asset as a percentage of its average weekly net assets as follows: 0.20% for the first five years of the Trust’s operations (2004 through 2009 for Global Energy and Resources and 2006 through 2011 for Real Asset), 0.15% in 2010 for Global Energy and Resources and in 2012 for Real Asset, 0.10% in 2011 for Global Energy and Resources and in 2013 for Real Asset and 0.05% in 2012 for Global Energy and Resources and in 2014 for Real Asset.

The Advisor pays BFM, SSRM, BCM, BIM and BII fees for their sub-advisory services.

Dividend Achievers Universe: Dividend AchieversTM, Enhanced Dividend AchieversTM and Strategic Dividend AchieversTM have been granted a revocable license by Mergent®, Inc. (“Mergent®”) to use the Dividend AchieversTM universe of common stocks. If Mergent® revokes a Trust’s license to use the Dividend AchieversTM universe, the Board of that Trust may need to adopt a new investment strategy and/or new investment policies. There is no assurance that a Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. ‘‘Mergent®’’ and ‘‘Dividend AchieversTM’’ are trademarks of Mergent® and have been licensed for use by Dividend AchieversTM, Enhanced Dividend AchieversTM and Strategic Dividend AchieversTM. The products are not sponsored, endorsed, sold or promoted by Mergent® and Mergent® makes no representation regarding the advisability of investing in any of these three Trusts. These three Trusts pay a quarterly licensing fee, which is shown on the Statements of Operations.

S&P Quality Rankings: S&P Quality Rankings has been granted a license by Standard & Poor’s® (“S&P®”) to use the S&P Quality Rankings and the S&P International Quality Rankings. If S&P® terminates the license to use either the S&P Quality Rankings or the S&P International Quality Rankings, the Board may need to adopt a new investment strategy and/or new investment polices. There is no assurance that the Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. “Standard & Poor’s®”, “S&P®”, “Standard & Poor’s Earnings and Dividend Rankings”, “S&P Earnings and Dividend Rankings”, “Standard & Poor’s Quality Rankings”, “Standard & Poor’s International Quality Rankings”, “S&P International Quality Rankings” and “S&P Quality Rankings” are trademarks of Standard & Poor’s® and have been licensed for use by the Trust. The Trust is not sponsored, managed, advised, sold or promoted by Standard & Poor’s®. The Trust pays a quarterly licensing fee, which is shown on its Statement of Operations.

During the period ended April 30, 2008, Merrill Lynch, through its affiliated broker-dealer, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), earned commissions on transactions of securities as follows:

 

 

 

 

 

         

 

 

Commission
Amount

 

         

Dividend AchieversTM

 

$

16,002

 

Enhanced Dividend AchieversTM

 

 

46,052

 

Strategic Dividend AchieversTM

 

 

8,464

 

EcoSolutions

 

 

6,755

 

Global Energy and Resources

 

 

16,749

 

Global Equity Income

 

 

1,176,473

 

Global Opportunities

 

 

16,347

 

Health Sciences

 

 

8,748

 

International Growth

 

 

38,533

 

Real Asset

 

 

33,206

 

World Investment

 

 

54,104

 

         

The Trusts have received an exemptive order from the SEC permitting them to lend portfolio securities to Merrill Lynch, Pierce, Fenner & Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, or its affiliates. As of April 30, 2008, Enhanced Dividend AchieversTM, EcoSolutions, Global Energy and Resources, Real Asset and World Investment lent securities with a value of $280,000, $895,000, $4,266,000, $13,470,300 and $966,000, respectively to MLPF&S or its affiliates. Pursuant to that order, the Trusts have retained BIM as the securities lending agent for a fee based on a share of the returns on investment of cash collateral. BIM may, on behalf of the Trusts, invest cash collateral received by the Trusts for such loans, among other things, in a private investment company managed by the Advisor or in registered money market funds advised by the Advisor or its affiliates. For the six months ended April 30, 2008, BIM received $116,060 in securities lending agent fees.

Certain officers and/or trustees of the Trusts are officers and/or trustees of BlackRock, Inc. or its affiliates.

