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:           811-21702                                             

____BlackRock Health Sciences Trust ____
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE 
19809 



(Address of principal executive offices) 
(Zip code) 

Robert S. Kapito, President
BlackRock Health Sciences Trust
40 East 52nd Street, New York, NY 10022

(Name and address of agent for service)

Registrant's telephone number, including area code: 888-825-2257__________________

Date of fiscal year end:___
October 31, 2006__________________________________

Date of reporting period:__
April 30, 2006____________________________________


Item 1. Reports to Stockholders.
The Registrant’s semi-annual report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

 

 

 

FIXED INCOME          LIQUIDITY          EQUITIES          ALTERNATIVES          BLACKROCK SOLUTIONS

 

 

 

 

 

BlackRock

 

 

Closed-End Funds

 

 

Semi-Annual Report

 

 

 

 

 

APRIL 30, 2006 (Unaudited)

 

 

 

 

 

BlackRock Dividend AchieversTM Trust (BDV)

 

 

 

 

 

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

 

 

 

BlackRock Global Energy and Resources Trust (BGR)

 

 

 

 

 

BlackRock Global Opportunities Equity Trust (BOE)

 

 

 

 

 

BlackRock Health Sciences Trust (BME)

 

 

 

 

 

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

 

 

 

 

 

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

 

 

 

 

BlackRock World Investment Trust (BWC)

 

 

 

 

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

(BLACKROCK LOGO)



TABLE OF CONTENTS

 

 

 

 

Letter to Shareholders

 

1

 

 

 

 

 

Trusts’ Summaries

 

2

 

 

 

 

 

Financial Statements

 

 

 

 

 

 

 

Portfolios of Investments

 

13

 

 

 

 

 

Statements of Assets and Liabilities

 

47

 

 

 

 

 

Statements of Operations

 

49

 

 

 

 

 

Statements of Changes in Net Assets

 

51

 

 

 

 

 

Financial Highlights

 

53

 

 

 

 

 

Notes to Financial Statements

 

61

 

 

 

 

 

Dividend Reinvestment Plans

 

67

 

 

 

 

 

Additional Information

 

68

 

 

 

 

 

Section 19 Notices

 

69

 


Privacy Principles of the Trusts

          The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.

          Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third-party administrator).

          The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.


LETTER TO SHAREHOLDERS

April 30, 2006

Dear Shareholder:

          We are pleased to present the semi-annual report for the Trusts for the six months ended April 30, 2006. This report contains the Trusts’ unaudited and audited financial statements and a listing of the portfolios’ holdings.

         The following table shows the Trusts’ closing market prices and net asset values (“NAV”) per share as of April 30, 2006.

 

 

 

 

 

 

 

 

 

 







Trust (Ticker)

 

Closing Market Value

 

NAV

 







BlackRock Dividend AchieversTM Trust (BDV)

 

 

$

12.98

 

 

$

15.02

 











BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

 

13.30

 

 

 

14.39

 











BlackRock Global Energy and Resources Trust (BGR)

 

 

 

27.12

 

 

 

31.77

 











BlackRock Global Opportunities Equity Trust (BOE)

 

 

 

25.80

 

 

 

27.41

 











BlackRock Health Sciences Trust (BME)

 

 

 

24.98

 

 

 

27.37

 











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

 

 

 

15.15

 

 

 

17.49

 











BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

 

 

13.85

 

 

 

15.75

 











BlackRock World Investment Trust (BWC)

 

 

 

16.53

 

 

 

16.87

 











          BlackRock, Inc. (“BlackRock”), a world leader in asset management, is recognized for its emphasis on risk management and proprietary analytics, and for its reputation for managing money for the world’s largest institutional investors. As of March 31, 2006, BlackRock’s assets under management totaled approximately $463 billion across various investment strategies. BlackRock is also a significant provider of risk management and advisory services that combine our capital markets expertise with our proprietarily developed risk management systems and technology. As of March 31, 2006, BlackRock provided risk management services to portfolios with aggregate assets of over $3.5 trillion. BlackRock Advisors, Inc. and its affiliates, BlackRock Financial Management, Inc. and State Street Research and Management Company, which manage the Trusts, are wholly owned subsidiaries of BlackRock.

          On behalf of BlackRock, we thank you for your continued confidence and assure you that we remain committed to excellence in managing your assets.

 

 

 

Sincerely,

 

 

-s- Laurence D. Fink

 

-s- Ralph L. Schlosstein

 

 

 

Laurence D. Fink
Chief Executive Officer
BlackRock Advisors, Inc.

 

Ralph L. Schlosstein
President
BlackRock Advisors, Inc.

1


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock Dividend AchieversTM Trust (BDV)

Trust Information

 

 

 

 




Symbol on New York Stock Exchange:

 

BDV




Initial Offering Date:

 

December 23, 2003




Closing Market Price as of 4/30/06:

 

$

12.98





Net Asset Value as of 4/30/06:

 

$

15.02





Current Quarterly Distribution per Common Share:1

 

$

0.2250





Current Annualized Distribution per Common Share:1

 

$

0.9000






 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

The table below summarizes the Trust’s market price and NAV:

 

 

 

 

 

 

 






 

4/30/06

10/31/05

Change

High

Low







Market Price

$12.98

$12.77

1.64%

$13.48

$12.28







NAV

$15.02

$14.21

5.70%

$15.02

$14.15







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

Portfolio Breakdown2

 

 

 

 

 

 

 

 







Sector

 

April 30, 2006

 

October 31, 2005

 







Financial Institutions

 

41

%

 

43

%

 









Consumer Products

 

14

 

 

13

 

 









Energy

 

14

 

 

17

 

 









Health Care

 

12

 

 

10

 

 









Telecommunications

 

5

 

 

5

 

 









Conglomerates

 

4

 

 

3

 

 









Real Estate

 

4

 

 

4

 

 









Basic Materials

 

2

 

 

2

 

 









Industrials

 

2

 

 

1

 

 









Automotive

 

1

 

 

1

 

 









Technology

 

1

 

 

1

 

 










 

 

2

A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

2


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

Trust Information

 

 

 

 




Symbol on New York Stock Exchange:

 

BDJ




Initial Offering Date:

 

August 31, 2005




Closing Market Price as of 4/30/06:

 

$

13.30





Net Asset Value as of 4/30/06:

 

$

14.39





Current Monthly Distribution per Common Share:1

 

$

0.101875





Current Annualized Distribution per Common Share:1

 

$

1.2225






 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

The table below summarizes the Trust’s market price and NAV:

 

 

 

 

 

 

 






 

4/30/06

10/31/05

Change

High

Low







Market Price

$13.30

$13.79

(3.55)%

$14.31

$12.16







NAV

$14.39

$14.01

2.71%

$14.47

$13.96







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

Portfolio Breakdown2

 

 

 

 

 

 

 

 







Sector

 

April 30, 2006

 

October 31, 2005

 







Financial Institutions

 

39

%

 

42

%

 









Consumer Products

 

15

 

 

15

 

 









Energy

 

14

 

 

13

 

 









Health Care

 

14

 

 

13

 

 









Real Estate

 

5

 

 

5

 

 









Telecommunications

 

5

 

 

5

 

 









Conglomerates

 

4

 

 

5

 

 









Industrials

 

2

 

 

1

 

 









Basic Materials

 

1

 

 

1

 

 









Technology

 

1

 

 

 

 










 

 

2

A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

3


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock Global Energy and Resources Trust (BGR)

Trust Information

 

 

 

 




Symbol on New York Stock Exchange:

 

BGR




Initial Offering Date:

 

December 29, 2004




Closing Market Price as of 4/30/06:

 

$

27.12





Net Asset Value as of 4/30/06:

 

$

31.77





Current Quarterly Distribution per Common Share:1

 

$

0.3750





Current Annualized Distribution per Common Share:1

 

$

1.5000






 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

The table below summarizes the Trust’s market price and NAV:

 

 

 

 

 

 

 






 

4/30/06

10/31/05

Change

High

Low







Market Price

$27.12

$25.16

  7.79%

$28.00

$24.41







NAV

$31.77

$28.12

12.98%

$32.09

$27.45







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

Portfolio Breakdown

 

 

 

 

 

 

 

 

 







Country

 

April 30, 2006

 

October 31, 2005

 







United States

 

64

%

 

61

%

 









Canada

 

20

 

 

24

 

 









Bermuda

 

3

 

 

3

 

 









Luxembourg

 

2

 

 

1

 

 









Norway

 

2

 

 

2

 

 









United Kingdom

 

2

 

 

2

 

 









Australia

 

1

 

 

2

 

 









Brazil

 

1

 

 

1

 

 









Cayman Islands

 

1

 

 

 

 









Denmark

 

1

 

 

1

 

 









France

 

1

 

 

1

 

 









Italy

 

1

 

 

1

 

 









Netherlands

 

1

 

 

1

 

 










 

 

 

 

 

 

 

 







Sector2

 

April 30, 2006

 

October 31, 2005

 







Energy

 

96

%

 

93

%

 









Basic Materials

 

2

 

 

3

 

 









Industrials

 

1

 

 

 

 









Transportation

 

1

 

 

3

 

 









Building & Development

 

 

 

1

 

 










 

 

2

A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

4


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock Global Opportunities Equity Trust (BOE)

Trust Information

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BOE

 





Initial Offering Date:

 

May 31, 2005

 





Closing Market Price as of 4/30/06:

 

$

25.80

 






Net Asset Value as of 4/30/06:

 

$

27.41

 






Current Quarterly Distribution per Common Share:1

 

$

0.568750

 






Current Annualized Distribution per Common Share:1

 

$

2.2750

 







 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

The table below summarizes the Trust’s market price and NAV:

 

 

 

 

 

 

 






 

4/30/06

10/31/05

Change

High

Low







Market Price

$25.80

$23.88

 8.04%

$26.00

$21.43







NAV

$27.41

$23.77

15.31%

$27.42

$23.29







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

Portfolio Breakdown

 

 

 

 

 

 

 

 







Country

 

April 30, 2006

 

October 31, 2005

 







United Kingdom

 

19

%

 

23

%

 









United States

 

11

 

 

11

 

 









Japan

 

10

 

 

13

 

 









Germany

 

7

 

 

4

 

 









Hong Kong

 

6

 

 

8

 

 









Sweden

 

6

 

 

2

 

 









Canada

 

4

 

 

2

 

 









Italy

 

4

 

 

1

 

 









Netherlands

 

4

 

 

5

 

 









Norway

 

4

 

 

3

 

 









South Korea

 

4

 

 

7

 

 









Australia

 

3

 

 

3

 

 









Brazil

 

2

 

 

2

 

 









Finland

 

2

 

 

2

 

 









France

 

2

 

 

1

 

 









Greece

 

2

 

 

2

 

 









Ireland

 

2

 

 

1

 

 









Singapore

 

2

 

 

1

 

 









South Africa

 

2

 

 

2

 

 









China

 

1

 

 

1

 

 









Denmark

 

1

 

 

1

 

 









Mexico

 

1

 

 

1

 

 









New Zealand

 

1

 

 

1

 

 









Taiwan

 

 

 

3

 

 









5


BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

 

 

 

 

 

 

 







Sector2

 

April 30, 2006

 

October 31, 2005

 







Financial Institutions

 

29

%

 

27

%

 









Energy

 

20

 

 

19

 

 









Industrials

 

14

 

 

12

 

 









Consumer Products

 

13

 

 

10

 

 









Building & Development

 

6

 

 

5

 

 









Real Estate

 

4

 

 

5

 

 









Automotive

 

3

 

 

3

 

 









Basic Materials

 

3

 

 

9

 

 









Business Equipment & Services

 

2

 

 

 

 









Telecommunications

 

2

 

 

1

 

 









Conglomerates

 

1

 

 

 

 









Entertainment & Leisure

 

1

 

 

2

 

 









Media

 

1

 

 

1

 

 









Technology

 

1

 

 

1

 

 









Containers & Packaging

 

 

 

1

 

 









Transportation

 

 

 

4

 

 










 

 

2

A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

6


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock Health Sciences Trust (BME)

Trust Information

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BME

 





Initial Offering Date:

 

March 31, 2005

 





Closing Market Price as of 4/30/06:

 

$

24.98

 






Net Asset Value as of 4/30/06:

 

$

27.37

 






Current Quarterly Distribution per Common Share:1

 

$

0.384375

 






Current Annualized Distribution per Common Share:1

 

$

1.5375

 







 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

The table below summarizes the Trust’s market price and NAV:

 

 

 

 

 

 

 






 

4/30/06

10/31/05

Change

High

Low







Market Price

$24.98

$25.19

 (0.83)%

$28.10

$24.16







NAV

$27.37

$26.38

3.75%

$29.26

$26.27







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

Portfolio Breakdown

 

 

 

 

 

 

 

 







Country

 

April 30, 2006

 

October 31, 2005

 







United States

 

82

%

 

85

%

 









United Kingdom

 

9

 

 

3

 

 









Switzerland

 

6

 

 

8

 

 









Canada

 

2

 

 

2

 

 









France

 

1

 

 

1

 

 









Israel

 

 

 

1

 

 









All of the Trust’s long-term investments are in the health sciences industry.

7


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

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

Trust Information

 

 

 

 




Symbol on American Stock Exchange:

 

BQY




Initial Offering Date:

 

May 28, 2004




Closing Market Price as of 4/30/06:

 

$

15.15





Net Asset Value as of 4/30/06:

 

$

17.49





Current Quarterly Distribution per Common Share:1

 

$

0.2250





Current Annualized Distribution per Common Share:1

 

$

0.9000






 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

The table below summarizes the Trust’s market price and NAV:

 

 

 

 

 

 

 






 

4/30/06

10/31/05

Change

High

Low







Market Price

$15.15

$14.54

4.20%

$15.24

$13.94







NAV

$17.49

$15.98

9.45%

$17.49

$15.86







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

Portfolio Breakdown

 

 

 

 

 

 

 

 







Country

 

April 30, 2006

 

October 31, 2005

 







United States

 

54

%

 

56

%

 









United Kingdom

 

11

 

 

13

 

 









Canada

 

7

 

 

6

 

 









Australia

 

5

 

 

5

 

 









France

 

5

 

 

4

 

 









Japan

 

5

 

 

4

 

 









Sweden

 

3

 

 

3

 

 









Germany

 

2

 

 

2

 

 









Hong Kong

 

2

 

 

1

 

 









Netherlands

 

2

 

 

2

 

 









Austria

 

1

 

 

 

 









Denmark

 

1

 

 

1

 

 









Italy

 

1

 

 

1

 

 









Spain

 

1

 

 

1

 

 









Singapore

 

 

 

1

 

 









8


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

 

 

 

 

 

 

 

 







Sector2

 

April 30, 2006

 

October 31, 2005

 







Financial Institutions

 

25

%

 

24

%

 









Energy

 

16

 

 

16

 

 









Consumer Products

 

9

 

 

12

 

 









Real Estate

 

9

 

 

10

 

 









Technology

 

9

 

 

10

 

 









Health Care

 

7

 

 

8

 

 









Telecommunications

 

7

 

 

7

 

 









Industrials

 

4

 

 

6

 

 









Conglomerates

 

3

 

 

3

 

 









Automotive

 

2

 

 

 

 









Basic Materials

 

2

 

 

3

 

 









Building & Development

 

2

 

 

 

 









Business Equipment & Services

 

2

 

 

 

 









Aerospace & Defense

 

1

 

 

1

 

 









Entertainment & Leisure

 

1

 

 

 

 









Media

 

1

 

 

 

 










 

 

2

A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

9


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock Strategic Dividend AchieversTM Trust (BDT)

Trust Information

 

 

 

 




Symbol on New York Stock Exchange:

 

BDT




Initial Offering Date:

 

March 30, 2004




Closing Market Price as of 4/30/06:

 

$

13.85





Net Asset Value as of 4/30/06:

 

$

15.75





Current Quarterly Distribution per Common Share:1

 

$

0.2250





Current Annualized Distribution per Common Share:1

 

$

0.9000






 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

The table below summarizes the Trust’s market price and NAV:

 

 

 

 

 

 

 






 

4/30/06

10/31/05

Change

High

Low







Market Price

$13.85

$13.20

4.92%

$14.05

$12.82







NAV

$15.75

$15.14

4.03%

$15.88

$15.07







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

Portfolio Breakdown2

 

 

 

 

 

 

 

 







Sector

 

April 30, 2006

 

October 31, 2005

 







Financial Institutions

 

43

%

 

44

%

 









Energy

 

16

 

 

17

 

 









Consumer Products

 

13

 

 

13

 

 









Industrials

 

11

 

 

10

 

 









Real Estate

 

10

 

 

9

 

 









Automotive

 

4

 

 

4

 

 









Basic Materials

 

2

 

 

2

 

 









Health Care

 

1

 

 

1

 

 










 

 

2

A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

10


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock World Investment Trust (BWC)

Trust Information

 

 

 

 




Symbol on New York Stock Exchange:

 

BWC




Initial Offering Date:

 

October 27, 2005




Closing Market Price as of 4/30/06:

 

$

16.53





Net Asset Value as of 4/30/06:

 

$

16.87





Current Monthly Distribution per Share:1

 

$

0.113750





Current Annualized Distribution per Share:1

 

$

1.3650






 

 

1

The distribution is not constant and is subject to change. Past performance does not guarantee future results. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

The table below summarizes the Trust’s market price and NAV:

 

 

 

 

 

 

 






 

4/30/06

10/31/05

Change

High

Low







Market Price

$16.53

$15.08

 9.62%

$16.54

$14.35







NAV

$16.87

$14.42

16.99%

$16.87

$14.42







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

Portfolio Breakdown

 

 

 

 

 

 

 

 







Country

 

April 30, 2006

 

October 31, 2005

 







Japan

 

18

%

 

20

%

 









United States

 

13

 

 

19

 

 









United Kingdom

 

12

 

 

12

 

 









Sweden

 

8

 

 

7

 

 









Germany

 

5

 

 

4

 

 









Italy

 

5

 

 

3

 

 









Netherlands

 

5

 

 

5

 

 









Australia

 

3

 

 

3

 

 









Brazil

 

3

 

 

3

 

 









Finland

 

3

 

 

3

 

 









Hong Kong

 

3

 

 

2

 

 









Mexico

 

3

 

 

2

 

 









Norway

 

3

 

 

4

 

 









Bermuda

 

2

 

 

2

 

 









Canada

 

2

 

 

2

 

 









France

 

2

 

 

2

 

 









Switzerland

 

2

 

 

1

 

 









Belgium

 

1

 

 

1

 

 









China

 

1

 

 

2

 

 









Denmark

 

1

 

 

1

 

 









Greece

 

1

 

 

 

 









Singapore

 

1

 

 

1

 

 









South Africa

 

1

 

 

 

 









Spain

 

1

 

 

1

 

 









Thailand

 

1

 

 

 

 









11


BlackRock World Investment Trust (BWC) (continued)

 

 

 

 

 

 

 

 







Sector2

 

April 30, 2006

 

October 31, 2005

 







Financial Institutions

 

23

%

 

19

%

 









Energy

 

22

 

 

23

 

 









Industrials

 

20

 

 

21

 

 









Consumer Products

 

12

 

 

16

 

 









Basic Materials

 

9

 

 

13

 

 









Telecommunications

 

4

 

 

3

 

 









Automotive

 

2

 

 

 

 









Media

 

2

 

 

 

 









Real Estate

 

2

 

 

 

 









Technology

 

2

 

 

4

 

 









Building & Development

 

1

 

 

 

 









Health Care

 

1

 

 

 

 









Foreign Government

 

 

 

1

 

 










 

 

2

A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

12


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Dividend AchieversTM Trust (BDV)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 








 

 

 

LONG-TERM INVESTMENTS—99.4%

 

 

 

 

 

 

 

Common Stocks—99.4%

 

 

 

 

 

 

 

Aerospace & Defense—0.3%

 

 

 

 

 

34,300

 

United Technologies Corp.

 

$

2,154,383

 

 

 

 

 

 



 

 

 

 

Automotive—0.8%

 

 

 

 

 

142,900

 

Genuine Parts Co.

 

 

6,237,585

 

 

 

 

 

 



 

 

 

 

Basic Materials—1.7%

 

 

 

 

 

69,300

 

PPG Industries, Inc.

 

 

4,651,416

 

 

225,500

 

RPM Intl., Inc.

 

 

4,149,200

 

 

167,000

 

Sonoco Products Co.

 

 

5,230,440

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

14,031,056

 

 

 

 

 

 



 

 

 

 

Conglomerates—3.9%

 

 

 

 

 

914,100

 

General Electric Co.

 

 

31,618,719

 

 

 

 

 

 



 

 

 

 

Consumer Products—14.1%

 

 

 

 

 

503,300

 

Altria Group, Inc.

 

 

36,821,428

 

 

97,700

 

Anheuser-Busch Cos., Inc.

 

 

4,355,466

 

 

481,900

 

Coca-Cola Co. (The)

 

 

20,220,524

 

 

427,000

 

ConAgra Foods, Inc.

 

 

9,684,360

 

 

48,200

 

Home Depot, Inc.

 

 

1,924,626

 

 

186,200

 

Kimberly-Clark Corp.

 

 

10,898,286

 

 

172,500

 

McDonald’s Corp.

 

 

5,963,325

 

 

72,000

 

Procter & Gamble Co. (The)

 

 

4,191,120

 

 

524,400

 

Sara Lee Corp.

 

 

9,371,028

 

 

48,300

 

Stanley Works (The)

 

 

2,523,675

 

 

154,000

 

Universal Corp.

 

 

5,862,780

 

 

79,400

 

Wal-Mart Stores, Inc.

 

 

3,575,382

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

115,392,000

 

 

 

 

 

 



 

 

 

 

Energy—14.2%

 

 

 

 

 

120,000

 

Atmos Energy Corp.

 

 

3,184,800

 

 

604,000

 

Chevron Corp.

 

 

36,856,080

 

 

407,100

 

Consolidated Edison, Inc.

 

 

17,554,152

 

 

363,000

 

Exxon Mobil Corp.

 

 

22,898,040

 

 

117,000

 

National Fuel Gas Co.

 

 

3,890,250

 

 

42,900

 

Peoples Energy Corp.

 

 

1,558,557

 

 

199,700

 

Pinnacle West Capital Corp.

 

 

8,007,970

 

 

339,300

 

Progress Energy, Inc.

 

 

14,522,040

 

 

104,100

 

Vectren Corp.

 

 

2,781,552

 

 

67,600

 

WGL Holdings, Inc.

 

 

1,988,792

 

 

56,900

 

WPS Resources Corp.

 

 

2,844,431

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

116,086,664

 

 

 

 

 

 



 

 

 

 

Financial Institutions—40.2%

 

 

 

 

 

75,000

 

Allstate Corp.

 

 

4,236,750

 

 

60,000

 

American Intl. Group

 

 

3,915,000

 

 

582,300

 

AmSouth Bancorp

 

 

16,851,762

 

 

135,600

 

Arthur J. Gallagher & Co.

 

 

3,720,864

 

 

881,835

 

Bank of America Corp.

 

 

44,021,203

 

 

429,600

 

BB&T Corp.

 

 

18,447,024

 

 

766,300

 

Citigroup, Inc.

 

 

38,276,685

 

 

281,400

 

Comerica, Inc.

 

 

16,003,218

 

 

346,000

 

Fifth Third Bancorp

 

 

13,985,320

 

 

151,400

 

First Commonwealth Financial Corp.

 

 

2,025,732

 

 

52,600

 

FirstMerit Corp.

 

 

1,293,434

 

 

123,500

 

FNB Corp.

 

 

2,072,330

 

 

41,200

 

Franklin Resources, Inc.

 

 

3,836,544

 

 

61,000

 

Freddie Mac

 

 

3,724,660

 

 

561,100

 

KeyCorp

 

 

21,445,242

 

 

99,500

 

Lincoln National Corp.

 

 

5,778,960

 

 

783,800

 

National City Corp.

 

 

28,922,220

 

 

432,000

 

North Fork Bancorporation, Inc.

 

 

13,016,160

 

 

100,000

 

Popular, Inc.

 

 

2,068,000

 

 

168,000

 

SunTrust Bank, Inc.

 

 

12,991,440

 

 

69,000

 

T. Rowe Price Group, Inc.

 

 

5,809,110

 

 

73,437

 

TD Banknorth, Inc.

 

 

2,180,345

 

See Notes to Financial Statements.

13


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Dividend AchieversTM Trust (BDV) (continued)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

Financial Institutions—(cont’d)

 

 

 

 

 

97,755

 

Valley National Bancorp

 

$

2,545,540

 

 

663,700

 

Washington Mutual, Inc.

 

 

29,906,322

 

 

469,700

 

Wells Fargo & Co.

 

 

32,263,693

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

329,337,558

 

 

 

 

 

 



 

 

 

 

Health Care—11.9%

 

 

 

 

 

174,100

 

Abbott Laboratories

 

 

7,441,034

 

 

315,400

 

Eli Lilly & Co.

 

 

16,690,968

 

 

257,500

 

Johnson & Johnson

 

 

15,092,075

 

 

775,200

 

Merck & Co., Inc.

 

 

26,682,384

 

 

1,258,000

 

Pfizer, Inc.

 

 

31,865,140

 

 

 

 

 

 



 

 

 

 

Total Health Care

 

 

97,771,601

 

 

 

 

 

 



 

 

 

 

Industrials—1.7%

 

 

 

 

 

77,100

 

3M Co.

 

 

6,586,653

 

 

27,800

 

Caterpillar, Inc.

 

 

2,105,572

 

 

27,900

 

Emerson Electric Co.

 

 

2,370,105

 

 

207,200

 

ServiceMaster Co. (The)

 

 

2,494,688

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

13,557,018

 

 

 

 

 

 



 

 

 

 

Real Estate—4.4%

 

 

 

 

 

89,200

 

Commercial Net Lease Realty (REIT)

 

 

1,877,660

 

 

119,200

 

General Growth Properties, Inc. (REIT)

 

 

5,596,440

 

 

184,400

 

Health Care Property Investors, Inc. (REIT)

 

 

5,056,248

 

 

55,000

 

Healthcare Realty Trust, Inc. (REIT)

 

 

2,082,850

 

 

97,000

 

Home Properties, Inc. (REIT)

 

 

4,851,940

 

 

94,000

 

Lexington Corporate Properties Trust (REIT)

 

 

2,026,640

 

 

102,000

 

Liberty Property Trust (REIT)

 

 

4,559,400

 

 

85,900

 

Realty Income Corp. (REIT)

 

 

1,947,353

 

 

58,300

 

Sun Communities, Inc. (REIT)

 

 

1,897,665

 

 

167,400

 

United Dominion Realty Trust, Inc. (REIT)

 

 

4,551,606

 

 

57,800

 

Universal Health Realty Income Trust (REIT)

 

 

1,858,848

 

 

 

 

 

 



 

 

 

 

Total Real Estate

 

 

36,306,650

 

 

 

 

 

 



 

 

 

 

Technology—1.4%

 

 

 

 

 

50,100

 

Intl. Business Machines Corp.

 

 

4,125,234

 

 

184,000

 

Pitney Bowes, Inc.

 

 

7,700,400

 

 

 

 

 

 



 

 

 

 

Total Technology

 

 

11,825,634

 

 

 

 

 

 



 

 

 

 

Telecommunications—4.8%

 

 

 

 

 

63,000

 

Alltel Corp.

 

 

4,055,310

 

 

1,360,000

 

AT&T, Inc.

 

 

35,645,600

 

 

 

 

 

 



 

 

 

 

Total Telecommunications

 

 

39,700,910

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $752,241,938)

 

 

814,019,778

 

 

 

 

 

 



 

 

 

 

MONEY MARKET FUND—0.4%

 

 

 

 

 

3,249,538

 

Fidelity Institutional Money Market Prime Portfolio (cost $3,249,538)

 

 

3,249,538

 

 

 

 

 

 



 

 

 

 

Total investments—99.8% (cost $755,491,4761)

 

$

817,269,316

 

 

 

 

Other assets in excess of liabilities—0.2%

 

 

1,595,245

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

818,864,561

 

 

 

 

 

 



 


 

 


1

Cost for federal income tax purposes is $754,999,459. The net unrealized appreciation on a tax basis is $62,269,857, consisting of $80,921,207 gross unrealized appreciation and $18,651,350 gross unrealized depreciation.

 

 

A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.


 

 

KEY TO ABBREVIATIONS

 

REIT — Real Estate Investment Trust

 

See Notes to Financial Statements.

14


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 








 

 

 

LONG-TERM INVESTMENTS—96.0%

 

 

 

 

 

 

 

Common Stocks—96.0%

 

 

 

 

 

 

 

Basic Materials—1.2%

 

 

 

 

 

92,100

 

PPG Industries, Inc.

 

$

6,181,752

 

 

294,200

 

RPM Intl., Inc.

 

 

5,413,280

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

11,595,032

 

 

 

 

 

 



 

 

 

 

Conglomerates—4.4%

 

 

 

 

 

1,273,000

 

General Electric Co.

 

 

44,033,070

 

 

 

 

 

 



 

 

 

 

Consumer Products—14.6%

 

 

 

 

 

608,400

1

Altria Group, Inc.

 

 

44,510,544

 

 

82,500

 

Anheuser-Busch Cos., Inc.

 

 

3,677,850

 

 

1,083,900

 

Coca-Cola Co. (The)

 

 

45,480,444

 

 

803,800

 

ConAgra Foods, Inc.

 

 

18,230,184

 

 

80,200

1

Kimberly-Clark Corp.

 

 

4,694,106

 

 

160,700

 

La-Z-Boy, Inc.

 

 

2,461,924

 

 

118,700

 

McDonald’s Corp.

 

 

4,103,459

 

 

978,500

 

Sara Lee Corp.

 

 

17,485,795

 

 

85,500

 

Stanley Works (The)

 

 

4,467,375

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

145,111,681

 

 

 

 

 

 



 

 

 

 

Energy—13.0%

 

 

 

 

 

206,200

1

Atmos Energy Corp.

 

 

5,472,548

 

 

137,100

 

Black Hills Corp.

 

 

4,990,440

 

 

784,600

 

Chevron Corp.

 

 

47,876,292

 

 

421,200

 

Consolidated Edison, Inc.

 

 

18,162,144

 

 

151,000

 

Exxon Mobil Corp.

 

 

9,525,080

 

 

86,000

 

National Fuel Gas Co.

 

 

2,859,500

 

 

63,000

 

Nicor, Inc.

 

 

2,495,430

 

 

89,300

 

Otter Tail Corp.

 

 

2,665,605

 

 

206,200

 

Peoples Energy Corp.

 

 

7,491,246

 

 

127,400

 

Pinnacle West Capital Corp.

 

 

5,108,740

 

 

390,400

 

Progress Energy, Inc.

 

 

16,709,120

 

 

152,500

 

Vectren Corp.

 

 

4,074,800

 

 

42,700

 

WPS Resources Corp.

 

 

2,134,573

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

129,565,518

 

 

 

 

 

 



 

 

 

 

Financial Institutions—37.3%

 

 

 

 

 

45,100

1

Allstate Corp.

 

 

2,547,699

 

 

595,688

 

AmSouth Bancorp

 

 

17,239,211

 

 

192,000

 

Arthur J. Gallagher & Co.

 

 

5,268,480

 

 

216,500

 

BancorpSouth, Inc.

 

 

5,548,895

 

 

637,100

 

Bank of America Corp.

 

 

31,804,032

 

 

361,600

1

BB&T Corp.

 

 

15,527,104

 

 

93,100

 

Chemical Financial Corp.

 

 

2,710,141

 

 

907,200

 

Citigroup, Inc.

 

 

45,314,640

 

 

305,600

 

Comerica, Inc.

 

 

17,379,472

 

 

631,100

 

Fifth Third Bancorp

 

 

25,509,062

 

 

178,300

 

FirstMerit Corp.

