BlackRock International Growth & Income Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22032

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:  John M. Perlowski, Chief Executive Officer, BlackRock International Growth and Income Trust, 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2016

Date of reporting period: 09/30/2016

 

Item 1 – Schedule of Investments

Schedule of Investments September 30, 2016 (Unaudited)      BlackRock International Growth and Income Trust (BGY)   
     (Percentages shown are based on Net Assets)   

 

Common Stocks    Shares      Value  

Australia — 0.5%

      

Newcrest Mining Ltd.

      241,065       $ 4,069,218   

Belgium — 3.1%

      

Anheuser-Busch InBev SA

      170,546         22,428,251   

Canada — 6.1%

      

Canadian Pacific Railway Ltd. (a)

      57,300         8,743,387   

Element Fleet Management Corp. (a)

      401,500         5,025,062   

Encana Corp. (a)

      469,800         4,909,454   

Fairfax Financial Holdings Ltd.

      19,695         11,540,029   

Gildan Activewear, Inc.

      239,700         6,694,316   

Potash Corp. of Saskatchewan, Inc. (a)

      269,732         4,389,480   

PrairieSky Royalty Ltd.

      154,400         3,148,138   
     

 

 

  
                44,449,866   

China — 4.0%

      

Alibaba Group Holding Ltd. — ADR (a)(b)

      84,274         8,915,347   

China Construction Bank Corp., Class H

      12,480,000         9,372,959   

China Unicom Hong Kong Ltd.

      3,228,000         3,932,947   

Tencent Holdings Ltd.

      265,100         7,370,320   
     

 

 

  
                29,591,573   

France — 7.0%

      

AXA SA

      263,000         5,591,982   

BNP Paribas SA

      300,564         15,459,164   

Dassault Aviation SA

      4,513         5,008,890   

Orange SA

      753,300         11,802,427   

Sanofi

      49,600         3,777,106   

Unibail-Rodamco SE — REIT

      36,500         9,841,652   
     

 

 

  
                51,481,221   

Germany — 2.5%

      

Continental AG

      18,554         3,909,371   

SAP SE

      80,100         7,325,374   

Wacker Chemie AG

      86,678         7,309,884   
     

 

 

  
                18,544,629   

Hong Kong — 1.7%

      

AIA Group Ltd.

      1,833,552         12,330,168   

India — 2.5%

      

Bharti Infratel Ltd.

      1,005,519         5,532,832   

HDFC Bank Ltd.

      399,099         8,811,202   

Tata Motors Ltd. — ADR (a)

      102,653         4,104,067   
     

 

 

  
                18,448,101   

Indonesia — 1.0%

      

Matahari Department Store Tbk PT

      5,154,380         7,318,874   

Ireland — 2.3%

      

Green REIT PLC

      4,017,426         6,566,413   

Kingspan Group PLC

      188,913         5,121,211   

Ryanair Holdings PLC — ADR (a)

      69,036         5,179,771   
     

 

 

  
                16,867,395   

Israel — 0.4%

      

Teva Pharmaceutical Industries Ltd. — ADR (a)

      69,700         3,206,897   
Common Stocks    Shares      Value  

Italy — 3.4%

      

Atlantia SpA

      194,900       $ 4,950,020   

Eni SpA

      543,200         7,827,712   

Snam SpA

      1,075,800         5,965,198   

Telecom Italia SpA (b)

      7,398,400         6,147,373   
     

 

 

  
                24,890,303   

Japan — 7.7%

      

Don Quijote Holdings Co. Ltd.

      100,800         3,697,878   

FANUC Corp.

      48,400         8,175,509   

Nintendo Co. Ltd.

      28,700         7,684,502   

ORIX Corp.

      325,700         4,804,941   

Sony Corp.

      272,500         9,028,087   

Sumitomo Mitsui Financial Group, Inc.

      342,800         11,579,651   

Taisei Corp.

      446,000         3,346,011   

TOTO Ltd.

      91,800         3,470,691   

Toyota Motor Corp.

      79,500         4,611,512   
     

 

 

  
                56,398,782   

Mexico — 1.1%

      

Fomento Economico Mexicano SAB de CV — ADR (a)

      84,600         7,786,584   

Netherlands — 5.6%

      

Aalberts Industries NV

      127,152         4,330,776   

ASML Holding NV

      61,800         6,772,754   

Koninklijke Philips NV

      447,700         13,247,320   

Royal Dutch Shell PLC, B Shares

      654,119         16,958,398   
     

 

 

  
                41,309,248   

New Zealand — 0.7%

      

Xero Ltd. (b)

      359,605         5,077,882   

Norway — 1.7%

      

Statoil ASA

      727,100         12,206,771   

Philippines — 0.4%

      

Cemex Holdings Philippines, Inc. (b)(c)

      11,562,400         2,861,095   

Portugal — 1.0%

      

Galp Energia SGPS SA

      528,600         7,221,717   

South Africa — 1.1%

      

Naspers Ltd., N Shares

      47,919         8,293,481   

South Korea — 2.1%

      

LG Chem Ltd.

      31,800         7,033,288   

Samsung Electronics Co. Ltd.

      5,800         8,449,222   
     

 

 

  
                15,482,510   

Spain — 1.5%

      

Cellnex Telecom SA (c)

      604,240         10,934,827   

Sweden — 1.2%

      

Nordea Bank AB

      862,136         8,561,420   

Switzerland — 6.0%

      

Nestle SA

      256,400         20,246,390   

Roche Holding AG

      69,223         17,201,819   
 
      Portfolio Abbreviations
ADR    American Depositary Receipt      HKD    Hong Kong Dollar    REIT    Real Estate Investment Trust
AUD    Australian Dollar      JPY    Japanese Yen    SEK    Swedish Krona
CAD    Canadian Dollar      KRW    Korean Won    TWD    Taiwan Dollar
CHF    Swiss Franc      NOK    Norwegian Krone    USD    US Dollar
EUR    Euro      NZD    New Zealand Dollar    ZAR    South African Rand
GBP    British Pound              

 

 

          SEPTEMBER 30, 2016    1

Schedule of Investments (continued)      BlackRock International Growth and Income Trust (BGY)  
  

 

Common Stocks    Shares      Value  

Switzerland (continued)

      

UBS Group AG

      490,900       $ 6,705,919   
     

 

 

  
                44,154,128   

Taiwan — 2.2%

      

Hermes Microvision, Inc.

