UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-22032

Name of Fund: BlackRock International Growth and Income Trust (BGY)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock International Growth and Income 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 – 10/31/2008


Item 1 – Report to Stockholders



EQUITIES  FIXED INCOME  REAL ESTATE  LIQUIDITY  ALTERNATIVES  BLACKROCK SOLUTIONS

 

 

 

 

Annual Report


(BLACKROCK LOGO)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OCTOBER 31, 2008

 

 

 

 

 

 

 


 

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

 

Annual Report:

 

 

 

Trust Summaries

4

 

Financial Statements:

 

 

 

Schedules of Investments

16

 

Statements of Assets and Liabilities

58

 

Statements of Operations

60

 

Statements of Changes in Net Assets

62

 

Financial Highlights

66

 

Notes to Financial Statements

78

 

Report of Independent Registered Public Accounting Firm

86

 

Disclosure of Investment Advisory Agreements and Subadvisory Agreements

87

 

Dividend Reinvestment Plans

92

 

Important Tax Information (Unaudited)

93

 

Officers and Trustees

94

 

Additional Information

97

 


 

 

 

 

 

 

2

ANNUAL REPORT

OCTOBER 31, 2008





A Letter to Shareholders

Dear Shareholder

It has been a tumultuous period for investors, marked by almost daily headlines of deepening turmoil in financial markets and a darkening economic outlook. The news took an extraordinarily heavy tone late in the period as the credit crisis boiled over and triggered unprecedented failures and consolidation in the financial sector, stoking fears of a market and economic collapse and prompting a series of new government programs designed to contain and combat the fallout.

The Federal Reserve Board (the “Fed”) has taken decisive measures to restore liquidity and stabilize the financial system. Key moves included slashing the target federal funds rate 250 basis points (2.50%) between November 2007 and April 2008 and providing massive cash injections and lending programs. In October, as credit conditions further deteriorated, the central bank cut the key interest rate by 50 basis points on two separate occasions – on October 8 in coordination with five other global central banks, and again during its regularly scheduled meeting on October 29. This left the key short-term rate at just 1.0%, its lowest level since 2004. While the U.S. economy appeared fairly resilient through the second quarter of 2008, the third quarter saw a contraction of 0.5%, and a more significant decline is expected for the fourth quarter. Moreover, on December 1, the National Bureau of Economic Research confirmed that the U.S. had entered a recession in December 2007.

Against this backdrop, U.S. equity markets experienced intense volatility, with periods of downward pressure punctuated by sharp rebounds. Losses were significant and broad-based, though small-cap stocks fared moderately better than their larger counterparts. Non-U.S. markets decelerated at a considerably faster pace than domestic equities – a stark reversal of recent years’ trends, when international stocks generally outpaced U.S. stocks.

Treasury issues also traded in a volatile fashion, but rallied overall (yields fell and prices correspondingly rose) and outperformed other fixed income assets as investors continued their flight to higher quality and more liquid securities. Tax-exempt issues generally underperformed, as problems among municipal bond insurers and the collapse in the market for auction rate securities afflicted the group throughout the course of the past year. At the same time, the above mentioned economic headwinds and malfunctioning credit markets plagued the high yield sector, with the third quarter of 2008 marking one of the worst periods in history for the asset class.

Facing unprecedented volatility and macro pressures, the major benchmark indexes generally recorded losses for the six- and 12-month reporting periods:

 

 

 

 

 

 

 

 

Total Returns as of October 31, 2008

 

6-month  

 

12-month  

 

           

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

 

(29.28

)%

 

(36.10

)%

 

               

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

 

(24.39

)

 

(34.16

)

 

               

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

 

(41.21

)

 

(46.62

)

 

               

Fixed income (Barclays Capital U.S. Aggregate Index*)

 

(3.63

)

 

0.30

 

 

               

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

 

(4.70

)

 

(3.30

)

 

               

High yield bonds (Barclays Capital U.S. Corporate High Yield 2% Issuer Capped Index*)

 

(24.86

)

 

(25.41

)

 

               
*Formerly a Lehman Brothers Index.

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

Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For our most current views 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 investments, 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

 

 

 

 

 

 

 

 

 

THIS PAGE NOT PART OF YOUR FUND REPORT

OCTOBER 31, 2008

3





 

 

Trust Summary as of October 31, 2008

BlackRock Dividend AchieversTM Trust


 

 

Investment Objective

 

 

BlackRock Dividend AchieversTM Trust (BDV) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation by investing in common stocks that pay above average dividends and have the potential for capital appreciation.

 

 

Performance

 

 

For the 12 months ended October 31, 2008, the Trust returned (26.73)% based on market price and (27.56)% based on net asset value (“NAV”). For the same period, the Mergent Broad Dividend Achievers Index posted a return of (28.85)% on a NAV basis, and the broader market, as measured by the Russell 1000 Index, returned (36.80)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. One of the key investment objectives of the portfolio is to generate income through positions in stocks with attractive dividend yields. Over the annual period, this detracted on two levels: (1) higher-yielding stocks modestly underperformed, and (2) the drive for yield resulted in a relatively sizable exposure to financials, the weakest-performing sector for the 12 months. On the positive side, our avoidance of the most troubled stocks in the Dividend Achiever universe, namely American International Group (down 97%) and Lehman Brothers Holdings (down 99.9%), helped mitigate losses in the portfolio.

 

 

 

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

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BDV

 

Initial Offering Date

 

December 23, 2003

 

Yield on Closing Market Price as of October 31, 2008 ($9.20)1

 

9.78%

 

Current Quarterly Distribution per Common Share2

 

$0.225

 

Current Annualized Distribution per Common Share2

 

$0.900

 

       

 

 

1

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

2

A change in the distribution rate was declared on December 12, 2008. The Quarterly Distribution per Common Share was decreased to $0.1625. The Yield on Closing Market Price, Current Quarterly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future.

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

9.20

 

$

13.64

 

 

(32.55

)%

$

13.64

 

$

6.96

 

Net Asset Value

 

$

10.33

 

$

15.49

 

 

(33.31

)%

$

15.49

 

$

9.31

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Portfolio Composition3

 

 

 

 

 

 

 

 

Ten Largest Sectors

 

10/31/08

 

10/31/07

 

               

Financial Institutions

 

26

%

 

36

%

 

Consumer Products

 

25

 

 

15

 

 

Health Care

 

15

 

 

12

 

 

Energy

 

14

 

 

16

 

 

Industrials

 

8

 

 

7

 

 

Telecommunications

 

5

 

 

6

 

 

Technology

 

3

 

 

2

 

 

Real Estate Investment Trusts

 

2

 

 

4

 

 

Basic Materials

 

1

 

 

1

 

 

Aerospace & Defense

 

1

 

 

 

 

               

 

 

3

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


 

 

 

 

 

 

4

ANNUAL REPORT

OCTOBER 31, 2008





 

 

Trust Summary as of October 31, 2008

BlackRock Enhanced Dividend AchieversTM Trust


 

 

Investment Objective

 

 

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

 

Performance

 

 

 

For the 12 months ended October 31, 2008, the Trust returned (25.70)% based on market price and (24.35)% based on NAV. For the same period, the Mergent Broad Dividend Achievers Index posted a return of (28.85)% on a NAV basis, and the broader market, as measured by the Russell 1000 Index, returned (36.80)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. One of the key investment objectives of the portfolio is to generate income through positions in stocks with attractive dividend yields. Over the annual period, this detracted on two levels: (1) higher-yielding stocks modestly underperformed, and (2) the drive for yield resulted in a relatively sizable exposure to financials, the weakest-performing sector for the 12 months. On the positive side, our avoidance of the most troubled stocks in the Dividend Achiever universe, namely American International Group (down 97%) and Lehman Brothers Holdings (down 99.9%), helped mitigate losses in the portfolio. The income generated from writing calls provided additional benefit during the market downturn.

 

 

 

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

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BDJ

 

Initial Offering Date

 

August 31, 2005

 

Yield on Closing Market Price as of October 31, 2008 ($8.47)1

 

14.43%

 

Current Quarterly Distribution per Common Share2

 

$0.305625

 

Current Annualized Distribution per Common Share2

 

$1.222500

 

       

 

 

1

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

2

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

8.47

 

$

12.68

 

 

(33.20

)%

$

12.68

 

$

5.13

 

Net Asset Value

 

$

9.59

 

$

14.10

 

 

(31.99

)%

$

14.10

 

$

8.71

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Portfolio Composition3

 

 

 

 

 

 

Sector

 

10/31/08

 

10/31/07

 

           

Financial Institutions

 

25

%

 

37

%

 

Consumer Products

 

24

 

 

15

 

 

Health Care

 

16

 

 

12

 

 

Energy

 

15

 

 

15

 

 

Industrials

 

8

 

 

7

 

 

Telecommunications

 

6

 

 

6

 

 

Technology

 

3

 

 

2

 

 

Real Estate Investment Trusts

 

2

 

 

4

 

 

Basic Materials

 

1

 

 

1

 

 

Automotive

 

 

 

1

 

 

               

 

 

3

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

5



 

 



 

 

Trust Summary as of October 31, 2008

BlackRock Strategic Dividend AchieversTM Trust


 

 

Investment Objective

 

 

 

BlackRock Strategic Dividend AchieversTM Trust (BDT) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation by investing primarily in common stocks of small to mid-capitalization companies that pay above average dividends and have potential for capital appreciation.

 

 

Performance

 

 

 

For the 12 months ended October 31, 2008, the Trust returned (25.88)% based on market price and (23.93)% based on NAV. For the same period, the Mergent Broad Dividend Achievers Index posted a return of (28.85)% on a NAV basis, and the broader market, as measured by the Russell 1000 Index, returned (36.80)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. One of the key investment objectives of the portfolio is to generate income through positions in stocks with attractive dividend yields. Over the annual period, exposure to higher-yielding stocks slightly detracted from results as these issues modestly underperformed. However, our pursuit of higher-yielding, small- and mid-cap Dividend Achievers resulted in a concentration in smaller regional banks and an avoidance of the larger, troubled banks and insurance companies, which helped overall returns. Significant exposure to the higher-yielding utilities also aided performance, as utilities were one of the better-performing sectors over the 12 months.

 

 

 

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

 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BDT

 

Initial Offering Date

 

March 30, 2004

 

Yield on Closing Market Price as of October 31, 2008 ($9.01)1

 

9.99%

 

Current Quarterly Distribution per Common Share2

 

$0.225

 

Current Annualized Distribution per Common Share2

 

$0.900

 

 

 

   

1

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

2

A change in the distribution rate was declared on December 12, 2008. The Quarterly Distribution per Common Share was decreased to $0.1625. The Yield on Closing Market Price, Current Quarterly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

                       

 

 

10/31/08

 

10/31/07

 

 

Change    

High

 

Low

 

                       

Market Price

 

$

9.01

 

$

13.19

 

 

(31.69

)%

$

13.19

 

$

7.14

 

Net Asset Value

 

$

10.67

 

$

15.22

 

 

(29.89

)%

$

15.22

 

$

9.08

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Portfolio Composition3

 

 

 

 

 

 

 

 

Ten Largest Sectors

 

10/31/08

 

10/31/07

 

               

Financial Institutions

 

30

%

 

32

%

 

Consumer Products

 

19

 

 

15

 

 

Energy

 

19

 

 

20

 

 

Industrials

 

9

 

 

7

 

 

Real Estate Investment Trusts

 

9

 

 

10

 

 

Technology

 

3

 

 

4

 

 

Building & Development

 

3

 

 

2

 

 

Automotive

 

3

 

 

4

 

 

Basic Materials

 

2

 

 

2

 

 

Transportation

 

1

 

 

 

 

 

 

 

3

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


 

 

 

 

 

 

 

 

6

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Trust Summary as of October 31, 2008

BlackRock EcoSolutions Investment Trust


 

 

Investment Objective

 

 

 

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

 

 

Performance

 

 

 

For the 12 months ended October 31, 2008, the Trust returned (48.20)% based on market price and (43.99)% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category posted an average return of (35.59)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The new energy, agriculture and water sectors were negatively impacted by market deleveraging, a flight to cash and lower traditional fuel prices. However, new energy saw positive legislative developments and water utility fundamentals remain intact, although available capital may be expensive in the near term. Despite strong earnings releases and share buyback announcements in the agricultural sector, diminished investor confidence weighed on stocks.

 

 

 

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

 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BQR

 

Initial Offering Date

 

September 28, 2007

 

Yield on Closing Market Price as of October 31, 2008 ($9.20)1

 

17.39%

 

Current Quarterly Distribution per Common Share2

 

$0.40

 

Current Annualized Distribution per Common Share2

 

$1.60

 

       

 

 

1

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

2

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


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/08

 

10/31/07

 

 

Change    

High

 

Low

 

                       

Market Price

 

$

9.20

 

$

19.75

 

 

(53.42

)%

$

20.00

 

$

6.13

 

Net Asset Value

 

$

10.23

 

$

20.31

 

 

(49.63

)%

$

20.79

 

$

8.32

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

Ten Largest Countries

 

10/31/08

 

10/31/07

 

               

United States

 

42

%

 

35

%

 

United Kingdom

 

9

 

 

8

 

 

Brazil

 

5

 

 

4

 

 

Germany

 

5

 

 

7

 

 

Canada

 

5

 

 

4

 

 

Spain

 

4

 

 

4

 

 

Denmark

 

3

 

 

3

 

 

Belgium

 

3

 

 

7

 

 

Hong Kong

 

3

 

 

4

 

 

Switzerland

 

3

 

 

2

 

 

               

 

 

 

 

 

 

 

 

Ten Largest Sectors

 

10/31/08

 

10/31/07

 

               

Chemicals

 

25

%

 

23

%

 

Water

 

19

 

 

17

 

 

Environmental Control

 

7

 

 

8

 

 

Energy-Alternate Sources

 

6

 

 

9

 

 

Agriculture

 

6

 

 

6

 

 

Electronics

 

5

 

 

4

 

 

Electrical Components & Equipment

 

5

 

 

6

 

 

Electric

 

5

 

 

7

 

 

Forest Products & Paper

 

5

 

 

3

 

 

Machinery

 

4

 

 

4

 

 

               

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

7



 

 



 

 

Trust Summary as of October 31, 2008

BlackRock Global Energy and Resources Trust


 

 

Investment Objective

 

 

 

BlackRock Global Energy and Resources Trust (BGR) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation. The Trust attempts to achieve this objective by investing primarily in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry.

 

 

Performance

 

 

 

For the 12 months ended October 31, 2008, the Trust returned (37.14)% based on market price and (38.15)% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned (35.59)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Allocation decisions within our energy exposure contributed to the Trust’s relative underperformance. While all areas of the sector declined, our emphasis on exploration & production, equipment & services, and coal producers proved costly, as these segments lagged the broader market. After a strong run up in energy commodity pricing through June 2008, collapsed pricing in the last few months of the year put significant downward pressure on equity prices in these areas.

 

 

 

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

 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BGR

 

Initial Offering Date

 

December 29, 2004

 

Yield on Closing Market Price as of October 31, 2008 ($17.99)1

 

9.01%

 

Current Quarterly Distribution per Common Share2

 

$0.405

 

Current Annualized Distribution per Common Share2

 

$1.620

 

       

 

 

1

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

2

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/08

 

10/31/07

 

 

Change    

High

 

Low

 

                       

Market Price

 

$

17.99

 

$

32.14

 

 

(44.03

)%

$

37.57

 

$

11.79

 

Net Asset Value

 

$

20.71

 

$

37.60

 

 

(44.92

)%

$

44.20

 

$

16.36

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

Ten Largest Countries

 

10/31/08

 

10/31/07

 

               

United States

 

76

%

 

60

%

 

Canada

 

14

 

 

17

 

 

Brazil

 

2

 

 

2

 

 

Australia

 

2

 

 

2

 

 

Bermuda

 

1

 

 

2

 

 

United Kingdom

 

1

 

 

3

 

 

Norway

 

1

 

 

3

 

 

Netherlands

 

1

 

 

1

 

 

Italy

 

1

 

 

2

 

 

Hong Kong

 

1

 

 

1

 

 

               

 

Sector

 

10/31/08

 

10/31/07

 

               

Oil & Gas

 

49

%

 

44

%

 

Pipelines

 

15

 

 

14

 

 

Oil & Gas Services

 

13

 

 

13

 

 

Coal

 

12

 

 

10

 

 

Mining

 

3

 

 

6

 

 

Transportation

 

2

 

 

8

 

 

Electric

 

2

 

 

1

 

 

Chemicals

 

2

 

 

1

 

 

Gas

 

2

 

 

1

 

 

Metal Fabricate/Hardware

 

 

 

2

 

 

               

 

 

 

 

 

 

 

 

8

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Trust Summary as of October 31, 2008

BlackRock Global Equity Income Trust


 

 

Investment Objective

 

 

 

BlackRock Global Equity Income Trust (BFD) (the “Trust”) seeks current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve these objectives by investing in 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 12 months ended October 31, 2008, the Trust returned (42.44)% based on market price and (38.56)% based on NAV. For the same period, the MSCI World Index posted a return of (41.85)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The covered call premium strategy allowed the Trust some protection on the downside, as management was able to take advantage of market volatility. However, during steep sell-offs like those experienced over the past 12 months, the premium only provides a small cushion, as the Trust is still exposed to the broader equity market downturns. At period-end, volatility in the market persists; as such, the Trust is defensively positioned.

 

 

 

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

 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BFD

 

Initial Offering Date

 

March 30, 2007

 

Yield on Closing Market Price as of October 31, 2008 ($9.13)1

 

20.81%

 

Current Quarterly Distribution per Common Share2

 

$0.475

 

Current Annualized Distribution per Common Share2

 

$1.900

 

       

 

 

1

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

2

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/08

 

10/31/07

 

 

Change    

High

 

Low

 

                       

Market Price

 

$

9.13

 

$

17.93

 

 

(49.08

)%

$

18.03

 

$

6.15

 

Net Asset Value

 

$

10.68

 

$

19.65

 

 

(45.65

)%

$

19.65

 

$

9.42

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Portfolio Composition

 

Ten Largest Countries

 

10/31/08

 

10/31/07

 

               

United States

 

51

%

 

46

%

 

United Kingdom

 

10

 

 

12

 

 

Japan

 

10

 

 

9

 

 

France

 

4

 

 

3

 

 

Canada

 

4

 

 

5

 

 

Switzerland

 

4

 

 

3

 

 

Germany

 

3

 

 

4

 

 

Australia

 

2

 

 

2

 

 

Italy

 

2

 

 

3

 

 

Netherlands

 

2

 

 

2

 

 

               

 

Ten Largest Sectors3

 

10/31/08

 

10/31/07

 

               

Energy

 

19

%

 

15

%

 

Financial Institutions

 

18

 

 

22

 

 

Consumer Products

 

15

 

 

11

 

 

Health Care

 

11

 

 

8

 

 

Industrials

 

9

 

 

9

 

 

Technology

 

9

 

 

10

 

 

Telecommunications

 

6

 

 

8

 

 

Basic Materials

 

6

 

 

6

 

 

Automotive

 

2

 

 

2

 

 

Real Estate

 

2

 

 

2

 

 

               

 

 

3

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

9



 

 



 

 

Trust Summary as of October 31, 2008

BlackRock Global Opportunities Equity Trust


 

 

Investment Objective

 

 

 

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

 

 

Performance

 

 

 

For the 12 months ended October 31, 2008, the Trust returned (38.15)% based on market price and (35.08)% based on NAV. For the same period, the benchmark S&P Global Broad Market Index posted a return of (43.97)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s outperformance during the period was primarily attributed to strong stock selection, particularly within the financials, materials and healthcare sectors. Sector allocation also contributed positively, as underweight positions in financials, industrials and information technology, along with an overweight in consumer staples, aided return comparisons.

 

 

 

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

 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BOE

 

Initial Offering Date

 

May 31, 2005

 

Yield on Closing Market Price as of October 31, 2008 ($15.89)1

 

14.32%

 

Current Quarterly Distribution per Common Share2

 

$0.56875

 

Current Annualized Distribution per Common Share2

 

$2.27500

 

       

 

 

1

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

2

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/08

 

10/31/07

 

 

Change    

High

 

Low

 

                       

Market Price

 

$

15.89

 

$

28.76

 

 

(44.75

)%

$

29.73

 

$

10.40

 

Net Asset Value

 

$

18.03

 

$

31.09

 

 

(42.01

)%

$

31.09

 

$

15.58

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Portfolio Composition

 

Ten Largest Countries

 

10/31/08

 

10/31/07

 

               

United States

 

56

%

 

35

%

 

United Kingdom

 

5

 

 

8

 

 

Switzerland

 

5

 

 

2

 

 

Canada

 

4

 

 

5

 

 

Japan

 

4

 

 

4

 

 

Germany

 

4

 

 

6

 

 

France

 

3

 

 

3

 

 

Singapore

 

2

 

 

2

 

 

Italy

 

2

 

 

4

 

 

Brazil

 

2

 

 

2

 

 

               

 

Ten Largest Sectors3

 

10/31/08

 

10/31/07

 

               

Energy

 

16

%

 

23

%

 

Consumer Products

 

15

 

 

17

 

 

Health Care

 

15

 

 

5

 

 

Financial Institutions

 

15

 

 

12

 

 

Exchange-Traded Funds

 

8

 

 

 

 

Technology

 

8

 

 

9

 

 

Industrials

 

6

 

 

9

 

 

Basic Materials

 

5

 

 

8

 

 

Telecommunications

 

5

 

 

7

 

 

Transportation

 

2

 

 

2

 

 

               

 

 

3

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


 

 

 

 

 

 

 

 

10

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Trust Summary as of October 31, 2008

BlackRock Health Sciences Trust


 

 

Investment Objective

 

 

 

BlackRock Health Sciences Trust (BME) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation. The Trust seeks to achieve this objective by investing primarily in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry.

 

 

Performance

 

 

 

For the 12 months ended October 31, 2008, the Trust returned (13.47)% based on market price and (15.55)% based on NAV. For the same period, the benchmark Russell 3000 Healthcare Index returned (23.79)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s comparative performance benefited equally from stock selection and sector allocation. Most notably, selection within the healthcare equipment and biotechnology sub-sectors helped returns. An overweight allocation to healthcare equipment and biotechnology, as well as an underweight within managed healthcare, also had a positive impact on the Trust’s relative return for the trailing 12-month period.

 

 

 

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

 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BME

 

Initial Offering Date

 

March 31, 2005

 

Yield on Closing Market Price as of October 31, 2008 ($21.62)1

 

7.11%

 

Current Quarterly Distribution per Common Share2

 

$0.384375

 

Current Annualized Distribution per Common Share2

 

$1.537500

 

       

 

 

1

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

2

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

10/31/08

 

10/31/07

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

21.62

 

$

27.05

 

(20.07

)%

 

$

28.95

 

$

15.00

 

Net Asset Value

 

$

23.66

 

$

30.33

 

(21.99

)%

 

$

30.87

 

$

21.65

 

                                 

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

 

 

 

 

 

 

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Country

 

10/31/08

 

10/31/07

 

               

United States

 

82

%

 

89

%

 

Switzerland

 

9

 

 

7

 

 

Bermuda

 

2

 

 

 

 

Netherlands

 

2

 

 

 

 

Israel

 

2

 

 

 

 

Germany

 

2

 

 

1

 

 

United Kingdom

 

1

 

 

 

 

China

 

 

 

2

 

 

France

 

 

 

1

 

 

           

 

 

 

 

 

 

Sector

 

10/31/08

 

10/31/07

 

               

Healthcare Products

 

34

%

 

27

%

 

Pharmaceuticals

 

29

 

 

37

 

 

Biotechnology

 

29

 

 

18

 

 

Healthcare Services

 

7

 

 

9

 

 

Commericial Services

 

1

 

 

 

 

Retail

 

 

 

2

 

 

Electronics

 

 

 

6

 

 

Distribution/Wholesale

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

11




 

 



 

 

Trust Summary as of October 31, 2008

BlackRock International Growth and Income Trust


 

 

Investment Objective

 

 

 

BlackRock International Growth and Income Trust (BGY) (the “Trust”) seeks current income and current gains, and secondarily long-term capital appreciation. The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains.

 

 

Performance

 

 

 

For the 12 months ended October 31, 2008, the Trust returned (42.39)% based on market price and (41.76)% based on NAV. For the same period, the S&P Global ex-U.S. Broad Market Index returned (49.18)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s comparative performance was enhanced primarily by strong stock selection, particularly within the financials and materials sectors. An underweight exposure versus the benchmark in financials and consumer discretionary, along with overweight allocations to the consumer staples and telecommunication services sectors, also benefited the Trust’s relative return for the trailing 12-month period.

 

 

 

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

 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BGY

 

Initial Offering Date

 

May 30, 2007

 

Yield on Closing Market Price as of October 31, 2008 ($9.09)1

 

20.03%

 

Current Quarterly Distribution per Common Share2

 

$0.4551

 

Current Annualized Distribution per Common Share2

 

$1.8204

 

       

 

 

1

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

2

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/08

 

10/31/07

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

  9.09

 

$

17.76

 

(48.82

)%

 

$

17.80

 

$

5.86

 

Net Asset Value

 

$

10.41

 

$

20.12

 

(48.26

)%

 

$

20.12

 

$

8.80

 

                                 

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

 

 

 

 

 

 

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ten Largest Countries

 

10/31/08

 

10/31/07

 

               

United Kingdom

 

18

%

 

19

%

 

Japan

 

12

 

 

9

 

 

Canada

 

9

 

 

4

 

 

Switzerland

 

8

 

 

5

 

 

Germany

 

7

 

 

6

 

 

France

 

6

 

 

4

 

 

Singapore

 

4

 

 

4

 

 

Taiwan

 

4

 

 

5

 

 

Hong Kong

 

4

 

 

5

 

 

Brazil

 

3

 

 

2

 

 

           

 

 

 

 

 

 

Ten Largest Sectors3

 

10/31/08

 

10/31/07

 

               

Energy

 

19

%

 

15

%

 

Financial Institutions

 

14

 

 

17

 

 

Consumer Products

 

12

 

 

14

 

 

Telecommunications

 

12

 

 

9

 

 

Basic Materials

 

11

 

 

13

 

 

Industrials

 

11

 

 

14

 

 

Technology

 

5

 

 

5

 

 

Health Care

 

4

 

 

 

 

Transportation

 

3

 

 

2

 

 

Real Estate

 

3

 

 

5

 

 

               

 

 

3

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


 

 

 

 

 

 

 

 

12

ANNUAL REPORT

OCTOBER 31, 2008

 




 

 

 



 

 

Trust Summary as of October 31, 2008

BlackRock Real Asset Equity Trust


 

 

Investment Objective

 

 

 

BlackRock Real Asset Equity Trust (BCF) (the “Trust”) seeks to provide total return through a combination of current income, current gains and capital appreciation. The Trust attempts to achieve this objective by investing primarily in equity securities of companies engaged in energy, natural resources and basic materials businesses and companies in associated businesses and equity derivatives with exposure to those companies.

 

 

Performance

 

 

 

For the 12 months ended October 31, 2008, the Trust returned (51.69)% based on market price and (50.14)% based on NAV. For the same period, the closed-end Lipper Sector Equity Funds category returned (35.59)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s significant relative underperformance was due primarily to the allocation to commodity-related market segments, such as mining and energy, both of which have lagged the broader market. In particular, base and precious metals producers have come under significant pressure as commodity prices have collapsed in the last several months on waning demand.

 

 

 

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

 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BCF

 

Initial Offering Date

 

September 29, 2006

 

Yield on Closing Market Price as of October 31, 2008 ($7.74)1

 

14.05%

 

Current Quarterly Distribution per Common Share2

 

$0.2718

 

Current Annualized Distribution per Common Share2

 

$1.0872

 

       

 

 

1

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

2

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

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

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$7.74

 

$17.59

 

(56.00)%

 

$19.45

 

$5.40

 

Net Asset Value

 

$9.44

 

$20.79

 

(54.59)%

 

$22.30

 

$7.41

 

                       

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

 

 

 

 

 

 

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ten Largest Countries

 

10/31/08

 

10/31/07

 

               

United States

 

60

%

 

45

%

 

United Kingdom

 

12

 

 

15

 

 

Canada

 

12

 

 

13

 

 

Brazil

 

4

 

 

5

 

 

Australia

 

3

 

 

9

 

 

South Africa

 

2

 

 

3

 

 

Netherlands

 

1

 

 

2

 

 

Peru

 

1

 

 

1

 

 

Mexico

 

1

 

 

1

 

 

China

 

1

 

 

2

 

 

           

 

 

 

 

 

 

Sector

 

10/31/08

 

10/31/07

 

               

Oil & Gas

 

32

%

 

23

%

 

Mining

 

28

 

 

43

 

 

Chemicals

 

14

 

 

9

 

 

Oil & Gas Services

 

8

 

 

7

 

 

Forest Products & Paper

 

7

 

 

9

 

 

Coal

 

5

 

 

4

 

 

Machinery

 

3

 

 

2

 

 

Pipelines

 

2

 

 

1

 

 

Iron & Steel

 

1

 

 

1

 

 

Metal

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

13



 

 



 

Trust Summary as of October 31, 2008

BlackRock S&P Quality Rankings Global Equity Managed Trust


 

 

Investment Objective

 

 

 

BlackRock S&P Quality Rankings Global Equity Managed Trust (BQY) (the “Trust”) seeks to provide total return through a combination of current income and capital appreciation investing primarily in equity securities of issuers that pay above average dividends and have the potential for capital appreciation.

 

 

Performance

 

 

 

For the 12 months ended October 31, 2008, the Trust returned (38.42)% based on market price and (37.53)% based on NAV. For the same period, the MSCI World Developed Value Index posted a return of (42.47)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. One of the key investment objectives of the portfolio is to generate income through positions in stocks with attractive dividend yields. Over the past six months, this detracted as higher-yielding stocks have modestly underperformed. However, throughout the course of the annual period – in particular, during the past six months when the global credit crisis intensified – higher-quality stocks significantly outperformed lower-quality issues globally, which was beneficial. Significant exposure to the North American region also aided results, as this was the best-performing area over the last 12 months.

 

 

 

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

 

 

Trust Information


 

 

 

Symbol on American Stock Exchange

 

BQY

Initial Offering Date

 

May 28, 2004

Yield on Closing Market Price as of October 31, 2008 ($10.50)1

 

8.57%

Current Quarterly Distribution per Common Share2

 

$0.225

Current Annualized Distribution per Common Share2

 

$0.900

     

 

 

1

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

2

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

10.50

 

$

18.07

 

 

(41.89)%

 

$

18.07

 

$

7.50

 

Net Asset Value

 

$

12.38

 

$

21.00

 

 

(41.05)%

 

$

21.00

 

$

10.81

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

Ten Largest Countries

 

10/31/08

 

10/31/07

 

               

United States

 

53

%

 

49

%

 

United Kingdom

 

10

 

 

9

 

 

Canada

 

5

 

 

6

 

 

Japan

 

5

 

 

5

 

 

Australia

 

5

 

 

7

 

 

France

 

4

 

 

4

 

 

Sweden

 

3

 

 

5

 

 

Hong Kong

 

3

 

 

3

 

 

Spain

 

2

 

 

1

 

 

Germany

 

2

 

 

1

 

 

               

 

 

 

 

 

 

 

 

Ten Largest Sectors3

 

10/31/08

 

10/31/07

 

               

Energy

 

20

%

 

17

 

 

Financial Institutions

 

15

 

 

22

 

 

Consumer Products

 

15

 

 

11

 

 

Technology

 

11

 

 

10

 

 

Industrials

 

10

 

 

12

 

 

Health Care

 

9

 

 

6

 

 

Telecommunications

 

7

 

 

7

 

 

Real Estate

 

6

 

 

6

 

 

Basic Materials

 

4

 

 

3

 

 

Business Equipment & Services

 

1

 

 

3

 

 

               

 

 

3

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


 

 

 

 

 

 

 

 

14

ANNUAL REPORT

OCTOBER 31, 2008

 




 

 



 

Trust Summary as of October 31, 2008

BlackRock World Investment Trust


 

 

Investment Objective

 

 

BlackRock World Investment Trust (BWC) (the “Trust”) seeks current income, dividends and gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve these objectives by investing in equity securities or options on equity securities or indices or sectors of equity securities. Equity securities in which the Trust anticipates investing include common stocks, preferred stocks, convertible securities, warrants, depository receipts and equity interests in REITs. The Trust may invest in preferred stocks and convertible securities of any rating. The Trust may invest in debt securities of issuers located anywhere in the world and including securities rated below investment grade.

 

 

Performance

 

 

For the 12 months ended October 31, 2008, the Trust returned (39.20)% based on market price and (34.34)% based on NAV. For the same period, the benchmark S&P Global Broad Market Index posted a return of (43.97)%. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s comparative performance was enhanced primarily by strong stock selection, particularly within the financials and materials sectors. The Trust’s underweight exposure versus the benchmark in the financials and industrials sectors, as well as overweight allocations to consumer staples and utilities, also benefited the relative return for the trailing 12-month period.

 

 

 

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

 

 

Trust Information


 

 

 

Symbol on New York Stock Exchange

 

BWC

Initial Offering Date

 

October 27, 2005

Yield on Closing Market Price as of October 31, 2008 ($9.22)1

 

14.80%

Current Quarterly Distribution per Share2

 

$0.34125

Current Annualized Distribution per Share2

 

$1.36500

     

 

 

1

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

2

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

9.22

 

$

17.28

 

 

(46.64)%

 

$

17.94

 

$

5.94

 

Net Asset Value

 

$

10.74

 

$

18.64

 

 

(42.38)%

 

$

18.64

 

$

9.24

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

Ten Largest Countries

 

10/31/08

 

10/31/07

 

               

United States

 

55

%

 

36

%

 

United Kingdom

 

5

 

 

6

 

 

Switzerland

 

4

 

 

3

 

 

Germany

 

4

 

 

6

 

 

Canada

 

4

 

 

5

 

 

Japan

 

4

 

 

5

 

 

France

 

3

 

 

3

 

 

Singapore

 

2

 

 

3

 

 

Brazil

 

2

 

 

3

 

 

Italy

 

2

 

 

4

 

 

               

 

 

 

 

 

 

 

 

Ten Largest Sectors3

 

10/31/08

 

10/31/07

 

               

Energy

 

16

%

 

24

%

 

Financial Institutions

 

15

 

 

13

 

 

Consumer Products

 

15

 

 

17

 

 

Health Care

 

15

 

 

6

 

 

Technology

 

8

 

 

8

 

 

Exchange-Traded Funds

 

7

 

 

 

 

Basic Materials

 

6

 

 

8

 

 

Telecommunications

 

6

 

 

7

 

 

Industrials

 

5

 

 

8

 

 

Transportation

 

2

 

 

2

 

 

               

 

 

3

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

 

 


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

15



 

 



 

Schedule of Investments October 31, 2008

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

             

Aerospace & Defense—0.5%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

21,500

 

$

1,296,880

 

United Technologies Corp.

 

 

34,300

 

 

1,885,128

 

 

 

 

 

 

     

 

 

 

 

 

 

3,182,008

 

               

Basic Materials—1.2%

 

 

 

 

 

 

 

PPG Industries, Inc.

 

 

69,300

 

 

3,435,894

 

RPM International, Inc.

 

 

225,500

 

 

3,202,100

 

 

 

 

 

 

     

 

 

 

 

 

 

6,637,994

 

               

Building & Development—0.2%

 

 

 

 

 

 

 

Masco Corp.

 

 

94,400

 

 

958,160

 

               

Consumer Products—24.4%

 

 

 

 

 

 

 

Altria Group, Inc.

 

 

453,000

 

 

8,693,070

 

Anheuser-Busch Cos., Inc.

 

 

228,000

 

 

14,142,840

 

Clorox Co.

 

 

63,000

 

 

3,831,030

 

Coca-Cola Co. (The)

 

 

543,100

 

 

23,928,986

 

Colgate-Palmolive Co.

 

 

47,000

 

 

2,949,720

 

Harley-Davidson, Inc.

 

 

97,900

 

 

2,396,592

 

Home Depot, Inc.

 

 

383,500

 

 

9,046,765

 

Kimberly-Clark Corp.

 

 

168,400

 

 

10,321,236

 

McDonald’s Corp.

 

 

264,600

 

 

15,328,278

 

PepsiCo, Inc.

 

 

102,600

 

 

5,849,226

 

Philip Morris International, Inc.

 

 

453,000

 

 

19,691,910

 

Procter & Gamble Co.

 

 

188,200

 

 

12,146,428

 

Stanley Works (The)

 

 

75,000

 

 

2,455,500

 

Universal Corp.

 

 

67,200

 

 

2,660,448

 

Wal-Mart Stores, Inc.

 

 

71,400

 

 

3,984,834

 

 

 

 

 

 

     

 

 

 

 

 

 

137,426,863

 

               

Energy—13.8%

 

 

 

 

 

 

 

Atmos Energy Corp.

 

 

68,900

 

 

1,672,203

 

Chevron Corp.

 

 

354,700

 

 

26,460,620

 

Consolidated Edison, Inc.

 

 

357,500

 

 

15,486,900

 

Exxon Mobil Corp.

 

 

82,800

 

 

6,137,136

 

FPL Group, Inc.

 

 

58,900

 

 

2,782,436

 

Integrys Energy Group, Inc.

 

 

78,100

 

 

3,723,027

 

Pinnacle West Capital Corp.

 

 

199,700

 

 

6,320,505

 

Progress Energy, Inc.

 

 

339,300

 

 

13,358,241

 

Vectren Corp.

 

 

67,300

 

 

1,695,960

 

 

 

 

 

 

     

 

 

 

 

 

 

77,637,028

 

               

Financial Institutions—25.3%

 

 

 

 

 

 

 

American Capital Ltd.

 

 

101,400

 

 

1,424,670

 

Associated Banc-Corp

 

 

69,600

 

 

1,535,376

 

Bank of America Corp.

 

 

894,300

 

 

21,615,231

 

BB&T Corp.

 

 

429,600

 

 

15,401,160

 

Citigroup, Inc.

 

 

500,900

 

 

6,837,285

 

Comerica, Inc.

 

 

281,400

 

 

7,763,826

 

Fifth Third Bancorp

 

 

346,000

 

 

3,754,100

 

First Midwest Bancorp, Inc.

 

 

66,400

 

 

1,474,744

 

FirstMerit Corp.

 

 

88,500

 

 

2,063,820

 

FNB Corp.

 

 

123,500

 

 

1,617,850

 

Fulton Financial Corp.

 

 

348,100

 

 

3,655,050

 

Lincoln National Corp.

 

 

99,500

 

 

1,715,380

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Financial Institutions—(concluded)

 

 

 

 

 

 

 

Marshall & Ilsley Corp.

 

 

84,400

 

$

1,521,732

 

Mercury General Corp.

 

 

82,800

 

 

4,253,436

 

Northern Trust Corp.

 

 

25,600

 

 

1,441,536

 

State Street Corp.

 

 

23,000

 

 

997,050

 

SunTrust Banks, Inc.

 

 

121,900

 

 

4,893,066

 

Synovus Financial Corp.

 

 

414,500

 

 

4,281,785

 

T. Rowe Price Group, Inc.

 

 

71,800

 

 

2,838,972

 

U.S. Bancorp

 

 

764,700

 

 

22,795,707

 

Valley National Bancorp

 

 

94,682

 

 

1,798,958

 

Wells Fargo & Co.

 

 

851,700

 

 

29,000,385

 

 

 

 

 

 

     

 

 

 

 

 

 

142,681,119

 

               

Health Care—15.3%

 

 

 

 

 

 

 

Abbott Laboratories

 

 

388,100

 

 

21,403,715

 

Eli Lilly & Co.

 

 

472,400

 

 

15,976,568

 

Hill-Rom Holdings, Inc.

 

 

35,900

 

 

817,084

 

Johnson & Johnson

 

 

316,100

 

 

19,389,574

 

Medtronic, Inc.

 

 

37,400

 

 

1,508,342

 

Pfizer, Inc.

 

 

1,529,500

 

 

27,087,445

 

 

 

 

 

 

     

 

 

 

 

 

 

86,182,728

 

               

Industrials—8.1%

 

 

 

 

 

 

 

3M Co.

 

 

184,200

 

 

11,844,060

 

Caterpillar, Inc.

 

 

128,500

 

 

4,904,845

 

Emerson Electric Co.

 

 

164,300

 

 

5,377,539

 

General Electric Co.

 

 

1,009,900

 

 

19,703,149

 

Leggett & Platt, Inc.

 

 

233,600

 

 

4,055,296

 

 

 

 

 

 

     

 

 

 

 

 

 

45,884,889

 

               

Media—0.2%

 

 

 

 

 

 

 

New York Times Co. (The), Class A

 

 

96,500

 

 

965,000

 

               

Real Estate Investment Trust—2.1%

 

 

 

 

 

 

 

Duke Realty Corp.

 

 

130,500

 

 

1,841,355

 

HCP, Inc.

 

 

60,500

 

 

1,810,765

 

Kimco Realty Corp.

 

 

50,500

 

 

1,140,290

 

Lexington Realty Trust

 

 

94,000

 

 

754,820

 

Liberty Property Trust

 

 

60,200

 

 

1,435,770

 

Realty Income Corp.

 

 

118,900

 

 

2,748,968

 

Vornado Realty Trust

 

 

29,200

 

 

2,060,060

 

 

 

 

 

 

     

 

 

 

 

 

 

11,792,028

 

               

Technology—2.7%

 

 

 

 

 

 

 

Automatic Data Processing, Inc.

 

 

90,000

 

 

3,145,500

 

International Business Machines Corp.

 

 

50,100

 

 

4,657,797

 

Linear Technology Corp.

 

 

118,125

 

 

2,679,075

 

Pitney Bowes, Inc.

 

 

184,000

 

 

4,559,520

 

 

 

 

 

 

     

 

 

 

 

 

 

15,041,892

 

               

Telecommunications—5.4%

 

 

 

 

 

 

 

AT&T Inc.

 

 

906,550

 

 

24,268,343

 

CenturyTel, Inc.

 

 

242,750

 

 

6,095,453

 

 

 

 

 

 

     

 

 

 

 

 

 

30,363,796

 

               

Total Long-Term Investments
(Cost—$658,111,391)—99.2%

 

 

 

 

 

558,753,505

 

               

 

Portfolio Abbreviations

To simplify the listings of the portfolio holdings in each Trust’s Schedule of Investments, we have abbreviated the names and descriptions of many securities 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

GDR

Global Depositary Receipt

HKD

Hong Kong Dollar

JPY

Japanese Yen

KRW

South Korean Won

LIBOR

London InterBank Offered Rate

NOK

Norwegian Krone

REIT

Real Estate Investment Trust

SEK

Swedish Krona

SGD

Singapore Dollar

SPDR

Standard & Poor’s Depositary Receipt

USD

U.S. Dollar

ZAR

South African Rand


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

16

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

Schedule of Investments (concluded)

BlackRock Dividend AchieversTM Trust (BDV)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

             

Fidelity Institutional Money Market Prime Portfolio, 2.44% (a)

 

3,651,657

 

$

3,651,657

 

             

Total Short-Term Securities
(Cost—$3,651,657)—0.7%

 

 

 

 

3,651,657

 

             

Total Investments—99.9% (Cost—$661,763,048*)

 

 

 

 

562,405,162

 

Other Assets in Excess of Liabilities—0.1%

 

 

 

 

624,890

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

$

563,030,052

 

 

 

 

 

     

 

 

*

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


 

 

 

 

 

 

 

Aggregate cost

 

 

 

$

661,568,652

 

 

 

 

 

     

Gross unrealized appreciation

 

 

 

$

44,282,809

 

Gross unrealized depreciation

 

 

 

 

(143,446,299

)

 

 

 

 

     

Net unrealized depreciation

 

 

 

$

(99,163,490

)

 

 

 

 

     

 

 

(a)

Represents current yield as of report date.

 

 

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


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

17



 

 


 

 

Schedule of Investments October 31, 2008

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Aerospace & Defense—0.5%

 

 

 

 

 

 

 

General Dynamics Corp.

 

 

22,800

 

$

1,375,296

 

United Technologies Corp.

 

 

38,200

 

 

2,099,472

 

 

 

 

 

 

     

 

 

 

 

 

 

3,474,768

 

               

Basic Materials—1.2%

 

 

 

 

 

 

 

PPG Industries, Inc. (a)

 

 

85,750

 

 

4,251,485

 

RPM International, Inc.

 

 

250,900

 

 

3,562,780

 

 

 

 

 

 

     

 

 

 

 

 

 

7,814,265

 

               

Building & Development—0.2%

 

 

 

 

 

 

 

Masco Corp.

 

 

108,500

 

 

1,101,275

 

               

Consumer Products—23.1%

 

 

 

 

 

 

 

Altria Group, Inc. (a)

 

 

527,000

 

 

10,113,130

 

Anheuser-Busch Cos., Inc. (a)

 

 

231,250

 

 

14,344,437

 

Clorox Co.

 

 

68,900

 

 

4,189,809

 

Coca-Cola Co. (The) (a)

 

 

589,000

 

 

25,951,340

 

Colgate-Palmolive Co.

 

 

55,000

 

 

3,451,800

 

Harley-Davidson, Inc.

 

 

108,925

 

 

2,666,484

 

Home Depot, Inc.

 

 

432,500

 

 

10,202,675

 

Kimberly-Clark Corp.

 

 

198,000

 

 

12,135,420

 

McDonald’s Corp.

 

 

304,450

 

 

17,636,788

 

PepsiCo, Inc.

 

 

120,000

 

 

6,841,200

 

Philip Morris International, Inc. (a)

 

 

531,100

 

 

23,086,917

 

Procter & Gamble Co. (a)

 

 

211,700

 

 

13,663,118

 

Stanley Works (The) (a)

 

 

80,800

 

 

2,645,392

 

Universal Corp.

 

 

73,961

 

 

2,928,116

 

Wal-Mart Stores, Inc.

 

 

83,550

 

 

4,662,926

 

 

 

 

 

 

     

 

 

 

 

 

 

154,519,552

 

               

Energy—14.0%

 

 

 

 

 

 

 

Atmos Energy Corp. (a)

 

 

81,000

 

 

1,965,870

 

Chevron Corp. (a)

 

 

469,100

 

 

34,994,860

 

Consolidated Edison, Inc. (a)

 

 

407,900

 

 

17,670,228

 

Exxon Mobil Corp.

 

 

93,400

 

 

6,922,808

 

FPL Group, Inc.

 

 

66,700

 

 

3,150,908

 

Integrys Energy Group, Inc.

 

 

92,000

 

 

4,385,640

 

Pinnacle West Capital Corp.

 

 

231,000

 

 

7,311,150

 

Progress Energy, Inc.

 

 

385,200

 

 

15,165,324

 

Vectren Corp.

 

 

79,000

 

 

1,990,800

 

 

 

 

 

 

     

 

 

 

 

 

 

93,557,588

 

               

Financial Institutions—23.8%

 

 

 

 

 

 

 

American Capital Ltd. (b)

 

 

118,500

 

 

1,664,925

 

Associated Banc-Corp

 

 

78,100

 

 

1,722,886

 

Bank of America Corp. (a)

 

 

1,019,600

 

 

24,643,732

 

BB&T Corp. (a)(b)

 

 

440,700

 

 

15,799,095

 

Citigroup, Inc. (a)

 

 

581,700

 

 

7,940,205

 

Comerica, Inc.

 

 

321,600

 

 

8,872,944

 

Fifth Third Bancorp (a)

 

 

372,800

 

 

4,044,880

 

First Midwest Bancorp, Inc.

 

 

78,000

 

 

1,732,380

 

FirstMerit Corp.

 

 

97,200

 

 

2,266,704

 

FNB Corp.

 

 

149,700

 

 

1,961,070

 

Fulton Financial Corp.

 

 

404,800

 

 

4,250,400

 

Lincoln National Corp.

 

 

113,400

 

 

1,955,016

 

Marshall & Ilsley Corp.

 

 

95,700

 

 

1,725,471

 

Mercury General Corp.

 

 

94,000

 

 

4,828,780

 

Northern Trust Corp.

 

 

27,600

 

 

1,554,156

 

State Street Corp.

 

 

27,000

 

 

1,170,450

 

SunTrust Banks, Inc.

 

 

129,000

 

 

5,178,060

 

Synovus Financial Corp. (b)

 

 

487,000

 

 

5,030,710

 

T. Rowe Price Group, Inc.

 

 

80,000

 

 

3,163,200

 

U.S. Bancorp (a)

 

 

820,750

 

 

24,466,557

 

Valley National Bancorp

 

 

103,700

 

 

1,970,300

 

Wells Fargo & Co.

 

 

985,740

 

 

33,564,447

 

 

 

 

 

 

     

 

 

 

 

 

 

159,506,368

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Health Care—14.9%

 

 

 

 

 

 

 

Abbott Laboratories (a)

 

 

457,450

 

$

25,228,368

 

Eli Lilly & Co. (a)

 

 

555,000

 

 

18,770,100

 

Hill-Rom Holdings, Inc.

 

 

35,700

 

 

812,532

 

Johnson & Johnson (a)

 

 

350,750

 

 

21,515,005

 

Medtronic, Inc.

 

 

41,500

 

 

1,673,695

 

Pfizer, Inc. (a)

 

 

1,796,000

 

 

31,807,160

 

 

 

 

 

 

     

 

 

 

 

 

 

99,806,860

 

               

Industrials—7.9%

 

 

 

 

 

 

 

3M Co. (a)

 

 

215,800

 

 

13,875,940

 

Caterpillar, Inc. (a)

 

 

143,400

 

 

5,473,578

 

Emerson Electric Co.

 

 

186,800

 

 

6,113,964

 

General Electric Co.

 

 

1,186,000

 

 

23,138,860

 

Leggett & Platt, Inc.

 

 

235,300

 

 

4,084,808

 

 

 

 

 

 

     

 

 

 

 

 

 

52,687,150

 

               

Media—0.2%

 

 

 

 

 

 

 

New York Times Co. (The), Class A (b)

 

 

113,000

 

 

1,130,000

 

               

Real Estate Investment Trust—2.0%

 

 

 

 

 

 

 

Duke Realty Corp.

 

 

142,800

 

 

2,014,908

 

HCP, Inc.

 

 

71,000

 

 

2,125,030

 

Kimco Realty Corp.

 

 

69,900

 

 

1,578,342

 

Lexington Realty Trust

 

 

144,700

 

 

1,161,941

 

Liberty Property Trust

 

 

50,900

 

 

1,213,965

 

Realty Income Corp. (b)

 

 

128,700

 

 

2,975,544

 

Vornado Realty Trust

 

 

32,350

 

 

2,282,293

 

 

 

 

 

 

     

 

 

 

 

 

 

13,352,023

 

               

Technology—2.6%

 

 

 

 

 

 

 

Automatic Data Processing, Inc. (a)

 

 

100,460

 

 

3,511,077

 

International Business Machines Corp.

 

 

55,300

 

 

5,141,241

 

Linear Technology Corp.

 

 

159,300

 

 

3,612,924

 

Pitney Bowes, Inc.

 

 

216,000

 

 

5,352,480

 

 

 

 

 

 

     

 

 

 

 

 

 

17,617,722

 

               

Telecommunications—5.4%

 

 

 

 

 

 

 

AT&T Inc. (a)

 

 

1,091,600

 

 

29,222,132

 

CenturyTel, Inc. (a)

 

 

284,175

 

 

7,135,634

 

 

 

 

 

 

     

 

 

 

 

 

 

36,357,766

 

               

Total Long-Term Investments
(Cost—$878,944,087)—95.8%

 

 

 

 

 

640,925,337

 

               

 

 

 

 

 

 

 

 


 

Short-Term Securities

 

Beneficial
Interest/Shares

 

 

 

 

               

BlackRock Liquidity Series, LLC Money Market Series, 1.57% (c)(d)(e)

 

 

21,574,000

 

 

21,574,000

 

Fidelity Institutional Money Market Prime Portfolio, 2.44% (c)

 

 

34,163,561

 

 

34,163,561

 

               

Total Short-Term Securities
(Cost—$55,737,561)—8.3%

 

 

 

 

 

55,737,561

 

               

Total Investments Before Options Written
(Cost—$934,681,648*)—104.1%

 

 

 

 

 

696,662,898

 

               

 

 

 

 

 

 

 

 


 

Options Written

 

 

Contracts

 

 

 

 

               

Call Options Written—(1.0)%

 

 

 

 

 

 

 

3M Co., strike price $65, expires 12/22/08

 

 

(699

)

 

(297,075

)

3M Co., strike price $70, expires 11/24/08

 

 

(50

)

 

(4,875

)

3M Co., strike price $70, expires 12/22/08

 

 

(450

)

 

(95,625

)

Abbott Laboratories, strike price $57.50, expires 12/22/08

 

 

(2,305

)

 

(564,725

)

Altria Group, Inc., strike price $21, expires 12/22/08

 

 

(500

)

 

(34,000

)

Altria Group, Inc., strike price $22, expires 11/24/08

 

 

(400

)

 

(3,400

)

Altria Group, Inc., strike price $24, expires 12/22/08

 

 

(925

)

 

(11,100

)

American Capital Ltd., strike price $25, expires 11/24/08

 

 

(305

)

 

(2,287

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

18

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Schedule of Investments (continued)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

American Capital Ltd., strike price $28.25, expires 11/24/08

 

 

(25,000

)

$

(562

)

American Capital Ltd., strike price $30, expires 11/24/08

 

 

(100

)

 

(500

)

Associated Banc-Corp, strike price $22.50, expires 12/22/08

 

 

(250

)

 

(45,625

)

Associated Banc-Corp, strike price $25, expires 12/22/08

 

 

(180

)

 

(16,650

)

AT&T Inc., strike price $30, expires 12/22/08

 

 

(2,161

)

 

(209,617

)

AT&T Inc., strike price $31, expires 01/19/09

 

 

(1,000

)

 

(103,500

)

AT&T Inc., strike price $31, expires 11/24/08

 

 

(500

)

 

(7,250

)

AT&T Inc., strike price $32, expires 11/24/08

 

 

(500

)

 

(2,750

)

Atmos Energy Corp., strike price $29, expires 12/19/08

 

 

(19,000

)

 

(1,320

)

Automatic Data Processing, Inc., strike price $39.50, expires 12/24/08

 

 

(550

)

 

(35,750

)

Bank of America Corp., strike price $27.50, expires 12/22/08

 

 

(1,000

)

 

(99,000

)

Bank of America Corp., strike price $32.50, expires 11/24/08

 

 

(1,750

)

 

(9,625

)

Bank of America Corp., strike price $37.50, expires 11/24/08

 

 

(1,360

)

 

(3,400

)

BB&T Corp., strike price $37.50, expires 12/22/08

 

 

(460

)

 

(112,700

)

BB&T Corp., strike price $42.50, expires 11/24/08

 

 

(1,000

)

 

(12,500

)

BB&T Corp., strike price $45, expires 11/24/08

 

 

(960

)

 

(9,600

)

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

 

 

(200

)

 

(1,000

)

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

 

 

(100

)

 

(400

)

CenturyTel, Inc., strike price $37.50, expires 12/15/08

 

 

(107,000

)

 

(5,692

)

CenturyTel, Inc., strike price $39, expires 12/04/08

 

 

(39,500

)

 

(431

)

Chevron Corp., strike price $70, expires 12/22/08

 

 

(430

)

 

(399,900

)

Chevron Corp., strike price $80, expires 12/22/08

 

 

(594

)

 

(234,630

)

Chevron Corp., strike price $90, expires 11/24/08

 

 

(430

)

 

(7,525

)

Chevron Corp., strike price $91, expires 11/26/08

 

 

(1,150

)

 

(31,223

)

Citigroup, Inc., strike price $22.50, expires 11/24/08

 

 

(1,600

)

 

(4,000

)

Citigroup, Inc., strike price $25, expires 11/24/08

 

 

(1,600

)

 

(3,200

)

Clorox Co., strike price $65, expires 11/24/08

 

 

(380

)

 

(28,500

)

Coca-Cola Co. (The), strike price $47.50, expires 12/22/08

 

 

(500

)

 

(75,000

)

Coca-Cola Co. (The), strike price $50, expires 12/22/08

 

 

(250

)

 

(20,000

)

Coca-Cola Co. (The), strike price $52.50, expires 01/16/09

 

 

(75,000

)

 

(54,278

)

Coca-Cola Co. (The), strike price $52.75, expires 11/21/08

 

 

(36,000

)

 

(2,376

)

Coca-Cola Co. (The), strike price $55, expires 11/24/08

 

 

(590

)

 

(5,900

)

Colgate-Palmolive Co., strike price $75, expires 11/24/08

 

 

(300

)

 

(3,000

)

Comerica, Inc., strike price $31.75, expires 12/24/08

 

 

(250

)

 

(32,843

)

Comerica, Inc., strike price $35, expires 01/19/09

 

 

(830

)

 

(99,600

)

Comerica, Inc., strike price $35, expires 12/22/08

 

 

(250

)

 

(13,125

)

Comerica, Inc., strike price $40, expires 11/24/08

 

 

(440

)

 

(4,400

)

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

 

 

(500

)

 

(51,250

)

Consolidated Edison, Inc., strike price $45, expires 12/30/08

 

 

(175,000

)

 

(332,325

)

Duke Realty Corp., strike price $17.50, expires 12/22/08

 

 

(500

)

 

(47,500

)

Eli Lilly & Co., strike price $37.50, expires 11/24/08

 

 

(50,000

)

 

(18,440

)

Eli Lilly & Co., strike price $50, expires 11/24/08

 

 

(100

)

 

(1,000

)

Emerson Electric Co., strike price $45, expires 11/24/08

 

 

(500

)

 

(5,000

)

Emerson Electric Co., strike price $45, expires 12/22/08

 

 

(500

)

 

(12,500

)

Exxon Mobil Corp., strike price $84, expires 11/03/08

 

 

(51,500

)

 

(227

)

Fifth Third Bancorp, strike price $17.50, expires 11/24/08

 

 

(830

)

 

(8,300

)

Fifth Third Bancorp, strike price $20, expires 11/24/08

 

 

(1,100

)

 

(11,000

)

First Midwest Bancorp, Inc., strike price $26.85, expires 12/19/08

 

 

(42,900

)

 

(37,555

)

FirstMerit Corp., strike price $21.44, expires 12/04/08

 

 

(31,000

)

 

(63,835

)

FirstMerit Corp., strike price $24, expires 11/21/08

 

 

(23,000

)

 

(18,032

)

FNB Corp., strike price $18, expires 11/26/08

 

 

(82,000

)

 

(17,277

)

FPL Group, Inc., strike price $50, expires 12/22/08

 

 

(365

)

 

(87,600

)

Fulton Financial Corp., strike price $12.50, expires 11/24/08

 

 

(60

)

 

(3,000

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

Fulton Financial Corp., strike price $13, expires 11/21/08

 

 

(29,800

)

$

(125

)

Fulton Financial Corp., strike price $13.50, expires 12/01/08

 

 

(105,850

)

 

(688

)

General Dynamics Corp., strike price $65, expires 12/22/08

 

 

(75

)

 

(19,125

)

General Electric Co., strike price $22, expires 12/22/08

 

 

(1,000

)

 

(71,500

)

General Electric Co., strike price $25, expires 01/19/09

 

 

(2,000

)

 

(96,000

)

General Electric Co., strike price $29, expires 11/24/08

 

 

(1,000

)

 

(3,000

)

General Electric Co., strike price $31, expires 12/22/08

 

 

(1,000

)

 

(3,000

)

Harley-Davidson, Inc., strike price $30, expires 12/22/08

 

 

(200

)

 

(11,000

)

HCP, Inc., strike price $40, expires 11/24/08

 

 

(300

)

 

(6,000

)

Hill-Rom Holdings, Inc., strike price $30, expires 11/24/08

 

 

(200

)

 

(4,000

)

Home Depot, Inc., strike price $26.50, expires 12/15/08

 

 

(35,000

)

 

(30,765

)

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

 

 

(100

)

 

(12,400

)

Home Depot, Inc., strike price $27.50, expires 11/24/08

 

 

(1,480

)

 

(45,140

)

Home Depot, Inc., strike price $30, expires 11/24/08

 

 

(450

)

 

(2,475

)

Integrys Energy Group, Inc., strike price $52, expires 12/04/08

 

 

(12,600

)

 

(17,154

)

Integrys Energy Group, Inc., strike price $52.50, expires 11/26/08

 

 

(380

)

 

(35,393

)

International Business Machines Corp., strike price $100, expires 12/22/08

 

 

(100

)

 

(36,500

)

International Business Machines Corp., strike price $85, expires 12/22/08

 

 

(53

)

 

(64,130

)

International Business Machines Corp., strike price $95, expires 12/22/08

 

 

(100

)

 

(59,000

)

Johnson & Johnson, strike price $67, expires 12/15/08

 

 

(62,000

)

 

(73,978

)

Johnson & Johnson, strike price $70, expires 11/24/08

 

 

(1,309

)

 

(19,635

)

Kimberly-Clark Corp., strike price $63.50, expires 12/01/08

 

 

(450

)

 

(70,916

)

Kimberly-Clark Corp., strike price $65, expires 11/24/08

 

 

(141

)

 

(12,337

)

Kimberly-Clark Corp., strike price $65, expires 12/22/08

 

 

(500

)

 

(88,750

)

Kimco Realty Corp., strike price $25, expires 12/22/08

 

 

(250

)

 

(48,750

)

Leggett & Platt, Inc., strike price $25, expires 12/22/08

 

 

(1,295

)

 

(12,950

)

Liberty Property Trust, strike price $37.50, expires 11/21/08

 

 

(13,000

)

 

(252

)

Lincoln National Corp., strike price $50, expires 11/21/08

 

 

(29,000

)

 

(3

)

Linear Technology Corp., strike price $30, expires 11/24/08

 

 

(231

)

 

(2,310

)

Linear Technology Corp., strike price $32.50, expires 11/24/08

 

 

(475

)

 

(2,375

)

Marshall & Ilsley Corp., strike price $20, expires 12/22/08

 

 

(280

)

 

(41,300

)

Masco Corp., strike price $20, expires 11/24/08

 

 

(600

)

 

(3,000

)

McDonald’s Corp., strike price $60, expires 12/22/08

 

 

(820

)

 

(223,450

)

McDonald’s Corp., strike price $62.50, expires 11/24/08

 

 

(175

)

 

(12,250

)

McDonald’s Corp., strike price $65, expires 11/24/08

 

 

(680

)

 

(13,600

)

Medtronic, Inc., strike price $55, expires 11/03/08

 

 

(230

)

 

 

Mercury General Corp., strike price $52.86, expires 12/05/08

 

 

(20,000

)

 

(92,922

)

New York Times Co. (The), strike price $12.50, expires 12/22/08

 

 

(125

)

 

(6,562

)

Northern Trust Corp., strike price $65, expires 12/22/08

 

 

(125

)

 

(27,500

)

PepsiCo, Inc., strike price $57.25, expires 12/22/08

 

 

(33,000

)

 

(107,379

)

PepsiCo, Inc., strike price $60, expires 12/22/08

 

 

(330

)

 

(65,175

)

Pfizer, Inc., strike price $20, expires 11/24/08

 

 

(5,900

)

 

(67,850

)

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

 

 

(2,000

)

 

(85,000

)

Philip Morris International, Inc., strike price $45, expires 12/22/08

 

 

(300

)

 

(77,250

)

Philip Morris International, Inc., strike price $50, expires 12/22/08

 

 

(900

)

 

(76,500

)

Philip Morris International, Inc., strike price $53, expires 12/08/08

 

 

(73,000

)

 

(9,921

)

Philip Morris International, Inc., strike price $53.50, expires 12/01/08

 

 

(21,000

)

 

(1,380

)

Philip Morris International, Inc., strike price $55, expires 11/24/08

 

 

(100

)

 

(750

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

19



 

 


 

 

Schedule of Investments (concluded)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(concluded)

 

 

 

 

 

 

 

Philip Morris International, Inc., strike price $55, expires 12/22/08

 

 

(750

)

$

(16,875

)

Pinnacle West Capital Corp., strike price $30.01, expires 12/22/08

 

 

(50,000

)

 

(128,635

)

Procter & Gamble Co., strike price $67.50, expires 11/24/08

 

 

(450

)

 

(50,625

)

Procter & Gamble Co., strike price $70.40, expires 11/21/08

 

 

(72,000

)

 

(19,987

)

Progress Energy, Inc., strike price $40, expires 12/22/08

 

 

(1,000

)

 

(210,000

)

Realty Income Corp., strike price $28.25, expires 11/24/08

 

 

(71,000

)

 

(4,800

)

RPM International, Inc., strike price $22.50, expires 11/24/08

 

 

(100

)

 

(2,500

)

Stanley Works (The), strike price $45, expires 11/24/08

 

 

(30

)

 

(450

)

Stanley Works (The), strike price $47.50, expires 11/24/08

 

 

(225

)

 

(3,375

)

State Street Corp., strike price $70, expires 11/24/08

 

 

(150

)

 

(1,125

)

SunTrust Banks, Inc., strike price $53.50, expires 12/22/08

 

 

(39,500

)

 

(46,160

)

SunTrust Banks, Inc., strike price $60, expires 11/24/08

 

 

(315

)

 

(3,150

)

Synovus Financial Corp., strike price $12.50, expires 11/24/08

 

 

(168,000

)

 

(10,248

)

T. Rowe Price Group, Inc., strike price $62.50, expires 11/21/08

 

 

(44,000

)

 

(2,614

)

U.S. Bancorp, strike price $35.75, expires 12/19/08

 

 

(51,000

)

 

(15,805

)

U.S. Bancorp, strike price $37.50, expires 11/24/08

 

 

(2,000

)

 

(10,000

)

U.S. Bancorp, strike price $37.50, expires 12/22/08

 

 

(2,000

)

 

(30,000

)

United Technologies Corp., strike price $67.25, expires 11/26/08

 

 

(17,000

)

 

(4,537

)

Universal Corp., strike price $45, expires 12/22/08

 

 

(100

)

 

(12,500

)

Valley National Bancorp, strike price $22, expires 11/21/08

 

 

(57,000

)

 

(31,778

)

Vectren Corp., strike price $29.50, expires 11/03/08

 

 

(43,500

)

 

 

Wal-Mart Stores, Inc., strike price $55, expires 11/24/08

 

 

(340

)

 

(116,450

)

Wal-Mart Stores, Inc., strike price $57.50, expires 12/22/08

 

 

(120

)

 

(37,800

)

Wells Fargo & Co., strike price $33, expires 12/22/08

 

 

(1,100

)

 

(440,000

)

Wells Fargo & Co., strike price $36, expires 11/21/08

 

 

(432,500

)

 

(530,807

)

               

Total Options Written
(Premium Received—$11,580,993)—(1.0)%

 

 

 

 

 

(6,916,961

)

               

Total Investments Net of Options Written—103.1%

 

 

 

 

 

689,745,937

 

Liabilities in Excess of Other Assets—(3.1)%

 

 

 

 

 

(20,776,953

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

668,968,984

 

 

 

 

 

 

     

 

 

 

 

 

 

*

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

 

 

 

 

 

 

 

Aggregate cost

 

$

959,205,542

 

 

 

 

     

 

Gross unrealized appreciation

 

$

 

 

Gross unrealized depreciation

 

 

(262,542,644

)

 

 

 

     

 

Net unrealized depreciation

 

$

(262,542,644

)

 

 

 

     

 

 

 

 

 

 

(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

 

Income

 

 

               

 

BlackRock Liquidity Series, LLC
Money Market Series

 

 

14,449,000

 

$

353,731

 

 

               

 

 

(e)

Security purchased with the cash proceeds from securities loans.