 

 

4,384,397

 

 

38,900

 

Freddie Mac

 

 

2,375,234

 

 

279,906

 

Fulton Financial Corp.

 

 

4,604,454

 

 

195,800

 

KeyCorp

 

 

7,483,476

 

 

219,174

 

Lincoln National Corp.

 

 

12,729,626

 

 

497,300

 

National City Corp.

 

 

18,350,370

 

 

226,341

 

North Fork Bancorporation, Inc.

 

 

6,819,654

 

 

133,300

 

Old Republic Intl. Group

 

 

2,965,925

 

 

218,200

 

Regions Financial Corp.

 

 

7,966,482

 

 

186,010

 

Republic Bancorp, Inc.

 

 

2,133,535

 

 

76,900

 

S&T Bancorp, Inc.

 

 

2,730,719

 

 

227,400

 

SunTrust Bank, Inc

 

 

17,584,842

 

 

120,800

 

Synovus Financial Corp.

 

 

3,382,400

 

 

58,200

 

T. Rowe Price Group, Inc.

 

 

4,899,858

 

 

143,147

 

TD Banknorth, Inc.

 

 

4,250,034

 

 

230,500

 

Washington Federal, Inc.

 

 

5,513,560

 

 

1,064,500

 

Washington Mutual, Inc.

 

 

47,966,370

 

 

664,031

 

Wells Fargo & Co.

 

 

45,612,289

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

370,601,961

 

 

 

 

 

 



 

See Notes to Financial Statements.

15


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

Health Care—13.3%

 

 

 

 

 

102,000

1

Abbott Laboratories

 

$

4,359,480

 

 

796,600

 

Eli Lilly & Co.

 

 

42,156,072

 

 

101,400

 

Johnson & Johnson

 

 

5,943,054

 

 

1,016,512

 

Merck & Co., Inc.

 

 

34,988,343

 

 

1,774,100

1

Pfizer, Inc.

 

 

44,937,953

 

 

 

 

 

 



 

 

 

 

Total Health Care

 

 

132,384,902

 

 

 

 

 

 



 

 

 

 

Industrials—1.3%

 

 

 

 

 

64,700

 

3M Co.

 

 

5,527,321

 

 

71,700

 

RR Donnelley & Sons Co.

 

 

2,415,573

 

 

442,200

 

ServiceMaster Co. (The)

 

 

5,324,088

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

13,266,982

 

 

 

 

 

 



 

 

 

 

Real Estate—5.0%

 

 

 

 

 

55,100

 

Colonial Properties Trust (REIT)

 

 

2,713,124

 

 

127,200

 

Commercial Net Lease Realty (REIT)

 

 

2,677,560

 

 

145,300

 

Duke Realty Corp. (REIT)

 

 

5,143,620

 

 

199,100

 

General Growth Properties, Inc. (REIT)

 

 

9,347,745

 

 

188,600

 

Health Care Property Investors, Inc. (REIT)

 

 

5,171,412

 

 

132,100

 

Healthcare Realty Trust, Inc. (REIT)

 

 

5,002,627

 

 

55,500

 

Home Properties, Inc. (REIT)

 

 

2,776,110

 

 

58,300

 

Kimco Realty Corp. (REIT)

 

 

2,164,679

 

 

144,700

 

Lexington Corporate Properties Trust (REIT)

 

 

3,119,732

 

 

57,900

 

Liberty Property Trust (REIT)

 

 

2,588,130

 

 

66,700

 

Prologis (REIT)

 

 

3,349,674

 

 

85,300

 

Sun Communities, Inc. (REIT)

 

 

2,776,515

 

 

110,800

 

United Dominion Realty Trust, Inc. (REIT)

 

 

3,012,652

 

 

 

 

 

 



 

 

 

 

Total Real Estate

 

 

49,843,580

 

 

 

 

 

 



 

 

 

 

Technology—0.9%

 

 

 

 

 

42,500

 

Intl. Business Machines Corp.

 

 

3,499,450

 

 

115,600

 

Pitney Bowes, Inc.

 

 

4,837,860

 

 

 

 

 

 



 

 

 

 

Total Technology

 

 

8,337,310

 

 

 

 

 

 



 

 

 

 

Telecommunications—5.0%

 

 

 

 

 

63,500

1

Alltel Corp.

 

 

4,087,495

 

 

1,752,800

1

AT&T, Inc.

 

 

45,940,888

 

 

 

 

 

 



 

 

 

 

Total Telecommunications

 

 

50,028,383

 

 

 

 

 

 



 

 

 

 

Total Common Stocks

 

 

954,768,419

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—3.7%

 

 

 

 

 

 

 

Money Market Fund—3.1%

 

 

 

 

 

31,462,947

 

Fidelity Institutional Money Market Prime Portfolio

 

 

31,462,947

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Principal

 

 

 

 

 

 

Amount

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

U.S. Government and Agency Zero Coupon Bonds—0.6%

 

 

 

 

 

$ 5,700,000

2

Federal Home Loan Bank Discount Notes, 4.71%, 5/01/06

 

 

5,700,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments (cost $37,162,947)

 

 

37,162,947

 

 

 

 

 

 



 

 

 

 

Total investments before outstanding options written (cost $969,493,5823)

 

 

991,931,366

 

 

 

 

 

 



 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(650

)

Altria Group, Inc., strike price $65, expires 05/20/06

 

 

(9,750

)

 

(400

)

AT&T, Inc., strike price $25, expires 05/20/06

 

 

(2,000

)

 

(500

)

Eli Lilly & Co., strike price $53, expires 05/09/06

 

 

(36,500

)

 

(700

)

Pfizer, Inc., strike price $25, expires 05/20/06

 

 

(19,250

)

 

 

 

 

 



 

 

 

 

Total Outstanding Put Options Written (premium received ($135,871))

 

 

(67,500

)

 

 

 

 

 



 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.1)%

 

 

 

 

 

(280

)

3M Co., strike price $79, expires 06/09/06

 

 

(184,240

)

 

(75

)

3M Co., strike price $85, expires 07/22/06

 

 

(22,500

)

 

(550

)

Abbott Laboratories, strike price $43.62, expires 06/30/06

 

 

(51,150

)

See Notes to Financial Statements.

16


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 








 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(250

)

Allstate Corp., strike price $55.50, expires 06/30/06

 

$

(55,500

)

 

(350

)

Alltel Corp., strike price $65, expires 06/17/06

 

 

(52,500

)

 

(172,500

)

Altria Group, Inc., strike price $75, expires 05/19/06

 

 

(97,994

)

 

(1,000

)

Altria Group, Inc., strike price $75, expires 06/17/06

 

 

(150,000

)

 

(62,500

)

Altria Group, Inc., strike price $76, expires 06/16/06

 

 

(62,875

)

 

(130,000

)

AmSouth Bancorp, strike price $28.15, expires 05/26/06

 

 

(168,350

)

 

(49,000

)

AmSouth Bancorp, strike price $28.29, expires 05/19/06

 

 

(45,207

)

 

(111,300

)

AmSouth Bancorp, strike price $28.77, expires 06/16/06

 

 

(97,944

)

 

(21,200

)

Anheuser-Busch Cos., Inc., strike price $44.12, expires 06/16/06

 

 

(24,412

)

 

(14,000

)

Anheuser-Busch Cos., Inc., strike price $44.31, expires 07/21/06

 

 

(20,360

)

 

(125

)

Anheuser-Busch Cos., Inc., strike price $45, expires 06/17/06

 

 

(8,750

)

 

(49,000

)

Arthur J. Gallagher & Co., strike price $29.50, expires 05/19/06

 

 

(813

)

 

(365,000

)

AT&T, Inc., strike price $26, expires 06/16/06

 

 

(267,910

)

 

(1,960

)

AT&T, Inc., strike price $26.50, expires 07/07/06

 

 

(83,300

)

 

(402,800

)

AT&T, Inc., strike price $27, expires 05/26/06

 

 

(56,795

)

 

(44,000

)

Atmos Energy Corp., strike price $27, expires 06/16/06

 

 

(11,000

)

 

(385

)

BancorpSouth, Inc., strike price $24, expires 06/09/06

 

 

(71,995

)

 

(317

)

BancorpSouth, Inc., strike price $25, expires 05/20/06

 

 

(29,323

)

 

(500

)

BancorpSouth, Inc., strike price $25.50, expires 06/30/06

 

 

(43,500

)

 

(400

)

Bank of America Corp., strike price $45.50, expires 05/20/06

 

 

(204,000

)

 

(1,750

)

Bank of America Corp., strike price $47.50, expires 05/20/06

 

 

(446,250

)

 

(1,100

)

BB&T Corp., strike price $41.87, expires 06/09/06

 

 

(178,200

)

 

(890

)

BB&T Corp., strike price $42.50, expires 06/17/06

 

 

(106,800

)

 

(225

)

Black Hills Corp., strike price $35, expires 05/20/06

 

 

(37,688

)

 

(17,000

)

Chemical Financial Corp., strike price $32.99, expires 05/08/06

 

 

(3

)

 

(500

)

Chevron Corp., strike price $60, expires 05/20/06

 

 

(82,500

)

 

(207,000

)

Chevron Corp., strike price $62.25, expires 05/31/06

 

 

(185,265

)

 

(1,723

)

Chevron Corp., strike price $65, expires 06/17/06

 

 

(68,920

)

 

(115,000

)

Citigroup, Inc., strike price $47.50, expires 05/19/06

 

 

(309,879

)

 

(1,500

)

Citigroup, Inc., strike price $47.50, expires 05/20/06

 

 

(397,500

)

 

(234,000

)

Citigroup, Inc., strike price $48.05, expires 06/16/06

 

 

(617,198

)

 

(200,000

)

Coca-Cola Co. (The, strike price $41.50, expires 06/16/06)

 

 

(182,660

)

 

(1,000

)

Coca-Cola Co. (The, strike price $42.50, expires 05/20/06)

 

 

(25,000

)

 

(183,300

)

Coca-Cola Co. (The, strike price $43, expires 05/12/06)

 

 

(14,114

)

 

(1,000

)

Coca-Cola Co. (The, strike price $43.75, expires 05/26/06)

 

(7,000

)

 

(8,500

)

Colonial Properties Trust, strike price $47.65, expires 05/19/06

 

 

(11,767

)

 

(10,000

)

Colonial Properties Trust, strike price $48.80, expires 07/21/06

 

 

(16,544

)

 

(12,200

)

Colonial Properties Trust, strike price $60.11, expires 05/19/06

 

 

(3,150

)

 

(180

)

Comerica, Inc., strike price $60, expires 05/20/06

 

 

(1,800

)

 

(500

)

Comerica, Inc., strike price $60, expires 07/22/06

 

 

(55,000

)

 

(22,500

)

Commercial Net Lease Realty, strike price $21.60, expires 06/16/06

 

 

(8,280

)

 

(27,000

)

Commercial Net Lease Realty, strike price $22.87, expires 05/19/06

 

 

(243

)

 

(20,500

)

Commercial Net Lease Realty, strike price $23.07, expires 05/19/06

 

 

(88

)

 

(2,300

)

ConAgra Foods, Inc., strike price $21, expires 05/12/06

 

 

(402,500

)

 

(212,000

)

ConAgra Foods, Inc., strike price $21.76, expires 06/16/06

 

 

(274,131

)

 

(500

)

Consolidated Edison, Inc., strike price $42.50, expires 05/26/06

 

 

(37,500

)

 

(460

)

Consolidated Edison, Inc., strike price $45, expires 06/02/06

 

 

(4,140

)

 

(28,000

)

Duke Realty Corp., strike price $35.60, expires 06/16/06

 

 

(20,496

)

 

(520

)

Duke Realty Corp., strike price $37.75, expires 05/12/06

 

 

(2,600

)

 

(155,000

)

Eli Lilly & Co., strike price $55, expires 06/16/06

 

 

(70,370

)

 

(150

)

Eli Lilly & Co., strike price $55, expires 07/22/06

 

 

(12,750

)

 

(125,500

)

Eli Lilly & Co., strike price $59, expires 05/19/06

 

 

(125

)

 

(145,000

)

Eli Lilly & Co., strike price $59, expires 06/16/06

 

 

(6,235

)

 

(180

)

Exxon Mobil Corp., strike price $62.50, expires 05/20/06

 

 

(23,400

)

 

(35,000

)

Exxon Mobil Corp., strike price $62.50, expires 06/16/06

 

 

(67,845

)

 

(300

)

Exxon Mobil Corp., strike price $62.50, expires 07/22/06

 

 

(78,000

)

 

(150

)

Fifth Third Bancorp, strike price $40, expires 06/17/06

 

 

(22,875

)

 

(1,410

)

Fifth Third Bancorp, strike price $40.88, expires 05/12/06

 

 

(52,170

)

 

(190,000

)

Fifth Third Bancorp, strike price $41, expires 06/16/06

 

 

(180,310

)

 

(450

)4

FirstMerit Corp., strike price $25, expires 05/20/06

 

 

(15,750

)

 

(55,000

)

FirstMerit Corp., strike price $25.18, expires 05/19/06

 

 

(10,522

)

 

(8,000

)

Freddie Mac, strike price $62, expires 05/19/06

 

 

(6,218

)

 

(15,000

)

Freddie Mac, strike price $62, expires 06/16/06

 

 

(11,550

)

 

(1,000

)4

Fulton Financial Corp., strike price $16.625, expires 05/20/06

 

 

(25,000

)

See Notes to Financial Statements.

17


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(80,000

)

General Electric Co., strike price $34, expires 05/19/06

 

$

(71,662

)

 

(450

)

General Electric Co., strike price $35, expires 05/20/06

 

 

(11,250

)

 

(3,750

)

General Electric Co., strike price $35, expires 06/17/06

 

 

(206,250

)

 

(200,000

)

General Electric Co., strike price $35, expires 07/21/06

 

 

(148,600

)

 

(40,300

)

General Growth Properties, strike price $46.60, expires 05/19/06

 

 

(57,500

)

 

(400

)

General Growth Properties, strike price $50, expires 06/17/06

 

 

(24,000

)

 

(300

)

General Growth Properties, strike price $50, expires 07/22/06

 

 

(30,750

)

 

(47,000

)

Health Care Property Investors, Inc., strike price $27.33, expires 06/16/06

 

 

(14,288

)

 

(382

)

Health Care Property Investors, Inc., strike price $28, expires 05/12/06

 

 

(3,820

)

 

(175

)

Health Care Property Investors, Inc., strike price $30, expires 07/22/06

 

 

(2,625

)

 

(21,200

)

Healthcare Realty Trust, Inc., strike price $38.16, expires 05/19/06

 

 

(5,412

)

 

(25,000

)

Healthcare Realty Trust, Inc., strike price $38.65, expires 07/21/06

 

 

(20,125

)

 

(27,000

)

Healthcare Realty Trust, Inc., strike price $38.70, expires 06/16/06

 

 

(10,800

)

 

(78

)

Home Properties, Inc., strike price $50, expires 05/20/06

 

 

(7,800

)

 

(23,000

)

Home Properties, Inc., strike price $50.64, expires 07/21/06

 

 

(33,373

)

 

(11,000

)

Intl. Business Machines Corp., strike price $84.42, expires 06/16/06

 

 

(9,081

)

 

(110

)

Intl. Business Machines Corp., strike price $85, expires 07/22/06

 

 

(13,750

)

 

(55,000

)

Johnson & Johnson, strike price $62.87, expires 05/26/06

 

 

(2,689

)

 

(15,000

)

KeyCorp, strike price $36.53, expires 06/16/06

 

 

(28,395

)

 

(580

)

KeyCorp, strike price $37.50, expires 05/20/06

 

 

(34,800

)

 

(340

)

KeyCorp, strike price $37.50, expires 06/17/06

 

 

(35,700

)

 

(220

)

Kimberly-Clark Corp., strike price $60, expires 06/17/06

 

 

(12,100

)

 

(9,000

)

Kimco Realty Corp., strike price $37.25, expires 07/21/06

 

 

(12,148

)

 

(235

)

Kimco Realty Corp., strike price $40, expires 05/20/06

 

 

(3,525

)

 

(270

)

La-Z-Boy, Inc., strike price $16, expires 06/09/06

 

 

(10,530

)

 

(305

)

La-Z-Boy, Inc., strike price $16, expires 06/23/06

 

 

(13,725

)

 

(305

)

La-Z-Boy, Inc., strike price $17, expires 05/12/06

 

 

(610

)

 

(40,000

)

Lexington Corporate Properties Trust, strike price $22, expires 06/16/06

 

 

(20,120

)

 

(11,000

)

Liberty Property Trust, strike price $45, expires 06/16/06

 

 

(12,914

)

 

(21,000

)

Liberty Property Trust, strike price $47.59, expires 05/19/06

 

 

(1,660

)

 

(30,000

)

Lincoln National Corp., strike price $56.24, expires 05/19/06

 

 

(86,760

)

 

(24,000

)

Lincoln National Corp., strike price $57.50, expires 06/16/06

 

 

(55,392

)

 

(457

)

Lincoln National Corp., strike price $60, expires 06/17/06

 

 

(67,408

)

 

(250

)

McDonald’s Corp., strike price $35, expires 06/17/06

 

 

(22,500

)

 

(270

)

McDonald’s Corp., strike price $35.50, expires 05/12/06

 

 

(5,940

)

 

(129

)

McDonald’s Corp., strike price $37.50, expires 06/17/06

 

 

(2,258

)

 

(613

)

Merck & Co., Inc, strike price $37.50, expires 05/20/06

 

 

(3,065

)

 

(190,000

)

Merck & Co., Inc, strike price $37.50, expires 06/16/06

 

 

(15,960

)

 

(22,000

)

Merck & Co., Inc., strike price $34, expires 05/31/06

 

 

(23,298

)

 

(665

)

Merck & Co., Inc., strike price $35, expires 05/20/06

 

 

(23,275

)

 

(700

)

Merck & Co., Inc., strike price $35, expires 06/17/06

 

 

(45,500

)

 

(540

)

Merck & Co., Inc., strike price $36.50, expires 06/09/06

 

 

(15,120

)

 

(360

)

Merck & Co., Inc., strike price $37.50, expires 07/22/06

 

 

(9,000

)

 

(98,000

)

National City Corp., strike price $35.72, expires 06/16/06

 

 

(173,656

)

 

(800

)

National City Corp., strike price $35.75, expires 05/12/06

 

 

(106,400

)

 

(375

)

National City Corp., strike price $36, expires 05/26/06

 

 

(49,500

)

 

(400

)

National City Corp., strike price $36.50, expires 05/12/06

 

 

(31,600

)

 

(163

)

National City Corp., strike price $37.50, expires 05/20/06

 

 

(4,075

)

 

(17,500

)

National Fuel Gas Co., strike price $32.83, expires 05/19/06

 

 

(16,732

)

 

(275

)

National Fuel Gas Co., strike price $33.50, expires 06/09/06

 

 

(18,700

)

 

(63,000

)

Nicor, Inc., strike price $42, expires 05/19/06

 

 

(8,064

)

 

(73,000

)

Old Republic Intl. Group, strike price $22.50, expires 05/19/06

 

 

(22,338

)

 

(16,000

)

Otter Tail Corp., strike price $29.50, expires 05/19/06

 

 

(10,109

)

 

(10

)

Otter Tail Corp., strike price $30, expires 05/20/06

 

 

(500

)

 

(150

)

Otter Tail Corp., strike price $30, expires 07/22/06

 

 

(16,500

)

 

(17,500

)

Otter Tail Corp., strike price $30.03, expires 06/16/06

 

 

(15,103

)

 

(80,000

)

Peoples Energy Corp., strike price $35.81, expires 06/16/06

 

 

(125,920

)

 

(250,000

)

Pfizer, Inc., strike price $25.50, expires 06/30/06

 

 

(141,000

)

 

(135,000

)

Pfizer, Inc., strike price $25.60, expires 06/16/06

 

 

(53,865

)

 

(1,200

)

Pfizer, Inc., strike price $25.62, expires 07/07/06

 

 

(60,000

)

 

(600

)

Pfizer, Inc., strike price $26, expires 05/26/06

 

 

(15,000

)

 

(50,000

)

Pfizer, Inc., strike price $26, expires 06/16/06

 

 

(12,700

)

 

(63,600

)

Pfizer, Inc., strike price $26.25, expires 05/19/06

 

 

(2,022

)

 

(295,300

)

Pfizer, Inc., strike price $26.68, expires 05/26/06

 

 

(6,792

)

See Notes to Financial Statements.

18


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Enhanced Dividend AchieversTM Trust (BDJ) (continued)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(470

)

Pinnacle West Capital Corp., strike price $40, expires 05/20/06

 

$

(25,850

)

 

(17,500

)

Pitney Bowes, Inc., strike price $43.10, expires 05/19/06

 

 

(2,253

)

 

(21,000

)

Pitney Bowes, Inc., strike price $43.10, expires 06/16/06

 

 

(8,882

)

 

(250

)

Pitney Bowes, Inc., strike price $43.25, expires 06/02/06

 

 

(4,000

)

 

(185

)

PPG Industries, Inc., strike price $65, expires 05/20/06

 

 

(47,175

)

 

(32,000

)

PPG Industries, Inc., strike price $67.50, expires 07/21/06

 

 

(59,648

)

 

(770

)

Progress Energy, Inc., strike price $44.25, expires 05/12/06

 

 

(3,080

)

 

(830

)

Progress Energy, Inc., strike price $44.25, expires 06/30/06

 

 

(39,840

)

 

(54,500

)

Progress Energy, Inc., strike price $45.25, expires 05/19/06

 

 

(2,125

)

 

(365

)

Prologis, strike price $55, expires 05/20/06

 

 

(7,300

)

 

(682

)

Regions Financial Corp., strike price $35, expires 05/20/06

 

 

(83,545

)

 

(1,500

)

Regions Financial Corp., strike price $37, expires 05/12/06

 

 

(28,500

)

 

(40,000

)

Republic Bancorp, Inc., strike price $12, expires 06/16/06

 

 

(4,000

)

 

(68,000

)

RPM Intl., Inc., strike price $17.89, expires 06/16/06

 

 

(61,268

)

 

(332

)

RPM Intl., Inc., strike price $18.37, expires 05/12/06

 

 

(9,628

)

 

(60,000

)

RPM Intl., Inc., strike price $19.50, expires 05/26/06

 

 

(720

)

 

(525

)

RR Donnelley & Sons Co., strike price $33.50, expires 05/12/06

 

 

(23,100

)

 

(192

)

RR Donnelley & Sons Co., strike price $35, expires 06/17/06

 

 

(4,800

)

 

(23,000

)

S&T Bancorp, Inc., strike price $38, expires 05/19/06

 

 

(3,059

)

 

(10,000

)

S&T Bancorp, Inc., strike price $38.30, expires 05/19/06

 

 

(930

)

 

(100,000

)

Sara Lee Corp., strike price $18.50, expires 05/31/06

 

 

(12,580

)

 

(90,000

)

ServiceMaster Co. (The), strike price $12.73, expires 05/19/06

 

(2,250

)

 

(16,000

)

ServiceMaster Co. (The), strike price $13, expires 05/19/06

 

(255

)

 

(48,000

)

ServiceMaster Co. (The), strike price $13, expires 06/16/06

 

(3,888

)

 

(265

)

Stanley Works (The), strike price $52.50, expires 05/20/06

 

(25,838

)

 

(205

)

Stanley Works (The), strike price $55, expires 07/22/06

 

 

(18,963

)

 

(33,000

)

Sun Communities, Inc., strike price $33.98, expires 06/16/06

 

 

(7,051

)

 

(14,000

)

Sun Communities, Inc., strike price $34.80, expires 05/19/06

 

 

(532

)

 

(800

)

SunTrust Bank, Inc., strike price $75, expires 05/20/06

 

 

(208,000

)

 

(450

)

SunTrust Bank, Inc., strike price $80, expires 07/22/06

 

 

(63,000

)

 

(26,000

)

Synovus Financial Corp., strike price $28.30, expires 06/30/06

 

 

(20,306

)

 

(40,000

)

Synovus Financial Corp., strike price $28.50, expires 06/16/06

 

 

(24,720

)

 

(15,000

)

T. Rowe Price Group, Inc., strike price $83.23, expires 06/16/06

 

 

(48,333

)

 

(170

)

T. Rowe Price Group, Inc., strike price $85, expires 07/22/06

 

 

(52,700

)

 

(45,000

)

TD Banknorth, Inc., strike price $29.50, expires 07/21/06

 

 

(46,946

)

 

(34,000

)

TD Banknorth, Inc., strike price $31, expires 05/19/06

 

 

(3,597

)

 

(19,500

)

United Dominion Realty Trust, Inc., strike price $27.66, expires 05/19/06

 

 

(5,562

)

 

(22,000

)

United Dominion Realty Trust, Inc., strike price $28, expires 06/16/06

 

 

(9,262

)

 

(19,000

)

United Dominion Realty Trust, Inc., strike price $28.10, expires 07/21/06

 

 

(9,336

)

 

(30,600

)

Vectren Corp., strike price $28.10, expires 06/16/06

 

 

(1,576

)

 

(775

)

Washington Federal, Inc., strike price $24, expires 05/26/06

 

 

(24,800

)

 

(490

)

Washington Federal, Inc., strike price $25, expires 07/22/06

 

 

(18,375

)

 

(1,000

)

Washington Mutual, Inc., strike price $45, expires 05/20/06

 

 

(70,000

)

 

(296,000

)

Washington Mutual, Inc., strike price $45.05, expires 06/30/06

 

 

(414,104

)

 

(190,000

)

Washington Mutual, Inc., strike price $45.50, expires 06/16/06

 

 

(184,110

)

 

(204,800

)

Wells Fargo & Co., strike price $65.28, expires 05/19/06

 

 

(663,142

)

 

(160,500

)

Wells Fargo & Co., strike price $65.50, expires 06/16/06

 

 

(533,342

)

 

(23,000

)

WPS Resources Corp., strike price $51.22, expires 06/16/06

 

 

(1,747

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($8,811,151))

 

 

(10,910,826

)

 

 

 

 

 



 

 

 

 

Total outstanding options written (premium received ($8,947,022)

 

 

(10,978,326

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—98.6%

 

$

980,953,040

 

 

 

 

Other assets in excess of liabilities—1.4%

 

 

13,727,858

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

994,680,898

 

 

 

 

 

 



 


 

 


1

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

2

Rate shown is yield to maturity as of April 30, 2006.

3

Cost for federal income tax purposes is $986,701,344. The net unrealized appreciation on a tax basis is $5,230,022, consisting of $21,325,237 gross unrealized appreciation and $16,095,215 gross unrealized depreciation.

4

Security is fair valued.

 

A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.


 

 

KEY TO ABBREVIATIONS

 

REIT — Real Estate Investment Trust

 


See Notes to Financial Statements.

19


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Energy and Resources Trust (BGR)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

LONG-TERM INVESTMENTS—94.7%

 

 

 

 

 

 

 

Common Stocks—94.7%

 

 

 

 

 

 

 

Australia—1.1%

 

 

 

 

 

234,300

 

BHP Billiton Ltd. (ADR)

 

$

10,674,708

 

 

 

 

 

 



 

 

 

 

Bermuda—3.1%

 

 

 

 

 

800,000

 

Aries Maritime Transport Ltd.

 

 

10,600,000

 

 

236,200

1

Nabors Industries Ltd.

 

 

8,817,346

 

 

606,000

 

Ship Finance Intl. Ltd.

 

 

10,320,180

 

 

 

 

 

 



 

 

 

 

Total Bermuda

 

 

29,737,526

 

 

 

 

 

 



 

 

 

 

Brazil—0.9%

 

 

 

 

 

90,000

 

Petroleo Brasileiro SA (ADR)

 

 

8,894,700

 

 

 

 

 

 



 

 

 

 

Canada—19.3%

 

 

 

 

 

451,400

 

AltaGas Income Trust

 

 

11,781,094

 

 

419,600

 

ARC Energy Trust

 

 

10,132,999

 

 

459,200

 

Baytex Energy Trust

 

 

8,633,231

 

 

216,000

 

Bonavista Energy Trust

 

 

7,078,610

 

 

121,600

2

Canadian Natural Resources Ltd.

 

 

7,320,320

 

 

309,800

1

Compton Petroleum Corp.

 

 

4,211,762

 

 

1,125,000

3

Duke Energy Income Fund

 

 

13,060,686

 

 

482,700

 

Fairborne Energy Ltd.

 

 

6,704,826

 

 

215,417

1

Fairquest Energy Ltd.

 

 

1,541,376

 

 

318,300

 

Focus Energy Trust

 

 

7,046,129

 

 

207,300

 

Fording Canadian Coal Trust

 

 

7,618,275

 

 

133,700

 

Husky Energy, Inc.

 

 

7,868,575

 

 

667,100

 

Keyera Facilities Income Fund

 

 

12,708,940

 

 

265,500

 

Pembina Pipeline Income Fund

 

 

4,001,319

 

 

290,500

 

Penn West Energy Trust

 

 

11,242,731

 

 

51,400

 

Potash Corp. of Saskatchewan

 

 

4,866,552

 

 

204,200

 

Precision Drilling Corp.

 

 

7,257,268

 

 

111,054

 

PrimeWest Energy Trust

 

 

3,220,566

 

 

568,700

 

Progress Energy Trust

 

 

8,850,570

 

 

199,800

1

Savanna Energy Services Corp.

 

 

5,504,083

 

 

163,900

 

Talisman Energy, Inc.

 

 

9,257,072

 

 

120,600

1

Trican Well Service Ltd.

 

 

5,845,279

 

 

399,900

 

Vermilion Energy Trust

 

 

11,814,049

 

 

174,200

 

Zargon Energy Trust

 

 

5,233,557

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

182,799,869

 

 

 

 

 

 



 

 

 

 

Cayman Islands—0.6%

 

 

 

 

 

87,100

 

GlobalSantaFe Corp.

 

 

5,331,391

 

 

 

 

 

 



 

 

 

 

Denmark—0.5%

 

 

 

 

 

600

 

AP Moller - Maersk A/S

 

 

5,154,439

 

 

 

 

 

 



 

 

 

 

France—0.8%

 

 

 

 

 

47,892

 

Technip SA

 

 

3,024,065

 

 

33,700

 

Total SA (ADR)

 

 

4,651,274

 

 

 

 

 

 



 

 

 

 

Total France

 

 

7,675,339

 

 

 

 

 

 



 

 

 

 

Italy—0.9%

 

 

 

 

 

358,000

 

Saipem SpA

 

 

8,951,807

 

 

 

 

 

 



 

 

 

 

Luxembourg—1.5%

 

 

 

 

 

82,400

 

Stolt Offshore SA

 

 

1,343,217

 

 

274,345

 

Tenaris SA (ADR)

 

 

12,592,435

 

 

 

 

 

 



 

 

 

 

Total Luxembourg

 

 

13,935,652

 

 

 

 

 

 



 

 

 

 

Netherlands—1.2%

 

 

 

 

 

75,911

1

Core Laboratories NV

 

 

4,649,548

 

 

58,900

 

SBM Offshore NV

 

 

6,319,950

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

10,969,498

 

 

 

 

 

 



 

 

 

 

Norway—2.3%

 

 

 

 

 

33,600

 

Norsk Hydro ASA

 

 

5,171,998

 

 

142,300

 

Statoil ASA

 

 

4,685,476

 

 

353,400

 

Statoil ASA (ADR)

 

 

11,584,452

 

 

 

 

 

 



 

 

 

 

Total Norway

 

 

21,441,926

 

 

 

 

 

 



 

See Notes to Financial Statements.

20


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Energy and Resources Trust (BGR) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 







 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

United Kingdom—1.7%

 

 

 

 

 

145,000

1

Acergy SA (ADR)

 

$

2,356,250

 

 

730,273

 

BG Group PLC

 

 

9,814,566

 

 

46,279

2

BP PLC (ADR)

 

 

3,411,688

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

15,582,504

 

 

 

 

 

 



 

 

 

 

United States—60.8%

 

 

 

 

 

43,900

 

Amerada Hess Corp.