      103,437         4,504,817   

Largan Precision Co. Ltd.

      32,100         3,912,236   

Taiwan Semiconductor Manufacturing Co. Ltd.

      1,287,000         7,565,171   
     

 

 

  
                15,982,224   

Thailand — 0.4%

      

True Corp PCL

      14,480,300         2,915,982   

United Kingdom — 16.1%

      

AstraZeneca PLC

      163,800         10,606,297   

BAE Systems PLC

      1,581,600         10,744,177   

Diageo PLC

      363,400         10,409,017   

GlaxoSmithKline PLC

      315,800         6,726,043   

Imperial Brands PLC

      285,400         14,689,638   

Liberty Global PLC, Class A (a)(b)

      288,100         9,847,258   

Lloyds Banking Group PLC

      7,928,000         5,601,226   

Metro Bank PLC (b)

      166,326         5,938,842   

Nomad Foods Ltd. (b)

      233,794         2,763,445   

Reckitt Benckiser Group PLC

      83,400         7,851,642   

Sophos Group PLC (c)

      1,360,400         4,690,300   

Unilever PLC

      303,500         14,361,571   

Vodafone Group PLC

      2,008,200         5,759,337   

Worldpay Group PLC (c)

      2,040,000         7,821,792   
     

 

 

  
                117,810,585   

United States — 6.8%

      

Samsonite International SA

      1,569,600         5,060,901   

Shire PLC — ADR (a)

      50,600         9,809,316   

WisdomTree Japan Hedged Equity Fund (a)(d)

      812,910         34,881,968   
     

 

 

  
                49,752,185   

Total Common Stocks — 90.1%

               660,375,917   
     
Investment Companies                

United Kingdom — 0.5%

      

Kennedy Wilson Europe Real Estate PLC

      286,739         3,729,795   
     
Preferred Stocks                

China — 0.4%

      

Xiaoju Kuaizhi, Inc., Series A-17 (Acquired 7/28/15, Cost $2,106,332), 0.00% (b)(e)

      76,800         2,936,064   
Preferred Stocks    Shares      Value  

India — 1.9%

      

Jasper Infotech Private Ltd., Series F (Acquired 5/7/14, cost $2,825,580), 0.00% (b)(e)

      398       $ 10,278,442   

Jasper Infotech Private Ltd., Series G (Acquired 10/29/14, cost $1,112,870), 0.00% (b)(e)

      132         3,408,931   

Total Preferred Stocks — 2.3%

               16,623,437   

Total Long-Term Investments

(Cost — $630,752,313) — 92.9%

               680,729,149   
     
Short-Term Securities                

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.20% (f)(g)

      36,562,615         36,562,615   

Total Short-Term Securities

(Cost — $36,562,615) — 5.0%

               36,562,615   

Total Investments Before Options Written

(Cost — $667,314,928*) — 97.9%

               717,291,764   
     
Options Written                

(Premiums Received — $8,086,902) — (1.1)%

               (7,937,776 ) 

Total Investments Net of Options Written — 96.8%

         709,353,988   

Other Assets Less Liabilities — 3.2%

         23,648,047   
     

 

 

  

Net Assets — 100.0%

       $ 733,002,035   
     

 

 

  
 
      Notes to Schedule of Investments

 

* As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 671,585,713   
  

 

 

  

Gross unrealized appreciation

    $ 72,557,198   

Gross unrealized depreciation

      (26,851,147 ) 
  

 

 

  

Net unrealized appreciation

    $ 45,706,051   
  

 

 

  

 

(a) All or a portion of security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

 

(b) Non-income producing security.

 

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration to qualified institutional investors.

 

(d) All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

 

 

2         SEPTEMBER 30, 2016     

Schedule of Investments (continued)      BlackRock International Growth and Income Trust (BGY)   

 

 

(e) Restricted security as to resale, excluding 144A securities. As of report date, the Trust held restricted securities with a current value of $16,623,437 and an original cost of $6,044,782 which was 2.3% of its net assets.

 

(f) During the period ended September 30, 2016, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliates   

Shares/
Beneficial Interest
Held at

December 31,

2015

     

Net

Activity

    

Shares

Held at
September 30,

2016

     

Value at
September 30,

2016

      Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

      37,105,203         (37,105,203 )      —         —       $ 161,550   

BlackRock Liquidity Funds, T-Fund, Institutional Class

      —         36,562,615        36,562,615         $36,562,615         6,310   

BlackRock Liquidity Series, LLC, Money Market Series

      $  2,751,247         $  (2,751,247 )      —         —         23,410 1 

Total

              $36,562,615       $ 191,270   
          

 

 

  

 

  1   

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

(g) Current yield as of period end.

 

      Derivative Financial Instruments Outstanding as of Period End

 

Futures Contracts  
Contracts
Long		   Issue     Expiration     Notional Value             Unrealized
Appreciation		  
283     Mini MSCI Emerging Markets Index Futures       

 

 December

2016

  

  

     USD                   12,911,875        $284,372   
Total           $284,372   
       

 

 

  

 

Exchange-Traded Options Written  
Description    Put/
Call		        Expiration
Date		       

Strike

Price

        Contracts        Value  

Alibaba Group Holding Ltd. — ADR

      Call           10/07/16           USD         94.00           57         $ (67,972 ) 

Shire PLC — ADR

      Call           10/07/16           USD         200.00           70           (5,425 ) 

Tata Motors Ltd. — ADR

      Call           10/07/16           USD         39.00           205           (31,262 ) 

WisdomTree Japan Hedged Equity Fund

      Call           10/07/16           USD         43.50           700           (10,150 ) 

Alibaba Group Holding Ltd. — ADR

      Call           10/14/16           USD         98.50           119           (90,440 ) 

Encana Corp.

      Call           10/14/16           CAD         12.50           665           (68,175 ) 

Shire PLC — ADR

      Call           10/14/16           USD         200.00           79           (13,430 ) 

Shire PLC — ADR

      Call           10/14/16           USD         207.50           11           (550 ) 

WisdomTree Japan Hedged Equity Fund

      Call           10/14/16           USD         44.50           500           (4,000 ) 

Alibaba Group Holding Ltd. — ADR

      Call           10/21/16           USD         95.00           57           (63,412 ) 

Canadian Pacific Railway Ltd.