 

 

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


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

20

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

 

Schedule of Investments October 31, 2008

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


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Automotive—2.5%

 

 

 

 

 

 

 

Genuine Parts Co.

 

 

182,400

 

$

7,177,440

 

               

Basic Materials—2.4%

 

 

 

 

 

 

 

RPM International, Inc.

 

 

172,000

 

 

2,442,400

 

Sonoco Products Co.

 

 

108,600

 

 

2,734,548

 

Stepan Co.

 

 

47,600

 

 

1,705,508

 

 

 

 

 

 

     

 

 

 

 

 

 

6,882,456

 

               

Building & Development—2.7%

 

 

 

 

 

 

 

ABM Industries, Inc.

 

 

82,200

 

 

1,342,326

 

D.R. Horton, Inc.

 

 

435,100

 

 

3,211,038

 

Masco Corp.

 

 

312,600

 

 

3,172,890

 

 

 

 

 

 

     

 

 

 

 

 

 

7,726,254

 

               

Consumer Products—19.1%

 

 

 

 

 

 

 

Avery Dennison Corp.

 

 

138,800

 

 

4,860,776

 

Clorox Co.

 

 

134,000

 

 

8,148,540

 

H&R Block, Inc.

 

 

343,500

 

 

6,773,820

 

Harley-Davidson, Inc.

 

 

187,800

 

 

4,597,344

 

Hillenbrand, Inc.

 

 

64,000

 

 

1,216,000

 

HNI Corp.

 

 

73,300

 

 

1,342,856

 

Lancaster Colony Corp.

 

 

51,600

 

 

1,627,464

 

Meridian Bioscience, Inc.

 

 

106,000

 

 

2,605,480

 

Polaris Industries, Inc.

 

 

76,800

 

 

2,585,856

 

Sherwin-Williams Co. (The)

 

 

129,000

 

 

7,341,390

 

Stanley Works (The)

 

 

69,800

 

 

2,285,252

 

SUPERVALU, INC.

 

 

195,500

 

 

2,783,920

 

Talbots, Inc.

 

 

130,500

 

 

1,280,205

 

Universal Corp.

 

 

57,400

 

 

2,272,466

 

VF Corp.

 

 

94,100

 

 

5,184,910

 

 

 

 

 

 

     

 

 

 

 

 

 

54,906,279

 

               

Energy—18.4%

 

 

 

 

 

 

 

American States Water Co.

 

 

50,400

 

 

1,724,184

 

Aqua America, Inc.

 

 

216,500

 

 

3,897,000

 

Atmos Energy Corp.

 

 

174,200

 

 

4,227,834

 

Black Hills Corp.

 

 

99,200

 

 

2,504,800

 

California Water Service Group

 

 

46,400

 

 

1,742,784

 

Integrys Energy Group, Inc.

 

 

97,900

 

 

4,666,893

 

MDU Resources Group, Inc.

 

 

146,000

 

 

2,658,660

 

MGE Energy, Inc.

 

 

54,200

 

 

1,931,146

 

National Fuel Gas Co.

 

 

76,800

 

 

2,779,392

 

New Jersey Resources Corp.

 

 

70,500

 

 

2,625,420

 

Northwest Natural Gas Co.

 

 

42,600

 

 

2,167,488

 

Otter Tail Corp.

 

 

51,500

 

 

1,209,220

 

Peidmont Natural Gas Co.

 

 

139,300

 

 

4,585,756

 

Pinnacle West Capital Corp.

 

 

106,700

 

 

3,377,055

 

UGI Corp.

 

 

151,200

 

 

3,609,144

 

Vectren Corp.

 

 

175,300

 

 

4,417,560

 

WGL Holdings, Inc.

 

 

149,000

 

 

4,796,310

 

 

 

 

 

 

     

 

 

 

 

 

 

52,920,646

 

               

Financial Institutions—29.3%

 

 

 

 

 

 

 

American Capital Ltd.

 

 

212,700

 

 

2,988,435

 

Arthur J. Gallagher & Co.

 

 

115,500

 

 

2,813,580

 

Associated Banc-Corp

 

 

140,800

 

 

3,106,048

 

BancorpSouth, Inc.

 

 

156,900

 

 

3,807,963

 

Bank of Hawaii Corp.

 

 

64,500

 

 

3,270,795

 

Chemical Financial Corp.

 

 

76,600

 

 

2,012,282

 

Cincinnati Financial Corp.

 

 

190,842

 

 

4,959,984

 

Comerica, Inc.

 

 

151,100

 

 

4,168,849

 

Community Bank System, Inc.

 

 

74,600

 

 

1,861,270

 

Erie Indemnity Co., Class A

 

 

41,940

 

 

1,559,749

 

First Busey Corp.

 

 

86,200

 

 

1,606,768

 

FirstMerit Corp.

 

 

174,400

 

 

4,067,008

 

FNB Corp.

 

 

114,100

 

 

1,494,710

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Financial Institutions—(concluded)

 

 

 

 

 

 

 

Fulton Financial Corp.

 

 

244,125

 

$

2,563,312

 

Harleysville Group, Inc.

 

 

50,000

 

 

1,579,000

 

Harleysville National Corp.

 

 

63,800

 

 

884,906

 

M&T Bank Corp.

 

 

77,400

 

 

6,277,140

 

Marshall & Ilsley Corp.

 

 

227,198

 

 

4,096,380

 

Mercury General Corp.

 

 

73,600

 

 

3,780,832

 

Old National Bancorp

 

 

101,200

 

 

1,916,728

 

Old Republic International Corp.

 

 

211,000

 

 

1,943,310

 

Park National Corp.

 

 

25,200

 

 

1,833,300

 

S&T Bancorp, Inc.

 

 

59,800

 

 

2,039,180

 

Susquehanna Bancshares, Inc.

 

 

78,900

 

 

1,222,161

 

Synovus Financial Corp.

 

 

285,400

 

 

2,948,182

 

TCF Financial Corp.

 

 

150,000

 

 

2,661,000

 

Trustmark Corp.

 

 

80,900

 

 

1,660,068

 

United Bankshares, Inc.

 

 

67,900

 

 

2,166,010

 

Valley National Bancorp

 

 

193,080

 

 

3,668,520

 

WesBanco, Inc.

 

 

68,400

 

 

1,859,112

 

Wilmington Trust Corp.

 

 

112,200

 

 

3,238,092

 

 

 

 

 

 

     

 

 

 

 

 

 

84,054,674

 

               

Health Care—0.5%

 

 

 

 

 

 

 

Hill-Rom Holdings, Inc.

 

 

64,000

 

 

1,456,640

 

               

Industrials—9.2%

 

 

 

 

 

 

 

A.O. Smith Corp.

 

 

31,675

 

 

999,346

 

Bemis Co., Inc.

 

 

146,500

 

 

3,639,060

 

Dover Corp.

 

 

133,575

 

 

4,243,678

 

Leggett & Platt, Inc.

 

 

193,300

 

 

3,355,688

 

McGrath RentCorp

 

 

74,600

 

 

1,696,404

 

Vulcan Materials Co.

 

 

97,600

 

 

5,297,728

 

W.W. Grainger, Inc.

 

 

92,000

 

 

7,228,440

 

 

 

 

 

 

     

 

 

 

 

 

 

26,460,344

 

               

Media—0.6%

 

 

 

 

 

 

 

New York Times Co. (The), Class A

 

 

169,800

 

 

1,698,000

 

               

Real Estate Investment Trust—8.7%

 

 

 

 

 

 

 

CBL & Associates Properties, Inc.

 

 

94,000

 

 

867,620

 

Developers Diversified Realty Corp.

 

 

62,100

 

 

817,857

 

Duke Realty Corp.

 

 

91,000

 

 

1,284,010

 

EastGroup Properties, Inc.

 

 

44,400

 

 

1,486,512

 

HCP, Inc.

 

 

97,300

 

 

2,912,189

 

Lexington Realty Trust

 

 

132,000

 

 

1,059,960

 

Liberty Property Trust

 

 

71,500

 

 

1,705,275

 

National Retail Properties, Inc.

 

 

148,200

 

 

2,642,406

 

Realty Income Corp.

 

 

122,700

 

 

2,836,824

 

UDR, Inc.

 

 

120,800

 

 

2,387,008

 

Universal Health Realty Income Trust

 

 

89,200

 

 

3,096,132

 

Washington Real Estate Investment Trust

 

 

70,500

 

 

2,113,590

 

Weingarten Realty Investors

 

 

81,150

 

 

1,659,517

 

 

 

 

 

 

     

 

 

 

 

 

 

24,868,900

 

               

Technology—3.5%

 

 

 

 

 

 

 

Linear Technology Corp.

 

 

222,800

 

 

5,053,104

 

Pitney Bowes, Inc.

 

 

197,700

 

 

4,899,006

 

 

 

 

 

 

     

 

 

 

 

 

 

9,952,110

 

               

Telecommunications—0.7%

 

 

 

 

 

 

 

CenturyTel, Inc.

 

 

79,850

 

 

2,005,034

 

               

Transportation—1.1%

 

 

 

 

 

 

 

C.H. Robinson Worldwide, Inc.

 

 

62,300

 

 

3,225,894

 

               

Total Long-Term Investments
(Cost—$346,887,237)—98.7%

 

 

 

 

 

283,334,671

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

21



 

 


 

 

Schedule of Investments (concluded)

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


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

           

Fidelity Institutional Money Market Prime Portfolio, 2.44% (a)

 

 

3,801,098

 

$

3,801,098

 

               

Total Short-Term Securities

 

 

 

 

 

 

 

(Cost—$3,801,098)—1.3%

 

 

 

 

 

3,801,098

 

               

Total Investments—100% (Cost—$350,688,335*)

 

 

 

 

 

287,135,769

 

Other Assets in Excess of Liabilities—0.0%

 

 

 

 

 

5,227

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

287,140,996

 

 

 

 

 

 

     

 

 

*

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


 

 

 

 

 

 

 

Aggregate cost

 

$

350,103,531

 

 

 

 

     

 

Gross unrealized appreciation

 

$

18,856,177

 

 

Gross unrealized depreciation

 

 

(81,823,939

)

 

 

 

     

 

Net unrealized depreciation

 

$

(62,967,762

)

 

 

 

     

 

 

(a)

Represents current yield as of report date.

 

 

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


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

22

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Schedule of Investments October 31, 2008

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Agriculture—5.7%

 

 

 

 

 

 

 

ABB Grain Ltd.

 

 

158,200

 

$

864,384

 

Agria Corp. (ADR) (a)

 

 

100,000

 

 

220,000

 

Archer Daniels Midland Co. (b)

 

 

60,500

 

 

1,254,165

 

BrasilAgro - Companhia Brasileira de Propriedades Agricolas (c)

 

 

525,200

 

 

1,999,954

 

Bunge Ltd.

 

 

33,400

 

 

1,282,894

 

Cresud S.A. (ADR)

 

 

75,000

 

 

378,000

 

IOI Corp. Bhd

 

 

500,000

 

 

396,344

 

SLC Agricola S.A.

 

 

95,400

 

 

493,182

 

 

 

 

 

 

     

 

 

 

 

 

 

6,888,923

 

               

Auto Parts & Equipment—0.5%

 

 

 

 

 

 

 

Johnson Controls, Inc. (b)

 

 

33,000

 

 

585,090

 

               

Biotechnolgy—0.8%

 

 

 

 

 

 

 

Novozymes A/S

 

 

13,500

 

 

953,046

 

               

Building Materials—0.1%

 

 

 

 

 

 

 

Kingspan Group Plc

 

 

23,600

 

 

138,499

 

               

Chemicals—23.7%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

51,650

 

 

1,961,667

 

CF Industries Holdings, Inc.

 

 

20,250

 

 

1,299,847

 

Incitec Pivot Ltd.

 

 

400,000

 

 

1,072,410

 

Israel Chemicals Ltd.

 

 

130,000

 

 

1,311,165

 

Johnson Matthey Plc

 

 

112,200

 

 

1,688,684

 

K+S AG

 

 

48,360

 

 

1,873,271

 

Makhteshim-Agan Industries Ltd.

 

 

190,000

 

 

719,461

 

Monsanto Co.

 

 

53,700

 

 

4,778,226

 

Mosaic Co. (The)

 

 

54,950

 

 

2,165,579

 

Nufarm Ltd.

 

 

99,500

 

 

720,138

 

Potash Corp. of Saskatchewan

 

 

35,500

 

 

3,026,730

 

Sinofert Holdings Ltd.

 

 

4,611,000

 

 

2,573,230

 

Syngenta AG

 

 

11,320

 

 

2,116,085

 

Umicore

 

 

182,900

 

 

3,270,861

 

 

 

 

 

 

     

 

 

 

 

 

 

28,577,354

 

               

Commercial Services—0.5%

 

 

 

 

 

 

 

Quanta Services, Inc. (a)(b)

 

 

28,900

 

 

571,064

 

               

Electric—4.3%

 

 

 

 

 

 

 

FPL Group, Inc. (b)

 

 

41,700

 

 

1,969,908

 

Hera S.p.A.

 

 

543,000

 

 

1,197,117

 

Iberdrola S.A.

 

 

188,800

 

 

1,366,412

 

Ormat Technologies, Inc. (b)

 

 

24,500

 

 

591,920

 

 

 

 

 

 

     

 

 

 

 

 

 

5,125,357

 

               

Electrical Components & Equipment—4.7%

 

 

 

 

 

 

 

American Superconductor Corp. (a)(d)

 

 

63,500

 

 

794,385

 

Gamesa Corp. Tecnologica S.A.

 

 

83,800

 

 

1,373,883

 

General Cable Corp. (a)(b)

 

 

18,100

 

 

309,148

 

Nordex AG (a)

 

 

20,600

 

 

269,353

 

Vestas Wind Systems A/S (a)

 

 

69,900

 

 

2,863,108

 

 

 

 

 

 

     

 

 

 

 

 

 

5,609,877

 

               

Electronics—4.9%

 

 

 

 

 

 

 

Itron, Inc. (a)(b)

 

 

58,850

 

 

2,853,048

 

Trimble Navigation Ltd. (a)

 

 

52,510

 

 

1,080,131

 

Watts Water Technologies, Inc.

 

 

73,100

 

 

1,932,033

 

 

 

 

 

 

     

 

 

 

 

 

 

5,865,212

 

               

Energy-Alternate Sources—5.9%

 

 

 

 

 

 

 

D1 Oils Plc (a)

 

 

360,099

 

 

51,337

 

First Solar, Inc. (a)(b)

 

 

7,300

 

 

1,049,010

 

Iberdrola Renovables S.A. (a)

 

 

350,000

 

 

1,064,788

 

Q-Cells AG (a)

 

 

31,400

 

 

1,243,364

 

Renewable Energy Corp. AS (a)

 

 

52,700

 

 

497,216

 

Solarworld AG

 

 

82,500

 

 

2,030,690

 

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

 

 

19,650

 

 

767,529

 

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

 

 

20,200

 

 

353,500

 

 

 

 

 

 

     

 

 

 

 

 

 

7,057,434

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Engineering & Construction—1.3%

 

 

 

 

 

 

 

Acciona S.A.

 

 

5,750

 

$

543,892

 

Layne Christensen Co. (a)

 

 

15,500

 

 

407,340

 

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

 

 

36,400

 

 

651,196

 

 

 

 

 

 

     

 

 

 

 

 

 

1,602,428

 

               

Environmental Control—6.8%

 

 

 

 

 

 

 

China Water Affairs Group Ltd. (a)

 

 

5,322,000

 

 

554,905

 

Christ Water Technology AG (a)

 

 

72,000

 

 

295,055

 

Hyflux Ltd.

 

 

838,000

 

 

899,187

 

Kurita Water Industries Ltd.

 

 

88,200

 

 

2,012,378

 

Nalco Holding Co.

 

 

90,300

 

 

1,275,036

 

Rentech, Inc. (a)

 

 

500,000

 

 

370,000

 

Tetra Tech, Inc. (a)

 

 

115,900

 

 

2,548,641

 

Tianjin Capital Environmental Protection

 

 

2,420,000

 

 

239,488

 

 

 

 

 

 

     

 

 

 

 

 

 

8,194,690

 

               

Food—1.7%

 

 

 

 

 

 

 

Cosan Ltd. (a)

 

 

133,200

 

 

356,976

 

Orkla ASA

 

 

82,200

 

 

547,223

 

Sao Martinho S.A. (a)

 

 

132,000

 

 

809,730

 

SunOpta, Inc. (a)

 

 

90,000

 

 

369,900

 

 

 

 

 

 

     

 

 

 

 

 

 

2,083,829

 

               

Forest Products & Paper—4.2%

 

 

 

 

 

 

 

Aracruz Celulose S.A. (ADR)

 

 

33,500

 

 

445,550

 

Plum Creek Timber Co., Inc. (REIT)

 

 

77,000

 

 

2,870,560

 

Precious Woods Holding AG (a)

 

 

20,000

 

 

820,734

 

Rayonier, Inc. (REIT)

 

 

27,050

 

 

894,814

 

 

 

 

 

 

     

 

 

 

 

 

 

5,031,658

 

               

Gas—1.9%

 

 

 

 

 

 

 

GDF Suez

 

 

52,395

 

 

2,332,295

 

               

Investment Company—0.6%

 

 

 

 

 

 

 

Climate Exchange Plc (a)

 

 

47,500

 

 

744,563

 

               

Machinery—4.0%

 

 

 

 

 

 

 

AGCO Corp. (a)

 

 

67,200

 

 

2,118,144

 

CNH Global N.V.

 

 

55,000

 

 

974,600

 

Deere & Co.

 

 

30,000

 

 

1,156,800

 

IDEX Corp.

 

 

22,500

 

 

521,550

 

 

 

 

 

 

     

 

 

 

 

 

 

4,771,094

 

               

Metal Fabricate/Hardware—1.1%

 

 

 

 

 

 

 

Mueller Water Products, Inc.

 

 

203,900

 

 

1,341,662

 

               

Miscellaneous Manufacturing—2.2%

 

 

 

 

 

 

 

Pentair, Inc.

 

 

66,200

 

 

1,829,768

 

Roper Industries, Inc.

 

 

17,100

 

 

775,485

 

 

 

 

 

 

     

 

 

 

 

 

 

2,605,253

 

               

Oil & Gas—1.2%

 

 

 

 

 

 

 

Cheniere Energy, Inc. (a)(d)

 

 

12,500

 

 

46,750

 

Sasol Ltd.

 

 

33,500

 

 

988,850

 

Sasol Ltd. (ADR)

 

 

15,900

 

 

459,987

 

 

 

 

 

 

     

 

 

 

 

 

 

1,495,587

 

               

Semiconductors—0.4%

 

 

 

 

 

 

 

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

 

 

24,000

 

 

441,120

 

               

Transportation—0.3%

 

 

 

 

 

 

 

All America Latina Logistica S.A.

 

 

88,000

 

 

405,373

 

               

Water—18.2%

 

 

 

 

 

 

 

American States Water Co.

 

 

57,500

 

 

1,967,075

 

American Water Works Co., Inc.

 

 

62,400

 

 

1,265,472

 

Aqua America, Inc.

 

 

150,100

 

 

2,701,800

 

Artesian Resources Corp., Class A

 

 

39,400

 

 

568,542

 

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

 

 

89,950

 

 

768,926

 

California Water Service Group

 

 

58,300

 

 

2,189,748

 

Cia de Saneamento Basico do Estado de Sao Paulo

 

 

54,000

 

 

618,140

 

Cia de Saneamento de Minas Gerais-COPASA

 

 

107,000

 

 

676,621

 

Inversiones Aguas Metropolitanas S.A.

 

 

1,500,000

 

 

1,051,062

 

Manila Water Co., Inc.

 

 

5,610,000

 

 

1,403,205

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

23



 

 



 

 

Schedule of Investments (continued)

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Water—(concluded)

 

 

 

 

 

 

 

Northumbrian Water Group Plc

 

 

430,900

 

$

2,165,445

 

Pennon Group Plc

 

 

215,200

 

 

1,862,274

 

Severn Trent Plc

 

 

113,500

 

 

2,508,721

 

Southwest Water Co.

 

 

59,200

 

 

471,824

 

Suez Environnement S.A. (a)

 

 

13,725

 

 

262,398

 

United Utilities Group Plc

 

 

91,181

 

 

1,029,615

 

Veolia Environnement

 

 

13,600

 

 

337,030

 

 

 

 

 

 

     

 

 

 

 

 

 

21,847,898

 

               

Total Long-Term Investments
(Cost—$218,341,147)—95.0%

 

 

 

 

 

114,269,306

 

               

 

 

 

 

 

 

 

 









 

Short-Term Securities

 

Beneficial
Interest/Shares

 

 

 

 

               

Money Market Funds—3.7%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC Money Market Series, 1.57% (e)(f)(g)

 

 

1,694,500

 

 

1,694,500

 

Fidelity Institutional Money Market Prime Portfolio, 2.44% (e)

 

 

2,737,556

 

 

2,737,556

 

               

Total Money Market Funds

 

 

 

 

 

4,432,056

 

               

 

 

 

 

 

 

 

 









 

 

 

Principal
Amount

 

 

 

 

               

U.S. Government and Agency Discount Notes—3.2%

 

 

 

 

 

 

 

Federal National Mortgage Association Discount Notes, 2.08%,
11/04/2008 (h)

 

$

3,900,000

 

 

3,899,327

 

               

Total Short-Term Securities
(Cost—$8,331,383)—6.9%

 

 

 

 

 

8,331,383

 

               

 

 

 

 

 

 

 

 









 

Options Purchased

 

Contracts

 

 

 

 

               

Call Options Purchased—1.1%

 

 

 

 

 

 

 

All America Latina Logistica S.A., strike price $0.00001, expires 11/05/08

 

 

45,000

 

 

210,055

 

Cia de Saneamento Basico do Estado de Sao Paulo, strike price $0.000001, expires 11/05/08

 

 

27,000

 

 

312,645

 

Cia de Saneamento de Minas Gerias-COPASA, strike price $0.00001, expires 11/05/08

 

 

53,000

 

 

336,313

 

Sao Martinho S.A., strike price $0.000001, expires 11/05/08

 

 

53,000

 

 

326,248

 

SLC Agricola S.A., strike price $0.000001, expires 11/05/08

 

 

24,600

 

 

127,615

 

               

Total Options Purchased
(Cost—$3,113,108)—1.1%

 

 

 

 

 

1,312,876

 

               

Total Investments Before Options Written
(Cost—$229,785,638*)—103.0%

 

 

 

 

 

123,913,565

 

               

 

 

 

 

 

 

 

 









 

Options Written

 

 

 

 

 

 

 

               

Call Options Written—(0.5)%

 

 

 

 

 

 

 

Acciona S.A., strike price 82 EUR, expires 12/19/08

 

 

(20

)

 

(20,060

)

AGCO Corp., strike price $55, expires 11/24/08

 

 

(210

)

 

(3,150

)

Agrium, Inc., strike price $90, expires 01/19/09

 

 

(60

)

 

(900

)

Agrium, Inc., strike price $90, expires 11/24/08

 

 

(95

)

 

(475

)

All America Latina Logistica S.A., strike price $19.80, expires 11/05/08

 

 

(45,000

)

 

 

American States Water Co., strike price $37.50, expires 12/02/08

 

 

(19,000

)

 

(24,407

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Call Options Written—(continued)

 

 

 

 

 

 

 

American Superconductor Corp., strike price $23, expires 11/11/08

 

 

(225

)

$

(18

)

American Water Works Co., Inc., strike price $21.50, expires 11/21/08

 

 

(21,000

)

 

(6,707

)

Aqua America, Inc., strike price $16.87, expires 12/05/08

 

 

(20,000

)

 

(31,088

)

Aqua America, Inc., strike price $17.50, expires 12/22/08

 

 

(125

)

 

(17,188

)

Aracruz Celulose S.A. (ADR), strike price $20, expires 12/22/08

 

 

(100

)

 

(12,000

)

Archer Daniels Midland Co., strike price $22.50, expires 12/22/08

 

 

(150

)

 

(25,125

)

Archer Daniels Midland Co., strike price $25, expires 11/24/08

 

 

(25

)

 

(1,188

)

Archer Daniels Midland Co., strike price $30, expires 12/22/08

 

 

(25

)

 

(750

)

Bunge Ltd., strike price $90, expires 11/24/08

 

 

(25

)

 

(125

)

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

 

 

(35

)

 

(175

)

California Water Service Group, strike price $38, expires 12/22/08

 

 

(19,000

)

 

(62,166

)

CF Industries Holdings, Inc., strike price $140, expires 11/24/08

 

 

(67

)

 

(2,010

)

Cia de Saneamento Basico do Estado de Sao Paulo, strike price $39.90,
expires 11/05/08

 

 

(27,000

)

 

 

Cia de Saneamento de Minas Gerias-COPASA, strike price $25.62,
expires 11/05/08

 

 

(53,000

)

 

(1

)

Climate Exchange Plc, strike price 9.45 GBP, expires 12/09/08

 

 

(15,800

)

 

(32,914

)

CNH Global N.V., strike price $20, expires 12/22/08

 

 

(100

)

 

(15,000

)

Deere & Co., strike price $75, expires 11/24/08

 

 

(100

)

 

(500

)

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

 

 

(32

)

 

(8,240

)

First Solar, Inc., strike price $260, expires 12/22/08

 

 

(15

)

 

(300

)

FPL Group, Inc., strike price $50, expires 12/22/08

 

 

(138

)

 

(33,120

)

Gamesa Corp. Tecnologica S.A., strike price 15.23 EUR, expires 12/02/08

 

 

(21,000

)

 

(16,666

)

GDF Suez, strike price 36 EUR, expires 12/19/08

 

 

(80

)

 

(27,809

)

General Cable Corp., strike price $22.50, expires 12/22/08

 

 

(45

)

 

(5,175

)

General Cable Corp., strike price $65, expires 11/24/08

 

 

(15

)

 

(75

)

Iberdrola Renovables S.A., strike price 2.58 EUR, expires 12/02/08

 

 

(116,000

)

 

(19,481

)

Iberdrola S.A., strike price 6.14 EUR, expires 12/02/08

 

 

(30,000

)

 

(12,041

)

Itron, Inc., strike price $105, expires 11/24/08

 

 

(190

)

 

(2,850

)

Johnson Controls, Inc., strike price $22.50, expires 11/24/08

 

 

(100

)

 

(750

)

Johnson Matthey Plc, strike price 14.37 GBP, expires 11/13/08

 

 

(37,000

)

 

(202

)

K+S AG, strike price 40 EUR, expires 12/19/08

 

 

(20

)

 

(17,334

)

K+S AG, strike price 58.54 EUR, expires 11/13/08

 

 

(4,000

)

 

 

Kingspan Group Plc, strike price 4.60 EUR, expires 12/09/08

 

 

(8,000

)

 

(4,992

)

Kurita Water Industries Ltd., strike price 2,393.37 JPY, expires 01/06/09

 

 

(15,000

)

 

(42,151

)

Layne Christensen Co., strike price $55, expires 12/22/08

 

 

(20

)

 

(4,800

)

MEMC Electronic Materials, Inc., strike price $25, expires 12/22/08

 

 

(80

)

 

(4,800

)

Monsanto Co., strike price $130, expires 11/03/08

 

 

(120

)

 

 

Monsanto Co., strike price $95, expires 11/24/08

 

 

(50

)

 

(18,500

)

Mosaic Co. (The), strike price $55, expires 12/22/08

 

 

(182

)

 

(25,935

)

Nalco Holding Co., strike price $15, expires 12/22/08

 

 

(100

)

 

(10,000

)

Nordex AG, strike price 23.95 EUR, expires 11/04/08

 

 

(7,000

)

 

 

Northumbrian Water Group Plc, strike price 3.10 GBP, expires 11/13/08

 

 

(142,000

)

 

(20,220

)

Orkla ASA, strike price 47.28 NOK, expires 12/02/08

 

 

(13,000

)

 

(4,807

)

Ormat Technologies, Inc., strike price $47.50, expires 11/21/08

 

 

(8,000

)

 

(40

)

Pennon Group Plc, strike price 6.07 GBP, expires 11/13/08

 

 

(71,000

)

 

(51

)

Pentair, Inc., strike price $32.50, expires 12/22/08

 

 

(22,000

)

 

(12,782

)

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

24

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Schedule of Investments (concluded)

BlackRock EcoSolutions Investment Trust (BQR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Call Options Written—(concluded)

 

 

 

 

 

 

 

Plum Creek Timber Co., Inc. (REIT), strike price $50, expires 11/24/08

 

 

(250

)

$

(3,750

)

Potash Corp. of Saskatchewan, strike price $125, expires 11/24/08

 

 

(115

)

 

(4,313

)

Q-Cells AG, strike price 74 EUR, expires 11/21/08

 

 

(10,000

)

 

 

Quanta Services, Inc., strike price $30, expires 11/24/08

 

 

(100

)

 

(1,500

)

Rayonier, Inc. (REIT), strike price $50, expires 11/24/08

 

 

(90

)

 

(1,350

)

Roper Industries, Inc., strike price $65, expires 11/24/08

 

 

(55

)

 

(2,200

)

Sao Martinho S.A., strike price $26.36, expires 11/05/08

 

 

(53,000

)

 

(1

)

Sasol Ltd. (ADR), strike price $40, expires 12/22/08

 

 

(75

)

 

(3,938

)

Sasol Ltd. (ADR), strike price $50, expires 11/24/08

 

 

(25

)

 

(625

)

Severn Trent Plc, strike price 14.70 GBP, expires 12/02/08

 

 

(37,500

)

 

(28,325

)

Shaw Group, Inc. (The), strike price $22.50, expires 11/24/08

 

 

(60

)

 

(2,100

)

SLC Agricola S.A., strike price $24.90, expires 11/05/08

 

 

(24,600

)

 

 

Solarworld AG, strike price 25.91 EUR, expires 12/02/08

 

 

(27,000

)

 

(20,955

)

Southwest Water Co., strike price $13, expires 11/26/08

 

 

(19,500

)

 

(115

)

Suez Environnement S.A., strike price 18.50 EUR, expires 11/21/08

 

 

(46

)

 

(2,052

)

Sunpower Corp., Class A, strike price $95, expires 11/24/08

 

 

(65

)

 

(975

)

Suntech Power Holdings Co. Ltd. (ADR), strike price $45, expires 11/24/08

 

 

(67

)

 

(335

)

Syngenta AG, strike price 270 CHF, expires 11/21/08

 

 

(250

)

 

(1,099

)

Tetra Tech, Inc., strike price $22.50, expires 11/24/08

 

 

(50

)

 

(6,875

)

Tetra Tech, Inc., strike price $30, expires 11/24/08

 

 

(35,000

)

 

(920

)

Trimble Navigation Ltd., strike price $35, expires 11/24/08

 

 

(150

)

 

(2,250

)

United Utilities Group Plc, strike price 7.60 GBP, expires 12/02/08

 

 

(30,100

)

 

(1,222

)

Vestas Wind Systems A/S, strike price 430 DKK, expires 12/02/08

 

 

(23,000

)

 

(3,348

)

Watts Water Technologies, Inc., strike price $30, expires 12/22/08

 

 

(100

)

 

(8,250

)

Watts Water Technologies, Inc., strike price $31.75, expires 12/01/08

 

 

(14,200

)

 

(2,719

)

               

Total Call Options Written

 

 

 

 

 

(648,285

)

               

Put Options Written—(0.1)%

 

 

 

 

 

 

 

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

 

 

(8

)

 

(17,320

)

American Water Works Co., Inc., strike price $20, expires 11/24/08

 

 

(10

)

 

(925

)

Archer Daniels Midland Co., strike price $20, expires 11/24/08

 

 

(25

)

 

(4,000

)

Bunge Ltd., strike price $65, expires 11/24/08

 

 

(10

)

 

(26,750

)

CF Industries Holdings, Inc., strike price $90, expires 11/24/08

 

 

(10

)

 

(25,750

)

Christ Water Technology AG, strike price 3.87 EUR, expires 11/04/08

 

 

(30,000

)

 

(25,063

)

General Cable Corp., strike price $30, expires 11/24/08

 

 

(10

)

 

(12,950

)

Mueller Water Products, Inc., strike price $10, expires 12/22/08

 

 

(100

)

 

(35,500

)

Tetra Tech, Inc., strike price $17.50, expires 11/24/08

 

 

(70

)

 

(1,925

)

               

Total Put Options Written

 

 

 

 

 

(150,183

)

               

Total Options Written
(Premium Received—$1,835,551)—(0.6)%

 

 

 

 

 

(798,468

)

               

Total Investments Net of Options Written—102.4%

 

 

 

 

 

123,115,097

 

Liabilities in Excess of Other Assets—(2.4)%

 

 

 

 

 

(2,833,505

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

120,281,592

 

 

 

 

 

 

     

 

 

*

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


 

 

 

 

 

Aggregate cost

 

$

229,760,800

 

 

 

     

Gross unrealized appreciation

 

$

287,237

 

Gross unrealized depreciation

 

 

(106,134,472

)

 

 

     

Net unrealized depreciation

 

$

(105,847,235

)

 

 

     

 

 

(a)

Non-income producing security.

(b)

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

(c)

Security is fair valued.

(d)

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

(e)

Represents current yield as of report date.

(f)

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


 

 

 

 

 

 

           

Affiliate

 

Net Activity

 

Income

 

               

BlackRock Liquidity Series, LLC Money Market Series

 

 

1,694,500

 

$

78,088

 

               

 

 

(g)

Security purchased with the cash proceeds from securities loans.

(h)

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

 

 

Foreign currency exchange contracts as of October 31, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

                       

Currency Purchased

 

           Currency Sold

 

Settlement
Date

 

Unrealized
Appreciation

 

                       

USD

2,980

 

NOK

 

20,000

 

11/03/08

 

$

11

 

USD

24,770

 

JPY

 

2,407,000

 

11/04/08

 

 

333

 

USD

21,847

 

EUR

 

17,000

 

11/03/08

 

 

182

 

USD

3,855

 

EUR

 

3,000

 

11/03/08

 

 

32

 

                       

Total

 

 

 

 

 

 

 

 

$

558

 

 

 

 

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

25



 

 


 

Schedule of Investments October 31, 2008

BlackRock Global Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Chemicals—1.8%

 

 

 

 

 

 

 

Potash Corp. of Saskatchewan

 

 

127,900

 

$

10,904,754

 

               

Coal—11.1%

 

 

 

 

 

 

 

Arch Coal, Inc. (a)

 

 

632,600

 

 

13,543,966

 

Consol Energy, Inc. (a)

 

 

567,821

 

 

17,823,901

 

Massey Energy Co. (a)

 

 

731,200

 

 

16,883,408

 

Patriot Coal Corp. (b)

 

 

71,000

 

 

1,123,930

 

Peabody Energy Corp.

 

 

550,900

 

 

19,011,559

 

 

 

 

 

 

     

 

 

 

 

 

 

68,386,764

 

               

Commercial Services—0.4%

 

 

 

 

 

 

 

MYR Group, Inc. (b)(c)

 

 

269,231

 

 

2,557,695

 

               

Electric—1.9%

 

 

 

 

 

 

 

NRG Energy, Inc. (b)(d)

 

 

513,000

 

 

11,927,250

 

               

Gas—1.5%

 

 

 

 

 

 

 

Keyera Facilities Income Fund

 

 

613,800

 

 

9,298,920

 

               

Metal Fabricate/Hardware—0.3%

 

 

 

 

 

 

 

Tenaris S.A. (ADR)

 

 

91,900

 

 

1,892,221

 

               

Mining—2.7%

 

 

 

 

 

 

 

BHP Billiton Ltd. (ADR) (a)

 

 

207,100

 

 

8,052,048

 

Goldcorp, Inc.

 

 

247,736

 

 

4,622,754

 

Silver Standard Resources, Inc. (b)(d)

 

 

426,500

 

 

3,603,925

 

 

 

 

 

 

     

 

 

 

 

 

 

16,278,727

 

               

Oil & Gas—46.9%

 

 

 

 

 

 

 

Apache Corp. (a)

 

 

190,000

 

 

15,642,700

 

BG Group Plc

 

 

468,673

 

 

6,891,338

 

Bill Barrett Corp. (b)

 

 

239,930

 

 

4,894,572

 

Brigham Exploration Co. (b)

 

 

565,700

 

 

4,435,088

 

Cabot Oil & Gas Corp.

 

 

213,300

 

 

5,987,331

 

Canadian Natural Resources Ltd. (a)

 

 

70,200

 

 

3,546,504

 

Chesapeake Energy Corp. (a)

 

 

166,900

 

 

3,666,793

 

Crescent Point Energy Trust

 

 

744,100

 

 

17,230,425

 

Delta Petroleum Corp. (b)(d)

 

 

904,600

 

 

8,503,240

 

Devon Energy Corp.

 

 

97,800

 

 

7,908,108

 

Diamond Offshore Drilling, Inc.

 

 

76,000

 

 

6,748,800

 

EnCana Corp.

 

 

84,700

 

 

4,312,077

 

EOG Resources, Inc.

 

 

184,200

 

 

14,905,464

 

EXCO Resources, Inc. (b)

 

 

1,410,900

 

 

12,966,171

 

Forest Oil Corp. (b)

 

 

219,900

 

 

6,423,279

 

Galleon Energy, Inc. (b)

 

 

1,040,800

 

 

5,552,430

 

GMX Resources, Inc. (b)(d)

 

 

115,000

 

 

4,341,250

 

Goodrich Petroleum Corp. (b)(d)

 

 

166,100

 

 

4,610,936

 

Helmerich & Payne, Inc.

 

 

340,300

 

 

11,675,693

 

Hess Corp.

 

 

90,000

 

 

5,418,900

 

Newfield Exploration Co. (b)

 

 

326,800

 

 

7,509,864

 

Noble Corp.

 

 

209,300

 

 

6,741,553

 

Occidental Petroleum Corp.

 

 

189,700

 

 

10,535,938

 

Penn Virginia Corp.

 

 

676,200

 

 

25,134,354

 

PetroHawk Energy Corp. (b)

 

 

615,900

 

 

11,671,305

 

Petroleo Brasileiro S.A. (ADR)

 

 

411,000

 

 

11,051,790

 

Plains Exploration & Production Co. (b)

 

 

293,200

 

 

8,268,240

 

Range Resources Corp.

 

 

253,900

 

 

10,719,658

 

Southwestern Energy Co. (b)

 

 

400,600

 

 

14,269,372

 

StatoilHydro ASA

 

 

334,358

 

 

6,725,149

 

Talisman Energy, Inc.

 

 

471,100

 

 

4,748,688

 

Vermilion Energy Trust

 

 

399,900

 

 

9,920,360

 

Whiting Petroleum Corp. (b)

 

 

116,100

 

 

6,036,039

 

 

 

 

 

 

     

 

 

 

 

 

 

288,993,409

 

               

Oil & Gas Services—12.7%

 

 

 

 

 

 

 

Cameron International Corp. (b)

 

 

347,800

 

 

8,437,628

 

Core Laboratories N.V.

 

 

51,931

 

 

3,827,315

 

Halliburton Co.

 

 

345,800

 

 

6,843,382

 

Helix Energy Solutions Group, Inc. (b)

 

 

107,800

 

 

1,138,368

 

National Oilwell Varco, Inc. (b)

 

 

365,516

 

 

10,925,273

 

Saipem S.p.A.

 

 

265,200

 

 

4,984,707

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Oil & Gas Services—(concluded)

 

 

 

 

 

 

 

SBM Offshore N.V.

 

 

113,459

 

$

1,995,751

 

Schlumberger Ltd.

 

 

227,200

 

 

11,734,880

 

Transocean, Inc. (b)

 

 

271,800

 

 

22,377,294

 

Weatherford International Ltd. (b)

 

 

357,048

 

 

6,026,970

 

 

 

 

 

 

     

 

 

 

 

 

 

78,291,568

 

               

Pipelines—14.8%

 

 

 

 

 

 

 

AltaGas Income Trust

 

 

451,400

 

 

7,209,367

 

Buckeye Partners LP

 

 

51,600

 

 

2,065,548

 

Enbridge Energy Partners LP

 

 

73,200

 

 

2,834,304

 

Energy Transfer Partners LP

 

 

320,700

 

 

12,452,781

 

Enterprise Products Partners LP (a)

 

 

653,105

 

 

15,935,762

 

Equitable Resources, Inc.

 

 

312,500

 

 

10,846,875

 

MarkWest Energy Partners LP

 

 

334,100

 

 

6,063,915

 

ONEOK Partners LP

 

 

145,800

 

 

8,029,206

 

Pembina Pipeline Income Fund

 

 

265,500

 

 

3,568,489

 

Plains All American Pipeline LP

 

 

116,400

 

 

4,656,000

 

Questar Corp.

 

 

225,100

 

 

7,756,946

 

Targa Resources Partners LP

 

 

300,000

 

 

4,737,000

 

Williams Partners LP

 

 

245,200

 

 

5,176,172

 

 

 

 

 

 

     

 

 

 

 

 

 

91,332,365

 

               

Transportation—1.9%

 

 

 

 

 

 

 

Seaspan Corp.

 

 

387,100

 

 

4,474,876

 

Ship Finance International Ltd. (d)

 

 

546,000

 

 

7,452,900

 

 

 

 

 

 

     

 

 

 

 

 

 

11,927,776

 

               

Total Long-Term Investments
(Cost—$712,331,464)—96.0%

 

 

 

 

 

591,791,449

 

               

 

 

 

 

 

 

 

 


 

Short-Term Securities

 

Beneficial
Interest/Shares

 

 

 

 

               

BlackRock Liquidity Series, LLC Money Market Series, 1.57% (e)(f)(g)

 

 

25,537,250

 

 

25,537,250

 

Fidelity Institutional Money Market Prime Portfolio, 2.44% (e)

 

 

26,078,895

 

 

26,078,895

 

               

Total Short-Term Securities
(Cost—$51,616,145)—8.4%

 

 

 

 

 

51,616,145

 

               

 

 

 

 

 

 

 

 


 

Options Purchased

 

Contracts

 

 

 

 

             

Call Options Purchased—0.0%

 

 

 

 

 

 

 

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

 

 

50,000

 

 

1

 

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

 

 

200

 

 

3,500

 

Bill Barrett Corp., strike price $65, expires 11/21/08

 

 

45,000

 

 

 

Chesapeake Energy Corp., strike price $50, expires 11/24/08

 

 

500

 

 

16,250

 

Chesapeake Energy Corp., strike price $60, expires 11/24/08

 

 

600

 

 

6,000

 

Diamond Offshore Drilling, Inc., strike price $165, expires 12/22/08

 

 

100

 

 

2,500

 

EOG Resources, Inc., strike price $145, expires 11/21/08

 

 

50,000

 

 

1,110

 

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

 

 

87,500

 

 

744

 

Equitable Resources, Inc., strike price $71.50, expires 11/03/08

 

 

15,000

 

 

 

Genco Shipping & Trading Ltd., strike price $70, expires 01/19/09

 

 

4,380

 

 

54,750

 

Helix Energy Solutions Group, Inc., strike price $40, expires 12/19/08

 

 

69,700

 

 

70

 

Hess Corp., strike price $125, expires 11/24/08

 

 

425

 

 

4,250

 

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

 

 

100,000

 

 

1

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

26

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

Schedule of Investments (continued)

BlackRock Global Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Purchased

 

Contracts

 

Value

 

           

Call Options Purchased—(concluded)

 

 

 

 

 

 

 

Massey Energy Co., strike price $65, expires 01/19/09

 

 

250

 

$

3,750

 

NRG Energy, Inc., strike price $50, expires 12/22/08

 

 

285

 

 

3,562

 

OceanFreight, Inc., strike price $25.50, expires 11/03/08

 

 

1,500

 

 

2

 

Paragon Shipping, Inc., Class A, strike price $20.25, expires 11/03/08

 

 

2,000

 

 

2

 

Silver Wheaton Corp., strike price $20, expires 11/26/08

 

 

250

 

 

 

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

 

 

250

 

 

3,750

 

Transocean, Inc., strike price $165, expires 11/24/08

 

 

250

 

 

2,500

 

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

 

 

100

 

 

1,250

 

               

Total Options Purchased
(Cost—$3,336,954)—0.0%

 

 

 

 

 

103,992

 

               

Total Investments Before Options Written
(Cost—$767,284,563*)—104.4%

 

 

 

 

 

643,511,586

 

               

 

 

 

 

 

 

 

 


 

Options Written

 

 

 

 

 

 

 

               

Call Options Written—(0.4)%

 

 

 

 

 

 

 

Apache Corp., strike price $130, expires 01/19/09

 

 

(100

)

 

(4,500

)

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

 

 

(100,000

)

 

(1

)

Apache Corp., strike price $95, expires 11/24/08

 

 

(250

)

 

(38,125

)

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

 

 

(200

)

 

(58,500

)

Arch Coal, Inc., strike price $35, expires 11/24/08

 

 

(200

)

 

(2,000

)

Arch Coal, Inc., strike price $35, expires 12/22/08

 

 

(250

)

 

(8,750

)

Arch Coal, Inc., strike price $61, expires 11/20/08

 

 

(25,000

)

 

 

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

 

 

(25,000

)

 

 

Arch Coal, Inc., strike price $70, expires 11/03/08

 

 

(25,000

)

 

 

Arch Coal, Inc., strike price $85, expires 01/19/09

 

 

(250

)

 

(2,500

)

BG Group Plc, strike price 14.12 GBP, expires 11/04/08

 

 

(150,000

)

 

(2

)

BHP Billiton Ltd. (ADR), strike price $100, expires 11/24/08

 

 

(400

)

 

(2,000

)

BHP Billiton Ltd. (ADR), strike price $50, expires 11/24/08

 

 

(228

)

 

(7,980

)

BHP Billiton Ltd. (ADR), strike price $90, expires 11/24/08

 

 

(300

)

 

(1,500

)

BHP Billiton Ltd. (ADR), strike price $95, expires 11/24/08

 

 

(100

)

 

(500

)

Bill Barrett Corp., strike price $65.50, expires 11/21/08

 

 

(45,000

)

 

 

Brigham Exploration Co., strike price $15, expires 01/19/09

 

 

(625

)

 

(15,625

)

Brigham Exploration Co., strike price $17.50, expires 01/19/09

 

 

(625

)

 

(6,250

)

Brigham Exploration Co., strike price $7.50, expires 12/22/08

 

 

(150

)

 

(18,750

)

Cabot Oil & Gas Corp., strike price $35, expires 12/22/08

 

 

(250

)

 

(35,000

)

Cabot Oil & Gas Corp., strike price $56, expires 11/21/08

 

 

(25,000

)

 

 

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

 

 

(25,000

)

 

 

Cameron International Corp., strike price $35, expires 11/24/08

 

 

(232

)

 

(2,320

)

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

 

 

(30,000

)

 

(87

)

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

 

 

(15,000

)

 

(11

)

Cameron International Corp., strike price $60, expires 11/24/08

 

 

(300

)

 

(3,000

)

Cameron International Corp., strike price $65, expires 11/24/08

 

 

(400

)

 

(4,000

)

Canadian Natural Resources Ltd., strike price $65, expires 11/24/08

 

 

(170

)

 

(9,350

)

Canadian Natural Resources Ltd., strike price $95, expires 11/20/08

 

 

(12,500

)

 

(15

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Call Options Written—(continued)

 

 

 

 

 

 

 

Chesapeake Energy Corp., strike price $30, expires 11/24/08

 

 

(1,669

)

$

(25,035

)

Chesapeake Energy Corp., strike price $50.50, expires 11/17/08

 

 

(500

)

 

(165

)

Chesapeake Energy Corp., strike price $66, expires 11/20/08

 

 

(10,000

)

 

(3

)

Chesapeake Energy Corp., strike price $68, expires 11/03/08

 

 

(50,000

)

 

(1

)

Consol Energy, Inc., strike price $100, expires 11/03/08

 

 

(25,000

)

 

 

Consol Energy, Inc., strike price $120, expires 01/19/09

 

 

(100

)

 

(1,000

)

Consol Energy, Inc., strike price $35, expires 12/22/08

 

 

(100

)

 

(37,500

)

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

 

 

(500

)

 

(17,500

)

Consol Energy, Inc., strike price $45, expires 12/22/08

 

 

(250

)

 

(30,000

)

Consol Energy, Inc., strike price $90, expires 11/20/08

 

 

(50,000

)

 

(125

)

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

 

 

(10,000

)

 

(126

)

Crescent Point Engery Trust, strike price 39.45 CAD, expires 11/10/08

 

 

(100,000

)

 

(531

)

Delta Petroleum Corp., strike price $17.50, expires 12/22/08

 

 

(1,000

)

 

(50,000

)

Delta Petroleum Corp., strike price $25, expires 12/22/08

 

 

(500

)

 

(10,000

)

Devon Energy Corp., strike price $120, expires 01/19/09

 

 

(100

)

 

(12,250

)

Devon Energy Corp., strike price $85, expires 12/22/08

 

 

(100

)

 

(77,500

)

Devon Energy Corp., strike price $90, expires 11/24/08

 

 

(100

)

 

(25,500

)

Diamond Offshore Drilling, Inc., strike price $125, expires 01/19/09

 

 

(100

)

 

(18,500

)

Diamond Offshore Drilling, Inc., strike price $170, expires 12/22/08

 

 

(100

)

 

(1,500

)

Diamond Offshore Drilling, Inc., strike price $90, expires 01/19/09

 

 

(100

)

 

(115,000

)

Diamond Offshore Drilling, Inc., strike price $90, expires 12/22/08

 

 

(100

)

 

(95,000

)

Duvernay Oil Corp., strike price 60 CAD, expires 11/24/08

 

 

(2

)

 

(4,862

)

Duvernay Oil Corp., strike price 61 CAD, expires 11/24/08

 

 

(35

)

 

(65,046

)

EnCana Corp., strike price $85, expires 11/20/08

 

 

(10,000

)

 

(3

)

EnCana Corp., strike price $90, expires 11/20/08

 

 

(15,000

)

 

 

EOG Resources, Inc., strike price $108.35, expires 11/11/08

 

 

(30,000

)

 

(303

)

EOG Resources, Inc., strike price $110, expires 11/24/08

 

 

(300

)

 

(10,500

)

EOG Resources, Inc., strike price $95, expires 12/19/08

 

 

(28,000

)

 

(97,782

)

Equitable Resources, Inc., strike price $67, expires 11/21/08

 

 

(47,500

)

 

(328

)

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

 

 

(15,000

)

 

 

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

 

 

(100,000

)

 

(180

)

EXCO Resources, Inc., strike price $30, expires 12/22/08

 

 

(1,000

)

 

(10,000

)

Forest Oil Corp., strike price $68, expires 11/21/08

 

 

(50,000

)

 

(125

)

Forest Oil Corp., strike price $76, expires 11/20/08

 

 

(20,000

)

 

(8

)

Galleon Energy, Inc., strike price 20 CAD, expires 11/24/08

 

 

(400

)

 

(4,978

)

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

 

 

(340,000

)

 

(3

)

Genco Shipping & Trading Ltd., strike price $75, expires 11/18/08

 

 

(600

)

 

(1

)

Genco Shipping & Trading Ltd., strike price $76, expires 11/21/08

 

 

(38,000

)

 

 

GMX Resources, Inc., strike price $75, expires 11/24/08

 

 

(178

)

 

(1,780

)

GMX Resources, Inc., strike price $80, expires 11/24/08

 

 

(200

)

 

(1,000

)

Goldcorp, Inc., strike price $30, expires 11/24/08

 

 

(500

)

 

(3,750

)

Goldcorp, Inc., strike price $42.50, expires 01/19/09

 

 

(100

)

 

(1,250

)

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

 

 

(250

)

 

 

Goodrich Petroleum Corp., strike price $30, expires 12/22/08

 

 

(250

)

 

(96,250

)

Goodrich Petroleum Corp., strike price $35, expires 12/22/08

 

 

(100

)

 

(20,500

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

27



 

 


 

Schedule of Investments (continued)

BlackRock Global Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

Goodrich Petroleum Corp., strike price $65, expires 12/22/08

 

 

(200

)

$

(6,000

)

Goodrich Petroleum Corp., strike price $70, expires 12/22/08

 

 

(150

)

 

(3,750

)

Halliburton Co., strike price $45, expires 11/21/08

 

 

(30,000

)

 

 

Halliburton Co., strike price $50, expires 11/28/08

 

 

(150

)

 

 

Halliburton Co., strike price $51, expires 11/03/08

 

 

(150

)

 

 

Halliburton Co., strike price $55, expires 01/19/09

 

 

(300

)

 

(1,500

)

Helix Energy Solutions Group, Inc., strike price $12.50, expires 12/22/08

 

 

(100

)

 

(8,250

)

Helix Energy Solutions Group, Inc., strike price $40, expires 12/22/08

 

 

(697

)

 

(6,970

)

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

 

 

(75,000

)

 

(8,618

)

Helmerich & Payne, Inc., strike price $63, expires 11/03/08

 

 

(25,000

)

 

 

Hess Corp., strike price $120, expires 11/24/08

 

 

(125

)

 

(625

)

Massey Energy Co., strike price $25, expires 12/22/08

 

 

(200

)

 

(67,000

)

Massey Energy Co., strike price $35, expires 11/24/08

 

 

(500

)

 

(7,500

)

Massey Energy Co., strike price $80, expires 01/19/09

 

 

(500

)

 

(5,000

)

National Oilwell Varco, Inc., strike price $100, expires 11/24/08

 

 

(200

)

 

(2,000

)

National Oilwell Varco, Inc., strike price $40, expires 11/24/08

 

 

(250

)

 

(9,375

)

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

 

 

(40,000

)

 

(480

)

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

 

 

(40,000

)

 

(256

)

National Oilwell Varco, Inc., strike price $90, expires 01/19/09

 

 

(100

)

 

(500

)

National Oilwell Varco, Inc., strike price $95, expires 11/24/08

 

 

(200

)

 

(2,000

)

Newfield Exploration Co., strike price $25, expires 12/22/08

 

 

(500

)

 

(118,750

)

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

 

 

(25,000

)

 

(3

)

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

 

 

(690

)

 

(1

)

Newfield Exploration Co., strike price $75, expires 12/22/08

 

 

(250

)

 

(3,750

)

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

 

 

(27,000

)

 

(30

)

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

 

 

(300

)

 

(3,750

)

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

 

 

(25,000

)

 

(8

)

Noble Corp., strike price $70, expires 12/22/08

 

 

(100

)

 

(1,000

)

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

 

 

(100,000

)

 

(460

)

Occidental Petroleum Corp., strike price $87, expires 11/03/08

 

 

(400

)

 

 

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

 

 

(20,000

)

 

(4,636

)

OceanFreight, Inc., strike price $26, expires 11/03/08

 

 

(1,500

)

 

(1

)

ONEOK Partners LP, strike price $55, expires 01/19/09

 

 

(250

)

 

(82,500

)

ONEOK Partners LP, strike price $60, expires 01/19/09

 

 

(50

)

 

(6,375

)

Paragon Shipping, Inc., Class A, strike price $20.50, expires 11/03/08

 

 

(200,000

)

 

(2

)

Patriot Coal Corp., strike price $42.50, expires 11/03/08

 

 

(30,000

)

 

 

Peabody Energy Corp., strike price $35, expires 12/22/08

 

 

(100

)

 

(51,000

)

Peabody Energy Corp., strike price $40, expires 11/24/08

 

 

(594

)

 

(78,705

)

Peabody Energy Corp., strike price $40, expires 12/22/08

 

 

(100

)

 

(31,500

)

Peabody Energy Corp., strike price $75, expires 12/22/08

 

 

(1,000

)

 

(10,000

)

Penn Virginia Corp., strike price $50, expires 11/24/08

 

 

(71

)

 

(4,083

)

Penn Virginia Corp., strike price $55, expires 12/22/08

 

 

(10

)

 

(950

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

Penn Virginia Corp., strike price $75, expires 11/18/08

 

 

(250

)

$

(238

)

Penn Virginia Corp., strike price $80, expires 12/22/08

 

 

(500

)

 

(7,500

)

PetroHawk Energy Corp., strike price $20, expires 12/22/08

 

 

(500

)

 

(130,000

)

PetroHawk Energy Corp., strike price $22.50, expires 12/22/08

 

 

(100

)

 

(16,750

)

PetroHawk Energy Corp., strike price $35, expires 11/24/08

 

 

(585

)

 

(2,925

)

PetroHawk Energy Corp., strike price $38, expires 11/03/08

 

 

(450

)

 

 

PetroHawk Energy Corp., strike price $40, expires 12/22/08

 

 

(750

)

 

(7,500

)

PetroHawk Energy Corp., strike price $55, expires 12/22/08

 

 

(225

)

 

(2,250

)

Petroleo Brasileiro S.A. (ADR), strike price $68, expires 11/20/08

 

 

(30,000

)

 

(102

)

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

 

 

(50,000

)

 

(150

)

Plains All American Pipeline LP, strike price $50, expires 11/24/08

 

 

(350

)

 

(3,500

)

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

 

 

(12,000

)

 

(559

)

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

 

 

(200

)

 

(3,000

)

Potash Corp. of Saskatchewan, strike price $195, expires 12/22/08

 

 

(200

)

 

(2,000

)

Potash Corp. of Saskatchewan, strike price $210, expires 12/22/08

 

 

(100

)

 

(1,000

)

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

 

 

(55,000

)

 

(3,768

)

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

 

 

(10,000

)

 

 

Range Resources Corp., strike price $55, expires 01/19/09

 

 

(100

)

 

(25,000

)

Range Resources Corp., strike price $55, expires 12/22/08

 

 

(100

)

 

(14,750

)

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

 

 

(150

)

 

(6,375

)

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

 

 

(38,700

)

 

(70

)

Range Resources Corp., strike price $73.21, expires 11/03/08

 

 

(20,000

)

 

(6,566

)

Saipem S.p.A., strike price 32.45 EUR, expires 11/04/08

 

 

(65,000

)

 

(1

)

SBM Offshore N.V., strike price 25.50 EUR, expires 11/04/08

 

 

(30,000

)

 

 

Schlumberger Ltd., strike price $100, expires 11/21/08

 

 

(20,000

)

 

(46

)

Schlumberger Ltd., strike price $110, expires 01/19/09

 

 

(100

)

 

(1,000

)

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

 

 

(200

)

 

(1,000

)

Schlumberger Ltd., strike price $120, expires 11/24/08

 

 

(100

)

 

(500

)

Schlumberger Ltd., strike price $60, expires 12/22/08

 

 

(150

)

 

(36,375

)

Ship Finance International Ltd., strike price $25, expires 11/24/08

 

 

(750

)

 

(7,500

)

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

 

 

(1,500

)

 

(22,500

)

Silver Standard Resources, Inc., strike price $35, expires 12/20/08

 

 

(1,250

)

 

(12,500

)

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

 

 

(25,000

)

 

 

Southwestern Energy Co., strike price $40, expires 11/20/08

 

 

(40,000

)

 

(57,716

)

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

 

 

(30,000

)

 

(38,064

)

Southwestern Energy Co., strike price $45, expires 11/17/08

 

 

(400

)

 

(13,400

)

Southwestern Energy Co., strike price $50, expires 12/22/08

 

 

(400

)

 

(29,000

)

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

 

 

(40,000

)

 

 

StatoilHydro ASA, strike price 205.70 NOK, expires 11/04/08

 

 

(80,000

)

 

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

28

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

Schedule of Investments (concluded)

BlackRock Global Energy and Resources Trust (BGR)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(concluded)

 

 

 

 

 

 

 

Talisman Energy, Inc., strike price $24, expires 11/17/08

 

 

(90,000

)

$

(1

)

Tenaris S.A. (ADR), strike price $22.50, expires 12/22/08

 

 

(200

)

 

(49,500

)

Tenaris S.A. (ADR), strike price $60, expires 11/20/08

 

 

(35,000

)

 

(4

)

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

 

 

(500

)

 

(2,500

)

Transocean, Inc., strike price $180, expires 11/24/08

 

 

(100

)

 

(1,000

)

Weatherford International Ltd., strike price $42.50, expires 11/24/08

 

 

(600

)

 

(3,000

)

Weatherford International Ltd., strike price $45.25, expires 11/21/08

 

 

(60,000

)

 

(102

)

Whiting Petroleum Corp., strike price $120, expires 01/19/09

 

 

(100

)

 

(2,000

)

Whiting Petroleum Corp., strike price $50, expires 12/22/08

 

 

(100

)

 

(78,500

)

Whiting Petroleum Corp., strike price $60, expires 12/22/08

 

 

(100

)

 

(35,500

)

Whiting Petroleum Corp., strike price $95, expires 12/22/08

 

 

(300

)

 

(7,500

)

               

Total Call Options

 

 

 

 

 

(2,217,191

)

               

Put Options Written—(0.0)%

 

 

 

 

 

 

 

Massey Energy Co., strike price $15, expires 11/24/08

 

 

(1,280

)

 

(48,000

)

National Oilwell Varco, Inc., strike price $20, expires 11/24/08

 

 

(735

)

 

(33,075

)

National Oilwell Varco, Inc., strike price $25, expires 11/24/08

 

 

(735

)

 

(95,550

)

               

Total Put Options

 

 

 

 

 

(176,625

)

               

Total Options Written
(Premium Received—$30,075,096)—(0.4)%

 

 

 

 

 

(2,393,816

)

               

Total Investments Net of Options Written—104.0%

 

 

 

 

 

641,117,770

 

Liabilities in Excess of Other Assets—(4.0)%

 

 

 

 

 

(24,638,424

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

616,479,346

 

 

 

 

 

 

     

 

 

*

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


 

 

 

 

 

 

 

Aggregate cost

 

$

753,536,566

 

 

 

 

     

 

Gross unrealized appreciation

 

$

72,229,854

 

 

Gross unrealized depreciation

 

 

(182,254,834

)

 

 

 

     

 

Net unrealized depreciation

 

$

(110,024,980

)

 

 

 

     

 

 

(a)

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

(b)

Non-income producing security.