 

 

 

 

 

 

 

 

 

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APRIL 30, 2008

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Notes to Financial Statements (continued)

3. Investments:

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the period ended April 30, 2008, were as follows:

 

 

 

 

 

 

 

 

           

 

 

Purchases

 

Sales

 

           

Dividend AchieversTM

 

$

153,266,910

 

$

164,106,383

 

Enhanced Dividend AchieversTM

 

 

357,643,779

 

 

358,776,783

 

Strategic Dividend AchieversTM

 

 

55,954,666

 

 

62,041,905

 

EcoSolutions

 

 

64,374,961

 

 

40,620,471

 

Global Energy and Resources

 

 

356,237,569

 

 

381,300,511

 

Global Equity Income

 

 

312,194,008

 

 

317,478,481

 

Global Opportunities

 

 

239,010,384

 

 

276,258,647

 

Health Sciences

 

 

118,220,167

 

 

120,360,253

 

International Growth

 

 

1,304,042,350

 

 

1,298,664,100

 

Real Asset

 

 

184,328,800

 

 

195,707,534

 

S&P Quality Rankings

 

 

124,692

 

 

1,162,971

 

World Investment

 

 

596,804,122

 

 

687,088,166

 

           

Transactions in options written during the period ended April 30, 2008 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

 

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 

                   

Enhanced Dividend
AchieversTM

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding
at beginning of period

 

 

4,778,513

 

$

13,869,236

 

 

 

$

 

Options written

 

 

10,107,430

 

 

30,867,148

 

 

1,160

 

 

165,703

 

Options expired

 

 

(7,025,487

)

 

(19,813,701

)

 

(530

)

 

(48,079

)

Options exercised

 

 

(1,372,664

)

 

(5,635,049

)

 

(160

)

 

(33,920

)

Options closed

 

 

(2,557,807

)

 

(8,196,824

)

 

(400

)

 

(74,049

)

 

 

   

 

   

 

   

 

   

 

Options outstanding
at end of period

 

 

3,929,985

 

$

11,090,810

 

 

70

 

$

9,655

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EcoSolutions

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding
at beginning of period

 

 

4,384,092

 

$

2,617,220

 

 

2,389,478

 

$

639,605

 

Options written

 

 

13,188,348

 

 

7,203,032

 

 

1,516,473

 

 

1,146,810

 

Options expired

 

 

(9,497,133

)

 

(3,892,379

)

 

(2,219,061

)

 

(1,357,710

)

Options exercised

 

 

(1,223,027

)

 

(1,612,238

)

 

(1,589,780

)

 

(372,205

)

Options closed

 

 

(1,393,956

)

 

(1,294,693

)

 

(12,020

)

 

(11,531

)

 

 

   

 

   

 

   

 

   

 

Options outstanding
at end of period

 

 

5,458,324

 

$

3,020,942

 

 

85,090

 

$

44,969

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy and
Resources

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding
at beginning of period

 

 

3,019,825

 

$

14,163,603

 

 

26,414

 

$

172,615

 

Options written

 

 

5,885,275

 

 

37,741,985

 

 

834,521

 

 

2,870,034

 

Options expired

 

 

(2,255,035

)

 

(11,438,623

)

 

(31,944

)

 

(1,008,112

)

Options exercised

 

 

(200,889

)

 

(2,686,100

)

 

(21,111

)

 

(414,384

)

Options closed

 

 

(2,988,973

)

 

(16,145,166

)

 

(7,880

)

 

(1,180,153

)

 

 

   

 

   

 

   

 

   

 

Options outstanding
at end of period

 

 

3,460,203

 

$

21,635,699

 

 

800,000

 

$

440,000

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Equity Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding
at beginning of period

 

 

3,613

 

$

5,435,857

 

 

 

$

 

Options written

 

 

39,518

 

 

53,992,924

 

 

 

 

 

Options expired

 

 

(10,420

)

 

(19,430,402

)

 

 

 

 

Options closed

 

 

(22,836

)

 

(33,820,649

)

 

 

 

 

 

 

   

 

   

 

   

 

   

 

Options outstanding
at end of period

 

 

9,875

 

$

6,177,730

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

 

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 

                   

Global Opportunities

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding
at beginning of period

 

 

13,613,104

 

$

11,649,548

 

 

700

 

$

18,550

 

Options written

 

 

20,066,307

 

 

21,053,239

 

 

469,193

 

 

1,028,987

 

Options expired

 

 

(13,189,388

)

 

(12,456,297

)

 

(286,112

)

 

(459,275

)

Options exercised

 

 

(5,710,805

)