      Call           10/21/16           CAD         200.00           92           (34,186 ) 

Fomento Economico Mexicano SAB de CV — ADR

      Call           10/21/16           USD         90.00           173           (66,605 ) 

Fomento Economico Mexicano SAB de CV — ADR

      Call           10/21/16           USD         95.00           173           (24,652 ) 

Liberty Global PLC, Class A

      Call           10/21/16           USD         32.50           345           (73,312 ) 

MSCI Emerging Markets Index

      Call           10/21/16           USD         905.00           60           (116,700 ) 

MSCI Emerging Markets Index

      Call           10/21/16           USD         935.00           40           (23,600 ) 

Potash Corp. of Saskatchewan, Inc.

      Call           10/21/16           CAD         22.00           700           (7,739 ) 

Ryanair Holdings PLC — ADR

      Call           10/21/16           USD         80.00           184           (5,060 ) 

Shire PLC — ADR

      Call           10/21/16           USD         200.00           118           (26,550 ) 

Teva Pharmaceutical Industries Ltd. — ADR

      Call           10/21/16           USD         52.50           50           (125 ) 

WisdomTree Japan Hedged Equity Fund

      Call           10/21/16           USD         44.00           1,500           (48,000 ) 

Tata Motors Ltd. — ADR

      Call           10/28/16           USD         43.00           160           (4,400 ) 

WisdomTree Japan Hedged Equity Fund

      Call           10/28/16           USD         43.00           250           (21,125 ) 

Alibaba Group Holding Ltd. — ADR

      Call           11/04/16           USD         109.00           96           (31,680 ) 

Teva Pharmaceutical Industries Ltd. — ADR

      Call           11/04/16           USD         52.50           84           (2,772 ) 

WisdomTree Japan Hedged Equity Fund

      Call           11/04/16           USD         43.50           823           (62,548 ) 

Alibaba Group Holding Ltd. — ADR

      Call           11/11/16           USD         109.00           66           (25,245 ) 

WisdomTree Japan Hedged Equity Fund

      Call           11/11/16           USD         43.50           450           (38,925 ) 

Alibaba Group Holding Ltd. — ADR

      Call           11/18/16           USD         105.00           68           (40,120 ) 

Canadian Pacific Railway Ltd.

      Call           11/18/16           CAD         200.00           210           (116,449 ) 

Element Fleet Management Corp.

      Call           11/18/16           CAD         15.00           1,060           (129,273 ) 

 

 

          SEPTEMBER 30, 2016    3

Schedule of Investments (continued)      BlackRock International Growth and Income Trust (BGY)   

 

 

Description    Put/
Call		        Expiration
Date		       

Strike

Price

        Contracts        Value  

MSCI Emerging Markets Index

      Call           11/18/16           USD         925.00           20         $ (42,600 ) 

Tata Motors Ltd. — ADR

      Call           11/18/16           USD         43.00           200           (18,000 ) 

Teva Pharmaceutical Industries Ltd. — ADR

      Call           11/18/16           USD         52.50           84           (1,932 ) 

WisdomTree Japan Hedged Equity Fund

      Call           11/18/16           USD         43.00           250           (29,875 ) 

Teva Pharmaceutical Industries Ltd. — ADR

      Call           12/16/16           USD         50.00           165           (15,015 ) 

Total

                           $ (1,361,304 ) 
                         

 

 

  

 

OTC Options Written  
Description    Put/
Call		      Counterparty      Expiration
Date		     

Strike

Price

        Contracts        Value  

Potash Corp. of Saskatchewan, Inc.

    Call      Deutsche Bank AG      10/03/16      CAD      22.90           35,000         $ (164 ) 

AstraZeneca PLC

    Call      Morgan Stanley & Co. International PLC      10/04/16      GBP      50.52           30,700           (9,998 ) 

Samsung Electronics Co. Ltd.

    Call      Bank of America N.A.      10/04/16      KRW      1,575,900.00           2,300           (69,094 ) 

Unilever PLC

    Call      Morgan Stanley & Co. International PLC      10/04/16      GBP      35.67           59,000           (71,236 ) 

Worldpay Group PLC

    Call      Morgan Stanley & Co. International PLC      10/04/16      GBP      3.02           171,000           (3,419 ) 

Anheuser-Busch InBev SA

    Call      Bank of America N.A.      10/05/16      EUR      113.10           35,900           (169,871 ) 

Anheuser-Busch InBev SA

    Call      UBS AG      10/05/16      EUR      113.12           9,300           (43,810 ) 

Atlantia SpA

    Call      Credit Suisse International      10/05/16      EUR      22.61           48,000           (11,566 ) 

BAE Systems PLC

    Call      Morgan Stanley & Co. International PLC      10/05/16      GBP      5.35           243,000           (3,723 ) 

Cellnex Telecom SA

    Call      Credit Suisse International      10/05/16      EUR      16.19           48,200           (8,789 ) 

Eni SpA

    Call      Credit Suisse International      10/05/16      EUR      13.82           75,000           (55 ) 

FANUC Corp.

    Call      Bank of America N.A.      10/05/16      JPY      17,765.78           12,000           (1,953 ) 

Kingspan Group PLC

    Call      Morgan Stanley & Co. International PLC      10/05/16      EUR      21.91           7,500           (18,750 ) 

Koninklijke Philips NV

    Call      UBS AG      10/05/16      EUR      25.22           85,000           (109,168 ) 

Metro Bank PLC

    Call      Morgan Stanley & Co. International PLC      10/05/16      GBP      25.28           3,874           (11,625 ) 

Roche Holding AG

    Call      UBS AG      10/05/16      CHF      248.45           17,000           (4,241 ) 

Aalberts Industries NV

    Call      Bank of America N.A.      10/06/16      EUR      29.93           22,000           (14,788 ) 

BNP Paribas SA

    Call      Bank of America N.A.      10/06/16      EUR      43.81           42,000           (98,883 ) 

China Construction Bank Corp., Class H

    Call      Bank of America N.A.      10/06/16      HKD      5.58           3,900,000           (131,950 ) 

China Unicom Hong Kong Ltd.