(c)

Restricted security as to resale acquired 12/20/07. As of report date the Trust held 0.4% of its net assets, with a current market value of $2,557,695 and an original cost of $3,500,003 in these securities.

(d)

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

(e)

Represents current yield as of report date.

(f)

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


 

 

 

 

 

 

 

 

 

 

           

 

Affiliate

 

Net Activity

 

Income

 

 

           

 

BlackRock Liquidity Series, LLC Money Market Series

 

 

(18,750,500

)

$

463,647

 

 

               

 

 

(g)

Security purchased with the cash proceeds from securities loans.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

29



 

 



 

 

Schedule of Investments October 31, 2008

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—2.1%

 

 

 

 

 

 

 

Commonwealth Bank of Australia

 

 

113,845

 

$

3,112,041

 

Dexus Property Group (REIT)

 

 

761,448

 

 

379,463

 

Insurance Australia Group Ltd.

 

 

930,331

 

 

2,356,644

 

Macquarie Airports

 

 

894,897

 

 

1,272,700

 

Macquarie Infrastructure Group

 

 

195,800

 

 

256,642

 

National Australia Bank Ltd.

 

 

84,458

 

 

1,370,424

 

Wesfarmers Ltd.

 

 

92,905

 

 

1,335,189

 

 

 

 

 

 

     

 

 

 

 

 

 

10,083,103

 

               

Austria—0.1%

 

 

 

 

 

 

 

Voestalpine AG

 

 

16,603

 

 

405,187

 

               

Bermuda—0.3%

 

 

 

 

 

 

 

Covidien Ltd.

 

 

37,675

 

 

1,668,626

 

               

Canada—3.5%

 

 

 

 

 

 

 

Agnico-Eagles Mines Ltd.

 

 

23,900

 

 

659,516

 

Bank of Montreal

 

 

82,500

 

 

2,944,620

 

Bank of Nova Scotia

 

 

12,100

 

 

403,467

 

Canadian Imperial Bank of Commerce

 

 

3,700

 

 

167,794

 

Canadian Natural Resources Ltd.

 

 

28,400

 

 

1,433,077

 

Canadian Oil Sands Trust

 

 

76,691

 

 

2,057,734

 

EnCana Corp.

 

 

55,900

 

 

2,839,755

 

Manulife Financial Corp.

 

 

9,500

 

 

190,110

 

PAN American Silver Corp. (a)

 

 

78,569

 

 

895,659

 

Penn West Energy Trust

 

 

10,046

 

 

179,116

 

Research In Motion Ltd. (a)

 

 

18,300

 

 

926,463

 

RioCan (REIT)

 

 

113,138

 

 

1,577,906

 

Royal Bank of Canada

 

 

31,100

 

 

1,208,599

 

Shaw Communications, Inc.

 

 

52,200

 

 

914,247

 

Toronto-Dominion Bank

 

 

7,300

 

 

344,741

 

 

 

 

 

 

     

 

 

 

 

 

 

16,742,804

 

               

Denmark—0.5%

 

 

 

 

 

 

 

TrygVesta AS

 

 

40,851

 

 

2,456,334

 

               

Finland—1.0%

 

 

 

 

 

 

 

Fortum Oyj

 

 

65,366

 

 

1,606,439

 

Nokia Oyj

 

 

90,450

 

 

1,385,532

 

Orion Oyj

 

 

126,149

 

 

1,853,761

 

 

 

 

 

 

     

 

 

 

 

 

 

4,845,732

 

               

France—3.8%

 

 

 

 

 

 

 

Air Liquide

 

 

10,607

 

 

915,333

 

Alstom S.A.

 

 

26,641

 

 

1,320,427

 

AXA S.A.

 

 

99,012

 

 

1,891,531

 

Credit Agricole S.A.

 

 

201,756

 

 

2,918,808

 

Electricite de France S.A.

 

 

2,976

 

 

178,809

 

France Telecom S.A.

 

 

140,009

 

 

3,530,410

 

Lafarge S.A.

 

 

1,620

 

 

107,094

 

Renault S.A.

 

 

7,304

 

 

223,851

 

Sanofi-Aventis

 

 

29,748

 

 

1,884,749

 

Societe Television Francaise 1

 

 

117,377

 

 

1,504,935

 

Total S.A.

 

 

37,809

 

 

2,080,005

 

Vallourec

 

 

1,386

 

 

155,036

 

Vivendi

 

 

53,354

 

 

1,394,627

 

 

 

 

 

 

     

 

 

 

 

 

 

18,105,615

 

               

Germany—2.9%

 

 

 

 

 

 

 

Allianz SE

 

 

22,848

 

 

1,676,815

 

BASF AG

 

 

72,402

 

 

2,390,255

 

DaimlerChrysler AG

 

 

57,078

 

 

1,934,946

 

Deutsche Bank AG

 

 

3,148

 

 

117,600

 

Deutsche Lufthansa AG

 

 

146,531

 

 

2,029,473

 

Deutsche Post AG

 

 

13,868

 

 

152,057

 

Deutsche Telekom AG

 

 

67,279

 

 

987,055

 

E.ON AG

 

 

3,950

 

 

148,026

 

Metro AG

 

 

6,903

 

 

220,114

 

RWE AG

 

 

37,704

 

 

3,091,013

 

Siemens AG

 

 

18,874

 

 

1,109,898

 

Wincor Nixdorf AG

 

 

4,768

 

 

206,495

 

 

 

 

 

 

     

 

 

 

 

 

 

14,063,747

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Greece—0.4%

 

 

 

 

 

 

 

OPAP S.A.

 

 

85,765

 

$

1,872,651

 

               

Hong Kong—0.7%

 

 

 

 

 

 

 

BOC Hong Kong Holdings Ltd.

 

 

928,500

 

 

1,063,068

 

Hang Seng Bank Ltd.

 

 

170,616

 

 

2,128,859

 

Pacific Basin Shipping Ltd.

 

 

576,238

 

 

308,545

 

 

 

 

 

 

     

 

 

 

 

 

 

3,500,472

 

               

Ireland—0.1%

 

 

 

 

 

 

 

CRH Plc

 

 

13,439

 

 

295,281

 

Elan Corp. Plc (a)

 

 

21,327

 

 

160,906

 

 

 

 

 

 

   

 

 

 

 

 

 

 

456,187

 

               

Italy—2.0%

 

 

 

 

 

 

 

Enel S.p.A.

 

 

420,930

 

 

2,816,131

 

Eni S.p.A.

 

 

153,073

 

 

3,653,572

 

Mediaset S.p.A.

 

 

165,983

 

 

901,783

 

Terna Rete Elettrica Nazionale S.p.A.

 

 

769,837

 

 

2,482,827

 

 

 

 

 

 

     

 

 

 

 

 

 

9,854,313

 

               

Japan—8.7%

 

 

 

 

 

 

 

Asahi Kasei Corp.

 

 

48,000

 

 

180,548

 

Astellas Pharma, Inc.

 

 

24,300

 

 

978,774

 

Canon, Inc.

 

 

27,200

 

 

951,773

 

Daiichi Sankyo Co. Ltd.

 

 

36,600

 

 

750,480

 

Daito Trust Construction Co. Ltd.

 

 

59,200

 

 

2,497,352

 

Daiwa Securities Group, Inc.

 

 

225,000

 

 

1,272,043

 

Ebara Corp.

 

 

227,000

 

 

452,501

 

Eisai Co. Ltd.

 

 

23,200

 

 

752,718

 

Fast Retailing Co. Ltd

 

 

19,200

 

 

2,046,875

 

FUJIFILM Holdings Corp.

 

 

6,900

 

 

158,840

 

Fujitsu Ltd.

 

 

71,000

 

 

279,158

 

Hitachi Ltd.

 

 

90,000

 

 

422,555

 

Honda Motor Co. Ltd.

 

 

40,000

 

 

994,616

 

Japan Real Estate Investment Corp. (REIT)

 

 

25

 

 

221,377

 

Japan Tobacco, Inc.

 

 

118

 

 

418,626

 

JFE Holdings, Inc.

 

 

49,700

 

 

1,268,114

 

Kansai Electric Power Co., Inc. (The)

 

 

17,100

 

 

428,787

 

Kao Corp.

 

 

47,000

 

 

1,374,355

 

Kobe Steel Ltd.

 

 

180,000

 

 

291,967

 

Komatsu Ltd.

 

 

52,200

 

 

573,869

 

Konami Corp.

 

 

31,600

 

 

571,671

 

Konica Minolta Holdings, Inc.

 

 

17,000

 

 

111,644

 

Marui Co. Ltd.

 

 

58,800

 

 

359,434

 

Mitsubishi Chemical Holdings Corp.

 

 

189,000

 

 

764,065

 

Mitsubishi Corp.

 

 

26,600

 

 

445,865

 

Mitsubishi Electric Corp.

 

 

37,000

 

 

229,375

 

Mitsubishi UFJ Financial Group, Inc.

 

 

212,718

 

 

1,336,757

 

Mitsui & Co. Ltd.

 

 

90,000

 

 

872,056

 

Nidec Corp.

 

 

4,300

 

 

231,269

 

Nintendo Co. Ltd.

 

 

6,800

 

 

2,184,896

 

Nippon Building Fund, Inc. (REIT)

 

 

100

 

 

960,899

 

Nippon Mining Holdings, Inc.

 

 

350,500

 

 

1,073,004

 

Nippon Steel Corp.

 

 

205,000

 

 

690,013

 

Nissan Motor Co. Ltd.

 

 

440,700

 

 

2,188,691

 

Nomura Holdings, Inc.

 

 

120,100

 

 

1,137,868

 

Oracle Corp.

 

 

19,400

 

 

843,397

 

OSG Corp.

 

 

64,200

 

 

464,300

 

Seven & I Holdings Co. Ltd.

 

 

58,100

 

 

1,631,330

 

Shin-Etsu Chemical Co. Ltd.

 

 

10,500

 

 

558,132

 

Shiseido Co. Ltd.

 

 

33,000

 

 

678,984

 

Sumitomo Metal Industries Ltd.

 

 

557,000

 

 

1,432,570

 

Sumitomo Metal Mining Co. Ltd.

 

 

42,000

 

 

314,972

 

Sumitomo Mitsui Financial Group, Inc.

 

 

113

 

 

453,002

 

Takeda Pharmaceutical Co. Ltd.

 

 

30,000

 

 

1,490,556

 

Tokio Marine Holdings, Inc.

 

 

8,000

 

 

246,767

 

TonenGeneral Sekiyu KK

 

 

186,000

 

 

1,573,220

 

Toyota Motor Corp.

 

 

67,000

 

 

2,616,412

 

 

 

 

 

 

     

 

 

 

 

 

 

41,776,477

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

30

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Schedule of Investments (continued)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Luxembourg—0.4%

 

 

 

 

 

 

 

ArcelorMittal (a)

 

 

49,313

 

$

1,282,602

 

Oriflame Cosmetics S.A.

 

 

16,650

 

 

520,171

 

 

 

 

 

 

     

 

 

 

 

 

 

1,802,773

 

               

Netherlands—1.4%

 

 

 

 

 

 

 

Aegon N.V.

 

 

102,815

 

 

427,214

 

Akzo Nobel N.V.

 

 

3,178

 

 

132,097

 

InBev N.V.

 

 

25,945

 

 

1,046,444

 

ING Groep N.V.

 

 

41,668

 

 

390,861

 

Royal KPN N.V.

 

 

93,627

 

 

1,318,568

 

Unilever N.V.

 

 

141,901

 

 

3,419,742

 

 

 

 

 

 

     

 

 

 

 

 

 

6,734,926

 

               

New Zealand—0.1%

 

 

 

 

 

 

 

Fletcher Building Ltd.

 

 

147,482

 

 

500,784

 

               

Norway—0.2%

 

 

 

 

 

 

 

Norsk Hydro ASA

 

 

18,554

 

 

77,524

 

Petroleum Geo-Services ASA (a)

 

 

91,102

 

 

453,634

 

StatoilHydro ASA

 

 

16,002

 

 

321,858

 

 

 

 

 

 

     

 

 

 

 

 

 

853,016

 

               

Portugal—0.0%

 

 

 

 

 

 

 

Energias de Portugal S.A.

 

 

52,705

 

 

179,518

 

               

Singapore—0.7%

 

 

 

 

 

 

 

ComfortDelgro Corp. Ltd.

 

 

401,000

 

 

328,918

 

Parkway Holdings Ltd.

 

 

1,035,874

 

 

1,110,635

 

SembCorp Industries Ltd.

 

 

85,000

 

 

142,859

 

Singapore Telecommunications Ltd.

 

 

920,000

 

 

1,548,284

 

 

 

 

 

 

     

 

 

 

 

 

 

3,130,696

 

               

Spain—1.3%

 

 

 

 

 

 

 

Banco Santander S.A.

 

 

205,548

 

 

2,223,036

 

Iberia Lineas Aereas de Espana

 

 

491,164

 

 

1,158,745

 

Telefonica S.A.

 

 

146,458

 

 

2,711,663

 

 

 

 

 

 

     

 

 

 

 

 

 

6,093,444

 

               

Sweden—1.1%

 

 

 

 

 

 

 

Hennes & Mauritz AB

 

 

68,225

 

 

2,446,509

 

Skanska AB, B Shares

 

 

235,400

 

 

2,067,531

 

Swedbank AB

 

 

100,100

 

 

827,218

 

Volvo AB, B Shares

 

 

22,411

 

 

117,112

 

 

 

 

 

 

     

 

 

 

 

 

 

5,458,370

 

               

Switzerland—3.2%

 

 

 

 

 

 

 

ABB Ltd. (a)

 

 

161,719

 

 

2,121,932

 

Credit Suisse Group AG

 

 

82,715

 

 

3,093,034

 

Nestle S.A.

 

 

71,299

 

 

2,772,604

 

Novartis AG

 

 

49,017

 

 

2,488,006

 

Roche Holding AG

 

 

1,734

 

 

265,175

 

SGS S.A.

 

 

757

 

 

745,296

 

Swiss Reinsurance

 

 

30,601

 

 

1,276,174

 

Syngenta AG

 

 

6,574

 

 

1,228,899

 

Synthes, Inc.

 

 

2,334

 

 

301,185

 

Zurich Financial Services AG

 

 

6,314

 

 

1,280,970

 

 

 

 

 

 

     

 

 

 

 

 

 

15,573,275

 

               

United Kingdom—8.8%

 

 

 

 

 

 

 

Anglo American Plc

 

 

100,114

 

 

2,511,984

 

AstraZeneca Plc

 

 

18,597

 

 

788,112

 

Aviva Plc

 

 

30,152

 

 

179,857

 

Barclays Plc

 

 

605,793

 

 

1,736,554

 

BP Plc

 

 

535,876

 

 

4,368,180

 

British American Tobacco Plc

 

 

145,729

 

 

3,997,241

 

BT Group Plc

 

 

173,984

 

 

326,924

 

Diageo Plc

 

 

33,290

 

 

508,022

 

Electrocomponents Plc

 

 

320,279

 

 

734,549

 

GKN Plc

 

 

27,255

 

 

52,262

 

GlaxoSmithKline Plc

 

 

280,721

 

 

5,396,563

 

HSBC Holdings Plc

 

 

499,957

 

 

5,921,594

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United Kingdom—(concluded)

 

 

 

 

 

 

 

Imperial Tobacco Group Plc

 

 

12,291

 

$

329,417

 

Lloyds TSB Group Plc

 

 

124,516

 

 

402,449

 

Mondi Plc

 

 

158,519

 

 

575,323

 

Royal Dutch Shell Plc

 

 

122,798

 

 

3,349,237

 

Severn Trent Plc

 

 

23,231

 

 

513,481

 

Tate & Lyle Plc

 

 

342,468

 

 

2,035,965

 

Tomkins Plc

 

 

1,507,130

 

 

2,766,331

 

United Utilities Group Plc

 

 

243,369

 

 

2,748,120

 

Vodafone Group Plc

 

 

1,568,393

 

 

3,017,139

 

 

 

 

 

 

     

 

 

 

 

 

 

42,259,304

 

               

United States—45.5%

 

 

 

 

 

 

 

3M Co. (b)

 

 

59,500

 

 

3,825,850

 

Abbott Laboratories (b)

 

 

76,600

 

 

4,224,490

 

Allied Capital Corp.

 

 

89,500

 

 

653,350

 

Allstate Corp. (The)

 

 

32,800

 

 

865,592

 

Altria Group, Inc. (c)

 

 

184,600

 

 

3,542,474

 

American International Group, Inc.

 

 

62,800

 

 

119,948

 

Apache Corp. (b)

 

 

8,200

 

 

675,106

 

Apple, Inc. (a)(b)

 

 

41,400

 

 

4,454,226

 

Applied Materials, Inc. (b)

 

 

14,300

 

 

184,613

 

Arch Coal, Inc.

 

 

60,600

 

 

1,297,446

 

AT&T Inc. (b)

 

 

83,500

 

 

2,235,295

 

Autodesk, Inc. (a)(b)

 

 

69,300

 

 

1,476,783

 

Baker Hughes, Inc.

 

 

7,900

 

 

276,105

 

Bank of America Corp. (b)

 

 

228,800

 

 

5,530,096

 

BB&T Corp. (b)

 

 

136,500

 

 

4,893,525

 

Bristol-Myers Squibb Co. (b)

 

 

191,900

 

 

3,943,545

 

Carnival Corp. (b)

 

 

86,900

 

 

2,207,260

 

CBS Corp., Class B (b)

 

 

50,600

 

 

491,326

 

Chevron Corp. (b)

 

 

87,200

 

 

6,505,120

 

Cisco Systems, Inc. (a)(b)

 

 

132,500

 

 

2,354,525

 

Coca-Cola Co. (The) (b)

 

 

52,000

 

 

2,291,120

 

ConocoPhillips (c)

 

 

83,800

 

 

4,359,276

 

Consolidated Edison, Inc. (b)

 

 

84,700

 

 

3,669,204

 

Corning, Inc. (b)

 

 

43,300

 

 

468,939

 

Cummins, Inc. (c)

 

 

11,100

 

 

286,935

 

Developers Diversified Realty Corp. (REIT)

 

 

109,300

 

 

1,439,481

 

Devon Energy Corp. (b)

 

 

10,500

 

 

849,030

 

Dominion Resources, Inc.

 

 

15,800

 

 

573,224

 

Dow Chemical Co. (The) (b)

 

 

37,600

 

 

1,002,792

 

Duke Energy Corp.

 

 

44,300

 

 

725,634

 

Duke Realty Corp. (REIT)

 

 

52,900

 

 

746,419

 

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

 

 

50,000

 

 

1,600,000

 

Eastman Kodak Co.

 

 

170,600

 

 

1,566,108

 

eBay, Inc. (a)(b)

 

 

149,900

 

 

2,288,973

 

Electronic Arts, Inc. (a)

 

 

63,800

 

 

1,453,364

 

Eli Lilly & Co.

 

 

43,300

 

 

1,464,406

 

Embarq Corp.

 

 

87,700

 

 

2,631,000

 

EMC Corp. (a)

 

 

71,000

 

 

836,380

 

Emerson Electric Co. (b)

 

 

54,000

 

 

1,767,420

 

Exxon Mobil Corp. (b)

 

 

112,200

 

 

8,316,264

 

First Solar, Inc. (a)(b)

 

 

7,800

 

 

1,120,860

 

FirstEnergy Corp.

 

 

10,700

 

 

558,112

 

Flowserve Corp.

 

 

19,700

 

 

1,121,324

 

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

 

 

39,000

 

 

1,134,900

 

General Electric Co. (b)

 

 

350,800

 

 

6,844,108

 

Gilead Sciences, Inc. (a)

 

 

26,600

 

 

1,219,610

 

Google, Inc., Class A (a)(b)

 

 

10,140

 

 

3,643,910

 

Hewlett-Packard Co.

 

 

21,100

 

 

807,708

 

Home Depot, Inc.

 

 

137,100

 

 

3,234,189

 

Intel Corp. (b)

 

 

143,100

 

 

2,289,600

 

International Business Machines Corp.

 

 

8,700

 

 

808,839

 

International Paper Co.

 

 

23,300

 

 

401,226

 

Johnson & Johnson (b)

 

 

124,400

 

 

7,630,696

 

Joy Global, Inc. (b)

 

 

15,200

 

 

440,496

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

31



 

 



 

 

Schedule of Investments (concluded)

BlackRock Global Equity Income Trust (BFD)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States—(concluded)

 

 

 

 

 

 

 

JPMorgan Chase & Co. (b)

 

 

121,000

 

$

4,991,250

 

Kraft Foods, Inc.

 

 

111,170

 

 

3,239,494

 

Lam Research Corp. (a)

 

 

21,800

 

 

487,448

 

Leggett & Platt, Inc. (c)

 

 

155,200

 

 

2,694,272

 

Lincoln National Corp.

 

 

15,700

 

 

270,668

 

Linear Technology Corp.

 

 

74,900

 

 

1,698,732

 

Masco Corp.

 

 

185,500

 

 

1,882,825

 

Massey Energy Co.

 

 

8,200

 

 

189,338

 

Mattel, Inc.

 

 

128,500

 

 

1,930,070

 

McDonald’s Corp. (b)

 

 

78,400

 

 

4,541,712

 

Medco Health Solutions, Inc. (a)

 

 

20,400

 

 

774,180

 

Merck & Co., Inc.

 

 

61,300

 

 

1,897,235

 

Microchip Technology, Inc.

 

 

102,600

 

 

2,527,038

 

Microsoft Corp.

 

 

202,600

 

 

4,524,058

 

Monsanto Co. (b)

 

 

23,300

 

 

2,073,234

 

Motorola, Inc.

 

 

118,100

 

 

634,197

 

National Oilwell Varco, Inc. (a)

 

 

12,300

 

 

367,647

 

New York Community Bancorp, Inc. (b)

 

 

238,100

 

 

3,728,646

 

Nucor Corp.

 

 

56,000

 

 

2,268,560

 

Oracle Corp. (a)(b)

 

 

108,100

 

 

1,977,149

 

Peabody Energy Corp.

 

 

7,200

 

 

248,472

 

PepsiCo, Inc.

 

 

13,400

 

 

763,934

 

Pfizer, Inc. (c)

 

 

327,200

 

 

5,794,712

 

Procter & Gamble Co. (b)

 

 

92,700

 

 

5,982,858

 

Progress Energy, Inc.

 

 

18,600

 

 

732,282

 

Qualcomm, Inc. (b)

 

 

21,900

 

 

837,894

 

Reynolds American, Inc. (c)

 

 

59,400

 

 

2,908,224

 

Salesforce.com, Inc. (a)

 

 

13,700

 

 

424,152

 

Sara Lee Corp.

 

 

69,400

 

 

775,892

 

Schlumberger Ltd.

 

 

29,200

 

 

1,508,180

 

Smith International, Inc. (b)

 

 

48,183

 

 

1,661,350

 

Southern Co.

 

 

124,100

 

 

4,261,594

 

Spectra Energy Corp. (b)

 

 

166,500

 

 

3,218,445

 

Sprint Nextel Corp.

 

 

146,100

 

 

457,293

 

SunTrust Banks, Inc.

 

 

24,400

 

 

979,416

 

SYSCO Corp. (b)

 

 

39,100

 

 

1,024,420

 

Texas Instruments, Inc. (b)

 

 

25,500

 

 

498,780

 

Thermo Fisher Scientific, Inc. (a)

 

 

14,400

 

 

584,640

 

Transocean, Inc. (a)

 

 

6,607

 

 

543,954

 

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

 

 

20,700

 

 

880,785

 

Tyco Electronics Ltd.

 

 

16,675

 

 

324,162

 

U.S. Bancorp (b)

 

 

147,100

 

 

4,385,051

 

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

 

 

48,400

 

 

2,554,552

 

Verizon Communications, Inc. (b)

 

 

80,500

 

 

2,388,435

 

VF Corp.

 

 

52,700

 

 

2,903,770

 

Wal-Mart Stores, Inc.

 

 

27,000

 

 

1,506,870

 

Waste Management, Inc.

 

 

30,700

 

 

958,761

 

Wells Fargo & Co.

 

 

124,800

 

 

4,249,440

 

Weyerhauser Co.

 

 

51,800

 

 

1,979,796

 

Wyeth

 

 

27,000

 

 

868,860

 

Yahoo! Inc. (a)

 

 

7,900

 

 

101,278

 

 

 

 

 

 

     

 

 

 

 

 

 

218,354,227

 

               

Total Long-Term Investments
(Cost—$631,836,655)—88.8%

 

 

 

 

 

426,771,581

 

               

 

 

 

 

 

 

 

 


 

Short-Term Securities

 

 

 

 

 

 

 

               

Fidelity Institutional Money Market Prime Portfolio, 2.44% (d)

 

 

35,550,390

 

 

35,550,390

 

               

Total Short-Term Securities
(Cost—$35,550,390)—7.4%

 

 

 

 

 

35,550,390

 

               

Total Investments Before Options Written
(Cost—$667,387,045*)—96.2%

 

 

 

 

 

462,321,971

 

               

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(2.7)%

 

 

 

 

 

 

 

Dow Jones Euro Stoxx, strike price 2,650 EUR, expires 12/19/08

 

 

(275

)

$

(577,802

)

Dow Jones Euro Stoxx, strike price 2,850 EUR, expires 12/19/08

 

 

(1,085

)

 

(1,111,150

)

FTSE 100 Index, strike price 4,325 GBP, expires 12/19/08

 

 

(95

)

 

(537,783

)

FTSE 100 Index, strike price 4,775 GBP, expires 12/19/08

 

 

(360

)

 

(809,663

)

Nikkei, strike price 10,500 JPY, expires 12/12/08

 

 

(220

)

 

(463,405

)

Nikkei, strike price 9,000 JPY, expires 12/12/08

 

 

(120

)

 

(831,388

)

S&P 500, strike price $965, expires 12/22/08

 

 

(590

)

 

(4,277,500

)

S&P 500, strike price $1,005, expires 12/22/08

 

 

(695

)

 

(3,554,924

)

S&P 500, strike price $1,070, expires 12/22/08

 

 

(400

)

 

(994,000

)

               

Total Options Written
(Premium Received—$9,618,280)—(2.7)%

 

 

 

 

 

(13,157,615

)

               

Total Investments Net of Options Written—93.5%

 

 

 

 

 

449,164,356

 

Other Assets in Excess of Liabilities—6.5%

 

 

 

 

 

31,240,827

 

 

 

 

 

 

   

 

Net Assets—100.0%

 

 

 

 

$

480,405,183

 

 

 

 

 

 

   

 


 

 

*

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


 

 

 

 

 

 

 

Aggregate cost

 

$

670,773,917

 

 

 

 

     

 

Gross unrealized appreciation

 

$

 

 

Gross unrealized depreciation

 

 

(208,451,946

)

 

 

 

     

 

Net unrealized depreciation

 

$

(208,451,946

)

 

 

 

     

 

 

(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 October 31, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

Contracts

 

Issue

 

Expiration
Date

 

 

Face Value

 

 

Unrealized
Appreciation
(Depreciation)

 

 

                       

 

363

 

Dow Jones Euro Stoxx

 

December 2008

 

$

11,992,200

 

$

(1,745,365

)

 

149

 

FTSE 100 Index

 

December 2008

 

$

10,499,324

 

 

(1,248,842

)

 

182

 

Nikkei

 

December 2008

 

$

8,124,505

 

 

(2,188,608

)

 

536

 

S&P 500

 

December 2008

 

$

25,923,640

 

 

610,260

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

$

(4,572,555)

 

 

 

 

 

 

 

 

 

 

 

   

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

32

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

Schedule of Investments October 31, 2008

BlackRock Global Opportunities Equity Trust (BOE)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—1.0%

 

 

 

 

 

 

 

BHP Billiton Ltd. (ADR)

 

 

7,000

 

$

272,160

 

Foster’s Group Ltd.

 

 

332,400

 

 

1,270,696

 

Sims Group Ltd.

 

 

63,500

 

 

608,943

 

 

 

 

 

 

     

 

 

 

 

 

 

2,151,799

 

           

Belgium—0.8%

 

 

 

 

 

 

 

Belgacom S.A.

 

 

56,100

 

 

1,919,439

 

           

Bermuda—0.8%

 

 

 

 

 

 

 

Arch Capital Group Ltd. (a)

 

 

7,300

 

 

509,175

 

Covidien Ltd.

 

 

27,100

 

 

1,200,259

 

 

 

 

 

 

     

 

 

 

 

 

 

1,709,434

 

           

Brazil—1.6%

 

 

 

 

 

 

 

Banco Bradesco S.A. (ADR)

 

 

14,800

 

 

173,160

 

Banco Itau Holding Financeira S.A. (ADR)

 

 

14,900

 

 

164,794

 

BM&FBOVESPA S.A.

 

 

81,644

 

 

216,687

 

Cia Energetica de Minas Gerais (ADR)

 

 

107,634

 

 

1,637,113

 

Petroleo Brasileiro S.A. (ADR)

 

 

50,400

 

 

1,355,256

 

 

 

 

 

 

     

 

 

 

 

 

 

3,547,010

 

           

Canada—3.9%

 

 

 

 

 

 

 

Barrick Gold Corp. (b)

 

 

97,400

 

 

2,212,928

 

Bombardier, Inc., Class B

 

 

250,000

 

 

964,490

 

Canadian National Railway Co.

 

 

34,000

 

 

1,470,840

 

Husky Energy, Inc.

 

 

35,511

 

 

1,066,538

 

Potash Corp. of Saskatchewan

 

 

8,000

 

 

682,080

 

Research In Motion Ltd. (a)

 

 

11,300

 

 

569,859

 

Royal Bank of Canada

 

 

13,000

 

 

505,202

 

Ultra Petroleum Corp. (a)

 

 

31,900

 

 

1,484,945

 

 

 

 

 

 

     

 

 

 

 

 

 

8,956,882

 

           

China—1.0%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

2,257,100

 

 

1,119,700

 

Industrial & Commercial Bank of China

 

 

2,635,100

 

 

1,239,869

 

 

 

 

 

 

     

 

 

 

 

 

 

2,359,569

 

           

Finland—0.8%

 

 

 

 

 

 

 

Fortum Oyj

 

 

40,598

 

 

997,739

 

Wartsila Oyj, B Shares

 

 

30,300

 

 

767,690

 

 

 

 

 

 

     

 

 

 

 

 

 

1,765,429

 

           

France—3.2%

 

 

 

 

 

 

 

Alstom S.A.

 

 

23,000

 

 

1,139,965

 

AXA S.A.

 

 

17,200

 

 

328,590

 

BNP Paribas

 

 

6,300

 

 

454,868

 

Compagnie Generale des Etablissements Michelin, Class B

 

 

25,100

 

 

1,291,924

 

PPR

 

 

9,500

 

 

605,440

 

Total S.A.

 

 

38,800

 

 

2,134,523

 

Unibail-Rodamco (REIT)

 

 

1,400

 

 

209,979

 

Vivendi

 

 

41,300

 

 

1,079,546

 

 

 

 

 

 

     

 

 

 

 

 

 

7,244,835

 

           

Germany—3.5%

 

 

 

 

 

 

 

Adidas AG

 

 

32,700

 

 

1,135,879

 

Beiersdorf AG

 

 

15,400

 

 

803,645

 

E.ON AG

 

 

32,535

 

 

1,219,245

 

Fresenius Medical Care AG & Co. KGaA

 

 

36,200

 

 

1,603,755

 

Hannover Rueckversicherung AG

 

 

17,100

 

 

423,322

 

K+S AG

 

 

26,500

 

 

1,026,503

 

Linde AG

 

 

21,900

 

 

1,812,052

 

 

 

 

 

 

     

 

 

 

 

 

 

8,024,401

 

           

Hong Kong—1.4%

 

 

 

 

 

 

 

ASM Pacific Technology Ltd.

 

 

388,000

 

 

1,296,283

 

China Mobile Ltd.

 

 

65,200

 

 

573,976

 

Esprit Holdings Ltd.

 

 

65,200

 

 

370,473

 

Industrial and Commercial Bank of China Asia Ltd.

 

 

207,500

 

 

218,653

 

New World Development Co. Ltd.

 

 

729,000

 

 

606,845

 

 

 

 

 

 

     

 

 

 

 

 

 

3,066,230

 

           

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Israel—1.4%

 

 

 

 

 

 

 

Partner Communications (ADR) (b)

 

 

166,300

 

$

3,106,484

 

               

Italy—1.6%

 

 

 

 

 

 

 

AEM S.p.A.

 

 

424,746

 

 

774,152

 

Assicurazioni Generali S.p.A.

 

 

15,100

 

 

381,333

 

Eni S.p.A.

 

 

55,000

 

 

1,312,749

 

Intesa Sanpaolo S.p.A.

 

 

104,200

 

 

309,280

 

Parmalat S.p.A.

 

 

534,000

 

 

937,585

 

 

 

 

 

 

     

 

 

 

 

 

 

3,715,099

 

               

Japan—3.8%

 

 

 

 

 

 

 

Canon, Inc.

 

 

32,400

 

 

1,133,729

 

ITOCHU Corp.

 

 

206,300

 

 

1,090,244

 

Konica Minolta Holdings, Inc.

 

 

109,000

 

 

715,836

 

Mizuho Financial Group, Inc.

 

 

120

 

 

293,016

 

Nintendo Co. Ltd.

 

 

8,000

 

 

2,570,466

 

Shizuoka Bank Ltd. (The)

 

 

80,200

 

 

708,307

 

Sumitomo Corp.

 

 

134,000

 

 

1,178,938

 

Toyota Motor Corp. (ADR)

 

 

11,400

 

 

867,426

 

 

 

 

 

 

     

 

 

 

 

 

 

8,557,962

 

               

Luxembourg—0.7%

 

 

 

 

 

 

 

ArcelorMittal (b)

 

 

31,400

 

 

824,250

 

Tenaris S.A. (ADR)

 

 

35,600

 

 

733,004

 

 

 

 

 

 

     

 

 

 

 

 

 

1,557,254

 

               

Mexico—0.6%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV (ADR)

 

 

57,900

 

 

1,464,291

 

               

Netherlands—0.1%

 

 

 

 

 

 

 

Corio N.V. (REIT)

 

 

3,900

 

 

208,415

 

               

Norway—1.3%

 

 

 

 

 

 

 

Fred Olsen Energy ASA

 

 

33,200

 

 

1,097,616

 

Orkla ASA

 

 

158,000

 

 

1,051,840

 

Yara International ASA

 

 

43,000

 

 

898,365

 

 

 

 

 

 

     

 

 

 

 

 

 

3,047,821

 

               

Philippines—0.5%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. (ADR)

 

 

30,100

 

 

1,231,090

 

               

Russia—0.8%

 

 

 

 

 

 

 

Gazprom OAO (ADR)

 

 

47,300

 

 

941,889

 

LUKOIL (ADR)

 

 

22,700

 

 

871,476

 

 

 

 

 

 

     

 

 

 

 

 

 

1,813,365

 

               

Singapore—1.9%

 

 

 

 

 

 

 

Singapore Airlines Ltd.

 

 

183,000

 

 

1,402,057

 

Singapore Telecommunications Ltd.

 

 

827,520

 

 

1,392,648

 

United Overseas Bank Ltd.

 

 

179,296

 

 

1,620,971

 

 

 

 

 

 

     

 

 

 

 

 

 

4,415,676

 

               

South Korea—0.8%

 

 

 

 

 

 

 

Hyundai Motor Co.

 

 

15,800

 

 

730,100

 

Samsung Electronics Co. Ltd.

 

 

2,700

 

 

1,138,330

 

 

 

 

 

 

     

 

 

 

 

 

 

1,868,430

 

               

Spain—0.5%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria S.A.

 

 

29,600

 

 

343,547

 

Banco Santander S.A.

 

 

81,200

 

 

878,192

 

 

 

 

 

 

     

 

 

 

 

 

 

1,221,739

 

               

Sweden—0.1%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

29,600

 

 

237,248

 

               

Switzerland—4.7%

 

 

 

 

 

 

 

ACE Ltd.

 

 

11,000

 

 

630,960

 

Alcon, Inc.

 

 

11,200

 

 

986,944

 

Credit Suisse Group AG

 

 

10,100

 

 

377,678

 

Julius Baer Holding AG

 

 

14,500

 

 

567,098

 

Nestle S.A.

 

 

67,000

 

 

2,605,429

 

Novartis AG (ADR)

 

 

31,300

 

 

1,595,987

 

Roche Holding AG

 

 

13,300

 

 

2,033,927

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

33



 

 


 

Schedule of Investments October 31, 2008

BlackRock Global Opportunities Equity Trust (BOE)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Switzerland—(concluded)

 

 

 

 

 

 

 

Syngenta AG

 

 

5,800

 

$

1,084,213

 

UBS AG (a)

 

 

27,900

 

 

473,387

 

Zurich Financial Services AG

 

 

2,100

 

 

426,043

 

 

 

 

 

 

     

 

 

 

 

 

 

10,781,666

 

               

Taiwan—0.6%

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

151,303

 

 

1,249,763

 

               

United Kingdom—5.3%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

29,300

 

 

1,241,689

 

Barclays Plc

 

 

91,300

 

 

261,719

 

De La Rue Plc

 

 

165,066

 

 

2,381,209

 

HSBC Holdings Plc

 

 

135,000

 

 

1,598,968

 

Imperial Tobacco Group Plc

 

 

68,700

 

 

1,841,263

 

National Express Group Plc

 

 

100,000

 

 

921,193

 

Rio Tinto Plc (ADR)

 

 

1,200

 

 

223,044

 

Standard Chartered Plc

 

 

34,300

 

 

566,876

 

Unilever Plc

 

 

84,600

 

 

1,900,608

 

Vodafone Group Plc (ADR) (b)

 

 

54,800

 

 

1,055,996

 

 

 

 

 

 

     

 

 

 

 

 

 

11,992,565

 

               

United States—45.9%

 

 

 

 

 

 

 

Allstate Corp. (The) (b)

 

 

10,600

 

 

279,734

 

Altera Corp.

 

 

72,000

 

 

1,249,200

 

Altria Group, Inc. (b)

 

 

130,300

 

 

2,500,457

 

Amgen, Inc. (a)(b)

 

 

66,300

 

 

3,970,707

 

Aon Corp.

 

 

40,100

 

 

1,696,230

 

Apple, Inc. (a)(b)

 

 

9,700

 

 

1,043,623

 

AvalonBay Communities, Inc. (REIT)

 

 

7,400

 

 

525,548

 

Bank of America Corp.

 

 

44,900

 

 

1,085,233

 

Baxter International, Inc.

 

 

44,400

 

 

2,685,756

 

BB&T Corp.

 

 

46,500

 

 

1,667,025

 

Becton Dickinson & Co. (b)

 

 

56,400

 

 

3,914,160

 

Broadcom Corp. (a)

 

 

60,000

 

 

1,024,800

 

Campbell Soup Co.

 

 

32,200

 

 

1,221,990

 

Charles Schwab Corp. (The)

 

 

36,900

 

 

705,528

 

Chesapeake Energy Corp. (b)

 

 

62,900

 

 

1,381,913

 

Chevron Corp. (b)

 

 

39,000

 

 

2,909,400

 

Cisco Systems, Inc. (a)(b)

 

 

22,400

 

 

398,048

 

Citigroup, Inc.

 

 

106,100

 

 

1,448,265

 

Colgate-Palmolive Co.

 

 

13,500

 

 

847,260

 

Comcast Corp., Class A

 

 

81,200

 

 

1,279,712

 

ConocoPhillips (b)

 

 

34,100

 

 

1,773,882

 

CVS Caremark Corp. (b)

 

 

13,300

 

 

407,645

 

Diamond Offshore Drilling, Inc. (b)

 

 

19,000

 

 

1,687,200

 

Dow Chemical Co. (The)

 

 

44,400

 

 

1,184,148

 

Eagle Bulk Shipping, Inc.

 

 

13,800

 

 

137,586

 

EOG Resources, Inc.

 

 

21,500

 

 

1,739,780

 

Exxon Mobil Corp. (b)

 

 

40,500

 

 

3,001,860

 

FPL Group, Inc.

 

 

35,400

 

 

1,672,296

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

23,000

 

 

669,300

 

Genentech, Inc. (a)

 

 

35,600

 

 

2,952,664

 

General Electric Co.

 

 

59,000

 

 

1,151,090

 

Genzyme Corp. (a)

 

 

19,800

 

 

1,443,024

 

Google, Inc., Class A(a)

 

 

3,900

 

 

1,401,504

 

Greenhill & Co., Inc. (c)

 

 

17,300

 

 

1,141,281

 

H.J. Heinz Co. (b)

 

 

28,000

 

 

1,226,960

 

Halliburton Co.

 

 

22,200

 

 

439,338

 

Hudson City Bancorp, Inc.

 

 

17,600

 

 

331,056

 

Intel Corp.

 

 

72,000

 

 

1,152,000

 

IntercontinentalExchange, Inc. (a)

 

 

9,000

 

 

770,040

 

International Business Machines Corp. (b)

 

 

21,300

 

 

1,980,261

 

Johnson & Johnson (b)

 

 

47,100

 

 

2,889,114

 

JPMorgan Chase & Co.

 

 

30,200

 

 

1,245,750

 

Kellogg Co. (b)

 

 

28,100

 

 

1,416,802

 

KeyCorp

 

 

49,400

 

 

604,162

 

Kohl’s Corp. (a)

 

 

24,600

 

 

864,198

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States—(concluded)

 

 

 

 

 

 

 

Linear Technology Corp.

 

 

52,500

 

$

1,190,700

 

McDonald’s Corp. (b)

 

 

34,000

 

 

1,969,620

 

Medco Health Solutions, Inc. (a)

 

 

28,300

 

 

1,073,985

 

Medtronic, Inc.

 

 

68,800

 

 

2,774,704

 

Microsoft Corp. (b)

 

 

73,700

 

 

1,645,721

 

Molson Coors Brewing Co., Class B

 

 

27,500

 

 

1,027,400

 

Motorola, Inc.

 

 

70,000

 

 

375,900

 

NASDAQ OMX Group (The) (a)

 

 

29,500

 

 

957,570

 

Newmont Mining Corp.

 

 

34,000

 

 

895,560

 

Nike, Inc.

 

 

41,500

 

 

2,391,645

 

Norfolk Southern Corp.

 

 

35,600

 

 

2,133,864

 

Occidental Petroleum Corp. (b)

 

 

69,200

 

 

3,843,368

 

Pfizer, Inc.

 

 

159,700

 

 

2,828,287

 

Pioneer Natural Resources Co.

 

 

39,400

 

 

1,096,502

 

Procter & Gamble Co.

 

 

29,500

 

 

1,903,930

 

Public Service Enterprise Group, Inc.

 

 

26,200

 

 

737,530

 

Qualcomm, Inc.

 

 

28,900

 

 

1,105,714

 

Regions Financial Corp.

 

 

51,100

 

 

566,699

 

Simon Property Group, Inc. (REIT)

 

 

5,300

 

 

355,259

 

T. Rowe Price Group, Inc.

 

 

15,200

 

 

601,008

 

Target Corp.

 

 

25,600

 

 

1,027,072

 

Torchmark Corp.

 

 

8,300

 

 

346,691

 

U.S. Bancorp

 

 

32,900

 

 

980,749

 

UMB Financial Corp.

 

 

16,700

 

 

757,011

 

Wal-Mart Stores, Inc.

 

 

24,300

 

 

1,356,183

 

Walt Disney Co. (The)

 

 

53,300

 

 

1,380,470

 

Wells Fargo & Co.

 

 

59,900

 

 

2,039,595

 

Weyerhauser Co.

 

 

23,300

 

 

890,526

 

Yum! Brands, Inc.

 

 

43,000

 

 

1,247,430

 

 

 

 

 

 

     

 

 

 

 

 

 

104,618,223

 

               

Total Common Stocks—88.6%

 

 

 

 

 

201,832,119

 

               

 

 

 

 

 

 

 

 


 

Exchange-Traded Funds

 

 

 

 

 

 

 

               

United States—7.7%

 

 

 

 

 

 

 

Financial Select Sector SPDR Fund

 

 

93,400

 

 

1,450,502

 

iShares Dow Jones Euro Stoxx Banks

 

 

78,700

 

 

1,848,661

 

iShares Dow Jones Stoxx 600 Banks

 

 

106,400

 

 

2,708,176

 

iShares Dow Jones U.S. Real Estate Index Fund

 

 

37,900

 

 

1,608,476

 

SPDR KBW Insurance

 

 

65,200

 

 

1,615,656

 

Lyxor Dow Jones Stoxx 600 Financial Services

 

 

30,700

 

 

885,874

 

Lyxor Dow Jones Stoxx 600 Insurance

 

 

25,500

 

 

422,839

 

SPDR Trust Series 1

 

 

73,000

 

 

7,068,590

 

               

Total Exchange-Traded Funds—7.7%

 

 

 

 

 

17,608,774

 

               

Total Long-Term Investments
(Cost—$298,120,823)—96.3%

 

 

 

 

 

219,440,893

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Beneficial
Interest/Shares

 

 

 

 

               

Money Market Funds—2.0%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC Money Market Series, 1.57% (d)(e)(f)

 

 

1,130,500

 

 

1,130,500

 

Fidelity Institutional Money Market Prime Portfolio, 2.44% (d)

 

 

3,384,302

 

 

3,384,302

 

               

Total Money Market Funds

 

 

 

 

 

4,514,802

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

34

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Principal
Amount

 

Value

 

           

U.S. Government and Agency Discount Notes—4.0%

 

 

 

 

 

 

 

Federal National Mortgage Association Discount Notes, 2.08%, 11/04/08 (g)

 

$

9,100,000

 

$

9,098,430

 

               

Total Short-Term Securities
(Cost—$13,613,232)—6.0%

 

 

 

 

 

13,613,232

 

               

 

 

 

 

 

 

 

 


 

Options Purchased

 

Contracts

 

 

 

           

Call Options Purchased—0.0%

 

 

 

 

 

 

 

American Electric Power Co., Inc., strike price $45, expires 11/21/08

 

 

26,000

 

 

460

 

Archer Daniels Midland Co., strike price $45, expires 12/22/08

 

 

439

 

 

3,293

 

BHP Billiton Ltd. (ADR), strike price $95, expires 11/24/08

 

 

70

 

 

350

 

Citigroup, Inc., strike price $28.25, expires 11/03/08

 

 

145

 

 

 

CVS Caremark Corp., strike price $42.50, expires 11/24/08

 

 

340

 

 

2,550

 

Dime Community Bancshares, strike price $20, expires 11/07/08

 

 

70,000

 

 

553

 

EOG Resources, Inc., strike price $145, expires 11/21/08

 

 

7,000

 

 

155

 

Financial Select Sector SPDR Fund, strike price $27, expires 12/22/08

 

 

238

 

 

595

 

Google, Inc., Class A, strike price $640, expires 12/22/08

 

 

10

 

 

150

 

Legal & General Group Plc, strike price 1.14 GBP, expires 11/04/08

 

 

745,200

 

 

12

 

Oriflame Cosmetics S.A., strike price 410 SEK, expires 11/07/08

 

 

18,476

 

 

 

Research In Motion Ltd., strike price $160, expires 12/22/08

 

 

55

 

 

220

 

TELUS Corp., strike price 48 CAD, expires 11/24/08

 

 

340

 

 

11,989

 

Ultra Petroleum Corp., strike price $115, expires 12/22/08

 

 

58

 

 

726

 

Yara International ASA, strike price 330 NOK, expires 11/04/08

 

 

14,500

 

 

 

               

Total Options Purchased
(Cost—$247,024)—0.0%

 

 

 

 

 

21,053

 

               

Total Investments Before Options Written
(Cost—$311,981,079*)—102.3%

 

 

 

 

 

233,075,178

 

               

 

 

 

 

 

 

 

 


 

Options Written

 

 

 

 

 

           

Call Options Written—(0.8)%

 

 

 

 

 

 

 

ACE Ltd., strike price $55, expires 11/24/08

 

 

(110

)

 

(61,050

)

Adidas AG, strike price 44 EUR, expires 12/19/08

 

 

(80

)

 

(1,630

)

Adidas AG, strike price 47.48 EUR, expires 11/04/08

 

 

(18,000

)

 

 

AEM S.p.A., strike price 2.50 EUR, expires 11/04/08

 

 

(235,000

)

 

(3

)

Alcon, Inc., strike price $100, expires 11/24/08

 

 

(25

)

 

(17,543

)

Alcon, Inc., strike price $165, expires 11/24/08

 

 

(75

)

 

(1,125

)

Allstate Corp. (The), strike price $47.50, expires 01/19/09

 

 

(60

)

 

(600

)

Alstom S.A., strike price 82 EUR, expires 11/06/08

 

 

(13,000

)

 

 

Altera Corp., strike price $23, expires 11/07/08

 

 

(75

)

 

 

Altera Corp., strike price $23.41, expires 11/18/08

 

 

(32,100

)

 

(3

)

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

 

 

(52,000

)

 

(3,536

)

Altria Group, Inc., strike price $22.50, expires 12/20/08

 

 

(195

)

 

(5,948

)

American Electric Power Co., Inc., strike price $45, expires 11/24/08

 

 

(130

)

 

(1,300

)

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

 

 

(130

)

 

(1,300

)

Amgen, Inc., strike price $65, expires 01/19/09

 

 

(200

)

 

(57,400

)

Amgen, Inc., strike price $65, expires 12/22/08

 

 

(165

)

 

(32,340

)

Aon Corp., strike price $47.75, expires 11/07/08

 

 

(120

)

 

(56

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

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

 

 

(10,000

)

$

(189

)

Apple, Inc., strike price $200, expires 01/19/09

 

 

(47

)

 

(517

)

ArcelorMittal, strike price $95, expires 12/20/08

 

 

(144

)

 

(2,880

)

ArcelorMittal, strike price $110, expires 12/22/08

 

 

(65

)

 

(975

)

Arch Capital Group Ltd., strike price $70, expires 12/22/08

 

 

(40

)

 

(17,600

)

Archer Daniels Midland Co., strike price $46, expires 11/03/08

 

 

(26,900

)

 

 

ASM Pacific Technology Ltd., strike price 67.32 HKD, expires 11/05/08

 

 

(213,400

)

 

 

Assicurazioni Generali S.p.A., strike price 22.04 EUR, expires 12/09/08

 

 

(5,000

)

 

(2,768

)

AstraZeneca Plc, strike price 24.50 GBP, expires 12/02/08

 

 

(16,200

)

 

(49,610

)

AvalonBay Communities, Inc. (REIT), strike price $105, expires 11/11/08

 

 

(30

)

 

 

AvalonBay Communities, Inc. (REIT), strike price $110, expires 01/19/09

 

 

(15

)

 

(1,050

)

AXA S.A., strike price 26 EUR, expires 11/21/08

 

 

(100

)

 

(1,020

)

Banco Bradesco S.A. (ADR), strike price $15, expires 01/19/09

 

 

(30

)

 

(3,675

)

Banco Bradesco S.A. (ADR), strike price $22.50, expires 12/22/08

 

 

(70

)

 

(350

)

Banco Itau Holding Financeira S.A. (ADR), strike price $11, expires 11/10/08

 

 

(79

)

 

(8,604

)

Banco Itau Holding Financeira S.A. (ADR), strike price $22.50, expires 12/22/08

 

 

(70

)

 

(700

)

Banco Santander S.A., strike price 12.41 EUR, expires 11/07/08

 

 

(30,000

)

 

 

Bank of America Corp., strike price $37.50, expires 11/10/08

 

 

(7,600

)

 

(3

)

Bank of America Corp., strike price $40, expires 11/24/08

 

 

(170

)

 

(425

)

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

 

 

(25,000

)

 

 

Barrick Gold Corp., strike price $52, expires 11/03/08

 

 

(250

)

 

 

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

 

 

(100

)

 

(8,500

)

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

 

 

(100

)

 

(3,500

)

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

 

 

(50

)

 

(625

)

BB&T Corp., strike price $35, expires 12/22/08

 

 

(160

)

 

(61,600

)

BB&T Corp., strike price $45, expires 11/24/08

 

 

(50

)

 

(500

)

BB&T Corp., strike price $45, expires 12/22/08

 

 

(100

)

 

(2,750

)

Becton Dickinson & Co., strike price $75, expires 12/22/08

 

 

(50

)

 

(9,250

)

Becton Dickinson & Co., strike price $85, expires 12/22/08

 

 

(145

)

 

(3,988

)

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

 

 

(11,500

)

 

(49

)

Beiersdorf AG, strike price 43.04 EUR, expires 11/11/08

 

 

(8,500

)

 

(10,277

)

Belgacom S.A., strike price 27.24 EUR, expires 12/02/08

 

 

(15,000

)

 

(18,520

)

BHP Billiton Ltd. (ADR), strike price $47.18, expires 12/15/08

 

 

(1,750

)

 

(2,263

)

BNP Paribas, strike price 69 EUR, expires 11/07/08

 

 

(3,100

)

 

(12

)

Bombardier, Inc., Class B, strike price 9 CAD, expires 01/19/09

 

 

(750

)

 

(4,045

)

Bombardier, Inc., Class B, strike price 9 CAD, expires 11/23/08

 

 

(500

)

 

(4,148

)

Broadcom Corp., strike price $30, expires 11/24/08

 

 

(330

)

 

(1,650

)

Campbell Soup Co., strike price $40, expires 11/24/08

 

 

(322

)

 

(15,295

)

Canadian National Railway Co., strike price $51.59, expires 11/21/08

 

 

(17,000

)

 

(1,639

)

Canon, Inc., strike price 5,900 JPY, expires 11/05/08

 

 

(17,800

)

 

 

Charles Schwab Corp. (The), strike price $25, expires 12/22/08

 

 

(55

)

 

(1,375

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

35



 

 


 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

Charles Schwab Corp. (The), strike price $25.50, expires 11/10/08

 

 

(12,200

)

$

(12

)

Chesapeake Energy Corp., strike price $55.05, expires 12/19/08

 

 

(30,000

)

 

(4,281

)

Chesapeake Energy Corp., strike price $57, expires 11/03/08

 

 

(170

)

 

 

Chevron Corp., strike price $80, expires 01/19/09

 

 

(100

)

 

(52,000

)

China Construction Bank Corp., Class H, strike price 7.11 HKD, expires 11/05/08

 

 

(1,128,000

)

 

(2

)

China Mobile Ltd., strike price 110.61 HKD, expires 11/05/08

 

 

(36,000

)

 

 

China Mobile Ltd., strike price 98.16 HKD, expires 11/05/08

 

 

(29,000

)

 

 

Cia Energetica de Minas Gerais (ADR), strike price $25, expires 12/22/08

 

 

(160

)

 

(5,600

)

Cisco Systems, Inc., strike price $29.50, expires 11/07/08

 

 

(180

)

 

 

Citigroup, Inc., strike price $21.50, expires 11/10/08

 

 

(19,300

)

 

(17

)

Citigroup, Inc., strike price $25, expires 01/19/09

 

 

(70

)

 

(840

)

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

 

 

(320

)

 

(1,920

)

Citigroup, Inc., strike price $28.50, expires 11/03/08

 

 

(145

)

 

 

Colgate-Palmolive Co., strike price $75, expires 11/24/08

 

 

(120

)

 

(1,200

)

Comcast Corp., Class A, strike price $22.50, expires 01/19/09

 

 

(420

)

 

(6,300

)

Compagnie Generale des Etablissements Michelin, Class B, strike price 50.09 EUR, expires 11/13/08

 

 

(13,800

)

 

(5,091

)

ConocoPhillips, strike price $60, expires 01/19/09

 

 

(80

)

 

(25,800

)

Covidien Ltd., strike price $55, expires 11/24/08

 

 

(135

)

 

(1,350

)

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

 

 

(34,000

)

 

(10

)

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

 

 

(65

)

 

(325

)

De La Rue Plc, strike price 9.69 GBP, expires 11/04/08

 

 

(111,000

)

 

(2,773

)

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

 

 

(10,000

)

 

(24

)

Dime Community Bancshares, strike price $20.52, expires 11/07/08

 

 

(70,000

)

 

(224

)

Dow Chemical Co. (The), strike price $25.80, expires 12/24/08

 

 

(22,000

)

 

(60,564

)

E.ON AG, strike price 40.82 EUR, expires 11/13/08

 

 

(8,000

)

 

(8

)

Eni S.p.A., strike price 22.37 EUR, expires 11/13/08

 

 

(55,000

)

 

(8,038

)

EOG Resources, Inc., strike price $95, expires 12/19/08

 

 

(10,000

)

 

(34,922

)

EOG Resources, Inc., strike price $150, expires 11/03/08

 

 

(95

)

 

 

Esprit Holdings Ltd., strike price 99.10 HKD, expires 11/05/08

 

 

(18,000

)

 

 

Esprit Holdings Ltd., strike price 107.07 HKD, expires 11/05/08

 

 

(47,200

)

 

 

Exxon Mobil Corp., strike price $85, expires 12/22/08

 

 

(225

)

 

(50,963

)

Financial Select Sector SPDR Fund, strike price $26, expires 01/19/09

 

 

(750

)

 

(3,000

)

Financial Select Sector SPDR Fund, strike price $27.05, expires 11/21/08

 

 

(23,800

)

 

(193

)

Fomento Economico Mexicano SAB de CV (ADR), strike price $48, expires 11/03/08

 

 

(419

)

 

 

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

 

 

(16,000

)

 

 

Fortum Oyj, strike price 27.86 EUR, expires 11/04/08

 

 

(22,300

)

 

 

Foster’s Group Ltd., strike price 5.88 AUD, expires 11/05/08

 

 

(183,000

)

 

(9,151

)

FPL Group, Inc., strike price $70, expires 12/22/08

 

 

(95

)

 

(475

)

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

 

 

(10,000

)

 

(213

)

Fred Olsen Energy ASA, strike price 334.40 NOK, expires 11/04/08

 

 

(4,000

)

 

 

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

 

 

(20,000

)

 

(16,064

)

Gazprom OAO (ADR), strike price $64.68, expires 11/04/08

 

 

(16,500

)

 

(12

)

Genentech, Inc., strike price $95, expires 12/22/08

 

 

(200

)

 

(31,500

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

General Electric Co., strike price $21, expires 12/22/08

 

 

(325

)

$

(35,263

)

Genzyme Corp., strike price $75, expires 12/22/08

 

 

(85

)

 

(33,150

)

Google, Inc., Class A, strike price $440, expires 01/19/09

 

 

(10

)

 

(8,550

)

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

 

 

(10

)

 

(150

)

Google, Inc., Class A, strike price $650, expires 12/22/08

 

 

(10

)

 

(100

)

Greenhill & Co., Inc., strike price $70, expires 12/22/08

 

 

(85

)

 

(27,200

)

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

 

 

(10,000

)

 

(1,582

)

H.J. Heinz Co., strike price $52, expires 12/19/08

 

 

(18,000

)

 

(7,414

)

Halliburton Co., strike price $52.29, expires 11/03/08

 

 

(12,000

)

 

 

Hannover Rueckversicherung AG, strike price 34.22 EUR, expires 11/04/08

 

 

(9,400

)

 

 

HSBC Holdings Plc, strike price 8.67 GBP, expires 11/07/08

 

 

(16,000

)

 

(209

)

HSBC Holdings Plc, strike price 8.85 GBP, expires 12/02/08

 

 

(11,000

)

 

(1,878

)

HSBC Holdings Plc, strike price 9.35 GBP, expires 11/07/08

 

 

(40,000

)

 

(7

)