 

(4,485,286

)

 

(121,847

)

 

(206,563

)

Options closed

 

 

(8,759,649

)

 

(7,796,951

)

 

(61,189

)

 

(303,806

)

 

 

   

 

   

 

   

 

   

 

Options outstanding
at end of period

 

 

6,019,569

 

$

7,964,253

 

 

745

 

$

77,893

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding
at beginning of period

 

 

441,958

 

$

3,075,960

 

 

26,361

 

$

388,544

 

Options written

 

 

452,686

 

 

4,011,928

 

 

8,889

 

 

1,065,146

 

Options expired

 

 

(371,379

)

 

(2,148,340

)

 

(4,732

)

 

(504,907

)

Options exercised

 

 

(57,088

)

 

(593,172

)

 

(26,486

)

 

(314,056

)

Options closed

 

 

(288,152

)

 

(3,096,344

)

 

(3,644

)

 

(577,167

)

 

 

   

 

   

 

   

 

   

 

Options outstanding
at end of period

 

 

178,025

 

$

1,250,032

 

 

388

 

$

57,560

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Growth

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding
at beginning of period

 

 

103,958,110

 

$

35,874,512

 

 

5,580

 

$

450,528

 

Options written

 

 

153,446,966

 

 

86,907,976

 

 

7,797,110

 

 

8,117,088

 

Options expired

 

 

(110,062,694

)

 

(50,762,647

)

 

(3,679,483

)

 

(4,150,274

)

Options exercised

 

 

(13,166,942

)

 

(9,595,394

)

 

(1,630,981

)

 

(1,555,431

)

Options closed

 

 

(70,847,970

)

 

(22,935,711

)

 

(2,492,061

)

 

(2,744,409

)

 

 

   

 

   

 

   

 

   

 

Options outstanding
at end of period

 

 

63,327,470

 

$

39,488,736

 

 

165

 

$

117,502

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding
at beginning of period

 

 

8,699,629

 

$

16,981,947

 

 

555,954

 

$

1,370,219

 

Options written

 

 

18,909,132

 

 

39,671,784

 

 

400,189

 

 

5,016,592

 

Options expired

 

 

(8,535,995

)

 

(14,878,915

)

 

(655,537

)

 

(3,303,832

)

Options exercised

 

 

(5,782,449

)

 

(4,145,577

)

 

(185,410

)

 

(1,330,418

)

Options closed

 

 

(3,810,333

)

 

(18,234,478

)

 

(5,902

)

 

(946,660

)

 

 

   

 

   

 

   

 

   

 

Options outstanding
at end of period

 

 

9,479,984

 

$

19,394,761

 

 

109,294

 

$

805,901

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding
at beginning of period

 

 

30,945,501

 

$

25,789,594

 

 

1,800

 

$

47,699

 

Options written

 

 

42,966,024

 

 

52,477,956

 

 

1,172,881

 

 

2,273,546

 

Options expired

 

 

(31,872,082

)

 

(30,135,426

)

 

(715,220

)

 

(1,024,352

)

Options exercised

 

 

(12,640,727

)

 

(10,727,523

)

 

(304,973

)

 

(511,804

)

Options closed

 

 

(17,363,875

)

 

(17,127,657

)

 

(152,678

)

 

(600,093

)

 

 

   

 

   

 

   

 

   

 

Options outstanding
at end of period

 

 

12,034,841

 

$

20,276,944

 

 

1,810

 

$

184,996

 

 

 

   

 

   

 

   

 

   

 

As of April 30, 2008, the value of portfolio securities subject to covered call options written were as follows:

 

 

 

 

 

         

 

 

Value

 

       

Enhanced Dividend AchieversTM

 

$

330,806,418

 

EcoSolutions

 

 

60,746,530

 

Global Energy and Resources

 

 

312,403,041

 

Global Equity Income

 

 

423,573,780

 

Global Opportunities

 

 

166,507,467

 

Health Sciences

 

 

27,876,656

 

International Growth

 

 

996,768,733

 

Real Asset

 

 

323,660,087

 

World Investment

 

 

419,800,678

 

         

 

 

 

 

 

 

 

 

84

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 


 

Notes to Financial Statements (continued)

4. Capital Share Transactions:

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for the Trusts. At April 30, 2008, the shares owned by an affiliate of the Advisor of the Trusts were as follows:

 

 

 

 

 

       

 

 

Common
Shares Owned

 

       

Dividend AchieversTM

 

 

8,028

 

Enhanced Dividend AchieversTM

 

 

8,028

 

Strategic Dividend AchieversTM

 

 

8,028

 

EcoSolutions

 

 

6,964

 

Global Energy and Resources

 

 

4,817

 

Global Equity Income

 

 

6,021

 

Global Opportunities

 

 

4,817

 

Health Sciences

 

 

4,817

 

International Growth

 

 

6,178

 

Real Asset

 

 

8,028

 

S&P Quality Rankings

 

 

8,028

 

World Investment

 

 

8,028

 

         

Transaction in common shares of beneficial interest for the periods ended April 30, 2008, and October 31, 2007, were as follows:

 

 

 

 

 

 

 

 

               

 

 

Reinvestment of
Dividends and
Distributions for
the Six Months Ended
April 30, 2008

 

Reinvestment of
Dividends and
Distributions for
the Year Ended
October 31, 2007

 

           

Enhanced Dividend AchieversTM

 

 

 

354,756

 

 

Global Equity Income

 

 

 

69,217

 

 

Global Opportunities

 

99,860

 

 

120,470

 

 

Health Sciences

 

 

 

86,683

 

 

World Investment

 

77,282

 

 

98,239

 

 

               

 

 

 

 

 

 

 

 

 

 

 

               

 

 

Commencement
of Investment
Operations

 

Initial
Public
Offering

 

Underwriters’
Exercising the
Over-allotment
Option

 

               

EcoSolutions

 

September 28, 2007

 

11,756,964

 

 

 

 

Global Equity Income

 

 

March 30, 2007

 

40,006,021

 

 

4,989,171

 

 

International Growth

 

 

May 30, 2007

 

98,506,178

 

 

7,800,000

 

 

               

Offering costs incurred in connection with the Trusts’ offering of common shares have been charged against the proceeds from the initial common share offering of the common shares for EcoSolutions, Global Equity Income and International Growth in the amounts of $1,415,735, $1,287,151 and $1,449,386, respectively.

5. Concentration Risks:

As of April 30, 2008, the Trusts listed below had the following industry classifications:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Sector

 

Global
Equity
Income

 

Global
Oppor-
tunities

 

S&P
Quality
Rankings

 

World
Investment

 

                   

Energy

 

17

%

 

22

%

 

19

%

 

22

%

 

Financial Institutions

 

21

 

 

13

 

 

20

 

 

12

 

 

Consumer Products

 

11

 

 

15

 

 

12

 

 

15

 

 

Industrials

 

10

 

 

6

 

 

12

 

 

6

 

 

Technology

 

9

 

 

8

 

 

10

 

 

7

 

 

Basic Materials

 

8

 

 

10

 

 

3

 

 

11

 

 

Telecommunications

 

6

 

 

8

 

 

7

 

 

8

 

 

Health Care

 

8

 

 

6

 

 

6

 

 

6

 

 

Real Estate

 

1

 

 

2

 

 

6

 

 

4

 

 

Exchange-Traded Funds

 

 

 

7

 

 

 

 

6

 

 

Transportation

 

1

 

 

2

 

 

 

 

2

 

 

Automotive

 

3

 

 

 

 

1

 

 

 

 

Entertainment & Leisure

 

2

 

 

 

 

1

 

 

 

 

Aerospace & Defense

 

 

 

1

 

 

1

 

 

1

 

 

Media

 

2

 

 

 

 

 

 

 

 

Business Equipment & Services

 

 

 

 

 

2

 

 

 

 

Building & Development

 

1

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

85



 


 

Notes to Financial Statements (concluded)

As of April 30, 2008, the Trusts listed below had the following geographic concentrations:

 

 

 

 

 

 

 

 

 

 

 

                     

Country

 

EcoSolutions

Global
Energy and
Resources

Health
Sciences

Real
Asset

 

                     

United States

 

34

%

70

%

83

%

49

%

 

Canada

 

4

 

14

 

 

12

 

 

United Kingdom

 

8

 

1

 

 

15

 

 

Brazil

 

6

 

2

 

 

6

 

 

Switzerland

 

2

 

 

11

 

 

 

Australia

 

3

 

2

 

 

5

 

 

Germany

 

6

 

 