    Call      JPMorgan Chase Bank N.A.      10/06/16      HKD      9.38           850,000           (21,490 ) 

Continental AG

    Call      Bank of America N.A.      10/06/16      EUR      194.73           4,500           (2,248 ) 

LG Chem Ltd.

    Call      UBS AG      10/06/16      KRW      272,690.62           9,200           (93 ) 

Xero Ltd.

    Call      Deutsche Bank AG      10/06/16      NZD      20.10           14,300           (881 ) 

Diageo PLC

    Call      Morgan Stanley & Co. International PLC      10/07/16      GBP      21.67           87,000           (58,345 ) 

ORIX Corp.

    Call      Bank of America N.A.      10/07/16      JPY      1,480.53           113,000           (36,643 ) 

PrairieSky Royalty Ltd.

    Call      Credit Suisse International      10/07/16      CAD      25.41           40,200           (42,133 ) 

Reckitt Benckiser Group PLC

    Call      Morgan Stanley & Co. International PLC      10/07/16      GBP      75.35           17,500           (2,106 ) 

Royal Dutch Shell PLC, B Shares

    Call      Bank of America N.A.      10/07/16      GBP      20.12           89,000           (24,207 ) 

Royal Dutch Shell PLC, B Shares

    Call      Deutsche Bank AG      10/07/16      GBP      20.14           90,000           (21,803 ) 

Statoil ASA

    Call      Bank of America N.A.      10/07/16      NOK      140.26           111,000           (7,458 ) 

UBS Group AG

    Call      Morgan Stanley & Co. International PLC      10/07/16      CHF      13.02           125,000           (48,490 ) 

Cellnex Telecom SA

    Call      Bank of America N.A.      10/11/16      EUR      15.78           50,000           (26,719 ) 

Continental AG

    Call      Bank of America N.A.      10/11/16      EUR      194.82           5,200           (6,891 ) 

Don Quijote Holdings Co. Ltd.

    Call      JPMorgan Chase Bank N.A.      10/11/16      JPY      4,171.23           26,000           (1,313 ) 

Imperial Brands PLC

    Call      Morgan Stanley & Co. International PLC      10/11/16      GBP      41.70           11,000           (756 ) 

Koninklijke Philips NV

    Call      UBS AG      10/11/16      EUR      25.43           85,000           (99,281 ) 

Largan Precision Co. Ltd.

    Call      Morgan Stanley & Co. International PLC      10/11/16      TWD      3,926.00           12,500           (20,576 ) 

Lloyds Banking Group PLC

    Call      Deutsche Bank AG      10/11/16      GBP      0.56           1,607,000           (10,057 ) 

Naspers Ltd., N Shares

    Call      UBS AG      10/11/16      ZAR      2,258.99           4,000           (33,853 ) 

Nestle SA

    Call      Credit Suisse International      10/11/16      CHF      78.97           22,500           (2,068 ) 

Sophos Group PLC

    Call      Credit Suisse International      10/11/16      GBP      2.55           60,000           (11,768 ) 

Taisei Corp.

    Call      Bank of America N.A.      10/11/16      JPY      949.63           116,000           —   

Taiwan Semiconductor Manufacturing Co. Ltd.

    Call      Morgan Stanley & Co. International PLC      10/11/16      TWD      178.77           304,000           (56,523 ) 

Telecom Italia SpA

    Call      Bank of America N.A.      10/11/16      EUR      0.83           1,329,000           (4,126 ) 

Xero Ltd.

    Call      Deutsche Bank AG      10/11/16      NZD      20.70           43,000           (1,863 ) 

AIA Group Ltd.

    Call      Citibank N.A.      10/12/16      HKD      49.84           422,000           (137,047 ) 

BNP Paribas SA

    Call      Morgan Stanley & Co. International PLC      10/12/16      EUR      47.86           56,000           (12,176 ) 

Cellnex Telecom SA

    Call      Credit Suisse International      10/12/16      EUR      16.02           40,500           (15,608 ) 

Orange SA

    Call      Bank of America N.A.      10/12/16      EUR      13.88           132,000           (41,785 ) 

SAP SE

    Call      Credit Suisse International      10/12/16      EUR      78.01           21,000           (88,493 ) 

 

 

4         SEPTEMBER 30, 2016     

Schedule of Investments (continued)      BlackRock International Growth and Income Trust (BGY)   

 

 

Description    Put/
Call		      Counterparty      Expiration
Date		     

Strike

Price

        Contracts        Value  

Sony Corp.

    Call      JPMorgan Chase Bank N.A.      10/12/16      JPY      3,475.22           5,500         $ (1,804 ) 

AXA SA

    Call      Credit Suisse International      10/13/16      EUR      18.27           70,000           (68,100 ) 

China Unicom Hong Kong Ltd.

    Call      JPMorgan Chase Bank N.A.      10/13/16      HKD      9.47           850,000           (23,367 ) 

Eni SpA

    Call      Bank of America N.A.      10/13/16      EUR      13.95           150,000           (716 ) 

Galp Energia SGPS SA

    Call      Morgan Stanley & Co. International PLC      10/13/16      EUR      13.42           140,000           (626 ) 

Gildan Activewear, Inc.

    Call      Citibank N.A.      10/13/16      CAD      38.82           46,200           (1,517 ) 

Imperial Brands PLC

    Call      Deutsche Bank AG      10/13/16      GBP      41.17           35,500           (6,037 ) 

Metro Bank PLC

    Call      Morgan Stanley & Co. International PLC      10/13/16      GBP      24.55           17,000           (68,902 ) 

Sophos Group PLC

    Call      UBS AG      10/13/16      GBP      2.59           75,000           (12,688 ) 

Statoil ASA

    Call      Credit Suisse International      10/13/16      NOK      135.75           45,000           (13,312 ) 

Vodafone Group PLC

    Call      Morgan Stanley & Co. International PLC      10/13/16      GBP      2.28           575,000           (6,650 ) 

GlaxoSmithKline PLC

    Call      UBS AG      10/18/16      GBP      17.19           75,000           (2,432 ) 

Sophos Group PLC

    Call      Credit Suisse International      10/18/16      GBP      2.60           75,000           (13,759 ) 

Worldpay Group PLC

    Call      Morgan Stanley & Co. International PLC      10/18/16      GBP      3.05           109,000           (6,332 ) 

AIA Group Ltd.