 

 

6,289,553

 

 

65,598

 

Anadarko Petroleum Corp.

 

 

6,875,982

 

 

238,600

2

Arch Coal, Inc.

 

 

22,664,614

 

 

217,900

2

Atmos Energy Corp.

 

 

5,783,066

 

 

321,900

 

Chesapeake Energy Corp.

 

 

10,197,792

 

 

66,000

1,3

CNX Gas Corp.

 

 

1,881,000

 

 

144,600

 

ConocoPhillips

 

 

9,673,740

 

 

309,600

 

Consol Energy, Inc.

 

 

26,365,536

 

 

99,700

2

Diamond Offshore Drilling, Inc.

 

 

9,049,769

 

 

90,300

 

Dominion Resources, Inc.

 

 

6,760,761

 

 

725,000

 

Double Hull Tankers, Inc.

 

 

9,280,000

 

 

368,900

 

El Paso Corp.

 

 

4,762,499

 

 

176,900

 

EnCana Corp.

 

 

8,853,845

 

 

712,700

 

Energy Transfer Partners LP

 

 

28,622,032

 

 

148,500

 

Enerplus Resources Fund

 

 

7,957,278

 

 

114,800

 

ENSCO Intl., Inc.

 

 

6,140,652

 

 

756,905

 

Enterprise Products Partners LP

 

 

18,725,830

 

 

316,800

 

EOG Resources, Inc.

 

 

22,248,864

 

 

72,400

2

Exxon Mobil Corp.

 

 

4,566,992

 

 

92,000

1

FMC Technologies, Inc.

 

 

5,021,360

 

 

190,500

1

Forest Oil Corp.

 

 

6,966,585

 

 

167,000

1

Grant Prideco, Inc.

 

 

8,550,400

 

 

181,900

1

Hercules Offshore, Inc.

 

 

7,437,891

 

 

88,400

 

Kerr-McGee Corp.

 

 

8,827,624

 

 

567,952

1

Kinder Morgan Management LLC

 

 

24,302,686

 

 

841,400

2

Magellan Midstream Partners LP

 

 

28,573,944

 

 

401,800

 

Massey Energy Co.

 

 

15,529,570

 

 

128,500

1

McDermott Intl., Inc.

 

 

7,812,800

 

 

165,058

1

National-Oilwell Varco, Inc.

 

 

11,384,050

 

 

383,685

 

Natural Resource Partners LP

 

 

21,524,729

 

 

227,300

1

Newfield Exploration Co.

 

 

10,137,580

 

 

25,000

 

Newmont Mining Corp.

 

 

1,459,000

 

 

90,800

 

Noble Corp.

 

 

7,167,752

 

 

204,300

 

Noble Energy, Inc.

 

 

9,189,414

 

 

214,400

 

Northern Border Partners LP

 

 

10,492,736

 

 

466,600

 

Peabody Energy Corp.

 

 

29,797,076

 

 

728,000

 

Penn Virginia Resource Partners LP

 

 

22,815,520

 

 

605,000

 

Plains All American Pipeline LP

 

 

26,408,250

 

 

137,700

1

Plains Exploration & Production

 

 

5,076,999

 

 

87,000

 

Questar Corp.

 

 

6,964,350

 

 

61,600

 

Schlumberger Ltd.

 

 

4,259,024

 

 

101,300

 

Suncor Energy, Inc.

 

 

8,685,462

 

 

436,800

 

TEPPCO Partners LP

 

 

16,624,608

 

 

232,900

1

Transocean, Inc.

 

 

18,881,203

 

 

376,400

 

Valero LP

 

 

20,009,424

 

 

265,424

1

Weatherford Intl. Ltd.

 

 

14,048,892

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

574,648,734

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $696,410,677)

 

 

895,798,093

 

 

 

 

 

 



 

 

 

 

SHORT-TERM INVESTMENTS—6.6%

 

 

 

 

 

 

 

Money Market Fund—3.0%

 

 

 

 

 

28,230,227

 

Fidelity Institutional Money Market Prime Portfolio

 

 

28,230,227

 

 

 

 

 

 



 

See Notes to Financial Statements.

21


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Energy and Resources Trust (BGR) (continued)

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

Amount

 

Description

 

Value

 







 

 

 

U.S. Government and Agency Zero Coupon Bond—3.6%

 

 

 

 

$

33,800,000

4

Federal Home Loan Bank Discount Notes, 4.71%, 5/01/06

 

$

33,800,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments (cost $62,032,894)

 

 

62,030,227

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING OPTIONS PURCHASED—0.1%

 

 

 

 

 

100

 

Suncor Energy, Inc., strike price $75, expires 05/20/06

 

 

111,500

 

 

500

 

Tenaris SA (ADR), strike price $36, expires 06/17/06

 

 

565,000

 

 

 

 

 

 



 

 

 

 

Total Outstanding Options Purchased (cost $239,500)

 

 

676,500

 

 

 

 

 

 



 

 

 

 

Total investments before outstanding options written (cost $758,680,0715)

 

 

958,504,820

 

 

 

 

 

 



 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(1.3)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.3)%

 

 

 

 

 

(250

)

Acergy SA (ADR), strike price $17.50, expires 08/19/06

 

 

(28,750

)

 

(125

)

Acergy SA (ADR), strike price $12.50, expires 05/20/06

 

 

(50,125

)

 

(250

)

Acergy SA (ADR), strike price $15, expires 05/20/06

 

 

(35,625

)

 

(250

)

Acergy SA (ADR), strike price $15, expires 08/19/06

 

 

(56,250

)

 

(100

)

Amerada Hess Corp., strike price $160, expires 05/20/06

 

 

(5,500

)

 

(100

)

Amerada Hess Corp., strike price $160, expires 06/17/06

 

 

(17,700

)

 

(200

)

Anadarko Petroleum Corp., strike price $110, expires 05/20/06

 

 

(29,000

)

 

(100

)

Anadarko Petroleum Corp., strike price $115, expires 05/20/06

 

 

(5,000

)

 

(250

)

Arch Coal, Inc., strike price $110, expires 06/17/06

 

 

(31,250

)

 

(200

)

Arch Coal, Inc., strike price $85, expires 05/20/06

 

 

(215,000

)

 

(500

)

Arch Coal, Inc., strike price $90, expires 07/22/06

 

 

(515,000

)

 

(150

)

BG Group PLC, strike price 650 GBP, expires 06/16/06

 

 

(271,481

)

 

(150

)

BG Group PLC, strike price 700 GBP, expires 06/16/06

 

 

(169,590

)

 

(500

)

BHP Billiton Ltd. (ADR), strike price $35, expires 05/20/06

 

 

(525,000

)

 

(471

)

BHP Billiton Ltd. (ADR), strike price $40, expires 05/20/06

 

 

(270,825

)

 

(450

)

BP PLC (ADR), strike price $75, expires 07/22/06

 

 

(102,150

)

 

(200

)

Canadian Natural Resources Ltd., strike price $60, expires 05/20/06

 

 

(51,000

)

 

(200

)

Canadian Natural Resources Ltd., strike price $65, expires 06/17/06

 

 

(35,000

)

 

(500

)

Chesapeake Energy Corp., strike price $32.50, expires 05/20/06

 

 

(40,000

)

 

(250

)

Chesapeake Energy Corp., strike price $35, expires 05/20/06

 

 

(5,000

)

 

(250

)

Chesapeake Energy Corp., strike price $35, expires 06/17/06

 

 

(15,000

)

 

(100

)

ConocoPhillips, strike price $65, expires 05/20/06

 

 

(29,500

)

 

(150

)

ConocoPhillips, strike price $70, expires 05/20/06

 

 

(12,000

)

 

(300

)

Consol Energy, Inc., strike price $75, expires 05/20/06

 

 

(315,000

)

 

(300

)

Consol Energy, Inc., strike price $75, expires 07/22/06

 

 

(372,000

)

 

(300

)

Consol Energy, Inc., strike price $80, expires 05/20/06

 

 

(177,000

)

 

(300

)

Consol Energy, Inc., strike price $95, expires 06/17/06

 

 

(33,750

)

 

(15,000

)

Core Laboratories NV, strike price $55, expires 05/19/06

 

 

(100,305

)

 

(200

)

Diamond Offshore Drilling, Inc., strike price $90, expires 05/20/06

 

 

(72,000

)

 

(100

)

Diamond Offshore Drilling, Inc., strike price $95, expires 06/17/06

 

 

(41,000

)

 

(100

)

Dominion Resources, Inc., strike price $75, expires 05/20/06

 

 

(10,500

)

 

(450

)

Dominion Resources, Inc., strike price $75, expires 07/22/06

 

 

(105,750

)

 

(250

)

Dominion Resources, Inc., strike price $77, expires 07/27/06

 

 

(38,750

)

 

(100

)

Encana Corp., strike price $50, expires 05/20/06

 

 

(20,000

)

 

(200

)

Encana Corp., strike price $55, expires 06/17/06

 

 

(16,000

)

 

(200

)

Encana Corp., strike price $55, expires 07/22/06

 

 

(33,000

)

 

(200

)

Ensco Intl., Inc., strike price $55, expires 05/20/06

 

 

(42,000

)

 

(200

)

Ensco Intl., Inc., strike price $55, expires 06/17/06

 

 

(54,000

)

 

(100

)

Ensco Intl., Inc., strike price $60, expires 06/17/06

 

 

(14,000

)

 

(500

)

EOG Resources, Inc., strike price $80, expires 05/20/06

 

 

(17,500

)

 

(200

)

EOG Resources, Inc., strike price $85, expires 07/22/06

 

 

(25,500

)

 

(200

)

Exxon Mobil Corp., strike price $62.50, expires 05/20/06

 

 

(26,000

)

 

(100

)

Exxon Mobil Corp., strike price $65, expires 06/17/06

 

 

(8,000

)

 

(400

)

Exxon Mobil Corp., strike price $65, expires 07/22/06

 

 

(60,000

)

 

(250

)

FMC Technologies, Inc., strike price $55, expires 05/20/06

 

 

(37,500

)

 

(250

)

Forest Oil Corp., strike price $40, expires 05/20/06

 

 

(5,000

)

 

(250

)

Forest Oil Corp., strike price $40, expires 06/17/06

 

 

(17,500

)

 

(250

)

GlobalSantaFe Corp., strike price $65, expires 05/20/06

 

 

(27,500

)

 

(250

)

GlobalSantaFe Corp., strike price $65, expires 07/22/06

 

 

(65,000

)

 

(300

)

Grant Prideco, Inc., strike price $45, expires 05/20/06

 

 

(193,500

)

See Notes to Financial Statements.

22


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Energy and Resources Trust (BGR) (continued)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(200

)

Grant Prideco, Inc., strike price $55, expires 07/22/06

 

$

(50,000

)

 

(250

)

Husky Energy, Inc., strike price 74 CAD, expires 07/22/06

 

 

(24,596

)

 

(200

)

IHC Caland NV, strike price 90 EUR, expires 05/19/06

 

 

(12,616

)

 

(100

)

Kerr-Mcgee Corp., strike price $105, expires 05/20/06

 

 

(23,500

)

 

(100

)

Kerr-Mcgee Corp., strike price $110, expires 05/20/06

 

 

(8,500

)

 

(400

)

Massey Energy Co., strike price $40, expires 05/20/06

 

 

(28,000

)

 

(250

)

McDermott Intl., Inc., strike price $55, expires 05/20/06

 

 

(175,000

)

 

(250

)

McDermott Intl., Inc., strike price $60, expires 05/20/06

 

 

(56,250

)

 

(400

)

Nabors Industries Ltd., strike price $75, expires 05/20/06

 

 

(56,000

)

 

(400

)

Nabors Industries Ltd., strike price $80, expires 05/20/06

 

 

(20,000

)

 

(200

)

National-Oilwell Varco, Inc., strike price $70, expires 05/20/06

 

 

(43,000

)

 

(200

)

National-Oilwell Varco, Inc., strike price $75, expires 05/20/06

 

 

(14,000

)

 

(200

)

National-Oilwell Varco, Inc., strike price $80, expires 06/17/06

 

 

(16,000

)

 

(200

)

Newfield Exploration Co., strike price $45, expires 05/20/06

 

 

(30,000

)

 

(300

)

Newfield Exploration Co., strike price $45, expires 06/17/06

 

 

(74,250

)

 

(300

)

Newfield Exploration Co., strike price $50, expires 06/17/06

 

 

(31,500

)

 

(250

)

Newmont Mining Corp., strike price $55, expires 05/20/06

 

 

(107,500

)

 

(150

)

Noble Corp., strike price $80, expires 05/20/06

 

 

(43,500

)

 

(150

)

Noble Corp., strike price $85, expires 06/17/06

 

 

(33,750

)

 

(300

)

Noble Energy, Inc., strike price $45, expires 05/20/06

 

 

(45,000

)

 

(250

)

Noble Energy, Inc., strike price $50, expires 05/20/06

 

 

(3,750

)

 

(6,500

)

Norsk Hydro ASA, strike price 903.20 NOK, expires 05/31/06

 

 

(50,389

)

 

(500

)

Peabody Energy Corp., strike price $45, expires 06/17/06

 

 

(960,000

)

 

(1,820

)

Peabody Energy Corp., strike price $50, expires 05/20/06

 

 

(2,529,800

)

 

(400

)

Penn West Energy Trust, strike price 44 CAD, expires 05/20/06

 

 

(21,466

)

 

(162

)

Petroleo Brasileiro SA (ADR), strike price $90, expires 07/22/06

 

 

(174,960

)

 

(150

)

Petroleo Brasileiro SA (ADR), strike price $95, expires 05/20/06

 

 

(85,500

)

 

(250

)

Plains Exploration & Production, strike price $40, expires 05/20/06

 

 

(6,875

)

 

(100

)

Potash Corp. of Saskatchewan, strike price $100, expires 06/17/06

 

 

(29,500

)

 

(100

)

Potash Corp. of Saskatchewan, strike price $95, expires 05/20/06

 

 

(34,000

)

 

(250

)

Precision Drilling Corp., strike price $35, expires 06/17/06

 

 

(41,250

)

 

(250

)

Precision Drilling Corp., strike price $37, expires 06/23/06

 

 

(18,750

)

 

(100

)

Questar Corp., strike price $80, expires 06/17/06

 

 

(30,750

)

 

(100

)

Questar Corp., strike price $80, expires 07/22/06

 

 

(42,000

)

 

(100

)

Questar Corp., strike price $85, expires 06/17/06

 

 

(12,000

)

 

(90,500

)

Saipem SpA, strike price 20.20 EUR, expires 06/09/06

 

 

(58,072

)

 

(50,000

)

Savanna Energy Services Corp., strike price 32 CAD, expires 05/19/06

 

 

(39,757

)

 

(175

)

Schlumberger Ltd., strike price $67.50, expires 08/19/06

 

 

(115,500

)

 

(142,300

)

Statoil ASA, strike price 212.67 NOK, expires 06/28/06

 

 

(73,568

)

 

(200

)

Suncor Energy, Inc., strike price $80, expires 05/20/06

 

 

(144,000

)

 

(350

)

Suncor Energy, Inc., strike price $80, expires 06/17/06

 

 

(290,500

)

 

(200

)

Talisman Energy, Inc., strike price $60, expires 05/20/06

 

 

(15,000

)

 

(100

)

Talisman Energy, Inc., strike price $65, expires 06/17/06

 

 

(7,250

)

 

(100

)

Talisman Energy, Inc., strike price $65, expires 07/22/06

 

 

(15,250

)

 

(200

)

Technip SA, strike price 60 EUR, expires 06/16/06

 

 

(1,262

)

 

(500

)

Tenaris SA (ADR), strike price $40, expires 05/20/06

 

 

(325,000

)

 

(1,000

)

Tenaris SA (ADR), strike price $40, expires 06/17/06

 

 

(760,000

)

 

(500

)

Tenaris SA (ADR), strike price $44, expires 06/17/06

 

 

(260,000

)

 

(200

)

Total SA (ADR), strike price $140, expires 05/20/06

 

 

(31,500

)

 

(100

)

Total SA (ADR), strike price $145, expires 06/17/06

 

 

(12,000

)

 

(500

)

Transocean, Inc., strike price $90, expires 05/20/06

 

 

(37,500

)

 

(200

)

Transocean, Inc., strike price $90, expires 06/17/06

 

 

(41,200

)

 

(250

)

Trican Well Service Ltd., strike price 60 CAD, expires 06/17/06

 

 

(15,653

)

 

(250

)

Weatherford Intl. Ltd., strike price $45, expires 05/20/06

 

 

(200,000

)

 

(45,000

)

Weatherford Intl. Ltd., strike price $50, expires 06/16/06

 

 

(208,620

)

 

(250

)

Weatherford Intl. Ltd., strike price $55, expires 06/17/06

 

 

(46,250

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($7,668,308))

 

 

(12,075,635

)

 

 

 

 

 



 

 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(250

)3

Acergy SA (ADR), strike price $15, expires 05/20/06

 

 

(6,250

)

 

(100

)

Amerada Hess Corp., strike price $130, expires 05/20/06

 

 

(4,000

)

 

(100

)

Anadarko Petroleum Corp., strike price $100, expires 05/20/06

 

 

(10,500

)

 

(250

)

BHP Billiton Ltd. (ADR), strike price $40, expires 05/20/06

 

 

(3,750

)

 

(300

)

Canadian Natural Resources Ltd., strike price $55, expires 05/20/06

 

 

(15,750

)

See Notes to Financial Statements.

23


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Energy and Resources Trust (BGR) (continued)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 







 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(100

)

Canadian Natural Resources Ltd., strike price $55, expires 06/17/06

 

$

(12,000

)

 

(100

)

Chesapeake Energy Corp., strike price $30, expires 05/20/06

 

 

(6,000

)

 

(200

)

ConocoPhillips, strike price $65, expires 05/20/06

 

 

(23,000

)

 

(100

)

Diamond Offshore Drilling, Inc., strike price $80, expires 06/17/06

 

 

(14,500

)

 

(200

)

Diamond Offshore Drilling, Inc., strike price $85, expires 05/20/06

 

 

(20,000

)

 

(200

)

Encana Corp., strike price $45, expires 05/20/06

 

 

(3,000

)

 

(300

)

Fording Canadian Coal Trust, strike price $35, expires 05/20/06

 

 

(18,000

)

 

(150

)

Forest Oil Corp., strike price $35, expires 05/20/06

 

 

(9,000

)

 

(200

)

Grant Prideco, Inc., strike price $45, expires 06/17/06

 

 

(15,000

)

 

(100

)

Husky Energy, Inc., strike price 64 CAD, expires 05/20/06

 

 

(11,627

)

 

(200

)

Husky Energy, Inc., strike price 68 CAD, expires 05/20/06

 

 

(57,243

)

 

(100

)

Kerr-Mcgee Corp., strike price $95, expires 05/20/06

 

 

(11,500

)

 

(200

)

Massey Energy Co., strike price $35, expires 05/20/06

 

 

(4,000

)

 

(100

)

McDermott Intl., Inc., strike price $55, expires 05/20/06

 

 

(2,750

)

 

(400

)

Nabors Industries Ltd., strike price $67.50, expires 05/20/06

 

 

(10,000

)

 

(200

)

National-Oilwell Varco, Inc., strike price $60, expires 05/20/06

 

 

(4,000

)

 

(30

)

Nexen, Inc., strike price 58 CAD, expires 05/20/06

 

 

(738

)

 

(150

)

Noble Corp., strike price $75, expires 05/20/06

 

 

(17,625

)

 

(150

)

Petroleo Brasileiro SA (ADR), strike price $85, expires 05/20/06

 

 

(3,375

)

 

(250

)

Plains Exploration & Production, strike price $35, expires 05/20/06

 

 

(11,250

)

 

(100

)

Potash Corp. of Saskatchewan, strike price $85, expires 05/20/06

 

 

(4,500

)

 

(200

)

Schlumberger Ltd., strike price $60, expires 05/20/06

 

 

(5,000

)

 

(100

)

Transocean Sedco Forex, Inc., strike price $75, expires 05/20/06

 

 

(8,000

)

 

(200

)

Weatherford Intl. Ltd., strike price $45, expires 05/20/06

 

 

(3,000

)

 

 

 

 

 



 

 

 

 

Total Outstanding Put Options Written (premium received ($484,952))

 

 

(315,358

)

 

 

 

 

 



 

 

 

 

Total outstanding options written (premium received ($8,153,260))

 

 

(12,390,993

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—100.0%

 

$

946,113,827

 

 

 

 

Liabilities in excess of other assets—0.0%

 

 

(459,234

)

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

945,654,593

 

 

 

 

 

 



 


 

 


1

Non-income producing security.

2

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

3

Security is fair valued.

4

Rate shown is yield to maturity as of April 30, 2006.

5

Cost for federal income tax purposes is $763,975,069. The net unrealized appreciation on a tax basis is $194,529,751, consisting of $204,247,419 gross unrealized appreciation and $9,717,668 gross unrealized depreciation.


 

 

KEY TO ABBREVIATIONS

 

          ADR — American Depositary Receipts

          CAD — Canadian Dollar

          GBP — British Pound

          EUR — Euro

          NOK — Norwegian Kroner

 

See Notes to Financial Statements.

24


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Opportunities Equity Trust (BOE)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 








 

 

 

LONG-TERM INVESTMENTS—94.1%

 

 

 

 

 

 

 

Common Stocks—94.1%

 

 

 

 

 

 

 

Australia—2.7%

 

 

 

 

 

604,300

 

Foster’s Group Ltd.

 

$

2,699,612

 

 

115,000

 

Publishing & Broadcasting Ltd.

 

 

1,622,487

 

 

89,700

 

QBE Insurance Group Ltd.

 

 

1,525,190

 

 

137,532

 

St. George Bank Ltd.

 

 

3,223,521

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

9,070,810

 

 

 

 

 

 



 

 

 

 

Brazil—1.8%

 

 

 

 

 

200,250

 

Gerdau SA (ADR)

 

 

3,464,325

 

 

26,900

 

Petroleo Brasileiro SA (ADR)

 

 

2,658,527

 

 

 

 

 

 



 

 

 

 

Total Brazil

 

 

6,122,852

 

 

 

 

 

 



 

 

 

 

Canada—3.3%

 

 

 

 

 

70,000

1

Barrick Gold Corp.

 

 

2,133,600

 

 

21,000

 

Canadian Imperial Bank of Commerce

 

 

1,554,269

 

 

120,000

 

CI Financial, Inc.

 

 

3,448,504

 

 

45,100

 

Fording Canadian Coal Trust

 

 

1,657,425

 

 

37,000

 

Teck Cominco Ltd., Class B

 

 

2,550,834

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

11,344,632

 

 

 

 

 

 



 

 

 

 

China—1.0%

 

 

 

 

 

31,600

 

PetroChina Co. Ltd. (ADR)

 

 

3,551,840

 

 

 

 

 

 



 

 

 

 

Denmark—1.0%

 

 

 

 

 

84,000

 

Danske Bank A/S

 

 

3,341,760

 

 

 

 

 

 



 

 

 

 

Finland—2.0%

 

 

 

 

 

96,000

 

Fortum Oyj

 

 

2,424,707

 

 

98,400

 

Wartsila Oyj

 

 

4,193,521

 

 

 

 

 

 



 

 

 

 

Total Finland

 

 

6,618,228

 

 

 

 

 

 



 

 

 

 

France—1.5%

 

 

 

 

 

2,130

 

Areva SA

 

 

1,612,333

 

 

21,900

 

Societe Generale

 

 

3,345,895

 

 

 

 

 

 



 

 

 

 

Total France

 

 

4,958,228

 

 

 

 

 

 



 

 

 

 

Germany—6.9%

 

 

 

 

 

50,300

 

Bilfinger Berger AG

 

 

3,220,535

 

 

24,600

 

Deutsche Bank AG

 

 

3,008,584

 

 

21,800

 

E.On AG

 

 

2,671,919

 

 

93,100

 

Hannover Rueckversicherung AG

 

 

3,453,194

 

 

117,100

 

IVG Immobilien AG

 

 

3,363,907

 

 

65,700

 

Man AG

 

 

4,979,885

 

 

30,000

 

RWE AG

 

 

2,600,550

 

 

 

 

 

 



 

 

 

 

Total Germany

 

 

23,298,574

 

 

 

 

 

 



 

 

 

 

Greece—1.9%

 

 

 

 

 

55,000

 

Cosmote Mobile Telecommunications SA

 

 

1,348,910

 

 

85,600

 

OPAP SA

 

 

3,164,211

 

 

65,400

 

Piraeus Bank SA

 

 

2,061,077

 

 

 

 

 

 



 

 

 

 

Total Greece

 

 

6,574,198

 

 

 

 

 

 



 

 

 

 

Hong Kong—5.5%

 

 

 

 

 

555,500

 

ASM Pacific Technology

 

 

3,234,858

 

 

358,000

 

Citic Pacific Ltd.

 

 

1,288,251

 

 

750,000

 

Giordano Intl. Ltd.

 

 

442,553

 

 

4,293,000

 

Guangdong Investment Ltd.

 

 

1,799,524

 

 

1,089,000

 

Hang Lung Properties Ltd.

 

 

2,191,119

 

 

480,000

 

Hong Kong Exchanges & Clearing Ltd.

 

 

3,451,434

 

 

459,000

 

Kerry Properties Ltd.

 

 

1,625,056

 

 

2,085,000

 

New World Development Co. Ltd.

 

 

3,737,957

 

 

336,000

 

Yue Yuen Industrial Holdings

 

 

985,903

 

 

 

 

 

 



 

 

 

 

Total Hong Kong

 

 

18,756,655

 

 

 

 

 

 



 

 

 

 

Ireland—1.6%

 

 

 

 

 

210,700

 

Irish Life & Permanent PLC

 

 

5,358,942

 

 

 

 

 

 



 

See Notes to Financial Statements.

25


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 








 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

Italy—3.3%

 

 

 

 

 

177,300

 

Acea SpA

 

$

2,290,513

 

 

154,600

 

Credito Emiliano SpA

 

 

2,153,290

 

 

144,100

 

ENI SpA

 

 

4,399,501

 

 

324,900

 

Unicredito Italiano SpA

 

 

2,447,079

 

 

 

 

 

 



 

 

 

 

Total Italy

 

 

11,290,383

 

 

 

 

 

 



 

 

 

 

Japan—9.8%

 

 

 

 

 

30,100

 

Aisin Seiki Co. Ltd.

 

 

1,131,410

 

 

329,500

 

Bank of Yokohama Ltd.

 

 

2,584,143

 

 

21,000

 

Daito Trust Construction Co. Ltd.

 

 

1,091,819

 

 

151,900

 

Hitachi Construction Machinery Co. Ltd.

 

 

4,148,852

 

 

98,000

 

Isetan Co. Ltd.

 

 

2,009,661

 

 

173,000

 

Mitsui Trust Holdings, Inc.

 

 

2,389,927

 

 

414

 

Mizuho Financial Group, Inc.

 

 

3,530,444

 

 

600,000

 

Morinaga & Co. Ltd.

 

 

1,654,591

 

 

222,500

 

NSK Ltd.

 

 

2,012,690

 

 

250,000

 

Obayashi Corp.

 

 

1,912,352

 

 

485

 

Resona Holdings, Inc.

 

 

1,652,659

 

 

260,000

 

Shimizu Corp.

 

 

1,799,324

 

 

58,000

 

Showa Shell Sekiyu KK

 

 

719,238

 

 

208

 

Sumitomo Mitsui Financial Group, Inc.

 

 

2,283,406

 

 

44,500

 

TonenGeneral Sekiyu KK

 

 

483,436

 

 

31,800

 

Toyota Industries Corp.

 

 

1,418,733

 

 

20,100

 

Toyota Motor Corp. (ADR)

 

 

2,354,313

 

 

 

 

 

 



 

 

 

 

Total Japan

 

 

33,176,998

 

 

 

 

 

 



 

 

 

 

Mexico—1.3%

 

 

 

 

 

840,900

 

Grupo Mexico SA de CV

 

 

2,947,994

 

 

450,000

 

Kimberly-Clark de Mexico SA de CV

 

 

1,587,757

 

 

 

 

 

 



 

 

 

 

Total Mexico

 

 

4,535,751

 

 

 

 

 

 



 

 

 

 

Netherlands—3.9%

 

 

 

 

 

101,150

 

ABN Amro Holding NV

 

 

3,023,117

 

 

87,250

 

ING Groep NV

 

 

3,551,026

 

 

109,700

 

Koninklijke Wessanen NV

 

 

1,774,266

 

 

26,300

 

Rodamco Europe NV

 

 

2,830,276

 

 

19,500

 

SBM Offshore NV

 

 

2,092,343

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

13,271,028

 

 

 

 

 

 



 

 

 

 

New Zealand—0.6%

 

 

 

 

 

520,000

 

Telecom Corp. of New Zealand Ltd.

 

 

1,902,925

 

 

 

 

 

 



 

 

 

 

Norway—4.0%

 

 

 

 

 

247,000

 

DNB NOR ASA

 

 

3,425,436

 

 

61,500

 

Orkla ASA

 

 

3,237,000

 

 

120,900

 

Statoil ASA

 

 

3,980,844

 

 

249,000

 

Storebrand ASA

 

 

2,948,323

 

 

 

 

 

 



 

 

 

 

Total Norway

 

 

13,591,603

 

 

 

 

 

 



 

 

 

 

Singapore—1.4%

 

 

 

 

 

609,000

 

Singapore Exchange Ltd.

 

 

1,656,461

 

 

310,500

 

United Overseas Bank Ltd.

 

 

3,201,436

 

 

 

 

 

 



 

 

 

 

Total Singapore

 

 

4,857,897

 

 

 

 

 

 



 

 

 

 

South Africa—2.1%

 

 

 

 

 

675,400

 

African Bank Investments Ltd.

 

 

3,774,377

 

 

165,200

 

Foschini Ltd.

 

 

1,673,294

 

 

370,800

 

Truworths Intl. Ltd.

 

 

1,788,474

 

 

 

 

 

 



 

 

 

 

Total South Africa

 

 

7,236,145

 

 

 

 

 

 



 

 

 

 

South Korea—3.3%

 

 

 

 

 

44,600

 

Daelim Industrial Co.

 

 

3,404,580

 

 

48,600

 

GS Engineering & Construction Corp.

 

 

3,524,428

 

 

33,000

 

Hyundai Heavy Industries

 

 

3,162,850

 

 

12,000

 

S-Oil Corp.

 

 

928,753

 

 

 

 

 

 



 

 

 

 

Total South Korea

 

 

11,020,611

 

 

 

 

 

 



 

See Notes to Financial Statements.

26


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

Spain—0.5%

 

 

 

 

 

63,600

 

Gestevision Telecinco SA

 

$

1,624,823

 

 

 

 

 

 



 

 

 

 

Sweden—5.5%

 

 

 

 

 

142,600

 

Assa Abloy AB

 

 

2,761,275

 

 

92,500

 

D. Carnegie AB

 

 

2,055,108

 

 

129,423

 

Lindex AB

 

 

1,916,961

 

 

245,300

 

Nordea Bank AB

 

 

3,165,086

 

 

62,100

 

Oriflame Cosmetics SA (ADR)

 

 

2,350,131

 

 

62,300

 

Sandvik AB

 

 

4,055,075

 

 

139,700

 

Skanska AB

 

 

2,420,371

 

 

 

 

 

 



 

 

 

 

Total Sweden

 

 

18,724,007

 

 

 

 

 

 



 

 

 

 

Thailand—0.5%

 

 

 

 

 

5,313,000

2

Krung Thai Bank PCL

 

 

1,741,271

 

 

 

 

 

 



 

 

 

 

United Kingdom—18.0%

 

 

 

 

 

226,200

 

Arriva PLC

 

 

2,390,366

 

 

225,400

 

BAA PLC

 

 

3,483,470

 

 

635,300

 

Bodycote Intl.