1

 

 

 

France

 

3

 

1

 

 

2

 

 

Belgium

 

6

 

 

 

 

 

Bermuda

 

2

 

2

 

1

 

 

 

South Africa

 

1

 

 

 

4

 

 

Spain

 

5

 

 

 

 

 

Greece

 

1

 

3

 

 

 

 

Denmark

 

4

 

 

 

 

 

Hong Kong

 

2

 

1

 

 

 

 

Norway

 

1

 

1

 

 

1

 

 

Israel

 

2

 

 

3

 

 

 

Japan

 

2

 

 

 

 

 

China

 

1

 

 

1

 

1

 

 

Italy

 

1

 

1

 

 

 

 

Netherlands

 

 

1

 

 

1

 

 

Mexico

 

 

 

 

2

 

 

Argentina

 

1

 

 

 

 

 

Austria

 

1

 

 

 

 

 

Chile

 

1

 

 

 

 

 

Malaysia

 

1

 

 

 

 

 

Philippines

 

1

 

 

 

 

 

Singapore

 

1

 

 

 

 

 

Luxembourg

 

 

1

 

 

 

 

Peru

 

 

 

 

1

 

 

Russia

 

 

 

 

1

 

 

                     

6. Subsequent Event:

Subsequent to April 30, 2008, the Board declared distributions per common share for Enhanced Dividend AchieversTM, Global Equity, Global Opportunities, International Growth, Real Asset, S&P Quality Rankings and World Investment payable May 30, 2008, to shareholders of record on May 15, 2008 with an ex-date of May 13, 2008, and for Dividend AchieversTM, Enhanced Dividend AchieversTM, Strategic Dividend AchieversTM, EcoSolutions, Global Energy and Resources, Health Sciences, International Growth, Real Asset and World Investment payable June 30, 2008, to shareholders of record on June 16, 2008 with an ex-date of June 12, 2008. The per share distributions declared were as follows:

 

 

 

 

 

       

Trust

 

Distribution per
Common Share

 

       

Dividend AchieversTM

 

$

0.225000

 

Enhanced Dividend AchieversTM

 

 

0.101875

 

Strategic Dividend AchieversTM

 

 

0.225000

 

EcoSolutions

 

 

0.400000

 

Global Energy and Resources

 

 

0.375000

 

Global Equity Income

 

 

0.475000

 

Global Opportunities

 

 

0.568750

 

Health Sciences

 

 

0.384375

 

International Growth

 

 

0.151700

 

Real Asset

 

 

0.090600

 

S&P Quality Rankings

 

 

0.225000

 

         

 

 

 

 

 

 

 

 

86

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 


 

Officers and Trustees

G. Nicholas Beckwith, III, Trustee
Richard E. Cavanagh, Trustee
Richard S. Davis, Trustee
Kent Dixon, Trustee
Frank J. Fabozzi, Trustee
Kathleen F. Feldstein, Trustee
James T. Flynn, Trustee
Henry Gabbay, Trustee
Jerrold B. Harris, Trustee
R. Glenn Hubbard, Trustee
W. Carl Kester, Trustee
Karen P. Robards, Trustee
Robert S. Salomon, Jr., Trustee
Donald C. Burke, President and Chief Executive Officer
Anne F. Ackerley, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer of the Trusts
Howard Surloff, Secretary

Accounting Agent
The Bank of New York Mellon
Brooklyn, NY 11217

Custodian
The Bank of New York Mellon
Lake Mary, FL 32746

Transfer Agent
The Bank of New York Mellon
New York, NY 10286

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
New York, NY 10281

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10036

BlackRock Closed-End Funds
c/o BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

 


Section 19 Notices (unaudited)

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the the Trusts’ investment experience during the remainder of its fiscal year and may be subject to changes based on the tax regulations. The Trust will send you a Form 1099-DIV for the calendar year that will tell you how to report these dividends and distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                 

 

 

 

 

Total Cumulative Distributions
for the Fiscal Year to Date

 

% Breakdown of the Total Cumulative
Distributions for the Fiscal Year to Date

 

 

 

 

 

 

 

   

Trust Name

 

 

 

Net
Investment
Income

 

Net
Realized
Capital Gains

 

Return
of
Capital

 

Total Per
Common Share

 

Net
Investment
Income

 

Net
Realized
Capital Gains

 