    Call      Citibank N.A.      10/19/16      HKD      49.24           354,000           (140,704 ) 

AstraZeneca PLC

    Call      Morgan Stanley & Co. International PLC      10/19/16      GBP      49.16           15,000           (28,051 ) 

Atlantia SpA

    Call      Credit Suisse International      10/19/16      EUR      22.90           7,000           (1,865 ) 

Diageo PLC

    Call      UBS AG      10/19/16      GBP      22.07           18,000           (8,608 ) 

Kingspan Group PLC

    Call      Morgan Stanley & Co. International PLC      10/19/16      EUR      22.49           15,000           (27,792 ) 

Newcrest Mining Ltd.

    Call      JPMorgan Chase Bank N.A.      10/19/16      AUD      22.60           63,000           (28,971 ) 

Samsonite International SA

    Call      Bank of America N.A.      10/19/16      HKD      25.24           300,000           (26,105 ) 

Samsung Electronics Co. Ltd.

    Call      Deutsche Bank AG      10/19/16      KRW      1,668,600.00           700           (11,662 ) 

Snam SpA

    Call      Credit Suisse International      10/19/16      EUR      5.11           38,500           (847 ) 

Sony Corp.

    Call      Goldman Sachs International      10/19/16      JPY      3,424.75           44,000           (28,557 ) 

Taiwan Semiconductor Manufacturing Co. Ltd.

    Call      Citibank N.A.      10/19/16      TWD      183.04           336,000           (49,140 ) 

Tencent Holdings Ltd.

    Call      Citibank N.A.      10/19/16      HKD      207.85           70,000           (83,282 ) 

Toyota Motor Corp.

    Call      Bank of America N.A.      10/19/16      JPY      6,470.81           21,600           (1,003 ) 

Wacker Chemie AG

    Call      Deutsche Bank AG      10/19/16      EUR      79.89           15,000           (9,401 ) 

Xero Ltd.

    Call      UBS AG      10/19/16      NZD      20.39           14,400           (1,959 ) 

Aalberts Industries NV

    Call      Bank of America N.A.      10/20/16      EUR      30.36           20,000           (14,303 ) 

Statoil ASA

    Call      Deutsche Bank AG      10/20/16      NOK      133.70           47,000           (23,573 ) 

Sumitomo Mitsui Financial Group, Inc.

    Call      JPMorgan Chase Bank N.A.      10/20/16      JPY      3,672.00           132,500           (33,305 ) 

Unilever PLC

    Call      Bank of America N.A.      10/20/16      GBP      36.64           50,800           (40,019 ) 

ASML Holding NV

    Call      UBS AG      10/25/16      EUR      93.99           1,500           (8,211 ) 

BAE Systems PLC

    Call      Deutsche Bank AG      10/25/16      GBP      5.77           91,400           (12 ) 

BAE Systems PLC

    Call      UBS AG      10/25/16      GBP      5.62           334,000           (528 ) 

Cellnex Telecom SA

    Call      Morgan Stanley & Co. International PLC      10/25/16      EUR      16.24           36,500           (14,790 ) 

Eni SpA

    Call      Credit Suisse International      10/25/16      EUR      14.24           73,700           (561 ) 

Gildan Activewear, Inc.

    Call      Deutsche Bank AG      10/25/16      CAD      40.06           56,000           (1,871 ) 

Kingspan Group PLC

    Call      Morgan Stanley & Co. International PLC      10/25/16      EUR      22.37           9,000           (17,895 ) 

Kingspan Group PLC

    Call      Morgan Stanley & Co. International PLC      10/25/16      EUR      25.69           13,000           (668 ) 

Koninklijke Philips NV

    Call      Credit Suisse International      10/25/16      EUR      25.97           66,000           (60,929 ) 

Lloyds Banking Group PLC

    Call      Credit Suisse International      10/25/16      GBP      0.57           375,000           (4,686 ) 

Nestle SA

    Call      UBS AG      10/25/16      CHF      79.87           31,000           (3,148 ) 

Orange SA

    Call      Morgan Stanley & Co. International PLC      10/25/16      EUR      13.87           144,000           (62,424 ) 

Reckitt Benckiser Group PLC

    Call      Goldman Sachs International      10/25/16      GBP      75.85           27,000           (15,381 ) 

Samsonite International SA

    Call      UBS AG      10/25/16      HKD      26.42           324,000           (15,365 ) 

Sophos Group PLC

    Call      UBS AG      10/25/16      GBP      2.62           75,000           (14,816 ) 

Statoil ASA

    Call      Goldman Sachs International      10/25/16      NOK      138.12           51,500           (17,226 ) 

Telecom Italia SpA

    Call      Bank of America N.A.      10/25/16      EUR      0.83           1,225,000           (6,674 ) 

Unibail-Rodamco SE — REIT

    Call      Morgan Stanley & Co. International PLC      10/25/16      EUR      252.54           7,000           (4,496 ) 

Worldpay Group PLC

    Call      Bank of America N.A.      10/25/16      GBP      2.93           67,000           (9,186 ) 

Diageo PLC

    Call      Morgan Stanley & Co. International PLC      10/26/16      GBP      20.98           87,000           (135,778 ) 

FANUC Corp.