 

 

3,240,913

 

 

40,800

 

BP PLC (ADR)

 

 

3,007,776

 

 

1,767,700

 

Brit Insurance Holdings PLC

 

 

3,094,555

 

 

126,200

 

Dairy Crest Group PLC

 

 

1,083,924

 

 

295,000

 

De La Rue PLC

 

 

2,921,058

 

 

244,600

 

Diageo PLC

 

 

4,036,672

 

 

289,900

 

Exam PLC

 

 

2,881,132

 

 

510,100

 

Friends Provident PLC

 

 

1,830,157

 

 

580,900

 

GKN PLC

 

 

3,320,912

 

 

269,000

 

Hanson PLC

 

 

3,593,174

 

 

117,900

 

IMI PLC

 

 

1,209,358

 

 

207,000

 

Kelda Group PLC

 

 

2,899,012

 

 

807,300

 

Legal & General Group PLC

 

 

2,038,934

 

 

26,100

 

Rio Tinto PLC

 

 

1,435,457

 

 

41,900

 

Royal Dutch Shell PLC (ADR)

 

 

2,854,647

 

 

40,900

 

Sabmiller, Inc.

 

 

862,929

 

 

144,428

 

Scottish & Southern Energy PLC

 

 

2,962,936

 

 

163,400

 

Smiths Group PLC

 

 

3,037,789

 

 

205,313

 

United Utilities PLC

 

 

2,512,218

 

 

93,450

 

Viridian Group PLC

 

 

1,638,502

 

 

114,200

 

Whitbread PLC

 

 

2,332,397

 

 

99,897

 

Wolverhampton & Dudley Brew PLC

 

 

2,368,177

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

61,036,465

 

 

 

 

 

 



 

 

 

 

United States—10.7%

 

 

 

 

 

212,289

 

Alaska Communications Systems Group, Inc.

 

 

2,676,964

 

 

47,200

1

Alliance Bernstein Holdings LP

 

 

3,042,040

 

 

20,400

1

Altria Group, Inc.

 

 

1,492,464

 

 

17,700

1

Arch Coal, Inc.

 

 

1,681,323

 

 

77,300

1

Archer-Daniels-Midland Co.

 

 

2,809,082

 

 

38,700

 

Atmos Energy Corp.

 

 

1,027,098

 

 

46,921

1

Caterpillar, Inc.

 

 

3,553,797

 

 

75,000

1

Consolidated Edison, Inc.

 

 

3,234,000

 

 

70,000

1

McDonald’s Corp.

 

 

2,419,900

 

 

40,500

 

Newmont Mining Corp.

 

 

2,363,580

 

 

64,800

 

Pepco Holdings, Inc.

 

 

1,495,584

 

 

72,900

1

RR Donnelley & Sons Co.

 

 

2,456,001

 

 

109,500

 

Strategic Hotels & Resorts, Inc.

 

 

2,483,460

 

 

57,100

 

UST, Inc.

 

 

2,508,403

 

 

166,805

1

Vector Group Ltd.

 

 

3,002,490

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

36,246,186

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $289,042,775)

 

 

319,252,812

 

 

 

 

 

 



 

See Notes to Financial Statements.

27


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

MONEY MARKET FUND—3.9%

 

 

 

 

 

13,037,380

 

Fidelity Institutional Money Market Prime Portfolio (cost $13,037,380)

 

$

13,037,380

 

 


 

 

 



 

 

Contracts

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Total investments before outstanding options written (cost $302,080,1553)

 

 

332,290,192

 

 

 

 

 

 



 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(1.5)%

 

 

 

 

 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(100,000)

 

Sabmiller, Inc., strike price 10.83 GBP, expires 05/31/06 (premium received ($29,369))

 

 

(9,956

)

 

 

 

 

 



 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.5)%

 

 

 

 

 

(89,200)

 

ACEA SpA, strike price 10.42 EUR, expires 05/31/06

 

 

(6,043

)

 

(260,000)

 

African Bank Investments Ltd., strike price 34.11 ZAR, expires 06/28/06

 

 

(53,189

)

 

(120,000)

 

Alaska Communications Systems Group, Inc., strike price $12, expires 05/19/06

 

 

(80,280

)

 

(37,900)

 

Alaska Communications Systems Group, Inc., strike price $12.23, expires 06/16/06

 

 

(22,323

)

 

(55)

 

Alliance Bernstein Holdings LP, strike price $65, expires 05/20/06

 

 

(4,400

)

 

(15,200)

 

Alliance Bernstein Holdings LP, strike price $72.50, expires 06/16/06

 

 

(1,459

)

 

(100)

 

Altria Group, Inc., strike price $75, expires 06/17/06

 

 

(15,000

)

 

(70)

 

Arch Coal, Inc., strike price $80, expires 05/20/06

 

 

(114,800

)

 

(330)

 

Archer-Daniels-Midland Co., strike price $40, expires 06/17/06

 

 

(29,700

)

 

(930)

 

Areva SA, strike price 552.54 EUR, expires 05/31/06

 

 

(62,816

)

 

(101,700)

 

Arriva PLC, strike price 5.83 GBP, expires 06/28/06

 

 

(35,533

)

 

(293,000)

 

ASM Pacific Technology, strike price 44.29 HKD, expires 05/24/06

 

 

(70,974

)

 

(68,700)

 

Assa Abloy AB, strike price 141.95 SEK, expires 05/31/06

 

 

(42,351

)

 

(16,000)

 

Atmos Energy Corp., strike price $27, expires 06/16/06

 

 

(4,000

)

 

(97,000)

 

BAA PLC, strike price 8.56 GBP, expires 06/28/06

 

 

(36,424

)

 

(350)

 

Barrick Gold Corp., strike price $30, expires 05/20/06

 

 

(45,500

)

 

(22,300)

 

Bilfinger Berger AG, strike price 53.11 EUR, expires 05/31/06

 

 

(6,578

)

 

(195,000)

 

Bodycote Intl., strike price 2.82 GBP, expires 06/28/06

 

 

(23,512

)

 

(102,700)

 

Bodycote Intl., strike price 2.84 GBP, expires 05/31/06

 

 

(15,134

)

 

(195)

 

BP PLC (ADR), strike price $80, expires 06/17/06

 

 

(5,850

)

 

(870,000)

 

Brit Insurance Holdings PLC, strike price 1.01 GBP, expires 06/28/06

 

 

(23,972

)

 

(137)

 

Canadian Imperial Bank of Commerce, strike price 85 CAD, expires 05/20/06

 

 

(5,514

)

 

(220)

 

Caterpillar, Inc., strike price $80, expires 05/20/06

 

 

(12,100

)

 

(518)

 

CI Financial, Inc., strike price 34 CAD, expires 05/20/06

 

 

(13,899

)

 

(52)

 

CI Financial, Inc., strike price 34 CAD, expires 06/17/06

 

 

(2,558

)

 

(208,000)

 

Citic Pacific Ltd., strike price 23.79 HKD, expires 05/24/06

 

 

(91,063

)

 

(450)

 

Consolidated Edison, Inc., strike price $45, expires 06/02/06

 

 

(4,050

)

 

(55,000)

 

Cosmote Mobile Telecommunications SA, strike price 19.25 EUR, expires 05/31/06

 

 

(38,857

)

 

(62,000)

 

Credito Emiliano SpA, strike price 11.53 EUR, expires 06/09/06

 

 

(8,039

)

 

(15,900)

 

D. Carnegie AB, strike price 154.58 SEK, expires 05/31/06

 

 

(24,946

)

 

(25,000)

 

D. Carnegie AB, strike price 181.39 SEK, expires 06/09/06

 

 

(3,873

)

 

(6,000)

 

Daelim Industrial Co., strike price 67,735.41 KRW, expires 05/11/06

 

 

(29,061

)

 

(10,000)

 

Daelim Industrial Co., strike price 83,300 KRW, expires 07/06/06

 

 

(5,339

)

 

(40,000)

 

Dairy Crest Group PLC, strike price 4.76 GBP, expires 06/28/06

 

 

(10,960

)

 

(71,700)

 

Danske Bank A/S, strike price 77.44 DKK, expires 06/09/06

 

 

(17,738

)

 

(39,500)

 

De La Rue PLC, strike price 5.74 GBP, expires 05/31/06

 

 

(5,597

)

 

(103,100)

 

De La Rue PLC, strike price 5.77 GBP, expires 05/16/06

 

 

(1,997

)

 

(123)

 

Deutsche Bank AG, strike price 96 EUR, expires 05/19/06

 

 

(44,070

)

 

(171,300)

 

Diageo PLC, strike price 9.16 GBP, expires 05/16/06

 

 

(24,006

)

 

(99,000)

 

DNB Nor ASA, strike price 86.70 NOK, expires 05/31/06

 

 

(27,389

)

 

(14,000)

 

E.On AG, strike price 94.72 EUR, expires 06/28/06

 

 

(28,577

)

 

(17,000)

 

ENI SpA, strike price 23.65 EUR, expires 05/31/06

 

 

(18,120

)

 

(108)

 

ENI SpA, strike price 25 EUR, expires 05/19/06

 

 

(7,494

)

 

(20,000)

 

Fording Canadian Coal Trust, strike price 40.10 CAD, expires 05/19/06

 

 

(3,120

)

 

(9,700)

 

Fortum Oyj, strike price 20.50 EUR, expires 05/31/06

 

 

(5,324

)

 

(32,500)

 

Fortum Oyj, strike price 21.77 EUR, expires 06/09/06

 

 

(6,681

)

 

(82,600)

 

Foschini Ltd., strike price 60 ZAR, expires 06/28/06

 

 

(52,019

)

 

(267,800)

 

Foster’s Group Ltd., strike price 5.59 AUD, expires 06/21/06

 

 

(74,670

)

 

(221,000)

 

Freinds Provident PLC, strike price 2.04 GBP, expires 06/28/06

 

 

(17,692

)

 

(1,710)

 

Gerdau SA (ADR), strike price $17.50, expires 06/17/06

 

 

(141,075

)

 

(31,750)

 

Gestevision Telecinco SA, strike price 21.26 EUR, expires 06/28/06

 

 

(19,985

)

 

(320,000)

 

GKN PLC, strike price 3.36 GBP, expires 05/16/06

 

 

(2,428

)

 

(350,000)

 

Goirdano Intl. Ltd., strike price 4.19 HKD, expires 05/24/06

 

 

(8,950

)

 

(38,000)

 

GS Engineering & Construction Corp., strike price 52,461.78 KRW, expires 05/11/06

 

 

(644,113

)

See Notes to Financial Statements.

28


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(1,650,000)

 

Guangdong Investment Ltd., strike price 3.82 HKD, expires 06/27/06

 

$

(6,725

)

 

(545,000)

 

Hang Lung Properties Ltd., strike price 14.25 HKD, expires 05/24/06

 

 

(106,561

)

 

(27,700)

 

Hannover Rueckversicherung AG, strike price 32.01 EUR, expires 06/09/06

 

 

(5,609

)

 

(161,400)

 

Hanson PLC, strike price 8 GBP, expires 05/16/06

 

 

(2,979

)

 

(35,000)

 

Hitachi Construction Machinery Co. Ltd., strike price 3,000 JPY, expires 05/30/06

 

 

(58,912

)

 

(283,000)

 

Hong Kong Exchanges & Clearing Ltd., strike price 42.29 HKD, expires 05/24/06

 

 

(496,179

)

 

(14,000)

 

Hyundai Heavy Industries, strike price 77,737.26 KRW, expires 05/11/06

 

 

(189,302

)

 

(70)

 

IHC Caland NV, strike price 86 EUR, expires 05/19/06

 

 

(14,572

)

 

(53,700)

 

IMI PLC, strike price 5.82 GBP, expires 05/31/06

 

 

(6,385

)

 

(40,800)

 

ING Groep NV, strike price 32.77 EUR, expires 05/31/06

 

 

(27,698

)

 

(142,500)

 

Irish Life & Permanent PLC, strike price 20.21 EUR, expires 05/16/06

 

 

(63,543

)

 

(25,000)

 

Isetan Co. Ltd., strike price 2,483.25 JPY, expires 07/11/06

 

 

(21,682

)

 

(53,800)

 

IVG Immobilien AG, strike price 24.91 EUR, expires 05/31/06

 

 

(706

)

 

(121,000)

 

Kelda Group PLC, strike price 8.08 GBP, expires 05/16/06

 

 

(3,409

)

 

(140,000)

 

Kerry Properties Ltd., strike price 25.80 HKD, expires 05/24/06

 

 

(37,778

)

 

(290,000)

 

Kimberly-Clark de Mexico SA, strike price 39.90 MXN, expires 06/30/06

 

 

(30,744

)

 

(59,200)

 

Koninklijke Wessanen NV, strike price 13.96 EUR, expires 06/09/06

 

 

(5,968

)

 

(364,000)

 

Legal & General Group PLC, strike price 1.47 GBP, expires 05/31/06

 

 

(12,267

)

 

(67,000)

 

Lindex AB, strike price 109.70 SEK, expires 05/31/06

 

 

(27,746

)

 

(9,600)

 

Man AG, strike price 55.43 EUR, expires 05/31/06

 

 

(49,652

)

 

(220)

 

Man AG, strike price 58 EUR, expires 05/19/06

 

 

(76,050

)

 

(280)

 

McDonald’s Corp., strike price $35, expires 05/20/06

 

 

(11,200

)

 

(150,000)

 

Morinaga & Co. Ltd., strike price 328.86 JPY, expires 06/07/06

 

 

(9,668

)

 

(815,000)

 

New World Development Co. Ltd., strike price 13.95 HKD, expires 05/24/06

 

 

(48,322

)

 

(160)

 

Newmont Mining Corp., strike price $57.50, expires 05/20/06

 

 

(35,200

)

 

(40,000)

 

Nordea Bank AB, strike price 234.86 DKK, expires 06/09/06

 

 

(29,179

)

 

(21,500)

 

Oriflame Cosmetics SA (ADR), strike price 289 SEK, expires 06/28/06

 

 

(24,460

)

 

(28,400)

 

Orkla ASA, strike price 334.05 NOK, expires 05/31/06

 

 

(20,036

)

 

(30,000)

 

Pepco Holdings, Inc., strike price $23.10, expires 06/16/06

 

 

(15,960

)

 

(5)

 

PetroChina Co. Ltd. (ADR), strike price $110, expires 05/20/06

 

 

(2,500

)

 

(46)

 

PetroChina Co. Ltd. (ADR), strike price $120, expires 05/20/06

 

 

(4,600

)

 

(65)

 

PetroChina Co. Ltd. (ADR), strike price $120, expires 06/17/06

 

 

(15,925

)

 

(120)

 

Petroleo Brasileiro SA (ADR), strike price $90, expires 05/20/06

 

 

(116,400

)

 

(32,000)

 

Piraeus Bank SA, strike price 25.52 EUR, expires 06/09/06

 

 

(25,212

)

 

(90,000)

 

Publishing & Broadcasting Ltd., strike price 17.97 AUD, expires 05/24/06

 

 

(55,939

)

 

(39,100)

 

QBE Insurance Group Ltd., strike price 23.10 AUD, expires 06/21/06

 

 

(14,645

)

 

(124,200)

 

Rexam PLC, strike price 5.66 GBP, expires 06/28/06

 

 

(12,862

)

 

(25)

 

Rio Tinto PLC, strike price 2,936 GBP, expires 05/19/06

 

 

(66,859

)

 

(26,300)

 

Rodamco Europe NV, strike price 83.94 EUR, expires 05/31/06

 

 

(102,464

)

 

(200)

 

Royal Dutch Shell PLC (ADR), strike price $65, expires 05/20/06

 

 

(66,000

)

 

(100)

 

RR Donnelley & Sons Co., strike price $33.50, expires 05/12/06

 

 

(4,400

)

 

(95)

 

RR Donnelley & Sons Co., strike price $35, expires 06/17/06

 

 

(2,375

)

 

(23,000)

 

RWE AG, strike price 72.33 EUR, expires 06/28/06

 

 

(35,723

)

 

(12,000)

 

S-Oil Corp., strike price 69,028.88 KRW, expires 05/11/06

 

 

(53,489

)

 

(32,000)

 

Sandvik AB, strike price 455.49 SEK, expires 05/31/06

 

 

(90,201

)

 

(72,200)

 

Scottish & Southern Energy PLC, strike price 11.73 GBP, expires 05/16/06

 

 

(5,507

)

 

(261,000)

 

Singapore Exchange Ltd., strike price 4.41 SGD, expires 06/27/06

 

 

(33,331

)

 

(25,700)

 

Skanska AB, strike price 133.11 SEK, expires 06/28/06

 

 

(8,824

)

 

(44,000)

 

Skanska AB, strike price 134 SEK, expires 06/28/06

 

 

(13,505

)

 

(82,200)

 

Smiths Group PLC, strike price 10.64 GBP, expires 06/28/06

 

 

(50,359

)

 

(8,400)

 

Societe Generale, strike price 126.97 EUR, expires 05/31/06

 

 

(14,203

)

 

(89,000)

 

St. George Bank Ltd., strike price 31.11 AUD, expires 06/21/06

 

 

(26,256

)

 

(15,100)

 

Statoil ASA, strike price 179 NOK, expires 06/09/06

 

 

(45,904

)

 

(40,500)

 

Statoil ASA, strike price 184.62 NOK, expires 05/31/06

 

 

(89,866

)

 

(111,400)

 

Storebrand ASA, strike price 78.39 NOK, expires 05/31/06

 

 

(1,715

)

 

(55,000)

 

Strategic Hotels & Resorts, Inc., strike price $22.75, expires 07/21/06

 

 

(48,714

)

 

(150)

 

Teck Cominco Ltd., strike price 78 CAD, expires 05/20/06

 

 

(32,199

)

 

(285,000)

 

Telecom Corp. of New Zealand Ltd., strike price 5.55 NZD, expires 06/21/06

 

 

(43,038

)

 

(128)

 

Toyota Motor Corp. (ADR), strike price $120, expires 06/17/06

 

 

(31,360

)

 

(150,000)

 

Truworths Intl. Ltd., strike price 27.96 ZAR, expires 06/28/06

 

 

(47,060

)

 

(114,000)

 

Unicredito Italiano SpA, strike price 6.09 EUR, expires 06/28/06

 

 

(14,411

)

 

(200,000)

 

United Overseas Bank Ltd., strike price 15.48 SGD, expires 05/24/06

 

 

(78,622

)

 

(161,800)

 

United Utilities PLC, strike price 6.85 GBP, expires 06/28/06

 

 

(13,755

)

 

(170)

 

UST, Inc., strike price $45, expires 06/07/06

 

 

(18,700

)

 

(38,700)

 

Viridian Group PLC, strike price $10.32, expires 05/16/06

 

 

(621

)

See Notes to Financial Statements.

29


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Global Opportunities Equity Trust (BOE) (continued)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(8,500

)

Viridian Group PLC, strike price 10.06 GBP, expires 06/09/06

 

$

(3,232

)

 

(9,000

)

Viridian Group PLC, strike price 9.87 GBP, expires 06/28/06

 

 

(5,751

)

 

(28,545

)

Wartsila Oyj, strike price 30.81 EUR, expires 05/16/06

 

 

(109,557

)

 

(92,000

)

Whitbread PLC, strike price 11.92 GBP, expires 06/28/06

 

 

(24,299

)

 

(57,000

)

Wolverhampton & Dudley Brew PLC, strike price 13.48 GBP, expires 06/28/06

 

 

(29,555

)

 

(184,000

)

Yue Yuen Industrial Holdings, strike price 25.20 HKD, expires 05/24/06

 

 

(709

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($3,142,225))

 

 

(5,000,281

)

 

 

 

 

 



 

 

 

 

Total outstanding options written (premium received ($3,171,593))

 

 

(5,010,237

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—96.5%

 

$

327,279,955

 

 

 

 

Other assets in excess of liabilities—3.5%

 

 

11,913,312

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

339,193,267

 

 

 

 

 

 



 

 

 


1

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

2

Security is fair valued.

3

Cost for federal income tax purposes is $305,826,197. The net unrealized appreciation on a tax basis is $26,463,995, consisting of $28,556,246 gross unrealized appreciation and $2,092,251 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

ADR — American Depositary Receipts

 

EUR — Euro

 

KRW — South Korean Won

 

SEK — Swedish Krona

AUD — Australian Dollar

 

GBP — British Pound

 

MXN — Mexican Peso

 

SGD — Singapore Dollar

CAD — Canadian Dollar

 

HKD — Hong Kong Dollar

 

NOK — Norwegian Krone

 

ZAR — South African Rand

DKK — Danish Krone

 

JPY — Japanese Yen

 

 

 

 

See Notes to Financial Statements.

30


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Health Sciences Trust (BME)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—89.9%

 

 

 

 

 

 

 

Common Stocks—89.9%

 

 

 

 

 

 

 

Canada—1.6%

 

 

 

 

 

305,763

1

Cardiome Pharma Corp.

 

$

3,241,088

 

 

 

 

 

 



 

 

 

 

France—0.7%

 

 

 

 

 

29,956

 

Sanofi-Aventis (ADR)

 

 

1,409,130

 

 

 

 

 

 



 

 

 

 

Switzerland—6.0%

 

 

 

 

 

137,134

 

Novartis AG (ADR)

 

 

7,886,577

 

 

57,300

 

Roche Holding AG

 

 

4,392,807

 

 

 

 

 

 



 

 

 

 

Total Switzerland

 

 

12,279,384

 

 

 

 

 

 



 

 

 

 

United Kingdom—8.1%

 

 

 

 

 

54,200

 

AstraZeneca PLC

 

 

2,988,046

 

 

119,243

 

GlaxoSmithKline PLC (ADR)

 

 

6,782,542

 

 

145,790

 

Shire PLC

 

 

6,904,614

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

16,675,202

 

 

 

 

 

 



 

 

 

 

United States—73.5%

 

 

 

 

 

50,300

2

Abbott Laboratories

 

 

2,149,822

 

 

51,800

1

Advanced Medical Optics

 

 

2,413,880

 

 

246,300

1

Alexion Pharmaceuticals, Inc.

 

 

8,371,737

 

 

23,600

 

Allergan, Inc.

 

 

2,424,192

 

 

35,600

1,2

Amgen, Inc.

 

 

2,410,120

 

 

14,013

1

Arena Pharmaceuticals, Inc.

 

 

198,424

 

 

34,900

1

Aspect Medical Systems, Inc.

 

 

993,254

 

 

57,700

 

Baxter Intl., Inc.

 

 

2,175,290

 

 

19,000

 

Becton Dickinson & Co.

 

 

1,197,760

 

 

337,238

1

BioMarin Pharmaceuticals, Inc.

 

 

4,148,028

 

 

111,800

1

Boston Scientific Corp.

 

 

2,598,232

 

 

197,700

 

Bristol-Myers Squibb Co.

 

 

5,017,626

 

 

59,400

 

C.R. Bard, Inc.

 

 

4,422,924

 

 

143,000

1,2

Caremark Rx, Inc.

 

 

6,513,650

 

 

98,000

1

Community Health Systems, Inc.

 

 

3,551,520

 

 

81,900

1

Cortex Pharmaceuticals, Inc.

 

 

235,872

 

 

118,600

 

CVS Corp.

 

 

3,524,792

 

 

73,100

1

Davita, Inc.

 

 

4,112,606

 

 

52,985

 

Dentsply Intl., Inc.

 

 

3,161,615

 

 

36,452

1

Digene Corp.

 

 

1,505,832

 

 

49,889

1

Edwards Lifesciences Corp.

 

 

2,217,067

 

 

120,700

1

Exelixis, Inc.

 

 

1,298,732

 

 

143,873

1

Gene Logic, Inc.

 

 

415,793

 

 

39,800

1

Gilead Sciences, Inc.

 

 

2,288,500

 

 

36,867

1

InterMune, Inc.

 

 

589,503

 

 

217,764

1

Keryx Biopharmaceuticals, Inc.

 

 

3,708,521

 

 

83,200

1

Kosan Biosciences, Inc.

 

 

416,000

 

 

140,200

 

Manor Care, Inc.

 

 

6,147,770

 

 

59,400

1

Medco Health Solutions, Inc.

 

 

3,161,862

 

 

101,189

1

Medimmune, Inc.

 

 

3,184,418

 

 

266,600

 

Merck & Co., Inc.

 

 

9,176,372

 

 

314,000

 

Pfizer, Inc.

 

 

7,953,620

 

 

86,200

 

Quest Diagnostics

 

 

4,803,926

 

 

87,900

1

Regeneron Pharmaceuticals

 

 

1,276,308

 

 

132,616

1

Renovis, Inc.

 

 

2,339,346

 

 

146,200

1

Respironics, Inc.

 

 

5,353,844

 

 

482,000

 

Schering-Plough Corp.

 

 

9,312,240

 

 

28,800

1

Sybron Dental Specialties

 

 

1,354,752

 

 

133,818

1

Varian Medical Systems, Inc.

 

 

7,009,387

 

 

124,988

1

Waters Corp.

 

 

5,664,456

 

 

162,870

1

Wright Medical Group, Inc.

 

 

3,822,559

 

 

172,900

 

Wyeth

 

 

8,415,043

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

151,037,195

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $173,426,130)

 

 

184,641,999

 

 

 

 

 

 



 

See Notes to Financial Statements.

31


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Health Sciences Trust (BME) (continued)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

SHORT-TERM INVESTMENTS—7.6%

 

 

 

 

 

 

 

Money Market Fund—3.0%

 

 

 

 

 

6,180,336

 

Fidelity Institutional Money Market Prime Portfolio

 

$

6,180,336

 

 

 

 

 

 



 

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

U.S. Government and Agency Zero Coupon Bond—4.6%

 

 

 

 

$

9,400,000

3

Federal Home Loan Bank Discount Notes, 4.71%, 5/01/06

 

 

9,400,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments (cost $15,580,336)

 

 

15,580,336

 

 

 

 

 

 



 

 


 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING OPTION PURCHASED—0.0%

 

 

 

 

 

100

4

Aspect Medical Systems, Inc., strike price $35, expires 05/20/06 (cost $2,650)

 

 

500

 

 

 

 

 

 



 

 

 

 

Total investments before outstanding options written (cost $189,009,1165)

 

 

200,222,835

 

 

 

 

 

 



 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(0.4)%

 

 

 

 

 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—(0.1)%

 

 

 

 

 

(100

)

Abbott Laboratories, strike price $40, expires 05/20/06

 

 

(750

)

 

(90

)

Amgen, Inc., strike price $67.5, expires 05/20/06

 

 

(9,900

)

 

(385

)

Biomarin Pharmaceuticals, Inc., strike price $12.50, expires 05/20/06

 

 

(25,025

)

 

(125

)

Digene Corp., strike price $40, expires 05/20/06

 

 

(14,375

)

 

(90

)

Medco Health Solutions, Inc., strike price $50, expires 05/20/06

 

 

(4,950

)

 

(70

)

Regeneron Pharmaceuticals, strike price $15, expires 05/20/06

 

 

(5,950

)

 

(125

)

Waters Corp., strike price $40, expires 05/20/06

 

 

(2,500

)

 

 

 

 

 



 

 

 

 

Total outstanding put options written (premium received ($90,938))

 

 

(63,450

)

 

 

 

 

 



 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(0.3)%

 

 

 

 

 

(65

)

Advanced Medical Optics, strike price $50, expires 05/20/06

 

 

(1,625

)

 

(435

)

Alexion Pharmaceuticals, Inc., strike price $35, expires 05/20/06

 

 

(41,325

)

 

(40

)

Allergan, Inc., strike price $100, expires 05/20/06

 

 

(18,000

)

 

(100

)4

Aspect Medical Systems, Inc., strike price $40, expires 05/20/06

 

 

(1,000

)

 

(130

)

AstraZeneca PLC, strike price $55, expires 07/22/06

 

 

(37,050

)

 

(100

)

Baxter Intl., Inc., strike price $40, expires 05/20/06

 

 

(1,000

)

 

(100

)

Becton Dickinson & Co., strike price $65, expires 06/17/06

 

 

(9,750

)

 

(140

)

Boston Scientific Corp., strike price $22.50, expires 05/20/06

 

 

(14,700

)

 

(130

)

Bristol-Myers Squibb Co., strike price $25, expires 05/20/06

 

 

(9,750

)

 

(150

)

Bristol-Myers Squibb Co., strike price $25, expires 06/17/06

 

 

(16,500

)

 

(100

)

C.R. Bard, Inc., strike price $75, expires 07/22/06

 

 

(33,000

)

 

(750

)

Cardiome Pharma Corp., strike price $12.50, expires 09/16/06

 

 

(97,500

)

 

(550

)

Caremark Rx, Inc., strike price $55, expires 06/17/06

 

 

(11,000

)

 

(150

)

Community Health Systems, Inc., strike price $40, expires 06/17/06

 

 

(2,625

)

 

(285

)

CVS Corp., strike price $30, expires 05/20/06

 

 

(21,375

)

 

(16,000

)

Davita, Inc., strike price $58, expires 06/16/06

 

 

(25,568

)

 

(140

)

Dentsply Intl., Inc., strike price $60, expires 07/22/06

 

 

(28,700

)

 

(75

)

Edwards Lifesciences Corp., strike price $45, expires 05/20/06

 

 

(4,500

)

 

(130

)

Exelixis, Inc., strike price $12.50, expires 05/20/06

 

 

(2,600

)

 

(100

)

Gilead Sciences, Inc., strike price $65, expires 05/20/06

 

 

(2,500

)

 

(150

)

GlaxoSmithKline PLC (ADR), strike price $55, expires 05/20/06

 

 

(34,500

)

 

(60

)

Intermune, Inc., strike price $17.50, expires 05/20/06

 

 

(1,500

)

 

(200

)

Keryx Biopharmaceuticals, Inc., strike price $17.50, expires 05/20/06

 

 

(7,000

)

 

(200

)

Keryx Biopharmaceuticals, Inc., strike price $17.50, expires 06/17/06

 

 

(17,000

)

 

(200

)4

Keryx Biopharmaceuticals, Inc., strike price $20, expires 05/20/06

 

 

(2,000

)

 

(120

)

Manor Care, Inc., strike price $45, expires 06/17/06

 

 

(7,800

)

 

(160

)

Medco Health Solutions, Inc., strike price $55, expires 05/20/06

 

 

(14,400

)

 

(350

)

Merck & Co., Inc., strike price $35, expires 06/17/06

 

 

(22,750

)

 

(17,000

)

Novartis AG (ADR), strike price $57, expires 05/19/06

 

 

(20,806

)

 

(250

)

Pfizer, Inc., strike price $25.50, expires 05/12/06

 

 

(4,000

)

 

(17,900

)

Pfizer, Inc., strike price $26.68, expires 05/26/06

 

 

(412

)

 

(55

)

Quest Diagnostics, strike price $55, expires 05/20/06

 

 

(7,837

)

 

(300

)4

Renovis, Inc., strike price $25, expires 05/20/06

 

 

(3,000

)

 

(120

)4

Respironics, Inc., strike price $40, expires 05/20/06

 

 

(2,400

)

 

(28,500

)

Roche Holding AG, strike price $78.13, expires 05/19/06

 

 

(21,945

)

 

(40

)

Sanofi-Aventis (ADR), strike price $45, expires 05/20/06

 

 

(10,000

)

 

(550

)

Schering-Plough Corp., strike price $20, expires 05/20/06

 

 

(5,500

)

 

(100

)

Shire PLC, strike price $47.50, expires 05/20/06

 

 

(10,000

)

See Notes to Financial Statements.