Hudson City Bancorp, Inc., strike price $19, expires 11/03/08

 

 

(8,800

)

 

(1,675

)

Husky Energy, Inc., strike price 49 CAD, expires 11/20/08

 

 

(355

)

 

(2,356

)

Hyundai Motor Co., strike price 70,980 KRW, expires 11/12/08

 

 

(8,700

)

 

(3,223

)

Industrial and Commercial Bank of China Asia Ltd., strike price 20.69 HKD, expires 12/03/08

 

 

(103,000

)

 

 

Intel Corp., strike price $23, expires 11/21/08

 

 

(40,000

)

 

(24

)

IntercontinentalExchange, Inc., strike price $90, expires 11/24/08

 

 

(25

)

 

(14,750

)

IntercontinentalExchange, Inc., strike price $100, expires 12/22/08

 

 

(48

)

 

(30,000

)

International Business Machines Corp., strike price $135, expires 11/03/08

 

 

(25

)

 

 

iShares Dow Jones U.S. Real Estate Index Fund, strike price $67, expires 11/03/08

 

 

(100

)

 

 

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

 

 

(100

)

 

(115

)

Johnson & Johnson, strike price $70, expires 11/28/08

 

 

(160

)

 

(3,083

)

JPMorgan Chase & Co., strike price $45, expires 12/22/08

 

 

(90

)

 

(17,415

)

JPMorgan Chase & Co., strike price $47.50, expires 12/22/08

 

 

(60

)

 

(6,990

)

Julius Baer Holding AG, strike price 67.50 CHF, expires 11/04/08

 

 

(4,800

)

 

 

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

 

 

(10

)

 

(1,003

)

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

 

 

(56

)

 

(21,983

)

Kellogg Co., strike price $55, expires 12/22/08

 

 

(280

)

 

(25,900

)

KeyCorp, strike price $11.25, expires 12/30/08

 

 

(270

)

 

(63,936

)

Kohl’s Corp., strike price $50.29, expires 11/21/08

 

 

(13,500

)

 

(216

)

Konica Minolta Holdings, Inc., strike price 1,572.64 JPY, expires 11/12/08

 

 

(27,000

)

 

 

Legal & General Group Plc, strike price 1.15 GBP, expires 11/04/08

 

 

(482,200

)

 

(8

)

Legal & General Group Plc, strike price 1.16 GBP, expires 11/04/08

 

 

(263,000

)

 

(4

)

Linde AG, strike price 87.97 EUR, expires 11/07/08

 

 

(8,700

)

 

(26

)

Linde AG, strike price 94 EUR, expires 11/23/08

 

 

(34

)

 

(3,068

)

Linear Technology Corp., strike price $32.50, expires 01/19/09

 

 

(85

)

 

(1,063

)

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

 

 

(17,000

)

 

(20,405

)

Medco Health Solutions, Inc., strike price $40, expires 01/19/09

 

 

(40

)

 

(13,800

)

Medco Health Solutions, Inc., strike price $50, expires 11/24/08

 

 

(115

)

 

(1,150

)

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

 

 

(100

)

 

(2,250

)

Mizuho Financial Group, Inc., strike price 575,921.50 JPY, expires 11/05/08

 

 

(120

)

 

 

Motorola, Inc., strike price $7.50, expires 01/19/09

 

 

(175

)

 

(3,063

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

36

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

 

Schedule of Investments (continued)

BlackRock Global Opportunities Equity Trust (BOE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

NASDAQ OMX Group (The), strike price $30, expires 12/22/08

 

 

(150

)

$

(78,750

)

National Express Group Plc, strike price 9.08 GBP, expires 11/04/08

 

 

(25,000

)

 

 

Nestle S.A., strike price 45 CHF, expires 11/04/08

 

 

(30,000

)

 

(25,000

)

Nestle S.A., strike price 52.40 CHF, expires 11/07/08

 

 

(37,000

)

 

(99

)

New World Development Co. Ltd., strike price 23.19 HKD, expires 11/05/08

 

 

(365,000

)

 

(1

)

Newmont Mining Corp., strike price $60, expires 12/22/08

 

 

(70

)

 

(280

)

Nike, Inc., strike price $65.50, expires 12/19/08

 

 

(10,000

)

 

(15,888

)

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

 

 

(13,000

)

 

(1,108

)

Nintendo Co. Ltd., strike price 62,485.84 JPY, expires 11/05/08

 

 

(3,400

)

 

 

Nintendo Co. Ltd., strike price 62,685 JPY, expires 11/05/08

 

 

(2,200

)

 

 

Nordea Bank AB, strike price 104 SEK, expires 11/04/08

 

 

(15,000

)

 

 

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

 

 

(18,000

)

 

(3,422

)

Novartis AG (ADR), strike price $60, expires 11/21/08

 

 

(17,000

)

 

(2,105

)

Occidental Petroleum Corp., strike price $65, expires 01/19/09

 

 

(170

)

 

(71,400

)

Oriflame Cosmetics S.A., strike price 415.86 SEK, expires 11/07/08

 

 

(18,476

)

 

 

Orkla ASA, strike price 68.99 NOK, expires 11/04/08

 

 

(118,500

)

 

 

Parmalat S.p.A., strike price 1.94 EUR, expires 11/11/08

 

 

(307,837

)

 

(4

)

Partner Communications (ADR), strike price $24.03, expires 11/21/08

 

 

(67,000

)

 

(161

)

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

 

 

(245

)

 

(3,675

)

Petroleo Brasileiro S.A. (ADR), strike price $55, expires 11/24/08

 

 

(90

)

 

(450

)

Pfizer, Inc., strike price $20, expires 01/19/09

 

 

(370

)

 

(27,010

)

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

 

 

(500

)

 

(21,250

)

Philippine Long Distance Telephone Co. (ADR), strike price $65, expires 01/19/09

 

 

(165

)

 

(8,250

)

Pioneer Natural Resources Co., strike price $65, expires 12/22/08

 

 

(314

)

 

(4,710

)

Pioneer Natural Resources Co., strike price $75, expires 12/22/08

 

 

(80

)

 

(800

)

Potash Corp. of Saskatchewan, strike price $120, expires 01/19/09

 

 

(15

)

 

(4,800

)

PPR, strike price 82.29 EUR, expires 11/04/08

 

 

(5,200

)

 

 

Procter & Gamble Co., strike price $68.50, expires 11/21/08

 

 

(15,000

)

 

(10,218

)

Public Service Enterprise Group, Inc., strike price $45, expires 12/22/08

 

 

(105

)

 

(788

)

Qualcomm, Inc., strike price $48.75, expires 11/03/08

 

 

(144

)

 

 

Qualcomm, Inc., strike price $52.50, expires 01/19/09

 

 

(145

)

 

(4,858

)

Regions Financial Corp., strike price $11.38, expires 12/30/08

 

 

(280

)

 

(41,126

)

Research In Motion Ltd., strike price $170, expires 12/22/08

 

 

(55

)

 

(165

)

Rio Tinto Plc (ADR), strike price $195, expires 12/22/08

 

 

(2

)

 

(4,840

)

Roche Holding AG, strike price 190 CHF, expires 12/09/08

 

 

(3,300

)

 

(20,494

)

Royal Bank of Canada, strike price 50 CAD, expires 01/19/09

 

 

(50

)

 

(11,844

)

Samsung Electronics Co. Ltd., strike price 799,580.37 KRW, expires 11/05/08

 

 

(1,450

)

 

 

Shizuoka Bank Ltd. (The), strike price 895.02 JPY, expires 01/06/09

 

 

(26,500

)

 

(26,450

)

Simon Property Group, Inc. (REIT), strike price $95, expires 01/19/09

 

 

(26

)

 

(3,900

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(concluded)

 

 

 

 

 

 

 

Sims Group Ltd., strike price 34 AUD, expires 11/05/08

 

 

(28,600

)

$

 

Sims Group Ltd., strike price 41.57 AUD, expires 11/05/08

 

 

(34,900

)

 

 

Singapore Airlines Ltd., strike price 17.16 SGD, expires 11/05/08

 

 

(55,000

)

 

 

Singapore Telecommunications Ltd., strike price 3.97 SGD, expires 11/05/08

 

 

(414,000

)

 

(3

)

SPDR KBW Insurance, strike price $48, expires 12/22/08

 

 

(200

)

 

(7,000

)

SPDR KBW Insurance, strike price $49.86, expires 11/21/08

 

 

(13,000

)

 

(1

)

Sumitomo Corp., strike price 763.76 JPY, expires 01/06/09

 

 

(44,000

)

 

(78,423

)

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

 

 

(5,800

)

 

 

T. Rowe Price Group, Inc., strike price $60, expires 11/24/08

 

 

(30

)

 

(300

)

T. Rowe Price Group, Inc., strike price $62, expires 11/11/08

 

 

(5,000

)

 

(20

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR), strike price $11, expires 11/14/08

 

 

(80,000

)

 

(48

)

Target Corp., strike price $62.50, expires 01/19/09

 

 

(100

)

 

(6,850

)

TELUS Corp., strike price 50 CAD, expires 11/24/08

 

 

(140

)

 

(2,207

)

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

 

 

(200

)

 

(1,825

)

Torchmark Corp., strike price $65, expires 11/24/08

 

 

(40

)

 

(3,000

)

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

 

 

(10,000

)

 

(4

)

Total S.A., strike price 58.29 EUR, expires 11/04/08

 

 

(5,000

)

 

 

Toyota Motor Corp. (ADR), strike price $90, expires 01/19/09

 

 

(65

)

 

(23,400

)

U.S. Bancorp, strike price $30, expires 11/03/08

 

 

(56

)

 

(2,752

)

U.S. Bancorp, strike price $37.50, expires 12/22/08

 

 

(125

)

 

(1,875

)

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

 

 

(80

)

 

(22,400

)

UMB Financial Corp., strike price $56.50, expires 11/10/08

 

 

(5,400

)

 

(1,725

)

Unilever Plc, strike price 16.60 GBP, expires 11/11/08

 

 

(46,500

)

 

(1,654

)

United Overseas Bank Ltd., strike price 22.07 SGD, expires 11/05/08

 

 

(90,000

)

 

(1

)

Vivendi, strike price 24.98 EUR, expires 11/13/08

 

 

(22,700

)

 

(4,554

)

Vodafone Group Plc (ADR), strike price $35.25, expires 11/21/08

 

 

(28,000

)

 

(8

)

Wal-Mart Stores, Inc., strike price $60, expires 12/22/08

 

 

(120

)

 

(24,540

)

Wal-Mart Stores, Inc., strike price $65, expires 11/24/08

 

 

(120

)

 

(2,760

)

Walt Disney Co. (The), strike price $33.39, expires 11/21/08

 

 

(19,500

)

 

(226

)

Walt Disney Co. (The), strike price $35, expires 01/19/09

 

 

(100

)

 

(2,250

)

Wells Fargo & Co., strike price $30, expires 11/03/08

 

 

(145

)

 

(59,288

)

Wells Fargo & Co., strike price $40, expires 01/19/09

 

 

(90

)

 

(12,825

)

Wells Fargo & Co., strike price $40, expires 11/24/08

 

 

(100

)

 

(2,250

)

Weyerhauser Co., strike price $65, expires 01/19/09

 

 

(120

)

 

(1,800

)

Yara International ASA, strike price 332.72 NOK, expires 11/04/08

 

 

(57,500

)

 

 

Yum! Brands, Inc., strike price $40.50, expires 11/07/08

 

 

(22,000

)

 

 

               

Total Call Options Written

 

 

 

 

 

(1,757,902

)

               

Put Options Written—(0.0)%

 

 

 

 

 

 

 

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

 

 

(70

)

 

(19,775

)

Target Corp., strike price $40, expires 11/24/08

 

 

(75

)

 

(27,000

)

               

Total Put Options

 

 

 

 

 

(46,775

)

               

Total Options Written
(Premium Received—$8,453,687)—(0.8)%

 

 

 

 

 

(1,804,677

)

               

Total Investments Net of Options Written—101.5%

 

 

 

 

 

231,270,501

 

Liabilities in Excess of Other Assets—(1.5)%

 

 

 

 

 

(3,435,931

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

227,834,570

 

 

 

 

 

 

     

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

37



 

 


 

 

Schedule of Investments (concluded)

BlackRock Global Opportunities Equity Trust (BOE)


 

 

*

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


 

 

 

 

 

Aggregate cost

 

$

311,822,150

 

 

 

     

Gross unrealized appreciation

 

$

4,719,964

 

Gross unrealized depreciation

 

 

(83,466,936

)

 

 

     

Net unrealized depreciation

 

$

(78,746,972

)

 

 

     

 

 

(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

 

Income

 

           

BlackRock Liquidity Series, LLC Money Market Series

 

 

1,130,500

 

$

51,605

 

               

 

 

(f)

Security purchased with the cash proceeds from securities loans.

(g)

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

 

 

Foreign currency exchange contracts as of October 31, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

 

               

Currency Purchased

 

Currency Sold

 

Settlement
Date

 

Unrealized
Appreciation

 

               

USD

43,798

 

JPY

4,256,000

 

11/04/08

 

$

588

 

USD

12,216

 

CHF

14,000

 

11/03/08

 

 

144

 

                     

Total

 

 

 

 

 

 

 

$

732

 

 

 

 

 

 

 

 

 

     

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

38

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Schedule of Investments October 31, 2008

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Biotechnology—22.4%

 

 

 

 

 

 

 

3SBio, Inc. (ADR) (a)

 

 

5,800

 

$

36,192

 

Alexion Pharmaceuticals, Inc. (a)(b)

 

 

93,100

 

 

3,793,825

 

Amgen, Inc. (a)(b)

 

 

187,900

 

 

11,253,331

 

ARYx Therapeutics, Inc. (a)

 

 

20,300

 

 

49,329

 

Biogen Idec, Inc. (a)(b)

 

 

61,800

 

 

2,629,590

 

Celera Corp. (a)

 

 

118,700

 

 

1,342,497

 

Genentech, Inc. (a)(b)

 

 

104,160

 

 

8,639,031

 

Genzyme Corp. (a)

 

 

97,230

 

 

7,086,122

 

Halozyme Therapeutics, Inc. (a)

 

 

12,200

 

 

58,438

 

Incyte Corp. Ltd. (a)

 

 

33,700

 

 

139,855

 

Integra LifeSciences Holdings Corp. (a)(c)

 

 

104,120

 

 

3,908,665

 

Nanosphere, Inc. (a)

 

 

13,200

 

 

65,736

 

Vertex Pharmaceuticals, Inc. (a)

 

 

44,890

 

 

1,176,567

 

 

 

 

 

 

     

 

 

 

 

 

 

40,179,178

 

               

Commercial Services—0.6%

 

 

 

 

 

 

 

McKesson Corp.

 

 

28,610

 

 

1,052,562

 

               

Healthcare Products—26.5%

 

 

 

 

 

 

 

Alcon, Inc. (b)

 

 

43,200

 

 

3,806,784

 

Alphatec Holdings, Inc. (a)

 

 

70,900

 

 

278,637

 

Baxter International, Inc. (b)

 

 

154,950

 

 

9,372,925

 

Beckman Coulter, Inc.

 

 

53,580

 

 

2,674,714

 

Becton Dickinson & Co. (b)

 

 

30,000

 

 

2,082,000

 

Covidien Ltd.

 

 

70,960

 

 

3,142,818

 

Cyberonics, Inc. (a)

 

 

99,100

 

 

1,262,534

 

DiaSorin S.p.A.

 

 

32,200

 

 

591,688

 

Immucor, Inc. (a)

 

 

87,200

 

 

2,315,160

 

Johnson & Johnson (b)

 

 

123,670

 

 

7,585,918

 

Medtronic, Inc. (b)

 

 

229,090

 

 

9,239,200

 

Qiagen N.V. (a)

 

 

207,100

 

 

2,953,246

 

SenoRx, Inc. (a)

 

 

34,900

 

 

92,136

 

St. Jude Medical, Inc. (a)

 

 

58,100

 

 

2,209,543

 

 

 

 

 

 

     

 

 

 

 

 

 

47,607,303

 

               

Healthcare Services—5.1%

 

 

 

 

 

 

 

Aetna, Inc. (b)

 

 

83,800

 

 

2,084,106

 

DaVita, Inc. (a)(b)

 

 

53,980

 

 

3,063,365

 

Fresenius Medical Care AG & Co. KGaA

 

 

60,200

 

 

2,667,018

 

UnitedHealth Group, Inc.

 

 

57,700

 

 

1,369,221

 

 

 

 

 

 

     

 

 

 

 

 

 

9,183,710

 

               

Pharmaceuticals—22.6%

 

 

 

 

 

 

 

Abbott Laboratories (b)

 

 

63,640

 

 

3,509,746

 

AmerisourceBergen Corp. (b)

 

 

82,590

 

 

2,582,589

 

AstraZeneca Plc

 

 

27,400

 

 

1,161,170

 

Auxilium Pharmaceuticals, Inc. (a)(b)

 

 

120,400

 

 

2,365,860

 

BioForm Medical, Inc. (a)

 

 

12,800

 

 

26,240

 

BioMarin Pharmaceutical, Inc. (a)(b)

 

 

99,028

 

 

1,814,193

 

Express Scripts, Inc. (a)

 

 

26,880

 

 

1,629,197

 

Gilead Sciences, Inc. (a)(b)

 

 

169,660

 

 

7,778,911

 

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

 

 

101,710

 

 

3,859,894

 

Medivation, Inc. (a)(c)

 

 

23,000

 

 

431,710

 

Novartis AG (ADR) (b)

 

 

88,690

 

 

4,522,303

 

Poniard Pharmaceuticals, Inc. (a)

 

 

66,500

 

 

208,810

 

Rigel Pharmaceuticals, Inc. (a)

 

 

59,730

 

 

520,248

 

Roche Holding AG

 

 

27,150

 

 

4,151,964

 

Teva Pharmaceutical Industries Ltd. (ADR) (b)

 

 

66,950

 

 

2,870,816

 

United Therapeutics Corp. (a)

 

 

21,760

 

 

1,898,125

 

Wyeth

 

 

39,432

 

 

1,268,922

 

 

 

 

 

 

     

 

 

 

 

 

 

40,600,698

 

               

Technology—0.3%

 

 

 

 

 

 

 

CVS Caremark Corp. (b)

 

 

18,000

 

 

551,700

 

               

Software—0.2%

 

 

 

 

 

 

 

MedAssets, Inc. (a)

 

 

25,240

 

 

364,213

 

               

Total Long-Term Investments
(Cost—$145,194,981)—77.7%

 

 

 

 

 

139,539,364

 

               

 

 

 

 

 

 

 

 

Short-Term Securities

 

Beneficial
Interest/Shares

 

Value

 

               

BlackRock Liquidity Series, LLC Money Market Series, 1.57% (d)(e)(f)

 

 

2,226,500

 

$

2,226,500

 

Fidelity Institutional Money Market Prime Portfolio, 2.44% (d)

 

 

35,994,746

 

 

35,994,746

 

               

Total Short-Term Securities
(Cost—$38,221,246)—21.3%

 

 

 

 

 

38,221,246

 

               

 

 

 

 

 

 

 

 









 

Options Purchased

 

Contracts

 

 

 

 

               

Call Options Purchased—0.1%

 

 

 

 

 

 

 

Alexion Pharmaceuticals, Inc., strike price $35, expires 11/22/08

 

 

100

 

 

69,000

 

Celgene Corp., strike price $71, expires 11/14/08

 

 

190

 

 

8,238

 

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

 

 

42

 

 

7,560

 

Charles River Laboratories International, Inc., strike price $60, expires 11/24/08

 

 

226

 

 

5,085

 

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

 

 

20,500

 

 

 

               

Total Options Purchased
(Cost—$117,335)—0.1%

 

 

 

 

 

89,883

 

               

Total Investments Before Options Written
(Cost—$183,533,562*)—99.1%

 

 

 

 

 

177,850,493

 

               

 

 

 

 

 

 

 

 









 

Options Written

 

 

 

 

 

 

 

               

Call Options Written—(0.4)%

 

 

 

 

 

 

 

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

 

 

(470

)

 

(25,850

)

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

 

 

(100

)

 

(750

)

Alcon, Inc., strike price $100, expires 11/24/08

 

 

(150

)

 

(105,255

)

Alcon, Inc., strike price $165, expires 11/26/08

 

 

(5,000

)

 

(47

)

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

 

 

(50

)

 

(750

)

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

 

 

(50

)

 

(750

)

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

 

 

(100

)

 

(1,500

)

Amgen, Inc., strike price $62.50, expires 11/05/08

 

 

(30,000

)

 

(10,503

)

Amgen, Inc., strike price $70, expires 01/19/09

 

 

(200

)

 

(25,900

)

AstraZeneca Plc, strike price 24.50 GBP, expires 12/02/08

 

 

(7,800

)

 

(23,886

)

Auxilium Pharmaceuticals, Inc., strike price $40, expires 12/22/08

 

 

(200

)

 

(18,000

)

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

 

 

(235

)

 

 

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

 

 

(300

)

 

(25,500

)

Baxter International, Inc., strike price $68, expires 11/03/08

 

 

(200

)

 

(2

)

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

 

 

(300

)

 

(3,750

)

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

 

 

(50

)

 

(750

)

Beckman Coulter, Inc., strike price $80, expires 11/24/08

 

 

(50

)

 

(250

)

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

 

 

(200

)

 

(7,000

)

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

 

 

(100

)

 

(2,500

)

Biogen Idec, Inc., strike price $40, expires 12/22/08

 

 

(155

)

 

(80,600

)

Biogen Idec, Inc., strike price $45, expires 12/22/08

 

 

(155

)

 

(39,913

)

Biogen Idec, Inc., strike price $50, expires 11/24/08

 

 

(125

)

 

(4,688

)

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

 

 

(25,000

)

 

 

Celera Corp., strike price $15, expires 11/24/08

 

 

(180

)

 

(2,700

)

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

 

 

(190

)

 

(7,089

)

Celgene Corp., strike price $80, expires 01/19/09

 

 

(42

)

 

(3,570

)

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

 

 

(200

)

 

(4,000

)

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

 

 

(26

)

 

(520

)

Covidien Ltd., strike price $55, expires 11/24/08

 

 

(150

)

 

(1,500

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

39



 

 



 

 

Schedule of Investments (concluded)

BlackRock Health Sciences Trust (BME)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Call Options Written—(continued)

 

 

 

 

 

 

 

DaVita, Inc., strike price $60, expires 01/19/09

 

 

(70

)

$

(18,025

)

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

 

 

(14

)

 

(1,540

)

Express Scripts, Inc., strike price $80, expires 11/24/08

 

 

(50

)

 

(500

)

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

 

 

(10,000

)

 

(8,032

)

Genentech, Inc., strike price $90, expires 11/24/08

 

 

(220

)

 

(23,100

)

Genentech, Inc., strike price $95, expires 12/22/08

 

 

(200

)

 

(31,500

)

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

 

 

(200

)

 

(4,000

)

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

 

 

(350

)

 

(37,625

)

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

 

 

(150

)

 

(1,500

)

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

 

 

(100

)

 

(1,500

)

Immucor, Inc., strike price $30, expires 11/24/08

 

 

(50

)

 

(1,500

)

Immucor, Inc., strike price $35, expires 12/22/08

 

 

(50

)

 

(1,250

)

Incyte Corp. Ltd., strike price $12.50, expires 12/22/08

 

 

(50

)

 

(1,500

)

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

 

 

(10

)

 

(725

)

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

 

 

(10,000

)

 

(53

)

Integra LifeSciences Holdings Corp., strike price $50, expires 11/24/08

 

 

(22

)

 

(440

)

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

 

 

(135

)

 

(3,713

)

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

 

 

(100

)

 

(11,250

)

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

 

 

(150

)

 

 

Johnson & Johnson, strike price $75, expires 01/19/09

 

 

(70

)

 

(2,800

)

McKesson Corp., strike price $60, expires 11/24/08

 

 

(60

)

 

(600

)

Medco Health Solutions, Inc., strike price $53, expires 11/07/08

 

 

(210

)

 

 

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

 

 

(200

)

 

(180

)

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

 

 

(50

)

 

(1,125

)

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

 

 

(138

)

 

(690

)

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

 

 

(200

)

 

(1,000

)

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

 

 

(150

)

 

(2,447

)

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

 

 

(100

)

 

(8,750

)

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

 

 

(100

)

 

(3,250

)

Qiagen N.V., strike price $20, expires 01/19/09

 

 

(100

)

 

(2,500

)

Qiagen N.V., strike price $22.50, expires 11/24/08

 

 

(400

)

 

(4,000

)

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

 

 

(75

)

 

(3,750

)

Rigel Pharmaceuticals, Inc., strike price $30, expires 12/22/08

 

 

(25

)

 

(625

)

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

 

 

(15,000

)

 

(17,917

)

St. Jude Medical, Inc., strike price $45, expires 01/19/09

 

 

(130

)

 

(12,025

)

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

 

 

(205

)

 

 

Teva Pharmaceutical Industries Ltd. (ADR), strike price $45, expires 12/22/08

 

 

(200

)

 

(26,000

)

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

 

 

(100

)

 

(4,750

)

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

 

 

(100

)

 

(36,500

)

UnitedHealth Group, Inc., strike price $27.50, expires 12/22/08

 

 

(80

)

 

(8,600

)

Vertex Pharmaceuticals, Inc., strike price $40, expires 01/19/09

 

 

(50

)

 

(1,500

)

               

Total Call Options

 

 

 

 

 

(684,285

)

               

Put Options Written—(1.9)%

 

 

 

 

 

 

 

Abbott Laboratories, strike price $55, expires 11/24/08

 

 

(320

)

 

(68,000

)

Aetna, Inc., strike price $30, expires 11/24/08

 

 

(100

)

 

(55,500

)

Aetna, Inc., strike price $38.50, expires 11/10/08

 

 

(21,300

)

 

(290,319

)

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

 

 

(265

)

 

(31,403

)

Amgen, Inc., strike price $61, expires 11/10/08

 

 

(242

)

 

(59,842

)

Baxter International, Inc., strike price $57.50, expires 11/24/08

 

 

(300

)

 

(47,250

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Put Options Written—(concluded)

 

 

 

 

 

 

 

Becton Dickinson & Co., strike price $68, expires 12/01/08

 

 

(90,000

)

$

(257,660

)

Becton Dickinson & Co., strike price $75, expires 11/24/08

 

 

(250

)

 

(166,250

)

Becton Dickinson & Co., strike price $82.75, expires 11/05/08

 

 

(280

)

 

(373,800

)

Celera Corp., strike price $12.50, expires 11/24/08

 

 

(278

)

 

(52,125

)

Celera Corp., strike price $15, expires 11/10/08

 

 

(14,000

)

 

(52,007

)

CVS Caremark Corp., strike price $35, expires 11/24/08

 

 

(50

)

 

(23,000

)

CVS Caremark Corp., strike price $36, expires 11/05/08

 

 

(350

)

 

(187,250

)

CVS Caremark Corp., strike price $36.50, expires 11/03/08

 

 

(955

)

 

(558,675

)

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

 

 

(220

)

 

(63,250

)

Halozyme Therapeutics, Inc., strike price $7, expires 11/03/08

 

 

(330

)

 

(72,930

)

Immucor, Inc., strike price $22.50, expires 11/24/08

 

 

(185

)

 

(8,787

)

Johnson & Johnson, strike price $65, expires 11/24/08

 

 

(95

)

 

(45,125

)

Johnson & Johnson, strike price $70, expires 11/24/08

 

 

(100

)

 

(90,000

)

Medco Health Solutions, Inc., strike price $45, expires 11/24/08

 

 

(50

)

 

(37,000

)

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

 

 

(48

)

 

(25,200

)

Medtronic, Inc., strike price $50, expires 11/24/08

 

 

(50

)

 

(48,500

)

Merck & Co., Inc., strike price $31.50, expires 11/10/08

 

 

(1,321

)

 

(195,032

)

Novartis AG (ADR), strike price $50, expires 11/24/08

 

 

(50

)

 

(10,500

)

Pfizer, Inc., strike price $18.75, expires 11/03/08

 

 

(1,745

)

 

(189,647

)

Roche Holding AG, strike price 184 CHF, expires 11/03/08

 

 

(21,100

)

 

(138,173

)

United Therapeutics Corp., strike price $85, expires 11/24/08

 

 

(20

)

 

(22,800

)

UnitedHealth Group, Inc., strike price $20, expires 11/24/08

 

 

(185

)

 

(11,562

)

UnitedHealth Group, Inc., strike price $21, expires 11/24/08

 

 

(185

)

 

(15,263

)

Vertex Pharmaceuticals, Inc., strike price $25, expires 11/24/08

 

 

(40

)

 

(6,800

)

Vertex Pharmaceuticals, Inc., strike price $29, expires 11/10/08

 

 

(263

)

 

(79,775

)

               

Total Put Options Written

 

 

 

 

 

(3,283,425

)

               

Total Options Written
(Premium Received—$5,552,545)—(2.3)%

 

 

 

 

 

(3,967,710

)

               

Total Investments Net of Options Written—96.8%

 

 

 

 

 

173,882,783

 

Other Assets in Excess of Liabilities—3.2%

 

 

 

 

 

5,759,015

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

179,641,798

 

 

 

 

 

 

     

 

 

*

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


 

 

 

 

 

Aggregate cost

 

$

185,027,640

 

 

 

     

Gross unrealized appreciation

 

$

8,515,841

 

Gross unrealized depreciation

 

 

(15,692,988

)

 

 

     

Net unrealized depreciation

 

$

(7,177,147

)

 

 

     

 

 

(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

 

Income

 

               

BlackRock Liquidity Series, LLC Money Market Series

 

 

(949,100

)

$

64,833

 

               

 

 

(f)

Security purchased with the cash proceeds from securities loans.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

40

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Schedule of Investments October 31, 2008

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Australia—2.6%

 

 

 

 

 

 

 

BHP Billiton Ltd. (ADR) (a)

 

 

216,300

 

$

8,409,744

 

OZ Minerals Ltd.

 

 

4,238,520

 

 

2,662,701

 

Santos Ltd.

 

 

656,000

 

 

5,939,327

 

Sims Group Ltd.

 

 

442,150

 

 

4,240,067

 

Woodside Petroleum Ltd.

 

 

280,000

 

 

7,911,424

 

 

 

 

 

 

     

 

 

 

 

 

 

29,163,263

 

               

Belgium—1.2%

 

 

 

 

 

 

 

Belgacom S.A.

 

 

304,100

 

 

10,404,662

 

Compagnie Maritime Belge S.A.

 

 

141,500

 

 

2,744,716

 

 

 

 

 

 

     

 

 

 

 

 

 

13,149,378

 

               

Brazil—2.6%

 

 

 

 

 

 

 

Aracruz Celulose S.A. (ADR)

 

 

207,700

 

 

2,762,410

 

BM&FBOVESPA S.A.

 

 

377,444

 

 

1,001,755

 

Cia Energetica de Minas Gerais (ADR) (a)

 

 

744,431

 

 

11,322,796

 

Petroleo Brasileiro S.A. (ADR) (a)

 

 

356,900

 

 

9,597,041

 

Unibanco - Uniao de Bancos Brasileiros S.A. (GDR)

 

 

71,900

 

 

4,535,452

 

 

 

 

 

 

     

 

 

 

 

 

 

29,219,454

 

               

Canada—8.7%

 

 

 

 

 

 

 

Barrick Gold Corp. (a)

 

 

509,300

 

 

11,571,296

 

Bombardier, Inc., Class B

 

 

1,400,000

 

 

5,401,145

 

Canadian National Railway Co.

 

 

186,000

 

 

8,046,360

 

Canadian Natural Resources Ltd.

 

 

196,200

 

 

9,900,344

 

EnCana Corp. (a)

 

 

155,300

 

 

7,906,323

 

Goldcorp, Inc.

 

 

307,700

 

 

5,754,217

 

Husky Energy, Inc. (a)

 

 

277,276

 

 

8,327,712

 

Kinross Gold Corp.

 

 

1,102,300

 

 

11,477,528

 

Potash Corp. of Saskatchewan

 

 

17,400

 

 

1,483,524

 

Shoppers Drug Mart Corp.

 

 

170,000

 

 

6,544,429

 

Suncor Energy, Inc.

 

 

234,000

 

 

5,597,280

 

Teck Cominco Ltd., Class B

 

 

34,765

 

 

341,045

 

TELUS Corp.

 

 

237,600

 

 

8,391,796

 

Toronto-Dominion Bank

 

 

110,000

 

 

5,194,723

 

 

 

 

 

 

     

 

 

 

 

 

 

95,937,722

 

               

Chile—1.0%

 

 

 

 

 

 

 

Banco Santander-Chile (ADR) (a)

 

 

291,200

 

 

10,424,960

 

               

China—1.1%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

11,927,500

 

 

5,916,985

 

Industrial & Commercial Bank of China

 

 

13,925,700

 

 

6,552,329

 

 

 

 

 

 

     

 

 

 

 

 

 

12,469,314

 

               

Denmark—0.3%

 

 

 

 

 

 

 

TrygVesta AS

 

 

56,100

 

 

3,373,243

 

               

Finland—0.4%

 

 

 

 

 

 

 

Wartsila Oyj, B Shares

 

 

159,100

 

 

4,031,007

 

               

France—6.0%

 

 

 

 

 

 

 

Alstom S.A.

 

 

126,600

 

 

6,274,766

 

AXA S.A.

 

 

340,100

 

 

6,497,289

 

BNP Paribas

 

 

105,500

 

 

7,617,243

 

Cap Gemini S.A.

 

 

203,500

 

 

6,556,720

 

Casino Guichard Perrachon S.A.

 

 

78,800

 

 

5,508,353

 

France Telecom S.A.

 

 

291,900

 

 

7,360,432

 

Societe Generale

 

 

75,600

 

 

4,120,582

 

Total S.A.

 

 

192,000

 

 

10,562,588

 

Unibail-Rodamco (REIT)

 

 

7,200

 

 

1,079,891

 

Vivendi

 

 

416,100

 

 

10,876,490

 

 

 

 

 

 

     

 

 

 

 

 

 

66,454,354

 

               

Germany—7.0%

 

 

 

 

 

 

 

Adidas AG

 

 

268,900

 

 

9,340,605

 

BASF AG

 

 

249,000

 

 

8,220,402

 

DaimlerChrysler AG

 

 

130,200

 

 

4,413,784

 

Deutsche Post AG (a)

 

 

561,300

 

 

6,154,445

 

E.ON AG

 

 

223,206

 

 

8,364,614

 

Hannover Rueckversicherung AG

 

 

90,894

 

 

2,250,145

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

               

Germany—(concluded)

 

 

 

 

 

 

 

Linde AG

 

 

179,800

 

$

14,877,032

 

MAN AG

 

 

99,200

 

 

4,850,256

 

RWE AG

 

 

137,800

 

 

11,296,985

 

SAP AG

 

 

136,200

 

 

4,768,527

 

ThyssenKrupp AG

 

 

171,000

 

 

3,238,840

 

 

 

 

 

 

     

 

 

 

 

 

 

77,775,635

 

               

Greece—0.6%

 

 

 

 

 

 

 

OPAP S.A.

 

 

320,000

 

 

6,987,098

 

               

Hong Kong—3.5%

 

 

 

 

 

 

 

China Mobile Ltd.

 

 

691,700

 

 

6,089,254

 

Esprit Holdings Ltd.

 

 

938,700

 

 

5,333,785

 

Kerry Properties Ltd.

 

 

1,641,300

 

 

4,123,019

 

New World Development Co. Ltd.

 

 

4,073,000

 

 

3,390,504

 

Sun Hung Kai Properties Ltd.

 

 

619,200

 

 

5,424,875

 

Yue Yuen Industrial Holdings Ltd.

 

 

7,244,500

 

 

14,490,028

 

 

 

 

 

 

     

 

 

 

 

 

 

38,851,465

 

               

Indonesia—0.3%

 

 

 

 

 

 

 

Telekomunikasi Indonesia Tbk PT (ADR)

 

 

155,800

 

 

3,122,232

 

               

Israel—1.2%

 

 

 

 

 

 

 

Cellcom Israel Ltd.

 

 

431,400

 

 

12,709,044

 

               

Italy—2.0%

 

 

 

 

 

 

 

Assicurazioni Generali S.p.A.

 

 

126,800

 

 

3,202,190

 

Enel S.p.A.

 

 

2,265,690

 

 

15,158,055

 

Intesa Sanpaolo S.p.A.

 

 

1,388,600

 

 

4,121,548

 

 

 

 

 

 

     

 

 

 

 

 

 

22,481,793

 

               

Japan—11.5%

 

 

 

 

 

 

 

Bank of Yokohama Ltd. (The)

 

 

1,770,500

 

 

8,587,778

 

Canon, Inc.

 

 

179,600

 

 

6,284,499

 

Daito Trust Construction Co. Ltd.

 

 

209,500

 

 

8,837,757

 

Fanuc Ltd.

 

 

182,000

 

 

12,126,416

 

Honda Motor Co. Ltd.

 

 

529,400

 

 

13,163,740

 

ITOCHU Corp.

 

 

1,144,300

 

 

6,047,341

 

Japan Real Estate Investment Corp. (REIT)

 

 

380

 

 

3,364,938

 

Japan Tobacco, Inc.

 

 

2,380

 

 

8,443,466

 

Komatsu Ltd.

 

 

756,900

 

 

8,321,107

 

Konica Minolta Holdings, Inc.

 

 

989,000

 

 

6,495,066

 

Mizuho Financial Group, Inc.

 

 

1,320

 

 

3,223,178

 

Nintendo Co. Ltd.

 

 

60,100

 

 

19,310,628

 

Shizuoka Bank Ltd. (The)

 

 

584,300

 

 

5,160,393

 

Sumitomo Corp.

 

 

1,154,600

 

 

10,158,219

 

Toyo Suisan Kaisha Ltd.

 

 

314,500

 

 

8,108,941

 

 

 

 

 

 

     

 

 

 

 

 

 

127,633,467

 

               

Luxembourg—2.3%

 

 

 

 

 

 

 

ArcelorMittal

 

 

190,000

 

 

4,932,700

 

Oriflame Cosmetics S.A.

 

 

108,186

 

 

3,379,892

 

Reinet Investments SCA (b)

 

 

32,222

 

 

331,834

 

SES S.A.

 

 

724,490

 

 

13,033,277

 

Tenaris S.A. (ADR)

 

 

195,000

 

 

4,015,050

 

 

 

 

 

 

     

 

 

 

 

 

 

25,692,753

 

               

Malaysia—1.6%

 

 

 

 

 

 

 

IOI Corp. Bhd

 

 

144,725

 

 

114,722

 

Sime Darby Bhd

 

 

3,737,000

 

 

6,600,105

 

Telekom Malaysia Bhd

 

 

5,111,200

 

 

4,835,068

 

TM International Bhd (b)

 

 

5,111,200

 

 

6,541,291

 

 

 

 

 

 

     

 

 

 

 

 

 

18,091,186

 

               

Netherlands—1.7%

 

 

 

 

 

 

 

Corio N.V. (REIT)

 

 

20,400

 

 

1,090,172

 

Heineken N.V.

 

 

440,700

 

 

14,866,239

 

Koninklijke Ahold N.V. (a)

 

 

252,600

 

 

2,711,756

 

 

 

 

 

 

     

 

 

 

 

 

 

18,668,167

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

41



 

 


 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Norway—2.1%

 

 

 

 

 

 

 

Fred Olsen Energy ASA

 

 

289,116

 

$

9,558,382

 

Orkla ASA

 

 

156,000

 

 

1,038,526

 

StatoilHydro ASA

 

 

390,000

 

 

7,844,312

 

Yara International ASA

 

 

238,500

 

 

4,982,792

 

 

 

 

 

 

     

 

 

 

 

 

 

23,424,012

 

               

Philippines—0.6%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. (ADR) (a)

 

 

149,600

 

 

6,118,640

 

               

Russia—1.3%

 

 

 

 

 

 

 

Gazprom OAO (ADR)

 

 

257,900

 

 

5,135,583

 

NovaTek OAO (GDR)

 

 

143,700

 

 

5,682,741

 

Tatneft (GDR)

 

 

82,400

 

 

3,609,320

 

 

 

 

 

 

     

 

 

 

 

 

 

14,427,644

 

               

Singapore—4.3%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

2,819,000

 

 

5,649,746

 

Singapore Airlines Ltd.

 

 

1,014,000

 

 

7,768,774

 

Singapore Technologies Engineering Ltd.

 

 

4,781,000

 

 

7,548,499

 

Singapore Telecommunications Ltd.

 

 

10,041,100

 

 

16,898,339

 

United Overseas Bank Ltd.

 

 

1,028,800

 

 

9,301,129

 

 

 

 

 

 

     

 

 

 

 

 

 

47,166,487

 

               

South Africa—0.8%

 

 

 

 

 

 

 

Sasol Ltd. (ADR)

 

 

320,100

 

 

9,260,493

 

               

South Korea—0.6%

 

 

 

 

 

 

 

Samsung Electronics Co. Ltd.

 

 

14,900

 

 

6,281,895

 

               

Spain—1.1%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria S.A.

 

 

460,700

 

 

5,347,034

 

Banco Popular Espanol S.A.

 

 

241,000

 

 

2,193,258

 

Banco Santander S.A.

 

 

450,000

 

 

4,866,825

 

 

 

 

 

 

     

 

 

 

 

 

 

12,407,117

 

               

Sweden—0.9%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

518,700

 

 

4,157,451

 

SSAB Svenskt Stal AB, Series A

 

 

151,800

 

 

1,534,857

 

TeliaSonera AB

 

 

970,000

 

 

4,267,678

 

 

 

 

 

 

     

 

 

 

 

 

 

9,959,986

 

               

Switzerland—7.5%

 

 

 

 

 

 

 

ACE Ltd.

 

 

50,750

 

 

2,911,020

 

Compagnie Financiere Richemont S.A.

 

 

235,391

 

 

4,948,549

 

Credit Suisse Group AG

 

 

53,200

 

 

1,989,354

 

Nestle S.A.

 

 

392,000

 

 

15,243,701

 

Novartis AG

 

 

723,200

 

 

36,708,196

 

Swiss Life Holding AG (b)

 

 

17,900

 

 

1,612,900

 

Syngenta AG

 

 

65,000

 

 

12,150,663

 

UBS AG (b)

 

 

263,900

 

 

4,477,664

 

Zurich Financial Services AG

 

 

14,800

 

 

3,002,589

 

 

 

 

 

 

     

 

 

 

 

 

 

83,044,636

 

               

Taiwan—3.5%

 

 

 

 

 

 

 

Nan Ya Plastics Corp.

 

 

8,936,000

 

 

12,384,247

 

Taiwan Mobile Co. Ltd.

 

 

9,200,333

 

 

12,720,407

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

1,298,513

 

 

10,725,717

 

Via Technologies, Inc. (b)

 

 

13,673,000

 

 

3,310,064

 

 

 

 

 

 

     

 

 

 

 

 

 

39,140,435

 

               

Turkey—0.5%

 

 

 

 

 

 

 

Turkcell Iletisim Hizmet AS (ADR) (a)

 

 

407,400

 

 

4,998,798

 

               

United Kingdom—17.5%

 

 

 

 

 

 

 

Arriva Plc (a)

 

 

736,500

 

 

7,125,215

 

AstraZeneca Plc

 

 

143,500

 

 

6,081,308

 

Aviva Plc

 

 

386,500

 

 

2,305,474

 

Barclays Plc

 

 

262,300

 

 

751,904

 

BP Plc

 

 

2,469,700

 

 

20,131,698

 

BP Plc (ADR)

 

 

92,000

 

 

4,572,400

 

British American Tobacco Plc

 

 

481,705

 

 

13,212,808

 

De La Rue Plc

 

 

958,773

 

 

13,831,068

 

Firstgroup Plc

 

 

1,075,200

 

 

7,095,353

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United Kingdom—(concluded)

 

 

 

 

 

 

 

HSBC Holdings Plc

 

 

684,900

 

$

8,112,096

 

Imperial Tobacco Group Plc

 

 

251,300

 

 

6,735,216

 

Intercontinental Hotels Group Plc

 

 

466,550

 

 

3,960,873

 

International Power Plc (a)

 

 

2,033,400

 

 

7,274,485

 

Meggitt Plc

 

 

1,696,800

 

 

3,717,204

 

National Express Group Plc (a)

 

 

618,200

 

 

5,694,816

 

Northumbrian Water Group Plc (a)

 

 

1,806,100

 

 

9,076,373

 

Prudential Plc

 

 

356,500

 

 

1,790,818

 

Rio Tinto Plc (ADR)

 

 

35,700

 

 

6,635,559

 

Royal Dutch Shell Plc, Class B

 

 

748,600

 

 

20,295,849

 

Smiths Group Plc

 

 

590,700

 

 

7,605,637

 

Standard Chartered Plc

 

 

254,900

 

 

4,212,736

 

Standard Life Plc

 

 

966,300

 

 

3,740,575

 

Unilever Plc

 

 

525,000

 

 

11,794,551

 

United Business Media Ltd.

 

 

801,100

 

 

5,212,932

 

Vodafone Group Plc

 

 

3,441,600

 

 

6,620,653

 

Willis Group Holdings Ltd. (a)

 

 

219,400

 

 

5,757,057

 

 

 

 

 

 

     

 

 

 

 

 

 

193,344,658

 

           

Total Long-Term Investments
(Cost—$1,935,718,848)—96.3%

 

 

 

 

 

1,065,810,336

 

           

 

 

 

 

 

 

 

 


 

Short-Term Securities

 

 

 

 

 

 

 

               

Fidelity Institutional Money Market Prime Portfolio, 2.44% (c)

 

 

54,770,810

 

 

54,770,810

 

               

Total Short-Term Securities
(Cost—$54,770,810)—4.9%

 

 

 

 

 

54,770,810

 

               

Total Investments Before Options Written
(Cost—$1,990,489,658*)—101.2%

 

 

 

 

 

1,120,581,146

 

               

 

 

 

 

 

 

 

 


 

Options Written

 

Contracts

 

 

 

 

             

Call Options Written—(1.6)%

 

 

 

 

 

 

 

ACE Ltd., strike price $50, expires 11/24/08

 

 

(144

)

 

(136,800

)

ACE Ltd., strike price $60, expires 12/22/08

 

 

(135

)

 

(53,325

)

Adidas AG, strike price 33.73 EUR, expires 12/09/08

 

 

(52,000

)

 

(58,711

)

Adidas AG, strike price 38 EUR, expires 11/21/08

 

 

(52,000

)

 

(5,736

)

Alstom S.A., strike price 82 EUR, expires 11/06/08

 

 

(70,000

)

 

(1

)

Aracruz Celulose S.A. (ADR), strike price $20, expires 12/22/08

 

 

(400

)

 

(48,000

)

ArcelorMittal, strike price 55.14 EUR, expires 11/04/08

 

 

(52,000

)

 

(1

)

Arriva Plc, strike price 6.47 GBP, expires 12/09/08

 

 

(245,000

)

 

(74,548

)

Assicurazioni Generali S.p.A., strike price 23.70 EUR, expires 11/04/08

 

 

(64,000

)

 

(17

)

AstraZeneca Plc, strike price 24.50 GBP, expires 12/02/08

 

 

(79,000

)

 

(241,927

)

AXA S.A., strike price 21.99 EUR, expires 11/04/08

 

 

(102,000

)

 

(26

)

AXA S.A., strike price 23 EUR, expires 11/03/08

 

 

(50,000

)

 

(1

)

Banco Bilbao Vizcaya Argentaria S.A., strike price 10.34 EUR, expires 12/09/08

 

 

(230,500

)

 

(113,355

)

Banco Santander S.A., strike price 9.32 EUR, expires 12/12/08

 

 

(100,000

)

 

(54,806

)

Bank of Yokohama Ltd. (The), strike price 668.63 JPY, expires 11/05/08

 

 

(1,103,500

)

 

(128

)

Barclays Plc, strike price 2.73 GBP, expires 12/09/08

 

 

(145,000

)

 

(7,508

)

Barrick Gold Corp., strike price $32.50, expires 12/22/08

 

 

(1,400

)

 

(77,000

)

BASF AG, strike price 24.50 EUR, expires 12/09/08

 

 

(35,000

)

 

(141,121

)

BASF AG, strike price 26.25 EUR, expires 12/09/08

 

 

(50,000

)

 

(144,489

)

Belgacom S.A., strike price 27.24 EUR, expires 12/02/08

 

 

(60,000

)

 

(74,078

)

Belgacom S.A., strike price 30 EUR, expires 11/21/08

 

 

(160

)

 

(2,514

)

BHP Billiton Ltd. (ADR), strike price $47.18, expires 12/15/08

 

 

(50,000

)

 

(64,655

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

42

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

Schedule of Investments (continued)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

BHP Billiton Ltd. (ADR), strike price $75, expires 11/24/08

 

 

(250

)

$

(1,250

)

BNP Paribas, strike price 70 EUR, expires 12/02/08

 

 

(37,200

)

 

(65,522

)

Bombardier, Inc., Class B, strike price 6 CAD, expires 12/22/08

 

 

(2,500

)

 

(37,335

)

BP Plc, strike price 5.38 GBP, expires 11/03/08

 

 

(1,479,700

)

 

(106,982

)

British American Tobacco Plc, strike price 16.67 GBP, expires 11/24/08

 

 

(285,200

)

 

(596,534

)

British American Tobacco Plc, strike price 18.20 GBP, expires 12/02/08

 

 

(52,600

)

 

(64,086

)

Canon, Inc., strike price 3,053.95 JPY, expires 01/06/09

 

 

(60,000

)

 

(405,104

)

Cap Gemini S.A., strike price 26.72 EUR, expires 12/09/08

 

 

(50,000

)

 

(111,563

)

CapitaLand Ltd., strike price 2.96 SGD, expires 01/06/09

 

 

(515,000

)

 

(114,547

)

CapitaLand Ltd., strike price 4.68 SGD, expires 11/12/08

 

 

(423,000

)

 

(3

)

Casino Guichard Perrachon S.A., strike price 57.31 EUR, expires 12/09/08

 

 

(20,000

)

 

(72,015

)

Cellcom Israel Ltd., strike price $30.33, expires 12/19/08

 

 

(140,000

)

 

(123,046

)

China Construction Bank Corp., Class H, strike price 3.88 HKD, expires 01/06/09

 

 

(4,000,000

)

 

(298,874

)

China Mobile Ltd., strike price 97.76 HKD, expires 11/12/08

 

 

(380,000

)

 

(41

)

China Mobile Ltd., strike price 98.16 HKD, expires 11/05/08

 

 

(311,000

)

 

 

Cia Energetica de Minas Gera (ADR), strike price $17.57, expires 12/19/08

 

 

(200,000

)

 

(160,300

)

DaimlerChrysler AG, strike price 29.58 EUR, expires 12/09/08

 

 

(30,000

)

 

(82,416

)

Daito Trust Construction Co. Ltd., strike price 4,588.13 JPY, expires 11/05/08

 

 

(100,000

)

 

(26,422

)

Daito Trust Construction Co. Ltd., strike price 4,694.96 JPY, expires 11/05/08

 

 

(109,500

)

 

(16,334

)

De La Rue Plc, strike price 8.90 GBP, expires 12/02/08

 

 

(200,000

)

 

(130,513

)

De La Rue Plc, strike price 8.90 GBP, expires 12/09/08

 

 

(200,000

)

 

(144,285

)

De La Rue Plc, strike price 9.31 GBP, expires 01/07/09

 

 

(125,000

)

 

(82,093

)

Deutsche Post AG, strike price 11.24 EUR, expires 12/09/08

 

 

(150,000

)

 

(27,838

)

E.ON AG, strike price 35.63 EUR, expires 12/09/08

 

 

(50,000

)

 

(14,134

)

EnCana Corp., strike price $50, expires 12/22/08

 

 

(425

)

 

(261,375

)

Enel S.p.A., strike price 5.40 EUR, expires 11/24/08

 

 

(2,265,690

)

 

(655,915

)

Esprit Holdings Ltd., strike price 42.98 HKD, expires 01/06/09

 

 

(188,000

)

 

(164,673

)

Esprit Holdings Ltd., strike price 84 HKD, expires 11/12/08

 

 

(328,000

)

 

 

Fanuc Ltd., strike price 6,839.94 JPY, expires 01/06/09

 

 

(60,000

)

 

(527,836

)

Firstgroup Plc, strike price 4.74 GBP, expires 12/09/08

 

 

(450,000

)

 

(101,618

)

France Telecom S.A., strike price 22 EUR, expires 12/09/08

 

 

(100,000

)

 

(99,204

)

Fred Olsen Energy ASA, strike price 216.12 NOK, expires 12/02/08

 

 

(95,400

)

 

(284,784

)

Fred Olsen Energy ASA, strike price 216.12 NOK, expires 12/09/08

 

 

(95,400

)

 

(304,353

)

Gazprom OAO (ADR), strike price $16.56, expires 12/09/08

 

 

(50,000

)

 

(256,804

)

Heineken N.V., strike price 26.63 EUR, expires 12/02/08

 

 

(100,000

)

 

(205,782

)

Honda Motor Co. Ltd., strike price 2,609.90 JPY, expires 01/06/09

 

 

(175,000

)

 

(514,092

)

HSBC Holdings Plc, strike price 8.72 GBP, expires 12/09/08

 

 

(155,000

)

 

(40,984

)

HSBC Holdings Plc, strike price 8.85 GBP, expires 12/02/08

 

 

(225,000

)

 

(38,415

)

Husky Energy, Inc., strike price 49 CAD, expires 11/20/08

 

 

(2,770

)

 

(18,385

)

Imperial Tobacco Group Plc, strike price 16.66 GBP, expires 12/09/08

 

 

(70,000

)

 

(142,020

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

Imperial Tobacco Group Plc, strike price 16.68 GBP, expires 12/02/08

 

 

(68,000

)

$

(124,438

)

Industrial & Commercial Bank of China, strike price 3.91 HKD, expires 01/06/09

 

 

(3,500,000

)

 

(181,028

)

Intercontinental Hotels Group Plc, strike price 7.78 GBP, expires 11/04/08

 

 

(100,000

)

 

(2

)

International Power Plc, strike price 2.09 GBP, expires 12/09/08

 

 

(500,000

)

 

(166,727

)

Intesa Sanpaolo S.p.A., strike price 3.34 EUR, expires 11/03/08

 

 

(1,388,600

)

 

(18

)

IOI Corp. Bhd, strike price $5.15, expires 11/12/08

 

 

(1,600,000

)

 

(16

)

ITOCHU Corp., strike price 492.69 JPY, expires 01/06/09

 

 

(380,000

)

 

(348,327

)

Japan Real Estate Investment Corp. (REIT), strike price 844,868.75 JPY, expires 01/06/09

 

 

(200

)

 

(251,872

)

Japan Tobacco, Inc., strike price 490,000 JPY, expires 11/12/08

 

 

(1,700

)

 

(93

)

Kerry Properties Ltd., strike price 19.43 HKD, expires 01/06/09

 

 

(403,000

)

 

(159,591

)

Kerry Properties Ltd., strike price 36.69 HKD, expires 11/12/08

 

 

(500,000

)

 

(1

)

Kinross Gold Corp., strike price 18 CAD, expires 01/19/09

 

 

(2,500

)

 

(150,377

)

Komatsu Ltd., strike price 2,565.77 JPY, expires 11/05/08

 

 

(756,900

)

 

 

Konica Minolta Holdings, Inc., strike price 1,572.64 JPY, expires 11/12/08

 

 

(450,000

)

 

 

Konica Minolta Holdings, Inc., strike price 702.33 JPY, expires 01/06/09

 

 

(100,000

)

 

(88,396

)

Linde AG, strike price 69.94 EUR, expires 12/09/08

 

 

(26,000

)

 

(183,104

)

MAN AG, strike price 47.50 EUR, expires 12/02/08

 

 

(49,600

)

 

(91,389

)

Meggitt Plc, strike price 1.45 GBP, expires 11/24/08

 

 

(848,400

)

 

(72,744

)

Mizuho Financial Group, Inc., strike price 233,211.44 JPY, expires 01/06/09

 

 

(570

)

 

(236,928

)

Mizuho Financial Group, Inc., strike price 487,664.24 JPY, expires 11/12/08

 

 

(300

)

 

 

Nan Ya Plastics Corp., strike price $52.10, expires 11/12/08

 

 

(2,500,000

)

 

(25

)

National Express Group Plc, strike price 7.18 GBP, expires 12/09/08

 

 

(125,000

)

 

(6,992

)

Nestle S.A., strike price 45.05 CHF, expires 12/02/08

 

 

(65,000

)

 

(132,469

)

New World Development Co. Ltd., strike price 7.00 HKD, expires 01/06/09

 

 

(1,400,000

)

 

(110,557

)

Nintendo Co. Ltd., strike price 55,955.03 JPY, expires 11/05/08

 

 

(26,000

)

 

 

Nordea Bank AB, strike price 79.09 SEK, expires 12/02/08

 

 

(263,000

)

 

(11,122

)

Nordea Bank AB, strike price 85 SEK, expires 11/21/08

 

 

(1,000

)

 

(2,363

)

Northumbrian Water Group Plc, strike price 2.96 GBP, expires 01/07/09

 

 

(250,000

)

 

(109,630

)

Northumbrian Water Group Plc, strike price 3.01 GBP, expires 12/02/08

 

 

(250,000

)

 

(73,663

)

Northumbrian Water Group Plc, strike price 3.01 GBP, expires 12/09/08

 

 

(250,000

)

 

(78,299

)

Novartis AG, strike price 60 CHF, expires 12/09/08

 

 

(245,000

)

 

(598,251

)

Novartis AG, strike price 62 CHF, expires 12/12/08

 

 

(101,000

)

 

(187,199

)

Novartis AG, strike price 64 CHF, expires 11/21/08

 

 

(500

)

 

(35,184

)

Orkla ASA, strike price 47.28 NOK, expires 12/02/08

 

 

(39,000

)

 

(14,422

)

OZ Minerals Ltd., strike price 1.87 AUD, expires 11/12/08

 

 

(1,000,000

)

 

(7

)

Petroleo Brasileiro S.A. (ADR), strike price $40, expires 12/22/08

 

 

(1,000

)

 

(47,500

)

Philippine Long Distance Telephone Co. (ADR), strike price $50, expires 12/22/08

 

 

(825

)

 

(43,312

)

Potash Corp. of Saskatchewan, strike price $90, expires 12/22/08

 

 

(35

)

 

(32,025

)

Prudential Plc, strike price 3.89 GBP, expires 12/12/08

 

 

(75,000

)

 

(16,598

)

Rio Tinto Plc (ADR), strike price $195, expires 12/22/08

 

 

(72

)

 

(174,240

)

Royal Dutch Shell Plc, Class B, strike price 16.02 GBP, expires 12/09/08

 

 

(300,000

)

 

(896,017

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

43



 

 


 

Schedule of Investments (concluded)

BlackRock International Growth and Income Trust (BGY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

RWE AG, strike price 69.27 EUR, expires 12/09/08

 

 

(50,000

)

$

(370,030

)

Samsung Elctronics Co. Ltd., strike price 558,620 KRW, expires 11/12/08

 

 

(8,000

)

 

(89,750

)

Samsung Elctronics Co. Ltd., strike price 567,525 KRW, expires 01/06/09

 

 

(3,000

)

 

(102,557

)

Santos Ltd., strike price 13.54 AUD, expires 12/03/08

 

 

(165,000

)

 

(144,082

)

SAP AG, strike price 29.61 EUR, expires 12/09/08

 

 

(76,500

)

 

(173,346

)

SAP AG, strike price 41 EUR, expires 11/21/08

 

 

(194

)

 

(865

)

Sasol Ltd. (ADR), strike price $35, expires 12/22/08

 

 

(1,000

)

 

(125,000

)

SES S.A., strike price 14.88 EUR, expires 12/09/08

 

 

(250,000

)

 

(190,265

)

Shizuoka Bank Ltd. (The), strike price 895.02 JPY, expires 01/06/09

 

 

(350,000

)

 

(349,344

)

Sims Group Ltd., strike price 34 AUD, expires 11/05/08

 

 

(197,000

)

 

(1

)

Singapore Airlines Ltd., strike price 11.42 SGD, expires 01/06/09

 

 

(258,000

)

 

(137,737

)

Singapore Airlines Ltd., strike price 15.49 SGD, expires 11/12/08

 

 

(300,000

)

 

(2

)

Singapore Technologies Engineering Ltd., strike price 2.24 SGD, expires 01/06/09

 

 

(1,300,000

)

 

(211,281

)

Singapore Technologies Engineering Ltd., strike price 2.82 SGD, expires 11/12/08

 

 

(1,300,000

)

 

(1,452

)

Singapore Telecommunications Ltd., strike price 2.60 SGD, expires 01/06/09

 

 

(3,300,000

)

 

(423,746

)

Smiths Group Plc, strike price 8.05 GBP, expires 12/02/08

 

 

(162,500

)

 

(130,436

)

Societe Generale, strike price 57.50 EUR, expires 12/02/08

 

 

(37,800

)

 

(40,300

)

SSAB Svenskt Stal AB, Series A, strike price 160.08 SEK, expires 11/04/08

 

 

(151,800

)

 

 

Standard Chartered Plc, strike price 11.17 GBP, expires 12/12/08

 

 

(45,000

)

 

(65,057

)

Standard Life Plc, strike price 2.35 GBP, expires 12/02/08

 

 

(525,000

)

 

(202,077

)

StatoilHydro ASA, strike price 143.54 NOK, expires 12/12/08

 

 

(100,000

)

 

(152,584

)

Sumitomo Corp., strike price 763.76 JPY, expires 01/06/09

 

 

(380,000

)

 

(677,292

)

Sun Hung Kai Properties Ltd., strike price 112.71 HKD, expires 11/12/08

 

 

(100,000

)

 

 

Sun Kung Kai Properties Ltd., strike price 74.50 HKD, expires 01/06/09

 

 

(200,000

)

 

(146,086

)

Suncor Energy, Inc., strike price $35, expires 12/22/08

 

 

(650

)

 

(27,625

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR), strike price $8.75, expires 12/22/08

 

 

(250,000

)

 

(106,975

)

TELUS Corp., strike price 44 CAD, expires 12/22/08

 

 

(650

)

 

(119,991

)

ThyssenKrupp AG, strike price 36.11 EUR, expires 11/04/08

 

 

(171,000

)

 

(2

)

Toronto-Dominion Bank, strike price 62 CAD, expires 12/22/08

 

 

(275

)

 

(42,209

)

Toronto-Dominion Bank, strike price 64 CAD, expires 12/22/08

 

 

(330

)

 

(31,486

)

Total S.A., strike price 45 EUR, expires 12/19/08

 

 

(500

)

 

(211,918

)

Toyo Suisan Kaisha Ltd., strike price 2,849.73 JPY, expires 01/06/09

 

 

(173,000

)

 

(267,180

)

TrygVesta AS, strike price 355 DKK, expires 12/09/08

 

 

(36,000

)

 

(120,055

)

Turkcell Iletisim Hizmet AS (ADR), strike price $18, expires 12/22/08

 

 

(224,000

)

 

(41,082

)

Unibanco - Uniao de Bancos Brasileiros S.A. (GDR), strike price $90, expires 12/22/08

 

 

(200

)

 

(42,000

)

Unilever Plc, strike price 15.40 GBP, expires 12/09/08

 

 

(288,000

)

 

(229,808

)

United Overseas Bank Ltd., strike price 14.33 SGD, expires 01/06/09

 

 

(103,000

)

 

(52,002

)

United Overseas Bank Ltd., strike price 19.42 SGD, expires 11/12/08

 

 

(465,000

)

 

(3

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(concluded)

 

 

 

 

 

 

 

Vivendi, strike price 22.35 EUR, expires 12/09/08

 

 

(100,000

)

$

(134,963

)

Vodafone Group Plc, strike price 1.47 GBP, expires 11/04/08

 

 

(1,000,000

)

 

(16

)

Wartsila Oyj, B Shares, strike price 22.81 EUR, expires 12/09/08

 

 

(40,000

)

 

(63,002

)

Willis Group Holdings Ltd., strike price $30, expires 12/22/08

 

 

(600

)

 

(48,000

)

Yara International ASA, strike price 328.05 NOK, expires 11/13/08

 

 

(57,500

)

 

 

Yue Yuen Industrial Holdings Ltd., strike price 16.77 HKD, expires 01/06/09

 

 

(2,500,000

)

 

(271,513

)

Zurich Financial Services AG, strike price 233.88 CHF, expires 12/09/08

 

 

(9,600

)

 

(189,203

)

           

Total Options Written
(Premium Received—$19,940,508)—(1.6)%

 

 

 

 

 

(17,953,473

)

           

Total Investments Net of Options Written—99.6%

 

 

 

 

 

1,102,627,673

 

Other Assets in Excess of Liabilities—0.4%

 

 

 

 

 

3,888,341

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

1,106,516,014

 

 

 

 

 

 

     

 

 

*

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


 

 

 

 

 

 

 

Aggregate cost

 

$

1,992,518,121

 

 

 

 

     

 

Gross unrealized appreciation

 

$

 

 

Gross unrealized depreciation

 

 

(871,936,975

)

 

 

 

     

 

Net unrealized depreciation

 

$

(871,936,975

)

 

 

 

     

 

 

(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.