    Call      Bank of America N.A.      10/26/16      JPY      17,213.25           14,500           (80,430 ) 

Imperial Brands PLC

    Call      Morgan Stanley & Co. International PLC      10/26/16      GBP      39.96           64,500           (56,709 ) 

Nordea Bank AB

    Call      Goldman Sachs International      10/26/16      SEK      84.74           430,000           (100,457 ) 

Wacker Chemie AG

    Call      Credit Suisse International      10/26/16      EUR      74.10           15,000           (49,395 ) 

Anheuser-Busch InBev SA

    Call      UBS AG      10/27/16      EUR      115.41           5,500           (22,285 ) 

AstraZeneca PLC

    Call      UBS AG      10/27/16      GBP      52.14           45,000           (24,118 ) 

BNP Paribas SA

    Call      Bank of America N.A.      10/27/16      EUR      46.53           67,000           (79,902 ) 

GlaxoSmithKline PLC

    Call      Bank of America N.A.      10/27/16      GBP      16.46           23,400           (8,366 ) 

Imperial Brands PLC

    Call      Credit Suisse International      10/27/16      GBP      41.29           25,000           (8,990 ) 

 

 

          SEPTEMBER 30, 2016    5

Schedule of Investments (continued)      BlackRock International Growth and Income Trust (BGY)   

 

 

Description    Put/
Call		      Counterparty      Expiration
Date		     

Strike

Price

        Contracts        Value  

Lloyds Banking Group PLC

    Call      UBS AG      10/27/16      GBP      0.60           2,400,000         $ (4,257 ) 

Metro Bank PLC

    Call      UBS AG      10/27/16      GBP      28.63           7,700           (10,854 ) 

Royal Dutch Shell PLC, B Shares

    Call      Deutsche Bank AG      10/27/16      GBP      20.38           110,000           (39,786 ) 

Sony Corp.

    Call      UBS AG      10/27/16      JPY      3,487.69           34,000           (19,962 ) 

Sophos Group PLC

    Call      Morgan Stanley & Co. International PLC      10/27/16      GBP      2.70           170,000           (24,613 ) 

UBS Group AG

    Call      Credit Suisse International      10/27/16      CHF      13.66           145,000           (33,252 ) 

Worldpay Group PLC

    Call      Morgan Stanley & Co. International PLC      10/27/16      GBP      3.04           169,000           (13,203 ) 

Worldpay Group PLC

    Call      UBS AG      10/27/16      GBP      3.13           202,000           (10,547 ) 

Liberty Global PLC, Class A

    Call      Goldman Sachs International      10/28/16      USD      33.55           75,000           (121,046 ) 

Ryanair Holdings PLC — ADR

    Call      Barclays Bank PLC      10/28/16      USD      78.36           18,000           (19,834 ) 

Royal Dutch Shell PLC, B Shares

    Call      Credit Suisse International      10/31/16      GBP      19.00           69,000           (107,641 ) 

Fairfax Financial Holdings Ltd.

    Call      Morgan Stanley & Co. International PLC      11/01/16      CAD      738.00           4,100           (119,848 ) 

Sony Corp.

    Call      Goldman Sachs International      11/01/16      JPY      3,401.68           66,000           (67,069 ) 

AIA Group Ltd.

    Call      Bank of America N.A.      11/02/16      HKD      51.92           193,000           (33,181 ) 

Cellnex Telecom SA

    Call      Morgan Stanley & Co. International PLC      11/02/16      EUR      16.03           44,000           (25,465 ) 

Don Quijote Holdings Co. Ltd.

    Call      Bank of America N.A.      11/02/16      JPY      3,730.17           29,000           (47,083 ) 

Galp Energia SGPS SA

    Call      Credit Suisse International      11/02/16      EUR      11.78           45,000           (30,557 ) 

Galp Energia SGPS SA

    Call      Goldman Sachs International      11/02/16      EUR      12.50           107,000           (29,463 ) 

Snam SpA

    Call      Morgan Stanley & Co. International PLC      11/02/16      EUR      4.94           265,200           (32,152 ) 

TOTO Ltd.

    Call      Morgan Stanley & Co. International PLC      11/02/16      JPY      3,962.27           24,000           (25,373 ) 

Xero Ltd.

    Call      Bank of America N.A.      11/02/16      NZD      20.29           14,300           (3,814 ) 

Imperial Brands PLC

    Call      Credit Suisse International      11/03/16      GBP      40.00           20,000           (19,594 ) 

Kingspan Group PLC

    Call      Credit Suisse International      11/03/16      EUR      23.03           10,000           (14,215 ) 

Metro Bank PLC

    Call      Goldman Sachs International      11/03/16      GBP      28.06           28,000           (54,329 ) 

Naspers Ltd., N Shares

    Call      Deutsche Bank AG      11/03/16      ZAR      2,516.46           16,500           (32,410 ) 

Statoil ASA

    Call      Bank of America N.A.      11/03/16      NOK      129.80           26,400           (24,870 ) 

Unilever PLC

    Call      Credit Suisse International      11/03/16      GBP      36.02           55,900           (68,132 ) 

Vodafone Group PLC

    Call      Morgan Stanley & Co. International PLC      11/03/16      GBP      2.24           492,500           (33,527 ) 

Worldpay Group PLC

    Call      Morgan Stanley & Co. International PLC      11/03/16      GBP      2.93           162,000           (25,202 ) 

Worldpay Group PLC

    Call      Morgan Stanley & Co. International PLC      11/03/16      GBP      3.09           67,000           (4,852 ) 

China Construction Bank Corp., Class H

    Call      Bank of America N.A.      11/04/16      HKD      6.15           2,834,000           (17,993 ) 

Encana Corp.

    Call      Credit Suisse International      11/04/16      CAD      12.80           96,000           (107,303 ) 

PrairieSky Royalty Ltd.

    Call      Credit Suisse International      11/07/16      CAD      26.40           40,000           (28,758 ) 

Aalberts Industries NV

    Call      Morgan Stanley & Co. International PLC      11/08/16      EUR      30.90           25,000           (17,450 ) 

Atlantia SpA

    Call      Credit Suisse International      11/08/16      EUR      23.29           48,000           (14,500 ) 

Dassault Aviation SA

    Call      Morgan Stanley & Co. International PLC      11/08/16      EUR      999.65           400           (10,945 ) 

Largan Precision Co. Ltd.

    Call      JPMorgan Chase Bank N.A.      11/08/16      TWD      4,009.20           5,000           (17,969 ) 

LG Chem Ltd.

    Call      UBS AG      11/08/16      KRW      243,371.00           8,000           (75,660 ) 

ORIX Corp.

    Call      JPMorgan Chase Bank N.A.      11/08/16      JPY      1,556.52           99,000           (30,768 ) 

Sophos Group PLC

    Call      Credit Suisse International      11/08/16      GBP      2.67           56,000           (11,067 ) 

Sophos Group PLC

    Call      Goldman Sachs International      11/08/16      GBP      2.69           50,000           (9,397 ) 

Taiwan Semiconductor Manufacturing Co. Ltd.