32


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Health Sciences Trust (BME) (continued)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(100)

 

Shire PLC, strike price $50, expires 05/20/06

 

$

(4,250

)

 

(35)

 

Varian Medical Systems, strike price $55, expires 05/20/06

 

 

(875

)

 

(150)

 

Varian Medical Systems, strike price $60, expires 05/20/06

 

 

(2,250

)

 

(195)

 

Waters Corp., strike price $45, expires 05/20/06

 

 

(23,888

)

 

(250)

 

Wright Medical Group, Inc., strike price $25, expires 06/17/06

 

 

(12,500

)

 

(200)

 

Wyeth, strike price $47.50, expires 06/17/06

 

 

(36,000

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($720,021))

 

 

(652,681

)

 

 

 

 

 



 

 

 

 

Total outstanding options written (premium received ($810,959))

 

 

(716,131

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—97.1%

 

$

199,506,704

 

 

 

 

Other assets in excess of liabilities—2.9%

 

 

5,864,914

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

205,371,618

 

 

 

 

 

 



 


 

 


1

Non-income producing security.

2

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

3

Rate shown is yield to maturity as of April 30, 2006.

4

Security is fair valued.

5

Cost for federal income tax purposes is $192,089,878. The net unrealized appreciation on a tax basis is $8,132,957, consisting of $10,227,601 gross unrealized appreciation and $2,094,644 gross unrealized depreciation.


KEY TO ABBREVIATIONS

ADR — American Depositary Receipts
REIT — Real Estate Investment Trust  

See Notes to Financial Statements.

33


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

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

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—99.3%

 

 

 

 

 

 

 

Common Stocks—99.3%

 

 

 

 

 

 

 

Australia—5.4%

 

 

 

 

 

281,000

 

CSR Ltd.

 

$

864,635

 

 

64,700

 

National Australia Bank Ltd.

 

 

1,848,754

 

 

126,100

 

Santos Ltd.

 

 

1,132,411

 

 

84,400

 

TABCORP Holdings Ltd.

 

 

981,082

 

 

33,200

 

Wesfarmers Ltd.

 

 

913,100

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

5,739,982

 

 

 

 

 

 



 

 

 

 

Austria—0.8%

 

 

 

 

 

3,500

1

Boehler-Uddeholm AG

 

 

793,973

 

 

 

 

 

 



 

 

 

 

Canada—6.7%

 

 

 

 

 

25,500

 

Bank of Montreal

 

 

1,474,965

 

 

14,100

 

Bank of Nova Scotia

 

 

586,675

 

 

16,000

 

Enbridge, Inc.

 

 

474,398

 

 

36,800

 

Royal Bank of Canada

 

 

1,574,627

 

 

52,400

 

Toronto-Dominion Bank

 

 

2,926,864

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

7,037,529

 

 

 

 

 

 



 

 

 

 

Denmark—1.2%

 

 

 

 

 

32,400

 

Danske Bank A/S

 

 

1,288,965

 

 

 

 

 

 



 

 

 

 

Finland—0.4%

 

 

 

 

 

10,700

 

Stockmann Oyj ABP

 

 

438,724

 

 

 

 

 

 



 

 

 

 

France—4.6%

 

 

 

 

 

19,200

 

AXA

 

 

704,643

 

 

11,700

 

Bouygues

 

 

638,405

 

 

19,400

 

M6-Metropole Television

 

 

605,026

 

 

5,300

 

Societe Generale

 

 

809,737

 

 

4,300

 

Total SA

 

 

1,189,140

 

 

9,100

 

Vinci SA

 

 

904,099

 

 

 

 

 

 



 

 

 

 

Total France

 

 

4,851,050

 

 

 

 

 

 



 

 

 

 

Germany—1.6%

 

 

 

 

 

10,500

 

BASF AG

 

 

898,800

 

 

3,800

 

SAP AG

 

 

831,298

 

 

 

 

 

 



 

 

 

 

Total Germany

 

 

1,730,098

 

 

 

 

 

 



 

 

 

 

Hong Kong—1.8%

 

 

 

 

 

71,000

 

Esprit Holdings Ltd.

 

 

566,842

 

 

22,600

 

Hang Seng Bank Ltd.

 

 

292,655

 

 

204,500

 

Hong Kong Electric Holding

 

 

1,007,558

 

 

 

 

 

 



 

 

 

 

Total Hong Kong

 

 

1,867,055

 

 

 

 

 

 



 

 

 

 

Ireland—0.3%

 

 

 

 

 

16,600

 

Bank of Ireland

 

 

311,208

 

 

 

 

 

 



 

 

 

 

Italy—1.3%

 

 

 

 

 

156,200

 

Enel SpA

 

 

1,349,881

 

 

 

 

 

 



 

 

 

 

Japan—5.0%

 

 

 

 

 

19,200

 

Kesko Oyj

 

 

662,737

 

 

53,000

 

Mitsui & Co. Ltd.

 

 

801,063

 

 

12,000

 

Nitto Denko Corp.

 

 

1,006,455

 

 

53,000

 

Ricoh Co. Ltd.

 

 

1,051,947

 

 

42,000

 

Sharp Corp.

 

 

737,347

 

 

17,300

 

Toyota Motor Corp.

 

 

1,011,883

 

 

 

 

 

 



 

 

 

 

Total Japan

 

 

5,271,432

 

 

 

 

 

 



 

 

 

 

Netherlands—1.8%

 

 

 

 

 

20,800

 

ABN Amro Holding NV

 

 

621,659

 

 

104,100

 

Koninklijke (Royal) KPN NV

 

 

1,222,713

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

1,844,372

 

 

 

 

 

 



 

 

 

 

Spain—0.6%

 

 

 

 

 

32,600

 

Indra Sistemas SA

 

 

671,215

 

 

 

 

 

 



 

See Notes to Financial Statements.

34


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

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

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

Sweden—3.2%

 

 

 

 

 

15,300

 

Hennes & Mauritz AB

 

$

581,097

 

 

85,000

1

Ratos AB

 

 

1,432,240

 

 

42,500

1

Ratos AB (Redemption shares)

 

 

109,151

 

 

27,000

 

Scania AB

 

 

1,256,607

 

 

 

 

 

 



 

 

 

 

Total Sweden

 

 

3,379,095

 

 

 

 

 

 



 

 

 

 

United Kingdom—10.6%

 

 

 

 

 

55,300

 

Alliance & Leicester PLC

 

 

1,132,461

 

 

141,100

 

Barclays PLC

 

 

1,762,528

 

 

122,800

 

BP PLC

 

 

1,514,902

 

 

33,500

 

Gallaher Group PLC

 

 

532,085

 

 

40,000

 

George Wimpey PLC

 

 

381,852

 

 

61,200

 

HSBC Holdings PLC

 

 

1,057,424

 

 

193,500

 

Rentokil Initial PLC

 

 

563,690

 

 

46,300

 

Royal Dutch Shell PLC

 

 

1,587,649

 

 

69,183

 

Scottish & Southern Energy PLC

 

 

1,419,287

 

 

540,000

 

Vodafone Goup PLC

 

 

1,275,211

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

11,227,089

 

 

 

 

 

 



 

 

 

 

United States—54.0%

 

 

 

 

 

24,300

 

Abbott Laboratories

 

 

1,038,582

 

 

16,500

 

Agree Realty Corp. (REIT)

 

 

518,760

 

 

22,600

 

Alcoa, Inc.

 

 

763,428

 

 

55,700

 

Allied Capital Corp.

 

 

1,730,042

 

 

29,600

 

Altria Group, Inc.

 

 

2,165,536

 

 

17,900

 

Ameren Corp.

 

 

901,623

 

 

11,100

 

American Intl. Group

 

 

724,275

 

 

60,200

 

AT&T, Inc.

 

 

1,577,842

 

 

47,200

 

Bank of America Corp.

 

 

2,356,224

 

 

50,400

 

BellSouth Corp.

 

 

1,702,512

 

 

12,800

 

Chevron Corp.

 

 

781,056

 

 

13,200

1

Cisco Systems, Inc.

 

 

276,540

 

 

11,200

 

Colonial Properties Trust (REIT)

 

 

551,488

 

 

5,900

 

Comerica, Inc.

 

 

335,533

 

 

17,300

 

ConAgra Foods, Inc.

 

 

392,364

 

 

14,100

 

Consolidated Edison, Inc.

 

 

607,992

 

 

26,200

 

Duke Energy Corp.

 

 

762,944

 

 

18,800

 

Eli Lilly & Co.

 

 

994,896

 

 

22,600

 

Emerson Electric Co.

 

 

1,919,870

 

 

14,400

 

Equity Residential (REIT)

 

 

646,128

 

 

35,800

 

Exxon Mobil Corp.

 

 

2,258,264

 

 

25,900

 

First Industrial Realty Trust, Inc. (REIT)

 

 

1,016,316

 

 

76,100

 

General Electric Co.

 

 

2,632,299

 

 

64,100

 

GlaxoSmithKline PLC

 

 

1,818,805

 

 

37,600

 

Health Care REIT, Inc. (REIT)

 

 

1,308,480

 

 

31,000

 

Hewlett-Packard Co.

 

 

1,006,570

 

 

21,400

 

Home Depot, Inc.

 

 

854,502

 

 

12,700

 

Hospitality Properties Trust (REIT)

 

 

547,370

 

 

11,500

 

Intel Corp.

 

 

229,770

 

 

16,400

 

Intl. Business Machines Corp.

 

 

1,350,376

 

 

23,700

 

Johnson & Johnson

 

 

1,389,057

 

 

17,300

 

KeyCorp

 

 

661,206

 

 

33,800

 

Kimco Realty Corp. (REIT)

 

 

1,254,994

 

 

10,800

 

Liberty Property Trust (REIT)

 

 

482,760

 

 

27,600

 

Linear Technology Corp.

 

 

979,800

 

 

11,400

 

Maxim Integrated Products, Inc.

 

 

401,964

 

 

23,000

 

McDonald’s Corp.

 

 

795,110

 

 

25,000

 

Merck & Co., Inc.

 

 

860,500

 

 

25,500

 

Microchip Technology, Inc.

 

 

950,130

 

 

79,700

 

Microsoft Corp.

 

 

1,924,755

 

 

17,100

 

Morgan Stanley

 

 

1,099,530

 

 

47,400

 

Motorola, Inc.

 

 

1,011,990

 

 

34,400

 

Nationwide Health Properties, Inc. (REIT)

 

 

740,288

 

 

7,900

 

PepsiCo, Inc.

 

 

460,096

 

See Notes to Financial Statements.

35


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

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

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

United States—(cont’d)

 

 

 

 

 

56,800

 

Pfizer, Inc.

 

$

1,438,744

 

 

9,300

 

Pitney Bowes, Inc.

 

 

389,205

 

 

10,700

 

Progress Energy, Inc.

 

 

457,960

 

 

8,600

 

Public Service Enterprise Group, Inc.

 

 

539,220

 

 

17,300

 

Reckson Associates Realty Corp. (REIT)

 

 

703,764

 

 

32,900

 

Thornburg Mortgage, Inc. (REIT)

 

 

951,139

 

 

13,800

 

United Technologies Corp.

 

 

866,778

 

 

21,900

 

UST, Inc.

 

 

962,067

 

 

7,900

 

Vornado Realty Trust (REIT)

 

 

755,556

 

 

13,800

 

Wachovia Corp.

 

 

825,930

 

 

12,100

 

Wal-Mart Stores, Inc.

 

 

544,863

 

 

19,360

 

Washington Federal, Inc.

 

 

463,091

 

 

19,100

 

Wells Fargo & Co.

 

 

1,311,979

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

56,992,863

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $85,154,558)

 

 

104,794,531

 

 

 

 

 

 



 

 

 

 

MONEY MARKET FUND—0.6%

 

 

 

 

 

613,105

 

Fidelity Institutional Money Market Prime Portfolio (cost $613,105)

 

 

613,105

 

 

 

 

 

 



 

 

 

 

Total investments—99.9% (cost $85,767,6632)

 

$

105,407,636

 

 

 

 

Other assets in excess of liabilities—0.1%

 

 

103,918

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

105,511,554

 

 

 

 

 

 



 


 

 


1

Non-income producing security.

2

Cost for federal income tax purposes is $85,781,342. The net unrealized appreciation on a tax basis is $19,626,294, consisting of $20,723,625 gross unrealized appreciation and $1,097,331 gross unrealized depreciation.


 

KEY TO ABBREVIATIONS

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

36


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—99.0%

 

 

 

 

 

 

 

Common Stocks—99.0%

 

 

 

 

 

 

 

Automotive—4.0%

 

 

 

 

 

207,000

 

Genuine Parts Co.

 

$

9,035,550

 

 

75,000

 

Harsco Corp.

 

 

6,251,250

 

 

95,000

 

Superior Industries Intl.

 

 

1,787,900

 

 

 

 

 

 



 

 

 

 

Total Automotive

 

 

17,074,700

 

 

 

 

 

 



 

 

 

 

Basic Materials—2.3%

 

 

 

 

 

256,700

 

RPM Intl., Inc.

 

 

4,723,280

 

 

155,300

 

Sonoco Products Co.

 

 

4,863,996

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

9,587,276

 

 

 

 

 

 



 

 

 

 

Consumer Products—12.9%

 

 

 

 

 

152,000

 

Avery Dennison Corp.

 

 

9,500,000

 

 

162,600

 

La-Z-Boy, Inc.

 

 

2,491,032

 

 

82,000

 

Lancaster Colony Corp.

 

 

3,366,100

 

 

113,000

 

Meridian Bioscience, Inc.

 

 

2,933,480

 

 

260,000

 

Pier 1 Imports, Inc.

 

 

3,138,200

 

 

199,700

 

Sherwin-Williams Co. (The)

 

 

10,172,718

 

 

86,000

 

Stanley Works (The)

 

 

4,493,500

 

 

252,000

 

Supervalu, Inc.

 

 

7,310,520

 

 

65,900

 

Universal Corp.

 

 

2,508,813

 

 

143,000

 

VF Corp.

 

 

8,750,170

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

54,664,533

 

 

 

 

 

 



 

 

 

 

Energy—15.8%

 

 

 

 

 

79,500

 

American States Water Co.

 

 

3,172,845

 

 

174,200

 

Atmos Energy Corp.

 

 

4,623,268

 

 

59,600

 

Black Hills Corp.

 

 

2,169,440

 

 

66,000

 

California Water Service Group

 

 

2,805,660

 

 

144,800

 

MDU Resources Group, Inc.

 

 

5,321,400

 

 

85,200

 

MGE Energy, Inc.

 

 

2,717,880

 

 

146,400

 

National Fuel Gas Co.

 

 

4,867,800

 

 

132,100

 

Nicor, Inc.

 

 

5,232,481

 

 

99,500

 

Otter Tail Corp.

 

 

2,970,075

 

 

116,500

 

Peoples Energy Corp.

 

 

4,232,445

 

 

166,500

 

Piedmont Natural Gas Co.

 

 

4,084,245

 

 

211,000

 

Pinnacle West Capital Corp.

 

 

8,461,100

 

 

151,200

 

UGI Corp.

 

 

3,386,880

 

 

182,200

 

Vectren Corp.

 

 

4,868,384

 

 

149,000

 

WGL Holdings, Inc.

 

 

4,383,580

 

 

72,800

 

WPS Resources Corp.

 

 

3,639,272

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

66,936,755

 

 

 

 

 

 



 

 

 

 

Financial Institutions—42.3%

 

 

 

 

 

73,900

 

Alfa Corp.

 

 

1,244,476

 

 

115,500

 

Arthur J. Gallagher & Co.

 

 

3,169,320

 

 

249,515

 

Associated Banc-Corp.

 

 

8,438,597

 

 

180,473

 

Bancorpsouth, Inc.

 

 

4,625,523

 

 

64,500

 

Bank of Hawaii Corp.

 

 

3,502,995

 

 

55,679

 

Chemical Financial Corp.

 

 

1,620,816

 

 

190,842

 

Cincinnati Financial Corp.

 

 

8,137,503

 

 

181,100

 

Compass Bancshares, Inc.

 

 

9,953,256

 

 

212,200

 

Fidelity National Financial, Inc.

 

 

8,908,156

 

 

37,135

 

Fidelity National Title Group, Inc.

 

 

804,344

 

 

84,400

 

First Charter Corp.

 

 

2,006,188

 

 

186,000

 

First Commonwealth Financial Corp.

 

 

2,488,680

 

 

61,000

 

First Financial Holdings, Inc.

 

 

1,944,070

 

 

80,500

 

First Merchants Corp.

 

 

2,006,060

 

 

174,400

 

FirstMerit Corp.

 

 

4,288,496

 

 

140,000

 

FNB Corp.

 

 

2,349,200

 

 

232,500

 

Fulton Financial Corp.

 

 

3,824,625

 

 

100,900

 

Harleysville Group, Inc.

 

 

3,027,000

 

 

333,203

 

Lincoln National Corp.

 

 

19,352,430

 

 

72,800

 

MBIA, Inc.

 

 

4,341,064

 

See Notes to Financial Statements.

37


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Strategic Dividend AchieversTM Trust (BDT) (continued)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

Financial Institutions—(cont’d)

 

 

 

 

 

232,200

 

Mercantile Bankshares Corp.

 

$

8,726,076

 

 

73,600

 

Mercury General Corp.

 

 

3,928,032

 

 

204,045

 

Old National Bancorp

 

 

4,211,489

 

 

378,625

 

Old Republic Intl. Group

 

 

8,424,406

 

 

38,805

 

Park National Corp.

 

 

3,892,142

 

 

278,750

 

People’s Bank

 

 

9,129,062

 

 

295,000

 

Popular, Inc.

 

 

6,100,600

 

 

163,834

 

Republic Bancorp, Inc.

 

 

1,879,176

 

 

59,800

 

S&T Bancorp, Inc.

 

 

2,123,498

 

 

142,800

 

Sky Financial Group, Inc.

 

 

3,691,380

 

 

96,600

 

Sterling Bancorp

 

 

2,018,940

 

 

875

 

Sterling Financial Corp.

 

 

18,244

 

 

78,900

 

Susquehanna Bancshares, Inc.

 

 

1,883,343

 

 

150,000

 

TCF Financial Corp.

 

 

4,029,000

 

 

150,354

 

TD Banknorth, Inc.

 

 

4,464,010

 

 

98,400

 

United Bankshares, Inc.

 

 

3,589,632

 

 

166,791

 

Valley National Bancorp

 

 

4,343,238

 

 

161,810

 

Washington Federal, Inc.

 

 

3,870,495

 

 

68,400

 

WesBanco, Inc.

 

 

2,122,452

 

 

112,200

 

Wilmington Trust Corp.

 

 

4,970,460

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

179,448,474

 

 

 

 

 

 



 

 

 

 

Health Care—1.0%

 

 

 

 

 

80,000

 

Hillenbrand Industries, Inc.

 

 

4,108,800

 

 

 

 

 

 



 

 

 

 

Industrials—10.8%

 

 

 

 

 

60,000

 

AO Smith Corp.

 

 

2,845,200

 

 

46,300

 

Bandag, Inc.

 

 

1,857,556

 

 

146,500

 

Bemis Co.

 

 

4,608,890

 

 

206,400

 

Leggett & Platt, Inc.

 

 

5,475,792

 

 

162,000

 

LSI Industries, Inc.

 

 

2,707,020

 

 

109,800

 

McGrath Rentcorp

 

 

2,952,522

 

 

166,600

 

RR Donnelley & Sons Co.

 

 

5,612,754

 

 

312,000

 

ServiceMaster Co. (The)

 

 

3,756,480

 

 

127,600

 

Vulcan Materials

 

 

10,840,896

 

 

67,400

 

WW Grainger, Inc.

 

 

5,184,408

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

45,841,518

 

 

 

 

 

 



 

 

 

 

Real Estate—9.9%

 

 

 

 

 

79,000

 

Colonial Properties Trust (REIT)

 

 

3,889,960

 

 

168,900

 

Commercial Net Lease Realty (REIT)

 

 

3,555,345

 

 

80,500

 

EastGroup Properties, Inc. (REIT)

 

 

3,595,935

 

 

97,300

 

Health Care Property Investors, Inc. (REIT)

 

 

2,667,966

 

 

63,600

 

Healthcare Realty Trust, Inc. (REIT)

 

 

2,408,532

 

 

77,000

 

Kimco Realty Corp. (REIT)

 

 

2,859,010

 

 

132,000

 

Lexington Corporate Properties Trust (REIT)

 

 

2,845,920

 

 

86,500

 

Sun Communities, Inc. (REIT)

 

 

2,815,575

 

 

122,800

 

Tanger Factory Outlet Centers (REIT)

 

 

4,025,384

 

 

128,900

 

United Dominion Realty Trust, Inc. (REIT)

 

 

3,504,791

 

 

105,100

 

Universal Health Realty Income Trust (REIT)

 

 

3,380,016

 

 

81,400

 

Washington Real Estate Investment Trust (REIT)

 

 

3,033,778

 

 

81,150

 

Weingarten Realty Investors (REIT)

 

 

3,198,122

 

 

 

 

 

 



 

 

 

 

Total Real Estate

 

 

41,780,334

 

 

 

 

 

 



 

 

 

 

Total Common Stocks (cost $369,616,410)

 

 

419,442,390

 

 

 

 

 

 



 

See Notes to Financial Statements.

38


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Strategic Dividend AchieversTM Trust (BDT) (continued)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

MONEY MARKET FUND—1.0%

 

 

 

 

 

4,274,320

 

Fidelity Institutional Money Market Prime Portfolio (cost $4,274,320)

 

$

4,274,320

 

 

 

 

 

 



 

 

 

 

Total investments—100.0% (cost $373,890,7311)

 

$

423,716,710

 

 

 

 

Other assets in excess of liabilities—0.0%

 

 

206,993

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

423,923,703

 

 

 

 

 

 



 

 

 


1

Cost for federal income tax purposes is $373,252,056. The net unrealized appreciation on a tax basis is $50,464,654, consisting of $58,106,942 gross unrealized appreciation and $7,642,288 gross unrealized depreciation.

 

 

A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.


 

KEY TO ABBREVIATIONS

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

39


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock World Investment Trust (BWC)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—95.1%

 

 

 

 

 

 

 

Common Stocks—94.2%

 

 

 

 

 

 

 

Australia—3.3%

 

 

 

 

 

1,242,600

 

Foster’s Group Ltd.

 

$

5,551,115

 

 

904,800

 

Lion Nathan Ltd.

 

 

5,719,360

 

 

285,000

 

Publishing & Broadcasting Ltd.

 

 

4,020,946

 

 

373,900

 

QBE Insurance Group Ltd.

 

 

6,357,510

 

 

310,800

 

St. George Bank Ltd.

 

 

7,284,633

 

 

 

 

 

 



 

 

 

 

Total Australia

 

 

28,933,564

 

 

 

 

 

 



 

 

 

 

Belgium—0.6%

 

 

 

 

 

30,800

 

Umicore

 

 

4,911,587

 

 

 

 

 

 



 

 

 

 

Bermuda—1.6%

 

 

 

 

 

126,200

 

Accenture Ltd.

 

 

3,668,634

 

 

137,900

 

Ingersoll-Rand Co. Ltd.

 

 

6,033,125

 

 

73,100

1

Marvell Technology Group Ltd.

 

 

4,173,279

 

 

 

 

 

 



 

 

 

 

Total Bermuda

 

 

13,875,038

 

 

 

 

 

 



 

 

 

 

Brazil—2.4%

 

 

 

 

 

136,700

2

Cia Vale do Rio Doce (ADR)

 

 

7,042,784

 

 

260,100

2

Gerdau SA (ADR)

 

 

4,499,730

 

 

100,000

 

Petroleo Brasileiro SA (ADR)

 

 

9,883,000

 

 

 

 

 

 



 

 

 

 

Total Brazil

 

 

21,425,514

 

 

 

 

 

 



 

 

 

 

Canada—1.7%

 

 

 

 

 

130,300

 

Barrick Gold Corp.

 

 

3,962,434

 

 

58,800

 

Canadian Imperial Bank of Commerce

 

 

4,351,952

 

 

95,000

 

Teck Cominco Ltd., Class B

 

 

6,549,439

 

 

 

 

 

 



 

 

 

 

Total Canada

 

 

14,863,825

 

 

 

 

 

 



 

 

 

 

China—1.3%

 

 

 

 

 

104,000

2

PetroChina Co. Ltd. (ADR)

 

 

11,689,600

 

 

 

 

 

 



 

 

 

 

Denmark—1.0%

 

 

 

 

 

213,500

 

Danske Bank A/S

 

 

8,493,642

 

 

 

 

 

 



 

 

 

 

Finland—2.5%

 

 

 

 

 

158,115

 

Fortum Oyj

 

 

3,993,569

 

 

125,900

 

Metso Oyj

 

 

5,003,343

 

 

144,000

 

Rautaruukki Oyj

 

 

5,050,464

 

 

192,800

 

Wartsila Oyj

 

 

8,216,573

 

 

 

 

 

 



 

 

 

 

Total Finland

 

 

22,263,949

 

 

 

 

 

 



 

 

 

 

France—1.7%

 

 

 

 

 

109,800

 

Bouygues

 

 

5,991,181

 

 

58,100

 

Societe Generale

 

 

8,876,552

 

 

 

 

 

 



 

 

 

 

Total France

 

 

14,867,733

 

 

 

 

 

 



 

 

 

 

Germany—5.0%

 

 

 

 

 

62,800

 

Deutsche Bank AG

 

 

7,680,450

 

 

377,200

 

Deutsche Lufthansa AG

 

 

6,943,061

 

 

55,800

 

E.On AG

 

 

6,839,133

 

 

115,400

 

Man AG

 

 

8,747,012

 

 

76,800

 

RWE AG

 

 

6,657,408

 

 

204,481

 

ThyssenKrupp AG

 

 

6,740,877

 

 

 

 

 

 



 

 

 

 

Total Germany

 

 

43,607,941

 

 

 

 

 

 



 

 

 

 

Greece—0.6%

 

 

 

 

 

169,600

 

Piraeus Bank SA

 

 

5,344,933

 

 

 

 

 

 



 

 

 

 

Hong Kong—3.3%

 

 

 

 

 

13,157,000

 

CNOOC Ltd.

 

 

10,605,968

 

 

10,699,000

 

Guangdong Investment Ltd.

 

 

4,484,768

 

 

1,227,000

 

Hong Kong Exchanges & Clearing Ltd.

 

 

8,822,727

 

 

2,563,000

 

New World Development Ltd.

 

 

4,594,908

 

 

 

 

 

 



 

 

 

 

Total Hong Kong

 

 

28,508,371

 

 

 

 

 

 



 

See Notes to Financial Statements.

40


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock World Investment Trust (BWC) (continued)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

Italy—4.5%

 

 

 

 

 

397,600

 

Credito Emiliano SpA

 

$

5,537,828

 

 

461,100

 

ENI SpA

 

 

14,077,791

 

 

124

1

Fondiaria-Sai SpA

 

 

4,340,648

 

 

547,300

 

Milano Assicurazioni SpA

 

 

4,222,269

 

 

831,900

 

Unicredito Italiano SpA

 

 

6,265,698

 

 

1,558,000

 

Unipol SpA

 

 

4,614,207

 

 

 

 

 

 



 

 

 

 

Total Italy

 

 

39,058,441

 

 

 

 

 

 



 

 

 

 

Japan—16.7%

 

 

 

 

 

118,200

 

Aisin Seiki Co. Ltd.

 

 

4,442,946

 

 

898,000

 

Bank of Yokohama Ltd. (The)

 

 

7,042,673

 

 

109,200

 

Daito Trust Construction Co. Ltd.

 

 

5,677,460

 

 

129,000

 

Denso Corp.

 

 

5,064,155

 

 

68,100

 

Fanuc Ltd.

 

 

6,441,286

 

 

73,900

 

Fast Retailing Co. Ltd.

 

 

7,022,333

 

 

265,400

 

Hitachi Construction Machinery Co. Ltd.

 

 

7,248,882

 

 

121,400

 

Honda Motor Co. Ltd.

 

 

8,625,355

 

 

251,700

 

Isetan Co. Ltd.

 

 

5,161,547

 

 

2,010,000

 

Kawasaki Heavy Industries Ltd.

 

 

7,290,476

 

 

639,000

 

Kubota Corp.

 

 

7,222,527

 

 

163,600

 

Maruichi Steel Tube Ltd.

 

 

4,030,194

 

 

1,427,000

 

Mitsubishi Heavy Industries Ltd.

 

 

7,068,265

 

 

585

 

Mitsubishi UFJ Financial Group, Inc.

 

 

9,196,417

 

 

1,095

 

Mizuho Financial Group, Inc.

 

 

9,337,768

 

 

973,000

 

Nippon Steel Corp.

 

 

3,588,987

 

 

492,000

 

Obayashi Corp.

 

 

3,763,509

 

 

26,170

 

ORIX Corp.

 

 

7,860,308

 

 

303,600

 

OSG Corp.

 

 

6,439,152

 

 

506,000

 

Shimizu Corp.

 

 

3,501,761

 

 

412,900

 

Sumitomo Heavy Industries Ltd.

 

 

4,351,469

 

 

1,002,000

 

Sumitomo Metal Industries Ltd.

 

 

4,223,949

 

 

775

 

Sumitomo Mitsui Financial Group, Inc.

 

 

8,507,882

 

 

755,000

 

Taisei Corp.

 

 

3,375,005

 

 

 

 

 

 



 

 

 

 

Total Japan

 

 

146,484,306

 

 

 

 

 

 



 

 

 

 

Mexico—3.0%

 

 

 

 

 

265,000

2

America Movil SA de CV (ADR)

 

 

9,781,150

 

 

649,100

1

Cemex SA de CV

 

 

4,389,892

 

 

1,236,000

 

Grupo Mexico SA de CV

 

 

4,333,120

 

 

1,879,000

 

Grupo Televisa SA

 

 

7,996,467

 

 

 

 

 

 



 

 

 

 

Total Mexico

 

 

26,500,629

 

 

 

 

 

 



 

 

 

 

Netherlands—4.6%

 

 

 

 

 

200,000

 

ABN Amro Holding NV

 

 

5,977,493

 

 

67,000

 

Akzo Nobel NV

 

 

3,857,842

 

 

99,700

 

European Aeronautic Defence and Space Co. NV

 

 

3,934,467

 

 

226,000

 

ING Groep NV

 

 

9,198,072

 

 

60,100

 

Rodamco Europe NV

 

 

6,467,665

 

 

50,300

 

SBM Offshore NV

 

 

5,397,173

 

 

77,700

 

Unilever NV

 

 

5,612,037

 

 

 

 

 

 



 

 

 

 

Total Netherlands

 

 

40,444,749

 

 

 

 

 

 



 

 

 

 

Norway—3.2%

 

 

 

 

 

61,900

 

Norsk Hydro ASA

 

 

9,528,174

 

 

97,300

 

Orkla ASA

 

 

5,121,302

 

 

305,800

 

Statoil ASA

 

 

10,069,000

 

 

221,900

 

Yara Intl. ASA

 

 

3,572,240

 

 

 

 

 

 



 

 

 

 

Total Norway

 

 

28,290,716

 

 

 

 

 

 



 

 

 

 

Russia—0.5%

 

 

 

 

 

120,000

1

Mobile Telesystems OJSC (ADR)

 

 

3,919,200

 

 

 

 

 

 



 

 

 

 

Singapore—0.9%

 

 

 

 

 

2,580,000

 

CapitaLand Ltd.

 

 

7,996,711

 

 

 

 

 

 



 

See Notes to Financial Statements.

41


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock World Investment Trust (BWC) (continued)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

South Africa—0.9%

 

 

 

 

 

430,000

 

Foschini Ltd.

 

$

4,355,426

 

 

675,000

 

Truworths Intl. Ltd.