 

 

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


 

 

 

 

 

 

 

 

 

 

               

 

Affiliate

 

Net
Activity

 

Income

 

 

               

 

BlackRock Liquidity Series, LLC Money Market Series

 

 

 

$

2,633

 

 

               

 

 

Foreign currency exchange contracts as of October 31, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

                 

Currency Purchased

 

Currency Sold

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

                 

USD

 

2,009,859

 

JPY

 

195,305,000

 

11/04/08

 

$

26,985

 

USD

 

9,088

 

NOK

 

61,000

 

11/03/08

 

 

34

 

USD

 

501,089

 

SGD

 

748,000

 

11/03/08

 

 

(3,337

)

USD

 

412,740

 

CHF

 

473,000

 

11/03/08

 

 

4,859

 

USD

 

38,553

 

EUR

 

30,000

 

11/03/08

 

 

321

 

USD

 

16,275

 

GBP

 

10,000

 

11/04/08

 

 

185

 

USD

 

99,497

 

NOK

 

663,000

 

11/03/08

 

 

1,084

 

USD

 

46,635

 

GBP

 

29,000

 

11/04/08

 

 

(25

)

                         

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

$

30,106

 

 

 

 

 

 

 

 

 

 

 

     

 

 

Swap outstanding as of October 31, 2008 was as follows:


 

 

 

 

 

 

 

 

 

 

           

 

 

 

Notional
Amount

 

Unrealized
Depreciation

 

 

           

 

Pay a floating rate based on 1-month LIBOR minus 300 basis points and receive a fixed rate based on the return of the underlying equity baskets.

 

 

 

 

 

 

 

 

Broker, Deutsche Bank Expires December 2008

 

$

6,000,000

 

$

(1,061,948

)

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

44

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

Schedule of Investments October 31, 2008

BlackRock Real Asset Equity Trust (BCF)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Chemicals—13.7%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

65,000

 

$

2,468,700

 

Air Products & Chemicals, Inc. (a)

 

 

110,400

 

 

6,417,552

 

Celanese Corp., Series A

 

 

132,100

 

 

1,830,906

 

Dow Chemical Co. (The)

 

 

231,025

 

 

6,161,437

 

E.I. du Pont de Nemours & Co.

 

 

548,479

 

 

17,551,328

 

Mosaic Co. (The)

 

 

23,900

 

 

941,899

 

Olin Corp.

 

 

229,000

 

 

4,158,640

 

Potash Corp. of Saskatchewan

 

 

82,000

 

 

6,991,320

 

Praxair, Inc.

 

 

183,100

 

 

11,928,965

 

Rohm & Haas Co.

 

 

210,600

 

 

14,815,710

 

 

 

 

 

 

     

 

 

 

 

 

 

73,266,457

 

               

Coal—5.0%

 

 

 

 

 

 

 

Arch Coal, Inc. (a)

 

 

165,300

 

 

3,539,073

 

Consol Energy, Inc. (a)

 

 

270,079

 

 

8,477,780

 

Massey Energy Co. (a)

 

 

325,500

 

 

7,515,795

 

Patriot Coal Corp. (b)

 

 

31,560

 

 

499,595

 

Peabody Energy Corp. (a)

 

 

187,400

 

 

6,467,174

 

 

 

 

 

 

     

 

 

 

 

 

 

26,499,417

 

 

Forest Products & Paper—7.0%

 

 

 

 

 

 

 

International Paper Co. (a)

 

 

556,000

 

 

9,574,320

 

MeadWestvaco Corp.

 

 

610,000

 

 

8,558,300

 

Mondi Ltd.

 

 

19,005

 

 

79,194

 

Mondi Plc

 

 

322,512

 

 

1,170,512

 

Temple-Inland, Inc.

 

 

434,183

 

 

2,574,705

 

Votorantim Celulose e Papel S.A. (ADR)

 

 

471,200

 

 

4,754,408

 

Weyerhauser Co.

 

 

286,100

 

 

10,934,742

 

 

 

 

 

 

     

 

 

 

 

 

 

37,646,181

 

 

Iron & Steel—1.0%

 

 

 

 

 

 

 

Allegheny Technologies, Inc.

 

 

50,800

 

 

1,348,232

 

Carpenter Technology Corp.

 

 

51,366

 

 

929,724

 

Cliffs Natural Resources, Inc.

 

 

40,000

 

 

1,079,600

 

United States Steel Corp.

 

 

49,500

 

 

1,825,560

 

 

 

 

 

 

     

 

 

 

 

 

 

5,183,116

 

 

Machinery—2.8%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

313,625

 

 

11,971,066

 

Deere & Co.

 

 

70,966

 

 

2,736,449

 

 

 

 

 

 

     

 

 

 

 

 

 

14,707,515

 

 

Metal—0.2%

 

 

 

 

 

 

 

Jiangxi Copper Co. Ltd.

 

 

2,582,600

 

 

1,269,596

 

 

Mining—26.9%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd.

 

 

278,750

 

 

2,852,220

 

Agnico-Eagle Mines Ltd. (a)

 

 

150,000

 

 

4,147,500

 

Alamos Gold, Inc. (b)

 

 

1,000,000

 

 

4,123,455

 

Alcoa, Inc. (a)

 

 

331,550

 

 

3,816,140

 

Alumina Ltd.

 

 

1,951,400

 

 

2,777,117

 

Anglo American Plc

 

 

127,945

 

 

3,210,298

 

Anglo Platinum Ltd.

 

 

45,700

 

 

1,888,291

 

Barrick Gold Corp. (a)

 

 

107,100

 

 

2,433,312

 

BHP Billiton Plc

 

 

936,700

 

 

15,905,660

 

Cia de Minas Buenaventura S.A. (ADR)

 

 

275,400

 

 

3,481,056

 

Cia Vale do Rio Doce (ADR) (a)

 

 

980,000

 

 

12,857,600

 

Eramet

 

 

20,250

 

 

4,104,409

 

First Quantum Minerals Ltd.

 

 

200,000

 

 

4,214,718

 

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

 

 

96,800

 

 

2,816,880

 

Fresnillo Plc

 

 

500,000

 

 

992,780

 

Goldcorp, Inc. (a)

 

 

202,750

 

 

3,783,315

 

Harry Winston Diamond Corp.

 

 

197,750

 

 

1,927,788

 

Iluka Resources Ltd. (b)

 

 

2,046,786

 

 

4,949,277

 

Impala Platinum Holdings Ltd.

 

 

560,200

 

 

5,847,202

 

Industrias Penoles SA de CV

 

 

546,669

 

 

4,904,833

 

Kazakhmys Plc

 

 

251,400

 

 

1,178,686

 

Lihir Gold Ltd. (b)

 

 

1,357,650

 

 

1,694,043

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Mining—(concluded)

 

 

 

 

 

 

 

Minara Resources Ltd.

 

 

1,856,150

 

$

1,280,453

 

Minsur S.A.

 

 

1,504,804

 

 

1,781,296

 

MMC Norilsk Nickel

 

 

19,250

 

 

1,864,026

 

MMC Norilsk Nickel (ADR)

 

 

27,000

 

 

270,963

 

Newmont Mining Corp. (a)

 

 

73,900

 

 

1,946,526

 

OZ Minerals Ltd.

 

 

7,827,357

 

 

4,917,261

 

Rio Tinto Plc

 

 

362,036

 

 

16,911,463

 

Southern Copper Corp.

 

 

102,900

 

 

1,498,224

 

Straits Resources Ltd.

 

 

804,450

 

 

701,265

 

Teck Cominco Ltd., Class B

 

 

390,300

 

 

3,885,838

 

Vedanta Resources Plc

 

 

432,700

 

 

5,992,416

 

Xstrata Plc

 

 

419,332

 

 

7,172,380

 

Zijin Mining Group Co. Ltd.

 

 

6,639,750

 

 

2,006,740

 

 

 

 

 

 

     

 

 

 

 

 

 

144,135,431

 

 

Oil & Gas—30.6%

 

 

 

 

 

 

 

Apache Corp.

 

 

90,700

 

 

7,467,331

 

BG Group Plc

 

 

375,000

 

 

5,513,976

 

Bill Barrett Corp. (a)(b)

 

 

217,100

 

 

4,428,840

 

Canadian Natural Resources Ltd.

 

 

87,200

 

 

4,405,344

 

Compton Petroleum Corp. (b)

 

 

429,100

 

 

890,027

 

ConocoPhillips

 

 

70,900

 

 

3,688,218

 

Crescent Point Energy Trust

 

 

242,800

 

 

5,622,292

 

Denbury Resources, Inc. (b)

 

 

289,100

 

 

3,674,461

 

Devon Energy Corp.

 

 

73,600

 

 

5,951,296

 

EnCana Corp.

 

 

101,550

 

 

5,169,911

 

ENSCO Intlernational, Inc. (a)

 

 

58,900

 

 

2,238,789

 

EOG Resources, Inc.

 

 

133,700

 

 

10,819,004

 

Forest Oil Corp. (b)

 

 

102,100

 

 

2,982,341

 

Galleon Energy, Inc. (b)

 

 

380,000

 

 

2,027,213

 

Gasco Energy, Inc. (b)

 

 

579,700

 

 

463,760

 

Helmerich & Payne, Inc. (a)

 

 

253,900

 

 

8,711,309

 

Heritage Oil Ltd. (b)

 

 

550,000

 

 

1,505,703

 

Hess Corp.

 

 

124,900

 

 

7,520,229

 

Murphy Oil Corp.

 

 

57,800

 

 

2,926,992

 

Nabors Industries Ltd. (b)

 

 

74,400

 

 

1,069,872

 

Newfield Exploration Co. (b)

 

 

157,200

 

 

3,612,456

 

Nexen, Inc.

 

 

173,900

 

 

2,761,516

 

Noble Corp.

 

 

87,500

 

 

2,818,375

 

Noble Energy, Inc.

 

 

72,900

 

 

3,777,678

 

Occidental Petroleum Corp.

 

 

109,600

 

 

6,087,184

 

OGX Petroleo e Gas Participacoes S.A. (b)

 

 

4,200

 

 

526,352

 

PetroChina Co. Ltd. (ADR)

 

 

15,600

 

 

1,163,448

 

Petroleo Brasileiro S.A. (ADR)

 

 

175,600

 

 

4,721,884

 

Pioneer Natural Resources Co.

 

 

65,200

 

 

1,814,516

 

Plains Exploration & Production Co. (b)

 

 

119,300

 

 

3,364,260

 

Pride International, Inc. (b)

 

 

101,300

 

 

1,903,427

 

Quicksilver Resources, Inc. (b)

 

 

181,200

 

 

1,897,164

 

Range Resources Corp.

 

 

185,500

 

 

7,831,810

 

Rex Energy Corp. (b)

 

 

144,600

 

 

980,388

 

Rowan Cos., Inc.

 

 

117,700

 

 

2,135,078

 

Seadrill Ltd.

 

 

200,900

 

 

1,934,265

 

Southwestern Energy Co. (b)

 

 

178,300

 

 

6,351,046

 

StatoilHydro ASA

 

 

174,336

 

 

3,506,528

 

StatoilHydro ASA (ADR)

 

 

35,300

 

 

709,530

 

Suncor Energy, Inc.

 

 

77,600

 

 

1,856,192

 

TriStar Oil & Gas Ltd. (b)

 

 

136,400

 

 

1,159,960

 

TXCO Resources, Inc. (b)(c)

 

 

130,200

 

 

682,248

 

Unit Corp. (b)

 

 

138,200

 

 

5,188,028

 

Warren Resources, Inc. (b)

 

 

191,710

 

 

1,014,146

 

Whiting Petroleum Corp. (b)

 

 

69,600

 

 

3,618,504

 

XTO Energy, Inc.

 

 

152,625

 

 

5,486,869

 

 

 

 

 

 

     

 

 

 

 

 

 

163,979,760

 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

45



 

 


 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Oil & Gas Services—8.0%

 

 

 

 

 

 

 

Cameron International Corp. (b)

 

 

107,200

 

$

2,600,672

 

Core Laboratories N.V.

 

 

85,200

 

 

6,279,240

 

Exterran Holdings, Inc. (b)(c)

 

 

97,902

 

 

2,193,984

 

FMC Technologies, Inc. (b)

 

 

146,378

 

 

5,121,766

 

Oceaneering International, Inc. (b)

 

 

52,500

 

 

1,478,925

 

Petrofac Ltd.

 

 

473,500

 

 

3,277,931

 

Schlumberger Ltd. (a)

 

 

129,200

 

 

6,673,180

 

Smith International, Inc. (a)

 

 

67,300

 

 

2,320,504

 

Transocean, Inc. (b)

 

 

72,600

 

 

5,977,158

 

Trican Well Service Ltd.

 

 

153,840

 

 

1,442,290

 

Weatherford International Ltd. (b)

 

 

332,400

 

 

5,610,912

 

 

 

 

 

 

     

 

 

 

 

 

 

42,976,562

 

 

Pipelines—1.6%

 

 

 

 

 

 

 

Equitable Resources, Inc.

 

 

105,200

 

 

3,651,492

 

Questar Corp. (a)

 

 

142,600

 

 

4,913,996

 

 

 

 

 

 

     

 

 

 

 

 

 

8,565,488

 

 

Savings & Loan—0.0%

 

 

 

 

 

 

 

Guaranty Financial Group, Inc. (b)

 

 

37,400

 

 

75,922

 

 

Total Long-Term Investments
(Cost—$808,902,480)—96.8%

 

 

 

 

 

518,305,445

 

 

 

 

 

 

 

 

 

 


 

Short-Term Securities

 

Beneficial
Interest/Shares

 

 

 

 

               

Money Market Funds—1.8%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC Money Market Series, 1.57% (d)(e)(f)

 

 

1,612,600

 

 

1,612,600

 

Fidelity Institutional Money Market Prime Portfolio, 2.44% (d)

 

 

7,968,234

 

 

7,968,234

 

               

Total Money Market Funds

 

 

 

 

 

9,580,834

 

 

 

 

 

 

 

 

 

 


 

 

 

Principal
Amount

 

 

 

 

 

U.S. Government and Agency Discount Notes—4.2%

 

 

 

 

 

 

 

Federal National Mortgage Association Discount Notes, 2.08%, 11/04/2008 (g)

 

$

22,300,000

 

 

22,296,153

 

 

Total Short-Term Securities
(Cost—$31,876,987)—6.0%

 

 

 

 

 

31,876,987

 

 

 

 

 

 

 

 

 

 


 

Options Purchased

 

 

Contracts

 

 

 

 

 

Call Options Purchased—0.0%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd., strike price $85, expires 11/24/08

 

 

500

 

 

36,250

 

Alcoa, Inc., strike price $40, expires 11/03/08

 

 

150

 

 

 

Barrick Gold Corp., strike price $50, expires 11/21/08

 

 

15,000

 

 

 

Carpenter Technology Corp., strike price $70, expires 11/21/08

 

 

15,000

 

 

 

Chesapeake Energy Corp., strike price $45, expires 11/24/08

 

 

25

 

 

188

 

Cia de Minas Buenaventura S.A. (ADR), strike price $47.50, expires 11/21/08

 

 

20,000

 

 

 

Cia Vale do Rio Doce (ADR), strike price $36, expires 12/22/08

 

 

1,000

 

 

3,000

 

Cia Vale do Rio Doce (ADR), strike price $40, expires 01/19/09

 

 

1,000

 

 

2,000

 

Cia Vale do Rio Doce (ADR), strike price $42, expires 11/21/08

 

 

100,000

 

 

20

 


 

 

 

 

 

 

 

 

Options Purchased

 

Contracts

 

Value

 

 

Call Options Purchased—(concluded)

 

 

 

 

 

 

 

Compton Petroleum Corp., strike price 13 CAD, expires 11/07/08

 

 

62,500

 

$

1

 

Consol Energy, Inc., strike price $115, expires 01/19/09

 

 

100

 

 

1,750

 

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

 

 

200

 

 

1,500

 

Dow Chemical Co. (The), strike price $45, expires 01/19/09

 

 

250

 

 

1,875

 

EOG Resources, Inc., strike price $145, expires 11/21/08

 

 

25,000

 

 

555

 

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

 

 

27,500

 

 

234

 

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

 

 

10,000

 

 

29

 

Exterran Holdings, Inc., strike price $70, expires 11/24/08

 

 

100

 

 

1,250

 

Kazakhmys Plc, strike price 21 GBP, expires 11/07/08

 

 

22,000

 

 

 

Marathon Oil Corp., strike price $62.50, expires 11/03/08

 

 

350

 

 

 

Massey Energy Co., strike price $60.12, expires 11/03/08

 

 

30,000

 

 

 

Rio Tinto Plc, strike price 65 GBP, expires 11/07/08

 

 

22,500

 

 

 

Southern Copper Corp., strike price $45, expires 12/22/08

 

 

339

 

 

6,780

 

Valero Energy Corp., strike price $55, expires 12/22/08

 

 

150

 

 

450

 

Votorantim Celulose e Papel S.A. (ADR), strike price $30, expires 11/26/08

 

 

1,250

 

 

214

 

 

Total Call Options Purchased

 

 

 

 

 

56,096

 

 

Put Option Purchased—0.0%

 

 

 

 

 

 

 

Peabody Energy Corp., strike price $50, expires 01/19/09

 

 

100

 

 

170,500

 

 

Total Put Options Purchased

 

 

 

 

 

170,500

 

 

Total Options Purchased
(Cost—$1,518,016)—0.0%

 

 

 

 

 

226,596

 

 

Total Investments Before Options Written
(Cost—$842,297,483*)—102.8%

 

 

 

 

 

550,409,028

 

 

 


 

 

 

 

 

 

 

 

Options Written

 

 

 

 

 

 

 

 

Call Options Written—(0.2)%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd., strike price 258.93 ZAR, expires 11/13/08

 

 

(92,000

)

 

 

Agnico-Eagle Mines Ltd., strike price $65, expires 11/24/08

 

 

(6

)

 

(60

)

Agnico-Eagle Mines Ltd., strike price $70, expires 01/19/09

 

 

(132

)

 

(1,650

)

Agnico-Eagle Mines Ltd., strike price $70, expires 11/24/08

 

 

(350

)

 

(3,500

)

Agnico-Eagle Mines Ltd., strike price $85, expires 11/21/08

 

 

(50,000

)

 

(15

)

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

 

 

(200

)

 

(2,500

)

Agrium, Inc., strike price $90, expires 11/07/08

 

 

(21,500

)

 

 

Air Products & Chemicals, Inc., strike price $95, expires 12/22/08

 

 

(150

)

 

(3,000

)

Air Products & Chemicals, Inc., strike price $101, expires 11/21/08

 

 

(15,000

)

 

(99

)

Air Products & Chemicals, Inc., strike price $106, expires 11/21/08

 

 

(15,000

)

 

(54

)

Alcoa, Inc., strike price $45, expires 11/03/08

 

 

(300

)

 

 

Alcoa, Inc., strike price $45, expires 11/17/08

 

 

(25,000

)

 

 

Alcoa, Inc., strike price $45.05, expires 11/21/08

 

 

(16,500

)

 

 

Alumina Ltd., strike price 5.56 AUD, expires 11/05/08

 

 

(668,160

)

 

(4

)

Anglo American Plc, strike price 37.29 GBP, expires 11/04/08

 

 

(20,000

)

 

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

46

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

Apache Corp., strike price $90, expires 12/22/08

 

 

(100

)

$

(60,000

)

Apache Corp., strike price $155.25, expires 11/17/08

 

 

(200

)

 

(230

)

Arch Coal, Inc., strike price $35, expires 12/22/08

 

 

(175

)

 

(6,125

)

Arch Coal, Inc., strike price $70, expires 11/03/08

 

 

(17,500

)

 

 

Arch Coal, Inc., strike price $75, expires 01/19/09

 

 

(100

)

 

(1,000

)

Barrick Gold Corp., strike price $40, expires 01/19/09

 

 

(150

)

 

(6,000

)

Barrick Gold Corp., strike price $42.50, expires 01/19/09

 

 

(300

)

 

(8,250

)

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

 

 

(15,000

)

 

 

BG Group Plc, strike price 14.12 GBP, expires 11/04/08

 

 

(114,000

)

 

(2

)

BHP Billiton Plc, strike price 16.51 GBP, expires 11/13/08

 

 

(150,000

)

 

(5,866

)

BHP Billiton Plc, strike price 20 GBP, expires 11/28/08

 

 

(50,000

)

 

(7,524

)

Bill Barrett Corp., strike price $55, expires 11/21/08

 

 

(20,000

)

 

(4

)

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

 

 

(25,000

)

 

(73

)

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

 

 

(10,000

)

 

(7

)

Cameron International Corp., strike price $60, expires 11/24/08

 

 

(150

)

 

(1,500

)

Canadian Natural Resources Ltd., strike price $65, expires 12/22/08

 

 

(250

)

 

(48,750

)

Canadian Natural Resources Ltd., strike price $95, expires 11/20/08

 

 

(15,000

)

 

(18

)

Carpenter Technology Corp., strike price $70.05, expires 11/21/08

 

 

(7,500

)

 

 

Carpenter Technology Corp., strike price $71, expires 11/21/08

 

 

(7,500

)

 

 

Caterpillar, Inc., strike price $65, expires 01/19/09

 

 

(100

)

 

(950

)

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

 

 

(585

)

 

(2,340

)

Celanese Corp., Series A, strike price $45.25, expires 11/21/08

 

 

(20,000

)

 

 

Celanese Corp., Series A, strike price $50, expires 11/03/08

 

 

(185

)

 

 

Celanese Corp., Series A, strike price $55, expires 12/22/08

 

 

(100

)

 

(1,500

)

Cia de Minas Buenaventura S.A. (ADR), strike price $30, expires 12/22/08

 

 

(250

)

 

(5,000

)

Cia de Minas Buenaventura S.A. (ADR), strike price $48, expires 11/21/08

 

 

(20,000

)

 

 

Cia Vale do Rio Doce (ADR), strike price $26, expires 11/24/08

 

 

(500

)

 

(1,500

)

Cia Vale do Rio Doce (ADR), strike price $29, expires 12/22/08

 

 

(500

)

 

(2,000

)

Cia Vale do Rio Doce (ADR), strike price $30, expires 12/22/08

 

 

(500

)

 

(1,500

)

Cia Vale do Rio Doce (ADR), strike price $41, expires 12/22/08

 

 

(2,000

)

 

(8,000

)

Cia Vale do Rio Doce (ADR), strike price $42.50, expires 01/19/09

 

 

(1,000

)

 

(2,000

)

Cia Vale do Rio Doce (ADR), strike price $42.75, expires 11/21/08

 

 

(100,000

)

 

(10

)

Cliffs Natural Resources, Inc., strike price $95, expires 11/24/08

 

 

(200

)

 

(1,000

)

Compton Petroleum Corp., strike price 13.50 CAD, expires 11/07/08

 

 

(62,500

)

 

(1

)

ConocoPhillips, strike price $95, expires 11/24/08

 

 

(100

)

 

(350

)

Consol Energy, Inc., strike price $45, expires 12/22/08

 

 

(250

)

 

(30,000

)

Consol Energy, Inc., strike price $50, expires 11/24/08

 

 

(250

)

 

(3,125

)

Consol Energy, Inc., strike price $90, expires 11/20/08

 

 

(25,000

)

 

(63

)

Consol Energy, Inc., strike price $120, expires 01/19/09

 

 

(100

)

 

(1,000

)

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

 

 

(10,000

)

 

(126

)

Core Laboratories N.V., strike price $140, expires 12/22/08

 

 

(50

)

 

(1,500

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

 

Call Options Written—(continued)

 

 

 

 

 

 

 

Crescent Point Engery Trust, strike price 39.45 CAD, expires 11/10/08

 

 

(40,000

)

$

(212

)

Deere & Co., strike price $55, expires 11/24/08

 

 

(100

)

 

(1,000

)

Deere & Co., strike price $70, expires 12/22/08

 

 

(100

)

 

(1,000

)

Deere & Co., strike price $96, expires 11/21/08

 

 

(20,000

)

 

 

Denbury Resources, Inc., strike price $35.05, expires 11/21/08

 

 

(20,000

)

 

(28

)

Denbury Resources, Inc., strike price $40.05, expires 11/21/08

 

 

(20,000

)

 

(6

)

Devon Energy Corp., strike price $85, expires 11/24/08

 

 

(200

)

 

(89,000

)

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

 

 

(10,000

)

 

(5,354

)

Devon Energy Corp., strike price $120, expires 01/19/09

 

 

(100

)

 

(12,250

)

Dow Chemical Co. (The), strike price $28.75, expires 12/24/08

 

 

(500

)

 

(57,345

)

Dow Chemical Co. (The), strike price $45, expires 12/22/08

 

 

(250

)

 

(1,250

)

E.I. du Pont de Nemours & Co., strike price $50.05, expires 11/21/08

 

 

(50,000

)

 

(1

)

E.I. du Pont de Nemours & Co., strike price $53, expires 11/21/08

 

 

(25,000

)

 

(7

)

E.I. du Pont de Nemours & Co., strike price $55, expires 01/19/09

 

 

(250

)

 

(2,500

)

EnCana Corp., strike price $85, expires 11/20/08

 

 

(10,000

)

 

(3

)

EnCana Corp., strike price $90, expires 11/20/08

 

 

(12,000

)

 

 

ENSCO International, Inc., strike price $66, expires 11/21/08

 

 

(10,000

)

 

(19

)

ENSCO International, Inc., strike price $90, expires 12/22/08

 

 

(100

)

 

(1,000

)

EOG Resources, Inc., strike price $108.35, expires 11/11/08

 

 

(22,000

)

 

(222

)

EOG Resources, Inc., strike price $110, expires 11/24/08

 

 

(220

)

 

(7,700

)

Equitable Resources, Inc., strike price $67, expires 11/21/08

 

 

(12,500

)

 

(86

)

Eramet, strike price 344.49 EUR, expires 11/13/08

 

 

(6,700

)

 

 

Exterran Holdings, Inc., strike price $80, expires 11/24/08

 

 

(100

)

 

(1,000

)

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

 

 

(42,000

)

 

 

Forest Oil Corp., strike price $76, expires 11/20/08

 

 

(25,000

)

 

(10

)

Freeport-McMoRan Copper & Gold, Inc., strike price $55, expires 11/24/08

 

 

(150

)

 

(1,575

)

Freeport-McMoRan Copper & Gold, Inc., strike price $115, expires 11/24/08

 

 

(150

)

 

(750

)

Galleon Energy, Inc., strike price 19.05 CAD, expires 11/21/08

 

 

(75,000

)

 

(1

)

Galleon Energy, Inc., strike price 20 CAD, expires 11/24/08

 

 

(460

)

 

(5,725

)

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

 

 

(350

)

 

 

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

 

 

(25,000

)

 

(2,873

)

Helmerich & Payne, Inc., strike price $60.05, expires 12/19/08

 

 

(58,800

)

 

(41,354

)

Helmerich & Payne, Inc., strike price $77.50, expires 11/03/08

 

 

(30,000

)

 

 

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

 

 

(200

)

 

(2,000

)

Hess Corp., strike price $125, expires 11/20/08

 

 

(20,000

)

 

(590

)

Iluka Resources Ltd., strike price 4.95 AUD, expires 11/12/08

 

 

(500,000

)

 

(199

)

Jiangxi Copper Co. Ltd., strike price 4.29 HKD, expires 01/06/09

 

 

(430,000

)

 

(26,219

)

Kazakhmys Plc, strike price 21.05 GBP, expires 11/07/08

 

 

(22,000

)

 

 

Lihir Gold Ltd., strike price 3.50 AUD, expires 11/05/08

 

 

(448,000

)

 

(3

)

Marathon Oil Corp., strike price $63, expires 11/03/08

 

 

(350

)

 

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

47



 

 


 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

Massey Energy Co., strike price $35, expires 11/24/08

 

 

(300

)

$

(4,500

)

Massey Energy Co., strike price $75, expires 11/04/08

 

 

(60,000

)

 

(1

)

MeadWestvaco Corp., strike price $28.50, expires 11/03/08

 

 

(25,000

)

 

 

MeadWestvaco Corp., strike price $30, expires 12/22/08

 

 

(250

)

 

(7,500

)

Murphy Oil Corp., strike price $65, expires 11/24/08

 

 

(100

)

 

(2,750

)

Murphy Oil Corp., strike price $90.50, expires 11/07/08

 

 

(10,000

)

 

 

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

 

 

(10,000

)

 

(296

)

Nabors Industries Ltd., strike price $47.50, expires 12/22/08

 

 

(100

)

 

(1,000

)

Nabors Industries Ltd., strike price $50, expires 12/22/08

 

 

(100

)

 

(1,000

)

Newfield Exploration Co., strike price $50, expires 12/22/08

 

 

(100

)

 

(1,500

)

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

 

 

(10,000

)

 

(1

)

Newmont Mining Corp., strike price $50, expires 12/22/08

 

 

(100

)

 

(950

)

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

 

 

(21,000

)

 

(2

)

Nexen, Inc., strike price 39 CAD, expires 11/24/08

 

 

(250

)

 

(3,111

)

Nexen, Inc., strike price 40 CAD, expires 11/24/08

 

 

(250

)

 

(3,111

)

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

 

 

(16,000

)

 

(18

)

Noble Corp., strike price $70, expires 12/22/08

 

 

(160

)

 

(1,600

)

Noble Energy Inc., Strike Price $50, Expires 12/22/08, strike price $50, expires 12/22/08

 

 

(240

)

 

(174,000

)

Occidental Petroleum Corp., strike price $87, expires 11/03/08

 

 

(125

)

 

 

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

 

 

(12,500

)

 

(2,898

)

Occidental Petroleum Corp., strike price $90, expires 11/24/08

 

 

(100

)

 

(500

)

Oceaneering International, Inc., strike price $70, expires 11/24/08

 

 

(100

)

 

(500

)

Olin Corp., strike price $27, expires 11/03/08

 

 

(750

)

 

(1

)

Olin Corp., strike price $30, expires 11/24/08

 

 

(250

)

 

(2,500

)

OZ Minerals Ltd., strike price 3.40 AUD, expires 11/05/08

 

 

(723,000

)

 

(5

)

OZ Minerals Ltd., strike price 3.57 AUD, expires 11/05/08

 

 

(957,930

)

 

(6

)

Patriot Coal Corp., strike price $42.50, expires 11/03/08

 

 

(10,000

)

 

 

Peabody Energy Corp., strike price $40, expires 11/24/08

 

 

(200

)

 

(26,500

)

Peabody Energy Corp., strike price $45, expires 11/24/08

 

 

(344

)

 

(15,480

)

Petrofac Ltd., strike price 6.43 GBP, expires 11/13/08

 

 

(150,000

)

 

(97

)

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

 

 

(30,000

)

 

(90

)

Pioneer Natural Resources Co., strike price $75, expires 12/22/08

 

 

(100

)

 

(1,000

)

Plains Exploration & Production Co., strike price $85, expires 11/24/08

 

 

(100

)

 

(1,000

)

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

 

 

(17,500

)

 

(816

)

Potash Corp. of Saskatchewan, strike price $210, expires 11/03/08

 

 

(10,000

)

 

 

Praxair, Inc., strike price $95, expires 11/03/08

 

 

(20,000

)

 

 

Praxair, Inc., strike price $96, expires 11/21/08

 

 

(25,000

)

 

(850

)

Praxair, Inc., strike price $100, expires 01/19/09

 

 

(50

)

 

(750

)

Pride International, Inc., strike price $45.05, expires 11/21/08

 

 

(20,000

)

 

(74

)

Pride International, Inc., strike price $46.50, expires 11/03/08

 

 

(13,400

)

 

 

Questar Corp., strike price $61, expires 11/07/08

 

 

(25,000

)

 

(5

)

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

 

 

(25,000

)

 

(1,713

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

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

 

 

(25,000

)

$

 

Quicksilver Resources, Inc., strike price $43, expires 11/21/08

 

 

(25,000

)

 

 

Range Resources Corp., strike price $55, expires 01/19/09

 

 

(100

)

 

(25,000

)

Range Resources Corp., strike price $55, expires 12/22/08

 

 

(100

)

 

(14,750

)

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

 

 

(100

)

 

(4,250

)

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

 

 

(42,800

)

 

(77

)

Rex Energy Corp., strike price $25, expires 12/22/08

 

 

(150

)

 

(1,500

)

Rio Tinto Plc, strike price 71.50 GBP, expires 11/07/08

 

 

(55,000

)

 

(1

)

Rohm & Haas Co., strike price $60, expires 11/21/08

 

 

(20,000

)

 

(209,732

)

Rowan Cos., Inc., strike price $47.50, expires 01/19/09

 

 

(150

)

 

(1,500

)

Rowan Cos., Inc., strike price $50, expires 11/20/08

 

 

(15,000

)

 

 

Schlumberger Ltd., strike price $60, expires 12/22/08

 

 

(225

)

 

(54,563

)

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

 

 

(200

)

 

(1,000

)

Seadrill Ltd., strike price 79.16 NOK, expires 12/09/08

 

 

(35,000

)

 

(19,962

)

Smith International, Inc., strike price $77.50, expires 11/21/08

 

 

(20,000

)

 

(26

)

Southern Copper Corp., strike price $48.35, expires 11/21/08

 

 

(33,900

)

 

 

Southwestern Energy Co., strike price $40, expires 11/20/08

 

 

(20,000

)

 

(28,858

)

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

 

 

(6,000

)

 

(7,613

)

Southwestern Energy Co., strike price $42.50, expires 01/19/09

 

 

(170

)

 

(56,950

)

Southwestern Energy Co., strike price $45, expires 11/17/08

 

 

(400

)

 

(13,400

)

Southwestern Energy Co., strike price $50, expires 12/22/08

 

 

(60

)

 

(4,350

)

Straits Resources Ltd., strike price 8.26 AUD, expires 11/05/08

 

 

(265,500

)

 

(2

)

Suncor Energy, Inc., strike price $55.03, expires 11/21/08

 

 

(25,000

)

 

(32

)

Teck Cominco Ltd., Class B, strike price 51 CAD, expires 11/24/08

 

 

(1,000

)

 

(12,445

)

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

 

 

(300

)

 

(3,734

)

Temple-Inland, Inc., strike price $22.50, expires 01/19/09

 

 

(300

)

 

(3,000

)

Trican Well Service Ltd., strike price 26 CAD, expires 11/24/08

 

 

(300

)

 

(1,991

)

Trican Well Service Ltd., strike price 27 CAD, expires 02/23/09

 

 

(100

)

 

(664

)

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

 

 

(20,000

)

 

(4

)

Unit Corp., strike price $70.05, expires 11/21/08

 

 

(25,000

)

 

(103

)

Unit Corp., strike price $80, expires 12/22/08

 

 

(250

)

 

(2,500

)

United States Steel Corp., strike price $55, expires 12/22/08

 

 

(180

)

 

(15,300

)

United States Steel Corp., strike price $110, expires 11/24/08

 

 

(120

)

 

(600

)

Valero Energy Corp., strike price $60, expires 12/22/08

 

 

(150

)

 

(450

)

Votorantim Celulose e Papel S.A. (ADR), strike price $35.25, expires 11/17/08

 

 

(250

)

 

 

Votorantim Celulose e Papel S.A. (ADR), strike price $35.50, expires 12/19/08

 

 

(30,000

)

 

(402

)

Votorantim Celulose e Papel S.A. (ADR), strike price $32.55, expires 11/21/08

 

 

(100,000

)

 

(10

)

Warren Resources, Inc., strike price $15.50, expires 11/21/08

 

 

(33,250

)

 

(3

)

Weatherford International Ltd., strike price $45.25, expires 11/21/08

 

 

(25,000

)

 

(42

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

48

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

Schedule of Investments (concluded)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(concluded)

 

 

 

 

 

 

 

Weatherford International Ltd., strike price $42.50, expires 11/24/08

 

 

(250

)

$

(1,250

)

Weyerhauser Co., strike price $45, expires 12/22/08

 

 

(250

)

 

(39,375

)

Xstrata Plc, strike price 42.88 GBP, expires 11/07/08

 

 

(35,000

)

 

(1

)

XTO Energy, Inc., strike price $72.50, expires 11/03/08

 

 

(58,500

)

 

(1

)

Zijin Mining Group Co. Ltd., strike price 8.53 HKD, expires 11/05/08

 

 

(1,300,000

)

 

(2

)

               

Total Call Options Written

 

 

 

 

 

(1,261,046

)

               

Put Options Written—(0.3)%

 

 

 

 

 

 

 

Deere & Co., strike price $76, expires 11/03/08

 

 

(250

)

 

(936,000

)

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

 

 

(100

)

 

(20,000

)

Occidental Petroleum Corp., strike price $40, expires 11/24/08

 

 

(100

)

 

(6,500

)

Peabody Energy Corp., strike price $45, expires 01/19/09

 

 

(100

)

 

(130,500

)

Plains Exploration & Production Co., strike price $17.50, expires 11/24/08

 

 

(100

)

 

(4,250

)

Rowan Cos., Inc., strike price $40, expires 11/20/08

 

 

(15,000

)

 

(327,900

)

               

Total Put Options Written

 

 

 

 

 

(1,425,150

)

               

Total Options Written
(Premium Received—$20,028,393)—(0.5)%

 

 

 

 

 

(2,686,196

)

               

Total Investments Net of Options Written—102.3%

 

 

 

 

 

547,722,832

 

Liabilities in Excess of Other Assets—(2.3)%

 

 

 

 

 

(12,465,406

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

535,257,426

 

 

 

 

 

 

     

 

 

*

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


 

 

 

 

 

 

 

Aggregate cost

 

$

844,208,923

 

 

 

 

     

 

Gross unrealized appreciation

 

$

13,236,762

 

 

Gross unrealized depreciation

 

 

(307,036,657

)

 

 

 

     

 

Net unrealized depreciation

 

$

(293,799,895

)

 

 

 

     

 

 

(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

 

Income

 

 

           

 

BlackRock Liquidity Series, LLC Money Market Series

 

 

1,612,600

 

$

71,134

 

 

               

 

 

(f)

Security purchased with the cash proceeds from securities loans.

(g)

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


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

49



 

 


 

Schedule of Investments October 31, 2008

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—4.8%

 

 

 

 

 

 

 

Foster’s Group Ltd.

 

 

117,200

 

$

448,031

 

National Australia Bank Ltd.

 

 

64,700

 

 

1,049,829

 

Santos Ltd.

 

 

126,100

 

 

1,141,691

 

TABCORP Holdings Ltd.

 

 

84,400

 

 

386,942

 

Wesfarmers Ltd.

 

 

37,350

 

 

536,777

 

 

 

 

 

 

     

 

 

 

 

 

 

3,563,270

 

               

Austria—1.8%

 

 

 

 

 

 

 

Boehler-Uddeholm AG (a)

 

 

14,000

 

 

1,312,584

 

           

Canada—4.8%

 

 

 

 

 

 

 

Bank of Montreal

 

 

25,500

 

 

910,155

 

Bank of Nova Scotia

 

 

14,100

 

 

470,156

 

Enbridge, Inc.

 

 

16,000

 

 

555,679

 

National Bank of Canada

 

 

7,700

 

 

288,822

 

Royal Bank of Canada

 

 

30,600

 

 

1,189,168

 

Suncor Energy, Inc.

 

 

4,600

 

 

110,487

 

Teck Cominco Ltd., Class B

 

 

8,700

 

 

86,617

 

 

 

 

 

 

     

 

 

 

 

 

 

3,611,084

 

               

Denmark—0.6%

 

 

 

 

 

 

 

Danske Bank A/S

 

 

32,400

 

 

479,627

 

           

Finland—1.2%

 

 

 

 

 

 

 

Kesko Oyj, B Shares

 

 

19,200

 

 

449,438

 

Nokia Oyj

 

 

27,000

 

 

413,592

 

 

 

 

 

 

     

 

 

 

 

 

 

863,030

 

               

France—3.9%

 

 

 

 

 

 

 

AXA S.A.

 

 

15,000

 

 

286,561

 

Bouygues

 

 

11,700

 

 

498,190

 

Schneider Electric S.A.

 

 

4,500

 

 

269,719

 

Societe Generale

 

 

5,300

 

 

288,877

 

Total S.A.

 

 

17,200

 

 

946,232

 

Vinci S.A.

 

 

18,200

 

 

654,970

 

 

 

 

 

 

     

 

 

 

 

 

 

2,944,549

 

               

Germany—1.9%

 

 

 

 

 

 

 

Allianz SE

 

 

2,900

 

 

212,831

 

BASF AG

 

 

11,000

 

 

363,150

 

SAP AG

 

 

15,200

 

 

532,171

 

Siemens AG

 

 

5,000

 

 

294,028

 

 

 

 

 

 

     

 

 

 

 

 

 

1,402,180

 

               

Hong Kong—3.2%

 

 

 

 

 

 

 

Esprit Holdings Ltd.

 

 

71,000

 

 

403,429

 

Hang Seng Bank Ltd.

 

 

22,600

 

 

281,991

 

HongKong Electric Holdings

 

 

204,500

 

 

1,102,231

 

Hopewell Holdings

 

 

191,000

 

 

593,835

 

 

 

 

 

 

     

 

 

 

 

 

 

2,381,486

 

               

Italy—1.8%

 

 

 

 

 

 

 

Eni S.p.A.

 

 

42,400

 

 

1,012,010

 

Intesa Sanpaolo S.p.A.

 

 

83,000

 

 

303,771

 

 

 

 

 

 

     

 

 

 

 

 

 

1,315,781

 

               

Japan—4.8%

 

 

 

 

 

 

 

Canon, Inc.

 

 

11,700

 

 

409,402

 

Mitsui & Co. Ltd.

 

 

53,000

 

 

513,544

 

Mitsui Mining & Smelting Co. Ltd.

 

 

150,000

 

 

274,333

 

Nintendo Co. Ltd.

 

 

600

 

 

192,785

 

Oracle Corp.

 

 

15,000

 

 

652,111

 

Ricoh Co. Ltd.

 

 

53,000

 

 

570,387

 

Sharp Corp.

 

 

42,000

 

 

299,765

 

Toyota Motor Corp.

 

 

17,300

 

 

675,581

 

 

 

 

 

 

     

 

 

 

 

 

 

3,587,908

 

               

Netherlands—0.5%

 

 

 

 

 

 

 

Royal KPN N.V.

 

 

29,100

 

 

409,821

 

               

Portugal—0.4%

 

 

 

 

 

 

 

Portugal Telecom SGPS S.A.

 

 

44,000

 

 

289,389

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Singapore—0.7%

 

 

 

 

 

 

 

Jaya Holdings Ltd.

 

 

615,000

 

$

229,605

 

Singapore Petroleum Co. Ltd.

 

 

212,000

 

 

302,341

 

 

 

 

 

 

     

 

 

 

 

 

 

531,946

 

               

Spain—2.2%

 

 

 

 

 

 

 

Banco Santander S.A.

 

 

26,000

 

 

281,194

 

Banco Santander S.A. (a)

 

 

18,433

 

 

202,541

 

Endesa S.A.

 

 

15,000

 

 

497,418

 

Indra Sistemas S.A.

 

 

32,600

 

 

633,452

 

 

 

 

 

 

     

 

 

 

 

 

 

1,614,605

 

               

Sweden—3.3%

 

 

 

 

 

 

 

Axfood AB

 

 

16,000

 

 

308,373

 

Hennes & Mauritz AB

 

 

15,300

 

 

548,649

 

Ratos AB, B Shares

 

 

27,300

 

 

481,886

 

Scania AB, B Shares

 

 

108,000

 

 

887,620

 

TeliaSonera AB

 

 

63,000

 

 

277,179

 

 

 

 

 

 

     

 

 

 

 

 

 

2,503,707

 

               

Switzerland—0.8%

 

 

 

 

 

 

 

Nestle S.A.

 

 

16,000

 

 

622,192

 

               

United Kingdom—9.9%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

18,000

 

 

762,812

 

Barclays Plc

 

 

141,100

 

 

404,474

 

BP Plc

 

 

73,000

 

 

595,058

 

British American Tobacco Plc

 

 

17,300

 

 

474,527

 

GlaxoSmithKline Plc

 

 

64,100

 

 

1,232,255

 

HSBC Holdings Plc

 

 

71,200

 

 

843,307

 

Rentokil Initial Plc

 

 

193,500

 

 

140,634

 

Rio Tinto Plc

 

 

5,700

 

 

266,259

 

Royal Dutch Shell Plc, A Shares

 

 

46,300

 

 

1,283,296

 

Scottish & Southern Energy Plc

 

 

69,183

 

 

1,356,104

 

 

 

 

 

 

     

 

 

 

 

 

 

7,358,726

 

               

United States—51.6%

 

 

 

 

 

 

 

3M Co.

 

 

7,100

 

 

456,530

 

Abbott Laboratories

 

 

14,625

 

 

806,569

 

Agree Realty Corp. (REIT)

 

 

16,500

 

 

331,155

 

Altria Group, Inc.

 

 

32,300

 

 

619,837

 

Ameren Corp.

 

 

28,000

 

 

908,600

 

AT&T Inc.

 

 

110,480

 

 

2,957,550

 

Automatic Data Processing, Inc.

 

 

12,400

 

 

433,380

 

Bank of America Corp.

 

 

47,200

 

 

1,140,824

 

Bristol-Myers Squibb Co.

 

 

49,500

 

 

1,017,225

 

Chevron Corp.

 

 

12,800

 

 

954,880

 

Citigroup, Inc.

 

 

11,500

 

 

156,975

 

Coca-Cola Co. (The)

 

 

17,000

 

 

749,020

 

Consolidated Edison, Inc.

 

 

24,600

 

 

1,065,672

 

Eli Lilly & Co.

 

 

18,800

 

 

635,816

 

Emerson Electric Co.

 

 

45,200

 

 

1,479,396

 

Equity Residential (REIT)

 

 

14,400

 

 

502,992

 

Exxon Mobil Corp.

 

 

35,800

 

 

2,653,496

 

General Electric Co.

 

 

76,100

 

 

1,484,711

 

Harley-Davidson, Inc.

 

 

8,500

 

 

208,080

 

Health Care REIT, Inc.

 

 

37,600

 

 

1,673,576

 

Hewlett-Packard Co.

 

 

27,900

 

 

1,068,012

 

Home Depot, Inc.

 

 

10,400

 

 

245,336

 

Hospitality Properties Trust (REIT)

 

 

12,700

 

 

128,905

 

Intel Corp.

 

 

56,300

 

 

900,800

 

International Business Machines Corp.

 

 

16,400

 

 

1,524,708

 

Johnson & Johnson

 

 

9,300

 

 

570,462

 

Kimco Realty Corp. (REIT)

 

 

25,000

 

 

564,500

 

Kraft Foods, Inc.

 

 

16,108

 

 

469,387

 

Liberty Properties Trust (REIT)

 

 

10,800

 

 

257,580

 

McDonald’s Corp.

 

 

23,000

 

 

1,332,390

 

Merck & Co., Inc.

 

 

25,000

 

 

773,750

 

Microchip Technology, Inc.

 

 

25,500

 

 

628,065

 

Microsoft Corp.

 

 

79,700

 

 

1,779,701

 

Nationwide Health Properties, Inc. (REIT)

 

 

34,400

 

 

1,026,496

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

50

ANNUAL REPORT

OCTOBER 31, 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

 

$

450,379

 

Pfizer, Inc.

 

 

38,300

 

 

678,293

 

Philip Morris International, Inc.

 

 

32,300

 

 

1,404,081

 

Rohm & Haas Co.

 

 

8,500

 

 

597,975

 

United Technologies Corp.

 

 

13,800

 

 

758,448

 

UST, Inc.

 

 

21,900

 

 

1,480,221

 

Wal-Mart Stores, Inc.

 

 

12,100

 

 

675,301

 

Wells Fargo & Co.

 

 

30,100

 

 

1,024,905

 

 

 

 

 

 

     

 

 

 

 

 

 

38,575,979

 

               

Total Long-Term Investments
(Cost—$81,772,786)—98.2%

 

 

 

 

 

73,367,864

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

 

 

 

 

 

 

               

Fidelity Institutional Money Market Prime Portfolio, 2.44% (b)

 

 

1,323,166

 

 

1,323,166

 

               

Total Short-Term Securities
(Cost—$1,323,166)—1.8%

 

 

 

 

 

73,367,864

 

               

Total Investments—100.0% (Cost—$83,095,952*)

 

 

 

 

 

74,691,030

 

Other Assets in Excess of Liabilities—0.0%

 

 

 

 

 

25,397

 

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

74,716,427

 

 

 

 

 

 

     

 

 

*

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


 

 

 

 

 

 

 

Aggregate cost

 

$

83,139,898

 

 

 

 

     

 

Gross unrealized appreciation

 

$

10,046,177

 

 

Gross unrealized depreciation

 

 

(18,495,045

)

 

 

 

     

 

Net unrealized depreciation

 

$

(8,448,868

)

 

 

 

     

 

 

(a)

Non-income producing security.

(b)

Represents current yield as of report date.

 

 

Foreign currency exchange contracts as of October 31, 2008 were as follows:


 

 

 

 

 

 

 

 

 

                 

Currency Purchased

Currency Sold

 

Settlement
Date

 

Unrealized
Depreciation

 

               

USD 4,911

 

CAD 6,000

 

11/03/08

 

$

(67

)

                 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

51



 

 


 

 

Schedule of Investments October 31, 2008

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Australia—1.0%

 

 

 

 

 

 

 

BHP Billiton Ltd. (ADR)

 

 

17,300

 

$

672,624

 

Foster’s Group Ltd.

 

 

834,800

 

 

3,191,265

 

Sims Group Ltd.

 

 

156,500

 

 

1,500,781

 

 

 

 

 

 

     

 

 

 

 

 

 

5,364,670

 

               

Belgium—0.9%

 

 

 

 

 

 

 

Belgacom S.A.

 

 

140,300

 

 

4,800,309

 

           

Bermuda—0.8%

 

 

 

 

 

 

 

Arch Capital Group Ltd. (a)

 

 

18,100

 

 

1,262,475

 

Covidien Ltd.

 

 

68,000

 

 

3,011,720

 

 

 

 

 

 

     

 

 

 

 

 

 

4,274,195

 

               

Brazil—1.7%

 

 

 

 

 

 

 

Banco Bradesco S.A. (ADR)

 

 

36,600

 

 

428,220

 

Banco Itau Holding Financeira S.A. (ADR)

 

 

36,800

 

 

407,008

 

BM&FBOVESPA S.A.

 

 

172,692

 

 

458,333

 

Cia Energetica de Minas Gerais (ADR)

 

 

272,298

 

 

4,141,653

 

Petroleo Brasileiro S.A. (ADR)

 

 

160,400

 

 

4,313,156

 

 

 

 

 

 

     

 

 

 

 

 

 

9,748,370

 

               

Canada—4.0%

 

 

 

 

 

 

 

Barrick Gold Corp. (b)

 

 

246,000

 

 

5,607,723

 

Bombardier, Inc., Class B

 

 

650,000

 

 

2,507,674

 

Canadian National Railway Co.

 

 

85,000

 

 

3,677,100

 

Husky Energy, Inc.

 

 

87,213

 

 

2,619,357

 

Potash Corp. of Saskatchewan

 

 

18,700

 

 

1,594,362

 

Research In Motion Ltd. (a)

 

 

27,500

 

 

1,386,825

 

Royal Bank of Canada

 

 

32,800

 

 

1,274,664

 

Ultra Petroleum Corp. (a)

 

 

78,800

 

 

3,668,140

 

 

 

 

 

 

     

 

 

 

 

 

 

22,335,845

 

               

China—1.0%

 

 

 

 

 

 

 

China Construction Bank Corp., Class H

 

 

5,554,100

 

 

2,755,274

 

Industrial & Commercial Bank of China

 

 

6,484,700

 

 

3,051,185

 

 

 

 

 

 

     

 

 

 

 

 

 

5,806,459

 

               

Finland—0.8%

 

 

 

 

 

 

 

Fortum Oyj

 

 

100,027

 

 

2,458,270

 

Wartsila Oyj, B Shares

 

 

75,800

 

 

1,920,492

 

 

 

 

 

 

     

 

 

 

 

 

 

4,378,762

 

               

France—3.1%

 

 

 

 

 

 

 

Alstom S.A.

 

 

57,200

 

 

2,835,044

 

AXA S.A.

 

 

42,500

 

 

811,922

 

BNP Paribas

 

 

15,500

 

 

1,119,121

 

Compagnie Generale des Etablissements Michelin, Class B

 

 

63,200

 

 

3,252,972

 

PPR

 

 

23,300

 

 

1,484,921

 

Total S.A.

 

 

98,200

 

 

5,402,324

 

Vivendi

 

 

103,600

 

 

2,708,013

 

 

 

 

 

 

     

 

 

 

 

 

 

17,614,317

 

               

Germany—4.0%

 

 

 

 

 

 

 

Adidas AG

 

 

81,500

 

 

2,831,013

 

Beiersdorf AG

 

 

38,600

 

 

2,014,330

 

Deutsche Boerse AG

 

 

13,300

 

 

1,040,137

 

E.ON AG

 

 

80,163

 

 

3,004,097

 

Fresenius Medical Care AG & Co. KGaA

 

 

90,900

 

 

4,027,109

 

Hannover Rueckversicherung AG

 

 

96,000

 

 

2,376,548

 

K+S AG

 

 

65,000

 

 

2,517,838

 

Linde AG

 

 

56,300

 

 

4,658,381

 

 

 

 

 

 

     

 

 

 

 

 

 

22,469,453

 

               

Hong Kong—1.4%

 

 

 

 

 

 

 

China Mobile Ltd.

 

 

362,400

 

 

3,190,322

 

Esprit Holdings Ltd.

 

 

169,300

 

 

961,979

 

Industrial and Commercial Bank of China Asia Ltd.

 

 

511,600

 

 

539,099

 

Kerry Properties Ltd.

 

 

698,600

 

 

1,754,915

 

New World Development Co. Ltd.

 

 

1,927,800

 

 

1,604,766

 

 

 

 

 

 

     

 

 

 

 

 

 

8,051,081

 

               

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Israel—1.4%

 

 

 

 

 

 

 

Partner Communications (ADR) (b)

 

 

418,500

 

$

7,817,580

 

           

Italy—1.7%

 

 

 

 

 

 

 

AEM S.p.A.

 

 

1,046,488

 

 

1,907,354

 

Assicurazioni Generali S.p.A.

 

 

37,300

 

 

941,969

 

Eni S.p.A.

 

 

140,000

 

 

3,341,543

 

Intesa Sanpaolo S.p.A.

 

 

261,900

 

 

777,354

 

Parmalat S.p.A.

 

 

1,341,200

 

 

2,354,848

 

 

 

 

 

 

     

 

 

 

 

 

 

9,323,068

 

               

Japan—3.9%

 

 

 

 

 

 

 

Canon, Inc.

 

 

79,600

 

 

2,785,335

 

ITOCHU Corp.

 

 

519,100

 

 

2,743,314

 

Konica Minolta Holdings, Inc.

 

 

270,000

 

 

1,773,173

 

Mizuho Financial Group, Inc.

 

 

300

 

 

732,540

 

Nintendo Co. Ltd.

 

 

20,700

 

 

6,651,082

 

Shizuoka Bank Ltd. (The)

 

 

201,400

 

 

1,778,715

 

Sumitomo Corp.

 

 

336,000

 

 

2,956,142

 

Toyota Motor Corp. (ADR)

 

 

28,600

 

 

2,176,174

 

 

 

 

 

 

     

 

 

 

 

 

 

21,596,475

 

               

Luxembourg—0.8%

 

 

 

 

 

 

 

ArcelorMittal (b)

 

 

93,600

 

 

2,457,000

 

Tenaris S.A. (ADR)

 

 

88,500

 

 

1,822,215

 

 

 

 

 

 

     

 

 

 

 

 

 

4,279,215

 

               

Mexico—0.6%

 

 

 

 

 

 

 

Fomento Economico Mexicano SAB de CV (ADR)

 

 

142,000

 

 

3,591,180

 

               

Norway—1.2%

 

 

 

 

 

 

 

Fred Olsen Energy ASA

 

 

83,600

 

 

2,763,876

 

Orkla ASA

 

 

256,000

 

 

1,704,247

 

Yara International ASA

 

 

105,000

 

 

2,193,682

 

 

 

 

 

 

     

 

 

 

 

 

 

6,661,805

 

               

Philippines—0.5%

 

 

 

 

 

 

 

Philippine Long Distance Telephone Co. (ADR)

 

 

74,100

 

 

3,030,690

 

               

Russia—0.8%

 

 

 

 

 

 

 

Gazprom OAO (ADR)

 

 

116,500

 

 

2,319,874

 

LUKOIL (ADR)

 

 

55,800

 

 

2,142,219

 

 

 

 

 

 

     

 

 

 

 

 

 

4,462,093

 

               

Singapore—2.3%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

887,699

 

 

1,779,097

 

Singapore Airlines Ltd.

 

 

461,000

 

 

3,531,957

 

Singapore Telecommunications Ltd.

 

 

2,182,035

 

 

3,672,184

 

United Overseas Bank Ltd.

 

 

452,538

 

 

4,091,285

 

 

 

 

 

 

     

 

 

 

 

 

 

13,074,523

 

               

South Korea—0.8%

 

 

 

 

 

 

 

Hyundai Motor Co.

 

 

39,700

 

 

1,834,492

 

Samsung Electronics Co. Ltd.

 

 

6,700

 

 

2,824,744

 

 

 

 

 

 

     

 

 

 

 

 

 

4,659,236

 

               

Spain—0.5%

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria S.A.

 

 

72,900

 

 

846,101

 

Banco Santander S.A.

 

 

199,500

 

 

2,157,626

 

 

 

 

 

 

     

 

 

 

 

 

 

3,003,727

 

               

Sweden—0.1%

 

 

 

 

 

 

 

Nordea Bank AB

 

 

73,000

 

 

585,105

 

               

Switzerland—4.3%

 

 

 

 

 

 

 

ACE Ltd.

 

 

27,500

 

 

1,577,400

 

Alcon, Inc.

 

 

27,800

 

 

2,449,736

 

Julius Baer Holding AG

 

 

36,400

 

 

1,423,612

 

Nestle S.A.

 

 

154,000

 

 

5,988,597

 

Novartis AG (ADR)

 

 

77,700

 

 

3,961,923

 

Roche Holding AG

 

 

32,800

 

 

5,016,001

 

Syngenta AG

 

 

15,200

 

 

2,841,386

 

Zurich Financial Services AG

 

 

5,100

 

 

1,034,676

 

 

 

 

 

 

     

 

 

 

 

 

 

24,293,331

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

52

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

Taiwan—0.6%

 

 

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

379,509

 

$

3,134,744

 

               

United Kingdom—5.1%

 

 

 

 

 

 

 

AstraZeneca Plc

 

 

71,400

 

 

3,025,822

 

Barclays Plc

 

 

224,400

 

 

643,261

 

De La Rue Plc

 

 

180,253

 

 

2,600,294

 

HSBC Holdings Plc

 

 

331,800

 

 

3,929,907

 

Imperial Tobacco Group Plc

 

 

169,200

 

 

4,534,813

 

Legal & General Group Plc

 

 

2,000,000

 

 

2,300,182

 

National Express Group Plc

 

 

205,100

 

 

1,889,367

 

Rio Tinto Plc (ADR)

 

 

3,000

 

 

557,610

 

Standard Chartered Plc

 

 

98,300

 

 

1,624,605

 

Unilever Plc

 

 

212,600

 

 

4,776,232

 

Vodafone Group Plc (ADR)

 

 

135,200

 

 

2,605,304

 

 

 

 

 

 

     

 

 

 

 

 

 

28,487,397

 

               

United States—46.5%

 

 

 

 

 

 

 

Allstate Corp. (The)

 

 

26,200

 

 

691,418

 

Altera Corp.

 

 

178,000

 

 

3,088,300

 

Altria Group, Inc. (b)

 

 

299,800

 

 

5,753,162

 

Amgen, Inc. (a)

 

 

163,500

 

 

9,792,015

 

Aon Corp. (b)

 

 

101,500

 

 

4,293,450

 

Apple, Inc. (a)(b)

 

 

23,800

 

 

2,560,642

 

AvalonBay Communities, Inc. (REIT)

 

 

18,600

 

 

1,320,972

 

Bank of America Corp.

 

 

113,100

 

 

2,733,627

 

Baxter International, Inc. (b)

 

 

112,500

 

 

6,805,125

 

BB&T Corp.

 

 

116,900

 

 

4,190,865

 

Becton Dickinson & Co. (b)

 

 

139,200

 

 

9,660,480

 

Broadcom Corp. (a)

 

 

150,000

 

 

2,562,000

 

Campbell Soup Co.