    Call      Bank of America N.A.      11/08/16      TWD      179.12           46,000           (12,904 ) 

Telecom Italia SpA

    Call      Deutsche Bank AG      11/08/16      EUR      0.79           1,515,000           (40,390 ) 

ASML Holding NV

    Call      UBS AG      11/09/16      EUR      97.17           32,500           (121,072 ) 

Nestle SA

    Call      UBS AG      11/09/16      CHF      78.01           87,000           (60,833 ) 

Nintendo Co. Ltd.

    Call      Bank of America N.A.      11/09/16      JPY      28,927.45           15,000           (146,223 ) 

Orange SA

    Call      Morgan Stanley & Co. International PLC      11/09/16      EUR      13.86           140,000           (81,810 ) 

Samsonite International SA

    Call      Bank of America N.A.      11/09/16      HKD      25.65           240,000           (23,826 ) 

Taisei Corp.

    Call      Bank of America N.A.      11/09/16      JPY      778.62           129,000           (25,408 ) 

TOTO Ltd.

    Call      Goldman Sachs International      11/09/16      JPY      3,853.48           26,500           (38,568 ) 

Wacker Chemie AG

    Call      UBS AG      11/09/16      EUR      74.85           15,000           (54,886 ) 

Xero Ltd.

    Call      Deutsche Bank AG      11/09/16      NZD      19.52           15,000           (7,970 ) 

BAE Systems PLC

    Call      Morgan Stanley & Co. International PLC      11/10/16      GBP      5.29           200,000           (17,791 ) 

Worldpay Group PLC

    Call      Morgan Stanley & Co. International PLC      11/10/16      GBP      3.18           171,000           (10,075 ) 

Toyota Motor Corp.

    Call      JPMorgan Chase Bank N.A.      11/11/16      JPY      5,921.53           22,000           (36,346 ) 

Anheuser-Busch InBev SA

    Call      Bank of America N.A.      11/15/16      EUR      114.38           43,000           (205,264 ) 

AXA SA

    Call      UBS AG      11/15/16      EUR      20.17           74,000           (24,962 ) 

Cellnex Telecom SA

    Call      Morgan Stanley & Co. International PLC      11/15/16      EUR      16.03           65,000           (43,747 ) 

Fairfax Financial Holdings Ltd.

    Call      Morgan Stanley & Co. International PLC      11/15/16      CAD      767.73           6,700           (80,356 ) 

GlaxoSmithKline PLC

    Call      Credit Suisse International      11/15/16      GBP      16.67           75,000           (21,176 ) 

Metro Bank PLC

    Call      UBS AG      11/15/16      GBP      28.17           35,000           (79,046 ) 

Nordea Bank AB

    Call      Morgan Stanley & Co. International PLC      11/15/16      SEK      85.82           45,000           (12,486 ) 

 

 

6         SEPTEMBER 30, 2016     

Schedule of Investments (continued)      BlackRock International Growth and Income Trust (BGY)   

 

Description    Put/
Call		        Counterparty        Expiration
Date		       

Strike

Price

        Contracts        Value  

SAP SE

      Call           Bank of America N.A.           11/15/16           EUR         80.99           23,000         $ (64,409 ) 

Snam SpA

      Call           Credit Suisse International           11/15/16           EUR         4.96           290,000           (35,352 ) 

Sophos Group PLC

      Call           Morgan Stanley & Co. International PLC           11/15/16           GBP         2.71           95,000           (18,278 ) 

Statoil ASA

      Call           Credit Suisse International           11/15/16           NOK         134.91           119,000           (69,056 ) 

Sumitomo Mitsui Financial Group, Inc.

      Call           Morgan Stanley & Co. International PLC           11/15/16           JPY         3,477.18           52,000           (69,456 ) 

Dassault Aviation SA

      Call           Morgan Stanley & Co. International PLC           11/16/16           EUR         999.65           400           (12,186 ) 

Naspers Ltd., N Shares

      Call           Bank of America N.A.           11/16/16           ZAR         2,435.40           5,700           (26,715 ) 

Unibail-Rodamco SE — REIT

      Call           Morgan Stanley & Co. International PLC           11/16/16           EUR         252.96           12,200           (24,284 ) 

Encana Corp.

      Call           Credit Suisse International           11/17/16           CAD         12.80           96,000           (118,600 ) 

Kingspan Group PLC

      Call           Morgan Stanley & Co. International PLC           11/17/16           EUR         24.67           9,500           (5,762 ) 

Tencent Holdings Ltd.

      Call           Citibank N.A.           11/18/16           HKD         220.93           76,000           (59,613 ) 

Gildan Activewear, Inc.

      Call           Deutsche Bank AG           11/21/16           CAD         37.66           30,000           (16,654 ) 

Dassault Aviation SA

      Call           Morgan Stanley & Co. International PLC           11/22/16           EUR         999.65           400           (13,249 ) 

Sanofi

      Call           UBS AG           11/22/16           EUR         68.75           13,600           (23,066 ) 

Xero Ltd.

      Call           Deutsche Bank AG           11/22/16           NZD         19.45           15,000           (9,769 ) 

Cellnex Telecom SA

      Call           Morgan Stanley & Co. International PLC           11/29/16           EUR         15.98           48,200           (36,353 ) 

Sophos Group PLC

      Call           Morgan Stanley & Co. International PLC           11/29/16           GBP         2.71           95,000           (21,253 ) 

Kingspan Group PLC

      Call           Morgan Stanley & Co. International PLC           12/01/16           EUR         24.90           15,000           (8,541 ) 

Kingspan Group PLC

      Call           Morgan Stanley & Co. International PLC           12/07/16           EUR         25.59           25,000           (9,738 ) 

Sanofi

      Call           UBS AG           12/09/16           EUR         68.75           13,600           (28,947 ) 

Element Fleet Management Corp.