 

 

3,255,717

 

 

 

 

 

 



 

 

 

 

Total South Africa

 

 

7,611,143

 

 

 

 

 

 



 

 

 

 

Spain—1.3%

 

 

 

 

 

88,400

 

Fomento de Construcciones y Contratas SA

 

 

7,171,125

 

 

162,700

 

Gestevision Telecinco SA

 

 

4,156,584

 

 

 

 

 

 



 

 

 

 

Total Spain

 

 

11,327,709

 

 

 

 

 

 



 

 

 

 

Sweden—8.0%

 

 

 

 

 

227,400

 

Alfa Laval AB

 

 

7,400,674

 

 

356,500

 

Assa Abloy AB

 

 

6,903,188

 

 

336,700

 

Atlas Copco AB

 

 

9,951,251

 

 

238,000

 

D. Carnegie AB

 

 

5,287,739

 

 

156,500

 

Hennes & Mauritz AB

 

 

5,943,899

 

 

350,000

 

Nordea Bank AB

 

 

4,506,326

 

 

158,600

 

Oriflame Cosmetics SA (ADR)

 

 

6,002,106

 

 

137,800

 

Sandvik AB

 

 

8,969,330

 

 

508,300

 

Skanska AB

 

 

8,806,546

 

 

98,756

 

SSAB Svenskt Stal AB Ser. A

 

 

5,824,096

 

 

4,900

 

SSAB Svenskt Stal AB Ser. B

 

 

267,003

 

 

 

 

 

 



 

 

 

 

Total Sweden

 

 

69,862,158

 

 

 

 

 

 



 

 

 

 

Switzerland—1.9%

 

 

 

 

 

17,800

 

Nestle SA

 

 

5,428,842

 

 

36,100

 

Roche Holding AG

 

 

5,550,936

 

 

47,500

 

UBS AG

 

 

5,630,140

 

 

 

 

 

 



 

 

 

 

Total Switzerland

 

 

16,609,918

 

 

 

 

 

 



 

 

 

 

Thailand—0.9%

 

 

 

 

 

1,478,400

 

Advanced Info Service PCL

 

 

3,486,235

 

 

13,592,000

3

Krung Thai Bank PCL

 

 

4,454,612

 

 

 

 

 

 



 

 

 

 

Total Thailand

 

 

7,940,847

 

 

 

 

 

 



 

 

 

 

United Kingdom—11.1%

 

 

 

 

 

554,700

 

Arriva PLC

 

 

5,861,787

 

 

555,200

 

BAE Systems PLC

 

 

4,226,923

 

 

993,400

 

BP PLC

 

 

12,254,916

 

 

939,000

 

Cobham PLC

 

 

3,172,066

 

 

360,500

 

Diageo PLC

 

 

5,949,387

 

 

400,600

 

Exam PLC

 

 

3,981,309

 

 

337,700

 

Hanson PLC

 

 

4,510,836

 

 

695,300

 

IMI PLC

 

 

7,132,030

 

 

423,900

 

Kelda Group PLC

 

 

5,936,672

 

 

2,000,000

 

Legal & General Group PLC

 

 

5,051,242

 

 

365,800

 

National Express Group PLC

 

 

5,973,484

 

 

2,049,300

 

Old Mutual PLC

 

 

7,184,396

 

 

387,000

 

Pilkington PLC

 

 

1,148,551

 

 

332,800

 

Royal Dutch Shell PLC

 

 

11,900,886

 

 

104,600

 

Sabmiller, Inc.

 

 

2,206,904

 

 

477,500

 

United Utilities PLC

 

 

5,842,709

 

 

300,600

 

Viridian Group PLC

 

 

5,270,559

 

 

 

 

 

 



 

 

 

 

Total United Kingdom

 

 

97,604,657

 

 

 

 

 

 



 

 

 

 

United States—11.7%

 

 

 

 

 

532,400

2

Alaska Communications Systems Group, Inc.

 

 

6,713,564

 

 

120,100

 

Alliance Bernstein Holdings LP

 

 

7,740,445

 

 

95,800

 

Altria Group, Inc.

 

 

7,008,728

 

 

45,200

2

Arch Coal, Inc.

 

 

4,293,548

 

 

201,700

 

Archer-Daniels-Midland Co.

 

 

7,329,778

 

 

119,800

2

Consolidated Edison, Inc.

 

 

5,165,776

 

 

144,200

2

Equitable Resources, Inc.

 

 

5,120,542

 

 

10,700

1

Google, Inc.

 

 

4,471,958

 

See Notes to Financial Statements.

42


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock World Investment Trust (BWC) (continued)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 









 

 

 

Common Stocks—(cont’d)

 

 

 

 

 

 

 

United States—(cont’d)

 

 

 

 

 

149,700

2

Intersil Corp.

 

$

4,432,617

 

 

180,000

 

McDonald’s Corp.

 

 

6,222,600

 

 

104,500

 

Newmont Mining Corp.

 

 

6,098,620

 

 

42,600

2

Nike, Inc.

 

 

3,486,384

 

 

177,500

 

PPL Corp.

 

 

5,154,600

 

 

127,100

 

Progress Energy, Inc.

 

 

5,439,880

 

 

83,300

 

Reynolds American, Inc.

 

 

9,133,845

 

 

86,700

 

Sempra Energy

 

 

3,989,934

 

 

190,000

 

Strategic Hotels & Resorts, Inc.

 

 

4,309,200

 

 

146,100

 

UST, Inc.

 

 

6,418,173

 

 

 

 

 

 



 

 

 

 

Total United States

 

 

102,530,192

 

 

 

 

 

 



 

 

 

 

Total Common Stocks

 

 

824,967,073

 

 

 

 

 

 



 


 

 

 

 

 

 

Principal

 

 

 

 

 

 

Amount

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Corporate Bond—0.7%

 

 

 

 

$

10,000,000

 

General Electric Capital Corp. 6.25%, 2/4/10

 

 

6,371,957

 

 

 

 

 

 



 

 

 

 

Foreign Government Bonds—0.2%

 

 

 

 

 

 

 

Mexico—0.2%

 

 

 

 

 

 

 

Mexican Bonos,

 

 

 

 

 

13,290,000

 

9.00%, 12/22/11 (MXN)

 

 

1,235,937

 

 

4,860,000

 

8.00%, 12/19/13 (MXN)

 

 

426,301

 

 

 

 

 

 



 

 

 

 

Total Foreign Government Bonds

 

 

1,662,238

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments (cost $753,644,752)

 

 

833,001,268

 

 

 

 

 

 



 


 

 

 

 

 

 

Shares

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—4.5%

 

 

 

 

 

 

 

Money Market Fund—3.0%

 

 

 

 

 

26,556,483

 

Fidelity Institutional Money Market Prime Portfolio

 

 

26,556,483

 

 

 

 

 

 



 


 

 

 

 

 

 

Principal

 

 

 

 

 

 

Amount

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

U.S. Government and Agency Zero Coupon Bond—1.5%

 

 

 

 

 

$13,400,000

4

Federal Home Loan Bank Discount Notes, 4.71%, 5/01/06

 

 

13,400,000

 

 

 

 

 

 



 

 

 

 

Total Short-Term Investments (cost $39,956,483)

 

 

39,956,483

 

 

 

 

 

 



 

 

 

 

Total investments before outstanding options written (cost $793,601,2355)

 

 

872,957,751

 

 

 

 

 

 



 


 

 

 

 

 

 

Contracts

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

OUTSTANDING OPTIONS WRITTEN—(1.3)%

 

 

 

 

 

 

 

OUTSTANDING PUT OPTIONS WRITTEN—0.0%

 

 

 

 

 

(500)

 

Mobile Telesystems (ADR), strike price $32, expires 05/26/06

 

 

(67,000

)

 

(254,000)

 

Sabmiller, Inc., strike price 10.83 GBP, expires 05/31/06

 

 

(25,290

)

 

 

 

 

 



 

 

 

 

Total Outstanding Put Options Written (premium received ($123,094)

 

 

(92,290

)

 

 

 

 

 



 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(1.3)%

 

 

 

 

 

(600)

 

Accenture Ltd., strike price $30.50, expires 06/09/06

 

 

(23,400

)

 

(51,200)

 

Aisin Seiki Co. Ltd., strike price 4,791 JPY, expires 06/07/06

 

 

(18,768

)

 

(29,500)

 

Akzo Nobel NV, strike price 48.02 EUR, expires 06/28/06

 

 

(31,929

)

 

(221,600)

 

Alaska Communications Systems Group, Inc., strike price $12, expires 05/19/06

 

 

(148,250

)

 

(178,800)

 

Alaska Communications Systems Group, Inc., strike price $12.39, expires 06/02/06

 

 

(75,096

)

 

(43,100)

 

Alfa Laval AB, strike price 199.96 SEK, expires 05/16/06

 

 

(232,836

)

 

(54,700)

 

Alfa Laval AB, strike price 222.77 SEK, expires 06/28/06

 

 

(157,086

)

 

(91)

 

Alliance Bernstein Holdings LP, strike price $65, expires 05/20/06

 

 

(7,280

)

 

(33,300)

 

Alliance Bernstein Holdings LP, strike price $72.50, expires 06/16/06

 

 

(3,197

)

 

(45,000)

 

Altria Group, Inc., strike price $76, expires 06/16/06

 

 

(45,270

)

 

(79,300)

 

America Movil SA de CV (ADR), strike price $35, expires 06/16/06

 

 

(240,358

)

 

(44,500)

 

America Movil SA de CV (ADR), strike price $38, expires 05/19/06

 

 

(37,780

)

See Notes to Financial Statements.

43


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock World Investment Trust (BWC) (continued)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(180)

 

Arch Coal, Inc., strike price $80, expires 05/20/06

 

$

(295,200

)

 

(324)

 

Archer-Daniels-Midland Co., strike price $35, expires 05/20/06

 

 

(74,520

)

 

(410)

 

Archer-Daniels-Midland Co., strike price $40, expires 06/17/06

 

 

(36,900

)

 

(250,000)

 

Arriva PLC, strike price 6 GBP, expires 06/28/06

 

 

(43,989

)

 

(168,800)

 

Assa Abloy AB, strike price 141.95 SEK, expires 05/31/06

 

 

(104,059

)

 

(25,800)

 

Atlas Copco AB, strike price 212.76 SEK, expires 05/31/06

 

 

(35,839

)

 

(125,800)

 

Atlas Copco AB, strike price 225.00 SEK, expires 06/28/06

 

 

(126,772

)

 

(220,000)

 

BAE Systems PLC, strike price 4.33 GBP, expires 06/28/06

 

 

(4

)

 

(100,000)

 

Bank of Yokohama Ltd. (The), strike price 951.72 JPY, expires 06/07/06

 

 

(10,961

)

 

(400)

 

Barrick Gold Corp., strike price 32 CAD, expires 05/20/06

 

 

(91,230

)

 

(350)

 

Barrick Gold Corp., strike price 34 CAD, expires 05/20/06

 

 

(37,565

)

 

(47,000)

 

Bouygues, strike price 45.15 EUR, expires 05/16/06

 

 

(8,243

)

 

(418)

 

BP PLC, strike price 750 GBP, expires 06/16/06

 

 

(251,541

)

 

(541)

 

Canadian Imperial Bank of Commerce, strike price 85 CAD, expires 05/20/06

 

 

(21,775

)

 

(47)

 

Canadian Imperial Bank of Commerce, strike price 85 CAD, expires 06/17/06

 

 

(3,783

)

 

(1,065,000)

 

Capitaland Ltd., strike price 4.97 SGD, expires 06/27/06

 

 

(83,494

)

 

(218,000)

 

Cemex SA de CV, strike price 72.65 MXN, expires 06/13/06

 

 

(56,768

)

 

(200,000)

 

Cemex SA de CV, strike price 76.52 MXN, expires 07/07/06

 

 

(31,514

)

 

(600)

 

Cia Vale Do Rio Doce (ADR), strike price $50, expires 05/20/06

 

 

(156,000

)

 

(400)

 

Cia Vale Do Rio Doce (ADR), strike price $50, expires 06/17/06

 

 

(140,000

)

 

(3,610,000)

 

CNOOC Ltd., strike price 6.92 HKD, expires 05/24/06

 

 

(5,215

)

 

(180,000)

 

Cobham PLC, strike price 1.89 GBP, expires 06/28/06

 

 

(19,836

)

 

(285,700)

 

Cobham PLC, strike price 1.94 GBP, expires 06/28/06

 

 

(22,715

)

 

(750)

 

Consolidated Edison, Inc., strike price $45, expires 06/02/06

 

 

(6,750

)

 

(159,000)

 

Credito Emiliano SpA, strike price 11.53 EUR, expires 06/09/06

 

 

(20,617

)

 

(47,600)

 

D. Carnegie AB, strike price 154.58 SEK, expires 05/31/06

 

 

(74,680

)

 

(50,600)

 

D. Carnegie AB, strike price 182.70 SEK, expires 06/28/06

 

 

(29,046

)

 

(42,000)

 

Daito Trust Construction Co. Ltd., strike price 6,280.72 JPY, expires 06/07/06

 

 

(44,978

)

 

(88,600)

 

Danske Bank A/S, strike price 238.95 DKK, expires 06/28/06

 

 

(71,567

)

 

(57,000)

 

Denso Corp., strike price 4631.15 JPY, expires 05/30/06

 

 

(36,703

)

 

(314)

 

Deutsche Bank AG, strike price 96 EUR, expires 05/19/06

 

 

(112,505

)

 

(158,000)

 

Deutsche Lufthansa AG, strike price 13.78 EUR, expires 05/16/06

 

 

(178,161

)

 

(18,300)

 

Deutsche Lufthansa AG, strike price 14.60 EUR, expires 05/31/06

 

 

(4,299

)

 

(159,000)

 

Diageo PLC, strike price 8.89 GBP, expires 05/16/06

 

 

(66,337

)

 

(35,000)

 

E.On AG, strike price 94.72 EUR, expires 06/28/06

 

 

(71,441

)

 

(43,000)

 

Eads, strike price 32.33 EUR, expires 06/28/06

 

 

(39,953

)

 

(28,000)

 

ENI SpA, strike price 23.65 EUR, expires 05/31/06

 

 

(29,845

)

 

(202,000)

 

ENI SpA, strike price 24.90 EUR, expires 06/28/06

 

 

(58,321

)

 

(475)

3

Equitable Resources, Inc., strike price $40, expires 06/17/06

 

 

(7,125

)

 

(19,000)

 

Fanuc Ltd., strike price 11,783.14 JPY, expires 06/07/06

 

 

(23,723

)

 

(20,500)

 

Fast Retailing Co. Ltd., strike price 12,060.12 JPY, expires 06/07/06

 

 

(59,300

)

 

(33,600)

 

Fomento de Construcciones y Contratas SA, strike price 65.44 EUR, expires 06/28/06

 

 

(84,004

)

 

(64,000)

 

Fondiaria-Sai SpA, strike price 32.90 EUR, expires 06/28/06

 

 

(48,941

)

 

(33,300)

 

Fortum Oyj, strike price 20.50 EUR, expires 05/31/06

 

 

(18,278

)

 

(215,000)

 

Foschini Ltd., strike price 60 ZAR, expires 06/28/06

 

 

(135,400

)

 

(575,000)

 

Foster’s Group Ltd., strike price 5.59 AUD, expires 06/21/06

 

 

(160,327

)

 

(400)

 

Gerdau SA (ADR), strike price $16.62, expires 05/20/06

 

 

(60,000

)

 

(270)

 

Gerdau SA (ADR), strike price $17.50, expires 06/17/06

 

 

(22,275

)

 

(81,250)

 

Gestevision Telecinco SA, strike price 21.26 EUR, expires 06/28/06

 

 

(51,142

)

 

(30)

 

Google, Inc., strike price $410, expires 05/20/06

 

 

(60,900

)

 

(50)

 

Google, Inc., strike price $420, expires 05/20/06

 

 

(73,500

)

 

(27)

 

Google, Inc., strike price $470, expires 06/17/06

 

 

(18,090

)

 

(200,000)

 

Grupo Mexico SA de CV, strike price 38.70 MXN, expires 07/07/06

 

 

(34,631

)

 

(782,000)

 

Grupo Televisa SA, strike price 49.04 MXN, expires 07/07/06

 

 

(66,785

)

 

(4,150,000)

 

Guangdong Investments Ltd., strike price 3.82 HKD, expires 06/27/06

 

 

(16,914

)

 

(132,900)

 

Hanson PLC, strike price 7.79 GBP, expires 06/28/06

 

 

(44,229

)

 

(67,000)

 

Hennes & Mauritz AB, strike price 294.86 SEK, expires 05/16/06

 

 

(3,105

)

 

(75,000)

 

Hitachi Construction Machinery Co. Ltd., strike price 3,244.19 JPY, expires 06/07/06

 

 

(95,558

)

 

(34,000)

 

Honda Motor Co. Ltd., strike price 7,615.07 JPY, expires 06/07/06

 

 

(165,120

)

 

(594,000)

 

Hong Kong Exchanges & Clearing Ltd., strike price 42.29 HKD, expires 05/24/06

 

 

(1,041,449

)

 

(170)

 

IHC Caland NV, strike price 86 EUR, expires 05/19/06

 

 

(35,388

)

 

(358,900)

 

IMI PLC, strike price 24.90 GBP, expires 06/28/06

 

 

(67,476

)

 

(985)

 

Ing Groep NV, strike price 33 EUR, expires 06/16/06

 

 

(74,561

)

See Notes to Financial Statements.

44


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock World Investment Trust (BWC) (continued)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d )

 

 

 

 

 

(750)

 

Ingersoll-Rand Co. Ltd., strike price $42.50, expires 06/17/06

 

$

(161,250

)

 

(700)

 

Intersil Corp., strike price $28, expires 05/08/06

 

 

(119,000

)

 

(790)

 

Intersil Corp., strike price $30, expires 06/17/06

 

 

(88,875

)

 

(117,500)

 

Isetan Co. Ltd., strike price 2,699.34 JPY, expires 06/07/06

 

 

(21,772

)

 

(233,000)

 

Kawasaki Heavy Industries Ltd., strike price 424.72 JPY, expires 05/30/06

 

 

(27,369

)

 

(177,000)

 

Kelda Group PLC, strike price 7.86 GBP, expires 06/28/06

 

 

(51,085

)

 

(180,000)

 

Kubota Corp., strike price 1,334.34 JPY, expires 06/07/06

 

 

(76,964

)

 

(900,000)

 

Legal & General Group PLC, strike price 1.44 GBP, expires 05/16/06

 

 

(25,258

)

 

(95,300)

 

Lion Nathan Ltd., strike price 8.15 AUD, expires 06/21/06

 

 

(22,083

)

 

(242,000)

 

Lion Nathan Ltd., strike price 8.45 AUD, expires 05/24/06

 

 

(24,104

)

 

(52,500)

 

Man AG, strike price 61.84 EUR, expires 06/28/06

 

 

(88,200

)

 

(97,000)

 

Maruichi Steel Tube Ltd., strike price 3,025.68 JPY, expires 05/30/06

 

 

(8,359

)

 

(200)

 

Marvell Technology Group Ltd., strike price $62.50, expires 06/17/06

 

 

(31,500

)

 

(300)

 

Marvell Technology Group Ltd., strike price $65, expires 05/20/06

 

 

(12,000

)

 

(720)

 

McDonald’s Corp., strike price $35, expires 05/20/06

 

 

(28,800

)

 

(50,000)

 

Metso Oyj, strike price 32.50 EUR, expires 06/28/06

 

 

(65,916

)

 

(296,000)

 

Milano Assicurazioni SpA, strike price 6.50 EUR, expires 05/16/06

 

 

(37

)

 

(565,000)

 

Mitsubishi Heavy Industries Ltd., strike price 568.66 JPY, expires 05/30/06

 

 

(96,107

)

 

(350)

 

Mitsubishi UFJ Financial Group, strike price 1,716,875 JPY, expires 05/30/06

 

 

(310,162

)

 

(610)

 

Mizuho Financial Group, Inc., strike price 948,125 JPY, expires 05/30/06

 

 

(235,645

)

 

(198,900)

 

National Express Group PLC, strike price 9.24 GBP, expires 06/28/06

 

 

(71,319

)

 

(8,000)

 

Nestle SA, strike price 389.39 CHF, expires 06/28/06

 

 

(28,397

)

 

(1,000,000)

 

New World Development Ltd., strike price 13.95 HKD, expires 05/24/06

 

 

(59,291

)

 

(250)

 

Newmont Mining Corp., strike price $55, expires 06/17/06

 

 

(125,000

)

 

(160)

 

Newmont Mining Corp., strike price $57.50, expires 05/20/06

 

 

(35,200

)

 

(594,000)

 

Nippon Steel Corp., strike price 470.83 JPY, expires 05/30/06

 

 

(8,162

)

 

(140,000)

 

Nordea Bank AB, strike price 95.19 SEK, expires 05/16/06

 

 

(28,470

)

 

(23,200)

 

Norsk Hydro ASA, strike price 1,000.87 NOK, expires 06/28/06

 

 

(55,536

)

 

(4,100)

 

Norsk Hydro ASA, strike price 903.20 NOK, expires 05/31/06

 

 

(31,784

)

 

(858,600)

 

Old Mutual PLC, strike price 2.00 GBP, expires 06/28/06

 

 

(48,145

)

 

(151,900)

 

Old Mutual PLC, strike price 2.09 GBP, expires 05/31/06

 

 

(1,773

)

 

(55,200)

 

Oriflame Cosmetics SA (ADR), strike price 289 SEK, expires 06/28/06

 

 

(62,799

)

 

(9,000)

 

Orix Corp., strike price 35,648.47 JPY, expires 05/30/06

 

 

(88,192

)

 

(36,400)

 

Orkla ASA, strike price 352.49 NOK, expires 06/28/06

 

 

(24,713

)

 

(116,000)

 

Osg Corp., strike price 2,440.83 JPY, expires 05/30/06

 

 

(108,680

)

 

(80)

 

Petrochina Co. Ltd. (ADR), strike price $120, expires 05/20/06

 

 

(8,000

)

 

(285)

 

Petrochina Co. Ltd. (ADR), strike price $120, expires 06/17/06

 

 

(69,825

)

 

(476)

 

Petroleo Brasileiro SA (ADR), strike price $90, expires 05/20/06

 

 

(461,720

)

 

(387,000)

 

Pilkington PLC, strike price 1.60 GBP, expires 05/16/06

 

 

(22,548

)

 

(85,000)

 

Piraeus Bank SA, strike price 25.52 EUR, expires 06/09/06

 

 

(66,970

)

 

(17,600)

 

Progress Energy, Inc., strike price $45.06, expires 05/19/06

 

 

(933

)

 

(109,500)

 

Progress Energy, Inc., strike price $45.25, expires 05/19/06

 

 

(4,270

)

 

(171,000)

 

Publishing & Broadcasting Ltd., strike price 17.97 AUD, expires 05/24/06

 

 

(106,284

)

 

(154,500)

 

QBE Insurance Group Ltd., strike price 23.10 AUD, expires 06/21/06

 

 

(57,869

)

 

(46,500)

 

Rautaruukki Oyj, strike price 28.71 EUR, expires 06/28/06

 

 

(59,046

)

 

(38,500)

 

Rautaruukki Oyj, strike price 29.61 EUR, expires 05/16/06

 

 

(176

)

 

(169,000)

 

Rexam PLC, strike price 5.66 GBP, expires 06/28/06

 

 

(17,502

)

 

(211)

 

Reynolds American, Inc., strike price $110, expires 05/20/06

 

 

(48,530

)

 

(14,100)

 

Reynolds American, Inc., strike price $110, expires 06/16/06

 

 

(44,841

)

 

(19,500)

 

Roche Holding AG, strike price 195.15 CHF, expires 06/28/06

 

 

(59,976

)

 

(23,500)

 

Rodamco Europe NV, strike price 86.86 EUR, expires 06/28/06

 

 

(81,656

)

 

(150,000)

 

Royal Dutch Shell PLC, strike price 20.75 GBP, expires 06/28/06

 

 

(54,469

)

 

(29,000)

 

RWE AG, strike price 72.33 EUR, expires 06/28/06

 

 

(45,042

)

 

(54,300)

 

Sandvik AB, strike price 488.74 SEK, expires 06/28/06

 

 

(83,667

)

 

(58,700)

 

Sempra Energy, strike price $46.47, expires 05/19/06

 

 

(39,617

)

 

(126,000)

 

Shimizu Corp., strike price 828.97 JPY, expires 05/30/06

 

 

(28,607

)

 

(93,900)

 

Skanska AB, strike price 133.11 SEK, expires 06/28/06

 

 

(32,240

)

 

(156,000)

 

Skanska AB, strike price 134 SEK, expires 06/28/06

 

 

(47,880

)

 

(250)

 

Societe Generale, strike price 125 EUR, expires 06/16/06

 

 

(59,926

)

 

(18,739)

 

SSAB Svenskt Stal AB, strike price 379.88 SEK, expires 05/16/06

 

 

(147,111

)

 

(12,896)

 

SSAB Svenskt Stal AB, strike price 380.97 SEK, expires 05/31/06

 

 

(101,788

)

 

(27,700)

 

SSAB Svenskt Stal AB, strike price 453.90 SEK, expires 06/28/06

 

 

(51,539

)

See Notes to Financial Statements.

45


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock World Investment Trust (BWC) (continued)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

 

Value

 









 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(cont’d)

 

 

 

 

 

(202,000)

 

St. George Bank Ltd., strike price 31.11 AUD, expires 06/21/06

 

$

(59,592

)

 

(21,100)

 

Statoil ASA, strike price 179 NOK, expires 06/09/06

 

 

(64,144

)

 

(83,500)

 

Statoil ASA, strike price 212.67 NOK, expires 06/28/06

 

 

(43,169

)

 

(90,000)

 

Strategic Hotels & Resorts, Inc., strike price $23.28, expires 06/09/06

 

 

(40,320

)

 

(220,000)

 

Sumitomo Heavy Industries Ltd., strike price 1,060.06 JPY, expires 05/30/06

 

 

(290,062

)

 

(373,000)

 

Sumitomo Metal Industries Ltd., strike price 521.72 JPY, expires 05/30/06

 

 

(18,836

)

 

(440)

 

Sumitomo Mitsui Financial Group, strike price 1,265,875 JPY, expires 05/30/06

 

 

(120,145

)

 

(188,000)

 

Taisei Corp., strike price 552.05 JPY, expires 05/30/06

 

 

(10,870

)

 

(380)

 

Teck Cominco Ltd., strike price 78 CAD, expires 05/20/06

 

 

(81,571

)

 

(82,000)

 

Thyssenkrupp AG, strike price 26.62 EUR, expires 06/28/06

 

 

(111,521

)

 

(270,000)

 

Truworths Intl. Ltd., strike price 27.96 ZAR, expires 06/28/06

 

 

(84,709

)

 

(28,200)

 

UBS AG, strike price 2.24 CHF, expires 06/28/06

 

 

(106,656

)

 

(19,500)

 

Umicore, strike price 123.29 EUR, expires 05/16/06

 

 

(118,805

)

 

(11,300)

 

Umicore, strike price 125.80 EUR, expires 06/28/06

 

 

(87,695

)

 

(292,000)

 

Unicredito Italiano SpA, strike price 6.09 EUR, expires 06/28/06

 

 

(36,913

)

 

(35,000)

 

Unilever NV, strike price 58.79 EUR, expires 06/28/06

 

 

(28,885

)

 

(468,900)

 

Unipol SpA, strike price 2.38 EUR, expires 06/28/06

 

 

(24,739

)

 

(206,900)

 

United Utilities PLC, strike price 6.85 GBP, expires 06/28/06

 

 

(17,589

)

 

(440)

 

UST, Inc., strike price $45, expires 06/07/06

 

 

(48,400

)

 

(84,300)

 

Viridian Group PLC, strike price $10.32, expires 05/16/06

 

 

(1,353

)

 

(70,000)

 

Viridian Group PLC, strike price 10.06 GBP, expires 06/09/06

 

 

(26,616

)

 

(27,000)

 

Viridian Group PLC, strike price 9.87 GBP, expires 06/28/06

 

 

(17,253

)

 

(41,799)

 

Wartsila Oyj, strike price 30.81 EUR, expires 05/16/06

 

 

(160,427

)

 

(80,000)

 

Yara Intl. ASA, strike price 102.51 NOK, expires 06/28/06

 

 

(34,213

)

 

 

 

 

 



 

 

 

 

Total Outstanding Call Options Written (premium received ($9,366,711))

 

 

(11,701,059

)

 

 

 

 

 



 

 

 

 

Total outstanding options written (premium received ($9,489,805))

 

 

(11,793,349

)

 

 

 

 

 



 

 

 

 

Total investments net of outstanding options written—98.3%

 

$

861,164,402

 

 

 

 

Other assets in excess of liabilities—1.7%

 

 

14,501,205

 

 

 

 

 

 



 

 

 

 

Net Assets—100.0%

 

$

875,665,607

 

 

 

 

 

 



 


 

 

 

 

 


1

Non-income producing security.

2

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

3

Security is fair valued.

4

Rate shown is yield to maturity as of April 30, 2006.

5

Cost for federal income tax purposes is $793,978,341. The net unrealized appreciation on a tax basis is $78,979,410, consisting of $83,279,048 gross unrealized appreciation and $4,299,638 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

 

 

 

 

 

 

 

 

ADR — American Depositary Receipts

 

DKK — Danish Krone

 

JPY — Japanese Yen

 

SEK — Swedish Krona

 

AUD — Australian Dollar

 

EUR — Euro

 

MXN — Mexican Peso

 

SGD — Singapore Dollar

 

CAD — Canadian Dollar

 

GBP — British Pound

 

NOK — Norwegian Krone

 

ZAR — South African Rand

 

CHF — Swiss Franc

 

HKD — Hong Kong Dollar

 

REIT — Real Estate Investment Trust

 

 

 

See Notes to Financial Statements.

 

46


 

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
April 30, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend
AchieversTM
Trust
(BDV)

 

Enhanced
Dividend
AchieversTM
Trust
(BDJ)

 

Global
Energy and
Resources
Trust
(BGR)

 

Global
Opportunities
Equity
Trust
(BOE)

 

 

 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

817,269,316

 

$

991,931,366

 

$

958,504,820

 

$

332,290,192

 

Investments in affiliates

 

 

75,861

 

 

15,895

 

 

37,568

 

 

7,110

 

Cash

 

 

 

 

 

 

 

 

15,346

 

Foreign currency at value2

 

 

 

 

 

 

65,418

 

 

5,643,871

 

Receivable for investments sold

 

 

 

 

27,119,850

 

 

3,907,059

 

 

13,926,634

 

Unrealized gain on foreign currency exchange contracts

 

 

 

 

 

 

18,120

 

 

7,669

 

Dividend and interest receivable

 

 

2,454,063

 

 

2,916,212

 

 

2,161,316

 

 

1,420,523

 

Other assets

 

 

11,533

 

 

56,638

 

 

164,968

 

 

13,166

 

 

 



 



 



 



 

 

 

 

819,810,773

 

 

1,022,039,961

 

 

964,859,269

 

 

353,324,511

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

1,005,313

 

 

 

 

 

Payable for investments purchased

 

 

 

 

13,979,710

 

 

5,632,099

 

 

8,699,493

 

Outstanding options written at value3

 

 

 

 

10,978,326

 

 

12,390,993

 

 

5,010,237

 

Unrealized loss on foreign currency exchange contracts

 

 

 

 

 

 

 

 

51

 

Investment advisory fee payable

 

 

428,091

 

 

806,324

 

 

908,659

 

 

272,417

 

Deferred Trustees’ fees

 

 

75,861

 

 

15,895

 

 

37,568

 

 

7,110

 

Licensing fee payable

 

 

264,080

 

 

323,656

 

 

 

 

 

Payable to affiliates

 

 

39,357

 

 

20,054

 

 

46,794

 

 

12,851

 

Other accrued expenses

 

 

138,823

 

 

229,785

 

 

188,563

 

 

129,085

 

 

 



 



 



 



 

 

 

 

946,212

 

 

27,359,063

 

 

19,204,676

 

 

14,131,244

 

 

 



 



 



 



 

Net Assets

 

$

818,864,561

 

$

994,680,898

 

$

945,654,593

 

$

339,193,267

 

 

 



 



 



 



 

Composition of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value

 

$

54,518

 

$

69,119

 

$

29,766

 

$

12,376

 

Paid-in capital in excess of par

 

 

753,930,684

 

 

988,421,646

 

 

709,335,050

 

 

294,894,948

 

Distributions in excess of net investment income or accumulated net investment loss

 

 

(11,882,798

)

 

(27,847,504

)

 

(10,153,823

)

 

(10,795,941

)

Accumulated net realized gain

 

 

14,984,317

 

 

13,631,157

 

 

50,858,408

 

 

26,704,077

 

Net unrealized appreciation

 

 

61,777,840

 

 

20,406,480

 

 

195,585,192

 

 

28,377,807

 

 

 



 



 



 



 

Net Assets, April 30, 2006

 

$

818,864,561

 

$

994,680,898

 

$

945,654,593

 

$

339,193,267

 

 

 



 



 



 



 

Net asset value per share4

 

$

15.02

 

$

14.39

 

$

31.77

 

$

27.41

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Investments at cost

 

$

755,491,476

 

$

969,493,582

 

$

758,680,071

 

$

302,080,155

 

2

Foreign currency at cost

 

 

 

 

 

 

64,663

 

 

5,597,254

 

3

Premium received

 

 

 

 

8,947,022

 

 

8,153,260

 

 

3,171,593

 

4

Shares outstanding

 

 

54,518,315

 

 

69,119,387

 

 

29,766,217

 

 

12,376,932

 

See Notes to Financial Statements.