Return
of
Capital

 

Total Per
Common Share

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Achievers™*

 

BDV

 

$

 

0.20

 

 

 

$

 

 

 

$

 0.25

 

 

 

$

0.45

 

 

 

 

44

%

 

 

0

%

 

 

56

%

 

 

100

%

 

Enhanced Dividend Achievers™*

 

BDJ

 

$

 

0.19

 

 

 

$

 

 

 

$

0.42

 

 

 

$

0.61

 

 

 

 

31

%

 

 

0

%

 

 

69

%

 

 

100

%

 

Strategic Dividend Achievers™*

 

BDT

 

$

 

0.09

 

 

 

$

 

 

 

$

0.36

 

 

 

$

0.45

 

 

 

 

20

%

 

 

0

%

 

 

80

%

 

 

100

%

 

EcoSolutions*

 

BQR

 

$

 

 

 

 

$

0.12

 

 

 

$

0.68

 

 

 

$

0.80

 

 

 

 

0

%

 

 

15

%

 

 

85

%

 

 

100

%

 

Global Energy and Resources

 

BGR

 

$

 

0.22

 

 

 

$

2.44

 

 

 

$

 

 

 

$

2.66

 

 

 

 

8

%

 

 

92

%

 

 

0

%

 

 

100

%

 

Global Equity Income*

 

BFD

 

$

 

0.48

 

 

 

$

 

 

 

$

0.47

 

 

 

$

0.95

 

 

 

 

51

%

 

 

0

%

 

 

49

%

 

 

100

%

 

Global Opportunities

 

BOE

 

$

 

0.63

 

 

 

$

1.31

 

 

 

$

 

 

 

$

1.94

 

 

 

 

32

%

 

 

68

%

 

 

0

%

 

 

100

%

 

Health Sciences

 

BME

 

$

 

0.01

 

 

 

$

1.29

 

 

 

$

 

 

 

$

1.30

 

 

 

 

1

%

 

 

99

%

 

 

0

%

 

 

100

%

 

International Growth*

 

BGY

 

$

 

0.12

 

 

 

$

 

 

 

$

0.79

 

 

 

$

0.91

 

 

 

 

13

%

 

 

0

%

 

 

87

%

 

 

100

%

 

Real Asset

 

BCF

 

$

 

0.19

 

 

 

$

0.74

 

 

 

$

 

 

 

$

0.93

 

 

 

 

20

%

 

 

80

%

 

 

0

%

 

 

100

%

 

S&P Quality Rankings*

 

BQY

 

$

 

0.23

 

 

 

$

 

 

 

$

0.22

 

 

 

$

0.45

 

 

 

 

51

%

 

 

0

%

 

 

49

%

 

 

100

%

 

World Investment

 

BWC

 

$

 

0.09

 

 

 

$

1.29

 

 

 

$

 

 

 

$

1.38

 

 

 

 

7

%

 

 

93

%

 

 

0

%

 

 

100

%

 

                                       

 

 

*

The Trust estimates that it has distributed more than its income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Trust is paid back to the shareholder. A return of capital does not necessarily reflect the Trust’s investment performance and should not be confused with ‘yield’ or ‘income’.

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

87



 


 

Additional Information


 

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“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.

 

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ website 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.

 

General Information

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.

 

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic information about its Clients, except as permitted by law or as necessary to service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

 

 

 

 

 

 

 

 

 

88

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



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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.

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 411-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

 

 

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#CEF-SEMI-7-0408



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 recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which 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 13a-15(b) under the Securities Exchange Act of 1934, as amended.

11(b) –      There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –  Exhibits attached hereto

12(a)(1) –  Code of Ethics – Not Applicable to this semi-annual report

12(a)(2) –  Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) –     Certifications – Attached hereto


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  BlackRock Enhanced Dividend AchieversTM Trust
   
By:      /s/ Donald C. Burke
  Donald C. Burke
  Chief Executive Officer of
  BlackRock Enhanced Dividend AchieversTM Trust
   
Date: June 23, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:      /s/ Donald C. Burke
  Donald C. Burke
  Chief Executive Officer (principal executive officer) of
  BlackRock Enhanced Dividend AchieversTM Trust
   
Date: June 23, 2008
   
By: /s/ Neal J. Andrews
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Enhanced Dividend AchieversTM Trust
   
Date: June 23, 2008