      Call           Deutsche Bank AG           12/13/16           CAD         15.95           115,000           (91,542 ) 

Total

                                $ (6,576,472 ) 
                              

 

 

  

 

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation methodologies are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  •  

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

 

  •  

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

Changes in valuation methodologies may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

 

 

          SEPTEMBER 30, 2016    7

Schedule of Investments (continued)      BlackRock International Growth and Income Trust (BGY)   

 

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1     Level 2     Level 3      Total  

Assets:

          

Investments:

          

Long-Term Investments:

          

Common Stocks:

          

Australia

      —      $ 4,069,218        —       $ 4,069,218   

Belgium

      —        22,428,251        —         22,428,251   

Canada

    $ 44,449,866        —        —         44,449,866   

China

      8,915,347        20,676,226        —         29,591,573   

France

      —        51,481,221        —         51,481,221   

Germany

      —        18,544,629        —         18,544,629   

Hong Kong

      —        12,330,168        —         12,330,168   

India

      4,104,067        14,344,034        —         18,448,101   

Indonesia

      —        7,318,874        —         7,318,874   

Ireland

      11,746,184        5,121,211        —         16,867,395   

Israel

      3,206,897        —        —         3,206,897   

Italy

      —        24,890,303        —         24,890,303   

Japan

      —        56,398,782        —         56,398,782   

Mexico

      7,786,584        —        —         7,786,584   

Netherlands

      —        41,309,248        —         41,309,248   

New Zealand

      —        5,077,882        —         5,077,882   

Norway

      —        12,206,771        —         12,206,771   

Philippines

      2,861,095        —        —         2,861,095   

Portugal

      —        7,221,717        —         7,221,717   

South Africa

      —        8,293,481        —         8,293,481   

South Korea

      —        15,482,510        —         15,482,510   

Spain

      —        10,934,827        —         10,934,827   

Sweden

      —        8,561,420        —         8,561,420   

Switzerland

      —        44,154,128        —         44,154,128   

Taiwan

      —        15,982,224        —         15,982,224   

Thailand

      2,915,982        —        —         2,915,982   

United Kingdom

      12,610,703        105,199,882        —         117,810,585   

United States

      44,691,284        5,060,901        —         49,752,185   

Investment Companies

      —        3,729,795        —         3,729,795   

Preferred Stocks

      —        —      $ 16,623,437         16,623,437   

Short-Term Securities

      36,562,615        —        —         36,562,615   
  

 

 

  

Total

    $     179,850,624      $     520,817,703      $     16,623,437       $     717,291,764   
  

 

 

  

    

          

 

  

Derivative Financial Instruments1

          

Assets:

          

Equity contracts

    $ 284,372        —        —       $ 284,372   

Liabilities:

          

Equity contracts

      (1,361,304 )    $ (6,576,472 )      —         (7,937,776 ) 
  

 

 

  

Total

    $ (1,076,932 )    $ (6,576,472 )      —       $ (7,653,404 ) 
  

 

 

  

 

1    Derivative financial instruments are futures contracts and options written. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

 

 

8         SEPTEMBER 30, 2016     

Schedule of Investments (concluded)      BlackRock International Growth and Income Trust (BGY)   

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1      Level 2     Level 3      Total  

Assets:

           

Cash pledged:

           

Collateral — exchange traded options written

    $ 13,768,389         —        —       $ 13,768,389   

Collateral — OTC derivatives

      3,403,619         —        —         3,403,619   

Futures Contracts

      567,000         —        —         567,000   

Foreign currency at value

      1,586,516         —        —         1,586,516   

Liabilities:

           

Bank overdraft

      —       $ (91,954 )      —         (91,954 ) 
  

 

 

  

Total

    $     19,325,524       $     (91,954 )      —       $     19,233,570   
  

 

 

  
          
      Transfers into
Level 11		      Transfers out of
Level 12		     Transfers into
Level 22		      Transfers out of
Level 21		  

Assets:

           

Long-Term Investments:

           

Common Stocks

      $    8,123,988         $ (51,376,808)        $  51,376,808         $    (8,123,988 ) 
  

 

 

  

 

1    Systematic Fair Value Prices were not utilized at period end for these investments.

 

2    External pricing service used to reflect any significant market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

      Common
Stocks		     Preferred
Stocks		     Total  

Assets:

       

Opening Balance, as of December 31, 2015

    $ 4,465,011      $ 15,504,609      $ 19,969,620   

Transfers into Level 3

      —        —        —   

Transfers out of Level 3

      (4,465,011 )      —        (4,465,011 ) 

Accrued discounts/premiums

      —        —        —   

Net realized gain (loss)

      —        206,787        206,787   

Net change in unrealized appreciation/depreciation1,2

      —        912,041        912,041   

Purchases

      —        2,618,793        2,618,793   

Sales

      —        (2,618,793 )      (2,618,793 ) 
  

 

 

  

Closing Balance, as of September 30, 2016

      —      $ 16,623,437      $ 16,623,437   
  

 

 

  

Net change in unrealized appreciation/depreciation on investments still held at September 30, 20162

      —      $ 912,041      $ 912,041   
  

 

 

  

 

1    Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

 

2    Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2016 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation methodologies used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of period end.

 

      Value       Valuation Methodologies      Unobservable
Inputs		     Range of
Unobservable Inputs
Utilized		      Weighted Average of
Unobservable Inputs		  

Assets:

              

Preferred Stocks

      $16,623,437         Market Approach           Discount Rate        25.00%         —   
           Revenue Growth Rate1        86.00%-154.00%         98.43%   
           Revenue Multiple1        4.50x-19.21x         14.00x   
           Scenario Probability1        25.00% - 70.00%         —   
           Time to Exit2        1-2 years         —   
  

 

 

  

Total

      $16,623,437              
  

 

 

  

 

1    Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.

 

2    Decrease in unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.

 

 

          SEPTEMBER 30, 2016    9

Item 2 – Controls and Procedures

 

2(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.
2(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

   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/ John M. Perlowski                
     John M. Perlowski
     Chief Executive Officer (principal executive officer) of
     BlackRock International Growth and Income Trust
  Date: November 22, 2016
  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/ John M. Perlowski                
     John M. Perlowski
     Chief Executive Officer (principal executive officer) of
     BlackRock International Growth and Income Trust
  Date: November 22, 2016
  By:       /s/ Neal J. Andrews                    
     Neal J. Andrews
     Chief Financial Officer (principal financial officer) of
     BlackRock International Growth and Income Trust
  Date: November 22, 2016