47



 



 

 

 

 

 

 

 

 

 

 

 

 

Health
Sciences
Trust
(BME)

 

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

 

Strategic
Dividend
AchieversTM
Trust
(BDT)

 

World
Investment
Trust
(BWC)

 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

$

200,222,835

 

$

105,407,636

 

$

423,716,710

 

$

872,957,751

 

 

5,718

 

 

28,249

 

 

39,610

 

 

38,584

 

 

 

 

 

 

 

 

 

 

 

 

66,199

 

 

 

 

32,557,199

 

 

25,047,287

 

 

 

 

 

 

33,943,194

 

 

 

 

 

 

 

 

69,607

 

 

65,689

 

 

215,172

 

 

719,303

 

 

3,784,509

 

 

15,927

 

 

9,380

 

 

62,217

 

 

28,648

 



 



 



 



 

 

225,357,456

 

 

105,726,636

 

 

424,537,840

 

 

943,379,492

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

186,250

 

 

19,018,348

 

 

 

 

 

 

54,395,868

 

 

716,131

 

 

 

 

 

 

11,793,349

 

 

 

 

 

 

 

 

374,817

 

 

171,735

 

 

64,061

 

 

260,535

 

 

705,256

 

 

5,718

 

 

28,249

 

 

39,610

 

 

38,584

 

 

 

 

50,316

 

 

138,147

 

 

 

 

11,120

 

 

7,902

 

 

40,335

 

 

7,135

 

 

62,786

 

 

64,554

 

 

135,510

 

 

212,626

 



 



 



 



 

 

19,985,838

 

 

215,082

 

 

614,137

 

 

67,713,885

 



 



 



 



 

$

205,371,618

 

$

105,511,554

 

$

423,923,703

 

$

875,665,607

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,505

 

$

6,033

 

$

26,908

 

$

51,920

 

 

178,795,001

 

 

86,129,717

 

 

376,494,750

 

 

742,511,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,021,881

)

 

(1,550,473

)

 

(5,965,121

)

 

(21,883,423

)

 

21,282,446

 

 

1,282,001

 

 

3,541,187

 

 

78,787,925

 

 

11,308,547

 

 

19,644,276

 

 

49,825,979

 

 

76,198,044

 



 



 



 



 

$

205,371,618

 

$

105,511,554

 

$

423,923,703

 

$

875,665,607

 



 



 



 



 

$

27.37

 

$

17.49

 

$

15.75

 

$

16.87

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

$

189,009,116

 

$

85,767,663

 

$

373,890,731

 

$

793,601,235

 

 

 

 

66,199

 

 

 

 

32,561,135

 

 

810,959

 

 

 

 

 

 

9,489,805

 

 

7,504,817

 

 

6,033,028

 

 

26,908,028

 

 

51,919,893

 



48



 

STATEMENTS OF OPERATIONS (unaudited)
For the six months ended April 30, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend
AchieversTM
Trust
(BDV)

 

Enhanced
Dividend
AchieversTM
Trust
(BDJ)

 

Global
Energy and
Resources
Trust
(BGR)

 

Global
Opportunities
Equity
Trust
(BOE)

 

 

 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

$

15,427,143

 

$

19,385,865

 

$

16,384,586

 

$

5,515,220

 

Interest income

 

 

124,263

 

 

797,891

 

 

1,221,605

 

 

270,295

 

Foreign taxes withheld

 

 

(1,600

)

 

 

 

(1,168,584

)

 

(373,730

)

 

 



 



 



 



 

Total investment income

 

 

15,549,806

 

 

20,183,756

 

 

16,437,607

 

 

5,411,785

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

2,577,469

 

 

4,872,606

 

 

5,269,607

 

 

1,542,332

 

Transfer agent

 

 

15,023

 

 

15,124

 

 

11,157

 

 

9,917

 

Custodian

 

 

56,624

 

 

128,273

 

 

76,205

 

 

118,132

 

Reports to shareholders

 

 

79,278

 

 

81,450

 

 

57,028

 

 

22,315

 

Trustees

 

 

42,173

 

 

42,173

 

 

42,173

 

 

15,372

 

Registration

 

 

32,580

 

 

22,316

 

 

16,860

 

 

15,620

 

Independent accountants

 

 

17,801

 

 

21,076

 

 

38,915

 

 

24,544

 

Legal

 

 

58,164

 

 

62,785

 

 

60,085

 

 

28,187

 

Insurance

 

 

23,537

 

 

44,631

 

 

25,899

 

 

9,910

 

Organization

 

 

 

 

 

 

 

 

 

License fee

 

 

396,534

 

 

487,261

 

 

 

 

 

Miscellaneous

 

 

31,847

 

 

33,519

 

 

35,999

 

 

11,903

 

 

 



 



 



 



 

Total expenses

 

 

3,331,030

 

 

5,811,214

 

 

5,633,928

 

 

1,798,232

 

Less fees waived by Advisor

 

 

 

 

 

 

(878,268

)

 

 

Less fees paid indirectly

 

 

(13

)

 

(426

)

 

(1,087

)

 

(247

)

 

 



 



 



 



 

Net expense

 

 

3,331,017

 

 

5,810,788

 

 

4,754,573

 

 

1,797,985

 

 

 



 



 



 



 

Net investment income (loss)

 

 

12,218,789

 

 

14,372,968

 

 

11,683,034

 

 

3,613,800

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

14,984,317

 

 

(9,284,944

)

 

42,302,220

 

 

24,089,788

 

Foreign currency

 

 

 

 

 

 

504,991

 

 

(294,647

)

Options written

 

 

 

 

19,554,771

 

 

6,937,738

 

 

2,003,408

 

 

 



 



 



 



 

 

 

 

14,984,317

 

 

10,269,827

 

 

49,744,949

 

 

25,798,549

 

 

 



 



 



 



 

Net change in unrealized appreciation (depreciation)

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

41,503,814

 

 

46,309,242

 

 

95,813,835

 

 

31,200,580

 

Foreign currency

 

 

 

 

 

 

10,241

 

 

183,737

 

Options written

 

 

 

 

(2,645,744

)

 

(6,596,931

)

 

(1,719,667

)

 

 



 



 



 



 

 

 

 

41,503,814

 

 

43,663,498

 

 

89,227,145

 

 

29,664,650

 

 

 



 



 



 



 

Net gain

 

 

56,488,131

 

 

53,933,325

 

 

138,972,094

 

 

55,463,199

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in Net Assets Resulting from Operations

 

$

68,706,920

 

$

68,306,293

 

$

150,655,128

 

$

59,076,999

 

 

 



 



 



 



 

See Notes to Financial Statements.

49



 



 

 

 

 

 

 

 

 

 

 

 

 

Health
Sciences
Trust
(BME)

 

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

 

Strategic
Dividend
AchieversTM
Trust
(BDT)

 

World
Investment
Trust
(BWC)

 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

$

730,488

 

$

1,819,322

 

$

7,486,514

 

$

11,790,245

 

 

250,321

 

 

10,371

 

 

52,144

 

 

1,265,323

 

 

(24,954

)

 

(54,316

)

 

(9,440

)

 

(927,559

)



 



 



 



 

 

955,855

 

 

1,775,377

 

 

7,529,218

 

 

12,128,009

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,035,571

 

 

374,215

 

 

1,555,306

 

 

3,915,398

 

 

9,917

 

 

9,890

 

 

9,890

 

 

12,397

 

 

66,489

 

 

39,062

 

 

39,160

 

 

182,280

 

 

12,308

 

 

12,308

 

 

43,621

 

 

37,192

 

 

11,901

 

 

7,417

 

 

28,683

 

 

35,952

 

 

10,538

 

 

988

 

 

12,851

 

 

17,108

 

 

17,963

 

 

22,987

 

 

21,358

 

 

25,787

 

 

22,136

 

 

10,464

 

 

37,762

 

 

55,886

 

 

6,561

 

 

3,316

 

 

14,145

 

 

37,192

 

 

 

 

 

 

 

 

15,000

 

 

 

 

74,843

 

 

207,374

 

 

 

 

10,042

 

 

10,730

 

 

24,487

 

 

16,782

 



 



 



 



 

 

1,203,426

 

 

566,220

 

 

1,994,637

 

 

4,350,974

 

 

 

 

 

 

 

 

 

 

(687

)

 

(147

)

 

(64

)

 

(14,387

)



 



 



 



 

 

1,202,739

 

 

566,073

 

 

1,994,573

 

 

4,336,587

 



 



 



 



 

 

(246,884

)

 

1,209,304

 

 

5,534,645

 

 

7,791,422

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,881,648

 

 

332,231

 

 

3,541,187

 

 

69,607,688

 

 

(3,008

)

 

15,126

 

 

 

 

(294,549

)

 

3,363,555

 

 

 

 

 

 

9,180,237

 



 



 



 



 

 

20,242,195

 

 

347,357

 

 

3,541,187

 

 

78,493,376

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,148,291

)

 

11,104,312

 

 

19,590,844

 

 

74,101,652

 

 

 

 

(4,042

)

 

 

 

(1,035,962

)

 

289,139

 

 

 

 

 

 

(2,303,544

)



 



 



 



 

 

(6,859,152

)

 

11,100,270

 

 

19,590,844

 

 

70,762,146

 



 



 



 



 

 

13,383,043

 

 

11,447,627

 

 

23,132,031

 

 

149,255,522

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

$

13,136,159

 

$

12,656,931

 

$

28,666,676

 

$

157,046,944

 



 



 



 



 



50


 

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended April 30, 2006 (unaudited) and the periods ended October 31, 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend AchieversTM Trust
(BDV)

 

Enhanced Dividend
AchieversTM Trust
(BDJ)

 

Global Energy
and Resources Trust
(BGR)

 

 

 


 


 


 

 

 

2006

 

2005

 

2006

 

20051

 

2006

 

20051

 

 

 


 


 


 


 


 


 

Increase (Decrease) in Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

$

12,218,789

 

$

23,614,570

 

$

14,372,968

 

$

3,952,652

 

$

11,683,034

 

$

16,774,089

 

Net realized gain (loss)

 

 

14,984,317

 

 

15,243,788

 

 

10,269,827

 

 

6,436,934

 

 

49,744,949

 

 

37,898,119

 

Net change in unrealized appreciation/depreciation

 

 

41,503,814

 

 

(15,121,002

)

 

43,663,498

 

 

(23,257,018

)

 

89,227,145

 

 

106,358,047

 

 

 



 



 



 



 



 



 

Net increase (decrease) in net assets resulting from operations

 

 

68,706,920

 

 

23,737,356

 

 

68,306,293

 

 

(12,867,432

)

 

150,655,128

 

 

161,030,255

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income2

 

 

(24,533,243

)

 

(23,075,649

)

 

(42,233,535

)

 

(3,943,349

)

 

(22,324,664

)

 

(16,085,666

)

Net realized gain

 

 

 

 

(15,543,438

)

 

 

 

(3,086,844

)

 

(19,599,565

)

 

(17,401,328

)

Tax return of capital

 

 

 

 

(10,447,397

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(24,533,243

)

 

(49,066,484

)

 

(42,233,535

)

 

(7,030,193

)

 

(41,924,229

)

 

(33,486,994

)

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of common shares

 

 

 

 

 

 

 

 

901,085,239

 

 

 

 

633,917,815

 

Net proceeds from the underwriters’over-allotment option exercised

 

 

 

 

 

 

 

 

85,920,000

 

 

 

 

75,462,618

 

Reinvestment of dividends and distributions

 

 

 

 

 

 

362,797

 

 

1,137,729

 

 

 

 

 

 

 



 



 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

362,797

 

 

988,142,968

 

 

 

 

709,380,433

 

 

 



 



 



 



 



 



 

Total increase (decrease) in net assets

 

 

44,173,677

 

 

(25,329,128

)

 

26,435,555

 

 

968,245,343

 

 

108,730,899

 

 

836,923,694

 

 

 



 



 



 



 



 



 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

774,690,884

 

 

800,020,012

 

 

968,245,343

 

 

 

 

836,923,694

 

 

 

 

 



 



 



 



 



 



 

End of period

 

$

818,864,561

 

$

774,690,884

 

$

994,680,898

 

$

968,245,343

 

$

945,654,593

 

$

836,923,694

 

 

 



 



 



 



 



 



 

End of period distributions in excess of net investment income or accumulated net investment loss

 

$

(11,882,798

)

$

431,656

 

$

(27,847,504

)

$

13,063

 

$

(10,153,823

)

$

(17,183

)


 

 


1

Commencement of investment operations for Enhanced Dividend Achievers, Global Energy and Resources, Global Opportunities, Health Sciences and World Investment were August 31, 2005, December 29, 2004, May 31, 2005, March 31, 2005 and October 28, 2005, respectively. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ statements are for a full year.

2

A portion of the dividends from net investment income for the six months ended April 30, 2006 may be deemed a tax return of capital or net realized gain at fiscal year end.

See Notes to Financial Statements.

51



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 































 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global
Opportunities
Equity Trust
(BOE)

 

Health
Sciences Trust
(BME)

 

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

 

Strategic Dividend
AchieversTM
Trust
(BDT)

 

World
Investment Trust
(BWC)

 


 


 


 


 


 

2006

 

20051

 

2006

 

20051

 

2006

 

2005

 

2006

 

2005

 

2006

 

20051

 


 


 


 


 


 


 


 


 


 


 

 

$

3,613,800

 

$

4,538,040

 

$

(246,884

)

$

(219,209

)

$

1,209,304

 

$

3,239,854

 

$

5,534,645

 

$

12,356,145

 

$

7,791,422

 

$

131,346

 

 

25,798,549

 

 

2,962,997

 

 

20,242,195

 

 

7,008,118

 

 

347,357

 

 

3,103,187

 

 

3,541,187

 

 

11,640,949

 

 

78,493,376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,664,650

 

 

(1,286,843

)

 

(6,859,152

)

 

18,167,699

 

 

11,100,270

 

 

2,340,194

 

 

19,590,844

 

 

5,015,723

 

 

70,762,146

 

 

5,435,898

 



 



 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,076,999

 

 

6,214,194

 

 

13,136,159

 

 

24,956,608

 

 

12,656,931

 

 

8,683,235

 

 

28,666,676

 

 

29,012,817

 

 

157,046,944

 

 

5,567,244

 



 



 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,078,760

)

 

(2,881,081

)

 

(5,769,327

)

 

 

 

(3,547,149

)

 

(2,262,385

)

 

(12,108,614

)

 

(11,808,745

)

 

(29,526,642

)

 

 

 

 

 

(4,060,409

)

 

 

 

(5,769,328

)

 

 

 

(2,262,386

)

 

 

 

(11,832,166

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(576,314

)

 

 

 

 



 



 



 



 



 



 



 



 



 



 

 

(14,078,760

)

 

(6,941,490

)

 

(5,769,327

)

 

(5,769,328

)

 

(3,547,149

)

 

(4,524,771

)

 

(12,108,614

)

 

(24,217,225

)

 

(29,526,642

)

 

 



 



 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

286,020,006

 

 

 

 

178,817,506

 

 

 

 

 

 

 

 

 

 

75,035,025

 

 

667,413,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,775,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,127,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

129,539

 

 

 



 



 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

294,922,324

 

 

 

 

178,817,506

 

 

 

 

 

 

 

 

 

 

75,164,564

 

 

667,413,497

 



 



 



 



 



 



 



 



 



 



 

 

44,998,239

 

 

294,195,028

 

 

7,366,832

 

 

198,004,786

 

 

9,109,782

 

 

4,158,464

 

 

16,558,062

 

 

4,795,592

 

 

202,684,866

 

 

672,980,741

 



 



 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

294,195,028

 

 

 

 

198,004,786

 

 

 

 

96,401,772

 

 

92,243,308

 

 

407,365,641

 

 

402,570,049

 

 

672,980,741

 

 

 



 



 



 



 



 



 



 



 



 



 

$

339,193,267

 

$

294,195,028

 

$

205,371,618

 

$

198,004,786

 

$

105,511,554

 

$

96,401,772

 

$

423,923,703

 

$

407,365,641

 

$

875,665,607

 

$

672,980,741

 



 



 



 



 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(10,795,941

)

$

(36,334

)

$

(6,021,881

)

$

(2,662

)

$

(1,550,473

)

$

777,246

 

$

(5,965,121

)

$

608,848

 

$

(21,883,423

)

$

146,346

 

52



 

FINANCIAL HIGHLIGHTS

 

BlackRock Dividend AchieversTM Trust (BDV)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six
Months Ended
April 30, 2006
(unaudited)

 

For the
Year
Ended
October 31, 2005

 

For the Period
December 23, 20031
through
October 31, 2004

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.21

 

$

14.67

 

$

14.33

2

 

 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.23

 

 

0.43

 

 

0.37

 

Net realized and unrealized gain

 

 

1.03

 

 

0.01

 

 

0.66

 

 

 



 



 



 

Net increase from investment operations

 

 

1.26

 

 

0.44

 

 

1.03

 

 

 



 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.45

)3

 

(0.43

)

 

(0.38

)

Net realized gain

 

 

 

 

(0.28

)

 

 

Tax return of capital

 

 

 

 

(0.19

)

 

(0.29

)

 

 



 



 



 

Total dividends and distributions

 

 

(0.45

)

 

(0.90

)

 

(0.67

)

 

 



 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

(0.02

)

 

 



 



 



 

Net asset value, end of period

 

$

15.02

 

$

14.21

 

$

14.67

 

 

 



 



 



 

Market price, end of period

 

$

12.98

 

$

12.77

 

$

14.98

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN4

 

 

5.15

%

 

(9.25

)%

 

4.62

%

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

0.83

%5

 

0.84

%

 

0.83

%5

Net expenses

 

 

0.83

%5

 

0.84

%

 

0.83

%5

Net investment income

 

 

3.04

%5

 

2.93

%

 

3.00

%5

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

$

811,851

 

$

805,289

 

$

777,731

 

Portfolio turnover

 

 

11

%

 

27

%

 

6

%

Net assets, end of period (000)

 

$

818,865

 

$

774,691

 

$

800,020

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the unaudited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

53


FINANCIAL HIGHLIGHTS

BlackRock Enhanced Dividend AchieversTM Trust (BDJ)

 



 

 

 

 

 

 

 

 

 

 

For the Six
Months Ended
April 30, 2006
(unaudited)

 

For the Period
August 31, 20051
through
October 31, 2005

 

 

 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.01

 

$

14.33

2

 

 



 



 

Investment operations:

 

 

 

 

 

 

 

Net investment income

 

 

0.21

 

 

0.06

 

Net realized and unrealized loss

 

 

0.78

 

 

(0.26

)

 

 



 



 

Net increase (decrease) from investment operations

 

 

0.99

 

 

(0.20

)

 

 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

Net investment income

 

 

(0.61

)3

 

(0.06

)

Net realized gain

 

 

 

 

(0.04

)

 

 



 



 

Total dividends and distributions

 

 

(0.61

)

 

(0.10

)

 

 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

(0.02

)

 

 



 



 

Net asset value, end of period

 

$

14.39

 

$

14.01

 

 

 



 



 

Market price, end of period

 

$

13.30

 

$

13.79

 

 

 



 



 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN4

 

 

0.78

%

 

(7.40

)%

 

 



 



 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:5

 

 

 

 

 

 

 

Total expenses

 

 

1.19

%

 

1.25

%

Net expenses

 

 

1.19

%

 

1.25

%

Net investment income

 

 

2.93

%

 

2.44

%

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

Average net assets (000)

 

$

988,667

 

$

953,303

 

Portfolio turnover

 

 

60

%

 

5

%

Net assets, end of period (000)

 

$

994,681

 

$

968,245

 



 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

54


FINANCIAL HIGHLIGHTS

BlackRock Global Energy and Resources Trust (BGR)

 



 

 

 

 

 

 

 

 

 

 

For the Six
Months Ended
April 30, 2006
(unaudited)

 

For the Period
December 29, 20041
through
October 31, 2005

 

 

 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

28.12

 

$

23.88

2

 

 



 



 

Investment operations:

 

 

 

 

 

 

 

Net investment income

 

 

0.41

 

 

0.56

 

Net realized and unrealized gain

 

 

4.65

 

 

4.85

 

 

 



 



 

Net increase from investment operations

 

 

5.06

 

 

5.41

 

 

 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

Net investment income

 

 

(0.75

)3

 

(0.54

)

Net realized gain

 

 

(0.66

)

 

(0.59

)

 

 



 



 

Total dividends and distributions

 

 

(1.41

)

 

(1.13

)

 

 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

(0.04

)

 

 



 



 

Net asset value, end of period

 

$

31.77

 

$

28.12

 

 

 



 



 

Market price, end of period

 

$

27.12

 

$

25.16

 

 

 



 



 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN4

 

 

13.52

%

 

5.10

%

 

 



 



 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:5

 

 

 

 

 

 

 

Net expenses

 

 

1.02

%

 

1.10

%

Total expenses

 

 

1.21

%

 

1.30

%

Net investment income after fees waived

 

 

2.51

%

 

2.59

%

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

Average net assets (000)

 

$

939,018

 

$

770,023

 

Portfolio turnover

 

 

21

%

 

64

%

Net assets, end of period (000)

 

$

945,655

 

$

836,924

 



 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the unaudited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

55


FINANCIAL HIGHLIGHTS

BlackRock Global Opportunities Equity Trust (BOE)

 



 

 

 

 

 

 

 

 

 

 

For the Six
Months Ended
April 30, 2006
(unaudited)

 

For the Period
May 31, 20051
through
October 31, 2005

 

 

 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

23.77

 

$

23.88

2

 

 



 



 

Investment operations:

 

 

 

 

 

 

 

Net investment income

 

 

0.27

 

 

0.37

 

Net realized and unrealized gain

 

 

4.51

 

 

0.13

 

 

 



 



 

Net increase from investment operations

 

 

4.78

 

 

0.50

 

 

 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

Net investment income

 

 

(1.14

)3

 

(0.23

)

Net realized gain

 

 

 

 

(0.33

)

 

 



 



 

Total dividends and distributions

 

 

(1.14

)

 

(0.56

)

 

 



 



 

Capital charges with respect to issuance of shares

 

 

 

 

(0.05

)

 

 



 



 

Net asset value, end of period

 

$

27.41

 

$

23.77

 

 

 



 



 

Market price, end of period

 

$

25.80

 

$

23.88

 

 

 



 



 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN4

 

 

13.22

%

 

(2.21

)%

 

 



 



 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:5

 

 

 

 

 

 

 

Total expenses

 

 

1.07

%

 

1.19

%

Net expenses

 

 

1.07

%

 

1.19

%

Net investment income

 

 

2.15

%

 

3.66

%

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

Average net assets (000)

 

$

338,670

 

$

294,175

 

Portfolio turnover

 

 

118

%

 

55

%

Net assets, end of period (000)

 

$

339,193

 

$

294,195

 



 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the unaudited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

56


FINANCIAL HIGHLIGHTS

BlackRock Health Sciences Trust (BME)

 



 

 

 

 

 

 

 

 

 

 

For the Six
Months Ended
April 30, 2006
(unaudited)

 

For the Period
March 31, 20051
through
October 31, 2005

 

 

 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

26.38

 

$

23.88

2

 

 



 



 

Investment operations:

 

 

 

 

 

 

 

Net investment loss

 

 

(0.03

)

 

(0.03

)

Net realized and unrealized gain

 

 

1.79

 

 

3.30

 

 

 



 



 

Net increase from investment operations

 

 

1.76

 

 

3.27

 

 

 



 



 

Dividends and distributions from:

 

 

 

 

 

 

 

Net investment income

 

 

(0.77

)3

 

 

Net realized gain

 

 

 

 

(0.77

)

 

 



 



 

Total dividends and distributions

 

 

(0.77

)

 

(0.77

)

 

 



 



 

Net asset value, end of period

 

$

27.37

 

$

26.38

 

 

 



 



 

Market price, end of period

 

$

24.98

 

$

25.19

 

 

 



 



 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN4

 

 

2.11

%

 

3.81

%

 

 



 



 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:5

 

 

 

 

 

 

 

Total expenses

 

 

1.19

%

 

1.18

%

Net expenses

 

 

1.19

%

 

1.18

%

Net investment loss

 

 

(0.24

)%

 

(0.19

)%

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

Average net assets (000)

 

$

204,172

 

$

192,836

 

Portfolio turnover

 

 

117

%

 

104

%

Net assets, end of period (000)

 

$

205,372

 

$

198,005

 



 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the unaudited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

57


FINANCIAL HIGHLIGHTS

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

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six
Months Ended
April 30, 2006
(unaudited)

 

For the
Year
Ended
October 31, 2005

 

For the Period
May 28, 20041
through
October 31, 2004

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

15.98

 

 

 

$

15.29

 

 

 

$

14.33

2

 

 

 

 



 

 

 



 

 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.20

 

 

 

 

0.56

 

 

 

 

0.21

 

 

Net realized and unrealized gain

 

 

 

1.90

 

 

 

 

0.88

 

 

 

 

0.96

 

 

 

 

 



 

 

 



 

 

 



 

 

Net increase from investment operations

 

 

 

2.10

 

 

 

 

1.44

 

 

 

 

1.17

 

 

 

 

 



 

 

 



 

 

 



 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.59

)3

 

 

 

(0.37

)

 

 

 

(0.17

)

 

Net realized gain

 

 

 

 

 

 

 

(0.38

)

 

 

 

 

 

Tax return of capital

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

 



 

 

 



 

 

 



 

 

Total dividends and distributions

 

 

 

(0.59

)

 

 

 

(0.75

)

 

 

 

(0.19

)

 

 

 

 



 

 

 



 

 

 



 

 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

 



 

 

 



 

 

 



 

 

Net asset value, end of period

 

 

$

17.49

 

 

 

$

15.98

 

 

 

$

15.29

 

 

 

 

 



 

 

 



 

 

 



 

 

Market price, end of period

 

 

$

15.15

 

 

 

$

14.54

 

 

 

$

13.80

 

 

 

 

 



 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN4

 

 

 

8.41

%

 

 

 

10.97

%

 

 

 

(6.80

)%

 

 

 

 



 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.08

%5

 

 

 

1.14

%

 

 

 

1.23

%5

 

Net expenses

 

 

 

1.08

%5

 

 

 

1.14

%

 

 

 

1.23

%5

 

Net investment income

 

 

 

2.31

%5

 

 

 

3.35

%

 

 

 

3.27

%5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

 

$

105,508

 

 

 

$

96,697

 

 

 

$

87,094

 

 

Portfolio turnover

 

 

 

2

%

 

 

 

38

%

 

 

 

4

%

 

Net assets, end of period (000)

 

 

 

105,512

 

 

 

$

96,402

 

 

 

$

92,243

 

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the unaudited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

58


FINANCIAL HIGHLIGHTS

BlackRock Strategic Dividend AchieversTM Trust (BDT)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six
Months Ended
April 30, 2006
(unaudited)

 

For the
Year
Ended
October 31, 2005

 

For the Period
March 30, 20041
through
October 31, 2004

 

 

 


 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

15.14

 

 

 

$

14.96

 

 

 

$

14.33

2

 

 

 

 



 

 

 



 

 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.21

 

 

 

 

0.46

 

 

 

 

0.18

 

 

Net realized and unrealized gain

 

 

 

0.85

 

 

 

 

0.62

 

 

 

 

0.92

 

 

 

 

 



 

 

 



 

 

 



 

 

Net increase from investment operations

 

 

 

1.06

 

 

 

 

1.08

 

 

 

 

1.10

 

 

 

 

 



 

 

 



 

 

 



 

 

Dividends and distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.45

)3

 

 

 

(0.46

)

 

 

 

(0.17

)

 

Net realized gain

 

 

 

 

 

 

 

(0.42

)

 

 

 

 

 

Tax return of capital

 

 

 

 

 

 

 

(0.02

)

 

 

 

(0.28

)

 

 

 

 



 

 

 



 

 

 



 

 

Total dividends and distributions

 

 

 

(0.45

)

 

 

 

(0.90

)

 

 

 

(0.45

)

 

 

 

 



 

 

 



 

 

 



 

 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

 



 

 

 



 

 

 



 

 

Net asset value, end of period

 

 

$

15.75

 

 

 

$

15.14

 

 

 

$

14.96

 

 

 

 

 



 

 

 



 

 

 



 

 

Market price, end of period

 

 

$

13.85

 

 

 

$

13.20

 

 

 

$

14.54

 

 

 

 

 



 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN4

 

 

 

8.38

%

 

 

 

(3.46

)%

 

 

 

0.01

%

 

 

 

 



 

 

 



 

 

 



 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

0.95

%5

 

 

 

0.96

%

 

 

 

0.99

%5

 

Net expenses

 

 

 

0.95

%5

 

 

 

0.96

%

 

 

 

0.99

%5

 

Net investment income

 

 

 

2.63

%5

 

 

 

3.01

%

 

 

 

2.18

%5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

 

$

424,008

 

 

 

$

410,719

 

 

 

$

377,074

 

 

Portfolio turnover

 

 

 

1

%

 

 

 

24

%

 

 

 

1

%

 

Net assets, end of period (000)

 

 

$

423,924

 

 

 

$

407,366

 

 

 

$

402,570

 

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

A part of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end.

4

Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Annualized.

The information in the above Financial Highlights represents the unaudited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

59


FINANCIAL HIGHLIGHTS

BlackRock World Investment Trust (BWC)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six
Months Ended
April 30, 2006
(unaudited)

 

For the Period
October 28, 20051
through
October 31, 2005

 

 

 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

14.42

 

 

 

$

14.33

2

 

 

 

 



 

 

 



 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

0.15

 

 

 

 

 

 

Net realized and unrealized gain

 

 

 

2.87

 

 

 

 

0.11

 

 

 

 

 



 

 

 



 

 

Net increase from investment operations

 

 

 

3.02

 

 

 

 

0.11

 

 

 

 

 



 

 

 



 

 

Distributions from net investment income

 

 

 

(0.57

)

 

 

 

 

 

 

 

 



 

 

 



 

 

Capital charges with respect to issuance of shares

 

 

 

 

 

 

 

(0.02

)

 

 

 

 



 

 

 



 

 

Net asset value, end of period

 

 

$

16.87

 

 

 

$

14.42

 

 

 

 

 



 

 

 



 

 

Market price, end of period

 

 

$

16.53

 

 

 

$

15.08

 

 

 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURN3

 

 

 

13.62

%

 

 

 

0.53

%

 

 

 

 



 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

1.00

%5

 

 

 

1.23

%4

 

Net expenses

 

 

 

1.00

%5

 

 

 

1.23

%4

 

Net investment income

 

 

 

1.80

%5

 

 

 

2.59

%4

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

Average net assets (000)

 

 

$

874,421

 

 

 

$

667,368

 

 

Portfolio turnover

 

 

 

95

%

 

 

 

%

 

Net assets, end of period (000)

 

 

$

875,666

 

 

 

$

672,981

 

 



 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

4

The Trust incurred certain expenses that were for a full year, which were not annualized. If these expenses were annualized the total expenses and net investment income ratios would have been 2.39% and 1.44%, respectively.