 

 

79,000

 

 

2,998,050

 

Charles Schwab Corp. (The)

 

 

92,700

 

 

1,772,424

 

Chesapeake Energy Corp.

 

 

156,600

 

 

3,440,502

 

Chevron Corp. (b)

 

 

95,000

 

 

7,087,000

 

Cisco Systems, Inc. (a)(b)

 

 

56,200

 

 

998,674

 

Citigroup, Inc. (b)

 

 

265,400

 

 

3,622,710

 

Colgate-Palmolive Co.

 

 

33,900

 

 

2,127,564

 

Comcast Corp., Class A

 

 

204,000

 

 

3,215,040

 

ConocoPhillips (b)

 

 

88,100

 

 

4,582,962

 

CVS Caremark Corp. (b)

 

 

103,900

 

 

3,184,535

 

Diamond Offshore Drilling, Inc. (b)

 

 

48,000

 

 

4,262,400

 

Dow Chemical Co. (The)

 

 

110,100

 

 

2,936,367

 

Eagle Bulk Shipping, Inc.

 

 

33,900

 

 

337,983

 

EOG Resources, Inc. (b)

 

 

53,000

 

 

4,288,760

 

Exxon Mobil Corp. (b)

 

 

77,500

 

 

5,744,300

 

FPL Group, Inc. (b)

 

 

87,900

 

 

4,152,396

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

56,400

 

 

1,641,240

 

Genentech, Inc. (a)

 

 

87,500

 

 

7,257,250

 

General Electric Co.

 

 

144,000

 

 

2,809,440

 

Genzyme Corp. (a)

 

 

48,400

 

 

3,527,392

 

Google, Inc., Class A(a)(b)

 

 

9,900

 

 

3,557,664

 

Greenhill & Co., Inc. (c)

 

 

42,500

 

 

2,803,725

 

H.J. Heinz Co. (b)

 

 

70,000

 

 

3,067,400

 

Halliburton Co.

 

 

57,500

 

 

1,137,925

 

Hudson City Bancorp, Inc.

 

 

43,500

 

 

818,235

 

Intel Corp.

 

 

178,000

 

 

2,848,000

 

IntercontinentalExchange, Inc. (a)

 

 

22,400

 

 

1,916,544

 

International Business Machines Corp.

 

 

52,700

 

 

4,899,519

 

Johnson & Johnson (b)

 

 

116,100

 

 

7,121,574

 

JPMorgan Chase & Co.

 

 

74,600

 

 

3,077,250

 

Kellogg Co. (b)

 

 

70,500

 

 

3,554,610

 

KeyCorp

 

 

121,800

 

 

1,489,614

 

Kohl’s Corp. (a)

 

 

60,500

 

 

2,125,365

 

Linear Technology Corp.

 

 

136,200

 

 

3,089,016

 

McDonald’s Corp. (b)

 

 

86,000

 

 

4,981,980

 

Medco Health Solutions, Inc. (a)

 

 

71,200

 

 

2,702,040

 

Medtronic, Inc.

 

 

169,300

 

 

6,827,869

 

Microsoft Corp. (b)

 

 

184,600

 

 

4,122,118

 


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

           

United States—(concluded)

 

 

 

 

 

 

 

Molson Coors Brewing Co., Class B

 

 

68,000

 

$

2,540,480

 

Motorola, Inc.

 

 

180,000

 

 

966,600

 

NASDAQ OMX Group (The) (a)

 

 

72,700

 

 

2,359,842

 

Newmont Mining Corp.

 

 

86,000

 

 

2,265,240

 

Nike, Inc.

 

 

104,100

 

 

5,999,283

 

Norfolk Southern Corp.

 

 

88,000

 

 

5,274,720

 

Occidental Petroleum Corp.

 

 

173,800

 

 

9,652,852

 

Pfizer, Inc.

 

 

391,300

 

 

6,929,923

 

Pioneer Natural Resources Co.

 

 

96,800

 

 

2,693,944

 

Procter & Gamble Co.

 

 

72,700

 

 

4,692,058

 

Public Service Enterprise Group, Inc.

 

 

67,800

 

 

1,908,570

 

Qualcomm, Inc.

 

 

68,800

 

 

2,632,288

 

Regions Financial Corp.

 

 

125,900

 

 

1,396,231

 

Simon Property Group, Inc. (REIT)

 

 

13,200

 

 

884,796

 

T. Rowe Price Group, Inc.

 

 

38,300

 

 

1,514,382

 

Target Corp.

 

 

62,800

 

 

2,519,536

 

Torchmark Corp.

 

 

20,400

 

 

852,108

 

U.S. Bancorp

 

 

82,200

 

 

2,450,382

 

UMB Financial Corp.

 

 

41,900

 

 

1,899,327

 

Wal-Mart Stores, Inc.

 

 

60,100

 

 

3,354,181

 

Walt Disney Co. (The)

 

 

133,800

 

 

3,465,420

 

Wells Fargo & Co.

 

 

150,700

 

 

5,131,335

 

Weyerhauser Co.

 

 

57,300

 

 

2,190,006

 

Yum! Brands, Inc. (b)

 

 

109,000

 

 

3,162,090

 

 

 

 

 

 

     

 

 

 

 

 

 

260,315,087

 

               

Total Common Stocks—89.8%

 

 

 

 

 

503,158,717

 

               

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Exchange-Traded Funds

 

 

 

 

 

 

 

               

United States—7.1%

 

 

 

 

 

 

 

Financial Select Sector SPDR Fund

 

 

334,400

 

 

5,193,232

 

iShares Dow Jones Euro Stoxx Banks

 

 

104,800

 

 

2,461,749

 

iShares Dow Jones Stoxx 600 Banks

 

 

280,000

 

 

7,126,780

 

iShares Dow Jones U.S. Real Estate Index Fund

 

 

94,200

 

 

3,997,848

 

SPDR KBW Insurance

 

 

71,900

 

 

1,781,682

 

Lyxor Dow Jones Stoxx 600 Financial Services

 

 

30,500

 

 

880,103

 

PowerShares Dynamic Insurance Portfolio

 

 

52,900

 

 

697,222

 

SPDR Trust Series 1

 

 

180,000

 

 

17,429,400

 

               

Total Exchange-Traded Funds—7.1%

 

 

 

 

 

39,568,016

 

               

Total Long-Term Investments
(Cost—$742,088,145)—96.9%

 

 

 

 

 

542,726,733

 

               

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

Beneficial
Interest/Shares

 

 

 

 

             

Money Market Funds—0.6%

 

 

 

 

 

 

 

BlackRock Liquidity Series, LLC Money Market Series,
1.57%(d)(e)(f)

 

 

2,812,950

 

 

2,812,950

 

Fidelity Institutional Money Market Prime Portfolio,
2.44%(d)

 

 

823,521

 

 

823,521

 

             

Total Money Market Funds

 

 

 

 

 

3,636,471

 

             

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

 

 

Principal Amount

 

 

 

 

             

U.S. Government and Agency Discount Notes—4.8%

 

 

 

 

 

 

 

Federal National Mortgage Association Discount Notes,
2.08%, 11/04/2008 (g)

 

$

26,700,000

 

 

26,695,394

 

               

Total Short-Term Securities
(Cost—$30,331,865)—5.4%

 

 

 

 

 

30,331,865

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

53



 

 


 

 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Purchased

 

Contracts

 

Value

 

           

Call Options Purchased—0.0%

 

 

 

 

 

 

 

American Electric Power Co., Inc., strike price $45, expires 11/21/08

 

 

64,000

 

$

1,133

 

Archer Daniels Midland Co., strike price $45, expires 12/22/08

 

 

1,471

 

 

11,032

 

BHP Billiton Ltd. (ADR), strike price $95, expires 11/24/08

 

 

173

 

 

865

 

Citigroup, Inc., strike price $28.25, expires 11/03/08

 

 

352

 

 

 

EOG Resources, Inc., strike price $145, expires 11/21/08

 

 

18,000

 

 

400

 

Financial Select Sector SPDR Fund, strike price $27, expires 12/22/08

 

 

754

 

 

1,885

 

Google, Inc., Class A, strike price $640, expires 12/22/08

 

 

25

 

 

375

 

Oriflame Cosmetics S.A., strike price 410 SEK, expires 11/07/08

 

 

44,118

 

 

 

Research In Motion Ltd., strike price $160, expires 12/22/08

 

 

150

 

 

600

 

TELUS Corp., strike price 48 CAD, expires 11/24/08

 

 

850

 

 

29,972

 

Ultra Petroleum Corp., strike price $115, expires 12/22/08

 

 

142

 

 

1,776

 

Yara International ASA, strike price 330 NOK, expires 11/04/08

 

 

83,400

 

 

 

           

Total Options Purchased
(Cost—$585,209)—0.0%

 

 

 

 

 

48,038

 

               

Total Investments Before Options Written
(Cost—$773,005,219*)—102.3%

 

 

 

 

 

573,106,636

 

               

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Options Written

 

 

 

 

 

 

 

               

Call Options Written—(0.8)%

 

 

 

 

 

 

 

ACE Ltd., strike price $55, expires 11/24/08

 

 

(275

)

 

(152,625

)

Adidas AG, strike price 44 EUR, expires 12/19/08

 

 

(200

)

 

(4,074

)

Adidas AG, strike price 47.48 EUR, expires 11/04/08

 

 

(44,800

)

 

(1

)

AEM S.p.A., strike price 2.50 EUR, expires 11/04/08

 

 

(576,000

)

 

(7

)

Alcon, Inc., strike price $100, expires 11/24/08

 

 

(60

)

 

(42,102

)

Alcon, Inc., strike price $165, expires 11/24/08

 

 

(190

)

 

(2,850

)

Allstate Corp. (The), strike price $47.50, expires 01/19/09

 

 

(140

)

 

(1,400

)

Alstom S.A., strike price 82 EUR, expires 11/06/08

 

 

(32,000

)

 

 

Altera Corp., strike price $23, expires 11/07/08

 

 

(175

)

 

 

Altera Corp., strike price $23.41, expires 11/18/08

 

 

(80,400

)

 

(8

)

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

 

 

(128,000

)

 

(8,704

)

Altria Group, Inc., strike price $22.50, expires 12/20/08

 

 

(485

)

 

(14,793

)

American Electric Power Co., Inc., strike price $45, expires 11/24/08

 

 

(320

)

 

(3,200

)

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

 

 

(320

)

 

(3,200

)

Amgen, Inc., strike price $65, expires 01/19/09

 

 

(500

)

 

(143,500

)

Amgen, Inc., strike price $65, expires 12/22/08

 

 

(385

)

 

(75,460

)

Aon Corp., strike price $47.75, expires 11/07/08

 

 

(240

)

 

(113

)

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

 

 

(26,000

)

 

(491

)

Apple, Inc., strike price $200, expires 01/19/09

 

 

(118

)

 

(1,298

)

ArcelorMittal, strike price $95, expires 12/20/08

 

 

(426

)

 

(8,520

)

Arch Capital Group Ltd., strike price $70, expires 12/22/08

 

 

(100

)

 

(44,000

)

Archer Daniels Midland Co., strike price $46, expires 11/03/08

 

 

(92,100

)

 

(1

)

Assicurazioni Generali S.p.A., strike price 22.04 EUR, expires 12/09/08

 

 

(10,000

)

 

(5,537

)

AstraZeneca Plc, strike price 24.50 GBP, expires 12/02/08

 

 

(39,000

)

 

(119,432

)

AvalonBay Communities, Inc. (REIT), strike price $105, expires 11/11/08

 

 

(74

)

 

 

AvalonBay Communities, Inc. (REIT), strike price $110, expires 01/19/09

 

 

(35

)

 

(2,450

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

               

Call Options Written—(continued)

 

 

 

 

 

 

 

AXA S.A., strike price 26 EUR, expires 11/21/08

 

 

(230

)

$

(2,345

)

Banco Bradesco S.A. (ADR), strike price $15, expires 01/19/09

 

 

(70

)

 

(8,575

)

Banco Bradesco S.A. (ADR), strike price $22.50, expires 12/22/08

 

 

(180

)

 

(900

)

Banco Itau Holding Financeira S.A. (ADR), strike price $11, expires 11/10/08

 

 

(188

)

 

(20,475

)

Banco Itau Holding Financeira S.A. (ADR), strike price $22.50, expires 12/22/08

 

 

(180

)

 

(1,800

)

Banco Santander S.A., strike price 12.41 EUR, expires 11/07/08

 

 

(74,000

)

 

(1

)

Bank of America Corp., strike price $37.50, expires 11/10/08

 

 

(19,000

)

 

(8

)

Bank of America Corp., strike price $40, expires 11/24/08

 

 

(430

)

 

(1,075

)

Barrick Gold Corp., strike price $52, expires 11/03/08

 

 

(150

)

 

 

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

 

 

(250

)

 

(21,250

)

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

 

 

(250

)

 

(8,750

)

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

 

 

(125

)

 

(1,562

)

BB&T Corp., strike price $35, expires 12/22/08

 

 

(385

)

 

(148,225

)

BB&T Corp., strike price $45, expires 11/24/08

 

 

(100

)

 

(1,000

)

BB&T Corp., strike price $45, expires 12/22/08

 

 

(260

)

 

(7,150

)

Becton Dickinson & Co., strike price $75, expires 12/22/08

 

 

(90

)

 

(16,650

)

Becton Dickinson & Co., strike price $85, expires 12/22/08

 

 

(355

)

 

(9,763

)

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

 

 

(32,000

)

 

(138

)

Beiersdorf AG, strike price 43.04 EUR, expires 11/11/08

 

 

(21,200

)

 

(25,633

)

Belgacom S.A., strike price 27.24 EUR, expires 12/02/08

 

 

(35,000

)

 

(43,212

)

BHP Billiton Ltd. (ADR), strike price $47.18, expires 12/15/08

 

 

(4,250

)

 

(5,496

)

BNP Paribas, strike price 69 EUR, expires 11/07/08

 

 

(7,700

)

 

(30

)

Bombardier, Inc., Class B, strike price 9 CAD, expires 01/19/09

 

 

(1,950

)

 

(10,516

)

Bombardier, Inc., Class B, strike price 9 CAD, expires 11/23/08

 

 

(1,300

)

 

(10,786

)

Broadcom Corp., strike price $30, expires 11/24/08

 

 

(825

)

 

(4,125

)

Campbell Soup Co., strike price $40, expires 11/24/08

 

 

(790

)

 

(37,525

)

Canadian National Railway Co., strike price $51.59, expires 11/21/08

 

 

(43,000

)

 

(4,145

)

Canon, Inc., strike price 5,900 JPY, expires 11/05/08

 

 

(43,800

)

 

 

CapitaLand Ltd., strike price 4.68 SGD, expires 11/12/08

 

 

(242,000

)

 

(2

)

Charles Schwab Corp. (The), strike price $25, expires 12/22/08

 

 

(145

)

 

(3,625

)

Charles Schwab Corp. (The), strike price $25.50, expires 11/10/08

 

 

(30,600

)

 

(31

)

Chesapeake Energy Corp., strike price $55.05, expires 12/19/08

 

 

(77,500

)

 

(11,059

)

Chesapeake Energy Corp., strike price $57, expires 11/03/08

 

 

(400

)

 

 

Chevron Corp., strike price $80, expires 01/19/09

 

 

(250

)

 

(130,000

)

China Construction Bank Corp., Class H, strike price 7.11 HKD, expires 11/05/08

 

 

(2,777,000

)

 

(4

)

China Mobile Ltd., strike price 98.16 HKD, expires 11/05/08

 

 

(162,000

)

 

 

China Mobile Ltd., strike price 144.82 HKD, expires 11/05/08

 

 

(200,000

)

 

 

Cia Energetica de Minas Gerais (ADR), strike price $25, expires 12/22/08

 

 

(400

)

 

(14,000

)

Cisco Systems, Inc., strike price $29.50, expires 11/07/08

 

 

(370

)

 

 

Citigroup, Inc., strike price $21.50, expires 11/10/08

 

 

(48,300

)

 

(43

)

Citigroup, Inc., strike price $25, expires 01/19/09

 

 

(180

)

 

(2,160

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

54

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

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

 

 

(780

)

$

(4,680

)

Citigroup, Inc., strike price $28.50, expires 11/03/08

 

 

(352

)

 

 

Colgate-Palmolive Co., strike price $75, expires 11/24/08

 

 

(295

)

 

(2,950

)

Comcast Corp., Class A, strike price $22.50, expires 01/19/09

 

 

(1,080

)

 

(16,200

)

Compagnie Generale des Etablissements Michelin, Class B, strike price 50.09 EUR, expires 11/13/08

 

 

(34,800

)

 

(12,838

)

ConocoPhillips, strike price $60, expires 01/19/09

 

 

(220

)

 

(70,950

)

Covidien Ltd., strike price $55, expires 11/24/08

 

 

(340

)

 

(3,400

)

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

 

 

(86,000

)

 

(26

)

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

 

 

(160

)

 

(800

)

De La Rue Plc, strike price 8.90 GBP, expires 12/02/08

 

 

(50,000

)

 

(32,628

)

De La Rue Plc, strike price 8.90 GBP, expires 12/09/08

 

 

(50,000

)

 

(36,071

)

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

 

 

(27,000

)

 

(65

)

Dow Chemical Co. (The), strike price $25.80, expires 12/24/08

 

 

(55,000

)

 

(151,410

)

E.ON AG, strike price 40.82 EUR, expires 11/13/08

 

 

(20,000

)

 

(21

)

Eni S.p.A., strike price 22.37 EUR, expires 11/13/08

 

 

(140,000

)

 

(20,460

)

EOG Resources, Inc., strike price $95, expires 12/19/08

 

 

(37,000

)

 

(129,211

)

EOG Resources, Inc., strike price $150, expires 11/03/08

 

 

(240

)

 

 

Esprit Holdings Ltd., strike price 99.10 HKD, expires 11/05/08

 

 

(47,000

)

 

 

Esprit Holdings Ltd., strike price 107.07 HKD, expires 11/05/08

 

 

(122,300

)

 

 

Exxon Mobil Corp., strike price $85, expires 12/22/08

 

 

(425

)

 

(96,263

)

Financial Select Sector SPDR Fund, strike price $26, expires 01/19/09

 

 

(2,300

)

 

(9,200

)

Financial Select Sector SPDR Fund, strike price $27.05, expires 11/21/08

 

 

(75,400

)

 

(611

)

Fomento Economico Mexicano SAB de CV (ADR), strike price $48, expires 11/03/08

 

 

(1,020

)

 

(1

)

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

 

 

(40,000

)

 

 

Fortum Oyj, strike price 27.86 EUR, expires 11/04/08

 

 

(55,000

)

 

(1

)

Foster’s Group Ltd., strike price 5.88 AUD, expires 11/05/08

 

 

(459,000

)

 

(22,952

)

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

 

 

(26,000

)

 

(554

)

Fred Olsen Energy ASA, strike price 334.40 NOK, expires 11/04/08

 

 

(8,000

)

 

 

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

 

 

(50,000

)

 

(40,161

)

Gazprom OAO (ADR), strike price $64.68, expires 11/04/08

 

 

(40,800

)

 

(29

)

Genentech, Inc., strike price $95, expires 12/22/08

 

 

(480

)

 

(75,600

)

General Electric Co., strike price $21, expires 12/22/08

 

 

(800

)

 

(86,800

)

Genzyme Corp., strike price $75, expires 12/22/08

 

 

(215

)

 

(83,850

)

Google, Inc., Class A, strike price $440, expires 01/19/09

 

 

(25

)

 

(21,375

)

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

 

 

(25

)

 

(375

)

Google, Inc., Class A, strike price $650, expires 12/22/08

 

 

(25

)

 

(250

)

Greenhill & Co., Inc., strike price $70, expires 12/22/08

 

 

(234

)

 

(74,880

)

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

 

 

(25,000

)

 

(3,955

)

H.J. Heinz Co., strike price $52, expires 12/19/08

 

 

(45,000

)

 

(18,536

)

Halliburton Co., strike price $27.50, expires 01/19/09

 

 

(120

)

 

(7,860

)

Hannover Rueckversicherung AG, strike price 34.22 EUR, expires 11/04/08

 

 

(52,800

)

 

(1

)

HSBC Holdings Plc, strike price 8.67 GBP, expires 11/07/08

 

 

(39,000

)

 

(510

)

HSBC Holdings Plc, strike price 8.85 GBP, expires 12/02/08

 

 

(27,000

)

 

(4,610

)

HSBC Holdings Plc, strike price 9.35 GBP, expires 11/07/08

 

 

(99,000

)

 

(16

)

Hudson City Bancorp, Inc., strike price $19, expires 11/03/08

 

 

(21,800

)

 

(4,149

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

Husky Energy, Inc., strike price 49 CAD, expires 11/20/08

 

 

(870

)

$

(5,775

)

Hyundai Motor Co., strike price 70,980 KRW, expires 11/12/08

 

 

(21,800

)

 

(8,075

)

Industrial and Commercial Bank of China Asia Ltd., strike price 20.69 HKD, expires 12/03/08

 

 

(255,000

)

 

 

Intel Corp., strike price $23, expires 11/21/08

 

 

(98,000

)

 

(59

)

IntercontinentalExchange, Inc., strike price $90, expires 11/24/08

 

 

(75

)

 

(44,250

)

IntercontinentalExchange, Inc., strike price $100, expires 12/22/08

 

 

(92

)

 

(57,500

)

International Business Machines Corp., strike price $135, expires 11/03/08

 

 

(50

)

 

 

iShares Dow Jones U.S. Real Estate Index Fund, strike price $67, expires 11/03/08

 

 

(250

)

 

 

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

 

 

(250

)

 

(287

)

Johnson & Johnson, strike price $70, expires 11/28/08

 

 

(390

)

 

(7,515

)

JPMorgan Chase & Co., strike price $45, expires 12/22/08

 

 

(220

)

 

(42,570

)

JPMorgan Chase & Co., strike price $47.50, expires 12/22/08

 

 

(150

)

 

(17,475

)

Julius Baer Holding AG, strike price 67.50 CHF, expires 11/04/08

 

 

(12,000

)

 

 

K+S AG, strike price 60 EUR, expires 12/19/08

 

 

(18

)

 

(1,806

)

K+S AG, strike price 65 EUR, expires 12/19/08

 

 

(144

)

 

(56,529

)

Kellogg Co., strike price $55, expires 12/22/08

 

 

(700

)

 

(64,750

)

Kerry Properties Ltd., strike price 61.46 HKD, expires 11/05/08

 

 

(350,000

)

 

 

KeyCorp, strike price $11.25, expires 12/30/08

 

 

(670

)

 

(158,656

)

Kohl’s Corp., strike price $50.29, expires 11/21/08

 

 

(33,500

)

 

(536

)

Konica Minolta Holdings, Inc., strike price 1,572.64 JPY, expires 11/12/08

 

 

(67,000

)

 

 

Legal & General Group Plc, strike price 1.15 GBP, expires 11/04/08

 

 

(2,000,000

)

 

(32

)

Linde AG, strike price 87.97 EUR, expires 11/07/08

 

 

(22,100

)

 

(65

)

Linde AG, strike price 94 EUR, expires 11/23/08

 

 

(89

)

 

(8,031

)

Linear Technology Corp., strike price $32.50, expires 01/19/09

 

 

(225

)

 

(2,813

)

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

 

 

(43,000

)

 

(51,613

)

Medco Health Solutions, Inc., strike price $40, expires 01/19/09

 

 

(110

)

 

(37,950

)

Medco Health Solutions, Inc., strike price $50, expires 11/24/08

 

 

(285

)

 

(2,850

)

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

 

 

(250

)

 

(5,625

)

Mizuho Financial Group, Inc., strike price 575,921.50 JPY, expires 11/05/08

 

 

(300

)

 

 

Motorola, Inc., strike price $7.50, expires 01/19/09

 

 

(450

)

 

(7,875

)

NASDAQ OMX Group (The), strike price $30, expires 12/22/08

 

 

(370

)

 

(194,250

)

National Express Group Plc, strike price 9.08 GBP, expires 11/04/08

 

 

(50,000

)

 

(1

)

Nestle S.A., strike price 45 CHF, expires 11/04/08

 

 

(69,000

)

 

(57,499

)

Nestle S.A., strike price 52.40 CHF, expires 11/07/08

 

 

(85,000

)

 

(227

)

New World Development Co. Ltd., strike price 23.19 HKD, expires 11/05/08

 

 

(964,000

)

 

(1

)

Newmont Mining Corp., strike price $60, expires 12/22/08

 

 

(170

)

 

(680

)

Nike, Inc., strike price $65.50, expires 12/19/08

 

 

(25,000

)

 

(39,720

)

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

 

 

(32,000

)

 

(2,726

)

Nintendo Co. Ltd., strike price 62,485.84 JPY, expires 11/05/08

 

 

(8,200

)

 

 

Nintendo Co. Ltd., strike price 62,685 JPY, expires 11/05/08

 

 

(5,800

)

 

 

Nordea Bank AB, strike price 104 SEK, expires 11/04/08

 

 

(37,000

)

 

 

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

 

 

(44,000

)

 

(8,364

)

Novartis AG (ADR), strike price $60, expires 11/21/08

 

 

(42,000

)

 

(5,200

)


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

55




 

 


 

Schedule of Investments (continued)

BlackRock World Investment Trust (BWC)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(continued)

 

 

 

 

 

 

 

Occidental Petroleum Corp., strike price $65, expires 01/19/09

 

 

(430

)

$

(180,600

)

Oriflame Cosmetics S.A., strike price 415.86 SEK, expires 11/07/08

 

 

(44,118

)

 

 

Orkla ASA, strike price 68.99 NOK, expires 11/04/08

 

 

(192,000

)

 

 

Parmalat S.p.A., strike price 1.94 EUR, expires 11/11/08

 

 

(772,734

)

 

(10

)

Partner Communications (ADR), strike price $24.03, expires 11/21/08

 

 

(168,000

)

 

(403

)

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

 

 

(625

)

 

(9,375

)

Petroleo Brasileiro S.A. (ADR), strike price $55, expires 11/24/08

 

 

(280

)

 

(1,400

)

Pfizer, Inc., strike price $20, expires 01/19/09

 

 

(930

)

 

(67,890

)

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

 

 

(1,200

)

 

(51,000

)

Philippine Long Distance Telephone Co. (ADR), strike price $65, expires 01/19/09

 

 

(405

)

 

(20,250

)

Pioneer Natural Resources Co., strike price $65, expires 12/22/08

 

 

(778

)

 

(11,670

)

Pioneer Natural Resources Co., strike price $75, expires 12/22/08

 

 

(190

)

 

(1,900

)

Potash Corp. of Saskatchewan, strike price $120, expires 01/19/09

 

 

(45

)

 

(14,400

)

PowerShares Dynamic Insurance Portfolio, strike price $16.94, expires 11/03/08

 

 

(26,000

)

 

 

PPR, strike price 82.29 EUR, expires 11/04/08

 

 

(12,800

)

 

 

Procter & Gamble Co., strike price $68.50, expires 11/21/08

 

 

(36,500

)

 

(24,864

)

Public Service Enterprise Group, Inc., strike price $45, expires 12/22/08

 

 

(275

)

 

(2,063

)

Qualcomm, Inc., strike price $48.75, expires 11/03/08

 

 

(358

)

 

 

Qualcomm, Inc., strike price $57.50, expires 01/19/09

 

 

(330

)

 

(3,465

)

Regions Financial Corp., strike price $11.38, expires 12/30/08

 

 

(690

)

 

(101,347

)

Research In Motion Ltd., strike price $170, expires 12/22/08

 

 

(150

)

 

(450

)

Rio Tinto Plc (ADR), strike price $195, expires 12/22/08

 

 

(6

)

 

(14,520

)

Roche Holding AG, strike price 190 CHF, expires 12/09/08

 

 

(8,200

)

 

(50,925

)

Royal Bank of Canada, strike price 50 CAD, expires 01/19/09

 

 

(110

)

 

(26,056

)

Samsung Electronics Co. Ltd., strike price 799,580.37 KRW, expires 11/05/08

 

 

(3,250

)

 

 

Shizuoka Bank Ltd. (The), strike price 895.02 JPY, expires 01/06/09

 

 

(66,500

)

 

(66,375

)

Simon Property Group, Inc. (REIT), strike price $95, expires 01/19/09

 

 

(66

)

 

(9,900

)

Sims Group Ltd., strike price 34 AUD, expires 11/05/08

 

 

(70,500

)

 

 

Sims Group Ltd., strike price 41.57 AUD, expires 11/05/08

 

 

(86,000

)

 

(1

)

Singapore Airlines Ltd., strike price 17.16 SGD, expires 11/05/08

 

 

(138,000

)

 

(1

)

Singapore Telecommunications Ltd., strike price 3.97 SGD, expires 11/05/08

 

 

(1,100,000

)

 

(7

)

SPDR KBW Insurance, strike price $48,expires 12/22/08

 

 

(215

)

 

(7,525

)

SPDR KBW Insurance, strike price $49.86, expires 11/21/08

 

 

(14,500

)

 

(1

)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

           

Call Options Written—(concluded)

 

 

 

 

 

 

 

Sumitomo Corp., strike price 763.76 JPY, expires 01/06/09

 

 

(111,000

)

$

(197,841

)

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

 

 

(15,200

)

 

 

T. Rowe Price Group, Inc., strike price $60, expires 11/24/08

 

 

(70

)

 

(700

)

T. Rowe Price Group, Inc., strike price $62, expires 11/11/08

 

 

(12,500

)

 

(49

)

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR), strike price $11, expires 11/14/08

 

 

(220,000

)

 

(132

)

Target Corp., strike price $62.50, expires 01/19/09

 

 

(250

)

 

(17,125

)

TELUS Corp., strike price 50 CAD, expires 11/24/08

 

 

(350

)

 

(5,517

)

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

 

 

(500

)

 

(4,563

)

Torchmark Corp., strike price $65, expires 11/24/08

 

 

(100

)

 

(7,500

)

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

 

 

(24,000

)

 

(10

)

Total S.A., strike price 58.29 EUR, expires 11/04/08

 

 

(16,000

)

 

 

Toyota Motor Corp. (ADR), strike price $90, expires 01/19/09

 

 

(160

)

 

(57,600

)

U.S. Bancorp, strike price $30, expires 11/03/08

 

 

(144

)

 

(7,076

)

U.S. Bancorp, strike price $37.50, expires 12/22/08

 

 

(305

)

 

(4,575

)

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

 

 

(200

)

 

(56,000

)

UMB Financial Corp., strike price $56.50, expires 11/10/08

 

 

(13,600

)

 

(4,345

)

Unilever Plc, strike price 16.60 GBP, expires 11/11/08

 

 

(117,000

)

 

(4,162

)

United Overseas Bank Ltd., strike price 22.07 SGD, expires 11/05/08

 

 

(226,300

)

 

(2

)

Vivendi, strike price 24.98 EUR, expires 11/13/08

 

 

(57,000

)

 

(11,436

)

Vodafone Group Plc (ADR), strike price $35.25, expires 11/21/08

 

 

(72,000

)

 

(22

)

Wal-Mart Stores, Inc., strike price $60, expires 12/22/08

 

 

(300

)

 

(61,350

)

Wal-Mart Stores, Inc., strike price $65, expires 11/24/08

 

 

(300

)

 

(6,900

)

Walt Disney Co. (The), strike price $33.39, expires 11/21/08

 

 

(48,500

)

 

(563

)

Walt Disney Co. (The), strike price $35, expires 01/19/09

 

 

(260

)

 

(5,850

)

Wells Fargo & Co., strike price $30, expires 11/03/08

 

 

(355

)

 

(145,152

)

Wells Fargo & Co., strike price $40, expires 01/19/09

 

 

(240

)

 

(34,200

)

Wells Fargo & Co., strike price $40, expires 11/24/08

 

 

(250

)

 

(5,625

)

Weyerhauser Co., strike price $65, expires 01/19/09

 

 

(290

)

 

(4,350

)

Yara International ASA, strike price 332.72 NOK, expires 11/04/08

 

 

(188,400

)

 

 

Yum! Brands, Inc., strike price $40.50, expires 11/07/08

 

 

(57,000

)

 

(1

)

               

Total Call Options Written

 

 

 

 

 

(4,420,423

)

               

Put Options Written—(0.0)%

 

 

 

 

 

 

 

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

 

 

(170

)

 

(48,026

)

Target Corp., strike price $40, expires 11/24/08

 

 

(175

)

 

(63,000

)

               

Total Put Options Written

 

 

 

 

 

(111,026

)

               

Total Options Written
(Premium Received—$20,375,800)—(0.8)%

 

 

 

 

 

(4,531,449

)

               

Total Investments Net of Options Written—101.5%

 

 

 

 

 

568,575,187

 

Liabilities in Excess of Other Assets—(1.5)%

 

 

 

 

 

(8,214,716

)

 

 

 

 

 

     

Net Assets—100.0%

 

 

 

 

$

560,360,471

 

 

 

 

 

 

     

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

56

ANNUAL REPORT

OCTOBER 31, 2008

 




 

 


 

Schedule of Investments (concluded)

BlackRock World Investment Trust (BWC)


 

 

*

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


 

 

 

 

 

Aggregate cost

 

$

775,230,326

 

 

 

     

Gross unrealized appreciation

 

$

6,660,120

 

Gross unrealized depreciation

 

 

(208,783,810

)

 

 

     

Net unrealized depreciation

 

$

(202,123,690

)

 

 

     

 

 

(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

 

Income

 

           

BlackRock Liquidity Series, LLC Money Market Series

 

 

2,812,950  

 

$

147,177

 

               

 

 

(f)

Security purchased with the cash proceeds from securities loans.

(g)

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

 

 

Foreign currency exchange contracts as of October 31, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

 

               

Currency Purchased

 

Currency Sold

 

Settlement
Date

 

Unrealized
Appreciation

 

               

USD

110,298

 

JPY

10,718,000

 

11/04/08

 

$

1,481

 

USD

29,668

 

CHF

34,000

 

11/03/08

 

 

349

 

                     

Total

 

 

 

 

 

 

 

$

1,830

 

 

 

 

 

 

 

 

 

     

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

57



 


 

Statements of Assets and Liabilities


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2008

 

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

 

$

562,405,162

 

$

675,088,898

 

$

287,135,769

 

$

122,219,065

 

$

617,974,336

 

Investments at value - affiliated3

 

 

 

 

21,574,000

 

 

 

 

1,694,500

 

 

25,537,250

 

Cash

 

 

 

 

 

 

 

 

 

 

 

Foreign currency at value4

 

 

 

 

 

 

 

 

32,696

 

 

66,696

 

Investments sold receivable

 

 

 

 

2,422,181

 

 

 

 

41,172

 

 

1,185,036

 

Margin variation receivable

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

558

 

 

 

Dividends and interest receivable

 

 

1,401,177

 

 

1,647,214

 

 

522,932

 

 

207,965

 

 

1,668,371

 

Securities lending income receivable - affiliated

 

 

 

 

81,974

 

 

 

 

13,154

 

 

64,871

 

Other assets

 

 

178,468

 

 

178,955

 

 

78,821

 

 

38,344

 

 

305,626

 

 

 

                             

 

 

 

563,984,807

 

 

700,993,222

 

 

287,737,522

 

 

124,247,454

 

 

646,802,186

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral at value - securities loaned

 

 

 

 

21,574,000

 

 

 

 

1,694,500

 

 

25,537,250

 

Bank overdraft

 

 

 

 

 

 

 

 

1,099,988

 

 

 

Investments purchased payable

 

 

 

 

2,178,999

 

 

 

 

84,014

 

 

979,948

 

Options written at value5

 

 

 

 

6,916,961

 

 

 

 

798,468

 

 

2,393,816

 

Margin variation payable

 

 

 

 

 

 

 

 

 

 

 

Unrealized depreciation on swaps contracts

 

 

 

 

 

 

 

 

 

 

 

Foreign currency at value4

 

 

 

 

 

 

 

 

 

 

 

Unrealized depreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

 

 

 

Investment advisory fees payable

 

 

313,700

 

 

569,502

 

 

183,579

 

 

127,462

 

 

617,929

 

Officer’s and Trustees’ fees payable

 

 

73,717

 

 

54,825

 

 

30,881

 

 

 

 

73,274

 

Licensing fee payable

 

 

211,325

 

 

248,649

 

 

108,483

 

 

 

 

 

Other liabilities

 

 

 

 

 

 

 

 

21,562

 

 

372,869

 

Other accrued expenses payable

 

 

356,013

 

 

481,302

 

 

273,583

 

 

139,868

 

 

347,754

 

 

 

                             

 

 

 

954,755

 

 

32,024,238

 

 

596,526

 

 

3,965,862

 

 

30,322,840

 

 

 

                             

Net Assets

 

$

563,030,052

 

$

668,968,984

 

$

287,140,996

 

$

120,281,592

 

$

616,479,346

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.001 par value

 

$

54,518

 

$

69,778

 

$

26,908

 

$

11,757

 

$

29,766

 

Paid-in capital in excess of par

 

 

715,034,009

 

 

956,559,889

 

 

359,767,925

 

 

224,076,255

 

 

709,335,050

 

Undistributed (distributions in excess of) net investment income

 

 

84,691

 

 

281,977

 

 

535,250

 

 

131,452

 

 

8,357,111

 

Accumulated net realized gain (loss)

 

 

(52,785,280

)

 

(54,587,942

)

 

(9,636,521

)

 

925,176

 

 

(5,154,476

)

Net unrealized appreciation/depreciation

 

 

(99,357,886

)

 

(233,354,718

)

 

(63,552,566

)

 

(104,863,048

)

 

(96,088,105

)

                                 

Net Assets

 

$

563,030,052

 

$

668,968,984

 

$

287,140,996

 

$

120,281,592

 

$

616,479,346

 

                                 

Net asset value6

 

$

10.33

 

$

9.59

 

$

10.67

 

$

10.23

 

$

20.71

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

661,763,048

 

$

913,107,648

 

$

350,688,335

 

$

228,091,138

 

$

741,747,313

 

 

2 Securities on loan at value

 

$

 

$

21,820,760

 

$

 

$

1,664,499

 

$

25,067,125

 

 

3 Investments at cost - affiliated

 

$

 

$

21,574,000

 

$

 

$

1,694,500

 

$

25,537,250

 

 

4 Foreign currency at cost

 

$

 

$

 

$

 

$

32,978

 

$

67,788

 

 

5 Premiums received

 

$

 

$

11,580,993

 

$

 

$

1,835,551

 

$

30,075,096

 

 

6 Shares Outstanding

 

 

54,518,315

 

 

69,778,138

 

 

26,908,028

 

 

11,756,964

 

 

29,766,217

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

58

ANNUAL REPORT

OCTOBER 31, 2008

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2008

 

BlackRock
Global Equity
Income
Trust (BFD)

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value - unaffiliated1,2

 

$

462,321,971

 

$

231,944,678

 

$

175,623,993

 

$

1,120,581,146

 

Investments at value - affiliated3

 

 

 

 

1,130,500

 

 

2,226,500

 

 

 

Cash

 

 

11,773

 

 

 

 

 

 

57,505

 

Foreign currency at value4

 

 

27,955,529

 

 

14,306

 

 

434,639

 

 

 

Investments sold receivable

 

 

627,868

 

 

151,889

 

 

9,210,384

 

 

3,566,826

 

Margin variation receivable

 

 

1,694,917

 

 

 

 

 

 

 

Unrealized appreciation on foreign currency exchange contracts

 

 

 

 

732

 

 

 

 

33,468

 

Dividends and interest receivable

 

 

2,021,296

 

 

530,173

 

 

282,099

 

 

4,821,644

 

Securities lending income receivable - affiliated

 

 

 

 

11,566

 

 

3,971

 

 

1,943

 

Other assets

 

 

132,465

 

 

62,025

 

 

37,885

 

 

268,631

 

 

 

                       

 

 

 

494,765,819

 

 

233,845,869

 

 

187,819,471

 

 

1,129,331,163

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral at value - securities loaned

 

 

 

 

1,130,500

 

 

2,226,500

 

 

 

Bank overdraft

 

 

 

 

 

 

 

 

 

Investments purchased payable

 

 

84,495

 

 

2,619,954

 

 

1,518,275

 

 

945

 

Options written at value5

 

 

13,157,615

 

 

1,804,677

 

 

3,967,710

 

 

17,953,473

 

Margin variation payable

 

 

246,967

 

 

 

 

 

 

 

Unrealized depreciation on swaps contracts

 

 

 

 

 

 

 

 

1,061,948

 

Foreign currency at value4

 

 

 

 

 

 

 

 

283,617

 

Unrealized depreciation on foreign currency exchange contracts

 

 

 

 

 

 

 

 

3,362

 

Investment advisory fees payable

 

 

418,572

 

 

200,812

 

 

157,868

 

 

974,462

 

Officer’s and Trustees’ fees payable

 

 

30,412

 

 

17,107

 

 

8,974

 

 

75,850

 

Licensing fee payable

 

 

 

 

 

 

 

 

4,387

 

Other liabilities

 

 

 

 

 

 

161,605

 

 

1,758,788

 

Other accrued expenses payable

 

 

422,575

 

 

238,249

 

 

136,741

 

 

698,317

 

 

 

                       

 

 

 

14,360,636

 

 

6,011,299

 

 

8,177,673

 

 

22,815,149

 

 

 

                       

Net Assets

 

$

480,405,183

 

$

227,834,570

 

$

179,641,798

 

$

1,106,516,014

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.001 par value

 

$

44,995

 

$

12,634

 

$

7,592

 

$

106,306

 

Paid-in capital in excess of par

 

 

764,227,682

 

 

301,552,572

 

 

181,149,149

 

 

1,976,704,371

 

Undistributed (distributions in excess of) net investment income

 

 

(14,254

)

 

21,527

 

 

247,494

 

 

952,653

 

Accumulated net realized gain (loss)

 

 

(69,442,442

)

 

(1,497,798

)

 

2,325,602

 

 

(2,053,403

)

Net unrealized appreciation/depreciation

 

 

(214,410,798

)

 

(72,254,365

)

 

(4,088,039

)

 

(869,193,913

)

 

 

                       

Net Assets

 

$

480,405,183

 

$

227,834,570

 

$

179,641,798

 

$

1,106,516,014

 

 

 

                       

Net asset value6

 

$

10.68

 

$

18.03

 

$

23.66

 

$

10.41

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          1 Investments at cost - unaffiliated

 

$

667,387,045

 

$

310,850,579

 

$

181,307,062

 

$

1,990,489,658

 

          2 Securities on loan at value

 

$

 

$

1,121,490

 

$

2,226,122

 

$

 

          3 Investments at cost - affiliated

 

$

 

$

1,130,500

 

$

2,226,500

 

$

 

          4 Foreign currency at cost

 

$

29,113,835

 

$

14,442

 

$

422,926

 

$

(282,773

)

          5 Premiums received

 

$

9,618,280

 

$

8,453,687

 

$

5,552,545

 

$

19,940,508

 

          6 Shares Outstanding

 

 

44,995,192

 

 

12,634,026

 

 

7,591,500

 

 

106,306,178

 


 

 

 

 

 

 

 

 

 

 

 

October 31, 2008

 

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

 

$

548,796,428

 

$

74,691,030

 

$

570,293,686

 

Investments at value - affiliated3

 

 

1,612,600

 

 

 

 

2,812,950

 

Cash

 

 

 

 

 

 

 

Foreign currency at value4

 

 

 

 

6,788

 

 

36,977

 

Investments sold receivable

 

 

685,543

 

 

 

 

352,705

 

Margin variation receivable

 

 

 

 

 

 

 

Unrealized appreciation on foreign currency exchange contracts

 

 

 

 

 

 

1,830

 

Dividends and interest receivable

 

 

826,516

 

 

226,512

 

 

1,377,295

 

Securities lending income receivable - affiliated

 

 

5,831

 

 

 

 

30,658

 

Other assets

 

 

286,828

 

 

21,220

 

 

162,082

 

 

 

                 

 

 

 

552,213,746

 

 

74,945,550

 

 

575,068,183

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral at value - securities loaned

 

 

1,612,600

 

 

 

 

2,812,950

 

Bank overdraft

 

 

 

 

 

 

 

Investments purchased payable

 

 

11,618,685

 

 

 

 

6,382,110

 

Options written at value5

 

 

2,686,196

 

 

 

 

4,531,449

 

Margin variation payable

 

 

 

 

 

 

 

Unrealized depreciation on swaps contracts

 

 

 

 

 

 

 

Foreign currency at value4

 

 

1,627

 

 

 

 

 

Unrealized depreciation on foreign currency exchange contracts

 

 

 

 

67

 

 

 

Investment advisory fees payable

 

 

579,635

 

 

49,111

 

 

492,211

 

Officer’s and Trustees’ fees payable

 

 

53,747

 

 

7,300

 

 

47,612

 

Licensing fee payable

 

 

 

 

46,556

 

 

 

Other liabilities

 

 

 

 

 

 

 

Other accrued expenses payable

 

 

403,830

 

 

126,089

 

 

441,380

 

 

 

                 

 

 

 

16,956,320

 

 

229,123

 

 

14,707,712

 

 

 

                 

Net Assets

 

$

535,257,426

 

$

74,716,427

 

$

560,360,471

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.001 par value

 

$

56,708

 

$

6,033

 

$

52,163

 

Paid-in capital in excess of par

 

 

811,015,946

 

 

83,384,353

 

 

746,486,768

 

Undistributed (distributions in excess of) net investment income

 

 

1,465,037

 

 

157,407

 

 

1,258,770

 

Accumulated net realized gain (loss)

 

 

(2,743,951

)

 

(430,343

)

 

(3,387,164

)

Net unrealized appreciation/depreciation

 

 

(274,536,314

)

 

(8,401,023

)

 

(184,050,066

)

 

 

                 

Net Assets

 

$

535,257,426

 

$

74,716,427

 

$

560,360,471

 

 

 

                 

Net asset value6

 

$

9.44

 

$

12.38

 

$

10.74

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

          1 Investments at cost - unaffiliated

 

$

840,684,883

 

$

83,095,952

 

$

770,192,269

 

          2 Securities on loan at value

 

$

1,623,368

 

$

 

$

2,790,531

 

          3 Investments at cost - affiliated

 

$

1,612,600

 

$

 

$

2,812,950

 

          4 Foreign currency at cost

 

$

(1,571

)

$

6,828

 

$

37,300

 

          5 Premiums received

 

$

20,028,393

 

$

 

$

20,375,800

 

          6 Shares Outstanding

 

 

56,708,028

 

 

6,033,028

 

 

52,162,868

 


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

59



 


 

Statements of Operations


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31, 2008

 

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

 

$

29,830,769

 

$

34,717,192

 

$

15,172,564

 

$

3,148,066

 

$

24,658,692

 

Interest

 

 

226,892

 

 

874,612

 

 

171,546

 

 

684,811

 

 

1,248,115

 

Securities lending income - affiliated

 

 

 

 

353,731

 

 

 

 

78,088

 

 

463,647

 

Foreign taxes withheld

 

 

 

 

 

 

 

 

(194,879

)

 

(689,343

)

 

 

                             

Total income

 

 

30,057,661

 

 

35,945,535

 

 

15,344,110

 

 

3,716,086

 

 

25,681,111

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

4,555,776

 

 

8,205,304

 

 

2,653,021

 

 

2,568,378

 

 

12,600,258

 

License

 

 

700,889

 

 

820,530

 

 

353,736

 

 

 

 

 

Printing

 

 

170,631

 

 

191,308

 

 

85,960

 

 

52,938

 

 

176,959

 

Professional

 

 

135,097

 

 

153,213

 

 

97,660

 

 

80,593

 

 

162,592

 

Custodian

 

 

131,211

 

 

128,143

 

 

58,834

 

 

110,068

 

 

217,160

 

Officer and Trustees

 

 

66,695

 

 

90,667

 

 

18,500

 

 

19,815

 

 

108,343

 

Insurance

 

 

37,742

 

 

43,959

 

 

18,305

 

 

10,667

 

 

50,015

 

Transfer agent

 

 

13,349

 

 

14,734

 

 

13,973

 

 

11,849

 

 

13,833

 

Registration

 

 

6,082

 

 

19,613

 

 

2,330

 

 

31,576

 

 

2,072

 

Miscellaneous

 

 

7,986

 

 

7,871

 

 

7,246

 

 

15,116

 

 

8,694

 

 

 

                             

Total expenses

 

 

5,825,458

 

 

9,675,342

 

 

3,309,565

 

 

2,901,000

 

 

13,339,926

 

 

 

                             

Less fees waived by advisor

 

 

 

 

 

 

 

 

 

 

(2,100,043

)

Less fees paid indirectly

 

 

 

 

(1,183

)

 

 

 

(3,475

)

 

(779

)

 

 

                             

Total expenses after fees waived and paid indirectly

 

 

5,825,458

 

 

9,674,159

 

 

3,309,565

 

 

2,897,525

 

 

11,239,104

 

 

 

                             

Net investment income

 

 

24,232,203

 

 

26,271,376

 

 

12,034,545

 

 

818,561

 

 

14,442,007

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(54,852,838

)

 

(95,751,719

)

 

(11,706,289

)

 

7,271,817

 

 

52,153,470

 

Foreign currency

 

 

 

 

 

 

 

 

(354,603

)

 

950,030

 

Futures

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

 

 

48,767,386

 

 

 

 

12,048,852

 

 

(9,626,069

)

Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

 

 

 

(54,852,838

)

 

(46,984,333

)

 

(11,706,289

)

 

18,966,066

 

 

43,477,431

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(201,915,360

)

 

(220,104,231

)

 

(98,616,276

)

 

(121,800,163

)

 

(475,557,407

)

Foreign currency

 

 

 

 

 

 

 

 

(39,687

)

 

(107,039

)

Futures

 

 

 

 

 

 

 

 

 

 

 

Options written

 

 

 

 

4,219,083

 

 

 

 

2,417,148

 

 

33,156,001

 

Swaps

 

 

 

 

 

 

 

 

 

 

(15,831,971

)

 

 

                             

 

 

 

(201,915,360

)

 

(215,885,148

)

 

(98,616,276

)

 

(119,422,702

)

 

(458,340,416

)

 

 

                             

Total realized and unrealized loss

 

 

(256,768,198

)

 

(262,869,481

)

 

(110,322,565

)

 

(100,456,636

)

 

(414,862,985

)

 

 

                             

Net Decrease in Net Assets Resulting from Operations

 

$

(232,535,995

)

$

(236,598,105

)

$

(98,288,020

)

$

(99,638,075

)

$

(400,420,978

)

 

 

                             

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

60

ANNUAL REPORT

OCTOBER 31, 2008

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31, 2008

 

BlackRock
Global Equity
Income
Trust (BFD)

 

BlackRock
Global
Opportunities
Equity
Trust (BOE)

 

BlackRock
Health
Sciences
Trust (BME)

 

BlackRock
International
Growth and
Income
Trust (BGY)

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

27,190,695

 

$

8,751,778

 

$

2,076,564

 

$

63,011,008

 

Interest

 

 

1,179,432

 

 

767,629

 

 

755,099

 

 

4,213,658

 

Securities lending income - affiliated

 

 

 

 

51,605

 

 

64,833

 

 

2,633

 

Foreign taxes withheld

 

 

(1,403,893

)

 

(527,018

)

 

(57,931

)

 

(5,829,540

)

 

 

                       

Total income

 

 

26,966,234

 

 

9,043,994

 

 

2,838,565

 

 

61,397,759

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

7,151,577

 

 

3,304,776

 

 

2,124,115

 

 

17,817,570

 

License

 

 

 

 

 

 

 

 

3,082

 

Printing

 

 

157,954

 

 

63,817

 

 

60,368

 

 

222,298

 

Professional

 

 

147,099

 

 

95,298

 

 

85,339

 

 

227,561

 

Custodian

 

 

294,572

 

 

200,538

 

 

82,359

 

 

1,003,081

 

Officer and Trustees

 

 

93,109

 

 

23,496

 

 

15,221

 

 

245,581

 

Insurance

 

 

39,508

 

 

17,416

 

 

10,287

 

 

95,556

 

Transfer agent

 

 

10,843

 

 

13,754

 

 

13,734

 

 

10,971

 

Registration

 

 

18,958

 

 

1,699

 

 

7,163

 

 

22,510

 

Miscellaneous

 

 

16,382

 

 

43,819

 

 

11,453

 

 

88,865

 

 

 

                       

Total expenses

 

 

7,930,002

 

 

3,764,613

 

 

2,410,039

 

 

19,737,075

 

 

 

                       

Less fees waived by advisor

 

 

 

 

 

 

 

 

 

Less fees paid indirectly

 

 

(1,942

)

 

(224

)

 

(184

)

 

(1,668

)

 

 

                       

Total expenses after fees waived and paid indirectly

 

 

7,928,060

 

 

3,764,389

 

 

2,409,855

 

 

19,735,407

 

 

 

                       

Net investment income

 

 

19,038,174

 

 

5,279,605

 

 

428,710

 

 

41,662,352

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(97,682,952

)

 

3,815,970

 

 

8,723,435

 

 

(39,717,457

)

Foreign currency

 

 

(546,527

)

 

(334,493

)

 

(25,971

)

 

(2,515,137

)

Futures

 

 

(16,948,409

)

 

 

 

 

 

 

Options written

 

 

45,937,146

 

 

20,373,804

 

 

2,959,905

 

 

134,873,275

 

Swaps

 

 

 

 

 

 

 

 

(11,246,240

)

 

 

                       

 

 

 

(69,240,742

)

 

23,855,281

 

 

11,657,369

 

 

81,394,441

 

 

 

                       

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(256,289,182

)

 

(170,715,701

)

 

(47,375,024

)

 

(1,002,790,543

)

Foreign currency

 

 

(2,351,679

)

 

(36,466

)

 

7,921

 

 

(563,399

)

Futures

 

 

(5,329,862

)

 

 

 

 

 

 

Options written

 

 

(4,140,287

)

 

15,656,508

 

 

728,119

 

 

26,745,368

 

Swaps

 

 

 

 

 

 

(354,737

)

 

(1,061,948

)

 

 

                       

 

 

 

(268,111,010

)

 

(155,095,659

)

 

(46,993,721

)

 

(977,670,522

)

 

 

                       

Total realized and unrealized loss

 

 

(337,351,752

)

 

(131,240,378

)

 

(35,336,352

)

 

(896,276,081

)

 

 

                       

Net Decrease in Net Assets Resulting from Operations

 

$

(318,313,578

)

$

(125,960,773

)

$

(34,907,642

)

$

(854,613,729

)

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31, 2008

 

BlackRock
Real Asset
Equity
Trust (BCF)

 

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

 

BlackRock
World
Investment
Trust (BWC)

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

$

21,561,678

 

$

4,441,047

 

$

21,349,768

 

Interest

 

 

2,111,941

 

 

40,294

 

 

1,882,122

 

Securities lending income - affiliated

 

 

71,134

 

 

 

 

147,177

 

Foreign taxes withheld

 

 

(371,686

)

 

(200,097

)

 

(1,363,029

)

 

 

                 

Total income

 

 

23,373,067

 

 

4,281,244

 

 

22,016,038

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

12,569,283

 

 

788,644

 

 

8,194,636

 

License

 

 

 

 

42,408

 

 

 

Printing

 

 

162,175

 

 

28,149

 

 

165,111

 

Professional

 

 

144,494

 

 

62,557

 

 

152,943

 

Custodian

 

 

407,075

 

 

53,959

 

 

334,541

 

Officer and Trustees

 

 

119,123

 

 

6,825

 

 

95,488

 

Insurance

 

 

52,690

 

 

5,661

 

 

43,380

 

Transfer agent

 

 

9,970

 

 

13,855

 

 

14,489

 

Registration

 

 

14,503

 

 

1,593

 

 

14,434

 

Miscellaneous

 

 

29,525

 

 

7,244

 

 

14,530

 

 

 

                 

Total expenses

 

 

13,508,838

 

 

1,010,895

 

 

9,029,552

 

 

 

                 

Less fees waived by advisor

 

 

(2,094,880

)

 

 

 

 

Less fees paid indirectly

 

 

(1,712

)

 

(1

)

 

(382

)

 

 

                 

Total expenses after fees waived and paid indirectly

 

 

11,412,246

 

 

1,010,894

 

 

9,029,170

 

 

 

                 

Net investment income

 

 

11,960,821

 

 

3,270,350

 

 

12,986,868

 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

38,708,317

 

 

(502,068

)

 

8,402,472

 

Foreign currency

 

 

(1,085,478

)

 

19,718

 

 

(532,517

)

Futures

 

 

 

 

 

 

 

Options written

 

 

10,875,562

 

 

 

 

49,684,859

 

Swaps

 

 

 

 

 

 

 

 

 

                 

 

 

 

48,498,401

 

 

(482,350

)

 

57,554,814

 

 

 

                 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(653,222,883

)

 

(49,323,042

)

 

(429,377,536

)

Foreign currency

 

 

(85,405

)

 

(24,626

)

 

(76,851

)

Futures

 

 

 

 

 

 

 

Options written

 

 

27,537,518

 

 

 

 

48,562,174

 

Swaps

 

 

 

 

 

 

 

 

 

                 

 

 

 

(625,770,770

)

 

(49,347,668

)

 

(380,892,213

)

 

 

                 

Total realized and unrealized loss

 

 

(577,272,369

)

 

(49,830,018

)

 

(323,337,399

)

 

 

                 

Net Decrease in Net Assets Resulting from Operations

 

$

(565,311,548

)

$

(46,559,668

)

$

(310,350,531

)

 

 

                 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

61



 

 



 

 

Statements of Changes in Net Assets

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Dividend Achievers™
Trust (BDV)

 

BlackRock
Enhanced Dividend
Achievers™ Trust (BDJ)

 

 

 

 

 

   

 

 

Year Ended October 31,

 

Year Ended October 31,

 

 

 

 

 

   

Increase (Decrease) in Net Assets:

 

2008

 

2007

 

2008

 

2007

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

24,232,203

 

$

25,229,409

 

$

26,271,376

 

$

28,437,040

 

Net realized gain (loss)

 

 

(54,852,838

)

 

20,019,931

 

 

(46,984,333

)

 

59,786,766

 

Net change in unrealized appreciation/depreciation

 

 

(201,915,360

)

 

(21,252,973

)

 

(215,885,148

)

 

(57,684,009

)

 

 

         
 
           

Net increase (decrease) in net assets resulting from operations

 

 

(232,535,995

)

 

23,996,367

 

 

(236,598,105

)

 

30,539,797

 

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(23,269,463

)

 

(24,156,155

)

 

(36,568,327

)

 

(29,664,644

)

Net realized gains

 

 

 

 

(20,789,577

)

 

 

 

(55,532,595

)

Tax return of capital

 

 

(25,797,022

)

 

(4,120,753

)

 

(41,626,799

)

 

 

 

 

         
 
           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(49,066,485

)

 

(49,066,485

)

 

(78,195,126

)

 

(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 share transactions

 

 

 

 

 

 

 

 

5,292,836

 

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

(281,602,480

)

 

(25,070,118

)

 

(314,793,231

)

 

(49,364,606

)

Beginning of period

 

 

844,632,532

 

 

869,702,650

 

 

983,762,215

 

 

1,033,126,821

 

 

 

         
 
           

End of period

 

$

563,030,052

 

$

844,632,532

 

$

668,968,984

 

$

983,762,215

 

 

 

         
 
           

End of period undistributed (distributions in excess of) net investment income

 

$

84,691

 

$

1,189,535

 

$

281,977

 

$

12,796,179

 

 

 

         
 
           

1Commencement of investment operations for BlackRock EcoSolutions Investment Trust and BlackRock Global Equity Income Trust was September 28, 2007 and March 30, 2007, respectively. This information includes the initial investment by BlackRock Funding, Inc.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

62

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Strategic Dividend
Achievers™ Trust (BDT)

 

BlackRock
EcoSolutions

Investment Trust (BQR)

 

 

 

 

 

   

 

 

Year Ended October 31,

 

Period Ended October 31,

 

 

 

 

 

   

Increase (Decrease) in Net Assets:

 

2008

 

2007

 

2008

 

20071

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

12,034,545

 

$

12,057,071

 

$

818,561

 

$

205,295

 

Net realized gain (loss)

 

 

(11,706,289

)

 

9,048,370

 

 

18,966,066

 

 

(140,152

)

Net change in unrealized appreciation/depreciation

 

 

(98,616,276

)

 

(21,179,657

)

 

(119,422,702

)

 

14,559,654

 

 

 

         
 
           

Net increase (decrease) in net assets resulting from operations

 

 

(98,288,020

)

 

(74,216

)

 

(99,638,075

)

 

14,624,797

 

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(10,691,257

)

 

(10,698,807

)

 

(197,349

)

 

 

Net realized gains

 

 

 

 

(10,317,564

)

 

(18,613,793

)

 

 

Tax return of capital

 

 

(13,525,968

)

 

(3,200,857

)

 

 

 

 

 

 

         
 
           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(24,217,225

)

 

(24,217,228

)

 

(18,811,142

)

 

 

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

224,106,012

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

 

 

 

 

 

 

 

 

 

         
 
           

Net increase in net assets derived from share transactions

 

 

 

 

 

 

 

 

224,106,012

 

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

(122,505,245

)

 

(24,291,444

)

 

(118,449,217

)

 

238,730,809

 

Beginning of period

 

 

409,646,241

 

 

433,937,685

 

 

238,730,809

 

 

 

 

 

         
 
           

End of period

 

$

287,140,996

 

$

409,646,241

 

$

120,281,592

 

$

238,730,809

 

 

 

         
 
           

End of period undistributed (distributions in excess of) net investment income

 

$

535,250

 

$

1,261,732

 

$

131,452

 

$

27,998

 

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Global Energy and
Resources Trust (BGR)

 

BlackRock
Global Equity
Income Trust (BFD)

 

 

 

 

 

   

 

 

Year Ended October 31,

 

Period Ended October 31,

 

 

 

 

 

   

Increase (Decrease) in Net Assets:

 

2008

 

2007

 

2008

 

20071

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

14,442,007

 

$

16,146,812

 

$

19,038,174

 

$

10,595,977

 

Net realized gain (loss)

 

 

43,477,431

 

 

57,549,320

 

 

(69,240,742

)

 

4,771,359

 

Net change in unrealized appreciation/depreciation

 

 

(458,340,416

)

 

217,159,445

 

 

(268,111,010

)

 

53,700,212

 

 

 

         
 
           

Net increase (decrease) in net assets resulting from operations

 

 

(400,420,978

)

 

290,855,577

 

 

(318,313,578

)

 

69,067,548

 

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(28,642,573

)

 

(20,878,607

)

 

(18,288,211

)

 

(12,557,245

)

Net realized gains

 

 

(73,767,114

)

 

(33,770,708

)

 

 

 

(3,791,008

)

Tax return of capital

 

 

 

 

 

 

(67,202,654

)

 

(26,364,301

)

 

 

         
 
           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(102,409,687

)

 

(54,649,315

)

 

(85,490,865

)

 

(42,712,554

)

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

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 share transactions

 

 

 

 

 

 

 

 

857,854,632

 

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

(502,830,665

)

 

236,206,262

 

 

(403,804,443

)

 

884,209,626

 

Beginning of period

 

 

1,119,310,011

 

 

883,103,749

 

 

884,209,626

 

 

 

 

 

         
 
           

End of period

 

$

616,479,346

 

$

1,119,310,011

 

$

480,405,183

 

$

884,209,626

 

 

 

         
 
           

End of period undistributed (distributions in excess of) net investment income

 

$

8,357,111

 

$

1,661,984

 

$

(14,254

)

$

(50,772

)

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

63



 

 


 

Statements of Changes in Net Assets (concluded)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Global Opportunities
Equity Trust (BOE)

 

BlackRock
Health Sciences
Trust (BME)

 

 

 

 

 

   

 

 

Year Ended October 31,

 

Year Ended October 31,

 

 

 

 

 

   

Increase (Decrease) in Net Assets:

 

2008

 

2007

 

2008

 

2007

 

                           

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

5,279,605

 

$

6,580,595

 

$

428,710

 

$

318,564

 

Net realized gain (loss)

 

 

23,855,281

 

 

26,942,471

 

 

11,657,369

 

 

15,680,803

 

Net change in unrealized appreciation/depreciation

 

 

(155,095,659

)

 

52,641,050

 

 

(46,993,721

)

 

20,607,289

 

 

 

         
 
           

Net increase (decrease) in net assets resulting from operations

 

 

(125,960,773

)

 

86,164,116

 

 

(34,907,642

)

 

36,606,656

 

 

 

         
 
           

 

                           

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(7,049,171

)

 

(4,563,384

)

 

(706,588

)

 

(120,119

)

Net realized gains

 

 

(31,369,148

)

 

(26,867,198

)

 

(15,024,124

)

 

(16,711,918

)

Tax return of capital

 

 

(305,125

)

 

 

 

 

 

 

 

 

         
 
           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(38,723,444

)

 

(31,430,582

)

 

(15,730,712

)

 

(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 share transactions

 

 

2,777,501

 

 

3,263,566

 

 

 

 

2,354,235

 

 

 

         
 
           

 

                           

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

(161,906,716

)

 

57,997,100

 

 

(50,638,354

)

 

22,128,854

 

Beginning of period

 

 

389,741,286

 

 

331,744,186

 

 

230,280,152

 

 

208,151,298

 

 

 

         
 
           

End of period

 

$

227,834,570

 

$

389,741,286

 

$

179,641,798

 

$

230,280,152

 

 

 

         
 
           

End of period undistributed (distributions in excess of) net investment income

 

$

21,527

 

$

2,167,026

 

$

247,494

 

$

196,606

 

 

 

         
 
           

1Commencement of investment operations for BlackRock International Growth and Income Trust was May 30, 2007. This information includes the initial investment by BlackRock Funding, Inc.

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

64

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
International Growth
and Income Trust (BGY)

 

BlackRock
Real Asset
Equity Trust (BCF)

 

 

 

 

 

   

 

 

Period Ended October 31,

 

Year Ended October 31,

 

 

 

 

 

   

Increase (Decrease) in Net Assets:

 

2008

 

20071

 

2008

 

2007

 

                           

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

41,662,352

 

$

14,699,939

 

$

11,960,821

 

$

13,224,594

 

Net realized gain (loss)

 

 

81,394,441

 

 

50,836,289

 

 

48,498,401

 

 

62,766,392

 

Net change in unrealized appreciation/depreciation

 

 

(977,670,522

)

 

108,476,609

 

 

(625,770,770

)

 

298,625,818

 

 

 

         
 
           

Net increase (decrease) in net assets resulting from operations

 

 

(854,613,729

)

 

174,012,837

 

 

(565,311,548

)

 

374,616,804

 

 

 

         
 
           

 

                           

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(31,621,671

)

 

(11,099,329

)

 

(9,394,325

)

 

(16,196,422

)

Net realized gains

 

 

(93,583,511

)

 

(53,407,260

)

 

(69,123,611

)

 

(45,456,547

)

Tax return of capital

 

 

(52,187,938

)

 

 

 

 

 

 

 

 

         
 
           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(177,393,120

)

 

(64,506,589

)

 

(78,517,936

)

 

(61,652,969

)

 

 

         
 
           

 

                           

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

 

 

 

 

 

 

 

 

 

 

 

         
 
           

Net increase in net assets derived from share transactions

 

 

 

 

2,029,016,615

 

 

 

 

45,840,000

 

 

 

         
 
           

 

                           

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

(1,032,006,849

)

 

2,138,522,863

 

 

(643,829,484

)

 

358,803,835

 

Beginning of period

 

 

2,138,522,863

 

 

 

 

1,179,086,910

 

 

820,283,075

 

 

 

         
 
           

End of period

 

$

1,106,516,014

 

$

2,138,522,863

 

$

535,257,426

 

$

1,179,086,910

 

 

 

         
 
           

End of period undistributed (distributions in excess of) net investment income

 

$

952,653

 

$

4,673,349

 

$

1,465,037

 

$

(15,981

)

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

BlackRock
World Investment
Trust (BWC)

 

 

 

 

 

   

 

 

Year Ended October 31,

 

Year Ended October 31,

 

 

 

 

 

   

Increase (Decrease) in Net Assets:

 

2008

 

2007

 

2008

 

2007

 

                           

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

3,270,350

 

$

2,911,572

 

$

12,986,868

 

$

14,414,824

 

Net realized gain (loss)

 

 

(482,350

)

 

2,242,795

 

 

57,554,814

 

 

75,834,432

 

Net change in unrealized appreciation/depreciation

 

 

(49,347,668

)

 

15,055,973

 

 

(380,892,213

)

 

120,020,903

 

 

 

         
 
           

Net increase (decrease) in net assets resulting from operations

 

 

(46,559,668

)

 

20,210,340

 

 

(310,350,531

)

 

210,270,159

 

 

 

         
 
           

 

                           

Dividends and Distributions to Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,107,404

)

 

(2,627,580

)

 

(12,477,040

)

 

(12,835,490

)

Net realized gains

 

 

 

 

(2,408,434

)

 

(89,138,804

)

 

(78,213,020

)

Tax return of capital

 

 

(2,322,321

)

 

(393,713

)

 

 

 

 

 

 

         
 
           

Decrease in net assets resulting from dividends and distributions to shareholders

 

 

(5,429,725

)

 

(5,429,727

)

 

(101,615,844

)

 

(91,048,510

)

 

 

         
 
           

 

                           

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of shares

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

Reinvestment of dividends

 

 

 

 

 

 

1,506,138

 

 

1,652,473

 

 

 

         
 
           

Net increase in net assets derived from share transactions

 

 

 

 

 

 

1,506,138

 

 

1,652,473

 

 

 

         
 
           

 

                           

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Total increase (decrease) in net assets

 

 

(51,989,393

)

 

14,780,613

 

 

(410,460,237

)

 

120,874,122

 

Beginning of period

 

 

126,705,820

 

 

111,925,207

 

 

970,820,708

 

 

849,946,586

 

 

 

         
 
           

End of period

 

$

74,716,427

 

$

126,705,820

 

$

560,360,471

 

$

970,820,708

 

 

 

         
 
           

End of period undistributed (distributions in excess of) net investment income

 

$

157,407

 

$

259,359

 

$

1,258,770

 

$

872,508

 

 

 

         
 
           

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

65



 

 



 

 

Financial Highlights

BlackRock Dividend AchieversTM Trust (BDV)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
December 23, 20031
through October 31,
2004

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

2005

 

 

                       

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.49

 

$

15.95

 

$

14.21

 

$

14.67

 

 

$

14.33

2

 

 

 

                                 

Net investment income

 

 

0.41

 

 

0.45

 

 

0.42

 

 

0.43

 

 

 

0.37

 

 

Net realized and unrealized gain (loss)

 

 

(4.67

)

 

(0.01

)

 

2.21

 

 

0.01

 

 

 

0.66

 

 

 

 

                                 

Net increase (decrease) from investment operations

 

 

(4.26

)

 

0.44

 

 

2.63

 

 

0.44

 

 

 

1.03

 

 

 

 

                                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.43

)

 

(0.44

)

 

(0.41

)

 

(0.43

)

 

 

(0.38

)

 

Net realized gain

 

 

 

 

(0.38

)

 

(0.32

)

 

(0.28

)

 

 

 

 

Tax return of capital

 

 

(0.47

)

 

(0.08

)

 

(0.16

)

 

(0.19

)

 

 

(0.29

)

 

 

 

                                 

Total dividends and distributions

 

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.90

)

 

 

(0.67

)

 

 

 

                                 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                                 

Net asset value, end of period

 

$

10.33

 

$

15.49

 

$

15.95

 

$

14.21

 

 

$

14.67

 

 

 

 

                                 

Market price, end of period

 

$

9.20

 

$

13.64

 

$

14.86

 

$

12.77

 

 

$

14.98

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                     

Total Investment Returns3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(27.56

)%

 

3.15

%

 

19.89

%

 

3.11

%

 

 

7.28

%4

 

 

 

                                 

Based on market price

 

 

(26.73

)%

 

(2.50

)%

 

24.31

%

 

(9.25

)%

 

 

4.62

%4

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                     

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.83

%

 

0.82

%

 

0.84

%

 

0.84

%

 

 

0.83

%5

 

 

 

                                 

Net investment income

 

 

3.46

%

 

2.87

%

 

2.90

%

 

2.93

%

 

 

3.00

%5

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                     

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

563,030

 

$

844,633

 

$

869,703

 

$

774,691

 

 

$

800,200

 

 

 

 

                                 

Portfolio turnover

 

 

23

%

 

12

%

 

11

%

 

27

%

 

 

6

%

 

 

 

                                 

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

66

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Financial Highlights (continued)

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
August 31, 20051
through October 31,
2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.10

 

$

14.88

 

$

14.01

 

 

$

14.33

2

 

 

 

                           

Net investment income

 

 

0.34

 

 

0.39

 

 

0.37

 

 

 

0.06

 

 

Net realized and unrealized gain (loss)

 

 

(3.73

)

 

0.06

 

 

1.71

 

 

 

(0.26

)

 

 

 

                           

Net increase (decrease) from investment operations

 

 

(3.39

)

 

0.45

 

 

2.08

 

 

 

(0.20

)

 

 

 

                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.52

)

 

(0.43

)

 

(0.15

)

 

 

(0.06

)

 

Net realized gain

 

 

(0.60

)

 

(0.80

)

 

(1.06

)

 

 

(0.04

)

 

 

 

                           

Total dividends and distributions

 

 

(1.12

)

 

(1.23

)

 

(1.21

)

 

 

(0.10

)

 

 

 

                           

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                           

Net asset value, end of period

 

$

9.59

 

$

14.10

 

$

14.88

 

 

$

14.01

 

 

 

 

                           

Market price, end of period

 

$

8.47

 

$

12.68

 

$

14.92

 

 

$

13.79

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(24.35

)%

 

3.21

%

 

15.72

%

 

 

(1.42

)%4

 

 

 

                           

Based on market price

 

 

(25.70

)%

 

(7.43

)%

 

17.97

%

 

 

(7.40

)%4

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.18

%

 

1.17

%

 

1.19

%

 

 

1.25

%5

 

 

 

                           

Net investment income

 

 

3.20

%

 

2.76

%

 

2.73

%

 

 

2.44

%5

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

668,969

 

$

983,762

 

$

1,033,127

 

 

$

968,245

 

 

 

 

                           

Portfolio turnover

 

 

86

%

 

91

%

 

138

%

 

 

5

%

 

 

 

                           

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

67



 

 



 

 

Financial Highlights (continued)

BlackRock Strategic Dividend AchieversTM Trust (BDT)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
March 30, 20041
through October 31,
2004

 

 

Year Ended October 31,

 

 

 

 

 

 

2008

 

2007

 

2006

 

2005

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.22

 

$

16.13

 

$

15.14

 

$

14.96

 

$

14.33

2

 

 

                             

Net investment income

 

 

0.37

 

 

0.40

 

 

0.37

 

 

0.46

 

 

0.18

 

Net realized and unrealized gain (loss)

 

 

(4.02

)

 

(0.41

)

 

1.52

 

 

0.62

 

 

0.92

 

 

 

                             

Net increase (decrease) from investment operations

 

 

(3.65

)

 

(0.01

)

 

1.89

 

 

1.08

 

 

1.10

 

 

 

                             

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.40

)

 

(0.40

)

 

(0.35

)

 

(0.46

)

 

(0.17

)

Net realized gain

 

 

 

 

(0.38

)

 

(0.55

)

 

(0.42

)

 

 

Tax return of capital

 

 

(0.50

)

 

(0.12

)

 

 

 

(0.02

)

 

(0.28

)

 

 

                             

Total dividends and distributions

 

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.45

)

 

 

                             

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

                             

Net asset value, end of period

 

$

10.67

 

$

15.22

 

$

16.13

 

$

15.14

 

$

14.96

 

 

 

                             

Market price, end of period

 

$

9.01

 

$

13.19

 

$

14.53

 

$

13.20

 

$

14.54

 

 

 

                             

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(23.93

)%

 

0.24

%

 

13.65

%

 

7.62

%

 

7.75

%4

 

 

                             

Based on market price

 

 

(25.88

)%

 

(3.56

)%

 

17.43

%

 

(3.46

)%

 

0.01

%4

 

 

                             

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.94

%

 

0.95

%

 

0.96

%

 

0.96

%

 

0.99

%5

 

 

                             

Net investment income

 

 

3.40

%

 

2.75

%

 

2.57

%

 

3.01

%

 

2.18

%5

 

 

                             

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

287,141

 

$

409,646

 

$

433,938

 

$

407,366

 

$

402.570

 

 

 

                             

Portfolio turnover

 

 

20

%

 

18

%

 

18

%

 

24

%

 

1

%

 

 

                             

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Annualized.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

68

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Financial Highlights (continued)

BlackRock EcoSolutions Investment Trust (BQR)


 

 

 

 

 

 

 

 

 

 

Year Ended
October 31,
2008

 

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

 

 

0.03

 

 

 

Net realized and unrealized gain (loss)

 

 

(8.51

)

 

1.25

 

 

 

           

Net increase (decrease) from investment operations

 

 

(8.48

)

 

1.25

 

 

 

           

Dividends and distributions from:

 

 

 

 

 

 

 

Net investment income

 

 

(0.02

)

 

 

Net realized gain

 

 

(1.58

)

 

 

 

 

           

Total dividends and distributions

 

 

(1.60

)

 

 

 

 

           

Offering costs resulting from the issuance of shares

 

 

 

 

(0.04

)

 

 

           

Net asset value, end of period

 

$

10.23

 

$

20.31

 

 

 

           

Market price, end of period

 

$

9.20

 

$

19.75

 

 

 

           

 

Total Investment Return3

 

Based on net asset value

 

 

(43.99

)%

 

6.28

%4

 

 

           

Based on market price

 

 

(48.20

)%

 

(1.25

)%4

 

 

           

 

Ratios to Average Net Assets

 

Total expenses after fees paid indirectly

 

 

1.35

%

 

1.68

%5

 

 

           

Total expenses

 

 

1.36

%

 

1.70

%5

 

 

           

Net investment income

 

 

0.38

%

 

0.97

%5

 

 

           

 

Supplemental Data

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

120,282

 

$

238,731

 

 

 

           

Portfolio turnover

 

 

45

%

 

4

%

 

 

           

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

69



 

 


 

Financial Highlights (continued)

BlackRock Global Energy and Resources Trust (BGR)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
December 29, 20041
through October 31,
2005

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

 

                       

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

 

Net asset value, beginning of period

 

$

37.60

 

$

29.67

 

$

28.12

 

 

$

23.88

2

 

 

 

                           

Net investment income

 

 

1.18

 

 

0.49

 

 

0.75

 

 

 

0.56

 

 

Net realized and unrealized gain (loss)

 

 

(14.63

)

 

9.27

 

 

3.65

 

 

 

4.85

 

 

 

 

                           

Net increase (decrease) from investment operations

 

 

(13.45

)

 

9.76

 

 

4.40

 

 

 

5.41

 

 

 

 

                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.96

)

 

(0.70

)

 

(0.49

)

 

 

(0.54

)

 

Net realized gain

 

 

(2.48

)

 

(1.13

)

 

(2.36

)

 

 

(0.59

)

 

 

 

                           

Total dividends and distributions

 

 

(3.44

)

 

(1.83

)

 

(2.85

)

 

 

(1.13

)

 

 

 

                           

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

                           

Net asset value, end of period

 

$

20.71

 

$

37.60

 

$

29.67

 

 

$

28.12

 

 

 

 

                           

Market price, end of period

 

$

17.99

 

$

32.14

 

$

26.73

 

 

$

25.16

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

 

Based on net asset value

 

 

(38.15

)%

 

34.98

%

 

17.30

%

 

 

22.99

%4

 

 

 

                           

Based on market price

 

 

(37.14

)%

 

28.07

%

 

18.11

%

 

 

5.10

%4

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

 

Total expenses after fees waived and paid indirectly

 

 

1.07

%

 

1.07

%

 

1.08

%

 

 

1.10

%5

 

 

 

                           

Total expenses

 

 

1.27

%

 

1.27

%

 

1.28

%

 

 

1.30

%5

 

 

 

                           

Net investment income

 

 

1.38

%

 

1.69

%

 

2.47

%

 

 

2.59

%5

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

 

Net assets, end of period (000)

 

$

616,479

 

$

1,119,310

 

$

883,104

 

 

$

836,924

 

 

 

 

                           

Portfolio turnover

 

 

54

%

 

47

%

 

40

%

 

 

64

%

 

 

 

                           

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

70

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

Financial Highlights (continued)

BlackRock Global Equity Income Trust (BFD)


 

 

 

 

 

 

 

 

 

 

Year Ended
October 31,
2008

 

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

 

 

 

0.41

 

 

 

 

0.28

 

 

Net realized and unrealized gain (loss)

 

 

 

(7.48

)

 

 

 

1.25

 

 

 

 

                   

Net increase (decrease) from investment operations

 

 

 

(7.07

)

 

 

 

1.53

 

 

 

 

                   

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.41

)

 

 

 

(0.28

)

 

Net realized gain

 

 

 

 

 

 

 

(0.08

)

 

Tax return of capital

 

 

 

(1.49

)

 

 

 

(0.59

)

 

 

 

                   

Total dividends and distributions

 

 

 

(1.90

)

 

 

 

(0.95

)

 

 

 

                   

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

(0.03

)

 

 

 

                   

Net asset value, end of period

 

 

$

10.68

 

 

 

$

19.65

 

 

 

 

                   

Market price, end of period

 

 

$

9.13

 

 

 

$

17.93

 

 

 

 

                   

 

 

 

 

 

 

 

 

 

 

 

 

                       

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

                       

 

Based on net asset value

 

 

 

(38.56

)%

 

 

 

8.09

%4

 

 

 

                   

Based on market price

 

 

 

(42.44

)%

 

 

 

(5.81

)%4

 

 

 

                   

 

 

 

 

 

 

 

 

 

 

 

 

                       

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

                       

 

Total expenses

 

 

 

1.11

%

 

 

 

1.11

%5

 

 

 

                   

Net investment income

 

 

 

2.66

%

 

 

 

2.12

%5

 

 

 

                   

 

 

 

 

 

 

 

 

 

 

 

 

                       

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

                       

 

Net assets, end of period (000)

 

 

$

480,405

 

 

 

$

884,210

 

 

 

 

                   

Portfolio turnover

 

 

 

72

%

 

 

 

39

%

 

 

 

                   

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

71



 

 


 

Financial Highlights (continued)

BlackRock Global Opportunities Equity Trust (BOE)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
May 31, 20051
through October 31,
2005

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

 

                               

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

 

Net asset value, beginning of period

 

$

31.09

 

$

26.72

 

$

23.77

 

 

$

23.88

2

 

 

 

                           

Net investment income

 

 

0.39

 

 

0.55

 

 

0.58

 

 

 

0.37

 

 

Net realized and unrealized gain (loss)

 

 

(10.39

)

 

6.32

 

 

4.64

 

 

 

0.13

 

 

 

 

                           

Net increase (decrease) from investment operations

 

 

(10.00

)

 

6.87

 

 

5.22

 

 

 

0.50

 

 

 

 

                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.56

)

 

(0.36

)

 

(0.59

)

 

 

(0.23

)

 

Net realized gain

 

 

(2.48

)

 

(2.14

)

 

(1.68

)

 

 

(0.33

)

 

Tax return of capital

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

                           

Total dividends and distributions

 

 

(3.06

)

 

(2.50

)

 

(2.27

)

 

 

(0.56

)

 

 

 

                           

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

(0.05

)

 

 

 

                           

Net asset value, end of period

 

$

18.03

 

$

31.09

 

$

26.72

 

 

$

23.77

 

 

 

 

                           

Market price, end of period

 

$

15.89

 

$

28.76

 

$

27.61

 

 

$

23.88

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

 

Based on net asset value

 

 

(35.08

)%

 

27.47

%

 

24.48

%

 

 

0.81

%4

 

 

 

                           

Based on market price

 

 

(38.15

)%

 

14.11

%

 

26.64

%

 

 

(2.21

)%4

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

 

Total expenses

 

 

1.14

%

 

1.15

%

 

1.16

%

 

 

1.19

%5

 

 

 

                           

Net investment income

 

 

1.60

%

 

1.87

%

 

2.45

%

 

 

3.66

%5

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                               

 

Net assets, end of period (000)

 

$

227,835

 

$

389,741

 

$

331,744

 

 

$

294,195

 

 

 

 

                           

Portfolio turnover

 

 

120

%

 

111

%

 

184

%

 

 

55

%

 

 

 

                           

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

72

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

Financial Highlights (continued)

BlackRock Health Sciences Trust (BME)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
March 31, 20051
through October 31,
2005

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

30.33

 

$

27.74

 

$

26.38

 

 

$

23.88

2

 

 

 

                           

Net investment income

 

 

0.10

 

 

0.05

 

 

0.00

3

 

 

(0.03

)

 

Net realized and unrealized gain (loss)

 

 

(4.70

)

 

4.76

 

 

3.28

 

 

 

3.34

 

 

 

 

                           

Net increase (decrease) from investment operations

 

 

(4.60

)

 

4.81

 

 

3.28

 

 

 

3.31

 

 

 

 

                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.09

)

 

(0.02

)

 

 

 

 

 

 

Net realized gain

 

 

(1.98

)

 

(2.20

)

 

(1.92

)

 

 

(0.77

)

 

 

 

                           

Total dividends and distributions

 

 

(2.07

)

 

(2.22

)

 

(1.92

)

 

 

(0.77

)

 

 

 

                           

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

                           

Net asset value, end of period

 

$

23.66

 

$

30.33

 

$

27.74

 

 

$

26.38

 

 

 

 

                           

Market price, end of period

 

$

21.62

 

$

27.05

 

$

27.32

 

 

$

25.19

 

 

 

 

                           

 

   Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(15.55

)%

 

18.62

%

 

13.00

%

 

 

13.88

%5

 

 

 

                           

Based on market price

 

 

(13.47

)%

 

7.42

%

 

16.59

%

 

 

3.81

%5

 

 

 

                           

 

   Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.13

%

 

1.13

%

 

1.15

%

 

 

1.18

%6

 

 

 

                           

Net investment income

 

 

0.20

%

 

0.15

%

 

(0.11

)%

 

 

(0.19

)%6

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

179,642

 

$

230,280

 

$

208,151

 

 

$

198,005

 

 

 

 

                           

Portfolio turnover

 

 

121

%

 

89

%

 

181

%

 

 

104

%

 

 

 

                           

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Amounted to less than $0.01 per share outstanding.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

73



 

 



 

Financial Highlights (continued)

BlackRock International Growth and Income Trust (BGY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended
October 31,
2008

 

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

 

 

 

0.27

 

 

 

 

0.14

 

 

Net realized and unrealized gain (loss)

 

 

 

(8.31

)

 

 

 

1.50

 

 

 

 

                   

Net increase (decrease) from investment operations

 

 

 

(8.04

)

 

 

 

1.64

 

 

 

 

                   

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.30

)

 

 

 

(0.10

)

 

Net realized gain

 

 

 

(0.88

)

 

 

 

(0.50

)

 

Tax return of capital

 

 

 

(0.49

)

 

 

 

 

 

 

 

                   

Total dividends and distributions

 

 

 

(1.67

)

 

 

 

(0.60

)

 

 

 

                   

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

(0.02

)

 

 

 

                   

Net asset value, end of period

 

$

 

10.41

 

 

 

$

20.12

 

 

 

 

                   

Market price, end of period

 

$

 

9.09

 

 

 

$

17.76

 

 

 

 

                   

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

 

(41.76

)%

 

 

 

8.93

%4

 

 

 

                   

Based on market price

 

 

 

(42.39

)%

 

 

 

(8.17

)%4

 

 

 

                   

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.11

%

 

 

 

1.07

%5

 

 

 

                   

Net investment income

 

 

 

2.34

%

 

 

 

1.75

%5

 

 

 

                   

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

 

1,106,516

 

 

 

$

2,138,523

 

 

 

 

                   

Portfolio turnover

 

 

 

123

%

 

 

 

46

%

 

 

 

                   

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from the initial offering price of $20.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

74

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

Financial Highlights (continued)

BlackRock Real Asset Equity Trust (BCF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
September 29, 20061
through October 31,
2006

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2008

 

2007

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

20.79

 

$

15.33

 

 

$

14.33

2

 

 

 

                     

Net investment income

 

 

0.20

 

 

0.20

 

 

 

0.04

 

 

Net realized and unrealized gain (loss)

 

 

(10.16

)

 

6.35

 

 

 

0.98

 

 

 

 

                     

Net increase (decrease) from investment operations

 

 

(9.96

)

 

6.55

 

 

 

1.02

 

 

 

 

                     

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.17

)

 

(0.29

)

 

 

 

 

Net realized gain

 

 

(1.22

)

 

(0.80

)

 

 

 

 

 

 

                     

Total dividends and distributions

 

 

(1.39

)

 

(1.09

)

 

 

 

 

 

 

                     

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

(0.02

)

 

 

 

                     

Net asset value, end of period

 

$

9.44

 

$

20.79

 

 

$

15.33

 

 

 

 

                     

Market price, end of period

 

$

7.74

 

$

17.59

 

 

$

15.00

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(50.14

)%

 

45.34

%

 

 

6.98

%4

 

 

 

                     

Based on market price

 

 

(51.69

)%

 

25.67

%

 

 

%4

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses after fees waived and paid indirectly

 

 

1.09

%

 

1.08

%

 

 

1.22

%5

 

 

 

                     

Total expenses

 

 

1.29

%

 

1.21

%

 

 

1.42

%5

 

 

 

                     

Net investment income

 

 

1.14

%

 

1.37

%

 

 

2.63

%5

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

535,257

 

$

1,179,087

 

 

$

820,283

 

 

 

 

                     

Portfolio turnover

 

 

29

%

 

61

%

 

 

%

 

 

 

                     

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

75



 

 


 

 

Financial Highlights (continued)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
May 28, 20041
through October 31,
2004

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

2005

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

21.00

 

$

18.55

 

$

15.98

 

$

15.29

 

 

$

14.33

2

 

 

 

                                 

Net investment income

 

 

0.50

 

 

0.46

 

 

0.39

 

 

0.56

 

 

 

0.21

 

 

Net realized and unrealized gain (loss)

 

 

(8.22

)

 

2.90

 

 

3.22

 

 

0.88

 

 

 

0.96

 

 

 

 

                                 

Net increase (decrease) from investment operations

 

 

(7.72

)

 

3.36

 

 

3.61

 

 

1.44

 

 

 

1.17

 

 

 

 

                                 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.52

)

 

(0.44

)

 

(0.49

)

 

(0.37

)

 

 

(0.17

)

 

Net realized gain

 

 

 

 

(0.40

)

 

(0.55

)

 

(0.38

)

 

 

 

 

Tax return of capital

 

 

(0.38

)

 

(0.07

)

 

0.00

3

 

 

 

 

(0.02

)

 

 

 

                                 

Total dividends and distributions

 

 

(0.90

)

 

(0.91

)

 

(1.04

)

 

(0.75

)

 

 

(0.19

)

 

 

 

                                 

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                                 

Net asset value, end of period

 

$

12.38

 

$

21.00

 

$

18.55

 

$

15.98

 

 

$

15.29

 

 

 

 

                                 

Market price, end of period

 

$

10.50

 

$

18.07

 

$

16.36

 

$

14.54

 

 

$

13.80

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(37.53

)%

 

19.10

%

 

24.34

%

 

10.08

%

 

 

8.13

%5

 

 

 

                                 

Based on market price

 

 

(38.42

)%

 

16.20

%

 

20.52

%

 

10.97

%

 

 

(6.80

)%5

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.96

%

 

1.20

%

 

1.13

%

 

1.14

%

 

 

1.23

%6

 

 

 

                                 

Net investment income

 

 

3.11

%

 

2.45

%

 

2.45

%

 

3.35

%

 

 

3.27

%6

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

74,716

 

$

126,706

 

$

111,925

 

$

96,402

 

 

$

92,243

 

 

 

 

                                 

Portfolio turnover

 

 

10

%

 

12

%

 

10

%

 

38

%

 

 

4

%

 

 

 

                                 

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Amounted to less than $0.01 per share outstanding.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

76

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

 

Financial Highlights (concluded)

BlackRock World Investment Trust (BWC)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period
October 27, 20051
through October 31,
2005

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

18.64

 

$

16.35

 

$

14.42

 

 

$

14.33

2

 

 

 

                           

Net investment income

 

 

0.25

 

 

0.30

 

 

0.30

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

(6.20

)

 

3.74

 

 

2.88

 

 

 

0.11

 

 

 

 

                           

Net increase (decrease) from investment operations

 

 

(5.95

)

 

4.04

 

 

3.18

 

 

 

0.11

 

 

 

 

                           

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.24

)

 

(0.25

)

 

(0.34

)

 

 

 

 

Net realized gain

 

 

(1.71

)

 

(1.50

)

 

(0.91

)

 

 

 

 

 

 

                           

Total dividends and distributions

 

 

(1.95

)

 

(1.75

)

 

(1.25

)

 

 

 

 

 

 

                           

Offering costs resulting from the issuance of shares

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

                           

Net asset value, end of period

 

$

10.74

 

$

18.64

 

$

16.35

 

 

$

14.42

 

 

 

 

                           

Market price, end of period

 

$

9.22

 

$

17.28

 

$

16.59

 

 

$

15.08

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(34.34

)%

 

26.48

%

 

22.47

%

 

 

0.80

%4

 

 

 

                           

Based on market price

 

 

(39.20

)%

 

15.56

%

 

18.99

%

 

 

0.53

%4

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

1.10

%

 

1.11

%

 

1.10

%

 

 

1.23

%5

 

 

 

                           

Net investment income

 

 

1.58

%

 

1.62

%

 

2.04

%

 

 

2.59

%5

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (000)

 

$

560,360

 

$

970,821

 

$

849,947

 

 

$

672,981

 

 

 

 

                           

Portfolio turnover

 

 

123

%

 

110

%

 

153

%

 

 

%

 

 

 

                           

 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

77



 

 



 

 

Notes to Financial Statements

 

1. Organization and Significant Accounting Policies:

BlackRock Dividend AchieversTM Trust (“Dividend Achievers”), BlackRock Enhanced Dividend AchieversTM Trust (“Enhanced Dividend Achievers”), BlackRock Strategic Dividend AchieversTM Trust (“Strategic Dividend Achievers”), BlackRock EcoSolutions Investment Trust (“EcoSolutions”), BlackRock 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”) (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. The Trusts determine and make available for publication the net asset values of their shares on a daily basis.

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 that 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 that 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 that were deferred from the organization date until the commencement of operations.

The following is a summary of significant accounting policies followed by the Trusts:

Valuation of Investments: Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the security. Investments in open-end investment companies are valued at net asset value each business day. Financial futures contracts traded on exchanges are valued at their last sale price. Foreign currency exchange rates will be determined as of the close of business on the NYSE. Swap agreements are valued utilizing quotes received daily by the Trusts’ pricing service or through brokers. Short-term securities are valued at amortized cost. The Trusts value their investments in the BlackRock Liquidity Series, LLC Money Market Series at fair value, which is ordinarily based upon their pro-rata ownership in the net assets of the underlying fund.

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the option. Over-the-counter options are valued by an independent pricing service using a mathematical model which incorporates a number of market data factors.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by the Board of Trustees (the “Board”) as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of business on the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net assets of the Trusts are determined as of such times. Foreign currency exchange rates will be determined as of the close of business on the NYSE. Occasionally, events affecting the values of such securities and such exchange rates may occur between the times at which they are determined and the close of business on the NYSE that may not be reflected in the computation of the Trust’s net assets. If events (for example, a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such securities, those securities 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.

 

 

 

 

 

 

 

 

 

78

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Notes to Financial Statements (continued)

 

Derivative Financial Instruments: The Trusts may engage in various portfolio investment strategies both to increase the return of the Trusts and to hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security, or if the counterparty does not perform under the contract.

 

 

Financial Futures Contracts — Each Trust may purchase or sell financial futures contracts and options on financial futures contracts for investment purposes or to manage its interest rate risk. Futures are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recognized by the Trust as unrealized gains or losses. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of futures transactions involves the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and the underlying assets, and the possible inability of counterparties to meet the terms of their contracts.

 

 

Forward Currency Contracts — A forward currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Each Trust may enter into foreign currency exchange contracts as a hedge against either specific transactions or portfolio positions. Foreign currency exchange contracts, when used by the Trust, help to manage the overall exposure to the foreign currency backing some of the investments held by the Trust. The contract is marked-to-market daily and the change in market value is recorded by the Trust as an unrealized gain or loss. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency contracts involves the risk that counterparties may not meet the terms of the agreement and market risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

 

 

Options — The Trusts may purchase and write call and put options. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying position at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying position at the exercise price at any time or at a specified time during the option period.

 

 

 

When the Trusts purchase (write) an option, an amount equal to the premium paid (received) by the Trusts is reflected as an asset and an equivalent liability. The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Trusts enter into a closing transaction), the Trusts realize a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When the Trust writes a call option, such option is “covered,” meaning that the Trust holds the underlying security subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When the Trust writes a put option, such option is covered by cash or liquid securities in an amount sufficient to cover the obligation. Certain call options are written as part of an arrangement where the counterparty to the transaction borrows the underlying security from the Trust in a securities lending transaction.

 

 

 

In purchasing and writing options, the Trusts bear the market risk of an unfavorable change in the price of the underlying security. Exercise of a written option could result in the Trusts purchasing a security at a price different from the current market value. The Trust may execute transactions in both listed and over-the-counter options. Transactions in certain over-the-counter options may expose the Trust to the risk of default by the counterparty to the transaction.

 

 

Total Return Swaps — The Trusts may enter into total return swaps for investment purposes or to manage its interest rate risk. Total return swaps are agreements in which one party commits to pay interest in exchange for a market-linked return. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Trusts will receive a payment from or make a payment to the counterparty. These periodic payments received or made by the Trusts are recorded in the accompanying Statements of Operations as realized gains or losses, respectively. Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). When the swap is terminated, the Trusts will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts’ basis in the contract, if any. Swap transactions involve, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Foreign Currency Transactions: Foreign currency amounts are translated into United States dollars on the following basis: (i) market value of investment securities, assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the rates of exchange prevailing on the respective dates of such transactions.

Each Trust reports foreign currency related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

79



 

 



 

 

Notes to Financial Statements (continued)

 

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that each Trust segregate assets in connection with certain investments (e.g., options, swaps, forward currency contracts or financial futures contracts), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on their books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each Trust may also be required to deliver or deposit securities as collateral for certain investments (e.g., financial futures contracts, swaps and written options).

Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Trust has determined the ex-dividend date. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income is recognized on the accrual basis. The Trusts amortize all premiums and discounts on debt securities. Upon commencement of operations, organization costs associated with the establishment of the Trusts were expensed by the Trusts and reimbursed by the Advisor. Offering costs are amortized over a twelve month period beginning with the commencement of operations.

Dividends and Distributions: All Trusts declare and pay dividends and distributions to shareholders quarterly from net investment income, net realized short-term capital gains and, if necessary, other sources. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. Dividends and distributions are recorded on the ex-dividend dates.

Securities Lending: The Trusts may lend securities to financial institutions that provide cash or securities issued or guaranteed by the United States 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 Trusts typically receive the income on the loaned securities but do not receive the income on the collateral. Where the Trusts receive cash collateral, it may invest such collateral and retain the amount earned on such investment, net of any amount rebated to the borrower. The Trusts may receive a flat fee for their loans. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Trusts may pay reasonable lending agent, administrative and custodial fees in connection with their loans. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Trusts could experience delays and costs in gaining access to the collateral. The Trusts also could suffer a loss where the value of the invested collateral falls below the market value of the borrowed securities either in the event of borrower default or in the event of losses on investments made with cash collateral. For the year ended October 31, 2008, the Trusts received only cash collateral for any securities loaned.

Income Taxes: It is the Trusts’ policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income tax provisions are required. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

Effective April 30, 2008, each Trust except EcoSolutions, Global Equity Income and International Growth implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109” (“FIN 48”). Effective October 31, 2007, EcoSolutions, Global Equity Income and International Growth implemented 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. The investment advisor has evaluated the application of FIN 48 to the Trusts, and has determined that the adoption of FIN 48 does not have a material impact on the Trusts’ financial statements. The Trusts file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Dividend Achievers, Enhanced Dividend Achievers, Strategic Dividend Achievers, Global Energy and Resources, Global Opportunities, Health Sciences, Real Asset, S&P Quality Rankings and World Investment’s U.S. federal tax returns remains open for the years ended October 31, 2005 through October 31, 2007. The statute of limitations on EcoSolutions, Global Equity Income and International Growth’s U.S. federal tax returns remains open for the year ended October 31, 2007. The statute of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting 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 March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133” (“FAS 161”), was issued. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for and how derivative instruments affect an entity’s results of operations and financial position. In September 2008, FASB Staff Position No. 133-1 and FASB Interpretation No. 45-4 (the “FSP”), “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and

 

 

 

 

 

 

 

 

 

80

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Notes to Financial Statements (continued)

 

FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161” was issued and is effective for fiscal years and interim periods ending after November 15, 2008. The FSP amends FASB Statement No. 133, “Accounting for Derivative Instruments and Hedging Activities,” to require disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. The FSP also clarifies the effective date of FAS 161, whereby disclosures required by FAS 161 are effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.

Bank Overdraft: EcoSolutions recorded a bank overdraft resulting from an incorrect posting by the custodian.

Dividend Achievers Universe: Dividend Achievers, Enhanced Dividend Achievers and Strategic Dividend Achievers have been granted a revocable license by Mergent®, Inc. (“Mergent”) to use the Dividend AchieversTM universe of common stocks. If Mergent revokes each Trust’s license to use the Dividend AchieversTM universe, the Board of that Trust may need to adopt a new investment strategy and/or new investment policies. There is no assurance that a Trust would pursue or achieve its investment objective during the period in which it implements these replacement investment policies or strategies. ‘‘Mergent’’ and ‘‘Dividend AchieversTM’’ are trademarks of Mergent and have been licensed for use by Dividend AchieversTM, Enhanced Dividend AchieversTM and Strategic Dividend AchieversTM. The products are not sponsored, endorsed, sold or promoted by Mergent and Mergent makes no representation regarding the advisability of investing in any of these three Trusts. The Trusts are required to pay a quarterly licensing fee, which is shown on their Statement of Operations.

S&P Quality Rankings: S&P Quality Rankings has been granted a license by Standard & Poor’s®, (“S&P”) to use the S&P Quality Rankings and the S&P International Quality Rankings. If S&P terminates the license to use either the S&P Quality Rankings or the S&P International Quality Rankings, the Board may need to adopt a new investment strategy and/or new investment 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 is required to pay a quarterly licensing fee, which is shown on its Statement of Operations.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“Independent Trustees”) defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in the other BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover the Trusts’ deferred compensation liability are included in other assets on the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income from affiliates on the Statements of Operations.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and administration services. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. (“PNC”) are principal owners of BlackRock, Inc.

The Advisor is responsible for the management of the each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Trusts. For such services, the Trusts pay the Advisor a monthly fee at the following annual rates of the average daily value of each Trust’s net assets: 0.65% for Dividend Achievers, 1.00% for Enhanced Dividend Achievers, 0.75% for Strategic Dividend Achievers, 1.20% for EcoSolutions, 1.20% for 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. The Advisor has voluntarily agreed to waive a portion of the investment advisory fees on Global Energy and Resources and Real Asset as a percentage of their average weekly net assets as follows: 0.20% for the first five years of the Trusts’ operations (2004 through 2009 for 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 has entered into separate sub-advisory agreements with BlackRock Financial Management, Inc. (“BFM”) for Dividend Achievers, Enhanced Dividend Achievers, Strategic Dividend Achievers, S&P Quality Rankings and World Investment, State Street Research & Management Company (“SSRM”) for Global Energy and Resources, BlackRock Investment Management, LLC (“BIM”) and BlackRock Investment Management International Limited (“BII”) for Real Asset and EcoSolutions, BlackRock Capital Management, Inc. (“BCM”) and BIM for Global Equity Income, each an affiliate of the Advisor. The Advisor pays each sub-advisor for services they provide, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Advisor.

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

81



 

 



 

 

Notes to Financial Statements (continued)

 

During the year ended October 31, 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 Achievers

 

 

 

 

$

26,946

 

Enhanced Dividend Achievers

 

 

 

 

 

122,543

 

Strategic Dividend Achievers

 

 

 

 

 

15,196

 

EcoSolutions

 

 

 

 

 

12,630

 

Global Energy and Resources

 

 

 

 

 

23,929

 

Global Equity Income

 

 

 

 

 

2,162,421

 

Global Opportunities

 

 

 

 

 

37,392

 

Health Sciences

 

 

 

 

 

12,753

 

International Growth

 

 

 

 

 

79,626

 

Real Asset

 

 

 

 

 

46,853

 

World Investment

 

 

 

 

 

101,590

 

               

The Trusts have received an exemptive order from the SEC permitting it to lend portfolio securities to MLPF&S, a wholly owned subsidiary of Merrill Lynch, or its affiliates. As of October 31, 2008, EcoSolutions, Health Sciences and World Investment loaned securities with a value of $497,500, $2,017,500, and $931,000, 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 year ended October 31, 2008, BIM received $298,923 in securities lending agent fees.

The Trusts may also receive earnings credits related to cash balances with The Bank of New York Mellon which are shown on the Statements of Operations as fees paid indirectly.

Certain officers and/or trustees of the Trusts are officers and/or trustees of BlackRock, Inc. or its affiliates. The Trusts reimburse the Advisor for compensation paid to the Trusts’ Chief Compliance Officer.

3. Investments:

Purchases and sales of investment securities, other than short-term investments for the year ended October 31, 2008, were as follows:

 

 

 

 

 

 

 

 

               

 

 

Purchases

 

Sales

 

           

Dividend Achievers

 

$

160,075,606

 

$

181,507,221

 

Enhanced Dividend Achievers

 

 

698,987,407

 

 

702,240,415

 

Strategic Dividend Achievers

 

 

70,352,397

 

 

81,434,107

 

EcoSolutions

 

 

122,928,505

 

 

88,625,101

 

Global Energy and Resources

 

 

557,491,432

 

 

560,831,228

 

Global Equity Income

 

 

482,014,775

 

 

539,915,113

 

Global Opportunities

 

 

374,770,136

 

 

382,661,258

 

Health Sciences

 

 

224,301,027

 

 

245,442,911

 

International Growth

 

 

2,172,724,785

 

 

2,055,720,847

 

Real Asset

 

 

325,445,707

 

 

293,586,522

 

S&P Quality Rankings

 

 

10,679,686

 

 

12,752,264

 

World Investment

 

 

957,737,753

 

 

972,419,760

 

               

Transactions in options written during the year ended October 31, 2008 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

 

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 

                   

Enhanced Dividend Achievers

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

4,778,513

 

$

13,869,236

 

 

 

$

 

Options written

 

 

20,102,211

 

 

65,986,798

 

 

3,855

 

 

556,662

 

Options expired

 

 

(14,553,582

)

 

(38,287,801

)

 

(1,590

)

 

(123,330

)

Options exercised

 

 

(3,976,437

)

 

(15,906,675

)

 

(1,315

)

 

(151,934

)

Options closed

 

 

(4,047,967

)

 

(14,080,565

)

 

(950

)

 

(281,398

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

2,302,738

 

$

11,580,993

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EcoSolutions

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

4,384,092

 

$

2,617,220

 

 

2,389,478

 

$

639,605

 

Options written

 

 

28,060,926

 

 

16,309,725

 

 

2,578,730

 

 

1,587,663

 

Options expired

 

 

(25,449,595

)

 

(10,168,924

)

 

(2,710,328

)

 

(1,572,749

)

Options exercised

 

 

(2,011,146

)

 

(3,548,847

)

 

(2,215,547

)

 

(559,855

)

Options closed

 

 

(3,992,530

)

 

(3,415,725

)

 

(12,090

)

 

(52,562

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

991,747

 

$

1,793,449

 

 

30,243

 

$

42,102

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Energy and Resources

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

3,019,825

 

$

14,163,603

 

 

26,414

 

$

172,615

 

Options written

 

 

8,843,664

 

 

71,271,888

 

 

842,401

 

 

4,964,904

 

Options expired

 

 

(2,373,306

)

 

(12,746,488

)

 

(105,938

)

 

(1,442,838

)

Options exercised

 

 

(201,827

)

 

(2,941,683

)

 

(751,417

)

 

(1,571,214

)

Options closed

 

 

(6,469,245

)

 

(40,363,219

)

 

(8,710

)

 

(1,432,472

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

2,819,111

 

$

29,384,101

 

 

2,750

 

$

690,995

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Equity Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

3,613

 

$

5,435,857

 

 

 

 

 

 

 

Options written

 

 

76,175

 

 

101,715,731

 

 

 

 

 

 

 

Options expired

 

 

(11,322

)

 

(20,508,291

)

 

 

 

 

 

 

Options exercised

 

 

(900

)

 

(263,731

)

 

 

 

 

 

 

Options closed

 

 

(63,726

)

 

(76,761,286

)

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Options outstanding at end of year

 

 

3,840

 

$

9,618,280

 

 

 

 

 

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Opportunities

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

13,613,104

 

$

11,649,547

 

 

700

 

$

18,550

 

Options written

 

 

29,305,704

 

 

33,629,388

 

 

910,590

 

 

2,174,873

 

Options expired

 

 

(17,792,969

)

 

(16,350,679

)

 

(318,114

)

 

(905,482

)

Options exercised

 

 

(6,239,501

)

 

(5,109,198

)

 

(531,717

)

 

(881,993

)

Options closed

 

 

(12,983,009

)

 

(15,424,426

)

 

(61,314

)

 

(346,893

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

5,903,329

 

$

8,394,632

 

 

145

 

$

59,055

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

441,958

 

$

3,075,960

 

 

26,361

 

$

388,544

 

Options written

 

 

749,353

 

 

9,178,315

 

 

238,156

 

 

5,254,327

 

Options expired

 

 

(377,759

)

 

(2,991,932

)

 

(40,111

)

 

(798,786

)

Options exercised

 

 

(58,213

)

 

(762,847

)

 

(27,110

)

 

(371,162

)

Options closed

 

 

(643,897

)

 

(5,986,090

)

 

(42,619

)

 

(1,433,784

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

111,442

 

$

2,513,406

 

 

154,677

 

$

3,039,139

 

 

 

   

 

   

 

   

 

   

 


 

 

 

 

 

 

 

 

82

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Notes to Financial Statements (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 

 

 

 

 

 

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 

                   

International Growth

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

103,958,110

 

$

35,874,512

 

 

5,580

 

$

450,528

 

Options written

 

 

370,832,718

 

 

189,813,600

 

 

19,348,657

 

 

18,838,950

 

Options expired

 

 

(291,565,092

)

 

(134,071,158

)

 

(5,995,158

)

 

(7,202,397

)

Options exercised

 

 

(22,574,476

)

 

(22,943,507

)

 

(10,637,493

)

 

(8,476,104

)

Options closed

 

 

(112,578,085

)

 

(48,732,939

)

 

(2,721,586

)

 

(3,610,977

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

48,073,175

 

$

19,940,508

 

 

 

$

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

8,699,629

 

$

16,981,947

 

 

555,954

 

$

1,370,219

 

Options written

 

 

30,115,807

 

 

68,175,057

 

 

3,096,660

 

 

8,965,175

 

Options expired

 

 

(14,372,428

)

 

(27,888,491

)

 

(889,046

)

 

(4,219,210

)

Options exercised

 

 

(8,927,529

)

 

(5,371,077

)

 

(2,739,509

)

 

(3,961,398

)

Options closed

 

 

(7,561,052

)

 

(32,189,901

)

 

(8,409

)

 

(1,833,928

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

7,954,427

 

$

19,707,535

 

 

15,650

 

$

320,858

 

 

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

 

30,945,501

 

$

25,789,594

 

 

1,800

 

$

47,699

 

Options written

 

 

67,220,885

 

 

83,856,721

 

 

4,841,784

 

 

5,327,717

 

Options expired

 

 

(40,318,277

)

 

(40,408,879

)

 

(918,879

)

 

(2,139,440

)

Options exercised

 

 

(13,731,423

)

 

(12,673,440

)

 

(3,771,357

)

 

(2,382,605

)

Options closed

 

 

(29,315,817

)

 

(36,330,099

)

 

(153,003

)

 

(711,468

)

 

 

   

 

   

 

   

 

   

 

Options outstanding at end of year

 

 

14,800,869

 

$

20,233,897

 

 

345

 

$

141,903

 

 

 

   

 

   

 

   

 

   

 

As of October 31, 2008, the value of portfolio securities subject to covered call options written were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                         

 

 

 

 

 

 

 

 

 

 

 

Value

 

                         

Enhanced Dividend Achievers

 

 

 

 

 

 

 

 

 

 

$

285,759,162

 

EcoSolutions

 

 

 

 

 

 

 

 

 

 

 

26,640,739

 

Global Energy and Resources

 

 

 

 

 

 

 

 

 

 

 

160,141,531

 

Global Opportunities

 

 

 

 

 

 

 

 

 

 

 

106,546,682

 

Health Sciences

 

 

 

 

 

 

 

 

 

 

 

43,509,067

 

International Growth

 

 

 

 

 

 

 

 

 

 

 

384,932,884

 

Real Asset

 

 

 

 

 

 

 

 

 

 

 

125,519,050

 

World Investment

 

 

 

 

 

 

 

 

 

 

 

262,702,586

 

                           

4. Income Tax Information:

Reclassifications: Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net asserts or on net asset values per share. The following permanent differences as of October 31, 2008 attributable to the difference between book/tax accounting for Real Estate Investment Trusts, the classification of income recognition from partnership interests, accounting for swap agreements, the sale of stock of passive foreign investment companies and foreign currency transactions were reclassified to the following accounts:

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

Decrease
Paid-in
Capital

 

Increase
(Decrease)
Undistributed
(Distributions
in Excess of)
Net Investment
Income

 

Increase
(Decrease)
Accumulated
Net Realized
Gain (Loss)

 

               

Dividend Achievers

 

$

 

$

(2,067,584

)

$

2,067,584

 

Enhanced Dividend Achievers

 

 

 

 

(2,217,251

)

 

2,217,251

 

Strategic Dividend Achievers

 

 

 

 

(2,069,770

)

 

2,069,770

 

EcoSolutions

 

 

 

 

(517,758

)

 

517,758

 

Global Energy and Resources

 

 

 

 

20,895,693

 

 

(20,895,693

)

Global Equity Income

 

 

 

 

(713,445

)

 

713,445

 

Global Opportunities

 

 

(25,121

)

 

(375,933

)

 

401,054

 

Health Sciences

 

 

 

 

328,766

 

 

(328,766

)

International Growth

 

 

 

 

(13,761,377

)

 

13,761,377

 

Real Asset

 

 

 

 

(1,085,478

)

 

1,085,478

 

S&P Quality Rankings

 

 

 

 

(264,898

)

 

264,898

 

World Investment

 

 

(74,899

)

 

(123,566

)

 

198,465

 

                     

The tax character of distributions paid during the fiscal years ended October 31, 2008 and October 31, 2007, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

Ordinary
Income

 

Long-Term
Capital Gains

 

Tax Return of
Capital

 

Total

 

                           

Dividend Achievers

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

$

23,269,463

 

$

 

$

25,797,022

 

$

49,066,485

 

10/31/07

 

 

24,327,327

 

 

20,618,405

 

 

4,120,753

 

 

49,066,485

 

Enhanced Dividend Achievers

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

36,568,327

 

 

 

 

41,626,799

 

 

78,195,126

 

10/31/07

 

 

71,739,757

 

 

13,457,482

 

 

 

 

85,197,239

 

Strategic Dividend Achievers

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

10,691,257

 

 

 

 

13,525,968

 

 

24,217,225

 

10/31/07

 

 

10,698,892

 

 

10,317,479

 

 

3,200,857

 

 

24,217,228

 

EcoSolutions

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

18,811,142

 

 

 

 

 

 

18,811,142

 

Global Energy and Resources

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

28,642,573

 

 

73,767,114

 

 

 

 

102,409,687

 

10/31/07

 

 

54,649,315

 

 

 

 

 

 

54,649,315

 

Global Equity Income

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

18,288,211

 

 

 

 

67,202,654

 

 

85,490,865

 

10/31/07

 

 

16,348,253

 

 

 

 

26,364,301

 

 

42,712,554

 

Global Opportunities

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

21,251,376

 

 

17,166,943

 

 

305,125

 

 

38,723,444

 

10/31/07

 

 

24,303,443

 

 

7,127,139

 

 

 

 

31,430,582

 

Health Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

6,224,792

 

 

9,505,920

 

 

 

 

15,730,712

 

10/31/07

 

 

16,832,037

 

 

 

 

 

 

16,832,037

 

International Growth

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

125,205,182

 

 

 

 

52,187,938

 

 

177,393,120

 

10/31/07

 

 

64,506,589

 

 

 

 

 

 

64,506,589

 

Real Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

58,332,922

 

 

20,185,014

 

 

 

 

78,517,936

 

10/31/07

 

 

58,762,586

 

 

2,890,383

 

 

 

 

61,652,969

 

S&P Quality Rankings

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

3,107.404

 

 

 

 

2,322,321

 

 

5,429,725

 

10/31/07

 

 

2,627,579

 

 

2,408,434

 

 

393,714

 

 

5,429,727

 

World Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/08

 

 

42,436,170

 

 

59,179,674

 

 

 

 

101,615,844

 

10/31/07

 

 

85,360,467

 

 

5,688,043

 

 

 

 

91,048,510

 

                           

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

83



 

 



 

 

Notes to Financial Statements (continued)

 

As of October 31, 2008, the components of accumulated earnings (losses) on a tax basis were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

Undistributed
Ordinary
Income

 

Capital Loss
Carryforward

 

Undistributed
Long-Term
Capital Gains

 

Net
Unrealized
Gains (Losses)*

 

Total
Accumulated
Net Earnings
(Losses)

 

                                 

Dividend Achievers

 

$

 

$

(52,785,280

)

$

 

$

(99,273,195

)

$

(152,058,475

)

Enhanced Dividend Achievers

 

 

 

 

(29,702,025

)

 

 

 

(257,958,658

)

 

(287,660,683

)

Strategic Dividend Achievers

 

 

 

 

(9,636,519

)

 

 

 

(63,017,318

)

 

(72,653,837

)

EcoSolutions

 

 

1,032,348

 

 

 

 

 

 

(104,838,768

)

 

(103,806,420

)

Global Energy and Resources

 

 

3,018,504

 

 

 

 

 

 

(95,903,974

)

 

(92,885,470

)

Global Equity Income

 

 

 

 

(67,573,002

)

 

 

 

(216,294,492

)

 

(283,867,494

)

Global Opportunities

 

 

 

 

 

 

 

 

(73,730,636

)

 

(73,730,636

)

Health Sciences

 

 

313,339

 

 

 

 

3,777,435

 

 

(5,605,717

)

 

(1,514,943

)

International Growth

 

 

 

 

 

 

 

 

(870,294,663

)

 

(870,294,663

)

Real Asset

 

 

1,164,674

 

 

 

 

 

 

(276,979,902

)

 

(275,815,228

)

S&P Quality Rankings

 

 

 

 

(217,452

)

 

 

 

(8,456,507

)

 

(8,673,959

)

World Investment

 

 

1,120,865

 

 

 

 

 

 

(187,299,325

)

 

(186,178,460

)

                                 

 

 

*

The difference between book-basis and tax basis net unrealized gains/(losses) is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of losses on straddles, the realization for tax purposes of unrealized gains/(losses) on certain futures, options and foreign currency contracts, the timing of income recognition on partnership interests, accounting for swap agreements, deferred compensation to trustees, the difference between the book and tax treatment of securities on loan, accounting for investments in Real Estate Investment Trusts and other book/tax temporary differences.

 

   

As of October 31, 2008, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

 

 

 

 

 

 

         

 

 

Expiring October 31,
2016

 

       

Dividend Achievers

 

$

52,785,280

 

 

Enhanced Dividend Achievers

 

 

29,702,025

 

 

Strategic Dividend Achievers

 

 

9,636,519

 

 

Global Equity Income

 

 

67,573,002

 

 

S&P Quality Rankings

 

 

217,452

 

 

           

5. Capital Share Transactions:

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for each Trust. At October 31, 2008, the shares owned by an affiliate of the Advisor of the Trusts were as follows:

 

 

 

 

       

 

 

Common
Shares Owned

 

       

Dividend Achievers

 

8,028

 

Enhanced Dividend Achievers

 

8,028

 

Strategic Dividend Achievers

 

8,028

 

EcoSolutions

 

6,964

 

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

 

       

Transactions in shares were as follows:

 

 

 

 

 

 

 

 

 

 

Reinvestment of
Dividends and
Distributions for
the Year Ended
October 31, 2008

 

Reinvestment of
Dividends and
Distributions for
the Year Ended
October 31, 2007

 

           

Enhanced Dividend Achievers

 

 

 

354,756

 

 

Global Equity Income

 

 

 

69,217

 

 

Global Opportunities

 

99,860

 

 

120,470

 

 

Health Sciences

 

 

 

86,683

 

 

World Investment

 

88,064

 

 

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

 

 

4,919,954

 

International Growth

 

May 30, 2007

 

 

98,506,178

 

 

7,800,000

 

Real Asset

 

September 29, 2006

 

 

53,508,028

 

 

3,200,000

 

                   

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, International Growth and Real Asset in the amount of $378,250, $1,287,151, $1,431,386 and $1,254,847, respectively.

 

 

 

 

 

 

 

84

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Notes to Financial Statements (concluded)

 

6. Concentration Risks:

The Trusts invest from time to time a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Trusts concentrate their investments in this manner, they assume the risk that economic, political and social conditions in those countries may have a significant impact on investment performance. As of October 31, 2008, the Trusts listed below had the following geographic concentrations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Country

 

EcoSolutions

 

Global
Energy and
Resources

 

Health
Sciences

 

Real
Asset

 

                   

United States

 

42

%

 

76

%

 

82

%

 

60

%

 

Canada

 

5

 

 

14

 

 

 

 

12

 

 

United Kingdom

 

9

 

 

1

 

 

1

 

 

12

 

 

Switzerland

 

3

 

 

 

 

9

 

 

 

 

Brazil

 

5

 

 

2

 

 

 

 

4

 

 

Germany

 

5

 

 

 

 

2

 

 

 

 

Australia

 

2

 

 

2

 

 

 

 

3

 

 

Bermuda

 

1

 

 

1

 

 

2

 

 

1

 

 

Netherlands

 

1

 

 

1

 

 

2

 

 

1

 

 

Hong Kong

 

3

 

 

1

 

 

 

 

 

 

Spain

 

4

 

 

 

 

 

 

 

 

Israel

 

2

 

 

 

 

2

 

 

 

 

Denmark

 

3

 

 

 

 

 

 

 

 

Belgium

 

3

 

 

 

 

 

 

 

 

France

 

2

 

 

 

 

 

 

1

 

 

Norway

 

1

 

 

1

 

 

 

 

1

 

 

South Africa

 

1

 

 

 

 

 

 

2

 

 

Japan

 

2

 

 

 

 

 

 

 

 

Italy

 

1

 

 

1

 

 

 

 

 

 

China

 

1

 

 

 

 

 

 

1

 

 

Chile

 

1

 

 

 

 

 

 

 

 

Greece

 

1

 

 

 

 

 

 

 

 

Philippines

 

1

 

 

 

 

 

 

 

 

Singapore

 

1

 

 

 

 

 

 

 

 

Mexico

 

 

 

 

 

 

 

1

 

 

Peru

 

 

 

 

 

 

 

1

 

 

                           

As of October 31, 2008, the Trusts listed below had the following sector classifications:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Sector

 

Global
Equity
Income

 

Global
Oppor-
tunities

 

S&P
Quality
Rankings

 

World
Investment

 

                           

Energy

 

19

%

 

16

%

 

20

%

 

16

%

 

Financial Institutions

 

18

 

 

15

 

 

15

 

 

15

 

 

Consumer Products

 

15

 

 

15

 

 

15

 

 

15

 

 

Health Care

 

11

 

 

15

 

 

9

 

 

15

 

 

Technology

 

9

 

 

8

 

 

11

 

 

8

 

 

Industrials

 

9

 

 

6

 

 

10

 

 

5

 

 

Telecommunications

 

6

 

 

5

 

 

7

 

 

6

 

 

Basic Materials

 

6

 

 

5

 

 

4

 

 

6

 

 

Exchange-Traded Funds

 

 

 

8

 

 

 

 

7

 

 

Real Estate

 

2

 

 

1

 

 

6

 

 

1

 

 

Automotive

 

2

 

 

1

 

 

1

 

 

1

 

 

Transportation

 

1

 

 

2

 

 

 

 

2

 

 

Media

 

1

 

 

2

 

 

 

 

2

 

 

Business Equipment & Services

 

 

 

1

 

 

1

 

 

1

 

 

Entertainment & Leisure

 

1

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

1

 

 

 

 

                           

7. Subsequent Events:

Subsequent to October 31, 2008, the Board declared distributions per common share as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

     Ex-Date

 

    Record
     Date

 

    Payable
     Date

 

Distribution
per Common
Share

 

                           

Dividend Achievers

 

 

12/18/08

 

 

12/22/08

 

 

12/31/08

 

$

0.162500

 

Enhanced Dividend Achievers

 

 

12/18/08

 

 

12/22/08

 

 

12/31/08

 

 

0.305625

 

Strategic Dividend Achievers

 

 

12/18/08

 

 

12/22/08

 

 

12/31/08

 

 

0.162500

 

EcoSolutions

 

 

12/18/08

 

 

12/22/08

 

 

12/31/08

 

 

0.400000

 

Global Energy and Resources

 

 

12/18/08

 

 

12/22/08

 

 

12/31/08

 

 

0.405000

 

Global Equity Income

 

 

11/12/08

 

 

11/14/08

 

 

11/28/08

 

 

0.475000

 

Global Opportunities

 

 

11/12/08

 

 

11/14/08

 

 

11/28/08

 

 

0.568750

 

Health Sciences

 

 

12/18/08

 

 

12/22/08

 

 

12/31/08

 

 

0.384375

 

International Growth

 

 

12/18/08

 

 

12/22/08

 

 

12/31/08

 

 

0.455100

 

Real Asset

 

 

12/18/08

 

 

12/22/08

 

 

12/31/08

 

 

0.271800

 

S&P Quality Rankings

 

 

11/12/08

 

 

11/14/08

 

 

11/28/08

 

 

0.225000

 

World Investment

 

 

12/18/08

 

 

12/22/08

 

 

12/31/08

 

 

0.341250

 

                           

On December 5, 2008, the Board approved new sub-advisory agreements for Real Asset and EcoSolutions replacing BIM and BII, respectively, with BlackRock International Limited, an affiliate of the Advisor. It is proposed that the new sub-advisory agreements will become effective on or before December 31, 2008. This change will not result in any change to fees paid by the Trusts or to services performed by the respective sub-advisors.