5

Annualized.

The information in the above Financial Highlights represents the unaudited operating performance for a share outstanding, total investment return, ratios to average net assets and other supplemental data for the period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

See Notes to Financial Statements.

60


 

NOTES TO FINANCIAL STATEMENTS (unaudited)


Note 1. Organization & Accounting Policies

BlackRock Dividend AchieversTM Trust (“Dividend Achievers”), BlackRock Enhanced Dividend AchieversTM Trust (“Enhanced Dividend Achievers”), BlackRock Global Energy and Resources Trust (“Global Energy and Resources”), BlackRock Global Opportunities Equity Trust (“Global Opportunities”), BlackRock Health Sciences Trust (“Health Sciences”), BlackRock S&P Quality Rankings Global Equity Managed Trust (“S&P Quality Rankings”), BlackRock Strategic Dividend AchieversTM Trust (“Strategic Dividend Achievers”) and BlackRock World Investment Trust (“World Investment”) (collectively, the “Trusts”) are organized as Delaware statutory trusts. All Trusts, except Global Energy and Resources and Health Sciences, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended. Global Energy and Resources and Health Sciences are registered as non-diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended.

          Under the Trusts’ organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In addition, in the normal course of business, the Trusts enter into contracts with their vendors and others that provide for general indemnifications. The Trusts’ maximum exposure under these arrangements are unknown as this would involve future claims that may be made against the Trusts. However, based on experience, the Trusts consider the risk of loss from such claims to be remote.

          The following is a summary of significant accounting policies followed by the Trusts.

Investment Valuation: The Trusts value most of their investments on the basis of current market quotations provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees (the “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures based on valuation technology commonly employed in the market for such investments. Exchange-traded options are valued at their last sales price as of the close of options trading on applicable exchanges. In the absence of a last sale, options are valued at the average of the quoted bid and asked prices as of the close of business. Over-the-counter (“OTC”) options quotations are provided by dealers selected under the supervision of the Board. Considerations utilized by dealers in valuing OTC options include, but are not limited to, volatility factors of the underlying security, price movement of the underlying security in relation to the strike price and the time left until expiration of the option. Investments in open-end investment companies are valued at net asset value per share. Short-term debt investments having a remaining maturity of 60 days or less when purchased and debt investments originally purchased with maturities in excess of 60 days but which currently have maturities of 60 days or less may be valued at amortized cost. Any investments or other assets for which current market quotations are not readily available are valued at their fair value (“Fair Value Assets”) as determined in good faith under procedures established by and under the general supervision and responsibility of the Trusts’Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to the Board.

          When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the 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 advisor and/or sub-advisor deems relevant.

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. The cost of investments and the related gain or loss is determined by the use of the specific identification method, generally high cost, for both financial reporting and federal income tax purposes. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed. These dividends are recorded as soon as the Trusts are informed of the ex-dividend date. Dividend income on foreign securities is recorded net of any applicable withholding tax.

Forward Currency Contracts: Certain Trusts may enter into forward currency contracts primarily to facilitate settlement of purchases and sales of foreign securities and to help manage the overall exposure to foreign currency. A forward contract is a commitment to purchase or sell a foreign currency at a future date (usually the security transaction settlement date) at a negotiated forward rate. In the event that a security fails to settle within the normal settlement period, the forward currency contract is renegotiated at a new rate. The gain or loss arising from the difference between the settlement value of the original and renegotiated forward contracts is isolated and is included in net realized gains or losses from foreign currency transactions. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contract.

          Forward currency contracts, when used by the Trusts, help to manage the overall exposure to the foreign currency backing some of the investments held by the Trusts. Forward currency contracts are not meant to be used to eliminate all of the exposure to the foreign currency, rather they allow the Trusts to limit their exposure to foreign currency within a narrow band consistent with the objectives of the Trusts.

Foreign Currency Translation: Foreign currency amounts are translated into United States dollars on the following basis:

(i) market value of investment securities, other assets and liabilities at the current rate of exchange.

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

          The Trusts do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. The Trusts report forward 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.

          Net realized and unrealized foreign exchange gains and losses includes realized foreign exchange gains and losses from sales and maturities of foreign portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of interest and discount recorded on the Trusts’ books and the U.S. dollar equivalent amounts actually received or paid and changes in unrealized foreign exchange gains and losses in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange rate.

61


          Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Option Writing/Purchasing: When the Trusts write or purchase an option, an amount equal to the premium received or paid by the Trusts are recorded as liabilities or assets and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Trusts on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or the proceeds from the sale in determining whether the Trusts have realized a gain or a loss on investment transactions. The Trusts, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.

          A call option gives the purchaser of the option the right (but not 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 (but not the obligation) to sell and obligates the writer to buy (when the option is exercised) the underlying position at the exercise price at any time or at a specified time during the option period.

          Enhanced Dividend Achievers, Global Energy and Resources and Health Sciences will not sell put options if, as a result, more than 50% of the Trust’s total assets not covering written calls and potential obligations arising from those written calls, would be required to cover its potential obligations under put options and its hedging and other investment transactions.

          The main risk that is associated with purchasing options is that the option expires without being exercised. In this case, the option expires worthless and the premium paid for the option is considered the loss. The risk associated with writing call options is that the Trusts may forgo the opportunity for a profit if the market value of the underlying position increases and the option is exercised. The risk in writing put options is that the Trusts may incur a loss if the market value of the underlying position decreases and the option is exercised. In addition, the Trusts risk not being able to enter into a closing transaction for the written option as the result of an illiquid market.

          Certain Trusts may invest in over-the-counter (“OTC”) options. OTC options differ from exchange-listed options in that they are two-party contracts, with exercise price, premium and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-listed options. The counterparties to these transactions typically will be major international banks, broker-dealers and financial institutions. The Trusts may be required to restrict the sale of securities being used to cover certain written OTC options. The OTC options written by the Trust will not be issued, guaranteed or cleared by the Options Clearing Corporation. In addition, the Trusts’ ability to terminate the OTC options may be more limited than with exchange-traded options. Banks, broker-dealers or other financial institutions participating in such transaction may fail to settle a transaction in accordance with the terms of the option as written. In the event of default or insolvency of the counterparty, the Trusts may be unable to liquidate an OTC option position.

Segregation: In cases in which the Investment Company Act of 1940, as amended (the “1940 Act”), and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require a Trust to segregate assets in connection with certain investments (e.g., call options written), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient amounts of their taxable income to shareholders. Therefore, no federal income tax provisions have been recorded.

Dividends and Distributions: All Trusts except Enhanced Dividend Achievers and World Investment declare and pay dividends and distributions to shareholders quarterly from net investment income, net realized short-term capital gains and, if necessary, other sources. Enhanced Dividend Achievers and World Investment declare and pay dividends and distributions to shareholders monthly from net investment income, net realized short-term capital gains and, if necessary, other sources. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. If the total dividends and distributions made in any tax year exceeds net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a tax-free return of capital. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences may be material.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by the Board, non-interested Trustees are required to defer a portion of their annual complex-wide compensation pursuant to the plan. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock closed-end trusts selected by the Trustees. These amounts are shown on the Statement of Assets and Liabilities as “Investment in Affiliates”. This has the same economic effect for the Trustees as if the Trustees had invested the deferred amounts in such Trusts.

          The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trusts. The Trusts may, however, elect to invest in common shares of those Trusts selected by the Trustees in order to match its deferred compensation obligations.

          Other: Expenses that are directly related to one of the Trusts are charged directly to that Trust. Other operating expenses are generally prorated to the Trusts on the basis of relative net assets of all of the BlackRock Closed-End Trusts.

62


Note 2. Agreements

The Trusts have an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. (“BFM”) a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Dividend Acheivers, Enhanced Dividend Achievers, S&P Quality Rankings, Strategic Dividend Achievers and World Investment. State Street Research and Management Company, a wholly owned subsidiary of BlackRock, serves as sub-advisor to Global Energy and Resources. BlackRock, Inc. is an indirect majority owned subsidiary of The PNC Financial Services Group, Inc. The Investment Management Agreement covers both investment advisory and administration services.

          The Trusts’ investment advisory fees paid to the Advisor are computed weekly, accrued daily and payable monthly, based on an annual rate, 0.65% for Dividend Achievers, 1.00% for Enhanced Dividend Achievers, 1.20% for Global Energy and Resources, 1.00% for Global Opportunites, 1.00% for Health Sciences, 0.75% for S&P Quality Rankings, 0.75% for Strategic Dividend Achievers, and 1.00% for World Investment, of the Trust’s average weekly managed assets. Because the Trusts have no present intention of borrowing for investment purposes, the Trusts’“managed assets” will generally be equal to the Trusts’net assets. The Adviser has voluntarily agreed to waive a portion of the investment advisory fees or some other expenses on Global Energy and Resources as a percentage of its average weekly managed assets as follows: 0.20% for the first five years of the Trust’s operations, 0.15% in year six, 0.10% in year seven and 0.05% in year eight.

          The Advisor pays BFM fees for its sub-advisory services.

          Pursuant to the Investment Management Agreement, the Advisor provides continuous supervision of the investment portfolios and pays the compensation of officers of the Trusts who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of the Trusts. The Trusts bear all other costs and expenses, which include reimbursements to the Advisor for cost of employees that provide pricing, secondary market support and compliance support to the Trusts. For the six months ended April 30, 2006, the Trusts reimbursed the Advisor the following amounts which are included in miscellaneous expenses in the Statement of Operations:

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Amount

 

 

Trust

 

Amount

 


 


 

 


 


 

Dividend Achievers

 

$

14,837

 

 

Health Sciences

 

$

5,082

 

Enhanced Dividend Achievers

 

 

14,836

 

 

S&P Quality Rankings

 

 

2,720

 

Global Energy and Resources

 

 

17,356

 

 

Strategic Dividend Achievers

 

 

12,364

 

Global Opportunities

 

 

6,943

 

 

World Investment

 

 

6,934

 

          Pursuant to terms of each Trust’s custody agreement, each Trust may receive earnings credits from its custodian for positive cash balances maintained, which are used to offset custody fees. These credits are shown on the Statement of Operations as “fees paid indirectly.”

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 such 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 Achievers, Enhanced Dividend Achievers and Strategic Dividend Achievers. 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 the 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 the Statement of Operations.

Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the six months ended April 30, 2006, were as follows:

 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 


 


 


 

Dividend Achievers

 

$

86,549,631

 

$

100,359,937

 

Enhanced Dividend Achievers

 

 

570,204,458

 

 

604,038,616

 

Global Energy and Resources

 

 

176,216,444

 

 

215,890,209

 

Global Opportunities

 

 

347,609,063

 

 

356,157,498

 

Health Sciences

 

 

227,019,284

 

 

226,374,359

 

S&P Quality Rankings

 

 

2,497,356

 

 

4,383,641

 

Strategic Dividend Achievers

 

 

2,326,300

 

 

11,885,132

 

World Investment

 

 

851,382,050

 

 

749,370,732

 

63


Transactions in options written during the six months ended April 30, 2006, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calls

 

Puts

 

 

 


 


 

Trust

 

Contracts

 

Premiums

 

Contracts

 

Premiums

 


 


 


 


 


 

Enhanced Dividends Achievers

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

9,088,434

 

 

11,692,285

 

 

 

 

 

Options written

 

 

21,314,892

 

 

28,531,011

 

 

294,800

 

 

705,899

 

Options expired

 

 

(8,686,977

)

 

(12,448,000

)

 

(1,520

)

 

(42,694

)

Options exercised

 

 

(9,502,423

)

 

(11,208,419

)

 

(250

)

 

(22,124

)

Options closed

 

 

(4,914,233

)

 

(7,755,726

)

 

(290,780

)

 

(505,210

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

7,299,693

 

 

8,811,151

 

 

2,250

 

 

135,871

 

 

 



 



 



 



 

Global Energy and Resources

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

1,200,301

 

 

3,523,235

 

 

7,176

 

 

2,577,037

 

Options written

 

 

1,328,059

 

 

20,389,335

 

 

53,075

 

 

5,687,853

 

Options expired

 

 

(964,123

)

 

(3,273,772

)

 

(21,167

)

 

(2,849,867

)

Options exercised

 

 

(707,134

)

 

(1,891,642

)

 

(4,297

)

 

(776,007

)

Options closed

 

 

(481,450

)

 

(11,078,848

)

 

(29,757

)

 

(4,154,064

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

375,653

 

 

7,668,308

 

 

5,030

 

 

484,952

 

 

 



 



 



 



 

Global Opportunities

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

18,556,352

 

 

2,763,454

 

 

1,065

 

 

203,297

 

Options written

 

 

49,359,052

 

 

12,013,919

 

 

40,568,990

 

 

876,546

 

Options expired

 

 

(17,336,512

)

 

(2,902,365

)

 

(40,200,745

)

 

(565,498

)

Options exercised

 

 

(20,430,284

)

 

(5,723,159

)

 

(132,605

)

 

(176,583

)

Options closed

 

 

(17,862,631

)

 

(3,009,624

)

 

(136,705

)

 

(308,393

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

12,285,977

 

 

3,142,225

 

 

100,000

 

 

29,369

 

 

 



 



 



 



 

Health Science

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

189,062

 

 

972,545

 

 

136,308

 

 

479,035

 

Options written

 

 

849,008

 

 

4,173,651

 

 

103,636

 

 

1,117,063

 

Options expired

 

 

(248,968

)

 

(967,558

)

 

(77,986

)

 

(481,612

)

Options exercised

 

 

(323,283

)

 

(824,845

)

 

(608

)

 

(53,637

)

Options closed

 

 

(378,964

)

 

(2,633,772

)

 

(160,365

)

 

(969,911

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

86,855

 

 

720,021

 

 

985

 

 

90,938

 

 

 



 



 



 



 

World Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of period

 

 

606,500

 

 

41,658

 

 

 

 

 

Options written

 

 

237,064,669

 

 

38,101,255

 

 

131,441,270

 

 

1,905,607

 

Options expired

 

 

(146,382,309

)

 

(8,014,043

)

 

(130,647,200

)

 

(1,247,226

)

Options exercised

 

 

(49,231,603

)

 

(14,787,743

)

 

(234,345

)

 

(285,312

)

Options closed

 

 

(15,183,349

)

 

(5,974,416

)

 

(305,225

)

 

(249,975

)

 

 



 



 



 



 

Options outstanding at end of period

 

 

26,873,908

 

 

9,366,711

 

 

254,500

 

 

123,094

 

 

 



 



 



 



 

As of April 30, 2006, portfolio securities subject to covered call options written by Enhanced Dividend Achievers, Global Energy and Resources, Global Opportunities, Health Sciences and World Investment were valued at $398,764,975, $153,612,716, $142,404,076, $56,715,973 and $347,466,160, respectively.

64


Details of open forward foreign currency exchange contracts at April 30, 2006, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Foreign
Currency
Bought

 

 

Settlement
Date

 

Contract to
Purchase

 

Value at
Settlement
Date (US$)

 

Value at
April 30,
2006 (US$)

 

Unrealized
Appreciation/
(Depreciation)

 


 

 


 

 


 


 


 


 


 

Global Energy and Resources

 

 

Norwegian Krone

 

 

5/02/06

 

 

11,824,829

 

$

1,899,876

 

$

1,917,996

 

$

18,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Opportunities

 

 

Swedish Krona

 

 

5/02/06

 

 

3,258,381

 

 

437,925

 

 

442,769

 

$

4,845

 

 

 

 

Swedish Krona

 

 

5/03/06

 

 

5,926,859

 

 

802,554

 

 

805,378

 

 

2,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World Investment

 

 

Euro

 

 

5/02/06

 

 

3,783,275

 

 

4,737,417

 

 

4,773,005

 

$

35,588

 

 

 

 

Euro

 

 

6/13/06

 

 

19,700

 

 

24,881

 

 

24,927

 

 

46

 

 

 

 

Mexican Peso

 

 

5/02/06

 

 

59,918,640

 

 

5,407,575

 

 

5,413,927

 

 

6,352

 

 

 

 

Mexican Peso

 

 

6/19/06

 

 

7,541,340

 

 

679,561

 

 

678,885

 

 

(676

)

 

 

 

Danish Krone

 

 

5/01/06

 

 

20,537,382

 

 

3,447,315

 

 

3,473,053

 

 

25,738

 

 

 

 

Swedish Krona

 

 

5/03/06

 

 

1,136,599

 

 

153,906

 

 

154,448

 

 

542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

67,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Foreign
Currency
Sold

 

 

Settlement
Date

 

Contract to
Sell

 

Value at
Settlement
Date (US$)

 

Value at
April 30,
2006 (US$)

 

Unrealized
Appreciation/
(Depreciation)

 


 

 


 

 


 


 


 


 


 

Global Opportunities

 

 

Japanese Yen

 

 

5/02/06

 

 

1,974,775

 

$

17,292

 

$

17,343

 

$

(51

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World Investment

 

 

Euro

 

 

6/13/06

 

 

9,700

 

 

11,831

 

 

12,274

 

$

(443

)

 

 

 

Euro

 

 

6/13/06

 

 

20,600

 

 

26,089

 

 

26,066

 

 

23

 

 

 

 

New Zealand Dollar

 

 

6/19/06

 

 

10,131,609

 

 

6,144,821

 

 

6,448,632

 

 

(303,811

)

 

 

 

New Zealand Dollar

 

 

6/19/06

 

 

96,500

 

 

61,166

 

 

61,421

 

 

(255

)

 

 

 

Mexican Peso

 

 

5/02/06

 

 

71,341,148

 

 

6,411,247

 

 

6,446,004

 

 

(34,757

)

 

 

 

Mexican Peso

 

 

6/19/06

 

 

24,751,889

 

 

2,212,202

 

 

2,236,448

 

 

(24,246

)

 

 

 

Mexican Peso

 

 

6/19/06

 

 

1,875,000

 

 

170,109

 

 

168,791

 

 

1,318

 

 

 

 

Swiss Franc

 

 

5/02/06

 

 

130,271

 

 

104,551

 

 

105,040

 

 

(489

)

 

 

 

Japanese Yen

 

 

5/02/06

 

 

393,588,151

 

 

3,446,481

 

 

3,456,621

 

 

(10,140

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(372,800

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Note 4. Income Tax Information

The tax character of distributions paid during the year ended October 31, 2005, was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period ended October 31, 2005

 

 

 


 

Distributions paid from:

 

Ordinary
Income

 

Non-taxable
Return of
Capital

 

Long-term
Capital
Gains

 

Total
Distributions

 

 

 


 


 


 


 

Dividend Achievers

 

$

23,075,649

 

$

10,447,397

 

$

15,543,438

 

$

49,066,484

 

Enhanced Dividend Achievers

 

 

7,018,953

 

 

 

 

11,240

 

 

7,030,193

 

Global Energy and Resources

 

 

33,486,994

 

 

 

 

 

 

33,486,994

 

Global Opportunities

 

 

6,941,490

 

 

 

 

 

 

6,941,490

 

Health Sciences

 

 

5,769,328

 

 

 

 

 

 

5,769,328

 

S&P Quality Rankings

 

 

2,840,269

 

 

 

 

1,684,502

 

 

4,524,771

 

Strategic Dividend Achievers

 

 

12,358,425

 

 

576,314

 

 

11,282,486

 

 

24,217,225

 

          For Federal income tax purposes, the Trusts had no capital loss carryforwards as of October 31, 2005.

65


Note 5. Capital

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for the Trusts.
At April 30. 2006, the shares owned by affiliates of the Advisor of the Trusts were as follows:

 

 

 

 

 

Trust

 

Common Shares
Owned

 


 


 

Dividend Achievers

 

8,028

 

 

Enhanced Dividend Achievers

 

8,028

 

 

Global Energy and Resources

 

4,817

 

 

Global Opportunities

 

4,817

 

 

Health Sciences

 

4,817

 

 

S&P Quality Rankings

 

8,028

 

 

Strategic Dividend Achievers

 

8,028

 

 

World Investment

 

8,028

 

 

          Transactions in common shares of beneficial interest from the period ended October 31, 2005 and the six months ended April 30, 2006, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Initial Public
Offering

 

Underwriters’ Exercising
the Over-allotment Option

 

Reinvestment
of Dividends and
Distributions for
the period ended
October 31, 2005

 

Reinvestment
of Dividends and
Distributions for
the six months ended
April 30, 2006

 


 


 


 


 


 

Enhanced Dividend Achievers

 

63,008,028

 

 

6,000,000

 

 

80,554

 

 

30,805

 

 

Global Energy and Resources

 

26,604,817

 

 

3,161,400

 

 

 

 

 

 

Global Opportunities

 

12,004,817

 

 

200,000

 

 

172,115

 

 

 

 

Health Sciences

 

7,504,817

 

 

 

 

 

 

 

 

World Investment

 

46,674,695

 

 

5,237,000

 

 

 

 

8,198

 

 

          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 Enhanced Dividend Achievers, Global Energy and Resources, Global Opportunities, Health Sciences and World Investment in the amounts of $1,204,762, $1,154,191, $610,000, $312,750 and $1,216,509, respectively.

Note 6. Distributions

Subsequent to April 30, 2006, the Board declared distributions per common share for Enhanced Dividend Achievers, Global Opportunities, S&P Quality Rankings and World Investment payable May 31, 2006, to shareholders of record on May 15, 2006 and for Dividend Achievers, Global Energy and Resources, Health Sciences and Strategic Dividend Achievers payable June 30, 2006, to shareholders of record on June 15, 2006. The per share distributions declared were as follows:

 

 

 

 

 

Trust

 

Distribution per
Common Share

 


 


 

Dividend Achievers

 

$

0.225000

 

Enhanced Dividend Achievers

 

 

0.101875

 

Global Energy and Resources

 

 

0.375000

 

Global Opportunities

 

 

0.568750

 

Health Sciences

 

 

0.383475

 

S&P Quality Rankings

 

 

0.225000

 

Strategic Dividend Achievers

 

 

0.225000

 

World Investment

 

 

0.113750

 

66


 

DIVIDEND REINVESTMENT PLANS


          Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders are automatically enrolled to have all distributions reinvested by The Bank of New York (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who elect not to 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.

          The Plan Agent serves as agent for the shareholders in administering the Plan. After a Trust declares a distribution, the Plan Agent will acquire shares for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open-market purchases”). If, on the distribution 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 distribution 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 distribution 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 distribution will be divided by 95% of the market price on the payment date. If, on the distribution 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 distribution amount in shares acquired on behalf of the participants in open-market purchases.

          Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the distribution record date; otherwise such termination or resumption will be effective with respect to any subsequently declared distribution.

          The Plan Agent’s fees for the handling of the reinvestment of 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 distributions. The automatic reinvestment of distributions will not relieve participants of any Federal income tax that may be payable on such 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 that 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, Dividend Reinvestment Department, P.O. Box 1958, Newark, New Jersey 07101-9774; or by calling 1-866-216-0242.

67



 

ADDITIONAL INFORMATION (Unaudited)


          On February 15, 2006, BlackRock, Inc. (“BlackRock”) and Merrill Lynch & Co., Inc. (“Merrill Lynch”) announced that they had entered into an agreement pursuant to which Merrill Lynch would contribute its investment management business, Merrill Lynch Investment Managers, to BlackRock, one of the largest publicly traded investment management firms in the United States, to form a new asset management company that will be one of the world’s preeminent, diversified global money management organizations with approximately $1 trillion in assets under management. Based in New York, BlackRock currently manages assets for institutional and individual investors worldwide through a variety of equity, fixed income, cash management and alternative investment products. The new company will operate under the BlackRock name and be governed by a board of directors with a majority of independent members. The new company will offer a full range of equity, fixed income, cash management and alternative investment products with strong representation in both retail and institutional channels, in the U.S. and in non-U.S. markets, It will have over 4,500 employees in 18 countries and a major presence in most key markets, including the United States, the United Kingdom, Asia, Australia, the Middle East and Europe. Merrill Lynch will own no more than 49.8% of the total issued and outstanding capital stock of the new company and it will own no more than 45% of the new company’s common stock, and The PNC Financial Services Group, Inc. (“PNC”), which currently holds a majority interest in BlackRock, will retain approximately 34% of the new company’s common stock. Each of Merrill Lynch and PNC has agreed that it will vote all of its shares on all matters in accordance with the recommendation of BlackRock’s board. Completion of the transaction is subject to various regulatory approvals, client consents, approval by BlackRock shareholders and customary conditions. The transaction has been approved by the boards of directors of Merrill Lynch, BlackRock and PNC and is expected to close at the end of the third quarter of 2006.

          The Trusts listed for trading on the New York Stock Exchange (NYSE) have filed with the NYSE their chief executive officer certification regarding compliance with the NYSE’s listing standards and the Trusts listed for trading on the American Stock Exchange (AMEX) have filed with the AMEX their corporate governance certification regarding compliance with the AMEX’s listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

          During the period, there were no material changes in any Trusts’ investment objective or policies or to the Trusts’ charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with 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 do not make available copies of their respective Statements of Additional Information because the Trusts’ share are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trust’s offering and the information contained in each Trust’s Statement of Additional Information may have become outdated.

          Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/funds/cefunds/index.html. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

          Certain officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor; Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista—Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent B. Tritto—Managing Director of the Sub-Advisor, and Brian P. Kindelan—Managing Director of the Advisor.

68



 

SECTION 19 NOTICES


Set forth below is a summary of notices sent by each Trust, if any, pursuant to Section 19 of the Investment Company Act of 1940. Section 19 requires each Trust to accompany dividend payments with a notice if any part of that payment is from a source other than accumulated net investment income, not including profits or losses from the sale of securities or other properties. These notices are not for tax reporting purposes and were provided only for informational purposes in order to comply with the requirements of Section 19. In January 2007, after the completion of each Trust’s tax year, shareholders will receive a Form 1099-DIV which will reflect the amount of income, capital gain and return of capital paid by the Trust taxable in calendar year 2006 and reportable on your 2006 federal and other income tax returns.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
distributions

 

Net Investment
Income

 

Distributions
from proceeds
from the sale
of securities

 

Distributions
from return
of capital

 

 

 

 

 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Dividend Achievers
Trust (BDV)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec-05

 

$

0.225000

 

$

0.086066

 

 

$

 

 

$

0.138934

 

 

 

 

Mar-06

 

 

0.225000

 

 

0.096591

 

 

 

 

 

 

0.128409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Enhanced Dividend
Achievers (BDJ)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nov-05

 

 

0.101875

 

 

0.033958

 

 

 

0.067917

 

 

 

 

 

 

 

Dec-05

 

 

0.101875

 

 

0.048815

 

 

 

 

 

 

0.053060

 

 

 

 

Jan-06

 

 

0.101875

 

 

0.011091

 

 

 

0.015544

 

 

 

0.075240

 

 

 

 

Feb-06

 

 

0.101875

 

 

0.046023

 

 

 

0.045532

 

 

 

0.010320

 

 

 

 

Mar-06

 

 

0.101875

 

 

0.019866

 

 

 

0.016602

 

 

 

0.065407

 

 

 

 

Apr-06

 

 

0.101875

 

 

0.043406

 

 

 

0.058469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Global Energy and
Resources Trust (BGR)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec-05

 

 

0.375000

 

 

0.212097

 

 

 

0.162903

 

 

 

 

 

 

 

Mar-06

 

 

0.375000

 

 

0.150958

 

 

 

0.224042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Global Opportunities (BOE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nov-05

 

 

0.568750

 

 

0.013140

 

 

 

0.177575

 

 

 

0.378035

 

 

 

 

Feb-06

 

 

0.568750

 

 

0.092067

 

 

 

0.476683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Health Sciences
Trust (BME)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec-05

 

 

0.384375

 

 

 

 

 

0.384375

 

 

 

 

 

 

 

Mar-06

 

 

0.384375

 

 

 

 

 

0.384375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nov-05

 

 

0.225000

 

 

 

 

 

0.225000

 

 

 

 

 

 

 

Feb-06

 

 

0.225000

 

 

0.195815

 

 

 

 

 

 

0.029185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Strategic Dividend
Achievers Trust (BDT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec-05

 

 

0.225000

 

 

0.083658

 

 

 

 

 

 

0.141342

 

 

 

 

Mar-06

 

 

0.225000

 

 

0.093469

 

 

 

 

 

 

0.131531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock World Investment Trust (BWC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec-05

 

 

0.113750

 

 

0.022195

 

 

 

0.091555

 

 

 

 

 

 

 

Jan-06

 

 

0.113750

 

 

 

 

 

0.113750

 

 

 

 

 

 

 

Feb-06

 

 

0.113750

 

 

0.006664

 

 

 

0.107086

 

 

 

 

 

 

 

Mar-06

 

 

0.113750

 

 

0.038181

 

 

 

0.075569

 

 

 

 

 

 

 

Apr-06

 

 

0.113750

 

 

0.053925

 

 

 

0.059825

 

 

 

 

 

69


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BlackRock Closed-End Funds

 

Trustees

Ralph L. Schlosstein, Chairman

Andrew F. Brimmer, Lead Trustee

Richard E. Cavanagh

Kent Dixon

Frank J. Fabozzi

Kathleen F. Feldstein

R. Glenn Hubbard

Robert S. Kapito

 

Officers

Robert S. Kapito, President

Henry Gabbay, Treasurer

Bartholomew Battista, Chief Compliance Officer

Anne Ackerley, Vice President

James Kong, Assistant Treasurer

Vincent B. Tritto, Secretary

Brian P. Kindelan, Assistant Secretary

 

Investment Advisor

BlackRock Advisors, Inc.

100 Bellevue Parkway

Wilmington, DE 19809

(800) 227-7BFM

 

Sub-Advisor

BlackRock Financial Management, Inc.1

40 East 52nd Street

New York, NY 10022

 

State Street Research & Management Co.2

One Financial Center

Boston, MA 02111

 

Accounting Agent

The Bank of New York

2 Hanson Place

Brooklyn, NY 11217

 

Custodian

The Bank of New York

100 Colonial Center Parkway

Suite 200

Lake Mary, FL 32746

 

Transfer Agent

The Bank of New York

P.O. Box 11258

Church Street Station

New York, NY 10286

(866) 216-0242

 

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116

 

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, NY 10036

 

Legal Counsel – Independent Trustees

Debevoise & Plimpton LLP

919 Third Avenue

New York, NY 10022

          This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.

BlackRock Closed-End Funds
c/o BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

1 For all Trusts except Global Energy and Resources.
2 For Global Energy and Resources.

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 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 (866) 216-0242.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (866)216-0242. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available without charge, upon request, by calling (866) 216-0242 or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Each Trust’s Form N-Q may also be obtained, upon request, by calling (866) 216-0242.


 

 

 

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.

 

(BLACKROCK LOGO)


CEF-SEMI-7


Item 2. Code of Ethics.
Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.

Item 6. Schedule of Investments.
The Registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
No such purchases were made during the period covered by this report.

Item 10. Submission of Matters to a Vote of Security Holders.
No matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures. (a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a -3(d))) that occurred during the Registrant’s last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable.

(a) (2) Separate certifications of the Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.CERT.

(b) Certification of Principal Executive and Financial Officers pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906 CERT.

2


SIGNATURES

          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.

(Registrant)      BlackRock Health Sciences Trust

By:      /s/ Henry Gabbay               

Name: Henry Gabbay
Title: Treasurer
Date: July 6, 2006

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:      /s/ Robert S. Kapito               
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: July 6, 2006

By:      /s/ Henry Gabbay               
Name: Henry Gabbay
Title: Principal Financial Officer
Date: July 6, 2006

3