On September 15, 2008, Bank of America Corporation announced that it has agreed to acquire Merrill Lynch, one of the principal owners of BlackRock, Inc. The purchase has been approved by the shareholders and directors of both companies and certain regulators. Subject to other regulatory approvals, the transaction is expected to close on or about December 31, 2008.

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

85



 

 



 

 

Report of Independent Registered Public Accounting Firm

 


 

To the Trustees and Shareholders of:

BlackRock Dividend AchieversTM Trust
BlackRock Enhanced Dividend AchieversTM Trust
BlackRock Strategic Dividend AchieversTM Trust
BlackRock EcoSolutions Investment Trust
BlackRock Global Energy and Resources Trust
BlackRock Global Equity Income Trust
BlackRock Global Opportunities Equity Trust
BlackRock Health Sciences Trust
BlackRock International Growth and Income Trust
BlackRock Real Asset Equity Trust
BlackRock S&P Quality Rankings Global Equity Managed Trust
BlackRock World Investment Trust
(Individually a “Trust,” and collectively the “Trusts”)

We have audited the accompanying statements of assets and liabilities of the Trusts, including the schedules of investments, as of October 31, 2008, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2008, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of October 31, 2008, the results of their operations for the period then ended, the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
New York, New York
December 26, 2008

 

 

 

 

 

 

 

 

86

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Disclosure of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (collectively, the “Board,” the members of which are referred to as “Trustees”) of the BlackRock Dividend Achievers Trust (“BDV”), BlackRock Enhanced Dividend Achievers Trust (“BDJ”), 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 Strategic Dividend Achievers Trust (“BDT”) and BlackRock World Investment Trust (“BWC,” and together with BDV, BDJ, BGR, BFD, BOE, BME, BGY, BCF, BQY and BDT, the “Funds”) met in April and May 2008 to consider approving the continuation of each Fund’s investment advisory agreement (each, an “Advisory Agreement”) with BlackRock Advisors, LLC (the “Advisor”), each Fund’s investment advisor. The Board also considered the approval of each Fund’s subadvisory agreement (each, a “Subadvisory Agreement” and, together with the Advisory Agreement, the “Agreements”) between the Advisor and, as applicable, BlackRock Financial Management, Inc., BlackRock Investment Management, LLC, BlackRock Investment Management International Limited, BlackRock Capital Management, Inc. and State Street Research & Management Company (collectively, the “Subadvisor”). The Advisor and the Subadvisor are collectively referred to herein as the “Advisors” and, together with BlackRock, Inc., “BlackRock.”

Activities and Composition of the Board

The Board of each Fund consists of thirteen individuals, eleven of whom are not “interested persons” of the Funds as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”). The Trustees are responsible for the oversight of the operations of the Funds and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chairman of the Board is an Independent Trustee. The Board has established four standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee and a Performance Oversight Committee.

Advisory Agreement and Subadvisory Agreement

Upon the consummation of the combination of BlackRock, Inc.’s investment management business with Merrill Lynch & Co., Inc.’s investment management business, including Merrill Lynch Investment Managers, L.P., and certain affiliates, each Fund entered into an Advisory Agreement and a Subadvisory Agreement, each with an initial two-year term. Consistent with the 1940 Act, after the Advisory Agreement’s and Subadvisory Agreement’s respective initial two-year term, the Board is required to consider the continuation of each Fund’s Advisory Agreement and Subadvisory Agreement on an annual basis. In connection with this process, the Board assessed, among other things, the nature, scope and quality of the services provided to each Fund by the personnel of BlackRock and its affiliates, including investment advisory services, administrative services, secondary market support services, oversight of fund accounting and custody, and assistance in meeting legal and regulatory requirements. The Board also received and assessed information regarding the services provided to each Fund by certain unaffiliated service providers.

Throughout the year, the Board also considered a range of information in connection with its oversight of the services provided by BlackRock and its affiliates. Among the matters the Board considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds, as well as senior management and portfolio managers’ analysis of the reasons for underperformance, if applicable; (b) fees, including advisory, administration and other fees paid to BlackRock and its affiliates by each Fund, as applicable; (c) Fund operating expenses paid to third parties; (d) the resources devoted to and compliance reports relating to each Fund’s investment objective, policies and restrictions; (e) each Fund’s compliance with its Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls; (h) BlackRock’s implementation of the proxy voting guidelines approved by the Board; (i) the use of brokerage commissions and spread and execution quality; (j) valuation and liquidity procedures; and (k) reviews of BlackRock’s business, including BlackRock’s response to the increasing scale of its business.

Board Considerations in Approving the Advisory Agreement and Subadvisory Agreement

To assist the Board in its evaluation of the Agreements, the Trustees received information from BlackRock in advance of the April 22, 2008 meeting which detailed, among other things, the organization, business lines and capabilities of the Advisors, including: (a) the responsibilities of various departments and key personnel and biographical information relating to key personnel; (b) financial statements for BlackRock; (c) the advisory and/or administrative fees paid by each Fund to the Advisors, including comparisons, compiled by Lipper Inc. (“Lipper”), an independent third party, with the management fees, which include advisory and administration fees, of funds with similar investment objectives (“Peers”); (d) the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; (e) the expenses of BlackRock in providing various services; (f) non-investment advisory reimbursements, if applicable, and “fallout” benefits to BlackRock; (g) economies of scale, if any, generated through the Advisors’ management of all of the BlackRock closed-end funds (the “Fund Complex”); (h) the expenses of each Fund, including comparisons of each such Fund’s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; (i) an internal comparison of management fees classified by Lipper, if applicable; and (j) each Fund’s performance for the past one-, three- and five-year periods, as applicable, as well as each Fund’s performance compared to its Peers.

The Board also considered other matters it deemed important to the approval process, where applicable, such as payments made to BlackRock or its affiliates relating to the distribution of Fund shares, services related to the valuation and pricing of Fund portfolio holdings, allocation of Fund brokerage fees (including the related benefits to BlackRock of “soft dollars”) and direct and indirect benefits to BlackRock and its affiliates from their relationship with the Funds.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

87



 

 



 

 

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

 


In addition to the foregoing materials, independent legal counsel to the Independent Trustees provided a legal memorandum outlining, among other things, the duties of the Board under the 1940 Act, as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor’s fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and the factors to be considered by boards in voting on advisory agreements.

The Independent Trustees reviewed this information and discussed it with independent legal counsel prior to the meeting on April 22, 2008. At the Board meeting on April 22, 2008, BlackRock made a presentation to and responded to questions from the Board. Following the meeting on April 22, 2008, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written materials provided to the Trustees prior to the meetings on May 29 and 30, 2008. At the Board meetings on May 29 and 30, 2008, BlackRock responded to further questions from the Board. In connection with BlackRock’s presentations, the Board considered each Agreement and, in consultation with independent legal counsel, reviewed the factors set out in judicial decisions and Securities and Exchange Commission (“SEC”) statements relating to the renewal of the Agreements.

Matters Considered by the Board

In connection with its deliberations with respect to the Agreements, the Board considered all factors it believed relevant with respect to each Fund, including the following: the nature, extent and quality of the services provided by the Advisors; the investment performance of each Fund; the costs of the services to be provided and profits to be realized by the Advisors and their affiliates from their relationship with the Funds; the extent to which economies of scale would be realized as the Fund Complex grows; and whether BlackRock realizes other benefits from its relationship with the Funds.

A. Nature, Extent and Quality of the Services: In evaluating the nature, extent and quality of the Advisors’ services, the Board reviewed information concerning the types of services that the Advisors provide and are expected to provide to each Fund, narrative and statistical information concerning each Fund’s performance record and how such performance compares to each Fund’s Peers, information describing BlackRock’s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Board noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Board. The Board further considered the quality of the Advisors’ investment process in making portfolio management decisions.

In addition to advisory services, the Trustees considered the quality of the administrative and non-investment advisory services provided to the Funds. The Advisors and their affiliates provided each Fund with such administrative and other services, as applicable (in addition to any such services provided by others for the Funds), and officers and other personnel as are necessary for the operations of the respective Fund. In addition to investment management services, the Advisors and their affiliates provided each Fund with services such as: preparing shareholder reports and communications, including annual and semi-annual financial statements and the Funds’ websites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other Fund administrative tasks necessary for the operation of the respective Fund (such as tax reporting and fulfilling regulatory filing requirements). The Board considered the Advisors’ policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock: As previously noted, the Board received performance information regarding each Fund and its Peers. Among other things, the Board received materials reflecting each Fund’s historic performance and each Fund’s one-, three- and five-year total returns (as applicable) relative to its Peers (including the Peers’ median performance). The Board was provided with a description of the methodology used by Lipper to select each Fund’s Peers. The Board noted that it regularly reviews the performance of each Fund throughout the year. The Board reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper rankings.

The Board noted that in general BGY performed better than its Peers in that its performance was above the median of its Peers in the since inception period reported.

The Board noted that in general BCF, BOE, BME and BWC performed better than their respective Peers in that their performance was at or above the median of their respective Peers in both of the one-year and since inception periods reported.

The Board noted that in general BDV, BGR and BQY performed better than their respective Peers in that their performance was at or above the median of their respective Peers in at least two of the one-year, three-year and since inception periods reported.

The Board noted that BFD’s performance was below the median of its Peers for the since inception period reported. The Board concluded that BlackRock was committed to providing the resources necessary to assist the portfolio managers and to continue improving BFD’s performance. Based on its review, the Board generally was satisfied with BlackRock’s efforts to manage BFD.

The Board noted that BDT performed below the median of its Peers in at least two of the one-year, three-year and since inception periods reported. The Board then discussed with representatives of BlackRock the reasons for BDT’s underperformance during these periods compared with its Peers. The Board noted that BDT’s underperformance was as a result of its bias towards higher yielding equities, creating a significant allocation of BDT’s portfolio to financial companies.

 

 

 

 

 

 

 

 

88

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)


The Board noted that BDJ performed below the median of its Peers in both the one-year and since inception periods reported. The Board then discussed with representatives of BlackRock the reasons for BDJ’s underper-formance during these periods compared with its Peers. The Board noted that BDJ’s underperformance was as a result of its bias towards higher yielding equities, creating a significant allocation of BDJ’s portfolio to financial companies.

For each of BDT and BDJ, the Board concluded that BlackRock was committed to providing the resources necessary to assist the portfolio managers and to continue improving each Fund’s performance. Based on its review, the Board generally was satisfied with BlackRock’s efforts to manage each of the Funds.

C. Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Funds: In evaluating the management fees and expenses that each Fund is expected to bear, the Board considered each Fund’s current management fee structure and each Fund’s expense ratios in absolute terms as well as relative to the fees and expense ratios of its applicable Peers. The Board, among other things, reviewed comparisons of each Fund’s gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of applicable Peers. The Board also reviewed a narrative analysis of the Peer rankings prepared by Lipper and summarized by BlackRock at the request of the Board. This summary placed the Peer rankings into context by analyzing various factors that affect these comparisons.

The Board noted that each of BDV, BDJ, BFD, BOE, BME, BGY, BQY, BDT and BWC paid contractual management fees lower than or equal to the median contractual fees paid by each Fund’s respective Peers. This comparison was made without giving effect to any expense reimbursements or fee waivers.

The Board noted that although BGR and BCF paid contractual management fees higher than the median of each Fund’s respective Peers, each Fund’s actual management fees were lower than or equal to the median of its respective Peers.

The Board also compared the management fees charged and services provided by the Advisors to closed-end funds in general versus other types of clients (such as open-end investment companies and separately managed institutional accounts) in similar investment categories. The Board noted certain differences in services provided and costs incurred by the Advisor with respect to closed-end funds compared to these other types of clients and the reasons for such differences.

In connection with the Board’s consideration of the fees and expense information, the Board reviewed the considerable investment management experience of the Advisors and considered the high level of investment management, administrative and other services provided by the Advisors.

D. Profitability of BlackRock: The Board also considered BlackRock’s profitability in conjunction with its review of fees. The Board reviewed BlackRock’s profitability with respect to the Fund Complex and other fund complexes managed by the Advisors. In reviewing profitability, the Board recognized that one of the most difficult issues in determining profitability is establishing a method of allocating expenses. The Board also reviewed BlackRock’s assumptions and methodology of allocating expenses, noting the inherent limitations in allocating costs among various advisory products. The Board also recognized that individual fund or product line profitability of other advisors is generally not publicly available.

The Board recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Board considered BlackRock’s operating margin compared to the operating margin estimated by BlackRock for a leading investment management firm whose operations consist primarily of advising closed-end funds. The comparison indicated that BlackRock’s operating margin was approximately the same as the operating margin of such firm.

In evaluating the reasonableness of the Advisors’ compensation, the Board also considered any other revenues paid to the Advisors, including partial reimbursements paid to the Advisors for certain non-investment advisory services, if applicable. The Board noted that these payments were less than the Advisors’ costs for providing these services. The Board also considered indirect benefits (such as soft dollar arrangements) that the Advisors and their affiliates are expected to receive, which are attributable to their management of the Fund.

E. Economies of Scale: In reviewing each Fund’s fees and expenses, the Board examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Fund’s fee structure, for example through the use of breakpoints for the Fund or the Fund Complex. In this regard, the Board reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints because closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed independently consistent with its own investment objectives. The Board noted that only three closed-end funds in the Fund Complex have breakpoints in their fee structures. Information provided by Lipper also revealed that only one closed-end fund complex used a complex-level breakpoint structure. The Board found, based on its review of comparable funds, that each Fund’s management fee is appropriate in light of the scale of the respective Fund.

F. Other Factors: In evaluating fees, the Board also considered indirect benefits or profits the Advisors or their affiliates may receive as a result of their relationships with the Funds (“fall-out benefits”). The Trustees, including the Independent Trustees, considered the intangible benefits that accrue to the Advisors and their affiliates by virtue of their relationships with the Funds, including potential benefits accruing to the Advisors and their affiliates as a result of participating in offerings of the Funds’ shares, potentially stronger relationships with members of the broker-dealer community, increased name recognition of the Advisors and their affiliates, enhanced sales of


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

89



 

 



 

 

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (concluded)

other investment funds and products sponsored by the Advisors and their affiliates and increased assets under management which may increase the benefits realized by the Advisors from soft dollar arrangements with broker-dealers. The Board also considered the unquantifiable nature of these potential benefits.

Conclusion with Respect to the Agreements

In reviewing and approving the continuation of the Agreements, the Trustees did not identify any single factor discussed above as all-important or controlling, but considered all factors together, and different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by the advice of independent legal counsel in making this determination. The Trustees, including the Independent Trustees, unanimously determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Fund, was acceptable for each Fund and supported the Trustees’ conclusion that the terms of each Agreement were fair and reasonable, that each Fund’s fees are reasonable in light of the services provided to the respective Fund and that each Agreement should be approved.

 

 



 

 

Disclosure of Investment Advisory Agreement and Subadvisory Agreements for BlackRock EcoSolutions Investment Trust

The Board of Trustees (the “Board,” the members of which are referred to as “Trustees”) of the BlackRock EcoSolutions Investment Trust (the “Trust”) met on July 16, 2007 and August 16, 2007 to consider the approval of the Trust’s investment advisory agreement (the “Advisory Agreement”) with BlackRock Advisors, LLC (the “Advisor”), the Trust’s investment advisor. The Board also considered the approval of the Trust’s subadvisory agreements (collectively, the “Subadvisory Agreements” and, together with the Advisory Agreement, the “Agreements”) among the Trust, the Advisor and BlackRock Investment Management, LLC (“BIM”) and among the Trust, the Advisor and BlackRock Investment Management International Limited (together with BIM, the “Subadvisor”). The Trust commenced operations in September 2007. The Advisor and the Subadvisor are collectively referred to herein as the “Advisors” and, together with BlackRock, Inc., “BlackRock.”

Activities and Composition of the Board

At the time the Agreements were considered for approval, the Board of the Trust consisted of six individuals, five of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”). These Trustees were responsible for the oversight of the operations of the Trust and performed the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees retained independent legal counsel to assist them in connection with their duties. The Chairman of the Board was an Independent Director. The Board had four standing committees: an Audit Committee, a Governance Committee, a Compliance Committee and a Portfolio Review Committee.

Advisory Agreement and Subadvisory Agreement

Throughout the year, in connection with their duties as trustees or directors of other funds in the Fund Complex, the Board considered a range of information in connection with its oversight of the services provided by BlackRock and its affiliates. Among the matters the Board considered were: (a) investment performance of funds in the Fund Complex; (b) fees, including advisory, administration and other fees paid to BlackRock and its affiliates by funds in the Fund Complex, as applicable; (c) fund operating expenses paid to third parties by funds in the Fund Complex; (d) the resources devoted to and compliance reports relating to investment objectives, policies and restrictions of funds in the Fund Complex; (e) compliance by funds in the Fund Complex with their Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls; (h) BlackRock’s implementation of the proxy voting guidelines approved by the Board; (i) the use of brokerage commissions and spread and execution quality; (j) valuation and liquidity procedures; and (k) reviews of BlackRock’s business, including BlackRock’s response to the increasing scale of its business.

Board Considerations in Approving the Advisory Agreement and Subadvisory Agreement

To assist the Board in its evaluation of the Agreements, in advance of the July 16, 2007 and August 16, 2007 meetings, the Trustees received from BlackRock information which detailed, among other things, the organization, business lines and capabilities of the Advisors, including: (a) the responsibilities of various departments and key personnel and biographical information relating to key personnel; (b) the advisory and/or administrative fees to be paid by the Trust to the Advisors, including comparisons with the management fees, which include advisory and administration fees, of its Peers; (c) “fallout” benefits to BlackRock; and (d) the estimated expenses of the Trust, including comparisons of the Trust’s expense ratios with the expense ratios of its Peers.

The Board also considered other matters it deemed important to the approval process, where applicable, such as payments to be made to BlackRock or its affiliates relating to the distribution of Trust shares, services related to the valuation and pricing of Trust portfolio holdings, allocation of Trust brokerage fees (including the related benefits to BlackRock of “soft dollars”) and direct and indirect benefits to BlackRock and its affiliates from their relationship with the Trust.

In addition to the foregoing materials, independent legal counsel to the Independent Trustees provided a legal memorandum outlining, among other things, the duties of the Board under the 1940 Act, as well as the general principles of relevant law in reviewing and approving advisory contracts, the

 

 

 

 

 

 

 

 

90

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Disclosure of Investment Advisory Agreement and Subadvisory Agreements for BlackRock EcoSolutions Investment Trust (continued)

requirements of the 1940 Act in such matters, an advisor’s fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and the factors to be considered by boards in voting on advisory agreements.

The Independent Trustees reviewed this information and discussed it with independent legal counsel prior to the meetings on July 16, 2007 and August 16, 2007. At the Board meetings on July 16, 2007 and August 16, 2007, BlackRock made a presentation to and responded to questions from the Board. In connection with BlackRock’s presentations, the Board considered each Agreement and, in consultation with independent legal counsel, reviewed the factors set out in judicial decisions and SEC statements relating to the approval of the Agreements.

Matters Considered by the Board

In connection with its deliberations with respect to the Agreements, the Board considered all factors it believed relevant with respect to the Trust, including the following: the nature, extent and quality of the services to be provided by the Advisors; the costs of the services to be provided and profits to be realized by the Advisors and their affiliates from their relationship with the Trust; the extent to which economies of scale would be realized as the Fund Complex grows; and whether BlackRock will realize other benefits from its relationship with the Trust.

A. Nature, Extent and Quality of the Services: In evaluating the nature, extent and quality of the Advisors’ services, the Board reviewed information concerning the types of services that the Advisors provide and are expected to provide to the Trust, information describing BlackRock’s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Board noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Board. The Board further considered the quality of the Advisors’ investment process in making portfolio management decisions. The Board also noted information received at prior Board meetings concerning standards of BlackRock with respect to the execution of portfolio transactions.

In addition to advisory services, throughout the year, the Trustees consider the quality of the administrative and non-investment advisory services provided to the Fund Complex, which would also be provided to the Trust. The Advisors and their affiliates provide the funds in the Fund Complex with such administrative and other services, as applicable (in addition to any such services provided by others to the funds), and officers and other personnel as are necessary for the operations of the funds. In addition to investment management services, the Advisors and their affiliates provide each fund in the Fund Complex with services such as: preparing shareholder reports and communications, including annual and semi-annual financial statements and the funds’ website; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other administrative tasks necessary for the operation of the respective fund (such as tax reporting and fulfilling regulatory filing requirements). The Board considered the Advisors’ policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Trust and BlackRock: The Board did not consider the performance history of the Trust because the Trust was newly organized; however, the Board considered the investment performance of BlackRock generally. The Board will monitor the Trust’s performance.

C. Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Trust: In evaluating the management fees and expenses that the Trust is expected to bear, the Board considered the Trust’s proposed management fee structure and the Trust’s expense ratios in absolute terms as well as relative to the fees and expense ratios of its applicable Peers. The Board, among other things, reviewed comparisons of the Trust’s gross management fees before and after any fee waivers and total expense ratios before and after any waivers with those of its Peers.

Because the Trust had not yet commenced operations, BlackRock did not provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Trust. BlackRock, however, will provide the Board with such information at future meetings when the Agreements are being considered for renewal.

Throughout the year, the Board considers the cost of the services provided to the funds in the Fund Complex by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management and, if applicable, distribution of such funds. As part of its analysis, the Board typically reviews BlackRock’s methodology in allocating its costs to the management of the funds in the Fund Complex. The Board also generally considers whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to provide the high quality of services that are expected by the Board.

In connection with the Board’s consideration of the fees and expense information, the Board reviewed the considerable investment management experience of the Advisors and considered the high level of investment management, administrative and other services provided by the Advisors.

D. Economies of Scale: In reviewing the Trust’s fees and expenses, the Board examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trust’s fee structure, for example through the use of breakpoints for the Trust or the Fund Complex. The Board found, based on its review of comparable funds, that the Trust’s management fee is appropriate in light of the scale of the Trust.

E. Other Factors: In evaluating fees, the Board also considered fall-out benefits. The Trustees, including the Independent Trustees, considered the intan-

 

 

 

 

 

 

 

 

 

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Disclosure of Investment Advisory Agreement and Subadvisory Agreements for BlackRock EcoSolutions Investment Trust (concluded)


gible benefits that accrue to the Advisors and their affiliates by virtue of their relationships with the Trust, including potential benefits accruing to the Advisors and their affiliates as a result of participating in offerings of the Trust’s shares, potentially stronger relationships with members of the broker-dealer community, increased name recognition of the Advisors and their affiliates, enhanced sales of other investment funds and products sponsored by the Advisors and their affiliates and increased assets under management which may increase the benefits realized by the Advisors from soft dollar arrangements with broker-dealers. The Board also considered the unquantifiable nature of these potential benefits.

During the Trustees’ deliberations in connection with its approval of the management fee, the Trustees were aware that BlackRock intended to pay compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of the Trust’s common shares and of the anticipated amounts of such compensation and the general nature of the services to be rendered to BlackRock in consideration of such compensation. The Trustees also considered whether the management fee met applicable standards in light of the services provided by the Advisor, without regard to whether the Advisor ultimately pays any portion of the anticipated compensation to the underwriters.

Conclusion with Respect to the Agreements

In reviewing and approving the Agreements, the Trustees did not identify any single factor discussed above as all-important or controlling, but considered all factors together, and different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by the advice of independent legal counsel in making this determination. The Trustees, including the Independent Trustees, unanimously determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to the Trust, was acceptable for the Trust and supported the Trustees’ conclusion that the terms of each Agreement were fair and reasonable, that the Trust’s fees are reasonable in light of the services to be provided to the Trust and that each Agreement should be approved.

 

 



 

 

Dividend Reinvestment Plans (unaudited)

 

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders are automatically enrolled, to have all distributions of dividends and capital gains reinvested by The Bank of New York Mellon (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent.

After a Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases.

The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants who request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at The Bank of New York Mellon, Dividend Reinvestment Department, P.O. Box 1958, Newark, New Jersey 07101-9774; or by calling 1-866-216-0242.

 

 

 

 

 

 

 

 

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ANNUAL REPORT

OCTOBER 31, 2008

 




Important Tax Information (unaudited)

The information set forth below is provided with respect to the distributions paid during the fiscal year-ended October 31, 2008:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

 

 

Payable
Date

 

Long-term
Capital
Gains1

 

Non-
Taxable
Return of
Capital

 

Qualifying
Dividend
Income for
Individuals1

 

Dividends
Qualifying for
the Dividends
Received
Deduction for
Corporations1

 

Short-Term
Capital Gain
Dividends
for
Non-U.S.
Residents2

 

Foreign
Source
Income

 

Foreign
Taxes
Paid*

 

                                   

Dividend AchieversTM Trust (BDV)

 

12/31/07

 

 

 

49.01

%

49.01

%

 

 

 

 

 

3/31/08 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9/30/08

 

 

70.10

%

29.90

%

29.90

%

 

 

 

Enhanced Dividend Achievers TM Trust (BDJ)

 

11/30/07

 

 

 

40.39

%

41.03

%

 

 

 

 

 

12/31/07

 

 

 

51.77

%

52.20

%

 

 

 

 

 

1/09/08

 

 

 

76.91

%

76.91

%

 

 

 

 

 

2/29/08 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9/30/08

 

 

73.20

%

26.80

%

26.80

%

 

 

 

Strategic Dividend AchieversTM Trust (BDT)

 

12/31/07

 

 

 

47.87

%

47.87

%

 

 

 

 

 

3/31/08 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9/30/08

 

 

74.47

%

25.53

%

25.53

%

 

 

 

EcoSolutions Investment Trust (BQR)

 

12/31/07

 

 

 

8.58

%

3.04

%

1.42

%

0.22

%

0.29

%

 

 

3/31/08 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9/30/08

 

 

 

10.94

%

3.34

%

100

%

2.47

%

1.29

%

Global Energy and Resources Trust (BGR)

 

12/31/07

 

76.50

%

 

9.46

%

0.96

%

 

 

 

 

 

3/31/08

 

 

 

81.96

%

31.66

%

 

 

 

 

 

6/30/08

 

86.64

%

 

10.95

%

4.23

%

 

 

 

 

 

9/30/08

 

100

%

 

 

 

 

 

 

Global Equity Income Trust (BFD)

 

11/30/07

 

 

 

18.04

%

8.83

%

 

 

 

 

 

2/29/08 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8/29/08

 

 

100

%

 

 

 

 

 

Global Opportunities Equity Trust (BOE)

 

11/30/07

 

 

 

23.47

%

10.48

%

 

12.56

%

1.27

%

 

 

12/31/07

 

100

%

 

 

 

 

 

 

 

 

2/29/08

 

 

1.42

%

34.17

%

14.07

%

98.58

%

 

 

 

 

5/30/08

 

0.28

%

1.42

%

34.07

%

14.03

%

98.30

%

 

 

 

 

8/29/08

 

98.58

%

1.42

%

 

 

 

 

 

Health Sciences Trust (BME)

 

12/31/07

 

94.43

%

 

1.04

%

0.89

%

 

 

 

 

 

3/31/08

 

 

 

32.46

%

25.05

%

93.51

%

 

 

 

 

6/30/08

 

 

 

32.76

%

25.60

%

95.60

%

 

 

 

 

9/30/08

 

100

%

 

 

 

 

 

 

International Growth and Income Trust (BGY)

 

11/30/07

 

 

 

10.23

%

 

 

11.44

%

1.14

%

 

 

12/31/07 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1/09/08

 

 

 

6.28

%

 

 

4.47

%

0.79

%

 

 

2/29/08 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9/30/08

 

 

40.48

%

22.71

%

 

59.52

%

30.16

%

4.14

%

Real Asset Equity Trust (BCF)

 

11/30/07

 

 

 

16.51

%

5.53

%

100

%

12.97

%

0.30

%

 

 

12/31/07

 

 

 

24.65

%

15.37

%

68.42

%

8.87

%

0.20

%

 

 

1/09/08

 

 

 

42.30

%

36.70

%

 

 

 

 

 

2/29/08 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5/30/08

 

 

 

52.05

%

27.45

%

100

%

 

 

 

 

6/30/08

 

92.88

%

 

3.71

%

1.96

%

7.12

%

 

 

 

 

9/30/08

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

11/30/07

 

 

 

41.96

%

24.88

%

 

 

 

 

 

2/29/08 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8/29/08

 

 

57.03

%

42.97

%

32.74

%

 

 

 

World Investment Trust (BWC)

 

11/30/07

 

 

 

16.25

%

7.88

%

22.12

%

9.01

%

0.99

%

 

 

12/31/07

 

86.00

%

 

1.65

%

1.11

%

 

 

 

 

 

1/09/08

 

 

 

11.76

%

7.96

%

 

 

 

 

 

2/29/08 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5/30/08

 

 

 

47.18

%

21.53

%

100

%

 

 

 

 

6/30/08

 

84.24

%

 

7.44

%

3.39

%

15.77

%

 

 

 

 

9/30/08

 

100

%

 

 

 

 

 

 


 

 

*

The foreign taxes paid represent taxes incurred by the Fund on interest received from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.

 

 

1

The Trusts hereby designate the percentages indicated above or the maximum amount allowable by law.

 

 

2

Represents the portion of the taxable ordinary income dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

93



 

 



 

 

Officers and Trustees

 


 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Position(s) Held
with Trusts

 

Length of
Time Served as
a Trustee2

 

Principal Occupation(s)
During Past Five Years

 

Number of
BlackRock-
Advised Funds
and Portfolios
Overseen

 

Public Directorships

Non-Interested Trustees1

Richard E. Cavanagh
40 East 52nd Street
New York, NY 10022

1946

 

Chairman of the
Board and Trustee

 

Since 2003

 

Trustee, Aircraft Finance Trust since 1999; Director, The Guardian Life Insurance Company of America since 1998; Trustee, Educational Testing Service since 1997; Director, The Fremont Group since 1996; Formerly President and Chief Executive Officer of The Conference Board, Inc. (global business research organization) from 1995 to 2007.

 

113 Funds
110 Portfolios

 

Arch Chemical (chemical and allied products)

 

 

 

 

 

 

 

 

 

 

 

                     

Karen P. Robards
40 East 52nd Street
New York, NY 10022

1950

 

Vice Chair of the
Board, Chair of the
Audit Committee
and Trustee

 

Since 2007

 

Partner of Robards & Company, LLC, (financial advisory firm) since 1987; Co-founder and Director of the Cooke Center for Learning and Development, (a not-for-profit organization) since 1987; Formerly Director of Enable Medical Corp. from 1996 to 2005; Formerly an investment banker at Morgan Stanley from 1976 to 1987.

 

113 Funds
110 Portfolios

 

AtriCure, Inc. (medical devices); Care Investment Trust, Inc. (health care REIT)

 

 

 

 

 

 

 

 

 

 

 

                     

G. Nicholas Beckwith, III
40 East 52nd Street
New York, NY 10022

1945

 

Trustee

 

Since 2007

 

Chairman and Chief Executive Officer, Arch Street Management, LLC (Beckwith Family Foundation) and various Beckwith property companies since 2005; Chairman of the Board of Directors, University of Pittsburgh Medical Center since 2002; Board of Directors, Shady Side Hospital Foundation since 1977; Board of Directors, Beckwith Institute for Innovation In Patient Care since 1991; Member, Advisory Council on Biology and Medicine, Brown University since 2002; Trustee, Claude Worthington Benedum Foundation (charitable foundation) since 1989; Board of Trustees, Chatham University since 1981; Board of Trustees, University of Pittsburgh since 2002; Emeritus Trustee, Shady Side Academy since 1977; Formerly Chairman and Manager, Penn West Industrial Trucks LLC (sales, rental and servicing of material handling equipment) from 2005 to 2007; Formerly Chairman, President and Chief Executive Officer, Beckwith Machinery Company (sales, rental and servicing of construction and equipment) from 1985 to 2005; Formerly Board of Directors, National Retail Properties (REIT) from 2006 to 2007.

 

113 Funds
110 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

Kent Dixon
40 East 52nd Street
New York, NY 10022

1937

 

Trustee and Member
of the Audit
Committee

 

Since 2003

 

Consultant/Investor since 1988.

 

113 Funds
110 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

Frank J. Fabozzi
40 East 52nd Street
New York, NY 10022

1948

 

Trustee and Member
of the Audit
Committee

 

Since 2003

 

Consultant/Editor of The Journal of Portfolio Management since 2006; Professor in the Practice of Finance and Becton Fellow, Yale University, School of Management, since 2006; Formerly Adjunct Professor of Finance and Becton Fellow, Yale University from 1994 to 2006.

 

113 Funds
110 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

94

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 



 

 

Officers and Trustees (continued)

 


 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Position(s) Held
with Trust

 

Length of
Time Served as
a Trustee

 

Principal Occupation(s)
During Past Five Years

 

Number of
BlackRock-
Advised Funds
and Portfolios
Overseen

 

Public Directorships

Non-Interested Trustees1

Kathleen F. Feldstein
40 East 52nd Street
New York, NY 10022

1941

 

Trustee

 

Since 2005

 

President of Economics Studies, Inc. (private economic consulting firm) since 1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee Emeritus thereof since 2008; Member of the Corporation of Partners Community Healthcare, Inc. since 2005; Member of the Corporation of Partners HealthCare since 1995; Member of the Corporation of Sherrill House (healthcare) since 1990; Trustee, Museum of Fine Arts, Boston since 1992; Member of the Visiting Committee to the Harvard University Art Museum since 2003; Trustee, The Committee for Economic Development (research organization) since 1990; Member of the Advisory Board to the International School of Business, Brandeis University since 2002.

 

113 Funds
110 Portfolios

 

The McClatchy Company (newspaper publishing)

 

 

 

 

 

 

 

 

 

 

 

                     

James T. Flynn
40 East 52nd Street
New York, NY 10022

1939

 

Trustee and Member
of the Audit
Committee

 

Since 2007

 

Formerly Chief Financial Officer of JP Morgan & Co., Inc. from 1990 to 1995.

 

113 Funds
110 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

Jerrold B. Harris
40 East 52nd Street
New York, NY 10022

1942

 

Trustee

 

Since 2007

 

Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific equipment) since 2000.

 

113 Funds
110 Portfolios

 

BlackRock Kelso Capital Corp.

 

 

 

 

 

 

 

 

 

 

 

                     

R. Glenn Hubbard
40 East 52nd Street
New York, NY 10022

1958

 

Trustee

 

Since 2004

 

Dean of Columbia Business School since 2004; Columbia faculty member since 1988; Formerly Co-Director of Columbia Business School’s Entrepreneurship Program from 1997 to 2004; Visiting Professor at the John F. Kennedy School of Government at Harvard University and the Harvard Business School since 1985 and at the University of Chicago since 1994; Formerly Chairman of the U.S. Council of Economic Advisers under the President of the United States from 2001 to 2003.

 

113 Funds
110 Portfolios

 

ADP (data and information services), KKR Financial Corporation (finance), Duke Realty (real estate), Metropolitan Life Insurance Company (insurance), Information Services Group (media/technology)

 

 

 

 

 

 

 

 

 

 

 

                     

W. Carl Kester
40 East 52nd Street
New York, NY 10022

1951

 

Trustee and Member
of the Audit
Committee

 

Since 2007

 

Mizuho Financial Group Professor of Finance, Harvard Business School. Deputy Dean for Academic Affairs since 2006; Unit Head, Finance, Harvard Business School, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program of Harvard Business School, from 1999 to 2005; Member of the faculty of Harvard Business School since 1981; Independent Consultant since 1978.

 

113 Funds
110 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

Robert S. Salomon, Jr.
40 East 52nd Street
New York, NY 10022

1936

 

Trustee and Member
of the Audit
Committee

 

Since 2007

 

Formerly Principal of STI Management LLC (investment adviser) from 1994 to 2005.

 

113 Funds
110 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

1

Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

2

Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows certain trustees as joining the Trusts’ board in 2007, each trustee first became a member of the board of trustees of other legacy MLIM or legacy BlackRock Funds as follows: G. Nicholas Beckwith, III since 1999; Richard E. Cavanagh since 1994; Kent Dixon since 1988; Frank J. Fabozzi since 1988; Kathleen F. Feldstein since 2005; James T. Flynn since 1996; Jerrold B. Harris since 1999; R. Glenn Hubbard since 2004; W. Carl Kester since 1998; Karen P. Robards since 1998 and Robert S. Salomon, Jr. since 1996.


 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

95



 

 



 

 

Officers and Trustees (concluded)

 


 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Position(s) Held
with Trusts

 

Length of
Time Served as
a Trustee

 

Principal Occupation(s)
During Past Five Years

 

Number of
BlackRock-
Advised Funds
and Portfolios
Overseen

 

Public Directorships

Interested Trustees1

Richard S. Davis
40 East 52nd Street
New York, NY 10022

1945

 

Trustee

 

Since 2007

 

Managing Director, BlackRock, Inc. since 2005; Formerly Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Formerly Chairman of the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005; Formerly Chairman, SSR Realty from 2000 to 2004.

 

184 Funds
295 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

                     

Henry Gabbay
40 East 52nd Street
New York, NY 10022

1947

 

Trustee

 

Since 2007

 

Consultant, BlackRock, Inc. since 2007; Formerly Managing Director, BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; Formerly President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007; Formerly Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.

 

184 Funds
295 Portfolios

 

None

 

 

 

 

 

 

 

 

 

 

 

Trust Officers2

Donald C. Burke
40 East 52nd Street
New York, NY 10022

1960

 

Trust President and
Chief Executive
Officer

 

Since 2007

 

Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. (“FAM”) in 2006; First Vice President thereof from 1997 to 2005; Treasurer thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

Anne F. Ackerley
40 East 52nd Street
New York, NY 10022

1962

 

Vice President

 

Since 2003

 

Managing Director of BlackRock, Inc. since 2000; Chief Operating Officer of BlackRock’s U.S. Retail Group since 2006; Head of BlackRock’s Mutual Fund Group from 2000 to 2006; Merrill Lynch & Co., Inc. from 1984 to 1986 and from 1988 to 2000, most recently as First Vice President and Operating Officer of the Mergers and Acquisitions Group.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

Neal J. Andrews
40 East 52nd Street
New York, NY 10022

1966

 

Chief Financial
Officer

 

Since 2007

 

Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC Inc.) from 1992 to 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

Jay M. Fife
40 East 52nd Street
New York, NY 10022

1970

 

Treasurer

 

Since 2007

 

Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Formerly Assistant Treasurer of the MLIM/FAM advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

Brian P. Kindelan
40 East 52nd Street
New York, NY 10022

1959

 

Chief Compliance
Officer

 

Since 2007

 

Chief Compliance Officer of the BlackRock-advised Funds since 2007; Anti-Money Laundering Officer of the BlackRock-advised Funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005; Director and Senior Counsel of BlackRock Advisors, Inc. from 2001 to 2004 and Vice President and Senior Counsel thereof from 1998 to 2000; Formerly Senior Counsel of The PNC Bank Corp. from 1995 to 1998.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

Howard B. Surloff
40 East 52nd Street
New York, NY 10022

1965

 

Secretary

 

Since 2007

 

Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; Formerly General Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.

 

 

 

 

                     

 

 

1

Mr. Davis is an “interested person,” as defined in the Investment Company Act of 1940, of the Trusts based on his positions with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Trust due to his consulting arrangement with BlackRock, Inc. as well as his ownership of BlackRock, Inc and PNC securities. Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

2

Officers of the Trusts serve at the pleasure of the Board of Trustees.


 

 

 

 

 

 

 

 

 

96

ANNUAL REPORT

OCTOBER 31, 2008

 



 

 


 

Additional Information (unaudited)

 

The Joint Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008, to elect director or trustee nominees of each Trust. The Board is organized into three classes, one class of which is elected annually. Each Trustee serves a three-year term concurrent with the class into which he or she is elected.

Approved the Class I Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G. Nicholas Beckwith, III

 

 

Kent Dixon

 

 

R. Glenn Hubbard

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

 

Votes Withheld

 

 

Votes For

 

 

Votes Withheld

 

 

Votes For

 

 

Votes Withheld

 

                           

Dividend Achievers

 

 

46,365,015

 

 

1,968,149

 

 

46,457,793

 

 

1,925,371

 

 

46,352,822

 

 

2,030,342

 

Enhanced Dividend Achievers

 

 

60,602,134

 

 

1,208,757

 

 

60,598,960

 

 

1,211,931

 

 

60,589,655

 

 

1,221,236

 

Strategic Dividend Achievers

 

 

18,180,832

 

 

2,422,708

 

 

18,170,995

 

 

2,432,545

 

 

18,136,186

 

 

2,467,354

 

EcoSolutions

 

 

11,348,493

 

 

104,067

 

 

11,342,994

 

 

109,566

 

 

11,347,810

 

 

104,750

 

Global Energy and Resources

 

 

25,315,579

 

 

700,907

 

 

25,319,291

 

 

697,195

 

 

25,318,298

 

 

698,188

 

Global Equity Income

 

 

40,943,744

 

 

729,825

 

 

40,943,286

 

 

730,283

 

 

40,935,326

 

 

738,243

 

Global Opportunities

 

 

10,413,098

 

 

241,382

 

 

10,410,771

 

 

243,709

 

 

10,414,727

 

 

239,753

 

Health Sciences

 

 

7,003,061

 

 

26,812

 

 

7,001,731

 

 

28,142

 

 

7,002,141

 

 

27,732

 

International Growth

 

 

100,590,188

 

 

1,251,593

 

 

100,555,976

 

 

1,285,805

 

 

100,588,241

 

 

1,253,540

 

Real Asset

 

 

47,559,776

 

 

1,564,813

 

 

47,572,894

 

 

1,551,695

 

 

47,556,358

 

 

1,568,231

 

S&P Quality Rankings

 

 

4,813,236

 

 

361,015

 

 

4,811,411

 

 

362,840

 

 

4,813,086

 

 

361,165

 

World Investment

 

 

45,738,904

 

 

694,750

 

 

45,715,293

 

 

717,641

 

 

45,737,192

 

 

695,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

W. Carl Kester

 

 

Robert S. Salomon, Jr.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

 

Votes Withheld

 

 

Votes For

 

 

Votes Withheld

 

 

 

 

 

 

 

                 

 

 

 

 

 

 

 

Dividend Achievers

 

 

46,487,619

 

 

1,895,545

 

 

46,453,813

 

 

1,929,351

 

 

 

 

 

 

 

Enhanced Dividend Achievers

 

 

60,610,102

 

 

1,200,789

 

 

60,585,083

 

 

1,225,808

 

 

 

 

 

 

 

Strategic Dividend Achievers

 

 

18,174,942

 

 

2,428,598

 

 

18,169,123

 

 

2,434,417

 

 

 

 

 

 

 

EcoSolutions

 

 

11,348,604

 

 

103,956

 

 

11,343,577

 

 

108,983

 

 

 

 

 

 

 

Global Energy and Resources

 

 

25,321,806

 

 

694,680

 

 

25,304,931

 

 

711,555

 

 

 

 

 

 

 

Global Equity Income

 

 

40,952,287

 

 

721,282

 

 

40,926,457

 

 

747,112

 

 

 

 

 

 

 

Global Opportunities

 

 

10,416,323

 

 

238,157

 

 

10,409,272

 

 

245,208

 

 

 

 

 

 

 

Health Sciences

 

 

7,002,649

 

 

27,224

 

 

7,001,409

 

 

28,464

 

 

 

 

 

 

 

International Growth

 

 

100,600,231

 

 

1,241,550

 

 

100,549,632

 

 

1,292,149

 

 

 

 

 

 

 

Real Asset

 

 

47,577,602

 

 

1,546,987

 

 

47,553,632

 

 

1,570,957

 

 

 

 

 

 

 

S&P Quality Rankings

 

 

4,814,511

 

 

359,740

 

 

4,807,396

 

 

366,855

 

 

 

 

 

 

 

World Investment

 

 

45,747,607

 

 

685,327

 

 

45,706,600

 

 

726,334

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Approved the Class II Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James T. Flynn

 

 

Karen P. Robards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

 

Votes Withheld

 

 

Votes For

 

 

Votes Withheld

 

 

 

 

 

 

 

                               

EcoSolutions

 

 

11,347,354

 

 

105,206

 

 

11,345,708

 

 

106,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Approved the Class III Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Richard E. Cavanagh

 

 

Jerrold B. Harris

 

 

Henry Gabbay

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

 

Votes Withheld

 

 

Votes For

 

 

Votes Withheld

 

 

Votes For

 

 

Votes Withheld

 

                                       

EcoSolutions

 

 

11,347,604

 

 

104,956

 

 

11,348,287

 

 

104,273

 

 

11,347,049

 

 

105,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Custodian

The Bank of New York Mellon

New York, NY 10286

 

Trusts Address

BlackRock Closed-End Funds

100 Bellevue Parkway

Wilmington, DE 19809

 

Transfer Agent

BNY Mellon Shareowner Services

Pittsburgh, PA 15252

 

Accounting Agent

The Bank of New York Mellon

Brooklyn, NY 11217

 

Independent Registered

Public Accounting Firm

Deloitte & Touche LLP

New York, NY 10281

 

Legal Counsel

Skadden, Arps, Slate,

Meagher & Flom LLP

New York, NY 10036


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

97



 

 


 

Additional Information (continued)

 


 

 

Fund Certification

The Trusts that are listed for trading on the New York Stock Exchange (“NYSE”) and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. Each Trust filed with the SEC the certification of their chief executive officer and chief financial officer required by section 302 of the Sabanes-Oxley Act.

 

 

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.

Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

 

 

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 do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statements of Additional Information of the Trusts have not been updated after completion of the Trusts’ offering and the information contained in the Trusts’ Statements of Additional Information may have become outdated.

During the period, there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that were not approved by the shareholders or in the principal risk factors associated with the investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios. 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.

 

 

 

 

 

 

 

 

98

ANNUAL REPORT

OCTOBER 31, 2008

 



 


 

Additional Information (concluded)

 

Section 19 Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on the tax regulations. The Trusts will send you a Form 1099-DIV each calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cumulative Distributions
for the Fiscal Year to Date

 

% Breakdown of the Total Cumulative
Distributions for the Fiscal Year to Date

 

 

 

 

 

 

 

 

 

Net
Investment
Income

 

Net
Realized
Capital Gains

 

Return of
Capital

 

Total Per
Common
Share

 

Net
Investment
Income

 

Net
Realized
Capital Gains

 

Return of
Capital

 

Total Per
Common
Share

 

                                   

Dividend Achievers*

 

$

0.410

 

$

 

$

0.490

 

$

0.900

 

 

46

%

 

0

%

 

54

%

 

100

%

Enhanced Dividend Achievers*

 

$

0.350

 

$

 

$

0.771

 

$

1.121

 

 

31

%

 

0

%

 

69

%

 

100

%

Strategic Dividend Achievers*

 

$

0.410

 

$

 

$

0.490

 

$

0.900

 

 

46

%

 

0

%

 

54

%

 

100

%

EcoSolutions

 

$

0.070

 

$

1.530

 

$

 

$

1.600

 

 

4

%

 

96

%

 

0

%

 

100

%

Global Energy and Resources

 

$

0.710

 

$

2.730

 

$

 

$

3.440

 

 

21

%

 

79

%

 

0

%

 

100

%

Global Equity Income*

 

$

0.370

 

$

 

$

1.530

 

$

1.900

 

 

19

%

 

0

%

 

81

%

 

100

%

Global Opportunities

 

$

0.370

 

$

2.690

 

$

 

$

3.060

 

 

12

%

 

88

%

 

0

%

 

100

%

Health Sciences

 

$

0.070

 

$

2.002

 

$

 

$

2.072

 

 

3

%

 

97

%

 

0

%

 

100

%

International Growth & Income*

 

$

0.296

 

$

0.840

 

$

0.533

 

$

1.669

 

 

18

%

 

50

%

 

32

%

 

100

%

Real Asset

 

$

0.250

 

$

1.135

 

$

 

$

1.385

 

 

18

%

 

82

%

 

0

%

 

100

%

S&P Quality Rankings*

 

$

0.440

 

$

0.040

 

$

0.420

 

$

0.900

 

 

49

%

 

4

%

 

47

%

 

100

%

World Investment

 

$

0.240

 

$

1.710

 

$

 

$

1.950

 

 

12

%

 

88

%

 

0

%

 

100

%

                                                   

 

 

*

The Fund estimates that it has distributed more than its income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.


 

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.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2008

99



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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.

 

 

(PAPERLESS LOGO)

(BLACKROCK LOGO)


 

 

 

 

 

 

 

 

 

 

#CEF-ANN-7-1008

 



Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.
   
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors or trustees, as applicable (the “board of directors”) has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
  Kent Dixon
  Frank J. Fabozzi
  James T. Flynn
  W. Carl Kester
  Karen P. Robards
  Robert S. Salomon, Jr.
   
  The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.
   
  Prof. Kester has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Prof. Kester has been involved in providing valuation and other financial consulting services to corporate clients since 1978. Prof. Kester’s financial consulting services present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements.
   
  Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.
   
  Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.


Item 4 – Principal Accountant Fees and Services

    (a) Audit Fees   (b) Audit-Related Fees1   (c) Tax Fees2   (d) All Other Fees3
    Current   Previous   Current   Previous   Current   Previous   Current   Previous
    Fiscal Year   Fiscal Year   Fiscal Year   Fiscal Year   Fiscal Year   Fiscal Year   Fiscal Year   Fiscal Year
Entity Name   End   End   End   End   End   End   End   End
 
BlackRock                                
International Growth   $44,500   $58,500   $0   $0   $6,100   $6,100   $1,049   $0
and Income Trust                                

1 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

  (e)(1) Audit Committee Pre-Approval Policies and Procedures:
   
        The registrant’s audit committee (the “Committee”) has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the registrant’s affiliated service providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operation or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the Committee oversees. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
   
        Any proposed services exceeding the pre-approved cost levels will require specific pre- approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to one or more of its members the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
   
  (e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
   
  (f) Not Applicable
   
  (g) Affiliates’ Aggregate Non-Audit Fees:

  Current Fiscal Year Previous Fiscal Year
Entity Name End End
 
BlackRock International    
Growth and Income Trust $294,649 $290,600


  (h) The registrant’s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any non-affiliated sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by the registrant’s investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
   
  Regulation S-X Rule 2-01(c)(7)(ii) – $287,500, 0%
   
Item 5 – Audit Committee of Listed Registrants – The following individuals are members of the registrant’s separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
   
  Kent Dixon
  Frank J. Fabozzi
  James T. Flynn
  W. Carl Kester
  Karen P. Robards
  Robert S. Salomon, Jr.
   
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 – The board of directors has delegated the voting of proxies for the Fund securities to the Fund’s investment advisor (“Investment Adviser”) pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period


  ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.
   
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – as of October 31, 2008.
   
  (a)(1) BlackRock International Growth and Income Trust is managed by a team of investment professionals comprised of Thomas P. Callan, CFA, Managing Director at BlackRock, Jean M. Rosenbaum, CFA, Managing Director at BlackRock, Michael D. Carey, CFA, Managing Director at BlackRock, Erin Xie, PhD, MBA, Managing Director at BlackRock, Ian Jamieson, CFA, Director at BlackRock and Kyle G. McClements, CFA, Director at BlackRock. Messrs. Callan, Carey, Jamieson and McClements and Misses Rosenbaum and Xie are the Fund’s portfolio managers responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. Callan, Carey, Jamieson and McClements and Misses Rosenbaum and Xie have been members of the Fund’s portfolio management team since 2007.
   
  Thomas P. Callan, CFA, Managing Director and senior portfolio manager, is head of BlackRock’s Global Opportunities equity team. He is lead manager for all global small cap portfolios and is chief strategist for all of the team’s portfolios. Mr. Callan has been a portfolio manager with BlackRock since 1998.
   
  Jean M. Rosenbaum, CFA, Managing Director and portfolio manager, is a member of BlackRock’s Global Opportunities equity team. She is a portfolio manager for the US opportunities portfolios and a strategist for all of the team’s products. Ms. Rosenbaum has been a portfolio manager with BlackRock since 1998.
   
  Michael D. Carey, CFA, Managing Director and portfolio manager, is a member of BlackRock’s Global Opportunities equity team. He is a portfolio manager for international small cap equity portfolios and a strategist for all of the team’s products. Mr. Carey has been a portfolio manager with BlackRock since 1998.
   
  Erin Xie, PhD, MBA, Managing Director and portfolio manager, is a member of BlackRock's Global Opportunities team. She is a lead manager of the BlackRock Health Sciences Portfolio. Prior to joining BlackRock in 2005, Ms. Xie was a Senior Vice President and portfolio manager with State Street Research & Management responsible for managing the State Street Health Sciences Fund. Prior to joining State Street Research in 2001, Ms. Xie was a research associate with Sanford Bernstein covering the pharmaceutical industry.
   
  Ian Jamieson, CFA, Director and portfolio manager, is a member of BlackRock’s Global Opportunities Team. Mr. Jamieson is responsible for the Trust’s research and investment in the consumer and utilities sectors. Mr. Jamieson is a portfolio manager for global small and mid portfolios and strategist for all of the Global Opportunities Team’s products. He moved to his current role in 2003. Mr. Jamieson was previously a member of BlackRock’s Large Cap Core Equity and Operations Teams.
   
  Kyle G. McClements, CFA, Director and equity derivatives trader, is a member of the US equity trading group. Prior to joining BlackRock in 2005, Mr. McClements was a Vice President and senior derivatives strategist responsible for equity derivative strategy and trading in the


  Quantitative Equity Group at State Street Research. Prior to joining State Street Research in 2004, Mr. McClements was a senior trader/analyst at Deutsche Asset Management, responsible for derivatives, equity program, technology and energy sector, and foreign exchange trading.
   
  (a)(2) As of October 31, 2008:

    Number of Other Accounts Managed   Number of Other Accounts and
    and Assets by Account Type   Assets for Which Advisory Fee is
                    Performance-Based    
    Other   Other Pooled       Other   Other Pooled    
Name of   Registered   Investment   Other   Registered   Investment   Other
Portfolio Manager   Investment   Vehicles   Accounts   Investment   Vehicles   Accounts
    Companies           Companies        
Thomas P. Callan   12   14   4   0   1   1
    $4.63 Billion   $951.3 Million   $211.9 Million   $0   $267.2 Million   $86.2 Million
Jean M. Rosenbaum   6   4   0   0   0   0
    $2.02 Billion   $133.3 Million   $0   $0   $0   $0
Michael D. Carey   6   1   1   0   0   0
    $2.26 Billion   $42.5 Million   $41.5 Million   $0   $0   $0
Erin Xie   5   7   1   0   1   1
    $1.48 Billion   $536.9 Million   $86.2 Million   $0   $267.2 Million   $86.2 Million
Ian Jamieson   0   2   0   0   0   0
    $0   $238.5 Million   $0   $0   $0   $0
Kyle G. McClements   6   4   9   0   0   9
    $2.29 Billion   $196.6 Million   $3.29 Billion   $0   $0   $3.29 Billion

  (iv) Potential Material Conflicts of Interest
   
  BlackRock, Inc. and its affiliates (collectively, herein “BlackRock”) has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made for the Fund. In addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s (or its affiliates’) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or the officers, directors or employees of any of them has any substantial economic interest or possesses material non-public information. Each portfolio manager also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. In this


  regard, it should be noted that Messrs. Callan and McClements and Ms. Xie currently manage certain accounts that are subject to performance fees. In addition, a portfolio manager may assist in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned on such funds and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees.
   
  As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base.
   
  (a)(3) As of October 31, 2008:
   
  Portfolio Manager Compensation Overview
   
  BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance- and, for certain portfolio managers, revenue-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock such as its Long-Term Retention and Incentive Plan and Restricted Stock Program.
   
  Base compensation. Generally, portfolio managers receive base compensation based on their seniority and/or their position with the firm. Senior portfolio managers who perform additional management functions within the portfolio management group or within BlackRock may receive additional compensation for serving in these other capacities.
   
  Discretionary Incentive Compensation for Messrs. Callan, Carey and Jamieson and Misses Rosenbaum and Xie
   
  Discretionary incentive compensation is based on a formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program includes: pre-tax investment performance relative to appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods and a team revenue component. If a portfolio manager’s tenure is less than five years, performance periods will reflect time in position. In most cases, including for the portfolio managers of the Fund, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment Officers determine the benchmarks against which the performance of funds and other accounts managed by each portfolio manager is compared and the period of time over which performance is evaluated. With respect to the portfolio managers, such benchmarks for the Fund include the following:


  Portfolio Manager   Benchmarks Applicable to Each Manager
  Thomas P. Callan   A combination of market-based indices (e.g., Standard & Poor’s 500 Index, Lipper Health/Biotechnology Funds Index, The Russell 3000 Healthcare Index, The S&P/Citigroup Extended Market Index U.S., The S&P/Citigroup Global BMI, NYSE Arca Tech 100 Index, S&P Citigroup Broad Market Index Global Ex-U.S., S&P/Citigroup Extended Market Index Global Ex-U.S.), certain customized indices and certain fund industry peer groups.
  Jean M. Rosenbaum   A combination of market-based indices (e.g., The S&P/Citigroup Extended Market Index U.S., NYSE Arca Tech 100 Index), certain customized indices and certain fund industry peer groups.
  Michael D. Carey   A combination of market-based indices (e.g., The S&P/Citigroup Extended Market Ex-U.S. Index, The S&P/Citigroup Global BMI, The S&P/Citigroup Broad Market Index Global Ex-U.S.), certain customized indices and certain fund industry peer groups.
  Erin Xie   A combination of market-based indices (e.g., Standard & Poor’s 500 Index, Lipper Health/Biotechnology Funds Index, The Russell 3000 Healthcare Index, NYSE Arca Tech 100 Index), certain customized indices and certain fund industry peer groups.
  Ian Jamieson   A combination of market-based indices (e.g., The S&P/Citigroup Broad Market Index Global Ex-U.S.), certain customized indices and certain fund industry peer groups.

  Portfolio managers who meet relative investment performance and financial management objectives during a specified performance time period are eligible to receive an additional bonus which may or may not be a large part of their overall compensation. A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, workforce diversity, supervision, technology and innovation. All factors are considered collectively by BlackRock management.
   
  Discretionary Incentive Compensation for Mr. McClements
   
  Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s seniority, role within the portfolio management team, teamwork and contribution to the overall performance of these portfolios and BlackRock. In most cases, including for the portfolio managers of the Fund, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment Officers determine the benchmarks against which the performance of funds and other accounts managed by each portfolio manager is compared and the period of time over which performance is evaluated. With respect to Mr. McClements, such benchmarks for the Fund’s option strategy include the Lipper Options Arbitrage/Options Strategies Funds classification.
   
  BlackRock’s Chief Investment Officers make a subjective determination with respect to the portfolio manager’s compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks noted above. Performance is


  measured on a pre-tax basis over various time periods including 1, 3 and 5-year periods, as applicable.
   
  Distribution of Discretionary Incentive Compensation
   
  Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods.
   
        Long-Term Retention and Incentive Plan (“LTIP”) — The LTIP is a long-term incentive plan that seeks to reward certain key employees. Prior to 2006, the plan provided for the grant of awards that were expressed as an amount of cash that, if properly vested and subject to the attainment of certain performance goals, will be settled in cash and/or in BlackRock, Inc. common stock. Beginning in 2006, awards are granted under the LTIP in the form of BlackRock, Inc. restricted stock units that, if properly vested and subject to the attainment of certain performance goals, will be settled in BlackRock, Inc. common stock. Messrs. Callan, Carey, Jamieson and McClements and Misses Rosenbaum and Xie have each received awards under the LTIP.
   
        Deferred Compensation Program — A portion of the compensation paid to eligible BlackRock employees may be voluntarily deferred into an account that tracks the performance of certain of the firm’s investment products. Each participant in the deferred compensation program is permitted to allocate his deferred amounts among the various investment options. Messrs. Callan, Carey, Jamieson and McClements and Misses Rosenbaum and Xie have each participated in the deferred compensation program.
   
        Options and Restricted Stock Awards — A portion of the annual compensation of certain employees is mandatorily deferred into BlackRock restricted stock units. Prior to the mandatory deferral into restricted stock units, BlackRock granted stock options to key employees, including certain portfolio managers who may still hold unexercised or unvested options. BlackRock, Inc. also granted restricted stock awards designed to reward certain key employees as an incentive to contribute to the long-term success of BlackRock. These awards vest over a period of years. Messrs. Callan and Carey have each been granted stock options and/or restricted stock in prior years.
   
  Other compensation benefits. In addition to base compensation and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:
   
        Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 6% of eligible pay contributed to the plan capped at $4,000 per year, and a company retirement contribution equal to 3% of eligible compensation, plus an additional contribution of 2% for any year in which BlackRock has positive net operating income. The RSP offers a range of investment options, including registered investment companies managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or,


  absent employee investment direction, are invested into a balanced portfolio. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares or a dollar value of $25,000. Each portfolio manager is eligible to participate in these plans.
   
  (a)(4) Beneficial Ownership of Securities. As of October 31, 2008, the dollar range of securities beneficially owned by each portfolio manager in the Fund is shown below:

Portfolio Manager Dollar Range of Equity
  Securities Beneficially Owned
Thomas P. Callan None
Jean M. Rosenbaum None
Michael D. Carey $10,001 - $50,000
Erin Xie None
Ian Jamieson None
Kyle G. McClements $1 - $10,000

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.
 
Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
 
Item 11 – Controls and Procedures
 
11 (a) – The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 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 – See Item 2
 
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 International Growth and Income Trust

By: /s/ Donald C. Burke  
  Donald C. Burke
  Chief Executive Officer of
  BlackRock International Growth and Income Trust
   
Date: December 19, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Donald C. Burke  
  Donald C. Burke
  Chief Executive Officer (principal executive officer) of
  BlackRock International Growth and Income Trust
   
Date: December 19, 2008
   
By: /s/ Neal J. Andrews  
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock International Growth and Income Trust
   
Date: December 19, 2008